EX-99.2 3 tm2323554d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

Separate Condensed Interim Financial Statements

At June 30, 2023 presented in comparative format

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format

Index

Glossary
Separate Condensed Interim Financial Statements	1
Separate Statements of Comprehensive Income	2
Separate Statements of Financial Position	3
Separate Statements of Changes in Equity	4
Separate Statements of Cash Flows	5
Notes to the Condensed Individual Interim Financial Statements	6
Review Report of the Separate Condensed Interim Financial Statements
Report of the Supervisory Committee

Glossary

Term	Definition
$	Argentine peso
U$S	US dollar
EUR	Euro
AA2000 The company	Aeropuertos Argentina 2000 S.A.
AFIP	Acronym in Spanish for Federal Administration of Public Revenues
BCRA	Acronym in Spanish for Central Bank of Argentine Republic
BNA	Acronym in Spanish for Bank of Argentine Nation
OG	Official Gazette
CAAP	Corporación América Airports S.A.
IFRIC	Committee on Interpretations of International Financial Reporting Standards
CNV	Acronym in Spanish for National Securities Commission
CPCECABA	Acronym in Spanish for Professional Council of Economic Sciences of the Autonomous City of Buenos Aires
FACPCE	Acronym in Spanish for Argentine Federation of Professional Councils of Economic Sciences
IASB	International Accounting Standards Board
IATA	International Air Transport Association
PAIS Tax	Acronym in Spanish for Tax for an Inclusive and Solidary Argentina
INDEC	Acronym in Spanish for National Institute of Statistics and Censuses
CPI	Consumer Price Index (General Level)
MULC	Acronym in Spanish for Single and Free Exchange Market
IAS	International Accounting Standards
IFRS	International Financial Reporting Standards
NO	Negotiable Obligations
ORSNA	Acronym in Spanish for Regulatory Body of the National Airport System
PEN	Acronym in Spanish for National Executive Power
PP&E	Property , Plant & Equipment
RECPAM	Acronym in Spanish for Result from exposure to changes in the purchasing power of the currency
SNA	Acronym in Spanish for National Airport System
N.A.R	Nominal annual interest rate
OT	Ordered Text

Registration number with the Superintendency of Corporations: 1645890

Honduras 5663 - Ciudad Autónoma de Buenos Aires

Principal activity of the Company: Exploitation, administration and operation of airports.

Separate Condensed Interim Financial Statements

For the six-month period of the

Fiscal Year N° 26 commenced January 1, 2023

Date of registration with the Public Registry of Commerce:

Of the By-laws: February 18, 1998

Of the last modification of the By-laws: January 03, 2023

Expiration date of the company: February 17, 2053

Controlling Company:

Corporate name: Corporación América S.A.

Legal Address: Honduras 5673 – Autonomous City of Buenos Aires

Principal activity: Investments and financing

Participation of the Parent Company in common stock and total votes: 45.90%

Composition of capital (Note 14):

Issued Common Shares of N/V $1 and 1 vote each:
	Subscribed		Paid-in

	$
79,105,489 Class "A" Shares		79,105,489		79,105,489
79,105,489 Class "B" Shares		79,105,489		79,105,489
61,526,492 Class "C" Shares		61,526,492		61,526,492
38,779,829 Class "D" Shares		38,779,829		38,779,829
		258,517,299		258,517,299

Separate Statement of Comprehensive Income

Corresponding to the periods of three and six months ended on June 30, 2023 and 2022

			Three months at						Six months at
			06.30.2023			06.30.2022			06.30.2023			06.30.2022

	Note		Millions of $
Continuous Operations
Sales income		3		49,605			42,508			100,071			80,906
Construction income				11,461			6,734			18,992			9,935
Cost of service		4.1		(29,181	)		(27,363	)		(58,102	)		(51,599	)
Construction costs				(11,449	)		(6,720	)		(18,973	)		(9,910	)
Income for gross profit for the period				20,436			15,159			41,988			29,332
Distribution and selling expenses		4.2		(2,905	)		(214	)		(5,837	)		(2,405	)
Administrative expenses		4.3		(2,109	)		(1,898	)		(4,070	)		(3,213	)
Other income and expenses, net		5.1		1,114			1,004			2,240			1,857
Operating profit for the period				16,536			14,051			34,321			25,571
Finance Income		5.2		1,015			4,429			1,541			4,994
Finance Costs		5.3		2,092			2,434			3,365			4,204
Result from exposure to changes in the purchasing power of the currency				(2,635	)		1,089			(3,532	)		4,623
Result of investments accounted for by the equity method				(47	)		12			(65	)		26
Income before income tax				16,961			22,015			35,630			39,418
Income tax		5.4		1,555			5,343			(7,357	)		4,489
Income for the period for continuous operations				18,516			27,358			28,273			43,907
Net Income for the period				18,516			27,358			28,273			43,907
Other comprehensive income				-			-			-			-
Comprehensive Income for the period				18,516			27,358			28,273			43,907

Income per share basic and diluted attributable to shareholders of the Company during the period (shown in $ per share) from continuous operations				71.6238			105.8266			109.3672			169.8416

The accompanying notes are an integral part of these Condensed Individual Interim Financial Statements and should be read together with the Individual Accounting Statements audited for the year ended at December 31, 2022.

Separate Statements of Financial Position

At June 30, 2023 and December 31, 2022

			06.30.2023		12.31.2022

	Note		Millions of $
Assets
Non- Current Assets
Investments accounted for by the equity method		6		578		643
Intangible Assets		7		423,236		415,223
Rights of use				308		770
Other receivables				12,064		14,810
Total Non-Current Assets				436,186		431,446
Current Assets
Other receivables		9.1		1,777		3,059
Trade receivables, net		9.2		14,354		14,326
Investments		9.3		4,380		1
Cash and cash equivalents		9.4		39,033		38,728
Total Current Assets				59,544		56,114
Total Assets				495,730		487,560
Shareholders’ Equity and Liabilities
Equity attributable to majority shareholders
Common shares				259		259
Share Premium				137		137
Capital adjustment				30,719		30,719
Legal and facultative reserve				181,812		153,606
Retained earnings				28,273		28,137
Subtotal				241,200		212,858
Liabilities
Non-Current Liabilities
Provisions and other charges		11		2,766		3,135
Financial debts		8		162,396		175,894
Deferred income tax liabilities				42,821		35,464
Lease liabilities				-		-
Accounts payable and others		9.5		321		359
Total Non- Current Liabilities				208,304		214,852
Current Liabilities
Provisions and other charges		11		6,065		9,280
Financial debts		8		16,247		18,454
Lease liabilities				230		595
Accounts payable and others		9.5		19,715		24,078
Fee payable to the Argentine National Government		10		3,969		7,443
Total Current Liabilities				46,226		59,850
Total Liabilities				254,530		274,702
Total Shareholder’s Equity and Liabilities				495,730		487,560

The accompanying notes are an integral part of these Condensed Separate Interim Financial Statements and should be read together with the annual Individual Accounting Statements audited for the year ended at December 31, 2022.

