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 7 new commercial spaces at Cancun Airport, and one commercial space at its other eight Mexican airports. More
details of these openings can be found on page 20 of this report.
In addition, interest expense declined 11.3%
YoY to Ps.101.8 million as the Company paid down debt between June and November 2018. Furthermore, interest income increased 10.7%,
reflecting a higher cash balance.
Mexico Operating Profit
and EBITDA
|
|
Table
12: Mexico Operating Profit & EBITDA
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Total
Revenue
|
2,585,641
|
2,745,561
|
6.2
|
|
7,762,541
|
8,315,658
|
7.1
|
Total
Revenues Excluding Construction Revenues
|
2,493,314
|
2,608,329
|
4.6
|
|
7,637,346
|
8,124,424
|
6.4
|
Operating
Profit
|
1,578,964
|
1,665,430
|
5.5
|
|
4,994,286
|
5,329,300
|
6.7
|
Operating
Margin
|
61.1%
|
60.7%
|
(41
bps)
|
|
64.3%
|
64.1%
|
(25
bps)
|
Adjusted
Operating Margin 1
|
63.3%
|
63.9%
|
52
bps
|
|
65.4%
|
65.6%
|
20
bps
|
Net
Profit 2
|
1,072,267
|
1,206,695
|
12.5
|
|
3,525,768
|
3,767,755
|
6.9
|
EBITDA
|
1,748,064
|
1,837,658
|
5.1
|
|
5,500,592
|
5,844,534
|
6.3
|
EBITDA
Margin
|
67.6%
|
66.9%
|
(67
bps)
|
|
70.9%
|
70.3%
|
(58
bps)
|
Adjusted
EBITDA Margin 3
|
70.1%
|
70.5%
|
34
bps
|
|
72.0%
|
71.9%
|
(8
bps)
|
|
|
|
|
|
|
|
|
|
1
Adjusted Operating Margin excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned
assets and is equal to operating profit divided by total revenues less construction services revenues.
|
2
Net Income for 3Q19 and 3Q18 include gains of Ps.64.3 million and Ps.48.8 million, respectively, rom the participation
in the results of Aerostar in Puerto Rico. Airplan in Colombia contributed with gains of Ps.118.1 million and Ps.97.6 million
in 3Q19 and 3Q18, respectively.
|
3
Adjusted EBITDA Margin excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned
assets and is calculated by dividing EBITDA by total revenues less construction services revenues.
|
|
|
|
|
|
|
|
|
|
|
Mexico reported an Operating Profit of
Ps.1,665.4 million in 3Q19, resulting in an Operating Margin of 60.7% compared with 61.1% in 3Q18 mainly as a result of a YoY increase
in construction works in 3Q19.
Adjusted Operating Margin in 3Q19,
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 63.9%, compared to 63.3% in 3Q18 reflecting
higher cost dilution.
EBITDA increased 5.1% to Ps.1,837.7
million from Ps.1,748.1 million in 2Q18, resulting in an EBITDA Margin of 66.9% in 3Q19, compared with 67.6% in 3Q18.
During 3Q19, ASUR’s operations in
Mexico recognized Ps.137.2 million in “Construction Revenues,” a year-on-year increase of 48.6%, due to higher capital
expenditures and investments in concessioned assets. Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with
respect to the construction of/or improvements to concessioned assets, increased 34 bps to 70.5%.
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, 2019 totaled Ps.4,988.9 million, with an average tariff per workload unit of Ps.189.9
(December 2018 pesos), accounting for approximately 60.8% 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.
Mexico Capital Expenditures
During 3Q19, ASUR’s operations in
Mexico made capital investments of Ps.339.4 million in connection with the Company’s plan to modernize its Mexican airports
pursuant to its master development plans. This compares with capex of Ps.102.8 million in 3Q18. Accumulated capex for 9M19 amounted
to Ps.542.3 million, compared to Ps.329.7 million in 9M18.
Review
of Puerto Rico Operations
As of September 30, 2019, the valuation
of ASUR’s investment in Aerostar in accordance with IFRS 3 "Business Combinations" resulted in the following effects
on the balance sheet: i) the recognition of a net intangible asset of Ps.6,013.5 million, ii) goodwill of Ps.887.2 (net of an impairment
of Ps.4,719.1 million), iii) deferred taxes of Ps.601.4 million, and iv) a minority interest of Ps.5,366.2 million within stockholders'
equity.
Table
13: Puerto Rico Revenues & Commercial Revenues Per Passenger
|
|
|
|
|
|
In
thousands of Mexican pesos
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg
|
|
Nine
- Months
|
%
Chg
|
|
|
2018
|
2019
|
|
2018
|
2019
|
|
Total
Passenger (in thousands)
|
2,227
|
2,354
|
5.7
|
|
6,363
|
7,072
|
11.2
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
692,466
|
808,251
|
16.7
|
|
2,166,832
|
2,444,942
|
12.8
|
|
Aeronautical
Services
|
433,814
|
460,754
|
6.2
|
|
1,297,806
|
1,376,422
|
6.1
|
|
Non-Aeronautical
Services
|
242,769
|
294,383
|
21.3
|
|
716,170
|
848,199
|
18.4
|
|
Construction
Revenues
|
15,883
|
53,114
|
234.4
|
|
152,856
|
220,321
|
44.1
|
|
Total
Revenues Excluding Construction Revenues
|
676,583
|
755,137
|
11.6
|
|
2,013,976
|
2,224,621
|
10.5
|
|
|
|
|
|
|
|
|
|
|
Total
Commercial Revenues
|
240,567
|
292,373
|
21.5
|
|
708,901
|
840,516
|
18.6
|
|
Commercial
Revenues from Direct Operations
|
50,183
|
60,012
|
19.6
|
|
146,523
|
180,204
|
23.0
|
|
Commercial
Revenues Excluding Direct Operations
|
190,384
|
232,361
|
22.0
|
|
562,378
|
660,312
|
17.4
|
|
|
|
|
|
|
|
|
|
|
Total
Commercial Revenues per Passenger
|
108.0
|
124.2
|
14.9
|
|
111.4
|
118.9
|
6.7
|
|
Commercial
Revenues from Direct Operations per Passenger 1
|
22.5
|
25.5
|
13.1
|
|
23.0
|
25.5
|
10.6
|
|
Commercial
Revenues Excl. Direct Operations per Passenger
|
85.5
|
98.7
|
15.4
|
|
88.4
|
93.4
|
5.6
|
|
Figures
in pesos at the average exchange rate Ps.19.8584= US$1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Represents ASUR´s operations in convenience stores in Puerto Rico.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Revenues
Total Puerto Rico Revenues for 3Q19
increased 16.7% YoY to Ps.808.2 million, mainly due to the following increases:
|
●
|
6.2%
in revenues from aeronautical services reflecting the 5.7% increase in passenger traffic;
|
|
●
|
21.3%
in revenues from non-aeronautical services, principally reflecting the 21.5% increase in commercial revenues; and
|
|
●
|
234.4%
in construction services revenues reflecting higher capital investments in 3Q19
|
Commercial Revenues per Passenger
increased to Ps.124.2 from Ps.108.0 in 3Q18.
