MEXICO CITY, Oct. 23, 2019 /PRNewswire/ -- Grupo
Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV:
ASUR) (ASUR), a leading international airport group with
operations in Mexico, the U.S.,
and Colombia, today announced
results for the three-and nine-month periods ended September 30, 2019.
3Q19 Highlights1
- Passenger traffic in Mexico
rose 0.4% YoY, with domestic traffic up 2.9% offsetting a 2.5%
decline in international traffic.
- Traffic in Puerto Rico
(Aerostar) increased 5.7% YoY, supported by a 7.2% increase in
domestic traffic which more than offset a 5.1% decline in
international traffic.
- Traffic in Colombia (Airplan)
rose 14.0% YoY, driven by growth of 12.8% in domestic traffic and
21.0% in international traffic.
- Consolidated commercial revenues per passenger reached
Ps.99.2.
- Consolidated EBITDA increased 8.7% YoY, reaching Ps.2,475.6
million.
- Cash position at year-end was Ps.6,196.8 million. Net Debt to
LTM EBITDA stood at 0.8x.
3Q19 Earnings
Call
Date &
Time: Thursday, October 24, 2019 at 10:00 AM
US ET; 9:00 AM CT
Dial-in:
1-800-289-0438 (US & Canada); 1-323-794-2423
(International y Mexico); Code: 3374927.
Replay:
Thursday, October 24 at 1:00 PM US ET, ending at
11:59 PM US ET on Thursday, October 31, 2019. Dial-in
number: 1-844-512-2921 Dial-in number: 1-844-512-2921
(US & Canada) 1-412-317-6671 (International & Mexico);
Access Code 3374927.
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Table 1:
Financial & Operational Highlights 1
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Third
Quarter
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%
Var
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2018
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2019
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Financial
Highlights
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Total
Revenue
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3,682,047
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4,106,266
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11.5
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Mexico
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2,585,641
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2,745,561
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6.2
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San Juan
|
692,466
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808,251
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16.7
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Colombia
|
403,940
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552,454
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36.8
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Commercial
Revenues per PAX
|
92.5
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99.2
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7.3
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Mexico
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108.1
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114.3
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5.7
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San Juan
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108.0
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124.2
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14.9
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Colombia
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35.0
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42.2
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20.6
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EBITDA
|
2,278,320
|
2,475,603
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8.7
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Net Income
|
1,006,574
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1,340,432
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33.2
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Majority Net
Income
|
988,054
|
1,314,628
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33.1
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Earnings per Share
(in pesos)
|
3.2935
|
4.3821
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33.1
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Earnings per ADS (in
US$)
|
1.6689
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2.2205
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33.1
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Capex
|
363,379
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445,755
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22.7
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Cash & Cash
Equivalents
|
4,569,129
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6,196,806
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35.6
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Net Debt
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11,006,740
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7,777,721
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(29.3)
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Net Debt / LTM
EBITDA
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1.2
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0.8
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(38.3)
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Operational
Highlights
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Passenger
Traffic
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Mexico
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8,303,559
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8,333,227
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0.4
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San Juan
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2,226,595
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2,354,372
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5.7
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Colombia
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2,800,730
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3,192,585
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14.0
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1 Unless
otherwise stated, all financial figures discussed in this
announcement are unaudited, prepared in accordance with
International Financial Reporting Standards (IFRS), including
application of IFRS 9 and 15 that came into force in 2018, and
represent comparisons between the three-and nine-month periods
ended September 30, 2019, and the equivalent three- and nine-month
periods ended September 30, 2018. All figures in this report are
expressed in Mexican pesos, unless otherwise noted. Tables state
figures in thousands of pesos, unless otherwise noted. Passenger
figures for Mexico and Colombia exclude transit and general
aviation passengers, unless otherwise noted. Commercial revenues
include revenues from non-permanent ground transportation and
parking lots. All U.S. dollar figures are calculated at the
exchange rate of US$1.00 = Mexican Ps.19.7345 (source: Diario
Oficial de la Federacion de Mexico) while Colombian peso figures
are calculated at the exchange rate of COP$176.32 = Mexican Ps.1.00
(source: Investing). Definitions for EBITDA, Adjusted EBITDA
Margin, Majority Net Income can be found on page 16 of this
report.
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Passenger Traffic
ASUR's 3Q19 total passenger traffic increased 4.1% YoY reaching
13.9 million passengers driven by increases of 0.4% in Mexico, 5.7% in Puerto Rico, and 14.0% in Colombia.
Passenger traffic growth of 0.4% YoY in Mexico was mainly driven by a 2.9% increase in
domestic traffic which more than offset the 2.5% decline in
international traffic. Merida and
Oaxaca airports were the main
drivers behind domestic traffic growth, with increases of 14.7% and
25.2%, respectively. Oaxaca, in
turn, achieved a 59.6% increase in international traffic, while
Cancun reported declines of 0.4%
and 2.2% in domestic and international traffic, respectively.
Traffic in Puerto Rico
increased 5.7% YoY, recovering following the impact of Hurricane
Maria, which hit the island in September
2017. Domestic traffic increased 7.2% YoY while
international traffic declined 5.1%.
Colombia reported a 14.0% YoY
increase in total traffic driven by growth of 12.8% and 21.0% in
domestic and international traffic, respectively. Rionegro Airport
in Medellin was the main driver of
traffic growth, reporting increases of 15.5% and 21.0% in domestic
and international traffic, respectively.
Tables with detailed passenger traffic information for each
airport can be found on page 19 of this report.
Table 2: Passenger
Traffic Summary
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Third
Quarter
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%
Chg.
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Nine-Months
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%
Chg.
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2018
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2019
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2018
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2019
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Total
Mexico
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8,303,559
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8,333,227
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0.4
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25,158,418
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25,783,861
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2.5
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- Cancun
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6,251,306
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6,160,215
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(1.5)
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19,189,289
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19,374,608
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1.0
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- 8 Other
Airports
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2,052,253
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2,173,012
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5.9
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5,969,129
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6,409,253
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7.4
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Domestic
Traffic
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4,342,594
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4,469,498
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2.9
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11,725,081
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12,367,374
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5.5
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- Cancun
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2,493,382
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2,484,484
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(0.4)
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6,525,887
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6,703,534
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2.7
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- 8 Other
Airports
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1,849,212
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1,985,014
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7.3
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5,199,194
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5,663,840
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8.9
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International
Traffic
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3,960,965
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3,863,729
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(2.5)
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13,433,337
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13,416,487
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(0.1)
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- Cancun
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3,757,924
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3,675,731
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(2.2)
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12,663,402
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12,671,074
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0.1
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- 8 Others
Airports
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203,041
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187,998
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(7.4)
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769,935
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745,413
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(3.2)
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Total San Juan,
Puerto Rico
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2,226,595
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2,354,372
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5.7
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6,362,573
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7,072,180
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11.2
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Domestic
Traffic
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1,957,414
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2,098,971
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7.2
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5,672,204
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6,315,138
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11.3
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International
Traffic
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269,181
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255,401
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(5.1)
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690,369
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757,042
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9.7
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Total
Colombia
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2,800,730
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3,192,585
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14.0
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7,681,418
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8,807,551
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14.7
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Domestic
Traffic
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2,393,455
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2,699,836
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12.8
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6,516,614
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7,457,666
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14.4
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International
Traffic
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407,275
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492,749
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21.0
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1,164,804
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1,349,885
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15.9
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Total
Traffic
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13,330,884
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13,880,184
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4.1
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39,202,409
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41,663,592
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6.3
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Domestic
Traffic
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8,693,463
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9,268,305
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6.6
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23,913,899
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26,140,178
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9.3
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International
Traffic
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4,637,421
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4,611,879
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(0.6)
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15,288,510
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15,523,414
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1.5
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Note: Passenger
figures for Mexico and Colombia exclude transit and general
aviation passengers, while Puerto Rico includes transit and general
aviation passengers.
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Review of Consolidated Results
Table 3: Summary
of Consolidated Results
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Third
Quarter
|
%
Chg.
|
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Nine-Months
|
%
Chg.
|
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2018
|
2019
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2018
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2019
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Total
Revenues
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3,682,047
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4,106,266
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11.5
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11,486,011
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12,276,995
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6.9
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Aeronautical
Services
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2,251,115
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2,380,645
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5.8
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6,715,133
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7,181,875
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7.0
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Non-Aeronautical
Services
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1,340,615
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1,488,391
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11.0
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4,160,293
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4,577,310
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10.0
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Total Revenues
Excluding Construction Revenues
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3,591,730
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3,869,036
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7.7
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10,875,426
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11,759,185
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8.1
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Construction Revenues
1
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90,317
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237,230
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162.7
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610,585
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517,810
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(15.2)
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Total Operating Costs
& Expenses
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2,025,512
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2,079,656
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2.7
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5,834,738
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5,989,758
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2.7
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Other
Income
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204,074
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n/a
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Operating
Profit
|
1,656,535
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2,026,610
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22.3
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5,651,273
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6,491,311
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14.9
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Operating
Margin
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45.0%
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49.35%
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436 bps
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49.2%
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52.9%
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367 bps
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Adjusted Operating
Margin 2
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46.1%
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52.38%
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626 bps
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52.0%
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55.2%
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324 bps
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EBITDA
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2,278,320
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2,475,603
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8.7
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|
7,093,833
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7,883,561
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11.1
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EBITDA
Margin
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61.88%
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60.29%
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(159 bps)
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61.8%
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64.2%
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245 bps
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Adjusted EBITDA
Margin 3
|
63.43%
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63.99%
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55 bps
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65.2%
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67.0%
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181 bps
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Net
Income
|
1,006,574
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1,340,432
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33.2
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3,572,062
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4,383,088
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22.7
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Majority Net
Income
|
988,054
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1,314,628
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33.1
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|
3,529,012
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4,209,817
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19.3
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Earnings per
Share
|
3.2935
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4.3821
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33.1
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|
11.7634
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14.0327
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19.3
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Earnings per ADS in
US$
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1.6689
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2.2205
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33.1
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|
5.9608
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7.1108
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19.3
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Total Commercial
Revenues per Passenger 4
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92.5
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99.2
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7.3
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97.3
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101.2
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4.0
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Commercial
Revenues
|
1,241,918
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1,385,129
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11.5
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3,840,862
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4,242,814
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10.5
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Commercial Revenues
from Direct Operations per Passenger 5
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17.4
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17.9
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3.0
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18.1
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18.8
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3.9
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Commercial Revenues
Excl. Direct Operations per Passenger
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75.1
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81.3
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8.2
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|
79.2
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82.4
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4.0
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1 Construction revenues for Airplan
in 3Q18 include the actual construction revenues which is equal to
the construction cost of Ps.63.1 million, and an
estimate
to the downside of
income derived from the valuation of the intangible to present
value (construction income) of Ps.80.9 million, according to IFRIC
12.
Construction revenues
for Airplan in 3Q19 were equal to the construction cost of Ps.46.9
million.
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2 Adjusted operating margin excludes
the effect of IFRIC 12 with respect to the construction or
improvements to concessioned assets in Mexico, Puerto Rico and
Colombia, and is equal to operating income divided by total
revenues minus revenues from construction services.
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3 Adjusted EBITDA Margin excludes the
effect of IFRIC 12 with respect to the construction or improvements
to concessioned assets in Mexico, Puerto Rico and Colombia, and is
calculated by dividing EBITDA by total revenues less construction
services revenues.
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4 Passenger figures include transit
and general aviation passengers Mexico, Puerto Rico and
Colombia.
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5
Represents ASUR´s operations in convenience stores.
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Consolidated Revenues
Consolidated Revenues for 3Q19 rose 11.5%
YoY, or Ps.424.2 million to Ps.4,106.3 million, mainly driven by
increases of:
- 5.8% in revenues from aeronautical services to Ps.2,380.6
million. Mexico contributed with
Ps.1,552.1 million, while Puerto
Rico and Colombia
contributed with Ps.460.8 million and Ps.367.8 million,
respectively;
- 11.0% in revenues from non-aeronautical services to Ps.1,488.4
million, mainly due to the 11.5% increase in commercial revenues.
Mexico contributed with Ps.1,056.2
million in revenues from non-aeronautical services, while
Puerto Rico and Colombia contributed with Ps.294.4 million and
Ps.137.8 million, respectively; and
- 162.7%, or Ps.146.9 million in revenues from construction
services. This was mainly due to capital expenditures in
Cancun and Merida airports in line with Mexico's Master Development Plan, as well as
new construction works in Puerto
Rico. Construction revenues in Colombia increased reflecting the recognition
of a Ps.81.0 million concesion valuation loss in 3Q18. Excluding
the impact from the concession valuation loss in Colombia, consolidated construction revenues
would have increased YoY by 38.5%, or Ps.65.9 million.
Excluding revenues from construction services, which are
deducted as costs under IFRS accounting standards, total revenues
would have increased 7.7% YoY to Ps.3,869.0 million. Mexico contributed with 67.4% of total
revenues excluding revenues from construction services, while
Puerto Rico and Colombia represented 19.5% and 13.1%,
respectively.
