| | |
Per Common Share
|
| |
Total
|
|||||
Price to the public
|
| | | | U.S.$17.0000 | | | | | | U.S.$485,714,293 |
Underwriting discounts and commissions
(1)(2)
|
| | | | U.S.$ 0.5695 | | | | | | U.S.$ 16,271,429 |
Proceeds, before expenses, to us
|
| | | | U.S.$16.4305 | | | | | | U.S.$195,601,192 |
Proceeds, before expenses, to the Selling Shareholder
|
| | | | U.S.$16.4305 | | | | | | U.S.$273,841,672 |
|
BofA Merrill Lynch
|
| | Citigroup | | |
Goldman Sachs & Co. LLC
|
|
| | | | | 1 | | | |
| | | | | 3 | | | |
| | | | | 17 | | | |
| | | | | 19 | | | |
| | | | | 24 | | | |
| | | | | 58 | | | |
| | | | | 60 | | | |
| | | | | 61 | | | |
| | | | | 62 | | | |
| | | | | 63 | | | |
| | | | | 67 | | | |
| | | | | 71 | | | |
| | | | | 74 | | | |
| | | | | 114 | | | |
| | | | | 120 | | | |
| | | | | 145 | | | |
| | | | | 209 | | | |
| | | | | 218 | | | |
| | | | | 224 | | | |
| | | | | 225 | | | |
| | | | | 228 | | | |
| | | | | 233 | | | |
| | | | | 234 | | | |
| | | | | 242 | | | |
| | | | | 251 | | | |
| | | | | 257 | | | |
| | | | | 258 | | | |
| | | | | 259 | | | |
| | | | | 260 | | | |
| | | | | F-1 | | |
Country
|
| |
Concession
|
| |
CAAP
Effective Ownership |
| |
Number of
Airports |
| |
Concession
Start Date |
| |
Current
Concession End Date |
| |
Extension Details
|
| ||||||
Argentina | | |
AA2000
|
| | | | 81.3 % | | | | | | 35 (1) | | | |
1998
|
| |
2028
|
| |
Extendable for 10 years
(2)
|
|
| | |
NQN
|
| | | | 74.1 % | | | | | | 1 | | | |
2001
|
| |
2021
|
| |
Extendable for 5 years
(2)
|
|
| | |
BBL
|
| | | | 81.1 % | | | | | | 1 | | | |
2008
|
| |
2033
|
| |
Extendable for 10 years
(2)
|
|
Italy | | |
TA (SAT)
(3)
|
| | | | 51.1 % | | | | | | 1 | | | |
2006 (2014)
(4)
|
| |
2046
|
| |
—
|
|
| | |
TA (ADF)
(3)
|
| | | | 51.1 % | | | | | | 1 | | | |
2003 (2014)
(5)
|
| |
2043
|
| |
—
|
|
Brazil | | |
ICASGA
|
| | | | 99.9 % (6) | | | | | | 1 | | | |
2012
(7)
|
| |
2040
|
| |
5 years
|
|
| | |
ICAB
|
| | | | 51.0 % | | | | | | 1 | | | |
2012
(8)
|
| |
2037
|
| |
5 years
|
|
Uruguay | | |
Puerta del Sur
|
| | | | 100.0 % | | | | | | 1 | | | |
2003
|
| |
2033
(9)
|
| |
—
|
|
| | |
CAISA
|
| | | | 100.0 % | | | | | | 1 | | | |
1993 (2008)
(10)
|
| |
2019
(11)
|
| |
—
|
|
Ecuador | | |
TAGSA
|
| | | | 50.0 % | | | | | | 1 | | | |
2004
|
| |
2024
|
| |
—
|
|
| | |
ECOGAL
|
| | | | 99.9 % | | | | | | 1 | | | |
2011
|
| |
2026
|
| |
—
|
|
Armenia | | |
AIA
|
| | | | 100.0 % | | | | | | 2 | | | |
2002
|
| |
2032
|
| |
Option to renew every
5 years (12) |
|
Peru | | |
AAP
(13)
|
| | | | 50.0 % | | | | | | 5 | | | |
2011
|
| |
2036
|
| |
Extendable to 2071
|
|
Total | | | | | | | | | | | | | | 52 | | | | | | ||||||
|
| | |
Nine-Month Period Ended
September 30, 2017 |
| |
Year Ended
December 31, 2016 |
| ||||||||||||||||||||||||||||||||||||||||||
Country
|
| |
Passenger
Traffic |
| |
Passenger
Traffic |
| |
Total Air
Traffic Movements |
| |
Total Air
Traffic Movements |
| |
Passenger
Traffic |
| |
Passenger
Traffic |
| |
Total Air
Traffic Movements |
| |
Total Air
Traffic Movements |
| ||||||||||||||||||||||||
| | |
(in millions)
|
| |
(% of total)
|
| |
(in thousands)
|
| |
(% of total)
|
| |
(in millions)
|
| |
(% of total)
|
| |
(in thousands)
|
| |
(% of total)
|
| ||||||||||||||||||||||||
Argentina
|
| | | | 27.5 | | | | | | 48.1 % | | | | | | 314.1 | | | | | | 49.3 % | | | | | | 32.6 | | | | | | 45.4 % | | | | | | 393.1 | | | | | | 47.0 % | | |
Italy
|
| | | | 6.3 | | | | | | 11.0 % | | | | | | 61.2 | | | | | | 9.6 % | | | | | | 7.5 | | | | | | 10.5 % | | | | | | 76.2 | | | | | | 9.1 % | | |
Brazil
|
| | | | 14.3 | | | | | | 25.1 % | | | | | | 138.1 | | | | | | 21.7 % | | | | | | 20.4 | | | | | | 28.3 % | | | | | | 198.8 | | | | | | 23.8 % | | |
Uruguay
|
| | | | 1.7 | | | | | | 3.1 % | | | | | | 27.0 | | | | | | 4.2 % | | | | | | 2.0 | | | | | | 2.8 % | | | | | | 32.4 | | | | | | 3.9 % | | |
Ecuador (1) | | | | | 3.1 | | | | | | 5.5 % | | | | | | 60.1 | | | | | | 9.4 % | | | | | | 4.2 | | | | | | 5.9 % | | | | | | 87.6 | | | | | | 10.5 % | | |
Armenia
|
| | | | 1.9 | | | | | | 3.4 % | | | | | | 16.0 | | | | | | 2.5 % | | | | | | 2.1 | | | | | | 2.9 % | | | | | | 18.7 | | | | | | 2.2 % | | |
Peru (2) | | | | | 2.3 | | | | | | 4.0 % | | | | | | 20.9 | | | | | | 3.3 % | | | | | | 3.0 | | | | | | 4.2 % | | | | | | 29.6 | | | | | | 3.5 % | | |
Total
|
| | | | 57.1 | | | | | | 100.0 % | | | | | | 637.3 | | | | | | 100.0 % | | | | | | 71.8 | | | | | | 100.0 % | | | | | | 836.4 | | | | | | 100.0 % | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions
of U.S.$) |
| |
(% of Total
Revenue) |
| |
(in millions
of U.S.$) |
| |
(% of Total
Revenue) |
| |
(in millions
of U.S.$) |
| |
(% of Total
Revenue) |
| |
(in millions
of U.S.$) |
| |
(% of Total
Revenue) |
| ||||||||||||||||||||||||
Aeronautical revenue
|
| | | | 575.1 | | | | | | 49.6 % | | | | | | 495.6 | | | | | | 50.5 % | | | | | | 673.5 | | | | | | 49.3 % | | | | | | 543.2 | | | | | | 45.8 % | | |
Non-aeronautical revenue
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 409.7 | | | | | | 35.4 % | | | | | | 383.7 | | | | | | 39.1 % | | | | | | 522.2 | | | | | | 38.2 % | | | | | | 459.7 | | | | | | 38.7 % | | |
Construction service revenue
|
| | | | 172.3 | | | | | | 14.9 % | | | | | | 99.4 | | | | | | 10.1 % | | | | | | 165.1 | | | | | | 12.1 % | | | | | | 178.4 | | | | | | 15.0 % | | |
Other revenue
|
| | | | 1.3 | | | | | | 0.1 % | | | | | | 3.2 | | | | | | 0.3 % | | | | | | 5.6 | | | | | | 0.4 % | | | | | | 5.7 | | | | | | 0.5 % | | |
Total consolidated revenue
|
| | | | 1,158.5 | | | | | | 100.0 % | | | | | | 981.9 | | | | | | 100.0 % | | | | | | 1,366.3 | | | | | | 100.0 % | | | | | | 1,187.1 | | | | | | 100.0 % | | |
|
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |
(in millions of U.S.$)
|
| ||||||||||||||||||
Argentina | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 318.8 | | | | | | 262.4 | | | | | | 366.1 | | | | | | 309.9 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 249.4 | | | | | | 238.0 | | | | | | 320.8 | | | | | | 323.0 | | |
Construction service revenue
|
| | | | 161.6 | | | | | | 93.2 | | | | | | 153.9 | | | | | | 151.0 | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 729.7 | | | | | | 593.7 | | | | | | 840.9 | | | | | | 783.9 | | |
Italy | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 82.2 | | | | | | 77.7 | | | | | | 99.2 | | | | | | 96.5 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 24.2 | | | | | | 22.3 | | | | | | 29.5 | | | | | | 29.0 | | |
Construction service revenue
|
| | | | 8.9 | | | | | | 4.3 | | | | | | 8.0 | | | | | | 21.4 | | |
Other revenue
|
| | | | 1.3 | | | | | | 3.1 | | | | | | 4.7 | | | | | | 5.7 | | |
Total revenue
|
| | | | 116.6 | | | | | | 107.5 | | | | | | 141.3 | | | | | | 152.7 | | |
Brazil (1) | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 49.4 | | | | | | 44.2 | | | | | | 60.6 | | | | | | 0.4 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 46.7 | | | | | | 46.2 | | | | | | 65.6 | | | | | | 0.4 | | |
Construction service revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | 0.9 | | | | | | — | | |
Total revenue
|
| | | | 96.1 | | | | | | 90.4 | | | | | | 127.0 | | | | | | 0.8 | | |
Uruguay | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 42.3 | | | | | | 36.4 | | | | | | 47.7 | | | | | | 43.5 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 39.9 | | | | | | 35.7 | | | | | | 47.2 | | | | | | 47.0 | | |
Construction service revenue
|
| | | | 1.8 | | | | | | 1.7 | | | | | | 2.9 | | | | | | 2.6 | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 84.0 | | | | | | 73.9 | | | | | | 97.8 | | | | | | 93.1 | | |
Ecuador (2) | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 47.8 | | | | | | 46.5 | | | | | | 61.9 | | | | | | 57.3 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 16.6 | | | | | | 17.5 | | | | | | 23.4 | | | | | | 21.8 | | |
Construction service revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 64.5 | | | | | | 64.0 | | | | | | 85.3 | | | | | | 79.0 | | |
Armenia | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 34.6 | | | | | | 28.4 | | | | | | 38.1 | | | | | | 35.6 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 32.3 | | | | | | 23.9 | | | | | | 34.9 | | | | | | 35.7 | | |
Construction service revenue
|
| | | | 0.1 | | | | | | 0.1 | | | | | | 0.2 | | | | | | 3.4 | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 67.0 | | | | | | 52.4 | | | | | | 73.2 | | | | | | 74.7 | | |
|
| | |
For the Nine-Month Period
Ended September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |
(in millions of U.S.$)
|
| ||||||||||||||||||
Unallocated | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 0.6 | | | | | | 0.1 | | | | | | 0.8 | | | | | | 2.9 | | |
Construction service revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 0.6 | | | | | | 0.1 | | | | | | 0.8 | | | | | | 2.9 | | |
Total consolidated revenue for all segments
(3)
|
| | | | 1,158.5 | | | | | | 981.9 | | | | | | 1,366.3 | | | | | | 1,187.1 | | |
|
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
Main Aeronautical Customers
|
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| ||||||||||||||||||||||||
LATAM Airlines Group
|
| | | | 133.8 | | | | | | 23.3 % | | | | | | 111.1 | | | | | | 22.4 % | | | | | | 153.2 | | | | | | 22.8 % | | | | | | 105.1 | | | | | | 19.3 % | | |
Grupo Aerolíneas Argentinas
|
| | | | 94.5 | | | | | | 16.4 % | | | | | | 73.0 | | | | | | 14.7 % | | | | | | 102.3 | | | | | | 15.2 % | | | | | | 93.1 | | | | | | 17.1 % | | |
Gol Transportes Aéreos
|
| | | | 42.1 | | | | | | 7.3 % | | | | | | 36.4 | | | | | | 7.4 % | | | | | | 49.9 | | | | | | 7.4 % | | | | | | 27.9 | | | | | | 5.1 % | | |
American Airlines
|
| | | | 25.9 | | | | | | 4.5 % | | | | | | 24.3 | | | | | | 4.9 % | | | | | | 33.8 | | | | | | 5.0 % | | | | | | 28.0 | | | | | | 5.2 % | | |
Avianca
|
| | | | 30.9 | | | | | | 5.4 % | | | | | | 23.7 | | | | | | 4.8 % | | | | | | 33.2 | | | | | | 5.0 % | | | | | | 22.8 | | | | | | 4.2 % | | |
Ryanair Ltd
|
| | | | 25.7 | | | | | | 4.5 % | | | | | | 25.1 | | | | | | 5.1 % | | | | | | 32.0 | | | | | | 4.8 % | | | | | | 32.1 | | | | | | 5.9 % | | |
Copa
|
| | | | 18.6 | | | | | | 3.2 % | | | | | | 17.5 | | | | | | 3.5 % | | | | | | 23.1 | | | | | | 3.4 % | | | | | | 19.8 | | | | | | 3.6 % | | |
Air France
|
| | | | 12.0 | | | | | | 2.1 % | | | | | | 11.7 | | | | | | 2.4 % | | | | | | 20.9 | | | | | | 3.1 % | | | | | | 20.5 | | | | | | 3.8 % | | |
Lufthansa Group
|
| | | | 15.4 | | | | | | 2.7 % | | | | | | 14.6 | | | | | | 2.9 % | | | | | | 19.4 | | | | | | 2.9 % | | | | | | 21.4 | | | | | | 3.9 % | | |
Others
|
| | | | 176.3 | | | | | | 30.7 % | | | | | | 158.3 | | | | | | 31.9 % | | | | | | 205.5 | | | | | | 30.5 % | | | | | | 172.5 | | | | | | 31.8 % | | |
Total
|
| | | | 575.1 | | | | | | 100.0 % | | | | | | 495.6 | | | | | | 100.0 % | | | | | | 673.5 | | | | | | 100.0 % | | | | | | 543.2 | | | | | | 100.0 % | | |
|
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
Decmeber 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
Main Commercial Customers
|
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue (1) |
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue (1) |
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue (1) |
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue (1) |
| ||||||||||||||||||||||||
Dufry
|
| | | | 50.9 | | | | | | 12.4 % | | | | | | 49.9 | | | | | | 13.0 % | | | | | | 71.2 | | | | | | 13.6 % | | | | | | 70.5 | | | | | | 15.3 % | | |
Grupo Aerolíneas Argentinas
|
| | | | 7.5 | | | | | | 1.8 % | | | | | | 8.0 | | | | | | 2.1 % | | | | | | 10.6 | | | | | | 2.0 % | | | | | | 13.1 | | | | | | 2.8 % | | |
Gate Gourmet
|
| | | | 7.3 | | | | | | 1.8 % | | | | | | 5.8 | | | | | | 1.5 % | | | | | | 8.1 | | | | | | 1.6 % | | | | | | 9.1 | | | | | | 2.0 % | | |
Aerofuels Overseas
|
| | | | 7.7 | | | | | | 1.9 % | | | | | | 3.7 | | | | | | 1.0 % | | | | | | 5.7 | | | | | | 1.1 % | | | | | | 7.6 | | | | | | 1.7 % | | |
JCDecaux do Brasil S.A.
|
| | | | 4.1 | | | | | | 1.0 % | | | | | | 3.7 | | | | | | 1.0 % | | | | | | 5.4 | | | | | | 1.0 % | | | | | | — | | | | | | — | | |
Intercargo S.A.C.
|
| | | | 4.3 | | | | | | 1.1 % | | | | | | 3.8 | | | | | | 1.0 % | | | | | | 5.2 | | | | | | 1.0 % | | | | | | 5.1 | | | | | | 1.1 % | | |
International Meal Company Alimenta
|
| | | | 1.0 | | | | | | 0.2 % | | | | | | 3.5 | | | | | | 0.9 % | | | | | | 4.5 | | | | | | 0.9 % | | | | | | — | | | | | | — | | |
Sita Information Networking
|
| | | | 3.6 | | | | | | 0.9 % | | | | | | 3.0 | | | | | | 0.8 % | | | | | | 4.1 | | | | | | 0.8 % | | | | | | 3.9 | | | | | | 0.9 % | | |
Petrobras
|
| | | | 3.0 | | | | | | 0.7 % | | | | | | 2.7 | | | | | | 0.7 % | | | | | | 3.9 | | | | | | 0.8 % | | | | | | 0.4 | | | | | | 0.1 % | | |
Others
|
| | | | 320.3 | | | | | | 78.2 % | | | | | | 299.6 | | | | | | 78.1 % | | | | | | 403.4 | | | | | | 77.3 % | | | | | | 350.0 | | | | | | 76.1 % | | |
Total
|
| | | | 409.7 | | | | | | 100.0 % | | | | | | 383.7 | | | | | | 100.0 % | | | | | | 522.2 | | | | | | 100.0 % | | | | | | 459.7 | | | | | | 100.0 % | | |
|
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated) (1) |
| |
2015
(Restated) (1) |
||||||||||||
| | |
(in millions of U.S.$ except
for share and per share amounts) |
|||||||||||||||||||||
Continuing Operations | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | 1,158.5 | | | | | | 981.9 | | | | | | 1,366.3 | | | | | | 1,187.1 | |
Cost of services
|
| | | | (749.8 ) | | | | | | (595.7 ) | | | | | | (859.1 ) | | | | | | (759.2 ) | |
Gross Profit
|
| | | | 408.7 | | | | | | 386.2 | | | | | | 507.3 | | | | | | 427.9 | |
Selling, general and administrative expenses
|
| | | | (140.1 ) | | | | | | (128.8 ) | | | | | | (170.9 ) | | | | | | (167.2 ) | |
Impairment loss
|
| | | | — | | | | | | — | | | | | | (16.6 ) | | | | | | — | |
Other operating income
|
| | | | 14.3 | | | | | | 12.4 | | | | | | 16.9 | | | | | | 15.6 | |
Other operating expense
|
| | | | (3.5 ) | | | | | | (3.2 ) | | | | | | (4.9 ) | | | | | | (2.7 ) | |
Operating Income
|
| | | | 279.4 | | | | | | 266.6 | | | | | | 331.8 | | | | | | 273.6 | |
Share of loss in associates
|
| | | | (5.8 ) | | | | | | (0.4 ) | | | | | | (1.3 ) | | | | | | (69.3 ) | |
Income before financial results and income tax
|
| | | | 273.6 | | | | | | 266.2 | | | | | | 330.5 | | | | | | 204.3 | |
Financial income
|
| | | | 42.6 | | | | | | 26.3 | | | | | | 37.5 | | | | | | 46.8 | |
Financial loss
|
| | | | (203.8 ) | | | | | | (204.0 ) | | | | | | (273.0 ) | | | | | | (199.8 ) | |
Income before income tax expense
|
| | | | 112.4 | | | | | | 88.5 | | | | | | 95.1 | | | | | | 51.3 | |
Income tax expense
|
| | | | (39.8 ) | | | | | | (38.6 ) | | | | | | (56.4 ) | | | | | | (45.0 ) | |
Income from continuing operations
|
| | | | 72.6 | | | | | | 49.9 | | | | | | 38.7 | | | | | | 6.3 | |
(Loss)/Income from discontinued operations
|
| | | | — | | | | | | (8.7 ) | | | | | | (9.5 ) | | | | | | 109.0 | |
Net Income
|
| | | | 72.6 | | | | | | 41.2 | | | | | | 29.2 | | | | | | 115.3 | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | |
Owners of the parent
|
| | | | 67.1 | | | | | | 40.9 | | | | | | 33.8 | | | | | | 105.5 | |
Non-controlling interest
|
| | | | 5.5 | | | | | | 0.3 | | | | | | (4.5 ) | | | | | | 9.8 | |
| | | | | 72.6 | | | | | | 41.2 | | | | | | 29.2 | | | | | | 115.3 | |
Earnings per share attributable to the parent | | | | | | |||||||||||||||||||
Weighted average number of common shares
(in thousands) (2) |
| | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | |
Continuing Operations | | | | | | |||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 0.04 | | | | | | 0.03 | | | | | | 0.03 | | | | | | (0.01 ) | |
Discontinued Operations | | | | | | |||||||||||||||||||
Basic and diluted earnings per share
|
| | | | — | | | | | | (0.01 ) | | | | | | (0.01 ) | | | | | | 0.08 | |
Continuing and Discontinued Operations | | | | | | |||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 0.04 | | | | | | 0.03 | | | | | | 0.02 | | | | | | 0.07 | |
Pro-forma earnings per share attributable to the parent (unaudited)
(3)
|
| | | | | |||||||||||||||||||
Pro-forma weighted average number of common shares (in thousands)
|
| | | | 148,118 | | | | | | 148,118 | | | | | | 148,118 | | | | | | 148,118 | |
Continuing Operations | | | | | | |||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 0.45 | | | | | | 0.33 | | | | | | 0.29 | | | | | | (0.07 ) | |
Discontinued Operations | | | | | | |||||||||||||||||||
Basic and diluted earnings per share
|
| | | | — | | | | | | (0.06 ) | | | | | | (0.06 ) | | | | | | 0.79 | |
Continuing and Discontinued Operations | | | | | | |||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 0.45 | | | | | | 0.28 | | | | | | 0.23 | | | | | | 0.71 |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated) (1) |
| |
2015
(Restated) (1) |
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Net Income
|
| | | | 72.6 | | | | | | 41.2 | | | | | | 29.2 | | | | | | 115.3 | | |
Items that will not be reclassified subsequently to profit or loss
|
| | | | | ||||||||||||||||||||
Remeasurement of defined benefit obligation
|
| | | | 0.3 | | | | | | (0.7 ) | | | | | | (0.3 ) | | | | | | 0.3 | | |
Items that may be subsequently reclassified to profit or loss
|
| | | | | ||||||||||||||||||||
Shares of other comprehensive income from associates
|
| | | | 0.2 | | | | | | (0.1 ) | | | | | | — (2) | | | | | | (40.0 ) | | |
Currency translation adjustment
|
| | | | (2.7 ) | | | | | | (24.0 ) | | | | | | (48.6 ) | | | | | | (166.6 ) | | |
Other comprehensive loss from continuing operations for the year, net of income tax
|
| | | | (2.2 ) | | | | | | (24.7 ) | | | | | | (48.9 ) | | | | | | (206.3 ) | | |
Currency translation adjustment from discontinued operations
|
| | | | — | | | | | | 3.6 | | | | | | 4.3 | | | | | | (4.3 ) | | |
Other comprehensive income of discontinued operations for the year, net of income tax
|
| | | | — | | | | | | 3.6 | | | | | | 4.3 | | | | | | (4.3 ) | | |
Total other comprehensive loss for the year
|
| | | | (2.2 ) | | | | | | (21.1 ) | | | | | | (44.6 ) | | | | | | (210.5 ) | | |
Total comprehensive loss for the year
|
| | | | 70.4 | | | | | | 20.1 | | | | | | (15.4 ) | | | | | | (95.2 ) | | |
Attributable to: | | | | | | ||||||||||||||||||||
Owners of the parent
|
| | | | 56.6 | | | | | | 18.2 | | | | | | 1.5 | | | | | | (50.9 ) | | |
Non-controlling interest
|
| | | | 13.8 | | | | | | 1.9 | | | | | | (16.9 ) | | | | | | (44.4 ) | | |
| | | | | 70.4 | | | | | | 20.1 | | | | | | (15.4 ) | | | | | | (95.2 ) | | |
|
| | |
As of September 30,
2017 (Unaudited) |
| |
As of December 31,
|
| |
As of January 1,
2015 |
| |||||||||||||||
| | |
2016
(Restated) (1) |
| |
2015
(Restated) (1) |
| ||||||||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets
|
| | | | 3,314.4 | | | | | | 3,120.2 | | | | | | 2,876.9 | | | | | | 2,015.2 | | |
Current assets
|
| | | | 638.6 | | | | | | 507.1 | | | | | | 394.7 | | | | | | 817.5 | | |
Total assets
|
| | | | 3,953.0 | | | | | | 3,627.3 | | | | | | 3,271.6 | | | | | | 2,832.8 | | |
Total equity
|
| | | | 839.4 | | | | | | 803.3 | | | | | | 834.1 | | | | | | 1,466.6 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | |||||
Non-current liabilities
|
| | | | 2,439.0 | | | | | | 2,161.2 | | | | | | 1,955.5 | | | | | | 688.0 | | |
Current liabilities
|
| | | | 674.6 | | | | | | 662.8 | | | | | | 482.0 | | | | | | 678.2 | | |
Total liabilities
|
| | | | 3,113.6 | | | | | | 2,824.0 | | | | | | 2,437.5 | | | | | | 1,366.2 | | |
Total equity and liabilities
|
| | | | 3,953.0 | | | | | | 3,627.3 | | | | | | 3,271.6 | | | | | | 2,832.8 | | |
Equity | | | | | | ||||||||||||||||||||
Weighted average number of common shares (in thousands)
(2)
|
| | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | | |
Declared dividends per share
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
For the Nine-Month
Period Ended September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated) (1) |
| |
2015
(Restated) (1) |
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Net cash provided by operating activities
|
| | | | 59.6 | | | | | | 141.7 | | | | | | 172.8 | | | | | | 43.6 | | |
Net cash used in discontinued operating activities
|
| | | | — | | | | | | (8.9 ) | | | | | | (8.2 ) | | | | | | (42.0 ) | | |
Net cash provided by/(used in) investing activities
|
| | | | (9.1 ) | | | | | | (1.7 ) | | | | | | 35.8 | | | | | | (86.4 ) | | |
Net cash used in discontinued investing activities
|
| | | | — | | | | | | (8.1 ) | | | | | | (8.1 ) | | | | | | (183.6 ) | | |
Net cash (used in)/provided by financing activities
|
| | | | 97.0 | | | | | | (102.0 ) | | | | | | (159.4 ) | | | | | | 22.8 | | |
Net cash provided by discontinued financing activities
|
| | | | — | | | | | | — | | | | | | — | | | | | | 196.7 | | |
Increase/(Decrease) in cash and cash equivalents from continuing operations
|
| | | | 147.5 | | | | | | 37.9 | | | | | | 49.2 | | | | | | (20.0 ) | | |
Decrease in cash and cash equivalents from discontinued operations
|
| | | | — | | | | | | (16.9 ) | | | | | | (16.2 ) | | | | | | (28.8 ) | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||
| | |
2017
|
| |
% change against
prior year |
| |
2016
|
| |
2016
|
| |
% change against
prior year |
| |
2015
|
| ||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 30.5 | | | | | | 9.8 % | | | | | | 27.8 | | | | | | 37.9 | | | | | | (0.9 )% | | | | | | 38.2 | | |
International Passengers (in millions)
|
| | | | 20.5 | | | | | | 10.3 % | | | | | | 18.6 | | | | | | 24.6 | | | | | | 7.4 % | | | | | | 22.9 | | |
Transit passengers (in millions)
|
| | | | 6.1 | | | | | | (16.8 )% | | | | | | 7.3 | | | | | | 9.3 | | | | | | (6.0 )% | | | | | | 9.9 | | |
Total passengers (in millions)
|
| | | | 57.1 | | | | | | 6.4 % | | | | | | 53.7 | | | | | | 71.8 | | | | | | 1.1 % | | | | | | 71.0 | | |
Cargo volume (in thousands of tons)
|
| | | | 268.8 | | | | | | 8.2 % | | | | | | 248.5 | | | | | | 360.6 | | | | | | 2.6 % | | | | | | 351.4 | | |
Total aircraft movements
(in thousands) |
| | | | 637.3 | | | | | | 2.0 % | | | | | | 624.8 | | | | | | 836.4 | | | | | | (4.0 )% | | | | | | 871.1 | | |
Adjusted EBITDA (unaudited)
(1)
(in millions of U.S.$) |
| | | | 354.7 | | | | | | 5.5 % | | | | | | 336.4 | | | | | | 427.2 | | | | | | 54.5 % | | | | | | 276.6 | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Income from continuing operations
|
| | | | 72.6 | | | | | | 49.9 | | | | | | 38.7 | | | | | | 6.3 | | |
Financial income
|
| | | | (42.6 ) | | | | | | (26.3 ) | | | | | | (37.5 ) | | | | | | (46.8 ) | | |
Financial loss
|
| | | | 203.8 | | | | | | 204.0 | | | | | | 273.0 | | | | | | 199.8 | | |
Income tax expense
|
| | | | 39.8 | | | | | | 38.6 | | | | | | 56.4 | | | | | | 45.0 | | |
Amortization and depreciation
|
| | | | 81.1 | | | | | | 70.2 | | | | | | 96.7 | | | | | | 72.2 | | |
Adjusted EBITDA (unaudited)
|
| | | | 354.7 | | | | | | 336.4 | | | | | | 427.2 | | | | | | 276.6 | | |
|
| | |
Outstanding amount as
of September 30, 2017 (unless otherwise indicated) (Unaudited) (in millions of U.S.$) |
| |
Interest rate
|
| |
Maturity
|
| |||||||||
Related-Party Indebtedness | | | | | |||||||||||||||
Converse Bank
|
| | | | 19.9 | | | | | | 9.75 % | | | |
March 31, 2018
|
| |||
Converse Bank
|
| | | | 1.3 | | | | | | 8.25 % | | | | | | November 20, 2018 | | |
Converse Bank
|
| | | | 11.0 (1) | | | | | | 7.50 % | | | |
June 15, 2018
|
| |||
Converse Bank
|
| | | | 1.5 (2) | | | | | | 8.0 % | | | |
June 4, 2018
|
| |||
Corona Trading Corp.
|
| | | | 2.0 | | | | | | 4.0 % | | | |
—
|
| |||
OROTUN S.A.
|
| | | | 26.1 | | | | | | 5.0 % | | | |
—
|
| |||
ELENOR S.A.
|
| | | | 4.7 | | | | | | — | | | |
—
|
| |||
Others
|
| | | | 0.2 | | | | | | — | | | |
—
|
| |||
Other Indebtedness | | | | | |||||||||||||||
Goldman Sachs Bank USA
|
| | | | 50.0 (3) | | | | | | — (4) | | | |
March 20, 2019
|
| |||
Bank Julius Baer & Co. Ltd
|
| | | | 15.0 (5) | | | | | | 2.40 % | | | |
December 20, 2019
|
| |||
Total
|
| | | | 131.7 | | | | | ||||||||||
|
| | |
As of September 30, 2017
|
| |||||||||||||||
| | |
Actual
|
| |
Adjusted
|
| |
Further Adjusted
(1)
|
| |||||||||
| | |
(Unaudited)
(in millions of U.S.$) |
| |||||||||||||||
Borrowings | | | | | |||||||||||||||
Secured, guaranteed
|
| | | | 425.3 | | | | | | 517.6 (2) | | | | | | 517.6 | | |
Secured, unguaranteed
|
| | | | 822.0 | | | | | | 849.5 (3) | | | | | | 822.0 | | |
Unsecured, guaranteed
|
| | | | 21.2 | | | | | | 45.7 (4) | | | | | | 24.5 | | |
Unsecured, unguaranteed
|
| | | | 61.6 | | | | | | 111.6 (5) | | | | | | 61.6 | | |
Total borrowings
|
| | | | 1,330.1 | | | | | | 1,524.4 | | | | | | 1,425.7 | | |
Capital and reserves | | | | | |||||||||||||||
Share capital
|
| | | | 1,500.0 | | | | | | 148.1 | | | | | | 160.0 | | |
Share premium
|
| | | | — | | | | | | — | | | | | | 173.6 | | |
Non-distributable reserve
|
| | | | — | | | | | | 1,351.9 | | | | | | 1,351.9 | | |
Free distributable reserve
|
| | | | 397.3 | | | | | | 397.3 | | | | | | 397.3 | | |
Currency translation adjustment
|
| | | | (199.4 ) | | | | | | (199.4 ) | | | | | | (199.4 ) | | |
Legal reserves
(6)
|
| | | | — | | | | | | — | | | | | | — | | |
Other reserves
|
| | | | (1,343.9 ) | | | | | | (1,343.9 ) | | | | | | (1,343.9 ) | | |
Retained earnings
|
| | | | 141.6 | | | | | | 141.6 | | | | | | 141.6 | | |
Total attributable to owners of the parent
|
| | | | 495.7 | | | | | | 495.7 | | | | | | 681.1 | | |
Non-controlling interests
|
| | | | 343.7 | | | | | | 343.7 | | | | | | 343.7 | | |
Total equity
|
| | | | 839.4 | | | | | | 839.4 | | | | | | 1,024.8 | | |
Total capitalization
|
| | | | 2,169.5 | | | | | | 2,363.8 | | | | | | 2,450.5 | | |
|
|
Initial offering price
|
| | | $ | 17.00 | | |
|
Negative net tangible book value per common share as of September 30, 2017
|
| | | $ | (15.0915 ) | | |
|
Increase in negative net tangible book value per common share attributable to new investors
|
| | | $ | 2.2820 | | |
|
Negative net tangible book value per common share after giving effect to this offering
|
| | | $ | (12.8095 ) | | |
|
Dilution per common share to new investors
|
| | | $ | 29.8095 | | |
| | |
Argentine Peso Exchange Rates
|
| |||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
Average
|
| |
Period-end
|
| ||||||||||||
Year ended December 31, | | | | | | ||||||||||||||||||||
2012
|
| | | | 4.91 | | | | | | 4.30 | | | | | | 4.55 | | | | | | 4.91 | | |
2013
|
| | | | 6.53 | | | | | | 4.92 | | | | | | 5.47 | | | | | | 6.52 | | |
2014
|
| | | | 8.56 | | | | | | 6.52 | | | | | | 8.11 | | | | | | 8.55 | | |
2015
|
| | | | 13.38 | | | | | | 8.55 | | | | | | 9.25 | | | | | | 12.98 | | |
2016
|
| | | | 16.03 | | | | | | 13.20 | | | | | | 14.78 | | | | | | 15.89 | | |
2017
|
| | | | 19.20 | | | | | | 15.20 | | | | | | 16.58 | | | | | | 18.65 | | |
2018 (through January 26)
|
| | | | 19.65 | | | | | | 18.40 | | | | | | 18.94 | | | | | | 19.55 | | |
Month | | | | | | ||||||||||||||||||||
July 2017
|
| | | | 17.79 | | | | | | 16.80 | | | | | | 17.20 | | | | | | 17.65 | | |
August 2017
|
| | | | 17.70 | | | | | | 17.05 | | | | | | 17.42 | | | | | | 17.30 | | |
September 2017
|
| | | | 17.60 | | | | | | 17.00 | | | | | | 17.25 | | | | | | 17.30 | | |
October 2017
|
| | | | 17.70 | | | | | | 17.35 | | | | | | 17.47 | | | | | | 17.65 | | |
November 2017
|
| | | | 17.65 | | | | | | 17.30 | | | | | | 17.48 | | | | | | 17.30 | | |
December 2017
|
| | | | 19.20 | | | | | | 17.25 | | | | | | 17.81 | | | | | | 18.65 | | |
January 2018 (through January 26)
|
| | | | 19.65 | | | | | | 18.40 | | | | | | 18.94 | | | | | | 19.55 | | |
| | |
Euro Exchange Rates
|
| |||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
Average
|
| |
Period-end
|
| ||||||||||||
Year ended December 31, | | | | | | ||||||||||||||||||||
2012
|
| | | | 0.82 | | | | | | 0.74 | | | | | | 0.78 | | | | | | 0.76 | | |
2013
|
| | | | 0.78 | | | | | | 0.72 | | | | | | 0.75 | | | | | | 0.72 | | |
2014
|
| | | | 0.82 | | | | | | 0.72 | | | | | | 0.75 | | | | | | 0.82 | | |
2015
|
| | | | 0.95 | | | | | | 0.83 | | | | | | 0.90 | | | | | | 0.92 | | |
2016
|
| | | | 0.96 | | | | | | 0.86 | | | | | | 0.90 | | | | | | 0.95 | | |
2017
|
| | | | 0.96 | | | | | | 0.83 | | | | | | 0.89 | | | | | | 0.83 | | |
2018 (through January 26)
|
| | | | 0.84 | | | | | | 0.80 | | | | | | 0.82 | | | | | | 0.80 | | |
Month | | | | | | ||||||||||||||||||||
July 2017
|
| | | | 0.88 | | | | | | 0.85 | | | | | | 0.87 | | | | | | 0.85 | | |
August 2017
|
| | | | 0.85 | | | | | | 0.83 | | | | | | 0.85 | | | | | | 0.85 | | |
September 2017
|
| | | | 0.85 | | | | | | 0.83 | | | | | | 0.84 | | | | | | 0.85 | | |
October 2017
|
| | | | 0.86 | | | | | | 0.84 | | | | | | 0.85 | | | | | | 0.86 | | |
November 2017
|
| | | | 0.86 | | | | | | 0.84 | | | | | | 0.85 | | | | | | 0.84 | | |
December 2017
|
| | | | 0.85 | | | | | | 0.83 | | | | | | 0.84 | | | | | | 0.83 | | |
January 2018 (through January 26)
|
| | | | 0.84 | | | | | | 0.80 | | | | | | 0.82 | | | | | | 0.80 | | |
| | |
Brazilian Real Exchange Rates
|
| |||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
Average
|
| |
Period-end
|
| ||||||||||||
Year ended December 31, | | | | | | ||||||||||||||||||||
2012
|
| | | | 2.11 | | | | | | 1.70 | | | | | | 1.95 | | | | | | 2.04 | | |
2013
|
| | | | 2.45 | | | | | | 1.95 | | | | | | 2.16 | | | | | | 2.34 | | |
2014
|
| | | | 2.74 | | | | | | 2.20 | | | | | | 2.35 | | | | | | 2.66 | | |
2015
|
| | | | 4.19 | | | | | | 2.58 | | | | | | 3.34 | | | | | | 3.90 | | |
2016
|
| | | | 4.16 | | | | | | 3.12 | | | | | | 3.48 | | | | | | 3.26 | | |
2017
|
| | | | 3.38 | | | | | | 3.05 | | | | | | 3.19 | | | | | | 3.31 | | |
2018 (through January 26)
|
| | | | 3.27 | | | | | | 3.14 | | | | | | 3.22 | | | | | | 3.14 | | |
Month | | | | | | ||||||||||||||||||||
July 2017
|
| | | | 3.32 | | | | | | 3.13 | | | | | | 3.21 | | | | | | 3.13 | | |
August 2017
|
| | | | 3.20 | | | | | | 3.12 | | | | | | 3.15 | | | | | | 3.16 | | |
September 2017
|
| | | | 3.19 | | | | | | 3.08 | | | | | | 3.13 | | | | | | 3.17 | | |
October 2017
|
| | | | 3.28 | | | | | | 3.13 | | | | | | 3.19 | | | | | | 3.28 | | |
November 2017
|
| | | | 3.29 | | | | | | 3.21 | | | | | | 3.26 | | | | | | 3.26 | | |
December 2017
|
| | | | 3.33 | | | | | | 3.23 | | | | | | 3.29 | | | | | | 3.31 | | |
January 2018 (through January 26)
|
| | | | 3.27 | | | | | | 3.14 | | | | | | 3.22 | | | | | | 3.14 | | |
| | |
Uruguayan Peso Exchange Rates
|
| |||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
Average
|
| |
Period-end
|
| ||||||||||||
Year ended December 31, | | | | | | ||||||||||||||||||||
2012
|
| | | | 21.85 | | | | | | 18.95 | | | | | | 20.24 | | | | | | 19.18 | | |
2013
|
| | | | 22.68 | | | | | | 18.70 | | | | | | 20.50 | | | | | | 21.13 | | |
2014
|
| | | | 24.82 | | | | | | 20.95 | | | | | | 23.34 | | | | | | 24.37 | | |
2015
|
| | | | 29.92 | | | | | | 24.08 | | | | | | 27.49 | | | | | | 29.92 | | |
2016
|
| | | | 32.58 | | | | | | 28.06 | | | | | | 30.14 | | | | | | 29.34 | | |
2017
|
| | | | 29.69 | | | | | | 27.82 | | | | | | 28.68 | | | | | | 28.81 | | |
2018 (through January 12)
|
| | | | 28.76 | | | | | | 28.40 | | | | | | 28.59 | | | | | | 28.40 | | |
Month | | | | | | ||||||||||||||||||||
July 2017
|
| | | | 29.04 | | | | | | 28.25 | | | | | | 28.64 | | | | | | 28.25 | | |
August 2017
|
| | | | 28.91 | | | | | | 28.30 | | | | | | 28.67 | | | | | | 28.85 | | |
September 2017
|
| | | | 29.19 | | | | | | 28.78 | | | | | | 28.91 | | | | | | 28.98 | | |
October 2017
|
| | | | 29.69 | | | | | | 29.13 | | | | | | 29.38 | | | | | | 29.18 | | |
November 2017
|
| | | | 29.51 | | | | | | 28.94 | | | | | | 29.23 | | | | | | 29.00 | | |
December 2017
|
| | | | 29.09 | | | | | | 28.73 | | | | | | 28.88 | | | | | | 28.81 | | |
January 2018 (through January 12)
|
| | | | 28.76 | | | | | | 28.40 | | | | | | 28.59 | | | | | | 28.40 | | |
| | |
Armenian Dram Exchange Rates
|
| |||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
Average
|
| |
Period-end
|
| ||||||||||||
Year ended December 31, | | | | | | ||||||||||||||||||||
2012
|
| | | | 419.42 | | | | | | 385.07 | | | | | | 401.95 | | | | | | 404.15 | | |
2013
|
| | | | 420.20 | | | | | | 402.01 | | | | | | 409.63 | | | | | | 402.76 | | |
2014
|
| | | | 492.10 | | | | | | 400.28 | | | | | | 416.02 | | | | | | 474.49 | | |
2015
|
| | | | 485.80 | | | | | | 468.60 | | | | | | 478.00 | | | | | | 484.39 | | |
2016
|
| | | | 496.07 | | | | | | 473.20 | | | | | | 480.38 | | | | | | 484.97 | | |
2017
|
| | | | 488.59 | | | | | | 477.00 | | | | | | 482.59 | | | | | | 483.32 | | |
2018 (through January 12)
|
| | | | 484.34 | | | | | | 480.00 | | | | | | 482.82 | | | | | | 480.75 | | |
Month | | | | | | ||||||||||||||||||||
July 2017
|
| | | | 480.26 | | | | | | 478.00 | | | | | | 479.06 | | | | | | 479.00 | | |
August 2017
|
| | | | 479.50 | | | | | | 478.23 | | | | | | 478.74 | | | | | | 478.90 | | |
September 2017
|
| | | | 478.60 | | | | | | 477.00 | | | | | | 477.97 | | | | | | 478.06 | | |
October 2017
|
| | | | 482.33 | | | | | | 477.82 | | | | | | 480.47 | | | | | | 482.33 | | |
November 2017
|
| | | | 488.59 | | | | | | 482.77 | | | | | | 485.43 | | | | | | 484.37 | | |
December 2017
|
| | | | 485.10 | | | | | | 481.25 | | | | | | 483.22 | | | | | | 483.32 | | |
January 2018 (through January 12)
|
| | | | 484.34 | | | | | | 480.00 | | | | | | 482.82 | | | | | | 480.75 | | |
| | |
Peruvian Sol Exchange Rates
|
| |||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
Average
|
| |
Period-end
|
| ||||||||||||
Year ended December 31, | | | | | | ||||||||||||||||||||
2012
|
| | | | 2.71 | | | | | | 2.55 | | | | | | 2.64 | | | | | | 2.55 | | |
2013
|
| | | | 2.81 | | | | | | 2.54 | | | | | | 2.70 | | | | | | 2.80 | | |
2014
|
| | | | 2.99 | | | | | | 2.76 | | | | | | 2.90 | | | | | | 2.98 | | |
2015
|
| | | | 3.41 | | | | | | 2.98 | | | | | | 3.19 | | | | | | 3.41 | | |
2016
|
| | | | 3.54 | | | | | | 3.25 | | | | | | 3.37 | | | | | | 3.36 | | |
2017
|
| | | | 3.39 | | | | | | 3.23 | | | | | | 3.26 | | | | | | 3.24 | | |
2018 (through January 12)
|
| | | | 3.23 | | | | | | 3.21 | | | | | | 3.21 | | | | | | 3.21 | | |
Month | | | | | | ||||||||||||||||||||
July 2017
|
| | | | 3.26 | | | | | | 3.24 | | | | | | 3.25 | | | | | | 3.24 | | |
August 2017
|
| | | | 3.25 | | | | | | 3.24 | | | | | | 3.24 | | | | | | 3.24 | | |
September 2017
|
| | | | 3.27 | | | | | | 3.23 | | | | | | 3.25 | | | | | | 3.27 | | |
October 2017
|
| | | | 3.27 | | | | | | 3.23 | | | | | | 3.25 | | | | | | 3.25 | | |
November 2017
|
| | | | 3.25 | | | | | | 3.23 | | | | | | 3.24 | | | | | | 3.23 | | |
December 2017
|
| | | | 3.29 | | | | | | 3.23 | | | | | | 3.25 | | | | | | 3.24 | | |
January 2018 (through January 12)
|
| | | | 3.23 | | | | | | 3.21 | | | | | | 3.21 | | | | | | 3.21 | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated) (1) |
| |
2015
(Restated) (1) |
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Continuing Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | 1,158.5 | | | | | | 981.9 | | | | | | 1,366.3 | | | | | | 1,187.1 | | |
Cost of services
|
| | | | (749.8 ) | | | | | | (595.7 ) | | | | | | (859.1 ) | | | | | | (759.2 ) | | |
Gross Profit
|
| | | | 408.7 | | | | | | 386.2 | | | | | | 507.3 | | | | | | 427.9 | | |
Selling, general and administrative expenses
|
| | | | (140.1 ) | | | | | | (128.8 ) | | | | | | (170.9 ) | | | | | | (167.2 ) | | |
Impairment loss
|
| | | | — | | | | | | — | | | | | | (16.6 ) | | | | | | — | | |
Other operating income
|
| | | | 14.3 | | | | | | 12.4 | | | | | | 16.9 | | | | | | 15.6 | | |
Other operating expense
|
| | | | (3.5 ) | | | | | | (3.2 ) | | | | | | (4.9 ) | | | | | | (2.7 ) | | |
Operating Income
|
| | | | 279.4 | | | | | | 266.6 | | | | | | 331.8 | | | | | | 273.6 | | |
Share of loss in associates
|
| | | | (5.8 ) | | | | | | (0.4 ) | | | | | | (1.3 ) | | | | | | (69.3 ) | | |
Income before financial results and income tax
|
| | | | 273.6 | | | | | | 266.2 | | | | | | 330.5 | | | | | | 204.3 | | |
Financial income
|
| | | | 42.6 | | | | | | 26.3 | | | | | | 37.5 | | | | | | 46.8 | | |
Financial loss
|
| | | | (203.8 ) | | | | | | (204.0 ) | | | | | | (273.0 ) | | | | | | (199.8 ) | | |
|
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated) (1) |
| |
2015
(Restated) (1) |
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Income before income tax expense
|
| | | | 112.4 | | | | | | 88.5 | | | | | | 95.1 | | | | | | 51.3 | | |
Income tax expense
|
| | | | (39.8 ) | | | | | | (38.6 ) | | | | | | (56.4 ) | | | | | | (45.0 ) | | |
Income from continuing operations
|
| | | | 72.6 | | | | | | 49.9 | | | | | | 38.7 | | | | | | 6.3 | | |
(Loss)/Income from discontinued operations
|
| | | | — | | | | | | (8.7 ) | | | | | | (9.5 ) | | | | | | 109.0 | | |
Net Income
|
| | | | 72.6 | | | | | | 41.2 | | | | | | 29.2 | | | | | | 115.3 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | |
Owners of the parent
|
| | | | 67.1 | | | | | | 40.9 | | | | | | 33.8 | | | | | | 105.5 | | |
Non-controlling interest
|
| | | | 5.5 | | | | | | 0.3 | | | | | | (4.5 ) | | | | | | 9.8 | | |
| | | | | 72.6 | | | | | | 41.2 | | | | | | 29.2 | | | | | | 115.3 | | |
|
| | |
For the Nine-Month Period
Ended September 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated) (1) |
| |
2015
(Restated) (1) |
| ||||||||||||
| | |
(in millions of U.S.$ except for share and per share amounts)
|
| |||||||||||||||||||||
Earnings per share attributable to the parent | | | | | | ||||||||||||||||||||
Weighted average number of common shares (in thousands)
(2)
|
| | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | | |
Continuing Operations | | | | | | ||||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 0.04 | | | | | | 0.03 | | | | | | 0.03 | | | | | | (0.01 ) | | |
Discontinued Operations | | | | | | ||||||||||||||||||||
Basic and diluted earnings per share
|
| | | | — | | | | | | (0.01 ) | | | | | | (0.01 ) | | | | | | 0.08 | | |
Continuing and Discontinued Operations | | | | | | ||||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 0.04 | | | | | | 0.03 | | | | | | 0.02 | | | | | | 0.07 | | |
Pro-forma earnings per share attributable to the parent (unaudited)
(3)
|
| | | | | ||||||||||||||||||||
Pro-forma weighted average number of common shares (in thousands)
|
| | | | 148,118 | | | | | | 148,118 | | | | | | 148,118 | | | | | | 148,118 | | |
Continuing Operations | | | | | | ||||||||||||||||||||
Basic and diluted earnings per share . . . . . . . . . . . .
|
| | | | 0.45 | | | | | | 0.33 | | | | | | 0.29 | | | | | | (0.07 ) | | |
Discontinued Operations | | | | | | ||||||||||||||||||||
Basic and diluted earnings per share . . . . . . . . . . . .
|
| | | | — | | | | | | (0.06 ) | | | | | | (0.06 ) | | | | | | 0.79 | | |
Continuing and Discontinued Operations | | | | | | ||||||||||||||||||||
Basic and diluted earnings per share . . . . . . . . . . . .
|
| | | | 0.45 | | | | | | 0.28 | | | | | | 0.23 | | | | | | 0.71 | | |
| | |
For the Nine-Month Period
Ended September 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated) (1) |
| |
2015
(Restated) (1) |
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Net Income
|
| | | | 72.6 | | | | | | 41.2 | | | | | | 29.2 | | | | | | 115.3 | | |
Items that will not be reclassified subsequently to profit or loss | | | | | | ||||||||||||||||||||
Remeasurement of defined benefit obligation
|
| | | | 0.3 | | | | | | (0.7 ) | | | | | | (0.3 ) | | | | | | 0.3 | | |
Items that may be subsequently reclassified to profit or loss | | | | | | ||||||||||||||||||||
Shares of other comprehensive income from associates
|
| | | | 0.2 | | | | | | (0.1 ) | | | | | | — (2) | | | | | | (40.0 ) | | |
Currency translation adjustment
|
| | | | (2.7 ) | | | | | | (24.0 ) | | | | | | (48.6 ) | | | | | | (166.6 ) | | |
Other comprehensive loss from continuing operations for the year, net of income tax
|
| | | | (2.2 ) | | | | | | (24.7 ) | | | | | | (48.9 ) | | | | | | (206.3 ) | | |
Currency translation adjustment from discontinued operations
|
| | | | — | | | | | | 3.6 | | | | | | 4.3 | | | | | | (4.3 ) | | |
Other comprehensive income of discontinued operations for the year, net of income tax
|
| | | | — | | | | | | 3.6 | | | | | | 4.3 | | | | | | (4.3 ) | | |
Total other comprehensive loss for the year
|
| | | | (2.2 ) | | | | | | (21.1 ) | | | | | | (44.6 ) | | | | | | (210.5 ) | | |
Total comprehensive loss for the year
|
| | | | 70.4 | | | | | | 20.1 | | | | | | (15.4 ) | | | | | | (95.2 ) | | |
Attributable to: | | | | | | ||||||||||||||||||||
Owners of the parent
|
| | | | 56.6 | | | | | | 18.2 | | | | | | 1.5 | | | | | | (50.9 ) | | |
Non-controlling interest
|
| | | | 13.8 | | | | | | 1.9 | | | | | | (16.9 ) | | | | | | (44.4 ) | | |
| | | | | 70.4 | | | | | | 20.1 | | | | | | (15.4 ) | | | | | | (95.2 ) | | |
|
| | |
As of September 30,
2017 (Unaudited) |
| |
As of December 31,
|
| |
As of January 1,
2015 |
| |||||||||||||||
| | |
2016
(Restated) (1) |
| |
2015
(Restated) (1) |
| ||||||||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets
|
| | | | 3,314.4 | | | | | | 3,120.2 | | | | | | 2,876.9 | | | | | | 2,015.2 | | |
Current assets
|
| | | | 638.6 | | | | | | 507.1 | | | | | | 394.7 | | | | | | 817.5 | | |
Total assets
|
| | | | 3,953.0 | | | | | | 3,627.3 | | | | | | 3,271.6 | | | | | | 2,832.8 | | |
Total equity
|
| | | | 839.4 | | | | | | 803.3 | | | | | | 834.1 | | | | | | 1,466.6 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | |||||
Non-current liabilities
|
| | | | 2,439.0 | | | | | | 2,161.2 | | | | | | 1,955.5 | | | | | | 688.0 | | |
Current liabilities
|
| | | | 674.6 | | | | | | 662.8 | | | | | | 482.0 | | | | | | 678.2 | | |
Total liabilities
|
| | | | 3,113.6 | | | | | | 2,824.0 | | | | | | 2,437.5 | | | | | | 1,366.2 | | |
Total equity and liabilities
|
| | | | 3,953.0 | | | | | | 3,627.3 | | | | | | 3,271.6 | | | | | | 2,832.8 | | |
Equity | | | | | | | | | | | | | | | | | | | | | |||||
Weighted average number of common shares
(in thousands) (2) |
| | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,500,000 | | |
Declared dividends per share
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(Restated) (1) |
| |
2015
(Restated) (1) |
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Net cash provided by operating activities
|
| | | | 59.6 | | | | | | 141.7 | | | | | | 172.8 | | | | | | 43.6 | | |
Net cash used in discontinued operating activities
|
| | | | — | | | | | | (8.9 ) | | | | | | (8.2 ) | | | | | | (42.0 ) | | |
Net cash provided by/(used in) investing activities
|
| | | | (9.1 ) | | | | | | (1.7 ) | | | | | | 35.8 | | | | | | (86.4 ) | | |
Net cash used in discontinued investing activities
|
| | | | — | | | | | | (8.1 ) | | | | | | (8.1 ) | | | | | | (183.6 ) | | |
Net cash (used in)/provided by financing activities
|
| | | | 97.0 | | | | | | (102.0 ) | | | | | | (159.4 ) | | | | | | 22.8 | | |
Net cash provided by discontinued financing activities
|
| | | | — | | | | | | — | | | | | | — | | | | | | 196.7 | | |
Increase/(Decrease) in cash and cash equivalents from continuing operations
|
| | | | 147.5 | | | | | | 37.9 | | | | | | 49.2 | | | | | | (20.0 ) | | |
Decrease in cash and cash equivalents from discontinued operations
|
| | | | — | | | | | | (16.9 ) | | | | | | (16.2 ) | | | | | | (28.8 ) | | |
| | |
I
|
| |
II
|
| | | | | | | |
III
|
| |||||||||
| | |
A.C.I.
