Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document and Entity Information | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38354 |
Entity Registrant Name | CORPORACIÓN AMÉRICA AIRPORTS S.A. |
Entity Incorporation, State or Country Code | N4 |
Entity Address, Address Line One | 128, Boulevard de la Pétrusse |
Entity Address, City or Town | Luxembourg |
Entity Address, Postal Zip Code | L-2330 |
Entity Address, Country | LU |
Title of 12(b) Security | Common Shares, U.S.$1.00 nominal value per share |
Trading Symbol | CAAP |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 163,222,707 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Auditor Name | Price Waterhouse & Co. S.R.L |
Auditor Firm ID | 1349 |
Auditor Location | Buenos Aires, Argentina |
Entity Central Index Key | 0001717393 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Business Contact | |
Document and Entity Information | |
Contact Personnel Name | Jorge Arruda Filho |
City Area Code | 352 |
Local Phone Number | 26258274 |
Entity Address, Address Line One | 128, Boulevard de la Pétrusse |
Entity Address, City or Town | Luxembourg |
Entity Address, Postal Zip Code | L-2330 |
Entity Address, Country | LU |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Continuing operations | |||
Revenue | $ 1,400,038 | $ 1,378,663 | $ 706,913 |
Cost of services | (914,677) | (962,978) | (622,381) |
Gross profit | 485,361 | 415,685 | 84,532 |
Selling, general and administrative expenses | (138,669) | (141,355) | (102,062) |
Impairment reversal / (loss) of non-financial assets | 102,838 | (111) | (371) |
Other operating income | 100,560 | 37,340 | 42,777 |
Other operating expense | (9,453) | (6,984) | (18,416) |
Operating income | 540,637 | 304,575 | 6,460 |
Share of income / (loss) in associates | 7,108 | (970) | (629) |
Income before financial results and income tax | 547,745 | 303,605 | 5,831 |
Financial income | 101,598 | 63,859 | 28,080 |
Financial loss | (406,570) | (196,405) | (131,271) |
Inflation adjustment | (40,547) | 19,459 | 6,691 |
Income / (loss) before income tax | 202,226 | 190,518 | (90,669) |
Income tax | 24,241 | (24,883) | (69,111) |
Income / (loss) from continuing operations | 226,467 | 165,635 | (159,780) |
Loss from discontinued operations | (21,196) | ||
Income / (loss) for the year | 226,467 | 165,635 | (180,976) |
Attributable to: | |||
Owners of the parent | 239,506 | 168,166 | (117,755) |
Non-controlling interest | (13,039) | (2,531) | (63,221) |
Income / (loss) for the year | $ 226,467 | $ 165,635 | $ (180,976) |
Earnings per share for profit from continuing operations attributable to the ordinary equity holders of the Group: | |||
Basic earnings per share | $ 1.49 | $ 1.05 | $ (0.60) |
Diluted earnings per share | 1.49 | 1.05 | (0.60) |
Earnings per share for profit attributable to the ordinary equity holders of the Group: | |||
Basic earnings per share | 1.49 | 1.05 | (0.73) |
Diluted earnings per share | $ 1.49 | $ 1.05 | $ (0.73) |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
Income / (loss) for the year | $ 226,467 | $ 165,635 | $ (180,976) |
Items that will not be reclassified to profit or loss: | |||
Remeasurement of defined benefit obligation | 4 | 859 | 28 |
Items that may be reclassified to profit or loss: | |||
Other comprehensive (loss) / income from continuing operations for the year, net of income tax | (70) | 43 | 55 |
Currency translation adjustment | (281,684) | 91,105 | 137,719 |
Other comprehensive income / (loss) from continuing operations for the year, net of income tax | (281,750) | 92,007 | 137,802 |
Currency translation adjustment from discontinued operations | 920 | ||
Other comprehensive income from discontinued operations for the year, net of income tax | 920 | ||
Other comprehensive (loss) / income for the year | (281,750) | 92,007 | 138,722 |
Total comprehensive (loss) / income for the year | (55,283) | 257,642 | (42,254) |
Attributable to: | |||
Owners of the parent | 7,818 | 239,015 | (22,132) |
Non-controlling interest | (63,101) | 18,627 | (20,122) |
Total comprehensive (loss) / income for the year | (55,283) | 257,642 | (42,254) |
Total comprehensive income / (loss) for the year attributable to owners of the parent arises from: | |||
Continuing operations | 7,818 | 239,015 | (1,856) |
Discontinued operations | (20,276) | ||
Owners of the parent | $ 7,818 | $ 239,015 | $ (22,132) |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Intangible assets, net | $ 2,520,965 | $ 2,960,002 |
Property, plant and equipment, net | 74,919 | 74,742 |
Right-of-use asset | 10,493 | 9,192 |
Investments in associates | 11,992 | 1,911 |
Other financial assets at fair value through profit or loss | 5,979 | 3,160 |
Other financial assets at amortized cost | 61,090 | 3,764 |
Derivative financial instruments | 69 | 67 |
Deferred tax assets | 62,712 | 54,882 |
Inventories | 318 | 254 |
Other receivables | 42,640 | 78,765 |
Trade receivables | 889 | 1,581 |
Total non-current assets | 2,792,066 | 3,188,320 |
Current assets | ||
Inventories | 16,148 | 15,765 |
Other financial assets at fair value through profit or loss | 4,884 | 12,792 |
Other financial assets at amortized cost | 83,142 | 53,905 |
Other receivables | 145,549 | 57,800 |
Current tax assets | 3,779 | 10,852 |
Trade receivables | 126,560 | 111,089 |
Cash and cash equivalents | 369,848 | 385,265 |
Total current assets | 749,910 | 647,468 |
Total assets | 3,541,976 | 3,835,788 |
EQUITY | ||
Share capital | 163,223 | 163,223 |
Share premium | 183,430 | 183,430 |
Treasury shares | (4,322) | (4,600) |
Free distributable reserve | 378,910 | 378,910 |
Non-distributable reserve | 1,358,028 | 1,358,028 |
Currency translation adjustment | (482,852) | (251,145) |
Legal reserves | 3,676 | 1,081 |
Other reserves | (1,313,888) | (1,314,025) |
Retained earnings | 438,775 | 201,193 |
Total attributable to owners of the parent | 724,980 | 716,095 |
Non-controlling interests | 78,929 | 146,274 |
Total equity | 803,909 | 862,369 |
Non-current liabilities | ||
Borrowings | 1,133,549 | 1,287,421 |
Deferred tax liabilities | 137,315 | 232,458 |
Other liabilities | 768,364 | 768,383 |
Lease liabilities | 10,294 | 5,531 |
Trade payables | 2,617 | 3,307 |
Total Non-current liabilities | 2,052,139 | 2,297,100 |
Current liabilities | ||
Borrowings | 199,688 | 178,016 |
Other liabilities | 345,864 | 357,078 |
Lease liabilities | 3,687 | 3,278 |
Derivative financial instruments liabilities | 51 | |
Current tax liabilities | 23,921 | 13,794 |
Trade payables | 112,768 | 124,102 |
Total current liabilities | 685,928 | 676,319 |
Total liabilities | 2,738,067 | 2,973,419 |
Total equity and liabilities | $ 3,541,976 | $ 3,835,788 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Share capital | Share premium | Treasury shares | Free distributable reserves | Non-distributable reserves | Legal reserves | Currency translation adjustments | Other reserves | Retained earnings | [1] | Total | Non-controlling interests | Total |
Balance at Dec. 31, 2020 | $ 163,223 | $ 183,430 | $ (6,145) | $ 378,910 | $ 1,358,028 | $ 176 | $ (417,272) | $ (1,321,142) | $ 150,202 | $ 489,410 | $ 315,876 | $ 805,286 | |
Income / (loss) for the year | (117,755) | (117,755) | (63,221) | (180,976) | |||||||||
Shareholders contributions | 11,475 | 11,475 | |||||||||||
Transfer to legal reserve | 905 | (905) | |||||||||||
Share-based payments reserve | 1,373 | (1,500) | 1,147 | 1,020 | 1,020 | ||||||||
Other comprehensive (loss) / income for the year | 95,625 | (2) | 95,623 | 43,099 | 138,722 | ||||||||
Changes in non-controlling interests | 1,433 | 1,433 | (3,352) | (1,919) | |||||||||
Balance at Dec. 31, 2021 | 163,223 | 183,430 | (4,772) | 378,910 | 1,358,028 | 1,081 | (321,647) | (1,321,211) | 32,689 | 469,731 | 303,877 | 773,608 | |
Income / (loss) for the year | 168,166 | 168,166 | (2,531) | 165,635 | |||||||||
Shareholders contributions | 24,170 | 24,170 | |||||||||||
Share-based payments reserve | 172 | 157 | 338 | 667 | 667 | ||||||||
Redemption of preferred shares | (182,336) | (182,336) | |||||||||||
Other comprehensive (loss) / income for the year | 70,502 | 347 | 70,849 | 21,158 | 92,007 | ||||||||
Changes in non-controlling interests | 6,682 | 6,682 | (18,064) | (11,382) | |||||||||
Balance at Dec. 31, 2022 | 163,223 | 183,430 | (4,600) | 378,910 | 1,358,028 | 1,081 | (251,145) | (1,314,025) | 201,193 | 716,095 | 146,274 | 862,369 | |
Income / (loss) for the year | 239,506 | 239,506 | (13,039) | 226,467 | |||||||||
Shareholders contributions | 9,424 | 9,424 | |||||||||||
Transfer to legal reserve | 2,595 | (2,595) | |||||||||||
Share-based payments reserve | 278 | 106 | 671 | 1,055 | 1,055 | ||||||||
Other comprehensive (loss) / income for the year | (231,707) | 19 | (231,688) | (50,062) | (281,750) | ||||||||
Changes in non-controlling interests | 12 | 12 | (13,668) | (13,656) | |||||||||
Balance at Dec. 31, 2023 | $ 163,223 | $ 183,430 | $ (4,322) | $ 378,910 | $ 1,358,028 | $ 3,676 | $ (482,852) | $ (1,313,888) | $ 438,775 | $ 724,980 | $ 78,929 | $ 803,909 | |
[1] Retained Earnings calculated according to Luxembourg Law are disclosed in Note 26.c. |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Income / (loss) for the year from continuing operations | $ 226,467 | $ 165,635 | $ (159,780) |
Adjustments for: | |||
Amortization and depreciation | 151,593 | 172,480 | 160,633 |
Deferred income tax | (62,697) | 4,415 | 50,027 |
Current income tax | 38,456 | 20,468 | 19,084 |
Share of loss in associates | (7,108) | 970 | 629 |
Impairment (reversal) / loss of non-financial assets reversal | (102,838) | 111 | 371 |
Income due to concession compensation | (62,677) | ||
Loss on disposals of property, plant and equipment and intangible assets | 592 | 420 | 139 |
Gain on disposal of subsidiaries | (4,186) | ||
Low value, short term and variable lease payments | (3,082) | (1,154) | (1,204) |
Share-based compensation expenses | 1,055 | 667 | 1,020 |
Interest expense | 95,185 | 164,288 | 125,533 |
Other financial results, net | (41,558) | (41,055) | (19,157) |
Net foreign exchange | 164,026 | (90,603) | (113,609) |
Government subsidies per Covid-19 context | (21,511) | (14,133) | (33,366) |
Government grants collected | 383 | 10,020 | 11,790 |
Other accruals | 3,145 | (5,043) | 7,450 |
Inflation adjustment | 54,170 | 6,969 | (17,727) |
Acquisition of Intangible assets | (149,436) | (154,940) | (83,212) |
Income tax paid | (22,919) | (22,631) | (2,871) |
Unpaid concession fees | 49,992 | 46,084 | 65,360 |
Changes in liability for concessions | 98,480 | 101,488 | 109,103 |
Changes in working capital | (53,303) | (57,641) | (12,255) |
Net cash provided by operating activities | 356,415 | 302,629 | 107,958 |
Net cash used in discontinued operating activities | 0 | 0 | 0 |
Cash flows from investing activities | |||
Cash contribution in associates | (84) | (260) | (741) |
Net acquisition of subsidiaries companies | (1,134) | ||
Net disposal of subsidiaries companies | (406) | ||
Acquisition of other financial assets | (128,899) | (150,856) | (37,120) |
Disposals of other financial assets | 72,571 | 170,235 | 55,207 |
Acquisition of Property, plant and equipment | (9,661) | (9,091) | (7,665) |
Acquisition of Intangible assets | (1,221) | (732) | (851) |
Proceeds from sale of Property, plant and Equipment | 264 | 233 | 535 |
Others | 626 | 263 | 1,395 |
Net cash (used in) / provided by investing activities | (66,404) | 9,386 | 9,626 |
Net cash used in discontinued investing activities | 0 | (14,700) | (2,495) |
Cash flows from financing activities | |||
Proceeds from cash contributions | 9,424 | 24,170 | 11,475 |
Proceeds from borrowings | 87,846 | 371,951 | 366,544 |
Principal elements of lease payments | (3,118) | (4,307) | (4,729) |
Loans repaid | (200,475) | (328,775) | (266,839) |
Interest paid | (83,791) | (111,387) | (86,108) |
Debt renegotiation expenses capitalization | (110) | (2,011) | (20,439) |
Debt renegotiation premium | (193) | ||
Guarantee deposit | 2,168 | (512) | (1,015) |
Dividends paid to non-controlling interests in subsidiaries | (13,656) | (11,382) | (2,361) |
Redemption of preferred shares | (172,029) | ||
Others | 86 | (6) | (4) |
Net cash used in financing activities | (201,626) | (234,288) | (3,669) |
Net cash used in discontinued financing activities | 0 | 0 | 0 |
Increase in cash and cash equivalents | 88,385 | 77,727 | 113,915 |
Decrease in cash and cash equivalents from discontinued operations | (14,700) | (2,495) | |
Cash and cash equivalents | |||
At the beginning of the year | 385,265 | 375,783 | |
Effects of exchange rate changes and inflation adjustment on cash and cash equivalents | (103,802) | (53,545) | (16,668) |
Increase in cash and cash equivalents | 88,385 | 77,727 | 113,915 |
Decrease in cash and cash equivalents from discontinued operations | (14,700) | (2,495) | |
At the end of the year | $ 369,848 | $ 385,265 | $ 375,783 |
General information and signifi
General information and significant event of the year | 12 Months Ended |
Dec. 31, 2023 | |
General information and significant event of the year | |
General information and significant event of the year | 1 General information and significant event of the year 1.1 General Information Corporación América Airports S.A. (the “Company” or “CAAP”) is a holding company primarily engaged through its operating subsidiaries in the acquisition, development and operation of airport concessions. The Company and its operating subsidiaries are collectively referred to hereinafter as the “Group”. The Company’s shares trade on the New York Stock Exchange (“NYSE”) under the symbol “CAAP”. The Company was formed as a private limited liability company under the laws of the Grand Duchy of Luxembourg on December 14, 2012. The Company is ultimately controlled by Southern Cone Foundation (“SCF”), a foundation organized under the laws of the Principality of Liechtenstein. The address of its registered office is in Vaduz. The Company’s registered office address is 128, Boulevard de la Pétrusse, Luxembourg. The Group currently has operations in Argentina, Brazil, Uruguay, Armenia, Italy, and Ecuador. The fiscal year begins on January 1 and ends on December 31. These Consolidated Financial Statements have been approved for issuance by the Board of Directors on March 20, 2024. 1.2 Significant event of the year 1.2.1 Re-bidding of the International Airport of São Gonçalo do Amarante (“Natal Airport”) On March 5, 2020, CAAP announced that its subsidiary Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”) filed a request to the Agência Nacional de Aviação Civil (“the Brazilian ANAC”) to commence the re-bidding process of the Natal Airport, pursuant to Law No. 13,448 of July 5, 2017, and the Brazilian ANAC Resolution No. 533 of November 7, 2019. On May 26, 2020, the Brazilian ANAC confirmed the technical and legal feasibility of the request regarding the re-bidding process initiated by ICASGA. On June 3, 2020, the process was approved by the Ministério da Infraestrutura, and on June 10, 2020, the Conselho do Programa de Parcerias de Investimentos of the Ministério da Economia expressed a favorable opinion and submitted the request for proposal for re-bidding to the President of Brazil. On August 24, 2020, Natal Airport was qualified to go through the re-bidding process. On November 20, 2020, ICASGA and the Brazilian ANAC signed a concession agreement amendment setting forth the rules and proceedings for the re-bidding (the “Amendment”) and the re-bidding process became irrevocable and irreversible. The Amendment imposed restrictions on the ICASGA’s actions, such as making investments, acquisition or disposal of reversible assets, without the prior express consent of the Brazilian ANAC. However, despite the fact that ICASGA may no longer hold the right to operate Natal Airport until the end of the original term the re-bidding process was not effective until certain aspects beyond ICASGA’s control were confirmed, namely; i) that the re-bidding procedure for determining the new concessionaire be successfully completed and ii) that the bid offered by the winner of the bidding process be sufficient to pay the indemnity owed by the Brazilian ANAC to ICASGA. The auction successfully took place on May 19, 2023. On September 12, 2023, a contract between the new concessionaire and the Brazilian ANAC was signed, starting the process of approval of the compensation payment to ICASGA. However, the conclusion of the re-bidding process was still uncertain, given that the amount determined by the new offer was not sufficient to pay the indemnity owing to ICASGA in full and the Brazilian legislation did not allow the Government to pay the outstanding balance unless there was a specific budget approval. General information and significant event of the year (Cont.) 1.2 Significant event of the year (Cont.) 1.2.1 Re-bidding of the International Airport of São Gonçalo do Amarante (“Natal Airport”) (Cont.) The residual part of the budget was finally approved by the National Congress and endorsed by the President of Brazil on December 27, 2023 crystalizing a final gross indemnification of R$ 609.5 million (equivalent to USD 125.9 million). Considering that all conditions for the concession agreement amended to be effective were met, as of December 31, 2023, a net gain of USD 166.5 million was recognized in ICASGA, mainly due to a gain for the reversal of impairment losses recognized in previous periods over intangible assets of USD 103.8 million (Note 12) and other operating income that includes the compensation for the assets and liabilities of the concession for a total of USD 62.7 million (Note 8). The related concession assets, including the concession intangible asset, and liabilities were derecognized as of December 31, 2023. The transaction did not have an impact on income tax as unrecognized tax loss carry forwards were used to compensate the current tax expense for an amount of approximately R$ 36.8 million (equivalent to USD 7.4 million). Based on tax advice received, management considers that the deduction of 100% of the tax loss carryforwards can be applied. On December 29, 2023, the Brazilian Government made a partial payment deducting all the obligations related to fixed and variable concession fees and including the receivables related to re-equilibriums (a total net payment of R$ 199.7 million equivalent to USD 41.3 million), extinguishing all the concession fees obligations that ICAGSA maintained. On January 5, 2024, the balance of the indemnification was collected (see Note 34). Additionally, on December 31, 2023, following ICASGA’s absorption by ACI Do Brasil S.A. (“ACIB”), a Brazilian subsidiary of CAAP, all the rights and obligations of ICASGA were transferred to ACIB. 1.2.2 Conflict between Russia and Ukraine Russia’s war against neighboring Ukraine continues to disrupt international travel from and to Russia and Ukraine and other destinations as the flights to Russia have been banned by Western countries and by the European Union, Russia has closed its skies for carriers registered in Western countries and carriers avoid overflying the war zone. It is likely that this war will continue to disrupt supply chains, cause instability in the global economy and disrupt international travel to/from airports operated by the Company, in particular those located in Europe. In addition, following Russia’s invasion of Ukraine, sanctions have been implemented against Russia, including, among others, travel bans and asset freezes impacting businesses, financial organizations and individuals of Russian origin some of which have been tightened as the war intensified. Wider sanctions and other actions could be imposed if the conflict further escalates. During 2022 and 2023, there has been an increase in traffic in Armenia above internal projections and the traffic in Italy has not been affected by the conflict. Moreover, during 2022, there was an increase in the costs of raw materials and expenses for utilities, being caused mainly by the conflict. Considering the uncertainty of the extension of the war and the additional measures and sanctions that could be imposed, the full extent by which the war will impact the Company’s business, results of operations, financial position and liquidity is unknown. The Company is closely monitoring the situation. |
Basis of presentation and accou
Basis of presentation and accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Basis of presentation and accounting policies | |
Basis of presentation and accounting policies | 2 Basis of presentation and accounting policies A Summary of material accounting policies information The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated. Basis of preparation The Group’s Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”) and interpretations (“IFRIC”) issued by the IFRS Interpretations Committee applicable to companies reporting under IFRS. The Consolidated Financial Statements comply with IFRS as issued by the International Accounting Standards Board (“IASB”). Presentation in the consolidated statement of financial position differentiates between current and non-current assets and liabilities. Assets and liabilities are regarded as current if they mature within one year or within the normal business cycle of the Group, or are held for sale. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in Note 2.X. Several balance sheet consolidated statements of financial position and consolidated statements of income items have been combined in the interests of clarity. These items are stated and explained separately in the notes to the Consolidated Financial Statements. The statement of income is structured according to the function of the expense method (nature of the expenses is classified in notes). These Consolidated Financial Statements are presented in thousands of U.S. dollars unless otherwise stated. All amounts are rounded off to thousands of U.S. dollars unless otherwise stated. As such, insignificant rounding differences may occur. A dash (“—”) indicates that no data was reported for a specific line item in the relevant financial year or period or when the pertinent figure, after rounding, amounts to nil. New and amended standards adopted by the Group The Group has adopted the following standards and interpretations that become applicable for annual period commencing on or after January 1, 2023: - Narrow scope amendments to IAS 1, Practice statement 2 and IAS 8. - Deferred tax related to assets and liabilities arising from a single transaction - Amendment to IAS 12. - International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12. - During the year ended December 31, 2022, the Group has applied the following standards and amendments for the first time for their annual reporting period commencing on January 1, 2022: - Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16. - Annual Improvements to IFRS Standards 2018-2020 – Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41. - Reference to the Conceptual Framework – Amendments to IFRS 3. - Onerous Contracts – Cost of Fulfilling a Contract – Amendments to IAS 37. The amendments listed above did not have any material impact on our Consolidated Financial Statements. 2 Basis of presentation and accounting policies (Cont.) A Summary of material accounting policies information (Cont.) The following accounting standards and interpretations have been published but the application are not mandatory for December 31, 2023 reporting periods and have not been early adopted by the Group: - Non-current liabilities with covenants – Amendments to IAS 1. - Classification of Liabilities as Current or Non-current – Amendments to IAS 1. - Lease liability in sale and leaseback – amendments to IFRS 16. - Sale or contribution of assets between an investor and its associate or joint venture – Amendments to IFRS 10 and IAS 28. - Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7. - Lack of exchangeability – Amendments to IAS 21. The Group is currently assessing the impact these standards, amendments or interpretations will have in the current or future reporting periods and on foreseeable future transactions. B Group accounting policies (1) Subsidiaries and transactions with non-controlling interests Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no longer consolidated from the date control ceases. The acquisition method is used to account for the business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred or assumed at the date of exchange, and the equity interest issued by the Group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. Accounting treatment is applied on an acquisition by acquisition basis.The excess of the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Consolidated Statement of Income. 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (1) Subsidiaries and transactions with non-controlling interests (Cont.) Transactions with non-controlling interests that do not result in a loss of control are accounted as equity transactions with owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. Material intercompany transactions, balances and unrealized gains and losses have been eliminated in consolidation. However, financial gains and losses from intercompany transactions may arise when the subsidiaries have different functional currencies. These financial gains and losses are included in the Consolidated Statement of Income under Financial income Financial loss (2) Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for by the equity method of accounting and are initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor`s share of profit or loss of the investment after the date of acquisition. Dividends received or receivable from associates are recognized as a reduction in the carrying amount of the investment. The Company’s investment in associates includes goodwill identified on acquisition, net of any accumulated impairment loss. Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity. Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group. The Company’s pro-rata share of earnings in associates is recorded in the Consolidated Statement of Income under Share of income / (loss) in associates Share of other comprehensive (loss)/ income from associates Other Reserves. 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (3) List of Subsidiaries Detailed below are the subsidiaries of the Company, which have been consolidated in these Consolidated Financial Statements. The percentage of ownership refers to the direct and indirect ownership of CAAP in their subsidiaries at each period-end. Holdings companies Percentage of ownership at Country of December 31, Company incorporation Local currency Main activity 2023 2022 2021 Abafor S.A. Uruguay Uruguayan pesos Holding company 100.00 % 100.00 % 100.00 % ACI Airport Sudamérica S.A.U. (“ACI”) Spain Euros Holding company 100.00 % 100.00 % 100.00 % ACI Airports Italia S.A.U. Spain Euros Holding company 100.00 % 100.00 % 100.00 % America International Airports LLC (1) USA U.S. dollars Holding company 100.00 % 100.00 % 100.00 % Anabe ITG S.L. (9) Spain Euros Holding company 100.00 % 100.00 % — Barnsley ITG S.L. (11) Spain Euros Holding company 99.98 % — — Cargo & Logistics S.A. (1) (7) Argentina Argentine pesos Holding company 82.89 % 82.89 % 82.10 % 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. (“CAER”) Argentina Argentine pesos Holding company 99.98 % 99.98 % 99.98 % Corporacion Africa Airports Nigeria Limited (“CAAN”) (9) Nigeria Naira Holding company 51.00 % — — Corporación América Italia S.p.A. (“CAI”) Italy Euros Holding company 75.00 % 75.00 % 75.00 % Corporación América S.A. (7) Argentina Argentine pesos Holding company 97.22 % 97.22 % 96.18 % Corporación América Sudamericana S.A. (7) Panamá U.S. dollars Holding company 96.53 % 96.53 % 95.50 % DICASA Spain S.A.U. (1) Spain Euros Holding company 100.00 % 100.00 % 100.00 % Inframérica Participaçoes S.A. (1) (8) Brazil Brazilian real Holding company 99.98 % 99.98 % 99.97 % Yokelet S.L. Spain Euros Holding company 100.00 % 100.00 % 100.00 % 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (3) List of Subsidiaries (Cont.) Operating companies Percentage of ownership at Country of December 31, Company incorporation Local currency Main activity 2023 2022 2021 Abuja Airport Concession Company (“AACC”) (10) Nigeria Naira Airports Operation 51.00 % — — ACI do Brasil S.A. (“ACIB”) (12) Brazil Brazilian real Airports Operation (12) 99.99 % 99.99 % 99.99 % Aerocombustibles Argentinos S.A. (7) Argentina Argentine pesos Fueling company 94.79 % 94.79 % 93.78 % Aeropuerto de Bahía Blanca S.A. (“BBL”) (7) Argentina Argentine pesos Airports Operation 82.64 % 82.64 % 81.75 % Aeropuertos Argentina 2000 S.A.(“AA2000”) (2) (7) Argentina Argentine pesos Airports Operation 82.69 % 82.69 % 81.91 % Aeropuertos del Neuquén S.A. (“ANSA”) (7) Argentina Argentine pesos Airports Operation 75.54 % 75.54 % 74.73 % Armenia International Airports C.J.S.C. (“AIA”) Armenia Dram Airports Operation 100.00 % 100.00 % 100.00 % CAAirports International Services S.A. Uruguay Uruguayan pesos Service company 100.00 % 100.00 % 100.00 % Consorcio Aeropuertos Internacionales S.A. (“CAISA”) Uruguay Uruguayan pesos Airports Operation 100.00 % 100.00 % 100.00 % Enarsa Aeropuertos S.A. (7) Argentina Argentine pesos Fuel plants 77.77 % 77.77 % 76.95 % Inframérica Concessionária do Aeroporto de Brasilia S.A. (“ICAB”) (8) Brazil Brazilian real Airports Operation 50.99 % 50.99 % 50.99 % Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”) (12) Brazil Brazilian real Airports Operation — 99.98 % 99.98 % Kano Airport Concession Company Limited (“KACC) (10) Nigeria Naira Airports Operation 51.00 % — — Paoletti América S.A. (3) (7) Argentina Argentine pesos Service company 41.35 % 41.35 % 40.95 % Puerta del Sur S.A. (”PDS”) Uruguay Uruguayan pesos Airports Operation 100.00 % 100.00 % 100.00 % Servicios y Tecnología Aeroportuaria S.A. (7) Argentina Argentine pesos Service company 82.79 % 82.79 % 82.01 % Sinatus S.A. (13) Uruguay Uruguayan pesos Service company 100.00 % — — TCU S.A. Uruguay Uruguayan pesos Service company 100.00 % 100.00 % 100.00 % Terminal Aeroportuaria Guayaquil S.A. (“TAGSA”) (4) Ecuador U.S. dollars Airports Operation 49.99 % 49.99 % 49.99 % Texelrío S.A. (7) Argentina Argentine pesos Service company 57.88 % 57.88 % 57.34 % Toscana Aeroporti S.p.A. (“TA”) (5) (6) Italy Euros Airports Operation 46.71 % 46.71 % 46.71 % Villalonga Furlong S.A. (7) Argentina Argentine pesos Service company 82.90 % 82.90 % 82.12 % (1) (2) Includes a 9.35% direct interest of Cedicor S.A. in AA2000. (3) The Group has control over this company based on having majority representation in the board, power to direct the process of setting of financial and operating policies and execute the operational management of such Company. (4) The Group has control over this company based on having power to direct the process of setting of financial and operating policies and execute the operational management of such Company. (5) The Group has control over this company based on having a majority stake in Corporación América Italia S.p.A. that has 62.28% of ownership of TA, power to direct the process of setting of financial and operating policies and execute the operational management of such Company. 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (3) List of Subsidiaries (Cont.) (6) The Group TA has control over the following companies: Jet Fuel Co. S.r.l., Parcheggi Peretola S.r.l., Toscana Aeroporti Engineering S.r.l. and Toscana Aeroporti Construzioni S.r.l. Additionally, the Group TA had control over Toscana Aeroporti Handling S.r.l. until December 30, 2022, when sold an 80% of its participation. (7) In December, 2021, and December 2022 Cedicor S.A.’s contributions in Corporación América S.A. were capitalized increasing its participation from 95.80% to 96.18% in 2021 and from 96.18% to 97.22% in 2022, indirectly modifying the participation in the operating subsidiaries. (8) During 2022 CAAP made contributions in Inframérica Participaçoes S.A. (9) (10) Operating company part of the structure related to the future Nigerian’s concessions (Note 26.b). (11) (12) In December 2023, ACIB incorporated ICASGA (Note 1.2.1). (13) Subsidiary incorporated under Abafor S.A. 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (3) List of Subsidiaries (Cont.) Summarized financial information in respect of each of the Group’s subsidiaries that has most significant non-controlling interests is set below. The summarized financial information below represents amounts before intragroup elimination. TA December 31, December 31, December 31, 2023 2022 2021 Non-current assets 267,569 255,355 Current assets 68,197 89,097 Total assets 335,766 344,452 Non-current liabilities 78,834 99,928 Current liabilities 139,248 137,057 Total liabilities 218,082 236,985 Equity 117,684 107,467 Revenue 133,422 117,209 70,469 Gross income 41,783 22,633 (12,681) Operating income / (loss) 28,418 10,306 (12,182) Financial results (7,350) (4,119) (3,061) Share of income in associates 14 (258) 91 Income tax (6,842) (1,528) 8,704 Net income / (loss) 14,240 4,401 (6,448) Other comprehensive income / (loss) for the year 4,142 (5,827) (8,978) Total comprehensive income / (loss) for the year 18,382 (1,426) (15,426) Dividends paid (7,838) (7,340) — Increase / (decrease) in cash Provided by / (used in) operating activities 21,469 26,588 (13,249) Used in investing activities (1,388) (3,161) (4,909) Used in financing activities (52,221) (21,843) (8,522) 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (3) List of Subsidiaries (Cont.) TAGSA December 31, December 31, December 31, 2023 2022 2021 Non-current assets 53,782 56,025 Current assets 59,737 53,752 Total assets 113,519 109,777 Non-current liabilities 7,329 13,536 Current liabilities 54,106 47,447 Total liabilities 61,435 60,983 Equity 52,084 48,794 Revenue 105,228 96,199 65,155 Gross profit 42,943 38,614 20,784 Operating income 25,319 22,561 9,150 Financial results 656 (316) (1,413) Income tax (2,455) (1,937) (971) Net income 23,520 20,308 6,766 Other comprehensive income / (loss) for the year 80 356 (205) Total comprehensive income for the year 23,600 20,664 6,561 Dividends paid (20,308) (17,225) (3,000) Increase / (decrease) in cash Provided by operating activities 35,891 36,709 21,877 Used in investing activities (5,382) (10,152) (20,076) Used in financing activities (27,337) (24,399) (10,245) 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (3) List of Subsidiaries (Cont.) ICAB December 31, December 31, December 31, 2023 2022 2021 Non-current assets 666,428 645,847 Current assets 86,371 86,134 Total assets 752,799 731,981 Non-current liabilities 906,312 841,901 Current liabilities 215,761 190,784 Total liabilities 1,122,073 1,032,685 Equity (369,274) (300,704) Revenue 100,252 79,713 51,706 Gross profit 31,262 19,047 1,909 Operating income 37,816 21,328 11,702 Financial results (102,953) (114,550) (124,815) Income tax 3,250 (12,409) (9,320) Net loss (61,887) (105,631) (122,433) Other comprehensive (loss) / income for the year (25,918) (13,748) 14,898 Total comprehensive loss for the year (87,805) (119,379) (107,535) Increase / (decrease) in cash Provided by / (used in) operating activities 6,876 32,188 (585) Used in investing activities (16) (53) (459) (Used in) / provided by financing activities (12,784) 17,003 457 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (3) List of Subsidiaries (Cont.) AA2000 December 31, December 31, December 31, 2023 2022 2021 Non-current assets 1,165,410 1,594,529 Current assets 181,405 211,057 Total assets 1,346,815 1,805,586 Non-current liabilities 672,981 796,193 Current liabilities 124,665 222,223 Total liabilities 797,646 1,018,416 Equity 549,169 787,170 Revenue 635,563 758,111 362,128 Gross profit 218,246 234,803 37,846 Operating income / (loss) 170,714 190,446 (6,949) Financial results (211,898) 35,866 61,322 Income tax 52,912 2,900 (54,396) Net income / (loss) 11,728 229,212 (23) Other comprehensive (loss) / income for the year (250,002) 314,021 125,333 Total comprehensive (loss) / income for the year (238,274) 543,233 125,310 Increase / (decrease) in cash Provided by operating activities 192,164 146,789 62,937 (Used in) / provided by investing activities (64,305) 8,338 11,516 (Used in) / provided by financing activities (74,050) (122,453) 31,455 (4) Discontinued operations A discontinued operation is a component of the entity that has been disposed and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the Consolidated Statement of Income and Consolidated Statement of Comprehensive Income, when applicable. 2 Basis of presentation and accounting policies (Cont.) C Foreign currency translation (1) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The Consolidated Financial Statements are presented in U.S. dollars, which is the Company’s functional currency and the Group’s presentation currency. (2) Transactions in currencies other than the functional currency Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuations where items are re-measured. At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined. If such transactions occurred in a company applying IAS 29, after the above-mentioned translation, transactions are re-expressed in terms of the measuring unit current at the end of the reporting period. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as follows: - Exchange differences arising from foreign currency loans are recognized on a net aggregate basis in the Financial loss line of the Consolidated Statement of Income. - Other exchange differences are recognized on a net aggregate basis in Financial income or Financial loss in the Consolidated Income Statement, depending on whether they are gains or losses at net level on a quarterly basis. Foreign exchange gains and losses derived from the net monetary position in subsidiaries applying IAS 29 are presented in real (inflation-adjusted) terms. (3) Translation of financial information in currencies other than the Company’s functional currency Income and expenses of the subsidiaries whose functional currencies are not the U.S. dollar and are not in a hyperinflationary economy, are translated into U.S. dollars at average exchange rates on a quarterly basis. Assets and liabilities for each balance sheet presented are translated at the balance sheet date exchange rates. All figures (income, expenses, assets and liabilities) of the subsidiaries whose functional currencies are the one of a hyperinflationary economy, are translated into U.S. dollars at the balance sheet date exchange rates, considering that all items are expressed in terms of the measuring unit current at the end of the reporting period. Translation differences are recognized in the Consolidated Statement of Comprehensive Income as “Currency translation adjustment”. As of December 31, 2023, 2022 and 2021, the Company recognized a translation (loss)/income of USD (281.7) million, USD 91.1 million and USD 138.6 million, respectively, arising from the translation of the investments in Argentina, Brazil, Italy and Armenia. In the case of a sale or other disposal of any of such subsidiaries, any cumulative translation difference would be recognized in the Statement of Income as a gain or loss from the sale of such subsidiary. 2 Basis of presentation and accounting policies (Cont.) D Intangible assets (1) Concession Assets The Group, through its subsidiaries has been awarded the concession for the administration and operation of the following airports: - PDS and CAISA of major airports in Uruguay (Montevideo and Punta del Este) as well as six regional airports under the concession of PDS. - TA a merger of Aeroporto di Firenze S.p.A. (“ADF”) and Società Aeroporto Toscano Galileo Galilei S.p.A. (“SAT”) of Florence and Pisa airports, respectively. - ICAB and ICASGA of Brasilia and São Gonçalo do Amarante airports, respectively. As mentioned in Note 1.2.1, the concession of the São Gonçalo do Amarante airport was handle to a new concessionaire. - TAGSA of Guayaquil airport, “José Joaquin de Olmedo”. - AA2000 of 35 airports in Argentina. - BBL of Bahía Blanca airport in Argentina. - ANSA of Neuquén airport in Argentina. - AIA of the “Zvartnots” International Airport of Yerevan and Shirak Airport, Republic of Armenia. The concession agreements are accounted for in accordance with the principles included in IFRIC 12 “Service Concession Arrangements”. The Group recognized an intangible asset for: a) Fixed fees payables as the result of the acquisition of the right (license) to charge users for the service of airport concession (see Note 23), b) Right to obtain benefits for services provided using the assets built under the concession contracts. In case that an unconditional contractual right to receive cash or another financial asset from or at the direction of the grantor for the construction services; the grantor has little, if any, discretion to avoid payment, usually because the agreement is enforceable by law, the Company recognizes as Other financial assets at fair value through profit or loss Acquisitions correspond, according to the terms of the Concession contract, to the improvements of existing infrastructure assets to increase their useful life or capacity, or the construction of new infrastructure assets. General and specific borrowing costs, attributable to the acquisition, construction or production of assets that necessarily take a substantial period to get ready for their intended use, rental or sale are added to the cost of such assets until the assets are substantially ready to be used, rented or sold. As part of the obligations arising from the concession agreements, the Group provides construction or upgrade services. IFRIC 12 “Service Concession Arrangements” requires recognition of revenues and costs from the construction or upgrade services provided. The fair value of the construction or upgrade service is equal to the construction or upgrade costs plus a reasonable margin determined for each concession. The intangible asset for infrastructure under each concession agreement is amortized over the contract term in accordance with an appropriate method reflecting the rate of consumption of the concession asset’s economic benefits as from the date the infrastructure is brought into service. 2 Basis of presentation and accounting policies (Cont.) D Intangible assets (Cont.) (1) Concession Assets (Cont.) The concession fee paid to the grantor under the concession agreements is recognized depending on the terms defined in the concession agreement: a) Fixed concession fee is recognized at the beginning of the concession as it is reliably measurable, as a counterpart an intangible asset is recognized, this type of fee is independent from the revenue. b) Variable fees payables that are defined as a percentage over certain revenue streams are recognized on a monthly basis in the Consolidated Statement of Income. Each operating company is responsible for obtaining the necessary guarantees for the commitments assumed in each concession. They are mostly covered by insurance that is paid in advance and it is recorded in Other receivables, and is accrued over the life of the coverage. Main commitments under each concession agreement are included in Note 26 b. (2) Goodwill Goodwill represents the excess of the acquisition cost over the fair value of the Group’s share of net identifiable assets, liabilities and contingent liabilities acquired as part of business combinations determined by management. Goodwill impairment reviews are performed annually or more frequently if events or changes in circumstances indicate a potential impairment. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. Impairment losses on goodwill are not reversed. Goodwill, net of impairment losses, if any, is included on the Consolidated Statement of Financial Position under Intangible assets, net. (3) Other intangible assets An intangible asset purchased or produced internally is booked among Assets, as required by IAS 38, only if it can be identified and controlled, and if it is possible to predict the generation of future economic benefits and if its cost can be determined reliably. Intangible assets with finite lives are valued at purchase or production cost less accumulated amortization and impairment losses. Amortization is determined by making reference to the period of its estimated useful life and starts when the asset is available for use. E Property, plant and equipment Property, plant and equipment is recognized at historical acquisition or construction cost less accumulated depreciation and impairment losses; historical cost includes expenses directly attributable to the acquisition of the items. Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the Group and the investment enhances the condition of assets beyond its original condition. 2 Basis of presentation and accounting policies (Cont.) E Property, plant and equipment (Cont.) Depreciation is calculated using the straight-line method to allocate the cost of each asset to its residual value over the estimated useful life, as follows: Buildings and improvements 25‑30 years Plant and production equipment 3‑10 years Vehicles, furniture and fixtures, and other equipment 4‑10 years The residual values and useful lives of significant property, plant and equipment are reviewed and adjusted, if appropriate, at each year-end date. Gain and losses on disposals are determined by comparing the proceeds with the carrying amount and are included in Other operating income (expense) F Inventories Inventories are stated at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The cost of inventories is based on the weighted averaged principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. If applicable, the Group establishes an allowance for obsolete or slow-moving inventory related to finished goods. For slow moving or obsolete finished products, an allowance is established based on management’s analysis of product aging. G Trade and other receivables and contract assets Trade and other receivables are initially recognized at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognized at fair value. They are subsequently measured at amortized cost using the effective interest method, less loss allowance. See Note 3.A(iii) for a description of the Group’s impairment policies. A construction contract is a contract specifically negotiated for the construction of an asset. When the outcome of a construction contract can be reliably estimated, contract revenue and contract costs are acknowledged by the percentage of completion method. A contract asset is initially recognized for unbilled work in progress. Upon completion of the work and acceptance by the customer, the amount recognized as contract assets is reclassified to trade receivables. H Cash and cash equivalents Cash and cash equivalents are comprised of cash in banks, mutual funds and short-term investments with an original maturity of three months or less at the date of purchase which are readily convertible to known amounts of cash. In the Consolidated Statement of Financial Position, bank overdrafts are included in Borrowings 2 Basis of presentation and accounting policies (Cont.) I Equity (1) Equity components The Consolidated Statement of Changes in Equity includes: - The share capital, share premium, legal reserve, free distributable reserves and non-distributable reserves calculated in accordance with Luxembourg Law; - The treasury shares, currency translation adjustment, other reserves, retained earnings and non-controlling interes |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2023 | |
Financial Risk Management | |
Financial Risk Management | 3 Financial Risk Management The Group’s operations expose it to a variety of risks, mainly related to market risks (including the effects of changes in foreign currency exchange rates and interest rates), credit risk and liquidity risk. The Group manages its financial risk exposure independently at each operating subsidiary, however, decisions are discussed by the Board of Directors (“BOD”) members. The most significant financial risks to which the Group is exposed are detailed below. A Financial Risk Factors (i) Market risk a) Foreign exchange risk The Group operates in a number of countries throughout the world and consequently is exposed to foreign exchange rate risk. In addition, the Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. In order to manage foreign exchange risk, the Group has a strategy based on minimizing net positions of assets and liabilities denominated in foreign currencies together with the use of derivative financial instruments. During last years the Argentine monetary authority imposed certain exchange rate restrictions, which also affect the value of foreign currency in alternative markets for certain restricted exchange rate transactions in the official market. As of December 31, 2023 and 2022, these measures have remained in force restricting the access to the foreign exchange market in order to contain the demand for U.S. dollars include the requirement to obtain prior authorization from the Central Bank of Argentina for certain transactions in the Mercado Único y Libre de Cambios (“MULC”). Considering this situation, the Company continues to assess the evolution of the above-mentioned variables and any other factors in its Argentine subsidiaries in order to identify the unforeseen potential effects that could alter its business and performance. The value of the Group’s financial assets and liabilities is subject to changes arising out of the variation of foreign currency exchange rates. A significant majority of the Group’s business activities is conducted in the respective functional currencies of the subsidiaries. However, the Group transacts in currencies other than the respective functional currencies of the subsidiaries. There are material monetary balances held by the Group companies at each period-end that are denominated in other currencies (non-functional currency). The following table provides a breakdown of the Group’s main monetary net assets and liabilities which impact the Group’s profit and loss: As of December 31, As of December 31, Currency Exposure / Functional currency 2023 2022 U.S. Dollar / Argentine Peso (484,709) (587,955) U.S. Dollar / Armenian Dram 47,842 14,847 Euro / Armenian Dram 347 4,637 Euro / Argentine Peso (2,831) (1,151) 3 Financial Risk Management (Cont.) A. Financial Risk Factors (Cont.) (i) Market risk (Cont.) a) Foreign exchange risk (Cont.) The relevant exposures correspond to: ◾ As of December 31, 2023 and 2022 consisting primarily of U.S. dollar -denominated net monetary assets and liabilities at certain Argentine subsidiaries which functional currency is the Argentine Peso. A change of 10% in the ARS/ USD exchange rate in real (inflation-adjusted) terms would have generated a pre-tax gain / loss of USD 48,470 as of December 31, 2023 (USD 17,639 as of December 31, 2022 considering a change in 3% in the ARS/ USD exchange rate). ◾ As of December 31, 2023 and 2022 consisting primarily of U.S. dollar -denominated net monetary assets and liabilities at the Armenian subsidiaries which functional currency is the Armenian Dram. A change of 1% in the Dram/ USD exchange rate would have generated a pre-tax gain / loss of USD 478.4 as of December 31, 2023 (USD 148.5 as of December 31, 2022). ◾ As of December 31, 2023 and 2022 consisting primarily of Euro-denominated net monetary assets and liabilities at the Armenian subsidiaries which functional currency is the Armenian Dram. A change of 1% in the Dram / Euro exchange rate would have generated a pre-tax loss / gain of USD 3.5 as of December 31, 2023 (USD 46.4 as of December 31, 2022). ◾ As of December 31, 2023 and 2022 consisting primarily of Euro-denominated net monetary assets and liabilities at certain Argentinian subsidiaries which functional currency is the Argentine Peso. A change of 10% in the Euro / ARS exchange rate in real (inflation-adjusted) terms would have generated a pre-tax gain / loss of USD 283.1 as of December 31, 2023 (USD 34.5 as of December 31, 2022 considering a change in 3% in the Euro / ARS exchange rate). b) Interest rate risk The Group’s interest rate risk principally arises from long-term borrowings (Note 22). Borrowings issued at variable rates expose the Group to the risk that the actual cash flows differ from those expected. Borrowings issued at fixed rates expose the Group to the risk that the fair values of these differ from those expected. The Group manages this risk by maintaining an appropriate mix between fixed and floating rate interest bearing liabilities. These activities are evaluated regularly to determine that the Group is not exposed to interest rate movements that could adversely impact its ability to meet its financial obligations and to comply with its borrowing covenants. The following table shows a breakdown of the Group’s fixed-rate and floating-rate borrowings as of December 31, 2023 and 2022. At December 31, 2023 2022 Fixed rate (*) 990,251 1,075,778 Variable rate 342,986 389,659 1,333,237 1,465,437 (*) As of December 31, 2023 includes USD 125.5 million of short-term borrowings (USD 103.5 million as of December 2022) and USD 864.8 million of long-term borrowings (USD 972.3 million as of December 31, 2022). 3 Financial Risk Management (Cont.) A. Financial Risk Factors (Cont.) (i) Market risk (Cont.) (b) Interest rate risk (Cont.) The Group estimates that, other factors being constant, a 10% increase in floating rates at year-end would increase loss before income tax for the year ended December 31, 2023 and 2022, USD 2,695 and USD 4,083 respectively. A 10% decrease in the floating interest rate would have an equal and opposite effect on the Consolidated Statement of Income. This sensitivity analysis provides only a limited, point-in-time view of this market risk sensitivity of certain of the Group’s financial instruments. The actual impact of rate changes on the Group’s financial instruments may differ significantly from the impact shown in the sensitivity analysis. (ii) Credit risk The financial instruments that could be subject to concentration of credit risk consist of cash, cash equivalents, trade receivables and short-term investments. The Group mainly places its cash and cash equivalents and short-term investments in several entities with low credit risk, reducing in this way the credit exposure to only one entity. The Group has not experienced significant losses from those assets. Each subsidiary is responsible for managing and analyzing credit risk of its trade receivable, for each of their new customers before standard payment and delivery terms and conditions are offered. There is no significant concentration of credit risk from customers. The Group credit policies with customers are designed to identify customers with acceptable credit history. The Group recognized provision for loss allowance to cover impairment for potential credit losses. The credit quality of the financial assets that are not yet due and not impaired can be assessed based on the credit qualification (“rating”) granted by entities external to the Group or through the historical uncollectible rates. 3 Financial Risk Management (Cont.) A Financial Risk Factors (Cont.) (ii) Credit risk (Cont.) Trade receivables and contract assets The Group applies the IFRS 9 simplified approach to measuring expected credit losses (“ECL”) for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The policy implemented by the Group consists in performing a case by case analysis, identifying those receivables and contract assets with no reasonable expectation of recovery or with particular situations, that are impaired according to each circumstances. For all other receivables and contract assets, the expected loss rate consists in stratifying trade receivables and contract assets into categories based on overdue days. The expected loss rates are based on the payment profiles of sales over a period of 36 months before 31 December 2023 or 1 January 2023 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect historical experience of losses on trade receivables, current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The provision for loss allowance as of December 31, 2023 and December 31, 2022 was determined as follows for both trade receivables and contract assets: Past due Trade 30 ‑ 60 60 ‑ 90 90 ‑ 180 > 180 Receivables Not due 0 ‑ 30 days days days days days At December 31, 2023 Trade receivables – gross carrying amount 148,329 86,066 23,685 9,783 2,274 4,617 21,904 Contract assets – gross carrying amount 1,488 1,488 — — — — — Expected loss rate (*) 2% 1% 5% 13% 25% 86% Provision for loss allowance (22,368) (1,466) (230) (449) (298) (1,150) (18,775) Net value 127,449 86,088 23,455 9,334 1,976 3,467 3,129 Past due Trade 30 ‑ 60 60 ‑ 90 90 ‑ 180 > 180 Receivables Not due 0 ‑ 30 days days days days days At December 31, 2022 Trade receivables - gross carrying amount 140,335 75,105 20,644 5,420 4,426 5,815 28,925 Contract assets – gross carrying amount 2,053 2,053 — — — — — Expected loss rate (*) 0% 4% 17% 15% 29% 88% Provision for loss allowance (29,718) (152) (845) (945) (672) (1,660) (25,444) Net value 112,670 77,006 19,799 4,475 3,754 4,155 3,481 (*) 3 Financial Risk Management (Cont.) A Financial Risk Factors (Cont.) (ii) Credit risk (Cont.) Trade receivables and contract assets (Cont.) Trade receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a significant period when past due. The closing loss allowances for trade receivables and contract assets as of December 31, 2023 and 2022 reconcile to the opening loss allowances as follows: 2023 2022 Balance at January 1, (29,718) (60,510) Disposal of subsidiaries — 310 Bad debts of the year (4,735) (13,432) Recoveries 3,331 17,931 Write off 2,717 3,684 Translation differences and inflation adjustment 6,037 22,299 Balance at December 31, (22,368) (29,718) During the year, the following gains/(losses) were recognized in profit or loss in relation to impaired financial assets (see Note 7): 2023 2022 2021 Impairment losses - movement in provision for impairment (4,985) (13,443) (14,727) - recovery of previous impairment losses 3,439 18,203 8,311 Net impairment losses on financial assets (1,546) 4,760 (6,416) (iii) Liquidity risk The Group is exposed to liquidity risks, including risks associated with refinancing borrowings as they mature, the risk that borrowing facilities are not available to meet cash requirements, and the risk that financial assets cannot readily be converted to cash without loss of value. Failure to manage liquidity risks could have a material impact on the Group’s cash flow and statement of financial position. Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding its existing and prospective debt requirements by maintaining diversified funding sources with adequate committed funding lines from high quality lenders. The Group monitors its current and projected financial position using several key internally generated reports such as cash flow and debt maturity. The Group also undertakes sensitivity analysis to assess the impact of proposed transactions, movements in interest rates on the key profitability, liquidity and balance sheet ratios. The Group’s debt positions are continually reviewed to meet current and expected debt requirements. The Group maintains a balance between longer-term and shorter-term financings. Short-term financing is principally raised through bank facilities and overdraft positions. Medium- to longer-term financing comprises public and private bond issues, including private placements. Financing risk is spread by using different types of debt. The maturity profile is managed, by spreading the repayment dates and extending facilities. 3 Financial Risk Management (Cont.) A Financial Risk Factors (Cont.) (iii) Liquidity risk (Cont.) Liquid financial assets as a whole (comprising cash and cash equivalents) were 10.44% of total assets at the end of 2023 compared to 10.04% at the end of 2022. The Group has a conservative approach to the management of its liquidity, which consists mainly in cash at banks and cash equivalents. (iv) Capital Management The capital structure of the Group consists of shareholders’ equity and short-term to long-term net borrowings. The type and maturity of the Group’s borrowings are analyzed further in Note 22. The Group’s equity is analyzed into its various components in the Consolidated Statement of Changes in Equity. Capital is managed so as to promote the long-term success of the business and to maintain sustainable returns for shareholders. The objectives of the Group for capital management are to safeguard its capacity to continue doing business and be able to provide yield to owners as well as benefits to holders of instruments of shareholder’s equity and maintain an optimum capital structure to reduce cost of capital. At December 31, 2023 2022 Borrowings 1,333,237 1,465,437 Less: Cash and cash equivalents (369,848) (385,265) Net debt 963,389 1,080,172 Equity 803,909 862,369 Net debt to equity ratio 120% 125% (v) Argentina economical context CAAP’s Argentine subsidiaries are operating in an economic context in which main variables have a strong volatility as consequence of political and economic uncertainties, both in national and international environments. On December 10, 2023, a new government took office with the aim to boost a deregulation of the Argentine economy and a reduction of the fiscal deficit mainly through cutting spending, including the gradual release of the current foreign exchange market restrictions, aiming to remove them once the macroeconomic conditions are in place to do so. On December 13, 2023, the Argentine peso experienced a sharp drop with an ARS/USD rate devalued by more than 300% at year-end while annual inflation reached 211% in 2023. Moreover, on December 13, 2023, the Central Bank of Argentina (“BCRA”) informed that entities are able to access the Mercado Único y Libre de Cambios (“MULC”) without prior approval to pay outstanding debts related to imports of goods or services with customs registration from December 13, 2023. Among its first measures, the new government published Decree N° 70/2023 - Foundations for the Reconstruction of the Argentine Economy, which, in addition to declaring a public emergency in several areas until 31 December 2025, repeals and/or amends numerous laws of previous Government intervention in the economy, with the aim of opening up trade, services and industry, and eliminate undue restrictions. Even though the Decree must be addressed and ratified by at least one of the chambers of the Congreso de la Nación of Argentine, its provisions are partially effective as of December 29, 2023, while other provisions have been suspended following, judicial actions. 3 Financial Risk Management (Cont.) A Financial Risk Factors (Cont.) (v) Argentina economical context (Cont.) As of December 31, 2023 the main measures taken by the new government that affect the Group’s business and are already in effect are: ● Restrictions on access to the official exchange market are maintained. ● Taxes over transactions that involves the purchase of foreign currencies for the payment of certain imports are maintained. ● Subject to certain requirements, the BCRA offers entities that hold debt for imports performed prior to December 13, 2023, the possibility of subscribing to dollar-denominated notes (“BOPREAL”). These notes, which are issued in three series with maturity on October 31, 2027 for Series 1, June 30, 2025 for Series 2 and March 31, 2026 for Series 3, are to be subscribed in Argentine pesos at the reference exchange rate published by the BCRA according to Communiqué “A” 3500 of the day before the subscription date. For those who subscribe the notes in primary issuance, it allows them to cancel import debts, through the sale of the notes in the secondary market with settlement in foreign currency abroad without affecting the access to the MULC or through the delivery in kind of the notes to suppliers abroad. Additionally, having subscribed the BOPREAL allows the access to the official foreign exchange market as from February 1, 2024, to pay commercial debts related to the import of goods and services prior to December 13, 2023, for a total amount equivalent to 5% of the Series 1 subscribed amount. Subsequent to December 31, 2023, AA2000 subscribed to BOPREAL’s Series 1 and Series 2, see Note 34. Considering this situation, the Company continues to assess the evolution of the above-mentioned variables and any other factors, in order to define its course of action and identify the unforeseen potential effects that could alter its business and performance. B Financial instruments by category Assets at fair value Assets at amortized December 31, 2023 through profit and loss cost Total Financial assets as per the statement of financial position Trade receivables — 127,449 127,449 Other receivables — 154,583 154,583 Other financial assets (*) 10,863 144,232 155,095 Derivative financial assets 69 — 69 Cash and cash equivalents — 369,848 369,848 Total 10,932 796,112 807,044 Liabilities at fair value Liabilities at through profit and loss amortized cost Total Financial liabilities as per the statement of financial position Borrowings — 1,333,237 1,333,237 Leases liabilities — 13,981 13,981 Derivative financial liabilities — — — Trade payables and other liabilities — 1,062,621 1,062,621 Total — 2,409,839 2,409,839 3 Financial Risk Management (Cont.) B Financial instruments by category (Cont.) Assets at fair value Assets at amortized December 31, 2022 through profit and loss cost Total Financial assets as per the statement of financial position Trade receivables — 110,617 110,617 Other receivables — 107,708 107,708 Other financial assets (*) 15,952 57,669 73,621 Derivative financial assets 67 — 67 Cash and cash equivalents — 385,265 385,265 Total 16,019 661,259 677,278 Liabilities at fair value Liabilities at through profit and loss amortized cost Total Financial liabilities as per the statement of financial position Borrowings — 1,465,437 1,465,437 Leases liabilities — 8,809 8,809 Derivative financial liabilities 51 — 51 Trade payables and other liabilities — 1,100,603 1,100,603 Total 51 2,574,849 2,574,900 (*) Other financial assets measured at fair value are Level 1 hierarchy. The book value of these assets represents its fair value. C Fair value hierarchy IFRS 13 requires for financial instruments that are measured in the Consolidated Statement of Financial Position at fair value, a disclosure of fair value measurements by level according to the following fair value measurement hierarchy: Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2- Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). There were no transfers between and no transfers from and The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. These instruments are included in Level 1 and comprise primarily government securities, mutual funds and corporate bonds. 3 Financial Risk Management (Cont.) D Fair value estimation The estimated fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2023 | |
