Exhibit 99.1
Republic of Argentina – National Executive Power
2019 – Year of Exports
Notice
Number:IF-2019-82564107-APN-USG#ORSNA
CITY OF BUENOS AIRES
Thursday, September 12, 2019
Reference:RESOL-2019-75-APN-ORSNA#MTR
To
AEROPUERTOS ARGENTINA 2000 S A
Eng. Martín EURNEKIAN
The purpose of this notice is to inform you about the issuance of ResolutionRESOL-2019-75-APN-ORSNA#MTR, dated on September 12, of the current year by this Regulating Body, which provides as follows in Article 1: “To approve the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES (FPIE) of the Concession corresponding to the period as of December 31, 2016, pursuant to the provisions of Paragraph 29 of Part Four of the FINAL MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree 1799 of December 4, 2007, included in the IF-2019-80911392-APNGREYF#ORSNA, stating that the tariff schedule currently in effect shall be maintained based on the submitted evidence as to the balance of the variables of the Projection.” Article 2 of said Resolution provides as follows: “To uphold the decision issued through ORSNA Resolution No. 9, dated January 28, 2009 as to the convenience and pertinence of making discounts to international aeronautical charges for those airlines that are up to date with their payments.” Article 3 of said Resolution provides as follows: “To establish that those airlines that are not up to date with payments of airport charges shall not enjoy the aforementioned discount.”
The act that is notified hereby exhausts administrative proceedings and the parties shall be entitled to file legal proceedings within NINETY (90) business days, counted from the day following the date of notice. Notwithstanding the aforementioned, a motion for reversal or a motion to appeal the review of the administrative act notified by these presents can be filed within the term of TEN (10) and FIFTEEN (15) days respectively, as of the day following the notification thereof, pursuant to the provisions of Articles 84 and 94 of the Regulations of Administrative Proceedings, Decree 1759/72 (as revised in 2017).
It is expressly stated on the record that a duly certified copy of ORSNA ResolutionRESOL-2019-75-APN-ORSNA#MTR is attached herewith, which has SEVEN (7) sheets of paper with writing on both sides of the page.
You are hereby duly notified.
Digitally signed by GESTION DOCUMENTAL ELECTRONICA (Document Management System) - GDE.
DN: cn=GESTION DOCUMENTAL ELECTRONICA - GDE. o= AR, o=MODERNIZATION GOVERNMENT SECRETARIAT,
Ou=ADMINISTRATIVE MODERNIZATION SECRETARIAT, serialNumber=TAX ID 30715117564
Date: 2019.09.12 04:01:03 p.m. 03’00’
CARMELA MARTÍNEZ
Chief of the Department
General Secretariat Unit
Organismo Regulador del Sistema Nacional de Aeropuertos (O.R.S.N.A.)
Signature: [illegible]
Clarification: Ana Lía De Oto
Date: 09/12/2019 Time: 04:50 p.m.
Digitally signed by GESTION DOCUMENTAL ELECTRONICA | |
(Document Management System) - GDE. | |
DN: cn=GESTION DOCUMENTAL ELECTRONICA - GDE. o= AR, | |
o=MODERNIZATION GOVERNMENT SECRETARIAT, | |
Ou=ADMINISTRATIVE MODERNIZATION SECRETARIAT, | |
serialNumber=TAX ID 30715117564 | |
Date: 2019.09.12 04:01:03 p.m. 03’00 |
Republic of Argentina – National Executive Power
2019 – Year of Exports
Resolution
Number:RESOL-2019-75-APN-ORSNA#MTR
CITY OF BUENOS AIRES
Thursday, September 12, 2019
Reference:EX-2017-15662339-APN-USG#ORSNA (REFP 2016)
Having reviewed File EX-2017-15662339-APN-USG#ORSNA of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA); Decree No. 375, dated on April 24, 1997, ratified by Decree of Necessity and Urgency No. 842, dated on August 27, 1997; Decree No. 163, dated on February 11, 1998; Decree No. 1799, dated on December 4, 2007; ORSNA Resolutions No. 111, dated on December 30, 2008; No. 9, dated January 28, 2009; No. 167 dated November 20, 2015 and No. 100 dated November 25, 2016; and
WHEREAS:
The abovementioned File deals with the Review of theFINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE), corresponding to the year 2016.