Airports International S.à r.l. Historical for the Year Ended December 31, 2016 |
| |
Disposition
|
| |
Notes
|
| |
Pro Forma
for the Year Ended December 31, 2016 (unaudited) |
| ||||||||||||
| | | | | | ||||||||||||||||||||
Continuing operations | | | | | | | | | | | |||||||||||||||
Revenue
|
| | | | 1,366.3 | | | | | | — | | | | | | | | | | | | 1,366.3 | | |
Cost of services
|
| | | | (859.1 ) | | | | | | — | | | | | | | | | | | | (859.1 ) | | |
Gross profit
|
| | | | 507.3 | | | | |
|
—
|
| | | | | | | | | | | 507.3 | | |
Selling, general and administrative expenses
|
| | | | (170.9 ) | | | | | | — | | | | | | | | | | | | (170.9 ) | | |
Impairment loss
|
| | | | (16.6 ) | | | | | | — | | | | | | | | | | | | (16.6 ) | | |
Other operating income
|
| | | | 16.9 | | | | | | — | | | | | | | | | | | | 16.9 | | |
Other operating expense
|
| | | | (4.9 ) | | | | | | 0.9 | | | | | | B | | | | | | (4.0 ) | | |
Operating income
|
| | | | 331.8 | | | | | | 0.9 | | | | | | | | | | | | 332.7 | | |
Share of loss in associates
|
| | | | (1.3 ) | | | | | | 0.4 | | | | | | A | | | | | | (0.9 ) | | |
Income before financial results and income tax
|
| | | | 330.5 | | | | | | 1.3 | | | | | | | | | | | | 331.8 | | |
Financial income
|
| | | | 37.5 | | | | | | — | | | | | | | | | | | | 37.5 | | |
Financial loss
|
| | | | (273.0 ) | | | | | | — | | | | | | | | | | | | (273.0 ) | | |
Income before income tax expense
|
| | | | 95.1 | | | | |
|
1.3
|
| | | | | | | | | |
|
96.4
|
| |
Income tax expense
|
| | | | (56.4 ) | | | | | | — | | | | | | | | | | | | (56.4 ) | | |
Income from continuing operations
|
| | | | 38.7 | | | | | | 1.3 | | | | | | | | | | | | 40.0 | | |
Earnings per share attributable to the owners of the parent | | | | | | ||||||||||||||||||||
Weighted average number of common shares (thousands)
(1)
|
| | | | 1,500,000 | | | | | | — | | | | | | | | | | | | 1,500,000 | | |
Continuing operations | | | | | | ||||||||||||||||||||
Basic earnings per share
|
| | | | 0.03 | | | | | | — | | | | | | | | | | | | 0.03 | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||
| | |
2017
|
| |
% change against
prior period |
| |
2016
|
| |
2016
|
| |
% change against
prior year |
| |
2015
|
| ||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 30.5 | | | | | | 9.8 % | | | | | | 27.8 | | | | | | 37.9 | | | | | | (0.9 )% | | | | | | 38.2 | | |
International Passengers (in millions)
|
| | | | 20.5 | | | | | | 10.3 % | | | | | | 18.6 | | | | | | 24.6 | | | | | | 7.4 % | | | | | | 22.9 | | |
Transit passengers (in millions)
|
| | | | 6.1 | | | | | | (16.8 )% | | | | | | 7.3 | | | | | | 9.3 | | | | | | (6.0 )% | | | | | | 9.9 | | |
Total passengers (in millions)
|
| | | | 57.1 | | | | | | 6.4 % | | | | | | 53.7 | | | | | | 71.8 | | | | | | 1.1 % | | | | | | 71.0 | | |
Cargo volumes (in thousands of tons)
|
| | | | 268.8 | | | | | | 8.2 % | | | | | | 248.5 | | | | | | 360.6 | | | | | | 2.6 % | | | | | | 351.4 | | |
Total aircraft movements (in thousands)
|
| | | | 637.3 | | | | | | 2.0 % | | | | | | 624.8 | | | | | | 836.4 | | | | | | (4.0 )% | | | | | | 871.1 | | |
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
|
| |
% of Total
|
| |
2016
|
| |
% of Total
|
| |
2016
|
| |
% of Total
|
| |
2015
|
| |
% of Total
|
| ||||||||||||||||||||||||
Argentina | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 16.5 | | | | | | 53.9 % | | | | | | 13.8 | | | | | | 49.8 % | | | | | | 19.2 | | | | | | 50.7 % | | | | | | 19.0 | | | | | | 49.6 % | | |
International Passengers (in millions)
|
| | | | 10.2 | | | | | | 49.5 % | | | | | | 9.1 | | | | | | 48.7 % | | | | | | 12.2 | | | | | | 49.5 % | | | | | | 11.4 | | | | | | 49.6 % | | |
Transit passengers (in millions)
|
| | | | 0.9 | | | | | | 14.0 % | | | | | | 1.0 | | | | | | 14.3 % | | | | | | 1.2 | | | | | | 12.7 % | | | | | | 0.3 | | | | | | 3.5 % | | |
Total passengers (in millions)
|
| | | | 27.5 | | | | | | 48.1 % | | | | | | 23.9 | | | | | | 44.6 % | | | | | | 32.6 | | | | | | 45.4 % | | | | | | 30.7 | | | | | | 43.2 % | | |
Cargo volume (in thousands of tons)
|
| | | | 155.4 | | | | | | 57.8 % | | | | | | 140.9 | | | | | | 56.7 % | | | | | | 210.8 | | | | | | 58.5 % | | | | | | 202.6 | | | | | | 57.7 % | | |
Aircraft movements (in thousands)
|
| | | | 314.1 | | | | | | 49.3 % | | | | | | 288.6 | | | | | | 46.2 % | | | | | | 393.1 | | | | | | 47.0 % | | | | | | 396.5 | | | | | | 45.5 % | | |
Italy | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 1.4 | | | | | | 4.5 % | | | | | | 1.4 | | | | | | 4.9 % | | | | | | 1.8 | | | | | | 4.7 % | | | | | | 1.9 | | | | | | 4.8 % | | |
International Passengers (in millions)
|
| | | | 4.9 | | | | | | 23.8 % | | | | | | 4.5 | | | | | | 24.3 % | | | | | | 5.7 | | | | | | 23.2 % | | | | | | 5.4 | | | | | | 23.4 % | | |
Transit passengers (in millions)
|
| | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | |
Total passengers (in millions)
|
| | | | 6.3 | | | | | | 11.0 % | | | | | | 5.9 | | | | | | 11.0 % | | | | | | 7.5 | | | | | | 10.5 % | | | | | | 7.2 | | | | | | 10.2 % | | |
Cargo volume (in thousands of tons)
|
| | | | 7.9 | | | | | | 2.9 % | | | | | | 7.4 | | | | | | 3.0 % | | | | | | 10.5 | | | | | | 2.9 % | | | | | | 8.9 | | | | | | 2.5 % | | |
Aircraft movements (in thousands)
|
| | | | 61.2 | | | | | | 9.6 % | | | | | | 60.0 | | | | | | 9.6 % | | | | | | 76.2 | | | | | | 9.1 % | | | | | | 73.8 | | | | | | 8.5 % | | |
Brazil (1) | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 8.7 | | | | | | 28.7 % | | | | | | 8.7 | | | | | | 31.2 % | | | | | | 11.6 | | | | | | 30.7 % | | | | | | 12.3 | | | | | | 32.2 % | | |
International Passengers (in millions)
|
| | | | 0.4 | | | | | | 2.0 % | | | | | | 0.6 | | | | | | 3.0 % | | | | | | 0.7 | | | | | | 2.9 % | | | | | | 0.8 | | | | | | 3.5 % | | |
Transit passengers (in millions)
|
| | | | 5.1 | | | | | | 84.8 % | | | | | | 6.2 | | | | | | 84.4 % | | | | | | 8.0 | | | | | | 86.0 % | | | | | | 9.4 | | | | | | 95.4 % | | |
Total passengers (in millions)
|
| | | | 14.3 | | | | | | 25.1 % | | | | | | 15.4 | | | | | | 28.7 % | | | | | | 20.4 | | | | | | 28.3 % | | | | | | 22.5 | | | | | | 31.7 % | | |
Cargo volume (in thousands of tons)
|
| | | | 39.5 | | | | | | 14.7 % | | | | | | 35.9 | | | | | | 14.5 % | | | | | | 48.7 | | | | | | 13.5 % | | | | | | 50.4 | | | | | | 14.3 % | | |
Aircraft movements (in thousands)
|
| | | | 138.1 | | | | | | 21.7 % | | | | | | 151.0 | | | | | | 24.2 % | | | | | | 198.8 | | | | | | 23.8 % | | | | | | 230.6 | | | | | | 26.5 % | | |
Uruguay | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | |
International Passengers (in millions)
|
| | | | 1.7 | | | | | | 8.4 % | | | | | | 1.5 | | | | | | 8.2 % | | | | | | 2.0 | | | | | | 8.2 % | | | | | | 1.8 | | | | | | 8.0 % | | |
Transit passengers (in millions)
|
| | | | 0.0 | | | | | | 0.3 % | | | | | | 0.0 | | | | | | 0.2 % | | | | | | 0.0 | | | | | | 0.2 % | | | | | | 0.0 | | | | | | 0.1 % | | |
Total passengers (in millions)
|
| | | | 1.7 | | | | | | 3.1 % | | | | | | 1.5 | | | | | | 2.9 % | | | | | | 2.0 | | | | | | 2.8 % | | | | | | 1.8 | | | | | | 2.6 % | | |
Cargo volume (in thousands of tons)
|
| | | | 20.0 | | | | | | 7.5 % | | | | | | 20.9 | | | | | | 8.4 % | | | | | | 29.0 | | | | | | 8.0 % | | | | | | 30.9 | | | | | | 8.8 % | | |
Aircraft movements (in thousands)
|
| | | | 27.0 | | | | | | 4.2 % | | | | | | 22.9 | | | | | | 3.7 % | | | | | | 32.4 | | | | | | 3.9 % | | | | | | 31.8 | | | | | | 3.6 % | | |
Ecuador (2) | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 1.7 | | | | | | 5.4 % | | | | | | 1.7 | | | | | | 6.1 % | | | | | | 2.3 | | | | | | 5.9 % | | | | | | 2.4 | | | | | | 6.2 % | | |
International Passengers (in millions)
|
| | | | 1.4 | | | | | | 6.9 % | | | | | | 1.4 | | | | | | 7.3 % | | | | | | 1.8 | | | | | | 7.5 % | | | | | | 1.6 | | | | | | 7.1 % | | |
Transit passengers (in millions)
|
| | | | 0.1 | | | | | | 0.9 % | | | | | | 0.1 | | | | | | 1.1 % | | | | | | 0.1 | | | | | | 1.1 % | | | | | | 0.1 | | | | | | 1.0 % | | |
Total passengers (in millions)
|
| | | | 3.1 | | | | | | 5.5 % | | | | | | 3.1 | | | | | | 5.8 % | | | | | | 4.2 | | | | | | 5.9 % | | | | | | 4.1 | | | | | | 5.8 % | | |
Cargo volume (in thousands of tons)
|
| | | | 25.3 | | | | | | 9.4 % | | | | | | 30.0 | | | | | | 12.1 % | | | | | | 39.3 | | | | | | 10.9 % | | | | | | 43.2 | | | | | | 12.3 % | | |
Aircraft movements (in thousands)
|
| | | | 60.1 | | | | | | 9.4 % | | | | | | 66.4 | | | | | | 10.6 % | | | | | | 87.6 | | | | | | 10.5 % | | | | | | 90.9 | | | | | | 10.4 % | | |
Armenia | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | |
International Passengers (in millions)
|
| | | | 1.9 | | | | | | 9.4 % | | | | | | 1.5 | | | | | | 8.3 % | | | | | | 2.1 | | | | | | 8.6 % | | | | | | 1.9 | | | | | | 8.4 % | | |
Transit passengers (in millions)
|
| | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | |
Total passengers (in millions)
|
| | | | 1.9 | | | | | | 3.4 % | | | | | | 1.5 | | | | | | 2.9 % | | | | | | 2.1 | | | | | | 2.9 % | | | | | | 1.9 | | | | | | 2.7 % | | |
Cargo volume (in thousands of tons)
|
| | | | 17.0 | | | | | | 6.3 % | | | | | | 9.7 | | | | | | 3.9 % | | | | | | 17.2 | | | | | | 4.8 % | | | | | | 10.0 | | | | | | 2.9 % | | |
Aircraft movements (in thousands)
|
| | | | 16.0 | | | | | | 2.5 % | | | | | | 13.6 | | | | | | 2.2 % | | | | | | 18.7 | | | | | | 2.2 % | | | | | | 18.0 | | | | | | 2.1 % | | |
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
|
| |
% of Total
|
| |
2016
|
| |
% of Total
|
| |
2016
|
| |
% of Total
|
| |
2015
|
| |
% of Total
|
| ||||||||||||||||||||||||
Peru (3) | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Domestic Passengers (in millions)
|
| | | | 2.3 | | | | | | 7.4 % | | | | | | 2.2 | | | | | | 8.0 % | | | | | | 3.0 | | | | | | 7.9 % | | | | | | 2.7 | | | | | | 7.1 % | | |
International Passengers (in millions)
|
| | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | |
Transit passengers (in millions)
|
| | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | | | | | 0.0 | | | | | | 0.0 % | | |
Total passengers (in millions)
|
| | | | 2.3 | | | | | | 4.0 % | | | | | | 2.2 | | | | | | 4.1 % | | | | | | 3.0 | | | | | | 4.2 % | | | | | | 2.7 | | | | | | 3.9 % | | |
Cargo volume (in thousands of tons)
|
| | | | 3,703 | | | | | | 1.4 % | | | | | | 3,643 | | | | | | 1.5 % | | | | | | 4,979.0 | | | | | | 1.4 % | | | | | | 5,236.0 | | | | | | 1.5 % | | |
Aircraft movements (in thousands)
|
| | | | 20.9 | | | | | | 3.3 % | | | | | | 22.4 | | | | | | 3.6 % | | | | | | 29.6 | | | | | | 3.5 % | | | | | | 29.4 | | | | | | 3.4 % | | |
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| ||||||||||||||||||||||||
Aeronautical revenue
|
| | | | 575.1 | | | | | | 49.6 % | | | | | | 495.6 | | | | | | 50.5 % | | | | | | 673.5 | | | | | | 49.3 % | | | | | | 543.2 | | | | | | 45.8 % | | |
Non-aeronautical revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 409.7 | | | | | | 35.4 % | | | | | | 383.7 | | | | | | 39.1 % | | | | | | 522.2 | | | | | | 38.2 % | | | | | | 459.7 | | | | | | 38.7 % | | |
Construction service revenue
|
| | | | 172.3 | | | | | | 14.9 % | | | | | | 99.4 | | | | | | 10.1 % | | | | | | 165.1 | | | | | | 12.1 % | | | | | | 178.4 | | | | | | 15.0 % | | |
Other revenue
|
| | | | 1.3 | | | | | | 0.1 % | | | | | | 3.2 | | | | | | 0.3 % | | | | | | 5.6 | | | | | | 0.4 % | | | | | | 5.7 | | | | | | 0.5 % | | |
Total consolidated revenue
|
| | | | 1,158.5 | | | | | | 100.0 % | | | | | | 981.9 | | | | | | 100.0 % | | | | | | 1,366.3 | | | | | | 100.0 % | | | | | | 1,187.1 | | | | | | 100.0 % | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| ||||||||||||||||||||||||
Passenger use fees
|
| | | | 435.1 | | | | | | 75.6 % | | | | | | 368.0 | | | | | | 74.3 % | | | | | | 514.2 | | | | | | 76.4 % | | | | | | 404.4 | | | | | | 74.4 % | | |
Aircraft fees
|
| | | | 129.6 | | | | | | 22.5 % | | | | | | 117.4 | | | | | | 23.7 % | | | | | | 117.2 | | | | | | 17.4 % | | | | | | 96.4 | | | | | | 17.8 % | | |
Other
|
| | | | 10.5 | | | | | | 1.8 % | | | | | | 10.2 | | | | | | 2.1 % | | | | | | 42.1 | | | | | | 6.2 % | | | | | | 42.4 | | | | | | 7.8 % | | |
Total aeronautical revenue
|
| | | | 575.1 | | | | | | 100.0 % | | | | | | 495.6 | | | | | | 100.0 % | | | | | | 673.5 | | | | | | 100.0 % | | | | | | 543.2 | | | | | | 100.0 % | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| ||||||||||||||||||||||||
Warehouse use fees
|
| | | | 140.0 | | | | | | 34.2 % | | | | | | 138.6 | | | | | | 36.1 % | | | | | | 187.6 | | | | | | 35.9 % | | | | | | 166.8 | | | | | | 36.3 % | | |
Duty free shops
|
| | | | 48.3 | | | | | | 11.8 % | | | | | | 45.3 | | | | | | 11.8 % | | | | | | 64.2 | | | | | | 12.3 % | | | | | | 72.3 | | | | | | 15.7 % | | |
Rental of Space (including hangars)
|
| | | | 24.2 | | | | | | 5.9 % | | | | | | 25.6 | | | | | | 6.7 % | | | | | | 38.3 | | | | | | 7.3 % | | | | | | 26.5 | | | | | | 5.8 % | | |
Parking Facilities
|
| | | | 32.4 | | | | | | 7.9 % | | | | | | 27.5 | | | | | | 7.2 % | | | | | | 37.1 | | | | | | 7.1 % | | | | | | 37.3 | | | | | | 8.1 % | | |
Fuel
|
| | | | 28.8 | | | | | | 7.0 % | | | | | | 22.0 | | | | | | 5.7 % | | | | | | 32.1 | | | | | | 6.2 % | | | | | | 29.2 | | | | | | 6.4 % | | |
Food and beverage services
|
| | | | 20.2 | | | | | | 4.9 % | | | | | | 19.8 | | | | | | 5.2 % | | | | | | 26.2 | | | | | | 5.0 % | | | | | | 13.8 | | | | | | 3.0 % | | |
Advertising
|
| | | | 16.8 | | | | | | 4.1 % | | | | | | 15.2 | | | | | | 4.0 % | | | | | | 21.7 | | | | | | 4.1 % | | | | | | 17.4 | | | | | | 3.8 % | | |
Services and retail stores
|
| | | | 14.1 | | | | | | 3.4 % | | | | | | 14.9 | | | | | | 3.9 % | | | | | | 18.2 | | | | | | 3.5 % | | | | | | 11.3 | | | | | | 2.4 % | | |
Catering
|
| | | | 12.0 | | | | | | 2.9 % | | | | | | 10.8 | | | | | | 2.8 % | | | | | | 14.7 | | | | | | 2.8 % | | | | | | 14.7 | | | | | | 3.2 % | | |
VIP Lounge
|
| | | | 15.6 | | | | | | 3.8 % | | | | | | 10.4 | | | | | | 2.7 % | | | | | | 14.1 | | | | | | 2.7 % | | | | | | 9.5 | | | | | | 2.1 % | | |
Walkway Services
|
| | | | 9.0 | | | | | | 2.2 % | | | | | | 8.2 | | | | | | 2.1 % | | | | | | 10.5 | | | | | | 2.0 % | | | | | | 10.4 | | | | | | 2.3 % | | |
Other
|
| | | | 48.5 | | | | | | 11.8 % | | | | | | 45.5 | | | | | | 11.9 % | | | | | | 57.4 | | | | | | 11.0 % | | | | | | 50.4 | | | | | | 11.0 % | | |
Total commercial revenue
|
| | | | 409.7 | | | | | | 100.0 % | | | | | | 383.7 | | | | | | 100.0 % | | | | | | 522.2 | | | | | | 100.0 % | | | | | | 459.7 | | | | | | 100.0 % | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| |
(in millions of
U.S.$) |
| |
% of Total
Revenue |
| ||||||||||||||||||||||||
Argentina
|
| | | | 729.7 | | | | | | 63.0 % | | | | | | 593.7 | | | | | | 60.5 % | | | | | | 840.9 | | | | | | 61.5 % | | | | | | 783.9 | | | | | | 66.0 % | | |
Italy
|
| | | | 116.6 | | | | | | 10.1 % | | | | | | 107.5 | | | | | | 10.9 % | | | | | | 141.3 | | | | | | 10.3 % | | | | | | 152.7 | | | | | | 12.9 % | | |
Brazil
|
| | | | 96.1 | | | | | | 8.3 % | | | | | | 90.4 | | | | | | 9.2 % | | | | | | 127.0 | | | | | | 9.3 % | | | | | | 0.8 | | | | | | 0.1 % | | |
Uruguay
|
| | | | 84.0 | | | | | | 7.3 % | | | | | | 73.9 | | | | | | 7.5 % | | | | | | 97.8 | | | | | | 7.2 % | | | | | | 93.1 | | | | | | 7.8 % | | |
Ecuador (1) | | | | | 64.5 | | | | | | 5.6 % | | | | | | 64.0 | | | | | | 6.5 % | | | | | | 85.3 | | | | | | 6.2 % | | | | | | 79.0 | | | | | | 6.7 % | | |
Armenia
|
| | | | 67.0 | | | | | | 5.8 % | | | | | | 52.4 | | | | | | 5.3 % | | | | | | 73.2 | | | | | | 5.4 % | | | | | | 74.7 | | | | | | 6.3 % | | |
Unallocated
|
| | | | 0.6 | | | | | | 0.1 % | | | | | | 0.1 | | | | | | 0.0 % | | | | | | 0.8 | | | | | | 0.1 % | | | | | | 2.9 | | | | | | 0.2 % | | |
Total consolidated revenue
(1)(2)
|
| | | | 1,158.5 | | | | | | 100.0 % | | | | | | 981.9 | | | | | | 100.0 % | | | | | | 1,366.3 | | | | | | 100.0 % | | | | | | 1,187.1 | | | | | | 100.0 % | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Total
Expenses |
| |
(in millions of
U.S.$) |
| |
% of Total
Expenses |
| |
(in millions of
U.S.$) |
| |
% of Total
Expenses |
| |
(in millions of
U.S.$) |
| |
% of Total
Expenses |
| ||||||||||||||||||||||||
Cost of services
|
| | | | 749.8 | | | | | | 65.9 % | | | | | | 595.7 | | | | | | 61.4 % | | | | | | 859.1 | | | | | | 62.2 % | | | | | | 759.2 | | | | | | 64.7 % | | |
Selling, general and administrative expenses
|
| | | | 140.1 | | | | | | 12.3 % | | | | | | 128.8 | | | | | | 13.3 % | | | | | | 170.9 | | | | | | 12.4 % | | | | | | 167.2 | | | | | | 14.2 % | | |
Financial loss
|
| | | | 203.8 | | | | | | 17.9 % | | | | | | 204.0 | | | | | | 21.0 % | | | | | | 273.0 | | | | | | 19.8 % | | | | | | 199.8 | | | | | | 17.0 % | | |
Other expenses
|
| | | | 3.5 | | | | | | 0.3 % | | | | | | 3.2 | | | | | | 0.3 % | | | | | | 21.5 | | | | | | 1.6 % | | | | | | 2.7 | | | | | | 0.2 % | | |
Income tax expense
|
| | | | 39.8 | | | | | | 3.5 % | | | | | | 38.6 | | | | | | 4.0 % | | | | | | 56.4 | | | | | | 4.1 % | | | | | | 45.0 | | | | | | 3.8 % | | |
Total expenses
|
| | | | 1,137.0 | | | | | | 100.0 % | | | | | | 970.3 | | | | | | 100.0 % | | | | | | 1,380.8 | | | | | | 100.0 % | | | | | | 1,173.8 | | | | | | 100.0 % | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Cost of
services |
| |
(in millions of
U.S.$) |
| |
% of Cost of
services |
| |
(in millions of
U.S.$) |
| |
% of Cost of
services |
| |
(in millions of
U.S.$) |
| |
% of Cost of
services |
| ||||||||||||||||||||||||
Salaries and social security contributions
|
| | | | 157.3 | | | | | | 21.0 % | | | | | | 135.4 | | | | | | 22.7 % | | | | | | 184.6 | | | | | | 21.5 % | | | | | | 165.8 | | | | | | 21.8 % | | |
Concession fees
(1)
|
| | | | 144.9 | | | | | | 19.3 % | | | | | | 128.4 | | | | | | 21.5 % | | | | | | 176.5 | | | | | | 20.5 % | | | | | | 133.8 | | | | | | 17.6 % | | |
Construction service cost
|
| | | | 171.3 | | | | | | 22.8 % | | | | | | 98.5 | | | | | | 16.5 % | | | | | | 163.7 | | | | | | 19.1 % | | | | | | 177.0 | | | | | | 23.3 % | | |
Maintenance expenses
|
| | | | 106.3 | | | | | | 14.2 % | | | | | | 89.3 | | | | | | 15.0 % | | | | | | 126.9 | | | | | | 14.8 % | | | | | | 125.8 | | | | | | 16.6 % | | |
Amortization and depreciation
|
| | | | 75.5 | | | | | | 10.1 % | | | | | | 64.6 | | | | | | 10.8 % | | | | | | 89.5 | | | | | | 10.4 % | | | | | | 64.8 | | | | | | 8.5 % | | |
Services and fees
|
| | | | 38.6 | | | | | | 5.1 % | | | | | | 32.8 | | | | | | 5.5 % | | | | | | 49.0 | | | | | | 5.7 % | | | | | | 42.5 | | | | | | 5.6 % | | |
Cost of fuel
|
| | | | 19.2 | | | | | | 2.6 % | | | | | | 13.2 | | | | | | 2.2 % | | | | | | 19.5 | | | | | | 2.3 % | | | | | | 21.3 | | | | | | 2.8 % | | |
Taxes
|
| | | | 14.1 | | | | | | 1.9 % | | | | | | 13.0 | | | | | | 2.2 % | | | | | | 17.5 | | | | | | 2.0 % | | | | | | 2.7 | | | | | | 0.4 % | | |
Office expenses
|
| | | | 13.0 | | | | | | 1.7 % | | | | | | 5.5 | | | | | | 0.9 % | | | | | | 15.9 | | | | | | 1.8 % | | | | | | 9.8 | | | | | | 1.3 % | | |
Provision for maintenance cost
|
| | | | 1.3 | | | | | | 0.2 % | | | | | | 2.4 | | | | | | 0.4 % | | | | | | 4.7 | | | | | | 0.5 % | | | | | | 5.4 | | | | | | 0.7 % | | |
Others
|
| | | | 8.4 | | | | | | 1.1 % | | | | | | 12.8 | | | | | | 2.2 % | | | | | | 11.1 | | | | | | 1.3 % | | | | | | 10.3 | | | | | | 1.4 % | | |
Total cost of services
|
| | | | 749.8 | | | | | | 100.0 % | | | | | | 595.7 | | | | | | 100.0 % | | | | | | 859.1 | | | | | | 100.0 % | | | | | | 759.2 | | | | | | 100.0 % | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Total
SG&A |
| |
(in millions of
U.S.$) |
| |
% of Total
SG&A |
| |
(in millions of
U.S.$) |
| |
% of Total
SG&A |
| |
(in millions of
U.S.$) |
| |
% of Total
SG&A |
| ||||||||||||||||||||||||
Taxes
|
| | | | 40.5 | | | | | | 28.89 % | | | | | | 35.1 | | | | | | 27.2 % | | | | | | 50.9 | | | | | | 29.8 % | | | | | | 43.2 | | | | | | 25.8 % | | |
Salaries and social security contributions
|
| | | | 26.1 | | | | | | 18.65 % | | | | | | 25.9 | | | | | | 20.1 % | | | | | | 34.8 | | | | | | 20.4 % | | | | | | 31.5 | | | | | | 18.8 % | | |
Services and fees
|
| | | | 43.0 | | | | | | 30.70 % | | | | | | 39.0 | | | | | | 30.3 % | | | | | | 48.1 | | | | | | 28.1 % | | | | | | 52.5 | | | | | | 31.4 % | | |
Office expenses
|
| | | | 8.5 | | | | | | 6.10 % | | | | | | 6.9 | | | | | | 5.4 % | | | | | | 10.0 | | | | | | 5.9 % | | | | | | 10.4 | | | | | | 6.2 % | | |
Amortization and depreciation
|
| | | | 5.6 | | | | | | 4.03 % | | | | | | 5.6 | | | | | | 4.3 % | | | | | | 7.2 | | | | | | 4.2 % | | | | | | 7.5 | | | | | | 4.5 % | | |
Maintenance expenses
|
| | | | 2.3 | | | | | | 1.63 % | | | | | | 3.0 | | | | | | 2.3 % | | | | | | 5.1 | | | | | | 3.0 % | | | | | | 5.9 | | | | | | 3.5 % | | |
Advertising
|
| | | | 2.1 | | | | | | 1.50 % | | | | | | 1.5 | | | | | | 1.1 % | | | | | | 2.2 | | | | | | 1.3 % | | | | | | 3.2 | | | | | | 1.9 % | | |
Insurance
|
| | | | 1.4 | | | | | | 0.99 % | | | | | | 1.2 | | | | | | 0.9 % | | | | | | 1.4 | | | | | | 0.8 % | | | | | | 0.5 | | | | | | 0.3 % | | |
Charter services
|
| | | | 0.6 | | | | | | 0.43 % | | | | | | 1.0 | | | | | | 0.7 % | | | | | | 1.2 | | | | | | 0.7 % | | | | | | 2.3 | | | | | | 1.4 % | | |
Bad debts recovery
|
| | | | (0.3 ) | | | | | | (0.2 )% | | | | | | — | | | | | | — | | | | | | (2.2 ) | | | | | | (1.3 )% | | | | | | — | | | | | | — | | |
Bad debts
|
| | | | 4.0 | | | | | | 2.88 % | | | | | | 2.2 | | | | | | 1.7 % | | | | | | 2.0 | | | | | | 1.2 % | | | | | | 2.6 | | | | | | 1.6 % | | |
Others
|
| | | | 6.1 | | | | | | 4.38 % | | | | | | 7.4 | | | | | | 5.8 % | | | | | | 10.2 | | | | | | 6.0 % | | | | | | 7.6 | | | | | | 4.5 % | | |
Total selling, general and administrative expenses
|
| | | | 140.1 | | | | | | 100.0 % | | | | | | 128.8 | | | | | | 100.0 % | | | | | | 170.9 | | | | | | 100.0 % | | | | | | 167.2 | | | | | | 100.0 % | | |
|
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||
Interest expenses
|
| | | | 92.1 | | | | | | 80.8 | | | | | | 118.2 | | | | | | 69.2 | | |
Foreign exchange transaction expenses
|
| | | | 43.2 | | | | | | 38.2 | | | | | | 44.9 | | | | | | 125.2 | | |
Changes in liability for Brazilian Concessions
(1)(2)
|
| | | | 66.3 | | | | | | 79.5 | | | | | | 107.4 | | | | | | 2.0 | | |
Other
|
| | | | 2.2 | | | | | | 5.4 | | | | | | 2.4 | | | | | | 3.3 | | |
Financial loss
|
| | | | 203.8 | | | | | | 204.0 | | | | | | 273.0 | | | | | | 199.8 | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in millions of
U.S.$) |
| |
% of Total
Segment Expenses (1) |
| |
(in millions of
U.S.$) |
| |
% of Total
Segment Expenses (1) |
| |
(in millions of
U.S.$) |
| |
% of Total
Segment Expenses (1) |
| |
(in millions of
U.S.$) |
| |
% of Total
Segment Expenses (1) |
| ||||||||||||||||||||||||
Argentina
|
| | | | 534.3 | | | | | | 59.8 % | | | | | | 405.1 | | | | | | 55.7 % | | | | | | 586.4 | | | | | | 56.7 % | | | | | | 588.0 | | | | | | 63.3 % | | |
Italy
|
| | | | 98.1 | | | | | | 11.0 % | | | | | | 90.1 | | | | | | 12.4 % | | | | | | 123.5 | | | | | | 11.9 % | | | | | | 138.5 | | | | | | 14.9 % | | |
Brazil
|
| | | | 101.4 | | | | | | 11.3 % | | | | | | 85.4 | | | | | | 11.7 % | | | | | | 123.3 | | | | | | 11.9 % | | | | | | 0.9 | | | | | | 0.1 % | | |
Uruguay
|
| | | | 49.5 | | | | | | 5.5 % | | | | | | 42.4 | | | | | | 5.8 % | | | | | | 56.3 | | | | | | 5.4 % | | | | | | 55.1 | | | | | | 5.9 % | | |
Ecuador
|
| | | | 48.2 | | | | | | 5.4 % | | | | | | 46.5 | | | | | | 6.4 % | | | | | | 62.1 | | | | | | 6.0 % | | | | | | 63.2 | | | | | | 6.8 % | | |
Armenia
|
| | | | 44.0 | | | | | | 4.9 % | | | | | | 40.8 | | | | | | 5.6 % | | | | | | 56.5 | | | | | | 5.5 % | | | | | | 61.0 | | | | | | 6.6 % | | |
Unallocated
|
| | | | 17.9 | | | | | | 2.0 % | | | | | | 17.2 | | | | | | 2.4 % | | | | | | 26.7 | | | | | | 2.6 % | | | | | | 22.3 | | | | | | 2.4 % | | |
Total segment expenses
|
| | | | 893.4 | | | | | | 100.0 % | | | | | | 727.7 | | | | | | 100.0 % | | | | | | 1,034.8 | | | | | | 100.0 % | | | | | | 929.0 | | | | | | 100.0 % | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
% change against
prior year |
| |
2016
(Unaudited) |
| |
2016
|
| |
% change against
prior year |
| |
2015
|
| ||||||||||||||||||
| | |
(in millions
of U.S.$) |
| | | | | | | |
(in millions
of U.S.$) |
| |
(in millions
of U.S.$) |
| | | | | | | |
(in millions
of U.S.$) |
| ||||||||||||
Revenue | | | | | | | | ||||||||||||||||||||||||||||||
Continuing Operations | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Aeronautical revenue
|
| | | | 575.1 | | | | | | 16.0 % | | | | | | 495.6 | | | | | | 673.5 | | | | | | 24.0 % | | | | | | 543.2 | | |
Non aeronautical revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial revenue
|
| | | | 409.7 | | | | | | 6.8 % | | | | | | 383.7 | | | | | | 522.2 | | | | | | 13.6 % | | | | | | 459.7 | | |
Construction service revenue
|
| | | | 172.3 | | | | | | 73.4 % | | | | | | 99.4 | | | | | | 165.1 | | | | | | 7.5 % | | | | | | 178.4 | | |
Other revenue
|
| | | | 1.3 | | | | | | (58.2 %) | | | | | | 3.2 | | | | | | 5.6 | | | | | | (2.8 )% | | | | | | 5.7 | | |
Total revenue
|
| | | | 1,158.5 | | | | | | 18.0 % | | | | | | 981.9 | | | | | | 1,366.3 | | | | | | 15.1 % | | | | | | 1,187.1 | | |
|
| | |
For the Nine-Month Period Ended September 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
% change against
prior year |
| |
2016
(Unaudited) |
| |
2016
|
| |
% change against
prior year |
| |
2015
|
| ||||||||||||||||||
| | |
(in millions
of U.S.$) |
| | | | | | | |
(in millions
of U.S.$) |
| |
(in millions
of U.S.$) |
| | | | | | | |
(in millions
of U.S.$) |
| ||||||||||||
Cost of Services | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Salaries and social security contributions
|
| | | | 157.3 | | | | | | 16.1 % | | | | | | 135.4 | | | | | | 184.6 | | | | | | 11.4 % | | | | | | 165.8 | | |
Concession fees
|
| | | | 144.9 | | | | | | 12.9 % | | | | | | 128.4 | | | | | | 176.5 | | | | | | 31.9 % | | | | | | 133.8 | | |
Construction service cost
|
| | | | 171.3 | | | | | | 73.9 % | | | | | | 98.5 | | | | | | 163.7 | | | | | | (7.5 )% | | | | | | 177.0 | | |
Maintenance expenses
|
| | | | 106.3 | | | | | | 19.1 % | | | | | | 89.3 | | | | | | 126.9 | | | | | | 0.9 % | | | | | | 125.8 | | |
Amortization and depreciation
|
| | | | 75.5 | | | | | | 16.9 % | | | | | | 64.6 | | | | | | 89.5 | | | | | | 38.2 % | | | | | | 64.8 | | |
Services and fees
|
| | | | 38.6 | | | | | | 17.8 % | | | | | | 32.8 | | | | | | 49.0 | | | | | | 15.7 % | | | | | | 42.5 | | |
Cost of fuel
|
| | | | 19.2 | | | | | | 45.8 % | | | | | | 13.2 | | | | | | 19.5 | | | | | | (8.8 )% | | | | | | 21.3 | | |
Taxes
|
| | | | 14.1 | | | | | | 19.1 % | | | | | | 13.0 | | | | | | 17.5 | | | | | | 547.1 % | | | | | | 2.7 | | |
Office expenses
|
| | | | 13.0 | | | | | | 136.5 % | | | | | | 5.5 | | | | | | 15.9 | | | | | | 62.8 % | | | | | | 9.8 | | |
Provision for maintenance cost
|
| | | | 1.3 | | | | | | (45.0 )% | | | | | | 2.4 | | | | | | 4.7 | | | | | | (13.2 )% | | | | | | 5.4 | | |
Others
|
| | | | 8.4 | | | | | | (34.1 )% | | | | | | 12.8 | | | | | | 11.1 | | | | | | 8.8 % | | | | | | 10.3 | | |
Total cost of services
|
| | | | 749.8 | | | | | | 25.9 % | | | | | | 595.7 | | | | | | 859.1 | | | | | | 13.3 % | | | | | | 759.2 | | |
Selling, General and Administrative Expenses | | | | | | | | ||||||||||||||||||||||||||||||
Taxes
|
| | | | 40.5 | | | | | | 15.4 % | | | | | | 35.1 | | | | | | 50.9 | | | | | | 17.9 % | | | | | | 43.2 | | |
Salaries and social security contributions
|
| | | | 26.1 | | | | | | 0.8 % | | | | | | 25.9 | | | | | | 34.8 | | | | | | 10.5 % | | | | | | 31.5 | | |
Services and fees
|
| | | | 43.0 | | | | | | 10.1 % | | | | | | 39.0 | | | | | | 48.1 | | | | | | (8.3 )% | | | | | | 52.5 | | |
Office expenses
|
| | | | 8.5 | | | | | | 23.8 % | | | | | | 6.9 | | | | | | 10.0 | | | | | | (3.7 )% | | | | | | 10.4 | | |
Amortization and depreciation
|
| | | | 5.6 | | | | | | 0.9 % | | | | | | 5.6 | | | | | | 7.2 | | | | | | (4.3 )% | | | | | | 7.5 | | |
Maintenance expenses
|
| | | | 2.3 | | | | | | (24.4 )% | | | | | | 3.0 | | | | | | 5.1 | | | | | | (13.4 )% | | | | | | 5.9 | | |
Advertising
|
| | | | 2.1 | | | | | | 44.2 % | | | | | | 1.5 | | | | | | 2.2 | | | | | | (31.4 )% | | | | | | 3.2 | | |
Insurance
|
| | | | 1.4 | | | | | | 20.0 % | | | | | | 1.2 | | | | | | 1.4 | | | | | | 170.2 % | | | | | | 0.5 | | |
Charter service
|
| | | | 0.6 | | | | | | (37.4 )% | | | | | | 1.0 | | | | | | 1.2 | | | | | | (50.3 )% | | | | | | 2.3 | | |
Bad debts recovery
|
| | | | (0.3 ) | | | | | | N/A | | | | | | — | | | | | | (2.2 ) | | | | | | N/A | | | | | | — | | |
Bad debts
|
| | | | 4.0 | | | | | | 79.6 % | | | | | | 2.2 | | | | | | 2.0 | | | | | | (23.2 )% | | | | | | 2.6 | | |
Others
|
| | | | 6.1 | | | | | | (17.6 )% | | | | | | 7.4 | | | | | | 10.2 | | | | | | 34.1 % | | | | | | 7.6 | | |
Total selling, general and administrative expenses
|
| | | | 140.1 | | | | | | 8.8 % | | | | | | 128.8 | | | | | | 170.9 | | | | | | 2.2 % | | | | | | 167.2 | | |
Impairment loss
|
| | | | — | | | | | | N/A | | | | | | — | | | | | | (16.6 ) | | | | | | N/A | | | | | | — | | |
Other operating income
|
| | | | 14.3 | | | | | | 15.5 % | | | | | | 12.4 | | | | | | 16.9 | | | | | | 11.5 % | | | | | | 15.6 | | |
Other operating expense
|
| | | | (3.5 ) | | | | | | 9.2 % | | | | | | (3.2 ) | | | | | | (4.9 ) | | | | | | 94.9 % | | | | | | (2.7 ) | | |
Operating Income
|
| | | | 279.4 | | | | | | 4.8 % | | | | | | 266.6 | | | | | | 331.8 | | | | | | 21.3 % | | | | | | 273.6 | | |
Share of loss in associates
|
| | | | (5.8 ) | | | | | | (1,512.5 )% | | | | | | (0.4 ) | | | | | | (1.3 ) | | | | | | (98.1 )% | | | | | | (69.3 ) | | |
Income before financial results and income tax
|
| | | | 273.6 | | | | | | 2.8 % | | | | | | 266.2 | | | | | | 330.5 | | | | | | 61.8 % | | | | | | 204.3 | | |
Financial income
|
| | | | 42.6 | | | | | | 62.1 % | | | | | | 26.3 | | | | | | 37.5 | | | | | | (19.8 )% | | | | | | 46.8 | | |
Financial loss
|
| | | | (203.8 ) | | | | | | (0.1 )% | | | | | | (204.0 ) | | | | | | (273.0 ) | | | | | | 36.6 % | | | | | | (199.8 ) | | |
Income before income tax expense
|
| | | | 112.4 | | | | | | 27.0 % | | | | | | 88.5 | | | | | | 95.1 | | | | | | 85.7 % | | | | | | 51.3 | | |
Income tax expense
|
| | | | (39.8 ) | | | | | | 3.1 % | | | | | | (38.6 ) | | | | | | (56.4 ) | | | | | | 25.3 % | | | | | | (45.0 ) | | |
Income from continuing operations
|
| | | | 72.6 | | | | | | 45.5 % | | | | | | 49.9 | | | | | | 38.7 | | | | | | 516.3 % | | | | | | 6.3 | | |
Discontinued operations | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
(Loss)/Income from discontinued operations
|
| | | | — | | | | | | (100.0 )% | | | | | | (8.7 ) | | | | | | (9.5 ) | | | | | | (108.4 )% | | | | | | 109.0 | | |
Net income
|
| | | | 72.6 | | | | | | 76.1 % | | | | | | 41.2 | | | | | | 29.2 | | | | | | (75.2 )% | | | | | | 115.3 | | |
Attributable to | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Owners of the parent
|
| | | | 67.1 | | | | | | 64.1 % | | | | | | 40.9 | | | | | | 33.8 | | | | | | (68.0 )% | | | | | | 105.5 | | |
Non-controlling interest
|
| | | | 5.5 | | | | | | 1,733.3 % | | | | | | 0.3 | | | | | | (4.5 ) | | | | | | (146.1 )% | | | | | | 9.8 | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Argentina | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 318.8 | | | | | | 262.4 | | | | | | 366.1 | | | | | | 309.9 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 249.4 | | | | | | 238.0 | | | | | | 320.8 | | | | | | 323.0 | | |
Construction service revenue
|
| | | | 161.6 | | | | | | 93.2 | | | | | | 153.9 | | | | | | 151.0 | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 729.7 | | | | | | 593.7 | | | | | | 840.9 | | | | | | 783.9 | | |
Italy | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 82.2 | | | | | | 77.7 | | | | | | 99.2 | | | | | | 96.5 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 24.2 | | | | | | 22.3 | | | | | | 29.5 | | | | | | 29.0 | | |
Construction service revenue
|
| | | | 8.9 | | | | | | 4.3 | | | | | | 8.0 | | | | | | 21.4 | | |
Other revenue
|
| | | | 1.3 | | | | | | 3.1 | | | | | | 4.7 | | | | | | 5.7 | | |
Total revenue
|
| | | | 116.6 | | | | | | 107.5 | | | | | | 141.3 | | | | | | 152.7 | | |
Brazil | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 49.4 | | | | | | 44.2 | | | | | | 60.6 | | | | | | 0.4 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 46.7 | | | | | | 46.2 | | | | | | 65.6 | | | | | | 0.4 | | |
Construction service revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | 0.9 | | | | | | — | | |
Total revenue
|
| | | | 96.1 | | | | | | 90.4 | | | | | | 127.0 | | | | | | 0.8 | | |
Uruguay | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 42.3 | | | | | | 36.4 | | | | | | 47.7 | | | | | | 43.5 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 39.9 | | | | | | 35.7 | | | | | | 47.2 | | | | | | 47.0 | | |
Construction service revenue
|
| | | | 1.8 | | | | | | 1.7 | | | | | | 2.9 | | | | | | 2.6 | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 84.0 | | | | | | 73.9 | | | | | | 97.8 | | | | | | 93.1 | | |
Ecuador | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 47.8 | | | | | | 46.5 | | | | | | 61.9 | | | | | | 57.3 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 16.6 | | | | | | 17.5 | | | | | | 23.4 | | | | | | 21.8 | | |
Construction service revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 64.5 | | | | | | 64.0 | | | | | | 85.3 | | | | | | 79.0 | | |
Armenia | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | 34.6 | | | | | | 28.4 | | | | | | 38.1 | | | | | | 35.6 | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 32.3 | | | | | | 23.9 | | | | | | 34.9 | | | | | | 35.7 | | |
Construction service revenue
|
| | | | 0.1 | | | | | | 0.1 | | | | | | 0.2 | | | | | | 3.4 | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 67.0 | | | | | | 52.4 | | | | | | 73.2 | | | | | | 74.7 | | |
Unallocated | | | | | | ||||||||||||||||||||
Aeronautical revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-aeronautical revenue | | | | | | ||||||||||||||||||||
Commercial revenue
|
| | | | 0.6 | | | | | | 0.1 | | | | | | 0.8 | | | | | | 2.9 | | |
Construction service revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 0.6 | | | | | | 0.1 | | | | | | 0.8 | | | | | | 2.9 | | |
Total revenue for all segments
|
| | | | 1,158.5 | | | | | | 981.9 | | | | | | 1,366.3 | | | | | | 1,187.1 | | |
|
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||
Argentina | | | | | | ||||||||||||||||||||
Cost of services
|
| | | | 464.8 | | | | | | 341.3 | | | | | | 500.1 | | | | | | 499.4 | | |
Selling, general and administrative expenses
|
| | | | 69.4 | | | | | | 63.1 | | | | | | 85.1 | | | | | | 88.0 | | |
Other operating expenses
|
| | | | 0.2 | | | | | | 0.7 | | | | | | 1.3 | | | | | | 0.6 | | |
Total expenses
|
| | | | 534.3 | | | | | | 405.1 | | | | | | 586.4 | | | | | | 588.0 | | |
Italy | | | | | | ||||||||||||||||||||
Cost of services
|
| | | | 74.4 | | | | | | 68.4 | | | | | | 96.3 | | | | | | 111.2 | | |
Selling, general and administrative expenses
|
| | | | 23.7 | | | | | | 21.8 | | | | | | 27.2 | | | | | | 27.2 | | |
Other operating expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total expenses
|
| | | | 98.1 | | | | | | 90.1 | | | | | | 123.5 | | | | | | 138.5 | | |
Brazil | | | | | | ||||||||||||||||||||
Cost of services
|
| | | | 88.9 | | | | | | 76.6 | | | | | | 110.0 | | | | | | 0.9 | | |
Selling, general and administrative expenses
|
| | | | 10.2 | | | | | | 8.8 | | | | | | 12.6 | | | | | | — | | |
Other operating expenses
|
| | | | 2.2 | | | | | | 0.1 | | | | | | 0.6 | | | | | | — | | |
Total expenses
|
| | | | 101.4 | | | | | | 85.4 | | | | | | 123.3 | | | | | | 0.9 | | |
Uruguay | | | | | | ||||||||||||||||||||
Cost of services
|
| | | | 39.4 | | | | | | 34.0 | | | | | | 46.7 | | | | | | 43.6 | | |
Selling, general and administrative expenses
|
| | | | 9.7 | | | | | | 8.2 | | | | | | 9.3 | | | | | | 11.3 | | |
Other operating expenses
|
| | | | 0.5 | | | | | | 0.3 | | | | | | 0.3 | | | | | | 0.2 | | |
Total expenses
|
| | | | 49.5 | | | | | | 42.4 | | | | | | 56.3 | | | | | | 55.1 | | |
Ecuador | | | | | | ||||||||||||||||||||
Cost of services
|
| | | | 36.2 | | | | | | 34.4 | | | | | | 49.1 | | | | | | 46.8 | | |
Selling, general and administrative expenses
|
| | | | 11.9 | | | | | | 12.1 | | | | | | 13.6 | | | | | | 14.6 | | |
Other operating expenses
|
| | | | — | | | | | | — | | | | | | (0.6 ) | | | | | | 1.9 | | |
Total expenses
|
| | | | 48.2 | | | | | | 46.5 | | | | | | 62.1 | | | | | | 63.2 | | |
Armenia | | | | | | ||||||||||||||||||||
Cost of services
|
| | | | 35.4 | | | | | | 30.4 | | | | | | 43.0 | | | | | | 49.8 | | |
Selling, general and administrative expenses
|
| | | | 8.2 | | | | | | 8.3 | | | | | | 11.3 | | | | | | 10.3 | | |
Other operating expenses
|
| | | | 0.4 | | | | | | 2.1 | | | | | | 2.3 | | | | | | 1.0 | | |
Total expenses
|
| | | | 44.0 | | | | | | 40.8 | | | | | | 56.5 | | | | | | 61.0 | | |
Unallocated | | | | | | ||||||||||||||||||||
Cost of services
|
| | | | 10.7 | | | | | | 10.6 | | | | | | 14.0 | | | | | | 7.4 | | |