Commercial Revenues in 3Q19 increased 11.5% YoY to
Ps.1,385.1 million, mainly reflecting the 4.1% increase in total
passenger traffic. Commercial revenues in Mexico rose 6.1% to Ps.955.8 million, mainly
driven by the opening of new commercial spaces, including duty
free, retail, food and beverages, and car rentals, among others.
Likewise, commercial revenues increased YoY by 21.5% to
Ps.292.4 million in Puerto Rico,
and 36.4% to Ps.137.0 million in Colombia.
Commercial Revenues per Passenger increased 7.3% YoY
to Ps.99.2 in 3Q19. Mexico
contributed with commercial revenues per passenger of Ps.114.3 in
3Q19, Puerto Rico with Ps.124.2,
and Colombia with Ps.42.2.
Commercial revenues per passenger increased 5.7% in Mexico, 14.9% in Puerto Rico and 20.6% in Colombia.
Consolidated Operating Costs and Expenses
Consolidated Operating Costs and Expenses, including
construction costs, for 3Q19 increased 2.7% YoY, or Ps.54.1
million, to Ps.2,079.7 million. Excluding construction costs,
operating costs and expenses declined 0.6%, or Ps.11.8 million,
year-on-year, reflecting the following variations:
- A 3.1%, or Ps.28.5 million, increase in Mexico reflecting higher administrative costs,
increases in legal, technical assistance and concession fees. This
was partially offset by declines in maintenance and energy
costs;
- A 12.4%, or Ps.61.3 million, increase in Puerto Rico mainly mainly as a result of an
increase of Ps.12.4 million in payroll expenses along with higher
professional fees. Furthermore, concession fees increased 13.4% as
a result of higher aeronautical revenues while depreciation and
amortization expenses rose 13.6% reflecting higher capex
investments; and
- A 23.0%, or Ps.101.9 million, decline in Colombia composed reflecting a Ps.116.2
million, or 52.3%, decline in depreciation and amortization
principally reflecting a change in amortization methodology, which
starting January 2019 is on a
straight-line basis instead of the percentage of completion method
which implied variations in the accumulated amortization rate of
the concession. This was partially offset by the 20.3%, or Ps.16.2
million, increase in concession fees as a result of the increase in
aeronautical revenues that was mainly driven by a 13.1% increase in
passenger traffic.
Cost of Services rose by 4.6%, or Ps.43.1 million.
In Mexico, cost of services
increased 1.7% YoY, or Ps.8.1 million, mainly reflecting higher
legal professional fees and administrative expenses, partially
offset by a decline in maintenance and energy costs. By contrast,
cost of services in Colombia
declined 1.3%, or Ps.1.9 million, principally reflecting higher
professional legal fees in 3Q18, partially ofset by an increase in
the maintenance provision for the future replacement of fixed
assets as per IFRIC 12. Cost of services in Puerto Rico increased 11.8%, or Ps.36.9
million, principally reflecting higher payroll costs along with an
increase in professional fees.
Construction Costs increased by 38.5% YoY, or
Ps.65.9 million. This was mainly driven by increases of 48.6%, or
Ps.44.9 million, in Mexico and
234.4%, or Ps.37.2 million, in Puerto
Rico, partially offset by a 25.7%, or Ps.16.2 million,
decline in Colombia.
G&A Expenses, which reflect administrative expenses
in Mexico, increased 14.0% YoY
mainly reflecting higher salaries and professional fees.
Consolidated Technical Assistance increased
5.1% YoY, mainly reflecting EBITDA growth in Mexico, excluding extraordinary items, a
factor in the calculation of the fee.
Concession Fees increased 11.2%
YoY, principally reflecting higher fees paid to
the Mexican government, mainly due to an increase in regulated
revenues in Mexico, a factor in
the calculation of the fee. Concession fees for 3Q19 also reflect
increases in Puerto Rico and
Colombia.
Depreciation and Amortization declined 17.1%, or
Ps.92.9 million, principally due to a Ps.116.3 million, or 52.3%,
decline in Colombia, resulting
mainly from the change in the amortization methodology, which as of
January 1, 2019 is on a straight line
rather than a percentage of completion basis. By contrast,
depreciation and amortization in Mexico increased 1.8%, or Ps.3.0 million,
while Puerto Rico reported an
increase of 13.6%, or Ps.20.4 million, mainly from the recognition
starting March 2018 of the
amortization of the intangible asset resulting from the valuation
of the investment in Aerostar under IFRS 3.
Consolidated Operating Profit and EBITDA
Consolidated Operating Profit in 3Q19 ammounted to
Ps.2,026.6 million with Operating Margin of 49.4%. This was
principally due to increases of 5.8%, or Ps.129.5 million, in
aeronautical revenues, and 11.0%, or Ps.147.8 million, in
non-aeronautical revenues. Mexico
reported an operating profit of 1,665.4 million, Puerto Rico of Ps.197.3 million, and Colombia
Ps.163.9 million.
Adjusted Operating Margin, which excludes the effect of
IFRIC 12 with respect to the construction or improvements to
concessioned assets in Mexico,
Colombia, and Puerto Rico, and is calculated as operating
profit divided by total revenues less construction services
revenues, was 52.4% in 3Q19 compared with 46.1% in 3Q19.
EBITDA increased 8.7%, or Ps.197.3 million, to
Ps.2,475.6 million in 3Q19. EBITDA increased 5.1%, or Ps.89.6
million in Mexico, 11.6%, or
Ps.38.2 million in Puerto Rico,
and 34.6%, or Ps.69.5 million in Colombia. 3Q19 EBITDA Margin was 60.3%
compared to 61.9% in 3Q18.
Adjusted EBITDA Margin, which excludes the effect of
IFRIC 12 with respect to the construction of or improvements to
concessioned assets in Mexico,
Puerto Rico, and Colombia was 64.0% in 3Q19 compared to 63.4%
in 3Q18.
Consolidated Comprehensive Financing Gain (Loss)
Table 4:
Consolidated Comprehensive Financing Gain (Loss)
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|
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|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
|
2018
|
2019
|
|
2018
|
2019
|
|
Interest
Income
|
58,148
|
73,708
|
26.8
|
|
209,010
|
272,744
|
30.5
|
|
Interest
Expense
|
(298,931)
|
(279,890)
|
6.4
|
|
(914,861)
|
(838,025)
|
8.4
|
|
Foreign Exchange Gain
(Loss), Net
|
(39,492)
|
70,388
|
n/a
|
|
33,095
|
60,580
|
83.0
|
|
Total
|
(280,275)
|
(135,794)
|
51.5
|
|
(672,756)
|
(504,701)
|
25.0
|
|
|
|
|
|
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|
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|
|
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In 3Q19, ASUR reported a Ps.135.8 million Consolidated
Comprehensive Financing Loss, compared to a Ps.280.3 million
loss in 3Q18.
Interest expense declined by Ps.19.0 million during the period,
or 6.4%, mainly reflecting a Ps.12.9 million decline in interest
payments in Mexico as the Company
paid down loans in June and November
2018, together with a Ps.10.0 million decline in interest
payments in Colombia, reflecting a
loan payments in 2H18. Interest income increased Ps.15.6 million,
or 26.8%, reflecting a higher cash balance in the quarter.
In 3Q19, ASUR reported a foreign exchange gain of Ps.70.4
million, resulting from the 1.14% quarterly average depreciation of
the Mexican peso against the U.S. dollar together with a lower U.S.
dollar foreign currency net asset position. This compares to a
Ps.39.5 million foreign exchange loss in 3Q18 resulting from the
3.8% quarterly average Mexican peso appreciation during that period
on a higher foreign currency net asset position.
Income Taxes
Income Taxes for 3Q19 increased by Ps.180.7 million
year-over-year, principally due to the combination of following
factors:
- A Ps.95.5 million YoY increase in deferred income taxes, mainly
reflecting a deferred income tax gain in Colombia in 3Q18 resulting from the reduction
in the value of the concession as per IFRIC 12 and a decrease in
the tax benefit in Mexico
resulting from a change in the tax amortization rate on the
concessioned assets starting in the second quarter of 2018. The
decrease in the inflation rate from 1.16% in 3Q18 to 0.7% in 3Q19
also contributed to higher deferred income. This was partially
offset by a reduction in the tax rate used for the calculation of
deferred income taxes in Colombia
from 33% to 30% starting on January
2019, resulting from the fiscal reform enacted on
December 23, 2018.
- An Ps.85.4 million increase in income taxes, reflecting mainly
a higher taxable income base for Cancun, Veracruz and Villahermosa airports in
Mexico. Higher YoY income taxes also reflect a tax gain
in Colombia in 2018 resulting from
a change in tax legislation according to Decree 2235 published on
December 27, 2017, along with a
decline in deferred taxes in connection with the decline in the
value of the concession in line with
IFRIC12.
Majority Net Income
Majority Net Income for 3Q19 increased by
33.1% or Ps.326.6 million, to Ps.1,314.6 million from Ps.988.0
million in 3Q18. Earnings per common share for the quarter were
Ps.4.3821 and earnings per ADS (EPADS) were US$2.2205 (one ADS represents ten series B common
shares). This compares with earnings per share of Ps.3.2935 and
earnings per ADS of US$1.6689 for the
same period last year.
Net Income
Net Income for 3Q19 increased by 33.2%, or
Ps.333.9 million, to Ps.1,340.4 million from Ps.1,006.6 million in
3Q19.
Consolidated Financial Position
On September 30, 2019, airport
concessions represented 85.5% of the Company's total assets, with
current assets representing 13.5% and other assets representing
1.0%. As of September 30,
2019, ASUR had cash and cash equivalents of Ps.6,196.8
million, a 35.2% increase from Ps.4,584.5 million at December 31, 2018. Mexico contributed with Ps.1,260.6 million in
cash and cash equivalents in 3Q19, Puerto
Rico with Ps.146.9 mmillion and Colombia with Ps.204.8 million.
As of September 30, 2019, the
valuation of ASUR's investment in Aerostar in accordance with IFRS
3 "Business Combinations" resulted in the following effects on the
balance sheet: i) the recognition of a net intangible asset of
Ps.6,013.5 million, ii) goodwill of Ps.887.2 (net of an impairment
of Ps.4,719.1 million), iii) deferred taxes of Ps.601.4 million,
and iv) a minority interest of Ps.5,366.2 million within
stockholders' equity.
Furthermore, the valuation of ASUR's investment in Airplan
resulted in the following effects on the balance sheet as of
September 30, 2019: i) the
recognition of a net intangible asset of Ps.1,337.0 million, ii)
goodwill of Ps.1,504.9, iii) deferred taxes of Ps.212.0 million,
and iv) Ps.630.4 million from the recognition of bank loans at fair
value.
On May 25, 2018, ASUR acquired an
additional 7.6% of the share ownership of Airplan, bringing its
ownership stake in the company to 100%. This transaction resulted
in the recognition of shareholders' equity of approximately
Ps.213.5 million (Ps.37.7 million by majority interest and Ps.175.8
by minority interest).
Stockholders' equity at the close of 3Q19 was
Ps.37,974.0 million and total liabilities were Ps.18,998.1
million, representing 66.7% and 33.3% of total assets,
respectively. Deferred liabilities represented 16.3% of ASUR's
total liabilities.
Total Debt at quarter-end decreased to Ps.13,974.5 million fom
Ps.14,500.4 million on December 31,
2018. On September 30, 2019,
28.5% of ASUR's total debt was denominated in Mexican pesos, 56.8%
in U.S. Dollars (at Aerostar) and 14.7% in Colombian pesos. Net
Debt to LTM EBITDA stood at 0.8x at the close of 3Q19, while the
Interest Coverage ratio was 10.3x as of September 30, 2019. This compares with Net Debt
to LTM EBITDA of 1.0x and an Interest Coverage Ratio of 8.7x as of
December 31, 2018.
