|
Grand Duchy of Luxembourg
|
| |
4581
|
| |
Not Applicable
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(IRS Employer
Identification Number) |
|
|
Marc Rossell
Greenberg Traurig, LLP 200 Park Avenue New York, NY 10166 Tel: 212-801-6416 Fax: 212-805-5516 |
| | | |
Conrado Tenaglia
Jeffrey Cohen Matthew Poulter Linklaters LLP 1345 Avenue of the Americas New York, NY 10105 Tel: 212-903-9000 Fax: 212-903-9100 |
|
CALCULATION OF REGISTRATION FEE
|
| ||||||||||||
Title of each class of securities to be registered
|
| |
Proposed maximum
aggregate offering price(1) |
| |
Amount of
registration fee |
| ||||||
Common shares, nominal value U.S.$1.00 per share(2)
|
| | | U.S.$ | 755,714,298 | | | | | U.S.$ | 94,086.43(3) | | |
|
| | |
Per Common Share
|
| |
Total
|
| ||||||
Price to the public
|
| | | | U.S.$ | | | | | | U.S.$ | | |
Underwriting discounts and commissions(1)(2)
|
| | | ||||||||||
Proceeds, before expenses, to us
|
| | | ||||||||||
Proceeds, before expenses, to the Selling Shareholder
|
| | |
|
BofA Merrill Lynch
|
| | Citigroup | | |
Goldman Sachs & Co. LLC
|
|
| | | | | 1 | | | |
| | | | | 3 | | | |
| | | | | 17 | | | |
| | | | | 19 | | | |
| | | | | 24 | | | |
| | | | | 58 | | | |
| | | | | 60 | | | |
| | | | | 61 | | | |
| | | | | 62 | | | |
| | | | | 63 | | | |
| | | | | 67 | | | |
| | | | | 71 | | | |
| | | | | 74 | | | |
| | | | | 114 | | | |
| | | | | 120 | | | |
| | | | | 145 | | | |
| | | | | 209 | | | |
| | | | | 218 | | | |
| | | | | 224 | | | |
| | | | | 225 | | | |
| | | | | 228 | | | |
| | | | | 233 | | | |
| | | | | 234 | | | |
| | | | | 242 | | | |
| | | | | 251 | | | |
| | | | | 257 | | | |
| | | | | 258 | | | |
| | | | | 259 | | | |
| | | | | 260 | | | |
| | | | | F-1 | | |
Country
|
| |
Concession
|
| |
CAAP
Effective Ownership |
| |
Number of
Airports |
| |
Concession
Start Date |
| |
Current
Concession End Date |
| |
Extension Details
|
| ||||||
Argentina | | |
AA2000
|
| | | | 81.3% | | | | | | 35(1) | | | |
1998
|
| |
2028
|
| |
Extendable for 10 years(2)
|
|
| | |
NQN
|
| | | | 74.1% | | | | | | 1 | | | |
2001
|
| |
2021
|
| |
Extendable for 5 years(2)
|
|
| | |
BBL
|
| | | | 81.1% | | | | | | 1 | | | |
2008
|
| |
2033
|
| |
Extendable for 10 years(2)
|
|
Italy | | |
TA (SAT)(3)
|
| | | | 51.1% | | | | | | 1 | | | |
2006 (2014)(4)
|
| |
2046
|
| |
—
|
|
| | |
TA (ADF)(3)
|
| | | | 51.1% | | | | | | 1 | | | |
2003 (2014)(5)
|
| |
2043
|
| |
—
|
|
Brazil | | |
ICASGA
|
| | | | 99.9%(6) | | | | | | 1 | | | |
2012(7)
|
| |
2040
|
| |
5 years
|
|
| | |
ICAB
|
| | | | 51.0% | | | | | | 1 | | | |
2012(8)
|
| |
2037
|
| |
5 years
|
|
Uruguay | | |
Puerta del Sur
|
| | | | 100.0% | | | | | | 1 | | | |
2003
|
| |
2033(9)
|
| |
—
|
|
| | |
CAISA
|
| | | | 100.0% | | | | | | 1 | | | |
1993 (2008)(10)
|
| |
2019(11)
|
| |
—
|
|
Ecuador | | |
TAGSA
|
| | | | 50.0% | | | | | | 1 | | | |
2004
|
| |
2024
|
| |
—
|
|
| | |
ECOGAL
|
| | | | 99.9% | | | | | | 1 | | | |
2011
|
| |
2026
|
| |
—
|
|
Armenia | | |
AIA
|
| | | | 100.0% | | | | | | 2 | | | |
2002
|
| |
2032
|
| |
Option to renew every
5 years(12) |
|
Peru | | |
AAP(13)
|
| | | | 50.0% | | | | | | 5 | | | |
2011
|
| |
2036
|
| |
Extendable to 2071
|
|
Total | | | | | | | | | | | | | | 52 | | | | | | ||||||
|
| | |
Nine-Month Period Ended
September 30, 2017 |
| |
Year Ended
December 31, 2016 |
| ||||||||||||||||||||||||||||||||||||||||||
Country
|
| |
Passenger
Traffic |
| |
Passenger
Traffic |
| |
Total Air
Traffic Movements |
| |
Total Air
Traffic Movements |
| |
Passenger
Traffic |
| |
Passenger
Traffic |
| |
Total Air
Traffic Movements |
| |
Total Air
Traffic Movements |
| ||||||||||||||||||||||||
| | |
(in millions)
|
| |
(% of total)
|
| |
(in thousands)
|
| |
(% of total)
|
| |
(in millions)
|
| |
(% of total)
|
| |
(in thousands)
|
| |
(% of total)
|
| ||||||||||||||||||||||||
Argentina
|
| | | | 27.5 | | | | | | 48.1% | | | | | | 314.1 | | | | | | 49.3% | | | | | | 32.6 | | | | | | 45.4% | | | | | | 393.1 | | | | | | 47.0% | | |
Italy
|
| | | | 6.3 | | | | | | 11.0% | | | | | | 61.2 | | | | | | 9.6% | | | | | | 7.5 | | | | | | 10.5% | | | | | | 76.2 | | | | | | 9.1% | | |
Brazil
|
| | | | 14.3 | | | | | | 25.1% | | | | | | 138.1 | | | | | | 21.7% | | | | | | 20.4 | | | | | | 28.3% | | | | | | 198.8 | | | | | | 23.8% | | |
Uruguay
|
| | | | 1.7 | | | | | | 3.1% | | | | | | 27.0 | | | | | | 4.2% | | | | | | 2.0 | | | | | | 2.8% | | | | | | 32.4 | | | | | | 3.9% | | |
Ecuador(1) | | | | | 3.1 | | | | | | 5.5% | | | | | | 60.1 | | | | | | 9.4% | | | | | | 4.2 | | | | | | 5.9% | | | | | | 87.6 | | | | | | 10.5% | | |
Armenia
|
| | | | 1.9 | | | | | | 3.4% | | | | | | 16.0 | | | | | | 2.5% | | | | | | 2.1 | | | | | | 2.9% | | | | | | 18.7 | | | | | | 2.2% | | |
Peru(2) | | | | | 2.3 | | | | | | 4.0% | | | | | | 20.9 | | | | | | 3.3% | | | | | | 3.0 | | | | | | 4.2% | | | | | | 29.6 | | | | | | 3.5% | | |
Total
|
| | | | 57.1 | | | | | | 100.0% | | | | | | 637.3 | | | | | | 100.0% | | | | | | 71.8 | | | | | | 100.0% | | | | | | 836.4 | | | | | | 100.0% | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions
of U.S.$) |
| |
(% of Total
Revenue) |
| |
(in millions
of U.S.$) |
| |
(% of Total
Revenue) |
| |
(in millions
of U.S.$) |
| |
(% of Total
Revenue) |
| |
(in millions
of U.S.$) |
| |
(% of Total
Revenue) |
| ||||||||||||||||||||||||
Aeronautical revenue
|
| | | | 575.1 | | | | | | 49.6% | | | | | | 495.6 | | | | | | 50.5% | | | | | | 673.5 | | | | | | 49.3% | | | | | | 543.2 | | | | | | 45.8% | | |
Non-aeronautical revenue
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 409.7 | | | | | | 35.4% | | | | | | 383.7 | | | | | | 39.1% | | | | | | 522.2 | | | | | | 38.2% | | | | | | 459.7 | | | | | | 38.7% | | |
Construction service revenue
|
| | | | 172.3 | | | | | | 14.9% | | | | | | 99.4 | | | | | | 10.1% | | | | | | 165.1 | | | | | | 12.1% | | | | | | 178.4 | | | | | | 15.0% | | |
Other revenue
|
| | | | 1.3 | | | | | | 0.1% | | | | | | 3.2 | | | | | | 0.3% | | | | | | 5.6 | | | | | | 0.4% | | | | | | 5.7 | | | | | | 0.5% | | |
Total consolidated revenue
|
| | | | 1,158.5 | | | | | | 100.0% | | | | | | 981.9 | | | | | | 100.0% | | | | | | 1,366.3 | | | | | | 100.0% | | | | | | 1,187.1 | | | | | | 100.0% | | |
|
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |
(in millions of U.S.$)
|
| ||||||||||||||||||
Argentina | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 318.8 | | | | | | 262.4 | | | | | | 366.1 | | | | | | 309.9 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 249.4 | | | | | | 238.0 | | | | | | 320.8 | | | | | | 323.0 | | |
Construction service revenue
|
| | | | 161.6 | | | | | | 93.2 | | | | | | 153.9 | | | | | | 151.0 | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 729.7 | | | | | | 593.7 | | | | | | 840.9 | | | | | | 783.9 | | |
Italy | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 82.2 | | | | | | 77.7 | | | | | | 99.2 | | | | | | 96.5 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 24.2 | | | | | | 22.3 | | | | | | 29.5 | | | | | | 29.0 | | |
Construction service revenue
|
| | | | 8.9 | | | | | | 4.3 | | | | | | 8.0 | | | | | | 21.4 | | |
Other revenue
|
| | | | 1.3 | | | | | | 3.1 | | | | | | 4.7 | | | | | | 5.7 | | |
Total revenue
|
| | | | 116.6 | | | | | | 107.5 | | | | | | 141.3 | | | | | | 152.7 | | |
Brazil(1) | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 49.4 | | | | | | 44.2 | | | | | | 60.6 | | | | | | 0.4 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 46.7 | | | | | | 46.2 | | | | | | 65.6 | | | | | | 0.4 | | |
Construction service revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | 0.9 | | | | | | — | | |
Total revenue
|
| | | | 96.1 | | | | | | 90.4 | | | | | | 127.0 | | | | | | 0.8 | | |
Uruguay | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 42.3 | | | | | | 36.4 | | | | | | 47.7 | | | | | | 43.5 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 39.9 | | | | | | 35.7 | | | | | | 47.2 | | | | | | 47.0 | | |
Construction service revenue
|
| | | | 1.8 | | | | | | 1.7 | | | | | | 2.9 | | | | | | 2.6 | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 84.0 | | | | | | 73.9 | | | | | | 97.8 | | | | | | 93.1 | | |
Ecuador(2) | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 47.8 | | | | | | 46.5 | | | | | | 61.9 | | | | | | 57.3 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 16.6 | | | | | | 17.5 | | | | | | 23.4 | | | | | | 21.8 | | |
Construction service revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 64.5 | | | | | | 64.0 | | | | | | 85.3 | | | | | | 79.0 | | |
Armenia | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 34.6 | | | | | | 28.4 | | | | | | 38.1 | | | | | | 35.6 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 32.3 | | | | | | 23.9 | | | | | | 34.9 | | | | | | 35.7 | | |
Construction service revenue
|
| | | | 0.1 | | | | | | 0.1 | | | | | | 0.2 | | | | | | 3.4 | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 67.0 | | | | | | 52.4 | | | | | | 73.2 | | | | | | 74.7 | | |
|
| | |
For the Nine-Month Period
Ended September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |
(in millions of U.S.$)
|
| ||||||||||||||||||
Unallocated | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 0.6 | | | | | | 0.1 | | | | | | 0.8 | | | | | | 2.9 | | |
Construction service revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 0.6 | | | | | | 0.1 | | | | | | 0.8 | | | | | | 2.9 | | |
Total consolidated revenue for all segments(3)
|
| | | | 1,158.5 | | | | | | 981.9 | | | | | | 1,366.3 | | | | | | 1,187.1 | | |
|
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
Main Aeronautical Customers
|
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| ||||||||||||||||||||||||
LATAM Airlines Group
|
| | | | 133.8 | | | | | | 23.3% | | | | | | 111.1 | | | | | | 22.4% | | | | | | 153.2 | | | | | | 22.8% | | | | | | 105.1 | | | | | | 19.3% | | |
Grupo Aerolíneas Argentinas
|
| | | | 94.5 | | | | | | 16.4% | | | | | | 73.0 | | | | | | 14.7% | | | | | | 102.3 | | | | | | 15.2% | | | | | | 93.1 | | | | | | 17.1% | | |
Gol Transportes Aéreos
|
| | | | 42.1 | | | | | | 7.3% | | | | | | 36.4 | | | | | | 7.4% | | | | | | 49.9 | | | | | | 7.4% | | | | | | 27.9 | | | | | | 5.1% | | |
American Airlines
|
| | | | 25.9 | | | | | | 4.5% | | | | | | 24.3 | | | | | | 4.9% | | | | | | 33.8 | | | | | | 5.0% | | | | | | 28.0 | | | | | | 5.2% | | |
Avianca
|
| | | | 30.9 | | | | | | 5.4% | | | | | | 23.7 | | | | | | 4.8% | | | | | | 33.2 | | | | | | 5.0% | | | | | | 22.8 | | | | | | 4.2% | | |
Ryanair Ltd
|
| | | | 25.7 | | | | | | 4.5% | | | | | | 25.1 | | | | | | 5.1% | | | | | | 32.0 | | | | | | 4.8% | | | | | | 32.1 | | | | | | 5.9% | | |
Copa
|
| | | | 18.6 | | | | | | 3.2% | | | | | | 17.5 | | | | | | 3.5% | | | | | | 23.1 | | | | | | 3.4% | | | | | | 19.8 | | | | | | 3.6% | | |
Air France
|
| | | | 12.0 | | | | | | 2.1% | | | | | | 11.7 | | | | | | 2.4% | | | | | | 20.9 | | | | | | 3.1% | | | | | | 20.5 | | | | | | 3.8% | | |
Lufthansa Group
|
| | | | 15.4 | | | | | | 2.7% | | | | | | 14.6 | | | | | | 2.9% | | | | | | 19.4 | | | | | | 2.9% | | | | | | 21.4 | | | | | | 3.9% | | |
Others
|
| | | | 176.3 | | | | | | 30.7% | | | | | | 158.3 | | | | | | 31.9% | | | | | | 205.5 | | | | | | 30.5% | | | | | | 172.5 | | | | | | 31.8% | | |
Total
|
| | | | 575.1 | | | | | | 100.0% | | | | | | 495.6 | | | | | | 100.0% | | | | | | 673.5 | | | | | | 100.0% | | | | | | 543.2 | | | | | | 100.0% | | |
|
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
Decmeber 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
Main Commercial Customers
|
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue(1) |
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue(1) |
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue(1) |
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue(1) |
| ||||||||||||||||||||||||
Dufry
|
| | | | 50.9 | | | | | | 12.4% | | | | | | 49.9 | | | | | | 13.0% | | | | | | 71.2 | | | | | | 13.6% | | | | | | 70.5 | | | | | | 15.3% | | |
Grupo Aerolíneas Argentinas
|
| | | | 7.5 | | | | | | 1.8% | | | | | | 8.0 | | | | | | 2.1% | | | | | | 10.6 | | | | | | 2.0% | | | | | | 13.1 | | | | | | 2.8% | | |
Gate Gourmet
|
| | | | 7.3 | | | | | | 1.8% | | | | | | 5.8 | | | | | | 1.5% | | | | | | 8.1 | | | | | | 1.6% | | | | | | 9.1 | | | | | | 2.0% | | |
Aerofuels Overseas
|
| | | | 7.7 | | | | | | 1.9% | | | | | | 3.7 | | | | | | 1.0% | | | | | | 5.7 | | | | | | 1.1% | | | | | | 7.6 | | | | | | 1.7% | | |
JCDecaux do Brasil S.A.
|
| | | | 4.1 | | | | | | 1.0% | | | | | | 3.7 | | | | | | 1.0% | | | | | | 5.4 | | | | | | 1.0% | | | | | | — | | | | | | — | | |
Intercargo S.A.C.
|
| | | | 4.3 | | | | | | 1.1% | | | | | | 3.8 | | | | | | 1.0% | | | | | | 5.2 | | | | | | 1.0% | | | | | | 5.1 | | | | | | 1.1% | | |
International Meal Company Alimenta
|
| | | | 1.0 | | | | | | 0.2% | | | | | | 3.5 | | | | | | 0.9% | | | | | | 4.5 | | | | | | 0.9% | | | | | | — | | | | | | — | | |
Sita Information Networking
|
| | | | 3.6 | | | | | | 0.9% | | | | | | 3.0 | | | | | | 0.8% | | | | | | 4.1 | | | | | | 0.8% | | | | | | 3.9 | | | | | | 0.9% | | |
Petrobras
|
| | | | 3.0 | | | | | | 0.7% | | | | | | 2.7 | | | | | | 0.7% | | | | | | 3.9 | | | | | | 0.8% | | | | | | 0.4 | | | | | | 0.1% | | |
Others
|
| | | | 320.3 | | | | | | 78.2% | | | | | | 299.6 | | | | | | 78.1% | | | | | | 403.4 | | | | | | 77.3% | | | | | | 350.0 | | | | | | 76.1% | | |
Total
|
| | | | 409.7 | | | | | | 100.0% | | | | | | 383.7 | | | | | | 100.0% | | | | | | 522.2 | | | | | | 100.0% | | | | | | 459.7 | | | | | | 100.0% | | |
|
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated)(1) |
| |
2015
(Restated)(1) |
||||||||||||
| | |
(in millions of U.S.$ except
for share and per share amounts) |
|||||||||||||||||||||
Continuing Operations | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | 1,158.5 | | | | | | 981.9 | | | | | | 1,366.3 | | | | | | 1,187.1 | |
Cost of services
|
| | | | (749.8) | | | | | | (595.7) | | | | | | (859.1) | | | | | | (759.2) | |
Gross Profit
|
| | | | 408.7 | | | | | | 386.2 | | | | | | 507.3 | | | | | | 427.9 | |
Selling, general and administrative expenses
|
| | | | (140.1) | | | | | | (128.8) | | | | | | (170.9) | | | | | | (167.2) | |
Impairment loss
|
| | | | — | | | | | | — | | | | | | (16.6) | | | | | | — | |
Other operating income
|
| | | | 14.3 | | | | | | 12.4 | | | | | | 16.9 | | | | | | 15.6 | |
Other operating expense
|
| | | | (3.5) | | | | | | (3.2) | | | | | | (4.9) | | | | | | (2.7) | |
Operating Income
|
| | | | 279.4 | | | | | | 266.6 | | | | | | 331.8 | | | | | | 273.6 | |
Share of loss in associates
|
| | | | (5.8) | | | | | | (0.4) | | | | | | (1.3) | | | | | | (69.3) | |
Income before financial results and income tax
|
| | | | 273.6 | | | | | | 266.2 | | | | | | 330.5 | | | | | | 204.3 | |
Financial income
|
| | | | 42.6 | | | | | | 26.3 | | | | | | 37.5 | | | | | | 46.8 | |
Financial loss
|
| | | | (203.8) | | | | | | (204.0) | | | | | | (273.0) | | | | | | (199.8) | |
Income before income tax expense
|
| | | | 112.4 | | | | | | 88.5 | | | | | | 95.1 | | | | | | 51.3 | |
Income tax expense
|
| | | | (39.8) | | | | | | (38.6) | | | | | | (56.4) | | | | | | (45.0) | |
Income from continuing operations
|
| | | | 72.6 | | | | | | 49.9 | | | | | | 38.7 | | | | | | 6.3 | |
(Loss)/Income from discontinued operations
|
| | | | — | | | | | | (8.7) | | | | | | (9.5) | | | | | | 109.0 | |
Net Income
|
| | | | 72.6 | | | | | | 41.2 | | | | | | 29.2 | | | | | | 115.3 | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | |
Owners of the parent
|
| | | | 67.1 | | | | | | 40.9 | | | | | | 33.8 | | | | | | 105.5 | |
Non-controlling interest
|
| | | | 5.5 | | | | | | 0.3 | | | | | | (4.5) | | | | | | 9.8 | |
| | | | | 72.6 | | | | | | 41.2 | | | | | | 29.2 | | | | | | 115.3 | |
Earnings per share attributable to the parent | | | | | | |||||||||||||||||||
Weighted average number of common shares
(in thousands)(2) |
| | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | |
Continuing Operations | | | | | | |||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 0.04 | | | | | | 0.03 | | | | | | 0.03 | | | | | | (0.01) | |
Discontinued Operations | | | | | | |||||||||||||||||||
Basic and diluted earnings per share
|
| | | | — | | | | | | (0.01) | | | | | | (0.01) | | | | | | 0.08 | |
Continuing and Discontinued Operations | | | | | | |||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 0.04 | | | | | | 0.03 | | | | | | 0.02 | | | | | | 0.07 | |
Pro-forma earnings per share attributable to the parent (unaudited)(3)
|
| | | | | |||||||||||||||||||
Pro-forma weighted average number of common shares (in thousands)
|
| | | | 148,118 | | | | | | 148,118 | | | | | | 148,118 | | | | | | 148,118 | |
Continuing Operations | | | | | | |||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 0.45 | | | | | | 0.33 | | | | | | 0.29 | | | | | | (0.07) | |
Discontinued Operations | | | | | | |||||||||||||||||||
Basic and diluted earnings per share
|
| | | | — | | | | | | (0.06) | | | | | | (0.06) | | | | | | 0.79 | |
Continuing and Discontinued Operations | | | | | | |||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 0.45 | | | | | | 0.28 | | | | | | 0.23 | | | | | | 0.71 |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated)(1) |
| |
2015
(Restated)(1) |
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Net Income
|
| | | | 72.6 | | | | | | 41.2 | | | | | | 29.2 | | | | | | 115.3 | | |
Items that will not be reclassified subsequently to profit or loss
|
| | | | | ||||||||||||||||||||
Remeasurement of defined benefit obligation
|
| | | | 0.3 | | | | | | (0.7) | | | | | | (0.3) | | | | | | 0.3 | | |
Items that may be subsequently reclassified to profit or loss
|
| | | | | ||||||||||||||||||||
Shares of other comprehensive income from associates
|
| | | | 0.2 | | | | | | (0.1) | | | | | | —(2) | | | | | | (40.0) | | |
Currency translation adjustment
|
| | | | (2.7) | | | | | | (24.0) | | | | | | (48.6) | | | | | | (166.6) | | |
Other comprehensive loss from continuing operations for the year, net of income tax
|
| | | | (2.2) | | | | | | (24.7) | | | | | | (48.9) | | | | | | (206.3) | | |
Currency translation adjustment from discontinued operations
|
| | | | — | | | | | | 3.6 | | | | | | 4.3 | | | | | | (4.3) | | |
Other comprehensive income of discontinued operations for the year, net of income tax
|
| | | | — | | | | | | 3.6 | | | | | | 4.3 | | | | | | (4.3) | | |
Total other comprehensive loss for the year
|
| | | | (2.2) | | | | | | (21.1) | | | | | | (44.6) | | | | | | (210.5) | | |
Total comprehensive loss for the year
|
| | | | 70.4 | | | | | | 20.1 | | | | | | (15.4) | | | | | | (95.2) | | |
Attributable to: | | | | | | ||||||||||||||||||||
Owners of the parent
|
| | | | 56.6 | | | | | | 18.2 | | | | | | 1.5 | | | | | | (50.9) | | |
Non-controlling interest
|
| | | | 13.8 | | | | | | 1.9 | | | | | | (16.9) | | | | | | (44.4) | | |
| | | | | 70.4 | | | | | | 20.1 | | | | | | (15.4) | | | | | | (95.2) | | |
|
| | |
As of September 30,
2017 (Unaudited) |
| |
As of December 31,
|
| |
As of January 1,
2015 |
| |||||||||||||||
| | |
2016
(Restated)(1) |
| |
2015
(Restated)(1) |
| ||||||||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets
|
| | | | 3,314.4 | | | | | | 3,120.2 | | | | | | 2,876.9 | | | | | | 2,015.2 | | |
Current assets
|
| | | | 638.6 | | | | | | 507.1 | | | | | | 394.7 | | | | | | 817.5 | | |
Total assets
|
| | | | 3,953.0 | | | | | | 3,627.3 | | | | | | 3,271.6 | | | | | | 2,832.8 | | |
Total equity
|
| | | | 839.4 | | | | | | 803.3 | | | | | | 834.1 | | | | | | 1,466.6 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | |||||
Non-current liabilities
|
| | | | 2,439.0 | | | | | | 2,161.2 | | | | | | 1,955.5 | | | | | | 688.0 | | |
Current liabilities
|
| | | | 674.6 | | | | | | 662.8 | | | | | | 482.0 | | | | | | 678.2 | | |
Total liabilities
|
| | | | 3,113.6 | | | | | | 2,824.0 | | | | | | 2,437.5 | | | | | | 1,366.2 | | |
Total equity and liabilities
|
| | | | 3,953.0 | | | | | | 3,627.3 | | | | | | 3,271.6 | | | | | | 2,832.8 | | |
Equity | | | | | | ||||||||||||||||||||
Weighted average number of common shares (in thousands)(2)
|
| | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | | |
Declared dividends per share
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
For the Nine-Month
Period Ended September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated)(1) |
| |
2015
(Restated)(1) |
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Net cash provided by operating activities
|
| | | | 59.6 | | | | | | 141.7 | | | | | | 172.8 | | | | | | 43.6 | | |
Net cash used in discontinued operating activities
|
| | | | — | | | | | | (8.9) | | | | | | (8.2) | | | | | | (42.0) | | |
Net cash provided by/(used in) investing activities
|
| | | | (9.1) | | | | | | (1.7) | | | | | | 35.8 | | | | | | (86.4) | | |
Net cash used in discontinued investing activities
|
| | | | — | | | | | | (8.1) | | | | | | (8.1) | | | | | | (183.6) | | |
Net cash (used in)/provided by financing activities
|
| | | | 97.0 | | | | | | (102.0) | | | | | | (159.4) | | | | | | 22.8 | | |
Net cash provided by discontinued financing activities
|
| | | | — | | | | | | — | | | | | | — | | | | | | 196.7 | | |
Increase/(Decrease) in cash and cash equivalents from continuing operations
|
| | | | 147.5 | | | | | | 37.9 | | | | | | 49.2 | | | | | | (20.0) | | |
Decrease in cash and cash equivalents from discontinued operations
|
| | | | — | | | | | | (16.9) | | | | | | (16.2) | | | | | | (28.8) | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||
| | |
2017
|
| |
% change against
prior year |
| |
2016
|
| |
2016
|
| |
% change against
prior year |
| |
2015
|
| ||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 30.5 | | | | | | 9.8% | | | | | | 27.8 | | | | | | 37.9 | | | | | | (0.9)% | | | | | | 38.2 | | |
International Passengers (in millions)
|
| | | | 20.5 | | | | | | 10.3% | | | | | | 18.6 | | | | | | 24.6 | | | | | | 7.4% | | | | | | 22.9 | | |
Transit passengers (in millions)
|
| | | | 6.1 | | | | | | (16.8)% | | | | | | 7.3 | | | | | | 9.3 | | | | | | (6.0)% | | | | | | 9.9 | | |
Total passengers (in millions)
|
| | | | 57.1 | | | | | | 6.4% | | | | | | 53.7 | | | | | | 71.8 | | | | | | 1.1% | | | | | | 71.0 | | |
Cargo volume (in thousands of tons)
|
| | | | 268.8 | | | | | | 8.2% | | | | | | 248.5 | | | | | | 360.6 | | | | | | 2.6% | | | | | | 351.4 | | |
Total aircraft movements
(in thousands) |
| | | | 637.3 | | | | | | 2.0% | | | | | | 624.8 | | | | | | 836.4 | | | | | | (4.0)% | | | | | | 871.1 | | |
Adjusted EBITDA (unaudited)(1)
(in millions of U.S.$) |
| | | | 354.7 | | | | | | 5.5% | | | | | | 336.4 | | | | | | 427.2 | | | | | | 54.5% | | | | | | 276.6 | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Income from continuing operations
|
| | | | 72.6 | | | | | | 49.9 | | | | | | 38.7 | | | | | | 6.3 | | |
Financial income
|
| | | | (42.6) | | | | | | (26.3) | | | | | | (37.5) | | | | | | (46.8) | | |
Financial loss
|
| | | | 203.8 | | | | | | 204.0 | | | | | | 273.0 | | | | | | 199.8 | | |
Income tax expense
|
| | | | 39.8 | | | | | | 38.6 | | | | | | 56.4 | | | | | | 45.0 | | |
Amortization and depreciation
|
| | | | 81.1 | | | | | | 70.2 | | | | | | 96.7 | | | | | | 72.2 | | |
Adjusted EBITDA (unaudited)
|
| | | | 354.7 | | | | | | 336.4 | | | | | | 427.2 | | | | | | 276.6 | | |
|
| | |
Outstanding amount as
of September 30, 2017 (unless otherwise indicated) (Unaudited) (in millions of U.S.$) |
| |
Interest rate
|
| |
Maturity
|
| |||||||||
Related-Party Indebtedness | | | | | |||||||||||||||
Converse Bank
|
| | | | 19.9 | | | | | | 9.75% | | | |
March 31, 2018
|
| |||
Converse Bank
|
| | | | 1.3 | | | | | | 8.25% | | | | | | November 20, 2018 | | |
Converse Bank
|
| | | | 11.0(1) | | | | | | 7.50% | | | |
June 15, 2018
|
| |||
Converse Bank
|
| | | | 1.5(2) | | | | | | 8.0% | | | |
June 4, 2018
|
| |||
Corona Trading Corp.
|
| | | | 2.0 | | | | | | 4.0% | | | |
—
|
| |||
OROTUN S.A.
|
| | | | 26.1 | | | | | | 5.0% | | | |
—
|
| |||
ELENOR S.A.
|
| | | | 4.7 | | | | | | — | | | |
—
|
| |||
Others
|
| | | | 0.2 | | | | | | — | | | |
—
|
| |||
Other Indebtedness | | | | | |||||||||||||||
Goldman Sachs Bank USA
|
| | | | 50.0(3) | | | | | | —(4) | | | |
March 20, 2019
|
| |||
Bank Julius Baer & Co. Ltd
|
| | | | 15.0(5) | | | | | | 2.40% | | | |
December 20, 2019
|
| |||
Total
|
| | | | 131.7 | | | | | ||||||||||
|
| | |
As of September 30, 2017
|
| |||||||||||||||
| | |
Actual
|
| |
Adjusted
|
| |
Further Adjusted(1)
|
| |||||||||
| | |
(Unaudited)
(in millions of U.S.$) |
| |||||||||||||||
Borrowings | | | | | |||||||||||||||
Secured, guaranteed
|
| | | | 425.3 | | | | | | 517.6(2) | | | | | | 517.6 | | |
Secured, unguaranteed
|
| | | | 822.0 | | | | | | 849.5(3) | | | | | | 822.0 | | |
Unsecured, guaranteed
|
| | | | 21.2 | | | | | | 45.7(4) | | | | | | 24.5 | | |
Unsecured, unguaranteed
|
| | | | 61.6 | | | | | | 111.6(5) | | | | | | 61.6 | | |
Total borrowings
|
| | | | 1,330.1 | | | | | | 1,524.4 | | | | | | 1,425.7 | | |
Capital and reserves | | | | | |||||||||||||||
Share capital
|
| | | | 1,500.0 | | | | | | 148.1 | | | | | | 160.0 | | |
Share premium
|
| | | | — | | | | | | — | | | | | | 223.7 | | |
Non-distributable reserve
|
| | | | — | | | | | | 1,351.9 | | | | | | 1,351.9 | | |
Free distributable reserve
|
| | | | 397.3 | | | | | | 397.3 | | | | | | 397.3 | | |
Currency translation adjustment
|
| | | | (199.4) | | | | | | (199.4) | | | | | | (199.4) | | |
Legal reserves(6)
|
| | | | — | | | | | | — | | | | | | — | | |
Other reserves
|
| | | | (1,343.9) | | | | | | (1,343.9) | | | | | | (1,343.9) | | |
Retained earnings
|
| | | | 141.6 | | | | | | 141.6 | | | | | | 141.6 | | |
Total attributable to owners of the parent
|
| | | | 495.7 | | | | | | 495.7 | | | | | | 731.2 | | |
Non-controlling interests
|
| | | | 343.7 | | | | | | 343.7 | | | | | | 343.7 | | |
Total equity
|
| | | | 839.4 | | | | | | 839.4 | | | | | | 1,074.9 | | |
Total capitalization
|
| | | | 2,169.5 | | | | | | 2,363.8 | | | | | | 2,500.6 | | |
|
|
Assumed initial offering price
|
| | | $ | 21.00 | | |
|
Negative net tangible book value per common share as of September 30, 2017
|
| | | $ | (15.0854) | | |
|
Increase in negative net tangible book value per common share attributable to new investors
|
| | | $ | 2.5936 | | |
|
Negative net tangible book value per common share after giving effect to this offering
|
| | | $ | (12.4918) | | |
|
Dilution per common share to new investors
|
| | | $ | 33.4918 | | |
| | |
Argentine Peso Exchange Rates
|
| |||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
Average
|
| |
Period-end
|
| ||||||||||||
Year ended December 31, | | | | | | ||||||||||||||||||||
2012
|
| | | | 4.91 | | | | | | 4.30 | | | | | | 4.55 | | | | | | 4.91 | | |
2013
|
| | | | 6.53 | | | | | | 4.92 | | | | | | 5.47 | | | | | | 6.52 | | |
2014
|
| | | | 8.56 | | | | | | 6.52 | | | | | | 8.11 | | | | | | 8.55 | | |
2015
|
| | | | 13.38 | | | | | | 8.55 | | | | | | 9.25 | | | | | | 12.98 | | |
2016
|
| | | | 16.03 | | | | | | 13.20 | | | | | | 14.78 | | | | | | 15.89 | | |
2017
|
| | | | 19.20 | | | | | | 15.20 | | | | | | 16.58 | | | | | | 18.65 | | |
2018 (through January 12)
|
| | | | 19.05 | | | | | | 18.40 | | | | | | 18.71 | | | | | | 18.70 | | |
Month | | | | | | ||||||||||||||||||||
July 2017
|
| | | | 17.79 | | | | | | 16.80 | | | | | | 17.20 | | | | | | 17.65 | | |
August 2017
|
| | | | 17.70 | | | | | | 17.05 | | | | | | 17.42 | | | | | | 17.30 | | |
September 2017
|
| | | | 17.60 | | | | | | 17.00 | | | | | | 17.25 | | | | | | 17.30 | | |
October 2017
|
| | | | 17.70 | | | | | | 17.35 | | | | | | 17.47 | | | | | | 17.65 | | |
November 2017
|
| | | | 17.65 | | | | | | 17.30 | | | | | | 17.48 | | | | | | 17.30 | | |
December 2017
|
| | | | 19.20 | | | | | | 17.25 | | | | | | 17.81 | | | | | | 18.65 | | |
January 2018 (through January 12)
|
| | | | 19.05 | | | | | | 18.40 | | | | | | 18.71 | | | | | | 18.70 | | |
| | |
Euro Exchange Rates
|
| |||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
Average
|
| |
Period-end
|
| ||||||||||||
Year ended December 31, | | | | | | ||||||||||||||||||||
2012
|
| | | | 0.82 | | | | | | 0.74 | | | | | | 0.78 | | | | | | 0.76 | | |
2013
|
| | | | 0.78 | | | | | | 0.72 | | | | | | 0.75 | | | | | | 0.72 | | |
2014
|
| | | | 0.82 | | | | | | 0.72 | | | | | | 0.75 | | | | | | 0.82 | | |
2015
|
| | | | 0.95 | | | | | | 0.83 | | | | | | 0.90 | | | | | | 0.92 | | |
2016
|
| | | | 0.96 | | | | | | 0.86 | | | | | | 0.90 | | | | | | 0.95 | | |
2017
|
| | | | 0.96 | | | | | | 0.83 | | | | | | 0.89 | | | | | | 0.83 | | |
2018 (through January 12)
|
| | | | 0.84 | | | | | | 0.82 | | | | | | 0.83 | | | | | | 0.82 | | |
Month | | | | | | ||||||||||||||||||||
July 2017
|
| | | | 0.88 | | | | | | 0.85 | | | | | | 0.87 | | | | | | 0.85 | | |
August 2017
|
| | | | 0.85 | | | | | | 0.83 | | | | | | 0.85 | | | | | | 0.85 | | |
September 2017
|
| | | | 0.85 | | | | | | 0.83 | | | | | | 0.84 | | | | | | 0.85 | | |
October 2017
|
| | | | 0.86 | | | | | | 0.84 | | | | | | 0.85 | | | | | | 0.86 | | |
November 2017
|
| | | | 0.86 | | | | | | 0.84 | | | | | | 0.85 | | | | | | 0.84 | | |
December 2017
|
| | | | 0.85 | | | | | | 0.83 | | | | | | 0.84 | | | | | | 0.83 | | |
January 2018 (through January 12)
|
| | | | 0.84 | | | | | | 0.82 | | | | | | 0.83 | | | | | | 0.82 | | |
| | |
Brazilian Real Exchange Rates
|
| |||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
Average
|
| |
Period-end
|
| ||||||||||||
Year ended December 31, | | | | | | ||||||||||||||||||||
2012
|
| | | | 2.11 | | | | | | 1.70 | | | | | | 1.95 | | | | | | 2.04 | | |
2013
|
| | | | 2.45 | | | | | | 1.95 | | | | | | 2.16 | | | | | | 2.34 | | |
2014
|
| | | | 2.74 | | | | | | 2.20 | | | | | | 2.35 | | | | | | 2.66 | | |
2015
|
| | | | 4.19 | | | | | | 2.58 | | | | | | 3.34 | | | | | | 3.90 | | |
2016
|
| | | | 4.16 | | | | | | 3.12 | | | | | | 3.48 | | | | | | 3.26 | | |
2017
|
| | | | 3.38 | | | | | | 3.05 | | | | | | 3.19 | | | | | | 3.31 | | |
2018 (through January 12)
|
| | | | 3.27 | | | | | | 3.22 | | | | | | 3.24 | | | | | | 3.22 | | |
Month | | | | | | ||||||||||||||||||||
July 2017
|
| | | | 3.32 | | | | | | 3.13 | | | | | | 3.21 | | | | | | 3.13 | | |
August 2017
|
| | | | 3.20 | | | | | | 3.12 | | | | | | 3.15 | | | | | | 3.16 | | |
September 2017
|
| | | | 3.19 | | | | | | 3.08 | | | | | | 3.13 | | | | | | 3.17 | | |
October 2017
|
| | | | 3.28 | | | | | | 3.13 | | | | | | 3.19 | | | | | | 3.28 | | |
November 2017
|
| | | | 3.29 | | | | | | 3.21 | | | | | | 3.26 | | | | | | 3.26 | | |
December 2017
|
| | | | 3.33 | | | | | | 3.23 | | | | | | 3.29 | | | | | | 3.31 | | |
January 2018 (through January 12)
|
| | | | 3.27 | | | | | | 3.22 | | | | | | 3.24 | | | | | | 3.22 | | |
| | |
Uruguayan Peso Exchange Rates
|
| |||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
Average
|
| |
Period-end
|
| ||||||||||||
Year ended December 31, | | | | | | ||||||||||||||||||||
2012
|
| | | | 21.85 | | | | | | 18.95 | | | | | | 20.24 | | | | | | 19.18 | | |
2013
|
| | | | 22.68 | | | | | | 18.70 | | | | | | 20.50 | | | | | | 21.13 | | |
2014
|
| | | | 24.82 | | | | | | 20.95 | | | | | | 23.34 | | | | | | 24.37 | | |
2015
|
| | | | 29.92 | | | | | | 24.08 | | | | | | 27.49 | | | | | | 29.92 | | |
2016
|
| | | | 32.58 | | | | | | 28.06 | | | | | | 30.14 | | | | | | 29.34 | | |
2017
|
| | | | 29.69 | | | | | | 27.82 | | | | | | 28.68 | | | | | | 28.81 | | |
2018 (through January 12)
|
| | | | 28.76 | | | | | | 28.63 | | | | | | 28.67 | | | | | | 28.63 | | |
Month | | | | | | ||||||||||||||||||||
July 2017
|
| | | | 29.04 | | | | | | 28.25 | | | | | | 28.64 | | | | | | 28.25 | | |
August 2017
|
| | | | 28.91 | | | | | | 28.30 | | | | | | 28.67 | | | | | | 28.85 | | |
September 2017
|
| | | | 29.19 | | | | | | 28.78 | | | | | | 28.91 | | | | | | 28.98 | | |
October 2017
|
| | | | 29.69 | | | | | | 29.13 | | | | | | 29.38 | | | | | | 29.18 | | |
November 2017
|
| | | | 29.51 | | | | | | 28.94 | | | | | | 29.23 | | | | | | 29.00 | | |
December 2017
|
| | | | 29.09 | | | | | | 28.73 | | | | | | 28.88 | | | | | | 28.81 | | |
January 2018 (through January 12)
|
| | | | 28.76 | | | | | | 28.63 | | | | | | 28.67 | | | | | | 28.63 | | |
| | |
Armenian Dram Exchange Rates
|
| |||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
Average
|
| |
Period-end
|
| ||||||||||||
Year ended December 31, | | | | | | ||||||||||||||||||||
2012
|
| | | | 419.42 | | | | | | 385.07 | | | | | | 401.95 | | | | | | 404.15 | | |
2013
|
| | | | 420.20 | | | | | | 402.01 | | | | | | 409.63 | | | | | | 402.76 | | |
2014
|
| | | | 492.10 | | | | | | 400.28 | | | | | | 416.02 | | | | | | 474.49 | | |
2015
|
| | | | 485.80 | | | | | | 468.60 | | | | | | 478.00 | | | | | | 484.39 | | |
2016
|
| | | | 496.07 | | | | | | 473.20 | | | | | | 480.38 | | | | | | 484.97 | | |
2017
|
| | | | 488.59 | | | | | | 477.00 | | | | | | 482.59 | | | | | | 483.32 | | |
2018 (through January 12)
|
| | | | 484.34 | | | | | | 480.00 | | | | | | 483.40 | | | | | | 483.93 | | |
Month | | | | | | ||||||||||||||||||||
July 2017
|
| | | | 480.26 | | | | | | 478.00 | | | | | | 479.06 | | | | | | 479.00 | | |
August 2017
|
| | | | 479.50 | | | | | | 478.23 | | | | | | 478.74 | | | | | | 478.90 | | |
September 2017
|
| | | | 478.60 | | | | | | 477.00 | | | | | | 477.97 | | | | | | 478.06 | | |
October 2017
|
| | | | 482.33 | | | | | | 477.82 | | | | | | 480.47 | | | | | | 482.33 | | |
November 2017
|
| | | | 488.59 | | | | | | 482.77 | | | | | | 485.43 | | | | | | 484.37 | | |
December 2017
|
| | | | 485.10 | | | | | | 481.25 | | | | | | 483.22 | | | | | | 483.32 | | |
January 2018 (through January 12)
|
| | | | 484.34 | | | | | | 480.00 | | | | | | 483.40 | | | | | | 483.93 | | |
| | |
Peruvian Sol Exchange Rates
|
| |||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
Average
|
| |
Period-end
|
| ||||||||||||
Year ended December 31, | | | | | | ||||||||||||||||||||
2012
|
| | | | 2.71 | | | | | | 2.55 | | | | | | 2.64 | | | | | | 2.55 | | |
2013
|
| | | | 2.81 | | | | | | 2.54 | | | | | | 2.70 | | | | | | 2.80 | | |
2014
|
| | | | 2.99 | | | | | | 2.76 | | | | | | 2.90 | | | | | | 2.98 | | |
2015
|
| | | | 3.41 | | | | | | 2.98 | | | | | | 3.19 | | | | | | 3.41 | | |
2016
|
| | | | 3.54 | | | | | | 3.25 | | | | | | 3.37 | | | | | | 3.36 | | |
2017
|
| | | | 3.39 | | | | | | 3.23 | | | | | | 3.26 | | | | | | 3.24 | | |
2018 (through January 12)
|
| | | | 3.23 | | | | | | 3.21 | | | | | | 3.22 | | | | | | 3.22 | | |
Month | | | | | | ||||||||||||||||||||
July 2017
|
| | | | 3.26 | | | | | | 3.24 | | | | | | 3.25 | | | | | | 3.24 | | |
August 2017
|
| | | | 3.25 | | | | | | 3.24 | | | | | | 3.24 | | | | | | 3.24 | | |
September 2017
|
| | | | 3.27 | | | | | | 3.23 | | | | | | 3.25 | | | | | | 3.27 | | |
October 2017
|
| | | | 3.27 | | | | | | 3.23 | | | | | | 3.25 | | | | | | 3.25 | | |
November 2017
|
| | | | 3.25 | | | | | | 3.23 | | | | | | 3.24 | | | | | | 3.23 | | |
December 2017
|
| | | | 3.29 | | | | | | 3.23 | | | | | | 3.25 | | | | | | 3.24 | | |
January 2018 (through January 12)
|
| | | | 3.23 | | | | | | 3.21 | | | | | | 3.22 | | | | | | 3.22 | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated)(1) |
| |
2015
(Restated)(1) |
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Continuing Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | 1,158.5 | | | | | | 981.9 | | | | | | 1,366.3 | | | | | | 1,187.1 | | |
Cost of services
|
| | | | (749.8) | | | | | | (595.7) | | | | | | (859.1) | | | | | | (759.2) | | |
Gross Profit
|
| | | | 408.7 | | | | | | 386.2 | | | | | | 507.3 | | | | | | 427.9 | | |
Selling, general and administrative expenses
|
| | | | (140.1) | | | | | | (128.8) | | | | | | (170.9) | | | | | | (167.2) | | |
Impairment loss
|
| | | | — | | | | | | — | | | | | | (16.6) | | | | | | — | | |
Other operating income
|
| | | | 14.3 | | | | | | 12.4 | | | | | | 16.9 | | | | | | 15.6 | | |
Other operating expense
|
| | | | (3.5) | | | | | | (3.2) | | | | | | (4.9) | | | | | | (2.7) | | |
Operating Income
|
| | | | 279.4 | | | | | | 266.6 | | | | | | 331.8 | | | | | | 273.6 | | |
Share of loss in associates
|
| | | | (5.8) | | | | | | (0.4) | | | | | | (1.3) | | | | | | (69.3) | | |
Income before financial results and income tax
|
| | | | 273.6 | | | | | | 266.2 | | | | | | 330.5 | | | | | | 204.3 | | |
Financial income
|
| | | | 42.6 | | | | | | 26.3 | | | | | | 37.5 | | | | | | 46.8 | | |
Financial loss
|
| | | | (203.8) | | | | | | (204.0) | | | | | | (273.0) | | | | | | (199.8) | | |
|
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated)(1) |
| |
2015
(Restated)(1) |
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Income before income tax expense
|
| | | | 112.4 | | | | | | 88.5 | | | | | | 95.1 | | | | | | 51.3 | | |
Income tax expense
|
| | | | (39.8) | | | | | | (38.6) | | | | | | (56.4) | | | | | | (45.0) | | |
Income from continuing operations
|
| | | | 72.6 | | | | | | 49.9 | | | | | | 38.7 | | | | | | 6.3 | | |
(Loss)/Income from discontinued operations
|
| | | | — | | | | | | (8.7) | | | | | | (9.5) | | | | | | 109.0 | | |
Net Income
|
| | | | 72.6 | | | | | | 41.2 | | | | | | 29.2 | | | | | | 115.3 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | |
Owners of the parent
|
| | | | 67.1 | | | | | | 40.9 | | | | | | 33.8 | | | | | | 105.5 | | |
Non-controlling interest
|
| | | | 5.5 | | | | | | 0.3 | | | | | | (4.5) | | | | | | 9.8 | | |
| | | | | 72.6 | | | | | | 41.2 | | | | | | 29.2 | | | | | | 115.3 | | |
|
| | |
For the Nine-Month Period
Ended September 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated)(1) |
| |
2015
(Restated)(1) |
| ||||||||||||
| | |
(in millions of U.S.$ except for share and per share amounts)
|
| |||||||||||||||||||||
Earnings per share attributable to the parent | | | | | | ||||||||||||||||||||
Weighted average number of common shares (in thousands)(2)
|
| | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | | |
Continuing Operations | | | | | | ||||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 0.04 | | | | | | 0.03 | | | | | | 0.03 | | | | | | (0.01) | | |
Discontinued Operations | | | | | | ||||||||||||||||||||
Basic and diluted earnings per share
|
| | | | — | | | | | | (0.01) | | | | | | (0.01) | | | | | | 0.08 | | |
Continuing and Discontinued Operations | | | | | | ||||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 0.04 | | | | | | 0.03 | | | | | | 0.02 | | | | | | 0.07 | | |
Pro-forma earnings per share attributable to the parent (unaudited)(3)
|
| | | | | ||||||||||||||||||||
Pro-forma weighted average number of common shares (in thousands)
|
| | | | 148,118 | | | | | | 148,118 | | | | | | 148,118 | | | | | | 148,118 | | |
Continuing Operations | | | | | | ||||||||||||||||||||
Basic and diluted earnings per share . . . . . . . . . . . .