Selling, general and administrative expenses
|
| | | | 7.0 | | | | | | 6.6 | | | | | | 11.7 | | | | | | 15.8 | | |
Other operating expenses
|
| | | | 0.2 | | | | | | — | | | | | | 1.0 | | | | | | (0.9 ) | | |
Total expenses
|
| | | | 17.9 | | | | | | 17.2 | | | | | | 26.7 | | | | | | 22.3 | | |
|
| | |
Payments due by Period
|
| |||||||||||||||||||||||||||
| | |
Less than
1 year |
| |
1-3 years
|
| |
3-5 years
|
| |
More than
5 years |
| |
Total
|
| |||||||||||||||
| | |
(in millions of U.S.$)
|
| |||||||||||||||||||||||||||
Master development programs
|
| | | | 80.8 | | | | | | 264.6 | | | | | | 89.0 | | | | | | 204.5 | | | | | | 638.9 | | |
Other capital expenditures
(1)
|
| | | | 8.2 | | | | | | 0.7 | | | | | | — | | | | | | — | | | | | | 8.9 | | |
Long term debt
(2)
|
| | | | 140.6 | | | | | | 422.1 | | | | | | 359.5 | | | | | | 918.2 | | | | | | 1,840.4 | | |
Other liabilities reflected on our condensed consolidated
statement of financial position (3) |
| | | | 446.2 | | | | | | 501.9 | | | | | | 344.7 | | | | | | 2,352.3 | | | | | | 3,645.2 | | |
Total
|
| | | | 675.9 | | | | | | 1,189.3 | | | | | | 793.2 | | | | | | 3,475.0 | | | | | | 6,133.4 | | |
|
| | |
For the Year Ended December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | |
(in thousands of U.S.$)
|
| |||||||||
U.S. dollar/Argentine peso
|
| | | | (131,284 ) | | | | | | (154,384 ) | | |
U.S. dollar/Armenian dram
|
| | | | (54,016 ) | | | | | | (55,421 ) | | |
Euro/Armenian dram
|
| | | | (47,473 ) | | | | | | (51,952 ) | | |
Euro/U.S. dollar
|
| | | | 283 | | | | | | 3,162 | | |
Uruguayan peso/U.S. dollar
|
| | | | (1,853 ) | | | | | | (770 ) | | |
| | | | | |
Passenger traffic
|
| |||||||||
Airport
|
| |
International or
national designation |
| |
Nine-Month Period Ended
September 30, 2017 |
| |
Year Ended
December 31, 2016 |
| ||||||
| | | | | |
(in thousands)
|
| | ||||||||
Aeroparque Internacional, “Jorge Newbery”
|
| |
International
|
| | | | 10,225.8 | | | | | | 11,661.5 | | |
Aeropuerto Internacional de Ezeiza, “Ministro Pistarini”
|
| |
International
|
| | | | 7,373.1 | | | | | | 9,831.1 | | |
Aeropuerto Internacional de Córdoba, “Ing. A. Taravella”
|
| |
International
|
| | | | 2,090.8 | | | | | | 2,212.9 | | |
| | | | | |
Passenger traffic
|
| |||||||||
Airport
|
| |
International or
national designation |
| |
Nine-Month Period Ended
September 30, 2017 |
| |
Year Ended
December 31, 2016 |
| ||||||
| | | | | |
(in thousands)
|
| | ||||||||
Aeropuerto de San Carlos de Bariloche
|
| |
International
|
| | | | 995.5 | | | | | | 1,187.1 | | |
Aeropuerto Internacional de Mendoza, “El Plumerillo”
|
| |
International
|
| | | | 1,311.5 | | | | | | 1,086.0 | | |
Aeropuerto Internacional de Salta, “Martín Miguel de Güemes”
|
| |
International
|
| | | | 830.4 | | | | | | 972.3 | | |
Aeropuerto de Misiones, “Cataratas del Iguazú”
|
| |
International
|
| | | | 716.9 | | | | | | 893.9 | | |
Aeropuerto de Neuquén, “Presidente Peron”
|
| |
International
|
| | | | 663.9 | | | | | | 818.5 | | |
Aeropuerto de Tucumán, “General Benjamin Matienzo”
|
| |
International
|
| | | | 351.9 | | | | | | 670.1 | | |
Aeropuerto de Comodoro Rivadavia, “Geral. Enrique Mosconi”
|
| |
International
|
| | | | 453.0 | | | | | | 573.6 | | |
Aeropuerto de San Juan, “Domingo Faustino Sarmiento”
|
| |
National
|
| | | | 156.2 | | | | | | 379.3 | | |
Aeropuerto de Bahía Blanca, “Comandante Espora”
|
| |
National
|
| | | | 300.5 | | | | | | 305.5 | | |
Aeropuerto de Rio Gallegos, “Piloto Civil Norberto Fernández”
|
| |
International
|
| | | | 194.1 | | | | | | 269.1 | | |
Aeropuerto de Jujuy, Gobernador Horacio Guzmán
|
| |
International
|
| | | | 195.1 | | | | | | 227.0 | | |
Aeropuerto de Resistencia, “José de San
Martín” |
| |
International
|
| | | | 226.9 | | | | | | 219.1 | | |
Aeropuerto Internacional de Mar del Plata, “Astor
Piazzolla” |
| |
International
|
| | | | 214.8 | | | | | | 203.0 | | |
Aeropuerto de Posadas, “Libertador General José de San Martín”
|
| |
International
|
| | | | 154.1 | | | | | | 178.5 | | |
Aeropuerto de Rio Grande
|
| |
International
|
| | | | 111.7 | | | | | | 142.2 | | |
Aeropuerto Internacional de Formosa,
“El Pucu” |
| |
International
|
| | | | 80.0 | | | | | | 95.8 | | |
Aeropuerto de San Luis, “Brigadier Mayor César R Ojeda”
|
| |
National
|
| | | | 67.1 | | | | | | 94.4 | | |
Aeropuerto de Santiago del Estero, “Vcom. Angel
de la Paz Aragones” |
| |
National
|
| | | | 73.8 | | | | | | 85.0 | | |
Aeropuerto de La Rioja, “Capitán Vicente Almandos Almonacid”
|
| |
National
|
| | | | 67.6 | | | | | | 63.1 | | |
Aeropuerto de San Rafael, “S.A. Santiago Germano”
|
| |
National
|
| | | | 43.5 | | | | | | 60.8 | | |
Aeropuerto de Puerto Madryn, “El Tehuelche”
|
| |
National
|
| | | | 80.6 | | | | | | 53.2 | | |
Aeropuerto de Catamarca, “Coronel Felipe Varela”
|
| |
National
|
| | | | 57.3 | | | | | | 50.6 | | |
Aeropuerto de Esquel
|
| |
National
|
| | | | 45.3 | | | | | | 48.7 | | |
Aeropuerto de Entre Rios, “General Justo José de Urquiza”
|
| |
National
|
| | | | 67.6 | | | | | | 43.3 | | |
Aeropuerto de Santa Rosa
|
| |
National
|
| | | | 35.6 | | | | | | 42.3 | | |
Aeropuerto de San Fernando
|
| |
International
|
| | | | 32.2 | | | | | | 41.7 | | |
| | | | | |
Passenger traffic
|
| |||||||||
Airport
|
| |
International or
national designation |
| |
Nine-Month Period Ended
September 30, 2017 |
| |
Year Ended
December 31, 2016 |
| ||||||
| | | | | |
(in thousands)
|
| | ||||||||
Aeropuerto de Viedma, “Gobernador Castello”
|
| |
National
|
| | | | 31.6 | | | | | | 37.8 | | |
Aeropuerto Termas de Río Hondo
|
| |
National
|
| | | | 161.1 | | | | | | 17.4 | | |
Aeropuerto de Rio Cuarto, “Área de Material”
|
| |
National
|
| | | | 39.8 | | | | | | 15.3 | | |
Aeropuerto de General Pico
|
| |
National
|
| | | | 3.1 | | | | | | 4.1 | | |
Aeropuerto de Reconquista
|
| |
National
|
| | | | 3.4 | | | | | | 3.0 | | |
Aeropuerto de Malargüe, “Comodoro D Ricardo Salomon”
|
| |
National
|
| | | | 1.7 | | | | | | 2.9 | | |
Aeropuerto de Villa Reynolds
|
| |
National
|
| | | | 0.4 | | | | | | 0.6 | | |
Aeropuerto El Palomar
|
| |
National
|
| | | | — (1) | | | | | | — (1) | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, (1) |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| ||||||||||||
Revenue (in millions of U.S.$)
|
| | | $ | 729.7 | | | | | | 63.0 % | | | | | $ | 593.7 | | | | | | 60.5 % | | | | | $ | 840.9 | | | | | | 61.5 % | | | | | $ | 783.9 | | | | | | 66.0 % | | |
Number of passengers (in millions)
|
| | | | 27.5 | | | | | | 48.1 % | | | | | | 23.9 | | | | | | 44.6 % | | | | | | 32.6 | | | | | | 45.4 % | | | | | | 30.7 | | | | | | 43.2 % | | |
Air traffic movements (in thousands)
|
| | | | 314.1 | | | | | | 49.3 % | | | | | | 288.6 | | | | | | 46.2 % | | | | | | 393.1 | | | | | | 47.0 % | | | | | | 396.5 | | | | | | 45.5 % | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| ||||||||||||
Revenue (in millions of U.S.$)
|
| | | $ | 116.6 | | | | | | 10.1 % | | | | | $ | 107.5 | | | | | | 10.9 % | | | | | $ | 141.3 | | | | | | 10.3 % | | | | | $ | 152.7 | | | | | | 12.9 % | | |
Number of passengers (in millions)
|
| | | | 6.3 | | | | | | 11.0 % | | | | | | 5.9 | | | | | | 11.0 % | | | | | | 7.5 | | | | | | 10.5 % | | | | | | 7.2 | | | | | | 10.2 % | | |
Air traffic movements (in thousands)
|
| | | | 61.2 | | | | | | 9.6 % | | | | | | 60.0 | | | | | | 9.6 % | | | | | | 76.2 | | | | | | 9.1 % | | | | | | 73.8 | | | | | | 8.5 % | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
(1)
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| ||||||||||||
Revenue (in millions of U.S.$)
|
| | | $ | 96.1 | | | | | | 8.3 % | | | | | $ | 90.4 | | | | | | 9.2 % | | | | | $ | 127.0 | | | | | | 9.3 % | | | |
$0.8
|
| | | | 0.1 % | | | |||
Number of passengers (in millions)
|
| | | | 14.3 | | | | | | 25.1 % | | | | | | 15.4 | | | | | | 28.7 % | | | | | | 20.4 | | | | | | 28.3 % | | | | | | 22.5 | | | | | | 31.7 % | | |
Air traffic movements (in thousands)
|
| | | | 138.1 | | | | | | 21.7 % | | | | | | 151.0 | | | | | | 24.2 % | | | | | | 198.8 | | | | | | 23.8 % | | | | | | 230.6 | | | | | | 26.5 % | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
(1)
|
| |
2015
(2)
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| ||||||||||||
Revenue (in millions of U.S.$)
|
| | | $ | 84.0 | | | | | | 7.3 % | | | | | $ | 73.9 | | | | | | 7.5 % | | | | | $ | 97.8 | | | | | | 7.2 % | | | | | $ | 93.1 | | | | | | 7.8 % | | |
Number of passengers (in millions)
|
| | | | 1.7 | | | | | | 3.1 % | | | | | | 1.5 | | | | | | 2.9 % | | | | | | 2.0 | | | | | | 2.9 % | | | | | | 1.8 | | | | | | 2.6 % | | |
Air traffic movements (in thousands)
|
| | | | 27.0 | | | | | | 4.2 % | | | | | | 22.9 | | | | | | 3.7 % | | | | | | 32.4 | | | | | | 3.9 % | | | | | | 31.8 | | | | | | 3.6 % | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
(1)
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| ||||||||||||
Revenue (in millions of U.S.$)
|
| | | $ | 64.5 | | | | | | 5.6 % | | | | | $ | 64.0 | | | | | | 6.5 % | | | | | $ | 85.3 | | | | | | 6.2 % | | | | | $ | 79.0 | | | | | | 6.7 % | | |
Number of passengers (in millions)
|
| | | | 3.1 | | | | | | 5.5 % | | | | | | 3.1 | | | | | | 5.8 % | | | | | | 4.2 | | | | | | 5.9 % | | | | | | 4.1 | | | | | | 5.8 % | | |
Air traffic movements (in thousands)
|
| | | | 60.1 | | | | | | 9.4 % | | | | | | 66.4 | | | | | | 10.6 % | | | | | | 87.6 | | | | | | 10.5 % | | | | | | 90.9 | | | | | | 10.4 % | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| ||||||||||||
Revenue (in millions of U.S.$)
|
| | | $ | 67.0 | | | | | | 5.8 % | | | | | $ | 52.4 | | | | | | 5.3 % | | | | | $ | 73.2 | | | | | | 5.4 % | | | | | $ | 74.7 | | | | | | 6.3 % | | |
Number of passengers (in millions)
|
| | | | 1.9 | | | | | | 3.4 % | | | | | | 1.5 | | | | | | 2.9 % | | | | | | 2.1 | | | | | | 2.9 % | | | | | | 1.9 | | | | | | 2.7 % | | |
Air traffic movements (in thousands)
|
| | | | 16.0 | | | | | | 2.5 % | | | | | | 18.0 | | | | | | 2.2 % | | | | | | 18.7 | | | | | | 2.2 % | | | | | | 18.0 | | | | | | 2.1 % | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, (1) |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| | | | | | | |
% of Total
|
| ||||||||||||
Revenue (in millions of U.S.$)
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Number of passengers (in millions)
|
| | | | 2.3 | | | | | | 4.0 % | | | | | | 2.2 | | | | | | 4.1 % | | | | | | 3.0 | | | | | | 4.2 % | | | | | | 2.7 | | | | | | 3.9 % | | |
Air traffic movements
|
| | | | 20.9 | | | | | | 3.3 % | | | | | | 29.4 | | | | | | 3.6 % | | | | | | 29.6 | | | | | | 3.5 % | | | | | | 29.4 | | | | | | 3.4 % | | |
| | |
For the Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
Main Aeronautical Customers
|
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| |
(in
millions of U.S.$) |
| |
% of Total
Aeronautical Revenue |
| ||||||||||||||||||||||||
LATAM Airlines Group
|
| | | | 133.8 | | | | | | 23.3 % | | | | | | 111.1 | | | | | | 22.4 % | | | | | | 153.2 | | | | | | 22.8 % | | | | | | 105.1 | | | | | | 19.3 % | | |
Grupo Aerolíneas Argentinas
|
| | | | 94.5 | | | | | | 16.4 % | | | | | | 73.0 | | | | | | 14.7 % | | | | | | 102.3 | | | | | | 15.2 % | | | | | | 93.1 | | | | | | 17.1 % | | |
Gol Transportes Aéreos
|
| | | | 42.1 | | | | | | 7.3 % | | | | | | 36.4 | | | | | | 7.4 % | | | | | | 49.9 | | | | | | 7.4 % | | | | | | 27.9 | | | | | | 5.1 % | | |
American Airlines
|
| | | | 25.9 | | | | | | 4.5 % | | | | | | 24.3 | | | | | | 4.9 % | | | | | | 33.8 | | | | | | 5.0 % | | | | | | 28.0 | | | | | | 5.2 % | | |
Avianca
|
| | | | 30.9 | | | | | | 5.4 % | | | | | | 23.7 | | | | | | 4.8 % | | | | | | 33.2 | | | | | | 5.0 % | | | | | | 22.8 | | | | | | 4.2 % | | |
Ryanair Ltd
|
| | | | 25.7 | | | | | | 4.5 % | | | | | | 25.1 | | | | | | 5.1 % | | | | | | 32.0 | | | | | | 4.8 % | | | | | | 32.1 | | | | | | 5.9 % | | |
Copa
|
| | | | 18.6 | | | | | | 3.2 % | | | | | | 17.5 | | | | | | 3.5 % | | | | | | 23.1 | | | | | | 3.4 % | | | | | | 19.8 | | | | | | 3.6 % | | |
Air France
|
| | | | 12.0 | | | | | | 2.1 % | | | | | | 11.7 | | | | | | 2.4 % | | | | | | 20.9 | | | | | | 3.1 % | | | | | | 20.5 | | | | | | 3.8 % | | |
Lufthansa Group
|
| | | | 15.4 | | | | | | 2.7 % | | | | | | 14.6 | | | | | | 2.9 % | | | | | | 19.4 | | | | | | 2.9 % | | | | | | 21.4 | | | | | | 3.9 % | | |
Others
|
| | | | 176.3 | | | | | | 30.7 % | | | | | | 158.3 | | | | | | 31.9 % | | | | | | 205.5 | | | | | | 30.5 % | | | | | | 172.5 | | | | | | 31.8 % | | |
Total
|
| | | | 575.1 | | | | | | 100.0 % | | | | | | 495.6 | | | | | | 100.0 % | | | | | | 673.5 | | | | | | 100.0 % | | | | | | 543.2 | | | | | | 100.0 % | | |
|
| | |
Nine-Month Period Ended
September 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||||||||
Main Commercial Customers
|
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue (1) |
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue (1) |
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue (1) |
| |
(in
millions of U.S.$) |
| |
% of Total
Commercial Revenue (1) |
| ||||||||||||||||||||||||
Dufry
|
| | | | 50.9 | | | | | | 12.4 % | | | | | | 49.9 | | | | | | 13.0 % | | | | | | 71.2 | | | | | | 13.6 % | | | | | | 70.5 | | | | | | 15.3 % | | |
Grupo Aerolíneas Argentinas
|
| | | | 7.5 | | | | | | 1.8 % | | | | | | 8.0 | | | | | | 2.1 % | | | | | | 10.6 | | | | | | 2.0 % | | | | | | 13.1 | | | | | | 2.8 % | | |
Gate Gourmet
|
| | | | 7.3 | | | | | | 1.8 % | | | | | | 5.8 | | | | | | 1.5 % | | | | | | 8.1 | | | | | | 1.6 % | | | | | | 9.1 | | | | | | 2.0 % | | |
Aerofuels Overseas
|
| | | | 7.7 | | | | | | 1.9 % | | | | | | 3.7 | | | | | | 1.0 % | | | | | | 5.7 | | | | | | 1.1 % | | | | | | 7.6 | | | | | | 1.7 % | | |
JCDecaux do Brasil S.A.
|
| | | | 4.1 | | | | | | 1.0 % | | | | | | 3.7 | | | | | | 1.0 % | | | | | | 5.4 | | | | | | 1.0 % | | | | | | — | | | | | | — | | |
Intercargo S.A.C.
|
| | | | 4.3 | | | | | | 1.1 % | | | | | | 3.8 | | | | | | 1.0 % | | | | | | 5.2 | | | | | | 1.0 % | | | | | | 5.1 | | | | | | 1.1 % | | |
International Meal Company Alimenta
|
| | | | 1.0 | | | | | | 0.2 % | | | | | | 3.5 | | | | | | 0.9 % | | | | | | 4.5 | | | | | | 0.9 % | | | | | | — | | | | | | — | | |
Sita Information Networking
|
| | | | 3.6 | | | | | | 0.9 % | | | | | | 3.0 | | | | | | 0.8 % | | | | | | 4.1 | | | | | | 0.8 % | | | | | | 3.9 | | | | | | 0.9 % | | |
Petrobras
|
| | | | 3.0 | | | | | | 0.7 % | | | | | | 2.7 | | | | | | 0.7 % | | | | | | 3.9 | | | | | | 0.8 % | | | | | | 0.4 | | | | | | 0.1 % | | |
Others
|
| | | | 320.3 | | | | | | 78.2 % | | | | | | 299.6 | | | | | | 78.1 % | | | | | | 403.4 | | | | | | 77.3 % | | | | | | 350.0 | | | | | | 76.1 % | | |
Total
|
| | | | 409.7 | | | | | | 100.0 % | | | | | | 383.7 | | | | | | 100.0 % | | | | | | 522.2 | | | | | | 100.0 % | | | | | | 459.7 | | | | | | 100.0 % | | |
|
Concession Name
|
| |
Minimum Amount of
Required Insurance |
|
AA2000 Concession Agreement
|
| |
AR$300,000,000
|
|
Bahía Blanca Concession Agreement
|
| |
AR$200,000,000
|
|
Neuquén Concession Agreement
|
| |
*
(1)
|
|
Pisa Concession Agreement
|
| |
€2,903,114
|
|
Florence Concession Agreement
|
| |
€1,025,000
|
|
Brasilia Concession Agreement
|
| |
*
(1)
|
|
Natal Concession Agreement
|
| |
*
(1)
|
|
Carrasco Concession Agreement
|
| |
U.S.$250,000,000
|
|
Punta del Este Concession Agreement
|
| |
*
(1)
|
|
TAGSA Concession Agreement
|
| |
*
(1)
|
|
ECOGAL Concession Agreement
|
| |
U.S.$281,698,193
|
|
Zvartnots Concession Agreement
|
| |
*
(1)
|
|
AAP Concession Agreement
|
| |
U.S.$20,000,000
|
|
| | |
Number of employees
|
| |||||||||||||||
| | |
As of
September 30, 2017 |
| |
As of December 31,
|
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Operations and infrastructure
|
| | | | 5,155 | | | | | | 4,910 | | | | | | 4,880 | | |
Administration
|
| | | | 922 | | | | | | 1,064 | | | | | | 1,082 | | |
Total
|
| | | | 6,076 | | | | | | 5,974 | | | | | | 5,962 | | |
|
| | |
Concession
agreement |
| |
Governmental
authority |
| |
Term and
extension provisions |
|
Argentina
|
| |
AA2000 Concession Agreement
|
| |
Argentine Government; ORSNA
|
| |
30-year term (ending February 13, 2028); may be extended an additional 10 years, subject to authorization by the Argentine Government.
|
|
| NQN Concession Agreement | | | Government of the Province of Neuquén; ORSNA | | | 20-year term (ending October 24, 2021). Concession may be extended for 5 years upon governmental approval. | | ||
| BBL Concession Agreement | | | Municipality of Bahía Blanca; ORSNA | | | 25-year term (ending May 22, 2033). Concession may be extended for 10 years upon governmental approval. | | ||
Italy
|
| |
Pisa Concession Agreement
|
| |
ENAC
|
| |
40-year term (ending December 7, 2046).
|
|
| Florence Concession Agreement | | | ENAC | | |
40-year term (ending February 10, 2043).
|
| ||
Brazil
|
| |
Natal Concession Agreement
|
| |
Brazilian ANAC
|
| |
28-year term (ending January 24, 2040); may be extended for an additional 5 years if necessary to reestablish economic equilibrium.
|
|
| Brasilia Concession Agreement | | | Brazilian ANAC | | | 25-year term (ending July 24, 2037); may be extended for an additional 5 years if necessary to reestablish economic equilibrium. | | ||
Uruguay
|
| |
Carrasco Concession Agreement
|
| |
Defense Ministry
|
| |
20-year term with 10-year extension already approved (30-year total, ending November 20, 2033).
|
|
| Punta del Este Concession Agreement | | | Defense Ministry | | | 36-year term (ending March 31, 2019). We are currently under negotiations with local government to extend this concession. | | ||
Ecuador
|
| |
Guayaquil Concession Agreement
|
| |
AAG; Municipality of Guayaquil
|
| |
20-year and 5-month term (ending July 27, 2024).
|
|
| Galapagos Concession Agreement | | | DGAC; STAC | | | 15-year term (ending July 6, 2026). | | ||
Armenia | | | Armenian Concession Agreement | | | Armenian Government; GDCA | | | 30-year term (ending June 8, 2032), with option to extend the term of the agreement by 5-year periods if in good standing. | |
Peru | | | AAP Concession Agreement | | | MTC | | | 25-year term (ending January 5, 2036); may be extended at request of AAP at least 3 years prior to the termination date; the term of the concession cannot exceed 60 years. | |
| | |
Name
|
| |
Location
|
| |
International or
national status |
| |
Category
(1)
|
|
1. | | | Aeropuerto de San Carlos de Bariloche | | |
San Carlos de Bariloche
|
| |
International
|
| |
I
|
|
2. | | | Aeropuerto de Catamarca, “Coronel Felipe Varela” | | |
Catamarca
|
| |
National
|
| |
I
|
|
3. | | | Aeroparque Internacional, “Jorge Newbery” | | |
Ciudad A. Buenos Aires
|
| |
International
|
| |
I
|
|
4. | | | Aeropuerto de Comodoro Rivadavia, “Geral. Enrique Mosconi” | | |
Comodoro Rivadavia
|
| |
International
|
| |
I
|
|
5. | | | Aeropuerto Internacional de Córdoba, “Ing. A. Taravella” | | |
Córdoba
|
| |
International
|
| |
I
|
|
6. | | | Aeropuerto de Esquel | | |
Esquel
|
| |
National
|
| |
I
|
|
7. | | | Aeropuerto Internacional de Ezeiza, “Ministro Pistarini” | | |
Ezeiza
|
| |
International
|
| |
I
|
|
8. | | | Aeropuerto Internacional de Formosa, “El Pucu” | | |
Formosa
|
| |
International
|
| |
I
|
|
9. | | | Aeropuerto de General Pico | | |
General Pico
|
| |
National
|
| |
II
|
|
10. | | | Aeropuerto de Misiones, “Cataratas del Iguazú” | | |
Puerto Iguazú
|
| |
International
|
| |
I
|
|
11. | | | Aeropuerto de Jujuy, “Gobernador Horacio Guzmán” | | |
Jujuy
|
| |
International
|
| |
I
|
|
12. | | | Aeropuerto de La Rioja, “Capitán Vicente Almandos Almonacid” | | |
La Rioja
|
| |
National
|
| |
I
|
|
13. | | | Aeropuerto de Malargüe, “Comodoro D Ricardo Salomon” | | |
Malargüe
|
| |
National
|
| |
II
|
|
14. | | | Aeropuerto Internacional de Mar del Plata, “Astor Piazzolla” | | |
Mar del Plata
|
| |
International
|
| |
I
|
|
15. | | | Aeropuerto Internacional de Mendoza, “El Plumerillo” | | |
Mendoza
|
| |
International
|
| |
I
|
|
16. | | | Aeropuerto de Entre Rios, “General Justo José de Urquiza” | | |
Parana
|
| |
National
|
| |
I
|
|
17. | | | Aeropuerto de Posadas, “Libertador General José de San Martín” | | |
Posadas
|
| |
International
|
| |
I
|
|
18. | | | Aeropuerto de Puerto Madryn, “El Tehuelche” | | |
Puerto Madryn
|
| |
National
|
| |
II
|
|
19. | | | Aeropuerto de Reconquista | | |
Reconquista
|
| |
National
|
| |
II
|
|
20. | | | Aeropuerto de Resistencia, “José de San Martín” | | |
Resistencia
|
| |
International
|
| |
I
|
|
21. | | | Aeropuerto de Rio Cuarto, “Área de Material” | | |
Rio Cuarto
|
| |
National
|
| |
II
|
|
22. | | | Aeropuerto de Rio Gallegos, “Piloto Civil Norberto Fernández” | | |
Rio Gallegos
|
| |
International
|
| |
I
|
|
23. | | | Aeropuerto de Rio Grande | | |
Rio Grande
|
| |
International
|
| |
I
|
|
24. | | | Aeropuerto Internacional de Salta, “Martín Miguel de Güemes” | | |
Salta
|
| |
International
|
| |
I
|
|
25. | | | Aeropuerto de San Fernando | | |
San Fernando
|
| |
International
|
| |
II
|
|
26. | | | Aeropuerto de San Luis, “Brigadier Mayor César R Ojeda” | | |
San Luis
|
| |
National
|
| |
I
|
|
27. | | |
Aeropuerto de San Rafael, “S.A. Santiago Germano”
|
| |
San Rafael
|
| |
National
|
| |
II
|
|
28. | | | Aeropuerto de San Juan, “Domingo Faustino Sarmiento” | | |
San Juan
|
| |
National
|
| |
I
|
|
29. | | | Aeropuerto de Santa Rosa | | |
Santa Rosa
|
| |
National
|
| |
I
|
|
30. | | | Aeropuerto de Santiago del Estero, “Vcom. Angel de la Paz Aragones” | | |
Santiago del Estero
|
| |
National
|
| |
I
|
|
31. | | | Aeropuerto de Tucumán, “General Benjamin Matienzo” | | |
San Miguel de Tucuman
|
| |
International
|
| |
I
|
|
32. | | | Aeropuerto de Viedma, “Gobernador Castello” | | |
Viedma
|
| |
National
|
| |
I
|
|
33. | | | Aeropuerto de Villa Reynolds | | |
Villa Reynolds
|
| |
National
|
| |
I
|
|
34. | | | Aeropuerto El Palomar | | |
Buenos Aires
|
| |
National
|
| |
—
(2)
|
|
35. | | | Aeropuerto de Neuquén, “Presidente Peron” | | |
Neuquén
|
| |
International
|
| |
I
|
|
36. | | |
Aeropuerto de Bahía Blanca, “Comandante Espora”
|
| |
Bahía Blanca
|
| |
National
|
| |
I
|
|
37. | | | Aeropuerto Termas de Rio Hondo | | |
Santiago del Estero
|
| |
National
|
| |
—
(3)
|
|
| | |
Airport Category
|
| |||||||||||||||||||||
Use Fees Per Departing Passenger
|
| |
I
|
| |
II
|
| |
III
|
| |
IV
|
| ||||||||||||
International flights
|
| | | U.S.$ | 49.00 | | | | | U.S.$ | 36.48 | | | | | U.S.$ | 32.34 | | | | | U.S.$ | 32.34 | | |
Domestic flights
|
| | | AR$ | 74.33 | | | | | AR$ | 52.00 | | | | | AR$ | 45.50 | | | | | AR$ | 45.50 | | |
| | |
Airport Category
|
| |||||||||||||||||||||
| | |
I
|
| |
II
|
| |
III
|
| |
IV
|
| ||||||||||||
Aircraft weight
|
| |
(U.S.$ per ton, except percentages)
|
| |||||||||||||||||||||
2 – 12 tons
|
| | | | 29.32 | | | | | | 17.39 | | | | | | 9.99 | | | | | | 9.99 | | |
Minimum fee
|
| | | | 184.89 | | | | | | 92.38 | | | | | | 39.57 | | | | | | 39.57 | | |
12 – 30 tons
|
| | | | 6.27 | | | | | | 3.73 | | | | | | 2.24 | | | | | | 2.24 | | |
31 – 80 tons
|
| | | | 7.16 | | | | | | 4.48 | | | | | | 2.62 | | | | | | 2.62 | | |
81 – 170 tons
|
| | | | 8.81 | | | | | | 5.37 | | | | | | — | | | | | | — | | |
> 170 tons
|
| | | | 9.76 | | | | | | — | | | | | | — | | | | | | — | | |
Minimum fee
|
| | | | 81.50 | | | | | | 48.51 | | | | | | 29.11 | | | | | | 29.11 | | |
Surcharge for operation out of the normal timetable
|
| | | | 352.82 | | | | | | 255.12 | | | | | | 162.84 | | | | | | 162.84 | | |
Surcharge for night air field lighting
|
| | | | 30 % | | | | | | 30 % | | | | | | 30 % | | | | | | 30 % | | |
| | |
Airport Category
|
| | | | | | | |||||||||||||||||||||||||||||||||
| | |
I
|
| |
II
|
| |
III
|
| |
IV
|
| | | | | | | ||||||||||||||||||||||||
Aircraft weight
|
| |
(AR$ per ton, except percentages)
|
| | | | | | | |||||||||||||||||||||||||||||||||
2 – 12 tons
|
| | | | 20.37 | | | | | | 15.18 | | | | | | 8.82 | | | | | | 4.54 | | | | | | | | | ||||||||||||
Minimum fee
|
| | | | 142.73 | | | | | | 108.34 | | | | | | 62.15 | | | | | | 31.53 | | | | | | | | | ||||||||||||
12 – 30 tons
|
| | | | 1.05 | | | | | | 0.67 | | | | | | 0.43 | | | | | | 0.26 | | | | | | | | | ||||||||||||
31 – 80 tons
|
| | | | 1.14 | | | | | | 0.76 | | | | | | 0.52 | | | | | | — | | | | | | | | | ||||||||||||
81 – 170 tons
|
| | | | 1.26 | | | | | | 0.88 | | | | | | — | | | | | | — | | | | | | | | | ||||||||||||
> 170 tons
|
| | | | 1.47 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | ||||||||||||
Minimum fee
|
| | | | 13.65 | | | | | | 8.71 | | | | | | 5.59 | | | | | | 3.38 | | | | | | | | | ||||||||||||
Surcharge for operation out of the normal timetable
|
| | | | 260.00 | | | | | | 188.00 | | | | | | 120.00 | | | | | | 68.00 | | | | | | | | | ||||||||||||
Surcharge for night air field lighting
|
| | | | 30 % | | | | | | 50 % | | | | | | 30 % | | | | | | 30 % | | | | | | | | | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Airport Category
|
| |||||||||||||||||||||||||||
| | |
Ezeiza/
Aeroparque |
| |
I
|
| |
II
|
| |
III
|
| |
IV
|
| |||||||||||||||
Aircraft weight (tons)
|
| |
(U.S.$ per ton per hour or fraction)
|
| |||||||||||||||||||||||||||
5 – 12 tons
|
| | | | 3.84 | | | | | | 1.92 | | | | | | 1.43 | | | | | | 1.12 | | | | | | 1.12 | | |
Minimum fee
|
| | | | 55.46 | | | | | | 36.99 | | | | | | 13.18 | | | | | | 13.18 | | | | | | 13.18 | | |
12 – 80 tons
|
| | | | 0.34 | | | | | | 0.17 | | | | | | 0.13 | | | | | | 0.10 | | | | | | 0.10 | | |
81 – 170 tons
|
| | | | 0.48 | | | | | | 0.20 | | | | | | 0.14 | | | | | | 0.11 | | | | | | — | | |
> 170 tons
|
| | | | 0.98 | | | | | | 0.22 | | | | | | 0.14 | | | | | | — | | | | | | — | | |
Minimum fee
|
| | | | 7.33 | | | | | | 4.89 | | | | | | 2.44 | | | | | | 2.44 | | | | | | 2.71 | | |
| | |
Airport Category
|
| |||||||||||||||||||||||||||
| | |
Ezeiza/
Aeroparque |
| |
I
|
| |
II
|
| |
III
|
| |
IV
|
| |||||||||||||||
Aircraft weight (tons)
|
| |
(AR$ per ton per hour or fraction)
|
| |||||||||||||||||||||||||||
5 – 12 tons
|
| | | | 4.45 | | | | | | 2.65 | | | | | | 2.1 | | | | | | 1.6 | | | | | | 1.05 | | |
Minimum fee
|
| | | | 124.44 | | | | | | 81.9 | | | | | | 51.9 | | | | | | 37.8 | | | | | | 23.64 | | |
12 – 80 tons
|
| | | | 0.85 | | | | | | 0.65 | | | | | | 0.50 | | | | | | 0.40 | | | | | | 0.20 | | |
81 – 170 tons
|
| | | | 1.15 | | | | | | 0.65 | | | | | | 0.50 | | | | | | 0.40 | | | | | | — | | |
> 170 tons
|
| | | | 1.50 | | | | | | 0.85 | | | | | | 0.62 | | | | | | — | | | | | | — | | |
Minimum fee
|
| | | | 39.50 | | | | | | 26.00 | | | | | | 16.50 | | | | | | 12.00 | | | | | | 7.50 | | |
| | |
2017
|
| | |||||
| | |
(In Euros)
|
| ||||||
International Passenger Adult
|
| | | | 7.35 | | | | ||
International Passenger Child
|
| | | | 3.67 | | | | ||
Non-EU Passenger Adult
|
| | | | 8.42 | | | | ||
Non-EU Passenger Child
|
| | | | 4.21 | | | | ||
Takeoff/Landing | | | | |||||||
< 25 t
|
| | | | 2.28 | | | | ||
> 25 t
|
| | | | 3.15 | | | | ||
Parking
|
| | | | 0.25 | | | | ||
Hand baggage security
|
| | |
|
2.05
|
| | | ||
Hold baggage security
|
| | |
|
1.09
|
| | | ||
Persons with reduced mobility
|
| | |
|
0.55
|
| | | ||
Assets for exclusive use (59 m.)
|
| | |
|
261.68
|
| | | ||
Check-in/Gate desks (desks/hour)
|
| | |
|
7.76
|
| | | ||
Cargo fees
|
| | |
|
0.05
|
| | | ||
Fuel
|
| | | | 0.007 | | | |
| | |
2017
|
| |||
| | |
(In Euros)
|
| |||
Landing and take off fees (from 1 ton to 25 ton)
|
| | | | 3.83 | | |
Landing and take off fees (each subsequent ton)
|
| | | | 5.14 | | |
Aircraft parking (per hour or fraction after first two hours)
|
| | | | 0.21 | | |
Passengers charges (EU adult)
|
| | | | 9.99 | | |
Passengers charges(EXTRA EU adult)
|
| | | | 12.08 | | |
Passengers charges (intra EU flights, child)
|
| | | | 4.99 | | |
Passengers charges (EXTRA EU, child)
|
| | | | 6.04 | | |
Cargo embarking/disembarking charges
|
| | | | 0.36 | | |
| | |
2017
|
| |||
| | |
(In Euros)
|
| |||
Body check and hand baggage security
|
| | | | 1.58 | | |
Hold baggage security
|
| | | | 1.10 | | |
PRM
|
| | | | 0.90 | | |
Assets for exclusive use (offices)
|
| | | | 304.61 | | |
Assets for exclusive use (technical operating room)
|
| | | | 61.18 | | |
Assets for exclusive use (self check-in)
|
| | | | 350.60 | | |
Check-in desks
|
| | | | 2.58 | | |
De-icing
|
| | | | 0.19 | | |
|
Event
|
| |
Amount of the
Performance Bond (in millions of R$) |
| |
Amount of the
Performance Bond (in millions of U.S.$) |
|
| Natal Concession Agreement | | | | ||||
|
Phase I of the Natal Concession Agreement
|
| |
65.0
|
| |
20.0
|
|
| Phase II of the Natal Concession Agreement (from the formal commencement of Phase II until the end of the contract) until January 24, 2018 | | |
6.5
|
| |
2.0
|
|
|
from January 25, 2018 to January 24, 2020
|
| |
5.8
|
| |
1.7
|
|
|
from January 25, 2020 to January 24, 2033
|
| |
6.5
|
| |
2.0
|
|
|
from January 25, 2033 to January 24, 2040
|
| |
6.7
|
| |
2.1
|
|
|
Investment Trigger of the Natal Concession
Agreement |
| |
10% of the amount of planned investments |
| | ||
| Brasilia Concession Agreement | | | | ||||
| During Phase I-B of the Brasilia Concession Agreement | | |
266.7
|
| |
81.8
|
|
| After completion of Phase I-B of the Natal Concession Agreement or at the termination of the contract until July 23, 2018 | | |
133.3
|
| |
41.0
|
|
|
from July 24, 2018 to July 23, 2019
|
| |
116.7
|
| |
51.2
|
|
|
from July 24, 2019 to July 23, 2034
|
| |
133.3
|
| |
41.0
|
|
|
from July 24, 2034 to July 24, 2037
|
| |
139.7
|
| |
42.9
|
|
|
Investment Trigger of the Brasilia Concession
Agreement |
| |
10% of the amount of planned investments |
| | ||
| Upon termination of the Brasilia Concession Agreement, for a period of 24 months after the termination of the agreement | | |
19.1
|
| |
5.8
|
|
| | |
U.S.$
|
| |
Adjusted Price U.S.$
|
| ||||||
Aircraft weight (tons)
(1)
|
| |
(U.S.$ per ton)
|
| |||||||||
Up to 10 tons
|
| | | | 50.6 | | | | | | 52.8 | | |
10 – 20 tons
|
| | | | 258.2 | | | | | | 269.4 | | |
20 – 30 tons
|
| | | | 322.3 | | | | | | 336.3 | | |
30 – 70 tons
|
| | | | 482.7 | | | | | | 503.5 | | |
70 – 171 tons
|
| | | | 681.8 | | | | | | 711.3 | | |
> 170 tons
|
| | | | 928.2 | | | | | | 968.3 | | |
| | |
PAD/h
(1)
|
|
In operative platform | | |
5% PAD/h
|
|
Outside operative platform | | |
2.5% PAD/h
|
|
Under repair (others) | | |
0
|
|
| | |
U.S.$
|
| |
Adjustment
Index |
| |
Adjusted Price
|
| |||||||||
Connections
|
| | | | 19.0 | | | | | | 1.04321 | | | | | | 20.0 | | |
International flights
|
| | | | 42.0 | | | | | | 1.04321 | | | | | | 44.0 | | |
| | |
In Transit
|
| |
Terminal
|
| |
Adjustment
Index |
| |
Adjusted Price In
Transit |
| |
Adjusted Price
Terminal |
| |||||||||||||||
| | |
(in U.S.$)
|
| |||||||||||||||||||||||||||
Up to 10 seats
|
| | | | 5.1 | | | | | | 8.4 | | | | | | 1.04321 | | | | | | 5.3 | | | | | | 8.8 | | |
11 – 30 seats
|
| | | | 15.2 | | | | | | 22.8 | | | | | | 1.04321 | | | | | | 15.9 | | | | | | 23.8 | | |
31 – 90 seats
|
| | | | 30.4 | | | | | | 37.9 | | | | | | 1.04321 | | | | | | 31.7 | | | | | | 39.6 | | |
91 – 150 seats
|
| | | | 45.6 | | | | | | 60.7 | | | | | | 1.04321 | | | | | | 47.6 | | | | | | 63.4 | | |
151 – 250 seats
|
| | | | 91.16 | | | | | | 121.5 | | | | | | 1.04321 | | | | | | 95.0 | | | | | | 126.8 | | |
> 251 seats
|
| | | | 136.7 | | | | | | 151.9 | | | | | | 1.04321 | | | | | | 142.6 | | | | | | 158.5 | | |
| | |
In Transit
|
| |
Terminal
|
| |
Adjustement
Index |
| |
Adjusted Price
In Transit |
| |
Adjusted Price
Terminal |
| |||||||||||||||
| | |
(in U.S.$)
|
| |||||||||||||||||||||||||||
5,700 kg
|
| | | | 8.4 | | | | | | 16.9 | | | | | | 1.04321 | | | | | | 8.8 | | | | | | 17.6 | | |
Up to B-737, B-727 (or similar)
|
| | | | 60.7 | | | | | | 68.4 | | | | | | 1.04321 | | | | | | 63.4 | | | | | | 71.4 | | |
B-767, DC-8 (or similar)
|
| | | | 76.0 | | | | | | 91.1 | | | | | | 1.04321 | | | | | | 79.2 | | | | | | 95.1 | | |
DC-10, MD-11, B-747, A-340 (or similar)
|
| | | | 102.1 | | | | | | 136.7 | | | | | | 1.04321 | | | | | | 106.5 | | | | | | 142.6 | | |
|
Passengers from
|
| |
Passengers to
|
| |
Coefficient
|
|
|
––
|
| |
1,500,000
|
| |
0
|
|
|
1,500,001
|
| |
1,750,000
|
| |
0.075
|
|
|
1,750,001
|
| |
2,000,000
|
| |
0.1556
|
|
|
2,000,001
|
| |
2,250,000
|
| |
0.272
|
|
|
2,250,001
|
| |
2,500,000
|
| |
0.3983
|
|
|
2,500,001
|
| |
2,750,000
|
| |
0.5381
|
|
|
2,750,001
|
| |
3,000,000
|
| |
0.692
|
|
|
3,000,001
|
| |
––
|
| |
0.8611
|
|
|
Tariff
|
| |
(in U.S.$)
|
| |||
|
Ecological tariff (by departing passengers)
|
| | | | 3.48 | | |
|
Tariff for terminal use (by departing passengers)
|
| | | | 24.15 | | |
|
Security tariff (by departing passengers)
|
| | | | 3.24 | | |
|
Tariff for cash fire and rescue (by departing passengers)
|
| | | | 3.70 | | |
|
Landing tariff 50 – 100 tons (in tons)
|
| | | | 0.86 | | |
Date of Payment
|
| |
Multiplier
|
| |||
On or after the fifth anniversary of the issuance date to but excluding the sixth anniversary of the issuance date
|
| | | | 103.438 % | | |
Thereafter to but excluding the seventh anniversary of the issuance date
|
| | | | 102.578 % | | |
Thereafter to but excluding the eighth anniversary of the issuance date
|
| | | | 101.719 % | | |
Thereafter to but excluding the ninth anniversary of the issuance date
|
| | | | 100.859 % | | |
Thereafter
|
| | | | 100.000 % | | |
Date of Payment
|
| |
Multiplier
|
| |||
Beginning on November 29, 2022 and ending on November 28, 2023
|
| | | | 103.438 % | | |
Beginning on November 29, 2023 and ending on November 28, 2024
|
| | | | 102.292 % | | |
Beginning on November 29, 2024 and ending on November 28, 2025
|
| | | | 101.146 % | | |
Beginning on November 29, 2025 and thereafter
|
| | | | 100.000 % | | |
|
Name
|
| |
Date of Birth
|
| |
Position Held
|
| |
First appointment
|
|
| Eduardo Eurnekian | | |
December 4, 1932
|
| |
Director
|
| |
September 14, 2017
|
|
|
Martín Francisco
Antranik Eurnekian |
| |
November 28, 1978
|
| |
Director
|
| |
September 14, 2017
|
|
| Maximo Bomchil | | |
May 13, 1950
|
| |
Director
|
| |
September 14, 2017
|
|
| Roderick H. McGeoch | | |
October 2, 1946
|
| |
Director
|
| |
September 14, 2017
|
|
| David Arendt | | |
April 4, 1953
|
| |
Director
|
| |
September 14, 2017
|
|
| Valerie Pechon | | |
November 10, 1975
|
| |
Director
|
| |
September 14, 2017
|
|
|
Carlo Alberto
Montagna |
| |
February 27, 1964
|
| |
Director
|
| |
September 14, 2017
|
|
|
Name
|
| |
Date of Birth
|
| |
Position Held
|
| |
First Appointment
|
|
| Martín Francisco Antranik Eurnekian | | |
November 28, 1978
|
| |
Chief Executive Officer
|
| |
September 14, 2017
|
|
|
Raúl Guillermo Francos
|
| |
July 1, 1947
|
| |
Chief Financial Officer
|
| |
September 14, 2017
|
|
| Raúl Galante | | |
July 24, 1960
|
| |
Accounting, Planning and Tax Manager
|
| |
September 14, 2017
|
|
| Jorge Arruda | | |
April 9, 1968
|
| |
Finance and M&A Manager
|
| |
September 14, 2017
|
|
| Roberto Naldi | | |
February 17, 1953
|
| |
European Business Development Manager
|
| |
September 14, 2017
|
|
| Andres Zenarruza | | |
July 22, 1976
|
| |
Legal Manager
|
| |
September 14, 2017
|
|
| Eugenio Perissé | | |
March 2, 1959
|
| |
Business Development Manager
|
| |
September 14, 2017
|
|
| | |
Common shares Beneficially
Owned Prior to this offering |
| |
Common shares Beneficially
Owned After this offering |
| ||||||||||||||||||
| | |
Common Shares
|
| |
Common Shares
|
| ||||||||||||||||||
| | |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| ||||||||||||
A.C.I. Airports S.à r.l
|
| | | | 148,117,500 | | | | | | 100 % | | | | | | 131,450,833 | | | | | | 82.1 % | | |
Our executive officers and directors:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Eduardo Eurnekian
|
| | | | 0 | | | | | | 0 % | | | | | | 0 | | | | | | 0 % | | |
Martín Francisco Antranik Eurnekian
|
| | | | 0 | | | | | | 0 % | | | | | | 0 | | | | | | 0 % | | |
Máximo Bomchil
|
| | | | 0 | | | | | | 0 % | | | | | | 0 | | | | | | 0 % | | |
Roderick H. McGeoch
|
| | | | 0 | | | | | | 0 % | | | | | | 0 | | | | | | 0 % | | |
David Arendt
|
| | | | 0 | | | | | | 0 % | | | | | | 0 | | | | | | 0 % | | |
Valerie Pechon
|
| | | | 0 | | | | | | 0 % | | | | | | 0 | | | | | | 0 % | | |
Carlo Alberto Montagna
|
| | | | 0 | | | | | | 0 % | | | | | | 0 | | | | | | 0 % | | |
Raúl Guillermo Francos
|
| | | | 0 | | | | | | 0 % | | | | | | 0 | | | | | | 0 % | | |
Raúl Galante
|
| | | | 0 | | | | | | 0 % | | | | | | 0 | | | | | | 0 % | | |
Jorge Arruda
|
| | | | 0 | | | | | | 0 % | | | | | | 0 | | | | | | 0 % | | |
Roberto Naldi
|
| | | | 0 | | | | | | 0 % | | | | | | 0 | | | | | | 0 % | | |
Andres Zenarruza
|
| | | | 0 | | | | | | 0 % | | | | | | 0 | | | | | | 0 % | | |
Eugenio Perissé
|
| | | | 0 | | | | | | 0 % | | | | | | 0 | | | | | | 0 % | | |
All executive officers and directors as a group:
|
| | | | 0 | | | | | | 0 % | | | | | | 0 | | | | | | 0 % | | |
Underwriter
|
| |
Number of
Common Shares |
| |||
Oppenheimer & Co. Inc.
|
| | | | 7,675,906 | | |
Merrill Lynch, Pierce, Fenner & Smith
Incorporated |
| | | | 7,675,907 | | |
Citigroup Global Markets Inc.
|
| | | | 7,675,906 | | |
Goldman Sachs & Co. LLC
|
| | | | 4,264,392 | | |
Santander Investment Securities Inc.
