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 February 2018
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 4Q17 Passenger Traffic
Increased 6.2% YoY
in Mexico and Declined
26.9% in San Juan, Puerto Rico and 13.0% in Colombia
Mexico City,
February 22, 2018 - Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR)
(ASUR),
a
leading international airport group with operations in Mexico, the U.S. and Colombia, today announced results for the three- and
twelve-month periods ended December 31, 2017.
4Q17 Highlights
|
·
|
Completed acquisition
of Airplan, operator of six airports in Colombia, including the Medellín International Airport.
|
|
·
|
Passenger traffic in
Mexico increased 6.2% YoY, reflecting increases of 6.3% and 6.2% in domestic and international traffic, respectively. Cancun Airport
was the main traffic driver.
|
|
·
|
Traffic at Luis Muñoz
Marín (LMM) Airport declined 26.9% YoY, 24.7% in domestic traffic and 41.5% in international traffic, impacted by Hurricane
Maria, which hit Puerto Rico in September 2017.
|
|
·
|
Traffic in Colombia (Airplan)
fell 13.0% YoY reflecting a decline of 16.6% in domestic traffic mainly impacted by a strike of local pilots at a major carrier,
which more than offset an 11.7% increase in international traffic.
|
|
·
|
Consolidated commercial
revenues per passenger reached Ps.95.4.
|
|
·
|
Consolidated EBITDA up
44.1% YoY, reaching Ps.1,937.7 million.
|
|
·
|
Closed the quarter with
a cash position of Ps.4,461.0 million. Net Debt to LTM EBITDA stood at 1.74x, reflecting consolidation of Aerostar and Airplan.
|
|
·
|
Began operations at Terminal
4 at Cancun Airport.
|
|
Table 1: Financial & Operational Highlights
1
|
|
|
Fourth Quarter
|
% Chg
|
|
2016
|
2017
|
Financial Highlights
|
|
|
|
Total Revenue
|
3,076,590
|
3,871,744
|
25.8
|
- Mexico
|
3,076,590
|
2,813,545
|
(8.5)
|
- San Juan
|
0
|
576,141
|
n/a
|
- Colombia
|
0
|
482,058
|
n/a
|
Commercial Revenues per PAX
|
96.4
|
95.4
|
(1.0)
|
- Mexico
|
96.4
|
103.7
|
7.6
|
- San Juan
|
0
|
130.0
|
n/a
|
- Colombia
|
0
|
35.3
|
n/a
|
EBITDA
|
1,344,371
|
1,937,770
|
44.1
|
Net Income
|
917,506
|
3,113,847
|
239.4
|
Majority Net Income
|
917,506
|
2,262,511
|
146.6
|
Earnings per Share (in pesos)
|
3.0584
|
7.5417
|
146.6
|
Earnings per ADS (in US$)
|
1.5554
|
3.8355
|
146.6
|
Capex
|
1,007,328
|
766,160
|
(23.9)
|
Cash & Cash Equivalents
|
3,497,635
|
4,461,044
|
27.5
|
Net Debt
|
963,142
|
12,910,354
|
1,240.4
|
Net Debt/ LTM EBITDA
|
0.18
|
1.74
|
887.6
|
Operational Highlights
|
|
|
|
Passenger Traffic
|
|
|
|
- Mexico
|
7,081,385
|
7,522,050
|
6.2
|
- San Juan
|
2,109,394
|
1,542,093
|
(26.9)
|
- Colombia
|
2,668,549
|
2,321,077
|
(13.0)
|
|
|
|
|
|
|
1 Unless otherwise stated, all financial figures discussed in this announcement
are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS) and represent comparisons between
the three- and twelve-month periods ended December 31, 2017, and the equivalent three- and twelve-month periods ended December
31, 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 the equity method. Furthermore, starting October 19, 2017, ASUR began to consolidate results of Airplan
in Colombia. All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands
of pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers,
unless otherwise noted. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All
U.S. dollar figures are calculated at the exchange rate of US$1.00 = Mexican Ps.
19.6629 while
Colombian peso figures are calculated at the exchange rate
of COL$ 151
.86 = Ps. 1.00 Mexican
pesos.
Definitions for EBITDA, Adjusted EBITDA margin, Majority Net Income can be found on page 15 of this report.
|
4Q17 Earnings Call
Date & Time:
Friday, Febraury 23, 2018 at 10:00 AM US
ET; 9:00 AM CT
Dial-in:
1-800-289-0438 (US & Canada); 1-323-794-2423
(International & Mexico). Access Code: 6702343.
Replay:
Friday, February 23, 2018 at 1:00 PM US ET, ending
at 11:59 PM US ET on March 2, 2018. Dial-in number: 1-844-512-2921 (US & Canada) 1-412-312-6671 (International & Mexico);
Access Code 6702343.
ASUR’s total passenger traffic in 4Q17
declined 4.0% YoY to 11.4 million passengers, as a 6.2% increase in Mexico, was more than offset by declines in traffic of 26.9%
in Puerto Rico and 13.0% in Colombia.
The 6.2% YoY growth in passenger traffic in
Mexico reflects increases of 6.3% and 6.2% in domestic and international traffic, respectively. Cancun was the main driver behind
traffic growth, reporting increases of 9.6% and 5.8% in domestic and international traffic, respectively with the majority of ASUR’s
other Mexican airports also contributing to higher traffic.
Passenger traffic at LMM Airport was impacted
by Hurricane Maria which hit Puerto Rico in September 2017. While in October 2017 LMM Airport returned to 70 daily average flights
similarly to those reported in 2016, they registered a lower load factor in arrivals. As result, total passenger traffic at LMM
Airport in 4Q17 declined 26.9% YoY, with reductions of 24.7% and 41.5% in domestic and international traffic.
Traffic also reflects the acquisition of Airplan’s
six airports in Colombia. While international traffic rose 11.7% YoY in 4Q17, domestic traffic fell 16.6% mainly due to a local
pilot strike at a major carrier that began in October 2017.
Tables with detailed passenger traffic information
for each airport can be found on page 19 of this report.
Table 2: Passenger Traffic Summary
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
% Chg.
|
|
Twelve-Months
|
% Chg.
|
2016
|
2017
|
|
2016
|
2017
|
Total Mexico
|
7,081,385
|
7,522,050
|
6.2
|
|
28,407,051
|
31,052,569
|
9.3
|
- Cancun
|
5,234,387
|
5,605,403
|
7.1
|
|
21,415,795
|
23,601,509
|
10.2
|
- 8 Other Airports
|
1,846,998
|
1,916,647
|
3.8
|
|
6,991,256
|
7,451,060
|
6.6
|
Domestic Traffic
|
3,452,086
|
3,668,922
|
6.3
|
|
12,957,652
|
14,310,728
|
10.4
|
- Cancun
|
1,796,241
|
1,968,462
|
9.6
|
|
6,844,158
|
7,808,368
|
14.1
|
- 8 Other Airports
|
1,655,845
|
1,700,460
|
2.7
|
|
6,113,494
|
6,502,360
|
6.4
|
International Traffic
|
3,629,299
|
3,853,128
|
6.2
|
|
15,449,399
|
16,741,841
|
8.4
|
- Cancun
|
3,438,146
|
3,636,941
|
5.8
|
|
14,571,637
|
15,793,141
|
8.4
|
- 8 Other Airports
|
191,153
|
216,187
|
13.1
|
|
877,762
|
948,700
|
8.1
|
Total San Juan, Puerto Rico
(1)
|
2,109,394
|
1,542,093
|
(26.9)
|
|
9,032,627
|
8,407,404
|
(6.9)
|
Domestic Traffic
|
1,837,932
|
1,383,363
|
(24.7)
|
|
7,900,148
|
7,389,095
|
(6.5)
|
International Traffic
|
271,462
|
158,730
|
(41.5)
|
|
1,132,479
|
1,018,309
|
(10.1)
|
Total Colombia
(2)
|
2,668,549
|
2,321,077
|
(13.0)
|
|
10,140,529
|
10,051,129
|
(0.9)
|
Domestic Traffic
|
2,333,277
|
1,946,733
|
(16.6)
|
|
8,793,417
|
8,660,472
|
(1.5)
|
International Traffic
|
335,272
|
374,344
|
11.7
|
|
1,347,112
|
1,390,657
|
3.2
|
Total Traffic
|
11,859,328
|
11,385,220
|
(4.0)
|
|
47,580,207
|
49,511,102
|
4.1
|
Domestic Traffic
|
7,623,295
|
6,999,018
|
(8.2)
|
|
29,651,217
|
30,360,295
|
2.4
|
International Traffic
|
4,236,033
|
4,386,202
|
3.5
|
|
17,928,990
|
19,150,807
|
6.8
|
|
|
|
|
|
|
|
|
|
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 4Q16 and 4Q17 as well as 12M16 and 12M17.
2
On October 19, 2017, ASUR began to conosolidate Airplan’s operations. For
comparison purposes, this table includes traffic figures for Airplan from October 1 through December 31, 2016 and 2017, and
accumulated traffic from January 1 through December 31, 2016 and 2017.
Note: Passenger figures for Mexico and Colombia 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.
In addition, on October 19, 2017, ASUR acquired a 92.42% ownership stake in Airplan, which operates six airports in Colombia, and
starting on that date, ASUR began to fully consolidate its operations on a line by line basis.
In accordance with IFRS 3 “Business Combinations”,
in 4Q17, ASUR accounted for the result of the valuation of its investment in Aerostar based on its acquisition of an additional
10% ownership stake on May 26, 2017, resulting in ASUR holding a 60% interest in Aerostar. As a result, ASUR’s financial
statements for 4Q17 reflect the following effects: i) in the Income Statement, a gain of Ps.7,029.2 million reported under the
line item “Gain from Business Combinations”, partially offset by Ps.98.8 million in amortization of the concession
, and Ps.2,811.7 million in recognition off the minority interest in Aerostar; and ii) in the Balance Sheet, the recognition of
a net intangible asset for Ps.5,955.0 million, goodwill for Ps.5,606.3 million, deferred taxes for Ps.605.4 million, and a minority
interest of Ps.4,425.5 million in Stockholders' Equity.
