20-F/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 20-F/A

(Amendment No. 1)

¨	REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
x	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2017
OR
¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from __________ to ___________
OR
¨	SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report ______________

Commission file number 001-38354

CORPORACIÓN AMERICA AIRPORTS S.A.

(Exact name of Registrant as specified in its charter)

Grand Duchy of Luxembourg

(Jurisdiction of incorporation or organization)

Raúl Guilermo Francos, Chief Financial Officer

Tel:+35226258274 Fax:+35226259776

4, rue de la Grêve L-1643, Luxembourg

(Name, Telephone, E-mail and or Facsimile number and Address Company Contact Person)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange in which registered
Common Shares, U.S.$1.00 nominal value per share	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

1,500,000,000 Common Shares, as of December 31, 2017

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

¨ Yes x No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

¨ Yes x No

Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

¨ Yes x No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

¨ Yes x No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨	Accelerated filer ¨	Non-accelerated filer x
		Emerging growth company ¨

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ¨

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ¨ International Financial Reporting Standards as issued
by the International Accounting Standards Board x Other ¨

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

¨ Item 17 ¨ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

¨ Yes x No

EXPLANATORY NOTE

This Amendment No. 1 to Corporación America Airports S.A.’s Annual Report on Form 20-F for the fiscal year ended December 31, 2017, originally filed with the Securities and Exchange Commission on April 27, 2018 (the “2017 Form 20-F”), is being filed solely for the purposes of adding Exhibit 101 to Item 19 “Exhibits” and furnishing the Interactive Data File disclosure as Exhibit 101 in accordance with Rule 405 of Regulation S-T. This exhibit was not previously filed.

Other than as expressly set forth above, this Amendment No. 1 to the 2017 Form 20-F does not, and does not purport to, amend, update or restate the information in any other item of the 2017 Form 20-F, or reflect any events that have occurred after the 2017 Form 20-F was originally filed.

PART III.

Item 19. Exhibits.

Exhibit Number	Description of Document
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Labels Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Amendment No.1 to its annual report on Form 20-F on its behalf.

CORPORACIÓN AMÉRICA AIRPORTS S.A.

By: /s/ Martín Francisco Antranik Eurnekian

Name: Martín Francisco Antranik Eurnekian

Title: Chief Executive Officer

By: /s/ Raúl Guillermo Francos

Name: Raúl Guillermo Francos

Title: Chief Financial Officer

Date: May 25, 2018

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Document and Entity Information	12 Months Ended
	Dec. 31, 2017 shares
Document And Entity Information [Abstract]
Entity Registrant Name	CORPORACION AMERICA AIRPORTS S.A.
Entity Central Index Key	0001717393
Trading Symbol	caap
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding	1,500,000,000
Document Type	20-F
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY

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CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Continuing operations
Revenue (Notes 5)	$ 1,575,153	$ 1,366,336	$ 1,187,090
Cost of services (Notes 6)	(1,029,983)	(859,074)	(759,155)
Gross profit	545,170	507,262	427,935
Selling, general and administrative expenses (Notes 7)	(194,201)	(170,852)	(167,219)
Reversal of previous impairment/(impairment loss) (Notes 12)	3,065	(16,638)	0
Other operating income (Notes 8)	19,953	16,944	15,573
Other operating expense	(4,838)	(4,903)	(2,667)
Operating income	369,149	331,813	273,622
Share of loss in associates (Note 10,14)	(15,841)	(1,306)	(69,317)
Income before financial results and income tax	353,308	330,507	204,305
Financial income (Notes 9)	62,555	37,521	46,807
Financial loss (Notes 9)	(302,047)	(272,951)	(199,839)
Income before income tax expense	113,816	95,077	51,273
Income tax expense (Notes 11)	(46,925)	(56,359)	(44,969)
Income from continuing operations	66,891	38,718	6,304
Discontinued operations
(Loss) / Income from discontinued operations (Notes 29)		(9,478)	108,987
Net income	66,891	29,240	115,291
Attributable to:
Owners of the parent	63,491	33,759	105,490
Non-controlling interest	3,400	(4,519)	9,801
Net income	$ 66,891	$ 29,240	$ 115,291
Earnings per share attributable to the owners of the parent (Notes 30)
Weighted average number of ordinary shares (thousands) (in shares)	148,118	148,118	148,118
Continuing operations
Basic and diluted earnings per share (in dollars per share)	$ 0.43	$ 0.29	$ (0.07)
Discontinued operations
Basic and diluted earnings per share (in dollars per share)		(0.06)	0.79
Continuing and discontinued operations
Basic and diluted earnings per share (in dollars per share)	$ 0.43	$ 0.23	$ 0.71

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of comprehensive income [abstract]
Net income	$ 66,891	$ 29,240	$ 115,291
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit obligation	18	(307)	334
Items that may be subsequently reclassified to profit or loss:
Share of other comprehensive income from associates	432	(44)	(39,999)
Currency translation adjustment	(25,585)	(48,563)	(166,597)
Other comprehensive loss of continuing operations for the year, net of income tax	(25,135)	(48,914)	(206,262)
Currency translation adjustment from discontinued operations (Notes 29)		4,277	(4,277)
Other comprehensive income (loss) of discontinued operations for the year, net of income tax		4,277	(4,277)
Total other comprehensive loss for the year	(25,135)	(44,637)	(210,539)
Total comprehensive income /(loss) for the year	41,756	(15,397)	(95,248)
Attributable to:
Owners of the parent	34,926	1,477	(50,897)
Non-controlling interest	6,830	(16,874)	(44,351)
Total comprehensive income /(loss) for the year	$ 41,756	$ (15,397)	$ (95,248)

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Non-current assets
Intangible assets, net (Notes 12)	$ 2,818,354	$ 2,825,187	$ 2,610,703
Property, plant and equipment, net (Notes 13)	74,483	65,984	71,689
Investments in associates (Notes 14)	13,435	10,927	14,450
Other financial assets (Notes 19)	2,500	721	15,078
Deferred tax assets (Notes 15)	135,327	99,258	47,643
Other receivables (Notes 16)	173,393	118,074	117,291
Trade receivables (Notes 18)	4,244		51
Total non-current assets	3,221,736	3,120,151	2,876,905
Current assets
Inventories (Notes 17)	8,564	7,664	8,224
Other financial assets (Notes 19)	39,796	33,936	40,312
Other receivables (Notes 16)	183,062	137,207	56,901
Current tax assets	4,621	5,720	3,739
Trade receivables (Notes 18)	121,834	109,610	101,307
Cash and cash equivalents (Notes 20)	221,601	212,988	184,239
Total current assets	579,478	507,125	394,722
Total assets	3,801,214	3,627,276	3,271,627
EQUITY (Notes 24)
Share capital	1,500,000	20	20
Free distributable reserve	385,055	1,907,328	330,007
Currency translation adjustment	(217,300)	(188,721)	(156,731)
Legal reserves	2	2
Other reserves	(1,344,008)	(1,344,022)	248,677
Retained earnings	138,034	74,543	40,786
Total attributable to owners of the parent	461,783	449,150	462,759
Non-controlling interests	335,359	354,174	371,342
Total equity	797,142	803,324	834,101
Non-current liabilities
Borrowings (Notes 21)	1,113,655	965,672	960,316
Deferred tax liabilities (Notes 15)	148,301	144,393	145,777
Other liabilities (Notes 22)	1,006,792	1,049,448	847,301
Trade payables (Notes 23)	3,302	1,663	2,096
Total Non-current liabilities	2,272,050	2,161,176	1,955,490
Current liabilities
Borrowings (Notes 21)	372,790	141,569	127,250
Other liabilities (Notes 22)	209,486	347,307	226,572
Current tax liabilities	21,934	60,361	7,058
Trade payables (Notes 23)	127,812	113,539	121,156
Total current liabilities	732,022	662,776	482,036
Total liabilities	3,004,072	2,823,952	2,437,526
Total equity and liabilities	$ 3,801,214	$ 3,627,276	$ 3,271,627

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Share Capital	Free Distributable Reserves	Legal Reserves	Currency Translation Adjustment	Other Reserves	Retained Earnings	[1]	Total	Non-controlling interests	Total
Balance at Jan. 01, 2015	$ 20	$ 906			$ 1,178,534	$ (64,704)		$ 1,114,756	$ 351,809	$ 1,466,565
Shareholders contributions (Note 24a)		329,101			(320,798)			8,303		8,303
Refund of cash contributions (Note 24a)		0
Income / (loss) for the year						105,490		105,490	9,801	115,291
Other comprehensive (loss) / income for the year				$ (156,731)	344			(156,387)	(54,152)	(210,539)
Changes in non-controlling interests (Note 24d)									63,884	63,884
Changes in other reserves (Note 24b)					(609,403)			(609,403)		(609,403)
Balance at Dec. 31, 2015	20	330,007		(156,731)	248,677	40,786		462,759	371,342	834,101
Shareholders contributions (Note 24a)		1,577,321			(1,556,827)			20,494	9,018	29,512
Refund of cash contributions (Note 24a)		0
Income / (loss) for the year						33,759		33,759	(4,519)	29,240
Other comprehensive (loss) / income for the year				(31,990)	(292)			(32,282)	(12,355)	(44,637)
Changes in non-controlling interests (Note 24d)									(9,312)	(9,312)
Changes in legal reserves			$ 2			(2)
Changes in other reserves (Note 24b)					(35,580)			(35,580)		(35,580)
Balance at Dec. 31, 2016	20	1,907,328	2	(188,721)	(1,344,022)	74,543		449,150	354,174	803,324
Shareholders contributions (Note 24a)		6,600						6,600		6,600
Refund of cash contributions (Note 24a)		(28,893)						(28,893)		(28,893)
Conversion (Note 1)	1,499,980	(1,499,980)
Income / (loss) for the year						63,491		63,491	3,400	66,891
Other comprehensive (loss) / income for the year				(28,579)	14			(28,565)	3,430	(25,135)
Changes in non-controlling interests (Note 24d)									(25,645)	(25,645)
Balance at Dec. 31, 2017	$ 1,500,000	$ 385,055	$ 2	$ (217,300)	$ (1,344,008)	$ 138,034		$ 461,783	$ 335,359	$ 797,142

[1] Retained Earnings calculated according to Luxembourg Law are disclosed in Note 25.

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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Income from continuing operations	$ 66,891	$ 38,718	$ 6,304
Adjustments for:
Amortization and depreciation (Note 12,13)	138,130	122,882	72,247
Deferred income tax (Note 11)	(41,843)	(40,763)	(4,925)
Current income tax (Note 11)	88,768	97,122	49,894
Share of loss in associates (Note 10)	15,841	1,306	69,317
Reversal of previous impairment /(impairment loss) (Note 12)	(3,065)	16,638
Income/(Loss) on disposals of property, plant and equipment	3,210	21	(174)
Unpaid concession fees	44,159	40,548	32,130
Changes in liability for Brazil concessions (Note 9)	98,122	107,408	2,039
Interest expense (Note 9)	115,223	118,219	69,228
Other financial results, net	(28,955)	402	(3,538)
Loss on disposals of subsidiaries		897
Net foreign exchange (Note 9)	59,221	26,383	90,799
Other accruals	7,033	(3,196)	19,525
Acquisition of Intangible assets (Note 12,28)	(255,488)	(179,900)	(137,612)
Income tax paid	(105,716)	(20,083)	(50,555)
Changes in working capital (Note 28)	(250,953)	(153,830)	(171,086)
Net cash used in/ (provided by) operating activities	(49,422)	172,772	43,593
Net cash used in discontinued operating activities (Note 29)		(8,155)	(41,969)
Cash flows from investing activities
Net cash from acquisition of subsidiaries			(39,921)
Acquisition of/(cash contribution in) associates		10	(56,262)
Acquisition/capitalized construction expenses			(306)
Acquisition of other financial assets	(51,202)	(2,401)	(23,475)
Disposals of other financial assets	31,608	11,575
Purchase of Property, plant and equipment (Note 13)	(11,503)	(10,391)	(8,185)
Acquisition of Intangible assets (Note 12)	(1,664)	(848)	(386)
Net cash inflow on disposal of discontinued operations (Note 29)		10,381	34,033
Net cash inflow on disposal of subsidiaries/associates		6,988
Loans with related parties	(12,762)	20,261	3,026
Proceeds from sale of Property, plant and Equipment	175	269	5,097
Others	186
Net cash used in/ (provided by) investing activities	(45,162)	35,844	(86,379)
Net cash used in discontinued investing activities (Note 29)		(8,093)	(183,561)
Cash flows from financing activities
Proceeds from cash contributions (Note 24)	6,600	29,512	8,303
Refund of cash contributions (Note 24)	(28,893)
Proceeds from borrowings	594,439	52,099	286,839
Release of restricted cash	30,873
Loans paid (Note 21)	(250,276)	(142,693)	(157,120)
Interest paid (Note 21)	(106,953)	(48,564)	(38,334)
Guarantee deposit (Note 16)	(92,999)
Dividends distribution	(23,836)	(49,733)	(76,875)
Net cash provided by/ (used in) financing activities	128,955	(159,379)	22,813
Net cash provided by discontinued financing activities (Note 29)			196,727
Increase in cash and cash equivalents from continuing operations	34,371	49,237	(19,973)
Decrease in cash and cash equivalents from discontinued operations (Note 29)		(16,248)	(28,803)
Cash and cash equivalents
At the beginning of the year (Note 20)	182,116	153,889	217,133
Exchange rate income or (loss) on cash and cash equivalents	5,114	(4,762)	(14,468)
Increase in cash and cash equivalents from continuing operations	34,371	49,237	(19,973)
Decrease in cash and cash equivalents from discontinued operations		(16,248)	(28,803)
At the end of the year (Note 20)	$ 221,601	$ 182,116	$ 153,889

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General information and corporate reorganization

12 Months Ended

Dec. 31, 2017

Disclosure Of General Information And Corporate Reorganization [Abstract]

General information and corporate reorganization

1 General information and corporate reorganization

General Information

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

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

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

Corporate Reorganization

SCF’s airport business was historically conducted through a large number of entities as to which there was no single holding entity but which were separately owned by entities directly or indirectly controlled by SCF during all the periods presented.

In order to facilitate the Company’s initial public offering, SCF completed a reorganization (the “Reorganization”) whereby, each of the operating and holding entities under SCF´s common control, were ultimately contributed to the Company (see Note 2J). Prior to the contribution of the businesses to the Company, certain initial preparatory steps were conducted whereby certain business activities were either transferred or sold between entities in several corporate reorganization steps under local laws. None of these reorganizations affected the common control structure of the entities forming the Group. Also, certain other SCF’s businesses activities were either sold or transferred to other companies and not contributed to the Company.

The reorganization process was completed on December 22, 2016 with the contribution of the shares of American International Airports LLC, the holding company which directly and indirectly controls the airports in Armenia and Argentina, to CAAP. The contribution was made, in accordance with Luxembourg law, at its fair value of USD 1,506,867 at December 22, 2016 (Note 24).

The Reorganization was accounted for as a reorganization of entities under common control for the interests in the contributed businesses which were contributed by the controlling shareholder. As such, the transactions were accounted for under the predecessor cost method. Under the predecessor cost method, the results and financial positions of the contributed businesses were combined and consolidated with and into the Company own operations as from January 1^st, 2015, as if these businesses had always been part of the Group.

In addition, in connection with the initial public offering, the Company was converted on September 14, 2017, from a Luxembourg Limited Liability Company named A.C.I. Airports International S.à r.l. into a Luxembourg Corporation and changed its name to Corporación América Airports S.A. (the “Conversion”). In conjunction with the Conversion, all of the Company’s outstanding equity interests were converted into one billion five hundred million (1,500,000,000) shares of common stock which will be held by ACI Airports S.à r.l. (the “Shareholder”). In connection with the Conversion, Corporación América Airports S.A. will continue to hold all assets of ACI and will assume all of its liabilities and obligations.

The main adjustment of the Conversion principally gave effect to the recognition of the share capital of Corporación América Airports S.A. for a total nominal value of USD 1,500 million (USD 1 per share) and the elimination of the shares of A.C.I. Airports International S.à. r.l. for a total amount of USD 20 thousands and of the Free distributable reserves for a total amount of USD 1,499.9 million.

These consolidated financial statements have been approved for issuance by the Company on April 17, 2018.

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Basis of presentation and accounting policies

12 Months Ended

Dec. 31, 2017

Disclosure Of Basis Of Preparation And Significant Accounting Policies [Abstract]

Basis of presentation and accounting policies

2 Basis of presentation and accounting policies

A. Summary of significant accounting policies

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Basis of preparation

The Group’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB) and the Interpretations of the International Financial Reporting Interpretations Committee (IFRIC) applicable to companies reporting under IFRS. The consolidated financial statements comply with IFRS as issued by the International Accounting Standards Board (IASB).

Presentation in the consolidated statement of financial position differentiates between current and non-current assets and liabilities. Assets and liabilities are regarded as current if they mature within one year or within the normal business cycle of the Group, or are held for sale.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 2.F.

Several balance sheet consolidated statements of final position and consolidated statement of income items have been combined in the interests of clarity. These items are stated and explained separately in the notes to the consolidated financial statements. The statement of income is structured according to the function of expense method (nature of the expenses is classified in notes).

The consolidated financial statements are presented in thousands of U.S. Dollars unless otherwise stated. All amounts are rounded off to thousands of U.S. Dollars unless otherwise stated.

As such, insignificant rounding differences may occur. A dash (“—”) indicates that no data was reported for a specific line item in the relevant financial year or period or when the pertinent figure, after rounding, amounts to nil.

The fiscal year begins on January 1 and ends on December 31.

New and amended standards adopted by the Group

The group has applied the following standards and amendments for the first time for their annual reporting period commencing on 1 January 2017:

IAS 12, “Income tax”

In February 2016, the IASB issued certain amendments to clarify the requirements for recognition of deferred tax assets for tax unrealized losses, effective from January 1, 2017.

IAS 7, “Cash Flow Statement”

In February 2016, the IASB issued an amendment by which requires that an entity disclose information that enables users to understand the changes in liabilities arising from financing activities, effective from January 1, 2017.

The adoption of these amendments had no impact on the amounts recognized in previous years. Most modifications will also not affect current or future periods. The amendments to IAS 7 require the disclosure of changes in liabilities arising from financing activities, see Note 28.

New and amended standards not yet adopted for CAAP

Certain new accounting standards and interpretations have been published that are not mandatory for December 31, 2017 reporting periods and have not been early adopted by the group. The group’s assessment of the impact of these new standards and interpretations is set out below.

IFRS 9, "Financial Instruments"

IFRS 9 - Financial Instruments, and subsequent amendments, issued in July 2014. This standard is effective for fiscal years beginning January 2018 and replaces the previously issued versions and establishes new requirements for hedge accounting and a new model of impairment for financial assets.

The group has reviewed its financial assets and liabilities and is expecting the following impact from the adoption of the new standard on 1 January 2018:

The majority of the group’s financial instruments are currently classified as held to maturity. Those instruments will satisfy the conditions for classification as amortized cost and hence there will be no change to the accounting for these assets.

In respect of other financial assets measured at fair value through profit or loss, there will be no change to the accounting for these assets.

There will be no impact on the group’s accounting for financial liabilities, as the new requirements only affect the accounting for financial liabilities that are designated at fair value through profit or loss and the group does not have any such liabilities. The derecognition rules have been transferred from IAS 39 Financial Instruments: Recognition and Measurement and have not been changed.

As the Group has no hedging instruments, the new hedging requirements will not affect the Group´s financial condition or results of operations.

The new impairment model requires the recognition of impairment provisions based on expected credit losses (ECL) rather than only incurred credit losses as is the case under IAS 39.

It applies to financial assets classified at amortized cost, debt instruments measured at fair value measured through other comprehensive income (“FVOCI”), contract assets under IFRS 15 Revenue from Contracts with Customers, lease receivables, loan commitments and certain financial guarantee contracts.

According to the evaluations made to date, a non-significant increase in the estimate of losses for uncollectable is expected in approximately 2.6% of the total trade receivables. It also introduces broader disclosure requirements and changes in presentation. Therefore, the nature and extent of the disclosures of financial instruments are expected to change, particularly in the year of adoption of the new standard.

The Group will apply the new rules retrospectively as of January 1, 2018, with the practical expedients allowed by the standard.

IFRS 15, “Revenue from contracts with customers”

IFRS 15, ‘Revenue from contracts with customers’ deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers.

Revenue is recognized when a customer obtains control of a good or service and thus has the ability to direct the use and obtain the benefits from the good or service. The standard replaces IAS 18 ‘Revenue’ and IAS 11 ‘Construction contracts’ and related interpretations. The standard is effective for annual periods beginning on or after 1 January 2018. The Company´s management has determine that the adoption of this standard will not have a significant impact on the Company´s financial condition or results of operations.

The Group intends to adopt this standard using the modified retrospective approach, meaning that the cumulative impact of the adoption will be recognized in retained earnings as of January 1, 2018 and that comparatives will not be changed.

IFRS 16, “Leases”

In January 2016, the IASB issued IFRS 16, "Leases", which will result in almost all leases being recognized on the balance sheet, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognized. IFRS 16 must be applied on annual periods beginning on or after January 1, 2019. The Company's management is currently assessing the potential impact that the application of this standard may have on the Company's financial condition or results of operations.

Other standards and interpretations non-significant for the Company’s financial statements:

-Amendment to IFRS 2 - Classification and Measurement of Share-based Payment Transactions -Annual Improvements to IFRS 2014-2016 cycle.

- IFRIC 22 - Foreign Currency Transactions and Advance Consideration.

- IFRIC 23 - Uncertainty over Income Tax Treatments.

There are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.

B Group accounting policies

(1) Subsidiaries and transactions with non-controlling interests

Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no longer consolidated from the date control ceases.

The acquisition method is used to account for the business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred or assumed at the date of exchange, and the equity interest issued by the group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.

Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. Accounting treatment is applied on an acquisition by acquisition basis.

The excess of the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Consolidated Statement of Income.

Transactions with non-controlling interests that do not result in a loss of control are accounted as equity transactions with owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

Material inter-company transactions, balances and unrealized gains and losses have been eliminated in consolidation. However, financial gains and losses from intercompany transactions may arise when the subsidiaries have different functional currencies. These financial gains and losses are included in the Consolidated Statement of Income under Financial income and Financial loss.

(2) Associates

Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for by the equity method of accounting and are initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor`s share of profit or loss of the investee after the date of acquisition. The Company’s investment in associates includes goodwill identified on acquisition, net of any accumulated impairment loss.

Unrealized gains or losses arising from transactions between the Group and its associates are eliminated to the extent of CAAP’s interest in the associates. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group. The Company’s pro-rata share of earnings in associates is recorded in the Consolidated Statement of Income under Share of loss in associates and Share of other comprehensive income from associates. The Company’s pro-rata share of changes in other reserves is recognized in the Consolidated Statement of Changes in Equity under Other Reserves.

(3) List of Subsidiaries

Detailed below are the subsidiaries of the Company which have been consolidated in the Consolidated Financial Statements. The percentage of ownership refers to the direct and indirect ownership of Corporación América Airports S.A in their subsidiaries at each period-end. 

Holdings companies

	Country of			Percentage of ownership at December 31,
Company	incorporation	Local currency	Main activity	2017			2016			2015
Abafor S.A. (*)	Uruguay	Uruguayan pesos	Holding company		100.00	%		100.00	%		100.00	%
ACI AIA S.à r.l(*)(**)	Luxembourg	Euros	Holding company		-			100.00	%		100.00	%
ACI Airport Sudamérica S.A.U.	Spain	Euros	Holding company		100.00	%		100.00	%		100.00	%
ACI Airports Italia S.A. (*)	Spain	Euros	Holding company		100.00	%		100.00	%		100.00	%
America International Airports LLC (AIA) (*)	USA	U.S. dollars	Holding company		100.00	%		100.00	%		100.00	%
Cargo & Logistics S.A. (*)	Argentina	Argentine pesos	Holding company		98.63	%		98.63	%		98.63	%
CASA Aeroportuaria S.A. (*)	Argentina	Argentine pesos	Holding company		99.98	%		99.98	%		99.98	%
Cedicor S.A (*)	Uruguay	Uruguayan pesos	Holding company		100.00	%		100.00	%		100.00	%
Cerealsur S.A.	Uruguay	Uruguayan pesos	Holding company		100.00	%		100.00	%		100.00	%
Corporación Aeroportuaria S.A. (*)	Argentina	Argentine pesos	Holding company		100.00	%		100.00	%		100.00	%
Corporación América Italia S.A.	Italy	Euros	Holding company		100.00	%		100.00	%		100.00	%
Corporación América S.A. (*)	Argentina	Argentine pesos	Holding company		95.37	%		95.37	%		95.37	%
Corporación América Sudamericana S.A.	Panamá	U.S. dollars	Holding company		94.68	%		94.68	%		94.68	%
DICASA Spain S.A. (*)	Spain	Euros	Holding company		100.00	%		100.00	%		100.00	%
GOFI Investments S.L (*)	Spain	Euros	Holding company		100.00	%		100.00	%		100.00	%
Inframérica Participaçoes S.A. (*)	Brazil	Brazilian real	Holding company		99.96	%		99.96	%		99.96	%
Yokelet S.L. (*)	Spain	Euros	Holding  company		100.00	%		100.00	%		90.00	%

(*)These companies do not have relevant net assets other than the share of ownership in the operating companies included in the table below.

(**) This company was dissolved on June 30, 2017.

Operating companies

	Country of			Percentage of ownership at December 31,
Company	incorporation	Local currency	Main activity	2017			2016			2015
Aerocombustibles Argentinos S.A.	Argentina	Argentine pesos	Fueling company		92.98	%		92.98	%		92.98	%
Aeropuerto de Bahía Blanca S.A.	Argentina	Argentine pesos	Airports Operation		81.06	%		81.06	%		81.06	%
Aeropuertos Argentina 2000 S.A.(“AA2000”) (***)	Argentina	Argentine pesos	Airports Operation		81.29	%		81.29	%		81.29	%
Aeropuertos del Neuquén S.A.	Argentina	Argentine pesos	Airports Operation		74.10	%		74.10	%		74.10	%
Arrnenia International Airports CJSC	Armenia	Dram	Airports Operation		100.00	%		100.00	%		100.00	%
CAI S.A.	Uruguay	Uruguayan pesos	Airports Operation		100.00	%		100.00	%		100.00	%
Enarsa Aeropuertos S.A.	Argentina	Argentine pesos	Fuel plants		76.29	%		76.29	%		76.29	%
Inframerica Concessionária do  Aeroporto de Brasilia S.A. (“ICAB”)	Brazil	Brazilian real	Airports Operation		50.98	%		50.98	%		50.98	%
Inframerica Concessionária do  Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”)	Brazil	Brazilian real	Airports Operation		99.97	%		99.96	%		99.95	%
Paoletti América S.A. (****)	Argentina	Argentine pesos	Service company		40.65	%		40.65	%		40.65	%
Puerta del Sur S.A.	Uruguay	Uruguayan pesos	Airports Operation		100.00	%		100.00	%		100.00	%
Servicios y Tecnología Aeroportuaria S.A.	Argentina	Argentine pesos	Service company		80.73	%		80.73	%		80.73	%
TCU S.A.	Uruguay	Uruguayan pesos	Service company		100.00	%		100.00	%		100.00	%
Terminal Aeroportuaria Guayaquil S.A. (“TAGSA”) (*****)	Ecuador	U.S. dollars	Airports Operation		49.99	%		49.99	%		49.99	%
Texelrío S.A.	Argentina	Argentine pesos	Service company		56.91	%		56.91	%		56.91	%
Toscana Aeroporti S.p.A.	Italy	Euros	Airports Operation		51.13	%		51.13	%		51.13	%
Villalonga Furlong S.A.	Argentina	Argentine pesos	Service company		78.91	%		78.91	%		78.91	%

 (***) Includes a 9.35% direct interest of Cedicor S.A. in AA2000, acquired by Cedicor S.A. in 2011. This participation is subject to the authorization by the ORSNA pursuant to section 7.2 of the Argentine Concession Agreement. As of the date of issuance of these Consolidated Financial Statements, the ORSNA has not issued any resolution approving or rejecting the aforementioned transaction. While this approval is pending, all economic and political rights pertaining to the shares, including all distributed dividends, have been assigned to Cedicor S.A.

(****) The group has control over this company based on having majority representation in the board, power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

(*****) The group has control over this company based on having power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

Summarized financial information in respect of each of the Group´s subsidiaries that has most significant non-controlling interests is set below. The summarized financial information below represents amounts before intragroup elimination.

	Toscana Aeroporti S.p.a.
	December 31, 2017			December 31, 2016			December 31, 2015
Non-current assets		236,893			199,316			203,251
Current assets		62,144			51,453			60,788
Total assets		299,037			250,769			264,039
Non-current liabilities		73,762			68,646			76,629
Current liabilities		89,057			63,806			67,080
Total liabilities		162,819			132,452			143,709
Equity		136,218			118,317			120,330
Revenue		154,526			141,347			152,663
Gross profit		50,269			45,057			41,438
Operating income		19,469			17,854			14,212
Financial Results		(1,630	)		(1,240	)		(1,894	)
Share of income in associates		39			-			1,842
Income tax expense		(5,893	)		(5,624	)		(4,654	)
Net income		11,985			10,990			9,506
Other comprehensive (income) / loss for the year		16,469			(4,643	)		(10,761	)
Total comprehensive income/(loss) for the year		28,454			6,347			(1,255	)
Dividends paid		(10,584	)		(4,268	)		(3,831	)
Increase/(decrease) in cash
Provided by operating activities		13,345			16,514			23,210
Used in investing activities		(19,315	)		(10,170	)		(7,319	)
Used in financing activities		(9,981	)		(10,979	)		(9,634	)

	Terminal Aeroportuaria de Guayaquil S.A.
	December 31, 2017			December 31, 2016			December 31, 2015
Non-current assets		51,941			55,188			62,134
Current assets		42,760			45,053			40,520
Total assets		94,701			100,241			102,654
Non-current liabilities		6,571			11,566			8,114
Current liabilities		42,929			44,307			56,633
Total liabilities		49,500			55,873			64,747
Equity		45,201			44,368			37,907
Revenue		85,310			85,301			79,045
Gross profit		35,063			36,220			32,287
Operating income		19,087			20,626			15,806
Financial Results		(479	)		(1,395	)		(2,377	)
Share of income in associates		-			-			-
Income tax expense		(1,653	)		(1,768	)		(1,466	)
Net income		16,955			17,463			11,963
Other comprehensive income for the year		-			-			-
Total comprehensive income for the year		16,955			17,463			11,963
Dividends paid		(17,371	)		(16,157	)		(7,315	)
Increase/(decrease) in cash
Provided by operating activities		24,743			26,951			20,336
Provided by/ (used in) investing activities		(24,585	)		8,995			(5,303	)
Used in financing activities		(23,066	)		(23,397	)		(20,563	)

	Inframerica Conssesionária do Aeroporto de Brasília S.A.
	December 31, 2017			December 31, 2016			December 31, 2015
Non-current assets		1,267,647			1,373,179			1,114,659
Current assets		48,747			126,418			54,346
Total assets		1,316,394			1,499,597			1,169,005
Non-current liabilities		1,060,174			1,206,457			954,791
Current liabilities		250,671			211,667			94,464
Total liabilities		1,310,845			1,418,124			1,049,255
Equity		5,549			81,473			119,750
Revenue		111,259			99,889			N/A
Gross profit		14,538			19,511			N/A
Operating income		(161	)		7,143			N/A
Financial Results		(116,222	)		(128,403	)		N/A
Share of income in associates		-			-			N/A
Income tax expense		38,798			40,425			N/A
Net loss		(77,585	)		(80,835	)		N/A
Other comprehensive income for the year		1,764			24,372			N/A
Total comprehensive loss for the year		(75,821	)		(56,463	)		N/A
Dividends paid		-			-			N/A
Increase/(decrease) in cash
Used in operating activities		(76,445	)		(10,674	)		N/A
Used in investing activities		(10,065	)		(16,172	)		N/A
Provided by financing activities		87,216			10,489			N/A

	Aeropuertos Argentina 2000 S.A.
	December 31,			December 31,			December 31,
	2017			2016			2015
Non-current assets		707,952			544,697			487,122
Current assets		199,222			146,034			94,881
Total assets		907,174			690,731			582,003
Non-current liabilities		411,561			159,411			212,192
Current liabilities		150,225			220,822			145,767
Total liabilities		561,786			380,233			357,959
Equity		345,388			310,498			224,044
Revenue		994,782			837,380			780,870
Gross profit		360,822			339,344			283,732
Operating income		282,422			270,672			211,424
Financial Results		(52,788	)		(53,036	)		(135,847	)
Share of income in associates		-			-			-
Income tax expense		(67,620	)		(81,501	)		(26,152	)
Net income		162,014			136,135			49,425
Other comprehensive loss for the year		(50,945	)		(49,680	)		(113,471	)
Total comprehensive income (loss) for the year		111,069			86,455			(64,046	)
Dividends paid		(76,178	)		-			-
Increase/(decrease) in cash
(Used in) /provided by operating activities		(53,509	)		114,704			47,192
Used in investing activities		(185	)		(1,028	)		(652	)
Provided by /(used in) financing activities		129,370			(79,748	)		(63,915	)

C Foreign currency translation

(1) Functional and presentation currency

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency').

The consolidated financial statements are presented in U.S. dollars, which is the Group´s functional and presentation currency.

(2) Transactions in currencies other than the functional currency

Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuations where items are re-measured.

At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included, if applicable, in “Financial income / Financial loss” in the Consolidated Statement of Income. Translation differences on non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the “fair value gain or loss,” while translation differences on non-monetary financial assets such as equities classified as available for sale are included in the “available for sale reserve” in equity. CAAP had no such assets or liabilities for any of the periods presented. 

(3) Translation of financial information in currencies other than the functional currency

Income and expenses of the subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S. dollars at the monthly average exchange rates. Assets and liabilities for each balance sheet presented are translated at the balance sheet date exchange rates. Translation differences are recognized in other comprehensive income as “Currency Translation Adjustments”. As of December 31, 2017, 2016 and 2015, the Company recognized a translation loss of USD 25.6 million, USD 44.3 million and USD 170.9 million, respectively, arising from the translation of the investments in Argentina, Brazil, Italia and Armenia. In the case of a sale or other disposal of any of such subsidiaries, any cumulative translation difference would be recognized in income as a gain or loss from the sale of such subsidiary.

D Intangible assets

(1) Concession Assets

The Group, through some of its subsidiaries has been awarded the concession for the administration and operation of the following airports:

- Puerta del Sur S.A. and C.A.I.S.A., of major airports in Uruguay (Montevideo and Punta del Este).

- Toscana Aeroporti S.p.A. (“TA”) a merger of Aeroporto di Firenze S.p.A. (“ADF”) and Società Aeroporto Toscano Galileo Galilei S.p.A. (“SAT”) of Florence and Pisa airports, respectively.

- Inframérica Concessionária do Aeroporto de Brasilia S.A. and Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. of Brasilia and São Gonçalo do Amarante airports, respectively.

- Terminal Aeroportuaria de Guayaquil S.A. (TAGSA) of Guayaquil airport, “José Joaquin de Olmedo”.

- Aeropuertos Argentina 2000 S.A. 34 airports in Argentina.

- “Armenia” International Airports CJSC of the “Zvartnots” International Airport of Yerevan, Republic of Armenia.

The concession agreements are accounted for in accordance with the principles included in IFRIC 12 “Service Concession Arrangements”. The Company recognized an intangible asset for:

a) Fixed fees payables as the result of the acquisition of the right (license) to charge users for the service of airport concession (see Note 22),

b) Right to obtain benefits for services provided using the assets built under the construction services performed under the concession contracts.

Acquisitions correspond, according to the terms of the Concession contract, to the improvements over existing infrastructure to increase the useful life or its capacity, or the construction of new infrastructure.

General and specific borrowing costs, attributable to the acquisition, construction or production of assets that necessarily take a substantial period to get ready for their intended use or sale are added to the cost of such assets until the assets are substantially ready to be used or sold.

The intangible asset for infrastructure under each concession agreement is amortized over the contract term in accordance with an appropriate method reflecting the rate of consumption of the concession asset’s economic benefits as from the date the infrastructure is brought into service.

Accounting of the fixed concession fee under the Brazilian concession agreements are described in Note 22 A.  

As part of the obligations arising from the concession agreements, the Group provides construction or upgrade services. IFRIC 12 “Service Concession Arrangements” requires to recognize revenues and costs from the construction or upgrade services provided. The fair value of the construction or upgrade service is equal to the construction or upgrade costs plus a reasonable margin, which the Group has estimated at an average of 3% to 5%.

The concession fee paid to the grantor derived from the concession agreements are recognized depending on the terms defined in the concession agreement:

a) Fixed concession fee is recognized at the beginning of the concession as it is reliably measurable, as a counterpart an intangible asset is recognized, this type of fee is independent form the revenue.

b) Variable fees payables that are define as a percentage over certain revenue streams, recognized monthly by monthly in the income statement.

Each operating company is responsible for obtaining the necessary guarantees for the commitments assumed in each concession. They are mostly covered by insurance that it is paid in advance and it is recorded in Other receivables, and is accrued over the life of the coverage.

Main commitments under each concession agreement are included in Note 25 b.

(2) Goodwill

Goodwill represents the excess of the acquisition cost over the fair value of the Group’s share of net identifiable assets, liabilities and contingent liabilities acquired as part of business combinations determined by management. Goodwill impairment reviews are performed annually or more frequently if events or changes in circumstances indicate a potential impairment. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. Impairment losses on goodwill are not reversed. Goodwill, net of impairment losses, if any, is included on the Consolidated Statement of Financial Position under Intangible assets, net.

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

E Property, plant and equipment

Property, plant and equipment are recognized at historical acquisition or construction cost less accumulated depreciation and impairment losses; historical cost includes expenses directly attributable to the acquisition of the items.

Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the group and the investment enhances the condition of assets beyond its original condition.

Depreciation is calculated using the straight-line method to allocate the cost of each asset to its residual value over the estimated useful life, as follows:

Buildings and improvements	25-30 years
Plant and production equipment	3-10 years
Vehicles, furniture and fixtures, and other equipment	4-10 years

The residual values and useful lives of significant property, plant and equipment are reviewed and adjusted, if appropriate, at each year-end date.

Gain and losses on disposals are determined by comparing the proceeds with the carrying amount and are included in “Other operating (expense) / income” in the Consolidated Statement of Income. 

(1) Oil and gas exploration activities from discontinued operations

The Company applies IFRS 6 "Exploration for and Evaluation of Mineral Resources" to account for its oil and gas exploration and evaluation activities.

As a result, in accordance with IFRS 6, the Company capitalizes oil and gas exploration and evaluation expenses, such as topographical, geological, geochemical and geophysical studies; exploratory drilling; evaluation of oil and gas reserves, and mining property associated with unproven reserves, such as assets for exploration and evaluation as a special category (Exploration and evaluation assets) within Property, plant and equipment. The costs prior to obtaining an exploration permit are charged to income/loss as incurred.

This means that exploration costs are temporarily capitalized until the results of the exploration efforts are evaluated so as to determine if there are sufficient hydrocarbon reserves to commercially exploit them.

If exploration and evaluation activities do not conclude that there are sufficient hydrocarbon reserves, the amounts capitalized are charged to income/loss at the time this conclusion is reached. Exploration and evaluation assets in relation to which reserves were identified are tested for impairment, prior to reclassification of the line "Production facilities and wells".

Exploration and evaluation assets are not subject to depreciation or amortization.

(2) Oil and gas development activities from discontinued operations

Development costs are costs incurred to develop and produce proven reserves and provide facilities for extraction, collection and storage of oil and gas. This item includes payments of exploitation concession rights, which are recorded under "Mining Property" line.

Development costs incurred to drill development wells (successful and dry) and to construct facilities or install equipment for production purposes are capitalized and classified as "Works in progress" until their completion. Once productive, these wells are reclassified to "Production facilities and wells" and depreciation begins; oil and gas production costs are charged to income/loss.

Subsequent expenses are incorporated as a cost component of these assets only if they are an improvement and/or extend the useful life and/or increase the production capacity of assets and/or it is probable that the asset generates an increase in net cash flows.

The costs of maintenance and repair that only restore production to its original level are charged to income/loss in the fiscal year they are incurred.

The costs of asset retirement obligation and well plugging obligations are capitalized at discounted value, together with the assets that gave rise (within the "Production facilities and wells" line) to them and are depreciated using the units of production method. As counterpart, a liability is recognized for this item at the estimated value of the discounted sums payable. These values are adjusted when necessary based on changes in current costs, the date on which wells will be retired and/or any other information available.

F Critical accounting estimates and judgments

Critical accounting estimates are those that require management to make significant judgments and estimates about matters that are inherently uncertain. Management bases its estimates on historical experience and other assumptions that it believes are reasonable. Actual results could differ from estimates used in employing the critical accounting policies and these could have a material impact on the Group’s results of operations.

The Group’s critical accounting estimates are discussed below.

(a) Business combinations – purchase price allocation

Accounting for business combinations requires the allocation of the Group's purchase price to the various assets and liabilities of the acquired business at their respective fair values. The Group uses all available information to make these fair value determinations. In some instances, assumptions with respect to the timing and amount of future revenues and expenses associated with an asset might have to be used in determining its fair value. Actual timing and amount of net cash flows from revenues and expenses related to that asset over time may differ from those initial estimates, and if the timing is delayed significantly or if the net cash flows decline significantly, the asset could become impaired.

(b) Impairment testing

At the date of each statement of financial position, the Group reviews the carrying amounts of its property, plant and equipment, investment in associates and finite lived intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Assets that have an indefinite useful life or assets not ready to use are not subject to amortization and are tested annually for impairment.

An impairment loss, if applicable, is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units or CGUs). Prior impairments of nonfinancial assets (other than goodwill) are reviewed for possible reversal at each reporting date.

A previously recognized impairment loss is reversed if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the reversal of the previously recognized impairment loss is recognized in the Consolidated Statement of Income.

(c) Income taxes

The Group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Group recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made.

Deferred tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be settled. Deferred tax assets and liabilities are not discounted. In assessing the recoverability of deferred tax assets, management considers whether it is probable that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. 

(d) Application of IFRIC 12

The Group has carried out a comprehensive implementation of the standards applicable to the accounting treatment of their concession and has determined that, among others, IFRIC 12 is applicable. The Group treats their investments related to improvements and upgrades to be performed in connection with the concession obligation under the intangible asset model established by IFRIC 12, as all investments required by the concession obligation, regardless of their nature, directly increase the maximum tariff per traffic unit. Accordingly, all amounts invested under the concession obligation have a direct correlation to the amount of fees the Group will be able to charge each passenger or cargo service provider, and thus, a direct correlation to the amount of revenues the Group will be able to generate. As a result, the Group defines all expenditures associated with investments required by the concession obligation as revenue generating activities given that they ultimately provide future benefits, whereby subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. Additionally, compliance with the committed investments per the Master Development Programs is mandatory, as well as the fulfillment of the maximum tariff and therefore, in case of a failure to meet any one of these obligations, the Group could be subject to sanctions and the concessions could be revoked.

G Inventories

Inventories are stated at the lower of cost and net realizable value.

Net realizable value is the estimated price in the ordinary course of business, less the estimated costs of completion and selling expenses. The cost of inventories is based on the weighted averaged principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition.

If applicable, the Group establishes an allowance for obsolete or slow-moving inventory related to finished goods. For slow moving or obsolete finished products, an allowance is established based on management’s analysis of product aging.

H Trade and other receivables

Trade and other receivables are initially recognized at fair value, generally the original invoice amount and are subsequently measured at amortized cost. The Group analyzes its trade receivables on a regular basis and, when aware of a specific counterparty’s difficulty or inability to meet its obligations, impairs any amounts due with a provision for bad debts. Additionally, this provision is periodically assessed based on the aging of receivables.

I Cash and cash equivalents

Cash and cash equivalents are comprised of cash in banks, mutual funds and short-term investments with an original maturity of three months or less at the date of purchase which are readily convertible to known amounts of cash.

In the Consolidated Statement of Financial Position, bank overdrafts are included in Borrowings in current liabilities. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents includes bank overdrafts.

J Equity

(1) Equity components

The Consolidated Statement of Changes in Equity includes:

- The share capital, legal reserve and free distributable reserves calculated in accordance with Luxembourg Law;

- The currency translation adjustment, other reserves, retained earnings and non-controlling interest.

(2) Share capital

Share capital is stated at nominal value. The Company had an authorized share capital of 20,000 shares having a nominal value of USD 1 per share as of December 31, 2016 and 2015. According to Note 1 and as a consequence of the Conversion of the Company the share capital as of December 31, 2017 has a nominal value of USD 1,500 million (USD 1 per share). All issued shares are fully paid.

Pursuant to Luxembourg regulations, contributions in kind made by shareholders must be at fair value and must be considered as Free Distributable Reserve.

(3) Dividends distribution by the Company to shareholders

Dividends distributions are recorded in the Company’s financial statements when Company’s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Managers in accordance with the by-laws of the Company. Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law (see Note 25 c.).

(4) Other reserves

As mentioned in Note 1, the reorganization was accounted for as a reorganization of entities under common control, using the predecessor cost method. The net effect was recorded in Net Equity under Other Reserves. Moreover, in 2016, and considering that the shares of America International Airports (“AIA”) were contributed to the Free Distributable Reserves of the Company at the fair value a significant negative amount was included in Other Reserves to reflect the reduction to the predecessor´s cost of the shares.

(5) Non-controlling interest

The group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of Corporación América Airports S.A.

K Borrowings

Borrowings are recognized initially at fair value, net of transaction costs incurred. Subsequently borrowings are measured at amortized cost.

L Current and Deferred income tax

The tax expense for the year comprises current and deferred tax. Tax is recognized in the Consolidated Statement of Income, except for tax items recognized in the Consolidated Statement of Comprehensive Income.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Group entities operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions when appropriate.

Deferred income taxes recognized applying the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. The principal temporary differences arise from fair value adjustments of assets acquired in business combinations, and the effect of valuation on fixed assets, inventories and provisions. Deferred tax assets are also recognized for net operating loss carry-forwards. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date.

Deferred tax assets are recognized to the extent it is probable that future taxable income will be available against which the temporary differences can be utilized. At the end of each reporting period, CAAP reassesses unrecognized deferred tax assets. The group recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered.

M Employee benefits

Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.

Some entities of the Group have long term employee benefits that are unfunded defined benefit plan in accordance with IAS 19 - “Employee Benefits”.

The company calculates annually the provision for employee retirement cost based on actuarial calculations performed by independent professionals using the Projected Unit Credit Costs method. The present value of the defined benefit obligations at each year-end is calculated discounting estimated future cash outflows at an annual rate equivalent to the average rate of high quality corporate bonds, which are denominated in the same currency in which the benefits will be paid, and whose terms approximate the terms of the pension obligations.

Service cost and interest cost are recognized in the income statement, with actuarial gains and losses arising from changes in actuarial assumptions are recognized in the Consolidated Statement of Comprehensive Income.

Actuarial assumptions include variables such as, in addition to the discount rate, death rate, age, sex, years of service, current and future level of salaries, turnover rates, among others.

N Provisions

Provisions for legal claims and other charges are recognized when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as interest expense.

The concession agreements in the different jurisdictions include certain commitments to be complied by each company. These commitments can be grouped in two categories:

• Works that can be classified as standard maintenance of the infrastructure, which are expensed as incurred

• Major scheduled maintenance and refurbishments of the infrastructure in the future.

Since IFRIC 12 does not recognize infrastructure as property, plant and equipment, rather as a right to charge customers for the use of the infrastructure, major refurbishments and renewals to be performed in future years to maintain or restore the infrastructure asset to its level of functionality, operation and safety should be recognized in accordance with IAS 37 - Provisions, Contingent Liabilities and Assets (unless the grantor agrees to reimburse the operator).  Provision is recorded at the best estimate of the amount of the expenditure expected to be incurred to perform the major overhaul or restoration work, discounted using a rate that reflects time value of money and risks involved.

O Trade payables

Trade payables are initially recognized at fair value, generally the nominal invoice amount and are subsequently measured at amortized cost.

P Concession fee payable

Each concession agreement determines different types of concession fees to be paid to the corresponding regulatory authority. Fees could be fixed or variable. Some concession agreements establish both a minimum fixed payment, and an additional variable amount if certain conditions are met (such as a minimum number of passengers, among others).

For those concession agreements that require payment of a fixed amount, the Company recognized the obligation at present value. The increase in the provision due to the passage of time is recognized as interest expense. The variable concession fees paid to the grantor derived from the concession agreements are recognized as cost of the period. The fixed concession fee payable pursuant to the Brazilian concession agreements are capitalized at inception of the agreement as concession assets- intangible asset.

Q Revenue recognition

Revenue from airports operations includes:

-Aeronautical revenues, which are those generally regulated under each airport’s concession agreement. It consists of passengers’ departure fees, landing, parking and other fees paid by the airlines.

- Commercial revenues: those are typically not regulated under the applicable concession agreement. Commercial revenues are leases and/or rent fees from retail (including duty free), food and beverage, services and car rental companies, advertising and car parking, fueling charges and cargo fees, among others.

- Construction service revenues: IFRIC 12 requires to recognize revenues and costs from the construction or upgrade services provided. Construction service revenue equals the construction or upgrade costs plus a reasonable margin.

Revenue is recognized when the amount of revenue may be reliably measured; it is probable that economic benefits associated with the transaction will flow to the Company, and when collection is reasonably assured.

Revenue is shown net of value-added tax and discounts. Intercompany balances with subsidiaries have been eliminated in consolidation.

R Cost of services and other expenses

Cost of services and expenses are accrued and recognized in the Consolidated Statement of Income.

Construction service cost: IFRIC 12 requires to recognize revenues and costs from the construction or upgrade services provided. Construction service revenue equals the construction or upgrade costs plus a reasonable margin.

Commissions, freight and other selling expenses, including services and fees, office expenses and maintenance, are recorded in Selling, general and administrative expenses in the Consolidated Statement of Income.

S Government grant

As consideration for having granted the concession of the Group A of the Argentine Airports, AA2000 assigns to the Government 15% of the total revenues of the concession, 2.5% of such revenues are destined to fund the investments commitments of AA2000 corresponding to the investment plan under the concession agreement by means of a trust in which AA2000 is the settlor; Banco de la Nación Argentina, the trustee; and the beneficiaries are AA2000 and constructors of the airports’ works. The funds in the trust are used to settle the accounts payable to suppliers of the infrastructure being built in the Argentine Airport System. As per IAS 20, the benefit received by AA2000 qualifies as a grant related to income on a monthly basis that it is recognized at fair value since there is a reasonable assurance that such benefit will be received.

T Financial instruments

Non derivative financial instruments comprise investments in debt instruments, corporate bonds, time deposits, trade and other receivables, cash and cash equivalents, borrowings, and trade and other payables. The Group’s non derivative financial instruments are classified into the following categories:

§ Financial assets at amortized cost: comprise trade receivables, other receivables and cash and cash equivalents and are measured at amortized cost using the effective interest method less any impairment.

§ Financial assets at fair value through profit or loss: comprise corporate bonds and are measured at its fair value. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.

§ Financial liabilities: comprises borrowings, trade payables and other liabilities and are measured at amortized cost using the effective interest method.

The classification depends on the nature and purpose of the financial instrument and is determined at the time of initial recognition.

Financial assets and liabilities are recognized on the trade-date, and derecognized on their realization or settlement date.

Gains and losses from financial assets measured at amortized cost and which are not part of a hedging relationship are recognized through profit or loss when the financial asset is derecognized or impaired by the amortization process using the effective interest rate method.

Gains or losses on a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss and presented net in the profit or loss statement within other gains/(losses) in the period in which it arises. Interest income from these financial assets is included in the finance income.

U Segment information

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ("CODM"), which is the Group´s Board. The CODM is responsible for allocating resources and assessing performance of the operating segments. The operating segments are described in Note 4.

For management purposes, the Company analyzes its business based on the geographic perspective, the country where the airports are located. Therefore, the Company identified the following segments: Argentina, Brazil, Uruguay, Ecuador, Italy, Armenia and Perú. Others include all other business activities that are not required to be separately reported. Assets, liabilities and results from holding companies are included as Unallocated.

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Financial Risk Management

12 Months Ended

Dec. 31, 2017

Disclosure of nature and extent of risks arising from financial instruments [abstract]

Financial Risk Management

3 Financial Risk Management

The Group’s operations expose it to a variety of risks, mainly related to market risks (including the effects of changes in foreign currency exchange rates and interest rates), credit risk and liquidity risk.

The Group manages its financial risk exposure independently at each operating subsidiary, however, decisions are discussed by the Board of Directors (“BOD”) members.

The most significant financial risks to which the Group is exposed are detailed below.

A. Financial Risk Factors

(i) Market risk

· Foreign exchange risk

The Group operates in a number of countries throughout the world and consequently is exposed to foreign exchange rate risk. In addition, the Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. CAAP does not enter into derivative financial instruments to cover foreign exchange risks. In order to manage foreign exchange risk, the Group policy consists in minimize net positions of assets and liabilities denominated in foreign currencies.

