EX-99.1 2 tm247309d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

ASUR Reports 4Q23 Financial Results

 


Total passenger traffic in 4Q23 increased 1.1% YoY

 

 

 

Mexico City, February 26, 2024 – Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), a leading international airport group with operations in Mexico, the U.S., and Colombia, today announced results for the three- and twelve-month month periods ended December 31, 2023.

 

4Q23 Highlights1

 

Table 1: Financial & Operational Highlights 1
  Fourth Quarter % Chg
  2022 2023
Financial Highlights      
Total Revenue 7,273,564 6,876,941 (5.5)
Mexico 5,503,745 5,113,019 (7.1)
San Juan 1,094,690 1,065,015 (2.7)
Colombia 675,129 698,907 3.5
Commercial Revenues per PAX 111.6 119.0 6.6
Mexico 136.7 142.1 4.0
San Juan 146.5 133.7 (8.8)
Colombia 34.9 44.0 26.1
EBITDA 4,427,089 4,171,453 (5.8)
Net Income 2,749,751 2,617,143 (4.8)
Majority Net Income 2,561,220 2,537,108 (0.9)
Earnings per Share (in pesos) 8.5374 8.4570 (0.9)
Earnings per ADS (in US$) 5.0460 4.9985 (0.9)
Capex 1,474,864 707,723 (52.0)
Cash & Cash Equivalents 13,174,991 15,691,846 19.1
Net Debt 2,029,770 (3,467,076) n/a
Net Debt/ LTM EBITDA 0.1 (0.2) n/a
Operational Highlights      
Passenger Traffic      
Mexico 10,552,042 10,986,641 4.1
San Juan 2,595,997 2,920,579 12.5
Colombia 4,457,929 3,884,480 (12.9)

 

·Total passenger traffic increased 1.1% year-over-year. By country of operations, 4Q23 passenger traffic showed the following YoY variations:
·Mexico: increased by 4.1%, reflecting increases of 3.4% in domestic traffic and 4.8% in international traffic.
·Puerto Rico (Aerostar): increased by 12.5%, resulting from increases of 10.7% and 31.0% in domestic and international traffic, respectively.
·Colombia (Airplan): decreased 12.9%, reflecting a 16.2% decrease in domestic traffic mainly driven by the suspension of operations of Viva Air and Ultra Air in 1Q23 and a 2.3% increase in international traffic.
·Revenues declined 5.5% year-over-year to Ps.6,876.9 million. Excluding construction revenue, revenue increased 4.8% compared to 4Q22.
·Consolidated commercial revenue per passenger at Ps.119.0 million.
·Consolidated EBITDA declined 5.8% year-over-year to Ps.4,171.4 million.
·Adjusted EBITDA margin (excluding the effect of IFRIC 12) at 67.7% from 75.3% in 4Q22.
·Excluding other non-recurring income in 4Q22, EBITDA increased 1.1% YoY and Adjusted EBITDA margin declined 2.5 percentage points versus the 7.6 percentage point reported decrease.
·Cash and equivalents at year-end of Ps.15,691.8 million with Net Debt to EBITDA LTM ratio negative 0.2x.

 

4Q23 Earnings Call

 

Date & Time: Tuesday, February 27, 2024, at 10:00 AM US ET; 9:00 AM Mexico City time

 

Dial-in: 1-877-407-4018 (Toll-Free) and 1-201-689-8471 (International)

 

Access Code: 13744137

 

Replay: Tuesday, February 27, 2024, at 2:00 PM US ET, ending at 11:59 PM US ET on Tuesday, March 5, 2024. Dial-in: 1-844-512-2921 (Toll-Free); 1-412-317-6671 (International).

Access Code: 13744137

 

1 Unless otherwise stated, all financial figures discussed in this press release are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS), and represent comparisons between the three- and twelve-month periods ended December 31, 2023, and the equivalent three- and twelve-month periods ended December 31, 2022. All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of Mexican pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Mexican Ps. 16.9190 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP.227.9200 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 18 of this report.

