EX-99.1 2 tm2223168d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format

Index

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

$	= Argentine Peso
US$	= US Dollar
EUR	= Euro

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Legal address:	Honduras 5663 - Autonomous City of Buenos Aires
Principal activity:	Exploitation, administration and operation of airports
Condensed Consolidated Interim Financial Statements For the six-month period of the Fiscal Year N° 25 commenced January 1, 2022
DATE OF REGISTRATION WITH THE PUBLIC REGISTRY OF COMMERCE:
Of the By-laws:	February 18, 1998
Of the last modification of the By-laws:	October 11, 2016
Registration number with the Public Registry:	1645890
Expiration date of the company:	February 17, 2053
Parent Company:	Corporación América S.A.
Legal address:	Honduras 5673 - Autonomous City of Buenos Aires
Principal activity:	Investments and financing
Participation of the Parent Company in common stock and total votes:	45.90%

CAPITAL STOCK (Note 13)

	Subscribed		Paid-in

	$
Issued
79,105,489 Class “A” common shares of AR$ 1 par value and 1 vote each		79,105,489		79,105,489
79,105,489 Class “B” common shares of AR$ 1 par value and 1 vote each		79,105,489		79,105,489
61,526,492 Class “C” common shares of AR$ 1 par value and 1 vote each		61,526,492		61,526,492
38,779,829 Class “D” common shares of AR$ 1 par value and 1 vote each		38,779,829		38,779,829
		258,517,299		258,517,299

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Consolidated Statement of Comprehensive Income

For the six and three month periods ended at

June 30, 2022 and 2021

		Three months at						Six months at

		06.30.2022			06.30.2021			06.30.2022			06.30.2021

	Note	$
Continuous Operations
Revenue	4		19,506,989,512			9,363,732,411			37,129,730,621			19,655,664,834
Construction income (IFRIC 12)	5		3,084,593,586			731,431,781			4,550,517,966			4,573,353,716
Cost of service	10		(12,546,270,322	)		(9,514,641,854	)		(23,659,375,420	)		(18,275,302,068	)
Construction costs (IFRIC 12)			(3,078,148,661	)		(727,213,030	)		(4,539,223,655	)		(4,565,145,632	)
Income for gross profit for the period			6,967,164,115			(146,690,692	)		13,481,649,512			1,388,570,850
Distribution and selling expenses	10		(106,864,198	)		(799,114,244	)		(1,119,375,604	)		(1,276,827,623	)
Administrative expenses	10		(871,216,551	)		(507,083,014	)		(1,474,553,465	)		(1,031,628,890	)
Other income and expenses, net	4		459,492,501			239,969,685			850,522,715			(872,094,574	)
Operating profit for the period			6,448,575,867			(1,212,918,265	)		11,738,243,158			(1,791,980,237	)

Finance Income	4		2,053,523,446			370,892,528			2,332,653,065			947,813,483
Finance Costs	4		1,114,999,778			3,752,804,707			1,925,417,172			3,506,715,054
Result from exposure to changes in the purchasing power of the currency			470,247,749			166,694,813			2,066,593,986			(611,354,582	)
Result for investments accounted for using equity method			(2,359,156	)		-			(2,359,156	)		-
Income before income tax			10,084,987,684			3,077,473,783			18,060,548,225			2,051,193,718
Income tax	4		2,445,753,794			(3,913,903,748	)		2,050,466,571			(4,412,627,306	)
Income for the period for continuous operations			12,530,741,478			(836,429,965	)		20,111,014,796			(2,361,433,588	)
Net Income for the period			12,530,741,478			(836,429,965	)		20,111,014,796			(2,361,433,588	)
Other comprehensive income			-			-			-			-
Comprehensive Income for the period			12,530,741,478			(836,429,965	)		20,111,014,796			(2,361,433,588	)

Income attributable to:
Shareholders			12,530,760,877			(836,418,092	)		20,110,997,535			(2,361,541,373	)
Non –Controlling Interest			(19,399	)		(11,873	)		17,261			107,785
Income per share basic and diluted attributable to shareholders of the Company during the period (shown in $ per share) from continuous operations			49.0818			(3.6299	)		77.79370			(9.9876	)

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

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Consolidated Statements of Financial Position

At June 30, 2022 and December 31, 2021

		06.30.2022		12.31.2021

	Note	$
Assets
Non- Current Assets
Investments accounted for using the equity method			1,602,834		-
Property, plant and equipment			71,485,283		77,229,725
Intangible Assets	5		184,119,205,754		184,881,973,073
Rights of use			563,437,777		774,726,944
Deferred Income tax assets			2,444,350		10,596,212
Other receivables	4		7,106,862,898		8,305,627,397
Total Non-Current Assets			191,865,038,896		194,050,153,351
Current Assets
Other receivables	4		1,873,829,607		2,546,845,998
Trade receivables, net	4		6,077,484,604		5,679,129,855
Investments	4		6,638,724,850		1,831,821,546
Cash and cash equivalents	4		19,901,329,925		22,164,657,292
Total Current Assets			34,491,368,986		32,222,454,691
Total Assets			226,356,407,882		226,272,608,042
Shareholders’ Equity and Liabilities
Equity attributable to Shareholders:
Common shares			258,517,299		258,517,299
Preferred shares			-		910,978,514
Share Premium			137,280,595		137,280,595
Capital adjustment			13,843,007,838		34,547,453,786
Legal and facultative reserve			70,283,024,902		71,221,437,897
Retained earnings			4,608,342,132		(15,502,655,403	)
Subtotal			89,130,172,766		91,573,012,688
Non-Controlling Interest			1,734,754		1,717,493
Total Shareholders’ Equity			89,131,907,520		91,574,730,181
Liabilities
Non-Current Liabilities
Provisions and other charges	9		6,792,212,129		3,612,836,578
Financial debts	6		80,793,100,849		70,546,313,745
Deferred income tax liabilities			14,638,714,782		16,694,800,773
Lease liabilities			103,962,013		284,581,868
Accounts payable and others	4		244,668,076		1,064,644,930
Fee payable to the Argentine National Government			1,448,478,255		3,377,408,817
Total Non- Current Liabilities			104,021,136,104		95,580,586,711
Current Liabilities
Provisions and other charges	9		8,929,613,374		4,409,163,294
Financial debts	6		12,375,072,355		16,503,673,210
Income tax, net of prepayments			914,671		12,648,266
Lease liabilities			328,523,910		366,677,635
Accounts payable and others	4		8,532,461,987		11,438,029,448
Fee payable to the Argentine National Government	7		3,036,777,961		6,387,099,297
Total Current Liabilities			33,203,364,258		39,117,291,150
Total Liabilities			137,224,500,362		134,697,877,861
Total Shareholder’s Equity and Liabilities			226,356,407,882		226,272,608,042

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Consolidated Statements of Changes in Equity

At June 30, 2022 and 2021

	Attributable to majority shareholders
	Capital Stock Common Shares		Capital Stock Preferred Shares			Share Premium		Adjustment of capital			Legal Reserve		Facultative Reserve			Other Reserves		Retained Earnings			Total			Non- Controlling Interest		Total Shareholders’ Equity

	$
Balance at 01.01.22		258,517,299		910,978,514			137,280,595		34,547,453,786			2,399,271,699		68,482,545,284			339,620,914		(15,502,655,403	)		91,573,012,688			1,717,493		91,574,730,181
Resolutions of the Shareholder’s meeting of March 10,2022 – Redemption of Preferred Shares (Note 14)		-		(910,978,514	)		-		(20,704,445,948	)		-		(942,269,529	)		-		-			(22,557,693,991	)		-		(22,557,693,991	)
Compensation plan		-		-			-		-			-		-			3,856,534		-			3,856,534			-		3,856,534
Net Income for the period		-		-			-		-			-		-			-		20,110,997,535			20,110,997,535			17,261		20,111,014,796
Balance at 06.30.2022		258,517,299		-			137,280,595		13,843,007,838			2,399,271,699		67,540,275,755			343,477,448		4,608,342,132			89,130,172,766			1,734,754		89,131,907,520

Balance at 01.01.21		258,517,299		910,978,514			137,280,595		34,556,298,629			2,399,863,572		68,499,439,172			310,994,969		(15,503,012,661	)		91,570,360,089			1,404,830		91,571,764,919
Net Income for the period		-		-			-		-			-		-			-		(2,361,541,373	)		(2,361,541,373	)		107,785		(2,361,433,588	)
Balance at 06.30.2021		258,517,299		910,978,514			137,280,595		34,556,298,629			2,399,863,572		68,499,439,172			310,994,969		(17,864,554,034	)		89,208,818,716			1,512,615		89,210,331,331

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Consolidated Statements of Cash Flow

For the six-month periods ended at June 30, 2022 and 2021

			06.30.2022			06.30.2021

	Note		$
Cash Flows from operating activities
Net income for the period				20,111,014,796			(2,361,433,588	)
Adjustment for:
Income tax		4		(2,050,466,571	)		4,412,627,306
Amortization of intangible assets		5 / 10		5,313,285,285			4,834,018,728
Depreciation of property , plant and equipment		10		5,744,443			5,772,204
Depreciation right of use		10		211,289,163			211,341,285
Bad debts provision		8 / 10		(1,044,865,444	)		153,491,594
Specific allocation of accrued and unpaid income		7		1,008,908,403			3,120,929,739
Income of investments accounted for using the equity method				2,359,156			-
Compensation plan				3,856,534			-
Accrued and unpaid financial debts interest costs		6		3,964,043,876			4,495,887,268
Accrued deferred revenues and additional consideration		9		(617,541,054	)		(462,656,828	)
Accrued and unpaid Exchange differences				(5,234,327,290	)		(7,597,603,572	)
Litigations provision		9		56,786,231			1,125,678,592
Inflation Adjustment				(7,959,230,148	)		(2,787,096,116	)
Changes in operating assets and liabilities:
Changes in trade receivables				(4,358,400,624	)		(280,318,223	)
Changes in other receivables				(619,031,540	)		2,051,682,329
Changes in accounts payable and others				133,648,828			(1,696,628,320	)
Changes in liabilities for current income tax				-			(10,973,425	)
Changes in provisions and other charges				83,678,697			1,485,584,786
Changes in fee payable to the Argentine National Government				(1,133,178,171	)		-
Increase of intangible assets				(4,550,517,966	)		(4,571,568,782	)
Debt payment to the National Government		9/14		(12,266,924,550	)		-
Income tax payment				(8,888,529	)		-
Net cash Flow (applied to) / generated by operating activities				(8,948,756,475	)		2,128,734,977
Cash Flow for investing activities
Acquisition of investments				(12,457,923,905	)		-
Collection of investments				7,092,555,116			367,210,641
Net Cash Flow (applied to) / generated by investing activities				(5,365,368,789	)		367,210,641
Cash Flow from financing activities
New Financial debts		6		27,838,880,775			3,988,754,674
Payment of leases				(183,856,595	)		(255,180,592	)
Financial debts paid- principal		6		(11,756,109,958	)		(6,777,390,830	)
Financial debts paid- interests		6		(4,245,135,403	)		(3,498,804,317	)
Net Cash Flow generated by/(applied to) financing activities				11,653,778,819			(6,542,621,065	)

Decrease in cash and cash equivalents				(2,660,346,445	)		(4,046,675,447	)
Changes in cash and cash equivalents
Cash and cash equivalents at the beginning of the period				22,164,657,292			10,510,411,963
Decrease in cash and cash equivalents				(2,660,346,445	)		(4,046,675,447	)
Inflation adjustment generated by cash and cash equivalents				2,376,905,033			771,404,995
Foreign Exchange differences by cash and cash equivalents				(1,979,885,955	)		(581,145,861	)
Cash and cash equivalents at the end of the period				19,901,329,925			6,653,995,650
Transactions that do not represent changes in cash and cash equivalents:
Acquisition of intangible assets through liabilities for finance leases		6		-			1,784,934
Dividends on preferred shares		14		-			220,531,719

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format

NOTE 1 – COMPANY ACTIVITIES

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

Currently, with the incorporation into Group A of the NSA of the airports of El Palomar (by Decree No. 1107/17) and Rio Hondo (by Resolution ORSNA No. 27/21 Decree), the Company has the concession rights for the operation, administration and operation of 35 airports.