Table 5:
Consolidated Debt Indicators
|
|
September
30,
2018
|
December
31,
2018
|
September
30,
2019
|
Leverage
|
|
|
|
Total Debt / LTM
EBITDA (Times) 1
|
1.7
|
1.5
|
1.4
|
Total Net Debt / LTM
EBITDA (Times) 2
|
1.2
|
1.0
|
0.8
|
Interest Coverage
Ratio 3
|
9.7
|
8.7
|
10.3
|
Total
Debt
|
15,575,869
|
14,500,381
|
13,974,527
|
Short-term
Debt
|
295,206
|
500,105
|
277,847
|
Long-term
Debt
|
15,280,663
|
14,000,276
|
13,696,680
|
Cash & Cash
Equivalents
|
4,569,129
|
4,584,507
|
6,196,806
|
Total Net Debt
4
|
11,006,740
|
9,915,874
|
7,777,721
|
|
|
|
|
1 The
Total Debt to EBITDA Ratio is calculated as ASUR's interest-bearing
liabilities divided by its EBITDA.
|
2 The
Total Net Debt to EBITDA Ratio is calculated as ASUR's
interest-bearing liabilities minus Cash & Cash
Equivalents, divided by its EBITDA.
|
3 The
Interest Coverage Ratio is calculated as ASUR's EBIT divided by its
interest expenses.
|
4 Total
Net Debt is calculated as Total Debt minus Cash & Cash
Equivalents.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 6:
Consolidated Debt Profile
(in
millions)
|
|
|
|
|
|
|
|
|
|
|
Airport
|
Payment of
principal
|
Currency
|
Interest
Rate
|
Amortization
Schedule
|
|
|
2019
|
2020
|
2021
/23
|
2024
/35
|
Total
|
|
5 Yr-Syndicated
Credit
Facility
|
Cancun
|
To
the
expiration
|
$PMx
|
Tiie
+
1.25%
|
-
|
-
|
2,000.0
|
-
|
2,000.0
|
|
7 Yr-Syndicated
Credit
Facility
|
Cancun
|
Semi-Annual
Amort.
|
$PMx
|
Tiie
+
1.25%
|
-
|
20.0
|
1,860.0
|
120.0
|
2,000.0
|
|
22 Yr-Senior
Note
2035
|
San
Juan
|
Semi-Annual
Amort.
|
$Usd
|
5.75%
|
-
|
9.3
|
31.0
|
277.2
|
317.5
|
|
20 Yr-Senior
Note
2035
|
San
Juan
|
Semi-Annual
Amort.
|
$Usd
|
6.75%
|
-
|
1.4
|
4.4
|
39.6
|
45.4
|
|
12
Yr-Syndicated
Credit
Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 +
4
|
2,625.0
|
12,000.0
|
44,250.0
|
81,000.0
|
139,875.0
|
|
12
Yr-Syndicated
Credit
Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 +
4
|
1,785.0
|
8,160.0
|
30,090.0
|
55,077.0
|
95,112.0
|
|
12
Yr-Syndicated
Credit
Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 +
4
|
1,575.0
|
7,200.0
|
26,550.0
|
48,600.0
|
83,925.0
|
|
12
Yr-Syndicated
Credit
Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 +
4
|
647.5
|
2,960.0
|
10,915.0
|
19,980.0
|
34,502.5
|
|
12
Yr-Syndicated
Credit
Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 +
4
|
647.5
|
2,960.0
|
10,915.0
|
19,980.0
|
34,502.5
|
|
12
Yr-Syndicated
Credit
Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 +
4
|
140.0
|
640.0
|
2,360.0
|
4,320.0
|
7,460.0
|
|
12
Yr-Syndicated
Credit
Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 +
4
|
140.0
|
640.0
|
2,360.0
|
4,320.0
|
7,460.0
|
|
12
Yr-Syndicated
Credit
Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 +
4
|
140.0
|
640.0
|
2,360.0
|
4,320.0
|
7,460.0
|
|
|
|
Note: Mexican
syndicated loans were contracted in October 2017, Puerto Rico bonds
were contracted in March 2013 and June 2015, respectively, and the
syndicated loan from Colombia was contracted in June 2015 with a
three-year grace period.
1 DTF
is an average 90-day rate to which the credit facilities in
Colombia are pegged.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capex
Capex during 3Q19 ammounted to Ps.445.7 million. Of this,
Ps.339.4 million reflect the Company's plan to modernize its
Mexican airports pursuant to its master development plans, Ps.59.4
million were made by Aerostar in Puerto
Rico and Ps.46.9 million by Airplan in Colombia. This compares with Ps.363.4 million
invested in 3Q18, Ps.102.8 million in Mexico, Ps.245.6 million in Puerto Rico, and Ps.14.9 million in
Colombia.
During 9M19 ASUR invested a total of Ps.886.9 million, Ps.542.3
million in Mexico, Ps.238.4
million in Puerto Rico, and
Ps.106.2 million in Colombia. This
compares with capex of Ps.1,369.8 million in 9M18, of which
Ps.329.6 million were invested in Mexico mainly for the construction of Terminal
4, in line with the Master Development Plan, Ps.645.9 million in
Puerto Rico and Ps.394.2 million
in Colombia.
Review of Mexico Operations
Table 7: Mexico
Revenues & Commercial Revenues Per Passenger
(in thousands of
Mexican pesos)
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Total Passenger
(in thousands)
|
8,333
|
8,365
|
0.4
|
|
25,263
|
25,884
|
2.5
|
|
|
|
|
|
|
|
|
Total
Revenues
|
2,585,641
|
2,745,561
|
6.2
|
|
7,762,541
|
8,315,658
|
7.1
|
Aeronautical
Services
|
1,495,944
|
1,552,105
|
3.8
|
|
4,483,133
|
4,765,464
|
6.3
|
Non-Aeronautical
Services
|
997,370
|
1,056,224
|
5.9
|
|
3,154,213
|
3,358,960
|
6.5
|
Construction
Revenues
|
92,327
|
137,232
|
48.6
|
|
125,195
|
191,234
|
52.7
|
Total Revenues
Excluding Construction Revenues
|
2,493,314
|
2,608,329
|
4.6
|
|
7,637,346
|
8,124,424
|
6.4
|
|
|
|
|
|
|
|
|
Total Commercial
Revenues
|
900,884
|
955,752
|
6.1
|
|
2,843,468
|
3,036,476
|
6.8
|
Commercial Revenues
from Direct Operations
|
183,285
|
190,006
|
3.7
|
|
568,518
|
609,054
|
7.1
|
Commercial Revenues
Excluding Direct Operations
|
717,599
|
765,746
|
6.7
|
|
2,274,950
|
2,427,422
|
6.7
|
|
|
|
|
|
|
|
|
Total Commercial
Revenues per Passenger
|
108.1
|
114.3
|
5.7
|
|
112.6
|
117.3
|
4.2
|
Commercial Revenues
from Direct Operations per Passenger 1
|
22.0
|
22.7
|
3.2
|
|
22.5
|
23.5
|
4.6
|
Commercial Revenues
Excl. Direct Operations per Passenger
|
86.1
|
91.5
|
6.3
|
|
90.1
|
93.8
|
4.1
|
Note: For purpose of
this table, approximately 29.0 and 31.7 thousand transit and
general aviation passengers are included in 3Q18 and 3Q19,
respectively, while 105.0 and 100.3 thousand transit and general
aviation passengers are included in 9M18 and 9M19.
|
|
1
Represents the operation of ASUR in its convenience stores in
Mexico.
|
Mexico Revenues
Mexico Revenues for 3Q19 increased 6.2% YoY to
Ps.2,745.6 million. Excluding construction, revenues rose 4.6%
YoY, reflecting the following increases:
- 3.8% in revenues from aeronautical services, principally due to
the 0.4% increase in passenger traffic; and
- 5.9% in revenues from non-aeronautical services, principally
reflecting the 6.1% growth in commercial revenues.
Commercial Revenues increased 6.1% YoY, mainly due
to the 0.4% increase in total passenger traffic (including transit
and general aviation passengers) and reported increases across all
categories, except car rentals, as shown on Table 8.
Commercial Revenues per Passenger for 3Q19 increased
5.7% YoY to Ps.114.3 from Ps.108.1 in 3Q18.
ASUR classifies commercial revenues as those derived from the
following activities: duty-free stores, car rentals, retail
operations, banking and currency exchange services, advertising,
teleservices, non-permanent ground transportation, food and
beverage operations, and parking lot fees.
As shown in Table 9, during the last 12 months, ASUR opened 7
new commercial spaces at Cancun Airport, and one commercial space
at its other eight Mexican airports. More details of these openings
can be found on page 20 of this report.
Table 8: Mexico
Commercial Revenue Performance
|
|
|
Table 9: Mexico
Summary Retail and Other Commercial Spaces
Opened since September 30, 2018.
|
Business
Line
|
YoY
Chg
|
|
Type of Commercial
Space 1
|
#
Of
Spaces
Opened
|
3Q19
|
9M19
|
|
Teleservices
|
16.5%
|
11.4%
|
|
Cancun
|
7
|
Advertising
Revenues
|
10.0%
|
20.2%
|
|
Retail
Operations
|
5
|
Ground
Transportation
|
9.5%
|
14.5%
|
|
Other
Revenue
|
2
|
Food and Beverage
Operations
|
8.6%
|
9.8%
|
|
8 Others
Airport
|
1
|
Duty Free
|
8.4%
|
5.0%
|
|
Car Rental
Revenues
|
1
|
Other
Revenue
|
5.9%
|
9.3%
|
|
Mexico
|
8
|
Retail
Operations
|
5.1%
|
5.5%
|
|
1 Only
includes new stores opened during the period and excludes
remodelings or contract renewals.
|
Parking Lot
Fees
|
3.1%
|
7.1%
|
|
Banking and Currency
Exchange Services
|
2.7%
|
(3.5%)
|
|
Car Rental
Revenues
|
(1.7%)
|
5.5%
|
|
|
|
Total Commercial
Revenues
|
6.1%
|
6.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico Operating Costs and Expenses
Table 10: Mexico
Operating Costs & Expenses
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Cost of
Services
|
483,261
|
491,336
|
1.7
|
|
1,328,522
|
1,419,733
|
6.9
|
Administrative
|
56,436
|
64,333
|
14.0
|
|
173,738
|
185,212
|
6.6
|
Technical
Assistance
|
92,038
|
96,883
|
5.3
|
|
289,607
|
307,911
|
6.3
|
Concession
Fees
|
113,389
|
118,119
|
4.2
|
|
344,895
|
367,034
|
6.4
|
Depreciation and
Amortization
|
169,226
|
172,228
|
1.8
|
|
506,298
|
515,234
|
1.8
|
Operating Costs
and Expenses Excluding Construction Costs
|
914,350
|
942,899
|
3.1
|
|
2,643,060
|
2,795,124
|
5.8
|
Construction
Costs
|
92,327
|
137,232
|
48.6
|
|
125,195
|
191,234
|
52.7
|
Total Operating
Costs & Expenses
|
1,006,677
|
1,080,131
|
7.3
|
|
2,768,255
|
2,986,358
|
7.9
|
Total Mexico Operating Costs and Expenses for 3Q19
increased 7.3% YoY. This includes construction costs, which rose
48.6%, reflecting higher levels of capital improvements made to
concessioned assets during the period. Excluding construction
costs, operating costs and expenses increased 3.1% to Ps.942.9
million.
Cost of Services rose 1.7% YoY, mainly due to higher
legal fees, partially offset by a decline in maintenance and energy
expenses.
Administrative expenses increased by 14.0% YoY,
principally as a result of higher salaries and professional
fees.
The 5.3% increase in the Technical Assistance fee paid to
ITA reflects EBITDA growth in Mexico, excluding extraordinary items in the
quarter, a factor in the calculation of the fee.
Concession Fees, which include fees paid to the
Mexican government, rose 4.2%, mainly due to an increase in
regulated revenues, a factor in the calculation of the fee.
Depreciation and Amortization increased 1.8% YoY,
reflecting higher investments to-date.
Mexico Consolidated Comprehensive Financing Gain
(Loss)
Table 11: Mexico
Comprehensive Financing Gain (Loss)
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Interest
Income
|
70,836
|
78,385
|
10.7
|
|
251,529
|
264,400
|
5.1
|
Interest
Expense
|
(114,677)
|
(101,770)
|
(11.3)
|
|
(351,684)
|
(309,136)
|
12.1
|
Foreign Exchange Gain
(Loss), Net
|
(39,479)
|
70,735
|
n/a
|
|
32,906
|
60,725
|
84.5
|
Total
|
(83,320)
|
47,350
|
n/a
|
|
(67,249)
|
15,989
|
n/a
|
ASUR's Mexico operations
reported a Ps.47.4 million Comprehensive Financing Gain,
compared to an Ps.83.3 million loss in 3Q18. Mexican operations
reported a foreign exchange gain of Ps.70.7 million in the quarter,
resulting from the 1.14% quarterly average Mexican peso
depreciation against the U.S. dollar on a lower foreign currency
net asset position, compared with a Ps.39.5 million foreign
exchange loss in 3Q18, resulting from the 3.8% quarterly average
Mexican peso appreciation during that period and a higher foreign
currency net asset position.
In addition, interest expense declined 11.3% YoY to Ps.101.8
million as the Company paid down debt between June and November 2018. Furthermore, interest income
increased 10.7%, reflecting a higher cash balance.