Additionally, ASUR carried out the deterioration
test of the long-term assets in accordance with IAS 36, as a result of the effects of Hurricane Maria in Puerto Rico, and determined
an impairment Ps.4,719.1 million, which impacted the depreciation and amortization line item in the Income Statement, and reduced
goodwill by Ps.4,719.1 million in the Balance Sheet.
Table 3: Summary of Consolidated Results
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
% Chg
|
|
Twelve Months
|
% Chg
|
|
2016
|
2017
|
|
2016
|
2017
|
|
Total Revenues
|
3,076,590
|
3,871,744
|
25.8
|
|
9,753,491
|
12,513,893
|
28.3
|
|
Aeronautical Services
|
1,139,120
|
1,896,499
|
66.5
|
|
4,532,194
|
6,484,219
|
43.1
|
|
Non-Aeronautical Services
|
773,946
|
1,151,103
|
48.7
|
|
3,104,343
|
4,261,383
|
37.3
|
|
- Commercial Revenues
|
687,251
|
1,053,170
|
53.2
|
|
2,772,544
|
3,877,530
|
39.9
|
|
Total Revenues Excluding Construction Revenues
|
1,913,066
|
3,047,602
|
59.3
|
|
7,636,537
|
10,745,602
|
40.7
|
|
Construction Revenues
|
1,163,524
|
824,142
|
(29.2)
|
|
2,116,954
|
1,768,291
|
(16.5)
|
|
Total Operating Costs & Expenses
|
1,872,222
|
7,296,191
|
289.7
|
|
4,820,892
|
11,037,060
|
128.9
|
|
Operating Profit
|
1,204,368
|
3,424,447
|
(384.3)
|
|
4,932,599
|
1,476,833
|
(70.1)
|
|
Operating Margin
|
39.1%
|
(88.4%)
|
n.m
|
|
50.6%
|
11.8%
|
(3877 bps)
|
|
Adjusted Operating Margin
(1)
|
63.0%
|
(112.4%)
|
n.m
|
|
64.6%
|
13.7%
|
(5085 bps)
|
|
EBITDA
|
1,344,371
|
1,937,770
|
44.1
|
|
5,471,965
|
7,413,527
|
35.5
|
|
EBITDA Margin
|
43.7%
|
50.0%
|
635 bps
|
|
56.1%
|
59.2%
|
314 bps
|
|
Adjusted EBITDA Margin
(2)
|
70.3%
|
63.6%
|
(669 bps)
|
|
71.7%
|
69.0%
|
(266 bps)
|
|
Net Income
|
917,506
|
3,113,847
|
239.4
|
|
3,629,262
|
6,750,165
|
86.0
|
|
Majority Net Income
|
917,506
|
2,262,511
|
146.6
|
|
3,629,262
|
5,834,484
|
60.8
|
|
Earnings per Share
|
3.0584
|
7.5417
|
146.6
|
|
12.0975
|
19.4483
|
60.8
|
|
Earnings per ADS in US$
|
1.5554
|
3.8355
|
146.6
|
|
6.1525
|
9.8909
|
60.8
|
|
|
|
|
|
|
|
|
|
|
Total Commercial Revenues per Passenger
(3)
|
96.4
|
95.4
|
(1.0)
|
|
96.9
|
102.8
|
6.1
|
|
Commercial Revenues from Direct Operations per
Passenger
(4)
|
15.8
|
17.6
|
11.9
|
|
15.4
|
18.6
|
20.9
|
|
Commercial Revenues Excl. Direct Operations per Passenger
|
80.6
|
77.8
|
(3.5)
|
|
81.5
|
84.2
|
3.3
|
|
|
|
|
|
|
|
|
|
|
1
Adjusted Operating Margin excludes the effect of IFRIC
12 with respect to the construction or improvements to concessioned assets in Mexico and Colombia 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 Colombia and is calculated by dividing
EBITDA by total revenues less construction services revenues.
|
|
3
Includes transit and general aviation passengers for
Mexico, Puerto Rico and Colombia.
4
Represents ASUR’s operation
of convenience stores in its airports.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Revenues
Consolidated Revenues
for 4Q17 increased
25.8% YoY to Ps.3,871.7 million, mainly as a result of the following increases:
|
·
|
65.5% in revenues from
aeronautical services to Ps.1,896.5 million, principaly due to the increase in revenues from aeronautical services in Mexico, along
with the benefit of Ps.373.2 million in aeronautical revenues from Aerostar and Ps.225.7 million from Colombia in 4Q17; and
|
|
·
|
48.7% in revenues from
non-aeronautical services to Ps.1,151.1 million, principally reflecting the 53.2% increase in commercial revenues. Non-aeronautical
services revenues for 4Q17 include the contributions of Ps.202.9 million from Aerostar and Ps.69.1 million from Airplan in Colombia.
|
This was partially offset by a 29.2%
decline in revenues from construction services in Mexico and Colombia 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 59.3% YoY to Ps.3,047.6
million. Total revenues at Aerostar and Colombia for 4Q17 represented 18.9% and 9.7%, respectively of ASUR’s consolidated
revenues excluding revenues from construction services.
Commercial Revenues
in 4Q17 rose 53.2%
YoY, principally due to the 6.0% increase in total passenger traffic in Mexico, along with the contribution of Ps.200.5 million
and Ps.68.2 million in commercial revenues at LMM Airport and Colombia, respectively for 4Q17. Commercial revenues in Mexico rose
14.1%, mainly driven by increases in Duty Free, Food and Beverages, and Retail mainly reflecting the opening on Terminal 4 at Cancun
Airport during 4Q17.
Commercial Revenues per Passenger
declined
to Ps.95.4 in 4Q17, from Ps.96.4 in 4Q16, with Mexico contributing with Ps.103.7, LMM Airport with Ps.130.0 and Colombia with Ps.35.3
revenues per passenger in 4Q17.
Consolidated Operating
Costs and Expenses
Consolidated Operating Costs and Expenses,
including construction costs, for 4Q17 increased 289.7% YoY to Ps.7,296.2 million, mainly impacted by the recognition of a US$250.4
million impairment in long-term assets as a result of Hurricane Maria, in Puerto Rico. Excluding construction costs, operating
costs and expenses rose 805.6% to Ps.6,417.7 million.
Cost of Services
increased 119.3%, as
4Q17 includes expenses of Ps.293.3 million and Ps.128.0 million for Puerto Rico and Colombia, respectively, reflecting the consolidation
of those operations. Higher maintenance expenses, as well as opening costs at Terminal 4 in Cancun airport, along with higher cost
of sales from convenience stores directly operated by ASUR, increased energy, security and professional fees, also contributed
to the increase in cost of services.
Construction Costs
declined 24.5% YoY
to Ps.878.5 million, mainly due to lower levels of capital improvements made to the concessioned assets during the period. Mexico
contributed with Ps.636.8 million in construction costs during 4Q17 and Colombia Ps.241.6 million.
G&A Expenses
, which reflect administrative
expenses in Mexico, declined 9.5% YoY.
Consolidated
Technical Assistance
increased
17.8% YoY, mainly reflecting EBITDA growth in Mexico excluding extraordinary items, a factor in the calculation of the fee.
Concession fees
rose 81.5%, mainly reflecting
higher fees paid to the Mexican government, mainly due to an increase in regulated revenues in Mexico, a factor in the calculation
of the fee. Concession fees for 4Q17 also include fees paid to Puerto Rico and Colombian authorities in the quarter.
Depreciation and Amortization
increased
3,830.3%, principally due to the US$250.4 million impairment in long-term assets as a result of the impact of Hurricane Maria in
Puerto Rico, as well as the recognition of Ps.98.8 million in amortization of the intangible asset resulting from the valuation
of the investment in Aerostar, as well as the inclusion of depreciation in Colombia starting 4Q17, which amounted to Ps.55 million.
Consolidated Operating
Profit and EBITDA
In 4Q17 ASUR reported a
Consolidated Operating
Loss
of Ps.3,424,4 million, and Operating Margin was negative 88.4%, mainly as a result of the US$250.4 million impairment
in long-term assets as a result of the impact of Hurricane Maria in Puerto Rico, as well as the recognition of Ps.98.8 million
in amortization of the intangible asset resulting from the valuation of the investment in Aerostar.
Adjusted Operating Margin
, which excludes
the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets in Mexico and Colombia, is calculated
as operating profit divided by total revenues less construction services revenues; and was negative 112.4% in 4Q17 compared with
positive 63.0% in 4Q16.
EBITDA
rose 44.1% to Ps.1,937.7 million
in 4Q17, with Aerostar contributing with Ps.307.6 million in EBITDA, and Colombia with Ps.55.8 million, equivalent to 15.9% and
2.8% of consolidated EBITDA, respectively. Mexican operations reported a 17.1% YoY increase in EBITDA during the quarter. During
4Q17, ASUR recognized Ps.824.1 million in Construction Revenues, a year-on-year decline of 29.2%, due to lower capital expenditures
and investments in concessioned assets. As a result, 4Q17 EBITDA Margin was 50.0% compared to 43.7% in 4Q16.
Adjusted EBITDA Margin
, which excludes
the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets in Mexico and Colombia was 63.6%
in 4Q17 compared to 70.3% in 4Q16.
