ASR Grupo Aeroportuario Del Sureste

Consolidated Revenues

Consolidated Revenues for 2Q17 rose 30.8% YoY to Ps.2,935.3 million, principally due to increases of:

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.

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:

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.

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.

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.

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:

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.

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.

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 2Q17 Page 8 of 18

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.

 

 

ASUR 2Q17 Page 9 of 18

 

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.

 

 

ASUR 2Q17 Page 10 of 18

 

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.

ASUR 2Q17 Page 11 of 18

 

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 –

ASUR 2Q17 Page 12 of 18

 

 

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 2Q17 Page 13 of 18

 

 

 

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.

 

 

 

ASUR 2Q17 Page 14 of 18

ASUR 2Q17 Page 15 of 18

ASUR 2Q17 Page 16 of 18

 

ASUR 2Q17 Page 17 of 18

 

ASUR 2Q17 Page 18 of 18

 

 

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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