Separate Statements of Changes in Equity

At June 30, 2023 and 2022

	Attributable to majority shareholders
	Common Shares		Preferred Shares			Share Premium		Adjustment of capital			Legal Reserve		Facultative Reserve			Other Reserves		Retained Earnings			Total

	Millions of $
Balance at 01.01.23		259		-			137		30,719			5,243		147,591			772		28,137			212,858
Resolution of the Meeting of April 26, 2023 (Note 16) - Constitution of reserves		-		-			-		-			938		27,199			-		(28,137	)		-
Compensation plan		-		-			-		-			-		-			69		-			69
Net Income for the period		-		-			-		-			-		-			-		28,273			28,273
Balance at 06.30.2023		259		-			137		30,719			6,181		174,790			841		28,273			241,200

Balance at 01.01.22		259		911			137		76,972			5,238		149,515			741		(33,845	)		199,928
Resolutions of the Shareholder’s meeting of March 10,2022 – Redemption of Preferred Shares (Note 15)		-		(911	)		-		(46,281	)		-		(2,057	)		-		-			(49,249	)
Compensation plan		-		-			-		-			-		-			8		-			8
Net Income for the period		-		-			-		-			-		-			-		43,907			43,907
Balance at 06.30.2022		259		-			137		30,691			5,238		147,458			749		10,062			194,594

Separate Statements of Cash Flow

For the six-month periods ended at June 30, 2023 and 2022

			06.30.2023			06.30.2022

	Note		Millions of $
Cash Flows from operating activities
Net income for the period				28,273			43,907
Adjustment for:
Income tax				7,357			(4,489	)
Amortization of intangible assets		5/7		10,979			11,600
Depreciation right of use		5		462			461
Bad debts provision		5		406			(2,306	)
Specific allocation of accrued and unpaid income				2,461			2,203
Income of investments accounted for by the equity method		6		65			(26	)
Compensation plan				69			8
Accrued and unpaid financial debts interest costs		8		5,891			8,655
Accrued deferred revenues and additional consideration		11		(1,496	)		(1,348	)
Accrued and unpaid Exchange differences				(7,548	)		(11,428	)
Litigations provision		11		138			125
Inflation Adjustment				(6,277	)		(17,239	)
Changes in operating assets and liabilities:
Changes in trade receivables				(5,371	)		(9,486	)
Changes in other receivables				(860	)		(1,281	)
Changes in commercial accounts payable and others				4,022			295
Changes in provisions and other charges				(4,050	)		182
Changes in specific allocation of income to be paid to the Argentine National State				(3,853	)		(2,474	)
Increase of intangible assets				(18,992	)		(9,935	)
Net cash Flow generated by operating activities				11,676			7,424
Cash Flow for investing activities
Acquisition of investments				(4,327	)		(27,199	)
Collection of investments				1			15,485
Net Cash Flow (applied to) investing activities				(4,326	)		(11,714	)
Cash Flow from financing activities
New Financial debts		8		1,984			60,779
Payment of leases				(350	)		(401	)
Financial debts paid- principal		8		(7,215	)		(25,667	)
Financial debts paid- interests		8		(6,831	)		(9,268	)
Payment of debt to the National State		11		-			(26,782	)
Net Cash Flow (applied to) financing activities				(12,412	)		(1,339	)
Net decrease in cash and cash equivalents				(5,062	)		(5,629	)
Changes in cash and cash equivalents
Cash and cash equivalents at the beginning of the period				38,728			48,327
Net decrease in cash and cash equivalents				(5,062	)		(5,629	)
Inflation adjustment generated by cash and cash equivalents				7,463			4,974
Foreign Exchange differences by cash and cash equivalents				(2,096	)		(4,323	)
Cash and cash equivalents at the end of the period				39,033			43,349
The main transactions that did not imply movement of funds are detailed below:
Redemption of preferred shares				-			21,063

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 1 – COMPANY ACTIVITIES

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

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

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

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

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

In September 2021, based on the detrimental effects that the COVID-19 pandemic had on air traffic, the ORSNA approved the postponement to December 2022 of the following commitments:

(i)

programming of funds for works and rescue of preferred shares $ 406.5 million and

(ii)

regularization of the specific allocation of income owed for 2020.

To date, the Company has complied with these commitments. Likewise, the ORSNA deferred to June 2023 the necessary adjustment to balance the financial projection of income and expenses.

On July 28, 2023, ORSNA notified the issuance of Resolution RESFC-2023-56-APN-ORSNA#MTR by which it decided to approve the conditions and conclusions established in the Report prepared by the ECONOMIC AND FINANCIAL REGULATION MANAGEMENT referred to the Review of the Financial Projection of Income and Expenses (PFIE) of the Concession of Group "A" of the SNA corresponding to the period 2019-2023, which provides that its conclusion will be carried out at the time of verifying the recovery of international passenger traffic to values similar to 2019.

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 1 – COMPANY ACTIVITIES (Contd.)

The Company is analyzing the administrative file in order to establish the course of action to follow.

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

The current note to the Condensed Interim Financial Statements does not reflect all the information requested in the annual financial statements, as there are no significate differences. It should be read together with the Individual annual Accounting Statements audited for the year ended at December 31, 2022.

NOTE 2 – ACCOUNTING POLICIES

These Condensed Consolidated Interim Financial Statements of the Company are presented in millions of Argentine pesos, except data on shares or when otherwise indicated. All amounts are rounded to millions of Argentine pesos unless otherwise indicated. As such, non-significant rounding differences may occur. A dash (“-”) indicates that no data was reported for a specific line item in the relevant fiscal year or financial period, or when the relevant data figure, after rounding, amounts to zero. They were approved for issuance by the Company's Board of Directors on August 9, 2023.