 

 

ASUR 4Q23 Page 1 of 26

 

 

 

Passenger Traffic

 

During 4Q23, ASUR's total passenger traffic increased 1.1% year-over-year to 17.8 million.

 

Total passenger traffic in Mexico increased 4.1% year-over-year to 11.0 million in 4Q23, driven by increases of 3.4% and 4.8% in domestic and international traffic.

 

In Puerto Rico, total passenger traffic increased 12.5% year-over-year to 2.9 million in 4Q23, reflecting increases of 10.7% in domestic traffic and 31.0% in international traffic.

 

Total passenger traffic in Colombia for 4Q23 declined 12.9% year-over-year to 3.9 million passengers, driven by a 16.2% decrease in domestic traffic, mainly reflecting the suspension of Viva Air and Ultra Air operations since 1Q23. International traffic increased by 2.3% in the period.

 

On page 20 of this report, you will find the tables with detailed information on passenger traffic for each airport.

 

Table 2: Passenger Traffic Summary              
  Third Quarter % Chg   Twelve-Months % Chg
  2022 2023   2022 2023
Total Mexico 10,552,042 10,986,641 4.1   39,523,958 43,467,984 10.0
- Cancun 7,944,397 8,133,771 2.4   30,342,961 32,750,413 7.9
- 8 Others Airports 2,607,645 2,852,870 9.4   9,180,997 10,717,571 16.7
Domestic Traffic 5,331,517 5,513,431 3.4   18,700,737 21,272,863 13.8
- Cancun 3,029,172 2,988,425 (1.3)   10,705,897 11,842,217 10.6
- 8 Others Airports 2,302,345 2,525,006 9.7   7,994,840 9,430,646 18.0
International traffic 5,220,525 5,473,210 4.8   20,823,221 22,195,121 6.6
- Cancun 4,915,225 5,145,346 4.7   19,637,064 20,908,196 6.5
- 8 Others Airports 305,300 327,864 7.4   1,186,157 1,286,925 8.5
Total San Juan, Puerto Rico 2,595,997 2,920,579 12.5   10,310,990 12,197,553 18.3
Domestic Traffic 2,362,686 2,614,963 10.7   9,404,031 10,919,299 16.1
International traffic 233,311 305,616 31.0   906,959 1,278,254 40.9
Total Colombia 4,457,929 3,884,480 (12.9)   16,506,196 14,895,709 (9.8)
Domestic Traffic 3,661,752 3,070,354 (16.2)   13,718,590 11,920,378 (13.1)
International traffic 796,177 814,126 2.3   2,787,606 2,975,331 6.7
Total traffic 17,605,968 17,791,700 1.1   66,341,144 70,561,246 6.4
Domestic Traffic 11,355,955 11,198,748 (1.4)   41,823,358 44,112,540 5.5
International traffic 6,250,013 6,592,952 5.5   24,517,786 26,448,706 7.9
Note: Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, while Puerto Rico includes transit passengers and general aviation.  

 

Table 3: % YoY Change in Passenger Traffic 2023 & 2022

 

