UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of October 2017
GRUPO
AEROPORTUARIO DEL SURESTE, S.A.B. de C.V.
(SOUTHEAST
AIRPORT GROUP)
(Translation
of Registrant’s Name Into English)
México
(Jurisdiction
of incorporation or organization)
Bosque
de Alisos No. 47A– 4th Floor
Bosques
de las Lomas
05120
México, D.F.
(Address
of principal executive offices)
(Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
|
Form
20-F
x
|
Form
40-F ____
|
(Indicate
by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
(If
“Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
.)
ASUR 3Q17 Passenger Traffic
Increased 8.1% YoY
in Mexico and Declined
5.5% in San Juan, Puerto Rico
Mexico City, October 19, 2017 - 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
nine-month periods ended September 30, 2017.
Highlights for the Quarter
|
·
|
Agreements to acquire
controlling interest in two Colombian airport groups, subject to governmental approval.
|
|
·
|
Passenger traffic in
Mexico up 8.1% YoY, supported by increases of 6.9% and 9.4% in domestic and international traffic, respectively. Cancun Airport
was the main traffic driver.
|
|
·
|
Traffic at LMM Airport
declined 5.5% YoY, 4.3% in domestic traffic and 12.2% in international traffic impacted by Hurricane Maria in September 2017.
|
|
·
|
Consolidated commercial
revenues per passenger reached Ps.99.5.
|
|
·
|
Consolidated EBITDA up
39.5% YoY, reaching Ps.1,916.6 million.
|
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 nine-month periods ended September 30, 2017, and the equivalent three-
and nine-month periods September 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.
18.1590
. Definitions for EBITDA, Adjusted
EBITDA margin, Majority Net Income, domestic and international traffic can be found on page 12 of this report.
ASUR 3Q17 Page 1 of 19
ASUR’s total passenger traffic in 3Q17
rose 4.9% YoY to 9.9 million passengers, driven by an 8.1% increase in Mexico, partially offset by a 5.5% decline in traffic in
Puerto Rico. The decline in passenger traffic at Luis Muñoz Marín Airport in San Juan, Puerto Rico reflects the impact
of Hurricane Maria, which resulted in operations at this airport being suspended on September 19, 2017 at 19:30 pm and resuming
on a limited basis on September 21, 2017 with 10 flights, increasing progressively to 41 daily flights at the end of September
2017. The airport is still operating on a limited basis.
The 8.1% YoY growth in passenger traffic achieved
in Mexico reflects increases of 6.9% and 9.4% in domestic and international traffic, respectively. Cancun was the main driver behind
traffic growth, reporting increases of 9.5% and 9.4% 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 3Q17
declined 5.5% YoY, reflecting reductions of 4.3% and 12.2% in domestic and international traffic, respectively as explained above.
Tables with detailed passenger traffic information
for each airport can be found on page 14 of this report.
Table 2: Passenger Traffic Summary
|
|
|
|
|
|
|
|
|
Third Quarter
|
% Chg.
|
|
Nine-Months
|
% Chg.
|
2016
|
2017
|
|
2016
|
2017
|
Total Mexico
|
7,199,539
|
7,783,057
|
8.1
|
|
21,325,666
|
23,530,519
|
10.3
|
- Cancun
|
5,400,565
|
5,909,015
|
9.4
|
|
16,181,408
|
17,996,106
|
11.2
|
- 8 Other Airports
|
1,798,974
|
1,874,042
|
4.2
|
|
5,144,258
|
5,534,413
|
7.6
|
Domestic Traffic
|
3,675,805
|
3,929,206
|
6.9
|
|
9,505,566
|
10,641,806
|
12.0
|
- Cancun
|
2,059,770
|
2,254,689
|
9.5
|
|
5,047,917
|
5,839,906
|
15.7
|
- 8 Other Airports
|
1,616,035
|
1,674,517
|
3.6
|
|
4,457,649
|
4,801,900
|
7.7
|
International Traffic
|
3,523,734
|
3,853,851
|
9.4
|
|
11,820,100
|
12,888,713
|
9.0
|
- Cancun
|
3,340,795
|
3,654,326
|
9.4
|
|
11,133,491
|
12,156,200
|
9.2
|
- 8 Other Airports
|
182,939
|
199,525
|
9.1
|
|
686,609
|
732,513
|
6.7
|
Total San Juan, Puerto Rico
(1)
|
2,268,840
|
2,144,760
|
(5.5)
|
|
6,923,233
|
6,865,311
|
(0.8)
|
Domestic Traffic
|
1,943,163
|
1,858,789
|
(4.3)
|
|
6,062,216
|
6,005,732
|
(0.9)
|
International Traffic
|
325,677
|
285,971
|
(12.2)
|
|
861,017
|
859,579
|
(0.2)
|
Total Traffic
|
9,468,379
|
9,927,817
|
4.9
|
|
28,248,899
|
30,395,830
|
7.6
|
Domestic Traffic
|
5,618,968
|
5,787,995
|
3.0
|
|
15,567,782
|
16,647,538
|
6.9
|
International Traffic
|
3,849,411
|
4,139,822
|
7.5
|
|
12,681,117
|
13,748,292
|
8.4
|
|
|
|
|
|
|
|
|
|
1
On May 26, 2017, ASUR increased its ownership stake in LMM Airport from 50% to 60%. 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 3Q16 and 3Q17 as well as 9M16 and 9M17. 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.