Thirteen commercial spaces were opened at
LMM Airport over the last 12 months, as shown in Table 15. More details of these openings can be found on page 20 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: Puerto Rico Commercial Revenue Performance
|
|
Table
15: Puerto Rico Summary Retail and Other Commercial Space Opened since September 30, 2018
|
|
|
|
Business
Line
|
YoY
Chg
|
|
Type
of Commercial Space 1
|
#
of Spaces Opened
|
3Q19
|
9M19
|
|
Advertising
Revenues
|
200.0%
|
140.5%
|
|
Retail
Operations
|
6
|
Car
Rental Revenues
|
42.7%
|
23.9%
|
|
Food
and Beverage Operations
|
3
|
Retail
Operations
|
21.8%
|
24.6%
|
|
Car
Rental Revenues
|
1
|
Ground
Transportation
|
17.9%
|
129.1%
|
|
Other
Revenue
|
1
|
Food
and Beverage Operations
|
10.0%
|
14.6%
|
|
Duty
Free
|
1
|
Duty
Free
|
4.0%
|
4.0%
|
|
Advertising
Revenues
|
1
|
Parking
Lot Fees
|
(1.8%)
|
(2.3%)
|
|
Total
Commercial Spaces
|
13
|
Other
Revenue
|
(19.7%)
|
(4.8%)
|
|
|
|
Total
Commercial Revenues
|
21.5%
|
18.6%
|
|
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 & Expenses
|
|
|
|
|
|
|
|
In
thousands of Mexican pesos
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg
|
|
Nine
- Months
|
%
Chg
|
|
2018
|
2019
|
|
2018
|
2019
|
Cost
of Services
|
313,962
|
350,902
|
11.8
|
|
966,316
|
994,186
|
2.9
|
Concession
Fees
|
32,028
|
36,313
|
13.4
|
|
96,459
|
106,302
|
10.2
|
Depreciation
and Amortization
|
150,253
|
170,664
|
13.6
|
|
462,327
|
497,937
|
7.7
|
Operating
Costs and Expenses Excluding Construction Costs
|
496,243
|
557,879
|
12.4
|
|
1,525,102
|
1,598,425
|
4.8
|
Construction
Costs
|
15,883
|
53,114
|
234.4
|
|
152,856
|
220,321
|
44.1
|
Total
Operating Costs & Expenses
|
512,126
|
610,993
|
19.3
|
|
1,677,958
|
1,818,746
|
8.4
|
Figures in
pesos at the average exchange rate Ps.19.8584= US$1.00
Total Operating Costs and Expenses at
LMM Airport in 3Q19, increased 19.3% YoY to Ps.611.0 million. During 3Q19, Aerostar reported construction costs of Ps.53.1 million,
reflecting capital investments in concessioned assets. Excluding construction costs, operating costs and expenses increased 12.4%
to Ps.557.9 million.
Cost of Services increased 11.8%
YoY, or by Ps.36.9 million mainly reflecting higher payroll and professional fees.
Concession Fees paid to the Puerto
Rican government increased YoY by Ps.4.3 million, to Ps.36.3 million from Ps.32.0 million in 3Q18. In line with the concession
agreement, starting in 2018, the concession fee is based on revenues and impacts results.
Depreciation and Amortization increased
YoY by 13.6%, or Ps.20.4 million, principally reflecting higher investments in 2018.
Intentionally
Left Blank Page
Puerto Rico Comprehensive
Financing Gain (Loss)
Table
17: Puerto Rico Comprehensive Financing Gain (Loss)
In thousands
of Mexican pesos
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Interest
Income
|
3,809
|
4,801
|
26.0
|
|
4,786
|
11,787
|
146.3
|
Interest
Expense
|
(127,533)
|
(128,351)
|
(0.6)
|
|
(381,086)
|
(380,921)
|
0.0
|
Total
|
(123,724)
|
(123,550)
|
0.1
|
|
(376,300)
|
(369,134)
|
1.9
|
Figures in
pesos at the average exchange rate Ps.19.8584= US$1.00
During 3Q19, LMM Airport reported a Ps.123.6
million Comprehensive Financing Loss, compared with a Ps.123.7 million loss in 3Q18, mainly reflecting interest rate movements
and the impact from the valuation to present value of future obligations under IFRIC 12 and NIC 37.
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, 2019, the remaining balance was US$47.0 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, 2019, had not been utilized.
All long-term debt is collateralized by
Aerostar’s total assets.
Puerto Rico Operating Profit and EBITDA
Table
18: Puerto Rico Operating Profit & EBITDA
In thousands
of Mexican pesos
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Total
Revenue
|
692,466
|
808,251
|
16.7
|
|
2,166,832
|
2,444,942
|
12.8
|
Total
Revenues Excluding Construction Revenues
|
676,583
|
755,137
|
11.6
|
|
2,013,976
|
2,224,621
|
10.5
|
Other
Income
|
|
|
|
|
|
204,074
|
n/a
|
Operating
Profit
|
180,340
|
197,258
|
9.4
|
|
488,874
|
830,270
|
69.8
|
Operating
Margin
|
26.0%
|
24.4%
|
(164
bps)
|
|
22.6%
|
34.0%
|
1140
bps
|
Adjusted
Operating Margin 1
|
26.7%
|
26.1%
|
(53
bps)
|
|
24.3%
|
37.3%
|
1305
bps
|
Net
Profit
|
46,301
|
64,509
|
39.3
|
|
87,344
|
433,177
|
395.9
|
EBITDA
|
329,682
|
367,921
|
11.6
|
|
981,305
|
1,329,939
|
35.5
|
EBITDA
Margin
|
47.6%
|
45.5%
|
(209
bps)
|
|
45.3%
|
54.4%
|
911
bps
|
Adjusted
EBITDA Margin 2
|
48.7%
|
48.7%
|
(1
bps)
|
|
48.7%
|
59.8%
|
1106
bps
|
Figures
in pesos at the average exchange rate Ps.19.8584= US$1.00
1
Adjusted Operating Margin excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned
assets, and is equal to operating profit divided by total revenues less construction services revenues.
2
Adjusted EBITDA Margin excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned
assets, and is calculated by dividing EBITDA by total revenues less construction services revenues.
Operating Profit at Puerto Rico in
3Q19 increased to Ps.197.3 million, with Operating Margin of 24.4% in 3Q19 compared with 26.0% in 3Q18.
EBITDA increased 11.6% to Ps.367.9
million from Ps.329.7 million in 3Q18. EBITDA Margin contracted to 45.5% from 47.6% in 3Q18, while the adjusted EBITDA Margin,
excluding IFRIC 12, remained unchanged YoY at 48.7%.
Puerto Rico Capital Expenditures
During 3Q19, Aerostar invested Ps.59.4 million
to modernize LMM Airport, compared with investments of Ps.245.6 million in 3Q18. Accumulated capex for 9M19 ammounted to Ps.238.4
million compared with Ps.645.9 million invested in 9M18.
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
The following discussion compares Airplan's
independent results for the three- and nine-month periods ended September 30, 2018 and 2019.
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, 2019: i) the recognition of a net intangible asset of Ps.1,337.0 million, ii) goodwill of Ps.1,504.9, iii) deferred
taxes of Ps.212.0 million, and iv) Ps.630.4 million from the recognition of bank loans at fair value.