|
| | | | 1,279,318 | | |
Total
|
| | | | 28,571,429 | | |
|
| | |
Per Share
|
| |
Total
Without Exercise of Option |
| |
Total
With Full Exercise of Option |
| |||||||||
Public offering price
|
| | | $ | 17.0000 | | | | | $ | 485,714,293 | | | | | $ | 558,571,431 | | |
Underwriting discount
|
| | | $ | 0.5695 | | | | | $ | 16,271,429 | | | | | $ | 18,712,143 | | |
Proceeds, before expenses, to us
|
| | | $ | 16.4305 | | | | | $ | 195,601,192 | | | | | $ | 224,941,366 | | |
Proceeds, before expenses, to Selling Shareholder
|
| | | $ | 16.4305 | | | | | $ | 273,841,672 | | | | | $ | 314,917,922 | | |
|
SEC Registration Fee
|
| | U.S.$ 94,086 | |
|
NYSE Listing Fee
|
| | U.S.$ 200,000 | |
|
FINRA Filing Fee
|
| | U.S.$ 113,857 | |
|
Printing and Delivery Expenses
|
| | U.S.$ 480,000 | |
|
Legal Fees and Expenses
|
| | U.S.$ 4,000,000 | |
|
Roadshow Expenses
|
| | U.S.$ 500,000 | |
|
Accounting Fees and Expenses
|
| | U.S.$ 2,912,000 | |
|
Miscellaneous Costs
|
| | U.S.$ 1,794,000 | |
| Total | | | U.S.$ 10,093,943 | |
|
| | |
Page
|
| |||
A.C.I. Airports International S.à r.l | | | |||||
Restated Combined Consolidated Financial Statements | | | |||||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-8 | | | |
Corporacion América Airports S.A. | | | |||||
Unaudited Condensed Consolidated Interim Financial Statements | | | |||||
| | | | F-85 | | | |
| | | | F-85 | | | |
| | | | F-86 | | | |
| | | | F-87 | | | |
| | | | F-88 | | | |
| | | | F-89 | | | |
Inframerica Participações S.A. | | | |||||
Audited Consolidated Financial Statements | | | |||||
| | | | F-116 | | | |
| | | | F-117 | | | |
| | | | F-118 | | | |
| | | | F-119 | | | |
| | | | F-120 | | | |
| | | | F-121 | | | |
Inframerica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. | | | |||||
Audited Financial Statements | | | |||||
| | | | F-144 | | | |
| | | | F-145 | | | |
| | | | F-146 | | | |
| | | | F-147 | | | |
| | | | F-148 | | | |
| | | | F-149 | | |
| /s/ Price Waterhouse & Co. S.R.L. | | | | |
| | | | | |
|
/s/ Alejandro Pablo Frechou
Partner |
| | | |
| | |
Notes
|
| |
For the year
ended December 31, 2016 (Restated) |
| |
For the year
ended December 31, 2015 (Restated) |
| ||||||
Continuing operations | | | | | ||||||||||||
Revenue
|
| |
5
|
| | | | 1,366,336 | | | | | | 1,187,090 | | |
Cost of services
|
| |
6
|
| | | | (859,074 ) | | | | | | (759,155 ) | | |
Gross profit
|
| | | | | | | 507,262 | | | | | | 427,935 | | |
Selling, general and administrative expenses
|
| |
7
|
| | | | (170,852 ) | | | | | | (167,219 ) | | |
Impairment loss
|
| |
12
|
| | | | (16,638 ) | | | | | | — | | |
Other operating income
|
| |
8
|
| | | | 16,944 | | | | | | 15,573 | | |
Other operating expense
|
| | | | | | | (4,903 ) | | | | | | (2,667 ) | | |
Operating income
|
| | | | | | | 331,813 | | | | | | 273,622 | | |
Share of loss in associates
|
| |
10,14
|
| | | | (1,306 ) | | | | | | (69,317 ) | | |
Income before financial results and income tax
|
| | | | | | | 330,507 | | | | | | 204,305 | | |
Financial income
|
| |
9
|
| | | | 37,521 | | | | | | 46,807 | | |
Financial loss
|
| |
9
|
| | | | (272,951 ) | | | | | | (199,839 ) | | |
Income before income tax expense
|
| | | | | | | 95,077 | | | | | | 51,273 | | |
Income tax expense
|
| |
11
|
| | | | (56,359 ) | | | | | | (44,969 ) | | |
Income from continuing operations
|
| | | | | | | 38,718 | | | | | | 6,304 | | |
Discontinued operations | | | | | ||||||||||||
(Loss)/Income from discontinued operations
|
| |
31
|
| | | | (9,478 ) | | | | | | 108,987 | | |
Net income
|
| | | | | | | 29,240 | | | | | | 115,291 | | |
Attributable to: | | | | | ||||||||||||
Owners of the parent
|
| | | | | | | 33,759 | | | | | | 105,490 | | |
Non-controlling interest
|
| | | | | | | (4,519 ) | | | | | | 9,801 | | |
| | | | | | | | 29,240 | | | | | | 115,291 | | |
Earnings per share attributable to the owners of the parent | | | | | ||||||||||||
Weighted average number of ordinary shares (thousands)
|
| | | | | | | 1,500,000 | | | | | | 1,500,000 | | |
Continuing operations | | | | | ||||||||||||
Basic and diluted earnings per share
|
| | | | | | | 0.03 | | | | | | (0.01 ) | | |
Discontinued operations | | | | | ||||||||||||
Basic and diluted earnings per share
|
| | | | | | | (0.01 ) | | | | | | 0.08 | | |
Continuing and discontinued operations | | | | | ||||||||||||
Basic and diluted earnings per share
|
| | | | | | | 0.02 | | | | | | 0.07 | | |
Pro-forma earnings per share attributable to the parent (unaudited)
|
| |
35
|
| | | | | | | | | | | | |
Continuing Operations | | | | | | | | | | | | | | | | |
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | | | | 0.29 | | | | | | (0.07 ) | | |
Discontinued Operations | | | | | | | | | | | | | | | | |
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | | | | (0.06 ) | | | | | | 0.79 | | |
Continuing and Discontinued Operations | | | | | ||||||||||||
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | | | | 0.23 | | | | | | 0.71 | | |
| | | | | |
For the year
ended December 31, 2016 (Restated) |
| |
For the year
ended December 31, 2015 (Restated) |
| ||||||
Net income
|
| | | | | | | 29,240 | | | | | | 115,291 | | |
Items that will not be reclassified subsequently to profit or loss: | | | | | ||||||||||||
Remeasurement of defined benefit obligation
|
| | | | | | | (307 ) | | | | | | 334 | | |
Items that may be subsequently reclassified to profit or loss: | | | | | ||||||||||||
Share of other comprehensive income from associates
|
| | | | | | | (44 ) | | | | | | (39,999 ) | | |
Currency translation adjustment
|
| | | | | | | (48,563 ) | | | | | | (166,597 ) | | |
Other comprehensive loss of continuing operations for the year, net of income tax
|
| | | | | | | (48,914 ) | | | | | | (206,262 ) | | |
Currency translation adjustment from discontinued operations
|
| |
31
|
| | | | 4,277 | | | | | | (4,277 ) | | |
Other comprehensive income/(loss) of discontinued operations for the year, net of income tax
|
| | | | | | | 4,277 | | | | | | (4,277 ) | | |
Total other comprehensive loss for the year
|
| |
26
|
| | | | (44,637 ) | | | | | | (210,539 ) | | |
Total comprehensive loss for the year
|
| | | | | | | (15,397 ) | | | | | | (95,248 ) | | |
Attributable to: | | | | | ||||||||||||
Owners of the parent
|
| | | | | | | 1,477 | | | | | | (50,897 ) | | |
Non-controlling interest
|
| | | | | | | (16,874 ) | | | | | | (44,351 ) | | |
| | | | | | | | (15,397 ) | | | | | | (95,248 ) | | |
|
| | |
Notes
|
| |
At December 31,
2016 (Restated) |
| |
At December 31,
2015 (Restated) |
| |
At January 1,
2015 |
| |||||||||
ASSETS | | | | | | |||||||||||||||||
Non-current assets | | | | | | |||||||||||||||||
Intangible assets, net
|
| |
12
|
| | | | 2,825,187 | | | | | | 2,610,703 | | | | | | 1,454,351 | | |
Property, plant and equipment, net
|
| |
13
|
| | | | 65,984 | | | | | | 71,689 | | | | | | 191,261 | | |
Investments in associates
|
| |
14
|
| | | | 10,927 | | | | | | 14,450 | | | | | | 169,660 | | |
Other financial assets
|
| |
20
|
| | | | 721 | | | | | | 15,078 | | | | | | 11,236 | | |
Investment properties
|
| |
15
|
| | | | — | | | | | | — | | | | | | 15,223 | | |
Deferred tax assets
|
| |
16
|
| | | | 99,258 | | | | | | 47,643 | | | | | | 38,557 | | |
Other receivables
|
| |
17
|
| | | | 118,074 | | | | | | 117,291 | | | | | | 134,957 | | |
Trade receivables
|
| |
19
|
| | | | — | | | | | | 51 | | | | | | — | | |
| | | | | | | | 3,120,151 | | | | | | 2,876,905 | | | | | | 2,015,245 | | |
Current assets | | | | | | |||||||||||||||||
Inventories
|
| |
18
|
| | | | 7,664 | | | | | | 8,224 | | | | | | 22,300 | | |
Other financial assets
|
| |
20
|
| | | | 33,936 | | | | | | 40,312 | | | | | | 46,074 | | |
Other receivables
|
| |
17
|
| | | | 137,207 | | | | | | 56,901 | | | | | | 289,974 | | |
Current tax assets
|
| | | | | | | 5,720 | | | | | | 3,739 | | | | | | 928 | | |
Trade receivables
|
| |
19
|
| | | | 109,610 | | | | | | 101,307 | | | | | | 198,855 | | |
Cash and cash equivalents
|
| |
21
|
| | | | 212,988 | | | | | | 184,239 | | | | | | 254,901 | | |
| | | | | | | | 507,125 | | | | | | 394,722 | | | | | | 813,032 | | |
| | | | | | |||||||||||||||||
Non-current assets classified as held for sale
|
| |
22
|
| | | | — | | | | | | — | | | | | | 4,507 | | |
| | | | | | | | 507,125 | | | | | | 394,722 | | | | | | 817,539 | | |
Total assets
|
| | | | | | | 3,627,276 | | | | | | 3,271,627 | | | | | | 2,832,784 | | |
EQUITY | | | | | | |||||||||||||||||
Share capital
|
| |
26
|
| | | | 20 | | | | | | 20 | | | | | | 20 | | |
Free distributable reserve
|
| | | | | | | 1,907,328 | | | | | | 330,007 | | | | | | 906 | | |
Currency translation adjustment
|
| | | | | | | (188,721 ) | | | | | | (156,731 ) | | | | | | — | | |
Legal reserves
|
| | | | | | | 2 | | | | | | — | | | | | | — | | |
Other reserves
|
| | | | | | | (1,344,022 ) | | | | | | 248,677 | | | | | | 1,178,534 | | |
Retained earnings
|
| | | | | | | 74,543 | | | | | | 40,786 | | | | | | (64,704 ) | | |
Total attributable to owners of the parent
|
| | | | | | | 449,150 | | | | | | 462,759 | | | | | | 1,114,756 | | |
Non-controlling interests
|
| | | | | | | 354,174 | | | | | | 371,342 | | | | | | 351,809 | | |
Total equity
|
| | | | | | | 803,324 | | | | | | 834,101 | | | | | | 1,466,565 | | |
LIABILITIES | | | | | | |||||||||||||||||
Non-current liabilities | | | | | | |||||||||||||||||
Borrowings
|
| |
23
|
| | | | 965,672 | | | | | | 960,316 | | | | | | 484,654 | | |
Deferred tax liabilities
|
| |
16
|
| | | | 144,393 | | | | | | 145,777 | | | | | | 122,207 | | |
Other liabilities
|
| |
24
|
| | | | 1,049,448 | | | | | | 847,301 | | | | | | 78,302 | | |
Trade payables
|
| |
25
|
| | | | 1,663 | | | | | | 2,096 | | | | | | 2,851 | | |
| | | | | | | | 2,161,176 | | | | | | 1,955,490 | | | | | | 688,014 | | |
Current liabilities | | | | | | |||||||||||||||||
Borrowings
|
| |
23
|
| | | | 141,569 | | | | | | 127,250 | | | | | | 280,530 | | |
Other liabilities
|
| |
24
|
| | | | 347,307 | | | | | | 226,572 | | | | | | 196,531 | | |
Current tax liabilities
|
| | | | | | | 60,361 | | | | | | 7,058 | | | | | | 27,656 | | |
Trade payables
|
| |
25
|
| | | | 113,539 | | | | | | 121,156 | | | | | | 173,488 | | |
| | | | | | | | 662,776 | | | | | | 482,036 | | | | | | 678,205 | | |
Total liabilities
|
| | | | | | | 2,823,952 | | | | | | 2,437,526 | | | | | | 1,366,219 | | |
Total equity and liabilities
|
| | | | | | | 3,627,276 | | | | | | 3,271,627 | | | | | | 2,832,784 | | |
|
| | |
Attributable to owners of the parent
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Share
Capital |
| |
Free
Distributable Reserves |
| |
Legal
Reserves |
| |
Currency
Translation Adjustment |
| |
Other
Reserves |
| |
Retained
Earnings (1) |
| |
Total
|
| |
Non-controlling
interests |
| |
Total
|
| |||||||||||||||||||||||||||
Balance at January 1, 2016 (Restated)
|
| | | | 20 | | | | | | 330,007 | | | | | | — | | | | | | (156,731 ) | | | | | | 248,677 | | | | | | 40,786 | | | | | | 462,759 | | | | | | 371,342 | | | | | | 834,101 | | |
Shareholders contributions (Note 26)
|
| | | | — | | | | | | 1,577,321 | | | | | | — | | | | | | — | | | | | | (1,556,827 ) | | | | | | — | | | | | | 20,494 | | | | | | 9,018 | | | | | | 29,512 | | |
Income (loss) for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 33,759 | | | | | | 33,759 | | | | | | (4,519 ) | | | | | | 29,240 | | |
Changes in legal reserves
|
| | | | — | | | | | | — | | | | | | 2 | | | | | | — | | | | | | — | | | | | | (2 ) | | | | | | — | | | | | | — | | | | | | — | | |
Changes in other reserves (Note 26)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (35,580 ) | | | | | | — | | | | | | (35,580 ) | | | | | | — | | | | | | (35,580 ) | | |
Other comprehensive loss for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | (31,990 ) | | | | | | (292 ) | | | | | | — | | | | | | (32,282 ) | | | | | | (12,355 ) | | | | | | (44,637 ) | | |
Changes in non-controlling interests (Note 26)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,312 ) | | | | | | (9,312 ) | | |
Balance at December 31, 2016 (Restated)
|
| | | | 20 | | | | | | 1,907,328 | | | | | | 2 | | | | | | (188,721 ) | | | | | | (1,344,022 ) | | | | | | 74,543 | | | | | | 449,150 | | | | | | 354,174 | | | | | | 803,324 | | |
Balance at January 1, 2015
|
| | | | 20 | | | | | | 906 | | | | | | — | | | | | | — | | | | | | 1,178,534 | | | | | | (64,704 ) | | | | | | 1,114,756 | | | | | | 351,809 | | | | | | 1,466,565 | | |
Shareholders contributions (Note 26)
|
| | | | — | | | | | | 329,101 | | | | | | — | | | | | | — | | | | | | (320,798 ) | | | | | | — | | | | | | 8,303 | | | | | | — | | | | | | 8,303 | | |
Income for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 105,490 | | | | | | 105,490 | | | | | | 9,801 | | | | | | 115,291 | | |
Other comprehensive income (loss) for
the year |
| | | | — | | | | | | — | | | | | | — | | | | | | (156,731 ) | | | | | | 344 | | | | | | — | | | | | | (156,387 ) | | | | | | (54,152 ) | | | | | | (210,539 ) | | |
Changes in other reserves (Note 26)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (609,403 ) | | | | | | — | | | | | | (609,403 ) | | | | | | — | | | | | | (609,403 ) | | |
Changes in non-controlling interests (Note 26)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 63,884 | | | | | | 63,884 | | |
Balance at December 31, 2015 (Restated)
|
| | | | 20 | | | | | | 330,007 | | | | | | — | | | | | | (156,731 ) | | | | | | 248,677 | | | | | | 40,786 | | | | | | 462,759 | | | | | | 371,342 | | | | | | 834,101 | | |
|
| | |
Notes
|
| |
For the year
ended December 31, 2016 (Restated) |
| |
For the year
ended December 31, 2015 |
| ||||||
Cash flows from operating activities | | | | | ||||||||||||
Income from continuing operations
|
| | | | | | | 38,718 | | | | | | 6,304 | | |
Adjustments for: | | | | | ||||||||||||
Amortization and depreciation
|
| |
12,13
|
| | | | 122,882 | | | | | | 72,247 | | |
Deferred income tax
|
| |
11
|
| | | | (40,763 ) | | | | | | (4,925 ) | | |
Income tax accrued
|
| |
11
|
| | | | 97,122 | | | | | | 49,894 | | |
Share of loss in associates
|
| |
10
|
| | | | 1,306 | | | | | | 69,317 | | |
Impairment loss
|
| |
12
|
| | | | 16,638 | | | | | | — | | |
Income/(Loss) on disposals of property, plant and equipment
|
| | | | | | | 21 | | | | | | (174 ) | | |
Unpaid concession fees
|
| | | | | | | 40,548 | | | | | | 32,130 | | |
Changes in liability for Brazil concessions
|
| |
9
|
| | | | 107,408 | | | | | | 2,039 | | |
Interest expense
|
| |
9
|
| | | | 118,219 | | | | | | 69,228 | | |
Other financial results, net
|
| | | | | | | 402 | | | | | | (3,538 ) | | |
Loss on disposals of subsidiaries
|
| | | | | | | 897 | | | | | | | | |
Net foreign exchange
|
| |
9
|
| | | | 26,383 | | | | | | 90,799 | | |
Other accruals
|
| | | | | | | (3,196 ) | | | | | | 19,525 | | |
Acquisition of Intangible assets
|
| |
12, 30
|
| | | | (179,900 ) | | | | | | (137,612 ) | | |
Income tax paid
|
| | | | | | | (20,083 ) | | | | | | (50,555 ) | | |
Changes in working capital
|
| |
30
|
| | | | (153,830 ) | | | | | | (171,086 ) | | |
Net cash provided by operating activities
|
| | | | | | | 172,772 | | | | | | 43,593 | | |
Net cash used in discontinued operating activities
|
| |
31
|
| | | | (8,155 ) | | | | | | (41,969 ) | | |
Cash flows from investing activities | | | | | ||||||||||||
Net cash from acquisition of subsidiaries
|
| | | | | | | — | | | | | | (39,921 ) | | |
Acquisition of/(cash contribution in) associates
|
| | | | | | | 10 | | | | | | (56,262 ) | | |
Acquisition/capitalized construction expenses
|
| | | | | | | — | | | | | | (306 ) | | |
Acquisition of other financial assets
|
| | | | | | | (2,401 ) | | | | | | (23,475 ) | | |
Disposals of other financial assets
|
| | | | | | | 11,575 | | | | | | — | | |
Purchase of Property, plant and equipment
|
| |
13
|
| | | | (10,391 ) | | | | | | (8,185 ) | | |
Acquisition of Intangible assets
|
| |
12
|
| | | | (848 ) | | | | | | (386 ) | | |
Net cash inflow on disposal of discontinued operations
|
| |
31
|
| | | | 10,381 | | | | | | 34,033 | | |
Net cash inflow on disposal of subsidiaries/associates
|
| | | | | | | 6,988 | | | | | | — | | |
Loans with related parties
|
| | | | | | | 20,261 | | | | | | 3,026 | | |
Proceeds from sale of Property, plant and Equipment
|
| | | | | | | 269 | | | | | | 5,097 | | |
Net cash provided by/ (used in) investing activities
|
| | | | | | | 35,844 | | | | | | (86,379 ) | | |
Net cash used in discontinued investing activities
|
| |
31
|
| | | | (8,093 ) | | | | | | (183,561 ) | | |
Cash flows from financing activities | | | | | ||||||||||||
Proceeds from cash contributions
|
| | | | | | | 29,512 | | | | | | 8,303 | | |
Proceeds from borrowings
|
| | | | | | | 52,099 | | | | | | 286,839 | | |
Loans paid
|
| |
23, 30
|
| | | | (142,693 ) | | | | | | (157,120 ) | | |
Interest paid
|
| |
23
|
| | | | (48,564 ) | | | | | | (38,334 ) | | |
Dividends distribution
|
| | | | | | | (49,733 ) | | | | | | (76,875 ) | | |
Net cash (used in)/ provided by financing activities
|
| | | | | | | (159,379 ) | | | | | | 22,813 | | |
Net cash provided by discontinued financing activities
|
| |
31
|
| | | | — | | | | | | 196,727 | | |
Increase/(Decrease) in cash and cash equivalents from continuing operations
|
| | | | | | | 49,237 | | | | | | (19,973 ) | | |
Decrease in cash and cash equivalents from discontinued operations
|
| |
31
|
| | | | (16,248 ) | | | | | | (28,803 ) | | |
Cash and cash equivalents | | | | | ||||||||||||
At the beginning of the year
|
| |
21
|
| | | | 153,889 | | | | | | 217,133 | | |
Exchange rate loss on cash and cash equivalents
|
| | | | | | | (4,762 ) | | | | | | (14,468 ) | | |
Increase / (Decrease) in cash and cash equivalents from continuing operations
|
| | | | | | | 49,237 | | | | | | (19,973 ) | | |
Decrease in cash and cash equivalents from discontinued operations
|
| | | | | | | (16,248 ) | | | | | | (28,803 ) | | |
At the end of the year
|
| |
21
|
| | | | 182,116 | | | | | | 153,889 | | |
|
| 1 | | | General information and corporate reorganization | |
| 2 | | | Basis of presentation and accounting policies | |
| 3 | | | Financial risk management | |
| 4 | | | Segment information | |
| 5 | | | Revenue | |
| 6 | | | Cost of services | |
| 7 | | | Selling, general and administrative expenses | |
| 8 | | | Other operating income | |
| 9 | | | Financial results net | |
| 10 | | | Share of loss in associates | |
| 11 | | | Income tax expense | |
| 12 | | | Intangible assets net | |
| 13 | | | Property, plant and equipment, net | |
| 14 | | | Investments in associates | |
| 15 | | | Investment properties | |
| 16 | | | Deferred income tax | |
| 17 | | | Other receivables | |
| 18 | | | Inventories | |
| 19 | | | Trade receivables | |
| 20 | | | Other financial assets | |
| 21 | | | Cash and cash equivalents | |
| 22 | | | Non-current assets classified as held for sale | |
| 23 | | | Borrowings | |
| 24 | | | Other liabilities | |
| 25 | | | Trade payables | |
| 26 | | | Equity | |
| 27 | | | Contingencies, commitments and restrictions on the distribution of profits | |
| 28 | | | Business combinations, other acquisitions and investments | |
| 29 | | | Related party balances and transactions | |
| 30 | | | Cash flow disclosures | |
| 31 | | | Discontinued operations | |
| 32 | | | Fees paid to the Company`s principal accountant | |
| 33 | | | Earnings per share | |
| 34 | | | Subsequent events | |
| | |
For the year ended December 31,
|
| |
For the year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2016
(as reported) |
| |
2016
(adjustment) |
| |
2016
(restated) |
| |
2015
(as reported) |
| |
2015
(adjustment) |
| |
2015
(restated) |
| ||||||||||||||||||
Continuing operations | | | | | | | | ||||||||||||||||||||||||||||||
Gross profit
|
| | | | 507,262 | | | | | | — | | | | | | 507,262 | | | | | | 427,935 | | | | | | — | | | | | | 427,935 | | |
Other operating income
|
| | | | 17,371 | | | | | | (427 ) | | | | | | 16,944 | | | | | | 15,573 | | | | | | — | | | | | | 15,573 | | |
Other operating expense
|
| | | | (8,070 ) | | | | | | 3,167 | | | | | | (4,903 ) | | | | | | (2,667 ) | | | | | | — | | | | | | (2,667 ) | | |
Operating income
|
| | | | 329,073 | | | | | | 2,740 | | | | | | 331,813 | | | | | | 273,622 | | | | | | — | | | | | | 273,622 | | |
Income from continuing operations
|
| | | | 35,978 | | | | | | 2,740 | | | | | | 38,718 | | | | | | 6,304 | | | | | | — | | | | | | 6,304 | | |
Discontinued operations | | | | | | | | ||||||||||||||||||||||||||||||
(Loss)/Income from discontinued operations
|
| | | | (11,111 ) | | | | | | 1,633 | | | | | | (9,478 ) | | | | | | 79,260 | | | | | | 29,727 | | | | | | 108,987 | | |
Net income
|
| | | | 24,867 | | | | | | 4,373 | | | | | | 29,240 | | | | | | 85,564 | | | | | | 29,727 | | | | | | 115,291 | | |
Attributable to: | | | | | | | | ||||||||||||||||||||||||||||||
Owners of the parent
|
| | | | 29,254 | | | | | | 4,505 | | | | | | 33,759 | | | | | | 72,755 | | | | | | 32,735 | | | | | | 105,490 | | |
Non-controlling interest
|
| | | | (4,387 ) | | | | | | (132 ) | | | | | | (4,519 ) | | | | | | 12,809 | | | | | | (3,008 ) | | | | | | 9,801 | | |
| | | | | 24,867 | | | | | | 4,373 | | | | | | 29,240 | | | | | | 85,564 | | | | | | 29,727 | | | | | | 115,291 | | |
|
| | |
For the year ended December 31,
|
| |
For the year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2016
(as reported) |
| |
2016
(adjustment) |
| |
2016
(restated) |
| |
2015
(as reported) |
| |
2015
(adjustment) |
| |
2015
(restated) |
| ||||||||||||||||||
Earnings per share attributable to the owners of the parent
|
| | | | | | | ||||||||||||||||||||||||||||||
Weighted average number of ordinary shares
(thousands) |
| | | | 20 | | | | | | 1,499,980 (* ) | | | | | | 1,500,000 | | | | | | 20 | | | | | | 1,499,980 (* ) | | | | | | 1,500,000 | | |
Continuing operations | | | | | | | | ||||||||||||||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 2,018.2 | | | | | | | | | | | | 0.03 | | | | | | (631.3 ) | | | | | | | | | | | | (0.01 ) | | |
Discontinued operations | | | | | | | | ||||||||||||||||||||||||||||||
Basic and diluted earnings per share
|
| | | | (555.5 ) | | | | | | | | | | | | (0.01 ) | | | | | | 4,269.05 | | | | | | | | | | | | 0.08 | | |
Continuing and discontinued operations | | | | | | | | ||||||||||||||||||||||||||||||
Basic and diluted earnings per share
|
| | | | 1,462.7 | | | | | | | | | | | | 0.02 | | | | | | 3,637.75 | | | | | | | | | | | | 0.07 | | |
| | |
For the year ended December 31,
|
| |
For the year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2016
(as reported) |
| |
2016
(adjustment) |
| |
2016
(restated) |
| |
2015
(as reported) |
| |
2015
(adjustment) |
| |
2015
(restated) |
| ||||||||||||||||||
Net income
|
| | | | 24,867 | | | | | | 4,373 | | | | | | 29,240 | | | | | | 85,564 | | | | | | 29,727 | | | | | | 115,291 | | |
Currency translation adjustment
|
| | | | (45,823 ) | | | | | | (2,740 ) | | | | | | (48,563 ) | | | | | | (169,845 ) | | | | | | 3,248 | | | | | | (166,597 ) | | |
Other comprehensive loss of continuing operations for
the year, net of income tax |
| | | | (46,174 ) | | | | | | (2,740 ) | | | | | | (48,914 ) | | | | | | (209,510 ) | | | | | | 3,248 | | | | | | (206,262 ) | | |
Currency translation adjustment from discontinued
operations |
| | | | 5,910 | | | | | | (1,633 ) | | | | | | 4,277 | | | | | | 28,698 | | | | | | (32,975 ) | | | | | | (4,277 ) | | |
Other comprehensive income/(loss) of discontinued operations for the year, net of income tax
|
| | | | 5,910 | | | | | | (1,633 ) | | | | | | 4,277 | | | | | | 28,698 | | | | | | (32,975 ) | | | | | | (4,277 ) | | |
Total other comprehensive loss for the year
|
| | | | (40,264 ) | | | | | | (4,373 ) | | | | | | (44,637 ) | | | | | | (180,812 ) | | | | | | (29,727 ) | | | | | | (210,539 ) | | |
Total comprehensive loss for the year
|
| | | | (15,397 ) | | | | | | — | | | | | | (15,397 ) | | | | | | (95,248 ) | | | | | | — | | | | | | (95,248 ) | | |
Attributable to: | | | | | | | | ||||||||||||||||||||||||||||||
Owners of the parent
|
| | | | 1,477 | | | | | | — | | | | | | 1,477 | | | | | | (50,897 ) | | | | | | — | | | | | | (50,897 ) | | |
Non-controlling interest
|
| | | | (16,874 ) | | | | | | — | | | | | | (16,874 ) | | | | | | (44,351 ) | | | | | | — | | | | | | (44,351 ) | | |
| | | | | (15,397 ) | | | | | | — | | | | | | (15,397 ) | | | | | | (95,248 ) | | | | | | — | | | | | | (95,248 ) | | |
|
| | |
For the year ended December 31,
|
| |
For the year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2016
(as reported) |
| |
2016
(adjustment) |
| |
2016
(restated) |
| |
2015
(as reported) |
| |
2015
(adjustment) |
| |
2015
(restated) |
| ||||||||||||||||||
Total assets
|
| | | | 3,627,276 | | | | | | — | | | | | | 3,627,276 | | | | | | 3,271,627 | | | | | | — | | | | | | 3,271,627 | | |
EQUITY | | | | | | | | ||||||||||||||||||||||||||||||
Currency translation adjustment
|
| | | | (151,481 ) | | | | | | (37,240 ) | | | | | | (188,721 ) | | | | | | (123,996 ) | | | | | | (32,735 ) | | | | | | (156,731 ) | | |
Retained earnings
|
| | | | 37,303 | | | | | | 37,240 | | | | | | 74,543 | | | | | | 8,051 | | | | | | 32,735 | | | | | | 40,786 | | |
Total attributable to owners of the parent
|
| | | | 449,150 | | | | | | — | | | | | | 449,150 | | | | | | 462,759 | | | | | | — | | | | | | 462,759 | | |
Non-controlling interests
|
| | | | 354,174 | | | | | | — | | | | | | 354,174 | | | | | | 371,342 | | | | | | — | | | | | | 371,342 | | |
Total equity
|
| | | | 803,324 | | | | | | — | | | | | | 803,324 | | | | | | 834,101 | | | | | | — | | | | | | 834,101 | | |
Total liabilities
|
| | | | 2,823,952 | | | | | | — | | | | | | 2,823,952 | | | | | | 2,437,526 | | | | | | — | | | | | | 2,437,526 | | |
Total equity and liabilities
|
| | | | 3,627,276 | | | | | | — | | | | | | 3,627,276 | | | | | | 3,271,627 | | | | | | — | | | | | | 3,271,627 | | |
|
| | |
Attributable to owners of the parent
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
| | |
Share
Capital |
| |
Free
Distributable Reserves |
| |
Legal
Reserves |
| |
Currency
Translation Adjustment |
| |
Other
Reserves |
| |
Retained
Earnings (1) |
| |
Total
|
| |
Non-
controlling interests |
| |
Total
|
| |||||||||||||||||||||||||||
Balance at December 31, 2015 (as reported)
|
| | | | 20 | | | | | | 330,007 | | | | | | — | | | | | | (123,996 ) | | | | | | 248,677 | | | | | | 8,051 | | | | | | 462,759 | | | | | | 371,342 | | | | | | 834,101 | | |
Balance at December 31, 2015 (adjustment)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (32,735 ) | | | | | | — | | | | | | 32,735 | | | | | | — | | | | | | — | | | | | | — | | |
Balance at December 31, 2015 (restated)
|
| | | | 20 | | | | | | 330,007 | | | | | | — | | | | | | (156,731 ) | | | | | | 248,677 | | | | | | 40,786 | | | | | | 462,759 | | | | | | 371,342 | | | | | | 834,101 | | |
Balance at December 31, 2016 (as reported)
|
| | | | 20 | | | | | | 1,907,328 | | | | | | 2 | | | | | | (151,481 ) | | | | | | (1,344,022 ) | | | | | | 37,303 | | | | | | 449,150 | | | | | | 354,174 | | | | | | 803,324 | | |
Balance at December 31, 2016 (adjustment)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (37,240 ) | | | | | | — | | | | | | 37,240 | | | | | | — | | | | | | — | | | | | | — | | |
Balance at December 31, 2016 (restated)
|
| | | | 20 | | | | | | 1,907,328 | | | | | | 2 | | | | | | (188,721 ) | | | | | | (1,344,022 ) | | | | | | 74,543 | | | | | | 449,150 | | | | | | 354,174 | | | | | | 803,324 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2016
(as reported) |
| |
2016
(adjusted) |
| |
2016
(restated) |
| |||||||||
Cash flows from operating activities | | | | | |||||||||||||||
Income from continuing operations
|
| | | | 35,978 | | | | | | 2,740 | | | | | | 38,718 | | |
Loss on disposals of subsidiaries
|
| | | | 3,637 | | | | | | (2,740 ) | | | | | | 897 | | |
Net cash provided by operating activities
|
| | | | 172,772 | | | | | | — | | | | | | 172,772 | | |
|
| | |
Country of
incorporation |
| |
Local currency
|
| |
Main activity
|
| |
Percentage of
ownership at December 31, |
| |
Percentage of
ownership at January 1, |
| ||||||||||||
Company
|
| |
2016
|
| |
2015
|
| |
2015
|
| ||||||||||||||||||
Abafor S.A.(*)
|
| |
Uruguay
|
| |
Uruguayan pesos
|
| |
Holding company
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | 100.00 % | | |
ACI AIA S.à r.l(*)
|
| |
Luxembourg
|
| |
Euros
|
| |
Holding company
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | 100.00 % | | |
ACI Airport Sudamérica S.A.U.
|
| |
Spain
|
| |
Euros
|
| |
Holding company
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | — | | |
ACI Airports Italia S.A.(*)
|
| |
Spain
|
| |
Euros
|
| |
Holding company
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | 100.00 % | | |
America International Airports LLC (AIA)(*)
|
| |
USA
|
| |
U.S. dollars
|
| |
Holding company
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | 100.00 % | | |
Cargo & Logistics S.A.(*)
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Holding company
|
| | | | 98.63 % | | | | | | 98.63 % | | | | | | 98.63 % | | |
CASA Aeroportuaria S.A.(*)
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Holding company
|
| | | | 99.98 % | | | | | | 99.98 % | | | | | | 99.98 % | | |
Cedicor S.A(*)
|
| |
Uruguay
|
| |
Uruguayan pesos
|
| |
Holding company
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | 100.00 % | | |
Cerealsur S.A.
|
| |
Uruguay
|
| |
Uruguayan pesos
|
| |
Holding company
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | 100.00 % | | |
Corporación Aeroportuaria S.A.(*)
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Holding company
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | — | | |
Corporación América Italia S.A.
|
| |
Italy
|
| |
Euros
|
| |
Holding company
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | 100.00 % | | |
Corporación América S.A.(*)
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Holding company
|
| | | | 95.37 % | | | | | | 95.37 % | | | | | | 82.63 % | | |
Corporación América Sudamericana S.A.
|
| |
Panamá
|
| |
U.S. dollars
|
| |
Holding company
|
| | | | 94.68 % | | | | | | 94.68 % | | | | | | 82.04 % | | |
DICASA Spain S.A.(*)
|
| |
Spain
|
| |
Euros
|
| |
Holding company
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | 100.00 % | | |
GOFI Investments S.L(*)
|
| |
Spain
|
| |
Euros
|
| |
Holding company
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | 100.00 % | | |
Inframérica Participaçoes S.A.(*)
|
| |
Brazil
|
| |
Brazilian real
|
| |
Holding company
|
| | | | 99.96 % | | | | | | 99.96 % | | | | | | — | | |
Corporacion America Europa S.A.
(“CAE”) |
| |
Uruguay
|
| |
U.S. dollar
|
| |
Holding company
|
| | | | — | | | | | | 90.00 % | | | | | | 90.00 % | | |
Yokelet S.L.(*)
|
| |
Spain
|
| |
Euros
|
| |
Holding company
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | 100.00 % | | |
| | |
Country of
incorporation |
| |
Local currency
|
| |
Main activity
|
| |
Percentage of
ownership at December 31, |
| |
Percentage of
ownership at January 1, |
| ||||||||||||
Company
|
| |
2016
|
| |
2015
|
| |
2015
|
| ||||||||||||||||||
Aerocombustibles Argentinos S.A.
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Fueling company
|
| | | | 92.98 % | | | | | | 92.98 % | | | | | | 80.56 % | | |
Aeropuerto de Bahía Blanca
S.A. |
| |
Argentina
|
| |
Argentine pesos
|
| |
Airports Operation
|
| | | | 81.06 % | | | | | | 81.06 % | | | | | | 70.23 % | | |
Aeropuertos Argentina 2000 S.A. (“AA2000”)(**)
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Airports Operation
|
| | | | 81.29 % | | | | | | 81.29 % | | | | | | 71.68 % | | |
Aeropuertos del Neuquén S.A.
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Airports Operation
|
| | | | 74.10 % | | | | | | 74.10 % | | | | | | 64.20 % | | |
Arrnenia International Airports CJSC
|
| |
Armenia
|
| |
Dram
|
| |
Airports Operation
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | 100.00 % | | |
CAI S.A.
|
| |
Uruguay
|
| |
Uruguayan pesos
|
| |
Airports Operation
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | 100.00 % | | |
EnarsaAeropuertos S.A.
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Fuel plants
|
| | | | 76.29 % | | | | | | 76.29 % | | | | | | 66.10 % | | |
Inframerica Concessionária do Aeroporto de Brasilia S.A. (“ICAB”)
|
| |
Brazil
|
| |
Brazilian real
|
| |
Airports Operation
|
| | | | 50.98 % | | | | | | 50.98 % | | | | | | — | | |
Inframerica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”)
|
| |
Brazil
|
| |
Brazilian real
|
| |
Airports Operation
|
| | | | 99.96 % | | | | | | 99.95 % | | | | | | — | | |
Paoletti América S.A.(***)
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Service company
|
| | | | 40.65 % | | | | | | 40.65 % | | | | | | 35.84 % | | |
Puerta del Sur S.A.
|
| |
Uruguay
|
| |
Uruguayan pesos
|
| |
Airports Operation
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | 100.00 % | | |
Servicios y Tecnología Aeroportuaria S.A.
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Service company
|
| | | | 80.73 % | | | | | | 80.73 % | | | | | | 71.18 % | | |
TCU S.A.
|
| |
Uruguay
|
| |
Uruguayan pesos
|
| |
Service company
|
| | | | 100.00 % | | | | | | 100.00 % | | | | | | 100.00 % | | |
Terminal Aeroportuaria Guayaquil
S.A. (“TAGSA”)(****) |
| |
Ecuador
|
| |
U.S. dollars
|
| |
Airports Operation
|
| | | | 49.99 % | | | | | | 49.99 % | | | | | | 41.31 % | | |
Texelrío S.A.
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Service company
|
| | | | 56.91 % | | | | | | 56.91 % | | | | | | 50.18 % | | |
Toscana Aeroporti S.p.A.
|
| |
Italy
|
| |
Euros
|
| |
Airports Operation
|
| | | | 51.13 % | | | | | | 51.13 % | | | | | | 51.13 % | | |
Villalonga Furlong S.A.
|
| |
Argentina
|
| |
Argentine pesos
|
| |
Service company
|
| | | | 78.91 % | | | | | | 78.91 % | | | | | | 69.59 % | | |
| | |
Terminal Aeroportuaria de Guayaquil S.A.
|
| |||||||||||||||
| | |
December 31,
2016 |
| |
December 31,
2015 |
| |
January 1,
2015 |
| |||||||||
Non-current assets
|
| | | | 55,188 | | | | | | 62,134 | | | | | | 67,324 | | |
Current assets
|
| | | | 45,053 | | | | | | 40,520 | | | | | | 44,751 | | |
Total assets
|
| | | | 100,241 | | | | | | 102,654 | | | | | | 112,075 | | |
Non-current liabilities
|
| | | | 11,566 | | | | | | 8,114 | | | | | | 18,563 | | |
Current liabilities
|
| | | | 44,307 | | | | | | 56,633 | | | | | | 57,531 | | |
Total liabilities
|
| | | | 55,873 | | | | | | 64,747 | | | | | | 76,094 | | |
Equity
|
| | | | 44,368 | | | | | | 37,907 | | | | | | 35,981 | | |
Revenue
|
| | | | 85,301 | | | | | | 79,045 | | | | | | N/A | | |
Gross profit
|
| | | | 36,220 | | | | | | 32,287 | | | | | | N/A | | |
Operating income
|
| | | | 20,626 | | | | | | 15,806 | | | | | | N/A | | |
Financial Results
|
| | | | (1,395 ) | | | | | | (2,377 ) | | | | | | N/A | | |
Share of income in associates
|
| | | | — | | | | | | — | | | | | | N/A | | |
Income tax expense
|
| | | | (1,768 ) | | | | | | (1,466 ) | | | | | | N/A | | |
Net income
|
| | | | 17,463 | | | | | | 11,963 | | | | | | N/A | | |
Other comprehensive income for the year
|
| | | | — | | | | | | — | | | | | | N/A | | |
Total comprehensive income for the year
|
| | | | 17,463 | | | | | | 11,963 | | | | | | N/A | | |
Dividends paid
|
| | | | (16,157 ) | | | | | | (7,315 ) | | | | | | N/A | | |
Increase/(decrease) in cash | | | | | |||||||||||||||
Provided by operating activities
|
| | | | 26,951 | | | | | | 20,336 | | | | | | N/A | | |
Provided by/ (used in) investing activities
|
| | | | 8,995 | | | | | | (5,303 ) | | | | | | N/A | | |
Used in financing activities
|
| | | | (23,397 ) | | | | | | (20,563 ) | | | | | | N/A | | |
| | |
Inframerica Conssesionária do
Aeroporto de Brasília S.A. |
| |||||||||
| | |
December 31,
2016 |
| |
December 31,
2015 |
| ||||||
Non-current assets
|
| | | | 1,373,179 | | | | | | 1,114,659 | | |
Current assets
|
| | | | 126,418 | | | | | | 54,346 | | |
Total assets
|
| | | | 1,499,597 | | | | | | 1,169,005 | | |
Non-current liabilities
|
| | | | 1,206,457 | | | | | | 954,791 | | |
Current liabilities
|
| | | | 211,667 | | | | | | 94,464 | | |
Total liabilities
|
| | | | 1,418,124 | | | | | | 1,049,255 | | |
Equity
|
| | | | 81,473 | | | | | | 119,750 | | |
Revenue
|
| | | | 99,889 | | | | | | N/A | | |
Gross profit
|
| | | | 19,511 | | | | | | N/A | | |
Operating income
|
| | | | 7,143 | | | | | | N/A | | |
Financial Results
|
| | | | (128,403 ) | | | | | | N/A | | |
Share of income in associates
|
| | | | — | | | | | | N/A | | |
Income tax expense
|
| | | | 40,425 | | | | | | N/A | | |
Net loss
|
| | | | (80,835 ) | | | | | | N/A | | |
Other comprehensive income for the year
|
| | | | 24,372 | | | | | | N/A | | |
Total comprehensive loss for the year
|
| | | | (56,463 ) | | | | | | N/A | | |
Dividends paid
|
| | | | — | | | | | | N/A | | |
Increase/(decrease) in cash | | | | ||||||||||
Used in operating activities
|
| | | | (10,674 ) | | | | | | N/A | | |
Used in investing activities
|
| | | | (16,172 ) | | | | | | N/A | | |
| | |
Aeropuertos Argentina 2000 S.A.