Consolidated Comprehensive
Financing Gain (Loss)
Table 4: Consolidated Comprehensive Financing Gain (Loss)
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
% Chg
|
|
Twelve -Months
|
% Chg
|
|
2016
|
2017
|
|
2016
|
2017
|
|
Interest Income
|
55,576
|
81,834
|
47.2
|
|
184,569
|
245,787
|
33.2
|
|
Interest Expense
|
(33,075)
|
(299,947)
|
806.9
|
|
(126,186)
|
(618,831)
|
390.4
|
|
Foreign Exchange Gain (Loss), Net
|
(23,871)
|
90,686
|
n.m.
|
|
(103,852)
|
141,210
|
n.m.
|
|
Total
|
(1,370)
|
(127,427)
|
9,201.2
|
|
(45,469)
|
(231,834)
|
409.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In 4Q17, ASUR reported a Ps.127.4 million Comprehensive
Financing Loss, compared to a Ps.1.4 million loss in 4Q16. Interest expense rose by Ps.266.9 million during the period, reflecting
mainly a higher debt balance resulting from the consolidation of Aerostar and Airplan. Aerostar’s interest expenses for 4Q17
amounted to Ps.130.5 million, while Airplan contributed Ps.33.1 million in interest expenses. Interest income increased by Ps.26.3
million, as a result of a higher cash balance and the increase in interest rates.
In 4Q17, ASUR reported a foreign exchange gain
of Ps.90.7 million, resulting from 4.5% quarterly average depreciation of the Mexican peso against the U.S. dollar on ASUR’s
foreign currency net asset position. This compared to a Ps.23.9 million foreign exchange loss in 4Q16 resulting from the 3.5% quarterly
average Mexican peso depreciation during that period over a lower foreign currency net liability position.
Income Taxes
Income Taxes
for 4Q17 rose by Ps.70.9
million year-over-year, principally due to the following factors:
|
·
|
A Ps.116.8 million increase
in the provision for income taxes, mainly reflecting a higher taxable income base at Cancun Airport along with the consolidation
of Airplan in Colombia starting this quarter; and
|
|
·
|
A Ps.45.9 million decline
in deferred income taxes, largely reflecting the recognition of the effects of the 2.26% increase in inflation during 4Q17 on the
fiscal tax balance. The consolidation of Airplan, starting October 19, 2017, resulted in the recognition of a benefit from deferred
income tax of Ps.9.3 million offset by deferred income taxes of Ps.12.7 million from Puerto Rico, which is fully consolidated since
June 1, 2017.
|
Majority Net Income
Majority Net Income
for 4Q17 increased
by 146.6% to Ps.2,262.5 million, up from Ps.917.5 million in 4Q16. Earnings per common share for the quarter were Ps.7.5417 and
earnings per ADS (EPADS) were US$3.8355 (one ADS represents ten series B common shares). This compares with earnings per share
of Ps.3.0584 and EPADS of US$1.5554 for the same period last year.
Consolidated Financial
Position
On December 31, 2017, airport concessions
represented 83.7% of the Company’s total assets, goodwill represented 5.4%, with current assets representing 10.0% and other
assets representing 0.9%.
As of December 31, 2017, ASUR had cash
and cash equivalents of Ps.4,461.0 million; a 27.5% increase from Ps.3,497.6 million at December 31, 2016. Aerostar contributed
with Ps.436.8 million in cash and cash equivalents in 4Q17 and Airplan with Ps.42.3 million.
Stockholders’ equity at the close
of 4Q17 was Ps.33,535.0 million and total liabilities were Ps.22,031.0 million, representing 60.4% and 39.6% of total assets, respectively.
Deferred liabilities represented 12.5% of ASUR’s total liabilities.
Total Debt at year-end increased to Ps.17,371.4
million, from Ps.4,460.74 million in 4Q16, principally reflecting the consolidation of debt at Aerostar and Airplan as shown on
Tables 5 and 6, as well as the Ps.4,000 million loan at Cancun Airport. A total of Ps.10,342.4 million of ASUR’s debt, or
59.5% of total debt, is denominated in U.S. dollars, Ps.4,008.9 million, or 23.1%, in Mexican Pesos, and Ps.3,020.1 million, or
17.4%, of the total is denominated in Colombian pesos.
The Net Debt to LTM EBITDA ratio stood at 2.3x
at the end of 4Q17, while the Interest Coverage ratio was 9.8x as of December 31, 2017. This compares with Net Debt to LTM EBITDA
and Interest Coverage Ratios of 0.8x and 39.1x as of December 31, 2016, respectively.
Table 5: Consolidated Debt Indicators
|
|
|
|
|
December 31, 2016
|
September 30, 2017
|
December 31, 2017
|
Leverage
|
|
|
|
Total Debt/ LTM EBITDA (Times)
1
|
0.8
|
2.2
|
2.3
|
Total Net Debt/ LTM EBITDA (Times)
2
|
0.2
|
1.0
|
1.7
|
Interest Coverage Ratio
3
|
39.1
|
8.8
|
9.8
|
Total Debt
|
4,460,777
|
14,712,448
|
17,371,398
|
Short-term Debt
|
58,336
|
4,053,751
|
173,471
|
Long-term Debt
|
4,402,440
|
10,658,697
|
17,197,927
|
Cash & Cash Equivalents
|
3,497,635
|
7,678,970
|
4,461,044
|
Total Net Debt
4
|
963,142
|
7,033,478
|
12,910,354
|
|
|
|
|
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.
|
Table 6: Consolidated Debt Profile (US$ millions)
|
|
|
|
|
|
|
|
|
|
|
|
Airport
|
Payment of principal
|
Currency
|
Interest Rate
|
Amortization Schedule
|
|
2017
|
2018
|
2019
|
2020
|
2021 /23
|
2024 /35
|
Total
|
5 Yr-Syndicated Credit Facility
|
Cancun
|
Bullet
|
$Usd
|
Libor + 1.5250%
|
-
|
-
|
-
|
-
|
-
|
72.5
|
72.5
|
5 Yr-Syndicated Credit Facility
|
Cancun
|
Bullet
|
$Usd
|
Libor + 1.4500%
|
-
|
-
|
-
|
-
|
-
|
72.5
|
72.5
|
5 Yr-Syndicated Credit Facility
|
Cancun
|
Bullet
|
$PMx
|
Tiie + 1.25%
|
-
|
-
|
-
|
-
|
2,000.0
|
-
|
2,000.0
|
7 Yr-Syndicated Credit Facility
|
Cancun
|
Semi-Annual Amort.
|
$PMx
|
Tiie + 1.25%
|
-
|
-
|
-
|
20.0
|
1,860.0
|
120.0
|
2,000.0
|
22 Yr-Senior Note 2035
|
San Juan
|
Semi-Annual Amort.
|
$Usd
|
5.75%
|
5.2
|
5.8
|
5.2
|
5.3
|
17.1
|
162.9
|
201.5
|
20 Yr-Senior Note 2035
|
San Juan
|
Semi-Annual Amort.
|
$Usd
|
6.75%
|
5.7
|
5.1
|
5.2
|
5.3
|
18.3
|
153.8
|
193.4
|
10 Yr-Syndicated Credit Facility
|
Colombia
|
Qtly. Amort.
|
$Pcol
|
DTF
1
+ 4
|
-
|
3,750.0
|
9,000.0
|
12,000.0
|
44,250.0
|
81,000.0
|
150,000.0
|
10 Yr-Syndicated Credit Facility
|
Colombia
|
Qtly. Amort.
|
$Pcol
|
DTF
1
+ 4
|
-
|
2,550.0
|
6,120.0
|
8,160.0
|
30,090.0
|
55,080.0
|
102,000.0
|
10 Yr-Syndicated Credit Facility
|
Colombia
|
Qtly. Amort.
|
$Pcol
|
DTF
1
+ 4
|
-
|
2,250.0
|
5,400.0
|
7,200.0
|
26,550.0
|
48,600.0
|
90,000.0
|
10 Yr-Syndicated Credit Facility
|
Colombia
|
Qtly. Amort.
|
$Pcol
|
DTF
1
+ 4
|
-
|
925.0
|
2,220.0
|
2,960.0
|
10,915.0
|
19,980.0
|
37,000.0
|
10 Yr-Syndicated Credit Facility
|
Colombia
|
Qtly. Amort.
|
$Pcol
|
DTF
1
+ 4
|
-
|
925.0
|
2,220.0
|
2,960.0
|
10,915.0
|
19,980.0
|
37,000.0
|
10 Yr-Syndicated Credit Facility
|
Colombia
|
Qtly. Amort.
|
$Pcol
|
DTF
1
+ 4
|
-
|
200.0
|
480.0
|
640.0
|
2,360.0
|
4,320.0
|
8,000.0
|
10 Yr-Syndicated Credit Facility
|
Colombia
|
Qtly. Amort.
|
$Pcol
|
DTF
1
+ 4
|
-
|
200.0
|
480.0
|
640.0
|
2,360.0
|
4,320.0
|
8,000.0
|
10 Yr-Syndicated Credit Facility
|
Colombia
|
Qtly. Amort.
|
$Pcol
|
DTF
1
+ 4
|
-
|
200.0
|
480.0
|
640.0
|
2,360.0
|
4,320.0
|
8,000.0
|
1 Yr-Treasury
|
Colombia
|
Anual
|
$Pcol
|
IBR
2
+ 2.6
|
-
|
5,000.0
|
-
|
-
|
-
|
-
|
5,000.0
|
1 Yr-Treasury
|
Colombia
|
Anual
|
$Pcol
|
IBR
2
+ 2.6
|
-
|
14,984.0
|
-
|
-
|
-
|
-
|
14,984.0
|
|
1
DTF is an average 90-day rate with which the credits in Colombia are subscribed
|
|
|
2
IBR is a rate that banks offer for short-term bank loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
During 4Q17, ASUR made capital investments
for a total of Ps.766.2 million. Of this, Ps.464.9 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, currently in operation. In
addition, during 4Q17, Aerostar invested Ps.89.3 million at LMM Airport and Airplan made investments for a total of Ps.211.9 million
in Colombia. Accumulated consolidated capex for FY17 amounted to Ps.1,471.4 million.