Segment information | |
Segment information | 4 Segment information Operating segments are components of an enterprise where separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Group’s chief operating decision maker is its Board of Directors. The Group’s operating segments are managed separately because each operating segment represents a strategic business unit providing airport and non-airport services (“others”) to clients in different countries. The Group’s reportable operating segments are the six countries in which the Group currently operates, which are Argentina, Brazil, Uruguay, Armenia, Ecuador and Italy. Within each reportable segment, the Group develops and operates airport concessions (“Airports”) and provides other services not directly related to airport concessions. Assets, liabilities and results of sub-holding and/or holding companies are not allocated and are reported within the “Unallocated” column. This column also includes head office and group services. The elimination of any intersegment revenues and other significant intercompany operations are included in the “Intrasegment Adjustments” column. The performance of each reportable segment is measured by its adjusted EBITDA, defined, with respect to each segment, as net income before financial income, financial loss, inflation adjustment, income tax expense, depreciation and amortization for such segment (“Adjusted EBITDA”). The Adjusted EBITDA does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of the airport concessions. In addition, the CODM considers each reportable segment’s Adjusted EBITDA before Construction Services margin as a relevant performance measure. Adjusted EBITDA excluding Construction Services is defined, with respect to each segment, as net income before construction services revenue, financial income, construction services cost, financial loss, inflation adjustment, income tax expense, depreciation and amortization for such segment. The Adjusted EBITDA excluding construction services revenue and construction services cost (which are based on the principles of IFRIC 12) does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of airport concessions. 4 Segment information (Cont.) Geographical information Argentina Brazil Uruguay Armenia Ecuador Italy Intrasegment Airports Others Airports Others Airports Others Airports Airports Airports adjustments Unallocated Total Year ended December 31, 2023 Aeronautical revenue (*) 296,393 — 45,656 — 65,428 — 88,519 78,336 70,121 — — 644,453 Non-aeronautical revenue (*) Commercial revenue 251,155 119 64,838 — 45,292 22,785 160,355 26,871 39,908 (11,598) 3,926 603,651 Construction service revenue 93,014 — 151 — 31,705 — 3,630 21 16,201 — — 144,722 Other revenue — — — — 20 — — — 7,192 (3,997) 3,997 7,212 Cost of services (420,216) (40) (79,304) — (86,227) (17,818) (156,482) (62,285) (91,639) 11,266 (11,932) (914,677) Gross profit / (loss) 220,346 79 31,341 — 56,218 4,967 96,022 42,943 41,783 (4,329) (4,009) 485,361 Selling, general and administrative expenses (54,907) (80) (10,996) (68) (16,305) (2,611) (15,320) (17,827) (13,149) 4,329 (11,735) (138,669) Impairment reversal / (loss) of non-financial assets (**) — — 103,764 — — — — — (926) — — 102,838 Other operating income (**) 13,425 1 82,793 — 58 2 361 240 710 — 2,970 100,560 Other operating expenses (7,344) — (542) — (443) (63) (1,021) (38) — — (2) (9,453) Operating income / (loss) 171,520 — 206,360 (68) 39,528 2,295 80,042 25,318 28,418 — (12,776) 540,637 Share of income / (loss) in associates (5) — — — — — — — 14 — 7,099 7,108 Amortization and depreciation 60,534 — 12,035 — 6,906 1,248 19,638 6,688 10,695 — 12,238 129,982 Adjusted Ebitda 232,049 — 218,395 (68) 46,434 3,543 99,680 32,006 39,127 — 6,561 677,727 Construction services revenue (93,014) — (151) — (31,705) — (3,630) (21) (16,201) — — (144,722) Construction services cost 92,898 — 151 — 31,705 — 3,524 21 9,972 — — 138,271 Adjusted Ebitda excluding Construction Services 231,933 — 218,395 (68) 46,434 3,543 99,574 32,006 32,898 — 6,561 671,276 Construction services revenue 93,014 — 151 — 31,705 — 3,630 21 16,201 — — 144,722 Construction services cost (92,898) — (151) — (31,705) — (3,524) (21) (9,972) — — (138,271) Adjusted Ebitda 232,049 — 218,395 (68) 46,434 3,543 99,680 32,006 39,127 — 6,561 677,727 Financial income 101,598 Financial loss (406,570) Inflation adjustment (40,547) Amortization and depreciation (129,982) Income before income tax 202,226 Income tax 24,241 Net income from continuing operations 226,467 Loss from discontinued operations — Net income for the year 226,467 Current assets 183,773 22 188,160 — 45,101 4,770 91,159 59,737 68,197 (85,454) 194,445 749,910 Non-current assets 1,170,372 20 667,193 — 188,336 9,193 154,754 53,782 267,568 (768) 281,616 2,792,066 Capital Expenditure 93,326 — 1,727 — 36,605 2,120 7,073 3,267 17,504 — — 161,622 Current liabilities 127,070 9 221,843 — 25,549 4,419 34,076 54,106 139,248 (85,454) 165,062 685,928 Non-current liabilities 673,245 — 907,835 — 60,264 1,809 — 7,329 78,834 (768) 323,591 2,052,139 (*) (**) 4 Segment information (Cont.) Geographical information (Cont.) Argentina Brazil Uruguay Armenia Ecuador Italy Intrasegment Airports Others Airports Others Airports Others Airports Airports Airports adjustments Unallocated Total Year ended December 31, 2022 Aeronautical revenue (*) 330,288 — 36,610 — 43,450 — 60,662 68,370 70,371 — — 609,751 Non-aeronautical revenue (*) Commercial revenue 308,114 232 52,700 — 36,289 19,882 145,059 25,060 32,449 (10,652) 3,412 612,545 Construction service revenue 124,210 — — — 13,169 — 1,819 2,769 7,829 — — 149,796 Other revenue — — — — 13 — — — 6,558 (1,737) 1,737 6,571 Cost of services (526,774) (75) (71,095) — (53,459) (14,560) (142,705) (57,584) (94,575) 9,477 (11,628) (962,978) Gross profit / (loss) 235,838 157 18,215 — 39,462 5,322 64,835 38,615 22,632 (2,912) (6,479) 415,685 Selling, general and administrative expenses (55,947) (145) (13,012) (172) (14,599) (1,910) (13,019) (16,067) (17,013) 2,912 (12,383) (141,355) Impairment loss of non-financial assets — — — — — — — — (111) — — (111) Other operating income 15,857 2 16,254 — 159 — 175 91 4,796 — 6 37,340 Other operating expenses (5,232) — (424) — (429) (49) (769) (77) — — (4) (6,984) Operating income / (loss) 190,516 14 21,033 (172) 24,593 3,363 51,222 22,562 10,304 — (18,860) 304,575 Share of income / (loss) in associates (24) — — — — — — — (257) — (689) (970) Amortization and depreciation 87,363 — 11,228 — 6,101 1,280 17,650 6,434 11,122 — 11,953 153,131 Adjusted Ebitda 277,855 14 32,261 (172) 30,694 4,643 68,872 28,996 21,169 — (7,596) 456,736 Construction services revenue (124,210) — — — (13,169) — (1,819) (2,769) (7,829) — — (149,796) Construction services cost 124,018 — — — 13,169 — 1,766 2,769 6,133 — — 147,855 Adjusted Ebitda excluding Construction Services 277,663 14 32,261 (172) 30,694 4,643 68,819 28,996 19,473 — (7,596) 454,795 Construction services revenue 124,210 — — — 13,169 — 1,819 2,769 7,829 — — 149,796 Construction services cost (124,018) — — — (13,169) — (1,766) (2,769) (6,133) — — (147,855) Adjusted Ebitda 277,855 14 32,261 (172) 30,694 4,643 68,872 28,996 21,169 — (7,596) 456,736 Financial income 63,859 Financial loss (196,405) Inflation adjustment 19,459 Amortization and depreciation (153,131) Income before income tax 190,518 Income tax (24,883) Net income for the year 165,635 Loss from discontinued operations — Net income for the year 165,635 Current assets 213,964 74 100,810 43 33,998 4,887 64,762 53,752 89,098 (60,562) 146,642 647,468 Non-current assets 1,600,511 30 675,108 — 158,248 8,240 169,030 56,025 255,354 (768) 266,541 3,188,320 Capital Expenditure 124,214 — 1,953 — 19,958 1,375 5,788 1,842 9,742 — 2 164,874 Current liabilities 226,136 35 211,308 — 19,258 3,131 22,110 47,447 137,057 (60,562) 70,399 676,319 Non-current liabilities 797,628 — 927,932 — 56,797 1,986 16,949 13,536 99,928 (768) 383,112 2,297,100 (*) Mainly includes revenues recognized over time, see Note 5. 4 Segment information (Cont.) Geographical information (Cont.) Argentina Brazil Uruguay Armenia Ecuador Italy Intrasegment Airports Others Airports Others Airports Others Airports Airports Airports adjustments Unallocated Total Year ended December 31, 2021 Aeronautical revenue (*) 94,881 — 24,121 — 14,564 — 45,312 46,456 37,475 — — 262,809 Non-aeronautical revenue (*) Commercial revenue 214,573 202 34,329 — 20,200 18,031 46,503 17,948 17,082 (9,037) 2,256 362,087 Construction service revenue 53,501 — — — 5,280 — 6,559 752 13,668 — — 79,760 Other revenue — — — — 14 — — — 2,243 (806) 806 2,257 Cost of services (326,974) (68) (59,198) — (35,903) (11,635) (56,791) (44,371) (83,149) 7,850 (12,142) (622,381) Gross profit / (loss) 35,981 134 (748) — 4,155 6,396 41,583 20,785 (12,681) (1,993) (9,080) 84,532 Selling, general and administrative expenses (38,338) (145) (8,228) (143) (7,674) (1,362) (11,173) (11,703) (13,053) 1,993 (12,236) (102,062) Impairment loss of non-financial assets — — — — — — — — (371) — — (371) Other operating income 8,109 2 20,285 — 152 56 168 82 13,923 — — 42,777 Other operating expenses (14,925) (8) (2,191) — (119) (66) (703) (13) — — (391) (18,416) Operating (loss) / income (9,173) (17) 9,118 (143) (3,486) 5,024 29,875 9,151 (12,182) — (21,707) 6,460 Share of income / (loss) in associates — — — — — - — — 91 — (720) (629) Amortization and depreciation 74,743 — 9,999 — 11,112 1,056 14,411 7,000 12,290 — 12,890 143,501 Adjusted Ebitda 65,570 (17) 19,117 (143) 7,626 6,080 44,286 16,151 199 — (9,537) 149,332 Construction services revenue (53,501) — — — (5,280) — (6,559) (752) (13,668) — — (79,760) Construction services cost 53,378 — — — 5,280 — 6,368 752 11,675 — — 77,453 Adjusted Ebitda excluding Construction Services 65,447 (17) 19,117 (143) 7,626 6,080 44,095 16,151 (1,794) — (9,537) 147,025 Construction services revenue 53,501 — — — 5,280 — 6,559 752 13,668 — — 79,760 Construction services cost (53,378) — — — (5,280) — (6,368) (752) (11,675) — — (77,453) Adjusted Ebitda 65,570 (17) 19,117 (143) 7,626 6,080 44,286 16,151 199 — (9,537) 149,332 Financial income 28,080 Financial loss (131,271) Inflation adjustment 6,691 Amortization and depreciation (143,501) Loss before income tax (90,669) Income tax (69,111) Net loss from continuing operations (159,780) Loss from discontinued operations (21,196) Net loss for the year (180,976) (*) Mainly includes revenues recognized over time, see Note 5. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue | |
Revenue | 5 Revenue 2023 2022 2021 Aeronautical revenue 644,453 609,751 262,809 Non aeronautical revenue Commercial revenue 603,651 612,545 362,087 Construction service revenue 144,722 149,796 79,760 Other revenue 7,212 6,571 2,257 Revenue 1,400,038 1,378,663 706,913 Timing of revenue recognition Over time 1,039,699 1,035,506 560,834 At a point in time 119,730 114,826 28,126 Revenues accounted for under IFRS 16 240,609 228,331 117,953 Revenue 1,400,038 1,378,663 706,913 |
Cost of services
Cost of services | 12 Months Ended |
Dec. 31, 2023 | |
Cost of services | |
Cost of services | 6 Cost of services 2023 2022 2021 Salaries and social security contributions (*) (185,920) (205,891) (141,011) Concession fees (**) (156,245) (158,508) (94,535) Construction services cost (138,271) (147,855) (77,453) Amortization and depreciation (***) (123,679) (145,794) (135,125) Cost of fuel (113,067) (107,170) (24,884) Maintenance expenses (105,619) (107,474) (83,905) Services and fees (56,642) (56,834) (44,832) Office expenses (9,744) (10,753) (5,208) Provision for maintenance costs (4,364) (3,450) (4,706) Taxes (2,355) (3,502) (2,932) Others (18,771) (15,747) (7,790) (914,677) (962,978) (622,381) (*) At the year-end, the number of employees was 6.1 thousand in 2023, 6.1 thousand in 2022 and 5.8 thousand in 2021. (**) Includes depreciation for fixed concession assets fee, as shown in Note 12, of USD 20,715 for the year ended December 31, 2023 (USD 18,764 and USD 16,502 for the year ended December 31, 2022 and 2021 respectively). (***) Includes depreciation of leases of USD 2,464 for the year ended December 31, 2023 (USD 3,676 and USD 3,185 for the year ended December 31, 2022 and 2021 respectively). |
Selling, general and administra
Selling, general and administrative expenses | 12 Months Ended |
Dec. 31, 2023 | |
Selling, general and administrative expenses | |
Selling, general and administrative expenses | 7 Selling, general and administrative expenses 2023 2022 2021 Services and fees (39,691) (44,836) (30,897) Taxes (*) (37,013) (45,250) (24,756) Salaries and social security contributions (33,038) (32,310) (21,172) Amortization and depreciation (**) (6,303) (7,337) (8,376) Office expenses (4,870) (3,685) (1,475) Insurance (2,810) (2,359) (2,145) Maintenance expenses (2,130) (1,892) (908) Advertising (1,547) (1,652) (912) Bad debts (4,985) (13,443) (14,727) Bad debts recovery (***) 3,439 18,203 8,311 Other (9,721) (6,794) (5,005) (138,669) (141,355) (102,062) (*) Mainly included taxes over bank transactions and tax on revenue not included in the line item “Income tax”. (**) Includes depreciation of leases of USD 739 for the year ended December 31, 2023 (USD 901 and USD 969 for the year ended December 31, 2022 and 2021 respectively). (***) During 2022 mainly includes recoveries in Argentina, as detailed in Note 26.a. |
Other operating income
Other operating income | 12 Months Ended |
Dec. 31, 2023 | |
Other operating income | |
Other operating income | 8 Other operating income 2023 2022 2021 Government grants (1) 13,313 15,621 7,599 Government subsidies per Covid-19 context (2) 21,511 14,133 33,366 Compensation for concession (3) 62,677 — — Other 3,059 7,586 1,812 100,560 37,340 42,777 (1) Banco de la Nación Argentina (2) ◾ Re-equilibrium of concession agreements due to force majeure or fortuitous case events in Brazilian airports for a total amount of USD 17,785 , USD 13,639 and USD 25,473 net of tax in 2023, 2022 and 2021 respectively. Due to the impact generated by the pandemic, the Brazilian subsidiaries filed a claim for economic-financial re-equilibrium of its concession contracts. This was possible due to the Brazilian Government recognition that the Covid-19 pandemic is a case of “force majeure” or “fortuitous event” concluding that the loss from the impact of the pandemic is not part of the risks assumed by the private sector and must be compensated by the Federal Government. In view of this, the Brazilian ANAC defined for the calculation of this re-equilibrium the compensation according to the companies’ projected operational result in the scenario without pandemic. The compensatory amounts for the years 2023, 2022 and 2021 with respect of Brasilia airport were estimated at USD 15,264, USD 11,754 and USD 22,636 net of tax respectively, and the measure of this reconstitution is through the offset of the concession fee payable, see amount compensated in Note 23. The compensatory amounts for the years 2023, 2022 and 2021 for Natal airport were estimated at USD 2,521, USD 1,885 and USD 2,837 net of tax respectively, which was received through the offset of the monthly contribution and the readjustment of aeronautical tariffs until December 31, 2023, date on which the pending amount was included in the indemnification received from the Brazilian Government as part of the re-bidding process (Note 1.2.1). During 2023, the final compensatory amount for the year 2022 for the Brasilia and Natal airports was determined, resulting, net of tax, in an increase of USD 3,550 and USD 176, respectively compared to the amount that had initially been estimated and recognized as an Other operating income During 2022, the final compensatory amounts for the year 2021 were determined, resulting, net of tax, in an increase of USD 1,046 related to Brasilia airport and a reversal of USD 190 related to the Natal Airport compared to the amounts that had initially been estimated and recognized as Other operating income During 2021, the final compensatory amounts for the year 2020 was determined, resulting in a total reversal of USD 3,450 (USD 3,074 and USD 376 related to Brasilia and Natal airports respectively) compared to the amount that had initially been estimated and recognized as of December 31, 2020. 8 Other operating income (Cont.) ◾ Other operating income In June 2022, the final amount referring to the compensation granted to TA in 2021 was determined, resulting in a reversal of approximately EUR 339 thousand (equivalent to USD 362). There are no unfulfilled conditions or other contingencies attaching to these grants. (3) |
Financial results, net
Financial results, net | 12 Months Ended |
Dec. 31, 2023 | |
Financial results, net | |
Financial results, net | 9 Financial results, net 2023 2022 2021 Interest income 52,680 43,919 17,639 Foreign exchange income 39,772 10,658 1,144 Other financial income (1) 9,146 9,282 9,297 Financial income 101,598 63,859 28,080 Interest expense (95,185) (164,288) (125,533) Foreign exchange (loss) / income (203,798) 79,945 112,465 Changes in liability for concessions (2) (98,480) (101,488) (109,103) Other financial loss (3) (9,107) (10,574) (9,100) Financial loss (406,570) (196,405) (131,271) Inflation adjustment (40,547) 19,459 6,691 Inflation adjustment (40,547) 19,459 6,691 Financial results, net (345,519) (113,087) (96,500) (1) (2) (3) |
Share of results in associates
Share of results in associates | 12 Months Ended |
Dec. 31, 2023 | |
Share of results in associates | |
Share of results in associates | 10 Share of results in associates 2023 2022 2021 Share of income / (loss) in associates (Note 15) 7,108 (970) (629) 7,108 (970) (629) |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2023 | |
Income tax | |
Income tax | 11 Income tax 2023 2022 2021 Current income tax (38,456) (20,468) (19,084) Deferred income tax 62,697 (4,415) (50,027) 24,241 (24,883) (69,111) The income tax expense differs from the theoretical amount that would arise using the tax rate in each country as follows: 2023 2022 2021 Income / (loss) from continuing operations before income tax 202,226 190,518 (90,669) Loss from discontinued operations before income tax — — (21,196) Income / (loss) for the year before income tax 202,226 190,518 (111,865) Tax calculated at the tax rate in each country (59,160) (57,275) 37,397 Adjustments Non-taxable income (7) 57,519 17,624 19,630 Expenses related to non-taxable income (8,871) (19,005) (21,967) Non-deductible expenses (3,581) (14,402) (4,836) Effect of tax inflation adjustment (1) (114,289) (123,956) (74,042) Effect of inflation adjustment (53,895) 10,253 (29,038) Effect of asset revaluation for tax purposes (2) 119,483 141,030 79,667 Inflation adjustment for tax purposes of tax losses (3) 81,273 57,322 — Unrecognized deferred taxes (4) (11,427) (43,861) (48,344) Income tax rate change (5) — — (17,444) Investment project exonerations (6) 12,552 6,095 — Other 4,637 1,292 (10,134) Income tax 24,241 (24,883) (69,111) (1) (2) (3) 11 Income tax (Cont.) (4) (5) (6) (7) OECD Pillar Two model rules The group is within the scope of the OECD Pillar Two model rules (the Global Anti-Base Erosion Proposal, or ‘GloBE’ rules). The Pillar Two legislation implementing the GloBE rules was enacted in 2023 notably in Luxembourg, the jurisdiction of the Company, and in certain other jurisdictions where it operates. The Pillar Two legislation will come into effect as from fiscal years starting on or after 31 December 2023, hence the group has no related current tax exposure since Pillar Two was not effective at the reporting date. The Group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. The group is in the process of assessing its exposure to the Pillar Two legislation for when it comes into effect. Due to the complexities in applying the legislation and performing GloBE computations and related filings, the quantitative impact of the enacted legislation is not yet reasonably estimable at this stage. However, with the information currently available, and in light of the assessment carried out so far, the Company does not expect a material impact of the Pillar Two legislation to the consolidated financial statements. This is based on the fact that the entity liable for any resulting GloBE top-up tax to be paid, when and if the case, is the ultimate parent entity of the multinational group the Company belongs to, rather than the Company itself. In addition, for the first three years of operation, transitional exemptions (i.e. the so-called transitional safe harbours) operate on a jurisdiction-by-jurisdiction basis to remove the need to prepare full calculations, while the top-up tax due in respect of a given jurisdiction is deemed to be zero, should one of the three foreseen tests be met. The Company has analyzed these exemptions and concluded that only one jurisdiction may be failing to meet the exemptions, but no material GloBE top-up tax is expected to arise. |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets, net | |
Intangible assets, net | 12 Intangible assets, net Patent, intellectual property rights and Concession Assets Goodwill others Total Cost Balances at January 1, 2023 4,749,233 9,003 22,658 4,780,894 Acquisitions 150,616 — 1,221 151,837 Impairment reversal (***) 102,838 — — 102,838 Disposals (**) (139,218) — (88) (139,306) Other 236 — — 236 Transfer (2,000) — — (2,000) Transfer from property plant and equipment 1,156 — — 1,156 Translation differences and inflation adjustment (709,433) 290 870 (708,273) Balances at December 31, 2023 4,153,428 9,293 24,661 4,187,382 Balances at January 1, 2022 4,243,258 9,543 22,812 4,275,613 Disposal of subsidiaries — — (95) (95) Acquisitions 155,051 — 732 155,783 Impairment (111) — — (111) Disposals (549) — — (549) Other (Note 23) 570 — — 570 Transfers (55) — 55 — Transfer of concession assets to the grantor (*) (7,956) — — (7,956) Transfer to property plant and equipment (2) — — (2) Translation differences and inflation adjustment 359,027 (540) (846) 357,641 Balances at December 31, 2022 4,749,233 9,003 22,658 4,780,894 Depreciation Accumulated at January 1, 2023 1,800,871 — 20,021 1,820,892 Depreciation of the year 138,620 — 650 139,270 Disposals (**) (13,554) — (17) (13,571) Translation differences and inflation adjustment (280,924) — 750 (280,174) Accumulated at December 31, 2023 1,645,013 — 21,404 1,666,417 Accumulated at January 1, 2022 1,512,731 — 19,911 1,532,642 Disposal of subsidiaries — — (61) (61) Depreciation of the year 157,522 — 1,141 158,663 Disposals (51) — — (51) Transfers (4) — 4 — Transfer of concession assets to the grantor (*) (1,504) — — (1,504) Translation differences and inflation adjustment 132,177 — (974) 131,203 Accumulated at December 31, 2022 1,800,871 — 20,021 1,820,892 Net balances at December 31, 2023 2,508,415 9,293 3,257 2,520,965 Net balances at December 31, 2022 2,948,362 9,003 2,637 2,960,002 (*) (**) (***) 12 Intangible assets, net (Cont.) Due to the increase of traffic witnessed during 2023 across all countries, the Group has not identified impairment indicators except in the Brazilian segment due to the losses from its operations. Therefore, the Group performed the impairment test of the Brazilian CGU (including concession assets with a carrying value of USD 688.7 million as of December 31, 2023) based on the discounted cash flow model covering the remaining concession period (value in use), considering significant assumptions that required management judgment related to passenger growth rates and discount rate, combined with historical information. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs of a subsidiary or group of subsidiaries that are expected to benefit from such business combination. As of December 31, 2023 and 2022, the recoverable amount of aforementioned CGU’s exceed their respective carrying amount. |
Property, plant and equipment,
Property, plant and equipment, net | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment, net | |
Property, plant and equipment, net | 13 Property, plant and equipment, net Land, Plant and Vehicles, building and production furniture and Works in improvements Equipment fixtures progress Others Total Cost Balances at January 1, 2023 56,644 51,920 68,597 1,055 22,521 200,737 Acquisitions 40 2,209 5,405 1,556 575 9,785 Disposals — (38) (469) — (387) (894) Transfers 1,886 57 — (1,981) 38 — Transfers to intangible — (1,002) — (154) — (1,156) Translation differences and inflation adjustment 791 1,083 (3,148) 6 784 (484) Balances at December 31, 2023 59,361 54,229 70,385 482 23,531 207,988 Balances at January 1, 2022 56,939 64,330 51,901 1,177 24,186 198,533 Disposal of subsidiaries — (11,705) — — (481) (12,186) Acquisitions 175 2,036 9,063 870 347 12,491 Disposals (1) (153) (37) — (169) (360) Transfers 762 159 (14) (930) 23 — Transfers from intangible — 2 — — — 2 Translation differences and inflation adjustment (1,231) (2,749) 7,684 (62) (1,385) 2,257 Balances at December 31, 2022 56,644 51,920 68,597 1,055 22,521 200,737 Accumulated at January 1, 2023 15,324 38,163 52,491 — 20,017 125,995 Depreciation of the year 1,134 2,890 4,152 — 944 9,120 Disposals — (36) (388) — (378) (802) Translation differences and inflation adjustment (116) 850 (2,681) — 703 (1,244) Accumulated at December 31, 2023 16,342 41,867 53,574 — 21,286 133,069 Accumulated at January 1, 2022 14,140 48,135 40,230 — 20,548 123,053 Disposal of subsidiaries — (10,918) — — (446) (11,364) Depreciation of the year 1,101 3,256 3,758 — 1,125 9,240 Disposals — (121) (37) — (45) (203) Transfers — 2 (15) — 13 — Translation differences and inflation adjustment 83 (2,191) 8,555 — (1,178) 5,269 Accumulated at December 31, 2022 15,324 38,163 52,491 — 20,017 125,995 Net balances at December 31, 2023 43,019 12,362 16,811 482 2,245 74,919 Net balances at December 31, 2022 41,320 13,757 16,106 1,055 2,504 74,742 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | 14 Leases (i) Amounts recognized in Consolidated Financial Position: The Consolidated Statement of Financial Position shows the following amounts relating to leases: For the year ended December 31, Right-of-use assets 2023 2022 Land, building and improvements 7,655 6,757 Plant and production equipment 2,246 2,031 Vehicles, furniture and fixtures 592 404 10,493 9,192 Lease liabilities Current 3,687 3,278 Non-current 10,294 5,531 13,981 8,809 The evolution of right-of-use assets and lease liabilities during 2023 and 2022 are as follows: Right-of-use assets 2023 2022 Balances at the beginning of the year 9,192 12,902 Additions 5,217 465 Contract modifications (49) (103) Depreciation of the year (3,203) (4,577) Translation differences and inflation adjustment (664) 505 Balances at the end of the year 10,493 9,192 Lease liabilities 2023 2022 Balances at the beginning of the year 8,809 12,249 New contracts 5,336 482 Lease payments (3,118) (4,307) Contract modifications (49) (103) Leases financial cost 446 605 Translation differences and inflation adjustment 2,557 (117) Balances at the end of the year 13,981 8,809 The maturity of lease liabilities is as follows: 1 year or less 1 to 2 years 2 to 5 years Over 5 years Total At December 31, 2023 3,822 3,883 4,879 4,052 16,636 At December 31, 2022 3,576 1,022 2,192 3,890 10,680 The amounts disclosed in the table are the contracted undiscounted cash flows. 14 Leases (Cont.) (ii) Amounts recognized in Consolidated Statement of Income: The Consolidated Statement of Income shows the following amounts relating to leases: For the year ended December 31, 2023 2022 2021 Depreciation charge of right-of-use assets Land, building and improvements (2,730) (3,966) (3,514) Plant and production equipment (198) (179) (160) Vehicles, furniture and fixtures (275) (432) (480) (3,203) (4,577) (4,154) Financial expenses (Leases financial cost) (446) (605) (737) Expense relating to short-term leases (included in cost of services and selling, general and administrative expenses) (865) (412) (827) Expense relating to leases of low-value assets that are not shown above as short-term leases (included in cost of services and selling, general and administrative expenses) (326) (300) (299) Expense relating to variable lease payments not included in lease liabilities (included in cost of services) (1,855) (1,330) (467) (iii) Variable lease payments Some security equipment leases contain variable payment terms that are linked to passenger traffic. Variable lease payments that depend on passengers are recognized in profit or loss in the period in which the condition that triggers those payments occurs. A 10% increase in passenger traffic across airports in the Group with such variable lease contracts would increase total lease payments by approximately USD 185.5 as of December 31, 2023 (USD 133.0 and 67.1 as of December 31, 2022 and 2021 respectively). (iv) The Group as a lessor As indicated in Note 2.P, leases and sub-concession of spaces are classified as operating leases. These revenues mainly refer to sub-concessions of commercial spaces (duty free shops, food and beverage services, retail stores) and advertising spaces, among others. Lease payments for some contracts include a minimum agreed upon amount and other variable lease payments by applying a percentage on lessors’ revenues, both of which are set forth in the lease agreements. Where considered necessary to reduce credit risk, the Group may obtain guarantees for the term of the lease. Commercial revenues corresponding to variable income from lease or sub-concession of spaces that do not depend on an index or rate, for example determined on the basis of lessee’s sales or passenger traffic, correspond, as December 31, 2023, to a 42% of total revenues of leases and sub-concession of spaces (48% and 39% as of December 31, 2022 and 2021 respectively). 14 Leases (Cont.) (iv) The group as a lessor (Cont.) Minimum lease payments receivable on leases and sub-concession of spaces with third parties at its airports facilities are as follows: At December 31, 2023 2022 2021 Within 1 year 109,314 99,142 77,387 Between 1 and 5 years 266,875 241,115 175,409 Later than 5 years 160,059 136,344 42,082 Total 536,248 476,601 294,878 |
Investments in associates
Investments in associates | 12 Months Ended |
Dec. 31, 2023 | |
Investments in associates | |
Investments in associates | 15 Investments in associates For the year ended December 31, 2023 2022 Balances at the beginning of the year 1,911 2,355 Share of income/(loss) in associates (Note 10) 7,108 (970) Contributions 84 260 Acquisitions (1) 3,384 — Others (425) 223 Translation differences (70) 43 Balances at the end of the year 11,992 1,911 (1) 15 Investments in associates (Cont) Breakdown of the share of income/(loss) in associates is as follows: 2023 2022 2021 Sociedad Aeroportuaria Kuntur Wasi S.A. (84) (260) (741) Navinten S.A. (**) 7,292 — — Others (100) (710) 112 7,108 (970) (629) Main Associates are as follows: Investment in associates Percentage of ownership at For the year ended Country of December 31, December 31, Company Main activity incorporation 2023 2022 2023 2022 Aeropuertos Ecológicos de Galápagos S.A. (*) Airport Operation Ecuador 99.90 % 99.90 % 1,000 1,000 Navinten S.A. (**) Duty free operation Uruguay 49.00 % — 10,264 — Sociedad Aeroportuaria Kuntur Wasi S.A. (***) Airport Operation Perú 47.90 % 47.90 % — — Others — — — 728 911 11,992 1,911 (*) Under the terms of the Galapagos Concession Agreement, the net income generated by the Company must be transferred entirely to the Dirección General de Aviación Civil (“DGAC”), however, the Group maintains the operational management of such company and therefore has significant influence. ( ) ( ) |
Deferred income tax
Deferred income tax | 12 Months Ended |
Dec. 31, 2023 | |
Deferred income tax | |
Deferred income tax | 16 Deferred income tax Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate enacted in each country that are expected to apply in the period the temporary difference will reverse. The tax rate per country is the following: Uruguay: 25%, Argentina: 35%, Italy: 29%, Armenia: 18%, Brazil: 34%, Ecuador: 25%, Spain: 25%, Luxembourg: 25%. The evolution of deferred tax assets and liabilities during the years 2023 and 2022 are as follows: Deferred tax liabilities Property, plant and equipment and Tax inflation Intangibles Assets adjustment Other liabilities Total Balances at January 1, 2023 304,726 13,449 7,106 325,281 Increase/ (decrease) of deferred tax liabilities for the year 37,230 1,822 8,943 47,995 Translation differences and inflation adjustment (54,458) (4,344) 133 (58,669) Balances at December 31, 2023 287,498 10,927 16,182 314,607 Balances at January 1, 2022 279,478 32,322 8,085 319,885 Increase/(decrease) of deferred tax liabilities for the year 19,214 (5,295) 76 13,995 Translation differences and inflation adjustment 6,034 (13,578) (1,055) (8,599) Balances at December 31, 2022 304,726 13,449 7,106 325,281 Deferred tax assets Tax loss Property, plant and Provisions and carry equipment and allowances forwards Intangibles Assets Other Total Balances at January 1, 2023 26,266 112,775 989 7,675 147,705 (Decrease) / increase of deferred tax assets for the year 1,786 105,839 (164) 3,231 110,692 Translation differences and inflation adjustment (4,245) (13,238) (12) (898) (18,393) Balances at December 31, 2023 23,807 205,376 813 10,008 240,004 Balances at January 1, 2022 34,073 113,304 932 13,022 161,331 Disposal of subsidiaries (343) (2,198) — 16 (2,525) (Decrease) / increase of deferred tax assets for the year (410) 12,580 (108) (2,482) 9,580 Translation differences and inflation adjustment (7,054) (10,911) 165 (2,881) (20,681) Balances at December 31, 2022 26,266 112,775 989 7,675 147,705 16 Deferred income tax (Cont.) The Group does not recognize deferred tax assets for unused tax loss carryforward or unused tax credit if it is not probable that there will be sufficient future taxable profit against which the loss carryforward or credit can be utilized. At December 31, 2023 an amount of USD 224.5 million (USD 210.0 million at December 31, 2022) has not been recognized within deferred tax assets because there is not sufficient evidence that there will be enough taxable profit available to allow the benefit of part or all of that deferred tax asset to be utilized. Unused tax loss carryforwards do not expire although there are certain deduction limits. At December 31, 2023, USD 62.3 (USD 61.8 million at December 31, 2022) of the deferred tax asset relates to tax losses carryforward that do not expire, while the remaining USD 143.1 million (USD 51.0 million at December 31, 2022) expire as follows: For the year ended December 31, Expiration date 2023 2022 December 31, 2025 73,344 50,161 December 31, 2026 1,095 837 December 31, 2027 38,320 16 December 31, 2028 30,384 — Deferred income tax assets and liabilities are offset when (1) there is a legally enforceable right to set-off current tax assets against current tax liabilities and (2) when the deferred income taxes relate to the same fiscal authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The following amounts, determined after appropriate set-off, are shown in the Consolidated Statement of Financial Position: 2023 2022 Deferred tax assets 62,712 54,882 Deferred tax liabilities (137,315) (232,458) |
Other receivables
Other receivables | 12 Months Ended |
Dec. 31, 2023 | |
Other receivables | |
Other receivables | 17 Other receivables At December 31, 2023 2022 Non-Current Tax credits 9,623 10,992 Trust funds (1) 22,627 54,782 Prepaid expenses 192 792 Other 10,198 12,199 42,640 78,765 Current Tax credits 13,646 10,925 Guarantee deposit (4) 35,809 9,605 Receivables from related parties (Note 27) 9,315 10,140 Prepaid expenses 4,662 4,849 Compensation receivable (5) 66,612 — Government grants to receive (2) 459 7,193 Other (3) 15,046 15,088 145,549 57,800 (1) (2) (3) (4) (5) The fair value of financial assets within current other receivables approximates to its carrying amount. The fair value of financial assets within non-current receivables amounts to approximately USD 24.4 million at December 31, 2023 (USD 58.8 million as of December 31, 2022). The fair value of these financial assets was calculated using a discounted cash flow (Level 3). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories | |
Inventories | 18 Inventories At December 31, Non- Current 2023 2022 Supplies 318 254 318 254 Current Supplies 4,881 4,844 Oil and byproducts 11,263 10,917 Others 4 4 16,148 15,765 |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade receivables | |
Trade receivables | 19 Trade receivables At December 31, Non-Current 2023 2022 Accounts receivable 4,581 4,683 Trade receivables from related parties (Note 27) 741 1,431 Loss allowance (see Note 3A(ii)) (4,433) (4,533) 889 1,581 Current Accounts receivable 138,586 129,168 Trade receivables from related parties (Note 27) 4,421 5,053 Contract assets 1,488 2,053 Loss allowance (see Note 3A(ii)) (17,935) (25,185) 126,560 111,089 Fair value of trade receivables approximates to the net book value. |
Other financial assets
Other financial assets | 12 Months Ended |
Dec. 31, 2023 | |
Other financial assets | |
Other financial assets | 20 Other financial assets At December 31, 2023 2022 Non-current Other financial assets at fair value through profit or loss Equity investments (*) 3,690 3,160 Other 2,289 — 5,979 3,160 Other financial assets at amortized cost Related parties (Note 27) 6,545 2,954 Corporate Bonds 53,735 — Other (**) 810 810 61,090 3,764 67,069 6,924 Current Other financial assets at fair value through profit or loss Corporate Bonds 729 7,913 Mutual funds 3,515 4,458 Government securities 434 313 Other 206 108 4,884 12,792 Other financial assets at amortized cost Corporate Bonds 4,959 — Related parties (Note 27) 24,890 — Time Deposits 43,159 39,078 Treasury bills 9,658 1,956 Other (**) 476 12,871 83,142 53,905 88,026 66,697 (*) (**) Fair value of other financial assets approximate book value. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents | |
Cash and cash equivalents | 21 Cash and cash equivalents At December 31, 2023 2022 Cash to be deposited 657 568 Cash at banks 192,381 255,743 Time deposits 16,729 12,474 Other cash equivalents (1) 160,081 116,480 369,848 385,265 (1) The Group considers that its cash and cash equivalents have low credit risk based, mainly, on the external credit ratings of the counterparties. As of December 31, 2023, cash and cash equivalents includes restricted cash on deposit as collateral for a total amount of USD 5,864 (USD 4,843 as of December 31, 2022). |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings | |
Borrowings | 22 Borrowings At December 31, 2023 2022 Non-current Bank and financial borrowings (**) 278,147 353,740 Notes (*) 855,402 933,681 1,133,549 1,287,421 Current Bank and financial borrowings (**) 114,092 125,164 Notes (*) 85,535 52,852 Bank overdrafts 61 — 199,688 178,016 Total Borrowings 1,333,237 1,465,437 Changes in borrowings during the years are as follows: 2023 2022 Balances at the beginning of the year 1,465,437 1,439,603 Loans obtained 87,846 371,951 Loans repaid (200,475) (328,775) Interest paid (83,791) (111,387) Accrued interest for the year 90,928 115,093 Offsetting of financial assets (Note 17) (15,224) — Debt renegotiation expenses capitalization (110) (2,011) Translation differences and inflation adjustment (11,374) (19,037) Balances at the end of the year 1,333,237 1,465,437 22 Borrowings (Cont.) The maturity of borrowings is as follows: 1 year or less 1 to 2 years 2 to 5 years Over 5 years Total At December 31, 2023 (1) 294,299 239,443 569,488 711,815 1,815,045 At December 31, 2022 (1) 278,427 252,961 622,876 895,887 2,050,151 (1) At December 31, 2023 2022 Fair value of borrowings ( 2) 1,328,357 1,423,983 1,328,357 1,423,983 (2) (*) Notes include the following as of December 31, 2023: Company Note Issuance Currency Nominal value (in millions of USD) Maturity Interest rate Outstanding (in millions of USD) ACI Senior secured guarantee notes November 2021 USD 246.2 November 2034 Fixed 6.875% 235.9 Senior secured guarantee notes May 2015, May 2020 (1) USD 14.6 November 2032 Fixed 6.875% 11.4 CAI Secured notes January 2020 EUR 71.8 December 2024 Fixed 4.556% 67.7 Senior secured guarantee notes February 2017, May 2020 (1) USD 212.3 February 2027 Fixed 6.875% 67.8 October 2021 USD 208.9 August 2031 Fixed 8.500% 208.6 AA2000 Class 1 Series 2021 Notes November 2021 USD 64.0 August 2031 Fixed 8.500% 61.2 Class 4 Notes November 2021 USD 62.0 November 2028 Fixed 9.500% 60.7 Class 5 Notes February 2022 USD (2) 138.0 February 2032 Fixed 5.500% 138.3 Class 6 Notes February 2022 USD (2) 36.0 February 2025 Fixed 2.000% 34.4 Class 9 Notes August 2022 USD (2) 30.0 August 2026 Fixed 0.000% 30.0 July-2023 USD (2) 2.7 Aug-2026 Fixed 0.000% 0.4 Class 10 Notes July-2023 USD (2) 25.0 July-2025 Fixed 0.000% 24.5 Total 940.9 (1) A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below (2) These notes are dollar-linked, denominated in U.S. dollars but issued and payable in Argentine pesos 22 Borrowings (Cont.) (*) Notes include the following as of December 31, 2022: Company Note Issuance Currency Nominal value (in millions of USD) Maturity Interest rate Outstanding (in millions of USD) ACI Senior secured guarantee notes November 2021 USD 246.2 November 2034 Fixed 6.875% 234.6 Senior secured guarantee notes May 2015, May 2020 (1) USD 14.6 November 2032 Fixed 6.875% 12.5 CAI Secured notes January 2020 EUR 71.8 December 2024 Fixed 4.556% 64.9 Senior secured guarantee notes February 2017, May 2020 (1) USD 212.3 February 2027 Fixed 6.875% 91.1 October 2021 USD 208.9 August 2031 Fixed 8.500% 208.1 Class 3 Notes September 2021 USD (2) 30.5 September 2023 Fixed 4.000% 30.5 Class 1 Series 2021 Notes November 2021 USD 64.0 August 2031 Fixed 8.500% 60.6 AA2000 Class 4 Notes November 2021 USD 62.0 November 2028 Fixed 9.500% 60.2 Class 5 Notes February 2022 USD (2) 138.0 February 2032 Fixed 5.500% 138.3 Class 6 Notes February 2022 USD (2) 36.0 February 2025 Fixed 2.000% 35.9 Class 7 Notes July 2022 USD (2) 20.0 July 2025 Fixed 0.000% 19.9 Class 9 Notes August 2022 USD (2) 30.0 August 2026 Fixed 0.000% 29.9 Total 986.5 (1) A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below (2) These notes are dollar-linked, denominated in U.S. dollars but issued and payable in Argentine peso 22 Borrowings (Cont.) ● ACI Senior Secured Guarantee Notes (“ACI Existing Notes”) are guaranteed and have a security package that includes the pledge of the shares in PDS and Cerealsur S.A., and certain accounts of Cerealsur S.A. and ACI. As of December 31, 2023 and 2022, they were secured by a debt service reserve account of ACI and the funds contained therein. These notes are fully and unconditionally guaranteed by Cerealsur S.A.and PDS. On May 26, 2020, ACI issued USD 180.9 million aggregate principal amount of 6.875% Cash/7.875% PIK Senior Secured Guaranteed Notes due 2032 to repurchase and exchange 93.6% of the total original principal amount of the ACI Existing Notes obtaining consents to certain proposed amendments to the indenture governing the ACI Existing Notes and certain waivers. The main covenants and guarantees remain unchanged except for the incorporation of ACI’s shares pledge. On November 12, 2021, ACI issued USD 246.2 million aggregate principal amount of 6.875% Senior Secured Guaranteed Notes due 2034 (the “New Notes”) consolidating the repurchase and exchange of 40.62% of the total original principal amount of the Series 2015 Notes, 96.43% of the total original amount of the Series 2020 Notes and a new money offering of USD 52.9 in a private transaction under the same terms as the New Notes. The main guarantees remain unchanged while the covenants over ACI Existing Notes were eliminated; an Interest payment account was funded with a portion of the proceeds of the issuance of the New Notes to cancel interest payments until November 29, 2023, amounting as of December 31, 2022, USD 12.9 million and a stand by letter was issued by Goldman Sachs Bank for USD 8.5 million which remains in force as of December 31, 2023. ● The Italian Notes are secured by an economic first ranking pledge in respect of all the shares representing 100% of the share capital of CAI, 100% of the share capital of Dicasa Spain S.A.U. and the shares representing CAI’s holding in TA. The main covenants are limitations to take on additional indebtedness, make payments of dividends and other payments that are specifically restricted, selling assets as well as requiring compliance with certain financial ratios. As of December 31, 2023, it has been in compliance with the covenants. ● The Senior guarantee notes of AA2000 (“AA2000 Existing Notes”) are secured by a collateral assignment of fiduciary rights of certain revenue of AA2000. The main covenants require compliance with certain financial ratios as well as restriction to incur additional debt and limitations on the payments of dividends if any default, whether declared or not, has occurred. As of December 31, 2023 AA2000 is in compliance with said covenants. On May 20, 2020 AA2000 issued USD 306 million aggregate principal amount of 6.875% Cash/9.375% PIK Class I Series 2020 Additional Senior Secured Notes due 2027 (the “Series 2020 Additional Notes”) in exchange of 86.73% of the total original principal amount of AA2000 Existing Notes. The collateral assignment of revenue under AA2000 Existing Notes was extended to the Series 2020 Additional Notes in equal terms.Accrued interest are capitalized quarterly. The main covenants and guarantees remain unchanged. On October 28, 2021, AA2000 issued USD 208.9 million aggregate principal amount of 8.5% Class I Series 2021 Additional Senior Secured Notes due 2031 (the “Series 2021 Notes”) to repurchase and exchange 24.61% of the total original principal amount of the Series 2017 Notes and 66.83% of the original principal amount of Series 2020 Additional Notes. Additionally, on November 4, 2021, AA2000 issued USD 64 million of Series 2021 Notes related to a new fund raising. The main covenants and guarantees remain unchanged. 22 Borrowings (Cont.) The Series 2021 Notes and the Existing Notes not exchanged are secured by the collateral currently securing the Existing Notes on a pro rata and pari passu basis. In addition, to secure its obligations under the Series 2021 Notes, AA2000, together with the relevant parties thereto, amended the cargo trust agreement dated August 9, 2019, entered into by AA2000 and the trustee (as amended, the “Cargo Trust”) in order to include holders of Series 2021 Notes as beneficiaries therein, granting them a security interest which is subordinated to (i) the rights of creditors under certain existing loans of AA2000, and (ii) any debt permitted to be incurred to finance or refinance any capital expenditures made or to be made pursuant to the concession agreement entered into by AA2000 with the Argentine National Government (as amended form time to time, the “Concession Agreement”) for the operation of the airports in Argentina. Once the Existing Notes not exchanged in the Exchange Offer mature or are cancelled in full, AA2000 is required to amend and restate the Cargo Trust and the current trust related to the tariffs dated January 19, 2017, entered into by AA2000 and the trustee thereto (the “Tariffs Trust”), so that the Series 2021 Notes become secured under the Cargo Trust on a pro rata and pari passu basis with the existing beneficiaries of the Cargo Trust, and these beneficiaries in turn become secured under the Tariffs Trust on a pro rata and pari passu basis with the Series 2021 Notes. In accordance with the Concession Agreement, the collateral assignment of revenue must be authorized by ORSNA. ORSNA approved, on October 15 2021, the amendment of the Tariffs Trust and of the Cargo Trust to include the Series 2021 Notes as beneficiaries thereto (including their future amendment and restatement, once the Existing Notes are cancelled in full). Furthermore, AA2000 received the approval from the Central Bank of Argentina to establish a non-interest bearing U.S. dollar trust account in the United States to secure the Series 2021. On November 4, 2021, AA2000 additionally issued USD 62 million aggregate principal amount of Class 4 Senior Secured Notes related to a new money offering. These Senior Secured Notes are secured by a first priority lien on the Cargo Trust on a pari passu basis with certain commercial bank lenders to AA2000 and a second priority lien with new debt incurred by AA2000 to fund infrastructure works for a total amount of up to USD 235 million. On February 21, 2022, AA2000 issued USD 174 million of dollar-linked notes, in the local market, in two tranches: ● USD 138 million of Class 5 Notes, with a five-year grace period and quarterly amortization, starting May 2027. AA2000 is using these proceeds to fund infrastructure works in the Group “A” airports, within the National Airports System; ● USD 36 million of Class 6 Notes. In June 2022, AA2000 repurchased USD 2 million of dollar-linked notes issued in August 2020. In August 2022, USD 25.4 million of these notes were exchanged for dollar-linked Class 9 Notes, while at the maturity date, in August 2022, AA2000 repaid the remaining USD 12.6 million. On July 8, 2022, AA2000 issued USD 20 million of dollar-linked Class 7 Notes in the local market. In December 2023, the notes were early redeemed. On August 19, 2022, AA2000 issued USD 30 million of dollar-linked Class 9 Notes in the local market, repayable in three installments of USD 10 million each, in February, May and August 2026. The integration of the nominal value amounted to USD 25.4 million through the exchange of Class 2 Notes while the remaining USD 4.6 million were integrated in ARS. In July, 2023, AA2000 issued additional Class 9 Dollar - linked Notes, for a total amount of USD 2.7 million. The main covenants and guarantees remain unchanged. Furthermore, AA2000 issued USD 25.0 million aggregate principal amount of Class 10 Dollar - linked Notes to repurchase and exchange 90.7% of the total original principal amount of the Series 3 Notes. 22 Borrowings (Cont.) (**) As of December 31, 2023, s Outstanding (In millions Company Lender Currency Maturity Interest Rate of USD) Capitalization (2) BNDES R$ Sept-2032 Variable TJLP (1) plus spread 6.6 ICASGA BNDES R$ June-2032 Variable T.R. plus spread plus IPCA 1.8 BNDES R$ Sept-2032 Variable T.R. plus spread plus IPCA 4.9 A BNDES R$ July -2032 Variable T.R. plus spread plus IPCA 2.3 ICAB BNDES R$ Dec-2033 Variable TJLP (1) plus spread 213.9 A Banco Guayaquil SA USD Feb-2026 Variable T.R.E. (3) plus spread 4.2 D TAGSA Banco Guayaquil SA USD Dec-2025 Variable T.R.E. (3) plus spread 1.4 D Banco Bolivariano CA USD Dec-2025 Variable T.R.E. (3) plus spread 3.6 D Banco Bolivariano CA USD Nov-2024 Variable T.R.E. (3) plus spread 1.8 D Scotiabank Uruguay USD Oct-2024 Fixed 4.30% 0.4 D TCU Scotiabank Uruguay USD Feb-2026 Fixed 4.30% 0.6 D Santander Uruguay USD Nov-2027 Fixed 5.37% 1.0 D Santander Uruguay USD Jan-2028 Fixed 5.37% 1.0 D Banco de Innovación de Infraestructuras y Desarrollo EUR Sept-2027 Variable Euribor 6 month plus spread 13.0 D Unicredit EUR Mar-2024 Variable Euribor 3 month plus spread 9.4 D TA ISP-SACE EUR Sept-2026 Variable Euribor 3 month plus spread 60.5 D BPM EUR June-2024 Variable Euribor 3 month plus spread 0.1 D BPM EUR Feb-2024 Variable Euribor 3 month plus spread 4.0 D MPS Servicio capital EUR Mar-2024 Variable Euribor 6 month plus spread 12.3 D Banca Intesa San Paolo EUR Jan-2024 Fixed 6.10% 12.2 D AIA Ameriabank C.J.S.C. EUR Dec-2024 Fixed 6.00% 13.2 B Banco de la Provincia de Buenos Aires USD July-2024 Fixed 7.00% 0.3 D AA2000 Onshore renegotiation - ICBC USD Nov-2024 Fixed 8.50% 9.0 A ICBC Dubai USD Oct-2025 Variable SOFR plus spread 10.2 B ICBC USD Jan-2024 Fixed 15.50% 0.5 D ICBC USD Dec-2024 Fixed 15.50% 0.1 D CAISA Santander Uruguay USD Apr-2027 Fixed 5.10% 5.5 B Banco Itaú USD Apr-2027 Fixed 3.80% 5.5 PDS Banco de la República Oriental del Uruguay USD Mar-2028 Variable 6.14% 8.5 C Total (***) 407.8 (***) The total outstanding amount includes the financial debt of ICASGA with BNDES which, as disclosed in Note 17, is shown in the Consolidated statement of financial position offset of guarantee deposits. Therefore, the net amount of Bank and financial borrowings amounts to USD 392.2 million. 22 Borrowings (Cont.) Outstanding (In millions Company Lender Currency Maturity Interest Rate of USD) Capitalization (2) BNDES R$ September 2032 Variable TJLP (1) plus spread 6.4 ICASGA/AGIB BNDES R$ June 2032 Variable T.R. plus spread plus IPCA 1.8 A BNDES R$ September 2032 Variable T.R. plus spread plus IPCA 5.5 BNDES R$ July 2032 Variable T.R. plus spread plus IPCA 1.7 ICAB BNDES R$ December 2033 Variable TJLP (1) plus spread 208.3 A Votorantim R$ March 2023 Variable CDI plus spread 0.8 C Banco Guayaquil SA USD February 2026 Variable T.R.E. (3) plus spread 5.9 D Banco Guayaquil SA USD December 2025 Variable T.R.E. (3) plus spread 2.1 D TAGSA Banco Bolivariano CA USD December 2025 Variable T.R.E. (3) plus spread 5.4 D Banco Bolivariano CA USD November 2024 Variable T.R.E. (3) plus spread 3.6 D Santander Uruguay USD April 2023 Fixed 4.40% 0.2 D TCU Scotiabank Uruguay USD October 2024 Fixed 4.30% 1.0 D Scotiabank Uruguay USD February 2026 Fixed 4.30% 0.8 D Santander Uruguay USD November 2027 Fixed 5.37% 1.0 D Banco de Innovación de Infraestructuras y Desarrollo EUR September 2027 Variable Euribor 6 month plus spread 15.5 D BPM EUR December 2023 Fixed 1.65% 0.1 D Unicredit EUR March 2023 Variable Euribor 3 month plus spread 10.1 D BNL EUR May 2023 Fixed 3.76% 5.4 D TA ISP-SACE EUR September 2026 Variable Euribor 3 month plus spread 85.1 D BPM EUR June 2023 Variable Euribor 3 month plus spread 0.1 D BPM EUR June 2024 Variable Euribor 3 month plus spread 0.2 D BPM EUR January 2023 Variable Euribor 3 month plus spread 3.8 D MPS Servicio capital EUR March 2023 Fixed 1.86% 11.8 D Banca Intesa San Paolo EUR March 2023 Fixed 1.60% 11.9 D AIA Ameriabank C.J.S.C. EUR December 2025 Fixed 6.00% 21.1 B ANSA Banco Macro (4) ARS November 2024 Variable BADLAR plus spread 1.2 A Banco de la Provincia de Buenos Aires USD July 2024 Fixed 7.00% 0.8 D AA2000 Onshore renegotiation ARS November 2024 Variable BADCOR plus spread 8.0 A Onshore renegotiation - ICBC USD November 2024 Fixed 8.50% 17.8 A Citibank N.A. (5) USD February 2023 Variable SOFR plus spread 2.4 A Offshore renegotiation ARS November 2024 Variable BADCOR plus spread 1.6 A ICBC Dubai USD October 2025 Variable SOFR plus spread 10.2 B Banco Ciudad USD November 2023 Fixed 6.00% 3.5 B CAISA Santander Uruguay USD April 2027 Fixed 5.10% 6.9 Banco Itaú USD April 2027 Fixed 3.80% 6.9 B PDS Banco de la República Oriental del Uruguay USD March 2028 Variable 7.03% 10.0 C Total 478.9 (1) TJLP - Taxa de Juros de Longo Prazo (Brazilian Long term interest rate). IPCA: corresponds to the Brazilian Consumer Price index. (2) A - Secured/guaranteed B – Secured/unguaranteed C – Unsecured/guaranteed D - Unsecured/unguaranteed ARS - Argentine Pesos. R$ - Brazilian Reales. (3) T.R.E - Tasa Referencial Ecuador (Ecuadorian reference interest rate). (4) (5) 22 Borrowings (Cont.) - The Credit Facility Agreement between ICASGA and the Banco Nacional do Desenvolvimento Econômico e Social (“BNDES”) is secured by the pledge of the shares of ICASGA, together with any dividends and distributions in connection therewith, as well as the fiduciary assignment of rights arising under the Natal Airport concession agreement and certain letters of guarantees issued by indirect shareholders and affiliates of ICASGA. It also establishes a required pre-authorization by BNDES on payments of ICASGA dividends if exceeding 25% of net profits. The Credit Facility Agreement between ICAB and BNDES is secured by the pledge of ICAB and Inframérica Participaçoes S.A. shares, the fiduciary assignment of rights arising under the Brasilia airport concession agreement and letters of guarantee issued by indirect shareholders and affiliates of ICAB. It also establishes under certain circumstances a required pre-authorization by BNDES on payments of ICAB dividends if exceeding 25% of net profits and compliance of certain financial ratios. During 2017 and 2018 ICAB and ICASGA entered into amendments and extension agreements with BNDES in which ACI Airports S.à r.l. and CAAP agreed not to create any encumbrances on their shares in Inframérica, and not to sell, acquire, merge or spin-off assets or undertake any other action that results or that may result in a change in the current corporate structure of Inframérica or any change of control in Inframérica, without the prior consent of BNDES. ACI Airports S.à r.l. has agreed not to undertake any change of control in CAAP without the prior consent of BNDES. In addition, ACI Airports S.à r.l. has agreed to maintain a minimum credit rating (the “Minimum Rating”) or a stand-alone rating (without including the sovereign rating) of at least B-/B3, being in compliance as of December 31,2023. As of June 30, 2023, ICAB did not meet one of the obligations set forth in the financing agreement with BNDES, regarding the payment of the variable concession fee. On August 15, 2023, ICAB issued a formal letter to the Brazilian ANAC, informing that payment of the variable concession fee was made through the application of Covid - 19 re - equilibrium credits (see Note 8). With the netting of the debt with the existing credits, ICAB complies with its obligations under BNDES agreement and, therefore, since then has been in compliance with the obligation. As mentioned in Note 1.2.1, on December 31, 2023, ICASGA was absorbed by ACIB, therefore the financial debts of ICASGA were transferred to ACIB. 22 Borrowings (Cont.) - In December 2022, AIA entered into a new loan agreement with Ameriabank C.J.S.C. for up to EUR 40 million of which EUR 20 million were disbursed in December 2022, while the remaining EUR 20 million were disbursed in April, 2023. In December 2023 AIA prepaid EUR 20 million, which has shortened the loan repayment date up to December 23, 2024. This agreement provides restrictions regarding payments, taking on additional indebtedness, disposal of assets and transactions with affiliates, and the maintenance of certain financial ratios. According to this agreement, these ratios must be met as of June 30 and December 31 of each year the loan is outstanding, and are met as of December 31, 2023. As of December 31, 2023, AIA pledged to the security agent cash held in bank accounts for USD 59,072 (USD 38,511 as of December 31, 2022). Additionally, the loan is secured by the pledge of shares of the Company and certain collection rights. - TA, pursuant to the loan agreement with Banco de Innovación de Infraestructuras y Desarrollo/ MPS Servicio capital is required to comply with certain financial ratios, which have been met as of December 31, 2023. On November 6, 2020, EUR 85 million of proceeds were disbursed to TA under a loan signed with a pool of leading financial institutions comprising Intesa Sanpaolo and BNL-BNP Paribas. The loan is 90% backed by SACE guarantees pursuant to the provisions of Decree-Law No. 23/2020 within the framework of the programme “Garanzia Italia”, an Italian guarantee scheme intended to support Italian companies affected by the Covid-19 crisis. The loan has a term of six years, with a two - ANSA loan with Banco Macro was secured with a guarantee letter of Corporación América S.A. In addition, ANSA entered into an assignment of collection rights agreement in favor of Banco Macro. The loan was prepaid in November 2023 and the guarantees released. - On August 9, 2019, AA2000 entered into two credit facility agreements: (a) the onshore credit facility agreement, by and among AA2000, as borrower, Banco Galicia and Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A. (“ICBC”) and Banco Santander Río S.A., as lenders (collectively, the “Lenders”), Citibank N.A. (“Citibank”), as administrative agent and Citibank Argentina, as local collateral agent, local disbursement agent and local paying agent, for an aggregate principal amount of USD 85 million and (b) the offshore credit facility agreement, by and among AA2000, as borrower, Citibank acting through its international banking facility, as lender, Citibank N.A., as administrative agent and Citibank Argentina as local collateral agent and local custodian agent for an aggregate principal amount of USD 35 million (collectively, the “2019 Credit Facilities”). To secure its obligations under the two credit facility agreements, pursuant to the Argentine Collateral Trust Agreement dated August 9, 2019 (under Argentine law), AA2000 transferred and assigned to the collateral trustee, acting on behalf of the Trust, for the benefit of the Lenders, acting as the beneficiaries, all: (a) rights, title and interest in, to and under each payment of the cargo airport charges payable by the user of such services in connection with all proceeds derived from export and import services carried out by Terminal de Cargas Argentina (a business unit of AA2000); and (b) any residual amount that AA2000 could be entitled to receive pursuant to article 11.4 of the collateral trust agreement dated January 17, 2017, entered into AA2000 and Citibank, in respect of the rights to receive payment in the event of a termination, expropriation or redemption of the concession agreement entered by and between the National Government and AA2000 on February 9, 1998 and approved by Decree No. 163/1998; including the right to receive and withhold all the payments pursuant to them and any other produced by them, assigned in trust to secure the Existing Notes issued by AA2000. 22 Borrowings (Cont.) During 2020 and 2021, AA2000 entered into framework amendments (“Framework Agreement”) and extension agreements with the financial institutions with respect to the above loans, including the extension of the final maturity. Additionally, under the Framework Agreement, AA2000 signed bilateral contracts with each of the financial institutions and signed an amendment to the aforementioned agreement where the obligation to comply with certain ratios foreseen in the 2019 Credit Facilities has been waived. On November 18, 2021, AA2000 agreed with the Lenders the granting of a bimonetary loan in order to prepay the loans from the Framework Agreement. The loans are secured by the Argentine Collateral Trust Agreement. Disbursements were made in November and December 2021, both in USD (Onshore renegotiation – ICBC) and in ARS (Offshore renegotiation) for USD 10 million and ARS 3,944 million (equivalent to USD 22.3 million) respectively. During 2022 disbursements under the bimonetary loan were granted and used to offset the installments of the Framework Agreement for ARS 3,682.0 million (equivalent to USD 20.8 million) and for USD 7.8 million. Additionally, prepayments of the bimonetary loans in ARS were made during 2022 for ARS 6,085.0 million (equivalent to USD 34.3 million). In March 2023, AA2000 obtained a bank overdraft from Citibank N.A. and prepaid the bimonetary loan in ARS, for ARS 1,350.5 million (equivalent to USD 1.7 million). The outstanding balance is to be repaid in installments to be made until March 2024. On July 29, 2022, AA2000 obtained a loan from Industrial and Commercial Bank of China, Dubai branch, for a total amount of USD 10 million. The loan will be repaid in three installments to be made in April, July and October 2025. The loan is secured by a first priority lien on the income generated in the cargo terminal on a pari passu basis with certain commercial bank lenders to AA2000 and the Class 4 Notes, and a second priority lien on the international and regional air station usage fees and concession compensation rights. - CAISA pursuant to the credit facilities with Banco Santander S.A. and Banco Itaú Uruguay S.A. is required to comply with certain financial ratios as well as certain restrictions. Assignment of certain revenues has been given to secure the aforementioned credit facilities. - On April 16, 2021, PDS obtained a loan of USD 10 million with Banco de la República Oriental del Uruguay (BROU) accruing interest at a variable rate set by BROU. This loan is repayable in 60 monthly installments starting on April 2023 and is secured by a guarantee issued by CAAP, and by a stand by letter issued by Morgan Stanley Private Bank, National Association for USD 1.5 million guaranteed by Corporación America Sudamericana S.A. As of December 31, 2023, the Company and its subsidiaries met the financial covenants under outstanding financings. |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other liabilities | |