The CNV through Technical Resolutions N° 562/09 and 576/10 has established the application of Technical Resolutions N° 29 and 43 of the FACPCE which adopts the application of IFRS issued by the IASB , for those entities under the public offering regime Law N° 17.811, whether due to capital stock or corporate bonds or because they have requested authorization to list for trading on stock exchanges.

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

These Condensed Interim Financial Statements of AA2000 for the six-month period ended June 30, 2023 are presented based on the application of the guidelines established in IASB No. 34 “Intermediate Financial Information”. Therefore, they must be read together with the company's consolidated condensed Interim Financial Statements at June 30, 2022 (the “Condensed Consolidated Interim Financial Statements”) and the annual individual and consolidated financial statements as of December 31, 2021 (the “Annual Individual Financial Statements” and the “Annual Consolidated Financial Statements”) prepared in accordance with IFRS, as issued by the IASB and IFRIC Interpretations. (IFRIC for its acronym in English).

1) Comparative Information

The information included in these financial statements has been extracted from the Condensed Individual Interim Financial Statements of AA2000 as of June 30, 2022 and the annual Individual Financial Statements as of December 31, 2022, approved in a timely manner by the Board of Directors and by the Company's Shareholders, and restated to the closing currency of June 30, 2023, depending on the application of IFRIC 29 (see Note 3.7). The Statement of Cash Flows for the period ended June 30, 2022 included cash payments for the redemption of preferred shares (see note 15), which were classified as operating activities instead of financing activities. Therefore, the comparative Statement of Cash Flows for the six-month period ended June 30, 2022 was modified to reflect this change, increasing operating activities and decreasing financing activities for $26,782 within the line of debt payment to the Argentine National Government. Based on the material analysis of quantitative and qualitative factors, it was concluded that this situation does not have a significant effect, individually or jointly, on the financial statements of the prior period.

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 2 – ACCOUNTING POLICIES (Contd.)

2) Controlled Companies

Controlled Companies are all the entities where the Company has the power to control operating and financial policies, generally with a controlling share over 50%. At the moment of determining if the Company controls an entity the existence and the impact of potential voting rights that could be exercised or converted are taken into account. The controlled companies are consolidated as from the date the control is transferred and excluded from the date such control ceases.

The accounting policies of subsidiaries have been modified, where necessary, to ensure the uniformity with the Company policies.

At June 30, 2023, AA2000 has participation in the following controlled companies (hereafter the Group):

Controlled ⁽¹⁾	Number of common shares		Participation in capital and possible votes			Net Shareholders equity at closing			Income for the period			Book entry value at 06.30.23

						Millions of $
Servicios y Tecnología Aeroportuarios S.A. ⁽²⁾		14,398,848		99.30	%		558			2			555
Cargo & Logistics SA.		1,614,687		98.63	%		2			(1	)		2
Paoletti América S.A.		6,000		50.00	%		-			-			-
Texelrío S.A. ⁽³⁾		120,000		70.00	%		(61	)		(66	)		21
Villalonga Furlong S.A ⁽⁴⁾		56,852		1.46	%		4			-			-

(1)

Companies based in Argentina.

(2)

Includes adjustments under IFRS for the preparation and presentation of the corresponding financial statements.

(3)

Shareholders Equity includes 4,000,000 of preferred shares of AR$1 par value.

(4)

The Company directly and indirectly owns 98.42% of the capital stock and votes of this entity.

3) Segment Information

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

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

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

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 2 – ACCOUNTING POLICIES (Contd.)

3) Segment Information (Contd.)

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

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

4) Accounting policies

The collection policies adopted for these interim financial statements are consistent with those used in the Individual Financial Statements as of December 31, 2022.

5) Changes in accounting policies and disclosures

There were no additional changes in the Group's accounting policies based on the effective application standard issued by the IASB as of January 1, 2023.

6) Estimates

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

In the preparation of these Financial Statements the significant areas of judgement by management in the application of the Company’s accounting policies and the main areas of assumptions and estimates are consistently as those applied in the Financial Statements for the year ended December 31, 2022.

7) Foreign currency conversion and financial information in hyperinflationary economies

Functional and presentation currency

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

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

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

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 2 – ACCOUNTING POLICIES (Contd.)

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

Functional and presentation currency (Contd.)

In order to conclude on whether an economy is categorized as hyperinflationary under the terms of IAS 29, the standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceed 100%. Taking into account that the accumulated inflation rate of the last three years exceeds 100% and the rest of the indicators do not contradict the conclusion that Argentina should be considered as a hyperinflationary economy for accounting purposes, the Company Management understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy under the terms of IAS 29, as of July 1, 2018. Es por esta razón que, de acuerdo con la IAS 29, los presentes Estados Financieros Intermedios Condensados Separados Individuales se encuentran re-expresados reflejando los efectos de la inflación de acuerdo a lo establecido por la norma. It is for this reason that, in accordance with the IAS 29, these Consolidated Financial Statements are restated reflecting the effects of inflation in accordance with the provisions of the standard.

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

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

The adjustment for inflation in the initial balances was calculated considering the indexes established by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) based on the price indexes published by the National Institute of Statistics and Censuses (INDEC). As of June 30, 2023, the price index amounted to 1,731, with inflation for the six-month period of 53% and year-on-year of 118%.

Inflation adjustment

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

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 2 – ACCOUNTING POLICIES (Contd.)

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

Inflation adjustment (Contd.)

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

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

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

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

Monetary assets and liabilities, and monetary position result: monetary assets and liabilities, including balances in foreign currency, by their nature, are presented in terms of purchasing power as of June 30, 2023. The financial result generated by the net monetary position reflects the loss or gain that is obtained by maintaining an active or passive net monetary position in an inflationary period, respectively and is exposed in the line of RECPAM in the Statement of Comprehensive Income;

Equity: the net equity accounts are expressed in constant currency as of June 30, 2023, applying the corresponding adjustment coefficients at their dates of contribution or origin;

Results: the items of the Individual Financial Statements have been restated based on the date on which they accrued or were incurred, with the exception of those associated with non-monetary items (depreciation and amortization expenses), which are presented as a function of the update of the non-monetary items to which they are associated, expressed in constant currency as of June 30, 2023, through the application of the relevant conversion factors.

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

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

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

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 2 – ACCOUNTING POLICIES (Contd.)

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

Inflation adjustment (Contd.)

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

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

Transactions and balances

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

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

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

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

8) Contingencies

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

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

The income tax result for the Six-month period ended June 30, 2023, 2022 was a loss of $7,357 million.