|
| | | | 0.45 | | | | | | 0.33 | | | | | | 0.29 | | | | | | (0.07) | | |
Discontinued Operations | | | | | | ||||||||||||||||||||
Basic and diluted earnings per share . . . . . . . . . . . .
|
| | | | — | | | | | | (0.06) | | | | | | (0.06) | | | | | | 0.79 | | |
Continuing and Discontinued Operations | | | | | | ||||||||||||||||||||
Basic and diluted earnings per share . . . . . . . . . . . .
|
| | | | 0.45 | | | | | | 0.28 | | | | | | 0.23 | | | | | | 0.71 | | |
| | |
For the Nine-Month Period
Ended September 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated)(1) |
| |
2015
(Restated)(1) |
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Net Income
|
| | | | 72.6 | | | | | | 41.2 | | | | | | 29.2 | | | | | | 115.3 | | |
Items that will not be reclassified subsequently to profit or loss | | | | | | ||||||||||||||||||||
Remeasurement of defined benefit obligation
|
| | | | 0.3 | | | | | | (0.7) | | | | | | (0.3) | | | | | | 0.3 | | |
Items that may be subsequently reclassified to profit or loss | | | | | | ||||||||||||||||||||
Shares of other comprehensive income from associates
|
| | | | 0.2 | | | | | | (0.1) | | | | | | —(2) | | | | | | (40.0) | | |
Currency translation adjustment
|
| | | | (2.7) | | | | | | (24.0) | | | | | | (48.6) | | | | | | (166.6) | | |
Other comprehensive loss from continuing operations for the year, net of income tax
|
| | | | (2.2) | | | | | | (24.7) | | | | | | (48.9) | | | | | | (206.3) | | |
Currency translation adjustment from discontinued operations
|
| | | | — | | | | | | 3.6 | | | | | | 4.3 | | | | | | (4.3) | | |
Other comprehensive income of discontinued operations for the year, net of income tax
|
| | | | — | | | | | | 3.6 | | | | | | 4.3 | | | | | | (4.3) | | |
Total other comprehensive loss for the year
|
| | | | (2.2) | | | | | | (21.1) | | | | | | (44.6) | | | | | | (210.5) | | |
Total comprehensive loss for the year
|
| | | | 70.4 | | | | | | 20.1 | | | | | | (15.4) | | | | | | (95.2) | | |
Attributable to: | | | | | | ||||||||||||||||||||
Owners of the parent
|
| | | | 56.6 | | | | | | 18.2 | | | | | | 1.5 | | | | | | (50.9) | | |
Non-controlling interest
|
| | | | 13.8 | | | | | | 1.9 | | | | | | (16.9) | | | | | | (44.4) | | |
| | | | | 70.4 | | | | | | 20.1 | | | | | | (15.4) | | | | | | (95.2) | | |
|
| | |
As of September 30,
2017 (Unaudited) |
| |
As of December 31,
|
| |
As of January 1,
2015 |
| |||||||||||||||
| | |
2016
(Restated)(1) |
| |
2015
(Restated)(1) |
| ||||||||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets
|
| | | | 3,314.4 | | | | | | 3,120.2 | | | | | | 2,876.9 | | | | | | 2,015.2 | | |
Current assets
|
| | | | 638.6 | | | | | | 507.1 | | | | | | 394.7 | | | | | | 817.5 | | |
Total assets
|
| | | | 3,953.0 | | | | | | 3,627.3 | | | | | | 3,271.6 | | | | | | 2,832.8 | | |
Total equity
|
| | | | 839.4 | | | | | | 803.3 | | | | | | 834.1 | | | | | | 1,466.6 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | |||||
Non-current liabilities
|
| | | | 2,439.0 | | | | | | 2,161.2 | | | | | | 1,955.5 | | | | | | 688.0 | | |
Current liabilities
|
| | | | 674.6 | | | | | | 662.8 | | | | | | 482.0 | | | | | | 678.2 | | |
Total liabilities
|
| | | | 3,113.6 | | | | | | 2,824.0 | | | | | | 2,437.5 | | | | | | 1,366.2 | | |
Total equity and liabilities
|
| | | | 3,953.0 | | | | | | 3,627.3 | | | | | | 3,271.6 | | | | | | 2,832.8 | | |
Equity | | | | | | | | | | | | | | | | | | | | | |||||
Weighted average number of common shares
(in thousands)(2) |
| | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | | |
Declared dividends per share
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated)(1) |
| |
2015
(Restated)(1) |
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Net cash provided by operating activities
|
| | | | 59.6 | | | | | | 141.7 | | | | | | 172.8 | | | | | | 43.6 | | |
Net cash used in discontinued operating activities
|
| | | | — | | | | | | (8.9) | | | | | | (8.2) | | | | | | (42.0) | | |
Net cash provided by/(used in) investing activities
|
| | | | (9.1) | | | | | | (1.7) | | | | | | 35.8 | | | | | | (86.4) | | |
Net cash used in discontinued investing activities
|
| | | | — | | | | | | (8.1) | | | | | | (8.1) | | | | | | (183.6) | | |
Net cash (used in)/provided by financing activities
|
| | | | 97.0 | | | | | | (102.0) | | | | | | (159.4) | | | | | | 22.8 | | |
Net cash provided by discontinued financing activities
|
| | | | — | | | | | | — | | | | | | — | | | | | | 196.7 | | |
Increase/(Decrease) in cash and cash equivalents from continuing operations
|
| | | | 147.5 | | | | | | 37.9 | | | | | | 49.2 | | | | | | (20.0) | | |
Decrease in cash and cash equivalents from discontinued operations
|
| | | | — | | | | | | (16.9) | | | | | | (16.2) | | | | | | (28.8) | | |
| | |
I
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II
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III
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A.C.I.
Airports International S.à r.l. Historical for the Year Ended December 31, 2016 |
| |
Disposition
|
| |
Notes
|
| |
Pro Forma
for the Year Ended December 31, 2016 (unaudited) |
| ||||||||||||
| | | | | | ||||||||||||||||||||
Continuing operations | | | | | | | | | | | |||||||||||||||
Revenue
|
| | | | 1,366.3 | | | | | | — | | | | | | | | | | | | 1,366.3 | | |
Cost of services
|
| | | | (859.1) | | | | | | — | | | | | | | | | | | | (859.1) | | |
Gross profit
|
| | | | 507.3 | | | | |
|
—
|
| | | | | | | | | | | 507.3 | | |
Selling, general and administrative expenses
|
| | | | (170.9) | | | | | | — | | | | | | | | | | | | (170.9) | | |
Impairment loss
|
| | | | (16.6) | | | | | | — | | | | | | | | | | | | (16.6) | | |
Other operating income
|
| | | | 16.9 | | | | | | — | | | | | | | | | | | | 16.9 | | |
Other operating expense
|
| | | | (4.9) | | | | | | 0.9 | | | | | | B | | | | | | (4.0) | | |
Operating income
|
| | | | 331.8 | | | | | | 0.9 | | | | | | | | | | | | 332.7 | | |
Share of loss in associates
|
| | | | (1.3) | | | | | | 0.4 | | | | | | A | | | | | | (0.9) | | |
Income before financial results and income tax
|
| | | | 330.5 | | | | | | 1.3 | | | | | | | | | | | | 331.8 | | |
Financial income
|
| | | | 37.5 | | | | | | — | | | | | | | | | | | | 37.5 | | |
Financial loss
|
| | | | (273.0) | | | | | | — | | | | | | | | | | | | (273.0) | | |
Income before income tax expense
|
| | | | 95.1 | | | | |
|
1.3
|
| | | | | | | | | |
|
96.4
|
| |
Income tax expense
|
| | | | (56.4) | | | | | | — | | | | | | | | | | | | (56.4) | | |
Income from continuing operations
|
| | | | 38.7 | | | | | | 1.3 | | | | | | | | | | | | 40.0 | | |
Earnings per share attributable to the owners of the parent | | | | | | ||||||||||||||||||||
Weighted average number of common shares (thousands)(1)
|
| | | | 1,500,000 | | | | | | — | | | | | | | | | | | | 1,500,000 | | |
Continuing operations | | | | | | ||||||||||||||||||||
Basic earnings per share
|
| | | | 0.03 | | | | | | — | | | | | | | | | | | | 0.03 | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||
| | |
2017
|
| |
% change against
prior period |
| |
2016
|
| |
2016
|
| |
% change against
prior year |
| |
2015
|
| ||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 30.5 | | | | | | 9.8% | | | | | | 27.8 | | | | | | 37.9 | | | | | | (0.9)% | | | | | | 38.2 | | |
International Passengers (in millions)
|
| | | | 20.5 | | | | | | 10.3% | | | | | | 18.6 | | | | | | 24.6 | | | | | | 7.4% | | | | | | 22.9 | | |
Transit passengers (in millions)
|
| | | | 6.1 | | | | | | (16.8)% | | | | | | 7.3 | | | | | | 9.3 | | | | | | (6.0)% | | | | | | 9.9 | | |
Total passengers (in millions)
|
| | | | 57.1 | | | | | | 6.4% | | | | | | 53.7 | | | | | | 71.8 | | | | | | 1.1% | | | | | | 71.0 | | |
Cargo volumes (in thousands of tons)
|
| | | | 268.8 | | | | | | 8.2% | | | | | | 248.5 | | | | | | 360.6 | | | | | | 2.6% | | | | | | 351.4 | | |
Total aircraft movements (in thousands)
|
| | | | 637.3 | | | | | | 2.0% | | | | | | 624.8 | | | | | | 836.4 | | | | | | (4.0)% | | | | | | 871.1 | | |
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
|
| |
% of Total
|
| |
2016
|
| |
% of Total
|
| |
2016
|
| |
% of Total
|
| |
2015
|
| |
% of Total
|
| ||||||||||||||||||||||||
Argentina | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 16.5 | | | | | | 53.9% | | | | | | 13.8 | | | | | | 49.8% | | | | | | 19.2 | | | | | | 50.7% | | | | | | 19.0 | | | | | | 49.6% | | |
International Passengers (in millions)
|
| | | | 10.2 | | | | | | 49.5% | | | | | | 9.1 | | | | | | 48.7% | | | | | | 12.2 | | | | | | 49.5% | | | | | | 11.4 | | | | | | 49.6% | | |
Transit passengers (in millions)
|
| | | | 0.9 | | | | | | 14.0% | | | | | | 1.0 | | | | | | 14.3% | | | | | | 1.2 | | | | | | 12.7% | | | | | | 0.3 | | | | | | 3.5% | | |
Total passengers (in millions)
|
| | | | 27.5 | | | | | | 48.1% | | | | | | 23.9 | | | | | | 44.6% | | | | | | 32.6 | | | | | | 45.4% | | | | | | 30.7 | | | | | | 43.2% | | |
Cargo volume (in thousands of tons)
|
| | | | 155.4 | | | | | | 57.8% | | | | | | 140.9 | | | | | | 56.7% | | | | | | 210.8 | | | | | | 58.5% | | | | | | 202.6 | | | | | | 57.7% | | |
Aircraft movements (in thousands)
|
| | | | 314.1 | | | | | | 49.3% | | | | | | 288.6 | | | | | | 46.2% | | | | | | 393.1 | | | | | | 47.0% | | | | | | 396.5 | | | | | | 45.5% | | |
Italy | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 1.4 | | | | | | 4.5% | | | | | | 1.4 | | | | | | 4.9% | | | | | | 1.8 | | | | | | 4.7% | | | | | | 1.9 | | | | | | 4.8% | | |
International Passengers (in millions)
|
| | | | 4.9 | | | | | | 23.8% | | | | | | 4.5 | | | | | | 24.3% | | | | | | 5.7 | | | | | | 23.2% | | | | | | 5.4 | | | | | | 23.4% | | |
Transit passengers (in millions)
|
| | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | |
Total passengers (in millions)
|
| | | | 6.3 | | | | | | 11.0% | | | | | | 5.9 | | | | | | 11.0% | | | | | | 7.5 | | | | | | 10.5% | | | | | | 7.2 | | | | | | 10.2% | | |
Cargo volume (in thousands of tons)
|
| | | | 7.9 | | | | | | 2.9% | | | | | | 7.4 | | | | | | 3.0% | | | | | | 10.5 | | | | | | 2.9% | | | | | | 8.9 | | | | | | 2.5% | | |
Aircraft movements (in thousands)
|
| | | | 61.2 | | | | | | 9.6% | | | | | | 60.0 | | | | | | 9.6% | | | | | | 76.2 | | | | | | 9.1% | | | | | | 73.8 | | | | | | 8.5% | | |
Brazil(1) | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 8.7 | | | | | | 28.7% | | | | | | 8.7 | | | | | | 31.2% | | | | | | 11.6 | | | | | | 30.7% | | | | | | 12.3 | | | | | | 32.2% | | |
International Passengers (in millions)
|
| | | | 0.4 | | | | | | 2.0% | | | | | | 0.6 | | | | | | 3.0% | | | | | | 0.7 | | | | | | 2.9% | | | | | | 0.8 | | | | | | 3.5% | | |
Transit passengers (in millions)
|
| | | | 5.1 | | | | | | 84.8% | | | | | | 6.2 | | | | | | 84.4% | | | | | | 8.0 | | | | | | 86.0% | | | | | | 9.4 | | | | | | 95.4% | | |
Total passengers (in millions)
|
| | | | 14.3 | | | | | | 25.1% | | | | | | 15.4 | | | | | | 28.7% | | | | | | 20.4 | | | | | | 28.3% | | | | | | 22.5 | | | | | | 31.7% | | |
Cargo volume (in thousands of tons)
|
| | | | 39.5 | | | | | | 14.7% | | | | | | 35.9 | | | | | | 14.5% | | | | | | 48.7 | | | | | | 13.5% | | | | | | 50.4 | | | | | | 14.3% | | |
Aircraft movements (in thousands)
|
| | | | 138.1 | | | | | | 21.7% | | | | | | 151.0 | | | | | | 24.2% | | | | | | 198.8 | | | | | | 23.8% | | | | | | 230.6 | | | | | | 26.5% | | |
Uruguay | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | |
International Passengers (in millions)
|
| | | | 1.7 | | | | | | 8.4% | | | | | | 1.5 | | | | | | 8.2% | | | | | | 2.0 | | | | | | 8.2% | | | | | | 1.8 | | | | | | 8.0% | | |
Transit passengers (in millions)
|
| | | | 0.0 | | | | | | 0.3% | | | | | | 0.0 | | | | | | 0.2% | | | | | | 0.0 | | | | | | 0.2% | | | | | | 0.0 | | | | | | 0.1% | | |
Total passengers (in millions)
|
| | | | 1.7 | | | | | | 3.1% | | | | | | 1.5 | | | | | | 2.9% | | | | | | 2.0 | | | | | | 2.8% | | | | | | 1.8 | | | | | | 2.6% | | |
Cargo volume (in thousands of tons)
|
| | | | 20.0 | | | | | | 7.5% | | | | | | 20.9 | | | | | | 8.4% | | | | | | 29.0 | | | | | | 8.0% | | | | | | 30.9 | | | | | | 8.8% | | |
Aircraft movements (in thousands)
|
| | | | 27.0 | | | | | | 4.2% | | | | | | 22.9 | | | | | | 3.7% | | | | | | 32.4 | | | | | | 3.9% | | | | | | 31.8 | | | | | | 3.6% | | |
Ecuador(2) | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 1.7 | | | | | | 5.4% | | | | | | 1.7 | | | | | | 6.1% | | | | | | 2.3 | | | | | | 5.9% | | | | | | 2.4 | | | | | | 6.2% | | |
International Passengers (in millions)
|
| | | | 1.4 | | | | | | 6.9% | | | | | | 1.4 | | | | | | 7.3% | | | | | | 1.8 | | | | | | 7.5% | | | | | | 1.6 | | | | | | 7.1% | | |
Transit passengers (in millions)
|
| | | | 0.1 | | | | | | 0.9% | | | | | | 0.1 | | | | | | 1.1% | | | | | | 0.1 | | | | | | 1.1% | | | | | | 0.1 | | | | | | 1.0% | | |
Total passengers (in millions)
|
| | | | 3.1 | | | | | | 5.5% | | | | | | 3.1 | | | | | | 5.8% | | | | | | 4.2 | | | | | | 5.9% | | | | | | 4.1 | | | | | | 5.8% | | |
Cargo volume (in thousands of tons)
|
| | | | 25.3 | | | | | | 9.4% | | | | | | 30.0 | | | | | | 12.1% | | | | | | 39.3 | | | | | | 10.9% | | | | | | 43.2 | | | | | | 12.3% | | |
Aircraft movements (in thousands)
|
| | | | 60.1 | | | | | | 9.4% | | | | | | 66.4 | | | | | | 10.6% | | | | | | 87.6 | | | | | | 10.5% | | | | | | 90.9 | | | | | | 10.4% | | |
Armenia | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | |
International Passengers (in millions)
|
| | | | 1.9 | | | | | | 9.4% | | | | | | 1.5 | | | | | | 8.3% | | | | | | 2.1 | | | | | | 8.6% | | | | | | 1.9 | | | | | | 8.4% | | |
Transit passengers (in millions)
|
| | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | |
Total passengers (in millions)
|
| | | | 1.9 | | | | | | 3.4% | | | | | | 1.5 | | | | | | 2.9% | | | | | | 2.1 | | | | | | 2.9% | | | | | | 1.9 | | | | | | 2.7% | | |
Cargo volume (in thousands of tons)
|
| | | | 17.0 | | | | | | 6.3% | | | | | | 9.7 | | | | | | 3.9% | | | | | | 17.2 | | | | | | 4.8% | | | | | | 10.0 | | | | | | 2.9% | | |
Aircraft movements (in thousands)
|
| | | | 16.0 | | | | | | 2.5% | | | | | | 13.6 | | | | | | 2.2% | | | | | | 18.7 | | | | | | 2.2% | | | | | | 18.0 | | | | | | 2.1% | | |
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
|
| |
% of Total
|
| |
2016
|
| |
% of Total
|
| |
2016
|
| |
% of Total
|
| |
2015
|
| |
% of Total
|
| ||||||||||||||||||||||||
Peru(3) | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 2.3 | | | | | | 7.4% | | | | | | 2.2 | | | | | | 8.0% | | | | | | 3.0 | | | | | | 7.9% | | | | | | 2.7 | | | | | | 7.1% | | |
International Passengers (in millions)
|
| | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | |
Transit passengers (in millions)
|
| | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | | | | | 0.0 | | | | | | 0.0% | | |
Total passengers (in millions)
|
| | | | 2.3 | | | | | | 4.0% | | | | | | 2.2 | | | | | | 4.1% | | | | | | 3.0 | | | | | | 4.2% | | | | | | 2.7 | | | | | | 3.9% | | |
Cargo volume (in thousands of tons)
|
| | | | 3,703 | | | | | | 1.4% | | | | | | 3,643 | | | | | | 1.5% | | | | | | 4,979.0 | | | | | | 1.4% | | | | | | 5,236.0 | | | | | | 1.5% | | |
Aircraft movements (in thousands)
|
| | | | 20.9 | | | | | | 3.3% | | | | | | 22.4 | | | | | | 3.6% | | | | | | 29.6 | | | | | | 3.5% | | | | | | 29.4 | | | | | | 3.4% | | |
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| ||||||||||||||||||||||||
Aeronautical revenue
|
| | | | 575.1 | | | | | | 49.6% | | | | | | 495.6 | | | | | | 50.5% | | | | | | 673.5 | | | | | | 49.3% | | | | | | 543.2 | | | | | | 45.8% | | |
Non-aeronautical revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 409.7 | | | | | | 35.4% | | | | | | 383.7 | | | | | | 39.1% | | | | | | 522.2 | | | | | | 38.2% | | | | | | 459.7 | | | | | | 38.7% | | |
Construction service revenue
|
| | | | 172.3 | | | | | | 14.9% | | | | | | 99.4 | | | | | | 10.1% | | | | | | 165.1 | | | | | | 12.1% | | | | | | 178.4 | | | | | | 15.0% | | |
Other revenue
|
| | | | 1.3 | | | | | | 0.1% | | | | | | 3.2 | | | | | | 0.3% | | | | | | 5.6 | | | | | | 0.4% | | | | | | 5.7 | | | | | | 0.5% | | |
Total consolidated revenue
|
| | | | 1,158.5 | | | | | | 100.0% | | | | | | 981.9 | | | | | | 100.0% | | | | | | 1,366.3 | | | | | | 100.0% | | | | | | 1,187.1 | | | | | | 100.0% | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| ||||||||||||||||||||||||
Passenger use fees
|
| | | | 435.1 | | | | | | 75.6% | | | | | | 368.0 | | | | | | 74.3% | | | | | | 514.2 | | | | | | 76.4% | | | | | | 404.4 | | | | | | 74.4% | | |
Aircraft fees
|
| | | | 129.6 | | | | | | 22.5% | | | | | | 117.4 | | | | | | 23.7% | | | | | | 117.2 | | | | | | 17.4% | | | | | | 96.4 | | | | | | 17.8% | | |
Other
|
| | | | 10.5 | | | | | | 1.8% | | | | | | 10.2 | | | | | | 2.1% | | | | | | 42.1 | | | | | | 6.2% | | | | | | 42.4 | | | | | | 7.8% | | |
Total aeronautical revenue
|
| | | | 575.1 | | | | | | 100.0% | | | | | | 495.6 | | | | | | 100.0% | | | | | | 673.5 | | | | | | 100.0% | | | | | | 543.2 | | | | | | 100.0% | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| ||||||||||||||||||||||||
Warehouse use fees
|
| | | | 140.0 | | | | | | 34.2% | | | | | | 138.6 | | | | | | 36.1% | | | | | | 187.6 | | | | | | 35.9% | | | | | | 166.8 | | | | | | 36.3% | | |
Duty free shops
|
| | | | 48.3 | | | | | | 11.8% | | | | | | 45.3 | | | | | | 11.8% | | | | | | 64.2 | | | | | | 12.3% | | | | | | 72.3 | | | | | | 15.7% | | |
Rental of Space (including hangars)
|
| | | | 24.2 | | | | | | 5.9% | | | | | | 25.6 | | | | | | 6.7% | | | | | | 38.3 | | | | | | 7.3% | | | | | | 26.5 | | | | | | 5.8% | | |
Parking Facilities
|
| | | | 32.4 | | | | | | 7.9% | | | | | | 27.5 | | | | | | 7.2% | | | | | | 37.1 | | | | | | 7.1% | | | | | | 37.3 | | | | | | 8.1% | | |
Fuel
|
| | | | 28.8 | | | | | | 7.0% | | | | | | 22.0 | | | | | | 5.7% | | | | | | 32.1 | | | | | | 6.2% | | | | | | 29.2 | | | | | | 6.4% | | |
Food and beverage services
|
| | | | 20.2 | | | | | | 4.9% | | | | | | 19.8 | | | | | | 5.2% | | | | | | 26.2 | | | | | | 5.0% | | | | | | 13.8 | | | | | | 3.0% | | |
Advertising
|
| | | | 16.8 | | | | | | 4.1% | | | | | | 15.2 | | | | | | 4.0% | | | | | | 21.7 | | | | | | 4.1% | | | | | | 17.4 | | | | | | 3.8% | | |
Services and retail stores
|
| | | | 14.1 | | | | | | 3.4% | | | | | | 14.9 | | | | | | 3.9% | | | | | | 18.2 | | | | | | 3.5% | | | | | | 11.3 | | | | | | 2.4% | | |
Catering
|
| | | | 12.0 | | | | | | 2.9% | | | | | | 10.8 | | | | | | 2.8% | | | | | | 14.7 | | | | | | 2.8% | | | | | | 14.7 | | | | | | 3.2% | | |
VIP Lounge
|
| | | | 15.6 | | | | | | 3.8% | | | | | | 10.4 | | | | | | 2.7% | | | | | | 14.1 | | | | | | 2.7% | | | | | | 9.5 | | | | | | 2.1% | | |
Walkway Services
|
| | | | 9.0 | | | | | | 2.2% | | | | | | 8.2 | | | | | | 2.1% | | | | | | 10.5 | | | | | | 2.0% | | | | | | 10.4 | | | | | | 2.3% | | |
Other
|
| | | | 48.5 | | | | | | 11.8% | | | | | | 45.5 | | | | | | 11.9% | | | | | | 57.4 | | | | | | 11.0% | | | | | | 50.4 | | | | | | 11.0% | | |
Total commercial revenue
|
| | | | 409.7 | | | | | | 100.0% | | | | | | 383.7 | | | | | | 100.0% | | | | | | 522.2 | | | | | | 100.0% | | | | | | 459.7 | | | | | | 100.0% | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| ||||||||||||||||||||||||
Argentina
|
| | | | 729.7 | | | | | | 63.0% | | | | | | 593.7 | | | | | | 60.5% | | | | | | 840.9 | | | | | | 61.5% | | | | | | 783.9 | | | | | | 66.0% | | |
Italy
|
| | | | 116.6 | | | | | | 10.1% | | | | | | 107.5 | | | | | | 10.9% | | | | | | 141.3 | | | | | | 10.3% | | | | | | 152.7 | | | | | | 12.9% | | |
Brazil
|
| | | | 96.1 | | | | | | 8.3% | | | | | | 90.4 | | | | | | 9.2% | | | | | | 127.0 | | | | | | 9.3% | | | | | | 0.8 | | | | | | 0.1% | | |
Uruguay
|
| | | | 84.0 | | | | | | 7.3% | | | | | | 73.9 | | | | | | 7.5% | | | | | | 97.8 | | | | | | 7.2% | | | | | | 93.1 | | | | | | 7.8% | | |
Ecuador(1) | | | | | 64.5 | | | | | | 5.6% | | | | | | 64.0 | | | | | | 6.5% | | | | | | 85.3 | | | | | | 6.2% | | | | | | 79.0 | | | | | | 6.7% | | |
Armenia
|
| | | | 67.0 | | | | | | 5.8% | | | | | | 52.4 | | | | | | 5.3% | | | | | | 73.2 | | | | | | 5.4% | | | | | | 74.7 | | | | | | 6.3% | | |
Unallocated
|
| | | | 0.6 | | | | | | 0.1% | | | | | | 0.1 | | | | | | 0.0% | | | | | | 0.8 | | | | | | 0.1% | | | | | | 2.9 | | | | | | 0.2% | | |
Total consolidated revenue(1)(2)
|
| | | | 1,158.5 | | | | | | 100.0% | | | | | | 981.9 | | | | | | 100.0% | | | | | | 1,366.3 | | | | | | 100.0% | | | | | | 1,187.1 | | | | | | 100.0% | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Total
Expenses |
| |
(in millions of
U.S.$) |
| |
% of Total
Expenses |
| |
(in millions of
U.S.$) |
| |
% of Total
Expenses |
| |
(in millions of
U.S.$) |
| |
% of Total
Expenses |
| ||||||||||||||||||||||||
Cost of services
|
| | | | 749.8 | | | | | | 65.9% | | | | | | 595.7 | | | | | | 61.4% | | | | | | 859.1 | | | | | | 62.2% | | | | | | 759.2 | | | | | | 64.7% | | |
Selling, general and administrative expenses
|
| | | | 140.1 | | | | | | 12.3% | | | | | | 128.8 | | | | | | 13.3% | | | | | | 170.9 | | | | | | 12.4% | | | | | | 167.2 | | | | | | 14.2% | | |
Financial loss
|
| | | | 203.8 | | | | | | 17.9% | | | | | | 204.0 | | | | | | 21.0% | | | | | | 273.0 | | | | | | 19.8% | | | | | | 199.8 | | | | | | 17.0% | | |
Other expenses
|
| | | | 3.5 | | | | | | 0.3% | | | | | | 3.2 | | | | | | 0.3% | | | | | | 21.5 | | | | | | 1.6% | | | | | | 2.7 | | | | | | 0.2% | | |
Income tax expense
|
| | | | 39.8 | | | | | | 3.5% | | | | | | 38.6 | | | | | | 4.0% | | | | | | 56.4 | | | | | | 4.1% | | | | | | 45.0 | | | | | | 3.8% | | |
Total expenses
|
| | | | 1,137.0 | | | | | | 100.0% | | | | | | 970.3 | | | | | | 100.0% | | | | | | 1,380.8 | | | | | | 100.0% | | | | | | 1,173.8 | | | | | | 100.0% | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Cost of
services |
| |
(in millions of
U.S.$) |
| |
% of Cost of
services |
| |
(in millions of
U.S.$) |
| |
% of Cost of
services |
| |
(in millions of
U.S.$) |
| |
% of Cost of
services |
| ||||||||||||||||||||||||
Salaries and social security contributions
|
| | | | 157.3 | | | | | | 21.0% | | | | | | 135.4 | | | | | | 22.7% | | | | | | 184.6 | | | | | | 21.5% | | | | | | 165.8 | | | | | | 21.8% | | |
Concession fees(1)
|
| | | | 144.9 | | | | | | 19.3% | | | | | | 128.4 | | | | | | 21.5% | | | | | | 176.5 | | | | | | 20.5% | | | | | | 133.8 | | | | | | 17.6% | | |
Construction service cost
|
| | | | 171.3 | | | | | | 22.8% | | | | | | 98.5 | | | | | | 16.5% | | | | | | 163.7 | | | | | | 19.1% | | | | | | 177.0 | | | | | | 23.3% | | |
Maintenance expenses
|
| | | | 106.3 | | | | | | 14.2% | | | | | | 89.3 | | | | | | 15.0% | | | | | | 126.9 | | | | | | 14.8% | | | | | | 125.8 | | | | | | 16.6% | | |
Amortization and depreciation
|
| | | | 75.5 | | | | | | 10.1% | | | | | | 64.6 | | | | | | 10.8% | | | | | | 89.5 | | | | | | 10.4% | | | | | | 64.8 | | | | | | 8.5% | | |
Services and fees
|
| | | | 38.6 | | | | | | 5.1% | | | | | | 32.8 | | | | | | 5.5% | | | | | | 49.0 | | | | | | 5.7% | | | | | | 42.5 | | | | | | 5.6% | | |
Cost of fuel
|
| | | | 19.2 | | | | | | 2.6% | | | | | | 13.2 | | | | | | 2.2% | | | | | | 19.5 | | | | | | 2.3% | | | | | | 21.3 | | | | | | 2.8% | | |
Taxes
|
| | | | 14.1 | | | | | | 1.9% | | | | | | 13.0 | | | | | | 2.2% | | | | | | 17.5 | | | | | | 2.0% | | | | | | 2.7 | | | | | | 0.4% | | |
Office expenses
|
| | | | 13.0 | | | | | | 1.7% | | | | | | 5.5 | | | | | | 0.9% | | | | | | 15.9 | | | | | | 1.8% | | | | | | 9.8 | | | | | | 1.3% | | |
Provision for maintenance cost
|
| | | | 1.3 | | | | | | 0.2% | | | | | | 2.4 | | | | | | 0.4% | | | | | | 4.7 | | | | | | 0.5% | | | | | | 5.4 | | | | | | 0.7% | | |
Others
|
| | | | 8.4 | | | | | | 1.1% | | | | | | 12.8 | | | | | | 2.2% | | | | | | 11.1 | | | | | | 1.3% | | | | | | 10.3 | | | | | | 1.4% | | |
Total cost of services
|
| | | | 749.8 | | | | | | 100.0% | | | | | | 595.7 | | | | | | 100.0% | | | | | | 859.1 | | | | | | 100.0% | | | | | | 759.2 | | | | | | 100.0% | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Total
SG&A |
| |
(in millions of
U.S.$) |
| |
% of Total
SG&A |
| |
(in millions of
U.S.$) |
| |
% of Total
SG&A |
| |
(in millions of
U.S.$) |
| |
% of Total
SG&A |
| ||||||||||||||||||||||||
Taxes
|
| | | | 40.5 | | | | | | 28.89% | | | | | | 35.1 | | | | | | 27.2% | | | | | | 50.9 | | | | | | 29.8% | | | | | | 43.2 | | | | | | 25.8% | | |
Salaries and social security contributions
|
| | | | 26.1 | | | | | | 18.65% | | | | | | 25.9 | | | | | | 20.1% | | | | | | 34.8 | | | | | | 20.4% | | | | | | 31.5 | | | | | | 18.8% | | |
Services and fees
|
| | | | 43.0 | | | | | | 30.70% | | | | | | 39.0 | | | | | | 30.3% | | | | | | 48.1 | | | | | | 28.1% | | | | | | 52.5 | | | | | | 31.4% | | |
Office expenses
|
| | | | 8.5 | | | | | | 6.10% | | | | | | 6.9 | | | | | | 5.4% | | | | | | 10.0 | | | | | | 5.9% | | | | | | 10.4 | | | | | | 6.2% | | |
Amortization and depreciation
|
| | | | 5.6 | | | | | | 4.03% | | | | | | 5.6 | | | | | | 4.3% | | | | | | 7.2 | | | | | | 4.2% | | | | | | 7.5 | | | | | | 4.5% | | |
Maintenance expenses
|
| | | | 2.3 | | | | | | 1.63% | | | | | | 3.0 | | | | | | 2.3% | | | | | | 5.1 | | | | | | 3.0% | | | | | | 5.9 | | | | | | 3.5% | | |
Advertising
|
| | | | 2.1 | | | | | | 1.50% | | | | | | 1.5 | | | | | | 1.1% | | | | | | 2.2 | | | | | | 1.3% | | | | | | 3.2 | | | | | | 1.9% | | |
Insurance
|
| | | | 1.4 | | | | | | 0.99% | | | | | | 1.2 | | | | | | 0.9% | | | | | | 1.4 | | | | | | 0.8% | | | | | | 0.5 | | | | | | 0.3% | | |
Charter services
|
| | | | 0.6 | | | | | | 0.43% | | | | | | 1.0 | | | | | | 0.7% | | | | | | 1.2 | | | | | | 0.7% | | | | | | 2.3 | | | | | | 1.4% | | |
Bad debts recovery
|
| | | | (0.3) | | | | | | (0.2)% | | | | | | — | | | | | | — | | | | | | (2.2) | | | | | | (1.3)% | | | | | | — | | | | | | — | | |
Bad debts
|
| | | | 4.0 | | | | | | 2.88% | | | | | | 2.2 | | | | | | 1.7% | | | | | | 2.0 | | | | | | 1.2% | | | | | | 2.6 | | | | | | 1.6% | | |
Others
|
| | | | 6.1 | | | | | | 4.38% | | | | | | 7.4 | | | | | | 5.8% | | | | | | 10.2 | | | | | | 6.0% | | | | | | 7.6 | | | | | | 4.5% | | |
Total selling, general and administrative expenses
|
| | | | 140.1 | | | | | | 100.0% | | | | | | 128.8 | | | | | | 100.0% | | | | | | 170.9 | | | | | | 100.0% | | | | | | 167.2 | | | | | | 100.0% | | |
|
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||
Interest expenses
|
| | | | 92.1 | | | | | | 80.8 | | | | | | 118.2 | | | | | | 69.2 | | |
Foreign exchange transaction expenses
|
| | | | 43.2 | | | | | | 38.2 | | | | | | 44.9 | | | | | | 125.2 | | |
Changes in liability for Brazilian Concessions(1)(2)
|
| | | | 66.3 | | | | | | 79.5 | | | | | | 107.4 | | | | | | 2.0 | | |
Other
|
| | | | 2.2 | | | | | | 5.4 | | | | | | 2.4 | | | | | | 3.3 | | |
Financial loss
|
| | | | 203.8 | | | | | | 204.0 | | | | | | 273.0 | | | | | | 199.8 | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Total
Segment Expenses(1) |
| |
(in millions of
U.S.$) |
| |
% of Total
Segment Expenses(1) |
| |
(in millions of
U.S.$) |
| |
% of Total
Segment Expenses(1) |
| |
(in millions of
U.S.$) |
| |
% of Total
Segment Expenses(1) |
| ||||||||||||||||||||||||
Argentina
|
| | | | 534.3 | | | | | | 59.8% | | | | | | 405.1 | | | | | | 55.7% | | | | | | 586.4 | | | | | | 56.7% | | | | | | 588.0 | | | | | | 63.3% | | |
Italy
|
| | | | 98.1 | | | | | | 11.0% | | | | | | 90.1 | | | | | | 12.4% | | | | | | 123.5 | | | | | | 11.9% | | | | | | 138.5 | | | | | | 14.9% | | |
Brazil
|
| | | | 101.4 | | | | | | 11.3% | | | | | | 85.4 | | | | | | 11.7% | | | | | | 123.3 | | | | | | 11.9% | | | | | | 0.9 | | | | | | 0.1% | | |
Uruguay
|
| | | | 49.5 | | | | | | 5.5% | | | | | | 42.4 | | | | | | 5.8% | | | | | | 56.3 | | | | | | 5.4% | | | | | | 55.1 | | | | | | 5.9% | | |
Ecuador
|
| | | | 48.2 | | | | | | 5.4% | | | | | | 46.5 | | | | | | 6.4% | | | | | | 62.1 | | | | | | 6.0% | | | | | | 63.2 | | | | | | 6.8% | | |
Armenia
|
| | | | 44.0 | | | | | | 4.9% | | | | | | 40.8 | | | | | | 5.6% | | | | | | 56.5 | | | | | | 5.5% | | | | | | 61.0 | | | | | | 6.6% | | |
Unallocated
|
| | | | 17.9 | | | | | | 2.0% | | | | | | 17.2 | | | | | | 2.4% | | | | | | 26.7 | | | | | | 2.6% | | | | | | 22.3 | | | | | | 2.4% | | |
Total segment expenses
|
| | | | 893.4 | | | | | | 100.0% | | | | | | 727.7 | | | | | | 100.0% | | | | | | 1,034.8 | | | | | | 100.0% | | | | | | 929.0 | | | | | | 100.0% | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
% change against
prior year |
| |
2016
(Unaudited) |
| |
2016
|
| |
% change against
prior year |
| |
2015
|
| ||||||||||||||||||
| | |
(in millions
of U.S.$) |
| | | | | | | |
(in millions
of U.S.$) |
| |
(in millions
of U.S.$) |
| | | | | | | |
(in millions
of U.S.$) |
| ||||||||||||
Revenue | | | | | | | | ||||||||||||||||||||||||||||||
Continuing Operations | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Aeronautical revenue
|
| | | | 575.1 | | | | | | 16.0% | | | | | | 495.6 | | | | | | 673.5 | | | | | | 24.0% | | | | | | 543.2 | | |
Non aeronautical revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial revenue
|
| | | | 409.7 | | | | | | 6.8% | | | | | | 383.7 | | | | | | 522.2 | | | | | | 13.6% | | | | | | 459.7 | | |
Construction service revenue
|
| | | | 172.3 | | | | | | 73.4% | | | | | | 99.4 | | | | | | 165.1 | | | | | | 7.5% | | | | | | 178.4 | | |
Other revenue
|
| | | | 1.3 | | | | | | (58.2%) | | | | | | 3.2 | | | | | | 5.6 | | | | | | (2.8)% | | | | | | 5.7 | | |
Total revenue
|
| | | | 1,158.5 | | | | | | 18.0% | | | | | | 981.9 | | | | | | 1,366.3 | | | | | | 15.1% | | | | | | 1,187.1 | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
% change against
prior year |
| |
2016
(Unaudited) |
| |
2016
|
| |
% change against
prior year |
| |
2015
|
| ||||||||||||||||||
| | |
(in millions
of U.S.$) |
| | | | | | | |
(in millions
of U.S.$) |
| |
(in millions
of U.S.$) |
| | | | | | | |
(in millions
of U.S.$) |
| ||||||||||||
Cost of Services | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Salaries and social security contributions
|
| | | | 157.3 | | | | | | 16.1% | | | | | | 135.4 | | | | | | 184.6 | | | | | | 11.4% | | | | | | 165.8 | | |
Concession fees
|
| | | | 144.9 | | | | | | 12.9% | | | | | | 128.4 | | | | | | 176.5 | | | | | | 31.9% | | | | | | 133.8 | | |
Construction service cost
|
| | | | 171.3 | | | | | | 73.9% | | | | | | 98.5 | | | | | | 163.7 | | | | | | (7.5)% | | | | | | 177.0 | | |
Maintenance expenses
|
| | | | 106.3 | | | | | | 19.1% | | | | | | 89.3 | | | | | | 126.9 | | | | | | 0.9% | | | | | | 125.8 | | |
Amortization and depreciation
|
| | | | 75.5 | | | | | | 16.9% | | | | | | 64.6 | | | | | | 89.5 | | | | | | 38.2% | | | | | | 64.8 | | |
Services and fees
|
| | | | 38.6 | | | | | | 17.8% | | | | | | 32.8 | | | | | | 49.0 | | | | | | 15.7% | | | | | | 42.5 | | |
Cost of fuel
|
| | | | 19.2 | | | | | | 45.8% | | | | | | 13.2 | | | | | | 19.5 | | | | | | (8.8)% | | | | | | 21.3 | | |
Taxes
|
| | | | 14.1 | | | | | | 19.1% | | | | | | 13.0 | | | | | | 17.5 | | | | | | 547.1% | | | | | | 2.7 | | |
Office expenses
|
| | | | 13.0 | | | | | | 136.5% | | | | | | 5.5 | | | | | | 15.9 | | | | | | 62.8% | | | | | | 9.8 | | |
Provision for maintenance cost
|
| | | | 1.3 | | | | | | (45.0)% | | | | | | 2.4 | | | | | | 4.7 | | | | | | (13.2)% | | | | | | 5.4 | | |
Others
|
| | | | 8.4 | | | | | | (34.1)% | | | | | | 12.8 | | | | | | 11.1 | | | | | | 8.8% | | | | | | 10.3 | | |
Total cost of services
|
| | | | 749.8 | | | | | | 25.9% | | | | | | 595.7 | | | | | | 859.1 | | | | | | 13.3% | | | | | | 759.2 | | |
Selling, General and Administrative Expenses | | | | | | | | ||||||||||||||||||||||||||||||
Taxes
|
| | | | 40.5 | | | | | | 15.4% | | | | | | 35.1 | | | | | | 50.9 | | | | | | 17.9% | | | | | | 43.2 | | |
Salaries and social security contributions
|
| | | | 26.1 | | | | | | 0.8% | | | | | | 25.9 | | | | | | 34.8 | | | | | | 10.5% | | | | | | 31.5 | | |
Services and fees
|
| | | | 43.0 | | | | | | 10.1% | | | | | | 39.0 | | | | | | 48.1 | | | | | | (8.3)% | | | | | | 52.5 | | |
Office expenses
|
| | | | 8.5 | | | | | | 23.8% | | | | | | 6.9 | | | | | | 10.0 | | | | | | (3.7)% | | | | | | 10.4 | | |
Amortization and depreciation
|
| | | | 5.6 | | | | | | 0.9% | | | | | | 5.6 | | | | | | 7.2 | | | | | | (4.3)% | | | | | | 7.5 | | |
Maintenance expenses
|
| | | | 2.3 | | | | | | (24.4)% | | | | | | 3.0 | | | | | | 5.1 | | | | | | (13.4)% | | | | | | 5.9 | | |
Advertising
|
| | | | 2.1 | | | | | | 44.2% | | | | | | 1.5 | | | | | | 2.2 | | | | | | (31.4)% | | | | | | 3.2 | | |
Insurance
|
| | | | 1.4 | | | | | | 20.0% | | | | | | 1.2 | | | | | | 1.4 | | | | | | 170.2% | | | | | | 0.5 | | |
Charter service
|
| | | | 0.6 | | | | | | (37.4)% | | | | | | 1.0 | | | | | | 1.2 | | | | | | (50.3)% | | | | | | 2.3 | | |
Bad debts recovery
|
| | | | (0.3) | | | | | | N/A | | | | | | — | | | | | | (2.2) | | | | | | N/A | | | | | | — | | |
Bad debts
|
| | | | 4.0 | | | | | | 79.6% | | | | | | 2.2 | | | | | | 2.0 | | | | | | (23.2)% | | | | | | 2.6 | | |
Others
|
| | | | 6.1 | | | | | | (17.6)% | | | | | | 7.4 | | | | | | 10.2 | | | | | | 34.1% | | | | | | 7.6 | | |
Total selling, general and administrative expenses
|
| | | | 140.1 | | | | | | 8.8% | | | | | | 128.8 | | | | | | 170.9 | | | | | | 2.2% | | | | | | 167.2 | | |
Impairment loss
|
| | | | — | | | | | | N/A | | | | | | — | | | | | | (16.6) | | | | | | N/A | | | | | | — | | |
Other operating income
|
| | | | 14.3 | | | | | | 15.5% | | | | | | 12.4 | | | | | | 16.9 | | | | | | 11.5% | | | | | | 15.6 | | |
Other operating expense
|
| | | | (3.5) | | | | | | 9.2% | | | | | | (3.2) | | | | | | (4.9) | | | | | | 94.9% | | | | | | (2.7) | | |
Operating Income
|
| | | | 279.4 | | | | | | 4.8% | | | | | | 266.6 | | | | | | 331.8 | | | | | | 21.3% | | | | | | 273.6 | | |
Share of loss in associates
|
| | | | (5.8) | | | | | | (1,512.5)% | | | | | | (0.4) | | | | | | (1.3) | | | | | | (98.1)% | | | | | | (69.3) | | |
Income before financial results and income tax
|