Table
19: Airplan, Colombia Revenues & Commercial Revenues Per Passenger
|
|
|
|
|
In
thousands of Mexican pesos
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Total
Passenger (in thousands)
|
2,872
|
3,247
|
13.1
|
|
7,849
|
8,983
|
14.5
|
|
|
|
|
|
|
|
|
Total
Revenues
|
403,940
|
552,454
|
36.8
|
|
1,556,638
|
1,516,395
|
(2.6)
|
Aeronautical
Services
|
321,357
|
367,786
|
14.4
|
|
934,194
|
1,039,989
|
11.3
|
Non-Aeronautical
Services
|
100,476
|
137,784
|
37.1
|
|
289,910
|
370,151
|
27.7
|
Construction
Revenues 1
|
(17,893)
|
46,884
|
n/a
|
|
332,534
|
106,255
|
(68.0)
|
Total
Revenues Excluding Construction Revenues
|
421,833
|
505,570
|
19.9
|
|
1,224,104
|
1,410,140
|
15.2
|
Total
Commercial Revenues
|
100,467
|
137,004
|
36.4
|
|
288,494
|
365,822
|
26.8
|
Total
Commercial Revenues per Passenger
|
35.0
|
42.2
|
20.6
|
|
36.8
|
40.7
|
10.8
|
Figures in pesos at an average
exchange rate of COP172.0571 = Ps.1.00
Note: For purpose of this table,
approximately 71.4 and 54.9 thousand transit and general aviation passengers are included in 3Q18 and 3Q19, and 167.6 and 175.9
thousand transit and general aviation passengers are included in 9M18 and 9M19.
1 Construction revenues
for Airplan in 3Q18 include the actual construction revenues which is equal to the construction cost of Ps.63.1 million and an
estimate to the downside of income derived from the valuation of the intangible to present value (construction income) of Ps.80.9
million, according to IFRIC 12. Construction revenues for Airplan 3Q19 are equal to the construction cost of Ps.46.9 million.
Colombia Revenues
Total Colombia Revenues for 3Q19
increased 36.8% YoY to Ps.552.5 million. Excluding construction services revenues, revenues rose 19.9% mainly reflecting the following
increases:
|
●
|
14.4%
in revenues from aeronautical services; and
|
|
●
|
37.1%
in revenues from non-aeronautical services, mainly due to the 36.4% increase in commercial revenues.
|
Commercial Revenues per Passenger
increased 20.6% year-on-year to Ps.42.2 from Ps.35.0 in 3Q18.
As shown in Table 21, during the last twelve
months, 20 new commercial spaces were opened in Colombia. More details of these openings can be found on page 20 of this report.
ASUR classifies commercial revenues as those derived from the
following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food
and beverage operations, and parking lot fees.
Table
20: Colombia Commercial Revenue Performance
|
|
|
|
Table
21: Colombia Summary Retail and Other Commercial Space Opened since September 30, 2018
|
|
|
|
|
|
Business
Line
|
YoY
Chg
|
|
Type
of Commercial Space 1
|
#
of
Spaces
Opened
|
3Q19
|
9M19
|
|
Ground
Transportation
|
161.9%
|
45.4%
|
|
Retail
Operations
|
8
|
Car
Rental Revenues
|
160.4%
|
116.4%
|
|
Other
Revenue
|
11
|
Retail
Operations
|
116.5%
|
81.4%
|
|
Banking
and Currency Exchange Services
|
1
|
Parking
Lot Fees
|
79.0%
|
58.1%
|
|
Total
Commercial Spaces
|
20
|
Food
and Beverage Operations
|
43.2%
|
40.4%
|
|
|
|
Other
Revenue
|
11.2%
|
7.6%
|
|
1
Only includes new stores opened during the period and excludes remodelings or contract renewals.
|
Teleservices
|
1.8%
|
4.7%
|
|
Duty
Free
|
100.0%
|
100.0%
|
|
|
|
Banking
and Currency Exchange Services
|
(0.0%)
|
(0.8%)
|
|
|
Advertising
Revenues
|
(9.5%)
|
(4.6%)
|
|
Total
Commercial Revenues
|
36.4%
|
26.8%
|
|
|
|
Table
22: Airplan, Colombia Operating Costs and Expenses
|
|
|
|
|
|
|
|
In
thousands of Mexican pesos
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Cost
of Services
|
139,774
|
137,907
|
(1.3)
|
|
374,681
|
427,469
|
14.1
|
Technical
Assistance
|
1,598
|
1,559
|
(2.4)
|
|
5,419
|
4,407
|
(18.7)
|
Concession
Fees
|
79,887
|
96,081
|
20.3
|
|
232,070
|
269,176
|
16.0
|
Depreciation
and Amortization
|
222,375
|
106,101
|
(52.3)
|
|
546,561
|
377,347
|
(31.0)
|
Operating
Costs and Expenses Excluding Construction Costs
|
443,634
|
341,648
|
(23.0)
|
|
1,158,731
|
1,078,399
|
(6.9)
|
Construction
Costs
|
63,075
|
46,884
|
(25.7)
|
|
229,794
|
106,255
|
(53.8)
|
Total
Operating Costs & Expenses
|
506,709
|
388,532
|
(23.3)
|
|
1,388,525
|
1,184,654
|
(14.7)
|
|
Note: Figures in pesos at an average
exchange rate of COP172.0571 = Ps.1.00
Total Operating Costs and Expenses in
Colombia declined 23.3% YoY in 3Q19 to Ps.388.5 million. Excluding construction costs, operating costs and expenses declined 23.0%
to Ps.341.6 million.
Cost of Services declined 1.3% YoY,
or Ps.1.9 million, mainly reflecting higher legal fees in 3Q18 partially offset by an increase in the maintenance provision for
future replacement of assets in 3Q19, in line with IFRIC 12.
Construction Costs declined 25.7%
YoY to Ps.46.9 million, reflecting lower investments in complementary works to concessioned assets during the period.
Concession Fees, which include fees
paid to the Colombian government, increased 20.3% YoY, mainly reflecting higher regulated and non-regulated revenues during the
period.
Depreciation and Amortization declined
by 52.3%, or Ps.116.2 million, principally reflecting a change in amortization methodology, which starting January 2019 is on a
straight-line basis instead of the percentage of completion method which implied variations in the accumulated amortization rate
of the concession.
Colombia Comprehensive Financing
Gain (Loss)
Table
23: Airplan, Colombia, Comprehensive Financing Gain (Loss)
In thousands
of Mexican pesos
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Interest
Income
|
1,760
|
5,711
|
224.5
|
|
4,542
|
44,482
|
879.3
|
Interest
Expense
|
(74,978)
|
(64,958)
|
13.4
|
|
(233,938)
|
(195,893)
|
16.3
|
Foreign
Exchange Gain (Loss), Net
|
(13)
|
(347)
|
(2,569.2)
|
|
189
|
(145)
|
n/a
|
Total
|
(73,231)
|
(59,594)
|
18.6
|
|
(229,207)
|
(151,556)
|
(33.9)
|
Figures in
pesos at an average exchange rate of COP172.0571 = Ps.1.00
During 3Q19, Airplan reported a Ps.59.6
million Comprehensive Financing Loss, compared with a Ps.73.2 million loss in 3Q18, mainly reflecting lower interest expenses
in 3Q19 resulting from debt payments in 3Q18 and 4Q18.
On June 1, 2015, Airplan entered into 12-Year
Syndicated Loan Facility with eight banks with a 3-year grace period, with a net balance of Ps.2,972.9 million. Airplan made a
Ps.44.3 million capital payment during the quarter.
