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1Q21 Passenger traffic improves sequentially but remains significantly impacted by Covid - 19 Luxembourg , May 19 , 2021- 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 period ended March 31 , 2021. 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 " ) . CORPORACION AMERICA AIRPORTS ANNOUNCES 1Q21 RESULTS 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 " on page 23 . ■ CORPORACION AMERICA AIRPORTS First Quarter 2021 Highlights Consolidated Revenues of $ 138.2 million , a decline of 54.4 % YoY . Excluding the impact of IFRS rule IAS 29 , revenues declined 54.2 % , to $ 140.3 million , mainly reflecting decreases of $ 113.6 million in Aeronautical revenues , $ 34.8 million in Commercial revenues driven by the impact of the COVID - 19 pandemic , as well as a $ 13.5 million decline in construction service revenue in Argentina , and to a lesser extent , Ecuador and Uruguay , reflecting lower capex in the period . Key operating metrics declined YoY impacted by the pandemic , but improved sequentially : ■ ■ Passenger traffic was 6.5 million , a 61.8 % YoY decline , but increased 27.9 % from 5.1 million in 4Q20 Cargo volume decreased 18.9 % YoY to 67.9 thousand tons , compared to a 5.9 % sequential decline from 72.1 thousand tons in 4Q20 Aircraft movements reached 98.4 thousand , a 44.9 % YoY decline , but improved 14.7 % from 85.8 thousand in 4Q20 Operating Loss was $ 26.6 million , compared to a $ 31.3 million Operating Gain in 1Q20 , mainly reflecting the impact of the pandemic on revenues , partially offset by lower cost of services and SG & A . Adjusted EBITDA on an " As Reported " basis was $ 6.3 million , a 92.3 % decline from $ 80.9 million in 1Q20 . Excluding one - time charges in Argentina in relation with professional fees for the settlement of claims in 1Q21 , Adjusted EBITDA would have been $ 14.3 million on an " As reported " basis , or $ 14.2 million when excluding IAS29 . When also excluding an impairment loss in 1Q20 in Brazil , Adjusted EBITDA would have declined 83.5 % in the quarter from $ 86.1 million in 1020 , while Adjusted EBITDA margin Ex - IFRIC12 declined to 12.4 % from 33.0 % in 1Q20 . 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 , CAAP received a proposal from Aerolíneas Argentinas S.A. offering to pay outstanding amounts owed to its 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 . Subsequent Events In April 2021 , Puerta del Sur ( " PDS " ) , CAAP's Uruguayan subsidiary , obtained a $ 10.0 million facility with a local commercial bank . In May 2021 , AA2000 renegotiated a total of $ 40.0 million in principal payments under the syndicated bank loan , maturing in May , August and November 2021 for an amount of $ 13.3 million each , and deferred said amount to be repaid in May , August and November 2022 . CEO Message Commenting on the results for the quarter Mr. Martín Eurnekian , CEO of Corporación América Airports , noted , " We are very proud of the way the Company has navigated the unprecedented crisis over the past year , showing an ability to be both prudent and agile . As we moved into a second wave of Covid - 19 in Latin America during the first quarter , which resulted in travel restrictions and lower demand that negatively impacted passenger traffic in some of our countries of operations , we were better positioned to mitigate the effects of the crisis . Our sustained focus on cost controls and cash preservation allowed us to achieve positive Comparable Adjusted EBITDA of $ 14 million in 1Q21 , excluding one - time fees , despite passenger traffic levels of nearly a third of pre - pandemic levels in the same quarter of 2019. " Page 1 of 38 " Since the onset of the pandemic , we have made significant progress in the successful execution of our Covid - 19 Mitigation Strategic Plan and remain dedicated to continue the consistent execution of this plan . One of our key goals this year is to restore the value of our business by finalizing the re - equilibrium processes , following the successful 10 - year concession extension in Argentina and full economic re - equilibrium for 2020 in Brazil . We also remain focused on preserving liquidity and strengthening our balance sheet , while keeping a lean structure across our operations and maintaining tight control on costs as the level of activity progressively increases . "