| | | | 273.6 | | | | | | 2.8% | | | | | | 266.2 | | | | | | 330.5 | | | | | | 61.8% | | | | | | 204.3 | | |
Financial income
|
| | | | 42.6 | | | | | | 62.1% | | | | | | 26.3 | | | | | | 37.5 | | | | | | (19.8)% | | | | | | 46.8 | | |
Financial loss
|
| | | | (203.8) | | | | | | (0.1)% | | | | | | (204.0) | | | | | | (273.0) | | | | | | 36.6% | | | | | | (199.8) | | |
Income before income tax expense
|
| | | | 112.4 | | | | | | 27.0% | | | | | | 88.5 | | | | | | 95.1 | | | | | | 85.7% | | | | | | 51.3 | | |
Income tax expense
|
| | | | (39.8) | | | | | | 3.1% | | | | | | (38.6) | | | | | | (56.4) | | | | | | 25.3% | | | | | | (45.0) | | |
Income from continuing operations
|
| | | | 72.6 | | | | | | 45.5% | | | | | | 49.9 | | | | | | 38.7 | | | | | | 516.3% | | | | | | 6.3 | | |
Discontinued operations | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
(Loss)/Income from discontinued operations
|
| | | | — | | | | | | (100.0)% | | | | | | (8.7) | | | | | | (9.5) | | | | | | (108.4)% | | | | | | 109.0 | | |
Net income
|
| | | | 72.6 | | | | | | 76.1% | | | | | | 41.2 | | | | | | 29.2 | | | | | | (75.2)% | | | | | | 115.3 | | |
Attributable to | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Owners of the parent
|
| | | | 67.1 | | | | | | 64.1% | | | | | | 40.9 | | | | | | 33.8 | | | | | | (68.0)% | | | | | | 105.5 | | |
Non-controlling interest
|
| | | | 5.5 | | | | | | 1,733.3% | | | | | | 0.3 | | | | | | (4.5) | | | | | | (146.1)% | | | | | | 9.8 | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Argentina | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 318.8 | | | | | | 262.4 | | | | | | 366.1 | | | | | | 309.9 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 249.4 | | | | | | 238.0 | | | | | | 320.8 | | | | | | 323.0 | | |
Construction service revenue
|
| | | | 161.6 | | | | | | 93.2 | | | | | | 153.9 | | | | | | 151.0 | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 729.7 | | | | | | 593.7 | | | | | | 840.9 | | | | | | 783.9 | | |
Italy | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 82.2 | | | | | | 77.7 | | | | | | 99.2 | | | | | | 96.5 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 24.2 | | | | | | 22.3 | | | | | | 29.5 | | | | | | 29.0 | | |
Construction service revenue
|
| | | | 8.9 | | | | | | 4.3 | | | | | | 8.0 | | | | | | 21.4 | | |
Other revenue
|
| | | | 1.3 | | | | | | 3.1 | | | | | | 4.7 | | | | | | 5.7 | | |
Total revenue
|
| | | | 116.6 | | | | | | 107.5 | | | | | | 141.3 | | | | | | 152.7 | | |
Brazil | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 49.4 | | | | | | 44.2 | | | | | | 60.6 | | | | | | 0.4 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 46.7 | | | | | | 46.2 | | | | | | 65.6 | | | | | | 0.4 | | |
Construction service revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | 0.9 | | | | | | — | | |
Total revenue
|
| | | | 96.1 | | | | | | 90.4 | | | | | | 127.0 | | | | | | 0.8 | | |
Uruguay | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 42.3 | | | | | | 36.4 | | | | | | 47.7 | | | | | | 43.5 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 39.9 | | | | | | 35.7 | | | | | | 47.2 | | | | | | 47.0 | | |
Construction service revenue
|
| | | | 1.8 | | | | | | 1.7 | | | | | | 2.9 | | | | | | 2.6 | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 84.0 | | | | | | 73.9 | | | | | | 97.8 | | | | | | 93.1 | | |
Ecuador | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 47.8 | | | | | | 46.5 | | | | | | 61.9 | | | | | | 57.3 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 16.6 | | | | | | 17.5 | | | | | | 23.4 | | | | | | 21.8 | | |
Construction service revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 64.5 | | | | | | 64.0 | | | | | | 85.3 | | | | | | 79.0 | | |
Armenia | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 34.6 | | | | | | 28.4 | | | | | | 38.1 | | | | | | 35.6 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 32.3 | | | | | | 23.9 | | | | | | 34.9 | | | | | | 35.7 | | |
Construction service revenue
|
| | | | 0.1 | | | | | | 0.1 | | | | | | 0.2 | | | | | | 3.4 | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 67.0 | | | | | | 52.4 | | | | | | 73.2 | | | | | | 74.7 | | |
Unallocated | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 0.6 | | | | | | 0.1 | | | | | | 0.8 | | | | | | 2.9 | | |
Construction service revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 0.6 | | | | | | 0.1 | | | | | | 0.8 | | | | | | 2.9 | | |
Total revenue for all segments
|
| | | | 1,158.5 | | | | | | 981.9 | | | | | | 1,366.3 | | | | | | 1,187.1 | | |
|
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Argentina | | | | | | ||||||||||||||||||||
Cost of services
|
| | | | 464.8 | | | | | | 341.3 | | | | | | 500.1 | | | | | | 499.4 | | |
Selling, general and administrative expenses
|
| | | | 69.4 | | | | | | 63.1 | | | | | | 85.1 | | | | | | 88.0 | | |
Other operating expenses
|
| | | | 0.2 | | | | | | 0.7 | | | | | | 1.3 | | | | | | 0.6 | | |
Total expenses
|
| | | | 534.3 | | | | | | 405.1 | | | | | | 586.4 | | | | | | 588.0 | | |
Italy | | | | | | ||||||||||||||||||||
Cost of services
|
| | | | 74.4 | | | | | | 68.4 | | | | | | 96.3 | | | | | | 111.2 | | |
Selling, general and administrative expenses
|
| | | | 23.7 | | | | | | 21.8 | | | | | | 27.2 | | | | | | 27.2 | | |
Other operating expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total expenses
|
| | | | 98.1 | | | | | | 90.1 | | | | | | 123.5 | | | | | | 138.5 | | |
Brazil | | | | | | ||||||||||||||||||||
Cost of services
|
| | | | 88.9 | | | | | | 76.6 | | | | | | 110.0 | | | | | | 0.9 | | |
Selling, general and administrative expenses
|
| | | | 10.2 | | | | | | 8.8 | | | | | | 12.6 | | | | | | — | | |
Other operating expenses
|
| | | | 2.2 | | | | | | 0.1 | | | | | | 0.6 | | | | | | — | | |
Total expenses
|
| | | | 101.4 | | | | | | 85.4 | | | | | | 123.3 | | | | | | 0.9 | | |
Uruguay | | | | | | ||||||||||||||||||||
Cost of services
|
| | | | 39.4 | | | | | | 34.0 | | | | | | 46.7 | | | | | | 43.6 | | |
Selling, general and administrative expenses
|
| | | | 9.7 | | | | | | 8.2 | | | | | | 9.3 | | | | | | 11.3 | | |
Other operating expenses
|
| | | | 0.5 | | | | | | 0.3 | | | | | | 0.3 | | | | | | 0.2 | | |
Total expenses
|
| | | | 49.5 | | | | | | 42.4 | | | | | | 56.3 | | | | | | 55.1 | | |
Ecuador | | | | | | ||||||||||||||||||||
Cost of services
|
| | | | 36.2 | | | | | | 34.4 | | | | | | 49.1 | | | | | | 46.8 | | |
Selling, general and administrative expenses
|
| | | | 11.9 | | | | | | 12.1 | | | | | | 13.6 | | | | | | 14.6 | | |
Other operating expenses
|
| | | | — | | | | | | — | | | | | | (0.6) | | | | | | 1.9 | | |
Total expenses
|
| | | | 48.2 | | | | | | 46.5 | | | | | | 62.1 | | | | | | 63.2 | | |
Armenia | | | | | | ||||||||||||||||||||
Cost of services
|
| | | | 35.4 | | | | | | 30.4 | | | | | | 43.0 | | | | | | 49.8 | | |
Selling, general and administrative expenses
|
| | | | 8.2 | | | | | | 8.3 | | | | | | 11.3 | | | | | | 10.3 | | |
Other operating expenses
|
| | | | 0.4 | | | | | | 2.1 | | | | | | 2.3 | | | | | | 1.0 | | |
Total expenses
|
| | | | 44.0 | | | | | | 40.8 | | | | | | 56.5 | | | | | | 61.0 | | |
Unallocated | | | | | | ||||||||||||||||||||
Cost of services
|
| | | | 10.7 | | | | | | 10.6 | | | | | | 14.0 | | | | | | 7.4 | | |
Selling, general and administrative expenses
|
| | | | 7.0 | | | | | | 6.6 | | | | | | 11.7 | | | | | | 15.8 | | |
Other operating expenses
|
| | | | 0.2 | | | | | | — | | | | | | 1.0 | | | | | | (0.9) | | |
Total expenses
|
| | | | 17.9 | | | | | | 17.2 | | | | | | 26.7 | | | | | | 22.3 | | |
|
| | |
Payments due by Period
|
| |||||||||||||||||||||||||||
| | |
Less than
1 year |
| |
1-3 years
|
| |
3-5 years
|
| |
More than
5 years |
| |
Total
|
| |||||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||||||||
Master development programs
|
| | | | 80.8 | | | | | | 264.6 | | | | | | 89.0 | | | | | | 204.5 | | | | | | 638.9 | | |
Other capital expenditures(1)
|
| | | | 8.2 | | | | | | 0.7 | | | | | | — | | | | | | — | | | | | | 8.9 | | |
Long term debt(2)
|
| | | | 140.6 | | | | | | 422.1 | | | | | | 359.5 | | | | | | 918.2 | | | | | | 1,840.4 | | |
Other liabilities reflected on our condensed consolidated
statement of financial position(3) |
| | | | 446.2 | | | | | | 501.9 | | | | | | 344.7 | | | | | | 2,352.3 | | | | | | 3,645.2 | | |
Total
|
| | | | 675.9 | | | | | | 1,189.3 | | | | | | 793.2 | | | | | | 3,475.0 | | | | | | 6,133.4 | | |
|
| | |
For the Year Ended December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | |
(in thousands of U.S.$)
|
| |||||||||
U.S. dollar/Argentine peso
|
| | | | (131,284) | | | | | | (154,384) | | |
U.S. dollar/Armenian dram
|
| | | | (54,016) | | | | | | (55,421) | | |
Euro/Armenian dram
|
| | | | (47,473) | | | | | | (51,952) | | |
Euro/U.S. dollar
|
| | | | 283 | | | | | | 3,162 | | |
Uruguayan peso/U.S. dollar
|
| | | | (1,853) | | | | | | (770) | | |
| | | | | |
Passenger traffic
|
| |||||||||
Airport
|
| |
International or
national designation |
| |
Nine-Month Period Ended
September 30, 2017 |
| |
Year Ended
December 31, 2016 |
| ||||||
| | | | | |
(in thousands)
|
| | ||||||||
Aeroparque Internacional, “Jorge Newbery”
|
| |
International
|
| | | | 10,225.8 | | | | | | 11,661.5 | | |
Aeropuerto Internacional de Ezeiza, “Ministro Pistarini”
|
| |
International
|
| | | | 7,373.1 | | | | | | 9,831.1 | | |
Aeropuerto Internacional de Córdoba, “Ing. A. Taravella”
|
| |
International
|
| | | | 2,090.8 | | | | | | 2,212.9 | | |
| | | | | |
Passenger traffic
|
| |||||||||
Airport
|
| |
International or
national designation |
| |
Nine-Month Period Ended
September 30, 2017 |
| |
Year Ended
December 31, 2016 |
| ||||||
| | | | | |
(in thousands)
|
| | ||||||||
Aeropuerto de San Carlos de Bariloche
|
| |
International
|
| | | | 995.5 | | | | | | 1,187.1 | | |
Aeropuerto Internacional de Mendoza, “El Plumerillo”
|
| |
International
|
| | | | 1,311.5 | | | | | | 1,086.0 | | |
Aeropuerto Internacional de Salta, “Martín Miguel de Güemes”
|
| |
International
|
| | | | 830.4 | | | | | | 972.3 | | |
Aeropuerto de Misiones, “Cataratas del Iguazú”
|
| |
International
|
| | | | 716.9 | | | | | | 893.9 | | |
Aeropuerto de Neuquén, “Presidente Peron”
|
| |
International
|
| | | | 663.9 | | | | | | 818.5 | | |
Aeropuerto de Tucumán, “General Benjamin Matienzo”
|
| |
International
|
| | | | 351.9 | | | | | | 670.1 | | |
Aeropuerto de Comodoro Rivadavia, “Geral. Enrique Mosconi”
|
| |
International
|
| | | | 453.0 | | | | | | 573.6 | | |
Aeropuerto de San Juan, “Domingo Faustino Sarmiento”
|
| |
National
|
| | | | 156.2 | | | | | | 379.3 | | |
Aeropuerto de Bahía Blanca, “Comandante Espora”
|
| |
National
|
| | | | 300.5 | | | | | | 305.5 | | |
Aeropuerto de Rio Gallegos, “Piloto Civil Norberto Fernández”
|
| |
International
|
| | | | 194.1 | | | | | | 269.1 | | |
Aeropuerto de Jujuy, Gobernador Horacio Guzmán
|
| |
International
|
| | | | 195.1 | | | | | | 227.0 | | |
Aeropuerto de Resistencia, “José de San
Martín” |
| |
International
|
| | | | 226.9 | | | | | | 219.1 | | |
Aeropuerto Internacional de Mar del Plata, “Astor
Piazzolla” |
| |
International
|
| | | | 214.8 | | | | | | 203.0 | | |
Aeropuerto de Posadas, “Libertador General José de San Martín”
|
| |
International
|
| | | | 154.1 | | | | | | 178.5 | | |
Aeropuerto de Rio Grande
|
| |
International
|
| | | | 111.7 | | | | | | 142.2 | | |
Aeropuerto Internacional de Formosa,
“El Pucu” |
| |
International
|
| | | | 80.0 | | | | | | 95.8 | | |
Aeropuerto de San Luis, “Brigadier Mayor César R Ojeda”
|
| |
National
|
| | | | 67.1 | | | | | | 94.4 | | |
Aeropuerto de Santiago del Estero, “Vcom. Angel
de la Paz Aragones” |
| |
National
|
| | | | 73.8 | | | | | | 85.0 | | |
Aeropuerto de La Rioja, “Capitán Vicente Almandos Almonacid”
|
| |
National
|
| | | | 67.6 | | | | | | 63.1 | | |
Aeropuerto de San Rafael, “S.A. Santiago Germano”
|
| |
National
|
| | | | 43.5 | | | | | | 60.8 | | |
Aeropuerto de Puerto Madryn, “El Tehuelche”
|
| |
National
|
| | | | 80.6 | | | | | | 53.2 | | |
Aeropuerto de Catamarca, “Coronel Felipe Varela”
|
| |
National
|
| | | | 57.3 | | | | | | 50.6 | | |
Aeropuerto de Esquel
|
| |
National
|
| | | | 45.3 | | | | | | 48.7 | | |
Aeropuerto de Entre Rios, “General Justo José de Urquiza”
|
| |
National
|
| | | | 67.6 | | | | | | 43.3 | | |
Aeropuerto de Santa Rosa
|
| |
National
|
| | | | 35.6 | | | | | | 42.3 | | |
Aeropuerto de San Fernando
|
| |
International
|
| | | | 32.2 | | | | | | 41.7 | | |
| | | | | |
Passenger traffic
|
| |||||||||
Airport
|
| |
International or
national designation |
| |
Nine-Month Period Ended
September 30, 2017 |
| |
Year Ended
December 31, 2016 |
| ||||||
| | | | | |
(in thousands)
|
| | ||||||||
Aeropuerto de Viedma, “Gobernador Castello”
|
| |
National
|
| | | | 31.6 | | | | | | 37.8 | | |
Aeropuerto Termas de Río Hondo
|
| |
National
|
| | | | 161.1 | | | | | | 17.4 | | |
Aeropuerto de Rio Cuarto, “Área de Material”
|
| |
National
|
| | | | 39.8 | | | | | | 15.3 | | |
Aeropuerto de General Pico
|
| |
National
|
| | | | 3.1 | | | | | | 4.1 | | |
Aeropuerto de Reconquista
|
| |
National
|
| | | | 3.4 | | | | | | 3.0 | | |
Aeropuerto de Malargüe, “Comodoro D Ricardo Salomon”
|
| |
National
|
| | | | 1.7 | | | | | | 2.9 | | |
Aeropuerto de Villa Reynolds
|
| |
National
|
| | | | 0.4 | | | | | | 0.6 | | |
Aeropuerto El Palomar
|
| |
National
|
| | | | —(1) | | | | | | —(1) | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31,(1) |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| ||||||||||||
Revenue (in millions of U.S.$)
|
| | | $ | 729.7 | | | | | | 63.0% | | | | | $ | 593.7 | | | | | | 60.5% | | | | | $ | 840.9 | | | | | | 61.5% | | | | | $ | 783.9 | | | | | | 66.0% | | |
Number of passengers (in millions)
|
| | | | 27.5 | | | | | | 48.1% | | | | | | 23.9 | | | | | | 44.6% | | | | | | 32.6 | | | | | | 45.4% | | | | | | 30.7 | | | | | | 43.2% | | |
Air traffic movements (in thousands)
|
| | | | 314.1 | | | | | | 49.3% | | | | | | 288.6 | | | | | | 46.2% | | | | | | 393.1 | | | | | | 47.0% | | | | | | 396.5 | | | | | | 45.5% | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| ||||||||||||
Revenue (in millions of U.S.$)
|
| | | $ | 116.6 | | | | | | 10.1% | | | | | $ | 107.5 | | | | | | 10.9% | | | | | $ | 141.3 | | | | | | 10.3% | | | | | $ | 152.7 | | | | | | 12.9% | | |
Number of passengers (in millions)
|
| | | | 6.3 | | | | | | 11.0% | | | | | | 5.9 | | | | | | 11.0% | | | | | | 7.5 | | | | | | 10.5% | | | | | | 7.2 | | | | | | 10.2% | | |
Air traffic movements (in thousands)
|
| | | | 61.2 | | | | | | 9.6% | | | | | | 60.0 | | | | | | 9.6% | | | | | | 76.2 | | | | | | 9.1% | | | | | | 73.8 | | | | | | 8.5% | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015(1)
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| ||||||||||||
Revenue (in millions of U.S.$)
|
| | | $ | 96.1 | | | | | | 8.3% | | | | | $ | 90.4 | | | | | | 9.2% | | | | | $ | 127.0 | | | | | | 9.3% | | | |
$0.8
|
| | | | 0.1% | | | |||
Number of passengers (in millions)
|
| | | | 14.3 | | | | | | 25.1% | | | | | | 15.4 | | | | | | 28.7% | | | | | | 20.4 | | | | | | 28.3% | | | | | | 22.5 | | | | | | 31.7% | | |
Air traffic movements (in thousands)
|
| | | | 138.1 | | | | | | 21.7% | | | | | | 151.0 | | | | | | 24.2% | | | | | | 198.8 | | | | | | 23.8% | | | | | | 230.6 | | | | | | 26.5% | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016(1)
|
| |
2015(2)
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| ||||||||||||
Revenue (in millions of U.S.$)
|
| | | $ | 84.0 | | | | | | 7.3% | | | | | $ | 73.9 | | | | | | 7.5% | | | | | $ | 97.8 | | | | | | 7.2% | | | | | $ | 93.1 | | | | | | 7.8% | | |
Number of passengers (in millions)
|
| | | | 1.7 | | | | | | 3.1% | | | | | | 1.5 | | | | | | 2.9% | | | | | | 2.0 | | | | | | 2.9% | | | | | | 1.8 | | | | | | 2.6% | | |
Air traffic movements (in thousands)
|
| | | | 27.0 | | | | | | 4.2% | | | | | | 22.9 | | | | | | 3.7% | | | | | | 32.4 | | | | | | 3.9% | | | | | | 31.8 | | | | | | 3.6% | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015(1)
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| ||||||||||||
Revenue (in millions of U.S.$)
|
| | | $ | 64.5 | | | | | | 5.6% | | | | | $ | 64.0 | | | | | | 6.5% | | | | | $ | 85.3 | | | | | | 6.2% | | | | | $ | 79.0 | | | | | | 6.7% | | |
Number of passengers (in millions)
|
| | | | 3.1 | | | | | | 5.5% | | | | | | 3.1 | | | | | | 5.8% | | | | | | 4.2 | | | | | | 5.9% | | | | | | 4.1 | | | | | | 5.8% | | |
Air traffic movements (in thousands)
|
| | | | 60.1 | | | | | | 9.4% | | | | | | 66.4 | | | | | | 10.6% | | | | | | 87.6 | | | | | | 10.5% | | | | | | 90.9 | | | | | | 10.4% | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| ||||||||||||
Revenue (in millions of U.S.$)
|
| | | $ | 67.0 | | | | | | 5.8% | | | | | $ | 52.4 | | | | | | 5.3% | | | | | $ | 73.2 | | | | | | 5.4% | | | | | $ | 74.7 | | | | | | 6.3% | | |
Number of passengers (in millions)
|
| | | | 1.9 | | | | | | 3.4% | | | | | | 1.5 | | | | | | 2.9% | | | | | | 2.1 | | | | | | 2.9% | | | | | | 1.9 | | | | | | 2.7% | | |
Air traffic movements (in thousands)
|
| | | | 16.0 | | | | | | 2.5% | | | | | | 18.0 | | | | | | 2.2% | | | | | | 18.7 | | | | | | 2.2% | | | | | | 18.0 | | | | | | 2.1% | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31,(1) |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| ||||||||||||
Revenue (in millions of U.S.$)
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Number of passengers (in millions)
|
| | | | 2.3 | | | | | | 4.0% | | | | | | 2.2 | | | | | | 4.1% | | | | | | 3.0 | | | | | | 4.2% | | | | | | 2.7 | | | | | | 3.9% | | |
Air traffic movements
|
| | | | 20.9 | | | | | | 3.3% | | | | | | 29.4 | | | | | | 3.6% | | | | | | 29.6 | | | | | | 3.5% | | | | | | 29.4 | | | | | | 3.4% | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
Main Aeronautical Customers
|
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| ||||||||||||||||||||||||
LATAM Airlines Group
|
| | | | 133.8 | | | | | | 23.3% | | | | | | 111.1 | | | | | | 22.4% | | | | | | 153.2 | | | | | | 22.8% | | | | | | 105.1 | | | | | | 19.3% | | |
Grupo Aerolíneas Argentinas
|
| | | | 94.5 | | | | | | 16.4% | | | | | | 73.0 | | | | | | 14.7% | | | | | | 102.3 | | | | | | 15.2% | | | | | | 93.1 | | | | | | 17.1% | | |
Gol Transportes Aéreos
|
| | | | 42.1 | | | | | | 7.3% | | | | | | 36.4 | | | | | | 7.4% | | | | | | 49.9 | | | | | | 7.4% | | | | | | 27.9 | | | | | | 5.1% | | |
American Airlines
|
| | | | 25.9 | | | | | | 4.5% | | | | | | 24.3 | | | | | | 4.9% | | | | | | 33.8 | | | | | | 5.0% | | | | | | 28.0 | | | | | | 5.2% | | |
Avianca
|
| | | | 30.9 | | | | | | 5.4% | | | | | | 23.7 | | | | | | 4.8% | | | | | | 33.2 | | | | | | 5.0% | | | | | | 22.8 | | | | | | 4.2% | | |
Ryanair Ltd
|
| | | | 25.7 | | | | | | 4.5% | | | | | | 25.1 | | | | | | 5.1% | | | | | | 32.0 | | | | | | 4.8% | | | | | | 32.1 | | | | | | 5.9% | | |
Copa
|
| | | | 18.6 | | | | | | 3.2% | | | | | | 17.5 | | | | | | 3.5% | | | | | | 23.1 | | | | | | 3.4% | | | | | | 19.8 | | | | | | 3.6% | | |
Air France
|
| | | | 12.0 | | | | | | 2.1% | | | | | | 11.7 | | | | | | 2.4% | | | | | | 20.9 | | | | | | 3.1% | | | | | | 20.5 | | | | | | 3.8% | | |
Lufthansa Group
|
| | | | 15.4 | | | | | | 2.7% | | | | | | 14.6 | | | | | | 2.9% | | | | | | 19.4 | | | | | | 2.9% | | | | | | 21.4 | | | | | | 3.9% | | |
Others
|
| | | | 176.3 | | | | | | 30.7% | | | | | | 158.3 | | | | | | 31.9% | | | | | | 205.5 | | | | | | 30.5% | | | | | | 172.5 | | | | | | 31.8% | | |
Total
|
| | | | 575.1 | | | | | | 100.0% | | | | | | 495.6 | | | | | | 100.0% | | | | | | 673.5 | | | | | | 100.0% | | | | | | 543.2 | | | | | | 100.0% | | |
|
| | |
Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
Main Commercial Customers
|
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue(1) |
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue(1) |
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue(1) |
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue(1) |
| ||||||||||||||||||||||||
Dufry
|
| | | | 50.9 | | | | | | 12.4% | | | | | | 49.9 | | | | | | 13.0% | | | | | | 71.2 | | | | | | 13.6% | | | | | | 70.5 | | | | | | 15.3% | | |
Grupo Aerolíneas Argentinas
|
| | | | 7.5 | | | | | | 1.8% | | | | | | 8.0 | | | | | | 2.1% | | | | | | 10.6 | | | | | | 2.0% | | | | | | 13.1 | | | | | | 2.8% | | |
Gate Gourmet
|
| | | | 7.3 | | | | | | 1.8% | | | | | | 5.8 | | | | | | 1.5% | | | | | | 8.1 | | | | | | 1.6% | | | | | | 9.1 | | | | | | 2.0% | | |
Aerofuels Overseas
|
| | | | 7.7 | | | | | | 1.9% | | | | | | 3.7 | | | | | | 1.0% | | | | | | 5.7 | | | | | | 1.1% | | | | | | 7.6 | | | | | | 1.7% | | |
JCDecaux do Brasil S.A.
|
| | | | 4.1 | | | | | | 1.0% | | | | | | 3.7 | | | | | | 1.0% | | | | | | 5.4 | | | | | | 1.0% | | | | | | — | | | | | | — | | |
Intercargo S.A.C.
|
| | | | 4.3 | | | | | | 1.1% | | | | | | 3.8 | | | | | | 1.0% | | | | | | 5.2 | | | | | | 1.0% | | | | | | 5.1 | | | | | | 1.1% | | |
International Meal Company Alimenta
|
| | | | 1.0 | | | | | | 0.2% | | | | | | 3.5 | | | | | | 0.9% | | | | | | 4.5 | | | | | | 0.9% | | | | | | — | | | | | | — | | |
Sita Information Networking
|
| | | | 3.6 | | | | | | 0.9% | | | | | | 3.0 | | | | | | 0.8% | | | | | | 4.1 | | | | | | 0.8% | | | | | | 3.9 | | | | | | 0.9% | | |
Petrobras
|
| | | | 3.0 | | | | | | 0.7% | | | | | | 2.7 | | | | | | 0.7% | | | | | | 3.9 | | | | | | 0.8% | | | | | | 0.4 | | | | | | 0.1% | | |
Others
|
| | | | 320.3 | | | | | | 78.2% | | | | | | 299.6 | | | | | | 78.1% | | | | | | 403.4 | | | | | | 77.3% | | | | | | 350.0 | | | | | | 76.1% | | |
Total
|
| | | | 409.7 | | | | | | 100.0% | | | | | | 383.7 | | | | | | 100.0% | | | | | | 522.2 | | | | | | 100.0% | | | | | | 459.7 | | | | | | 100.0% | | |
|
Concession Name
|
| |
Minimum Amount of
Required Insurance |
|
AA2000 Concession Agreement
|
| |
AR$300,000,000
|
|
Bahía Blanca Concession Agreement
|
| |
AR$200,000,000
|
|
Neuquén Concession Agreement
|
| |
*(1)
|
|
Pisa Concession Agreement
|
| |
€2,903,114
|
|
Florence Concession Agreement
|
| |
€1,025,000
|
|
Brasilia Concession Agreement
|
| |
*(1)
|
|
Natal Concession Agreement
|
| |
*(1)
|
|
Carrasco Concession Agreement
|
| |
U.S.$250,000,000
|
|
Punta del Este Concession Agreement
|
| |
*(1)
|
|
TAGSA Concession Agreement
|
| |
*(1)
|
|
ECOGAL Concession Agreement
|
| |
U.S.$281,698,193
|
|
Zvartnots Concession Agreement
|
| |
*(1)
|
|
AAP Concession Agreement
|
| |
U.S.$20,000,000
|
|
| | |
Number of employees
|
| |||||||||||||||
| | |
As of
September 30, 2017 |
| |
As of December 31,
|
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Operations and infrastructure
|
| | | | 5,155 | | | | | | 4,910 | | | | | | 4,880 | | |
Administration
|
| | | | 922 | | | | | | 1,064 | | | | | | 1,082 | | |
Total
|
| | | | 6,076 | | | | | | 5,974 | | | | | | 5,962 | | |
|
| | |
Concession
agreement |
| |
Governmental
authority |
| |
Term and
extension provisions |
|
Argentina
|
| |
AA2000 Concession Agreement
|
| |
Argentine Government; ORSNA
|
| |
30-year term (ending February 13, 2028); may be extended an additional 10 years, subject to authorization by the Argentine Government.
|
|
| NQN Concession Agreement | | | Government of the Province of Neuquén; ORSNA | | | 20-year term (ending October 24, 2021). Concession may be extended for 5 years upon governmental approval. | | ||
| BBL Concession Agreement | | | Municipality of Bahía Blanca; ORSNA | | | 25-year term (ending May 22, 2033). Concession may be extended for 10 years upon governmental approval. | | ||
Italy
|
| |
Pisa Concession Agreement
|
| |
ENAC
|
| |
40-year term (ending December 7, 2046).
|
|
| Florence Concession Agreement | | | ENAC | | |
40-year term (ending February 10, 2043).
|
| ||
Brazil
|
| |
Natal Concession Agreement
|
| |
Brazilian ANAC
|
| |
28-year term (ending January 24, 2040); may be extended for an additional 5 years if necessary to reestablish economic equilibrium.
|
|
| Brasilia Concession Agreement | | | Brazilian ANAC | | | 25-year term (ending July 24, 2037); may be extended for an additional 5 years if necessary to reestablish economic equilibrium. | | ||
Uruguay
|
| |
Carrasco Concession Agreement
|
| |
Defense Ministry
|
| |
20-year term with 10-year extension already approved (30-year total, ending November 20, 2033).
|
|
| Punta del Este Concession Agreement | | | Defense Ministry | | | 36-year term (ending March 31, 2019). We are currently under negotiations with local government to extend this concession. | | ||
Ecuador
|
| |
Guayaquil Concession Agreement
|
| |
AAG; Municipality of Guayaquil
|
| |
20-year and 5-month term (ending July 27, 2024).
|
|
| Galapagos Concession Agreement | | | DGAC; STAC | | | 15-year term (ending July 6, 2026). | | ||
Armenia | | | Armenian Concession Agreement | | | Armenian Government; GDCA | | | 30-year term (ending June 8, 2032), with option to extend the term of the agreement by 5-year periods if in good standing. | |
Peru | | | AAP Concession Agreement | | | MTC | | | 25-year term (ending January 5, 2036); may be extended at request of AAP at least 3 years prior to the termination date; the term of the concession cannot exceed 60 years. | |
| | |
Name
|
| |
Location
|
| |
International or
national status |
| |
Category(1)
|
|
1. | | | Aeropuerto de San Carlos de Bariloche | | |
San Carlos de Bariloche
|
| |
International
|
| |
I
|
|
2. | | | Aeropuerto de Catamarca, “Coronel Felipe Varela” | | |
Catamarca
|
| |
National
|
| |
I
|
|
3. | | | Aeroparque Internacional, “Jorge Newbery” | | |
Ciudad A. Buenos Aires
|
| |
International
|
| |
I
|
|
4. | | | Aeropuerto de Comodoro Rivadavia, “Geral. Enrique Mosconi” | | |
Comodoro Rivadavia
|
| |
International
|
| |
I
|
|
5. | | | Aeropuerto Internacional de Córdoba, “Ing. A. Taravella” | | |
Córdoba
|
| |
International
|
| |
I
|
|
6. | | | Aeropuerto de Esquel | | |
Esquel
|
| |
National
|
| |
I
|
|
7. | | | Aeropuerto Internacional de Ezeiza, “Ministro Pistarini” | | |
Ezeiza
|
| |
International
|
| |
I
|
|
8. | | | Aeropuerto Internacional de Formosa, “El Pucu” | | |
Formosa
|
| |
International
|
| |
I
|
|
9. | | | Aeropuerto de General Pico | | |
General Pico
|
| |
National
|
| |
II
|
|
10. | | | Aeropuerto de Misiones, “Cataratas del Iguazú” | | |
Puerto Iguazú
|
| |
International
|
| |
I
|
|
11. | | | Aeropuerto de Jujuy, “Gobernador Horacio Guzmán” | | |
Jujuy
|
| |
International
|
| |
I
|
|
12. | | | Aeropuerto de La Rioja, “Capitán Vicente Almandos Almonacid” | | |
La Rioja
|
| |
National
|
| |
I
|
|
13. | | | Aeropuerto de Malargüe, “Comodoro D Ricardo Salomon” | | |
Malargüe
|
| |
National
|
| |
II
|
|
14. | | | Aeropuerto Internacional de Mar del Plata, “Astor Piazzolla” | | |
Mar del Plata
|
| |
International
|
| |
I
|
|
15. | | | Aeropuerto Internacional de Mendoza, “El Plumerillo” | | |
Mendoza
|
| |
International
|
| |
I
|
|
16. | | | Aeropuerto de Entre Rios, “General Justo José de Urquiza” | | |
Parana
|
| |
National
|
| |
I
|
|
17. | | | Aeropuerto de Posadas, “Libertador General José de San Martín” | | |
Posadas
|
| |
International
|
| |
I
|
|
18. | | | Aeropuerto de Puerto Madryn, “El Tehuelche” | | |
Puerto Madryn
|
| |
National
|
| |
II
|
|
19. | | | Aeropuerto de Reconquista | | |
Reconquista
|
| |
National
|
| |
II
|
|
20. | | | Aeropuerto de Resistencia, “José de San Martín” | | |
Resistencia
|
| |
International
|
| |
I
|
|
21. | | | Aeropuerto de Rio Cuarto, “Área de Material” | | |
Rio Cuarto
|
| |
National
|
| |
II
|
|
22. | | | Aeropuerto de Rio Gallegos, “Piloto Civil Norberto Fernández” | | |
Rio Gallegos
|
| |
International
|
| |
I
|
|
23. | | | Aeropuerto de Rio Grande | | |
Rio Grande
|
| |
International
|
| |
I
|
|
24. | | | Aeropuerto Internacional de Salta, “Martín Miguel de Güemes” | | |
Salta
|
| |
International
|
| |
I
|
|
25. | | | Aeropuerto de San Fernando | | |
San Fernando
|
| |
International
|
| |
II
|
|
26. | | | Aeropuerto de San Luis, “Brigadier Mayor César R Ojeda” | | |
San Luis
|
| |
National
|
| |
I
|
|
27. | | |
Aeropuerto de San Rafael, “S.A. Santiago Germano”
|
| |
San Rafael
|
| |
National
|
| |
II
|
|
28. | | | Aeropuerto de San Juan, “Domingo Faustino Sarmiento” | | |
San Juan
|
| |
National
|
| |
I
|
|
29. | | | Aeropuerto de Santa Rosa | | |
Santa Rosa
|
| |
National
|
| |
I
|
|
30. | | | Aeropuerto de Santiago del Estero, “Vcom. Angel de la Paz Aragones” | | |
Santiago del Estero
|
| |
National
|
| |
I
|
|
31. | | | Aeropuerto de Tucumán, “General Benjamin Matienzo” | | |
San Miguel de Tucuman
|
| |
International
|
| |
I
|
|
32. | | | Aeropuerto de Viedma, “Gobernador Castello” | | |
Viedma
|
| |
National
|
| |
I
|
|
33. | | | Aeropuerto de Villa Reynolds | | |
Villa Reynolds
|
| |
National
|
| |
I
|
|
34. | | | Aeropuerto El Palomar | | |
Buenos Aires
|
| |
National
|
| |
—(2)
|
|
35. | | | Aeropuerto de Neuquén, “Presidente Peron” | | |
Neuquén
|
| |
International
|
| |
I
|
|
36. | | |
Aeropuerto de Bahía Blanca, “Comandante Espora”
|
| |
Bahía Blanca
|
| |
National
|
| |
I
|
|
37. | | | Aeropuerto Termas de Rio Hondo | | |
Santiago del Estero
|
| |
National
|
| |
—(3)
|
|
| | |
Airport Category
|
| |||||||||||||||||||||
Use Fees Per Departing Passenger
|
| |
I
|
| |
II
|
| |
III
|
| |
IV
|
| ||||||||||||
International flights
|
| | | U.S.$ | 49.00 | | | | | U.S.$ | 36.48 | | | | | U.S.$ | 32.34 | | | | | U.S.$ | 32.34 | | |
Domestic flights
|
| | | AR$ | 74.33 | | | | | AR$ | 52.00 | | | | | AR$ | 45.50 | | | | | AR$ | 45.50 | | |
| | |
Airport Category
|
| |||||||||||||||||||||
| | |
I
|
| |
II
|
| |
III
|
| |
IV
|
| ||||||||||||
Aircraft weight
|
| |
(U.S.$ per ton, except percentages)
|
| |||||||||||||||||||||
2 – 12 tons
|
| | | | 29.32 | | | | | | 17.39 | | | | | | 9.99 | | | | | | 9.99 | | |
Minimum fee
|
| | | | 184.89 | | | | | | 92.38 | | | | | | 39.57 | | | | | | 39.57 | | |
12 – 30 tons
|
| | | | 6.27 | | | | | | 3.73 | | | | | | 2.24 | | | | | | 2.24 | | |
31 – 80 tons
|
| | | | 7.16 | | | | | | 4.48 | | | | | | 2.62 | | | | | | 2.62 | | |
81 – 170 tons
|
| | | | 8.81 | | | | | | 5.37 | | | | | | — | | | | | | — | | |
> 170 tons
|
| | | | 9.76 | | | | | | — | | | | | | — | | | | | | — | | |
Minimum fee
|
| | | | 81.50 | | | | | | 48.51 | | | | | | 29.11 | | | | | | 29.11 | | |
Surcharge for operation out of the normal timetable
|
| | | | 352.82 | | | | | | 255.12 | | | | | | 162.84 | | | | | | 162.84 | | |
Surcharge for night air field lighting
|
| | | | 30% | | | | | | 30% | | | | | | 30% | | | | | | 30% | | |
| | |
Airport Category
|
| | | | | | | |||||||||||||||||||||||||||||||||
| | |
I
|
| |
II
|
| |
III
|
| |
IV
|
| | | | | | | ||||||||||||||||||||||||
Aircraft weight
|
| |
(AR$ per ton, except percentages)
|
| | | | | | | |||||||||||||||||||||||||||||||||
2 – 12 tons
|
| | | | 20.37 | | | | | | 15.18 | | | | | | 8.82 | | | | | | 4.54 | | | | | | | | | ||||||||||||
Minimum fee
|
| | | | 142.73 | | | | | | 108.34 | | | | | | 62.15 | | | | | | 31.53 | | | | | | | | | ||||||||||||
12 – 30 tons
|
| | | | 1.05 | | | | | | 0.67 | | | | | | 0.43 | | | | | | 0.26 | | | | | | | | | ||||||||||||
31 – 80 tons
|
| | | | 1.14 | | | | | | 0.76 | | | | | | 0.52 | | | | | | — | | | | | | | | | ||||||||||||
81 – 170 tons
|
| | | | 1.26 | | | | | | 0.88 | | | | | | — | | | | | | — | | | | | | | | | ||||||||||||
> 170 tons
|
| | | | 1.47 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | ||||||||||||
Minimum fee
|
| | | | 13.65 | | | | | | 8.71 | | | | | | 5.59 | | | | | | 3.38 | | | | | | | | | ||||||||||||
Surcharge for operation out of the normal timetable
|
| | | | 260.00 | | | | | | 188.00 | | | | | | 120.00 | | | | | | 68.00 | | | | | | | | | ||||||||||||
Surcharge for night air field lighting
|
| | | | 30% | | | | | | 50% | | | | | | 30% | | | | | | 30% | | | | | | | | | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Airport Category
|
| |||||||||||||||||||||||||||
| | |
Ezeiza/
Aeroparque |
| |
I
|
| |
II
|
| |
III
|
| |
IV
|
| |||||||||||||||
Aircraft weight (tons)
|
| |
(U.S.$ per ton per hour or fraction)
|
| |||||||||||||||||||||||||||
5 – 12 tons
|
| | | | 3.84 | | | | | | 1.92 | | | | | | 1.43 | | | | | | 1.12 | | | | | | 1.12 | | |
Minimum fee
|
| | | | 55.46 | | | | | | 36.99 | | | | | | 13.18 | | | | | | 13.18 | | | | | | 13.18 | | |
12 – 80 tons
|
| | | | 0.34 | | | | | | 0.17 | | | | | | 0.13 | | | | | | 0.10 | | | | | | 0.10 | | |
81 – 170 tons
|
| | | | 0.48 | | | | | | 0.20 | | | | | | 0.14 | | | | | | 0.11 | | | | | | — | | |
> 170 tons
|
| | | | 0.98 | | | | | | 0.22 | | | | | | 0.14 | | | | | | — | | | | | | — | | |
Minimum fee
|
| | | | 7.33 | | | | | | 4.89 | | | | | | 2.44 | | | | | | 2.44 | | | | | | 2.71 | | |
| | |
Airport Category
|
| |||||||||||||||||||||||||||
| | |
Ezeiza/
Aeroparque |
| |
I
|
| |
II
|
| |
III
|
| |
IV
|
| |||||||||||||||
Aircraft weight (tons)
|
| |
(AR$ per ton per hour or fraction)
|
| |||||||||||||||||||||||||||
5 – 12 tons
|
| | | | 4.45 | | | | | | 2.65 | | | | | | 2.1 | | | | | | 1.6 | | | | | | 1.05 | | |
Minimum fee
|
| | | | 124.44 | | | | | | 81.9 | | | | | | 51.9 | | | | | | 37.8 | | | | | | 23.64 | | |
12 – 80 tons
|
| | | | 0.85 | | | | | | 0.65 | | | | | | 0.50 | | | | | | 0.40 | | | | | | 0.20 | | |
81 – 170 tons
|
| | | | 1.15 | | | | | | 0.65 | | | | | | 0.50 | | | | | | 0.40 | | | | | | — | | |
> 170 tons
|
| | | | 1.50 | | | | | | 0.85 | | | | | | 0.62 | | | | | | — | | | | | | — | | |
Minimum fee
|
| | | | 39.50 | | | | | | 26.00 | | | | | | 16.50 | | | | | | 12.00 | | | | | | 7.50 | | |
| | |
2017
|
| | |||||
| | |
(In Euros)
|
| ||||||
International Passenger Adult
|
| | | | 7.35 | | | | ||
International Passenger Child
|
| | | | 3.67 | | | | ||
Non-EU Passenger Adult
|
| | | | 8.42 | | | | ||
Non-EU Passenger Child
|
| | | | 4.21 | | | | ||
Takeoff/Landing | | | | |||||||
< 25 t
|
| | | | 2.28 | | | | ||
> 25 t
|
| | | | 3.15 | | | | ||
Parking
|
| | | | 0.25 | | | | ||
Hand baggage security
|
| | |
|
2.05
|
| | | ||
Hold baggage security
|
| | |
|
1.09
|
| | | ||
Persons with reduced mobility
|
| | |
|
0.55
|
| | | ||
Assets for exclusive use (59 m.)