In order to determine the taxable net result at the end of this period, the adjustment for inflation determined in accordance with articles N ° 95 to N ° 98 of the income tax law was incorporated to the tax result, for $59,939 million, because as of June 30, 2023, the variation of the CPI for the period of 36 months at the end of fiscal year 2023 will exceed 100%.

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 3 - SALES INCOME

		Three months at				Six months at
		06.30.2023		06.30.2022		06.30.2023		06.30.2022

	Note	Millons of $
Air station use rate			23,203		19,171		49,239		35,070
Landing fee			1,892		1,878		4,006		3,518
Parking fee			759		760		1,534		1,367
Total aeronautical income			25,854		21,809		54,779		39,955
Total non-aeronautical income			23,751		20,699		45,292		40,951
Total			49,605		42,508		100,071		80,906

As of June 30, 2023 and 2022, "over the time" income from contracts with customers for the six-month periods was $82,300 million and $65,492 million, respectively.

NOTE 4 - COSTS OF SALES, ADMINISTRATIVE, DISTRIBUTION, AND SELLING EXPENSES

4.1. Sales Cost

	Three months at				Six months at
	06.30.2023		06.30.2022		06.30.2023		06.30.2022

	Millions of $
Specific allocation of income		7,320		6,297		14,793		12,002
Airport services and maintenance		6,333		5,036		11,891		9,813
Amortization of intangible assets		5,652		5,781		10,911		11,523
Salaries and social charges		7,758		8,022		15,854		13,949
Fee		59		52		124		88
Utilities and fees		941		980		2,008		2,051
Taxes		147		244		443		483
Office expenses		685		647		1,499		1,088
Insurance		53		71		117		141
Depreciation rights of use		233		233		462		461
Total		29,181		27,363		58,102		51,599

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 4 - COSTS OF SALES, ADMINISTRATIVE, DISTRIBUTION, AND SELLING EXPENSES (Contd.)

4.2. Administration and marketing expenses

	Three months at					Six months at
	06.30.2023		06.30.2022			06.30.2023		06.30.2022

	Millions of $
Amortization of intangible assets		1		1			2		2
Salaries and social charges		72		62			153		117
Taxes		2,568		2,512			5,138		4,505
Office expenses		1		6			2		6
Advertising		66		76			136		81
Provision for bad debts		197		(2,443	)		406		(2,306	)
Total		2,905		214			5,837		2,405

4.3. Administrative expenses

	Three months at				Six months at
	06.30.2023		06.30.2022		06.30.2023		06.30.2022

	Millions of $
Airport services and maintenance		74		37		123		42
Amortization of intangible assets		33		43		66		75
Salaries and social charges		1,104		964		2,147		1,688
Fee		201		215		354		371
Utilities and fees		2		12		6		16
Taxes		361		475		697		757
Office expenses		271		114		574		193
Insurance		29		8		50		19
Fees to the Board of Directors and the Supervisory Committee		34		30		53		52
Total		2,109		1,898		4,070		3,213

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 5 - OTHER ITEMS OF THE COMPREHENSIVE INCOME STATEMENT

5.1 Other net incomes and expenses	Three months at						Six months at
	06.30.2023			06.30.2022			06.30.2023			06.30.2022

	Millions of $
Trust for Strengthening		1,220			1,050			2,465			2,000
Other		(106	)		(46	)		(225	)		(143	)
Total		1,114			1,004			2,240			1,857

5.2.2 Finance Income	Three months at					Six months at
	06.30.2023			06.30.2022		06.30.2023			06.30.2022

	Millions of $
Interest		2,760			3,615		4,734			6,138
Foreign Exchange differences		(1,745	)		814		(3,193	)		(1,144	)
Total		1,015			4,429		1,541			4,994

5.3 Finance Expenses	Three months at						Six months at
	06.30.2023			06.30.2022			06.30.2023			06.30.2022

	Millions of $
Interest		(3,184	)		(9,486	)		(7,018	)		(20,166	)
Foreign Exchange differences		5,276			11,920			10,383			24,370
Total		2,092			2,434			3,365			4,204

5.4 Income Tax	Three months at				Six months at
	06.30.2023		06.30.2022		06.30.2023			06.30.2022

	Millions of $
Deferred		1,555		5,343		(7,357	)		4,489
Total		1,555		5,343		(7,357	)		4,489

NOTE 6 - INVESTMENTS RECORDED BY THE EQUITY METHOD

	06.30.2023			06.30.2022

	Millions of $
Initial Balance		643			517
Result of investments accounted for by the equity method		(65	)		26
Balance at June 30		578			543

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 7 – INTANGIBLE ASSETS

		06.30.2023			06.30.2022

	Note	Millions of $
Original values:
Initial Balance			665,185			631,048
Acquisitions of the period			18,992			9,935
Balance at June 30			684,177			640,983

Accumulated Amortization:
Initial Balance			(249,962	)		(227,404	)
Amortization of the period	5		(10,979	)		(11,600	)
Balance at June 30			(260,941	)		(239,004	)
Net balance at June 30			423,236			401,979

NOTE 8 - FINANCIAL DEBTS

8.1 Changes in financial debt:

	06.30.2023			06.30.2022

	Millions of $
Initial Balance		194,348			190,052
New financial debts		1,984			60,779
Financial debts paid		(14,046	)		(34,935	)
Accrued interest		5,891			8,655
Foreign Exchange differences		(10,744	)		(22,490	)
Inflation adjustment		1,210			1,349
Total Net Balance at June 30		178,643			203,410

8.2 Breakdown of financial debt

	06.30.2023			12.31.2022

Non-current Financial Debts	Millions of $
Bank borrowings		3,711			6,338
Negotiable Obligations		159,751			171,359
Cost of issuance of NO		(1,066	)		(1,803	)
		162,396			175,894

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

	06.30.2023			12.31.2022

Current Financial Debts	Millions of $
Bank borrowings		3,383			5,664
Negotiable Obligations		11,870			13,154
Bank overdrafts		1,226			-
Cost of issuance of NO		(232	)		(364	)
		16,247			18,454
		178,643			194,348

As of June 30, 2023 and December 31, 2022, the fair value of the financial debt amounts to $180,616 million and $189,661 million, respectively, Said valuation method is classified according to IFRS 13 as hierarchy of fair value Level 2 (unadjusted quoted prices in active markets for identical assets or liabilities).

These Condensed Separate Interim Financial Statements do not include all the information and disclosure on financial debt management required in the annual financial statements, so they must be read together with the audited annual Individual Consolidated Financial Statements as of December 31, 2022.

