MEXICO CITY, July 20, 2017 /PRNewswire/ -- Grupo
Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV:
ASUR) (ASUR), the first privatized airport group in
Mexico and operator of Cancun
Airport and eight other airports in southeast Mexico, a JV partner in Aerostar Airport
Holdings, LLC (Aerostar), and operator of the Luis Muñoz Marín
International Airport in San Juan
(LMM Airport), today announced results for the three- and six-month
periods ended June 30, 2017.
Highlights for the Quarter
- Increased ownership position in San Juan Airport from 50% to
60%.
- Agreements to acquire controlling interest in two Colombian
airport groups, subject to governmental approval.
- Paid ordinary cash dividend of Ps.6.16 per share, for a
total of Ps.1,848 million.
- Passenger traffic in Mexico
up 14.6% YoY, supported by increases of 18.0% and 12.0% in domestic
and international traffic, respectively. Cancun Airport was the
main traffic driver, with contributions from most of ASUR's
airports.
- Traffic at LMM Airport up 5.0% YoY, 4.4% in domestic traffic
and 9.6% in international traffic.
- Consolidated commercial revenues per passenger reached
Ps.102.3.
- Consolidated EBITDA up 33.7% YoY,
reaching Ps.1,787.9 million.
- Closed the quarter with a cash position of Ps.2,829.8
million. Net Debt to LTM EBITDA stood at 1.3x, reflecting
consolidation of Aerostar.
- On track to complete construction of Terminal 4 at Cancun
Airport, scheduled to open in 4Q17.
Table 1: Financial
& Operational Highlights 1
|
|
|
Second
Quarter
|
%
Chg
|
|
2016
|
2017
|
Financial
Highlights
|
|
|
|
Total
Revenue
|
2,243,789
|
2,935,297
|
30.8
|
- Mexico
|
2,243,789
|
2,713,189
|
20.9
|
- San Juan
|
0
|
222,108
|
n/a
|
Commercial
Revenues per PAX
|
97.2
|
102.3
|
5.2
|
- Mexico
|
97.2
|
104.7
|
7.72
|
- San Juan
|
0
|
80.4
|
n/a
|
EBITDA
|
1,337,509
|
1,787,914
|
33.7
|
Net Income
|
866,623
|
1,152,067
|
32.9
|
Majority Net
Income
|
866,623
|
1,132,640
|
30.7
|
Earnings per Share
(in pesos)
|
2.8887
|
3.7755
|
30.7
|
Earnings per ADS (in
US$)
|
1.5993
|
2.0902
|
30.7
|
Capex
|
(397,103)
|
(391,862)
|
(1.3)
|
Cash & Cash
Equivalents
|
2,675,313
|
2,829,843
|
5.8
|
Net Debt
|
1,313,395
|
8,064,548
|
514
|
Net Debt/ LTM
EBITDA
|
0.3
|
1.3
|
391.8
|
Operational
Highlights
|
|
|
|
Passenger
Traffic
|
|
|
|
- Mexico
|
6,933,991
|
7,949,667
|
14.6
|
- San Juan
|
2,304,464
|
2,420,615
|
5.0
|
1 Unless
otherwise stated, all financial figures discussed in this
announcement are unaudited, prepared in accordance with
International Financial Reporting Standards (IFRS) and represent
comparisons between the three- and six-month periods ended June 30,
2017, and the equivalent three- and six-month periods ended June
30, 2016. On May 26, 2017 ASUR increased its share ownership
in Aerostar to 60% from its prior 50% ownership. Accordingly,
starting June 1, 2017. ASUR began to fully consolidate Aerostar
results on a line by line basis, while until then results were
accounted for by the equity method. Results are expressed in pesos.
Tables state figures in thousands of pesos, unless otherwise noted.
Passenger figures for Mexico only, 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 = Ps.18.0626. Definitions for EBITDA,
Adjusted EBITDA marin, Majority Net Income, domestic and
international traffic can be found on page 11 of this
report.
|
2Q17 Earnings
Call
Date & Time: Friday, July 21, 2017 at 11:30 AM US ET;
10:30 AM CT
Dial-in: 1-888-481-2845 (US & Canada); 1-719-325-4760
(International & Mexico). Access Code: 6770800
Replay: July 21, 2017 at 2:30 PM US ET, ending at 11:59 PM
US ET on July 26, 2017. Dial-in number: 1-844-512-2921 (US
& Canada) 1-412-312-6671 (International & Mexico); Access
Code 6770800
|
Passenger Traffic
ASUR's total passenger traffic in 2Q17 rose 12.3% YoY to 10.4
million passengers, driven by increases of 14.6% in Mexico and 5.0% in Puerto Rico. Note
that 2Q17 passenger traffic, particularly in Mexico, benefited from the impact of Holy
Week, which began on April 7, while
during 2016, it began on March
18.
The 14.6% YoY growth in passenger traffic achieved in
Mexico reflects increases of 18.0%
and 12.0% in domestic and international traffic, respectively.
Cancun was the main driver behind
traffic growth, reporting increases of 24.0% and 12.2% in domestic
and international traffic, respectively, with the majority of
ASUR's airports also contributing to higher traffic.
Total passenger traffic at LMM Airport in 2Q17 rose 5.0% YoY,
reflecting increases of 4.4% and 9.6% in domestic and international
traffic, respectively.
Tables with detailed passenger traffic information for each
airport can be found on page 13 of this report.
Table 2: Passenger
Traffic Summary
|
|
|
|
|
|
|
|
|
Second
Quarter
|
%
Chg.
|
|
Six-Months
|
%
Chg.
|
2016
|
2017
|
|
2016
|
2017
|
Total
Mexico
|
6,933,991
|
7,949,667
|
14.6
|
|
14,126,127
|
15,747,462
|
11.5
|
- Cancun
|
5,281,967
|
6,116,752
|
15.8
|
|
10,780,843
|
12,087,091
|
12.1
|
- 8 Other
Airports
|
1,652,024
|
1,832,915
|
10.9
|
|
3,345,284
|
3,660,371
|
9.4
|
Domestic
Traffic
|
3,081,084
|
3,634,801
|
18.0
|
|
5,829,761
|
6,712,600
|
15.1
|
- Cancun
|
1,624,509
|
2,014,177
|
24.0
|
|
2,988,147
|
3,585,217
|
20.0
|
- 8 Other
Airports
|
1,456,575
|
1,620,624
|
11.3
|
|
2,841,614
|
3,127,383
|
10.1
|
International
traffic
|
3,852,907
|
4,314,866
|
12.0
|
|
8,296,366
|
9,034,862
|
8.9
|
- Cancun
|
3,657,458
|
4,102,575
|
12.2
|
|
7,792,696
|
8,501,874
|
9.1
|
- 8 Other
Airports
|
195,449
|
212,291
|
8.6
|
|
503,670
|
532,988
|
5.8
|
Total San Juan,
Puerto Rico (1)
|
2,304,464
|
2,420,615
|
5.0
|
|
4,654,393
|
4,720,551
|
1.4
|
Domestic
Traffic
|
2,029,510
|
2,119,261
|
4.4
|
|
4,119,053
|
4,146,943
|
0.7
|
International
Traffic
|
274,954
|
301,354
|
9.6
|
|
535,340
|
573,608
|
7.1
|
Total
Traffic
|
9,238,455
|
10,370,282
|
12.3
|
|
18,780,520
|
20,468,013
|
9.0
|
Domestic
Traffic
|
5,110,594
|
5,754,062
|
12.6
|
|
9,948,814
|
10,859,543
|
9.2
|
International
Traffic
|
4,127,861
|
4,616,220
|
11.8
|
|
8,831,706
|
9,608,470
|
8.8
|
1 On May
26, 2017, ASUR increased its ownership stake in LMM Airport from
50% to 60%. While ASUR began fully consolidating line by line
Aerostar's operations starting June 1, 2017, for comparison
purposes this table includes traffic figures for LMM Airport for
2Q16 and 2Q17 as well as 6M16 and 6M17.
|
Note: Passenger
figures for Mexico exclude transit and general aviation passengers,
while LMM Airport includes transit passengers and general
aviation.
|
Review of Consolidated Results
In May 2017 ASUR increased its
share ownership in Aerostar to 60% from its prior 50% ownership.
Accordingly, until May 31, 2017,
ASUR's ownership in Aerostar was accounted for by the equity
method, while starting June 1, 2017,
ASUR began to fully consolidate Aerostar results on a line by line
basis.