|
| |||||||||||||||
| | |
December 31,
2016 |
| |
December 31,
2015 |
| |
January 1,
2015 |
| |||||||||
Non-current assets
|
| | | | 544,697 | | | | | | 487,122 | | | | | | 606,463 | | |
Current assets
|
| | | | 146,034 | | | | | | 94,881 | | | | | | 116,095 | | |
Total assets
|
| | | | 690,731 | | | | | | 582,003 | | | | | | 722,558 | | |
Non-current liabilities
|
| | | | 159,411 | | | | | | 212,192 | | | | | | 256,573 | | |
Current liabilities
|
| | | | 220,822 | | | | | | 145,767 | | | | | | 177,895 | | |
Total liabilities
|
| | | | 380,233 | | | | | | 357,959 | | | | | | 434,468 | | |
Equity
|
| | | | 310,498 | | | | | | 224,044 | | | | | | 288,090 | | |
Revenue
|
| | | | 837,380 | | | | | | 780,870 | | | | | | N/A | | |
Gross profit
|
| | | | 339,344 | | | | | | 283,732 | | | | | | N/A | | |
Operating income
|
| | | | 270,672 | | | | | | 211,424 | | | | | | N/A | | |
Financial Results
|
| | | | (53,036 ) | | | | | | (135,847 ) | | | | | | N/A | | |
Share of income in associates
|
| | | | — | | | | | | — | | | | | | N/A | | |
Income tax expense
|
| | | | (81,501 ) | | | | | | (26,152 ) | | | | | | N/A | | |
Net income
|
| | | | 136,135 | | | | | | 49,425 | | | | | | N/A | | |
Other comprehensive loss for the year
|
| | | | (49,680 ) | | | | | | (113,471 ) | | | | | | N/A | | |
Total comprehensive income (loss) for the year
|
| | | | 86,455 | | | | | | (64,046 ) | | | | | | N/A | | |
Dividends paid
|
| | | | — | | | | | | — | | | | | | N/A | | |
Increase/(decrease) in cash | | | | | |||||||||||||||
Provided by operating activities
|
| | | | 114,704 | | | | | | 47,192 | | | | | | N/A | | |
Used in investing activities
|
| | | | (1,028 ) | | | | | | (652 ) | | | | | | N/A | | |
Used in financing activities
|
| | | | (79,748 ) | | | | | | (63,915 ) | | | | | | N/A | | |
|
Land, building and improvements
|
| |
25 – 30 years
|
|
|
Plant and production equipment
|
| |
3 – 10 years
|
|
|
Vehicles, furniture and fixtures, and other equipment
|
| |
4 – 10 years
|
|
Currency Exposure / Functional currency
|
| |
As of
December 31, 2016 |
| |
As of
December 31, 2015 |
| |
As of
January 1, 2015 |
| |||||||||
U.S. dollar / Argentine Peso
|
| | | | (131,284 ) | | | | | | (154,384 ) | | | | | | (170,598 ) | | |
U.S. dollar / Armenian dram
|
| | | | (54,016 ) | | | | | | (55,421 ) | | | | | | (32,227 ) | | |
Euro / Armenian dram
|
| | | | (47,473 ) | | | | | | (51,952 ) | | | | | | (23,580 ) | | |
Euro / U.S. dollar
|
| | | | 283 | | | | | | 3,162 | | | | | | (41,998 ) | | |
Uruguayan peso / U.S. dollar
|
| | | | (1,853 ) | | | | | | (770 ) | | | | | | (1,402 ) | | |
| | |
At December 31,
|
| |
January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Fixed rate
|
| | | | 630,541 | | | | | | 696,066 | | | | | | 685,474 | | |
Variable rate
|
| | | | 476,700 | | | | | | 391,500 | | | | | | 79,710 | | |
| | | | | 1,107,241 | | | | | | 1,087,566 | | | | | | 765,184 | | |
|
| | |
At December 31,
|
| |
January 1,
2015 |
| ||||||||||||
| | |
2016
(Restated) |
| |
2015
(Restated) |
| ||||||||||||
Borrowings
|
| | | | 1,107,241 | | | | | | 1,087,566 | | | | | | 765,184 | | |
Less: Cash and cash equivalents
|
| | | | (212,988 ) | | | | | | (184,239 ) | | | | | | (254,901 ) | | |
Net borrowings
|
| | | | 894,253 | | | | | | 903,327 | | | | | | 510,283 | | |
Equity
|
| | | | 803,324 | | | | | | 834,101 | | | | | | 1,466,565 | | |
Debt ratio
|
| | | | 111 % | | | | | | 108 % | | | | | | 35 % | | |
December 31, 2016
|
| |
Assets at fair
value through profit and loss |
| |
Assets at
amortized cost |
| |
Total
|
| |||||||||
Assets as per the statement of financial position | | | | | |||||||||||||||
Trade receivables
|
| | | | — | | | | | | 109,610 | | | | | | 109,610 | | |
Other receivables
|
| | | | — | | | | | | 193,087 | | | | | | 193,087 | | |
Other financial assets
|
| | | | — | | | | | | 34,657 | | | | | | 34,657 | | |
Cash and cash equivalents
|
| | | | — | | | | | | 212,988 | | | | | | 212,988 | | |
Total
|
| | | | — | | | | | | 550,342 | | | | | | 550,342 | | |
|
| | |
Liabilities at
fair value through profit and loss |
| |
Liabilities at
amortized cost |
| |
Total
|
| |||||||||
Liabilities as per the statement of financial position | | | | | |||||||||||||||
Borrowings
|
| | | | — | | | | | | 1,107,241 | | | | | | 1,107,241 | | |
Trade payables and other liabilities
|
| | | | — | | | | | | 1,434,901 | | | | | | 1,434,901 | | |
Total
|
| | | | — | | | | | | 2,542,142 | | | | | | 2,542,142 | | |
| | | | | |||||||||||||||
| | | | |
December 31, 2015
|
| |
Assets at fair
value through profit and loss |
| |
Assets at
amortized cost |
| |
Total
|
| |||||||||
Assets as per the statement of financial position | | | | | |||||||||||||||
Trade receivables
|
| | | | — | | | | | | 101,358 | | | | | | 101,358 | | |
Other receivables
|
| | | | — | | | | | | 122,072 | | | | | | 122,072 | | |
Other financial assets
|
| | | | — | | | | | | 55,390 | | | | | | 55,390 | | |
Cash and cash equivalents
|
| | | | — | | | | | | 184,239 | | | | | | 184,239 | | |
Total
|
| | | | — | | | | | | 463,059 | | | | | | 463,059 | | |
|
| | |
Liabilities at
fair value through profit and loss |
| |
Liabilities at
amortized cost |
| |
Total
|
| |||||||||
Liabilities as per the statement of financial position | | | | | |||||||||||||||
Borrowings
|
| | | | — | | | | | | 1,087,566 | | | | | | 1,087,566 | | |
Trade payables and other liabilities
|
| | | | — | | | | | | 1,140,966 | | | | | | 1,140,966 | | |
Total
|
| | | | — | | | | | | 2,228,532 | | | | | | 2,228,532 | | |
|
January 1, 2015
|
| |
Assets at fair
value through profit and loss |
| |
Assets at
amortized cost |
| |
Total
|
| |||||||||
Assets as per the statement of financial position | | | | | |||||||||||||||
Trade receivables
|
| | | | — | | | | | | 198,855 | | | | | | 198,855 | | |
Other receivables
|
| | | | — | | | | | | 339,370 | | | | | | 339,370 | | |
Other financial assets
|
| | | | — | | | | | | 57,310 | | | | | | 57,310 | | |
Cash and cash equivalents
|
| | | | — | | | | | | 254,901 | | | | | | 254,901 | | |
Total
|
| | | | — | | | | | | 850,436 | | | | | | 850,436 | | |
|
| | |
Liabilities at
fair value through profit and loss |
| |
Liabilities at
amortized cost |
| |
Total
|
| |||||||||
Liabilities as per the statement of financial position | | | | | |||||||||||||||
Borrowings
|
| | | | — | | | | | | 765,184 | | | | | | 765,184 | | |
Trade payables and other liabilities
|
| | | | — | | | | | | 307,098 | | | | | | 307,098 | | |
Total
|
| | | | — | | | | | | 1,072,282 | | | | | | 1,072,282 | | |
|
| | |
Argentina
|
| |
Brazil
|
| |
Uruguay
|
| |
Armenia
|
| |
Ecuador
|
| |
Italy
|
| |
Perú
|
| |
Intrasegment
Adjustments |
| |
Unallocated
|
| |
Total
Continuing operations |
| |
Total
Discontinued operations (Note 31) |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Airports
|
| |
Others
|
| |
Airports
|
| |
Airports
|
| |
Others
|
| |
Airports
|
| |
Airports
|
| |
Airports
|
| |
Airports
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2016 (Restated) | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue
|
| | | | 840,852 | | | | | | 373 | | | | | | 127,038 | | | | | | 89,187 | | | | | | 14,343 | | | | | | 73,234 | | | | | | 85,301 | | | | | | 141,347 | | | | | | — | | | | | | (8,697 ) | | | | | | 3,358 | | | | | | 1,366,336 | | | | | | — | | |
Cost of services
|
| | | | (500,336 ) | | | | | | (133 ) | | | | | | (110,001 ) | | | | | | (41,842 ) | | | | | | (10,572 ) | | | | | | (42,953 ) | | | | | | (49,081 ) | | | | | | (96,289 ) | | | | | | — | | | | | | 6,132 | | | | | | (13,999 ) | | | | | | (859,074 ) | | | | | | — | | |
Gross profit
|
| | | | 340,516 | | | | | | 240 | | | | | | 17,037 | | | | | | 47,345 | | | | | | 3,771 | | | | | | 30,281 | | | | | | 36,220 | | | | | | 45,058 | | | | | | — | | | | | | (2,565 ) | | | | | | (10,641 ) | | | | | | 507,262 | | | | | | — | | |
Selling, general and administrative expenses
|
| | | | (84,887 ) | | | | | | (218 ) | | | | | | (12,644 ) | | | | | | (8,292 ) | | | | | | (1,010 ) | | | | | | (11,303 ) | | | | | | (16,159 ) | | | | | | (27,203 ) | | | | | | — | | | | | | 2,599 | | | | | | (11,735 ) | | | | | | (170,852 ) | | | | | | — | | |
Impairment loss
|
| | | | — | | | | | | — | | | | | | (16,638 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,638 ) | | | | | | — | | |
Other operating income
|
| | | | 16,944 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,944 | | | | | | — | | |
Other operating expenses
|
| | | | (1,331 ) | | | | | | 58 | | | | | | (643 ) | | | | | | (220 ) | | | | | | (84 ) | | | | | | (2,267 ) | | | | | | 565 | | | | | | — | | | | | | — | | | | | | (34 ) | | | | | | (947 ) | | | | | | (4,903 ) | | | | | | — | | |
Operating income
|
| | | | 271,242 | | | | | | 80 | | | | | | (12,888 ) | | | | | | 38,833 | | | | | | 2,677 | | | | | | 16,711 | | | | | | 20,626 | | | | | | 17,855 | | | | | | — | | | | | | — | | | | | | (23,323 ) | | | | | | 331,813 | | | | | | — | | |
Share of loss in associates
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (397 ) | | | | | | — | | | | | | (909 ) | | | | | | (1,306 ) | | | | | | — | | |
Amortization and depreciation
|
| | | | 22,791 | | | | | | — | | | | | | 16,736 | | | | | | 11,682 | | | | | | 527 | | | | | | 11,360 | | | | | | 7,344 | | | | | | 9,478 | | | | | | — | | | | | | — | | | | | | 16,772 | | | | | | 96,690 | | | | | | — | | |
Adjusted Ebitda
|
| | | | 294,033 | | | | | | 80 | | | | | | 3,848 | | | | | | 50,515 | | | | | | 3,204 | | | | | | 28,071 | | | | | | 27,970 | | | | | | 27,333 | | | | | | (397 ) | | | | | | — | | | | | | (7,460 ) | | | | | | 427,197 | | | | | | — | | |
Financial income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 37,521 | | | | | | — | | |
Financial loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (272,951 ) | | | | | | — | | |
Amortization and depreciation
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (96,690 ) | | | | | | — | | |
Income before income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 95,077 | | | | | | — | | |
Income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (56,359 ) | | | | | | — | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 38,718 | | | | | | (9,478 ) | | |
Current assets
|
| | | | 147,058 | | | | | | 371 | | | | | | 134,817 | | | | | | 25,452 | | | | | | 2,821 | | | | | | 30,242 | | | | | | 45,053 | | | | | | 51,453 | | | | | | — | | | | | | (55,816 ) | | | | | | 125,674 | | | | | | 507,125 | | | | | | — | | |
Non-current assets
|
| | | | 546,011 | | | | | | 9 | | | | | | 1,533,910 | | | | | | 166,048 | | | | | | 5,042 | | | | | | 176,520 | | | | | | 55,189 | | | | | | 199,317 | | | | | | 8,504 | | | | | | (599 ) | | | | | | 430,200 | | | | | | 3,120,151 | | | | | | — | | |
Capital Expenditure
|
| | | | 155,026 | | | | | | 13 | | | | | | 16,692 | | | | | | 5,749 | | | | | | 2,072 | | | | | | 2,003 | | | | | | 426 | | | | | | 12,102 | | | | | | — | | | | | | 316 | | | | | | — | | | | | | 194,399 | | | | | | — | | |
Current liabilities
|
| | | | 221,726 | | | | | | 58 | | | | | | 233,649 | | | | | | 17,104 | | | | | | 2,820 | | | | | | 18,225 | | | | | | 44,307 | | | | | | 63,806 | | | | | | — | | | | | | (55,451 ) | | | | | | 116,532 | | | | | | 662,776 | | | | | | — | | |
Non-current liabilities
|
| | | | 159,688 | | | | | | — | | | | | | 1,402,430 | | | | | | 69,899 | | | | | | 1,860 | | | | | | 103,030 | | | | | | 11,566 | | | | | | 68,645 | | | | | | — | | | | | | (966 ) | | | | | | 345,024 | | | | | | 2,161,176 | | | | | | — | | |
Year ended December 31, 2015 (Restated) | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue
|
| | | | 783,850 | | | | | | 439 | | | | | | 813 | | | | | | 83,862 | | | | | | 15,333 | | | | | | 74,701 | | | | | | 79,045 | | | | | | 152,663 | | | | | | — | | | | | | (6,291 ) | | | | | | 2,675 | | | | | | 1,187,090 | | | | | | — | | |
Cost of services
|
| | | | (499,686 ) | | | | | | (166 ) | | | | | | (937 ) | | | | | | (39,136 ) | | | | | | (10,567 ) | | | | | | (49,534 ) | | | | | | (46,759 ) | | | | | | (111,225 ) | | | | | | — | | | | | | 6,291 | | | | | | (7,436 ) | | | | | | (759,155 ) | | | | | | — | | |
Gross profit
|
| | | | 284,164 | | | | | | 273 | | | | | | (124 ) | | | | | | 44,726 | | | | | | 4,766 | | | | | | 25,167 | | | | | | 32,286 | | | | | | 41,438 | | | | | | — | | | | | | — | | | | | | (4,761 ) | | | | | | 427,935 | | | | | | — | | |
Selling, general and administrative expenses
|
| | | | (87,730 ) | | | | | | (278 ) | | | | | | (16 ) | | | | | | (10,317 ) | | | | | | (1,004 ) | | | | | | (10,266 ) | | | | | | (14,629 ) | | | | | | (27,226 ) | | | | | | — | | | | | | — | | | | | | (15,753 ) | | | | | | (167,219 ) | | | | | | — | | |
Impairment loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other operating income
|
| | | | 15,573 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,573 | | | | | | — | | |
Other operating expenses
|
| | | | (629 ) | | | | | | 71 | | | | | | 42 | | | | | | (132 ) | | | | | | (63 ) | | | | | | (1,005 ) | | | | | | (1,852 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | 901 | | | | | | (2,667 ) | | | | | | — | | |
Operating income
|
| | | | 211,378 | | | | | | 66 | | | | | | (98 ) | | | | | | 34,277 | | | | | | 3,699 | | | | | | 13,896 | | | | | | 15,805 | | | | | | 14,212 | | | | | | — | | | | | | — | | | | | | (19,613 ) | | | | | | 273,622 | | | | | | — | | |
Share of (loss)/ income in associates
|
| | | | — | | | | | | — | | | | | | (71,958 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,842 | | | | | | 816 | | | | | | — | | | | | | (17 ) | | | | | | (69,317 ) | | | | | | — | | |
Amortization and depreciation
|
| | | | 21,810 | | | | | | — | | | | | | 218 | | | | | | 11,332 | | | | | | 463 | | | | | | 11,367 | | | | | | 7,306 | | | | | | 9,625 | | | | | | — | | | | | | — | | | | | | 10,126 | | | | | | 72,247 | | | | | | — | | |
Adjusted Ebitda
|
| | | | 233,188 | | | | | | 66 | | | | | | (71,838 ) | | | | | | 45,609 | | | | | | 4,162 | | | | | | 25,263 | | | | | | 23,111 | | | | | | 25,679 | | | | | | 816 | | | | | | — | | | | | | (9,504 ) | | | | | | 276,552 | | | | | | — | | |
Financial income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 46,807 | | | | | | — | | |
Financial loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (199,839 ) | | | | | | — | | |
Amortization and depreciation
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (72,247 ) | | | | | | — | | |
Income before income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 51,273 | | | | | | — | | |
Income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (44,969 ) | | | | | | — | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,304 | | | | | | 108,987 | | |
Current assets
|
| | | | 95,907 | | | | | | 339 | | | | | | 59,706 | | | | | | 26,032 | | | | | | 2,282 | | | | | | 39,415 | | | | | | 40,520 | | | | | | 60,785 | | | | | | — | | | | | | (112,052 ) | | | | | | 181,788 | | | | | | 394,722 | | | | | | — | | |
Non-current assets
|
| | | | 488,901 | | | | | | 11 | | | | | | 1,261,464 | | | | | | 172,746 | | | | | | 3,780 | | | | | | 185,913 | | | | | | 62,134 | | | | | | 203,250 | | | | | | 9,248 | | | | | | (38,105 ) | | | | | | 527,563 | | | | | | 2,876,905 | | | | | | — | | |
Capital Expenditure
|
| | | | 100,832 | | | | | | 8 | | | | | | — | | | | | | 5,038 | | | | | | 543 | | | | | | 4,286 | | | | | | 2,122 | | | | | | 24,896 | | | | | | — | | | | | | — | | | | | | 8,458 | | | | | | 146,183 | | | | | | — | | |
Current liabilities
|
| | | | 147,084 | | | | | | 52 | | | | | | 123,557 | | | | | | 15,137 | | | | | | 2,324 | | | | | | 26,291 | | | | | | 56,633 | | | | | | 67,079 | | | | | | — | | | | | | (148,218 ) | | | | | | 192,097 | | | | | | 482,036 | | | | | | — | | |
Non-current liabilities
|
| | | | 212,581 | | | | | | — | | | | | | 1,107,836 | | | | | | 71,163 | | | | | | 1,078 | | | | | | 117,439 | | | | | | 8,114 | | | | | | 76,629 | | | | | | — | | | | | | (1,942 ) | | | | | | 362,592 | | | | | | 1,955,490 | | | | | | — | | |
| | |
2016
|
| |
2015
|
| ||||||
Aeronautical revenue
|
| | | | 673,509 | | | | | | 543,228 | | |
Non aeronautical revenue | | | | ||||||||||
Commercial revenue
|
| | | | 522,199 | | | | | | 459,717 | | |
Construction service revenue
|
| | | | 165,065 | | | | | | 178,420 | | |
Other revenue
|
| | | | 5,563 | | | | | | 5,725 | | |
| | | | | 1,366,336 | | | | | | 1,187,090 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Salaries and social security contributions (**)
|
| | | | (184,623 ) | | | | | | (165,774 ) | | |
Concession fees
|
| | | | (176,492 ) | | | | | | (133,846 ) | | |
Construction service cost
|
| | | | (163,747 ) | | | | | | (176,972 ) | | |
Maintenance expenses
|
| | | | (126,924 ) | | | | | | (125,825 ) | | |
Amortization and depreciation
|
| | | | (89,540 ) | | | | | | (64,772 ) | | |
Services and fees
|
| | | | (49,045 ) | | | | | | (42,472 ) | | |
Cost of fuel
|
| | | | (19,458 ) | | | | | | (21,339 ) | | |
Taxes(*)
|
| | | | (17,543 ) | | | | | | (2,711 ) | | |
Office expenses
|
| | | | (15,885 ) | | | | | | (9,756 ) | | |
Provision for maintenance costs
|
| | | | (4,679 ) | | | | | | (5,391 ) | | |
Others
|
| | | | (11,138 ) | | | | | | (10,297 ) | | |
| | | | | (859,074 ) | | | | | | (759,155 ) | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Taxes(*)
|
| | | | (50,908 ) | | | | | | (43,188 ) | | |
Salaries and social security contributions
|
| | | | (34,832 ) | | | | | | (31,508 ) | | |
Services and fees
|
| | | | (48,123 ) | | | | | | (52,481 ) | | |
Office expenses
|
| | | | (9,966 ) | | | | | | (10,353 ) | | |
Amortization and depreciation
|
| | | | (7,150 ) | | | | | | (7,475 ) | | |
Maintenance expenses
|
| | | | (5,113 ) | | | | | | (5,901 ) | | |
Advertising
|
| | | | (2,229 ) | | | | | | (3,249 ) | | |
Insurance
|
| | | | (1,397 ) | | | | | | (517 ) | | |
Charter service
|
| | | | (1,162 ) | | | | | | (2,336 ) | | |
Bad debts recovery
|
| | | | 2,248 | | | | | | — | | |
Bad debts
|
| | | | (1,976 ) | | | | | | (2,574 ) | | |
Other
|
| | | | (10,244 ) | | | | | | (7,637 ) | | |
| | | | | (170,852 ) | | | | | | (167,219 ) | | |
|
| | |
2016
(Restated) |
| |
2015
(Restated) |
| ||||||
Government grant(*) (Note 27)
|
| | | | 16,944 | | | | | | 15,573 | | |
| | | | | 16,944 | | | | | | 15,573 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Interest income
|
| | | | 19,009 | | | | | | 12,366 | | |
Foreign exchange income
|
| | | | 18,512 | | | | | | 34,441 | | |
Financial income
|
| | | | 37,521 | | | | | | 46,807 | | |
Interest expense
|
| | | | (118,219 ) | | | | | | (69,228 ) | | |
Foreign exchange transaction expenses
|
| | | | (44,895 ) | | | | | | (125,240 ) | | |
Changes in liability for Brazil concessions (Note 24 b)
|
| | | | (107,408 ) | | | | | | (2,039 ) | | |
Other
|
| | | | (2,429 ) | | | | | | (3,332 ) | | |
Financial loss
|
| | | | (272,951 ) | | | | | | (199,839 ) | | |
Net financial results
|
| | | | (235,430 ) | | | | | | (153,032 ) | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Loss in associates (Note 14)
|
| | | | (1,306 ) | | | | | | (69,317 ) | | |
| | | | | (1,306 ) | | | | | | (69,317 ) | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Current income tax
|
| | | | (97,122 ) | | | | | | (49,894 ) | | |
Deferred income tax
|
| | | | 40,763 | | | | | | 4,925 | | |
| | | | | (56,359 ) | | | | | | (44,969 ) | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Income before income tax
|
| | | | 95,077 | | | | | | 51,273 | | |
Tax expense calculated for each company
|
| | | | (35,778 ) | | | | | | (8,637 ) | | |
Adjustments | | | | ||||||||||
Non-taxable income
|
| | | | 20,515 | | | | | | 11,478 | | |
Expenses related to non-taxable income
|
| | | | (31,281 ) | | | | | | (38,919 ) | | |
Non-deductible expenses
|
| | | | (2,867 ) | | | | | | (6,709 ) | | |
Tax incentive
|
| | | | 448 | | | | | | — | | |
Tax relieving
|
| | | | (6,307 ) | | | | | | — | | |
Other
|
| | | | (1,089 ) | | | | | | (2,182 ) | | |
Income tax expense
|
| | | | (56,359 ) | | | | | | (44,969 ) | | |
|
| | |
Concession
Assets |
| |
Goodwill
|
| |
Patent,
intellectual property rights and others |
| |
Total
|
| ||||||||||||
Cost | | | | | | ||||||||||||||||||||
Balances at January 1, 2016
|
| | | | 2,899,618 | | | | | | 56,699 | | | | | | 20,004 | | | | | | 2,976,321 | | |
Acquisitions
|
| | | | 183,160 | | | | | | — | | | | | | 848 | | | | | | 184,008 | | |
Impairment loss
|
| | | | (16,638 ) | | | | | | — | | | | | | — | | | | | | (16,638 ) | | |
Disposals
|
| | | | (23 ) | | | | | | — | | | | | | (5,617 ) | | | | | | (5,640 ) | | |
Increase (Note 24 b)
|
| | | | 9,132 | | | | | | — | | | | | | — | | | | | | 9,132 | | |
Translation differences
|
| | | | 259,315 | | | | | | (686 ) | | | | | | (73 ) | | | | | | 258,556 | | |
Balances at December 31, 2016
|
| | | | 3,334,564 | | | | | | 56,013 | | | | | | 15,162 | | | | | | 3,405,739 | | |
Balances at January 1, 2015
|
| | | | 1,742,739 | | | | | | 50,773 | | | | | | 16,376 | | | | | | 1,809,888 | | |
Acquisitions of subsidiaries (Note 28)
|
| | | | 1,338,951 | | | | | | 51,303 | | | | | | 2,035 | | | | | | 1,392,289 | | |
Acquisitions
|
| | | | 137,612 | | | | | | — | | | | | | 386 | | | | | | 137,998 | | |
Disposals
|
| | | | (3,413 ) | | | | | | — | | | | | | — | | | | | | (3,413 ) | | |
Disposals of subsidiaries
|
| | | | — | | | | | | (44,357 ) | | | | | | — | | | | | | (44,357 ) | | |
Translation differences
|
| | | | (316,271 ) | | | | | | (1,020 ) | | | | | | 1,207 | | | | | | (316,084 ) | | |
Balances at December 31, 2015
|
| | | | 2,899,618 | | | | | | 56,699 | | | | | | 20,004 | | | | | | 2,976,321 | | |
Depreciation | | | | | | ||||||||||||||||||||
Accumulated at January 1, 2016
|
| | | | 354,593 | | | | | | 298 | | | | | | 10,727 | | | | | | 365,618 | | |
Amortization of the year
|
| | | | 114,496 | | | | | | 66 | | | | | | 775 | | | | | | 115,337 | | |
Translation differences
|
| | | | 100,001 | | | | | | (58 ) | | | | | | (346 ) | | | | | | 99,597 | | |
Accumulated at December 31, 2016
|
| | | | 569,090 | | | | | | 306 | | | | | | 11,156 | | | | | | 580,552 | | |
Accumulated at January 1, 2015
|
| | | | 343,823 | | | | | | 340 | | | | | | 11,374 | | | | | | 355,537 | | |
Amortization of the year
|
| | | | 63,761 | | | | | | 105 | | | | | | 573 | | | | | | 64,439 | | |
Translation differences
|
| | | | (52,991 ) | | | | | | (147 ) | | | | | | (1,220 ) | | | | | | (54,358 ) | | |
Accumulated at December 31, 2015
|
| | | | 354,593 | | | | | | 298 | | | | | | 10,727 | | | | | | 365,618 | | |
Net balances at December 31, 2016
|
| | | | 2,765,474 | | | | | | 55,707 | | | | | | 4,006 | | | | | | 2,825,187 | | |
Net balances at December 31, 2015
|
| | | | 2,545,025 | | | | | | 56,401 | | | | | | 9,277 | | | | | | 2,610,703 | | |
| | |
Net assets
before impairment |
| |
Impairment
|
| |
Net assets after
impairment |
| |||||||||
ICASGA
|
| | | | 98,198 | | | | | | (16,638 ) | | | | | | 81,560 | | |
| | |
Rate (6.8+
inflation%) |
| |
Estimate rate
(6.54%+ inflation) |
| |
Estimate rate
(7.08%+ inflation) |
| |||||||||
Impairment value
|
| | | | 16,638 | | | | | | 11,745 | | | | | | 21,634 | | |
Effect | | | | | | | | | | | (4,893 ) | | | | | | 4,996 | | |
| | |
Land,
building and improvements |
| |
Plant and
production Equipment |
| |
Vehicles,
furniture and fixtures |
| |
Wells and
production facilities |
| |
Mining
property |
| |
Works in
progress |
| |
Exploration and
evaluation assets |
| |
Others
|
| |
Total
|
| |||||||||||||||||||||||||||
Cost | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2016
|
| | | | 49,234 | | | | | | 47,320 | | | | | | 34,218 | | | | | | — | | | | | | — | | | | | | 991 | | | | | | — | | | | | | 22,882 | | | | | | 154,645 | | |
Purchase of property, plant and equipment
|
| | | | 1,398 | | | | | | 3,357 | | | | | | 4,175 | | | | | | — | | | | | | — | | | | | | 55 | | | | | | — | | | | | | 1,406 | | | | | | 10,391 | | |
Disposals
|
| | | | (329 ) | | | | | | — | | | | | | (223 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (125 ) | | | | | | (677 ) | | |
Disposals of subsidiaries
|
| | | | (575 ) | | | | | | (4,211 ) | | | | | | (46 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,617 ) | | | | | | (10,449 ) | | |
Translation differences
|
| | | | (1,416 ) | | | | | | (1,179 ) | | | | | | (431 ) | | | | | | — | | | | | | — | | | | | | (45 ) | | | | | | — | | | | | | (135 ) | | | | | | (3,206 ) | | |
Balances at December 31, 2016
|
| | | | 48,312 | | | | | | 45,287 | | | | | | 37,693 | | | | | | — | | | | | | — | | | | | | 1,001 | | | | | | — | | | | | | 18,411 | | | | | | 150,704 | | |
Balances at January 1, 2015
|
| | | | 52,292 | | | | | | 50,698 | | | | | | 42,959 | | | | | | 140,066 | | | | | | 34,332 | | | | | | 5,331 | | | | | | 44,758 | | | | | | 42,254 | | | | | | 412,690 | | |
Acquisitions of subsidiary (Note 28)
|
| | | | — | | | | | | 1,352 | | | | | | 400 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,752 | | |
Purchase of Property plant and equipment
|
| | | | 2,843 | | | | | | 1,574 | | | | | | 2,965 | | | | | | — | | | | | | — | | | | | | 111 | | | | | | — | | | | | | 692 | | | | | | 8,185 | | |
Disposals
|
| | | | (566 ) | | | | | | (119 ) | | | | | | (10,675 ) | | | | | | — | | | | | | — | | | | | | (153 ) | | | | | | — | | | | | | (13,089 ) | | | | | | (24,602 ) | | |
Transfers
|
| | | | — | | | | | | — | | | | | | 29 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 29 | | |
Disposals of subsidiaries
|
| | | | — | | | | | | (68 ) | | | | | | (104 ) | | | | | | (140,066 ) | | | | | | (34,332 ) | | | | | | (4,184 ) | | | | | | (44,758 ) | | | | | | (2,276 ) | | | | | | (225,788 ) | | |
Translation differences
|
| | | | (5,335 ) | | | | | | (6,117 ) | | | | | | (1,356 ) | | | | | | — | | | | | | — | | | | | | (114 ) | | | | | | — | | | | | | (4,699 ) | | | | | | (17,621 ) | | |
Balances at December 31, 2015
|
| | | | 49,234 | | | | | | 47,320 | | | | | | 34,218 | | | | | | — | | | | | | — | | | | | | 991 | | | | | | — | | | | | | 22,882 | | | | | | 154,645 | | |
Depreciation | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Accumulated at January 1, 2016
|
| | | | 9,911 | | | | | | 34,249 | | | | | | 21,217 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,579 | | | | | | 82,956 | | |
Depreciation of the year
|
| | | | 921 | | | | | | 2,497 | | | | | | 2,643 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,484 | | | | | | 7,545 | | |
Disposals
|
| | | | — | | | | | | — | | | | | | (209 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (209 ) | | |
Disposals of subsidiaries
|
| | | | — | | | | | | (499 ) | | | | | | (11 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,956 ) | | | | | | (3,466 ) | | |
Other
|
| | | | (28 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (113 ) | | | | | | (141 ) | | |
Translation differences
|
| | | | (355 ) | | | | | | (940 ) | | | | | | (249 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (421 ) | | | | | | (1,965 ) | | |
Accumulated at December 31, 2016
|
| | | | 10,449 | | | | | | 35,307 | | | | | | 23,391 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,573 | | | | | | 84,720 | | |
Accumulated at January 1, 2015
|
| | | | 9,958 | | | | | | 34,197 | | | | | | 25,877 | | | | | | 101,117 | | | | | | 20,243 | | | | | | — | | | | | | — | | | | | | 30,037 | | | | | | 221,429 | | |
Depreciation of the year
|
| | | | 1,023 | | | | | | 3,433 | | | | | | 1,490 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,862 | | | | | | 7,808 | | |
Disposals
|
| | | | — | | | | | | (12 ) | | | | | | (5,387 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,413 ) | | | | | | (15,812 ) | | |
Disposals of subsidiaries
|
| | | | — | | | | | | — | | | | | | (5 ) | | | | | | (101,117 ) | | | | | | (20,243 ) | | | | | | — | | | | | | — | | | | | | (641 ) | | | | | | (122,006 ) | | |
Translation differences
|
| | | | (1,070 ) | | | | | | (3,369 ) | | | | | | (758 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,266 ) | | | | | | (8,463 ) | | |
Accumulated at December 31, 2015
|
| | | | 9,911 | | | | | | 34,249 | | | | | | 21,217 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,579 | | | | | | 82,956 | | |
Net balances at December 31, 2016
|
| | | | 37,863 | | | | | | 9,980 | | | | | | 14,302 | | | | | | — | | | | | | — | | | | | | 1,001 | | | | | | — | | | | | | 2,838 | | | | | | 65,984 | | |
Net balances at December 31, 2015
|
| | | | 39,323 | | | | | | 13,071 | | | | | | 13,001 | | | | | | — | | | | | | — | | | | | | 991 | | | | | | — | | | | | | 5,303 | | | | | | 71,689 | | |
|
| | |
For the Year ended December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Balances at the beginning of the year
|
| | | | 14,450 | | | | | | 169,660 | | |
Translation differences
|
| | | | (44 ) | | | | | | (39,999 ) | | |
Share of loss in associates
|
| | | | (1,306 ) | | | | | | (69,317 ) | | |
Cash contributions
|
| | | | 13 | | | | | | 54,317 | | |
Disposals of associates
|
| | | | (2,186 ) | | | | | | (40,275 ) | | |
Decrease(*)
|
| | | | — | | | | | | (59,936 ) | | |
Balances at the end of the year
|
| | | | 10,927 | | | | | | 14,450 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Caminos del Paraná S.A.
|
| | | | 402 | | | | | | — | | |
Aeropuertos Andinos del Perú S.A.
|
| | | | 168 | | | | | | 1,342 | | |
Sociedad Aeroportuaria KunturWasi S.A.
|
| | | | (565 ) | | | | | | (526 ) | | |
Inframérica Participacões S.A.
|
| | | | — | | | | | | (19,050 ) | | |
Inframerica Concessionaria do Aeroporto de Sao Goncalo do Amarante S.A.
|
| | | | — | | | | | | (52,908 ) | | |
Others
|
| | | | (1,311 ) | | | | | | 1,825 | | |
| | | | | (1,306 ) | | | | | | (69,317 ) | | |
|
| | | | | |
Country of
incorporation |
| |
Percentage of
ownership at December 31, |
| |
Percentage of
ownership at January 1, |
| |
December 31,
|
| |
January 1,
2015 |
| ||||||||||||||||||||||||
Company
|
| |
Activity
|
| |
2016
|
| |
2015
|
| |
2015
|
| |
2016
|
| |
2015
|
| ||||||||||||||||||||||||
Gasinvest S.A.(****)
|
| |
Holding company
|
| |
Argentina
|
| | | | — | | | | | | — | | | | | | 19.07 % | | | | | | — | | | | | | — | | | | | | 15,493 | | |
Inframerica Participaçoes S.A.(*)
|
| |
Holding company
|
| |
Brazil
|
| | | | — | | | | | | — | | | | | | 41.31 % | | | | | | — | | | | | | — | | | | | | 72,341 | | |
Aeropuertos Ecológicos de Galápagos S.A.(***)
|
| |
Airport Operation
|
| |
Ecuador
|
| | | | 99.9 % | | | | | | 94.28 % | | | | | | 82.55 % | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | |
Inframerica Concessionaria do
Aeroporto de Sao Gonçalo do Amarante S.A.(*) |
| |
Airport Operation
|
| |
Brazil
|
| | | | — | | | | | | — | | | | | | 41.31 % | | | | | | — | | | | | | — | | | | | | 34,870 | | |
GasoductoGasAndes Argentina SA
|
| |
Transport of natural gas
|
| |
Argentina
|
| | | | — | | | | | | — | | | | | | 28.00 % | | | | | | — | | | | | | — | | | | | | 13,223 | | |
Petronado S.A.(****)
|
| |
Oil producing firm
|
| |
Argentina
|
| | | | — | | | | | | — | | | | | | 18.20 % | | | | | | — | | | | | | — | | | | | | 8,827 | | |
GasoductoGasAndes SA (Chile)(****)
|
| |
Transport of natural gas
|
| |
Argentina
|
| | | | — | | | | | | — | | | | | | 28.00 % | | | | | | — | | | | | | — | | | | | | 5,440 | | |
Sociedad Aeroportuaria KunturWasi S.A.
|
| |
Airport Operation
|
| |
Perú
|
| | | | 47.68 % | | | | | | 47.68 % | | | | | | 41.31 % | | | | | | 5,787 | | | | | | 6,460 | | | | | | 7,855 | | |
Caminos del Paraná
|
| |
Construction
|
| |
Argentina
|
| | | | 26.27 % | | | | | | 26.27 % | | | | | | — | | | | | | 1,262 | | | | | | 923 | | | | | | — | | |
Aeropuertos Andinos del Perú
S.A. |
| |
Airport Operation
|
| |
Perú
|
| | | | 50.00 % | | | | | | 50.00 % | | | | | | 41.31 % | | | | | | 2,717 | | | | | | 2,788 | | | | | | 1,617 | | |
Quitotelecenter SA
|
| |
Shoppinga dministrator
|
| |
Ecuador
|
| | | | — | | | | | | 40.00 % | | | | | | 40.00 % | | | | | | — | | | | | | 2,311 | | | | | | 1,847 | | |
Mexplort Perforaciones Mineras
S.A.(****) |
| |
Mining perforations
|
| |
Argentina
|
| | | | — | | | | | | — | | | | | | 33.05 % | | | | | | — | | | | | | — | | | | | | 1,855 | | |
Others(**)
|
| | | | |
—
|
| | | | — | | | | | | — | | | | | | — | | | | | | 161 | | | | | | 968 | | | | | | 5,292 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,927 | | | | | | 14,450 | | | | | | 169,660 | | |
| | |
Aeropuertos
Andinos del Perú S.A. |
| |
Sociedad
Aeroportuaria KunturWasi S.A. |
| ||||||
| | |
2016
|
| |
2016
|
| ||||||
Non-current assets
|
| | | | 37,224 | | | | | | 27,917 | | |
Current assets
|
| | | | 7,959 | | | | | | 2,566 | | |
Total assets
|
| | | | 45,183 | | | | | | 30,483 | | |
Non-current liabilities
|
| | | | 33,626 | | | | | | 15,837 | | |
Current liabilities
|
| | | | 6,123 | | | | | | 3,072 | | |
Total liabilities
|
| | | | 39,749 | | | | | | 18,909 | | |
Equity
|
| | | | 5,434 | | | | | | 11,574 | | |
Revenue
|
| | | | 13,769 | | | | | | — | | |
Income/(Loss) for the year
|
| | | | 336 | | | | | | (1,543 ) | | |
Other comprehensive income for the year
|
| | | | 83 | | | | | | 196 | | |
Total comprehensive income/(loss) for the year
|
| | | | 419 | | | | | | (1,347 ) | | |
| | |
Aeropuertos
Andinos del Perú S.A. |
| |
Sociedad
Aeroportuaria KunturWasi S.A. |
| ||||||
| | | | | 2015 | | | | | | 2015 | | |
Non-current assets
|
| | | | 34,287 | | | | | | 27,590 | | |
Current assets
|
| | | | 4,103 | | | | | | 498 | | |
Total assets
|
| | | | 38,390 | | | | | | 28,088 | | |
Non-current liabilities
|
| | | | 29,155 | | | | | | 13,010 | | |
Current liabilities
|
| | | | 4,220 | | | | | | 2,157 | | |
Total liabilities
|
| | | | 33,375 | | | | | | 15,167 | | |
Equity
|
| | | | 5,015 | | | | | | 12,921 | | |
Revenue
|
| | | | 12,068 | | | | | | — | | |
Income/(Loss) for the year
|
| | | | 2,305 | | | | | | (1,005 ) | | |
Other comprehensive loss for the year
|
| | | | (556 ) | | | | | | (1,359 ) | | |
Total comprehensive income/(loss) for the year
|
| | | | 1,749 | | | | | | (2,364 ) | | |
| | |
Gasinvest S.A.
|
| |
Inframérica
Participacoes S.A. |
| |
Gasoducto
GasAndes Argentina S.A. |
| |
Inframérica
Concessionaria do Aeroporto de Sao Goncalo do Amarante S.A. |
| |
Aeropuertos
Andinos del Perú S.A. |
| |
Gasoducto
Gas Andes S.A. (Chile) |
| |
Sociedad
Aeroportuaria Kuntur Wasi S.A. |
| |||||||||||||||||||||
| | |
January 1,
2015 |
| |
January 1,
2015 |
| |
January 1,
2015 |
| |
January 1,
2015 |
| |
January 1,
2015 |
| |
January 1,
2015 |
| |
January 1,
2015 |
| |||||||||||||||||||||
Non-current assets
|
| | | | 295,191 | | | | | | 1,628,301 | | | | | | 24,855 | | | | | | 329,746 | | | | | | 2,477 | | | | | | 39,656 | | | | | | 8,958 | | |
Current assets
|
| | | | 87,549 | | | | | | 58,614 | | | | | | 13,809 | | | | | | 5,340 | | | | | | 32,893 | | | | | | 8,643 | | | | | | 8,278 | | |
Total assets
|
| | | | 382,740 | | | | | | 1,686,915 | | | | | | 38,664 | | | | | | 335,086 | | | | | | 35,370 | | | | | | 48,299 | | | | | | 17,236 | | |
Non-current liabilities
|
| | | | 217,420 | | | | | | 1,313,980 | | | | | | 4,089 | | | | | | 211,742 | | | | | | — | | | | | | 31,053 | | | | | | 1,414 | | |
Current liabilities
|
| | | | 66,893 | | | | | | 148,955 | | | | | | 1,517 | | | | | | 56,723 | | | | | | 32,135 | | | | | | 3,646 | | | | | | 111 | | |
Total liabilities
|
| | | | 284,313 | | | | | | 1,462,935 | | | | | | 5,606 | | | | | | 268,465 | | | | | | 32,135 | | | | | | 34,699 | | | | | | 1,525 | | |
Equity
|
| | | | 98,427 | | | | | | 223,980 | | | | | | 33,058 | | | | | | 66,621 | | | | | | 3,235 | | | | | | 13,600 | | | | | | 15,711 | | |
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Investment properties
|
| | | | — | | | | | | — | | | | | | 15,223 | | |
| | | | | — | | | | | | — | | | | | | 15,223 | | |
|
| | |
For the Year ended December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
At the beginning of the year
|
| | | | — | | | | | | 15,223 | | |
Translation differences
|
| | | | — | | | | | | (1,178 ) | | |
Disposals
|
| | | | — | | | | | | (14,045 ) | | |
At the end of the year
|
| | | | — | | | | | | — | | |
|
| | |
Property, plant
and equipment and Intangibles Assets |
| |
Other liabilities
|
| |
Total
|
| |||||||||
Balances at January 1, 2016
|
| | | | 167,229 | | | | | | 55,926 | | | | | | 223,155 | | |
Disposals of subsidiaries
|
| | | | (387 ) | | | | | | — | | | | | | (387 ) | | |
Increase/(Decrease) of deferred tax assets for the year
|
| | | | (6,121 ) | | | | | | 4,687 | | | | | | (1,434 ) | | |
Translation differences
|
| | | | (3,908 ) | | | | | | 11,595 | | | | | | 7,687 | | |
Balances at December 31, 2016
|
| | | | 156,813 | | | | | | 72,208 | | | | | | 229,021 | | |
Balances at January 1, 2015
|
| | | | 142,053 | | | | | | 3,160 | | | | | | 145,213 | | |
Acquisitions of subsidiary (Note 28)
|
| | | | 50,965 | | | | | | 54,093 | | | | | | 105,058 | | |
Decrease of deferred tax assets for the year
|
| | | | (13,308 ) | | | | | | (226 ) | | | | | | (13,534 ) | | |
Disposals of subsidiaries
|
| | | | 1,895 | | | | | | (682 ) | | | | | | 1,213 | | |
Translation differences
|
| | | | (14,376 ) | | | | | | (419 ) | | | | | | (14,795 ) | | |
Balances at December 31, 2015
|
| | | | 167,229 | | | | | | 55,926 | | | | | | 223,155 | | |
|
| | |
Provisions and
allowances |
| |
Tax loss carry
forwards |
| |
Other
|
| |
Total
|
| ||||||||||||
Balances at January 1, 2016
|
| | | | 8,599 | | | | | | 110,621 | | | | | | 5,801 | | | | | | 125,021 | | |
Disposals of subsidiaries
|
| | | | (35 ) | | | | | | (1,135 ) | | | | | | — | | | | | | (1,170 ) | | |
Increase of deferred tax assets for the year
|
| | | | 909 | | | | | | 38,205 | | | | | | 215 | | | | | | 39,329 | | |
Translation differences
|
| | | | (473 ) | | | | | | 21,486 | | | | | | (307 ) | | | | | | 20,706 | | |
Balances at December 31, 2016
|
| | | | 9,000 | | | | | | 169,177 | | | | | | 5,709 | | | | | | 183,886 | | |
Balances at January 1, 2015
|
| | | | 9,787 | | | | | | 40,838 | | | | | | 10,938 | | | | | | 61,563 | | |
Acquisitions of subsidiary (Note 28)
|
| | | | — | | | | | | 96,907 | | | | | | 450 | | | | | | 97,357 | | |
Increase/(Decrease) of deferred tax assets for the year
|
| | | | 673 | | | | | | (8,883 ) | | | | | | (399 ) | | | | | | (8,609 ) | | |
Disposals of subsidiaries
|
| | | | (668 ) | | | | | | (15,237 ) | | | | | | (3,908 ) | | | | | | (19,813 ) | | |
Translation differences
|
| | | | (1,193 ) | | | | | | (3,004 ) | | | | | | (1,280 ) | | | | | | (5,477 ) | | |
Balances at December 31, 2015
|
| | | | 8,599 | | | | | | 110,621 | | | | | | 5,801 | | | | | | 125,021 | | |
|
| | |
For the Year ended
December 31, |
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Deferred tax assets to be recovered after 12 months
|
| | | | 104,051 | | | | | | 51,889 | | | | | | 60,050 | | |
Deferred tax liabilities to be recovered within 12 months
|
| | | | (197 ) | | | | | | (59 ) | | | | | | (22,043 ) | | |
Deferred tax liabilities to be recovered after 12 months
|
| | | | (148,989 ) | | | | | | (149,964 ) | | | | | | (121,657 ) | | |
| | |
For the Year ended
December 31, |
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Deferred tax assets
|
| | | | 99,258 | | | | | | 47,643 | | | | | | 38,557 | | |
Deferred tax liabilities
|
| | | | (144,393 ) | | | | | | (145,777 ) | | | | | | (122,207 ) | | |
| | |
At December 31,
|
| |
January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Non-Current | | | | | |||||||||||||||
Tax credits
|
| | | | 26,772 | | | | | | 27,129 | | | | | | 2,178 | | |
Receivables from related parties (Note 29)
|
| | | | 4,781 | | | | | | 12,635 | | | | | | 40,987 | | |
Trust funds (**)
|
| | | | 82,942 | | | | | | 74,678 | | | | | | 61,823 | | |
Prepaid expenses
|
| | | | 891 | | | | | | 338 | | | | | | 26,429 | | |
Other
|
| | | | 2,688 | | | | | | 2,511 | | | | | | 3,540 | | |
| | | | | 118,074 | | | | | | 117,291 | | | | | | 134,957 | | |
Current | | | | | |||||||||||||||
Tax credits
|
| | | | 23,346 | | | | | | 18,992 | | | | | | 46,223 | | |
Guarantee deposit(*)
|
| | | | 96,759 | | | | | | 17,085 | | | | | | — | | |
Trust funds(**)
|
| | | | — | | | | | | 4,842 | | | | | | 4,949 | | |
Receivables from related parties (Note 29)
|
| | | | 4,244 | | | | | | 5,252 | | | | | | 216,349 | | |
Prepaid expenses
|
| | | | 7,753 | | | | | | 5,661 | | | | | | 12,332 | | |
Others
|
| | | | 5,105 | | | | | | 5,069 | | | | | | 10,121 | | |
| | | | | 137,207 | | | | | | 56,901 | | | | | | 289,974 | | |
|
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Finished goods
|
| | | | 621 | | | | | | 2,042 | | | | | | 4,148 | | |
Supplies
|
| | | | 2,467 | | | | | | 2,071 | | | | | | 3,206 | | |
Oil and byproducts
|
| | | | 4,576 | | | | | | 4,111 | | | | | | 14,946 | | |
| | | | | 7,664 | | | | | | 8,224 | | | | | | 22,300 | | |
|
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Non-Current | | | | | |||||||||||||||
Accounts receivable
|
| | | | — | | | | | | 51 | | | | | | — | | |
| | | | | — | | | | | | 51 | | | | | | — | | |
Current | | | | | |||||||||||||||
Accounts receivable
|
| | | | 122,677 | | | | | | 113,666 | | | | | | 205,932 | | |
Trade receivables from related parties (Note 29)
|
| | | | 1,484 | | | | | | 5,423 | | | | | | 6,575 | | |
Provision for bad debts
|
| | | | (14,551 ) | | | | | | (17,782 ) | | | | | | (13,652 ) | | |
| | | | | 109,610 | | | | | | 101,307 | | | | | | 198,855 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Balances as of the beginning of the year
|
| | | | (17,782 ) | | | | | | (13,652 ) | | |
Bad debts of the year
|
| | | | (1,976 ) | | | | | | (2,574 ) | | |
Acquisitions of subsidiary
|
| | | | — | | | | | | (5,944 ) | | |
Recoveries
|
| | | | 2,248 | | | | | | — | | |
Write off
|
| | | | 2,390 | | | | | | 237 | | |
Translation differences
|
| | | | 569 | | | | | | 2,274 | | |
Disposals of subsidiaries
|
| | | | — | | | | | | 1,877 | | |
Balance as of end of year
|
| | | | (14,551 ) | | | | | | (17,782 ) | | |
|
| | |
Trade
Receivables |
| |
Not due
|
| |
Past due
|
| |||||||||||||||
| | |
1 – 180 days
|
| |
> 180 days
|
| ||||||||||||||||||
At December 31, 2016 | | | | | | ||||||||||||||||||||
Current accounts
|
| | | | 124,161 | | | | | | 90,655 | | | | | | 17,170 | | | | | | 16,336 | | |
Provision for bad debts
|
| | | | (14,551 ) | | | | | | (4,556 ) | | | | | | (2,718 ) | | | | | | (7,277 ) | | |
Total trade receivables, net
|
| | | | 109,610 | | | | | | 86,099 | | | | | | 14,452 | | | | | | 9,059 | | |
|
| | |
Trade
Receivables |
| |
Not due
|
| |
Past due
|
| |||||||||||||||
| | |
1 – 180 days
|
| |
> 180 days
|
| ||||||||||||||||||
At December 31, 2015 | | | | | | ||||||||||||||||||||
Current accounts
|
| | | | 119,089 | | | | | | 84,712 | | | | | | 16,181 | | | | | | 18,196 | | |
Provision for bad debts
|
| | | | (17,782 ) | | | | | | — | | | | | | (2,856 ) | | | | | | (14,926 ) | | |
Total trade receivables, net
|
| | | | 101,307 | | | | | | 84,712 | | | | | | 13,325 | | | | | | 3,270 | | |
|
| | |
Trade
Receivables |
| |
Not due
|
| |
Past due
|
| |||||||||||||||
| | |
1 – 180 days
|
| |
> 180 days
|
| ||||||||||||||||||
At January 1, 2015 | | | | | | ||||||||||||||||||||
Current accounts
|
| | | | 212,507 | | | | | | 185,993 | | | | | | 12,946 | | | | | | 13,568 | | |
Provision for bad debts
|
| | | | (13,652 ) | | | | | | (8 ) | | | | | | (105 ) | | | | | | (13,539 ) | | |
Total trade receivables, net
|
| | | | 198,855 | | | | | | 185,985 | | | | | | 12,841 | | | | | | 29 | | |
|
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Non-current | | | | | |||||||||||||||
Loans with related parties (Note 29)
|
| | | | — | | | | | | 15,078 | | | | | | 7,626 | | |
Other
|
| | | | 721 | | | | | | — | | | | | | 3,610 | | |
| | | | | 721 | | | | | | 15,078 | | | | | | 11,236 | | |
Current | | | | | |||||||||||||||
Debt service reserve account
|
| | | | 15,075 | | | | | | 15,075 | | | | | | — | | |
Loans with related parties (Note 29)
|
| | | | 7,769 | | | | | | 8,270 | | | | | | 35,859 | | |
Loans
|
| | | | — | | | | | | 1,986 | | | | | | 2,201 | | |
Time Deposits
|
| | | | 7,349 | | | | | | 12,482 | | | | | | 3,609 | | |
Other
|
| | | | 3,743 | | | | | | 2,499 | | | | | | 4,405 | | |
| | | | | 33,936 | | | | | | 40,312 | | | | | | 46,074 | | |
|
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Cash in hand
|
| | | | 1,313 | | | | | | 1,344 | | | | | | 4,244 | | |
Cash at banks
|
| | | | 146,726 | | | | | | 170,675 | | | | | | 249,541 | | |
Cash equivalents
|
| | | | 64,949 | | | | | | 12,220 | | | | | | 1,116 | | |
| | | | | 212,988 | | | | | | 184,239 | | | | | | 254,901 | | |
|
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Cash and cash equivalents
|
| | | | 212,988 | | | | | | 184,239 | | | | | | 254,901 | | |
Mutual funds
|
| | | | — | | | | | | — | | | | | | 938 | | |
Restricted cash(*)
|
| | | | (30,872 ) | | | | | | (30,346 ) | | | | | | (33,673 ) | | |
Bank overdraft
|
| | | | — | | | | | | (4 ) | | | | | | (5,033 ) | | |
| | | | | 182,116 | | | | | | 153,889 | | | | | | 217,133 | | |
|
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Non-current | | | | | |||||||||||||||
Bank and financial borrowings(**)
|
| | | | 551,431 | | | | | | 487,021 | | | | | | 119,494 | | |
Notes(*)
|
| | | | 411,200 | | | | | | 470,295 | | | | | | 349,951 | | |
Loans with related parties (Note 29)
|
| | | | — | | | | | | — | | | | | | 15,209 | | |
Other
|
| | | | 3,041 | | | | | | 3,000 | | | | | | — | | |
| | | | | 965,672 | | | | | | 960,316 | | | | | | 484,654 | | |
Current | | | | | |||||||||||||||
Bank and financial borrowings (**)
|
| | | | 52,671 | | | | | | 53,129 | | | | | | 81,837 | | |
Notes(*)
|
| | | | 64,439 | | | | | | 70,471 | | | | | | 65,200 | | |
Loans with related parties (Note 29)
|
| | | | 22,220 | | | | | | 618 | | | | | | 125,181 | | |
Bank overdrafts
|
| | | | — | | | | | | 4 | | | | | | 5,033 | | |
Others
|
| | | | 2,239 | | | | | | 3,028 | | | | | | 3,279 | | |
| | | | | 141,569 | | | | | | 127,250 | | | | | | 280,530 | | |
Total Borrowings
|
| | | | 1,107,241 | | | | | | 1,087,566 | | | | | | 765,184 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Balances at the beginning of the year
|
| | | | 1,087,566 | | | | | | 765,184 | | |
Acquisitions of subsidiary (Note 28)
|
| | | | — | | | | | | 332,976 | | |
Loans obtained
|
| | | | 52,099 | | | | | | 286,839 | | |
Loans paid
|
| | | | (142,693 ) | | | | | | (231,597 ) | | |
Interest paid
|
| | | | (48,564 ) | | | | | | (38,334 ) | | |
Disposals of subsidiaries
|
| | | | — | | | | | | (47,281 ) | | |
Accrued interest for the year
|
| | | | 118,219 | | | | | | 68,673 | | |
Translation differences
|
| | | | 40,614 | | | | | | (48,894 ) | | |
Balances at the end of the year
|
| | | | 1,107,241 | | | | | | 1,087,566 | | |
|
| | |
1 year or less
|
| |
1 to 2 years
|
| |
2 to 5 years
|
| |
Over 5 years
|
| |
Total
|
| |||||||||||||||
At December 31, 2016
(1)
|
| | | | 132,756 | | | | | | 187,150 | | | | | | 418,061 | | | | | | 762,595 | | | | | | 1,500,562 | | |
At December 31, 2015
(1)
|
| | | | 134,428 | | | | | | 153,303 | | | | | | 227,368 | | | | | | 867,312 | | | | | | 1,382,411 | | |
At January 1, 2015
(1)
|
| | | | 283,355 | | | | | | 155,855 | | | | | | 248,056 | | | | | | 90,431 | | | | | | 777,697 | | |
| | |
At December 31,
|
| |
January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Fair value of long-term borrowings
|
| | | | 1,128,407 | | | | | | 1,113,117 | | | | | | 777,199 | | |
| | | | | 1,128,407 | | | | | | 1,113,117 | | | | | | 777,199 | | |
|
Company
|
| |
Lender
|
| |
Currency
|
| |
Maturity
|
| |
Interest Rate
|
| |
Outstanding
(In millions of USD) |
| |
Capitalization
(2)
|
| ||||||
Inframérica
Concessionaria do Aeroporto Sao Goncalo do Amarante |
| |
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
Variable
|
| |
TJLP
(1)
+ 3.14%
|
| | | | 98.2 | | | |
A
|
|
|
BNDES
|
| |
Brazilian Reales
|
| |
June 2032
|
| |
Variable
|
| |
T.R.+ 3.14%+IPCA
|
| | | | 2.4 | | | |||||
|
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
Variable
|
| |
T.R.+ 3.14%+IPCA
|
| | | | 5.3 | | | |||||
|
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
Fixed
|
| |
2.5%
|
| | | | 3.9 | | | |||||
|
BNDES
|
| |
Brazilian Reales
|
| |
July 2032
|
| |
Variable
|
| |
T.R.+ 4.74%+IPCA
|
| | | | 1.2 | | | |||||
|
BNDES
|
| |
Brazilian Reales
|
| |
July 2032
|
| |
Variable
|
| |
T.R.+ 3.14%+IPCA
|
| | | | 1.6 | | | |||||
Inframérica
Concessionaria do Aeroporto de Brasilia |
| |
BNDES
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
Variable
|
| |
TJLP
(1)
+ 3.14%
|
| | | | 220 | | | |
A
|
|
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
Variable
|
| |
TJLP
(1)
+ 3.6%
|
| | | | 76.8 | | | |
A
|
| ||
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2017
|
| |
Variable
|
| |
IPCA
|
| | | | 7.1 | | | |
A
|
| ||
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2023
|
| |
Fixed
|
| |
6%
|
| | | | 5.7 | | | |
A
|
| ||
|
ABC
|
| |
Brazilian Reales
|
| |
April 2017
|
| |
Variable
|
| |
CDI + 4.5%
|
| | | | 3.5 | | | |
D
|
| ||
Terminal Aeroportuaria
de Guayaquil S.A |
| |
Banco Guayaquil SA
|
| |
USD
|
| |
2019
|
| |
Variable
|
| |
7.5%-8%
|
| | | | 6.1 | | | |
D
|
|
|
Banco Bolivariano CA
|
| |
USD
|
| |
2019
|
| |
Variable
|
| |
7.50%
|
| | | | 8.4 | | | |
D
|
| ||
Terminal de Cargas
de Uruguay SA |
| |
Santander Uruguay
|
| |
USD
|
| |
June 2020
|
| |
Fixed
|
| |
4.25%
|
| | | | 1.5 | | | |
D
|
|
Toscana Aeroporti S.p.a.
|
| |
MPS Servicio capital
|
| |
Euro
|
| |
June 2022-
|
| |
Variable
|
| |
Euribor 6 month
plus spread |
| | | | 10.2 | | | |
B
|
|
|
Banco de Innovación
de Infraestructuras y Desarrollo/ |
| |
Euro
|
| |
September 2027
|
| |
Variable
|
| |
Euribor 6 month
plus spread |
| | | | 32.7 | | | |
D
|
| ||
Armenia International
Airports CJSC |
| |
Credit Suisse AG
|
| |
USD
|
| |
June 2022
|
| |
Fixed
|
| |
7.89%
|
| | | | 116.3 | | | |
B
|
|
Aeropuertos Argentina
2000 SA |
| |
Banco Ciudad
|
| |
Argentine peso
|
| |
September 2018
|
| |
Fixed
|
| |
27.86%
|
| | | | 2.3 | | | |
D
|
|
|
Banco Provincia
|
| |
Argentine peso
|
| |
June 2017
|
| |
Fixed
|
| |
26.42%
|
| | | | 0.7 | | | | ||||
Aeropuerto de
Bahía Blanca S.A. |
| |
Banco de la
Nación Argentina |
| |
Argentine peso
|
| |
March 2019
|
| | | | |
4.75%
|
| | | | 0.2 | | | |
A
|
|
Total | | | | | | | | | | | | | | | | | | | | 604.1 | | | |
Company
|
| |
Lender
|
| |
Currency
|
| |
Maturity
|
| |
Interest Rate
|
| |
Outstanding
(In millions of USD) |
| |
Capitalization
(2)
|
| ||||||
Inframérica
Concessionaria do Aeroporto Sao Goncalo do Amarante |
| |
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
Variable
|
| |
TJLP + 3.14%
|
| | | | 81.9 | | | |
A
|
|
|
BNDES
|
| |
Brazilian Reales
|
| |
June 2032
|
| |
Variable
|
| |
T.R. + 3.14% + IPCA
|
| | | | 2.0 | | | |
A
|
| ||
|
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
Variable
|
| |
T.R.+ 3.14% + IPCA
|
| | | | 4.3 | | | |
A
|
| ||
|
BNDES
|
| |
Brazilian Reales
|
| |
September 2022
|
| |
Fixed
|
| |
2.50%
|
| | | | 3.8 | | | |
A
|
| ||
|
BNDES
|
| |
Brazilian Reales
|
| |
July 2032
|
| |
Variable
|
| |
T.R. + 4.74% + IPCA
|
| | | | 1.1 | | | |
A
|
| ||
|
BNDES
|
| |
Brazilian Reales
|
| |
July 2032
|
| |
Variable
|
| |
T.R. + 3.14% + IPCA
|
| | | | 1.4 | | | |
A
|
| ||
Inframérica
Concessionaria do Aeroporto de Brasilia |
| |
BNDES
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
Variable
|
| |
TJLP +3.14%
|
| | | | 163.6 | | | |
A
|
|
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
Variable
|
| |
TJLP +3.6%
|
| | | | 56.9 | | | |
A
|
| ||
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
Fixed
|
| |
6%
|
| | | | 1.7 | | | |
A
|
| ||
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2017
|
| |
Variable
|
| |
IPCA
|
| | | | 4.9 | | | |
A
|
| ||
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2023
|
| |
Fixed
|
| |
6%
|
| | | | 3.7 | | | |
A
|
| ||
|
Citibank
|
| |
Brazilian Reales
|
| |
September 2016
|
| |
Fixed
|
| |
17.10%
|
| | | | — | | | |
D
|
| ||
|
Fator
|
| |
Brazilian Reales
|
| |
December 2016
|
| |
Variable
|
| |
CDI + 3%
|
| | | | 7.6 | | | |
C
|
| ||
Terminal Aeroportuaria
de Guayaquil S.A |
| |
Banco Bolivariano C.A.
|
| |
USD
|
| |
2016-2019
|
| |
Variable
|
| |
7.59%-8.90%
|
| | | | 13.3 | | | |
D
|
|
|
Banco Guayaquil S.A.