ASUR 3Q17 Page 2 of 19
Table 3: Summary of Consolidated Results
|
|
|
|
|
|
|
|
|
Third Quarter
|
%Chgr
|
|
Nine-Months
|
% Chg
|
2016
|
2017
|
|
2016
|
2017
|
Total Revenues
|
2,355,757
|
3,230,104
|
37.1
|
|
6,676,900
|
8,642,149
|
29.4
|
Aeronautical Services
|
1,157,026
|
1,732,467
|
49.7
|
|
3,393,075
|
4,587,720
|
35.2
|
Non-Aeronautical Services
|
770,212
|
1,088,079
|
41.3
|
|
2,330,395
|
3,110,280
|
33.5
|
- Commercial Revenues
|
686,020
|
992,211
|
44.6
|
|
2,085,293
|
2,824,359
|
35.4
|
Total Revenues Excluding Construction Revenues
|
1,927,238
|
2,820,546
|
46.4
|
|
5,723,470
|
7,698,000
|
34.5
|
Construction Revenues
|
428,519
|
409,558
|
(4.4)
|
|
953,430
|
944,149
|
(1.0)
|
Total Operating Costs & Expenses
|
1,120,332
|
1,574,494
|
40.5
|
|
2,948,668
|
3,740,868
|
26.9
|
Operating Profit
|
1,235,425
|
1,655,610
|
34.0
|
|
3,728,232
|
4,901,281
|
31.5
|
Operating Margin
|
52.4%
|
51.3%
|
-119 bps
|
|
55.8%
|
56.7%
|
+88 bps
|
Adjusted Operating Margin
(1)
|
64.1%
|
58.7%
|
-541 bps
|
|
65.1%
|
63.7%
|
-147 bps
|
EBITDA
|
1,374,135
|
1,916,603
|
39.5
|
|
4,127,594
|
5,475,755
|
32.7
|
EBITDA Margin
|
58.3%
|
59.3%
|
+100 bps
|
|
61.8%
|
63.4%
|
+154 bps
|
Adjusted EBITDA Margin
(2)
|
71.3%
|
68.0%
|
-335 bps
|
|
72.1%
|
71.1%
|
-98 bps
|
Net Income
|
916,798
|
1,145,613
|
25.0
|
|
2,711,756
|
3,636,319
|
34.1
|
Majority Net Income
|
916,798
|
1,100,695
|
20.1
|
|
2,711,756
|
3,571,974
|
31.7
|
Earnings per Share
|
3.0560
|
3.6690
|
20.1
|
|
9.0392
|
11.9066
|
31.7
|
Earnings per ADS in US$
|
1.6829
|
2.0205
|
20.1
|
|
4.9778
|
6.5568
|
31.7
|
|
|
|
|
|
|
|
|
Total Commercial Revenues per Passenger
(3)
|
94.6
|
99.5
|
5.2
|
|
97.0
|
105.8
|
9.0
|
Commercial Revenues from Direct Operations per
Passenger
(4)
|
16.7
|
19.3
|
15.7
|
|
15.8
|
18.9
|
19.7
|
Commercial Revenues Excl. Direct Operations per Passenger
|
77.9
|
80.2
|
3.0
|
|
81.2
|
86.9
|
6.9
|
|
|
|
|
|
|
|
|
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
vrevenues 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 3Q17 increased
37.1% YoY to Ps.3,230.1 million, principally due to increases of:
|
·
|
49.7% in revenues from
aeronautical services, mainly as a result of the 4.9% increase in total passenger traffic, as well as the benefit from Ps.416.0
million in aeronautical revenues from LMM airport in 3Q17; and
|
|
·
|
41.3% in revenues from
non-aeronautical services, principally reflecting the 44.6% increase in commercial revenues. Non-aeronautical revenues at Aerostar
for June 2017 were Ps.207.4 million.
|
This was partially offset by a 4.4% decline
in revenues from construction services in Mexico as a result of lower 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 46.4% YoY to Ps.2,820.5
million. Total revenues at Aerostar for the quarter represented 22.1% of ASUR’s consolidated revenues excluding revenues
from construction services.
Commercial Revenues
in 3Q17 rose 44.6%
YoY, principally due to the 4.9% increase in total passenger traffic, and the contribution of Ps.205.7 million in commercial revenues
at LMM Airport for 3Q17. Commercial revenue growth in Mexico was mainly driven by increases in Duty Free, Food and Beverages, and
Retail.
Consolidated Commercial Revenues per Passenger
rose to Ps.99.5 in 3Q17, from Ps.94.6 in 3Q16, with Mexico contributing with Ps.100.5 in 3Q17 and LMM Airport with Ps.95.9 revenues
per passenger in 3Q17.
ASUR 3Q17 Page 3 of 19
Consolidated Operating
Costs and Expenses
Consolidated Operating Costs and Expenses
for 3Q17 increased 40.5% YoY to Ps.1,574.5 million, with 23.9% of consolidated costs and expenses for the quarter attributable
to Aerostar. Excluding construction costs, however, operating costs and expenses rose 68.4% to 1,164.9 million.
Cost of Services
rose 98.7%, 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 results contributed with
39.4% of cost of services in 3Q17.
Construction Costs
declined 4.4% YoY,
mainly due to lower levels of capital improvements made to the Mexican concessioned assets during the period.
G&A Expenses
, which reflect administrative
expenses in Mexico, declined 2.0% YoY.
The
Technical Assistance
fee paid to
ITA increased 14.0% YoY, reflecting EBITDA growth, in Mexico -excluding extraordinary items, a factor in the calculation of the
fee.
Concession
fees, which include fees
paid to the Mexican government and Puerto Rican Authorities, rose 17.8%, mainly due to an increase in regulated revenues in Mexico,
a factor in the calculation of the fee.
Depreciation and Amortization
increased
78.9% and mainly reflects capitalized investments. Aerostar contributed with 42.2% of depreciation and amortization in 3Q17.
Consolidated Operating
Profit and EBITDA
Consolidated Operating Profit
in 3Q17
increased 34.0% to Ps.1,655.6 million.
