Corporacion America Airports Announces 4Q20 and Fiscal Year 2020 Results

Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) the largest private sector airport operator based on the number of airports under management reported today its unaudited, consolidated results for the three-month and twelve-month periods ended December 31, 2020. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (“IASB”).

Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance to IFRS rule IAS 29 (“IAS 29”), as detailed on Section “Hyperinflation Accounting in Argentina”.

Fourth Quarter 2020 Highlights

• Consolidated Revenues of $129.4 million, a decline of 66.0% YoY. Excluding the impact of IFRS rule IAS 29, revenues declined 64.4%, or $241.6 million, to $133.3 million, mainly reflecting decreases of a $134.5 million in Aeronautical revenues, a $53.4 million in Commercial revenues driven by the impact of the COVID-19 pandemic, as well as in construction service revenue in Argentina reflecting lower capex in the period.
• Key operating metrics declined YoY impacted by Covid-19, but improved sequentially:
  • Passenger traffic was 5.1 million, a 75.6% YoY decline, but increased over 2x from 2.6 million in 3Q20
  • Cargo volume decreased 37.1% YoY to 72.1 thousand tons, but improved 36.4% from 52.9 thousand tons in 3Q20
  • Aircraft movements reached 85.8 thousand, a 59.7% YoY decline, but improved 42.8% from 60.1 thousand in 3Q20
• Operating Income was $5.3 million, declining 57.1%, or $ 7.1 million, compared to $12.4 million in 4Q19, mainly reflecting the impact of the Covid-19 pandemic on revenues, partially offset by a $36.6 million economic compensation granted by the Brazilian government, together with a $12.0 million government grant obtained in Italy. Moreover, in 4Q19 operating income was impacted by an impairment loss of $42.8 million in Brazil.
• Adjusted EBITDA on an “As Reported” basis was $44.6 million, a 12.0% decline compared $50.7 million in 4Q19. Ex-IAS29, Adjusted EBITDA was $44.2 million, a 9.0% decline from $48.6 million recorded in 4Q19.
• When also excluding the reversal on impairments in 4Q20 and the impairment loss in 4Q19, Adjusted EBITDA improved to $43.2 million in 4Q20, from a loss of $19.0 million in 3Q20, but was below Adjusted EBITDA of $91.4 million reported in 4Q19. Adjusted EBITDA margin Ex-IFRIC12 increased to 42.7% from 31.4% in 4Q19, mainly reflecting the impact of the economic compensations obtained in Brazil and Italy for a total of $46.7 million.
• On November 30, 2020, CAAP’s Argentine subsidiary AA2000 signed an agreement to extend the AA2000 concession for a ten-year period from 2028 to 2038, later ratified on December 17, 2020 under Presidential Decree No. 1009/2020.
• On November 6, 2020, the company’s Italian subsidiary announced it obtained an 85 million Euro bank loan from a pool of financial institutions, with a 6-year term and a 2-year grace period, guaranteed by the Italian public export credit insurance agency.

Subsequent Events

• On January 13, 2021, CAAP announced that under Resolution No. 4/2021 of the Official Gazette, the Organismo Regulador del Sistema Nacional de Aeropuertos (“ORSNA”) established an increase in the international passenger fee for travelers departing from AA2000 airports of US$6 to US$57, in line with the provisions of the Technical Conditions for the Extension which are part of the 10-year concession extension approved on December 17, 2020.
• In February 2021, Aerolíneas Argentinas S.A. sent a proposal to pay outstanding amounts owed to CAAP’s subsidiary AA2000 until March 31, 2020 (AR$120.6 million and US$36.5 million).
• In February 2021, AA2000 renegotiated the principal payment under the syndicated bank loan maturing in February 2021 for a total amount of $13.3 million, and deferred said amount to be repaid under a new schedule between March 2022 and February 2023.
• On March 15, 2021, Aeroparque Airport, in Argentina, was reopened, 7 months after it was closed on August 1st, 2020, to carry out renovation and expansion works in the runway and the international arrivals and departures halls of the terminal building. All works were covered with funds held in AA2000’s Development Trusts, with no impact on that subsidiary’s cashflows.

