MEXICO CITY, July 22, 2020 /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 six-month periods ended June 30, 2020.
2Q20 Highlights1
- Total passenger traffic decreased 94.0% year over year (YoY),
reflecting the impact of the COVID-19 pandemic, primarily since the
second half of March 2020 and
resulting in the following declines across operations:
-
- 94.2% in Mexico, due to
declines of 89.8% and 98.5% in domestic and international traffic,
respectively
- 86.1% in Puerto Rico
(Aerostar), down 84.6% in domestic traffic and 98.0% in
international traffic
- 99.8% in Colombia (Airplan),
with domestic and international traffic down 99.9% and 99.4%,
respectively
- Revenues declined 56.6% YoY to Ps.1,767.0
- Consolidated commercial revenues per passenger reached
Ps.353.2, reflecting the sharp decline in passenger traffic
- Consolidated EBITDA declined 98.1% YoY to Ps.51.2 million.
Excluding non-recurring insurance recoveries related to Hurricane
Maria of Ps.35.2 million in 2Q20 and Ps.162.6 million in 2Q19,
consolidated EBITDA would have declined 99.4% YoY to Ps.16.0
million
- Adjusted EBITDA Margin (excludes the effect of IFRIC 12) and
excluding the non-recurring insurance recoveries in both quarters
would have declined to 1.8% from 65.4% in 2Q19.
- Cash & cash equivalents at quarter-end of Ps.7,124.1
million and Net Debt-to-LTM EBITDA at 1.1x
- Principal debt payments of Ps.388.3 million, or 2.5% of total
debt, mature in 2H20 and 5.2% of total debt matures in 2021.
Table 1: Financial
& Operational Highlights 1
|
|
Second
Quarter
|
%
Chg
|
|
2019
|
2020
|
Financial
Highlights
|
|
|
|
Total
Revenue
|
4,069,379
|
1,767,005
|
(56.6)
|
Mexico
|
2,777,678
|
1,042,783
|
(62.5)
|
San Juan
|
784,432
|
672,269
|
(14.3)
|
Colombia
|
507,269
|
51,953
|
(89.8)
|
Commercial
Revenues per PAX
|
99.7
|
353.2
|
254.2
|
Mexico
|
115.4
|
300.5
|
160.4
|
San Juan
|
114.4
|
327.1
|
185.9
|
Colombia
|
40.6
|
4,630.6
|
11,294.2
|
EBITDA
|
2,745,049
|
51,190
|
(98.1)
|
Net Income
(Loss)
|
1,523,506
|
(565,497)
|
n/a
|
Majority Net
Income (Loss)
|
1,426,741
|
(520,284)
|
n/a
|
Earnings (Loss) per
Share (in pesos)
|
4.7558
|
(1.7343)
|
n/a
|
Earnings (Loss) per
ADS (in US$)
|
2.0597
|
(0.7511)
|
n/a
|
Capex
|
170,830
|
613,590
|
259.2
|
Cash & Cash
Equivalents
|
4,851,261
|
7,124,097
|
46.9
|
Net Debt
|
9,295,296
|
8,413,728
|
(9.5)
|
Net Debt/ LTM
EBITDA
|
0.9
|
1.1
|
19.2
|
Operational
Highlights
|
|
|
|
Passenger
Traffic
|
|
|
|
Mexico
|
8,727,405
|
504,978
|
(94.2)
|
San Juan
|
2,417,300
|
335,606
|
(86.1)
|
Colombia
|
2,868,929
|
5,417
|
(99.8)
|
For a full version of ASUR's Second
Quarter 2020 Earnings Release, please visit:
http://www.asur.com.mx/en/investor-relations/financial-information.html
2Q20 Earnings Call
Date & Time: Thursday, July
23, 2020 at 10:00 AM US ET;
9:00 AM CT
Dial-in: 1-800-289-0438 (US & Canada) and 1-323-794-2423 (International
& Mexico); Access Code:
1181966
Replay: Thursday, July 23,
2020 at 1:00 PM US ET, ending
at 11:59 PM US ET on Thursday, July 30, 2020. Dial-in number:
1-844-512-2921 (US & Canada);
1-412-317-6671 (International & Mexico). Access Code: 1181966
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 effect
in 2018, and IFRS 16 that came into effect in 2019, and
represent comparisons between the three- and six-month periods
ended June 30, 2020, and the
equivalent three-and six-month periods ended June 30, 2019. All figures in this report are
expressed in Mexican pesos, unless otherwise noted. Tables state
figures in thousands of Mexican 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.23.0893 (source: Diario Oficial de la Federación de
México) while Colombian peso figures are calculated at the
exchange rate of COP163.28 = Mexican
Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted
EBITDA Margin, Majority Net Income can be found on page 19 of this
report.
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
Forward Looking Statements
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. In particular, the impact of the
COVID-19 pandemic on global economic conditions and the travel
industry, as well as on the business and results of operations of
the Company in particular, is expected to be material, and, as
conditions are changing rapidly, is difficult to predict. 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.
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SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.