Table 3: Summary
of Consolidated Results
|
|
|
|
|
|
|
|
|
Second
Quarter
|
%Chgr
|
|
Six-Months
|
%
Chg
|
2016
|
2017
|
|
2016
|
2017
|
Total
Revenues
|
2,243,789
|
2,935,297
|
30.8
|
|
4,321,143
|
5,412,045
|
25.2
|
Aeronautical
Services
|
1,102,597
|
1,507,156
|
36.7
|
|
2,236,049
|
2,855,252
|
27.7
|
Non-Aeronautical
Services
|
759,534
|
1,000,241
|
31.7
|
|
1,560,183
|
2,022,202
|
29.6
|
- Commercial
Revenues
|
678,702
|
907,973
|
33.8
|
|
1,399,273
|
1,832,148
|
30.9
|
Total Revenues
Excluding Construction Revenues
|
1,862,131
|
2,507,397
|
34.7
|
|
3,796,232
|
4,877,454
|
28.5
|
Construction
Revenues
|
381,658
|
427,900
|
12.1
|
|
524,911
|
534,591
|
1.8
|
Total Operating Costs
& Expenses
|
1,037,177
|
1,321,869
|
27.4
|
|
1,828,337
|
2,166,375
|
18.5
|
Operating
Profit
|
1,206,612
|
1,613,428
|
33.7
|
|
2,492,806
|
3,245,670
|
30.2
|
Operating
Margin
|
53.78%
|
54.97%
|
+119 bps
|
|
57.7%
|
60.0%
|
+228 bps
|
Adjusted Operating
Margin (1)
|
64.80%
|
64.35%
|
-45 bps
|
|
65.7%
|
66.5%
|
+88 bps
|
EBITDA
|
1,337,509
|
1,787,914
|
33.7
|
|
2,752,102
|
3,559,127
|
29.3
|
EBITDA
Margin
|
59.61%
|
60.91%
|
+130 bps
|
|
63.7%
|
65.8%
|
+207 bps
|
Adjusted EBITDA
Margin (2)
|
71.83%
|
71.31%
|
-52 bps
|
|
72.5%
|
73.0%
|
+48 bps
|
Net
Income
|
866,623
|
1,152,067
|
32.9
|
|
1,794,957
|
2,490,706
|
38.8
|
Earnings per
Share
|
2.8887
|
3.7755
|
30.7
|
|
5.9832
|
8.3024
|
38.8
|
Earnings per ADS in
US$
|
1.5993
|
2.0902
|
30.7
|
|
3.3125
|
4.5964
|
38.8
|
|
|
|
|
|
|
|
|
Total Commercial
Revenues per Passenger (3)
|
97.2
|
102.3
|
5.2
|
|
98.3
|
109.5
|
11.4
|
Commercial Revenues
from Direct Operations per
Passenger (4)
|
17.2
|
18.5
|
7.2
|
|
17.5
|
18.7
|
7.1
|
Commercial Revenues
Excl. Direct Operations per Passenger
|
80.0
|
83.8
|
4.8
|
|
80.8
|
90.8
|
12.4
|
|
|
|
|
|
|
|
|
1 Adjusted
Operating Margin excludes the effect of IFRIC 12 with respect to
the construction or improvements to concessioned assets
in Mexico, 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
in Mexico, and is calculated by dividing EBITDA by total revenues
less construction services revenues.
3 Includes
transit and general aviation passengers for Mexico and Puerto
Rico.
4
Represents ASUR's operation of convenience stores in its
airports.
|
|
|
Consolidated Revenues
Consolidated Revenues for 2Q17 rose 30.8% YoY to
Ps.2,935.3 million, principally due to increases of:
- 36.7% in revenues from aeronautical services, mainly as a
result of the 12.3% increase in total passenger traffic, as well as
the inclusion of one month of aeronautical revenues for LMM
airport, which represented 9.9% of total aeronautical revenues for
the quarter;
- 31.7% in revenues from non-aeronautical services, principally
reflecting the 33.8% increase in commercial revenues.
Non-aeronautical revenues at Aerostar for June 2017 represented 7.2% of consolidated
non-aeronautical revenues;
- 12.1% in revenues from construction services in Mexico that resulted from higher capital
expenditures and other investments in concessioned assets during
the period.
Excluding revenues from construction services, which are
deducted as costs under IRFS accounting standards, total revenues
would have increased 34.7% YoY to Ps.2,507.4 million. Total
revenues at Aerostar for June 2017
represented 11.9% of ASUR's consolidated revenues excluding
revenues from construction services.
Commercial Revenues in 2Q17 rose 33.8% YoY, principally
due to the 12.3% increase in total passenger traffic, the inclusion
of one month of commercial revenues at LMM Airport which represents
7.2% of consolidated commercial revenues. Commercial revenue growth
in Mexico was mainly driven by
increases in Duty Free, Retail Sales, and Food and Beverages.
Consolidated Commercial Revenues per Passenger rose to
Ps.102.3 in 2Q17, from Ps.97.2 in 2Q16, with Mexico contributing with Ps.104.7 in 2Q17 and
LMM Airport with Ps.80.4 revenues per passenger in June 2017.
Consolidated Operating Costs and Expenses
Consolidated Operating Costs and Expenses for 2Q17
increased 27.4% YoY to Ps.1,321.9 million, wtih 9.7% of
consolidated costs and expenses in 2Q17 attributable to
June 2017 results from Aerostar.
Excluding construction costs, however, operating costs and expenses
rose 36.4% to Ps.894.0 million.
Cost of Services rose 49.3%, mainly reflecting
maintenance expenses as well as higher cost of sales from
convenience stores directly operated by ASUR. Higher energy,
security and professional fees also contributed to the increase in
cost of services. Aerostar's June
2017 results contributed with 19.2% of cost of services in
2Q17.
Construction Costs rose 12.1% YoY, mainly due to higher
levels of capital improvements made to the Mexican concessioned
assets during the period.
G&A Expenses, which reflect administrative expenses
in Mexico, increased 1.6% YoY.
The Technical Assistance fee paid to ITA increased 23.8%
YoY, reflecting EBITDA growth in Mexico during the quarter, a factor in the
calculation of the fee.
Concession fees, which include fees paid to the
Mexican government and Puerto Rican Authorities, rose 23.7%, mainly
due to an increase in regulated revenues in Mexico, a factor in the calculation of the
fee.
Depreciation and Amortization increased 33.3% and mainly
reflects capitalized investments. Aerostar contributed with 20.4%
of depreciation and amortization as a result of the consolidation
of June 2017 results.
Consolidated Operating Profit and EBITDA
Consolidated Operating Profit in 2Q17 increased
33.7% to Ps.1,613.4 million. Operating Margin for 2Q17
increased to 54.97% from 53.78% in 2Q16, principally as a result of
the 30.8% increase in revenues and lower increase in costs and
expenses. Aerostar's results for June
2017 represented 5.9% of consolidated operating profit.
Adjusted Operating Margin, which excludes the effect of
IFRIC 12 with respect to the construction or improvements to
concessioned assets in Mexico, and
is calculated as operating profit divided by total revenues less
construction services revenues, was 64.35% in 2Q17 compared with
64.80% in 2Q16.
EBITDA rose 33.67% to Ps.1,787.9 million in 2Q17,
reflecting higher operating leverage. Aerostar June 2017 results also contributed with 7.3% of
EBITDA for the period. During 2Q17, ASUR recognized Ps.427.9
million in revenues from "Construction Revenues," a year-on-year
increase of 12.1%, due to higher capital expenditures and
investments in concessioned assets. As a result, 2Q17 EBITDA Margin
was 60.91% compared to 59.61% in 2Q16.
Adjusted EBITDA Margin, however, which excludes the
effect of IFRIC 12 with respect to the construction or improvements
to concessioned assets in Mexico,
was 71.31% in 2Q17 compared to 71.83% in 2Q16.
Consolidated Comprehensive Financing Gain (Loss)
Table 4:
Consolidated Comprehensive Financing Gain (Loss)
|
|
|
|
|
|
|
|
|
Second
Quarter
|
%
Chg
|
|
Six-Months
|
%
Chg
|
|
2016
|
2017
|
|
2016
|
2017
|
|
Interest
Income
|
45,627
|
55,313
|
21.2
|
|
82,340
|
109,852
|
33.4
|
|
Interest
Expense
|
(29,341)
|
(71,406)
|
143.4
|
|
(61,286)
|
(112,720)
|
83.9
|
|
Foreign Exchange Gain
(Loss), Net
|
(27,559)
|
(5,875)
|
(78.7)
|
|
(50,908)
|
1,298
|
(102.5)
|
|
Total
|
(11,273)
|
(21,968)
|
94.9
|
|
(29,854)
|
(1,570)
|
(94.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In 2Q17, ASUR reported a Ps.22.0 million Comprehensive
Financing Loss, compared to an Ps.11.3 million loss in 2Q16.
Interest expense rose by Ps.42.1 million during the period, mainly
due to a higher debt balance reflecting the full consolidation of
Aerostar along with the increase in interest rates during the
period. Aerostar's interest expenses for June 2017 totaled Ps.41.9 million. Interest
income increased by Ps.9.7 million, reflecting a higher cash
balance and the increase in interest rates.
