Exhibit 4.4
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“2011 – Year of Decent Work, Health and Safety for Workers” |
NOTICE
BUENOS AIRES, DECEMBER 21, 2011
To
AEROPUERTOS ARGENTINA 2000 S A
Mr. Ernesto GUTIÉRREZ CONTE
Honduras 5663 - 2o Floor
FEDERAL CAPITAL
The purpose of this notice is to inform you about the issuance of Resolution Nº 125, dated on December 21, 2011, by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), which provides as follows in Article 1: “To replace Article 2 of Resolution No. 60, dated on October 14, 2010, issued by the ORGANISMO REGULADOR DELSISTEMA NACIONAL DE AEROPUERTOS (ORSNA), which shall read as follows: “ARTICLE 2.- Pursuant to the provisions of Article 1 of ORSNA Resolution No. 60, dated on October 14, 2010, a rebalancing of the variables in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) is proposed, which shall be implemented through a rate variation of Regional and International Airport Terminal Usage Fees of SIXTEEN PER CENT (16%) and SEVENTEEN PERCENT (17%), respectively, and a FIFTEEN PERCENT (15%) increase in the Domestic Airport Terminal Usage Fee. Said variations are included in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE), which is hereby attached as ANNEX I to the present decision.” Article 2 of said Resolution provides as follows: “To replace Article 5 of Resolution No. 60, dated on October 2010, issued by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), which shall read as follows: “To notify to the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENT AND SERVICES, by virtue of the provisions of Resolution N° 2000, dated December 19, 2005, issued by such Ministry, about the new Rate Schedule intended to achieve a rebalancing of the variables contained in the FINANCIAL PROJECTION OF INCOME AND EXPENSES for the CONCESSION (FPIE), through a rate variation of Regional and International Airport Terminal Usage Fees of SIXTEEN PERCENT (16%) and SEVENTEEN PERCENT (17%), respectively, and a FIFTEEN PER CENT (15%) increase in the Domestic Airport Terminal Usage Fee.”
It is expressly stated on the record that a duly certified copy of ORSNA Resolution No. 125/2011 is attached herewith, which has SEVEN (7) sheets of paper with writing on both sides of the page.
You are hereby duly notified.
| [Illegible signature] | |
| PATRICIO L. DUAHLDE | |
| General Secretariat Unit | |
| O.R.S.N.A. |
Signature: [illegible]
Clarification: Alonso, Julieta
Date: 12/22/2011 Time: 12:05 p.m.
Av. Corrientes 441 * C1043AAE * Buenos Aires * Argentina * Ph: 4327-3328 / 4327-1046 * Fax: 4327-1340
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“2011 – Year of Decent Work, Health and Safety for Workers” |
[Each page of this document is duly initialized at the bottom, on the left.]
BUENOS AIRES, DECEMBER 21, 2011
Having reviewed File N° 69/2010 of the Registry of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), Decree N° 375, dated on April 24, 1997, ratified by Decree of Necessity and Urgency N° 842, dated on August 27, 1997; Decree N° 163, dated on February 11, 1998; Decree Nº 1799, dated on December 4, 2007; Resolution No. 2000, dated on December 19, 2005, issued by the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENT AND SERVICES; ORSNA Resolutions Nº 111, dated on December 30, 2008; No. 9, dated January 28, 2009; No. 10, dated on January 30, 2009 and No. 60, dated on October 14, 2010; and,
WHEREAS:
The abovementioned File deals with the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES for the CONCESSION (FPIE), as of December 31, 2009.
ORSNA Resolution No. 60, dated on October 14, 2010 resolved: “To approve the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES (FPIE) as of December 31, 2009, pursuant to the provisions of Paragraph 29 of Part Four of the Memorandum of Agreement for Concession Contract Adjustment, ratified by Decree Nº 1799/07 (Article 1).
Article 2 of the same Resolution provides as follows: “Pursuant to the provisions of the preceding Article, the rebalancing of the variables in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) is proposed (…) Said balance was expressed in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE), which is hereby attached as Annex I to the present decision.”