Fiscal Year 2020 Highlights

• Consolidated revenues were to $607.4 million, a YoY decline of 61.0%, or $951.2 million. Ex-IAS 29, revenues decreased 60.7% YoY due to lower income from operations across all segments, mainly attributed to the impact of the COVID-19 pandemic.
• Performance of key operating metrics:
  • Passenger traffic down 70.0% YoY to 25.2 million
  • Cargo volume declined 39.8% to 255.6 thousand tons
  • Aircraft movements decreased 58.9% to 352.9 thousand
• Operating loss in 2020 was $163.7 million, down from operating income of $223.6 million in 2019, mainly driven by the impact of the COVID-19 pandemic. Operating margin contracted to negative 27.0% from 14.3% in 2019
• Adjusted EBITDA was $13.6 million, down 96.4% YoY, while the Adjusted EBITDA margin Ex-IFRIC12 contracted to 2.5% from 31.3% in 2019.
• Ex-IAS 29, Adjusted EBITDA declined 96.0% YoY, to $15.5 million, and Adjusted EBITDA margin Ex-IFRIC12 contracted to 2.9%. On a comparable basis, excluding the impairment and goodwill write offs in 4Q20, 3Q20, 1Q20 and 4Q19 in Brazil, the $23.1 million bad debt charge recorded in Argentina in 3Q19 and the $2.2 million one-time benefit in Italy, Adjusted EBITDA would have declined to $77.8 million in 2020 from $449.4 million in 2019. Adjusted EBITDA margin ex-IFRIC would have contracted 2,092 bps to 15.6% from 36.6% in 2019.

CEO Message

“Last year was undoubtedly the most challenging year ever faced by the travel industry worldwide. Since the start of the pandemic, we have demonstrated our capacity and flexibility to rapidly respond to the new environment and changing market conditions. I wish to thank our teams for their dedication and commitment to rapidly establishing and executing our strategic plan to protect the Company’s financial position, all while continuing to ensure the highest health and safety standards for our passengers and employees.

Through taking decisive actions, including successfully exceeding our cost reduction goals and keeping a focus on economic compensation, we achieved positive comparable Adjusted EBITDA1 of US$ 78 million in the full year, despite experiencing a 70% decline in passenger traffic in 2020 as a result of the severe impact of the pandemic on travel demand.” noted Mr. Martín Eurnekian, CEO of Corporación América Airports.

“We also made significant strides in reprofiling and strengthening our balance sheet through successfully refinancing a significant part of our principal and interest payments in key countries, while increasing our liquidity position through new financings.

Another key element of our strategic plan has been the successful negotiations with regulatory bodies and governments across our concessions to obtain economic compensation for the impact of this health crisis. Most importantly, the 10-year extension of the AA2000 concession in Argentina obtained in the fourth quarter, along with an increase in international tariffs was a significant milestone for our Company, reinforcing this subsidiary’s long-term sustainability. In Brazil, another of our key markets, during the quarter we obtained an economic compensation for the impact of the pandemic in 2020.

Looking ahead, we remain fully focused on further executing against the strategic action plan put in place at the start of the crisis: protecting liquidity, keeping a strong focus on cost controls and, advancing negotiations to obtain long-term re-equilibrium of our concessions while refinancing bank debt in Argentina.

In terms of travel demand, the gradual sequential monthly recovery trend that started last June continued into early this year. However, during the first quarter 2021, passenger traffic trends have been choppy reflecting lower demand in Brazil given concerns regarding the new strain of the virus and a spike in cases. Travel restrictions in Europe also impacted demand in most countries of operations. As the northern hemisphere continues to make headway with the vaccination programs, we expect this to lead to some improvement in traffic towards the second half of the year. In the medium term, while visibility in Latin America remains low, higher availability of vaccines and the lifting of government travel restrictions over time are anticipated to help drive better passenger dynamics.”