In 2Q17, ASUR reported a foreign exchange loss of Ps.5.8
million, reflecting a 1.2% quarterly average appreciation of the
Mexican peso against the U.S. dollar on ASUR's foreign currency net
liability position. This compared to a Ps.27.6 million foreign
exchange loss in 2Q16 resulting from the 4.5% quarterly average
Mexican peso depreciation during that period.
Income Taxes
Income Taxes for 2Q17 rose by Ps.96.0 million
year-over-year, principally due to the following factors:
- A Ps.131.8 million increase in the provision for income taxes,
reflecting a higher taxable income base at Cancun Airport; and
- A Ps.35.8 million decline in deferred income taxes, largely
reflecting the recognition of the effects of the 0.25% increase in
inflation during 2Q17 on the fiscal tax balance.
Majority Net Income
Majority Net Income for 2Q17 increased by 30.7% to
Ps.1,132.6 million, up from Ps.866.6 million in 2Q16. Earnings per
common share for the quarter were Ps.3.7755 and earnings per ADS
(EPADS) were US$2.0902 (one ADS
represents ten series B common shares). This compares with earnings
per share of Ps.2.8887 and EPADS of US$1.5993 for the same period last year. The
higher majority net income principally reflects the 12.3% growth in
passenger traffic and ASUR's increased ownership in Aerostar.
During 2Q17, ASUR reported a Ps.43.5 million gain corresponding to
its participation in Aerostar, the joint venture to operate SJU
airport, for the months of April and May
2017, compared to a net gain of Ps.58.2 million in 2Q16,
while Aerostar results for June 2017
were fully consolidated line by line.
Consolidated Financial Position
On June 30, 2017, airport
concessions represented 85.9% of the Company's total assets, with
current assets representing 12.3% and other assets representing
1.8%.
As of June 30, 2017, ASUR had cash
and cash equivalents of Ps.2,829.8 million; a 19.09% decline from
Ps.3,497.6 million at December 31,
2016.
Stockholders' equity at the close of 2Q17 was Ps.24,891.1
million and total liabilities were Ps.13,675.2 million,
representing 64.5% and 35.5% of total assets, respectively.
Deferred liabilities represented 11.8% of ASUR's total
liabilities.
Total Debt at the end of the quarter increased to Ps.10,894.4
million, from Ps.3,988.7 million in 2Q16, principally reflecting
debt at Aerostar as shown on Tables 5 and 6. The entirety of ASUR's
debt is denominated in U.S. dollars.
The Net Debt to LTM EBITDA ratio stood at 1.3x at the end of
2Q17, while the Interest Coverage ratio was 8.2x as of June 30, 2017. This compares with Net Debt to LTM
EBITDA and Interest Coverage Ratio of 0.3x and 40.1x as of
June 30, 2016, respectively.
Table 5:
Consolidated Debt Indicators
|
|
|
|
|
June 30,
2016
|
March 31,
2017
|
June 30,
2017
|
Leverage
|
|
|
|
Total Debt/ LTM
EBITDA (Times) (1)
|
0.8
|
0.7
|
1.7
|
Total Net Debt/ LTM
EBITDA (Times) (2)
|
0.3
|
(0.1)
|
1.3
|
Interest Coverage
Ratio (3)
|
40.1
|
39.0
|
8.2
|
Total
Debt
|
3,988,708
|
4,040,594
|
10,894,391
|
Short-Term
Debt
|
48,820
|
26,312
|
56,806
|
Long-Term
Debt
|
3,939,889
|
4,014,283
|
10,837,585
|
Cash & Cash
Equivalents
|
2,675,313
|
4,495,303
|
2,829,843
|
Total Net
Debt(4)
|
1,313,395
|
(454,709)
|
8,064,548
|
|
|
|
|
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
|
The Total Net Debt is
calculated as Total Debt minus Cash & Casg
Equivalents.
|
Table 6:
Consolidated Debt Profile (US$ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airport
|
Maturity
|
Interest
Rate
|
|
Amortization
Schedule
|
|
|
|
|
|
|
2017
|
2018
|
2019
|
2020
|
2021
/22
|
2023
/35
|
Total
|
|
22 Yr-Senior Secured
Note 2035
|
San Juan
|
Semi-Annual
Amort.
|
5.75%
|
|
5.2
|
5.8
|
5.2
|
5.3
|
10.9
|
169.1
|
201.5
|
|
20 Yr-Senior Secured
Note 2035
|
San Juan
|
Semi-Annual
Amort.
|
6.75%
|
|
5.7
|
5.1
|
5.2
|
5.3
|
11.6
|
160.5
|
193.4
|
|
5 Yr-Syndicated
Credit Facility
|
Cancun
|
Qtly.
Amort.
|
Libor +
1.85%
|
|
1.7
|
4.5
|
20.6
|
50.8
|
42.0
|
-
|
119.6
|
|
5 Yr-Syndicated
Credit Facility
|
Cancun
|
Qtly.
Amort.
|
Libor +
1.75%
|
|
1.7
|
4.4
|
20.5
|
50.8
|
41.9
|
-
|
119.3
|
|
Total
|
|
|
|
|
14.3
|
19.8
|
51.5
|
112.2
|
106.4
|
329.6
|
633.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
During 2Q17, ASUR's capital investments totaled Ps.308.3
million. Of this, Ps.275.8 million relate to the Company's plan to
modernize its Mexican airports pursuant to its master development
plans, mainly for the construction of Cancun's Terminal 4, which is on track to open
in 4Q17. In addition, during June
2017, the Company invested Ps.32.5 million at the LMM
Airport in Puerto Rico.
Accumulated consolidated capex for 1H17 totaled Ps.391.9
million.
Review of Mexico Operations
Table 7: Mexico
Revenues & Commercial Revenues Per Passenger
|
|
|
|
|
|
|
|
Second
Quarter
|
%
Chg
|
|
Six-Months
|
%
Chg
|
2016
|
2017
|
|
2016
|
2017
|
Total
Passenger
|
6,984
|
7,991
|
14.4
|
|
14,237
|
15,839
|
11.3
|
|
|
|
|
|
|
|
|
Total
Revenues
|
2,243,789
|
2,713,189
|
20.9
|
|
4,321,143
|
5,189,937
|
20.1
|
Aeronautical
Services
|
1,102,597
|
1,357,330
|
23.1
|
|
2,236,049
|
2,705,426
|
21.0
|
Non-Aeronautical
Services
|
759,534
|
927,959
|
22.2
|
|
1,560,183
|
1,949,920
|
25.0
|
- Commercial
Revenues
|
678,702
|
836,502
|
23.3
|
|
1,399,273
|
1,760,677
|
25.8
|
Construction
Revenues
|
381,658
|
427,900
|
12.1
|
|
524,911
|
534,591
|
1.8
|
Total Revenues
Excluding Construction Revenues
|
1,862,131
|
2,285,289
|
22.7
|
|
3,796,232
|
4,655,346
|
22.6
|
|
|
|
|
|
|
|
|
Total Commercial
Revenues
|
678,702
|
836,502
|
23.3
|
|
1,399,273
|
1,760,677
|
25.8
|
Commercial Revenues
from Direct Operations (1)
|
120,369
|
145,925
|
21.2
|
|
248,978
|
295,302
|
18.6
|
Commercial Revenues
Excluding Direct Operations
|
558,333
|
690,577
|
23.7
|
|
1,150,295
|
1,465,375
|
27.4
|
|
|
|
|
|
|
|
|
Total Commercial
Revenues per Passenger
|
97.2
|
104.7
|
7.7
|
|
98.3
|
111.2
|
13.1
|
Commercial Revenues
from Direct Operations per Passenger (1)
|
17
|
18
|
6.0
|
|
17
|
19
|
6.6
|
Commercial Revenues
Excl. Direct Operations per Passenger
|
80
|
86
|
8.1
|
|
81
|
93
|
14.5
|
|
|
|
|
|
|
|
|
Note: For purposes of
this table, approximately 49.8 and 41.0 thousand transit and
general aviation passengers are included in 2Q16 and 2Q17,
respectively, while 110.5 and 91.7 thousand transit and general
aviation passengers are included in 1H16 and 1HQ17.
|
1Represents ASUR's operation of
convenience stores in airports.
|
Total Mexico Revenues
Total Mexico Revenues for 2Q17 rose 20.9% YoY to
Ps.2,713.2 million, principally due to increases of:
- 23.1% in revenues from aeronautical services, mainly as a
result of the 14.6% increase in passenger traffic;
- 22.2% in revenues from non-aeronautical services, principally
reflecting the 23.3% increase in commercial revenues detailed
below; and
- 12.1% in revenues from construction services that resulted from
higher capital expenditures and other investments in concessioned
assets during the period.
Commercial Revenues in the quarter rose 23.3%
year-over-year, principally due to the 14.6% increase in total
passenger traffic and reported increases across all categories as
shown on table 8. Commercial Revenues per Passenger, in
turn, increased 7.7% to Ps.104.7 in 2Q17 from Ps.97.2 in 2Q16.