Region Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTAL
Mexico 33.6% 25.6% 11.8% 9.8% 6.8% 10.3% 7.8% 5.9% 2.7% 4.1% 3.8% 4.5% 10.0%
Domestic Traffic 35.0% 29.3% 20.1% 16.8% 13.9% 19.0% 13.3% 13.0% 9.0% 8.6% 3.0% (1.1%) 13.8%
International Traffic 32.4% 22.9% 6.2% 4.2% 0.1% 3.0% 3.0% (1.3%) (4.8%) (1.2%) 4.6% 9.6% 6.6%
Puerto Rico 37.8% 20.5% 9.3% 6.5% 15.5% 22.3% 26.7% 23.2% 24.1% 16.8% 10.4% 11.2% 18.3%
Domestic Traffic 36.8% 18.1% 6.4% 3.0% 12.6% 20.5% 24.7% 21.8% 22.0% 14.5% 8.6% 9.6% 16.1%
International Traffic 49.6% 50.3% 47.9% 49.9% 50.0% 36.4% 41.7% 37.4% 46.4% 40.0% 27.8% 27.2% 40.9%
Colombia 16.6% 21.7% (9.1%) (18.2%) (14.2%) (19.8%) (16.7%) (13.0%) (13.7%) (18.8%) (9.0%) (10.8%) (9.8%)
Domestic Traffic 10.5% 16.8% (12.2%) (21.2%) (16.5%) (22.9%) (20.0%) (15.7%) (17.6%) (22.8%) (11.4%) (14.2%) (13.1%)
International Traffic 50.8% 51.3% 9.1% (2.7%) (2.9%) (4.9%) (1.8%) (0.5%) 5.2% 0.5% 2.0% 4.0% 6.7%
Total 29.8% 23.9% 6.7% 2.7% 3.2% 4.5% 4.9% 3.8% 0.8% (0.4%) 1.6% 1.8% 6.4%
Domestic Traffic 26.6% 22.4% 6.0% 1.2% 4.1% 5.0% 5.2% 5.8% 2.1% (0.8%) (0.4%) (2.8%) 5.5%
International Traffic 34.9% 26.0% 7.6% 4.9% 1.6% 3.8% 4.3% 0.4% (1.7%) 0.5% 5.1% 9.6% 7.9%

 

 

ASUR 4Q23 Page 2 of 26

 

 

Review of Consolidated Results

 

Table 4: Summary of Consolidated Results                
  Fourth Quarter % Chg   Twelve - Months % Chg  
  2022 2023   2022 2023  
Total Revenues 7,273,564 6,876,941 (5.5)   25,313,882 25,821,644 2.0  
Aeronautical Services 3,708,485 3,844,013 3.7   14,072,517 15,223,096 8.2  
Non-Aeronautical Services 2,172,375 2,316,821 6.6   8,548,671 9,295,915 8.7  
Total Revenues Excluding Construction Revenues 5,880,860 6,160,834 4.8   22,621,188 24,519,011 8.4  
Construction Revenues 1,392,704 716,107 (48.6)   2,692,694 1,302,633 (51.6)  
Total Operating Costs & Expenses 3,679,168 3,229,678 (12.2)   10,961,965 10,578,119 (3.5)  
Other Revenues 300,384   n/a   346,232   n/a  
Operating Profit 3,894,780 3,647,263 (6.4)   14,698,149 15,243,525 3.7  
Operating Margin 53.5% 53.0% (51 bps)   58.1% 59.0% 97 bps  
Adjusted Operating Margin 1 66.2% 59.2% (703 bps)   65.0% 62.2% (280 bps)  
EBITDA 4,427,089 4,171,453 (5.8)   16,211,018 17,060,613 5.2  
EBITDA Margin 60.9% 60.7% (21 bps)   64.0% 66.1% 203 bps  
Adjusted EBITDA Margin 2 75.3% 67.7% (757 bps)   71.7% 69.6% (208 bps)  
Net income 2,749,751 2,617,143 (4.8)   10,645,924 10,675,944 0.3  
Net majority income 2,561,220 2,537,108 (0.9)   9,986,548 10,203,713 2.2  
Earnings per Share 8.5374 8.4570 (0.9)   33.2885 34.0124 2.2  
Earnings per ADS in US$ 5.0460 4.9985 (0.9)   19.6752 20.1031 2.2  
                 
Total Commercial Revenues per Passenger 3 111.6 119.0 6.6   117.0 120.2 2.8  
Commercial Revenues 1,992,214 2,135,962 7.2   7,854,689 8,576,883 9.2  
Commercial Revenues from Direct Operations per Passenger 4 19.5 19.8 1.7   21.3 22.0 3.6  
Commercial Revenues Excl. Direct Operations per Passenger 92.1 99.2 7.7   95.7 98.2 2.6  