Colombia Operating Profit
and EBITDA
Table
24: Airplan, Colombia Profit & EBITDA
In thousands
of Mexican pesos
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg.
|
|
Nine-Months
|
%
Chg.
|
|
2018
|
2019
|
|
2018
|
2019
|
Total
Revenue
|
403,940
|
552,454
|
36.8
|
|
1,556,638
|
1,516,395
|
(2.6)
|
Total
Revenues Excluding Construction Revenues
|
421,833
|
505,570
|
19.9
|
|
1,224,104
|
1,410,140
|
15.2
|
Operating
Profit
|
(102,769)
|
163,922
|
n/a
|
|
168,113
|
331,741
|
97.3
|
Operating
Margin
|
(25.4%)
|
29.7%
|
5511
bps
|
|
10.8%
|
21.9%
|
1108
bps
|
Adjusted
Operating Margin 1
|
(24.4%)
|
32.4%
|
5679
bps
|
|
13.7%
|
23.5%
|
979
bps
|
Net
Profit
|
(111,993)
|
69,228
|
n/a
|
|
(41,051)
|
182,156
|
n/a
|
EBITDA
|
200,574
|
270,024
|
34.6
|
|
611,934
|
709,088
|
15.9
|
EBITDA
Margin
|
49.7%
|
48.9%
|
(78
bps)
|
|
39.3%
|
46.8%
|
745
bps
|
Adjusted
EBITDA Margin 2
|
47.5%
|
53.4%
|
586
bps
|
|
50.0%
|
50.3%
|
29
bps
|
Figures
in pesos at an average exchange rate of COP172.0571 = Ps.1.00
1
Adjusted Operating Margin excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned
assets, and is equal to operating profit divided by total revenues less construction services revenues.
2
Adjusted EBITDA Margin excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned
assets, and is calculated by dividing EBITDA by total revenues less construction services revenues.
Airplan reported an Operating Gain of
Ps.163.9 million in 3Q19, compared with an operating loss of Ps.102.8 million in 3Q18. Operating Margin expanded to 29.7% in 3Q19
from negative 25.4% in 3Q18. Adjusted Operating Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements
to concessioned assets, increased to 32.4% in 3Q19 from negative 24.4% in 3Q18, reflecting a 36.8% increase in revenues along with
a 23.3% decline in costs.
During 3Q19 EBITDA increased 34.6%
to Ps.270.0 million from Ps.200.6 million in 3Q18, mainly reflecting a Ps.148.5 million increase in revenues while expenses declined
Ps.118.2 million during the period.
EBITDA Margin declined to 48.9% in 3Q19,
from 49.7% in 3Q18. Adjusted EBITDA Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements
to concessioned assets, increased to 53.4% in 3Q19, from 47.5% in 3Q18.
Colombia Capital Expenditures
During 3Q19, Airplan made capital expenditures
of Ps.46.9 million compared with Ps.14.9 million in 3Q18. Accumulated capex for 9M19 ammounted to Ps.106.2 million, compared with
Ps.394.2 million in 9M18.
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 of Carepa, 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 3Q19 amounted to Ps.367.8 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. 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, BX+, Bradesco, BTG Pactual, Citi Investment Research, Credit Suisse, Goldman
Sachs, Grupo Bursatil Mexicano, Grupo Financiero Interacciones, Grupo Financiero Monex, HSBC, Intercam Casa de Bolsa,
Insight Investment
Research, Itau BBA Securities, INVEX, JP Morgan, Morgan Stanley, Morningstar, Nau Securities, Punto Casa de Bolsa, Santander Investment,
Scotia Capital, UBS Casa de Bolsa and Vector.
Please note that any opinions, estimates
or forecasts regarding the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent
the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this
does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.
Some
of the statements contained in this press release discuss future expectations or state other forward-looking information. Those
statements are subject to risks identified in this press release and in ASUR’s filings with the SEC. Actual developments
could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based
on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are
made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result
of new information, future or otherwise.
Contacts:
ASUR
Adolfo Castro
+1-52-55-5284-0408
acastro@asur.com.mx
|
InspIR Group
Susan Borinelli
+1-646-330-5907
susan@inspirgroup.com
|
– SELECTED OPERATING
TABLES & FINANCIAL STATEMENTS FOLLOW –
Passenger
Traffic Breakdown by Airport
|
|
|
|
|
|
|
|
|
|
Mexico Passenger Traffic 1
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg
|
|
Nine
- Months
|
%
Chg
|
|
|
2018
|
2019
|
|
2018
|
2019
|
Domestic
Traffic
|
4,342,594
|
4,469,498
|
2.9
|
|
11,725,081
|
12,367,374
|
5.5
|
CUN
|
Cancun
|
2,493,382
|
2,484,484
|
(0.4)
|
|
6,525,887
|
6,703,534
|
2.7
|
CZM
|
Cozumel
|
50,933
|
49,573
|
(2.7)
|
|
123,926
|
147,802
|
19.3
|
HUX
|
Huatulco
|
184,182
|
206,173
|
11.9
|
|
512,051
|
575,881
|
12.5
|
MID
|
Merida
|
571,059
|
655,168
|
14.7
|
|
1,625,425
|
1,883,658
|
15.9
|
MTT
|
Minatitlan
|
50,126
|
34,696
|
(30.8)
|
|
144,693
|
105,315
|
(27.2)
|
OAX
|
Oaxaca
|
218,120
|
273,004
|
25.2
|
|
618,995
|
740,248
|
19.6
|
TAP
|
Tapachula
|
80,991
|
88,949
|
9.8
|
|
226,050
|
269,869
|
19.4
|
VER
|
Veracruz
|
379,428
|
363,427
|
(4.2)
|
|
1,060,565
|
1,035,408
|
(2.4)
|
VSA
|
Villahermosa
|
314,373
|
314,024
|
(0.1)
|
|
887,489
|
905,659
|
2.0
|