|
| | |
|
261.68
|
| | | ||
Check-in/Gate desks (desks/hour)
|
| | |
|
7.76
|
| | | ||
Cargo fees
|
| | |
|
0.05
|
| | | ||
Fuel
|
| | | | 0.007 | | | |
| | |
2017
|
| |||
| | |
(In Euros)
|
| |||
Landing and take off fees (from 1 ton to 25 ton)
|
| | | | 3.83 | | |
Landing and take off fees (each subsequent ton)
|
| | | | 5.14 | | |
Aircraft parking (per hour or fraction after first two hours)
|
| | | | 0.21 | | |
Passengers charges (EU adult)
|
| | | | 9.99 | | |
Passengers charges(EXTRA EU adult)
|
| | | | 12.08 | | |
Passengers charges (intra EU flights, child)
|
| | | | 4.99 | | |
Passengers charges (EXTRA EU, child)
|
| | | | 6.04 | | |
Cargo embarking/disembarking charges
|
| | | | 0.36 | | |
| | |
2017
|
| |||
| | |
(In Euros)
|
| |||
Body check and hand baggage security
|
| | | | 1.58 | | |
Hold baggage security
|
| | | | 1.10 | | |
PRM
|
| | | | 0.90 | | |
Assets for exclusive use (offices)
|
| | | | 304.61 | | |
Assets for exclusive use (technical operating room)
|
| | | | 61.18 | | |
Assets for exclusive use (self check-in)
|
| | | | 350.60 | | |
Check-in desks
|
| | | | 2.58 | | |
De-icing
|
| | | | 0.19 | | |
|
Event
|
| |
Amount of the
Performance Bond (in millions of R$) |
| |
Amount of the
Performance Bond (in millions of U.S.$) |
|
| Natal Concession Agreement | | | | ||||
|
Phase I of the Natal Concession Agreement
|
| |
65.0
|
| |
20.0
|
|
| Phase II of the Natal Concession Agreement (from the formal commencement of Phase II until the end of the contract) until January 24, 2018 | | |
6.5
|
| |
2.0
|
|
|
from January 25, 2018 to January 24, 2020
|
| |
5.8
|
| |
1.7
|
|
|
from January 25, 2020 to January 24, 2033
|
| |
6.5
|
| |
2.0
|
|
|
from January 25, 2033 to January 24, 2040
|
| |
6.7
|
| |
2.1
|
|
| 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
|
| |
81.8
|
|
| After completion of Phase I-B of the Natal Concession Agreement or at the termination of the contract until July 23, 2018 | | |
133.3
|
| |
41.0
|
|
|
from July 24, 2018 to July 23, 2019
|
| |
116.7
|
| |
51.2
|
|
|
from July 24, 2019 to July 23, 2034
|
| |
133.3
|
| |
41.0
|
|
|
from July 24, 2034 to July 24, 2037
|
| |
139.7
|
| |
42.9
|
|
| 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
|
| |
5.8
|
|
| | |
U.S.$
|
| |
Adjusted Price U.S.$
|
| ||||||
Aircraft weight (tons)(1)
|
| |
(U.S.$ per ton)
|
| |||||||||
Up to 10 tons
|
| | | | 50.6 | | | | | | 52.8 | | |
10 – 20 tons
|
| | | | 258.2 | | | | | | 269.4 | | |
20 – 30 tons
|
| | | | 322.3 | | | | | | 336.3 | | |
30 – 70 tons
|
| | | | 482.7 | | | | | | 503.5 | | |
70 – 171 tons
|
| | | | 681.8 | | | | | | 711.3 | | |
> 170 tons
|
| | | | 928.2 | | | | | | 968.3 | | |
| | |
PAD/h(1)
|
|
In operative platform | | |
5% PAD/h
|
|
Outside operative platform | | |
2.5% PAD/h
|
|
Under repair (others) | | |
0
|
|
| | |
U.S.$
|
| |
Adjustment
Index |
| |
Adjusted Price
|
| |||||||||
Connections
|
| | | | 19.0 | | | | | | 1.04321 | | | | | | 20.0 | | |
International flights
|
| | | | 42.0 | | | | | | 1.04321 | | | | | | 44.0 | | |
| | |
In Transit
|
| |
Terminal
|
| |
Adjustment
Index |
| |
Adjusted Price In
Transit |
| |
Adjusted Price
Terminal |
| |||||||||||||||
| | |
(in U.S.$)
|
| |||||||||||||||||||||||||||
Up to 10 seats
|
| | | | 5.1 | | | | | | 8.4 | | | | | | 1.04321 | | | | | | 5.3 | | | | | | 8.8 | | |
11 – 30 seats
|
| | | | 15.2 | | | | | | 22.8 | | | | | | 1.04321 | | | | | | 15.9 | | | | | | 23.8 | | |
31 – 90 seats
|
| | | | 30.4 | | | | | | 37.9 | | | | | | 1.04321 | | | | | | 31.7 | | | | | | 39.6 | | |
91 – 150 seats
|
| | | | 45.6 | | | | | | 60.7 | | | | | | 1.04321 | | | | | | 47.6 | | | | | | 63.4 | | |
151 – 250 seats
|
| | | | 91.16 | | | | | | 121.5 | | | | | | 1.04321 | | | | | | 95.0 | | | | | | 126.8 | | |
> 251 seats
|
| | | | 136.7 | | | | | | 151.9 | | | | | | 1.04321 | | | | | | 142.6 | | | | | | 158.5 | | |
| | |
In Transit
|
| |
Terminal
|
| |
Adjustement
Index |
| |
Adjusted Price
In Transit |
| |
Adjusted Price
Terminal |
| |||||||||||||||
| | |
(in U.S.$)
|
| |||||||||||||||||||||||||||
5,700 kg
|
| | | | 8.4 | | | | | | 16.9 | | | | | | 1.04321 | | | | | | 8.8 | | | | | | 17.6 | | |
Up to B-737, B-727 (or similar)
|
| | | | 60.7 | | | | | | 68.4 | | | | | | 1.04321 | | | | | | 63.4 | | | | | | 71.4 | | |
B-767, DC-8 (or similar)
|
| | | | 76.0 | | | | | | 91.1 | | | | | | 1.04321 | | | | | | 79.2 | | | | | | 95.1 | | |
DC-10, MD-11, B-747, A-340 (or similar)
|
| | | | 102.1 | | | | | | 136.7 | | | | | | 1.04321 | | | | | | 106.5 | | | | | | 142.6 | | |
|
Passengers from
|
| |
Passengers to
|
| |
Coefficient
|
|
|
––
|
| |
1,500,000
|
| |
0
|
|
|
1,500,001
|
| |
1,750,000
|
| |
0.075
|
|
|
1,750,001
|
| |
2,000,000
|
| |
0.1556
|
|
|
2,000,001
|
| |
2,250,000
|
| |
0.272
|
|
|
2,250,001
|
| |
2,500,000
|
| |
0.3983
|
|
|
2,500,001
|
| |
2,750,000
|
| |
0.5381
|
|
|
2,750,001
|
| |
3,000,000
|
| |
0.692
|
|
|
3,000,001
|
| |
––
|
| |
0.8611
|
|
|
Tariff
|
| |
(in U.S.$)
|
| |||
|
Ecological tariff (by departing passengers)
|
| | | | 3.48 | | |
|
Tariff for terminal use (by departing passengers)
|
| | | | 24.15 | | |
|
Security tariff (by departing passengers)
|
| | | | 3.24 | | |
|
Tariff for cash fire and rescue (by departing passengers)
|
| | | | 3.70 | | |
|
Landing tariff 50 – 100 tons (in tons)
|
| | | | 0.86 | | |
Date of Payment
|
| |
Multiplier
|
| |||
On or after the fifth anniversary of the issuance date to but excluding the sixth anniversary of the issuance date
|
| | | | 103.438% | | |
Thereafter to but excluding the seventh anniversary of the issuance date
|
| | | | 102.578% | | |
Thereafter to but excluding the eighth anniversary of the issuance date
|
| | | | 101.719% | | |
Thereafter to but excluding the ninth anniversary of the issuance date
|
| | | | 100.859% | | |
Thereafter
|
| | | | 100.000% | | |
Date of Payment
|
| |
Multiplier
|
| |||
Beginning on November 29, 2022 and ending on November 28, 2023
|
| | | | 103.438% | | |
Beginning on November 29, 2023 and ending on November 28, 2024
|
| | | | 102.292% | | |
Beginning on November 29, 2024 and ending on November 28, 2025
|
| | | | 101.146% | | |
Beginning on November 29, 2025 and thereafter
|
| | | | 100.000% | | |
|
Name
|
| |
Date of Birth
|
| |
Position Held
|
| |
First appointment
|
|
| Eduardo Eurnekian | | |
December 4, 1932
|
| |
Director
|
| |
September 14, 2017
|
|
| Martín Francisco Antranik Eurnekian |
| |
November 28, 1978
|
| |
Director
|
| |
September 14, 2017
|
|
| Maximo Bomchil | | |
May 13, 1950
|
| |
Director
|
| |
September 14, 2017
|
|
| Roderick H. McGeoch | | |
October 2, 1946
|
| |
Director
|
| |
September 14, 2017
|
|
| David Arendt | | |
April 4, 1953
|
| |
Director
|
| |
September 14, 2017
|
|
| Valerie Pechon | | |
November 10, 1975
|
| |
Director
|
| |
September 14, 2017
|
|
| Carlo Alberto Montagna |
| |
February 27, 1964
|
| |
Director
|
| |
September 14, 2017
|
|
|
Name
|
| |
Date of Birth
|
| |
Position Held
|
| |
First Appointment
|
|
| Martín Francisco Antranik Eurnekian | | |
November 28, 1978
|
| |
Chief Executive Officer
|
| |
September 14, 2017
|
|
|
Raúl Guillermo Francos
|
| |
July 1, 1947
|
| |
Chief Financial Officer
|
| |
September 14, 2017
|
|
| Raúl Galante | | |
July 24, 1960
|
| |
Accounting, Planning and Tax Manager
|
| |
September 14, 2017
|
|
| Jorge Arruda | | |
April 9, 1968
|
| |
Finance and M&A Manager
|
| |
September 14, 2017
|
|
| Roberto Naldi | | |
February 17,1953
|
| |
European Business Development Manager
|
| |
September 14, 2017
|
|
| Andres Zenarruza | | |
July 22, 1976
|
| |
Legal Manager
|
| |
September 14, 2017
|
|
| Eugenio Perissé | | |
March 2, 1959
|
| |
Business Development Manager
|
| |
September 14, 2017
|
|
| | |
Common shares Beneficially
Owned Prior to this offering |
| |
Common shares Beneficially
Owned After this offering |
| ||||||||||||||||||
| | |
Common Shares
|
| |
Common Shares
|
| ||||||||||||||||||
| | |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| ||||||||||||
A.C.I. Airports S.à r.l
|
| | | | 148,117,500 | | | | | | 100% | | | | | | 131,450,833 | | | | | | 82.1% | | |
Our executive officers and directors:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Eduardo Eurnekian
|
| | | | 0 | | | | | | 0% | | | | | | 0 | | | | | | 0% | | |
Martín Francisco Antranik Eurnekian
|
| | | | 0 | | | | | | 0% | | | | | | 0 | | | | | | 0% | | |
Máximo Bomchil
|
| | | | 0 | | | | | | 0% | | | | | | 0 | | | | | | 0% | | |
Roderick H. McGeoch
|
| | | | 0 | | | | | | 0% | | | | | | 0 | | | | | | 0% | | |
David Arendt
|
| | | | 0 | | | | | | 0% | | | | | | 0 | | | | | | 0% | | |
Valerie Pechon
|
| | | | 0 | | | | | | 0% | | | | | | 0 | | | | | | 0% | | |
Carlo Alberto Montagna
|
| | | | 0 | | | | | | 0% | | | | | | 0 | | | | | | 0% | | |
Raúl Guillermo Francos
|
| | | | 0 | | | | | | 0% | | | | | | 0 | | | | | | 0% | | |
Raúl Galante
|
| | | | 0 | | | | | | 0% | | | | | | 0 | | | | | | 0% | | |
Jorge Arruda
|
| | | | 0 | | | | | | 0% | | | | | | 0 | | | | | | 0% | | |
Roberto Naldi
|
| | | | 0 | | | | | | 0% | | | | | | 0 | | | | | | 0% | | |
Andres Zenarruza
|
| | | | 0 | | | | | | 0% | | | | | | 0 | | | | | | 0% | | |
Eugenio Perissé
|
| | | | 0 | | | | | | 0% | | | | | | 0 | | | | | | 0% | | |
All executive officers and directors as a group:
|
| | | | 0 | | | | | | 0% | | | | | | 0 | | | | | | 0% | | |
Underwriter
|
| |
Number of
Common Shares |
|
Oppenheimer & Co. Inc.
|
| | ||
Merrill Lynch, Pierce, Fenner & Smith
Incorporated |
| | ||
Citigroup Global Markets Inc.
|
| | ||
Goldman Sachs & Co. LLC
|
| |
|
|
Santander Investment Securities Inc.
|
| | | |
Total
|
| | | |
|
| | |
Per Share
|
| |
Total
Without Exercise of Option |
| |
Total
With Full Exercise of Option |
||||||||
Public offering price
|
| | | $ | | | | | | $ | | | | | | $ | |
Underwriting discount
|
| | | $ | | | | | | $ | | | | | | $ | |
Proceeds, before expenses, to us
|
| | | $ | | | | | | $ | | | | | | $ | |
Proceeds, before expenses, to Selling Shareholder
|
| | | $ | | | | | | $ | | | | | | $ | |
Total
|
| | | $ | | | | | $ | | | | | $ | |||
|
|
SEC Registration Fee
|
| | U.S.$94,086 | |
|
NYSE Listing Fee
|
| | U.S.$ | |
|
FINRA Filing Fee
|
| | U.S.$113,857.14 | |
|
Printing and Delivery Expenses
|
| | U.S.$ | |
|
Legal Fees and Expenses
|
| | U.S.$ | |
|
Roadshow Expenses
|
| | U.S.$ | |
|
Accounting Fees and Expenses
|
| | U.S.$ | |
|
Miscellaneous Costs
|
| | U.S.$ | |
| Total | | | U.S.$ | |
|
| | |
Page
|
| |||
A.C.I. Airports International S.à r.l | | | |||||
Restated Combined Consolidated Financial Statements | | | |||||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-8 | | | |
Corporacion América Airports S.A. | | | |||||
Unaudited Condensed Consolidated Interim Financial Statements | | | |||||
| | | | F-85 | | | |
| | | | F-85 | | | |
| | | | F-86 | | | |
| | | | F-87 | | | |
| | | | F-88 | | | |
| | | | F-89 | | | |
Inframerica Participações S.A. | | | |||||
Audited Consolidated Financial Statements | | | |||||
| | | | F-116 | | | |
| | | | F-117 | | | |
| | | | F-118 | | | |
| | | | F-119 | | | |
| | | | F-120 | | | |
| | | | F-121 | | | |
Inframerica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. | | | |||||
Audited Financial Statements | | | |||||
| | | | F-144 | | | |
| | | | F-145 | | | |
| | | | F-146 | | | |
| | | | F-147 | | | |
| | | | F-148 | | | |
| | | | F-149 | | |
| /s/ Price Waterhouse & Co. S.R.L. | | | | |
| | | | | |
| /s/ Alejandro Pablo Frechou Partner |
| | | |
| | |
Notes
|
| |
For the year
ended December 31, 2016 (Restated) |
| |
For the year
ended December 31, 2015 (Restated) |
| ||||||
Continuing operations | | | | | ||||||||||||
Revenue
|
| |
5
|
| | | | 1,366,336 | | | | | | 1,187,090 | | |
Cost of services
|
| |
6
|
| | | | (859,074) | | | | | | (759,155) | | |
Gross profit
|
| | | | | | | 507,262 | | | | | | 427,935 | | |
Selling, general and administrative expenses
|
| |
7
|
| | | | (170,852) | | | | | | (167,219) | | |
Impairment loss
|
| |
12
|
| | | | (16,638) | | | | | | — | | |
Other operating income
|
| |
8
|
| | | | 16,944 | | | | | | 15,573 | | |
Other operating expense
|
| | | | | | | (4,903) | | | | | | (2,667) | | |
Operating income
|
| | | | | | | 331,813 | | | | | | 273,622 | | |
Share of loss in associates
|
| |
10,14
|
| | | | (1,306) | | | | | | (69,317) | | |
Income before financial results and income tax
|
| | | | | | | 330,507 | | | | | | 204,305 | | |
Financial income
|
| |
9
|
| | | | 37,521 | | | | | | 46,807 | | |
Financial loss
|
| |
9
|
| | | | (272,951) | | | | | | (199,839) | | |
Income before income tax expense
|
| | | | | | | 95,077 | | | | | | 51,273 | | |
Income tax expense
|
| |
11
|
| | | | (56,359) | | | | | | (44,969) | | |
Income from continuing operations
|
| | | | | | | 38,718 | | | | | | 6,304 | | |
Discontinued operations | | | | | ||||||||||||
(Loss)/Income from discontinued operations
|
| |
31
|
| | | | (9,478) | | | | | | 108,987 | | |
Net income
|
| | | | | | | 29,240 | | | | | | 115,291 | | |
Attributable to: | | | | | ||||||||||||
Owners of the parent
|
| | | | | | | 33,759 | | | | | | 105,490 | | |
Non-controlling interest
|
| | | | | | | (4,519) | | | | | | 9,801 | | |
| | | | | | | | 29,240 | | | | | | 115,291 | | |
Earnings per share attributable to the owners of the parent | | | | | ||||||||||||
Weighted average number of ordinary shares (thousands)
|
| | | | | | | 1,500,000 | | | | | | 1,500,000 | | |
Continuing operations | | | | | ||||||||||||
Basic and diluted earnings per share
|
| | | | | | | 0.03 | | | | | | (0.01) | | |
Discontinued operations | | | | | ||||||||||||
Basic and diluted earnings per share
|
| | | | | | | (0.01) | | | | | | 0.08 | | |
Continuing and discontinued operations | | | | | ||||||||||||
Basic and diluted earnings per share
|
| | | | | | | 0.02 | | | | | | 0.07 | | |
Pro-forma earnings per share attributable to the parent (unaudited)
|
| |
35
|
| | | | | | | | | | | | |
Continuing Operations | | | | | | | | | | | | | | | | |
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | | | | 0.29 | | | | | | (0.07) | | |
Discontinued Operations | | | | | | | | | | | | | | | | |
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | | | | (0.06) | | | | | | 0.79 | | |
Continuing and Discontinued Operations | | | | | ||||||||||||
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | | | | 0.23 | | | | | | 0.71 | | |
| | | | | |
For the year
ended December 31, 2016 (Restated) |
| |
For the year
ended December 31, 2015 (Restated) |
| ||||||
Net income
|
| | | | | | | 29,240 | | | | | | 115,291 | | |
Items that will not be reclassified subsequently to profit or loss: | | | | | ||||||||||||
Remeasurement of defined benefit obligation
|
| | | | | | | (307) | | | | | | 334 | | |
Items that may be subsequently reclassified to profit or loss: | | | | | ||||||||||||
Share of other comprehensive income from associates
|
| | | | | | | (44) | | | | | | (39,999) | | |
Currency translation adjustment
|
| | | | | | | (48,563) | | | | | | (166,597) | | |
Other comprehensive loss of continuing operations for the year, net of income tax
|
| | | | | | | (48,914) | | | | | | (206,262) | | |
Currency translation adjustment from discontinued operations
|
| |
31
|
| | | | 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
|
| |
26
|
| | | | (44,637) | | | | | | (210,539) | | |
Total comprehensive loss for the year
|
| | | | | | | (15,397) | | | | | | (95,248) | | |
Attributable to: | | | | | ||||||||||||
Owners of the parent
|
| | | | | | | 1,477 | | | | | | (50,897) | | |
Non-controlling interest
|
| | | | | | | (16,874) | | | | | | (44,351) | | |
| | | | | | | | (15,397) | | | | | | (95,248) | | |
|
| | |
Notes
|
| |
At December 31,
2016 (Restated) |
| |
At December 31,
2015 (Restated) |
| |
At January 1,
2015 |
| |||||||||
ASSETS | | | | | | |||||||||||||||||
Non-current assets | | | | | | |||||||||||||||||
Intangible assets, net
|
| |
12
|
| | | | 2,825,187 | | | | | | 2,610,703 | | | | | | 1,454,351 | | |
Property, plant and equipment, net
|
| |
13
|
| | | | 65,984 | | | | | | 71,689 | | | | | | 191,261 | | |
Investments in associates
|
| |
14
|
| | | | 10,927 | | | | | | 14,450 | | | | | | 169,660 | | |
Other financial assets
|
| |
20
|
| | | | 721 | | | | | | 15,078 | | | | | | 11,236 | | |
Investment properties
|
| |
15
|
| | | | — | | | | | | — | | | | | | 15,223 | | |
Deferred tax assets
|
| |
16
|
| | | | 99,258 | | | | | | 47,643 | | | | | | 38,557 | | |
Other receivables
|
| |
17
|
| | | | 118,074 | | | | | | 117,291 | | | | | | 134,957 | | |
Trade receivables
|
| |
19
|
| | | | — | | | | | | 51 | | | | | | — | | |
| | | | | | | | 3,120,151 | | | | | | 2,876,905 | | | | | | 2,015,245 | | |
Current assets | | | | | | |||||||||||||||||
Inventories
|
| |
18
|
| | | | 7,664 | | | | | | 8,224 | | | | | | 22,300 | | |
Other financial assets
|
| |
20
|
| | | | 33,936 | | | | | | 40,312 | | | | | | 46,074 | | |
Other receivables
|
| |
17
|
| | | | 137,207 | | | | | | 56,901 | | | | | | 289,974 | | |
Current tax assets
|
| | | | | | | 5,720 | | | | | | 3,739 | | | | | | 928 | | |
Trade receivables
|
| |
19
|
| | | | 109,610 | | | | | | 101,307 | | | | | | 198,855 | | |
Cash and cash equivalents
|
| |
21
|
| | | | 212,988 | | | | | | 184,239 | | | | | | 254,901 | | |
| | | | | | | | 507,125 | | | | | | 394,722 | | | | | | 813,032 | | |
| | | | | | |||||||||||||||||
Non-current assets classified as held for sale
|
| |
22
|
| | | | — | | | | | | — | | | | | | 4,507 | | |
| | | | | | | | 507,125 | | | | | | 394,722 | | | | | | 817,539 | | |
Total assets
|
| | | | | | | 3,627,276 | | | | | | 3,271,627 | | | | | | 2,832,784 | | |
EQUITY | | | | | | |||||||||||||||||
Share capital
|
| |
26
|
| | | | 20 | | | | | | 20 | | | | | | 20 | | |
Free distributable reserve
|
| | | | | | | 1,907,328 | | | | | | 330,007 | | | | | | 906 | | |
Currency translation adjustment
|
| | | | | | | (188,721) | | | | | | (156,731) | | | | | | — | | |
Legal reserves
|
| | | | | | | 2 | | | | | | — | | | | | | — | | |
Other reserves
|
| | | | | | | (1,344,022) | | | | | | 248,677 | | | | | | 1,178,534 | | |
Retained earnings
|
| | | | | | | 74,543 | | | | | | 40,786 | | | | | | (64,704) | | |
Total attributable to owners of the parent
|
| | | | | | | 449,150 | | | | | | 462,759 | | | | | | 1,114,756 | | |
Non-controlling interests
|
| | | | | | | 354,174 | | | | | | 371,342 | | | | | | 351,809 | | |
Total equity
|
| | | | | | | 803,324 | | | | | | 834,101 | | | | | | 1,466,565 | | |
LIABILITIES | | | | | | |||||||||||||||||
Non-current liabilities | | | | | | |||||||||||||||||
Borrowings
|
| |
23
|
| | | | 965,672 | | | | | | 960,316 | | | | | | 484,654 | | |
Deferred tax liabilities
|
| |
16
|
| | | | 144,393 | | | | | | 145,777 | | | | | | 122,207 | | |
Other liabilities
|
| |
24
|
| | | | 1,049,448 | | | | | | 847,301 | | | | | | 78,302 | | |
Trade payables
|
| |
25
|
| | | | 1,663 | | | | | | 2,096 | | | | | | 2,851 | | |
| | | | | | | | 2,161,176 | | | | | | 1,955,490 | | | | | | 688,014 | | |
Current liabilities | | | | | | |||||||||||||||||
Borrowings
|
| |
23
|
| | | | 141,569 | | | | | | 127,250 | | | | | | 280,530 | | |
Other liabilities
|
| |
24
|
| | | | 347,307 | | | | | | 226,572 | | | | | | 196,531 | | |
Current tax liabilities
|
| | | | | | | 60,361 | | | | | | 7,058 | | | | | | 27,656 | | |
Trade payables
|
| |
25
|
| | | | 113,539 | | | | | | 121,156 | | | | | | 173,488 | | |
| | | | | | | | 662,776 | | | | | | 482,036 | | | | | | 678,205 | | |
Total liabilities
|
| | | | | | | 2,823,952 | | | | | | 2,437,526 | | | | | | 1,366,219 | | |
Total equity and liabilities
|
| | | | | | | 3,627,276 | | | | | | 3,271,627 | | | | | | 2,832,784 | | |
|
| | |
Attributable to owners of the parent
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Share
Capital |
| |
Free
Distributable Reserves |
| |
Legal
Reserves |
| |
Currency
Translation Adjustment |
| |
Other
Reserves |
| |
Retained
Earnings(1) |
| |
Total
|
| |
Non-controlling
interests |
| |
Total
|
| |||||||||||||||||||||||||||
Balance at January 1, 2016 (Restated)
|
| | | | 20 | | | | | | 330,007 | | | | | | — | | | | | | (156,731) | | | | | | 248,677 | | | | | | 40,786 | | | | | | 462,759 | | | | | | 371,342 | | | | | | 834,101 | | |
Shareholders contributions (Note 26)
|
| | | | — | | | | | | 1,577,321 | | | | | | — | | | | | | — | | | | | | (1,556,827) | | | | | | — | | | | | | 20,494 | | | | | | 9,018 | | | | | | 29,512 | | |
Income (loss) for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 33,759 | | | | | | 33,759 | | | | | | (4,519) | | | | | | 29,240 | | |
Changes in legal reserves
|
| | | | — | | | | | | — | | | | | | 2 | | | | | | — | | | | | | — | | | | | | (2) | | | | | | — | | | | | | — | | | | | | — | | |
Changes in other reserves (Note 26)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (35,580) | | | | | | — | | | | | | (35,580) | | | | | | — | | | | | | (35,580) | | |
Other comprehensive loss for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | (31,990) | | | | | | (292) | | | | | | — | | | | | | (32,282) | | | | | | (12,355) | | | | | | (44,637) | | |
Changes in non-controlling interests (Note 26)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,312) | | | | | | (9,312) | | |
Balance at December 31, 2016 (Restated)
|
| | | | 20 | | | | | | 1,907,328 | | | | | | 2 | | | | | | (188,721) | | | | | | (1,344,022) | | | | | | 74,543 | | | | | | 449,150 | | | | | | 354,174 | | | | | | 803,324 | | |
Balance at January 1, 2015
|
| | | | 20 | | | | | | 906 | | | | | | — | | | | | | — | | | | | | 1,178,534 | | | | | | (64,704) | | | | | | 1,114,756 | | | | | | 351,809 | | | | | | 1,466,565 | | |
Shareholders contributions (Note 26)
|
| | | | — | | | | | | 329,101 | | | | | | — | | | | | | — | | | | | | (320,798) | | | | | | — | | | | | | 8,303 | | | | | | — | | | | | | 8,303 | | |
Income for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 105,490 | | | | | | 105,490 | | | | | | 9,801 | | | | | | 115,291 | | |
Other comprehensive income (loss) for
the year |
| | | | — | | | | | | — | | | | | | — | | | | | | (156,731) | | | | | | 344 | | | | | | — | | | | | | (156,387) | | | | | | (54,152) | | | | | | (210,539) | | |
Changes in other reserves (Note 26)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (609,403) | | | | | | — | | | | | | (609,403) | | | | | | — | | | | | | (609,403) | | |
Changes in non-controlling interests (Note 26)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 63,884 | | | | | | 63,884 | | |
Balance at December 31, 2015 (Restated)
|
| | | | 20 | | | | | | 330,007 | | | | | | — | | | | | | (156,731) | | | | | | 248,677 | | | | | | 40,786 | | | | | | 462,759 | | | | | | 371,342 | | | | | | 834,101 | | |
|
| | |
Notes
|
| |
For the year
ended December 31, 2016 (Restated) |
| |
For the year
ended December 31, 2015 |
| ||||||
Cash flows from operating activities | | | | | ||||||||||||
Income from continuing operations
|
| | | | | | | 38,718 | | | | | | 6,304 | | |
Adjustments for: | | | | | ||||||||||||
Amortization and depreciation
|
| |
12,13
|
| | | | 122,882 | | | | | | 72,247 | | |
Deferred income tax
|
| |
11
|
| | | | (40,763) | | | | | | (4,925) | | |
Income tax accrued
|
| |
11
|
| | | | 97,122 | | | | | | 49,894 | | |
Share of loss in associates
|
| |
10
|
| | | | 1,306 | | | | | | 69,317 | | |
Impairment loss
|
| |
12
|
| | | | 16,638 | | | | | | — | | |
Income/(Loss) on disposals of property, plant and equipment
|
| | | | | | | 21 | | | | | | (174) | | |
Unpaid concession fees
|
| | | | | | | 40,548 | | | | | | 32,130 | | |
Changes in liability for Brazil concessions
|
| |
9
|
| | | | 107,408 | | | | | | 2,039 | | |
Interest expense
|
| |
9
|
| | | | 118,219 | | | | | | 69,228 | | |
Other financial results, net
|
| | | | | | | 402 | | | | | | (3,538) | | |
Loss on disposals of subsidiaries
|
| | | | | | | 897 | | | | | | | | |
Net foreign exchange
|
| |
9
|
| | | | 26,383 | | | | | | 90,799 | | |
Other accruals
|
| | | | | | | (3,196) | | | | | | 19,525 | | |
Acquisition of Intangible assets
|
| |
12, 30
|
| | | | (179,900) | | | | | | (137,612) | | |
Income tax paid
|
| | | | | | | (20,083) | | | | | | (50,555) | | |
Changes in working capital
|
| |
30
|
| | | | (153,830) | | | | | | (171,086) | | |
Net cash provided by operating activities
|
| | | | | | | 172,772 | | | | | | 43,593 | | |
Net cash used in discontinued operating activities
|
| |
31
|
| | | | (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
|
| | | | | | | (2,401) | | | | | | (23,475) | | |
Disposals of other financial assets
|
| | | | | | | 11,575 | | | | | | — | | |
Purchase of Property, plant and equipment
|
| |
13
|
| | | | (10,391) | | | | | | (8,185) | | |
Acquisition of Intangible assets
|
| |
12
|
| | | | (848) | | | | | | (386) | | |
Net cash inflow on disposal of discontinued operations
|
| |
31
|
| | | | 10,381 | | | | | | 34,033 | | |
Net cash inflow on disposal of subsidiaries/associates
|
| | | | | | | 6,988 | | | | | | — | | |
Loans with related parties
|
| | | | | | | 20,261 | | | | | | 3,026 | | |
Proceeds from sale of Property, plant and Equipment
|
| | | | | | | 269 | | | | | | 5,097 | | |
Net cash provided by/ (used in) investing activities
|
| | | | | | | 35,844 | | | | | | (86,379) | | |
Net cash used in discontinued investing activities
|
| |
31
|
| | | | (8,093) | | | | | | (183,561) | | |
Cash flows from financing activities | | | | | ||||||||||||
Proceeds from cash contributions
|
| | | | | | | 29,512 | | | | | | 8,303 | | |
Proceeds from borrowings
|
| | | | | | | 52,099 | | | | | | 286,839 | | |
Loans paid
|
| |
23, 30
|
| | | | (142,693) | | | | | | (157,120) | | |
Interest paid
|
| |
23
|
| | | | (48,564) | | | | | | (38,334) | | |
Dividends distribution
|
| | | | | | | (49,733) | | | | | | (76,875) | | |
Net cash (used in)/ provided by financing activities
|
| | | | | | | (159,379) | | | | | | 22,813 | | |
Net cash provided by discontinued financing activities
|
| |
31
|
| | | | — | | | | | | 196,727 | | |
Increase/(Decrease) in cash and cash equivalents from continuing operations
|
| | | | | | | 49,237 | | | | | | (19,973) | | |
Decrease in cash and cash equivalents from discontinued operations
|
| |
31
|
| | | | (16,248) | | | | | | (28,803) | | |
Cash and cash equivalents | | | | | ||||||||||||
At the beginning of the year
|
| |
21
|
| | | | 153,889 | | | | | | 217,133 | | |
Exchange rate loss on cash and cash equivalents
|
| | | | | | | (4,762) | | | | | | (14,468) | | |
Increase / (Decrease) in cash and cash equivalents from continuing operations
|
| | | | | | | 49,237 | | | | | | (19,973) | | |
Decrease in cash and cash equivalents from discontinued operations
|
| | | | | | | (16,248) | | | | | | (28,803) | | |
At the end of the year
|
| |
21
|
| | | | 182,116 | | | | | | 153,889 | | |
|
| 1 | | | General information and corporate reorganization | |
| 2 | | | Basis of presentation and accounting policies | |
| 3 | | | Financial risk management | |
| 4 | | | Segment information | |
| 5 | | | Revenue | |
| 6 | | | Cost of services | |
| 7 | | | Selling, general and administrative expenses | |
| 8 | | | Other operating income | |
| 9 | | | Financial results net | |
| 10 | | | Share of loss in associates | |
| 11 | | | Income tax expense | |
| 12 | | | Intangible assets net | |
| 13 | | | Property, plant and equipment, net | |
| 14 | | | Investments in associates | |
| 15 | | | Investment properties | |
| 16 | | | Deferred income tax | |
| 17 | | | Other receivables | |
| 18 | | | Inventories | |
| 19 | | | Trade receivables | |
| 20 | | | Other financial assets | |
| 21 | | | Cash and cash equivalents | |
| 22 | | | Non-current assets classified as held for sale | |
| 23 | | | Borrowings | |
| 24 | | | Other liabilities | |
| 25 | | | Trade payables | |
| 26 | | | Equity | |
| 27 | | | Contingencies, commitments and restrictions on the distribution of profits | |
| 28 | | | Business combinations, other acquisitions and investments | |
| 29 | | | Related party balances and transactions | |
| 30 | | | Cash flow disclosures | |
| 31 | | | Discontinued operations | |
| 32 | | | Fees paid to the Company`s principal accountant | |
| 33 | | | Earnings per share | |
| 34 | | | Subsequent events | |
| | |
For the year ended December 31,
|
| |
For the year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2016
(as reported) |
| |
2016
(adjustment) |
| |
2016
(restated) |
| |
2015
(as reported) |
| |
2015
(adjustment) |
| |
2015
(restated) |
| ||||||||||||||||||
Continuing operations | | | | | | | | ||||||||||||||||||||||||||||||
Gross profit
|
| | | | 507,262 | | | | | | — | | | | | | 507,262 | | | | | | 427,935 | | | | | | — | | | | | | 427,935 | | |
Other operating income
|
| | | | 17,371 | | | | | | (427) | | | | | | 16,944 | | | | | | 15,573 | | | | | | — | | | | | | 15,573 | | |
Other operating expense
|
| | | | (8,070) | | | | | | 3,167 | | | | | | (4,903) | | | | | | (2,667) | | | | | | — | | | | | | (2,667) | | |
Operating income
|
| | | | 329,073 | | | | | | 2,740 | | | | | | 331,813 | | | | | | 273,622 | | | | | | — | | | | | | 273,622 | | |
Income from continuing operations
|
| | | | 35,978 | | | | | | 2,740 | | | | | | 38,718 | | | | | | 6,304 | | | | | | — | | | | | | 6,304 | | |
Discontinued operations | | | | | | | | ||||||||||||||||||||||||||||||
(Loss)/Income from discontinued operations
|
| | | | (11,111) | | | | | | 1,633 | | | | | | (9,478) | | | | | | 79,260 | | | | | | 29,727 | | | | | | 108,987 | | |
Net income
|
| | | | 24,867 | | | | | | 4,373 | | | | | | 29,240 | | | | | | 85,564 | | | | | | 29,727 | | | | | | 115,291 | | |
Attributable to: | | | | | | | | ||||||||||||||||||||||||||||||
Owners of the parent
|
| | | | 29,254 | | | | | | 4,505 | | | | | | 33,759 | | | | | | 72,755 | | | | | | 32,735 | | | | | | 105,490 | | |
Non-controlling interest
|
| | | | (4,387) | | | | | | (132) | | | | | | (4,519) | | | | | | 12,809 | | | | | | (3,008) | | | | | | 9,801 | | |
| | | | | 24,867 | | | | | | 4,373 | | | | | | 29,240 | | | | | | 85,564 | | | | | | 29,727 | | | | | | 115,291 | | |
|
| | |
For the year ended December 31,
|
| |
For the year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2016
(as reported) |
| |
2016
(adjustment) |
| |
2016
(restated) |
| |
2015
(as reported) |
| |
2015
(adjustment) |
| |
2015
(restated) |
| ||||||||||||||||||
Earnings per share attributable to the owners of the parent
|
| | | | | | | ||||||||||||||||||||||||||||||
Weighted average number of ordinary shares
(thousands) |
| | | | 20 | | | | | | 1,499,980(*) | | | | | | 1,500,000 | | | | | | 20 | | | | | | 1,499,980(*) | | | | | | 1,500,000 | | |
Continuing operations | | | | | | | | ||||||||||||||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 2,018.2 | | | | | | | | | | | | 0.03 | | | | | | (631.3) | | | | | | | | | | | | (0.01) | | |
Discontinued operations | | | | | | | | ||||||||||||||||||||||||||||||
Basic and diluted earnings per share
|
| | | | (555.5) | | | | | | | | | | | | (0.01) | | | | | | 4,269.05 | | | | | | | | | | | | 0.08 | | |
Continuing and discontinued operations | | | | | | | | ||||||||||||||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 1,462.7 | | | | | | | | | | | | 0.02 | | | | | | 3,637.75 | | | | | | | | | | | | 0.07 | | |
| | |
For the year ended December 31,
|
| |
For the year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2016
(as reported) |
| |
2016
(adjustment) |
| |
2016
(restated) |
| |
2015
(as reported) |
| |
2015
(adjustment) |
| |
2015
(restated) |
| ||||||||||||||||||
Net income
|
| | | | 24,867 | | | | | | 4,373 | | | | | | 29,240 | | | | | | 85,564 | | | | | | 29,727 | | | | | | 115,291 | | |
Currency translation adjustment
|
| | | | (45,823) | | | | | | (2,740) | | | | | | (48,563) | | | | | | (169,845) | | | | | | 3,248 | | | | | | (166,597) | | |
Other comprehensive loss of continuing operations for
the year, net of income tax |
| | | | (46,174) | | | | | | (2,740) | | | | | | (48,914) | | | | | | (209,510) | | | | | | 3,248 | | | | | | (206,262) | | |
Currency translation adjustment from discontinued
operations |
| | | | 5,910 | | | | | | (1,633) | | | | | | 4,277 | | | | | | 28,698 | | | | | | (32,975) | | | | | | (4,277) | | |
Other comprehensive income/(loss) of discontinued operations for the year, net of income tax
|
| | | | 5,910 | | | | | | (1,633) | | | | | | 4,277 | | | | | | 28,698 | | | | | | (32,975) | | | | | | (4,277) | | |
Total other comprehensive loss for the year
|
| | | | (40,264) | | | | | | (4,373) | | | | | | (44,637) | | | | | | (180,812) | | | | | | (29,727) | | | | | | (210,539) | | |
Total comprehensive loss for the year
|
| | | | (15,397) | | | | | | — | | | | | | (15,397) | | | | | | (95,248) | | | | | | — | | | | | | (95,248) | | |
Attributable to: | | | | | | | | ||||||||||||||||||||||||||||||
Owners of the parent
|
| | | | 1,477 | | | | | | — | | | | | | 1,477 | | | | | | (50,897) | | | | | | — | | | | | | (50,897) | | |
Non-controlling interest
|
| | | | (16,874) | | | | | | — | | | | | | (16,874) | | | | | | (44,351) | | | | | | — | | | | | | (44,351) | | |
| | | | | (15,397) | | | | | | — | | | | | | (15,397) | | | | | | (95,248) | | | | | | — | | | | | | (95,248) | | |
|
| | |
For the year ended December 31,
|
| |
For the year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2016
(as reported) |
| |
2016
(adjustment) |
| |
2016
(restated) |
| |
2015
(as reported) |
| |
2015
(adjustment) |
| |
2015
(restated) |
| ||||||||||||||||||
Total assets
|
| | | | 3,627,276 | | | | | | — | | | | | | 3,627,276 | | | | | | 3,271,627 | | | | | | — | | | | | | 3,271,627 | | |
EQUITY | | | | | | | | ||||||||||||||||||||||||||||||
Currency translation adjustment
|
| | | | (151,481) | | | | | | (37,240) | | | | | | (188,721) | | | | | | (123,996) | | | | | | (32,735) | | | | | | (156,731) | | |
Retained earnings
|
| | | | 37,303 | | | | | | 37,240 | | | | | | 74,543 | | | | | | 8,051 | | | | | | 32,735 | | | | | | 40,786 | | |
Total attributable to owners of the parent
|
| | | | 449,150 | | | | | | — | | | | | | 449,150 | | | | | | 462,759 | | | | | | — | | | | | | 462,759 | | |
Non-controlling interests
|
| | | | 354,174 | | | | | | — | | | | | | 354,174 | | | | | | 371,342 | | | | | | — | | | | | | 371,342 | | |
Total equity
|
| | | | 803,324 | | | | | | — | | | | | | 803,324 | | | | | | 834,101 | | | | | | — | | | | | | 834,101 | | |
Total liabilities
|
| | | | 2,823,952 | | | | | | — | | | | | | 2,823,952 | | | | | | 2,437,526 | | | | | | — | | | | | | 2,437,526 | | |
Total equity and liabilities
|
| | | | 3,627,276 | | | | | | — | | | | | | 3,627,276 | | | | | | 3,271,627 | | | | | | — | | | | | | 3,271,627 | | |
|
| | |
Attributable to owners of the parent
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
| | |
Share
Capital |
| |
Free
Distributable Reserves |
| |
Legal
Reserves |
| |
Currency
Translation Adjustment |
| |
Other
Reserves |
| |
Retained
Earnings(1) |
| |
Total
|
| |
Non-
controlling interests |
| |
Total
|
| |||||||||||||||||||||||||||
Balance at December 31, 2015 (as reported)
|
| | | | 20 | | | | | | 330,007 | | | | | | — | | | | | | (123,996) | | | | | | 248,677 | | | | | | 8,051 | | | | | | 462,759 | | | | | | 371,342 | | | | | | 834,101 | | |
Balance at December 31, 2015 (adjustment)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (32,735) | | | | | | — | | | | | | 32,735 | | | | | | — | | | | | | — | | | | | | — | | |
Balance at December 31, 2015 (restated)
|
| | | | 20 | | | | | | 330,007 | | | | | | — | | | | | | (156,731) | | | | | | 248,677 | | | | | | 40,786 | | | | | | 462,759 | | | | | | 371,342 | | | | | | 834,101 | | |
Balance at December 31, 2016 (as reported)
|
| | | | 20 | | | | | | 1,907,328 | | | | | | 2 | | | | | | (151,481) | | | | | | (1,344,022) | | | | | | 37,303 | | | | | | 449,150 | | | | | | 354,174 | | | | | | 803,324 | | |
Balance at December 31, 2016 (adjustment)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (37,240) | | | | | | — | | | | | | 37,240 | | | | | | — | | | | | | — | | | | | | — | | |
Balance at December 31, 2016 (restated)
|
| | | | 20 | | | | | | 1,907,328 | | | | | | 2 | | | | | | (188,721) | | | | | | (1,344,022) | | | | | | 74,543 | | | | | | 449,150 | | | | | | 354,174 | | | | | | 803,324 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2016
(as reported) |
| |
2016
(adjusted) |
| |
2016
(restated) |
| |||||||||
Cash flows from operating activities | | | | | |||||||||||||||
Income from continuing operations
|
| | | | 35,978 | | | | | | 2,740 | | | | | | 38,718 | | |
Loss on disposals of subsidiaries
|
| | | | 3,637 | | | | | | (2,740) | | | | | | 897 | | |
Net cash provided by operating activities
|
| | | | 172,772 | | | | | | — | | | | | | 172,772 | | |
|
| | |
Country of
incorporation |
| |
Local currency
|
| |
Main activity
|
| |
Percentage of
ownership at December 31, |
| |
Percentage of
ownership at January 1, |
| ||||||||||||
Company
|
| |
2016
|
| |
2015
|
| |
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% | | | | | | 100.00% | | |
ACI Airport Sudamérica S.A.U.
|
| |
Spain
|
| |
Euros
|
| |
Holding company
|
| | | | 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% | | | | | | — | | |
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% | | | | | | 82.63% | | |
Corporación América Sudamericana S.A.
|
| |
Panamá
|
| |
U.S. dollars
|
| |
Holding company
|
| | | | 94.68% | | | | | | 94.68% | | | | | | 82.04% | | |
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% | | | | | | — | | |
Corporacion America Europa S.A.
(“CAE”) |
| |
Uruguay
|
| |
U.S. dollar
|
| |
Holding company
|
| | | | — | | | | | | 90.00% | | | | | | 90.00% | | |
Yokelet S.L.(*)
|
| |
Spain
|
| |
Euros
|
| |
Holding company
|
| | | | 100.00% | | | | | | 100.00% | | | | | | 100.00% | | |
| | |
Country of
incorporation |
| |
Local currency
|
| |
Main activity
|
| |
Percentage of
ownership at December 31, |
| |
Percentage of
ownership at January 1, |
| ||||||||||||
Company
|
| |
2016
|
| |
2015
|
| |
2015
|
| ||||||||||||||||||
Aerocombustibles Argentinos S.A.
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Fueling company
|
| | | | 92.98% | | | | | | 92.98% | | | | | | 80.56% | | |
Aeropuerto de Bahía Blanca
S.A. |
| |
Argentina
|
| |
Argentine pesos
|
| |
Airports Operation
|
| | | | 81.06% | | | | | | 81.06% | | | | | | 70.23% | | |
Aeropuertos Argentina 2000 S.A. (“AA2000”)(**)
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Airports Operation
|
| | | | 81.29% | | | | | | 81.29% | | | | | | 71.68% | | |
Aeropuertos del Neuquén S.A.
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Airports Operation
|
| | | | 74.10% | | | | | | 74.10% | | | | | | 64.20% | | |
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% | | |
EnarsaAeropuertos S.A.
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Fuel plants
|
| | | | 76.29% | | | | | | 76.29% | | | | | | 66.10% | | |
Inframerica Concessionária do Aeroporto de Brasilia S.A. (“ICAB”)
|
| |
Brazil
|
| |
Brazilian real
|
| |
Airports Operation
|
| | | | 50.98% | | | | | | 50.98% | | | | | | — | | |
Inframerica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”)
|
| |
Brazil
|
| |
Brazilian real
|
| |
Airports Operation
|
| | | | 99.96% | | | | | | 99.95% | | | | | | — | | |
Paoletti América S.A.(***)
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Service company
|
| | | | 40.65% | | | | | | 40.65% | | | | | | 35.84% | | |
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% | | | | | | 71.18% | | |
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% | | | | | | 41.31% | | |
Texelrío S.A.
