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Exhibit 4.6

 

“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
of Montevideo”

 

NOTICE

 

BUENOS AIRES, MARCH 31, 2014

 

To

AEROPUERTOS ARGENTINA 2000 S A

Mr. Rafael BIELSA

Honduras 5663 - 2o Floor

FEDERAL CAPITAL

 

The purpose of this notice is to inform you about the issuance of Resolution Nº 44, dated on March 31, 2014, by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), 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 periods as of December 31, 2011 and December 31, 2012, pursuant to the provisions of Paragraph 29 of Part Four of the MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree 1799/07, attached herewith as Annex I.” Article 2 of said Resolution provides as follows: “To support the decision issued through ORSNA Resolution 10/09 as to the convenience and pertinence of making discounts to international aeronautical charges so that the resulting charge is equal to the charge that would be obtained by applying a THIRTY PERCENT discount (30%) over the fixed values in Annex II of the Memorandum of Agreement approved by Decree 1799/97. Such discount shall be applied to those airlines that are up to date with their payments.”

 

By virtue of the provisions of Section 40, paragraph one of Decree No. 1759/72, which regulates Law No. 19 549 of Administrative Acts, we hereby inform you that you may file the following administrative appeals against the aforementioned administrative act:

 

·Section 84- Motion for reversal. A motion for reversal may be set up against any final administrative act or against any administrative act that prevents the entire proceedings upon the claim of the administered party and against interlocutory proceedings or procedural motions damaging a personal right or a legitimate interest. This motion shall be set up within ten (10) days of notice of the act before the same agency that issued such act, which shall be competent to decide according to the provisions of Section 82.

 

·Section 94 – Motion to appeal. The interested party may set up, at his/her option, the administrative motion to appeal or may commence the relevant judicial proceedings against final administrative acts or against administrative acts preventing to institute proceedings upon an appellant’s claim or cause of action, arising from a higher entity of an independent governmental entity, including state universities.

 

Av. Corrientes 441 * C1043AAE * Buenos Aires * Argentina * Ph: 4327-3328 / 4327-1046 * Fax: 4327-1340

 

 

“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
of Montevideo”

 

It is expressly stated on the record that a duly certified copy of ORSNA Resolution No. 44/2014 is attached herewith, which has THIRTEEN 13 sheets of paper with writing on both sides of the page.

 

You are hereby duly notified.

 

[Illegible signature]

ANTONIO MANCUSO

General Secretary

General Secretariat Unit

O.R.S.N.A.

 

Signature: [illegible]

Clarification: Alonso,

Date: 03/31/2014         Time: 07:30 a.m.

 

Av. Corrientes 441 * C1043AAE * Buenos Aires * Argentina * Ph: 4327-3328 / 4327-1046 * Fax: 4327-1340

 

 

“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
of Montevideo”

 

[Each page of this document is duly initialized at the bottom, on the left.]

 

BUENOS AIRES, MARCH 31, 2014

 

Having reviewed File N° 215/12 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; ORSNA Resolutions Nº 53, dated on May 27, 1998; Nº 111, dated on December 30, 2008; Nº 9, dated January 28, 2009; Nº 10, dated January 30, 2009; Nº 48, dated September 10, 2010; Nº. 60, dated October 14, 2010; Nº 125, dated December 21, 2011; Nº 115, dated November 5, 2012 and Nº 117 dated November 7, 2012; and

 

WHEREAS:

 

The abovementioned File deals with the Review of the Revenue and Expenditure Financial Projection for the CONCESSION (REFP), corresponding to the years 2011 and 2012.

 

Paragraph 24.1 of the MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree Nº 1799/07 dated on December 4, 2007, establishes the Revenue and Expenditure Financial Projection (REFP) for the Concession for the 2006-2028 period.

 

Said projection is shown in Annex 5 of the 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.

 

 

“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
of Montevideo”

 

The Memorandum of Agreement states that ordinary and extraordinary reviews of the Revenue and Expenditure Financial Projection for the concession (REFP) shall be carried out when required by the circumstances.