Paragraph 24.1 of the FINAL MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree Nº 1799 dated on December 4, 2007, establishes theFinancial Projection of Income and Expenses (FPIE) for the Concession for the 2006-2028 period.
Said projection is shown in Annex 5 of the FINAL MEMORANDUM OF AGREEMENT and consists of a breakdown of revenues and expenditures related to the rendering of the services subject to the concession, including the investment obligation and the balance of the mutual claims between the NATIONAL STATE and the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA.
The FINAL MEMORANDUM OF AGREEMENT states that ordinary and extraordinary reviews of theFINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE)shall be carried out.
Paragraphs 29.1 and 29.2 of the FINAL MEMORANDUM OF AGREEMENT provide for an Annual Ordinary Review Mechanism of theFINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE), with the purpose of verifying and keeping the balance between the variables of the aforementioned projection.
ORSNA Resolution Nº 111, dated on December 30, 2008 establishes the necessary methodology to provide for the rebalancing of theFINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE).
The last review was approved by ORSNA Resolution No. 100, dated on November 25, 2016, which included the year 2015.
As a consequence of the aforementioned measure, the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) issued Resolution No. 101, of November 25, 2016 approving the Tariff Schedule currently in effect.
The purpose of the review is to preserve the balance between the variables that are part of the Projection, in the understanding that the Concession shall be in a situation of balance if revenues from airport charges for rendered services permit to recover, within the stipulated term, and in the committed efficiency conditions, all costs associated to the rendering of such services.
For the purposes of the review corresponding to the year 2016, the DEPARTMENT OF ECONOMIC AND FINANCIAL REGULATION of this Regulating Body submitted to the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA the Bases for the review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) for the year 2016.
Based on the aforementioned, the technical area of this Body requested the information specified in the Bases in order to make the review of the REVENUE AND EXPENDITURE FINANCIAL PROJECTION OF THE CONCESSION (REFP) for the year 2016, and the Concessionaire submitted all requested information.
For the purposes of this review, the technical area controlled operating expenses and updated the data corresponding to concession costs for the ongoing period, based on the information arising from regulatory accounting, financial statements, SAP System information and additional information supplied by the Concessionaire.
The technical area controlled such information so as to verify that the corresponding expenditures were made and that they matched the goals of the concession.
The technical area manifests that the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) also includes the estimated future performance of the variables and a forecast for the years 2017 and 2018, which was prepared based on the information arising from Regulatory Accounting Reports as of December of each year.
Likewise, for the purpose of the present review, the technical area of this Regulating Body performed an analysis of the Concessionaire’s revenues ─ both aeronautical and non-aeronautical.
For such purposes, the technical area used as source of information the data arising from Regulatory Accounting, to incorporate to the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) the actual annual revenues obtained for each of the corresponding categories, based on the tariffs in force for regulated services, as well as the balance circularization method.
The technical area stated that the revenues of the concession have been subdivided as follows: 1) Aeronautical revenues: those revenues that are directly related to aeronautical activities, with prices regulated by the NATIONAL STATE, including the charges to airlines for landing operations, parking of aircraft, as well as airport terminal usage fees paid by passengers and 2) Non-aeronautical revenues: those revenues from the sale of goods and services inside the airport, with a distinction between: a) Commercial revenues: those revenues that are related to commercial services exploited inside airport premises, including coffee stores, free shops, fuel, ground handling services, stores, etc.; b) Revenues from the cargo terminal: those revenues exclusively connected to air cargo activities, and their relationship with the import and export of goods.
As regards these revenues, the technical area states that it has applied the usual control methods to assess their reasonability, highlighting that control methods applied to each type of revenues depend on the nature thereof. However, all methods yielded very accurate results with minor differences arising from adopted simplifications for the purpose of analysis.
As regards non aeronautical revenues, the technical area manifests that it based its assessment of non-aeronautical revenues on the information supplied within the framework of the balance circularization of service providers.
As regards the revenues from the Cargo Terminal, the technical area states that although revenues corresponding to TERMINAL DE CARGAS ARGENTINA (TCA) are considered commercial revenues, they are analyzed as a separate item so as to clearly assess their efficiency and performance, taking into account that they represent a high percentage of the Concessionaire’s total income.
The technical area also states that operating costs corresponding to TERMINAL DE CARGAS ARGENTINA (TCA) are also differentiated from other Concessionaire’s costs, so as to identify in each case the contribution of costs associated to such activities to total operating costs.