Operating Margin
for 3Q17 declined to 51.3% from 52.4% in 3Q16, mainly as a result
of the 37.1% increase in revenues along with a higher increase in costs and expenses. Aerostar’s results represented 15.0%
of consolidated operating profit for 3Q17.
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 58.7% in 3Q17 compared with 64.1% in 3Q16.
EBITDA
rose 39.5% to Ps.1,916.6 million
in 3Q17, reflecting higher operating leverage. Aerostar results also contributed with 18.2% of EBITDA for the period. During 3Q17,
ASUR recognized Ps.409.5 million in Construction Revenues, a year-on-year decline of 4.4%, due to lower capital expenditures and
investments in concessioned assets. As a result, 3Q17 EBITDA Margin was 59.3% compared to 58.3% in 3Q16.
Adjusted EBITDA Margin
, however, which
excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets in Mexico, was 68.0% in
3Q17 compared to 71.3% in 3Q16.
Consolidated Comprehensive
Financing Gain (Loss)
Table 4: Consolidated Comprehensive Financing Gain (Loss)
|
|
|
|
|
|
|
|
|
Third Quarter
|
% Chg
|
|
Nine-Months
|
% Chg
|
|
2016
|
2017
|
|
2016
|
2017
|
|
Interest Income
|
46,652
|
54,102
|
16.0
|
|
128,993
|
163,953
|
27.1
|
|
Interest Expense
|
(31,825)
|
(206,164)
|
547.8
|
|
(93,111)
|
(318,884)
|
242.5
|
|
Foreign Exchange Gain (Loss), Net
|
(29,073)
|
49,226
|
(269.3)
|
|
(79,981)
|
50,524
|
(163.2)
|
|
Total
|
(14,246)
|
(102,836)
|
621.9
|
|
(44,099)
|
(104,407)
|
136.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In 3Q17, ASUR reported a Ps.102.8 million
Comprehensive
Financing Loss
, compared to Ps.14.2 million loss in 3Q16. Interest expense rose by Ps.174.3 million during the period, reflecting
mainly a higher debt balance resulting from the full consolidation of Aerostar along with the increase in interest rates during
the period. Aerostar’s interest expenses for 3Q17 totaled Ps.123.5 million. Interest income increased by Ps.7.4 million,
as a result of a higher cash balance and the increase in interest rates.
In 3Q17, ASUR reported a foreign exchange gain
of Ps.49.2 million, resulting from 1.8% quarterly average appreciation of the Mexican peso against the U.S. dollar on ASUR’s
foreign currency net liability position. This
ASUR 3Q17 Page 4 of 19
compared to a Ps.29.1 million foreign exchange
loss in 3Q16 resulting from the 2.7% quarterly average Mexican peso depreciation during that period.
Income Taxes
Income Taxes
for 3Q17 rose by Ps.73.6
million year-over-year, principally due to the following factors:
|
·
|
A Ps.68.8 million increase
in the provision for income taxes, reflecting a higher taxable income base at Cancun Airport; and
|
|
·
|
A Ps.4.9 million decline
in deferred income taxes, largely reflecting the recognition of the effects of the 0.94% increase in inflation during 3Q17 on the
fiscal tax balance.
|
Majority Net Income
Majority Net Income
for 3Q17 increased
by 20.1% to Ps.1,100.7 million, up from Ps.916.8 million in 3Q16. Earnings per common share for the quarter were Ps.3.6690 and
earnings per ADS (EPADS) were US$2.0205 (one ADS represents ten series B common shares). This compares with earnings per share
of Ps.3.0560 and EPADS of US$1.6829 for the same period last year. The higher majority net income principally reflects the 4.9%
growth in total passenger traffic and ASUR’s increased ownership in Aerostar. Aerostar results are consolidated on a line
by line basis since June 1, 2017. During 3Q17, Aerostar’s results were consolidated on a line by line basis, while in 3Q16
ASUR reported a Ps.29.1 million gain corresponding to its participation in Aerostar.
Consolidated Financial
Position
On September 30, 2017, airport concessions
represented 76.5% of the Company’s total assets, with current assets representing 21.9% and other assets representing 1.6%.
As of September 30, 2017, ASUR had cash
and cash equivalents of Ps.7,679.0 million; a 119.55% increase from Ps.3,497.6 million at December 31, 2016. Aerostar contributed
with Ps.635.5 million in cash and cash equivalents in 3Q17.
Stockholders’ equity at the close
of 3Q17 was Ps.26,062.4 million and total liabilities were Ps.17,462.1 million, representing 59.9% and 40.1% of total assets, respectively.
Deferred liabilities represented 9.1% of ASUR’s total liabilities.
Total Debt at the end of the quarter
increased to Ps.14,712.4 million, from Ps.4,160.4 million in 3Q16, principally reflecting debt at Aerostar as shown on Tables 5
and 6, as well as the Ps.4,000 million loan at Cancun Airport. A total of Ps.10,712.4 million of ASUR’s debt, or 72.8% of
total debt is denominated in U.S. dollars.
The Net Debt to LTM EBITDA ratio stood at 1.0x
at the end of 3Q17, while the Interest Coverage ratio was 8.8x as of September 30, 2017. This compares with Net Debt to LTM EBITDA
and Interest Coverage Ratio of 0.1x and 42.0x as of September 30, 2016, respectively.
