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Corporaciòn America Italia Spa 2019 FINANCIAL STATEMENT

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Corporaciòn America Italia Spa 2019 FINANCIAL STATEMENT Corporaciòn America Italia Group Corporaciòn America Italia S.p.A. 2019 FINANCIAL STATEMENT This report is available in the Investor Relations section of Corporaciòn America Italia’s website at www.corporacionamericaitalia.com Corporaciòn America Italia S.p.A. Piazzale Martesana, 10 – 20128 Milano – www.corporacionamericaitalia.com R.E.A. MI-2033297 - Fully paid-up Share Capital 85.000.000,00 VAT Number and Tax Code: 08555440968 Sommario 1. GROUP’S ACTIVITIES .................................................................................................................................. 4 2. THE OWNERS OF THE PARENT COMPANY ................................................................................................ 5 3. NATIONAL TAX CONSOLIDATION .............................................................................................................. 5 4. MACROSTRUCTURE OF THE CORPORACION AMERICA ITALIA GROUP ..................................................... 6 5. HIGHLIGHTS ............................................................................................................................................... 8 6. PROFILE OF THE BUSINESS YEAR 2019 ...................................................................................................... 9 6.1 THE MACROECONOMIC AND AIR TRANSPORT INDUSTRY SCENARIO..................................................... 9 6.2 TUSCAN AIRPORT SYSTEM TRAFFIC TRENDS .........................................................................................10 6.2.1 Traffic trends in the Pisa “Galileo Galilei” airport ................................................... 13 6.2.2 Traffic trends in the Florence “Amerigo Vespucci” airport ..................................... 18 7. SIGNIFICANT EVENTS OCCURRED IN 2019 ..............................................................................................21 8. CORPORACION AMERICA ITALIA GROUP'S OPERATING RESULTS ...........................................................22 8.1 Consolidated Income Statement ................................................................................. 22 8.2 Consolidated Statement of Financial Position ........................................................... 27 8.3 Analysis of financial flows ........................................................................................ 29 8.4 Consolidated Net Financial Position .......................................................................... 31 8.5 Trends of key consolidated financial ratios ................................................................. 32 9. THE GROUP’S INVESTMENTS ...................................................................................................................33 10. HUMAN RESOURCES .............................................................................................................................35 11. OCCUPATIONAL HEALTH & SAFETY .......................................................................................................37 12. IT SECURITY LEGISLATION AND EUROPEAN PRIVACY REGULATION 2016/679 .....................................39 13. RESEARCH & DEVELOPMENT ................................................................................................................39 14. RELATIONSHIPS WITH THE OTHER ENTITIES OF THE GROUP AND WITH RELATED PARTIES ................40 15. INFORMATION ON THE PARENT COMPANY, ITS SUBSIDIARIES, AND THEIR RELATIONSHIPS ..............42 15.1 Toscana Aeroporti SpA .............................................................................................. 42 15.2 Parking Facilities Peretola Srl .................................................................................... 45 2 15.3 Toscana Aeroporti Engineering Srl ............................................................................ 46 15.4 Jet Fuel Srl ................................................................................................................. 48 15.5 Toscana Aeroporti Handling S.r.l. ............................................................................. 49 15.6 Vola S.r.l. ................................................................................................................. 