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“2011 – Year of Decent Work, Health and Safety for Workers” |
Article 3 of the aforementioned Resolution provides as follows: “To keep the provisions of ORSNA Resolution Nº 10/09 related to the convenience and relevance of applying discounts to international aeronautical charges so that the resulting fee is equivalent to the one that would be obtained by applying a THIRTY PER CENT (30%) discount on the values provided for in Annex II of the Memorandum of Agreement approved by Decree 1799/2007, applying said resolution to those airlines that have complied with all payments.”
Article 4 of said Resolution provided that the next review shall assess, by using the methodology described therein, the economic impact of the discounts made to air operators, and the analysis of the related effectiveness in the framework of a punctual analysis of the matter, taking into account the responsibility of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) in terms of the application of paragraph 29.4 of the MEMORANDUM OF AGREEMENT.
Finally, Article 5 of the aforementioned Resolutions resolved: “To promote the conveyance to the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENT AND SERVICES (MPFIPyS, as per its acronym in Spanish) ─ by virtue of the provisions of Resolution N° 2000/05 issued by the MPFIPyS ─ of the Administrative Act Project intended to modify the current Rate Schedule, establishing the rebalancing of the variables contained in the FINANCIAL PROJECTION OF INCOME AND EXPENSES for the CONCESSION (FPIE) (…).”
Later, the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) ─ aligned with federal policies promoted by the NATIONAL GOVERNMENT to foster air-commercial activities and the internal interconnection of the national territory ─ revised the rate increases proposed by ORSNA Resolution No. 60/2010, to limit the Domestic Airport Terminal Usage Fee to FIFTEEN PERCENT (15%), both for First Category Airports and other airports that are part of the National Airport System (NAS), compensating such reduction with an increase in the adjustment rate for International and Regional Airport Terminal Usage Fees.
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“2011 – Year of Decent Work, Health and Safety for Workers” |
Based on the need to rebalance the variables inherent to the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION, approved by ORSNA Resolution No. 60/2010, it becomes necessary to reformulate the rate variations proposed in such measure.
In this regard, the proposed increase for the Domestic Airport Terminal Usage Fee would be FIFTEEN PERCENT (15%) of the current values.
As a result of the aforementioned, in order to keep the balance of the variables of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION, it becomes necessary to modify the proposed values in ORSNA Resolution No. 60/2010 for International and Regional Airport Terminal Usage Fees.
Therefore, International and Regional Airport Terminal Usage Fees shall be subject to the following rate variations: SEVENTEEN PERCENT (17%) and SIXTEEN PERCENT (16%), respectively.
As regards the economic-financial model embodied in Annex I of Article 2 of ORSNA Resolution No. 60/2010, although no changes have been made to the methodology or mathematical formulation thereof, it becomes necessary to adapt it to show the new proposed charges in the Projection.
On the other hand, it should be mentioned that any possible modification as regards the application of proposed increases shall be assessed at the First Ordinary meeting held.
The LEGAL DEPARTMENT has acted in exercise of its incumbent authority.
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“2011 – Year of Decent Work, Health and Safety for Workers” |
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 December 21, 2011 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 replace Article 2 of Resolution No. 60, dated on October 14, 2010, issued by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), which shall read as follows: “ARTICLE 2.- Pursuant to the provisions of Article 1 of ORSNA Resolution No. 60, dated on October 14, 2010, a rebalancing of the variables in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) is proposed, which shall be implemented through a rate variation of Regional and International Airport Terminal Usage Fees of SIXTEEN PERCENT (16%) and SEVENTEEN PER CENT (17%), respectively, and a FIFTEEN PERCENT (15%) increase in the Domestic Airport Terminal Usage Fee. Said variations are included in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE), which is hereby attached as ANNEX I to the present decision.”
