MEXICO CITY, Oct. 22, 2018 /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-and nine-month periods ended September 30, 2018.
3Q18 Highlights1
- Passenger traffic in Mexico
rose 6.7% YoY, reflecting increases of 10.5% and 2.8% in domestic
and international traffic, respectively. Cancun Airport was the
main traffic driver.
- Traffic in Puerto Rico
(Aerostar) increased 3.8%, as a 5.3% increase in domestic traffic
more than offset the 5.9% decline in international traffic. The
recovery in total passenger traffic reflects the impact of
Hurricane Maria, which hit the island on September 21, 2017.
- Traffic in Colombia (Airplan)
increased 7.3% YoY, reflecting increases of 6.4% in domestic
traffic and 12.4% in international traffic.
- Consolidated commercial revenues per passenger reached
Ps.92.5.
- Consolidated EBITDA rose 18.9% YoY, reaching Ps.2,278.3
million.
- Cash position at the end of the quarter reached Ps.4,569.1
million. Net Debt to LTM EBITDA stood at 1.22x, reflecting the
consolidation of Aerostar and Airplan.
Table 1:
Financial & Operational Highlights 1
|
|
|
|
Third
Quarter
|
%
Var
|
|
2017
|
2018
|
Financial
Highlights
|
|
|
|
Total
Revenue
|
3,230,104
|
3,682,047
|
14.0
|
Mexico
|
2,606,720
|
2,585,641
|
(0.8)
|
San Juan
|
623,384
|
692,466
|
11.08
|
Colombia
|
0
|
403,940
|
n/a
|
Commercial
Revenues per PAX
|
99.5
|
92.5
|
(7.1)
|
Mexico
|
100.5
|
108.1
|
7.6
|
San Juan
|
96
|
108.0
|
12.66
|
Colombia
|
0
|
35.0
|
n/a
|
EBITDA
|
1,916,603
|
2,278,320
|
18.9
|
Net Income
|
1,145,613
|
1,006,574
|
(12.1)
|
Majority Net
Income
|
1,100,695
|
988,054
|
(10.2)
|
Earnings per Share
(in pesos)
|
3.6690
|
3.2935
|
(10.2)
|
Earnings per ADS (in
US$)
|
1.9596
|
1.7591
|
(10.2)
|
Capex
|
313,395
|
363,379
|
15.9
|
Cash & Cash
Equivalents
|
7,678,970
|
4,569,129
|
(40.5)
|
Net Debt
|
7,033,478
|
11,006,740
|
56.5
|
Net Debt/ LTM
EBITDA
|
1.03
|
1.22
|
18.0
|
Operational
Highlights
|
|
|
|
Passenger
Traffic
|
|
|
|
Mexico
|
7,783,057
|
8,303,559
|
6.7
|
San Juan
|
2,144,760
|
2,226,595
|
3.8
|
Colombia
|
2,610,921
|
2,800,730
|
7.3
|
|
1 Unless
otherwise stated, all financial figures discussed in this
announcement are unaudited, prepared in accordance with
International Financial Reporting Standards (IFRS), including
application of IFRS 9 and 15 that came into force in 2018, and
represent comparisons between the three- and nine-month periods
ended September 30, 2018, and the equivalent three- and nine-month
periods ended September 30, 2017. 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. 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$1.00 = Mexican Ps. 18.7231 (source: Diario Oficial de la
Federacion de Mexico) while Colombian peso figures are calculated
at the exchange rate of COL$ 158.6100 = Ps. 1.00 Mexican pesos
(source: Investing). Definitions for EBITDA, Adjusted EBITDA
Margin, Majority Net Income can be found on page 17 of this
report.
|
3Q18 Earnings
Call
Date &
Time: Tuesday, October 23, 2018 at 10:00 AM US ET; 9:00 AM
CT
Dial-in:
1-800-263-0877 (US & Canada); 1-646-828-8143 (International
& Mexico). Access Code: 9374174.
Replay:
Tuesday, October 23, 2018 at 1:00 PM US ET, ending at 11:59 PM US
ET on October 30, 2018. Dial-in number: 1-844-512-2921 (US &
Canada) 1-412-317-6671 (International & Mexico); Access Code
9374174.
|
Passenger Traffic
ASUR's total passenger traffic in 3Q18 increased 6.3% YoY to
13.3 million passengers, reflecting increases of 6.7% in traffic in
Mexico, 3.8% in Puerto Rico and 7.3% in Colombia.
The 6.7% YoY growth in passenger traffic in Mexico reflects increases of 10.5% and 2.8% in
domestic and international traffic, respectively. Cancun was the main driver behind traffic
growth, with increases of 10.6% and 2.8% in domestic and
international traffic, respectively, with the majority of ASUR's
other Mexican airports also contributing to higher traffic.
Traffic in Puerto Rico
increased 3.8% YoY, recovering following the impact of Hurricane
Maria, which hit the island in September
2017. Domestic traffic increased 5.3% YoY, more than
offsetting a decline of 5.9% in international traffic.
Colombia reported a 7.3% YoY
increase in total traffic driven by increases of 12.4% and 6.4% in
international and domestic traffic, respectively.
Tables with detailed passenger traffic information for each
airport can be found on page 19 of this report.
Table 2: Passenger
Traffic Summary
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2017
|
2018
|
|
2017
|
2018
|
Total
México
|
7,783,057
|
8,303,559
|
6.7
|
|
23,530,519
|
25,158,418
|
6.9
|
- Cancun
|
5,909,015
|
6,251,306
|
5.8
|
|
17,996,106
|
19,189,289
|
6.6
|
- 8 Others
Airports
|
1,874,042
|
2,052,253
|
9.5
|
|
5,534,413
|
5,969,129
|
7.9
|
Domestic
Traffic
|
3,929,206
|
4,342,594
|
10.5
|
|
10,641,806
|
11,725,081
|
10.2
|
- Cancun
|
2,254,689
|
2,493,382
|
10.6
|
|
5,839,906
|
6,525,887
|
11.7
|
- 8 Others
Airports
|
1,674,517
|
1,849,212
|
10.4
|
|
4,801,900
|
5,199,194
|
8.3
|
International
traffic
|
3,853,851
|
3,960,965
|
2.8
|
|
12,888,713
|
13,433,337
|
4.2
|
- Cancun
|
3,654,326
|
3,757,924
|
2.8
|
|
12,156,200
|
12,663,402
|
4.2
|
- 8 Others
Airports
|
199,525
|
203,041
|
1.8
|
|
732,513
|
769,935
|
5.1
|
Total San Juan,
Puerto Rico1
|
2,144,760
|
2,226,595
|
3.8
|
|
6,865,311
|
6,362,573
|
(7.3)
|
Domestic
Traffic
|
1,858,789
|
1,957,414
|
5.3
|
|
6,005,732
|
5,672,204
|
(5.6)
|
International
traffic
|
285,971
|
269,181
|
(5.9)
|
|
859,579
|
690,369
|
(19.7)
|
Total
Colombia2
|
2,610,921
|
2,800,730
|
7.3
|
|
7,727,462
|
7,681,418
|
(0.6)
|
Domestic
Traffic
|
2,248,484
|
2,393,455
|
6.4
|
|
6,709,903
|
6,516,614
|
(2.9)
|
International
traffic
|
362,437
|
407,275
|
12.4
|
|
1,017,559
|
1,164,804
|
14.5
|
Total
traffic
|
12,538,738
|
13,330,884
|
6.3
|
|
38,123,292
|
39,202,409
|
2.8
|
Domestic
Traffic
|
8,036,479
|
8,693,463
|
8.2
|
|
23,357,441
|
23,913,899
|
2.4
|
International
traffic
|
4,502,259
|
4,637,421
|
3.0
|
|
14,765,851
|
15,288,510
|
3.5
|
|
Note: Passenger
figures for Mexico and Colombia exclude transit and general
aviation passengers, while Puerto Rico includes transit passengers
and general aviation.
|
|
1 On May
26, 2017, ASUR increased its ownership stake in Aerostar, operator
of LMM Airport in Puerto Rico 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 3Q18 and 3Q17.
|
|
2 On
October 19, 2017, ASUR began to consolidate Airplan's operations
(Colombia). For comparison purposes, this table includes traffic
figures for Airplan for 3Q17 and 3Q18.
|
Review of Consolidated Results
In May 2017, ASUR increased its
share ownership in Aerostar, operator of LMM Airport in
Puerto Rico, 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 Airplan's operations on a line by line
basis. On May 25, 2018, ASUR acquired
a 7.58% ownership stake in Airplan, bringing its total share
ownership in Airplan to 100.0%.
Table 3: Summary
of Consolidated Results
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2017
|
2018
|
|
2017
|
2018
|
Total
Revenues
|
3,230,104
|
3,682,047
|
14.0
|
|
8,642,149
|
11,486,011
|
32.9
|
Aeronautical
Services
|
1,732,467
|
2,251,115
|
29.9
|
|
4,587,720
|
6,715,133
|
46.4
|
Non-Aeronautical
Services
|
1,088,079
|
1,340,615
|
23.2
|
|
3,110,280
|
4,160,293
|
33.8
|
Total Revenues
Excluding Construction Revenues
|
2,820,546
|
3,591,730
|
27.3
|
|
7,698,000
|
10,875,426
|
41.3
|
Construction Revenues
5
|
409,558
|
90,317
|
(77.9)
|
|
944,149
|
610,585
|
(35.3)
|
Total Operating Costs
& Expenses
|
1,574,494
|
2,025,512
|
28.6
|
|
3,740,868
|
5,834,738
|
56.0
|
Operating
Profit
|
1,655,610
|
1,656,535
|
0.1
|
|
4,901,281
|
5,651,273
|
15.3
|
Operating
Margin
|
51.26%
|
44.99%
|
(627 bps)
|
|
56.7%
|
49.2%
|
(751 bps)
|
Adjusted Operating
Margin 1
|
58.70%
|
46.12%
|
(1258 bps)
|
|
63.7%
|
52.0%
|
(1171 bps)
|
EBITDA
|
1,916,603
|
2,278,320
|
18.9
|
|
5,475,755
|
7,093,833
|
29.5
|
EBITDA
Margin
|
59.34%
|
61.88%
|
254 bps
|
|
63.4%
|
61.8%
|
(160 bps)
|
Adjusted EBITDA
Margin 2
|
67.95%
|
63.43%
|
(452 bps)
|
|
71.1%
|
65.2%
|
(590 bps)
|
Net
Income
|
1,145,613
|
1,006,574
|
(12.1)
|
|
3,636,319
|
3,572,062
|
(1.8)
|
Majority Net
Income
|
1,100,695
|
988,054
|
(10.2)
|
|
3,571,974
|
3,529,012
|
(1.2)
|
Earnings per
Share
|
3.6690
|
3.2935
|
(10.2)
|
|
11.9066
|
11.7634
|
(1.2)
|
Earnings per ADS in
US$
|
1.9596
|
1.7591
|
(10.2)
|
|
6.3593
|
6.2828
|
(1.2)
|
|
|
|
|
|
|
|
|
Total Commercial
Revenues per Passenger 3
|
99.5
|
92.5
|
(7.1)
|
|
105.8
|
97.3
|
(8.0)
|
Commercial
Revenues
|
992,211
|
1,241,918
|
25.2
|
|
2,824,359
|
3,840,862
|
36.0
|
Commercial Revenues
from Direct Operations per Passenger 4
|
19.3
|
17.4
|
(9.9)
|
|
18.9
|
18.1
|
(4.4)
|
Commercial Revenues
Excl. Direct Operations per Passenger
|
80.2
|
75.1
|
(6.4)
|
|
86.9
|
79.2
|
(8.8)
|
|
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
excluding construction services revenues.
|
|
2 Adjusted EBITDA Margin excludes the
effect of IFRIC 12 with respect to the construction or improvements
to concessioned assets in Mexico, and is calculated by dividing
EBITDA by total revenues excluding construction services
revenues.
|
|
3 Passenger figures include transit
and general aviation passengers for Mexico, Puerto Rico and
Colombia.
|
|
4 Represents ASUR's operations in
convenience stores.
|
|
5 Construction revenues for Airplan
in 3Q18 include the actual construction revenues which are equal to
construction costs of Ps.63.1 million plus an estimated revenue
decline derived from the valuation of the intangible asset at its
present value (guaranteed revenues from the concession) of Ps.80.9
million according to IFRIC 12.
|
Consolidated Revenues
Consolidated Revenues for 3Q18 rose 14.0% YoY to
Ps.3,682.0 million, mainly as a result of the following
increases:
- 29.9% in revenues from aeronautical services to Ps.2,251.1
million. Mexico contributed with
Ps.1,495.9 million in revenues from aeronautical services in 3Q18,
while Puerto Rico and Colombia contributed with Ps.433.8 million and
Ps.321.3 million, respectively; and
- 23.2% in revenues from non-aeronautical services to Ps.1,340.6
million, principally reflecting the 25.2% increase in commercial
revenues. Mexico contributed with
Ps.997.4 million in commercial revenues, while Puerto Rico and Colombia contributed with Ps.242.8 million and
Ps.100.5 million, respectively.