The technical area also states that as regards future forecasts, the correlation functions established by the FINAL MEMORANDUM OF AGREEMENT have been applied. This Regulating Body can modify such correlation functions in face of expected changes in the performance of any of the variables affecting revenue generation and collection.
This way, it is possible to establish, among other things, additional specific goals upon the expectation of changes that are significantly different in terms of expected traffic growth and their correlation with the corresponding variable, thus altering the level of future revenues.
In the present review, the technical area states that such situation has been verified in the Duty free shop category.
In terms of investment, the technical area has taken into account the regulated costs of projects, emphasizing that all information related to investment recording is based on the actions undertaken by the DEPARTMENT OF ECONOMIC AND FINANCIAL REGULATION jointly with the AIRPORT PLANNING DEPARTMENT.
The technical area has not considered in the analysis other investments arising from agreements between private parties and/or airport service providers, as they are not contractual obligations arising from the Concession Contract and/or the FINAL MEMORANDUM OF AGREEMENT.
The technical area has performed all applicable physical and accounting controls, incorporating to the economic-financial model the data arising from the Record of Investments for the 2006-2014 period, whereas it has used temporary data arising from work documents of the infrastructure and regulatory accounting areas for the years 2015, 2016, 2017 and 2018.
For the special case of the years 2015, 2016, 2017 and 2018, if there are any variations as regards the final data, the corresponding adjustments shall be incorporated to the following applicable annual review process.
Based on the criteria used in previous reviews, the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) includes the implications arising from the different trust accounts created pursuant to subsection 2) of Sub-Annex III-A of the FINAL MEMORANDUM OF AGREEMENT.
The technical area also holds that the deposits that are part of the TRUST FUND FOR WORKS OF THE GROUP “A” OF AIRPORTS, which account for TWO POINT FIVE PERCENT (2.5%) of the revenues of the Concession, are included in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) as an expense, together with the rest of the funds, which account for FIFTEEN PERCENT (15%) of revenues, whereas such funds are netted off in the investment row so as to avoid double-entry accounting, following the pace of disbursements.
The technical area states that, as one of the Concessionaire’s obligations is to render services in the stipulated quality conditions, we should not lose sight of the need to prevent airport management operations from undermining service quality. For this reason, the appropriate technical areas of this Regulating Body have assessed the current service quality levels in Group A of Airports, as anticipated in the Review Mechanisms (Chapter 4.1 ─ Regulatory Principle) and item 8 of the bases for the review.
The technical area states that the review also provides for an ideal opportunity to assess the goals of the Concession as a whole, and eventually introduce the necessary adjustments to achieve these goals in the long term.
For this reason, the technical area has considered the Service Quality Factor Measurement Program for the year 2016.
The FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) is expressed in constant pesos. Thus, the current values of subsequent years shall be adjusted to express them in uniform currency.
The technical area also states that the discount system to airlines has been applied since the date of effect of Resolution No. 9, of January 28, 2009, of this Regulating Body, in line with the provisions of the FINAL MEMORANDUM OF AGREEMENT, which provided for a discount system on airport charges paid by airlines.
The technical area further says that traffic forecasts to be used as of the year 2020 are those provided by the Concessionaire in Note ADM-1620/19, as appears in file EX2018-33707729-APN-USG#ORSNA, within the framework of the Review process of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) for the year 2017, which is currently under way.
The LEGAL DEPARTMENT has acted in exercise of its incumbent authority.
The ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) has the corresponding authority to issue the present measure, pursuant to the provisions of Section 3 of the National Law of Administrative Procedures No. 19 549, Decree No. 375 of April 24, 1997 and other aforementioned regulations.
The matter was discussed at a Meeting of the Board of Directors held on September 11, 2019 and the undersigned was authorized to issue the present decision.
Therefore,
THE BOARD OF DIRECTORS OF THE ORGANISMO REGULADOR
DEL SISTEMA NACIONAL DE AEROPUERTOS
RESOLVES:
ARTICLE 1º.- To approve the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES (FPIE) of the Concession corresponding to the period as of December 31, 2016, pursuant to the provisions of Paragraph 29 of Part Four of the FINAL MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree 1799 of December 4, 2007, included in IF-2019-80911392-APN-GREYF#ORSNA, stating that the tariff schedule currently in effect shall be maintained based on the submitted evidence as to the balance of the variables of the Projection.