|
| |
USD
|
| |
2016-2019
|
| |
Variable
|
| |
7.71%-8.88%
|
| | | | 5.5 | | | |
D
|
| ||
Armenia International
Airports CJSC |
| |
Credit Suisse AG
|
| |
USD
|
| |
June 2022
|
| |
Fixed
|
| |
7.86%
|
| | | | 131.9 | | | |
B
|
|
Toscana Aeroporti S.p.a.
|
| |
Banco de Innovación de
Infraestructuras y Desarrollo/MPS Servicio capital |
| |
Euro
|
| |
June 2022
|
| |
Variable
|
| |
Euribor 6 month
|
| | | | 10.7 | | | |
B
|
|
|
September 2027
|
| | | | | | | | | | | | | | | | 38.3 | | | |
D
|
| ||
Aeropuertos Argentina
|
| | | | | | | | |||||||||||||||||
2000 S.A. | | |
Banco de la Provincia
de Buenos Aires |
| |
Argentine peso
|
| | | | | | | | | | | | | 7.36 | | | |
D
|
|
Aeropuerto de Bahia
Blanca S.A: |
| |
Banco de la
Nación Argentina |
| |
Argentine peso
|
| |
March 2019
|
| | | | | | | | | | 0.24 | | | |
A
|
|
Total | | | | | | | | | | | | | | | | | | | | 540.2 | | | |
Company
|
| |
Lender
|
| |
Currency
|
| |
Maturity
|
| |
Interest Rate
|
| |
Outstanding
(In millions of USD) |
| |
Capitalization
(2)
|
| ||||||
Armenia International
Airports CJSC |
| |
European Bank for
Reconstruction and Development and DEG |
| |
USD
|
| |
2020
|
| |
Fixed
|
| |
5.16%
|
| | | | 30.0 | | | |
A
|
|
|
Asian Development Bank
|
| |
USD
|
| |
2015
|
| |
Fixed
|
| |
5.16%
|
| | | | 32.2 | | | |
A
|
| ||
Toscana Aeroporti S.p.a.
|
| |
Banco de Innovación de
Infraestructuras y |
| |
Euro
|
| |
June 2022
|
| |
Euribor 6 months
+ Spread |
| | | | 27.4 | | | |
B
|
| |||
|
Desarrollo/ MPS
Servicio capital |
| |
Euro
|
| |
September 2027
|
| | | | | | | | | | 32.5 | | | |
D
|
| ||
Aeropuerto de Bahía
Blanca S.A. |
| |
Banco de la
Nación Argentina |
| |
Argentine peso
|
| |
September 2019
|
| | | | | | | | | | 0.5 | | | |
A
|
|
Caminos del Paraná S.A.
|
| |
Banco Macro S.A.
|
| |
Argentine peso
|
| |
December 2015
|
| |
Fixed
|
| |
34.75%
|
| | | | 4.2 | | | |
B
|
|
|
Nacion Factoring S.A.
|
| |
Argentine peso
|
| | | | |
Fixed
|
| |
25.00%
|
| | | | 1.5 | | | |
B
|
| ||
Aeropuertos Argentina
2000 S.A. |
| |
Others
|
| |
Argentine peso
|
| | | | | | | | | | | | | 5.5 | | | |
B
|
|
Compañía General de
Combustibles S.A. |
| |
Banco Macro SA
|
| |
Argentine peso
|
| |
2017
|
| |
Fixed
|
| |
15.25%
|
| | | | 1.7 | | | |
D
|
|
|
Banco Provincia de BA
|
| |
Argentine peso
|
| |
2016
|
| |
Fixed
|
| |
15.25%
|
| | | | 2.0 | | | |
D
|
| ||
|
Sindicado ICBC y Citibank
|
| |
Argentine peso
|
| |
2016
|
| |
Fixed
|
| |
15.25%
|
| | | | 1.7 | | | |
D
|
| ||
|
Sindicado ICBC y Ciudad
de BA |
| |
Argentine peso
|
| |
2016
|
| |
Fixed
|
| |
15.25%
|
| | | | 1.5 | | | |
D
|
| ||
Helport S.A.
|
| |
Banco de la Provincia
de Bs As. |
| |
Argentine peso
|
| |
June/ September 2016
|
| |
Fixed
|
| |
15,25%
|
| | | | 2.9 | | | |
D
|
|
|
Banco Mariva
|
| |
Argentine peso
|
| |
October 2016
|
| |
Fixed
|
| |
29%
|
| | | | 0.1 | | | |
D
|
| ||
|
Banco de Córdoba
|
| |
Argentine peso
|
| |
June 2017/ January 2018
|
| |
Fixed
|
| |
15,25%
|
| | | | 1.3 | | | |
D
|
| ||
|
Other
|
| |
Argentine peso
|
| | | | |
Fixed
|
| | | | | | | 4.1 | | | |
D
|
| ||
Terminal Aeroportuaria
de Guayaquil S.A |
| |
Banco Bolivariano CA
|
| |
USD
|
| |
February 2017
|
| |
Variable
|
| |
8%
|
| | | | 2.3 | | | |
B
|
|
|
Banco de Guayaquil SA
|
| |
USD
|
| |
November 2017
|
| |
Variable
|
| |
8.50%
|
| | | | 7.8 | | | |
B
|
| ||
|
Banco Bolivariano CA
|
| |
USD
|
| |
December 2017
|
| |
Variable
|
| |
8.0%
|
| | | | 9.0 | | | |
B
|
| ||
|
Banco Bolivariano CA
|
| |
USD
|
| |
November 2015
|
| |
Variable
|
| |
7.75%
|
| | | | 3.0 | | | |
B
|
| ||
|
Banco Bolivariano CA
|
| |
USD
|
| |
December 2016
|
| |
Fixed
|
| |
8.25%
|
| | | | 4.0 | | | |
B
|
| ||
Puerta del Sur S.A.
|
| |
Banco Santander
|
| |
USD
|
| |
2021
|
| |
Fixed
|
| |
5%
|
| | | | 16.5 | | | |
D
|
|
|
Banco Itaú
|
| |
USD
|
| |
2021
|
| |
Fixed
|
| |
5%
|
| | | | 9.6 | | | |
D
|
| ||
Total | | | | | | | | | | | | | | | | | | | | 201.3 | | | |
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Non-current | | | | | |||||||||||||||
Concession fee payable(*)
|
| | | | 970,762 | | | | | | 772,088 | | | | | | — | | |
Advances from customers
|
| | | | 27,922 | | | | | | 17,680 | | | | | | — | | |
Provision for maintenance costs (**)
|
| | | | 20,113 | | | | | | 20,423 | | | | | | 51,188 | | |
Other taxes payable
|
| | | | 10,242 | | | | | | 3,142 | | | | | | 458 | | |
Employee benefit obligation (***)
|
| | | | 8,498 | | | | | | 8,139 | | | | | | 6,198 | | |
Salary payable
|
| | | | 772 | | | | | | 1,006 | | | | | | 4,192 | | |
Other liabilities with related parties (Note 29)
|
| | | | 600 | | | | | | 2,567 | | | | | | — | | |
Other payables
|
| | | | 10,539 | | | | | | 22,256 | | | | | | 16,266 | | |
| | | | | 1,049,448 | | | | | | 847,301 | | | | | | 78,302 | | |
Current | | | | | |||||||||||||||
Concession fee payable(*)
|
| | | | 202,584 | | | | | | 99,051 | | | | | | 38,739 | | |
Other taxes payable
|
| | | | 28,729 | | | | | | 23,555 | | | | | | 45,333 | | |
Salary payable
|
| | | | 39,084 | | | | | | 33,568 | | | | | | 38,126 | | |
Other liabilities with related parties (Note 29)
|
| | | | 31,369 | | | | | | 27,197 | | | | | | 26,570 | | |
Advances from customers
|
| | | | 13,941 | | | | | | 15,048 | | | | | | 10,072 | | |
Provision for maintenance cost (**)
|
| | | | 6,713 | | | | | | 4,506 | | | | | | — | | |
Expenses provisions
|
| | | | 6,222 | | | | | | 1,973 | | | | | | 4,874 | | |
Provisions for legal claims (****)
|
| | | | 5,878 | | | | | | 4,730 | | | | | | 935 | | |
Other payables
|
| | | | 12,787 | | | | | | 16,944 | | | | | | 31,882 | | |
| | | | | 347,307 | | | | | | 226,572 | | | | | | 196,531 | | |
|
| | |
1 year or less
|
| |
1 – 2 years
|
| |
2 – 5 years
|
| |
Over 5 years
|
| |
Total
|
| |||||||||||||||
At December 31, 2016
|
| | | | 378,130 | | | | | | 90,290 | | | | | | 293,170 | | | | | | 2,700,430 | | | | | | 3,462,020 | | |
At December 31, 2015
|
| | | | 237,620 | | | | | | 72,130 | | | | | | 233,630 | | | | | | 2,307,160 | | | | | | 2,850,540 | | |
| | |
2016
|
| |
2015
|
| ||||||
Values at the beginning of the year
|
| | | | 871,139 | | | | | | 38,739 | | |
Acquisition of subsidiaries (Note 28)
|
| | | | — | | | | | | 836,258 | | |
Financial result
|
| | | | 107,408 | | | | | | 2,039 | | |
Concession fees
|
| | | | 146,971 | | | | | | 133,846 | | |
Payments
|
| | | | (136,092 ) | | | | | | (136,809 ) | | |
Others (Note 12)
|
| | | | 9,132 | | | | | | — | | |
Translation differences
|
| | | | 174,788 | | | | | | (2,934 ) | | |
At the end of the year
|
| | | | 1,173,346 | | | | | | 871,139 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Balances at the beginning of the year
|
| | | | 24,929 | | | | | | 51,188 | | |
Accrual of the year
|
| | | | 4,679 | | | | | | 5,391 | | |
Use of the provision
|
| | | | (1,906 ) | | | | | | (2,580 ) | | |
Disposals of subsidiaries
|
| | | | — | | | | | | (25,152 ) | | |
Translation differences
|
| | | | (876 ) | | | | | | (3,918 ) | | |
Balances at the end of the year
|
| | | | 26,826 | | | | | | 24,929 | | |
|
Assumption
|
| |
Annual discount rate
|
| |
Annual rate of inflation
|
| |
Annual turnover rate
|
| |||||||||||||||||||||||||||
Variation rates
|
| | | | 0.5 % | | | | | | (0.5 )% | | | | | | 0.25 % | | | | | | (0.25 )% | | | | | | 1 % | | | | | | (1 )% | | |
Provision for salary payable
|
| | | | 6,826 | | | | | | 7,626 | | | | | | 7,332 | | | | | | 7,091 | | | | | | 7,093 | | | | | | 7,266 | | |
Assumption
|
| |
Annual discount rate
|
| |
Annual employee
future wage increase |
| |
Annual turnover rate
|
| |||||||||||||||||||||||||||
Variation rates
|
| | | | 3.32 % | | | | | | 6.62 % | | | | | | 1.50 % | | | | | | (1.50 )% | | | | | | 1 % | | | | | | (1 )% | | |
Provision for salary payable
|
| | | | 756 | | | | | | 495 | | | | | | 1,591 | | | | | | 1,007 | | | | | | 1,263 | | | | | | 1,269 | | |
| | |
2016
|
| |
2015
|
| ||||||
Balances at the beginning of the year
|
| | | | 8,139 | | | | | | 6,198 | | |
Actuarial gain/loss (in other comprehensive income)
|
| | | | 403 | | | | | | (475 ) | | |
Interest for services
|
| | | | 239 | | | | | | 164 | | |
Service Cost
|
| | | | 177 | | | | | | 21 | | |
Amounts paid in the year
|
| | | | (223 ) | | | | | | (487 ) | | |
Contributions
|
| | | | — | | | | | | 3,322 | | |
Translation differences
|
| | | | (237 ) | | | | | | (604 ) | | |
At the end of the year
|
| | | | 8,498 | | | | | | 8,139 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Balances at the beginning of the year
|
| | | | 4,730 | | | | | | 935 | | |
Accrual of the year
|
| | | | 2,772 | | | | | | 1,157 | | |
Use of the provision
|
| | | | (1,089 ) | | | | | | (974 ) | | |
Acquisition of subsidiary (Note 28)
|
| | | | — | | | | | | 4,117 | | |
Translation differences
|
| | | | (535 ) | | | | | | (505 ) | | |
Balances at the end of the year
|
| | | | 5,878 | | | | | | 4,730 | | |
|
| | |
At December 31,
|
| |
January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Non-current | | | | | |||||||||||||||
Trade payables with related parties (Note 29)
|
| | | | — | | | | | | 767 | | | | | | — | | |
Trade payable with suppliers
|
| | | | 1,663 | | | | | | 1,329 | | | | | | 2,851 | | |
| | | | | 1,663 | | | | | | 2,096 | | | | | | 2,851 | | |
Current | | | | | |||||||||||||||
Trade payables with suppliers
|
| | | | 104,914 | | | | | | 116,711 | | | | | | 173,163 | | |
Trade payables with related parties (Note 29)
|
| | | | 8,625 | | | | | | 4,445 | | | | | | 325 | | |
| | | | | 113,539 | | | | | | 121,156 | | | | | | 173,488 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Cash contributions
|
| | | | 20,494 | | | | | | 8,303 | | |
Contributions in shares(*)
|
| | | | 1,506,867 | | | | | | — | | |
Contributions by assignment (**)
|
| | | | 49,960 | | | | | | 320,798 | | |
| | | | | 1,577,321 | | | | | | 329,101 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
At the beginning of the year
|
| | | | 248,677 | | | | | | 1,178,534 | | |
Distribution in cash from AIA
|
| | | | (36,076 ) | | | | | | (74,058 ) | | |
Refund of contributions(*)
|
| | | | — | | | | | | (497,660 ) | | |
Non-cash distribution from AIA(**)
|
| | | | (49,960 )(*) | | | | | | (298,764 )(*) | | |
Cash contribution from AIA
|
| | | | 496 | | | | | | — | | |
Fair value adjustments(***)
|
| | | | (1,506,867 )(*) | | | | | | (59,719 ) | | |
Remeasurement of defined benefit obligations net for income tax
|
| | | | (292 ) | | | | | | 344 | | |
| | | | | (1,344,022 ) | | | | | | 248,677 | | |
|
| | |
Currency
translation adjustments |
| |
Remeasurement
of defined benefit obligations(*) |
| |
Share of other
comprehensive income from associates |
| |
Income
Tax effect(*) |
| |
Transfer from
shareholders equity— currency translation differences |
| |
Total
|
| ||||||||||||||||||
Balances at January 1, 2016 (Restated) | | | | | (174,950 ) | | | | | | 489 | | | | | | (39,999 ) | | | | | | (145 ) | | | | | | 58,218 | | | | | | (156,387 ) | | |
Continuing operations | | | | | | | | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the year
|
| | | | (37,414 ) | | | | | | (383 ) | | | | | | (44 ) | | | | | | 91 | | | | | | 1,191 | | | | |
|
(36,559
)
|
| |
Discontinued operations | | | | | | | | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the year
|
| | | | 284 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,993 | | | | |
|
4,277
|
| |
For the year ended December 31, 2016 (Restated)
|
| | | | (212,080 ) | | | | | | 106 | | | | | | (40,043 ) | | | | | | (54 ) | | | | | | 63,402 | | | | | | (188,669 ) | | |
Balances at January 1, 2015
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Continuing operations | | | | | | | | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the year
|
| | | | (112,455 ) | | | | | | 489 | | | | | | (39,999 ) | | | | | | (145 ) | | | | | | — | | | | | | (152,110 ) | | |
Discontinued operations | | | | | | | | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the year
|
| | | | (62,495 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | 58,218 | | | | |
|
(4,277
)
|
| |
For the year ended December 31, 2015 (Restated)
|
| | | | (174,950 ) | | | | | | 489 | | | | | | (39,999 ) | | | | | | (145 ) | | | | | | 58,218 | | | | | | (156,387 ) | | |
|
| | |
2016
(Restated) |
| |
2015
(Restated) |
| ||||||
At the beginning of the year
|
| | | | 371,342 | | | | | | 351,809 | | |
Shareholder contributions
|
| | | | 9,018 | | | | | | — | | |
(Loss)/income for the year
|
| | | | (4,519 ) | | | | | | 9,801 | | |
Other comprehensive loss | | | | ||||||||||
Currency translation
|
| | | | (12,340 ) | | | | | | (54,142 ) | | |
Remeasurement of defined benefit obligations
|
| | | | (20 ) | | | | | | (14 ) | | |
Reserve for income tax
|
| | | | 5 | | | | | | 4 | | |
| | | | | (12,355 ) | | | | | | (54,152 ) | | |
Changes in non-controlling interest | | | | ||||||||||
Business combinations
|
| | | | — | | | | | | 131,954 | | |
Discontinued operations
|
| | | | 311 | | | | | | (66,656 ) | | |
Changes in the participations
|
| | | | — | | | | | | (1,414 ) | | |
Dividends approved
|
| | | | (9,623 ) | | | | | | — | | |
| | | | | (9,312 ) | | | | | | 63,884 | | |
Non-controlling interest at the end of the year
|
| | | | 354,174 | | | | | | 371,342 | | |
|
Country
|
| |
Concession
|
| |
Number of
Airports |
| |
Concession
Start Date |
| |
Current
Concession End Date |
| |
Extension Details
|
| |||
Argentina
|
| |
AA2000
|
| | | | 34 (1) | | | |
1998
|
| |
2028
|
| |
10 years
|
|
|
NQN
|
| | | | 1 | | | |
2001
|
| |
2021
|
| |
5 years
|
| ||
|
BBL
|
| | | | 1 | | | |
2008
|
| |
2033
|
| |
10 years
|
| ||
Italy
|
| |
TA (SAT)
|
| | | | 1 | | | |
2006 (2014)
|
| |
2046
|
| | ||
|
TA (ADF)
|
| | | | 1 | | | |
2003 (2014)
|
| |
2043
|
| | ||||
Brazil
|
| |
ICASGA
|
| | | | 1 | | | |
2012
|
| |
2040
|
| |
5 years
|
|
|
ICAB
|
| | | | 1 | | | |
2012
|
| |
2037
|
| |
5 years
|
| ||
Uruguay
|
| |
Puerta del Sur
|
| | | | 1 | | | |
2003
|
| |
2033
|
| | ||
|
CAISA
|
| | | | 1 | | | |
1993 (2008)
|
| |
2019
|
| | ||||
Ecuador | | |
TAGSA
|
| | | | 1 | | | |
2004
|
| |
2024
|
| | ||
| | |
ECOGAL
|
| | | | 1 | | | |
2011
|
| |
2026
|
| | | |
Armenia | | |
AIA
|
| | | | 2 | | | |
2002
|
| |
2032
|
| |
Option to renew
every 5 years |
|
Perú | | |
AAP
|
| | | | 5 | | | |
2011
|
| |
2036
|
| |
Extendable to 2071
|
|
Total | | | | | | | | 51 | | | | | | ||||||
|
Event
|
| |
Amount of the Performance
Bond (in R$) |
| |
Amount of the Performance
Bond (in USD) |
|
Natal Concession Agreement | | | | ||||
Phase I of the Natal Concession Agreement | | |
65 million
|
| |
19.9 million
|
|
Phase II of the Natal Concession Agreement (from the formal commencement of Phase II until the end of the contract)
|
| |
6.5 million
|
| |
1.9 million
|
|
Investment Trigger of the Natal Concession Agreement
|
| |
10% of the amount of planned investments
|
| |
Event
|
| |
Amount of the Performance
Bond (in R$) |
| |
Amount of the Performance
Bond (in USD) |
|
Brasilia Concession Agreement | | | | ||||
During Phase I-B of the Brasilia Concession Agreement
|
| |
266.7 million
|
| |
81.8 million
|
|
After completion of Phase I-B of the Natal Concession Agreement or at the termination of the contract
|
| |
133.3 million
|
| |
40.8 million
|
|
Investment Trigger of the Brasilia Concession Agreement
|
| |
10% of the amount of planned investments
|
| | ||
Upon termination of the Brasilia Concession Agreement, for a period of 24 months after the termination of the agreement.
|
| |
19.1 million
|
| |
5.8 million
|
|
| | |
At
December 31, 2016 |
| |
At
December 31, 2015 |
| |
At
January 1, 2015 |
| |||||||||
Share capital
|
| | | | 20 | | | | | | 20 | | | | | | 20 | | |
Legal reserve
|
| | | | 2 | | | | | | — | | | | | | — | | |
Free distributable reserves
|
| | | | 1,907,328 | | | | | | 330,007 | | | | | | 906 | | |
Retained earnings
|
| | | | 27,723 | | | | | | 56,388 | | | | | | (8,233 ) | | |
Total equity in accordance with Luxembourg law
|
| | | | 1,935,073 | | | | | | 386,415 | | | | | | (7,307 ) | | |
|
| ASSETS | | | |||||
| Non-current assets | | | |||||
|
Intangible assets, net
|
| | | | 1,340,634 | | |
|
Property, plant and equipment, net
|
| | | | 1,752 | | |
|
Deferred tax assets
|
| | | | 43,265 | | |
|
Other receivables
|
| | | | 26,242 | | |
| | | | | | 1,411,893 | | |
| Current assets | | | |||||
|
Other financial assets
|
| | | | 17,085 | | |
|
Other receivables
|
| | | | 13,320 | | |
|
Trade receivables
|
| | | | 13,851 | | |
|
Cash and cash equivalents
|
| | | | 15,518 | | |
| | | | | | 59,774 | | |
|
Total assets
|
| | | | 1,471,667 | | |
|
Net identifiable assets acquired
|
| | | | 56,906 | | |
|
Non-controlling interest
|
| | | | 132,202 | | |
| LIABILITIES | | | |||||
| Non-current liabilities | | | |||||
|
Borrowings
|
| | | | 316,451 | | |
|
Other liabilities
|
| | | | 842,526 | | |
| | | | | | 1,158,977 | | |
| Current liabilities | | | |||||
|
Borrowings
|
| | | | 16,525 | | |
|
Other liabilities
|
| | | | 79,755 | | |
|
Trade payables
|
| | | | 27,302 | | |
| | | | | | 123,582 | | |
|
Total liabilities
|
| | | | 1,282,559 | | |
|
Total equity and liabilities
|
| | | | 1,471,667 | | |
|
| | |
At December 31,
|
| |
At January 1,
2015 |
| ||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||
Year-end balances | | | | | |||||||||||||||
(a) Arising from sales / purchases of goods / other | | | | | |||||||||||||||
Trade Receivables with Associates
|
| | | | 229 | | | | | | — | | | | | | 1,495 | | |
Trade Receivables with other related parties
|
| | | | 1,255 | | | | | | 5,423 | | | | | | 5,080 | | |
Other Receivables with Associates
|
| | | | — | | | | | | 3,827 | | | | | | — | | |
Other Receivables with other related parties
|
| | | | 9,025 | | | | | | 14,060 | | | | | | 257,336 | | |
Other Financial Assets with Associates
|
| | | | 7,769 | | | | | | 11,530 | | | | | | 12,199 | | |
Other Financial Assets with other related parties
|
| | | | — | | | | | | 11,818 | | | | | | 31,286 | | |
Trade Payables to other related parties
|
| | | | (8,625 ) | | | | | | (5,212 ) | | | | | | (325 ) | | |
| | | | | 9,653 | | | | | | 41,446 | | | | | | 307,071 | | |
(b) Financial debt | | | | | |||||||||||||||
Borrowings owed to other related parties
|
| | | | (22,220 ) | | | | | | (618 ) | | | | | | (140,390 ) | | |
| | | | | (22,220 ) | | | | | | (618 ) | | | | | | (140,390 ) | | |
(c) Other liabilities | | | | | |||||||||||||||
Other liabilities – other related parties
|
| | | | (31,969 ) | | | | | | (29,764 ) | | | | | | (26,570 ) | | |
| | | | | (31,969 ) | | | | | | (29,764 ) | | | | | | (26,570 ) | | |
|
| | |
For the year ended
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Transactions | | | | ||||||||||
Cash contribution and contributions in kind
|
| | | | 1,577,321 | | | | | | 329,101 | | |
Commercial revenue
|
| | | | 4,067 | | | | | | 5,967 | | |
Fees
|
| | | | 473 | | | | | | (1,818 ) | | |
Interest accruals
|
| | | | (824 ) | | | | | | 2,468 | | |
Acquisition of goods and services
|
| | | | (10,270 ) | | | | | | (8,171 ) | | |
Others
|
| | | | 200 | | | | | | — | | |
| | |
At December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Changes in working capital | | | | ||||||||||
Other receivables and credits
|
| | | | (97,038 ) | | | | | | (64,221 ) | | |
Inventories
|
| | | | 987 | | | | | | 4,385 | | |
Other liabilities
|
| | | | (57,779 ) | | | | | | (111,250 ) | | |
| | | | | (153,830 ) | | | | | | (171,086 ) | | |
|
| | |
For the year
ended December 31, 2016 |
| |
For the year ended
December 31, 2015 |
| ||||||
Contributions in kind(*)
|
| | | | 1,556,827 | | | | | | 320,798 | | |
Disposals of subsidiaries/associates(**)
|
| | | | — | | | | | | 322,960 | | |
Refund of contributions(*)
|
| | | | — | | | | | | (497,660 ) | | |
Dividends distribution(*)
|
| | | | (49,960 ) | | | | | | (298,764 ) | | |
Intangible assets acquisition with an increase in Other liabilities
|
| | | | (3,260 ) | | | | | | — | | |
Loans repayment—assignment of credits(***)
|
| | | | — | | | | | | (74,477 ) | | |
Spin-off of assets and liabilities(****)
|
| | | | — | | | | | | (62,539 ) | | |
| | |
For the year
ended December 31, 2016 (Restated) |
| |
For the year
ended December 31, 2015 (Restated) |
| ||||||
Revenues
|
| | | | 5 | | | | | | 261,686 | | |
Cost of services
|
| | | | (92 ) | | | | | | (203,230 ) | | |
Gross profit
|
| | | | (87 ) | | | | | | 58,456 | | |
Selling, general and administrative expenses
|
| | | | (796 ) | | | | | | (7,314 ) | | |
(Loss)/ income on disposal of discontinued operations
|
| | | | (8,916 ) | | | | | | 92,167 | | |
Other operating (expense)
|
| | | | (228 ) | | | | | | (5,591 ) | | |
Operating (loss)/ income
|
| | | | (10,027 ) | | | | | | 137,718 | | |
Financial result, net
|
| | | | 548 | | | | | | (19,809 ) | | |
(Loss)/ income before equity in earnings of associates and income tax
|
| | | | (9,479 ) | | | | | | 117,909 | | |
Share of income or loss in associates
|
| | | | 62 | | | | | | (10,806 ) | | |
(Loss)/ income before income tax
|
| | | | (9,417 ) | | | | | | 107,103 | | |
Income tax
|
| | | | (61 ) | | | | | | 1,884 | | |
(Loss)/ income from discontinued operations
|
| | | | (9,478 ) | | | | | | 108,987 | | |
Currency translation adjustment
|
| | | | 4,277 | | | | | | (4,277 ) | | |
Total comprehensive (loss)/ income for the year
|
| | | | (5,201 ) | | | | | | 104,710 | | |
|
| | |
At
December 31, 2016 (Restated) |
| |
At
December 31, 2015 (Restated) |
| ||||||
(Decrease)/ Increase in cash
|
| | | | (7,655 ) | | | | | | 15,227 | | |
Used in operating activities
|
| | | | (8,155 ) | | | | | | (41,969 ) | | |
Provided by/(used in) investing activities
|
| | | | 500 | | | | | | (139,531 ) | | |
Provided by financing activities
|
| | | | — | | | | | | 196,727 | | |
| | |
2016
(Restated) |
| |
2015
(Restated) |
| ||||||
Non-current assets
|
| | | | 13,721 | | | | | | 460,499 | | |
Current assets
|
| | | | 38,997 | | | | | | 228,663 | | |
Total assets
|
| | | | 52,718 | | | | | | 689,162 | | |
Non-current liabilities
|
| | | | 6,552 | | | | | | 279,662 | | |
Current liabilities
|
| | | | 30,551 | | | | | | 157,315 | | |
Total liabilities
|
| | | | 37,103 | | | | | | 436,977 | | |
Total attributable to owners of the parent
|
| | | | 15,304 | | | | | | 185,529 | | |
Non-controlling interests
|
| | | | 311 | | | | | | 66,656 | | |
Total equity and liabilities
|
| | | | 52,718 | | | | | | 689,162 | | |
|
| | |
2016
(Restated) |
| |
2015
(Restated) |
| ||||||
Net identifiable assets disposed
|
| | | | 15,304 | | | | | | 156,716 | | |
Spin-off of net assets
|
| | | | — | | | | | | 28,813 | | |
Transfer from shareholders equity–currency translation differences
|
| | | | 3,993 | | | | | | 58,150 | | |
(Loss)/Income from discontinued operations
|
| | | | (8,916 ) | | | | | | 92,167 | | |
Other receivables from disposals
|
| | | | — | | | | | | 273,000 | | |
Net cash inflow on disposal of discontinued operations
|
| | | | 10,381 | | | | | | 34,033 | | |
Less: Cash and cash equivalents in subsidiaries disposed
|
| | | | (8,593 ) | | | | | | (44,030 ) | | |
Net cash provided by/(used in) investing activities
|
| | | | 500 | | | | | | (139,531 ) | | |
Net cash used in discontinued investing activities
|
| | | | (8,093 ) | | | | | | (183,561 ) | | |
| | |
For the years ended
|
| |||
| | |
2016/2015
|
| |||
Audit fees
|
| | | | 909 | | |
Tax fees
|
| | | | 109 | | |
| | | | | 1,018 | | |
|
| | |
2016
(Restated) |
| |
2015
(Restated) |
| ||||||
Income/(loss) attributable to equity holders of the Group
|
| | | | 43,236 | | | | | | (11,039 ) | | |
Weighted average number of membership units in issue (thousands)
|
| | | | 1,500,000 | | | | | | 1,500,000 | | |
Basic income/(loss) per share of continuing operations
|
| | | | 0.03 | | | | | | (0.01 ) | | |
|
| | |
2016
|
| |
2015
|
| ||||||
(Loss)/income attributable to equity holders of the Group
|
| | | | (9,477 ) | | | | | | 116,529 | | |
Weighted average number of membership units in issue (thousands)
|
| | | | 1,500,000 | | | | | | 1,500,000 | | |
Basic (loss)/income per share of discontinued operations
|
| | | | (0.01 ) | | | | | | 0.08 | | |
|
| | |
2016
(Restated) |
| |
2015
(Restated) |
| ||||||
Income attributable to equity holders of the Group
|
| | | | 33,759 | | | | | | 105,490 | | |
Weighted average number of membership units in issue (thousands)
|
| | | | 1,500,000 | | | | | | 1,500,000 | | |
Basic income per share of continuing and discontinued operations
|
| | | | 0.02 | | | | | | 0.07 | | |
|
| | |
For the year ended
December 31, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Pro-forma earnings per share attributable to the parent (unaudited) | | | | ||||||||||
Continuing Operations | | | | ||||||||||
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | 0.29 | | | | | | (0.07 ) | | |
Discontinued Operations | | | | ||||||||||
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | (0.06 ) | | | | | | 0.79 | | |
Continuing and Discontinued Operations | | | | ||||||||||
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | 0.23 | | | | | | 0.71 | | |
| | | | | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
Notes
|
| |
2017
Unaudited |
| |
2016
Unaudited |
| ||||||
Continuing operations | | | | | | | | | | | | | | | | |
Revenue
|
| |
4
|
| | | | 1,158,534 | | | | | | 981,875 | | |
Cost of services
|
| |
5
|
| | | | (749,819 ) | | | | | | (595,683 ) | | |
Gross profit
|
| | | | | | | 408,715 | | | | | | 386,192 | | |
Selling, general and administrative expenses
|
| |
6
|
| | | | (140,074 ) | | | | | | (128,802 ) | | |
Other operating income
|
| |
7
|
| | | | 14,263 | | | | | | 12,353 | | |
Other operating expense
|
| | | | | | | (3,477 ) | | | | | | (3,184 ) | | |
Operating income
|
| | | | | | | 279,427 | | | | | | 266,559 | | |
Share of loss in associates
|
| |
11
|
| | | | (5,821 ) | | | | | | (361 ) | | |
Income before financial results and income tax
|
| | | | | | | 273,606 | | | | | | 266,198 | | |
Financial income
|
| |
8
|
| | | | 42,561 | | | | | | 26,260 | | |
Financial loss
|
| |
8
|
| | | | (203,767 ) | | | | | | (203,958 ) | | |
Income before income tax expense
|
| | | | | | | 112,400 | | | | | | 88,500 | | |
Income tax expense
|
| |
9
|
| | | | (39,833 ) | | | | | | (38,628 ) | | |
Income from continuing operations
|
| | | | | | | 72,567 | | | | | | 49,872 | | |
Discontinued operations | | | | | | | | | | | | | | | | |
Loss for discontinued operations
|
| |
19
|
| | | | — | | | | | | (8,662 ) | | |
Net income
|
| | | | | | | 72,567 | | | | | | 41,210 | | |
Attributable to: | | | | | | | | | | | | | | | | |
Owners of the parent
|
| | | | | | | 67,090 | | | | | | 40,946 | | |
Non-controlling interest
|
| | | | | | | 5,477 | | | | | | 264 | | |
| | | | | | | | 72,567 | | | | | | 41,210 | | |
Earnings per share attributable to the owners of the parent | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares (thousands)
|
| | | | | | | 1,500,000 | | | | | | 1,500,000 | | |
Continuing operations | | | | | | | | | | | | | | | | |
Basic and diluted earnings per share
|
| | | | | | | 0.04 | | | | | | 0.03 | | |
Discontinued operations | | | | | | | | | | | | | | | | |
Basic and diluted losses per share
|
| | | | | | | — | | | | | | (0.01 ) | | |
Continuing and discontinued operations | | | | | | | | | | | | | | | | |
Basic and diluted earnings per share
|
| | | | | | | 0.04 | | | | | | 0.03 | | |
Pro-forma earnings per share attributable to the parent (unaudited)
|
| |
22
|
| | | | | | | | | | | | |
Continuing Operations | | | | | | | | | | | | | | | | |
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | | | | 0.45 | | | | | | 0.33 | | |
Discontinued Operations | | | | | | | | | | | | | | | | |
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | | | | — | | | | | | (0.06 ) | | |
Continuing and Discontinued Operations | | | | | | | | | | | | | | | | |
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | | | | 0.45 | | | | | | 0.28 | | |
| | | | | |
For the nine-month period ended
September 30, |
| |||||||||
| | | | | |
2017
Unaudited |
| |
2016
Unaudited |
| ||||||
Net income
|
| | | | | | | 72,567 | | | | | | 41,210 | | |
Items that will not be reclassified subsequently to profit or loss: | | | | | | | | | | | | | | | | |
Remeasurement of defined benefit obligation
|
| | | | | | | 303 | | | | | | (675 ) | | |
Items that may be subsequently reclassified to profit or loss: | | | | | | | | | | | | | | | | |
Share of other comprehensive income from associates
|
| | | | | | | 214 | | | | | | (54 ) | | |
Currency translation adjustment
|
| | | | | | | (2,717 ) | | | | | | (23,954 ) | | |
Other comprehensive income/(loss) of continuing operations for the period, net of income tax
|
| | | | | | | (2,200 ) | | | | | | (24,683 ) | | |
Currency translation adjustment from discontinued operations
|
| | | | | | | — | | | | | | 3,576 | | |
Other comprehensive income of discontinued operations for the period, net of income tax
|
| | | | | | | — | | | | | | 3,576 | | |
Total other comprehensive income/(loss) for the period
|
| |
15
|
| | | | (2,200 ) | | | | | | (21,107 ) | | |
Total comprehensive income for the period
|
| | | | | | | 70,367 | | | | | | 20,103 | | |
Attributable to: | | | | | | | | | | | | | | | | |
Owners of the parent
|
| | | | | | | 56,567 | | | | | | 18,240 | | |
Non-controlling interest
|
| | | | | | | 13,800 | | | | | | 1,863 | | |
| | | | | | | | 70,367 | | | | | | 20,103 | | |
|
| | |
Notes
|
| |
At September 30,
2017 Unaudited |
| |
At December 31,
2016 |
| ||||||
ASSETS | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | |
Intangible assets, net
|
| |
10
|
| | | | 2,944,721 | | | | | | 2,825,187 | | |
Property, plant and equipment, net
|
| | | | | | | 71,737 | | | | | | 65,984 | | |
Investments in associates
|
| |
11
|
| | | | 5,317 | | | | | | 10,927 | | |
Other financial assets
|
| | | | | | | 1,005 | | | | | | 721 | | |
Deferred tax assets
|
| | | | | | | 130,013 | | | | | | 99,258 | | |
Other receivables
|
| | | | | | | 160,874 | | | | | | 118,074 | | |
Trade receivables
|
| | | | | | | 714 | | | | | | — | | |
| | | | | | | | 3,314,381 | | | | | | 3,120,151 | | |
Current assets | | | | | | | | | | | | | | | | |
Inventories
|
| | | | | | | 6,068 | | | | | | 7,664 | | |
Other financial assets
|
| | | | | | | 35,913 | | | | | | 33,936 | | |
Other receivables
|
| | | | | | | 157,187 | | | | | | 137,207 | | |
Current tax assets
|
| | | | | | | 222 | | | | | | 5,720 | | |
Trade receivables
|
| | | | | | | 117,434 | | | | | | 109,610 | | |
Cash and cash equivalents
|
| |
12
|
| | | | 321,812 | | | | | | 212,988 | | |
| | | | | | | | 638,636 | | | | | | 507,125 | | |
Total assets
|
| | | | | | | 3,953,017 | | | | | | 3,627,276 | | |
EQUITY | | |
15
|
| | | | | | | | | | | | |
Share capital
|
| | | | | | | 1,500,000 | | | | | | 20 | | |
Free distributable reserve
|
| | | | | | | 397,318 | | | | | | 1,907,328 | | |
Currency translation adjustment
|
| | | | | | | (199,399 ) | | | | | | (188,721 ) | | |
Legal reserves
|
| | | | | | | 2 | | | | | | 2 | | |
Other reserves
|
| | | | | | | (1,343,867 ) | | | | | | (1,344,022 ) | | |
Retained earnings
|
| | | | | | | 141,633 | | | | | | 74,543 | | |
Total attributable to owners of the parent
|
| | | | | | | 495,687 | | | | | | 449,150 | | |
Non-controlling interests
|
| | | | | | | 343,727 | | | | | | 354,174 | | |
Total equity
|
| | | | | | | 839,414 | | | | | | 803,324 | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Non-current liabilities | | | | | | | | | | | | | | | | |
Borrowings
|
| |
13
|
| | | | 1,225,363 | | | | | | 965,672 | | |
Deferred tax liabilities
|
| | | | | | | 151,204 | | | | | | 144,393 | | |
Other liabilities
|
| |
14
|
| | | | 1,060,871 | | | | | | 1,049,448 | | |
Non-current tax liabilities
|
| | | | | | | 110 | | | | | | — | | |
Trade payables
|
| | | | | | | 1,420 | | | | | | 1,663 | | |
| | | | | | | | 2,438,968 | | | | | | 2,161,176 | | |
Current liabilities | | | | | | | | | | | | | | | | |
Borrowings
|
| |
13
|
| | | | 104,768 | | | | | | 141,569 | | |
Other liabilities
|
| |
14
|
| | | | 443,701 | | | | | | 347,307 | | |
Current tax liabilities
|
| | | | | | | 19,890 | | | | | | 60,361 | | |
Trade payables
|
| | | | | | | 106,276 | | | | | | 113,539 | | |
| | | | | | | | 674,635 | | | | | | 662,776 | | |
Total liabilities
|
| | | | | | | 3,113,603 | | | | | | 2,823,952 | | |
Total equity and liabilities
|
| | | | | | | 3,953,017 | | | | | | 3,627,276 | | |
|
| | |
Attributable to owners of the parent
|
| | | |||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Share
Capital |
| |
Free
Distributable Reserves |
| |
Legal
Reserves |
| |
Currency
Translation Adjustment |
| |
Other
Reserves |
| |
Retained
Earnings (1) |
| |
Total
|
| |
Non-controlling
interests |
| |
Total
|
| |||||||||||||||||||||||||||
Balance at January 1, 2017
|
| | | | 20 | | | | | | 1,907,328 | | | | | | 2 | | | | | | (188,721 ) | | | | | | (1,344,022 ) | | | | | | 74,543 | | | | | | 449,150 | | | | | | 354,174 | | | | | | 803,324 | | |
Shareholders contributions (Note 15)
|
| | | | — | | | | | | (10,030 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,030 ) | | | | | | — | | | | |
|
(10,030
)
|
| |
Income for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 67,090 | | | | | | 67,090 | | | | | | 5,477 | | | | |
|
72,567
|
| |
Other comprehensive loss for the period
(Note 15) |
| | | | — | | | | | | — | | | | | | — | | | | | | (10,678 ) | | | | | | 155 | | | | | | — | | | | | | (10,523 ) | | | | | | 8,323 | | | | |
|
(2,200
)
|
| |
Conversion (Note 1)
|
| | | | 1,499,980 | | | | | | (1,499,980 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
Dividend distribution
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (24,247 ) | | | | |
|
(24,247
)
|
| |
Balance at September 30, 2017
|
| | | | 1,500,000 | | | | | | 397,318 | | | | | | 2 | | | | | | (199,399 ) | | | | | | (1,343,867 ) | | | | | | 141,633 | | | | | | 495,687 | | | | | | 343,727 | | | | | | 839,414 | | |
Balance at January 1, 2016
|
| | | | 20 | | | | | | 330,007 | | | | | | — | | | | | | (156,731 ) | | | | | | 248,677 | | | | | | 40,786 | | | | | | 462,759 | | | | | | 371,342 | | | | | | 834,101 | | |
Shareholders contributions (Note 15)
|
| | | | — | | | | | | 17,236 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,236 | | | | | | 8,086 | | | | |
|
25,322
|
| |
Income for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 40,946 | | | | | | 40,946 | | | | | | 264 | | | | |
|
41,210
|
| |
Dividend distribution
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (121 ) | | | | | | — | | | | | | (121 ) | | | | | | (8,450 ) | | | | |
|
(8,571
)
|
| |
Other comprehensive loss for the year (Note 15)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (22,361 ) | | | | | | (345 ) | | | | | | — | | | | | | (22,706 ) | | | | | | 1,599 | | | | |
|
(21,107
)
|
| |
Changes of non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 42 | | | | |
|
42
|
| |
Balance at September 30, 2016
|
| | | | 20 | | | | | | 347,243 | | | | | | — | | | | | | (179,092 ) | | | | | | 248,211 | | | | | | 81,732 | | | | | | 498,114 | | | | | | 372,883 | | | | | | 870,997 | | |
|
| | | | | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
Notes
|
| |
2017
Unaudited |
| |
2016
Unaudited |
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | |
Income for the period from continuing operations
|
| | | | | | | 72,567 | | | | | | 49,872 | | |
Adjustments for: | | | | | | | | | | | | | | | | |
Amortization and depreciation
|
| | | | | | | 105,727 | | | | | | 90,063 | | |
Deferred income tax
|
| |
9
|
| | | | (27,508 ) | | | | | | (30,256 ) | | |
Income tax accrued
|
| |
9
|
| | | | 67,341 | | | | | | 68,884 | | |
Share of loss in associates
|
| | | | | | | 5,821 | | | | | | 361 | | |
Loss on disposals of intangible assets
|
| | | | | | | 2,217 | | | | | | 5 | | |
Unpaid concession fees
|
| | | | | | | 39,598 | | | | | | 37,597 | | |
Changes in liability for Brazil concessions
|
| | | | | | | 66,308 | | | | | | 79,541 | | |
Interest expense
|
| | | | | | | 92,060 | | | | | | 80,797 | | |
Other financial results, net
|
| | | | | | | 18,578 | | | | | | 18,067 | | |
Other accruals
|
| | | | | | | 5,932 | | | | | | 16,902 | | |
Acquisition of Intangible assets
|
| | | | | | | (182,876 ) | | | | | | (114,530 ) | | |
Income tax paid
|
| | | | | | | (90,598 ) | | | | | | (15,600 ) | | |
Changes in working capital
|
| |
18
|
| | | | (115,527 ) | | | | | | (140,023 ) | | |
Net cash provided by operating activities
|
| | | | | | | 59,640 | | | | | | 141,680 | | |
Net cash used in discontinued operating activities
|
| |
19
|
| | | | — | | | | | | (8,858 ) | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | |
Acquisition of/(cash contribution in) associates
|
| | | | | | | (7 ) | | | | | | (14 ) | | |
Disposals of other financial assets
|
| | | | | | | 15,000 | | | | | | 11,050 | | |
Purchase of Property, plant and equipment
|
| | | | | | | (6,657 ) | | | | | | (5,707 ) | | |
Acquisition of Intangible assets
|
| | | | | | | (82 ) | | | | | | — | | |
Net cash inflow on disposal of discontinued operations
|
| | | | | | | — | | | | | | 10,346 | | |
Net cash inflow on disposal of subsidiaries/associated
|
| | | | | | | — | | | | | | 1,837 | | |
Loans with related parties
|
| | | | | | | (17,338 ) | | | | | | (19,394 ) | | |
Proceeds from sale of Property, plant and Equipment
|
| | | | | | | — | | | | | | 139 | | |
Net cash provided by/(used in) investing activities
|
| | | | | | | (9,084 ) | | | | | | (1,743 ) | | |
Net cash used in discontinued investing activities
|
| |
19
|
| | | | — | | | | | | (8,071 ) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | |
Proceeds from cash contributions
|
| | | | | | | 6,100 | | | | | | 25,322 | | |
Refund of cash contributions
|
| | | | | | | (16,130 ) | | | | | | — | | |
Proceeds from borrowings
|
| | | | | | | 401,994 | | | | | | 34,139 | | |
Loans paid
|
| | | | | | | (224,406 ) | | | | | | (100,377 ) | | |
Interest paid
|
| | | | | | | (80,524 ) | | | | | | (49,048 ) | | |
Release of restricted cash
|
| | | | | | | 30,873 | | | | | | — | | |
Dividend distribution
|
| | | | | | | (20,944 ) | | | | | | (12,071 ) | | |
Net cash (used in)/provided by financing activities
|
| | | | | | | 96,963 | | | | | | (102,035 ) | | |
Net cash provided by discontinued financing activities
|
| |
19
|
| | | | — | | | | | | — | | |
Increase/(Decrease) in cash and cash equivalents from continuing
operations |
| | | | | | | 147,519 | | | | | | 37,902 | | |
Decrease in cash and cash equivalents from discontinued operations
|
| | | | | | | — | | | | | | (16,929 ) | | |
Movements in cash and cash equivalents | | | | | | | | | | | | | | | | |
At the beginning of the period
|
| | | | | | | 182,116 | | | | | | 153,889 | | |
Exchange rate loss on cash and cash equivalents
|
| | | | | | | (7,823 ) | | | | | | 237 | | |
Increase/(Decrease) in cash and cash equivalents from continuing
operations |
| | | | | | | 147,519 | | | | | | 37,902 | | |
Decrease in cash and cash equivalents from discontinued operations
|
| | | | | | | — | | | | | | (16,929 ) | | |
At the end of the period
|
| |
12
|
| | | | 321,812 | | | | | | 175,099 | | |
|
| 1 | | | General information and corporate reorganization | |
| 2 | | | Basis of presentation and accounting policies | |
| 3 | | | Segment information | |
| 4 | | | Revenue | |
| 5 | | | Cost of services | |
| 6 | | | Selling, general and administrative expenses | |
| 7 | | | Other operating income | |
| 8 | | | Financial results net | |
| 9 | | | Income tax expense | |
| 10 | | | Intangible assets, net | |
| 11 | | | Investments in associates | |
| 12 | | | Cash and cash equivalents | |
| 13 | | | Borrowings | |
| 14 | | | Other liabilities | |
| 15 | | | Equity | |
| 16 | | | Contingencies, commitments and restrictions on the distribution of profits | |
| 17 | | | Related party balances and transactions | |
| 18 | | | Cash flow disclosures | |
| 19 | | | Discontinued operations | |
| 20 | | | Fair value measurement of financial instruments | |
| 21 | | | Subsequent events | |
| | |
Argentina
|
| |
Brazil
|
| |
Uruguay
|
| |
Armenia
|
| |
Ecuador
|
| |
Italy
|
| |
Perú
|
| |
Unallocated
|
| |
Intersegment
Adjustments |
| |
Total Continuing
operations |
| |
Total
Discontinued operations (Note 19) |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Airports
|
| |
Others
|
| |
Airports
|
| |
Airports
|
| |
Others
|
| |
Airports
|
| |
Airports
|
| |
Airports
|
| |
Airports
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended September 30, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | 729,707 | | | | | | 319 | | | | | | 96,096 | | | | | | 76,918 | | | | | | 11,618 | | | | | | 67,024 | | | | | | 64,468 | | | | | | 116,635 | | | | | | — | | | | | | 3,983 | | | | | | (8,234 ) | | | | | | 1,158,534 | | | | | | — | | |
Cost of services
|
| | | | (464,991 ) | | | | | | (100 ) | | | | | | (88,913 ) | | | | | | (36,519 ) | | | | | | (8,882 ) | | | | | | (35,408 ) | | | | | | (38,146 ) | | | | | | (74,352 ) | | | | | | — | | | | | | (10,742 ) | | | | | | 8,234 | | | | | | (749,819 ) | | | | | | — | | |
Gross profit
|
| | | | 264,716 | | | | | | 219 | | | | | | 7,183 | | | | | | 40,399 | | | | | | 2,736 | | | | | | 31,616 | | | | | | 26,322 | | | | | | 42,283 | | | | | | — | | | | | | (6,759 ) | | | | | | — | | | | | | 408,715 | | | | | | — | | |
Selling, general and administrative expenses
|
| | | | (69,224 ) | | | | | | (163 ) | | | | | | (10,240 ) | | | | | | (8,702 ) | | | | | | (957 ) | | | | | | (8,188 ) | | | | | | (11,933 ) | | | | | | (23,706 ) | | | | | | — | | | | | | (6,961 ) | | | | | | — | | | | | | (140,074 ) | | | | | | — | | |
Other operating income
|
| | | | 14,008 | | | | | | — | | | | | | — | | | | | | 58 | | | | | | — | | | | | | 83 | | | | | | 4 | | | | | | — | | | | | | — | | | | | | 110 | | | | | | — | | | | | | 14,263 | | | | | | — | | |
Other operating expenses
|
| | | | (179 ) | | | | | | (4 ) | | | | | | (2,217 ) | | | | | | (120 ) | | | | | | (332 ) | | | | | | (412 ) | | | | | | (19 ) | | | | | | — | | | | | | — | | | | | | (194 ) | | | | | | — | | | | | | (3,477 ) | | | | | | — | | |
Operating income
|
| | | | 209,321 | | | | | | 52 | | | | | | (5,274 ) | | | | | | 31,635 | | | | | | 1,447 | | | | | | 23,099 | | | | | | 14,374 | | | | | | 18,577 | | | | | | — | | | | | | (13,804 ) | | | | | | — | | | | | | 279,427 | | | | | | — | | |
Share of loss in associates
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 39 | | | | | | (5,907 ) | | | | | | 47 | | | | | | — | | | | | | (5,821 ) | | | | | | — | | |
Amortization and depreciation
|
| | | | 24,356 | | | | | | — | | | | | | 13,097 | | | | | | 9,313 | | | | | | 446 | | | | | | 8,594 | | | | | | 5,523 | | | | | | 7,165 | | | | | | — | | | | | | 12,641 | | | | | | — | | | | | | 81,135 | | | | | | — | | |
Adjusted Ebitda
|
| | | | 233,677 | | | | | | 52 | | | | | | 7,823 | | | | | | 40,948 | | | | | | 1,893 | | | | | | 31,693 | | | | | | 19,897 | | | | | | 25,781 | | | | | | (5,907 ) | | | | | | (1,116 ) | | | | | | — | | | | | | 354,741 | | | | | | — | | |
Financial income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 42,561 | | | | | | — | | |
Financial loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (203,767 ) | | | | | | — | | |
Amortization and depreciation
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (81,135 ) | | | | | | — | | |
Income before income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 112,400 | | | | | | — | | |
Income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (39,833 ) | | | | | | — | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 72,567 | | | | | | — | | |
Current assets
|