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Service company
|
| | | | 56.91% | | | | | | 56.91% | | | | | | 50.18% | | |
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% | | | | | | 69.59% | | |
| | |
Toscana Aeroporti S.p.a.
|
| |||||||||||||||
| | |
December 31,
2016 |
| |
December 31,
2015 |
| |
January 1,
2015 |
| |||||||||
Non-current assets
|
| | | | 199,316 | | | | | | 203,251 | | | | | | 125,691 | | |
Current assets
|
| | | | 51,453 | | | | | | 60,788 | | | | | | 50,578 | | |
Total assets
|
| | | | 250,769 | | | | | | 264,039 | | | | | | 176,269 | | |
Non-current liabilities
|
| | | | 68,646 | | | | | | 76,629 | | | | | | 50,141 | | |
Current liabilities
|
| | | | 63,806 | | | | | | 67,080 | | | | | | 45,104 | | |
Total liabilities
|
| | | | 132,452 | | | | | | 143,709 | | | | | | 95,245 | | |
Equity
|
| | | | 118,317 | | | | | | 120,330 | | | | | | 81,024 | | |
Revenue
|
| | | | 141,347 | | | | | | 152,663 | | | | | | N/A | | |
Gross profit
|
| | | | 45,057 | | | | | | 41,438 | | | | | | N/A | | |
Operating income
|
| | | | 17,854 | | | | | | 14,212 | | | | | | N/A | | |
Financial Results
|
| | | | (1,240) | | | | | | (1,894) | | | | | | N/A | | |
Share of income in associates
|
| | | | — | | | | | | 1,842 | | | | | | N/A | | |
Income tax expense
|
| | | | (5,624) | | | | | | (4,654) | | | | | | N/A | | |
Net income
|
| | | | 10,990 | | | | | | 9,506 | | | | | | N/A | | |
Other comprehensive loss for the year
|
| | | | (4,643) | | | | | | (10,761) | | | | | | N/A | | |
Total comprehensive income/(loss) for the year
|
| | | | 6,347 | | | | | | (1,255) | | | | | | N/A | | |
Dividends paid
|
| | | | (4,268) | | | | | | (3,831) | | | | | | N/A | | |
Increase/(decrease) in cash | | | | | |||||||||||||||
Provided by operating activities
|
| | | | 16,514 | | | | | | 23,210 | | | | | | N/A | | |
Used in investing activities
|
| | | | (10,170) | | | | | | (7,319) | | | | | | N/A | | |
Used in financing activities
|
| | | | (10,979) | | | | | | (9,634) | | | | | | N/A | | |
| | |
Terminal Aeroportuaria de Guayaquil S.A.
|
| |||||||||||||||
| | |
December 31,
2016 |
| |
December 31,
2015 |
| |
January 1,
2015 |
| |||||||||
Non-current assets
|
| | | | 55,188 | | | | | | 62,134 | | | | | | 67,324 | | |
Current assets
|
| | | | 45,053 | | | | | | 40,520 | | | | | | 44,751 | | |
Total assets
|
| | | | 100,241 | | | | | | 102,654 | | | | | | 112,075 | | |
Non-current liabilities
|
| | | | 11,566 | | | | | | 8,114 | | | | | | 18,563 | | |
Current liabilities
|
| | | | 44,307 | | | | | | 56,633 | | | | | | 57,531 | | |
Total liabilities
|
| | | | 55,873 | | | | | | 64,747 | | | | | | 76,094 | | |
Equity
|
| | | | 44,368 | | | | | | 37,907 | | | | | | 35,981 | | |
Revenue
|
| | | | 85,301 | | | | | | 79,045 | | | | | | N/A | | |
Gross profit
|
| | | | 36,220 | | | | | | 32,287 | | | | | | N/A | | |
Operating income
|
| | | | 20,626 | | | | | | 15,806 | | | | | | N/A | | |
Financial Results
|
| | | | (1,395) | | | | | | (2,377) | | | | | | N/A | | |
Share of income in associates
|
| | | | — | | | | | | — | | | | | | N/A | | |
Income tax expense
|
| | | | (1,768) | | | | | | (1,466) | | | | | | N/A | | |
Net income
|
| | | | 17,463 | | | | | | 11,963 | | | | | | N/A | | |
Other comprehensive income for the year
|
| | | | — | | | | | | — | | | | | | N/A | | |
Total comprehensive income for the year
|
| | | | 17,463 | | | | | | 11,963 | | | | | | N/A | | |
Dividends paid
|
| | | | (16,157) | | | | | | (7,315) | | | | | | N/A | | |
Increase/(decrease) in cash | | | | | |||||||||||||||
Provided by operating activities
|
| | | | 26,951 | | | | | | 20,336 | | | | | | N/A | | |
Provided by/ (used in) investing activities
|
| | | | 8,995 | | | | | | (5,303) | | | | | | N/A | | |
Used in financing activities
|
| | | | (23,397) | | | | | | (20,563) | | | | | | N/A | | |
| | |
Inframerica Conssesionária do
Aeroporto de Brasília S.A. |
| |||||||||
| | |
December 31,
2016 |
| |
December 31,
2015 |
| ||||||
Non-current assets
|
| | | | 1,373,179 | | | | | | 1,114,659 | | |
Current assets
|
| | | | 126,418 | | | | | | 54,346 | | |
Total assets
|
| | | | 1,499,597 | | | | | | 1,169,005 | | |
Non-current liabilities
|
| | | | 1,206,457 | | | | | | 954,791 | | |
Current liabilities
|
| | | | 211,667 | | | | | | 94,464 | | |
Total liabilities
|
| | | | 1,418,124 | | | | | | 1,049,255 | | |
Equity
|
| | | | 81,473 | | | | | | 119,750 | | |
Revenue
|
| | | | 99,889 | | | | | | N/A | | |
Gross profit
|
| | | | 19,511 | | | | | | N/A | | |
Operating income
|
| | | | 7,143 | | | | | | N/A | | |
Financial Results
|
| | | | (128,403) | | | | | | N/A | | |
Share of income in associates
|
| | | | — | | | | | | N/A | | |
Income tax expense
|
| | | | 40,425 | | | | | | N/A | | |
Net loss
|
| | | | (80,835) | | | | | | N/A | | |
Other comprehensive income for the year
|
| | | | 24,372 | | | | | | N/A | | |
Total comprehensive loss for the year
|
| | | | (56,463) | | | | | | N/A | | |
Dividends paid
|
| | | | — | | | | | | N/A | | |
Increase/(decrease) in cash | | | | ||||||||||
Used in operating activities
|
| | | | (10,674) | | | | | | N/A | | |
Used in investing activities
|
| | | | (16,172) | | | | | | N/A | | |
| | |
Aeropuertos Argentina 2000 S.A.
|
| |||||||||||||||
| | |
December 31,
2016 |
| |
December 31,
2015 |
| |
January 1,
2015 |
| |||||||||
Non-current assets
|
| | | | 544,697 | | | | | | 487,122 | | | | | | 606,463 | | |
Current assets
|
| | | | 146,034 | | | | | | 94,881 | | | | | | 116,095 | | |
Total assets
|
| | | | 690,731 | | | | | | 582,003 | | | | | | 722,558 | | |
Non-current liabilities
|
| | | | 159,411 | | | | | | 212,192 | | | | | | 256,573 | | |
Current liabilities
|
| | | | 220,822 | | | | | | 145,767 | | | | | | 177,895 | | |
Total liabilities
|
| | | | 380,233 | | | | | | 357,959 | | | | | | 434,468 | | |
Equity
|
| | | | 310,498 | | | | | | 224,044 | | | | | | 288,090 | | |
Revenue
|
| | | | 837,380 | | | | | | 780,870 | | | | | | N/A | | |
Gross profit
|
| | | | 339,344 | | | | | | 283,732 | | | | | | N/A | | |
Operating income
|
| | | | 270,672 | | | | | | 211,424 | | | | | | N/A | | |
Financial Results
|
| | | | (53,036) | | | | | | (135,847) | | | | | | N/A | | |
Share of income in associates
|
| | | | — | | | | | | — | | | | | | N/A | | |
Income tax expense
|
| | | | (81,501) | | | | | | (26,152) | | | | | | N/A | | |
Net income
|
| | | | 136,135 | | | | | | 49,425 | | | | | | N/A | | |
Other comprehensive loss for the year
|
| | | | (49,680) | | | | | | (113,471) | | | | | | N/A | | |
Total comprehensive income (loss) for the year
|
| | | | 86,455 | | | | | | (64,046) | | | | | | N/A | | |
Dividends paid
|
| | | | — | | | | | | — | | | | | | N/A | | |
Increase/(decrease) in cash | | | | | |||||||||||||||
Provided by operating activities
|
| | | | 114,704 | | | | | | 47,192 | | | | | | N/A | | |
Used in investing activities
|
| | | | (1,028) | | | | | | (652) | | | | | | N/A | | |
Used in financing activities
|
| | | | (79,748) | | | | | | (63,915) | | | | | | N/A | | |
|
Land, building and improvements
|
| |
25 – 30 years
|
|
|
Plant and production equipment
|
| |
3 – 10 years
|
|
|
Vehicles, furniture and fixtures, and other equipment
|
| |
4 – 10 years
|
|
Currency Exposure / Functional currency
|
| |
As of
December 31, 2016 |
| |
As of
December 31, 2015 |
| |
As of
January 1, 2015 |
| |||||||||
U.S. dollar / Argentine Peso
|
| | | | (131,284) | | | | | | (154,384) | | | | | | (170,598) | | |
U.S. dollar / Armenian dram
|
| | | | (54,016) | | | | | | (55,421) | | | | | | (32,227) | | |
Euro / Armenian dram
|
| | | | (47,473) | | | | | | (51,952) | | | | | | (23,580) | | |
Euro / U.S. dollar
|
| | | | 283 | | | | | | 3,162 | | | | | | (41,998) | | |
Uruguayan peso / U.S. dollar
|
| | | | (1,853) | | | | | | (770) | | | | | | (1,402) | | |
| | |
At December 31,
|
| |
January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Fixed rate
|
| | | | 630,541 | | | | | | 696,066 | | | | | | 685,474 | | |
Variable rate
|
| | | | 476,700 | | | | | | 391,500 | | | | | | 79,710 | | |
| | | | | 1,107,241 | | | | | | 1,087,566 | | | | | | 765,184 | | |
|
| | |
At December 31,
|
| |
January 1,
2015 |
| ||||||||||||
| | |
2016
(Restated) |
| |
2015
(Restated) |
| ||||||||||||
Borrowings
|
| | | | 1,107,241 | | | | | | 1,087,566 | | | | | | 765,184 | | |
Less: Cash and cash equivalents
|
| | | | (212,988) | | | | | | (184,239) | | | | | | (254,901) | | |
Net borrowings
|
| | | | 894,253 | | | | | | 903,327 | | | | | | 510,283 | | |
Equity
|
| | | | 803,324 | | | | | | 834,101 | | | | | | 1,466,565 | | |
Debt ratio
|
| | | | 111% | | | | | | 108% | | | | | | 35% | | |
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 | | |
|
January 1, 2015
|
| |
Assets at fair
value through profit and loss |
| |
Assets at
amortized cost |
| |
Total
|
| |||||||||
Assets as per the statement of financial position | | | | | |||||||||||||||
Trade receivables
|
| | | | — | | | | | | 198,855 | | | | | | 198,855 | | |
Other receivables
|
| | | | — | | | | | | 339,370 | | | | | | 339,370 | | |
Other financial assets
|
| | | | — | | | | | | 57,310 | | | | | | 57,310 | | |
Cash and cash equivalents
|
| | | | — | | | | | | 254,901 | | | | | | 254,901 | | |
Total
|
| | | | — | | | | | | 850,436 | | | | | | 850,436 | | |
|
| | |
Liabilities at
fair value through profit and loss |
| |
Liabilities at
amortized cost |
| |
Total
|
| |||||||||
Liabilities as per the statement of financial position | | | | | |||||||||||||||
Borrowings
|
| | | | — | | | | | | 765,184 | | | | | | 765,184 | | |
Trade payables and other liabilities
|
| | | | — | | | | | | 307,098 | | | | | | 307,098 | | |
Total
|
| | | | — | | | | | | 1,072,282 | | | | | | 1,072,282 | | |
|
| | |
Argentina
|
| |
Brazil
|
| |
Uruguay
|
| |
Armenia
|
| |
Ecuador
|
| |
Italy
|
| |
Perú
|
| |
Intrasegment
Adjustments |
| |
Unallocated
|
| |
Total
Continuing operations |
| |
Total
Discontinued operations (Note 31) |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Airports
|
| |
Others
|
| |
Airports
|
| |
Airports
|
| |
Others
|
| |
Airports
|
| |
Airports
|
| |
Airports
|
| |
Airports
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2016 (Restated) | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | | | | | | — | | |
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 | | | | | | — | | |
Year ended December 31, 2015 (Restated) | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | | | | | | — | | |
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 | | | | | | — | | |
| | |
2016
|
| |
2015
|
| ||||||
Aeronautical revenue
|
| | | | 673,509 | | | | | | 543,228 | | |
Non aeronautical revenue | | | | ||||||||||
Commercial revenue
|
| | | | 522,199 | | | | | | 459,717 | | |
Construction service revenue
|
| | | | 165,065 | | | | | | 178,420 | | |
Other revenue
|
| | | | 5,563 | | | | | | 5,725 | | |
| | | | | 1,366,336 | | | | | | 1,187,090 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Salaries and social security contributions (**)
|
| | | | (184,623) | | | | | | (165,774) | | |
Concession fees
|
| | | | (176,492) | | | | | | (133,846) | | |
Construction service cost
|
| | | | (163,747) | | | | | | (176,972) | | |
Maintenance expenses
|
| | | | (126,924) | | | | | | (125,825) | | |
Amortization and depreciation
|
| | | | (89,540) | | | | | | (64,772) | | |
Services and fees
|
| | | | (49,045) | | | | | | (42,472) | | |
Cost of fuel
|
| | | | (19,458) | | | | | | (21,339) | | |
Taxes(*)
|
| | | | (17,543) | | | | | | (2,711) | | |
Office expenses
|
| | | | (15,885) | | | | | | (9,756) | | |
Provision for maintenance costs
|
| | | | (4,679) | | | | | | (5,391) | | |
Others
|
| | | | (11,138) | | | | | | (10,297) | | |
| | | | | (859,074) | | | | | | (759,155) | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Taxes(*)
|
| | | | (50,908) | | | | | | (43,188) | | |
Salaries and social security contributions
|
| | | | (34,832) | | | | | | (31,508) | | |
Services and fees
|
| | | | (48,123) | | | | | | (52,481) | | |
Office expenses
|
| | | | (9,966) | | | | | | (10,353) | | |
Amortization and depreciation
|
| | | | (7,150) | | | | | | (7,475) | | |
Maintenance expenses
|
| | | | (5,113) | | | | | | (5,901) | | |
Advertising
|
| | | | (2,229) | | | | | | (3,249) | | |
Insurance
|
| | | | (1,397) | | | | | | (517) | | |
Charter service
|
| | | | (1,162) | | | | | | (2,336) | | |
Bad debts recovery
|
| | | | 2,248 | | | | | | — | | |
Bad debts
|
| | | | (1,976) | | | | | | (2,574) | | |
Other
|
| | | | (10,244) | | | | | | (7,637) | | |
| | | | | (170,852) | | | | | | (167,219) | | |
|
| | |
2016
(Restated) |
| |
2015
(Restated) |
| ||||||
Government grant(*) (Note 27)
|
| | | | 16,944 | | | | | | 15,573 | | |
| | | | | 16,944 | | | | | | 15,573 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Interest income
|
| | | | 19,009 | | | | | | 12,366 | | |
Foreign exchange income
|
| | | | 18,512 | | | | | | 34,441 | | |
Financial income
|
| | | | 37,521 | | | | | | 46,807 | | |
Interest expense
|
| | | | (118,219) | | | | | | (69,228) | | |
Foreign exchange transaction expenses
|
| | | | (44,895) | | | | | | (125,240) | | |
Changes in liability for Brazil concessions (Note 24 b)
|
| | | | (107,408) | | | | | | (2,039) | | |
Other
|
| | | | (2,429) | | | | | | (3,332) | | |
Financial loss
|
| | | | (272,951) | | | | | | (199,839) | | |
Net financial results
|
| | | | (235,430) | | | | | | (153,032) | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Loss in associates (Note 14)
|
| | | | (1,306) | | | | | | (69,317) | | |
| | | | | (1,306) | | | | | | (69,317) | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Current income tax
|
| | | | (97,122) | | | | | | (49,894) | | |
Deferred income tax
|
| | | | 40,763 | | | | | | 4,925 | | |
| | | | | (56,359) | | | | | | (44,969) | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Income before income tax
|
| | | | 95,077 | | | | | | 51,273 | | |
Tax expense calculated for each company
|
| | | | (35,778) | | | | | | (8,637) | | |
Adjustments | | | | ||||||||||
Non-taxable income
|
| | | | 20,515 | | | | | | 11,478 | | |
Expenses related to non-taxable income
|
| | | | (31,281) | | | | | | (38,919) | | |
Non-deductible expenses
|
| | | | (2,867) | | | | | | (6,709) | | |
Tax incentive
|
| | | | 448 | | | | | | — | | |
Tax relieving
|
| | | | (6,307) | | | | | | — | | |
Other
|
| | | | (1,089) | | | | | | (2,182) | | |
Income tax expense
|
| | | | (56,359) | | | | | | (44,969) | | |
|
| | |
Concession
Assets |
| |
Goodwill
|
| |
Patent,
intellectual property rights and others |
| |
Total
|
| ||||||||||||
Cost | | | | | | ||||||||||||||||||||
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) | | |
Increase (Note 24 b)
|
| | | | 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 28)
|
| | | | 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, 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, 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 | | |
| | |
Net assets
before impairment |
| |
Impairment
|
| |
Net assets after
impairment |
| |||||||||
ICASGA
|
| | | | 98,198 | | | | | | (16,638) | | | | | | 81,560 | | |
| | |
Rate (6.8+
inflation%) |
| |
Estimate rate
(6.54%+ inflation) |
| |
Estimate rate
(7.08%+ inflation) |
| |||||||||
Impairment value
|
| | | | 16,638 | | | | | | 11,745 | | | | | | 21,634 | | |
Effect | | | | | | | | | | | (4,893) | | | | | | 4,996 | | |
| | |
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, 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 28)
|
| | | | — | | | | | | 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, 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, 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 | | |
|
| | |
For the Year ended December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Balances at the beginning of the year
|
| | | | 14,450 | | | | | | 169,660 | | |
Translation differences
|
| | | | (44) | | | | | | (39,999) | | |
Share of loss in associates
|
| | | | (1,306) | | | | | | (69,317) | | |
Cash contributions
|
| | | | 13 | | | | | | 54,317 | | |
Disposals of associates
|
| | | | (2,186) | | | | | | (40,275) | | |
Decrease(*)
|
| | | | — | | | | | | (59,936) | | |
Balances at the end of the year
|
| | | | 10,927 | | | | | | 14,450 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Caminos del Paraná S.A.
|
| | | | 402 | | | | | | — | | |
Aeropuertos Andinos del Perú S.A.
|
| | | | 168 | | | | | | 1,342 | | |
Sociedad Aeroportuaria KunturWasi S.A.
|
| | | | (565) | | | | | | (526) | | |
Inframérica Participacões S.A.
|
| | | | — | | | | | | (19,050) | | |
Inframerica Concessionaria do Aeroporto de Sao Goncalo do Amarante S.A.
|
| | | | — | | | | | | (52,908) | | |
Others
|
| | | | (1,311) | | | | | | 1,825 | | |
| | | | | (1,306) | | | | | | (69,317) | | |
|
| | | | | |
Country of
incorporation |
| |
Percentage of
ownership at December 31, |
| |
Percentage of
ownership at January 1, |
| |
December 31,
|
| |
January 1,
2015 |
| ||||||||||||||||||||||||
Company
|
| |
Activity
|
| |
2016
|
| |
2015
|
| |
2015
|
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||
Gasinvest S.A.(****)
|
| |
Holding company
|
| |
Argentina
|
| | | | — | | | | | | — | | | | | | 19.07% | | | | | | — | | | | | | — | | | | | | 15,493 | | |
Inframerica Participaçoes S.A.(*)
|
| |
Holding company
|
| |
Brazil
|
| | | | — | | | | | | — | | | | | | 41.31% | | | | | | — | | | | | | — | | | | | | 72,341 | | |
Aeropuertos Ecológicos de Galápagos S.A.(***)
|
| |
Airport Operation
|
| |
Ecuador
|
| | | | 99.9% | | | | | | 94.28% | | | | | | 82.55% | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | |
Inframerica Concessionaria do
Aeroporto de Sao Gonçalo do Amarante S.A.(*) |
| |
Airport Operation
|
| |
Brazil
|
| | | | — | | | | | | — | | | | | | 41.31% | | | | | | — | | | | | | — | | | | | | 34,870 | | |
GasoductoGasAndes Argentina SA
|
| |
Transport of natural gas
|
| |
Argentina
|
| | | | — | | | | | | — | | | | | | 28.00% | | | | | | — | | | | | | — | | | | | | 13,223 | | |
Petronado S.A.(****)
|
| |
Oil producing firm
|
| |
Argentina
|
| | | | — | | | | | | — | | | | | | 18.20% | | | | | | — | | | | | | — | | | | | | 8,827 | | |
GasoductoGasAndes SA (Chile)(****)
|
| |
Transport of natural gas
|
| |
Argentina
|
| | | | — | | | | | | — | | | | | | 28.00% | | | | | | — | | | | | | — | | | | | | 5,440 | | |
Sociedad Aeroportuaria KunturWasi S.A.
|
| |
Airport Operation
|
| |
Perú
|
| | | | 47.68% | | | | | | 47.68% | | | | | | 41.31% | | | | | | 5,787 | | | | | | 6,460 | | | | | | 7,855 | | |
Caminos del Paraná
|
| |
Construction
|
| |
Argentina
|
| | | | 26.27% | | | | | | 26.27% | | | | | | — | | | | | | 1,262 | | | | | | 923 | | | | | | — | | |
Aeropuertos Andinos del Perú
S.A. |
| |
Airport Operation
|
| |
Perú
|
| | | | 50.00% | | | | | | 50.00% | | | | | | 41.31% | | | | | | 2,717 | | | | | | 2,788 | | | | | | 1,617 | | |
Quitotelecenter SA
|
| |
Shoppinga dministrator
|
| |
Ecuador
|
| | | | — | | | | | | 40.00% | | | | | | 40.00% | | | | | | — | | | | | | 2,311 | | | | | | 1,847 | | |
Mexplort Perforaciones Mineras
S.A.(****) |
| |
Mining perforations
|
| |
Argentina
|
| | | | — | | | | | | — | | | | | | 33.05% | | | | | | — | | | | | | — | | | | | | 1,855 | | |
Others(**)
|
| | | | |
—
|
| | | | — | | | | | | — | | | | | | — | | | | | | 161 | | | | | | 968 | | | | | | 5,292 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,927 | | | | | | 14,450 | | | | | | 169,660 | | |
| | |
Aeropuertos
Andinos del Perú S.A. |
| |
Sociedad
Aeroportuaria KunturWasi S.A. |
| ||||||
| | |
2016
|
| |
2016
|
| ||||||
Non-current assets
|
| | | | 37,224 | | | | | | 27,917 | | |
Current assets
|
| | | | 7,959 | | | | | | 2,566 | | |
Total assets
|
| | | | 45,183 | | | | | | 30,483 | | |
Non-current liabilities
|
| | | | 33,626 | | | | | | 15,837 | | |
Current liabilities
|
| | | | 6,123 | | | | | | 3,072 | | |
Total liabilities
|
| | | | 39,749 | | | | | | 18,909 | | |
Equity
|
| | | | 5,434 | | | | | | 11,574 | | |
Revenue
|
| | | | 13,769 | | | | | | — | | |
Income/(Loss) for the year
|
| | | | 336 | | | | | | (1,543) | | |
Other comprehensive income for the year
|
| | | | 83 | | | | | | 196 | | |
Total comprehensive income/(loss) for the year
|
| | | | 419 | | | | | | (1,347) | | |
| | |
Aeropuertos
Andinos del Perú S.A. |
| |
Sociedad
Aeroportuaria KunturWasi S.A. |
| ||||||
| | | | | 2015 | | | | | | 2015 | | |
Non-current assets
|
| | | | 34,287 | | | | | | 27,590 | | |
Current assets
|
| | | | 4,103 | | | | | | 498 | | |
Total assets
|
| | | | 38,390 | | | | | | 28,088 | | |
Non-current liabilities
|
| | | | 29,155 | | | | | | 13,010 | | |
Current liabilities
|
| | | | 4,220 | | | | | | 2,157 | | |
Total liabilities
|
| | | | 33,375 | | | | | | 15,167 | | |
Equity
|
| | | | 5,015 | | | | | | 12,921 | | |
Revenue
|
| | | | 12,068 | | | | | | — | | |
Income/(Loss) for the year
|
| | | | 2,305 | | | | | | (1,005) | | |
Other comprehensive loss for the year
|
| | | | (556) | | | | | | (1,359) | | |
Total comprehensive income/(loss) for the year
|
| | | | 1,749 | | | | | | (2,364) | | |
| | |
Gasinvest S.A.
|
| |
Inframérica
Participacoes S.A. |
| |
Gasoducto
GasAndes Argentina S.A. |
| |
Inframérica
Concessionaria do Aeroporto de Sao Goncalo do Amarante S.A. |
| |
Aeropuertos
Andinos del Perú S.A. |
| |
Gasoducto
Gas Andes S.A. (Chile) |
| |
Sociedad
Aeroportuaria Kuntur Wasi S.A. |
| |||||||||||||||||||||
| | |
January 1,
2015 |
| |
January 1,
2015 |
| |
January 1,
2015 |
| |
January 1,
2015 |
| |
January 1,
2015 |
| |
January 1,
2015 |
| |
January 1,
2015 |
| |||||||||||||||||||||
Non-current assets
|
| | | | 295,191 | | | | | | 1,628,301 | | | | | | 24,855 | | | | | | 329,746 | | | | | | 2,477 | | | | | | 39,656 | | | | | | 8,958 | | |
Current assets
|
| | | | 87,549 | | | | | | 58,614 | | | | | | 13,809 | | | | | | 5,340 | | | | | | 32,893 | | | | | | 8,643 | | | | | | 8,278 | | |
Total assets
|
| | | | 382,740 | | | | | | 1,686,915 | | | | | | 38,664 | | | | | | 335,086 | | | | | | 35,370 | | | | | | 48,299 | | | | | | 17,236 | | |
Non-current liabilities
|
| | | | 217,420 | | | | | | 1,313,980 | | | | | | 4,089 | | | | | | 211,742 | | | | | | — | | | | | | 31,053 | | | | | | 1,414 | | |
Current liabilities
|
| | | | 66,893 | | | | | | 148,955 | | | | | | 1,517 | | | | | | 56,723 | | | | | | 32,135 | | | | | | 3,646 | | | | | | 111 | | |
Total liabilities
|
| | | | 284,313 | | | | | | 1,462,935 | | | | | | 5,606 | | | | | | 268,465 | | | | | | 32,135 | | | | | | 34,699 | | | | | | 1,525 | | |
Equity
|
| | | | 98,427 | | | | | | 223,980 | | | | | | 33,058 | | | | | | 66,621 | | | | | | 3,235 | | | | | | 13,600 | | | | | | 15,711 | | |
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Investment properties
|
| | | | — | | | | | | — | | | | | | 15,223 | | |
| | | | | — | | | | | | — | | | | | | 15,223 | | |
|
| | |
For the Year ended December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
At the beginning of the year
|
| | | | — | | | | | | 15,223 | | |
Translation differences
|
| | | | — | | | | | | (1,178) | | |
Disposals
|
| | | | — | | | | | | (14,045) | | |
At the end of the year
|
| | | | — | | | | | | — | | |
|
| | |
Property, plant
and equipment and Intangibles Assets |
| |
Other liabilities
|
| |
Total
|
| |||||||||
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 28)
|
| | | | 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, 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 28)
|
| | | | — | | | | | | 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 | | |
|
| | |
For the Year ended
December 31, |
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Deferred tax assets to be recovered after 12 months
|
| | | | 104,051 | | | | | | 51,889 | | | | | | 60,050 | | |
Deferred tax liabilities to be recovered within 12 months
|
| | | | (197) | | | | | | (59) | | | | | | (22,043) | | |
Deferred tax liabilities to be recovered after 12 months
|
| | | | (148,989) | | | | | | (149,964) | | | | | | (121,657) | | |
| | |
For the Year ended
December 31, |
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Deferred tax assets
|
| | | | 99,258 | | | | | | 47,643 | | | | | | 38,557 | | |
Deferred tax liabilities
|
| | | | (144,393) | | | | | | (145,777) | | | | | | (122,207) | | |
| | |
At December 31,
|
| |
January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Non-Current | | | | | |||||||||||||||
Tax credits
|
| | | | 26,772 | | | | | | 27,129 | | | | | | 2,178 | | |
Receivables from related parties (Note 29)
|
| | | | 4,781 | | | | | | 12,635 | | | | | | 40,987 | | |
Trust funds (**)
|
| | | | 82,942 | | | | | | 74,678 | | | | | | 61,823 | | |
Prepaid expenses
|
| | | | 891 | | | | | | 338 | | | | | | 26,429 | | |
Other
|
| | | | 2,688 | | | | | | 2,511 | | | | | | 3,540 | | |
| | | | | 118,074 | | | | | | 117,291 | | | | | | 134,957 | | |
Current | | | | | |||||||||||||||
Tax credits
|
| | | | 23,346 | | | | | | 18,992 | | | | | | 46,223 | | |
Guarantee deposit(*)
|
| | | | 96,759 | | | | | | 17,085 | | | | | | — | | |
Trust funds(**)
|
| | | | — | | | | | | 4,842 | | | | | | 4,949 | | |
Receivables from related parties (Note 29)
|
| | | | 4,244 | | | | | | 5,252 | | | | | | 216,349 | | |
Prepaid expenses
|
| | | | 7,753 | | | | | | 5,661 | | | | | | 12,332 | | |
Others
|
| | | | 5,105 | | | | | | 5,069 | | | | | | 10,121 | | |
| | | | | 137,207 | | | | | | 56,901 | | | | | | 289,974 | | |
|
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Finished goods
|
| | | | 621 | | | | | | 2,042 | | | | | | 4,148 | | |
Supplies
|
| | | | 2,467 | | | | | | 2,071 | | | | | | 3,206 | | |
Oil and byproducts
|
| | | | 4,576 | | | | | | 4,111 | | | | | | 14,946 | | |
| | | | | 7,664 | | | | | | 8,224 | | | | | | 22,300 | | |
|
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Non-Current | | | | | |||||||||||||||
Accounts receivable
|
| | | | — | | | | | | 51 | | | | | | — | | |
| | | | | — | | | | | | 51 | | | | | | — | | |
Current | | | | | |||||||||||||||
Accounts receivable
|
| | | | 122,677 | | | | | | 113,666 | | | | | | 205,932 | | |
Trade receivables from related parties (Note 29)
|
| | | | 1,484 | | | | | | 5,423 | | | | | | 6,575 | | |
Provision for bad debts
|
| | | | (14,551) | | | | | | (17,782) | | | | | | (13,652) | | |
| | | | | 109,610 | | | | | | 101,307 | | | | | | 198,855 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Balances as of the beginning of the year
|
| | | | (17,782) | | | | | | (13,652) | | |
Bad debts of the year
|
| | | | (1,976) | | | | | | (2,574) | | |
Acquisitions of subsidiary
|
| | | | — | | | | | | (5,944) | | |
Recoveries
|
| | | | 2,248 | | | | | | — | | |
Write off
|
| | | | 2,390 | | | | | | 237 | | |
Translation differences
|
| | | | 569 | | | | | | 2,274 | | |
Disposals of subsidiaries
|
| | | | — | | | | | | 1,877 | | |
Balance as of end of year
|
| | | | (14,551) | | | | | | (17,782) | | |
|
| | |
Trade
Receivables |
| |
Not due
|
| |
Past 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 | | |
|
| | |
Trade
Receivables |
| |
Not due
|
| |
Past 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 | | |
|
| | |
Trade
Receivables |
| |
Not due
|
| |
Past due
|
| |||||||||||||||
| | |
1 – 180 days
|
| |
> 180 days
|
| ||||||||||||||||||
At January 1, 2015 | | | | | | ||||||||||||||||||||
Current accounts
|
| | | | 212,507 | | | | | | 185,993 | | | | | | 12,946 | | | | | | 13,568 | | |
Provision for bad debts
|
| | | | (13,652) | | | | | | (8) | | | | | | (105) | | | | | | (13,539) | | |
Total trade receivables, net
|
| | | | 198,855 | | | | | | 185,985 | | | | | | 12,841 | | | | | | 29 | | |
|
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Non-current | | | | | |||||||||||||||
Loans with related parties (Note 29)
|
| | | | — | | | | | | 15,078 | | | | | | 7,626 | | |
Other
|
| | | | 721 | | | | | | — | | | | | | 3,610 | | |
| | | | | 721 | | | | | | 15,078 | | | | | | 11,236 | | |
Current | | | | | |||||||||||||||
Debt service reserve account
|
| | | | 15,075 | | | | | | 15,075 | | | | | | — | | |
Loans with related parties (Note 29)
|
| | | | 7,769 | | | | | | 8,270 | | | | | | 35,859 | | |
Loans
|
| | | | — | | | | | | 1,986 | | | | | | 2,201 | | |
Time Deposits
|
| | | | 7,349 | | | | | | 12,482 | | | | | | 3,609 | | |
Other
|
| | | | 3,743 | | | | | | 2,499 | | | | | | 4,405 | | |
| | | | | 33,936 | | | | | | 40,312 | | | | | | 46,074 | | |
|
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Cash in hand
|
| | | | 1,313 | | | | | | 1,344 | | | | | | 4,244 | | |
Cash at banks
|
| | | | 146,726 | | | | | | 170,675 | | | | | | 249,541 | | |
Cash equivalents
|
| | | | 64,949 | | | | | | 12,220 | | | | | | 1,116 | | |
| | | | | 212,988 | | | | | | 184,239 | | | | | | 254,901 | | |
|
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Cash and cash equivalents
|
| | | | 212,988 | | | | | | 184,239 | | | | | | 254,901 | | |
Mutual funds
|
| | | | — | | | | | | — | | | | | | 938 | | |
Restricted cash(*)
|
| | | | (30,872) | | | | | | (30,346) | | | | | | (33,673) | | |
Bank overdraft
|
| | | | — | | | | | | (4) | | | | | | (5,033) | | |
| | | | | 182,116 | | | | | | 153,889 | | | | | | 217,133 | | |
|
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Non-current | | | | | |||||||||||||||
Bank and financial borrowings(**)
|
| | | | 551,431 | | | | | | 487,021 | | | | | | 119,494 | | |
Notes(*)
|
| | | | 411,200 | | | | | | 470,295 | | | | | | 349,951 | | |
Loans with related parties (Note 29)
|
| | | | — | | | | | | — | | | | | | 15,209 | | |
Other
|
| | | | 3,041 | | | | | | 3,000 | | | | | | — | | |
| | | | | 965,672 | | | | | | 960,316 | | | | | | 484,654 | | |
Current | | | | | |||||||||||||||
Bank and financial borrowings (**)
|
| | | | 52,671 | | | | | | 53,129 | | | | | | 81,837 | | |
Notes(*)
|
| | | | 64,439 | | | | | | 70,471 | | | | | | 65,200 | | |
Loans with related parties (Note 29)
|
| | | | 22,220 | | | | | | 618 | | | | | | 125,181 | | |
Bank overdrafts
|
| | | | — | | | | | | 4 | | | | | | 5,033 | | |
Others
|
| | | | 2,239 | | | | | | 3,028 | | | | | | 3,279 | | |
| | | | | 141,569 | | | | | | 127,250 | | | | | | 280,530 | | |
Total Borrowings
|
| | | | 1,107,241 | | | | | | 1,087,566 | | | | | | 765,184 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Balances at the beginning of the year
|
| | | | 1,087,566 | | | | | | 765,184 | | |
Acquisitions of subsidiary (Note 28)
|
| | | | — | | | | | | 332,976 | | |
Loans obtained
|
| | | | 52,099 | | | | | | 286,839 | | |
Loans paid
|
| | | | (142,693) | | | | | | (231,597) | | |
Interest paid
|
| | | | (48,564) | | | | | | (38,334) | | |
Disposals of subsidiaries
|
| | | | — | | | | | | (47,281) | | |
Accrued interest for the year
|
| | | | 118,219 | | | | | | 68,673 | | |
Translation differences
|
| | | | 40,614 | | | | | | (48,894) | | |
Balances at the end of the year
|
| | | | 1,107,241 | | | | | | 1,087,566 | | |
|
| | |
1 year or less
|
| |
1 to 2 years
|
| |
2 to 5 years
|
| |
Over 5 years
|
| |
Total
|
| |||||||||||||||
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 | | |
At January 1, 2015(1)
|
| | | | 283,355 | | | | | | 155,855 | | | | | | 248,056 | | | | | | 90,431 | | | | | | 777,697 | | |
| | |
At December 31,
|
| |
January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Fair value of long-term borrowings
|
| | | | 1,128,407 | | | | | | 1,113,117 | | | | | | 777,199 | | |
| | | | | 1,128,407 | | | | | | 1,113,117 | | | | | | 777,199 | | |
|
Company
|
| |
Lender
|
| |
Currency
|
| |
Maturity
|
| |
Interest Rate
|
| |
Outstanding
(In millions of USD) |
| |
Capitalization(2)
|
| ||||||
Inframérica
Concessionaria do Aeroporto Sao Goncalo do Amarante |
| |
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
Variable
|
| |
TJLP(1) + 3.14%
|
| | | | 98.2 | | | |
A
|
|
|
BNDES
|
| |
Brazilian Reales
|
| |
June 2032
|
| |
Variable
|
| |
T.R.+ 3.14%+IPCA
|
| | | | 2.4 | | | |||||
|
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
Variable
|
| |
T.R.+ 3.14%+IPCA
|
| | | | 5.3 | | | |||||
|
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 | | | |||||
Inframérica
Concessionaria do Aeroporto de Brasilia |
| |
BNDES
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
Variable
|
| |
TJLP(1) + 3.14%
|
| | | | 220 | | | |
A
|
|
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
Variable
|
| |
TJLP(1) + 3.6%
|
| | | | 76.8 | | | |
A
|
| ||
|
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 Guayaquil S.A |
| |
Banco Guayaquil SA
|
| |
USD
|
| |
2019
|
| |
Variable
|
| |
7.5%-8%
|
| | | | 6.1 | | | |
D
|
|
|
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 Aeroporti S.p.a.
|
| |
MPS Servicio capital
|
| |
Euro
|
| |
June 2022-
|
| |
Variable
|
| |
Euribor 6 month
plus spread |
| | | | 10.2 | | | |
B
|
|
|
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
2000 SA |
| |
Banco Ciudad
|
| |
Argentine peso
|
| |
September 2018
|
| |
Fixed
|
| |
27.86%
|
| | | | 2.3 | | | |
D
|
|
|
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
|
| | | | |
4.75%
|
| | | | 0.2 | | | |
A
|
|
Total | | | | | | | | | | | | | | | | | | | | 604.1 | | | |
Company
|
| |
Lender
|
| |
Currency
|
| |
Maturity
|
| |
Interest Rate
|
| |
Outstanding
(In millions of USD) |
| |
Capitalization(2)
|
| ||||||
Inframérica
Concessionaria do Aeroporto Sao Goncalo do Amarante |
| |
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
Variable
|
| |
TJLP + 3.14%
|
| | | | 81.9 | | | |
A
|
|
|
BNDES
|
| |
Brazilian Reales
|
| |
June 2032
|
| |
Variable
|
| |
T.R. + 3.14% + IPCA
|
| | | | 2.0 | | | |
A
|
| ||
|
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
Variable
|
| |
T.R.+ 3.14% + IPCA
|
| | | | 4.3 | | | |
A
|
| ||
|
BNDES
|
| |
Brazilian Reales
|
| |
September 2022
|
| |
Fixed
|
| |
2.50%
|
| | | | 3.8 | | | |
A
|
| ||
|
BNDES
|
| |
Brazilian Reales
|
| |
July 2032
|
| |
Variable
|
| |
T.R. + 4.74% + IPCA
|
| | | | 1.1 | | | |
A
|
| ||
|
BNDES
|
| |
Brazilian Reales
|
| |
July 2032
|
| |
Variable
|
| |
T.R. + 3.14% + IPCA
|
| | | | 1.4 | | | |
A
|
| ||
Inframérica
Concessionaria do Aeroporto de Brasilia |
| |
BNDES
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
Variable
|
| |
TJLP +3.14%
|
| | | | 163.6 | | | |
A
|
|
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
Variable
|
| |
TJLP +3.6%
|
| | | | 56.9 | | | |
A
|
| ||
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
Fixed
|
| |
6%
|
| | | | 1.7 | | | |
A
|
| ||
|
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 Guayaquil S.A |
| |
Banco Bolivariano C.A.
|
| |
USD
|
| |
2016-2019
|
| |
Variable
|
| |
7.59%-8.90%
|
| | | | 13.3 | | | |
D
|
|
|
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 Aeroporti S.p.a.
|
| |
Banco de Innovación de
Infraestructuras y Desarrollo/MPS Servicio capital |
| |
Euro
|
| |
June 2022
|
| |
Variable
|
| |
Euribor 6 month
|
| | | | 10.7 | | | |
B
|
|
|
September 2027
|
| | | | | | | | | | | | | | | | 38.3 | | | |
D
|
| ||
Aeropuertos Argentina
|
| | | | | | | | |||||||||||||||||
2000 S.A. | | |
Banco de la Provincia
de Buenos Aires |
| |
Argentine peso
|
| | | | | | | | | | | | | 7.36 | | | |
D
|
|
Aeropuerto de Bahia Blanca S.A: |
| |
Banco de la
Nación Argentina |
| |
Argentine peso
|
| |
March 2019
|
| | | | | | | | | | 0.24 | | | |
A
|
|
Total | | | | | | | | | | | | | | | | | | | | 540.2 | | | |
Company
|
| |
Lender
|
| |
Currency
|
| |
Maturity
|
| |
Interest Rate
|
| |
Outstanding
(In millions of USD) |
| |
Capitalization(2)
|
| ||||||
Armenia International
Airports CJSC |
| |
European Bank for
Reconstruction and Development and DEG |
| |
USD
|
| |
2020
|
| |
Fixed
|
| |
5.16%
|
| | | | 30.0 | | | |
A
|
|
|
Asian Development Bank
|
| |
USD
|
| |
2015
|
| |
Fixed
|
| |
5.16%
|
| | | | 32.2 | | | |
A
|
| ||
Toscana Aeroporti S.p.a.
|
| |
Banco de Innovación de
Infraestructuras y |
| |
Euro
|
| |
June 2022
|
| |
Euribor 6 months
+ Spread |
| | | | 27.4 | | | |
B
|
| |||
|
Desarrollo/ MPS
Servicio capital |
| |
Euro
|
| |
September 2027
|
| | | | | | | | | | 32.5 | | | |
D
|
| ||
Aeropuerto de Bahía Blanca S.A. |
| |
Banco de la
Nación Argentina |
| |
Argentine peso
|
| |
September 2019
|
| | | | | | | | | | 0.5 | | | |
A
|
|
Caminos del Paraná S.A.
|
| |
Banco Macro S.A.
|
| |
Argentine peso
|
| |
December 2015
|
| |
Fixed
|
| |
34.75%
|
| | | | 4.2 | | | |
B
|
|
|
Nacion Factoring S.A.
|
| |
Argentine peso
|
| | | | |
Fixed
|
| |
25.00%
|
| | | | 1.5 | | | |
B
|
| ||
Aeropuertos Argentina 2000 S.A. |
| |
Others
|
| |
Argentine peso
|
| | | | | | | | | | | | | 5.5 | | | |
B
|
|
Compañía General de
Combustibles S.A. |
| |
Banco Macro SA
|
| |
Argentine peso
|
| |
2017
|
| |
Fixed
|
| |
15.25%
|
| | | | 1.7 | | | |
D
|
|
|
Banco Provincia de BA
|
| |
Argentine peso
|
| |
2016
|
| |
Fixed
|
| |
15.25%
|
| | | | 2.0 | | | |
D
|
| ||
|
Sindicado ICBC y Citibank
|
| |
Argentine peso
|
| |
2016
|
| |
Fixed
|
| |
15.25%
|
| | | | 1.7 | | | |
D
|
| ||
|
Sindicado ICBC y Ciudad
de BA |
| |
Argentine peso
|
| |
2016
|
| |
Fixed
|
| |
15.25%
|
| | | | 1.5 | | | |
D
|
| ||
Helport S.A.
|
| |
Banco de la Provincia
de Bs As. |
| |
Argentine peso
|
| |
June/ September 2016
|
| |
Fixed
|
| |
15,25%
|
| | | | 2.9 | | | |
D
|
|
|
Banco Mariva
|
| |
Argentine peso
|
| |
October 2016
|
| |
Fixed
|
| |
29%
|
| | | | 0.1 | | | |
D
|
| ||
|
Banco de Córdoba
|
| |
Argentine peso
|
| |
June 2017/ January 2018
|
| |
Fixed
|
| |
15,25%
|
| | | | 1.3 | | | |
D
|
| ||
|
Other
|
| |
Argentine peso
|
| | | | |
Fixed
|
| | | | | | | 4.1 | | | |
D
|
| ||
Terminal Aeroportuaria
de Guayaquil S.A |
| |
Banco Bolivariano CA
|
| |
USD
|
| |
February 2017
|
| |
Variable
|
| |
8%
|
| | | | 2.3 | | | |
B
|
|
|
Banco de Guayaquil SA
|
| |
USD
|
| |
November 2017
|
| |
Variable
|
| |
8.50%
|
| | | | 7.8 | | | |
B
|
| ||
|
Banco Bolivariano CA
|
| |
USD
|
| |
December 2017
|
| |
Variable
|
| |
8.0%
|
| | | | 9.0 | | | |
B
|
| ||
|
Banco Bolivariano CA
|
| |
USD
|
| |
November 2015
|
| |
Variable
|
| |
7.75%
|
| | | | 3.0 | | | |
B
|
| ||
|
Banco Bolivariano CA
|
| |
USD
|
| |
December 2016
|
| |
Fixed
|
| |
8.25%
|
| | | | 4.0 | | | |
B
|
| ||
Puerta del Sur S.A.