The value of the Group’s financial assets and liabilities is subject to changes arising out of the variation of foreign currency exchange rates. A significant majority of the Group’s business activities is conducted in the respective functional currencies of the subsidiaries. However, the Group transacts in currencies other than the respective functional currencies of the subsidiaries. There are significant monetary balances held by the Group companies at each period-end that are denominated in others currencies (non-functional currency). The following table provides a breakdown of the Group’s main monetary net assets and liabilities which impact the Group’s profit and loss:

Currency Exposure / Functional currency	As of December 31, 2017			As of December 31,  2016			As of December 31,  2015
U.S. dollar / Argentine Peso		(267,045	)		(131,284	)		(154,384	)
Real / U.S. dollar		90,697			-			-
Euro / Armenian dram		(50,939	)		(47,473	)		(51,952	)
U.S. dollar / Armenian dram		(30,291	)		(54,016	)		(55,421	)
Euro / U.S. dollar		1,535			283			3,162
Uruguayan peso / U.S. dollar		11			(1,853	)		(770	)

The relevant exposures correspond to:

§ U.S. dollar / Argentine Peso

As of December 31, 2017 and 2016 consisting primarily of U.S. dollar -denominated net monetary assets and liabilities at certain Argentine subsidiaries which functional currency was the Argentine Peso. A change of 1% in the AR$/ USD exchange rate would have generated a pre-tax gain / loss of USD 2,670.5 as of December 31, 2017 (USD 1,312.8 and USD 1,543.8 as of December 31, 2016 and 2015 respectively).

§ Real / U.S. dollar

As of December 31, 2017 consisting primarily of Real-denominated net monetary asset in CAAP which functional currency was the U.S. dollar. A change of 1% in the Real/ USD exchange rate would have generated a pre-tax gain / loss of USD 906.9 as of December 31, 2017.

§ Euro / Armenian dram

As of December 31, 2017 and 2016 consisting primarily of Euro -denominated net monetary assets and liabilities at the Armenian subsidiaries which functional currency was the Armenian Dram. A change of 1% in the Dram / Euro exchange rate would have generated a pre-tax gain / loss of USD 509.4 as of December 31, 2017 (USD 474.7 and USD 519.5 as of December 31, 2016 and 2015 respectively).

§ U.S. dollar / Armenian dram

As of December 31, 2017 and 2016 consisting primarily of U.S. dollar -denominated net monetary assets and liabilities at the Armenian subsidiaries which functional currency was the Armenian Dram. A change of 1% in the Dram/ USD exchange rate would have generated a pre-tax gain / loss of USD 302.9 as of December 31, 2017 (USD 540.2 and USD 554.2 as of December 31, 2016 and 2015 respectively).

§ Euro / U.S. dollar

As of December 31, 2017 and 2016 consisting primarily of Euro-denominated net monetary assets and liabilities at certain Uruguayan subsidiaries and Luxembourg entities which functional currency was the U.S. dollar. A change of 1% in the Euro/ USD exchange rate would have generated a pre-tax gain / loss of USD 15.4 as of December 31, 2017 (USD 2.8 and USD 31.6 as of December 31, 2016 and 2015 respectively).

§ Uruguayan peso / U.S. dollar

As of December 31, 2017 and 2016 consisting primarily of Uruguayan Peso-denominated net monetary assets and liabilities at certain Uruguayan subsidiaries which functional currency was the U.S. dollar. A change of 1% in the URU$/ USD exchange rate would have generated a pre-tax gain / loss of USD 0.1 as of December 31, 2017 (USD 18.5 and USD 7.7 as of December 31, 2016 and 2015 respectively).

(ii) Interest rate risk

The Group's interest rate risk principally arises from long-term borrowings (Note 21). Borrowings issued at variable rates expose the Group to the risk that the actual cash flows differ from those expected. Borrowings issued at fixed rates expose the Group to the risk that the fair values of these differ from those expected. The Group manages this risk by maintaining an appropriate mix between fixed and floating rate interest bearing liabilities.

These activities are evaluated regularly to determine that the Group is not exposed to interest rate movements that could adversely impact its ability to meet its financial obligations and to comply with its borrowing covenants.

The following table shows a breakdown of the Group's fixed-rate and floating-rate borrowings as of December 31, 2017, 2016 and 2015.

	At December 31,
	2017		2016		2015
Fixed rate		738,320		630,541		696,066
Variable rate		748,125		476,700		391,500
		1,486,445		1,107,241		1,087,566

The Group estimates that, other factors being constant, a 10% increase in floating rates at year-end would decrease profit before income tax for the year ended December 31, 2017, 2016 and 2015, USD 4,115, USD 3,846 and USD 518 respectively. A 10% decrease in the floating interest rate would have an equal and opposite effect on the statement of income.

This sensitivity analysis provides only a limited, point-in-time view of this market risk sensitivity of certain of the Group's financial instruments. The actual impact of rate changes on the Group's financial instruments may differ significantly from the impact shown in the sensitivity analysis.

(iii) Credit risk

The financial instruments that could be subject to concentration of credit risk consist of cash, cash equivalents, accounts receivable and short term investments.

The Group places its cash and cash equivalents and short term investments in several first rate credit entities, reducing in this way the credit exposure to only one entity. The Group has not experienced significant losses from those assets.

Each subsidiary is responsible for managing and analyzing credit risk of its accounts receivable, for each of their new customers before standard payment and delivery terms and conditions are offered. There is no significant concentration of credit risk from customers.

The Group credit policies with customers are designed to identify customers with acceptable credit history. The Group recognized provision for bad debts to cover impairment for potential credit losses. The credit quality of the financial assets that are not yet due and not impaired can be assessed based on the credit qualification (“rating”) granted by entities external to the Group or through the historical rates of uncollectibility. Based on these rates, Trade Receivables as of December 31, 2017, 2016 and 2015, are composed by existing customers/related parties (more than 6 months) with no defaults in the past.

(iv) Liquidity risk

The Group is exposed to liquidity risks, including risks associated with refinancing borrowings as they mature, the risk that borrowing facilities are not available to meet cash requirements, and the risk that financial assets cannot readily be converted to cash without loss of value. Failure to manage liquidity risks could have a material impact on the Group's cash flow and statement of financial position. Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding its existing and prospective debt requirements by maintaining diversified funding sources with adequate committed funding lines from high quality lenders.

The Group monitors its current and projected financial position using several key internally generated reports: cash flow; debt maturity; and interest rate exposure. The Group also undertakes sensitivity analysis to assess the impact of proposed transactions, movements in interest rates on the key profitability, liquidity and balance sheet ratios.

The Group's debt positions are continually reviewed to meet current and expected debt requirements. The Group maintains a balance between longer-term and shorter-term financings. Short-term financing is principally raised through bank facilities and overdraft positions. Medium- to longer-term financing comprises public and private bond issues, including private placements. Financing risk is spread by using a variety of types of debt. The maturity profile is managed, by spreading the repayment dates and extending facilities.

As of December 31, 2017 the Company shows working capital deficiency mainly due to short-term banking letter of credits entered by CAAP, ICAB and ICASGA in such month. This deficiency was remediated with the uses of proceeds of the Initial Public Offering and specially with the amendments and extension agreements with BNDES with respect to the ICAB and ICASGA loans, which extended the final maturity, provided an interest capitalization period and increased the size of the credit facility commitments which allows the repayments of the short-term loans and improve in consequence the working capital position.

Liquid financial assets as a whole (comprising cash and cash equivalents) were 5.81% of total assets at the end of 2017 compared to 5.87% and 5.63% at the end of 2016 and 2015 respectively. The Group has a conservative approach to the management of its liquidity, which consists mainly in cash at banks.

(v) Capital Management

The capital structure of the Group consists of shareholders' equity and short-term to long-term net borrowings. The type and maturity of the Group's borrowings are analyzed further in Note 21. The Group's equity is analyzed into its various components in the statement of changes in equity.

Capital is managed so as to promote the long-term success of the business and to maintain sustainable returns for shareholders.

The objectives of the Group for capital management are to safeguard its capacity to continue doing business and be able to provide yield to owners as well as benefits to holders of instruments of shareholder’s equity and maintain an optimum capital structure to reduce cost of capital.

	At December 31,
	2017			2016			2015
Borrowings		1,486,445			1,107,241			1,087,566
Less: Cash and cash equivalents		(221,601	)		(212,988	)		(184,239	)
Net borrowings		1,264,844			894,253			903,327
Equity		797,142			803,324			834,101
Debt ratio		159	%		111	%		108	%

According to note 3 A (iv) and note 22 the debt ratio as of December 31, 2017 has increased as a consequence that the Group entered into certain banking letters of credit as of December, 2017 and is amending the credit facility agreements with BNDES. The company used the proceeds of these loans to pay a portion of the concession fees due under the Brasilia Concession Agreement and prepay a portion of the concession fees due and payable in 2018. Moreover, in February 2017, and according to note 21, AA2000 has issued senior secured notes in order to reduce the cost of capital and with the objective to finance infrastructure works required under the investment plan besides to refinance the liabilities of the company including the redemption in full of the notes issued in 2010.

B. Financial instruments by category

December 31, 2017	Assets at fair value through profit and loss		Assets at amortized cost		Total
Assets as per the statement of financial position
Trade receivables		-		126,078		126,078
Other receivables		-		293,578		293,578
Other financial assets (*)		16,214		26,082		42,296
Cash and cash equivalents		-		221,601		221,601
Total		16,214.00		667,339		683,553

	Liabilities at fair value through profit and loss		Liabilities at amortized cost		Total
Liabilities as per the statement of financial position
Borrowings		-		1,486,445		1,486,445
Trade payables and other liabilities		-		1,198,562		1,198,562
Total		-		2,685,007		2,685,007

(*) Other financial assets measured at fair value are Level 1 hierarchy.

December 31, 2016	Assets at fair value through profit and loss		Assets at amortized cost		Total
Assets as per the statement of financial position
Trade receivables		-		109,610		109,610
Other receivables		-		193,087		193,087
Other financial assets		-		34,657		34,657
Cash and cash equivalents		-		212,988		212,988
Total		-		550,342		550,342

	Liabilities at fair value through profit and loss		Liabilities at amortized cost		Total
Liabilities as per the statement of financial position
Borrowings		-		1,107,241		1,107,241
Trade payables and other liabilities		-		1,434,901		1,434,901
Total		-		2,542,142		2,542,142

December 31, 2015	Assets at fair value through profit and loss		Assets at amortized cost		Total
Assets as per the statement of financial position
Trade receivables		-		101,358		101,358
Other receivables		-		122,072		122,072
Other financial assets		-		55,390		55,390
Cash and cash equivalents		-		184,239		184,239
Total		-		463,059		463,059

	Liabilities at fair value through profit and loss		Liabilities at amortized cost		Total
Liabilities as per the statement of financial position
Borrowings		-		1,087,566		1,087,566
Trade payables and other liabilities		-		1,140,966		1,140,966
Total		-		2,228,532		2,228,532

C. Fair value hierarchy

IFRS 13 requires for financial instruments that are measured in the statement of financial position at fair value, a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:

Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2- Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

D. Fair value estimation

The estimated fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

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Segment information

12 Months Ended

Dec. 31, 2017

Disclosure of operating segments [abstract]

Segment information

4 Segment information

The Company presents its segment information for airports, which are considered as strategic business units, not by type of service. All airports provide similar services to their customers. For each one of the strategic business units the Group Board, composed of the CEO, the CFO and the corporate planning manager, assesses the Group's performance from a geographic perspective and by types of activities (Airports and Others) of which seven segments have been identified to be reported:

1. Argentina

2. Brazil

3. Uruguay

4. Armenia

5. Ecuador

6. Italy

7. Perú

The activities carried out by the Group are as follows:

Airports: It relates to the operation of airport concessions in the geographic areas mentioned above.

Others: These are represented by the businesses that are not operation of airport concessions (for example: TCU S.A. and Aerocombustible S.A.)

All other segments - Assets and results of the subsidiaries that are holding companies are not analyzed by the CODM, therefore they are not separately included in the reports provided to the Board. The results of the operations of holding companies are included in the "unallocated" column. The column also includes head office and group services.

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

The results, assets and liabilities of companies that are not related to the airport business are included in the Discontinued Operation column. The main businesses that were sold by the Group are: an oil company (Latin Exploration S.A.), construction companies (Helport do Brasil and Helport S.A.) and electricity companies (Hidroaconcagua).

The performance of each segment is measured by its adjusted EBITDA from continuing operations, defined, with respect to each segment, as income from continuing operations before financial income, financial loss, income tax expense, depreciation and amortization for such segment. Adjusted EBITDA from continuing operations excludes certain items that are not considered part of Group´s core operating results; specifically, financial income, financial loss, income tax expense, depreciation and amortization are not allocated to Group´s reportable segments.

Geographical information

	Argentina						Brazil			Uruguay						Armenia			Ecuador			Italy			Perú
	Airports			Others			Airports			Airports			Others			Airports			Airports			Airports			Airports			Intrasegment Adjustments			Unallocated			Total Continuing operations			Total Discontinued operations (Note 29)
Year ended December 31, 2017
Revenue		1,000,303			422			128,842			100,553			15,774			94,464			85,310			154,526			-			(10,191	)		5,150			1,575,153			-
Cost of services		(638,216	)		(144	)		(116,164	)		(48,371	)		(12,184	)		(52,863	)		(50,247	)		(104,257	)		-			6,778			(14,315	)		(1,029,983	)		-
Gross profit		362,087			278			12,678			52,182			3,590			41,601			35,063			50,269			-			(3,413	)		(9,165	)		545,170			-
Selling, general and administrative expenses		(96,737	)		(242	)		(14,361	)		(11,758	)		(1,323	)		(11,263	)		(16,185	)		(30,800	)		-			3,413			(14,945	)		(194,201	)		-
Reversal of previous impairment/(Impairment loss)		-			-			3,065			-			-			-			-			-			-			-			-			3,065			-
Other operating income		18,942			69			-			74			341			149			287			-			-			-			91			19,953			-
Other operating expenses		(1,271	)		(1	)		(1,622	)		(623	)		(371	)		(827	)		(77	)		-			-			(9	)		(37	)		(4,838	)		-
Operating income		283,021			104			(240	)		39,875			2,237			29,660			19,088			19,469			-			(9	)		(24,056	)		369,149			-
Share of loss in associates		-			-			-			-			-			-			-			39			(15,283	)		-			(597	)		(15,841	)		-
Amortization and depreciation		32,121			-			17,038			12,495			590			11,493			7,376			10,302			-			-			16,899			108,314			-
Adjusted Ebitda		315,142			104			16,798			52,370			2,827			41,153			26,464			29,810			(15,283	)		(9	)		(7,754	)		461,622			-
Financial income																																			62,555			-
Financial loss																																			(302,047	)		-
Amortization and depreciation																																			(108,314	)		-
Income before income tax expense																																			113,816			-
Income tax expense																																			(46,925	)		-
Net income																																			66,891			-
Current assets		200,982			425			66,631			24,697			2,887			38,110			42,760			62,144			-			(74,280	)		215,122			579,478			-
Non-current assets		709,689			7			1,432,833			159,880			5,121			173,087			51,941			236,893			11,790			(1,093	)		441,588			3,221,736			-
Capital Expenditure		231,998			41			13,589			6,327			852			5,778			934			20,013			-			-			24			279,556			-
Current liabilities		151,794			64			262,624			23,536			3,755			22,741			42,929			89,057			-			(73,004	)		208,526			732,022			-
Non-current liabilities		412,242			-			1,271,776			64,050			1,175			95,159			6,571			73,762			-			(2,369	)		349,684			2,272,050			-
Year ended December 31, 2016
Revenue		840,852			373			127,038			89,187			14,343			73,234			85,301			141,347			-			(8,697	)		3,358			1,366,336			-
Cost of services		(500,336	)		(133	)		(110,001	)		(41,842	)		(10,572	)		(42,953	)		(49,081	)		(96,289	)		-			6,132			(13,999	)		(859,074	)		-
Gross profit		340,516			240			17,037			47,345			3,771			30,281			36,220			45,058			-			(2,565	)		(10,641	)		507,262			-
Selling, general and administrative expenses		(84,887	)		(218	)		(12,644	)		(8,292	)		(1,010	)		(11,303	)		(16,159	)		(27,203	)		-			2,599			(11,735	)		(170,852	)		-
Reversal of previous impairment/(Impairment loss)		-			-			(16,638	)		-			-			-			-			-			-			-			-			(16,638	)		-
Other operating income		16,944			-			-			-			-			-			-			-			-			-			-			16,944			-
Other operating expenses		(1,331	)		58			(643	)		(220	)		(84	)		(2,267	)		565			-			-			(34	)		(947	)		(4,903	)		-
Operating income		271,242			80			(12,888	)		38,833			2,677			16,711			20,626			17,855			-			-			(23,323	)		331,813			-
Share of loss in associates		-			-			-			-			-			-			-			-			(397	)		-			(909	)		(1,306	)		-
Amortization and depreciation		22,791			-			16,736			11,682			527			11,360			7,344			9,478			-			-			16,772			96,690			-
Adjusted Ebitda		294,033			80			3,848			50,515			3,204			28,071			27,970			27,333			(397	)		-			(7,460	)		427,197			-
Financial income																																			37,521			-
Financial loss																																			(272,951	)		-
Amortization and depreciation																																			(96,690	)		-
Income before income tax expense																																			95,077			-
Income tax expense																																			(56,359	)		-
Net income																																			38,718			(9,478	)
Current assets		147,058			371			134,817			25,452			2,821			30,242			45,053			51,453			-			(55,816	)		125,674			507,125			-
Non-current assets		546,011			9			1,533,910			166,048			5,042			176,520			55,189			199,317			8,504			(599	)		430,200			3,120,151			-
Capital Expenditure		155,026			13			16,692			5,749			2,072			2,003			426			12,102			-			316			-			194,399			-
Current liabilities		221,726			58			233,649			17,104			2,820			18,225			44,307			63,806			-			(55,451	)		116,532			662,776			-
Non-current liabilities		159,688			-			1,402,430			69,899			1,860			103,030			11,566			68,645			-			(966	)		345,024			2,161,176			-

	Argentina						Brazil			Uruguay						Armenia			Ecuador			Italy			Perú
	Airports			Others			Airports			Airports			Others			Airports			Airports			Airports			Airports		Intrasegment  Adjustments			Unallocated			Total Continuing operations			Total Discontinued operations (Note 29)
Year ended December 31, 2015
Revenue		783,850			439			813			83,862			15,333			74,701			79,045			152,663			-		(6,291	)		2,675			1,187,090			-
Cost of services		(499,686	)		(166	)		(937	)		(39,136	)		(10,567	)		(49,534	)		(46,759	)		(111,225	)		-		6,291			(7,436	)		(759,155	)		-
Gross profit		284,164			273			(124	)		44,726			4,766			25,167			32,286			41,438			-		-			(4,761	)		427,935			-
Selling, general and administrative expenses		(87,730	)		(278	)		(16	)		(10,317	)		(1,004	)		(10,266	)		(14,629	)		(27,226	)		-		-			(15,753	)		(167,219	)		-
Reversal of previous impairment/(Impairment loss)		-			-			-			-			-			-			-			-			-		-			-			-			-
Other operating income		15,573			-			-			-			-			-			-			-			-		-			-			15,573			-
Other operating expenses		(629	)		71			42			(132	)		(63	)		(1,005	)		(1,852	)		-			-		-			901			(2,667	)		-
Operating income		211,378			66			(98	)		34,277			3,699			13,896			15,805			14,212			-		-			(19,613	)		273,622			-
Share of (loss)/ income in associates		-			-			(71,958	)		-			-			-			-			1,842			816		-			(17	)		(69,317	)		-
Amortization and depreciation		21,810			-			218			11,332			463			11,367			7,306			9,625			-		-			10,126			72,247			-
Adjusted Ebitda		233,188			66			(71,838	)		45,609			4,162			25,263			23,111			25,679			816		-			(9,504	)		276,552			-
Financial income																																		46,807			-
Financial loss																																		(199,839	)		-
Amortization and depreciation																																		(72,247	)		-
Income before income tax expense																																		51,273			-
Income tax expense																																		(44,969	)		-
Net income																																		6,304			108,987
Current assets		95,907			339			59,706			26,032			2,282			39,415			40,520			60,785			-		(112,052	)		181,788			394,722			-
Non-current assets		488,901			11			1,261,464			172,746			3,780			185,913			62,134			203,250			9,248		(38,105	)		527,563			2,876,905			-
Capital Expenditure		100,832			8			-			5,038			543			4,286			2,122			24,896			-		-			8,458			146,183			-
Current liabilities		147,084			52			123,557			15,137			2,324			26,291			56,633			67,079			-		(148,218	)		192,097			482,036			-
Non-current liabilities		212,581			-			1,107,836			71,163			1,078			117,439			8,114			76,629			-		(1,942	)		362,592			1,955,490			-

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Revenue

12 Months Ended

Dec. 31, 2017

Revenue [abstract]

Revenue

5 Revenue

	2017		2016		2015
Aeronautical revenue		767,023		673,509		543,228
Non aeronautical revenue
Commercial revenue		555,504		522,199		459,717
Construction service revenue		250,112		165,065		178,420
Other revenue		2,514		5,563		5,725
		1,575,153		1,366,336		1,187,090

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Cost of services

12 Months Ended

Dec. 31, 2017

Disclosure Of Cost Of Sales [Abstract]

Cost of services

6 Cost of services

	2017			2016			2015
Salaries and social security contributions (**)		(210,799	)		(184,623	)		(165,774	)
Concession fees (***)		(191,933	)		(176,492	)		(133,846	)
Construction service cost		(248,602	)		(163,747	)		(176,972	)
Maintenance expenses		(145,787	)		(126,924	)		(125,825	)
Amortization and depreciation		(100,674	)		(89,540	)		(64,772	)
Services and fees		(54,479	)		(49,045	)		(42,472	)
Cost of fuel		(27,818	)		(19,458	)		(21,339	)
Taxes (*)		(19,511	)		(17,543	)		(2,711	)
Office expenses		(17,256	)		(15,885	)		(9,756	)
Provision for maintenance costs		(2,314	)		(4,679	)		(5,391	)
Others		(10,810	)		(11,138	)		(10,297	)
		(1,029,983	)		(859,074	)		(759,155	)

(*) Mainly includes tax from turnover and municipal taxes.

(**) At the year-end, the number of employees was 6.1 thousand in 2017 and 5.9 thousand in 2016 and 2015.

(***) Includes depreciation for Brazil concession assets of US$ 29,816 as of December 31, 2017 (US$ 26,192 as of December 31, 2016).

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Selling, general and administrative expenses

12 Months Ended

Dec. 31, 2017

Selling, general and administrative expense [abstract]

Selling, general and administrative expenses

7 Selling, general and administrative expenses

	2017			2016			2015
Taxes (*)		(54,883	)		(50,908	)		(43,188	)
Salaries and social security contributions		(35,812	)		(34,832	)		(31,508	)
Services and fees		(58,511	)		(48,123	)		(52,481	)
Office expenses		(11,620	)		(9,966	)		(10,353	)
Amortization and depreciation		(7,640	)		(7,150	)		(7,475	)
Maintenance expenses		(4,215	)		(5,113	)		(5,901	)
Advertising		(3,044	)		(2,229	)		(3,249	)
Insurance		(2,289	)		(1,397	)		(517	)
Charter service		(830	)		(1,162	)		(2,336	)
Bad debts recovery		268			2,248			-
Bad debts		(7,672	)		(1,976	)		(2,574	)
Other		(7,953	)		(10,244	)		(7,637	)
		(194,201	)		(170,852	)		(167,219	)

(*) Mainly included tax from taxes over banks transactions and tax on revenue.

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Other operating income

12 Months Ended

Dec. 31, 2017

Disclosure Of Other Operating Income [Abstract]

Other operating income

8 Other operating income

	2017		2016		2015
Government grant (*) (Note 25)		18,942		16,944		15,573
Other		1,011		-		-
		19,953		16,944		15,573

(*) Corresponds to government grant for the development of airport infrastructure in Group A (operated by AA2000) of the National Airport System. There are no unfulfilled conditions or other contingencies attaching to these grants. The group did not benefit directly from any other forms of government assistance.

XML

Financial results, net

12 Months Ended

Dec. 31, 2017

Disclosure Of Finance Income Expense [Abstract]

Financial results, net

9 Financial results, net

	2017			2016			2015
Interest income		39,229			19,009			12,366
Foreign exchange income		23,112			18,512			34,441
Other		214			-			-
Financial income		62,555			37,521			46,807
Interest expense		(115,223	)		(118,219	)		(69,228	)
Foreign exchange loss		(82,333	)		(44,895	)		(125,240	)
Changes in liability for Brazil concessions (Note 22)		(98,122	)		(107,408	)		(2,039	)
Other		(6,369	)		(2,429	)		(3,332	)
Financial loss		(302,047	)		(272,951	)		(199,839	)
Net financial results		(239,492	)		(235,430	)		(153,032	)

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Share of loss in associates

12 Months Ended

Dec. 31, 2017

Share Of Loss In Associates [Abstract]

Share of loss in associates

10 Share of loss in associates

	2017			2016			2015
Loss in associates (Note 14)		(15,841	)		(1,306	)		(69,317	)
		(15,841	)		(1,306	)		(69,317	)

XML

Income tax expense

12 Months Ended

Dec. 31, 2017

Disclosure Of Income Tax [Abstract]

Income tax expense

11 Income tax expense

	2017			2016			2015
Current income tax		(88,768	)		(97,122	)		(49,894	)
Deferred income tax		41,843			40,763			4,925
		(46,925	)		(56,359	)		(44,969	)

The income tax expense differs from the theoretical amount that would arise using the tax rate in each country as follows:

	2017			2016			2015
Income before income tax		113,816			95,077			51,273
Tax expense calculated for each company		(41,342	)		(35,778	)		(8,637	)
Adjustments
Non-taxable income		12,682			20,515			11,478
Expenses related to non-taxable income		(24,762	)		(31,281	)		(38,919	)
Non-deductible expenses		(8,799	)		(2,867	)		(6,709	)
Tax incentive		1,665			448			-
Tax relieving		-			(6,307	)		-
Income tax rate change (*)		12,533			-			-
Other		1,098			(1,089	)		(2,182	)
Income tax expense		(46,925	)		(56,359	)		(44,969	)

The effective income tax rate for the Group for the year ended December 31, 2017 is 41% (61% as of December 31, 2016 and 88% as of December 31, 2015).

(*) On December 29, 2017, the National Executive Office of Argentina issued Law 27430 - Income Tax. This law has introduced several changes in the treatment of income tax whose key components are the following: Income Tax Rate: The Income Tax rate for Argentine companies will be gradually reduced from 35% to 30% for fiscal years starting from January 1, 2018 until December 31, 2019 and to 25% for fiscal years beginning on or after January 1, 2020, inclusive.

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Intangible assets, net

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about intangible assets [abstract]

Intangible assets, net

12 Intangible assets, net

	Concession Assets			Goodwill			Patent, intellectual property rights and others			Total
Cost
Balances at January 1, 2017		3,334,564			56,013			15,162			3,405,739
Acquisitions		266,380			-			1,664			268,044
Reversal of previous impairment loss		3,065			-			-			3,065
Disposals		(2,803	)		-			38			(2,765	)
Other (Note 22)		(84,075	)		-			-			(84,075	)
Translation differences		(205,125	)		1,036			(1,997	)		(206,086	)
Balances at December 31, 2017		3,312,006			57,049			14,867			3,383,922
Balances at January 1, 2016		2,899,618			56,699			20,004			2,976,321
Acquisitions		183,160			-			848			184,008
Impairment loss		(16,638	)		-			-			(16,638	)
Disposals		(23	)		-			(5,617	)		(5,640	)
Other (Note 22)		9,132			-			-			9,132
Translation differences		259,315			(686	)		(73	)		258,556
Balances at December 31, 2016		3,334,564			56,013			15,162			3,405,739
Balances at January 1, 2015		1,742,739			50,773			16,376			1,809,888
Acquisitions of subsidiaries (Note 26)		1,338,951			51,303			2,035			1,392,289
Acquisitions		137,612			-			386			137,998
Disposals		(3,413	)		-			-			(3,413	)
Disposals of subsidiaries		-			(44,357	)		-			(44,357	)
Translation differences		(316,271	)		(1,020	)		1,207			(316,084	)
Balances at December 31, 2015		2,899,618			56,699			20,004			2,976,321
Depreciation
Accumulated at January 1, 2017		569,090			306			11,156			580,552
Amortization of the year		129,667			-			580			130,247
Translation differences		(144,990	)		7			(248	)		(145,231	)
Accumulated at December 31, 2017		553,767			313			11,488			565,568
Accumulated at January 1, 2016		354,593			298			10,727			365,618
Amortization of the year		114,496			66			775			115,337
Translation differences		100,001			(58	)		(346	)		99,597
Accumulated at December 31, 2016		569,090			306			11,156			580,552
Accumulated at January 1, 2015		343,823			340			11,374			355,537
Amortization of the year		63,761			105			573			64,439
Translation differences		(52,991	)		(147	)		(1,220	)		(54,358	)
Accumulated at December 31, 2015		354,593			298			10,727			365,618
Net balances at December 31, 2017		2,758,239			56,736			3,379			2,818,354
Net balances at December 31, 2016		2,765,474			55,707			4,006			2,825,187
Net balances at December 31, 2015		2,545,025			56,401			9,277			2,610,703

During 2017, the Company reviewed the impairment test of Inframerica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”) intangible assets. Due to the improvement of the passenger curve of the concession in relation to the projection for the current period, and as consequence of the recovery of the economic activity in Brazil, which both indicate a favorable effect in the expectation of the future economic benefits, assumptions in the impairment tests were revised.

A lower rate has been used in 2017 (6.08% plus inflation) due to the sensitive improvement of Brazilian macroeconomic indicators, with emphasis on inflation reductions, country risk and short-and long-term interest rates.

Therefore, the company performed a reversal of the impairment recognized in previous periods for an amount of USD 3,065.

As the calculation of the impairment applied to the intangible assets has as one of its main variables the discount rate, the company carried out a sensitivity analysis showing the impact that it would have on the result if different rates were used. The result of this analysis is shown in the table below:

As of December 31, 2017:

	Rate (6.08+  inflation%)		Estimated rate (5.59%+ inflation)		Estimated rate (6.6%+ inflation)
Impairment value		3,065		11,433		(4,737	)
Effect				8,380		(7,790	)

No other of the Company’s CGUs, including long-lived assets with finite useful lives, were tested for impairment as no impairment indicators were identified.

During 2016, the Company identified impairment indicators of Inframerica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”) intangible assets in Brazil operation segment. The passenger curve of the concession notice has a significantly higher projection for the elapsed period, which indicates a reduction in the expectation of future economic benefits. Therefore, the company performed an impairment test based on cash flow projections covering the remaining concession period of 23 years (value in use), based on key assumptions estimated with historical information and management judgment. The key assumptions were: number of passengers, fees, future operating expenses and discount rate.

The carrying value of the assets impaired was as follows:

	Net assets before  impairment		Impairment			Net assets after impairment
ICASGA		98,198		(16,638	)		81,560

The discount rate used was the weighted average cost of capital (WACC) which is considered to be a good indicator of capital cost. WACC was determined considering the industry, country and size of the business. The discount rate used was 6.8% plus inflation.

As the calculation of the impairment applied to the intangible assets has as one of its main variables the discount rate, the company carried out a sensitivity analysis showing the impact that it would have on the result if different rates were used. The result of this analysis is shown in the table below:

As of December 31, 2016:

	Rate (6.8+ inflation%)		Estimated rate (6.54%+ inflation)			Estimated rate (7.08%+ inflation)
Impairment value		16,638		11,745			21,634
Effect				(4,893	)		4,996

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Property, plant and equipment, net

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about property, plant and equipment [abstract]

Property, plant and equipment, net

13 Property, plant and equipment, net

	Land, building and improvements			Plant and production Equipment			Vehicles, furniture and fixtures			Wells and production facilities			Mining property			Works in progress			Exploration and evaluation assets			Others			Total
Cost
Balances at January 1, 2017		48,312			45,287			37,693			-			-			1,001			-			18,411			150,704
Purchase of property, plant and equipment		632			2,487			4,659			-			-			456			-			3,278			11,512
Disposals		-			-			(355	)		-			-			-			-			(349	)		(704	)
Transfer		199			2,466			(2,466	)		-			-			-			-			(199	)		-
Transfer to Intangible		-			-			-			-			-			-			-			-			-
Translation differences		5,512			4,149			948			-			-			10			-			1,476			12,095
Balances at December 31, 2017		54,655			54,389			40,479			-			-			1,467			-			22,617			173,607
Balances at January 1, 2016		49,234			47,320			34,218			-			-			991			-			22,882			154,645
Purchase of property, plant and equipment		1,398			3,357			4,175			-			-			55			-			1,406			10,391
Disposals		(329	)		-			(223	)		-			-			-			-			(125	)		(677	)
Disposals of subsidiaries		(575	)		(4,211	)		(46	)		-			-			-			-			(5,617	)		(10,449	)
Translation differences		(1,416	)		(1,179	)		(431	)		-			-			(45	)		-			(135	)		(3,206	)
Balances at December 31, 2016		48,312			45,287			37,693			-			-			1,001			-			18,411			150,704
Balances at January 1, 2015		52,292			50,698			42,959			140,066			34,332			5,331			44,758			42,254			412,690
Acquisitions of subsidiary (Note 26)		-			1,352			400			-			-			-			-			-			1,752
Purchase of  Property plant and equipment		2,843			1,574			2,965			-			-			111			-			692			8,185
Disposals		(566	)		(119	)		(10,675	)		-			-			(153	)		-			(13,089	)		(24,602	)
Transfers		-			-			29			-			-			-			-			-			29
Disposals of subsidiaries		-			(68	)		(104	)		(140,066	)		(34,332	)		(4,184	)		(44,758	)		(2,276	)		(225,788	)
Translation differences		(5,335	)		(6,117	)		(1,356	)		-			-			(114	)		-			(4,699	)		(17,621	)
Balances at December 31, 2015		49,234			47,320			34,218			-			-			991			-			22,882			154,645
Depreciation
Accumulated at January 1, 2017		10,449			35,307			23,391			-			-			-			-			15,573			84,720
Depreciation of the year		777			3,021			3,057			-			-			-			-			1,028			7,883
Disposals		-			-			(238	)		-			-			-			-			(175	)		(413	)
Translation differences		1,208			4,048			17			-			-			-			-			1,661			6,934
Accumulated at December 31, 2017		12,434			42,376			26,227			-			-			-			-			18,087			99,124
Accumulated at January 1, 2016		9,911			34,249			21,217			-			-			-			-			17,579			82,956
Depreciation of the year		921			2,497			2,643			-			-			-			-			1,484			7,545
Disposals		-			-			(209	)		-			-			-			-			-			(209	)
Disposals of subsidiaries		-			(499	)		(11	)		-			-			-			-			(2,956	)		(3,466	)
Other		(28	)		-			-			-			-			-			-			(113	)		(141	)
Translation differences		(355	)		(940	)		(249	)		-			-			-			-			(421	)		(1,965	)
Accumulated at December 31, 2016		10,449			35,307			23,391			-			-			-			-			15,573			84,720
Accumulated at January 1, 2015		9,958			34,197			25,877			101,117			20,243			-			-			30,037			221,429
Depreciation of the year		1,023			3,433			1,490			-			-			-			-			1,862			7,808
Disposals		-			(12	)		(5,387	)		-			-			-			-			(10,413	)		(15,812	)
Disposals of subsidiaries		-			-			(5	)		(101,117	)		(20,243	)		-			-			(641	)		(122,006	)
Translation differences		(1,070	)		(3,369	)		(758	)		-			-			-			-			(3,266	)		(8,463	)
Accumulated at December 31, 2015		9,911			34,249			21,217			-			-			-			-			17,579			82,956
Net balances at December 31, 2017		42,221			12,013			14,252			-			-			1,467			-			4,530			74,483
Net balances at December 31, 2016		37,863			9,980			14,302			-			-			1,001			-			2,838			65,984
Net balances at December 31, 2015		39,323			13,071			13,001			-			-			991			-			5,303			71,689

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Investments in associates

12 Months Ended

Dec. 31, 2017

Disclosure of associates [abstract]

Investments in associates

14 Investments in associates

	For the Year ended December 31,
	2017			2016			2015
Balances at the beginning of the year		10,927			14,450			169,660
Translation differences		432			(44	)		(39,999	)
Share of loss in associates		(15,841	)		(1,306	)		(69,317	)
Contributions		17,950	(2)		13			54,317
Disposals of associates		-			(2,186	)		(40,275	)
Decrease (1)		(33	)		-			(59,936	)
Balances at the end of the year		13,435			10,927			14,450

(¹) In December 2015 the Group acquired an additional participation in these associates, and as a result, the Group obtained control of those companies (See Note 26).

(²) As of December 2017, CAAP made contributions in kind in Aeropuertos Andinos del Perú S.A. by the capitalization of credits (Note 28) keeping the same percentage of ownership.

Breakdown of the share of income or loss in associates is as follows:

	2017			2016			2015
Caminos del Paraná S.A.		35			402			-
Aeropuertos Andinos del Perú S.A.		(9,338	)		168			1,342
Sociedad Aeroportuaria KunturWasi S.A.		(5,945	)		(565	)		(526	)
Inframérica Participacões S.A.		-			-			(19,050	)
Inframerica Concessionaria do Aeroporto de Sao  Goncalo do Amarante S.A.		-			-			(52,908	)
Others		(593	)		(1,311	)		1,825
		(15,841	)		(1,306	)		(69,317	)

Main Associates are as follows:

		Country of	Percentage of ownership at December 31,									December 31,
Company	Main  activity	incorporation	2017			2016			2015			2017		2016		2015
Aeropuertos Ecológicos de Galápagos S.A. (*)	Airport Operation	Ecuador		99.9	%		99.9	%		99.9	%		1,000		1,000		1,000
Sociedad Aeroportuaria KunturWasi S.A. (**)	Airport Operation	Perú		47.68	%		47.68	%		47.68	%		-		5,787		6,460
Aeropuertos Andinos del Perú S.A.	Airport Operation	Perú		50.00	%		50.00	%		50.00	%		11,762		2,717		2,788
Quitotelecenter SA	Shopping administrator	Ecuador		-			-			40.00	%		-		-		2,311
Others		-		-			-			-			673		1,423		1,891
													13,435		10,927		14,450

(*) Under the terms of the Galapagos Concession Agreement, the net income generated by the Company must be transferred entirely to the Dirección General de Aviación Civil (“DGAC”), however, the Group maintains the operational management of such company and therefore has significant influence.

(**) On July 13, 2017, the Government of Peru notified the unilateral decision to rescind the concession agreement for the Nuevo Aeropuerto International de Chinchero. The Company has stated its intention to reach an agreement, however, if it is not achieved, will initiate legal proceedings as established in the concession agreement. In line with this, the Company notified the State of Perú of its disagreement with the unilateral resolution and its intention to begin a Direct Treatment procedure, such procedure as provided in the Concession Agreement. The Company also communicated the non-compliance of certain State obligations under the 1996 Bilateral Investment Agreement between Peru and Argentina for the promotion and protection of investments caused by the mentioned unilateral resolution.

Summarized selected financial information of Sociedad Aeroportuaria Kuntur Wasi S.A. and Aeropuertos Andinos del Perú S.A., including the aggregated amounts of assets, liabilities, equity and profit or loss, is as follows:

	Aeropuertos Andinos del Perú S.A.
	2017
Non-current assets		31,215
Current assets		4,690
Total assets		35,905
Non-current liabilities		2,430
Current liabilities		9,951
Total liabilities		12,381
Equity		23,524
Revenue		14,681
Income/(Loss) for the year		(18,676	)
Other comprehensive income for the year		867
Total comprehensive income for the year		(17,809	)

	Aeropuertos Andinos del Perú S.A.		Sociedad Aeroportuaria KunturWasi S.A.			Aeropuertos Andinos del Perú S.A.			Sociedad Aeroportuaria KunturWasi S.A.
	2016		2016			2015			2015
Non-current assets		37,224		27,917			34,287			27,590
Current assets		7,959		2,566			4,103			498
Total assets		45,183		30,483			38,390			28,088
Non-current liabilities		33,626		15,837			29,155			13,010
Current liabilities		6,123		3,072			4,220			2,157
Total liabilities		39,749		18,909			33,375			15,167
Equity		5,434		11,574			5,015			12,921
Revenue		13,769		-			12,068			-
Income/(Loss) for the year		336		(1,543	)		2,305			(1,005	)
Other comprehensive loss for the year		83		196			(556	)		(1,359	)
Total comprehensive income/(loss) for the year		419		(1,347	)		1,749			(2,364	)

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Deferred income tax

12 Months Ended

Dec. 31, 2017

Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]

Deferred income tax

15 Deferred income tax

Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate enacted in each country that are expected to apply in the period the temporary difference will reverse. (Uruguay: 25%, Argentina: 30% and 25% (see Note 11), Italy: 27.5%, Armenia: 20%, Brazil: 34%, Ecuador: 22%, Luxembourg: 22%).

The evolution of deferred tax assets and liabilities during the years 2017, 2016 and 2015 are as follows:

Deferred tax liabilities

	Property, plant and equipment and Intangibles Assets			Other liabilities			Total
Balances at January 1, 2017		156,813			72,208			229,021
Increase/(Decrease) of deferred tax assets for the year		(5,008	)		8,645			3,637
Translation differences		2,715			(1,400	)		1,315
Balances at December 31, 2017		154,520			79,453			233,973
Balances at January 1, 2016		167,229			55,926			223,155
Disposals of subsidiaries		(387	)		-			(387	)
Increase/(Decrease) of deferred tax assets for the year		(6,121	)		4,687			(1,434	)
Translation differences		(3,908	)		11,595			7,687
Balances at December 31, 2016		156,813			72,208			229,021
Balances at January 1, 2015		142,053			3,160			145,213
Acquisitions of subsidiary (Note 26)		50,965			54,093			105,058
Decrease of deferred tax assets for the year		(13,308	)		(226	)		(13,534	)
Disposals of subsidiaries		1,895			(682	)		1,213
Translation differences		(14,376	)		(419	)		(14,795	)
Balances at December 31, 2015		167,229			55,926			223,155

Deferred tax assets

	Provisions and allowances			Tax loss carry forwards			Other			Total
Balances at January 1, 2017		9,000			169,177			5,709			183,886
Increase of deferred tax assets for the year		1,014			43,435			1,031			45,480
Translation differences		(3,411	)		(4,234	)		(722	)		(8,367	)
Balances at December 31, 2017		6,603			208,378			6,018			220,999
Balances at January 1, 2016		8,599			110,621			5,801			125,021
Disposals of subsidiaries		(35	)		(1,135	)		-			(1,170	)
Increase of deferred tax assets for the year		909			38,205			215			39,329
Translation differences		(473	)		21,486			(307	)		20,706
Balances at December 31, 2016		9,000			169,177			5,709			183,886
Balances at January 1, 2015		9,787			40,838			10,938			61,563
Acquisitions of subsidiary (Note 26)		-			96,907			450			97,357
Increase/(Decrease) of deferred tax assets for the year		673			(8,883	)		(399	)		(8,609	)
Disposals of subsidiaries		(668	)		(15,237	)		(3,908	)		(19,813	)
Translation differences		(1,193	)		(3,004	)		(1,280	)		(5,477	)
Balances at December 31, 2015		8,599			110,621			5,801			125,021

The recoverability analysis of deferred tax assets is as follows:

	For the Year ended December 31,
	2017			2016			2015
Deferred tax assets to be recovered within 12 months		154			-			-
Deferred tax assets to be recovered after 12 months		135,399			104,051			51,889
Deferred tax liabilities to be recovered within 12 months		(2,471	)		(197	)		(59	)
Deferred tax liabilities to be recovered after 12 months		(146,056	)		(148,989	)		(149,964	)

Unrecognized deferred income tax assets

The Group does not recognize deferred tax assets on tax loss carry forwards for which it is not probable to generate future taxable profits to utilize such tax losses.

At December 31, 2017 an amount of USD 35 million (USD 27 and USD 15 at December 31, 2016 and 2015 respectively) has not been recognized within deferred tax assets because there is not sufficient evidence that there will be enough future taxable income where the losses are allocated. These tax loss carry forwards do not expire although there are certain deduction limits.

Deferred income tax assets and liabilities are offset when (1) there is a legally enforceable right to set-off current tax assets against current tax liabilities and (2) when the deferred income taxes relate to the same fiscal authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The following amounts, determined after appropriate set-off, are shown in the Consolidated Statement of Financial Position:

	For the Year ended December 31,
	2017			2016			2015
Deferred tax assets		135,327			99,258			47,643
Deferred tax liabilities		(148,301	)		(144,393	)		(145,777	)

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Other receivables

12 Months Ended

Dec. 31, 2017

Disclosure Of Other Receivables [Abstract]

Other receivables

16 Other receivables

	At December 31,
	2017		2016		2015
Non-Current
Tax credits		28,927		26,772		27,129
Receivables from related parties (Note 27)		2,127		4,781		12,635
Trust funds (**)		136,689		82,942		74,678
Prepaid expenses		234		891		338
Other (***)		5,416		2,688		2,511
		173,393		118,074		117,291
Current
Tax credits		29,948		23,346		18,992
Guarantee deposit (*)		121,614		96,759		17,085
Trust funds (**)		-		-		4,842
Receivables from related parties (Note 27)		13,203		4,244		5,252
Prepaid expenses		3,768		7,753		5,661
Other		14,529		5,105		5,069
		183,062		137,207		56,901

(*) As of December 31, 2017 includes a time deposit of CAAP for USD 90.7 million in pledge of a loan of Inframérica Concessionária do Aeroporto de Brasilia S.A. with Banco Santander according to Note 21.

As of December 31, 2016 includes legal deposit in Brazil for USD 76 million (none in 2015) related to the fixed contribution accrued in the current year from Inframérica Concessionária do Aeroporto de Brasilia S.A.

(**) Funds are held by a trust, on which the Company does not have the power to direct the relevant activities of the trustee company and is not exposed, or have rights, to variable returns, as such does not consolidate the trustee company.

(***) As of December 31, 2017 includes fees related to Initial Public Offering project for USD 2.8 million.

The fair value of financial assets within current other receivables approximates to its carrying amount. The fair value of financial assets within non-current receivables amounts to approximately USD 165 million at December 31, 2017 (USD 108 million as of December 31, 2016 and USD 103 million as of December 31, 2015). The fair value of these financial assets was calculated using a discounted cash flow (Level 3).

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Inventories

12 Months Ended

Dec. 31, 2017

Disclosure Of Inventories [Abstract]

Inventories

17 Inventories

	At December 31,
	2017		2016		2015
Finished goods		191		621		2,042
Supplies		2,531		2,467		2,071
Oil and byproducts		5,842		4,576		4,111
		8,564		7,664		8,224

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Trade receivables

12 Months Ended

Dec. 31, 2017

Disclosure Of Trade Accounts Receivable [Abstract]

Trade receivables

18 Trade receivables

	At December 31,
	2017			2016			2015
Non-Current
Accounts receivable		4,244			-			51
		4,244			-			51
Current
Accounts receivable		141,253			122,677			113,666
Trade receivables from related parties  (Note 27)		1,130			1,484			5,423
Provision for bad debts		(20,549	)		(14,551	)		(17,782	)
		121,834			109,610			101,307

The change in the provision for bad debts is as follows

	2017			2016			2015
Balances as of the beginning of the year		(14,551	)		(17,782	)		(13,652	)
Bad debts of the year		(7,672	)		(1,976	)		(2,574	)
Acquisitions of subsidiary		-			-			(5,944	)
Recoveries		268			2,248			-
Write off		403			2,390			237
Translation differences		1,003			569			2,274
Disposals of subsidiaries		-			-			1,877
Balance as of end of year		(20,549	)		(14,551	)		(17,782	)

The following table sets forth aging of trade receivables:

							Past due
	Trade Receivables			Not due			1 - 180 days			> 180 days
At December 31, 2017
Non current/current accounts		146,627			35,799			94,838			15,990
Provision for bad debts		(20,549	)		(915	)		(4,166	)		(15,468	)
Total trade receivables, net		126,078			34,884			90,672			522

							Past due
	Trade Receivables			Not due			1 - 180 days			> 180 days
At December 31, 2016
Current accounts		124,161			90,655			17,170			16,336
Provision for bad debts		(14,551	)		(4,556	)		(2,718	)		(7,277	)
Total trade receivables, net		109,610			86,099			14,452			9,059

						Past due
	Trade Receivables			Not due		1 - 180 days			> 180 days
At December 31, 2015
Current accounts		119,089			84,712		16,181			18,196
Provision for bad debts		(17,782	)		-		(2,856	)		(14,926	)
Total trade receivables, net		101,307			84,712		13,325			3,270

Fair value of trade receivables approximate book value.

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Other financial assets

12 Months Ended

Dec. 31, 2017

Disclosure of financial assets [abstract]

Other financial assets

19 Other financial assets

	At December 31,
	2017		2016		2015
Non-current
Time Deposits		2,500		-		-
Related parties (Note 27)		-		-		15,078
Other		-		721		-
		2,500		721		15,078
Current
Debt service reserve account		-		15,075		15,075
Related parties (Note 27)		3,621		7,769		8,270
Loans		-		-		1,986
Corporate Bonds		12,593		-		-
Time Deposits		23,500		7,349		12,482
Other		82		3,743		2,499
		39,796		33,936		40,312

Fair value of other financial assets approximate book value.

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Cash and cash equivalents

12 Months Ended

Dec. 31, 2017

Cash and cash equivalents [abstract]

Cash and cash equivalents

20 Cash and cash equivalents

	At December 31,
	2017		2016		2015
Cash to be deposited		1,483		1,313		1,344
Cash at banks		189,283		146,726		170,675
Time deposits		29,003		63,244		11,782
Other cash equivalents		1,832		1,705		438
		221,601		212,988		184,239

The Group operates with investment grade - financial institutions.

For the purposes of the cash flow statement, cash and cash equivalents include the following:

	At December 31,
	2017		2016			2015
Cash and cash equivalents		221,601		212,988			184,239
Restricted cash (*)		-		(30,872	)		(30,346	)
Bank overdraft		-		-			(4	)
		221,601		182,116			153,889

(*) Restricted cash balances excluded from cash and cash equivalents relate to guarantees of AA2000 (see Note 21).

The cash flow statement does not include those transactions that have not represented cash inflows or outflows implied flow of funds.

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Borrowings

12 Months Ended

Dec. 31, 2017

Borrowings [abstract]

Borrowings

21 Borrowings

	At December 31,
	2017		2016		2015
Non-current
Bank and financial borrowings (**)		453,428		551,431		487,021
Notes (*)		658,109		411,200		470,295
Other		2,118		3,041		3,000
		1,113,655		965,672		960,316
Current
Bank and financial borrowings (**)		311,902		52,671		53,129
Notes (*)		24,306		64,439		70,471
Loans with related parties (Note 27)		34,651		22,220		618
Bank overdrafts		-		-		4
Others		1,931		2,239		3,028
		372,790		141,569		127,250
Total Borrowings		1,486,445		1,107,241		1,087,566

Changes in borrowings during the years are as follows:

	2017			2016			2015
Balances at the beginning of the year		1,107,241			1,087,566			765,184
Acquisitions of subsidiary (Note 26)		-			-			332,976
Loans obtained		596,030			52,099			286,839
Loans paid		(250,276	)		(142,693	)		(231,597	)
Interest paid		(106,953	)		(48,564	)		(38,334	)
Disposals of subsidiaries		-			-			(47,281	)
Accrued interest for the year		119,964			118,219			68,673
Translation differences		20,439			40,614			(48,894	)
Balances at the end of the year		1,486,445			1,107,241			1,087,566

The maturity of borrowings is as follows:

	1 year or less		1 to 2 years		2 to 5 years		Over 5 years		Total
At December 31, 2017 (1)		422,746		230,464		523,855		803,436		1,980,501
At December 31, 2016 (1)		132,756		187,150		418,061		762,595		1,500,562
At December 31, 2015 (1)		134,428		153,303		227,368		867,312		1,382,411

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

	At December 31,
	2017		2016		2015
Fair value of long-term borrowings  (2)		1,498,385		1,128,407		1,113,117
		1,498,385		1,128,407		1,113,117

⁽²⁾ Valuation at quotation prices (not adjusted) in active markets for identical assets or liabilities Fair Value level 2 under IFRS 13 hierarchy. There are no financial instruments measured at fair value.

(*) Notes include the following:

- In 2007 Puerta del Sur S.A. issued 7.75% secured guaranteed notes for USD 87 million, due 2021. The principal balance of the Puerta del Sur Notes, together with accrued interest, will be repaid in 22 total installments, with individual installments occurring on April 29 and October 29 of each year beginning in 2011 and ending in 2021. The main covenants on these bonds are limitations on liens and encumbrances and compliance with certain financial ratios. Puerta del Sur may be limited to declare, make or pay any dividends unless the debt coverage service ratio exceeds 1.7x and the indebtedness ratio is less than 3.0. As of December 31, 2017, 2016 and 2015, Puerta del Sur S.A. was in compliance with all of its covenants. Puerta del Sur Notes are secured by a trust to which Puerta del Sur has transferred the following sums: (a) the sum of funds which Puerta del Sur has or has rights to for services offered in administration, construction, and maintenance of Carrasco Airport; (b) the sum of funds received from the duty-free store in Carrasco Airport; (c) the sum of funds received as a result of the permitted operation of the cargo terminal in Carrasco Airport; and (d) the sum of funds Puerta del Sur has received or will have right to receive from the government or from a third party successor as a result of a management agreement, or as a consequence of the redemption, termination, mutual dissolution and/or resolution of the management agreement for whatever reason, this trust is of use only in case of non-compliance with the Notes obligations.

- In 2015, ACI Airport Sudamérica S.A. issued 6.875% senior secured guaranteed notes, for USD 200 million due in 2032. The principal balance will be repaid in 34 installments May 29 and November 29 of each year, commencing on May 29, 2016 while accrued interest will be repaid commencing on November 29, 2015. The main covenants on these bonds are limitations on take additional indebtedness, make payments of dividends and other payments that are specifically restricted, selling assets as well as requiring compliance with certain financial ratios. The holders of these notes benefit from a guarantee and a security package including the pledge of the shares in Puerta del Sur S.A. and Cerealsur S.A., and certain accounts of Cerealsur and ACI Airport Sudamérica including funds deposited in a debt service account as mentioned in Note 19 for USD 15 million as of December 31, 2016. As of December 31, 2017 they were guaranteed with a stand by letter of credit of CAAP with Bank of América. These notes are fully and unconditionally guaranteed by Cerealsur S.A. As of December 31, 2017, 2016 and 2015, ACI Airport Sudamérica S.A. was in compliance with all of its covenants.