 

Paragraphs 29.1 and 29.2 of the Memorandum of Agreement provide for an Annual Ordinary Review Mechanism of the Revenue and Expenditure Financial Projection for the concession (REFP), with the purpose of verifying and keeping the balance between the variables of the aforementioned projection.

 

Said mechanism submitted for the review of the SECRETARIAT OF TRANSPORTATION through ORSNA Resolution Nº 111, dated on December 30, 2008 establishes the necessary methodology to provide for the rebalancing of the Revenue and Expenditure Financial Projection for the concession (REFP).

 

The review mechanism is intended to preserve the balance between the variables that are part of the Revenue and Expenditure Financial Projection (REFP), 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, as well as to obtain a given remuneration for the capital cost.

 

The purpose of the Review is also to find formulas that allow to minimize the costs (productive efficiency), taking into account that this is one of the problems of rate of return regulation.

 

Since the Memorandum of Agreement became effective, this Regulating Body has carried out THREE (3) Reviews. The first one took place at the beginning of 2009, covered the periods 2006-2007, was approved by ORSNA Resolution No. 9, dated January 30, 2009, and was temporary in nature.

 

The resulting Rate Schedule was approved by ORSNA Resolution No. 10, dated January 30, 2009.

 

Later, the corresponding Review for the 2009 period was performed. This was an extraordinary review, not in the sense defined in paragraph 9.6 of the Mechanisms, but due to the fact that it involved a one-time a comprehensive assessment of the evolution of the different variables that are part of the Projection, from January, 2006 to December 2009. Such Review was approved by ORSNA Resolution No. 60, dated October 14, 2010, and the resulting Rate Schedule was approved by ORSNA Resolution No. 126, dated December 21, 2011.

 

 

“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
of Montevideo”

 

The last review process corresponding to year 2010 was approved by ORSNA Resolution No. 115, dated November 5, 2012.

 

The resulting Rate Schedule was approved by ORSNA Resolution No. 117, dated November 7, 2012, and is currently in effect.

 

The ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), in order to make the review corresponding to year 2011, submited to the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA, the Bases for the Review of the Revenue and Expenditure Financial Projection for the year 2011.

 

AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA (AA2000-DIR-1095/12) requested this Regulating Body, through Note dated November 7, 2012, to consider the possibility of making a joint Review of years 2011 and 2012, and repeated such request (Note AA2000-326/13) on April 30, 2013, which was accepted by this Body through ORSNA Note No. 412/136.

 

In order to carry out the present Review, the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) analyzed the revenues of the Concessionaire (both aeronautical and non-aeronautical revenues), the revenues from Cargo Terminal, Investments, Operating Expenses, Indexes, as well as discounts to Airlines.

 

As regards Revenues, it should be mentioned that accounting information for Aeronautical Revenues obtained by AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA can be considered valid.

 

After receiving the information, the ORSNA made the corresponding reconciliation and found out that commercial revenues of the year 2011 amounted to approximately NINE HUNDRED AND SEVENTY-ONE MILLION THREE HUNDRED THOUSAND PESOS (ARS971,300,000), which accounted for a FIFTY-ONE PERCENT (51%) of total revenues of the Concession.

 

 

“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
of Montevideo”

 

Commercial revenues of the year 2012 amounted to approximately ONE THOUSAND ONE HUNDRED AND FORTY-ONE MILLION ONE HUNDRED THOUSAND PESOS (ARS1141,100,000), which accounted for a FIFTY PERCENT (50%) of total revenues of the Concession.

 

As regards revenues from the CARGO TERMINAL, it should be mentioned that AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA issued invoices for rendered services amounting to around FOUR HUNDRED AND NINETEEN MILLION TWO HUNDRED THOUSAND PESOS (ARS419,200,000) and around FOUR HUNDRED AND EIGHTY MILLION SEVEN HUNDRED THOUSAND PESOS (ARS480,700,000) for the years 2011 and 212, respectively.

 

Likewise, air cargo operating expenses for the years 2011 and 2012 amounted to approximately ONE HUNDRED AND SIXTY-FIVE MILLION TWO HUNDRED THOUSAND PESOS (ARS165,200,000) and to TWO HUNDRED AND FIFTEEN MILLION FIVE HUNDRED THOUSAND PESOS (ARS215,500,000), respectively. The tax component, mainly Income Tax, shall be added to these amounts.