International
Traffic
|
3,960,965
|
3,863,729
|
(2.5)
|
|
13,433,337
|
13,416,487
|
(0.1)
|
CUN
|
Cancun
|
3,757,924
|
3,675,731
|
(2.2)
|
|
12,663,402
|
12,671,074
|
0.1
|
CZM
|
Cozumel
|
87,049
|
57,406
|
(34.1)
|
|
328,763
|
286,592
|
(12.8)
|
HUX
|
Huatulco
|
6,491
|
6,591
|
1.5
|
|
108,559
|
107,659
|
(0.8)
|
MID
|
Mérida
|
53,348
|
50,592
|
(5.2)
|
|
167,846
|
157,264
|
(6.3)
|
MTT
|
Minatitlan
|
2,176
|
2,262
|
4.0
|
|
5,533
|
5,987
|
8.2
|
OAX
|
Oaxaca
|
25,681
|
40,992
|
59.6
|
|
73,221
|
109,149
|
49.1
|
TAP
|
Tapachula
|
3,801
|
3,925
|
3.3
|
|
12,096
|
10,295
|
(14.9)
|
VER
|
Veracruz
|
18,865
|
19,943
|
5.7
|
|
50,607
|
52,349
|
3.4
|
VSA
|
Villahermosa
|
5,630
|
6,287
|
11.7
|
|
23,310
|
16,118
|
(30.9)
|
Total
Traffic México
|
8,303,559
|
8,333,227
|
0.4
|
|
25,158,418
|
25,783,861
|
2.5
|
CUN
|
Cancun
|
6,251,306
|
6,160,215
|
(1.5)
|
|
19,189,289
|
19,374,608
|
1.0
|
CZM
|
Cozumel
|
137,982
|
106,979
|
(22.5)
|
|
452,689
|
434,394
|
(4.0)
|
HUX
|
Huatulco
|
190,673
|
212,764
|
11.6
|
|
620,610
|
683,540
|
10.1
|
MID
|
Merida
|
624,407
|
705,760
|
13.0
|
|
1,793,271
|
2,040,922
|
13.8
|
MTT
|
Minatitlan
|
52,302
|
36,958
|
(29.3)
|
|
150,226
|
111,302
|
(25.9)
|
OAX
|
Oaxaca
|
243,801
|
313,996
|
28.8
|
|
692,216
|
849,397
|
22.7
|
TAP
|
Tapachula
|
84,792
|
92,874
|
9.5
|
|
238,146
|
280,164
|
17.6
|
VER
|
Veracruz
|
398,293
|
383,370
|
(3.7)
|
|
1,111,172
|
1,087,757
|
(2.1)
|
VSA
|
Villahermosa
|
320,003
|
320,311
|
0.1
|
|
910,799
|
921,777
|
1.2
|
|
|
|
|
|
|
|
|
|
US
Passenger Traffic, San Juan Airport (LMM)
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg
|
|
Nine
- Months
|
%
Chg
|
|
|
2018
|
2019
|
|
2018
|
2019
|
SJU
Total 1
|
2,226,595
|
2,354,372
|
5.7
|
|
6,362,573
|
7,072,180
|
11.2
|
Domestic Traffic
|
1,957,414
|
2,098,971
|
7.2
|
|
5,672,204
|
6,315,138
|
11.3
|
International
Traffic
|
269,181
|
255,401
|
(5.1)
|
|
690,369
|
757,042
|
9.7
|
|
|
|
|
|
|
|
|
|
Colombia,
Passenger Traffic Airplan
|
|
|
|
|
|
|
|
|
Third
Quarter
|
%
Chg
|
|
Nine
- Months
|
%
Chg
|
|
|
2018
|
2019
|
|
2018
|
2019
|
Domestic
Traffic
|
2,393,455
|
2,699,836
|
12.8
|
|
6,516,614
|
7,457,666
|
14.4
|
MDE
|
Medellín
(Rionegro)
|
1,700,850
|
1,964,307
|
15.5
|
|
4,586,746
|
5,409,532
|
17.9
|
EOH
|
Medellín
|
276,977
|
291,980
|
5.4
|
|
779,603
|
801,648
|
2.8
|
MTR
|
Montería
|
254,985
|
261,804
|
2.7
|
|
682,242
|
734,571
|
7.7
|
APO
|
Carepa
|
88,169
|
99,093
|
12.4
|
|
259,320
|
279,172
|
7.7
|
UIB
|
Quibdó
|
51,916
|
59,030
|
13.7
|
|
146,438
|
163,387
|
11.6
|
CZU
|
Corozal
|
20,558
|
23,622
|
14.9
|
|
62,265
|
69,356
|
11.4
|
International
Traffic
|
407,275
|
492,749
|
21.0
|
|
1,164,804
|
1,349,885
|
15.9
|
MDE
|
Medellín
(Rionegro)
|
407,275
|
492,749
|
21.0
|
|
1,164,804
|
1,349,885
|
15.9
|
EOH
|
Medellín
|
-
|
-
|
-
|
|
-
|
-
|
-
|
MTR
|
Montería
|
-
|
-
|
-
|
|
-
|
-
|
-
|
APO
|
Carepa
|
-
|
-
|
-
|
|
-
|
-
|
-
|
UIB
|
Quibdó
|
-
|
-
|
-
|
|
-
|
-
|
-
|
CZU
|
Corozal
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Total
Traffic Colombia
|
2,800,730
|
3,192,585
|
14.0
|
|
7,681,418
|
8,807,551
|
14.7
|
MDE
|
Medellín
(Rionegro)
|
2,108,125
|
2,457,056
|
16.6
|
|
5,751,550
|
6,759,417
|
17.5
|
EOH
|
Medellín
|
276,977
|
291,980
|
5.4
|
|
779,603
|
801,648
|
2.8
|
MTR
|
Montería
|
254,985
|
261,804
|
2.7
|
|
682,242
|
734,571
|
7.7
|
APO
|
Carepa
|
88,169
|
99,093
|
12.4
|
|
259,320
|
279,172
|
7.7
|
UIB
|
Quibdó
|
51,916
|
59,030
|
13.7
|
|
146,438
|
163,387
|
11.6
|
CZU
|
Corozal
|
20,558
|
23,622
|
14.9
|
|
62,265
|
69,356
|
11.4
|
|
|
|
|
|
|
|
|
|
1
Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, and SJU include transit passengers
and general aviation.
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Comercial
Spaces
|
|
|
|
ASUR
Retail and Other Commercial Space Opened since September 30, 20181
|
|
Business
Name
|
Type
|
Opening
Date
|
MEXICO
|
Cancun
|
Mini
Market (Tienda ODC)
|
Retail
|
March
2019
|
Todo
a $10 usd (Bisuteria)
|
Retail
|
March
2019
|
Business
Lounge (T4) Internacional
|
Other
Revenue
|
April
2019
|
Business
Lounge (T4) Nacional
|
Other
Revenue
|
April
2019
|
Sunglass
Hut
|
Retail
|
April
2019
|
Gold
Elements
|
Retail
|
May
2019
|
Bijoux
|
Retail
|
September
2019
|
Tapachula
|
|
|
Alquiladora
de Vehiculos Automotores
|
Car
Rental
|
December
2018
|
SAN
JUAN, PUERTO RICO
|
|
|
Cabrera
Car and Truck Rental
|
Car
Rental
|
October
2018
|
Sunny
Planet
|
Retail
|
December
2018
|
VIP
Lounge
|
Other
Revenue
|
December
2018
|
Carl's
Jr.
|
Food
and Beverage
|
January
2019
|
Invicta
|
Retail
|
May
2019
|
Invicta
|
Retail
|
May
2019
|
The
Destillery
|
Retail
|
June
2019
|
Metropol
|
Food
and Beverage
|
June
2019
|
Grab
at the Gate
|
Food
and Beverage
|
June
2019
|
Innovative
Media
|
Advertising
|
August
2019
|
Sunglasses
|
Duty
Free
|
September
2019
|
Baggage
Storage
|
Retail
|
September
2019
|
Sunny
Planet
|
Retail
|
September
2019
|
COLOMBIA
|
|
|
Rionegro
|
|
|
SAPIA
CI SAS
|
Retail
|
December
2018
|
SAPIA
CI SAS
|
Retail
|
January
2019
|
AEROREPUBLICA
S.A.
