Corporación América Airports Announces Issuance of Presidential Decree Extending the Aeropuertos Argentina 2000 Concession for 10-Years Until 2038

Rhea-AI Summary

Corporación América Airports S.A. (NYSE: CAAP) announced the Argentine Government's approval of Presidential Decree No. 1009/2020, ratifying a Concession Agreement Extension with Aeropuertos Argentina 2000 S.A. The agreement, which includes Technical Conditions and a Financial Projection of Income and Expenses (PFIE), is aimed at ensuring long-term sustainability for AA2000, especially following COVID-19's impact. The PFIE provides financial projections from 2021 to 2038, alongside a new capex program, to maintain economic equilibrium.

Positive

• Presidential Decree No. 1009/2020 ratifies the concession agreement, providing a stable regulatory environment.
• PFIE includes financial projections from 2021 to 2038 to support long-term planning.
• New capex program aims to enhance the economic viability of the concession.

Negative

• None.

Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) the largest private sector airport concession operator in the world by number of airports, announced today that the Argentine Government issued Presidential Decree No. 1009/2020, which ratifies the Concession Agreement Extension entered into between Aeropuertos Argentina 2000 S.A. (“AA2000”) and the Organismo Regulador del Sistema Nacional de Aeropuertos (“ORSNA”) on November 30, 2020.

The Presidential Decree and the agreement, consisting of the Technical Conditions to the Extension and the Financial Projection of Income and Expenses (PFIE), will be submitted through a Form 6-K to be filed by the Company with the U.S. Securities and Exchange Commission today after market closes. The PFIE contains ORSNA’s financial projections from 2021 until 2038 which, together with the new capex program, preserves the economic equilibrium of the concession and strengthens AA2000’s long-term sustainability following the impact of COVID19 in AA2000.

About Corporación América Airports

Corporación América Airports acquires, develops and operates airport concessions. 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/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201217005598/en/

FAQ

What is the significance of Presidential Decree No. 1009/2020 for CAAP?

It ratifies the Concession Agreement Extension, ensuring regulatory stability for CAAP's operations.

What financial projections are included in CAAP's PFIE?

The PFIE outlines financial projections from 2021 to 2038, aimed at maintaining economic equilibrium.

How does the new capex program impact CAAP's business?

The capex program is designed to support the economic sustainability of the airport concession post-COVID-19.

Where can I find more information about CAAP's operations?

Additional information can be found on CAAP's investor relations website.