 

The 2011-2012 Investment Report has not been completed yet. If there are any variations from final data, appropriations shall be incorporated in the next applicable Review Process.

 

We should mention that some concepts that were not included at the closing date for 2010 Record of Investments (December 2011) were present in the registration process for the year 2010, such as recordable investments, which are sometimes related to investments pending acknowledgement as “reversible situations.”

 

Monthly quality audits were carried out over the year 2011 within the framework of the Service Quality Factor Measurement Program (SQFMP) at the following airports: AEROPARQUE, EZEIZA, CÓRDOBA, MENDOZA, IGUAZÚ, BARILOCHE and SALTA.

 

The audits showed only THIRTEEN PERCENT (13%) of all measured indicators, which are the direct responsibility of the airport operator, do not meet the minimum established quality standards.

 

 

“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
of Montevideo”

 

The Basic Service Program was also implemented in 2011, with the purpose of measuring service rendering at those airports of the National System that were not covered by the Service Quality Factor Measurement Program, i.e., those airports with an annual volume of passenger traffic below five hundred thousand.

 

The following airports of the Concession were audited within such framework: COMODORO RIVADAVIA, JUJUY, TUCUMÁN, SAN JUAN, RÍO GALLEGOS, RESISTENCIA, ESQUEL, MAR DEL PLATA, SAN LUIS AND POSADAS.

 

Another of the performed tasks to assess quality levels is the Survey to Air Operators, with the participation of staff from airlines, handling companies, safety and security companies and Airport Security Police. Such survey was performed at the following airports: AEROPARQUE, EZEIZA, CÓRDOBA, MENDOZA, IGUAZÚ, BARILOCHE AND SALTA.

 

Based on the findings of the survery, the technical area concluded that there is a good general level of satisfaction at these airports.

 

New measurements were performed over the year 2012 within the framework of the Service Quality Factor Measurement Program at the following airports: EZEIZA, AEROPARQUE, CÓRDOBA, MENDOZA, IGUAZÚ, SALTA AND BARILOCHE.

 

TWENTY-SIX PER CENT (26%) of the measured indicators, which are under the direct responsibility of the airport operator, do not meet the established quality standards.

 

Likewise, quality audits for airports with an annual volume of passenger traffic below FIVE HUNDRED THOUSAND (500,000) through the Basic Service Program continued in 2012, involving the following airports: CATAMARCA, JUJUY, FORMOSA, LA RIOJA, PUERTO MADRYN, RÍO GRANDE AND SANTIAGO DEL ESTERO.

 

The Concessioner shall be duly informed about the need to comply with the remarks related to quality standards made by the technical area, in order to solve any issues before the next Review of the Revenue and Expenditure Financial Projection.

 

 

“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
of Montevideo”

 

As regards expenditures from the Concession, the data corresponding to the concession costs for this period arising from Regulatory Accounting have been considered, identifying each GL account and the corresponding sub-account.

 

This way, around ONE HUNDRED AND SIXTY-THREE (163) sub-accounts have been taken into account, with their values controlled as part of the regulatory task. These sub-accounts correspond to: audited Annual Balance Sheets, Trial Balance and SAP System.

 

As a result of this process, those items that could not be verified were discounted from the Concessionaire’s cost basis.

 

The questioned amounts were not taken into account for the present review, and no compensation whatsoever shall be applied to these costs, which shall be fully covered by shareholders and not by the airport Concession.

 

The appropriations corresponding to this first stage are those resulting from the deficiencies arising from the documentation.

 

After discounting the corresponding amounts, as applicable, an analysis of the pertinence of the expense in selected accounts was performed.

 

The criteria for this analysis was the relevance of the given account for total expenditures, as well as the recorded variations between periods, with special focus on strong rising trends.

 

The affected accounts and the amounts that were deemed incompatible with the economic activity of the regulated service and thus, not considered a service cost, that is: those appropriations that, based on the verifications performed by the Regulatory Accounting area within the framework of routine audits involving both documents and the SAP System (SAP), have appeared as an element implying a wrong allocation of certain costs which are not directly related to the Concession, such as expenses incurred by affiliated or controlling companies.