Table 5: Consolidated Debt Indicators
|
|
|
|
|
September 30, 2016
|
June 30, 2017
|
September 30, 2017
|
Leverage
|
|
|
|
Total Debt/ LTM EBITDA (Times)
(1)
|
0.8
|
1.7
|
2.2
|
Total Net Debt/ LTM EBITDA (Times)
(2)
|
0.1
|
1.3
|
1.0
|
Interest Coverage Ratio
(3)
|
42.0
|
42.0
|
8.8
|
Total Debt
|
4,160,441
|
10,894,391
|
14,712,448
|
Short-Term Debt
|
24,439
|
56,806
|
4,053,751
|
Long-Term Debt
|
4,136,002
|
10,837,585
|
10,658,697
|
Cash & Cash Equivalents
|
3,521,380
|
2,829,843
|
7,678,970
|
Total Net Debt
(4)
|
639,061
|
8,064,548
|
7,033,478
|
|
|
|
|
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 & Cash Equivalents.
ASUR 3Q17 Page 5 of 19
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 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 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
|
Cancún
|
Qtly. Amort.
|
Libor + 1.85%
|
-
|
4.7
|
20.7
|
50.9
|
42.0
|
-
|
118.3
|
|
5 Yr-Syndicated Credit Facility
|
Cancún
|
Qtly. Amort.
|
Libor + 1.75%
|
-
|
4.6
|
20.6
|
50.8
|
41.9
|
-
|
118.0
|
|
1 Yr-Syndicated Credit Facility
1
|
Cancún
|
Qtly. Amort.
|
Tiie + 0.60%
|
4.5
|
230.6
|
-
|
-
|
-
|
-
|
235.1
|
|
Total
|
|
|
|
15.4
|
250.7
|
51.8
|
112.4
|
106.4
|
329.6
|
866.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
|
Peso denominated credit facility.
|
Capital Expenditures
During 3Q17, ASUR’s capital investments
totaled Ps.313.4 million. Of this, Ps.287.1 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, that is on track to open in 4Q17. In
addition, during 3Q17, the Company invested Ps.26.3 million at the LMM Airport in Puerto Rico. Accumulated consolidated capex for
9M17 totaled Ps.705.3 million.
Review
of Mexico Operations
Table 7: Mexico Revenues & Commercial Revenues Per Passenger
|
|
|
|
|
|
|
|
Third Quarter
|
% Chg
|
|
Nine-Months
|
% Chg
|
2016
|
2017
|
|
2016
|
2017
|
Total Passengers
(in thousands)
|
7,254
|
7,825
|
7.9
|
|
21,491
|
23,664
|
10.1
|
|
|
|
|
|
|
|
|
Total Revenues
|
2,355,757
|
2,606,720
|
10.7
|
|
6,676,900
|
7,796,657
|
16.8
|
Aeronautical Services
|
1,157,026
|
1,316,489
|
13.8
|
|
3,393,075
|
4,021,915
|
18.5
|
Non-Aeronautical Services
|
770,212
|
880,673
|
14.3
|
|
2,330,395
|
2,830,593
|
21.5
|
- Commercial Revenues
|
686,020
|
786,531
|
14.7
|
|
2,085,293
|
2,547,209
|
22.2
|
Construction Revenues
|
428,519
|
409,558
|
(4.4)
|
|
953,430
|
944,149
|
(1.0)
|
Total Revenues Excluding Construction Revenues
|
1,927,238
|
2,197,162
|
14.0
|
|
5,723,470
|
6,852,508
|
19.7
|
|
|
|
|
|
|
|
|
Total Commercial Revenues
|
686,020
|
786,531
|
14.7
|
|
2,085,293
|
2,547,209
|
22.2
|
Commercial Revenues from Direct Operations
(1)
|
120,935
|
144,495
|
19.5
|
|
339,978
|
439,797
|
29.4
|
Commercial Revenues Excluding Direct Operations
|
565,085
|
642,036
|
13.6
|
|
1,745,315
|
2,107,412
|
20.7
|
|
|
|
|
|
|
|
|
Total Commercial Revenues per Passenger
|
94.6
|
100.5
|
6.3
|
|
97.0
|
107.6
|
10.9
|
Commercial Revenues from Direct Operations per Passenger
(1)
|
16.7
|
18.5
|
10.8
|
|
15.8
|
18.6
|
17.5
|
Commercial Revenues Excl. Direct Operations per Passenger
|
77.9
|
82.1
|
5.3
|
|
81.2
|
89.1
|
9.7
|
|
|
|
|
|
|
|
|
Note: For purposes of this table, approximately
54.4 and 42.1 thousand transit and general aviation passengers are included in 3Q16 and 3Q17, respectively, while 164.9 and 133.8
thousand transit and general aviation passengers are included in 9M16 and 9M17.
1
Represents ASUR’s operation
of convenience stores in airports.
Mexico Revenues
Mexico Revenues
for 3Q17 rose 10.7%
YoY to Ps.2,606.7 million, principally due to increases of:
|
·
|
13.8% in revenues from
aeronautical services, mainly as a result of the 8.1% increase in passenger traffic; and
|
|
·
|
14.3% in revenues from
non-aeronautical services, principally reflecting the 14.7% increase in commercial revenues detailed below.
|
These increases were partially offset by a 4.4% decline in revenues
from construction services that resulted from lower capital expenditures and other investments in concessioned assets during the
period.
ASUR 3Q17 Page 6 of 19
Commercial Revenues
in the quarter rose
14.7% year-over-year, principally due to the 8.1% increase in total passenger traffic and reported increases across all categories
as shown on table 8.
Commercial Revenues per Passenger
, in turn, increased 6.3% to Ps.100.5 in 3Q17 from Ps.94.6 in 3Q16.
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 three commercial spaces at Cancun airport and eight commercial spaces at its other eight airports. More details of
these openings can be found on page 15 of this report.
