Good morning, and welcome to Corporación América Airports Second Quarter 2021 Earnings Conference Call. A slide presentation accompanies today's webcast and is available in the Investors section of Corporación América Airports' Investor Relations Web site . At this time, I would like to turn the call over to Patricio Iñaki Esnaola, Head of Investor Relations. Go ahead. Patricio Iñaki Esnaola: Thank you. Good morning, everyone, and thank you for joining us today. Speaking during today's call will be Martin Eurnekian, our Chief Executive Officer; and Jorge Arruda, our Chief Financial Officer. Both will be available for the Q&A session. Before we proceed, I would like to make the following Safe Harbor statement. Today's call will contain forward-looking statements, and I refer you to the forward-looking statements section of our earnings release and business filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances. Note that for comparison purposes and for a better understanding of the underlying performance in our presentation today, we will be discussing results, excluding hyperinflation accounting in Argentina, which became effective in July 2018. Additional information in connection with the application of Rule IAS 29 can be found in our earnings report. Now, let me turn the call over to our CEO, Martin Eurnekian.

Thank you, Iñaki. Hello everyone, and welcome to today's call. Before we start, I wish to welcome Iñaki Esnaola as our new Head of Investor Relations. He comes to us with significant experience in investor relations for a multinational LatAm New York Stock Exchange listed company, and a strong background in credit as a former Moody's analyst. I also want to thank Gimena for her contributions in setting up and moving forward our Investor Relations program since our IPO, and for ensuring a smooth transition. Gimena has been promoted to Head of Financial Planning for Aeropuertos Argentina , our largest concession. I wish her great success in her new role. Over the last year-and-a-half, we have been managing through an global pandemic, which has significantly impacted our industry. I am extremely proud of how the entire team has pulled together to move us forward, and ensure that we are a stronger company coming out of the pandemic than we were going into it. Although we are experiencing different dynamics across our operations, we began to see a recovery in total traffic, starting in May, following the impact of the second wave of the pandemic that affected passenger traffic trends in our LatAm operations earlier in the year, particularly in Brazil. Traffic reached nearly 6 million passengers in the second quarter, up over 11 times from the year-ago levels, but over three times below the 20 million passengers posted in the second quarter of 2019. Cargo activity, in turn, posted a strong recovery and reached volumes that were just 20% below pre-pandemic levels, with Uruguay and Italy outpacing 2019 levels. Back to passenger traffic, we are pleased with the significant recovery observed in Ecuador, Brazil, Armenia, and Italy this quarter. Activity in Argentina however remains heavily impacted by severe government travel…

We will now begin the question-and-answer session. Our first question today will come from Alex Demichelis with NAU Securities. Please go ahead.

Yes, good morning. Thank you very much for taking my question. The question relates to your option to buyout the preferred shares from the government, how you're thinking about that? How that could impact your cash flow, so trying to think how you are approaching that?

Thank you very much for your question. Martin here. Well, this option of buying the preferred share has been there for quite a while. And it's now in the overall negotiations we have done with the government because the proceeds of buying the preferred shares are counted as CapEx and would go into the CapEx plan of the company. So, we are now in conversations with the government given the current restrictions on traffic, on the timing of the CapEx program, and, of course, at the same time the preferred shares redemption. So, in the near-future we will present the market with our financial strategy for AA2000, and that will probably include the redemption of the preferred shares and the timing of the execution of our CapEx.

Okay, thank you. And just as a follow-up, so when you're talking about these discussions with the government, are you also including the amount owed by Aerolíneas Argentinas or is that separate?

That is a separate discussion with Aerolíneas Argentinas, but that we're doing -- we're having very productive discussions with them as well.

Okay, thank you very much.

Our next question will come from Peter Bowley with Bank of America. Please go ahead.

Martin, Jorge, Patricio, thank you for the call and taking my questions, I have two. On the cost side, could you share an update on the status of the government support for salary, social security payments, and what we could expect for second-half 2021. And just as a follow-up, do you have any expectations for CapEx that would be funded by AA2000 as opposed to the for strengthening for the second-half of 2021 given the works at Ezeiza and Bariloche? Thank you.

Can you please repeat the last part of the question, which the sound was not good?

Sorry, yes. I was just wondering if there was an expectation for CapEx in the second-half of 2021.

So, regarding CapEx, as we've mentioned in the last question, it seems the severe restrictions of international traffic in Argentina we have been having discussions with the government in terms of reestablishing the CapEx timing. So, beyond the that we just mentioned, we will probably -- the rest of the CapEx put it in these discussions to come up with the new schedule for that. And regarding the government support; give me one second, but in Italy, we still have, let's call it, Cassa Integrazione, which is the government taking part of the salaries of the employees of the company. In Argentina, there was a program to support part of the salaries during 2020, which was called ADB, which were received, that program is finished, and now it's been replaced by another one called which is smaller in size, probably around the quarter a third, but we're still receiving that as well. And in Uruguay, with the lifting of the restrictions, they were lifting also what they call by the end of September.

Thank you.

Our next question today will come from Nicolas Fabiancic with Jefferies. Please go ahead.

Hi, good morning. Thanks for the call. It's encouraging to see improvement here across most segments. Just a question on the Argentine segment, where we still see a bit of pressure, when I'm looking at the liquidity and debt maturity profile, at the consolidated level, it looks healthy, but we have started to see some concerns around the OpCos, in particularly Argentina, where the reported cash and cash equivalents number from last week is now below the next 12 months amortizations. Could you please give us your perspective, from the HoldCo CAAP level on liquidity management at the OpCos potential parent support and any additional levers you can pull that would maybe leave us a little bit more comfortable? Thank you.

Okay. Thank you. This is Jorge. Thanks for your question. We're working in a financial plan for a 2000 -- we expect to be able to make certain announcements in the next 45 to 60 days, but it is definitely something that we're working on in connection with our maturity profile. What I want and can highlight at this point in time is that we continue to have strong support from our lenders. Take into consideration the characteristics, the strong characteristics of this concession, we have the system, is a single regime, we have the cargo revenues, we basically control close to 100% of international investors into the country. That's our process infrastructure. Given these characteristics and the importance of this concession, we continue to have very strong support from our lenders, and again in approximately 45, 60 days we expect to make some announcements.

Ladies and gentlemen, this will conclude our question-and-answer session. I'd like to turn the conference back over to Martin Eurnekian for any closing remarks.

I would like to thank everybody for joining us today. We really appreciate your interest in our company. We look forward to providing updates on our business initiatives as they become available. In the meantime, the team remains available to answer any questions that you may have. Thank you everybody.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.