ARTICLE 2º.- To uphold the decision issued through ORSNA Resolution 9, dated January 28, 2009 as to the convenience and pertinence of making discounts to international aeronautical charges for those airlines that are up to date with their payments.
ARTICLE 3º.- To establish that those airlines that are not up to date with payments of airport charges shall not enjoy the aforementioned discount.
ARTICLE 4º.- Let these presents be filed and notified to the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA, theMINISTRY OF TRANSPORTATION, enforced and filed.
Digitally signed by BRIZUELA Miguel Ignacio
Date: 2019.09.12 03:36:32 p.m. ART
Location: Autonomous City of Buenos Aires
Miguel Ignacio Brizuela
VICE-PRESIDENT
Organismo Regulador del Sistema Nacional de Aeropuertos
ORSNA
Digitally signed by GESTION DOCUMENTAL ELECTRONICA | |
(Document Management System) - GDE. | |
DN: cn=GESTION DOCUMENTAL ELECTRONICA - GDE. o= AR, | |
o=MODERNIZATION GOVERNMENT SECRETARIAT, | |
Ou=ADMINISTRATIVE MODERNIZATION SECRETARIAT, | |
serialNumber=TAX ID 30715117564 | |
Date: 2019.09.12 03:36:41 p.m. 03’00’ |
ANNEX 1 -Revenue and Expenditure Financial Projection (REFP)
In thousands of AR$ as of 2017
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
Aeronautical Revenues | 7,444,356 | 7,715,493 | 9,530,642 | 9,658,122 | 10,124,204 | 10,599,882 | 11,059,231 | 11,499,834 | 11,926,645 | 12,348,665 | 12,774,568 | 13,210,624 | 1,644,773 |
Local parking fee | 7,300 | 23,197 | 18,211 | 21,625 | 23,327 | 25,131 | 27,047 | 28,940 | 30,677 | 32,227 | 33,807 | 35,430 | 4,464 |
International parking fee | 291,652 | 286,206 | 349,404 | 349,404 | 365,294 | 381,414 | 396,723 | 411,327 | 425,615 | 439,992 | 454,475 | 469,297 | 58,351 |
Local landing fee | 16,633 | 15,097 | 11,782 | 13,991 | 15,093 | 16,260 | 17,499 | 18,724 | 19,848 | 20,850 | 21,873 | 22,923 | 2,888 |
International landing fee | 713,573 | 675,056 | 894,950 | 894,950 | 935,652 | 976,940 | 1,016,154 | 1,053,559 | 1,090,156 | 1,126,979 | 1,164,077 | 1,202,041 | 149,459 |
Domestic airport terminal usage fee | 336,619 | 760,490 | 650,026 | 771,883 | 832,648 | 897,035 | 965,419 | 1,032,989 | 1,095,013 | 1,150,312 | 1,206,736 | 1,264,668 | 159,345 |
Regional airport terminal usage fee | 100,472 | 142,547 | 157,540 | 157,540 | 164,705 | 171,973 | 178,876 | 185,461 | 191,903 | 198,385 | 204,915 | 211,598 | 26,310 |
International airport terminal usage fee | 5,978,107 | 5,812,901 | 7,448,729 | 7,448,729 | 7,787,486 | 8,131,130 | 8,457,512 | 8,768,835 | 9,073,433 | 9,379,920 | 9,688,685 | 10,004,665 | 1,243,956 |
Telescopic jet way usage fee | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Non-aeronautical Revenues | 6,513,508 | 6,151,446 | 6,725,795 | 6,956,083 | 7,405,908 | 7,772,145 | 8,135,025 | 8,479,749 | 8,810,533 | 9,184,049 | 9,509,855 | 9,842,528 | 2,639,574 |
Ground handling service | 147,804 | 141,566 | 167,684 | 183,096 | 193,303 | 203,991 | 215,092 | 225,402 | 234,872 | 243,443 | 252,061 | 260,760 | 32,462 |
Fuel | 98,913 | 104,931 | 153,416 | 171,042 | 182,961 | 195,606 | 208,911 | 221,428 | 233,057 | 243,688 | 254,471 | 265,450 | 33,308 |