This was partially offset by a 77.9% decline in revenues from
construction services in Mexico,
Puerto Rico 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 IFRS accounting standards, total revenues
would have increased 27.3% YoY to Ps.3,591.7 million. Total
revenues in Puerto Rico and
Colombia in 3Q17 represented 18.8%
and 11.7%, respectively, of ASUR's consolidated revenues excluding
revenues from construction services.
Commercial Revenues in 3Q18 increased 25.2% YoY, mainly
reflecting the 6.3% increase in total passenger traffic, along with
the contribution of Ps.100.5 million in Colombia in 3Q18. Commercial revenues in
Mexico rose 14.5%, mainly driven
by increases in Duty Free, Food and Beverages, Retail and Car
Rentals, among others, mainly reflecting the opening of Terminal 4
at Cancun Airport during 4Q17. Likewise, Puerto Rico reported an YoY increase of 17.0%,
or Ps.34.9 million in commercial revenues.
Commercial Revenues per Passenger declined to Ps.92.5 in
3Q18, from Ps.99.5 in 3Q17. Note that ASUR began to consolidate
Aerostar's results (Puerto Rico)
starting June 1, 2017 and Airplan
(Colombia) beginning October 19, 2017. As a result, this decline in
commercial revenues per passenger reflects the comparison of 3Q18
figures against operations in Puerto
Rico for 3Q17, while Colombia is only included for 3Q18.
Mexico contributed with commercial
revenues per passenger of Ps.108.1 in 3Q18, Puerto Rico with Ps.108.0 and Colombia with Ps.35.0. During the period, and
on a stand-alone basis, commercial revenues per passenger increased
7.6% in Mexico, 12.7% in
Puerto Rico and 20.0% in
Colombia.
Consolidated Operating Costs and Expenses
Consolidated Operating Costs and Expenses, including
construction costs, for 3Q18 increased by 28.6% YoY, or Ps.451.0
million, to Ps.2,025.5 million. Excluding construction costs,
operating costs and expenses increased 59.2% to Ps.1,854.2 million,
mainly impacted by the following increases:
- 15.9% in operating costs and expenses excluding construction
costs, or Ps.125.1 million, in Mexico principally reflecting increases in
professional fees, higher cost of sales from the opening of stores
directly operated by ASUR in Terminal 4 of Cancun Airport, as well
as higher security, energy and maintenance expenses in connection
of the new terminal space;
- 32.1%, or Ps.120.6 million, in Puerto
Rico, principally reflecting higher maintenance and energy
costs as well as higher insurance costs in connection with
Hurricane Maria. Costs also reflect higher depreciation and
amortization from the recognition of the intangible asset resulting
from the valuation of Aerostar under IFRS 3, which impacted
amortization expenses by Ps.42.7 million; and
- A Ps.443.6 million contribution from Colombia in 3Q18, which was acquired on
October 19, 2017. This was mainly due
to Ps.139.8 million in cost of services, Ps.1.6 million in
technical assistance costs, concession costs of Ps.79.9 million, as
well as amortization of the concession of Ps.222.4 million
(includes Ps.23.9 million from the recognition of the intangible
asset resulting from the valuation of Airplan under IFRS 3, and
Ps.133.9 million in initial amortization of complementary
works).
Cost of Services increased 36.0%, mainly due to the
increase in expenses of Ps.42.5 million in Puerto Rico reflecting higher energy,
insurance and maintenance costs. Colombia contributed with Ps.139.8 million in
expenses, from the consolidation of operations, mainly composed of
energy, professional fees, security and maintenance expenses.
Mexico contributed with a Ps.65.7
million increase in cost of services, reflecting higher maintenance
expenses resulting from the opening of Terminal 4 in Cancun airport, along with higher cost of
sales from convenience stores directly operated by ASUR. Higher
energy, security, and maintenance expenses also contributed to the
increase in cost of services.
Construction Costs declined 58.2% YoY to Ps.171.3
million, mainly due to lower levels of capital improvements made to
the concessioned assets during the period. Mexico contributed with decline in
construction costs of 77.5%, or Ps.317.2 million, more than
offsetting the inclusion of Ps.63.1 million from Colombia, and a 15.9 million increase in
Puerto Rico.
G&A Expenses, which reflect administrative expenses
in Mexico, increased 13.3%
YoY.
Consolidated Technical Assistance increased 13.5%
YoY, mainly reflecting EBITDA growth in Mexico excluding extraordinary items, a factor
in the calculation of the fee.
Concession Fees increased 119.6%
YoY, principally 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 3Q18 also reflect
an increase in Puerto Rico and the
consolidation of Colombia.
Depreciation and Amortization increased 124.8%, or
Ps.300.9 million, principally due to: i) a Ps.48.5 million increase
in Puerto Rico derived from the
recognition of the concession resulting from the valuation of the
investment in Aerostar under IFRS 3 which impacted amortization by
Ps.42.7 million, and ii) a Ps.222.4 million in depreciation in
Colombia (includes Ps.23.9 million
from recognition of the amortization of the intangible asset
resulting from the valuation of the investment in Airplan under
IFRS 3, Ps.133.9 million in initial amortization of complementary
works undertaken and Ps.64.6 million in amortization of committed
works due to the increase in the accumulated amortization rate in
the period).
Consolidated Operating Profit and EBITDA
In 3Q18, ASUR reported a Consolidated Operating Profit
of Ps.1,656.5 million and Operating Margin of 45.0%. This was
mainly the result of increases of 29.9%, or Ps.518.6 million, in
aeronautical revenues, and 25.2%, or Ps.249.7 million in commercial
revenues. For 3Q18, Puerto Rico
reported an operating profit of Ps.180.3 million and Colombia reported an operating loss of
Ps.102.8 million.
Adjusted Operating Margin, which excludes the effect of
IFRIC 12 with respect to the construction or improvements to
concessioned assets in Mexico,
Colombia, and Puerto Rico, is calculated as operating profit
divided by total revenues less construction services revenues; and
was 46.1% in 3Q18 compared with 58.7% in 3Q17.
EBITDA increased 18.9%, or Ps.361.7 million, to
Ps.2,278.3 million in 3Q18. Puerto
Rico reported a decline in EBITDA of 5.7% to Ps.329.7
million, while Colombia
contributed with Ps.200.6 million in EBITDA. Mexican operations
reported an 11.5% YoY increase in EBITDA. During 3Q18, ASUR
recognized Ps.90.3 million in Construction Revenues, a year-on-year
decline of 77.9%, due to lower capital expenditures and investments
in concessioned assets. As a result, 3Q18 EBITDA Margin was 61.9%
compared to 59.3% in 3Q17.
Adjusted EBITDA Margin, which excludes the effect of
IFRIC 12 with respect to the construction of or improvements to
concessioned assets in Mexico,
Puerto Rico, and Colombia was 63.4% in 3Q18 compared to 68.0%
in 3Q17.
Consolidated Comprehensive Financing Gain (Loss)
Table 4:
Consolidated Comprehensive Financing Gain (Loss)
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2017
|
2018
|
|
2017
|
2018
|
Interest
Income
|
54,102
|
58,148
|
7.5
|
|
163,953
|
209,010
|
27.5
|
Interest
Expense
|
(206,164)
|
(298,931)
|
45.0
|
|
(318,884)
|
(914,861)
|
186.9
|
Foreign Exchange Gain
(Loss), Net
|
49,226
|
(39,492)
|
n/a
|
|
50,524
|
33,095
|
(34.5)
|
Total
|
(102,836)
|
(280,275)
|
172.5
|
|
(104,407)
|
(672,756)
|
544.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In 3Q18, ASUR reported a Ps.280.3 million Consolidated
Comprehensive Financing Loss, compared to a Ps.102.8 million
loss in 3Q17.
Interest expense rose by Ps.92.8 million during the period,
mainly reflecting a higher debt balance resulting from the
consolidation Airplan (Colombia),
as well as interest generated by the loans incurred in Mexico in October
2017, and to a lesser extent from higher interest expenses
in Puerto Rico. Interest income
increased by Ps.4.0 million, as a result of a higher cash balance
and the increase in interest rates.
In 3Q18, ASUR reported a foreign exchange loss of Ps.39.5
million, resulting from the 3.8% 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.49.2 million foreign
exchange gain in 3Q17 resulting from the 1.8% quarterly average
Mexican peso appreciation during that period.
Income Taxes
Income Taxes for 3Q18 declined by Ps.37.5 million
year-over-year, principally due to the following factors:
- A Ps.22.1 million decrease in the provision for income taxes,
resulting from a lower taxable income base in Mexico due to a change in the tax amortization
rate on those concessioned assets, along with a deferred income tax
gain in Colombia starting
October 19, 2017, derived from
changes in tax legislation according to Decree 2235 published on
December 27, 2017.
- A Ps.15.4 million decline in deferred income taxes, mainly
reflecting a deferred income tax gain in Colombia of Ps.76.5 million, derived from
changes in tax legislation according to Decree 2235 published on
December 27, 2017, partially offset
by a lower taxable income base in Mexico resulting from a change in the tax
amortization rate on the concessioned assets.
Majority Net Income
Majority Net Income for 3Q18 decreased by 10.2% to
Ps.988.0 million, down from Ps.1,100.7 million in 3Q17. Earnings
per common share for the quarter were Ps.3.2935 and earnings per
ADS (EPADS) were US$1.7591 (one ADS
represents ten series B common shares). This compares with earnings
per share of Ps.3.6690 and EPADS of US$1.9596 for the same period last year.
Consolidated Financial Position
On September 30, 2018, airport
concessions represented 88.5% of the Company's total assets, with
current assets representing 10.5% and other assets representing
0.9%.
As of September 30, 2018, ASUR had
cash and cash equivalents of Ps.4,569.1 million, a 2.3% decrease
from Ps.4,677.4 million at December 31,
2017. Puerto Rico
contributed with Ps.534.9 million in cash and cash equivalents in
3Q18 and Colombia with Ps.126.9
million.
As of September 30, 2018, the
valuation of ASUR's investment in Aerostar in accordance with IFRS
3 "Business Combinations" resulted in the following effects in the
Balance Sheet: i) the recognition of a net intangible asset of
Ps.5,876.1 million, ii) goodwill of Ps.887.2 (net of an impairment
of Ps.4,719.1 million), iii) deferred taxes of Ps.587.6 million,
and iv) a minority interest of Ps.5,316.7 million within the
stockholders 'equity.
Furthermore, the valuation of ASUR's investment in Airplan in
accordance with IFRS 3 "Business Combinations" resulted in the
following effects in the Balance Sheet as of September 30, 2018: i) the recognition of a net
intangible asset of Ps.1,364.2 million, ii) goodwill of Ps.1,504.9,
iii) deferred taxes of Ps.257.0 million, and iv) Ps.610.4 million
from the recognition at bank loans at fair value.