|
Other
Revenue
|
April
2019
|
ABC
AEROLINEAS SA DE CV SUCURSAL COLOMBIA
|
Other
Revenue
|
May
2019
|
AIR
EUROPA LINEAS AEREAS SOCIEDAD ANONIMA
|
Other
Revenue
|
May
2019
|
Olaya
herrera
|
|
|
CENTRAL
CHARTER DE COLOMBIA
|
Other
Revenue
|
November
2018
|
ELKIN
LEONCIO CASTAÑO CIRO
|
Retail
|
December
2018
|
DEPARTAMENTO
DE ANTIOQUIA
|
Other
Revenue
|
April
2019
|
Monteria
|
|
|
SAPIA
CI SAS
|
Retail
|
December
2018
|
SAPIA
CI SAS
|
Retail
|
December
2018
|
DAVIVIENDA
S.A
|
Banking
and Currency Exchange Services
|
February
2019
|
Quibdo
|
|
|
SATENA
|
Other
Revenue
|
October
2018
|
MARCAPASOS
S.A.S
|
Other
Revenue
|
May
2019
|
RENTERIA
PALACIO EDWARD FRANCISCO
|
Food
and Beverage
|
May
2019
|
Corozal
|
|
|
FIGUEROA
GOMEZ WISTON
|
Food
and Beverage
|
September
2018
|
AEROVIAS
DEL CONTINENTE AMERICANO S.A. AVIANCA
|
Other
Revenue
|
October
2018
|
AEROVIAS
DEL CONTINENTE AMERICANO S.A. AVIANCA
|
Other
Revenue
|
October
2018
|
SECURITAS
COLOMBIA S.A.
|
Other
Revenue
|
October
2018
|
SERVICIOS
AEROPORTUARIOS INTEGRADOS - SAI LTDA
|
Other
Revenue
|
October
2018
|
Centro
de Servicios
|
CUEROS
VELEZ S.A.S
|
Retail
|
October
2018
|
COMPAÑIA
MANUFACTURERA MANISOL S A
|
Retail
|
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.
|
Operating
Results per Airport
|
Thousands
of mexican pesos
|
|
|
|
|
|
|
|
|
Item
|
3Q
2018
|
3Q
2018 Per
Workload Unit
|
3Q
2019
|
3Q
2019 Per
Workload Unit
|
|
YoY
%
Chg.
|
Per
Workload
Unit YoY %
Chg.
|
Mexico
|
|
|
|
|
|
|
|
Cancun
1
|
|
|
|
|
|
|
Aeronautical
Revenues
|
1,102,521
|
174.2
|
1,102,236
|
176.8
|
|
(0.0)
|
1.5
|
Non-Aeronautical
Revenues
|
911,544
|
144.0
|
966,568
|
155.0
|
|
6.0
|
7.6
|
Construction
Services Revenues
|
79,647
|
12.6
|
37,218
|
6.0
|
|
(53.3)
|
(52.4)
|
Total
Revenues
|
2,093,712
|
330.8
|
2,106,022
|
337.7
|
|
0.6
|
2.1
|
Operating
Profit
|
1,271,160
|
200.8
|
1,314,352
|
210.8
|
|
3.4
|
5.0
|
EBITDA
|
1,384,972
|
218.8
|
1,430,486
|
229.4
|
|
3.3
|
4.8
|
Merida
|
|
|
|
|
|
|
Aeronautical
Revenues
|
119,730
|
177.6
|
147,429
|
193.5
|
|
23.1
|
9.0
|
Non-Aeronautical
Revenues
|
30,357
|
45.0
|
34,064
|
44.7
|
|
12.2
|
(0.7)
|
Construction
Services Revenues
|
651
|
1.0
|
11,274
|
14.8
|
|
1,631.8
|
1,380.0
|
Other
2
|
23
|
-
|
23
|
-
|
|
-
|
n/a
|
Total
Revenues
|
150,761
|
223.7
|
192,790
|
253.0
|
|
27.9
|
13.1
|
Operating
Profit
|
74,543
|
110.6
|
97,535
|
128.0
|
|
30.8
|
15.7
|
EBITDA
|
86,576
|
128.5
|
109,625
|
143.9
|
|
26.6
|
12.0
|
Villahermosa
|
|
|
|
|
|
|
Aeronautical
Revenues
|
52,994
|
159.6
|
68,145
|
204.0
|
|
28.6
|
27.8
|
Non-Aeronautical
Revenues
|
15,931
|
48.0
|
15,050
|
45.1
|
|
(5.5)
|
(6.0)
|
Construction
Services Revenues
|
2,888
|
8.7
|
8,987
|
26.9
|
|
211.2
|
209.2
|
Other
2
|
26
|
0.1
|
25
|
0.1
|
|
(3.8)
|
-
|
Total
Revenues
|
71,839
|
216.4
|
92,207
|
276.1
|
|
28.4
|
27.6
|
Operating
Profit
|
32,273
|
97.2
|
43,373
|
129.9
|
|
34.4
|
33.6
|
EBITDA
|
39,824
|
120.0
|
51,032
|
152.8
|
|
28.1
|
27.3
|
Other
Airports 3
|
|
|
|
|
|
|
Aeronautical
Revenues
|
220,699
|
196.4
|
234,295
|
200.9
|
|
6.2
|
2.3
|
Non-Aeronautical
Revenues
|
39,538
|
35.2
|
40,542
|
34.8
|
|
2.5
|
(1.1)
|
Construction
Services Revenues
|
9,141
|
8.1
|
79,753
|
68.4
|
|
772.5
|
744.4
|
Other
2
|
65
|
0.1
|
68
|
0.1
|
|
4.6
|
-
|
Total
Revenues
|
269,443
|
239.7
|
354,658
|
304.2
|
|
31.6
|
26.9
|
Operating
Profit
|
109,483
|
97.4
|
114,399
|
98.1
|
|
4.5
|
0.7
|
EBITDA
|
145,161
|
129.1
|
150,609
|
129.2
|
|
3.8
|
0.1
|
Holding
& Service Companies 4
|
|
|
|
|
|
|
Construction
Services Revenues
|
-
|
n/a
|
-
|
n/a
|
|
n/a
|
n/a
|
Other
2
|
357,241
|
n/a
|
384,599
|
n/a
|
|
7.7
|
n/a
|
Total
Revenues
|
357,241
|
n/a
|
384,599
|
n/a
|
|
7.7
|
n/a
|
Operating
Profit
|
91,505
|
n/a
|
95,771
|
n/a
|
|
4.7
|
n/a
|
EBITDA
|
91,531
|
n/a
|
95,906
|
n/a
|
|
4.8
|
n/a
|
Consolidation
Adjustment Mexico
|
|
|
|
|
|
|
Consolidation
Adjustment
|
(357,355)
|
n/a
|
(384,715)
|
n/a
|
|
7.7
|
n/a
|
Total
Mexico
|
|
|
|
|
|
|
Aeronautical
Revenues
|
1,495,944
|
176.8
|
1,552,105
|
182.6
|
|
3.8
|
3.3
|
Non-Aeronautical
Revenues
|
997,370
|
117.9
|
1,056,224
|
124.3
|
|
5.9
|
5.4
|
Construction
Services Revenues
|
92,327
|
10.9
|
137,232
|
16.1
|
|
48.6
|
47.7
|
Total
Revenues
|
2,585,641
|
305.7
|
2,745,561
|
323.1
|
|
6.2
|
5.7
|
Operating
Profit
|
1,578,964
|
186.7
|
1,665,430
|
196.0
|
|
5.5
|
5.0
|
EBITDA
|
1,748,064
|
206.7
|
1,837,658
|
216.2
|
|
5.1
|
4.6
|
San
Juan Puerto Rico, US 5
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
433,814
|
n/a
|
460,754
|
n/a
|
|
6.2
|
n/a
|
Non-Aeronautical
Revenues
|
242,769
|
n/a
|
294,383
|
n/a
|
|
21.3
|
n/a
|
Construction
Services Revenues
|
15,883
|
n/a
|
53,114
|
n/a
|
|
234.4
|
n/a
|
Total
Revenues
|
692,466
|
n/a
|
808,251
|
n/a
|
|
16.7
|
n/a
|
Operating
Profit
|
180,340