Tax-free store | 790,288 | 725,940 | 698,919 | 790,288 | 867,541 | 905,824 | 942,183 | 976,865 | 1,010,798 | 1,097,188 | 1,133,305 | 1,170,266 | 145,508 |
Fiscal warehouses (variable license fee : EDCADASSA) | 3,420,231 | 3,092,093 | 3,588,819 | 3,566,697 | 3,728,905 | 3,893,453 | 4,049,736 | 4,198,807 | 4,344,659 | 4,491,415 | 4,639,262 | 4,790,564 | 595,647 |
Advertising | 139,410 | 159,115 | 151,760 | 158,246 | 161,913 | 165,639 | 169,408 | 173,262 | 177,244 | 181,452 | 185,580 | 189,795 | 22,901 |
Parking | 480,996 | 517,976 | 456,824 | 509,306 | 544,797 | 582,451 | 622,070 | 659,341 | 693,967 | 725,625 | 757,732 | 790,422 | 99,180 |
Catering | 221,483 | 231,385 | 240,123 | 240,123 | 251,044 | 262,122 | 272,643 | 282,679 | 292,498 | 302,379 | 312,332 | 322,518 | 40,101 |
Rent | 207,306 | 139,900 | 186,221 | 194,179 | 198,680 | 203,252 | 207,876 | 212,605 | 217,492 | 222,655 | 227,720 | 232,893 | 28,101 |
Counters & cute | 69,243 | 76,840 | 94,039 | 104,842 | 112,148 | 119,899 | 128,055 | 135,727 | 142,855 | 149,372 | 155,981 | 162,711 | 20,416 |
Coffee shops | 173,651 | 199,275 | 181,747 | 202,627 | 216,747 | 231,728 | 247,490 | 262,319 | 276,095 | 288,690 | 301,464 | 314,469 | 327,327 |
Services and stores | 682,795 | 676,494 | 711,341 | 737,759 | 848,328 | 906,960 | 968,653 | 1,026,689 | 1,080,607 | 1,129,902 | 1,179,899 | 1,230,801 | 1,281,126 |
Expense reimbursement | 81,388 | 85,932 | 94,902 | 97,877 | 99,540 | 101,220 | 102,908 | 104,625 | 106,389 | 108,241 | 110,047 | 111,880 | 13,496 |
-0,651% | |||||||||||||
Total Revenues | 13,957,864 | 13,866,939 | 16,256,437 | 16,614,205 | 17,530,112 | 18,372,026 | 19,194,257 | 19,979,583 | 20,737,178 | 21,532,714 | 22,284,423 | 23,053,152 | 4,284,347 |
TCA Expenses | -1,289,433 | -1,360,197 | -1,398,563 | -1,468,491 | -1,541,916 | -1,619,011 | -1,699,962 | -1,784,960 | -1,874,208 | -1,967,918 | -2,066,314 | -2,169,630 | -269,767 |
Personnel | -1,047,210 | -1,040,889 | -1,037,506 | -1,047,210 | -1,047,210 | -1,047,210 | -1,047,210 | -1,047,210 | -1,047,210 | -1,047,210 | -1,047,210 | -1,047,210 | -126,239 |
Public services | -271,979 | -282,155 | -356,353 | -307,002 | -312,220 | -317,489 | -322,785 | -328,171 | -333,703 | -339,512 | -345,176 | -350,925 | -42,333 |
Maintenance | -1,120,759 | -1,116,669 | -1,402,300 | -1,312,363 | -1,354,290 | -1,397,215 | -1,440,864 | -1,482,335 | -1,521,840 | -1,559,757 | -1,597,242 | -1,635,063 | -199,609 |
Insurance | -26,685 | -31,419 | -29,935 | -33,140 | -34,164 | -35,212 | -36,280 | -37,381 | -38,526 | -39,746 | -40,952 | -42,192 | -5,093 |
Hired services | -90,770 | -86,646 | -83,333 | -98,346 | -100,402 | -102,484 | -104,575 | -106,454 | -108,132 | -109,611 | -111,067 | -112,504 | -13,728 |
FIRE-fighting and medical services | -455,585 | -452,414 | -451,723 | -480,730 | -616,781 | -625,307 | -633,814 | -641,408 | -648,145 | -654,059 | -659,847 | -665,540 | -80,886 |
Matrix | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
GATO | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other operating expenses | -300,156 | -238,115 | -294,713 | -324,396 | -327,905 | -331,426 | -334,945 | -338,501 | -342,132 | -345,922 | -349,595 | -353,300 | -42,608 |