Review
of Mexico Operations
Table 7: Mexico Revenues & Commercial Revenues Per Passenger
|
|
|
|
|
|
|
|
Fourth Quarter
|
% Chg
|
|
Twelve-Months
|
% Chg
|
2016
|
2017
|
|
2016
|
2017
|
Total Passenger
|
7,131
|
7,562
|
6.0
|
|
28,622
|
31,227
|
9.1
|
|
|
|
|
|
|
|
|
Total Revenues
|
3,076,590
|
2,813,545
|
(8.5)
|
|
9,753,491
|
10,610,203
|
8.8
|
Aeronautical Services
|
1,139,120
|
1,297,568
|
13.9
|
|
4,532,194
|
5,319,484
|
17.4
|
Non-Aeronautical Services
|
773,946
|
879,129
|
13.6
|
|
3,104,343
|
3,709,722
|
19.5
|
- Commercial Revenues
|
687,251
|
784,434
|
14.1
|
|
2,772,544
|
3,331,642
|
20.2
|
Construction Revenues
|
1,163,524
|
636,847
|
(45.3)
|
|
2,116,954
|
1,580,997
|
(25.3)
|
Total Revenues Excluding Construction Revenues
|
1,913,066
|
2,176,697
|
13.8
|
|
7,636,537
|
9,029,206
|
18.2
|
|
|
|
|
|
|
|
|
Total Commercial Revenues
|
687,251
|
784,434
|
14.1
|
|
2,772,544
|
3,331,642
|
20.2
|
Commercial Revenues from Direct Operations
|
112,362
|
156,270
|
39.1
|
|
439,410
|
596,066
|
35.7
|
Commercial Revenues Excluding Direct Operations
|
574,889
|
628,164
|
9.3
|
|
2,333,134
|
2,735,576
|
17.2
|
|
|
|
|
|
|
|
|
Total Commercial Revenues per Passenger
|
96.4
|
103.7
|
7.6
|
|
96.9
|
106.7
|
10.1
|
Commercial Revenues from Direct Operations per Passenger
1
|
15.8
|
20.7
|
31.2
|
|
15.4
|
19.1
|
24.4
|
Commercial Revenues Excl. Direct Operations per Passenger
|
80.6
|
83.1
|
3.1
|
|
81.5
|
87.6
|
7.5
|
|
|
|
|
|
|
|
|
Note: For purposes of this table, approximately
50.0 and 40.3 thousand transit and general aviation passengers are included in 4Q16 and 4Q17, respectively, while 214.9 and 174.1
thousand transit and general aviation passengers are included in FY16 and FY17.
1
Represents ASUR’s operation
of convenience stores in airports as well as advertising since September 2017.
Mexico Revenues
Mexico Revenues
for 4Q17 declined 8.5%
YoY to Ps.2,813.5 million, principally due to the 45.3% reduction in revenues from construction services that resulted from lower
capital expenditures and other investments in concessioned assets during the period.
Excluding construction, revenues rose 13.8% YoY reflecting the following
increases:
|
·
|
13.9% in revenues from
aeronautical services, mainly due to the 6.2% increase in passenger traffic; and
|
|
·
|
13.6% in revenues from
non-aeronautical services, principally reflecting the 14.1% growth in commercial revenues detailed below.
|
Commercial Revenues
in the quarter rose
14.1% year-over-year, mainly reflecting the 6.0% increase in total passenger traffic (including transit and general aviation passengers)
and reported increases across all categories as shown on table 8.
Commercial Revenues per Passenger
, in
turn, increased 7.6% to Ps.103.7 in 4Q17 from Ps.96.4 in 4Q16.
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 64 new commercial spaces at its new Terminal 4 at Cancun Airport and three commercial spaces at its other eight airports.
More details of these openings can be found on pages 20 and 21 of this report.
Table 8: Mexico Commercial Revenues
|
|
|
|
Table 9: Mexico Summary Retail and Other Commercial Space Opened since December 31,2016
|
Business Line
(1)
|
YoY Chg.
|
|
Type of Commercial Space
(1)
|
# of spaces opened
|
4Q17
|
2017
|
|
Duty Free
|
27.1%
|
31.1%
|
|
Cancun
|
64
|
Food and Beverage Operations
|
8.6%
|
24.2%
|
|
Retail
|
27
|
Retail Operations
|
18.6%
|
17.2%
|
|
Car Rental
|
13
|
Car Rental Revenues
|
6.2%
|
14.3%
|
|
Ground Transportation
|
4
|
Advertasing Revenues
|
(4.3%)
|
6.8%
|
|
Food and Beverage Operations
|
16
|
Banking and Currency Exchange Services
|
(13.9%)
|
10.9%
|
|
Other Revenues
|
3
|
Ground Transportation
|
0.1%
|
8.5%
|
|
Duty Free
|
1
|
Teleservices
|
1.6%
|
16.6%
|
|
8 Others Airport
|
3
|
Parking Lot Fees
|
(6.5%)
|
(1.5%)
|
|
Bank and Foreign
|
1
|
Other Revenues
|
11.0%
|
20.3%
|
|
VIP Lounge
|
2
|
Total Commercial Revenues
|
14.1%
|
20.2%
|
|
Mexico
|
67
|
|
|
|
|
1 Only includes new stores opened during the period and excludes remodelings or contract renewals.
|
|
|
|
|
|
|
|
|
|
|
Mexico Operating Costs
and Expenses
Table 10: Mexico Operating Costs & Expenses
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
% Chg
|
|
Twelve-Months
|
% Chg
|
2016
|
2017
|
|
2016
|
2017
|
Cost of Services
|
365,310
|
379,830
|
4.0
|
|
1,336,386
|
1,525,521
|
14.2
|
Administrative
|
50,722
|
45,892
|
(9.5)
|
|
204,842
|
204,418
|
(0.2)
|
Technical Assistance
|
70,793
|
82,771
|
16.9
|
|
288,111
|
345,854
|
20.0
|
Concession Fees
|
86,241
|
97,833
|
13.4
|
|
344,939
|
406,734
|
17.9
|
Depreciation and Amortization
|
135,632
|
4,964,964
|
3,560.6
|
|
529,660
|
5,382,156
|
916.2
|
Operating Costs and Expenses Excluding Construction Costs
|
708,698
|
5,571,290
|
686.1
|
|
2,703,938
|
7,864,683
|
190.9
|
Construction Costs
|
1,163,524
|
636,847
|
(45.3)
|
|
2,116,954
|
1,580,997
|
(25.3)
|
Total Operating Costs & Expenses
|
1,872,222
|
6,208,137
|
231.6
|
|
4,820,892
|
9,445,680
|
95.9
|
|
|
|
|
|
|
|
|
Total Mexico Operating Costs and Expenses
for 4Q17 increased 231.6% year-over-year. This includes construction costs, which fell 45.3%, reflecting lower levels of capital
improvements made to concessioned assets during the period. Excluding construction costs, operating costs and expenses increased
686.1% to Ps.5,571.3 million, impacted by the US$240.0 million impairment in long-term assets as a result of the impact of Hurricane
Maria, in Puerto Rico, as well as the recognition of Ps.98.8 million in amortization of the intangible asset resulting from the
valuation of the investment in Aerostar.
Cost of Services
rose 4.0% mainly due
to higher energy, security and maintenance expenses. Higher cost of sales from convenience stores directly operated by ASUR, including
those opened at Terminal 4 at Cancun Airport, and professional fees in connection with several projects also contributed to the
increase in cost of services.
Administrative
expenses declined by 9.5% YoY.
The 16.9% 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 13.4%, mainly due to an increase in regulated revenues, a factor in the calculation of the
fee.
Depreciation and Amortization
increased
3,560.6% YoY, impacted by the US$240.0 million impairment in long-term assets as a result of the impact of Hurricane Maria, in
Puerto Rico, as well as the recognition of Ps.98.8 million in amortization of the intangible asset resulting from the valuation
of the investment in the subsidiary in Puerto Rico.
Mexico Consolidated Comprehensive
Financing Gain (Loss)
Table 11: Mexico Comprehensive Financing Gain (Loss)
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
%Chg
|
|
Twelve-Months
|
% Chg
|
2016
|
2017
|
|
2016
|
2017
|
Interest Income
|
55,576
|
92,280
|
66.0
|
|
184,569
|
272,367
|
47.6
|
Interest Expense
|
(33,075)
|
(147,452)
|
345.8
|
|
(126,186)
|
(317,141)
|
151.3
|
Foreign Exchange Gain (Loss), Net
|
(23,871)
|
90,737
|
n.m.
|
|
(103,852)
|
141,261
|
n.m.
|
Total
|
(1,370)
|
35,565
|
n.m.
|
|
(45,469)
|
96,487
|
n.m.
|
|
|
|
|
|
|
|
|
|
|
In 4Q17, ASUR’s Mexico operations reported
a Ps.35.6 million
Comprehensive Financing Gain
, compared to a Ps.1.4 million loss in 4Q16. This was mainly due to a foreign
exchange gain in 4Q17 of Ps.90.7 million, reflecting a 4.5% quarterly average depreciation of the Mexican peso against the U.S.
dollar on ASUR’s foreign currency net asset position. This compared to a Ps.23.9 million foreign exchange loss in 4Q16, resulting
from the 3.2% quarterly average Mexican peso depreciation during that period and a lower foreign currency net liability position.
Interest income in Mexico increased by 66.0%
YoY to Ps.92.3 million in 4Q17, reflecting a higher cash balance and interest rates, while interest expense rose by 345.8% to Ps.147.4
million during the period, reflecting the incurrence of Ps.4,000 million in Peso-denominated loans during the period.