 

Likewise, on a third stage, this Body verified compliance with the defined efficiency goals, which were duly communicated to the Concessionaire within the framework of the previous review.

 

 

“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
of Montevideo”

 

Deductions have been made on those cost items that, despite having direct relationship with the Concession, this Body considers that they are not aligned with efficiency goals, and appropriations mainly aimed at creating the right incentives to make the Concession more efficient.

 

Such deductions have been informed to the Concessionaire in the corresponding Reports to the reviews performed by this Body, and no questions or objections have been raised as to the application thereof within the framework of the planned ordinary reviews.

 

The present review of such appropriations have operated as a limit to the level of expenditure of the Concessionaire.

 

As regards the goals for group accounts, they have been achieved by the Concessionaire.

 

The aforementioned general performance measures were related, on the one hand, to Salaries, Fees and Administration Expenses as a percentage of Aeronautical and Non-aeronautical Revenue, and on the other hand, the ratio of increase of commercial revenues as compared to air traffic evolution was analyzed.

 

The technical area has also defined performance goals for subsequent periods.

 

As regards the indexes, the Projection is expressed in pesos with a book value corresponding to the year 2012. Thus, the current values of subsequent years shall be adjusted to express them in uniform currency.

 

As regards Traffic Projection, as the Financial Economic Model uses real Aeronautical and Non-Aeronautical Revenue data, no comparison is required with past growth rates.

 

An adjustment of the achieved profitability levels through the FINANCIAL PROJECTION OF INCOME AND EXPENSES has been made based on the Review of years 2011 and 2012 and the effects thereof on the airport Concession.

 

 

“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
of Montevideo”

 

The new profitability levels call for a rebalancing of the variables of the projection, to guarantee service sustainability in the agreed conditions between the Concessionaire and the NATIONAL STATE, including the investments to be made.

 

Pursuant to Paragraph 29.4 of the Memorandum of Agreement, the first review incorporated a discount system of airport charges for Airlines. We believe that such discounts should be kept, pursuant to ORSNA Resolution No. 10/09.

 

Those airlines that are not up to date with payments of airport charges shall not enjoy the aforementioned discount.

 

Based on the present Review, the rebalancing of the INTERNATIONAL AIRPORT TERMINAL USAGE FEE equal to US DOLLARS FOUR WITH 57/100 (USD4.57) and US DOLLARS TWO WITH 5/100 (USD2.05) for the REGIONAL AIRPORT TERMINAL USAGE FEE is still in place.

 

Likewise, the Review shows a need to adjust the INTERNATIONAL AIRPORT TERMINAL USAGE FEE and REGIONAL AIRPORT TERMINAL USAGE FEE for First and Second Category Airports, and the DOMESTIC AIRPORT TERMINAL USAGE FEE for all airport categories of the NATIONAL AIRPORT SYSTEM (NAS).

 

It is also necessary to review the values for aircraft of up to TWELVE (12) TONS (MTOW), inclusive.

 

On the other hand and based on the need to make additional investments as recommended by the INFRASTRUCTURE EXECUTION AND CONTROL DEPARTMENT with the purpose of adapting the infrastructure to the growing trend in aeronautical and commercial activities, it is necessary to create a new trust fund of the NATIONAL AIRPORT SYSTEM IMPROVEMENT TRUST, resulting from the Review of the Revenue and Expenditure Financial Projection of the Concession, pursuant to the terms of Paragraph 29 of Part IV of the Memorandum of Agreement for Concession Contract Adjustment.

 

Such specific trust fund shall be called “ADDITIONAL FUNDS FOR SUBSTANTIAL INVESTMENTS OF GROUP A” and shall have a term of effect of up to THIRTY (30) YEARS or up to the end of the Concession period, whichever occurs first. This fund shall be used to finance additional works for an amount of SEVEN HUNDRED MILLION PESOS (ARS700,000,000) within a term of 24 months.