Other liabilities | 23 Other liabilities At December 31, 2023 2022 Non-current Concession fee payable (1) 690,319 700,395 Advances from customers 13,368 13,910 Provisions for legal claims (4) 8,979 9,712 Provision for maintenance costs (2) 21,364 19,079 Other taxes payable 199 508 Employee benefit obligation (3) 4,382 4,376 Salary payable 291 286 Other liabilities with related parties (Note 27) 15,275 1,382 Other payables 14,187 18,735 768,364 768,383 Current Concession fee payable (1) 223,051 228,614 Other taxes payable 18,921 17,288 Salary payable 41,656 46,061 Other liabilities with related parties (Note 27) 2,689 1,121 Advances from customers 5,647 5,098 Provision for maintenance cost (2) 5,678 3,835 Expenses provisions 6,203 2,413 Provisions for legal claims (4) 5,286 3,424 Other payables (*) 36,733 49,224 345,864 357,078 (*) Maturity of the other liabilities is as follows: 1 year or less 1 - 2 years 2 - 5 years Over 5 years Total At December 31, 2023 (**) 345,864 96,071 279,683 1,266,124 1,987,742 At December 31, 2022 (**) 357,078 88,255 263,318 1,549,369 2,258,020 (**) The fair value of financial liabilities within current and non-current other liabilities approximates to its carrying amount. 23 Other liabilities (Cont.) (1) a) Fixed concession fee The Brasilia Airport concession agreement established a fixed concession fee of R$ 4,501,132 thousand, payable in 25 equal annual installments since inception of the concession period. The concession fee is adjusted for inflation annually based on the changes in the Brazilian IPCA. The Natal Airport concession agreement established an annual fixed concession fee of R$ 6,800 thousand, payable as from the 37 th This fixed concession fee is divided in two parts: (a) Right of use if the airport operates at the existing operating capacity at the beginning of the concession, and (b) the second portion relates to the Group estimation of the value of the right of use after completion of the infrastructure works that increase capacity of the airport. Changes in the liability related to the increase capacity of the airport or contract modifications are accounted for against the “Concession asset”. Changes in the liabilities due to passage of time and inflation adjustment are recognized against profit or loss of the year. b) Variable concession fee The concession agreement for the Brasilia Airport requires payment of an annual fee of 2% of aeronautical and commercial revenues with a cap annually established by the Brazilian ANAC. After that limit, concession fee is calculated at 4.5%. Changes in the year for fixed and variable concession fee payable are as follows: 2023 2022 Balances at the beginning of the year 929,009 825,034 Financial result (*) 100,237 112,345 Concession fees 135,530 139,744 Payments (**) (199,618) (157,898) Re-equilibrium compensation (***) (22,946) (15,434) Other (****) (75,475) 570 Translation differences and inflation adjustment 46,633 24,648 Balances at the end of the year 913,370 929,009 (*) (**) (***) 23 Other liabilities (Cont.) b) (****) On October 23, 2020, the Ministério da Infraestrutura Portaria No. 157 six Portaria No. 157 Regarding the 2022 concession fee a partial payment of R$ 81.6 million (equivalent to USD 15 million) was made through the application of re-equilibrium credits. To pay the remaining amount ICAB presented on November 21, 2022 to the Ministry of Infrastructure, an offer of court payment orders, which is still in process of analysis. In December 2022, the Ministry issued an official letter confirming that, during the time it takes to issue a final opinion, ICAB is in compliance with its obligations. On December 17, 2020 AA2000 reached an agreement with ORSNA in relation with past due payments of concession fees and development trusts suspended during 2020, for approximately USD 38 million to be paid in installments between October 2021 and September 2022. On September 2, 2021, AA2000 and ORSNA agreed to postpone the past due payments which were paid in installments that concluded on November 2023. (2) 2023 2022 Balances at the beginning of the year 22,914 21,671 Accrual of the year 5,349 4,118 Use of the provision (2,127) (1,652) Translation differences and inflation adjustment 906 (1,223) Balances at the end of the year 27,042 22,914 (3) The assumptions used for the purposes of valuation of TA long term benefits at December 31, 2023 and 2022 are: - Annual discount rate: 3.17% (3.77% in 2022). - Annual inflation rate: 2.0% ( 5.9 % - Annual employee termination benefit increase rate: 3% (5.9% for the year 2023, 3.2% for the year 2024 and 3% from 2025 in 2022). 23 Other liabilities (Cont.) The iBoxx Eurozone Corporate AA 10+ index has been selected as the discount rate to be used, as the term of 10 or more years is comparable to the average remaining period of service of the personnel subject to the long term benefit. The sensibility in relation with the provision of Toscana for a total amount of USD 2.4 million is as follows: Assumption Annual discount rate Annual rate of inflation Annual turnover rate Variation rates 0.5% (0.5)% 0.25% (0.25)% 2.5% (2.5)% Provision for salary payable 2,327 2,526 2,452 2,395 2,429 2,418 The assumptions used for the valuation of TAGSA at December 31, 2023 and 2022 are: - Annual discount rate: 5.77% (5.96% in 2022). - Annual turnover rate: 15.52% (14.98% in 2022). - Annual employee termination benefit (in years): 6.84 (7.06 in 2022). - Annual employee mortality and disability rate: TM IESS 2002 (TM IESS 2002 in 2022). (*) - Annual employee future wage increase: 1.33% (1.29% in 2022). (*) Mortality Table “Instituto Ecuatoriano de Seguridad Social” The sensibility in relation with the prevision of TAGSA for a total amount of USD 2.0 million is as follows: Annual employee future Assumption Annual discount rate wage increase Annual turnover rate Variation rates 0.5% (0.5)% 0.5% (0.5)% 0.5% (0.5)% Provision for salary payable 1,880 2,040 2,042 1,878 1,951 1,965 Changes of the provision in the year is as follows: 2023 2022 Balances at the beginning of the year 4,376 7,990 Disposal of subsidiaries — (2,084) Actuarial gain/loss (in other comprehensive income) (32) (1,016) Service Cost 367 450 Amounts paid in the year (418) (585) Translation differences and inflation adjustment 89 (379) At the end of the year 4,382 4,376 The amounts shown in the Consolidated Statement of Comprehensive Income for USD 4 in 2023 (USD 859 in 2022) correspond to the actuarial (loss)/income of USD (8) (USD 1,016 in 2022), net of taxes of USD 12 (USD 157 in 2022). 23 Other liabilities (Cont.) (4) 2023 2022 Balances at the beginning of the year 13,136 11,846 Disposal of subsidiaries — (1,177) Accrual of the year 4,469 5,674 Use of the provision (1,911) (2,319) Translation differences and inflation adjustment (1,429) (888) Balances at the end of the year 14,265 13,136 |
Trade payables
Trade payables | 12 Months Ended |
Dec. 31, 2023 | |
Trade payables | |
Trade payables | 24 Trade payables At December 31, 2023 2022 Non-current Trade payable with suppliers 2,617 3,307 2,617 3,307 Current Trade payables with suppliers 107,502 118,349 Trade payables with related parties (Note 27) 5,266 5,753 112,768 124,102 Fair value of trade payables does not materially differ from the net book value. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity | |
Equity | 25 Equity a) Share capital and treasury shares As of December 2023, 2022 and 2021, Share capital amounted to USD 163,223. The movements of treasury shares for the year is as follows: On March 12, 2021, 590,000 shares (equivalent to USD 1,800), already assigned and fully vested as of December 31, 2020, were delivered to the eligible executives and key employees (Note 30). In December 2021, additional 250,000 shares (equivalent to USD 1,440) were assigned to employees. In December 2023, 2022 and 2021, 50,000, 62,500 and 125,000 of those shares (equivalent to USD 288, USD 360 and USD 720 respectively) assigned during 2021 and fully vested, were delivered to the eligible executives and key employees, while the remaining 12,500 shares have been forfeited during 2022 (Note 30). In April 2022, USD 500 (equivalent to 89,767 shares) were assigned to employees to be delivered in shares. In May 2022 and April 2023, 26,930 shares were delivered in each installment (equivalent to USD 150 each) while the remaining shares will vest in an installment in May 2024 (Note 30). 25 Equity (Cont.) a) Share capital and treasury shares (Cont.) In December 2022, USD 314 (equivalent to 56,348 shares) were assigned to employees to be delivered in shares. In January and April 2023, 16,904 shares were delivered in each installment (equivalent to USD 94 each) while the remaining shares will vest in an additional installment in May 2024 (Note 30). In April 2023, USD 739 (equivalent to 77,938 shares) were assigned to employees of which 23,381 shares (equivalent to USD 221.7) were delivered to the eligible executives and key employees, while the remaining shares will vest in installments in May 2024 and May 2025. In November 2023, USD 340 (equivalent to 35,910 shares) were assigned to employees of which 10,773 shares (equivalent to USD 102.1) were delivered to the eligible executives and key employees, while the remaining shares will vest in installments in May 2024 and May 2025. As of December 31,2023 and 2022, the remaining new shares are held in treasury until their allocation to executives and key employees in accordance with the Management Compensation Plan. 2023 2022 Treasury shares Shares USD Shares USD At January 1 2,396,015 4,600 2,485,445 4,772 Transfer of treasury shares to executives and key employees (144,892) (278) (89,430) (172) At December 31 2,251,123 4,322 2,396,015 4,600 b) Share premium As of December 2023, 2022 and 2021, Share premium amounted to USD 183,430. c) Other reserves The movements of Other Reserves of the owners of the Company is as follows: 2023 2022 2021 At the beginning of the year (1,314,025) (1,321,211) (1,321,142) Change in participations (*) 12 6,682 1,433 Share-based compensation reserve (Note 30) 1,055 667 1,020 Execution of share-based compensation reserve (949) (510) (2,520) Remeasurement of defined benefit obligations net for income tax 19 347 (2) (1,313,888) (1,314,025) (1,321,211) (*) This consists mainly in change in participations in Corporación América S.A., see Note 25 e). 25 Equity (Cont.) d) Other comprehensive income / (loss) The movements of the reserve of other comprehensive income / (loss) for the year of the owners of the parent is as follows: Transfer from Remeasurement Share of other Income shareholders Currency of defined comprehensive Tax equity – currency translation benefit loss from effect translation adjustments obligations (*) associates (*) differences Total Balances at January 1, 2023 (273,378) 520 (41,169) (122) 63,402 (250,747) Other comprehensive income/(loss) for the year (231,637) 12 (70) 7 — (231,688) For the year ended December 31, 2023 (505,015) 532 (41,239) (115) 63,402 (482,435) Balances at January 1, 2022 (343,837) 120 (41,212) (69) 63,402 (321,596) Other comprehensive income/(loss) for the year 70,459 400 43 (53) — 70,849 For the year ended December 31, 2022 (273,378) 520 (41,169) (122) 63,402 (250,747) Balances at January 1, 2021 (439,407) 92 (41,267) (39) 63,402 (417,219) Other comprehensive income/(loss) for the year 95,570 28 55 (30) — 95,623 For the year ended December 31, 2021 (343,837) 120 (41,212) (69) 63,402 (321,596) (*) Income tax relating to OCI amounts to Remeasurement of defined benefit obligations. The movement was recognized as other comprehensive income / (loss) of other reserves. 25 Equity (Cont.) e) Non – controlling interest The movements of the non- controlling interest for the year is as follows: 2023 2022 2021 At the beginning of the year 146,274 303,877 315,876 Shareholder contributions (1) 9,424 24,170 11,475 Loss for the year (13,039) (2,531) (63,221) Redemption of preferred shares (f) — (182,336) — Other comprehensive (loss) / income Currency translation (50,047) 20,646 43,071 Remeasurement of defined benefit obligations (20) 616 69 Reserve for income tax 5 (104) (41) (50,062) 21,158 43,099 Changes in non-controlling interest Changes in the participations –acquisitions (2) (12) (6,682) (991) Dividends paid (13,656) (11,382) (2,361) (13,668) (18,064) (3,352) Non-controlling interest at the end of the year 78,929 146,274 303,877 (1) (2) f) Redemption of preferred shares On March 10, 2022, an extraordinary general meeting of AA2000 approved the redemption of the preferred shares, the reduction of the capital stock and the amendment of Article 2.01 of AA2000’s bylaws. The total redemption value amounted ARS 17,225,719,240 (equivalent to approximately USD 155.2 million), which adjusted by inflation as of December 31, 2022 amounts to ARS 32,302,581,376 (equivalent to approximately USD 182.3 million). As of December 31, 2022, the preferred shares were fully settled in cash by AA2000. The payments adjusted by inflation since the date of each disbursement amounts to ARS 30,476,665,719 (equivalent to approximately USD 172.0 million). |
Contingencies, commitments and
Contingencies, commitments and restrictions on the distribution of profits | 12 Months Ended |
Dec. 31, 2023 | |
Contingencies, commitments and restrictions on the distribution of profits | |
Contingencies, commitments and restrictions on the distribution of profits | 26 Contingencies, commitments and restrictions on the distribution of profits a. Contingencies CAAP and its subsidiaries are, from time to time, subject to various claims, lawsuits and other legal proceedings, including customer claims, in which third parties are seeking payment for alleged damages, reimbursement for losses or indemnity. Some of these claims, lawsuits and other legal proceedings are subject to substantial uncertainties. Accordingly, the potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management, with the assistance of legal counsel, periodically reviews the status of each significant matter and assesses potential financial exposure. If a potential loss from a claim, lawsuit or proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the Financial Statements, and take into consideration the Group’s litigation and settlement strategies. The Company believes that the aggregate provisions recorded for losses in these Consolidated Financial Statements, are adequate based upon currently available information. AA2000 Environmental proceedings Pursuant to the Final Memorandum of Agreement entered into with the Argentine Government, dated April 3, 2007, AA2000 is required to assess and remediate environmental damage at their airports in Argentina. In August 2005, a civil action was brought by Asociación de Superficiarios de la Patagonia In August 2011, Asociación de Superficiarios de la Patagonia Justicia Federal en lo Contencioso Administrativo de la Capital Federal A “General Remediation Agreement” was entered into with ASSUPA, under which the execution of airport-specific improvement and renovation works was agreed. It was also agreed that these remediation works will be funded out of the Trust Fund for Funding Infrastructure Works in airports under the AA2000 Concession Agreement (2.5%). In connection with the civil action filed by ASSUPA, on April 15, 2021, a specific agreement covering the improvement and renovation works at Ezeiza airport was signed. The agreements subscribed with ASSUPA were submitted to ORSNA and were also approved by the Court hearing the civil action filed by ASSUPA on August 30, 2021. In addition, an agreement covering the fees of ASSUPA’s legal counsel and technical experts has also been signed. The monetary amount of this agreement was recognized as of September 30, 2021 and was included in Other operating expenses line. The amounts to be paid in connection with the remediation works will be considered investments under the AA2000 Concession Agreement. 26 Contingencies, commitments and restrictions on the distribution of profits (Cont.) a. Contingencies (Cont.) ANSA civil proceedings On October 26, 2018, Aeropuertos del Neuquén S.A. (“ANSA”) was served with a complaint from a supplier alleging ANSA’s breach of contract for the financing of the construction of a hangar at the airport of Neuquén. On July 7, 2022, the first instance judgment rejected the claim and imposed the payment of the Court costs to the plaintiff who appealed. On December 13, 2023, the Court of Appeals partially upheld the plaintiff’s appeal on the merits and reversed the first instance ruling, ordering ANSA to pay the sum of USD 0.6 million plus USD 0.3 million in interest (set as of December 29, 2023, at an annually rate of 8%). The legal costs of both instances were put on the charges of ANSA and amount, in total, to 53.3% of the amount of the judgment. Those costs include the plaintiff’s counsel’s fees. This ruling was appealed before the Supreme Court of Neuquen by ANSA (both on the merits and the legal costs) and by plaintiff’s counsel (with respect of on the amount of legal fees allocated). Both extraordinary appeals are pending. The filing of the appeal does not prevent the beneficiaries of the sentence from requesting provisional seizures against ANSA to ensure the collection of their fees if the judgement were confirmed. These seizures cannot be executed until the provincial extraordinary appeal is resolved and the execution will proceed only if the appeal is dismissed. If seizures are requested, it will be required to replace them by insurance policies. The counsel’s fees should be covered by the insurance policy previously filed in the proceedings. ANSA also received a claim from a supplier of USD 0.5 million regarding a breach of contract. Within the framework of the lawsuit, the court ordered an attachment order As of December 31, 2023, provisions in the amount of USD 0.9 million regarding ANSA’s legal proceedings have been recorded. AA2000 civil proceedings - Conflict with Aerolíneas Argentinas ( ARSA ) This airline is currently AA2000’s main customer and recorded an outstanding debt with AA2000. The singularity of ARSA lies in its status as state-owned company, since it is owned by the Argentinian State, which is in turn the grantor of AA2000 Concession Agreement. Claims have been made before ORSNA as well as formal presentations before the Ministry of Transportation, requesting mechanisms to resolve the situation through different alternatives such as payment plans, compensation and agreements. Considering this situation and in accordance with IFRS 15, as from October 1, 2019, only revenue from passenger fees related to ARSA was being recognized. On February 2, 2021, ARSA sent a document to AA2000, which contained a proposal of debt acknowledgment for the amounts owed until March 31, 2020 (ARS 120.6 million and USD 36.5 million). On July 21, 2021, AA2000 sent a proposal to the ORSNA in order to apply this credit against debts held by Fideicomiso de Fortalecimiento del Sistema Nacional de Aeropuertos.Both parties agreed the form of application of the assigned credits, which will become effective upon endorsement by the Ministry of Transportation. 26 Contingencies, commitments and restrictions on the distribution of profits (Cont.) a. Contingencies (Cont.) AA2000 civil proceedings - Conflict with Aerolíneas Argentinas ( ARSA ) (Cont.) On April 5, 2022, the Ministry of Transportation initiated the planned intervention. On June 14, 2022, the ORSNA notified AA2000 that the Ministry of Transportation has completed its intervention, and approved the assignment in the terms described. Consequently, revenues, bad debt recovery, foreign exchange income and interest income for total amounts of approximately USD 4.8, 10.1, 13.0 and 4.8 million respectively, were recognized. In 2023, ARSA made several payments in cash for a total amount of approximately USD 27.5 million, including both outstanding past due debt and current amounts. As at December 31, 2023, the remaining amount owed by ARSA to AA2000 equals USD 2.4 million. Brazil legal proceedings Civil Proceedings Infram rica Participações S.A. identified three payments totaling R$ 858 thousand made during 2014 by ICAB, when Infravix Participações S.A. was still an indirect shareholder of the Infram rica, to individuals or entities for which Inframérica was unable to clearly identify a proper purpose. On September 14, 2019, Receita Federal imposed Infram rica to pay the amount of R$ 1.3 million in late taxes, claiming that these alleged payments were allegedly without cause or did not identify a beneficiary. ICAB is contesting the fine through an administrative procedure. The outcome of this procedure is still uncertain. Neither ICAB nor ICASGA have been notified of any investigation against them. If these payments are ultimately found to have been improper, additional fines and sanctions may be applied, as well as other penalties. Tax Proceedings On November 1, 2017, ICASGA initiated a lawsuit before the Municipality of São Gonçalo do Amarante to dispute the legality of the Property and Urban Territorial Tax (“IPTU”) collected by the City of São Gonçalo do Amarante. On January 18, 2018, the judge granted a provisional decision by suspending the tax collection, and on August 27, 2019, a further ruling found the collection as unfounded. The Municipality appealed and obtained a provisional decision, which allowed for the collection of such tax up to the amount of approximately R$ 17 million. On December 11, 2019, ICASGA appealed said provisional decision which was granted on May 27, 2020 and, consequently, the tax collection was suspended. The Municipality appealed again before the Brazilian Supreme Court and, on June 16, 2020, such appeal was denied. The tax collection remains suspended until trial by the State Court is completed. On November 17, 2020, the State Court made its final decision dismissing the collection of IPTU which was appealed by the Municipality before the Brazilian Supreme Court. On August 1, 2023, a first decision was granted, in favor of the City. The Minister decided to revoke the State Court’s last decision and ruled that the State Court had to analyze the lawsuit again. ICASGA submitted an appeal before the Supreme Court, asking this monocratic decision adopted in August to be reviewed by the other Ministers which was granted on September 29, 2023. The Supreme Court partially changed its decision, and decided to keep IPTU immunity as a rule, but to allow the Municipality to collect this tax only over the areas occupied by third parties who exploit activities unrelated to the airport public service. After the Supreme Court’s decision, in December 2023 the Municipality rectified the value of the tax demanded from R$ 80 million (equivalent to USD 16.5 million), to R$ 8 million (equivalent to USD 1.7 million), which is the total value of IPTU for all the concession years. ICASGA filled an administrative appeal, since still consider that the amount is not correct and should not be charged over ICASGA. 26 Contingencies, commitments and restrictions on the distribution of profits (Cont.) a. Contingencies (Cont.) Brazil legal proceedings (Cont.) In September 2014, ICAB initiated a lawsuit that dispute the legality of the IPTU collected by the Federal District. In October 2014, the judge granted a provisional decision by suspending the tax collection, and in April 2015, a further ruling found the collection as unfounded. In June 2022, the Brazilian Supreme Court confirmed the decision of the Federal District Court excluding ICAB’s responsibility for the payment of IPTU and restricting this tax to the areas occupied by third parties who pursue activities unrelated to the airport. This lawsuit is now concluded. The Federal District initiated a new lawsuit, demanding the payment of R$ 5.0 million (equivalent to USD 1.0 million) on pending IPTU. On January 21, 2020, ICAB was notified about this new proceeding and on March of 2020, ICAB filed a response arguing in the same rights as those raised in the prior proceeding. In September 2022, the Federal District, again, sued ICAB, claiming the payment of R$ 1.2 million (equivalent to USD 0.2 million) of IPTU. ICAB answered the complaint under the same rights raised on prior lawsuits. As of December 31, 2023, none of this claims have been ruled by the court of first instance. ACI do Brasil shall replace ICASGA in all legal proceedings as consequence of the absorption of ICASGA by ACI do Brasil, effective as from December 31, 2023. Ecuadorian Proceedings Tax Proceedings The Ecuadorian tax authority ( Servicio de Rentas Internas del Ecuador Italian proceedings TA entered into two preliminary sales contracts with Nuove Iniziative Toscane (“NIT”) in 2018 with the commitment to purchase, from NIT itself, land and buildings located in the “Piana di Castello” near the Municipality of Florence. For the first contract, the expected price was equal to EUR 75 million, of which EUR 3 million were paid as a deposit at the time of the execution, while for the second the expected price was equal to EUR 90 thousand, of which EUR 9 thousand were already paid. On September 10, 2021, NIT filed a claim before the Civil Court of Milan - claiming the fulfillment of the conditions precedent to obtain the issuance of a constitutive sentence pursuant to art. 2932 of the Italian Civil Code, - condemning TA to pay the relative price (net of the deposits already paid, therefore EUR 72 million for the first contract and EUR 81 thousand for the second contract). NIT also requests TA to pay for the compensation of the damages suffered, as well as any further pecuniary damage. 26 Contingencies, commitments and restrictions on the distribution of profits (Cont.) a. Contingencies (Cont.) Italian proceedings (Cont.) On January 20, 2022, TA answered the claim by rejecting, as inadmissible and unfounded, all the requests made by NIT; taking into consideration the non-occurrence of the conditions precedent, and consequently condemn NIT to immediately return the sums already paid by TA.The next court hearing was postponed to September, 2023. However, such hearing did not take place since the parties proceeded to submit their closing arguments in writing. The parties submitted their final briefs in December 2023, and it is expected that the resolution is issued during 2024. Peruvian proceedings On July 13, 2017, the Government of Peru notified the unilateral decision to rescind the concession agreement for the Nuevo Aeropuerto Internacional de Chinchero. On June 21, 2018, an arbitration procedure request was submitted by Kuntur Wasi to the competent authority ICSID (known as CIADI in Spanish). On the same date, Corporación América S.A. also submitted to CIADI a request for the arbitration procedure under the Bilateral investment treaty framework. Both procedures before CIADI shall be carried out in a single docket. On August 10, 2023, Kuntur Wasi received notification from the CIADI Arbitral Court regarding a favorable resolution concerning the arbitration procedure due to unreasonably and arbitrary unilateral termination of the Concession Agreement by the Peruvian Ministry of Transports and Communications. While the Arbitral Court has already determined the final award for damages and losses, and on February 28, 2024 both parties submitted further information that was required to calculate the business profit based on the invested amounts as well as the recognition of interests on the related amounts. 26 Contingencies, commitments and restrictions on the distribution of profits (Cont.) a. Contingencies (Cont.) Following advice taken from local counsel and unless otherwise mentioned, no provision has been recognized at December 31, 2023 in relation to the above proceedings. b. Commitments Current Number of Concession Start Concession Country Concession Airports Date End Date Extension Details Argentina AA2000 35 1998 2038 ANSA 1 2001 2026 1 BBL 1 2008 2033 10 years Italy TA (SAT) 1 2006 (2014) 2048 TA (ADF) 1 2003 (2014) 2045 Brazil 2 ICAB 1 2012 2037 5 years Uruguay PDS 7 2003 2053 3 CAISA 1 1993 (2008) (2019) 2033 Ecuador TAGSA 1 2004 2031 4 ECOGAL 1 2011 2026 Armenia AIA 2 2002 2032 Option to renew every 5 years Total 52 1. In 2021, the Group obtained a five-years extension. 2. Due to the re-bidding process detailed in Note 1.2.1, ICASGA concession has been handed over to a new concessionary. 3. In 2021, the Group obtained a twenty-year extension and the concession of six new regional airports, of which PDS is taking control between 2022 and 2025. 4. In 2021, the Group obtained a two-years extension. 26 Contingencies, commitments and restrictions on the distribution of profits (Cont.) b. Commitments (Cont.) Argentine Concession Agreement In February 1998 AA2000 was awarded the concession agreement for the use, operation and management of 33 airports in Argentina (the “Group A” airports). The concession agreement was subsequently amended and supplemented by the memorandum of agreement it entered into with the Argentine National Government on April 3, 2007 (the “Memorandum of Agreement”). References to the concession agreement amended and supplemented by the Memorandum of Agreement are carried out as the “Argentine Concession Agreement”. Likewise, and in order to be able to continue with the policies related to the expansion of the aviation market, AA2000 was awarded the concessions for the operation of the El Palomar Airport and Termas de Rio Hondo Airports, which were brought under the AA2000 Concession Agreement pursuant to Decree No. 1107/2017 and Resolution of ORSNA No. 27/2021 respectively. The Argentine Concession Agreement was granted for an initial period of 30 years through February 13, 2028 and an additional extension period of up to 10 years. In December 2020, the Argentine Government extended the term of the AA2000 Concession Agreement until February 2038. Obligations assumed by AA2000 as Concessionaire Under the terms of the Concession Agreement, AA2000 is responsible for several functions in connection with the airports, among others; operating airport services and facilities in a reliable manner, implementing the master plans approved by the ORSNA, investing in airport infrastructure in accordance with the applicable investment plan, the maintenance of airports under the concession agreement. Pursuant to the Technical Conditions of the Extension approved by Decree No. 1009/2020, other several financial commitments were imposed to AA2000 including the availability of funds to make direct investments. The Financial Projection of Income and Expenses attached to the Technical Conditions of the Extension include the detail of the estimated dates in which the required commitments and capital expenditures would be performed. The Argentine Concession Agreement requires AA2000 to formulate a master plan for each of its airports. Each master plan establishes the investment commitments to be received by each airport during the term of the Argentine Concession Agreement, taking into account the expected demand of aeronautical and commercial services. AA2000 has executed the capital expenditures committed under the investment plan submitted for the period 2006-2028. In order to strengthen the airport system, new investments commitments were established, listed in the Technical Conditions for the Extension, for the periods 2021, 2022-2023; 2024-2027 and 2028-2038. AA2000’s capital expenditures under the Technical Conditions of the Extension equals the aggregate amount of approximately USD 500 million plus VAT, to be executed in two phases: (i) phase 1, approximately USD 336 million plus VAT to be executed preferably within 2022 and 2023, and (ii) phase 2, annual investments of approximately USD 41 million plus VAT between 2024 and 2027, for a total of approximately USD 164 million plus VAT. Investments between 2028 and 2038 will be further determined based on the operational needs of the airport system and will take into consideration the economic equilibrium of the concession. As of December 31, 2023, works amounting to USD 262.1 million (VAT included) have been initiated, of which USD 190.3 million (VAT included) have been executed. Considering the amount utilized for the redemption of preferred shares in 2022, totaling USD 174.2 million, the total amount committed equals USD 436.3 million (VAT included), thus exceeding the commitment amount of phase 1, with execution totaling USD 364.5 million (VAT included). 26 Contingencies, commitments and restrictions on the distribution of profits (Cont.) b. Commitments (Cont.) Argentine Concession Agreement (Cont.) Obligations assumed by AA2000 as Concessionaire (Cont.) On July 28, 2023, ORSNA issued Resolution N° 56-23, in which it laid down the conditions related to the Review of the Financial Projection of Income and Expenses (in Spanish, PFIE) for the concession period of 2019-2023. Among other decisions, it was determined that the revision of the financial and economic equation of the concession agreement, will be finalized upon reaching the international passenger traffic level of 2019. AA2000 challenged Resolution N° 56-23. On November 27, 2023 both, ORSNA and AA2000, agreed: (i) to suspend the current procedural deadlines until June 30, 2024, (ii) that AA2000 must produce at its own cost and expense a passenger traffic projection study; (iii) to postpone until May 30, 2024 the ordinary annual review of the PFIE of the concession, covering periods until December 31, 2023. As of December 31, 2023, AA2000 has fulfilled the commitments assumed under the referred agreement. Pursuant to the terms of the Argentine Concession Agreement, the Argentine National Government will have the right to buyout the concession at any time as from February 13, 2018. If such right is exercised, the Argentine National Government is required to indemnify AA2000 and assume in full any debts incurred by AA2000 to acquire goods or services for purposes of providing airport services, except for debts incurred in connection with the investment plan for which AA2000 would be compensated as part of the payment made to AA2000 by the Argentine Government. Additionally, the Argentine Concession Agreement defines some additional conditions upon which either the Argentine National Government or AA2000 could demand the termination of the agreement. Termination of the AA2000 Concession Agreement would constitute a default under the Senior secured guarantee notes due 2027, the Class 1 Series 2021 Notes due 2031, the Onshore renegotiation and the ICBC Dubai Loan. Concession fees Under the terms of the Argentine Concession Agreement, AA2000 is required to, on a monthly basis, allocate an amount equal to 15% of revenues (in Argentine pesos) to the Specific Allocation of Revenue, as follows: - 11.25% of total revenue to a trust for the development of the Argentine National Airport System to fund capital expenditures for the Argentine National Airport System. Of such funds, a 30% will be previously deducted for deposit in an account to the order of the National Administration of Social Security of Argentina. The ORSNA will determine which construction projects within the Argentine National Airport System shall be implemented with such funds, whether at airports operated by AA2000 or not. AA2000 may file proposals with the ORSNA, which, together with the ORSNA’s proposals, shall be communicated to the Secretary of Transportation, which shall decide the application of the trust funds. - 1.25% of total revenue to a fund to study, control and regulate the Argentine Concession, which shall be administered and managed by the ORSNA. - 2.5% of total revenue to a trust for investment commitments for the “Group A” airports of the Argentine National Airport System. (Those operated by AA2000). AA2000 may cancel the obligations to provide amounts of money to the trust through the assignment of credits whose cause and/or title are the result of the provision of aeronautical and/or airport services performed within the framework of the concession, with the previous intervention of The Secretary of Transportation and the authorization of the ORSNA. 26 Contingencies, commitments and restrictions on the distribution of profits (Cont.) b. Commitments (Cont.) Argentine Concession Agreement (Cont.) Guarantees In order to guarantee performance of the works, AA2000 has contracted a surety bond to comply with the investment plan guarantee required by the ORSNA’s Resolution No. 60/2021 amounting as of December 31, 2023, USD 130 million. Additionally, AA2000 sets up a guarantee for concession contract fulfillment for the total amount is for ARS 6,499.2 million (approximately USD 8.0 million) which is renewed on an annual basis. Insurance In addition, AA2000 is required to maintain a civil liability insurance policy covering personal and property damages, loss or injury in an amount of at least ARS 300 million (approximately USD 0.4 million). AA2000 has taken out insurance policy for an amount of USD 300 million covering liabilities that may arise under civil law in connection with the management and development of work in the airports. Additionally maintains insurances regarding operational and construction risk for USD 3.184 million and USD 40 million respectively. Other information regarding AA2000 as Concessionaire As a result of the renegotiation of the concession contract, in 2006 AA2000 delivered to the Argentine Government 496,161,413 preferred shares which were convertible into common shares of AA2000. Such preferred shares had a nominal value of ARS 1 each and had no voting rights. Such shares were redeemable by AA2000 at any time at nominal value plus accrued interest. Beginning in 2020, the Argentine Government had the option to convert all of the preferred shares into common shares of AA2000, up to a maximum amount of 12.5% per year of the total amount of the initial preferred shares issued to the Argentine Government, to the extent AA2000 had not previously redeemed such annual percentage for the respective year. In addition, according to the agreement for AA2000 Concession extension, AA2000 had the option to redeem the preferred shares during 2022, which was exercised, see Note 25.f. In addition to the airports operated under the AA2000 Concession Agreement, the Group also operates the Neuquén Airport and the Bahía Blanca Airport. The Neuquén Airport and the Bahía Blanca Airport are not material to CAAP’s business. Uruguayan Concession Agreements Carrasco International Airport and New Airports PDS signed with the Uruguayan Government a concession agreement which granted from year 2003 to 2023 the management, exploitation, construction, maintenance and operation of Carrasco International Airport “Gral. Cesáreo L. Berisso”. A first amendment to the contract dated September 2, 2014 extended the concession until November 20, 2033. As of November 8, 2021, a second amendment to the concession agreement was made, modifying among other things, (i) extending the term of the agreement until November 20, 2053, (ii) incorporating into the concession six additional new airports located in Rivera, Salto, Carmelo, Durazno, Melo, Paysandú,(“New Airports”) and (iii) requiring PDS to make capital expenditures in connection with the development of the New Airports of USD 67 million in the aggregate between 2022 and 2028 in accordance with the following investment schedule, which may be adjusted as a result of force majeure events and certain other particular circumstances: USD 13 million during 2022, USD 32 million during 2023, USD 18 million during 2024; and USD 4 million during 2028. 26 Contingencies, commitments and restrictions on the distribution of profits (Cont.) b. Commitments (Cont.) Uruguayan Concession Agreements (Cont.) Carrasco International Airport and New Airports (Cont.) Except with respect to the Durazno International Airport in which operations will not start before January 1, 2025, the operation of the New Airports by PDS under the amended concession agreement started progressively once certain conditions were met, including without limitation, the issuance of certain environmental permits. On January 11, April 22, July 22, October 20, 2022 and February 8, 2023, the International Airport of Carmelo “Balneario Zargazazú”, the International Airport of Rivera “Pte. Gral Oscar D. Gestido”, the International Airport of Salto “Nueva Hespérides”, the International Airport of Melo and the International Airport of Paysandú “Brig. Gral. Tydeo Larre Borges” were taken over by PDS, respectively. The terms and conditions under the amended concession agreement are substantially the same as those currently in place for the Carrasco Airport except for, within others, the operation of the new airports, the terms of the concession, insurance, guarantees and early termination of the agreement. Obligations assumed by PDS as Concessionaire Under the terms of the Concession Agreement, PDS is responsible for several functions in connection with the airports, among others; operating airport services and facilities in a reliable manner, make investments and maintenance as described in the technical attachments to the concession agreement, maintain the guarantees and insurance policies valid and current, pay the annual concession fee. During the next five years, PDS is committed to make additional capital expenditures in the amount of USD 41.5 million including the investments committed in respect of the New Airports. Upon execution of the amended concession agreement, the Uruguayan Ministry of Defense will still have the right, with prior authorization from the Uruguayan executive power, to terminate the concession agreement prior to the scheduled termination date due to reasons based on “public interest”. In this case, an indemnification amount shall be paid the amount of which depends on whether the termination relates to one or more of the New Airports or to the Carrasco International Airport, in accordance with the following; the early termination may be done either: (i) with respect to the Carrasco Airport and the New Airports (“Full Termination”), or (ii) with respect to one or more of the New Airports only (“Partial Termination”). 26 Contingencies, commitments and restrictions on the distribution of profits (Cont.) b. Commitments (Cont.) Uruguayan Concession Agreements (Cont.) Carrasco International Airport and New Airports (Cont.) Obligations assumed by PDS as Concessionaire (Cont.) Additionally, the concession agreement may be terminated by the Defense Ministry (with prior approval of the executive power) upon repeated and material breaches of the concession agreement by PDS. In the event of force majeure (e.g., the destruction severe damage that prevents the airport’s operations), the Defense Ministry will be entitled to terminate the concession agreement without paying the termination payment to PDS and collect all of the indemnification payments under all of the airport’s insurance policies. Alternatively, the Defense Ministry could request PDS to re-build the airport if the reconstruction of the airport does not alter the terms of the concession agreement. The concession agreement may be also terminated by mutual agreement (with prior approval of the Uruguayan executive power). No termination fee is payable by any party in this circumstance. Concession fees Pursuant to the concession agreement, PDS is required to pay to the Uruguayan Government an annual fee, which will be the higher of: a) USD 5,789; or b) the amount resulting from multiplying the work units (per passenger or per each 100 kilograms of cargo or mailing) by USD 0.00532, plus applicable cargo fees. The aforementioned 2014 amendment established additional fees based on the number of passengers that use the Carrasco Airport and as long as the number of passengers exceed 1.5 million passengers per year. These additional fees are calculated by multiplying the number of passengers by a fix coefficient, depending on the volume of passengers. Guarantees Based on the above, PDS is required to provide the following guarantees: a guarantee securing the completion of the construction work of the new terminal for a total amount as of December 31, 2023 of USD 4.7 and a performance guarantee for USD 7.6 million that will be returned to PDS six months after the expiration of the concession agreement. Guarantees securing the completion of each group of construction works related to the New Airports, to be determined under the Investment Program and for the amounts set forth under the Investment Schedule. The guarantees are set as an amount equal to 5% of each group of construction work to be performed. Insurance PDS must contract civil liability insurance against damages, losses or injuries that could be caused to persons or property in relation to the performance under the concession agreement, with itself and the Uruguayan Ministry of Defense as loss payees, to cover all risks until termination or expiration of the concession. The minimum coverage amount is USD 250 million. As of December 31, 2023 and 2022, the coverage amount was USD 300 million. 26 Contingencies, commitments and restrictions on the distribution of profits (Cont.) b. Commitments (Cont.) Uruguayan Concession Agreements (Cont.) Punta del Este Airport CAISA signed with the Uruguayan Government a concession agreement which grants until the year 2019 for the reconstruction, maintenance and partial operation of the services of International Airport C/C Carlos A. Curbelo (Laguna del Sauce) – Punta del Este. As of June 28, 2019, the concession agre |
Related party balances and tran
Related party balances and transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related party balances and transactions | |
Related party balances and transactions | 27 Related party balances and transactions Corporación América Airports S.A. is controlled by ACI Airports S.à r.l., which is controlled by Corporación América International S.à r.l. (previously denominated America Corporation International S.à r.l.), both of which are Luxembourg based companies. Corporación América International S.à r.l. is controlled by Southern Cone Foundation (CAAP’s ultimate parent company), a foundation created under the laws of Liechtenstein, having its corporate domicile in Vaduz. The foundation’s purpose is to manage its assets through the decisions adopted by its independent board of directors. The potential beneficiaries of this foundation are members of the Eurnekian family and religious, charitable and educational institutions. Interests in subsidiaries are set out in Note 2.B. Transactions and balances with “Associates” are those carried out with entities over which CAAP exerts significant influence in accordance with IFRS, but does not have control. Transactions and balances with related parties, which are not associates and are not consolidated are disclosed as “Other related parties”. The Group receives services from related parties, such as internal audit, management control, financial assistance, technology outsourcing services and construction services. 27 Related party balances and transactions (Cont.) Summary of balances with related parties are: At December 31, 2023 2022 Year-end balances (a) Arising from sales / purchases of goods / other Trade receivables with associates 4,200 4,174 Trade receivables with other related parties 962 2,310 Other receivables with associates 58 445 Other receivables with other related parties 9,257 9,695 Other financial assets with associates 3,108 2,954 Other financial assets with other related parties (*) 28,327 — Trade payables to associates (2,765) (2,714) Trade payables to other related parties (2,501) (3,039) 40,646 13,825 (b) Other liabilities Other liabilities to associates (**) (15,539) — Other liabilities to other related parties (2,425) (2,503) (17,964) (2,503) (c) Other balances Cash at banks in other related parties 23,249 4,652 23,249 4,652 (*) (**) For the year ended December 31, 2023 2022 2021 Transactions Aeronautical/Commercial revenue 14,267 9,957 6,263 Fees (10,300) (7,266) (6,795) Interest accruals 660 1,240 695 Acquisition of goods and services (22,955) (22,278) (10,743) Others (4,198) (4,367) (4,201) The Group leases buildings to other related parties, which are recognized under the scope of IFRS 16 and accounted in Lease liabilities line for an amount of USD 6,973 as of December 31, 2023 (USD 2,201 as of December 31, 2022). Additionally, the Group has variable equipment leases with other related parties that are excluded from the lease liability according to IFRS 16. Transactions related to those leases are included in Acquisition of goods and services Remuneration accrued related to the Group’s key staff amounted to approximately 1.9% of total remunerations at December 31, 2023, 2.2% accrued at December 31, 2022 and 2.7% accrued at December 31, 2021. |
Business combinations, other ac
Business combinations, other acquisitions and investments | 12 Months Ended |
Dec. 31, 2023 | |
Business combinations, other acquisitions and investments | |
Business combinations, other acquisitions and investments | 28 Business combinations, other acquisitions and investments In December 2023, after a series of purchase and sale operations, CAAP became holder of 49% of the share capital of Navinten S.A. (“Navinten”), a non-listed company based in Uruguay that operates duty-free shops at Uruguayan airports. The acquisition increases the Group’s market share in the commercial business linked to the airports of said country. The consideration for the transaction amounts to USD 3.4 million payable through a promissory note issued by CAAP and the fair value of the net assets acquired amounted to USD 4.1 million, resulting in a net gain shown in Share of income/ (loss) in associates in the Consolidated Statement of Income of USD 0.7 million. The result in associates that related to Navinten is USD 7.3 million and is included also in Share of income/ (loss) in associates (Note 15). Subject to meeting certain performance metrics between 2024 and 2027, CAAP has the right to receive a single-lump sum of USD 5.5 million, adjustable and payable according to certain parameters. This earn-out, if applicable, shall be payable within the first three months of calendar year 2028. In addition, a call option agreement was signed, which gives CAAP the exclusive and irrevocable right, but not obligation, to purchase the remaining 51% of Navinten’s share capital. The purchase option may be exercised from November 20, 2027 to November 20, 2038 at a purchase price equal to 51% of the difference between Navinten’s current assets and current liabilities on the date of exercise of the option. |
Cash flow disclosures
Cash flow disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Cash flow disclosures | |
Cash flow disclosures | 29 Cash flow disclosures At December 31, 2023 2022 2021 Changes in working capital Other receivables and credits (32,429) (55,064) (4,503) Inventories (1,551) (3,566) (2,767) Other liabilities (19,323) 989 (4,985) (53,303) (57,641) (12,255) The most significant non-cash transactions are detailed below: For the year ended December 31, 2023 2022 2021 Intangible assets acquisition with an increase in Other liabilities / Borrowings / Lease liabilities (1,180) (111) (13) Property, plant and equipment with an increase in Other liabilities (124) — — Right-of-use asset initial recognition with an increase in Lease liabilities (Note 14) (5,217) (465) (2,407) Concession fees paid with credit of financial re-equilibrium (Note 23) (22,946) (15,434) (25,473) Constitution/of Interest Payment Account — — 29,960 Other taxes paid with financial re-equilibrium — — (2,438) Compensation of trade receivables — 27,844 — Application of credits compensated with concession fees (19,156) (24,126) — Application of credits compensated with other liabilities — (3,717) — Income tax paid with tax certificates (2,339) (971) — Purchase of Navinten shares (Note 28) (3,384) — — Sale of Navinten shares (Note 28) 3,384 — — ICASGA’s compensation received through a guarantee deposit (Note 17) (41,262) — — Release of concession fee payable due to ICAGSA’s re-bidding process (Note 23) (74,640) — — Compensation of ICASGA’s re-equilibriums 5,309 — — Compensation of ICASGA’s monthly contribution (3,767) — — ICASGA’s compensation to be collected (Note 17) (66,612) — — 29 Cash flow disclosures (Cont). Reconciliation of debt: According to the IAS 7, the movements in the debt of the year that impact on the cash flow as part of the financing activities are detailed below: Bank and financial borrowings Notes Bank overdrafts Total Values at the beginning of the year 478,904 986,533 — 1,465,437 Proceeds from borrowings 81,900 1,682 4,264 87,846 Loans and interest paid (202,341) (78,455) (3,470) (284,266) Debt renegotiation expenses — (110) — (110) Effects of exchange rate changes and inflation adjustment 11,219 (20,452) (2,141) (11,374) Other non-cash movements * 22,557 51,739 1,408 75,704 Balances as of December 31, 2023 392,239 940,937 61 1,333,237 Bank and financial borrowings Notes Banks overdrafts Total Values at the beginning of the year 612,269 827,334 — 1,439,603 Proceeds from borrowings 143,388 210,762 17,801 371,951 Loans and interest paid (321,435) (101,757) (16,970) (440,162) Debt renegotiation expenses (1,282) (729) — (2,011) Effects of exchange rate changes and inflation adjustment (7,518) (10,504) (1,015) (19,037) Other non-cash movements * 53,482 61,427 184 115,093 Balances as of December 31, 2022 478,904 986,533 — 1,465,437 Bank and financial borrowings Notes Banks overdrafts Total Values at the beginning of the year 664,337 680,480 — 1,344,817 Proceeds from borrowings 185,465 181,079 — 366,544 Loans and interest paid (258,615) (94,332) — (352,947) Debt renegotiation expenses (2,204) (18,235) — (20,439) Effects of exchange rate changes and inflation adjustment (38,450) (4,592) — (43,042) Other non-cash movements * 61,736 82,934 — 144,670 Balances as of December 31, 2021 612,269 827,334 — 1,439,603 * This line mainly includes interest accrued. |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2023 | |