The Concession was granted through the Concession Agreement entered into between the Argentine National State and the Company, dated February 9, 1998. The Concession Agreement was modified and supplemented by the Agreement of Adequacy of the Concession Contract signed between the Argentine National State and the Company, dated April 3, 2007 approved by Decree No. 1799/07 (hereinafter the Memorandum of Agreement) and by Decree No. 1009/20 dated December 16, 2020, which approves the 10-year extension of the initial completion period of the Concession (which operated on February 13, 2028) maintaining exclusivity under the terms established in the Technical Conditions for the Extension (hereinafter the Technical Conditions for the Extension).

Hereinafter, the Concession Agreement will be referred to, as modified and supplemented by the memorandum of Agreement and by the Technical Conditions for the Extension, as the Concession Agreement.

By virtue of the provisions of the Technical Conditions for the Extension, the concession completion period is February 13, 2038 and the exclusivity provided in clauses 3.11 and 4.1 of the Concession Agreement will be maintained with the following exceptions: (i) The zones of influence in the interior of the country are canceled, but not in the area of the Metropolitan Region of Buenos Aires (RMBA) made up of the Ezeiza, Aeroparque, San Fernando and Palomar airports (ii) the exclusivity in the areas of influence will be maintained throughout the national territory for the activity of fiscal warehouses (iii) the exclusivity and from the area of influence for the realization of new airport infrastructure projects in the Rio de la Plata promoted by the National Public Sector, when due to its characteristics it cannot be financed and operated by the Company.

In September 2021, based on the detrimental effects that the COVID-19 pandemic had on air traffic, the ORSNA approved the postponement to December 2022 of the following commitments: (i) programming of funds for works and rescue of preferred shares U$S406.5 million and (ii) regularization of the specific allocation of income owed for 2020. Likewise, the ORSNA deferred to June 2023 the necessary adjustment to balance the financial projection of income and expenses.

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

The current note to the Condensed Consolidated Interim Financial Statements does not reflect all the information requested in the annual financial statements as there are no significate differences. It should be read together with the accounting statements audited for the year ended at December 31, 2021.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 2 - BASIS FOR CONSOLIDATION

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

Subsidiaries (1)	Number of common shares		Participation in capital and possible votes			Book entry value at 06.30.2022		Net Shareholders ‘equity at closing		Income for the period

						$
Servicios y Tecnología Aeroportuarios S.A. (2)		14,398,848		99.30	%		247,118,550		248,853,303		14,254,496

Cargo & Logistics SA. (5)		1,614,687		98.63	%		1,531,495		1,552,768		(2,307,335	)

Paoletti América S.A. (5)		6,000		50.00	%		15,526		31,052		(5,594	)

Texelrío S.A. (3)		84,000		70.00	%		-		-		-

Villalonga Furlong S.A (4) (5)		123,700		1.45	%		55,812		3,822,731		(46,226	)

	(1)	Companies based in Argentina.
	(2)	Includes adjustments under IFRS for the preparation and presentation of the corresponding financial statements.
	(3)	Shareholders Equity includes 4,000,000 of preferred shares of AR$1 par value.
	(4)	The Company directly and indirectly owns 98.42% of the capital stock and votes of this entity.
	(5)	Companies without significant operations are not considered for consolidation.

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

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

AA2000 owns 98.63% of the capital stock of Cargo y Logística S.A., holder of 98.42% of the shares of Villalonga Furlong S.A. Villalonga Furlong S.A. is the holder of Class “B” shares of Empresa de Cargas Aéreas del Atlántico Sud S.A., under liquidation, representing 45% of its capital stock. The remaining 55% of the capital stock, (the Class “A” shares) are owned by the Argentine National Government - Ministry of Defense. Empresa de Cargas Aéreas del Atlántico Sud S.A. (which, as of the date of these consolidated financial statements, is under liquid proceedings as a result of the application of the provisions of Section 94 subsection 2 of Commercial Law 19550) was the concessionaire of the exploitation and provision of international air cargo storage, stowage and warehouse services until March 31, 2009. As from that date the services in charge of Empresa de Cargas Aéreas del Atlántico Sud S.A. are performed by AA2000 in accordance with the Bidding Terms and Conditions of the AA2000 concession agreement.

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

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 3 – ACCOUNTING POLICIES

The Condensed Consolidated Interim Financial Statements are presented in Argentine Pesos, except when it specifically indicates otherwise. These statements were approved by the Board of Directors of the Company on August 10, 2022.

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

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

These Consolidated Condensed Interim Financial Statements of AA2000 for the six-month period ended June 30, 2022 are presented based on the application of the guidelines established in International Accounting Standard (“IAS”) No. 34 “Intermediate Financial Information”. Therefore, they must be read together with the Company's annual consolidated financial statements as of December 31, 2020 (the “annual consolidated financial statements”) prepared in accordance with IFRS, as issued by the IASB and IFRIC Interpretations. (IFRIC for its acronym in English).

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

1) Comparative Information

The information included in these financial statements was extracted from the Condensed Consolidated Interim Financial Statements of AA2000 as of June 30, 2021 and the Consolidated Financial Statements at December 31, 2021, timely approved by the Company’s Board and Shareholders and restated at the closing currency at June 30, 2022, based on the application of IAS 29 (see Note 3.7)

2) Controlled

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

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

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 3 – ACCOUNTING POLICIES (Contd.)

3) Segment Information

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

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

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

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

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

4) Accounting policies

The collection policies adopted for these interim financial statements are consistent with those used in the Consolidated Financial Statements as of December 31, 2021.

5) Changes in accounting policies and disclosures

There were no changes in the Group's accounting policies based on the effective application standards issued by the IASB as of January 1, 2022.

6) Estimates

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

In the preparation of these Financial Statements the significant areas of judgement by management in the application of the Company’s accounting policies and the main areas of assumptions and estimates are consistent to those applied in the Financial Statements for the year ended December 31, 2021.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 3 – ACCOUNTING POLICIES (Contd.)

7) Foreign currency conversion and financial information in hyperinflationary economies

Functional and presentation currency

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

Financial information in hyperinflationary economies

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

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

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

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

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 3 – ACCOUNTING POLICIES (Contd.)

7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)

Financial information in hyperinflationary economies (Contd.)

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

The adjustment for inflation in the initial balances was calculated considering the indexes established by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) based on the price indexes published by the National Institute of Statistics and Censuses (INDEC). The coefficient for the six-month period ended June 30, 2022 was 1.3603; also, the inter annual coefficient for the period ended June 30, 2022 was 1.6383.

Inflation adjustment

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

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

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

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

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

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 3 – ACCOUNTING POLICIES (Contd.)

7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)

Inflation adjustment (Contd.)

Monetary assets and liabilities, and monetary position result: monetary assets and liabilities, including balances in foreign currency, by their nature, are presented in terms of purchasing power as of June 30, 2022. The financial result generated by the net monetary position reflects the loss or gain that is obtained by maintaining an active or passive net monetary position in an inflationary period, respectively and is exposed in the line of "Result from exposure to changes in the purchasing power of the currency" (RECPAM) in the Statement of Comprehensive Income;

Equity: the net equity accounts are expressed in constant currency as of June 30, 2022, applying the corresponding adjustment coefficients at their dates of contribution or origin;

Results: the items of the Individual Financial Statements have been restated based on the date on which they accrued or were incurred, with the exception of those associated with non-monetary items (depreciation and amortization expenses), which are presented as a function of the update of the non-monetary items to which they are associated, expressed in constant currency as of June 30, 2022, through the application of the relevant conversion factors.

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

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

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

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

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

Transactions and balances

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

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

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

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 3 – ACCOUNTING POLICIES (Contd.)

7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)

Transactions and balances (Contd.)

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

8) Contingencies

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

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

The income tax income in the six-month period ended at June 30, 2022 was a profit of $2,050 million.

In order to determine the taxable net result at the end of this period, the adjustment for inflation determined in accordance with articles N ° 95 to N ° 98 of the income tax law was incorporated to the tax result, for $22,467 million, because as of June 30, 2022, the variation of the General Level Consumer Price Index (CPI) for the period of 36 months at the end of fiscal year 2022 will exceed 100%.

On May 23, 2022, the Company submitted the Income Tax affidavit corresponding to fiscal year 2021, allocating the computable tax losses from previous years in accordance with the update mechanism provided for in article 25 of said law.

Likewise, the company made a presentation before the Federal Administration of Public Revenues (AFIP), under the protection of fiscal secrecy provided in the procedural law, in order to preserve its rights within a framework of transparency in its actions.

The Company's Management, with the assistance of its legal and tax advisors, understands that the grounds put forward in the presentation made before AFIP are closely related to those considered by the highest court in the aforementioned cases, among others, for which reason it has solid arguments to defend the applied criterion.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

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

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

		06.30.2022			12.31.2021

	Note	$
Other non-current receivables
Tax credits			-			741,630
Trust for Strengthening	7		7,106,862,898			8,304,885,767
			7,106,862,898			8,305,627,397
Other current receivables
Expenses to be recovered			153,930,578			214,463,413
Guarantees granted	12		1,254,587			1,706,601
Related parties	7		236,898,519			117,317,774
Tax credits			1,354,113,011			2,004,824,226
Prepaid Insurance			98,504,355			159,688,158
Others			29,128,557			48,845,826
			1,873,829,607			2,546,845,998
Trade receivables, net
Trade receivables			7,354,061,256			11,683,932,809
Related parties	7		311,339,864			244,795,132
Checks-postdated checks			137,583,797			118,629,168
Provision for bad debts	8		(1,725,500,313	)		(6,368,227,254	)
			6,077,484,604			5,679,129,855
Investments
Investments funds			6,638,724,850			362,845,326
Bonds			-			1,468,976,220
			6,638,724,850			1,831,821,546
Cash and cash equivalents
Cash and funds in custody			24,977,358			16,551,549
Banks (*)			16,594,392,984			19,845,909,607
Checks not yet deposited			41,038,406			32,317,708
Term deposits and others			3,240,921,177			2,269,878,428
			19,901,329,925			22,164,657,292

(*) As of June 30, 2022 and December 31, 2021, includes balances in bank accounts specifically assigned for the cancellation of Series 2021 and Class IV corporate bonds for $599,499,180 and $299,599,862, respectively.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

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

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Contd.)

