\nCommencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance to IFRS rule IAS 29 (\u201cIAS 29\u201d), as detailed on Section\u201cHyperinflation Accounting in Argentina\u201d on page 23.\n<\/p>\n
First Quarter 2021 Highlights<\/b><\/p>\n Subsequent Events<\/b><\/p>\n CEO Message<\/b><\/p>\n \nCommenting on the results for the quarter Mr. Mart\u00edn Eurnekian, CEO of Corporaci\u00f3n Am\u00e9rica Airports, noted, \u201cWe 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.\u201d <\/i><\/p>\n \u201cSince 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.\u201d<\/i><\/p>\n \u201cIn terms of passenger traffic dynamics, we are observing a pick-up in traffic in Brazil, Armenia and Ecuador, primarily driven by a faster pace in the roll out of the vaccination program and better sanitary conditions. Italy is also expected to benefit from the rollout of the vaccination campaign, warmer weather and lower restrictions during the European summer season. We also expect overall better trends as vaccination campaigns begin to pick-up in Argentina and travel restrictions are progressively lifted later in the year in both Uruguay and Argentina. Longer-term, we are convinced the desire to travel will resume and strong pent-up demand will contribute to drive sustained traffic growth. In closing, we are confident in the potential of our business and we continue working towards building a leaner and stronger company that will allow us to deliver profitable growth once demand returns.\u201d<\/i><\/p>\n Operating & Financial Highlights\n
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<\/b>(In millions of U.S. dollars, unless otherwise noted)\n<\/p>\n
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