Update on Action Plan to Mitigate Impact of COVID-19

Governmental Flight Restrictions

The COVID-19 virus outbreak has generated a disruption in the global economy, and in particular, the aviation industry resulting in drastic reductions in passenger traffic. During March 2020, several governments around the world, implemented measures to contain the spread, including the closing of borders and prohibition of travel, domestic lockdowns and quarantine measures. While governments across the Company’s countries of operations have been relaxing some of these flight restrictions in recent months, the overall situation remains volatile, as governments worldwide adjust travel bans or implement requirements to enter or leave their countries, including quarantines or negative Covid-19 PCR tests, based on the evolution of the sanitary situation.

• Currently, in Argentina borders remain closed to foreigners until April 9, 2021. International travel restarted in July 2020 under a special flights regime, and passengers arriving in Argentina are required to present a negative PCR test and self-isolate for seven days. During 4Q20, certain government restrictions on air travel were relaxed: by the end of October, bans on domestic travel were lifted, while entry was permitted to foreigners from neighboring countries starting in November. Late December, however, the government reenacted the ban on entry for all foreigners, in light of the new COVID-19 strain, until April 9, 2021. Given the recent spike in Covid cases earlier this month, the government added additional travel requirements for nationals upon arrival and, starting March 27, 2021, flights from Brazil, Chile and Mexico were banned from entering the country.
• In Italy, certain restrictions apply for travelers coming from, or that visited or transited certain countries until April 6, 2021. Travelers are required to present a negative PCR test and self-quarantine for 14-days upon arrival, with limited exceptions.
• In Uruguay, borders remain closed to non-resident foreigners, with certain exemptions, and requirements upon entry, including a negative PCR test and a self-isolation period.
• In Brazil, domestic travel never stopped, with passenger traffic showing a continued recovery since May 2020 through January 2021. More recently, however, in light of the increase in COVID-19 cases in the country, there was a decrease in passenger demand.
• In Armenia, restrictions on air travel were lifted mid-September 2020, although some requirements apply upon entry including a negative PCR test upon arrival.
• Commercial operations in Ecuador restarted during the first week of June 2020, although certain requirements apply including a negative PCR test upon entry.

Impact of COVID-19 on CAAP’s Passenger Traffic and Cargo activity

The Company’s operations have been severely impacted by the prolonged flight restrictions in most countries of operations as well as flight bans in many other countries worldwide. Total passenger traffic in October 2020 declined 80.8% year-on-year, showing a slight recovery in November and December, with declines of 77.1% and 68.8%, respectively, although passenger traffic more than doubled in the quarter when compared to 3Q20. During 4Q20, commercial flights were operated across all CAAP’s countries, although still restricted by government bans to locals and foreigners, and certain requirements applied. Cargo activity was also impacted, with cargo volume declining 40.2% year-on-year in October 2020, 40.9% in November and slightly improving to a drop of 39.8% YoY in December.

Implementation of Mitigation Initiatives Focused on Preserving Financial Position

The crisis committee, composed of the Company’s CEO and operating CEOs of each subsidiary, continues to assess operations, with the goal of enhancing the sustainability of the Company’s business. CAAP continued to make progress on its action plan focused on:

• Employees and passengers: The Company has further enhanced safety and hygiene protocols across its airports to protect the well-being of passengers and operating personnel. As travel bans are lifted and commercial flights resume across all countries, CAAP developed and established customized protocols to ensure the maximum health standards across the Company’s airport network. These protocols were approved by the respective regulatory agencies and health authorities. These include sanitization and social distance measures, screening and biocontrol procedures for all passengers travelling through our airports. Ezeiza airport in Argentina, along with CAAP’s Brasilia, Guayaquil, Carrasco, Arequipa and Galapagos airports obtained ACI’s “Airport Health Accreditation”. In addition, Pisa and Florence airports were the first in Italy to receive independent certification of health protocols in July 2020.
• Cost controls and cash preservation measures: CAAP has made progress on lowering operating costs by:
  • Reducing personnel expenses in Brazil, Uruguay, Italy and Armenia, including lay-offs, salary reductions, placing operating employees on furlough and/or reduction of working hours. In Argentina, the Company received government assistance to cover a portion of salaries since April to December 2020.
  • Lowering maintenance and other operating expenses, through the revision of maintenance contracts across all countries of operations. While CAAP expects to benefit from these reductions in the coming quarters, it also expects to see some increases in payroll and maintenance and other operating costs as traffic continues to recover.