		06.30.2022		12.31.2021

	Note	$
Accounts payable and other non-current
Suppliers			175,462,779		877,149,846
Other fiscal liabilities			69,205,297		187,495,084
			244,668,076		1,064,644,930
Accounts payable and other current
Obligations payable			16,890,247		31,888,391
Suppliers			3,718,432,900		6,484,395,719
Foreign suppliers			1,303,892,170		1,153,909,413
Related Parties	7		34,790,913		272,734,783
Salaries and social security liabilities			2,841,930,678		3,119,333,441
Other fiscal liabilities			616,525,079		375,767,701
			8,532,461,987		11,438,029,448

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three months at				Six months at

	06.30.2022		06.30.2021		06.30.2022		06.30.2021

	$
Revenues
Aeronautical revenues		9,989,100,249		2,255,123,288		18,300,885,380		5,483,011,754
Non-Aeronautical revenues		9,517,889,263		7,108,609,123		18,828,845,241		14,172,653,080
		19,506,989,512		9,363,732,411		37,129,730,621		19,655,664,834

As of June 30, 2022 and 2021, "over the time" income from contracts with customers for the six month periods was $29,997,544,566 and $17,049,236,278, respectively.

Other net incomes and expenses
Trust for Strengthening	480,740,070		230,468,993		916,231,691		484,785,328
Other	(21,247,569	)	9,500,692		(65,708,976	)	(1,356,879,902	)
	459,492,501		239,969,685		850,522,715		(872,094,574	)
Finance Income
Interest	1,669,430,017		906,197,335		2,837,261,609		1,777,377,809
Foreign Exchange differences	384,093,429		(535,304,807	)	(504,608,544	)	(829,564,326	)
	2,053,523,446		370,892,528		2,332,653,065		947,813,483
Finance Expenses
Interest	(4,344,939,332	)	(2,832,585,691	)	(9,236,642,239	)	(5,585,448,883	)
Foreign Exchange differences	5,459,939,110		6,585,390,398		11,162,059,411		9,092,163,937
	1,114,999,778		3,752,804,707		1,925,417,172		3,506,715,054
	3,168,523,224		4,123,697,235		4,258,070,237		4,454,528,537

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Contd.)

	Three months at					Six months at

	06.30.2022		06.30.2021			06.30.2022			06.30.2021

	$
Income Tax
Current		1,000,062		(1,125,833	)		(680,628	)		(1,125,833	)
Deferred		2,444,753,732		(3,912,777,915	)		2,051,147,199			(4,411,501,473	)
		2,445,753,794		(3,913,903,748	)		2,050,466,571			(4,412,627,306	)

NOTE 5 – INTANGIBLE ASSETS

		2022			2021

	Note	$
Original values
Balance at January 1			289,040,072,237			281,633,841,916
Acquisitions of the period			4,550,517,966			4,573,353,716
Balance at June 30			293,590,590,203			286,207,195,632

Accumulated Amortization:
Balance at January 1			(104,158,099,164	)		(94,322,470,545	)
Amortization of the period	10		(5,313,285,285	)		(4,834,018,728	)
Balance at June 30			(109,471,384,449	)		(99,156,489,273	)
Net balance at June 30			184,119,205,754			187,050,706,359

NOTE 6 – FINANCIAL DEBTS

Breakdown of financial debts	06.30.2022			12.31.2021

	$
Non-current
Bank borrowings		3,682,509,849			7,629,181,122
Negotiable Obligations		78,376,983,934			64,752,214,080
Cost of issuance of debts		(1,266,392,934	)		(1,835,081,457	)
Total Non- Current		80,793,100,849			70,546,313,745
Current
Bank borrowings		5,198,188,207			7,883,266,213
Negotiable Obligations		7,405,088,310			8,926,097,858
Cost of issuance of debts		(228,204,162	)		(305,690,861	)
Total Current		12,375,072,355			16,503,673,210
Total		93,168,173,204			87,049,986,955

As of June 30, 2022 and December 31, 2021, the fair value of the financial debt amounts to $95,143,772,735 and $88,643,188,667, respectively. Said valuation method is classified according to IFRS 13 as hierarchy of fair value Level 2 (unadjusted quoted prices in active markets for identical assets or liabilities).

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 6 – FINANCIAL DEBTS (Contd.)

Breakdown of financial debts:	2022			2021

	$
Balance at January 1		87,049,986,955			91,254,368,637
New financial debts		27,838,880,775			3,990,539,608
Financial debts paid		(16,001,245,361	)		(10,276,195,147	)
Accrued interest		3,964,043,876			4,495,887,268
Foreign Exchange differences		(10,300,936,026	)		(8,234,924,192	)
Inflation adjustment		617,442,985			(761,077,892	)
Net Balance at June 30		93,168,173,204			80,468,598,282

Negotiable Obligations maturing in 2027

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

These negotiable obligations are guaranteed by a Trust under the Argentine Law, by which the Company has transferred and assigned use fees of international and regional airports and the Concession Indemnification Rights.

In May 2020 and October 2021, the company concluded two exchange offers on the Secured Notes Due 2027 (see below). The holders who did not enter the exchange continue with the original terms and conditions.

Global Program for the issuance of Negotiable Obligations

On February 27, 2020, the ordinary general meeting of shareholders of the Company approved the creation of a Global Program for the issuance of Negotiable Obligations of Aeropuertos Argentina 2000 S.A. The Prospectus project was approved in its terms and conditions by board of directors dated February 27, 2020. On April 17, 2020, the Company obtained authorization from the CNV for the Global Program for the Issuance of Negotiable Obligations. In turn, on June 15, 2021, the Company’s ordinary general meeting of shareholders approved the expansion of the amount of the aforementioned program from the sum of US $ 500,000,000 to the sum of US $ 1,500,000,000 (or its equivalent in other currencies and / or units of value), whose final prospectus was approved in its terms and conditions by resolution of the sub delegate dated July 14, 2021. On July 11, 2021, the Company obtained authorization from the CNV for the expansion of the amount of the Global Program for the Issuance of Negotiable Obligations. The duration of the program is five years from the original approval date of the CNV, that is, from April 17, 2020.

Class I Negotiable Obligations Series 2020

On April 21, 2020, the Company announced an exchange offer and consent request to the holders of the 2027 Guaranteed Negotiable Obligations. On May 19, 2020, the exchange offer for 86.73% of the total original principal amount ended. Consequently, on May 20, 2020, US$306,000,066 in new negotiable obligations were issued with maturity on February 1, 2027, whose interest rate was 9.375% per year during the PIK Period, period in which the amount of interest is compounded quarterly. The capital and interest amortization installment of these obligations, due on May 1, 2021, was paid in cash. Beginning May 1, 2021, the PIK Period having ended, the Notes bear interest at a rate of 6.875% per annum until maturity, payable quarterly.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 6 – FINANCIAL DEBTS (Contd.)

Class 2 Negotiable Obligations

On August 20, 2020, within the framework of the Global Program of Issuances of Negotiable Obligations, AA2000 issued US$40,000,000 to be integrated and payable in pesos, maturing on August 20, 2022, at an interest rate of 0% and with an issue price at par (100% of the nominal value). The amortization of the capital of the negotiable obligations was established in a single installment upon maturity, which will be payable at the Communication Reference “A” 3500 exchange rate of the Central Bank of the Argentine Republic (BCRA).

During the second semester of 2022, the Company acquired Class 2 Negotiable Obligations in the secondary market for a nominal value of US$2,000,000.

Class 3 Negotiable Obligations

On September 8, 2021, within the framework of the Global Program for the Issuance of Negotiable Obligations, AA2000 issued Class 3 negotiable obligations denominated in US dollars to be paid in pesos, for an amount of US $30,490,862 maturing on September 8 of 2023, at an interest rate of 4% nominal per year and with an issue price at par (100% of the nominal value). The amortization of the capital of the negotiable obligations was established in a single installment at maturity, which will be payable at the Communication Reference “A” 3500 exchange rate of the Central Bank of the Argentine Republic (BCRA).

Class I Negotiable Obligations Series 2021

On October 27, 2021, the Company completed the exchange of the “Guaranteed Negotiable Obligations Maturing in 2027” and the “Class I Series 2020 Negotiable Obligations”, for new 8.50% fixed rate negotiable obligations maturing in 2031. Capital amortization was established in 20 installments payable between February 1, 2026 and August 1, 2031 on a quarterly basis, on the 1st days of February, May, August and November, with the exception of the payment dates corresponding to May 1, 2026, November 1, 2026 and August 1, 2028.

At the closing of the transaction, 66.83% of the total original principal amount of the Class I Series 2020 Negotiable Obligations and 24.61% of the total original principal amount of the Secured Negotiable Obligations Maturing in 2027 were tendered for the exchange. Consequently, on October 28, 2021, the Company issued a principal amount of US$208,949,631 of Class I Series 2021 Negotiable Obligations. These Negotiable Obligations are guaranteed in the first degree with the international and regional air station use rates and the rights to indemnification of the concession, and secondly, with the transferred revenues from the cargo terminal.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 6 – FINANCIAL DEBTS (Contd.)

Additional Class I Series 2021 Negotiable Obligations

On November 4, 2021, the Company issued additional Class I Series 2021 Notes for an amount of US$64 million, which are fully fungible with the Class I Series 2021 Notes.

Class 4 Negotiable Obligations

On November 4, 2021, the Company issued Class 4 notes for an amount of US$62 million. They will amortize their capital in 15 quarterly and consecutive installments payable as of February 1, 2025, and a final payment of 33.4% at maturity, seven years from the date of issue. They will accrue interest at a nominal annual rate of 9.50% and will be guaranteed in the first degree, with the income transferred from the cargo terminal on a pari passu basis with certain existing loans, and in the second degree, with the international and regional air station usage fees and rights to compensation of the concession.

Class 5 Negotiable Obligations

On February 21, 2022, within the framework of the Global Program of Issuances of Negotiable Obligations, AA2000 issued US$137,989,000 to be integrated and payable in pesos with maturity on February 23, 2032, at an interest rate of 5.5%. annual nominal value and with an issue price at par (100% of the nominal value). The amortization of the capital of the negotiable obligations was established in 20 quarterly installments as of May 21, 2027, which will be payable at the exchange rate of Reference Communication “A” 3500 of the BCRA.

The Class 5 negotiable obligations will be guaranteed in the first degree, with the income transferred from the cargo terminal pari passu with certain existing loans and the Class 4 negotiable obligations, and in the second degree, with the international and regional air station use rates and the rights to compensation of the concession.

Class 6 Negotiable Obligations

On February 21, 2022, within the framework of the Global Program of Issuances of Negotiable Obligations, AA2000 issued US$35,989,054 to be integrated and payable in pesos, maturing on February 21, 2025, at a nominal 2% interest rate annual and with an issue price at par (100% of the nominal value). The amortization of the capital of the negotiable obligations was established in a single installment at maturity, which will be payable at the exchange rate of Reference Communication “A” 3500 of the BCRA.

Syndicated loans

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

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

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 6 – FINANCIAL DEBTS (Contd.)

Syndicated loans (Contd.)