On May 25, 2018, ASUR acquired
7.58% of the share ownership of Airplan bringing its ownership
stake in the company to 100%. This transaction resulted in the
recognition of Shareholders' Equity in excess of the Ps.46.3
million paid for the acquisition of this additional 7.58% stake in
Airplan.
Stockholders' equity at the close of 3Q18 was Ps.34,698.0
million and total liabilities were Ps.20,393.3 million,
representing 63.0% and 37.0% of total assets, respectively.
Deferred liabilities represented 15.1% of ASUR's total
liabilities.
Total Debt at quarter-end decreased to Ps.15,575.9 million, from
Ps.17,644.0 million on December 31,
2017, principally reflecting the consolidation of debt in
Puerto Rico and Colombia as shown on Tables 5 and 6, as well
as the Ps.4,000 million loan at Cancun Airport. A total of
Ps.8,438.5 million, or 54.2% of ASUR's total debt, is denominated
in U.S. dollars, Ps.4,184.8 million, or 26.9%, in Mexican pesos,
and Ps.2,009.6 million, or 19.0%, of the total is denominated in
Colombian pesos.
Net Debt to LTM EBITDA stood at 1.2x at the close of 3Q18, while
the Interest Coverage ratio was 9.7x as of September 30, 2018. This compares with Net Debt
to LTM EBITDA and Interest Coverage Ratios of 1.4x and 6.7x as of
March 31, 2018, respectively.
Table 5:
Consolidated Debt Indicators
|
|
March 31,
2018
|
June 30,
2018
|
September 30,
2018
|
Leverage
|
|
|
|
Total Debt/ LTM
EBITDA (Times) 1
|
2.0
|
1.9
|
1.7
|
Total Net Debt/ LTM
EBITDA (Times) 2
|
1.4
|
1.5
|
1.2
|
Interest Coverage
Ratio 3
|
6.7
|
7.6
|
9.7
|
Total
Debt
|
17,013,615
|
16,596,415
|
15,575,869
|
Short-term
Debt
|
449,618
|
573,726
|
295,206
|
Long-term
Debt
|
16,563,997
|
16,022,689
|
15,280,663
|
Cash & Cash
Equivalents
|
5,725,346
|
3,688,908
|
4,569,129
|
Total Net Debt
4
|
11,288,269
|
12,907,507
|
11,006,740
|
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 (in millions)
|
|
Airport
|
Payment of
principal
|
Currency
|
Interest
Rate
|
Amortization
Schedule
|
|
2018
|
2019
|
2020
|
2021
/23
|
2024
/35
|
Total
|
5 Yr-Syndicated
Credit
Facility
|
Cancun
|
To the
expiration
|
$Usd
|
Libor +
1.5250%
|
-
|
-
|
-
|
-
|
36.3
|
36.3
|
5 Yr-Syndicated
Credit
acility
|
Cancun
|
To the
expiration
|
$Usd
|
Libor +
1.4500%
|
-
|
-
|
-
|
-
|
36.3
|
36.3
|
5 Yr-Syndicated
Credit
Facility
|
Cancun
|
To the
expiration
|
$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
|
5.3
|
17.1
|
162.9
|
190.5
|
20 Yr-Senior
Note
2035
|
San
Juan
|
Semi-Annual
Amort.
|
$Usd
|
6.75%
|
5.1
|
5.2
|
5.3
|
18.3
|
153.8
|
187.7
|
10
Yr-Syndicated
Credit Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 + 4
|
1,875.0
|
9,000.0
|
12,000.0
|
44,250.0
|
81,000.0
|
148,125.0
|
10
Yr-Syndicated
Credit Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 + 4
|
1,275.0
|
6,120.0
|
8,160.0
|
30,090.0
|
55,080.0
|
100,725.0
|
10
Yr-Syndicated
Credit Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 + 4
|
1,125.0
|
5,400.0
|
7,200.0
|
26,550.0
|
48,600.0
|
88,875.0
|
10
Yr-Syndicated
Credit Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 + 4
|
462.5
|
2,220.0
|
2,960.0
|
10,915.0
|
19,980.0
|
36,537.5
|
10
Yr-Syndicated
Credit Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 + 4
|
462.5
|
2,220.0
|
2,960.0
|
10,915.0
|
19,980.0
|
36,537.5
|
10
Yr-Syndicated
Credit Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 + 4
|
100.0
|
480.0
|
640.0
|
2,360.0
|
4,320.0
|
7,900.0
|
10
Yr-Syndicated
Credit Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 + 4
|
100.0
|
480.0
|
640.0
|
2,360.0
|
4,320.0
|
7,900.0
|
10
Yr-Syndicated
Credit Facility
|
Colombia
|
Qtly.
Amort.
|
$Pcol
|
DTF1 + 4
|
100.0
|
480.0
|
640.0
|
2,360.0
|
4,320.0
|
7,900.0
|
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
|
Capex
During 3Q18, ASUR made capital investments of Ps.1,369.8
million. Of this, Ps.329.6 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.
Furthermore, during 3Q18, Aerostar invested Ps.646.0 million at LMM
Airport in Puerto Rico and Airplan
invested a total of Ps.394.2 million in Colombia.
Review of Mexico Operations
Table 7: Mexico
Revenues & Commercial Revenues Per Passenger
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2017
|
2018
|
|
2017
|
2018
|
Total
Passenger
|
7,825
|
8,333
|
6.5
|
|
23,664
|
25,263
|
6.8
|
|
|
|
|
|
|
|
|
Total
Revenues
|
2,606,720
|
2,585,641
|
(0.8)
|
|
7,796,657
|
7,762,541
|
(0.4)
|
Aeronautical
Services
|
1,316,489
|
1,495,944
|
13.6
|
|
4,021,915
|
4,483,133
|
11.5
|
Non-Aeronautical
Services
|
880,673
|
997,370
|
13.3
|
|
2,830,593
|
3,154,213
|
11.4
|
Construction
Revenues
|
409,558
|
92,327
|
(77.5)
|
|
944,149
|
125,195
|
(86.7)
|
Total Revenues
Excluding Construction Revenues
|
2,197,162
|
2,493,314
|
13.5
|
|
6,852,508
|
7,637,346
|
11.5
|
|
|
|
|
|
|
|
|
Total Commercial
Revenues
|
786,531
|
900,884
|
14.5
|
|
2,547,209
|
2,843,468
|
11.6
|
Commercial Revenues
from Direct Operations
|
144,495
|
183,285
|
26.8
|
|
439,797
|
568,518
|
29.3
|
Commercial Revenues
Excluding Direct Operations
|
642,036
|
717,599
|
11.8
|
|
2,107,412
|
2,274,950
|
7.9
|
|
|
|
|
|
|
|
|
Total Commercial
Revenues per Passenger
|
100.5
|
108.1
|
7.6
|
|
107.6
|
112.6
|
4.6
|
Commercial Revenues
from Direct Operations per Passenger 1
|
18.5
|
22.0
|
19.1
|
|
18.6
|
22.5
|
21.1
|
Commercial Revenues
Excl. Direct Operations per Passenger
|
82.1
|
86.1
|
5.0
|
|
89.1
|
90.1
|
1.1
|
Note: For purposes of
this table, approximately 42.1 and 29.0 thousand transit and
general aviation passengers are included in 3Q17 and 3Q18,
respectively, and 133.8 and 105.0 thousand transit and general
aviation passengers are included in 9M17 and 9M18.
|
|
1
Represents ASUR's operation of convenience stores in airports as
well as advertising since September 2017.
|
Mexico Revenues
Mexico Revenues for 3Q18 declined 0.8% YoY to Ps.2,585.6
million. Excluding construction, revenues rose 13.5% YoY,
reflecting the following increases:
- 13.6% in revenues from aeronautical services, mainly due to the
6.7% increase in passenger traffic; and
- 13.3% in revenues from non-aeronautical services, principally
reflecting the 14.5% growth in commercial revenues.
Commercial Revenues rose 14.5% YoY, mainly due to the
6.5% 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, were up 7.6% to
Ps.108.1 in 3Q18 from Ps.100.5 in 3Q17.
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 83
new commercial spaces reflecting the opening of its new Terminal 4
at Cancun Airport and added seven commercial spaces at its other
eight airports. More details of these openings can be found on page
20 of this report.
Table 8: Mexico
Commercial Revenue Performance
|
|
|
Table 9: Mexico
Summary Retail and Other Commercial
Space Opened since September 30,2017
|
Business
Line
|
YoY
Chg
|
|
Type of Commercial
Space 1
|
# Of
Spaces
Opened
|
3Q18
|
9M18
|
|
Other
Revenue
|
21.2%
|
16.5%
|
|
Cancun
|
76
|
Car Rental
Revenues
|
19.6%
|
12.9%
|
|
Retail
|
28
|
Ground
Transportation
|
18.6%
|
9.3%
|
|
Car Rental
|
20
|
Parking Lot
Fees
|
18.4%
|
13.6%
|
|
Transportation
|
4
|
Retail
Operations
|
16.1%
|
16.1%
|
|
Food and
Beverage
|
18
|
Duty Free
|
12.6%
|
10.9%
|
|
Other
Revenue
|
3
|
Food and Beverage
Operations
|
10.6%
|
9.5%
|
|
Banking and Currency
Exchange Services
|
2
|
Banking and Currency
Exchange Services
|
9.4%
|
3.2%
|
|
Duty free
|
1
|
Advertising
Revenues
|
9.4%
|
(14.4%)
|
|
8 Other
Airports
|
7
|
Teleservices
|
(19.8%)
|
(3.6%)
|
|
Retail
|
4
|
Total Commercial
Revenues
|
14.6%
|
11.6%
|
|
Bank and
Foreign
|
1
|
|
|
|
|
Car Rental
|
1
|
|
|
|
|
Other
Revenue
|
1
|
|
|
|
|
Mexico
|
83
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2017
|
2018
|
|
2017
|
2018
|
Cost of
Services
|
417,576
|
483,261
|
15.7
|
|
1,145,691
|
1,328,522
|
16.0
|
Administrative
|
49,832
|
56,436
|
13.3
|
|
158,526
|
173,738
|
9.6
|
Technical
Assistance
|
82,489
|
92,038
|
11.6
|
|
263,083
|
289,607
|
10.1
|
Concession
Fees
|
100,097
|
113,389
|
13.3
|
|
308,901
|
344,895
|
11.7
|
Depreciation and
Amortization
|
139,248
|
169,226
|
21.5
|
|
417,192
|
506,298
|
21.4
|
Operating Costs
and Expenses Excluding Construction
Costs
|
789,242
|
914,350
|
15.9
|
|
2,293,393
|
2,643,060
|
15.2
|
Construction
Costs
|
409,558
|
92,327
|
(77.5)
|
|
944,149
|
125,195
|
(86.7)
|
Total Operating
Costs & Expenses
|
1,198,800
|
1,006,677
|
(16.0)
|
|
3,237,542
|
2,768,255
|
(14.5)
|
Total Mexico Operating Costs and Expenses for 3Q18
declined 16.0% YoY. This includes construction costs, which fell
77.5%, reflecting lower levels of capital improvements made to
concessioned assets during the period. Excluding construction
costs, operating costs and expenses increased 15.9% to Ps.914.4
million.
Cost of Services rose 15.7%, mainly due to higher
maintenance, energy and security 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 increased by 13.3% YoY,
principally as a result of higher travel expenses, fees to third
parties and salaries.
The 11.6% increase in the 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 13.3%, mainly due to an increase in
regulated revenues, a factor in the calculation of the fee.
Depreciation and Amortization increased 21.5% YoY,
reflecting the recognition of higher investments at year-end
2017.