ARTICLE 2º.- To replace Article 5 of Resolution No. 60, dated on October 14, 2010, issued by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), which shall read as follows: “To notify to the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENT AND SERVICES, by virtue of the provisions of Resolution N° 2000, dated December 19, 2005, issued by such Ministry, about the new Rate Schedule intended to achieve a rebalancing of the variables contained in the FINANCIAL PROJECTION OF INCOME AND EXPENSES for the CONCESSION (FPIE), through a rate variation of Regional and International Airport Terminal Usage Fees of SIXTEEN PERCENT (16%) and SEVENTEEN PERCENT (17%), respectively, and a FIFTEEN PER CENT (15%) increase in the Domestic Airport Terminal Usage Fee.”
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“2011 – Year of Decent Work, Health and Safety for Workers” |
ARTICLE 3º.- Let these presents be filed and notified to the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA, the SECRETARIAT OF TRANSPORTATION and the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES, enforced and filed.
ORSNA RESOLUTION Nº 125
| [Illegible signature] | |
| MANUEL BALADRÓN | |
| PRESIDENT | |
| ORGANISMO REGULADOR DEL | |
| SISTEMA NACIONAL DE AEROPUERTOS | |
| O.R.S.N.A. |
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“2011 – Year of Decent Work, Health and Safety for Workers” |
ANNEX 1
| In thousands of AR$ December 2009 | 1998-2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
| Aeronautical Revenues | 576,504 | 566,599 | 513,846 | 649,547 | 1,020,822 | 1,059,477 | 1,098,254 | 1,137,901 | 1,177,955 | 1,219,301 | 1,261,001 | 1,303,875 | 1,347,555 | 1,392,025 | 1,437,265 | 1,483,258 | 1,529,981 | 1,577,410 | 1,625,521 | 1,674,287 | 1,724,515 | 1,776,251 | 220,547 | |
| Local parking fee | 3,172 | 2,886 | 2,645 | 2,652 | 2,606 | 2,702 | 2,801 | 2,902 | 3,005 | 3,110 | 3,216 | 3,326 | 3,437 | 3,551 | 3,666 | 3,783 | 3,903 | 4,024 | 4,146 | 4,271 | 4,399 | 4,531 | 563 | |
| International parking fee | 60,543 | 60,051 | 52,516 | 44,198 | 44,847 | 46,551 | 48,255 | 49,997 | 51,757 | 53,573 | 55,406 | 57,289 | 59,209 | 61,163 | 63,150 | 65,171 | 67,224 | 69,308 | 71,422 | 73,565 | 75,771 | 78,045 | 9,690 | |
| Local landing fee | 8,222 | 7,783 | 6,875 | 7,296 | 7,770 | 8,057 | 8,352 | 8,653 | 8,958 | 9,272 | 9,590 | 9,916 | 10,248 | 10,586 | 10,930 | 11,280 | 11,635 | 11,996 | 12,362 | 12,732 | 13,114 | 13,508 | 1,677 | |
| International landing fee | 165,710 | 156,151 | 141,144 | 122,858 | 144,104 | 149,580 | 155,055 | 160,652 | 166,307 | 172,145 | 178,032 | 184,085 | 190,252 | 196,530 | 202,918 | 209,411 | 216,008 | 222,704 | 229,496 | 236,381 | 243,473 | 250,777 | 31,138 | |