As a result of these combined measures, the Company achieved a 46% YoY reduction in cash operating costs and expenses in the quarter, following YoY reductions of 48% and 51% in 3Q20 and 2Q20, respectively, beating its 43% reduction target in all quarters. Note this excludes concession fees and construction costs.

• Negotiations with regulatory bodies and government support: The Company advanced on the renegotiations of concession fee payments with regulatory bodies:
  • In Brazil, in March 2020 the regulator approved the deferral to December 2020 of the variable and fixed concession fee payments that were due May and July, respectively. Also, in November 2020 CAAP obtained the refinancing of 50% of this 2020 annual concession fee payment due December 2020, which was deferred to the six final years of the concession.
  • In Italy, in March 2020 the Company obtained regulatory approval to defer until January 2021 the semi-annual concession fee payment originally due July 2020 and in August, CAAP also obtained a government grant for a total of Eur. 20 million to be deployed over a two-year period, of which a total of Eur. 10 million were approved by the European Commission in March 2021, to compensate for COVID-19 impact in the period from March 10 to June 15, 2020. This amount was recognized as “Other revenues” in 4Q20, and is expected to be collected during April 2021. In addition, in December 2020 the Italian Budget Law was passed, covering the 2021 financial year and the 2021 to 2023 long-term budget, that establishes measures in support of the airport sector in the country. The law, that became effective on January 1, 2021, contains provisions to allocate a Eur. 500 million fund (Eur. 450 million reserved for airport management companies and Eur. 50 million for handlers) to compensate airports in the country for COVID-19 related damages, and also guarantees additional benefits of the “Solidarity Fund for Air Transport and Airport System Sector” for wages subsidies, requested by the air transport and airport management companies for 12 weeks, in the period between January 1 and June 30, 2021. CAAP’s Italian subsidiary, Toscana Aeroporti, expects to benefit from these provisions, as they become available for airport operators and handlers during this year.
  • In Argentina, AA2000 agreed on a proposal by Aerolíneas Argentinas S.A. regarding the amounts owed until March 31, 2020 (AR$120.6 million and US$36.5 million), which shall be repaid in installments and transferred to the Trust for Strengthening the National Airport System.
• Re-equilibrium of the concession agreements:
  • Concession contracts in Argentina, Armenia and Italy allow for guaranteed returns. In Argentina, CAAP completed a 10-year extension of the AA2000 concession agreement in December 2020, and more recently obtained a tariff increase of US$ 6.0, raising the tariff to US$ 57.0 dollars in the international passenger fee, applied starting March 15, 2021. In Italy, during 2Q20, the regulator granted a 2-year extension to all airport concessions in the country.
  • The concession contracts in Brazil and Ecuador have force majeure re-equilibrium clauses. In Brazil, in December 2020 the Company obtained an economic compensation in connection with the Covid-19 impact during 2020 for the Brasilia and Natal concessions, of US$ 36.6 million in total. It is also moving forward to request a long-term compensation on both concessions. In addition, in Ecuador, the Company continues in negotiations to obtain compensation under the Guayaquil concession. The amounts and mechanisms for compensation will be negotiated with authorities.
  • In Uruguay, CAAP is moving forward in conversations with the authorities to review the Carrasco and Punta del Este airport concession agreements, to compensate for the impact of the pandemic.