Mexico Consolidated Comprehensive Financing Gain
(Loss)
Table 11: Mexico
Comprehensive Financing Gain (Loss)
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%Chg.
|
|
|
2017
|
2018
|
|
2017
|
2018
|
|
Interest
Income
|
64,522
|
70,836
|
9.8
|
|
180,087
|
251,529
|
39.7
|
|
Interest
Expense
|
(93,113)
|
(114,677)
|
23.2
|
|
(169,689)
|
(351,684)
|
107.3
|
|
Foreign Exchange Gain
(Loss), Net
|
49,226
|
(39,479)
|
n/a
|
|
50,524
|
32,906
|
(34.9)
|
|
Total
|
20,635
|
(83,320)
|
n/a
|
|
60,922
|
(67,249)
|
n/a
|
|
In 3Q18, ASUR's Mexico
operations reported an Ps.83.3 million Comprehensive Financing
Loss, compared to a Ps.20.6 million gain in 3Q17. This was
mainly due to Ps.39.5 million foreign exchange loss reported in the
quarter, resulting from the 3.8% quarterly average Mexican peso
appreciation against the U.S. dollar on ASUR's foreign currency net
asset position, compared with a Ps.49.2 million foreign exchange
gain in 3Q17, resulting from the 1.8% quarterly average Mexican
peso appreciation during that period. The 23.2% increase in
interest expenses to Ps.114.7 million in 3Q18, from 93.1 million in
3Q17 also contributed to the comprehensive financial loss.
This was partially offset by the 9.8% YoY increase in interest
income to Ps.70.8 million in 3Q18, reflecting a higher cash balance
and higher interest rates.
Mexico Operating Profit and EBITDA
|
|
Table 12: Mexico
Operating Profit & EBITDA
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2017
|
2018
|
|
2017
|
2018
|
Total
Revenue
|
2,606,720
|
2,585,641
|
(0.8)
|
|
7,796,657
|
7,762,541
|
(0.4)
|
Total Revenues
Excluding Construction Revenues
|
2,197,162
|
2,493,314
|
13.5
|
|
6,852,508
|
7,637,346
|
11.5
|
Operating
Profit
|
1,407,920
|
1,578,964
|
12.1
|
|
4,559,115
|
4,994,286
|
9.5
|
Operating
Margin
|
54.01%
|
61.07%
|
706 bps
|
|
58.5%
|
64.3%
|
586 bps
|
Adjusted Operating
Margin 1
|
64.08%
|
63.33%
|
(75 bps)
|
|
66.5%
|
65.4%
|
(114 bps)
|
Net Profit
3
|
1,100,696
|
1,072,267
|
(2.6)
|
|
3,363,112
|
3,525,768
|
4.8
|
EBITDA
|
1,567,176
|
1,748,064
|
11.5
|
|
4,996,339
|
5,500,592
|
10.1
|
EBITDA
Margin
|
60.1%
|
67.6%
|
749 bps
|
|
64.1%
|
70.9%
|
678 bps
|
Adjusted EBITDA
Margin 2
|
71.3%
|
70.1%
|
(122 bps)
|
|
72.9%
|
72.0%
|
(89 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 excluding
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 excluding construction services
revenues.
|
|
3 Net
Income for 3Q18 includes a gain of Ps.112.4 million from the
participation in the results of subsidiaries recognized under the
equity method. Aerostar in Puerto Rico contributed with a
Ps.115.5 million gain and Airplan in Colombia with a Ps.3.1 million
loss
|
Mexico reported an Operating
Profit of Ps.1,579.0 million in 3Q18, up 12.1%, mainly
reflecting increases of 13.6% in aeronautical revenues and 14.5% in
commercial revenues derived from the 6.5% growth in passenger
traffic. Operating Margin was 61.1% in 3Q18 compared with 54.0% in
3Q17.
Adjusted Operating Margin in 3Q18, 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 excluding construction services revenues,
was 63.3%, compared to 64.1% in 3Q17.
EBITDA increased 11.5% to Ps.1,748.1 million from
Ps.1,567.2 million in 3Q17, as a result of higher operating
leverage. EBITDA Margin expanded to 67.6% from 60.1% in 3Q17.
During 3Q18, ASUR's operations in Mexico recognized Ps.92.3 million in
"Construction Revenues," a year-on-year decline of 77.5%, 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, decreased by 122 bps to 70.1%.
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 September 30, 2018 totaled
Ps.4,573.5 million, with an average tariff per workload unit of
Ps.178.26 (December 2016 pesos),
accounting for approximately 61.6% 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.
In August 2018, our subsidiary
Aeropuerto de Cancun, S.A. de
C.V., was notified of an Opinion of Probable Liability issued by
the head of the Investigative Branch of the Federal Economic
Competition Commission ("COFECE"), for alleged monopolistic
practices at Cancun International
Airport regarding on-site ground transportation. This notification
serves to subpoena Aeropuerto de Cancun, S.A. de C.V. to appear in the
administrative proceedings to be held in the form of hearings
before COFECE. In October, Aeropuerto de Cancún, S.A. de C.V.
replied in a timely manner with respect to the aforementioned
Opinion of Probable Liability and expects to exhaust all legal
remedies in the defense of its interests. Given the stage of the
procedure, it is not possible at this time to estimate the
potential penalty, if any, that COFECE could impose.
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 in this report
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 standalone results of
Aerostar for the three-month period ended September 30, 2018 (in which Aerostar was
consolidated with ASUR) against the three-month period ended
September 30, 2017.
As of September 30, 2018, the
valuation of ASUR's investment in Aerostar in accordance with IFRS
3 "Business Combinations" resulted in the following effects in the
Balance Sheet: i) the recognition of a net intangible asset of
Ps.5,876.1 million, ii) goodwill of Ps.887.2 (net of an impairment
of Ps.4,719.1 million), iii) deferred taxes of Ps.587.6 million,
and iv) a minority interest of Ps.5,316.7 million within
stockholders 'equity.
Table 13: Puerto
Rico Revenues & Commercial Revenues Per
Passenger
|
(in thousands of
Mexican pesos)
|
|
Third
Quarter
|
%
Chg.
|
|
2017
|
2018
|
Total
Passengers
|
2,145
|
2,227
|
3.8
|
|
|
|
|
Total
Revenues
|
623,384
|
692,466
|
11.1
|
Aeronautical
Services
|
415,979
|
433,814
|
4.3
|
Non-Aeronautical
Services
|
207,405
|
242,769
|
17.1
|
Construction
Services
|
-
|
15,883
|
n/a
|
Total Revenues
Excluding Construction Services
|
623,384
|
676,583
|
8.5
|
|
|
|
|
Total Commercial
Revenues
|
205,680
|
240,567
|
17.0
|
Commercial Revenues
from Direct Operations 2
|
47,757
|
50,183
|
5.1
|
Commercial Revenues
Excluding Direct Operations
|
157,923
|
190,384
|
20.6
|
Total Commercial
Revenues per Passenger
|
95.90
|
108.0
|
12.7
|
Commercial Revenues
from Direct Operations per Passenger 2
|
22.3
|
22.5
|
1.2
|
Commercial Revenues
Excl. Direct Operations per Passenger
|
73.6
|
85.5
|
16.1
|
|
Note: Figures in
pesos at an average exchange rate of Ps.18.9523.
|
|
2 Represents ASUR's operation of
convenience stores in LMM Airport.
|
Puerto Rico Revenues
Total Puerto Rico Revenues for 3Q18 increased 11.1% YoY
to Ps.692.5 million, mainly due to the following increases:
- 17.1% in revenues from non-aeronautical services, principally
reflecting the 17.0% increase in commercial revenues; and
- 4.3% in revenues from aeronautical services.
Commercial Revenues per Passenger rose to Ps.108.0 from
Ps.95.9 in 3Q17.
Five commercial spaces were opened at LMM Airport over the last
12 months, 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 September 30, 2017
|
Business
Line
|
YoY
Chg
|
|
Type of Commercial
Space 1
|
# of
Spaces
Opened
|
3Q18
|
|
Ground
Transportation
|
173.8%
|
|
Food and
Beverage
|
3
|
Advertising
Revenues
|
49.1%
|
|
Other
Revenue
|
2
|
Car Rental
Revenues
|
31.1%
|
|
Total Commercial
Spaces
|
5
|
Parking Lot
Fees
|
24.9%
|
|
|
Other
Revenue
|
11.1%
|
|
|
|
Duty Free
|
4.5%
|
|
|
|
Retail
Operations
|
3.8%
|
|
|
|
Food and Beverage
Operations
|
1.5%
|
|
|
|
Total Commercial
Revenues
|
17.0%
|
|
|
|
|
|
|
1 Only
includes new stores opened during the period and
excludes remodelings or contract renewals.
|
Puerto Rico Operating Costs and Expenses
Table 16: Puerto
Rico Operating Costs and Expenses
|
|
|
(in thousands of
Mexican pesos)
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
2017
|
2018
|
Cost of
Services
|
271,456
|
313,962
|
15.7
|
Concession
Fees
|
2,500
|
32,028
|
1,181.3
|
Depreciation and
Amortization
|
101,737
|
150,253
|
47.7
|
Total Operating
Costs & Expenses Excluding
Construction Costs
|
375,693
|
496,243
|
32.1
|
Construction
Costs
|
-
|
15,883
|
n/a
|
Total Operating
Costs & Expenses
|
375,693
|
512,126
|
36.3
|
Note: Figures in
pesos at an average exchange rate of Ps.18.9523.
|
|
|
|
Total Operating Costs and Expenses at LMM Airport in
3Q18, including construction costs, rose 36.3% YoY
to Ps.512.1 million.
Cost of Services increased 15.7% YoY, mainly due to the
recognition of extraordinary insurance costs resulting from
Hurricane Maria, as well as higher energy and maintenance expenses.
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.18.4 million.
Concession Fees paid to the Puerto Rican government increased
YoY by Ps.29.5 million. In 2017, the concession fee was a fixed
payment of US$2.5 million, reported
within intangible assets (Concession), while in 2018, the
concession fee is 5% of revenues for the period. In addition,
starting in 2018, the concession fee line item also includes the
municipal tax, which increased 10% to Ps.2.7 million from Ps.2.5
million in the prior period.
Depreciation and Amortization rose 47.7%, mainly impacted
by the recognition of the amortization from the valuation of the
investment in Aerostar under IFRS 3, which impacted amortization by
Ps.42.7 million.
During 3Q18, Aerostar reported Construction Costs in
Puerto Rico of Ps.15.9 million,
reflecting the capital investments in the concessioned assets
during the period.
Excluding construction costs, operating costs and expenses
increased 32.1% to Ps.496.2 million.
Puerto Rico Comprehensive Financing Gain (Loss)
Table 17: Puerto
Rico Comprehensive Financing Gain
(in thousands of
Mexican pesos)
|
|
Third
Quarter
|
%
Chg.
|
|
2017
|
2018
|
Interest
Income
|
18
|
3,809
|
21,061.1
|
Interest
Expense
|
(123,490)
|
(127,533)
|
3.3
|
Total
|
(123,472)
|
(123,724)
|
0.2
|
Note: Figures in
pesos at an average exchange rate of Ps.18.9523.
|
|
|
|
|
During 3Q18, LMM Airport reported a Ps.123.7 million
Comprehensive Financing Loss, compared with a Ps.123.5
million loss in 3Q17.
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 September 30,
2018, the remaining balance was US$63.4 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 Ports 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, 2018, 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)
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
2017
|
2018
|
Total
Revenues
|
623,384
|
692,466
|
11.1
|
Total Revenues
Excluding Construction Services Revenues
|
623,384
|
676,583
|
8.5
|
Operating
Profit
|
247,691
|
180,340
|
(27.2)
|
Operating
Margin
|
39.7%
|
26.0%
|
(1369 bps)
|
Adjusted Operating
Margin 1
|
39.7%
|
26.7%
|
(1308 bps)
|
Net Income
|
112,295
|
46,300
|
(58.8)
|
EBITDA
|
349,428
|
329,682
|
(5.7)
|
EBITDA
Margin
|
56.1%
|
47.6%
|
(844 bps)
|
Adjusted EBITDA
Margin 2
|
56.1%
|
48.7%
|
(733 bps)
|
Note: Figures in
pesos at an average exchange rate of Ps.18.9523.
|
|
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 excluding
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 excluding
construction services revenues.
|
Operating Profit at Puerto Rico in 3Q18 declined
27.2% YoY to Ps.180.3 million, with Operating Margin
down to 26.0% from 39.7% in 3Q17, principally due to the
amortization resulting from the valuation of Aerostar under IFRS3,
which impacted amortization by Ps.42.7 million as explained
above.