Table 8: Mexico Commercial Revenues
|
|
|
|
Table 9: Mexico Summary Retail and Other Commercial Space Opened since September 30,2016
|
Business Line
(1)
|
YoY Chg.
|
|
Type of Commercial Space
(1)
|
# of spaces opened
|
3Q17
|
9M17
|
|
Duty Free
|
23.2%
|
32.4%
|
|
Cancun
|
3
|
Food and Beverage Operations
|
19.9%
|
29.9%
|
|
Retail
|
3
|
Retail Operations
|
13.1%
|
16.8%
|
|
|
|
Car Rental Revenues
|
11.9%
|
17.0%
|
|
|
|
Advertising Revenues
|
-8.5%
|
10.4%
|
|
8 Other Airports
|
8
|
Banking and Currency Exchange Services
|
12.7%
|
19.4%
|
|
Retail
|
2
|
Ground Transportation
|
4.7%
|
11.3%
|
|
Duty Free
|
4
|
Teleservices
|
26.2%
|
22.6%
|
|
VIP Lounge
|
2
|
Parking Lot Fees
|
-2.6%
|
0.2%
|
|
Total Mexico
|
11
|
Other Revenues
|
12.2%
|
22.5%
|
|
1 Only includes new stores opened during the period and excludes remodelings or contract renewals.
|
|
Total Commercial Revenues
|
14.7%
|
22.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico Operating Costs
and Expenses
Table 10: Mexico Operating Costs & Expenses
|
|
|
|
|
|
|
|
|
Third Quarter
|
% Chg
|
|
Nine-Months
|
% Chg
|
2016
|
2017
|
|
2016
|
2017
|
Cost of Services
|
346,841
|
417,576
|
20.4
|
|
971,076
|
1,145,691
|
18.0
|
Administrative
|
50,824
|
49,832
|
(2.0)
|
|
154,119
|
158,526
|
2.9
|
Technical Assistance
|
72,341
|
82,489
|
14.0
|
|
217,318
|
263,083
|
21.1
|
Concession Fees
|
87,075
|
100,097
|
15.0
|
|
258,698
|
308,901
|
19.4
|
Depreciation and Amortization
|
134,732
|
139,248
|
3.4
|
|
394,027
|
417,192
|
5.9
|
Operating Costs and Expenses Excluding Construction Costs
|
691,813
|
789,242
|
14.1
|
|
1,995,238
|
2,293,393
|
14.9
|
Construction Costs
|
428,519
|
409,558
|
(4.4)
|
|
953,430
|
944,149
|
(1.0)
|
Total Operating Costs & Expenses
|
1,120,332
|
1,198,800
|
7.0
|
|
2,948,668
|
3,237,542
|
9.8
|
|
|
|
|
|
|
|
|
Total Mexico Operating Costs and Expenses
for 3Q17 increased 7.0% year-over-year. This includes construction costs, which declined 4.4%, reflecting lower levels of capital
improvements made to concessioned assets during the period. Excluding construction costs, operating costs and expenses rose 14.1%
to Ps.789.2 million.
Cost of Services
rose 20.4% mainly due
to higher energy, security and maintenance expenses. Higher cost of sales from convenience stores directly operated by ASUR and
professional fees in connection with several projects, also contributed to the increase in cost of services.
Administrative
expenses declined by 2.0% YoY.
The 14.0% increase in
Technical Assistance
fee paid to ITA reflects EBITDA growth in Mexico excluding extraordinary items in the quarter, a factor in the calculation of the
fee.
Concession
fees, which include fees
paid to the Mexican government, rose 15.0%, mainly due to an increase in regulated revenues, a factor in the calculation of the
fee.
Depreciation and Amortization
increased
3.4% YoY, mainly reflecting capitalized investments.
ASUR 3Q17 Page 7 of 19
Mexico Consolidated Comprehensive
Financing Gain (Loss)
Table 11: Mexico Comprehensive Financing Gain (Loss)
|
|
|
|
|
|
|
|
|
Third Quarter
|
%Chg
|
|
Nine-Months
|
% Chg
|
2016
|
2017
|
|
2016
|
2017
|
Interest Income
|
46,652
|
64,522
|
38.3
|
|
128,993
|
180,087
|
39.6
|
Interest Expense
|
(31,825)
|
(93,113)
|
192.6
|
|
(93,111)
|
(169,689)
|
82.2
|
Foreign Exchange Gain (Loss), Net
|
(29,073)
|
49,226
|
(269.3)
|
|
(79,981)
|
50,524
|
(163.2)
|
Total
|
(14,246)
|
20,635
|
(244.8)
|
|
(44,099)
|
60,922
|
(238.1)
|
In 3Q17, ASUR’s Mexico operations reported
a Ps.20.6 million
Comprehensive Financing Gain
, compared to a Ps.14.2 million loss in 3Q16. This was mainly due to a foreign
exchange gain in 3Q17 of Ps.49.2 million, reflecting a 1.8% 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.29.1 million foreign exchange loss in 3Q16,
resulting from the 2.7% quarterly average Mexican peso depreciation during that period.
Interest income in Mexico increased by 38.3%
YoY to Ps.64.5 million in 3Q17, reflecting a higher cash balance and higher interest rates, while interest expense rose by 192.6%
to Ps.93.1 million during the period.