Financial position and liquidity: As cash preservation is a critical focus, the Company has taken the following measures:

• As a result of renegotiations with debt holders and banks, in May 2020 the Company deferred or refinanced a total of $189 million dollars in principal and interest payments as follows:
  • In Argentina, in May 2020 the Company completed an exchange offer for its $400 million international notes due 2027, with 86.73% of the principal amount tendered for exchange, resulting in a deferral of a total of $60 million dollars in principal and interest payments originally due until February 2021. It also deferred a total of $26.6 million dollars in principal due 2020 in connection with its $120 million Credit Facility and a $10 million bilateral loan.
  • In Uruguay, in May 2020 the Company executed an exchange offer for its $200 million notes due 2032, and obtained 93.60% of the principal amount tendered for exchange. As a result, CAAP has the option to defer up to $20.5 million dollars in principal and interest payments originally due until June 2021. In addition, the Company deferred a total of $8.7 million in principal payments due 2020 under local notes.
  • CAAP also obtained two 6-month deferrals for the suspension of payments of principal and interest with BNDES in Brazil. The first standstill was granted in April 2020 by BNDES, and the second was obtained in October 2020, for an amount of approximately $27 million in total.
  • During 4Q20, CAAP also extended its debt maturity in Armenia, with the deferral of all principal payments from and including December 2020 by three payment dates for an amount of $36 million, until June 2024, from December 2022.
  • In addition, in February 2021, CAAP renegotiated the principal payment under the syndicated bank loan in Argentina maturing in February 2021 for a total amount of $13.3 million, to be repaid under a new schedule between March 2022 and February 2023.
• The Company secured additional financing for a total amount of $156 million, as follows:
  • In Argentina, CAAP raised a $40 million dollar-linked local bond at a 0% interest rate with a 2-year maturity during 3Q20.
  • During 4Q20, CAAP’s Italian subsidiary obtained an 85 million Euro bank loan, or $103.5 million, with a 6-year term and a 2-year grace period, guaranteed by the Italian public export credit insurance agency.
  • In Ecuador, the Company issued a $12.0 million bank loan in December 2020.
• CAAP renegotiated the debt maintenance covenants for debt held in its subsidiaries in Argentina and Uruguay until November 2021. In addition, in Italy the Company obtained a waiver for the debt leverage ratio covenant in connection with the 60 million Euro notes due 2024, for the periods ending June and December 2020. Covenants in Armenia were waived until December 2021, and renegotiated through 2023.
• Through ongoing negotiations with the regulators, CAAP negotiated the deferral of concession fee payments in Argentina, Brazil, Uruguay and Italy for a total amount of $106 million, of which $31 million had already been paid by December 2020.
• Suspended dividends to third parties in the concessions in Italy and Ecuador for an amount of $17 million dollars. Moreover, CAAP currently does not pay corporate dividends and the Company does not have in place a share repurchase program either.
• Since April, cancelled all non-mandatory capital investments and deferred non-priority projects. In 4Q20, $33.8 million were invested in capital expenditures, of which $12.4 million were funded by the development trusts in Argentina. In 2021, only capex to cover regulatory requirements or to maintain security standards and airport safety.
• Implemented a set of cost control measures that achieved a significant reduction in cash operating costs beginning 2Q20. The Company remains focused on obtaining additional efficiencies, while closely monitoring the increase of operating expenses as operations resume across all countries. Moreover, CAAP has been actively managing its working capital since April 2020 by negotiating with its suppliers the extension of payment terms.
• CAAP continues to work closely with the financial community, especially in Argentina, to renegotiate the principal payments of bank loans that mature during the rest of 2021.

As a result of the strong cost reduction and cash preservation initiatives, CAAP significantly reduced operating cash burn, reaching cash break-even levels in Argentina and Uruguay beginning 2Q20, and in Ecuador and Armenia since 3Q20. In addition, during 4Q20 CAAP achieved positive operating cash flow across most countries of operations.