EBITDA declined 5.7% to Ps.329.7 million from
Ps.349.4 million in 3Q17, and EBITDA Margin declined to 47.6% in
3Q18 from 56.1% in 3Q17. Adjusted EBITDA Margin in 3Q18 was 48.7%
compared with 56.1% in 3Q17.
Puerto Rico Capital Expenditures
During 3Q18, Aerostar invested Ps.645.9 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.58.8 million in 3Q17.
Puerto Rico Tariff Regulation
The Airport Use Agreement signed by Aerostar, the airlines
serving LMM Airport and the Puerto Rico Ports 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
increases 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.
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 started July 1 and ended
September 30, 2018 (in which Airplan
was consolidated with ASUR) against the period starting
July 1 and ended September 30, 2017 (in which Airplan was not
consolidated with ASUR).
The valuation of ASUR's investment in Airplan in accordance with
IFRS 3 "Business Combinations" resulted in the following effects on
the Balance Sheet as of September 30,
2018: i) the recognition of a net intangible asset of
Ps.1,364.2 million, ii) goodwill of Ps.1,504.9, iii) deferred taxes
of Ps.257.0 million, and iv) Ps.610.4 million from the recognition
of bank loans at fair value.
On May 25, 2018, ASUR acquired
7.58% of the share ownership of Airplan, bringing its ownership
stake in the company to 100%. This transaction resulted in the
recognition of Shareholders' Equity in excess of the Ps.46.3
million paid for the acquisition of this additional stake in
Airplan.
Table 19: Airplan,
Colombia Revenues & Commercial Revenues Per
Passenger
|
In thousands of
Mexican pesos
|
|
|
|
|
Third
Quarter
|
%
Chg
|
|
2017
|
2018
|
|
Not
Consolidated
|
Consolidated
|
Total
Passenger
|
2,687
|
2,872
|
6.9
|
|
|
|
|
Total
Revenues
|
625,669
|
403,940
|
(35.4)
|
Aeronautical
Services
|
276,541
|
321,357
|
16.2
|
Non-Aeronautical
Services
|
78,358
|
100,476
|
28.2
|
Construction Revenues
1
|
270,770
|
(17,893)
|
n/a
|
Total Revenues
Excluding Construction Revenues
|
354,899
|
421,833
|
18.9
|
Total Commercial
Revenues
|
78,347
|
100,467
|
28.2
|
Total Commercial
Revenues per Passenger
|
29.2
|
35.0
|
20.0
|
Note: Figures in
pesos at an average exchange rate of Ps.156.2203.
|
Note: For purpose of
this table, approximately 76.0 and 71.4 thousand transit and
general aviation passengers are included in 3Q17 and
3Q18.
|
1Construction revenues for Airplan in 3Q18
include the actual construction revenues which are equal to
construction costs of Ps.63.1 million plus an estimated revenue
decline from valuation of the intangible asset at its present value
(guaranteed revenues from the concession), of Ps. 80.9 million
according to IFRIC 12.
|
Colombia Revenues
Total Colombia Revenues for 3Q18 fell 35.4% YoY to
Ps.403.9 million. Excluding construction services revenues, which
fell as a result of lower committed investments during the period
and the impact from the valuation of the concession at present
value, revenues rose 18.9% mainly reflecting the following
increases:
- 16.2% in revenues from aeronautical services.
- 28.2% in revenues from non-aeronautical services, mainly due to
the 28.2% increase in commercial revenues.
Commercial Revenues per Passenger increased 20.0%,
principally benefitting from fixed commercial revenues.
As shown on Table 21, during the last twelve months, 40 new
commercial spaces were opened in Colombia. 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: Airplan,
Colombia Commercial
Revenue Performance
|
|
|
Table 21: Colombia
Summary Retail and Other
Commercial Space Opened since September 30, 2017
|
Business
Line
|
YoY
Chg
|
|
Type of Commercial
Space 1
|
# of
Spaces
Opened
|
3Q18
|
|
Retail
Operations
|
139.5%
|
|
Food and
Beverage
|
7
|
Teleservices
|
126.8%
|
|
Retail
|
5
|
Car Rental
Revenues
|
83.2%
|
|
Car Rental
|
2
|
Banking and Currency
Exchange Services
|
64.0%
|
|
Banking and Currency
Exchange Services
|
3
|
Other
Revenue
|
30.7%
|
|
Teleservices
|
1
|
Parking Lot
Fees
|
13.8%
|
|
Other
Revenue
|
22
|
Advertising
Revenues
|
11.5%
|
|
Total Commercial
Spaces
|
40
|
Food and Beverage
Operations
|
9.7%
|
|
|
|
Ground
Transportation
|
(5.9%)
|
|
|
|
Duty Free
|
(100.0%)
|
|
|
|
Total Commercial
Revenues
|
28.2%
|
|
|
|
|
|
|
1 Only
includes new stores opened during the period and
excludes remodelings or contract renewals.
|
Colombia Costs and Expenses
Table 22: Colombia
Operating Costs and Expenses
|
(in thousands of
Mexican pesos)
|
|
Third
Quarter
|
%
Chg.
|
|
2017 Non-Consolidated
|
2018
Consolidated
|
Cost of
Services
|
104,420
|
139,774
|
33.9
|
Technical
Assistance
|
1,532
|
1,598
|
4.3
|
Concession
Fees
|
67,431
|
79,887
|
18.5
|
Depreciation and
Amortization
|
117,620
|
222,375
|
89.1
|
Operating Costs
and Expenses Excluding Construction Costs
|
291,003
|
443,634
|
52.4
|
Construction
Costs
|
279,408
|
63,075
|
(77.4)
|
Total Operating
Costs & Expenses
|
570,411
|
506,709
|
(11.2)
|
Note: Figures in
pesos at an average exchange rate of Ps.156.2203.
|
|
|
|
Total Operating Costs and Expenses in
Colombia declined 11.2% YoY in 3Q18 to Ps.506.7 million.
Cost of Services increased 33.9% YoY, mainly due to
higher expenses in connection with professional fees, security
expenses, energy and maintenance costs.
Construction Costs declined 77.4% YoY to Ps.63.1 million,
reflecting lower investments in complementary works to concessioned
assets during the period.
Concession Fees, which include fees paid to the
Colombian government, increased 18.5% YoY, mainly reflecting higher
regulated and non-regulated revenues during the period.
Depreciation and Amortization increased 89.1% due to the
Ps.222.4 million increase in amortization of the concession
(includes recognition of Ps.23.9 million from the amortization of
the concession resulting from the valuation of the investment under
IFRS 3, Ps.133.9 million for initial amortization of complementary
works, and Ps.64.6 million in amortization of mandatory works as a
result of the increase in the accumulated amortization).
Colombia Comprehensive Financing Gain /(Loss)
Table 23: Colombia
Comprehensive Financing Gain / (Loss)
|
(in thousands of
Mexican pesos)
|
|
Third
Quarter
|
%
Chg.
|
|
2017 Non-Consolidated
|
2018
Consolidated
|
Interest
Income
|
790
|
1,760
|
122.8
|
Interest
Expense
|
(46,223)
|
(74,978)
|
62.2
|
Foreign Exchange Gain
(Loss), Net
|
(36)
|
(13)
|
(63.9)
|
Total
|
(45,469)
|
(73,231)
|
61.1
|
Note: Figures in
pesos at an average exchange rate of Ps.156.2203.
|
|
|
|
During 3Q18, Airplan reported a Ps.73.2 million Comprehensive
Financing Loss, compared with a Ps.45.5 million loss in
3Q17.
On June 1, 2015, Airplan entered
into a Ps.3,468.7 million, 12-Year Syndicated Loan Facility with
eight banks with a 3-year grace period. Airplan also has a Ps.130.0
million, one-year Treasury Loan from two banks.
Colombia Operating Profit and EBITDA
Table 24: Colombia
Operating Profit & EBITDA
|
(in thousands of
Mexican pesos)
|
|
Third
Quarter
|
%
Chg.
|
|
2017 Non-Consolidated
|
2018
Consolidated
|
Total
Revenue
|
625,669
|
403,940
|
(35.4)
|
Total Revenues
Excluding Construction Revenues
|
354,899
|
421,833
|
18.9
|
Operating
Profit
|
55,258
|
(102,769)
|
n/a
|
Operating
Margin
|
8.8%
|
(25.4%)
|
(3427 bps)
|
Adjusted Operating
Margin 1
|
15.6%
|
(24.4%)
|
(3993 bps)
|
Net Income
|
7,168
|
(111,993)
|
n/a
|
EBITDA
|
181,516
|
200,574
|
10.5
|
EBITDA
Margin
|
29.0%
|
49.7%
|
2064 bps
|
Adjusted EBITDA
Margin 2
|
51.1%
|
47.5%
|
-360 bps
|
Note: Figures in
pesos at an average exchange rate of Ps.156.2203.
|
|
|
|
|
|
|
|
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 excluding 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
excluding construction services revenues.
|
During 3Q18, ASUR reported an Operating Loss of Ps.102.8
million compared to an operating profit of Ps.55.3 million in 3Q17.
Operating Margin was negative 25.4% in 3Q18 and positive
8.8% in 3Q17. Adjusted Operating Margin, which excludes the impact
of IFRIC 12 with respect to construction or improvements to
concessioned assets, was negative 24.4% in 3Q18 compared with
positive 15.6% in the same quarter of 2017.
EBITDA increased 10.5% to Ps.200.6 million from
Ps.181.5 million in 3Q17. EBITDA Margin increased to 49.7% in 3Q18,
from 29.0% in 3Q17, while Adjusted EBITDA Margin, which excludes
the impact of IFRIC 12 with respect to construction or improvements
to concessioned assets, declined 360 basis points to 47.5 % in
3Q18.
Colombia Capex
During 3Q18, Airplan invested Ps.394.2 million to modernize its
airports in Colombia, including:
i) the expansion of the domestic and international passenger
terminal, ii) the expansion of the international platform, and iii)
progress in the construction of the cargo terminal at Rionegro
airport.
Colombia Tariff Regulation
Functions of the Special Administrative Unit of Civil
Aeronautics include establishing and collecting 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, Enrique 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 the mechanisms to collect such fees, tariffs, and rights.
Airplan's regulated revenues for 3Q18 amounted to Ps.321.4
million.
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. 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 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. 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.