| Local Airport Terminal usage fee | 35,992 | 32,415 | 28,808 | 73,801 | 123,252 | 127,812 | 132,490 | 137,273 | 142,105 | 147,093 | 152,123 | 157,296 | 162,565 | 167,930 | 173,387 | 178,936 | 184,572 | 190,294 | 196,098 | 201,981 | 208,040 | 214,281 | 26,606 | |
| Regional Airport Terminal usage fee | 6,324 | 5,265 | 5,527 | 11,725 | 38,230 | 39,682 | 41,135 | 42,620 | 44,120 | 45,669 | 47,231 | 48,836 | 50,472 | 52,138 | 53,832 | 55,555 | 57,305 | 59,082 | 60,884 | 62,710 | 64,591 | 66,529 | 8,261 | |
| International Airport Terminal usage fee | 292,605 | 298,290 | 273,151 | 383,402 | 655,642 | 680,556 | 705,465 | 730,932 | 756,661 | 783,220 | 810,006 | 837,546 | 865,604 | 894,169 | 923,229 | 952,773 | 982,785 | 1,013,251 | 1,044,155 | 1,075,480 | 1,107,745 | 1,140,977 | 141,669 | |
| Telescopic jet way usage fee | 3,936 | 3,758 | 3,180 | 3,615 | 4,371 | 4,535 | 4,701 | 4,871 | 5,042 | 5,219 | 5,398 | 5,581 | 5,768 | 5,959 | 6,152 | 6,349 | 6,549 | 6,752 | 6,958 | 7,167 | 7,382 | 7,603 | 944 | |
| Non-aeronautical Revenues | 353,451 | 394,686 | 398,394 | 507,555 | 841,268 | 879,872 | 925,196 | 950,918 | 990,646 | 1,034,147 | 1,077,881 | 1,127,546 | 1,160,733 | 1,210,591 | 1,260,840 | 1,304,508 | 1,369,036 | 1,414,438 | 1,467,696 | 1,519,437 | 1,579,771 | 1,640,669 | 205,291 | |
| Ground handling service | 15,210 | 13,820 | 11,118 | 11,983 | 13,061 | 13,061 | 13,061 | 13,061 | 13,061 | 13,061 | 13,061 | 13,061 | 13,061 | 13,061 | 13,061 | 13,061 | 13,061 | 13,061 | 13,061 | 13,061 | 13,061 | 13,061 | 1,574 | |
| Fuel | 26,926 | 26,871 | 30,159 | 21,427 | 26,299 | 27,285 | 28,284 | 29,305 | 30,336 | 31,401 | 32,475 | 33,579 | 34,704 | 35,849 | 37,014 | 38,199 | 39,402 | 40,624 | 41,863 | 43,118 | 44,412 | 45,744 | 5,680 | |
| Duty free shops | 63,588 | 78,071 | 85,338 | 78,736 | 104,744 | 108,725 | 112,704 | 116,773 | 120,883 | 125,126 | 129,405 | 133,805 | 138,288 | 142.851 | 147,494 | 152,214 | 157,008 | 161,876 | 166,813 | 171,817 | 176,972 | 182,281 | 22,633 | |
| Fiscal warehouses (variable license fee : EDCADASSA) | 30,923 | 33,306 | 32,413 | 152,968 | 404,608 | 424,839 | 446,081 | 468,385 | 491,804 | 516,394 | 542,214 | 569,324 | 597,791 | 627,680 | 659,064 | 692,017 | 726,618 | 762,949 | 801,097 | 841,152 | 883,209 | 927,370 | 117,382 | |
| Advertising | 13,786 | 26,780 | 25,556 | 27,074 | 38,147 | 41,403 | 42,856 | 44,170 | 45,284 | 46,826 | 48,446 | 49,419 | 50,156 | 51,107 | 52,112 | 52,942 | 53,500 | 54,041 | 54,581 | 55,131 | 55,720 | 56,254 | 6,845 | |
| Parking | 37,343 | 40,210 | 44,010 | 47,562 | 62,268 | 64,602 | 66,967 | 69,384 | 71,827 | 74,348 | 76,891 | 79,505 | 82,168 | 84,880 | 87,638 | 90,443 | 93,292 | 96,184 | 99,117 | 102,091 | 105,154 | 108,308 | 13,448 | |