- In 2014 Corporación América Italia S.A. issued 6.25% secured notes for €50 million due 2019. These notes are secured by a pledge of the shares of Dicasa Spain SLU (pre-conversion) or Dicasa S.A. (post conversion), and the shares representing Corporación America Italia S.A. holding in Toscana Aeroporti SpA, a pledge of certain intercompany loan receivable and the economic first ranking pledge in respect of all the shares representing 100% of the share capital of Corporación America Italia S.A. held by Dicasa S.A.. Main covenants on these bonds require compliance with certain financial ratios as well as restrictions on payment of dividends and limitations on certain lines of assets or increases in additional financial indebtedness. As of December 31, 2017, 2016 and 2015, Corporación América Italia S.A. was in compliance with all of its covenants. This secured notes were cancelled on January 2018, see Note 32.

- In 2008 Terminal Aeroportuaria de Guayaquil S.A. issued notes for USD 28 million with a final maturity in 2016 and an interest accrued calculated with the rate published in the Central Bank of Ecuador in force from the date of issue (March 1, 2008) plus 2.5% to be adjusted every three months. In March 2016, they were totally cancelled.

- Notes issued in April and December 2010 by AA2000, totalling USD 328 million maturing in 2020. Annual Interest rates on these notes are 10% and 10.75% respectively. As long as these notes are outstanding AA2000 is required to comply with certain commitments, such as certain limitations to liens on its assets, mergers, spin-offs, sale of assets, new debts, distribution of dividends and payment to its shareholders. Notes issued by AA2000 S.A., are secured by a collateral trust assignment of certain aeronautical revenue of AA2000. At December 31, 2016, the item cash and cash equivalents of the Statement of Financial Position included USD 30,872, corresponding to the abovementioned trust assignment (USD 30,346 at December 31, 2015). In March 2017, they were totally cancelled.

- In 2008 Corona Trading Corp. issued 9.064% notes for USD 25 million maturing 2016. The holders of these notes benefit from a guarantee and a security package including the pledge of the shares in CAISA; Abafor and Corona.

- On February 6, 2017, AA2000 issued 6.875% senior secured notes for a nominal amount of USD 400 million due 2027 with an issue price of 99.888% par value. The principal will be amortized in 32 equal quarterly installments as from May 1, 2019. The main covenants of these bonds require compliance with certain financial ratios as well as restriction to incur in additional debt and limitations on the payments of dividends if any default or unmatured default has occurred. Notes issued by AA2000 S.A., are secured by a collateral assignment of fiduciary rights of certain revenue of AA2000. As of December 31, 2017 AA2000 was in compliance with all of its covenants. On March 13, 2017 AA2000 early redeemed in full the notes issued in December 2010 for a principal amount of USD 157.5 million, recognizing a loss of approximately USD 13 million on the extinguishment that was included in interest expenses in financial loss. As a result of the renegotiation of its borrowings, the restrictions on distribution of dividends has significantly eased.

(**) As of December 31, 2017 significant bank and financial borrowings include the following:

						Outstanding
Company	Lender	Currency	Maturity	Interest Rate		(In millions of USD)		Capitalization(2)
	BNDES	Brazilian Reales	September 2032	Variable	TJLP (1) + 3.14%		98.6
Inframérica	BNDES	Brazilian Reales	June 2032	Variable	T.R.+ 3.14%+IPCA		2.2
Concessionaria do	BNDES	Brazilian Reales	September 2032	Variable	T.R.+ 3.14%+IPCA		5.8
Aeroporto Sao Goncalo	BNDES	Brazilian Reales	September 2022	Fixed	2.5%		3.2	A
do Amarante	BNDES	Brazilian Reales	July 2032	Variable	T.R.+ 3.14%+IPCA		1.5
	BNDES	Brazilian Reales	July 2032	Variable	T.R.+ 4.74%+IPCA		1.2
	BNDES	Brazilian Reales	December 2028	Variable	TJLP (1) + 3.14%		218.4	A
	CAIXA	Brazilian Reales	December 2028	Variable	TJLP (1) + 3.6%		72.8	A
	CAIXA	Brazilian Reales	December 2017	Variable	IPCA		5.7	A
Inframérica	CAIXA	Brazilian Reales	December 2023	Fixed	6%		4.8	A
Concessionaria do	Bradesco	Brazilian Reales	July 2022	Variable	TJLP (1) + 8.1%		0.3	D
Aeroporto de Brasilia	Bradesco	Brazilian Reales	July 2022	Variable	Selic + 7.38%		0.1	D
	Santander	Brazilian Reales	June 2018	Variable	CDI + 0.45%		90.9	A
	Citibank	Brazilian Reales	March 2018	Fixed	9%		14.6	C
	Pine	Brazilian Reales	January 2018	Variable	CDI + 6.5%		9.7	C
Terminal Aeroportuaria	Banco Guayaquil SA	USD	2019	Variable	6.86%-6.92%		4.1	D
de Guayaquil S.A	Banco Bolivariano CA	USD	2019	Variable	6.92%		5.6	D
Terminal de Cargas de Uruguay SA	Santander Uruguay	USD	June 2020	Fixed	4.25%		1.1	D
Toscana	MPS Servicio capital	Euro	June 2022	Variable	Euribor 6 month plus spread		9.3	B
Aeroporti S.p.a.	Banco de Innovación de Infraestructuras y Desarrollo	Euro	September 2027	Variable	Euribor 6 month plus spread		34.4	D
	Credem	Euro	November 2018	Variable	Euribor 3 month plus spread		6.0	D
	BPM	Euro	June 2022	Variable	Euribor 3 month plus spread		0.5	D
Armenia International	Credit Suisse AG	USD	June 2022	Variable	Libor+5.5%		57.1	B
Airports CJSC		Euro	June 2022	Variable	Euribor+5.5%		51.2
Corporación América Airports S.A.	Goldman Sachs	USD	March 2019	Variable	7.63%		50.1	D
	Julius Bär	USD	December 2019	Fixed	2.40%		15.0	B
Aeropuertos Argentina	Banco Ciudad	Argentine peso	September 2018	Fixed	27.86%		1.0	D
2000 SA
Aeropuerto de Bahía Blanca S.A.	Banco de la Nación Argentina	Argentine peso	March  2019	Variable	4.75%		0.1	A
Total							765.3

(**) As of December 31, 2016 significant bank and financial borrowings include the following:

						Outstanding
Company	Lender	Currency	Maturity	Interest Rate		(In millions of USD)		Capitalization(2)
	BNDES	Brazilian Reales	September 2032	Variable	TJLP (1) + 3.14%		98.2
Inframérica Concessionaria	BNDES	Brazilian Reales	June 2032	Variable	T.R.+ 3.14%+IPCA		2.4
do Aeroporto Sao Goncalo	BNDES	Brazilian Reales	September 2032	Variable	T.R.+ 3.14%+IPCA		5.3	A
do Amarante	BNDES	Brazilian Reales	September 2032	Fixed	2.5%		3.9
	BNDES	Brazilian Reales	July 2032	Variable	T.R.+ 4.74%+IPCA		1.2
	BNDES	Brazilian Reales	July 2032	Variable	T.R.+ 3.14%+IPCA		1.6
	BNDES	Brazilian Reales	December 2028	Variable	TJLP (1) + 3.14%		220	A
Inframérica Concessionaria	CAIXA	Brazilian Reales	December 2028	Variable	TJLP (1) + 3.6%		76.8	A
do Aeroporto de Brasilia	CAIXA	Brazilian Reales	December 2017	Variable	IPCA		7.1	A
	CAIXA	Brazilian Reales	December 2023	Fixed	6%		5.7	A
	ABC	Brazilian Reales	April 2017	Variable	CDI + 4.5%		3.5	D
Terminal Aeroportuaria de	Banco Guayaquil SA	USD	2019	Variable	7.5%-8%		6.1	D
Guayaquil S.A	Banco Bolivariano CA	USD	2019	Variable	7.50%		8.4	D
Terminal de Cargas de Uruguay SA	Santander Uruguay	USD	June 2020	Fixed	4.25%		1.5	D
Toscana	MPS Servicio capital	Euro	June 2022	Variable	Euribor 6 month plus spread		10.2	B
Aeroporti S.p.a.	Banco de Innovación de Infraestructuras y Desarrollo	Euro	September 2027	Variable	Euribor 6 month plus spread		32.7	D
Armenia International Airports CJSC	Credit Suisse AG	USD	June 2022	Fixed	7.89%		116.3	B
Aeropuertos Argentina	Banco Ciudad	Argentine peso	September 2018	Fixed	27.86%		2.3	D
2000 SA	Banco Provincia	Argentine peso	June 2017	Fixed	26.42%		0.7
Aeropuerto de Bahía Blanca S.A.	Banco de la Nación Argentina	Argentine peso	March  2019	Variable	4.75%		0.2	A
Total							604.1

(**) As of December 31, 2015 bank and financial borrowings include the following:

						Outstanding
Company	Lender	Currency	Maturity	Interest Rate		(In millions of USD)		Capitalization(2)
	BNDES	Brazilian Reales	September 2032	Variable	TJLP (1) + 3.14%		81.9
Inframérica Concessionaria	BNDES	Brazilian Reales	June 2032	Variable	T.R.+ 3.14%+IPCA		2.0
do Aeroporto Sao Goncalo	BNDES	Brazilian Reales	September 2032	Variable	T.R.+ 3.14%+IPCA		4.3	A
do Amarante	BNDES	Brazilian Reales	September 2022	Fixed	2.5%		3.8
	BNDES	Brazilian Reales	July 2032	Variable	T.R.+ 4.74%+IPCA		1.1
	BNDES	Brazilian Reales	July 2032	Variable	T.R.+ 3.14%+IPCA		1.4
	BNDES	Brazilian Reales	December 2028	Variable	TJLP (1) + 3.14%		163.6	A
	CAIXA	Brazilian Reales	December 2028	Variable	TJLP (1) + 3.6%		56.9	A
Inframérica Concessionaria	CAIXA	Brazilian Reales	December 2028	Fixed	6%		1.7	A
do Aeroporto de Brasilia	CAIXA	Brazilian Reales	December 2017	Variable	IPCA		4.9	A
	CAIXA	Brazilian Reales	December 2023	Fixed	6%		3.7	A
	Citibank	Brazilian Reales	September 2016	Fixed	17.10%		-	D
	Fator	Brazilian Reales	December 2016	Variable	CDI + 3%		7.6	C
Terminal Aeroportuaria de	Banco Bolivariano C.A.	USD	2016-2019	Variable	7.59%-8.90%		13.3	D
Guayaquil S.A	Banco Guayaquil S.A.	USD	2016-2019	Variable	7.71% -8.88%		5.5	D
Armenia International Airports CJSC	Credit Suisse AG	USD	June 2022	Fixed	7.86%		131.9	B
Toscana	MPS Servicio capital	Euro	June 2022	Variable	Euribor 6 month plus spread		10.7	B
Aeroporti S.p.a.	Banco de Innovación de Infraestructuras y Desarrollo	Euro	September 2027	Variable	Euribor 6 month plus spread		38.3	D
Aeropuertos Argentina 2000 SA	Banco de la Provincia de Buenos Aires	Argentine peso	June 2017	Fixed	26.42%		7.36	D
Aeropuerto de Bahía Blanca S.A.	Banco de la Nación Argentina	Argentine peso	March  2019	Variable	4.75%		0.24	A
Total							540.2

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

IPCA: corresponds to the Brazilian consumer Price index)

(²) A - Secured/guaranteed

B – Secured/unguaranteed

C – Unsecured/guaranteed

D - Unsecured/unguaranteed

The Credit Facility Agreement between Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A and the Banco Nacional do Desenvolvimento Economico e Social (“BNDES”) pursuant to which BNDES provided a loan to Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A in November 2012, in an aggregate principal amount of R$ 329.3 million (USD 139.5 million) to finance the construction of the Natal Airport (issued in nine tranches with varying interest rates and maturity dates), is secured by the pledge of the shares of Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A, together with any dividends and distributions in connection therewith, as well as the fiduciary assignment of rights arising from the Natal Airport concession agreement and certain letters of guarantees issued by indirect shareholders and affiliates of Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. for an amount of USD 6.1 million. It also establishes a required pre-authorization by BNDES on payments of Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A dividends if exceeding 25% of net profits.

Further, Inframérica Concessionária do Aeroporto de Brasilia also entered into credit facility arrangements with BNDES and Caixa Economica Federal (Caixa) for an aggregate principal amount of R$ 841 million (USD 356.4 million) in February 2014, which are secured by the pledge of Inframérica Concessionária do Aeroporto de Brasilia and Inframérica Participaçoes S.A. shares, the fiduciary assignment of rights arising from the Brasilia airport concession agreement and letters of guarantee issued by indirect shareholders and affiliates of Inframérica Concessionária do Aeroporto de Brasilia. It also establishes under certain circumstances a required pre-authorization by BNDES and Caixa on payments of Inframérica Concessionária do Aeroporto de Brasilia dividends if exceeding 25% of net profits and compliance of certain financial ratios.

In December 2017, ICAB and ICASGA entered into amendments and extension agreements with BNDES with respect to their loans.

With respect to the ICAB Loans, the amendment and extension agreements extended the final maturity and the interest-only payment terms of such loans for an additional two years, and provided an interest capitalization period for 50% of the interest due for two years. Also, such agreements increased the size of the credit facility commitments by an additional R$300 million (USD 90.7 million).

With respect to the ICASGA Loans, the amendment and extension agreements extended the final maturity of such loans for an additional two years, extended the interest-only payment terms of such loans for an additional three years and provided an interest capitalization period for 50% of the interest due for two years.

In connection with such amendment and extension agreements, ACI Airports S.à r.l. and CAAP have agreed to not to create any encumbrances on their shares of Inframerica, and not to sell, acquire, merge or spin-off assets or undertake any other action that results or that may result in a change in the current corporate structure of Inframerica or any change of control in Inframerica, without the prior consent of BNDES. ACI Airports S.à r.l. has agreed not to undertake any change of control in CAAP without the prior consent of BNDES. In addition, ACI Airports S.à r.l.has agreed to maintain a minimum credit rating of at least B- (the “Minimum Rating”) or a stand-alone rating (without including the sovereign rating) of at least BB+. The amendment and extension agreements also require additional security equivalent to the amount of twenty-four months of debt service for at least a two-year period (in the form of a bank guaranty, letter of credit, guaranty insurance or other acceptable modalities of guarantee), if the Minimum Rating is not maintained for any annual testing period.

On December 14, 2017, ICAB entered into a banking letter of credit with Banco Citibank S.A. (the “Citibank Credit Agreement”) in the aggregate principal amount of R$48.0 million (USD 14.5 million). The loan under the Citibank Credit Agreement matures on March 14, 2018. Such loan is unsecured. The obligations under the Citibank Credit Agreement are absolutely and unconditionally guaranteed by ACI Airports S.à r.l.

On December 19, 2017, ICAB entered into a short-term banking letter of credit with Banco Pine S.A. (the “Banco Pine Credit Agreement”) in the aggregate principal amount of R$32.0 million (USD 9.7 million). Obligations under the Banco Pine Credit Agreement are absolutely and unconditionally guaranteed by CAAP. The loan under the “Banco Pine Credit Agreement” matures on January 2018.

On December 20, 2017, under the terms of the Banco Santander Bridge Loan Facility, ICAB issued a promissory note in the aggregate principal amount of R$300.0 million (USD 90.7 million), which matures on June 18, 2018. Loans under the Banco Santander Bridge Loan Facility are fully secured by (i) a cash deposit made by CAAP under a time deposit pledge agreement entered on December 19, 2017 between CAAP and Banco Santander, in the amount of R$300.0 million (USD 90.7 million) which is included in Guarantee deposit in Note 16. Such loans mature in 180 days as of the closing date thereunder; and (ii) a fiduciary assignment of ICAB’s account at Banco Santander where the funds from BNDES financings should be deposited. The Banco Santander Bridge Loan Facility is also guaranteed by Inframerica. The loans under the Banco Santander Bridge Loan Facility mature in 180 days.

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

According to the loan agreement Armenia International Airports CJSC has restrictions to distribution of dividends, has to maintain the following ratios at a certain level: debt to EBITDA, Debt service coverage and adjusted debt service coverage ratio. According to this agreement, the analysis of the accomplished of these ratios must be made as of June 30 and December 31. As of December 31, 2017, Armenia International Airports CJSC was in compliance with all of its covenants.

As of December 31, 2017 Armenia International Airports CJSC pledged cash held in bank accounts for USD 25,409 (USD 13,072 at December 31, 2016 and USD 18,975 at December 31, 2015) and all intangible assets and property and equipment for a total of USD 170,588 (USD 176,461 at December 31, 2016 and USD 185,914 at December 31, 2015).

Toscana Aeroporti S.p.A, pursuant to the loan agreement with Banco de Innovación de Infraestructuras y Desarrollo/ MPS Servicio capital is required to comply with certain financial ratios. As of December 31, 2017, 2016 and 2015, Toscana Aeroporti S.p.A was in compliance with all of its covenants. Cash and cash equivalents of the Consolidated Statement of Financial Position includes € 1million, to secure the abovementioned loan.

On December, 2017 CAAP entered into the Julius Baer Credit Agreement, pursuant to which Julius Baer & Co. Ltd. provided a loan in the aggregate principal amount of USD 15 million. Loan under the Julius Baer Credit Agreement is secured by cash collateral provided by a company controlled by the Group of the Shareholder and mature 24 months from the closing date thereunder. This guaranteed was released on February 2018 when the loan was repaid (see Note 31).

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Other liabilities

12 Months Ended

Dec. 31, 2017

Disclosure Of Other Liabilties [Abstract]

Other liabilities

22 Other liabilities

	At December 31,
	2017		2016		2015
Non-current
Concession fee payable (*)		916,203		970,762		772,088
Advances from customers		31,909		27,922		17,680
Provisions for legal claims (****)		5,798		-		-
Provision for maintenance costs (**)		22,207		20,113		20,423
Other taxes payable		8,531		10,242		3,142
Employee benefit obligation (***)		9,068		8,498		8,139
Salary payable		916		772		1,006
Other liabilities with related parties (Note 27)		1,816		600		2,567
Other payables		10,344		10,539		22,256
		1,006,792		1,049,448		847,301
Current
Concession fee payable (*)		54,840		202,584		99,051
Other taxes payable		32,840		28,729		23,555
Salary payable		41,753		39,084		33,568
Other liabilities with related parties (Note 27)		33,132		31,369		27,197
Advances from customers		6,124		13,941		15,048
Provision for maintenance cost (**)		9,496		6,713		4,506
Expenses provisions		4,569		6,222		1,973
Provisions for legal claims (****)		3,127		5,878		4,730
Other payables		23,605		12,787		16,944
		209,486		347,307		226,572

Maturity of the other liabilities is as follows:

	1 year or less		1 - 2 years		2 - 5 years		Over 5 years		Total
At December 31, 2017		188,192		94,590		306,318		2,520,425		3,109,525
At December 31, 2016		378,130		90,290		293,170		2,700,430		3,462,020
At December 31, 2015		237,620		72,130		233,630		2,307,160		2,850,540

The fair value of financial liabilities within current and non-current other liabilities approximates to its carrying amount.

(*)The most significant amount include in concession fee payable are generated by the concession agreement between The Brazilian National Civil Aviation Agency – ANAC and Inframerica Concessionária do Aeroporto de Brasilia S.A. and Inframerica Concessionária do Aeroportode São Gonçalo do Amarante S.A.

The Brazilian concession agreement establishes the payment of a fixed and variable concession fee.

a) Fixed concession fee

The Brasilia Airport concession agreement established a fixed concession fee of Brazilian Reales (R$) 4,501,132 (approximately USD 1,360,804), payable in 25 equal annual installments since inception of the concession period. The concession fee is adjusted for inflation annually based on the changes in the Brazilian IPCA. The Natal Airport concession agreement established an annual fixed concession fee of R$ 6,800 (approximately USD 2,056), payable as from the 37^th month of the inception of the concession, and adjusted periodically by the Selic rate.

The Company initially recognized the present value of fixed concession fee against a concession asset in intangible assets. The liability is presented as current and non-current concession fee payable within other liabilities.

The Company estimates this fixed concession fee to be divided in two parts:

(a) Right of use if the airport operates at the existing operating capacity at the beginning of the concession, and

(b) the second portion relates to the Company estimation of the value of the right of use after the infrastructure works that increase capacity of the airport.

Changes in the liability related to the increase capacity of the airport are accounted for against the “Concession asset”. Changes in the liabilities due to passage of time and inflation adjustment are recognized against profit or loss of the period.

ICAB has prepaid approximately 45% of the concession fees ($R 118.9 approximately USD 36 million) due in 2018 under the Brasilia Concession Agreement and ICASGA has prepaid 100% of the concession fees ($R 13.1 approximately USD 4 million) due in 2018 under the Natal Concession Agreement.

On December 20, 2017, the Group entered into amendments of each of the Brasilia Concession Agreement and the Natal Concession Agreement in connection with such prepayments.

As a result of the amendments aforementioned, the future concession fee payment schedule has changed, aiming to maintain the same net present value (“NPV”) to the project as determined under Federal Law No. 13,449/17. The effect of the amendments of the contracts are included in the line Others in the Changes of the year detailed below.

b) Variable concession fee

The concession agreement for the Brasilia Airport requires payment of an annual fee of 2% of aeronautical and commercial revenues with a cap annually established by the regulatory authority in Brazil (ANAC). After that limit, concession fee is calculated at 4.5%.

Changes in the year of the Concession fee payable is as follows:

	2017			2016			2015
Values at the beginning of the year		1,173,346			871,139			38,739
Acquisition of subsidiaries (Note 26)		-			-			836,258
Financial result		98,122			107,408			2,039
Concession fees		162,117			146,971			133,846
Payments		(325,454	)		(136,092	)		(136,809	)
Payments in advance		(40,126	)		-			-
Others		(84,075	)		9,132			-
Translation differences		(12,887	)		174,788			(2,934	)
At the end of the year		971,043			1,173,346			871,139

(**) Changes in the year of the Provision for maintenance costs is as follows:

	2017			2016			2015
Balances at the beginning of the year		26,826			24,929			51,188
Accrual of the year		2,822			4,679			5,391
Use of the provision		(1,507	)		(1,906	)		(2,580	)
Disposals of subsidiaries		-			-			(25,152	)
Translation differences		3,562			(876	)		(3,918	)
Balances at the end of the year		31,703			26,826			24,929

(***)TAGSA and Toscana have post-employment benefits which are defined benefit obligation. The amount of termination benefit has been calculated using the “Projected Unit Credit Method”, making actuarial valuations at the end of the period.

The assumptions used for the purposes of valuation of Toscana Aeroporti long term benefits at December 31, 2017 are:

- Annual discount rate: 1.3% (1.31% in 2016 and 2.03% in 2015)

- Annual inflation rate: 1.5% (1.5% in 2016 and 1.75% in 2015)

- Annual employee termination benefit increase rate: 2.63% (2.63% in 2016 and 2.81% in 2015)

The iBoxx Eurozone Corporate AA 10+ index has been selected as the discount rate to be used, as the term of 10 or more years is comparable to the average remaining period of service of the personnel subject to the long term benefit. .

The sensibility in relation with the provision of Toscana is as follows: 

Assumption	Annual discount rate					Annual rate of inflation					Annual turnover rate
Variation rates		0.5	%	(0.5	)%		0.25	%	(0.25	)%		2.5	%	(2.5	)%
Provision for salary payable		6,172		6,856			6,606		6,399			6,395		6,557

The assumptions used for the valuation of Terminal Aeroportuaria de Guayaquil S.A. at December 31, 2017 are:

- Annual discount rate: 4.02% (4.14% in 2016 and 4.36% in 2015)

- Annual turnover rate: 11.1% (11.51% in 2016 and 13.49% in 2015)

- Annual employee termination benefit (in years): 6.61 (5.63 in 2016 and 5.01 in 2015)

- Annual employee mortality and disability rate: TM IESS 2002 (TM IESS 2002 in 2016 and 2015) ⁽¹⁾

- Annual employee future wage increase: 1.5% (3% in 2016 and 2015)

⁽¹⁾ Mortality Table “Instituto Ecuatoriano de Seguridad Social”

The sensibility in relation with the prevision of TAGSA is as follows:

Assumption	Annual discount rate					Annual employee future  wage increase					Annual turnover rate
Variation rates		1	%	(1	)%		1	%	(1	)%		5	%	(5	)%
Provision for salary payable		1,068		1,406			1,410		1,062			1,204		1,246

Changes of the provision in the year is as follows:

	2017			2016			2015
Balances at the beginning of the year		8,498			8,139			6,198
Actuarial gain/loss (in other comprehensive income)		(323	)		403			(475	)
Interest for services		165			239			164
Service Cost		250			177			21
Amounts paid in the year		(487	)		(223	)		(487	)
Contributions		-			-			3,322
Translation differences		965			(237	)		(604	)
At the end of the year		9,068			8,498			8,139

The amounts shown in the Statement of Comprehensive Income for USD 18 in 2017 (USD (307) in 2016 and USD 334 in 2015) correspond to the actuarial income of USD 26 (USD 403 in 2016 and USD 475 in 2015), net of taxes of USD 8 (USD 96 in 2016 and USD 141 in 2015).

(****) Changes in the year of the provision for legal claims is as follows:

	2017			2016			2015
Balances at the beginning of the year		5,878			4,730			935
Accrual of the year		3,661			2,772			1,157
Use of the provision		(810	)		(1,089	)		(974	)
Acquisition of subsidiary (Note 26)		-			-			4,117
Translation differences		196			(535	)		(505	)
Balances at the end of the year		8,925			5,878			4,730

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Trade payables

12 Months Ended

Dec. 31, 2017

Disclosure Of Trade Payable [Abstract]

Trade payables

23 Trade payables

	At December 31,
	2017		2016		2015
Non-current
Trade payables with related parties (Note 27)		-		-		767
Trade payable with suppliers		3,302		1,663		1,329
		3,302		1,663		2,096
Current
Trade payables with suppliers		122,145		104,914		116,711
Trade payables with related parties (Note 27)		5,667		8,625		4,445
		127,812		113,539		121,156

Fair value of trade payables does not materially differ from book value.

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Equity

12 Months Ended

Dec. 31, 2017

Disclosure Of Equity [Abstract]

Equity

24 Equity

a) Free distributable reserves

The disclosure of movements at each period are as follows:

	2017			2016		2015
Conversion (Note 1)		(1,499,980	)		-		-
Cash contributions		6,600			20,494		8,303
Refund of cash contributions		(28,893	)		-		-
Contributions in shares (*)		-			1,506,867		-
Contributions by assignment (**)		-			49,960		320,798
		(1,522,273	)		1,577,321		329,101

(*) This corresponds to the fair value of the contribution of the shares of AIA, measured in accordance with Luxembourg laws and regulations.

(**) This corresponds to the contribution of accounts receivable from related parties made by the Company’s shareholder.

b) Other reserves

The movements of Other Reserves of the owners of the Company is as follows:

	2017			2016			2015
At the beginning of the year		(1,344,022	)		248,677			1,178,534
Distribution in cash from AIA		-			(36,076	)		(74,058	)
Refund of contributions (*)		-			-			(497,660	)
Non-cash distribution from AIA (**)		-			(*) (49,960	)		(*) (298,764	)
Cash contribution from AIA		-			496			-
Fair value adjustments (***)		-			(*) (1,506,867	)		(59,719	)
Remeasurement of defined benefit obligations net for income tax		14			(292	)		344
		(1,344,008	)		(1,344,022	)		248,677

(*) This corresponds to reimbursement of previous contributions from the former shareholder.

(**) This corresponds to distributions of dividends in kind from AIA to its former shareholder.

(***) This corresponds to the fair value of the contribution in shares (see footnote 1 in note 24.a) above), as the subsidiaries contributed were retroactively combined in the combined financial statements as of December 31, 2016.

c) Other comprehensive income

The movements of the reserve of other comprehensive income for the year of the owners of the Company is as follows:

	Currency translation adjustments			Remeasurement of defined benefit obligations (*)			Share of other comprehensive income from associates			Income Tax effect (*)			Transfer from shareholders equity – currency translation differences		Total
Balances at January 1, 2017		(212,080	)		106			(40,043	)		(54	)		63,402		(188,669	)
Continuing operations
Other comprehensive income (loss) for the year		(29,011	)		17			432			(3	)		-		(28,565	)
For the year ended December 31, 2017		(241,091	)		123			(39,611	)		(57	)		63,402		(217,234	)
Balances at January 1, 2016		(174,950	)		489			(39,999	)		(145	)		58,218		(156,387	)
Continuing operations
Other comprehensive income (loss) for the year		(37,414	)		(383	)		(44	)		91			1,191		(36,559	)
Discontinued operations
Other comprehensive income (loss) for the year		284			-			-			-			3,993		4,277
For the year ended December 31, 2016		(212,080	)		106			(40,043	)		(54	)		63,402		(188,669	)
Balances at January 1, 2015		-			-			-			-			-		-
Continuing operations
Other comprehensive income (loss) for the year		(112,455	)		489			(39,999	)		(145	)		-		(152,110	)
Discontinued operations
Other comprehensive income (loss) for the year		(62,495	)		-			-			-			58,218		(4,277	)
For the year ended December 31, 2015		(174,950	)		489			(39,999	)		(145	)		58,218		(156,387	)

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

d) Non – controlling interest

The movements of the non- controlling interest for the year is as follows:

	2017			2016			2015
At the beginning of the year		354,174			371,342			351,809
Shareholder contributions		-			9,018			-
(Loss)/income for the year		3,400			(4,519	)		9,801
Other comprehensive loss
Currency translation		3,426			(12,340	)		(54,142	)
Remeasurement of defined benefit obligations		9			(20	)		(14	)
Reserve for income tax		(5	)		5			4
		3,430			(12,355	)		(54,152	)
Changes in non-controlling interest
Business combinations		-			-			131,954
Discontinued operations		-			311			(66,656	)
Changes in the participations		197			-			(1,414	)
Dividends approved		(25,842	)		(9,623	)		-
		(25,645	)		(9,312	)		63,884
Non-controlling interest at the end of the year		335,359			354,174			371,342

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Contingencies, commitments and restrictions on the distribution of profits

12 Months Ended

Dec. 31, 2017

Disclosure For Contingencies Commitments And Restrictions On Distribution Of Profits [Abstract]

Contingencies, commitments and restrictions on the distribution of profits

25 Contingencies, commitments and restrictions on the distribution of profits

a. Contingencies

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

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

AA2000 legal proceedings

- During 2013 and 2014 the Argentine Federal Administration of Public Income initiated three different tax assessments proceedings against AA2000, challenging the income tax deduction made by AA2000 from certain services rendered by related companies and third parties and expenses.

Two of such tax assessments proceedings were initiated against AA2000 with respect to income tax deductions from services rendered by third parties. On November 30, 2015, AA2000 agreed to pay the amounts claimed for these deductions through a facility payment regime set forth by General Resolution No. 3806. Pursuant to this regime, AA2000 must pay AR$18.4 million (USD 1 million) in 36 consecutive, monthly, installments. As of December 31, 2017 the outstanding amount is AR$6.6 million (USD 0.4 million) which is included in other taxes payable (AR$12.7 million, USD 0.8 million as of December 31, 2016).

The third and most significant claim was initiated by the Argentine Federal Administration of Public Income against AA2000 and its consolidated subsidiaries for income taxes and income tax on undocumented exemptions. The Argentine Federal Administration of Public Income considered that certain management and administrative services provided by CAS (one of its shareholders) were not actually rendered to AA2000. On August 3, 2016, AA2000 appealed the ruling of the assessment proceeding to the Argentine National Tax Court.

In addition, in 2013, a separate criminal proceeding was initiated by a third party against two former directors of AA2000 based on the same facts as of the assessment proceeding mentioned above. The Court of first instance dismissed the claim and the prosecutor appealed the ruling. The Court of Appeals reversed the prior ruling based on the lack of evidence obtained in the original proceeding and ordered the Court of first instance to expand the fraud investigation and to determine the possible connection with the assessment proceeding mentioned above. After further investigation, the Court of first instance ratified the dismissal of AA2000, which the prosecutor subsequently appealed. The Court of Appeals once again dismissed the case against AA2000 based on the connection of both proceedings and ordered the consolidation of the fraud and the tax investigations. Consequently, the Court of first instance on economic and criminal matters No. 11 is now the intervening court for both proceedings.

Given that the facts which originated both claims were the same, both proceedings continued as a unified criminal matter on income taxes and income tax on undocumented exemptions.

Although management and legal advisors have strong arguments to prove that the management and administrative services were in fact rendered to AA2000 by CAS, on February 21, 2017 AA2000 complied with the extraordinary regime of regularization of tax obligations provided by Law No. 27,260 published in the Argentine Official Gazette on July 22, 2016. The total amount that AA2000 must pay for such extraordinary regime is USD 10.5 million in 60 consecutive, monthly payments as from March, 2017 which is included in other taxes payable.

On August 25, 2017, the prosecutor challenged the request made by AA2000 to suspend the criminal proceeding, arguing that although the company complied with the extraordinary regime for the services rendered by CAS, it failed to include under this extraordinary regime the services rendered by third parties. Legal advisors and management believe that once all the installments under the extraordinary regime are fully paid, the action to prosecute tax claims based on these facts will be fully extinguished.

Pursuant to the Final Memorandum of Agreement entered into with the Argentine Government, dated April 3, 2007, AA2000 is required to assess and remediate environmental damage at their airports in Argentina.

In August 2005, a civil action was brought by Asociación de Superficiarios de la Patagonia, a non-governmental organization, against Shell Oil Company for alleged environmental damages caused by an oil spill at Ezeiza Airport and, in September 2006, AA2000 was called to intervene as a third party at the request of the plaintiff. The lawsuit alleges that AA2000 is jointly liable with Shell due to the fact that AA2000 manages the real property at which the environmental damages occurred. AA2000 has asserted that Shell is solely responsible for any damages.

In August 2011, Asociación de Superficiarios de la Patagonia brought a civil action against AA2000 in an Argentine administrative federal court in the City of Buenos Aires (Justicia Federal en lo Contencioso Administrativo de la Capital Federal), under the General Environmental Law No. 25,675, requesting compensation for environmental damage caused in all of the airports under the AA2000 Concession Agreement.

The administrative federal court appointed the Argentine Center of Engineers (Centro Argentino de Ingenieros) to conduct research studies in connection with the required remediation works. In connection with this proceeding, Asociación de Superficiarios de la Patagonia obtained an injunction for compensation for environmental damages. In order to guarantee the injunction, an insurance policy was filed for an amount equals to AR$97.4 million (equivalent in USD 5.2 million).

The aforementioned do not constitute a contingency as soon as their execution is ordered, the disbursements must be considered included in the contractual investment plan.

Brazil legal proceedings

Administrative Proceedings before the Brazilian ANAC

Inframérica Concessionária do Aeroporto de Brasilia S.A. filed claims before the Brazilian ANAC on December 29, 2015, in the total amount of R$758.0 million (USD 253.1 million), requesting the economic re-equilibrium of Inframérica Concessionária do Aeroporto de Brasilia’s concession agreement based on (among other things) additional construction works required to complete the terminals and the runway that were not provided for in the concession agreement, and the negative impact of the issuance of new rules and regulations by the Brazilian Ministry of Health, which reduced Inframérica Concessionária do Aeroporto de Brasilia’s revenues in connection with the use of the cargo terminal. Claims in the amount of R$454.1 million (USD 120.2 million) were denied by the Brazilian ANAC, and Inframérica Concessionária do Aeroporto de Brasilia expects to initiate an arbitration proceeding with respect to the denied claims. The remaining claims are under review by the Brazilian ANAC.

In addition, on June 29, 2017, Inframérica Concessionária do Aeroporto de Brasilia filed new claims with the Brazilian ANAC in the amount of R$ 737 million (USD 240 million) requesting the economic re-equilibrium of ICAB’s concession agreement based on (among other things) the loss of revenues as a result of modifications to the rules and regulation affecting the air traffic system in Congonhas airport. These claims are under review by the Brazilian ANAC.

On December 29, 2015, Inframerica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. filed claims in the total amount of R$1.0 billion (USD 263.1 million) before the Brazilian ANAC requesting the economic re-equilibrium of Inframerica Concessionária do Aeroporto de São Gonçalo do Amarante’s concession agreement based on inconsistencies in the parameters related to the viability study prepared by the government (EVTEA) under the tender documents, inconsistencies related to the control tower and additional capital expenditures required to complete the airport that were not provided for in the concession agreement. Claims in the amount of R$956.8 million (USD 251.7 million) were denied by the Brazilian ANAC, and Inframerica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. expects to initiate an arbitration proceeding with respect to the denied claims. The remainders of the claims are under review by the Brazilian ANAC.

Civil Proceedings

Inframérica and its subsidiaries are defendants in various civil lawsuits, which individually and in the aggregate are not material. In addition, we filed an ordinary action against the Brazilian ANAC to suspend the payment of the annual granting fees related Inframérica Concessionária do Aeroporto de Brasilia S.A. ´s concession (outorga anual), in the amount of R$245.7 million (USD 75 million), which required Inframérica to a court deposit by Inframérica in the amount of R$246.8 million (USD76 million) included in Note 16 in Guarantee deposit as of December 31, 2016. This process was terminated in December 2017. On December 6 the concessionaire petitioned for the waiver to the continuation of the proceeding, once the process of rescheduling the annual granting fees payment for the remainder of the concession was carried out.

Inframérica Participações S.A.

Inframérica Participações S.A. identified three payments totaling R$ 858 made during 2014, when Infravix Participações S.A. was still an indirect shareholder of the Inframérica Participações S.A., to individuals or entities for which Inframérica Participações S.A. was unable to clearly identify a proper purpose. Through the date of the issuance of these financial statements Inframérica Participações S.A. has received no official notice that it is under investigation by Brazilian authorities in connection with these payments. Inframérica Participações S.A. could be exposed to reputational harm and other adverse effects in connection with these payments. Additionally, if these payments are ultimately found to have been improper fines and sanctions may be applied, as well as other penalties.

Based on the opinion from external legal counsel of Inframérica Participações S.A., that made an assessment based on a criminal, civil and administrative legislation, Inframérica Participações S.A. does not expect, considering the facts and circumstances known to date, losses to be material.

TAGSA legal proceedings

In June 2005, TAGSA was granted the administration and operation of certain duty-free areas for a 20 year-period, in order to develop commercial and service activities, as well as the improvement of existing facilities and the construction of new ones. Duty-free areas are entitled to certain tax benefits, including a 100% exemption from income tax, as well as VAT, among others. 

In 2010, a new Production, Commercial and Investment Code was enacted in Ecuador, which repealed the law that created tax free zones.  However, transitional provisions in such code included a grandfather clause, which determined that concessions granted by previous regulations were not affected by these new dispositions.

Notwithstanding that, tax authority rewiewed 2010, 2012 and 2013 fiscal years and didn’t recognize the tax benefits granted by the Free Zones Law, and assessed additional income tax charges for the fiscal years 2010, 2012 y 2013 of U.S$1.9 interests and penalties included and U.S.$1.4 and U.S.$2.5 million respectively, interests and penalties not included.

TAGSA paid the amount regarding 2010’s fiscal year and disputed the validity of 2012 and 2013´s claims, based on the opinion of its tax and legal advisors.

Fiscal years 2014-2016 are open for review, but TAGSA’s management consider that the company has strong arguments to support its position.

Peruvian Proceedings

Unilateral Termination

On July 13, 2017, the Government of Peru notified the unilateral decision to rescind the concession agreement for the Nuevo Aeropuerto International de Chinchero.

On July 18, 2017, Kuntur Wasi formally notified the Peruvian Government of its disagreement with the unilateral resolution because: (i) Kuntur Wasi had fulfilled all of its contractual commitments, (ii) there was no valid justification to unilaterally terminate the Kuntur Wasi Concession Agreement and (iii) if the unilateral termination were exercised, the Peruvian Government would be obliged to compensate all the damages suffered by Kuntur Wasi. Likewise, Kuntur Wasi notified the Peruvian Government of its decision to begin the direct treatment procedure to resolve the controversy in accordance with the provisions of section 16.5 of the Concession Agreement. On January 18, 2018, the Peruvian Government unilaterally terminated this treatment procedure without reaching an agreement yet. Pursuant to the Concession Agreement, negotiations should continue through an arbitration procedure.

On September 11, 2017, Corporación América sent written notice to the Peruvian Government notifying the Peruvian Government of its non-compliance with certain Peruvian Government obligations under the 1996 Bilateral Investment Agreement between Peru and Argentina for the promotion and protection of investments (“BIT”) caused by the mentioned unilateral resolution, which (i) constitutes a dispute between us (as a shareholder of Kuntur Wasi and an investor in Peru) and the Peruvian Government under the BIT, and (ii) has caused damages to us.

The amount of damages sought by Kuntur Wasi in connection with the termination has not yet been determined.

State and Money Laundering Complaint

On February 24, 2017, the Peruvian Prosecutor initiated an investigation under Peruvian Law against certain management of Kuntur Wasi, for alleged conspiracy with governmental authorities to obtain the concession for the operation of the new Cusco International Airport in Chinchero. On October 10, 2017, upon expiration of the statutory term for the completion of the initial investigation the Peruvian prosecutor filed an amendment to the complaint, which is now based on alleged instances of crimes against the state and money laundering by Kuntur Wasi under the Organized Crime Law.

As set forth by the Peruvian prosecutor in this amended complaint, the investigation will now center around Kuntur Wasi not having funding available at the time of the award of the concession to complete the bid project, the provision of certain loans and payments made to Kuntur Wasi from Cedicor, APP, Converse Bank and Liska, and payments made to Proyecta y Construye S.A. from Kuntur Wasi in connection with engineering services for the construction of the Cusco Airport.

The Superior Court of Justice of Lima, Perú (confirming the judgments of the First Instance Court) resolved on January 29, 2018 and January 30, 2018, that:

(a) until the prosecutor does not properly support the allegation of money laundering, the Kuntur Wasi’s Peruvian management crime is not configured. The Prosecutor should eventually remake the accusation and properly support his request; and

(b) the request for the lifting of bank secrecy of Messrs. Carlos Vargas Loret de Mola, Antonio Guzman Barone, and Jose Balta (KW Peruvian management), as well as of Kuntur Wasi, was rejected considering that the Prosecutor request has lack of proof. As a result, the Prosecutor’s Office should have no elements to continue with this money laundering case.

Without prejudice of this, we will vigorously defend against any of these allegations, as we believe such allegations are without merit.

Management and legal advisors have strong arguments to defend against these allegations, considering that such allegations are without merit.

b. Commitments

Country	Concession	Number of Airports	Concession Start Date	Current Concession End Date	Extension Details
Argentina	AA2000	351	1998	2028	10 years
	NQN	1	2001	2021	5 years
	BBL	1	2008	2033	10 years
Italy	TA (SAT)	1	2006 (2014)	2046
	TA (ADF)	1	2003 (2014)	2043
Brazil	ICASGA	1	2012	2040	5 years
	ICAB	1	2012	2037	5 years
Uruguay	Puerta del Sur	1	2003	2033
	CAISA	1	1993 (2008)	2019
Ecuador	TAGSA	1	2004	2024
	ECOGAL	1	2011	2026
Armenia	AIA	2	2002	2032	Option to renew every 5 years
Peru	AAP	5	2011	2036	Extendable to 2071
Total		52

1. Includes Termas de Rio Hondo Airport, which is operated by AA2000 but is pending government approval to be included in the AA2000 concession.

Argentine Concession Agreement

In February 1998 AA2000 was awarded the concession agreement for the use, operation and management of 33 airports in Argentina (the “Group A” airports). The concession agreement was subsequently amended and supplemented by the memorandum of agreement it entered into with the Argentine National Government on April 3, 2007 (the “Memorandum of Agreement”). References to the concession agreement amended and supplemented by the Memorandum of Agreement is made as the “Argentine Concession Agreement”.

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

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

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

The Argentine Concession Agreement was granted for an initial period of 30 years through February 13, 2028. The Company may extend the term of the Concession for an additional period of up to 10 years. The Company has made a formal request to the Argentine National Airports Regulator (Organismo Regulador del Sistema Nacional de Aeropuertos, (the “ORSNA”) to extend the term of the Concession for the additional 10-year period ending February 13, 2038. The Group could not provide any assurance that the Argentine National Government will grant our request or on what conditions.

In addition, under the terms of the Argentine Concession Agreement, the Argentine National Government will have the right to buyout our concession at any time as from February 13, 2018. If such right is exercised, the Argentine National Government is required to indemnify AA2000.

Under the terms of the Argentine Concession Agreement, AA2000 is required to, on a monthly basis, allocate an amount equal to 15% of revenues (in Argentine pesos) to the Specific Allocation of Revenue, as follows:

-11.25% of total revenue to a trust for the development of the Argentine National Airport System to fund capital expenditures for the Argentine National Airport System. Of such funds, a 30% will be previously deducted for deposit in an account to the order of the ANSES. The Secretary of Transportation, following the ORSNA’s approval, will determine which construction projects within the Argentine National Airport System shall be implemented with such funds, whether at airports operated by AA2000 or not.AA2000 may file proposals with the ORSNA which, together with the ORSNA’s proposals, shall be communicated to the Secretary of Transportation, which shall decide the application of the trust funds.

- 1.25% of total revenue to a fund to study, control and regulate the Argentine Concession, which shall be administered and managed by the ORSNA.

- 2.5% of total revenue to a trust for investment commitments for the “Group A” airports of the Argentine National Airport System. (Those operated by AA2000)

AA2000 may cancel the obligations to provide amounts of money to the trust through the assignment of credits whose cause and/or title are the result of the provision of aeronautical and/or airport services performed within the framework of the concession, with the previous intervention of The Secretary of Transportation and the authorization of the ORSNA.

The Argentine Concession Agreement requires AA2000 to formulate a master plan for each of its airports. Each master plan establish the investment commitments to be received by each airport during the term of the Argentine Concession Agreement, taking into account the expected demand of aeronautical and commercial services.

AA2000 is required to make capital expenditures in accordance with the investment plan commitment included in the Argentine Concession Agreement. Total investment commitments between January 2006 and 2028 are AR$ 2,158 million (calculated in December 2005 values). As of December 31, 2017, AA2000 has invested AR$ 1,876.9 million (calculated in December 2005 values) under the investment plan.

In order to guarantee performance of the works under the investment plan, AA2000 is required to enter into a guarantee with a value equal to 50% of the investment planned for the year before March 31 of each year. AA2000 granted a surety bond in the amount of AR$ 1,465 million (approximately USD 78.6 million) to comply with the investment plan guarantee required by the Argentine Concession Agreement.

AA2000 sets up a guarantee for concession contract fulfilment for the total amount is for AR$ 410,5 million (approximately USD 22 million).

In addition, AA2000 is required to maintain a civil liability insurance policy Covering personal and property damages, loss or injury in an amount of at least AR$ 300 million. AA2000 has taken out insurance policy for an amount of USD 500 million covering liabilities that may arise under civil law in connection with the management and development of work in the airports.

As a result of the renegotiation of the concession contract, in 2006 AA2000 has delivered to the Argentine Government 496,161,413 preferred shares which are convertible into common shares of AA2000. Such preferred shares have a nominal value of AR$1 each and have no voting rights. Such shares are redeemable by AA2000 at any time at nominal value plus accrued interest. Beginning in 2020, the Argentine Government has the option to convert all of the preferred shares into common shares of AA2000, up to a maximum amount of 12.5% per year of the total amount of the initial preferred shares issued to the Argentine Government, to the extent AA2000 has not previously redeemed such annual percentage for the respective year. The preferred shares accrue an annual dividend of 2% of the nominal value of the preferred shares, which shall be paid in kind with delivery of additional preferred shares and will be accumulated in the event AA2000 does not have sufficient retained earnings during a given fiscal period. In addition, the preferred shares have a priority over common shares in the event of liquidation. There are 616,914,353 preferred shares outstanding at December 31, 2017 (604,817,993 at December 31, 2016).

In addition to the airports operated under the AA2000 Concession Agreement, the Group also operates the Neuquén Airport, the Bahía Blanca Airport and the Termas de Rio Hondo Airport.

In 2001, the Government of the Province of Neuquén together with the ORSNA awarded the Group the concession agreement to operate the Neuquén Airport for an initial term of 20 years, which is set to expire in 2021. Likewise, in 2008 the Municipality of Bahia Blanca together with the ORSNA awarded the Group the concession to operate the Bahía Blanca Airport for an initial term of 26 years, which is set to expire on 2033. Both concession agreements provide the possibility of extension upon approval.

The Group operates the Termas de Rio Hondo Airport in Argentina, pursuant to an agreement between AA2000 and the Province of Santiago del Estero, but there is no written concession agreement with the Argentine Government. As of the date of these consolidated financial statements, there are certain regulatory approvals pending to include the Rio Hondo Airport within the AA2000 Concession Agreement. The Neuquén Airport, the Bahía Blanca Airport and the Termas de Rio Hondo Airport are not material to the Group´s business.

Uruguayan Concession Agreements

Puerta del Sur S.A. (“PDS”) signed with the Uruguayan Government a concession agreement which grants until the year 2033 the management,exploitation, construction, maintenance and operation of Carrasco International Airport “Gral. Cesáreo L. Berisso”.

Consorcio Aeropuertos Internacionales S.A. signed with the Uruguayan Government a concession agreement which grants until the year 2019 for the reconstruction, maintenance and partial operation of the services of International Airport C/C Carlos A. Curbelo (Laguna del Sauce) – Punta del Este.

Obligations Assumed by PDS as Concessionaire

- Use the assets, facilities, material and human resources for associated with the provision of aeronautical and commercial services under the concession agreement exclusively for that purpose.

- Make investments in construction, new works, repair, upgrade, preservation and maintenance, as described in the technical attachments to the concession agreement, according to the investment schedule. In addition, perform the necessary investments in response to the growth in the national and international traffic of passengers and cargo.

- Take on all necessary measures so that the Carrasco International Airport is at least under the following categories: to be included in the following categories of the International Air Transport Association (“I.A.T.A”): (a) Category 1 Instrumental; (b) Category 4E regarding the state of the landing strip; (c) Category 9 regarding fire protection; and (d) at least in Category C of I.A.T.A).

- Pay the annual concession fee under the terms and conditions of the concession agreement.

- Maintain the guarantees and insurance policies valid and current. Keeping and maintaining the facilities received under concession in perfect operating conditions and in full operations (24 hours a day, seven days a week) and replacing them as deemed necessary in the event of destruction or obsolescence and updating them to reflect the latest technological advances.

The Integrated Management Contract also establishes:

- The contract term shall be 20 years as from November 21, 2003, and may be extended for a further 10-year term, at PDS's request and subject to the approval of the Uruguayan government.

- An amendment to the contract dated September 2, 2014, were the option to extend was exercised by PDS and the concession was extended until November 20, 2033.

- The maximum prices to be charged by PDS at the Carrasco airport for landing, aircraft, parking, cargo and aircraft services.

- The fee payable to the National Airport Infrastructure and Civil Aviation Authority in Uruguay ("DINACIA"), as well as the frequency of those payments.

- The amount of the guarantees to be provided in favor of the Uruguayan Ministry of Defense for:

- the obligations of the purchaser (the Company) to hire an airport operator, investments and payment of capital; and

- the obligations of PDS for performance under the concession agreement.

- PDS is required to engage and maintain an airport operator who, in turn, is in charge of providing advice to PDS in the following service areas; airplanes, passengers, mailing and cargo.

Fees

Pursuant to the concession agreement, Puerta del Sur is required to pay to the Uruguayan government an annual fee, which will be the higher of: a) USD 4,401; or b) the amount resulting from multiplying the work units (per passenger or per each 100 kilograms of cargo or mailing) by USD 0.00405, plus applicable cargo fees.

Guarantees

Based on the above, PDS is required to provide the following guarantees: a guarantee securing the completion of the construction work of the new terminal (a USD 2.3 million guarantee is in place for Group 1 and 2 works) and a performance guarantee for USD 6 million, that will be returned to PDS six months after the expiration of the Carrasco Airport Concession Agreement.

Insurance

PDS must contract civil liability insurance against damages, losses or injuries that could be caused to persons or property in relation to the performance under the concession agreement, with itself and the Uruguayan Ministry of Defense as beneficiaries, to cover all risks until termination or expiration of the concession. The minimum coverage amount is USD 250 million.

Ecuadorian Concession Agreement

Terminal Aeroportuaria de Guayaquil S.A. (“TAGSA”) has a concession agreement which grants until July 27, 2024 the development, operation and maintenance of Guayaquil airport, José Joaquin de Olmedo (“JJO”).

Obligations Assumed by TAGSA as Concessionaire

The main obligations under the concession are:

- Design and construction of the works and investment specified in the Concession Agreement during the initial, intermediate and final phases, and expansion of the national terminal.

- Operate and manage the JJO from the date of commencement of operations.

- Establish regulations for the normal development of JJO.

- Preventive and corrective maintenance of the JJO, including (i) all necessary repairs of the facilities, equipment and other concession assets built, acquired or incorporated by the TAGSA or pre-existing in the JJO and (ii) maintaining the facilities, equipment and other assets to prevent deterioration.- Taking all the necessary measures to protect the environment of the Guayaquil Airport and avoid or limit pollution disturbances to individuals and properties and other harmful results to the environment due to the rendering of aeronautic services and non-aeronautic services.