| | | | 207,952 | | | | | | 383 | | | | | | 139,500 | | | | | | 40,791 | | | | | | 2,123 | | | | | | 46,714 | | | | | | 33,488 | | | | | | 64,971 | | | | | | — | | | | | | 167,461 | | | | | | (64,747 ) | | | | | | 638,636 | | | | | | — | | |
Non-current assets
|
| | | | 687,142 | | | | | | 7 | | | | | | 1,565,391 | | | | | | 159,737 | | | | | | 5,144 | | | | | | 171,442 | | | | | | 50,463 | | | | | | 228,695 | | | | | | 3,110 | | | | | | 443,250 | | | | | | — | | | | | | 3,314,381 | | | | | | — | | |
Capital Expenditure
|
| | | | 162,091 | | | | | | — | | | | | | 9,185 | | | | | | 3,002 | | | | | | 547 | | | | | | 1,599 | | | | | | 798 | | | | | | 12,387 | | | | | | — | | | | | | 6 | | | | | | — | | | | | | 189,615 | | | | | | — | | |
Current liabilities
|
| | | | 148,457 | | | | | | 47 | | | | | | 298,329 | | | | | | 24,215 | | | | | | 2,743 | | | | | | 23,018 | | | | | | 35,232 | | | | | | 87,526 | | | | | | — | | | | | | 119,815 | | | | | | (64,747 ) | | | | | | 674,635 | | | | | | — | | |
Noncurrent liabilities
|
| | | | 415,105 | | | | | | — | | | | | | 1,419,433 | | | | | | 66,614 | | | | | | 1,922 | | | | | | 101,018 | | | | | | 7,904 | | | | | | 71,861 | | | | | | — | | | | | | 355,111 | | | | | | — | | | | | | 2,438,968 | | | | | | — | | |
Period ended September 30, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | 593,669 | | | | | | 278 | | | | | | 90,397 | | | | | | 67,566 | | | | | | 10,545 | | | | | | 52,376 | | | | | | 63,951 | | | | | | 107,472 | | | | | | — | | | | | | 2,304 | | | | | | (6,683 ) | | | | | | 981,875 | | | | | | — | | |
Cost of services
|
| | | | (341,561 ) | | | | | | (87 ) | | | | | | (76,617 ) | | | | | | (30,610 ) | | | | | | (7,567 ) | | | | | | (30,681 ) | | | | | | (36,318 ) | | | | | | (68,363 ) | | | | | | — | | | | | | (10,634 ) | | | | | | 6,755 | | | | | | (595,683 ) | | | | | | — | | |
Gross profit
|
| | | | 252,108 | | | | | | 191 | | | | | | 13,780 | | | | | | 36,956 | | | | | | 2,978 | | | | | | 21,695 | | | | | | 27,633 | | | | | | 39,109 | | | | | | — | | | | | | (8,330 ) | | | | | | 72 | | | | | | 386,192 | | | | | | — | | |
Selling, general and administrative expenses
|
| | | | (62,935 ) | | | | | | (154 ) | | | | | | (8,767 ) | | | | | | (7,474 ) | | | | | | (688 ) | | | | | | (8,299 ) | | | | | | (12,136 ) | | | | | | (21,776 ) | | | | | | — | | | | | | (6,573 ) | | | | | | — | | | | | | (128,802 ) | | | | | | — | | |
Other operating income
|
| | | | 12,353 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,353 | | | | | | — | | |
Other operating expenses
|
| | | | (835 ) | | | | | | 108 | | | | | | (65 ) | | | | | | (171 ) | | | | | | (105 ) | | | | | | (2,096 ) | | | | | | (19 ) | | | | | | — | | | | | | — | | | | | | (1 ) | | | | | | — | | | | | | (3,184 ) | | | | | | — | | |
Operating income
|
| | | | 200,691 | | | | | | 145 | | | | | | 4,948 | | | | | | 29,311 | | | | | | 2,185 | | | | | | 11,300 | | | | | | 15,478 | | | | | | 17,333 | | | | | | — | | | | | | (14,904 ) | | | | | | 72 | | | | | | 266,559 | | | | | | — | | |
Share of loss in associates
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8 | | | | | | (320 ) | | | | | | (49 ) | | | | | | — | | | | | | (361 ) | | | | | | — | | |
Amortization and depreciation
|
| | | | 15,957 | | | | | | — | | | | | | 10,954 | | | | | | 9,065 | | | | | | 388 | | | | | | 8,573 | | | | | | 5,511 | | | | | | 7,122 | | | | | | — | | | | | | 12,595 | | | | | | — | | | | | | 70,165 | | | | | | — | | |
Adjusted Ebitda
|
| | | | 216,648 | | | | | | 145 | | | | | | 15,902 | | | | | | 38,376 | | | | | | 2,573 | | | | | | 19,873 | | | | | | 20,989 | | | | | | 24,463 | | | | | | (320 ) | | | | | | (2,358 ) | | | | | | 72 | | | | | | 336,363 | | | | | | — | | |
Financial income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 26,260 | | | | | | — | | |
Financial loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (203,958 ) | | | | | | — | | |
Amortization and depreciation
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (70,165 ) | | | | | | — | | |
Income before income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 88,500 | | | | | | — | | |
Income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (38,628 ) | | | | | | — | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 49,872 | | | | | | (8,662 ) | | |
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets
|
| | | | 147,058 | | | | | | 371 | | | | | | 134,817 | | | | | | 25,452 | | | | | | 2,821 | | | | | | 30,242 | | | | | | 45,053 | | | | | | 51,453 | | | | | | — | | | | | | 125,674 | | | | | | (55,816 ) | | | | | | 507,125 | | | | | | — | | |
Non-current assets
|
| | | | 546,011 | | | | | | 9 | | | | | | 1,533,910 | | | | | | 166,048 | | | | | | 5,042 | | | | | | 176,520 | | | | | | 55,189 | | | | | | 199,317 | | | | | | 8,504 | | | | | | 430,200 | | | | | | (599 ) | | | | | | 3,120,151 | | | | | | — | | |
Capital Expenditure
|
| | | | 155,026 | | | | | | 13 | | | | | | 16,692 | | | | | | 5,749 | | | | | | 2,072 | | | | | | 2,003 | | | | | | 426 | | | | | | 12,102 | | | | | | — | | | | | | — | | | | | | 316 | | | | | | 194,399 | | | | | | — | | |
Current liabilities
|
| | | | 221,726 | | | | | | 58 | | | | | | 233,649 | | | | | | 17,104 | | | | | | 2,820 | | | | | | 18,225 | | | | | | 44,307 | | | | | | 63,806 | | | | | | — | | | | | | 116,532 | | | | | | (55,451 ) | | | | | | 662,776 | | | | | | — | | |
Non-current liabilities
|
| | | | 159,688 | | | | | | — | | | | | | 1,402,430 | | | | | | 69,899 | | | | | | 1,860 | | | | | | 103,030 | | | | | | 11,566 | | | | | | 68,645 | | | | | | — | | | | | | 345,024 | | | | | | (966 ) | | | | | | 2,161,176 | | | | | | — | | |
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Aeronautical revenue
|
| | | | 575,123 | | | | | | 495,601 | | |
Non-aeronautical revenue | | | | | | | | | | | | | |
Commercial revenue
|
| | | | 409,738 | | | | | | 383,693 | | |
Construction service revenue
|
| | | | 172,347 | | | | | | 99,412 | | |
Other revenue
|
| | | | 1,326 | | | | | | 3,169 | | |
| | | | | 1,158,534 | | | | | | 981,875 | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Salaries and social security contributions
|
| | | | (157,261 ) | | | | | | (135,416 ) | | |
Concession fees (**)
|
| | | | (144,902 ) | | | | | | (128,357 ) | | |
Construction services cost
|
| | | | (171,265 ) | | | | | | (98,483 ) | | |
Maintenance expenses
|
| | | | (106,304 ) | | | | | | (89,253 ) | | |
Amortization and depreciation
|
| | | | (75,487 ) | | | | | | (64,570 ) | | |
Services and fees
|
| | | | (38,594 ) | | | | | | (32,772 ) | | |
Taxes (*)
|
| | | | (14,067 ) | | | | | | (12,984 ) | | |
Cost of fuel
|
| | | | (19,182 ) | | | | | | (13,156 ) | | |
Office expenses
|
| | | | (12,999 ) | | | | | | (5,497 ) | | |
Provision for maintenance cost
|
| | | | (1,313 ) | | | | | | (2,386 ) | | |
Others
|
| | | | (8,445 ) | | | | | | (12,809 ) | | |
| | | | | (749,819 ) | | | | | | (595,683 ) | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Taxes (*)
|
| | | | (40,474 ) | | | | | | (35,064 ) | | |
Services and fees
|
| | | | (43,007 ) | | | | | | (39,045 ) | | |
Salaries and social security contributions
|
| | | | (26,124 ) | | | | | | (25,913 ) | | |
Office expenses
|
| | | | (8,539 ) | | | | | | (6,897 ) | | |
Amortization and depreciation
|
| | | | (5,648 ) | | | | | | (5,595 ) | | |
Advertising
|
| | | | (2,101 ) | | | | | | (1,457 ) | | |
Maintenance expenses
|
| | | | (2,285 ) | | | | | | (3,022 ) | | |
Bad debts
|
| | | | (4,029 ) | | | | | | (2,243 ) | | |
Bad debts recovery
|
| | | | 257 | | | | | | — | | |
Insurance
|
| | | | (1,390 ) | | | | | | (1,158 ) | | |
Charter service
|
| | | | (605 ) | | | | | | (966 ) | | |
Other
|
| | | | (6,129 ) | | | | | | (7,442 ) | | |
| | | | | (140,074 ) | | | | | | (128,802 ) | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Government grant (*)
|
| | | | 14,007 | | | | | | 12,353 | | |
Other
|
| | | | 256 | | | | | | — | | |
| | | | | 14,263 | | | | | | 12,353 | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Interest income
|
| | | | 30,658 | | | | | | 9,795 | | |
Foreign exchange income
|
| | | | 11,678 | | | | | | 16,302 | | |
Other
|
| | | | 225 | | | | | | 163 | | |
Financial income
|
| | | | 42,561 | | | | | | 26,260 | | |
Interest expense
|
| | | | (92,060 ) | | | | | | (80,797 ) | | |
Foreign exchange transaction expenses
|
| | | | (43,196 ) | | | | | | (38,234 ) | | |
Changes in liability for Brazil concessions
|
| | | | (66,308 ) | | | | | | (79,541 ) | | |
Other
|
| | | | (2,203 ) | | | | | | (5,386 ) | | |
Financial loss
|
| | | | (203,767 ) | | | | | | (203,958 ) | | |
Net financial results
|
| | | | (161,206 ) | | | | | | (177,698 ) | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Current income tax
|
| | | | (67,341 ) | | | | | | (68,884 ) | | |
Deferred income tax
|
| | | | 27,508 | | | | | | 30,256 | | |
| | | | | (39,833 ) | | | | | | (38,628 ) | | |
|
| | |
Concession
Assets |
| |
Goodwill
|
| |
Patent,
intellectual property rights and others |
| |
Total
|
| ||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | |
Values at January 1, 2017
|
| | | | 3,334,564 | | | | | | 56,013 | | | | | | 15,162 | | | | | | 3,405,739 | | |
Acquisitions
|
| | | | 182,876 | | | | | | — | | | | | | 82 | | | | | | 182,958 | | |
Disposals
|
| | | | (2,217 ) | | | | | | — | | | | | | — | | | | | | (2,217 ) | | |
Transfers
|
| | | | 397 | | | | | | — | | | | | | (397 ) | | | | | | — | | |
Increase (Note 14)
|
| | | | 252 | | | | | | — | | | | | | — | | | | | | 252 | | |
Translation differences
|
| | | | 37,620 | | | | | | 548 | | | | | | 3,004 | | | | | | 41,172 | | |
| | | | | 3,553,492 | | | | | | 56,561 | | | | | | 17,851 | | | | | | 3,627,904 | | |
Depreciation | | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated at the beginning of the period
|
| | | | 569,090 | | | | | | 306 | | | | | | 11,156 | | | | | | 580,552 | | |
Depreciation of the year
|
| | | | 99,522 | | | | | | 45 | | | | | | 227 | | | | | | 99,794 | | |
Translation differences
|
| | | | 1,582 | | | | | | (28 ) | | | | | | 1,283 | | | | | | 2,837 | | |
| | | | | 670,194 | | | | | | 323 | | | | | | 12,666 | | | | | | 683,183 | | |
At September 30, 2017
|
| | | | 2,883,298 | | | | | | 56,238 | | | | | | 5,185 | | | | | | 2,944,721 | | |
Cost | | | | | | | | | | | | | | | | | | | | | | | | | |
Values at January 1, 2016
|
| | | | 2,899,618 | | | | | | 56,699 | | | | | | 20,004 | | | | | | 2,976,321 | | |
Acquisitions of business
|
| | | | 3,324 | | | | | | — | | | | | | — | | | | | | 3,324 | | |
Acquisitions
|
| | | | 114,530 | | | | | | — | | | | | | — | | | | | | 114,530 | | |
Increase (Note 14)
|
| | | | 2,131 | | | | | | — | | | | | | — | | | | | | 2,131 | | |
Transfers
|
| | | | (60 ) | | | | | | — | | | | | | 60 | | | | | | — | | |
Translation differences
|
| | | | 202,254 | | | | | | 47 | | | | | | 561 | | | | | | 202,862 | | |
| | | | | 3,221,797 | | | | | | 56,746 | | | | | | 20,625 | | | | | | 3,299,168 | | |
Depreciation | | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated at the beginning of the period
|
| | |
|
354,593
|
| | | |
|
298
|
| | | |
|
10,727
|
| | | |
|
365,618
|
| |
Depreciation of the year
|
| | | | 83,957 | | | | | | 33 | | | | | | 393 | | | | | | 84,383 | | |
Translation differences
|
| | | | 6,746 | | | | | | (46 ) | | | | | | 281 | | | | | | 6,981 | | |
| | | | | 445,296 | | | | | | 285 | | | | | | 11,401 | | | | | | 456,982 | | |
At September 30, 2016
|
| | | | 2,776,501 | | | | | | 56,461 | | | | | | 9,224 | | | | | | 2,842,186 | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Balances at the beginning of the period
|
| | | | 10,927 | | | | | | 14,450 | | |
Share of loss in associates(*)
|
| | | | (5,821 ) | | | | | | (361 ) | | |
Increase
|
| | | | — | | | | | | 14 | | |
Decrease
|
| | | | (9 ) | | | | | | (2,583 ) | | |
Translation differences
|
| | | | 220 | | | | | | (54 ) | | |
At the end of the period
|
| | | | 5,317 | | | | | | 11,466 | | |
|
| | | | |
At December 31,
2016 |
| |||||||
Cash in hand
|
| | | | 557 | | | | | | 1,313 | | |
Cash at banks
|
| | | | 279,216 | | | | | | 146,726 | | |
Cash equivalents
|
| | | | 42,039 | | | | | | 64,949 | | |
| | | | | 321,812 | | | | | | 212,988 | | |
|
| | |
At September 30,
2017 (Unaudited) |
| |
At September 30,
2016 (Unaudited) |
| ||||||
Cash and cash equivalents
|
| | | | 321,812 | | | | | | 206,127 | | |
Restricted cash
|
| | | | — | | | | | | (31,028 ) | | |
| | | | | 321,812 | | | | | | 175,099 | | |
|
| | |
At September 30,
2017 (Unaudited) |
| |
At December 31,
2016 |
| ||||||
Non-current | | | | | | | | | | | | | |
Bank and financial borrowings(**)
|
| | | | 555,583 | | | | | | 551,431 | | |
Notes(*)
|
| | | | 667,708 | | | | | | 411,200 | | |
Others
|
| | | | 2,072 | | | | | | 3,041 | | |
| | | | | 1,225,363 | | | | | | 965,672 | | |
Current | | | | | | | | | | | | | |
Bank and financial borrowings(**)
|
| | | | 58,447 | | | | | | 52,671 | | |
Notes(*)
|
| | | | 22,795 | | | | | | 64,439 | | |
Loans with related parties (Note 17)
|
| | | | 21,700 | | | | | | 22,220 | | |
Others
|
| | | | 1,826 | | | | | | 2,239 | | |
| | | | | 104,768 | | | | | | 141,569 | | |
Total Borrowings
|
| | | | 1,330,131 | | | | | | 1,107,241 | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Balances at the beginning of the period
|
| | | | 1,107,241 | | | | | | 1,087,566 | | |
Loans obtained
|
| | | | 401,994 | | | | | | 34,139 | | |
Loans paid
|
| | | | (224,406 ) | | | | | | (100,377 ) | | |
Interest paid
|
| | | | (80,524 ) | | | | | | (49,048 ) | | |
Accrued interest for the period
|
| | | | 86,484 | | | | | | 79,500 | | |
Translation differences
|
| | | | 39,342 | | | | | | 78,584 | | |
At the end of the period
|
| | | | 1,330,131 | | | | | | 1,130,364 | | |
|
| | |
1 year or less
|
| |
1 – 2 years
|
| |
2 – 5 years
|
| |
Over 5 years
|
| |
Total
|
| |||||||||||||||
At September 30, 2017
(1)
|
| | | | 140,620 | | | | | | 172,554 | | | | | | 609,034 | | | | | | 918,237 | | | | |
|
1,840,445
|
| |
At December 31, 2016
(1)
|
| | | | 132,756 | | | | | | 187,150 | | | | | | 418,061 | | | | | | 762,595 | | | | |
|
1,500,562
|
| |
Company
|
| |
Lender
|
| |
Currency
|
| |
Maturity
|
| |
Interest Rate
|
| |
Outstanding
(In millions of USD) |
| |
Capitalization
(2)
|
| | |||||
Inframérica
Concessionaria do Aeroporto Sao Goncalo do Amarante |
| |
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
T.R. + 3,14% + IPCA
|
| | | | 18.3 | | | |
A
|
| | ||
|
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
TJLP + 3,14%
|
| | | | 91.8 | | | | |||||||
|
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
2,5%
|
| | | | 3.5 | | | | |||||||
|
BNDES
|
| |
Brazilian Reales
|
| |
July 2032
|
| |
T.R. + 4,74% + IPCA
|
| | | | 1.2 | | | | | | |||||
Inframérica
Concessionaria do Aeroporto de Brasilia |
| |
BNDES
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
TJLP + 3,14%
|
| | | | 222.5 | | | |
A
|
| | ||
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
TJLP + 3,6%
|
| | | | 76.9 | | | |
A
|
| | ||||
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2017
|
| |
IPCA + 5,2%
|
| | | | 5.7 | | | |
A
|
| | ||||
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2023
|
| |
6%
|
| | | | 5.3 | | | |
A
|
| | ||||
|
BRADESCO
|
| |
Brazilian Reales
|
| | | | |
TJLP + 8,10%
|
| | | | 0.3 | | | |
D
|
| | ||||
|
BRADESCO
|
| |
Brazilian Reales
|
| | | | |
Selic + 7,38%
|
| | | | 0.1 | | | |
D
|
| | ||||
Terminal Aeroportuaria
de Guayaquil S.A |
| |
Banco Guayaquil SA
|
| |
USD
|
| |
2019
|
| |
7.17%
|
| | | | 2.7 | | | |
D
|
| | ||
|
Banco Bolivariano SA
|
| |
USD
|
| |
2019
|
| |
6.49%-6.96%
|
| | | | 8.2 | | | |
D
|
| | ||||
Terminal de Cargas
de Uruguay SA |
| |
Santander Uruguay
|
| |
USD
|
| |
June 2020
|
| |
4.25%
|
| | | | 1.2 | | | |
D
|
| | ||
Toscana Aeroporti S.p.a
|
| |
Monte dei Paschi di Sena
|
| |
Euro
|
| |
June 2022
|
| |
Euribor 6 mesi + 250 b.p.
|
| | | | 10.0 | | | |
B
|
| | ||
|
Intensa San
Paolo – I tranche |
| |
Euro
|
| |
September 2027
|
| |
Euribor 6 mesi + 96 b.p.
|
| | | | 14.5 | | | |
D
|
| | ||||
|
Intensa San
Paolo – II tranche |
| |
Euro
|
| |
September 2027
|
| |
Euribor 6 mesi + 180 b.p.
|
| | | | 32.2 | | | |
D
|
| | ||||
|
Banco BPM
|
| |
Euro
|
| |
2018
|
| |
Euribor 3 mesi + 110 b.p.
|
| | | | 0.6 | | | |
D
|
| | ||||
Armenia International
Airports CJSC |
| |
Credit Suisse AG
|
| |
Euro
|
| |
June 2022
|
| |
Euribor+5.5%
|
| | | | 61.5 | | | | | ||||
|
Credit Suisse AG
|
| |
USD
|
| |
June 2022
|
| |
Libor+5.5%
|
| | | | 56.1 | | | |
B
|
| | ||||
Aeropuertos Argentina
2000 SA |
| |
Banco Ciudad
|
| |
Argentine peso
|
| |
September 2018
|
| |
27.86%
|
| | | | 1.3 | | | |
D
|
| | ||
Aeropuerto de
Bahía Blanca S.A. |
| |
Banco de la
Nación Argentina |
| |
Argentine peso
|
| |
March 2019
|
| |
4.75%
|
| | | | 0.1 | | | |
A
|
| | ||
Total | | | | | | | | | | | | | | | | | 614.0 | | | | | | |
Company
|
| |
Lender
|
| |
Currency
|
| |
Maturity
|
| |
Interest Rate
|
| |
Outstanding
(In millions of USD) |
| |
Capitalization
(2)
|
| ||||||
Inframérica Concessionaria
do Aeroporto Sao Goncalo do Amarante |
| |
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
Variable
|
| |
TJLP
(1)
+ 3.14%
|
| | | | 98.2 | | | |
A
|
|
|
BNDES
|
| |
Brazilian Reales
|
| |
June 2032
|
| |
Variable
|
| |
T.R.+ 3.14%+IPCA
|
| | | | 2.4 | | | |||||
|
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
Variable
|
| |
T.R.+ 3.14%+IPCA
|
| | | | 5.3 | | | |||||
|
BNDES
|
| |
Brazilian Reales
|
| |
September 2032
|
| |
Fixed
|
| |
2.5%
|
| | | | 3.9 | | | |||||
|
BNDES
|
| |
Brazilian Reales
|
| |
July 2032
|
| |
Variable
|
| |
T.R.+ 4.74%+IPCA
|
| | | | 1.2 | | | |||||
|
BNDES
|
| |
Brazilian Reales
|
| |
July 2032
|
| |
Variable
|
| |
T.R.+ 3.14%+IPCA
|
| | | | 1.6 | | | |||||
Inframérica Concessionaria
do Aeroporto de Brasilia |
| |
BNDES
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
Variable
|
| |
TJLP
(1)
+ 3.14%
|
| | | | 220 | | | |
A
|
|
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2028
|
| |
Variable
|
| |
TJLP
(1)
+ 3.6%
|
| | | | 76.8 | | | |
A
|
| ||
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2017
|
| |
Variable
|
| |
IPCA
|
| | | | 7.1 | | | |
A
|
| ||
|
CAIXA
|
| |
Brazilian Reales
|
| |
December 2023
|
| |
Fixed
|
| |
6%
|
| | | | 5.7 | | | |
A
|
| ||
|
ABC
|
| |
Brazilian Reales
|
| |
April 2017
|
| |
Variable
|
| |
CDI + 4.5%
|
| | | | 3.5 | | | |
D
|
| ||
Terminal Aeroportuaria
de Guayaquil S.A |
| |
Banco Guayaquil SA
|
| |
USD
|
| |
2019
|
| |
Variable
|
| |
7.5% – 8%
|
| | | | 6.1 | | | |
D
|
|
|
Banco Bolivariano CA
|
| |
USD
|
| |
2019
|
| |
Variable
|
| |
7.50%
|
| | | | 8.4 | | | |
D
|
| ||
Terminal de Cargas
de Uruguay SA |
| |
Santander Uruguay
|
| |
USD
|
| |
June 2020
|
| |
Fixed
|
| |
4.25%
|
| | | | 1.5 | | | |
D
|
|
Toscana Aeroporti S.p.a.
|
| |
MPS Servicio capital
|
| |
Euro
|
| |
June 2022-
|
| |
Variable
|
| |
Euribor 6 month
plus spread |
| | | | 10.2 | | | |
B
|
|
|
Banco de Innovación
de Infraestructuras y Desarrollo/ |
| |
Euro
|
| |
September 2027
|
| |
Variable
|
| |
Euribor 6 month
plus spread |
| | | | 32.7 | | | |
D
|
| ||
Armenia International
Airports CJSC |
| |
Credit Suisse AG
|
| |
USD
|
| |
June 2022
|
| |
Fixed
|
| |
7.89%
|
| | | | 116.3 | | | |
B
|
|
Aeropuertos Argentina
2000 SA |
| |
Banco Ciudad
|
| |
Argentine peso
|
| |
September 2018
|
| |
Fixed
|
| |
27.86%
|
| | | | 2.3 | | | |
D
|
|
|
Banco Provincia
|
| |
Argentine peso
|
| |
June 2017
|
| |
Fixed
|
| |
26.42%
|
| | | | 0.7 | | | | | | ||
Aeropuerto de
Bahía Blanca S.A. |
| |
Banco de la
Nación Argentina |
| |
Argentine peso
|
| |
March 2019
|
| | | | |
4.75%
|
| | | | 0.2 | | | |
A
|
|
Total | | | | | | | | | | | | | | | | | | | | 604.1 | | | | | |
| | |
At September 30,
2017 (Unaudited) |
| |
At December 31,
2016 |
| ||||||
Non-current | | | | | | | | | | | | | |
Concession fee payable(*)
|
| | | | 974,786 | | | | | | 970,762 | | |
Advances from customers
|
| | | | 33,089 | | | | | | 27,922 | | |
Provision for maintenance costs(**)
|
| | | | 21,892 | | | | | | 20,113 | | |
Other taxes payable
|
| | | | 9,199 | | | | | | 10,242 | | |
Employee benefit obligation(***)
|
| | | | 8,800 | | | | | | 8,498 | | |
Salary payable
|
| | | | 1,972 | | | | | | 772 | | |
Provisions for legal claims(****)
|
| | | | 3,405 | | | | | | — | | |
Other liabilities with related parties (Note 17)
|
| | | | 961 | | | | | | 600 | | |
Miscellaneous
|
| | | | 6,767 | | | | | | 10,539 | | |
| | | | | 1,060,871 | | | | | | 1,049,448 | | |
Current | | | | | | | | | | | | | |
Concession fee payable(*)
|
| | | | 296,040 | | | | | | 202,584 | | |
Other liabilities with related parties (Note 17)
|
| | | | 33,957 | | | | | | 31,369 | | |
Salary payable
|
| | | | 40,274 | | | | | | 39,084 | | |
Other taxes payable
|
| | | | 33,753 | | | | | | 28,729 | | |
Provision for maintenance costs(**)
|
| | | | 8,887 | | | | | | 6,713 | | |
Provision for legal claims(****)
|
| | | | 3,409 | | | | | | 5,878 | | |
Advances from customers
|
| | | | 6,263 | | | | | | 13,941 | | |
Expenses provisions
|
| | | | 337 | | | | | | 6,222 | | |
Miscellaneous
|
| | | | 20,781 | | | | | | 12,787 | | |
| | | | | 443,701 | | | | | | 347,307 | | |
| | |
1 year or less
|
| |
1 – 2 years
|
| |
2 – 5 years
|
| |
Over 2 years
|
| |
Total
|
| |||||||||||||||
At September 30, 2017
|
| | | | 446,318 | | | | | | 330,423 | | | | | | 516,234 | | | | | | 2,352,257 | | | | |
|
3,645,232
|
| |
At December 31, 2016
|
| | | | 378,130 | | | | | | 90,290 | | | | | | 293,170 | | | | | | 2,700,430 | | | | |
|
3,462,020
|
| |
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Balances at the beginning of the period
|
| | | | 1,173,346 | | | | | | 871,139 | | |
Financial result
|
| | | | 66,308 | | | | | | 79,541 | | |
Concession fees
|
| | | | 120,311 | | | | | | 108,455 | | |
Payments
|
| | | | (122,530 ) | | | | | | (106,843 ) | | |
Others (Note 10)
|
| | | | 252 | | | | | | 2,131 | | |
Translation differences
|
| | | | 33,139 | | | | | | 195,244 | | |
At the end of the period
|
| | | | 1,270,826 | | | | | | 1,149,667 | | |
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Balances at the beginning of the period
|
| | | | 26,826 | | | | | | 24,929 | | |
Accrual of the period
|
| | | | 1,313 | | | | | | 2,386 | | |
Use of the provision
|
| | | | (438 ) | | | | | | (776 ) | | |
Translation differences
|
| | | | 3,078 | | | | | | 582 | | |
Balances at the end of the period
|
| | | | 30,779 | | | | | | 27,121 | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Balances at the beginning of the period
|
| | | | 8,498 | | | | | | 8,139 | | |
Actuarial gain/loss (in other comprehensive income)
|
| | | | — | | | | | | 1,009 | | |
Interest for services
|
| | | | 99 | | | | | | 16 | | |
Service cost
|
| | | | 188 | | | | | | 133 | | |
Amounts paid in the year
|
| | | | (366 ) | | | | | | (187 ) | | |
Translation differences
|
| | | | 381 | | | | | | 178 | | |
At the end of the period
|
| | | | 8,800 | | | | | | 9,288 | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Balances at the beginning of the period
|
| | | | 5,878 | | | | | | 4,730 | | |
Accrual of the period
|
| | | | 588 | | | | | | 218 | | |
Use of the provision
|
| | | | (18 ) | | | | | | (86 ) | | |
Translation differences
|
| | | | 366 | | | | | | 104 | | |
Balances at the end of the period
|
| | | | 6,814 | | | | | | 4,966 | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Cash contributions
|
| | | | 6,100 | | | | | | 17,236 | | |
Conversion (Note 1)
|
| | | | (1,499,980 ) | | | | | | — | | |
Refund of reserves
|
| | | | (16,130 ) | | | | | | — | | |
| | | | | (1,510,010 ) | | | | | | 17,236 | | |
|
| | |
Currency
translation adjustments |
| |
Remeasurement
of defined benefit obligations(*) |
| |
Share of other
comprehensive income from associates |
| |
Income
Tax effect(*) |
| |
Transfer from
shareholders equity – currency translation differences |
| |
Total
|
| ||||||||||||||||||
Balances at January 1, 2017
|
| | | | (212,080 ) | | | | | | 106 | | | | | | (40,043 ) | | | | | | (54 ) | | | | | | 63,402 | | | | | | (188,669 ) | | |
Continuing operations | | | | | | | | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the period
|
| | | | (11,102 ) | | | | | | 204 | | | | | | 424 | | | | | | (49 ) | | | | | | — | | | | |
|
(10,523
)
|
| |
Discontinued operations | | | | | | | | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
For the period ended September 30,
2017 |
| | | | (223,182 ) | | | | | | 310 | | | | | | (39,619 ) | | | | | | (103 ) | | | | | | 63,402 | | | | | | (199,192 ) | | |
Balances at January 1, 2016
|
| | | | (174,950 ) | | | | | | 489 | | | | | | (39,999 ) | | | | | | (145 ) | | | | | | 58,218 | | | | | | (156,387 ) | | |
Continuing operations | | | | | | | | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the period
|
| | | | (25,868 ) | | | | | | (251 ) | | | | | | (69 ) | | | | | | (94 ) | | | | | | — | | | | |
|
(26,282
)
|
| |
Discontinued operations
|
| | | | | | | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the period
|
| | | | 284 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,292 | | | | |
|
3,576
|
| |
For the period ended September 30,
2016 |
| | | | (200,534 ) | | | | | | 238 | | | | | | (40,068 ) | | | | | | (239 ) | | | | | | 61,510 | | | | | | (179,093 ) | | |
|
(all amounts in thousands of U.S. dollars)
|
| |
At September 30,
2017 |
| |
At December 31,
2016 |
| ||||||
Share capital
|
| | | | 1,500,000 | | | | | | 20 | | |
Legal reserve
|
| | | | 2 | | | | | | 2 | | |
Free distributable reserves
|
| | | | 397,318 | | | | | | 1,907,328 | | |
Retained earnings
|
| | | | 57,478 | | | | | | 27,723 | | |
Total equity in accordance with Luxembourg law
|
| | | | 1,954,798 | | | | | | 1,935,073 | | |
|
| | |
At September 30,
2017 (Unaudited) |
| |
At December 31,
2016 |
| ||||||
Year-period balances | | | | | | | | | | | | | |
(a) Arising from sales/purchases of goods/others | | | | | | | | | | | | | |
Trade Receivables from associated parties
|
| | | | 94 | | | | | | 229 | | |
Trade Receivables from other related parties
|
| | | | 697 | | | | | | 1,255 | | |
Other Receivables from other related parties
|
| | | | 8,500 | | | | | | 9,025 | | |
Other Financial Assets from associated parties
|
| | | | 25,107 | | | | | | 7,769 | | |
Trade Payables to other related parties
|
| | | | (10,660 ) | | | | | | (8,626 ) | | |
| | | | | 23,738 | | | | | | 9,652 | | |
(b) Financial debt | | | | | | | | | | | | | |
Borrowings to other related parties
|
| | | | (21,700 ) | | | | | | (22,220 ) | | |
| | | | | (21,700 ) | | | | | | (22,220 ) | | |
(c) Other liabilities | | | | | | | | | | | | | |
Other liabilities to other related parties
|
| | | | (34,918 ) | | | | | | (31,969 ) | | |
| | | | | (34,918 ) | | | | | | (31,969 ) | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Transactions | | | | | | | | | | | | | |
Cash Contribution
|
| | | | 6,100 | | | | | | 17,236 | | |
Refund of contributions
|
| | | | (16,130 ) | | | | | | — | | |
Commercial revenue
|
| | | | 4,328 | | | | | | 4,826 | | |
Fees
|
| | | | 168 | | | | | | 286 | | |
Interest accruals
|
| | | | (1,817 ) | | | | | | 98 | | |
Acquisition of goods and services
|
| | | | (11,224 ) | | | | | | (8,604 ) | | |
Others
|
| | | | (85 ) | | | | | | (363 ) | | |
Changes in working capital
|
| |
At September 30,
2017 (Unaudited) |
| |
At September 30,
2016 (Unaudited) |
| ||||||
Other receivables and credits
|
| | | | (46,220 ) | | | | | | (60,956 ) | | |
Inventories
|
| | | | 1,596 | | | | | | 3,098 | | |
Other liabilities
|
| | | | (70,903 ) | | | | | | (82,165 ) | | |
| | | | | (115,527 ) | | | | | | (140,023 ) | | |
|
| | |
For the nine-month period ended
|
| |||||||||
| | |
September 30,
2017 |
| |
September 30,
2016 |
| ||||||
Dividend distribution
|
| | | | (3,303 ) | | | | | | — | | |
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Revenues
|
| | | | — | | | | | | 5 | | |
Cost of services
|
| | | | — | | | | | | (92 ) | | |
Gross profit
|
| | | | — | | | | | | (87 ) | | |
Selling, general and administrative expenses
|
| | | | — | | | | | | (796 ) | | |
Loss on disposal of discontinued operations
|
| | | | — | | | | | | (8,217 ) | | |
Other operating expenses
|
| | | | — | | | | | | (228 ) | | |
Operating loss
|
| | | | — | | | | | | (9,328 ) | | |
Financial income
|
| | | | — | | | | | | 665 | | |
Loss before equity in earnings of associated companies and income tax
|
| | | | — | | | | | | (8,663 ) | | |
Share of income in associates
|
| | | | — | | | | | | 62 | | |
Loss before income tax
|
| | | | — | | | | | | (8,601 ) | | |
Income tax
|
| | | | — | | | | | | (61 ) | | |
Loss for discontinued operations
|
| | | | — | | | | | | (8,662 ) | | |
Currency translation adjustment
|
| | | | — | | | | | | 3,576 | | |
Total other comprehensive loss for the period
|
| | | | — | | | | | | (5,086 ) | | |
|
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
(Unaudited) |
| |
2016
(Unaudited) |
| ||||||
Increase/(decrease) in cash
|
| | | | — | | | | | | (8,636 ) | | |
Provided/(used) in operating activities
|
| | | | — | | | | | | (8,858 ) | | |
Provided/(used) in investing activities
|
| | | | — | | | | | | 222 | | |
Provided/(used) in financing activities
|
| | | | — | | | | | | — | | |
| | |
At September 30,
2017 |
| |
At September 30,
2016 |
| ||||||
Non-current assets
|
| | | | — | | | | | | 13,721 | | |
Current assets
|
| | | | — | | | | | | 38,697 | | |
Total assets
|
| | | | — | | | | | | 52,418 | | |
Non-current liabilities
|
| | | | — | | | | | | 6,552 | | |
Current liabilities
|
| | | | — | | | | | | 30,284 | | |
Total liabilities
|
| | | | — | | | | | | 36,836 | | |
Total attributable to owners of the parent
|
| | | | — | | | | | | 15,271 | | |
Non-controlling interests
|
| | | | — | | | | | | 311 | | |
Total equity and liabilities
|
| | | | — | | | | | | 52,418 | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Net identifiable assets disposed
|
| | | | — | | | | | | 15,271 | | |
Transfer from shareholders equity – currency translation differences
|
| | | | — | | | | | | 3,292 | | |
Loss from discontinued operations
|
| | | | — | | | | | | (8,217 ) | | |
Net cash inflow on disposal of discontinued operations
|
| | | | — | | | | | | 10,346 | | |
Less: Cash and cash equivalents in subsidiaries disposed
|
| | | | — | | | | | | (8,293 ) | | |
Net cash provided by/(used in) investing activities
|
| | | | — | | | | | | 222 | | |
Net cash used in discontinued investing activities
|
| | | | — | | | | | | 8,071 | | |
| | |
Fair value
|
| |
Carrying amount
|
| ||||||
Trust funds
|
| | | | 125,654 | | | | | | 132,844 | | |
Long-term borrowings
|
| | | | 1,323,185 | | | | | | 1,225,071 | | |
| | |
For the nine-month period ended
September 30, |
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Pro-forma earnings per share attributable to the parent (unaudited) | | | | ||||||||||
Continuing Operations | | | | ||||||||||
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | 0.45 | | | | | | 0.33 | | |
Discontinued Operations | | | | ||||||||||
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | — | | | | | | (0.06 ) | | |
Continuing and Discontinued Operations | | | | ||||||||||
Pro-forma basic and diluted earnings per share (unaudited)
|
| | | | 0.45 | | | | | | 0.28 | | |
| | |
December 31,
2015 |
| |
December 31,
2014 |
| ||||||
Assets | | | | ||||||||||
Current assets | | | | ||||||||||
Cash and cash equivalents (Note 5)
|
| | | | 14,399 | | | | | | 4,113 | | |
Escrow deposits (Note 5.1)
|
| | | | 15,637 | | | | | | 21,473 | | |
Trade receivables (Note 6)
|
| | | | 10,560 | | | | | | 15,578 | | |
Related parties (Note 7)
|
| | | | 1,627 | | | | | | 2,110 | | |
Taxes recoverable (Note 8)
|
| | | | 10,048 | | | | | | 12,387 | | |
Prepaid expenses
|
| | | | 371 | | | | | | 529 | | |
Other receivables (Note 9)
|
| | | | 1,359 | | | | | | 2,458 | | |
| | | | | 54,001 | | | | | | 58,648 | | |
Non-current assets | | | | ||||||||||
Taxes recoverable (Note 8)
|
| | | | 14,001 | | | | | | 28,959 | | |
Deferred taxes (Note 24(b))
|
| | | | 43,265 | | | | | | 1,679 | | |
Other receivables (Note 9)
|
| | | | 29 | | | | | | 38 | | |
| | | | | 57,295 | | | | | | 30,676 | | |
| | | | ||||||||||
Investment
|
| | | | 20 | | | | | | 30 | | |
Intangible assets (Note 10)
|
| | | | 1,056,577 | | | | | | 1,597,807 | | |
Property, plant and equipment (Note 11)
|
| | | | 768 | | | | | | 770 | | |
| | | | | 1,114,660 | | | | | | 1,629,283 | | |
Total assets
|
| | | | 1,168,661 | | | | | | 1,687,931 | | |
Liabilities | | | | ||||||||||
Current Liabilities | | | | ||||||||||
Salaries and social charges (Note 12)
|
| | | | 3,085 | | | | | | 4,179 | | |
Suppliers (Note 13)
|
| | | | 9,955 | | | | | | 31,684 | | |
Borrowings (Note 14)
|
| | | | 8,311 | | | | | | 9,360 | | |
Taxes payable
|
| | | | 512 | | | | | | 3,982 | | |
Related parties (Note 7)
|
| | | | 1,725 | | | | | | 2,373 | | |
Commitments to the Grantor (Note 15)
|
| | | | 59,656 | | | | | | 84,852 | | |
Advances received (Note 16)
|
| | | | 3,812 | | | | | | 4,525 | | |
Other payables (Note 17)
|
| | | | 7,432 | | | | | | 8,087 | | |
| | | | | 94,488 | | | | | | 149,042 | | |
Non-current Liabilities | | | | ||||||||||
Taxes payable
|
| | | | 1,651 | | | | | | — | | |
Advances received (Note 16)
|
| | | | 14,601 | | | | | | 19,174 | | |
Commitments to the Grantor (Note 15)
|
| | | | 708,382 | | | | | | 971,239 | | |
Borrowings (Note 14)
|
| | | | 230,157 | | | | | | 313,132 | | |
Advances for future capital increases
|
| | | | — | | | | | | 11,228 | | |
| | | | | 954,791 | | | | | | 1,314,773 | | |
Total liabilities
|
| | | | 1,049,279 | | | | | | 1,463,815 | | |
Equity | | | | ||||||||||
Attributed to owners of the parent
|
| | | ||||||||||
Share capital (Note 19(a))
|
| | | | 170,271 | | | | | | 140,856 | | |
Currency translation adjustment
|
| | | | (41,271 ) | | | | | | (12,326 ) | | |
Retained losses
|
| | | | (68,390 ) | | | | | | (17,635 ) | | |
| | | | | 60,610 | | | | | | 110,895 | | |
Non-controlling interests
|
| | | | 58,772 | | | | | | 113,221 | | |
Total equity
|
| | | | 119,382 | | | | | | 224,116 | | |
Total liabilities and equity
|
| | | | 1,168,661 | | | | | | 1,687,931 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Revenue (Note 20)
|
| | | | 99,458 | | | | | | 315,764 | | |
Costs (Note 21)
|
| | | | (81,302 ) | | | | | | (266,722 ) | | |
Gross profit
|
| | | | 18,156 | | | | | | 49,042 | | |
Selling expenses
|
| | | | (2,773 ) | | | | | | (4,249 ) | | |
Administrative expenses (Note 22)
|
| | | | (7,040 ) | | | | | | (16,518 ) | | |
Other expenses
|
| | | | (2,811 ) | | | | | | (1,333 ) | | |
Operating profit
|
| | | | 5,532 | | | | | | 26,942 | | |
Finance income
|
| | | | 3,433 | | | | | | 1,669 | | |
Finance costs
|
| | | | (158,265 ) | | | | | | (91,457 ) | | |
Finance result, net (Note 23)
|
| | | | (154,832 ) | | | | | | (89,788 ) | | |
Loss before income tax and social contribution
|
| | | | (149,300 ) | | | | | | (62,846 ) | | |
Income tax and social contribution (Note 24(a))
|
| | | | 49,981 | | | | | | 21,136 | | |
Loss for the year
|
| | | | (99,319 ) | | | | | | (41,710 ) | | |
Attributable to: | | | | | | | | | | | | | |
Non-controlling interests
|
| | | | (48,564 ) | | | | | | (20,133 ) | | |
Owners of the parent
|
| | | | (50,755 ) | | | | | | (21,577 ) | | |
Loss for the year
|
| | | | (99,319 ) | | | | | | (41,710 ) | | |
Other Comprehensive income | | | | | | | | | | | | | |
Items that may not be subsequently reclassified to profit or loss | | | | | | | | | | | | | |
Currency translation adjustment
|
| | | | (95,599 ) | | | | | | (41,812 ) | | |
Related income tax
|
| | | | 32,504 | | | | | | 14,216 | | |
Other comprehensive income/(loss) for the year, net of tax effects
|
| | | | (63,095 ) | | | | | | (27,596 ) | | |
Total comprehensive loss for the year
|
| | | | (162,414 ) | | | | | | (69,306 ) | | |
Attributable to: | | | | | | | | | | | | | |
Non-controlling interests
|
| | | | (79,583 ) | | | | | | (33,960 ) | | |
Owners of the parent
|
| | | | (82,831 ) | | | | | | (35,346 ) | | |
| | | | | (162,414 ) | | | | | | (69,306 ) | | |
| | |
Attributable to owners of the parent
|
| | | |||||||||||||||||||||||||||||||||||||||||||
| | |
Share
capital |
| |
Accumulated
losses |
| |
Revenue
reserve legal |
| |
Revenue
reserve retained |
| |
Currency
translation adjustment |
| |
Total
|
| |
Non-
controlling interests |
| |
Total
equity |
| ||||||||||||||||||||||||
At January 01, 2013
|
| | | | 86,605 | | | | | | — | | | | | | 197 | | | | | | 3,745 | | | | | | (1,182 ) | | | | | | 89,365 | | | | | | 54,528 | | | | | | 143,893 | | |
Share capital increase—Note 19(a)
|
| | | | 54,251 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 54,251 | | | | | | 95,278 | | | | | | 149,529 | | |
Loss for the year
|
| | | | | | | | | | (21,577 ) | | | | | | | | | | | | | | | | | | | | | | | | (21,577 ) | | | | | | (20,133 ) | | | | | | (41,710 ) | | |
Transfer from reserves
|
| | | | | | | | | | 3,942 | | | | | | (197 ) | | | | | | (3,745 ) | | | | | | | | | | | | — | | | | | | | | | | | | — | | |
Other comprehensive income/(loss)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (11,144 ) | | | | | | (11,144 ) | | | | | | (16,452 ) | | | | | | (27,596 ) | | |
At December 31, 2014
|
| | | | 140,856 | | | | | | (17,635 ) | | | | | | — | | | | | | — | | | | | | (12,326 ) | | | | | | 110,895 | | | | | | 113,221 | | | | | | 224,116 | | |
Share capital increase—Note 19(a)
|
| | | | 29,415 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 29,415 | | | | | | 28,265 | | | | | | 57,680 | | |
Loss for the year
|
| | | | | | | | | | (50,755 ) | | | | | | | | | | | | | | | | | | | | | | | | (50,755 ) | | | | | | (48,564 ) | | | | | | (99,319 ) | | |
Other comprehensive income/(loss)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (28,945 ) | | | | | | (28,945 ) | | | | | | (34,150 ) | | | | | | (63,095 ) | | |
At December 31, 2015
|
| | | | 170,271 | | | | | | (68,390 ) | | | | | | — | | | | | | — | | | | | | (41,271 ) | | | | | | 60,610 | | | | | | 58,772 | | | | | | 119,382 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Loss before income tax and social contribution
|
| | | | (149,300 ) | | | | | | (62,846 ) | | |
Adjustments for:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 35,296 | | | | | | 24,063 | | |
Construction margin
|
| | | | — | | | | | | (3,811 ) | | |
Provision
|
| | | | 1,876 | | | | | | 1,739 | | |
Provision for variable fees
|
| | | | 2,207 | | | | | | 2,633 | | |
Finance costs
|
| | | | 156,744 | | | | | | 88,076 | | |
| | | | | 46,823 | | | | | | 49,854 | | |
Trade receivables
|
| | | | (875 ) | | | | | | (5,288 ) | | |
Related parties
|
| | | | 1,059 | | | | | | (3,244 ) | | |
Taxes recoverable
|
| | | | (1,010 ) | | | | | | (356 ) | | |
Prepaid expenses
|
| | | | (20 ) | | | | | | 855 | | |
Other assets
|
| | | | 339 | | | | | | (34 ) | | |
Acquisition of intangible assets
|
| | | | (10,296 ) | | | | | | (210,884 ) | | |
Salaries and Social Charges
|
| | | | (791 ) | | | | | | 485 | | |
Suppliers
|
| | | | (8,420 ) | | | | | | (7,158 ) | | |
Taxes payable
|
| | | | (604 ) | | | | | | 1,340 | | |
Commitments to the Grantor
|
| | | | (67,607 ) | | | | | | (88,029 ) | | |
Other payables
|
| | | | 3,332 | | | | | | 18,624 | | |
| | | | | (84,893 ) | | | | | | (293,659 ) | | |
Cash from operations
|
| | | | (38,070 ) | | | | | | (243,805 ) | | |
Interest paid
|
| | | | (737 ) | | | | | | (6,894 ) | | |
Net cash provided by operating activities
|
| | | | (38,807 ) | | | | | | (250,699 ) | | |
Cash flows from investing activities | | | | ||||||||||
Escrow deposits
|
| | | | 5,836 | | | | | | (21,473 ) | | |
Acquisition of property, plant and equipment
|
| | | | (488 ) | | | | | | (265 ) | | |
Net cash (used in) investing activities
|
| | | | 5,348 | | | | | | (21,738 ) | | |
Cash flows from financing activities | | | | ||||||||||
Share capital increase
|
| | | | 46,452 | | | | | | 149,529 | | |
Advances for future capital increases
|
| | | | — | | | | | | 11,228 | | |
Proceeds from borrowings
|
| | | | 8,738 | | | | | | 140,460 | | |
Repayments of borrowings
|
| | | | (7,917 ) | | | | | | (23,552 ) | | |
Net cash (used in) provided by financing activities
|
| | | | 47,273 | | | | | | 277,665 | | |
Increase (decrease) in cash and cash equivalents
|
| | | | 13,814 | | | | | | 5,228 | | |
Cash and cash equivalents at the beginning of the year
|
| | | | 4,113 | | | | | | 15,692 | | |
Exchange gains (losses) on cash
|
| | | | (3,528 ) | | | | | | (16,807 ) | | |
Cash and cash equivalents at the end of the year
|
| | | | 14,399 | | | | | | 4,113 | | |
|
| | |
Payments due by period
|
| |
Interest
not incurred |
| |
Carring
amount |
| |||||||||||||||||||||||||||||||||
| | |
Less than
one year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
Over 5
years |
| |
Total
|
| |||||||||||||||||||||||||||
Borrowings
|
| | | | 8,311 | | | | | | 87,761 | | | | | | 81,448 | | | | | | 225,886 | | | | |
|
403,406
|
| | | |
|
164,938
|
| | | |
|
238,468
|
| |
Commitments to Government
|
| | | | 59,656 | | | | | | 373,416 | | | | | | 302,290 | | | | | | 1,503,407 | | | | |
|
2,238,769
|
| | | |
|
1,470,731
|
| | | |
|
768,038
|
| |
Suppliers
|
| | | | 9,955 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
9,955
|
| | | |
|
—
|
| | | |
|
9,955
|
| |
Related parties
|
| | | | 1,725 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
1,725
|
| | | |
|
—
|
| | | |
|
1,725
|
| |
Other liabilities
|
| | | | 7,433 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
7,433
|
| | | |
|
—
|
| | | |
|
7,433
|
| |
Total | | | | | 87,079 | | | | | | 461,177 | | | | | | 383,738 | | | | | | 1,729,293 | | | | | | 2,661,287 | | | | | | 1,635,669 | | | | | | 1,025,619 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Cash on hand
|
| | | | 3 | | | | | | 1 | | |
Cash at bank
|
| | | | 501 | | | | | | 273 | | |
Short-term bank deposits
(a)
|
| | | | 13,895 | | | | | | 3,839 | | |
| | | | | 14,399 | | | | | | 4,113 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Escrow deposits
|
| | | | 15,637 | | | | | | 21,473 | | |
| | | | | 15,637 | | | | | | 21,473 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Tariff activities | | | | | | | | | | | | | |
Passengers
|
| | | | 4,972 | | | | | | 6,213 | | |
Aircraft
|
| | | | 1,488 | | | | | | 1,883 | | |
Loads
|
| | | | 64 | | | | | | 113 | | |
| | | | | 6,524 | | | | | | 8,209 | | |
Non-tariff activities | | | | | | | | | | | | | |
Parking
|
| | | | — | | | | | | 61 | | |
Space allocation
|
| | | | 5,742 | | | | | | 9,583 | | |
Others
|
| | | | 751 | | | | | | 483 | | |
| | | | | 6,493 | | | | | | 10,127 | | |
Credit risk
|
| | | | — | | | | | | (332 ) | | |
Provision for impairment of trade receivables
|
| | | | (2,457 ) | | | | | | (2,425 ) | | |
| | | | | (2,457 ) | | | | | | (2,757 ) | | |
Total
|
| | | | 10,560 | | | | | | 15,579 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
At January 1
|
| | | | (2,757 ) | | | | | | (1,796 ) | | |
Provision for impairment of trade receivables
|
| | | | (3,577 ) | | | | | | (1,419 ) | | |
Provision for impairment of trade receivables—reversal
|
| | | | 2,857 | | | | | | 363 | | |
Translation diferences
|
| | | | 1,020 | | | | | | 95 | | |
Final Balance
|
| | | | (2,457 ) | | | | | | (2,757 ) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Assets | | | | ||||||||||
Infraero
(a)
|
| | | | 237 | | | | | | 299 | | |
Inframerica Telecomunicações
|
| | | | 7 | | | | | | 10 | | |
Inframerica ASGA
(b)
|
| | | | 1,012 | | | | | | 1,247 | | |
Infraero—expenses recoverable
(c)
|
| | | | 324 | | | | | | 483 | | |
Infravix S.A.