Mexico Operating Profit
and EBITDA
Table 12: Mexico Operating Profit & EBITDA
|
|
|
|
|
|
|
|
|
Third Quarter
|
% Chg
|
|
Nine-Months
|
% Chg
|
2016
|
2017
|
|
2016
|
2017
|
Total Revenue
|
2,355,757
|
2,606,720
|
10.7
|
|
6,676,900
|
7,796,657
|
16.8
|
Total Revenues Excluding Construction Revenues
|
1,927,238
|
2,197,162
|
14.0
|
|
5,723,470
|
6,852,508
|
19.7
|
Operating Profit
|
1,235,425
|
1,407,920
|
14.0
|
|
3,728,232
|
4,559,115
|
22.3
|
Operating Margin
|
52.4%
|
54.0%
|
+157 bps
|
|
55.8%
|
58.5%
|
+264 bps
|
Adjusted Operating Margin
(1)
|
64.1%
|
64.1%
|
-2 bps
|
|
65.1%
|
66.5%
|
139 bps
|
Net Income
|
916,798
|
1,100,696
|
20.1
|
|
2,711,756
|
3,571,974
|
31.7
|
EBITDA
|
1,374,135
|
1,567,176
|
14.0
|
|
4,127,594
|
4,996,339
|
21.0
|
EBITDA Margin
|
58.3%
|
60.1%
|
+179 bps
|
|
61.8%
|
64.1%
|
+226 bps
|
Adjusted EBITDA Margin
(2)
|
71.3%
|
71.3%
|
+3 bps
|
|
72.1%
|
72.9%
|
+80 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 3Q17 increased 14.0%
to Ps.1,407.9 million.
Operating Margin
for the quarter increased 157 bps YoY to 54.0% principally as a result higher operating
leverage given YoY increases of 10.7% in revenues and 7.0% 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, remained relatively unchanged at 64.1% in 3Q17.
EBITDA
rose 14.0% to Ps.1,567.2 million
from Ps.1,374.1 million in 3Q16, reflecting higher operating leverage. 3Q17 EBITDA Margin expanded to 60.1% from 58.3% in 3Q16.
During 3Q17, ASUR recognized Ps.409.6 million
in “Construction Revenues,” a year-on-year decline of 4.4%, due to lower 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, remained unchanged YoY at 71.3%.
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 3Q17 Page 8 of 19
ASUR’s Mexico’s operations accumulated
regulated revenues as of September 30, 2017 totaled Ps.4,218,56 million, with an average tariff per workload unit of Ps.171.91
(pesos of December 2016). ASUR’s regulated revenues for 9M17 accounted for approximately 61.56% 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, consolidated results as presented above reflect line by line consolidation
of Aerostar results starting in June 1, 2017, while prior to that, Aerostar’s results were accounted for by the equity method.
The following discussion compares the stand-alone
results of Aeorstar for the three-month period ended September 30, 2017 (in which Aerostar was consolidated with ASUR) against
the three-month period ended Setpember 30, 2016 (in which Aerostar was not consolidated with ASUR and instead was accounted for
by the equity method). ASUR is not presenting results for the nine-month periods ended September 30, 2017 and 2016 as ASUR did
not consolidate Aerostar during the totality of this period.
Table 13: Puerto Rico Revenues
& Commercial Revenues Per Passenger
(in thousands of Mexican pesos)
|
|
|
|
|
Third Quarter
|
% Var
|
|
|
2016
|
2017
|
|
|
Not Consolidated
|
Consolidated
|
|
Total Passenger
(thousands)
|
2,269
|
2,145
|
(5.5)
|
|
|
|
|
|
|
Total Revenues
|
629,664
|
623,384
|
(1.0)
|
|
Aeronautical Services
|
415,223
|
415,979
|
0.2
|
|
Non-Aeronautical Services
|
214,441
|
207,405
|
(3.3)
|
|
- Commercial Revenues
|
211,510
|
205,680
|
(2.8)
|
|
Total Commercial Revenues
|
211,510
|
205,680
|
(2.8)
|
|
Commercial Revenues from Direct Operations
(1)
|
48,566
|
47,757
|
(1.7)
|
|
Commercial Revenues Excluding Direct Operations
|
162,944
|
157,923
|
(3.1)
|
|
Total Commercial Revenues per Passenger
|
93.2
|
95.9
|
2.9
|
|
Commercial Revenues from Direct Operations per Passenger
(1)
|
21.4
|
22.3
|
4.0
|
|
Commercial Revenues Excl. Direct Operations per Passenger
|
71.8
|
73.6
|
2.5
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Represents ASUR’s operation
of convenience stores in LMM Airport.
Note: Figures
in pesos at an average exchange rate of Ps.
17.8166
Puerto Rico Revenues
Total Puerto Rico Revenues
for 3Q17
fell 1.0% YoY to Ps.623.4 million, principally due to the combination of:
|
·
|
A 3.3% reduction in revenues
from non-aeronautical services, principally reflecting the 2.8% decline in commercial revenues; while
|
|
·
|
Revenues from aeronautical
services remained relatively unchanged, despite the 5.5% decline in passenger traffic.
|
Commercial Revenues
in the quarter declined
2.8%% year-over-year, principally reflecting the impact from Hurricane Maria, which resulted in operations at this airport being
suspended on September 19, 2017 at 19:30 pm and resuming on a limited basis on September 21, 2017 with 10 flights, increasing progressively
to 41 daily flights at the end of September 2017. The airport is still operating on a limited basis.
Commercial Revenues per Passenger
rose
to Ps.95.9 from Ps.93.2 in 3Q16.
No commercial spaces were opened in 3Q17. 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 15 of this report.