- SELECTED OPERATING TABLES & FINANCIAL
STATEMENTS FOLLOW –
Passenger Traffic
Breakdown by Airport
|
|
|
|
|
|
|
|
|
|
Mexico Passenger
Traffic 1
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg
|
|
Nine -
Months
|
%
Chg
|
|
|
2017
|
2018
|
|
2017
|
2018
|
Domestic
Traffic
|
3,929,206
|
4,342,594
|
10.5
|
|
10,641,806
|
11,725,081
|
10.2
|
CUN
|
Cancun
|
2,254,689
|
2,493,382
|
10.6
|
|
5,839,906
|
6,525,887
|
11.7
|
CZM
|
Cozumel
|
43,356
|
50,933
|
17.5
|
|
98,664
|
123,926
|
25.6
|
HUX
|
Huatulco
|
171,582
|
184,182
|
7.3
|
|
481,415
|
512,051
|
6.4
|
MID
|
Merida
|
480,906
|
571,059
|
18.7
|
|
1,417,209
|
1,625,425
|
14.7
|
MTT
|
Minatitlan
|
50,149
|
50,126
|
(0.0)
|
|
150,493
|
144,693
|
(3.9)
|
OAX
|
Oaxaca
|
214,433
|
218,120
|
1.7
|
|
567,122
|
618,995
|
9.1
|
TAP
|
Tapachula
|
63,519
|
80,991
|
27.5
|
|
205,911
|
226,050
|
9.8
|
VER
|
Veracruz
|
346,098
|
379,428
|
9.6
|
|
963,283
|
1,060,565
|
10.1
|
VSA
|
Villahermosa
|
304,474
|
314,373
|
3.3
|
|
917,803
|
887,489
|
(3.3)
|
International
Traffic
|
3,853,851
|
3,960,965
|
2.8
|
|
12,888,713
|
13,433,337
|
4.2
|
CUN
|
Cancun
|
3,654,326
|
3,757,924
|
2.8
|
|
12,156,200
|
12,663,402
|
4.2
|
CZM
|
Cozumel
|
80,753
|
87,049
|
7.8
|
|
328,791
|
328,763
|
(0.0)
|
HUX
|
Huatulco
|
4,843
|
6,491
|
34.0
|
|
102,878
|
108,559
|
5.5
|
MID
|
Mérida
|
53,961
|
53,348
|
(1.1)
|
|
146,650
|
167,846
|
14.5
|
MTT
|
Minatitlan
|
1,826
|
2,176
|
19.2
|
|
5,267
|
5,533
|
5.1
|
OAX
|
Oaxaca
|
23,493
|
25,681
|
9.3
|
|
56,221
|
73,221
|
30.2
|
TAP
|
Tapachula
|
3,713
|
3,801
|
2.4
|
|
10,824
|
12,096
|
11.8
|
VER
|
Veracruz
|
19,955
|
18,865
|
(5.5)
|
|
52,134
|
50,607
|
(2.9)
|
VSA
|
Villahermosa
|
10,981
|
5,630
|
(48.7)
|
|
29,748
|
23,310
|
(21.6)
|
Total Traffic
México
|
7,783,057
|
8,303,559
|
6.7
|
|
23,530,519
|
25,158,418
|
6.9
|
CUN
|
Cancun
|
5,909,015
|
6,251,306
|
5.8
|
|
17,996,106
|
19,189,289
|
6.6
|
CZM
|
Cozumel
|
124,109
|
137,982
|
11.2
|
|
427,455
|
452,689
|
5.9
|
HUX
|
Huatulco
|
176,425
|
190,673
|
8.1
|
|
584,293
|
620,610
|
6.2
|
MID
|
Merida
|
534,867
|
624,407
|
16.7
|
|
1,563,859
|
1,793,271
|
14.7
|
MTT
|
Minatitlan
|
51,975
|
52,302
|
0.6
|
|
155,760
|
150,226
|
(3.6)
|
OAX
|
Oaxaca
|
237,926
|
243,801
|
2.5
|
|
623,343
|
692,216
|
11.0
|
TAP
|
Tapachula
|
67,232
|
84,792
|
26.1
|
|
216,735
|
238,146
|
9.9
|
VER
|
Veracruz
|
366,053
|
398,293
|
8.8
|
|
1,015,417
|
1,111,172
|
9.4
|
VSA
|
Villahermosa
|
315,455
|
320,003
|
1.4
|
|
947,551
|
910,799
|
(3.9)
|
|
|
|
|
|
|
|
|
|
US Passenger
Traffic, San Juan Airport (LMM)
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg
|
|
Nine -
Months
|
%
Chg
|
|
|
2017
|
2018
|
|
2017
|
2018
|
SJU Total
1
|
|
2,144,760
|
2,226,595
|
3.8
|
|
6,865,311
|
6,362,573
|
(7.3)
|
Domestic
Traffic
|
|
1,858,789
|
1,957,414
|
5.3
|
|
6,005,732
|
5,672,204
|
(5.6)
|
International
Traffic
|
285,971
|
269,181
|
(5.9)
|
|
859,579
|
690,369
|
(19.7)
|
|
|
|
|
|
|
|
|
|
Colombia,
Passenger Traffic Airplan 3
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg
|
|
Nine -
Months
|
%
Chg
|
|
|
2017
|
2018
|
|
2017
|
2018
|
Domestic
Traffic
|
2,248,484
|
2,393,455
|
6.4
|
|
6,709,903
|
6,516,614
|
(2.9)
|
MDE
|
Medellín (Rio
Negro)
|
1,570,723
|
1,700,850
|
8.3
|
|
4,744,639
|
4,586,746
|
(3.3)
|
EOH
|
Medellín
|
257,134
|
276,977
|
7.7
|
|
748,675
|
779,603
|
4.1
|
MTR
|
Montería
|
255,715
|
254,985
|
(0.3)
|
|
734,179
|
682,242
|
(7.1)
|
APO
|
Carepa
|
93,487
|
88,169
|
(5.7)
|
|
270,394
|
259,320
|
(4.1)
|
UIB
|
Quibdó
|
51,143
|
51,916
|
1.5
|
|
153,586
|
146,438
|
(4.7)
|
CZU
|
Corozal
|
20,282
|
20,558
|
1.4
|
|
58,430
|
62,265
|
6.6
|
International
Traffic
|
362,437
|
407,275
|
12.4
|
|
1,017,559
|
1,164,804
|
14.5
|
MDE
|
Medellín (Rio
Negro)
|
362,437
|
407,275
|
12.4
|
|
1,017,559
|
1,164,804
|
14.5
|
EOH
|
Medellín
|
-
|
-
|
-
|
|
-
|
-
|
-
|
MTR
|
Montería
|
-
|
-
|
-
|
|
-
|
-
|
-
|
APO
|
Carepa
|
-
|
-
|
-
|
|
-
|
-
|
-
|
UIB
|
Quibdó
|
-
|
-
|
-
|
|
-
|
-
|
-
|
CZU
|
Corozal
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Total Traffic
Colombia
|
2,610,921
|
2,800,730
|
7.3
|
|
7,727,462
|
7,681,418
|
(0.6)
|
MDE
|
Medellín (Rio
Negro)
|
1,933,160
|
2,108,125
|
9.1
|
|
5,762,198
|
5,751,550
|
(0.2)
|
EOH
|
Medellín
|
257,134
|
276,977
|
7.7
|
|
748,675
|
779,603
|
4.1
|
MTR
|
Montería
|
255,715
|
254,985
|
(0.3)
|
|
734,179
|
682,242
|
(7.1)
|
APO
|
Carepa
|
93,487
|
88,169
|
(5.7)
|
|
270,394
|
259,320
|
(4.1)
|
UIB
|
Quibdó
|
51,143
|
51,916
|
1.5
|
|
153,586
|
146,438
|
(4.7)
|
CZU
|
Corozal
|
20,282
|
20,558
|
1.4
|
|
58,430
|
62,265
|
6.6
|
|
|
|
|
|
|
|
|
|
1Passenger
figures for Mexico exclude transit and general aviation passengers,
and SJU include transit passengers and general aviation.
|
|
2 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
2Q17 and 2Q18.
|
3On
October 19, 2017 ASUR began to consolidated Airplan
group
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Commercial
Spaces
|
|
|
(Pg.
1/2)
|
ASUR Retail and
Other Commercial Space Opened since September 30,
20171
|
|
Business
Name
|
Type
|
Opening
Date
|
MEXICO
|
Cancun
|
Abito
|
Retail
|
November
2017
|
Ace
|
Car Rental
|
November
2017
|
Ado
|
Transportation
|
November
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
|
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
|
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
|
Adoro
Mexico
|
Retail
|
December
2017
|
Food Court
-Panda
|
Food and
Beverage
|
December
2017
|
Budget
|
Car Rental
|
December
2017
|
ICE
CURRENCY
|
Banking and Currency
Exchange Services
|
January
2018
|
ICE
CURRENCY
|
Banking and Currency
Exchange Services
|
January
2018
|
VICTORIA´S
SECRET
|
Retail
|
February
2018
|
MAC
|
Retail
|
February
2018
|
BUDGET
|
Car Rental
|
February
2018
|
BUDGET
|
Car Rental
|
February
2018
|
ALAMO
|
Car Rental
|
February
2018
|
NATIONAL
|
Car Rental
|
February
2018
|
STARBUCKS
|
Food and
Beverage
|
February
2018
|
|
|
|
* Only includes new
stores opened during the period and excludes remodelings or
contract renewals.
|
|
|
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Commercial
Spaces
|
|
|
(Pg.
2/2)
|
ASUR Retail and
Other Commercial Space Opened since September 30,
20171
|
|
Business
Name
|
Type
|
Opening
Date
|
MEXICO
|
Cancun
|
CARFLEX
|
Car Rental
|
March 2018
|
CARFLEX
|
Car Rental
|
March 2018
|
CARFLEX
|
Car Rental
|
March 2018
|
Tiendas
Tropicales
|
Retail
|
April 2018
|
Welcome
Bar
|
Food and
Beverage
|
September
2018
|
Cozumel
|
SERVICIOS TURISTICOS
AEROPORTUARIOS
|
Other
Revenue
|
March 2018
|
Tiendas
Tropicales
|
Retail
|
September
2018
|
Turismo
Gargo
|
Car Rental
|
September
2018
|
Oaxaca
|
ITZIAR PAOLA ARQUIAGA
BOLAÑOS CACHO
|
Retail
|
April 2018
|
AGPCH, SA DE
CV
|
Retail
|
May 2018
|
Ramiro Ocampo
Arellano
|
Retail
|
September
2018
|
Huatulco
|
Centro Cambiario
Fresan
|
Currency
Exchange
|
November
2017
|
SAN JUAN, PUERTO
RICO
|
HR
Insurance
|
Other
Revenue
|
December
2017
|
Ready Credit (2 new
units)
|
Other
Revenue
|
December
2017
|
Ticket 2
PR
|
Other
Revenue
|
May 2018
|
Gustos
Café
|
Food and
Beverage
|
May 2018
|
Casa Avila
|
Food and
Beverage
|
July 2018
|
La Fonda
Criolla
|
Food and
Beverage
|
August
2018
|
ATM
Santander
|
Other
Revenue
|
August
2018
|
COLOMBIA
|
Rionegro
|
TRANSAEREO
S.A.S
|
Other
Revenue
|
October
2017
|
PIVO
S.A.S.
|
Food and
Beverage
|
October
2017
|
RAPIPHARMA
S.A.S.
|
Retail
|
October
2017
|
ARINC DE COLOMBIA
LTDA
|
Teleservices
|
November
2017
|
INDUSTRIA DE
RESTAURANTES CASUALES S.A.S
|
Food and
Beverage
|
November
2017
|
GLOBO CAMBIO FOREIGN
EXCHANGE.S.A.S
|
Banking and Currency
Exchange Services
|
January
2018
|
TRANSAEREO
S.A.S
|
Other
Revenue
|
January
2018
|
ESTIBOL
S.A.S
|
Retail
|
February
2018
|
AEROVIAS DEL
CONTINENTE AMERICANO S.A. AVIANCA
|
Other
Revenue
|
May 2018
|
AMERICAN AIRLINES INC
SUCURSAL COLOMBIA
|
Other
Revenue
|
July 2018
|
Olaya
herrera
|
BEDOYA ECHEVERRY
MONICA MARIA
|
Food and
Beverage
|
July 2017
|
C.I COINDEX
S.A.
|
Other
Revenue
|
September
2017
|
PIVO
S.A.S.
|
Food and
Beverage
|
September
2017
|
CENTRAL CHARTER DE
COLOMBIA
|
Other
Revenue
|
October
2017
|
FONDO DE VALORIZACION
DEL MUNICIPIO DE MEDELLIN
|
Other
Revenue
|
October
2017
|
DEPARTAMENTO DE
ANTIOQUIA
|
Other
Revenue
|
October
2017
|
AERO NUQUI
S.A.S
|
Other
Revenue
|
October
2017
|
RENTING COLOMBIA
S.A.S
|
Car Rental
|
November
2017
|
HJONATAN FIGUEROA
HERNANDEZ
|
Other
Revenue
|
Diciembre
2017
|
CARIBBEAN SUPPORT AND
FLIGHT SERVICE LTDA
|
Other
Revenue
|
January
2018
|
SECURITAS COLOMBIA
S.A.