(e)
|
| | | | 47 | | | | | | 71 | | |
| | | | | 1,627 | | | | | | 2,110 | | |
Liabilities | | | | ||||||||||
Engevix Engenharia S.A.
(d)
|
| | | | 1,012 | | | | | | 1,309 | | |
Infraero
(f)
|
| | | | 713 | | | | | | 1,064 | | |
| | | | | 1,725 | | | | | | 2,373 | | |
Costs | | | | ||||||||||
Helvix S.A.
(g)
|
| | | | — | | | | | | 190,545 | | |
| | | | | — | | | | | | 190,545 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Salary
|
| | | | 2,423 | | | | | | 2,958 | | |
Other benefits
|
| | | | 76 | | | | | | 175 | | |
Total | | | | | 2,499 | | | | | | 3,133 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current | | | | ||||||||||
Withholding income tax—IRRF
|
| | | | 1,160 | | | | | | 652 | | |
Social contribution on net income—CSLL
|
| | | | 83 | | | | | | 63 | | |
Tax on services of any kind—ISS
|
| | | | 53 | | | | | | 58 | | |
Social Integration Program—PIS
(a)
|
| | | | 1,544 | | | | | | 2,042 | | |
Contribution to Social Security Financing—COFINS
(a)
|
| | | | 7,110 | | | | | | 9,404 | | |
Others
|
| | | | 98 | | | | | | 168 | | |
| | | | | 10,048 | | | | | | 12,387 | | |
Non-current | | | | ||||||||||
Social Integration Program—PIS
(a)
|
| | | | 3,556 | | | | | | 5,169 | | |
Contribution to Social Security Financing—COFINS
(a)
|
| | | | 10,445 | | | | | | 23,790 | | |
| | | | | 14,001 | | | | | | 28,959 | | |
| | | | | 24,049 | | | | | | 41,346 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current | | | | ||||||||||
Advances to suppliers
|
| | | | 180 | | | | | | 724 | | |
Advances to suppliers of maintenance
|
| | | | 836 | | | | | | 1,184 | | |
Employee benefits
|
| | | | 123 | | | | | | 314 | | |
Others
|
| | | | 220 | | | | | | 236 | | |
| | | | | 1,359 | | | | | | 2,458 | | |
Non-current | | | | ||||||||||
Others
|
| | | | 29 | | | | | | 38 | | |
Total other receivables
|
| | | | 1,388 | | | | | | 2,496 | | |
|
| | |
Infrastructure
|
| | | |||||||||||||||||||||||||||||||||||||
| | |
In
progress |
| |
In
operation |
| |
Concession
Granting |
| |
Projects in
Progress |
| |
Projects in
Operation |
| |
Software
|
| |
Total
|
| |||||||||||||||||||||
Balance on December 31, 2013
|
| | | | 342,144 | | | | | | 3,231 | | | | | | 1,204,053 | | | | | | 2,537 | | | | | | — | | | | | | 17 | | | | | | 1,551,982 | | |
Acquisitions
|
| | | | 218,850 | | | | | | — | | | | | | — | | | | | | 849 | | | | | | — | | | | | | 308 | | | | | | 220,007 | | |
Transfers
|
| | | | (507,525 ) | | | | | | 507,525 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Advance Payments Write-Off—Works
|
| | | | (7,823 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,823 ) | | |
Capitalized interest
|
| | | | — | | | | | | — | | | | | | 66,308 | | | | | | — | | | | | | — | | | | | | — | | | | | | 66,308 | | |
Construction Margin
|
| | | | 3,811 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,811 | | |
Amortization of Intangible Assets
|
| | | | — | | | | | | (6,529 ) | | | | | | (17,355 ) | | | | | | — | | | | | | — | | | | | | (34 ) | | | | | | (23,918 ) | | |
Translation diferences
|
| | | | (7,174 ) | | | | | | (57,246 ) | | | | | | (147,710 ) | | | | | | (395 ) | | | | | | — | | | | | | (35 ) | | | | | | (212,560 ) | | |
Balance on December 31, 2014
|
| | | | 42,283 | | | | | | 446,981 | | | | | | 1,105,296 | | | | | | 2,991 | | | | | | — | | | | | | 256 | | | | | | 1,597,807 | | |
Acquisition
|
| | | | 8,339 | | | | | | 1,418 | | | | | | — | | | | | | 187 | | | | | | 300 | | | | | | 52 | | | | | | 10,296 | | |
Transfers
|
| | | | (22,741 ) | | | | | | 22,680 | | | | | | — | | | | | | (1,092 ) | | | | | | — | | | | | | 1,153 | | | | | | — | | |
Advance Payments Write-Off
|
| | | | (2,661 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,661 ) | | |
Capitalized interest
|
| | | | — | | | | | | — | | | | | | 9,518 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,518 | | |
Amortization of Intangible Assets
|
| | | | — | | | | | | (10,829 ) | | | | | | (24,212 ) | | | | | | — | | | | | | (4 ) | | | | | | (63 ) | | | | | | (35,108 ) | | |
Translation diferences
|
| | | | (11,244 ) | | | | | | (149,254 ) | | | | | | (361,624 ) | | | | | | (843 ) | | | | | | (47 ) | | | | | | (263 ) | | | | | | (523,274 ) | | |
Balance on December 31, 2015
|
| | | | 13,976 | | | | | | 310,996 | | | | | | 728,978 | | | | | | 1,243 | | | | | | 249 | | | | | | 1,135 | | | | | | 1,056,577 | | |
|
| | |
December 31,
2013 |
| |
Additions
|
| |
Write-offs
|
| |
Translation
differences |
| |
December 31,
2014 |
| |
Additions
|
| |
Translation
differences |
| |
December 31,
2015 |
| |
Annual
Depreciation Rate |
| |||||||||||||||||||||||||||
Cost | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Facilities
|
| | | | 50 | | | | | | — | | | | | | (50 ) | | | | | | — | | | | | | | | |||||||||||||||||||||||||
Machinery and Equipment
|
| | | | 47 | | | | | | 17 | | | | | | — | | | | | | (7 ) | | | | | | 57 | | | | | | 5 | | | | | | (20 ) | | | | | | 42 | | | | |||||
Furniture and Fixtures
|
| | | | 300 | | | | | | 166 | | | | | | — | | | | | | (55 ) | | | | | | 411 | | | | | | 24 | | | | | | (139 ) | | | | | | 296 | | | | |||||
Computer Equipment
|
| | | | 511 | | | | | | 82 | | | | | | — | | | | | | (70 ) | | | | | | 523 | | | | | | 459 | | | | | | (244 ) | | | | | | 738 | | | | |||||
| | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | | | 908 | | | | | | 265 | | | | | | (50 ) | | | | | | (132 ) | | | | | | 991 | | | | | | 488 | | | | | | (403 ) | | | | | | 1,076 | | | | |||||
Accrued Depreciation
|
| | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Facilities
|
| | | | (5 ) | | | | | | (1 ) | | | | | | 6 | | | | | | — | | | | | | | | |||||||||||||||||||||||||
Machinery and Equipment
|
| | | | (6 ) | | | | | | (10 ) | | | | | | — | | | | | | 2 | | | | | | (14 ) | | | | | | (9 ) | | | | | | 6 | | | | | | (17 ) | | | | | | 20 % | | |
Furniture and Fixtures
|
| | | | (23 ) | | | | | | (35 ) | | | | | | — | | | | | | 7 | | | | | | (51 ) | | | | | | (30 ) | | | | | | 21 | | | | | | (60 ) | | | | | | 10 % | | |
Computer Equipment
|
| | | | (77 ) | | | | | | (99 ) | | | | | | — | | | | | | 20 | | | | | | (156 ) | | | | | | (149 ) | | | | | | 74 | | | | | | (231 ) | | | | | | 20 % | | |
| | | | | (111 ) | | | | | | (145 ) | | | | | | 6 | | | | | | 29 | | | | | | (221 ) | | | | | | (188 ) | | | | | | 101 | | | | | | (308 ) | | | | |||||
Total | | | | | 797 | | | | | | 120 | | | | | | (44 ) | | | | | | (103 ) | | | | | | 770 | | | | | | 300 | | | | | | (302 ) | | | | | | 768 | | | | |||||
|
| | |
2015
|
| |
2014
|
| ||||||
Income Taxes—IRRF
|
| | | | 220 | | | | | | 309 | | |
FGTS Payable
|
| | | | 178 | | | | | | 266 | | |
INSS Payable
|
| | | | 633 | | | | | | 846 | | |
Vacation Payable
|
| | | | 1,123 | | | | | | 1,525 | | |
Others
|
| | | | 931 | | | | | | 1,233 | | |
| | | | | 3,085 | | | | | | 4,179 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Local Suppliers—Works
|
| | | | 8,464 | | | | | | 24,563 | | |
General local Suppliers
|
| | | | 1,317 | | | | | | 6,026 | | |
Foreign Suppliers
|
| | | | 174 | | | | | | 1,095 | | |
| | | | | 9,955 | | | | | | 31,684 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current | | | | ||||||||||
BNDES/CEF Loan
|
| | | | 672 | | | | | | — | | |
Working CapitalHow
|
| | | | 7,629 | | | | | | 9,330 | | |
Leasing
|
| | | | 10 | | | | | | 30 | | |
| | | | | 8,311 | | | | | | 9,360 | | |
Non-current | | | | ||||||||||
BNDES/CEF Loan
|
| | | | 230,157 | | | | | | 313,132 | | |
| | | | | 230,157 | | | | | | 313,132 | | |
Total | | | | | 238,468 | | | | | | 322,492 | | |
|
|
Balance on December 31, 2013
|
| | | | 228,398 | | |
|
Borrowings received
|
| | | | 140,460 | | |
|
Payments
|
| | | | (23,552 ) | | |
|
Payments of charges and interest
|
| | | | (6,894 ) | | |
|
Interest—capitalized
|
| | | | 9,153 | | |
|
Interest
|
| | | | 17,393 | | |
|
Translation diferences
|
| | | | (42,465 ) | | |
|
Balance on December 31, 2014
|
| | | | 322,492 | | |
|
Borrowings received
|
| | | | 8,738 | | |
|
Payments
|
| | | | (7,917 ) | | |
|
Payments of charges and interest
|
| | | | (737 ) | | |
|
Interest
|
| | | | 26,201 | | |
|
Translation diferences
|
| | | | (110,308 ) | | |
|
Balance on December 31, 2015
|
| | | | 238,468 | | |
|
Bank
|
| |
Release
|
| |
Principal
|
| |
Expiration Date
|
| |
Charges (% p.a.)
|
| |
Closing
Balance |
| |||||||||||||||
December 31, 2014
|
| | | | | | | | | | 313,592 | | | | | | | | | | | | | | | | | | 322,492 | | |
BNDES
|
| | | | Feb/14 | | | | | | 124,256 | | | | | | Dec/28 | | | |
TJLP + 3.14%
|
| | | | 145,515 | | | |||
BNDES
|
| | | | Apr/14 | | | | | | 15,643 | | | | | | Dec/28 | | | |
TJLP + 3.14%
|
| | | | 18,105 | | | |||
CAIXA
|
| | | | Apr/14 | | | | | | 48,979 | | | | | | Dec/28 | | | |
TJLP + 3.6%
|
| | | | 56,882 | | | |||
CAIXA
|
| | | | Apr/14 | | | | | | 1,566 | | | | | | Dec/28 | | | |
6%
|
| | | | 1,727 | | | |||
CAIXA
|
| | | | Aug/14 | | | | | | 3,811 | | | | | | Dec/17 | | | |
IPCA
|
| | | | 4,948 | | | |||
CAIXA
|
| | | | Sep/14 | | | | | | 3,394 | | | | | | Dec/23 | | | |
6%
|
| | | | 3,653 | | | |||
CitiBank
|
| | | | Sep/13 | | | | | | 39 | | | | | | Sep/16 | | | |
17.10%
|
| | | | 10 | | | |||
FATOR
|
| | | | Jun/15 | | | | | | 7,576 | | | | | | Dec/16 | | | | | | CDI+3.00 % | | | | | | 7,628 | | |
December 31, 2015
|
| | | | | | | | | | 205,264 | | | | | | | | | | | | | | | | | | 238,468 | | |
|
|
Cash Generation—Last 12 Months
|
| | | | 42,220 | | |
|
Debt Service—Last 12 Months
|
| | | | 11,546 | | |
|
ICSD
|
| | | | 3.66 | | |
| | |
2015
|
| |
2014
|
| ||||||
Variable Contribution—ANAC
|
| | | | 1,868 | | | | | | 2,333 | | |
Fixed Contribution—Granting
|
| | | | 766,170 | | | | | | 1,053,758 | | |
Total | | | | | 768,038 | | | | | | 1,056,091 | | |
Current
|
| | | | 59,656 | | | | | | 84,852 | | |
Non-Current
|
| | | | 708,382 | | | | | | 971,239 | | |
Total | | | | | 768,038 | | | | | | 1,056,091 | | |
|
|
Balance on December 31, 2013
|
| | | | 1,150,403 | | |
|
Payments
|
| | | | (88,029 ) | | |
|
Capitalized interest
|
| | | | 66,308 | | |
|
Changes in liabilities for concessions
|
| | | | 35,219 | | |
|
Adjustment to Present Value—Concession
|
| | | | 34,078 | | |
|
Translation diferences
|
| | | | (141,887 ) | | |
|
Balance on December 31, 2014
|
| | | | 1,056,091 | | |
|
Payments
|
| | | | (67,607 ) | | |
|
Capitalized interest
|
| | | | 9,518 | | |
|
Changes in liabilities for concession
|
| | | | 43,998 | | |
|
Adjustment to Present Value—Concession
|
| | | | 84,510 | | |
|
Translation diferences
|
| | | | (358,470 ) | | |
|
Balance on December 31, 2015
|
| | | | 768,038 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current | | | | ||||||||||
Exclusivity Rights
|
| | | | 1,842 | | | | | | 2,278 | | |
Other Advance Payments
|
| | | | 1,970 | | | | | | 2,247 | | |
| | | | | 3,812 | | | | | | 4,525 | | |
Non-Current | | | | ||||||||||
Exclusivity Rights
|
| | | | 14,601 | | | | | | 19,174 | | |
| | | | | 14,601 | | | | | | 19,174 | | |
Total | | | | | 18,413 | | | | | | 23,699 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
FNAC Transfer
(a)
|
| | | | 1,193 | | | | | | 1,091 | | |
ATAERO Transfer
(b)
|
| | | | 4,349 | | | | | | 4,066 | | |
PAN/PAT Transfer
(c)
|
| | | | 62 | | | | | | 53 | | |
Miscellaneous Guarantees
(d)
|
| | | | 512 | | | | | | 806 | | |
Unrealized Investments
(e)
|
| | | | 1,275 | | | | | | 2,026 | | |
Others
|
| | | | 41 | | | | | | 45 | | |
Total | | | | | 7,432 | | | | | | 8,087 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Civil
|
| | | | 1,346 | | | | | | 947 | | |
Labor
|
| | | | 417 | | | | | | 1,287 | | |
Total | | | | | 1,763 | | | | | | 2,234 | | |
|
| | |
2015
|
| |
2014
|
| ||||||||||||||||||||||||||||||
| | | | |
A.C.I.
Airports |
| |
Total
|
| |
Infravix
|
| |
Corporación
|
| |
Total
|
| |||||||||||||||||||
Shares subscribed
|
| | | | 195,700 | | | | | | 1,877 | | | | | | 197,577 | | | | | | 76,778 | | | | | | 76,778 | | | | | | 153,556 | | |
Shares not yet issued
|
| | | | (27,306 ) | | | | | | — | | | | | | (27,306 ) | | | | | | (12,700 ) | | | | | | — | | | | | | (12,700 ) | | |
Shares issued
|
| | | | 168,394 | | | | | | 1,877 | | | | | | 170,271 | | | | | | 64,078 | | | | | | 76,778 | | | | | | 140,856 | | |
| | |
2015
|
| |
2014
|
| ||||||
Gross Revenue—Tariff
(a)
|
| | | | 56,415 | | | | | | 71,679 | | |
Gross Revenue—Non-tariff
(b)
|
| | | | 54,305 | | | | | | 63,737 | | |
Construction Revenue
|
| | | | 15 | | | | | | 194,356 | | |
COFINS (Contribution to Social Security Financing)
|
| | | | (8,295 ) | | | | | | (10,265 ) | | |
PIS
|
| | | | (1,801 ) | | | | | | (2,229 ) | | |
ISS (Municipal services tax)
|
| | | | (1,180 ) | | | | | | (1,514 ) | | |
Total | | | | | 99,458 | | | | | | 315,764 | | |
| | |
2015
|
| |
2014
|
| ||||||
Personnel
|
| | | | (17,723 ) | | | | | | (15,845 ) | | |
Third-party services
|
| | | | (21,286 ) | | | | | | (28,068 ) | | |
Utilities and telecommunications
|
| | | | (5,972 ) | | | | | | (4,712 ) | | |
Others
|
| | | | (572 ) | | | | | | (855 ) | | |
Amortization and depreciation
|
| | | | (11,084 ) | | | | | | (6,710 ) | | |
Concession fees
(a)
|
| | | | (22,458 ) | | | | | | (17,355 ) | | |
Variable concession fees
(b)
|
| | | | (2,207 ) | | | | | | (2,632 ) | | |
Construction costs
|
| | | | — | | | | | | (190,545 ) | | |
Total | | | | | (81,302 ) | | | | | | (266,722 ) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Personnel
|
| | | | (4,115 ) | | | | | | (7,970 ) | | |
Third-Party Services
|
| | | | (1,105 ) | | | | | | (2,803 ) | | |
Utilities and Telecommunications
|
| | | | — | | | | | | (445 ) | | |
Insurances
|
| | | | (867 ) | | | | | | (1,680 ) | | |
Information Technology
|
| | | | (27 ) | | | | | | (2,034 ) | | |
Taxes and Fees
|
| | | | (735 ) | | | | |||||
Others
|
| | | | (191 ) | | | | | | (1,586 ) | | |
Total | | | | | (7,040 ) | | | | | | (16,518 ) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Finance Revenue | | | | | | | | | | | | | |
Interest on Financial Investments
|
| | | | 2,912 | | | | | | 1,646 | | |
Discounts Obtained
|
| | | | 30 | | | | | | 23 | | |
Others
|
| | | | 491 | | | | | | — | | |
| | | | | 3,433 | | | | | | 1,669 | | |
Finance Expenses | | | | | | | | | | | | | |
Changes in liabilities for concessions)
|
| | | | (43,998 ) | | | | | | (35,219 ) | | |
Adjustment to Present Value—Concession
|
| | | | (84,510 ) | | | | | | (34,078 ) | | |
Interest, Charges and Bank Rates
|
| | | | (29,757 ) | | | | | | (22,160 ) | | |
| | | | | (158,265 ) | | | | | | (91,457 ) | | |
Net finance result
|
| | | | (154,832 ) | | | | | | (89,788 ) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Loss before income tax and social contribution
|
| | | | (149,300 ) | | | | | | (62,846 ) | | |
Tax at domestic rate 34%
|
| | | | 50,762 | | | | | | 21,367 | | |
Tax effect of expenses that are not deductible for tax purposes
|
| | | | (781 ) | | | | | | (231 ) | | |
Tax benefit on the fiscal year
|
| | | | 49,981 | | | | | | 21,136 | | |
| | |
2015
|
| |
2014
|
| ||||||
Opening balance
|
| | | | 1,679 | | | | | | (19,350 ) | | |
Deferred income tax and social contribution
|
| | | | 49,981 | | | | | | 21,136 | | |
Translation differences
|
| | | | (8,395 ) | | | | | | (107 ) | | |
Closing balance
|
| | | | 43,265 | | | | | | 1,679 | | |
|
Event
|
| |
Amount of the
Performance Bond (in R$) |
| |
Amount of the
Performance Bond (in USD) |
|
Brasilia Concession Agreement | | | | | | | |
During Phase I-B of the Brasilia Concession Agreement | | |
266.7 million
|
| |
81.8 million
|
|
After completion of Phase I-B of the Concession Agreement or at the termination of the contract | | |
133.3 million
|
| |
40.8 million
|
|
Investment Trigger of the Brasilia Concession Agreement | | |
10% of the amount
of planned investments |
| | ||
Upon termination of the Brasilia Concession Agreement, for a period of 24 months after the termination of the agreement. | | |
19.1 million
|
| |
5.8 million
|
|
| | | | | | | | |
|
Bruno Souza Ferreira da Silva
Accountant—CRC: BA 023534/O-5 “S” DF |
| |
Paulo Junqueira de Arantes Filho
CFO |
| |
Jorge Arruda Filho
President Director |
|
| | |
December 31,
2015 |
| |
December 31,
2014 |
| ||||||
Assets | | | | ||||||||||
Current assets | | | | ||||||||||
Cash and cash equivalents (Note 5)
|
| | | | 1,119 | | | | | | 480 | | |
Escrow deposits (Note 5.1)
|
| | | | 1,448 | | | | | | 1,572 | | |
Trade receivables (Note 6)
|
| | | | 1,664 | | | | | | 981 | | |
Related parties (Note 7)
|
| | | | 75 | | | | | | 100 | | |
Taxes recoverable (Note 8)
|
| | | | 1,096 | | | | | | 1,401 | | |
Prepaid expenses
|
| | | | 51 | | | | | | 131 | | |
Other receivables (Note 9)
|
| | | | 320 | | | | | | 678 | | |
| | | | | 5,773 | | | | | | 5,343 | | |
Non-current assets | | | | ||||||||||
Taxes recoverable (Note 8)
|
| | | | 12,193 | | | | | | 19,212 | | |
Deferred taxes (Note 24(b))
|
| | | | — | | | | | | 6,591 | | |
| | | | | 12,193 | | | | | | 25,803 | | |
| | | | ||||||||||
Property, plant and equipment (Note 11)
|
| | | | 983 | | | | | | 1,640 | | |
Intangible assets (Note 10)
|
| | | | 133,642 | | | | | | 302,502 | | |
| | | | | 146,818 | | | | | | 329,945 | | |
Total assets
|
| | | | 152,591 | | | | | | 335,288 | | |
Liabilities | | | | ||||||||||
Current Liabilities | | | | ||||||||||
Salaries and social charges
|
| | | | 727 | | | | | | 915 | | |
Suppliers (Note 13)
|
| | | | 8,846 | | | | | | 16,632 | | |
Borrowings (Note 14)
|
| | | | 8,214 | | | | | | 17,488 | | |
Taxes payable
|
| | | | 60 | | | | | | 1,022 | | |
Related parties (Note 7)
|
| | | | 6,776 | | | | | | 12,109 | | |
Commitments to the grantor (Note 15)
|
| | | | 2,653 | | | | | | — | | |
Advances received (Note 16)
|
| | | | 847 | | | | | | — | | |
Other payables (Note 17)
|
| | | | 971 | | | | | | 8,591 | | |
| | | | | 29,094 | | | | | | 56,757 | | |
Non-current Liabilities | | | | ||||||||||
Borrowings (Note 13)
|
| | | | 86,294 | | | | | | 127,789 | | |
Advances received (Note 15)
|
| | | | 3,080 | | | | | | — | | |
Commitments to the grantor (Note 14)
|
| | | | 63,671 | | | | | | 84,081 | | |
| | | | | 153,045 | | | | | | 211,870 | | |
Total liabilities
|
| | | | 182,139 | | | | | | 268,627 | | |
Equity | | | | ||||||||||
Share capital (Note 19(a))
|
| | | | 120,976 | | | | | | 48,048 | | |
Advances for future capital increases (Note 19(b))
|
| | | | — | | | | | | 46,537 | | |
Currency translation adjustment
|
| | | | (22,978 ) | | | | | | (13,356 ) | | |
Accumulated losses
|
| | | | (127,546 ) | | | | | | (14,568 ) | | |
| | | | | (29,548 ) | | | | | | 66,661 | | |
Total liabilities and equity
|
| | | | 152,591 | | | | | | 335,288 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Revenue (Note 20)
|
| | | | 13,452 | | | | | | 75,614 | | |
Costs (Note 21)
|
| | | | (17,868 ) | | | | | | (81,457 ) | | |
Gross loss
|
| | | | (4,416 ) | | | | | | (5,843 ) | | |
Selling expenses
|
| | | | (74 ) | | | | | | (538 ) | | |
Administrative expenses (Note 22)
|
| | | | (1,486 ) | | | | | | (2,505 ) | | |
Impairment (Note 12)
|
| | | | (77,902 ) | | | | | | — | | |
Other expenses
|
| | | | (587 ) | | | | | | (94 ) | | |
Operating loss
|
| | | | (84,366 ) | | | | | | (8,980 ) | | |
Finance income
|
| | | | 258 | | | | | | 138 | | |
Finance costs
|
| | | | (23,626 ) | | | | | | (15,163 ) | | |
Finance result, net (Note 23)
|
| | | | (23,368 ) | | | | | | (15,025 ) | | |
Loss before income tax and social contribution
|
| | | | (107,734 ) | | | | | | (24,005 ) | | |
Income tax and social contribution (Note 24(a))
|
| | | | (5,244 ) | | | | | | 8,164 | | |
Loss for the year
|
| | | | (112,978 ) | | | | | | (15,841 ) | | |
Loss for the year
|
| | | | (112,978 ) | | | | | | (15,841 ) | | |
Other comprehensive income | | | | ||||||||||
Items that may not be subsequently reclassified to profit or loss | | | | ||||||||||
Currency translation adjustment
|
| | | | (14,579 ) | | | | | | (14,959 ) | | |
Deferred income tax and social contribution
|
| | | | 4,957 | | | | | | 5,096 | | |
Other comprehensive income/(loss) for the year, net of tax effects
|
| | | | (9,622 ) | | | | | | (9,873 ) | | |
Total comprehensive loss for the year
|
| | | | (122,600 ) | | | | | | (25,714 ) | | |
|
| | |
Share
capital |
| |
Revenue reserves
|
| |
Advances
|
| |
Accumulated
losses |
| |
Currency
translation adjustment |
| |
Total
|
| ||||||||||||||||||||||||
| | |
Legal
|
| |
Retained
|
| ||||||||||||||||||||||||||||||||||||
At January 01, 2013
|
| | | | 39,345 | | | | | | 70 | | | | | | 989 | | | | | | — | | | | | | — | | | | | | (3,572 ) | | | | | | 36,832 | | |
Share capital increase
|
| | | | 8,703 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,703 | | |
Advances for future capital increases
|
| | | | | | | | | | | | | | | | | | | | | | 46,537 | | | | | | | | | | | | | | | | | | 46,537 | | |
Dividends
|
| | | | | | | | | | | | | | | | 330 | | | | | | | | | | | | | | | | | | (27 ) | | | | | | 303 | | |
Transfer from reserves
|
| | | | | | | | | | (70 ) | | | | | | (1,319 ) | | | | | | | | | | | | 1,273 | | | | | | 116 | | | | | | — | | |
Loss for the year
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (15,841 ) | | | | | | | | | | | | (15,841 ) | | |
Other comprehensive Loss for the year
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (9,873 ) | | | | | | (9,873 ) | | |
At December 31, 2014
|
| | | | 48,048 | | | | | | — | | | | | | — | | | | | | 46,537 | | | | | | (14,568 ) | | | | | | (13,356 ) | | | | | | 66,661 | | |
Share capital increase
|
| | | | 26,391 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 26,391 | | |
Advances for future capital increases
|
| | | | 46,537 | | | | | | | | | | | | | | | | | | (46,537 ) | | | | | | | | | | | | | | | | | | — | | |
Loss for the year
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (112,978 ) | | | | | | | | | | | | (112,978 ) | | |
Other comprehensive Loss for the year
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (9,622 ) | | | | | | (9,622 ) | | |
At December 31, 2015
|
| | | | 120,976 | | | | | | — | | | | | | — | | | | | | — | | | | | | (127,546 ) | | | | | | (22,978 ) | | | | | | (29,548 ) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Cash flows from operating activities | | | | ||||||||||
Loss before income tax and social contribution
|
| | | | (107,734 ) | | | | | | (24,005 ) | | |
Adjustments for: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 5,436 | | | | | | 3,488 | | |
Construction margin
|
| | | | — | | | | | | (1,328 ) | | |
Provision
|
| | | | 501 | | | | | | 94 | | |
Finance costs
|
| | | | 23,116 | | | | | | 14,588 | | |
Impairment
|
| | | | 77,902 | | | | | | — | | |
Other expenses
|
| | | | 6,201 | | | | | | — | | |
| | | | | 5,422 | | | | | | (7,163 ) | | |
Trade receivables
|
| | | | (1,695 ) | | | | | | (1,201 ) | | |
Related parties
|
| | | | 320 | | | | | | 1,028 | | |
Taxes recoverable
|
| | | | (4 ) | | | | | | (188 ) | | |
Prepaid expenses
|
| | | | 43 | | | | | | 141 | | |
Other assets
|
| | | | 163 | | | | | | (446 ) | | |
Acquisition of intangible assets
|
| | | | (1,150 ) | | | | | | (104,968 ) | | |
Salaries and Social Charges
|
| | | | 135 | | | | | | 908 | | |
Suppliers
|
| | | | (4,040 ) | | | | | | 14,309 | | |
Taxes payable
|
| | | | (743 ) | | | | | | 580 | | |
Other payables
|
| | | | (870 ) | | | | | | 5,696 | | |
| | | | | (7,841 ) | | | | | | (84,101 ) | | |
Cash from operations
|
| | | | (2,419 ) | | | | | | (91,304 ) | | |
Interest paid
|
| | | | (173 ) | | | | | | (765 ) | | |
Net cash (used in) provided by operating activities
|
| | | | (2,246 ) | | | | | | (90,539 ) | | |
Cash flows from investing activities | | | | ||||||||||
Escrow deposits
|
| | | | 124 | | | | | | (1,572 ) | | |
Acquisition of property, plant and equipment
|
| | | | (78 ) | | | | | | (1,855 ) | | |
Net cash (used in) provided by investing activities
|
| | | | 46 | | | | | | (3,427 ) | | |
Cash flows from financing activities | | | | ||||||||||
Share capital increase
|
| | | | 26,391 | | | | | | — | | |
Advances for future capital increases
|
| | | | — | | | | | | 46,537 | | |
Proceeds from borrowings
|
| | | | 3,780 | | | | | | 50,595 | | |
Repayments of borrowings
|
| | | | (18,604 ) | | | | | | (235 ) | | |
Net cash provided by financing activities
|
| | | | 11,567 | | | | | | 96,897 | | |
Increase in cash and cash equivalents
|
| | | | 9,021 | | | | | | 2,931 | | |
Cash and cash equivalents at the beginning of the year
|
| | | | 480 | | | | | | 628 | | |
Exchange gains (losses) on cash
|
| | | | (8,382 ) | | | | | | (3,079 ) | | |
Cash and cash equivalents at the end of the year
|
| | | | 1,119 | | | | | | 480 | | |
|
| | |
Payments due by period—Undiscounted cash flow
|
| | | |||||||||||||||||||||||||||||||||||||
| | |
Less than
one year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
Over 5
years |
| |
Total
|
| |
Interest not
incurred |
| |
Carring
amount |
| |||||||||||||||||||||
Borrowings
|
| | | | 8,214 | | | | | | 25,955 | | | | | | 22,364 | | | | | | 110,915 | | | | |
|
167,448
|
| | | |
|
(72,940
)
|
| | | | | 94,508 | | |
Commitments to Government
|
| | | | 2,653 | | | | | | 33,018 | | | | | | 29,248 | | | | | | 341,076 | | | | |
|
405,995
|
| | | |
|
(339,671
)
|
| | | | | 66,324 | | |
Related parties
|
| | | | 6,776 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
6,776
|
| | | |
|
—
|
| | | | | 6,776 | | |
Suppliers
|
| | | | 8,846 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
8,846
|
| | | |
|
—
|
| | | | | 8,846 | | |
Other liabilities
|
| | | | 971 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
971
|
| | | |
|
—
|
| | | | | 971 | | |
Total | | | | | 27,460 | | | | | | 58,973 | | | | | | 51,612 | | | | | | 451,991 | | | | | | 590,036 | | | | | | (412,611 ) | | | | | | 177,425 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Cash on hand
|
| | | | 1 | | | | | | 1 | | |
Cash at bank
|
| | | | 360 | | | | | | 105 | | |
Short-term bank deposits
(a)
|
| | | | 758 | | | | | | 374 | | |
| | | | | 1,119 | | | | | | 480 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Escrow deposits
|
| | | | 1,448 | | | | | | 1,572 | | |
| | | | | 1,448 | | | | | | 1,572 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Tariff activities | | | | ||||||||||
Passengers
|
| | | | 646 | | | | | | — | | |
Aircraft
|
| | | | 184 | | | | | | 277 | | |
Loads
|
| | | | 67 | | | | | | 160 | | |
| | | | | 897 | | | | | | 437 | | |
Non-tariff activities | | | | ||||||||||
Space allocation
|
| | | | 1,074 | | | | | | 559 | | |
Others
|
| | | | 172 | | | | | | 68 | | |
| | | | | 1,246 | | | | | | 627 | | |
Provision for impairment of trade receivables
(a)
|
| | | | (479 ) | | | | | | (83 ) | | |
| | | | | (479 ) | | | | | | (83 ) | | |
Total
|
| | | | 1,664 | | | | | | 981 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
At January 1
|
| | | | (83 ) | | | | | | — | | |
Provision for impairment of trade receivables
|
| | | | (986 ) | | | | | | (94 ) | | |
Provision for impairment of trade receivables—reversal
|
| | | | 484 | | | | | | — | | |
Translation diferences
|
| | | | 23 | | | | | | 11 | | |
Final Balance
|
| | | | (479 ) | | | | | | (83 ) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Assets | | | | ||||||||||
Expense recovery | | | | ||||||||||
ENGEVIX
|
| | | | 8 | | | | | | — | | |
Helport Construções
|
| | | | 67 | | | | | | 100 | | |
| | | | | 75 | | | | | | 100 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Liabilities | | | | ||||||||||
EPC Agreement | | | | ||||||||||
Consórcio Engeport
(a)
|
| | | | (5,688 ) | | | | | | (10,890 ) | | |
Expenses payable | | | | ||||||||||
Inframerica Concessionária do Aeroporto de Brasília S.A.
(b)
|
| | | | (1,012 ) | | | | | | (1,219 ) | | |
Expenses payable | | | | ||||||||||
Helport Construções
|
| | | | (76 ) | | | | |||||
| | | | | (6,776 ) | | | | | | (12,109 ) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Construction cost | | | | ||||||||||
Consórcio Engeport
(a)
|
| | | | — | | | | | | (66,416 ) | | |
| | | | | — | | | | | | (66,416 ) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Salary
|
| | | | 21 | | | | | | 90 | | |
| | | | | 21 | | | | | | 90 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current | | | | ||||||||||
Withholding income tax—IRRF
|
| | | | 164 | | | | | | 238 | | |
Social Integration Program—PIS
(a)
|
| | | | 146 | | | | | | 185 | | |
Contribution to Social Security Financing—COFINS
(a)
|
| | | | 671 | | | | | | 850 | | |
Others
|
| | | | 115 | | | | | | 128 | | |
| | | | | 1,096 | | | | | | 1,401 | | |
Non-current | | | | ||||||||||
Social Integration Program—PIS
(a)
|
| | | | 2,175 | | | | | | 3,427 | | |
Contribution to Social Security Financing—COFINS
(a)
|
| | | | 10,018 | | | | | | 15,785 | | |
| | | | | 12,193 | | | | | | 19,212 | | |
| | | | | 13,289 | | | | | | 20,613 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Advance payments to suppliers
|
| | | | 18 | | | | | | 401 | | |
Advances to foreign suppliers
|
| | | | 61 | | | | | | — | | |
Employee benefits
|
| | | | 113 | | | | | | — | | |
Others
|
| | | | 128 | | | | | | 277 | | |
| | | | | 320 | | | | | | 678 | | |
|
| | |
Infrastructure
|
| | | |||||||||||||||||||||||||||||||
| | |
In progress
|
| |
In operation
|
| |
Concession
Grant |
| |
Projects
|
| |
Software
|
| |
Total
|
| ||||||||||||||||||
December 31, 2013
|
| | | | 155,153 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 1 | | | | | | 155,155 | | |
Acquisitions
|
| | | | — | | | | | | 107,442 | | | | | | 89,210 | | | | | | 479 | | | | | | — | | | | | | 197,131 | | |
Write-off of other advances
|
| | | | (8,269 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,269 ) | | |
Transfers
|
| | | | (120,873 ) | | | | | | 120,873 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Margin
|
| | | | 1,328 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,328 | | |
Amortization of Intangible Assets
|
| | | | — | | | | | | (2,219 ) | | | | | | (1,096 ) | | | | | | — | | | | | | — | | | | | | (3,315 ) | | |
Translation differences
|
| | | | (3,811 ) | | | | | | (25,662 ) | | | | | | (10,001 ) | | | | | | (54 ) | | | | | | — | | | | | | (39,528 ) | | |
December 31, 2014
|
| | | | 23,528 | | | | | | 200,434 | | | | | | 78,113 | | | | | | 426 | | | | | | 1 | | | | | | 302,502 | | |
Write-off of other advances
|
| | | | (157 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (157 ) | | |
Acquisitions
|
| | | | 1,103 | | | | | | 22 | | | | | | — | | | | | | 25 | | | | | | — | | | | | | 1,150 | | |
Impairment
|
| | | | — | | | | | | (77,902 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | (77,902 ) | | |
Amortization of Intangible Assets
|
| | | | — | | | | | | (3,844 ) | | | | | | (1,408 ) | | | | | | — | | | | | | (2 ) | | | | | | (5,254 ) | | |
Translation differences
|
| | | | (5,449 ) | | | | | | (55,635 ) | | | | | | (25,498 ) | | | | | | (87 ) | | | | | | (28 ) | | | | | | (86,697 ) | | |
Transfers
|
| | | | (15,588 ) | | | | | | 15,776 | | | | | | — | | | | | | (364 ) | | | | | | 176 | | | | | | — | | |
December 31, 2015
|
| | | | 3,437 | | | | | | 78,851 | | | | | | 51,207 | | | | | | — | | | | | | 147 | | | | | | 133,642 | | |
|
| | |
December 31,
2013 |
| |
Additions
|
| |
Translation
differences |
| |
December 31,
2014 |
| |
Additions
|
| |
Transitions
|
| |
Translation
differences |
| |
December 31,
2015 |
| |
Annual
Depreciation Rate |
| |||||||||||||||||||||||||||
Costs | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Plant
|
| | | | 49 | | | | | | — | | | | | | (6 ) | | | | | | 43 | | | | | | — | | | | | | (4 ) | | | | | | (13 ) | | | | | | 26 | | | | |||||
Machinery and Equipment
|
| | | | 1 | | | | | | 944 | | | | | | (107 ) | | | | | | 838 | | | | | | 32 | | | | | | 4 | | | | | | (282 ) | | | | | | 592 | | | | |||||
Furniture and Tools
|
| | | | 88 | | | | | | 597 | | | | | | (78 ) | | | | | | 607 | | | | | | 28 | | | | | | — | | | | | | (204 ) | | | | | | 431 | | | | |||||
Computer Equipment
|
| | | | 38 | | | | | | 314 | | | | | | (40 ) | | | | | | 312 | | | | | | 18 | | | | | | — | | | | | | (106 ) | | | | | | 224 | | | | |||||
| | | | | 176 | | | | | | 1,855 | | | | | | (231 ) | | | | | | 1,800 | | | | | | 78 | | | | | | — | | | | | | (605 ) | | | | | | 1,273 | | | | |||||
Accumulated Depreciations
|
| | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Plant
|
| | | | (1 ) | | | | | | (4 ) | | | | | | 1 | | | | | | (4 ) | | | | | | (3 ) | | | | | | — | | | | | | 2 | | | | | | (5 ) | | | | | | 10 | | |
Machinery and Equipment
|
| | | | — | | | | | | (99 ) | | | | | | 11 | | | | | | (88 ) | | | | | | (123 ) | | | | | | — | | | | | | 48 | | | | | | (163 ) | | | | | | 20 | | |
Furniture and Tools
|
| | | | (3 ) | | | | | | (31 ) | | | | | | 5 | | | | | | (29 ) | | | | | | (45 ) | | | | | | — | | | | | | 16 | | | | | | (58 ) | | | | | | 10 | | |
Computer Equipment
|
| | | | (4 ) | | | | | | (39 ) | | | | | | 4 | | | | | | (39 ) | | | | | | (46 ) | | | | | | — | | | | | | 20 | | | | | | (64 ) | | | | | | 20 | | |
| | | | | (8 ) | | | | | | (173 ) | | | | | | 21 | | | | | | (160 ) | | | | | | (217 ) | | | | | | — | | | | | | 86 | | | | | | (290 ) | | | | |||||
Total
|
| | | | 168 | | | | | | 1,682 | | | | | | (210 ) | | | | | | 1,640 | | | | | | (139 ) | | | | | | — | | | | | | (519 ) | | | | | | 983 | | | | |||||
|
| | |
Assets
|
| |
Impairment
|
| |
Translation
Differences |
| |
Recoverable
Amount |
| ||||||||||||
Deferred tax
|
| | | | 12,137 | | | | | | (14,399 ) | | | | | | 2,262 | | | | | | — | | |
Intangible
|
| | | | 199,308 | | | | | | (77,902 ) | | | | | | 12,236 | | | | | | 133,642 | | |
| | |
Exposure
|
| |
Actual rate (6.54%)
|
| |
Actual rate (6.30%)
|
| |
Actual rate (6.80%)
|
| ||||||||||||
Intangible Assets
|
| | | | 199,308 | | | | | | 77,902 | | | | | | 73,076 | | | | | | 82,830 | | |
| | | | | | | | | | | | | | | | | (4,826 ) | | | | | | 4,928 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Local Suppliers—Works
|
| | | | 6,602 | | | | | | 15,120 | | |
General local Suppliers
|
| | | | 2,202 | | | | | | 1,451 | | |
Foreign Suppliers
|
| | | | 42 | | | | | | 61 | | |
| | | | | 8,846 | | | | | | 16,632 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current | | | | ||||||||||
Infrastructure Facility
(a)
|
| | | | 8,214 | | | | | | 2,412 | | |
Working Capital
|
| | | | — | | | | | | 15,076 | | |
| | | | | 8,214 | | | | | | 17,488 | | |
| | |
2015
|
| |
2014
|
| ||||||
Non-current | | | | ||||||||||
Infrastructure Facility
(a)
|
| | | | 86,294 | | | | | | 127,789 | | |
| | | | | 86,294 | | | | | | 127,789 | | |
Total
|
| | | | 94,508 | | | | | | 145,277 | | |
|
|
Balance on December 31, 2013
|
| | | | 102,680 | | |
|
Borrowings received
|
| | | | 50,595 | | |
|
Payments
|
| | | | (235 ) | | |
|
Interest paid
|
| | | | (765 ) | | |
|
Indexation—capitalized
|
| | | | 2,953 | | |
|
Interest
|
| | | | 9,224 | | |
|
Translation diferences
|
| | | | (19,175 ) | | |
|
Balance on December 31, 2014
|
| | | | 145,277 | | |
|
Borrowings received
|
| | | | 3,780 | | |
|
Payments
|
| | | | (18,604 ) | | |
|
Interest paid
|
| | | | (173 ) | | |
|
Interest
|
| | | | 11,513 | | |
|
Translation diferences
|
| | | | (47,284 ) | | |
|
Balance on December 31, 2015
|
| | | | 94,508 | | |
|
Bank
|
| |
Release
|
| |
Principal
|
| |
Maturity Date
|
| |
Charges (% p.y.)
|
| |
Closing
Balance |
| |||||||||||||||
December 31, 2014
|
| | | | | | | | | | 133,371 | | | | | | | | | | | | | | | | | | 145,277 | | |
BNDES
|
| | | | Mar/13 | | | | | | 5,763 | | | | | | Sep/32 | | | |
TJLP + 3.14%
|
| | | | 6,970 | | | |||
BNDES
|
| | | | Mar/13 | | | | | | 1,618 | | | | | | Jun/32 | | | |
T.R. + 3.14%
+ IPCA |
| | | | 1,937 | | | |||
BNDES
|
| | | | Mar/13 | | | | | | 16,183 | | | | | | Sep/32 | | | |
TJLP + 3.14%
|
| | | | 19,030 | | | |||
BNDES
|
| | | | Nov/13 | | | | | | 31,745 | | | | | | Sep/32 | | | |
TJLP + 3.14%
|
| | | | 36,411 | | | |||
BNDES
|
| | | | Nov/13 | | | | | | 3,751 | | | | | | Sep/32 | | | |
T.R. + 3.14%`
+ IPCA |
| | | | 4,311 | | | |||
BNDES
|
| | | | Feb/14 | | | | | | 4,402 | | | | | | Sep/22 | | | | | | 2.50 % | | | | | | 3,774 | | |
BNDES
|
| | | | Feb/14 | | | | | | 7,484 | | | | | | Sep/32 | | | |
TJLP + 3.14%
|
| | | | 8,693 | | | |||
BNDES
|
| | | | Feb/14 | | | | | | 748 | | | | | | Jul/32 | | | |
T.R. + 3.14%
+ IPCA |
| | | | 1,046 | | | |||
BNDES
|
| | | | May/14 | | | | | | 321 | | | | | | Jul/32 | | | |
T.R. + 3.14%
+ IPCA |
| | | | 421 | | | |||
BNDES
|
| | | | May/14 | | | | | | 3,207 | | | | | | Sep/32 | | | |
TJLP + 3.14%
|
| | | | 3,640 | | | |||
BNDES
|
| | | | May/14 | | | | | | 848 | | | | | | Jul/32 | | | |
T.R. + 4,74%
+ IPCA |
| | | | 1,139 | | | |||
BNDES
|
| | | | Nov/14 | | | | | | 3,283 | | | | | | Set/32 | | | |
TJLP + 3.14%
|
| | | | 3,584 | | | |||
BNDES
|
| | | | Apr/15 | | | | | | 2,020 | | | | | | Set/32 | | | |
TJLP + 3,14%
|
| | | | 2,129 | | | |||
BNDES
|
| | | | May/15 | | | | | | 1,358 | | | | | | Set/32 | | | |
TJLP + 3,14%
|
| | | | 1,423 | | | |||
December 31, 2015
|
| | | | | | | | | | 82,731 | | | | | | | | | | | | | | | | | | 94,508 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current
|
| | | | 2,653 | | | | | | — | | |
Non-current
|
| | | | 63,671 | | | | | | 84,081 | | |
Commitments to the Grantor
|
| | | | 66,324 | | | | | | 84,081 | | |
|
Balance on December 31, 2013
|
| | | | — | | |
|
Grant obtained
|
| | | | 89,211 | | |
|
Changes in liability for concessions
|
| | | | 5,635 | | |
|
Translation diferences
|
| | | | (10,765 ) | | |
|
Balance on December 31, 2014
|
| | | | 84,081 | | |
|
Changes in liability for concessions
|
| | | | 11,776 | | |
|
Translation diferences
|
| | | | (29,532 ) | | |
|
Balance on December 31, 2015
|
| | | | 66,324 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Current | | | | ||||||||||
Exclusive Rights
|
| | | | 839 | | | | | | — | | |
Other Advance Payments
|
| | | | 8 | | | | | | — | | |
| | | | | 847 | | | | | | — | | |
Non-current | | | | ||||||||||
Exclusivity Rights
|
| | | | 3,080 | | | | | | — | | |
| | | | | 3,080 | | | | | | — | | |
Total
|
| | | | 3,927 | | | | | | — | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Deferred revenue from customers
(a)
|
| | | | — | | | | | | 8,119 | | |
FNAC Transfer
(a)
|
| | | | 192 | | | | |||||
ATAERO Transfer
(b)
|
| | | | 528 | | | | | | 268 | | |
PAN Transfer
(c)
|
| | | | 16 | | | | | | 5 | | |
Others
|
| | | | 235 | | | | | | 199 | | |
| | | | | 971 | | | | | | 8,591 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Civil
|
| | | | 28 | | | | | | — | | |
Labor
|
| | | | 27 | | | | | | 82 | | |
| | | | | 55 | | | | | | 82 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Gross Revenue—Tariff
(a)
|
| | | | 6,987 | | | | | | 2,383 | | |
Gross Revenue—Non-tariff
(b)
|
| | | | 8,014 | | | | | | 6,422 | | |
Construction gross revenue
(c)
|
| | | | — | | | | | | 67,744 | | |
Other Revenue
|
| | | | 100 | | | | | | — | | |
COFINS (Contribution to Social Security Financing)
|
| | | | (1,140 ) | | | | | | (669 ) | | |
PIS
|
| | | | (247 ) | | | | | | (145 ) | | |
ISS (Municipal services tax)
|
| | | | (262 ) | | | | | | (121 ) | | |
| | | | | 13,452 | | | | | | 75,614 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Personnel
|
| | | | 6,191 | | | | | | 4,990 | | |
Third party services
|
| | | | 2,446 | | | | | | 2,565 | | |
Maintenance
|
| | | | 1,792 | | | | | | 1,637 | | |
Utilities
|
| | | | 1,833 | | | | | | 1,124 | | |
Materials and fuel
|
| | | | 78 | | | | | | 249 | | |
Movable property rental
|
| | | | — | | | | | | 836 | | |
Others
|
| | | | 92 | | | | | | 152 | | |
Fixed grant amortization
(a)
|
| | | | 1,372 | | | | | | 1,096 | | |
Amortization and depreciation
|
| | | | 4,064 | | | | | | 2,392 | | |
Construction costs
|
| | | | — | | | | | | 66,416 | | |
| | | | | 17,868 | | | | | | 81,457 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Personnel
|
| | | | 573 | | | | | | 777 | | |
Third Party Services
|
| | | | 372 | | | | | | 449 | | |
Insurance
|
| | | | 252 | | | | | | 327 | | |
Information Technology
|
| | | | 1 | | | | | | 319 | | |
Taxes, Fees and Contributions
|
| | | | 141 | | | | | | 170 | | |
Others
|
| | | | 147 | | | | | | 463 | | |
| | | | | 1,486 | | | | | | 2,505 | | |
|
| | | | | | 2015 | | | | | | 2014 | | |
|
Interest on Financial Investments
|
| | | | 82 | | | | | | 54 | | |
|
Discounts Obtained
|
| | | | 138 | | | | | | 66 | | |
|
Others
|
| | | | 38 | | | | | | 18 | | |
|
Financial revenue
|
| | | | 258 | | | | | | 138 | | |
|
Changes in liability for concessions
|
| | | | (11,776 ) | | | | | | (5,635 ) | | |
|
Interest, Charges and Bank Rates
|
| | | | (11,850 ) | | | | | | (9,528 ) | | |
|
Financial expenses
|
| | | | (23,626 ) | | | | | | (15,163 ) | | |
|
Net financial result
|
| | | | (23,368 ) | | | | | | (15,025 ) | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Loss before income tax and social contribution
|
| | | | (107,734 ) | | | | | | (24,005 ) | | |
Tax at the domestic rate 34%
|
| | | | 36,630 | | | | | | 8,164 | | |
Tax effect of expenses that are not deductible for tax purposes
|
| | | | (27,475 ) | | | | | | — | | |
Impairment of deferred income asset
|
| | | | (14,399 ) | | | | | | — | | |
Income tax and social contribution
|
| | | | (5,244 ) | | | | | | 8,164 | | |
| | |
2015
|
| |
2014
|
| ||||||
Opening balance
|
| | | | 6,591 | | | | | | — | | |
Income tax and social contribution
|
| | | | (5,244 ) | | | | | | 8,164 | | |
Translation differences
|
| | | | (1,347 ) | | | | | | (1,573 ) | | |
Closing balance
|
| | | | — | | | | | | 6,591 | | |
|
Event
|
| |
Amount of the
Performance Bond (in R$) |
| |
Amount of the
Performance Bond (in USD) |
|
Natal Concession Agreement | | | | ||||
Phase I of the Natal Concession Agreement | | |
65 million
|
| |
19.9 million
|
|
Phase II of the Natal Concession Agreement (from the formal commencement of Phase II until the end of the contract) | | |
6.5 million
|
| |
1.9 million
|
|
Investment Trigger of the Natal Concession Agreement | | |
10% of the amount
of planned investments |
| |
| | | | | | | | |
|
Bruno Souza Ferreira da Silva
Accountant—CRC: BA 023534/O-5 “S” RN |
| |
Paulo Junqueira de Arantes Filho
CFO |
| |
Jorge Arruda Filho
President Director |
|
|
BofA Merrill Lynch
|
| |
Citigroup
|
| |
Goldman Sachs & Co. LLC
|
|