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 nine
commercial spaces at Cancun
airport and eight commercial spaces at its other eight airports.
More details of these openings can be found on page 14 of this
report.
Table 8: Mexico
Commercial Revenues
|
|
|
|
Table 9: Mexico
Summary Retail and Other Commercial Space Opened since June
30,2016
|
Business Line
(1)
|
YoY
Chg.
|
|
Type of Commercial
Space (1)
|
# of spaces
opened
|
2T17
|
6M17
|
|
|
Duty Free
|
35.8%
|
36.5%
|
|
Cancun
|
9
|
Food and Beverage
Operations
|
24.9%
|
34.9%
|
|
Retail
|
7
|
Retail
Operations
|
18.3%
|
18.6%
|
|
Food and Beverage
Operations
|
1
|
Car Rental
Revenues
|
15.5%
|
19.5%
|
|
Banking and Currency
Exchange Services
|
1
|
Advertasing
Revenues
|
20.0%
|
20.0%
|
|
8 Other
Airports
|
8
|
Banking and Currency
Exchange Services
|
18.5%
|
22.4%
|
|
Retail
|
2
|
Ground
Transportation
|
18.2%
|
14.3%
|
|
Duty Free
|
4
|
Teleservices
|
23.9%
|
20.3%
|
|
VIP Lounge
|
2
|
Parking Lot
Fees
|
2.8%
|
1.8%
|
|
Total
Mexico
|
17
|
Other
Revenues
|
24.3%
|
28.1%
|
|
1 Only includes new
stores opened during the period and excludes remodelings or
contract renewals.
|
|
Total Commercial
Revenues
|
23.3%
|
25.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico Operating Costs and Expenses
Table 10: Mexico
Operating Costs & Expenses
|
|
|
|
|
|
|
|
|
Second
Quarter
|
%
Chg
|
|
Six-Months
|
%
Chg
|
2016
|
2017
|
|
2016
|
2017
|
Cost of
Services
|
319,435
|
385,496
|
20.7
|
|
624,234
|
728,115
|
16.6
|
Administrative
|
50,771
|
51,595
|
1.6
|
|
103,296
|
108,693
|
5.2
|
Technical
Assistance
|
70,472
|
87,268
|
23.8
|
|
144,977
|
180,595
|
24.6
|
Concession
Fees
|
83,944
|
103,004
|
22.7
|
|
171,623
|
208,804
|
21.7
|
Depreciation and
Amortization
|
130,897
|
138,973
|
6.2
|
|
259,296
|
277,944
|
7.2
|
Operating Costs
and Expenses Excluding Construction Costs
|
655,519
|
766,336
|
16.9
|
|
1,303,426
|
1,504,151
|
15.4
|
Construction
Costs
|
381,658
|
427,900
|
12.1
|
|
524,911
|
534,591
|
1.8
|
Total Operating
Costs & Expenses
|
1,037,177
|
1,194,236
|
15.1
|
|
1,828,337
|
2,038,742
|
11.5
|
|
|
|
|
|
|
|
|
Total Mexico Operating Costs and Expenses for 2Q17
increased 15.1% year-over-year. This includes construction costs,
which rose 12.1%, reflecting higher levels of capital improvements
made to concessioned assets during the period. Excluding
construction costs, operating costs and expenses rose 16.9% to
Ps.766.3 million.
Cost of Services rose 20.7% mainly due to higher energy,
security and maintenance expenses. Higher cost of sales from
convenience stores directly operated by ASUR and professional fees
also contributed to the increase in cost of services.
Administrative expenses rose marginally 1.6% YoY.
The 23.8% increase in Technical Assistance fee paid to
ITA reflects EBITDA growth in the quarter, a factor in the
calculation of the fee.
Concession fees, which include fees paid to the
Mexican government, rose 22.7%, mainly due to an increase in
regulated revenues, a factor in the calculation of the fee.
Depreciation and Amortization increased 6.2% YoY, mainly
reflecting capitalized investments.
Mexico Consolidated Comprehensive Financing Gain
(Loss)
Table 11: Mexico
Comprehensive Financing Gain (Loss)
|
|
|
|
|
|
|
|
|
Second
Quarter
|
%Chg
|
|
Six-Months
|
%
Chg
|
2016
|
2017
|
|
2016
|
2017
|
Interest
Income
|
45,627
|
55,310
|
21.2
|
|
82,340
|
109,849
|
33.4
|
Interest
Expense
|
(29,341)
|
(29,546)
|
0.7
|
|
(61,286)
|
(70,860)
|
15.6
|
Foreign Exchange Gain
(Loss), Net
|
(27,559)
|
(5,875)
|
(78.7)
|
|
(50,908)
|
1,298
|
(102.5)
|
Total
|
(11,273)
|
19,889
|
(276.4)
|
|
(29,854)
|
40,287
|
(234.9)
|
In 2Q17, ASUR's Mexico
operations reported a Ps.19.9 million Comprehensive Financing
Gain, compared to an Ps.11.3 million loss in 2Q16. This was
mainly due to a lower foreign exchange loss in 2Q17 of Ps.5.8
million, reflecting a 0.6% quarterly average appreciation of the
Mexican peso against the U.S. dollar on ASUR's foreign currency net
liability position. This compared to a Ps.27.6 million foreign
exchange loss in 2Q16, resulting from the 4.5% quarterly average
Mexican peso depreciation during that period.
Interest income in Mexico
increased by 21.2% YoY to Ps.55.3 million in 2Q17, reflecting a
higher cash balance and higher interest rates, while interest
expense rose by 0.7% to Ps.29.5 million during the period.
Mexico Operating Profit and EBITDA
Table 12: Mexico
Operating Profit & EBITDA
|
|
|
|
|
|
|
|
|
Second
Quarter
|
%
Chg
|
|
Six-Months
|
%
Chg
|
2016
|
2017
|
|
|
2016
|
2017
|
|
Total
Revenue
|
2,243,789
|
2,713,189
|
20.9
|
|
4,321,143
|
5,189,937
|
20.1
|
Total Revenues
Excluding Construction Revenues
|
1,862,131
|
2,285,289
|
22.7
|
|
3,796,232
|
4,655,346
|
22.6
|
Operating
Profit
|
1,206,612
|
1,518,953
|
25.9
|
|
2,492,806
|
3,151,195
|
26.4
|
Operating
Margin
|
53.78%
|
55.98%
|
+221 bps
|
|
57.7%
|
60.7%
|
+303 bps
|
Adjusted Operating
Margin (1)
|
64.80%
|
66.47%
|
+167 bps
|
|
65.7%
|
67.7%
|
+202 bps
|
EBITDA
|
1,337,509
|
1,657,926
|
24.0
|
|
2,752,102
|
3,429,139
|
24.6
|
EBITDA
Margin
|
59.6%
|
61.1%
|
+150 bps
|
|
63.7%
|
66.1%
|
+238 bps
|
Adjusted EBITDA
Margin (2)
|
71.8%
|
72.5%
|
+72 bps
|
|
72.5%
|
73.7%
|
+116 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
|
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 in 2Q17 increased 25.9% to
Ps.1,518.9 million. Operating Margin for the quarter
increased 221 bps YoY to 56.0% principally as a result higher
operating leverage given YoY increases of 20.9% in revenues and
15.1% in costs and expenses.
Adjusted Operating Margin, 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 less construction services revenues, increased
167 basis points to 66.5% in 2Q17.
EBITDA rose 24.0% to Ps.1,658.0 million from Ps.1,337.5
million in 2Q16, reflecting higher operating leverage. 2Q17 EBITDA
Margin expanded to 61.1% from 59.6% in 2Q16.
During 2Q17, ASUR recognized Ps.427.9 million in revenues from
"Construction Revenues," a year-on-year increase of 12.1%, 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 or improvements to concessioned
assets, increased 72 basis points to 72.5% in 2Q17.
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 Mexico's operations
accumulated regulated revenues as of June
30, 2017 totaled Ps.4,655.34 million, with an average tariff
per workload unit of Ps.171.92 (pesos of December 2016). ASUR's regulated revenues for
1H17 accounted for approximately 60.90% 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.
Review of Puerto Rico Operations
In May 2017, ASUR increased its
share ownership in Aerostar to 60% from its prior 50% ownership.
Accordingly, 2Q17 consolidated results as presented above reflect
line by line consolidation of Aerostar results for June 2017, while prior to that, Aerostar's
results were accounted for by the equity method.
However, for purposes of providing a better understanding of the
performance of LMM Airport, below we present the stand-alone
results of Aerostar for the month of June as consolidated, and
reported for the three- and six-month periods ended June 30, 2017, compared with the three- and
six-month periods ended June 30,
2016.