|
Other
Revenue
|
January
2018
|
SECURITAS COLOMBIA
S.A.
|
Other
Revenue
|
January
2018
|
Monteria
|
DISTRIBUIDORA DOÑA
ELENA S.A.
|
Food and
Beverage
|
October
2017
|
INGENIERIA DE
SERVICIOS B.C. LIMITADA
|
Food and
Beverage
|
November
2017
|
TURISMO DEL
MORROSQUILLO LIMITADA
|
Other
Revenue
|
November
2017
|
LASA - SOCIEDAD DE
APOYOS AERONÁUTICOS -
|
Other
Revenue
|
December
2017
|
Quibdo
|
SECURITAS COLOMBIA
S.A.
|
Other
Revenue
|
November
2017
|
AERORICO
HELADOS
|
Food and
Beverage
|
November
2017
|
AVIATUR S.A. AGENCIA
DE VIAJES Y TURISMO
|
Other
Revenue
|
December
2017
|
MARCAPASOS
S.A.S
|
Other
Revenue
|
April 2018
|
MARCAPASOS
S.A.S
|
Other
Revenue
|
April 2018
|
RED DE SERVICIOS DE
OCCIDENTE S.A
|
Other
Revenue
|
June 2018
|
AEROEJECUTIVOS
DE ANTIOQUIA S. A
|
Other
Revenue
|
September
2018
|
Carepa
|
TRUST RENTAL
S.A.S
|
Car Rental
|
April 2018
|
Corozal
|
FIGUEROA GOMEZ
WISTON
|
Other
Revenue
|
September
2018
|
Centro de
Servicios
|
CORRESPONSALES
COLOMBIA S.A.S
|
Other
Revenue
|
May 2018
|
INVERSIONES ROFI
S.A.S.
|
Other
Revenue
|
June 2018
|
DISTRIBUIDORA PASTEUR
S.A
|
Retail
|
July 2018
|
COMPAÑIA
MANUFACTURERA MANISOL S A
|
Retail
|
July 2018
|
SAFELA GROUP
S.A.S.
|
Retail
|
August
2018
|
|
|
|
* Only includes new
stores opened during the period and excludes remodelings or
contract renewals.
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Operating Results
per Airport
|
Thousands of mexican
pesos
|
|
|
|
|
|
|
|
|
Item
|
3Q
2017
|
3Q 2017 Per
Workload Unit
|
3Q
2018
|
3Q 2018 Per
Workload Unit
|
|
YoY %
Chg.
|
Per Workload
Unit YoY %
Chg.
|
Mexico
|
|
|
|
|
|
|
|
Cancun
1
|
|
|
|
|
|
|
Aeronautical
Revenues
|
977,939
|
163.4
|
1,102,521
|
174.2
|
|
12.7
|
6.6
|
Non-Aeronautical
Revenues
|
803,322
|
134.2
|
911,544
|
144.0
|
|
13.5
|
7.3
|
Construction Services
Revenues
|
357,439
|
59.7
|
79,647
|
12.6
|
|
(77.7)
|
(78.9)
|
Total
Revenues
|
2,138,700
|
357.3
|
2,093,712
|
330.8
|
|
(2.1)
|
(7.4)
|
Operating
Profit
|
1,174,721
|
196.3
|
1,271,160
|
200.8
|
|
8.2
|
2.3
|
EBITDA
|
1,259,962
|
210.5
|
1,384,972
|
218.8
|
|
9.9
|
3.9
|
Merida
|
|
|
|
|
|
|
Aeronautical
Revenues
|
97,452
|
166.3
|
119,730
|
177.6
|
|
22.9
|
6.8
|
Non-Aeronautical
Revenues
|
24,128
|
41.2
|
30,357
|
45.0
|
|
25.8
|
9.2
|
Construction Services
Revenues
|
21,552
|
36.8
|
651
|
1.0
|
|
(97.0)
|
(97.3)
|
Other
2
|
16
|
-
|
23
|
-
|
|
43.8
|
n/a
|
Total
Revenues
|
143,148
|
244.3
|
150,761
|
223.7
|
|
5.3
|
(8.4)
|
Operating
Profit
|
56,173
|
95.9
|
74,543
|
110.6
|
|
32.7
|
15.3
|
EBITDA
|
67,813
|
115.7
|
86,576
|
128.5
|
|
27.7
|
11.1
|
Villahermosa
|
|
|
|
|
|
|
Aeronautical
Revenues
|
49,474
|
151.3
|
52,994
|
159.6
|
|
7.1
|
5.5
|
Non-Aeronautical
Revenues
|
15,940
|
48.7
|
15,931
|
48.0
|
|
(0.1)
|
(1.4)
|
Construction Services
Revenues
|
76
|
0.2
|
2,888
|
8.7
|
|
3,700.0
|
4,250.0
|
Other
2
|
19
|
0.1
|
26
|
0.1
|
|
36.8
|
-
|
Total
Revenues
|
65,509
|
200.3
|
71,839
|
216.4
|
|
9.7
|
8.0
|
Operating
Profit
|
31,620
|
96.7
|
32,273
|
97.2
|
|
2.1
|
0.5
|
EBITDA
|
39,103
|
119.6
|
39,824
|
120.0
|
|
1.8
|
0.3
|
Other Airports
3
|
|
|
|
|
|
|
Aeronautical
Revenues
|
191,623
|
183.7
|
220,699
|
196.4
|
|
15.2
|
6.9
|
Non-Aeronautical
Revenues
|
37,284
|
35.7
|
39,538
|
35.2
|
|
6.0
|
(1.4)
|
Construction Services
Revenues
|
30,491
|
29.2
|
9,141
|
8.1
|
|
(70.0)
|
(72.3)
|
Other
2
|
39
|
-
|
65
|
0.1
|
|
66.7
|
n/a
|
Total
Revenues
|
259,437
|
248.7
|
269,443
|
239.7
|
|
3.9
|
(3.6)
|
Operating
Profit
|
91,625
|
87.8
|
109,483
|
97.4
|
|
19.5
|
10.9
|
EBITDA
|
126,332
|
121.1
|
145,161
|
129.1
|
|
14.9
|
6.6
|
Holding &
Service Companies 4
|
|
|
|
|
|
|
Construction Services
Revenues
|
-
|
n/a
|
-
|
n/a
|
|
n/a
|
n/a
|
Other
2
|
312,954
|
n/a
|
357,241
|
n/a
|
|
14.2
|
n/a
|
Total
Revenues
|
312,954
|
n/a
|
357,241
|
n/a
|
|
14.2
|
n/a
|
Operating
Profit
|
53,780
|
n/a
|
91,505
|
n/a
|
|
70.1
|
n/a
|
EBITDA
|
73,965
|
n/a
|
91,531
|
n/a
|
|
23.7
|
n/a
|
Consolidation
Adjustment Mexico
|
|
|
|
|
|
|
Consolidation
Adjustment
|
(313,028)
|
n/a
|
(357,355)
|
n/a
|
|
14.2
|
n/a
|
Total
Mexico
|
|
|
|
|
|
|
Aeronautical
Revenues
|
1,316,488
|
165.8
|
1,495,944
|
176.8
|
|
13.6
|
6.6
|
Non-Aeronautical
Revenues
|
880,674
|
110.9
|
997,370
|
117.9
|
|
13.3
|
6.3
|
Construction Services
Revenues
|
409,558
|
51.6
|
92,327
|
10.9
|
|
(77.5)
|
(78.9)
|
Total
Revenues
|
2,606,720
|
328.3
|
2,585,641
|
305.7
|
|
(0.8)
|
(6.9)
|
Operating
Profit
|
1,407,919
|
177.3
|
1,578,964
|
186.7
|
|
12.1
|
5.3
|
EBITDA
|
1,567,175
|
197.4
|
1,748,064
|
206.7
|
|
11.5
|
4.7
|
San Juan Puerto
Rico, US 5
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
415,979
|
n/a
|
433,814
|
n/a
|
|
4.3
|
n/a
|
Non-Aeronautical
Revenues
|
207,405
|
n/a
|
242,769
|
n/a
|
|
17.1
|
n/a
|
Construction Services
Revenues
|
-
|
n/a
|
15,883
|
n/a
|
|
n/a
|
n/a
|
Total
Revenues
|
623,384
|
n/a
|
692,466
|
n/a
|
|
11.1
|
n/a
|
Operating
Profit
|
247,691
|
n/a
|
180,340
|
n/a
|
|
(27.2)
|
n/a
|
EBITDA
|
349,428
|
n/a
|
329,682
|
n/a
|
|
(5.7)
|
n/a
|
Consolidation
Adjustment San Juan
|
|
|
|
|
|
|
Consolidation
Adjustment
|
-
|
n/a
|
-
|
n/a
|
|
n/a
|
n/a
|
Colombia
6
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
-
|
n/a
|
321,357
|
n/a
|
|
n/a
|
n/a
|
Non-Aeronautical
Revenues
|
-
|
n/a
|
100,476
|
n/a
|
|
n/a
|
n/a
|
Construction Services
Revenues
|
-
|
n/a
|
(17,893)
|
n/a
|
|
n/a
|
n/a
|
Total
Revenues
|
-
|
n/a
|
403,940
|
n/a
|
|
n/a
|
n/a
|
Operating
Profit
|
-
|
n/a
|
(102,769)
|
n/a
|
|
n/a
|
n/a
|
EBITDA
|
-
|
n/a
|
200,574
|
n/a
|
|
n/a
|
n/a
|
Consolidation
Adjustment Colombia
|
|
|
|
|
|
|
Consolidation
Adjustment
|
-
|
n/a
|
-
|
n/a
|
|
n/a
|
n/a
|
CONSOLIDATED
ASUR
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
1,732,467
|
n/a
|
2,251,115
|
n/a
|
|
29.9
|
n/a
|
Non-Aeronautical
Revenues
|
1,088,079
|
n/a
|
1,340,615
|
n/a
|
|
23.2
|
n/a
|
Construction Services
Revenues
|
409,558
|
n/a
|
90,317
|
n/a
|
|
(77.9)
|
n/a
|
Total
Revenues
|
3,230,104
|
n/a
|
3,682,047
|
n/a
|
|
14.0
|
n/a
|
Operating
Profit
|
1,655,610
|
n/a
|
1,656,535
|
n/a
|
|
0.1
|
n/a
|
EBITDA
|
1,916,603
|
n/a
|
2,278,320
|
n/a
|
|
18.9
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Reflects
the results of operations of Cancun Airport and two Cancun Airport
Services subsidiaries on a consolidated basis.
|
|
|
|
2 Reflects
revenues under intercompany agreements which are eliminated in the
consolidation adjustment.
|
|
|
|
|
3 Reflects
the results of operations of our airports located in Cozumel,
Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz.
|
|
|
|
4 Reflects
the results of operations of our parent holding company and our
services subsidiaries. Because none of these entities hold the
concessions
for our airports, we do not report workload unit data for theses
entities.
|
5 Reflects
the results of operations of San Juan Airport, Puerto Rico,
US for 3Q2018.
|
6 Reflects
the results of operations of Airplan, Colombia, for
3Q2018.