ASUR 3Q17 Page 9 of 19
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: San Juan Airport Commercial Revenue Performance
|
Table 15: San Juan Airport Summary Retail and Other Commercial Space Opened since September 30, 2016
|
Bussines Line
|
YoY Chg
|
|
Type of Commercial Space
1
|
# of Spaces Opened
|
3Q17
|
|
Advertising Revenues
|
41.8%
|
|
Retail
|
3
|
Other Revenue
|
45.9%
|
|
Food & Beverage
|
4
|
Car Rental Revenues
|
2.2%
|
|
Car Rental
|
1
|
Food and Beverage Operations
|
(2.7%)
|
|
Other Revenue
|
3
|
Retail Operations
|
(3.0%)
|
|
Total Commercial Spaces
|
11
|
Duty Free
|
(6.5%)
|
|
|
|
Ground Transportation
|
(11.9%)
|
|
1
Only includes new stores opened during the period and excludes remodelings or contract renewals.
|
|
Parking Lot Fees
|
(13.7%)
|
|
|
|
Total Commercial Revenues
|
(2.8%)
|
|
|
|
Puerto Rico Operating
Costs and Expenses
Table 16: Puerto Rico Operating
Costs and Expenses
(in thousands of Mexican pesos)
|
|
|
Third Quarter
|
% Chg
|
2016
|
2017
|
Not Consolidated
|
Consolidated
|
Cost of Services
|
309,360
|
271,456
|
(12.3)
|
Concession Fees
|
2,460
|
2,500
|
1.6
|
Depreciation and Amortization
|
109,789
|
101,737
|
(7.3)
|
Total Operating Costs & Expenses
|
421,609
|
375,693
|
(10.9)
|
|
|
|
|
|
Note: Figures in pesos at an average exchange rate of Ps.
17.8166
.
|
|
|
Total
Operating Costs and Expenses
at
LMM Airport in 3Q17 declined 10.9% YoY to Ps.375.7 million.
Cost of Services
declined 12.3% YoY,
while
Concession Fees
, which include fees paid to the Puerto Rican government, rose 1.6%.
Depreciation and Amortization
declined 7.3%.
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 Comprehensive
Financing Gain (Loss)
Table 17: Puerto Rico Comprehensive
Financing Gain
(in thousands of Mexican pesos)
|
|
|
Third Quarter
|
% Chg
|
2016
|
2017
|
Not Consolidated
|
Consolidated
|
Interest Income
|
23
|
18
|
(21.7)
|
Interest Expense
|
(136,757)
|
(123,490)
|
(9.7)
|
Total
|
(136,734)
|
(123,472)
|
(9.7)
|
|
|
|
|
|
Note: Figures in pesos at an average exchange rate of Ps.
17.8166
.
|
|
|
During 3Q17, LMM Airport reported a Ps.123.5
million Comprehensive Financing Loss, compared with a Ps.136.7 million loss in 3Q16.
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 US$77.4 million.
ASUR 3Q17 Page 10 of 19
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
September 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)
|
|
|
|
|
Third Quarter
|
% Chg
|
|
2016
|
2017
|
|
Not Consolidated
|
Consolidated
|
Total Revenue
|
629,664
|
623,384
|
-1.0%
|
Operating Profit
|
208,054
|
247,691
|
19.1%
|
Operating Margin
|
33.0%
|
39.7%
|
+669 bps
|
Net Income
|
58,287
|
112,295
|
92.7%
|
EBITDA
|
317,843
|
349,428
|
9.9%
|
EBITDA Margin
|
50.5%
|
56.1%
|
+558 bps
|
|
|
|
|
Note: Figures in pesos at an average exchange rate of Ps.
17.8166.
|
|
|
|
Operating Profit
in 3Q17 increased 19.1%
to Ps.247.7 million, with
Operating Margin
up 669 bps to 39.7% from 33.0% in 3Q16.
EBITDA
rose 9.9% to Ps.349.4 million
from Ps.317.8 million in 3Q16 despite the decline in passenger traffic, principally reflecting cost savings during the period.
EBITDA Margin rose 558 bps to 56.1% in 3Q17.
Puerto Rico Capital Expenditures
During 3Q17, Aerostar invested Ps.26.3 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.48.6 million in 3Q16.
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.
Impact from Hurricane Maria
On September 20, 2017 Hurricane Maria, category
4, made landfall on Puerto Rico. Operations at Luis Muñoz Marín Airport were suspended on September 19 at 19:30
pm and resuming on a limited basis on September 21, 2017 with 10 flights, increasing progressively to 41 daily flights at the end
of September 2017. The airport is still operating on a limited basis. Airport management is evaluating damages to airport infrastructure
and does not have a reasonable estimate yet. Airport infrastructure is insured against material damages with a maximum deductible
of US$10 million.
ASUR 3Q17 Page 11 of 19
Subsequent
Events
ASUR has received regulatory approval to consummate
its acquisition of Airplan, S.A. Airplan has concessions to operate the following airports in Colombia: the Enrique Olaya
Herrera Airport and José María Córdova International Airport in Medellín, the Los Garzones Airport
in Montería, the Antonio Roldán Betancourt Airport in Carepa, the El Caraño Airport in Quibdó and the
Las Brujas Airport in Corozal. Following consummation of the acquisition, ASUR will own approximately 92.42% of the
capital stock of Airplan. The consummation of the Airplan acquisition is expected by the end of October.
ASUR has not yet received regulatory approval
to consummate its acquisition of Aeropuertos de Oriente S.A.S. (Oriente). In light of the pending regulatory approvals
for the acquisition of Oriente, the sellers and ASUR have agreed to negotiate in good faith an adjustment to the purchase price
and the terms and conditions of their acquisition agreement, and to use commercially reasonable efforts to obtain the relevant
regulatory approvals. Oriente has concessions to operate the following airports in Colombia: the Simón Bolivar International
Airport in Santa Marta, the Almirante Padilla Airport in Riohacha, the Alfonso López Pumarejo Airport in Valledupar, the
Camilo Daza International Airport in Cúcuta, the Palonegro International Airport in Bucaramanga and the Yariguíes
Airport in Barrancabermeja. If the Oriente acquisition is consummated, ASUR will own approximately 97.26% of the capital
stock of Oriente.
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.