Table 13: San Juan
Airport Revenues & Commercial Revenues Per
Passenger
(in thousands of
Mexican pesos)
|
|
June
2017
|
Second
Quarter
|
%
Chg
|
Six-Months
|
%
Chg
|
Consolidated
|
2016
|
2017
|
2016
|
2017
|
Total
Passenger
|
889
|
2,304
|
2,421
|
5.0
|
4,654
|
4,721
|
1.4
|
|
|
|
|
|
|
|
|
Total
Revenues
|
222,108
|
639,592
|
666,509
|
4.2
|
1,276,012
|
1,382,308
|
8.3
|
Aeronautical
Services
|
149,826
|
429,276
|
446,667
|
4.1
|
846,109
|
915,947
|
8.3
|
Non-Aeronautical
Services
|
72,282
|
210,317
|
219,842
|
4.5
|
429,902
|
466,361
|
8.5
|
- Commercial
Revenues
|
71,471
|
206,660
|
217,365
|
5.2
|
423,767
|
461,255
|
8.8
|
|
|
|
|
|
|
|
|
Total Commercial
Revenues
|
71,471
|
206,660
|
217,365
|
5.2
|
423,767
|
461,255
|
8.8
|
Commercial Revenues
from Direct Operations (1)
|
18,159
|
48,978
|
55,363
|
13.0
|
99,531
|
114,055
|
14.6
|
Commercial Revenues
Excluding Direct Operations
|
53,312
|
157,681
|
162,002
|
2.7
|
324,236
|
347,201
|
7.1
|
|
|
|
|
|
|
|
|
Total Commercial
Revenues per Passenger
|
80.4
|
89.7
|
89.8
|
0.1
|
91.1
|
97.7
|
7.3
|
Commercial Revenues
from Direct Operations per Passenger (1)
|
20.4
|
21.3
|
22.9
|
7.6
|
21.4
|
24.2
|
13.0
|
Commercial Revenues
Excl. Direct Operations per Passenger
|
60.0
|
68.4
|
66.9
|
(2.2)
|
69.7
|
73.6
|
5.6
|
1Represents ASUR's operation of
convenience stores in LMM Airport.
|
Note: Figures in
pesos at an average exchange rate of Ps.18.5692.
|
Puerto Rico Revenues
Total Puerto Rico Revenues for 2Q17 rose 4.2% YoY to
Ps.666.5 million, principally due to increases of:
- 4.1% in revenues from aeronautical services, mainly as a result
of the 5.0% increase in passenger traffic; and
- 4.5% in revenues from non-aeronautical services, principally
reflecting the 5.2% increase in commercial revenues.
Commercial Revenues in the quarter rose 5.2%
year-over-year, principally reflecting the positive impact from the
remodeling program at LMM airport completed on 2016 and the 5.0%
increase in total passenger traffic. Commercial Revenues per
Passenger rose to Ps.89.8 from Ps.89.7 in 2Q16.
As shown on table 15, during the last 12 months, 11 new
commercial spaces were opened at LMM Airport. More details of these
openings can be found on page 14 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: LMM
Airport Commercial Revenues
|
|
Table 15: LMM
Airport Commercial Spaces Opened since June 30, 2016
|
|
|
|
|
Business Line
(1)
|
YoY
Chg.
|
|
Type of Commercial
Space (1)
|
# of
spaces
opened
|
2T17
|
6M17
|
|
Retail
Operations
|
11.8%
|
16.7%
|
|
Retail
|
6
|
Other
Revenue
|
79.6%
|
76.9%
|
|
Food &
Beverage
|
3
|
Food and Beverage
Operations
|
5.5%
|
6.0%
|
|
Other
Revenue
|
2
|
Car Rental
Revenues
|
1.0%
|
5.5%
|
|
Total Commercial
Spaces
|
11
|
Ground
Transportation
|
16.9%
|
15.7%
|
|
1 Only includes
new stores opened during the period and excludes remodelings or
contract renewals.
|
Advertising
Revenues
|
(15.1%)
|
(6.7%)
|
|
Duty Free
|
(5.1%)
|
(1.1%)
|
|
|
|
Parking Lot
Fees
|
(4.2%)
|
(0.7%)
|
|
|
|
Total Commercial
Revenues
|
5.2%
|
8.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Operating Costs and Expenses
Table 16: San Juan
Airport Operating Costs & Expenses
(in thousands of
Mexican pesos)
|
|
|
|
|
|
|
June
2017
|
Second
Quarter
|
%
Chg
|
Six-Months
|
%
Chg
|
Consolidated
|
2016
|
2017
|
2016
|
2017
|
Cost of
Services
|
91,326
|
267,915
|
278,625
|
4.0
|
561,925
|
580,210
|
3.3
|
Concession
Fees
|
794
|
2,215
|
2,436
|
10.0
|
4,427
|
5,102
|
15.2
|
Depreciation and
Amortization
|
35,513
|
106,442
|
107,254
|
0.8
|
206,819
|
223,313
|
8.0
|
Total Operating
Costs & Expenses
|
127,633
|
376,572
|
388,315
|
3.1
|
773,171
|
808,625
|
4.6
|
Note: Figures in
pesos at an average exchange rate of Ps.18.5692.
|
|
|
Total Operating Costs and Expenses at LMM Airport in 2Q17
increased 3.1% YoY to Ps.388.3 million.
Cost of Services increased 4.0% YoY, while Concession
Fees, which include fees paid to the Puerto Rican
government, rose 10.0%. Depreciation and Amortization
increased 0.8%.
Puerto Rico Comprehensive Financing Gain (Loss)
Table 17: San Juan
Airport Comprehensive Financing Gain (Loss)
(in thousands of
Mexican pesos)
|
|
|
|
|
|
|
June
2017
|
Second
Quarter
|
%
Chg
|
Six-Months
|
%
Chg
|
Consolidated
|
2016
|
2017
|
2016
|
2017
|
Interest
Income
|
3
|
13
|
10
|
(23.1)
|
34
|
25
|
(26.5)
|
Interest
Expense
|
(41,860)
|
(133,540)
|
(130,195)
|
(2.5)
|
(260,535)
|
(274,428)
|
5.3
|
Total
|
(41,857)
|
(133,527)
|
(130,185)
|
(2.5)
|
(260,501)
|
(274,403)
|
5.3
|
Note: Figures in
pesos at an average exchange rate of Ps.18.5692.
|
During 2Q17, LMM Airport reported a Ps.130.2 million
Comprehensive Financing Loss, compared with a Ps.133.5 million loss
in 2Q16.
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 June 30,
2017, the remaining balance is Ps.1,386.2 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 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 June 30, 2017, had not
been utilized.
All long-term debt is collateralized by the Aerostar total
assets.
Puerto Rico Operating Profit and EBITDA
Table 18: San Juan
Airport Operating Profit & EBITDA
(in thousands of
Mexican pesos)
|
|
|
|
|
|
|
June
2017
|
Second
Quarter
|
%
Chg
|
Six-Months
|
%
Chg
|
Consolidated
|
2016
|
2017
|
2016
|
2017
|
Total
Revenue
|
222,108
|
639,592
|
666,509
|
4.2
|
1,276,012
|
1,382,308
|
8.3
|
Operating
Profit
|
94,475
|
263,020
|
278,194
|
5.8
|
502,841
|
573,683
|
14.1
|
Operating
Margin
|
42.5%
|
41.1%
|
41.7%
|
+62 bps
|
39.4%
|
41.5%
|
+209 bps
|
EBITDA
|
129,988
|
369,462
|
385,448
|
4.3
|
709,660
|
796,996
|
12.3
|
EBITDA
Margin
|
58.5%
|
57.8%
|
57.8%
|
+7 bps
|
55.6%
|
57.7%
|
+204 bps
|
Note: Figures in
pesos at an average exchange rate of Ps.18.5692.
|
Operating Profit in 2Q17 rose 5.8 to Ps.278.2 million,
with Operating Margin up 62 bps to 41.7% from 41.1% in
2Q16.
EBITDA rose 4.3% to Ps.385.4 million from Ps.369.5
million in 2Q16, reflecting the positive impact from the increase
in passenger traffic and cost savings during the period. EBITDA
Margin rose 7 bps to 57.8% in 2Q17.
In accordance with the application of IFRIC 12, Aerostar
recognizes on a monthly basis the provision for maintenance of
those concession assets that will be replaced before the end of the
concession. The monthly amount is Ps.5.6 million.
Puerto Rico Capital Expenditures
During 2Q17, Aerostar invested Ps.88.2 million to modernize LMM
Airport, mainly for the construction of the Federal Inspection
Station and in equipment for LMM's operations. This compares with
investments of Ps.65.1 million in 2Q16. Accumulated capex for 6M17
totaled Ps.136.3 million, compared with Ps.137.6 million in
6M16.
Puerto Rico Tariff Regulation
The Airport Use Agreement signed by Aerostar, the airlines
serving LMM Airport, and the Puerto Rico Port 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 will
increase 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.
Definitions
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.