|
n/a
|
197,258
|
n/a
|
|
9.4
|
n/a
|
EBITDA
|
329,682
|
n/a
|
367,921
|
n/a
|
|
11.6
|
n/a
|
Consolidation
Adjustment San Juan
|
|
|
|
|
|
|
Consolidation
Adjustment
|
-
|
n/a
|
-
|
n/a
|
|
n/a
|
n/a
|
Colombia
6
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
321,357
|
n/a
|
367,786
|
n/a
|
|
14.4
|
n/a
|
Non-Aeronautical
Revenues
|
100,476
|
n/a
|
137,784
|
n/a
|
|
37.1
|
n/a
|
Construction
Services Revenues
|
(17,893)
|
n/a
|
46,884
|
n/a
|
|
(362.0)
|
n/a
|
Total
Revenues
|
403,940
|
n/a
|
552,454
|
n/a
|
|
36.8
|
n/a
|
Operating
Profit
|
(102,769)
|
n/a
|
163,922
|
n/a
|
|
(259.5)
|
n/a
|
EBITDA
|
200,574
|
n/a
|
270,024
|
n/a
|
|
34.6
|
n/a
|
Consolidation
Adjustment Colombia
|
|
|
|
|
|
|
Consolidation
Adjustment
|
|
n/a
|
-
|
n/a
|
|
n/a
|
n/a
|
CONSOLIDATED
ASUR
|
|
|
|
|
|
|
|
Aeronautical
Revenues
|
2,251,115
|
n/a
|
2,380,645
|
n/a
|
|
5.8
|
n/a
|
Non-Aeronautical
Revenues
|
1,340,615
|
n/a
|
1,488,391
|
n/a
|
|
11.0
|
n/a
|
Construction
Services Revenues
|
90,317
|
n/a
|
237,230
|
n/a
|
|
162.7
|
n/a
|
Total
Revenues
|
3,682,047
|
n/a
|
4,106,266
|
n/a
|
|
11.5
|
n/a
|
Operating
Profit
|
1,656,535
|
n/a
|
2,026,610
|
n/a
|
|
22.3
|
n/a
|
EBITDA
|
2,278,320
|
n/a
|
2,475,603
|
n/a
|
|
8.7
|
n/a
|
|
|
|
|
|
|
|
|
1 Reflects 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 operation of San Juan Airport, Puerto Rico, US for 3Q19.
|
6
Reflects the results of operation of Airplan, Colombia, for 3Q19.
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Consolidated
Statement of Income from January 1 to September 30, 2019 and 2018
|
Thousands
of mexican pesos
|
|
|
|
|
|
|
|
|
Item
|
9M
|
9M
|
%
|
|
3Q
|
3Q
|
%
|
2018
|
2019
|
Chg
|
|
2018
|
2019
|
Chg
|
Revenues
|
|
|
|
|
|
|
|
Aeronautical
Services
|
6,715,133
|
7,181,875
|
7.0
|
|
2,251,115
|
2,380,645
|
5.8
|
Non-Aeronautical
Services
|
4,160,293
|
4,577,310
|
10.0
|
|
1,340,615
|
1,488,391
|
11.0
|
Construction
Services
|
610,585
|
517,810
|
(15.2)
|
|
90,317
|
237,230
|
162.7
|
Total
Revenues
|
11,486,011
|
12,276,995
|
6.9
|
|
3,682,047
|
4,106,266
|
11.5
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
Cost
of Services
|
2,669,519
|
2,841,388
|
6.4
|
|
936,997
|
980,145
|
4.6
|
Cost
of Construction
|
507,845
|
517,810
|
2.0
|
|
171,285
|
237,230
|
38.5
|
General
and Administrative Expenses
|
173,738
|
185,212
|
6.6
|
|
56,436
|
64,333
|
14.0
|
Technical
Assistance
|
295,026
|
312,318
|
5.9
|
|
93,636
|
98,442
|
5.1
|
Concession
Fee
|
673,424
|
742,512
|
10.3
|
|
225,304
|
250,513
|
11.2
|
Depreciation
and Amortization
|
1,515,186
|
1,390,518
|
(8.2)
|
|
541,854
|
448,993
|
(17.1)
|
Total
Operating Expenses
|
5,834,738
|
5,989,758
|
2.7
|
|
2,025,512
|
2,079,656
|
2.7
|
|
|
|
|
|
|
|
|
Other
Revenues
|
|
204,074
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
5,651,273
|
6,491,311
|
14.9
|
|
1,656,535
|
2,026,610
|
22.3
|
|
|
|
|
|
|
|
|
Comprehensive
Financing Cost
|
(672,756)
|
(504,701)
|
25.0
|
|
(280,275)
|
(135,794)
|
51.5
|
|
|
|
|
|
|
|
|
Income
Before Income Taxes
|
4,978,517
|
5,986,610
|
20.2
|
|
1,376,260
|
1,890,816
|
37.4
|
|
|
|
|
|
|
|
|
Provision
for Income Tax
|
1,322,065
|
1,564,665
|
18.4
|
|
427,884
|
513,291
|
20.0
|
Provision
for Asset Tax
|
699
|
|
n/a
|
|
233
|
|
n/a
|
Deferred
Income Taxes
|
83,691
|
38,857
|
(53.6)
|
|
(58,431)
|
37,093
|
163.5
|
|
|
|
|
|
|
|
|
Net
Income for the Year
|
3,572,062
|
4,383,088
|
22.7
|
|
1,006,574
|
1,340,432
|
33.2
|
|
|
|
|
|
|
|
|
Majority
Net Income
|
3,529,012
|
4,209,817
|
19.3
|
|
988,054
|
1,314,628
|
33.1
|
Non-
controlling interests
|
43,050
|
173,271
|
302.5
|
|
18,520
|
25,804
|
39.3
|
|
|
|
|
|
|
|
|
Earning
per Share
|
11.7634
|
14.0327
|
19.3
|
|
3.2935
|
4.3821
|
33.1
|
Earning
per American Depositary Share (in U.S. Dollars)
|
5.9608
|
7.1108
|
19.3
|
|
1.6689
|
2.2205
|
33.1
|
Exchange
Rate per Dollar Ps. 19.7345
|
|
|
|
|
|
|
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Consolidated
Balance Sheet as of September 30, 2019 and December 31, 2018
|
Thousands
of mexican pesos
|
|
|
|
|
|
Item
|
September
2019
|
December
2018
|
Variation
|
%
|
Assets
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash
and Cash Equivalents
|
6,196,806
|
4,584,507
|
1,612,299
|
35.2
|
Cash
and cash equivalents restricted
|
205,897
|
47,332
|
158,565
|
335.0
|
Accounts
Receivable, net
|
355,769
|
793,110
|
(437,341)
|
(55.1)
|
Recoverable
Taxes and Other Current Assets
|
958,659
|
575,963
|
382,696
|
66.4
|
Total
Current Assets
|
7,717,131
|
6,000,912
|
1,716,219
|
28.6
|
|
|
|
|
|
Non
Current Assets
|
|
|
|
|
Machinery,
Furniture and Equipment, net
|
505,510
|
558,480
|
(52,970)
|
(9.5)
|
Intangible
assets, airport concessions and Goodwill-Net
|
48,722,829
|
49,586,322
|
(863,493)
|
(1.7)
|
Document
Receivable