ASUR 3Q17 Page 12 of 19
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 3Q17 Page 13 of 19
Passenger Traffic Breakdown by Airport
|
|
|
|
|
|
|
|
|
|
Mexico Passenger Traffic
1
|
|
|
|
|
|
|
|
|
|
Third Quarter
|
% Chg
|
|
Nine - Months
|
% Chg
|
|
|
2016
|
2017
|
|
2016
|
2017
|
Domestic Traffic
|
|
3,675,805
|
3,929,206
|
6.9
|
|
9,505,566
|
10,641,806
|
12.0
|
CUN
|
Cancun
|
2,059,770
|
2,254,689
|
9.5
|
|
5,047,917
|
5,839,906
|
15.7
|
CZM
|
Cozumel
|
41,333
|
43,356
|
4.9
|
|
104,642
|
98,664
|
(5.7)
|
HUX
|
Huatulco
|
146,121
|
171,582
|
17.4
|
|
400,768
|
481,415
|
20.1
|
MID
|
Merida
|
471,356
|
480,906
|
2.0
|
|
1,280,057
|
1,417,209
|
10.7
|
MTT
|
Minatitlan
|
55,931
|
50,149
|
(10.3)
|
|
168,624
|
150,493
|
(10.8)
|
OAX
|
Oaxaca
|
174,802
|
214,433
|
22.7
|
|
504,107
|
567,122
|
12.5
|
TAP
|
Tapachula
|
73,037
|
63,519
|
(13.0)
|
|
212,384
|
205,911
|
(3.0)
|
VER
|
Veracruz
|
342,196
|
346,098
|
1.1
|
|
920,511
|
963,283
|
4.6
|
VSA
|
Villahermosa
|
311,259
|
304,474
|
(2.2)
|
|
866,556
|
917,803
|
5.9
|
International Traffic
|
|
3,523,734
|
3,853,851
|
9.4
|
|
11,820,100
|
12,888,713
|
9.0
|
CUN
|
Cancun
|
3,340,795
|
3,654,326
|
9.4
|
|
11,133,491
|
12,156,200
|
9.2
|
CZM
|
Cozumel
|
79,378
|
80,753
|
1.7
|
|
321,087
|
328,791
|
2.4
|
HUX
|
Huatulco
|
4,168
|
4,843
|
16.2
|
|
90,308
|
102,878
|
13.9
|
MID
|
Mérida
|
46,430
|
53,961
|
16.2
|
|
122,500
|
146,650
|
19.7
|
MTT
|
Minatitlan
|
3,722
|
1,826
|
(50.9)
|
|
9,397
|
5,267
|
(44.0)
|
OAX
|
Oaxaca
|
14,372
|
23,493
|
63.5
|
|
44,270
|
56,221
|
27.0
|
TAP
|
Tapachula
|
3,073
|
3,713
|
20.8
|
|
8,525
|
10,824
|
27.0
|
VER
|
Veracruz
|
20,502
|
19,955
|
(2.7)
|
|
56,979
|
52,134
|
(8.5)
|
VSA
|
Villahermosa
|
11,294
|
10,981
|
(2.8)
|
|
33,543
|
29,748
|
(11.3)
|
Total Traffic México
|
|
7,199,539
|
7,783,057
|
8.1
|
|
21,325,666
|
23,530,519
|
10.3
|
CUN
|
Cancun
|
5,400,565
|
5,909,015
|
9.4
|
|
16,181,408
|
17,996,106
|
11.2
|
CZM
|
Cozumel
|
120,711
|
124,109
|
2.8
|
|
425,729
|
427,455
|
0.4
|
HUX
|
Huatulco
|
150,289
|
176,425
|
17.4
|
|
491,076
|
584,293
|
19.0
|
MID
|
Merida
|
517,786
|
534,867
|
3.3
|
|
1,402,557
|
1,563,859
|
11.5
|
MTT
|
Minatitlan
|
59,653
|
51,975
|
(12.9)
|
|
178,021
|
155,760
|
(12.5)
|
OAX
|
Oaxaca
|
189,174
|
237,926
|
25.8
|
|
548,377
|
623,343
|
13.7
|
TAP
|
Tapachula
|
76,110
|
67,232
|
(11.7)
|
|
220,909
|
216,735
|
(1.9)
|
VER
|
Veracruz
|
362,698
|
366,053
|
0.9
|
|
977,490
|
1,015,417
|
3.9
|
VSA
|
Villahermosa
|
322,553
|
315,455
|
(2.2)
|
|
900,099
|
947,551
|
5.3
|
|
|
|
|
|
|
|
|
|
US Passenger Traffic, San Juan Airport (LMM)
|
|
|
|
|
|
|
|
|
Third Quarter
|
% Chg
|
|
Nine - Months
|
% Chg
|
|
|
2016
|
2017
|
|
|
2016
|
2017
|
|
SJU Total
1
|
|
2,268,840
|
2,144,760
|
(5.5)
|
|
6,923,233
|
6,865,311
|
(0.8)
|
Domestic Traffic
|
|
1,943,163
|
1,858,789
|
(4.3)
|
|
6,062,216
|
6,005,732
|
(0.9)
|
International Traffic
|
325,677
|
285,971
|
(12.2)
|
|
861,017
|
859,579
|
(0.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 3Q16 and 3Q17 as well as 9M16 and 9M17.
|
Note: Passenger figures for Mexico exclude transit and general aviation passengers, and SJU include transit passengers and general aviation.
|
ASUR 3Q17 Page 14 of 19
ASUR Retail and Other Commercial Space Opened
since September 30, 2016
1
|
|
|
Business Name
|
Type
|
Opening Date
|
|
MEXICO
|
Cancun
|
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
|
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 3Q17 Page 15 of 19
ASUR 3Q17 Page 16 of 19
ASUR 3Q17 Page 17 of 19
ASUR 3Q17 Page 18 of 19
ASUR 3Q17 Page 19 of 19
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:
October 19, 2017
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