Domestic Passenger Traffic refers to traffic within
Mexico for Mexican airports, and
within San Juan airport and the
U.S. for LMM Airport. International Passenger Traffic
refers to traffic between Mexico
and other countries for Mexican airports, and between San Juan
Airport and countries other than the U.S. for LMM Airport.
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. EBsITDA 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 less construction services revenues for
Mexico 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. 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. 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 Mexican airport operator with concessions to
operate, maintain and develop the airports of Cancun, Merida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan in the southeast of Mexico, as well as a 60% JV partner in
Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín
International Airport in San Juan, Puerto
Rico. The Company 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 informs that the
stock is covered by the following broker-dealers: Actinver Casa de
Bolsa, Barclays, BBVA Bancomer, BofA Merrill Lynch, BX+, 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
|
México Passenger
Traffic
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
%
Chg
|
|
Year to
Date
|
%
Chg
|
|
|
2016
|
2017
|
|
2016
|
2017
|
Domestic
Traffic
|
3,081,084
|
3,634,801
|
18.0
|
|
5,829,761
|
6,712,600
|
15.1
|
CUN
|
Cancún
|
1,624,509
|
2,014,177
|
24.0
|
|
2,988,147
|
3,585,217
|
20.0
|
CZM
|
Cozumel
|
30,712
|
27,376
|
(10.9)
|
|
63,309
|
55,308
|
(12.6)
|
HUX
|
Huatulco
|
133,324
|
172,362
|
29.3
|
|
254,647
|
309,833
|
21.7
|
MID
|
Mérida
|
410,591
|
476,650
|
16.1
|
|
808,701
|
936,303
|
15.8
|
MTT
|
Minatitlán
|
58,523
|
51,546
|
(11.9)
|
|
112,693
|
100,344
|
(11.0)
|
OAX
|
Oaxaca
|
167,565
|
182,178
|
8.7
|
|
329,305
|
352,689
|
7.1
|
TAP
|
Tapachula
|
70,007
|
69,164
|
(1.2)
|
|
139,347
|
142,392
|
2.2
|
VER
|
Veracruz
|
305,150
|
327,829
|
7.4
|
|
578,315
|
617,185
|
6.7
|
VSA
|
Villahermosa
|
280,703
|
313,519
|
11.7
|
|
555,297
|
613,329
|
10.5
|
International
Traffic
|
3,852,907
|
4,314,866
|
12.0
|
|
8,296,366
|
9,034,862
|
8.9
|
CUN
|
Cancún
|
3,657,458
|
4,102,575
|
12.2
|
|
7,792,696
|
8,501,874
|
9.1
|
CZM
|
Cozumel
|
96,987
|
105,635
|
8.9
|
|
241,709
|
248,038
|
2.6
|
HUX
|
Huatulco
|
13,922
|
16,522
|
18.7
|
|
86,140
|
98,035
|
13.8
|
MID
|
Mérida
|
37,470
|
44,513
|
18.8
|
|
76,070
|
92,689
|
21.8
|
MTT
|
Minatitlán
|
3,090
|
1,626
|
(47.4)
|
|
5,675
|
3,441
|
(39.4)
|
OAX
|
Oaxaca
|
12,378
|
13,791
|
11.4
|
|
29,898
|
32,728
|
9.5
|
TAP
|
Tapachula
|
2,688
|
3,502
|
30.3
|
|
5,452
|
7,111
|
30.4
|
VER
|
Veracruz
|
18,428
|
16,824
|
(8.7)
|
|
36,477
|
32,179
|
(11.8)
|
VSA
|
Villahermosa
|
10,486
|
9,878
|
(5.8)
|
|
22,249
|
18,767
|
(15.7)
|
Total Traffic
México
|
6,933,991
|
7,949,667
|
14.6
|
|
14,126,127
|
15,747,462
|
11.5
|
CUN
|
Cancún
|
5,281,967
|
6,116,752
|
15.8
|
|
10,780,843
|
12,087,091
|
12.1
|
CZM
|
Cozumel
|
127,699
|
133,011
|
4.2
|
|
305,018
|
303,346
|
(0.5)
|
HUX
|
Huatulco
|
147,246
|
188,884
|
28.3
|
|
340,787
|
407,868
|
19.7
|
MID
|
Mérida
|
448,061
|
521,163
|
16.3
|
|
884,771
|
1,028,992
|
16.3
|
MTT
|
Minatitlán
|
61,613
|
53,172
|
(13.7)
|
|
118,368
|
103,785
|
(12.3)
|
OAX
|
Oaxaca
|
179,943
|
195,969
|
8.9
|
|
359,203
|
385,417
|
7.3
|
TAP
|
Tapachula
|
72,695
|
72,666
|
(0.0)
|
|
144,799
|
149,503
|
3.2
|
VER
|
Veracruz
|
323,578
|
344,653
|
6.5
|
|
614,792
|
649,364
|
5.6
|
VSA
|
Villahermosa
|
291,189
|
323,397
|
11.1
|
|
577,546
|
632,096
|
9.4
|
|
|
|
|
|
|
|
|
|
US Passenger
Traffic, San Juan Airport (LMM)
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
%
Chg
|
|
Year to
Date
|
%
Chg
|
|
|
2016
|
2017
|
|
2016
|
2017
|
SJU Total
1
|
2,304,464
|
2,420,615
|
5.0
|
|
4,654,393
|
4,720,551
|
1.4
|
Domestic
Traffic
|
2,029,510
|
2,119,261
|
4.4
|
|
4,119,053
|
4,146,943
|
0.7
|
International
Traffic
|
274,954
|
301,354
|
9.6
|
|
535,340
|
573,608
|
7.1
|
|
|
|
|
|
|
|
|
|
1 On May
26, 2017, ASUR increased its ownership stake in LMM Airport from
50% to 60%. While ASUR began fully consolidating line by line
Aerostar's operations starting June 1, 2017, for comparison
purposes this table includes traffic figures for LMM Airport for
2Q16 and 2Q17 as well as 6M16 and 6M17.
|
Note: Passenger
figures for Mexico exclude transit and general aviation passengers,
and SJU include transit passengers and general aviation.
|
ASUR Retail and
Other Commercial Space Opened since June 30, 2016
1
|
|
Business
Name
|
Type
|
Opening
Date
|
MEXICO
|
Cancun
|
Tienda de
Conveniencia
|
Retail
|
July 2016
|
Starbucks
Café
|
Food &
Beverage
|
August
2016
|
Tiendas
Tropicales
|
Retail
|
August
2016
|
Tiendas
Tropicales
|
Retail
|
August
2016
|
Tere
Cazola
|
Retail
|
September
2016
|
Ice Casa de
Cambio
|
Bank and
Foreign
|
September
2016
|
TUMI
|
Retail
|
December
2016
|
Ay Guey
|
Retail
|
March 2017
|
Cuadra
|
Retail
|
April 2017
|
Merida
|
La Lupita
|
Retail
|
October
2016
|
MOBO
|
Retail
|
November
2016
|
Villahermosa
|
Dfass
Mexico
|
Duty Free
|
October
2016
|
Veracruz
|
Dfass
Mexico
|
Duty Free
|
October
2016
|
Oaxaca
|
NLG
Services
|
VIP Lounge
|
February
2017
|
Huatulco
|
Dfass
Mexico
|
Duty Free
|
December
2016
|
Dfass
Mexico
|
Duty Free
|
December
2016
|
Global lounge op
mex
|
VIP Lounge
|
April 2017
|
SAN JUAN, PUERTO
RICO
|
Tech on the Go -
Terminal A
|
Retail
|
July 2016
|
Tech on the Go -
Terminal B
|
Retail
|
July 2016
|
Tech on the Go -
Terminal C
|
Retail
|
July 2016
|
Turismo Slot
Machines
|
Other
Revenue
|
September
2016
|
Ready Credit
Starions
|
Other
Revenue
|
October
2016
|
El Colmadito -
Terminal A
|
Retail
|
December
2016
|
El Market Jewerly -
Terminal C
|
Retail
|
December
2016
|
Gustos Café Terminal
- Terminal C
|
Food &
Beverage
|
December
2016
|
Popeye's Food Court -
Terminal A
|
Food &
Beverage
|
December
2016
|
El Market Jewerly -
Terminal B
|
Retail
|
January
2017
|
Gustos Café Public
Area - Terminal B
|
Food &
Beverage
|
June 2017
|
1 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
|
2Q
2016
|
2Q 2016 Per
Workload Unit
|
2Q
2017
|
2Q 2017 Per
Workload Unit
|
|
YoY %
Chg.
|
Per Workload Unit
YoY % Chg.