 

 

“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
of Montevideo”

 

Sub-Annex III-A item E) of the Memorandum of Agreement, as well as Section 7, subsection E) of the aforementioned Trust Agreement, establish the “Trust Fund for Airport Works needed due to Specific Rate Charges.”

 

Resolution No. 254, dated April 26, 2013, of the SECRETARIAT OF TRANSPORT authorized amendments to the National Airport System Improvement Trust which specifically enable the creation of new Trust Funds with the Charges and/or Rate Increases ordered by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AERPUERTOS (ORSNA) by virtue of the Review of the Revenue and Expenditure Financial Projection when the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AERPUERTOS (ORSNA) expressly and fundamentally provides so.

 

The Board of Directors of 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 March 31, 2014 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 periods as of December 31, 2011 and December 31, 2012, pursuant to the provisions of Paragraph 29 of Part Four of the MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree 1799/07, attached herewith as Annex I.

 

 

“2014 – Year of Homage to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle
of Montevideo”

 

ARTICLE 2º.- To support the decision issued through ORSNA Resolution 10/09 as to the convenience and pertinence of making discounts to international aeronautical charges so that the resulting charge is equal to the charge that would be obtained by applying a THIRTY PERCENT discount (30%) over the fixed values in Annex II of the Memorandum of Agreement approved by Decree 1799/97. Such discount shall be applied to those airlines that are up to date with their payments.

 

ARTICLE 3º.- Let these presents be filed and notified to the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA, the SECRETARIAT OF TRANSPORT of the MINISTRY OF INTERIOR AND TRANSPORTATION, enforced and filed.

 

ORSNA RESOLUTION Nº 044

 

[Illegible signature]

 

GUSTAVO LIPOVICH

 

PRESIDENT

 

ORGANISMO REGULADOR DEL

 

SISTEMA NACIONAL DE AEROPUERTOS

 

ORSNA

 

 

 

 