-Payment of the annual concession amount

-Provision of other non-aeronautic services, which include common commercial services such as food, beverages, counters, check-in desks at the terminal, etc., and facultative commercial services such as VIP lounges, souvenirs sale, cargo, etc. Rates for such services are fixed directly by TAGSA.

Fees

TAGSA is required to pay the annual concession amount to a trust, which amounts to 50.25% of gross revenues from tariffs and charges, and certain other commercial revenues from the operation of JJO to the Trust Fund for Development of the New Airport of Guayaquil, plus a fixed amount of USD 1.5 million per year for administrative services.

Guarantees

TAGSA is required to maintain a performance bond as security for the timely fulfillment of the obligations under the concession agreement of USD 3 million for the rest of the concession. In addition, TAGSA is required to maintain a performance bond for the payments to the Trust for the development of the new Guayaquil Airport that corresponds to an amount of 20% of the amount that is required to be paid by TAGSA to the Trust minus the amount of the performance bond of Guayaquil Concession Agreement. The current amount of the performance bond is USD 5 million.

ECOGAL is required to deliver a performance bond of USD 700,000 to the DGAC, which should be in place during the term of the Galapagos Concession Agreement. The bond was issued by Seguros Oriente S.A., a financial institution in Ecuador, and is in force until April 14, 2018.

Brazil Concession Agreement

Inframérica Concessionária do Aeroporto de Brasília S.A. and Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. signed with the Brazilian regulatory authority (the Brazilian ANAC) a concession agreement which grants the construction, operation and maintenance of the airports of Brasilia, for a period of 25 years from 2012, and the airport of Natal (São Gonçalo do Amarante) for a period of 28 years, since 2011. They can be extended for another five years if necessary to reestablish economic equilibrium.

Obligations Assumed by Inframérica Concessionária do Aeroporto de Brasília S.A. and Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. as Concessionaires

- providing adequate service to passengers and users of the airport, as defined in Article 6 of Federal Law 8.987/95 (the Brazilian Concessions Law), using all means and resources available, including, but not limited to, making any necessary investments to expand airport operations to sustain the required service levels, based on the existing demand and the provisions set forth in the Airport Operation Plan;

 - implementing services and management programs, and offering training programs to its employees for purposes of improving services and the convenience of users in order to meet the requirements set forth in the applicable Airport Operation Plan;

- providing proper service, defined under the Airport Operation Plan as regular, continuous, efficient, safe, up to date, broad and courteous services at a fair price, to the general public and airport customers;

- performing all services, controls and activities related to the concession agreement, with due care and diligence, employing the best available practices in every task performed;

- presenting ANAC with an Infrastructure Management Plan and Service Quality Plan every five years for the entire term of each of the Brazilian Concession Agreements:

- submitting to the approval of the Brazilian ANAC any proposal for the implementation of service improvements and new technologies, as provided for under the concession agreement and applicable regulations; and

- developing and implementing plans for dealing with emergencies at the airports, and maintaining for such purposes the human resources guidelines and other training materials required by industry regulations and the applicable Airport Operation Plan.

Fees

Grant payment obligations arising from these concession agreements are described in Note 22.

Guarantees

Under the Brazilian Concession Agreements, the Brazilian concessionaires are required to provide certain performance bonds in the amounts and for the events listed below:

Event	Amount of the Performance Bond (in R$)	Amount of the Performance Bond (in USD)
Natal Concession Agreement
Phase I of the Natal Concession Agreement	65 million	19.7 million
Phase II of the Natal Concession Agreement (from the formal commencement of Phase II until the end of the contract)	6.5 million	1.9 million
Current amount of Phase II	11.9 million	3.6 million
Investment Trigger of the Natal Concession Agreement	10% of the amount of planned investments
Brasilia Concession Agreement
During Phase I-B of the Brasilia Concession Agreement	266.7 million	80.6 million
After completion of Phase I-B of the Natal Concession Agreement or at the termination of the contract	133.3 million	40.3 million
Current amount of Phase II	188.5 million	56.9 million
Investment Trigger of the Brasilia Concession Agreement	10% of the amount of planned investments
Upon termination of the Brasilia Concession Agreement, for a period of 24 months after the termination of the agreement.	19.1 million	5.8 million

The AAP Concession Agreement

AAP is required to provide a guarantee with respect to compliance of all of its obligations under the AAP Concession Agreement, including the payment of any penalties and the levels of quality and service of the works. The AAP Concession Agreement performance bond does not cover the obligations guaranteed by the AAP Construction performance bond specified below. The AAP Concession Agreement performance bond required amounts is USD 4.5 million on the date of the execution of the AAP Concession Agreement, and must be renewed annually until two years after the termination of the AAP Concession Agreement.

AAP is required to provide a guarantee of the execution of the works, including the payment of any penalties. The AAP Construction performance bond will guarantee (i) during the initial construction period, a total of 10% of the sum of the amounts established in the work execution program, that must renewed annually during the duration of this stage and the following three months, and (ii) during the remaining period, a total of 20% of the sum of the amounts established in the Annual Investment Plan for the Remaining Period Works, and must be renewed annually until 12 months after the complete execution of the works.

Armenian Concession Agreement

Armenia International Airports CJSC has been awarded a concession agreement which grants until year 2032 the exclusive rights of exploitation, administration, maintenance and operation of Yerevan airport, Zvartnots. At the end of the concession period, the Company has the option to indefinitely extend the term of the concession agreement for additional periods of five years. The Armenian Concession Agreement does not require Armenia International Airports CJSC to pay any fee or other consideration of any kind whatsoever for the rights granted to it under the Armenian Concession Agreement.

Within the scope of the Armenian Concession Agreement the Company planned to build a new terminal in three phases. The first two phases are completed, which mainly included the construction of a new terminal for arrivals and departures.

Obligations Assumed by the Concession Manager

Under the terms of the Armenian Concession Agreement, the Concession Manager shall:

- undertake and warrant the normal and permanent rendering of aviation services;

- manage and operate the airports according to internationally accepted airport standards;

- comply with the Master Plan;

- obtain, at its own cost and risk, adequate financing and management resources to modernize the physical infrastructure of the airport, to ensure compliance with applicable regulatory standards and to improve the quality of their management;

- provide the Armenian Government with the ground spaces required for the performance of customs, migration, defense, security, safety, phyto-zoo sanitary and bromatological controls and public health activities, as long as they are and remain activities directly performed by Armenian Government agencies and bodies. If the Armenian Government decides to delegate any of such activities to the private sector, the Concession Manager shall have a right of first refusal for the performance of such activities, which right must be exercised within a period of 30 days as from the announcement of any bid by a third party;

- provide the Armenian Government with an annual report (and such other reports as the Armenian Government may reasonably request) on the development of the management, exploitation and operation of the airport, which will include data regarding traffic, revenues and investments;

- manage, operate and exploit the airport activities, directly or through contracts with third parties, subject to the limitations set forth in the Armenian Concession Agreement;

- collect from all of the users (including the airlines and all other public or private persons performing activities or exercising any authority in the airport) the corresponding airport charges and the fees which the Concession Manager may establish from time to time; and

 - construct, maintain and/or operate, on its own account or through any third parties, any hangars, fuel storage plants or aircraft supply plants, customs warehouses and/or any other warehouses or premises related to the handling of air cargoes or the aeronautical operation in general.

Every five years during the term of the concession, the Company is required to submit a Master Plan to the Government of the Republic of Armenia, which describes the works to be executed in that five-year period, including the corresponding preliminary estimates and also sets forth the guidelines for the works and operations related to improvement and maintenance of the Airport during the remaining part of the term, as well as the description of actual works. The Master Plan will be updated every five years and extended to cover the 30 year term of the Armenian Concession Agreement.

According to the concession agreement, the total investment commitments required for the next 12 months are USD 8 million, for the period between 1 year and 5 years USD 75 million and for the period after 5 years USD 11 million.

Italy Concession Agreement

Toscana Aeroporti S.p.A. (“TA”) has the concession of the airports of Pisa and Florence until 2043 and 2046, respectively.

The concession for Pisa Airport (“Pisa Concession”) was approved on December 7, 2006, with the Inter-Ministerial Decree issued by the Ministry of Transportation, the Ministry of the Economy and the Ministry of Defense. The Concession Agreement will expire on December 7, 2046.

The Florence Concession was approved on March 11, 2003, with the Inter-Ministerial Decree issued by the Ministry of Infrastructure and Transport and the Ministry of the Economy and Finance.

In order to meet the urgent need to implement the relevant legal framework, the abovementioned Inter-Ministerial Decree provided the extension of the duration of the concession to 40 years. The Concession Agreement will expire on February 10, 2043.

Obligations Assumed by TA as Concessionaire

Under the terms of the Pisa and Florence Concession Agreement, TA is responsible for developing, managing, exploiting, operating and maintaining Pisa Airport, which includes, inter alia, the performance of the following obligations and activities:

- paying the annual concession fee;

- adopting all appropriate measures in favor of the neighboring territorial communities and their security;

- organizing and managing the airport business, ensuring the optimal use of available resources for the purpose of providing an adequate level of services and activities, to be carried out in compliance with the principles of security, efficiency, cost effectiveness and environmental protection;

- providing its services under conditions of continuity and regularity, in compliance with the impartiality principle and in accordance with the applicable non-discrimination rules;

- obtaining prior authorization from ENAC to appoint sub concessionaires to carry out airport activities and to give prior written communication to ENAC of the sub concession of other activities (e.g., commercial activities), in any case ensuring that the relative third party sub concessionaires take out an insurance policy to cover the risks related to their respective activities;

- providing all of the necessary support for the relevant public administrations to carry out their emergency and health services within the context of the airport business and management;

- adopting all necessary measures to ensure the provision of the fire-fighting service;

- ensuring the carrying out of airport security control services;

- complying with the relevant obligations provided under the applicable framework and periodically communicating data on the quality of offered services to ENAC;

 - preparing and presenting to ENAC a report on the implementation status of the operations program and related investment plan; and

- guaranteeing the suitability of the standards of offered services.

Fees

As consideration for both airport concessions granted by ENAC, TA is required to pay annual fees to be determined pursuant to Law No. 662/1996, which states that the relevant fees shall be the subject of the joint determination of the Ministry of Finance and the Ministry of Infrastructure and Transport.

The fees are established by Inter-managerial Decree (decreto interdirigenziale) dated June 30, 2003, which provides the adoption of a work load unit criteria, where each unit corresponds to one passenger or 100 kg of goods or post.

Guarantees

Suretyships provided to third parties on behalf of TA (€6.3 million as of December 31, 2017 and €7 as of December 31, 2016) mainly refer to performance bonds with ENAC (Italian regulatory authority) as beneficiary, in order to guarantee full and exact fulfillment of the obligations established with the two 40-year Conventions signed; of the Municipalities of Pisa and Florence to ensure compliance with municipal regulations in the execution of works for the expansion of the airports infrastructure by TA and other items.

Insurance

Under the Pisa and Florence Concession Agreement, TA shall procure an insurance policy, for an amount to be determined in agreement with ENAC, in order to cover a series of risks related to the assets used either directly or indirectly in the airport management business (e.g., fires, aircraft crashes, damages due to transported goods, machinery or natural events).

Under the terms of the Italian Concession Agreements, TA is required to present a long-term master plan for each individual airport. The master plan projections (including traffic, operating expenses, investment commitments, etc.) are used by ENAC to determine airport tariffs, and is revised every four years. Once approved by ENAC, the investment commitments in the master plan become binding obligations under the terms of the respective Concession.

On November 3, 2015, it was received the technical approval by ENAC of 2014-2029 master plan for Florence Airport. The master plan is subject to the Environmental Impact Assessment (Valutazione di Impatto Ambientale (VIA)), which was approved by the Ministry of the Environment on December 3, 2016. The ministerial decree regarding the VIA has yet to be signed. Once the VIA procedure is completed, the urban planning assessment procedure will commence.

In April 2015, ENAC approved, from a technical perspective, 2015-2028 master plan for Pisa Airport. TA, through ENAC, has initiated the urban planning compliance procedure with the Ministry of Transport, after which all the works envisaged in the master plan will be considered compliant in terms of urban planning, approved and non-deferrable.

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

As of December 31, 2017, 2016 and 2015, equity as defined under Luxembourg laws and regulations consisted of:

	At December 31, 2017		At December 31, 2016		At December 31, 2015
Share capital		1,500,000		20		20
Legal reserve		2		2		-
Free distributable reserves		385,055		1,907,328		330,007
Retained earnings		31,206		27,723		56,388
Total equity in accordance with Luxembourg law		1,916,263		1,935,073		386,415

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

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

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Business combinations, other acquisitions and investments

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about business combination [abstract]

Business combinations, other acquisitions and investments

26 Business combinations, other acquisitions and investments

In December 2015, ACI Airports International S.à r.l. acquired 43.05% of the shares of Inframérica Participaçoes S.A. (“Inframérica”) and 49,95% of Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”) in order to gain control of the aforementioned companies. Inframérica is the owner of the 51.00% interest in Inframérica Concessionaria do Aeroporto do Brasilia S.A. (“ICAB”). As of December 31, 2016, A.C.I. Airports International owns 50.98% of the capital stock and voting rights of ICAB and 99.96% of ICASGA.

The total purchase price was USD 55 million. For accounting purposes the Group assessed these acquisitions as a single acquisition.

The fair value of the net assets acquired amounted to USD 189 million. The most significant assets acquired represented concession assets at a fair value of USD 1,34 billion. Goodwill was measured at acquisition date as the amount by which the aggregate of (i) the fair value of consideration transferred plus (ii) the fair value of the non-controlling interest recognized plus (iii) the fair value of the previously held interest in the acquired entities exceeds the total fair value of net assets acquired recognized in accordance with IFRS 3. Goodwill amounted to USD 51 million. This goodwill is not expected to be deductible for tax purposes.

In connection with the fair value of net assets acquired, assets and liabilities included in the Consolidated Statement of Financial Position are mainly related with those assets and liabilities acquired in the above mentioned business combinations and other acquisitions and investments.

There are no significant expenses related to this business combination.

The assets and liabilities recognized as a result of the business combination is as follows:

ASSETS
Non-current assets
Intangible assets, net	1,340,634
Property, plant and equipment, net	1,752
Deferred tax assets	43,265
Other receivables	26,242
	1,411,893
Current assets
Other financial assets	17,085
Other receivables	13,320
Trade receivables	13,851
Cash and cash equivalents	15,518
	59,774
Total assets	1,471,667
Net identifiable assets acquired	56,906
Non-controlling interest	132,202
LIABILITIES
Non-current liabilities
Borrowings	316,451
Other liabilities	842,526
	1,158,977
Current liabilities
Borrowings	16,525
Other liabilities	79,755
Trade payables	27,302
	123,582
Total liabilities	1,282,559
Total equity and liabilities	1,471,667

If the acquisition had occurred on January 1, 2015, consolidated pro-forma revenue and profit for the year attributable to the owners of the parent ended 31 December, 2015 would have been USD 1,299 million and a loss of USD 18 million, respectively.

Accounting policy choice for non-controlling interests

The group recognizes non-controlling interests in an acquired entity either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. This decision is made on an acquisition-by-acquisition basis. The Company has elected to recognize the non-controlling interests in ICAB at fair value. See note 2.F for the group’s accounting policies for business combinations.

Previously held equity interest in both acquired entities

The previously held interest in both acquired entities was re-measured at fair value at acquisition date. The result of such remeasurement was a gain of USD 11,504 and was included in share of income or loss in associates in the statement of income.

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Related party balances and transactions

12 Months Ended

Dec. 31, 2017

Related party transactions [abstract]

Related party balances and transactions

27 Related party balances and transactions

Corporación América Airports S.A. is controlled by ACI Airports S.à r.l., which is controlled by ACI Holding S.à r.l., which is controlled by Corporación América International S.à r.l. (previously denominated America Corporation International S.à r.l.), Luxembourg’s companies.

Corporación América International S.à r.l. is controlled by Liska Investments Corporation, a company incorporated under the laws of the British Virgin Islands.

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

Interests in subsidiaries are set out in Note 2.B.

Transactions and balances with “Associates” are those carried out with entities over which CAAP exerts significant influence in accordance with IFRS, but does not have control. Transactions and balances with related parties, which are not associates and are not consolidated are disclosed as “Other related parties”.

The Group receives services from related parties, such as internal audit, management control, financial assistance, technology outsourcing services and construction services. The Group has also significant assets and liabilities arise from financial agreements with related parties.

Summary of balances with related parties are:

	At December 31,
	2017			2016			2015
Year-end balances
(a) Arising from sales / purchases of goods / other
Trade Receivables with Associates		-			229			-
Trade Receivables with other related parties		1,130			1,255			5,423
Other Receivables with Associates		5,555			-			3,827
Other Receivables with other related parties		9,775			9,025			14,060
Other Financial Assets with Associates		-			7,769			11,530
Other Financial Assets with other related parties		3,621			-			11,818
Trade Payables to other related parties		(5,667	)		(8,625	)		(5,212	)
		14,414			9,653			41,446
(b) Financial debt
Borrowings owed to other related parties (*)		(34,651	)		(22,220	)		(618	)
		(34,651	)		(22,220	)		(618	)
(c) Other liabilities
Other liabilities -  other related parties		(34,948	)		(31,969	)		(29,764	)
		(34,948	)		(31,969	)		(29,764	)

(*) Loans with related parties are secured by cash collateral by a company controlled by the Group of the Shareholder and were paid on February 8, 2018, see Note 31 “Indebtedness”.

	For the year ended
	2017			2016			2015
Transactions
Cash contribution and contributions in kind		6,600			1,577,321			329,101
Refund of shareholder contributions		(28,893	)		-			-
Commercial revenue		6,790			4,067			5,967
Fees		886			473			(1,818	)
Interest accruals		(3,159	)		(824	)		2,468
Acquisition of goods and services		(13,950	)		(10,270	)		(8,171	)
Others		(900	)		200			-

Remuneration received by the Group’s key staff (company`s directors) amounted to approximately 2.6% of total remunerations accrued at December 31, 2017, 3.4% accrued at December 31, 2016 and 2.6% accrued at December 31, 2015.

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Cash flow disclosures

12 Months Ended

Dec. 31, 2017

Disclosure Of Cash Flow Statement [Abstract]

Cash flow disclosures

28 Cash flow disclosures

	At December 31,
Changes in working capital	2017			2016			2015
Other receivables and credits		(78,303	)		(97,038	)		(64,221	)
Inventories		(909	)		987			4,385
Other liabilities		(171,741	)		(57,779	)		(111,250	)
		(250,953	)		(153,830	)		(171,086	)

The most significant non-cash transactions are detailed below:

	For the year ended December 31, 2017			For the year ended December 31, 2016			For the year ended December 31, 2015
Intangible assets acquisition with an increase in Borrowings/Other liabilities		(1,591	)		(3,260	)		-
Dividends not paid		(2,007	)		-			-
Property, plant and equipment acquisitions with an increase in Other liabilities		(9	)		-			-
Borrowings cost capitalization		(9,301	)		-			-
Contribution in kind in associates		(17,950	)		-			-
Decrease in Intangible with an decrease in Other liabilities (Note 22)		(84,075	)		-			-
Assignment of credits		(4,744	)		-			-
Payment of Commitments to the grantor with a decrease in Other receivables and credits		64,284			-			-
Contributions in kind(*)		-			1,556,827			320,798
Dividends distribution(*)		-			(49,960	)		(298,764	)
Refund of contributions(*)		-			-			(497,660	)
Loans repayment – assignment of credits(***)		-			-			(74,477	)
Spin-off of assets and liabilities(****)		-			-			(62,539	)
Disposals of subsidiaries/associates(**)		-			-			322,960

(*) See note 24.

(**) This includes other receivables from disposals of discontinued operations (see note 28) and other receivables from disposals of associates which was contributed in the year 2016 in the free distributable reserve of the Company (see note 24).

(***) This corresponds to a settlement of a loan by assignment of credits to the borrowers. 

(****) This corresponds to assets and liabilities transferred outside the Group through spin-off of equity.

Reconciliation of debt:

According to the IAS 7, the movements in the debt of the year that impact on the cash flow as part of the financing activities are detailed below:

	Bank and financial borrowings		Notes		Loans with related parties			Other			Total
Values at the beginning of the year		604,102		475,639		22,220			5,280			1,107,241
Cash flows		99,725		129,491		10,525			(2,531	)		237,210
Foreign exchange adjustments		6,117		14,686		(82	)		(282	)		20,439
Other non-cash movements		55,386		62,599		1,988			1,582			121,555
Balances as of December 31, 2017		765,330		682,415		34,651			4,049			1,486,445

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Discontinued Operations

12 Months Ended

Dec. 31, 2017

Discontinued Operations [Abstract]

Discontinued Operations

29 Discontinued Operations

As a result of the corporate reorganization process mentioned in Note 1, during 2016 the Group sold its equity participations in Helport do Brasil S.A. (August 31, 2016), Hidroaconcagua S.A. (October 20, 2016), as well as other smaller entities.

Considering that there were companies not related to the airport industry, they were included as discontinued operations.

Summarized information of Statement of Income is as follows:

	For the year ended December 31, 2017		For the year ended December 31, 2016			For the year ended December 31, 2015
Revenues		-		5			261,686
Cost of services		-		(92	)		(203,230	)
Gross profit		-		(87	)		58,456
Selling, general and administrative expenses		-		(796	)		(7,314	)
(Loss)/ income on disposal of discontinued operations		-		(8,916	)		92,167
Other operating expense		-		(228	)		(5,591	)
Operating (loss)/ income		-		(10,027	)		137,718
Financial result, net		-		548			(19,809	)
(Loss)/ income before equity in earnings of associates and income tax		-		(9,479	)		117,909
Share of income or loss in associates		-		62			(10,806	)
(Loss)/ income before income tax		-		(9,417	)		107,103
Income tax		-		(61	)		1,884
(Loss)/ income from discontinued operations		-		(9,478	)		108,987
Currency translation adjustment		-		4,277			(4,277	)
Total comprehensive (loss)/ income for the year		-		(5,201	)		104,710

Summarized cash flow information is as follows:

	At December 31, 2017		At December 31, 2016			At December 31, 2015
(Decrease)/ Increase in cash		-		(7,655	)		15,227
Used in operating activities		-		(8,155	)		(41,969	)
Provided by/(used in) investing activities		-		500			(139,531	)
Provided by financing activities		-		-			196,727

Financial information relating to the discontinued operations of the companies sold for the year 2017, 2016 and 2015 to the date of disposal is set out below;

	2017		2016		2015
Non-current assets		-		13,721		460,499
Current assets		-		38,997		228,663
Total assets		-		52,718		689,162
Non-current liabilities		-		6,552		279,662
Current liabilities		-		30,551		157,315
Total liabilities		-		37,103		436,977
Total attributable to owners of the parent		-		15,304		185,529
Non-controlling interests		-		311		66,656
Total equity and liabilities		-		52,718		689,162

The aggregate effects of disposals of subsidiaries are as follows:

	2017		2016			2015
Net identifiable assets disposed		-		15,304			156,716
Spin-off of net assets		-		-			28,813
Transfer from shareholders equity – currency translation differences		-		3,993			58,150
(Loss)/Income  from discontinued operations		-		(8,916	)		92,167
Other receivables from disposals		-		-			273,000
Net cash inflow on disposal of discontinued operations		-		10,381			34,033
Less: Cash and cash equivalents in subsidiaries disposed		-		(8,593	)		(44,030	)
Net cash provided by/(used in) investing activities		-		500			(139,531	)
Net cash used in discontinued investing activities		-		(8,093	)		(183,561	)

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Earnings per share

12 Months Ended

Dec. 31, 2017

Basic earnings per share [abstract]

Earnings per share

30 Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Group by the weighted average number of shares resulting from the Conversion and the Reverse Stock Split, which were implemented in two stages::

- Stage 1: Conversion that implies an increase to 1,500,000,000 common shares as explained in Note 1.

- Stage 2: Reverse stock split from 1-to-10.12709504 approved by the shareholder on January 19, 2018 that implies a reduction of the outstanding common shares from 1,500,000,000 to 148,117,500 common shares. The nominal value of USD 1 of each common share has not changed because of the Reverse Stock Split, which become effective as of the date of its approval.

The Conversion and the Reverse Stock Split has been given a retrospective effect.

The following tables shows the net income and the number of shares that have been used for the calculation of the basic earnings per share total, of continuing and discontinued operations: 

	2017		2016		2015
Income/ (loss) attributable to equity holders of the Group		63,491		43,236		(11,039	)
Weighted average number of shares (thousands)		148,118		148,118		148,118
Basic income/(loss) per share of continuing operations		0.43		0.29		(0.07	)

	2017		2016			2015
(Loss)/ income of discontinued operations attributable to equity holders of the Group		-		(9,477	)		116,529
Weighted average number of shares (thousands)		148,118		148,118			148,118
Basic (loss)/ income per share of discontinued operations		-		(0.06	)		0.79

	2017		2016		2015
Income attributable to equity holders of the Group		63,491		33,759		105,490
Weighted average number of shares (thousands)		148,118		148,118		148,118
Basic income per share of continuing and discontinued operations		0.43		0.23		0.71

As of the date of the issuance of these consolidated financial statements, there are no CAAP instruments outstanding that imply the existence of potential ordinary shares. Thus the basic net income per share matches the diluted net income per share.

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Subsequent events

12 Months Ended

Dec. 31, 2017

Disclosure of non-adjusting events after reporting period [abstract]

Subsequent events

31 Subsequent events

Indebtedness

On January 8, 2018, CAI issued €60.0 million (USD 71.8 million) aggregate principal amount of 4.556% secured notes due 2024 (the “Italian Notes”). The proceeds of the Italian Notes were used to refinance and replace the 6.250% secured notes due 2019 issued by CAI in December 2014. Interest on the Italian Notes is payable annually in arrears on June 30 of each year. The Italian Notes will mature on December 31, 2024. The Italian Notes are secured by an economic first ranking pledge in respect of all the shares representing 100% of the share capital of CAI, 100% of the share capital of Dicasa Spain S.A.U. and the shares representing CAI’s holding in TA.

On February 7, 8, and March 7, 2018, CAAP repaid the outstanding amount of USD 126,690.8 with Goldman Sachs, Converse Bank, Orotun S.A. and Julius Baer & Co. Ltd.

On March 14, 2018 BNDES has approved an amendment and extension of the loan agreements with ICAB that involves extending the final maturity and the interest-only payment terms of such loans for two years, and providing an interest capitalization period for 50% of the interest due for two years. In addition, such agreements increased the size of the credit facility commitments by R $300 million (USD 91.9 million).

With the proceeds of these loans, ICAB has repaid the credit facilities provided by Banco Santander Bridge and the Citibank for a total amount of USD 106.6 million (approximately $R 348).

As a result of this operation, the guarantee deposit held by CAAP has been released (approximately USD 92.9 million).

Initial Public Offering

On January 19, 2018, the Shareholder approved a 1-to-10.12709504 reverse stock split of its common shares, consequently decreasing the outstanding common shares from 1,500,000,000 common shares to 148,117,500 common shares (the “Reverse Stock Split”). The nominal value of USD 1.00 of each common share did not change as a result of the Reverse Stock Split.

On February 2, 2018, CAAP submitted the final prospectus to the U.S. Securities and Exchange Commission as an initial public offering of common shares of Corporación América Airports S.A. which was declared effective by such commission. The offering was of 11,904,762 common shares and the Shareholder offered 16,666,667 common shares which were fully subscribed. As a consequence of the Initial Public Offering, the share capital of CAAP has increased to 160,022,262 shares. The initial public offering price per common share was USD 17.00.

On February 5, 2018 the Executive Committee; in accordance with (i) the provisions of the articles of associations of the Company, and (ii) the resolutions taken by the Company´s board of directors wihich determined and confirmed the creation and composition of the Executive Committee and also the powers delegated to it with respect of the Initial Public Offering; resolves to approve the issuance of the new shares, acknowledge having received sufficient evidence showing that the subscription price of the new shares has been paid, and the amendment of the articles of associations in respect of the new share capital of USD 160,022,262.

Additional acquisitions and contributions in subsidiaries

On February 19, 2018, CAI announced that has entered into an agreement with Fondazione Pisa to purchase an additional 4.568% of the share capital of Toscana Aeroporti S.p.A, for a purchase price of €15.80 per share, equal to a total purchase price of €13,433. As a result of the acquisition, CAI will hold approximately 55.698% of Toscana Aeroporti’s share capital.

On February 21, 2018 CAAP has approved a cash contribution in Inframérica Participaçoes for approximately USD 46 million ($R 148.3 million)

On March 14, 2018 with the proceeds from the release of the guarantee deposit mention above, CAAP has approved a cash contribution in Natal for approximately USD 82.9 million ($R 270 million).

There are no other subsequent events that significantly affect the Company’s financial position as of December 31, 2017.

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Basis of presentation and accounting policies (Policies)

12 Months Ended

Dec. 31, 2017

Disclosure Of Basis Of Preparation And Significant Accounting Policies [Abstract]

Basis of preparation

Basis of preparation

The Group’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB) and the Interpretations of the International Financial Reporting Interpretations Committee (IFRIC) applicable to companies reporting under IFRS. The consolidated financial statements comply with IFRS as issued by the International Accounting Standards Board (IASB).

Presentation in the consolidated statement of financial position differentiates between current and non-current assets and liabilities. Assets and liabilities are regarded as current if they mature within one year or within the normal business cycle of the Group, or are held for sale.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 2.F.

Several balance sheet consolidated statements of final position and consolidated statement of income items have been combined in the interests of clarity. These items are stated and explained separately in the notes to the consolidated financial statements. The statement of income is structured according to the function of expense method (nature of the expenses is classified in notes).

The consolidated financial statements are presented in thousands of U.S. Dollars unless otherwise stated. All amounts are rounded off to thousands of U.S. Dollars unless otherwise stated.

As such, insignificant rounding differences may occur. A dash (“—”) indicates that no data was reported for a specific line item in the relevant financial year or period or when the pertinent figure, after rounding, amounts to nil.

The fiscal year begins on January 1 and ends on December 31.

New and amended standards adopted by the Group

New and amended standards adopted by the Group

The group has applied the following standards and amendments for the first time for their annual reporting period commencing on 1 January 2017:

IAS 12, “Income tax”

In February 2016, the IASB issued certain amendments to clarify the requirements for recognition of deferred tax assets for tax unrealized losses, effective from January 1, 2017.

IAS 7, “Cash Flow Statement”

In February 2016, the IASB issued an amendment by which requires that an entity disclose information that enables users to understand the changes in liabilities arising from financing activities, effective from January 1, 2017.

The adoption of these amendments had no impact on the amounts recognized in previous years. Most modifications will also not affect current or future periods. The amendments to IAS 7 require the disclosure of changes in liabilities arising from financing activities, see Note 28.

New and amended standards not yet adopted for CAAP

New and amended standards not yet adopted for CAAP

Certain new accounting standards and interpretations have been published that are not mandatory for December 31, 2017 reporting periods and have not been early adopted by the group. The group’s assessment of the impact of these new standards and interpretations is set out below.

IFRS 9, "Financial Instruments"

IFRS 9 - Financial Instruments, and subsequent amendments, issued in July 2014. This standard is effective for fiscal years beginning January 2018 and replaces the previously issued versions and establishes new requirements for hedge accounting and a new model of impairment for financial assets.

The group has reviewed its financial assets and liabilities and is expecting the following impact from the adoption of the new standard on 1 January 2018:

The majority of the group’s financial instruments are currently classified as held to maturity. Those instruments will satisfy the conditions for classification as amortized cost and hence there will be no change to the accounting for these assets.

In respect of other financial assets measured at fair value through profit or loss, there will be no change to the accounting for these assets.

There will be no impact on the group’s accounting for financial liabilities, as the new requirements only affect the accounting for financial liabilities that are designated at fair value through profit or loss and the group does not have any such liabilities. The derecognition rules have been transferred from IAS 39 Financial Instruments: Recognition and Measurement and have not been changed.

As the Group has no hedging instruments, the new hedging requirements will not affect the Group´s financial condition or results of operations.

The new impairment model requires the recognition of impairment provisions based on expected credit losses (ECL) rather than only incurred credit losses as is the case under IAS 39.

It applies to financial assets classified at amortized cost, debt instruments measured at fair value measured through other comprehensive income (“FVOCI”), contract assets under IFRS 15 Revenue from Contracts with Customers, lease receivables, loan commitments and certain financial guarantee contracts.

According to the evaluations made to date, a non-significant increase in the estimate of losses for uncollectable is expected in approximately 2.6% of the total trade receivables. It also introduces broader disclosure requirements and changes in presentation. Therefore, the nature and extent of the disclosures of financial instruments are expected to change, particularly in the year of adoption of the new standard.

The Group will apply the new rules retrospectively as of January 1, 2018, with the practical expedients allowed by the standard.

IFRS 15, “Revenue from contracts with customers”

IFRS 15, ‘Revenue from contracts with customers’ deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers.

Revenue is recognized when a customer obtains control of a good or service and thus has the ability to direct the use and obtain the benefits from the good or service. The standard replaces IAS 18 ‘Revenue’ and IAS 11 ‘Construction contracts’ and related interpretations. The standard is effective for annual periods beginning on or after 1 January 2018. The Company´s management has determine that the adoption of this standard will not have a significant impact on the Company´s financial condition or results of operations.

The Group intends to adopt this standard using the modified retrospective approach, meaning that the cumulative impact of the adoption will be recognized in retained earnings as of January 1, 2018 and that comparatives will not be changed.

IFRS 16, “Leases”

In January 2016, the IASB issued IFRS 16, "Leases", which will result in almost all leases being recognized on the balance sheet, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognized. IFRS 16 must be applied on annual periods beginning on or after January 1, 2019. The Company's management is currently assessing the potential impact that the application of this standard may have on the Company's financial condition or results of operations.

Other standards and interpretations non-significant for the Company’s financial statements:

-Amendment to IFRS 2 - Classification and Measurement of Share-based Payment Transactions -Annual Improvements to IFRS 2014-2016 cycle.

- IFRIC 22 - Foreign Currency Transactions and Advance Consideration.

- IFRIC 23 - Uncertainty over Income Tax Treatments.

There are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.

Group accounting policies

Group accounting policies

(1) Subsidiaries and transactions with non-controlling interests

Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no longer consolidated from the date control ceases.

The acquisition method is used to account for the business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred or assumed at the date of exchange, and the equity interest issued by the group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.

Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. Accounting treatment is applied on an acquisition by acquisition basis.

The excess of the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Consolidated Statement of Income.

Transactions with non-controlling interests that do not result in a loss of control are accounted as equity transactions with owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

Material inter-company transactions, balances and unrealized gains and losses have been eliminated in consolidation. However, financial gains and losses from intercompany transactions may arise when the subsidiaries have different functional currencies. These financial gains and losses are included in the Consolidated Statement of Income under Financial income and Financial loss.

(2) Associates

Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for by the equity method of accounting and are initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor`s share of profit or loss of the investee after the date of acquisition. The Company’s investment in associates includes goodwill identified on acquisition, net of any accumulated impairment loss.

Unrealized gains or losses arising from transactions between the Group and its associates are eliminated to the extent of CAAP’s interest in the associates. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group. The Company’s pro-rata share of earnings in associates is recorded in the Consolidated Statement of Income under Share of loss in associates and Share of other comprehensive income from associates. The Company’s pro-rata share of changes in other reserves is recognized in the Consolidated Statement of Changes in Equity under Other Reserves.

(3) List of Subsidiaries

Detailed below are the subsidiaries of the Company which have been consolidated in the Consolidated Financial Statements. The percentage of ownership refers to the direct and indirect ownership of Corporación América Airports S.A in their subsidiaries at each period-end.

Holdings companies

	Country of			Percentage of ownership at December 31,
Company	incorporation	Local currency	Main activity	2017			2016			2015
Abafor S.A. (*)	Uruguay	Uruguayan pesos	Holding company		100.00	%		100.00	%		100.00	%
ACI AIA S.à r.l(*)(**)	Luxembourg	Euros	Holding company		-			100.00	%		100.00	%
ACI Airport Sudamérica S.A.U.	Spain	Euros	Holding company		100.00	%		100.00	%		100.00	%
ACI Airports Italia S.A. (*)	Spain	Euros	Holding company		100.00	%		100.00	%		100.00	%
America International Airports LLC (AIA) (*)	USA	U.S. dollars	Holding company		100.00	%		100.00	%		100.00	%
Cargo & Logistics S.A. (*)	Argentina	Argentine pesos	Holding company		98.63	%		98.63	%		98.63	%
CASA Aeroportuaria S.A. (*)	Argentina	Argentine pesos	Holding company		99.98	%		99.98	%		99.98	%
Cedicor S.A (*)	Uruguay	Uruguayan pesos	Holding company		100.00	%		100.00	%		100.00	%
Cerealsur S.A.	Uruguay	Uruguayan pesos	Holding company		100.00	%		100.00	%		100.00	%
Corporación Aeroportuaria S.A. (*)	Argentina	Argentine pesos	Holding company		100.00	%		100.00	%		100.00	%
Corporación América Italia S.A.	Italy	Euros	Holding company		100.00	%		100.00	%		100.00	%
Corporación América S.A. (*)	Argentina	Argentine pesos	Holding company		95.37	%		95.37	%		95.37	%
Corporación América Sudamericana S.A.	Panamá	U.S. dollars	Holding company		94.68	%		94.68	%		94.68	%
DICASA Spain S.A. (*)	Spain	Euros	Holding company		100.00	%		100.00	%		100.00	%
GOFI Investments S.L (*)	Spain	Euros	Holding company		100.00	%		100.00	%		100.00	%
Inframérica Participaçoes S.A. (*)	Brazil	Brazilian real	Holding company		99.96	%		99.96	%		99.96	%
Yokelet S.L. (*)	Spain	Euros	Holding  company		100.00	%		100.00	%		90.00	%

(*)These companies do not have relevant net assets other than the share of ownership in the operating companies included in the table below.

(**) This company was dissolved on June 30, 2017.

Operating companies

	Country of			Percentage of ownership at December 31,
Company	incorporation	Local currency	Main activity	2017			2016			2015
Aerocombustibles Argentinos S.A.	Argentina	Argentine pesos	Fueling company		92.98	%		92.98	%		92.98	%
Aeropuerto de Bahía Blanca S.A.	Argentina	Argentine pesos	Airports Operation		81.06	%		81.06	%		81.06	%
Aeropuertos Argentina 2000 S.A.(“AA2000”) (***)	Argentina	Argentine pesos	Airports Operation		81.29	%		81.29	%		81.29	%
Aeropuertos del Neuquén S.A.	Argentina	Argentine pesos	Airports Operation		74.10	%		74.10	%		74.10	%
Arrnenia International Airports CJSC	Armenia	Dram	Airports Operation		100.00	%		100.00	%		100.00	%
CAI S.A.	Uruguay	Uruguayan pesos	Airports Operation		100.00	%		100.00	%		100.00	%
Enarsa Aeropuertos S.A.	Argentina	Argentine pesos	Fuel plants		76.29	%		76.29	%		76.29	%
Inframerica Concessionária do  Aeroporto de Brasilia S.A. (“ICAB”)	Brazil	Brazilian real	Airports Operation		50.98	%		50.98	%		50.98	%
Inframerica Concessionária do  Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”)	Brazil	Brazilian real	Airports Operation		99.97	%		99.96	%		99.95	%
Paoletti América S.A. (****)	Argentina	Argentine pesos	Service company		40.65	%		40.65	%		40.65	%
Puerta del Sur S.A.	Uruguay	Uruguayan pesos	Airports Operation		100.00	%		100.00	%		100.00	%
Servicios y Tecnología Aeroportuaria S.A.	Argentina	Argentine pesos	Service company		80.73	%		80.73	%		80.73	%
TCU S.A.	Uruguay	Uruguayan pesos	Service company		100.00	%		100.00	%		100.00	%
Terminal Aeroportuaria Guayaquil S.A. (“TAGSA”) (*****)	Ecuador	U.S. dollars	Airports Operation		49.99	%		49.99	%		49.99	%
Texelrío S.A.	Argentina	Argentine pesos	Service company		56.91	%		56.91	%		56.91	%
Toscana Aeroporti S.p.A.	Italy	Euros	Airports Operation		51.13	%		51.13	%		51.13	%
Villalonga Furlong S.A.	Argentina	Argentine pesos	Service company		78.91	%		78.91	%		78.91	%

(***) Includes a 9.35% direct interest of Cedicor S.A. in AA2000, acquired by Cedicor S.A. in 2011. This participation is subject to the authorization by the ORSNA pursuant to section 7.2 of the Argentine Concession Agreement. As of the date of issuance of these Consolidated Financial Statements, the ORSNA has not issued any resolution approving or rejecting the aforementioned transaction. While this approval is pending, all economic and political rights pertaining to the shares, including all distributed dividends, have been assigned to Cedicor S.A.

(****) The group has control over this company based on having majority representation in the board, power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

(*****) The group has control over this company based on having power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

Summarized financial information in respect of each of the Group´s subsidiaries that has most significant non-controlling interests is set below. The summarized financial information below represents amounts before intragroup elimination.

	Toscana Aeroporti S.p.a.
	December 31, 2017			December 31, 2016			December 31, 2015
Non-current assets		236,893			199,316			203,251
Current assets		62,144			51,453			60,788
Total assets		299,037			250,769			264,039
Non-current liabilities		73,762			68,646			76,629
Current liabilities		89,057			63,806			67,080
Total liabilities		162,819			132,452			143,709
Equity		136,218			118,317			120,330
Revenue		154,526			141,347			152,663
Gross profit		50,269			45,057			41,438
Operating income		19,469			17,854			14,212
Financial Results		(1,630	)		(1,240	)		(1,894	)
Share of income in associates		39			-			1,842
Income tax expense		(5,893	)		(5,624	)		(4,654	)
Net income		11,985			10,990			9,506
Other comprehensive (income) / loss for the year		16,469			(4,643	)		(10,761	)
Total comprehensive income/(loss) for the year		28,454			6,347			(1,255	)
Dividends paid		(10,584	)		(4,268	)		(3,831	)
Increase/(decrease) in cash
Provided by operating activities		13,345			16,514			23,210
Used in investing activities		(19,315	)		(10,170	)		(7,319	)
Used in financing activities		(9,981	)		(10,979	)		(9,634	)

	Terminal Aeroportuaria de Guayaquil S.A.
	December 31, 2017			December 31, 2016			December 31, 2015
Non-current assets		51,941			55,188			62,134
Current assets		42,760			45,053			40,520
Total assets		94,701			100,241			102,654
Non-current liabilities		6,571			11,566			8,114
Current liabilities		42,929			44,307			56,633
Total liabilities		49,500			55,873			64,747
Equity		45,201			44,368			37,907
Revenue		85,310			85,301			79,045
Gross profit		35,063			36,220			32,287
Operating income		19,087			20,626			15,806
Financial Results		(479	)		(1,395	)		(2,377	)
Share of income in associates		-			-			-
Income tax expense		(1,653	)		(1,768	)		(1,466	)
Net income		16,955			17,463			11,963
Other comprehensive income for the year		-			-			-
Total comprehensive income for the year		16,955			17,463			11,963
Dividends paid		(17,371	)		(16,157	)		(7,315	)
Increase/(decrease) in cash
Provided by operating activities		24,743			26,951			20,336
Provided by/ (used in) investing activities		(24,585	)		8,995			(5,303	)
Used in financing activities		(23,066	)		(23,397	)		(20,563	)

	Inframerica Conssesionária do Aeroporto de Brasília S.A.
	December 31, 2017			December 31, 2016			December 31, 2015
Non-current assets		1,267,647			1,373,179			1,114,659
Current assets		48,747			126,418			54,346
Total assets		1,316,394			1,499,597			1,169,005
Non-current liabilities		1,060,174			1,206,457			954,791
Current liabilities		250,671			211,667			94,464
Total liabilities		1,310,845			1,418,124			1,049,255
Equity		5,549			81,473			119,750
Revenue		111,259			99,889			N/A
Gross profit		14,538			19,511			N/A
Operating income		(161	)		7,143			N/A
Financial Results		(116,222	)		(128,403	)		N/A
Share of income in associates		-			-			N/A
Income tax expense		38,798			40,425			N/A
Net loss		(77,585	)		(80,835	)		N/A
Other comprehensive income for the year		1,764			24,372			N/A
Total comprehensive loss for the year		(75,821	)		(56,463	)		N/A
Dividends paid		-			-			N/A
Increase/(decrease) in cash
Used in operating activities		(76,445	)		(10,674	)		N/A
Used in investing activities		(10,065	)		(16,172	)		N/A
Provided by financing activities		87,216			10,489			N/A

	Aeropuertos Argentina 2000 S.A.
	December 31,			December 31,			December 31,
	2017			2016			2015
Non-current assets		707,952			544,697			487,122
Current assets		199,222			146,034			94,881
Total assets		907,174			690,731			582,003
Non-current liabilities		411,561			159,411			212,192
Current liabilities		150,225			220,822			145,767
Total liabilities		561,786			380,233			357,959
Equity		345,388			310,498			224,044
Revenue		994,782			837,380			780,870
Gross profit		360,822			339,344			283,732
Operating income		282,422			270,672			211,424
Financial Results		(52,788	)		(53,036	)		(135,847	)
Share of income in associates		-			-			-
Income tax expense		(67,620	)		(81,501	)		(26,152	)
Net income		162,014			136,135			49,425
Other comprehensive loss for the year		(50,945	)		(49,680	)		(113,471	)
Total comprehensive income (loss) for the year		111,069			86,455			(64,046	)
Dividends paid		(76,178	)		-			-
Increase/(decrease) in cash
(Used in) /provided by operating activities		(53,509	)		114,704			47,192
Used in investing activities		(185	)		(1,028	)		(652	)
Provided by /(used in) financing activities		129,370			(79,748	)		(63,915	)

Foreign currency translation

Foreign currency translation

(1) Functional and presentation currency

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency').

The consolidated financial statements are presented in U.S. dollars, which is the Group´s functional and presentation currency.

(2) Transactions in currencies other than the functional currency

Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuations where items are re-measured.

At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included, if applicable, in “Financial income / Financial loss” in the Consolidated Statement of Income. Translation differences on non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the “fair value gain or loss,” while translation differences on non-monetary financial assets such as equities classified as available for sale are included in the “available for sale reserve” in equity. CAAP had no such assets or liabilities for any of the periods presented.

(3) Translation of financial information in currencies other than the functional currency

Income and expenses of the subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S. dollars at the monthly average exchange rates. Assets and liabilities for each balance sheet presented are translated at the balance sheet date exchange rates. Translation differences are recognized in other comprehensive income as “Currency Translation Adjustments”. As of December 31, 2017, 2016 and 2015, the Company recognized a translation loss of USD 25.6 million, USD 44.3 million and USD 170.9 million, respectively, arising from the translation of the investments in Argentina, Brazil, Italia and Armenia. In the case of a sale or other disposal of any of such subsidiaries, any cumulative translation difference would be recognized in income as a gain or loss from the sale of such subsidiary.

Intangible assets

Intangible assets

(1) Concession Assets

The Group, through some of its subsidiaries has been awarded the concession for the administration and operation of the following airports:

- Puerta del Sur S.A. and C.A.I.S.A., of major airports in Uruguay (Montevideo and Punta del Este).

- Toscana Aeroporti S.p.A. (“TA”) a merger of Aeroporto di Firenze S.p.A. (“ADF”) and Società Aeroporto Toscano Galileo Galilei S.p.A. (“SAT”) of Florence and Pisa airports, respectively.

- Inframérica Concessionária do Aeroporto de Brasilia S.A. and Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. of Brasilia and São Gonçalo do Amarante airports, respectively.

- Terminal Aeroportuaria de Guayaquil S.A. (TAGSA) of Guayaquil airport, “José Joaquin de Olmedo”.

- Aeropuertos Argentina 2000 S.A. 34 airports in Argentina.

- “Armenia” International Airports CJSC of the “Zvartnots” International Airport of Yerevan, Republic of Armenia.

The concession agreements are accounted for in accordance with the principles included in IFRIC 12 “Service Concession Arrangements”. The Company recognized an intangible asset for:

a) Fixed fees payables as the result of the acquisition of the right (license) to charge users for the service of airport concession (see Note 22),

b) Right to obtain benefits for services provided using the assets built under the construction services performed under the concession contracts.

Acquisitions correspond, according to the terms of the Concession contract, to the improvements over existing infrastructure to increase the useful life or its capacity, or the construction of new infrastructure.

General and specific borrowing costs, attributable to the acquisition, construction or production of assets that necessarily take a substantial period to get ready for their intended use or sale are added to the cost of such assets until the assets are substantially ready to be used or sold.

The intangible asset for infrastructure under each concession agreement is amortized over the contract term in accordance with an appropriate method reflecting the rate of consumption of the concession asset’s economic benefits as from the date the infrastructure is brought into service.

Accounting of the fixed concession fee under the Brazilian concession agreements are described in Note 22 A.  

As part of the obligations arising from the concession agreements, the Group provides construction or upgrade services. IFRIC 12 “Service Concession Arrangements” requires to recognize revenues and costs from the construction or upgrade services provided. The fair value of the construction or upgrade service is equal to the construction or upgrade costs plus a reasonable margin, which the Group has estimated at an average of 3% to 5%.

(1) Concession Assets (Cont.)

The concession fee paid to the grantor derived from the concession agreements are recognized depending on the terms defined in the concession agreement:

a) Fixed concession fee is recognized at the beginning of the concession as it is reliably measurable, as a counterpart an intangible asset is recognized, this type of fee is independent form the revenue.

b) Variable fees payables that are define as a percentage over certain revenue streams, recognized monthly by monthly in the income statement.

Each operating company is responsible for obtaining the necessary guarantees for the commitments assumed in each concession. They are mostly covered by insurance that it is paid in advance and it is recorded in Other receivables, and is accrued over the life of the coverage.

Main commitments under each concession agreement are included in Note 25 b.

(2) Goodwill

Goodwill represents the excess of the acquisition cost over the fair value of the Group’s share of net identifiable assets, liabilities and contingent liabilities acquired as part of business combinations determined by management. Goodwill impairment reviews are performed annually or more frequently if events or changes in circumstances indicate a potential impairment. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. Impairment losses on goodwill are not reversed. Goodwill, net of impairment losses, if any, is included on the Consolidated Statement of Financial Position under Intangible assets, net.

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

Property, plant and equipment

Property, plant and equipment

Property, plant and equipment are recognized at historical acquisition or construction cost less accumulated depreciation and impairment losses; historical cost includes expenses directly attributable to the acquisition of the items.

Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the group and the investment enhances the condition of assets beyond its original condition.

Depreciation is calculated using the straight-line method to allocate the cost of each asset to its residual value over the estimated useful life, as follows:

Buildings and improvements	25-30 years
Plant and production equipment	3-10 years
Vehicles, furniture and fixtures, and other equipment	4-10 years

The residual values and useful lives of significant property, plant and equipment are reviewed and adjusted, if appropriate, at each year-end date.

Gain and losses on disposals are determined by comparing the proceeds with the carrying amount and are included in “Other operating (expense) / income” in the Consolidated Statement of Income.

(1) Oil and gas exploration activities from discontinued operations

The Company applies IFRS 6 "Exploration for and Evaluation of Mineral Resources" to account for its oil and gas exploration and evaluation activities.

As a result, in accordance with IFRS 6, the Company capitalizes oil and gas exploration and evaluation expenses, such as topographical, geological, geochemical and geophysical studies; exploratory drilling; evaluation of oil and gas reserves, and mining property associated with unproven reserves, such as assets for exploration and evaluation as a special category (Exploration and evaluation assets) within Property, plant and equipment. The costs prior to obtaining an exploration permit are charged to income/loss as incurred.

This means that exploration costs are temporarily capitalized until the results of the exploration efforts are evaluated so as to determine if there are sufficient hydrocarbon reserves to commercially exploit them.

If exploration and evaluation activities do not conclude that there are sufficient hydrocarbon reserves, the amounts capitalized are charged to income/loss at the time this conclusion is reached. Exploration and evaluation assets in relation to which reserves were identified are tested for impairment, prior to reclassification of the line "Production facilities and wells".

Exploration and evaluation assets are not subject to depreciation or amortization.

(2) Oil and gas development activities from discontinued operations

Development costs are costs incurred to develop and produce proven reserves and provide facilities for extraction, collection and storage of oil and gas. This item includes payments of exploitation concession rights, which are recorded under "Mining Property" line.

Development costs incurred to drill development wells (successful and dry) and to construct facilities or install equipment for production purposes are capitalized and classified as "Works in progress" until their completion. Once productive, these wells are reclassified to "Production facilities and wells" and depreciation begins; oil and gas production costs are charged to income/loss.

Subsequent expenses are incorporated as a cost component of these assets only if they are an improvement and/or extend the useful life and/or increase the production capacity of assets and/or it is probable that the asset generates an increase in net cash flows.

The costs of maintenance and repair that only restore production to its original level are charged to income/loss in the fiscal year they are incurred.

The costs of asset retirement obligation and well plugging obligations are capitalized at discounted value, together with the assets that gave rise (within the "Production facilities and wells" line) to them and are depreciated using the units of production method. As counterpart, a liability is recognized for this item at the estimated value of the discounted sums payable. These values are adjusted when necessary based on changes in current costs, the date on which wells will be retired and/or any other information available.

Critical accounting estimates and judgments

Critical accounting estimates and judgments

Critical accounting estimates are those that require management to make significant judgments and estimates about matters that are inherently uncertain. Management bases its estimates on historical experience and other assumptions that it believes are reasonable. Actual results could differ from estimates used in employing the critical accounting policies and these could have a material impact on the Group’s results of operations.

The Group’s critical accounting estimates are discussed below.