| Catering | 19,498 | 19,066 | 20,176 | 22,554 | 27,047 | 28,075 | 29,103 | 30,153 | 31,214 | 32,310 | 33,415 | 34,551 | 35,709 | 36,887 | 38,086 | 39,305 | 40,543 | 41,800 | 43,074 | 44,367 | 45,698 | 47,069 | 5,844 | |
| Rent | 39,607 | 36,176 | 34,793 | 35,714 | 39,484 | 42,853 | 44,357 | 45,718 | 46,870 | 48,466 | 50,143 | 51,150 | 51,913 | 52,898 | 53,938 | 54,797 | 55,374 | 55,934 | 56,493 | 57,063 | 57,672 | 58,225 | 7,085 | |
| Counters & cute | 8,625 | 8,362 | 7,363 | 6,693 | 9,227 | 9,573 | 9,923 | 10,282 | 10,644 | 11,017 | 11,394 | 11,781 | 12,176 | 12,578 | 12,987 | 13,402 | 13,824 | 14,253 | 14,688 | 15,128 | 15,582 | 16,050 | 1,993 | |
| Coffee shops | 13,386 | 25,983 | 18,273 | 18,252 | 24,112 | 19,675 | 28,814 | 21,132 | 21,876 | 22,643 | 23,418 | 33,974 | 25,025 | 25,851 | 26,691 | 27,545 | 42,197 | 29,294 | 30,187 | 31,093 | 32,026 | 32,986 | 4,096 | |
| Services and stores | 75,514 | 76,479 | 81,241 | 74,888 | 78,750 | 85,415 | 88,311 | 87,489 | 91,502 | 96,826 | 100,891 | 101,031 | 103,199 | 110,175 | 115,738 | 113,368 | 116,869 | 126,947 | 129,118 | 127,682 | 132,393 | 135,322 | 16,526 | |
| Expense reimbursement | 9,043 | 9,563 | 7,953 | 9,704 | 13,519 | 14,366 | 14,735 | 15,067 | 15,345 | 15,728 | 16,127 | 16,365 | 16,544 | 16,774 | 17,016 | 17,215 | 17,348 | 17,476 | 17,604 | 17,735 | 17,873 | 17,999 | 2,185 | |
| Total Revenues | 929,955 | 961,285 | 912,240 | 1,157,102 | 1,862,090 | 1,939,349 | 2,023,450 | 2,088,819 | 2,168,601 | 2,253,449 | 2,338,882 | 2,431,422 | 2,508,288 | 2,602,616 | 2,698,105 | 2,787,766 | 2,899,017 | 2,991,848 | 3,093,217 | 3,193,724 | 3,304,286 | 3,416,919 | 425,838 | |
| TCA Expenses | 0 | 0 | 0 | -82,331 | -208,720 | -219,156 | -230,114 | -241,619 | -253,700 | -266,385 | -279,705 | -293,690 | -308,374 | -323,793 | -339,983 | -356,982 | -374,831 | -393,573 | -413,251 | -433,914 | -455,610 | -478,390 | -60,552 | |
| Personnel | -89,394 | -106.502 | -122,180 | -143.361 | -208,720 | -210,285 | -211,824 | -213,353 | -214,855 | -216,364 | -217,844 | -219,325 | -220,794 | -222,252 | -223,696 | -225,128 | -226,546 | -227,951 | -229,341 | -230,717 | -232,102 | -233,494 | -28,316 | |
| Public services | -29,373 | -32,.026 | -31,404 | -34,733 | -37,405 | -39,746 | -40,769 | -41,686 | -42,457 | -43,517 | -44,621 | -45,278 | -45,773 | -46,410 | -47,079 | -47,629 | -47,997 | -48,353 | -48,707 | -49,067 | -49,451 | -49,799 | -6,045 | |
| Maintenance | -123,381 | -121,488 | -108,632 | -136,227 | -177,247 | -186,379 | -191,512 | -196,357 | -200,765 | -206,102 | -211,579 | -215,740 | -219,425 | -223,559 | -227,810 | -231,707 | -235,045 | -238,352 | -241,654 | -244,976 | -248,412 | -251,769 | -30,758 | |
| Insurance | -6,009 | -5,057 | -4,357 | -4,594 | -4,814 | -5,362 | -5,613 | -5,843 | -6,039 | -6,313 | -6,605 | -6,781 | -6,916 | -7,091 | -7,277 | -7,432 | -7,536 | -7,638 | -7,739 | -7,843 | -7,955 | -8,057 | -983 | |
