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.
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.
1
Represents 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
|
1
Represents 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.
Contacts:
ASUR
Adolfo Castro
+1-52-55-5284-0408
acastro@asur.com.mx
|
MBS Value Partners
Susan Borinelli
+1-646-330-5907
susan.borinelli@mbsvalue.com
|
- 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.
|
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
|
|
By:
/s/ ADOLFO CASTRO RIVAS
|
|
|
Adolfo Castro Rivas
|
|
|
Chief Executive Officer
|
Date:
July 20, 2017
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