(a) Business combinations – purchase price allocation

Accounting for business combinations requires the allocation of the Group's purchase price to the various assets and liabilities of the acquired business at their respective fair values. The Group uses all available information to make these fair value determinations. In some instances, assumptions with respect to the timing and amount of future revenues and expenses associated with an asset might have to be used in determining its fair value. Actual timing and amount of net cash flows from revenues and expenses related to that asset over time may differ from those initial estimates, and if the timing is delayed significantly or if the net cash flows decline significantly, the asset could become impaired.

(b) Impairment testing

At the date of each statement of financial position, the Group reviews the carrying amounts of its property, plant and equipment, investment in associates and finite lived intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Assets that have an indefinite useful life or assets not ready to use are not subject to amortization and are tested annually for impairment.

 

An impairment loss, if applicable, is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units or CGUs). Prior impairments of nonfinancial assets (other than goodwill) are reviewed for possible reversal at each reporting date.

A previously recognized impairment loss is reversed if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the reversal of the previously recognized impairment loss is recognized in the Consolidated Statement of Income.

(c) Income taxes

The Group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Group recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made.

Deferred tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be settled. Deferred tax assets and liabilities are not discounted. In assessing the recoverability of deferred tax assets, management considers whether it is probable that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

(d) Application of IFRIC 12

The Group has carried out a comprehensive implementation of the standards applicable to the accounting treatment of their concession and has determined that, among others, IFRIC 12 is applicable. The Group treats their investments related to improvements and upgrades to be performed in connection with the concession obligation under the intangible asset model established by IFRIC 12, as all investments required by the concession obligation, regardless of their nature, directly increase the maximum tariff per traffic unit. Accordingly, all amounts invested under the concession obligation have a direct correlation to the amount of fees the Group will be able to charge each passenger or cargo service provider, and thus, a direct correlation to the amount of revenues the Group will be able to generate. As a result, the Group defines all expenditures associated with investments required by the concession obligation as revenue generating activities given that they ultimately provide future benefits, whereby subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. Additionally, compliance with the committed investments per the Master Development Programs is mandatory, as well as the fulfillment of the maximum tariff and therefore, in case of a failure to meet any one of these obligations, the Group could be subject to sanctions and the concessions could be revoked.

Inventories

Inventories

Inventories are stated at the lower of cost and net realizable value.

Net realizable value is the estimated price in the ordinary course of business, less the estimated costs of completion and selling expenses. The cost of inventories is based on the weighted averaged principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition.

If applicable, the Group establishes an allowance for obsolete or slow-moving inventory related to finished goods. For slow moving or obsolete finished products, an allowance is established based on management’s analysis of product aging.

Trade and other receivables

Trade and other receivables

Trade and other receivables are initially recognized at fair value, generally the original invoice amount and are subsequently measured at amortized cost. The Group analyzes its trade receivables on a regular basis and, when aware of a specific counterparty’s difficulty or inability to meet its obligations, impairs any amounts due with a provision for bad debts. Additionally, this provision is periodically assessed based on the aging of receivables.

Cash and cash equivalents

Cash and cash equivalents

Cash and cash equivalents are comprised of cash in banks, mutual funds and short-term investments with an original maturity of three months or less at the date of purchase which are readily convertible to known amounts of cash.

In the Consolidated Statement of Financial Position, bank overdrafts are included in Borrowings in current liabilities. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents includes bank overdrafts.

Equity

Equity

(1) Equity components

The Consolidated Statement of Changes in Equity includes:

- The share capital, legal reserve and free distributable reserves calculated in accordance with Luxembourg Law;

- The currency translation adjustment, other reserves, retained earnings and non-controlling interest.

(2) Share capital

Share capital is stated at nominal value. The Company had an authorized share capital of 20,000 shares having a nominal value of USD 1 per share as of December 31, 2016 and 2015. According to Note 1 and as a consequence of the Conversion of the Company the share capital as of December 31, 2017 has a nominal value of USD 1,500 million (USD 1 per share). All issued shares are fully paid.

Pursuant to Luxembourg regulations, contributions in kind made by shareholders must be at fair value and must be considered as Free Distributable Reserve.

(3) Dividends distribution by the Company to shareholders

Dividends distributions are recorded in the Company’s financial statements when Company’s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Managers in accordance with the by-laws of the Company. Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law (see Note 25 c.).

(4) Other reserves

As mentioned in Note 1, the reorganization was accounted for as a reorganization of entities under common control, using the predecessor cost method. The net effect was recorded in Net Equity under Other Reserves. Moreover, in 2016, and considering that the shares of America International Airports (“AIA”) were contributed to the Free Distributable Reserves of the Company at the fair value a significant negative amount was included in Other Reserves to reflect the reduction to the predecessor´s cost of the shares.

(5) Non-controlling interest

The group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of Corporación América Airports S.A.

Borrowings

Borrowings

Borrowings are recognized initially at fair value, net of transaction costs incurred. Subsequently borrowings are measured at amortized cost.

Current and Deferred income tax

Current and Deferred income tax

The tax expense for the year comprises current and deferred tax. Tax is recognized in the Consolidated Statement of Income, except for tax items recognized in the Consolidated Statement of Comprehensive Income.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Group entities operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions when appropriate.

Deferred income taxes recognized applying the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. The principal temporary differences arise from fair value adjustments of assets acquired in business combinations, and the effect of valuation on fixed assets, inventories and provisions. Deferred tax assets are also recognized for net operating loss carry-forwards. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date.

Deferred tax assets are recognized to the extent it is probable that future taxable income will be available against which the temporary differences can be utilized. At the end of each reporting period, CAAP reassesses unrecognized deferred tax assets. The group recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered.

Employee benefits

Employee benefits

Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.

Some entities of the Group have long term employee benefits that are unfunded defined benefit plan in accordance with IAS 19 - “Employee Benefits”.

The company calculates annually the provision for employee retirement cost based on actuarial calculations performed by independent professionals using the Projected Unit Credit Costs method. The present value of the defined benefit obligations at each year-end is calculated discounting estimated future cash outflows at an annual rate equivalent to the average rate of high quality corporate bonds, which are denominated in the same currency in which the benefits will be paid, and whose terms approximate the terms of the pension obligations.

Service cost and interest cost are recognized in the income statement, with actuarial gains and losses arising from changes in actuarial assumptions are recognized in the Consolidated Statement of Comprehensive Income.

Actuarial assumptions include variables such as, in addition to the discount rate, death rate, age, sex, years of service, current and future level of salaries, turnover rates, among others.

Provisions

Provisions

Provisions for legal claims and other charges are recognized when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as interest expense.

The concession agreements in the different jurisdictions include certain commitments to be complied by each company. These commitments can be grouped in two categories:

• Works that can be classified as standard maintenance of the infrastructure, which are expensed as incurred

• Major scheduled maintenance and refurbishments of the infrastructure in the future.

Since IFRIC 12 does not recognize infrastructure as property, plant and equipment, rather as a right to charge customers for the use of the infrastructure, major refurbishments and renewals to be performed in future years to maintain or restore the infrastructure asset to its level of functionality, operation and safety should be recognized in accordance with IAS 37 - Provisions, Contingent Liabilities and Assets (unless the grantor agrees to reimburse the operator).  Provision is recorded at the best estimate of the amount of the expenditure expected to be incurred to perform the major overhaul or restoration work, discounted using a rate that reflects time value of money and risks involved.

Trade payables

Trade payables

Trade payables are initially recognized at fair value, generally the nominal invoice amount and are subsequently measured at amortized cost.

Concession fee payable

Concession fee payable

Each concession agreement determines different types of concession fees to be paid to the corresponding regulatory authority. Fees could be fixed or variable. Some concession agreements establish both a minimum fixed payment, and an additional variable amount if certain conditions are met (such as a minimum number of passengers, among others).

For those concession agreements that require payment of a fixed amount, the Company recognized the obligation at present value. The increase in the provision due to the passage of time is recognized as interest expense. The variable concession fees paid to the grantor derived from the concession agreements are recognized as cost of the period. The fixed concession fee payable pursuant to the Brazilian concession agreements are capitalized at inception of the agreement as concession assets- intangible asset.

Revenue recognition

Revenue recognition

Revenue from airports operations includes:

-Aeronautical revenues, which are those generally regulated under each airport’s concession agreement. It consists of passengers’ departure fees, landing, parking and other fees paid by the airlines.

- Commercial revenues: those are typically not regulated under the applicable concession agreement. Commercial revenues are leases and/or rent fees from retail (including duty free), food and beverage, services and car rental companies, advertising and car parking, fueling charges and cargo fees, among others.

- Construction service revenues: IFRIC 12 requires to recognize revenues and costs from the construction or upgrade services provided. Construction service revenue equals the construction or upgrade costs plus a reasonable margin.

Revenue is recognized when the amount of revenue may be reliably measured; it is probable that economic benefits associated with the transaction will flow to the Company, and when collection is reasonably assured.

Revenue is shown net of value-added tax and discounts. Intercompany balances with subsidiaries have been eliminated in consolidation.

Cost of services and other expenses

Cost of services and other expenses

Cost of services and expenses are accrued and recognized in the Consolidated Statement of Income.

Construction service cost: IFRIC 12 requires to recognize revenues and costs from the construction or upgrade services provided. Construction service revenue equals the construction or upgrade costs plus a reasonable margin.

Commissions, freight and other selling expenses, including services and fees, office expenses and maintenance, are recorded in Selling, general and administrative expenses in the Consolidated Statement of Income.

Government grant

Government grant

As consideration for having granted the concession of the Group A of the Argentine Airports, AA2000 assigns to the Government 15% of the total revenues of the concession, 2.5% of such revenues are destined to fund the investments commitments of AA2000 corresponding to the investment plan under the concession agreement by means of a trust in which AA2000 is the settlor; Banco de la Nación Argentina, the trustee; and the beneficiaries are AA2000 and constructors of the airports’ works. The funds in the trust are used to settle the accounts payable to suppliers of the infrastructure being built in the Argentine Airport System. As per IAS 20, the benefit received by AA2000 qualifies as a grant related to income on a monthly basis that it is recognized at fair value since there is a reasonable assurance that such benefit will be received.

Financial instruments

Financial instruments

Non derivative financial instruments comprise investments in debt instruments, corporate bonds, time deposits, trade and other receivables, cash and cash equivalents, borrowings, and trade and other payables. The Group’s non derivative financial instruments are classified into the following categories:

§ Financial assets at amortized cost: comprise trade receivables, other receivables and cash and cash equivalents and are measured at amortized cost using the effective interest method less any impairment.

§ Financial assets at fair value through profit or loss: comprise corporate bonds and are measured at its fair value. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.

§ Financial liabilities: comprises borrowings, trade payables and other liabilities and are measured at amortized cost using the effective interest method.

The classification depends on the nature and purpose of the financial instrument and is determined at the time of initial recognition.

Financial assets and liabilities are recognized on the trade-date, and derecognized on their realization or settlement date.

Gains and losses from financial assets measured at amortized cost and which are not part of a hedging relationship are recognized through profit or loss when the financial asset is derecognized or impaired by the amortization process using the effective interest rate method.

Gains or losses on a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss and presented net in the profit or loss statement within other gains/(losses) in the period in which it arises. Interest income from these financial assets is included in the finance income.

Segment information

Segment information

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ("CODM"), which is the Group´s Board. The CODM is responsible for allocating resources and assessing performance of the operating segments. The operating segments are described in Note 4.

For management purposes, the Company analyzes its business based on the geographic perspective, the country where the airports are located. Therefore, the Company identified the following segments: Argentina, Brazil, Uruguay, Ecuador, Italy, Armenia and Perú. Others include all other business activities that are not required to be separately reported. Assets, liabilities and results from holding companies are included as Unallocated.

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Basis of presentation and accounting policies (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Basis Of Preparation And Significant Accounting Policies [Abstract]

Schedule of subsidiaries of company

	Country of			Percentage of ownership at December 31,
Company	incorporation	Local currency	Main activity	2017			2016			2015
Abafor S.A. (*)	Uruguay	Uruguayan pesos	Holding company		100.00	%		100.00	%		100.00	%
ACI AIA S.à r.l(*)(**)	Luxembourg	Euros	Holding company		-			100.00	%		100.00	%
ACI Airport Sudamérica S.A.U.	Spain	Euros	Holding company		100.00	%		100.00	%		100.00	%
ACI Airports Italia S.A. (*)	Spain	Euros	Holding company		100.00	%		100.00	%		100.00	%
America International Airports LLC (AIA) (*)	USA	U.S. dollars	Holding company		100.00	%		100.00	%		100.00	%
Cargo & Logistics S.A. (*)	Argentina	Argentine pesos	Holding company		98.63	%		98.63	%		98.63	%
CASA Aeroportuaria S.A. (*)	Argentina	Argentine pesos	Holding company		99.98	%		99.98	%		99.98	%
Cedicor S.A (*)	Uruguay	Uruguayan pesos	Holding company		100.00	%		100.00	%		100.00	%
Cerealsur S.A.	Uruguay	Uruguayan pesos	Holding company		100.00	%		100.00	%		100.00	%
Corporación Aeroportuaria S.A. (*)	Argentina	Argentine pesos	Holding company		100.00	%		100.00	%		100.00	%
Corporación América Italia S.A.	Italy	Euros	Holding company		100.00	%		100.00	%		100.00	%
Corporación América S.A. (*)	Argentina	Argentine pesos	Holding company		95.37	%		95.37	%		95.37	%
Corporación América Sudamericana S.A.	Panamá	U.S. dollars	Holding company		94.68	%		94.68	%		94.68	%
DICASA Spain S.A. (*)	Spain	Euros	Holding company		100.00	%		100.00	%		100.00	%
GOFI Investments S.L (*)	Spain	Euros	Holding company		100.00	%		100.00	%		100.00	%
Inframérica Participaçoes S.A. (*)	Brazil	Brazilian real	Holding company		99.96	%		99.96	%		99.96	%
Yokelet S.L. (*)	Spain	Euros	Holding  company		100.00	%		100.00	%		90.00	%

(*)These companies do not have relevant net assets other than the share of ownership in the operating companies included in the table below.

(**) This company was dissolved on June 30, 2017.

	Country of			Percentage of ownership at December 31,
Company	incorporation	Local currency	Main activity	2017			2016			2015
Aerocombustibles Argentinos S.A.	Argentina	Argentine pesos	Fueling company		92.98	%		92.98	%		92.98	%
Aeropuerto de Bahía Blanca S.A.	Argentina	Argentine pesos	Airports Operation		81.06	%		81.06	%		81.06	%
Aeropuertos Argentina 2000 S.A.(“AA2000”) (***)	Argentina	Argentine pesos	Airports Operation		81.29	%		81.29	%		81.29	%
Aeropuertos del Neuquén S.A.	Argentina	Argentine pesos	Airports Operation		74.10	%		74.10	%		74.10	%
Arrnenia International Airports CJSC	Armenia	Dram	Airports Operation		100.00	%		100.00	%		100.00	%
CAI S.A.	Uruguay	Uruguayan pesos	Airports Operation		100.00	%		100.00	%		100.00	%
Enarsa Aeropuertos S.A.	Argentina	Argentine pesos	Fuel plants		76.29	%		76.29	%		76.29	%
Inframerica Concessionária do  Aeroporto de Brasilia S.A. (“ICAB”)	Brazil	Brazilian real	Airports Operation		50.98	%		50.98	%		50.98	%
Inframerica Concessionária do  Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”)	Brazil	Brazilian real	Airports Operation		99.97	%		99.96	%		99.95	%
Paoletti América S.A. (****)	Argentina	Argentine pesos	Service company		40.65	%		40.65	%		40.65	%
Puerta del Sur S.A.	Uruguay	Uruguayan pesos	Airports Operation		100.00	%		100.00	%		100.00	%
Servicios y Tecnología Aeroportuaria S.A.	Argentina	Argentine pesos	Service company		80.73	%		80.73	%		80.73	%
TCU S.A.	Uruguay	Uruguayan pesos	Service company		100.00	%		100.00	%		100.00	%
Terminal Aeroportuaria Guayaquil S.A. (“TAGSA”) (*****)	Ecuador	U.S. dollars	Airports Operation		49.99	%		49.99	%		49.99	%
Texelrío S.A.	Argentina	Argentine pesos	Service company		56.91	%		56.91	%		56.91	%
Toscana Aeroporti S.p.A.	Italy	Euros	Airports Operation		51.13	%		51.13	%		51.13	%
Villalonga Furlong S.A.	Argentina	Argentine pesos	Service company		78.91	%		78.91	%		78.91	%

(***) Includes a 9.35% direct interest of Cedicor S.A. in AA2000, acquired by Cedicor S.A. in 2011. This participation is subject to the authorization by the ORSNA pursuant to section 7.2 of the Argentine Concession Agreement. As of the date of issuance of these Consolidated Financial Statements, the ORSNA has not issued any resolution approving or rejecting the aforementioned transaction. While this approval is pending, all economic and political rights pertaining to the shares, including all distributed dividends, have been assigned to Cedicor S.A.

(****) The group has control over this company based on having majority representation in the board, power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

(*****) The group has control over this company based on having power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

Schedule of summary financial information of Group's subsidiaries represents amounts before intragroup elimination

	Toscana Aeroporti S.p.a.
	December 31, 2017			December 31, 2016			December 31, 2015
Non-current assets		236,893			199,316			203,251
Current assets		62,144			51,453			60,788
Total assets		299,037			250,769			264,039
Non-current liabilities		73,762			68,646			76,629
Current liabilities		89,057			63,806			67,080
Total liabilities		162,819			132,452			143,709
Equity		136,218			118,317			120,330
Revenue		154,526			141,347			152,663
Gross profit		50,269			45,057			41,438
Operating income		19,469			17,854			14,212
Financial Results		(1,630	)		(1,240	)		(1,894	)
Share of income in associates		39			-			1,842
Income tax expense		(5,893	)		(5,624	)		(4,654	)
Net income		11,985			10,990			9,506
Other comprehensive (income) / loss for the year		16,469			(4,643	)		(10,761	)
Total comprehensive income/(loss) for the year		28,454			6,347			(1,255	)
Dividends paid		(10,584	)		(4,268	)		(3,831	)
Increase/(decrease) in cash
Provided by operating activities		13,345			16,514			23,210
Used in investing activities		(19,315	)		(10,170	)		(7,319	)
Used in financing activities		(9,981	)		(10,979	)		(9,634	)

	Terminal Aeroportuaria de Guayaquil S.A.
	December 31, 2017			December 31, 2016			December 31, 2015
Non-current assets		51,941			55,188			62,134
Current assets		42,760			45,053			40,520
Total assets		94,701			100,241			102,654
Non-current liabilities		6,571			11,566			8,114
Current liabilities		42,929			44,307			56,633
Total liabilities		49,500			55,873			64,747
Equity		45,201			44,368			37,907
Revenue		85,310			85,301			79,045
Gross profit		35,063			36,220			32,287
Operating income		19,087			20,626			15,806
Financial Results		(479	)		(1,395	)		(2,377	)
Share of income in associates		-			-			-
Income tax expense		(1,653	)		(1,768	)		(1,466	)
Net income		16,955			17,463			11,963
Other comprehensive income for the year		-			-			-
Total comprehensive income for the year		16,955			17,463			11,963
Dividends paid		(17,371	)		(16,157	)		(7,315	)
Increase/(decrease) in cash
Provided by operating activities		24,743			26,951			20,336
Provided by/ (used in) investing activities		(24,585	)		8,995			(5,303	)
Used in financing activities		(23,066	)		(23,397	)		(20,563	)

	Inframerica Conssesionária do Aeroporto de Brasília S.A.
	December 31, 2017			December 31, 2016			December 31, 2015
Non-current assets		1,267,647			1,373,179			1,114,659
Current assets		48,747			126,418			54,346
Total assets		1,316,394			1,499,597			1,169,005
Non-current liabilities		1,060,174			1,206,457			954,791
Current liabilities		250,671			211,667			94,464
Total liabilities		1,310,845			1,418,124			1,049,255
Equity		5,549			81,473			119,750
Revenue		111,259			99,889			N/A
Gross profit		14,538			19,511			N/A
Operating income		(161	)		7,143			N/A
Financial Results		(116,222	)		(128,403	)		N/A
Share of income in associates		-			-			N/A
Income tax expense		38,798			40,425			N/A
Net loss		(77,585	)		(80,835	)		N/A
Other comprehensive income for the year		1,764			24,372			N/A
Total comprehensive loss for the year		(75,821	)		(56,463	)		N/A
Dividends paid		-			-			N/A
Increase/(decrease) in cash
Used in operating activities		(76,445	)		(10,674	)		N/A
Used in investing activities		(10,065	)		(16,172	)		N/A
Provided by financing activities		87,216			10,489			N/A

	Aeropuertos Argentina 2000 S.A.
	December 31,			December 31,			December 31,
	2017			2016			2015
Non-current assets		707,952			544,697			487,122
Current assets		199,222			146,034			94,881
Total assets		907,174			690,731			582,003
Non-current liabilities		411,561			159,411			212,192
Current liabilities		150,225			220,822			145,767
Total liabilities		561,786			380,233			357,959
Equity		345,388			310,498			224,044
Revenue		994,782			837,380			780,870
Gross profit		360,822			339,344			283,732
Operating income		282,422			270,672			211,424
Financial Results		(52,788	)		(53,036	)		(135,847	)
Share of income in associates		-			-			-
Income tax expense		(67,620	)		(81,501	)		(26,152	)
Net income		162,014			136,135			49,425
Other comprehensive loss for the year		(50,945	)		(49,680	)		(113,471	)
Total comprehensive income (loss) for the year		111,069			86,455			(64,046	)
Dividends paid		(76,178	)		-			-
Increase/(decrease) in cash
(Used in) /provided by operating activities		(53,509	)		114,704			47,192
Used in investing activities		(185	)		(1,028	)		(652	)
Provided by /(used in) financing activities		129,370			(79,748	)		(63,915	)

Schedule of estimated useful life of property, plant and equipment

Buildings and improvements	25-30 years
Plant and production equipment	3-10 years
Vehicles, furniture and fixtures, and other equipment	4-10 years

XML

Financial Risk Management (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of nature and extent of risks arising from financial instruments [abstract]

Schedule of breakdown of the Group's main monetary net assets and liabilities

Currency Exposure / Functional currency	As of December 31, 2017			As of December 31,  2016			As of December 31,  2015
U.S. dollar / Argentine Peso		(267,045	)		(131,284	)		(154,384	)
Real / U.S. dollar		90,697			-			-
Euro / Armenian dram		(50,939	)		(47,473	)		(51,952	)
U.S. dollar / Armenian dram		(30,291	)		(54,016	)		(55,421	)
Euro / U.S. dollar		1,535			283			3,162
Uruguayan peso / U.S. dollar		11			(1,853	)		(770	)

Schedule of breakdown of the Group's fixed-rate and floating-rate borrowings

	At December 31,
	2017		2016		2015
Fixed rate		738,320		630,541		696,066
Variable rate		748,125		476,700		391,500
		1,486,445		1,107,241		1,087,566

Schedule of capital management

	At December 31,
	2017			2016			2015
Borrowings		1,486,445			1,107,241			1,087,566
Less: Cash and cash equivalents		(221,601	)		(212,988	)		(184,239	)
Net borrowings		1,264,844			894,253			903,327
Equity		797,142			803,324			834,101
Debt ratio		159	%		111	%		108	%

Schedule of financial instruments by category

December 31, 2017	Assets at fair value through profit and loss		Assets at amortized cost		Total
Assets as per the statement of financial position
Trade receivables		-		126,078		126,078
Other receivables		-		293,578		293,578
Other financial assets (*)		16,214		26,082		42,296
Cash and cash equivalents		-		221,601		221,601
Total		16,214.00		667,339		683,553

	Liabilities at fair value through profit and loss		Liabilities at amortized cost		Total
Liabilities as per the statement of financial position
Borrowings		-		1,486,445		1,486,445
Trade payables and other liabilities		-		1,198,562		1,198,562
Total		-		2,685,007		2,685,007

(*) Other financial assets measured at fair value are Level 1 hierarchy.

December 31, 2016	Assets at fair value through profit and loss		Assets at amortized cost		Total
Assets as per the statement of financial position
Trade receivables		-		109,610		109,610
Other receivables		-		193,087		193,087
Other financial assets		-		34,657		34,657
Cash and cash equivalents		-		212,988		212,988
Total		-		550,342		550,342

	Liabilities at fair value through profit and loss		Liabilities at amortized cost		Total
Liabilities as per the statement of financial position
Borrowings		-		1,107,241		1,107,241
Trade payables and other liabilities		-		1,434,901		1,434,901
Total		-		2,542,142		2,542,142

December 31, 2015	Assets at fair value through profit and loss		Assets at amortized cost		Total
Assets as per the statement of financial position
Trade receivables		-		101,358		101,358
Other receivables		-		122,072		122,072
Other financial assets		-		55,390		55,390
Cash and cash equivalents		-		184,239		184,239
Total		-		463,059		463,059

	Liabilities at fair value through profit and loss		Liabilities at amortized cost		Total
Liabilities as per the statement of financial position
Borrowings		-		1,087,566		1,087,566
Trade payables and other liabilities		-		1,140,966		1,140,966
Total		-		2,228,532		2,228,532

XML

Segment information (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of operating segments [abstract]

Schedule of geographical information of operating segments

	Argentina						Brazil			Uruguay						Armenia			Ecuador			Italy			Perú
	Airports			Others			Airports			Airports			Others			Airports			Airports			Airports			Airports			Intrasegment Adjustments			Unallocated			Total Continuing operations			Total Discontinued operations (Note 29)
Year ended December 31, 2017
Revenue		1,000,303			422			128,842			100,553			15,774			94,464			85,310			154,526			-			(10,191	)		5,150			1,575,153			-
Cost of services		(638,216	)		(144	)		(116,164	)		(48,371	)		(12,184	)		(52,863	)		(50,247	)		(104,257	)		-			6,778			(14,315	)		(1,029,983	)		-
Gross profit		362,087			278			12,678			52,182			3,590			41,601			35,063			50,269			-			(3,413	)		(9,165	)		545,170			-
Selling, general and administrative expenses		(96,737	)		(242	)		(14,361	)		(11,758	)		(1,323	)		(11,263	)		(16,185	)		(30,800	)		-			3,413			(14,945	)		(194,201	)		-
Reversal of previous impairment/(Impairment loss)		-			-			3,065			-			-			-			-			-			-			-			-			3,065			-
Other operating income		18,942			69			-			74			341			149			287			-			-			-			91			19,953			-
Other operating expenses		(1,271	)		(1	)		(1,622	)		(623	)		(371	)		(827	)		(77	)		-			-			(9	)		(37	)		(4,838	)		-
Operating income		283,021			104			(240	)		39,875			2,237			29,660			19,088			19,469			-			(9	)		(24,056	)		369,149			-
Share of loss in associates		-			-			-			-			-			-			-			39			(15,283	)		-			(597	)		(15,841	)		-
Amortization and depreciation		32,121			-			17,038			12,495			590			11,493			7,376			10,302			-			-			16,899			108,314			-
Adjusted Ebitda		315,142			104			16,798			52,370			2,827			41,153			26,464			29,810			(15,283	)		(9	)		(7,754	)		461,622			-
Financial income																																			62,555			-
Financial loss																																			(302,047	)		-
Amortization and depreciation																																			(108,314	)		-
Income before income tax expense																																			113,816			-
Income tax expense																																			(46,925	)		-
Net income																																			66,891			-
Current assets		200,982			425			66,631			24,697			2,887			38,110			42,760			62,144			-			(74,280	)		215,122			579,478			-
Non-current assets		709,689			7			1,432,833			159,880			5,121			173,087			51,941			236,893			11,790			(1,093	)		441,588			3,221,736			-
Capital Expenditure		231,998			41			13,589			6,327			852			5,778			934			20,013			-			-			24			279,556			-
Current liabilities		151,794			64			262,624			23,536			3,755			22,741			42,929			89,057			-			(73,004	)		208,526			732,022			-
Non-current liabilities		412,242			-			1,271,776			64,050			1,175			95,159			6,571			73,762			-			(2,369	)		349,684			2,272,050			-
Year ended December 31, 2016
Revenue		840,852			373			127,038			89,187			14,343			73,234			85,301			141,347			-			(8,697	)		3,358			1,366,336			-
Cost of services		(500,336	)		(133	)		(110,001	)		(41,842	)		(10,572	)		(42,953	)		(49,081	)		(96,289	)		-			6,132			(13,999	)		(859,074	)		-
Gross profit		340,516			240			17,037			47,345			3,771			30,281			36,220			45,058			-			(2,565	)		(10,641	)		507,262			-
Selling, general and administrative expenses		(84,887	)		(218	)		(12,644	)		(8,292	)		(1,010	)		(11,303	)		(16,159	)		(27,203	)		-			2,599			(11,735	)		(170,852	)		-
Reversal of previous impairment/(Impairment loss)		-			-			(16,638	)		-			-			-			-			-			-			-			-			(16,638	)		-
Other operating income		16,944			-			-			-			-			-			-			-			-			-			-			16,944			-
Other operating expenses		(1,331	)		58			(643	)		(220	)		(84	)		(2,267	)		565			-			-			(34	)		(947	)		(4,903	)		-
Operating income		271,242			80			(12,888	)		38,833			2,677			16,711			20,626			17,855			-			-			(23,323	)		331,813			-
Share of loss in associates		-			-			-			-			-			-			-			-			(397	)		-			(909	)		(1,306	)		-
Amortization and depreciation		22,791			-			16,736			11,682			527			11,360			7,344			9,478			-			-			16,772			96,690			-
Adjusted Ebitda		294,033			80			3,848			50,515			3,204			28,071			27,970			27,333			(397	)		-			(7,460	)		427,197			-
Financial income																																			37,521			-
Financial loss																																			(272,951	)		-
Amortization and depreciation																																			(96,690	)		-
Income before income tax expense																																			95,077			-
Income tax expense																																			(56,359	)		-
Net income																																			38,718			(9,478	)
Current assets		147,058			371			134,817			25,452			2,821			30,242			45,053			51,453			-			(55,816	)		125,674			507,125			-
Non-current assets		546,011			9			1,533,910			166,048			5,042			176,520			55,189			199,317			8,504			(599	)		430,200			3,120,151			-
Capital Expenditure		155,026			13			16,692			5,749			2,072			2,003			426			12,102			-			316			-			194,399			-
Current liabilities		221,726			58			233,649			17,104			2,820			18,225			44,307			63,806			-			(55,451	)		116,532			662,776			-
Non-current liabilities		159,688			-			1,402,430			69,899			1,860			103,030			11,566			68,645			-			(966	)		345,024			2,161,176			-

	Argentina						Brazil			Uruguay						Armenia			Ecuador			Italy			Perú
	Airports			Others			Airports			Airports			Others			Airports			Airports			Airports			Airports		Intrasegment  Adjustments			Unallocated			Total Continuing operations			Total Discontinued operations (Note 29)
Year ended December 31, 2015
Revenue		783,850			439			813			83,862			15,333			74,701			79,045			152,663			-		(6,291	)		2,675			1,187,090			-
Cost of services		(499,686	)		(166	)		(937	)		(39,136	)		(10,567	)		(49,534	)		(46,759	)		(111,225	)		-		6,291			(7,436	)		(759,155	)		-
Gross profit		284,164			273			(124	)		44,726			4,766			25,167			32,286			41,438			-		-			(4,761	)		427,935			-
Selling, general and administrative expenses		(87,730	)		(278	)		(16	)		(10,317	)		(1,004	)		(10,266	)		(14,629	)		(27,226	)		-		-			(15,753	)		(167,219	)		-
Reversal of previous impairment/(Impairment loss)		-			-			-			-			-			-			-			-			-		-			-			-			-
Other operating income		15,573			-			-			-			-			-			-			-			-		-			-			15,573			-
Other operating expenses		(629	)		71			42			(132	)		(63	)		(1,005	)		(1,852	)		-			-		-			901			(2,667	)		-
Operating income		211,378			66			(98	)		34,277			3,699			13,896			15,805			14,212			-		-			(19,613	)		273,622			-
Share of (loss)/ income in associates		-			-			(71,958	)		-			-			-			-			1,842			816		-			(17	)		(69,317	)		-
Amortization and depreciation		21,810			-			218			11,332			463			11,367			7,306			9,625			-		-			10,126			72,247			-
Adjusted Ebitda		233,188			66			(71,838	)		45,609			4,162			25,263			23,111			25,679			816		-			(9,504	)		276,552			-
Financial income																																		46,807			-
Financial loss																																		(199,839	)		-
Amortization and depreciation																																		(72,247	)		-
Income before income tax expense																																		51,273			-
Income tax expense																																		(44,969	)		-
Net income																																		6,304			108,987
Current assets		95,907			339			59,706			26,032			2,282			39,415			40,520			60,785			-		(112,052	)		181,788			394,722			-
Non-current assets		488,901			11			1,261,464			172,746			3,780			185,913			62,134			203,250			9,248		(38,105	)		527,563			2,876,905			-
Capital Expenditure		100,832			8			-			5,038			543			4,286			2,122			24,896			-		-			8,458			146,183			-
Current liabilities		147,084			52			123,557			15,137			2,324			26,291			56,633			67,079			-		(148,218	)		192,097			482,036			-
Non-current liabilities		212,581			-			1,107,836			71,163			1,078			117,439			8,114			76,629			-		(1,942	)		362,592			1,955,490			-

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Revenue (Tables)

12 Months Ended

Dec. 31, 2017

Revenue [abstract]

Schedule of Revenue

	2017		2016		2015
Aeronautical revenue		767,023		673,509		543,228
Non aeronautical revenue
Commercial revenue		555,504		522,199		459,717
Construction service revenue		250,112		165,065		178,420
Other revenue		2,514		5,563		5,725
		1,575,153		1,366,336		1,187,090

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Cost of services (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Cost Of Sales [Abstract]

Schedule of cost of services

	2017			2016			2015
Salaries and social security contributions (**)		(210,799	)		(184,623	)		(165,774	)
Concession fees (***)		(191,933	)		(176,492	)		(133,846	)
Construction service cost		(248,602	)		(163,747	)		(176,972	)
Maintenance expenses		(145,787	)		(126,924	)		(125,825	)
Amortization and depreciation		(100,674	)		(89,540	)		(64,772	)
Services and fees		(54,479	)		(49,045	)		(42,472	)
Cost of fuel		(27,818	)		(19,458	)		(21,339	)
Taxes (*)		(19,511	)		(17,543	)		(2,711	)
Office expenses		(17,256	)		(15,885	)		(9,756	)
Provision for maintenance costs		(2,314	)		(4,679	)		(5,391	)
Others		(10,810	)		(11,138	)		(10,297	)
		(1,029,983	)		(859,074	)		(759,155	)

(*) Mainly includes tax from turnover and municipal taxes.

(**) At the year-end, the number of employees was 6.1 thousand in 2017 and 5.9 thousand in 2016 and 2015.

(***) Includes depreciation for Brazil concession assets of US$ 29,816 as of December 31, 2017 (US$ 26,192 as of December 31, 2016).

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Selling, general and administrative expenses (Tables)

12 Months Ended

Dec. 31, 2017

Selling, general and administrative expense [abstract]

Schedule of selling, general and administrative expenses

	2017			2016			2015
Taxes (*)		(54,883	)		(50,908	)		(43,188	)
Salaries and social security contributions		(35,812	)		(34,832	)		(31,508	)
Services and fees		(58,511	)		(48,123	)		(52,481	)
Office expenses		(11,620	)		(9,966	)		(10,353	)
Amortization and depreciation		(7,640	)		(7,150	)		(7,475	)
Maintenance expenses		(4,215	)		(5,113	)		(5,901	)
Advertising		(3,044	)		(2,229	)		(3,249	)
Insurance		(2,289	)		(1,397	)		(517	)
Charter service		(830	)		(1,162	)		(2,336	)
Bad debts recovery		268			2,248			-
Bad debts		(7,672	)		(1,976	)		(2,574	)
Other		(7,953	)		(10,244	)		(7,637	)
		(194,201	)		(170,852	)		(167,219	)

(*) Mainly included tax from taxes over banks transactions and tax on revenue.

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Other operating income (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Other Operating Income [Abstract]

Schedule of other operating income

	2017		2016		2015
Government grant (*) (Note 25)		18,942		16,944		15,573
Other		1,011		-		-
		19,953		16,944		15,573

(*) Corresponds to government grant for the development of airport infrastructure in Group A (operated by AA2000) of the National Airport System. There are no unfulfilled conditions or other contingencies attaching to these grants. The group did not benefit directly from any other forms of government assistance.

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Financial results, net (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Finance Income Expense [Abstract]

Schedule of financial results, net

9 Financial results, net

	2017			2016			2015
Interest income		39,229			19,009			12,366
Foreign exchange income		23,112			18,512			34,441
Other		214			-			-
Financial income		62,555			37,521			46,807
Interest expense		(115,223	)		(118,219	)		(69,228	)
Foreign exchange loss		(82,333	)		(44,895	)		(125,240	)
Changes in liability for Brazil concessions (Note 22)		(98,122	)		(107,408	)		(2,039	)
Other		(6,369	)		(2,429	)		(3,332	)
Financial loss		(302,047	)		(272,951	)		(199,839	)
Net financial results		(239,492	)		(235,430	)		(153,032	)

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Share of loss in associates (Tables)

12 Months Ended

Dec. 31, 2017

Share Of Loss In Associates [Abstract]

Schedule of share of loss in associates

	2017			2016			2015
Loss in associates (Note 14)		(15,841	)		(1,306	)		(69,317	)
		(15,841	)		(1,306	)		(69,317	)

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Income tax expense (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Income Tax [Abstract]

Schedule of income tax expense

	2017			2016			2015
Current income tax		(88,768	)		(97,122	)		(49,894	)
Deferred income tax		41,843			40,763			4,925
		(46,925	)		(56,359	)		(44,969	)

Schedule of effective income tax rate differs from theoretical amount

	2017			2016			2015
Income before income tax		113,816			95,077			51,273
Tax expense calculated for each company		(41,342	)		(35,778	)		(8,637	)
Adjustments
Non-taxable income		12,682			20,515			11,478
Expenses related to non-taxable income		(24,762	)		(31,281	)		(38,919	)
Non-deductible expenses		(8,799	)		(2,867	)		(6,709	)
Tax incentive		1,665			448			-
Tax relieving		-			(6,307	)		-
Income tax rate change (*)		12,533			-			-
Other		1,098			(1,089	)		(2,182	)
Income tax expense		(46,925	)		(56,359	)		(44,969	)

(*) On December 29, 2017, the National Executive Office of Argentina issued Law 27430 - Income Tax. This law has introduced several changes in the treatment of income tax whose key components are the following: Income Tax Rate: The Income Tax rate for Argentine companies will be gradually reduced from 35% to 30% for fiscal years starting from January 1, 2018 until December 31, 2019 and to 25% for fiscal years beginning on or after January 1, 2020, inclusive.

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Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about intangible assets [abstract]

Schedule of changes in intangible assets

	Concession Assets			Goodwill			Patent, intellectual property rights and others			Total
Cost
Balances at January 1, 2017		3,334,564			56,013			15,162			3,405,739
Acquisitions		266,380			-			1,664			268,044
Reversal of previous impairment loss		3,065			-			-			3,065
Disposals		(2,803	)		-			38			(2,765	)
Other (Note 22)		(84,075	)		-			-			(84,075	)
Translation differences		(205,125	)		1,036			(1,997	)		(206,086	)
Balances at December 31, 2017		3,312,006			57,049			14,867			3,383,922
Balances at January 1, 2016		2,899,618			56,699			20,004			2,976,321
Acquisitions		183,160			-			848			184,008
Impairment loss		(16,638	)		-			-			(16,638	)
Disposals		(23	)		-			(5,617	)		(5,640	)
Other (Note 22)		9,132			-			-			9,132
Translation differences		259,315			(686	)		(73	)		258,556
Balances at December 31, 2016		3,334,564			56,013			15,162			3,405,739
Balances at January 1, 2015		1,742,739			50,773			16,376			1,809,888
Acquisitions of subsidiaries (Note 26)		1,338,951			51,303			2,035			1,392,289
Acquisitions		137,612			-			386			137,998
Disposals		(3,413	)		-			-			(3,413	)
Disposals of subsidiaries		-			(44,357	)		-			(44,357	)
Translation differences		(316,271	)		(1,020	)		1,207			(316,084	)
Balances at December 31, 2015		2,899,618			56,699			20,004			2,976,321
Depreciation
Accumulated at January 1, 2017		569,090			306			11,156			580,552
Amortization of the year		129,667			-			580			130,247
Translation differences		(144,990	)		7			(248	)		(145,231	)
Accumulated at December 31, 2017		553,767			313			11,488			565,568
Accumulated at January 1, 2016		354,593			298			10,727			365,618
Amortization of the year		114,496			66			775			115,337
Translation differences		100,001			(58	)		(346	)		99,597
Accumulated at December 31, 2016		569,090			306			11,156			580,552
Accumulated at January 1, 2015		343,823			340			11,374			355,537
Amortization of the year		63,761			105			573			64,439
Translation differences		(52,991	)		(147	)		(1,220	)		(54,358	)
Accumulated at December 31, 2015		354,593			298			10,727			365,618
Net balances at December 31, 2017		2,758,239			56,736			3,379			2,818,354
Net balances at December 31, 2016		2,765,474			55,707			4,006			2,825,187
Net balances at December 31, 2015		2,545,025			56,401			9,277			2,610,703

Schedule of sensitivity analysis of impairment applied to intangible assets

As of December 31, 2017:

	Rate (6.08+  inflation%)		Estimated rate (5.59%+ inflation)		Estimated rate (6.6%+ inflation)
Impairment value		3,065		11,433		(4,737	)
Effect				8,380		(7,790	)

As of December 31, 2016:

	Rate (6.8+ inflation%)		Estimated rate (6.54%+ inflation)			Estimated rate (7.08%+ inflation)
Impairment value		16,638		11,745			21,634
Effect				(4,893	)		4,996

Schedule of carrying value of the assets impaired

	Net assets before  impairment		Impairment			Net assets after impairment
ICASGA		98,198		(16,638	)		81,560

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Property, plant and equipment, net (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about property, plant and equipment [abstract]

Schedule of property, plant and equipment, net

	Land, building and improvements			Plant and production Equipment			Vehicles, furniture and fixtures			Wells and production facilities			Mining property			Works in progress			Exploration and evaluation assets			Others			Total
Cost
Balances at January 1, 2017		48,312			45,287			37,693			-			-			1,001			-			18,411			150,704
Purchase of property, plant and equipment		632			2,487			4,659			-			-			456			-			3,278			11,512
Disposals		-			-			(355	)		-			-			-			-			(349	)		(704	)
Transfer		199			2,466			(2,466	)		-			-			-			-			(199	)		-
Transfer to Intangible		-			-			-			-			-			-			-			-			-
Translation differences		5,512			4,149			948			-			-			10			-			1,476			12,095
Balances at December 31, 2017		54,655			54,389			40,479			-			-			1,467			-			22,617			173,607
Balances at January 1, 2016		49,234			47,320			34,218			-			-			991			-			22,882			154,645
Purchase of property, plant and equipment		1,398			3,357			4,175			-			-			55			-			1,406			10,391
Disposals		(329	)		-			(223	)		-			-			-			-			(125	)		(677	)
Disposals of subsidiaries		(575	)		(4,211	)		(46	)		-			-			-			-			(5,617	)		(10,449	)
Translation differences		(1,416	)		(1,179	)		(431	)		-			-			(45	)		-			(135	)		(3,206	)
Balances at December 31, 2016		48,312			45,287			37,693			-			-			1,001			-			18,411			150,704
Balances at January 1, 2015		52,292			50,698			42,959			140,066			34,332			5,331			44,758			42,254			412,690
Acquisitions of subsidiary (Note 26)		-			1,352			400			-			-			-			-			-			1,752
Purchase of  Property plant and equipment		2,843			1,574			2,965			-			-			111			-			692			8,185
Disposals		(566	)		(119	)		(10,675	)		-			-			(153	)		-			(13,089	)		(24,602	)
Transfers		-			-			29			-			-			-			-			-			29
Disposals of subsidiaries		-			(68	)		(104	)		(140,066	)		(34,332	)		(4,184	)		(44,758	)		(2,276	)		(225,788	)
Translation differences		(5,335	)		(6,117	)		(1,356	)		-			-			(114	)		-			(4,699	)		(17,621	)
Balances at December 31, 2015		49,234			47,320			34,218			-			-			991			-			22,882			154,645
Depreciation
Accumulated at January 1, 2017		10,449			35,307			23,391			-			-			-			-			15,573			84,720
Depreciation of the year		777			3,021			3,057			-			-			-			-			1,028			7,883
Disposals		-			-			(238	)		-			-			-			-			(175	)		(413	)
Translation differences		1,208			4,048			17			-			-			-			-			1,661			6,934
Accumulated at December 31, 2017		12,434			42,376			26,227			-			-			-			-			18,087			99,124
Accumulated at January 1, 2016		9,911			34,249			21,217			-			-			-			-			17,579			82,956
Depreciation of the year		921			2,497			2,643			-			-			-			-			1,484			7,545
Disposals		-			-			(209	)		-			-			-			-			-			(209	)
Disposals of subsidiaries		-			(499	)		(11	)		-			-			-			-			(2,956	)		(3,466	)
Other		(28	)		-			-			-			-			-			-			(113	)		(141	)
Translation differences		(355	)		(940	)		(249	)		-			-			-			-			(421	)		(1,965	)
Accumulated at December 31, 2016		10,449			35,307			23,391			-			-			-			-			15,573			84,720
Accumulated at January 1, 2015		9,958			34,197			25,877			101,117			20,243			-			-			30,037			221,429
Depreciation of the year		1,023			3,433			1,490			-			-			-			-			1,862			7,808
Disposals		-			(12	)		(5,387	)		-			-			-			-			(10,413	)		(15,812	)
Disposals of subsidiaries		-			-			(5	)		(101,117	)		(20,243	)		-			-			(641	)		(122,006	)
Translation differences		(1,070	)		(3,369	)		(758	)		-			-			-			-			(3,266	)		(8,463	)
Accumulated at December 31, 2015		9,911			34,249			21,217			-			-			-			-			17,579			82,956
Net balances at December 31, 2017		42,221			12,013			14,252			-			-			1,467			-			4,530			74,483
Net balances at December 31, 2016		37,863			9,980			14,302			-			-			1,001			-			2,838			65,984
Net balances at December 31, 2015		39,323			13,071			13,001			-			-			991			-			5,303			71,689

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Investments in associates (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of associates [abstract]

Schedule of investment in associates

	For the Year ended December 31,
	2017			2016			2015
Balances at the beginning of the year		10,927			14,450			169,660
Translation differences		432			(44	)		(39,999	)
Share of loss in associates		(15,841	)		(1,306	)		(69,317	)
Contributions		17,950	(2)		13			54,317
Disposals of associates		-			(2,186	)		(40,275	)
Decrease (1)		(33	)		-			(59,936	)
Balances at the end of the year		13,435			10,927			14,450

(¹) In December 2015 the Group acquired an additional participation in these associates, and as a result, the Group obtained control of those companies (See Note 26).

(²) As of December 2017, CAAP made contributions in kind in Aeropuertos Andinos del Perú S.A. by the capitalization of credits (Note 28) keeping the same percentage of ownership.

Schedule of breakdown of the share of income or loss in associates

	2017			2016			2015
Caminos del Paraná S.A.		35			402			-
Aeropuertos Andinos del Perú S.A.		(9,338	)		168			1,342
Sociedad Aeroportuaria KunturWasi S.A.		(5,945	)		(565	)		(526	)
Inframérica Participacões S.A.		-			-			(19,050	)
Inframerica Concessionaria do Aeroporto de Sao  Goncalo do Amarante S.A.		-			-			(52,908	)
Others		(593	)		(1,311	)		1,825
		(15,841	)		(1,306	)		(69,317	)

Schedule of main Associates

		Country of	Percentage of ownership at December 31,									December 31,
Company	Main  activity	incorporation	2017			2016			2015			2017		2016		2015
Aeropuertos Ecológicos de Galápagos S.A. (*)	Airport Operation	Ecuador		99.9	%		99.9	%		99.9	%		1,000		1,000		1,000
Sociedad Aeroportuaria KunturWasi S.A. (**)	Airport Operation	Perú		47.68	%		47.68	%		47.68	%		-		5,787		6,460
Aeropuertos Andinos del Perú S.A.	Airport Operation	Perú		50.00	%		50.00	%		50.00	%		11,762		2,717		2,788
Quitotelecenter SA	Shopping administrator	Ecuador		-			-			40.00	%		-		-		2,311
Others		-		-			-			-			673		1,423		1,891
													13,435		10,927		14,450

(*) Under the terms of the Galapagos Concession Agreement, the net income generated by the Company must be transferred entirely to the Dirección General de Aviación Civil (“DGAC”), however, the Group maintains the operational management of such company and therefore has significant influence.

(**) On July 13, 2017, the Government of Peru notified the unilateral decision to rescind the concession agreement for the Nuevo Aeropuerto International de Chinchero. The Company has stated its intention to reach an agreement, however, if it is not achieved, will initiate legal proceedings as established in the concession agreement. In line with this, the Company notified the State of Perú of its disagreement with the unilateral resolution and its intention to begin a Direct Treatment procedure, such procedure as provided in the Concession Agreement. The Company also communicated the non-compliance of certain State obligations under the 1996 Bilateral Investment Agreement between Peru and Argentina for the promotion and protection of investments caused by the mentioned unilateral resolution.

Schedule of aggregated amounts of assets liabilities, equity and profit or loss

	Aeropuertos Andinos del Perú S.A.
	2017
Non-current assets		31,215
Current assets		4,690
Total assets		35,905
Non-current liabilities		2,430
Current liabilities		9,951
Total liabilities		12,381
Equity		23,524
Revenue		14,681
Income/(Loss) for the year		(18,676	)
Other comprehensive income for the year		867
Total comprehensive income for the year		(17,809	)

	Aeropuertos Andinos del Perú S.A.		Sociedad Aeroportuaria KunturWasi S.A.			Aeropuertos Andinos del Perú S.A.			Sociedad Aeroportuaria KunturWasi S.A.
	2016		2016			2015			2015
Non-current assets		37,224		27,917			34,287			27,590
Current assets		7,959		2,566			4,103			498
Total assets		45,183		30,483			38,390			28,088
Non-current liabilities		33,626		15,837			29,155			13,010
Current liabilities		6,123		3,072			4,220			2,157
Total liabilities		39,749		18,909			33,375			15,167
Equity		5,434		11,574			5,015			12,921
Revenue		13,769		-			12,068			-
Income/(Loss) for the year		336		(1,543	)		2,305			(1,005	)
Other comprehensive loss for the year		83		196			(556	)		(1,359	)
Total comprehensive income/(loss) for the year		419		(1,347	)		1,749			(2,364	)

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Deferred income tax (Tables)

12 Months Ended

Dec. 31, 2017

Reconciliation of changes in deferred tax liability (asset) [abstract]

Schedule of evolution deferred tax assets and liabilities

	Property, plant and equipment and Intangibles Assets			Other liabilities			Total
Balances at January 1, 2017		156,813			72,208			229,021
Increase/(Decrease) of deferred tax assets for the year		(5,008	)		8,645			3,637
Translation differences		2,715			(1,400	)		1,315
Balances at December 31, 2017		154,520			79,453			233,973
Balances at January 1, 2016		167,229			55,926			223,155
Disposals of subsidiaries		(387	)		-			(387	)
Increase/(Decrease) of deferred tax assets for the year		(6,121	)		4,687			(1,434	)
Translation differences		(3,908	)		11,595			7,687
Balances at December 31, 2016		156,813			72,208			229,021
Balances at January 1, 2015		142,053			3,160			145,213
Acquisitions of subsidiary (Note 26)		50,965			54,093			105,058
Decrease of deferred tax assets for the year		(13,308	)		(226	)		(13,534	)
Disposals of subsidiaries		1,895			(682	)		1,213
Translation differences		(14,376	)		(419	)		(14,795	)
Balances at December 31, 2015		167,229			55,926			223,155

	Provisions and allowances			Tax loss carry forwards			Other			Total
Balances at January 1, 2017		9,000			169,177			5,709			183,886
Increase of deferred tax assets for the year		1,014			43,435			1,031			45,480
Translation differences		(3,411	)		(4,234	)		(722	)		(8,367	)
Balances at December 31, 2017		6,603			208,378			6,018			220,999
Balances at January 1, 2016		8,599			110,621			5,801			125,021
Disposals of subsidiaries		(35	)		(1,135	)		-			(1,170	)
Increase of deferred tax assets for the year		909			38,205			215			39,329
Translation differences		(473	)		21,486			(307	)		20,706
Balances at December 31, 2016		9,000			169,177			5,709			183,886
Balances at January 1, 2015		9,787			40,838			10,938			61,563
Acquisitions of subsidiary (Note 26)		-			96,907			450			97,357
Increase/(Decrease) of deferred tax assets for the year		673			(8,883	)		(399	)		(8,609	)
Disposals of subsidiaries		(668	)		(15,237	)		(3,908	)		(19,813	)
Translation differences		(1,193	)		(3,004	)		(1,280	)		(5,477	)
Balances at December 31, 2015		8,599			110,621			5,801			125,021

Schedule of recoverability analysis of deferred tax assets

	For the Year ended December 31,
	2017			2016			2015
Deferred tax assets to be recovered within 12 months		154			-			-
Deferred tax assets to be recovered after 12 months		135,399			104,051			51,889
Deferred tax liabilities to be recovered within 12 months		(2,471	)		(197	)		(59	)
Deferred tax liabilities to be recovered after 12 months		(146,056	)		(148,989	)		(149,964	)

Schedule of unrecognized deferred income tax assets

	For the Year ended December 31,
	2017			2016			2015
Deferred tax assets		135,327			99,258			47,643
Deferred tax liabilities		(148,301	)		(144,393	)		(145,777	)

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Other receivables (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Other Receivables [Abstract]

Schedule of other receivables

	At December 31,
	2017		2016		2015
Non-Current
Tax credits		28,927		26,772		27,129
Receivables from related parties (Note 27)		2,127		4,781		12,635
Trust funds (**)		136,689		82,942		74,678
Prepaid expenses		234		891		338
Other (***)		5,416		2,688		2,511
		173,393		118,074		117,291
Current
Tax credits		29,948		23,346		18,992
Guarantee deposit (*)		121,614		96,759		17,085
Trust funds (**)		-		-		4,842
Receivables from related parties (Note 27)		13,203		4,244		5,252
Prepaid expenses		3,768		7,753		5,661
Other		14,529		5,105		5,069
		183,062		137,207		56,901

(*) As of December 31, 2017 includes a time deposit of CAAP for USD 90.7 million in pledge of a loan of Inframérica Concessionária do Aeroporto de Brasilia S.A. with Banco Santander according to Note 21.