To obtain the full text of this earnings release and the earnings presentation, please click on the following link: http://investors.corporacionamericaairports.com/Results-Center

4Q20 EARNINGS CONFERENCE CALL

Use of Non-IFRS Financial Measures

This announcement includes certain references to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction service, as well as Net Debt:

Adjusted EBITDA is defined as income for the period before financial income, financial loss, income tax expense, depreciation and amortization.

Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues.

Adjusted EBITDA excluding Construction Service (“Adjusted EBITDA ex-IFRIC”) is defined as income for the period before construction services revenue and cost, financial income, financial loss, income tax expense, depreciation and amortization.

Adjusted EBITDA Margin excluding Construction Service (“Adjusted EBITDA Margin ex-IFRIC12”) excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing Adjusted EBITDA excluding Construction Service revenue and cost, by total revenues less Construction service revenue.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction Service are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding Construction Service enhances an investor’s understanding of our performance and are useful for investors to assess our operating performance by excluding certain items that we believe are not representative of our core business. In addition, Adjusted EBITDA and Adjusted EBITDA excluding Construction Service are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods, capital structure or income taxes and construction services (when applicable).

Net debt is calculated by deducting “Cash and cash equivalents” from total financial debt.

Figures ex-IAS 29 result from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Peso against the US dollar in the period. Percentage variations ex-IAS 29 figures compare results as presented in the prior year quarter before IAS 29 came into effect, against ex-IAS 29 results for this quarter as described above. For comparison purposes the impact of adopting IAS 29 in Aeropuertos Argentina 2000, the Company’s largest subsidiary in Argentina, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”. The impact from “Hyperinflation Accounting in Argentina” is described in more detail page 29 of this report.

Definitions and Concepts

Commercial Revenues: CAAP derives commercial revenue principally from fees resulting from warehouse usage (which includes cargo storage, stowage and warehouse services and related international cargo services), services and retail stores, duty free shops, car parking facilities, catering, hangar services, food and beverage services, retail stores, including royalties collected from retailers’ revenue, and rent of space, advertising, fuel, airport counters, VIP lounges and fees collected from other miscellaneous sources, such as telecommunications, car rentals and passenger services.

Construction Service revenue and cost: Investments related to improvements and upgrades to be performed in connection with concession agreements are treated under the intangible asset model established by IFRIC 12. As a result, all expenditures associated with investments required by the concession agreements are treated as revenue generating activities given that they ultimately provide future benefits, and subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. The revenue and expense are recognized as profit or loss when the expenditures are performed. The cost for such additions and improvements to concession assets is based on actual costs incurred by CAAP in the execution of the additions or improvements, considering the investment requirements in the concession agreements. Through bidding processes, the Company contracts third parties to carry out such construction or improvement services. The amount of revenues for these services is equal to the amount of costs incurred plus a reasonable margin, which is estimated at an average of 3.0% to 5.0%.

About Corporación América Airports

Corporación América Airports acquires, develops and operates airport concessions. The Company is the largest private airport operator in the world based on the number of airports and the tenth largest based on passenger traffic. Currently, the Company operates 52 airports in 7 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Peru, Ecuador, Armenia and Italy). In 2019, Corporación América Airports served 84.2 million passengers. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com

Forward Looking Statements

Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “believes,” “continue,” “could,” “potential,” “remain,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to: the COVID-19 impact, delays or unexpected casualties related to construction under our investment plan and master plans, our ability to generate or obtain the requisite capital to fully develop and operate our airports, general economic, political, demographic and business conditions in the geographic markets we serve, decreases in passenger traffic, changes in the fees we may charge under our concession agreements, inflation, depreciation and devaluation of the AR$, EUR, BRL, UYU, AMD or the PEN against the U.S. dollar, the early termination, revocation or failure to renew or extend any of our concession agreements, the right of the Argentine Government to buy out the AA2000 Concession Agreement, changes in our investment commitments or our ability to meet our obligations thereunder, existing and future governmental regulations, natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve, epidemics, pandemics and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review the ‘Cautionary Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F for the year ended December 31, 2019 and any of CAAP’s other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences.

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