|
| |
Banco Santander
|
| |
USD
|
| |
2021
|
| |
Fixed
|
| |
5%
|
| | | | 16.5 | | | |
D
|
|
|
Banco Itaú
|
| |
USD
|
| |
2021
|
| |
Fixed
|
| |
5%
|
| | | | 9.6 | | | |
D
|
| ||
Total | | | | | | | | | | | | | | | | | | | | 201.3 | | | |
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Non-current | | | | | |||||||||||||||
Concession fee payable(*)
|
| | | | 970,762 | | | | | | 772,088 | | | | | | — | | |
Advances from customers
|
| | | | 27,922 | | | | | | 17,680 | | | | | | — | | |
Provision for maintenance costs (**)
|
| | | | 20,113 | | | | | | 20,423 | | | | | | 51,188 | | |
Other taxes payable
|
| | | | 10,242 | | | | | | 3,142 | | | | | | 458 | | |
Employee benefit obligation (***)
|
| | | | 8,498 | | | | | | 8,139 | | | | | | 6,198 | | |
Salary payable
|
| | | | 772 | | | | | | 1,006 | | | | | | 4,192 | | |
Other liabilities with related parties (Note 29)
|
| | | | 600 | | | | | | 2,567 | | | | | | — | | |
Other payables
|
| | | | 10,539 | | | | | | 22,256 | | | | | | 16,266 | | |
| | | | | 1,049,448 | | | | | | 847,301 | | | | | | 78,302 | | |
Current | | | | | |||||||||||||||
Concession fee payable(*)
|
| | | | 202,584 | | | | | | 99,051 | | | | | | 38,739 | | |
Other taxes payable
|
| | | | 28,729 | | | | | | 23,555 | | | | | | 45,333 | | |
Salary payable
|
| | | | 39,084 | | | | | | 33,568 | | | | | | 38,126 | | |
Other liabilities with related parties (Note 29)
|
| | | | 31,369 | | | | | | 27,197 | | | | | | 26,570 | | |
Advances from customers
|
| | | | 13,941 | | | | | | 15,048 | | | | | | 10,072 | | |
Provision for maintenance cost (**)
|
| | | | 6,713 | | | | | | 4,506 | | | | | | — | | |
Expenses provisions
|
| | | | 6,222 | | | | | | 1,973 | | | | | | 4,874 | | |
Provisions for legal claims (****)
|
| | | | 5,878 | | | | | | 4,730 | | | | | | 935 | | |
Other payables
|
| | | | 12,787 | | | | | | 16,944 | | | | | | 31,882 | | |
| | | | | 347,307 | | | | | | 226,572 | | | | | | 196,531 | | |
|
| | |
1 year or less
|
| |
1 – 2 years
|
| |
2 – 5 years
|
| |
Over 5 years
|
| |
Total
|
| |||||||||||||||
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 | | |
| | |
2016
|
| |
2015
|
| ||||||
Values at the beginning of the year
|
| | | | 871,139 | | | | | | 38,739 | | |
Acquisition of subsidiaries (Note 28)
|
| | | | — | | | | | | 836,258 | | |
Financial result
|
| | | | 107,408 | | | | | | 2,039 | | |
Concession fees
|
| | | | 146,971 | | | | | | 133,846 | | |
Payments
|
| | | | (136,092) | | | | | | (136,809) | | |
Others (Note 12)
|
| | | | 9,132 | | | | | | — | | |
Translation differences
|
| | | | 174,788 | | | | | | (2,934) | | |
At the end of the year
|
| | | | 1,173,346 | | | | | | 871,139 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Balances at the beginning of the year
|
| | | | 24,929 | | | | | | 51,188 | | |
Accrual of the year
|
| | | | 4,679 | | | | | | 5,391 | | |
Use of the provision
|
| | | | (1,906) | | | | | | (2,580) | | |
Disposals of subsidiaries
|
| | | | — | | | | | | (25,152) | | |
Translation differences
|
| | | | (876) | | | | | | (3,918) | | |
Balances at the end of the year
|
| | | | 26,826 | | | | | | 24,929 | | |
|
Assumption
|
| |
Annual discount rate
|
| |
Annual rate of inflation
|
| |
Annual turnover rate
|
| |||||||||||||||||||||||||||
Variation rates
|
| | | | 0.5% | | | | | | (0.5)% | | | | | | 0.25% | | | | | | (0.25)% | | | | | | 1% | | | | | | (1)% | | |
Provision for salary payable
|
| | | | 6,826 | | | | | | 7,626 | | | | | | 7,332 | | | | | | 7,091 | | | | | | 7,093 | | | | | | 7,266 | | |
Assumption
|
| |
Annual discount rate
|
| |
Annual employee
future wage increase |
| |
Annual turnover rate
|
| |||||||||||||||||||||||||||
Variation rates
|
| | | | 3.32% | | | | | | 6.62% | | | | | | 1.50% | | | | | | (1.50)% | | | | | | 1% | | | | | | (1)% | | |
Provision for salary payable
|
| | | | 756 | | | | | | 495 | | | | | | 1,591 | | | | | | 1,007 | | | | | | 1,263 | | | | | | 1,269 | | |
| | |
2016
|
| |
2015
|
| ||||||
Balances at the beginning of the year
|
| | | | 8,139 | | | | | | 6,198 | | |
Actuarial gain/loss (in other comprehensive income)
|
| | | | 403 | | | | | | (475) | | |
Interest for services
|
| | | | 239 | | | | | | 164 | | |
Service Cost
|
| | | | 177 | | | | | | 21 | | |
Amounts paid in the year
|
| | | | (223) | | | | | | (487) | | |
Contributions
|
| | | | — | | | | | | 3,322 | | |
Translation differences
|
| | | | (237) | | | | | | (604) | | |
At the end of the year
|
| | | | 8,498 | | | | | | 8,139 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Balances at the beginning of the year
|
| | | | 4,730 | | | | | | 935 | | |
Accrual of the year
|
| | | | 2,772 | | | | | | 1,157 | | |
Use of the provision
|
| | | | (1,089) | | | | | | (974) | | |
Acquisition of subsidiary (Note 28)
|
| | | | — | | | | | | 4,117 | | |
Translation differences
|
| | | | (535) | | | | | | (505) | | |
Balances at the end of the year
|
| | | | 5,878 | | | | | | 4,730 | | |
|
| | |
At December 31,
|
| |
January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Non-current | | | | | |||||||||||||||
Trade payables with related parties (Note 29)
|
| | | | — | | | | | | 767 | | | | | | — | | |
Trade payable with suppliers
|
| | | | 1,663 | | | | | | 1,329 | | | | | | 2,851 | | |
| | | | | 1,663 | | | | | | 2,096 | | | | | | 2,851 | | |
Current | | | | | |||||||||||||||
Trade payables with suppliers
|
| | | | 104,914 | | | | | | 116,711 | | | | | | 173,163 | | |
Trade payables with related parties (Note 29)
|
| | | | 8,625 | | | | | | 4,445 | | | | | | 325 | | |
| | | | | 113,539 | | | | | | 121,156 | | | | | | 173,488 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Cash contributions
|
| | | | 20,494 | | | | | | 8,303 | | |
Contributions in shares(*)
|
| | | | 1,506,867 | | | | | | — | | |
Contributions by assignment (**)
|
| | | | 49,960 | | | | | | 320,798 | | |
| | | | | 1,577,321 | | | | | | 329,101 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
At the beginning of the year
|
| | | | 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
|
| | | | (292) | | | | | | 344 | | |
| | | | | (1,344,022) | | | | | | 248,677 | | |
|
| | |
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, 2016 (Restated) | | | | | (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 (Restated)
|
| | | | (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 (Restated)
|
| | | | (174,950) | | | | | | 489 | | | | | | (39,999) | | | | | | (145) | | | | | | 58,218 | | | | | | (156,387) | | |
|
| | |
2016
(Restated) |
| |
2015
(Restated) |
| ||||||
At the beginning of the year
|
| | | | 371,342 | | | | | | 351,809 | | |
Shareholder contributions
|
| | | | 9,018 | | | | | | — | | |
(Loss)/income for the year
|
| | | | (4,519) | | | | | | 9,801 | | |
Other comprehensive loss | | | | ||||||||||
Currency translation
|
| | | | (12,340) | | | | | | (54,142) | | |
Remeasurement of defined benefit obligations
|
| | | | (20) | | | | | | (14) | | |
Reserve for income tax
|
| | | | 5 | | | | | | 4 | | |
| | | | | (12,355) | | | | | | (54,152) | | |
Changes in non-controlling interest | | | | ||||||||||
Business combinations
|
| | | | — | | | | | | 131,954 | | |
Discontinued operations
|
| | | | 311 | | | | | | (66,656) | | |
Changes in the participations
|
| | | | — | | | | | | (1,414) | | |
Dividends approved
|
| | | | (9,623) | | | | | | — | | |
| | | | | (9,312) | | | | | | 63,884 | | |
Non-controlling interest at the end of the year
|
| | | | 354,174 | | | | | | 371,342 | | |
|
Country
|
| |
Concession
|
| |
Number of
Airports |
| |
Concession
Start Date |
| |
Current
Concession End Date |
| |
Extension Details
|
| |||
Argentina
|
| |
AA2000
|
| | | | 34(1) | | | |
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 |
|
Perú | | |
AAP
|
| | | | 5 | | | |
2011
|
| |
2036
|
| |
Extendable to 2071
|
|
Total | | | | | | | | 51 | | | | | | ||||||
|
Event
|
| |
Amount of the Performance
Bond (in R$) |
| |
Amount of the Performance
Bond (in USD) |
|
Natal Concession Agreement | | | | ||||
Phase I of the Natal Concession Agreement | | |
65 million
|
| |
19.9 million
|
|
Phase II of the Natal Concession Agreement (from the formal commencement of Phase II until the end of the contract)
|
| |
6.5 million
|
| |
1.9 million
|
|
Investment Trigger of the Natal Concession Agreement
|
| |
10% of the amount of planned investments
|
| |
Event
|
| |
Amount of the Performance
Bond (in R$) |
| |
Amount of the Performance
Bond (in USD) |
|
Brasilia Concession Agreement | | | | ||||
During Phase I-B of the Brasilia Concession Agreement
|
| |
266.7 million
|
| |
81.8 million
|
|
After completion of Phase I-B of the Natal Concession Agreement or at the termination of the contract
|
| |
133.3 million
|
| |
40.8 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
|
|
| | |
At
December 31, 2016 |
| |
At
December 31, 2015 |
| |
At
January 1, 2015 |
| |||||||||
Share capital
|
| | | | 20 | | | | | | 20 | | | | | | 20 | | |
Legal reserve
|
| | | | 2 | | | | | | — | | | | | | — | | |
Free distributable reserves
|
| | | | 1,907,328 | | | | | | 330,007 | | | | | | 906 | | |
Retained earnings
|
| | | | 27,723 | | | | | | 56,388 | | | | | | (8,233) | | |
Total equity in accordance with Luxembourg law
|
| | | | 1,935,073 | | | | | | 386,415 | | | | | | (7,307) | | |
|
| 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 | | |
|
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Year-end balances | | | | | |||||||||||||||
(a) Arising from sales / purchases of goods / other | | | | | |||||||||||||||
Trade Receivables with Associates
|
| | | | 229 | | | | | | — | | | | | | 1,495 | | |
Trade Receivables with other related parties
|
| | | | 1,255 | | | | | | 5,423 | | | | | | 5,080 | | |
Other Receivables with Associates
|
| | | | — | | | | | | 3,827 | | | | | | — | | |
Other Receivables with other related parties
|
| | | | 9,025 | | | | | | 14,060 | | | | | | 257,336 | | |
Other Financial Assets with Associates
|
| | | | 7,769 | | | | | | 11,530 | | | | | | 12,199 | | |
Other Financial Assets with other related parties
|
| | | | — | | | | | | 11,818 | | | | | | 31,286 | | |
Trade Payables to other related parties
|
| | | | (8,625) | | | | | | (5,212) | | | | | | (325) | | |
| | | | | 9,653 | | | | | | 41,446 | | | | | | 307,071 | | |
(b) Financial debt | | | | | |||||||||||||||
Borrowings owed to other related parties
|
| | | | (22,220) | | | | | | (618) | | | | | | (140,390) | | |
| | | | | (22,220) | | | | | | (618) | | | | | | (140,390) | | |
(c) Other liabilities | | | | | |||||||||||||||
Other liabilities – other related parties
|
| | | | (31,969) | | | | | | (29,764) | | | | | | (26,570) | | |
| | | | | (31,969) | | | | | | (29,764) | | | | | | (26,570) | | |
|
| | |
For the year ended
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Transactions | | | | ||||||||||
Cash contribution and contributions in kind
|
| | | | 1,577,321 | | | | | | 329,101 | | |
Commercial revenue
|
| | | | 4,067 | | | | | | 5,967 | | |
Fees
|
| | | | 473 | | | | | | (1,818) | | |
Interest accruals
|
| | | | (824) | | | | | | 2,468 | | |
Acquisition of goods and services
|
| | | | (10,270) | | | | | | (8,171) | | |
Others
|
| | | | 200 | | | | | | — | | |
| | |
At December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Changes in working capital | | | | ||||||||||
Other receivables and credits
|
| | | | (97,038) | | | | | | (64,221) | | |
Inventories
|
| | | | 987 | | | | | | 4,385 | | |
Other liabilities
|
| | | | (57,779) | | | | | | (111,250) | | |
| | | | | (153,830) | | | | | | (171,086) | | |
|
| | |
For the year
ended December 31, 2016 |
| |
For the year ended
December 31, 2015 |
| ||||||
Contributions in kind(*)
|
| | | | 1,556,827 | | | | | | 320,798 | | |
Disposals of subsidiaries/associates(**)
|
| | | | — | | | | | | 322,960 | | |
Refund of contributions(*)
|
| | | | — | | | | | | (497,660) | | |
Dividends distribution(*)
|
| | | | (49,960) | | | | | | (298,764) | | |
Intangible assets acquisition with an increase in Other liabilities
|
| | | | (3,260) | | | | | | — | | |
Loans repayment—assignment of credits(***)
|
| | | | — | | | | | | (74,477) | | |
Spin-off of assets and liabilities(****)
|
| | | | — | | | | | | (62,539) | | |
| | |
For the year
ended December 31, 2016 (Restated) |
| |
For the year
ended December 31, 2015 (Restated) |
| ||||||
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 | | |
|
| | |
At
December 31, 2016 (Restated) |
| |
At
December 31, 2015 (Restated) |
| ||||||
(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 | | |
| | |
2016
(Restated) |
| |
2015
(Restated) |
| ||||||
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 | | |
|
| | |
2016
(Restated) |
| |
2015
(Restated) |
| ||||||
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) | | |
| | |
For the years ended
|
| |||
| | |
2016/2015
|
| |||
Audit fees
|
| | | | 909 | | |
Tax fees
|
| | | | 109 | | |
| | | | | 1,018 | | |
|
| | |
2016
(Restated) |
| |
2015
(Restated) |
| ||||||
Income/(loss) attributable to equity holders of the Group
|
| | | | 43,236 | | | | | | (11,039) | | |
Weighted average number of membership units in issue (thousands)
|
| | | | 1,500,000 | | | | | | 1,500,000 | | |
Basic income/(loss) per share of continuing operations
|
| | | | 0.03 | | | | | | (0.01) | | |
|
| | |
2016
|
| |
2015
|
| ||||||
(Loss)/income attributable to equity holders of the Group
|
| | | | (9,477) | | | | | | 116,529 | | |
Weighted average number of membership units in issue (thousands)
|
| | | | 1,500,000 | | | | | | 1,500,000 | | |
Basic (loss)/income per share of discontinued operations
|
| | | | (0.01) | | | | | | 0.08 | | |
|
| | |
2016
(Restated) |
| |
2015
(Restated) |
| ||||||
Income attributable to equity holders of the Group
|
| | | | 33,759 | | | | | | 105,490 | | |
Weighted average number of membership units in issue (thousands)
|
| | | | 1,500,000 | | | | | | 1,500,000 | | |
Basic income per share of continuing and discontinued operations
|
| | | | 0.02 | | | | | | 0.07 | | |
|
| | |
For the year ended
December 31, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Pro-forma earnings per share attributable to the parent (unaudited) | | | | ||||||||||
Continuing Operations | | | | ||||||||||
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | 0.29 | | | | | | (0.07) | | |
Discontinued Operations | | | | ||||||||||
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | (0.06) | | | | | | 0.79 | | |
Continuing and Discontinued Operations | | | | ||||||||||
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | 0.23 | | | | | | 0.71 | | |
| | | | | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
Notes
|
| |
2017
Unaudited |
| |
2016
Unaudited |
| ||||||
Continuing operations | | | | | | | | | | | | | | | | |
Revenue
|
| |
4
|
| | | | 1,158,534 | | | | | | 981,875 | | |
Cost of services
|
| |
5
|
| | | | (749,819) | | | | | | (595,683) | | |
Gross profit
|
| | | | | | | 408,715 | | | | | | 386,192 | | |
Selling, general and administrative expenses
|
| |
6
|
| | | | (140,074) | | | | | | (128,802) | | |
Other operating income
|
| |
7
|
| | | | 14,263 | | | | | | 12,353 | | |
Other operating expense
|
| | | | | | | (3,477) | | | | | | (3,184) | | |
Operating income
|
| | | | | | | 279,427 | | | | | | 266,559 | | |
Share of loss in associates
|
| |
11
|
| | | | (5,821) | | | | | | (361) | | |
Income before financial results and income tax
|
| | | | | | | 273,606 | | | | | | 266,198 | | |
Financial income
|
| |
8
|
| | | | 42,561 | | | | | | 26,260 | | |
Financial loss
|
| |
8
|
| | | | (203,767) | | | | | | (203,958) | | |
Income before income tax expense
|
| | | | | | | 112,400 | | | | | | 88,500 | | |
Income tax expense
|
| |
9
|
| | | | (39,833) | | | | | | (38,628) | | |
Income from continuing operations
|
| | | | | | | 72,567 | | | | | | 49,872 | | |
Discontinued operations | | | | | | | | | | | | | | | | |
Loss for discontinued operations
|
| |
19
|
| | | | — | | | | | | (8,662) | | |
Net income
|
| | | | | | | 72,567 | | | | | | 41,210 | | |
Attributable to: | | | | | | | | | | | | | | | | |
Owners of the parent
|
| | | | | | | 67,090 | | | | | | 40,946 | | |
Non-controlling interest
|
| | | | | | | 5,477 | | | | | | 264 | | |
| | | | | | | | 72,567 | | | | | | 41,210 | | |
Earnings per share attributable to the owners of the parent | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares (thousands)
|
| | | | | | | 1,500,000 | | | | | | 1,500,000 | | |
Continuing operations | | | | | | | | | | | | | | | | |
Basic and diluted earnings per share
|
| | | | | | | 0.04 | | | | | | 0.03 | | |
Discontinued operations | | | | | | | | | | | | | | | | |
Basic and diluted losses per share
|
| | | | | | | — | | | | | | (0.01) | | |
Continuing and discontinued operations | | | | | | | | | | | | | | | | |
Basic and diluted earnings per share
|
| | | | | | | 0.04 | | | | | | 0.03 | | |
Pro-forma earnings per share attributable to the parent (unaudited)
|
| |
22
|
| | | | | | | | | | | | |
Continuing Operations | | | | | | | | | | | | | | | | |
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | | | | 0.45 | | | | | | 0.33 | | |
Discontinued Operations | | | | | | | | | | | | | | | | |
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | | | | — | | | | | | (0.06) | | |
Continuing and Discontinued Operations | | | | | | | | | | | | | | | | |
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | | | | 0.45 | | | | | | 0.28 | | |
| | | | | |
For the nine-month period ended
September 30, |
| |||||||||
| | | | | |
2017
Unaudited |
| |
2016
Unaudited |
| ||||||
Net income
|
| | | | | | | 72,567 | | | | | | 41,210 | | |
Items that will not be reclassified subsequently to profit or loss: | | | | | | | | | | | | | | | | |
Remeasurement of defined benefit obligation
|
| | | | | | | 303 | | | | | | (675) | | |
Items that may be subsequently reclassified to profit or loss: | | | | | | | | | | | | | | | | |
Share of other comprehensive income from associates
|
| | | | | | | 214 | | | | | | (54) | | |
Currency translation adjustment
|
| | | | | | | (2,717) | | | | | | (23,954) | | |
Other comprehensive income/(loss) of continuing operations for the period, net of income tax
|
| | | | | | | (2,200) | | | | | | (24,683) | | |
Currency translation adjustment from discontinued operations
|
| | | | | | | — | | | | | | 3,576 | | |
Other comprehensive income of discontinued operations for the period, net of income tax
|
| | | | | | | — | | | | | | 3,576 | | |
Total other comprehensive income/(loss) for the period
|
| |
15
|
| | | | (2,200) | | | | | | (21,107) | | |
Total comprehensive income for the period
|
| | | | | | | 70,367 | | | | | | 20,103 | | |
Attributable to: | | | | | | | | | | | | | | | | |
Owners of the parent
|
| | | | | | | 56,567 | | | | | | 18,240 | | |
Non-controlling interest
|
| | | | | | | 13,800 | | | | | | 1,863 | | |
| | | | | | | | 70,367 | | | | | | 20,103 | | |
|
| | |
Notes
|
| |
At September 30,
2017 Unaudited |
| |
At December 31,
2016 |
| ||||||
ASSETS | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | |
Intangible assets, net
|
| |
10
|
| | | | 2,944,721 | | | | | | 2,825,187 | | |
Property, plant and equipment, net
|
| | | | | | | 71,737 | | | | | | 65,984 | | |
Investments in associates
|
| |
11
|
| | | | 5,317 | | | | | | 10,927 | | |
Other financial assets
|
| | | | | | | 1,005 | | | | | | 721 | | |
Deferred tax assets
|
| | | | | | | 130,013 | | | | | | 99,258 | | |
Other receivables
|
| | | | | | | 160,874 | | | | | | 118,074 | | |
Trade receivables
|
| | | | | | | 714 | | | | | | — | | |
| | | | | | | | 3,314,381 | | | | | | 3,120,151 | | |
Current assets | | | | | | | | | | | | | | | | |
Inventories
|
| | | | | | | 6,068 | | | | | | 7,664 | | |
Other financial assets
|
| | | | | | | 35,913 | | | | | | 33,936 | | |
Other receivables
|
| | | | | | | 157,187 | | | | | | 137,207 | | |
Current tax assets
|
| | | | | | | 222 | | | | | | 5,720 | | |
Trade receivables
|
| | | | | | | 117,434 | | | | | | 109,610 | | |
Cash and cash equivalents
|
| |
12
|
| | | | 321,812 | | | | | | 212,988 | | |
| | | | | | | | 638,636 | | | | | | 507,125 | | |
Total assets
|
| | | | | | | 3,953,017 | | | | | | 3,627,276 | | |
EQUITY | | |
15
|
| | | | | | | | | | | | |
Share capital
|
| | | | | | | 1,500,000 | | | | | | 20 | | |
Free distributable reserve
|
| | | | | | | 397,318 | | | | | | 1,907,328 | | |
Currency translation adjustment
|
| | | | | | | (199,399) | | | | | | (188,721) | | |
Legal reserves
|
| | | | | | | 2 | | | | | | 2 | | |
Other reserves
|
| | | | | | | (1,343,867) | | | | | | (1,344,022) | | |
Retained earnings
|
| | | | | | | 141,633 | | | | | | 74,543 | | |
Total attributable to owners of the parent
|
| | | | | | | 495,687 | | | | | | 449,150 | | |
Non-controlling interests
|
| | | | | | | 343,727 | | | | | | 354,174 | | |
Total equity
|
| | | | | | | 839,414 | | | | | | 803,324 | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Non-current liabilities | | | | | | | | | | | | | | | | |
Borrowings
|
| |
13
|
| | | | 1,225,363 | | | | | | 965,672 | | |
Deferred tax liabilities
|
| | | | | | | 151,204 | | | | | | 144,393 | | |
Other liabilities
|
| |
14
|
| | | | 1,060,871 | | | | | | 1,049,448 | | |
Non-current tax liabilities
|
| | | | | | | 110 | | | | | | — | | |
Trade payables
|
| | | | | | | 1,420 | | | | | | 1,663 | | |
| | | | | | | | 2,438,968 | | | | | | 2,161,176 | | |
Current liabilities | | | | | | | | | | | | | | | | |
Borrowings
|
| |
13
|
| | | | 104,768 | | | | | | 141,569 | | |
Other liabilities
|
| |
14
|
| | | | 443,701 | | | | | | 347,307 | | |
Current tax liabilities
|
| | | | | | | 19,890 | | | | | | 60,361 | | |
Trade payables
|
| | | | | | | 106,276 | | | | | | 113,539 | | |
| | | | | | | | 674,635 | | | | | | 662,776 | | |
Total liabilities
|
| | | | | | | 3,113,603 | | | | | | 2,823,952 | | |
Total equity and liabilities
|
| | | | | | | 3,953,017 | | | | | | 3,627,276 | | |
|
| | |
Attributable to owners of the parent
|
| | | |||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Share
Capital |
| |
Free
Distributable Reserves |
| |
Legal
Reserves |
| |
Currency
Translation Adjustment |
| |
Other
Reserves |
| |
Retained
Earnings(1) |
| |
Total
|
| |
Non-controlling
interests |
| |
Total
|
| |||||||||||||||||||||||||||
Balance at January 1, 2017
|
| | | | 20 | | | | | | 1,907,328 | | | | | | 2 | | | | | | (188,721) | | | | | | (1,344,022) | | | | | | 74,543 | | | | | | 449,150 | | | | | | 354,174 | | | | | | 803,324 | | |
Shareholders contributions (Note 15)
|
| | | | — | | | | | | (10,030) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,030) | | | | | | — | | | | |
|
(10,030)
|
| |
Income for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 67,090 | | | | | | 67,090 | | | | | | 5,477 | | | | |
|
72,567
|
| |
Other comprehensive loss for the period
(Note 15) |
| | | | — | | | | | | — | | | | | | — | | | | | | (10,678) | | | | | | 155 | | | | | | — | | | | | | (10,523) | | | | | | 8,323 | | | | |
|
(2,200)
|
| |
Conversion (Note 1)
|
| | | | 1,499,980 | | | | | | (1,499,980) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
Dividend distribution
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (24,247) | | | | |
|
(24,247)
|
| |
Balance at September 30, 2017
|
| | | | 1,500,000 | | | | | | 397,318 | | | | | | 2 | | | | | | (199,399) | | | | | | (1,343,867) | | | | | | 141,633 | | | | | | 495,687 | | | | | | 343,727 | | | | | | 839,414 | | |
Balance at January 1, 2016
|
| | | | 20 | | | | | | 330,007 | | | | | | — | | | | | | (156,731) | | | | | | 248,677 | | | | | | 40,786 | | | | | | 462,759 | | | | | | 371,342 | | | | | | 834,101 | | |
Shareholders contributions (Note 15)
|
| | | | — | | | | | | 17,236 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,236 | | | | | | 8,086 | | | | |
|
25,322
|
| |
Income for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 40,946 | | | | | | 40,946 | | | | | | 264 | | | | |
|
41,210
|
| |
Dividend distribution
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (121) | | | | | | — | | | | | | (121) | | | | | | (8,450) | | | | |
|
(8,571)
|
| |
Other comprehensive loss for the year (Note 15)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (22,361) | | | | | | (345) | | | | | | — | | | | | | (22,706) | | | | | | 1,599 | | | | |
|
(21,107)
|
| |
Changes of non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 42 | | | | |
|
42
|
| |
Balance at September 30, 2016
|
| | | | 20 | | | | | | 347,243 | | | | | | — | | | | | | (179,092) | | | | | | 248,211 | | | | | | 81,732 | | | | | | 498,114 | | | | | | 372,883 | | | | | | 870,997 | | |
|
| | | | | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
Notes
|
| |
2017
Unaudited |
| |
2016
Unaudited |
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | |
Income for the period from continuing operations
|
| | | | | | | 72,567 | | | | | | 49,872 | | |
Adjustments for: | | | | | | | | | | | | | | | | |
Amortization and depreciation
|
| | | | | | | 105,727 | | | | | | 90,063 | | |
Deferred income tax
|
| |
9
|
| | | | (27,508) | | | | | | (30,256) | | |
Income tax accrued
|
| |
9
|
| | | | 67,341 | | | | | | 68,884 | | |
Share of loss in associates
|
| | | | | | | 5,821 | | | | | | 361 | | |
Loss on disposals of intangible assets
|
| | | | | | | 2,217 | | | | | | 5 | | |
Unpaid concession fees
|
| | | | | | | 39,598 | | | | | | 37,597 | | |
Changes in liability for Brazil concessions
|
| | | | | | | 66,308 | | | | | | 79,541 | | |
Interest expense
|
| | | | | | | 92,060 | | | | | | 80,797 | | |
Other financial results, net
|
| | | | | | | 18,578 | | | | | | 18,067 | | |
Other accruals
|
| | | | | | | 5,932 | | | | | | 16,902 | | |
Acquisition of Intangible assets
|
| | | | | | | (182,876) | | | | | | (114,530) | | |
Income tax paid
|
| | | | | | | (90,598) | | | | | | (15,600) | | |
Changes in working capital
|
| |
18
|
| | | | (115,527) | | | | | | (140,023) | | |
Net cash provided by operating activities
|
| | | | | | | 59,640 | | | | | | 141,680 | | |
Net cash used in discontinued operating activities
|
| |
19
|
| | | | — | | | | | | (8,858) | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | |
Acquisition of/(cash contribution in) associates
|
| | | | | | | (7) | | | | | | (14) | | |
Disposals of other financial assets
|
| | | | | | | 15,000 | | | | | | 11,050 | | |
Purchase of Property, plant and equipment
|
| | | | | | | (6,657) | | | | | | (5,707) | | |
Acquisition of Intangible assets
|
| | | | | | | (82) | | | | | | — | | |
Net cash inflow on disposal of discontinued operations
|
| | | | | | | — | | | | | | 10,346 | | |
Net cash inflow on disposal of subsidiaries/associated
|
| | | | | | | — | | | | | | 1,837 | | |
Loans with related parties
|
| | | | | | | (17,338) | | | | | | (19,394) | | |
Proceeds from sale of Property, plant and Equipment
|
| | | | | | | — | | | | | | 139 | | |
Net cash provided by/(used in) investing activities
|
| | | | | | | (9,084) | | | | | | (1,743) | | |
Net cash used in discontinued investing activities
|
| |
19
|
| | | | — | | | | | | (8,071) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | |
Proceeds from cash contributions
|
| | | | | | | 6,100 | | | | | | 25,322 | | |
Refund of cash contributions
|
| | | | | | | (16,130) | | | | | | — | | |
Proceeds from borrowings
|
| | | | | | | 401,994 | | | | | | 34,139 | | |
Loans paid
|
| | | | | | | (224,406) | | | | | | (100,377) | | |
Interest paid
|
| | | | | | | (80,524) | | | | | | (49,048) | | |
Release of restricted cash
|
| | | | | | | 30,873 | | | | | | — | | |
Dividend distribution
|
| | | | | | | (20,944) | | | | | | (12,071) | | |
Net cash (used in)/provided by financing activities
|
| | | | | | | 96,963 | | | | | | (102,035) | | |
Net cash provided by discontinued financing activities
|
| |
19
|
| | | | — | | | | | | — | | |
Increase/(Decrease) in cash and cash equivalents from continuing
operations |
| | | | | | | 147,519 | | | | | | 37,902 | | |
Decrease in cash and cash equivalents from discontinued operations
|
| | | | | | | — | | | | | | (16,929) | | |
Movements in cash and cash equivalents | | | | | | | | | | | | | | | | |
At the beginning of the period
|
| | | | | | | 182,116 | | | | | | 153,889 | | |
Exchange rate loss on cash and cash equivalents
|
| | | | | | | (7,823) | | | | | | 237 | | |
Increase/(Decrease) in cash and cash equivalents from continuing
operations |
| | | | | | | 147,519 | | | | | | 37,902 | | |
Decrease in cash and cash equivalents from discontinued operations
|
| | | | | | | — | | | | | | (16,929) | | |
At the end of the period
|
| |
12
|
| | | | 321,812 | | | | | | 175,099 | | |
|
| 1 | | | General information and corporate reorganization | |
| 2 | | | Basis of presentation and accounting policies | |
| 3 | | | Segment information | |
| 4 | | | Revenue | |
| 5 | | | Cost of services | |
| 6 | | | Selling, general and administrative expenses | |
| 7 | | | Other operating income | |
| 8 | | | Financial results net | |
| 9 | | | Income tax expense | |
| 10 | | | Intangible assets, net | |
| 11 | | | Investments in associates | |
| 12 | | | Cash and cash equivalents | |
| 13 | | | Borrowings | |
| 14 | | | Other liabilities | |
| 15 | | | Equity | |
| 16 | | | Contingencies, commitments and restrictions on the distribution of profits | |
| 17 | | | Related party balances and transactions | |
| 18 | | | Cash flow disclosures | |
| 19 | | | Discontinued operations | |
| 20 | | | Fair value measurement of financial instruments | |
| 21 | | | Subsequent events | |
| | |
Argentina
|
| |
Brazil
|
| |
Uruguay
|
| |
Armenia
|
| |
Ecuador
|
| |
Italy
|
| |
Perú
|
| |
Unallocated
|
| |
Intersegment
Adjustments |
| |
Total Continuing
operations |
| |
Total
Discontinued operations (Note 19) |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Airports
|
| |
Others
|
| |
Airports
|
| |
Airports
|
| |
Others
|
| |
Airports
|
| |
Airports
|
| |
Airports
|
| |
Airports
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended September 30, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | 729,707 | | | | | | 319 | | | | | | 96,096 | | | | | | 76,918 | | | | | | 11,618 | | | | | | 67,024 | | | | | | 64,468 | | | | | | 116,635 | | | | | | — | | | | | | 3,983 | | | | | | (8,234) | | | | | | 1,158,534 | | | | | | — | | |
Cost of services
|
| | | | (464,991) | | | | | | (100) | | | | | | (88,913) | | | | | | (36,519) | | | | | | (8,882) | | | | | | (35,408) | | | | | | (38,146) | | | | | | (74,352) | | | | | | — | | | | | | (10,742) | | | | | | 8,234 | | | | | | (749,819) | | | | | | — | | |
Gross profit
|
| | | | 264,716 | | | | | | 219 | | | | | | 7,183 | | | | | | 40,399 | | | | | | 2,736 | | | | | | 31,616 | | | | | | 26,322 | | | | | | 42,283 | | | | | | — | | | | | | (6,759) | | | | | | — | | | | | | 408,715 | | | | | | — | | |
Selling, general and administrative expenses
|
| | | | (69,224) | | | | | | (163) | | | | | | (10,240) | | | | | | (8,702) | | | | | | (957) | | | | | | (8,188) | | | | | | (11,933) | | | | | | (23,706) | | | | | | — | | | | | | (6,961) | | | | | | — | | | | | | (140,074) | | | | | | — | | |
Other operating income
|
| | | | 14,008 | | | | | | — | | | | | | — | | | | | | 58 | | | | | | — | | | | | | 83 | | | | | | 4 | | | | | | — | | | | | | — | | | | | | 110 | | | | | | — | | | | | | 14,263 | | | | | | — | | |
Other operating expenses
|
| | | | (179) | | | | | | (4) | | | | | | (2,217) | | | | | | (120) | | | | | | (332) | | | | | | (412) | | | | | | (19) | | | | | | — | | | | | | — | | | | | | (194) | | | | | | — | | | | | | (3,477) | | | | | | — | | |
Operating income
|
| | | | 209,321 | | | | | | 52 | | | | | | (5,274) | | | | | | 31,635 | | | | | | 1,447 | | | | | | 23,099 | | | | | | 14,374 | | | | | | 18,577 | | | | | | — | | | | | | (13,804) | | | | | | — | | | | | | 279,427 | | | | | | — | | |
Share of loss in associates
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 39 | | | | | | (5,907) | | | | | | 47 | | | | | | — | | | | | | (5,821) | | | | | | — | | |
Amortization and depreciation
|
| | | | 24,356 | | | | | | — | | | | | | 13,097 | | | | | | 9,313 | | | | | | 446 | | | | | | 8,594 | | | | | | 5,523 | | | | | | 7,165 | | | | | | — | | | | | | 12,641 | | | | | | — | | | | | | 81,135 | | | | | | — | | |
Adjusted Ebitda
|
| | | | 233,677 | | | | | | 52 | | | | | | 7,823 | | | | | | 40,948 | | | | | | 1,893 | | | | | | 31,693 | | | | | | 19,897 | | | | | | 25,781 | | | | | | (5,907) | | | | | | (1,116) | | | | | | — | | | | | | 354,741 | | | | | | — | | |
Financial income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 42,561 | | | | | | — | | |
Financial loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (203,767) | | | | | | — | | |
Amortization and depreciation
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (81,135) | | | | | | — | | |
Income before income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 112,400 | | | | | | — | | |
Income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (39,833) | | | | | | — | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 72,567 | | | | | | — | | |
Current assets
|
| | | | 207,952 | | | | | | 383 | | | | | | 139,500 | | | | | | 40,791 | | | | | | 2,123 | | | | | | 46,714 | | | | | | 33,488 | | | | | | 64,971 | | | | | | — | | | | | | 167,461 | | | | | | (64,747) | | | | | | 638,636 | | | | | | — | | |
Non-current assets
|
| | | | 687,142 | | | | | | 7 | | | | | | 1,565,391 | | | | | | 159,737 | | | | | | 5,144 | | | | | | 171,442 | | | | | | 50,463 | | | | | | 228,695 | | | | | | 3,110 | | | | | | 443,250 | | | | | | — | | | | | | 3,314,381 | | | | | | — | | |
Capital Expenditure
|
| | | | 162,091 | | | | | | — | | | | | | 9,185 | | | | | | 3,002 | | | | | | 547 | | | | | | 1,599 | | | | | | 798 | | | | | | 12,387 | | | | | | — | | | | | | 6 | | | | | | — | | | | | | 189,615 | | | | | | — | | |
Current liabilities
|
| | | | 148,457 | | | | | | 47 | | | | | | 298,329 | | | | | | 24,215 | | | | | | 2,743 | | | | | | 23,018 | | | | | | 35,232 | | | | | | 87,526 | | | | | | — | | | | | | 119,815 | | | | | | (64,747) | | | | | | 674,635 | | | | | | — | | |
Noncurrent liabilities
|
| | | | 415,105 | | | | | | — | | | | | | 1,419,433 | | | | | | 66,614 | | | | | | 1,922 | | | | | | 101,018 | | | | | | 7,904 | | | | | | 71,861 | | | | | | — | | | | | | 355,111 | | | | | | — | | | | | | 2,438,968 | | | | | | — | | |
Period ended September 30, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | 593,669 | | | | | | 278 | | | | | | 90,397 | | | | | | 67,566 | | | | | | 10,545 | | | | | | 52,376 | | | | | | 63,951 | | | | | | 107,472 | | | | | | — | | | | | | 2,304 | | | | | | (6,683) | | | | | | 981,875 | | | | | | — | | |
Cost of services
|
| | | | (341,561) | | | | | | (87) | | | | | | (76,617) | | | | | | (30,610) | | | | | | (7,567) | | | | | | (30,681) | | | | | | (36,318) | | | | | | (68,363) | | | | | | — | | | | | | (10,634) | | | | | | 6,755 | | | | | | (595,683) | | | | | | — | | |
Gross profit
|
| | | | 252,108 | | | | | | 191 | | | | | | 13,780 | | | | | | 36,956 | | | | | | 2,978 | | | | | | 21,695 | | | | | | 27,633 | | | | | | 39,109 | | | | | | — | | | | | | (8,330) | | | | | | 72 | | | | | | 386,192 | | | | | | — | | |
Selling, general and administrative expenses
|
| | | | (62,935) | | | | | | (154) | | | | | | (8,767) | | | | | | (7,474) | | | | | | (688) | | | | | | (8,299) | | | | | | (12,136) | | | | | | (21,776) | | | | | | — | | | | | | (6,573) | | | | | | — | | | | | | (128,802) | | | | | | — | | |
Other operating income
|
| | | | 12,353 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,353 | | | | | | — | | |
Other operating expenses
|
| | | | (835) | | | | | | 108 | | | | | | (65) | | | | | | (171) | | | | | | (105) | | | | | | (2,096) | | | | | | (19) | | | | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | (3,184) | | | | | | — | | |
Operating income
|
| | | | 200,691 | | | | | | 145 | | | | | | 4,948 | | | | | | 29,311 | | | | | | 2,185 | | | | | | 11,300 | | | | | | 15,478 | | | | | | 17,333 | | | | | | — | | | | | | (14,904) | | | | | | 72 | | | | | | 266,559 | | | | | | — | | |
Share of loss in associates
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8 | | | | | | (320) | | | | | | (49) | | | | | | — | | | | | | (361) | | | | | | — | | |
Amortization and depreciation
|
| | | | 15,957 | | | | | | — | | | | | | 10,954 | | | | | | 9,065 | | | | | | 388 | | | | | | 8,573 | | | | | | 5,511 | | | | | | 7,122 | | | | | | — | | | | | | 12,595 | | | | | | — | | | | | | 70,165 | | | | | | — | | |
Adjusted Ebitda
|
| | | | 216,648 | | | | | | 145 | | | | | | 15,902 | | | | | | 38,376 | | | | | | 2,573 | | | | | | 19,873 | | | | | | 20,989 | | | | | | 24,463 | | | | | | (320) | | | | | | (2,358) | | | | | | 72 | | | | | | 336,363 | | | | | | — | | |
Financial income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 26,260 | | | | | | — | | |
Financial loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (203,958) | | | | | | — | | |
Amortization and depreciation
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (70,165) | | | | | | — | | |
Income before income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 88,500 | | | | | | — | | |
Income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (38,628) | | | | | | — | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 49,872 | | | | | | (8,662) | | |
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets
|
| | | | 147,058 | | | | | | 371 | | | | | | 134,817 | | | | | | 25,452 | | | | | | 2,821 | | | | | | 30,242 | | | | | | 45,053 | | | | | | 51,453 | | | | | | — | | | | | | 125,674 | | | | | | (55,816) | | | | | | 507,125 | | | | | | — | | |
Non-current assets
|
| | | | 546,011 | | | | | | 9 | | | | | | 1,533,910 | | | | | | 166,048 | | | | | | 5,042 | | | | | | 176,520 | | | | | | 55,189 | | | | | | 199,317 | | | | | | 8,504 | | | | | | 430,200 | | | | | | (599) | | | | | | 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 | | | | | | — | | | | | | 116,532 | | | | | | (55,451) | | | | | | 662,776 | | | | | | — | | |
Non-current liabilities
|
| | | | 159,688 | | | | | | — | | | | | | 1,402,430 | | | | | | 69,899 | | | | | | 1,860 | | | | | | 103,030 | | | | | | 11,566 | | | | | | 68,645 | | | | | | — | | | | | | 345,024 | | | | | | (966) | | | | | | 2,161,176 | | | | | | — | | |
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Aeronautical revenue
|
| | | | 575,123 | | | | | | 495,601 | | |
Non-aeronautical revenue | | | | | | | | | | | | | |
Commercial revenue
|
| | | | 409,738 | | | | | | 383,693 | | |
Construction service revenue
|
| | | | 172,347 | | | | | | 99,412 | | |
Other revenue
|
| | | | 1,326 | | | | | | 3,169 | | |
| | | | | 1,158,534 | | | | | | 981,875 | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Salaries and social security contributions
|
| | | | (157,261) | | | | | | (135,416) | | |
Concession fees (**)
|
| | | | (144,902) | | | | | | (128,357) | | |
Construction services cost
|
| | | | (171,265) | | | | | | (98,483) | | |
Maintenance expenses
|
| | | | (106,304) | | | | | | (89,253) | | |
Amortization and depreciation
|
| | | | (75,487) | | | | | | (64,570) | | |
Services and fees
|
| | | | (38,594) | | | | | | (32,772) | | |
Taxes (*)
|
| | | | (14,067) | | | | | | (12,984) | | |
Cost of fuel
|
| | | | (19,182) | | | | | | (13,156) | | |
Office expenses
|
| | | | (12,999) | | | | | | (5,497) | | |
Provision for maintenance cost
|
| | | | (1,313) | | | | | | (2,386) | | |
Others
|
| | | | (8,445) | | | | | | (12,809) | | |
| | | | | (749,819) | | | | | | (595,683) | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Taxes (*)
|
| | | | (40,474) | | | | | | (35,064) | | |
Services and fees
|
| | | | (43,007) | | | | | | (39,045) | | |
Salaries and social security contributions
|
| | | | (26,124) | | | | | | (25,913) | | |
Office expenses
|
| | | | (8,539) | | | | | | (6,897) | | |
Amortization and depreciation
|
| | | | (5,648) | | | | | | (5,595) | | |
Advertising
|
| | | | (2,101) | | | | | | (1,457) | | |
Maintenance expenses
|
| | | | (2,285) | | | | | | (3,022) | | |
Bad debts
|
| | | | (4,029) | | | | | | (2,243) | | |
Bad debts recovery
|
| | | | 257 | | | | | | — | | |
Insurance
|
| | | | (1,390) | | | | | | (1,158) | | |
Charter service
|
| | | | (605) | | | | | | (966) | | |
Other
|
| | | | (6,129) | | | | | | (7,442) | | |
| | | | | (140,074) | | | | | | (128,802) | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Government grant (*)
|
| | | | 14,007 | | | | | | 12,353 | | |
Other
|
| | | | 256 | | | | | | — | | |
| | | | | 14,263 | | | | | | 12,353 | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Interest income
|
| | | | 30,658 | | | | | | 9,795 | | |
Foreign exchange income
|
| | | | 11,678 | | | | | | 16,302 | | |
Other
|
| | | | 225 | | | | | | 163 | | |
Financial income
|
| | | | 42,561 | | | | | | 26,260 | | |
Interest expense
|
| | | | (92,060) | | | | | | (80,797) | | |
Foreign exchange transaction expenses
|
| | | | (43,196) | | | | | | (38,234) | | |
Changes in liability for Brazil concessions
|
| | | | (66,308) | | | | | | (79,541) | | |
Other
|
| | | | (2,203) | | | | | | (5,386) | | |
Financial loss
|
| | | | (203,767) | | | | | | (203,958) | | |
Net financial results
|
| | | | (161,206) | | | | | | (177,698) | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Current income tax
|
| | | | (67,341) | | | | | | (68,884) | | |
Deferred income tax
|
| | | | 27,508 | | | | | | 30,256 | | |
| | | | | (39,833) | | | | | | (38,628) | | |
|
| | |
Concession
Assets |
| |
Goodwill
|
| |
Patent,
intellectual property rights and others |
| |
Total
|
| ||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | |
Values at January 1, 2017
|
| | | | 3,334,564 | | | | | | 56,013 | | | | | | 15,162 | | | | | | 3,405,739 | | |
Acquisitions
|
| | | | 182,876 | | | | | | — | | | | | | 82 | | | | | | 182,958 | | |
Disposals
|
| | | | (2,217) | | | | | | — | | | | | | — | | | | | | (2,217) | | |
Transfers
|
| | | | 397 | | | | | | — | | | | | | (397) | | | | | | — | | |
Increase (Note 14)
|
| | | | 252 | | | | | | — | | | | | | — | | | | | | 252 | | |
Translation differences
|
| | | | 37,620 | | | | | | 548 | | | | | | 3,004 | | | | | | 41,172 | | |
| | | | | 3,553,492 | | | | | | 56,561 | | | | | | 17,851 | | | | | | 3,627,904 | | |
Depreciation | | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated at the beginning of the period
|
| | | | 569,090 | | | | | | 306 | | | | | | 11,156 | | | | | | 580,552 | | |
Depreciation of the year
|
| | | | 99,522 | | | | | | 45 | | | | | | 227 | | | | | | 99,794 | | |
Translation differences
|
| | | | 1,582 | | | | | | (28) | | | | | | 1,283 | | | | | | 2,837 | | |
| | | | | 670,194 | | | | | | 323 | | | | | | 12,666 | | | | | | 683,183 | | |
At September 30, 2017
|
| | | | 2,883,298 | | | | | | 56,238 | | | | | | 5,185 | | | | | | 2,944,721 | | |
Cost | | | | | | | | | | | | | | | | | | | | | | | | | |
Values at January 1, 2016
|
| | | | 2,899,618 | | | | | | 56,699 | | | | | | 20,004 | | | | | | 2,976,321 | | |
Acquisitions of business
|
| | | | 3,324 | | | | | | — | | | | | | — | | | | | | 3,324 | | |
Acquisitions
|
| | | | 114,530 | | | | | | — | | | | | | — | | | | | | 114,530 | | |
Increase (Note 14)
|
| | | | 2,131 | | | | | | — | | | | | | — | | | | | | 2,131 | | |
Transfers
|
| | | | (60) | | | | | | — | | | | | | 60 | | | | | | — | | |
Translation differences
|
| | | | 202,254 | | | | | | 47 | | | | | | 561 | | | | | | 202,862 | | |
| | | | | 3,221,797 | | | | | | 56,746 | | | | | | 20,625 | | | | | | 3,299,168 | | |
Depreciation | | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated at the beginning of the period
|
| | |
|
354,593
|
| | | |
|
298
|
| | | |
|
10,727
|
| | | |
|
365,618
|
| |
Depreciation of the year
|
| | | | 83,957 | | | | | | 33 | | | | | | 393 | | | | | | 84,383 | | |
Translation differences
|
| | | | 6,746 | | | | | | (46) | | | | | | 281 | | | | | | 6,981 | | |
| | | | | 445,296 | | | | | | 285 | | | | | | 11,401 | | | | | | 456,982 | | |
At September 30, 2016
|
| | | | 2,776,501 | | | | | | 56,461 | | | | | | 9,224 | | | | | | 2,842,186 | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Balances at the beginning of the period
|
| | | | 10,927 | | | | | | 14,450 | | |
Share of loss in associates(*)
|
| | | | (5,821) | | | | | | (361) | | |
Increase
|
| | | | — | | | | | | 14 | | |
Decrease
|
| | | | (9) | | | | | | (2,583) | | |
Translation differences
|
| | | | 220 | | | | | | (54) | | |
At the end of the period
|
| | | | 5,317 | | | | | | 11,466 | | |
|
| | |
At September 30,
2017 (Unaudited) |
| |
At December 31,
2016 |
| ||||||
Cash in hand
|
| | | | 557 | | | | | | 1,313 | | |
Cash at banks
|
| | | | 279,216 | | | | | | 146,726 | | |
Cash equivalents
|
| | | | 42,039 | | | | | | 64,949 | | |
| | | | | 321,812 | | | | | | 212,988 | | |
|
| | |
At September 30,
2017 (Unaudited) |
| |
At September 30,
2016 (Unaudited) |
| ||||||
Cash and cash equivalents
|
| | | | 321,812 | | | | | | 206,127 | | |
Restricted cash
|
| | | | — | | | | | | (31,028) | | |
| | | | | 321,812 | | | | | | 175,099 | | |
|
| | |
At September 30,
2017 (Unaudited) |
| |
At December 31,
2016 |
| ||||||
Non-current | | | | | | | | | | | | | |
Bank and financial borrowings(**)
|
| | | | 555,583 | | | | | | 551,431 | | |
Notes(*)
|
| | | | 667,708 | | | | | | 411,200 | | |
Others
|
| | | | 2,072 | | | | | | 3,041 | | |
| | | | | 1,225,363 | | | | | | 965,672 | | |
Current | | | | | | | | | | | | | |
Bank and financial borrowings(**)
|
| | | | 58,447 | | | | | | 52,671 | | |
Notes(*)
|
| | | | 22,795 | | | | | | 64,439 | | |
Loans with related parties (Note 17)
|
| | | | 21,700 | | | | | | 22,220 | | |
Others
|
| | | | 1,826 | | | | | | 2,239 | | |
| | | | | 104,768 | | | | | | 141,569 | | |
Total Borrowings
|
| | | | 1,330,131 | | | | | | 1,107,241 | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Balances at the beginning of the period
|
| | | | 1,107,241 | | | | | | 1,087,566 | | |
Loans obtained
|
| | | | 401,994 | | | | | | 34,139 | | |
Loans paid
|
| | | | (224,406) | | | | | | (100,377) | | |
Interest paid
|
| | | | (80,524) | | | | | | (49,048) | | |
Accrued interest for the period
|
| | | | 86,484 | | | | | | 79,500 | | |
Translation differences
|
| | | | 39,342 | | | | | | 78,584 | | |
At the end of the period
|
| | | | 1,330,131 | | | | | | 1,130,364 | | |
|
| | |
1 year or less
|
| |
1 – 2 years
|
| |
2 – 5 years
|
| |
Over 5 years
|
| |
Total
|
| |||||||||||||||
At September 30, 2017(1)
|
| | | | 140,620 | | | | | | 172,554 | | | | | | 609,034 | | | | | | 918,237 | | | | |
|
1,840,445
|
| |
At December 31, 2016(1)
|
| | | | 132,756 | | | | | | 187,150 | | | | | | 418,061 | | | | | | 762,595 | | | | |
|
1,500,562
|
| |
Company
|
| |
Lender
|
| |
Currency
|
| |
Maturity
|
| |
Interest Rate
|
| |
Outstanding
(In millions of USD) |
| |
Capitalization(2)
|
| | |||||
Inframérica
Concessionaria do Aeroporto Sao Goncalo do Amarante |
| |
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
T.R. + 3,14% + IPCA
|
| | | | 18.3 | | | |
A
|
| | ||
|
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
TJLP + 3,14%
|
| | | | 91.8 | | | | |||||||
|
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
2,5%
|
| | | | 3.5 | | | | |||||||
|
BNDES
|
| |
Brazilian Reales
|
| |
July 2032
|
| |
T.R. + 4,74% + IPCA
|
| | | | 1.2 | | | | | | |||||
Inframérica
Concessionaria do Aeroporto de Brasilia |
| |
BNDES
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
TJLP + 3,14%
|
| | | | 222.5 | | | |
A
|
| | ||
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
TJLP + 3,6%
|
| | | | 76.9 | | | |
A
|
| | ||||
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2017
|
| |
IPCA + 5,2%
|
| | | | 5.7 | | | |
A
|
| | ||||
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2023
|
| |
6%
|
| | | | 5.3 | | | |
A
|
| | ||||
|
BRADESCO
|
| |
Brazilian Reales
|
| | | | |
TJLP + 8,10%
|
| | | | 0.3 | | | |
D
|
| | ||||
|
BRADESCO
|
| |
Brazilian Reales
|
| | | | |
Selic + 7,38%
|
| | | | 0.1 | | | |
D
|
| | ||||
Terminal Aeroportuaria
de Guayaquil S.A |
| |
Banco Guayaquil SA
|
| |
USD
|
| |
2019
|
| |
7.17%
|
| | | | 2.7 | | | |
D
|
| | ||
|
Banco Bolivariano SA
|
| |
USD
|
| |
2019
|
| |
6.49%-6.96%
|
| | | | 8.2 | | | |
D
|
| | ||||
Terminal de Cargas de Uruguay SA |
| |
Santander Uruguay
|
| |
USD
|
| |
June 2020
|
| |
4.25%
|
| | | | 1.2 | | | |
D
|
| | ||
Toscana Aeroporti S.p.a
|
| |
Monte dei Paschi di Sena
|
| |
Euro
|
| |
June 2022
|
| |
Euribor 6 mesi + 250 b.p.