As of December 31, 2016 includes legal deposit in Brazil for USD 76 million (none in 2015) related to the fixed contribution accrued in the current year from Inframérica Concessionária do Aeroporto de Brasilia S.A.

(**) Funds are held by a trust, on which the Company does not have the power to direct the relevant activities of the trustee company and is not exposed, or have rights, to variable returns, as such does not consolidate the trustee company.

(***) As of December 31, 2017 includes fees related to Initial Public Offering project for USD 2.8 million.

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Inventories (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Inventories [Abstract]

Schedule of Inventories

	At December 31,
	2017		2016		2015
Finished goods		191		621		2,042
Supplies		2,531		2,467		2,071
Oil and byproducts		5,842		4,576		4,111
		8,564		7,664		8,224

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Trade receivables (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Trade Accounts Receivable [Abstract]

Schedule of Trade receivables

	At December 31,
	2017			2016			2015
Non-Current
Accounts receivable		4,244			-			51
		4,244			-			51
Current
Accounts receivable		141,253			122,677			113,666
Trade receivables from related parties  (Note 27)		1,130			1,484			5,423
Provision for bad debts		(20,549	)		(14,551	)		(17,782	)
		121,834			109,610			101,307

Schedule of provision for bad debts

	2017			2016			2015
Balances as of the beginning of the year		(14,551	)		(17,782	)		(13,652	)
Bad debts of the year		(7,672	)		(1,976	)		(2,574	)
Acquisitions of subsidiary		-			-			(5,944	)
Recoveries		268			2,248			-
Write off		403			2,390			237
Translation differences		1,003			569			2,274
Disposals of subsidiaries		-			-			1,877
Balance as of end of year		(20,549	)		(14,551	)		(17,782	)

Schedule of aging of trade receivables

							Past due
	Trade Receivables			Not due			1 - 180 days			> 180 days
At December 31, 2017
Non current/current accounts		146,627			35,799			94,838			15,990
Provision for bad debts		(20,549	)		(915	)		(4,166	)		(15,468	)
Total trade receivables, net		126,078			34,884			90,672			522

							Past due
	Trade Receivables			Not due			1 - 180 days			> 180 days
At December 31, 2016
Current accounts		124,161			90,655			17,170			16,336
Provision for bad debts		(14,551	)		(4,556	)		(2,718	)		(7,277	)
Total trade receivables, net		109,610			86,099			14,452			9,059

						Past due
	Trade Receivables			Not due		1 - 180 days			> 180 days
At December 31, 2015
Current accounts		119,089			84,712		16,181			18,196
Provision for bad debts		(17,782	)		-		(2,856	)		(14,926	)
Total trade receivables, net		101,307			84,712		13,325			3,270

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Other financial assets (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of financial assets [abstract]

Schedule of other financial assets

	At December 31,
	2017		2016		2015
Non-current
Time Deposits		2,500		-		-
Related parties (Note 27)		-		-		15,078
Other		-		721		-
		2,500		721		15,078
Current
Debt service reserve account		-		15,075		15,075
Related parties (Note 27)		3,621		7,769		8,270
Loans		-		-		1,986
Corporate Bonds		12,593		-		-
Time Deposits		23,500		7,349		12,482
Other		82		3,743		2,499
		39,796		33,936		40,312

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Cash and cash equivalents (Tables)

12 Months Ended

Dec. 31, 2017

Cash and cash equivalents [abstract]

Schedule of cash and cash equivalents

	At December 31,
	2017		2016		2015
Cash to be deposited		1,483		1,313		1,344
Cash at banks		189,283		146,726		170,675
Time deposits		29,003		63,244		11,782
Other cash equivalents		1,832		1,705		438
		221,601		212,988		184,239

Schedule for components of cash and cash equivalents if different from statement of financial position

	At December 31,
	2017		2016			2015
Cash and cash equivalents		221,601		212,988			184,239
Restricted cash (*)		-		(30,872	)		(30,346	)
Bank overdraft		-		-			(4	)
		221,601		182,116			153,889

(*) Restricted cash balances excluded from cash and cash equivalents relate to guarantees of AA2000 (see Note 21).

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Borrowings (Tables)

12 Months Ended

Dec. 31, 2017

Borrowings [abstract]

Schedule of borrowings

	At December 31,
	2017		2016		2015
Non-current
Bank and financial borrowings (**)		453,428		551,431		487,021
Notes (*)		658,109		411,200		470,295
Other		2,118		3,041		3,000
		1,113,655		965,672		960,316
Current
Bank and financial borrowings (**)		311,902		52,671		53,129
Notes (*)		24,306		64,439		70,471
Loans with related parties (Note 27)		34,651		22,220		618
Bank overdrafts		-		-		4
Others		1,931		2,239		3,028
		372,790		141,569		127,250
Total Borrowings		1,486,445		1,107,241		1,087,566

Schedule of changes in borrowings

	2017			2016			2015
Balances at the beginning of the year		1,107,241			1,087,566			765,184
Acquisitions of subsidiary (Note 26)		-			-			332,976
Loans obtained		596,030			52,099			286,839
Loans paid		(250,276	)		(142,693	)		(231,597	)
Interest paid		(106,953	)		(48,564	)		(38,334	)
Disposals of subsidiaries		-			-			(47,281	)
Accrued interest for the year		119,964			118,219			68,673
Translation differences		20,439			40,614			(48,894	)
Balances at the end of the year		1,486,445			1,107,241			1,087,566

Schedule of maturity of borrowings

	1 year or less		1 to 2 years		2 to 5 years		Over 5 years		Total
At December 31, 2017 (1)		422,746		230,464		523,855		803,436		1,980,501
At December 31, 2016 (1)		132,756		187,150		418,061		762,595		1,500,562
At December 31, 2015 (1)		134,428		153,303		227,368		867,312		1,382,411

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

Schedule of undiscounted cash flows of principal and estimated interest

	At December 31,
	2017		2016		2015
Fair value of long-term borrowings  (2)		1,498,385		1,128,407		1,113,117
		1,498,385		1,128,407		1,113,117

⁽²⁾ Valuation at quotation prices (not adjusted) in active markets for identical assets or liabilities Fair Value level 2 under IFRS 13 hierarchy. There are no financial instruments measured at fair value.

Schedule of significant bank and financial borrowings

(**) As of December 31, 2017 significant bank and financial borrowings include the following:

						Outstanding
Company	Lender	Currency	Maturity	Interest Rate		(In millions of USD)		Capitalization(2)
	BNDES	Brazilian Reales	September 2032	Variable	TJLP (1) + 3.14%		98.6
Inframérica	BNDES	Brazilian Reales	June 2032	Variable	T.R.+ 3.14%+IPCA		2.2
Concessionaria do	BNDES	Brazilian Reales	September 2032	Variable	T.R.+ 3.14%+IPCA		5.8
Aeroporto Sao Goncalo	BNDES	Brazilian Reales	September 2022	Fixed	2.5%		3.2	A
do Amarante	BNDES	Brazilian Reales	July 2032	Variable	T.R.+ 3.14%+IPCA		1.5
	BNDES	Brazilian Reales	July 2032	Variable	T.R.+ 4.74%+IPCA		1.2
	BNDES	Brazilian Reales	December 2028	Variable	TJLP (1) + 3.14%		218.4	A
	CAIXA	Brazilian Reales	December 2028	Variable	TJLP (1) + 3.6%		72.8	A
	CAIXA	Brazilian Reales	December 2017	Variable	IPCA		5.7	A
Inframérica	CAIXA	Brazilian Reales	December 2023	Fixed	6%		4.8	A
Concessionaria do	Bradesco	Brazilian Reales	July 2022	Variable	TJLP (1) + 8.1%		0.3	D
Aeroporto de Brasilia	Bradesco	Brazilian Reales	July 2022	Variable	Selic + 7.38%		0.1	D
	Santander	Brazilian Reales	June 2018	Variable	CDI + 0.45%		90.9	A
	Citibank	Brazilian Reales	March 2018	Fixed	9%		14.6	C
	Pine	Brazilian Reales	January 2018	Variable	CDI + 6.5%		9.7	C
Terminal Aeroportuaria	Banco Guayaquil SA	USD	2019	Variable	6.86%-6.92%		4.1	D
de Guayaquil S.A	Banco Bolivariano CA	USD	2019	Variable	6.92%		5.6	D
Terminal de Cargas de Uruguay SA	Santander Uruguay	USD	June 2020	Fixed	4.25%		1.1	D
Toscana	MPS Servicio capital	Euro	June 2022	Variable	Euribor 6 month plus spread		9.3	B
Aeroporti S.p.a.	Banco de Innovación de Infraestructuras y Desarrollo	Euro	September 2027	Variable	Euribor 6 month plus spread		34.4	D
	Credem	Euro	November 2018	Variable	Euribor 3 month plus spread		6.0	D
	BPM	Euro	June 2022	Variable	Euribor 3 month plus spread		0.5	D
Armenia International	Credit Suisse AG	USD	June 2022	Variable	Libor+5.5%		57.1	B
Airports CJSC		Euro	June 2022	Variable	Euribor+5.5%		51.2
Corporación América Airports S.A.	Goldman Sachs	USD	March 2019	Variable	7.63%		50.1	D
	Julius Bär	USD	December 2019	Fixed	2.40%		15.0	B
Aeropuertos Argentina	Banco Ciudad	Argentine peso	September 2018	Fixed	27.86%		1.0	D
2000 SA
Aeropuerto de Bahía Blanca S.A.	Banco de la Nación Argentina	Argentine peso	March  2019	Variable	4.75%		0.1	A
Total							765.3

(**) As of December 31, 2016 significant bank and financial borrowings include the following:

						Outstanding
Company	Lender	Currency	Maturity	Interest Rate		(In millions of USD)		Capitalization(2)
	BNDES	Brazilian Reales	September 2032	Variable	TJLP (1) + 3.14%		98.2
Inframérica Concessionaria	BNDES	Brazilian Reales	June 2032	Variable	T.R.+ 3.14%+IPCA		2.4
do Aeroporto Sao Goncalo	BNDES	Brazilian Reales	September 2032	Variable	T.R.+ 3.14%+IPCA		5.3	A
do Amarante	BNDES	Brazilian Reales	September 2032	Fixed	2.5%		3.9
	BNDES	Brazilian Reales	July 2032	Variable	T.R.+ 4.74%+IPCA		1.2
	BNDES	Brazilian Reales	July 2032	Variable	T.R.+ 3.14%+IPCA		1.6
	BNDES	Brazilian Reales	December 2028	Variable	TJLP (1) + 3.14%		220	A
Inframérica Concessionaria	CAIXA	Brazilian Reales	December 2028	Variable	TJLP (1) + 3.6%		76.8	A
do Aeroporto de Brasilia	CAIXA	Brazilian Reales	December 2017	Variable	IPCA		7.1	A
	CAIXA	Brazilian Reales	December 2023	Fixed	6%		5.7	A
	ABC	Brazilian Reales	April 2017	Variable	CDI + 4.5%		3.5	D
Terminal Aeroportuaria de	Banco Guayaquil SA	USD	2019	Variable	7.5%-8%		6.1	D
Guayaquil S.A	Banco Bolivariano CA	USD	2019	Variable	7.50%		8.4	D
Terminal de Cargas de Uruguay SA	Santander Uruguay	USD	June 2020	Fixed	4.25%		1.5	D
Toscana	MPS Servicio capital	Euro	June 2022	Variable	Euribor 6 month plus spread		10.2	B
Aeroporti S.p.a.	Banco de Innovación de Infraestructuras y Desarrollo	Euro	September 2027	Variable	Euribor 6 month plus spread		32.7	D
Armenia International Airports CJSC	Credit Suisse AG	USD	June 2022	Fixed	7.89%		116.3	B
Aeropuertos Argentina	Banco Ciudad	Argentine peso	September 2018	Fixed	27.86%		2.3	D
2000 SA	Banco Provincia	Argentine peso	June 2017	Fixed	26.42%		0.7
Aeropuerto de Bahía Blanca S.A.	Banco de la Nación Argentina	Argentine peso	March  2019	Variable	4.75%		0.2	A
Total							604.1

(**) As of December 31, 2015 bank and financial borrowings include the following:

						Outstanding
Company	Lender	Currency	Maturity	Interest Rate		(In millions of USD)		Capitalization(2)
	BNDES	Brazilian Reales	September 2032	Variable	TJLP (1) + 3.14%		81.9
Inframérica Concessionaria	BNDES	Brazilian Reales	June 2032	Variable	T.R.+ 3.14%+IPCA		2.0
do Aeroporto Sao Goncalo	BNDES	Brazilian Reales	September 2032	Variable	T.R.+ 3.14%+IPCA		4.3	A
do Amarante	BNDES	Brazilian Reales	September 2022	Fixed	2.5%		3.8
	BNDES	Brazilian Reales	July 2032	Variable	T.R.+ 4.74%+IPCA		1.1
	BNDES	Brazilian Reales	July 2032	Variable	T.R.+ 3.14%+IPCA		1.4
	BNDES	Brazilian Reales	December 2028	Variable	TJLP (1) + 3.14%		163.6	A
	CAIXA	Brazilian Reales	December 2028	Variable	TJLP (1) + 3.6%		56.9	A
Inframérica Concessionaria	CAIXA	Brazilian Reales	December 2028	Fixed	6%		1.7	A
do Aeroporto de Brasilia	CAIXA	Brazilian Reales	December 2017	Variable	IPCA		4.9	A
	CAIXA	Brazilian Reales	December 2023	Fixed	6%		3.7	A
	Citibank	Brazilian Reales	September 2016	Fixed	17.10%		-	D
	Fator	Brazilian Reales	December 2016	Variable	CDI + 3%		7.6	C
Terminal Aeroportuaria de	Banco Bolivariano C.A.	USD	2016-2019	Variable	7.59%-8.90%		13.3	D
Guayaquil S.A	Banco Guayaquil S.A.	USD	2016-2019	Variable	7.71% -8.88%		5.5	D
Armenia International Airports CJSC	Credit Suisse AG	USD	June 2022	Fixed	7.86%		131.9	B
Toscana	MPS Servicio capital	Euro	June 2022	Variable	Euribor 6 month plus spread		10.7	B
Aeroporti S.p.a.	Banco de Innovación de Infraestructuras y Desarrollo	Euro	September 2027	Variable	Euribor 6 month plus spread		38.3	D
Aeropuertos Argentina 2000 SA	Banco de la Provincia de Buenos Aires	Argentine peso	June 2017	Fixed	26.42%		7.36	D
Aeropuerto de Bahía Blanca S.A.	Banco de la Nación Argentina	Argentine peso	March  2019	Variable	4.75%		0.24	A
Total							540.2

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

IPCA: corresponds to the Brazilian consumer Price index)

(²) A - Secured/guaranteed

B – Secured/unguaranteed

C – Unsecured/guaranteed

D - Unsecured/unguaranteed

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Other liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of sensitivity analysis for actuarial assumptions [line items]

Schedule of other liabilities

	At December 31,
	2017		2016		2015
Non-current
Concession fee payable (*)		916,203		970,762		772,088
Advances from customers		31,909		27,922		17,680
Provisions for legal claims (****)		5,798		-		-
Provision for maintenance costs (**)		22,207		20,113		20,423
Other taxes payable		8,531		10,242		3,142
Employee benefit obligation (***)		9,068		8,498		8,139
Salary payable		916		772		1,006
Other liabilities with related parties (Note 27)		1,816		600		2,567
Other payables		10,344		10,539		22,256
		1,006,792		1,049,448		847,301
Current
Concession fee payable (*)		54,840		202,584		99,051
Other taxes payable		32,840		28,729		23,555
Salary payable		41,753		39,084		33,568
Other liabilities with related parties (Note 27)		33,132		31,369		27,197
Advances from customers		6,124		13,941		15,048
Provision for maintenance cost (**)		9,496		6,713		4,506
Expenses provisions		4,569		6,222		1,973
Provisions for legal claims (****)		3,127		5,878		4,730
Other payables		23,605		12,787		16,944
		209,486		347,307		226,572

(*)The most significant amount include in concession fee payable are generated by the concession agreement between The Brazilian National Civil Aviation Agency – ANAC and Inframerica Concessionária do Aeroporto de Brasilia S.A. and Inframerica Concessionária do Aeroportode São Gonçalo do Amarante S.A.

(**) Changes in the year of the Provision for maintenance costs is as follows:

	2017			2016			2015
Balances at the beginning of the year		26,826			24,929			51,188
Accrual of the year		2,822			4,679			5,391
Use of the provision		(1,507	)		(1,906	)		(2,580	)
Disposals of subsidiaries		-			-			(25,152	)
Translation differences		3,562			(876	)		(3,918	)
Balances at the end of the year		31,703			26,826			24,929

(***)TAGSA and Toscana have post-employment benefits which are defined benefit obligation. The amount of termination benefit has been calculated using the “Projected Unit Credit Method”, making actuarial valuations at the end of the period.

(****) Changes in the year of the provision for legal claims is as follows:

	2017			2016			2015
Balances at the beginning of the year		5,878			4,730			935
Accrual of the year		3,661			2,772			1,157
Use of the provision		(810	)		(1,089	)		(974	)
Acquisition of subsidiary (Note 26)		-			-			4,117
Translation differences		196			(535	)		(505	)
Balances at the end of the year		8,925			5,878			4,730

Schedule of maturity of the other liabilities

	1 year or less		1 - 2 years		2 - 5 years		Over 5 years		Total
At December 31, 2017		188,192		94,590		306,318		2,520,425		3,109,525
At December 31, 2016		378,130		90,290		293,170		2,700,430		3,462,020
At December 31, 2015		237,620		72,130		233,630		2,307,160		2,850,540

Schedule of changes in the year of the concession fee payable

	2017			2016			2015
Values at the beginning of the year		1,173,346			871,139			38,739
Acquisition of subsidiaries (Note 26)		-			-			836,258
Financial result		98,122			107,408			2,039
Concession fees		162,117			146,971			133,846
Payments		(325,454	)		(136,092	)		(136,809	)
Payments in advance		(40,126	)		-			-
Others		(84,075	)		9,132			-
Translation differences		(12,887	)		174,788			(2,934	)
At the end of the year		971,043			1,173,346			871,139

Schedule of changes in the year of the Provision for maintenance costs

	2017			2016			2015
Balances at the beginning of the year		26,826			24,929			51,188
Accrual of the year		2,822			4,679			5,391
Use of the provision		(1,507	)		(1,906	)		(2,580	)
Disposals of subsidiaries		-			-			(25,152	)
Translation differences		3,562			(876	)		(3,918	)
Balances at the end of the year		31,703			26,826			24,929

Schedule of changes of the provision

	2017			2016			2015
Balances at the beginning of the year		8,498			8,139			6,198
Actuarial gain/loss (in other comprehensive income)		(323	)		403			(475	)
Interest for services		165			239			164
Service Cost		250			177			21
Amounts paid in the year		(487	)		(223	)		(487	)
Contributions		-			-			3,322
Translation differences		965			(237	)		(604	)
At the end of the year		9,068			8,498			8,139

Schedule of changes in the year of the provision for legal claims

	2017			2016			2015
Balances at the beginning of the year		5,878			4,730			935
Accrual of the year		3,661			2,772			1,157
Use of the provision		(810	)		(1,089	)		(974	)
Acquisition of subsidiary (Note 26)		-			-			4,117
Translation differences		196			(535	)		(505	)
Balances at the end of the year		8,925			5,878			4,730

Toscana Aeroporti S.p.a.

Disclosure of sensitivity analysis for actuarial assumptions [line items]

Schedule of sensibility in relation with the provision

Assumption	Annual discount rate					Annual rate of inflation					Annual turnover rate
Variation rates		0.5	%	(0.5	)%		0.25	%	(0.25	)%		2.5	%	(2.5	)%
Provision for salary payable		6,172		6,856			6,606		6,399			6,395		6,557

Terminal Aeroportuaria Guayaquil S.A. ("TAGSA")

Disclosure of sensitivity analysis for actuarial assumptions [line items]

Schedule of sensibility in relation with the provision

Assumption	Annual discount rate					Annual employee future  wage increase					Annual turnover rate
Variation rates		1	%	(1	)%		1	%	(1	)%		5	%	(5	)%
Provision for salary payable		1,068		1,406			1,410		1,062			1,204		1,246

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Trade payables (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Trade Payable [Abstract]

Schedule of fair value of trade payables

	At December 31,
	2017		2016		2015
Non-current
Trade payables with related parties (Note 27)		-		-		767
Trade payable with suppliers		3,302		1,663		1,329
		3,302		1,663		2,096
Current
Trade payables with suppliers		122,145		104,914		116,711
Trade payables with related parties (Note 27)		5,667		8,625		4,445
		127,812		113,539		121,156

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Equity (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Equity [Abstract]

Schedule of free distributable reserves

	2017			2016		2015
Conversion (Note 1)		(1,499,980	)		-		-
Cash contributions		6,600			20,494		8,303
Refund of cash contributions		(28,893	)		-		-
Contributions in shares (*)		-			1,506,867		-
Contributions by assignment (**)		-			49,960		320,798
		(1,522,273	)		1,577,321		329,101

(*) This corresponds to the fair value of the contribution of the shares of AIA, measured in accordance with Luxembourg laws and regulations.

(**) This corresponds to the contribution of accounts receivable from related parties made by the Company’s shareholder.

Schedule of movements of other reserves

	2017			2016			2015
At the beginning of the year		(1,344,022	)		248,677			1,178,534
Distribution in cash from AIA		-			(36,076	)		(74,058	)
Refund of contributions (*)		-			-			(497,660	)
Non-cash distribution from AIA (**)		-			(*) (49,960	)		(*) (298,764	)
Cash contribution from AIA		-			496			-
Fair value adjustments (***)		-			(*) (1,506,867	)		(59,719	)
Remeasurement of defined benefit obligations net for income tax		14			(292	)		344
		(1,344,008	)		(1,344,022	)		248,677

(*) This corresponds to reimbursement of previous contributions from the former shareholder.

(**) This corresponds to distributions of dividends in kind from AIA to its former shareholder.

(***) This corresponds to the fair value of the contribution in shares (see footnote 1 in note 24.a) above), as the subsidiaries contributed were retroactively combined in the combined financial statements as of December 31, 2016.

Schedule of movements of the reserve of other comprehensive income

	Currency translation adjustments			Remeasurement of defined benefit obligations (*)			Share of other comprehensive income from associates			Income Tax effect (*)			Transfer from shareholders equity – currency translation differences		Total
Balances at January 1, 2017		(212,080	)		106			(40,043	)		(54	)		63,402		(188,669	)
Continuing operations
Other comprehensive income (loss) for the year		(29,011	)		17			432			(3	)		-		(28,565	)
For the year ended December 31, 2017		(241,091	)		123			(39,611	)		(57	)		63,402		(217,234	)
Balances at January 1, 2016		(174,950	)		489			(39,999	)		(145	)		58,218		(156,387	)
Continuing operations
Other comprehensive income (loss) for the year		(37,414	)		(383	)		(44	)		91			1,191		(36,559	)
Discontinued operations
Other comprehensive income (loss) for the year		284			-			-			-			3,993		4,277
For the year ended December 31, 2016		(212,080	)		106			(40,043	)		(54	)		63,402		(188,669	)
Balances at January 1, 2015		-			-			-			-			-		-
Continuing operations
Other comprehensive income (loss) for the year		(112,455	)		489			(39,999	)		(145	)		-		(152,110	)
Discontinued operations
Other comprehensive income (loss) for the year		(62,495	)		-			-			-			58,218		(4,277	)
For the year ended December 31, 2015		(174,950	)		489			(39,999	)		(145	)		58,218		(156,387	)

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

Schedule of movements of the non- controlling interest

	2017			2016			2015
At the beginning of the year		354,174			371,342			351,809
Shareholder contributions		-			9,018			-
(Loss)/income for the year		3,400			(4,519	)		9,801
Other comprehensive loss
Currency translation		3,426			(12,340	)		(54,142	)
Remeasurement of defined benefit obligations		9			(20	)		(14	)
Reserve for income tax		(5	)		5			4
		3,430			(12,355	)		(54,152	)
Changes in non-controlling interest
Business combinations		-			-			131,954
Discontinued operations		-			311			(66,656	)
Changes in the participations		197			-			(1,414	)
Dividends approved		(25,842	)		(9,623	)		-
		(25,645	)		(9,312	)		63,884
Non-controlling interest at the end of the year		335,359			354,174			371,342

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Contingencies, commitments and restrictions on the distribution of profits (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure For Contingencies Commitments And Restrictions On Distribution Of Profits [Abstract]

Schedule of commitments

Country	Concession	Number of Airports	Concession Start Date	Current Concession End Date	Extension Details
Argentina	AA2000	351	1998	2028	10 years
	NQN	1	2001	2021	5 years
	BBL	1	2008	2033	10 years
Italy	TA (SAT)	1	2006 (2014)	2046
	TA (ADF)	1	2003 (2014)	2043
Brazil	ICASGA	1	2012	2040	5 years
	ICAB	1	2012	2037	5 years
Uruguay	Puerta del Sur	1	2003	2033
	CAISA	1	1993 (2008)	2019
Ecuador	TAGSA	1	2004	2024
	ECOGAL	1	2011	2026
Armenia	AIA	2	2002	2032	Option to renew every 5 years
Peru	AAP	5	2011	2036	Extendable to 2071
Total		52

1. Includes Termas de Rio Hondo Airport, which is operated by AA2000 but is pending government approval to be included in the AA2000 concession.

Schedule of performance bonds in the amounts and for the events

Event	Amount of the Performance Bond (in R$)	Amount of the Performance Bond (in USD)
Natal Concession Agreement
Phase I of the Natal Concession Agreement	65 million	19.7 million
Phase II of the Natal Concession Agreement (from the formal commencement of Phase II until the end of the contract)	6.5 million	1.9 million
Current amount of Phase II	11.9 million	3.6 million
Investment Trigger of the Natal Concession Agreement	10% of the amount of planned investments
Brasilia Concession Agreement
During Phase I-B of the Brasilia Concession Agreement	266.7 million	80.6 million
After completion of Phase I-B of the Natal Concession Agreement or at the termination of the contract	133.3 million	40.3 million
Current amount of Phase II	188.5 million	56.9 million
Investment Trigger of the Brasilia Concession Agreement	10% of the amount of planned investments
Upon termination of the Brasilia Concession Agreement, for a period of 24 months after the termination of the agreement.	19.1 million	5.8 million

Schedule of equity Luxembourg laws and regulations

	At December 31, 2017		At December 31, 2016		At December 31, 2015
Share capital		1,500,000		20		20
Legal reserve		2		2		-
Free distributable reserves		385,055		1,907,328		330,007
Retained earnings		31,206		27,723		56,388
Total equity in accordance with Luxembourg law		1,916,263		1,935,073		386,415

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Business combinations, other acquisitions and investments (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about business combination [abstract]

Schedule of assets and liabilities of the business combination

ASSETS
Non-current assets
Intangible assets, net	1,340,634
Property, plant and equipment, net	1,752
Deferred tax assets	43,265
Other receivables	26,242
	1,411,893
Current assets
Other financial assets	17,085
Other receivables	13,320
Trade receivables	13,851
Cash and cash equivalents	15,518
	59,774
Total assets	1,471,667
Net identifiable assets acquired	56,906
Non-controlling interest	132,202
LIABILITIES
Non-current liabilities
Borrowings	316,451
Other liabilities	842,526
	1,158,977
Current liabilities
Borrowings	16,525
Other liabilities	79,755
Trade payables	27,302
	123,582
Total liabilities	1,282,559
Total equity and liabilities	1,471,667

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Related party balances and transactions (Tables)

12 Months Ended

Dec. 31, 2017

Related party transactions [abstract]

Schedule of related parties balances

	At December 31,
	2017			2016			2015
Year-end balances
(a) Arising from sales / purchases of goods / other
Trade Receivables with Associates		-			229			-
Trade Receivables with other related parties		1,130			1,255			5,423
Other Receivables with Associates		5,555			-			3,827
Other Receivables with other related parties		9,775			9,025			14,060
Other Financial Assets with Associates		-			7,769			11,530
Other Financial Assets with other related parties		3,621			-			11,818
Trade Payables to other related parties		(5,667	)		(8,625	)		(5,212	)
		14,414			9,653			41,446
(b) Financial debt
Borrowings owed to other related parties (*)		(34,651	)		(22,220	)		(618	)
		(34,651	)		(22,220	)		(618	)
(c) Other liabilities
Other liabilities -  other related parties		(34,948	)		(31,969	)		(29,764	)
		(34,948	)		(31,969	)		(29,764	)

(*) Loans with related parties are secured by cash collateral by a company controlled by the Group of the Shareholder and were paid on February 8, 2018, see Note 31 “Indebtedness”.

Schedule of transactions between related parties

	For the year ended
	2017			2016			2015
Transactions
Cash contribution and contributions in kind		6,600			1,577,321			329,101
Refund of shareholder contributions		(28,893	)		-			-
Commercial revenue		6,790			4,067			5,967
Fees		886			473			(1,818	)
Interest accruals		(3,159	)		(824	)		2,468
Acquisition of goods and services		(13,950	)		(10,270	)		(8,171	)
Others		(900	)		200			-

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Cash flow disclosures (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Cash Flow Statement [Abstract]

Schedule of changes In working cpital

	At December 31,
Changes in working capital	2017			2016			2015
Other receivables and credits		(78,303	)		(97,038	)		(64,221	)
Inventories		(909	)		987			4,385
Other liabilities		(171,741	)		(57,779	)		(111,250	)
		(250,953	)		(153,830	)		(171,086	)

Schedule of significant non-cash transactions

	For the year ended December 31, 2017			For the year ended December 31, 2016			For the year ended December 31, 2015
Intangible assets acquisition with an increase in Borrowings/Other liabilities		(1,591	)		(3,260	)		-
Dividends not paid		(2,007	)		-			-
Property, plant and equipment acquisitions with an increase in Other liabilities		(9	)		-			-
Borrowings cost capitalization		(9,301	)		-			-
Contribution in kind in associates		(17,950	)		-			-
Decrease in Intangible with an decrease in Other liabilities (Note 22)		(84,075	)		-			-
Assignment of credits		(4,744	)		-			-
Payment of Commitments to the grantor with a decrease in Other receivables and credits		64,284			-			-
Contributions in kind(*)		-			1,556,827			320,798
Dividends distribution(*)		-			(49,960	)		(298,764	)
Refund of contributions(*)		-			-			(497,660	)
Loans repayment – assignment of credits(***)		-			-			(74,477	)
Spin-off of assets and liabilities(****)		-			-			(62,539	)
Disposals of subsidiaries/associates(**)		-			-			322,960

(*) See note 24.

(**) This includes other receivables from disposals of discontinued operations (see note 28) and other receivables from disposals of associates which was contributed in the year 2016 in the free distributable reserve of the Company (see note 24).

(***) This corresponds to a settlement of a loan by assignment of credits to the borrowers. 

(****) This corresponds to assets and liabilities transferred outside the Group through spin-off of equity.

Schedule of reconciliation of debt

	Bank and financial borrowings		Notes		Loans with related parties			Other			Total
Values at the beginning of the year		604,102		475,639		22,220			5,280			1,107,241
Cash flows		99,725		129,491		10,525			(2,531	)		237,210
Foreign exchange adjustments		6,117		14,686		(82	)		(282	)		20,439
Other non-cash movements		55,386		62,599		1,988			1,582			121,555
Balances as of December 31, 2017		765,330		682,415		34,651			4,049			1,486,445

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Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2017

Discontinued Operations [Abstract]

Schedule of information of Statement of Income

	For the year ended December 31, 2017		For the year ended December 31, 2016			For the year ended December 31, 2015
Revenues		-		5			261,686
Cost of services		-		(92	)		(203,230	)
Gross profit		-		(87	)		58,456
Selling, general and administrative expenses		-		(796	)		(7,314	)
(Loss)/ income on disposal of discontinued operations		-		(8,916	)		92,167
Other operating expense		-		(228	)		(5,591	)
Operating (loss)/ income		-		(10,027	)		137,718
Financial result, net		-		548			(19,809	)
(Loss)/ income before equity in earnings of associates and income tax		-		(9,479	)		117,909
Share of income or loss in associates		-		62			(10,806	)
(Loss)/ income before income tax		-		(9,417	)		107,103
Income tax		-		(61	)		1,884
(Loss)/ income from discontinued operations		-		(9,478	)		108,987
Currency translation adjustment		-		4,277			(4,277	)
Total comprehensive (loss)/ income for the year		-		(5,201	)		104,710

Schedule of cash flow information

	At December 31, 2017		At December 31, 2016			At December 31, 2015
(Decrease)/ Increase in cash		-		(7,655	)		15,227
Used in operating activities		-		(8,155	)		(41,969	)
Provided by/(used in) investing activities		-		500			(139,531	)
Provided by financing activities		-		-			196,727

Schedule of financial information relating to the discontinued operations

	2017		2016		2015
Non-current assets		-		13,721		460,499
Current assets		-		38,997		228,663
Total assets		-		52,718		689,162
Non-current liabilities		-		6,552		279,662
Current liabilities		-		30,551		157,315
Total liabilities		-		37,103		436,977
Total attributable to owners of the parent		-		15,304		185,529
Non-controlling interests		-		311		66,656
Total equity and liabilities		-		52,718		689,162

Schedule of aggregate effects of disposals of subsidiaries

	2017		2016			2015
Net identifiable assets disposed		-		15,304			156,716
Spin-off of net assets		-		-			28,813
Transfer from shareholders equity – currency translation differences		-		3,993			58,150
(Loss)/Income  from discontinued operations		-		(8,916	)		92,167
Other receivables from disposals		-		-			273,000
Net cash inflow on disposal of discontinued operations		-		10,381			34,033
Less: Cash and cash equivalents in subsidiaries disposed		-		(8,593	)		(44,030	)
Net cash provided by/(used in) investing activities		-		500			(139,531	)
Net cash used in discontinued investing activities		-		(8,093	)		(183,561	)

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Earnings per share (Tables)

12 Months Ended

Dec. 31, 2017

Basic earnings per share [abstract]

Schedule of earnings per share

	2017		2016		2015
Income/ (loss) attributable to equity holders of the Group		63,491		43,236		(11,039	)
Weighted average number of shares (thousands)		148,118		148,118		148,118
Basic income/(loss) per share of continuing operations		0.43		0.29		(0.07	)

	2017		2016			2015
(Loss)/ income of discontinued operations attributable to equity holders of the Group		-		(9,477	)		116,529
Weighted average number of shares (thousands)		148,118		148,118			148,118
Basic (loss)/ income per share of discontinued operations		-		(0.06	)		0.79

	2017		2016		2015
Income attributable to equity holders of the Group		63,491		33,759		105,490
Weighted average number of shares (thousands)		148,118		148,118		148,118
Basic income per share of continuing and discontinued operations		0.43		0.23		0.71

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General information and corporate reorganization (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 22, 2016	Dec. 31, 2017	Dec. 31, 2007	Dec. 31, 2016	Dec. 31, 2015
Corporate Reorganization [Line Items]
Fai value of contribution in shares	$ 1,506,867
Conversion (Note 1)			$ 1,500,000,000
Nominal value of issued capital		$ 1,500,000		$ 20	$ 20
Nominal value of shares authorised		$ 1		$ 1	$ 1
ACI Airports International S.a. r.l.
Corporate Reorganization [Line Items]
Value of eliminated shares		$ 20
Free distributable reserves		$ 1,499,900

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Basis of presentation and accounting policies (Details)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Abafor S.A
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[1]	100.00%	100.00%		100.00%
ACI AIA S. a r.l
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[1],[2]	0.00%	100.00%		100.00%
ACI Airport Sudamerica S.A.U.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%	100.00%		100.00%
ACI Airports Italia S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[1]	100.00%	100.00%		100.00%
America International Airports LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[1]	100.00%	100.00%	[2]	100.00%	[2]
Cargo & Logistics S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[1]	98.63%	98.63%		98.63%
CASA Aeroportuaria S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[1]	99.98%	99.98%		99.98%
Cedicor S.A
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[1]	100.00%	100.00%		100.00%
Cerealsur S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%	100.00%		100.00%
Corporacion Aeroportuaria S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[1]	100.00%	100.00%		100.00%
Corporacion America Italia S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%	100.00%		100.00%
Corporacion America S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[1]	95.37%	95.37%		95.37%
Corporacion America Sudamericana S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		94.68%	94.68%		94.68%
DICASA Spain S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[1]	100.00%	100.00%		100.00%
GOFI Investments S.L
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[1]	100.00%	100.00%		100.00%
Inframerica Participacoes S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[1]	99.96%	99.96%		99.96%
Yokelet S.L.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[1]	100.00%	100.00%		90.00%
Aerocombustibles Argentinos S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		92.98%	92.98%		92.98%
Aeropuerto de Bahia Blanca S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		81.06%	81.06%		81.06%
Aeropuertos Argentina 2000 S.A.("AA2000")
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[3]	81.29%	81.29%		81.29%
Aeropuertos del Neuquen S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		74.10%	74.10%		74.10%
Armenia International Airports CJSC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%	100.00%		100.00%
CAI S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%	100.00%		100.00%
Enarsa Aeropuertos S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		76.29%	76.29%		76.29%
Inframerica Concessionaria do Aeroporto de Brasilia S.A. ("ICAB")
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		50.98%	50.98%		50.98%
Inframerica Concessionaria do Aeroporto de Sao Goncalo do Amarante S.A. ("ICASGA")
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		99.97%	99.96%		99.95%
Paoletti America S.A
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[4]	40.65%	40.65%		40.65%
Puerta del Sur S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%	100.00%		100.00%
Servicios y Tecnologia Aeroportuaria S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		80.73%	80.73%		80.73%
TCU S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%	100.00%		100.00%
Terminal Aeroportuaria Guayaquil S.A. ("TAGSA")
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	[5]	49.99%	49.99%		49.99%
Texelrio S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		56.91%	56.91%		56.91%
Toscana Aeroporti S.p.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		51.13%	51.13%		51.13%
Villalonga Furlong S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		78.91%	78.91%		78.91%

[1] These companies do not have relevant net assets other than the share of ownership in the operating companies included in the table below.

[2] This company was dissolved on June 30, 2017.

[3] Includes a 9.35% direct interest of Cedicor S.A. in AA2000, acquired by Cedicor S.A. in 2011. This participation is subject to the authorization by the ORSNA pursuant to section 7.2 of the Argentine Concession Agreement. As of the date of issuance of these Consolidated Financial Statements, the ORSNA has not issued any resolution approving or rejecting the aforementioned transaction. While this approval is pending, all economic and political rights pertaining to the shares, including all distributed dividends, have been assigned to Cedicor S.A.

[4] The group has control over this company based on having majority representation in the board, power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

[5] The group has control over this company based on having power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

XML

Basis of presentation and accounting policies (Details 1) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2015
Disclosure of subsidiaries [line items]
Non-current assets	$ 3,221,736	$ 3,120,151	$ 2,876,905
Current assets	579,478	507,125	394,722
Total assets	3,801,214	3,627,276	3,271,627
Non-current liabilities	2,272,050	2,161,176	1,955,490
Current liabilities	732,022	662,776	482,036
Total liabilities	3,004,072	2,823,952	2,437,526
Equity	797,142	803,324	834,101	$ 1,466,565
Revenue (Notes 5)	1,575,153	1,366,336	1,187,090
Gross profit	545,170	507,262	427,935
Operating income	369,149	331,813	273,622
Financial Results	(239,492)	(235,430)	(153,032)
Share of income in associates	(15,841)	(1,306)	(69,317)
Income tax expense	46,925	56,359	44,969
Net income	66,891	29,240	115,291
Other comprehensive (income) / loss for the year	(25,135)	(44,637)	(210,539)
Total comprehensive income/(loss) for the year	41,756	(15,397)	(95,248)
Increase/(decrease) in cash
Provided by operating activities	(49,422)	172,772	43,593
Used in investing activities	(45,162)	35,844	(86,379)
Used in financing activities	128,955	(159,379)	22,813
Toscana Aeroporti S.p.A.
Disclosure of subsidiaries [line items]
Non-current assets	236,893	199,316	203,251
Current assets	62,144	51,453	60,788
Total assets	299,037	250,769	264,039
Non-current liabilities	73,762	68,646	76,629
Current liabilities	89,057	63,806	67,080
Total liabilities	162,819	132,452	143,709
Equity	136,218	118,317	120,330
Revenue (Notes 5)	154,526	141,347	152,663
Gross profit	50,269	45,057	41,438
Operating income	19,469	17,854	14,212
Financial Results	(1,630)	(1,240)	(1,894)
Share of income in associates	39		1,842
Income tax expense	(5,893)	(5,624)	(4,654)
Net income	11,985	10,990	9,506
Other comprehensive (income) / loss for the year	16,469	(4,643)	(10,761)
Total comprehensive income/(loss) for the year	$ 28,454	$ 6,347	$ (1,255)
Dividends paid	$ (10,584)	$ (4,268)	$ (3,831)
Increase/(decrease) in cash
Provided by operating activities	$ 13,345	$ 16,514	$ 23,210
Used in investing activities	(19,315)	(10,170)	(7,319)
Used in financing activities	$ (9,981)	$ (10,979)	$ (9,634)

XML

Basis of presentation and accounting policies (Details 2) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2015
Disclosure of subsidiaries [line items]
Non-current assets	$ 3,221,736	$ 3,120,151	$ 2,876,905
Current assets	579,478	507,125	394,722
Total assets	3,801,214	3,627,276	3,271,627
Non-current liabilities	2,272,050	2,161,176	1,955,490
Current liabilities	732,022	662,776	482,036
Total liabilities	3,004,072	2,823,952	2,437,526
Equity	797,142	803,324	834,101	$ 1,466,565
Revenue (Notes 5)	1,575,153	1,366,336	1,187,090
Gross profit	545,170	507,262	427,935
Operating income	369,149	331,813	273,622
Financial Results	(239,492)	(235,430)	(153,032)
Share of income in associates	(15,841)	(1,306)	(69,317)
Income tax expense	46,925	56,359	44,969
Net income	66,891	29,240	115,291
Other comprehensive income (loss) for the year	(25,135)	(44,637)	(210,539)
Total comprehensive income for the year	41,756	(15,397)	(95,248)
Increase/(decrease) in cash
Provided by operating activities	(49,422)	172,772	43,593
Provided by/ (used in) investing activities	(45,162)	35,844	(86,379)
Used in financing activities	128,955	(159,379)	22,813
Terminal Aeroportuaria Guayaquil S.A. ("TAGSA")
Disclosure of subsidiaries [line items]
Non-current assets	51,941	55,188	62,134
Current assets	42,760	45,053	40,520
Total assets	94,701	100,241	102,654
Non-current liabilities	6,571	11,566	8,114
Current liabilities	42,929	44,307	56,633
Total liabilities	49,500	55,873	64,747
Equity	45,201	44,368	37,907
Revenue (Notes 5)	85,310	85,301	79,045
Gross profit	35,063	36,220	32,287
Operating income	19,087	20,626	15,806
Financial Results	(479)	(1,395)	(2,377)
Share of income in associates	0	0	0
Income tax expense	(1,653)	(1,768)	(1,466)
Net income	16,955	17,463	11,963
Other comprehensive income (loss) for the year	0	0	0
Total comprehensive income for the year	$ 16,955	$ 17,463	$ 11,963
Dividends paid	$ (17,371)	$ (16,157)	$ (7,315)
Increase/(decrease) in cash
Provided by operating activities	$ 24,743	$ 26,951	$ 20,336
Provided by/ (used in) investing activities	(24,585)	8,995	(5,303)
Used in financing activities	$ (23,066)	$ (23,397)	$ (20,563)

XML

Basis of presentation and accounting policies (Details 3) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2015
Disclosure of subsidiaries [line items]
Non-current assets	$ 3,221,736	$ 3,120,151	$ 2,876,905
Current assets	579,478	507,125	394,722
Total assets	3,801,214	3,627,276	3,271,627
Non-current liabilities	2,272,050	2,161,176	1,955,490
Current liabilities	732,022	662,776	482,036
Total liabilities	3,004,072	2,823,952	2,437,526
Equity	797,142	803,324	834,101	$ 1,466,565
Revenue (Notes 5)	1,575,153	1,366,336	1,187,090
Gross profit	545,170	507,262	427,935
Operating income	369,149	331,813	273,622
Financial Results	(239,492)	(235,430)	(153,032)
Share of income in associates	(15,841)	(1,306)	(69,317)
Income tax expense	46,925	56,359	44,969
Net loss	66,891	29,240	115,291
Other comprehensive (loss) / income for the year	(25,135)	(44,637)	(210,539)
Total comprehensive loss for the year	41,756	(15,397)	(95,248)
Increase/(decrease) in cash
Used in operating activities	(49,422)	172,772	43,593
Used in investing activities	(45,162)	35,844	(86,379)
Provided by financing activities	128,955	(159,379)	22,813
Inframerica Concessionaria do Aeroporto de Brasilia S.A. ("ICAB")
Disclosure of subsidiaries [line items]
Non-current assets	1,267,647	1,373,179	1,114,659
Current assets	48,747	126,418	54,346
Total assets	1,316,394	1,499,597	1,169,005
Non-current liabilities	1,060,174	1,206,457	954,791
Current liabilities	250,671	211,667	94,464
Total liabilities	1,310,845	1,418,124	1,049,255
Equity	5,549	81,473	$ 119,750
Revenue (Notes 5)	111,259	99,889
Gross profit	14,538	19,511
Operating income	(161)	7,143
Financial Results	(116,222)	(128,403)
Share of income in associates	0	0
Income tax expense	38,798	40,425
Net loss	(77,585)	(80,835)
Other comprehensive (loss) / income for the year	1,764	24,372
Total comprehensive loss for the year	$ (75,821)	$ (56,463)
Dividends paid	$ 0	$ 0
Increase/(decrease) in cash
Used in operating activities	$ (76,445)	$ (10,674)
Used in investing activities	(10,065)	(16,172)
Provided by financing activities	$ 87,216	$ 10,489

XML

Basis of presentation and accounting policies (Details 4) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2015
Disclosure of subsidiaries [line items]
Non-current assets	$ 3,221,736	$ 3,120,151	$ 2,876,905
Current assets	579,478	507,125	394,722
Total assets	3,801,214	3,627,276	3,271,627
Non-current liabilities	2,272,050	2,161,176	1,955,490
Current liabilities	732,022	662,776	482,036
Total liabilities	3,004,072	2,823,952	2,437,526
Equity	797,142	803,324	834,101	$ 1,466,565
Revenue (Notes 5)	1,575,153	1,366,336	1,187,090
Gross profit	545,170	507,262	427,935
Operating income	369,149	331,813	273,622
Financial Results	(239,492)	(235,430)	(153,032)
Share of income in associates	(15,841)	(1,306)	(69,317)
Income tax expense	46,925	56,359	44,969
Net income	66,891	29,240	115,291
Other comprehensive loss for the year	(25,135)	(44,637)	(210,539)
Total comprehensive income (loss) for the year	41,756	(15,397)	(95,248)
Increase/(decrease) in cash
(Used in) /provided by operating activities	(49,422)	172,772	43,593
Used in investing activities	(45,162)	35,844	(86,379)
Provided by /(used in) financing activities	128,955	(159,379)	22,813
Aeropuertos Argentina 2000 S.A.("AA2000")
Disclosure of subsidiaries [line items]
Non-current assets	707,952	544,697	487,122
Current assets	199,222	146,034	94,881
Total assets	907,174	690,731	582,003
Non-current liabilities	411,561	159,411	212,192
Current liabilities	150,225	220,822	145,767
Total liabilities	561,786	380,233	357,959
Equity	345,388	310,498	224,044
Revenue (Notes 5)	994,782	837,380	780,870
Gross profit	360,822	339,344	283,732
Operating income	282,422	270,672	211,424
Financial Results	(52,788)	(53,036)	(135,847)
Share of income in associates	0	0	0
Income tax expense	(67,620)	(81,501)	(26,152)
Net income	162,014	136,135	49,425
Other comprehensive loss for the year	(50,945)	(49,680)	(113,471)
Total comprehensive income (loss) for the year	$ 111,069	$ 86,455	$ (64,046)
Dividends paid	$ (76,178)	$ 0	$ 0
Increase/(decrease) in cash
(Used in) /provided by operating activities	$ (53,509)	$ 114,704	$ 47,192
Used in investing activities	(185)	(1,028)	(652)
Provided by /(used in) financing activities	$ 129,370	$ (79,748)	$ (63,915)

XML

Basis of presentation and accounting policies (Details 5)	12 Months Ended
	Dec. 31, 2017
Buildings and improvements
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	25-30 years
Plant and production equipment
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	3-10 years
Vehicles, furniture and fixtures, and other equipment
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	4-10 years

XML

Basis of presentation and accounting policies (Detail Textuals) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) Airport $ / shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares
Disclosure of subsidiaries [line items]
Percentage of total trade receivables as increase in estimate of losses for uncollectable	2.60%
Recognized a translation loss | $	$ 25.6	$ 44.3	$ 170.9
Number of airports | Airport	52
Number of shares authorised | shares		20,000	20,000
Nominal value of shares authorised | $ / shares	$ 1	$ 1	$ 1
Value of shares authorised | $	$ 1,500.0
Percentage of entity's revenue assigned to Government	15.00%
Percentage of entity's revenue assigned to investments commitments	2.50%
Top of range
Disclosure of subsidiaries [line items]
Percentage of construction or upgrade costs plus a reasonable margin	3.00%
Bottom of range
Disclosure of subsidiaries [line items]
Percentage of construction or upgrade costs plus a reasonable margin	5.00%
Aeropuertos Argentina 2000 S.A.("AA2000")
Disclosure of subsidiaries [line items]
Percentage of direct interest of Cedicor S.A. in AA2000, acquired by Cedicor S.A. in 2011	9.35%
Number of airports | Airport	34

XML

Financial Risk Management (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
U.S. dollar / Argentine Peso
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net assets and liabilities	$ (267,045)	$ (131,284)	$ (154,384)
Real / U.S. dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net assets and liabilities	90,697	0	0
Euro / Armenian dram
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net assets and liabilities	(50,939)	(47,473)	(51,952)
U.S. dollar / Armenian dram
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net assets and liabilities	(30,291)	(54,016)	(55,421)
Euro / U.S. dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net assets and liabilities	1,535	283	3,162
Uruguayan peso / U.S. dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net assets and liabilities	$ 11	$ (1,853)	$ (770)

XML

Financial Risk Management (Details 1) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2015
Disclosure of financial instruments by type of interest rate [line items]
Total Borrowings	$ 1,486,445	$ 1,107,241	$ 1,087,566	$ 765,184
Fixed rate
Disclosure of financial instruments by type of interest rate [line items]
Total Borrowings	738,320	630,541	696,066
Variable rate
Disclosure of financial instruments by type of interest rate [line items]
Total Borrowings	$ 748,125	$ 476,700	$ 391,500

XML

Financial Risk Management (Details 2) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2015
Disclosure of nature and extent of risks arising from financial instruments [abstract]
Borrowings	$ 1,486,445	$ 1,107,241	$ 1,087,566	$ 765,184
Less: Cash and cash equivalents	(221,601)	(212,988)	(184,239)	(217,133)
Net borrowings	1,264,844	894,253	903,327
Equity	$ 797,142	$ 803,324	$ 834,101	$ 1,466,565
Debt ratio	159.00%	111.00%	108.00%

XML

Financial Risk Management (Details 3) - USD ($)	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about financial instruments [line items]
Total assets as per the statement of financial position	$ 683,553,000		$ 550,342,000	$ 463,059,000
Total liabilities as per the statement of financial position	2,685,007,000		2,542,142,000	2,228,532,000
Borrowings
Disclosure of detailed information about financial instruments [line items]
Total liabilities as per the statement of financial position	1,486,445,000		1,107,241,000	1,087,566,000
Trade payables and other liabilities
Disclosure of detailed information about financial instruments [line items]
Total liabilities as per the statement of financial position	1,198,562,000		1,434,901,000	1,140,966,000
Liabilities at fair value through profit and loss
Disclosure of detailed information about financial instruments [line items]
Total liabilities as per the statement of financial position	0		0	0
Liabilities at fair value through profit and loss | Borrowings
Disclosure of detailed information about financial instruments [line items]
Total liabilities as per the statement of financial position	0		0	0
Liabilities at fair value through profit and loss | Trade payables and other liabilities
Disclosure of detailed information about financial instruments [line items]
Total liabilities as per the statement of financial position	0		0	0
Liabilities at amortized cost
Disclosure of detailed information about financial instruments [line items]
Total liabilities as per the statement of financial position	2,685,007,000		2,542,142,000	2,228,532,000
Liabilities at amortized cost | Borrowings
Disclosure of detailed information about financial instruments [line items]
Total liabilities as per the statement of financial position	1,486,445,000		1,107,241,000	1,087,566,000
Liabilities at amortized cost | Trade payables and other liabilities
Disclosure of detailed information about financial instruments [line items]
Total liabilities as per the statement of financial position	1,198,562,000		1,434,901,000	1,140,966,000
Trade receivables
Disclosure of detailed information about financial instruments [line items]
Total assets as per the statement of financial position	126,078,000		109,610,000	101,358,000
Other receivables
Disclosure of detailed information about financial instruments [line items]
Total assets as per the statement of financial position	293,578,000		193,087,000	122,072,000
Other financial assets
Disclosure of detailed information about financial instruments [line items]
Total assets as per the statement of financial position	42,296,000	[1]	34,657,000	55,390,000
Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Total assets as per the statement of financial position	221,601,000		212,988,000	184,239,000
Assets at fair value through profit and loss
Disclosure of detailed information about financial instruments [line items]
Total assets as per the statement of financial position	16,214,000		0	0
Assets at fair value through profit and loss | Trade receivables
Disclosure of detailed information about financial instruments [line items]
Total assets as per the statement of financial position	0		0	0
Assets at fair value through profit and loss | Other receivables
Disclosure of detailed information about financial instruments [line items]
Total assets as per the statement of financial position	0		0	0
Assets at fair value through profit and loss | Other financial assets
Disclosure of detailed information about financial instruments [line items]
Total assets as per the statement of financial position	16,214,000	[1]	0	0
Assets at fair value through profit and loss | Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Total assets as per the statement of financial position	0		0	0
Assets at amortized cost
Disclosure of detailed information about financial instruments [line items]
Total assets as per the statement of financial position	667,339,000		550,342,000	463,059,000
Assets at amortized cost | Trade receivables
Disclosure of detailed information about financial instruments [line items]
Total assets as per the statement of financial position	126,078,000		109,610,000	101,358,000
Assets at amortized cost | Other receivables
Disclosure of detailed information about financial instruments [line items]
Total assets as per the statement of financial position	293,578,000		193,087,000	122,072,000
Assets at amortized cost | Other financial assets
Disclosure of detailed information about financial instruments [line items]
Total assets as per the statement of financial position	26,082,000	[1]	34,657,000	55,390,000
Assets at amortized cost | Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Total assets as per the statement of financial position	$ 221,601,000		$ 212,988,000	$ 184,239,000

[1] Other financial assets measured at fair value are Level 1 hierarchy.