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Consolidated
Statement of Income from January 1 to September 30, 2018 and
2017
|
Thousands of mexican
pesos
|
|
|
|
|
|
|
|
|
Item
|
9M
|
9M
|
%
|
|
3Q
|
3Q
|
%
|
2017
|
2018
|
Chg
|
|
2017
|
2018
|
Chg
|
Revenues
|
|
|
|
|
|
|
|
Aeronautical
Services
|
4,587,720
|
6,715,133
|
46.4
|
|
1,732,467
|
2,251,115
|
29.9
|
Non-Aeronautical
Services
|
3,110,280
|
4,160,293
|
33.8
|
|
1,088,079
|
1,340,615
|
23.2
|
Construction
Services
|
944,149
|
610,585
|
(35.3)
|
|
409,558
|
90,317
|
(77.9)
|
Total
Revenues
|
8,642,149
|
11,486,011
|
32.9
|
|
3,230,104
|
3,682,047
|
14.0
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
Cost of
Services
|
1,508,473
|
2,669,519
|
77.0
|
|
689,033
|
936,997
|
36.0
|
Cost of
Construction
|
944,149
|
507,845
|
(46.2)
|
|
409,558
|
171,285
|
(58.2)
|
General and
Administrative Expenses
|
158,526
|
173,738
|
9.6
|
|
49,832
|
56,436
|
13.3
|
Technical
Assistance
|
263,083
|
295,026
|
12.1
|
|
82,489
|
93,636
|
13.5
|
Concession
Fee
|
312,195
|
673,424
|
115.7
|
|
102,597
|
225,304
|
119.6
|
Depreciation and
Amortization
|
554,442
|
1,515,186
|
173.3
|
|
240,985
|
541,854
|
124.8
|
Total Operating
Expenses
|
3,740,868
|
5,834,738
|
56.0
|
|
1,574,494
|
2,025,512
|
28.6
|
|
|
|
|
|
|
|
|
Operating
Income
|
4,901,281
|
5,651,273
|
15.3
|
|
1,655,610
|
1,656,535
|
0.1
|
|
|
|
|
|
|
|
|
Comprehensive
Financing Cost
|
(104,407)
|
(672,756)
|
544.4
|
|
(102,836)
|
(280,275)
|
172.5
|
|
|
|
|
|
|
|
|
Income from
results of Joint Venture Accounted by
the Equity Method
|
112,345
|
-
|
(100.0)
|
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Income Before
Income Taxes
|
4,909,219
|
4,978,517
|
1.4
|
|
1,552,774
|
1,376,260
|
(11.4)
|
|
|
|
|
|
|
|
|
Provision for Income
Tax
|
1,454,150
|
1,322,065
|
(9.1)
|
|
449,994
|
427,884
|
(4.9)
|
Provision for Asset
Tax
|
699
|
699
|
-
|
|
233
|
233
|
-
|
Deferred Income
Taxes
|
(181,949)
|
83,691
|
(146.0)
|
|
(43,066)
|
(58,431)
|
35.7
|
|
|
|
|
|
|
|
|
Net Income for the
Year
|
3,636,319
|
3,572,062
|
(1.8)
|
|
1,145,613
|
1,006,574
|
(12.1)
|
|
|
|
|
|
|
|
|
Majority Net
Income
|
3,571,974
|
3,529,012
|
(1.2)
|
|
1,100,695
|
988,054
|
(10.2)
|
Non- controlling
interests
|
64,345
|
43,050
|
(33.1)
|
|
44,918
|
18,520
|
(58.8)
|
|
|
|
|
|
|
|
|
Earning per
Share
|
11.9066
|
11.7634
|
(1.2)
|
|
3.6690
|
3.2935
|
(10.2)
|
Earning per American
Depositary Share (in U.S. Dollars)
|
6.3593
|
6.2828
|
(1.2)
|
|
1.9596
|
1.7591
|
(10.2)
|
Exchange Rate per
Dollar Ps. 18.7231
|
|
|
|
|
|
|
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Consolidated
Balance Sheet as of September 30, 2018 and December 31,
2017
|
Thousands of mexican
pesos
|
|
|
|
|
|
Item
|
September
2018
|
December
2017
|
Variation
|
%
|
Assets
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and Cash
Equivalents
|
4,569,129
|
4,677,454
|
(108,325)
|
(2.3)
|
Cash and cash
equivalents restricted
|
226,360
|
106,350
|
120,010
|
112.8
|
Accounts Receivable,
net
|
291,249
|
685,502
|
(394,253)
|
(57.5)
|
Recoverable Taxes and
Other Current Assets
|
717,021
|
318,556
|
398,465
|
125.1
|
Total Current
Assets
|
5,803,759
|
5,787,862
|
15,897
|
0.3
|
|
|
|
|
|
Non Current
Assets
|
|
|
|
|
Machinery, Furniture
and Equipment, net
|
524,359
|
473,238
|
51,121
|
10.8
|
Intangible assets,
airport concessions and Goodwill-Net
|
48,763,212
|
50,353,003
|
(1,589,791)
|
(3.2)
|
Accounts Receivable
from Joint Venture
|
-
|
-
|
-
|
-
|
Investment in Joint
Venture Accounted by the Equity Method
|
-
|
-
|
-
|
-
|
Total
Assets
|
55,091,330
|
56,614,103
|
(1,522,773)
|
(2.7)
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Trade Accounts
Payable
|
303,615
|
428,883
|
(125,268)
|
(29.2)
|
Bank Loans
|
295,206
|
173,471
|
121,735
|
70.2
|
Accrued Expenses and
Others Payables
|
1,420,058
|
1,806,295
|
(386,237)
|
(21.4)
|
Total Current
Liabilities
|
2,018,879
|
2,408,649
|
(389,770)
|
(16.2)
|
|
|
|
|
|
Long Term
Liabilities
|
|
|
|
|
Bank Loans
|
8,640,536
|
10,321,382
|
(1,680,846)
|
(16.3)
|
Long Term
Debt
|
6,640,127
|
7,149,177
|
(509,050)
|
(7.1)
|
Deferred Income
Taxes
|
3,083,154
|
3,033,930
|
49,224
|
1.6
|
Employee
Benefits
|
10,643
|
12,664
|
(2,021)
|
(16.0)
|
Total Long Term
Liabilities
|
18,374,460
|
20,517,153
|
(2,142,693)
|
(10.4)
|
|
-
|
-
|
-
|
-
|
Total
Liabilities
|
20,393,339
|
22,925,802
|
(2,532,463)
|
(11.0)
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Capital
Stock
|
7,767,276
|
7,767,276
|
-
|
-
|
Legal
Reserve
|
1,366,867
|
1,075,002
|
291,865
|
27.2
|
Net Income for the
Period
|
3,529,012
|
6,750,165
|
(3,221,153)
|
(47.7)
|
Cumulative Effect of
Conversion of Foreign Currency
|
(39,534)
|
195,511
|
(235,045)
|
(120.2)
|
Retained
Earnings
|
14,789,716
|
10,252,124
|
4,537,592
|
44.3
|
Non- Controlling
interests
|
7,284,654
|
7,648,223
|
(363,569)
|
(4.8)
|
Total
Stockholders' Equity
|
34,697,991
|
33,688,301
|
1,009,690
|
3.0
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
55,091,330
|
56,614,103
|
(1,522,773)
|
(2.7)
|
Exchange Rate per
Dollar Ps. 19.6912
|
|
|
|
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Consolidated
Statement of Cash flow as of September 30, 2018 and
2017
|
Thousands of mexican
pesos
|
|
|
|
|
|
|
|
|
Item
|
9M
|
9M
|
%
|
|
3Q
|
3Q
|
%
|
2017
|
2018
|
Chg
|
|
2017
|
2018
|
Chg
|
Operating
Activities
|
|
|
|
|
|
|
|
Income Before
Income Taxes
|
4,909,219
|
4,978,517
|
1.4
|
|
1,552,774
|
1,376,260
|
(11.4)
|
Items Related with
Investing Activities:
|
|
|
|
|
|
|
|
Depreciation and
Amortization
|
554,442
|
1,515,186
|
173.3
|
|
240,985
|
541,854
|
124.8
|
Income from Results
of Joint Venture Accounted by the
Equity Method
|
(112,345)
|
-
|
n/a
|
|
-
|
-
|
-
|
Interest
Income
|
(151,779)
|
(209,010)
|
37.7
|
|
(41,933)
|
(58,148)
|
38.7
|
Interest
payables
|
306,710
|
925,895
|
201.9
|
|
193,990
|
298,930
|
54.1
|
Foreign Exchange Gain
(loss), net unearned
|
(337,684)
|
(10,705)
|
(96.8)
|
|
13,231
|
(11,027)
|
n/a
|
Sub-Total
|
5,168,563
|
7,199,883
|
39.3
|
|
1,959,047
|
2,147,869
|
9.6
|
Increase in Trade
Receivables
|
298,035
|
425,016
|
42.6
|
|
157,605
|
273,321
|
73.4
|
Decrease in
Recoverable Taxes and other Current Assets
|
(1,059,489)
|
(27,207)
|
(97.4)
|
|
(48,902)
|
51,066
|
n/a
|
Income Tax
Paid
|
(1,538,064)
|
(1,662,922)
|
8.1
|
|
(521,500)
|
(563,155)
|
8.0
|
Trade Accounts
Payable
|
141,968
|
(186,240)
|
n/a
|
|
48,688
|
(146,162)
|
n/a
|
|
|
|
|
|
|
|
|
Net Cash Flow
Provided by Operating Activities
|
3,011,013
|
5,748,530
|
90.9
|
|
1,594,938
|
1,762,939
|
10.5
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
|
Investments in
Associates
|
(726,584)
|
(402,578)
|
(44.6)
|
|
-
|
(186,167)
|
-
|
Loans granted to
Associates
|
286,507
|
-
|
n/a
|
|
-
|
-
|
-
|
Restricted
cash
|
(4,231)
|
102,896
|
n/a
|
|
(4,231)
|
-
|
n/a
|
Investments in
Machinery, Furniture and Equipment, net
|
(705,257)
|
(1,369,809)
|
94.2
|
|
(313,395)
|
(363,379)
|
15.9
|
Interest
Income
|
167,442
|
199,683
|
19.3
|
|
70,238
|
52,581
|
(25.1)
|
Initial recognition
for consolidation
|
578,730
|
-
|
n/a
|
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Net Cash Flow used
by Investing Activities
|
(403,393)
|
(1,469,808)
|
264.4
|
|
(247,388)
|
(496,965)
|
100.9
|
|
|
|
|
|
|
|
|
Excess Cash to Use
in Financing Activities
|
2,607,620
|
4,278,722
|
64.1
|
|
1,347,550
|
1,265,974
|
(6.1)
|
|
|
|
|
|
|
|
|
Banks Load
|
4,000,000
|
-
|
n/a
|
|
4,000,000
|
-
|
n/a
|
Paid debt
|
(102,913)
|
-
|
n/a
|
|
(102,913)
|
-
|
n/a
|
Interest
paid
|
(475,372)
|
(2,549,246)
|
436.3
|
|
(395,510)
|
(581,952)
|
47.1
|
Dividends
Paid
|
(1,848,000)
|
(2,034,000)
|
10.1
|
|
-
|
-
|
-
|
Capital
Increase
|
-
|
196,199
|
n/a
|
|
-
|
196,199
|
n/a
|
|
|
|
|
|
|
|
|
Net Cash Flow used
by Financing Activities
|
1,573,715
|
(4,387,047)
|
n/a
|
|
3,501,577
|
(385,753)
|
n/a
|
|
|
|
|
|
|
|
|
Net Increase in
Cash and Cash Equivalents
|
4,181,335
|
(108,325)
|
n/a
|
|
4,849,127
|
880,221
|
(81.8)
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents at Beginning of Period
|
3,497,635
|
4,677,454
|
33.7
|
|
2,829,843
|
3,688,908
|
30.4
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents at the End of Period
|
7,678,970
|
4,569,129
|
(40.5)
|
|
7,678,970
|
4,569,129
|
(40.5)
|
View original
content:http://www.prnewswire.com/news-releases/asur-3q18-passenger-traffic-increased-6-7-yoy-in-mexico-3-8-in-san-juan-puerto-rico-and-7-3-in-colombia-300735519.html
SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.