|
26,549
|
36,107
|
(9,558)
|
(26.5)
|
Total Assets
|
56,972,019
|
56,181,821
|
790,198
|
1.4
|
|
|
|
|
|
Liabilities
and Stockholders' Equity
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Trade
Accounts Payable
|
247,117
|
313,576
|
(66,459)
|
(21.2)
|
Bank
Loans and short term debt
|
277,847
|
500,105
|
(222,258)
|
(44.4)
|
Accrued
Expenses and Others Payables
|
1,676,202
|
1,594,541
|
81,661
|
5.1
|
Total
Current Liabilities
|
2,201,166
|
2,408,222
|
(207,056)
|
(8.6)
|
|
|
|
|
|
Long
Term Liabilities
|
|
|
|
|
Bank
Loans
|
6,905,296
|
7,042,598
|
(137,302)
|
(1.9)
|
Long
Term Debt
|
6,791,384
|
6,957,678
|
(166,294)
|
(2.4)
|
Deferred
Income Taxes
|
3,089,010
|
3,081,667
|
7,343
|
0.2
|
Employee
Benefits
|
11,208
|
10,267
|
941
|
9.2
|
Total
Long Term Liabilities
|
16,796,898
|
17,092,210
|
(295,312)
|
(1.7)
|
|
|
|
|
|
Total
Liabilities
|
18,998,064
|
19,500,432
|
(502,368)
|
(2.6)
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Capital
Stock
|
7,767,276
|
7,767,276
|
-
|
-
|
Legal
Reserve
|
1,616,533
|
1,366,867
|
249,666
|
18.3
|
Mayority
Net Income for the Period
|
4,209,817
|
4,987,601
|
(777,784)
|
(15.6)
|
Cumulative
Effect of Conversion of Foreign Currency
|
75,219
|
189,791
|
(114,572)
|
(60.4)
|
Retained
Earnings
|
16,531,952
|
14,794,650
|
1,737,302
|
11.7
|
Non-
Controlling interests
|
7,773,158
|
7,575,204
|
197,954
|
2.6
|
Total
Stockholders' Equity
|
37,973,955
|
36,681,389
|
1,292,566
|
3.5
|
|
|
|
|
|
Total
Liabilities and Stockholders' Equity
|
56,972,019
|
56,181,821
|
790,198
|
1.4
|
Exchange
Rate per Dollar Ps. 19.7345
|
|
|
|
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
Consolidated
Statement of Cash flow as of September 30, 2019 and 2018
|
Thousands
of mexican pesos
|
|
|
|
|
|
|
|
|
Item
|
9M
|
9M
|
%
|
|
3Q
|
3Q
|
%
|
2018
|
2019
|
Chg
|
|
2018
|
2019
|
Chg
|
Operating
Activities
|
|
|
|
|
|
|
|
Income
Before Income Taxes
|
4,978,517
|
5,986,610
|
20.2
|
|
1,376,260
|
1,890,816
|
37.4
|
Items
Related with Investing Activities:
|
|
|
|
|
|
|
|
Depreciation
and Amortization
|
1,515,186
|
1,390,518
|
(8.2)
|
|
541,854
|
448,993
|
(17.1)
|
Interest
Income
|
(209,010)
|
(272,744)
|
30.5
|
|
(58,148)
|
(73,708)
|
26.8
|
Interest
payables
|
925,895
|
838,025
|
(9.5)
|
|
298,930
|
279,891
|
(6.4)
|
Foreign
Exchange Gain (loss), net unearned
|
(10,705)
|
(13,244)
|
23.7
|
|
(11,027)
|
(30,561)
|
177.1
|
Sub-Total
|
7,199,883
|
7,929,165
|
10.1
|
|
2,147,869
|
2,515,431
|
17.1
|
Increase
in Trade Receivables
|
425,016
|
491,537
|
15.7
|
|
273,321
|
221,563
|
(18.9)
|
Decrease
in Recoverable Taxes and other Current Assets
|
(27,207)
|
(115,393)
|
324.1
|
|
51,066
|
63,404
|
24.2
|
Income
Tax Paid
|
(1,662,922)
|
(1,627,112)
|
(2.2)
|
|
(563,155)
|
(510,378)
|
(9.4)
|
Trade
Accounts Payable
|
(186,240)
|
(69,983)
|
(62.4)
|
|
(146,162)
|
(108,745)
|
(25.6)
|
|
|
|
|
|
|
|
|
Net
Cash Flow Provided by Operating Activities
|
5,748,530
|
6,608,214
|
15.0
|
|
1,762,939
|
2,181,275
|
23.7
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
|
Investments
in Associates
|
(402,578)
|
|
n/a
|
|
(186,167)
|
|
n/a
|
Loans
granted to Associates
|
|
|
|
|
|
|
|
Restricted
cash
|
102,896
|
(158,772)
|
n/a
|
|
|
71,098
|
n/a
|
Investments
in Machinery, Furniture and Equipment, net
|
(1,369,809)
|
(886,888)
|
(35.3)
|
|
(363,379)
|
(445,755)
|
22.7
|
Interest
Income
|
199,683
|
253,538
|
27.0
|
|
52,581
|
68,908
|
31.1
|
|
|
|
|
|
|
|
|
Net
Cash Flow used by Investing Activities
|
(1,469,808)
|
(792,122)
|
(46.1)
|
|
(496,965)
|
(305,749)
|
(38.5)
|
|
|
|
|
|
|
|
|
Excess
Cash to Use in Financing Activities
|
4,278,722
|
5,816,092
|
35.9
|
|
1,265,974
|
1,875,526
|
48.1
|
|
|
|
|
|
|
|
|
Bank
Loans paid
|
|
(110,634)
|
n/a
|
|
|
(44,288)
|
n/a
|
Long
term debt paid
|
|
(205,744)
|
n/a
|
|
|
(103,054)
|
n/a
|
Interest
paid
|
(2,549,246)
|
(887,415)
|
(65.2)
|
|
(581,952)
|
(382,638)
|
(34.2)
|
Dividends
Paid
|
(2,034,000)
|
(3,000,000)
|
47.5
|
|
|
|
|
Increase
in capital
|
196,199
|
|
n/a
|
|
196,199
|
|
n/a
|
|
|
|
|
|
|
|
|
Net
Cash Flow used by Financing Activities
|
(4,387,047)
|
(4,203,793)
|
(4.2)
|
|
(385,753)
|
(529,980)
|
37.4
|
|
|
|
|
|
|
|
|
Net
Increase in Cash and Cash Equivalents
|
(108,325)
|
1,612,299
|
n/a
|
|
880,221
|
1,345,546
|
52.9
|
|
|
|
|
|
|
|
|
Cash
and Cash Equivalents at Beginning of Period
|
4,677,454
|
4,584,507
|
(2.0)
|
|
3,688,908
|
4,851,260
|
31.5
|
|
|
|
|
|
|
|
|
Cash
and Cash Equivalents at the End of Period
|
4,569,129
|
6,196,806
|
35.6
|
|
4,569,129
|
6,196,806
|
35.6
|
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
|
|
|
|
By:
|
/s/ ADOLFO CASTRO RIVAS
|
|
|
|
Adolfo
Castro Rivas
|
|
|
|
Chief Executive Officer
|
|
Date: October 24, 2019
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