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Financial Risk Management (Detail Textuals) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis impact of 10% & 1% change in exchange rate generated pre tax gain (loss)	$ 4,115,000	$ 3,846,000	$ 518,000
Percentage of cash and cash equivalents to total assets	5.81%	5.87%	5.63%
U.S. dollar / Argentine Peso
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis impact of 10% & 1% change in exchange rate generated pre tax gain (loss)	$ 2,670,500	$ 1,312,800	$ 1,543,800
Real / U.S. dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis impact of 10% & 1% change in exchange rate generated pre tax gain (loss)	906,900
Euro / Armenian dram
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis impact of 10% & 1% change in exchange rate generated pre tax gain (loss)	509,400	474,700	519,500
U.S. dollar / Armenian dram
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis impact of 10% & 1% change in exchange rate generated pre tax gain (loss)	302,900	540,200	554,200
Euro / U.S. dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis impact of 10% & 1% change in exchange rate generated pre tax gain (loss)	15,400	2,800	31,600
Uruguayan peso / U.S. dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis impact of 10% & 1% change in exchange rate generated pre tax gain (loss)	$ 100	$ 18,500	$ 7,700

XML

Segment information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of operating segments [line items]
Revenue	$ 1,575,153	$ 1,366,336	$ 1,187,090
Cost of services	(1,029,983)	(859,074)	(759,155)
Gross profit	545,170	507,262	427,935
Selling, general and administrative expenses	(194,201)	(170,852)	(167,219)
Reversal of previous impairment/(impairment loss)	3,065	(16,638)	0
Other operating income	19,953	16,944	15,573
Other operating expense	(4,838)	(4,903)	(2,667)
Operating income	369,149	331,813	273,622
Share of loss in associates	(15,841)	(1,306)	(69,317)
Amortization and depreciation	108,314	96,690	72,247
Adjusted Ebitda	461,622	427,197	276,552
Financial income	62,555	37,521	46,807
Financial loss	(302,047)	(272,951)	(199,839)
Amortization and depreciation	(108,314)	(96,690)	(72,247)
Income before income tax	113,816	95,077	51,273
Income tax expense	(46,925)	(56,359)	(44,969)
Net income	66,891	38,718	6,304
Net income from discontinued operations		(9,478)	108,987
Current assets	579,478	507,125	394,722
Non-current assets	3,221,736	3,120,151	2,876,905
Capital Expenditure	279,556	194,399	146,183
Current liabilities	732,022	662,776	482,036
Non-current liabilities	2,272,050	2,161,176	1,955,490
Operating segments | Argentina | Airports
Disclosure of operating segments [line items]
Revenue	1,000,303	840,852	783,850
Cost of services	(638,216)	(500,336)	(499,686)
Gross profit	362,087	340,516	284,164
Selling, general and administrative expenses	(96,737)	(84,887)	(87,730)
Reversal of previous impairment/(impairment loss)	0	0	0
Other operating income	18,942	16,944	15,573
Other operating expense	(1,271)	(1,331)	(629)
Operating income	283,021	271,242	211,378
Share of loss in associates	0	0	0
Amortization and depreciation	32,121	22,791	21,810
Adjusted Ebitda	315,142	294,033	233,188
Current assets	200,982	147,058	95,907
Non-current assets	709,689	546,011	488,901
Capital Expenditure	231,998	155,026	100,832
Current liabilities	151,794	221,726	147,084
Non-current liabilities	412,242	159,688	212,581
Operating segments | Argentina | Others
Disclosure of operating segments [line items]
Revenue	422	373	439
Cost of services	(144)	(133)	(166)
Gross profit	278	240	273
Selling, general and administrative expenses	(242)	(218)	(278)
Reversal of previous impairment/(impairment loss)	0	0	0
Other operating income	69	0	0
Other operating expense	(1)	58	71
Operating income	104	80	66
Share of loss in associates	0	0	0
Amortization and depreciation	0	0	0
Adjusted Ebitda	104	80	66
Current assets	425	371	339
Non-current assets	7	9	11
Capital Expenditure	41	13	8
Current liabilities	64	58	52
Non-current liabilities	0	0	0
Operating segments | Brazil | Airports
Disclosure of operating segments [line items]
Revenue	128,842	127,038	813
Cost of services	(116,164)	(110,001)	(937)
Gross profit	12,678	17,037	(124)
Selling, general and administrative expenses	(14,361)	(12,644)	(16)
Reversal of previous impairment/(impairment loss)	3,065	(16,638)	0
Other operating income	0	0	0
Other operating expense	(1,622)	(643)	42
Operating income	(240)	(12,888)	(98)
Share of loss in associates	0	0	(71,958)
Amortization and depreciation	17,038	16,736	218
Adjusted Ebitda	16,798	3,848	(71,838)
Current assets	66,631	134,817	59,706
Non-current assets	1,432,833	1,533,910	1,261,464
Capital Expenditure	13,589	16,692	0
Current liabilities	262,624	233,649	123,557
Non-current liabilities	1,271,776	1,402,430	1,107,836
Operating segments | Uruguay | Airports
Disclosure of operating segments [line items]
Revenue	100,553	89,187	83,862
Cost of services	(48,371)	(41,842)	(39,136)
Gross profit	52,182	47,345	44,726
Selling, general and administrative expenses	(11,758)	(8,292)	(10,317)
Reversal of previous impairment/(impairment loss)	0	0	0
Other operating income	74	0	0
Other operating expense	(623)	(220)	(132)
Operating income	39,875	38,833	34,277
Share of loss in associates	0	0	0
Amortization and depreciation	12,495	11,682	11,332
Adjusted Ebitda	52,370	50,515	45,609
Current assets	24,697	25,452	26,032
Non-current assets	159,880	166,048	172,746
Capital Expenditure	6,327	5,749	5,038
Current liabilities	23,536	17,104	15,137
Non-current liabilities	64,050	69,899	71,163
Operating segments | Uruguay | Others
Disclosure of operating segments [line items]
Revenue	15,774	14,343	15,333
Cost of services	(12,184)	(10,572)	(10,567)
Gross profit	3,590	3,771	4,766
Selling, general and administrative expenses	(1,323)	(1,010)	(1,004)
Reversal of previous impairment/(impairment loss)	0	0	0
Other operating income	341	0	0
Other operating expense	(371)	(84)	(63)
Operating income	2,237	2,677	3,699
Share of loss in associates	0	0	0
Amortization and depreciation	590	527	463
Adjusted Ebitda	2,827	3,204	4,162
Current assets	2,887	2,821	2,282
Non-current assets	5,121	5,042	3,780
Capital Expenditure	852	2,072	543
Current liabilities	3,755	2,820	2,324
Non-current liabilities	1,175	1,860	1,078
Operating segments | Armenia | Airports
Disclosure of operating segments [line items]
Revenue	94,464	73,234	74,701
Cost of services	(52,863)	(42,953)	(49,534)
Gross profit	41,601	30,281	25,167
Selling, general and administrative expenses	(11,263)	(11,303)	(10,266)
Reversal of previous impairment/(impairment loss)	0	0	0
Other operating income	149	0	0
Other operating expense	(827)	(2,267)	(1,005)
Operating income	29,660	16,711	13,896
Share of loss in associates	0	0	0
Amortization and depreciation	11,493	11,360	11,367
Adjusted Ebitda	41,153	28,071	25,263
Current assets	38,110	30,242	39,415
Non-current assets	173,087	176,520	185,913
Capital Expenditure	5,778	2,003	4,286
Current liabilities	22,741	18,225	26,291
Non-current liabilities	95,159	103,030	117,439
Operating segments | Ecuador | Airports
Disclosure of operating segments [line items]
Revenue	85,310	85,301	79,045
Cost of services	(50,247)	(49,081)	(46,759)
Gross profit	35,063	36,220	32,286
Selling, general and administrative expenses	(16,185)	(16,159)	(14,629)
Reversal of previous impairment/(impairment loss)	0	0	0
Other operating income	287	0	0
Other operating expense	(77)	565	(1,852)
Operating income	19,088	20,626	15,805
Share of loss in associates	0	0	0
Amortization and depreciation	7,376	7,344	7,306
Adjusted Ebitda	26,464	27,970	23,111
Current assets	42,760	45,053	40,520
Non-current assets	51,941	55,189	62,134
Capital Expenditure	934	426	2,122
Current liabilities	42,929	44,307	56,633
Non-current liabilities	6,571	11,566	8,114
Operating segments | Italy | Airports
Disclosure of operating segments [line items]
Revenue	154,526	141,347	152,663
Cost of services	(104,257)	(96,289)	(111,225)
Gross profit	50,269	45,058	41,438
Selling, general and administrative expenses	(30,800)	(27,203)	(27,226)
Reversal of previous impairment/(impairment loss)	0	0	0
Other operating income	0	0	0
Other operating expense	0	0	0
Operating income	19,469	17,855	14,212
Share of loss in associates	39	0	1,842
Amortization and depreciation	10,302	9,478	9,625
Adjusted Ebitda	29,810	27,333	25,679
Current assets	62,144	51,453	60,785
Non-current assets	236,893	199,317	203,250
Capital Expenditure	20,013	12,102	24,896
Current liabilities	89,057	63,806	67,079
Non-current liabilities	73,762	68,645	76,629
Operating segments | Peru | Airports
Disclosure of operating segments [line items]
Revenue	0	0	0
Cost of services	0	0	0
Gross profit	0	0	0
Selling, general and administrative expenses	0	0	0
Reversal of previous impairment/(impairment loss)	0	0	0
Other operating income	0	0	0
Other operating expense	0	0	0
Operating income	0	0	0
Share of loss in associates	(15,283)	(397)	816
Amortization and depreciation	0	0	0
Adjusted Ebitda	(15,283)	(397)	816
Current assets	0	0	0
Non-current assets	11,790	8,504	9,248
Capital Expenditure	0	0	0
Current liabilities	0	0	0
Non-current liabilities	0	0	0
Intrasegment Adjustments
Disclosure of operating segments [line items]
Revenue	(10,191)	(8,697)	(6,291)
Cost of services	6,778	6,132	6,291
Gross profit	(3,413)	(2,565)	0
Selling, general and administrative expenses	3,413	2,599	0
Reversal of previous impairment/(impairment loss)	0	0	0
Other operating income	0	0	0
Other operating expense	(9)	(34)	0
Operating income	(9)	0	0
Share of loss in associates	0	0	0
Amortization and depreciation	0	0	0
Adjusted Ebitda	(9)	0	0
Current assets	(74,280)	(55,816)	(112,052)
Non-current assets	(1,093)	(599)	(38,105)
Capital Expenditure	0	316	0
Current liabilities	(73,004)	(55,451)	(148,218)
Non-current liabilities	(2,369)	(966)	(1,942)
Unallocated
Disclosure of operating segments [line items]
Revenue	5,150	3,358	2,675
Cost of services	(14,315)	(13,999)	(7,436)
Gross profit	(9,165)	(10,641)	(4,761)
Selling, general and administrative expenses	(14,945)	(11,735)	(15,753)
Reversal of previous impairment/(impairment loss)	0	0	0
Other operating income	91	0	0
Other operating expense	(37)	(947)	901
Operating income	(24,056)	(23,323)	(19,613)
Share of loss in associates	(597)	(909)	(17)
Amortization and depreciation	16,899	16,772	10,126
Adjusted Ebitda	(7,754)	(7,460)	(9,504)
Current assets	215,122	125,674	181,788
Non-current assets	441,588	430,200	527,563
Capital Expenditure	24	0	8,458
Current liabilities	208,526	116,532	192,097
Non-current liabilities	$ 349,684	$ 345,024	$ 362,592

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Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue [abstract]
Aeronautical revenue	$ 767,023	$ 673,509	$ 543,228
Non aeronautical revenue
Commercial revenue	555,504	522,199	459,717
Construction service revenue	250,112	165,065	178,420
Other revenue	2,514	5,563	5,725
Total revenue	$ 1,575,153	$ 1,366,336	$ 1,187,090

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Cost of services (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Cost Of Sales [Abstract]
Salaries and social security contributions	[1]	$ (210,799)	$ (184,623)	$ (165,774)
Concession fees	[2]	(191,933)	(176,492)	(133,846)
Construction service cost		(248,602)	(163,747)	(176,972)
Maintenance expenses		(145,787)	(126,924)	(125,825)
Amortization and depreciation		(100,674)	(89,540)	(64,772)
Services and fees		(54,479)	(49,045)	(42,472)
Cost of fuel		(27,818)	(19,458)	(21,339)
Taxes	[3]	(19,511)	(17,543)	(2,711)
Office expenses		(17,256)	(15,885)	(9,756)
Provision for maintenance costs		(2,314)	(4,679)	(5,391)
Others		(10,810)	(11,138)	(10,297)
Total		$ (1,029,983)	$ (859,074)	$ (759,155)

[1] At the year-end, the number of employees was 6.1 thousand in 2017 and 5.9 thousand in 2016 and 2015.

[2] Includes depreciation for Brazil concession assets of US$ 29,816 as of December 31, 2017 (US$ 26,192 as of December 31, 2016).

[3] Mainly includes tax from turnover and municipal taxes.

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Cost of services (Detail Textuals) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) Employee	Dec. 31, 2016 USD ($) Employee
Disclosure Of Cost Of Sales [Abstract]
Number of employees | Employee	6,100	5,900
Depreciation for brazil concession assets | $	$ 29,816	$ 26,192

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Selling, general and administrative expenses (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Selling, general and administrative expense [abstract]
Taxes	[1]	$ (54,883)	$ (50,908)	$ (43,188)
Salaries and social security contributions		(35,812)	(34,832)	(31,508)
Services and fees		(58,511)	(48,123)	(52,481)
Office expenses		(11,620)	(9,966)	(10,353)
Amortization and depreciation		(7,640)	(7,150)	(7,475)
Maintenance expenses		(4,215)	(5,113)	(5,901)
Advertising		(3,044)	(2,229)	(3,249)
Insurance		(2,289)	(1,397)	(517)
Charter service		(830)	(1,162)	(2,336)
Bad debts recovery		268	2,248	0
Bad debts		(7,672)	(1,976)	(2,574)
Other		(7,953)	(10,244)	(7,637)
Selling, general and administrative expenses (Notes 7)		$ (194,201)	$ (170,852)	$ (167,219)

[1] Mainly included tax from taxes over banks transactions and tax on revenue.

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Other operating income (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Other Operating Income [Abstract]
Government grant (Note 25)	[1]	$ 18,942	$ 16,944	$ 15,573
Other		1,011	0	0
Total		$ 19,953	$ 16,944	$ 15,573

[1] Corresponds to government grant for the development of airport infrastructure in Group A (operated by AA2000) of the National Airport System. There are no unfulfilled conditions or other contingencies attaching to these grants. The group did not benefit directly from any other forms of government assistance.

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Financial results, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Finance Income Expense [Abstract]
Interest income	$ 39,229	$ 19,009	$ 12,366
Foreign exchange income	23,112	18,512	34,441
Other	214	0	0
Financial income	62,555	37,521	46,807
Interest expense	(115,223)	(118,219)	(69,228)
Foreign exchange loss	(82,333)	(44,895)	(125,240)
Changes in liability for Brazil concessions (Note 22)	(98,122)	(107,408)	(2,039)
Other	(6,369)	(2,429)	(3,332)
Financial loss	302,047	272,951	199,839
Net financial results	$ (239,492)	$ (235,430)	$ (153,032)

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Share of loss in associates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share Of Loss In Associates [Abstract]
Loss in associates (Note 14)	$ (15,841)	$ (1,306)	$ (69,317)

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Income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Income Tax [Abstract]
Current income tax	$ (88,768)	$ (97,122)	$ (49,894)
Deferred income tax	41,843	40,763	4,925
Income tax expense (Notes 11)	$ (46,925)	$ (56,359)	$ (44,969)

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Income tax expense (Details 1) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Income Tax [Abstract]
Income before income tax		$ 113,816	$ 95,077	$ 51,273
Tax expense calculated for each company		(41,342)	(35,778)	(8,637)
Adjustments
Non-taxable income		12,682	20,515	11,478
Expenses related to non-taxable income		(24,762)	(31,281)	(38,919)
Non-deductible expenses		(8,799)	(2,867)	(6,709)
Tax incentive		1,665	448	0
Tax relieving		0	(6,307)	0
Income tax rate change	[1]	12,533	0	0
Other		1,098	(1,089)	(2,182)
Income tax expense		$ 46,925	$ 56,359	$ 44,969

[1] On December 29, 2017, the National Executive Office of Argentina issued Law 27430 - Income Tax. This law has introduced several changes in the treatment of income tax whose key components are the following: Income Tax Rate: The Income Tax rate for Argentine companies will be gradually reduced from 35% to 30% for fiscal years starting from January 1, 2018 until December 31, 2019 and to 25% for fiscal years beginning on or after January 1, 2020, inclusive.

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Income tax expense (Detail Textuals)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Income Tax [Abstract]
Effective income tax rate	41.00%	61.00%	88.00%
Income tax rate	35.00%
Future income tax rate for the year 2018	30
Future income tax rate for the year 2019	30
Future income tax rate for the year 2020	25

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Intangible assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about intangible assets [line items]
Balance	$ 2,825,187	$ 2,610,703
Balance	2,818,354	2,825,187	$ 2,610,703
Cost
Disclosure of detailed information about intangible assets [line items]
Balance	3,405,739	2,976,321	1,809,888
Acquisitions	268,044	184,008	137,998
Acquisitions of subsidiaries (Note 26)			1,392,289
Reversal of previous impairment loss	3,065
Disposals	(2,765)	(5,640)	(3,413)
Disposals of subsidiaries			(44,357)
Impairment loss		(16,638)
Other (Note 22)	(84,075)	9,132
Translation differences	(206,086)	258,556	(316,084)
Balance	3,383,922	3,405,739	2,976,321
Depreciation
Disclosure of detailed information about intangible assets [line items]
Balance	580,552	365,618	355,537
Amortization of the year	130,247	115,337	64,439
Translation differences	(145,231)	99,597	(54,358)
Balance	565,568	580,552	365,618
Concession Assets
Disclosure of detailed information about intangible assets [line items]
Balance	2,765,474	2,545,025
Balance	2,758,239	2,765,474	2,545,025
Concession Assets | Cost
Disclosure of detailed information about intangible assets [line items]
Balance	3,334,564	2,899,618	1,742,739
Acquisitions	266,380	183,160	137,612
Acquisitions of subsidiaries (Note 26)			1,338,951
Reversal of previous impairment loss	3,065
Disposals	(2,803)	(23)	(3,413)
Disposals of subsidiaries			0
Impairment loss		(16,638)
Other (Note 22)	(84,075)	9,132
Translation differences	(205,125)	259,315	(316,271)
Balance	3,312,006	3,334,564	2,899,618
Concession Assets | Depreciation
Disclosure of detailed information about intangible assets [line items]
Balance	569,090	354,593	343,823
Amortization of the year	129,667	114,496	63,761
Translation differences	(144,990)	100,001	(52,991)
Balance	553,767	569,090	354,593
Goodwill
Disclosure of detailed information about intangible assets [line items]
Balance	55,707	56,401
Balance	56,736	55,707	56,401
Goodwill | Cost
Disclosure of detailed information about intangible assets [line items]
Balance	56,013	56,699	50,773
Acquisitions	0	0	0
Acquisitions of subsidiaries (Note 26)			51,303
Reversal of previous impairment loss	0
Disposals	0	0	0
Disposals of subsidiaries			(44,357)
Impairment loss		0
Other (Note 22)	0	0
Translation differences	1,036	(686)	(1,020)
Balance	57,049	56,013	56,699
Goodwill | Depreciation
Disclosure of detailed information about intangible assets [line items]
Balance	306	298	340
Amortization of the year	0	66	105
Translation differences	7	(58)	(147)
Balance	313	306	298
Patent, intellectual property rights and others
Disclosure of detailed information about intangible assets [line items]
Balance	4,006	9,277
Balance	3,379	4,006	9,277
Patent, intellectual property rights and others | Cost
Disclosure of detailed information about intangible assets [line items]
Balance	15,162	20,004	16,376
Acquisitions	1,664	848	386
Acquisitions of subsidiaries (Note 26)			2,035
Reversal of previous impairment loss	0
Disposals	38	(5,617)	0
Disposals of subsidiaries			0
Impairment loss		0
Other (Note 22)	0	0
Translation differences	(1,997)	(73)	1,207
Balance	14,867	15,162	20,004
Patent, intellectual property rights and others | Depreciation
Disclosure of detailed information about intangible assets [line items]
Balance	11,156	10,727	11,374
Amortization of the year	580	775	573
Translation differences	(248)	(346)	(1,220)
Balance	$ 11,488	$ 11,156	$ 10,727

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Intangible assets, net (Details 1) - Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about intangible assets [line items]
Impairment value	$ 3,065
Effect	(16,638)
Rate (6.08+ inflation%)
Disclosure of detailed information about intangible assets [line items]
Impairment value	3,065
Estimated rate (5.59%+ inflation)
Disclosure of detailed information about intangible assets [line items]
Impairment value	11,433
Effect	8,380
Estimated rate (6.6%+inflation)
Disclosure of detailed information about intangible assets [line items]
Impairment value	(4,737)
Effect	$ (7,790)
Rate (6.8+inflation%)
Disclosure of detailed information about intangible assets [line items]
Impairment value		$ 16,638
Estimated rate (6.54%+ inflation)
Disclosure of detailed information about intangible assets [line items]
Impairment value		11,745
Effect		(4,893)
Estimated rate (7.08%+inflation)
Disclosure of detailed information about intangible assets [line items]
Impairment value		21,634
Effect		$ 4,996

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Intangible assets, net (Details 2) - Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Disclosure of detailed information about intangible assets [line items]
Net assets before impairment	$ 98,198
Impairment	(16,638)
Net assets after impairment	$ 81,560

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Intangible assets, net (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about intangible assets [line items]
Discount rate of weighted average cost of capital	6.80%
Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante
Disclosure of detailed information about intangible assets [line items]
Impairment percentage including inflation	6.80%
Reversal of impairment loss	$ 3,065
Remaining concession period		23 years

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Property, plant and equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about property, plant and equipment [line items]
Balances	$ 65,984	$ 71,689
Balances	74,483	65,984	$ 71,689
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balances	150,704	154,645	412,690
Purchase of property, plant and equipment	11,512	10,391	8,185
Acquisitions of subsidiary (Note 26)			1,752
Disposals	(704)	(677)	(24,602)
Disposals of subsidiaries		(10,449)	(225,788)
Transfer	0		29
Transfer to Intangible	0
Translation differences	12,095	(3,206)	(17,621)
Balances	173,607	150,704	154,645
Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Balances	84,720	82,956	221,429
Depreciation of the year	7,883	7,545	7,808
Disposals	(413)	(209)	(15,812)
Disposals of subsidiaries		(3,466)	(122,006)
Translation differences	6,934	(1,965)	(8,463)
Other		(141)
Balances	99,124	84,720	82,956
Land and buildings
Disclosure of detailed information about property, plant and equipment [line items]
Balances	37,863	39,323
Balances	42,221	37,863	39,323
Land and buildings | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balances	48,312	49,234	52,292
Purchase of property, plant and equipment	632	1,398	2,843
Acquisitions of subsidiary (Note 26)			0
Disposals	0	(329)	(566)
Disposals of subsidiaries		(575)	0
Transfer	199		0
Transfer to Intangible	0
Translation differences	5,512	(1,416)	(5,335)
Balances	54,655	48,312	49,234
Land and buildings | Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Balances	10,449	9,911	9,958
Depreciation of the year	777	921	1,023
Disposals	0	0	0
Disposals of subsidiaries		0	0
Translation differences	1,208	(355)	(1,070)
Other		(28)
Balances	12,434	10,449	9,911
Plant and production equipment
Disclosure of detailed information about property, plant and equipment [line items]
Balances	9,980	13,071
Balances	12,013	9,980	13,071
Plant and production equipment | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balances	45,287	47,320	50,698
Purchase of property, plant and equipment	2,487	3,357	1,574
Acquisitions of subsidiary (Note 26)			1,352
Disposals	0	0	(119)
Disposals of subsidiaries		(4,211)	(68)
Transfer	2,466		0
Transfer to Intangible	0
Translation differences	4,149	(1,179)	(6,117)
Balances	54,389	45,287	47,320
Plant and production equipment | Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Balances	35,307	34,249	34,197
Depreciation of the year	3,021	2,497	3,433
Disposals	0	0	(12)
Disposals of subsidiaries		(499)	0
Translation differences	4,048	(940)	(3,369)
Other		0
Balances	42,376	35,307	34,249
Vehicles furniture and fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Balances	14,302	13,001
Balances	14,252	14,302	13,001
Vehicles furniture and fixtures | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balances	37,693	34,218	42,959
Purchase of property, plant and equipment	4,659	4,175	2,965
Acquisitions of subsidiary (Note 26)			400
Disposals	(355)	(223)	(10,675)
Disposals of subsidiaries		(46)	(104)
Transfer	(2,466)		29
Transfer to Intangible	0
Translation differences	948	(431)	(1,356)
Balances	40,479	37,693	34,218
Vehicles furniture and fixtures | Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Balances	23,391	21,217	25,877
Depreciation of the year	3,057	2,643	1,490
Disposals	(238)	(209)	(5,387)
Disposals of subsidiaries		(11)	(5)
Translation differences	17	(249)	(758)
Other		0
Balances	26,227	23,391	21,217
Wells and prodcution facilities
Disclosure of detailed information about property, plant and equipment [line items]
Balances	0	0
Balances	0	0	0
Wells and prodcution facilities | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balances	0	0	140,066
Purchase of property, plant and equipment	0	0	0
Acquisitions of subsidiary (Note 26)			0
Disposals	0	0	0
Disposals of subsidiaries		0	(140,066)
Transfer	0		0
Transfer to Intangible	0
Translation differences	0	0	0
Balances	0	0	0
Wells and prodcution facilities | Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Balances	0	0	101,117
Depreciation of the year	0	0	0
Disposals	0	0	0
Disposals of subsidiaries		0	(101,117)
Translation differences	0	0	0
Other		0
Balances	0	0	0
Mining property
Disclosure of detailed information about property, plant and equipment [line items]
Balances	0	0
Balances	0	0	0
Mining property | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balances	0	0	34,332
Purchase of property, plant and equipment	0	0	0
Acquisitions of subsidiary (Note 26)			0
Disposals	0	0	0
Disposals of subsidiaries		0	(34,332)
Transfer	0		0
Transfer to Intangible	0
Translation differences	0	0	0
Balances	0	0	0
Mining property | Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Balances	0	0	20,243
Depreciation of the year	0	0	0
Disposals	0	0	0
Disposals of subsidiaries		0	(20,243)
Translation differences	0	0	0
Other		0
Balances	0	0	0
Works in progress
Disclosure of detailed information about property, plant and equipment [line items]
Balances	1,001	991
Balances	1,467	1,001	991
Works in progress | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balances	1,001	991	5,331
Purchase of property, plant and equipment	456	55	111
Acquisitions of subsidiary (Note 26)			0
Disposals	0	0	(153)
Disposals of subsidiaries		0	(4,184)
Transfer	0		0
Transfer to Intangible	0
Translation differences	10	(45)	(114)
Balances	1,467	1,001	991
Works in progress | Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Balances	0	0	0
Depreciation of the year	0	0	0
Disposals	0	0	0
Disposals of subsidiaries		0	0
Translation differences	0	0	0
Other		0
Balances	0	0	0
Exploration and evaluation assets
Disclosure of detailed information about property, plant and equipment [line items]
Balances	0	0
Balances	0	0	0
Exploration and evaluation assets | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balances	0	0	44,758
Purchase of property, plant and equipment	0	0	0
Acquisitions of subsidiary (Note 26)			0
Disposals	0	0	0
Disposals of subsidiaries		0	(44,758)
Transfer	0		0
Transfer to Intangible	0
Translation differences	0	0	0
Balances	0	0	0
Exploration and evaluation assets | Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Balances	0	0	0
Depreciation of the year	0	0	0
Disposals	0	0	0
Disposals of subsidiaries		0	0
Translation differences	0	0	0
Other		0
Balances	0	0	0
Others
Disclosure of detailed information about property, plant and equipment [line items]
Balances	2,838	5,303
Balances	4,530	2,838	5,303
Others | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balances	18,411	22,882	42,254
Purchase of property, plant and equipment	3,278	1,406	692
Acquisitions of subsidiary (Note 26)			0
Disposals	(349)	(125)	(13,089)
Disposals of subsidiaries		(5,617)	(2,276)
Transfer	(199)		0
Transfer to Intangible	0
Translation differences	1,476	(135)	(4,699)
Balances	22,617	18,411	22,882
Others | Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Balances	15,573	17,579	30,037
Depreciation of the year	1,028	1,484	1,862
Disposals	(175)	0	(10,413)
Disposals of subsidiaries		(2,956)	(641)
Translation differences	1,661	(421)	(3,266)
Other		(113)
Balances	$ 18,087	$ 15,573	$ 17,579

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Investments in associates (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Disclosure of associates [abstract]
Balances at the beginning of the year		$ 10,927		$ 14,450	$ 169,660
Translation differences		432		(44)	(39,999)
Share of loss in associates		(15,841)		(1,306)	(69,317)
Contributions		17,950	[1]	13	54,317
Disposals of associates		0		(2,186)	(40,275)
Decrease	[2]	(33)		0	(59,936)
Balances at the end of the year		$ 13,435		$ 10,927	$ 14,450

[1] As of December 2017, CAAP made contributions in kind in Aeropuertos Andinos del Peru S.A. by the capitalization of credits (Note 28) keeping the same percentage of ownership.

[2] In December 2015 the Group acquired an additional participation in these associates, and as a result, the Group obtained control of those companies (See Note 26).

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Investments in associates (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of associates [line items]
Share of income in associates	$ (15,841)	$ (1,306)	$ (69,317)
Caminos del Parana S.A.
Disclosure of associates [line items]
Share of income in associates	35	402	0
Aeropuertos Andinos del Peru S.A.
Disclosure of associates [line items]
Share of income in associates	(9,338)	168	1,342
Sociedad Aeroportuaria KunturWasi S.A.
Disclosure of associates [line items]
Share of income in associates	(5,945)	(565)	(526)
Inframerica Participacoes S.A.
Disclosure of associates [line items]
Share of income in associates	0	0	(19,050)
Inframerica Concessionaria do Aeroporto de Sao Goncalo do Amarante S.A.
Disclosure of associates [line items]
Share of income in associates	0	0	(52,908)
Others
Disclosure of associates [line items]
Share of income in associates	$ (593)	$ (1,311)	$ 1,825

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Investments in associates (Details 2) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2015
Disclosure of associates [line items]
Investments in associates		$ 13,435	$ 10,927	$ 14,450	$ 169,660
Aeropuertos Ecologicos de Galapagos S.A.
Disclosure of associates [line items]
Main activity	[1]	Airport Operation	Airport Operation	Airport Operation
Country of incorporation	[1]	Ecuador	Ecuador	Ecuador
Percentage of ownership	[1]	99.90%	99.90%	99.90%
Investments in associates	[1]	$ 1,000	$ 1,000	$ 1,000
Sociedad Aeroportuaria KunturWasi S.A.
Disclosure of associates [line items]
Main activity	[2]	Airport Operation	Airport Operation	Airport Operation
Country of incorporation	[2]	Peru	Peru	Peru
Percentage of ownership	[2]	47.68%	47.68%	47.68%
Investments in associates	[2]	$ 0	$ 5,787	$ 6,460
Aeropuertos Andinos del Peru S.A.
Disclosure of associates [line items]
Main activity		Airport Operation	Airport Operation	Airport Operation
Country of incorporation		Peru	Peru	Peru
Percentage of ownership		50.00%	50.00%	50.00%
Investments in associates		$ 11,762	$ 2,717	$ 2,788
Quitotelecenter SA
Disclosure of associates [line items]
Main activity		Shopping administrator	Shopping administrator	Shopping administrator
Country of incorporation		Ecuador	Ecuador	Ecuador
Percentage of ownership		0.00%	0.00%	40.00%
Investments in associates		$ 0	$ 0	$ 2,311
Others
Disclosure of associates [line items]
Percentage of ownership		0.00%	0.00%	0.00%
Investments in associates		$ 673	$ 1,423	$ 1,891

[1] Under the terms of the Galapagos Concession Agreement, the net income generated by the Company must be transferred entirely to the Direccion General de Aviacion Civil ("DGAC"), however, the Group maintains the operational management of such company and therefore has significant influence.

[2] On July 13, 2017, the Government of Peru notified the unilateral decision to rescind the concession agreement for the Nuevo Aeropuerto International de Chinchero. The Company has stated its intention to reach an agreement, however, if it is not achieved, will initiate legal proceedings as established in the concession agreement. In line with this, the Company notified the State of Peru of its disagreement with the unilateral resolution and its intention to begin a Direct Treatment procedure, such procedure as provided in the Concession Agreement. The Company also communicated the non-compliance of certain State obligations under the 1996 Bilateral Investment Agreement between Peru and Argentina for the promotion and protection of investments caused by the mentioned unilateral resolution.

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Investments in associates (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2015
Disclosure of associates [line items]
Non-current assets	$ 3,221,736	$ 3,120,151	$ 2,876,905
Current assets	579,478	507,125	394,722
Total assets	3,801,214	3,627,276	3,271,627
Non-current liabilities	2,272,050	2,161,176	1,955,490
Current liabilities	732,022	662,776	482,036
Total liabilities	3,004,072	2,823,952	2,437,526
Equity	797,142	803,324	834,101	$ 1,466,565
Revenue	1,575,153	1,366,336	1,187,090
Income/(Loss) for the year	66,891	29,240	115,291
Other comprehensive income (loss) for the year	(25,135)	(44,637)	(210,539)
Total comprehensive income for the year	41,756	(15,397)	(95,248)
Aeropuertos Andinos del Peru S.A.
Disclosure of associates [line items]
Non-current assets	31,215	37,224	34,287
Current assets	4,690	7,959	4,103
Total assets	35,905	45,183	38,390
Non-current liabilities	2,430	33,626	29,155
Current liabilities	9,951	6,123	4,220
Total liabilities	12,381	39,749	33,375
Equity	23,524	5,434	5,015
Revenue	14,681	13,769	12,068
Income/(Loss) for the year	(18,676)	336	2,305
Other comprehensive income (loss) for the year	867	83	(556)
Total comprehensive income for the year	$ (17,809)	419	1,749
Sociedad Aeroportuaria KunturWasi S.A.
Disclosure of associates [line items]
Non-current assets		27,917	27,590
Current assets		2,566	498
Total assets		30,483	28,088
Non-current liabilities		15,837	13,010
Current liabilities		3,072	2,157
Total liabilities		18,909	15,167
Equity		11,574	12,921
Revenue		0	0
Income/(Loss) for the year		(1,543)	(1,005)
Other comprehensive income (loss) for the year		196	(1,359)
Total comprehensive income for the year		$ (1,347)	$ (2,364)

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Deferred income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred tax liabilities
Balances at	$ (144,393)	$ (145,777)
Balances at	(148,301)	(144,393)	$ (145,777)
Property, plant and equipment and Intangibles Assets
Deferred tax liabilities
Balances at	156,813	167,229	142,053
Acquisitions of subsidiary (Note 26)			50,965
Disposals of subsidiaries		(387)	1,895
Increase of deferred tax assets for the year	(5,008)	(6,121)	(13,308)
Translation differences	2,715	(3,908)	(14,376)
Balances at	154,520	156,813	167,229
Other liabilities
Deferred tax liabilities
Balances at	72,208	55,926	3,160
Acquisitions of subsidiary (Note 26)			54,093
Disposals of subsidiaries		0	(682)
Increase of deferred tax assets for the year	8,645	4,687	(226)
Translation differences	(1,400)	11,595	(419)
Balances at	79,453	72,208	55,926
Deferred tax liabilities
Deferred tax liabilities
Balances at	229,021	223,155	145,213
Acquisitions of subsidiary (Note 26)			105,058
Disposals of subsidiaries		(387)	1,213
Increase of deferred tax assets for the year	3,637	(1,434)	(13,534)
Translation differences	1,315	7,687	(14,795)
Balances at	$ 233,973	$ 229,021	$ 223,155

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Deferred income tax (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets
Balances at	$ (144,393)	$ (145,777)
Balances at	(148,301)	(144,393)	$ (145,777)
Provisions and allowances
Deferred tax assets
Balances at	9,000	8,599	9,787
Acquisitions of subsidiary (Note 26)			0
Disposals of subsidiaries		(35)	(668)
Increase of deferred tax assets for the year	1,014	909	673
Translation differences	(3,411)	(473)	(1,193)
Balances at	6,603	9,000	8,599
Tax loss carry forwards
Deferred tax assets
Balances at	169,177	110,621	40,838
Acquisitions of subsidiary (Note 26)			96,907
Disposals of subsidiaries		(1,135)	(15,237)
Increase of deferred tax assets for the year	43,435	38,205	(8,883)
Translation differences	(4,234)	21,486	(3,004)
Balances at	208,378	169,177	110,621
Other
Deferred tax assets
Balances at	5,709	5,801	10,938
Acquisitions of subsidiary (Note 26)			450
Disposals of subsidiaries		0	(3,908)
Increase of deferred tax assets for the year	1,031	215	(399)
Translation differences	(722)	(307)	(1,280)
Balances at	6,018	5,709	5,801
Deferred tax assets
Deferred tax assets
Balances at	183,886	125,021	61,563
Acquisitions of subsidiary (Note 26)			97,357
Disposals of subsidiaries		(1,170)	(19,813)
Increase of deferred tax assets for the year	45,480	39,329	(8,609)
Translation differences	(8,367)	20,706	(5,477)
Balances at	$ 220,999	$ 183,886	$ 125,021

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Deferred income tax (Details 2) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Deferred tax assets	$ 135,327	$ 99,258	$ 47,643
Deferred tax liabilities	148,301	144,393	145,777
Recovered within 12 months
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Deferred tax assets	154	0	0
Deferred tax liabilities	(2,471)	(197)	(59)
Recovered after 12 months
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Deferred tax assets	135,399	104,051	51,889
Deferred tax liabilities	$ (146,056)	$ (148,989)	$ (149,964)

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Deferred income tax (Details 3) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]
Deferred tax assets (Notes 15)	$ 135,327	$ 99,258	$ 47,643
Deferred tax liabilities (Notes 15)	$ (148,301)	$ (144,393)	$ (145,777)

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Deferred income tax (Detail Textuals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Not recognized as deferred tax assets	$ 35	$ 27	$ 15
Uruguay
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Percentage of temporary differences in Deferred income taxes	25.00%
Argentina
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Percentage of temporary differences in Deferred income taxes	30.00%	25.00%
Italy
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Percentage of temporary differences in Deferred income taxes	27.50%
Armenia
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Percentage of temporary differences in Deferred income taxes	20.00%
Brazil
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Percentage of temporary differences in Deferred income taxes	34.00%
Ecuador
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Percentage of temporary differences in Deferred income taxes	22.00%
Luxembourg
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Percentage of temporary differences in Deferred income taxes	22.00%

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Other receivables (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Non-Current
Tax credits		$ 28,927	$ 26,772	$ 27,129
Receivables from related parties (Note 27)		2,127	4,781	12,635
Trust funds	[1]	136,689	82,942	74,678
Prepaid expenses		234	891	338
Other	[2]	5,416	2,688	2,511
Other non current receivables		173,393	118,074	117,291
Current
Tax credits		29,948	23,346	18,992
Guarantee deposit	[3]	121,614	96,759	17,085
Trust funds	[1]	0	0	4,842
Receivables from related parties (Note 27)		13,203	4,244	5,252
Prepaid expenses		3,768	7,753	5,661
Other		14,529	5,105	5,069
Other current receivables		$ 183,062	$ 137,207	$ 56,901

[1] Funds are held by a trust, on which the Company does not have the power to direct the relevant activities of the trustee company and is not exposed, or have rights, to variable returns, as such does not consolidate the trustee company.

[2] As of December 31, 2017 includes fees related to Initial Public Offering project for USD 2.8 million.

[3] As of December 31, 2017 includes a time deposit of CAAP for USD 90.7 million in pledge of a loan of Inframerica Concessionaria do Aeroporto de Brasilia S.A. with Banco Santander according to Note 21. As of December 31, 2016 includes legal deposit in Brazil for USD 76 million (none in 2015) related to the fixed contribution accrued in the current year from Inframerica Concessionaria do Aeroporto de Brasilia S.A.

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Other receivables (Detail Textuals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Other Receivables [Abstract]
Time deposits pledged as collateral	$ 90.7
Legal deposits pledged as collateral	76.0
Fees Related To Initial Public Offering	2.8
Amount of fair value of financial assets non current receivables	$ 165.0	$ 108.0	$ 103.0

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Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Inventories [Abstract]
Finished goods	$ 191	$ 621	$ 2,042
Supplies	2,531	2,467	2,071
Oil and byproducts	5,842	4,576	4,111
Inventories	$ 8,564	$ 7,664	$ 8,224

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Trade receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2015
Non-Current
Accounts receivable	$ 4,244	$ 0	$ 51
Non current trade receivables	4,244		51
Current
Accounts receivable	141,253	122,677	113,666
Trade receivables from related parties (Note 27)	1,130	1,484	5,423
Provision for bad debts	(20,549)	(14,551)	(17,782)	$ 13,652
Current trade receivables	$ 121,834	$ 109,610	$ 101,307

XML

Trade receivables (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Balances as of the beginning of the year	$ 14,551	$ 17,782	$ (13,652)
Bad debts of the year	(7,672)	(1,976)	(2,574)
Acquisitions of subsidiary	0	0	(5,944)
Recoveries	268	2,248	0
Write off	403	2,390	237
Translation differences	1,003	569	2,274
Disposals of subsidiaries	0	0	1,877
Balance as of end of year	$ 20,549	$ 14,551	$ 17,782

XML

Trade receivables (Details 2) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2015
Disclosure of financial assets that are either past due or impaired [line items]
Provision for bad debts	$ 20,549	$ 14,551	$ 17,782	$ (13,652)
Trade receivables
Disclosure of financial assets that are either past due or impaired [line items]
Trade Receivables Gross	146,627	124,161	119,089
Provision for bad debts	(20,549)	(14,551)	(17,782)
Trade receivables	126,078	109,610	101,307
Trade receivables | Not due
Disclosure of financial assets that are either past due or impaired [line items]
Trade Receivables Gross	35,799	90,655	84,712
Provision for bad debts	(915)	(4,556)	0
Trade receivables	34,884	86,099	84,712
Trade receivables | Past due 1-180 days
Disclosure of financial assets that are either past due or impaired [line items]
Trade Receivables Gross	94,838	17,170	16,181
Provision for bad debts	(4,166)	(2,718)	(2,856)
Trade receivables	90,672	14,452	13,325
Trade receivables | Past due more than 180 days
Disclosure of financial assets that are either past due or impaired [line items]
Trade Receivables Gross	15,990	16,336	18,196
Provision for bad debts	(15,468)	(7,277)	(14,926)
Trade receivables	$ 522	$ 9,059	$ 3,270

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Other financial assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Non-current
Time Deposits	$ 2,500	$ 0	$ 0
Related parties (Note 27)	0	0	15,078
Other	0	721	0
Non-current financial assets	2,500	721	15,078
Current
Debt service reserve account		15,075	15,075
Related parties (Note 27)	3,621	7,769	8,270
Loans	0	0	1,986
Corporate Bonds	12,593	0	0
Time Deposits	23,500	7,349	12,482
Other	82	3,743	2,499
Current financial assets	$ 39,796	$ 33,936	$ 40,312

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Cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2015
Cash and cash equivalents [abstract]
Cash to be deposited	$ 1,483	$ 1,313	$ 1,344
Cash at banks	189,283	146,726	170,675
Time deposits	29,003	63,244	11,782
Other cash equivalents	1,832	1,705	438
Cash and cash equivalents total	$ 221,601	$ 212,988	$ 184,239	$ 217,133

XML

Cash and cash equivalents (Details 1) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2015
Cash and cash equivalents [abstract]
Cash and cash equivalents		$ 221,601	$ 212,988	$ 184,239	$ 217,133
Restricted cash	[1]	0	(30,872)	(30,346)
Bank overdraft		0	0	(4)
Total		$ 221,601	$ 182,116	$ 153,889

[1] Restricted cash balances excluded from cash and cash equivalents relate to guarantees of AA2000 (see Note 21).

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Borrowings (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2015
Disclosure of detailed information about borrowings [line items]
Non-current		$ 1,113,655	$ 965,672	$ 960,316
Current		372,790	141,569	127,250
Total Borrowings		1,486,445	1,107,241	1,087,566	$ 765,184
Bank and financial borrowings
Disclosure of detailed information about borrowings [line items]
Non-current	[1]	453,428	551,431	487,021
Current	[1]	311,902	52,671	53,129
Total Borrowings		765,330	604,102	540,150
Notes
Disclosure of detailed information about borrowings [line items]
Non-current	[2]	658,109	411,200	470,295
Current	[2]	24,306	64,439	70,471
Loans with related parties
Disclosure of detailed information about borrowings [line items]
Current		34,651	22,220	618
Bank overdrafts
Disclosure of detailed information about borrowings [line items]
Current		0	0	4
Others
Disclosure of detailed information about borrowings [line items]
Non-current		2,118	3,041	3,000
Current		$ 1,931	$ 2,239	$ 3,028

[1] As of December 31, 2017 significant bank and financial borrowings include the following:

[2] Notes include the following:

XML

Borrowings (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Borrowings [abstract]
Balances at the beginning of the year	$ 1,107,241	$ 1,087,566	$ 765,184
Acquisitions of subsidiary (Note 26)	0	0	332,976
Loans obtained	596,030	52,099	286,839
Loans paid	(250,276)	(142,693)	(231,597)
Interest paid (Note 21)	(106,953)	(48,564)	(38,334)
Disposals of subsidiaries	0	0	(47,281)
Accrued interest for the year	119,964	118,219	68,673
Translation differences	20,439	40,614	(48,894)
Balances at the end of the year	$ 1,486,445	$ 1,107,241	$ 1,087,566

XML

Borrowings (Details 2) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about borrowings [line items]
Undiscounted cash flow of principal and estimated interest	[1]	$ 1,980,501	$ 1,500,562	$ 1,382,411
1 year or less
Disclosure of detailed information about borrowings [line items]
Undiscounted cash flow of principal and estimated interest	[1]	422,746	132,756	134,428
1 to 2 years
Disclosure of detailed information about borrowings [line items]
Undiscounted cash flow of principal and estimated interest	[1]	230,464	187,150	153,303
2 to 5 years
Disclosure of detailed information about borrowings [line items]
Undiscounted cash flow of principal and estimated interest	[1]	523,855	418,061	227,368
Over 5 years
Disclosure of detailed information about borrowings [line items]
Undiscounted cash flow of principal and estimated interest	[1]	$ 803,436	$ 762,595	$ 867,312

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

XML

Borrowings (Details 3) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Borrowings [abstract]
Fair value of long-term borrowings	[1]	$ 1,498,385	$ 1,128,407	$ 1,113,117
Total Fair value of long-term borrowings		$ 1,498,385	$ 1,128,407	$ 1,113,117

[1] Valuation at quotation prices (not adjusted) in active markets for identical assets or liabilities Fair Value level 2 under IFRS 13 hierarchy. There are no financial instruments measured at fair value.