| Hired services | -39,015 | -37,062 | -29,057 | -35,434 | -50,516 | -51,084 | -51,645 | -52,204 | -52,756 | -53,311 | -53,858 | -54,407 | -54,954 | -55,498 | -56,039 | -56,577 | -57,112 | -57,643 | -58,171 | -58,694 | -59,222 | -59,755 | -7,268 | |
| FIRE-fighting and medical services | -27,682 | -32,355 | -36,176 | -39,678 | -67,194 | -69,239 | -70,398 | -71,486 | -72,474 | -73,645 | -74,833 | -75,745 | -76,556 | -77,451 | -78,363 | -79,200 | -79,922 | -80,635 | -81,343 | -82,051 | -82,778 | -83,488 | -10,150 | |
| Matrix | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| GATO | -13,949 | -14,419 | -13,684 | -17,357 | -37,256 | -38,802 | -40,484 | -41,792 | -43,389 | -45,086 | -46,795 | -48,647 | -50,185 | -52,072 | -53,983 | -55,777 | -58,002 | -59,860 | -61,888 | -63,899 | -66,111 | -68,364 | -8,520 | |
| Other operation expenses | -80,319 | -86,645 | -57,542 | -121,410 | -113,501 | -118,022 | -119,955 | -121,672 | -123,103 | -125,059 | -127,079 | -128,270 | -129,162 | -130,305 | -131,502 | -132,479 | -133,130 | -133,758 | -134,382 | -135,014 | -135,687 | -136,294 | -16,502 | |
| AEI (15% over total income} | -139,493 | -144,193 | -136,836 | -173,565 | -196,385 | -204,533 | -213,403 | -220,297 | -228,711 | -237,659 | -246,669 | -256,429 | -264,536 | -274,484 | -284,555 | -294,011 | -305,744 | -315,534 | -326,225 | -336,825 | -348,486 | -360,364 | -44,911 | |
| Mutual claim interests | -27,395 | -24,387 | -21,587 | -19,236 | -15,993 | -15,077 | -14,096 | -13,048 | -12,742 | -12,306 | -11,873 | -11,444 | -11,019 | -10,598 | -10,180 | -8,485 | -6,789 | -5,092 | -3,394 | -1,694 | 7 | 1,709 | 3,413 | |
| Gross income | -37,198 | -38.451 | -36,490 | -46,284 | -74,484 | -77,574 | -80,938 | -83,553 | -86,744 | -90,138 | -93,555 | -97,257 | -100,332 | -104,105 | -107,924 | -111,511 | -115,961 | -119,674 | -123,729 | -127,749 | -132,171 | -136,677 | -17,034 | |
| Financial transfer tax | -4,650 | -4,806 | -4,561 | -5,786 | -15,470 | -15,951 | - 16,398 | -15,209 | -16,001 | -16,604 | -16,713 | -17,126 | -17,745 | -18,363 | -18,832 | -19,190 | -19,839 | -20,392 | -21,002 | -21,626 | -22,245 | -22,910 | -2,823 | |
| (Tax) Amortizations | -89,985 | -87,275 | -86,434 | -66,238 | -91,394 | -122,818 | -154,294 | -159,966 | -169,614 | -175,440 | -174,014 | -169,998 | -175,586 | -181,159 | -181,531 | -179,132 | -177,450 | -178,584 | -179,994 | -182,599 | -186,657 | -196,751 | 0 | |
| Total expenditures | -707,844 | -734,668 | -688,939 | -926,234 | -1,299,100 | -1,374,027 | -1,441,442 | -1,478,086 | -1,523,350 | -1,567,930 | -1,605,744 | -1,640,138 | -1,681,358 | -1,727,140 | -1,768,755 | -1,805,239 | -1,845,905 | -1,887,038 | -1,930,818 | -1,976,668 | -2,026,880 | -2,084,403 | -230,450 | |