Mexico Operating Profit
and EBITDA
Table 12: Mexico Operating Profit & EBITDA
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
% Chg
|
|
Twelve-Months
|
% Chg
|
2016
|
2017
|
|
2016
|
2017
|
Total Revenue
|
3,076,590
|
2,813,545
|
(8.5)
|
|
9,753,491
|
10,610,203
|
8.8
|
Total Revenues Excluding Construction Revenues
|
1,913,066
|
2,176,697
|
13.8
|
|
7,636,537
|
9,029,206
|
18.2
|
Operating Profit
|
1,204,368
|
(3,394,592)
|
(381.9)
|
|
4,932,599
|
1,164,523
|
(76.4)
|
Operating Margin
|
39.1%
|
(120.7%)
|
n.m
|
|
50.6%
|
11.0%
|
(3960 bps)
|
Adjusted Operating Margin
1
|
63.0%
|
(156.0%)
|
n.m
|
|
64.6%
|
12.9%
|
(5169 bps)
|
Net Income
3
|
917,506
|
3,186,551
|
247.3
|
|
3,629,262
|
6,758,526
|
86.2
|
EBITDA
|
1,344,371
|
1,574,365
|
17.1
|
|
5,471,965
|
6,570,705
|
20.1
|
EBITDA Margin
|
43.7%
|
56.0%
|
1226 bps
|
|
56.1%
|
61.9%
|
583 bps
|
Adjusted EBITDA Margin
2
|
70.3%
|
72.3%
|
206 bps
|
|
71.7%
|
72.8%
|
112 bps
|
|
|
|
|
|
|
|
|
1
Adjusted Operating Margin excludes the effect of IFRIC
12 with respect to the construction of 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 of or improvements to concessioned assets and is calculated by dividing EBITDA by total
revenues less construction services revenues.
3 Net Income for 4Q17 includes a loss of Ps.143.1
million from the participation in the results of subsidiaries Aerostar (PR) and Airplan (Colombia) recognized under the equity
method. Net Income for FY17 includes a loss of Ps.46.5 million from the participation in results of subsidiaries Aerostar (PR)
and Airplan (Colombia) recognized under the participation method. Accumulated net income also includes Ps.112.3 million in 2017
and Ps. 144.2 million in 2016 from the joint participation in the business with Aerostar.
In 4Q17 Mexico reported an
Operating Loss
of Ps.3,394.6 million, resulting in a negative 120.7% Operating Margin compared with positive 39.1% in 4Q16, mainly impacted by
the impairment in long-term assets.
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, was negative 156.0% in 4Q17.
EBITDA
increased 17.1% to Ps.1,574.4
million from Ps.1,344.4 million in 4Q16, reflecting higher operating leverage. EBITDA Margin expanded to 56.0% from 43.7% in 4Q16.
During 4Q17, ASUR recognized Ps.636.8 million
in “Construction Revenues,” a year-on-year decline of 45.3%, 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 of or improvements
to concessioned assets, increased 206 bps to 72.3%.
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’s accumulated regulated revenues
at its Mexican operations as of December 31, 2017 totaled Ps.5,579.09 million, with an average tariff per workload unit of Ps.171.94
(pesos of December 2016). ASUR’s regulated revenues for FY17 accounted for approximately 61.79% 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 Aerostar for the three-month period ended December 31, 2017 (in which Aerostar was consolidated with ASUR) against the
three-month period ended December 31, 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 twelve-month periods ended December 31, 2017 and 2016 as the Company did
not consolidate Aerostar during the totality of this period.
Table 13: Puerto Rico Revenues
& Commercial Revenues Per Passenger
(in thousands of Mexican pesos)
|
|
|
|
|
Fourth Quarter
|
% Var
|
|
|
2016
|
2017
|
|
|
Not Consolidated
|
Consolidated
|
|
Total Passenger
|
2,109
|
1,542
|
(26.9)
|
|
|
|
|
|
|
Total Revenues
|
599,748
|
576,141
|
(3.9)
|
|
Aeronautical Services
|
393,689
|
373,238
|
(5.2)
|
|
Non-Aeronautical Services
|
206,058
|
202,903
|
(1.5)
|
|
- Commercial Revenues
|
203,535
|
200,494
|
(1.5)
|
|
Total Commercial Revenues
|
203,535
|
200,494
|
(1.5)
|
|
Commercial Revenues from Direct Operations
|
44,499
|
38,263
|
(14.0)
|
|
Commercial Revenues Excluding Direct Operations
|
159,036
|
162,231
|
2.0
|
|
Total Commercial Revenues per Passenger
|
96.49
|
130.0
|
34.7
|
|
Commercial Revenues from Direct Operations per Passenger
1
|
21.1
|
24.8
|
17.6
|
|
Commercial Revenues Excl. Direct Operations per Passenger
|
75.4
|
105.2
|
39.5
|
|
|
|
|
|
|
|
|
1
Represents ASUR’s operation
of convenience stores in LMM Airport.
Note: Figures in pesos at an average exchange
rate of Ps.18.9795
Puerto Rico Revenues
Total Puerto Rico Revenues
for 4Q17
fell 3.9% YoY to Ps.576.1 million, mainly reflecting the impact of Hurricane Maria which hit Puerto Rico in September 2017 and
resulted in the following declines:
|
·
|
1.5% in revenues from
non-aeronautical services, principally reflecting the 1.5% decline in commercial revenues; and
|
|
·
|
5.2% in revenues from
aeronautical services reflecting a decline in aeronautical operations as a result of Hurricane Maria.
|
Commercial Revenues per Passenger rose to Ps.130.0
from Ps.96.5 in 4Q16.
Two commercial spaces were opened at LMM Airport
in 4Q17, with eight new commercial spaces opened during FY17 as shown on Table 15. More details of these openings can be found
on page 21 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: San Juan Airport Commercial Revenue Performance
|
Table 15: San Juan Airport Summary Retail and Other Commercial Space Opened since December 31, 2016
|
Business Line
|
YoY Chg
|
|
Type of Commercial Space
1
|
# of Spaces Opened
|
4Q17
|
|
Parking Lot Fees
|
10.2%
|
|
Retail
|
1
|
Car Rental Revenues
|
7.4%
|
|
Food & Beverage
|
2
|
Food and Beverage Operations
|
6.7%
|
|
Car Rental
|
1
|
Other Revenue
|
(2.3%)
|
|
Other Revenue
|
4
|
Duty Free
|
(8.5%)
|
|
Total Commercial Spaces
|
8
|
Retail Operations
|
(15.2%)
|
|
|
|
Advertising Revenues
|
(41.6%)
|
|
|
|
Ground Transportation
|
(55.8%)
|
|
1
Only includes new stores opened during the period and excludes remodelings or contract renewals.
|
Total Commercial Revenues
|
(1.5%)
|
|
|
|
Puerto Rico Operating
Costs and Expenses
Table 16: Puerto Rico Operating
Costs and Expenses
(in thousands of Mexican pesos)
|
|
|
Fourth Quarter
|
% Chg
|
2016
|
2017
|
Not Consolidated
|
Consolidated
|
Cost of Services
|
304,641
|
293,304
|
(3.7)
|
Concession Fees
|
2,604
|
2,662
|
2.2
|
Depreciation and Amortization
|
115,548
|
310,812
|
169.0
|
Total Operating Costs & Expenses
|
422,793
|
606,778
|
43.5
|
|
|
|
|
|
Note: Figures in pesos at an average exchange rate of Ps.
18.9795
|
|
|
Total
Operating Costs and Expenses
at LMM Airport in 4Q17
increased 43.5% YoY to Ps.606.8 million.
Cost of Services
declined 3.7% YoY,
driven by lower energy, professional fees, insurance, maintenance, lower water consumption as well as income from water services
which started to be charged to concessionaires. Concession Fees, which include fees paid to the Puerto Rican government, rose 2.2%.
Depreciation and Amortization
increased
169.0%, mainly impacted by the US$10.4 million impairment in long-term assets caused by the damage from Hurricane Maria.
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.6.2 million.
Puerto Rico Comprehensive
Financing Gain (Loss)
Table 17: Puerto Rico Comprehensive
Financing Gain
(in thousands of Mexican pesos)
|
|
|
Fourth Quarter
|
% Chg
|
2016
|
2017
|
Not Consolidated
|
Consolidated
|
Interest Income
|
15
|
10
|
(33.3)
|
Interest Expense
|
(149,013)
|
(130,484)
|
(12.4)
|
Total
|
(148,998)
|
(130,474)
|
(12.4)
|
|
|
|
|
|
Note: Figures in pesos at an average exchange rate of Ps.
18.9795
|
|
|
During 4Q17, LMM Airport reported a Ps.130.5
million Comprehensive Financing Loss, compared with a Ps.149.0 million loss in 4Q16.
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 December 31, 2017, the remaining balance is US$61.1 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
December 31, 2017, had not been utilized.
All long-term debt is collateralized by Aerostar’s
total assets.
Puerto Rico Operating Profit and EBITDA
Table 18: San Juan Airport Operating Profit &
EBITDA
(in thousands of Mexican pesos)
|
|
|
|
|
Fourth Quarter
|
% Chg
|
|
2016
|
2017
|
|
Not Consolidated
|
Consolidated
|
Total Revenue
|
599,747
|
576,141
|
(3.9)
|
Operating Profit
|
176,954
|
(30,637)
|
n/a
|
Operating Margin
|
29.5%
|
(5.3%)
|
n.m.
|
Net Income
|
14,165
|
(173,814)
|
n.m.
|
EBITDA
|
292,503
|
307,631
|
5.2
|
EBITDA Margin
|
48.8%
|
53.4%
|
462 bps
|
|
|
|
|
Note: Figures in pesos at an average exchange rate of Ps.
18.9795
|
|
|
|
In 4Q17, Puerto Rico operations reported an
Operating Loss
of Ps.30.6 million, with
Operating Margin
down to negative 5.3% from 29.5% in 4Q16, principally reflecting
the 169% increase in depreciation and amortization from the damages resulting from Hurricane Maria as explained above.
EBITDA
rose 5.2% to Ps.307.6 million
from Ps.292.5 million in 4Q16 despite the decline in passenger traffic, principally reflecting cost savings during the period.
EBITDA Margin rose 462 bps to 53.4% in 4Q17.
Puerto Rico Capital Expenditures
During 4Q17, Aerostar invested Ps.89.3 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.53.2 million in 4Q16.