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

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

On April 29, 2020, a framework agreement was signed through which the partial refinancing of the debt contracted under the two loan contracts signed in 2019 with Citibank NA, on the one hand, and with Industrial and Commercial Bank of China (Argentina) S.A.U., Banco de Galicia and Buenos Aires SAU and Banco Santander Río S.A., on the other, for an amount of US $ 35,000,000 and US $ 85,000,000, respectively. Through the Framework Agreement, the deferral (in financial terms) of the capital amortization installments corresponding to the months of August and November 2020 was agreed for a total of US$26,666,667, the implementation of which will be carried out by subscribing Bilateral contracts in order to defer the payments corresponding to each one of the Banks through alternatives established in said framework contract at the option of each financial entity. The deferred capital will be paid in 4 equal and consecutive quarterly installments beginning on September 19, 2021.

On August 19, 2020, the Company obtained four loans for the total amount of $ 986,977,222 with the Banks in order to cancel the renegotiated Syndicated loan installment due August. They accrue quarterly interest at a variable rate equivalent to the corrected BACLAR rate plus an applicable margin of 5.00% nominal per annum and will be paid through 4 equal and consecutive quarterly installments beginning on September 19, 2021.

On November 19, 2020, based on the provisions of the Central Bank of the Argentine Republic (BCRA) through Communication “A” 7106, the Company extended 60% of the installment of the Syndicated loan corresponding to Citibank N.A. maturing in November 2020, for a total of US $ 2,333,333, which will be paid in full on November 19, 2022.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 6 – FINANCIAL DEBTS (Contd.)

Syndicated loans (Contd.)

Additionally, the Company obtained four loans for the total amount of $ 902,808,111 with the Banks in order to cancel the remainder of the renegotiated Syndicated loan installment due November 2020. They accrue quarterly interest at a variable rate equivalent to the corrected BADLAR rate plus, an applicable margin of 5.00% annual nominal; 48% of the capital thereof will be paid through 4 equal and consecutive quarterly installments starting on September 19, 2021 and the remaining 52% in full on November 19, 2022.

On February 19, 2021 the Company agreed with the Banks and based on the provisions of the Central Bank of the Argentine Republic (BCRA) through Communication “A” 7106, to extend 60% of the Syndicated loan installment corresponding to Citibank NA Due February 19, 2021 for a total of US $ 2,333,333, which will be paid in full on February 19, 2023.

Additionally, the Company obtained four loans for the total amount of $981,661,110, disbursed by the Banks in order to cancel the remaining installment of the Syndicated loan due February 2021. They will accrue quarterly interest at a variable rate equivalent to the corrected BADLAR rate plus an applicable margin of 5.00% annual nominal; 48% of the capital thereof will be paid through 4 equal and consecutive quarterly installments starting on March 21, 2022 and the remaining 52% in full on February 19, 2023.

On May 17, 2021, the Company agreed with Industrial and Commercial Bank of China (Argentina) S.A.U., Banco de Galicia and Buenos Aires S.A.U. and Banco Santander Río SA the deferral (in financial terms) of the capital repayment installments of the Onshore loan corresponding to the months of May, August and November 2021 for a total of US $ 28,333,333.- whose implementation will be carried out by signing bilateral contracts to be disbursed in pesos in order to defer the corresponding payments to each of the Banks. The deferred capital will be paid by a single installment 12 months after each disbursement.

On May 19, 2021, the Company obtained three loans for the total amount of $ 890,527,778 with Industrial and Commercial Bank of China (Argentina) S.A.U., Banco Galicia and Buenos Aires S.A.U. and Banco Santander Río S.A. in order to pay 100% of the installment of the Syndicated loan due May 2021. They accrue quarterly interest at a variable rate equivalent to the BADLAR rate corrected with recognition of Leliq plus an applicable margin of 10.00% nominal per year and will be canceled by a single installment on May 19, 2022.

On August 19, 2021, the Company obtained three loans for the total amount of $ 920,611,111 with Industrial and Commercial Bank of China (Argentina) S.A.U., Banco Galicia and Buenos Aires S.A.U. and Banco Santander Río S.A. in order to pay 100% of the installment of the Syndicated loan maturing in August 2021. They accrue quarterly interest at a variable rate equivalent to the BADLAR rate corrected with recognition of Leliq plus an applicable margin of 10.00% annual nominal and will be canceled by a single installment on August 19, 2022.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 6 – FINANCIAL DEBTS (Contd.)

Syndicated loans (Contd.)

On May 17, 2021, the Company agreed with Citibank N.A. the modification of the repayment scheme of the capital installments of the Offshore Loan corresponding to the months of May, August and November 2021 for a total of US $ 11,666,667, the latter amount being payable in 6 equal installments maturing in May, June, August, September, November and December 2021.

It was also agreed to defer (in financial terms) the installments due in May, June, August, September, November and December 2021, the implementation of which will be carried out through the signing of bilateral contracts to be disbursed in pesos in order to defer the corresponding payments. The deferred capital will be paid by a single installment 12 months after each disbursement.

On May 19, 2021 and June 1, 2021, the Company obtained 2 loans for the sum of $ 183,555,555 and $ 184,313,889 respectively with Citibank N.A. in order to pay 100% of the installments of the Syndicated loan due May and June 2021. They accrue interest quarterly at a variable rate equal to the higher of the (i) BADLAR rate; or (ii) the interest rate of the passive repo transactions for the BCRA at a 1-day term plus an applicable margin of 12.00% annual nominal and will be paid annually and through a single installment on May 19, 2022 and on June 1, 2022.

On August 19, 2021 and September 1, 2021, the Company obtained 2 loans for the sum of $ 189,583,333 and $ 190,555,556 respectively with Citibank N.A. in order to pay 100% of the installments of the Syndicated loan maturing in August and September 2021. They accrue quarterly interest at a variable rate equivalent to the higher of the (i) BADLAR rate; or (ii) the interest rate of the passive repo operations for the BCRA at a 1-day term plus an applicable margin of 12.00% annual nominal and will be paid through a single installment on August 19, 2022 and September 1 2022, respectively.

On September 20, 2021, the Company prepaid for a total of $1,468,000,000, 100% of the loans disbursed on August 19, 2020, and 93% of the loans disbursed in November 2021.

On October 26, 2021, a framework agreement was signed through which the refinancing of the debt contracted under the two loan agreements signed in 2019 with Citibank N.A., on the one hand, and with Industrial and Commercial Bank of China (Argentina) S.A.U., Banco de Galicia and Buenos Aires S.A.U. and Banco Santander Río S.A., on the other was implemented for an amount of US$35,000,000 and US$85,000,000, respectively. Through the Framework Agreement, the deferral (in financial terms) of capital amortization installments was agreed for a total of US$58,000,000.

Likewise, it was agreed to defer bilateral loans disbursed in November 2020 and February, May, June, August and September 2021 for a total of $3,606,813,216.

On November 18, 2021, the Company executed the framework agreement signed on October 26, 2021 by obtaining a syndicated loan with Citibank N.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Banco de Galicia and Buenos Aires S.A.U. and Banco Santander Río S.A. which has planned disbursements in pesos and/or US dollars.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 6 – FINANCIAL DEBTS (Contd.)

Syndicated loans (Contd.)

The syndicated loan maintains the same guarantee scheme as the contracts signed in 2019 with Citibank N.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Banco Galicia and Buenos Aires S.A.U. and Banco Santander Río S.A.

The disbursed capital will be paid in 8 equal and consecutive quarterly installments, with the payment of the first installment corresponding to February 2023.

Disbursements denominated in Argentine pesos will accrue quarterly interest at a variable rate equivalent to the corrected BADLAR rate with recognition of Leliq plus an applicable margin of 10.00% nominal annual for the case of Industrial and Commercial Bank of China (Argentina) S.A.U., Banco de Galicia and Buenos Aires S.A.U. and Banco Santander Río S.A. and Badlar Rate. In the case of Citibank N.A a variable rate equivalent to the higher of the (i) BADLAR rate; or (ii) the interest rate on passive repo operations for the BCRA at 1 day term plus an applicable margin of 15.00% nominal annual.

Disbursements denominated in US dollars accrue a nominal annual rate of 8.5%.

On November 19, 2021, the first disbursement was made under the syndicated loan, through which all the bilateral loans and the November amortization installment corresponding to the onshore loan and the offshore loan were cancelled. Citibank N.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Banco de Galicia y Buenos Aires S.A.U. and Banco Santander Río S.A. disbursed a total of $3,746,929,248, while ICBC additionally disbursed US$10,000,000.

On December 1, 2021, Citibank disbursed $196,583,333 under the syndicated loan in order to pay the December amortization installment of the offshore loan.

On February 22, 2022, under the syndicated loan, Citibank N.A., S.A., Banco de Galicia and Buenos Aires S.A.U. and Banco Santander Río S.A. disbursed a total of $803,883,333, while the Industrial and Commercial Bank of China (Argentina) S.A.U. disbursed US$3,888,889.

The disbursements were used to cancel the entire February amortization installment corresponding to the onshore loan and the offshore loan.

On March 2, 2022, Citibank disbursed $206,980,556 under the syndicated loan in order to pay the March amortization installment of the offshore loan.

On April 13, 2022, the Company prepaid for a total of $3,904,540,500, 79% of the loans denominated in $ disbursed to date under the syndicated loan.

On May 24, 2022, under the syndicated loan, Citibank N.A., S.A., Banco de Galicia and Buenos Aires S.A.U. and Banco Santander Argentina S.A. disbursed a total of $893,472,222, while the Industrial and Commercial Bank of China (Argentina) S.A.U. disbursed US$3,888,889.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 6 – FINANCIAL DEBTS (Contd.)

Macro Bank Loan

The disbursements were used to pay off the entire May amortization installment corresponding to the onshore loan and the offshore loan.

On June 1, 2022, Citibank disbursed $234,208,334 under the syndicated loan in order to pay the June amortization installment of the offshore loan.

On January 21, 2020, the Company took a loan of US $ 10,000,000 with Banco Macro, cancelable for 180 days with a nominal annual rate of 6%. On May 11, 2020, the rescheduling of the US $ 10,000,000 loan was agreed with Banco Macro, extending its term until July 27, 2021 with a nominal annual compensatory rate of 10%, whose capital will be paid in a single installment at maturity and whose interest payments will be made quarterly. In order to guarantee the loans, the future credits of the air station use rates (for domestic flights) to be charged to Aerolíneas Argentinas S.A. were assigned as collateral.

On July 29, 2021, a new rescheduling of the loan of USD 10,000,000 was agreed, extending its term until December 23, 2022 with a nominal annual compensatory rate of 7.75%, whose capital will be paid in 3 equal installments due July. October and December 2022 and whose interest payments will be made quarterly. The loan continues to be guaranteed by assigning as collateral the future credits of the airport use rates (for domestic flights) to be charged to Aerolineas Argentinas S.A.

City Bank Loan

On November 1, 2021, the Company signed a loan agreement for US$5,000,000, the disbursement of which was made on November 18, 2021. The loan has a term of 24 months, will accrue a nominal annual rate of 6.00% and its capital will amortize 30% at 12 months and 18 months, and 40% at 24 months. It will be guaranteed with the transferred income corresponding to the Jorge Newbery airport parking lot and the contracts entered into with Gate Gourmet Argentina S.A and Sky Chefs Argentine INC., Argentine Branch.