Share-based payments | |
Share-based payments | 30 Share-based payments Management share compensation plan On August 20, 2020, the Company approved a management share compensation plan for a period beginning on such date and ending on December 31, 2025, extendable thereafter upon approval of the Board of Directors. The purpose of the plan is to permit executives and key employees of either the Company or any of its subsidiaries or its affiliates acting as employers (together the “Company Group”) who are eligible to receive an annual incentive compensation consisting either of (i) a certain number of shares in the share capital of the Company or of (ii) contractual rights to receive, at a certain point in time, a certain number of shares, thereby encouraging the employees to focus on the long term growth and its contribution to the success of the Company Group. The operation of the plan is supervised by the Compensation Committee of the Board of Directors. The Committee will determine, in its sole discretion, whether shares will be issued and allocated or rights will be granted to executives and key employees. Shares earmarked for the plan are held in treasury until they are allocated to executives and key employees in accordance with the Management Compensation Plan by the Compensation Committee. Under the plan, executives and key employees are granted shares which only vest if certain performance standards are met and are recognized as part of employee benefit costs in the period the shares are granted, being recorded in Salaries and social security contributions or Services and fees Other reserves The value of shares granted is recognized on the grant date (grant date fair value) based on the closing share price at which the Company’s shares are traded on the NYSE. As detailed in Note 25.a, as of December 31, 2023, certain awards in shares were approved under the terms of the Management share compensation plan and most of those shares have been already allocated to eligible employees. Set out below are summaries of shares granted under the plan for the years ended December 31, 2023 and 2022: Average Average price per share 2023 price per share 2022 As at January 1, 5.62 169,185 5.76 125,000 Granted during the year 9.48 113,848 5.57 146,115 Forfeited during the year — — (5.80) (12,500) Exercised during the year (6.55) (144,892) (5.70) (89,430) As at December 31, 7.83 138,141 5.62 169,185 30 Share-based payments (Cont.) Management share compensation plan (Cont.) Additionally, below are summaries the amounts in U.S. dollars of shares granted and accrued under each plan for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Assignment date Granted Accrued Granted Accrued Granted Accrued December 2021 (*) — 96 — 252 1,440 1,020 April 2022 — 150 500 317 — — December 2022 — 184 314 98 — — April 2023 739 474 — — — — November 2023 340 151 — — — — As at December 31, 1,079 1,055 814 667 1,440 1,020 (*) |
Discontinued operations
Discontinued operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued operations | |
Discontinued operations | 31 Discontinued operations In December 2021, the Group sold the participation in Aeropuertos Andinos del Perú S.A. (“AAP”). CAAP’s decision to no longer operate in Peru is part of a long-term strategic plan that seeks to concentrate efforts and resources towards core and relevant assets in jurisdictions with long-term meaningful growth opportunities. AAP was not previously classified as an asset held for sale or as a discontinued operation. The comparative Consolidated Statement of Income, Statement of Comprehensive Income and Statement of Cash Flow has been re-presented to show the discontinued operation separately from continuing operations. For the sale of the shares in the associate, the company received USD 5 thousand, while it has committed to make a one-time payment to the buyer for assumed liabilities and future CAPEX commitments of AAP amounting to USD 17.2 million, of which USD 2.5 were paid in 2021 while the remaining USD 14.7 million were paid in four installments between January and December 2022. As of December 31, 2021, the operation resulted in a reversal of currency translation adjustment loss of USD 0.9 million and a loss of USD 21.2 million which are shown in the statement of comprehensive income and in the statement of income respectively, as well as in a decrease of the Investments in associates of USD 3.1 million. In this operation, it was also agreed that the guarantees, which CAAP had issued in favor of AAP, remained in force until December 2022, when the last payment owed by CAAP was disbursed and the guarantees released. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share | |
Earnings per share | 32 Earnings per share a) Basic earnings per share Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Group by the weighted average number of shares outstanding each year. The following table shows the net income and the number of shares that have been used for the calculation of the basic earnings per share total: At December 31, 2023 2022 2021 Income / (loss) attributable to equity holders of the Group 239,506 168,166 (117,755) Weighted average number of shares (thousands) (Note 32. c) 160,891 160,755 160,500 Basic earnings per share of the year 1.49 1.05 (0.73) At December 31, 2023 2022 2021 From continuing operations attributable to the ordinary equity holders of the Group 1.49 1.05 (0.60) From discontinued operations — — (0.13) Total basic earnings per share attributable to the ordinary equity holders of the Group 1.49 1.05 (0.73) 32 Earnings per share (Cont.) b) Diluted earnings per share Diluted earnings per share is calculated by dividing the profit or loss attributable to ordinary equity holders of the Group by the weighted average number of ordinary shares outstanding during each year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. The following tables shows the net income and the number of shares that have been used for the calculation of the diluted earnings per share total: At December 31, 2023 2022 2021 Income / (loss) attributable to equity holders of the Group 239,506 168,166 (117,755) Weighted average number of shares and potential ordinary shares (thousands) (Note 32.c) 161,058 160,795 160,500 Diluted earnings per share of the year 1.49 1.05 (0.73) At December 31, 2023 2022 2021 From continuing operations attributable to the ordinary equity holders of the Group 1.49 1.05 (0.60) From discontinued operations — — (0.13) Total diluted earnings per share attributable to the ordinary equity holders of the Group 1.49 1.05 (0.73) c) Weighted average number of shares used as the denominator At December 31, 2023 2022 2021 Weighted average number of shares outstanding 163,223 163,223 163,223 Weighted average number of treasury shares (2,332) (2,468) (2,723) Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share 160,891 160,755 160,500 Adjustments for calculation of diluted earnings per share: Equity settled share based payment (1) 167 40 — Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share 161,058 160,795 160,500 (1) |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Net Assets | |
Restricted Net Assets | 33 Restricted Net Assets The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. According to the information provided by the Company’s subsidiaries, as a result of the financing conditions their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances are restricted as of December 31, 2023 and 2022. Even though the Company currently does not require any dividends, loans or advances from its subsidiaries for working capital and other funding purposes, the Company may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development or merely to declare and pay dividends or distributions to the Company’s shareholders. The Company performed a test on the restricted net assets of its consolidated subsidiaries (the “restricted net assets”) in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose its condensed financial information for the parent Company only. See Note 35. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent events | |
Subsequent events | 34 Subsequent events Compensation from the Re-bidding process of the Natal Airport On January 5, 2024, the outstanding compensation that amounted to R$ 323.4 million (equivalent to USD 66.8 million) was collected by ACIB. Additionally, on January 15, 2024, the outstanding financial debt owing to BNDES for a total amount of R$ 75.9 million (equivalent to USD 15.7 million) was prepaid, after which the related guarantees were released. AA2000 - Indebtedness In January and February 2024, AA2000 subscribed for USD 1.1 million and USD 0.6 million of Series 1 and Series 2 BOPREAL’s notes respectively. As of the date of issuance of these Consolidated Financial Statements AA2000 has sold the Series 1 notes applying the proceeds to the payment of import debts. Additionally, in March 2024, AA2000 repurchased dollar-linked Class 6, Class 9 and Class 10 Notes for USD 4.7 million, USD 1.6 million and USD 4.5 million respectively. There are no other subsequent events that could significantly affect the Company’s financial position as of December 31, 2023. |
Condensed Financial Information
Condensed Financial Information of the Company | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information of the Company | |
Condensed Financial Information of the Company | 35 Condensed Financial Information of the Company The condensed financial information of the Company has been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04, using the same accounting policies as set out in the Group’s Consolidated Financial Statements. The results of operations reflected in the financial statements prepared in accordance with IFRS differ from those reflected in the statutory financial statements of the Company prepared in accordance with Lux GAAP (see Note 26.c). Certain information and footnote disclosures generally included in financial statements prepared in accordance with IFRS have been condensed or omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general-purpose financial statements of the reporting entity and should be read in conjunction with the notes to the Consolidated Financial Statements of the Group. 35 Condensed Financial Information of the Company (Cont.) For the purpose of presenting parent only financial information, the Company records its investments in subsidiaries under the equity method of accounting. Such investments are presented on the separate condensed balance sheets of the Company as Investments in subsidiaries Share of (loss) / income in subsidiaries and associates As of December 31, 2023, the Company did not have significant capital commitments and other significant commitments, or guarantees, except for those that have been separately disclosed in the Consolidated Financial Statements, mainly included in Note 22 and 26.b. CONDENSED STATEMENT OF INCOME For the year ended For the year ended For the year ended December 31, 2023 December 31, 2022 December 31, 2021 Continuing operations Selling, general and administrative expenses (7,728) (7,342) (5,697) Other operating income 2,972 6 — Other operating expense (1) (5) — Operating loss (4,757) (7,341) (5,697) Share of income / (loss) in subsidiaries and associates 247,585 182,050 (88,022) Income / (loss) before financial results and income tax 242,828 174,709 (93,719) Financial income 1,905 1,874 53 Financial loss (586) (429) (431) Income / (loss) before income tax from continuing operations 244,147 176,154 (94,097) Income tax (4,629) (1,307) (1,028) Income / (loss) for the year from continuing operations 239,518 174,847 (95,125) Loss from discontinued operations — — (21,196) Income / (loss) for the year 239,518 174,847 (116,321) CONDENSED STATEMENT OF COMPREHENSIVE INCOME For the year ended For the year ended For the year ended December December December 31, 2023 31, 2022 31, 2021 Income / (loss) for the year 239,518 174,847 (116,321) Items that may be reclassified to profit or loss: Share of other comprehensive (loss) / income from subsidiaries and associates from continuing operations (231,688) 70,849 94,703 Other comprehensive (loss) / income for the year, net of income tax from continuing operations (231,688) 70,849 94,703 Currency translation adjustment from discontinued operations — — 920 Other comprehensive income / (loss) of discontinued operations for the year, net of income tax — — 920 Total comprehensive income / (loss) for the year 7,830 245,696 (20,698) 35 Condensed Financial Information of the Company (Cont.) CONDENSED STATEMENT OF FINANCIAL POSITION At December At December 31, 2023 31, 2022 ASSETS Non-current assets Property, plant and equipment, net 12 15 Right-of-use asset 270 56 Investments in subsidiaries 746,199 738,851 Investments in associates 10,264 — Other financial assets at amortized cost 3,920 — Current assets Other financial assets at fair value through profit or loss 2,200 — Other financial assets at amortized cost 31 — Other receivables 202 133 Cash and cash equivalents 1,325 1,220 Total assets 764,423 740,275 EQUITY Share capital 163,223 163,223 Share premium 183,430 183,430 Treasury shares (4,322) (4,600) Free distributable reserve 378,910 378,910 Non-distributable reserve 1,358,028 1,358,028 Currency translation adjustment (482,852) (251,145) Legal reserves 3,676 1,081 Other reserves (1,343,094) (1,343,219) Retained earnings 467,981 230,387 Equity 724,980 716,095 LIABILITIES Non-current liabilities Deferred tax liabilities 3,648 1,230 Lease liabilities 229 17 Current liabilities Borrowings 33,413 20,354 Other liabilities 1,773 2,024 Lease liabilities 49 36 Trade payables 331 519 Total liabilities 39,443 24,180 Total equity and liabilities 764,423 740,275 35 Condensed Financial Information of the Company (Cont.) CONDENSED STATEMENT OF CASH FLOWS For the year ended For the year ended For the year ended Cash flows from operating activities December 31, 2023 December 31, 2022 December 31, 2021 Income / (loss) for the year from continuing operations 239,518 174,847 (95,125) Adjustments for: Amortization and depreciation 40 57 50 Deferred income tax 2,418 202 1,028 Income tax accrued 2,211 1,105 — Share of income / (loss) in subsidiaries and associates (247,585) (182,050) 88,022 Interest expense 559 426 426 Net foreign exchange (471) (1,874) (51) Other financial results, net 8 3 4 Share base compensation 420 317 — Financial results, net (153) — — Changes in working capital (2,919) 760 721 Net cash used in operating activities (5,954) (6,207) (4,925) Net cash used in discontinued activities — — — Cash contribution in subsidiaries and associates (58,987) (36,417) (4,544) Disposals of other financial assets 760 — — Dividends and refund of cash contributions from subsidiaries 64,344 57,000 11,494 Net cash provided by investing activities 6,117 20,583 6,950 Net cash used in discontinued investing activities — (14,700) (2,495) Principal elements of lease payments (44) (53) (51) Net cash (used in) by financing activities (44) (53) (51) Net cash used in discontinued operations from financing activities — — — Increase in cash and cash equivalents 119 14,323 1,974 Decrease in cash and cash equivalents from discontinued operations — (14,700) (2,495) Cash and cash equivalents At the beginning of the year 1,220 1,614 2,166 Effect of exchange rate changes in cash and cash equivalents (14) (17) (31) Increase / (decrease) in cash and cash equivalents 119 (377) (521) At the end of the year 1,325 1,220 1,614 |
Basis of presentation and acc_2
Basis of presentation and accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Basis of presentation and accounting policies | |
Basis of preparation | Basis of preparation The Group’s Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”) and interpretations (“IFRIC”) issued by the IFRS Interpretations Committee applicable to companies reporting under IFRS. The Consolidated Financial Statements comply with IFRS as issued by the International Accounting Standards Board (“IASB”). Presentation in the consolidated statement of financial position differentiates between current and non-current assets and liabilities. Assets and liabilities are regarded as current if they mature within one year or within the normal business cycle of the Group, or are held for sale. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in Note 2.X. Several balance sheet consolidated statements of financial position and consolidated statements of income items have been combined in the interests of clarity. These items are stated and explained separately in the notes to the Consolidated Financial Statements. The statement of income is structured according to the function of the expense method (nature of the expenses is classified in notes). These Consolidated Financial Statements are presented in thousands of U.S. dollars unless otherwise stated. All amounts are rounded off to thousands of U.S. dollars unless otherwise stated. As such, insignificant rounding differences may occur. A dash (“—”) indicates that no data was reported for a specific line item in the relevant financial year or period or when the pertinent figure, after rounding, amounts to nil. |
New and amended standards adopted by the Group | New and amended standards adopted by the Group The Group has adopted the following standards and interpretations that become applicable for annual period commencing on or after January 1, 2023: - Narrow scope amendments to IAS 1, Practice statement 2 and IAS 8. - Deferred tax related to assets and liabilities arising from a single transaction - Amendment to IAS 12. - International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12. - During the year ended December 31, 2022, the Group has applied the following standards and amendments for the first time for their annual reporting period commencing on January 1, 2022: - Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16. - Annual Improvements to IFRS Standards 2018-2020 – Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41. - Reference to the Conceptual Framework – Amendments to IFRS 3. - Onerous Contracts – Cost of Fulfilling a Contract – Amendments to IAS 37. The amendments listed above did not have any material impact on our Consolidated Financial Statements. |
New and amended standards not yet adopted for CAAP | The following accounting standards and interpretations have been published but the application are not mandatory for December 31, 2023 reporting periods and have not been early adopted by the Group: - Non-current liabilities with covenants – Amendments to IAS 1. - Classification of Liabilities as Current or Non-current – Amendments to IAS 1. - Lease liability in sale and leaseback – amendments to IFRS 16. - Sale or contribution of assets between an investor and its associate or joint venture – Amendments to IFRS 10 and IAS 28. - Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7. - Lack of exchangeability – Amendments to IAS 21. The Group is currently assessing the impact these standards, amendments or interpretations will have in the current or future reporting periods and on foreseeable future transactions. |
Group accounting policies | B Group accounting policies (1) Subsidiaries and transactions with non-controlling interests Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no longer consolidated from the date control ceases. The acquisition method is used to account for the business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred or assumed at the date of exchange, and the equity interest issued by the Group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. Accounting treatment is applied on an acquisition by acquisition basis.The excess of the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Consolidated Statement of Income. 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (1) Subsidiaries and transactions with non-controlling interests (Cont.) Transactions with non-controlling interests that do not result in a loss of control are accounted as equity transactions with owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. Material intercompany transactions, balances and unrealized gains and losses have been eliminated in consolidation. However, financial gains and losses from intercompany transactions may arise when the subsidiaries have different functional currencies. These financial gains and losses are included in the Consolidated Statement of Income under Financial income Financial loss (2) Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for by the equity method of accounting and are initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor`s share of profit or loss of the investment after the date of acquisition. Dividends received or receivable from associates are recognized as a reduction in the carrying amount of the investment. The Company’s investment in associates includes goodwill identified on acquisition, net of any accumulated impairment loss. Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity. Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group. The Company’s pro-rata share of earnings in associates is recorded in the Consolidated Statement of Income under Share of income / (loss) in associates Share of other comprehensive (loss)/ income from associates Other Reserves. 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (3) List of Subsidiaries Detailed below are the subsidiaries of the Company, which have been consolidated in these Consolidated Financial Statements. The percentage of ownership refers to the direct and indirect ownership of CAAP in their subsidiaries at each period-end. Holdings companies Percentage of ownership at Country of December 31, Company incorporation Local currency Main activity 2023 2022 2021 Abafor S.A. Uruguay Uruguayan pesos Holding company 100.00 % 100.00 % 100.00 % ACI Airport Sudamérica S.A.U. (“ACI”) Spain Euros Holding company 100.00 % 100.00 % 100.00 % ACI Airports Italia S.A.U. Spain Euros Holding company 100.00 % 100.00 % 100.00 % America International Airports LLC (1) USA U.S. dollars Holding company 100.00 % 100.00 % 100.00 % Anabe ITG S.L. (9) Spain Euros Holding company 100.00 % 100.00 % — Barnsley ITG S.L. (11) Spain Euros Holding company 99.98 % — — Cargo & Logistics S.A. (1) (7) Argentina Argentine pesos Holding company 82.89 % 82.89 % 82.10 % 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. (“CAER”) Argentina Argentine pesos Holding company 99.98 % 99.98 % 99.98 % Corporacion Africa Airports Nigeria Limited (“CAAN”) (9) Nigeria Naira Holding company 51.00 % — — Corporación América Italia S.p.A. (“CAI”) Italy Euros Holding company 75.00 % 75.00 % 75.00 % Corporación América S.A. (7) Argentina Argentine pesos Holding company 97.22 % 97.22 % 96.18 % Corporación América Sudamericana S.A. (7) Panamá U.S. dollars Holding company 96.53 % 96.53 % 95.50 % DICASA Spain S.A.U. (1) Spain Euros Holding company 100.00 % 100.00 % 100.00 % Inframérica Participaçoes S.A. (1) (8) Brazil Brazilian real Holding company 99.98 % 99.98 % 99.97 % Yokelet S.L. Spain Euros Holding company 100.00 % 100.00 % 100.00 % 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (3) List of Subsidiaries (Cont.) Operating companies Percentage of ownership at Country of December 31, Company incorporation Local currency Main activity 2023 2022 2021 Abuja Airport Concession Company (“AACC”) (10) Nigeria Naira Airports Operation 51.00 % — — ACI do Brasil S.A. (“ACIB”) (12) Brazil Brazilian real Airports Operation (12) 99.99 % 99.99 % 99.99 % Aerocombustibles Argentinos S.A. (7) Argentina Argentine pesos Fueling company 94.79 % 94.79 % 93.78 % Aeropuerto de Bahía Blanca S.A. (“BBL”) (7) Argentina Argentine pesos Airports Operation 82.64 % 82.64 % 81.75 % Aeropuertos Argentina 2000 S.A.(“AA2000”) (2) (7) Argentina Argentine pesos Airports Operation 82.69 % 82.69 % 81.91 % Aeropuertos del Neuquén S.A. (“ANSA”) (7) Argentina Argentine pesos Airports Operation 75.54 % 75.54 % 74.73 % Armenia International Airports C.J.S.C. (“AIA”) Armenia Dram Airports Operation 100.00 % 100.00 % 100.00 % CAAirports International Services S.A. Uruguay Uruguayan pesos Service company 100.00 % 100.00 % 100.00 % Consorcio Aeropuertos Internacionales S.A. (“CAISA”) Uruguay Uruguayan pesos Airports Operation 100.00 % 100.00 % 100.00 % Enarsa Aeropuertos S.A. (7) Argentina Argentine pesos Fuel plants 77.77 % 77.77 % 76.95 % Inframérica Concessionária do Aeroporto de Brasilia S.A. (“ICAB”) (8) Brazil Brazilian real Airports Operation 50.99 % 50.99 % 50.99 % Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”) (12) Brazil Brazilian real Airports Operation — 99.98 % 99.98 % Kano Airport Concession Company Limited (“KACC) (10) Nigeria Naira Airports Operation 51.00 % — — Paoletti América S.A. (3) (7) Argentina Argentine pesos Service company 41.35 % 41.35 % 40.95 % Puerta del Sur S.A. (”PDS”) Uruguay Uruguayan pesos Airports Operation 100.00 % 100.00 % 100.00 % Servicios y Tecnología Aeroportuaria S.A. (7) Argentina Argentine pesos Service company 82.79 % 82.79 % 82.01 % Sinatus S.A. (13) Uruguay Uruguayan pesos Service company 100.00 % — — TCU S.A. Uruguay Uruguayan pesos Service company 100.00 % 100.00 % 100.00 % Terminal Aeroportuaria Guayaquil S.A. (“TAGSA”) (4) Ecuador U.S. dollars Airports Operation 49.99 % 49.99 % 49.99 % Texelrío S.A. (7) Argentina Argentine pesos Service company 57.88 % 57.88 % 57.34 % Toscana Aeroporti S.p.A. (“TA”) (5) (6) Italy Euros Airports Operation 46.71 % 46.71 % 46.71 % Villalonga Furlong S.A. (7) Argentina Argentine pesos Service company 82.90 % 82.90 % 82.12 % (1) (2) Includes a 9.35% direct interest of Cedicor S.A. in AA2000. (3) The Group has control over this company based on having majority representation in the board, power to direct the process of setting of financial and operating policies and execute the operational management of such Company. (4) The Group has control over this company based on having power to direct the process of setting of financial and operating policies and execute the operational management of such Company. (5) The Group has control over this company based on having a majority stake in Corporación América Italia S.p.A. that has 62.28% of ownership of TA, power to direct the process of setting of financial and operating policies and execute the operational management of such Company. 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (3) List of Subsidiaries (Cont.) (6) The Group TA has control over the following companies: Jet Fuel Co. S.r.l., Parcheggi Peretola S.r.l., Toscana Aeroporti Engineering S.r.l. and Toscana Aeroporti Construzioni S.r.l. Additionally, the Group TA had control over Toscana Aeroporti Handling S.r.l. until December 30, 2022, when sold an 80% of its participation. (7) In December, 2021, and December 2022 Cedicor S.A.’s contributions in Corporación América S.A. were capitalized increasing its participation from 95.80% to 96.18% in 2021 and from 96.18% to 97.22% in 2022, indirectly modifying the participation in the operating subsidiaries. (8) During 2022 CAAP made contributions in Inframérica Participaçoes S.A. (9) (10) Operating company part of the structure related to the future Nigerian’s concessions (Note 26.b). (11) (12) In December 2023, ACIB incorporated ICASGA (Note 1.2.1). (13) Subsidiary incorporated under Abafor S.A. 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (3) List of Subsidiaries (Cont.) Summarized financial information in respect of each of the Group’s subsidiaries that has most significant non-controlling interests is set below. The summarized financial information below represents amounts before intragroup elimination. TA December 31, December 31, December 31, 2023 2022 2021 Non-current assets 267,569 255,355 Current assets 68,197 89,097 Total assets 335,766 344,452 Non-current liabilities 78,834 99,928 Current liabilities 139,248 137,057 Total liabilities 218,082 236,985 Equity 117,684 107,467 Revenue 133,422 117,209 70,469 Gross income 41,783 22,633 (12,681) Operating income / (loss) 28,418 10,306 (12,182) Financial results (7,350) (4,119) (3,061) Share of income in associates 14 (258) 91 Income tax (6,842) (1,528) 8,704 Net income / (loss) 14,240 4,401 (6,448) Other comprehensive income / (loss) for the year 4,142 (5,827) (8,978) Total comprehensive income / (loss) for the year 18,382 (1,426) (15,426) Dividends paid (7,838) (7,340) — Increase / (decrease) in cash Provided by / (used in) operating activities 21,469 26,588 (13,249) Used in investing activities (1,388) (3,161) (4,909) Used in financing activities (52,221) (21,843) (8,522) 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (3) List of Subsidiaries (Cont.) TAGSA December 31, December 31, December 31, 2023 2022 2021 Non-current assets 53,782 56,025 Current assets 59,737 53,752 Total assets 113,519 109,777 Non-current liabilities 7,329 13,536 Current liabilities 54,106 47,447 Total liabilities 61,435 60,983 Equity 52,084 48,794 Revenue 105,228 96,199 65,155 Gross profit 42,943 38,614 20,784 Operating income 25,319 22,561 9,150 Financial results 656 (316) (1,413) Income tax (2,455) (1,937) (971) Net income 23,520 20,308 6,766 Other comprehensive income / (loss) for the year 80 356 (205) Total comprehensive income for the year 23,600 20,664 6,561 Dividends paid (20,308) (17,225) (3,000) Increase / (decrease) in cash Provided by operating activities 35,891 36,709 21,877 Used in investing activities (5,382) (10,152) (20,076) Used in financing activities (27,337) (24,399) (10,245) 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (3) List of Subsidiaries (Cont.) ICAB December 31, December 31, December 31, 2023 2022 2021 Non-current assets 666,428 645,847 Current assets 86,371 86,134 Total assets 752,799 731,981 Non-current liabilities 906,312 841,901 Current liabilities 215,761 190,784 Total liabilities 1,122,073 1,032,685 Equity (369,274) (300,704) Revenue 100,252 79,713 51,706 Gross profit 31,262 19,047 1,909 Operating income 37,816 21,328 11,702 Financial results (102,953) (114,550) (124,815) Income tax 3,250 (12,409) (9,320) Net loss (61,887) (105,631) (122,433) Other comprehensive (loss) / income for the year (25,918) (13,748) 14,898 Total comprehensive loss for the year (87,805) (119,379) (107,535) Increase / (decrease) in cash Provided by / (used in) operating activities 6,876 32,188 (585) Used in investing activities (16) (53) (459) (Used in) / provided by financing activities (12,784) 17,003 457 2 Basis of presentation and accounting policies (Cont.) B Group accounting policies (Cont.) (3) List of Subsidiaries (Cont.) AA2000 December 31, December 31, December 31, 2023 2022 2021 Non-current assets 1,165,410 1,594,529 Current assets 181,405 211,057 Total assets 1,346,815 1,805,586 Non-current liabilities 672,981 796,193 Current liabilities 124,665 222,223 Total liabilities 797,646 1,018,416 Equity 549,169 787,170 Revenue 635,563 758,111 362,128 Gross profit 218,246 234,803 37,846 Operating income / (loss) 170,714 190,446 (6,949) Financial results (211,898) 35,866 61,322 Income tax 52,912 2,900 (54,396) Net income / (loss) 11,728 229,212 (23) Other comprehensive (loss) / income for the year (250,002) 314,021 125,333 Total comprehensive (loss) / income for the year (238,274) 543,233 125,310 Increase / (decrease) in cash Provided by operating activities 192,164 146,789 62,937 (Used in) / provided by investing activities (64,305) 8,338 11,516 (Used in) / provided by financing activities (74,050) (122,453) 31,455 (4) Discontinued operations A discontinued operation is a component of the entity that has been disposed and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the Consolidated Statement of Income and Consolidated Statement of Comprehensive Income, when applicable. |
Foreign currency translation | C Foreign currency translation (1) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The Consolidated Financial Statements are presented in U.S. dollars, which is the Company’s functional currency and the Group’s presentation currency. (2) Transactions in currencies other than the functional currency Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuations where items are re-measured. At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined. If such transactions occurred in a company applying IAS 29, after the above-mentioned translation, transactions are re-expressed in terms of the measuring unit current at the end of the reporting period. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as follows: - Exchange differences arising from foreign currency loans are recognized on a net aggregate basis in the Financial loss line of the Consolidated Statement of Income. - Other exchange differences are recognized on a net aggregate basis in Financial income or Financial loss in the Consolidated Income Statement, depending on whether they are gains or losses at net level on a quarterly basis. Foreign exchange gains and losses derived from the net monetary position in subsidiaries applying IAS 29 are presented in real (inflation-adjusted) terms. (3) Translation of financial information in currencies other than the Company’s functional currency Income and expenses of the subsidiaries whose functional currencies are not the U.S. dollar and are not in a hyperinflationary economy, are translated into U.S. dollars at average exchange rates on a quarterly basis. Assets and liabilities for each balance sheet presented are translated at the balance sheet date exchange rates. All figures (income, expenses, assets and liabilities) of the subsidiaries whose functional currencies are the one of a hyperinflationary economy, are translated into U.S. dollars at the balance sheet date exchange rates, considering that all items are expressed in terms of the measuring unit current at the end of the reporting period. Translation differences are recognized in the Consolidated Statement of Comprehensive Income as “Currency translation adjustment”. As of December 31, 2023, 2022 and 2021, the Company recognized a translation (loss)/income of USD (281.7) million, USD 91.1 million and USD 138.6 million, respectively, arising from the translation of the investments in Argentina, Brazil, Italy and Armenia. In the case of a sale or other disposal of any of such subsidiaries, any cumulative translation difference would be recognized in the Statement of Income as a gain or loss from the sale of such subsidiary. |
Intangible assets | D Intangible assets (1) Concession Assets The Group, through its subsidiaries has been awarded the concession for the administration and operation of the following airports: - PDS and CAISA of major airports in Uruguay (Montevideo and Punta del Este) as well as six regional airports under the concession of PDS. - TA a merger of Aeroporto di Firenze S.p.A. (“ADF”) and Società Aeroporto Toscano Galileo Galilei S.p.A. (“SAT”) of Florence and Pisa airports, respectively. - ICAB and ICASGA of Brasilia and São Gonçalo do Amarante airports, respectively. As mentioned in Note 1.2.1, the concession of the São Gonçalo do Amarante airport was handle to a new concessionaire. - TAGSA of Guayaquil airport, “José Joaquin de Olmedo”. - AA2000 of 35 airports in Argentina. - BBL of Bahía Blanca airport in Argentina. - ANSA of Neuquén airport in Argentina. - AIA of the “Zvartnots” International Airport of Yerevan and Shirak Airport, Republic of Armenia. The concession agreements are accounted for in accordance with the principles included in IFRIC 12 “Service Concession Arrangements”. The Group recognized an intangible asset for: a) Fixed fees payables as the result of the acquisition of the right (license) to charge users for the service of airport concession (see Note 23), b) Right to obtain benefits for services provided using the assets built under the concession contracts. In case that an unconditional contractual right to receive cash or another financial asset from or at the direction of the grantor for the construction services; the grantor has little, if any, discretion to avoid payment, usually because the agreement is enforceable by law, the Company recognizes as Other financial assets at fair value through profit or loss Acquisitions correspond, according to the terms of the Concession contract, to the improvements of existing infrastructure assets to increase their useful life or capacity, or the construction of new infrastructure assets. General and specific borrowing costs, attributable to the acquisition, construction or production of assets that necessarily take a substantial period to get ready for their intended use, rental or sale are added to the cost of such assets until the assets are substantially ready to be used, rented or sold. As part of the obligations arising from the concession agreements, the Group provides construction or upgrade services. IFRIC 12 “Service Concession Arrangements” requires recognition of revenues and costs from the construction or upgrade services provided. The fair value of the construction or upgrade service is equal to the construction or upgrade costs plus a reasonable margin determined for each concession. The intangible asset for infrastructure under each concession agreement is amortized over the contract term in accordance with an appropriate method reflecting the rate of consumption of the concession asset’s economic benefits as from the date the infrastructure is brought into service. The concession fee paid to the grantor under the concession agreements is recognized depending on the terms defined in the concession agreement: a) Fixed concession fee is recognized at the beginning of the concession as it is reliably measurable, as a counterpart an intangible asset is recognized, this type of fee is independent from the revenue. b) Variable fees payables that are defined as a percentage over certain revenue streams are recognized on a monthly basis in the Consolidated Statement of Income. Each operating company is responsible for obtaining the necessary guarantees for the commitments assumed in each concession. They are mostly covered by insurance that is paid in advance and it is recorded in Other receivables, and is accrued over the life of the coverage. Main commitments under each concession agreement are included in Note 26 b. (2) Goodwill Goodwill represents the excess of the acquisition cost over the fair value of the Group’s share of net identifiable assets, liabilities and contingent liabilities acquired as part of business combinations determined by management. Goodwill impairment reviews are performed annually or more frequently if events or changes in circumstances indicate a potential impairment. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. Impairment losses on goodwill are not reversed. Goodwill, net of impairment losses, if any, is included on the Consolidated Statement of Financial Position under Intangible assets, net. (3) Other intangible assets An intangible asset purchased or produced internally is booked among Assets, as required by IAS 38, only if it can be identified and controlled, and if it is possible to predict the generation of future economic benefits and if its cost can be determined reliably. Intangible assets with finite lives are valued at purchase or production cost less accumulated amortization and impairment losses. Amortization is determined by making reference to the period of its estimated useful life and starts when the asset is available for use. |
Property, plant and equipment | E Property, plant and equipment Property, plant and equipment is recognized at historical acquisition or construction cost less accumulated depreciation and impairment losses; historical cost includes expenses directly attributable to the acquisition of the items. Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the Group and the investment enhances the condition of assets beyond its original condition. Depreciation is calculated using the straight-line method to allocate the cost of each asset to its residual value over the estimated useful life, as follows: Buildings and improvements 25‑30 years Plant and production equipment 3‑10 years Vehicles, furniture and fixtures, and other equipment 4‑10 years The residual values and useful lives of significant property, plant and equipment are reviewed and adjusted, if appropriate, at each year-end date. Gain and losses on disposals are determined by comparing the proceeds with the carrying amount and are included in Other operating income (expense) |
Inventories | F Inventories Inventories are stated at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The cost of inventories is based on the weighted averaged principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. If applicable, the Group establishes an allowance for obsolete or slow-moving inventory related to finished goods. For slow moving or obsolete finished products, an allowance is established based on management’s analysis of product aging. |
Trade and other receivables and contract assets | G Trade and other receivables and contract assets Trade and other receivables are initially recognized at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognized at fair value. They are subsequently measured at amortized cost using the effective interest method, less loss allowance. See Note 3.A(iii) for a description of the Group’s impairment policies. A construction contract is a contract specifically negotiated for the construction of an asset. When the outcome of a construction contract can be reliably estimated, contract revenue and contract costs are acknowledged by the percentage of completion method. A contract asset is initially recognized for unbilled work in progress. Upon completion of the work and acceptance by the customer, the amount recognized as contract assets is reclassified to trade receivables. |
Cash and cash equivalents | H Cash and cash equivalents Cash and cash equivalents are comprised of cash in banks, mutual funds and short-term investments with an original maturity of three months or less at the date of purchase which are readily convertible to known amounts of cash. In the Consolidated Statement of Financial Position, bank overdrafts are included in Borrowings |
Equity | I Equity (1) Equity components The Consolidated Statement of Changes in Equity includes: - The share capital, share premium, legal reserve, free distributable reserves and non-distributable reserves calculated in accordance with Luxembourg Law; - The treasury shares, currency translation adjustment, other reserves, retained earnings and non-controlling interest. (2) Share capital Share capital is stated at nominal value. As of December 31, 2023 and 2022, share capital was USD 163 million (USD 1 per share). All issued shares are fully paid. The authorized capital of the Company is set at USD 225 million represented by a maximum of 225 million shares having a nominal value of USD 1 each. Pursuant to Luxembourg regulations, contributions in kind made by shareholders must be at fair value and might be considered as Free Distributable Reserve. (3) Dividends distribution by the Company to shareholders Dividends distribution are recorded in the Company’s financial statements as a provision when Company’s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-laws of the Company. Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law (see Note 26.c). (4) Other reserves SCF’s airport business was historically conducted through a large number of entities as to which there was no single holding entity but which were separately owned by entities directly or indirectly controlled by SCF during all the periods presented. In order to facilitate the Company’s initial public offering, in 2016 SCF completed a reorganization (the “Reorganization”) whereby, each of the operating and holding entities under SCF’s common control, were ultimately contributed to the Company. The reorganization was accounted for as a reorganization of entities under common control, using the predecessor cost method. The net effect was recorded in Equity under Other Reserves. Moreover, in 2016, and considering that the shares of America International Airports LLC were contributed to the Free Distributable Reserves of the Company at the fair value a significant negative amount was included in Other Reserves Other reserves also include the share-based payment reserve constituted in connection with the creation of a management share compensation program as explained in Note 30. (5) Non-controlling interest |
Borrowings | J Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Subsequently borrowings are measured at amortized cost. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates. In the event of debt renegotiations, if the exchange of debt instruments between the financial creditor and the Group is concluded under substantially different conditions or entails a substantial modification of the conditions, considering both quantitative and qualitative factors, the existing financial liability is de-recognized as an extinguishment of the original liability and a new liability is recognized. Otherwise, the original liability should not be extinguished, but should be considered as a modification, adjusting its measurement in relation to the new terms and conditions. |
Current and Deferred income tax | K Current and Deferred income tax The tax expense for the year comprises current and deferred tax. Tax is recognized in the Consolidated Statement of Income, except for tax items recognized in the Consolidated Statement of Comprehensive Income. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Group entities operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred income taxes recognized applying the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. The principal temporary differences arise from intangible assets adjusted for the effects of IAS 29 in the Argentinian subsidiaries, and the effect of valuation on fixed assets, inventories and provisions. Deferred tax assets are also recognized for tax losses carry-forwards. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date. Deferred tax assets are recognized to the extent it is probable that future taxable income will be available against which the temporary differences can be utilized. 2 Basis of presentation and accounting policies (Cont.) K Current and Deferred income tax (Cont.) Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. At the end of each reporting period, CAAP reassesses unrecognized deferred tax assets. The Group recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. In order to determine the net taxable income of Argentine subsidiaries at the end of each year, the tax inflation adjustment determined in accordance with articles No. 95 to No. 98 of the income tax law has been incorporated into the tax results, due to the fact that as of December 31, 2023, 2022 and 2021 the accumulated price index variation for the last 36 months has already exceeded 100%. |
Employee benefits | L Employee benefits Compensation to employees in the event of dismissal is charged to profit or loss of the year in which it becomes payable. Short-term obligations Liabilities for wages and salaries, including non-monetary benefits and annual leave that are expected to be settled wholly within twelve months after the end of the period in which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current in Salary payable Long-term employee benefits Some entities of the Group have long term employee benefits that are unfunded defined benefit plan in accordance with IAS 19 - “Employee Benefits”. The company calculates annually the provision for employee retirement cost based on actuarial calculations performed by independent professionals using the Projected Unit Credit Costs method. The present value of the defined benefit obligations at each year-end is calculated discounting estimated future cash outflows at an annual rate equivalent to the average rate of high-quality corporate bonds, which are denominated in the same currency in which the benefits will be paid, and whose terms approximate the terms of the pension obligations. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation. Service cost and interest cost are recognized in the Consolidated Statement of Income, while actuarial gains and losses arising from changes in actuarial assumptions are recognized in the Consolidated Statement of Comprehensive Income. Actuarial assumptions include variables such as, in addition to the discount rate, death rate, age, sex, years of service, current and future level of salaries, turnover rates, among others. 2 Basis of presentation and accounting policies (Cont.) L Employee benefits (Cont.) Long-term employee benefits (Cont.) Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in profit or loss as past service costs. Share-based payments Share-based compensation benefits are provided to employees via the Management Share Compensation Plan. Information related to this plan is set out in Note 30. In the case the Company receives employees’ services as consideration for its own equity instruments the share-based payments transaction is considered equity-settled while if services are acquired by incurring a liability to transfer cash or other assets for those services based on the price of its own equity instruments the transaction is considered cash-settled. The fair value of shares granted to employees under the share compensation plan is recognized as an expense over the relevant service period considering specified performance targets to be met while the employee is rendering the service required, being the year to which the service relates and the vesting period of the shares. The fair value is measured at the grant date of the shares, using the Company’s share market price, and is recognized in equity in the share-based payment reserve in line Other Reserves The number of shares expected to vest is estimated based on the non-market vesting conditions. The estimates are revised at the end of each reporting period, and adjustments are recognized in profit or loss and the share-based payment reserve. Where shares are forfeited due to a failure by the employee to satisfy the service or performance conditions, any expenses previously recognized in relation to such shares are reversed effective from the date of the forfeiture. The shares under the plan are held as treasury shares until they are delivered to employees. |
Provisions | M Provisions Provisions for legal claims and other charges are recognized when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation and; the amount has been reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as financial loss. The concession agreements in the different jurisdictions include certain commitments to be complied by each company. These commitments can be grouped in two categories: - Works that can be classified as standard maintenance of the infrastructure, which are expensed as incurred. - Major scheduled maintenance and refurbishments of the infrastructure in the future. Since IFRIC 12 does not recognize infrastructure as property, plant and equipment, rather as a right to charge customers for the use of the infrastructure, major refurbishments and renewals to be performed in future years to maintain or restore the infrastructure asset to its level of functionality, operation and safety should be recognized in accordance with IAS 37 - Provisions, Contingent Liabilities and Assets (unless the grantor agrees to reimburse the operator). Provision is recorded at the best estimate of the amount of the expenditure expected to be incurred to perform the major overhaul or restoration work, discounted using a rate that reflects time value of money and risks involved. |
Trade payables | N Trade payables Trade payables are initially recognized at fair value, generally the nominal invoice amount and are subsequently measured at amortized cost using the effective interest method. |
Concession fee payable | O Concession fee payable Each concession agreement determines different types of concession fees to be paid to the corresponding regulatory authority. Fees could be fixed or variable. Some concession agreements establish both a minimum fixed payment, and an additional variable amount if certain conditions are met (such as a minimum number of passengers, among others). For those concession agreements that require payment of a fixed amount, the Company recognized the obligation at present value. The increase in the provision due to the passage of time is recognized in financial results. The variable concession fees paid to the grantor derived from the concession agreements are recognized as cost of the period. The fixed concession fee payable is capitalized at the inception of the agreement as concession assets- intangible asset. |
Leases / Sub-concession of spaces | P Leases / Sub-concession of spaces The Group as a lessee The Group acts as a lessee renting various offices, equipment and cars. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: - fixed payments (including in-substance fixed payments), less any lease incentives receivable, - variable lease payment that are based on an index or a rate, - amounts expected to be payable by the lessee under residual value guarantees, - the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and - payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. If a readily observable amortizing loan rate is available to the individual lessee (through recent financing or market data) which has a similar payment profile to the lease, then the group entities use that rate as a starting point to determine the incremental borrowing rate. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Right-of-use assets are measured at cost comprising the following: - the amount of the initial measurement of lease liability, - any lease payments made at or before the commencement date less any lease incentives received, - any initial direct costs, and - restoration costs. Payments associated with short-term leases, leases of low-value assets and variable leases that do not depend on an index or rate are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. The Group as a lessor The Group acts as a lessor regarding leases and sub-concession of spaces with third parties at its airports facilities. The Group as a lessor (Cont.) As a lessor the Group classifies its leases as either operating or finance leases. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of the underlying asset, and classified as an operating lease if it does not. Lease income from operating leases where the Group is a lessor is recognized in income on a straight-line basis over the lease term. The respective leased assets are included in the balance sheet based on their nature. |
Revenue recognition | Q Revenue recognition Revenue is recognized when control over a good or service is transferred to customer and thus when the latter has the ability to direct the use and obtain the benefits from the good or service. Revenue is recognized either over time or at a point in time, when (or as) the Group satisfies performance obligations by transferring the promised services or goods to its customers. Group revenue arises mainly from airports operations and includes: Aeronautical revenues These revenues are those generally regulated under each airport’s concession agreement. They consist of passengers’ departure fees, landing, parking and other fees paid by the airlines. Revenue from aeronautical services, derived from the use of airports facilities by aircrafts and passengers, is recognized over time as the services are provided. The Group considers that it has completed its performance obligations when the services (for instance passenger fee rate, landing rates, platform use fees, among others) are rendered to its customers. The Group does not defer collection terms in excess of the normal market terms, so there is no need to distinguish between a commercial component and a revenue interest component. Non-aeronautical revenues - Commercial revenues: those are typically not regulated under the applicable concession agreement. Commercial revenues are leases and/or rent fees from retail (including duty free), food and beverage, services and car rental companies, advertising, car parking, fueling charges and cargo fees, among others. - Construction service revenues: IFRIC 12 requires to recognize revenues and costs from the construction or upgrade services provided. Construction service revenue equals the construction or upgrade costs plus a reasonable margin determined according to the analysis performed by each concession. Under the terms of IFRIC 12 “Service Concession Arrangements”, a concession operator may have a twofold activity: - a construction activity in respect of its obligations to design, build and finance a new asset that it delivers to the grantor; - an operating and maintenance activity in respect of concession assets. Revenue from non-aeronautical activities such as commercial revenue (excluding sale of goods, leases and sub-concession of spaces) and construction services are recognized over time. The Group considers that it has completed its performance obligations when the services (such as warehouse use fees, parking facilities and VIP lounges) are rendered to its customers or construction costs are incurred. 2 Basis of presentation and accounting policies (Cont.) Q Revenue recognition (Cont.) Revenue from sale of goods, mainly fueling, is recognized at a point in time when control of the goods is transferred to the customer and the customer obtains the benefits from the goods. The Group considers that it has completed its performance obligations when the goods are supplied to its customers. The Group recognizes contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as Other liabilities Revenue is shown net of value-added tax and discounts. Intercompany balances with subsidiaries have been eliminated in consolidation. |
Cost of services and other expenses | R Cost of services and other expenses Cost of services and other expenses are accrued and recognized in the Consolidated Statement of Income. Construction service cost: IFRIC 12 requires to recognize revenues and costs from the construction or upgrade services provided. Commissions, freight and other selling expenses, including services and fees, office expenses and maintenance, are recorded in Selling, general and administrative expenses |
Government grants | S Government grants Government grants are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants relating to costs are deferred and recognized in profit or loss over the period necessary to match them with the costs that they are intended to compensate. A government grant that becomes receivable as a compensation for expenses or losses already incurred, or for the purpose of giving immediate support to the Group, with no future related costs, shall be recognized in profit or loss of the period in which it becomes receivable. Grants related to income are presented as part of profit or loss, either separately or under a general heading such as Other operating income Grants related to assets, including non-monetary grants at fair value, are presented in the Consolidated Statement of Financial Position, either by setting up the grant as deferred income or by deducting the grant in arriving at the carrying amount of the asset. |
Financial instruments | T Financial instruments Non-derivative financial instruments comprise investments in debt instruments, corporate bonds, time deposits, trade and other receivables, cash and cash equivalents, borrowings, and trade and other payables. The Group classifies its financial assets in the following measurement categories: (i) Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in financial income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the Consolidated Statement Income. (ii) Fair value through other comprehensive income (“FVOCI”): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as separate line item in the Consolidated Statement of Income. (iii) Fair value through profit or loss (“FVPL”): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within other gains/(losses) in the period in which it arises. The classification depends on the Company’s business model for managing the financial assets and the contractual terms of the cash flows. The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. |
Derivative financial instruments | U Derivative financial instruments Derivatives are initially recognized at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in profit or loss and are included in Financial income Financial loss Derivatives are classified as “held for trading” for accounting purposes and are accounted for at fair value through profit or loss. They are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. Derivative financial instruments as of December 31, 2023 are classified within Level 3 of the fair value hierarchy. |