8.2.1 Negotiable Obligations

Class	Start		Maturity		Interest			Currency	Initial Capital		Capital in U$S at 06.30.2023		Capital in U$S at 12.31.2022
Guaranteed with Maturity in 2027 ^(1) (2)		02.2017		02.2027		6.875	%	USD		400.0		18.8		21.3
Class I Series 2020^{(1) (2) (3)}		04.2020		02.2027		6.875	% ⁽⁴⁾	USD		306.0		67.7		76.7
Class I Series 2021 and additional ^{(1) (2) (3)}		10.2021		08.2031		8.500	%	USD		272.9		272.9		272.9
Class IV ^(2) (3)		11.2021		11.2028		9.500	%	USD		62.0		62.0		62.0
Class III ⁽³⁾		09.2021		09.2023		4.000	%	USD⁽⁵⁾		30.5		30.5		30.5
Class V ⁽³⁾		02.2022		02.2032		5.500	%	USD⁽⁵⁾		138.0		138.0		138.0
Class VI ⁽³⁾		02.2022		02.2025		2.000	%	USD⁽⁵⁾		36.0		36.0		36.0
Class VII ⁽³⁾		07.2022		07.2025		0.000	%	USD⁽⁵⁾		20.0		20.0		20
Class IX ⁽³⁾		08.2022		08.2026		0.000	%	USD⁽⁵⁾		30.0		30.0		30

(1) These NOs are guaranteed in the first degree with the international and regional airport use rates and the rights to compensation of the concession, and in the second degree, with the income assigned from the cargo terminal.

(2) The present NOs are international.

(3) Issued under the Global Program for the issuance of Negotiable Obligations approved by the CNV on 04,12,2020, They are denominated in United States Dollars but payable in Argentine Pesos at the BCRA Communication Reference "A" 3500 exchange rate.

(4) During the PIK Period (until 05,01,2021) the interest rate was 9,375% per year, period in which the amount of interest was capitalized quarterly, After said period, the interest rate of the NOs is applied.

(5) The reference NOs are denominated in United States Dollars but payable in Argentine Pesos at the BCRA Communication Reference "A" 3500 exchange rate.

The main covenants of the international NOs require compliance with certain financial ratios, as well as the restriction of incurring additional debt and limitations on the payment of dividends if any breach has occurred.

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 8 - FINANCIAL DEBTS (Contd.)

8.2.2 Bank debt

Institution	Start		Maturity			N.A.R.		Currency	Initial Capital⁽²⁾		Capital at 06.30.2023 ⁽²⁾		Capital at 12.31.2022 ⁽²⁾
Province of Buenos Aires ⁽¹⁾		04.2019		07.2024			7%	U$S		3.1		0.7		1.1
Syndicated Loan - Off Shore		11.2019		02.2023			LIBOR + 5.500% ⁽⁵⁾	U$S		35.0		-		2.3
On Shore Renegotiation		11.2021		11.2024			8.500%	U$S		18.0		13.3		17.8
City Bank		11.2021		11.2023			6.000%	U$S		5.0		2.0		3.5
ICBC - Dubai Branch		07.2022		03.2024			SOFR+ 7.875%⁽⁵⁾	U$S		10.0		10.0		10.0
Offshore Renegotiation		08.2022		11.2024	⁽⁴⁾		BADCOR + 15.50%	$		402.2		-		402.2
On Shore Renegotiation		08.2022		11.2024	⁽⁴⁾		BADCOR + 10.00%	$		1,953.1		-		1,953.1
Citibank - Overdraft		03.2023		08.2023			76.000%	$		192.9		192.9		-
Citibank - Overdraft		03.2023		11.2023			76.000%	$		192.9		192.9		-
Citibank - Overdraft		03.2023		02.2024			76.000%	$		771.7		771.7		-
Import Financing		05.2023		09.2023			12.900%	U$S		1.2		1.2		-

(1) The loan was granted in four tranches, all of them with the same conditions,

(2) Balances in the currency of origin of the financial instrument, In the case of Argentine pesos, the value is expressed in the homogeneous closing currency,

(3) Pre-paid during March 2023; the bank overdraft was used to cancel them,

(4) Plus applicable tax withholdings

(5) Plus applicable tax withholdings.

(6) During the first year, it accrues interest at a TNA of 8%, moving to a TNA of 9% in the second year.

Syndicated loan

On February 22, 2023, the Company paid the last repayment installment of the Offshore loan for a total of US$ USD 2.3 million.

On March 30, 2023, the Company paid in advance for a total of $1,351 million 100% of the loans denominated in Argentine pesos under the syndicated loan.

Citibank – Overdraft:

On March 30, 2023, four overdraft lines were taken for a total of $1,351 million in order to cancel the syndicated loans denominated in Argentine pesos. The first of the overdraft lines for $192.9 matured in May 2023.

Financing of Imports ICBC

The repayment of the principal of the loan was established in a single installment at maturity.

Commitment agreement for the provision of funds Banco Macro S.A.

As of the date of these financial statements, it is not in force.

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

9.1.1 Other non-current receivables

		06.30.2023		12.31.2022

	Note	Millions of $
Tax credits			-		-
Trust for Strengthening	10.1		12,064		14,810
Total			12,064		14,810

9.1.2 Other current receivables

		06.30.2023		12.31.2022

	Note	Millions of $
Expenses to be recovered			211		302
Guarantees granted			1		2
Related parties	10.1		84		148
Tax credits			1,336		2,297
Prepaid Insurance			133		291
Others			12		19
Total			1,777		3,059

9.2 Trade receivables

			06.30.2023			12.31.2022

	Note		Millions of $
Trade receivables				16,755			16,788
Related parties		10.1		231			514
Checks-postdated checks				465			538
Subtotal sales credits				17,451			17,840
Provision for bad debts				(3,097	)		(3,514	)
Total				14,354			14,326

9.2.1 Changes in Bad Debt Provisions

			06.30.2023			12.31.2022

	Note		Millions of $
Initial Balance				3,514			13,749
Increases /Recoveries of the period		4.2		406			(2,305	)
Foreign exchange difference				698			(3,258	)
Applications of the period				(160	)		(799	)
Inflation adjustment				(1,361	)		(3,750	)
Provision for bad debts as of June 30				3,097			3,637

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Contd.)