In thousands of AR$ as of 2012 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Aeronautical Revenues 1,257,750 1,255,245 1,338,418 1,512,357 1,565,441 1,618,979 1,674,024 1,730,104 1,787,198 1,845,282 1,904,331 1,964,317 2,025,211 2,086,980 2,149,589 2,214,077 2,280,499 283,157
Local parking fee 3,828 2,941 2,502 2,590 2,681 2,773 2,867 2,963 3,061 3,160 3,262 3,364 3,469 3,574 3,682 3,792 3,906 485
International parking fee 63,878 58,751 55,603 57,560 59,580 61,618 63,713 65,848 68,020 70,231 72,479 74,762 77,079 79,430 81,813 84,267 86,795 10,777
Local landing fee 9,299 7,982 7,361 18,620 19,274 19,933 20,610 21,301 22,004 22,719 23,446 24,184 24,934 25,695 26,466 27,259 28,077 3,486
International landing fee 172,239 153,578 155,648 161,127 166,783 172,487 178,351 184,326 190,409 196,597 202,888 209,279 215,767 222,348 229,018 235,889 242,965 30,168
Domestic airport terminal usage fee 113,189 114,903 119,543 136,237 141,019 145,842 150,800 155,852 160,995 166,228 171,547 176,951 182,436 188,000 193,640 199,450 205,433 25,507
Regional airport terminal usage fee 29,041 25,788 27,829 31,715 32,828 33,951 35,105 36,281 37,478 38,696 39,935 41,193 42,470 43,765 45,078 46,430 47,823 5,938
International airport terminal usage fee 854,663 871,502 969,163 1,104,508 1,143,276 1,182,376 1,222,577 1,263,533 1,305,230 1,347,650 1,390,775 1,434,584 1,479,056 1,524,167 1,569,892 1,616,989 1,665,499 206,796
Telescopic jet way usage fee 11,612 19,800 770 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Non-aeronautical Revenues 1,316,650 1,244,750 1,238,138 1,435,121 1,499,563 1,563,974 1,620,952 1,661,641 1,717,823 1,785,363 1,833,485 1,902,018 1,950,311 2,005,227 2,072,261 2,132,409 2,192,400 271,491
Ground handling service 24,410 22,263 36,769 37,804 38,866 39,929 41,015 42,114 43,226 44,350 45,485 46,632 47,788 48,954 50,129 51,332 52,564 6,489
Fuel 37,058 30,310 30,585 31,662 36,051 37,284 38,551 39,843 41,158 42,495 43,855 45,237 46,639 48,061 49,503 50,988 52,518 6,521
Duty Tax-free shop 205,954 187,800 184,502 190,997 207,586 214,685 221,985 229,421 236,992 256,929 265,151 273,503 281,982 290,582 314,264 323,692 333,403 41,397
Fiscal warehouses (variable license fee : EDCADASSA) 570,134 526,045 527,566 655,364 678,367 701,567 725,421 749,722 774,463 799,633 825,221 851,216 877,604 904,370 931,502 959,447 988,230 122,703
Advertising 41,729 31,542 32,573 36,784 37,789 38,391 38,848 39,438 40,063 40,579 40,925 41,262 41,598 41,941 42,308 42,641 42,972 5,184
Parking 102,185 114,835 119,944 136,583 141,377 160,833 166,302 171,873 177,545 183,315 189,181 195,140 201,189 207,326 213,546 219,952 226,550 28,129
Catering 44,967 46,837 51,400 53,209 55,077 56,960 58,897 60,870 62,879 64,922 67,000 69,110 71,253 73,426 75,629 77,898 80,235 9,962
Rent 44,020 42,600 41,985 43,102 44,279 44,985 45,519 46,211 46,943 47,548 47,954 48,349 48,742 49,144 49,574 49,964 50,352 6,074
Counters & cute 17,223 15,583 15,346 15,886 16,443 17,006 17,584 18,173 18,773 19,383 20,003 20,633 21,273 21,921 22,579 23,257 23,954 2,974
Coffee shops 37,861 36,592 37,737 41,323 42,774 44,237 55,500 47,273 48,833 50,420 52,033 67,457 55,336 57,024 58,735 60,497 62,312 7,737
Services and stores 171,851 159,769 139,022 171,294 179,419 186,309 189,353 194,480 204,468 213,095 213,841 220,506 233,798 239,228 241,095 249,208 255,642 31,466
Expense reimbursement 19,258 30,573 20,709 21,113 21,536 21,788 21,978 22,222 22,481 22,693 22,835 22,973 23,110 23,250 23,399 23,534 23,668 2,855
  -11% -3%                                
Total Revenues 2,574,401 2,499,995 2,576,556 2,947,478 3,065,004 3,182,954 3,294,977 3,391,745 3,505,021 3,630,644 3,737,816 3,866,335 3,975,522 4,092,207 4,221,851 4,346,486 4,472,899 554,647
TCA Expenses -210,052 -214,800 -209,802 -220,292 -231,307 -242,872 -255,016 -267,767 -281,155 -295,213 -309,973 -325,472 -341,746 -358,833 -376,775 -395,613 -415,394 -51,577
Personnel -255,465 -252,237 -279,870 -279,870 -279,870 -279,870 -279,870 -279,870 -279,870 -279,870 -279,870 -279,870 -279,870 -279,870 -279,870 -279,870 -279,870 -33,738
Public services -66,788 -61,733 -64,026 -65,275 -66,583 -67,361 -67,948 -68,706 -69,504 -70,160 -70,600 -71,026 -71,450 -71,881 -72,342 -72,760 -73,174 -8,826
Maintenance -218,533 -256,179 -214,350 -219,303 -224,437 -228,427 -232,037 -236,031 -240,130 -243,929 -247,252 -250,547