Eurobank loan

On March 17, 2022, the Company signed with Eurobanco Bank Ltd a contract to disburse up to US$1,500,000.

On March 23, 2022, US$ 1,100,000 were disbursed. The loan has a term of 24 months, will accrue a nominal annual rate of 8.00% the first year and 9% the second year, and its principal will be amortized 100% at maturity.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 6 – FINANCIAL DEBTS (Contd.)

Banco Macro S.A. Funds Provision Commitment Agreement

On March 25, 2022, the Company has entered into a commitment agreement for the provision of funds for the sum of up to US$40 million with Banco Macro S.A., whose funds to be eventually disbursed will be applied for the purposes set forth in the minutes signed with the Agency. Regulator of the National Airport System dated September 2, 2021, approved by Resolution 60/21 of said body.

NOTE 7 – BALANCES AND TRANSACTIONS WITH RELATED PARTIES

Balances with other related companies at June 30, 2022 and December 31, 2021 are as follows:

			06.30.2022		12.31.2021

	Note		$
Trade receivables
Other related companies				311,339,864		244,795,132
				311,339,864		244,795,132
Other receivables
Other related companies				236,898,519		117,317,774
				236,898,519		117,317,774
Accounts payable and other
Other related companies				34,790,913		272,734,783
				34,790,913		272,734,783
Provisions and other charges
Shareholders – Dividends		9		279,504,684		311,865,221
Shareholders – Debt to the National Government		9/14		9,647,388,424		-
				9,926,893,108		311,865,221

During the six months periods ended June 30, 2022 and 2021 Company has charged to the cost $332,327,423 and $398,595,435 respectively with Proden SA for rental and maintenance of offices.

During the six-month period ended June 30, 2022, the Company has charged $227,487,554 to cost with Grass Master S.A.U. for airport maintenance.

During the six-month period ended June 30, 2022, the Company has allocated $85,697,816 to the cost with Tratamientos Integrales América S.A.U. for airport maintenance.

During the six-month periods ended June 30, 2022 and 2021 the Company has charged at cost $66,396,453 and $85,505,214, respectively with Servicios Integrales América for out sourcing of systems and technology.

During the six-month period ended June 30, 2021, the Company has charged with Helport S.A. to intangible assets $11,035,592 and $19,932,196 at cost.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

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

At June 30, 2022 and December 31, 2021 the Company owed the Argentine National Government $4,485,256,216 and $9,764,508,114 respectively, corresponding to the specific allocation of revenues (see Note 10) and has recorded a receivable for $7,106,862,898 and $8,304,885,767, respectively corresponding to the Trust for Strengthening to fund the infrastructure works of AA2000. Additionally, as of June 30, 2022, the National Government is owed $9,647,388,424, as debt for the redemption of preferred shares, see Note 14.

Furthermore, short-term compensation to key management was $90,846,880 and $93,221,338 for the six-month periods ended at June 30, 2022 and 2021 respectively.

Corporación America S.A. is the direct owner of 45.90% of the common shares of the Company, and an indirect owner through Corporación America Sudamericana S.A of 29.75% of the common shares of the Company, therefore is the immediate controlling entity of the Company.

Corporación America S.A is controlled by Cedicor S.A, which is the owner of the 96.1817% of its capital stock. Cedicor S.A is 100% controlled by American International Airports LLC and at the same time it is controlled a 100% by Corporación America Airport S.A.

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

NOTE 8 – BAD DEBT PROVISIONS

			2022			2021

	Note		$
Initial balance at January 1				6,368,227,254			7,237,269,810
Recoveries / Increases		10		(1,044,865,444	)		153,491,594
Foreign exchange difference				(1,492,274,651	)		671,617,465
Usage				(368,771,952	)		(3,669,867	)
Inflation adjustment				(1,736,814,894	)		(1,546,562,807	)
Final Balance at June 30				1,725,500,313			6,512,146,195

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 9 – PROVISIONS AND OTHER CHARGES

	Note		At January 1 2022		Increases / (Recovery)		Decreases			Inflation Adjustment			Accruals			Exchange rate differences		At June 30, 2022		Total Non Current		Total current

	$																			$
Litigations				962,440,606		56,786,231		(74,423,665	)		(260,387,780	)		-			122,353,020		806,768,412		333,372,100		473,396,312
Deferred Income				2,460,500,566		185,622,910		-			(275,006,506	)		(560,393,511	)		104,043,610		1,914,767,069		573,568,522		1,341,198,547
Trust for works				2,963,097,145		662,027,979		(1,392,101,170	)		(798,723,932	)		419,970,360			-		1,854,270,382		720,671,678		1,133,598,704
Guarantees Received				213,871,658		61,050,999		(30,255,371	)		(67,198,051	)		-			24,426,732		201,895,967				201,895,967
Upfront fees from Concessionaires				341,824,901		44,422,275		-			-			(57,147,543	)		-		329,099,633		258,027,603		71,072,030
Dividends to be paid		7		311,865,221		-		-			(88,493,426	)		-			56,132,889		279,504,684				279,504,684
Debt with National Government		7/14		-		22,557,693,991		(12,266,924,550	)		(4,596,484,222	)		3,953,103,205			-		9,647,388,424		4,577,388,424		5,070,000,000
Others				768,399,775		26,361,855		(44,964,909	)		(220,170,715	)		18,046,142			140,458,784		688,130,932		329,183,802		358,947,130
Total of provisions and other liabilities				8,021,999,872		23,593,966,240		(13,808,669,665	)		(6,306,464,632	)		3,773,578,653			447,415,035		15,721,825,503		6,792,212,129		8,929,613,374

		Note		At January 1 2021		Increases / (Recovery)		Decreases			Inflation Adjustment			Accruals			Exchange rate differences		At June 30, 2021		Total Non Current		Total current

		$																			$
Litigations				159,976,584		1,125,678,592		(11,001,200	)		(139,817,424	)		(1,441,498	)		-		1,133,395,054		650,402,288		482,992,766
Related Parties				875,411		-		-			(177,069	)		-			-		698,342		-		698,342
Deferred Income				2,141,096,130		671,120,370		-			(138,880,849	)		(404,765,198	)		50,767,379		2,319,337,832		957,799,603		1,361,538,229
Trust for works				2,413,503,361		336,490,953		-			(533,833,417	)		232,932,762			-		2,449,093,659		501,630,028		1,947,463,631
Guarantees Received				261,924,445		29,605,790		(36,341,617	)		(34,073,949	)		-			11,520,617		232,635,286		-		232,635,286
Upfront fees from Concessionaires				368,702,553		3,768,292		-			-			(57,891,630	)		-		314,579,215		216,182,306		98,396,909
Dividends to be paid				385,728,939		-		-			(83,247,298	)		-			47,534,583		350,016,224		-		350,016,224
Others				-		260,450,933		-			(25,715,066	)		-			9,720,887		244,456,754		-		244,456,754
Total of provisions and other liabilities				5,731,807,423		2,427,114,930		(47,342,817	)		(955,745,072	)		(231,165,564	)		119,543,466		7,044,212,366		2,326,014,225		4,718,198,141

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

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

Item	Cost of sales		Distribution and selling expenses			Administrative expenses		Total

Six month period ended at 06.30.2022	$
Specific allocation of revenues		5,497,390,144		-			-		5,497,390,144
Airport services and maintenance		4,504,464,267		-			19,398,644		4,523,862,911
Amortization of intangible assets		5,277,855,259		1,093,714			34,336,312		5,313,285,285
Depreciation of property, plant and equipment		5,744,443		-			-		5,744,443
Salaries and social security contributions		6,396,548,690		57,196,970			774,850,888		7,228,596,548
Fees for services		40,405,409		-			170,849,992		211,255,401
Public utilities and contributions		939,251,714		713,943			7,441,074		947,406,731
Taxes		221,638,580		2,065,888,812			346,649,652		2,634,177,044
Office expenses		498,690,907		2,912,623			88,250,900		589,854,430
Insurance		66,096,844		-			8,746,570		74,843,414
Advertising expenses		-		36,434,986			-		36,434,986
Bad debts charges		-		(1,044,865,444	)		-		(1,044,865,444	)
Board of Directors and Supervisory Committee fees		-		-			24,029,433		24,029,433
Depreciation right of use		211,289,163		-			-		211,289,163
Total at 06.30.2022		23,659,375,420		1,119,375,604			1,474,553,465		26,253,304,489

Six month period ended at 06.30.2021
Specific allocation of revenues		2,908,711,967		-			-		2,908,711,967
Airport Services and maintenance		3,949,087,358		-			1,338,801		3,950,426,159
Amortization of intangible assets		4,786,155,476		1,260,547			46,602,705		4,834,018,728
Depreciation of property, plant and equipment		5,772,204		-			-		5,772,204
Salaries and social security contributions		5,028,203,043		43,909,916			495,413,836		5,567,526,795
Fees for services		30,380,095		-			180,628,619		211,008,714
Public utilities and contributions		744,091,265		2,342,968			1,909,356		748,343,589
Taxes		208,604,496		1,068,367,470			213,328,451		1,490,300,417
Office expenses		319,755,642		370,018			57,096,448		377,222,108
Insurance		83,199,237		-			3,527,468		86,726,705
Advertising expenses		-		6,980,253			-		6,980,253
Bad debts charges		-		153,491,594			-		153,491,594
Board of Directors and Supervisory Committee fees		-		-			31,783,206		31,783,206
Depreciation right of use		211,341,285		-			-		211,341,285
Other		-		104,857			-		104,857
Total at 06.30.2021		18,275,302,068		1,276,827,623			1,031,628,890		20,583,758,581

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 11- FOREIGN CURRENCY ASSETS AND LIABILITIES

Item	Foreign currency type and amount at 06.30.2022		Foreign exchange rates		Amount in local currency at 06.30.2022		Amount in local currency at 12.31.2021

					$
Assets
Current Assets
Net trade receivables	US$	24,633,770		125.0300		3,079,960,277		3,141,425,708
Cash and cash equivalents	US$	130,810,343		125.0300		16,355,217,192		19,699,492,099
Total current assets						19,435,177,469		22,840,917,807
Total assets						19,435,177,469		22,840,917,807

Liabilities
Current Liabilities
Provisions and other charges	US$	7,060,859		125.2300		884,231,331		901,720,148
Financial debts	US$	104,687,149		125.2300		13,109,971,650		17,446,319,397
Lease liabilities	US$	2,623,364		125.2300		328,523,910		366,677,635
Commercial accounts payable and others	US$	9,248,889		125.2300		1,158,238,400		2,406,763,593
	EUR	8,797,672		131.4038		1,156,047,547		912,928,125
Total current liabilities						16,637,012,838		22,034,408,898

Non-Current Liabilities
Provisions and other charges	US$	5,290,712		125.2300		662,555,902		872,529,662
Financial debts	US$	643,025,019		125.2300		80,526,023,191		67,120,136,746
Lease liabilities	US$	830,169		125.2300		103,962,013		284,581,868
Commercial accounts payable and others	US$	1,401,124		125.2300		175,462,779		211,318,514
	EUR	-		131.4038		-		754,320,466
Total non- current liabilities						81,468,003,885		69,242,887,256
Total liabilities						98,105,016,723		91,277,296,154
Net liability position						78,669,839,254		68,436,378,347

NOTE 12 – OTHER RESTRICTED ASSETS

Other than what is mentioned in Note 1 and 6, other receivables in current assets at June 30, 2022 and December 31, 2021 include $1,254,587 and $1,706,601 corresponding to guarantees granted to third parties in connection with lease agreements. Likewise, as of June 30, 2022 and December 31, 2021, under Cash and cash equivalents, there are balances in bank accounts specifically earmarked for the cancellation of Series 2021 and Class IV negotiable obligations for $599,499,180 and $299,599,862, respectively.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 13 - CAPITAL STOCK

At June 30, 2022 capital stock is as follows:

	Par Value
	$
Paid-in and subscribed		258,517,299
Registered with the Public Registry of Commerce		1,169,495,813

The Company’s capital stock is comprised of 258,517,299 common shares of $1 par value and entitled to one vote per share.