9.3 Current investments

			06.30.2023		12.31.2022

	Note		Millions of $
Fix Terms				664		-
Other Financial Assets		10.1		3,716		-
Investments funds				-		1
Total				4,380		1

9.4 Cash and cash equivalents

			06.30.2023		12.31.2022

	Note		Millions of $
Cash and funds in custody				64		60
Banks		13		23,294		32,006
Checks not yet deposited				190		248
Term deposits and others				15,485		6,414
Total				39,033		38,728

9.5.1 Accounts payable and other non-current

	06.30.2023		12.31.2022

	Millions of $
Suppliers		321		359
Total		321		359

9.5.2 Accounts payable and other current

			06.30.2023		12.31.2022

	Note		Millions of $
Suppliers				11,709		13,305
Foreign suppliers				482		826
Related Parties		10.1		358		624
Salaries and social security liabilities				6,239		8,220
Other fiscal liabilities				927		1,103
Total				19,715		24,078

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES

10.1 Balances with other related parties

Balances with other related companies at June 30, 2023 and December 31, 2022 are as follows:

		06.30.2023		12.31.2022

Other receivables	Note	Millions of $
Other related companies ⁽¹⁾			84		148
Total			84		148

		06.30.2023		12.31.2022

Trade receivables	Note	Millions of $
Servicios y Tecnología Aeroportuarios S.A.			22		24
Other related companies			209		490
Total			231		514

	06.30.2023		12.31.2022

Investments	Millions of $
Other related companies ⁽¹⁾		3,716		-
Total		3,716		-

(1) As of June 30, 2023, includes a loan granted on July 9, 2023 to Compañía General de Combustibles S.A. for US$14,5 million with a A,N,R of 4%, The loan is for a term of 6 months with cancellation in a single payment of principal and interest at maturity.

	06.30.2023		12.31.2022

Accounts payable and other	Millions of $
Servicios y Tecnología Aeroportuarios S.A.		33		55
Texel Rio S.A.		84		189
Other related companies		241		380
Total		358		624

The balances with the Argentine National State as of June 30, 2023 and December 31, 2022 are as follows:

	06.30.2023		12.31.2022

	Millions of $
Debt - Specific allocation of income		3,969		7,443
Credit - Strengthening Trust ⁽¹⁾		12,064		14,810

(1) To fund the investment commitments of AA2000.

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Contd.)

10.2 Operations with related parties

Transactions with related parties during the six-month periods ended June 30, 2023 and 2022 are as follows:

The Company has allocated to the cost $602 million and $1,403 million, respectively, with Texelrio S.A. for maintenance at airports.

With Proden S.A. for office rental and maintenance, the Company has allocated $456 million and $726 million to the cost, respectively.

The Company has allocated to the cost $550 million and $497 million, respectively, with Grass Master S.A.U. for airport maintenance, Additionally, for the six-month period ended June 30, 2023, the Company has allocated $9 million to intangible assets.

With Tratamientos Integrales América S.A.U. for airport maintenance, the Company has allocated $170 million and $187 million to the cost, respectively.

The Company has allocated to the cost $160 million and $145 million, respectively, with Servicios Integrales América S.A. by out sourcing of systems and technology.

With Compañía de Infraestructura y Construcción S.A. for maintenance at airports, the Company has allocated $646 million to the cost for the period ended June 30, 2023.

With Servicios Aereos Sudamericanos S.A. for aeronautical services, the Company has allocated $159 million to the cost for the period ended June 30, 2023.

The Company has recorded commercial income of $250 million and $185 million, respectively, with Duty Paid S.A.

10.3 Other information about related parties

On the other hand, the short-term compensation corresponding to first-line management amounted to $227 million and $198 million for the six-month periods ended June 30, 2023 and 2022, respectively.

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

Corporacion America S.A. is controlled by Cedicor S.A., owner of 97.2186% of its capital stock, Cedicor is, in turn, the direct holder of 9.35% of the shares with voting rights of the Company, Cedicor S.A., is 100% controlled by American International Airports LLC, which is in turn 100% controlled by Corporación América Airports S.A.

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

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 11 – Provisions and other charges

	At 01.01.23		Increases/ (Recovery)		Decreases			Inflation Adjustment			Accruals			Exchange rate differences		At 06.30.23		Total Non Current		Total Current

	Millions of $																	Millions of $
Litigations		1,386		138		(232	)		(502	)		-			302		1,092		532		560
Deferred Income		4,596		860		-			(947	)		(1,381	)		829		3,957		958		2,999
Trust for works		2,900		2,233		(3,517	)		(832	)		299			-		1,083		-		1,083
Guarantees Received		487		224		(114	)		(150	)		-			126		573		-		573
Upfront fees from Concessionaires		1,160		34		-			-			(115	)		-		1,079		808		271
Others		1,886		2		(657	)		(607	)		143			280		1,047		468		579
Total		12,415		3,491		(4,520	)		(3,038	)		(1,054	)		1,537		8,831		2,766		6,065

	Note	At 01.01.22	Increases / (Recovery)	Decreases		Inflation Adjustment		Accruals		Exchange rate differences	At 06.30.22	Total Non Current	Total Current

		Millions of $										Millions of $
Litigations		2,096	125	(162	)	(568	)	-		267	1,758	728	1,030
Deferred Income		5,372	405	-		(600	)	(1,223	)	227	4,181	1,252	2,929
Trust for works		6,469	1,445	(3,039	)	(1,744	)	917		-	4,048	1,573	2,475
Guarantees Received		466	133	(66	)	(148	)	-		53	438	-	438
Upfront fees from Concessionaires		746	97	-		-		(125	)	-	718	563	155
Dividends to be paid		681	-	-		(193	)	-		123	611	-	611
Debt with the Argentine Government	15	-	49,249	(26,782	)	(10,035	)	8,631		-	21,063	9,994	11,069
Others		1,678	58	(98	)	(481	)	39		307	1,503	719	784
Total		17,508	51,512	(30,147	)	(13,769	)	8,239		977	34,320	14,829	19,491

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 12 - FOREIGN CURRENCY ASSETS AND LIABILITIES

Item	Foreign currency type and amount at 06.30.2023		Foreign exchange rates		Amount in local currency at 06.30.2023		Amount in local currency at 12.31.2022
Assets
Current Assets
Net trade receivables	U$S	30		256.300		7,792		7,163
Investments	U$S	15		256.300		3,716		-
Cash and cash equivalents	U$S	90		256.300		23,130		31,708
Total current assets						34,638		38,871
Total assets						34,638		38,871