Segment information | V Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”), which is the Group’s Board of Directors. The CODM is responsible for allocating resources and assessing performance of the operating segments. The operating segments are described in Note 4. For management purposes, the Company analyzes its business based on strategic business units providing airport and non-airport services to clients in the different countries where business units are located. Assets, liabilities and results from holding companies are included as Unallocated. |
Application of IAS 29 in financial reporting of Argentine subsidiaries and associates | W Application of IAS 29 in financial reporting of Argentine subsidiaries and associates IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy to be adjusted for the effects of changes in a suitable general price index and to be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. Accordingly, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items. In order to conclude whether an economy is categorized as hyperinflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceeds 100%. Considering that the inflation in Argentina has exceeded the 100% three-year cumulative inflation rate in July 2018, and that the rest of the indicators do not contradict the conclusion that Argentina should be considered a hyperinflationary economy for accounting purposes, the Group understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy under the terms of IAS 29 as from July 1, 2018, and, accordingly, it has applied IAS 29 as from that date in the financial reporting of its subsidiaries and associates with the Argentine peso as functional currency. The inflation adjustment was calculated by means of conversion factor derived from the Argentine price indexes published by the National Institute of Statistics (“INDEC”). The Government Board of the Argentine Federation of Professional Councils of Economic Sciences (FACPCE) issued Resolution JG 539/18, which prescribes the indices to be used by entities with a functional currency of the Argentine peso for the application of the restatement procedures. These indices are largely based on the Wholesale Price Index for periods up to December 31, 2016 and the Retail Price Index thereafter. The price index as of December 31, 2023, was 3,533.19 (1,134.59 and 582.46 as of December 31, 2022 and 2021 respectively) and the conversion factor derived from the indexes for the year ended December 31, 2023, was 3.11 (1.95 and 1.51 as of December 31, 2022 and 2021 respectively). The main procedures for the above-mentioned adjustment are as follows: ● ● ● ● Inflation adjustment ● Other comprehensive income / (loss) for the year |
Critical accounting estimates and judgments | X Critical accounting estimates and judgments Critical accounting estimates are those that require management to make significant judgments and estimates about matters that are inherently uncertain. Management bases its estimates on historical experience and other assumptions that it believes are reasonable. Actual results could differ from estimates used in employing the critical accounting policies and these could have a material impact on the Group’s results of operations. The Group’s critical accounting estimates are discussed below. (a) Impairment testing At the date of each statement of financial position, the Group reviews the carrying amounts of its property, plant and equipment and intangible assets with finite useful lives to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Assets that have an indefinite useful life or assets not ready to use are not subject to amortization and are tested annually for impairment. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units or CGUs). As mentioned in Note 12, the Company performed impairment tests for those assets with impairment indicators based on the discounted cash flow model covering the remaining concessions periods (value in use), considering significant assumptions that required management judgment related to passenger growth rates and discount rate, combined with historical information. An impairment loss, if applicable, is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date. A previously recognized impairment loss of non-financial assets (other than goodwill) is reversed if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the reversal of the previously recognized impairment loss is recognized in the Consolidated Statement of Income. 2 Basis of presentation and accounting policies (Cont.) X Critical accounting estimates and judgments (Cont.) (b) Income taxes The Group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Group recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made. Deferred tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be settled. Deferred tax assets and liabilities are not discounted. In assessing the recoverability of deferred tax assets, management considers whether it is probable that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. (c) Concession - application of IFRIC 12 The Group has carried out a comprehensive implementation of the standards applicable to the accounting treatment of their concession and has determined that, among others, IFRIC 12 is applicable. The Group treats their investments related to improvements and upgrades to be performed in connection with the concession obligation under the intangible asset model established by IFRIC 12, as all investments required by the concession obligation, regardless of their nature, directly increase the maximum tariff per traffic unit. Accordingly, all amounts invested under the concession obligation have a direct correlation to the amount of fees the Group will be able to charge each passenger or cargo service provider, and thus, a direct correlation to the amount of revenues the Group will be able to generate. As a result, the Group defines all expenditures associated with investments required by the concession obligation as revenue generating activities given that they ultimately provide future benefits, whereby subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. Additionally, compliance with the committed investments per the Master Development Programs is mandatory, as well as the fulfillment of the maximum tariff and therefore, in case of a failure to meet any one of these obligations, the Group could be subject to sanctions and the concessions could be revoked. |
Basis of presentation and acc_3
Basis of presentation and accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Basis of presentation and accounting policies | |
Schedule of subsidiaries of company | Holdings companies Percentage of ownership at Country of December 31, Company incorporation Local currency Main activity 2023 2022 2021 Abafor S.A. Uruguay Uruguayan pesos Holding company 100.00 % 100.00 % 100.00 % ACI Airport Sudamérica S.A.U. (“ACI”) Spain Euros Holding company 100.00 % 100.00 % 100.00 % ACI Airports Italia S.A.U. Spain Euros Holding company 100.00 % 100.00 % 100.00 % America International Airports LLC (1) USA U.S. dollars Holding company 100.00 % 100.00 % 100.00 % Anabe ITG S.L. (9) Spain Euros Holding company 100.00 % 100.00 % — Barnsley ITG S.L. (11) Spain Euros Holding company 99.98 % — — Cargo & Logistics S.A. (1) (7) Argentina Argentine pesos Holding company 82.89 % 82.89 % 82.10 % 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. (“CAER”) Argentina Argentine pesos Holding company 99.98 % 99.98 % 99.98 % Corporacion Africa Airports Nigeria Limited (“CAAN”) (9) Nigeria Naira Holding company 51.00 % — — Corporación América Italia S.p.A. (“CAI”) Italy Euros Holding company 75.00 % 75.00 % 75.00 % Corporación América S.A. (7) Argentina Argentine pesos Holding company 97.22 % 97.22 % 96.18 % Corporación América Sudamericana S.A. (7) Panamá U.S. dollars Holding company 96.53 % 96.53 % 95.50 % DICASA Spain S.A.U. (1) Spain Euros Holding company 100.00 % 100.00 % 100.00 % Inframérica Participaçoes S.A. (1) (8) Brazil Brazilian real Holding company 99.98 % 99.98 % 99.97 % Yokelet S.L. Spain Euros Holding company 100.00 % 100.00 % 100.00 % Operating companies Percentage of ownership at Country of December 31, Company incorporation Local currency Main activity 2023 2022 2021 Abuja Airport Concession Company (“AACC”) (10) Nigeria Naira Airports Operation 51.00 % — — ACI do Brasil S.A. (“ACIB”) (12) Brazil Brazilian real Airports Operation (12) 99.99 % 99.99 % 99.99 % Aerocombustibles Argentinos S.A. (7) Argentina Argentine pesos Fueling company 94.79 % 94.79 % 93.78 % Aeropuerto de Bahía Blanca S.A. (“BBL”) (7) Argentina Argentine pesos Airports Operation 82.64 % 82.64 % 81.75 % Aeropuertos Argentina 2000 S.A.(“AA2000”) (2) (7) Argentina Argentine pesos Airports Operation 82.69 % 82.69 % 81.91 % Aeropuertos del Neuquén S.A. (“ANSA”) (7) Argentina Argentine pesos Airports Operation 75.54 % 75.54 % 74.73 % Armenia International Airports C.J.S.C. (“AIA”) Armenia Dram Airports Operation 100.00 % 100.00 % 100.00 % CAAirports International Services S.A. Uruguay Uruguayan pesos Service company 100.00 % 100.00 % 100.00 % Consorcio Aeropuertos Internacionales S.A. (“CAISA”) Uruguay Uruguayan pesos Airports Operation 100.00 % 100.00 % 100.00 % Enarsa Aeropuertos S.A. (7) Argentina Argentine pesos Fuel plants 77.77 % 77.77 % 76.95 % Inframérica Concessionária do Aeroporto de Brasilia S.A. (“ICAB”) (8) Brazil Brazilian real Airports Operation 50.99 % 50.99 % 50.99 % Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”) (12) Brazil Brazilian real Airports Operation — 99.98 % 99.98 % Kano Airport Concession Company Limited (“KACC) (10) Nigeria Naira Airports Operation 51.00 % — — Paoletti América S.A. (3) (7) Argentina Argentine pesos Service company 41.35 % 41.35 % 40.95 % Puerta del Sur S.A. (”PDS”) Uruguay Uruguayan pesos Airports Operation 100.00 % 100.00 % 100.00 % Servicios y Tecnología Aeroportuaria S.A. (7) Argentina Argentine pesos Service company 82.79 % 82.79 % 82.01 % Sinatus S.A. (13) Uruguay Uruguayan pesos Service company 100.00 % — — TCU S.A. Uruguay Uruguayan pesos Service company 100.00 % 100.00 % 100.00 % Terminal Aeroportuaria Guayaquil S.A. (“TAGSA”) (4) Ecuador U.S. dollars Airports Operation 49.99 % 49.99 % 49.99 % Texelrío S.A. (7) Argentina Argentine pesos Service company 57.88 % 57.88 % 57.34 % Toscana Aeroporti S.p.A. (“TA”) (5) (6) Italy Euros Airports Operation 46.71 % 46.71 % 46.71 % Villalonga Furlong S.A. (7) Argentina Argentine pesos Service company 82.90 % 82.90 % 82.12 % (1) (2) Includes a 9.35% direct interest of Cedicor S.A. in AA2000. (3) The Group has control over this company based on having majority representation in the board, power to direct the process of setting of financial and operating policies and execute the operational management of such Company. (4) The Group has control over this company based on having power to direct the process of setting of financial and operating policies and execute the operational management of such Company. (5) The Group has control over this company based on having a majority stake in Corporación América Italia S.p.A. that has 62.28% of ownership of TA, power to direct the process of setting of financial and operating policies and execute the operational management of such Company. |
Schedule of summary financial information of Group's subsidiaries represents amounts before intragroup elimination | TA December 31, December 31, December 31, 2023 2022 2021 Non-current assets 267,569 255,355 Current assets 68,197 89,097 Total assets 335,766 344,452 Non-current liabilities 78,834 99,928 Current liabilities 139,248 137,057 Total liabilities 218,082 236,985 Equity 117,684 107,467 Revenue 133,422 117,209 70,469 Gross income 41,783 22,633 (12,681) Operating income / (loss) 28,418 10,306 (12,182) Financial results (7,350) (4,119) (3,061) Share of income in associates 14 (258) 91 Income tax (6,842) (1,528) 8,704 Net income / (loss) 14,240 4,401 (6,448) Other comprehensive income / (loss) for the year 4,142 (5,827) (8,978) Total comprehensive income / (loss) for the year 18,382 (1,426) (15,426) Dividends paid (7,838) (7,340) — Increase / (decrease) in cash Provided by / (used in) operating activities 21,469 26,588 (13,249) Used in investing activities (1,388) (3,161) (4,909) Used in financing activities (52,221) (21,843) (8,522) TAGSA December 31, December 31, December 31, 2023 2022 2021 Non-current assets 53,782 56,025 Current assets 59,737 53,752 Total assets 113,519 109,777 Non-current liabilities 7,329 13,536 Current liabilities 54,106 47,447 Total liabilities 61,435 60,983 Equity 52,084 48,794 Revenue 105,228 96,199 65,155 Gross profit 42,943 38,614 20,784 Operating income 25,319 22,561 9,150 Financial results 656 (316) (1,413) Income tax (2,455) (1,937) (971) Net income 23,520 20,308 6,766 Other comprehensive income / (loss) for the year 80 356 (205) Total comprehensive income for the year 23,600 20,664 6,561 Dividends paid (20,308) (17,225) (3,000) Increase / (decrease) in cash Provided by operating activities 35,891 36,709 21,877 Used in investing activities (5,382) (10,152) (20,076) Used in financing activities (27,337) (24,399) (10,245) ICAB December 31, December 31, December 31, 2023 2022 2021 Non-current assets 666,428 645,847 Current assets 86,371 86,134 Total assets 752,799 731,981 Non-current liabilities 906,312 841,901 Current liabilities 215,761 190,784 Total liabilities 1,122,073 1,032,685 Equity (369,274) (300,704) Revenue 100,252 79,713 51,706 Gross profit 31,262 19,047 1,909 Operating income 37,816 21,328 11,702 Financial results (102,953) (114,550) (124,815) Income tax 3,250 (12,409) (9,320) Net loss (61,887) (105,631) (122,433) Other comprehensive (loss) / income for the year (25,918) (13,748) 14,898 Total comprehensive loss for the year (87,805) (119,379) (107,535) Increase / (decrease) in cash Provided by / (used in) operating activities 6,876 32,188 (585) Used in investing activities (16) (53) (459) (Used in) / provided by financing activities (12,784) 17,003 457 AA2000 December 31, December 31, December 31, 2023 2022 2021 Non-current assets 1,165,410 1,594,529 Current assets 181,405 211,057 Total assets 1,346,815 1,805,586 Non-current liabilities 672,981 796,193 Current liabilities 124,665 222,223 Total liabilities 797,646 1,018,416 Equity 549,169 787,170 Revenue 635,563 758,111 362,128 Gross profit 218,246 234,803 37,846 Operating income / (loss) 170,714 190,446 (6,949) Financial results (211,898) 35,866 61,322 Income tax 52,912 2,900 (54,396) Net income / (loss) 11,728 229,212 (23) Other comprehensive (loss) / income for the year (250,002) 314,021 125,333 Total comprehensive (loss) / income for the year (238,274) 543,233 125,310 Increase / (decrease) in cash Provided by operating activities 192,164 146,789 62,937 (Used in) / provided by investing activities (64,305) 8,338 11,516 (Used in) / provided by financing activities (74,050) (122,453) 31,455 |
Schedule of estimated useful life of property, plant and equipment | Buildings and improvements 25‑30 years Plant and production equipment 3‑10 years Vehicles, furniture and fixtures, and other equipment 4‑10 years |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Risk Management | |
Schedule of breakdown of the Group's main monetary net assets and liabilities | As of December 31, As of December 31, Currency Exposure / Functional currency 2023 2022 U.S. Dollar / Argentine Peso (484,709) (587,955) U.S. Dollar / Armenian Dram 47,842 14,847 Euro / Armenian Dram 347 4,637 Euro / Argentine Peso (2,831) (1,151) |
Schedule of breakdown of the Group's fixed-rate and floating-rate borrowings | At December 31, 2023 2022 Fixed rate (*) 990,251 1,075,778 Variable rate 342,986 389,659 1,333,237 1,465,437 (*) As of December 31, 2023 includes USD 125.5 million of short-term borrowings (USD 103.5 million as of December 2022) and USD 864.8 million of long-term borrowings (USD 972.3 million as of December 31, 2022). |
Schedule provision for loss allowance for trade receivables and contract assets | Past due Trade 30 ‑ 60 60 ‑ 90 90 ‑ 180 > 180 Receivables Not due 0 ‑ 30 days days days days days At December 31, 2023 Trade receivables – gross carrying amount 148,329 86,066 23,685 9,783 2,274 4,617 21,904 Contract assets – gross carrying amount 1,488 1,488 — — — — — Expected loss rate (*) 2% 1% 5% 13% 25% 86% Provision for loss allowance (22,368) (1,466) (230) (449) (298) (1,150) (18,775) Net value 127,449 86,088 23,455 9,334 1,976 3,467 3,129 Past due Trade 30 ‑ 60 60 ‑ 90 90 ‑ 180 > 180 Receivables Not due 0 ‑ 30 days days days days days At December 31, 2022 Trade receivables - gross carrying amount 140,335 75,105 20,644 5,420 4,426 5,815 28,925 Contract assets – gross carrying amount 2,053 2,053 — — — — — Expected loss rate (*) 0% 4% 17% 15% 29% 88% Provision for loss allowance (29,718) (152) (845) (945) (672) (1,660) (25,444) Net value 112,670 77,006 19,799 4,475 3,754 4,155 3,481 (*) |
Schedule of provision for bad debts | 2023 2022 Balance at January 1, (29,718) (60,510) Disposal of subsidiaries — 310 Bad debts of the year (4,735) (13,432) Recoveries 3,331 17,931 Write off 2,717 3,684 Translation differences and inflation adjustment 6,037 22,299 Balance at December 31, (22,368) (29,718) |
Schedule of gains/(losses) were recognized in profit or loss in relation to impaired financial assets | 2023 2022 2021 Impairment losses - movement in provision for impairment (4,985) (13,443) (14,727) - recovery of previous impairment losses 3,439 18,203 8,311 Net impairment losses on financial assets (1,546) 4,760 (6,416) |
Schedule of capital management | At December 31, 2023 2022 Borrowings 1,333,237 1,465,437 Less: Cash and cash equivalents (369,848) (385,265) Net debt 963,389 1,080,172 Equity 803,909 862,369 Net debt to equity ratio 120% 125% |
Schedule of financial instruments by category | Assets at fair value Assets at amortized December 31, 2023 through profit and loss cost Total Financial assets as per the statement of financial position Trade receivables — 127,449 127,449 Other receivables — 154,583 154,583 Other financial assets (*) 10,863 144,232 155,095 Derivative financial assets 69 — 69 Cash and cash equivalents — 369,848 369,848 Total 10,932 796,112 807,044 Liabilities at fair value Liabilities at through profit and loss amortized cost Total Financial liabilities as per the statement of financial position Borrowings — 1,333,237 1,333,237 Leases liabilities — 13,981 13,981 Derivative financial liabilities — — — Trade payables and other liabilities — 1,062,621 1,062,621 Total — 2,409,839 2,409,839 3 Financial Risk Management (Cont.) B Financial instruments by category (Cont.) Assets at fair value Assets at amortized December 31, 2022 through profit and loss cost Total Financial assets as per the statement of financial position Trade receivables — 110,617 110,617 Other receivables — 107,708 107,708 Other financial assets (*) 15,952 57,669 73,621 Derivative financial assets 67 — 67 Cash and cash equivalents — 385,265 385,265 Total 16,019 661,259 677,278 Liabilities at fair value Liabilities at through profit and loss amortized cost Total Financial liabilities as per the statement of financial position Borrowings — 1,465,437 1,465,437 Leases liabilities — 8,809 8,809 Derivative financial liabilities 51 — 51 Trade payables and other liabilities — 1,100,603 1,100,603 Total 51 2,574,849 2,574,900 (*) Other financial assets measured at fair value are Level 1 hierarchy. The book value of these assets represents its fair value. |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment information | |
Schedule of geographical information of operating segments | Argentina Brazil Uruguay Armenia Ecuador Italy Intrasegment Airports Others Airports Others Airports Others Airports Airports Airports adjustments Unallocated Total Year ended December 31, 2023 Aeronautical revenue (*) 296,393 — 45,656 — 65,428 — 88,519 78,336 70,121 — — 644,453 Non-aeronautical revenue (*) Commercial revenue 251,155 119 64,838 — 45,292 22,785 160,355 26,871 39,908 (11,598) 3,926 603,651 Construction service revenue 93,014 — 151 — 31,705 — 3,630 21 16,201 — — 144,722 Other revenue — — — — 20 — — — 7,192 (3,997) 3,997 7,212 Cost of services (420,216) (40) (79,304) — (86,227) (17,818) (156,482) (62,285) (91,639) 11,266 (11,932) (914,677) Gross profit / (loss) 220,346 79 31,341 — 56,218 4,967 96,022 42,943 41,783 (4,329) (4,009) 485,361 Selling, general and administrative expenses (54,907) (80) (10,996) (68) (16,305) (2,611) (15,320) (17,827) (13,149) 4,329 (11,735) (138,669) Impairment reversal / (loss) of non-financial assets (**) — — 103,764 — — — — — (926) — — 102,838 Other operating income (**) 13,425 1 82,793 — 58 2 361 240 710 — 2,970 100,560 Other operating expenses (7,344) — (542) — (443) (63) (1,021) (38) — — (2) (9,453) Operating income / (loss) 171,520 — 206,360 (68) 39,528 2,295 80,042 25,318 28,418 — (12,776) 540,637 Share of income / (loss) in associates (5) — — — — — — — 14 — 7,099 7,108 Amortization and depreciation 60,534 — 12,035 — 6,906 1,248 19,638 6,688 10,695 — 12,238 129,982 Adjusted Ebitda 232,049 — 218,395 (68) 46,434 3,543 99,680 32,006 39,127 — 6,561 677,727 Construction services revenue (93,014) — (151) — (31,705) — (3,630) (21) (16,201) — — (144,722) Construction services cost 92,898 — 151 — 31,705 — 3,524 21 9,972 — — 138,271 Adjusted Ebitda excluding Construction Services 231,933 — 218,395 (68) 46,434 3,543 99,574 32,006 32,898 — 6,561 671,276 Construction services revenue 93,014 — 151 — 31,705 — 3,630 21 16,201 — — 144,722 Construction services cost (92,898) — (151) — (31,705) — (3,524) (21) (9,972) — — (138,271) Adjusted Ebitda 232,049 — 218,395 (68) 46,434 3,543 99,680 32,006 39,127 — 6,561 677,727 Financial income 101,598 Financial loss (406,570) Inflation adjustment (40,547) Amortization and depreciation (129,982) Income before income tax 202,226 Income tax 24,241 Net income from continuing operations 226,467 Loss from discontinued operations — Net income for the year 226,467 Current assets 183,773 22 188,160 — 45,101 4,770 91,159 59,737 68,197 (85,454) 194,445 749,910 Non-current assets 1,170,372 20 667,193 — 188,336 9,193 154,754 53,782 267,568 (768) 281,616 2,792,066 Capital Expenditure 93,326 — 1,727 — 36,605 2,120 7,073 3,267 17,504 — — 161,622 Current liabilities 127,070 9 221,843 — 25,549 4,419 34,076 54,106 139,248 (85,454) 165,062 685,928 Non-current liabilities 673,245 — 907,835 — 60,264 1,809 — 7,329 78,834 (768) 323,591 2,052,139 (*) (**) Argentina Brazil Uruguay Armenia Ecuador Italy Intrasegment Airports Others Airports Others Airports Others Airports Airports Airports adjustments Unallocated Total Year ended December 31, 2022 Aeronautical revenue (*) 330,288 — 36,610 — 43,450 — 60,662 68,370 70,371 — — 609,751 Non-aeronautical revenue (*) Commercial revenue 308,114 232 52,700 — 36,289 19,882 145,059 25,060 32,449 (10,652) 3,412 612,545 Construction service revenue 124,210 — — — 13,169 — 1,819 2,769 7,829 — — 149,796 Other revenue — — — — 13 — — — 6,558 (1,737) 1,737 6,571 Cost of services (526,774) (75) (71,095) — (53,459) (14,560) (142,705) (57,584) (94,575) 9,477 (11,628) (962,978) Gross profit / (loss) 235,838 157 18,215 — 39,462 5,322 64,835 38,615 22,632 (2,912) (6,479) 415,685 Selling, general and administrative expenses (55,947) (145) (13,012) (172) (14,599) (1,910) (13,019) (16,067) (17,013) 2,912 (12,383) (141,355) Impairment loss of non-financial assets — — — — — — — — (111) — — (111) Other operating income 15,857 2 16,254 — 159 — 175 91 4,796 — 6 37,340 Other operating expenses (5,232) — (424) — (429) (49) (769) (77) — — (4) (6,984) Operating income / (loss) 190,516 14 21,033 (172) 24,593 3,363 51,222 22,562 10,304 — (18,860) 304,575 Share of income / (loss) in associates (24) — — — — — — — (257) — (689) (970) Amortization and depreciation 87,363 — 11,228 — 6,101 1,280 17,650 6,434 11,122 — 11,953 153,131 Adjusted Ebitda 277,855 14 32,261 (172) 30,694 4,643 68,872 28,996 21,169 — (7,596) 456,736 Construction services revenue (124,210) — — — (13,169) — (1,819) (2,769) (7,829) — — (149,796) Construction services cost 124,018 — — — 13,169 — 1,766 2,769 6,133 — — 147,855 Adjusted Ebitda excluding Construction Services 277,663 14 32,261 (172) 30,694 4,643 68,819 28,996 19,473 — (7,596) 454,795 Construction services revenue 124,210 — — — 13,169 — 1,819 2,769 7,829 — — 149,796 Construction services cost (124,018) — — — (13,169) — (1,766) (2,769) (6,133) — — (147,855) Adjusted Ebitda 277,855 14 32,261 (172) 30,694 4,643 68,872 28,996 21,169 — (7,596) 456,736 Financial income 63,859 Financial loss (196,405) Inflation adjustment 19,459 Amortization and depreciation (153,131) Income before income tax 190,518 Income tax (24,883) Net income for the year 165,635 Loss from discontinued operations — Net income for the year 165,635 Current assets 213,964 74 100,810 43 33,998 4,887 64,762 53,752 89,098 (60,562) 146,642 647,468 Non-current assets 1,600,511 30 675,108 — 158,248 8,240 169,030 56,025 255,354 (768) 266,541 3,188,320 Capital Expenditure 124,214 — 1,953 — 19,958 1,375 5,788 1,842 9,742 — 2 164,874 Current liabilities 226,136 35 211,308 — 19,258 3,131 22,110 47,447 137,057 (60,562) 70,399 676,319 Non-current liabilities 797,628 — 927,932 — 56,797 1,986 16,949 13,536 99,928 (768) 383,112 2,297,100 (*) Mainly includes revenues recognized over time, see Note 5. Argentina Brazil Uruguay Armenia Ecuador Italy Intrasegment Airports Others Airports Others Airports Others Airports Airports Airports adjustments Unallocated Total Year ended December 31, 2021 Aeronautical revenue (*) 94,881 — 24,121 — 14,564 — 45,312 46,456 37,475 — — 262,809 Non-aeronautical revenue (*) Commercial revenue 214,573 202 34,329 — 20,200 18,031 46,503 17,948 17,082 (9,037) 2,256 362,087 Construction service revenue 53,501 — — — 5,280 — 6,559 752 13,668 — — 79,760 Other revenue — — — — 14 — — — 2,243 (806) 806 2,257 Cost of services (326,974) (68) (59,198) — (35,903) (11,635) (56,791) (44,371) (83,149) 7,850 (12,142) (622,381) Gross profit / (loss) 35,981 134 (748) — 4,155 6,396 41,583 20,785 (12,681) (1,993) (9,080) 84,532 Selling, general and administrative expenses (38,338) (145) (8,228) (143) (7,674) (1,362) (11,173) (11,703) (13,053) 1,993 (12,236) (102,062) Impairment loss of non-financial assets — — — — — — — — (371) — — (371) Other operating income 8,109 2 20,285 — 152 56 168 82 13,923 — — 42,777 Other operating expenses (14,925) (8) (2,191) — (119) (66) (703) (13) — — (391) (18,416) Operating (loss) / income (9,173) (17) 9,118 (143) (3,486) 5,024 29,875 9,151 (12,182) — (21,707) 6,460 Share of income / (loss) in associates — — — — — - — — 91 — (720) (629) Amortization and depreciation 74,743 — 9,999 — 11,112 1,056 14,411 7,000 12,290 — 12,890 143,501 Adjusted Ebitda 65,570 (17) 19,117 (143) 7,626 6,080 44,286 16,151 199 — (9,537) 149,332 Construction services revenue (53,501) — — — (5,280) — (6,559) (752) (13,668) — — (79,760) Construction services cost 53,378 — — — 5,280 — 6,368 752 11,675 — — 77,453 Adjusted Ebitda excluding Construction Services 65,447 (17) 19,117 (143) 7,626 6,080 44,095 16,151 (1,794) — (9,537) 147,025 Construction services revenue 53,501 — — — 5,280 — 6,559 752 13,668 — — 79,760 Construction services cost (53,378) — — — (5,280) — (6,368) (752) (11,675) — — (77,453) Adjusted Ebitda 65,570 (17) 19,117 (143) 7,626 6,080 44,286 16,151 199 — (9,537) 149,332 Financial income 28,080 Financial loss (131,271) Inflation adjustment 6,691 Amortization and depreciation (143,501) Loss before income tax (90,669) Income tax (69,111) Net loss from continuing operations (159,780) Loss from discontinued operations (21,196) Net loss for the year (180,976) (*) Mainly includes revenues recognized over time, see Note 5. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue | |
Schedule of revenue | 2023 2022 2021 Aeronautical revenue 644,453 609,751 262,809 Non aeronautical revenue Commercial revenue 603,651 612,545 362,087 Construction service revenue 144,722 149,796 79,760 Other revenue 7,212 6,571 2,257 Revenue 1,400,038 1,378,663 706,913 Timing of revenue recognition Over time 1,039,699 1,035,506 560,834 At a point in time 119,730 114,826 28,126 Revenues accounted for under IFRS 16 240,609 228,331 117,953 Revenue 1,400,038 1,378,663 706,913 |
Cost of services (Tables)
Cost of services (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cost of services | |
Schedule of cost of services | 2023 2022 2021 Salaries and social security contributions (*) (185,920) (205,891) (141,011) Concession fees (**) (156,245) (158,508) (94,535) Construction services cost (138,271) (147,855) (77,453) Amortization and depreciation (***) (123,679) (145,794) (135,125) Cost of fuel (113,067) (107,170) (24,884) Maintenance expenses (105,619) (107,474) (83,905) Services and fees (56,642) (56,834) (44,832) Office expenses (9,744) (10,753) (5,208) Provision for maintenance costs (4,364) (3,450) (4,706) Taxes (2,355) (3,502) (2,932) Others (18,771) (15,747) (7,790) (914,677) (962,978) (622,381) (*) At the year-end, the number of employees was 6.1 thousand in 2023, 6.1 thousand in 2022 and 5.8 thousand in 2021. (**) Includes depreciation for fixed concession assets fee, as shown in Note 12, of USD 20,715 for the year ended December 31, 2023 (USD 18,764 and USD 16,502 for the year ended December 31, 2022 and 2021 respectively). (***) Includes depreciation of leases of USD 2,464 for the year ended December 31, 2023 (USD 3,676 and USD 3,185 for the year ended December 31, 2022 and 2021 respectively). |
Selling, general and administ_2
Selling, general and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Selling, general and administrative expenses | |
Schedule of selling, general and administrative expenses | 2023 2022 2021 Services and fees (39,691) (44,836) (30,897) Taxes (*) (37,013) (45,250) (24,756) Salaries and social security contributions (33,038) (32,310) (21,172) Amortization and depreciation (**) (6,303) (7,337) (8,376) Office expenses (4,870) (3,685) (1,475) Insurance (2,810) (2,359) (2,145) Maintenance expenses (2,130) (1,892) (908) Advertising (1,547) (1,652) (912) Bad debts (4,985) (13,443) (14,727) Bad debts recovery (***) 3,439 18,203 8,311 Other (9,721) (6,794) (5,005) (138,669) (141,355) (102,062) (*) Mainly included taxes over bank transactions and tax on revenue not included in the line item “Income tax”. (**) Includes depreciation of leases of USD 739 for the year ended December 31, 2023 (USD 901 and USD 969 for the year ended December 31, 2022 and 2021 respectively). (***) During 2022 mainly includes recoveries in Argentina, as detailed in Note 26.a. |
Other operating income (Tables)
Other operating income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other operating income | |
Schedule of other operating income | 2023 2022 2021 Government grants (1) 13,313 15,621 7,599 Government subsidies per Covid-19 context (2) 21,511 14,133 33,366 Compensation for concession (3) 62,677 — — Other 3,059 7,586 1,812 100,560 37,340 42,777 (1) Banco de la Nación Argentina (2) ◾ Re-equilibrium of concession agreements due to force majeure or fortuitous case events in Brazilian airports for a total amount of USD 17,785 , USD 13,639 and USD 25,473 net of tax in 2023, 2022 and 2021 respectively. Due to the impact generated by the pandemic, the Brazilian subsidiaries filed a claim for economic-financial re-equilibrium of its concession contracts. This was possible due to the Brazilian Government recognition that the Covid-19 pandemic is a case of “force majeure” or “fortuitous event” concluding that the loss from the impact of the pandemic is not part of the risks assumed by the private sector and must be compensated by the Federal Government. In view of this, the Brazilian ANAC defined for the calculation of this re-equilibrium the compensation according to the companies’ projected operational result in the scenario without pandemic. The compensatory amounts for the years 2023, 2022 and 2021 with respect of Brasilia airport were estimated at USD 15,264, USD 11,754 and USD 22,636 net of tax respectively, and the measure of this reconstitution is through the offset of the concession fee payable, see amount compensated in Note 23. The compensatory amounts for the years 2023, 2022 and 2021 for Natal airport were estimated at USD 2,521, USD 1,885 and USD 2,837 net of tax respectively, which was received through the offset of the monthly contribution and the readjustment of aeronautical tariffs until December 31, 2023, date on which the pending amount was included in the indemnification received from the Brazilian Government as part of the re-bidding process (Note 1.2.1). During 2023, the final compensatory amount for the year 2022 for the Brasilia and Natal airports was determined, resulting, net of tax, in an increase of USD 3,550 and USD 176, respectively compared to the amount that had initially been estimated and recognized as an Other operating income During 2022, the final compensatory amounts for the year 2021 were determined, resulting, net of tax, in an increase of USD 1,046 related to Brasilia airport and a reversal of USD 190 related to the Natal Airport compared to the amounts that had initially been estimated and recognized as Other operating income During 2021, the final compensatory amounts for the year 2020 was determined, resulting in a total reversal of USD 3,450 (USD 3,074 and USD 376 related to Brasilia and Natal airports respectively) compared to the amount that had initially been estimated and recognized as of December 31, 2020. 8 Other operating income (Cont.) ◾ Other operating income In June 2022, the final amount referring to the compensation granted to TA in 2021 was determined, resulting in a reversal of approximately EUR 339 thousand (equivalent to USD 362). There are no unfulfilled conditions or other contingencies attaching to these grants. (3) |
Financial results, net (Tables)
Financial results, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial results, net | |
Schedule of financial results, net | 2023 2022 2021 Interest income 52,680 43,919 17,639 Foreign exchange income 39,772 10,658 1,144 Other financial income (1) 9,146 9,282 9,297 Financial income 101,598 63,859 28,080 Interest expense (95,185) (164,288) (125,533) Foreign exchange (loss) / income (203,798) 79,945 112,465 Changes in liability for concessions (2) (98,480) (101,488) (109,103) Other financial loss (3) (9,107) (10,574) (9,100) Financial loss (406,570) (196,405) (131,271) Inflation adjustment (40,547) 19,459 6,691 Inflation adjustment (40,547) 19,459 6,691 Financial results, net (345,519) (113,087) (96,500) (1) (2) (3) |
Share of results in associates
Share of results in associates (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share of results in associates | |
Schedule of share of loss in associates | 2023 2022 2021 Share of income / (loss) in associates (Note 15) 7,108 (970) (629) 7,108 (970) (629) |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income tax | |
Schedule of income tax | 2023 2022 2021 Current income tax (38,456) (20,468) (19,084) Deferred income tax 62,697 (4,415) (50,027) 24,241 (24,883) (69,111) |
Schedule of effective income tax rate differs from theoretical amount | 2023 2022 2021 Income / (loss) from continuing operations before income tax 202,226 190,518 (90,669) Loss from discontinued operations before income tax — — (21,196) Income / (loss) for the year before income tax 202,226 190,518 (111,865) Tax calculated at the tax rate in each country (59,160) (57,275) 37,397 Adjustments Non-taxable income (7) 57,519 17,624 19,630 Expenses related to non-taxable income (8,871) (19,005) (21,967) Non-deductible expenses (3,581) (14,402) (4,836) Effect of tax inflation adjustment (1) (114,289) (123,956) (74,042) Effect of inflation adjustment (53,895) 10,253 (29,038) Effect of asset revaluation for tax purposes (2) 119,483 141,030 79,667 Inflation adjustment for tax purposes of tax losses (3) 81,273 57,322 — Unrecognized deferred taxes (4) (11,427) (43,861) (48,344) Income tax rate change (5) — — (17,444) Investment project exonerations (6) 12,552 6,095 — Other 4,637 1,292 (10,134) Income tax 24,241 (24,883) (69,111) (1) (2) (3) 11 Income tax (Cont.) (4) (5) (6) (7) |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets, net | |
Schedule of changes in intangible assets | Patent, intellectual property rights and Concession Assets Goodwill others Total Cost Balances at January 1, 2023 4,749,233 9,003 22,658 4,780,894 Acquisitions 150,616 — 1,221 151,837 Impairment reversal (***) 102,838 — — 102,838 Disposals (**) (139,218) — (88) (139,306) Other 236 — — 236 Transfer (2,000) — — (2,000) Transfer from property plant and equipment 1,156 — — 1,156 Translation differences and inflation adjustment (709,433) 290 870 (708,273) Balances at December 31, 2023 4,153,428 9,293 24,661 4,187,382 Balances at January 1, 2022 4,243,258 9,543 22,812 4,275,613 Disposal of subsidiaries — — (95) (95) Acquisitions 155,051 — 732 155,783 Impairment (111) — — (111) Disposals (549) — — (549) Other (Note 23) 570 — — 570 Transfers (55) — 55 — Transfer of concession assets to the grantor (*) (7,956) — — (7,956) Transfer to property plant and equipment (2) — — (2) Translation differences and inflation adjustment 359,027 (540) (846) 357,641 Balances at December 31, 2022 4,749,233 9,003 22,658 4,780,894 Depreciation Accumulated at January 1, 2023 1,800,871 — 20,021 1,820,892 Depreciation of the year 138,620 — 650 139,270 Disposals (**) (13,554) — (17) (13,571) Translation differences and inflation adjustment (280,924) — 750 (280,174) Accumulated at December 31, 2023 1,645,013 — 21,404 1,666,417 Accumulated at January 1, 2022 1,512,731 — 19,911 1,532,642 Disposal of subsidiaries — — (61) (61) Depreciation of the year 157,522 — 1,141 158,663 Disposals (51) — — (51) Transfers (4) — 4 — Transfer of concession assets to the grantor (*) (1,504) — — (1,504) Translation differences and inflation adjustment 132,177 — (974) 131,203 Accumulated at December 31, 2022 1,800,871 — 20,021 1,820,892 Net balances at December 31, 2023 2,508,415 9,293 3,257 2,520,965 Net balances at December 31, 2022 2,948,362 9,003 2,637 2,960,002 (*) (**) (***) |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment, net | |
Schedule of property, plant and equipment, net | Land, Plant and Vehicles, building and production furniture and Works in improvements Equipment fixtures progress Others Total Cost Balances at January 1, 2023 56,644 51,920 68,597 1,055 22,521 200,737 Acquisitions 40 2,209 5,405 1,556 575 9,785 Disposals — (38) (469) — (387) (894) Transfers 1,886 57 — (1,981) 38 — Transfers to intangible — (1,002) — (154) — (1,156) Translation differences and inflation adjustment 791 1,083 (3,148) 6 784 (484) Balances at December 31, 2023 59,361 54,229 70,385 482 23,531 207,988 Balances at January 1, 2022 56,939 64,330 51,901 1,177 24,186 198,533 Disposal of subsidiaries — (11,705) — — (481) (12,186) Acquisitions 175 2,036 9,063 870 347 12,491 Disposals (1) (153) (37) — (169) (360) Transfers 762 159 (14) (930) 23 — Transfers from intangible — 2 — — — 2 Translation differences and inflation adjustment (1,231) (2,749) 7,684 (62) (1,385) 2,257 Balances at December 31, 2022 56,644 51,920 68,597 1,055 22,521 200,737 Accumulated at January 1, 2023 15,324 38,163 52,491 — 20,017 125,995 Depreciation of the year 1,134 2,890 4,152 — 944 9,120 Disposals — (36) (388) — (378) (802) Translation differences and inflation adjustment (116) 850 (2,681) — 703 (1,244) Accumulated at December 31, 2023 16,342 41,867 53,574 — 21,286 133,069 Accumulated at January 1, 2022 14,140 48,135 40,230 — 20,548 123,053 Disposal of subsidiaries — (10,918) — — (446) (11,364) Depreciation of the year 1,101 3,256 3,758 — 1,125 9,240 Disposals — (121) (37) — (45) (203) Transfers — 2 (15) — 13 — Translation differences and inflation adjustment 83 (2,191) 8,555 — (1,178) 5,269 Accumulated at December 31, 2022 15,324 38,163 52,491 — 20,017 125,995 Net balances at December 31, 2023 43,019 12,362 16,811 482 2,245 74,919 Net balances at December 31, 2022 41,320 13,757 16,106 1,055 2,504 74,742 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Schedule of amounts recognized in consolidated statement of financial position | For the year ended December 31, Right-of-use assets 2023 2022 Land, building and improvements 7,655 6,757 Plant and production equipment 2,246 2,031 Vehicles, furniture and fixtures 592 404 10,493 9,192 Lease liabilities Current 3,687 3,278 Non-current 10,294 5,531 13,981 8,809 |
Schedule of evolution of right-of-use assets and lease liabilities | Right-of-use assets 2023 2022 Balances at the beginning of the year 9,192 12,902 Additions 5,217 465 Contract modifications (49) (103) Depreciation of the year (3,203) (4,577) Translation differences and inflation adjustment (664) 505 Balances at the end of the year 10,493 9,192 Lease liabilities 2023 2022 Balances at the beginning of the year 8,809 12,249 New contracts 5,336 482 Lease payments (3,118) (4,307) Contract modifications (49) (103) Leases financial cost 446 605 Translation differences and inflation adjustment 2,557 (117) Balances at the end of the year 13,981 8,809 |
Schedule of maturity of lease liabilities | 1 year or less 1 to 2 years 2 to 5 years Over 5 years Total At December 31, 2023 3,822 3,883 4,879 4,052 16,636 At December 31, 2022 3,576 1,022 2,192 3,890 10,680 |
Schedule of amounts recognized in consolidated statement of income | For the year ended December 31, 2023 2022 2021 Depreciation charge of right-of-use assets Land, building and improvements (2,730) (3,966) (3,514) Plant and production equipment (198) (179) (160) Vehicles, furniture and fixtures (275) (432) (480) (3,203) (4,577) (4,154) Financial expenses (Leases financial cost) (446) (605) (737) Expense relating to short-term leases (included in cost of services and selling, general and administrative expenses) (865) (412) (827) Expense relating to leases of low-value assets that are not shown above as short-term leases (included in cost of services and selling, general and administrative expenses) (326) (300) (299) Expense relating to variable lease payments not included in lease liabilities (included in cost of services) (1,855) (1,330) (467) |
Schedule of minimum lease payments receivable on leases and sub-concession of spaces | At December 31, 2023 2022 2021 Within 1 year 109,314 99,142 77,387 Between 1 and 5 years 266,875 241,115 175,409 Later than 5 years 160,059 136,344 42,082 Total 536,248 476,601 294,878 |
Investments in associates (Tabl
Investments in associates (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments in associates | |
Schedule of investment in associates | For the year ended December 31, 2023 2022 Balances at the beginning of the year 1,911 2,355 Share of income/(loss) in associates (Note 10) 7,108 (970) Contributions 84 260 Acquisitions (1) 3,384 — Others (425) 223 Translation differences (70) 43 Balances at the end of the year 11,992 1,911 (1) |
Schedule of breakdown of the share of loss in associates | 2023 2022 2021 Sociedad Aeroportuaria Kuntur Wasi S.A. (84) (260) (741) Navinten S.A. (**) 7,292 — — Others (100) (710) 112 7,108 (970) (629) |
Schedule of main associates | Investment in associates Percentage of ownership at For the year ended Country of December 31, December 31, Company Main activity incorporation 2023 2022 2023 2022 Aeropuertos Ecológicos de Galápagos S.A. (*) Airport Operation Ecuador 99.90 % 99.90 % 1,000 1,000 Navinten S.A. (**) Duty free operation Uruguay 49.00 % — 10,264 — Sociedad Aeroportuaria Kuntur Wasi S.A. (***) Airport Operation Perú 47.90 % 47.90 % — — Others — — — 728 911 11,992 1,911 (*) Under the terms of the Galapagos Concession Agreement, the net income generated by the Company must be transferred entirely to the Dirección General de Aviación Civil (“DGAC”), however, the Group maintains the operational management of such company and therefore has significant influence. ( ) ( ) |
Deferred income tax (Tables)
Deferred income tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred income tax | |
Schedule of evolution deferred tax assets and liabilities | Deferred tax liabilities Property, plant and equipment and Tax inflation Intangibles Assets adjustment Other liabilities Total Balances at January 1, 2023 304,726 13,449 7,106 325,281 Increase/ (decrease) of deferred tax liabilities for the year 37,230 1,822 8,943 47,995 Translation differences and inflation adjustment (54,458) (4,344) 133 (58,669) Balances at December 31, 2023 287,498 10,927 16,182 314,607 Balances at January 1, 2022 279,478 32,322 8,085 319,885 Increase/(decrease) of deferred tax liabilities for the year 19,214 (5,295) 76 13,995 Translation differences and inflation adjustment 6,034 (13,578) (1,055) (8,599) Balances at December 31, 2022 304,726 13,449 7,106 325,281 Deferred tax assets Tax loss Property, plant and Provisions and carry equipment and allowances forwards Intangibles Assets Other Total Balances at January 1, 2023 26,266 112,775 989 7,675 147,705 (Decrease) / increase of deferred tax assets for the year 1,786 105,839 (164) 3,231 110,692 Translation differences and inflation adjustment (4,245) (13,238) (12) (898) (18,393) Balances at December 31, 2023 23,807 205,376 813 10,008 240,004 Balances at January 1, 2022 34,073 113,304 932 13,022 161,331 Disposal of subsidiaries (343) (2,198) — 16 (2,525) (Decrease) / increase of deferred tax assets for the year (410) 12,580 (108) (2,482) 9,580 Translation differences and inflation adjustment (7,054) (10,911) 165 (2,881) (20,681) Balances at December 31, 2022 26,266 112,775 989 7,675 147,705 |
Schedule of expiration dates of deferred tax asset related to tax losses carryforward | For the year ended December 31, Expiration date 2023 2022 December 31, 2025 73,344 50,161 December 31, 2026 1,095 837 December 31, 2027 38,320 16 December 31, 2028 30,384 — |
Schedule of unrecognized deferred income tax | 2023 2022 Deferred tax assets 62,712 54,882 Deferred tax liabilities (137,315) (232,458) |
Other receivables (Tables)
Other receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other receivables | |
Schedule of other receivables | At December 31, 2023 2022 Non-Current Tax credits 9,623 10,992 Trust funds (1) 22,627 54,782 Prepaid expenses 192 792 Other 10,198 12,199 42,640 78,765 Current Tax credits 13,646 10,925 Guarantee deposit (4) 35,809 9,605 Receivables from related parties (Note 27) 9,315 10,140 Prepaid expenses 4,662 4,849 Compensation receivable (5) 66,612 — Government grants to receive (2) 459 7,193 Other (3) 15,046 15,088 145,549 57,800 (1) (2) (3) (4) (5) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories | |
Schedule of Inventories | At December 31, Non- Current 2023 2022 Supplies 318 254 318 254 Current Supplies 4,881 4,844 Oil and byproducts 11,263 10,917 Others 4 4 16,148 15,765 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade receivables | |
Schedule of trade receivables | At December 31, Non-Current 2023 2022 Accounts receivable 4,581 4,683 Trade receivables from related parties (Note 27) 741 1,431 Loss allowance (see Note 3A(ii)) (4,433) (4,533) 889 1,581 Current Accounts receivable 138,586 129,168 Trade receivables from related parties (Note 27) 4,421 5,053 Contract assets 1,488 2,053 Loss allowance (see Note 3A(ii)) (17,935) (25,185) 126,560 111,089 |
Other financial assets (Tables)
Other financial assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other financial assets | |
Schedule of other financial assets | At December 31, 2023 2022 Non-current Other financial assets at fair value through profit or loss Equity investments (*) 3,690 3,160 Other 2,289 — 5,979 3,160 Other financial assets at amortized cost Related parties (Note 27) 6,545 2,954 Corporate Bonds 53,735 — Other (**) 810 810 61,090 3,764 67,069 6,924 Current Other financial assets at fair value through profit or loss Corporate Bonds 729 7,913 Mutual funds 3,515 4,458 Government securities 434 313 Other 206 108 4,884 12,792 Other financial assets at amortized cost Corporate Bonds 4,959 — Related parties (Note 27) 24,890 — Time Deposits 43,159 39,078 Treasury bills 9,658 1,956 Other (**) 476 12,871 83,142 53,905 88,026 66,697 (*) (**) |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents | |
Schedule of Cash and cash equivalents | At December 31, 2023 2022 Cash to be deposited 657 568 Cash at banks 192,381 255,743 Time deposits 16,729 12,474 Other cash equivalents (1) 160,081 116,480 369,848 385,265 (1) |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings | |
Schedule of borrowings | At December 31, 2023 2022 Non-current Bank and financial borrowings (**) 278,147 353,740 Notes (*) 855,402 933,681 1,133,549 1,287,421 Current Bank and financial borrowings (**) 114,092 125,164 Notes (*) 85,535 52,852 Bank overdrafts 61 — 199,688 178,016 Total Borrowings 1,333,237 1,465,437 |
Schedule of changes in borrowings | 2023 2022 Balances at the beginning of the year 1,465,437 1,439,603 Loans obtained 87,846 371,951 Loans repaid (200,475) (328,775) Interest paid (83,791) (111,387) Accrued interest for the year 90,928 115,093 Offsetting of financial assets (Note 17) (15,224) — Debt renegotiation expenses capitalization (110) (2,011) Translation differences and inflation adjustment (11,374) (19,037) Balances at the end of the year 1,333,237 1,465,437 |
Schedule of maturity of borrowings | 1 year or less 1 to 2 years 2 to 5 years Over 5 years Total At December 31, 2023 (1) 294,299 239,443 569,488 711,815 1,815,045 At December 31, 2022 (1) 278,427 252,961 622,876 895,887 2,050,151 (1) |
Schedule of undiscounted cash flows of principal and estimated interest | At December 31, 2023 2022 Fair value of borrowings ( 2) 1,328,357 1,423,983 1,328,357 1,423,983 (2) |
Schedule of notes | (*) Notes include the following as of December 31, 2023: Company Note Issuance Currency Nominal value (in millions of USD) Maturity Interest rate Outstanding (in millions of USD) ACI Senior secured guarantee notes November 2021 USD 246.2 November 2034 Fixed 6.875% 235.9 Senior secured guarantee notes May 2015, May 2020 (1) USD 14.6 November 2032 Fixed 6.875% 11.4 CAI Secured notes January 2020 EUR 71.8 December 2024 Fixed 4.556% 67.7 Senior secured guarantee notes February 2017, May 2020 (1) USD 212.3 February 2027 Fixed 6.875% 67.8 October 2021 USD 208.9 August 2031 Fixed 8.500% 208.6 AA2000 Class 1 Series 2021 Notes November 2021 USD 64.0 August 2031 Fixed 8.500% 61.2 Class 4 Notes November 2021 USD 62.0 November 2028 Fixed 9.500% 60.7 Class 5 Notes February 2022 USD (2) 138.0 February 2032 Fixed 5.500% 138.3 Class 6 Notes February 2022 USD (2) 36.0 February 2025 Fixed 2.000% 34.4 Class 9 Notes August 2022 USD (2) 30.0 August 2026 Fixed 0.000% 30.0 July-2023 USD (2) 2.7 Aug-2026 Fixed 0.000% 0.4 Class 10 Notes July-2023 USD (2) 25.0 July-2025 Fixed 0.000% 24.5 Total 940.9 (1) A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below (2) These notes are dollar-linked, denominated in U.S. dollars but issued and payable in Argentine pesos (*) Notes include the following as of December 31, 2022: Company Note Issuance Currency Nominal value (in millions of USD) Maturity Interest rate Outstanding (in millions of USD) ACI Senior secured guarantee notes November 2021 USD 246.2 November 2034 Fixed 6.875% 234.6 Senior secured guarantee notes May 2015, May 2020 (1) USD 14.6 November 2032 Fixed 6.875% 12.5 CAI Secured notes January 2020 EUR 71.8 December 2024 Fixed 4.556% 64.9 Senior secured guarantee notes February 2017, May 2020 (1) USD 212.3 February 2027 Fixed 6.875% 91.1 October 2021 USD 208.9 August 2031 Fixed 8.500% 208.1 Class 3 Notes September 2021 USD (2) 30.5 September 2023 Fixed 4.000% 30.5 Class 1 Series 2021 Notes November 2021 USD 64.0 August 2031 Fixed 8.500% 60.6 AA2000 Class 4 Notes November 2021 USD 62.0 November 2028 Fixed 9.500% 60.2 Class 5 Notes February 2022 USD (2) 138.0 February 2032 Fixed 5.500% 138.3 Class 6 Notes February 2022 USD (2) 36.0 February 2025 Fixed 2.000% 35.9 Class 7 Notes July 2022 USD (2) 20.0 July 2025 Fixed 0.000% 19.9 Class 9 Notes August 2022 USD (2) 30.0 August 2026 Fixed 0.000% 29.9 Total 986.5 (1) A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below (2) These notes are dollar-linked, denominated in U.S. dollars but issued and payable in Argentine peso |
Schedule of significant bank and financial borrowings | (**) As of December 31, 2023, s Outstanding (In millions Company Lender Currency Maturity Interest Rate of USD) Capitalization (2) BNDES R$ Sept-2032 Variable TJLP (1) plus spread 6.6 ICASGA BNDES R$ June-2032 Variable T.R. plus spread plus IPCA 1.8 BNDES R$ Sept-2032 Variable T.R. plus spread plus IPCA 4.9 A BNDES R$ July -2032 Variable T.R. plus spread plus IPCA 2.3 ICAB BNDES R$ Dec-2033 Variable TJLP (1) plus spread 213.9 A Banco Guayaquil SA USD Feb-2026 Variable T.R.E. (3) plus spread 4.2 D TAGSA Banco Guayaquil SA USD Dec-2025 Variable T.R.E. (3) plus spread 1.4 D Banco Bolivariano CA USD Dec-2025 Variable T.R.E. (3) plus spread 3.6 D Banco Bolivariano CA USD Nov-2024 Variable T.R.E. (3) plus spread 1.8 D Scotiabank Uruguay USD Oct-2024 Fixed 4.30% 0.4 D TCU Scotiabank Uruguay USD Feb-2026 Fixed 4.30% 0.6 D Santander Uruguay USD Nov-2027 Fixed 5.37% 1.0 D Santander Uruguay USD Jan-2028 Fixed 5.37% 1.0 D Banco de Innovación de Infraestructuras y Desarrollo EUR Sept-2027 Variable Euribor 6 month plus spread 13.0 D Unicredit EUR Mar-2024 Variable Euribor 3 month plus spread 9.4 D TA ISP-SACE EUR Sept-2026 Variable Euribor 3 month plus spread 60.5 D BPM EUR June-2024 Variable Euribor 3 month plus spread 0.1 D BPM EUR Feb-2024 Variable Euribor 3 month plus spread 4.0 D MPS Servicio capital EUR Mar-2024 Variable Euribor 6 month plus spread 12.3 D Banca Intesa San Paolo EUR Jan-2024 Fixed 6.10% 12.2 D AIA Ameriabank C.J.S.C. EUR Dec-2024 Fixed 6.00% 13.2 B Banco de la Provincia de Buenos Aires USD July-2024 Fixed 7.00% 0.3 D AA2000 Onshore renegotiation - ICBC USD Nov-2024 Fixed 8.50% 9.0 A ICBC Dubai USD Oct-2025 Variable SOFR plus spread 10.2 B ICBC USD Jan-2024 Fixed 15.50% 0.5 D ICBC USD Dec-2024 Fixed 15.50% 0.1 D CAISA Santander Uruguay USD Apr-2027 Fixed 5.10% 5.5 B Banco Itaú USD Apr-2027 Fixed 3.80% 5.5 PDS Banco de la República Oriental del Uruguay USD Mar-2028 Variable 6.14% 8.5 C Total (***) 407.8 (***) The total outstanding amount includes the financial debt of ICASGA with BNDES which, as disclosed in Note 17, is shown in the Consolidated statement of financial position offset of guarantee deposits. Therefore, the net amount of Bank and financial borrowings amounts to USD 392.2 million. Outstanding (In millions Company Lender Currency Maturity Interest Rate of USD) Capitalization (2) BNDES R$ September 2032 Variable TJLP (1) plus spread 6.4 ICASGA/AGIB BNDES R$ June 2032 Variable T.R. plus spread plus IPCA 1.8 A BNDES R$ September 2032 Variable T.R. plus spread plus IPCA 5.5 BNDES R$ July 2032 Variable T.R. plus spread plus IPCA 1.7 ICAB BNDES R$ December 2033 Variable TJLP (1) plus spread 208.3 A Votorantim R$ March 2023 Variable CDI plus spread 0.8 C Banco Guayaquil SA USD February 2026 Variable T.R.E. (3) plus spread 5.9 D Banco Guayaquil SA USD December 2025 Variable T.R.E. (3) plus spread 2.1 D TAGSA Banco Bolivariano CA USD December 2025 Variable T.R.E. (3) plus spread 5.4 D Banco Bolivariano CA USD November 2024 Variable T.R.E. (3) plus spread 3.6 D Santander Uruguay USD April 2023 Fixed 4.40% 0.2 D TCU Scotiabank Uruguay USD October 2024 Fixed 4.30% 1.0 D Scotiabank Uruguay USD February 2026 Fixed 4.30% 0.8 D Santander Uruguay USD November 2027 Fixed 5.37% 1.0 D Banco de Innovación de Infraestructuras y Desarrollo EUR September 2027 Variable Euribor 6 month plus spread 15.5 D BPM EUR December 2023 Fixed 1.65% 0.1 D Unicredit EUR March 2023 Variable Euribor 3 month plus spread 10.1 D BNL EUR May 2023 Fixed 3.76% 5.4 D TA ISP-SACE EUR September 2026 Variable Euribor 3 month plus spread 85.1 D BPM EUR June 2023 Variable Euribor 3 month plus spread 0.1 D BPM EUR June 2024 Variable Euribor 3 month plus spread 0.2 D BPM EUR January 2023 Variable Euribor 3 month plus spread 3.8 D MPS Servicio capital EUR March 2023 Fixed 1.86% 11.8 D Banca Intesa San Paolo EUR March 2023 Fixed 1.60% 11.9 D AIA Ameriabank C.J.S.C. EUR December 2025 Fixed 6.00% 21.1 B ANSA Banco Macro (4) ARS November 2024 Variable BADLAR plus spread 1.2 A Banco de la Provincia de Buenos Aires USD July 2024 Fixed 7.00% 0.8 D AA2000 Onshore renegotiation ARS November 2024 Variable BADCOR plus spread 8.0 A Onshore renegotiation - ICBC USD November 2024 Fixed 8.50% 17.8 A Citibank N.A. (5) USD February 2023 Variable SOFR plus spread 2.4 A Offshore renegotiation ARS November 2024 Variable BADCOR plus spread 1.6 A ICBC Dubai USD October 2025 Variable SOFR plus spread 10.2 B Banco Ciudad USD November 2023 Fixed 6.00% 3.5 B CAISA Santander Uruguay USD April 2027 Fixed 5.10% 6.9 Banco Itaú USD April 2027 Fixed 3.80% 6.9 B PDS Banco de la República Oriental del Uruguay USD March 2028 Variable 7.03% 10.0 C Total 478.9 (1) TJLP - Taxa de Juros de Longo Prazo (Brazilian Long term interest rate). IPCA: corresponds to the Brazilian Consumer Price index. (2) A - Secured/guaranteed B – Secured/unguaranteed C – Unsecured/guaranteed D - Unsecured/unguaranteed ARS - Argentine Pesos. R$ - Brazilian Reales. (3) T.R.E - Tasa Referencial Ecuador (Ecuadorian reference interest rate). (4) (5) |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Schedule of other liabilities | At December 31, 2023 2022 Non-current Concession fee payable (1) 690,319 700,395 Advances from customers 13,368 13,910 Provisions for legal claims (4) 8,979 9,712 Provision for maintenance costs (2) 21,364 19,079 Other taxes payable 199 508 Employee benefit obligation (3) 4,382 4,376 Salary payable 291 286 Other liabilities with related parties (Note 27) 15,275 1,382 Other payables 14,187 18,735 768,364 768,383 Current Concession fee payable (1) 223,051 228,614 Other taxes payable 18,921 17,288 Salary payable 41,656 46,061 Other liabilities with related parties (Note 27) 2,689 1,121 Advances from customers 5,647 5,098 Provision for maintenance cost (2) 5,678 3,835 Expenses provisions 6,203 2,413 Provisions for legal claims (4) 5,286 3,424 Other payables (*) 36,733 49,224 345,864 357,078 (*) |
Schedule of maturity of the other liabilities | 1 year or less 1 - 2 years 2 - 5 years Over 5 years Total At December 31, 2023 (**) 345,864 96,071 279,683 1,266,124 1,987,742 At December 31, 2022 (**) 357,078 88,255 263,318 1,549,369 2,258,020 (**) |
Schedule of changes in the year for fixed and variable concession fee payable | 2023 2022 Balances at the beginning of the year 929,009 825,034 Financial result (*) 100,237 112,345 Concession fees 135,530 139,744 Payments (**) (199,618) (157,898) Re-equilibrium compensation (***) (22,946) (15,434) Other (****) (75,475) 570 Translation differences and inflation adjustment 46,633 24,648 Balances at the end of the year 913,370 929,009 (*) (**) (***) |
Schedule of changes in the year of the Provision for maintenance costs | 2023 2022 Balances at the beginning of the year 22,914 21,671 Accrual of the year 5,349 4,118 Use of the provision (2,127) (1,652) Translation differences and inflation adjustment 906 (1,223) Balances at the end of the year 27,042 22,914 |
Schedule of changes of the provision | 2023 2022 Balances at the beginning of the year 4,376 7,990 Disposal of subsidiaries — (2,084) Actuarial gain/loss (in other comprehensive income) (32) (1,016) Service Cost 367 450 Amounts paid in the year (418) (585) Translation differences and inflation adjustment 89 (379) At the end of the year 4,382 4,376 |
Schedule of changes in the year of the provision for legal claims | 2023 2022 Balances at the beginning of the year 13,136 11,846 Disposal of subsidiaries — (1,177) Accrual of the year 4,469 5,674 Use of the provision (1,911) (2,319) Translation differences and inflation adjustment (1,429) (888) Balances at the end of the year 14,265 13,136 |
Toscana | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Schedule of sensibility in relation with the provision | Assumption Annual discount rate Annual rate of inflation Annual turnover rate Variation rates 0.5% (0.5)% 0.25% (0.25)% 2.5% (2.5)% Provision for salary payable 2,327 2,526 2,452 2,395 2,429 2,418 |
TAGSA | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Schedule of sensibility in relation with the provision | Annual employee future Assumption Annual discount rate wage increase Annual turnover rate Variation rates 0.5% (0.5)% 0.5% (0.5)% 0.5% (0.5)% Provision for salary payable 1,880 2,040 2,042 1,878 1,951 1,965 |
Trade payables (Tables)
Trade payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade payables | |
Schedule of trade payables | At December 31, 2023 2022 Non-current Trade payable with suppliers 2,617 3,307 2,617 3,307 Current Trade payables with suppliers 107,502 118,349 Trade payables with related parties (Note 27) 5,266 5,753 112,768 124,102 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity | |
Schedule of remaining new shares held in treasury under management compensation plan | 2023 2022 Treasury shares Shares USD Shares USD At January 1 2,396,015 4,600 2,485,445 4,772 Transfer of treasury shares to executives and key employees (144,892) (278) (89,430) (172) At December 31 2,251,123 4,322 2,396,015 4,600 |
Schedule of movements of other reserves | 2023 2022 2021 At the beginning of the year (1,314,025) (1,321,211) (1,321,142) Change in participations (*) 12 6,682 1,433 Share-based compensation reserve (Note 30) 1,055 667 1,020 Execution of share-based compensation reserve (949) (510) (2,520) Remeasurement of defined benefit obligations net for income tax 19 347 (2) (1,313,888) (1,314,025) (1,321,211) (*) This consists mainly in change in participations in Corporación América S.A., see Note 25 e). |