Mexico Operating Profit and EBITDA
|
|
|
|
Table 12: Mexico
Operating Profit & EBITDA
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
|
2018
|
2019
|
|
2018
|
2019
|
|
Total
Revenue
|
2,585,641
|
2,745,561
|
6.2
|
|
7,762,541
|
8,315,658
|
7.1
|
|
Total Revenues
Excluding Construction Revenues
|
2,493,314
|
2,608,329
|
4.6
|
|
7,637,346
|
8,124,424
|
6.4
|
|
Operating
Profit
|
1,578,964
|
1,665,430
|
5.5
|
|
4,994,286
|
5,329,300
|
6.7
|
|
Operating
Margin
|
61.1%
|
60.7%
|
(41 bps)
|
|
64.3%
|
64.1%
|
(25 bps)
|
|
Adjusted Operating
Margin 1
|
63.3%
|
63.9%
|
52 bps
|
|
65.4%
|
65.6%
|
20 bps
|
|
Net Profit
2
|
1,072,267
|
1,206,695
|
12.5
|
|
3,525,768
|
3,767,755
|
6.9
|
|
EBITDA
|
1,748,064
|
1,837,658
|
5.1
|
|
5,500,592
|
5,844,534
|
6.3
|
|
EBITDA
Margin
|
67.6%
|
66.9%
|
(67 bps)
|
|
70.9%
|
70.3%
|
(58 bps)
|
|
Adjusted EBITDA
Margin 3
|
70.1%
|
70.5%
|
34 bps
|
|
72.0%
|
71.9%
|
(8 bps)
|
|
|
|
|
|
|
|
|
|
1
Adjusted Operating Margin excludes the effect of IFRIC 12
with respect to the construction or improvements to concessioned
assets and is equal to operating profit divided by total revenues
less construction services revenues. |
|
2 Net
Income for 3Q19 and 3Q18 include gains of Ps.64.3 million and
Ps.48.8 million, respectively, rom the participation in the results
of Aerostar in Puerto Rico. Airplan in Colombia contributed with
gains of Ps.118.1 million and Ps.97.6 million in 3Q19 and 3Q18,
respectively.
|
|
3 Adjusted EBITDA Margin excludes the
effect of IFRIC 12 with respect to the construction or improvements
to concessioned assets and is calculated by dividing EBITDA by
total revenues less construction services revenues.
|
|
Mexico reported an Operating
Profit of Ps.1,665.4 million in 3Q19, resulting in an Operating
Margin of 60.7% compared with 61.1% in 3Q18 mainly as a result of a
YoY increase in construction works in 3Q19.
Adjusted Operating Margin in 3Q19, which excludes the
effect of IFRIC 12 with respect to the construction or improvements
to concessioned assets and is calculated as operating profit
divided by total revenues excluding construction services revenues,
was 63.9%, compared to 63.3% in 3Q18 reflecting higher cost
dilution.
EBITDA increased 5.1% to Ps.1,837.7 million from
Ps.1,748.1 million in 2Q18, resulting in an EBITDA Margin of 66.9%
in 3Q19, compared with 67.6% in 3Q18.
During 3Q19, ASUR's operations in Mexico recognized Ps.137.2 million in
"Construction Revenues," a year-on-year increase of 48.6%, due to
higher capital expenditures and investments in concessioned assets.
Adjusted EBITDA Margin, which excludes the effect of
IFRIC 12 with respect to the construction of/or improvements to
concessioned assets, increased 34 bps to 70.5%.
Mexico Tariff Regulation
The Mexican Ministry of Communications and Transportation
regulates the majority of ASUR's activities by setting maximum
rates, which represent the maximum possible revenues allowed per
traffic unit at each airport.
ASUR's accumulated regulated revenues at its Mexican operations
as of September 30, 2019 totaled
Ps.4,988.9 million, with an average tariff per workload unit of
Ps.189.9 (December 2018 pesos),
accounting for approximately 60.8% of total Mexico income (excluding construction income)
for the period.
The Mexican Ministry of Communications and Transportation
reviews compliance with maximum rate regulations at the close of
each year.
Mexico Capital Expenditures
During 3Q19, ASUR's operations in Mexico made capital investments of Ps.339.4
million in connection with the Company's plan to modernize its
Mexican airports pursuant to its master development plans. This
compares with capex of Ps.102.8 million in 3Q18. Accumulated capex
for 9M19 amounted to Ps.542.3 million, compared to Ps.329.7 million
in 9M18.
Review of Puerto Rico Operations
As of September 30, 2019, the
valuation of ASUR's investment in Aerostar in accordance with IFRS
3 "Business Combinations" resulted in the following effects on the
balance sheet: i) the recognition of a net intangible asset of
Ps.6,013.5 million, ii) goodwill of Ps.887.2 (net of an impairment
of Ps.4,719.1 million), iii) deferred taxes of Ps.601.4 million,
and iv) a minority interest of Ps.5,366.2 million within
stockholders' equity.
Table 13: Puerto
Rico Revenues & Commercial Revenues Per
Passenger
|
|
|
|
|
|
In thousands of
Mexican pesos
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg
|
|
Nine -
Months
|
%
Chg
|
|
|
2018
|
2019
|
|
2018
|
2019
|
|
Total Passenger
(in thousands)
|
2,227
|
2,354
|
5.7
|
|
6,363
|
7,072
|
11.2
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
692,466
|
808,251
|
16.7
|
|
2,166,832
|
2,444,942
|
12.8
|
|
Aeronautical
Services
|
433,814
|
460,754
|
6.2
|
|
1,297,806
|
1,376,422
|
6.1
|
|
Non-Aeronautical
Services
|
242,769
|
294,383
|
21.3
|
|
716,170
|
848,199
|
18.4
|
|
Construction
Revenues
|
15,883
|
53,114
|
234.4
|
|
152,856
|
220,321
|
44.1
|
|
Total Revenues
Excluding Construction Revenues
|
676,583
|
755,137
|
11.6
|
|
2,013,976
|
2,224,621
|
10.5
|
|
|
|
|
|
|
|
|
|
|
Total Commercial
Revenues
|
240,567
|
292,373
|
21.5
|
|
708,901
|
840,516
|
18.6
|
|
Commercial Revenues
from Direct Operations
|
50,183
|
60,012
|
19.6
|
|
146,523
|
180,204
|
23.0
|
|
Commercial Revenues
Excluding Direct Operations
|
190,384
|
232,361
|
22.0
|
|
562,378
|
660,312
|
17.4
|
|
|
|
|
|
|
|
|
|
|
Total Commercial
Revenues per Passenger
|
108.0
|
124.2
|
14.9
|
|
111.4
|
118.9
|
6.7
|
|
Commercial Revenues
from Direct Operations per Passenger 1
|
22.5
|
25.5
|
13.1
|
|
23.0
|
25.5
|
10.6
|
|
Commercial Revenues
Excl. Direct Operations per Passenger
|
85.5
|
98.7
|
15.4
|
|
88.4
|
93.4
|
5.6
|
|
Figures in pesos at
the average exchange rate Ps.19.8584= US$1.00
|
|
|
|
|
|
|
|
1 Represents ASUR´s operations in
convenience stores in Puerto Rico.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Revenues
Total Puerto Rico Revenues for 3Q19 increased 16.7% YoY
to Ps.808.2 million, mainly due to the following increases:
- 6.2% in revenues from aeronautical services reflecting the 5.7%
increase in passenger traffic;
- 21.3% in revenues from non-aeronautical services, principally
reflecting the 21.5% increase in commercial revenues; and
- 234.4% in construction services revenues reflecting higher
capital investments in 3Q19
Commercial Revenues per Passenger increased to
Ps.124.2 from Ps.108.0 in 3Q18.
Thirteen commercial spaces were opened at LMM Airport over the
last 12 months, as shown in Table 15. More details of these
openings can be found on page 20 of this report.
ASUR classifies commercial revenues as those derived from the
following activities: duty-free stores, car rentals, retail
operations, advertising, non-permanent ground transportation, food
and beverage operations, and parking lot fees.
Table 14: Puerto
Rico Commercial Revenue Performance
|
|
Table 15: Puerto
Rico Summary Retail and Other
Commercial Space Opened since September 30, 2018
|
Business
Line
|
YoY
Chg
|
|
Type of Commercial
Space 1
|
# of
Spaces
Opened
|
3Q19
|
9M19
|
|
Advertising
Revenues
|
200.0%
|
140.5%
|
|
Retail
Operations
|
6
|
Car Rental
Revenues
|
42.7%
|
23.9%
|
|
Food and Beverage
Operations
|
3
|
Retail
Operations
|
21.8%
|
24.6%
|
|
Car Rental
Revenues
|
1
|
Ground
Transportation
|
17.9%
|
129.1%
|
|
Other
Revenue
|
1
|
Food and Beverage
Operations
|
10.0%
|
14.6%
|
|
Duty Free
|
1
|
Duty Free
|
4.0%
|
4.0%
|
|
Advertising
Revenues
|
1
|
Parking Lot
Fees
|
(1.8%)
|
(2.3%)
|
|
Total Commercial
Spaces
|
13
|
Other
Revenue
|
(19.7%)
|
(4.8%)
|
|
|
|
Total Commercial
Revenues
|
21.5%
|
18.6%
|
|
1 Only includes new stores opened
during the period and
excludes remodelings or contract renewals.
|
Puerto Rico Operating Costs and Expenses
Table 16: Puerto
Rico Operating Costs & Expenses
|
|
|
|
|
|
|
|
In thousands of
Mexican pesos
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg
|
|
Nine -
Months
|
%
Chg
|
|
2018
|
2019
|
|
2018
|
2019
|
Cost of
Services
|
313,962
|
350,902
|
11.8
|
|
966,316
|
994,186
|
2.9
|
Concession
Fees
|
32,028
|
36,313
|
13.4
|
|
96,459
|
106,302
|
10.2
|
Depreciation and
Amortization
|
150,253
|
170,664
|
13.6
|
|
462,327
|
497,937
|
7.7
|
Operating Costs
and Expenses Excluding Construction Costs
|
496,243
|
557,879
|
12.4
|
|
1,525,102
|
1,598,425
|
4.8
|
Construction
Costs
|
15,883
|
53,114
|
234.4
|
|
152,856
|
220,321
|
44.1
|
Total Operating
Costs & Expenses
|
512,126
|
610,993
|
19.3
|
|
1,677,958
|
1,818,746
|
8.4
|
Figures in pesos at
the average exchange rate Ps.19.8584= US$1.00
|
Total Operating Costs and Expenses at LMM Airport in
3Q19, increased 19.3% YoY to Ps.611.0 million. During 3Q19,
Aerostar reported construction costs of Ps.53.1 million, reflecting
capital investments in concessioned assets. Excluding construction
costs, operating costs and expenses increased 12.4% to Ps.557.9
million.
Cost of Services increased 11.8% YoY, or by Ps.36.9
million mainly reflecting higher payroll and professional fees.
Concession Fees paid to the Puerto Rican government
increased YoY by Ps.4.3 million, to Ps.36.3 million from Ps.32.0
million in 3Q18. In line with the concession agreement, starting in
2018, the concession fee is based on revenues and impacts
results.
Depreciation and Amortization increased YoY by
13.6%, or Ps.20.4 million, principally reflecting higher
investments in 2018.
Puerto Rico Comprehensive Financing Gain (Loss)
Table
17: Puerto Rico Comprehensive Financing Gain (Loss)
In thousands of
Mexican pesos
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Interest
Income
|
3,809
|
4,801
|
26.0
|
|
4,786
|
11,787
|
146.3
|
Interest
Expense
|
(127,533)
|
(128,351)
|
(0.6)
|
|
(381,086)
|
(380,921)
|
0.0
|
Total
|
(123,724)
|
(123,550)
|
0.1
|
|
(376,300)
|
(369,134)
|
1.9
|
Figures in
pesos at the average exchange rate Ps.19.8584= US$1.00
|
During 3Q19, LMM Airport reported a Ps.123.6 million
Comprehensive Financing Loss, compared with a Ps.123.7
million loss in 3Q18, mainly reflecting interest rate movements and
the impact from the valuation to present value of future
obligations under IFRIC 12 and NIC 37.
On February 22, 2013, and as part
of the financing of the concession agreement, Aerostar entered into
a subordinated term loan with Cancun Airport in the amount of
US$100 million at an annual interest
rate of LIBOR plus 2.10%, payable each July
1 and January 1, and with no
fixed maturity date. As of September 30,
2019, the remaining balance was US$47.0 million.
On March 22, 2013, Aerostar
carried out a private bond placement for a total of US$350 million to finance a portion of the
Concession Agreement payment to the Puerto Rican Ports Authority
and certain other costs and expenditures associated with it.
On June 24, 2015, Aerostar carried
out a private bond placement for a total of US$50 million. In December
2015, Aerostar also contracted a line of revolving credit,
which, as of September 30, 2019, had
not been utilized.
All long-term debt is collateralized by Aerostar's total
assets.
Puerto Rico Operating Profit and EBITDA
Table 18: Puerto
Rico Operating Profit & EBITDA
In thousands of
Mexican pesos
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Total
Revenue
|
692,466
|
808,251
|
16.7
|
|
2,166,832
|
2,444,942
|
12.8
|
Total Revenues
Excluding Construction Revenues
|
676,583
|
755,137
|
11.6
|
|
2,013,976
|
2,224,621
|
10.5
|
Other
Income
|
|
|
|
|
|
204,074
|
n/a
|
Operating
Profit
|
180,340
|
197,258
|
9.4
|
|
488,874
|
830,270
|
69.8
|
Operating
Margin
|
26.0%
|
24.4%
|
(164 bps)
|
|
22.6%
|
34.0%
|
1140 bps
|
Adjusted Operating
Margin 1
|
26.7%
|
26.1%
|
(53 bps)
|
|
24.3%
|
37.3%
|
1305 bps
|
Net Profit
|
46,301
|
64,509
|
39.3
|
|
87,344
|
433,177
|
395.9
|
EBITDA
|
329,682
|
367,921
|
11.6
|
|
981,305
|
1,329,939
|
35.5
|
EBITDA
Margin
|
47.6%
|
45.5%
|
(209 bps)
|
|
45.3%
|
54.4%
|
911 bps
|
Adjusted EBITDA
Margin 2
|
48.7%
|
48.7%
|
(1 bps)
|
|
48.7%
|
59.8%
|
1106 bps
|
Figures in pesos at
the average exchange rate Ps.19.8584= US$1.00
|
|
|
|
|
|
|
|
1 Adjusted
Operating Margin excludes the effect of IFRIC 12 with respect to
the construction or improvements to concessioned assets, and is
equal to operating profit divided by total revenues less
construction services revenues.
|
|
2 Adjusted
EBITDA Margin excludes the effect of IFRIC 12 with respect to the
construction or improvements to concessioned assets, and is
calculated by dividing EBITDA by total revenues less construction
services revenues.