Liabilities
Current Liabilities
Provisions and other charges	U$S	2		256.7000		395		622
Financial debts	U$S	73		256.7000		18,843		20,646
Lease liabilities	U$S	1		256.7000		230		595
Commercial accounts payable and others	U$S	7		256.7000		1,856		2,197
	EUR	2		280.4961		473		311
	CAD	0		194.1644		4		-
Total current liabilities						21,801		24,371

Non-Current Liabilities
Provisions and other charges	U$S	4		256.7000		1,084		1,202
Financial debts	U$S	637		256.7000		163,462		176,558
Accounts payable and others	U$S	1		256.7000		321		359
Total non-current liabilities						164,867		178,119
Total liabilities						186,668		202,490
Net liability position						152,030		163,619

NOTE 13 – OTHER RESTRICTED ASSETS

Other than what is mentioned in Note 1 and 6. other receivables in current assets at June 30. 2023 and December 31. 2022 include $1 million and $2 million corresponding to guarantees granted to third parties in connection with lease agreements. Likewise. as of June 30. 2023. and December 31. 2022. under Cash and cash equivalents. there are balances in bank accounts specifically earmarked for the cancellation of Series 2021 and Class IV negotiable obligations for $1,536 million and $1,309 million, respectively.

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 14 - CAPITAL STOCK

At June 30. 2023 capital stock is as follows:

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

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

On March 10. 2022. the redemption of the preferred shares issued by the company and the consequent capital reduction from $1,169,495,813 to $258,517,299 were resolved. Said capital reduction was registered in the Public Registry on September 8. 2022. under number 16,654, of book 109 of Joint Stock Companies.

NOTE 15 - DIVIDENDS BY PREFERRED SHARES (presented in $ at the currency of the Meeting date)

On February 25, 2022. the AA2000 board resolved:

	(i)	redeem all of the outstanding preferred shares, that is 910,978,514 preferred shares;
	(ii)	that the redemption price will be the equivalent of: a) the nominal value $910,978,514 adjusted for inflation at the redemption date, that is at the date of the board meeting, which amounts to $16,506, 174,484; plus b) the value of the dividend of the preferred shares accrued for the year 2020, which was not paid in a timely manner due to the non-existence of profits. but which according to the issuance conditions is cumulative. which adjusted for inflation at the redemption date amounts to $330,123,490; plus c) the value of the dividend of the preferred shares accrued for fiscal year 2021 and the proportional dividend for fiscal year 2022 adjusted for inflation until the redemption date $389,421,266. Consequently. the total value of the redemption will amount to $17,225,719,240;
	(iii)	that the price be paid as follows: a) the sum of $11,100,000,000 once the capital reduction procedure has been completed and the term for oppositions established in the General Companies Law has elapsed; and b) the balance. before December 31, 2024. with the possibility of making partial payments. Said balance will accrue interest equivalent to the corresponding adjustment for inflation plus two percent per year of the value of the debt; and
	(iv)	that from the redemption of the preferred shares. although the preferred shares will participate in the shareholders' meeting that resolves their cancellation. the amount to be redeemed will be accounted for in social liabilities.

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

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

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 15 - DIVIDENDS BY PREFERRED SHARES (presented in $ at the currency of the Meeting date) (Contd.)

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

	(i)	Reduce the capital stock of Aeropuertos Argentina 2000 S.A. from one thousand one hundred sixty-nine million four hundred ninety-five thousand eight hundred thirteen pesos ($1,169,495,813) to two hundred fifty-eight million five hundred seventeen thousand two hundred ninety-nine pesos ($258,517,299), that is for the sum of nine hundred ten million nine hundred seventy-eight thousand five hundred fourteen pesos ($910,978,514), canceling 910,978,514 shares owned by the National State;
	(ii)	Set the value of the shares canceled as a result of the capital reduction at eighteen pesos 9090/1000 ($18.9090) per share.
	(iii)	Affect for the payment of the shares the amount of capital stock, plus the capital adjustment that corresponds to the preferred shares. and for the difference to be paid. affect the “optional reserves” account.
	(iv)	Reform article 2.01 of the corporate bylaws. which was worded as follows: “2.01. The evolution of the capital stock will appear in the balance sheets of the company as it results from the increases registered in the Public Registry. The capital stock is represented by 79,105,489 book-entry common shares class A subclass R. 79,105,489 common book-entry shares class B subclass R. 61,526,492 common book-entry shares class C subclass R. 38,779,829 common book-entry shares class D. and by subclass L book-entry ordinary shares that are issued under the public offering system”.

In the months of April. June and August 2022. the corresponding payments were made in order to cancel the total debt with the National State.

The capital reduction by redemption of the preferred shares and the reform of the bylaws was registered in the Public Registry on September 8, 2022 under number 16,654 of book 109, volume of Stock Companies.

NOTE 16 – RESOLUTIONS OF SHAREHOLDERS’ ORDINARY AND SPECIAL MEETING OF CLASS A. B. C AND D SPECIAL OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. HELD ON APRIL 28. 2022 AND APRIL 26. 2023 (presented in $ at the currency of the Meeting date)

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

Finally, in the ordinary and special general meeting of classes A, B, C and D of shares, held on April 26, 2023, it was resolved that the positive result of $40,638,030,971 which. after absorbing the accumulated losses of the previous year for an amount of $22,199,777,489, amounted to $18,438,253,482, have the following destination:

(i)

$614,780,045 to constitute the legal reserve, up to 20% of the capital stock plus the capital adjustment; and

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

(ii)

the balance of $17,823,473,437 to establish an optional reserve for the execution of future works plans and to guarantee the payment of future dividends. if applicable.

NOTE 17 – EARNINGS PER SHARE

Relevant information for the calculation per share:

	06.30.2023		06.30.2022
Income for the period (in millions of $)		28,273		43,907
Amount of ordinary shares (millions)		259		259
Earnings per shares ($ per share)		109.3672		169.8416

NOTE 18- FINANCIAL RISK MANAGEMENT

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

These Condensed Consolidated Interim Financial Statements do not include all the information on financial risk management requested in the annual financial statements. thus they should be read together with the Consolidated Financial Statements audited at December 31. 2022.