51 16. MAIN RISKS AND UNCERTAINTIES TO WHICH THE GROUP IS EXPOSED ...............................................51 17. SIGNIFICANT EVENTS OCCURRED AFTER 31 DECEMBER 2019 ..............................................................54 18. OUTLOOK ON OPERATIONS ...................................................................................................................56 CONSOLIDATED FINANCIAL STATEMENTS – REPORTS AT 31 DEC. 2019 ....................................................57 EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT AT 31 DEC. 2019........................67 ANNEXES TO THE 2019 FINANCIAL STATEMENT .......................................................................................121 3 Dear Shareholders, The Report on Operations for the Consolidated Financial Statements of Corporaciòn America Italia SpA (hereinafter also briefly referred to as “CAI” or the “Parent Company”) and its subsidiaries (hereinafter the “CAI Group”) and for the Separate Draft Financial Statement at 31 Dec. 2019, approved by the Board of Directors, and includes the accounting records and the Directors' comments on management trends and the most significant events that took place in 2019 and after the closing of the year on 31 Dec. 2019. The tables provided and commented below have been prepared based in the Consolidated Financial Statements at 31 Dec. 2019, to which we refer the readers of this document, the analysis of the most significant economic- financial trends is provided in Report on Operations. The Consolidated Financial Statements for the year ended 31 Dec. 2019 is prepared in compliance with the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standard Board ("IASB") and ratified by the European Union. The acronym “IFRS” also includes the International Accounting Standards (IAS) in force to date, as well as all the interpretation documents issued by the International Financial Reporting Interpretations Committee (“IFRIC”), previously called Standing Interpretations Committee (“SIC”). At December 31, 2019 Corporaciòn America Italia SpA holds a 62.283% stake in Toscana Aeroporti S.p.a., a company that manages Pisa G. Galilei airport and Florence airport A. Vespucci; the Group is responsible for the development of the two airports, both in terms of air traffic and infrastructure and services for passengers. The accounting data as at 31 December 2019 include the data of the Parent Company Corporaciòn America Italia Spa, of the subsidiary Toscana Aeroporti SpA and those of the sub-controlled companies Parking Facilities Peretola S.r.l., Toscana Aeroporti Engineering S.r.l. (hereinafter TAE), Toscana Aeroporti Handling S.r.l. (hereinafter TAH) and Jet Fuel Co. S.r.l. (hereinafter Jet Fuel), consolidated on a line-by-line basis. The consolidated financial statement of CAI’s Group is audited by PricewaterhouseCoopers S.p.A. (“PwC”). 1. GROUP’S ACTIVITIES The Company was incorporated on 19 February 2014 and is domiciled in Italy with registered office in Milan. CAI acquired the controlling interest in Aeroporto di Firenze Spa (hereinafter ADF) in April 2014 and in Società Aeroporto Toscano (hereinafter SAT) in July 2014 . On 2015 SAT incorporated ADF and changed its company name in Toscana Aeroporti Spa as described below. Having issued a bond loan traded on the Vienna stock market, it is required to prepare and file the consolidated financial statements. On 8 January 2018 a new bond loan was issued for EUR 60 million expiring on 31 December 2024 at the annual rate of 4.556%. Simultaneously, the previous bond loan to the value of EUR 50 million that was due to expire on 31 December 2019 has been fully and early repaid. The main purpose of the Company is the management of shareholdings. At 31 December 2017 CAI held a total of 9,516,649 shares of TA equal to 51,132% of the share capital. On 19 February 2018 Corporación America Italia S.p.A. purchased 850,235 shares of Toscana Aeroporti S.p.A. from Fondazione Pisa, thus increasing its equity interest from 51.13% to 55.7%. 4 On 25 June 2018 Corporación America Italia S.p.A. purchased 1,225,275 shares of Toscana Aeroporti S.p.A. from Fondazione C.R. Firenze, thus increasing its equity interest from 55.7% to 62.2833%. On 12 September 2018 the shareholder DI CASA SPAIN sold 25% of the share capital of CAI to the company MATAAR HOLDINGS 2 B.V. The subscribed and fully paid-up share capital Corporaciòn America Italia S.p.A. is € 85,000,000.00 and consists of 130,000 ordinary shares without nominal value. The whole of TA’s shares owned by Corporación America Italy S.p.a. as well as CAI shares have been pledged until December 2024 as collateral to secure the debenture loan issued by the Company 2. THE OWNERS OF THE PARENT COMPANY The 75% of the share capital is held by the company DI CASA SPAIN S.A.U. and the 25% is held from the company MATAAR HOLDINGS 2 B.V. Shareholder Agreements The Shareholder Agreement between Corporación America Italia S.p.A. and SO.G.IM. S.p.A. for the ordinary shares of Toscana Aeroporti S.p.A., signed by these two entities on 16 April 2014, as amended and supplemented on 13 May 2015, renewed on 10 April 2017 and subsequently amended on 29 September 2017, concerns a total of 12,669,561 ordinary shares corresponding to 68.072% of the share
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