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit at Puerto Rico in 3Q19 increased to
Ps.197.3 million, with Operating Margin
of 24.4% in 3Q19 compared with 26.0% in 3Q18.
EBITDA increased 11.6% to Ps.367.9 million from
Ps.329.7 million in 3Q18. EBITDA Margin contracted to 45.5%
from 47.6% in 3Q18, while the adjusted EBITDA Margin, excluding
IFRIC 12, remained unchanged YoY at 48.7%.
Puerto Rico Capital Expenditures
During 3Q19, Aerostar invested Ps.59.4 million to modernize LMM
Airport, compared with investments of Ps.245.6 million in 3Q18.
Accumulated capex for 9M19 ammounted to Ps.238.4 million compared
with Ps.645.9 million invested in 9M18.
Puerto Rico Tariff Regulation
The Airport Use Agreement signed by Aerostar, the airlines
serving LMM Airport, and the Puerto Rico Ports Authority governs
the relationship between Aerostar and the principal airlines
serving LMM Airport. The agreement entitles Aerostar to an annual
contribution from the airlines of US$62
million during the first five years of the term. From year
six onwards, the total annual contribution for the prior year
increases in accordance with an adjusted consumer price index
factor based on the U.S. non-core consumer price index. The annual
fee is divided between the airlines that operate at LMM Airport in
accordance with the regulations and structure defined under the
Airport Use Agreement to establish the contribution of each airline
for each particular year.
Review of Colombia Operations
The following discussion compares Airplan's independent results
for the three- and nine-month periods ended September 30, 2018 and 2019.
The valuation of ASUR's investment in Airplan in accordance with
IFRS 3 "Business Combinations" resulted in the following effects on
the balance sheet as of September 30,
2019: i) the recognition of a net intangible asset of
Ps.1,337.0 million, ii) goodwill of Ps.1,504.9, iii) deferred taxes
of Ps.212.0 million, and iv) Ps.630.4 million from the recognition
of bank loans at fair value.
Table 19: Airplan,
Colombia Revenues & Commercial Revenues Per
Passenger
|
|
|
|
|
In thousands of
Mexican pesos
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Total Passenger
(in thousands)
|
2,872
|
3,247
|
13.1
|
|
7,849
|
8,983
|
14.5
|
|
|
|
|
|
|
|
|
Total
Revenues
|
403,940
|
552,454
|
36.8
|
|
1,556,638
|
1,516,395
|
(2.6)
|
Aeronautical
Services
|
321,357
|
367,786
|
14.4
|
|
934,194
|
1,039,989
|
11.3
|
Non-Aeronautical
Services
|
100,476
|
137,784
|
37.1
|
|
289,910
|
370,151
|
27.7
|
Construction Revenues
1
|
(17,893)
|
46,884
|
n/a
|
|
332,534
|
106,255
|
(68.0)
|
Total Revenues
Excluding Construction Revenues
|
421,833
|
505,570
|
19.9
|
|
1,224,104
|
1,410,140
|
15.2
|
Total Commercial
Revenues
|
100,467
|
137,004
|
36.4
|
|
288,494
|
365,822
|
26.8
|
Total Commercial
Revenues per Passenger
|
35.0
|
42.2
|
20.6
|
|
36.8
|
40.7
|
10.8
|
Figures in pesos at
an average exchange rate of COP172.0571 = Ps.1.00
|
|
Note: For purpose of
this table, approximately 71.4 and 54.9 thousand transit and
general aviation passengers are included in 3Q18 and 3Q19, and
167.6 and 175.9 thousand transit and general aviation passengers
are included in 9M18 and 9M19.
|
|
1 Construction revenues for Airplan
in 3Q18 include the actual construction revenues which is equal to
the construction cost of Ps.63.1 million and an estimate to the
downside of income derived from the valuation of the intangible to
present value (construction income) of Ps.80.9 million, according
to IFRIC 12. Construction revenues for Airplan 3Q19 are equal to
the construction cost of Ps.46.9 million.
|
Colombia Revenues
Total Colombia Revenues for 3Q19 increased 36.8% YoY to
Ps.552.5 million. Excluding construction services revenues,
revenues rose 19.9% mainly reflecting the following increases:
- 14.4% in revenues from aeronautical services; and
- 37.1% in revenues from non-aeronautical services, mainly due to
the 36.4% increase in commercial revenues.
Commercial Revenues per Passenger increased 20.6%
year-on-year to Ps.42.2 from Ps.35.0 in 3Q18.
As shown in Table 21, during the last twelve months, 20 new
commercial spaces were opened in Colombia. More details of these openings can
be found on page 20 of this report.
ASUR classifies commercial revenues as those derived from the
following activities: duty-free stores, car rentals, retail
operations, advertising, non-permanent ground transportation, food
and beverage operations, and parking lot fees.
Table 20: Colombia
Commercial Revenue
Performance
|
|
|
|
Table 21: Colombia
Summary Retail and Other
Commercial Space Opened since September 30, 2018
|
|
Business
Line
|
YoY
Chg
|
|
Type of Commercial
Space 1
|
# of
Spaces
Opened
|
|
3Q19
|
9M19
|
|
|
Ground
Transportation
|
161.9%
|
45.4%
|
|
Retail
Operations
|
8
|
|
Car Rental
Revenues
|
160.4%
|
116.4%
|
|
Other
Revenue
|
11
|
|
Retail
Operations
|
116.5%
|
81.4%
|
|
Banking and Currency
Exchange Services
|
1
|
|
Parking Lot
Fees
|
79.0%
|
58.1%
|
|
Total Commercial
Spaces
|
20
|
|
Food and Beverage
Operations
|
43.2%
|
40.4%
|
|
|
|
|
Other
Revenue
|
11.2%
|
7.6%
|
|
1 Only includes new stores opened
during the period and
excludes remodelings or contract renewals.
|
|
|
Teleservices
|
1.8%
|
4.7%
|
|
|
Duty Free
|
100.0%
|
100.0%
|
|
|
|
|
Banking and Currency
Exchange Services
|
(0.0%)
|
(0.8%)
|
|
|
|
Advertising
Revenues
|
(9.5%)
|
(4.6%)
|
|
|
Total Commercial
Revenues
|
36.4%
|
26.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 22: Airplan,
Colombia Operating Costs and Expenses
|
|
|
|
|
|
|
|
In thousands of
Mexican pesos
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Cost of
Services
|
139,774
|
137,907
|
(1.3)
|
|
374,681
|
427,469
|
14.1
|
Technical
Assistance
|
1,598
|
1,559
|
(2.4)
|
|
5,419
|
4,407
|
(18.7)
|
Concession
Fees
|
79,887
|
96,081
|
20.3
|
|
232,070
|
269,176
|
16.0
|
Depreciation and
Amortization
|
222,375
|
106,101
|
(52.3)
|
|
546,561
|
377,347
|
(31.0)
|
Operating Costs
and Expenses Excluding Construction Costs
|
443,634
|
341,648
|
(23.0)
|
|
1,158,731
|
1,078,399
|
(6.9)
|
Construction
Costs
|
63,075
|
46,884
|
(25.7)
|
|
229,794
|
106,255
|
(53.8)
|
Total Operating
Costs & Expenses
|
506,709
|
388,532
|
(23.3)
|
|
1,388,525
|
1,184,654
|
(14.7)
|
|
Note: Figures in
pesos at an average exchange rate of COP172.0571
= Ps.1.00
|
Total Operating Costs and Expenses in
Colombia declined 23.3% YoY in 3Q19 to Ps.388.5
million. Excluding construction costs, operating costs and expenses
declined 23.0% to Ps.341.6 million.
Cost of Services declined 1.3% YoY, or Ps.1.9
million, mainly reflecting higher legal fees in 3Q18 partially
offset by an increase in the maintenance provision for future
replacement of assets in 3Q19, in line with IFRIC 12.
Construction Costs declined 25.7% YoY to Ps.46.9
million, reflecting lower investments in complementary works to
concessioned assets during the period.
Concession Fees, which include fees paid
to the Colombian government, increased 20.3% YoY, mainly reflecting
higher regulated and non-regulated revenues during the period.
Depreciation and Amortization declined by 52.3%, or
Ps.116.2 million, principally reflecting a change in amortization
methodology, which starting January
2019 is on a straight-line basis instead of the percentage
of completion method which implied variations in the accumulated
amortization rate of the concession.
Colombia Comprehensive Financing Gain (Loss)
Table 23: Airplan,
Colombia, Comprehensive Financing Gain (Loss)
In thousands of
Mexican pesos
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Interest
Income
|
1,760
|
5,711
|
224.5
|
|
4,542
|
44,482
|
879.3
|
Interest
Expense
|
(74,978)
|
(64,958)
|
13.4
|
|
(233,938)
|
(195,893)
|
16.3
|
Foreign Exchange Gain
(Loss), Net
|
(13)
|
(347)
|
(2,569.2)
|
|
189
|
(145)
|
n/a
|
Total
|
(73,231)
|
(59,594)
|
18.6
|
|
(229,207)
|
(151,556)
|
(33.9)
|
Figures in
pesos at an average exchange rate of COP172.0571
= Ps.1.00
|
|
|
|
During 3Q19, Airplan reported a Ps.59.6 million Comprehensive
Financing Loss, compared with a Ps.73.2 million loss in 3Q18,
mainly reflecting lower interest expenses in 3Q19 resulting from
debt payments in 3Q18 and 4Q18.
On June 1, 2015, Airplan entered
into 12-Year Syndicated Loan Facility with eight banks with a
3-year grace period, with a net balance of Ps.2,972.9 million.
Airplan made a Ps.44.3 million capital payment during the
quarter.
Colombia Operating Profit and EBITDA
Table 24:
Airplan, Colombia Profit & EBITDA
In thousands of
Mexican pesos
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Total
Revenue
|
403,940
|
552,454
|
36.8
|
|
1,556,638
|
1,516,395
|
(2.6)
|
Total Revenues
Excluding Construction Revenues
|
421,833
|
505,570
|
19.9
|
|
1,224,104
|
1,410,140
|
15.2
|
Operating
Profit
|
(102,769)
|
163,922
|
n/a
|
|
168,113
|
331,741
|
97.3
|
Operating
Margin
|
(25.4%)
|
29.7%
|
5511 bps
|
|
10.8%
|
21.9%
|
1108 bps
|
Adjusted Operating
Margin 1
|
(24.4%)
|
32.4%
|
5679 bps
|
|
13.7%
|
23.5%
|
979 bps
|
Net Profit
|
(111,993)
|
69,228
|
n/a
|
|
(41,051)
|
182,156
|
n/a
|
EBITDA
|
200,574
|
270,024
|
34.6
|
|
611,934
|
709,088
|
15.9
|
EBITDA
Margin
|
49.7%
|
48.9%
|
(78 bps)
|
|
39.3%
|
46.8%
|
745 bps
|
Adjusted EBITDA
Margin 2
|
47.5%
|
53.4%
|
586 bps
|
|
50.0%
|
50.3%
|
29 bps
|
|
|
|
|
|
Figures in pesos at
an average exchange rate of COP172.0571 = Ps.1.00
|
|
|
|
|
|
|
|
|
|
1 Adjusted
Operating Margin excludes the effect of IFRIC 12 with respect to
the construction or improvements to concessioned assets, and is
equal to operating profit divided by total revenues less
construction services revenues.
|
|
|
|
2 Adjusted
EBITDA Margin excludes the effect of IFRIC 12 with respect to the
construction or improvements to concessioned assets, and is
calculated by dividing EBITDA by total revenues less construction
services revenues.
|
|
|
|
|
|
|
|
Airplan reported an Operating Gain of Ps.163.9 million in
3Q19, compared with an operating loss of Ps.102.8 million in 3Q18.
Operating Margin expanded to 29.7% in 3Q19 from negative
25.4% in 3Q18. Adjusted Operating Margin, which excludes the impact
of IFRIC 12 with respect to construction or improvements to
concessioned assets, increased to 32.4% in 3Q19 from negative 24.4%
in 3Q18, reflecting a 36.8% increase in revenues along with a 23.3%
decline in costs.
During 3Q19 EBITDA increased 34.6% to Ps.270.0
million from Ps.200.6 million in 3Q18, mainly reflecting a Ps.148.5
million increase in revenues while expenses declined Ps.118.2
million during the period.