|
| | | | 10.0 | | | |
B
|
| | ||
|
Intensa San
Paolo – I tranche |
| |
Euro
|
| |
September 2027
|
| |
Euribor 6 mesi + 96 b.p.
|
| | | | 14.5 | | | |
D
|
| | ||||
|
Intensa San
Paolo – II tranche |
| |
Euro
|
| |
September 2027
|
| |
Euribor 6 mesi + 180 b.p.
|
| | | | 32.2 | | | |
D
|
| | ||||
|
Banco BPM
|
| |
Euro
|
| |
2018
|
| |
Euribor 3 mesi + 110 b.p.
|
| | | | 0.6 | | | |
D
|
| | ||||
Armenia International
Airports CJSC |
| |
Credit Suisse AG
|
| |
Euro
|
| |
June 2022
|
| |
Euribor+5.5%
|
| | | | 61.5 | | | | | ||||
|
Credit Suisse AG
|
| |
USD
|
| |
June 2022
|
| |
Libor+5.5%
|
| | | | 56.1 | | | |
B
|
| | ||||
Aeropuertos Argentina 2000 SA |
| |
Banco Ciudad
|
| |
Argentine peso
|
| |
September 2018
|
| |
27.86%
|
| | | | 1.3 | | | |
D
|
| | ||
Aeropuerto de Bahía Blanca S.A. |
| |
Banco de la
Nación Argentina |
| |
Argentine peso
|
| |
March 2019
|
| |
4.75%
|
| | | | 0.1 | | | |
A
|
| | ||
Total | | | | | | | | | | | | | | | | | 614.0 | | | | | | |
Company
|
| |
Lender
|
| |
Currency
|
| |
Maturity
|
| |
Interest Rate
|
| |
Outstanding
(In millions of USD) |
| |
Capitalization(2)
|
| ||||||
Inframérica Concessionaria
do Aeroporto Sao Goncalo do Amarante |
| |
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
Variable
|
| |
TJLP(1) + 3.14%
|
| | | | 98.2 | | | |
A
|
|
|
BNDES
|
| |
Brazilian Reales
|
| |
June 2032
|
| |
Variable
|
| |
T.R.+ 3.14%+IPCA
|
| | | | 2.4 | | | |||||
|
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
Variable
|
| |
T.R.+ 3.14%+IPCA
|
| | | | 5.3 | | | |||||
|
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 | | | |||||
Inframérica Concessionaria
do Aeroporto de Brasilia |
| |
BNDES
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
Variable
|
| |
TJLP(1) + 3.14%
|
| | | | 220 | | | |
A
|
|
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
Variable
|
| |
TJLP(1) + 3.6%
|
| | | | 76.8 | | | |
A
|
| ||
|
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 Guayaquil S.A |
| |
Banco Guayaquil SA
|
| |
USD
|
| |
2019
|
| |
Variable
|
| |
7.5% – 8%
|
| | | | 6.1 | | | |
D
|
|
|
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 Aeroporti S.p.a.
|
| |
MPS Servicio capital
|
| |
Euro
|
| |
June 2022-
|
| |
Variable
|
| |
Euribor 6 month
plus spread |
| | | | 10.2 | | | |
B
|
|
|
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
2000 SA |
| |
Banco Ciudad
|
| |
Argentine peso
|
| |
September 2018
|
| |
Fixed
|
| |
27.86%
|
| | | | 2.3 | | | |
D
|
|
|
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
|
| | | | |
4.75%
|
| | | | 0.2 | | | |
A
|
|
Total | | | | | | | | | | | | | | | | | | | | 604.1 | | | | | |
| | |
At September 30,
2017 (Unaudited) |
| |
At December 31,
2016 |
| ||||||
Non-current | | | | | | | | | | | | | |
Concession fee payable(*)
|
| | | | 974,786 | | | | | | 970,762 | | |
Advances from customers
|
| | | | 33,089 | | | | | | 27,922 | | |
Provision for maintenance costs(**)
|
| | | | 21,892 | | | | | | 20,113 | | |
Other taxes payable
|
| | | | 9,199 | | | | | | 10,242 | | |
Employee benefit obligation(***)
|
| | | | 8,800 | | | | | | 8,498 | | |
Salary payable
|
| | | | 1,972 | | | | | | 772 | | |
Provisions for legal claims(****)
|
| | | | 3,405 | | | | | | — | | |
Other liabilities with related parties (Note 17)
|
| | | | 961 | | | | | | 600 | | |
Miscellaneous
|
| | | | 6,767 | | | | | | 10,539 | | |
| | | | | 1,060,871 | | | | | | 1,049,448 | | |
Current | | | | | | | | | | | | | |
Concession fee payable(*)
|
| | | | 296,040 | | | | | | 202,584 | | |
Other liabilities with related parties (Note 17)
|
| | | | 33,957 | | | | | | 31,369 | | |
Salary payable
|
| | | | 40,274 | | | | | | 39,084 | | |
Other taxes payable
|
| | | | 33,753 | | | | | | 28,729 | | |
Provision for maintenance costs(**)
|
| | | | 8,887 | | | | | | 6,713 | | |
Provision for legal claims(****)
|
| | | | 3,409 | | | | | | 5,878 | | |
Advances from customers
|
| | | | 6,263 | | | | | | 13,941 | | |
Expenses provisions
|
| | | | 337 | | | | | | 6,222 | | |
Miscellaneous
|
| | | | 20,781 | | | | | | 12,787 | | |
| | | | | 443,701 | | | | | | 347,307 | | |
| | |
1 year or less
|
| |
1 – 2 years
|
| |
2 – 5 years
|
| |
Over 2 years
|
| |
Total
|
| |||||||||||||||
At September 30, 2017
|
| | | | 446,318 | | | | | | 330,423 | | | | | | 516,234 | | | | | | 2,352,257 | | | | |
|
3,645,232
|
| |
At December 31, 2016
|
| | | | 378,130 | | | | | | 90,290 | | | | | | 293,170 | | | | | | 2,700,430 | | | | |
|
3,462,020
|
| |
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Balances at the beginning of the period
|
| | | | 1,173,346 | | | | | | 871,139 | | |
Financial result
|
| | | | 66,308 | | | | | | 79,541 | | |
Concession fees
|
| | | | 120,311 | | | | | | 108,455 | | |
Payments
|
| | | | (122,530) | | | | | | (106,843) | | |
Others (Note 10)
|
| | | | 252 | | | | | | 2,131 | | |
Translation differences
|
| | | | 33,139 | | | | | | 195,244 | | |
At the end of the period
|
| | | | 1,270,826 | | | | | | 1,149,667 | | |
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Balances at the beginning of the period
|
| | | | 26,826 | | | | | | 24,929 | | |
Accrual of the period
|
| | | | 1,313 | | | | | | 2,386 | | |
Use of the provision
|
| | | | (438) | | | | | | (776) | | |
Translation differences
|
| | | | 3,078 | | | | | | 582 | | |
Balances at the end of the period
|
| | | | 30,779 | | | | | | 27,121 | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Balances at the beginning of the period
|
| | | | 8,498 | | | | | | 8,139 | | |
Actuarial gain/loss (in other comprehensive income)
|
| | | | — | | | | | | 1,009 | | |
Interest for services
|
| | | | 99 | | | | | | 16 | | |
Service cost
|
| | | | 188 | | | | | | 133 | | |
Amounts paid in the year
|
| | | | (366) | | | | | | (187) | | |
Translation differences
|
| | | | 381 | | | | | | 178 | | |
At the end of the period
|
| | | | 8,800 | | | | | | 9,288 | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Balances at the beginning of the period
|
| | | | 5,878 | | | | | | 4,730 | | |
Accrual of the period
|
| | | | 588 | | | | | | 218 | | |
Use of the provision
|
| | | | (18) | | | | | | (86) | | |
Translation differences
|
| | | | 366 | | | | | | 104 | | |
Balances at the end of the period
|
| | | | 6,814 | | | | | | 4,966 | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Cash contributions
|
| | | | 6,100 | | | | | | 17,236 | | |
Conversion (Note 1)
|
| | | | (1,499,980) | | | | | | — | | |
Refund of reserves
|
| | | | (16,130) | | | | | | — | | |
| | | | | (1,510,010) | | | | | | 17,236 | | |
|
| | |
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 period
|
| | | | (11,102) | | | | | | 204 | | | | | | 424 | | | | | | (49) | | | | | | — | | | | |
|
(10,523)
|
| |
Discontinued operations | | | | | | | | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
For the period ended September 30,
2017 |
| | | | (223,182) | | | | | | 310 | | | | | | (39,619) | | | | | | (103) | | | | | | 63,402 | | | | | | (199,192) | | |
Balances at January 1, 2016
|
| | | | (174,950) | | | | | | 489 | | | | | | (39,999) | | | | | | (145) | | | | | | 58,218 | | | | | | (156,387) | | |
Continuing operations | | | | | | | | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the period
|
| | | | (25,868) | | | | | | (251) | | | | | | (69) | | | | | | (94) | | | | | | — | | | | |
|
(26,282)
|
| |
Discontinued operations
|
| | | | | | | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the period
|
| | | | 284 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,292 | | | | |
|
3,576
|
| |
For the period ended September 30,
2016 |
| | | | (200,534) | | | | | | 238 | | | | | | (40,068) | | | | | | (239) | | | | | | 61,510 | | | | | | (179,093) | | |
|
(all amounts in thousands of U.S. dollars)
|
| |
At September 30,
2017 |
| |
At December 31,
2016 |
| ||||||
Share capital
|
| | | | 1,500,000 | | | | | | 20 | | |
Legal reserve
|
| | | | 2 | | | | | | 2 | | |
Free distributable reserves
|
| | | | 397,318 | | | | | | 1,907,328 | | |
Retained earnings
|
| | | | 57,478 | | | | | | 27,723 | | |
Total equity in accordance with Luxembourg law
|
| | | | 1,954,798 | | | | | | 1,935,073 | | |
|
| | |
At September 30,
2017 (Unaudited) |
| |
At December 31,
2016 |
| ||||||
Year-period balances | | | | | | | | | | | | | |
(a) Arising from sales/purchases of goods/others | | | | | | | | | | | | | |
Trade Receivables from associated parties
|
| | | | 94 | | | | | | 229 | | |
Trade Receivables from other related parties
|
| | | | 697 | | | | | | 1,255 | | |
Other Receivables from other related parties
|
| | | | 8,500 | | | | | | 9,025 | | |
Other Financial Assets from associated parties
|
| | | | 25,107 | | | | | | 7,769 | | |
Trade Payables to other related parties
|
| | | | (10,660) | | | | | | (8,626) | | |
| | | | | 23,738 | | | | | | 9,652 | | |
(b) Financial debt | | | | | | | | | | | | | |
Borrowings to other related parties
|
| | | | (21,700) | | | | | | (22,220) | | |
| | | | | (21,700) | | | | | | (22,220) | | |
(c) Other liabilities | | | | | | | | | | | | | |
Other liabilities to other related parties
|
| | | | (34,918) | | | | | | (31,969) | | |
| | | | | (34,918) | | | | | | (31,969) | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Transactions | | | | | | | | | | | | | |
Cash Contribution
|
| | | | 6,100 | | | | | | 17,236 | | |
Refund of contributions
|
| | | | (16,130) | | | | | | — | | |
Commercial revenue
|
| | | | 4,328 | | | | | | 4,826 | | |
Fees
|
| | | | 168 | | | | | | 286 | | |
Interest accruals
|
| | | | (1,817) | | | | | | 98 | | |
Acquisition of goods and services
|
| | | | (11,224) | | | | | | (8,604) | | |
Others
|
| | | | (85) | | | | | | (363) | | |
Changes in working capital
|
| |
At September 30,
2017 (Unaudited) |
| |
At September 30,
2016 (Unaudited) |
| ||||||
Other receivables and credits
|
| | | | (46,220) | | | | | | (60,956) | | |
Inventories
|
| | | | 1,596 | | | | | | 3,098 | | |
Other liabilities
|
| | | | (70,903) | | | | | | (82,165) | | |
| | | | | (115,527) | | | | | | (140,023) | | |
|
| | |
For the nine-month period ended
|
| |||||||||
| | |
September 30,
2017 |
| |
September 30,
2016 |
| ||||||
Dividend distribution
|
| | | | (3,303) | | | | | | — | | |
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Revenues
|
| | | | — | | | | | | 5 | | |
Cost of services
|
| | | | — | | | | | | (92) | | |
Gross profit
|
| | | | — | | | | | | (87) | | |
Selling, general and administrative expenses
|
| | | | — | | | | | | (796) | | |
Loss on disposal of discontinued operations
|
| | | | — | | | | | | (8,217) | | |
Other operating expenses
|
| | | | — | | | | | | (228) | | |
Operating loss
|
| | | | — | | | | | | (9,328) | | |
Financial income
|
| | | | — | | | | | | 665 | | |
Loss before equity in earnings of associated companies and income tax
|
| | | | — | | | | | | (8,663) | | |
Share of income in associates
|
| | | | — | | | | | | 62 | | |
Loss before income tax
|
| | | | — | | | | | | (8,601) | | |
Income tax
|
| | | | — | | | | | | (61) | | |
Loss for discontinued operations
|
| | | | — | | | | | | (8,662) | | |
Currency translation adjustment
|
| | | | — | | | | | | 3,576 | | |
Total other comprehensive loss for the period
|
| | | | — | | | | | | (5,086) | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Increase/(decrease) in cash
|
| | | | — | | | | | | (8,636) | | |
Provided/(used) in operating activities
|
| | | | — | | | | | | (8,858) | | |
Provided/(used) in investing activities
|
| | | | — | | | | | | 222 | | |
Provided/(used) in financing activities
|
| | | | — | | | | | | — | | |
| | |
At September 30,
2017 |
| |
At September 30,
2016 |
| ||||||
Non-current assets
|
| | | | — | | | | | | 13,721 | | |
Current assets
|
| | | | — | | | | | | 38,697 | | |
Total assets
|
| | | | — | | | | | | 52,418 | | |
Non-current liabilities
|
| | | | — | | | | | | 6,552 | | |
Current liabilities
|
| | | | — | | | | | | 30,284 | | |
Total liabilities
|
| | | | — | | | | | | 36,836 | | |
Total attributable to owners of the parent
|
| | | | — | | | | | | 15,271 | | |
Non-controlling interests
|
| | | | — | | | | | | 311 | | |
Total equity and liabilities
|
| | | | — | | | | | | 52,418 | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Net identifiable assets disposed
|
| | | | — | | | | | | 15,271 | | |
Transfer from shareholders equity – currency translation differences
|
| | | | — | | | | | | 3,292 | | |
Loss from discontinued operations
|
| | | | — | | | | | | (8,217) | | |
Net cash inflow on disposal of discontinued operations
|
| | | | — | | | | | | 10,346 | | |
Less: Cash and cash equivalents in subsidiaries disposed
|
| | | | — | | | | | | (8,293) | | |
Net cash provided by/(used in) investing activities
|
| | | | — | | | | | | 222 | | |
Net cash used in discontinued investing activities
|
| | | | — | | | | | | 8,071 | | |
| | |
Fair value
|
| |
Carrying amount
|
| ||||||
Trust funds
|
| | | | 125,654 | | | | | | 132,844 | | |
Long-term borrowings
|
| | | | 1,323,185 | | | | | | 1,225,071 | | |
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Pro-forma earnings per share attributable to the parent (unaudited) | | | | ||||||||||
Continuing Operations | | | | ||||||||||
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | 0.45 | | | | | | 0.33 | | |
Discontinued Operations | | | | ||||||||||
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | — | | | | | | (0.06) | | |
Continuing and Discontinued Operations | | | | ||||||||||
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | 0.45 | | | | | | 0.28 | | |
| | |
December 31,
2015 |
| |
December 31,
2014 |
| ||||||
Assets | | | | ||||||||||
Current assets | | | | ||||||||||
Cash and cash equivalents (Note 5)
|
| | | | 14,399 | | | | | | 4,113 | | |
Escrow deposits (Note 5.1)
|
| | | | 15,637 | | | | | | 21,473 | | |
Trade receivables (Note 6)
|
| | | | 10,560 | | | | | | 15,578 | | |
Related parties (Note 7)
|
| | | | 1,627 | | | | | | 2,110 | | |
Taxes recoverable (Note 8)
|
| | | | 10,048 | | | | | | 12,387 | | |
Prepaid expenses
|
| | | | 371 | | | | | | 529 | | |
Other receivables (Note 9)
|
| | | | 1,359 | | | | | | 2,458 | | |
| | | | | 54,001 | | | | | | 58,648 | | |
Non-current assets | | | | ||||||||||
Taxes recoverable (Note 8)
|
| | | | 14,001 | | | | | | 28,959 | | |
Deferred taxes (Note 24(b))
|
| | | | 43,265 | | | | | | 1,679 | | |
Other receivables (Note 9)
|
| | | | 29 | | | | | | 38 | | |
| | | | | 57,295 | | | | | | 30,676 | | |
| | | | ||||||||||
Investment
|
| | | | 20 | | | | | | 30 | | |
Intangible assets (Note 10)
|
| | | | 1,056,577 | | | | | | 1,597,807 | | |
Property, plant and equipment (Note 11)
|
| | | | 768 | | | | | | 770 | | |
| | | | | 1,114,660 | | | | | | 1,629,283 | | |
Total assets
|
| | | | 1,168,661 | | | | | | 1,687,931 | | |
Liabilities | | | | ||||||||||
Current Liabilities | | | | ||||||||||
Salaries and social charges (Note 12)
|
| | | | 3,085 | | | | | | 4,179 | | |
Suppliers (Note 13)
|
| | | | 9,955 | | | | | | 31,684 | | |
Borrowings (Note 14)
|
| | | | 8,311 | | | | | | 9,360 | | |
Taxes payable
|
| | | | 512 | | | | | | 3,982 | | |
Related parties (Note 7)
|
| | | | 1,725 | | | | | | 2,373 | | |
Commitments to the Grantor (Note 15)
|
| | | | 59,656 | | | | | | 84,852 | | |
Advances received (Note 16)
|
| | | | 3,812 | | | | | | 4,525 | | |
Other payables (Note 17)
|
| | | | 7,432 | | | | | | 8,087 | | |
| | | | | 94,488 | | | | | | 149,042 | | |
Non-current Liabilities | | | | ||||||||||
Taxes payable
|
| | | | 1,651 | | | | | | — | | |
Advances received (Note 16)
|
| | | | 14,601 | | | | | | 19,174 | | |
Commitments to the Grantor (Note 15)
|
| | | | 708,382 | | | | | | 971,239 | | |
Borrowings (Note 14)
|
| | | | 230,157 | | | | | | 313,132 | | |
Advances for future capital increases
|
| | | | — | | | | | | 11,228 | | |
| | | | | 954,791 | | | | | | 1,314,773 | | |
Total liabilities
|
| | | | 1,049,279 | | | | | | 1,463,815 | | |
Equity | | | | ||||||||||
Attributed to owners of the parent
|
| | | ||||||||||
Share capital (Note 19(a))
|
| | | | 170,271 | | | | | | 140,856 | | |
Currency translation adjustment
|
| | | | (41,271) | | | | | | (12,326) | | |
Retained losses
|
| | | | (68,390) | | | | | | (17,635) | | |
| | | | | 60,610 | | | | | | 110,895 | | |
Non-controlling interests
|
| | | | 58,772 | | | | | | 113,221 | | |
Total equity
|
| | | | 119,382 | | | | | | 224,116 | | |
Total liabilities and equity
|
| | | | 1,168,661 | | | | | | 1,687,931 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Revenue (Note 20)
|
| | | | 99,458 | | | | | | 315,764 | | |
Costs (Note 21)
|
| | | | (81,302) | | | | | | (266,722) | | |
Gross profit
|
| | | | 18,156 | | | | | | 49,042 | | |
Selling expenses
|
| | | | (2,773) | | | | | | (4,249) | | |
Administrative expenses (Note 22)
|
| | | | (7,040) | | | | | | (16,518) | | |
Other expenses
|
| | | | (2,811) | | | | | | (1,333) | | |
Operating profit
|
| | | | 5,532 | | | | | | 26,942 | | |
Finance income
|
| | | | 3,433 | | | | | | 1,669 | | |
Finance costs
|
| | | | (158,265) | | | | | | (91,457) | | |
Finance result, net (Note 23)
|
| | | | (154,832) | | | | | | (89,788) | | |
Loss before income tax and social contribution
|
| | | | (149,300) | | | | | | (62,846) | | |
Income tax and social contribution (Note 24(a))
|
| | | | 49,981 | | | | | | 21,136 | | |
Loss for the year
|
| | | | (99,319) | | | | | | (41,710) | | |
Attributable to: | | | | | | | | | | | | | |
Non-controlling interests
|
| | | | (48,564) | | | | | | (20,133) | | |
Owners of the parent
|
| | | | (50,755) | | | | | | (21,577) | | |
Loss for the year
|
| | | | (99,319) | | | | | | (41,710) | | |
Other Comprehensive income | | | | | | | | | | | | | |
Items that may not be subsequently reclassified to profit or loss | | | | | | | | | | | | | |
Currency translation adjustment
|
| | | | (95,599) | | | | | | (41,812) | | |
Related income tax
|
| | | | 32,504 | | | | | | 14,216 | | |
Other comprehensive income/(loss) for the year, net of tax effects
|
| | | | (63,095) | | | | | | (27,596) | | |
Total comprehensive loss for the year
|
| | | | (162,414) | | | | | | (69,306) | | |
Attributable to: | | | | | | | | | | | | | |
Non-controlling interests
|
| | | | (79,583) | | | | | | (33,960) | | |
Owners of the parent
|
| | | | (82,831) | | | | | | (35,346) | | |
| | | | | (162,414) | | | | | | (69,306) | | |
| | |
Attributable to owners of the parent
|
| | | |||||||||||||||||||||||||||||||||||||||||||
| | |
Share
capital |
| |
Accumulated
losses |
| |
Revenue
reserve legal |
| |
Revenue
reserve retained |
| |
Currency
translation adjustment |
| |
Total
|
| |
Non-
controlling interests |
| |
Total
equity |
| ||||||||||||||||||||||||
At January 01, 2013
|
| | | | 86,605 | | | | | | — | | | | | | 197 | | | | | | 3,745 | | | | | | (1,182) | | | | | | 89,365 | | | | | | 54,528 | | | | | | 143,893 | | |
Share capital increase—Note 19(a)
|
| | | | 54,251 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 54,251 | | | | | | 95,278 | | | | | | 149,529 | | |
Loss for the year
|
| | | | | | | | | | (21,577) | | | | | | | | | | | | | | | | | | | | | | | | (21,577) | | | | | | (20,133) | | | | | | (41,710) | | |
Transfer from reserves
|
| | | | | | | | | | 3,942 | | | | | | (197) | | | | | | (3,745) | | | | | | | | | | | | — | | | | | | | | | | | | — | | |
Other comprehensive income/(loss)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (11,144) | | | | | | (11,144) | | | | | | (16,452) | | | | | | (27,596) | | |
At December 31, 2014
|
| | | | 140,856 | | | | | | (17,635) | | | | | | — | | | | | | — | | | | | | (12,326) | | | | | | 110,895 | | | | | | 113,221 | | | | | | 224,116 | | |
Share capital increase—Note 19(a)
|
| | | | 29,415 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 29,415 | | | | | | 28,265 | | | | | | 57,680 | | |
Loss for the year
|
| | | | | | | | | | (50,755) | | | | | | | | | | | | | | | | | | | | | | | | (50,755) | | | | | | (48,564) | | | | | | (99,319) | | |
Other comprehensive income/(loss)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (28,945) | | | | | | (28,945) | | | | | | (34,150) | | | | | | (63,095) | | |
At December 31, 2015
|
| | | | 170,271 | | | | | | (68,390) | | | | | | — | | | | | | — | | | | | | (41,271) | | | | | | 60,610 | | | | | | 58,772 | | | | | | 119,382 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Loss before income tax and social contribution
|
| | | | (149,300) | | | | | | (62,846) | | |
Adjustments for:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 35,296 | | | | | | 24,063 | | |
Construction margin
|
| | | | — | | | | | | (3,811) | | |
Provision
|
| | | | 1,876 | | | | | | 1,739 | | |
Provision for variable fees
|
| | | | 2,207 | | | | | | 2,633 | | |
Finance costs
|
| | | | 156,744 | | | | | | 88,076 | | |
| | | | | 46,823 | | | | | | 49,854 | | |
Trade receivables
|
| | | | (875) | | | | | | (5,288) | | |
Related parties
|
| | | | 1,059 | | | | | | (3,244) | | |
Taxes recoverable
|
| | | | (1,010) | | | | | | (356) | | |
Prepaid expenses
|
| | | | (20) | | | | | | 855 | | |
Other assets
|
| | | | 339 | | | | | | (34) | | |
Acquisition of intangible assets
|
| | | | (10,296) | | | | | | (210,884) | | |
Salaries and Social Charges
|
| | | | (791) | | | | | | 485 | | |
Suppliers
|
| | | | (8,420) | | | | | | (7,158) | | |
Taxes payable
|
| | | | (604) | | | | | | 1,340 | | |
Commitments to the Grantor
|
| | | | (67,607) | | | | | | (88,029) | | |
Other payables
|
| | | | 3,332 | | | | | | 18,624 | | |
| | | | | (84,893) | | | | | | (293,659) | | |
Cash from operations
|
| | | | (38,070) | | | | | | (243,805) | | |
Interest paid
|
| | | | (737) | | | | | | (6,894) | | |
Net cash provided by operating activities
|
| | | | (38,807) | | | | | | (250,699) | | |
Cash flows from investing activities | | | | ||||||||||
Escrow deposits
|
| | | | 5,836 | | | | | | (21,473) | | |
Acquisition of property, plant and equipment
|
| | | | (488) | | | | | | (265) | | |
Net cash (used in) investing activities
|
| | | | 5,348 | | | | | | (21,738) | | |
Cash flows from financing activities | | | | ||||||||||
Share capital increase
|
| | | | 46,452 | | | | | | 149,529 | | |
Advances for future capital increases
|
| | | | — | | | | | | 11,228 | | |
Proceeds from borrowings
|
| | | | 8,738 | | | | | | 140,460 | | |
Repayments of borrowings
|
| | | | (7,917) | | | | | | (23,552) | | |
Net cash (used in) provided by financing activities
|
| | | | 47,273 | | | | | | 277,665 | | |
Increase (decrease) in cash and cash equivalents
|
| | | | 13,814 | | | | | | 5,228 | | |
Cash and cash equivalents at the beginning of the year
|
| | | | 4,113 | | | | | | 15,692 | | |
Exchange gains (losses) on cash
|
| | | | (3,528) | | | | | | (16,807) | | |
Cash and cash equivalents at the end of the year
|
| | | | 14,399 | | | | | | 4,113 | | |
|
| | |
Payments due by period
|
| |
Interest
not incurred |
| |
Carring
amount |
| |||||||||||||||||||||||||||||||||
| | |
Less than
one year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
Over 5
years |
| |
Total
|
| |||||||||||||||||||||||||||
Borrowings
|
| | | | 8,311 | | | | | | 87,761 | | | | | | 81,448 | | | | | | 225,886 | | | | |
|
403,406
|
| | | |
|
164,938
|
| | | |
|
238,468
|
| |
Commitments to Government
|
| | | | 59,656 | | | | | | 373,416 | | | | | | 302,290 | | | | | | 1,503,407 | | | | |
|
2,238,769
|
| | | |
|
1,470,731
|
| | | |
|
768,038
|
| |
Suppliers
|
| | | | 9,955 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
9,955
|
| | | |
|
—
|
| | | |
|
9,955
|
| |
Related parties
|
| | | | 1,725 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
1,725
|
| | | |
|
—
|
| | | |
|
1,725
|
| |
Other liabilities
|
| | | | 7,433 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
7,433
|
| | | |
|
—
|
| | | |
|
7,433
|
| |
Total | | | | | 87,079 | | | | | | 461,177 | | | | | | 383,738 | | | | | | 1,729,293 | | | | | | 2,661,287 | | | | | | 1,635,669 | | | | | | 1,025,619 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Cash on hand
|
| | | | 3 | | | | | | 1 | | |
Cash at bank
|
| | | | 501 | | | | | | 273 | | |
Short-term bank deposits(a)
|
| | | | 13,895 | | | | | | 3,839 | | |
| | | | | 14,399 | | | | | | 4,113 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Escrow deposits
|
| | | | 15,637 | | | | | | 21,473 | | |
| | | | | 15,637 | | | | | | 21,473 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Tariff activities | | | | | | | | | | | | | |
Passengers
|
| | | | 4,972 | | | | | | 6,213 | | |
Aircraft
|
| | | | 1,488 | | | | | | 1,883 | | |
Loads
|
| | | | 64 | | | | | | 113 | | |
| | | | | 6,524 | | | | | | 8,209 | | |
Non-tariff activities | | | | | | | | | | | | | |
Parking
|
| | | | — | | | | | | 61 | | |
Space allocation
|
| | | | 5,742 | | | | | | 9,583 | | |
Others
|
| | | | 751 | | | | | | 483 | | |
| | | | | 6,493 | | | | | | 10,127 | | |
Credit risk
|
| | | | — | | | | | | (332) | | |
Provision for impairment of trade receivables
|
| | | | (2,457) | | | | | | (2,425) | | |
| | | | | (2,457) | | | | | | (2,757) | | |
Total
|
| | | | 10,560 | | | | | | 15,579 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
At January 1
|
| | | | (2,757) | | | | | | (1,796) | | |
Provision for impairment of trade receivables
|
| | | | (3,577) | | | | | | (1,419) | | |
Provision for impairment of trade receivables—reversal
|
| | | | 2,857 | | | | | | 363 | | |
Translation diferences
|
| | | | 1,020 | | | | | | 95 | | |
Final Balance
|
| | | | (2,457) | | | | | | (2,757) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Assets | | | | ||||||||||
Infraero(a)
|
| | | | 237 | | | | | | 299 | | |
Inframerica Telecomunicações
|
| | | | 7 | | | | | | 10 | | |
Inframerica ASGA(b)
|
| | | | 1,012 | | | | | | 1,247 | | |
Infraero—expenses recoverable(c)
|
| | | | 324 | | | | | | 483 | | |
Infravix S.A.(e)
|
| | | | 47 | | | | | | 71 | | |
| | | | | 1,627 | | | | | | 2,110 | | |
Liabilities | | | | ||||||||||
Engevix Engenharia S.A.(d)
|
| | | | 1,012 | | | | | | 1,309 | | |
Infraero(f)
|
| | | | 713 | | | | | | 1,064 | | |
| | | | | 1,725 | | | | | | 2,373 | | |
Costs | | | | ||||||||||
Helvix S.A.(g)
|
| | | | — | | | | | | 190,545 | | |
| | | | | — | | | | | | 190,545 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Salary
|
| | | | 2,423 | | | | | | 2,958 | | |
Other benefits
|
| | | | 76 | | | | | | 175 | | |
Total | | | | | 2,499 | | | | | | 3,133 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current | | | | ||||||||||
Withholding income tax—IRRF
|
| | | | 1,160 | | | | | | 652 | | |
Social contribution on net income—CSLL
|
| | | | 83 | | | | | | 63 | | |
Tax on services of any kind—ISS
|
| | | | 53 | | | | | | 58 | | |
Social Integration Program—PIS(a)
|
| | | | 1,544 | | | | | | 2,042 | | |
Contribution to Social Security Financing—COFINS(a)
|
| | | | 7,110 | | | | | | 9,404 | | |
Others
|
| | | | 98 | | | | | | 168 | | |
| | | | | 10,048 | | | | | | 12,387 | | |
Non-current | | | | ||||||||||
Social Integration Program—PIS(a)
|
| | | | 3,556 | | | | | | 5,169 | | |
Contribution to Social Security Financing—COFINS(a)
|
| | | | 10,445 | | | | | | 23,790 | | |
| | | | | 14,001 | | | | | | 28,959 | | |
| | | | | 24,049 | | | | | | 41,346 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current | | | | ||||||||||
Advances to suppliers
|
| | | | 180 | | | | | | 724 | | |
Advances to suppliers of maintenance
|
| | | | 836 | | | | | | 1,184 | | |
Employee benefits
|
| | | | 123 | | | | | | 314 | | |
Others
|
| | | | 220 | | | | | | 236 | | |
| | | | | 1,359 | | | | | | 2,458 | | |
Non-current | | | | ||||||||||
Others
|
| | | | 29 | | | | | | 38 | | |
Total other receivables
|
| | | | 1,388 | | | | | | 2,496 | | |
|
| | |
Infrastructure
|
| | | |||||||||||||||||||||||||||||||||||||
| | |
In
progress |
| |
In
operation |
| |
Concession
Granting |
| |
Projects in
Progress |
| |
Projects in
Operation |
| |
Software
|
| |
Total
|
| |||||||||||||||||||||
Balance on December 31, 2013
|
| | | | 342,144 | | | | | | 3,231 | | | | | | 1,204,053 | | | | | | 2,537 | | | | | | — | | | | | | 17 | | | | | | 1,551,982 | | |
Acquisitions
|
| | | | 218,850 | | | | | | — | | | | | | — | | | | | | 849 | | | | | | — | | | | | | 308 | | | | | | 220,007 | | |
Transfers
|
| | | | (507,525) | | | | | | 507,525 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Advance Payments Write-Off—Works
|
| | | | (7,823) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,823) | | |
Capitalized interest
|
| | | | — | | | | | | — | | | | | | 66,308 | | | | | | — | | | | | | — | | | | | | — | | | | | | 66,308 | | |
Construction Margin
|
| | | | 3,811 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,811 | | |
Amortization of Intangible Assets
|
| | | | — | | | | | | (6,529) | | | | | | (17,355) | | | | | | — | | | | | | — | | | | | | (34) | | | | | | (23,918) | | |
Translation diferences
|
| | | | (7,174) | | | | | | (57,246) | | | | | | (147,710) | | | | | | (395) | | | | | | — | | | | | | (35) | | | | | | (212,560) | | |
Balance on December 31, 2014
|
| | | | 42,283 | | | | | | 446,981 | | | | | | 1,105,296 | | | | | | 2,991 | | | | | | — | | | | | | 256 | | | | | | 1,597,807 | | |
Acquisition
|
| | | | 8,339 | | | | | | 1,418 | | | | | | — | | | | | | 187 | | | | | | 300 | | | | | | 52 | | | | | | 10,296 | | |
Transfers
|
| | | | (22,741) | | | | | | 22,680 | | | | | | — | | | | | | (1,092) | | | | | | — | | | | | | 1,153 | | | | | | — | | |
Advance Payments Write-Off
|
| | | | (2,661) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,661) | | |
Capitalized interest
|
| | | | — | | | | | | — | | | | | | 9,518 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,518 | | |
Amortization of Intangible Assets
|
| | | | — | | | | | | (10,829) | | | | | | (24,212) | | | | | | — | | | | | | (4) | | | | | | (63) | | | | | | (35,108) | | |
Translation diferences
|
| | | | (11,244) | | | | | | (149,254) | | | | | | (361,624) | | | | | | (843) | | | | | | (47) | | | | | | (263) | | | | | | (523,274) | | |
Balance on December 31, 2015
|
| | | | 13,976 | | | | | | 310,996 | | | | | | 728,978 | | | | | | 1,243 | | | | | | 249 | | | | | | 1,135 | | | | | | 1,056,577 | | |
|
| | |
December 31,
2013 |
| |
Additions
|
| |
Write-offs
|
| |
Translation
differences |
| |
December 31,
2014 |
| |
Additions
|
| |
Translation
differences |
| |
December 31,
2015 |
| |
Annual
Depreciation Rate |
| |||||||||||||||||||||||||||
Cost | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Facilities
|
| | | | 50 | | | | | | — | | | | | | (50) | | | | | | — | | | | | | | | |||||||||||||||||||||||||
Machinery and Equipment
|
| | | | 47 | | | | | | 17 | | | | | | — | | | | | | (7) | | | | | | 57 | | | | | | 5 | | | | | | (20) | | | | | | 42 | | | | |||||
Furniture and Fixtures
|
| | | | 300 | | | | | | 166 | | | | | | — | | | | | | (55) | | | | | | 411 | | | | | | 24 | | | | | | (139) | | | | | | 296 | | | | |||||
Computer Equipment
|
| | | | 511 | | | | | | 82 | | | | | | — | | | | | | (70) | | | | | | 523 | | | | | | 459 | | | | | | (244) | | | | | | 738 | | | | |||||
| | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | | | 908 | | | | | | 265 | | | | | | (50) | | | | | | (132) | | | | | | 991 | | | | | | 488 | | | | | | (403) | | | | | | 1,076 | | | | |||||
Accrued Depreciation
|
| | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Facilities
|
| | | | (5) | | | | | | (1) | | | | | | 6 | | | | | | — | | | | | | | | |||||||||||||||||||||||||
Machinery and Equipment
|
| | | | (6) | | | | | | (10) | | | | | | — | | | | | | 2 | | | | | | (14) | | | | | | (9) | | | | | | 6 | | | | | | (17) | | | | | | 20% | | |
Furniture and Fixtures
|
| | | | (23) | | | | | | (35) | | | | | | — | | | | | | 7 | | | | | | (51) | | | | | | (30) | | | | | | 21 | | | | | | (60) | | | | | | 10% | | |
Computer Equipment
|
| | | | (77) | | | | | | (99) | | | | | | — | | | | | | 20 | | | | | | (156) | | | | | | (149) | | | | | | 74 | | | | | | (231) | | | | | | 20% | | |
| | | | | (111) | | | | | | (145) | | | | | | 6 | | | | | | 29 | | | | | | (221) | | | | | | (188) | | | | | | 101 | | | | | | (308) | | | | |||||
Total | | | | | 797 | | | | | | 120 | | | | | | (44) | | | | | | (103) | | | | | | 770 | | | | | | 300 | | | | | | (302) | | | | | | 768 | | | | |||||
|
| | |
2015
|
| |
2014
|
| ||||||
Income Taxes—IRRF
|
| | | | 220 | | | | | | 309 | | |
FGTS Payable
|
| | | | 178 | | | | | | 266 | | |
INSS Payable
|
| | | | 633 | | | | | | 846 | | |
Vacation Payable
|
| | | | 1,123 | | | | | | 1,525 | | |
Others
|
| | | | 931 | | | | | | 1,233 | | |
| | | | | 3,085 | | | | | | 4,179 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Local Suppliers—Works
|
| | | | 8,464 | | | | | | 24,563 | | |
General local Suppliers
|
| | | | 1,317 | | | | | | 6,026 | | |
Foreign Suppliers
|
| | | | 174 | | | | | | 1,095 | | |
| | | | | 9,955 | | | | | | 31,684 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current | | | | ||||||||||
BNDES/CEF Loan
|
| | | | 672 | | | | | | — | | |
Working CapitalHow
|
| | | | 7,629 | | | | | | 9,330 | | |
Leasing
|
| | | | 10 | | | | | | 30 | | |
| | | | | 8,311 | | | | | | 9,360 | | |
Non-current | | | | ||||||||||
BNDES/CEF Loan
|
| | | | 230,157 | | | | | | 313,132 | | |
| | | | | 230,157 | | | | | | 313,132 | | |
Total | | | | | 238,468 | | | | | | 322,492 | | |
|
|
Balance on December 31, 2013
|
| | | | 228,398 | | |
|
Borrowings received
|
| | | | 140,460 | | |
|
Payments
|
| | | | (23,552) | | |
|
Payments of charges and interest
|
| | | | (6,894) | | |
|
Interest—capitalized
|
| | | | 9,153 | | |
|
Interest
|
| | | | 17,393 | | |
|
Translation diferences
|
| | | | (42,465) | | |
|
Balance on December 31, 2014
|
| | | | 322,492 | | |
|
Borrowings received
|
| | | | 8,738 | | |
|
Payments
|
| | | | (7,917) | | |
|
Payments of charges and interest
|
| | | | (737) | | |
|
Interest
|
| | | | 26,201 | | |
|
Translation diferences
|
| | | | (110,308) | | |
|
Balance on December 31, 2015
|
| | | | 238,468 | | |
|
Bank
|
| |
Release
|
| |
Principal
|
| |
Expiration Date
|
| |
Charges (% p.a.)
|
| |
Closing
Balance |
| |||||||||||||||
December 31, 2014
|
| | | | | | | | | | 313,592 | | | | | | | | | | | | | | | | | | 322,492 | | |
BNDES
|
| | | | Feb/14 | | | | | | 124,256 | | | | | | Dec/28 | | | |
TJLP + 3.14%
|
| | | | 145,515 | | | |||
BNDES
|
| | | | Apr/14 | | | | | | 15,643 | | | | | | Dec/28 | | | |
TJLP + 3.14%
|
| | | | 18,105 | | | |||
CAIXA
|
| | | | Apr/14 | | | | | | 48,979 | | | | | | Dec/28 | | | |
TJLP + 3.6%
|
| | | | 56,882 | | | |||
CAIXA
|
| | | | Apr/14 | | | | | | 1,566 | | | | | | Dec/28 | | | |
6%
|
| | | | 1,727 | | | |||
CAIXA
|
| | | | Aug/14 | | | | | | 3,811 | | | | | | Dec/17 | | | |
IPCA
|
| | | | 4,948 | | | |||
CAIXA
|
| | | | Sep/14 | | | | | | 3,394 | | | | | | Dec/23 | | | |
6%
|
| | | | 3,653 | | | |||
CitiBank
|
| | | | Sep/13 | | | | | | 39 | | | | | | Sep/16 | | | |
17.10%
|
| | | | 10 | | | |||
FATOR
|
| | | | Jun/15 | | | | | | 7,576 | | | | | | Dec/16 | | | | | | CDI+3.00% | | | | | | 7,628 | | |
December 31, 2015
|
| | | | | | | | | | 205,264 | | | | | | | | | | | | | | | | | | 238,468 | | |
|
|
Cash Generation—Last 12 Months
|
| | | | 42,220 | | |
|
Debt Service—Last 12 Months
|
| | | | 11,546 | | |
|
ICSD
|
| | | | 3.66 | | |
| | |
2015
|
| |
2014
|
| ||||||
Variable Contribution—ANAC
|
| | | | 1,868 | | | | | | 2,333 | | |
Fixed Contribution—Granting
|
| | | | 766,170 | | | | | | 1,053,758 | | |
Total | | | | | 768,038 | | | | | | 1,056,091 | | |
Current
|
| | | | 59,656 | | | | | | 84,852 | | |
Non-Current
|
| | | | 708,382 | | | | | | 971,239 | | |
Total | | | | | 768,038 | | | | | | 1,056,091 | | |
|
|
Balance on December 31, 2013
|
| | | | 1,150,403 | | |
|
Payments
|
| | | | (88,029) | | |
|
Capitalized interest
|
| | | | 66,308 | | |
|
Changes in liabilities for concessions
|
| | | | 35,219 | | |
|
Adjustment to Present Value—Concession
|
| | | | 34,078 | | |
|
Translation diferences
|
| | | | (141,887) | | |
|
Balance on December 31, 2014
|
| | | | 1,056,091 | | |
|
Payments
|
| | | | (67,607) | | |
|
Capitalized interest
|
| | | | 9,518 | | |
|
Changes in liabilities for concession
|
| | | | 43,998 | | |
|
Adjustment to Present Value—Concession
|
| | | | 84,510 | | |
|
Translation diferences
|
| | | | (358,470) | | |
|
Balance on December 31, 2015
|
| | | | 768,038 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current | | | | ||||||||||
Exclusivity Rights
|
| | | | 1,842 | | | | | | 2,278 | | |
Other Advance Payments
|
| | | | 1,970 | | | | | | 2,247 | | |
| | | | | 3,812 | | | | | | 4,525 | | |
Non-Current | | | | ||||||||||
Exclusivity Rights
|
| | | | 14,601 | | | | | | 19,174 | | |
| | | | | 14,601 | | | | | | 19,174 | | |
Total | | | | | 18,413 | | | | | | 23,699 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
FNAC Transfer(a)
|
| | | | 1,193 | | | | | | 1,091 | | |
ATAERO Transfer(b)
|
| | | | 4,349 | | | | | | 4,066 | | |
PAN/PAT Transfer(c)
|
| | | | 62 | | | | | | 53 | | |
Miscellaneous Guarantees(d)
|
| | | | 512 | | | | | | 806 | | |
Unrealized Investments(e)
|
| | | | 1,275 | | | | | | 2,026 | | |
Others
|
| | | | 41 | | | | | | 45 | | |
Total | | | | | 7,432 | | | | | | 8,087 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Civil
|
| | | | 1,346 | | | | | | 947 | | |
Labor
|
| | | | 417 | | | | | | 1,287 | | |
Total | | | | | 1,763 | | | | | | 2,234 | | |
|
| | |
2015
|
| |
2014
|
| ||||||||||||||||||||||||||||||
| | |
A.C.I.