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$62 million during
the first five years of the term. From year six onwards, the total annual contribution for the prior year will increase in accordance
with an adjusted consumer price index factor based on the U.S. non-core consumer price index. The annual fee is divided between
the airlines that operate at LMM Airport in accordance with the regulations and structure defined under the Airport Use Agreement
to establish the contribution of each airline for each particular year.
Impact from Hurricane Maria
On September 20, 2017, Hurricane Maria, a category
4 hurricane, made landfall on Puerto Rico. Operations at LMM Airport were suspended on September 19 and resumed on a limited
basis on September 21, 2017. As of December 31, 2017, LMM Airport has regained its capacity for normal management of airport operations.
Damages to airport infrastructure are being evaluated by Management and its insurance company and a
reasonable estimate is not yet available. Aerostar
is insured for infrastructure damage as well as loss of direct income due to such damage. The insurance contract establishes a
maximum deductible of US$ 10.0 million.
Review of Colombia Operations
On October 19, 2017, ASUR acquired a 92.42%
ownership stake in Airplan, which operates six airports in Colombia. Therefore, ASUR began to consolidate Airplan’s results
on a line by line basis as of that date.
The following discussion compares Airplan's
independent results for the period starting October 19 and ended December 31, 2017 (in which Airplan was consolidated with ASUR)
against the three-month period starting October 19, 2016 and ended December 31, 2016 (in which Airplan was not consolidated with
ASUR).
As a result of the acquisition of Airplan,
ASUR reported goodwill of Ps.2,120.1 million in 4Q17. In line with IFRS 3, there is a one-year term to determine the final purchase
price of this acquisition and consequently, the amount of this goodwill could change.
Table 19 : Colombia
Revenues & Commercial Revenues Per Passenger
|
(in thousands of Mexican pesos)
|
|
|
|
|
Fourth Quarter
|
% Chg
|
|
|
2016
|
2017
|
|
|
Not Consolidated
|
Consolidated
|
|
Total Passenger
|
2,175
|
1,931
|
(11.2)
|
|
|
|
|
|
|
Total Revenues
|
859,383
|
482,058
|
(43.9)
|
|
Aeronautical Services
|
232,661
|
225,693
|
(3.0)
|
|
Non-Aeronautical Services
|
80,514
|
69,071
|
(14.2)
|
|
- Commercial Revenues
|
77,649
|
68,243
|
(12.1)
|
|
Construction Revenues
|
546,208
|
187,294
|
(65.7)
|
|
Total Revenues Excluding Construction Revenues
|
313,175
|
294,764
|
(5.9)
|
|
Total Commercial Revenues
|
77,649
|
68,243
|
(12.1)
|
|
Total Commercial Revenues per Passenger
|
35.7
|
35.3
|
(1.0)
|
|
|
|
|
|
|
|
|
|
|
Note: For purposes of this table, approximately
5.2 and 24.9 thousand transit and general aviation passengers are included in 4Q16 and 4Q17.
Figures in pesos at an average exchange rate
of Ps.145.3521
Colombia Revenues
Total Colombia Revenues
for 4Q17 fell
43.9% YoY to Ps.482.1 million, mainly reflecting the impact of a local pilot strike at a leading carrier which resulted in the
following declines:
|
·
|
3.0% in revenues from
aeronautical services as a result of the 13.0% YoY decline in passenger traffic;
|
|
·
|
14.2% in revenues from
non-aeronautical services, principally reflecting the 12.1% decline in commercial revenues, and
|
|
·
|
65.7% in revenues from
construction services resulting from lower committed investments.
|
Commercial Revenues per Passenger
declined
1.0%, principally as a result of the the closure of the Duty Free store during the quarter due to contract expiration.
As shown on Table 21, during FY17, 27 new commercial
spaces were opened at Airplan’s airports. More details of these openings can be found on page 21 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 20: Colombia Commercial Revenues
|
|
|
Table 21: Colombia, Retail and Other Commercial Space Opened Since December 31, 2016
|
Business Line
|
YoY Chg.
|
|
Type of Commercial Space
1
|
# of spaces opened
|
4Q17
|
|
Teleservices
|
71.3%
|
|
Retail
|
3
|
Car Rental Revenues
|
44.3%
|
|
Food & Beverage
|
11
|
Food and Beverage Operations
|
28.4%
|
|
Other Revenue
|
13
|
Retail Operations
|
1.7%
|
|
Total Commercial Spaces
|
27
|
Banking and Currency Exchange Services
|
0.0%
|
|
|
|
Parking Lot Fees
|
(4.4%)
|
|
1
Only includes new stores opened during the period and excludes remodelings or contract renewals.
|
Advertising Revenues
|
(7.0%)
|
|
Other Revenue
|
(14.0%)
|
|
|
|
Ground Transportation
|
(95.6%)
|
|
|
|
Duty Free
|
(100.0%)
|
|
|
|
Total Commercial Revenues
|
(12.1%)
|
|
|
|
Colombia Costs and Expenses
Table 22: Colombia Operating
Costs and Expenses
(in thousands of Mexican pesos)
|
|
|
Fourth Quarter
|
% Chg
|
2016
|
2017
|
Not Consolidated
|
Consolidated
|
Cost of Services
|
125,459
|
128,018
|
2.0
|
Technical Assistance
|
459
|
633
|
37.9
|
Concession Fees
|
59,713
|
56,005
|
(6.2)
|
Depreciation and Amortization
|
4,849
|
54,992
|
1,034.2
|
Operating Costs and Expenses Excluding Construction Costs
|
190,480
|
239,648
|
25.8
|
Construction Costs
|
346,482
|
241,628
|
(30.3)
|
Total Operating Costs & Expenses
|
536,962
|
481,276
|
(10.4)
|
|
|
|
|
|
Note: Figures in pesos at an average exchange
rate of Ps.145.3521
Total
Operating Costs and Expenses
at
Airplan’s airports declined 10.4% YoY in 4Q17 to Ps.481.3 million.
Cost of Services
rose 2.0% YoY, mainly
driven by higher maintenance and security expenses resulting from the terminal expansions at the Montería, Quibdó
and Rionegro airports.
Construction Costs
declined 30.3% YoY
to Ps.241.6 million, reflecting lower investments in concessioned assets during the period.
Concession Fees
, which include fees
paid to the Colombian government, declined 6.2%, mainly reflecting lower regulated and non-regulated revenues during the period.
Depreciation and Amortization
increased
1,034.2%, mainly impacted by the decline of the discount rate from 10.46% in June 2016 to 9.71% in December 2016, which impacted
the value of the accumulated amortization for 2016, determined from the comparison of current construction revenues against the
total expected revenue from the concession contract.
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.
Colombia Comprehensive Financing Gain /(Loss)
Table 23: Colombia Comprehensive
Financing Gain / (Loss)
(in thousands of Mexican pesos)
|
|
|
Fourth Quarter
|
% Chg
|
2016
|
2017
|
Not Consolidated
|
Consolidated
|
Interest Income
|
2,436
|
643
|
(73.6)
|
Interest Expense
|
(56,311)
|
(33,110)
|
(41.2)
|
Foreign Exchange Gain (Loss), Net
|
(900)
|
(51)
|
(94.3)
|
Total
|
(54,775)
|
(32,518)
|
(40.6)
|
|
|
|
|
|
Note: Figures in pesos at an average exchange rate of Ps.145.3521
|
|
|
During 4Q17, Airplan reported a Ps.32.5 million
Comprehensive Financing Loss, compared with a Ps.54.8 million loss in 4Q16.
On June 1, 2015, Airplan entered into a Ps.2,897
million 12-Year Syndicated Loan Facility with eight banks with a 3-year grace period. Airplan also has a Ps.131.6 million one-year
Treasury Loan from two banks.
Colombia Operating Profit
and EBITDA
Table 24: Colombia Operating Profit & EBITDA
(in thousands of Mexican pesos)
|
|
|
|
|
|
Fourth Quarter
|
% Chg
|
|
|
2016
|
2017
|
|
|
Not Consolidated
|
Consolidated
|
|
Total Revenue
|
859,383
|
482,058
|
(43.9)
|
|
Total Revenues Excluding Construction Revenues
|
313,175
|
294,764
|
(5.9)
|
|
Operating Profit
|
322,421
|
782
|
(99.8)
|
|
Operating Margin
|
37.5%
|
0.2%
|
(3736 bps)
|
|
Adjusted Operating Margin
1
|
103.0%
|
0.3%
|
(10269 bps)
|
|
Net Income
|
202,363
|
(41,950)
|
n.m.
|
|
EBITDA
|
327,270
|
55,774
|
(83.0)
|
|
EBITDA Margin
|
38.1%
|
11.6%
|
(2651 bps)
|
|
Adjusted EBITDA Margin
2
|
40.7%
|
37.4%
|
(337 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.
|
|
|
|
Note: Figures in pesos at an average exchange rate of Ps.145.3521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a result of the above,
Operating Profit
in 4Q17 declined 99.8% to Ps.0.8 million, with
Operating Margin
down to 0.2% from 37.5% in 4Q16.
Adjusted Operating
Margin, which excludes the impact of IFRIC12 with respect to construction or improvements to concessioned assets, declined to 0.3%
in 4T17 from 103.0% in 4T16 reflecting the lower revenues and higher depreciation costs as explained above.
EBITDA
declined by Ps.271.5 million
mainly reflecting a Ps.199.7 gain from construction services in 2016 compared with a Ps.54.3 million loss in 2017, while revenues,
costs and expenses did not present significant variations YoY. EBITDA Margin declined to 11.6% in 4Q17, from 38.1% in 4Q16.
Adjusted
EBITDA Margin,
which excludes the impact of IFRIC12 with respect to construction or improvements to concessioned assets, declined
337 bs to 37.4%
Colombia Capital Expenditures
During 4Q17, Airplan invested Ps.211.9 million
to modernize its airports, including: i) the expansion of the passenger terminal, construction of a service center and a hotel
at Quibdó airport; and ii) the expansion of the domestic and international passenger terminal, the expansion of the international
platform and progress in the construction of the cargo terminal at Rionegro airport. During 4Q16, Airplan made capital investments
for Ps.346.5 million.