EBITDA Margin declined to 48.9% in 3Q19, from 49.7% in
3Q18. Adjusted EBITDA Margin, which excludes the impact of IFRIC 12
with respect to construction or improvements to concessioned
assets, increased to 53.4% in 3Q19, from 47.5% in 3Q18.
Colombia Capital Expenditures
During 3Q19, Airplan made capital expenditures of Ps.46.9
million compared with Ps.14.9 million in 3Q18. Accumulated capex
for 9M19 ammounted to Ps.106.2 million, compared with Ps.394.2
million in 9M18.
Colombia Tariff Regulation
Functions of the Special Administrative Unit of Civil
Aeronautics include establishing and collecting fees, tariffs, and
rights for the provision of aeronautical and airport services or
those that are generated by the concessions, authorizations,
licenses, or any other type of income or property. As a result,
Resolution 04530, issued on September 21,
2007, establishes the tariffs for the rights and the rates
conceded to the concessionaire of the following airports: José
María Córdova of Rionegro, Enrique Olaya
Herrera of Medellín, Los Garzones of Montería, El Caraño of
Quibdó, Antonio Roldán Betancourt of Carepa, and Las Brujas of
Corozal. This resolution also established the methodology to update
and the mechanisms to collect such fees, tariffs, and rights.
Airplan's regulated revenues for 3Q19 amounted to Ps.367.8
million.
Definitions
Concession Services Agreements (IFRIC 12 interpretation).
In Mexico and Puerto
Rico, ASUR is required by IFRIC 12 to include in its
income statement an income line, "Construction Revenues,"
reflecting the revenue from construction or improvements to
concessioned assets made during the relevant period. The same
amount is recognized under the expense line "Construction Costs"
because ASUR hires third parties to provide construction services.
Because equal amounts of Construction Revenues and Construction
Costs have been included in ASUR's income statement as a result of
the application of IFRIC 12, the amount of Construction
Revenues does not have an impact on EBITDA, but it does have an
impact on EBITDA Margin. In Colombia, "Construction Revenues" include the
recognition of the revenue to which the concessionaire is entitled
for carrying out the infrastructure works in the development of the
concession, while "Construction Costs" represents the actual costs
incurred in the execution of such additions or improvements to the
concessioned assets.
Majority Net Income reflects ASUR's equity interests
in each of its subsidiaries and therefore excludes the 40% interest
in Aerostar that is owned by other shareholders. Other than
Aerostar, ASUR owns (directly or indirectly) 100% of its
subsidiaries.
EBITDA means net income before provision for taxes,
deferred taxes, profit sharing, non-ordinary items, participation
in the results of associates, comprehensive financing cost, and
depreciation and amortization. EBITDA should not be considered as
an alternative to net income, as an indicator of our operating
performance or as an alternative to cash flow as an indicator of
liquidity. Our management believes that EBITDA provides a useful
measure that is widely used by investors and analysts to evaluate
our performance and compare it with other companies. EBITDA is not
defined under U.S. GAAP or IFRS and may be calculated differently
by different companies.
Adjusted EBITDA Margin is calculated by dividing
EBITDA by total revenues excluding construction services revenues
for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12
with respect to the construction or improvements to concessioned
assets. ASUR is required by IFRIC 12 to include in its income
statement an income line reflecting the revenue from construction
or improvements to concessioned assets made during the relevant
period. The same amount is recognized under the expense line
"Construction Costs" because ASUR hires third parties to provide
construction services. In Mexico
and Puerto Rico, because equal
amounts of Construction Revenues and Construction Costs have been
included in ASUR's income statement as a result of the application
of IFRIC 12, the amount of Construction Revenues does not have
an impact on EBITDA, but it does have an impact on EBITDA Margin,
as the increase in revenues that relates to Construction Revenues
does not result in a corresponding increase in EBITDA. In
Colombia, construction revenues do
have an impact on EBITDA, as construction revenues include a
reasonable margin over the actual cost of construction. Like
EBITDA Margin, Adjusted EBITDA Margin should not be considered
as an indicator of our operating performance or as an alternative
to cash flow as an indicator of liquidity and is not defined under
U.S. GAAP or IFRS and may be calculated differently by different
companies.
About ASUR
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a
leading international airport operator with a portfolio of
concessions to operate, maintain, and develop 16 airports in the
Americas. These comprise nine airports in southeast Mexico, including Cancun Airport, the most
important tourist destination in Mexico, the Caribbean, and Latin
America, and six airports in northern Colombia, including José María Córdova
International Airport (Rionegro), the second busiest airport in
Colombia. ASUR is also a 60% JV
partner in Aerostar Airport Holdings, LLC, operator of the Luis
Muñoz Marín International Airport serving the capital of
Puerto Rico, San Juan. San
Juan's Airport is the island's primary gateway for
international and mainland-US destinations and was the first and
currently the only major airport in the US to have successfully
completed a public–private partnership under the FAA Pilot Program.
Headquartered in Mexico, ASUR is
listed both on the Mexican Bolsa, where it trades under the symbol
ASUR, and on the NYSE in the U.S., where it trades under the symbol
ASR. One ADS represents ten (10) series B shares. For more
information, visit www.asur.com.mx
Analyst Coverage
In accordance with Mexican Stock Exchange Internal Rules Article
4.033.01, ASUR reports that the stock is covered by the following
broker-dealers: Actinver Casa de Bolsa, Banorte, Barclays, BBVA
Bancomer, BofA Merrill Lynch, BX+, Bradesco, BTG Pactual, Citi
Investment Research, Credit Suisse, Goldman Sachs, Grupo Bursatil
Mexicano, Grupo Financiero Interacciones, Grupo Financiero Monex,
HSBC, Intercam Casa de Bolsa, Insight Investment Research, Itau BBA
Securities, INVEX, JP Morgan, Morgan Stanley, Morningstar, Nau
Securities, Punto Casa de Bolsa, Santander Investment, Scotia
Capital, UBS Casa de Bolsa and Vector.
Please note that any opinions, estimates or forecasts regarding
the performance of ASUR issued by these analysts reflect their own
views, and therefore do not represent the opinions, estimates or
forecasts of ASUR or its management. Although ASUR may refer to or
distribute such statements, this does not imply that ASUR agrees
with or endorses any information, conclusions or recommendations
included therein.
Some of the statements contained in this press release
discuss future expectations or state other forward-looking
information. Those statements are subject to risks identified in
this press release and in ASUR's filings with the SEC. Actual
developments could differ significantly from those contemplated in
these forward-looking statements. The forward-looking information
is based on various factors and was derived using numerous
assumptions. Our forward-looking statements speak only as of the
date they are made and, except as may be required by applicable
law, we do not have an obligation to update or revise them, whether
as a result of new information, future or otherwise.
- SELECTED OPERATING TABLES & FINANCIAL
STATEMENTS FOLLOW –
Passenger Traffic
Breakdown by Airport
|
|
|
|
|
|
|
|
|
|
Mexico Passenger
Traffic 1
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg
|
|
Nine -
Months
|
%
Chg
|
|
|
2018
|
2019
|
|
2018
|
2019
|
Domestic
Traffic
|
4,342,594
|
4,469,498
|
2.9
|
|
11,725,081
|
12,367,374
|
5.5
|
CUN
|
Cancun
|
2,493,382
|
2,484,484
|
(0.4)
|
|
6,525,887
|
6,703,534
|
2.7
|
CZM
|
Cozumel
|
50,933
|
49,573
|
(2.7)
|
|
123,926
|
147,802
|
19.3
|
HUX
|
Huatulco
|
184,182
|
206,173
|
11.9
|
|
512,051
|
575,881
|
12.5
|
MID
|
Merida
|
571,059
|
655,168
|
14.7
|
|
1,625,425
|
1,883,658
|
15.9
|
MTT
|
Minatitlan
|
50,126
|
34,696
|
(30.8)
|
|
144,693
|
105,315
|
(27.2)
|
OAX
|
Oaxaca
|
218,120
|
273,004
|
25.2
|
|
618,995
|
740,248
|
19.6
|
TAP
|
Tapachula
|
80,991
|
88,949
|
9.8
|
|
226,050
|
269,869
|
19.4
|
VER
|
Veracruz
|
379,428
|
363,427
|
(4.2)
|
|
1,060,565
|
1,035,408
|
(2.4)
|
VSA
|
Villahermosa
|
314,373
|
314,024
|
(0.1)
|
|
887,489
|
905,659
|
2.0
|
International
Traffic
|
3,960,965
|
3,863,729
|
(2.5)
|
|
13,433,337
|
13,416,487
|
(0.1)
|
CUN
|
Cancun
|
3,757,924
|
3,675,731
|
(2.2)
|
|
12,663,402
|
12,671,074
|
0.1
|
CZM
|
Cozumel
|
87,049
|
57,406
|
(34.1)
|
|
328,763
|
286,592
|
(12.8)
|
HUX
|
Huatulco
|
6,491
|
6,591
|
1.5
|
|
108,559
|
107,659
|
(0.8)
|
MID
|
Mérida
|
53,348
|
50,592
|
(5.2)
|
|
167,846
|
157,264
|
(6.3)
|
MTT
|
Minatitlan
|
2,176
|
2,262
|
4.0
|
|
5,533
|
5,987
|
8.2
|
OAX
|
Oaxaca
|
25,681
|
40,992
|
59.6
|
|
73,221
|
109,149
|
49.1
|
TAP
|
Tapachula
|
3,801
|
3,925
|
3.3
|
|
12,096
|
10,295
|
(14.9)
|
VER
|
Veracruz
|
18,865
|
19,943
|
5.7
|
|
50,607
|
52,349
|
3.4
|
VSA
|
Villahermosa
|
5,630
|
6,287
|
11.7
|
|
23,310
|
16,118
|
(30.9)
|
Total Traffic
México
|
8,303,559
|
8,333,227
|
0.4
|
|
25,158,418
|
25,783,861
|
2.5
|
CUN
|
Cancun
|
6,251,306
|
6,160,215
|
(1.5)
|
|
19,189,289
|
19,374,608
|
1.0
|
CZM
|
Cozumel
|
137,982
|
106,979
|
(22.5)
|
|
452,689
|
434,394
|
(4.0)
|
HUX
|
Huatulco
|
190,673
|
212,764
|
11.6
|
|
620,610
|
683,540
|
10.1
|
MID
|
Merida
|
624,407
|
705,760
|
13.0
|
|
1,793,271
|
2,040,922
|
13.8
|
MTT
|
Minatitlan
|
52,302
|
36,958
|
(29.3)
|
|
150,226
|
111,302
|
(25.9)
|
OAX
|
Oaxaca
|
243,801
|
313,996
|
28.8
|
|
692,216
|
849,397
|
22.7
|
TAP
|
Tapachula
|
84,792
|
92,874
|
9.5
|
|
238,146
|
280,164
|
17.6
|
VER
|
Veracruz
|
398,293
|
383,370
|
(3.7)
|
|
1,111,172
|
1,087,757
|
(2.1)
|
VSA
|
Villahermosa
|
320,003
|
320,311
|
0.1
|
|
910,799
|
921,777
|
1.2
|
|
|
|
|
|
|
|
|
|
US Passenger
Traffic, San Juan Airport (LMM)
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg
|
|
Nine -
Months
|
%
Chg
|
|
|
2018
|
2019
|
|
2018
|
2019
|
SJU Total
1
|
2,226,595
|
2,354,372
|
5.7
|
|
6,362,573
|
7,072,180
|
11.2
|
Domestic
Traffic
|
|
1,957,414
|
2,098,971
|
7.2
|
|
5,672,204
|
6,315,138
|
11.3
|
International
Traffic
|
269,181
|
255,401
|
(5.1)
|
|
690,369
|
757,042
|
9.7
|
|
|
|
|
|
|
|
|
|
Colombia,
Passenger Traffic Airplan
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg
|
|
Nine -
Months
|
%
Chg
|
|
|
2018
|
2019
|
|
2018
|
2019
|
Domestic
Traffic
|
2,393,455
|
2,699,836
|
12.8
|
|
6,516,614
|
7,457,666
|
14.4
|
MDE
|
Medellín
(Rionegro)
|
1,700,850
|
1,964,307
|
15.5
|
|
4,586,746
|
5,409,532
|
17.9
|
EOH
|
Medellín
|
276,977
|
291,980
|
5.4
|
|
779,603
|
801,648
|
2.8
|
MTR
|
Montería
|
254,985
|
261,804
|
2.7
|
|
682,242
|
734,571
|
7.7
|
APO
|
Carepa
|
88,169
|
99,093
|
12.4
|
|
259,320
|
279,172
|
7.7
|
UIB
|
Quibdó
|
51,916
|
59,030
|
13.7
|
|
146,438
|
163,387
|
11.6
|
CZU
|
Corozal
|
20,558
|
23,622
|
14.9
|
|
62,265
|
69,356
|
11.4
|
International
Traffic
|
407,275
|
492,749
|
21.0
|
|
1,164,804
|
1,349,885
|
15.9
|
MDE
|
Medellín
(Rionegro)
|
407,275
|
492,749
|
21.0
|
|
1,164,804
|
1,349,885
|
15.9
|
EOH
|
Medellín
|
-
|
-
|
-
|
|
-
|
-
|
-
|
MTR
|
Montería
|
-
|
-
|
-
|
|
-
|
-
|
-
|
APO
|
Carepa
|
-
|
-
|
-
|
|
-
|
-
|
-
|
UIB
|
Quibdó
|
-
|
-
|
-
|
|
-
|
-
|
-
|
CZU
|
Corozal
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Total Traffic
Colombia
|
2,800,730
|
3,192,585
|
14.0
|
|
7,681,418
|
8,807,551
|
14.7
|
MDE
|
Medellín
(Rionegro)
|
2,108,125
|
2,457,056
|
16.6
|
|
5,751,550
|
6,759,417
|
17.5
|
EOH
|
Medellín
|
276,977
|
291,980
|
5.4
|
|
779,603
|
801,648
|
2.8
|
MTR
|
Montería
|
254,985
|
261,804
|
2.7
|
|
682,242
|
734,571
|
7.7
|
APO
|
Carepa
|
88,169
|
99,093
|
12.4
|
|
259,320
|
279,172
|
7.7
|
UIB
|
Quibdó
|
51,916
|
59,030
|
13.7
|
|
146,438
|
163,387
|
11.6
|
CZU
|
Corozal
|
20,558
|
23,622
|
14.9
|
|
62,265
|
69,356
|
11.4
|
|
|
|
|
|
|
|
|
|
1Passenger
figures for Mexico and Colombia exclude transit and general
aviation passengers, and SJU include transit passengers and general
aviation.