AEI (15% over total income} | -2,080,586 | -2,062,894 | -2,426,829 | -2,476,545 | -2,629,517 | -2,755,804 | -2,879,138 | -2,996,937 | -3,110,577 | -3,229,907 | -3,342,663 | -3,457,973 | -642,652 |
PB2012 | 0 | 0 | 0 | 0 | |||||||||
RZO WORKS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Mutual claim interests | 0 | 0 | 0 | 0 | -9,768 | -8,547 | -7,326 | -6,105 | -4,884 | -3,663 | -2,442 | -1,221 | 0 |
Gross income | -558,315 | -554,678 | -650,257 | -664,568 | -701,204 | -734,881 | -767,770 | -799,183 | -829,487 | -861,309 | -891,377 | -922,126 | -171,374 |
Financial transfer tax | -141,023 | -146,297 | -171,680 | -165,044 | -168,121 | -170,596 | -178,675 | -185,431 | -192,006 | -199,050 | -205,152 | -211,705 | -37,544 |
(Tax) Amortizations | -449,477 | -561,813 | -749,663 | -967,274 | -1,025,849 | -1,054,543 | -1,083,351 | -1,116,243 | -1,157,806 | -1,223,040 | -1,289,506 | -1,409,028 | 0 |
Total expenditures | -7,831,977 | -7,934,186 | -9,052,856 | -9,345,110 | -9,869,346 | -10,199,725 | -10,536,695 | -10,870,320 | -11,208,657 | -11,580,703 | -11,948,542 | -12,378,417 | -1,631,832 |
Earnings before tax | 6,125,887 | 5,932,754 | 7,203,581 | 7,269,095 | 7,660,766 | 8,172,302 | 8,657,561 | 9,109,263 | 9,528,522 | 9,952,011 | 10,335,880 | 10,674,734 | 2,652,516 |
Income tax |
-1,660,210 |
-1,214,618 |
-1,767,828 |
-1,426,775 |
-1,434,939 |
-1,733,682 |
-1,840,602 |
-1,939,832
|
-2,031,511 |
-2,123,666 |
-2,206,747 |
-2,562,824 |
-650,953 |
Earnings after tax | 4,465,677 | 4,718,135 | 5,435,753 | 5,842,320 | 6,225,827 | 6,438,620 | 6,816,960 | 7,169,431 | 7,497,011 | 7,828,345 | 8,129,133 | 8,111,910 | 2,001,563 |
Other Companies | 12,093 | 10,700 | 12,489 |
| |||||||||
(Tax) amortization adjustments | 449,477 | 561,813 | 749,663 | 967,274 | 1,025,849 | 1,054,543 | 1,083,351 | 1,116,243 | 1,157,806 | 1,223,040 | 1,289,506 | 1,409,028 | 0 |
Mutual claim amortization | 0 | 0 | 0 | 0 | -61,047 | -61,047 | -61,047 | -61,047 | -61,047 | -61,047 | -61,047 | -61,047 | 0 |
Work capital variation | 1,656,368 | 397,049 | 296,560 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Direct investment | -1,731,146 | -2,672,066 | -3,118,839 | -1,790,379 | -934,718 | -232,163 | -370,521 | -362,854 | -364,494 | -391,415 | -334,033 | -321,774 | 0 |
Additional Investments | 0 | -234,427 | -338,535 | -1,295,062 | -730,558 | -771,383 | -1,170,670 | -1,170,670 | -1,170,670 | -1,170,670 | -1,170,670 | -1,170,670 | 0 |
AEI allocated to Investments (2,5%) | -622,418 | -172,079 | -101,175 | -1,028,557 | -459,861 | -463,375 | -443,670 | -443,670 | -443,670 | -443,670 | -443,670 | -443,670 | 0 |
Total Investment | -2,353,564 | -2,844,146 | -3,023,071 | -4,113,998 | -2,125,137 | -1,466,922 | -1,984,861 | -1,977,194 | -1,978,833 | -2,005,755 | -1,948,373 | -1,936,114 | 0 |
Net fund flow | 4,852,469 | 2,781,204 | 3,037,090 | -3,307,942 | 1,238,071 | 6,428,569 | 6,298,072 | 6,691,102 | 7,058,606 | 7,428,253 | 7,852,889 | 7,967,447 | 2,001,563 |
Additional Investments | |||||||||||||
7,032,096 | 4,287,281 |
IF-2019-80911392-APN-GREYF#ORSNA
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