Total passenger traffic in 1Q22 increased 8.8%
1Q19 pre-pandemic levels
MEXICO
CITY, April 25, 2022 /PRNewswire/ -- 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-month period ended March 31,
2021.
1Q22 Highlights1
- Total passenger traffic increased 71.4% year over year (YoY),
reflecting the impact of the Covid-19 pandemic, which had affected
travel demand since mid-March 2020,
and exceeded 1Q19 levels by 8.8%. By country of operations, 1Q22
passenger traffic showed the following recoveries compared to 1Q19
levels:
-
- Mexico: surpassed 1Q19 traffic
by 3.4%, with domestic and international traffic levels increasing
by 3.7% and 3.2%, respectively.
- Puerto Rico (Aerostar):
exceeded 1Q19 traffic by 3.9%, with domestic traffic increasing by
6.8%, and international traffic reaching 78.0% of its comparable
1Q19 level.
- Colombia (Airplan): surpassed
1Q19 traffic by 30.1%, with domestic and international passengers
exceeding their comparable levels by 30.1% and 29.7%,
respectively.
- Revenues increased 87.1% YoY to Ps.5,425.8 million and by 32.3%
when compared to 1Q19. Excluding construction revenues, revenues
increased 91.2% YoY and 31.2% against 1Q19.
- Consolidated commercial revenues per passenger were Ps.120.9 in
1Q22.
- Consolidated EBITDA increased 130.8% YoY to Ps.3,676.3 million
and 38.1% compared to 1Q19.
- Adjusted EBITDA Margin (excluding the effect of IFRIC 12)
increased to 71.0%, from 58.8% in 1Q21 and 67.5% in 1Q19.
- Cash & cash equivalents of Ps.9,962.2 million at
quarter-end and Net Debt-to-LTM EBITDA at 0.3x.
- Principal debt payments of Ps.52.3 million, or approximately
0.4% of Total Debt, mature in 2Q22, while Ps.401.6 million, or 3.0%
of Total Debt, mature in the remainder of 2022.
- Subsequent to quarter-end, on April 20,
2022, ASUR´s Shareholders approved an ordinary and
extraordinary net cash dividend of Ps.9.03 and Ps.6.00 for each of
the ordinary "B" and "BB" Series shares.
Table 1: Financial
& Operational Highlights 1
|
|
First
Quarter
|
%
Chg
|
|
2021
|
2022
|
Financial
Highlights
|
|
|
|
Total
Revenue
|
2,899,710
|
5,425,805
|
87.1
|
Mexico
|
1,909,929
|
3,873,476
|
102.8
|
San
Juan
|
727,129
|
948,324
|
30.4
|
Colombia
|
262,652
|
604,005
|
130.0
|
Commercial Revenues
per PAX
|
107.9
|
120.9
|
12.0
|
Mexico
|
123.5
|
145.9
|
18.2
|
San
Juan
|
132.0
|
148.5
|
12.6
|
Colombia
|
43.5
|
41.2
|
(5.4)
|
EBITDA
|
1,592,545
|
3,676,285
|
130.8
|
Net Income
|
1,038,105
|
2,349,762
|
126.4
|
Majority Net
Income
|
945,012
|
2,193,709
|
132.1
|
Earnings per Share (in
pesos)
|
3.1500
|
7.3124
|
132.1
|
Earnings per ADS (in
US$)
|
1.5820
|
3.6725
|
132.1
|
Capex
|
356,341
|
315,817
|
(11.4)
|
Cash & Cash
Equivalents
|
5,739,798
|
9,962,212
|
73.6
|
Net Debt
|
7,997,653
|
3,418,431
|
(57.3)
|
Net Debt/ LTM
EBITDA
|
2.1
|
0.3
|
(87.1)
|
Operational
Highlights
|
|
|
|
Passenger
Traffic
|
|
|
|
Mexico
|
5,118,866
|
9,020,754
|
76.2
|
San
Juan
|
1,764,873
|
2,390,719
|
35.5
|
Colombia
|
1,857,285
|
3,571,973
|
92.3
|
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-month periods ended
March 31, 2022, and the equivalent
three-month periods ended March 31,
2021. All figures in this report are expressed in Mexican
pesos, unless otherwise noted. Tables state figures in thousands of
Mexican 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.19.9112 (source:
Diario Oficial de la Federación de México), while Colombian peso
figures are calculated at the exchange rate of COP189.4100 = Mexican Ps.1.00 (source:
Investing). Definitions for EBITDA, Adjusted EBITDA Margin,
Majority Net Income can be found on page 17 of this report.
1Q22 Earnings Call
Date & Time: Tuesday, April
26, 2022 at 10:00 AM US ET;
9:00 AM CT
Dial-in: 1-888-254-3590 (Toll-Free US &
Canada) and 1-323-794-2551
(International & Mexico)
Access Code: 9772203.
Replay: Tuesday, April 26,
2022 at 1:00 PM US ET, ending
at 11:59 PM US ET on Tuesday, May 3, 2022. Dial-in number:
1-844-512-2921 (Toll-Free US & Canada); 1-412-317-6671 (International &
Mexico). Access Code: 9772203
For a full version of ASUR's First Quarter 2022 Earnings
Release, please visit:
http://www.asur.com.mx/en/investor-relations/financial-information.html
Definitions
Concession Services Agreements (IFRIC 12 interpretation).
In Mexico and Puerto
Rico, 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" represents the actual costs incurred 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 that is owned by other shareholders. Other than
Aerostar, 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 excluding construction services revenues
for Mexico, Puerto Rico, 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
and Puerto Rico, 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. These comprise 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 José María Córdova
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. For more
information, visit www.asur.com.mx
Analyst Coverage
In accordance with Mexican Stock
Exchange Internal Rules Article 4.033.01, ASUR reports that the
stock is covered by the following broker-dealers: Actinver Casa de
Bolsa, Banorte, Barclays, BBVA Bancomer, BofA Merrill Lynch,
Bradesco, BTG Pactual, Citi Global Markets, Credit Suisse, GBM
Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment
Research, Itau BBA Securities, JP Morgan, Morgan Stanley, Nau
Securities, Punto Research Santander, Scotiabank, 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.
Forward Looking Statements
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. In particular, the impact of the
COVID-19 pandemic on global economic conditions and the travel
industry, as well as on the business and results of operations of
the Company in particular, is expected to be material, and, as
conditions are changing rapidly, is difficult to predict. 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
|
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SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.