| Earnings before tax | 222,111 | 226,617 | 223,300 | 230,868 | 562,990 | 565,322 | 582,008 | 610,733 | 645,251 | 685,519 | 733,138 | 791,283 | 826,931 | 875,476 | 929,350 | 982,527 | 1,053,111 | 1,104,811 | 1,162,399 | 1,217,055 | 1,277,406 | 1,332,516 | 195,389 | |
| Income tax | 3,345 | -63,590 | -75,082 | -119,551 | -197,047 | -197,863 | -203,703 | -213,757 | -225,838 | -239,932 | -256,598 | -276,949 | -289,426 | -306,417 | -325,272 | -343,884 | -368,589 | -386,684 | -406,839 | -425,969 | -447,092 | -466,381 | -68,386 | |
| Earnings after tax | 225,456 | 163,028 | 148,219 | 111,317 | 365,944 | 367,459 | 378,305 | 396,977 | 419,413 | 445,587 | 476,540 | 514,334 | 537,505 | 569,060 | 604,077 | 638,643 | 684,522 | 718,127 | 755,559 | 791,086 | 830,314 | 866,136 | 127,003 | |
| EDCADASSA dividends | 34,138 | 31,876 | 18,948 | 16,609 | 0 | |||||||||||||||||||
| (Tax) amortization adjustments | 89,985 | 87,275 | 86,434 | 66,238 | 91,394 | 122,818 | 154,294 | 159,966 | 169,614 | 175,440 | 174,014 | 169,998 | 175,586 | 181,159 | 181,531 | 179,132 | 177,450 | 178,584 | 179,987 | 182,599 | 186,657 | 196,751 | 0 | |
| Mutual claim amortization | 16,983 | 17,323 | 17,669 | -101,463 | -45,804 | -49,069 | -52,398 | -15,284 | -21,814 | -21,633 | -21,449 | -21,260 | -21,069 | -20,873 | -84,747 | -84,806 | -84,865 | -84,926 | -84,987 | -85,051 | -85,115 | -85,180 | -3,413 | |
| Work capital variation | 150,943 | -103,464 | -161,601 | 101,542 | 17,454 | -63,234 | -4,647 | -8,210 | 16,941 | 3,366 | -25,687 | -8,253 | 8,009 | 2,619 | -6,282 | -10,225 | 1,125 | 562 | 1,361 | 2,300 | -1,506 | -1,043 | -64,381 | |
| Direct investment | -87,273 | -99,909 | -132,396 | -179,202 | -457,195 | -444,998 | -427,276 | -105,090 | -162,490 | -174,123 | -86,350 | -53,816 | -81,942 | -88,457 | -63,598 | -25,426 | -21,574 | -19,942 | -19,870 | -23,605 | -14,450 | -12,195 | 0 | |
| AEI allocated to Investments (2.5%) | -23,249 | -24,032 | -22,806 | -28,928 | -32.731 | -34,089 | -35,567 | -36.716- | -38,118- | -39,610- | -41,112- | -42,738 | -44,089 - | -45,747 - | -47,426- | -49,002 | -50,957 | -52,589 | -54,378 | -56,138 | -58,081 | -60,061 | -7,485 | |
| Total Investment | - 110,522 | - 123,942 | - 155,202 | - 208,129 | - 489,926 | -479,087 | -462,845 | -141,806 | -200,609 | -213,733 | -127,462 | -96,554 | -126,031 | -134,204 | -111,023 | -74,428 | -72,531 | -72,531 | -74,248 | -79,743 | -72,531 | -72,256 | -7,485 | |
| Net fund flow | -1,472,761 | 430,232 | 96,129 | -22,727 | 15,041 | -28,208 | -67,023 | 48,277 | 428,359 | 421,664 | 428,638 | 517,068 | 601,003 | 618,090 | 643,508 | 630,982 | 697,318 | 756,659 | 792,405 | 832,049 | 867,330 | 915,900 | 964,468 | 59,208 |