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Comercial
Spaces
|
|
|
|
ASUR Retail and
Other Commercial Space Opened since September 30,
20181
|
|
Business
Name
|
Type
|
Opening
Date
|
MEXICO
|
Cancun
|
Mini Market (Tienda
ODC)
|
Retail
|
March 2019
|
Todo a $10 usd
(Bisuteria)
|
Retail
|
March 2019
|
Business Lounge (T4)
Internacional
|
Other
Revenue
|
April 2019
|
Business Lounge (T4)
Nacional
|
Other
Revenue
|
April 2019
|
Sunglass
Hut
|
Retail
|
April 2019
|
Gold
Elements
|
Retail
|
May 2019
|
Bijoux
|
Retail
|
September
2019
|
Tapachula
|
|
|
Alquiladora de
Vehiculos Automotores
|
Car Rental
|
December
2018
|
SAN JUAN, PUERTO
RICO
|
|
|
Cabrera Car and Truck
Rental
|
Car Rental
|
October
2018
|
Sunny
Planet
|
Retail
|
December
2018
|
VIP Lounge
|
Other
Revenue
|
December
2018
|
Carl's Jr.
|
Food and
Beverage
|
January
2019
|
Invicta
|
Retail
|
May 2019
|
Invicta
|
Retail
|
May 2019
|
The
Destillery
|
Retail
|
June 2019
|
Metropol
|
Food and
Beverage
|
June 2019
|
Grab at the
Gate
|
Food and
Beverage
|
June 2019
|
Innovative
Media
|
Advertising
|
August
2019
|
Sunglasses
|
Duty Free
|
September
2019
|
Baggage
Storage
|
Retail
|
September
2019
|
Sunny
Planet
|
Retail
|
September
2019
|
COLOMBIA
|
|
|
Rionegro
|
|
|
SAPIA CI
SAS
|
Retail
|
December
2018
|
SAPIA CI
SAS
|
Retail
|
January
2019
|
AEROREPUBLICA
S.A.
|
Other
Revenue
|
April 2019
|
ABC AEROLINEAS SA DE
CV SUCURSAL COLOMBIA
|
Other
Revenue
|
May 2019
|
AIR EUROPA LINEAS
AEREAS SOCIEDAD ANONIMA
|
Other
Revenue
|
May 2019
|
Olaya
herrera
|
|
|
CENTRAL CHARTER DE
COLOMBIA
|
Other
Revenue
|
November
2018
|
ELKIN LEONCIO CASTAÑO
CIRO
|
Retail
|
December
2018
|
DEPARTAMENTO DE
ANTIOQUIA
|
Other
Revenue
|
April 2019
|
Monteria
|
|
|
SAPIA CI
SAS
|
Retail
|
December
2018
|
SAPIA CI
SAS
|
Retail
|
December
2018
|
DAVIVIENDA
S.A
|
Banking and Currency
Exchange Services
|
February
2019
|
Quibdo
|
|
|
SATENA
|
Other
Revenue
|
October
2018
|
MARCAPASOS
S.A.S
|
Other
Revenue
|
May 2019
|
RENTERIA PALACIO
EDWARD FRANCISCO
|
Food and
Beverage
|
May 2019
|
Corozal
|
|
|
FIGUEROA GOMEZ
WISTON
|
Food and
Beverage
|
September
2018
|
AEROVIAS DEL
CONTINENTE AMERICANO S.A. AVIANCA
|
Other
Revenue
|
October
2018
|
AEROVIAS DEL
CONTINENTE AMERICANO S.A. AVIANCA
|
Other
Revenue
|
October
2018
|
SECURITAS COLOMBIA
S.A.
|
Other
Revenue
|
October
2018
|
SERVICIOS
AEROPORTUARIOS INTEGRADOS - SAI LTDA
|
Other
Revenue
|
October
2018
|
Centro de
Servicios
|
CUEROS VELEZ
S.A.S
|
Retail
|
October
2018
|
COMPAÑIA
MANUFACTURERA MANISOL S A
|
Retail
|
February
2018
|
* Only includes new
stores opened during the period and excludes remodelings or
contract renewals.
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Operating Results
per Airport
|
Thousands of mexican
pesos
|
|
|
|
|
|
|
|
|
Item
|
3Q
2018
|
3Q 2018 Per
Workload Unit
|
3Q
2019
|
3Q 2019 Per
Workload Unit
|
|
YoY %
Chg.
|
Per Workload
Unit YoY %
Chg.
|
Mexico
|
|
|
|
|
|
|
|
Cancun
1
|
|
|
|
|
|
|
Aeronautical
Revenues
|
1,102,521
|
174.2
|
1,102,236
|
176.8
|
|
(0.0)
|
1.5
|
Non-Aeronautical
Revenues
|
911,544
|
144.0
|
966,568
|
155.0
|
|
6.0
|
7.6
|
Construction Services
Revenues
|
79,647
|
12.6
|
37,218
|
6.0
|
|
(53.3)
|
(52.4)
|
Total
Revenues
|
2,093,712
|
330.8
|
2,106,022
|
337.7
|
|
0.6
|
2.1
|
Operating
Profit
|
1,271,160
|
200.8
|
1,314,352
|
210.8
|
|
3.4
|
5.0
|
EBITDA
|
1,384,972
|
218.8
|
1,430,486
|
229.4
|
|
3.3
|
4.8
|
Merida
|
|
|
|
|
|
|
Aeronautical
Revenues
|
119,730
|
177.6
|
147,429
|
193.5
|
|
23.1
|
9.0
|
Non-Aeronautical
Revenues
|
30,357
|
45.0
|
34,064
|
44.7
|
|
12.2
|
(0.7)
|
Construction Services
Revenues
|
651
|
1.0
|
11,274
|
14.8
|
|
1,631.8
|
1,380.0
|
Other
2
|
23
|
-
|
23
|
-
|
|
-
|
n/a
|
Total
Revenues
|
150,761
|
223.7
|
192,790
|
253.0
|
|
27.9
|
13.1
|
Operating
Profit
|
74,543
|
110.6
|
97,535
|
128.0
|
|
30.8
|
15.7
|
EBITDA
|
86,576
|
128.5
|
109,625
|
143.9
|
|
26.6
|
12.0
|
Villahermosa
|
|
|
|
|
|
|
Aeronautical
Revenues
|
52,994
|
159.6
|
68,145
|
204.0
|
|
28.6
|
27.8
|
Non-Aeronautical
Revenues
|
15,931
|
48.0
|
15,050
|
45.1
|
|
(5.5)
|
(6.0)
|
Construction Services
Revenues
|
2,888
|
8.7
|
8,987
|
26.9
|
|
211.2
|
209.2
|
Other
2
|
26
|
0.1
|
25
|
0.1
|
|
(3.8)
|
-
|
Total
Revenues
|
71,839
|
216.4
|
92,207
|
276.1
|
|
28.4
|
27.6
|
Operating
Profit
|
32,273
|
97.2
|
43,373
|
129.9
|
|
34.4
|
33.6
|
EBITDA
|
39,824
|
120.0
|
51,032
|
152.8
|
|
28.1
|
27.3
|
Other Airports
3
|
|
|
|
|
|
|
Aeronautical
Revenues
|
220,699
|
196.4
|
234,295
|
200.9
|
|
6.2
|
2.3
|
Non-Aeronautical
Revenues
|
39,538
|
35.2
|
40,542
|
34.8
|
|
2.5
|
(1.1)
|
Construction Services
Revenues
|
9,141
|
8.1
|
79,753
|
68.4
|
|
772.5
|
744.4
|
Other
2
|
65
|
0.1
|
68
|
0.1
|
|
4.6
|
-
|
Total
Revenues
|
269,443
|
239.7
|
354,658
|
304.2
|
|
31.6
|
26.9
|
Operating
Profit
|
109,483
|
97.4
|
114,399
|
98.1
|
|
4.5
|
0.7
|
EBITDA
|
145,161
|
129.1
|
150,609
|
129.2
|
|
3.8
|
0.1
|
Holding &
Service Companies 4
|
|
|
|
|
|
|
Construction Services
Revenues
|
-
|
n/a
|
-
|
n/a
|
|
n/a
|
n/a
|
Other
2
|
357,241
|
n/a
|
384,599
|
n/a
|
|
7.7
|
n/a
|
Total
Revenues
|
357,241
|
n/a
|
384,599
|
n/a
|
|
7.7
|
n/a
|
Operating
Profit
|
91,505
|
n/a
|
95,771
|
n/a
|
|
4.7
|
n/a
|
EBITDA
|
91,531
|
n/a
|
95,906
|
n/a
|
|
4.8
|
n/a
|
Consolidation
Adjustment Mexico
|
|
|
|
|
|
|
Consolidation
Adjustment
|
(357,355)
|
n/a
|
(384,715)
|
n/a
|
|
7.7
|
n/a
|
Total
Mexico
|
|
|
|
|
|
|
Aeronautical
Revenues
|
1,495,944
|
176.8
|
1,552,105
|
182.6
|
|
3.8
|
3.3
|
Non-Aeronautical
Revenues
|
997,370
|
117.9
|
1,056,224
|
124.3
|
|
5.9
|
5.4
|
Construction Services
Revenues
|
92,327
|
10.9
|
137,232
|
16.1
|
|
48.6
|
47.7
|
Total
Revenues
|
2,585,641
|
305.7
|
2,745,561
|
323.1
|
|
6.2
|
5.7
|
Operating
Profit
|
1,578,964
|
186.7
|
1,665,430
|
196.0
|
|
5.5
|
5.0
|
EBITDA
|
1,748,064
|
206.7
|
1,837,658
|
216.2
|
|
5.1
|
4.6
|
San Juan Puerto
Rico, US 5
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
433,814
|
n/a
|
460,754
|
n/a
|
|
6.2
|
n/a
|
Non-Aeronautical
Revenues
|
242,769
|
n/a
|
294,383
|
n/a
|
|
21.3
|
n/a
|
Construction Services
Revenues
|
15,883
|
n/a
|
53,114
|
n/a
|
|
234.4
|
n/a
|
Total
Revenues
|
692,466
|
n/a
|
808,251
|
n/a
|
|
16.7
|
n/a
|
Operating
Profit
|
180,340
|
n/a
|
197,258
|
n/a
|
|
9.4
|
n/a
|
EBITDA
|
329,682
|
n/a
|
367,921
|
n/a
|
|
11.6
|
n/a
|
Consolidation
Adjustment San Juan
|
|
|
|
|
|
|
Consolidation
Adjustment
|
-
|
n/a
|
-
|
n/a
|
|
n/a
|
n/a
|
Colombia
6
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
321,357
|
n/a
|
367,786
|
n/a
|
|
14.4
|
n/a
|
Non-Aeronautical
Revenues
|
100,476
|
n/a
|
137,784
|
n/a
|
|
37.1
|
n/a
|
Construction Services
Revenues
|
(17,893)
|
n/a
|
46,884
|
n/a
|
|
(362.0)
|
n/a
|
Total
Revenues
|
403,940
|
n/a
|
552,454
|
n/a
|
|
36.8
|
n/a
|
Operating
Profit
|
(102,769)
|
n/a
|
163,922
|
n/a
|
|
(259.5)
|
n/a
|
EBITDA
|
200,574
|
n/a
|
270,024
|
n/a
|
|
34.6
|
n/a
|
Consolidation
Adjustment Colombia
|
|
|
|
|
|
|
Consolidation
Adjustment
|
|
n/a
|
-
|
n/a
|
|
n/a
|
n/a
|
CONSOLIDATED
ASUR
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
2,251,115
|
n/a
|
2,380,645
|
n/a
|
|
5.8
|
n/a
|
Non-Aeronautical
Revenues
|
1,340,615
|
n/a
|
1,488,391
|
n/a
|
|
11.0
|
n/a
|
Construction Services
Revenues
|
90,317
|
n/a
|
237,230
|
n/a
|
|
162.7
|
n/a
|
Total
Revenues
|
3,682,047
|
n/a
|
4,106,266
|
n/a
|
|
11.5
|
n/a
|
Operating
Profit
|
1,656,535
|
n/a
|
2,026,610
|
n/a
|
|
22.3
|
n/a
|
EBITDA
|
2,278,320
|
n/a
|
2,475,603
|
n/a
|
|
8.7
|
n/a
|
|
|
|
|
|
|
|
|
1Reflects
the results of operations of Cancun Airport and two Cancun Airport
Services subsidiaries on a consolidated basis.
|
|
|
|
2 Reflects
revenues under intercompany agreements which are eliminated in the
consolidation adjustment.
|
|
|
|
|
3 Reflects
the results of operations of our airports located in Cozumel,
Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz.
|
|
|
|
4 Reflects
the results of operations of our parent holding company and our
services subsidiaries. Because none of these entities hold the
concessions for our airports, we do not report workload unit data
for theses entities.
|
5 Reflects
the results of operation of San Juan Airport, Puerto Rico, US
for 3Q19.
|
6 Reflects
the results of operation of Airplan, Colombia, for
3Q19.