Schedule of movements of the reserve of other comprehensive income / (loss) | Transfer from Remeasurement Share of other Income shareholders Currency of defined comprehensive Tax equity – currency translation benefit loss from effect translation adjustments obligations (*) associates (*) differences Total Balances at January 1, 2023 (273,378) 520 (41,169) (122) 63,402 (250,747) Other comprehensive income/(loss) for the year (231,637) 12 (70) 7 — (231,688) For the year ended December 31, 2023 (505,015) 532 (41,239) (115) 63,402 (482,435) Balances at January 1, 2022 (343,837) 120 (41,212) (69) 63,402 (321,596) Other comprehensive income/(loss) for the year 70,459 400 43 (53) — 70,849 For the year ended December 31, 2022 (273,378) 520 (41,169) (122) 63,402 (250,747) Balances at January 1, 2021 (439,407) 92 (41,267) (39) 63,402 (417,219) Other comprehensive income/(loss) for the year 95,570 28 55 (30) — 95,623 For the year ended December 31, 2021 (343,837) 120 (41,212) (69) 63,402 (321,596) (*) Income tax relating to OCI amounts to Remeasurement of defined benefit obligations. The movement was recognized as other comprehensive income / (loss) of other reserves. |
Schedule of movements of the non- controlling interest | 2023 2022 2021 At the beginning of the year 146,274 303,877 315,876 Shareholder contributions (1) 9,424 24,170 11,475 Loss for the year (13,039) (2,531) (63,221) Redemption of preferred shares (f) — (182,336) — Other comprehensive (loss) / income Currency translation (50,047) 20,646 43,071 Remeasurement of defined benefit obligations (20) 616 69 Reserve for income tax 5 (104) (41) (50,062) 21,158 43,099 Changes in non-controlling interest Changes in the participations –acquisitions (2) (12) (6,682) (991) Dividends paid (13,656) (11,382) (2,361) (13,668) (18,064) (3,352) Non-controlling interest at the end of the year 78,929 146,274 303,877 (1) (2) |
Contingencies, commitments an_2
Contingencies, commitments and restrictions on the distribution of profits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Contingencies, commitments and restrictions on the distribution of profits | |
Schedule of commitments | Current Number of Concession Start Concession Country Concession Airports Date End Date Extension Details Argentina AA2000 35 1998 2038 ANSA 1 2001 2026 1 BBL 1 2008 2033 10 years Italy TA (SAT) 1 2006 (2014) 2048 TA (ADF) 1 2003 (2014) 2045 Brazil 2 ICAB 1 2012 2037 5 years Uruguay PDS 7 2003 2053 3 CAISA 1 1993 (2008) (2019) 2033 Ecuador TAGSA 1 2004 2031 4 ECOGAL 1 2011 2026 Armenia AIA 2 2002 2032 Option to renew every 5 years Total 52 1. In 2021, the Group obtained a five-years extension. 2. Due to the re-bidding process detailed in Note 1.2.1, ICASGA concession has been handed over to a new concessionary. 3. In 2021, the Group obtained a twenty-year extension and the concession of six new regional airports, of which PDS is taking control between 2022 and 2025. 4. In 2021, the Group obtained a two-years extension. |
Schedule of equity Luxembourg laws and regulations | At December 31, 2023 2022 2021 Share capital 163,223 163,223 163,223 Share premium 183,430 183,430 183,430 Reserve for own shares 4,322 4,600 4,772 Legal reserve 3,676 1,081 1,081 Free distributable reserves 378,910 378,910 378,910 Non-distributable reserves 1,353,706 1,353,428 1,353,255 Retained earnings 37,890 (34,372) (86,279) Total equity in accordance with Luxembourg law 2,125,157 2,050,300 1,998,392 |
Related party balances and tr_2
Related party balances and transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related party balances and transactions | |
Summary of balances with related parties | At December 31, 2023 2022 Year-end balances (a) Arising from sales / purchases of goods / other Trade receivables with associates 4,200 4,174 Trade receivables with other related parties 962 2,310 Other receivables with associates 58 445 Other receivables with other related parties 9,257 9,695 Other financial assets with associates 3,108 2,954 Other financial assets with other related parties (*) 28,327 — Trade payables to associates (2,765) (2,714) Trade payables to other related parties (2,501) (3,039) 40,646 13,825 (b) Other liabilities Other liabilities to associates (**) (15,539) — Other liabilities to other related parties (2,425) (2,503) (17,964) (2,503) (c) Other balances Cash at banks in other related parties 23,249 4,652 23,249 4,652 |
Schedule of transactions between related parties | For the year ended December 31, 2023 2022 2021 Transactions Aeronautical/Commercial revenue 14,267 9,957 6,263 Fees (10,300) (7,266) (6,795) Interest accruals 660 1,240 695 Acquisition of goods and services (22,955) (22,278) (10,743) Others (4,198) (4,367) (4,201) |
Cash flow disclosures (Tables)
Cash flow disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash flow disclosures | |
Schedule of changes In working capital | At December 31, 2023 2022 2021 Changes in working capital Other receivables and credits (32,429) (55,064) (4,503) Inventories (1,551) (3,566) (2,767) Other liabilities (19,323) 989 (4,985) (53,303) (57,641) (12,255) |
Schedule of significant non-cash transactions | For the year ended December 31, 2023 2022 2021 Intangible assets acquisition with an increase in Other liabilities / Borrowings / Lease liabilities (1,180) (111) (13) Property, plant and equipment with an increase in Other liabilities (124) — — Right-of-use asset initial recognition with an increase in Lease liabilities (Note 14) (5,217) (465) (2,407) Concession fees paid with credit of financial re-equilibrium (Note 23) (22,946) (15,434) (25,473) Constitution/of Interest Payment Account — — 29,960 Other taxes paid with financial re-equilibrium — — (2,438) Compensation of trade receivables — 27,844 — Application of credits compensated with concession fees (19,156) (24,126) — Application of credits compensated with other liabilities — (3,717) — Income tax paid with tax certificates (2,339) (971) — Purchase of Navinten shares (Note 28) (3,384) — — Sale of Navinten shares (Note 28) 3,384 — — ICASGA’s compensation received through a guarantee deposit (Note 17) (41,262) — — Release of concession fee payable due to ICAGSA’s re-bidding process (Note 23) (74,640) — — Compensation of ICASGA’s re-equilibriums 5,309 — — Compensation of ICASGA’s monthly contribution (3,767) — — ICASGA’s compensation to be collected (Note 17) (66,612) — — |
Schedule of reconciliation of debt | Bank and financial borrowings Notes Bank overdrafts Total Values at the beginning of the year 478,904 986,533 — 1,465,437 Proceeds from borrowings 81,900 1,682 4,264 87,846 Loans and interest paid (202,341) (78,455) (3,470) (284,266) Debt renegotiation expenses — (110) — (110) Effects of exchange rate changes and inflation adjustment 11,219 (20,452) (2,141) (11,374) Other non-cash movements * 22,557 51,739 1,408 75,704 Balances as of December 31, 2023 392,239 940,937 61 1,333,237 Bank and financial borrowings Notes Banks overdrafts Total Values at the beginning of the year 612,269 827,334 — 1,439,603 Proceeds from borrowings 143,388 210,762 17,801 371,951 Loans and interest paid (321,435) (101,757) (16,970) (440,162) Debt renegotiation expenses (1,282) (729) — (2,011) Effects of exchange rate changes and inflation adjustment (7,518) (10,504) (1,015) (19,037) Other non-cash movements * 53,482 61,427 184 115,093 Balances as of December 31, 2022 478,904 986,533 — 1,465,437 Bank and financial borrowings Notes Banks overdrafts Total Values at the beginning of the year 664,337 680,480 — 1,344,817 Proceeds from borrowings 185,465 181,079 — 366,544 Loans and interest paid (258,615) (94,332) — (352,947) Debt renegotiation expenses (2,204) (18,235) — (20,439) Effects of exchange rate changes and inflation adjustment (38,450) (4,592) — (43,042) Other non-cash movements * 61,736 82,934 — 144,670 Balances as of December 31, 2021 612,269 827,334 — 1,439,603 * This line mainly includes interest accrued. |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based payments | |
Summary of shares granted under the management share compensation plan | Average Average price per share 2023 price per share 2022 As at January 1, 5.62 169,185 5.76 125,000 Granted during the year 9.48 113,848 5.57 146,115 Forfeited during the year — — (5.80) (12,500) Exercised during the year (6.55) (144,892) (5.70) (89,430) As at December 31, 7.83 138,141 5.62 169,185 |
Schedule of amounts in U.S. dollars of shares granted and accrued under each plan | 2023 2022 2021 Assignment date Granted Accrued Granted Accrued Granted Accrued December 2021 (*) — 96 — 252 1,440 1,020 April 2022 — 150 500 317 — — December 2022 — 184 314 98 — — April 2023 739 474 — — — — November 2023 340 151 — — — — As at December 31, 1,079 1,055 814 667 1,440 1,020 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share | |
Schedule of earnings per share | At December 31, 2023 2022 2021 Income / (loss) attributable to equity holders of the Group 239,506 168,166 (117,755) Weighted average number of shares (thousands) (Note 32. c) 160,891 160,755 160,500 Basic earnings per share of the year 1.49 1.05 (0.73) At December 31, 2023 2022 2021 From continuing operations attributable to the ordinary equity holders of the Group 1.49 1.05 (0.60) From discontinued operations — — (0.13) Total basic earnings per share attributable to the ordinary equity holders of the Group 1.49 1.05 (0.73) At December 31, 2023 2022 2021 Income / (loss) attributable to equity holders of the Group 239,506 168,166 (117,755) Weighted average number of shares and potential ordinary shares (thousands) (Note 32.c) 161,058 160,795 160,500 Diluted earnings per share of the year 1.49 1.05 (0.73) At December 31, 2023 2022 2021 From continuing operations attributable to the ordinary equity holders of the Group 1.49 1.05 (0.60) From discontinued operations — — (0.13) Total diluted earnings per share attributable to the ordinary equity holders of the Group 1.49 1.05 (0.73) At December 31, 2023 2022 2021 Weighted average number of shares outstanding 163,223 163,223 163,223 Weighted average number of treasury shares (2,332) (2,468) (2,723) Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share 160,891 160,755 160,500 Adjustments for calculation of diluted earnings per share: Equity settled share based payment (1) 167 40 — Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share 161,058 160,795 160,500 (1) |
Condensed Financial Informati_2
Condensed Financial Information of the Company (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information of the Company | |
Summary of condensed statement of income | For the year ended For the year ended For the year ended December 31, 2023 December 31, 2022 December 31, 2021 Continuing operations Selling, general and administrative expenses (7,728) (7,342) (5,697) Other operating income 2,972 6 — Other operating expense (1) (5) — Operating loss (4,757) (7,341) (5,697) Share of income / (loss) in subsidiaries and associates 247,585 182,050 (88,022) Income / (loss) before financial results and income tax 242,828 174,709 (93,719) Financial income 1,905 1,874 53 Financial loss (586) (429) (431) Income / (loss) before income tax from continuing operations 244,147 176,154 (94,097) Income tax (4,629) (1,307) (1,028) Income / (loss) for the year from continuing operations 239,518 174,847 (95,125) Loss from discontinued operations — — (21,196) Income / (loss) for the year 239,518 174,847 (116,321) |
Summary of condensed statement of comprehensive income | For the year ended For the year ended For the year ended December December December 31, 2023 31, 2022 31, 2021 Income / (loss) for the year 239,518 174,847 (116,321) Items that may be reclassified to profit or loss: Share of other comprehensive (loss) / income from subsidiaries and associates from continuing operations (231,688) 70,849 94,703 Other comprehensive (loss) / income for the year, net of income tax from continuing operations (231,688) 70,849 94,703 Currency translation adjustment from discontinued operations — — 920 Other comprehensive income / (loss) of discontinued operations for the year, net of income tax — — 920 Total comprehensive income / (loss) for the year 7,830 245,696 (20,698) |
Summary of condensed statement of financial position | At December At December 31, 2023 31, 2022 ASSETS Non-current assets Property, plant and equipment, net 12 15 Right-of-use asset 270 56 Investments in subsidiaries 746,199 738,851 Investments in associates 10,264 — Other financial assets at amortized cost 3,920 — Current assets Other financial assets at fair value through profit or loss 2,200 — Other financial assets at amortized cost 31 — Other receivables 202 133 Cash and cash equivalents 1,325 1,220 Total assets 764,423 740,275 EQUITY Share capital 163,223 163,223 Share premium 183,430 183,430 Treasury shares (4,322) (4,600) Free distributable reserve 378,910 378,910 Non-distributable reserve 1,358,028 1,358,028 Currency translation adjustment (482,852) (251,145) Legal reserves 3,676 1,081 Other reserves (1,343,094) (1,343,219) Retained earnings 467,981 230,387 Equity 724,980 716,095 LIABILITIES Non-current liabilities Deferred tax liabilities 3,648 1,230 Lease liabilities 229 17 Current liabilities Borrowings 33,413 20,354 Other liabilities 1,773 2,024 Lease liabilities 49 36 Trade payables 331 519 Total liabilities 39,443 24,180 Total equity and liabilities 764,423 740,275 |
Summary of condensed statement of cash flows | For the year ended For the year ended For the year ended Cash flows from operating activities December 31, 2023 December 31, 2022 December 31, 2021 Income / (loss) for the year from continuing operations 239,518 174,847 (95,125) Adjustments for: Amortization and depreciation 40 57 50 Deferred income tax 2,418 202 1,028 Income tax accrued 2,211 1,105 — Share of income / (loss) in subsidiaries and associates (247,585) (182,050) 88,022 Interest expense 559 426 426 Net foreign exchange (471) (1,874) (51) Other financial results, net 8 3 4 Share base compensation 420 317 — Financial results, net (153) — — Changes in working capital (2,919) 760 721 Net cash used in operating activities (5,954) (6,207) (4,925) Net cash used in discontinued activities — — — Cash contribution in subsidiaries and associates (58,987) (36,417) (4,544) Disposals of other financial assets 760 — — Dividends and refund of cash contributions from subsidiaries 64,344 57,000 11,494 Net cash provided by investing activities 6,117 20,583 6,950 Net cash used in discontinued investing activities — (14,700) (2,495) Principal elements of lease payments (44) (53) (51) Net cash (used in) by financing activities (44) (53) (51) Net cash used in discontinued operations from financing activities — — — Increase in cash and cash equivalents 119 14,323 1,974 Decrease in cash and cash equivalents from discontinued operations — (14,700) (2,495) Cash and cash equivalents At the beginning of the year 1,220 1,614 2,166 Effect of exchange rate changes in cash and cash equivalents (14) (17) (31) Increase / (decrease) in cash and cash equivalents 119 (377) (521) At the end of the year 1,325 1,220 1,614 |
General information and signi_2
General information and significant event of the year (Details) $ in Thousands, R$ in Millions | 12 Months Ended | |||||
Dec. 29, 2023 USD ($) | Dec. 29, 2023 BRL (R$) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 BRL (R$) | Dec. 27, 2023 USD ($) | Dec. 27, 2023 BRL (R$) | |
General information and significant event of the year | ||||||
Income due to concession compensation | $ (62,677) | |||||
Natal Airport Concession Agreement | Inframerica Concessionaria do Aeroporto de Sao Goncalo do Amarante | ||||||
General information and significant event of the year | ||||||
Final gross indemnification | $ 125,900 | R$ 609.5 | ||||
Net gain recognized | 166,500 | |||||
Reversal of previous impairment loss | 103,800 | |||||
Income due to concession compensation | 62,700 | |||||
Unrecognized tax loss carry forwards were used to compensate the current tax expense | $ 7,400 | R$ 36.8 | ||||
Percentage of deduction on tax loss carryforwards that can be applied | 100% | 100% | ||||
Total net payment deducting all the obligations related to concession fees and including the receivables related to re-equilibriums | $ 41,300 | R$ 199.7 |
Basis of presentation and acc_4
Basis of presentation and accounting policies (Details) | 1 Months Ended | 12 Months Ended | |||||||
Dec. 30, 2022 | Dec. 16, 2021 | Dec. 15, 2021 | Dec. 31, 2021 | Nov. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 80% | ||||||||
Abafor S.A | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||||||
ACI Airport Sudamerica S.A.U. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||||||
ACI Airports Italia S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||||||
America International Airports LLC | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||||||
Anabe ITG S.L. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 1% | 1% | |||||||
Barnsley ITG S.L | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 99.98% | ||||||||
Cargo & Logistics S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 82.89% | 82.89% | 82.10% | ||||||
Cedicor S.A | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 96.18% | 95.80% | 100% | 100% | 100% | ||||
Cerealsur S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||||||
Corporacion Aeroportuaria S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 99.98% | 99.98% | 99.98% | ||||||
Corporacion Africa Airports Nigeria Limited ("CAAN") | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 51% | ||||||||
Corporacion America Italia S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 75% | 75% | 75% | ||||||
Corporacion America S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 97.22% | 96.18% | 97.22% | 97.22% | 96.18% | ||||
Corporacion America Sudamericana S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 96.53% | 96.53% | 95.50% | ||||||
DICASA Spain S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||||||
Inframerica Participacoes S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 99.98% | 99.98% | 99.97% | ||||||
Yokelet S.L. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||||||
Abuja Airport Concession Company (AACC) | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [1] | 51% | |||||||
ACI do Brasil S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [2] | 99.99% | 99.99% | 99.99% | |||||
Aerocombustibles Argentinos S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [3] | 94.79% | 94.79% | 93.78% | |||||
Aeropuerto de Bahia Blanca S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [3] | 82.64% | 82.64% | 81.75% | |||||
Aeropuertos Argentina 2000 S.A.("AA2000") | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [3],[4] | 82.69% | 82.69% | 81.91% | |||||
Aeropuertos del Neuquen S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [3] | 75.54% | 75.54% | 74.73% | |||||
Armenia International Airports CJSC | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||||||
CAAirports International Services S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||||||
Consorcio Aeropuertos Internacionales S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||||||
Enarsa Aeropuertos S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [3] | 77.77% | 77.77% | 76.95% | |||||
Inframerica Concessionaria do Aeroporto de Brasilia S.A. ("ICAB") | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [5] | 50.99% | 50.99% | 50.99% | |||||
Inframerica Concessionaria do Aeroporto de Sao Goncalo do Amarante S.A. ("ICASGA") | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [2] | 99.98% | 99.98% | ||||||
Kano Airport Concession Company Limited (KACC) | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [1] | 51% | |||||||
Paoletti America S.A | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [3],[6] | 41.35% | 41.35% | 40.95% | |||||
Puerta del Sur S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||||||
Servicios y Tecnologia Aeroportuaria S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [3] | 82.79% | 82.79% | 82.01% | |||||
Sinatus S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [7] | 100% | |||||||
TCU S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||||||
Terminal Aeroportuaria Guayaquil S.A. ("TAGSA") | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [8] | 49.99% | 49.99% | 49.99% | |||||
Texelrio S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [3] | 57.88% | 57.88% | 57.34% | |||||
Toscana Aeroporti S.p.a. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [9],[10] | 46.71% | 46.71% | 46.71% | |||||
Villalonga Furlong S.A. | |||||||||
Basis of presentation and accounting policies | |||||||||
Proportion of ownership interest in subsidiary | [3] | 82.90% | 82.90% | 82.12% | |||||
[1] Operating company part of the structure related to the future Nigerian’s concessions (Note 26.b). In December 2023, ACIB incorporated ICASGA (Note 1.2.1). In December, 2021, and December 2022 Cedicor S.A.’s contributions in Corporación América S.A. were capitalized increasing its participation from 95.80% to 96.18% in 2021 and from 96.18% to 97.22% in 2022, indirectly modifying the participation in the operating subsidiaries. Includes a 9.35% direct interest of Cedicor S.A. in AA2000. During 2022 CAAP made contributions in Inframérica Participaçoes S.A. The Group has control over this company based on having majority representation in the board, power to direct the process of setting of financial and operating policies and execute the operational management of such Company. Subsidiary incorporated under Abafor S.A. The Group has control over this company based on having power to direct the process of setting of financial and operating policies and execute the operational management of such Company. The Group TA has control over the following companies: Jet Fuel Co. S.r.l., Parcheggi Peretola S.r.l., Toscana Aeroporti Engineering S.r.l. and Toscana Aeroporti Construzioni S.r.l. Additionally, the Group TA had control over Toscana Aeroporti Handling S.r.l. until December 30, 2022, when sold an 80% of its participation. The Group has control over this company based on having a majority stake in Corporación América Italia S.p.A. that has 62.28% of ownership of TA, power to direct the process of setting of financial and operating policies and execute the operational management of such Company. |
Basis of presentation and acc_5
Basis of presentation and accounting policies - Financial information before intergroup elimination (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basis of presentation and accounting policies | ||||
Non-current assets | $ 2,792,066 | $ 3,188,320 | ||
Current assets | 749,910 | 647,468 | ||
Total assets | 3,541,976 | 3,835,788 | ||
Non-current liabilities | 2,052,139 | 2,297,100 | ||
Current liabilities | 685,928 | 676,319 | ||
Total liabilities | 2,738,067 | 2,973,419 | ||
Equity | 803,909 | 862,369 | $ 773,608 | $ 805,286 |
Revenue | 1,400,038 | 1,378,663 | 706,913 | |
Gross profit / (loss) | 485,361 | 415,685 | 84,532 | |
Operating income / (loss) | 540,637 | 304,575 | 6,460 | |
Financial results | (345,519) | (113,087) | (96,500) | |
Share of income in associates | 7,108 | (970) | (629) | |
Income tax | (24,241) | 24,883 | 69,111 | |
Net income for the year | 226,467 | 165,635 | (180,976) | |
Other comprehensive income/(loss) for the year | (281,750) | 92,007 | 138,722 | |
Total comprehensive loss for the year | (55,283) | 257,642 | (42,254) | |
Toscana Aeroporti S.p.a. | ||||
Basis of presentation and accounting policies | ||||
Non-current assets | 267,569 | 255,355 | ||
Current assets | 68,197 | 89,097 | ||
Total assets | 335,766 | 344,452 | ||
Non-current liabilities | 78,834 | 99,928 | ||
Current liabilities | 139,248 | 137,057 | ||
Total liabilities | 218,082 | 236,985 | ||
Equity | 117,684 | 107,467 | ||
Revenue | 133,422 | 117,209 | 70,469 | |
Gross profit / (loss) | 41,783 | 22,633 | (12,681) | |
Operating income / (loss) | 28,418 | 10,306 | (12,182) | |
Financial results | (7,350) | (4,119) | (3,061) | |
Share of income in associates | 14 | (258) | 91 | |
Income tax | (6,842) | (1,528) | 8,704 | |
Net income for the year | 14,240 | 4,401 | (6,448) | |
Other comprehensive income/(loss) for the year | 4,142 | (5,827) | (8,978) | |
Total comprehensive loss for the year | 18,382 | (1,426) | (15,426) | |
Dividends paid | 7,838 | 7,340 | ||
Increase / (decrease) in cash | ||||
Provided by / (used in) operating activities | 21,469 | 26,588 | (13,249) | |
Used in investing activities | (1,388) | (3,161) | (4,909) | |
Used in financing activities | $ (52,221) | $ (21,843) | $ (8,522) |
Basis of presentation and acc_6
Basis of presentation and accounting policies - Terminal Aeroportuaria Guayaquil S.A (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basis of presentation and accounting policies | ||||
Non-current assets | $ 2,792,066 | $ 3,188,320 | ||
Current assets | 749,910 | 647,468 | ||
Total assets | 3,541,976 | 3,835,788 | ||
Non-current liabilities | 2,052,139 | 2,297,100 | ||
Current liabilities | 685,928 | 676,319 | ||
Total liabilities | 2,738,067 | 2,973,419 | ||
Equity | 803,909 | 862,369 | $ 773,608 | $ 805,286 |
Revenue recognized | 1,400,038 | 1,378,663 | 706,913 | |
Gross profit | 485,361 | 415,685 | 84,532 | |
Operating income | 540,637 | 304,575 | 6,460 | |
Financial results | (345,519) | (113,087) | (96,500) | |
Income tax | (24,241) | 24,883 | 69,111 | |
Net income for the year | 226,467 | 165,635 | (180,976) | |
Other comprehensive income / (loss) for the year | (281,750) | 92,007 | 138,722 | |
Total comprehensive income for the year | (55,283) | 257,642 | (42,254) | |
Terminal Aeroportuaria Guayaquil S.A. ("TAGSA") | ||||
Basis of presentation and accounting policies | ||||
Non-current assets | 53,782 | 56,025 | ||
Current assets | 59,737 | 53,752 | ||
Total assets | 113,519 | 109,777 | ||
Non-current liabilities | 7,329 | 13,536 | ||
Current liabilities | 54,106 | 47,447 | ||
Total liabilities | 61,435 | 60,983 | ||
Equity | 52,084 | 48,794 | ||
Revenue recognized | 105,228 | 96,199 | 65,155 | |
Gross profit | 42,943 | 38,614 | 20,784 | |
Operating income | 25,319 | 22,561 | 9,150 | |
Financial results | 656 | (316) | (1,413) | |
Income tax | (2,455) | (1,937) | (971) | |
Net income for the year | 23,520 | 20,308 | 6,766 | |
Other comprehensive income / (loss) for the year | 80 | 356 | (205) | |
Total comprehensive income for the year | 23,600 | 20,664 | 6,561 | |
Dividends paid | 20,308 | 17,225 | 3,000 | |
Increase / (decrease) in cash | ||||
Provided by operating activities | 35,891 | 36,709 | 21,877 | |
Used in investing activities | (5,382) | (10,152) | (20,076) | |
Used in financing activities | $ (27,337) | $ (24,399) | $ (10,245) |
Basis of presentation and acc_7
Basis of presentation and accounting policies - Inframerica Concessionaria do Aeroporto de Brasilia S.A (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of subsidiaries [line items] | ||||
Non-current assets | $ 2,792,066 | $ 3,188,320 | ||
Current assets | 749,910 | 647,468 | ||
Total assets | 3,541,976 | 3,835,788 | ||
Non-current liabilities | 2,052,139 | 2,297,100 | ||
Current liabilities | 685,928 | 676,319 | ||
Total liabilities | 2,738,067 | 2,973,419 | ||
Equity | 803,909 | 862,369 | $ 773,608 | $ 805,286 |
Revenue recognized | 1,400,038 | 1,378,663 | 706,913 | |
Gross profit | 485,361 | 415,685 | 84,532 | |
Operating income | 540,637 | 304,575 | 6,460 | |
Financial results | (345,519) | (113,087) | (96,500) | |
Income tax | (24,241) | 24,883 | 69,111 | |
Net loss | 226,467 | 165,635 | (180,976) | |
Other comprehensive (loss) / income for the year | (281,750) | 92,007 | 138,722 | |
Total comprehensive loss for the year | (55,283) | 257,642 | (42,254) | |
Inframerica Concessionaria do Aeroporto de Brasilia S.A. ("ICAB") | ||||
Disclosure of subsidiaries [line items] | ||||
Non-current assets | 666,428 | 645,847 | ||
Current assets | 86,371 | 86,134 | ||
Total assets | 752,799 | 731,981 | ||
Non-current liabilities | 906,312 | 841,901 | ||
Current liabilities | 215,761 | 190,784 | ||
Total liabilities | 1,122,073 | 1,032,685 | ||
Equity | (369,274) | (300,704) | ||
Revenue recognized | 100,252 | 79,713 | 51,706 | |
Gross profit | 31,262 | 19,047 | 1,909 | |
Operating income | 37,816 | 21,328 | 11,702 | |
Financial results | (102,953) | (114,550) | (124,815) | |
Income tax | 3,250 | (12,409) | (9,320) | |
Net loss | (61,887) | (105,631) | (122,433) | |
Other comprehensive (loss) / income for the year | (25,918) | (13,748) | 14,898 | |
Total comprehensive loss for the year | (87,805) | (119,379) | (107,535) | |
Increase / (decrease) in cash | ||||
Provided by / (used in) operating activities | 6,876 | 32,188 | (585) | |
Used in investing activities | (16) | (53) | (459) | |
(Used in)/ provided by financing activities | $ (12,784) | $ 17,003 | $ 457 |
Basis of presentation and acc_8
Basis of presentation and accounting policies - Aeropuertos Argentina 2000 S.A (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basis of presentation and accounting policies | ||||
Non-current assets | $ 2,792,066 | $ 3,188,320 | ||
Current assets | 749,910 | 647,468 | ||
Total assets | 3,541,976 | 3,835,788 | ||
Non-current liabilities | 2,052,139 | 2,297,100 | ||
Current liabilities | 685,928 | 676,319 | ||
Total liabilities | 2,738,067 | 2,973,419 | ||
Equity | 803,909 | 862,369 | $ 773,608 | $ 805,286 |
Revenue | 1,400,038 | 1,378,663 | 706,913 | |
Gross profit | 485,361 | 415,685 | 84,532 | |
Operating income / (loss) | 540,637 | 304,575 | 6,460 | |
Financial results | (345,519) | (113,087) | (96,500) | |
Income tax | (24,241) | 24,883 | 69,111 | |
Net income for the year | 226,467 | 165,635 | (180,976) | |
Other comprehensive (loss) / income for the year | (281,750) | 92,007 | 138,722 | |
Total comprehensive income / (loss) for the year | (55,283) | 257,642 | (42,254) | |
Aeropuertos Argentina 2000 S.A.("AA2000") | ||||
Basis of presentation and accounting policies | ||||
Non-current assets | 1,165,410 | 1,594,529 | ||
Current assets | 181,405 | 211,057 | ||
Total assets | 1,346,815 | 1,805,586 | ||
Non-current liabilities | 672,981 | 796,193 | ||
Current liabilities | 124,665 | 222,223 | ||
Total liabilities | 797,646 | 1,018,416 | ||
Equity | 549,169 | 787,170 | ||
Revenue | 635,563 | 758,111 | 362,128 | |
Gross profit | 218,246 | 234,803 | 37,846 | |
Operating income / (loss) | 170,714 | 190,446 | (6,949) | |
Financial results | (211,898) | 35,866 | 61,322 | |
Income tax | 52,912 | 2,900 | (54,396) | |
Net income for the year | 11,728 | 229,212 | (23) | |
Other comprehensive (loss) / income for the year | (250,002) | 314,021 | 125,333 | |
Total comprehensive income / (loss) for the year | (238,274) | 543,233 | 125,310 | |
Increase / (decrease) in cash | ||||
Provided by operating activities | 192,164 | 146,789 | 62,937 | |
(Used in) / provided by investing activities | (64,305) | 8,338 | 11,516 | |
(Used in)/ provided by financing activities | $ (74,050) | $ (122,453) | $ 31,455 |
Basis of presentation and acc_9
Basis of presentation and accounting policies - Estimated useful life (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Buildings and improvements | Minimum | |
Basis of presentation and accounting policies | |
Estimated useful life | 25 years |
Buildings and improvements | Maximum | |
Basis of presentation and accounting policies | |
Estimated useful life | 30 years |
Plant and production Equipment | Minimum | |
Basis of presentation and accounting policies | |
Estimated useful life | 3 years |
Plant and production Equipment | Maximum | |
Basis of presentation and accounting policies | |
Estimated useful life | 10 years |
Vehicles, furniture and fixtures, and other equipment | Minimum | |
Basis of presentation and accounting policies | |
Estimated useful life | 4 years |
Vehicles, furniture and fixtures, and other equipment | Maximum | |
Basis of presentation and accounting policies | |
Estimated useful life | 10 years |
Basis of presentation and ac_10
Basis of presentation and accounting policies - Additional Information (Details) $ / shares in Units, shares in Millions | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2023 USD ($) item $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | |
Basis of presentation and accounting policies | ||||
Recognized a translation income/(loss) | $ (281,700,000) | $ 91,100,000 | $ 138,600,000 | |
Number of airports | item | 52 | |||
Share capital | $ 163,223,000 | $ 163,223,000 | 163,223,000 | $ 163,223,000 |
Authorized capital | $ 225,000,000 | $ 225,000,000 | ||
Shares authorized | shares | 225 | 225 | ||
Par value per share | $ / shares | $ 1 | $ 1 | $ 1 | |
Price index | $ 3,533.19 | $ 1,134.59 | 582.46 | $ 3,533.19 |
Conversion factor derived from indexes | $ 3.11 | $ 1.95 | $ 1.51 | $ 3.11 |
Period of Accumulated price index variation | 36 months | 36 months | 36 months | 36 months |
Percentage price index variation has exceeded | 100% | 100% | 100% | 100% |
Maximum | ||||
Basis of presentation and accounting policies | ||||
Percentage of voting rights | 50% | |||
Minimum | ||||
Basis of presentation and accounting policies | ||||
Percentage of voting rights | 20% | |||
Aeropuertos Argentina 2000 S.A.("AA2000") | ||||
Basis of presentation and accounting policies | ||||
Percentage of direct interest of Cedicor S.A. in AA2000, acquired by Cedicor S.A. in 2011 | 9.35% | |||
Number of airports | item | 35 | |||
Corporacion America Italia S A | ||||
Basis of presentation and accounting policies | ||||
Percentage of majority stake owned | 62.28% |
Financial Risk Management - Bre
Financial Risk Management - Breakdown of the Group's main monetary net assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. Dollar / Argentine Peso | ||
Breakdown of the Group's main monetary net assets and liabilities | ||
Net assets and liabilities | $ (484,709) | $ (587,955) |
U.S. Dollar / Armenian Dram | ||
Breakdown of the Group's main monetary net assets and liabilities | ||
Net assets and liabilities | 47,842 | 14,847 |
Euro / Armenian Dram | ||
Breakdown of the Group's main monetary net assets and liabilities | ||
Net assets and liabilities | 347 | 4,637 |
Euro / Argentine Peso | ||
Breakdown of the Group's main monetary net assets and liabilities | ||
Net assets and liabilities | $ (2,831) | $ (1,151) |
Financial Risk Management - B_2
Financial Risk Management - Breakdown of the Group's fixed-rate and floating-rate borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Breakdown of the Group's fixed-rate and floating-rate borrowings | |||
Borrowings | $ 1,333,237 | $ 1,465,437 | $ 1,439,603 |
Short-term borrowings | |||
Breakdown of the Group's fixed-rate and floating-rate borrowings | |||
Borrowings | 125,500 | 103,500 | |
Long term borrowings | |||
Breakdown of the Group's fixed-rate and floating-rate borrowings | |||
Borrowings | 864,800 | 972,300 | |
Fixed rate | |||
Breakdown of the Group's fixed-rate and floating-rate borrowings | |||
Borrowings | 990,251 | 1,075,778 | |
Variable rate | |||
Breakdown of the Group's fixed-rate and floating-rate borrowings | |||
Borrowings | $ 342,986 | $ 389,659 |
Financial Risk Management - Pro
Financial Risk Management - Provision for loss allowance determined for trade receivables and contract assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | $ 807,044 | $ 677,278 | |
Trade receivables and contract assets | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | 127,449 | 112,670 | |
Trade receivables and contract assets | Provision for loss allowance | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | $ (22,368) | $ (29,718) | $ (60,510) |
Trade receivables and contract assets | Not due | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Expected loss rate | 2% | 0% | |
Financial assets | $ 86,088 | $ 77,006 | |
Trade receivables and contract assets | Not due | Provision for loss allowance | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | $ (1,466) | $ (152) | |
Trade receivables and contract assets | 030 days | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Expected loss rate | 1% | 4% | |
Financial assets | $ 23,455 | $ 19,799 | |
Trade receivables and contract assets | 030 days | Provision for loss allowance | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | $ (230) | $ (845) | |
Trade receivables and contract assets | 3060 days | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Expected loss rate | 5% | 17% | |
Financial assets | $ 9,334 | $ 4,475 | |
Trade receivables and contract assets | 3060 days | Provision for loss allowance | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | $ (449) | $ (945) | |
Trade receivables and contract assets | 6090 days | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Expected loss rate | 13% | 15% | |
Financial assets | $ 1,976 | $ 3,754 | |
Trade receivables and contract assets | 6090 days | Provision for loss allowance | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | $ (298) | $ (672) | |
Trade receivables and contract assets | 90180 days | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Expected loss rate | 25% | 29% | |
Financial assets | $ 3,467 | $ 4,155 | |
Trade receivables and contract assets | 90180 days | Provision for loss allowance | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | $ (1,150) | $ (1,660) | |
Trade receivables and contract assets | >180 days | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Expected loss rate | 86% | 88% | |
Financial assets | $ 3,129 | $ 3,481 | |
Trade receivables and contract assets | >180 days | Provision for loss allowance | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | (18,775) | (25,444) | |
Trade receivables | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | 127,449 | 110,617 | |
Trade receivables | Gross carrying amount | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | 148,329 | 140,335 | |
Trade receivables | Not due | Gross carrying amount | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | 86,066 | 75,105 | |
Trade receivables | 030 days | Gross carrying amount | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | 23,685 | 20,644 | |
Trade receivables | 3060 days | Gross carrying amount | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | 9,783 | 5,420 | |
Trade receivables | 6090 days | Gross carrying amount | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | 2,274 | 4,426 | |
Trade receivables | 90180 days | Gross carrying amount | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | 4,617 | 5,815 | |
Trade receivables | >180 days | Gross carrying amount | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | 21,904 | 28,925 | |
Contract assets | Gross carrying amount | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | 1,488 | 2,053 | |
Contract assets | Not due | Gross carrying amount | |||
Provision for loss allowance for both trade receivable and contract assets | |||
Financial assets | $ 1,488 | $ 2,053 |
Financial Risk Management - The
Financial Risk Management - The closing loss allowances for trade receivables and contract assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Provision for loss allowance for both trade receivables and contract assets | ||
Balance at January 1, | $ 677,278 | |
Balance at December 31, | 807,044 | $ 677,278 |
Trade receivables and contract assets | ||
Reconciliation of Provision for loss allowance for both trade receivables and contract assets | ||
Balance at January 1, | 112,670 | |
Balance at December 31, | 127,449 | 112,670 |
Trade receivables and contract assets | Provision for loss allowance | ||
Reconciliation of Provision for loss allowance for both trade receivables and contract assets | ||
Balance at January 1, | (29,718) | (60,510) |
Disposal of subsidiaries | 310 | |
Bad debts of the year | (4,735) | (13,432) |
Recoveries | 3,331 | 17,931 |
Write off | (2,717) | (3,684) |
Translation differences and inflation adjustment | 6,037 | 22,299 |
Balance at December 31, | $ (22,368) | $ (29,718) |
Financial Risk Management - P_2
Financial Risk Management - Profit or loss in relation to impaired financial assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Risk Management | |||
- movement in provision for impairment | $ (4,985) | $ (13,443) | $ (14,727) |
- recovery of previous impairment losses | 3,439 | 18,203 | 8,311 |
Net impairment losses on financial assets | $ (1,546) | $ 4,760 | $ (6,416) |
Financial Risk Management - Opt
Financial Risk Management - Optimum capital structure to reduce cost of capital (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Risk Management | ||||
Borrowing | $ 1,333,237 | $ 1,465,437 | $ 1,439,603 | |
Less: Cash and cash equivalents | (369,848) | (385,265) | ||
Net debt | 963,389 | 1,080,172 | ||
Equity | $ 803,909 | $ 862,369 | $ 773,608 | $ 805,286 |
Net debt to equity ratio | 120% | 125% |
Financial Risk Management - Fin
Financial Risk Management - Financial instruments by category (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial instruments by category | ||
Total assets as per the statement of financial position | $ 807,044 | $ 677,278 |
Total liabilities as per the statement of financial position | 2,409,839 | 2,574,900 |
Borrowings | ||
Financial instruments by category | ||
Total liabilities as per the statement of financial position | 1,333,237 | 1,465,437 |
Leases liabilities | ||
Financial instruments by category | ||
Total liabilities as per the statement of financial position | 13,981 | 8,809 |
Derivative financial liabilities | ||
Financial instruments by category | ||
Total liabilities as per the statement of financial position | 51 | |
Trade payables and other liabilities | ||
Financial instruments by category | ||
Total liabilities as per the statement of financial position | 1,062,621 | 1,100,603 |
Liabilities at fair value through profit and loss | ||
Financial instruments by category | ||
Total liabilities as per the statement of financial position | 51 | |
Liabilities at fair value through profit and loss | Borrowings | ||
Financial instruments by category | ||
Total liabilities as per the statement of financial position | 0 | |
Liabilities at fair value through profit and loss | Leases liabilities | ||
Financial instruments by category | ||
Total liabilities as per the statement of financial position | 0 | |
Liabilities at fair value through profit and loss | Derivative financial liabilities | ||
Financial instruments by category | ||
Total liabilities as per the statement of financial position | 51 | |
Liabilities at fair value through profit and loss | Trade payables and other liabilities | ||
Financial instruments by category | ||
Total liabilities as per the statement of financial position | 0 | |
Liabilities at amortized cost | ||
Financial instruments by category | ||
Total liabilities as per the statement of financial position | 2,409,839 | 2,574,849 |
Liabilities at amortized cost | Borrowings | ||
Financial instruments by category | ||
Total liabilities as per the statement of financial position | 1,333,237 | 1,465,437 |
Liabilities at amortized cost | Leases liabilities | ||
Financial instruments by category | ||
Total liabilities as per the statement of financial position | 13,981 | 8,809 |
Liabilities at amortized cost | Trade payables and other liabilities | ||
Financial instruments by category | ||
Total liabilities as per the statement of financial position | 1,062,621 | 1,100,603 |
Trade receivables | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 127,449 | 110,617 |
Other receivables | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 154,583 | 107,708 |
Other financial assets | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 155,095 | 73,621 |
Derivative financial assets | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 69 | 67 |
Cash and cash equivalents | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 369,848 | 385,265 |
Assets at fair value through profit and loss | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 10,932 | 16,019 |
Assets at fair value through profit and loss | Trade receivables | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 0 | |
Assets at fair value through profit and loss | Other receivables | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 0 | |
Assets at fair value through profit and loss | Other financial assets | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 10,863 | 15,952 |
Assets at fair value through profit and loss | Derivative financial assets | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 69 | 67 |
Assets at fair value through profit and loss | Cash and cash equivalents | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 0 | |
Assets at amortized cost | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 796,112 | 661,259 |
Assets at amortized cost | Trade receivables | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 127,449 | 110,617 |
Assets at amortized cost | Other receivables | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 154,583 | 107,708 |
Assets at amortized cost | Other financial assets | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 144,232 | 57,669 |
Assets at amortized cost | Derivative financial assets | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | 0 | |
Assets at amortized cost | Cash and cash equivalents | ||
Financial instruments by category | ||
Total assets as per the statement of financial position | $ 369,848 | $ 385,265 |
Financial Risk Management - Fai
Financial Risk Management - Fair value hierarchy (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Financial Risk Management | |
Transfer of assets from level 1 to Level 2 | $ 0 |
Transfer of assets from level 2 to Level 1 | 0 |
Transfer of liabilities' from level 1 to Level 2 | 0 |
Transfer of liabilities' from level 2 to Level 1 | 0 |
Transfer of assets into level 3 | 0 |
Transfer of assets out of level 3 | 0 |
Transfer of liabilities into level 3 | 0 |
Transfer of liabilities out of level 3 | $ 0 |
Financial Risk Management - Add
Financial Risk Management - Additional information (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Financial Risk Management | ||
Increase in floating rate | 10 | |
Sensitivity analysis impact of 10% & 1% change in exchange rate generated pre tax gain (loss) | $ 2,695,000 | $ 4,083,000 |
Decrease in floating rate | 10 | |
Percentage of cash and cash equivalents to total assets | 10.44% | 10.04% |
U.S. Dollar / Argentine Peso | ||
Financial Risk Management | ||
Increase in floating rate | 10 | 3 |
Sensitivity analysis impact of 10% & 1% change in exchange rate generated pre tax gain (loss) | $ 48,470,000 | $ 17,639,000 |
Euro / Armenian dram | ||
Financial Risk Management | ||
Increase in floating rate | 1 | |
Sensitivity analysis impact of 10% & 1% change in exchange rate generated pre tax gain (loss) | $ 3,500 | $ 46,400 |
Euro / Argentine Peso | ||
Financial Risk Management | ||
Increase in floating rate | 10 | 3 |
Sensitivity analysis impact of 10% & 1% change in exchange rate generated pre tax gain (loss) | $ 283,100 | $ 34,500 |
U.S. dollar / Armenian dram | ||
Financial Risk Management | ||
Increase in floating rate | 1 | |
Sensitivity analysis impact of 10% & 1% change in exchange rate generated pre tax gain (loss) | $ 478,400 | $ 148,500 |
Segment information (Details)
Segment information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment information | |||
Aeronautical revenue | $ 644,453 | $ 609,751 | $ 262,809 |
Non-aeronautical revenue | |||
Commercial revenue | 603,651 | 612,545 | 362,087 |
Construction service revenue | 144,722 | 149,796 | 79,760 |
Other revenue | 7,212 | 6,571 | 2,257 |
Cost of services | (914,677) | (962,978) | (622,381) |
Gross profit / (loss) | 485,361 | 415,685 | 84,532 |
Selling, general and administrative expenses | (138,669) | (141,355) | (102,062) |
Impairment reversal / (loss) of non-financial assets | 102,838 | 111 | 371 |
Other operating income | 100,560 | 37,340 | 42,777 |
Other operating expense | (9,453) | (6,984) | (18,416) |
Operating income / (loss) | 540,637 | 304,575 | 6,460 |
Share of income / (loss) in associates | 7,108 | (970) | (629) |
Amortization and depreciation | 129,982 | 153,131 | 143,501 |
Adjusted Ebitda | 677,727 | 456,736 | 149,332 |
Construction services revenue | (144,722) | (149,796) | (79,760) |
Construction services cost | 138,271 | 147,855 | 77,453 |
Adjusted Ebitda excluding Construction Services | 671,276 | 454,795 | 147,025 |
Construction services revenue | 144,722 | 149,796 | 79,760 |
Construction services cost | (138,271) | (147,855) | (77,453) |
Adjusted Ebitda | 677,727 | 456,736 | 149,332 |
Financial income | 101,598 | 63,859 | 28,080 |
Financial loss | (406,570) | (196,405) | (131,271) |
Inflation adjustment | (40,547) | 19,459 | 6,691 |
Amortization and depreciation | (129,982) | (153,131) | (143,501) |
Income before income tax | 202,226 | 190,518 | (90,669) |
Income tax | 24,241 | (24,883) | (69,111) |
Net income from continuing operations | 226,467 | 165,635 | (159,780) |
Loss from discontinued operations | (21,196) | ||
Net income for the year | 226,467 | 165,635 | (180,976) |
Current assets | 749,910 | 647,468 | |
Non-current assets | 2,792,066 | 3,188,320 | |
Capital Expenditure | 161,622 | 164,874 | |
Current liabilities | 685,928 | 676,319 | |
Non-current liabilities | 2,052,139 | 2,297,100 | |
Operating segments | Argentina | Airports | |||
Segment information | |||
Aeronautical revenue | 296,393 | 330,288 | 94,881 |
Non-aeronautical revenue | |||
Commercial revenue | 251,155 | 308,114 | 214,573 |
Construction service revenue | 93,014 | 124,210 | 53,501 |
Cost of services | (420,216) | (526,774) | (326,974) |
Gross profit / (loss) | 220,346 | 235,838 | 35,981 |
Selling, general and administrative expenses | (54,907) | (55,947) | (38,338) |
Other operating income | 13,425 | 15,857 | 8,109 |
Other operating expense | (7,344) | (5,232) | (14,925) |
Operating income / (loss) | 171,520 | 190,516 | (9,173) |
Share of income / (loss) in associates | (5) | (24) | |
Amortization and depreciation | 60,534 | 87,363 | 74,743 |
Adjusted Ebitda | 232,049 | 277,855 | 65,570 |
Construction services revenue | (93,014) | (124,210) | (53,501) |
Construction services cost | 92,898 | 124,018 | 53,378 |
Adjusted Ebitda excluding Construction Services | 231,933 | 277,663 | 65,447 |
Construction services revenue | 93,014 | 124,210 | 53,501 |
Construction services cost | (92,898) | (124,018) | (53,378) |
Adjusted Ebitda | 232,049 | 277,855 | 65,570 |
Current assets | 183,773 | 213,964 | |
Non-current assets | 1,170,372 | 1,600,511 | |
Capital Expenditure | 93,326 | 124,214 | |
Current liabilities | 127,070 | 226,136 | |
Non-current liabilities | 673,245 | 797,628 | |
Operating segments | Argentina | Others | |||
Non-aeronautical revenue | |||
Commercial revenue | 119 | 232 | 202 |
Cost of services | (40) | (75) | (68) |
Gross profit / (loss) | 79 | 157 | 134 |
Selling, general and administrative expenses | (80) | (145) | (145) |
Other operating income | 1 | 2 | 2 |
Other operating expense | (8) | ||
Operating income / (loss) | 14 | (17) | |
Adjusted Ebitda | 14 | (17) | |
Adjusted Ebitda excluding Construction Services | 14 | (17) | |
Adjusted Ebitda | 14 | (17) | |
Current assets | 22 | 74 | |
Non-current assets | 20 | 30 | |
Current liabilities | 9 | 35 | |
Operating segments | Brazil | Airports | |||
Segment information | |||
Aeronautical revenue | 45,656 | 36,610 | 24,121 |
Non-aeronautical revenue | |||
Commercial revenue | 64,838 | 52,700 | 34,329 |
Construction service revenue | 151 | ||
Cost of services | (79,304) | (71,095) | (59,198) |
Gross profit / (loss) | 31,341 | 18,215 | (748) |
Selling, general and administrative expenses | (10,996) | (13,012) | (8,228) |
Impairment reversal / (loss) of non-financial assets | 103,764 | ||
Other operating income | 82,793 | 16,254 | 20,285 |
Other operating expense | (542) | (424) | (2,191) |
Operating income / (loss) | 206,360 | 21,033 | 9,118 |
Amortization and depreciation | 12,035 | 11,228 | 9,999 |
Adjusted Ebitda | 218,395 | 32,261 | 19,117 |
Construction services revenue | (151) | ||
Construction services cost | 151 | ||
Adjusted Ebitda excluding Construction Services | 218,395 | 32,261 | 19,117 |
Construction services revenue | 151 | ||
Construction services cost | (151) | ||
Adjusted Ebitda | 218,395 | 32,261 | 19,117 |
Current assets | 188,160 | 100,810 | |
Non-current assets | 667,193 | 675,108 | |
Capital Expenditure | 1,727 | 1,953 | |
Current liabilities | 221,843 | 211,308 | |
Non-current liabilities | 907,835 | 927,932 | |
Operating segments | Brazil | Others | |||
Non-aeronautical revenue | |||
Selling, general and administrative expenses | (68) | (172) | (143) |
Operating income / (loss) | (68) | (172) | (143) |
Adjusted Ebitda | (68) | (172) | (143) |
Adjusted Ebitda excluding Construction Services | (68) | (172) | (143) |
Adjusted Ebitda | (68) | (172) | (143) |
Current assets | 43 | ||
Operating segments | Uruguay | Airports | |||
Segment information | |||
Aeronautical revenue | 65,428 | 43,450 | 14,564 |
Non-aeronautical revenue | |||
Commercial revenue | 45,292 | 36,289 | 20,200 |
Construction service revenue | 31,705 | 13,169 | 5,280 |
Other revenue | 20 | 13 | 14 |
Cost of services | (86,227) | (53,459) | (35,903) |
Gross profit / (loss) | 56,218 | 39,462 | 4,155 |
Selling, general and administrative expenses | (16,305) | (14,599) | (7,674) |
Other operating income | 58 | 159 | 152 |
Other operating expense | (443) | (429) | (119) |
Operating income / (loss) | 39,528 | 24,593 | (3,486) |
Amortization and depreciation | 6,906 | 6,101 | 11,112 |
Adjusted Ebitda | 46,434 | 30,694 | 7,626 |
Construction services revenue | (31,705) | (13,169) | (5,280) |
Construction services cost | 31,705 | 13,169 | 5,280 |
Adjusted Ebitda excluding Construction Services | 46,434 | 30,694 | 7,626 |
Construction services revenue | 31,705 | 13,169 | 5,280 |
Construction services cost | (31,705) | (13,169) | (5,280) |
Adjusted Ebitda | 46,434 | 30,694 | 7,626 |
Current assets | 45,101 | 33,998 | |
Non-current assets | 188,336 | 158,248 | |
Capital Expenditure | 36,605 | 19,958 | |
Current liabilities | 25,549 | 19,258 | |
Non-current liabilities | 60,264 | 56,797 | |
Operating segments | Uruguay | Others | |||
Non-aeronautical revenue | |||
Commercial revenue | 22,785 | 19,882 | 18,031 |
Cost of services | (17,818) | (14,560) | (11,635) |
Gross profit / (loss) | 4,967 | 5,322 | 6,396 |
Selling, general and administrative expenses | (2,611) | (1,910) | (1,362) |
Other operating income | 2 | 56 | |
Other operating expense | (63) | (49) | (66) |
Operating income / (loss) | 2,295 | 3,363 | 5,024 |
Amortization and depreciation | 1,248 | 1,280 | 1,056 |
Adjusted Ebitda | 3,543 | 4,643 | 6,080 |
Adjusted Ebitda excluding Construction Services | 3,543 | 4,643 | 6,080 |
Adjusted Ebitda | 3,543 | 4,643 | 6,080 |
Current assets | 4,770 | 4,887 | |
Non-current assets | 9,193 | 8,240 | |
Capital Expenditure | 2,120 | 1,375 | |
Current liabilities | 4,419 | 3,131 | |
Non-current liabilities | 1,809 | 1,986 | |
Operating segments | Armenia | Airports | |||
Segment information | |||
Aeronautical revenue | 88,519 | 60,662 | 45,312 |
Non-aeronautical revenue | |||
Commercial revenue | 160,355 | 145,059 | 46,503 |
Construction service revenue | 3,630 | 1,819 | 6,559 |
Cost of services | (156,482) | (142,705) | (56,791) |
Gross profit / (loss) | 96,022 | 64,835 | 41,583 |
Selling, general and administrative expenses | (15,320) | (13,019) | (11,173) |
Other operating income | 361 | 175 | 168 |
Other operating expense | (1,021) | (769) | (703) |
Operating income / (loss) | 80,042 | 51,222 | 29,875 |
Amortization and depreciation | 19,638 | 17,650 | 14,411 |
Adjusted Ebitda | 99,680 | 68,872 | 44,286 |
Construction services revenue | (3,630) | (1,819) | (6,559) |
Construction services cost | 3,524 | 1,766 | 6,368 |
Adjusted Ebitda excluding Construction Services | 99,574 | 68,819 | 44,095 |
Construction services revenue | 3,630 | 1,819 | 6,559 |
Construction services cost | (3,524) | (1,766) | (6,368) |
Adjusted Ebitda | 99,680 | 68,872 | 44,286 |
Current assets | 91,159 | 64,762 | |
Non-current assets | 154,754 | 169,030 | |
Capital Expenditure | 7,073 | 5,788 | |
Current liabilities | 34,076 | 22,110 | |
Non-current liabilities | 16,949 | ||
Operating segments | Ecuador | Airports | |||
Segment information | |||
Aeronautical revenue | 78,336 | 68,370 | 46,456 |
Non-aeronautical revenue | |||
Commercial revenue | 26,871 | 25,060 | 17,948 |
Construction service revenue | 21 | 2,769 | 752 |
Cost of services | (62,285) | (57,584) | (44,371) |
Gross profit / (loss) | 42,943 | 38,615 | 20,785 |
Selling, general and administrative expenses | (17,827) | (16,067) | (11,703) |
Other operating income | 240 | 91 | 82 |
Other operating expense | (38) | (77) | (13) |
Operating income / (loss) | 25,318 | 22,562 | 9,151 |
Amortization and depreciation | 6,688 | 6,434 | 7,000 |
Adjusted Ebitda | 32,006 | 28,996 | 16,151 |
Construction services revenue | (21) | (2,769) | (752) |
Construction services cost | 21 | 2,769 | 752 |
Adjusted Ebitda excluding Construction Services | 32,006 | 28,996 | 16,151 |
Construction services revenue | 21 | 2,769 | 752 |
Construction services cost | (21) | (2,769) | (752) |
Adjusted Ebitda | 32,006 | 28,996 | 16,151 |
Current assets | 59,737 | 53,752 | |
Non-current assets | 53,782 | 56,025 | |
Capital Expenditure | 3,267 | 1,842 | |
Current liabilities | 54,106 | 47,447 | |
Non-current liabilities | 7,329 | 13,536 | |
Operating segments | Italy | Airports | |||
Segment information | |||
Aeronautical revenue | 70,121 | 70,371 | 37,475 |
Non-aeronautical revenue | |||
Commercial revenue | 39,908 | 32,449 | 17,082 |
Construction service revenue | 16,201 | 7,829 | 13,668 |
Other revenue | 7,192 | 6,558 | 2,243 |
Cost of services | (91,639) | (94,575) | (83,149) |
Gross profit / (loss) | 41,783 | 22,632 | (12,681) |
Selling, general and administrative expenses | (13,149) | (17,013) | (13,053) |
Impairment reversal / (loss) of non-financial assets | (926) | 111 | 371 |
Other operating income | 710 | 4,796 | 13,923 |
Operating income / (loss) | 28,418 | 10,304 | (12,182) |
Share of income / (loss) in associates | 14 | (257) | 91 |
Amortization and depreciation | 10,695 | 11,122 | 12,290 |
Adjusted Ebitda | 39,127 | 21,169 | 199 |
Construction services revenue | (16,201) | (7,829) | (13,668) |
Construction services cost | 9,972 | 6,133 | 11,675 |
Adjusted Ebitda excluding Construction Services | 32,898 | 19,473 | (1,794) |
Construction services revenue | 16,201 | 7,829 | 13,668 |
Construction services cost | (9,972) | (6,133) | (11,675) |
Adjusted Ebitda | 39,127 | 21,169 | 199 |
Current assets | 68,197 | 89,098 | |
Non-current assets | 267,568 | 255,354 | |
Capital Expenditure | 17,504 | 9,742 | |
Current liabilities | 139,248 | 137,057 | |
Non-current liabilities | 78,834 | 99,928 | |
Intrasegment Adjustments | |||
Non-aeronautical revenue | |||
Commercial revenue | (11,598) | (10,652) | (9,037) |
Other revenue | (3,997) | (1,737) | (806) |
Cost of services | 11,266 | 9,477 | 7,850 |
Gross profit / (loss) | (4,329) | (2,912) | (1,993) |
Selling, general and administrative expenses | 4,329 | 2,912 | 1,993 |
Current assets | (85,454) | (60,562) | |
Non-current assets | (768) | (768) | |
Current liabilities | (85,454) | (60,562) | |
Non-current liabilities | (768) | (768) | |
Unallocated | |||
Non-aeronautical revenue | |||
Commercial revenue | 3,926 | 3,412 | 2,256 |
Other revenue | 3,997 | 1,737 | 806 |
Cost of services | (11,932) | (11,628) | (12,142) |
Gross profit / (loss) | (4,009) | (6,479) | (9,080) |
Selling, general and administrative expenses | (11,735) | (12,383) | (12,236) |
Other operating income | 2,970 | 6 | |
Other operating expense | (2) | (4) | (391) |
Operating income / (loss) | (12,776) | (18,860) | (21,707) |
Share of income / (loss) in associates | 7,099 | (689) | (720) |
Amortization and depreciation | 12,238 | 11,953 | 12,890 |
Adjusted Ebitda | 6,561 | (7,596) | (9,537) |
Adjusted Ebitda excluding Construction Services | 6,561 | (7,596) | (9,537) |
Adjusted Ebitda | 6,561 | (7,596) | $ (9,537) |
Current assets | 194,445 | 146,642 | |
Non-current assets | 281,616 | 266,541 | |
Capital Expenditure | 2 | ||
Current liabilities | 165,062 | 70,399 | |
Non-current liabilities | $ 323,591 | $ 383,112 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue: | |||
Aeronautical revenue | $ 644,453 | $ 609,751 | $ 262,809 |
Non-aeronautical revenue | |||
Commercial revenue | 603,651 | 612,545 | 362,087 |
Construction service revenue | 144,722 | 149,796 | 79,760 |
Other revenue | 7,212 | 6,571 | 2,257 |
Timing of revenue recognition | 1,400,038 | 1,378,663 | 706,913 |
Revenue | 1,400,038 | 1,378,663 | 706,913 |
Over time | |||
Non-aeronautical revenue | |||
Timing of revenue recognition | 1,039,699 | 1,035,506 | 560,834 |
At a point in time | |||
Non-aeronautical revenue | |||
Timing of revenue recognition | 119,730 | 114,826 | 28,126 |
Revenues accounted for under IFRS 16 | |||
Non-aeronautical revenue | |||
Timing of revenue recognition | $ 240,609 | $ 228,331 | $ 117,953 |
Cost of services (Details)
Cost of services (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cost of services | ||||
Salaries and social security contributions | [1] | $ (185,920) | $ (205,891) | $ (141,011) |
Concession fees | [2] | (156,245) | (158,508) | (94,535) |
Construction services cost | (138,271) | (147,855) | (77,453) | |
Amortization and depreciation | [3] | (123,679) | (145,794) | (135,125) |
Cost of fuel | (113,067) | (107,170) | (24,884) | |
Maintenance expenses | (105,619) | (107,474) | (83,905) | |