-253,837

-257,145 -260,518 -263,829 -267,167 -32,508
Insurance -7,325 -4,711 -5,489 -5,684 -5,891 -6,016 -6,112 -6,236 -6,367 -6,477 -6,550 -6,622 -6,694 -6,768 -6,847 -6,919 -6,990 -843
Hired services -50,078 -42,985 -36,103 -36,484 -36,868 -37,246 -37,626 -38,005 -38,381 -38,755 -39,127 -39,497 -39,864 -40,229 -40,591 -40,956 -41,325 -5,026
FIRE-fighting and medical services -70,787 -71,089 -86,892 -87,504 -88,118 -88,721 -89,324 -89,923 -90,516 -91,104 -91,687 -92,265 -92,837 -93,403 -93,964 -94,528 -95,095 -11,532
Matrix 0 0 0 0 0 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 0 0 0 0 0
Other operating expenses -180,361 -257,876 -269,070 -272,411 -275,884 -277,936 -279,478 -281,460 -283,541 -285,246 -286,382 -287,482 -288,574 -289,683 -290,866 -291,934 -292,992 -35,332
AEI (15% over total income} -382,579 -369,566 -314,015 -359,220 -373,544 -387,919 -401,571 -413,365 -427,170 -442,480 -455,542 -471,205 -484,512 -498,733 -514,533 -529,723 -545,129 -67,597
Mutual claim interests -13,986 0 -509 0 0 0 0 0 0 -12,585 -11,012 -9,439 -7,866 -6,293 -4,719 -3,146 -1,573 0
Gross income -111,277 -116,584 -107,239 -117,899 -122,600 -127,318 -131,799 -135,670 -140,201 -145,226 -149,513 -154,653 -159,021 -163,688 -168,874 -173,859 -178,916 -22,186
Financial transfer tax -40,700 -31,724 -24,008 -32,485 -33,478 -31,558 -32,085 -33,283 -34,336 -35,159 -35,557 -36,572 -37,461 -38,430 -39,552 -40,468 -41,488 -5,089
(Tax) Amortizations -174,456 -239,930 -266,686 -313,776 -355,841 -353,506 -346,149 -354,401 -361,464 -361,058 -358,276 -357,232 -361,233 -365,809 -378,675 -399,917 -443,096 0
Total expenditures -1,782,389 -1,919,415 -1,878,059 -2,010,203 -2,094,420 -2,128,751 -2,159,014 -2,204,715 -2,252,635 -2,307,262 -2,341,341 -2,381,881 -2,424,963 -2,470,765 -2,528,125 -2,593,522 -2,682,209 -274,254
  -15%                                  
Earnings before tax 792,012 580,580 698,497 937,275 970,584 1,054,203 1,135,963 1,187,031 1,252,386 1,323,382 1,396,475 1,484,454 1,550,560 1,621,442 1,693,725 1,752,964 1,790,690 280,394
Income tax -127,597 -203,203 -244,474 -328,046 -339,704 -368,971 -397,587 -415,461 -438,335 -463,184 -488,766 -519,559 -542,696 -567,505 -592,804 -613,537 -626,741 -98,138
Earnings after tax 664,415 377,377 454,023 609,229 630,880 685,232 738,376 771,570 814,051 860,198 907,709 964,895 1,007,864 1,053,937 1,100,922 1,139,426 1,163,948 182,256
Other Companies 4,567 5,952                                
(Tax) amortization adjustments 174,456 239,930 266,686 313,776 355,841 353,506 346,149 354,401 361,464 361,058 358,276 357,232 361,233 365,809 378,675 399,917 443,096 0
Mutual claim amortization -200,855 0 0 0 0 0 0 0 0 -78,678 -78,679 -78,679 -78,680 -78,680 -78,681 -78,681 -78,682 -26
Work capital variation 429,617 -202,594 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Direct investment -885,127 -865,609 -384,464 -602,935 -599,473 -175,877 -115,276 -168,936 -182,059 -135,763 -64,527 -58,337 -56,120 -56,990 -64,725 -48,584 -45,498 0
                                     
AEI allocated to Investments (2,5%) -63,763 -61,594 -52,336 -59,870 -62,257 -64,653 -66,929 -68,894 -71,195 -73,747 -75,924 -78,534 -80,752 -83,122 -85,756 -88,287 -90,855 -11,266
Total Investment -948,890 -927,203 -436,800 -662,805 -661,730 -240,531 -182,204 -237,830 -253,254 -209,510 -140,451 -136,872 -136,872 -140,112 -150,481 -136,872 -136,353 -11,266
Net fund flow 187,073 -444,943 336,245 320,070 387,248 862,861 969,249 957,035 993,456 1,006,815 1,122,779 1,185,110 1,234,297 1,284,077 1,336,190 1,412,078 1,482,865 182,230