On March 10, 2022, the redemption of the preferred shares issued by the company and the consequent capital reduction from $1,169,495,813 to $258,517,299 were resolved. Said capital reduction is in the process of being registered in the Public Registry.

Furthermore, according to the requirements of General Resolution 629 issued by the CNV, AA2000 has certain supporting accounting and operating documentation in the warehouses of Bank S.A. in the Province of Buenos Aires, Garín (Ruta Panamericana km. 37,5), Pacheco (Ruta Panamericana km. 31,5), Munro (Av Fleming 2190) and Avellaneda (General Rivadavia 401).

NOTE 14 - DIVIDENDS BY PREFERRED SHARES

On February 25, 2022, the AA2000 board resolved:

(i) redeem all of the outstanding preferred shares, that is, 910,978,514 preferred shares;

(ii) that the redemption price will be the equivalent of: a) the nominal value ($910,978,514) adjusted for inflation at the redemption date, that is, at the date of the board meeting, which amounts to $16,506,174,484; plus b) the value of the dividend of the preferred shares accrued for the year 2020, which was not paid in a timely manner due to the non-existence of profits, but which according to the issuance conditions is cumulative, which adjusted for inflation at the redemption date amounts to $330,123,490; plus c) the value of the dividend of the preferred shares accrued for fiscal year 2021 and the proportional dividend for fiscal year 2022 adjusted for inflation until the redemption date $389,421,266. Consequently, the total value of the redemption will amount to $17,225,719,240;

(iii) that the price be paid as follows: a) the sum of $11,100,000,000 once the capital reduction procedure has been completed and the term for oppositions established in the General Companies Law has elapsed; and b) the balance, before December 31, 2024, with the possibility of making partial payments. Said balance will accrue interest equivalent to the corresponding adjustment for inflation plus two percent per year of the value of the debt; and

(iv) that, from the redemption of the preferred shares, although the preferred shares will participate in the shareholders’ meeting that resolves their cancellation, the amount to be redeemed will be accounted for in social liabilities.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 14 - DIVIDENDS BY PREFERRED SHARES (Contd.)

The adjustment of the preferred shares to be redeemed was made in compliance with the provisions of General Resolution No. 777/18 of the National Securities Commission.

In turn, it resolved to call an extraordinary general meeting for March 10, 2022 in order to approve the redemption of the preferred shares, the reduction of the capital stock and the reform of article 2.01 of the bylaws.

At the meeting held on March 10, 2022, it was resolved to approve the redemption of the preferred shares in the terms approved by the board of directors and:

(a) Reduce the capital stock of Aeropuertos Argentina 2000 S.A. from one thousand one hundred sixty-nine million four hundred ninety-five thousand eight hundred thirteen pesos ($1,169,495,813) to two hundred fifty-eight million five hundred seventeen thousand two hundred ninety-nine pesos ($258,517,299), that is, for the sum of nine hundred ten million nine hundred seventy-eight thousand five hundred fourteen pesos ($910,978,514), canceling 910,978,514 shares owned by the National State.

(b) Set the value of the shares canceled as a result of the capital reduction at eighteen pesos 9090/1000 ($18.9090) per share.

(c) Affect for the payment of the shares the amount of capital stock, plus the capital adjustment that corresponds to the preferred shares, and for the difference to be paid, affect the “optional reserves” account.

(d) Reform article 2.01 of the corporate bylaws, which was worded as follows: “2.01. The evolution of the capital stock will appear in the balance sheets of the company as it results from the increases registered in the Public Registry. The capital stock is represented by 79,105,489 book-entry common shares class A subclass R, 79,105,489 common book-entry shares class B subclass R, 61,526,492 common book-entry shares class C subclass R, 38,779,829 common book-entry shares class D, and by subclass L book-entry ordinary shares that are issued under the public offering system.”

NOTE 15 – RESOLUTIONS OF SHAREHOLDERS’ ORDINARY AND SPECIAL MEETING OF CLASS A, B, C AND D SPECIAL OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. HELD ON APRIL 20, 2021 AND APRIL 28, 2022

The ordinary general meeting, special for classes A, B, C and D and special for preferred shares, held on April 20, 2021, resolved, among other issues, that while commercial activity yielded a negative result of ($7,589,111,384), said result will pass to the next fiscal year.

It was resolved, in turn, that a dividend of $237,821,433 corresponds to the preferred shares, which will not be paid in this year because the company does not have realized and liquid gains, but which must be paid in the first year in which the company count on those earnings.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 15 – RESOLUTIONS OF SHAREHOLDERS’ ORDINARY AND SPECIAL MEETING OF CLASS A, B, C AND D SPECIAL OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. HELD ON APRIL 20, 2021 AND APRIL 28, 2022 (Contd.)

Finally, in the ordinary general meeting, special class A, B, C and D shares and extraordinary, held on April 28, 2022, it was resolved that the negative result of the year of $2,548,150, be transferred to the next year. In turn, it was reported that in accordance with the resolution of the company’s extraordinary general meeting of shareholders held on March 10, 2022, all of the outstanding preferred shares were redeemed, that is, 910,978,514 preferred shares, issued in under the provisions of the extraordinary general meeting held on March 6, 2008 and in clause 14 and annex VII of the Concession Agreement Adequacy Agreement Minutes. Consequently, the payment of dividends for said shares does not correspond.

NOTE 16 – EARNINGS PER SHARE

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

	30.06.2022		30.06.2021
Income for the period, net accrued dividends		20,111,014,796		(2,581,965,307	)
Amount of ordinary shares		258,517,299		258,517,299
Earnings per shares		77.7937		(9.9876	)

NOTE 17- FINANCIAL RISK MANAGEMENT

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

These Condensed Consolidated Interim Financial Statements do not include all the information on financial risk management requested in the annual financial statements, thus they should be read together with the Consolidated Financial Statements audited at December 31, 2021.

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

After the World Health Organization declared COVID-19 a global pandemic, the National Government took a series of measures aimed at reducing the spread of the virus. In March 2020, it established the public health emergency, the closure of borders, the mandatory quarantine for certain people and the temporary suspension of long-distance flights and buses, along with preventive and mandatory social isolation, among other measures.

As of October 2020, the Argentine National State began to gradually relax some of these measures and domestic and international flights were resumed. However, and before the advent of a second wave of infections in certain regions of the northern hemisphere, in March 2021 the ANAC ordered the suspension or reduction of flight frequencies arriving to or from high-risk countries. Likewise, in the face of a substantial increase in the number of infections in Argentina, the Argentine National State ordered a series of measures, starting in April 2021, including a cap on the arrival of international passengers. This limit was gradually expanded in the following months until these restrictions were finally eliminated in October 2021. Additionally, as of October 1, the entry of non-residents from neighboring countries was admitted, and as of November 1, 2021, the restrictions for non-resident passengers with complete vaccination schedule were eliminated.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

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

The lifting of restrictions on entering the country together with the opening of borders to non-resident foreigners has generated since the end of 2021 a sustained reactivation of international and domestic travel for tourism, visits to family and friends, and corporate travel. We expect that in the remainder of 2022, this recovery trend will continue on a consolidation path, resulting in a higher level of passengers and generating a positive effect on the results of operations.

While there have been significant short-term negative effects, they have not been reported.

NOTE 19 - ASSIGNMENT OF CREDIT TO TRUSTS FOR THE STRENGTHENING OF THE NAS

On February 2, 2021, the company Aerolineas Argentina S.A (ARSA) sent the Company a Reversal Letter containing a proposal for acknowledgment of debt for the amounts owed until March 31, 2020 ($120,586,290 and U$S36,542,036). In said document, ARSA proposes a payment plan in 72 equal and consecutive monthly installments payable as of January 5, 2023. Likewise, ARSA accepts said sums to be transferred to the NAS Strengthening Trust.

By note AA2000-DIR-149/21 dated February 4, 2021, the Company accepts the Reversal Letter and in compliance with the provisions of Article 15 of the Trust Agreement for the Strengthening of the National Airport System signed on December 29, 2009, requests the ORSNA, prior intervention of the Ministry of Transportation, authorization for the assignment of the sums mentioned in the first paragraph to the NAS Strengthening Trust.

By note ORSNA NO-2022-60316219-APN-ORSNA#MTR dated June 14, 2022, they inform us that the proposal made by the Company was duly analyzed by ORSNA, with the intervention of the Ministry of Transport, through Providence PV2022-32673749-APN-MTR, in accordance with the provisions of article 15 of the Trust Agreement for the Strengthening of the National Airport System.

Consequently, the Company is authorized to cancel the obligations corresponding to the months of November 2020 to October 2021 (the latter partially) through the assignment of credits to the Trust, applying the rate established in article 14 of the Trust Agreement for the Strengthening of the National Airport System on the obligations due as of February 4, 2021 and as of that date, the same rate as that agreed on the debt recognized by Aerolineas Argentinas S.A.

On June 21, 2022, the Company sent to the Banco de la Nacion Argentina - General Sub Management of Finance Trust Banking, the note “Assignment Acknowledgment of Debt Aerolineas Argentinas S.A. dated 02-02-21” and dated June 27, 2022, Aerolineas Argentinas S.A. was notified by public deed N027084404. the “Debt Acknowledgment Assignment Aerolineas Argentinas S.A. dated 02-02-21” to the Banco de la Nación Argentina.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 20 - EVENTS SUBSEQUENT TO THE END OF THE YEAR

On July 8, 2022, within the framework of the Global Program of Issuances of Negotiable Obligations, AA2000 issued US$20,000,000 to be integrated and payable in pesos, maturing on July 8, 2025, at an interest rate of 0% and with an issue price at par (100% of the nominal value). The amortization of the capital of the negotiable obligations was established in a single installment at maturity, which will be payable at the exchange rate of Reference Communication “A” 3500 of the BCRA.

On July 14, 2022, the Company prepaid for a total of $2,180,516,527, 100% of the loans denominated in Pesos under the syndicated loan.

On July 25, 2022, it signed a loan agreement with the Industrial and Commercial Bank of China, Dubai Branch for US$10,000,000. whose disbursement date was agreed for July 29, 2022. The duration of the loan contracts was established at thirty-nine months, counted from the disbursement date.