Services and fees | (56,642) | (56,834) | (44,832) | |
Office expenses | (9,744) | (10,753) | (5,208) | |
Provision for maintenance costs | (4,364) | (3,450) | (4,706) | |
Taxes | (2,355) | (3,502) | (2,932) | |
Others | (18,771) | (15,747) | (7,790) | |
Total | $ (914,677) | $ (962,978) | $ (622,381) | |
[1]At the year-end, the number of employees was 6.1 thousand in 2023, 6.1 thousand in 2022 and 5.8 thousand in 2021.[2]Includes depreciation for fixed concession assets fee, as shown in Note 12, of USD 20,715 for the year ended December 31, 2023 (USD 18,764 and USD 16,502 for the year ended December 31, 2022 and 2021 respectively).[3]Includes depreciation of leases of USD 2,464 for the year ended December 31, 2023 (USD 3,676 and USD 3,185 for the year ended December 31, 2022 and 2021 respectively). |
Cost of services - Additional I
Cost of services - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Cost of services | |||
Number of employees | 6,100 | 6,100 | 5,800 |
Depreciation for brazil concession assets | $ 20,715,000 | $ 18,764,000 | $ 16,502,000 |
Cost of services, depreciation of leases | $ 2,464,000 | $ 3,676,000 | $ 3,185,000 |
Selling, general and administ_3
Selling, general and administrative expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Selling, general and administrative expenses | |||
Services and fees | $ (39,691) | $ (44,836) | $ (30,897) |
Taxes | (37,013) | (45,250) | (24,756) |
Salaries and social security contributions | (33,038) | (32,310) | (21,172) |
Amortization and depreciation | (6,303) | (7,337) | (8,376) |
Office expenses | (4,870) | (3,685) | (1,475) |
Insurance | (2,810) | (2,359) | (2,145) |
Maintenance expenses | (2,130) | (1,892) | (908) |
Advertising | (1,547) | (1,652) | (912) |
Bad debts | (4,985) | (13,443) | (14,727) |
Bad debts recovery | 3,439 | 18,203 | 8,311 |
Other | (9,721) | (6,794) | (5,005) |
Selling, general and administrative expenses | (138,669) | (141,355) | (102,062) |
Depreciation of leases | $ 739 | $ 901 | $ 969 |
Other operating income (Details
Other operating income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other operating income | |||
Government grants | $ 13,313 | $ 15,621 | $ 7,599 |
Government subsidies per Covid-19 context | 21,511 | 14,133 | 33,366 |
Compensation for concession | 62,677 | ||
Other | 3,059 | 7,586 | 1,812 |
Total | $ 100,560 | $ 37,340 | $ 42,777 |
Other operating income - Additi
Other operating income - Additional Information (Details) € in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Jul. 26, 2021 EUR (€) | |
Other operating results | |||||||
Re-equilibrium of concession agreements, net of tax | $ 17,785 | $ 13,639 | $ 25,473 | ||||
Italian grant approved | € | € 800,000 | ||||||
Compensation for concession | $ 62,677 | ||||||
Aeropuertos Argentina 2000 S.A.("AA2000") | |||||||
Other operating results | |||||||
Percentage of total revenues of the concession assigned to government | 15% | ||||||
Percentage of revenues destined to fund the investments commitments | 2.50% | ||||||
Toscana Aeroporti S.p.a. | |||||||
Other operating results | |||||||
Compensation determined | 10,900 | € 9,500 | |||||
Reversal of compensation granted | $ 362 | € 339 | |||||
Brasilia Concession Agreement | |||||||
Other operating results | |||||||
Reconstitution through compensation of the concession fee payable, net of tax | $ 15,264 | 11,754 | 22,636 | ||||
Re-equilibrium, increase in compensation | 3,550 | 1,046 | |||||
Re-equilibrium reversal | 3,074 | ||||||
Natal Concession Agreement | |||||||
Other operating results | |||||||
Reconstitution through compensation of the concession fee payable, net of tax | 2,521 | 1,885 | 2,837 | ||||
Re-equilibrium, increase in compensation | $ 176 | ||||||
Re-equilibrium reversal | $ 190 | 376 | |||||
Total | |||||||
Other operating results | |||||||
Re-equilibrium reversal | $ 3,450 |
Financial results, net (Details
Financial results, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial results, net | |||
Interest income | $ 52,680 | $ 43,919 | $ 17,639 |
Foreign exchange income | 39,772 | 10,658 | 1,144 |
Other financial income | 9,146 | 9,282 | 9,297 |
Financial income | 101,598 | 63,859 | 28,080 |
Interest expense | (95,185) | (164,288) | (125,533) |
Foreign exchange (loss) / income | (203,798) | 79,945 | 112,465 |
Changes in liability for concessions | (98,480) | (101,488) | (109,103) |
Other financial loss | (9,107) | (10,574) | (9,100) |
Financial loss | (406,570) | (196,405) | (131,271) |
Inflation adjustment | (40,547) | 19,459 | 6,691 |
Financial results, net | 345,519 | 113,087 | 96,500 |
Gains from other financial assets | $ 5,021 | $ 5,695 | $ 4,990 |
Share of results in associate_2
Share of results in associates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share of results in associates | |||
Share of income/(loss) in associates | $ 7,108 | $ (970) | $ (629) |
Total share of loss in associates | $ 7,108 | $ (970) | $ (629) |
Income tax (Details)
Income tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax | |||
Current income tax | $ (38,456) | $ (20,468) | $ (19,084) |
Deferred income tax | 62,697 | (4,415) | (50,027) |
Income tax | $ 24,241 | $ (24,883) | $ (69,111) |
Income tax - Tax rate (Details)
Income tax - Tax rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax | |||
Income / (loss) from continuing operations before income tax | $ 202,226 | $ 190,518 | $ (90,669) |
Loss from discontinued operations before income tax | 0 | (21,196) | |
Income / (loss) for the year before income tax | 202,226 | 190,518 | (111,865) |
Tax calculated at the tax rate in each country | (59,160) | (57,275) | 37,397 |
Adjustments | |||
Non-taxable income | 57,519 | 17,624 | 19,630 |
Expenses related to non-taxable income | (8,871) | (19,005) | (21,967) |
Non-deductible expenses | (3,581) | (14,402) | (4,836) |
Effect of tax inflation adjustment | (114,289) | (123,956) | (74,042) |
Effect of inflation adjustment | (53,895) | 10,253 | (29,038) |
Effect of asset revaluation for tax purposes | 119,483 | 141,030 | 79,667 |
Inflation adjustment for tax purposes of tax losses | 81,273 | 57,322 | 0 |
Unrecognized deferred taxes | (11,427) | (43,861) | (48,344) |
Income tax rate change | 0 | (17,444) | |
Investment project exonerations | 12,552 | 6,095 | 0 |
Other | 4,637 | 1,292 | (10,134) |
Income tax | $ 24,241 | $ (24,883) | $ (69,111) |
Income tax - Additional informa
Income tax - Additional information (Details) $ in Millions | 12 Months Ended | 36 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 ARS ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 ARS ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | |
Disclosure of subsidiaries [line items] | ||||||
Inflation adjustment due to price index variation | $ 114,289,000 | $ 123,956,000 | $ 74,042,000 | $ 114,289,000 | ||
Period of Accumulated price index variation | 36 months | 36 months | 36 months | 36 months | 36 months | 36 months |
Percentage price index variation has exceeded | 100% | 100% | 100% | 100% | 100% | 100% |
Current tax liabilities due to tax inflation adjustments | $ 114,289,000 | $ 123,956,000 | $ 74,042,000 | $ 114,289,000 | ||
Deferred income tax recognized from Brazilian concession | 0 | |||||
Unrecognized deferred tax assets on tax loss carry forwards | 14,800 | |||||
Taxable base of the historical tax carryforward losses | 47,700,000 | $ 38,585 | 85,000,000 | $ 15,066 | ||
Taxable base of the historical tax carryforward losses, with inflation adjustment | 316,200,000 | $ 255,660 | $ 250,700,000 | $ 44,411 | ||
Inframerica Concessionaria do Aeroporto de Sao Goncalo do Amarante S.A. ("ICASGA") | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax effect on reversal of the impairment of intangible assets | $ 35,300,000 |
Intangible assets, net (Details
Intangible assets, net (Details) $ in Thousands, R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 USD ($) | |
Intangible assets, net | |||
Balance | $ 2,960,002 | ||
Disposal of subsidiaries | $ (61) | ||
Transfer of concession assets to the grantor | 7,100 | R$ 33.7 | |
Balance | 2,520,965 | 2,960,002 | |
Inframerica Concessionaria do Aeroporto de Sao Goncalo do Amarante S.A. ("ICASGA") | |||
Intangible assets, net | |||
Reversal of previous impairment loss | 103,800 | ||
Concession Assets | |||
Intangible assets, net | |||
Balance | 2,948,362 | ||
Balance | 2,508,415 | 2,948,362 | |
Concession Assets | Brazil | |||
Intangible assets, net | |||
Intangible test of concession assets | 688,700 | ||
Goodwill | |||
Intangible assets, net | |||
Balance | 9,003 | ||
Balance | 9,293 | 9,003 | |
Patent, intellectual property rights and others | |||
Intangible assets, net | |||
Balance | 2,637 | ||
Disposal of subsidiaries | (61) | ||
Balance | 3,257 | 2,637 | |
Cost | |||
Intangible assets, net | |||
Balance | 4,780,894 | 4,275,613 | |
Disposal of subsidiaries | (95) | ||
Acquisitions | 151,837 | 155,783 | |
Impairment | (102,838) | (111) | |
Disposals | (139,306) | (549) | |
Other | 236 | (570) | |
Transfers | (2,000) | ||
Transfer of concession assets to the grantor | (7,956) | ||
Transfer to property plant and equipment | (2) | ||
Transfer from property plant and equipment | 1,156 | ||
Translation differences and inflation adjustment | 708,273 | 357,641 | |
Balance | 4,187,382 | 4,780,894 | |
Cost | Concession Assets | |||
Intangible assets, net | |||
Balance | 4,749,233 | 4,243,258 | |
Acquisitions | 150,616 | 155,051 | |
Impairment | (102,838) | (111) | |
Disposals | (139,218) | (549) | |
Other | 236 | (570) | |
Transfers | (2,000) | 55 | |
Transfer of concession assets to the grantor | (7,956) | ||
Transfer to property plant and equipment | (2) | ||
Transfer from property plant and equipment | 1,156 | ||
Translation differences and inflation adjustment | 709,433 | 359,027 | |
Balance | 4,153,428 | 4,749,233 | |
Cost | Goodwill | |||
Intangible assets, net | |||
Balance | 9,003 | 9,543 | |
Translation differences and inflation adjustment | 290 | (540) | |
Balance | 9,293 | 9,003 | |
Cost | Patent, intellectual property rights and others | |||
Intangible assets, net | |||
Balance | 22,658 | 22,812 | |
Disposal of subsidiaries | (95) | ||
Acquisitions | 1,221 | 732 | |
Disposals | (88) | ||
Transfers | (55) | ||
Translation differences and inflation adjustment | 870 | (846) | |
Balance | 24,661 | 22,658 | |
Depreciation | |||
Intangible assets, net | |||
Balance | (1,820,892) | (1,532,642) | |
Depreciation of the year | 139,270 | (158,663) | |
Disposals | 13,571 | 51 | |
Transfer of concession assets to the grantor | (1,504) | ||
Translation differences and inflation adjustment | (280,174) | (131,203) | |
Balance | (1,666,417) | (1,820,892) | |
Depreciation | Concession Assets | |||
Intangible assets, net | |||
Balance | (1,800,871) | (1,512,731) | |
Depreciation of the year | 138,620 | (157,522) | |
Disposals | 13,554 | 51 | |
Transfers | (4) | ||
Transfer of concession assets to the grantor | (1,504) | ||
Translation differences and inflation adjustment | (280,924) | (132,177) | |
Balance | (1,645,013) | (1,800,871) | |
Depreciation | Patent, intellectual property rights and others | |||
Intangible assets, net | |||
Balance | (20,021) | (19,911) | |
Depreciation of the year | 650 | (1,141) | |
Disposals | 17 | ||
Transfers | 4 | ||
Translation differences and inflation adjustment | 750 | 974 | |
Balance | $ (21,404) | $ (20,021) |
Property, plant and equipment_3
Property, plant and equipment, net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, plant and equipment, net | ||
Balances | $ 74,742 | |
Balances | 74,919 | $ 74,742 |
Cost | ||
Property, plant and equipment, net | ||
Balances | 200,737 | 198,533 |
Disposal of subsidiaries | (12,186) | |
Acquisitions | 9,785 | 12,491 |
Disposals | (894) | (360) |
Transfers from Intangible | 2 | |
Transfer to Intangible | (1,156) | |
Translation differences and inflation adjustment | (484) | 2,257 |
Balances | 207,988 | 200,737 |
Accumulated | ||
Property, plant and equipment, net | ||
Balances | (125,995) | (123,053) |
Disposal of subsidiaries | 11,364 | |
Depreciation of the year | 9,120 | 9,240 |
Disposals | 802 | 203 |
Translation differences and inflation adjustment | (1,244) | 5,269 |
Balances | (133,069) | (125,995) |
Land, building and improvements | ||
Property, plant and equipment, net | ||
Balances | 41,320 | |
Balances | 43,019 | 41,320 |
Land, building and improvements | Cost | ||
Property, plant and equipment, net | ||
Balances | 56,644 | 56,939 |
Disposal of subsidiaries | 0 | |
Acquisitions | 40 | 175 |
Disposals | 0 | (1) |
Transfers | 1,886 | 762 |
Transfers from Intangible | 0 | |
Transfer to Intangible | 0 | |
Translation differences and inflation adjustment | 791 | (1,231) |
Balances | 59,361 | 56,644 |
Land, building and improvements | Accumulated | ||
Property, plant and equipment, net | ||
Balances | (15,324) | (14,140) |
Disposal of subsidiaries | 0 | |
Depreciation of the year | 1,134 | 1,101 |
Disposals | 0 | 0 |
Transfers | 0 | |
Translation differences and inflation adjustment | (116) | 83 |
Balances | (16,342) | (15,324) |
Plant and production Equipment | ||
Property, plant and equipment, net | ||
Balances | 13,757 | |
Balances | 12,362 | 13,757 |
Plant and production Equipment | Cost | ||
Property, plant and equipment, net | ||
Balances | 51,920 | 64,330 |
Disposal of subsidiaries | (11,705) | |
Acquisitions | 2,209 | 2,036 |
Disposals | (38) | (153) |
Transfers | 57 | 159 |
Transfers from Intangible | 2 | |
Transfer to Intangible | (1,002) | |
Translation differences and inflation adjustment | 1,083 | (2,749) |
Balances | 54,229 | 51,920 |
Plant and production Equipment | Accumulated | ||
Property, plant and equipment, net | ||
Balances | (38,163) | (48,135) |
Disposal of subsidiaries | 10,918 | |
Depreciation of the year | 2,890 | 3,256 |
Disposals | 36 | 121 |
Transfers | 2 | |
Translation differences and inflation adjustment | 850 | (2,191) |
Balances | (41,867) | (38,163) |
Vehicles, furniture and fixtures | ||
Property, plant and equipment, net | ||
Balances | 16,106 | |
Balances | 16,811 | 16,106 |
Vehicles, furniture and fixtures | Cost | ||
Property, plant and equipment, net | ||
Balances | 68,597 | 51,901 |
Acquisitions | 5,405 | 9,063 |
Disposals | (469) | (37) |
Transfers | (14) | |
Translation differences and inflation adjustment | (3,148) | 7,684 |
Balances | 70,385 | 68,597 |
Vehicles, furniture and fixtures | Accumulated | ||
Property, plant and equipment, net | ||
Balances | (52,491) | (40,230) |
Depreciation of the year | 4,152 | 3,758 |
Disposals | 388 | 37 |
Transfers | (15) | |
Translation differences and inflation adjustment | (2,681) | 8,555 |
Balances | (53,574) | (52,491) |
Works in progress | ||
Property, plant and equipment, net | ||
Balances | 1,055 | |
Balances | 482 | 1,055 |
Works in progress | Cost | ||
Property, plant and equipment, net | ||
Balances | 1,055 | 1,177 |
Disposal of subsidiaries | 0 | |
Acquisitions | 1,556 | 870 |
Disposals | 0 | 0 |
Transfers | (1,981) | (930) |
Transfers from Intangible | 0 | |
Transfer to Intangible | (154) | |
Translation differences and inflation adjustment | 6 | (62) |
Balances | 482 | 1,055 |
Works in progress | Accumulated | ||
Property, plant and equipment, net | ||
Balances | 0 | 0 |
Disposal of subsidiaries | 0 | |
Depreciation of the year | 0 | 0 |
Disposals | 0 | 0 |
Transfers | 0 | |
Translation differences and inflation adjustment | 0 | 0 |
Balances | 0 | 0 |
Others | ||
Property, plant and equipment, net | ||
Balances | 2,504 | |
Balances | 2,245 | 2,504 |
Others | Cost | ||
Property, plant and equipment, net | ||
Balances | 22,521 | 24,186 |
Disposal of subsidiaries | (481) | |
Acquisitions | 575 | 347 |
Disposals | (387) | (169) |
Transfers | 38 | 23 |
Transfers from Intangible | 0 | |
Transfer to Intangible | 0 | |
Translation differences and inflation adjustment | 784 | (1,385) |
Balances | 23,531 | 22,521 |
Others | Accumulated | ||
Property, plant and equipment, net | ||
Balances | (20,017) | (20,548) |
Disposal of subsidiaries | 446 | |
Depreciation of the year | 944 | 1,125 |
Disposals | 378 | 45 |
Transfers | 13 | |
Translation differences and inflation adjustment | 703 | (1,178) |
Balances | $ (21,286) | $ (20,017) |
Leases - Financial Position (De
Leases - Financial Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | |||
Right-of-use assets | $ 10,493 | $ 9,192 | $ 12,902 |
Lease liabilities | |||
Current | 3,687 | 3,278 | |
Non-current | 10,294 | 5,531 | |
Total lease liabilities | 13,981 | 8,809 | $ 12,249 |
Land, building and improvements | |||
Leases | |||
Right-of-use assets | 7,655 | 6,757 | |
Plant and production equipment | |||
Leases | |||
Right-of-use assets | 2,246 | 2,031 | |
Vehicles, furniture and fixtures | |||
Leases | |||
Right-of-use assets | $ 592 | $ 404 |
Leases - Evolution of right-of-
Leases - Evolution of right-of-use assets and lease liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Right-of-use assets | |||
Balances at the beginning of the year | $ 9,192 | $ 12,902 | |
Additions | 5,217 | 465 | |
Contract modifications | (49) | (103) | |
Depreciation of the year | (3,203) | (4,577) | $ (4,154) |
Translation differences and inflation adjustment | (664) | 505 | |
Balances at the end of the year | 10,493 | 9,192 | 12,902 |
Lease liabilities | |||
Balances at the beginning of the year | 8,809 | 12,249 | |
New contracts | 5,336 | 482 | |
Lease payments | (3,118) | (4,307) | |
Contract modifications | (49) | (103) | |
Leases financial cost | 446 | 605 | 737 |
Translation differences and inflation adjustment | 2,557 | (117) | |
Balances at the end of the year | $ 13,981 | $ 8,809 | $ 12,249 |
Leases - Maturity of lease liab
Leases - Maturity of lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases | ||
Maturity of lease liabilities | $ 16,636 | $ 10,680 |
1 year or less | ||
Leases | ||
Maturity of lease liabilities | 3,822 | 3,576 |
1 to 2 years | ||
Leases | ||
Maturity of lease liabilities | 3,883 | 1,022 |
2 to 5 years | ||
Leases | ||
Maturity of lease liabilities | 4,879 | 2,192 |
Over 5 years | ||
Leases | ||
Maturity of lease liabilities | $ 4,052 | $ 3,890 |
Leases - Consolidated Statement
Leases - Consolidated Statement of Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | |||
Depreciation charge of right-of-use assets | $ (3,203,000) | $ (4,577,000) | $ (4,154,000) |
Financial expenses (Leases financial cost) | (446,000) | (605,000) | (737,000) |
Expense relating to short-term leases (included in cost of services and selling, general and administrative expenses) | (865,000) | (412,000) | (827,000) |
Expense relating to leases of low-value assets that are not shown above as short-term leases (included in cost of services and selling, general and administrative expenses) | (326,000) | (300,000) | (299,000) |
Expense relating to variable lease payments not included in lease liabilities (included in cost of services) | $ (1,855,000) | (1,330,000) | (467,000) |
Percentage of increase in passenger traffic | 10% | ||
Approximate increase in total lease payments due to increase in passenger traffic across airports | $ 185,500 | 133,000 | 67,100 |
Land, building and improvements | |||
Leases | |||
Depreciation charge of right-of-use assets | (2,730,000) | (3,966,000) | (3,514,000) |
Plant and production equipment | |||
Leases | |||
Depreciation charge of right-of-use assets | (198,000) | (179,000) | (160,000) |
Vehicles, furniture and fixtures | |||
Leases | |||
Depreciation charge of right-of-use assets | $ (275,000) | $ (432,000) | $ (480,000) |
Leases - Lease payments receiva
Leases - Lease payments receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | |||
Percentage of total revenue corresponding to commercial revenue | 42% | 48% | 39% |
Total | $ 536,248 | $ 476,601 | $ 294,878 |
Within 1 year | |||
Leases | |||
Total | 109,314 | 99,142 | 77,387 |
Between 1 and 5 years | |||
Leases | |||
Total | 266,875 | 241,115 | 175,409 |
Later than 5 years | |||
Leases | |||
Total | $ 160,059 | $ 136,344 | $ 42,082 |
Investments in associates (Deta
Investments in associates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments in associates | |||
Balances at the beginning of the year | $ 1,911 | $ 2,355 | |
Share of income/(loss) in associates | 7,108 | (970) | $ (629) |
Contributions | 84 | 260 | |
Acquisitions | 3,384 | ||
Others | (425) | 223 | |
Translation differences | (70) | 43 | |
Balances at the end of the year | $ 11,992 | $ 1,911 | $ 2,355 |
Investments in associates -Shar
Investments in associates -Share of loss in associates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments in associates | |||
Share of income/(loss) in associates | $ 7,108 | $ (970) | $ (629) |
Sociedad Aeroportuaria KunturWasi S.A. | |||
Investments in associates | |||
Share of income/(loss) in associates | (84) | (260) | (741) |
Navinten S.A. | |||
Investments in associates | |||
Share of income/(loss) in associates | 7,292 | ||
Others | |||
Investments in associates | |||
Share of income/(loss) in associates | $ (100) | $ (710) | $ 112 |
Investments in associates - Mai
Investments in associates - Main Associates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments in associates | |||
Investments in associates | $ 11,992 | $ 1,911 | $ 2,355 |
Share of income in associates | $ 7,108 | $ (970) | (629) |
Aeropuertos Ecologicos de Galapagos S.A. | |||
Investments in associates | |||
Main activity | Airport Operation | Airport Operation | |
Country of incorporation | Ecuador | Ecuador | |
Percentage of ownership | 99.90% | 99.90% | |
Investments in associates | $ 1,000 | $ 1,000 | |
Navinten S.A. | |||
Investments in associates | |||
Main activity | Duty free operation | Duty free operation | |
Country of incorporation | Uruguay | Uruguay | |
Percentage of ownership | 49% | ||
Investments in associates | $ 10,264 | ||
Share of income in associates | $ 7,292 | ||
Sociedad Aeroportuaria KunturWasi S.A. | |||
Investments in associates | |||
Main activity | Airport Operation | Airport Operation | |
Country of incorporation | Perú | Perú | |
Percentage of ownership | 47.90% | 47.90% | |
Share of income in associates | $ (84) | $ (260) | (741) |
Others | |||
Investments in associates | |||
Investments in associates | 728 | 911 | |
Share of income in associates | $ (100) | $ (710) | $ 112 |
Deferred income tax - Deferred
Deferred income tax - Deferred tax liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, plant and equipment and Intangibles Assets | ||
Deferred tax liabilities | ||
Balances at January 1 | $ 304,726 | $ 279,478 |
Increase/(Decrease) of deferred tax liabilities for the year | 37,230 | 19,214 |
Translation differences and inflation adjustment | (54,458) | 6,034 |
Balances at December 31 | 287,498 | 304,726 |
Tax inflation adjustment | ||
Deferred tax liabilities | ||
Balances at January 1 | 13,449 | 32,322 |
Increase/(Decrease) of deferred tax liabilities for the year | 1,822 | (5,295) |
Translation differences and inflation adjustment | (4,344) | (13,578) |
Balances at December 31 | 10,927 | 13,449 |
Other liabilities | ||
Deferred tax liabilities | ||
Balances at January 1 | 7,106 | 8,085 |
Increase/(Decrease) of deferred tax liabilities for the year | 8,943 | 76 |
Translation differences and inflation adjustment | 133 | (1,055) |
Balances at December 31 | 16,182 | 7,106 |
Deferred tax liabilities | ||
Deferred tax liabilities | ||
Balances at January 1 | 325,281 | 319,885 |
Increase/(Decrease) of deferred tax liabilities for the year | 47,995 | 13,995 |
Translation differences and inflation adjustment | (58,669) | (8,599) |
Balances at December 31 | $ 314,607 | $ 325,281 |
Deferred income tax - Deferre_2
Deferred income tax - Deferred tax assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Provisions and allowances | ||
Deferred tax assets | ||
Balances at January 1 | $ 26,266 | $ 34,073 |
Disposal of subsidiaries | (343) | |
(Decrease) / increase of deferred tax assets for the year | 1,786 | (410) |
Translation differences and inflation adjustment | (4,245) | (7,054) |
Balances at December 31 | 23,807 | 26,266 |
Tax loss carry forwards | ||
Deferred tax assets | ||
Balances at January 1 | 112,775 | 113,304 |
Disposal of subsidiaries | (2,198) | |
(Decrease) / increase of deferred tax assets for the year | 105,839 | 12,580 |
Translation differences and inflation adjustment | (13,238) | (10,911) |
Balances at December 31 | 205,376 | 112,775 |
Property, plant and equipment and Intangibles Assets | ||
Deferred tax assets | ||
Balances at January 1 | 989 | 932 |
(Decrease) / increase of deferred tax assets for the year | (164) | (108) |
Translation differences and inflation adjustment | (12) | 165 |
Balances at December 31 | 813 | 989 |
Other | ||
Deferred tax assets | ||
Balances at January 1 | 7,675 | 13,022 |
Disposal of subsidiaries | 16 | |
(Decrease) / increase of deferred tax assets for the year | 3,231 | (2,482) |
Translation differences and inflation adjustment | (898) | (2,881) |
Balances at December 31 | 10,008 | 7,675 |
Deferred tax assets | ||
Deferred tax assets | ||
Balances at January 1 | 147,705 | 161,331 |
Disposal of subsidiaries | (2,525) | |
(Decrease) / increase of deferred tax assets for the year | 110,692 | 9,580 |
Translation differences and inflation adjustment | (18,393) | (20,681) |
Balances at December 31 | $ 240,004 | $ 147,705 |
Deferred income tax - Deferre_3
Deferred income tax - Deferred tax asset related to tax losses carryforward (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Expiration date, December 31, 2025 | ||
Deferred income tax | ||
Deferred tax asset that shall expire | $ 73,344 | $ 50,161 |
Expiration date, December 31, 2026 | ||
Deferred income tax | ||
Deferred tax asset that shall expire | 1,095 | 837 |
Expiration date, December 31, 2027 | ||
Deferred income tax | ||
Deferred tax asset that shall expire | 38,320 | 16 |
Expiration date, December31, 2028 | ||
Deferred income tax | ||
Deferred tax asset that shall expire | 30,384 | |
Tax loss carry forwards | ||
Deferred income tax | ||
Deferred tax asset that do not expire | 62,300 | 61,800 |
Deferred tax asset that shall expire | $ 143,100 | $ 51,000 |
Deferred income tax - Financial
Deferred income tax - Financial position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred income tax | ||
Deferred tax assets | $ 62,712 | $ 54,882 |
Deferred tax liabilities | $ (137,315) | $ (232,458) |
Deferred income tax - Additiona
Deferred income tax - Additional information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred income tax | ||
Not recognized as deferred tax assets | $ 224.5 | $ 210 |
Uruguay | ||
Deferred income tax | ||
Percentage of temporary differences in deferred income taxes | 25% | |
Argentina | ||
Deferred income tax | ||
Percentage of temporary differences in deferred income taxes | 35% | |
Italy | ||
Deferred income tax | ||
Percentage of temporary differences in deferred income taxes | 29% | |
Armenia | ||
Deferred income tax | ||
Percentage of temporary differences in deferred income taxes | 18% | |
Brazil | ||
Deferred income tax | ||
Percentage of temporary differences in deferred income taxes | 34% | |
Ecuador | ||
Deferred income tax | ||
Percentage of temporary differences in deferred income taxes | 25% | |
Spain | ||
Deferred income tax | ||
Percentage of temporary differences in deferred income taxes | 25% | |
Luxembourg | ||
Deferred income tax | ||
Percentage of temporary differences in deferred income taxes | 25% |
Other receivables (Details)
Other receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-Current | ||
Tax credits | $ 9,623 | $ 10,992 |
Trust funds | 22,627 | 54,782 |
Prepaid expenses | 192 | 792 |
Other | 10,198 | 12,199 |
Other non current receivables | 42,640 | 78,765 |
Current | ||
Tax credits | 13,646 | 10,925 |
Guarantee deposit | 35,809 | 9,605 |
Receivables from related parties | 9,315 | 10,140 |
Prepaid expenses | 4,662 | 4,849 |
Compensation receivable | 66,612 | 0 |
Government grants to receive | 459 | 7,193 |
Other | 15,046 | 15,088 |
Other current receivables | $ 145,549 | $ 57,800 |
Other receivables - Additional
Other receivables - Additional information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other receivables [Line items] | |||
Municipal tax on passenger boarding fees | $ 7,595 | $ 5,188 | |
Fair value of financial assets within non-current receivables | 24,400 | 58,800 | |
Guarantee deposit received | 41,300 | ||
Borrowings | 1,333,237 | $ 1,465,437 | $ 1,439,603 |
Credit Facility Agreement With BNDES | |||
Other receivables [Line items] | |||
Borrowings | $ 15,600 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non- Current | ||
Supplies | $ 318 | $ 254 |
Total non-current inventories | 318 | 254 |
Current | ||
Supplies | 4,881 | 4,844 |
Oil and byproducts | 11,263 | 10,917 |
Others | 4 | 4 |
Total current inventories | $ 16,148 | $ 15,765 |
Trade receivables (Details)
Trade receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-Current | ||
Accounts receivable | $ 4,581 | $ 4,683 |
Trade receivables from related parties | 741 | 1,431 |
Loss allowance | (4,433) | (4,533) |
Non current trade receivables | 889 | 1,581 |
Current | ||
Accounts receivable | 138,586 | 129,168 |
Trade receivables from related parties | 4,421 | 5,053 |
Contract assets | 1,488 | 2,053 |
Loss allowance | (17,935) | (25,185) |
Current trade receivables | $ 126,560 | $ 111,089 |
Other financial assets (Details
Other financial assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current | ||
Equity investments | $ 5,979 | $ 3,160 |
Non-current financial assets | 67,069 | 6,924 |
Current | ||
Current financial assets | 88,026 | 66,697 |
Assets at fair value through profit and loss | ||
Non-current | ||
Equity investments | 3,690 | 3,160 |
Other | 2,289 | 0 |
Current | ||
Corporate Bonds | 729 | 7,913 |
Mutual funds | 3,515 | 4,458 |
Government securities | 434 | 313 |
Other | 206 | 108 |
Current financial assets | 4,884 | 12,792 |
Assets at amortized cost | ||
Non-current | ||
Related parties | 6,545 | 2,954 |
Corporate Bonds | 53,735 | 0 |
Other | 810 | 810 |
Non-current financial assets | 61,090 | 3,764 |
Current | ||
Corporate Bonds | 4,959 | 0 |
Related parties | 24,890 | 0 |
Time Deposits | 43,159 | 39,078 |
Treasury bills | 9,658 | 1,956 |
Other | 476 | 12,871 |
Current financial assets | $ 83,142 | $ 53,905 |
Other financial assets - Additi
Other financial assets - Additional information (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Firenze Parcheggi | ||
Other financial assets | ||
Percentage of ownership | 8.16% | 8.16% |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 |
Cash and cash equivalents | ||||
Cash to be deposited | $ 657 | $ 568 | ||
Cash at banks | 192,381 | 255,743 | ||
Time deposits | 16,729 | 12,474 | ||
Other cash equivalents | 160,081 | 116,480 | ||
Cash and cash equivalents | 369,848 | 385,265 | $ 375,783 | $ 281,031 |
Restricted cash on deposit as collateral | $ 5,864 | $ 4,843 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Borrowings | ||||
Non-current | $ 1,133,549 | $ 1,287,421 | ||
Current | 199,688 | 178,016 | ||
Total Borrowings | 1,333,237 | 1,465,437 | $ 1,439,603 | |
Bank and financial borrowings | ||||
Borrowings | ||||
Non-current | 278,147 | 353,740 | ||
Current | 114,092 | 125,164 | ||
Total Borrowings | 407,800 | [1] | 478,900 | |
Notes | ||||
Borrowings | ||||
Non-current | 855,402 | 933,681 | ||
Current | 85,535 | 52,852 | ||
Total Borrowings | 940,900 | $ 986,500 | ||
Bank overdrafts | ||||
Borrowings | ||||
Current | $ 61 | |||
[1] A - Secured/guaranteed |
Borrowings - Changes in borrowi
Borrowings - Changes in borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Borrowings | |||
Balances at the beginning of the year | $ 1,465,437 | $ 1,439,603 | |
Loans obtained | 87,846 | 371,951 | |
Loans repaid | (200,475) | (328,775) | |
Interest paid | (83,791) | (111,387) | $ (86,108) |
Accrued interest for the year | 90,928 | 115,093 | |
Offsetting of financial assets (Note 17) | (15,224) | ||
Debt renegotiation expenses capitalization | (110) | (2,011) | (20,439) |
Translation differences and inflation adjustment | (11,374) | (19,037) | |
Balances at the end of the year | $ 1,333,237 | $ 1,465,437 | $ 1,439,603 |
Borrowings - Maturity of borrow
Borrowings - Maturity of borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Borrowings | ||
Undiscounted cash flow of principal and estimated interest | $ 1,815,045 | $ 2,050,151 |
1 year or less | ||
Borrowings | ||
Undiscounted cash flow of principal and estimated interest | 294,299 | 278,427 |
1 to 2 years | ||
Borrowings | ||
Undiscounted cash flow of principal and estimated interest | 239,443 | 252,961 |
2 to 5 years | ||
Borrowings | ||
Undiscounted cash flow of principal and estimated interest | 569,488 | 622,876 |
Over 5 years | ||
Borrowings | ||
Undiscounted cash flow of principal and estimated interest | $ 711,815 | $ 895,887 |
Borrowings - Fair value of borr
Borrowings - Fair value of borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Borrowings | ||
Fair value of borrowings | $ 1,328,357 | $ 1,423,983 |
Total fair value of borrowings | $ 1,328,357 | $ 1,423,983 |
Borrowings - Notes to borrowing
Borrowings - Notes to borrowings (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Nov. 06, 2022 | Aug. 19, 2022 USD ($) installment | Aug. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 31, 2023 USD ($) | Jul. 08, 2022 USD ($) | Feb. 21, 2022 item | Nov. 04, 2021 USD ($) | Oct. 28, 2021 USD ($) | Sep. 08, 2021 USD ($) | Aug. 31, 2020 USD ($) | |
Borrowings | ||||||||||||||
Outstanding | $ 1,333,237 | $ 1,465,437 | $ 1,439,603 | |||||||||||
Borrowing | 1,333,237 | 1,465,437 | 1,439,603 | |||||||||||
Grace period | 2 years | |||||||||||||
Amount of borrowings repaid | 200,475 | 328,775 | $ 266,839 | |||||||||||
Notes | ||||||||||||||
Borrowings | ||||||||||||||
Outstanding | 940,900 | 986,500 | ||||||||||||
Borrowing | $ 940,900 | 986,500 | ||||||||||||
Class 3 Notes, fixed 4.000%, matures in 2023 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | 30,500 | |||||||||||||
Outstanding | 30,500 | |||||||||||||
Borrowing | 30,500 | |||||||||||||
Class 1 Series 2021 Notes, fixed 8.500%, matures in 2031 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | 64,000 | |||||||||||||
Outstanding | 60,600 | |||||||||||||
Borrowing | 60,600 | |||||||||||||
Class 4 Notes, fixed 9.500%, matures in 2028 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | 62,000 | |||||||||||||
Outstanding | 60,200 | |||||||||||||
Borrowing | 60,200 | |||||||||||||
Class 5 Notes, fixed 5.500%, matures in 2032 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | 138,000 | |||||||||||||
Outstanding | 138,300 | |||||||||||||
Borrowing | 138,300 | |||||||||||||
Class 6 Notes, fixed 2.000%, matures in 2025 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | 36,000 | |||||||||||||
Outstanding | 35,900 | |||||||||||||
Borrowing | 35,900 | |||||||||||||
Class 7 Notes, fixed 0.0000%, matures in 2025 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | 20,000 | |||||||||||||
Outstanding | 19,900 | |||||||||||||
Borrowing | 19,900 | |||||||||||||
Class 9 Notes, Fixed 0.000 Percent, Matures in 2026, Issued in 2022 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | 30,000 | |||||||||||||
Outstanding | 29,900 | |||||||||||||
Borrowing | 29,900 | |||||||||||||
Aeropuertos Argentina 2000 S.A.("AA2000") | Senior secured guarantee notes, fixed 8.500%, matures in 2031 | ||||||||||||||
Borrowings | ||||||||||||||
Interest rate | 8.50% | |||||||||||||
Outstanding | $ 208,900 | |||||||||||||
Borrowing | $ 208,900 | |||||||||||||
Aeropuertos Argentina 2000 S.A.("AA2000") | Class 4 Notes, fixed 9.500%, matures in 2028 | ||||||||||||||
Borrowings | ||||||||||||||
Outstanding | $ 62,000 | |||||||||||||
Borrowing | $ 62,000 | |||||||||||||
Aeropuertos Argentina 2000 S.A.("AA2000") | Series 3 notes | ||||||||||||||
Borrowings | ||||||||||||||
Repurchase and exchange as a percentage of total original principal amount | 90.70% | |||||||||||||
ACI | ||||||||||||||
Borrowings | ||||||||||||||
Outstanding | $ 8,500 | |||||||||||||
Borrowing | 8,500 | |||||||||||||
ACI | Senior secured guarantee notes, fixed 6.875%, matures in 2034 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | $ 246,200 | $ 246,200 | ||||||||||||
Interest rate | 6.875% | 6.875% | ||||||||||||
Outstanding | $ 235,900 | $ 234,600 | ||||||||||||
Interest payment account | 12,900 | |||||||||||||
Borrowing | 235,900 | 234,600 | ||||||||||||
ACI | Senior secured guarantee notes, fixed 6.875%, matures in 2032 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | $ 14,600 | $ 14,600 | ||||||||||||
Interest rate | 6.875% | 6.875% | ||||||||||||
Outstanding | $ 11,400 | $ 12,500 | ||||||||||||
Borrowing | 11,400 | 12,500 | ||||||||||||
CAI | Secured notes, fixed 4.556%, matures in 2024 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | $ 71,800 | $ 71,800 | ||||||||||||
Interest rate | 4.556% | 4.556% | ||||||||||||
Outstanding | $ 67,700 | $ 64,900 | ||||||||||||
Borrowing | 67,700 | 64,900 | ||||||||||||
AA2000 | ||||||||||||||
Borrowings | ||||||||||||||
Outstanding | $ 2,000 | |||||||||||||
Borrowing | $ 2,000 | |||||||||||||
AA2000 | Senior secured guarantee notes, fixed 6.875%, matures in 2027 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | $ 212,300 | $ 212,300 | ||||||||||||
Interest rate | 6.875% | 6.875% | ||||||||||||
Outstanding | $ 67,800 | $ 91,100 | ||||||||||||
Borrowing | 67,800 | 91,100 | ||||||||||||
AA2000 | Senior secured guarantee notes, fixed 8.500%, matures in 2031 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | $ 208,900 | $ 208,900 | ||||||||||||
Interest rate | 8.50% | 8.50% | ||||||||||||
Outstanding | $ 208,600 | $ 208,100 | ||||||||||||
Borrowing | 208,600 | $ 208,100 | ||||||||||||
AA2000 | Class 2 Notes Series 2020, fixed 0.0000%, matures in 2022 | ||||||||||||||
Borrowings | ||||||||||||||
Amount of borrowings repurchased | $ 25,400 | |||||||||||||
Amount of borrowings repaid | $ 12,600 | |||||||||||||
AA2000 | Class 3 Notes, fixed 4.000%, matures in 2023 | ||||||||||||||
Borrowings | ||||||||||||||
Interest rate | 4% | |||||||||||||
AA2000 | Class 1 Series 2021 Notes, fixed 8.500%, matures in 2031 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | $ 64,000 | |||||||||||||
Interest rate | 8.50% | 8.50% | ||||||||||||
Outstanding | $ 61,200 | |||||||||||||
Borrowing | 61,200 | |||||||||||||
AA2000 | Class 4 Notes, fixed 9.500%, matures in 2028 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | $ 62,000 | |||||||||||||
Interest rate | 9.50% | 9.50% | ||||||||||||
Outstanding | $ 60,700 | |||||||||||||
Borrowing | 60,700 | |||||||||||||
AA2000 | Class 5 Notes, fixed 5.500%, matures in 2032 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | $ 138,000 | $ 20,000 | ||||||||||||
Interest rate | 5.50% | 5.50% | ||||||||||||
Outstanding | $ 138,300 | |||||||||||||
Borrowing | $ 138,300 | |||||||||||||
Grace period | 5 years | |||||||||||||
AA2000 | Class 6 Notes, fixed 2.000%, matures in 2025 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | $ 30,000 | $ 36,000 | ||||||||||||
Interest rate | 2% | 2% | ||||||||||||
Outstanding | $ 34,400 | |||||||||||||
Borrowing | 34,400 | |||||||||||||
Number of installments for repayment | installment | 3 | |||||||||||||
AA2000 | Class 7 Notes, fixed 0.0000%, matures in 2025 | ||||||||||||||
Borrowings | ||||||||||||||
Interest rate | 0% | |||||||||||||
AA2000 | Class 9 Notes, Fixed 0.000 Percent, Matures in 2026, Issued in 2022 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | $ 30,000 | |||||||||||||
Interest rate | 0% | 0% | ||||||||||||
Outstanding | $ 30,000 | |||||||||||||
Borrowing | 30,000 | |||||||||||||
AA2000 | Class 9 Notes, Fixed 0.000 Percent, Matures in 2026, Issued in 2023 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | $ 2,700 | $ 2,700 | ||||||||||||
Interest rate | 0% | |||||||||||||
Outstanding | $ 400 | |||||||||||||
Borrowing | 400 | |||||||||||||
AA2000 | Class 9 Notes, Fixed 0.000 Percent, Matures in 2026 | ||||||||||||||
Borrowings | ||||||||||||||
Amount of installments for repayment | $ 10,000 | |||||||||||||
Nominal value of notes after integration | 25,400 | |||||||||||||
Nominal value of notes integrated in ARS | $ 4,600 | |||||||||||||
AA2000 | Class 10 Notes, Fixed 0.000 Percent, Matures in 2025 | ||||||||||||||
Borrowings | ||||||||||||||
Nominal value | $ 25,000 | $ 25,000 | ||||||||||||
Interest rate | 0% | |||||||||||||
Outstanding | $ 24,500 | |||||||||||||
Borrowing | $ 24,500 | |||||||||||||
AA2000 | Class 5 Notes and Class 6 Notes | ||||||||||||||
Borrowings | ||||||||||||||
Number of tranches | item | 2 | |||||||||||||
AA2000 | Aeropuertos Argentina 2000 S.A.("AA2000") | Class 5 Notes and Class 6 Notes | ||||||||||||||
Borrowings | ||||||||||||||
Outstanding | $ 174,000 | |||||||||||||
Borrowing | $ 174,000 |
Borrowings - Financial borrowin
Borrowings - Financial borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2020 | |||
Borrowings | ||||||
Borrowing | $ 1,333,237 | $ 1,465,437 | $ 1,439,603 | |||
Aeropuertos Argentina 2000 SA [Member] | ||||||
Borrowings | ||||||
Borrowing | $ 2,000 | |||||
Bank And Financial Borrowings [Member] | ||||||
Borrowings | ||||||
Borrowing | $ 407,800 | [1] | $ 478,900 | |||
Bank And Financial Borrowings [Member] | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | September 2032 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | TJLP(1) plus spread | [2] | TJLP(1) plus spread | |||
Borrowing | $ 6,600 | [1],[2] | $ 6,400 | |||
Bank And Financial Borrowings [Member] | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | June 2032 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | T.R. plus spread plus IPCA | T.R. plus spread plus IPCA | ||||
Borrowing | $ 1,800 | [1] | $ 1,800 | |||
Bank And Financial Borrowings [Member] | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | September 2032 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | T.R. plus spread plus IPCA | T.R. plus spread plus IPCA | ||||
Borrowing | $ 4,900 | [1] | $ 5,500 | |||
Bank And Financial Borrowings [Member] | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | July 2032 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | T.R. plus spread plus IPCA | T.R. plus spread plus IPCA | ||||
Borrowing | $ 2,300 | [1] | $ 1,700 | |||
Bank And Financial Borrowings [Member] | Inframerica Concessionaria do Aeroporto de Brasilia | December 2033 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | TJLP(1) plus spread | [2] | TJLP(1) plus spread | |||
Borrowing | $ 213,900 | [1],[2] | $ 208,300 | |||
Bank And Financial Borrowings [Member] | Inframerica Concessionaria do Aeroporto de Brasilia | March 2023 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | CDI plus spread | |||||
Borrowing | $ 800 | |||||
Bank And Financial Borrowings [Member] | Terminal Aeroportuaria Guayaquil S.A. ("TAGSA") | November 2024 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | T.R.E.(3) plus spread | [3] | T.R.E.(3) plus spread | |||
Borrowing | $ 1,800 | [1],[3] | $ 3,600 | |||
Bank And Financial Borrowings [Member] | Terminal Aeroportuaria Guayaquil S.A. ("TAGSA") | February 2026 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | T.R.E.(3) plus spread | [3] | T.R.E.(3) plus spread | |||
Borrowing | $ 4,200 | [1],[3] | $ 5,900 | |||
Bank And Financial Borrowings [Member] | Terminal Aeroportuaria Guayaquil S.A. ("TAGSA") | December 2025 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | T.R.E.(3) plus spread | [3] | T.R.E.(3) plus spread | |||
Borrowing | $ 1,400 | [1],[3] | $ 2,100 | |||
Bank And Financial Borrowings [Member] | Terminal Aeroportuaria Guayaquil S.A. ("TAGSA") | December 2025 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | T.R.E.(3) plus spread | [3] | T.R.E.(3) plus spread | |||
Borrowing | $ 3,600 | [1],[3] | $ 5,400 | |||
Bank And Financial Borrowings [Member] | URUGUAY | April 2023 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 4.40% | |||||
Borrowing | $ 200 | |||||
Bank And Financial Borrowings [Member] | URUGUAY | October 2024 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 4.30% | 4.30% | ||||
Borrowing | $ 400 | [1] | $ 1,000 | |||
Bank And Financial Borrowings [Member] | URUGUAY | February 2026 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 4.30% | 4.30% | ||||
Borrowing | $ 600 | [1] | $ 800 | |||
Bank And Financial Borrowings [Member] | URUGUAY | November 2027 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 5.37% | 5.37% | ||||
Borrowing | $ 1,000 | [1] | $ 1,000 | |||
Bank And Financial Borrowings [Member] | URUGUAY | January 2028 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 5.37% | |||||
Borrowing | [1] | $ 1,000 | ||||
Bank And Financial Borrowings [Member] | Toscana Aeroporti S.p.A. | March 2023 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | Euribor 3 month plus spread | |||||
Borrowing | $ 10,100 | |||||
Bank And Financial Borrowings [Member] | Toscana Aeroporti S.p.A. | March 2023 two | ||||||
Borrowings | ||||||
Borrowings, interest rate | 1.86% | |||||
Borrowing | $ 11,800 | |||||
Bank And Financial Borrowings [Member] | Toscana Aeroporti S.p.A. | May 2023 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 3.76% | |||||
Borrowing | $ 5,400 | |||||
Bank And Financial Borrowings [Member] | Toscana Aeroporti S.p.A. | January 2023 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | Euribor 3 month plus spread | |||||
Borrowing | $ 3,800 | |||||
Bank And Financial Borrowings [Member] | Toscana Aeroporti S.p.A. | September 2027 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | Euribor 6 month plus spread | Euribor 6 month plus spread | ||||
Borrowing | $ 13,000 | [1] | $ 15,500 | |||
Bank And Financial Borrowings [Member] | Toscana Aeroporti S.p.A. | June 2023 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | Euribor 3 month plus spread | |||||
Borrowing | $ 100 | |||||
Bank And Financial Borrowings [Member] | Toscana Aeroporti S.p.A. | December 2023 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 1.65% | |||||
Borrowing | $ 100 | |||||
Bank And Financial Borrowings [Member] | Toscana Aeroporti S.p.A. | September 2026 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | Euribor 3 month plus spread | Euribor 3 month plus spread | ||||
Borrowing | $ 60,500 | [1] | $ 85,100 | |||
Bank And Financial Borrowings [Member] | Toscana Aeroporti S.p.A. | June 2024 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | Euribor 3 month plus spread | |||||
Borrowing | [1] | $ 100 | ||||
Bank And Financial Borrowings [Member] | Toscana Aeroporti S.p.A. | June 2024 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | Euribor 3 month plus spread | |||||
Borrowing | $ 200 | |||||
Bank And Financial Borrowings [Member] | Toscana Aeroporti S.p.A. | March 2024 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | Euribor 3 month plus spread | |||||
Borrowing | [1] | $ 9,400 | ||||
Bank And Financial Borrowings [Member] | Toscana Aeroporti S.p.A. | March 2024 two | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | Euribor 6 month plus spread | |||||
Borrowing | [1] | $ 12,300 | ||||
Bank And Financial Borrowings [Member] | Toscana Aeroporti S.p.A. | February 2024 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | Euribor 3 month plus spread | |||||
Borrowing | [1] | $ 4,000 | ||||
Bank And Financial Borrowings [Member] | Toscana Aeroporti S.p.A. | January 2024 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 6.10% | |||||
Borrowing | [1] | $ 12,200 | ||||
Bank And Financial Borrowings [Member] | Toscana Aeroporti S.p.A. | March 2023 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 1.60% | |||||
Borrowing | $ 11,900 | |||||
Bank And Financial Borrowings [Member] | Armenia International Airports C.J.S.C. | December 2024 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 6% | |||||
Borrowing | [1] | $ 13,200 | ||||
Bank And Financial Borrowings [Member] | Armenia International Airports C.J.S.C. | December 2025 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 6% | |||||
Borrowing | $ 21,100 | |||||
Bank And Financial Borrowings [Member] | Aeropureto De Neuguen S.A [Member] | November 2024 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | BADLAR plus spread | |||||
Borrowing | $ 1,200 | |||||
Bank And Financial Borrowings [Member] | Aeropuertos Argentina 2000 SA [Member] | December 2024 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 15.50% | |||||
Borrowing | [1] | $ 100 | ||||
Bank And Financial Borrowings [Member] | Aeropuertos Argentina 2000 SA [Member] | November 2024 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | BADCOR plus spread | |||||
Borrowings, interest rate | 8.50% | |||||
Borrowing | $ 9,000 | [1] | $ 8,000 | |||
Bank And Financial Borrowings [Member] | Aeropuertos Argentina 2000 SA [Member] | October 2025 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | SOFR plus spread | SOFR plus spread | ||||
Borrowing | $ 10,200 | [1] | $ 10,200 | |||
Bank And Financial Borrowings [Member] | Aeropuertos Argentina 2000 SA [Member] | November 2024 [Member] | ||||||
Borrowings | ||||||
Borrowings, interest rate | 8.50% | |||||
Borrowing | $ 17,800 | |||||
Bank And Financial Borrowings [Member] | Aeropuertos Argentina 2000 SA [Member] | November 2024 Three | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | BADCOR plus spread | |||||
Borrowing | $ 1,600 | |||||
Bank And Financial Borrowings [Member] | Aeropuertos Argentina 2000 SA [Member] | February 2023 | ||||||
Borrowings | ||||||
Borrowings, interest rate basis | SOFR plus spread | |||||
Borrowing | $ 2,400 | |||||
Bank And Financial Borrowings [Member] | Aeropuertos Argentina 2000 SA [Member] | November 2023 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 6% | |||||
Borrowing | $ 3,500 | |||||
Bank And Financial Borrowings [Member] | Aeropuertos Argentina 2000 SA [Member] | January 2024 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 15.50% | |||||
Borrowing | [1] | $ 500 | ||||
Bank And Financial Borrowings [Member] | Aeropuertos Argentina 2000 SA [Member] | July 2024 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 7% | 7% | ||||
Borrowing | $ 300 | [1] | $ 800 | |||
Bank And Financial Borrowings [Member] | Consorcio Aeropuertos Internacionales S.A. | April 2027 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 5.10% | 5.10% | ||||
Borrowing | $ 5,500 | [1] | $ 6,900 | |||
Bank And Financial Borrowings [Member] | Consorcio Aeropuertos Internacionales S.A. | April 2027 [Member] | ||||||
Borrowings | ||||||
Borrowings, interest rate | 3.80% | 3.80% | ||||
Borrowing | $ 5,500 | [1] | $ 6,900 | |||
Bank And Financial Borrowings [Member] | Puerta del Sur S.A. | March 2028 | ||||||
Borrowings | ||||||
Borrowings, interest rate | 6.14% | 7.03% | ||||
Borrowing | $ 8,500 | [1] | $ 10,000 | |||
[1] A - Secured/guaranteed TJLP - Taxa de Juros de Longo Prazo (Brazilian Long term interest rate). T.R.E - Tasa Referencial Ecuador (Ecuadorian reference interest rate). |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) | 12 Months Ended | |||||||||||
Nov. 06, 2022 | Nov. 12, 2021 | Oct. 28, 2021 | Aug. 20, 2020 | May 26, 2020 | May 20, 2020 | Jan. 08, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 29, 2022 | Nov. 04, 2021 | |
Borrowings | ||||||||||||
Aggregate principal amount | $ 1,333,237,000 | $ 1,465,437,000 | $ 1,439,603,000 | |||||||||
Borrowing | 1,333,237,000 | 1,465,437,000 | 1,439,603,000 | |||||||||
Borrowings, Grace Period | 2 years | |||||||||||
Proceeds from borrowings, classified as financing activities | 87,846,000 | 371,951,000 | $ 366,544,000 | |||||||||
Cash held in bank accounts pledged as security | 59,072 | 38,511 | ||||||||||
Notes [Member] | ||||||||||||
Borrowings | ||||||||||||
Aggregate principal amount | 940,900,000 | 986,500,000 | ||||||||||
Borrowing | $ 940,900,000 | 986,500,000 | ||||||||||
Class 4 Notes, Fixed 9.500%, Matures in 2028 [Member] | ||||||||||||
Borrowings | ||||||||||||
Aggregate principal amount | 60,200,000 | |||||||||||
Borrowing | 60,200,000 | |||||||||||
Class 3 Notes, Fixed 4.00%, Matures in 2023 [Member] | ||||||||||||
Borrowings | ||||||||||||
Aggregate principal amount | 30,500,000 | |||||||||||
Borrowing | $ 30,500,000 | |||||||||||
6.875% Cash/7.875% PIK Senior Secured Guaranteed Notes due 2032 | ||||||||||||
Borrowings | ||||||||||||
Aggregate principal amount | $ 10,000,000 | |||||||||||
Borrowing | $ 10,000,000 | |||||||||||
Aeropuertos Argentina 2000 S.A.("AA2000") | Senior Secured Guarantee Notes, Fixed 8.5%, Matures in 2031 [Member] | ||||||||||||
Borrowings | ||||||||||||
Aggregate principal amount | $ 208,900,000 | |||||||||||
Interest rate | 8.50% | |||||||||||
Borrowing | $ 208,900,000 | |||||||||||
Aeropuertos Argentina 2000 S.A.("AA2000") | Series 2017 Notes | ||||||||||||
Borrowings | ||||||||||||
Repurchase and exchange as a percentage of total original principal amount | 24.61% | |||||||||||
Aeropuertos Argentina 2000 S.A.("AA2000") | Series 2020 Notes | ||||||||||||
Borrowings | ||||||||||||
Repurchase and exchange as a percentage of total original principal amount | 66.83% | |||||||||||
Aeropuertos Argentina 2000 S.A.("AA2000") | Class 4 Notes, Fixed 9.500%, Matures in 2028 [Member] | ||||||||||||
Borrowings | ||||||||||||
Aggregate principal amount | $ 62,000,000 | |||||||||||
Total of first priority lien and second priority lien | 235,000,000 | |||||||||||
Borrowing | $ 62,000,000 | |||||||||||
Aeropuertos Argentina 2000 S.A.("AA2000") | 6.875% Cash/9.375% PIK Class I Series 2020 Additional Senior Secured Notes due 2027 | ||||||||||||
Borrowings | ||||||||||||
Cash interest rate | 6.875% | |||||||||||
PIK interest rate | 9.375% | |||||||||||
Aggregate principal amount | $ 306,000,000 | |||||||||||
Repurchase and exchange as a percentage of total original principal amount | 86.73% | |||||||||||
Borrowing | $ 306,000,000 | |||||||||||
ACI Airport Sudamerica S.A.U. | Senior Secured Guarantee Notes, Fixed 6.875%, Matures in 2034 [Member] | ||||||||||||
Borrowings | ||||||||||||
Cash interest rate | 6.875% | |||||||||||
Aggregate principal amount | $ 246,200,000 | |||||||||||
Borrowing | $ 246,200,000 | |||||||||||
ACI Airport Sudamerica S.A.U. | Series 2015 Notes | ||||||||||||
Borrowings | ||||||||||||
Repurchase and exchange as a percentage of total original principal amount | 40.62% | |||||||||||
ACI Airport Sudamerica S.A.U. | Series 2020 Notes | ||||||||||||
Borrowings | ||||||||||||
Repurchase and exchange as a percentage of total original principal amount | 96.43% | |||||||||||
Money offering in private transaction | $ 52,900,000 | |||||||||||
ACI Airport Sudamerica S.A.U. | 6.875% Cash/7.875% PIK Senior Secured Guaranteed Notes due 2032 | ||||||||||||
Borrowings | ||||||||||||
Cash interest rate | 6.875% | |||||||||||
PIK interest rate | 7.875% | |||||||||||
Aggregate principal amount | $ 180,900,000 | |||||||||||
Repurchase and exchange as a percentage of total original principal amount | 93.60% | |||||||||||
Borrowing | $ 180,900,000 | |||||||||||
C.A.I.S.A. | Secured notes due 2024 (the Italian Notes) | ||||||||||||
Borrowings | ||||||||||||
Interest rate | 100% | |||||||||||
Percentage of share capital of debt issuing entity secured by pledge | 100% |
Borrowings - Annual interest (D
Borrowings - Annual interest (Details) - installment | Jul. 29, 2022 | Feb. 28, 2014 | Nov. 30, 2012 |
Borrowings | |||
Number Of Installments | 3 | ||
Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | Credit Facility Agreement With BNDES | |||
Borrowings | |||
Maximum percentage of net profits for dividend payment requiring pre-authorization | 25% | ||
Inframerica Concessionaria do Aeroporto de Brasilia | Credit Facility Agreement With BNDES And CAIXA | |||
Borrowings | |||
Maximum percentage of net profits for dividend payment requiring pre-authorization | 25% |
Borrowings - Credit Facility Ag
Borrowings - Credit Facility Agreements (Details) $ in Thousands, € in Millions | 1 Months Ended | |||
Dec. 31, 2022 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Borrowings | ||||
Aggregate principal amount | $ 1,333,237 | $ 1,465,437 | $ 1,439,603 | |
Estimated amount of penalty | € | € 20 | |||
Current borrowings | $ 199,688 | $ 178,016 |
Borrowings - Secured Agreements
Borrowings - Secured Agreements (Details) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Nov. 06, 2020 EUR (€) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 ARS ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 31, 2020 USD ($) | Aug. 09, 2019 USD ($) | Dec. 15, 2015 USD ($) | |
Borrowings | ||||||||||
Aggregate principal amount | $ 1,333,237,000 | $ 1,465,437,000 | $ 1,439,603,000 | |||||||
Cash deposit pledged as collateral | 59,072 | 38,511 | ||||||||
Repayments of borrowings, classified as financing activities | $ 200,475,000 | $ 328,775,000 | $ 266,839,000 | |||||||
Armenia International Airports C.J.S.C. | Senior Secured Dual Currency Facility Agreement | ||||||||||
Borrowings | ||||||||||
Aggregate principal amount | $ 40,000,000 | |||||||||
Repayments of borrowings, classified as financing activities | € | € 20 | |||||||||
Aeropuertos Argentina 2000 SA [Member] | ||||||||||
Borrowings | ||||||||||
Aggregate principal amount | $ 2,000,000 | |||||||||
Aeropuertos Argentina 2000 SA [Member] | Offshore renegotiation | ||||||||||
Borrowings | ||||||||||
Repayments of borrowings, classified as financing activities | $ 1,700,000 | $ 1,350.5 | ||||||||
Aeropuertos Argentina 2000 SA [Member] | Onshore credit facility agreement | ||||||||||
Borrowings | ||||||||||
Aggregate principal amount | $ 85,000,000 | |||||||||
Aeropuertos Argentina 2000 SA [Member] | Offshore credit facility agreement | ||||||||||
Borrowings | ||||||||||
Aggregate principal amount | $ 35,000,000 | |||||||||
Toscana Aeroporti S.p.A. | ||||||||||
Borrowings | ||||||||||
Proceeds disbursed | € | € 85 | |||||||||
Percentage of loans backed by SACE guarantees | 90% | |||||||||
Grace period after the term of loan | 6 years |
Borrowings - Repurchase (Detail
Borrowings - Repurchase (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2020 | Aug. 09, 2019 | |
Borrowings | |||||
Aggregate principal amount | $ 1,333,237 | $ 1,465,437 | $ 1,439,603 | ||
Borrowings | 1,333,237 | 1,465,437 | 1,439,603 | ||
Prepayments | 200,475 | $ 328,775 | $ 266,839 | ||
Financial borrowing amount | |||||
Borrowings | |||||
Aggregate principal amount | 392,200 | ||||
Borrowings | $ 392,200 | ||||
Aeropuertos Argentina 2000 SA [Member] | |||||
Borrowings | |||||
Aggregate principal amount | $ 2,000 | ||||
Borrowings | $ 2,000 | ||||
Aeropuertos Argentina 2000 SA [Member] | Offshore credit facility agreement | |||||
Borrowings | |||||
Aggregate principal amount | $ 35,000 | ||||
Borrowings | $ 35,000 |
Borrowings - Loans (Details)
Borrowings - Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Borrowings | |||
Total amount of loan | $ 1,333,237 | $ 1,465,437 | $ 1,439,603 |
Borrowings - Pledge and securit
Borrowings - Pledge and security agreements (Details) $ in Thousands, € in Millions, $ in Millions | 12 Months Ended | ||||||||
Nov. 21, 2021 USD ($) | Nov. 18, 2021 USD ($) | Nov. 18, 2021 ARS ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 EUR (€) | Nov. 04, 2021 USD ($) | Apr. 16, 2021 USD ($) | |
Borrowings | |||||||||
Current portion of non-current borrowings | € | € 20 | ||||||||
Borrowing | $ 1,333,237 | $ 1,465,437 | $ 1,439,603 | ||||||
Proceeds from borrowings, classified as financing activities | 87,846 | 371,951 | 366,544 | ||||||
Repayments of borrowings, classified as financing activities | 200,475 | $ 328,775 | $ 266,839 | ||||||
Armenia International Airports C.J.S.C | Puerta del Sur S.A ("PDS") | |||||||||
Borrowings | |||||||||
Secured loans | $ 1,500 | ||||||||
Banco de la Repblica Oriental del Uruguay | Puerta del Sur S.A ("PDS") | |||||||||
Borrowings | |||||||||
Borrowing | $ 10,000 | ||||||||
Series 2021 Notes | Aeropuertos Argentina 2000 S.A.("AA2000") | |||||||||
Borrowings | |||||||||
Principal amount | $ 64,000 | ||||||||
Onshore renegotiation - ICBC | Aeropuertos Argentina 2000 S.A.("AA2000") | |||||||||
Borrowings | |||||||||
Proceeds from borrowings, classified as financing activities | $ 10,000 | $ 7,800 | |||||||
Offshore renegotiation | Aeropuertos Argentina 2000 S.A.("AA2000") | |||||||||
Borrowings | |||||||||
Proceeds from borrowings, classified as financing activities | $ 20,800 | $ 3,682 | |||||||
Repayments of borrowings, classified as financing activities | 34,300 | 6,085 | |||||||
Offshore loan with Citibank N.A. | Aeropuertos Argentina 2000 S.A.("AA2000") | |||||||||
Borrowings | |||||||||
Proceeds from borrowings, classified as financing activities | $ 22,300 | $ 3,944 |
Other liabilities (Details)
Other liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current | ||
Concession fee payable | $ 690,319 | $ 700,395 |
Advances from customers | 13,368 | 13,910 |
Provisions for legal claims | 8,979 | 9,712 |
Provision for maintenance costs | 21,364 | 19,079 |
Other taxes payable | 199 | 508 |
Employee benefit obligation | 4,382 | 4,376 |
Salary payable | 291 | 286 |
Other liabilities with related parties | 15,275 | 1,382 |
Other payables | 14,187 | 18,735 |
Total other non-current liabilities | 768,364 | 768,383 |
Current | ||
Concession fee payable | 223,051 | 228,614 |
Other taxes payable | 18,921 | 17,288 |
Salary payable | 41,656 | 46,061 |
Other liabilities with related parties | 2,689 | 1,121 |
Advances from customers | 5,647 | 5,098 |
Provision for maintenance cost | 5,678 | 3,835 |
Expenses provisions | 6,203 | 2,413 |
Provisions for legal claims | 5,286 | 3,424 |
Other payables | 36,733 | 49,224 |
Total other current liabilities | $ 345,864 | $ 357,078 |
Other liabilities - Maturity of