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Consolidated
Statement of Income from January 1 to September 30, 2019 and
2018
|
Thousands of mexican
pesos
|
|
|
|
|
|
|
|
|
Item
|
9M
|
9M
|
%
|
|
3Q
|
3Q
|
%
|
2018
|
2019
|
Chg
|
|
2018
|
2019
|
Chg
|
Revenues
|
|
|
|
|
|
|
|
Aeronautical
Services
|
6,715,133
|
7,181,875
|
7.0
|
|
2,251,115
|
2,380,645
|
5.8
|
Non-Aeronautical
Services
|
4,160,293
|
4,577,310
|
10.0
|
|
1,340,615
|
1,488,391
|
11.0
|
Construction
Services
|
610,585
|
517,810
|
(15.2)
|
|
90,317
|
237,230
|
162.7
|
Total
Revenues
|
11,486,011
|
12,276,995
|
6.9
|
|
3,682,047
|
4,106,266
|
11.5
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
Cost of
Services
|
2,669,519
|
2,841,388
|
6.4
|
|
936,997
|
980,145
|
4.6
|
Cost of
Construction
|
507,845
|
517,810
|
2.0
|
|
171,285
|
237,230
|
38.5
|
General and
Administrative Expenses
|
173,738
|
185,212
|
6.6
|
|
56,436
|
64,333
|
14.0
|
Technical
Assistance
|
295,026
|
312,318
|
5.9
|
|
93,636
|
98,442
|
5.1
|
Concession
Fee
|
673,424
|
742,512
|
10.3
|
|
225,304
|
250,513
|
11.2
|
Depreciation and
Amortization
|
1,515,186
|
1,390,518
|
(8.2)
|
|
541,854
|
448,993
|
(17.1)
|
Total Operating
Expenses
|
5,834,738
|
5,989,758
|
2.7
|
|
2,025,512
|
2,079,656
|
2.7
|
|
|
|
|
|
|
|
|
Other
Revenues
|
|
204,074
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
5,651,273
|
6,491,311
|
14.9
|
|
1,656,535
|
2,026,610
|
22.3
|
|
|
|
|
|
|
|
|
Comprehensive
Financing Cost
|
(672,756)
|
(504,701)
|
25.0
|
|
(280,275)
|
(135,794)
|
51.5
|
|
|
|
|
|
|
|
|
Income Before
Income Taxes
|
4,978,517
|
5,986,610
|
20.2
|
|
1,376,260
|
1,890,816
|
37.4
|
|
|
|
|
|
|
|
|
Provision for Income
Tax
|
1,322,065
|
1,564,665
|
18.4
|
|
427,884
|
513,291
|
20.0
|
Provision for Asset
Tax
|
699
|
|
n/a
|
|
233
|
|
n/a
|
Deferred Income
Taxes
|
83,691
|
38,857
|
(53.6)
|
|
(58,431)
|
37,093
|
163.5
|
|
|
|
|
|
|
|
|
Net Income for the
Year
|
3,572,062
|
4,383,088
|
22.7
|
|
1,006,574
|
1,340,432
|
33.2
|
|
|
|
|
|
|
|
|
Majority Net
Income
|
3,529,012
|
4,209,817
|
19.3
|
|
988,054
|
1,314,628
|
33.1
|
Non- controlling
interests
|
43,050
|
173,271
|
302.5
|
|
18,520
|
25,804
|
39.3
|
|
|
|
|
|
|
|
|
Earning per
Share
|
11.7634
|
14.0327
|
19.3
|
|
3.2935
|
4.3821
|
33.1
|
Earning per American
Depositary Share (in U.S. Dollars)
|
5.9608
|
7.1108
|
19.3
|
|
1.6689
|
2.2205
|
33.1
|
Exchange Rate per
Dollar Ps. 19.7345
|
|
|
|
|
|
|
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Consolidated
Balance Sheet as of September 30, 2019 and December 31,
2018
|
Thousands of mexican
pesos
|
|
|
|
|
|
Item
|
September
2019
|
December
2018
|
Variation
|
%
|
Assets
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and Cash
Equivalents
|
6,196,806
|
4,584,507
|
1,612,299
|
35.2
|
Cash and cash
equivalents restricted
|
205,897
|
47,332
|
158,565
|
335.0
|
Accounts Receivable,
net
|
355,769
|
793,110
|
(437,341)
|
(55.1)
|
Recoverable Taxes and
Other Current Assets
|
958,659
|
575,963
|
382,696
|
66.4
|
Total Current
Assets
|
7,717,131
|
6,000,912
|
1,716,219
|
28.6
|
|
|
|
|
|
Non Current
Assets
|
|
|
|
|
Machinery, Furniture
and Equipment, net
|
505,510
|
558,480
|
(52,970)
|
(9.5)
|
Intangible assets,
airport concessions and Goodwill-Net
|
48,722,829
|
49,586,322
|
(863,493)
|
(1.7)
|
Document
Receivable
|
26,549
|
36,107
|
(9,558)
|
(26.5)
|
Total
Assets
|
56,972,019
|
56,181,821
|
790,198
|
1.4
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Trade Accounts
Payable
|
247,117
|
313,576
|
(66,459)
|
(21.2)
|
Bank Loans and short
term debt
|
277,847
|
500,105
|
(222,258)
|
(44.4)
|
Accrued Expenses and
Others Payables
|
1,676,202
|
1,594,541
|
81,661
|
5.1
|
Total Current
Liabilities
|
2,201,166
|
2,408,222
|
(207,056)
|
(8.6)
|
|
|
|
|
|
Long Term
Liabilities
|
|
|
|
|
Bank Loans
|
6,905,296
|
7,042,598
|
(137,302)
|
(1.9)
|
Long Term
Debt
|
6,791,384
|
6,957,678
|
(166,294)
|
(2.4)
|
Deferred Income
Taxes
|
3,089,010
|
3,081,667
|
7,343
|
0.2
|
Employee
Benefits
|
11,208
|
10,267
|
941
|
9.2
|
Total Long Term
Liabilities
|
16,796,898
|
17,092,210
|
(295,312)
|
(1.7)
|
|
-
|
|
-
|
|
Total
Liabilities
|
18,998,064
|
19,500,432
|
(502,368)
|
(2.6)
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Capital
Stock
|
7,767,276
|
7,767,276
|
-
|
-
|
Legal
Reserve
|
1,616,533
|
1,366,867
|
249,666
|
18.3
|
Mayority Net Income
for the Period
|
4,209,817
|
4,987,601
|
(777,784)
|
(15.6)
|
Cumulative Effect of
Conversion of Foreign Currency
|
75,219
|
189,791
|
(114,572)
|
(60.4)
|
Retained
Earnings
|
16,531,952
|
14,794,650
|
1,737,302
|
11.7
|
Non- Controlling
interests
|
7,773,158
|
7,575,204
|
197,954
|
2.6
|
Total
Stockholders' Equity
|
37,973,955
|
36,681,389
|
1,292,566
|
3.5
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
56,972,019
|
56,181,821
|
790,198
|
1.4
|
Exchange Rate per
Dollar Ps. 19.7345
|
|
|
|
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Consolidated
Statement of Cash flow as of September 30, 2019 and
2018
|
Thousands of mexican
pesos
|
|
|
|
|
|
|
|
|
Item
|
9M
|
9M
|
%
|
|
3Q
|
3Q
|
%
|
2018
|
2019
|
Chg
|
|
2018
|
2019
|
Chg
|
Operating
Activities
|
|
|
|
|
|
|
|
Income Before
Income Taxes
|
4,978,517
|
5,986,610
|
20.2
|
|
1,376,260
|
1,890,816
|
37.4
|
Items Related with
Investing Activities:
|
|
|
|
|
|
|
|
Depreciation and
Amortization
|
1,515,186
|
1,390,518
|
(8.2)
|
|
541,854
|
448,993
|
(17.1)
|
Interest
Income
|
(209,010)
|
(272,744)
|
30.5
|
|
(58,148)
|
(73,708)
|
26.8
|
Interest
payables
|
925,895
|
838,025
|
(9.5)
|
|
298,930
|
279,891
|
(6.4)
|
Foreign Exchange Gain
(loss), net unearned
|
(10,705)
|
(13,244)
|
23.7
|
|
(11,027)
|
(30,561)
|
177.1
|
Sub-Total
|
7,199,883
|
7,929,165
|
10.1
|
|
2,147,869
|
2,515,431
|
17.1
|
Increase in Trade
Receivables
|
425,016
|
491,537
|
15.7
|
|
273,321
|
221,563
|
(18.9)
|
Decrease in
Recoverable Taxes and other Current Assets
|
(27,207)
|
(115,393)
|
324.1
|
|
51,066
|
63,404
|
24.2
|
Income Tax
Paid
|
(1,662,922)
|
(1,627,112)
|
(2.2)
|
|
(563,155)
|
(510,378)
|
(9.4)
|
Trade Accounts
Payable
|
(186,240)
|
(69,983)
|
(62.4)
|
|
(146,162)
|
(108,745)
|
(25.6)
|
|
|
|
|
|
|
|
|
Net Cash Flow
Provided by Operating Activities
|
5,748,530
|
6,608,214
|
15.0
|
|
1,762,939
|
2,181,275
|
23.7
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
|
Investments in
Associates
|
(402,578)
|
|
n/a
|
|
(186,167)
|
|
n/a
|
Loans granted to
Associates
|
|
|
|
|
|
|
|
Restricted
cash
|
102,896
|
(158,772)
|
n/a
|
|
|
71,098
|
n/a
|
Investments in
Machinery, Furniture and Equipment, net
|
(1,369,809)
|
(886,888)
|
(35.3)
|
|
(363,379)
|
(445,755)
|
22.7
|
Interest
Income
|
199,683
|
253,538
|
27.0
|
|
52,581
|
68,908
|
31.1
|
|
|
|
|
|
|
|
|
Net Cash Flow used
by Investing Activities
|
(1,469,808)
|
(792,122)
|
(46.1)
|
|
(496,965)
|
(305,749)
|
(38.5)
|
|
|
|
|
|
|
|
|
Excess Cash to Use
in Financing Activities
|
4,278,722
|
5,816,092
|
35.9
|
|
1,265,974
|
1,875,526
|
48.1
|
|
|
|
|
|
|
|
|
Bank Loans
paid
|
|
(110,634)
|
n/a
|
|
|
(44,288)
|
n/a
|
Long term debt
paid
|
|
(205,744)
|
n/a
|
|
|
(103,054)
|
n/a
|
Interest
paid
|
(2,549,246)
|
(887,415)
|
(65.2)
|
|
(581,952)
|
(382,638)
|
(34.2)
|
Dividends
Paid
|
(2,034,000)
|
(3,000,000)
|
47.5
|
|
|
|
|
Increase in
capital
|
196,199
|
|
n/a
|
|
196,199
|
|
n/a
|
|
|
|
|
|
|
|
|
Net Cash Flow used
by Financing Activities
|
(4,387,047)
|
(4,203,793)
|
(4.2)
|
|
(385,753)
|
(529,980)
|
37.4
|
|
|
|
|
|
|
|
|
Net Increase in
Cash and Cash Equivalents
|
(108,325)
|
1,612,299
|
n/a
|
|
880,221
|
1,345,546
|
52.9
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents at Beginning of Period
|
4,677,454
|
4,584,507
|
(2.0)
|
|
3,688,908
|
4,851,260
|
31.5
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents at the End of Period
|
4,569,129
|
6,196,806
|
35.6
|
|
4,569,129
|
6,196,806
|
35.6
|
View original
content:http://www.prnewswire.com/news-releases/asur-3q19-passenger-traffic-increased-0-4-yoy-in-mexico-5-7-in-puerto-rico-and-14-0-in-colombia-300944319.html
SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.