The loan contract establishes the repayment of principal in three consecutive quarterly installments, with the first payment 33 months after the disbursement date, accruing interest at a variable rate equivalent to the SOFR rate plus an applicable margin of 7.875% nominal annual plus the applicable tax withholdings (“withholding tax”).

The loan will be guaranteed in the first degree, with the income transferred from the cargo terminal on a pari passu basis with certain existing loans and the Class 4 negotiable obligations, and in the second degree, with the fees for the use of international and regional air stations and the rights to compensation of the concession.

On July 29, 2022, the Company canceled the loan held with Eurobank for US$1,100,000.

Within the framework of the Global Program for the Issuance of Simple Negotiable Obligations (not convertible into shares), on August 08, 2022 the company’s Board of Directors approved the issuance of new negotiable obligations for up to US$ 60,000,000 as detailed below:

- Simple Negotiable Obligations (not convertible into shares) Class 8 for a nominal value of up to the equivalent in Pesos of US$10,000,000 (ten million United States Dollars), expandable for up to the equivalent in Pesos of US$30,000,000 (Thirty million United States Dollars) to be integrated and payable in pesos, maturing 18 months from its issue date and will accrue a variable interest rate, which will be the sum of the BADLAR Reference Rate of private banks plus the cut-off margin to be tendered; and

- Simple Negotiable Obligations (not convertible into shares) Class 9 for a face value of up to US$10,000,000 (US Dollars ten million, expandable up to US$30,000,000 (US Dollars thirty million), denominated in US Dollars, to be paid in Pesos at the Initial Exchange Rate or in kind through the delivery of Class 2 Negotiable Obligations, payable in Pesos at the Applicable Exchange Rate, at a fixed interest rate to be tendered, and maturing in 48 months from the Issue Date and Settlement

As of the date of these financial statements, both classes are pending bidding and issuance.

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format (Contd.)

NOTE 20 - EVENTS SUBSEQUENT TO THE END OF THE YEAR (Contd.)

On July 8, 2022, the amount of $5,070,000,000 was paid to the National State as payment for the redemption of the preferred shares as resolved at the shareholders’ meeting on March 10, 2022 (see Note 14).

Beyond the aforementioned, there have been no events and/or transactions that could significantly affect the equity and financial situation of the Company after the end of the period.

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

Presentation base

The information contained in this Summary has been prepared in accordance with Resolution No. 368/01 of the National Securities Commission (“CNV”) and should be read in conjunction with the Condensed Consolidated Interim Financial Statements as of June 30, 2022 presented in comparative form, prepared in accordance with IFRS standards.

In compliance with the provisions of the CNV regulations, the values corresponding to the interim periods of this informative review are expressed in constant currency at June 30, 2022, in accordance with International Accounting Standard N ° 29 “Financial information in hyperinflationary economies”. For more information, see Note 3.7 to the Consolidated Condensed Interim Financial Statements at June 30,2022.

1. General considerations

International Financial Reporting Standards (IFRS)

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

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

- Seasonality

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

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

1. General considerations (Contd.)

During the first six months of year 2022, projects and works have been carried out at the different concessioned airports.

Ezeiza International Airport

Works are underway, with paralysis due to the pandemic:

New Control Tower. (Project and supervision of AA2000);

Beacon ring and main electrical substation;

In execution, after the stoppage by the pandemic:

	-	New Parallel Shooting at Header 35; and
	-	TWY beacon to Header 35.

In the process of reactivation, to restart during the next two months

Departures Building - Hall B and Zeppelin.

Jorge Newbery Airport

In execution, with reactivation after the stoppage due to the pandemic, the work:

External works - sidewalks - landscaping - coastal filling and underground parking;

Works have been completed taking advantage of the closure of the Aeroparque’s operations:

Readjustment of International Departures

Readjustment of International Arrivals

New South Taxing System and Adaptation of the South Strip, Sanitary and Sewer Network in South Head. In this case, the works related to the sanitary network continue outside the concession area.

Works are underway that will allow the execution of the works for the Expansion of the South Platform - Stage 2 and the New North Platform:

	-	Relocation works of agencies and permit holders to disaffect the use of Sector C;
	-	Demolition Sector C.

Posadas Airport

The works of:

- Rehabilitation of Runway 01-19, Taxiing and Platform with adaptation of security strip; and

- New high-intensity beaconing system for runway 01-19.

Santa Rosa Airport

The launching of the following works has been made:

- Rehabilitation of Runway, Taxiing and Platform;

- New Beaconing System; and

- Remodeling and expansion of the passenger terminal.

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

1. General considerations (Contd.)

Comodoro Rivadavia Airport

The work of New Beacon is in the process of reactivation, after the stoppage due to the pandemic.

Córdoba Airport

Works are underway, after the end of the stoppage due to the pandemic:

Expansion of the parking lot;

Rehabilitation of runway 18-36 and track marking; and

Protection System for atmospheric discharges.

Iguazú Airport

In execution, after the end of the stoppage due to the pandemic, the works of:

Remodeling and expansion of the passenger terminal;

New Parking.

Bariloche Airport

In the final stages the works of re-functionalization of the Terminal.

San Fernando Airport

In execution, after the end of the stoppage due to the pandemic, the works of new control tower.

San Juan Airport

The remodeling work of the passenger terminal is in execution.

La Rioja Airport

In execution, after paralysis due to the pandemic, the works:

New Passenger Terminal; and

New parking.

Esquel Airport

In execution, after paralysis due to the pandemic:

Integral Remodeling Work of the Passenger Terminal; and

TWR Control.

Jujuy Airport

In execution, after paralysis due to the pandemic, the works of:

Complete remodeling of the passenger terminal; and

New Parking and Roads.

The work has been completed and is now operational

New Control Tower.

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

2. Equity structure

In order to appreciate the evolution of the Company’s activities, the comparative consolidated equity structure of the financial statements at June 30, 2022, 2021, 2020, 2019 and 2018, is presented.

	06.30.2022		06.30.2021		06.30.2020		06.30.2019		06.30.2018

	Thousands $
Current Asset		34,491,369		17,295,175		20,869,835		24,936,834		29,423,265
Non-current Assets		191,865,039		196,866,533		204,049,955		185,267,897		161,708,454
Total Assets		226,356,408		214,161,708		224,919,790		210,204,731		191,131,719

Current liabilities		33,203,364		45,931,355		34,680,317		26,738,005		16,239,603
Non- Current Liabilities		104,021,136		79,020,023		85,965,071		67,670,117		81,578,171
Total Liabilities		137,224,500		124,951,378		120,645,388		94,408,122		97,817,774

Net equity attributable to majority shareholders		89,130,173		89,208,818		104,195,588		115,744,580		93,251,001
Non-controlling interest		1,735		1,512		78,814		52,029		62,944
Net Equity		89,131,908		89,210,330		104,274,402		115,796,609		93,313,945
Total		226,356,408		214,161,708		224,919,790		210,204,731		191,131,719

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

3. Results structure

The following is a summary of the evolution of the consolidated statements of comprehensive income for the six-month periods ended at June 30, 2022, 2021, 2020, 2019 and 2018.

	06.30.2022			06.30.2021			06.30.2020			06.30.2019			06.30.2018

	Thousands $
Gross Profit		13,481,650			1,388,571			1,442,861			20,325,743			21,587,078
Administrative and distribution and marketing expenses		(2,593,929	)		(2,308,456	)		(3,682,261	)		(5,192,913	)		(6,118,709	)
Other net income and expenses		850,523			(872,095	)		725,034			1,235,014			1,134,914
Operating profit		11,738,244			(1,791,980	)		(1,514,366	)		16,367,844			16,603,283
Income and financial costs		4,258,070			4,454,528			(5,765,083	)		3,277,998			(13,221,613	)
Result by exposure to changes in the acquisition power of currency		2,066,593			(611,355	)		(887,790	)		(2,474,201	)		(1,313,102	)
Income for related parties		(2,359	)		-			-			-			-
Income before tax		18,060,548			2,051,193			(8,167,239	)		17,171,641			2,068,568
Income tax		2,050,467			(4,412,627	)		5,953,736			1,111,180			(1,873,216	)
Result of the period		20,111,015			(2,361,434	)		(2,213,503	)		18,282,821			195,352
Other comprehensive incomes		-			-			-			-			-
Comprehensive income for the period		20,111,015			(2,361,434	)		(2,213,503	)		18,282,821			195,352
Result attributable to majority shareholders		20,110,998			(2,361,542	)		(2,209,052	)		18,297,481			192,244
Non-controlling interest		17			108			(4,451	)		(14,660	)		3,108

4. Cash flow structure

The following is a summary of the consolidated statements of cash flow for the six-month periods ended at June 30, 2022, 2021, 2020, 2019 and 2018.

	06.30.2022			06.30.2021			06.30.2020			06.30.2019			06.30.2018

	Thousands $
Cash Flow (used in) / generated by operating activities		(8,948,756	)		2,128,735			4,536,768			(6,389,425	)		4,582,977
Cash Flow (used in) / generated by investing activities		(5,365,369	)		367,211			184,807			776,394			(318	)
Cash Flow generated by / (used in) financing activities		11,653,779			(6,542,621	)		(4,773,754	)		(4,107,823	)		(2,364,881	)
Net Cash Flow (used in) / generated by the period		(2,660,346	)		(4,046,675	)		(52,179	)		(9,720,854	)		2,217,778

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

5. Analysis of operations for the six-month periods ended at June 30, 2022 and 2021

Results of operations

Income

The following table shows the composition of consolidated revenues for the six-month periods ended at June 30, 2022 and 2021:

Revenues	06.30.2022		% revenues			06.30.2021		% revenues
	Thousands $					Thousands $
Aeronautical revenues		18,300,885		49.29	%		5,483,012		27.90	%
Non-aeronautical revenues		18,828,846		50.71	%		14,172,653		72.10	%
Total		37,129,731		100.00	%		19,655,665		100.00	%

The following table shows the composition of the aeronautical revenues for the six-month periods ended at June 30, 2022 and 2021

Aeronautical revenues	06.30.2022		% revenues			06.30.2021		% revenues
	Thousands $					Thousands $
Landing fee		1,611,237		8.80	%		837,915		15.28	%
Parking fee		626,139		3.42	%		480,783		8.77	%
Air station use rate		16,063,509		87.77	%		4,164,314		75.95	%
Total		18,300,885		100.00	%		5,483,012		100.00	%

Costs of sale

The cost of sales had the following variation:

	Thousands $
Costs of sales for the period ended at 06.30.2022		23,659,375
Costs of sales for the period ended at 06.30.2021		18,275,302
Variation		5,384,073

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

5. Analysis of operations for the six-month periods ended at June 30, 2022 and 2021 (Contd.)

Administrative Expenses

The administrative expenses had the following variation:

	Thousands $
Administrative expenses for the period ended at 06.30.2022		1,474,553
Administrative expenses for the period ended at 06.30.2021		1,031,629
Variation		442,924

Distribution and marketing expenses

The distribution and marketing expenses had the following variation:

	Thousands $
Distribution and commercial expenses for the period ended at 06.30.2022		1,119,376
Distribution and commercial expenses for the period ended at 06.30.2021		1,276,828
Variation		(157,452	)

Income and financial costs

Net financial income and costs totaled profits of $4,258,070 during the six-month period ended at June 30, 2022 with respect to thousands of $4,454,529 revenue during the same period of the previous year.