Colombia Tariff Regulation
Functions of the Special Administrative Unit
of Civil Aeronautics include to establish and collect fees, tariffs and rights for the provision of aeronautical and airport services
or those that are generated by the concessions, authorizations, licenses or any other type of income or property.” As a result,
Resolution #04530 issued on September 21, 2007, establishes the tariffs for the rights and the rates conceded to the concessionaire
of the following airports: José María Córdova of Rionegro, Olaya Herrera of Medellín, Los Garzones
of Montería, El Caraño of Quibdó, Antonio Roldán Betancourt de Carapa and Las Brujas of Corozal. This
resolution also established the methodology to update and mechanisms to collect such fees, tariffs and rights.
Airplan's regulated revenues amount to Ps.1,166.8
million as of December 31, 2017.
On January 15 of each year, the concessionaire
proceeds to update the fees and tariffs in connection with the concession, which are then submitted for revision to the Special
Administrative Unit of Civil Aeronautics, and which, after approval, are subsequently charged to the users of the concessioned
airports.
Concession Services Agreements (IFRIC 12
interpretation).
In Mexico, ASUR is required by IFRIC 12 to include in its income statement an income line, “Construction
Revenues,” reflecting the revenue from construction or improvements to concessioned assets made during the relevant period.
The same amount is recognized under the expense line “Construction Costs,” because ASUR hires third parties to provide
construction services. Because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income
statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but
it does have an impact on EBITDA margin. In Colombia, “Construction Revenues” include the recognition of the revenue
to which the concessionaire is entitled for carrying out the infrastructure works in the development of the concession, while “Construction
Costs” represent the actual costs incurred by ASUR in the execution of such additions or improvements to the concessioned
assets.
Majority Net Income
reflects ASUR’s
equity interests in each of its subsidiaries and therefore excludes the 40% interest in Aerostar and 7.58% in Airplan that is owned
by other shareholders. Other than Aerostar and Airplan, ASUR owns (directly or indirectly) 100% of its subsidiaries.
EBITDA
means net income before: provision
for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing
cost and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our
operating performance or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides
a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies.
EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
Adjusted EBITDA Margin
is calculated
by dividing EBITDA by total revenues less construction services revenues for Mexico and Colombia and excludes the effect of IFRIC
12 with respect to the construction or improvements to concessioned assets. ASUR is required by IFRIC 12 to include in its income
statement an income line reflecting the revenue from construction or improvements to concessioned assets made during the relevant
period. The same amount is recognized under the expense line “Construction Costs,” because ASUR hires third parties
to provide construction services. In Mexico, because equal amounts of Construction Revenues and Construction Costs have been included
in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact
on EBITDA, but it does have an impact on EBITDA margin, as the increase in revenues that relates to Construction Revenues does
not result in a corresponding increase in EBITDA. In Colombia, construction revenues do have an impact on EBITDA, as construction
revenues include a reasonable margin over the actual cost of construction. Like EBITDA Margin, Adjusted EBITDA Margin should not
be considered as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity and is
not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
About ASUR
Grupo Aeroportuario del Sureste, S.A.B. de
C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain and develop 16 airports
in the Americas. This comprises nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination
in Mexico, the Caribbean and Latin America, and six airports in northern Colombia, including Medellín international airport
(Rionegro), the second busiest airport in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator
of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan’s Airport
is the island’s primary gateway for international and mainland-US destinations and was the first and currently the only
major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program. Headquartered
in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where
it trades under the symbol ASR. One ADS represents ten (10) series B shares. ASUR is one of the top four emerging market companies
in the transportation and transportation infrastructure sector included in the Dow Jones Sustainability Emerging Markets Index
(DJSI EM). 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
|
InspIR Group
Susan Borinelli
+1-646-330-5907
susan@inspirgroup.com
|
- SELECTED OPERATING TABLES
& FINANCIAL STATEMENTS FOLLOW –
Passenger Traffic Breakdown by Airport
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
% Chg
|
|
Twelve- Months
|
% Chg
|
|
|
|
2016
|
2017
|
|
2016
|
2017
|
|
Mexico Passenger Traffic
1
|
|
|
|
|
|
|
|
|
Domestic Traffic
|
|
3,452,086
|
3,668,922
|
6.3
|
|
12,957,652
|
14,310,728
|
10.4
|
|
CUN
|
Cancun
|
1,796,241
|
1,968,462
|
9.6
|
|
6,844,158
|
7,808,368
|
14.1
|
|
CZM
|
Cozumel
|
36,324
|
38,187
|
5.1
|
|
140,966
|
136,851
|
(2.9)
|
|
HUX
|
Huatulco
|
144,389
|
158,792
|
10.0
|
|
545,157
|
640,207
|
17.4
|
|
MID
|
Merida
|
500,996
|
529,886
|
5.8
|
|
1,781,053
|
1,947,095
|
9.3
|
|
MTT
|
Minatitlan
|
53,340
|
43,947
|
(17.6)
|
|
221,964
|
194,440
|
(12.4)
|
|
OAX
|
Oaxaca
|
183,349
|
217,643
|
18.7
|
|
687,456
|
784,765
|
14.2
|
|
TAP
|
Tapachula
|
84,432
|
72,207
|
(14.5)
|
|
296,816
|
278,118
|
(6.3)
|
|
VER
|
Veracruz
|
322,152
|
336,706
|
4.5
|
|
1,242,663
|
1,299,989
|
4.6
|
|
VSA
|
Villahermosa
|
330,863
|
303,092
|
(8.4)
|
|
1,197,419
|
1,220,895
|
2.0
|
|
International Traffic
|
|
3,629,299
|
3,853,128
|
6.2
|
|
15,449,399
|
16,741,841
|
8.4
|
|
CUN
|
Cancun
|
3,438,146
|
3,636,941
|
5.8
|
|
14,571,637
|
15,793,141
|
8.4
|
|
CZM
|
Cozumel
|
76,039
|
75,956
|
(0.1)
|
|
397,126
|
404,747
|
1.9
|
|
HUX
|
Huatulco
|
27,315
|
33,547
|
22.8
|
|
117,623
|
136,425
|
16.0
|
|
MID
|
Mérida
|
41,229
|
54,739
|
32.8
|
|
163,729
|
201,389
|
23.0
|
|
MTT
|
Minatitlan
|
1,881
|
1,512
|
(19.6)
|
|
11,278
|
6,779
|
(39.9)
|
|
OAX
|
Oaxaca
|
15,184
|
21,300
|
40.3
|
|
59,454
|
77,521
|
30.4
|
|
TAP
|
Tapachula
|
3,447
|
3,650
|
5.9
|
|
11,972
|
14,474
|
20.9
|
|
VER
|
Veracruz
|
16,225
|
15,849
|
(2.3)
|
|
73,204
|
67,983
|
(7.1)
|
|
VSA
|
Villahermosa
|
9,833
|
9,634
|
(2.0)
|
|
43,376
|
39,382
|
(9.2)
|
|
Total Traffic México
|
|
7,081,385
|
7,522,050
|
6.2
|
|
28,407,051
|
31,052,569
|
9.3
|
|
CUN
|
Cancun
|
5,234,387
|
5,605,403
|
7.1
|
|
21,415,795
|
23,601,509
|
10.2
|
|
CZM
|
Cozumel
|
112,363
|
114,143
|
1.6
|
|
538,092
|
541,598
|
0.7
|
|
HUX
|
Huatulco
|
171,704
|
192,339
|
12.0
|
|
662,780
|
776,632
|
17.2
|
|
MID
|
Merida
|
542,225
|
584,625
|
7.8
|
|
1,944,782
|
2,148,484
|
10.5
|
|
MTT
|
Minatitlan
|
55,221
|
45,459
|
(17.7)
|
|
233,242
|
201,219
|
(13.7)
|
|
OAX
|
Oaxaca
|
198,533
|
238,943
|
20.4
|
|
746,910
|
862,286
|
15.4
|
|
TAP
|
Tapachula
|
87,879
|
75,857
|
(13.7)
|
|
308,788
|
292,592
|
(5.2)
|
|
VER
|
Veracruz
|
338,377
|
352,555
|
4.2
|
|
1,315,867
|
1,367,972
|
4.0
|
|
VSA
|
Villahermosa
|
340,696
|
312,726
|
(8.2)
|
|
1,240,795
|
1,260,277
|
1.6
|
|
US Passenger Traffic, San Juan Airport (LMM)
|
|
|
|
|
|
|
|
SJU Total
1
|
|
2,109,394
|
1,542,093
|
(26.9)
|
|
9,032,627
|
8,407,404
|
(6.9)
|
|
Domestic Traffic
|
1,837,932
|
1,383,363
|
(24.7)
|
|
7,900,148
|
7,389,095
|
(6.5)
|
|
International Traffic
|
271,462
|
158,730
|
(41.5)
|
|
1,132,479
|
1,018,309
|
(10.1)
|
|
Colombia Passenger Traffic
|
|
|
|
|
|
|
|
|
Domestic Traffic
|
2,333,277
|
1,946,733
|
(16.6)
|
|
8,793,417
|
8,660,472
|
(1.5)
|
|
MDE
|
Medellín (Rionegro)
|
1,605,071
|
1,293,805
|
(19.4)
|
|
6,132,225
|
6,038,983
|
(1.5)
|
|
EOH
|
Medellín
|
294,368
|
280,213
|
(4.8)
|
|
1,033,642
|
1,033,507
|
(0.0)
|
|
MTR
|
Montería
|
254,746
|
210,280
|
(17.5)
|
|
963,005
|
942,943
|
(2.1)
|
|
APO
|
Carepa
|
57,420
|
48,848
|
(14.9)
|
|
208,411
|
202,221
|
(3.0)
|
|
UIB
|
Quibdó
|
99,513
|
90,354
|
(9.2)
|
|
384,715
|
361,157
|
(6.1)
|
|
CZU
|
Corozal
|
22,159
|
23,233
|
4.8
|
|
71,419
|
81,661
|
14.3
|
|
International Traffic
|
335,272
|
374,344
|
11.7
|
|
1,347,112
|
1,390,657
|
3.2
|
|
MDE
|
Medellín (Rionegro)
|
374,344
|
11.7
|
5.8
|
|
1,347,112
|
1,390,657
|
3.2
|
|
EOH
|
Medellín
|
|
|
|
|
|
|
|
|
MTR
|
Montería
|
|
|
|
|
|
|
|
|
APO
|
Carepa
|
|
|
|
|
|
|
|
|
UIB
|
Quibdó
|
|
|
|
|
|
|
|
|
CZU
|
Corozal
|
|
|
|
|
|
|
|
|
Total Traffic Colombia
|
2,668,549
|
2,321,077
|
(13.0)
|
|
10,140,529
|
10,051,129
|
(0.9)
|
|
MDE
|
Medellín (Rionegro)
|
1,940,343
|
1,668,149
|
(14.0)
|
|
7,479,337
|
7,429,640
|
(0.7)
|
|
EOH
|
Medellín
|
294,368
|
280,213
|
(4.8)
|
|
1,033,642
|
1,033,507
|
(0.0)
|
|
MTR
|
Montería
|
254,746
|
210,280
|
(17.5)
|
|
963,005
|
942,943
|
(2.1)
|
|
APO
|
Carepa
|
57,420
|
48,848
|
(14.9)
|
|
208,411
|
202,221
|
(3.0)
|
|
UIB
|
Quibdó
|
99,513
|
90,354
|
(9.2)
|
|
384,715
|
361,157
|
(6.1)
|
|
CZU
|
Corozal
|
22,159
|
23,233
|
4.8
|
|
71,419
|
81,661
|
14.3
|
|
|
|
|
|
|
|
|
|
|
|
|
1
On May 26, 2017, ASUR increased its ownership stake in LMM Airport from 50% to
60%. While ASUR only 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 4Q16 and BR> 4Q17 as well as 12M16 and 12M17.