|
Cancún
1
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
824,488
|
154.1
|
1,025,616
|
165.6
|
|
24.4
|
7.5
|
Non-Aeronautical
Revenues
|
690,543
|
129.0
|
849,639
|
137.2
|
|
23.0
|
6.4
|
Construction Services
Revenues
|
323,433
|
60.4
|
389,596
|
62.9
|
|
20.5
|
4.1
|
Total
Revenues
|
1,838,464
|
343.5
|
2,264,851
|
365.7
|
|
23.2
|
6.5
|
Operating
Profit
|
892,683
|
166.8
|
1,152,264
|
186.0
|
|
29.1
|
11.5
|
EBITDA
|
974,597
|
182.1
|
1,237,304
|
199.8
|
|
27.0
|
9.7
|
Mérida
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
76,651
|
153.6
|
94,892
|
165.3
|
|
23.8
|
7.6
|
Non-Aeronautical
Revenues
|
19,989
|
40.1
|
24,244
|
42.2
|
|
21.3
|
5.2
|
Construction Services
Revenues
|
18,944
|
38.0
|
4,423
|
7.7
|
|
(76.7)
|
(79.7)
|
Other
2
|
13
|
-
|
18
|
-
|
|
38.5
|
n/a
|
Total
Revenues
|
115,597
|
231.7
|
123,577
|
215.3
|
|
6.9
|
(7.1)
|
Operating
Profit
|
42,182
|
84.5
|
59,865
|
104.3
|
|
41.9
|
23.4
|
EBITDA
|
52,060
|
104.3
|
71,481
|
124.5
|
|
37.3
|
19.4
|
Villahermosa
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
41,808
|
138.0
|
50,967
|
152.1
|
|
21.9
|
10.2
|
Non-Aeronautical
Revenues
|
15,422
|
50.9
|
15,405
|
46.0
|
|
(0.1)
|
(9.6)
|
Construction Services
Revenues
|
15,343
|
50.6
|
10
|
-
|
|
(99.9)
|
(100.0)
|
Other
2
|
14
|
-
|
21
|
0.1
|
|
50.0
|
n/a
|
Total
Revenues
|
72,587
|
239.6
|
66,403
|
198.2
|
|
(8.5)
|
(17.3)
|
Operating
Profit
|
23,855
|
78.7
|
31,181
|
93.1
|
|
30.7
|
18.3
|
EBITDA
|
30,800
|
101.7
|
38,659
|
115.4
|
|
25.5
|
13.5
|
Other Airports
3
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
159,650
|
170.9
|
185,855
|
184.7
|
|
16.4
|
8.1
|
Non-Aeronautical
Revenues
|
33,580
|
36.0
|
38,670
|
38.4
|
|
15.2
|
6.7
|
Construction Services
Revenues
|
23,938
|
25.6
|
33,871
|
33.7
|
|
41.5
|
31.6
|
Other
2
|
36
|
-
|
51
|
0.1
|
|
41.7
|
n/a
|
Total
Revenues
|
217,204
|
232.6
|
258,447
|
256.9
|
|
19.0
|
10.4
|
Operating
Profit
|
73,686
|
78.9
|
89,731
|
89.2
|
|
21.8
|
13.1
|
EBITDA
|
105,352
|
112.8
|
124,391
|
123.6
|
|
18.1
|
9.6
|
Holding &
Service Companies 4
|
|
|
|
|
|
|
|
Construction Services
Revenues
|
-
|
n/a
|
-
|
n/a
|
|
n/a
|
n/a
|
Other
2
|
403,687
|
n/a
|
435,653
|
n/a
|
|
7.9
|
n/a
|
Total
Revenues
|
403,687
|
n/a
|
435,653
|
n/a
|
|
7.9
|
n/a
|
Operating
Profit
|
174,206
|
n/a
|
185,911
|
n/a
|
|
6.7
|
n/a
|
EBITDA
|
174,700
|
n/a
|
186,091
|
n/a
|
|
6.5
|
n/a
|
Consolidation
Adjustment Mexico
|
|
|
|
|
|
|
|
Consolidation
Adjustment
|
(403,750)
|
n/a
|
(435,743)
|
n/a
|
|
7.9
|
n/a
|
Total
Mexico
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
1,102,597
|
155.6
|
1,357,330
|
167.4
|
|
23.1
|
7.6
|
Non-Aeronautical
Revenues
|
759,534
|
107.2
|
927,958
|
114.4
|
|
22.2
|
6.7
|
Construction Services
Revenues
|
381,658
|
53.8
|
427,900
|
52.8
|
|
12.1
|
(1.9)
|
Total
Revenues
|
2,243,789
|
316.6
|
2,713,188
|
334.6
|
|
20.9
|
5.7
|
Operating
Profit
|
1,206,612
|
170.2
|
1,518,952
|
187.3
|
|
25.9
|
10.0
|
EBITDA
|
1,337,509
|
188.7
|
1,657,926
|
204.5
|
|
24.0
|
8.4
|
San Juan, US
5
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
|
|
149,826
|
168.6
|
|
n/a
|
n/a
|
Non-Aeronautical
Revenues
|
|
|
72,282
|
81.3
|
|
n/a
|
n/a
|
Construction Services
Revenues
|
|
|
-
|
-
|
|
n/a
|
n/a
|
Total
Revenues
|
|
|
222,108
|
249.9
|
|
n/a
|
n/a
|
Operating
Profit
|
|
|
94,475
|
106.3
|
|
n/a
|
n/a
|
EBITDA
|
|
|
129,988
|
146.3
|
|
n/a
|
n/a
|
Consolidation
Adjustment San Juan
|
|
|
|
|
|
|
|
Consolidation
Adjustment
|
|
n/a
|
-
|
n/a
|
|
n/a
|
n/a
|
CONSOLIDATED
ASUR
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
1,102,597
|
155.6
|
1,507,156
|
167.5
|
|
36.7
|
7.6
|
Non-Aeronautical
Revenues
|
759,534
|
107.2
|
1,000,240
|
111.2
|
|
31.7
|
3.7
|
Construction Services
Revenues
|
381,658
|
53.8
|
427,900
|
47.6
|
|
12.1
|
(11.5)
|
Total
Revenues
|
2,243,789
|
316.6
|
2,935,296
|
326.2
|
|
30.8
|
3.0
|
Operating
Profit
|
1,206,612
|
170.2
|
1,613,427
|
179.3
|
|
33.7
|
5.3
|
EBITDA
|
1,337,509
|
188.7
|
1,787,914
|
198.7
|
|
33.7
|
5.3
|
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 operations of San Juan Airport, Puerto Rico,
US
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Consolidated
Statements of Income from January 1 to June 30, 2017 and
2016
|
Thousands of Mexican
pesos
|
|
|
|
|
|
|
|
|
Item
|
1H
2016
|
1H
2017
|
%
Change
|
|
2Q
2016
|
2Q
2017
|
%
Change
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
Aeronautical
Services
|
2,236,049
|
2,855,252
|
27.7
|
|
1,102,597
|
1,507,156
|
36.7
|
Non-Aeronautical
Services
|
1,560,183
|
2,022,202
|
29.6
|
|
759,534
|
1,000,241
|
31.7
|
Construction
Services
|
524,911
|
534,591
|
1.8
|
|
381,658
|
427,900
|
12.1
|
Total
Revenues
|
4,321,143
|
5,412,045
|
25.2
|
|
2,243,789
|
2,935,297
|
30.8
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
Cost of
Services
|
624,234
|
819,441
|
31.3
|
|
319,435
|
476,822
|
49.3
|
Cost of
Construction
|
524,911
|
534,591
|
1.8
|
|
381,658
|
427,900
|
12.1
|
General and
Administrative Expenses
|
103,296
|
108,693
|
5.2
|
|
50,771
|
51,595
|
1.6
|
Technical
Assistance
|
144,977
|
180,595
|
24.6
|
|
70,472
|
87,268
|
23.8
|
Concession
Fee
|
171,623
|
209,598
|
22.1
|
|
83,944
|
103,798
|
23.7
|
Depreciation and
Amortization
|
259,296
|
313,457
|
20.9
|
|
130,897
|
174,486
|
33.3
|
Total Operating
Expenses
|
1,828,337
|
2,166,375
|
18.5
|
|
1,037,177
|
1,321,869
|
27.4
|
|
|
|
|
|
|
|
|
Operating
Income
|
2,492,806
|
3,245,670
|
30.2
|
|
1,206,612
|
1,613,428
|
33.7
|
|
|
|
|
|
|
|
|
Comprehensive
Financing Cost
|
(29,854)
|
(1,570)
|
(94.7)
|
|
(11,273)
|
(21,968)
|
94.9
|
|
|
|
|
|
|
|
|
Income from
Results of Joint Venture Accounted by
the Equity Method
|
108,023
|
112,345
|
4.0
|
|
58,168
|
43,506
|
(25.2)
|
|
|
|
|
|
|
|
|
Income Before
Income Taxes
|
2,570,975
|
3,356,445
|
30.6
|
|
1,253,507
|
1,634,966
|
30.4
|
|
|
|
|
|
|
|
|
Provision for Income
Tax
|
764,518
|
1,004,156
|
31.3
|
|
374,358
|
506,182
|
35.2
|
Provision for Asset
Tax
|
466
|
466
|
-
|
|
233
|
233
|
-
|
Deferred Income
Taxes
|
11,034
|
(138,883)
|
(1,358.7)
|
|
12,293
|
(23,516)
|
(291.3)
|
|
|
|
|
|
|