On April 20. 2023. in relation to the provision of certain services. the requirement of prior BCRA approval for access to the MULC was incorporated within 60 calendar days from the date of approval of the declaration of the System for Imports of the Argentine Republic and Payments for Foreign Services (“SIRASE”). This requirement is not applicable in the event of: (i) payment by performing an exchange and/or arbitration against a local account in foreign currency; (ii) access simultaneously with the liquidation of a new financial indebtedness abroad for which the entire capital matures after the indicated term; and (iii) access with funds originated in a financing of imports of services granted by a local financial entity from a commercial line of credit abroad and when the entire capital of the financing matures after the indicated term.

Regarding the operation of stock market assets. the period for not concluding operations with securities issued under foreign law is extended to 180 calendar days and the period for not concluding operations with securities issued under Argentine law is maintained at 90 days. to be presented in the affidavits for access to the MULC.

On July 24. 2023. the NEP issued Decree No. 377/2023. which establishes taxation with a “PAIS Tax” of all new operations involving the purchase of foreign currency for the payment of obligations for imports of certain services and goods. namely: i) Services acquired abroad or in the country when provided by non-residents: the 25% rate will be applicable; ii) Freight services and other transport services for import or export operations of goods. the rate of 7.5% will be applicable; and iii) Import of goods: the rate of 7.5% will be applicable with some exceptions: a. Certain goods with specific tariff items; b. Inputs and intermediate goods directly linked to the basic food basket as established by the Ministry of Economy. through the Secretariats with competence in the

Notes to the Condensed Individual Interim Financial Statements

At June 30, 2023 presented in comparative format (Contd.)

NOTE 18- FINANCIAL RISK MANAGEMENT

matter and the AFIP; and c. Assets related to power generation. under the terms established by the Ministry of Energy. The AFIP is empowered to establish a 95% payment because under the terms and conditions established by said body. Financial entities must act as tax collection and settlement agents. This measure came into effect on 07.24.2023. taking effect for purchase operations of banknotes and foreign currency carried out from that date. inclusive. As of the date of these financial statements. the Company is analyzing the impact of the standard issued.

NOTE 19 - EVENTS SUBSEQUENT TO THE END OF THE YEAR

On July 5. 2023. within the framework of the Global Negotiable Obligations Issuance Program. AA2000 issued additional Class IX ONs for US$ 2.7 with an issue price of 119% of face value.

On July 5. 2023. within the framework of the Global Negotiable Obligations Issuance Program. AA2000 issued Class X of NO for US$ 25 million, maturing on July 5. 2025. interest rate of 0% annual nominal and with an issue price of 110.65% of the nominal value.

The NOs were exclusively paid in kind according to the exchange ratio of US$ 0.9065 face value of Class X NO for US$ 1 face value of Class III NO.

The amortization of the principal of the negotiable obligations was established in a single installment at maturity. which will be payable at the exchange rate of Reference Communication "A" 3500 of the BCRA.

On July 27. a loan for the sum of US$10 million was granted to Servicios y Tecnología Aeroportuarios S.A. It will accrue compensatory interest at a NAR of 4%. Principal and interest will be paid in a single installment due on December 20. 2023.

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

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

REPORT ON REVIEW OF SEPARATE CONDENSED INTERIM FINANCIAL STATEMENTS

To the Shareholders, Chairman and Directors of

Aeropuertos Argentina 2000 S.A.

Legal address: Honduras 5663

Autonomous City of Buenos Aires

Tax Code: 30-69617058-0

Report on the separate condensed interim financial statements

Introduction

We have reviewed the accompanying separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. (hereinafter "the Company"), which comprise the separate statement of financial position as of June 30, 2023, the separate statements of comprehensive income for the periods of three and six months ended June 30, 2023, the separate statements of changes in equity and cash flows for the six-month period ended June 30, 2023 and selected explanatory notes.

Board Responsibility

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

Scope of review

Our responsibility is to express a conclusion on these separate condensed interim financial statements based on the review we have performed, which was performed in accordance with the International Standard for Review Engagements NIER 2410 "Review of interim financial information developed by the entity's independent auditor", which was adopted as a review standard in Argentina through Technique Resolution FACPCE No. 33 as approved by the International Auditing and Assurance Standards Board (IAASB). A review of separate condensed interim financial statements consists of making inquiries primarily of personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially narrower in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not allow us to be confident that we have identified all significant matters that might be noted in an audit. Accordingly, we do not express an audit opinion.

Conclusion

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

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

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

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

Report on the compliance with current regulations

In compliance with current provisions, we report, with respect to Aeropuertos Argentina 2000 S.A., that:

the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. are pending to be recorded in the book Inventories and Balance Sheets;

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

As of June 30, 2023, the debt accrued in favor of the Integrated Argentine Pension System of Aeropuertos Argentina 2000 S.A. that arises from the accounting records and settlements of the Company amounted to $1,005,699,097, not being payable as of that date.

Autonomous City of Buenos Aires, August 9, 2023.

PRICE WATERHOUSE & CO. S.R.L.

by (Partner)
Juan Manuel Gallego Tinto

SURVEILLANCE COMMITTEE REPORT

To the shareholders of

AEROPUERTOS ARGENTINA 2000 S.A.

In accordance with the requirements of the Article 294 Subsection 5º of Act No. 19,550 and the Article 63 Subsection b) of the BYMA Regulations (Argentine Stock and Market), we have conducted the review described in the third paragraph regarding the separate condensed interim individual financial statements of Aeropuertos Argentina 2000 S.A. (the “Company”), including the separate statement of financial position as of June 30, 2023, the separate statements of comprehensive income, of changes in equity and of cash flows for the six-month period then ended and the selected explanatory notes.

The Board of Directors of the Company is responsible for the preparation and issuance of said financial statements, in exercise of its specific functions.

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

In order to carry out our professional work, we have taken into account the limited review report of the external auditor, Juan Manuel Gallego Tinto (partner of Price Waterhouse & Co. SRL), dated August 9, 2023, who states that it has been issued in accordance with the International Standards for Review Engagements NIER 2410 2410 "Review of interim financial information developed by the entity's independent auditor", which were adopted as review standards in Argentina by Technical Pronouncement No. 33 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) as approved by the International Auditing and Assurance Standards Board (IAASB).

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

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

Based on our review, with the scope described above, we hereby inform that the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. as of June 30, 2023 consider all significant events and circumstances that are known to us, they arise from the accounting records kept in their formal aspects in accordance with legal regulations, except for the fact that they are pending to be copied in the "Inventories and Balance Sheets" book; and regarding said documents we have no other observations to make.

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

Autonomous City of Buenos Aires, August 9, 2023.

Patricio A. Martin

By Surveillance Committee