XML

Borrowings (Details 4) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015		Jan. 01, 2015
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 1,486,445		$ 1,107,241		$ 1,087,566		$ 765,184
Bank and financial borrowings
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 765,330		$ 604,102		$ 540,150
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | September 2032
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis	[1]	TJLP		TJLP		TJLP
Borrowings, adjustment to interest rate basis		3.14%		3.14%		3.14%
Borrowings		$ 98,600		$ 98,200		$ 81,900
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | June 2032
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis	[1]	T.R.+ 3.14%+IPCA		T.R.+ 3.14%+IPCA		T.R.+ 3.14%+IPCA
Borrowings, adjustment to interest rate basis		3.14%		3.14%		3.14%
Borrowings		$ 2,200		$ 2,400		$ 2,000
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | September 2032
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis	[1]	T.R.+ 3.14%+IPCA		T.R.+ 3.14%+IPCA		T.R.+ 3.14%+IPCA
Borrowings, adjustment to interest rate basis		3.14%		3.14%		3.14%
Borrowings		$ 5,800		$ 5,300	[2]	$ 4,300	[2]
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | September 2032
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate				2.50%
Borrowings				$ 3,900
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | September 2022
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		2.50%				2.50%
Borrowings		$ 3,200	[2]			$ 3,800
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | July 2032
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis	[1]	T.R.+ 3.14%+IPCA		T.R.+ 4.74%+IPCA		T.R.+ 4.74%+IPCA
Borrowings, adjustment to interest rate basis		3.14%		4.74%		4.74%
Borrowings		$ 1,500		$ 1,200		$ 1,100
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | July 2032
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis	[1]	T.R.+ 4.74%+IPCA		T.R.+ 3.14%+IPCA		T.R.+ 3.14%+IPCA
Borrowings, adjustment to interest rate basis		4.74%		3.14%		3.14%
Borrowings		$ 1,200		$ 1,600		$ 1,400
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto de Brasilia | December 2028
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis	[1]	TJLP		TJLP		TJLP
Borrowings, adjustment to interest rate basis		3.14%		3.14%		3.14%
Borrowings	[2]	$ 218,400		$ 220,000		$ 163,600
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto de Brasilia | December 2028
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis	[1]	TJLP		TJLP		TJLP
Borrowings, adjustment to interest rate basis		3.60%		3.60%		3.60%
Borrowings	[2]	$ 72,800		$ 76,800		$ 56,900
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto de Brasilia | December 2028
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate						6.00%
Borrowings	[2]					$ 1,700
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto de Brasilia | December 2017
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis	[1]	IPCA		IPCA		IPCA
Borrowings	[2]	$ 5,700		$ 7,100		$ 4,900
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto de Brasilia | December 2023
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		6.00%		6.00%		6.00%
Borrowings	[2]	$ 4,800		$ 5,700		$ 3,700
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto de Brasilia | July 2022
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis	[1]	TJLP
Borrowings, adjustment to interest rate basis		8.10%
Borrowings	[2]	$ 300
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto de Brasilia | July 2022
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis		Selic
Borrowings, adjustment to interest rate basis		7.38%
Borrowings	[2]	$ 100
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto de Brasilia | June 2018
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis		CDI
Borrowings, adjustment to interest rate basis		0.45%
Borrowings	[2]	$ 90,900
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto de Brasilia | March 2018
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		9.00%
Borrowings	[2]	$ 14,600
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto de Brasilia | January 2018
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis		CDI
Borrowings, adjustment to interest rate basis		6.50%
Borrowings	[2]	$ 9,700
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto de Brasilia | April 2017
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis				CDI
Borrowings, adjustment to interest rate basis				4.50%
Borrowings	[2]			$ 3,500
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto de Brasilia | September 2016
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate						17.10%
Borrowings	[2]					$ 0
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto de Brasilia | December 2016
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis						CDI
Borrowings, adjustment to interest rate basis						3.00%
Borrowings	[2]					$ 7,600
Bank and financial borrowings | Terminal Aeroportuaria de Guayaquil S.A | 2019
Disclosure of detailed information about borrowings [line items]
Borrowings	[2]	$ 4,100		$ 6,100
Bank and financial borrowings | Terminal Aeroportuaria de Guayaquil S.A | 2019 | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		6.86%		7.50%
Bank and financial borrowings | Terminal Aeroportuaria de Guayaquil S.A | 2019 | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		6.92%		8.00%
Bank and financial borrowings | Terminal Aeroportuaria de Guayaquil S.A | 2019 Two
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		6.92%		7.50%
Borrowings	[2]	$ 5,600		$ 8,400
Bank and financial borrowings | Terminal Aeroportuaria de Guayaquil S.A | 2016-2019
Disclosure of detailed information about borrowings [line items]
Borrowings	[2]					$ 13,300
Bank and financial borrowings | Terminal Aeroportuaria de Guayaquil S.A | 2016-2019 | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate						7.59%
Bank and financial borrowings | Terminal Aeroportuaria de Guayaquil S.A | 2016-2019 | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate						8.90%
Bank and financial borrowings | Terminal Aeroportuaria de Guayaquil S.A | 2016-2019
Disclosure of detailed information about borrowings [line items]
Borrowings	[2]					$ 5,500
Bank and financial borrowings | Terminal Aeroportuaria de Guayaquil S.A | 2016-2019 | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate						7.71%
Bank and financial borrowings | Terminal Aeroportuaria de Guayaquil S.A | 2016-2019 | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate						8.88%
Bank and financial borrowings | Terminal de Cargas de Uruguay SA | June 2020
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		4.25%		4.25%
Borrowings	[2]	$ 1,100		$ 1,500
Bank and financial borrowings | Toscana Aeroporti S.p.a. | June 2022
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis		Euribor 6 month plus spread		Euribor 6 month plus spread		Euribor 6 month plus spread
Borrowings	[2]	$ 9,300		$ 10,200		$ 10,700
Bank and financial borrowings | Toscana Aeroporti S.p.a. | September 2027
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis		Euribor 6 month plus spread		Euribor 6 month plus spread		Euribor 6 month plus spread
Borrowings	[2]	$ 34,400		$ 32,700		$ 38,300
Bank and financial borrowings | Toscana Aeroporti S.p.a. | November 2018
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis		Euribor 3 month plus spread
Borrowings	[2]	$ 6,000
Bank and financial borrowings | Toscana Aeroporti S.p.a. | June 2022
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis		Euribor 3 month plus spread
Borrowings	[2]	$ 500
Bank and financial borrowings | Armenia International Airports CJSC | June 2022
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis		Libor
Borrowings, adjustment to interest rate basis		5.50%
Borrowings, interest rate				7.89%		7.86%
Borrowings	[2]	$ 57,100		$ 116,300		$ 131,900
Bank and financial borrowings | Armenia International Airports CJSC | June 2022
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis		Euribor
Borrowings, adjustment to interest rate basis		5.50%
Borrowings		$ 51,200
Bank and financial borrowings | Corporacion America Airports S.A. | March 2019
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		7.63%
Borrowings	[2]	$ 50,100
Bank and financial borrowings | Corporacion America Airports S.A. | December 2019
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		2.40%
Borrowings	[2]	$ 15,000
Bank and financial borrowings | Aeropuertos Argentina 2000 SA | September 2018
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		27.86%		27.86%
Borrowings	[2]	$ 1,000		$ 2,300
Bank and financial borrowings | Aeropuertos Argentina 2000 SA | June 2017
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate				26.42%		26.42%
Borrowings				$ 700		$ 7,360	[2]
Bank and financial borrowings | Aeropuerto de Bahia Blanca S.A. | March 2019
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		4.75%		4.75%		4.75%
Borrowings	[2]	$ 100		$ 200		$ 240

[1] TJLP - Taxa de Juros de Longo Prazo (Brazilian Long term interest rate) IPCA: corresponds to the Brazilian consumer Price index)

[2] A - Secured/guaranteed B - Secured/unguaranteed C - Unsecured/guaranteed D - Unsecured/unguaranteed

XML

Borrowings (Detail Textuals) $ in Thousands, € in Millions		12 Months Ended
	Feb. 06, 2017 USD ($) Installment	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) Installment	Dec. 31, 2014 EUR (€)	Dec. 31, 2007 USD ($) Installment	Jan. 01, 2015 USD ($)	Dec. 31, 2008 USD ($)
Disclosure of detailed information about borrowings [line items]
Principal amount of borrowings		$ 1,486,445	$ 1,107,241	$ 1,087,566			$ 765,184
Debt service reserve account			15,075	15,075
Redemption of borrowings		$ 250,276	142,693	$ 231,597
Puerta Del Sur S.A. | Notes 7.75%
Disclosure of detailed information about borrowings [line items]
Borrowings interet rate						7.75%
Principal amount of borrowings						$ 87,000
Number of instalments to repayment of loan | Installment						22
Minimum debt coverage service ratio						1.7
Maximum indebtness ratio						3
ACI Airport Sudamerica S.A. | Notes 6.875%
Disclosure of detailed information about borrowings [line items]
Borrowings interet rate				6.875%
Principal amount of borrowings				$ 200,000
Number of instalments to repayment of loan | Installment				34
Debt service reserve account			15,000
Corporacion America Italia S.A. | Notes 6.25%
Disclosure of detailed information about borrowings [line items]
Borrowings interet rate					6.25%
Principal amount of borrowings | €					€ 50
Percentage of share capital of dbet issuing entity secured by pledge					100.00%
Terminal Aeroportuaria de Guayaquil S.A | Notes Due 2016
Disclosure of detailed information about borrowings [line items]
Principal amount of borrowings								$ 28,000
Adjustment to base rate								2.50%
Aeropuertos Argentina 2000 SA | Notes Due 2020
Disclosure of detailed information about borrowings [line items]
Principal amount of borrowings								$ 328,000
Cash pledged as collateral			$ 30,872	$ 30,346
Aeropuertos Argentina 2000 SA | Notes 10% Due 2020
Disclosure of detailed information about borrowings [line items]
Borrowings interet rate								10.00%
Aeropuertos Argentina 2000 SA | Notes 10.75% Due 2020
Disclosure of detailed information about borrowings [line items]
Borrowings interet rate								10.75%
Aeropuertos Argentina 2000 SA | Notes 6.875%
Disclosure of detailed information about borrowings [line items]
Borrowings interet rate	6.875%
Principal amount of borrowings	$ 400,000
Number of instalments to repayment of loan | Installment	32
Percentage of issue price	99.888%
Redemption of borrowings	$ 157,500
Loss on redemption of borrowings	$ 13,000
Corona Trading Corp. | Notes 9.064%
Disclosure of detailed information about borrowings [line items]
Borrowings interet rate								9.064%
Principal amount of borrowings								$ 25,000

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Borrowings (Detail Textuals 1) $ in Thousands, R$ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)	Nov. 30, 2012 USD ($) tranche	Dec. 31, 2017 BRL (R$)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jan. 01, 2015 USD ($)	Feb. 28, 2014 USD ($)	Feb. 28, 2014 BRL (R$)	Nov. 30, 2012 BRL (R$)
Disclosure of detailed information about borrowings [line items]
Aggregate principal amount	$ 1,486,445			$ 1,107,241	$ 1,087,566	$ 765,184
Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | Credit Facility Agreement With BNDES
Disclosure of detailed information about borrowings [line items]
Aggregate principal amount		$ 139,500							R$ 329.3
Number of tranches of loan | tranche		9
Amount of letter of guarantees issued as pledge		$ 6,100
Maximum percentage of net profits for dividend payment requiring pre-authorization		25.00%							25.00%
Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | Extended Credit Facility Agreement With BNDES
Disclosure of detailed information about borrowings [line items]
Aggregate principal amount	$ 90,700		R$ 300.0
Period of interest only payments	2 years
Percentage of interest due allowed for capitalization	50.00%
Period of capitalization of interest	2 years
Period of final maturity of loan	2 years
Inframerica Concessionaria do Aeroporto de Brasilia | Credit Facility Agreement With BNDES And CAIXA
Disclosure of detailed information about borrowings [line items]
Aggregate principal amount							$ 356,400	R$ 841.0
Maximum percentage of net profits for dividend payment requiring pre-authorization							25.00%	25.00%
Inframerica Concessionaria do Aeroporto de Brasilia | Extended Credit Facility Agreement With BNDES
Disclosure of detailed information about borrowings [line items]
Period of interest only payments	3 years
Percentage of interest due allowed for capitalization	50.00%
Period of capitalization of interest	2 years
Period of final maturity of loan	2 years
ACI Airports SARL And CAAP | Extended Credit Facility Agreement With BNDES
Disclosure of detailed information about borrowings [line items]
Period of debt service amount calculation for additional security.	24 months
Additional security requirement period	2 years

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Borrowings (Detail Textuals 2) $ in Thousands, R$ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 20, 2017 USD ($)	Dec. 20, 2017 BRL (R$)	Dec. 19, 2017 USD ($)	Dec. 19, 2017 BRL (R$)	Dec. 14, 2017 USD ($)	Dec. 14, 2017 BRL (R$)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jan. 01, 2015 USD ($)
Disclosure of detailed information about borrowings [line items]
Aggregate principal amount	$ 1,486,445							$ 1,107,241	$ 1,087,566	$ 765,184
Inframerica Concessionaria do Aeroporto de Brasilia | Citibank Credit Agreement
Disclosure of detailed information about borrowings [line items]
Aggregate principal amount						$ 14,500	R$ 48
Inframerica Concessionaria do Aeroporto de Brasilia | Banco Pine Credit Agreement
Disclosure of detailed information about borrowings [line items]
Aggregate principal amount				$ 9,700	R$ 32
Inframerica Concessionaria do Aeroporto de Brasilia | Banco Santander Bridge Loan Facility Agreement
Disclosure of detailed information about borrowings [line items]
Aggregate principal amount		$ 90,700	R$ 300
Cash deposit pledged as collateral		$ 90,700	R$ 300
Period of loan	180 days

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Borrowings (Detail Textuals 3) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2017 EUR (€)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 15, 2015 USD ($)	Jan. 01, 2015 USD ($)
Disclosure of detailed information about borrowings [line items]
Aggregate principal amount	$ 1,486,445		$ 1,107,241	$ 1,087,566		$ 765,184
Julius Baer Credit Agreement
Disclosure of detailed information about borrowings [line items]
Aggregate principal amount	$ 15,000
Period of loan	24 months
Armenia International Airports CJSC | Senior Secured Dual Currency Facility Agreement
Disclosure of detailed information about borrowings [line items]
Aggregate principal amount					$ 160,000
Cash deposit pledged as collateral	$ 25,409		13,072	18,975
Asset pledged as collateral	$ 170,588		$ 176,461	$ 185,914
Toscana Aeroporti S.p.A.
Disclosure of detailed information about borrowings [line items]
Cash deposit pledged as collateral | €		€ 1

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Other liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Non-current
Concession fee payable	[1]	$ 916,203	$ 970,762	$ 772,088
Advances from customers		31,909	27,922	17,680
Provisions for legal claims	[2]	5,798	0	0
Provision for maintenance costs	[3]	22,207	20,113	20,423
Other taxes payable		8,531	10,242	3,142
Employee benefit obligation	[4]	9,068	8,498	8,139
Salary payable		916	772	1,006
Other liabilities with related parties (Note 27)		1,816	600	2,567
Other payables		10,344	10,539	22,256
Total other non-current liabilities		1,006,792	1,049,448	847,301
Current
Concession fee payable	[1]	54,840	202,584	99,051
Other taxes payable		32,840	28,729	23,555
Salary payable		41,753	39,084	33,568
Other liabilities with related parties (Note 27)		33,132	31,369	27,197
Advances from customers		6,124	13,941	15,048
Provision for maintenance cost	[3]	9,496	6,713	4,506
Expenses provisions		4,569	6,222	1,973
Provisions for legal claims	[2]	3,127	5,878	4,730
Other payables		23,605	12,787	16,944
Total other current liabilities		$ 209,486	$ 347,307	$ 226,572

[1] The most significant amount include in concession fee payable are generated by the concession agreement between The Brazilian National Civil Aviation Agency – ANAC and Inframerica Concessionária do Aeroporto de Brasilia S.A. and Inframerica Concessionária do Aeroportode São Gonçalo do Amarante S.A.

[2] Changes in the year of the provision for legal claims is as follows:

[3] Changes in the year of the Provision for maintenance costs is as follows:

[4] TAGSA and Toscana have post-employment benefits which are defined benefit obligation. The amount of termination benefit has been calculated using the “Projected Unit Credit Method”, making actuarial valuations at the end of the period.

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Other liabilities (Details 1) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
At balance	$ 3,109,525	$ 3,462,020	$ 2,850,540
1 year or less
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
At balance	188,192	378,130	237,620
1 to 2 years
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
At balance	94,590	90,290	72,130
2 - 5 years
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
At balance	306,318	293,170	233,630
Over 5 years
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
At balance	$ 2,520,425	$ 2,700,430	$ 2,307,160

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Other liabilities (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Other Liabilties [Abstract]
Values at the beginning of the year	$ 1,173,346	$ 871,139	$ 38,739
Acquisition of subsidiaries (Note 26)	0	0	836,258
Financial result	98,122	107,408	2,039
Concession fees	162,117	146,971	133,846
Payments	(325,454)	(136,092)	(136,809)
Payments in advance	(40,126)	0	0
Others	(84,075)	9,132	0
Translation differences	(12,887)	174,788	(2,934)
At the end of the year	$ 971,043	$ 1,173,346	$ 871,139

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Other liabilities (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of other provisions [line items]
Balances at the beginning of the year	$ 26,826	$ 24,929	$ 51,188
Accrual of the year	2,822	4,679	5,391
Use of the provision	(1,507)	(1,906)	(2,580)
Disposals of subsidiaries	0	0	(25,152)
Translation differences	3,562	(876)	(3,918)
Balances at the end of year	$ 31,703	$ 26,826	$ 24,929

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Other liabilities (Details 4) - Toscana Aeroporti S.p.a. $ in Thousands	Dec. 31, 2017 USD ($)
Annual discount rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of reasonably possible increase in actuarial assumption	0.50%
Percentage of reasonably possible decrease in actuarial assumption	(0.50%)
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	$ 6,172
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	$ 6,856
Annual rate of inflation
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of reasonably possible increase in actuarial assumption	0.25%
Percentage of reasonably possible decrease in actuarial assumption	(0.25%)
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	$ 6,606
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	$ 6,399
Annual turnover rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of reasonably possible increase in actuarial assumption	2.50%
Percentage of reasonably possible decrease in actuarial assumption	(2.50%)
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	$ 6,395
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	$ 6,557

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Other liabilities (Details 5) - Terminal Aeroportuaria Guayaquil S.A. ("TAGSA") $ in Thousands	Dec. 31, 2017 USD ($)
Annual discount rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of reasonably possible increase in actuarial assumption	1.00%
Percentage of reasonably possible decrease in actuarial assumption	(1.00%)
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	$ 1,068
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	$ 1,406
Annual employee future wage increase
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of reasonably possible increase in actuarial assumption	1.00%
Percentage of reasonably possible decrease in actuarial assumption	(1.00%)
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	$ 1,410
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	$ 1,062
Annual turnover rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of reasonably possible increase in actuarial assumption	5.00%
Percentage of reasonably possible decrease in actuarial assumption	(5.00%)
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	$ 1,204
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	$ 1,246

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Other liabilities (Details 6) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of other provisions [line items]
Balances at the beginning of the year	$ 26,826	$ 24,929	$ 51,188
Balances at the end of year	31,703	26,826	24,929
Provision for employee benefit obligation
Disclosure of other provisions [line items]
Balances at the beginning of the year	8,498	8,139	6,198
Actuarial gain/loss (in other comprehensive income)	(323)	403	(475)
Interest for services	165	239	164
Service Cost	250	177	21
Amounts paid in the year	(487)	(223)	(487)
Contributions	0	0	3,322
Translation differences	965	(237)	(604)
Balances at the end of year	$ 9,068	$ 8,498	$ 8,139

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Other liabilities (Details 7) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of other provisions [line items]
Balances at the beginning of the year	$ 26,826	$ 24,929	$ 51,188
Accrual of the year	2,822	4,679	5,391
Use of the provision	(1,507)	(1,906)	(2,580)
Translation differences	3,562	(876)	(3,918)
Balances at the end of year	31,703	26,826	24,929
Legal proceedings provision
Disclosure of other provisions [line items]
Balances at the beginning of the year	5,878	4,730	935
Accrual of the year	3,661	2,772	1,157
Use of the provision	(810)	(1,089)	(974)
Acquisition of subsidiary (Note 26)	0	0	4,117
Translation differences	196	(535)	(505)
Balances at the end of year	$ 8,925	$ 5,878	$ 4,730

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Other liabilities (Detail Textuals) R$ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) Installment	Dec. 31, 2017 BRL (R$) Installment	Dec. 31, 2017 BRL (R$)
Brasilia Airport Concession Agreement
Disclosure of financial liabilities [line items]
Fixed concession fee payable	$ 1,360,804		R$ 4,501,132
Numbe of annual installments	25	25
Annual fee payment percentage	2.00%	2.00%
Concession fee percentage	5.00%	5.00%
Brasilia Airport Concession Agreement | Inframerica Concessionaria do Aeroporto de Brasilia
Disclosure of financial liabilities [line items]
Percentage of prepaid concession fees	45.00%	45.00%
Prepaid concession fees	$ 36,000	R$ 118,900
Natal Airport Concession Agreement
Disclosure of financial liabilities [line items]
Fixed concession fee payable	$ 2,056		R$ 6,800
Natal Airport Concession Agreement | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante
Disclosure of financial liabilities [line items]
Percentage of prepaid concession fees	100.00%	100.00%
Prepaid concession fees	$ 4,000	R$ 13,100

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Other liabilities (Detail Textuals 1) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) years	Dec. 31, 2016 USD ($) years	Dec. 31, 2015 USD ($) years
Disclosure of subsidiaries [line items]
Remeasurement of defined benefit obligation	$ 18	$ (307)	$ 334
Remeasurement of defined benefit obligation before taxes	26	403	475
Taxes relating to remeasurement of defined benefit obligation	$ 8	$ 96	$ 141
Toscana Aeroporti S.p.A.
Disclosure of subsidiaries [line items]
Annual discount rate	1.30%	1.31%	2.03%
Annual turnover rate	1.50%	1.50%	1.75%
Annual employee termination benefit increase rate	2.63%	2.63%	2.81%
Terminal Aeroportuaria Guayaquil S.A. ("TAGSA")
Disclosure of subsidiaries [line items]
Annual discount rate	4.02%	4.14%	4.36%
Annual turnover rate	11.10%	11.51%	13.49%
Annual employee termination benefit | years	6.61	5.63	5.01
Annual employee future wage increase	1.50%	3.00%	3.00%

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Trade payables (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Non-current
Trade payables with related parties (Note 27)	$ 0	$ 0	$ 767
Trade payable with suppliers	3,302	1,663	1,329
Total non-current trade payables	3,302	1,663	2,096
Current
Trade payables with suppliers	122,145	104,914	116,711
Trade payables with related parties (Note 27)	5,667	8,625	4,445
Total current trade payables	$ 127,812	$ 113,539	$ 121,156

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Equity (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
		Dec. 22, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2007
Disclosure of reserves within equity [line items]
Conversion (Note 1)						$ 1,500,000,000
Cash contributions			$ 6,600
Refund of cash contributions (Note 24a)			(28,893)
Contributions in shares		$ 1,506,867
Free Distributable Reserves
Disclosure of reserves within equity [line items]
Conversion (Note 1)			(1,499,980)
Cash contributions			6,600	$ 20,494	$ 8,303
Refund of cash contributions (Note 24a)			(28,893)	0	0
Contributions in shares	[1]		0	1,506,867	0
Contributions by assignment	[2]		0	49,960	320,798
Total distributable reserves			$ (1,522,273)	$ 1,577,321	$ 329,101

[1] This corresponds to the fair value of the contribution of the shares of AIA, measured in accordance with Luxembourg laws and regulations.

[2] This corresponds to the contribution of accounts receivable from related parties made by the Company's shareholder.

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Equity (Details 1) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Disclosure of reserves within equity [line items]
At the beginning of the year		$ (1,344,022)	$ 248,677
Remeasurement of defined benefit obligations net for income tax		18	(307)		$ 334
At the end of the year		(1,344,008)	(1,344,022)		248,677
Other Reserves
Disclosure of reserves within equity [line items]
At the beginning of the year		(1,344,022)	248,677		1,178,534
Distribution in cash from AIA		0	(36,076)		(74,058)
Refund of contributions	[1]	0	0		(497,660)
Non-cash distribution from AIA	[2]	0	(49,960)	[1]	(298,764)	[1]
Cash contribution from AIA		0	496		0
Fair value adjustments	[3]	0	(1,506,867)	[1]	(59,719)
Remeasurement of defined benefit obligations net for income tax		14	(292)		344
At the end of the year		$ (1,344,008)	$ (1,344,022)		$ 248,677

[1] This corresponds to reimbursement of previous contributions from the former shareholder.

[2] This corresponds to distributions of dividends in kind from AIA to its former shareholder.

[3] This corresponds to the fair value of the contribution in shares (see footnote 1 in note 24.a) above), as the subsidiaries contributed were retroactively combined in the combined financial statements as of December 31, 2016.

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Equity (Details 2) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of analysis of other comprehensive income by item [line items]
Balances at January 1		$ (188,669)	$ (156,387)	$ 0
Continuing operations
Other comprehensive income (loss) for the year		(28,565)	(36,559)	(152,110)
Discontinued operations
Other comprehensive income (loss) for the year			4,277	(4,277)
For the year ended December 31,		(217,234)	(188,669)	(156,387)
Currency Translation Adjustment
Disclosure of analysis of other comprehensive income by item [line items]
Balances at January 1		(212,080)	(174,950)	0
Continuing operations
Other comprehensive income (loss) for the year		(29,011)	(37,414)	(112,455)
Discontinued operations
Other comprehensive income (loss) for the year			284	(62,495)
For the year ended December 31,		(241,091)	(212,080)	(174,950)
Remeasurement of defined benefit obligations
Disclosure of analysis of other comprehensive income by item [line items]
Balances at January 1	[1]	106	489	0
Continuing operations
Other comprehensive income (loss) for the year	[1]	17	(383)	489
Discontinued operations
Other comprehensive income (loss) for the year	[1]		0	0
For the year ended December 31,	[1]	123	106	489
Share of other comprehensive income from associate
Disclosure of analysis of other comprehensive income by item [line items]
Balances at January 1		(40,043)	(39,999)	0
Continuing operations
Other comprehensive income (loss) for the year		432	(44)	(39,999)
Discontinued operations
Other comprehensive income (loss) for the year			0	0
For the year ended December 31,		(39,611)	(40,043)	(39,999)
Income Tax effect
Disclosure of analysis of other comprehensive income by item [line items]
Balances at January 1	[1]	(54)	(145)	0
Continuing operations
Other comprehensive income (loss) for the year	[1]	(3)	91	(145)
Discontinued operations
Other comprehensive income (loss) for the year	[1]		0	0
For the year ended December 31,	[1]	(57)	(54)	(145)
Transfer from shareholders equity - currency translation differences
Disclosure of analysis of other comprehensive income by item [line items]
Balances at January 1		63,402	58,218	0
Continuing operations
Other comprehensive income (loss) for the year		0	1,191	0
Discontinued operations
Other comprehensive income (loss) for the year			3,993	58,218
For the year ended December 31,		$ 63,402	$ 63,402	$ 58,218

[1] Income tax relating to OCI amounts to Remeasurement of defined benefit obligations. The movement was recognized as other comprehensive income of other reserves.

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Equity (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of reserves within equity [line items]
At the beginning of the year	$ 354,174	$ 371,342
Other comprehensive loss
Currency translation	(25,585)	(48,563)	$ (166,597)
Remeasurement of defined benefit obligation	18	(307)	334
Comprehensive income, attributable to non-controlling interests	6,830	(16,874)	(44,351)
Changes in non-controlling interests
Changes in non-controlling interests (Note 24d)	(25,645)	(9,312)	63,884
Non-controlling interest at the end of the year	335,359	354,174	371,342
Non-controlling interests
Disclosure of reserves within equity [line items]
At the beginning of the year	354,174	371,342	351,809
Shareholder contributions	0	9,018	0
(Loss)/income for the year	3,400	(4,519)	9,801
Other comprehensive loss
Currency translation	3,426	(12,340)	(54,142)
Remeasurement of defined benefit obligation	9	(20)	(14)
Reserve for income tax	(5)	5	4
Comprehensive income, attributable to non-controlling interests	3,430	(12,355)	(54,152)
Changes in non-controlling interests
Business combinations	0	0	131,954
Discontinued operations	0	311	(66,656)
Changes in the participations	197	0	(1,414)
Dividends approved	(25,842)	(9,623)	0
Changes in non-controlling interests (Note 24d)	(25,645)	(9,312)	63,884
Non-controlling interest at the end of the year	$ 335,359	$ 354,174	$ 371,342

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Contingencies, commitments and restrictions on the distribution of profits (Details) - Airport	1 Months Ended	12 Months Ended
	Feb. 28, 1998	Dec. 31, 2017
Schedule Of Commitment [Line Items]
Number of airports		52
Argentina | AA2000
Schedule Of Commitment [Line Items]
Number of airports	33	35	[1]
Concesssion agreement extension period	10 years	10 years
Argentina | NQN
Schedule Of Commitment [Line Items]
Number of airports		1
Concesssion agreement extension period		5 years
Argentina | BBL
Schedule Of Commitment [Line Items]
Number of airports		1
Concesssion agreement extension period		10 years
Italy | TA (SAT)
Schedule Of Commitment [Line Items]
Number of airports		1
Italy | TA (ADF)
Schedule Of Commitment [Line Items]
Number of airports		1
Brazil | ICASGA
Schedule Of Commitment [Line Items]
Number of airports		1
Concesssion agreement extension period		5 years
Brazil | ICAB
Schedule Of Commitment [Line Items]
Number of airports		1
Concesssion agreement extension period		5 years
Uruguay | Puerta del Sur
Schedule Of Commitment [Line Items]
Number of airports		1
Uruguay | CAISA
Schedule Of Commitment [Line Items]
Number of airports		1
Ecuador | TAGSA
Schedule Of Commitment [Line Items]
Number of airports		1
Ecuador | ECOGAL
Schedule Of Commitment [Line Items]
Number of airports		1
Armenia | AIA
Schedule Of Commitment [Line Items]
Number of airports		2
Concesssion agreement extension period, description		Option to renew every 5 years
Peru | AAP
Schedule Of Commitment [Line Items]
Number of airports		5
Concesssion agreement extension period, description		Extendable to 2071

[1] Includes Termas de Rio Hondo Airport, which is operated by AA2000 but is pending government approval to be included in the AA2000 concession.

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Contingencies, commitments and restrictions on the distribution of profits (Details 1) R$ in Millions, $ in Millions	Dec. 31, 2017 USD ($)	Dec. 31, 2017 BRL (R$)
Natal Concession Agreement
Schedule Of Commitment [Line Items]
Percentage of amount of planned investments as investment trigger of concession agreement	10.00%	10.00%
Natal Concession Agreement | Phase I event
Schedule Of Commitment [Line Items]
Amount of the Performance Bond	$ 19.7	R$ 65.0
Natal Concession Agreement | From the formal commencement of Phase II until the end of the contract
Schedule Of Commitment [Line Items]
Amount of the Performance Bond	1.9	6.5
Natal Concession Agreement | Phase II event
Schedule Of Commitment [Line Items]
Current amount of performance bond	3.6	11.9
Brasilia Concession Agreement
Schedule Of Commitment [Line Items]
Current amount of performance bond	$ 56.9	R$ 188.5
Percentage of amount of planned investments as investment trigger of concession agreement	10.00%	10.00%
Performance bond upon termination of concession agreement	$ 5.8	R$ 19.1
Brasilia Concession Agreement | Phase I B Event
Schedule Of Commitment [Line Items]
Amount of the Performance Bond	80.6	266.7
Brasilia Concession Agreement | After completion of Phase I-B of the Natal Concession Agreement or at the termination of the contract
Schedule Of Commitment [Line Items]
Amount of the Performance Bond	$ 40.3	R$ 133.3

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Contingencies, commitments and restrictions on the distribution of profits (Details 2) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure For Contingencies Commitments And Restrictions On Distribution Of Profits [Abstract]
Share capital	$ 1,500,000	$ 20	$ 20
Legal reserves	2	2
Free distributable reserves	385,055	1,907,328	330,007
Retained earnings	138,034	74,543	40,786
Total equity in accordance with Luxembourg law	$ 1,916,263	$ 1,935,073	$ 386,415

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Contingencies, commitments and restrictions on the distribution of profits (Detail Textuals) R$ in Thousands, $ in Millions, $ in Millions	1 Months Ended				12 Months Ended
	Feb. 21, 2017 USD ($) Installment	Nov. 30, 2015 USD ($) Installment	Nov. 30, 2015 ARS ($) Installment	Jun. 30, 2005	Dec. 31, 2014 BRL (R$) Proceeding Payment	Dec. 31, 2013 USD ($) Proceeding Director	Dec. 31, 2012 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 ARS ($)	Jun. 29, 2017 USD ($)	Jun. 29, 2017 BRL (R$)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 BRL (R$)	Dec. 31, 2016 ARS ($)	Dec. 29, 2015 USD ($)	Dec. 29, 2015 BRL (R$)	Aug. 31, 2011 USD ($)	Aug. 31, 2011 ARS ($)
Schedule Of Contingencies [Line Items]
Payments for extraordinary regime of regularization of tax obligations	$ 10.5
Number of monthly consecutive installments for payments of extraordinary regime | Installment	60
Insurance policy to guarantee injunction for compensation for environmental damages																		$ 5.2	$ 97.4
Legal action to suspend payment of annual granting fees													$ 75.0	R$ 245,700
Court deposit by defendant included in guarantee deposit													76.0	R$ 246,800
Number of payments made identified | Payment					3
Amount of identified three total payments | R$					R$ 858
AA2000
Schedule Of Contingencies [Line Items]
Number of tax assessments proceedings inititated | Proceeding					3	3
Number of tax assessments proceedings inititated with respect to income tax deductions from services rendered by third parties | Proceeding					2	2
Legal proceedings, claim payments		$ 1.0	$ 18.4
Number of monthly consecutive installments for claim payments | Installment		36	36
Legal proceedings outstanding included in other taxes payable									$ 0.4	$ 6.6
Other taxes payable													$ 0.8		$ 12.7
Criminal proceeding against former director
Schedule Of Contingencies [Line Items]
Legal proceedings, number of defendant former director | Director						2
Administrative Proceeding For Economic Reequilibrium Of Infram rica Concession ria do Aeroporto de Brasilias Concession Agreement
Schedule Of Contingencies [Line Items]
Legal proceedings, claim amount																$ 253.1	R$ 758,000
Legal proceedings, claim amount denied by Brazilian ANAC																120.2	454,100
Administrative Proceeding For Economic Reequilibrium Of ICABs Concession Agreement
Schedule Of Contingencies [Line Items]
Legal proceedings, claim amount											$ 240.0	R$ 737,000
Administrative Proceeding For Economic Reequilibrium Of Inframerica Concession ria do Aeroporto de So Gonalo do Amarantes Concession Agreement
Schedule Of Contingencies [Line Items]
Legal proceedings, claim amount																263.1	1,000,000
Legal proceedings, claim amount denied by Brazilian ANAC																$ 251.7	R$ 956,800
TAGSA legal proceedings
Schedule Of Contingencies [Line Items]
Period for administration and operation of duty free areas				20 years
Percentage of exemption from income tax for duty-free areas entitled to tax benefits				100.00%
Income tax charges including interests and penalties								$ 1.9
Income tax charges excluding interests and penalties						$ 2.5	$ 1.4

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Contingencies, commitments and restrictions on the distribution of profits (Detail Textuals 1) $ in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2001	Feb. 28, 1998 Airport	Dec. 31, 2017 USD ($) Airport		Dec. 31, 2017 ARS ($) Airport
Schedule Of Commitment [Line Items]
Number of airports | Airport			52		52
ARGENTINA | AA2000
Schedule Of Commitment [Line Items]
Number of airports | Airport		33	35	[1]	35	[1]
Initial term of concession agreement	20 years	30 years
Initial term of concession agreement extended	26 years
Concesssion agreement extension period		10 years	10 years		10 years
Percentage of entity's revenue			15.00%		15.00%
Percentage of previously deducted funds for deposit			30.00%		30.00%
Investment commitments | $					$ 2,158.0
Investments made under investment plan | $					$ 1,876.9
Percentage of investment planned as value of guarantee			50.00%		50.00%
Surety bond, value			$ 78.6		$ 1,465.0
Amount of concession contract fulfilment to whom guarantee sets up			$ 22.0		$ 410.5
ARGENTINA | AA2000 | Fund to trust for development of argentine national airport system
Schedule Of Commitment [Line Items]
Percentage of previously deducted funds for deposit			11.25%		11.25%
ARGENTINA | AA2000 | Fund to study control and regulate argentine concession
Schedule Of Commitment [Line Items]
Percentage of previously deducted funds for deposit			1.25%		1.25%
ARGENTINA | AA2000 | Fund to trust for investment commitments for group a airports
Schedule Of Commitment [Line Items]
Percentage of previously deducted funds for deposit			2.50%		2.50%

[1] Includes Termas de Rio Hondo Airport, which is operated by AA2000 but is pending government approval to be included in the AA2000 concession.

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Contingencies, commitments and restrictions on the distribution of profits (Detail Textuals 2) $ / shares in Units, $ in Thousands, $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2001	Feb. 28, 1998	Dec. 31, 2017 USD ($) kilograms $ / Fees	Dec. 31, 2017 ARS ($) shares	Dec. 31, 2016 shares	Dec. 31, 2006 $ / shares shares
Schedule Of Commitment [Line Items]
Number of shares outstanding | shares				1,500,000,000
ARGENTINA | AA2000
Schedule Of Commitment [Line Items]
Minimum amount for civil liability insurance policy provision				$ 300
Clivil liability insurance premium paid			$ 500,000
Number of preferred shares convertible into common shares | shares						496,161,413
Nominal value of each convertible preferred share | $ / shares						$ 1
Percentage per year of total amount of initial preferred shares issued for maximum amount of conversion						12.50%
Percentage of nominal value of preferred shares as accrued annual dividend						2.00%
Initial term of concession agreement	20 years	30 years
Concesssion agreement extension period		10 years	10 years
ARGENTINA | AA2000 | Preference shares
Schedule Of Commitment [Line Items]
Number of shares outstanding | shares				616,914,353	604,817,993
ARGENTINA | NQN
Schedule Of Commitment [Line Items]
Concesssion agreement extension period			5 years
URUGUAY | Puerta del Sur
Schedule Of Commitment [Line Items]
Initial term of concession agreement			20 years
Concesssion agreement extension period			10 years
Annual fee required to pay government higher of stated amount as per first condition			$ 4,401
Annual fee required to pay government, number of work units required, as per second condition | kilograms			100
Annual fee required to pay government, per unit value required, as per second condition | $ / Fees			0.00405
Guarantee securing completion of construction work of new terminal			$ 2,300
Performance guarantee			$ 6,000
Period for performance guarantee returned after expiration of concession agreement			6 months
Minimum coverage amount			$ 250,000

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Contingencies, commitments and restrictions on the distribution of profits (Detail Textuals 3) - ECUADOR $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
TAGSA
Schedule Of Commitment [Line Items]
Percentage of gross revenues from tariffs and charges as annual concession required to pay to trust	50.25%
Fixed amount required to pay per year for administrative services	$ 1,500
Performance guarantee	$ 3,000
Percentage of amount required to be paid to maintain performance bond	20.00%
Performance bond	$ 5,000
ECOGAL
Schedule Of Commitment [Line Items]
Performance bond	$ 700,000

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Contingencies, commitments and restrictions on the distribution of profits (Detail Textuals 4) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) phases
Schedule Of Commitment [Line Items]
Percentage of amount of work execution program guaranteed in performance bond	10.00%
Period after construction stage for which performance guarantee to be fulfilled	3 months
Percentage of amount of annual investment plan guaranteed in performance bond for remaining period	20.00%
Renewal period after completion of execution of work	12 months
PERU | AAP
Schedule Of Commitment [Line Items]
Performance bond	$ 4.5
Period after Termination upto which renewal is allowed	2 years
AM | AIA
Schedule Of Commitment [Line Items]
Concesssion agreement, extension period	5 years
Number of phases of construction of new terminal | phases	3
Number of completed phases | phases	2
Exercise period for refusal of perfomance	30 days
Period during which master plan to be submitted to government	5 years
Extended period covered in the updated master plan	30 years
AM | AIA | 1 year or less
Schedule Of Commitment [Line Items]
Investment commitments	$ 8.0
AM | AIA | 1 to 5 years
Schedule Of Commitment [Line Items]
Investment commitments	75.0
AM | AIA | More than 5 years
Schedule Of Commitment [Line Items]
Investment commitments	$ 11.0

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Contingencies, commitments and restrictions on the distribution of profits (Detail Textuals 5)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Natal Concession Agreement
Schedule Of Commitment [Line Items]
Initial term of concession agreement	25 years
Concesssion agreement extension period	5 years
Brasilia Concession Agreement
Schedule Of Commitment [Line Items]
Initial term of concession agreement		28 years
Concesssion agreement extension period		5 years
Period after termination of concession agreement for performance bond		24 months

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Contingencies, commitments and restrictions on the distribution of profits (Detail Textuals 6) - ITALY - TA Concession Agreement € in Millions	12 Months Ended
	Dec. 31, 2017 EUR (€) Passenger kilograms	Dec. 31, 2016 EUR (€)
Schedule Of Commitment [Line Items]
Concesssion Agreement Extension Period	40 years
Number of passenger considered for each unit | Passenger	1
Volume of goods considered for each unit | kilograms	100
Surety provided to third parties | €	€ 6.3	€ 7.0
Period of conventions signed	40 years
Minimum percentage of net income to be allocated to legal Rreserve		5.00%
Legal reserve to be created as percentage of share capital		10.00%

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Business combinations, other acquisitions and investments (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Non-current assets
Intangible assets, net	$ 1,340,634
Property, plant and equipment, net	1,752
Deferred tax assets	43,265
Other receivables	26,242
Total non-current assets	1,411,893
Current assets [abstract]
Other financial assets	17,085
Other receivables	13,320
Trade receivables	13,851
Cash and cash equivalents	15,518
Total current assets	59,774
Total assets	1,471,667
Net identifiable assets acquired	56,906
Non-controlling interest	132,202
Non-current liabilities
Borrowings	316,451
Other liabilities	842,526
Total non-current liabilities	1,158,977
Current liabilities
Borrowings	16,525
Other liabilities	79,755
Trade payables	27,302
Total current liabilities	123,582
Total liabilities	1,282,559
Total equity and liabilities	$ 1,471,667

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Business combinations, other acquisitions and investments (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2015
Disclosure of detailed information about business combination [line items]
Total purchase price		$ 55,000
Fair value of net assets acquired		189,000
Fair value of concession assets acquired		1,340,634
Goodwill recognized at acquisition		$ 51,000
Infram rica Concessionaria do Aeroporto do Brasilia S.A. ("ICAB")
Disclosure of detailed information about business combination [line items]
Aquired owmership interest percentage			51.00%
Aci Airports International S.a R.L. | Inframerica Participacoes S.A.
Disclosure of detailed information about business combination [line items]
Aquired owmership interest percentage			43.05%
Aci Airports International S.a R.L. | Icasga
Disclosure of detailed information about business combination [line items]
Aquired owmership interest percentage			49.95%
Percentage of voting rights	99.96%
Aci Airports International S.a R.L. | Infram rica Concessionaria do Aeroporto do Brasilia S.A. ("ICAB")
Disclosure of detailed information about business combination [line items]
Aquired owmership interest percentage	50.98%

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Business combinations, other acquisitions and investments (Detail Textuals 1) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)
Disclosure of detailed information about business combination [abstract]
Consolidated pro-forma revenue	$ 1,299,000
Consolidated pro-forma profit and loss	18,000
Interest in both acquired entities re-measured at fair value at acquisition date	$ 11,504

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Related party balances and transactions (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of transactions between related parties [line items]
Total Arising from sales / purchases of goods / other		$ 14,414	$ 9,653	$ 41,446
Financial debt
Total financial debt		(34,651)	(22,220)	(618)
Other liabilities
Total Other liabilities		(34,948)	(31,969)	(29,764)
Associates
Disclosure of transactions between related parties [line items]
Trade Receivables		0	229	0
Other Receivables		5,555	0	3,827
Other Financial Assets		0	7,769	11,530
Other related parties
Disclosure of transactions between related parties [line items]
Trade Receivables		1,130	1,255	5,423
Other Receivables		9,775	9,025	14,060
Other Financial Assets		3,621	0	11,818
Trade Payables		(5,667)	(8,625)	(5,212)
Financial debt
Borrowings owed to other related parties	[1]	(34,651)	(22,220)	(618)
Other liabilities
Other liabilities - other related parties		$ (34,948)	$ (31,969)	$ (29,764)

[1] Loans with related parties are secured by cash collateral by a company controlled by the Group of the Shareholder and were paid on February 8, 2018, see Note 31 "Indebtedness".

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Related party balances and transactions (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related party transactions [abstract]
Cash contribution and contributions in kind	$ 6,600	$ 1,577,321	$ 329,101
Refund of shareholder contributions	(28,893)	0	0
Commercial revenue	6,790	4,067	5,967
Fees	886	473	(1,818)
Interest accruals	(3,159)	(824)	2,468
Acquisition of goods and services	(13,950)	(10,270)	(8,171)
Others	$ (900)	$ 200	$ 0

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Related party balances and transactions (Detail Textuals)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Key management personnel of entity or parent
Disclosure of transactions between related parties [line items]
Percentage of director remuneration	2.60%	3.40%	2.60%

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Cash flow disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Cash Flow Statement [Abstract]
Other receivables and credits	$ (78,303)	$ (97,038)	$ (64,221)
Inventories	(909)	987	4,385
Other liabilities	(171,741)	(57,779)	(111,250)
Changes in working capital	$ (250,953)	$ (153,830)	$ (171,086)

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Cash flow disclosures (Details 1) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Cash Flow Statement [Abstract]
Intangible assets acquisition with an increase in Borrowings/Other liabilities		$ (1,591)	$ (3,260)	$ 0
Dividends not paid		(2,007)	0	0
Property, plant and equipment acquisitions with an increase in Other liabilities		(9)	0	0
Borrowings cost capitalization		(9,301)	0	0
Contribution in kind in associates		(17,950)	0	0
Decrease in Intangible with an decrease in Other liabilities (Note 22)		(84,075)	0	0
Assignment of credits		(4,744)	0	0
Payment of Commitments to the grantor with a decrease in Other receivables and credits		64,284	0	0
Contributions in kind	[1]	0	1,556,827	320,798
Dividends distribution	[1]	0	(49,960)	(298,764)
Refund of contributions	[1]	0	0	(497,660)
Loans repayment - assignment of credits	[2]	0	0	(74,477)
Spin-off of assets and liabilities	[3]	0	0	(62,539)
Disposals of subsidiaries/associates	[4]	$ 0	$ 0	$ 322,960

[1] See note 24.

[2] This corresponds to a settlement of a loan by assignment of credits to the borrowers.

[3] This corresponds to assets and liabilities transferred outside the Group through spin-off of equity.

[4] This includes other receivables from disposals of discontinued operations (see note 28) and other receivables from disposals of associates which was contributed in the year 2016 in the free distributable reserve of the Company (see note 24).

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Cash flow disclosures (Details 2) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Values at the beginning of the year	$ 1,107,241
Cash flows	237,210
Foreign exchange adjustments	20,439
Other non-cash movements	121,555
Balances as of December 31, 2017	1,486,445
Bank and financial borrowings
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Values at the beginning of the year	604,102
Cash flows	99,725
Foreign exchange adjustments	6,117
Other non-cash movements	55,386
Balances as of December 31, 2017	765,330
Notes
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Values at the beginning of the year	475,639
Cash flows	129,491
Foreign exchange adjustments	14,686
Other non-cash movements	62,599
Balances as of December 31, 2017	682,415
Loans with related parties
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Values at the beginning of the year	22,220
Cash flows	10,525
Foreign exchange adjustments	(82)
Other non-cash movements	1,988
Balances as of December 31, 2017	34,651
Others
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Values at the beginning of the year	5,280
Cash flows	(2,531)
Foreign exchange adjustments	(282)
Other non-cash movements	1,582
Balances as of December 31, 2017	$ 4,049

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Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Discontinued Operations [Line Items]
Revenue	$ 1,575,153	$ 1,366,336	$ 1,187,090
Cost of services	1,029,983	859,074	759,155
Gross profit	545,170	507,262	427,935
Selling, general and administrative expenses	194,201	170,852	167,219
(Loss)/ income on disposal of discontinued operations		(9,478)	108,987
Other operating expenses	4,838	4,903	2,667
Operating (loss)/ income	369,149	331,813	273,622
Financial result, net	(239,492)	(235,430)	(153,032)
Share of income or loss in associates	(15,841)	(1,306)	(69,317)
(Loss)/ income before income tax	113,816	95,077	51,273
Income tax	(46,925)	(56,359)	(44,969)
(Loss) / Income from discontinued operations		(9,478)	108,987
Currency translation adjustment	(25,585)	(48,563)	(166,597)
Total comprehensive income /(loss) for the year	41,756	(15,397)	(95,248)
Discontinued operations
Disclosure Of Discontinued Operations [Line Items]
Revenue	0	5	261,686
Cost of services	0	(92)	(203,230)
Gross profit	0	(87)	58,456
Selling, general and administrative expenses	0	(796)	(7,314)
(Loss)/ income on disposal of discontinued operations	0	(8,916)	92,167
Other operating expenses	0	(228)	(5,591)
Operating (loss)/ income	0	(10,027)	137,718
Financial result, net	0	548	(19,809)
(Loss)/ income before equity in earnings of associates and income tax	0	(9,479)	117,909
Share of income or loss in associates	0	62	(10,806)
(Loss)/ income before income tax	0	(9,417)	107,103
Income tax	0	(61)	1,884
(Loss) / Income from discontinued operations	0	(9,478)	108,987
Currency translation adjustment	0	4,277	(4,277)
Total comprehensive income /(loss) for the year	$ 0	$ (5,201)	$ 104,710

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Discontinued Operations (Details 1) - Discontinued operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Discontinued Operations [Line Items]
(Decrease)/ Increase in cash	$ 0	$ (7,655)	$ 15,227
Used in operating activities	0	(8,155)	(41,969)
Provided by/(used in) investing activities	0	500	(139,531)
Provided by financing activities	$ 0	$ 0	$ 196,727

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Discontinued Operations (Details 2) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Discontinued Operations [Line Items]
Non-current assets	$ 3,221,736	$ 3,120,151	$ 2,876,905
Current assets	579,478	507,125	394,722
Total assets	3,801,214	3,627,276	3,271,627
Non-current liabilities	2,272,050	2,161,176	1,955,490
Current liabilities	732,022	662,776	482,036
Total liabilities	3,004,072	2,823,952	2,437,526
Total attributable to owners of the parent	461,783	449,150	462,759
Non-controlling interests	335,359	354,174	371,342
Total equity and liabilities	3,801,214	3,627,276	3,271,627
Discontinued operations
Disclosure Of Discontinued Operations [Line Items]
Non-current assets	0	13,721	460,499
Current assets	0	38,997	228,663
Total assets	0	52,718	689,162
Non-current liabilities	0	6,552	279,662
Current liabilities	0	30,551	157,315
Total liabilities	0	37,103	436,977
Total attributable to owners of the parent	0	15,304	185,529
Non-controlling interests	0	311	66,656
Total equity and liabilities	$ 0	$ 52,718	$ 689,162

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Discontinued Operations (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Discontinued Operations [Line Items]
(Loss)/Income from discontinued operations		$ (9,478)	$ 108,987
Net cash inflow on disposal of discontinued operations (Note 29)		10,381	34,033
Net cash used in discontinued investing activities		(8,093)	(183,561)
Discontinued operations
Disclosure Of Discontinued Operations [Line Items]
Net identifiable assets disposed	$ 0	15,304	156,716
Spin-off of net assets	0	0	28,813
Transfer from shareholders equity currency translation differences	0	3,993	58,150
(Loss)/Income from discontinued operations	0	(8,916)	92,167
Other receivables from disposals	0	0	273,000
Net cash inflow on disposal of discontinued operations (Note 29)	0	10,381	34,033
Less: Cash and cash equivalents in subsidiaries disposed	0	(8,593)	(44,030)
Net cash provided by/(used in) investing activities	0	500	(139,531)
Net cash used in discontinued investing activities	$ 0	$ (8,093)	$ (183,561)

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Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Basic earnings per share [abstract]
Income/ (loss) attributable to equity holders of the Group	$ 63,491	$ 43,236	$ (11,039)
Weighted average number of ordinary shares (thousands) (in shares)	148,118	148,118	148,118
Basic income/(loss) per share of continuing operations	$ 0.43	$ 0.29	$ (0.07)
(Loss)/ income of discontinued operations attributable to equity holders of the Group	$ 0	$ (9,477)	$ 116,529
Weighted average number of shares (thousands)	148,118	148,118	148,118
Basic (loss)/ income per share of discontinued operations	$ 0	$ (0.06)	$ 0.79
Income attributable to equity holders of the Group	$ 63,491	$ 33,759	$ 105,490
Weighted average number of shares (thousands)	148,118	148,118	148,118
Basic income per share of continuing and discontinued operations	$ 0.43	$ 0.23	$ 0.71

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Earnings per share (Detail Textuals) - $ / shares	1 Months Ended
	Jan. 19, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings per share [line items]
Number of shares outstanding		1,500,000,000
Nominal value of each common share		$ 1	$ 1	$ 1
Initial Public Offering
Earnings per share [line items]
Number of shares outstanding	148,117,500
Reverse stock split ratio	1-to-10.12709504
Nominal value of each common share	$ 1

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Subsequent events (Detail Textuals) € in Millions, R$ in Millions	Mar. 14, 2018 USD ($)	Mar. 14, 2018 BRL (R$)	Mar. 08, 2018 USD ($)	Feb. 08, 2018 USD ($)	Feb. 07, 2018 USD ($)	Jan. 08, 2018 USD ($)	Mar. 14, 2018 BRL (R$)	Jan. 08, 2018 EUR (€)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jan. 01, 2015 USD ($)
Disclosure of non-adjusting events after reporting period [line items]
Aggregate principal amount of notes issued									$ 1,486,445,000	$ 1,107,241,000	$ 1,087,566,000	$ 765,184,000
Indebtedness | Banco Santander Bridge and Citibank
Disclosure of non-adjusting events after reporting period [line items]
Repaid outstanding amount of Debt	$ 106,600,000	R$ 348
Guarantee deposit released	92,900,000
Indebtedness | Secured notes due 2024 (the "Italian Notes") | DICASA Spain S.A.
Disclosure of non-adjusting events after reporting period [line items]
Notes pledged by percentage of share capital						100.00%
Indebtedness | Secured notes due 2024 (the "Italian Notes") | CAI S.A.
Disclosure of non-adjusting events after reporting period [line items]
Aggregate principal amount of notes issued						$ 71,800,000		€ 60
Percentage of interest rate on secured notes						4.556%		4.556%
Maturity date of Notes						December 31, 2024
Notes pledged by percentage of share capital						100.00%
Indebtedness | Secured Notes 6.250 Percent Due 2019 | CAI S.A.
Disclosure of non-adjusting events after reporting period [line items]
Percentage of interest rate on secured notes						6.25%		6.25%
Indebtedness | Goldman Sachs
Disclosure of non-adjusting events after reporting period [line items]
Repaid outstanding amount of Debt					$ 126,690,800
Indebtedness | Converse Bank
Disclosure of non-adjusting events after reporting period [line items]
Repaid outstanding amount of Debt				$ 126,690,800
Indebtedness | Orotun S A And Julius Baer Co Ltd
Disclosure of non-adjusting events after reporting period [line items]
Repaid outstanding amount of Debt			$ 126,690,800
Indebtedness | Inframerica Concessionaria do Aeroporto de Brasilia | Credit Facility Agreement With BNDES
Disclosure of non-adjusting events after reporting period [line items]
Aggregate principal amount of notes issued	$ 91,900,000						R$ 300
Percentage of interest due allowed for capitalization	50.00%	50.00%
Interest Capitalization period for interest due	2 years	2 years

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Subsequent events (Detail Textuals 1) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Jan. 19, 2018	Feb. 02, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of non-adjusting events after reporting period [line items]
Number of shares outstanding			1,500,000,000
Par value per share			$ 1	$ 1	$ 1
Share capital increased			$ 1,500,000	$ 20	$ 20
Initial Public Offering
Disclosure of non-adjusting events after reporting period [line items]
Stock Split Conversion Ratio	1-to-10.12709504
Number of shares outstanding	148,117,500
Par value per share	$ 1
Common shares offering under Initial Public Offering		11,904,762
Number of common shares fully subscribed		16,666,667
Share capital increased		$ 160,022,262
Initial public offering price per common share		$ 17

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Subsequent events (Detail Textuals 2) € / shares in Units, R$ in Millions, $ in Millions			1 Months Ended
	Mar. 14, 2018 USD ($)	Mar. 14, 2018 BRL (R$)	Feb. 21, 2018 USD ($)	Feb. 21, 2018 BRL (R$)	Feb. 19, 2018 EUR (€) € / shares	Dec. 31, 2017 USD ($)
Disclosure of non-adjusting events after reporting period [line items]
Total purchase price | $						$ 55.0
Additional Acquisitions And Contributions In Subsidiaries | CAI | Toscana Aeroporti S.p.A
Disclosure of non-adjusting events after reporting period [line items]
Percentage of additional share capital purchased					4.568%
Purchase price per share | € / shares					€ 15.8
Total purchase price | €					€ 13,433
Percentage of share capital owned post acquisition					55.698%
Additional Acquisitions And Contributions In Subsidiaries | Inframerica Participacoes
Disclosure of non-adjusting events after reporting period [line items]
Cash contribution approved	$ 82.9	R$ 270.0	$ 46.0	R$ 148.3