|
|
Net Income for the
Year
|
1,794,957
|
2,490,706
|
38.8
|
|
866,623
|
1,152,067
|
32.9
|
|
|
|
|
|
|
|
|
Majority Net
Income
|
1,794,957
|
2,471,279
|
37.7
|
|
866,623
|
1,132,640
|
30.7
|
Non-Controlling
interests
|
-
|
19,427
|
-
|
|
0
|
19,427
|
-
|
|
|
|
|
|
|
|
|
Earning per
Share
|
5.9832
|
8.2376
|
37.7
|
|
2.8887
|
3.7755
|
30.7
|
Earning per American
Depositary Share (in U.S. Dollars)
|
3.3125
|
4.5606
|
37.7
|
|
1.5993
|
2.0902
|
30.7
|
Exchange Rate per
Dollar Ps. 18.0626
|
|
|
|
|
|
|
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Consolidated
Balances Sheet as of June 30, 2017 and December 31,
2016
|
Thousands of Mexican
pesos
|
|
|
|
|
|
Item
|
June
2017
|
December
2016
|
Variation
|
%
|
Assets
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and Cash
Equivalents
|
2,829,843
|
3,497,635
|
(667,792)
|
(19.1)
|
Accounts Receivable,
net
|
376,443
|
464,872
|
(88,429)
|
(19.0)
|
Recoverable Taxes and
Other Current Assets
|
1,526,506
|
270,511
|
1,255,995
|
464.3
|
Total Current
Assets
|
4,732,792
|
4,233,018
|
499,774
|
11.8
|
|
|
|
|
|
Non Current
Assets
|
|
|
|
|
Machinery, Furniture
and Equipment, net
|
440,044
|
323,099
|
116,945
|
36.2
|
Airports Concessions,
net
|
33,139,682
|
20,284,126
|
12,855,556
|
63.4
|
Accounts Receivable
from Joint Venture
|
-
|
1,886,546
|
(1,886,546)
|
(100.0)
|
Investment in Joint
Venture Accounted by the Equity Method
|
-
|
2,489,302
|
(2,489,302)
|
(100.0)
|
Goodwill
|
253,777
|
-
|
253,777
|
-
|
Total
Assets
|
38,566,295
|
29,216,091
|
9,350,204
|
32.0
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Trade Accounts
Payable
|
120,514
|
11,401
|
109,113
|
957.0
|
Bank Loans
|
56,806
|
58,336
|
(1,530)
|
(2.6)
|
Accrued Expenses and
Others Payables
|
1,049,507
|
523,446
|
526,061
|
100.5
|
Total Current
Liabilities
|
1,226,827
|
593,183
|
633,644
|
106.8
|
|
|
|
|
|
Long Term
Liabilities
|
|
|
|
|
Bank Loans
|
3,858,966
|
4,402,440
|
(543,474)
|
(12.3)
|
Long Term
Debt
|
6,978,619
|
-
|
6,978,619
|
-
|
Deferred Income
Taxes
|
1,599,806
|
1,456,020
|
143,786
|
9.9
|
Employee
Benefits
|
10,993
|
10,494
|
499
|
4.8
|
Total Long Term
Liabilities
|
12,448,384
|
5,868,954
|
6,579,430
|
112.1
|
|
|
|
|
|
Total
Liabilities
|
13,675,211
|
6,462,137
|
7,213,074
|
111.6
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Capital
Stock
|
7,767,276
|
7,767,276
|
-
|
-
|
Legal
Reserve
|
1,075,002
|
893,133
|
181,869
|
20.4
|
Net Income for the
Period
|
2,490,706
|
3,629,262
|
(1,138,556)
|
(31.4)
|
Cumulative Effect of
Conversion of Foreign Currency
|
560,006
|
893,132
|
(333,126)
|
(37.3)
|
Retained
Earnings
|
11,170,544
|
9,571,151
|
1,599,393
|
16.7
|
Non-Controlling
Interests
|
1,827,550
|
-
|
1,827,550
|
-
|
Total
Stockholders' Equity
|
24,891,084
|
22,753,954
|
2,137,130
|
9.4
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
38,566,295
|
29,216,091
|
9,350,204
|
32.0
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Consolidated
Statement of Cash flow as of June 30, 2017 and
2016
|
Thousands of Mexican
pesos
|
|
|
|
|
|
|
|
|
Item
|
1H
|
1H
|
%
|
|
2Q
|
2Q
|
%
|
|
2016
|
2017
|
Change
|
|
2016
|
2017
|
Change
|
Operating
Activities
|
|
|
|
|
|
|
|
Income Before
Income Taxes
|
2,570,975
|
3,356,445
|
30.6
|
|
1,253,507
|
1,634,966
|
30.4
|
Items Related with
Investing Activities:
|
|
|
|
|
|
|
|
Depreciation and
Amortization
|
259,296
|
313,457
|
20.9
|
|
130,897
|
174,485
|
33.3
|
Income from Results
of Joint Venture Accounted by the
Equity Method
|
(108,023)
|
(112,345)
|
4.0
|
|
(58,168)
|
(43,506)
|
(25.2)
|
Interest
Income
|
(82,340)
|
(109,846)
|
33.4
|
|
(45,627)
|
(55,307)
|
21.2
|
Interest
Payables
|
|
112,720
|
-
|
|
|
71,406
|
-
|
Foreign Exchange Gain
(loss), Net Unearned
|
137,425
|
(350,915)
|
(355.4)
|
|
138,747
|
(127,231)
|
(191.7)
|
Sub-Total
|
2,777,333
|
3,209,516
|
15.6
|
|
1,419,356
|
1,654,813
|
16.6
|
Increase in Trade
Receivables
|
145,751
|
140,430
|
(3.7)
|
|
310,585
|
412,441
|
32.8
|
Decrease in
Recoverable Taxes and other Current Assets
|
347,307
|
(1,010,586)
|
(391.0)
|
|
258,990
|
(1,200,750)
|
(563.6)
|
Income Tax
Paid
|
(816,327)
|
(1,016,564)
|
24.5
|
|
(401,961)
|
(538,158)
|
33.9
|
Trade Accounts
Payable
|
172,559
|
93,279
|
(45.9)
|
|
40,290
|
(39,112)
|
(197.1)
|
|
|
|
|
|
|
|
|
Net Cash Flow
Provided by Operating Activities
|
2,626,623
|
1,416,075
|
(46.1)
|
|
1,627,260
|
289,234
|
(82.2)
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
|
Investments in
Associates
|
-
|
(726,584)
|
-
|
|
-
|
(726,584)
|
-
|
Loans granted to
Associates
|
-
|
286,507
|
-
|
|
-
|
286,507
|
-
|
Investments in
Machinery, Furniture and Equipment, net
|
(397,103)
|
(391,862)
|
(1.3)
|
|
(240,370)
|
(308,348)
|
28.3
|
Interest
Income
|
44,633
|
97,204
|
117.8
|
|
25,813
|
62,054
|
140.4
|
Initial Recognition
for Consolidation
|
-
|
578,730
|
-
|
|
-
|
578,730
|
-
|
|
|
|
|
|
|
|
|
Net Cash Flow Used
by Investing Activities
|
(352,470)
|
(156,005)
|
(55.7)
|
|
(214,557)
|
(107,641)
|
(49.8)
|
|
|
|
|
|
|
|
|
Excess Cash to Use
in Financing Activities:
|
2,274,153
|
1,260,070
|
(44.6)
|
|
1,412,703
|
181,593
|
(87.1)
|
|
|
|
|
|
|
|
|
Interest
paid
|
-
|
(79,862)
|
-
|
|
-
|
947
|
-
|
Dividends
Paid
|
(1,683,000)
|
(1,848,000)
|
9.8
|
|
(1,683,000)
|
(1,848,000)
|
9.8
|
Tax on Dividends
Paid
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Net Cash Flow Used
by Financing Activities
|
(1,683,000)
|
(1,927,862)
|
14.5
|
|
(1,683,000)
|
(1,847,053)
|
9.7
|
|
|
|
|
|
|
|
|
Net Increase in
Cash and Cash Equivalents
|
591,153
|
(667,792)
|
(213.0)
|
|
(270,297)
|
(1,665,460)
|
516.2
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents at Beginning of Period
|
2,084,160
|
3,497,635
|
67.8
|
|
2,945,610
|
4,495,303
|
52.6
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents at the End of Period
|
2,675,313
|
2,829,843
|
5.8
|
|
2,675,313
|
2,829,843
|
5.8
|
View original
content:http://www.prnewswire.com/news-releases/asur-reports-2q17-passenger-traffic-up-146-yoy-in-mexico-and-50-in-san-juan-puerto-rico-300491931.html
SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.