Airports International |
| |
A.C.I.
Airports |
| |
Total
|
| |
Infravix
|
| |
Corporación
|
| |
Total
|
| ||||||||||||||||||
Shares subscribed
|
| | | | 195,700 | | | | | | 1,877 | | | | | | 197,577 | | | | | | 76,778 | | | | | | 76,778 | | | | | | 153,556 | | |
Shares not yet issued
|
| | | | (27,306) | | | | | | — | | | | | | (27,306) | | | | | | (12,700) | | | | | | — | | | | | | (12,700) | | |
Shares issued
|
| | | | 168,394 | | | | | | 1,877 | | | | | | 170,271 | | | | | | 64,078 | | | | | | 76,778 | | | | | | 140,856 | | |
| | |
2015
|
| |
2014
|
| ||||||
Gross Revenue—Tariff(a)
|
| | | | 56,415 | | | | | | 71,679 | | |
Gross Revenue—Non-tariff(b)
|
| | | | 54,305 | | | | | | 63,737 | | |
Construction Revenue
|
| | | | 15 | | | | | | 194,356 | | |
COFINS (Contribution to Social Security Financing)
|
| | | | (8,295) | | | | | | (10,265) | | |
PIS
|
| | | | (1,801) | | | | | | (2,229) | | |
ISS (Municipal services tax)
|
| | | | (1,180) | | | | | | (1,514) | | |
Total | | | | | 99,458 | | | | | | 315,764 | | |
| | |
2015
|
| |
2014
|
| ||||||
Personnel
|
| | | | (17,723) | | | | | | (15,845) | | |
Third-party services
|
| | | | (21,286) | | | | | | (28,068) | | |
Utilities and telecommunications
|
| | | | (5,972) | | | | | | (4,712) | | |
Others
|
| | | | (572) | | | | | | (855) | | |
Amortization and depreciation
|
| | | | (11,084) | | | | | | (6,710) | | |
Concession fees(a)
|
| | | | (22,458) | | | | | | (17,355) | | |
Variable concession fees(b)
|
| | | | (2,207) | | | | | | (2,632) | | |
Construction costs
|
| | | | — | | | | | | (190,545) | | |
Total | | | | | (81,302) | | | | | | (266,722) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Personnel
|
| | | | (4,115) | | | | | | (7,970) | | |
Third-Party Services
|
| | | | (1,105) | | | | | | (2,803) | | |
Utilities and Telecommunications
|
| | | | — | | | | | | (445) | | |
Insurances
|
| | | | (867) | | | | | | (1,680) | | |
Information Technology
|
| | | | (27) | | | | | | (2,034) | | |
Taxes and Fees
|
| | | | (735) | | | | |||||
Others
|
| | | | (191) | | | | | | (1,586) | | |
Total | | | | | (7,040) | | | | | | (16,518) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Finance Revenue | | | | | | | | | | | | | |
Interest on Financial Investments
|
| | | | 2,912 | | | | | | 1,646 | | |
Discounts Obtained
|
| | | | 30 | | | | | | 23 | | |
Others
|
| | | | 491 | | | | | | — | | |
| | | | | 3,433 | | | | | | 1,669 | | |
Finance Expenses | | | | | | | | | | | | | |
Changes in liabilities for concessions)
|
| | | | (43,998) | | | | | | (35,219) | | |
Adjustment to Present Value—Concession
|
| | | | (84,510) | | | | | | (34,078) | | |
Interest, Charges and Bank Rates
|
| | | | (29,757) | | | | | | (22,160) | | |
| | | | | (158,265) | | | | | | (91,457) | | |
Net finance result
|
| | | | (154,832) | | | | | | (89,788) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Loss before income tax and social contribution
|
| | | | (149,300) | | | | | | (62,846) | | |
Tax at domestic rate 34%
|
| | | | 50,762 | | | | | | 21,367 | | |
Tax effect of expenses that are not deductible for tax purposes
|
| | | | (781) | | | | | | (231) | | |
Tax benefit on the fiscal year
|
| | | | 49,981 | | | | | | 21,136 | | |
| | |
2015
|
| |
2014
|
| ||||||
Opening balance
|
| | | | 1,679 | | | | | | (19,350) | | |
Deferred income tax and social contribution
|
| | | | 49,981 | | | | | | 21,136 | | |
Translation differences
|
| | | | (8,395) | | | | | | (107) | | |
Closing balance
|
| | | | 43,265 | | | | | | 1,679 | | |
|
Event
|
| |
Amount of the
Performance Bond (in R$) |
| |
Amount of the
Performance Bond (in USD) |
|
Brasilia Concession Agreement | | | | | | | |
During Phase I-B of the Brasilia Concession Agreement | | |
266.7 million
|
| |
81.8 million
|
|
After completion of Phase I-B of the Concession Agreement or at the termination of the contract | | |
133.3 million
|
| |
40.8 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
|
|
| | | | | | | | |
|
Bruno Souza Ferreira da Silva
Accountant—CRC: BA 023534/O-5 “S” DF |
| |
Paulo Junqueira de Arantes Filho
CFO |
| |
Jorge Arruda Filho
President Director |
|
| | |
December 31,
2015 |
| |
December 31,
2014 |
| ||||||
Assets | | | | ||||||||||
Current assets | | | | ||||||||||
Cash and cash equivalents (Note 5)
|
| | | | 1,119 | | | | | | 480 | | |
Escrow deposits (Note 5.1)
|
| | | | 1,448 | | | | | | 1,572 | | |
Trade receivables (Note 6)
|
| | | | 1,664 | | | | | | 981 | | |
Related parties (Note 7)
|
| | | | 75 | | | | | | 100 | | |
Taxes recoverable (Note 8)
|
| | | | 1,096 | | | | | | 1,401 | | |
Prepaid expenses
|
| | | | 51 | | | | | | 131 | | |
Other receivables (Note 9)
|
| | | | 320 | | | | | | 678 | | |
| | | | | 5,773 | | | | | | 5,343 | | |
Non-current assets | | | | ||||||||||
Taxes recoverable (Note 8)
|
| | | | 12,193 | | | | | | 19,212 | | |
Deferred taxes (Note 24(b))
|
| | | | — | | | | | | 6,591 | | |
| | | | | 12,193 | | | | | | 25,803 | | |
| | | | ||||||||||
Property, plant and equipment (Note 11)
|
| | | | 983 | | | | | | 1,640 | | |
Intangible assets (Note 10)
|
| | | | 133,642 | | | | | | 302,502 | | |
| | | | | 146,818 | | | | | | 329,945 | | |
Total assets
|
| | | | 152,591 | | | | | | 335,288 | | |
Liabilities | | | | ||||||||||
Current Liabilities | | | | ||||||||||
Salaries and social charges
|
| | | | 727 | | | | | | 915 | | |
Suppliers (Note 13)
|
| | | | 8,846 | | | | | | 16,632 | | |
Borrowings (Note 14)
|
| | | | 8,214 | | | | | | 17,488 | | |
Taxes payable
|
| | | | 60 | | | | | | 1,022 | | |
Related parties (Note 7)
|
| | | | 6,776 | | | | | | 12,109 | | |
Commitments to the grantor (Note 15)
|
| | | | 2,653 | | | | | | — | | |
Advances received (Note 16)
|
| | | | 847 | | | | | | — | | |
Other payables (Note 17)
|
| | | | 971 | | | | | | 8,591 | | |
| | | | | 29,094 | | | | | | 56,757 | | |
Non-current Liabilities | | | | ||||||||||
Borrowings (Note 13)
|
| | | | 86,294 | | | | | | 127,789 | | |
Advances received (Note 15)
|
| | | | 3,080 | | | | | | — | | |
Commitments to the grantor (Note 14)
|
| | | | 63,671 | | | | | | 84,081 | | |
| | | | | 153,045 | | | | | | 211,870 | | |
Total liabilities
|
| | | | 182,139 | | | | | | 268,627 | | |
Equity | | | | ||||||||||
Share capital (Note 19(a))
|
| | | | 120,976 | | | | | | 48,048 | | |
Advances for future capital increases (Note 19(b))
|
| | | | — | | | | | | 46,537 | | |
Currency translation adjustment
|
| | | | (22,978) | | | | | | (13,356) | | |
Accumulated losses
|
| | | | (127,546) | | | | | | (14,568) | | |
| | | | | (29,548) | | | | | | 66,661 | | |
Total liabilities and equity
|
| | | | 152,591 | | | | | | 335,288 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Revenue (Note 20)
|
| | | | 13,452 | | | | | | 75,614 | | |
Costs (Note 21)
|
| | | | (17,868) | | | | | | (81,457) | | |
Gross loss
|
| | | | (4,416) | | | | | | (5,843) | | |
Selling expenses
|
| | | | (74) | | | | | | (538) | | |
Administrative expenses (Note 22)
|
| | | | (1,486) | | | | | | (2,505) | | |
Impairment (Note 12)
|
| | | | (77,902) | | | | | | — | | |
Other expenses
|
| | | | (587) | | | | | | (94) | | |
Operating loss
|
| | | | (84,366) | | | | | | (8,980) | | |
Finance income
|
| | | | 258 | | | | | | 138 | | |
Finance costs
|
| | | | (23,626) | | | | | | (15,163) | | |
Finance result, net (Note 23)
|
| | | | (23,368) | | | | | | (15,025) | | |
Loss before income tax and social contribution
|
| | | | (107,734) | | | | | | (24,005) | | |
Income tax and social contribution (Note 24(a))
|
| | | | (5,244) | | | | | | 8,164 | | |
Loss for the year
|
| | | | (112,978) | | | | | | (15,841) | | |
Loss for the year
|
| | | | (112,978) | | | | | | (15,841) | | |
Other comprehensive income | | | | ||||||||||
Items that may not be subsequently reclassified to profit or loss | | | | ||||||||||
Currency translation adjustment
|
| | | | (14,579) | | | | | | (14,959) | | |
Deferred income tax and social contribution
|
| | | | 4,957 | | | | | | 5,096 | | |
Other comprehensive income/(loss) for the year, net of tax effects
|
| | | | (9,622) | | | | | | (9,873) | | |
Total comprehensive loss for the year
|
| | | | (122,600) | | | | | | (25,714) | | |
|
| | |
Share
capital |
| |
Revenue reserves
|
| |
Advances
|
| |
Accumulated
losses |
| |
Currency
translation adjustment |
| |
Total
|
| ||||||||||||||||||||||||
| | |
Legal
|
| |
Retained
|
| ||||||||||||||||||||||||||||||||||||
At January 01, 2013
|
| | | | 39,345 | | | | | | 70 | | | | | | 989 | | | | | | — | | | | | | — | | | | | | (3,572) | | | | | | 36,832 | | |
Share capital increase
|
| | | | 8,703 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,703 | | |
Advances for future capital increases
|
| | | | | | | | | | | | | | | | | | | | | | 46,537 | | | | | | | | | | | | | | | | | | 46,537 | | |
Dividends
|
| | | | | | | | | | | | | | | | 330 | | | | | | | | | | | | | | | | | | (27) | | | | | | 303 | | |
Transfer from reserves
|
| | | | | | | | | | (70) | | | | | | (1,319) | | | | | | | | | | | | 1,273 | | | | | | 116 | | | | | | — | | |
Loss for the year
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (15,841) | | | | | | | | | | | | (15,841) | | |
Other comprehensive Loss for the year
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (9,873) | | | | | | (9,873) | | |
At December 31, 2014
|
| | | | 48,048 | | | | | | — | | | | | | — | | | | | | 46,537 | | | | | | (14,568) | | | | | | (13,356) | | | | | | 66,661 | | |
Share capital increase
|
| | | | 26,391 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 26,391 | | |
Advances for future capital increases
|
| | | | 46,537 | | | | | | | | | | | | | | | | | | (46,537) | | | | | | | | | | | | | | | | | | — | | |
Loss for the year
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (112,978) | | | | | | | | | | | | (112,978) | | |
Other comprehensive Loss for the year
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (9,622) | | | | | | (9,622) | | |
At December 31, 2015
|
| | | | 120,976 | | | | | | — | | | | | | — | | | | | | — | | | | | | (127,546) | | | | | | (22,978) | | | | | | (29,548) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Cash flows from operating activities | | | | ||||||||||
Loss before income tax and social contribution
|
| | | | (107,734) | | | | | | (24,005) | | |
Adjustments for: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 5,436 | | | | | | 3,488 | | |
Construction margin
|
| | | | — | | | | | | (1,328) | | |
Provision
|
| | | | 501 | | | | | | 94 | | |
Finance costs
|
| | | | 23,116 | | | | | | 14,588 | | |
Impairment
|
| | | | 77,902 | | | | | | — | | |
Other expenses
|
| | | | 6,201 | | | | | | — | | |
| | | | | 5,422 | | | | | | (7,163) | | |
Trade receivables
|
| | | | (1,695) | | | | | | (1,201) | | |
Related parties
|
| | | | 320 | | | | | | 1,028 | | |
Taxes recoverable
|
| | | | (4) | | | | | | (188) | | |
Prepaid expenses
|
| | | | 43 | | | | | | 141 | | |
Other assets
|
| | | | 163 | | | | | | (446) | | |
Acquisition of intangible assets
|
| | | | (1,150) | | | | | | (104,968) | | |
Salaries and Social Charges
|
| | | | 135 | | | | | | 908 | | |
Suppliers
|
| | | | (4,040) | | | | | | 14,309 | | |
Taxes payable
|
| | | | (743) | | | | | | 580 | | |
Other payables
|
| | | | (870) | | | | | | 5,696 | | |
| | | | | (7,841) | | | | | | (84,101) | | |
Cash from operations
|
| | | | (2,419) | | | | | | (91,304) | | |
Interest paid
|
| | | | (173) | | | | | | (765) | | |
Net cash (used in) provided by operating activities
|
| | | | (2,246) | | | | | | (90,539) | | |
Cash flows from investing activities | | | | ||||||||||
Escrow deposits
|
| | | | 124 | | | | | | (1,572) | | |
Acquisition of property, plant and equipment
|
| | | | (78) | | | | | | (1,855) | | |
Net cash (used in) provided by investing activities
|
| | | | 46 | | | | | | (3,427) | | |
Cash flows from financing activities | | | | ||||||||||
Share capital increase
|
| | | | 26,391 | | | | | | — | | |
Advances for future capital increases
|
| | | | — | | | | | | 46,537 | | |
Proceeds from borrowings
|
| | | | 3,780 | | | | | | 50,595 | | |
Repayments of borrowings
|
| | | | (18,604) | | | | | | (235) | | |
Net cash provided by financing activities
|
| | | | 11,567 | | | | | | 96,897 | | |
Increase in cash and cash equivalents
|
| | | | 9,021 | | | | | | 2,931 | | |
Cash and cash equivalents at the beginning of the year
|
| | | | 480 | | | | | | 628 | | |
Exchange gains (losses) on cash
|
| | | | (8,382) | | | | | | (3,079) | | |
Cash and cash equivalents at the end of the year
|
| | | | 1,119 | | | | | | 480 | | |
|
| | |
Payments due by period—Undiscounted cash flow
|
| | | |||||||||||||||||||||||||||||||||||||
| | |
Less than
one year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
Over 5
years |
| |
Total
|
| |
Interest not
incurred |
| |
Carring
amount |
| |||||||||||||||||||||
Borrowings
|
| | | | 8,214 | | | | | | 25,955 | | | | | | 22,364 | | | | | | 110,915 | | | | |
|
167,448
|
| | | |
|
(72,940)
|
| | | | | 94,508 | | |
Commitments to Government
|
| | | | 2,653 | | | | | | 33,018 | | | | | | 29,248 | | | | | | 341,076 | | | | |
|
405,995
|
| | | |
|
(339,671)
|
| | | | | 66,324 | | |
Related parties
|
| | | | 6,776 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
6,776
|
| | | |
|
—
|
| | | | | 6,776 | | |
Suppliers
|
| | | | 8,846 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
8,846
|
| | | |
|
—
|
| | | | | 8,846 | | |
Other liabilities
|
| | | | 971 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
971
|
| | | |
|
—
|
| | | | | 971 | | |
Total | | | | | 27,460 | | | | | | 58,973 | | | | | | 51,612 | | | | | | 451,991 | | | | | | 590,036 | | | | | | (412,611) | | | | | | 177,425 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Cash on hand
|
| | | | 1 | | | | | | 1 | | |
Cash at bank
|
| | | | 360 | | | | | | 105 | | |
Short-term bank deposits(a)
|
| | | | 758 | | | | | | 374 | | |
| | | | | 1,119 | | | | | | 480 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Escrow deposits
|
| | | | 1,448 | | | | | | 1,572 | | |
| | | | | 1,448 | | | | | | 1,572 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Tariff activities | | | | ||||||||||
Passengers
|
| | | | 646 | | | | | | — | | |
Aircraft
|
| | | | 184 | | | | | | 277 | | |
Loads
|
| | | | 67 | | | | | | 160 | | |
| | | | | 897 | | | | | | 437 | | |
Non-tariff activities | | | | ||||||||||
Space allocation
|
| | | | 1,074 | | | | | | 559 | | |
Others
|
| | | | 172 | | | | | | 68 | | |
| | | | | 1,246 | | | | | | 627 | | |
Provision for impairment of trade receivables(a)
|
| | | | (479) | | | | | | (83) | | |
| | | | | (479) | | | | | | (83) | | |
Total
|
| | | | 1,664 | | | | | | 981 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
At January 1
|
| | | | (83) | | | | | | — | | |
Provision for impairment of trade receivables
|
| | | | (986) | | | | | | (94) | | |
Provision for impairment of trade receivables—reversal
|
| | | | 484 | | | | | | — | | |
Translation diferences
|
| | | | 23 | | | | | | 11 | | |
Final Balance
|
| | | | (479) | | | | | | (83) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Assets | | | | ||||||||||
Expense recovery | | | | ||||||||||
ENGEVIX
|
| | | | 8 | | | | | | — | | |
Helport Construções
|
| | | | 67 | | | | | | 100 | | |
| | | | | 75 | | | | | | 100 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Liabilities | | | | ||||||||||
EPC Agreement | | | | ||||||||||
Consórcio Engeport(a)
|
| | | | (5,688) | | | | | | (10,890) | | |
Expenses payable | | | | ||||||||||
Inframerica Concessionária do Aeroporto de Brasília S.A.(b)
|
| | | | (1,012) | | | | | | (1,219) | | |
Expenses payable | | | | ||||||||||
Helport Construções
|
| | | | (76) | | | | |||||
| | | | | (6,776) | | | | | | (12,109) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Construction cost | | | | ||||||||||
Consórcio Engeport(a)
|
| | | | — | | | | | | (66,416) | | |
| | | | | — | | | | | | (66,416) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Salary
|
| | | | 21 | | | | | | 90 | | |
| | | | | 21 | | | | | | 90 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current | | | | ||||||||||
Withholding income tax—IRRF
|
| | | | 164 | | | | | | 238 | | |
Social Integration Program—PIS(a)
|
| | | | 146 | | | | | | 185 | | |
Contribution to Social Security Financing—COFINS(a)
|
| | | | 671 | | | | | | 850 | | |
Others
|
| | | | 115 | | | | | | 128 | | |
| | | | | 1,096 | | | | | | 1,401 | | |
Non-current | | | | ||||||||||
Social Integration Program—PIS(a)
|
| | | | 2,175 | | | | | | 3,427 | | |
Contribution to Social Security Financing—COFINS(a)
|
| | | | 10,018 | | | | | | 15,785 | | |
| | | | | 12,193 | | | | | | 19,212 | | |
| | | | | 13,289 | | | | | | 20,613 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Advance payments to suppliers
|
| | | | 18 | | | | | | 401 | | |
Advances to foreign suppliers
|
| | | | 61 | | | | | | — | | |
Employee benefits
|
| | | | 113 | | | | | | — | | |
Others
|
| | | | 128 | | | | | | 277 | | |
| | | | | 320 | | | | | | 678 | | |
|
| | |
Infrastructure
|
| | | |||||||||||||||||||||||||||||||
| | |
In progress
|
| |
In operation
|
| |
Concession
Grant |
| |
Projects
|
| |
Software
|
| |
Total
|
| ||||||||||||||||||
December 31, 2013
|
| | | | 155,153 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 1 | | | | | | 155,155 | | |
Acquisitions
|
| | | | — | | | | | | 107,442 | | | | | | 89,210 | | | | | | 479 | | | | | | — | | | | | | 197,131 | | |
Write-off of other advances
|
| | | | (8,269) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,269) | | |
Transfers
|
| | | | (120,873) | | | | | | 120,873 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Margin
|
| | | | 1,328 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,328 | | |
Amortization of Intangible Assets
|
| | | | — | | | | | | (2,219) | | | | | | (1,096) | | | | | | — | | | | | | — | | | | | | (3,315) | | |
Translation differences
|
| | | | (3,811) | | | | | | (25,662) | | | | | | (10,001) | | | | | | (54) | | | | | | — | | | | | | (39,528) | | |
December 31, 2014
|
| | | | 23,528 | | | | | | 200,434 | | | | | | 78,113 | | | | | | 426 | | | | | | 1 | | | | | | 302,502 | | |
Write-off of other advances
|
| | | | (157) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (157) | | |
Acquisitions
|
| | | | 1,103 | | | | | | 22 | | | | | | — | | | | | | 25 | | | | | | — | | | | | | 1,150 | | |
Impairment
|
| | | | — | | | | | | (77,902) | | | | | | — | | | | | | — | | | | | | — | | | | | | (77,902) | | |
Amortization of Intangible Assets
|
| | | | — | | | | | | (3,844) | | | | | | (1,408) | | | | | | — | | | | | | (2) | | | | | | (5,254) | | |
Translation differences
|
| | | | (5,449) | | | | | | (55,635) | | | | | | (25,498) | | | | | | (87) | | | | | | (28) | | | | | | (86,697) | | |
Transfers
|
| | | | (15,588) | | | | | | 15,776 | | | | | | — | | | | | | (364) | | | | | | 176 | | | | | | — | | |
December 31, 2015
|
| | | | 3,437 | | | | | | 78,851 | | | | | | 51,207 | | | | | | — | | | | | | 147 | | | | | | 133,642 | | |
|
| | |
December 31,
2013 |
| |
Additions
|
| |
Translation
differences |
| |
December 31,
2014 |
| |
Additions
|
| |
Transitions
|
| |
Translation
differences |
| |
December 31,
2015 |
| |
Annual
Depreciation Rate |
| |||||||||||||||||||||||||||
Costs | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Plant
|
| | | | 49 | | | | | | — | | | | | | (6) | | | | | | 43 | | | | | | — | | | | | | (4) | | | | | | (13) | | | | | | 26 | | | | |||||
Machinery and Equipment
|
| | | | 1 | | | | | | 944 | | | | | | (107) | | | | | | 838 | | | | | | 32 | | | | | | 4 | | | | | | (282) | | | | | | 592 | | | | |||||
Furniture and Tools
|
| | | | 88 | | | | | | 597 | | | | | | (78) | | | | | | 607 | | | | | | 28 | | | | | | — | | | | | | (204) | | | | | | 431 | | | | |||||
Computer Equipment
|
| | | | 38 | | | | | | 314 | | | | | | (40) | | | | | | 312 | | | | | | 18 | | | | | | — | | | | | | (106) | | | | | | 224 | | | | |||||
| | | | | 176 | | | | | | 1,855 | | | | | | (231) | | | | | | 1,800 | | | | | | 78 | | | | | | — | | | | | | (605) | | | | | | 1,273 | | | | |||||
Accumulated Depreciations
|
| | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Plant
|
| | | | (1) | | | | | | (4) | | | | | | 1 | | | | | | (4) | | | | | | (3) | | | | | | — | | | | | | 2 | | | | | | (5) | | | | | | 10 | | |
Machinery and Equipment
|
| | | | — | | | | | | (99) | | | | | | 11 | | | | | | (88) | | | | | | (123) | | | | | | — | | | | | | 48 | | | | | | (163) | | | | | | 20 | | |
Furniture and Tools
|
| | | | (3) | | | | | | (31) | | | | | | 5 | | | | | | (29) | | | | | | (45) | | | | | | — | | | | | | 16 | | | | | | (58) | | | | | | 10 | | |
Computer Equipment
|
| | | | (4) | | | | | | (39) | | | | | | 4 | | | | | | (39) | | | | | | (46) | | | | | | — | | | | | | 20 | | | | | | (64) | | | | | | 20 | | |
| | | | | (8) | | | | | | (173) | | | | | | 21 | | | | | | (160) | | | | | | (217) | | | | | | — | | | | | | 86 | | | | | | (290) | | | | |||||
Total
|
| | | | 168 | | | | | | 1,682 | | | | | | (210) | | | | | | 1,640 | | | | | | (139) | | | | | | — | | | | | | (519) | | | | | | 983 | | | | |||||
|
| | |
Assets
|
| |
Impairment
|
| |
Translation
Differences |
| |
Recoverable
Amount |
| ||||||||||||
Deferred tax
|
| | | | 12,137 | | | | | | (14,399) | | | | | | 2,262 | | | | | | — | | |
Intangible
|
| | | | 199,308 | | | | | | (77,902) | | | | | | 12,236 | | | | | | 133,642 | | |
| | |
Exposure
|
| |
Actual rate (6.54%)
|
| |
Actual rate (6.30%)
|
| |
Actual rate (6.80%)
|
| ||||||||||||
Intangible Assets
|
| | | | 199,308 | | | | | | 77,902 | | | | | | 73,076 | | | | | | 82,830 | | |
| | | | | | | | | | | | | | | | | (4,826) | | | | | | 4,928 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Local Suppliers—Works
|
| | | | 6,602 | | | | | | 15,120 | | |
General local Suppliers
|
| | | | 2,202 | | | | | | 1,451 | | |
Foreign Suppliers
|
| | | | 42 | | | | | | 61 | | |
| | | | | 8,846 | | | | | | 16,632 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current | | | | ||||||||||
Infrastructure Facility(a)
|
| | | | 8,214 | | | | | | 2,412 | | |
Working Capital
|
| | | | — | | | | | | 15,076 | | |
| | | | | 8,214 | | | | | | 17,488 | | |
| | |
2015
|
| |
2014
|
| ||||||
Non-current | | | | ||||||||||
Infrastructure Facility(a)
|
| | | | 86,294 | | | | | | 127,789 | | |
| | | | | 86,294 | | | | | | 127,789 | | |
Total
|
| | | | 94,508 | | | | | | 145,277 | | |
|
|
Balance on December 31, 2013
|
| | | | 102,680 | | |
|
Borrowings received
|
| | | | 50,595 | | |
|
Payments
|
| | | | (235) | | |
|
Interest paid
|
| | | | (765) | | |
|
Indexation—capitalized
|
| | | | 2,953 | | |
|
Interest
|
| | | | 9,224 | | |
|
Translation diferences
|
| | | | (19,175) | | |
|
Balance on December 31, 2014
|
| | | | 145,277 | | |
|
Borrowings received
|
| | | | 3,780 | | |
|
Payments
|
| | | | (18,604) | | |
|
Interest paid
|
| | | | (173) | | |
|
Interest
|
| | | | 11,513 | | |
|
Translation diferences
|
| | | | (47,284) | | |
|
Balance on December 31, 2015
|
| | | | 94,508 | | |
|
Bank
|
| |
Release
|
| |
Principal
|
| |
Maturity Date
|
| |
Charges (% p.y.)
|
| |
Closing
Balance |
| |||||||||||||||
December 31, 2014
|
| | | | | | | | | | 133,371 | | | | | | | | | | | | | | | | | | 145,277 | | |
BNDES
|
| | | | Mar/13 | | | | | | 5,763 | | | | | | Sep/32 | | | |
TJLP + 3.14%
|
| | | | 6,970 | | | |||
BNDES
|
| | | | Mar/13 | | | | | | 1,618 | | | | | | Jun/32 | | | |
T.R. + 3.14%
+ IPCA |
| | | | 1,937 | | | |||
BNDES
|
| | | | Mar/13 | | | | | | 16,183 | | | | | | Sep/32 | | | |
TJLP + 3.14%
|
| | | | 19,030 | | | |||
BNDES
|
| | | | Nov/13 | | | | | | 31,745 | | | | | | Sep/32 | | | |
TJLP + 3.14%
|
| | | | 36,411 | | | |||
BNDES
|
| | | | Nov/13 | | | | | | 3,751 | | | | | | Sep/32 | | | |
T.R. + 3.14%`
+ IPCA |
| | | | 4,311 | | | |||
BNDES
|
| | | | Feb/14 | | | | | | 4,402 | | | | | | Sep/22 | | | | | | 2.50% | | | | | | 3,774 | | |
BNDES
|
| | | | Feb/14 | | | | | | 7,484 | | | | | | Sep/32 | | | |
TJLP + 3.14%
|
| | | | 8,693 | | | |||
BNDES
|
| | | | Feb/14 | | | | | | 748 | | | | | | Jul/32 | | | |
T.R. + 3.14%
+ IPCA |
| | | | 1,046 | | | |||
BNDES
|
| | | | May/14 | | | | | | 321 | | | | | | Jul/32 | | | |
T.R. + 3.14%
+ IPCA |
| | | | 421 | | | |||
BNDES
|
| | | | May/14 | | | | | | 3,207 | | | | | | Sep/32 | | | |
TJLP + 3.14%
|
| | | | 3,640 | | | |||
BNDES
|
| | | | May/14 | | | | | | 848 | | | | | | Jul/32 | | | |
T.R. + 4,74%
+ IPCA |
| | | | 1,139 | | | |||
BNDES
|
| | | | Nov/14 | | | | | | 3,283 | | | | | | Set/32 | | | |
TJLP + 3.14%
|
| | | | 3,584 | | | |||
BNDES
|
| | | | Apr/15 | | | | | | 2,020 | | | | | | Set/32 | | | |
TJLP + 3,14%
|
| | | | 2,129 | | | |||
BNDES
|
| | | | May/15 | | | | | | 1,358 | | | | | | Set/32 | | | |
TJLP + 3,14%
|
| | | | 1,423 | | | |||
December 31, 2015
|
| | | | | | | | | | 82,731 | | | | | | | | | | | | | | | | | | 94,508 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current
|
| | | | 2,653 | | | | | | — | | |
Non-current
|
| | | | 63,671 | | | | | | 84,081 | | |
Commitments to the Grantor
|
| | | | 66,324 | | | | | | 84,081 | | |
|
Balance on December 31, 2013
|
| | | | — | | |
|
Grant obtained
|
| | | | 89,211 | | |
|
Changes in liability for concessions
|
| | | | 5,635 | | |
|
Translation diferences
|
| | | | (10,765) | | |
|
Balance on December 31, 2014
|
| | | | 84,081 | | |
|
Changes in liability for concessions
|
| | | | 11,776 | | |
|
Translation diferences
|
| | | | (29,532) | | |
|
Balance on December 31, 2015
|
| | | | 66,324 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current | | | | ||||||||||
Exclusive Rights
|
| | | | 839 | | | | | | — | | |
Other Advance Payments
|
| | | | 8 | | | | | | — | | |
| | | | | 847 | | | | | | — | | |
Non-current | | | | ||||||||||
Exclusivity Rights
|
| | | | 3,080 | | | | | | — | | |
| | | | | 3,080 | | | | | | — | | |
Total
|
| | | | 3,927 | | | | | | — | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Deferred revenue from customers(a)
|
| | | | — | | | | | | 8,119 | | |
FNAC Transfer(a)
|
| | | | 192 | | | | |||||
ATAERO Transfer(b)
|
| | | | 528 | | | | | | 268 | | |
PAN Transfer(c)
|
| | | | 16 | | | | | | 5 | | |
Others
|
| | | | 235 | | | | | | 199 | | |
| | | | | 971 | | | | | | 8,591 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Civil
|
| | | | 28 | | | | | | — | | |
Labor
|
| | | | 27 | | | | | | 82 | | |
| | | | | 55 | | | | | | 82 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Gross Revenue—Tariff(a)
|
| | | | 6,987 | | | | | | 2,383 | | |
Gross Revenue—Non-tariff(b)
|
| | | | 8,014 | | | | | | 6,422 | | |
Construction gross revenue(c)
|
| | | | — | | | | | | 67,744 | | |
Other Revenue
|
| | | | 100 | | | | | | — | | |
COFINS (Contribution to Social Security Financing)
|
| | | | (1,140) | | | | | | (669) | | |
PIS
|
| | | | (247) | | | | | | (145) | | |
ISS (Municipal services tax)
|
| | | | (262) | | | | | | (121) | | |
| | | | | 13,452 | | | | | | 75,614 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Personnel
|
| | | | 6,191 | | | | | | 4,990 | | |
Third party services
|
| | | | 2,446 | | | | | | 2,565 | | |
Maintenance
|
| | | | 1,792 | | | | | | 1,637 | | |
Utilities
|
| | | | 1,833 | | | | | | 1,124 | | |
Materials and fuel
|
| | | | 78 | | | | | | 249 | | |
Movable property rental
|
| | | | — | | | | | | 836 | | |
Others
|
| | | | 92 | | | | | | 152 | | |
Fixed grant amortization(a)
|
| | | | 1,372 | | | | | | 1,096 | | |
Amortization and depreciation
|
| | | | 4,064 | | | | | | 2,392 | | |
Construction costs
|
| | | | — | | | | | | 66,416 | | |
| | | | | 17,868 | | | | | | 81,457 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Personnel
|
| | | | 573 | | | | | | 777 | | |
Third Party Services
|
| | | | 372 | | | | | | 449 | | |
Insurance
|
| | | | 252 | | | | | | 327 | | |
Information Technology
|
| | | | 1 | | | | | | 319 | | |
Taxes, Fees and Contributions
|
| | | | 141 | | | | | | 170 | | |
Others
|
| | | | 147 | | | | | | 463 | | |
| | | | | 1,486 | | | | | | 2,505 | | |
|
| | | | | | 2015 | | | | | | 2014 | | |
|
Interest on Financial Investments
|
| | | | 82 | | | | | | 54 | | |
|
Discounts Obtained
|
| | | | 138 | | | | | | 66 | | |
|
Others
|
| | | | 38 | | | | | | 18 | | |
|
Financial revenue
|
| | | | 258 | | | | | | 138 | | |
|
Changes in liability for concessions
|
| | | | (11,776) | | | | | | (5,635) | | |
|
Interest, Charges and Bank Rates
|
| | | | (11,850) | | | | | | (9,528) | | |
|
Financial expenses
|
| | | | (23,626) | | | | | | (15,163) | | |
|
Net financial result
|
| | | | (23,368) | | | | | | (15,025) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Loss before income tax and social contribution
|
| | | | (107,734) | | | | | | (24,005) | | |
Tax at the domestic rate 34%
|
| | | | 36,630 | | | | | | 8,164 | | |
Tax effect of expenses that are not deductible for tax purposes
|
| | | | (27,475) | | | | | | — | | |
Impairment of deferred income asset
|
| | | | (14,399) | | | | | | — | | |
Income tax and social contribution
|
| | | | (5,244) | | | | | | 8,164 | | |
| | |
2015
|
| |
2014
|
| ||||||
Opening balance
|
| | | | 6,591 | | | | | | — | | |
Income tax and social contribution
|
| | | | (5,244) | | | | | | 8,164 | | |
Translation differences
|
| | | | (1,347) | | | | | | (1,573) | | |
Closing balance
|
| | | | — | | | | | | 6,591 | | |
|
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
|
| |
19.9 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
|
|
Investment Trigger of the Natal Concession Agreement | | |
10% of the amount
of planned investments |
| |
| | | | | | | | |
|
Bruno Souza Ferreira da Silva
Accountant—CRC: BA 023534/O-5 “S” RN |
| |
Paulo Junqueira de Arantes Filho
CFO |
| |
Jorge Arruda Filho
President Director |
|
|
BofA Merrill Lynch
|
| |
Citigroup
|
| |
Goldman Sachs & Co. LLC
|
|
| Corporación América Airports S.A. | |
|
By:
/s/ Andres Zenarruza
|
|
| Name: Andres Zenarruza Title: Legal Manager |
|
|
By:
/s/ Raúl Guillermo Francos
|
|
| Name: Raúl Guillermo Francos Title: Chief Financial Officer |
|
|
Signatures
|
| |
Title
|
| |
Date
|
|
|
*
Martín Francisco Antranik Eurnekian
|
| | Chief Executive Officer and Director (Principal Executive Officer) |
| | January 19, 2018 | |
|
/s/ Raúl Guillermo Francos
Raúl Guillermo Francos
|
| | Chief Financial Officer (Principal Financial Officer) |
| | January 19, 2018 | |
|
*
Raúl Galante
|
| | Accounting, Planning and Tax Manager (Principal Accounting Officer) |
| | January 19, 2018 | |
|
*
Eduardo Eurnekian
|
| | Director | | | January 19, 2018 | |
|
*
Máximo Bomchil
|
| | Director | | | January 19, 2018 | |
|
*
Roderick H. McGeoch
|
| | Director | | | January 19, 2018 | |
|
*
Valerie Pechon
|
| | Director | | | January 19, 2018 | |
|
*
Carlos Alberto Montagna
|
| | Director | | | January 19, 2018 | |
|
*
David Arendt
|
| | Director | | | January 19, 2018 | |
|
*By:
/s/ Raúl Guillermo Francos
Raúl Guillermo Francos as attorney-in-fact
|
| | | | | | |
| Authorized U.S. Representative | |
|
By:
/s/ Donald J. Puglisi
|
|
|
Name: Donald J. Puglisi
Title: Managing Director |
|
Exhibit 5.1
OPINION OF ALLEN & OVERY SCS (LUXEMBOURG)
To the board of directors of Corporación América Airports S.A. 4, rue de la Grève L-1643 Luxembourg Grand Duchy of Luxembourg |
Allen & Overy société en commandite simple, inscrite au barreau de Luxembourg 33 avenue J.F. Kennedy L-1855 Luxembourg Boîte postale 5017 L-1050 Luxembourg
Tel +352 4444 55 1 Fax +352 4444 55 557
frank.mausen@allenovery.com |
Our ref A&O/0119412-0000002 LU:12434386.4 | |
Luxembourg, 19 January 2018 |
PROJECT AXIS - LUXEMBOURG EXHIBIT 5.1 OPINION — CORPORACIÓN AMÉRICA AIRPORTS S.A. (FORMERLY KNOWN AS A.C.I AIRPORTS INTERNATIONAL S.À R.L.)
Dear Sir or Madam,
We are acting as legal advisers in the Grand Duchy of Luxembourg to Corporación América Airports S.A. (formerly known as A.C.I Airports International S.à r.l.), a public limited liability company (société anonyme) incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 4, rue de la Gréve, L-1643 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg trade and companies register (Registre de commerce et des sociétés, Luxembourg) (the Register) under number B174140 (the Company) in connection with the Registration Statement on Form F-1 (the Registration Statement) filed with the U.S. Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended, relating to the offering (i) by A.C.I Airports S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 6, rue Eugène Ruppert, L-2453 Luxembourg, Grand Duchy of Luxembourg and registered with the Register under B174139 (the Existing Shareholder) of 16,666,667 (sixteen million six hundred and sixty-six thousand six hundred and sixty-seven) shares of the Company (the Existing Shares), and (ii) by the Company of 1,904,762 (eleven million nine hundred and four thousand seven hundred and sixty-two) shares of the Company (the New Shares and together with the Existing Shares, the Shares and each thereof, a Share), each Share with a nominal value of USD 1 (one dollar of the United States of America).
We have examined, and relied on, (i) the notarial deed of incorporation including the articles of incorporation (statuts) of the Company dated 14 December 2012, (ii) the resolutions taken by the board of managers of the Company on 16 June 2017 in relation to (a) the conversion of the Company from a private limited liability company (société à resbonsabilité limitée) into a public limited liability company (société anoynme) (the Conversion) and (b) the increase of the share capital of the Company by an amount of up to USD 1,499,980,000 (one billion four hundred and ninety-nine million nine hundred and eighty thousand dollars of the United States of America) (the Increase), (iii) the notarial deed recording the minutes of the resolutions of the sole shareholder passed by the Existing Shareholder on 14 September 2017 and relating to the Conversion and the Increase and (iv) the notarial deed recording the minutes of the resolutions of the sole shareholder passed by the Existing Shareholder on 19 January 2018 and relating to the decrease of the share capital of the Company by an amount of USD 1,351,882,500 (one billion three hundred fifty-one million eight hundred eighty-two thousand five hundred US Dollars) and the full restatement of the Company’s articles of association as well as such corporate records (including the shareholder’s register of the Company) as have been disclosed to us and such certifications made to us, which we deemed necessary and appropriate as a basis for the opinions hereinafter expressed.
Allen & Overy, société en commandite simple, is an affiliated office of Allen & Overy LLP. Allen & Overy LLP or an affiliated undertaking has an office in each of: Abu Dhabi, Amsterdam, Antwerp, Bangkok, Barcelona, Beijing, Belfast, Bratislava, Brussels, Bucharest (associated office), Budapest, Casablanca, Doha, Dubai, Düsseldorf, Frankfurt, Hamburg, Hanoi, Ho Chi Minh City, Hong Kong, Istanbul, Jakarta (associated office), Johannesburg, London, Luxembourg, Madrid, Milan, Moscow, Munich, New York, Paris, Perth, Prague, Riyadh (cooperation office), Rome, São Paulo, Séoul, Shanghai, Singapore, Sydney, Tokyo, Warsaw, Washington, D.C. and Yangon. |
In giving this legal opinion, we have assumed, and we have not verified independently that all factual matters and statements relied upon or assumed herein were, are and will be (as the case may be) true, complete, up-to-date and accurate.
Based upon, and subject to, the assumptions made above and subject to any matters not disclosed to us, we are of the opinion that, under the laws of the Grand Duchy of Luxembourg in effect, as construed and applied by the Luxembourg courts in published Luxembourg court decisions, on the date hereof:
1. | Status |
The Company is a public limited liability company (société anonyme) formed for an unlimited duration under the laws of the Grand Duchy of Luxembourg.
2. | Existing Shares |
The Existing Shares being offered by the Existing Shareholder have been validly issued, fully paid and non-assessable (as this term is used under New York law).
3. | New Shares |
The New Shares being offered by the Company, once duly subscribed and fully paid and issued in accordance with the Registration Statement and the necessary shareholder’s resolutions to be taken with respect to their issuance, subscription and allocation, will be validly issued, fully paid and non-assessable (as this term is used under New York law).
This legal opinion is as of this date and we undertake no obligation to update it or advise of changes hereafter occurring. We express no opinion as to any matters other than those expressly set forth herein, and no opinion is, or may be, implied or inferred herefrom.
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to use of our name under the heading “Legal Matters” as regards the Grand Duchy of Luxembourg in the prospectus contained therein. In giving such consent we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended.
Yours faithfully,
/s/ Frank Mausen
Allen & Overy
Frank Mausen*
Partner
Avocat à la Cour
* | This document is signed on behalf of Allen & Overy, a société en commandite simple, registered on list V of the Luxembourg bar. The individual signing this document is a qualified lawyer representing this entity. |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the use in this amendment no. 5 to Registration Statement on Form F-1 (No. 333-221916) of Corporación América Airports S.A. of our report dated November 17, 2017 relating to the financial statements, which appears in such Registration Statement. We also consent to the reference to us under the heading “Experts” in such Registration Statement.
/s/ Price Waterhouse & Co. S.R.L.
___________________________
/s/ Alejandro P. Frechou
Partner
Buenos Aires, Argentina
January 19, 2018
Exhibit 23.2
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the use in this amendment no. 5 to Registration Statement on Form F-1 of Corporación América Airports S.A. (No. 333-221916) of our report dated October 5, 2017 relating to the financial statements of Inframerica Participações S.A., which appears in such Registration Statement. We also consent to the reference to us under the heading “Experts” in such Registration Statement.
/s/ PricewaterhouseCoopers | |
Auditores Independentes | |
/s/ Kieran John McManus |
|
Partner | |
Brasília, Brazil | |
January 19, 2018 |
Exhibit 23.3
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the use in this amendment no. 5 to Registration Statement on Form F-1 of Corporación América Airports S.A. (No. 333-221916) of our report dated October 5, 2017 relating to the financial statements of Inframerica Concessionária do Aeroporto de São Gonçalo do Amarante S.A., which appears in such Registration Statement. We also consent to the reference to us under the heading “Experts” in such Registration Statement.
/s/ PricewaterhouseCoopers | |
Auditores Independentes | |
/s/ Kieran John McManus | |
Partner | |
Brasília, Brazil | |
January 19, 2018 |
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