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

Other incomes and expenditures

The other net income and expense item recorded revenue of approximately $850,523 during the six-month period ended at June 30, 2022 with respect to losses of $872,095 thousand in the same period of the previous year.

Liquidity and Capital Resources

Capitalization

The total capitalization of the Group at June 30, 2022 amounted to $182,300,081 thousand composed of thousands of $93,168,173 of financial debt and a net equity worth of $89,131,908 thousand, while the total capitalization of the Company at June 30, 2021 amounted to thousands of $169,678,929 comprised of thousands of $80,468,598 of financial debts and a net equity worth of thousands of $89,210,331.

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

5. Analysis of operations for the six-month periods ended at June 30, 2022 and 2021 (Contd.)

Capitalization (contd.)

The debt as a percentage of total capitalization amounted to approximately 51.11% at June 30, 2022 and 47.42% at June 30, 2021.

Financing

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

6. Index

The information refers to the periods ended at June 30, 2022, 2021, 2020, 2019 and 2018:

	06.30.2022		06.30.2021			06.30.2020			06.30.2019		06.30.2018

Liquidity (*)		1.085		0.389			0.617			0.950		1.850
Solvency (*)		0.664		0.732			0.878			1.240		0.960
Immobilization of capital		0.848		0.919			0.907			0.880		0.850
Cost effectiveness		0.223		(0.026	)		(0.021	)		0.171		0.002

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

7. Statistical data

The information detailed below is based on extra-budgetary statistics compiled by the Company. Number of passengers (in thousands) for the six-month periods ended at June 30, 2022, 2021, 2020, 2019 and 2018:

Airport	06.30.2022			06.30.2021			06.30.2020			06.30.2019			06.30.2018

	Thousands
Aeroparque		5,714			820			2,292			6,231			6,616
Ezeiza		3,098			1,840			2,878			6,112			5,189
Córdoba		963			234			697			1,810			1,683
Bariloche		890			377			433			741			615
Mendoza		754			220			431			1,165			929
Salta		565			169			325			668			480
Iguazú		513			101			352			739			445
Tucumán		320			104			178			471			454
Jujuy		213			66			81			195			202
C. Rivadavia		191			63			123			328			309
Total		13,221			3,994			7,790			18,460			16,922
Overall total		14,275			4,308			8,802			20,531			18,378

Variation		231.4	%		(51.1	)%		(57.1	)%		11.7	%		8.8	%

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

7. Statistical data (Contd.)

Amount of movement of aircraft for the six-month periods ended at June 30, 2022, 2021, 2020, 2019 and 2018 of the ten airports that represent more than 80% of the total movements of the airport system:

Airport	06.30.2022			06.30.2021			06.30.2020			06.30.2019			06.30.2018

Aeroparque		46,777			10,057			22,100			56,928			65,177
San Fernando		29,456			21,653			11,749			20,579			20,541
Ezeiza		22,189			19,416			22,245			41,770			36,236
Córdoba		9,841			3,790			6,638			16,360			16,581
Mendoza		7,299			3,000			4,622			11,349			9,846
Bariloche		6,838			3,951			3,435			6,131			5,893
Salta		5,480			2,298			3,280			6,754			5,249
Iguazú		4,092			1,282			3,359			6,191			4,182
Mar del Plata		3,156			1,949			2,180			4,605			5,314
Tucumán		2,794			1,441			1,682			4,530			4,920
C. Rivadavia		2,756			2,292			2,657			5,010			4,916
Total		140,678			71,129			83,947			180,207			178,855
Overall total		168,679			89,233			101,679			212,475			208,590

Variation		89.0	%		(12.2	)%		(52.1	)%		1.9	%		8.3	%

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At June 30, 2022 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

Outlook for 2022

In the first six months of 2022, international traffic continued on a marked recovery trend, and in June 2022, it was close to 70% compared to the same month of 2019, which indicates a sustained recovery in traffic since November last year, when restrictions on international travel were lifted. Likewise, domestic traffic marked a recovery of 83% in June 2022 compared to the same month of 2019.

For the remainder of this year 2022, we hope that the recovery of passengers will continue to consolidate, underpinned by the high level reached in the level of local and global vaccination, the reopening of borders and the relaxation of travel requirements in most of the countries. At the local level, we hope that international traffic will continue the recovery trend seen in recent months. Mainly after the lifting of restrictions on entering the country and the opening of borders to non-resident foreigners, and that this will lead to the consolidation of a higher level of income, generating a positive effect on the results of operations.

At the same time, we do not lose sight of the cost rationalization and efficiency achieved during this time. We continue to work with a focus on maintaining strict control of the Company’s operating costs while passenger volumes recover, which will allow, together with the financial measures of Note 6 to strengthen the cash position and meet the various commitments.

“Free translation from the original in Spanish for publication in Argentina”

REPORT ON REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

To the Shareholders, Chairman and Directors of

Aeropuertos Argentina 2000 S.A.

Legal address: Honduras 5663

Autonomous City of Buenos Aires

Tax Code: 30-69617058-0

Introduction

We have reviewed the attached condensed consolidated interim financial statements of Aeropuertos Argentina 2000 S.A. (hereinafter “the Company”), which comprise the consolidated statement of financial position as of June 30, 2022, the consolidated statements of comprehensive income for the periods of six and three months ended June 30, 2022, changes in equity and cash flows for the six-month period ended June 30, 2022 and selected explanatory notes.

The balances and other information for the year 2021 and for its interim periods are an integral part of these financial statements and, therefore, they should be considered in relation to those financial statements.

Board Responsibility

The Board of Directors of the Company is responsible for the preparation and presentation of the financial statements in accordance with the International Financial Reporting Standards, adopted by the Argentine Federation of Professional Councils of Economic Sciences (FACPCE) as professional accounting standards and incorporated by the National Securities Commission (CNV) to its regulations, as approved by the International Accounting Standards Board (IASB) and, therefore, is responsible for the preparation and presentation of the interim condensed consolidated financial statements. mentioned in the first paragraph in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34).

Scope of review

Our review was limited to the application of the procedures established in the International Standard for Review Engagements NIER 2410 “Review of interim financial information developed by the entity’s independent auditor”, which was adopted as a review standard in Argentina through Resolution FACPCE Technique No. 33 as approved by the International Auditing and Assurance Standards Board (IAASB). A review of interim financial information consists of making inquiries to the Company’s personnel responsible for preparing the information included in the condensed consolidated interim financial statements and performing analytical procedures and other review procedures. The scope of this review is substantially less than that of an audit examination conducted in accordance with international auditing standards, consequently, a review does not allow us to obtain assurance that we will become aware of all significant matters that could be identified in an audit. Therefore, we do not express an audit opinion on the consolidated financial position, the consolidated comprehensive income and the consolidated cash flow of the Company.

Price Waterhouse & Co. S.R.L., Bouchard 557, 8^th floor, C1106ABG - City of Buenos Aires

T: +(54.11) 4850.0000, F: +(54.11) 4850.1800, www.pwc.com/ar

“Free translation from the original in Spanish for publication in Argentina”

Conclusion

Based on our review, nothing has come to our attention that would cause us to believe that the interim condensed consolidated financial statements mentioned in the first paragraph of this report are not prepared, in all material respects, in accordance with International Accounting Standard 34.

Report on the compliance with current regulations

In compliance with current provisions, we report, with respect to Aeropuertos Argentina 2000 SA, that:

the interim condensed consolidated financial statements of Aeropuertos Argentina 2000 SA are pending to be recorded in the book “Inventories and Balance Sheets”;

the separate individual condensed interim financial statements of Aeropuertos Argentina 2000 SA arise from accounting records kept in their formal aspects in accordance with legal regulations, except for their lack of transcription to the book “Inventories and Balance Sheets”;

we have read the informative review, on which, in what is a matter of our competence, we have no observations to formulate;

as of June 30, 2022, the debt accrued in favor of the Integrated Argentine Social Security System of Aeropuertos Argentina 2000 SA that arises from the Company’s accounting records amounted to $403,271,282 not being payable as of that date.

Autonomous City of Buenos Aires, August 10, 2022.

PRICE WATERHOUSE & CO. S.R.L.

by (Partner)
Miguel A. Urus

SURVEILLANCE COMMITTEE REPORT

To the shareholders of

AEROPUERTOS ARGENTINA 2000 S.A.

In accordance with the requirements of the article 294 subsection 5º of Law 19,550 and the article 63 subsection b) of the BYMA Regulations (Argentine Stock and Market), we have conducted the review described in the second paragraph regarding the condensed consolidated interim financial statements of Aeropuertos Argentina 2000 S.A. including the consolidated statement of financial position as of June 30, 2022, the consolidated statements of comprehensive income for a six-month and a three-month periods ended June 30, 2022, the individual statement of changes in shareholders’ equity and cash flows for the six-month period ended June 30, 2022, and the selected explanatory notes.

Our review was conducted in accordance with the supervisory existing standards. These standards require the verification of the consistency of the revised documents with the information on the corporate decisions established in the minutes and the adequacy of those decisions to the law and the by-laws regarding its formal and documentary aspects.

In order to carry out our professional work, we have taken into account the report of the external auditor, Miguel A. Urus (partner of Price Waterhouse & Co. SRL), dated August 10, 2022, who states that it has been issued in accordance with The International Standard of Review Engagements NIER 2410 “Review of interim financial information performed by the independent auditor” of the entity, which was adopted as review standard in Argentina by Technical Pronouncement No. 33 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE).

As stated in the chapter “Responsibilities of the Board of Directors” of the external auditor’s report, the Board of Directors of the Company is responsible for the preparation and presentation of the abovementioned financial statements, in accordance with International Financial Reporting Standards (IFRS), adopted as Argentine professional accounting standards by the FACPCE and incorporated into the regulations of the National Securities Commission (CNV), as approved by the International Accounting Standard Board (IASB). The Board of Directors of the Company is responsible for the preparation and issuance of said financial statements, according to the International Accounting Standard 34 (IAS 34).

We have not carried out any management control and, therefore, we have not evaluated the criteria and business decisions of administration, financing, marketing or production, since these issues are the sole responsibility of the board of directors.

Based on our review, with the scope described above, we hereby inform that the condensed consolidated interim financial statements as of June 30, 2022 consider all significant events and circumstances that are known to us, they are pending to be copied in the Inventory and Balance Book, they arise from the accounting records kept in their formal aspects in accordance with legal regulations; and regarding said documents we have no other observations to make.

- 2 -

In exercise of our legal supervision duties, during the period at issue, we performed the procedures set forth in Article 294 of Law 19,550 that we consider necessary in accordance with the circumstances, and in this respect, we have no observations to make.

Autonomous City of Buenos Aires, August 10^th, 2022.


	Patricio A. Martin
	By Surveillance Committee

	-	Rehabilitation of Runway 01-19, Taxiing and Platform with adaptation of security strip; and
	-	New high-intensity beaconing system for runway 01-19.

	-	Rehabilitation of Runway, Taxiing and Platform;
	-	New Beaconing System; and
	-	Remodeling and expansion of the passenger terminal.