Other liabilities - Maturity of other liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Maturity Amount | $ 1,987,742 | $ 2,258,020 |
1 year or less | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Maturity Amount | 345,864 | 357,078 |
1 - 2 years | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Maturity Amount | 96,071 | 88,255 |
2 - 5 years | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Maturity Amount | 279,683 | 263,318 |
Over 5 years | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Maturity Amount | $ 1,266,124 | $ 1,549,369 |
Other liabilities - Changes in
Other liabilities - Changes in the concession fee payable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other liabilities | ||
Balances at the beginning of the year | $ 929,009 | $ 825,034 |
Financial result | 100,237 | 112,345 |
Concession fees | 135,530 | 139,744 |
Payments | (199,618) | (157,898) |
Re-equilibrium compensation | (22,946) | (15,434) |
Other | (75,475) | 570 |
Translation differences and inflation adjustment | 46,633 | 24,648 |
Balances at the end of the year | $ 913,370 | $ 929,009 |
Other liabilities - Changes i_2
Other liabilities - Changes in the provision for maintenance (Details) - Provision for maintenance costs - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of other provisions [line items] | ||
Balances at the beginning of the year | $ 22,914 | $ 21,671 |
Accrual of the year | 5,349 | 4,118 |
Use of the provision | (2,127) | (1,652) |
Translation differences and inflation adjustment | 906 | (1,223) |
Balances at the end of year | $ 27,042 | $ 22,914 |
Other liabilities - Sensibility
Other liabilities - Sensibility in relation with the provision of Toscana (Details) - Toscana Aeroporti S.p.A. $ in Thousands | Dec. 31, 2023 USD ($) |
Annual discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 2,327 |
Percentage of reasonably possible decrease in actuarial assumption | (0.50%) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ 2,526 |
Annual rate of inflation | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 0.25% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 2,452 |
Percentage of reasonably possible decrease in actuarial assumption | (0.25%) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ 2,395 |
Annual turnover rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 2.50% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 2,429 |
Percentage of reasonably possible decrease in actuarial assumption | (2.50%) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ 2,418 |
Other liabilities - Sensibili_2
Other liabilities - Sensibility in relation with the provision of TAGSA (Details) - Terminal Aeroportuaria Guayaquil S.A. ("TAGSA") $ in Thousands | Dec. 31, 2023 USD ($) |
Annual discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 1,880 |
Percentage of reasonably possible decrease in actuarial assumption | (0.50%) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ 2,040 |
Annual employee future wage increase | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 2,042 |
Percentage of reasonably possible decrease in actuarial assumption | (0.50%) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ 1,878 |
Annual turnover rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 1,951 |
Percentage of reasonably possible decrease in actuarial assumption | (0.50%) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ 1,965 |
Other liabilities - Changes i_3
Other liabilities - Changes in the provision for employee benefits (Details) - Provision for employee benefit obligation - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of other provisions [line items] | ||
Balances at the beginning of the year | $ 4,376 | $ 7,990 |
Disposal of subsidiaries | (2,084) | |
Actuarial gain/loss (in other comprehensive income) | (32) | (1,016) |
Service Cost | 367 | 450 |
Amounts paid in the year | (418) | (585) |
Translation differences and inflation adjustment | 89 | (379) |
Balances at the end of year | $ 4,382 | $ 4,376 |
Other liabilities - Changes i_4
Other liabilities - Changes in the provision for legal claims (Details) - Legal proceedings provision - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of other provisions [line items] | ||
Balances at the beginning of the year | $ 13,136 | $ 11,846 |
Disposal of subsidiaries | (1,177) | |
Accrual of the year | 4,469 | 5,674 |
Use of the provision | (1,911) | (2,319) |
Translation differences and inflation adjustment | (1,429) | (888) |
Balances at the end of year | $ 14,265 | $ 13,136 |
Other liabilities - Fixed conce
Other liabilities - Fixed concession fee payable (Details) R$ in Thousands | 12 Months Ended | |
Jul. 29, 2022 installment | Dec. 31, 2023 BRL (R$) installment | |
Disclosure of financial liabilities [line items] | ||
Number of annual installments | installment | 3 | |
Brasilia Airport Concession Agreement | ||
Disclosure of financial liabilities [line items] | ||
Fixed concession fee payable | R$ | R$ 4501132 | |
Number of annual installments | installment | 25 | |
Natal Airport Concession Agreement | ||
Disclosure of financial liabilities [line items] | ||
Fixed concession fee payable | R$ | R$ 6800 |
Other liabilities - Additional
Other liabilities - Additional information (Details) $ in Thousands, R$ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Jul. 20, 2021 | Dec. 17, 2020 USD ($) | Nov. 02, 2020 | Oct. 23, 2020 | Nov. 30, 2023 | Dec. 31, 2023 USD ($) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of subsidiaries [line items] | |||||||||
Deferred income | $ 21,060 | $ 15,395 | |||||||
Outstanding balance to be paid | 14,700 | ||||||||
Application of credits compensated with concession fees | (19,156) | (24,126) | |||||||
Concession fee payable due to re-bidding process | 74,640 | ||||||||
Percentage of annual concession fee to be paid | 50.25% | ||||||||
Period for final years of the concession | 6 years | ||||||||
Remeasurement of defined benefit obligation | 4 | 859 | $ 28 | ||||||
Remeasurement of defined benefit obligation before taxes | 8 | 1,016 | |||||||
Taxes relating to remeasurement of defined benefit obligation | $ 12 | $ 157 | |||||||
Payments of concession fees and development trusts that will be paid in installments | $ 38,000 | ||||||||
Brasilia Airport Concession Agreement | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Annual fee payment percentage | 2% | 2% | |||||||
Concession Fee Percentage | 4.50% | 4.50% | |||||||
Toscana Aeroporti S.p.A. | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Annual discount rate | 3.17% | 3.77% | |||||||
Annual inflation rate | 2% | ||||||||
Annual employee termination benefit increase rate | 3% | 3% | |||||||
Provisions | $ 2,400 | ||||||||
Toscana Aeroporti S.p.A. | 2023 | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Annual inflation rate | 5.90% | ||||||||
Annual employee termination benefit increase rate | 5.90% | ||||||||
Toscana Aeroporti S.p.A. | 2024 | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Annual inflation rate | 5.90% | 2.30% | |||||||
Annual employee termination benefit increase rate | 3.20% | ||||||||
Toscana Aeroporti S.p.A. | 2025 | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Annual inflation rate | 2% | ||||||||
Annual employee termination benefit increase rate | 3% | ||||||||
Terminal Aeroportuaria Guayaquil S.A. ("TAGSA") | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Annual discount rate | 5.77% | 5.96% | |||||||
Annual inflation rate | 15.52% | 14.98% | |||||||
Annual employee termination benefit increase rate | 1.33% | 1.33% | 1.29% | ||||||
Annual employee termination benefit | 6 years 10 months 2 days | 6 years 10 months 2 days | 7 years 21 days | ||||||
Provisions | $ 2,000 | ||||||||
Inframerica Concessionaria do Aeroporto de Brasilia | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Re-scheduled fixed concession fees payment (as a percent) | 50% | 50% | 50% | ||||||
Percentage of annual concession fee to be paid | 50% | 50% | |||||||
Partial payment made through the application of re-equilibrium credits | $ 15,000 | R$ 81.6 |
Trade payables (Details)
Trade payables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current | ||
Trade payable with suppliers | $ 2,617 | $ 3,307 |
Total non-current trade payables | 2,617 | 3,307 |
Current | ||
Trade payables with suppliers | 107,502 | 118,349 |
Trade payables with related parties (Note 27) | 5,266 | 5,753 |
Total current trade payables | $ 112,768 | $ 124,102 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity | ||
As at January 1 | $ 4,600 | $ 4,772 |
Transfer of treasury shares to executives and key employees | (278) | (172) |
As at December 31 | $ 4,322 | $ 4,600 |
At January 1 | 2,396,015 | 2,485,445 |
Transfer of treasury shares to executives and key employees | (144,892) | (89,430) |
At December 31 | 2,251,123 | 2,396,015 |
Equity - Share premium (Details
Equity - Share premium (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Equity | |||
Share premium | $ 183,430 | $ 183,430 | $ 183,430 |
Equity - Other reserves (Detail
Equity - Other reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
EQUITY | |||
At the beginning of the year | $ (1,314,025) | ||
Share base compensation reserve | 1,055 | $ 667 | $ 1,020 |
Remeasurement of defined benefit obligations net for income tax | 4 | 859 | 28 |
At the end of the year | (1,313,888) | (1,314,025) | |
Other reserves | |||
EQUITY | |||
At the beginning of the year | (1,314,025) | (1,321,211) | (1,321,142) |
Change in participations | 12 | 6,682 | 1,433 |
Share base compensation reserve | 1,055 | 667 | 1,020 |
Execution of share-based compensation reserve | (949) | (510) | (2,520) |
Remeasurement of defined benefit obligations net for income tax | 19 | 347 | (2) |
At the end of the year | $ (1,313,888) | $ (1,314,025) | $ (1,321,211) |
Equity - Other comprehensive in
Equity - Other comprehensive income / (loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
EQUITY | |||
Balances at January 1 | $ (250,747) | $ (321,596) | $ (417,219) |
Other comprehensive income/(loss) for the year | (231,688) | 70,849 | 95,623 |
For the year ended December 31, | (482,435) | (250,747) | (321,596) |
Currency translation adjustments | |||
EQUITY | |||
Balances at January 1 | (273,378) | (343,837) | (439,407) |
Other comprehensive income/(loss) for the year | (231,637) | 70,459 | 95,570 |
For the year ended December 31, | (505,015) | (273,378) | (343,837) |
Remeasurement of defined benefit obligations | |||
EQUITY | |||
Balances at January 1 | 520 | 120 | 92 |
Other comprehensive income/(loss) for the year | 12 | 400 | 28 |
For the year ended December 31, | 532 | 520 | 120 |
Share of other comprehensive loss from associates | |||
EQUITY | |||
Balances at January 1 | (41,169) | (41,212) | (41,267) |
Other comprehensive income/(loss) for the year | (70) | 43 | 55 |
For the year ended December 31, | (41,239) | (41,169) | (41,212) |
Income Tax effect | |||
EQUITY | |||
Balances at January 1 | (122) | (69) | (39) |
Other comprehensive income/(loss) for the year | 7 | (53) | (30) |
For the year ended December 31, | (115) | (122) | (69) |
Transfer from shareholders equity - currency translation differences | |||
EQUITY | |||
Balances at January 1 | 63,402 | 63,402 | 63,402 |
Other comprehensive income/(loss) for the year | 0 | 0 | 0 |
For the year ended December 31, | $ 63,402 | $ 63,402 | $ 63,402 |
Equity - Non controlling intere
Equity - Non controlling interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
EQUITY | |||
At the beginning of the year | $ 146,274 | ||
Redemption of preferred shares | $ (182,336) | ||
Other comprehensive (loss) / income | |||
Currency translation | (281,684) | 91,105 | $ 137,719 |
Remeasurement of defined benefit obligation | 4 | 859 | 28 |
Total other comprehensive (loss) / income | (281,750) | 92,007 | 138,722 |
Changes in non-controlling interest | |||
Changes in non-controlling interest | (13,656) | (11,382) | (1,919) |
Non-controlling interest at the end of the year | 78,929 | 146,274 | |
Non-controlling interests | |||
EQUITY | |||
At the beginning of the year | 146,274 | 303,877 | 315,876 |
Shareholder contributions | 9,424 | 24,170 | 11,475 |
Loss for the year | (13,039) | (2,531) | (63,221) |
Redemption of preferred shares | (182,336) | ||
Other comprehensive (loss) / income | |||
Currency translation | (50,047) | 20,646 | 43,071 |
Remeasurement of defined benefit obligation | (20) | 616 | 69 |
Reserve for income tax | 5 | (104) | (41) |
Total other comprehensive (loss) / income | (50,062) | 21,158 | 43,099 |
Changes in non-controlling interest | |||
Changes in the participations -acquisitions | (12) | (6,682) | (991) |
Dividends paid | (13,656) | (11,382) | (2,361) |
Changes in non-controlling interest | (13,668) | (18,064) | (3,352) |
Non-controlling interest at the end of the year | $ 78,929 | $ 146,274 | $ 303,877 |
Equity - Additional information
Equity - Additional information (Details) | 1 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||||
Dec. 30, 2022 | Mar. 12, 2021 USD ($) shares | Nov. 30, 2023 USD ($) shares | Apr. 30, 2023 USD ($) shares | Apr. 30, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Nov. 30, 2021 | Apr. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) shares | Dec. 31, 2023 ARS ($) shares | Apr. 30, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Mar. 10, 2022 USD ($) | Mar. 10, 2022 ARS ($) | |
EQUITY | |||||||||||||||
Share capital | $ | $ 163,223,000 | $ 163,223,000 | $ 163,223,000 | $ 163,223,000 | |||||||||||
Number of shares forfeited | 12,500 | ||||||||||||||
Number of shares assigned to employees | 113,848 | 113,848 | 146,115 | ||||||||||||
Number of shares delivered | 144,892 | 144,892 | 89,430 | ||||||||||||
Percentage of ownership interest held by Inframerica | 80% | ||||||||||||||
AA2000 | |||||||||||||||
EQUITY | |||||||||||||||
Total redemption value | $ 155,200,000 | $ 17,225,719,240 | |||||||||||||
Total redemption value, after adjustment for inflation | $ 182,300,000 | $ 32,302,581,376 | |||||||||||||
Cash disbursements | $ 172,000,000 | $ 30,476,665,719 | |||||||||||||
Shares assigned in December 2020 | |||||||||||||||
EQUITY | |||||||||||||||
Number of shares fully vested | 590,000 | ||||||||||||||
Value of shares fully vested | $ | $ 1,800,000 | ||||||||||||||
Shares assigned in December 2021 | |||||||||||||||
EQUITY | |||||||||||||||
Number of shares fully vested | 50,000 | 50,000 | 62,500 | 125,000 | |||||||||||
Value of shares fully vested | $ | $ 288,000 | $ 360,000 | $ 720,000 | ||||||||||||
Number of shares forfeited | 12,500 | ||||||||||||||
Value of shares assigned | $ | $ 1,440,000 | ||||||||||||||
Number of shares assigned to employees | 250,000 | ||||||||||||||
Shares assigned in April 2022 | |||||||||||||||
EQUITY | |||||||||||||||
Value of shares assigned | $ | $ 500,000 | ||||||||||||||
Number of shares assigned to employees | 89,767 | ||||||||||||||
Number of shares delivered | 26,930 | ||||||||||||||
Value of shares delivered | $ | $ 150,000 | ||||||||||||||
Shares assigned in December 2022 | |||||||||||||||
EQUITY | |||||||||||||||
Value of shares assigned | $ | $ 314,000 | ||||||||||||||
Number of shares assigned to employees | 56,348 | ||||||||||||||
Number of shares delivered | $ | 16,904 | ||||||||||||||
Value of shares delivered | $ | $ 94,000 | ||||||||||||||
Shares assigned in April 2023 | |||||||||||||||
EQUITY | |||||||||||||||
Value of shares assigned | $ | $ 739,000 | ||||||||||||||
Number of shares assigned to employees | 77,938 | ||||||||||||||
Number of shares delivered | 23,381 | ||||||||||||||
Value of shares delivered | $ | $ 221,700 | ||||||||||||||
Shares assigned in November 2023 | |||||||||||||||
EQUITY | |||||||||||||||
Value of shares assigned | $ | $ 340,000 | ||||||||||||||
Number of shares assigned to employees | 35,910 | ||||||||||||||
Number of shares delivered | 10,773 | ||||||||||||||
Value of shares delivered | $ | $ 102,100 | ||||||||||||||
Corporacion America S.A. | |||||||||||||||
EQUITY | |||||||||||||||
Percentage of ownership interest held by Inframerica | 97.22% | 96.18% | 97.22% | 97.22% | 97.22% | 96.18% | |||||||||
Corporacion America S.A. | Minimum | |||||||||||||||
EQUITY | |||||||||||||||
Percentage of ownership interest held by Inframerica | 96.18% | 95.80% | |||||||||||||
Corporacion America S.A. | Maximum | |||||||||||||||
EQUITY | |||||||||||||||
Percentage of ownership interest held by Inframerica | 97.22% | 96.18% |
Contingencies, commitments an_3
Contingencies, commitments and restrictions on the distribution of profits - Contingencies (Details) € in Thousands, R$ in Thousands, $ in Thousands, $ in Millions | 1 Months Ended | 5 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 29, 2023 | Dec. 13, 2023 USD ($) | Sep. 06, 2022 item | Jul. 13, 2022 item | Jun. 14, 2022 USD ($) | Sep. 14, 2019 BRL (R$) | Aug. 27, 2019 BRL (R$) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 BRL (R$) | Mar. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Nov. 30, 2023 USD ($) | Nov. 30, 2023 BRL (R$) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2018 EUR (€) contract | Dec. 31, 2014 BRL (R$) | Dec. 31, 2023 BRL (R$) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 BRL (R$) | Jan. 31, 2022 USD ($) | Sep. 10, 2021 EUR (€) | Feb. 02, 2021 USD ($) | Feb. 02, 2021 ARS ($) | |
Contingencies, commitments and restrictions on the distribution of profits | ||||||||||||||||||||||||||
Amount of damages awarded to the plaintiff | $ 600 | |||||||||||||||||||||||||
Amount of interest on damages awarded to the plaintiff | $ 300 | |||||||||||||||||||||||||
Annual interest rate on damages awarded to plaintiff | 8% | |||||||||||||||||||||||||
Percentage of judgment of damages awarded to plaintiff | 53.30% | |||||||||||||||||||||||||
Total amount of loan | $ 1,333,237 | $ 1,333,237 | $ 1,333,237 | $ 1,465,437 | $ 1,439,603 | |||||||||||||||||||||
Revenue | 1,400,038 | 1,378,663 | 706,913 | |||||||||||||||||||||||
Several payments in cash | 27,500 | 2,400 | ||||||||||||||||||||||||
Bad debt recovery recognized | 1,546 | (4,760) | 6,416 | |||||||||||||||||||||||
Amount of identified three total payments | R$ | R$ 858 | |||||||||||||||||||||||||
Legal action to claiming for late payment of taxes | R$ | R$ 1300 | |||||||||||||||||||||||||
TA Concession Agreement | Toscana Aeroporti S.p.A. | ||||||||||||||||||||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||||||||||||||||||||
Payments for confirmation deposit with no property passage | $ 3,300 | |||||||||||||||||||||||||
Number of hearings | item | 2 | 2 | ||||||||||||||||||||||||
Amount of guarantees constituted | 500 | |||||||||||||||||||||||||
Inframerica Concessionria do Aeroporto de Braslia S.A. ("ICAB") | ||||||||||||||||||||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||||||||||||||||||||
Revenue | 100,252 | $ 79,713 | $ 51,706 | |||||||||||||||||||||||
AA2000 | ARSA | ||||||||||||||||||||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||||||||||||||||||||
Total amount of loan | $ 36,500 | $ 120.6 | ||||||||||||||||||||||||
Revenue | $ 4,800 | |||||||||||||||||||||||||
Bad debt recovery recognized | 10,100 | |||||||||||||||||||||||||
Foreign exchange income recognized | 13,000 | |||||||||||||||||||||||||
Interest income recognized | $ 4,800 | |||||||||||||||||||||||||
Tax Proceedings | ||||||||||||||||||||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||||||||||||||||||||
Legal proceedings claim payments | R$ | R$ 17000 | |||||||||||||||||||||||||
Value of tax demanded award the plaintiff seeks in the legal matter | 1,700 | R$ 8000 | $ 16,500 | R$ 80000 | ||||||||||||||||||||||
Lawsuit initiated by Federal District on pending IPTU, one | Inframerica Concessionria do Aeroporto de Braslia S.A. ("ICAB") | ||||||||||||||||||||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||||||||||||||||||||
Legal proceedings claim amount | 1,000 | 1,000 | 1,000 | R$ 5000 | ||||||||||||||||||||||
Lawsuit initiated by Federal District on pending IPTU , two | Inframerica Concessionria do Aeroporto de Braslia S.A. ("ICAB") | ||||||||||||||||||||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||||||||||||||||||||
Legal proceedings claim amount | $ 200 | R$ 1200 | ||||||||||||||||||||||||
TAGSA legal proceedings | Inframerica Concessionria do Aeroporto de Braslia S.A. ("ICAB") | ||||||||||||||||||||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||||||||||||||||||||
Legal proceedings claim amount | $ 4,500 | |||||||||||||||||||||||||
ANSA legal proceedings, relating to claim by a supplier for breach of contract, one | ||||||||||||||||||||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||||||||||||||||||||
Provision | 900 | |||||||||||||||||||||||||
ANSA legal proceedings, relating to claim by a supplier for breach of contract, two | ||||||||||||||||||||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||||||||||||||||||||
Legal proceedings claim amount | 500 | 500 | 500 | |||||||||||||||||||||||
Amount of ANSAs bank accounts attached | $ 300 | $ 300 | 300 | |||||||||||||||||||||||
Insurance offered by ANSA | $ 500 | |||||||||||||||||||||||||
Italian Proceedings | ARSA | ||||||||||||||||||||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||||||||||||||||||||
Provision | € | € 0 | |||||||||||||||||||||||||
Number of preliminary sales contracts | contract | 2 | |||||||||||||||||||||||||
Italian Proceedings | ARSA | First contract | ||||||||||||||||||||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||||||||||||||||||||
Repayment of contract expected price | € | € 75,000 | € 72,000 | ||||||||||||||||||||||||
Contract expected price | € | 3,000 | |||||||||||||||||||||||||
Italian Proceedings | ARSA | Second contract | ||||||||||||||||||||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||||||||||||||||||||
Repayment of contract expected price | € | 90 | € 81 | ||||||||||||||||||||||||
Contract expected price | € | € 9 |
Contingencies, commitments an_4
Contingencies, commitments and restrictions on the distribution of profits - Commitments (Details) | 1 Months Ended | 12 Months Ended | ||
Apr. 03, 2007 | Feb. 28, 1998 item | Dec. 31, 2023 item | Dec. 31, 2021 aircraft | |
Contingencies, commitments and restrictions on the distribution of profits | ||||
Number of airports | 52 | |||
Argentina | AA2000 | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Number of airports | 33 | 35 | ||
Concession agreement extension period | 10 years | |||
Argentina | ANSA | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Number of airports | 1 | |||
Concession agreement extension period | 5 years | |||
Argentina | BBL | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Number of airports | 1 | |||
Concession agreement extension period | 10 years | |||
Italy | TA (SAT) | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Number of airports | 1 | |||
Italy | TA (ADF) | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Number of airports | 1 | |||
Brazil | ICAB | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Number of airports | 1 | |||
Concession agreement extension period | 5 years | |||
Uruguay | PDA | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Number of airports | 7 | |||
Concession agreement extension period | 20 years | |||
Number of regional airports | aircraft | 6 | |||
Uruguay | CAISA | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Number of airports | 1 | |||
Ecuador | TAGSA | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Number of airports | 1 | |||
Concession agreement extension period | 2 years | |||
Ecuador | ECOGAL | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Number of airports | 1 | |||
Armenia | AIA | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Number of airports | 2 | |||
Concesssion agreement extension period description | Option to renew every 5 years |
Contingencies, commitments an_5
Contingencies, commitments and restrictions on the distribution of profits - Argentine Concession Agreement (Details) $ / shares in Units, $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018 USD ($) | Apr. 03, 2007 | Feb. 28, 1998 item | Dec. 31, 2023 USD ($) item | Dec. 31, 2023 ARS ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2018 ARS ($) | Dec. 31, 2006 $ / shares shares | |
Contingencies, commitments and restrictions on the distribution of profits | ||||||||
Number of airports | item | 52 | 52 | ||||||
Payments to acquire or redeem entity's shares | $ 172,029 | |||||||
Argentina | AA2000 | ||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||
Number of airports | item | 33 | 35 | 35 | |||||
Initial term of concession agreement | 30 years | |||||||
Concession agreement extension period | 10 years | |||||||
Approximate CAPEX commitment plus VAT | $ 500,000 | 174,200 | ||||||
Number of phases to perform the CAPEX commitment | item | 2 | 2 | ||||||
Approximate CAPEX commitment plus VAT, in Phase 1 | $ 336,000 | |||||||
Approximate annual investment committed plus VAT, in Phase 2 | 41,000 | |||||||
Approximate CAPEX commitment plus VAT, in Phase 2 | 164,000 | |||||||
Amount of works initiated | 262,100 | |||||||
Amount of works executed | $ 190,300 | |||||||
Payments to acquire or redeem entity's shares | 436,300 | |||||||
Amount executed | $ 364,500 | |||||||
Percentage of entity's revenue | 15% | 15% | ||||||
Percentage of previously deducted funds for deposit | 30% | 30% | ||||||
Amount of surety bond contracted | $ 130,000 | |||||||
Amount of concession contract fulfilment to whom guarantee sets up | 8,000 | $ 6,499.2 | ||||||
Minimum amount for civil liability insurance policy provision | $ 400 | $ 300 | ||||||
Civil liability insurance premium paid | $ 300,000 | |||||||
Civil liability insurance | 3,184 | |||||||
Civil liability insurance regarding construction risk | $ 40,000 | |||||||
Number of preferred shares convertible into common shares | shares | 496,161,413 | |||||||
Nominal value of each convertible preferred share | $ / shares | $ 1 | |||||||
Percentage per year of total amount of initial preferred shares issued for maximum amount of conversion | 12.50% | |||||||
Argentina | AA2000 | Fund to trust for development of argentine national airport system | ||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||
Percentage of previously deducted funds for deposit | 11.25% | 11.25% | ||||||
Argentina | AA2000 | Fund to study control and regulate argentine concession | ||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||
Percentage of previously deducted funds for deposit | 1.25% | 1.25% | ||||||
Argentina | AA2000 | Fund to trust for investment commitments for group a airports | ||||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||||
Percentage of previously deducted funds for deposit | 2.50% | 2.50% |
Contingencies, commitments an_6
Contingencies, commitments and restrictions on the distribution of profits - Uruguayan Concession Agreements (Details) $ in Thousands, item in Millions | 1 Months Ended | 5 Months Ended | 12 Months Ended | ||||
Nov. 08, 2021 USD ($) aircraft | Jun. 28, 2019 USD ($) | Dec. 31, 2018 USD ($) | Jun. 30, 2023 USD ($) | May 31, 2023 USD ($) | Dec. 31, 2023 USD ($) kg item $ / item | Dec. 31, 2022 USD ($) | |
Contingencies, commitments and restrictions on the distribution of profits | |||||||
Capital expenditure | $ 161,622 | $ 164,874 | |||||
Carrasco International Airport and New Airports | Puerta del Sur S.A ("PDS") | |||||||
Contingencies, commitments and restrictions on the distribution of profits | |||||||
Capital expenditure | $ 67,000 | ||||||
Carrasco International Airport and New Airports | Puerta del Sur S.A ("PDS") | Later than one year and not later than two years | |||||||
Contingencies, commitments and restrictions on the distribution of profits | |||||||
Capital expenditure | 13,000 | ||||||
Carrasco International Airport and New Airports | Puerta del Sur S.A ("PDS") | 2023 | |||||||
Contingencies, commitments and restrictions on the distribution of profits | |||||||
Capital expenditure | 32,000 | ||||||
Carrasco International Airport and New Airports | Puerta del Sur S.A ("PDS") | 2024 | |||||||
Contingencies, commitments and restrictions on the distribution of profits | |||||||
Capital expenditure | 18,000 | ||||||
Carrasco International Airport and New Airports | Puerta del Sur S.A ("PDS") | 2028 | |||||||
Contingencies, commitments and restrictions on the distribution of profits | |||||||
Capital expenditure | 4,000 | ||||||
Puerta del sur | |||||||
Contingencies, commitments and restrictions on the distribution of profits | |||||||
Amount covered by insurance | 300,000 | $ 300,000 | |||||
Punta del Este | |||||||
Contingencies, commitments and restrictions on the distribution of profits | |||||||
Incremental capital expenditures | $ 35,000 | ||||||
Minimum annual concession fee | 500 | $ 611 | $ 577 | ||||
Construction completion guarantee | 1,600 | ||||||
Concession contract fulfilment guarantee | $ 4,200 | ||||||
URUGUAY | |||||||
Contingencies, commitments and restrictions on the distribution of profits | |||||||
Incremental capital expenditures | $ 5,000 | ||||||
Number of passengers to determine additional fees | item | 1.5 | ||||||
Period for performance guarantee returned after expiration of concession agreement | 6 months | ||||||
URUGUAY | Puerta del sur | |||||||
Contingencies, commitments and restrictions on the distribution of profits | |||||||
Number of regional airports | aircraft | 6 | ||||||
Incremental capital expenditures | $ 41,500 | ||||||
Annual fee required to pay government higher of stated amount as per first condition | $ 5,789 | ||||||
Annual fee required to pay government, number of work units required, as per second condition | kg | 100 | ||||||
Annual fee required to pay government, per unit value required, as per second condition | $ / item | 0.00532 | ||||||
Additional guarantee granted | $ 4,700 | ||||||
Performance guarantee | $ 7,600 | ||||||
Minimum coverage amount | $ 250,000 | ||||||
Period to incur additional capital expenditures | 5 years | ||||||
URUGUAY | Punta del Este | |||||||
Contingencies, commitments and restrictions on the distribution of profits | |||||||
Amount covered by insurance | $ 340,000 |
Contingencies, commitments an_7
Contingencies, commitments and restrictions on the distribution of profits - Ecuadorian Concession Agreement (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jul. 20, 2021 | Jan. 31, 2020 | Dec. 31, 2023 | Jul. 06, 2018 | |
Contingencies, commitments and restrictions on the distribution of profits | ||||
Percentage of annual concession fee to be paid | 50.25% | |||
Minimum | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Percentage of annual concession fee to be paid | 55.25% | |||
Maximum | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Percentage of annual concession fee to be paid | 53.66% | |||
Ecuador | Guayaquil Concession Agreement | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Additional work to be completed | $ 32,200,000 | |||
Amount remain pending | $ 4,900,000 | |||
Fixed amount required to pay per year for administrative services | $ 524,600,000 | 1,500,000 | ||
Performance bond | $ 6,400,000 | |||
Ecuador | TAGSA | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Percentage of gross revenues from tariffs and charges as annual concession required to pay to trust | 55.25% | |||
Performance guarantee | $ 3,000,000 | |||
Percentage of amount required to be paid to maintain performance bond | 20% | |||
Civil liability insurance premium paid | $ 570,600,000 | |||
Ecuador | ECOGAL | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Performance bond | $ 700,000 |
Contingencies, commitments an_8
Contingencies, commitments and restrictions on the distribution of profits - Brazil Concession Agreement (Details) - Brasilia Concession Agreement R$ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2023 USD ($) | Dec. 31, 2023 BRL (R$) | |
Contingencies, commitments and restrictions on the distribution of profits | |||
Initial term of concession agreement | 25 years | ||
Concession agreement extension period | 5 years | ||
Additional mandatory investments | $ 9.4 | ||
Current amount of Phase II performance bonds | $ 53.4 | R$ 258.3 |
Contingencies, commitments an_9
Contingencies, commitments and restrictions on the distribution of profits - Armenian Concession Agreement (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) | |
Contingencies, commitments and restrictions on the distribution of profits | ||
Capital expenditure | $ | $ 161,622 | $ 164,874 |
Armenia | AIA | ||
Contingencies, commitments and restrictions on the distribution of profits | ||
Concession agreement, extension period | 5 years | |
Number of phases of construction of new terminal | item | 3 | |
Number of completed phases | item | 2 | |
Period during which master plan to be submitted to government | 5 years | |
Extended period covered in the updated master plan | 30 years | |
Capital expenditure | $ | $ 70,000 |
Contingencies, commitments a_10
Contingencies, commitments and restrictions on the distribution of profits - Italy Concession Agreement (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||||
Jul. 29, 2022 installment | Jan. 26, 2021 | Dec. 31, 2023 EUR (€) item installment kg | Dec. 31, 2023 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | |
Contingencies, commitments and restrictions on the distribution of profits | ||||||
Number of installments | installment | 3 | |||||
Toscana Aeroporti S.p.A. | ||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||
Number of installments | installment | 5 | |||||
Remaining ownership percentage to acquire | 19% | |||||
Pre-set consideration of acquisition | € 2,200 | |||||
Net identifiable assets arising from the acquisition | 1,000 | |||||
Cash and cash equivalents from the acquisition | 8 | $ 10 | ||||
Goodwill | € 3,700 | 4,500 | ||||
Italy | TA Concession Agreement | ||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||
Concession agreement extension period | 40 years | |||||
Number of passenger considered for each unit | item | 1 | |||||
Volume of goods considered for each unit | kg | 100 | |||||
Number of installments | installment | 2 | |||||
Surety provided to third parties | € 10,400 | $ 11,500 | € 10,600 | $ 11,300 | ||
Percentage of ownership | 51% | |||||
Toscana Aeroporti S.p.A. | ||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||
Total purchase price | 4,500 | |||||
Toscana Aeroporti S.p.A. | Italy | TA Concession Agreement | ||||||
Contingencies, commitments and restrictions on the distribution of profits | ||||||
Amount of insurance policy to cover property damages, business interruptions and airport liabilities | € 868,000 |
Contingencies, commitments a_11
Contingencies, commitments and restrictions on the distribution of profits - Preferred bidder to operate Abuja and Kano airports in Nigeria (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 30, 2022 | Oct. 31, 2022 | Dec. 31, 2023 | ||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Proportion of ownership interest in subsidiary | 80% | |||
Abuja Airport Concession Company (AACC) | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Exposure to credit risk on loan commitments and financial guarantee contracts at end of period | $ 1.8 | |||
Proportion of ownership interest in subsidiary | [1] | 51% | ||
Kano Airport Concession Company Limited (KACC) | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Exposure to credit risk on loan commitments and financial guarantee contracts at end of period | $ 0.4 | |||
Proportion of ownership interest in subsidiary | [1] | 51% | ||
Corporacion Africa Airports Nigeria Limited ("CAAN") | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Proportion of ownership interest in subsidiary | 51% | |||
CAAP, Mota | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Percentage of ownership | 51% | |||
Percentage of counter guarantee provided | 51% | |||
CAAP, Mota | Abuja Airport Concession Company (AACC) | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Proportion of ownership interest in subsidiary | 100% | |||
CAAP, Mota | Kano Airport Concession Company Limited (KACC) | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Proportion of ownership interest in subsidiary | 100% | |||
CAAP, Mota | Corporacion Africa Airports Nigeria Limited ("CAAN") | ||||
Contingencies, commitments and restrictions on the distribution of profits | ||||
Proportion of ownership interest in subsidiary | 51% | |||
[1] Operating company part of the structure related to the future Nigerian’s concessions (Note 26.b). |
Contingencies, commitments a_12
Contingencies, commitments and restrictions on the distribution of profits - Other commitments (Details) $ in Thousands, € in Millions, R$ in Millions | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 BRL (R$) |
Contingencies, commitments and restrictions on the distribution of profits | |||
Minimum percentage of net income to be allocated to legal reserve | 5% | 5% | 5% |
Legal reserve to be created as percentage of share capital | 10% | 10% | 10% |
ICASGA | |||
Contingencies, commitments and restrictions on the distribution of profits | |||
Energy supply contract guaranteed by entity | $ 186 | R$ 0.9 | |
ICAB | |||
Contingencies, commitments and restrictions on the distribution of profits | |||
Energy supply contract guaranteed by entity | 372 | R$ 1.8 | |
Toscana Aeroporti S.p.A. | |||
Contingencies, commitments and restrictions on the distribution of profits | |||
Other commitments guarantees | € 0.9 | $ 1,000 |
Contingencies, commitments a_13
Contingencies, commitments and restrictions on the distribution of profits - Restrictions to the distribution of profits and payment of dividends (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Contingencies, commitments and restrictions on the distribution of profits | |||
Share capital | $ 163,223 | $ 163,223 | $ 163,223 |
Share premium | 183,430 | 183,430 | 183,430 |
Reserve for own shares | 4,322 | 4,600 | 4,772 |
Legal reserves | 3,676 | 1,081 | 1,081 |
Free distributable reserves | 378,910 | 378,910 | 378,910 |
Non-distributable reserves | 1,353,706 | 1,353,428 | 1,353,255 |
Retained earnings | 37,890 | (34,372) | (86,279) |
Total equity in accordance with Luxembourg law | $ 2,125,157 | $ 2,050,300 | $ 1,998,392 |
Related party balances and tr_3
Related party balances and transactions - Balances with related parties (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Related party balances and transactions | ||
Total Arising from sales / purchases of goods / other | $ 40,646 | $ 13,825 |
Other liabilities | ||
Total other liabilities | (17,964) | (2,503) |
Other balances | ||
Other balances | 23,249 | 4,652 |
Associates | ||
Related party balances and transactions | ||
Trade receivables | 4,200 | 4,174 |
Other receivables | 58 | 445 |
Other financial assets | 3,108 | 2,954 |
Trade payables | (2,765) | (2,714) |
Other liabilities | ||
Other liabilities to other related parties | (15,539) | |
Other related parties | ||
Related party balances and transactions | ||
Trade receivables | 962 | 2,310 |
Other receivables | 9,257 | 9,695 |
Other financial assets | 28,327 | |
Trade payables | (2,501) | (3,039) |
Other liabilities | ||
Other liabilities to other related parties | (2,425) | (2,503) |
Other balances | ||
Cash and cash equivalents in other related parties | $ 23,249 | $ 4,652 |
Related party balances and tr_4
Related party balances and transactions - Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related party balances and transactions | |||
Aeronautical/Commercial revenue | $ 14,267 | $ 9,957 | $ 6,263 |
Fees | (10,300) | (7,266) | (6,795) |
Interest accruals | 660 | 1,240 | 695 |
Acquisition of goods and services | (22,955) | (22,278) | (10,743) |
Others | $ (4,198) | $ (4,367) | $ (4,201) |
Related party balances and tr_5
Related party balances and transactions - Additional information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related party balances and transactions | |||
Lease liabilities | $ 6,973,000 | $ 2,201,000 | |
Transactions related to variable equipment leases with other related parties that are excluded from the lease liability | $ 5,433,000 | $ 6,122,000 | |
Loans | |||
Related party balances and transactions | |||
Interest rate | 4.50% | ||
Time deposits | |||
Related party balances and transactions | |||
Interest rate | 4% | ||
Key management personnel of entity or parent | |||
Related party balances and transactions | |||
Percentage of director remuneration | 1.90% | 2.20% | 2.70% |
Other related parties | |||
Related party balances and transactions | |||
Other financial assets | $ 28,327,000 | ||
Other related parties | Loans | |||
Related party balances and transactions | |||
Other financial assets | $ 14,800 | ||
Other related parties | Time deposits | |||
Related party balances and transactions | |||
Other financial assets | $ 10,100 |
Business combinations, other _2
Business combinations, other acquisitions and investments - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business combinations, other acquisitions and investments | |||
Share of profit (loss) of associates accounted for using equity method | $ 7,108 | $ (970) | $ (629) |
Call option | |||
Business combinations, other acquisitions and investments | |||
Percentage of remaining ownership interests to be acquired | 51% | ||
Purchase price calculated as a percentage of difference between current assets and liabilities | 51% | ||
Navinten S.A. | |||
Business combinations, other acquisitions and investments | |||
Share of profit (loss) of associates accounted for using equity method | $ 7,292 | ||
Navinten S.A. | |||
Business combinations, other acquisitions and investments | |||
Percentage of additional share capital purchased | 49% | ||
Purchase consideration for the business combination | $ 3,400 | ||
Fair value of net assets acquired | 4,100 | ||
Proceeds from sale of equity interest in subsidiary | 7,300 | ||
Single lumpsum amount receivable from buyer, on fulfillment certain performance metrics | 5,500 | ||
Navinten S.A. | Share of profit (loss) of associates and joint ventures | |||
Business combinations, other acquisitions and investments | |||
Gain relating to the business combination | $ 700 |
Cash flow disclosures (Details)
Cash flow disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flow disclosures | |||
Other receivables and credits | $ (32,429) | $ (55,064) | $ (4,503) |
Inventories | (1,551) | (3,566) | (2,767) |
Other liabilities | (19,323) | 989 | (4,985) |
Changes in working capital | $ (53,303) | $ (57,641) | $ (12,255) |
Cash flow disclosures - Signifi
Cash flow disclosures - Significant non-cash transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flow disclosures | |||
Intangible assets acquisition with an increase in Other liabilities / Borrowings / Lease liabilities | $ (1,180) | $ (111) | $ (13) |
Property, plant and equipment acquisitions with an increase in Other liabilities | (124) | ||
Right-of-use asset initial recognition with an increase in Lease liabilities | (5,217) | (465) | (2,407) |
Concession fees paid with credit of financial re-equilibrium | (22,946) | (15,434) | (25,473) |
Constitution/of Interest Payment Account | 29,960 | ||
Other taxes paid with financial re-equilibrium | $ (2,438) | ||
Compensation of trade receivables | 27,844 | ||
Application of credits compensated with concession fees | (19,156) | (24,126) | |
Application of credits compensated with other liabilities | (3,717) | ||
Income tax paid with tax certificates | (2,339) | $ (971) | |
Purchase of Navinten shares | (3,384) | ||
Sale of Navinten shares | 3,384 | ||
ICASGA's compensation received through a guarantee deposit | (41,262) | ||
Release of concession fee payable due to ICAGSA's re-bidding process | (74,640) | ||
Compensation of ICASGA's re-equilibriums | 5,309 | ||
Compensation of ICASGA's monthly contribution | (3,767) | ||
ICASGA's compensation to be collected | $ (66,612) |
Cash flow disclosures - Additio
Cash flow disclosures - Additional information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flow disclosures | |||
Values at the beginning of the year | $ 1,465,437 | $ 1,439,603 | $ 1,344,817 |
Proceeds from borrowings | 87,846 | 371,951 | 366,544 |
Loans and interest paid | (284,266) | (440,162) | (352,947) |
Debt renegotiation expenses | (110) | (2,011) | (20,439) |
Effects of exchange rate changes and inflation adjustment | (11,374) | (19,037) | (43,042) |
Other non-cash movements | 75,704 | 115,093 | 144,670 |
Balances | 1,333,237 | 1,465,437 | 1,439,603 |
Bank and financial borrowings | |||
Cash flow disclosures | |||
Values at the beginning of the year | 478,904 | 612,269 | 664,337 |
Proceeds from borrowings | 81,900 | 143,388 | 185,465 |
Loans and interest paid | (202,341) | (321,435) | (258,615) |
Debt renegotiation expenses | (1,282) | (2,204) | |
Effects of exchange rate changes and inflation adjustment | 11,219 | (7,518) | (38,450) |
Other non-cash movements | 22,557 | 53,482 | 61,736 |
Balances | 392,239 | 478,904 | 612,269 |
Notes | |||
Cash flow disclosures | |||
Values at the beginning of the year | 986,533 | 827,334 | 680,480 |
Proceeds from borrowings | 1,682 | 210,762 | 181,079 |
Loans and interest paid | (78,455) | (101,757) | (94,332) |
Debt renegotiation expenses | (110) | (729) | (18,235) |
Effects of exchange rate changes and inflation adjustment | (20,452) | (10,504) | (4,592) |
Other non-cash movements | 51,739 | 61,427 | 82,934 |
Balances | 940,937 | 986,533 | $ 827,334 |
Bank overdrafts | |||
Cash flow disclosures | |||
Proceeds from borrowings | 4,264 | 17,801 | |
Loans and interest paid | (3,470) | (16,970) | |
Effects of exchange rate changes and inflation adjustment | (2,141) | (1,015) | |
Other non-cash movements | 1,408 | $ 184 | |
Balances | $ 61 |
Share-based payments - Shares g
Share-based payments - Shares granted under the plan (Details) | 12 Months Ended | |
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | |
Share-based payments | ||
As at January 1 | shares | 169,185 | 125,000 |
Granted during the year | shares | 113,848 | 146,115 |
Forfeited during the year | shares | (12,500) | |
Exercised during the year | shares | (144,892) | (89,430) |
As at December 31 | shares | 138,141 | 169,185 |
Average price per share beginning | $ / shares | $ 5.62 | $ 5.76 |
Granted during the year | $ / shares | 9.48 | 5.57 |
Forfeited during the year | $ / shares | (5.80) | |
Exercised during the year | $ / shares | (6.55) | (5.70) |
Average price per share ending | $ / shares | $ 7.83 | $ 5.62 |
Share-based payments - Amounts
Share-based payments - Amounts of shares granted and accrued under each plan (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Share-based payments | |||
Granted | $ 1,079 | $ 814 | $ 1,440 |
Accrued | 1,055 | 667 | 1,020 |
Shares assigned in December 2021 | |||
Share-based payments | |||
Granted | 1,440 | ||
Accrued | 96 | 252 | $ 1,020 |
Shares forfeited | 72 | ||
Shares assigned in April 2022 | |||
Share-based payments | |||
Granted | 500 | ||
Accrued | 150 | 317 | |
Shares assigned in December 2022 | |||
Share-based payments | |||
Granted | 314 | ||
Accrued | 184 | $ 98 | |
Shares assigned in April 2023 | |||
Share-based payments | |||
Granted | 739 | ||
Accrued | 474 | ||
Shares assigned in November 2023 | |||
Share-based payments | |||
Granted | 340 | ||
Accrued | $ 151 |
Discontinued operations (Detail
Discontinued operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
Discontinued operations | ||||
Remaining amount of future capex commitments | $ 14,700 | |||
Reversal of currency translation adjustment loss | $ 900 | $ 21,200 | ||
Decrease of the Investments in associates | 3,100 | |||
Aeropuertos Andinos del Per S.A. | ||||
Discontinued operations | ||||
Sale of shares consideration received | $ 5 | |||
Future capex commitments | $ 17,200 | |||
Payments of future capex commitments | $ 2,500 |
Earnings per share - Basic earn
Earnings per share - Basic earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share | |||
Income / (loss) attributable to equity holders of the Group | $ 239,506 | $ 168,166 | $ (117,755) |
Weighted average number of shares (thousands) | 160,891 | 160,755 | 160,500 |
Basic earnings per share of the year | $ 1.49 | $ 1.05 | $ (0.73) |
Calculation of the basic earnings per share total: | |||
From continuing operations attributable to the ordinary equity holders of the Group | 1.49 | 1.05 | (0.60) |
From discontinued operations | (0.13) | ||
Basic earnings per share of the year | $ 1.49 | $ 1.05 | $ (0.73) |
Earnings per share - Diluted ea
Earnings per share - Diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share | |||
Income / (loss) attributable to equity holders of the Group | $ 239,506 | $ 168,166 | $ (117,755) |
Weighted average number of shares and potential ordinary shares (thousands) | 161,058 | 160,795 | 160,500 |
Diluted earnings per share of the year | $ 1.49 | $ 1.05 | $ (0.73) |
Calculation of the diluted earnings per share total: | |||
From continuing operations attributable to the ordinary equity holders of the Group | 1.49 | 1.05 | (0.60) |
From discontinued operations | (0.13) | ||
Total diluted earnings per share attributable to the ordinary equity holders of the Group | $ 1.49 | $ 1.05 | $ (0.73) |
Earnings per share - Weighted a
Earnings per share - Weighted average number of shares used as the denominator (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share | |||
Weighted average number of shares outstanding | 163,223 | 163,223 | 163,223 |
Weighted average number of treasury shares | (2,332) | (2,468) | (2,723) |
Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share | 160,891 | 160,755 | 160,500 |
Equity settled share based payment | 167 | 40 | |
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share | 161,058 | 160,795 | 160,500 |
Subsequent events (Details)
Subsequent events (Details) $ in Thousands, R$ in Millions | 12 Months Ended | |||||||||
Jan. 15, 2024 USD ($) | Jan. 15, 2024 BRL (R$) | Jan. 05, 2024 USD ($) | Jan. 05, 2024 BRL (R$) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2024 USD ($) | Feb. 29, 2024 USD ($) | Jan. 31, 2024 USD ($) | |
Subsequent events | ||||||||||
Prepayments | $ 200,475 | $ 328,775 | $ 266,839 | |||||||
Treasury bills | $ 4,322 | $ 4,600 | $ 4,772 | |||||||
Entering into significant commitments or contingent liabilities | Natal Airport Concession Agreement | ACI do Brasil S.A. | ||||||||||
Subsequent events | ||||||||||
Outstanding compensation received on account of re-bidding process | $ 66,800 | R$ 323.4 | ||||||||
Repayment of Borrowings | Credit Facility Agreement With BNDES | ||||||||||
Subsequent events | ||||||||||
Prepayments | $ 15,700 | R$ 75.9 | ||||||||
Subscription of Borrowings | Aeropuertos Argentina 2000 SA | Series 1 Dollar denominated Notes | ||||||||||
Subsequent events | ||||||||||
Nominal value | $ 1,100 | $ 1,100 | ||||||||
Subscription of Borrowings | Aeropuertos Argentina 2000 SA | Series 2 Dollar denominated Notes | ||||||||||
Subsequent events | ||||||||||
Nominal value | $ 600 | $ 600 | ||||||||
Repurchased | Aeropuertos Argentina 2000 SA | Class 6 | ||||||||||
Subsequent events | ||||||||||
Treasury bills | $ 4,700 | |||||||||
Repurchased | Aeropuertos Argentina 2000 SA | Class 9 | ||||||||||
Subsequent events | ||||||||||
Treasury bills | 1,600 | |||||||||
Repurchased | Aeropuertos Argentina 2000 SA | Class 10 | ||||||||||
Subsequent events | ||||||||||
Treasury bills | $ 4,500 |
Condensed Financial Informati_3
Condensed Financial Information of the Company - CONDENSED STATEMENT OF INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Continuing operations | |||
Selling, general and administrative expenses | $ (138,669) | $ (141,355) | $ (102,062) |
Other operating income | 100,560 | 37,340 | 42,777 |
Other operating expenses | (9,453) | (6,984) | (18,416) |
Operating income | 540,637 | 304,575 | 6,460 |
Share of income / (loss) in subsidiaries and associates | 7,108 | (970) | (629) |
Income before financial results and income tax | 547,745 | 303,605 | 5,831 |
Financial income | 101,598 | 63,859 | 28,080 |
Financial loss | (406,570) | (196,405) | (131,271) |
Income / (loss) before income tax | 202,226 | 190,518 | (90,669) |
Income tax | 24,241 | (24,883) | (69,111) |
Income / (loss) from continuing operations | 226,467 | 165,635 | (159,780) |
Loss from discontinued operations | (21,196) | ||
Income / (loss) for the year | 226,467 | 165,635 | (180,976) |
Parent | Reportable legal entities | |||
Continuing operations | |||
Selling, general and administrative expenses | (7,728) | (7,342) | (5,697) |
Other operating income | 2,972 | 6 | |
Other operating expenses | (1) | (5) | |
Operating income | (4,757) | (7,341) | (5,697) |
Share of income / (loss) in subsidiaries and associates | 247,585 | 182,050 | (88,022) |
Income before financial results and income tax | 242,828 | 174,709 | (93,719) |
Financial income | 1,905 | 1,874 | 53 |
Financial loss | (586) | (429) | (431) |
Income / (loss) before income tax | 244,147 | 176,154 | (94,097) |
Income tax | (4,629) | (1,307) | (1,028) |
Income / (loss) from continuing operations | 239,518 | 174,847 | (95,125) |
Loss from discontinued operations | (21,196) | ||
Income / (loss) for the year | $ 239,518 | $ 174,847 | $ (116,321) |
Condensed Financial Informati_4
Condensed Financial Information of the Company - CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
Income / (loss) for the year | $ 226,467 | $ 165,635 | $ (180,976) |
Items that may be reclassified to profit or loss: | |||
Other comprehensive (loss) / income from continuing operations for the year, net of income tax | (70) | 43 | 55 |
Currency translation adjustment | (281,684) | 91,105 | 137,719 |
Total other comprehensive (loss) / income | (281,750) | 92,007 | 138,722 |
Parent | Reportable legal entities | |||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
Income / (loss) for the year | 239,518 | 174,847 | (116,321) |
Items that may be reclassified to profit or loss: | |||
Other comprehensive (loss) / income from continuing operations for the year, net of income tax | (231,688) | 70,849 | 94,703 |
Other comprehensive income / (loss) for the year, net of income tax | (231,688) | 70,849 | 94,703 |
Total other comprehensive (loss) / income | $ 7,830 | $ 245,696 | (20,698) |
Parent | Reportable legal entities | Discontinued operations | |||
Items that may be reclassified to profit or loss: | |||
Currency translation adjustment | 920 | ||
Other comprehensive income / (loss) for the year, net of income tax | $ 920 |
Condensed Financial Informati_5
Condensed Financial Information of the Company - CONDENSED STATEMENT OF FINANCIAL POSITION (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current assets | |||||
Property, plant and equipment, net | $ 74,919 | $ 74,742 | |||
Right-of-use asset | 10,493 | 9,192 | $ 12,902 | ||
Investments in associates | 11,992 | 1,911 | |||
Other financial assets at amortized cost | 61,090 | 3,764 | |||
Current assets | |||||
Other financial assets at fair value through profit or loss | 4,884 | 12,792 | |||
Other financial assets at amortized cost | 83,142 | 53,905 | |||
Other receivables | 145,549 | 57,800 | |||
Cash and cash equivalents | 369,848 | 385,265 | 375,783 | $ 281,031 | |
Total assets | 3,541,976 | 3,835,788 | |||
EQUITY | |||||
Share capital | 163,223 | 163,223 | 163,223 | ||
Share premium | 183,430 | 183,430 | 183,430 | ||
Treasury shares | (4,322) | (4,600) | (4,772) | ||
Free distributable reserve | 378,910 | 378,910 | |||
Non-distributable reserve | 1,358,028 | 1,358,028 | |||
Currency translation adjustment | (482,852) | (251,145) | |||
Legal reserves | 3,676 | 1,081 | 1,081 | ||
Other reserves | (1,313,888) | (1,314,025) | |||
Retained earnings | 438,775 | 201,193 | |||
Total equity | 803,909 | 862,369 | 773,608 | $ 805,286 | |
Non-current liabilities | |||||
Deferred tax liabilities | 137,315 | 232,458 | |||
Lease liabilities | 10,294 | 5,531 | |||
Current liabilities | |||||
Borrowings | 199,688 | 178,016 | |||
Other liabilities | 345,864 | 357,078 | |||
Lease liabilities | 3,687 | 3,278 | |||
Trade payables | 112,768 | 124,102 | |||
Total liabilities | 2,738,067 | 2,973,419 | |||
Total equity and liabilities | 3,541,976 | 3,835,788 | |||
Parent | Reportable legal entities | |||||
Non-current assets | |||||
Property, plant and equipment, net | 12 | 15 | |||
Right-of-use asset | 270 | 56 | |||
Investments in subsidiaries | 746,199 | 738,851 | |||
Investments in associates | 10,264 | ||||
Other financial assets at amortized cost | 3,920 | ||||
Current assets | |||||
Other financial assets at fair value through profit or loss | 2,200 | ||||
Other financial assets at amortized cost | 31 | ||||
Other receivables | 202 | 133 | |||
Cash and cash equivalents | 1,325 | 1,220 | $ 1,614 | $ 2,166 | |
Total assets | 764,423 | 740,275 | |||
EQUITY | |||||
Share capital | 163,223 | 163,223 | |||
Share premium | 183,430 | 183,430 | |||
Treasury shares | (4,322) | (4,600) | |||
Free distributable reserve | 378,910 | 378,910 | |||
Non-distributable reserve | 1,358,028 | 1,358,028 | |||
Currency translation adjustment | (482,852) | (251,145) | |||
Legal reserves | 3,676 | 1,081 | |||
Other reserves | (1,343,094) | (1,343,219) | |||
Retained earnings | 467,981 | 230,387 | |||
Total equity | 724,980 | 716,095 | |||
Non-current liabilities | |||||
Deferred tax liabilities | 3,648 | 1,230 | |||
Lease liabilities | 229 | 17 | |||
Current liabilities | |||||
Borrowings | 33,413 | 20,354 | |||
Other liabilities | 1,773 | 2,024 | |||
Lease liabilities | 49 | 36 | |||
Trade payables | 331 | 519 | |||
Total liabilities | 39,443 | 24,180 | |||
Total equity and liabilities | $ 764,423 | $ 740,275 |
Condensed Financial Informati_6
Condensed Financial Information of the Company - CONDENSED STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Income / (loss) for the year from continuing operations | $ 226,467 | $ 165,635 | $ (159,780) |
Adjustments for: | |||
Amortization and depreciation | 151,593 | 172,480 | 160,633 |
Deferred income tax | (62,697) | 4,415 | 50,027 |
Income tax accrued | 38,456 | 20,468 | 19,084 |
Share of loss in associates | (7,108) | 970 | 629 |
Interest expense | 95,185 | 164,288 | 125,533 |
Net foreign exchange | 164,026 | (90,603) | (113,609) |
Other financial results, net | (41,558) | (41,055) | (19,157) |
Share base compensation reserve | 1,055 | 667 | 1,020 |
Financial result, net | (345,519) | (113,087) | (96,500) |
Changes in working capital | (53,303) | (57,641) | (12,255) |
Net cash provided by operating activities | 356,415 | 302,629 | 107,958 |
Net cash used in discontinued activities | 0 | 0 | 0 |
Cash flows from investing activities | |||
Cash contribution in associates | (84) | (260) | (741) |
Disposals of other financial assets | 72,571 | 170,235 | 55,207 |
Net cash (used in) / provided by investing activities | (66,404) | 9,386 | 9,626 |
Net cash used in discontinued investing activities | 0 | (14,700) | (2,495) |
Cash flows from financing activities | |||
Lease payments | (3,118) | (4,307) | |
Net cash used in financing activities | (201,626) | (234,288) | (3,669) |
Net cash used in discontinued operations from financing activities | 0 | 0 | 0 |
Increase / (decrease) in cash and cash equivalents | 88,385 | 77,727 | 113,915 |
Decrease in cash and cash equivalents from discontinued operations | (14,700) | (2,495) | |
Cash and cash equivalents | |||
At the beginning of the year | 385,265 | 375,783 | |
Effects of exchange rate changes and inflation adjustment on cash and cash equivalents | (103,802) | (53,545) | (16,668) |
(Decrease) / increase in cash and cash equivalents | 88,385 | 77,727 | 113,915 |
At the end of the year | 369,848 | 385,265 | 375,783 |
Parent | Reportable legal entities | |||
Cash flows from operating activities | |||
Income / (loss) for the year from continuing operations | 239,518 | 174,847 | (95,125) |
Adjustments for: | |||
Amortization and depreciation | 40 | 57 | 50 |
Deferred income tax | 2,418 | 202 | 1,028 |
Income tax accrued | 2,211 | 1,105 | |
Share of loss in associates | (247,585) | (182,050) | 88,022 |
Interest expense | 559 | 426 | 426 |
Net foreign exchange | (471) | (1,874) | (51) |
Other financial results, net | 8 | 3 | 4 |
Share base compensation reserve | 420 | 317 | |
Financial result, net | (153) | ||
Changes in working capital | (2,919) | 760 | 721 |
Net cash provided by operating activities | (5,954) | (6,207) | (4,925) |
Cash flows from investing activities | |||
Cash contribution in associates | (58,987) | (36,417) | (4,544) |
Disposals of other financial assets | 760 | ||
Dividends and refund of cash contributions from subsidiaries | 64,344 | 57,000 | 11,494 |
Net cash (used in) / provided by investing activities | 6,117 | 20,583 | 6,950 |
Net cash used in discontinued investing activities | (14,700) | (2,495) | |
Cash flows from financing activities | |||
Lease payments | (44) | (53) | (51) |
Net cash used in financing activities | (44) | (53) | (51) |
Increase / (decrease) in cash and cash equivalents | 119 | 14,323 | 1,974 |
Decrease in cash and cash equivalents from discontinued operations | (14,700) | (2,495) | |
Cash and cash equivalents | |||
At the beginning of the year | 1,220 | 1,614 | 2,166 |
Effects of exchange rate changes and inflation adjustment on cash and cash equivalents | (14) | (17) | (31) |
(Decrease) / increase in cash and cash equivalents | 119 | 14,323 | 1,974 |
At the end of the year | 1,325 | 1,220 | 1,614 |
Parent | Reportable legal entities | Aggregate continuing and discontinued operations | |||
Cash flows from financing activities | |||
Increase / (decrease) in cash and cash equivalents | 119 | (377) | (521) |
Cash and cash equivalents | |||
(Decrease) / increase in cash and cash equivalents | $ 119 | $ (377) | $ (521) |