2
On October 19, 2017, ASUR acquired Airplan in Colombia and began to consolidate
its operations line by line.
Note: Passenger figures for Mexico exclude transit and general
aviation passengers, and SJU include transit passengers and general aviation passengers.
|
ASUR Retail and Other Commercial Space Opened since December
31, 2016 1
|
Business Name
|
Type
|
Opening Date
|
MEXICO
|
Cancun
|
Ay Guey
|
Retail
|
March 2017
|
Cuadra
|
Retail
|
April 2017
|
Abito
|
Retail
|
November 2017
|
Ace
|
Car Rental
|
November 2017
|
Ado
|
Transportation
|
November 2017
|
Adoro Mexico
|
Retail
|
December 2017
|
Airport Cab
|
Transportation
|
November 2017
|
Alamo
|
Car Rental
|
November 2017
|
Artesanias
|
Retail
|
November 2017
|
Avis
|
Car Rental
|
November 2017
|
Ay Guey
|
Retail
|
November 2017
|
Bijoux Terner
|
Retail
|
November 2017
|
Bodega
|
Food and Beverage
|
November 2017
|
Body Shop
|
Retail
|
November 2017
|
Budget
|
Car Rental
|
December 2017
|
Cocina Mera
|
Food and Beverage
|
November 2017
|
Duty Free
|
Duty free
|
November 2017
|
Duty Paid
|
Retail
|
November 2017
|
Enterprise
|
Car Rental
|
November 2017
|
Europcar
|
Car Rental
|
November 2017
|
Fire Fly
|
Car Rental
|
November 2017
|
Food Court - Área De Sentado
|
Food and Beverage
|
November 2017
|
Food Court - Guacamole Ándale
|
Food and Beverage
|
November 2017
|
Food Court - Guys Burguer
|
Food and Beverage
|
November 2017
|
Food Court - Hacienda Montejo
|
Food and Beverage
|
November 2017
|
Food Court - Johnny Rockets
|
Food and Beverage
|
November 2017
|
Food Court - Wolfgang Puck
|
Food and Beverage
|
November 2017
|
Food Court -Panda
|
Food and Beverage
|
December 2017
|
Fox
|
Car Rental
|
November 2017
|
Gold Elements
|
Retail
|
November 2017
|
Guacamole Grill
|
Food and Beverage
|
November 2017
|
Harley Davidson
|
Retail
|
November 2017
|
Heineken Bar
|
Food and Beverage
|
November 2017
|
Hertz
|
Car Rental
|
November 2017
|
Hot Dogs All Dressed
|
Retail
|
November 2017
|
Kipling
|
Retail
|
November 2017
|
Margarita Ville
|
Food and Beverage
|
November 2017
|
Mayfer
|
Retail
|
November 2017
|
Mex
|
Car Rental
|
November 2017
|
National
|
Car Rental
|
November 2017
|
Panama Jack
|
Retail
|
November 2017
|
Pineda Covalin
|
Retail
|
November 2017
|
Porthia
|
Retail
|
November 2017
|
Prisonart
|
Retail
|
November 2017
|
Roger Boots
|
Retail
|
November 2017
|
Samsonite
|
Retail
|
November 2017
|
Scappino
|
Retail
|
November 2017
|
Secure Wrap
|
Other Revenue
|
November 2017
|
Snack Bar Coconut
|
Food and Beverage
|
November 2017
|
Star Island Café
|
Food and Beverage
|
November 2017
|
Starbucks
|
Food and Beverage
|
November 2017
|
Sunglass Hut
|
Retail
|
November 2017
|
Super Shuttle
|
Transportation
|
November 2017
|
Sushi Tequila
|
Food and Beverage
|
November 2017
|
Tawa
|
Retail
|
November 2017
|
Tere Cazola
|
Retail
|
November 2017
|
Tienda De Conveniencia
|
Retail
|
November 2017
|
Trhifty / Dollar
|
Car Rental
|
November 2017
|
Tumi
|
Retail
|
November 2017
|
Turist
|
Other Revenue
|
November 2017
|
Turist (Oficina)
|
Other Revenue
|
November 2017
|
U-Save
|
Car Rental
|
November 2017
|
Watch My Watch
|
Retail
|
November 2017
|
Xelbor Cab
|
Transportation
|
November 2017
|
Oaxaca
|
NLG Services
|
VIP Lounge
|
February 2017
|
Business Name
|
Type
|
Opening Date
|
|
Mexico (cont.)
|
|
|
|
Huatulco
|
|
Global lounge op mex
|
VIP Lounge
|
April 2017
|
|
Centro Cambiario Fresan
|
Currency Exchange
|
November 2017
|
|
SAN JUAN, PUERTO RICO
|
|
El Market Jewerly - Terminal B
|
Retail
|
January 2017
|
|
Gustos Café Public Area - Terminal B
|
Food and Beverage
|
June 2017
|
|
Popeye's Food Court - Terminal C
|
Food and Beverage
|
July 2017
|
|
Jet Set Salon - Terminal B
|
Other Revenue
|
July 2017
|
|
Doggies Boutique - Terminal C
|
Other Revenue
|
September 2017
|
|
Europcar
|
Car Rental
|
September 2017
|
|
HR Insurance
|
Other Revenue
|
December 2017
|
|
Ready Credit (2 new units)
|
Other Revenue
|
December 2017
|
|
COLOMBIA
|
|
|
|
Selvazul Airline S.A.S
|
Other Revenue
|
January 2017
|
|
Fly Colombia City Tour S.A.S
|
Other Revenue
|
January 2017
|
|
Estivo S.A.S
|
Retail
|
February 2017
|
|
Gonzalez Cañavera Andrea Susana
|
Food and Beverage
|
February 2017
|
|
Katherine Mosquera Palacios
|
Food and Beverage
|
February 2017
|
|
Jesus David Castrillon Ayala
|
Food and Beverage
|
February 2017
|
|
Aerocharter Andina S.A.S
|
Other Revenue
|
March 2017
|
|
Ruben Dario Lopez Monterrosa
|
Food and Beverage
|
March 2017
|
|
Fondo De Valorizacion Del Municipio De Medellin
|
Other Revenue
|
March 2017
|
|
Elizabeth Cabrera Mayoral
|
Other Revenue
|
April 2017
|
|
Distribuidora Doña Elena S.A.
|
Food and Beverage
|
April 2017
|
|
Sr Travel Colombia S.A.S
|
Other Revenue
|
April 2017
|
|
Diana Carolina Perea Anaya
|
Other Revenue
|
June 2017
|
|
Transaereo S.A.S
|
Other Revenue
|
July 2017
|
|
Doris Gil Asprilla Abadia
|
Food and Beverage
|
July 2017
|
|
Heli Jet S.A.S
|
Other Revenue
|
September 2017
|
|
Energizar S.A
|
Other Revenue
|
September 2017
|
|
Monica Maria Bedoya Echeverry
|
Food and Beverage
|
October 2017
|
|
Pivo S.A.S.
|
Food and Beverage
|
October 2017
|
|
Pivo S.A.S.
|
Food and Beverage
|
October 2017
|
|
Rapipharma Sas
|
Retail
|
October 2017
|
|
Ingenieria De Servicos B.C Ltda
|
Food and Beverage
|
November 2017
|
|
Industria De Restaurantes Casuales S.A.S
|
Retail
|
November 2017
|
|
Central Charter De Colombia
|
Other Revenue
|
November 2017
|
|
Turismo Del Morrosquillo Ltda
|
Other Revenue
|
November 2017
|
|
Biviana Maria Duque Rico
|
Food and Beverage
|
November 2017
|
|
Agencia De Viajes Y Turismo Aviatur S.A
|
Other Revenue
|
December 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:
February 23, 2018
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