1 Adjusted operating margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets in Mexico, Puerto Rico and Colombia and is equal to operating income divided by total revenues minus revenues from construction services.
2 Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets in Mexico, Puerto Rico and Colombia, and is calculated by dividing EBITDA by total revenues less construction services revenues.
3 Passenger figures include transit and general aviation passengers Mexico, Puerto Rico y Colombia.
4 Represents ASUR´s operations in convenience stores
 

 

Consolidated Revenues

 

Consolidated Revenues declined 5.5% year-over-year, or Ps.396.6 million, to Ps.6,876.9 million, mainly due to the following variations:

 

·A 48.6%, or Ps.676.6 million, year-over-year decline in construction services revenues to Ps.716.1, principally in Mexico,
·A 3.7% increase in revenues from aeronautical services to Ps.3,844.0 million. Mexico contributed Ps.2,832.5 million, while Puerto Rico and Colombia accounted for Ps.493.3 million and Ps.518.2 million, respectively; and
·A 6.6% increase in revenues from non-aeronautical services to Ps.2,316.8 million. Mexico contributed Ps.1,749.0 million, while Puerto Rico and Colombia accounted for Ps.392.6 million and Ps.175.2 million, respectively.

 

Excluding revenues from construction services, for which an equivalent expense is recorded under IFRS accounting standards, total revenues would have increased 4.8% year-over-year to Ps.6,160.8 million.

 

Excluding revenues from construction services, Mexico represented 74.4% of ASUR´s total revenues in 4Q23, while Puerto Rico and Colombia represented 14.4% and 11.3%, respectively.

 

Commercial Revenues in 4Q23 increased 7.2% YoY to Ps.2,136.0 million, mainly reflecting the 0.5% increase in passenger traffic (including transit and general aviation passengers). Commercial revenue growth was driven by increases of 8.4% to Ps.1,570.8 million in Mexico, 2.6% to Ps.390.4 million in Puerto Rico, and 7.6% to Ps.174.8 million in Colombia.

 

Commercial Revenues per Passenger increased YoY to Ps.119.0 in 4Q23, from Ps.111.6 in 4Q22.

 

 

 

ASUR 4Q23 Page 3 of 26

 

 

Consolidated Operating Costs and Expenses

 

Consolidated Operating Costs and Expenses, including construction costs, declined 12.2% year-over-year, or Ps.449.5 million, to Ps.3,229.7 million in 4Q23.

 

Excluding construction costs, operating costs and expenses increased 9.9%, or Ps.227.1 million, reflecting the following factors:

 

·Mexico: increased 10.0%, or Ps.134.2 million, mainly reflecting higher costs in connection to personnel, uncollectible accounts, technical assistance, concession fees, security and cleaning services, maintenance and conservation, together with higher cost of sales from directly operated stores.

 

·Puerto Rico: declined 2.2%, or Ps.13.0 million, reflecting lower concession fees, amortization, and depreciation, partially offset by an increase in professional fees.

 

·Colombia: increased 29.4%, or Ps.105.9 million, mainly reflecting increases in maintenance and conservation, personnel costs, taxes and duties, security and cleaning services, insurance and bonds, and concession fees.

 

Cost of Services increased 18.1%, or Ps.206.3 million, year-over-year mainly reflecting increases in personnel costs, surveillance and cleaning services, maintenance and conservation, uncollectible accounts, professional fees, and in insurance and bonds. Higher cost of revenues from concession stores operated directly by ASUR also contributed to this increase.

 

Construction Costs declined 48.6% YoY, or Ps.676.6 million. This was mainly driven by year-over-year declines of 55.1%, or Ps.651.5 million, in construction costs in Mexico, 10.5%, or Ps.21.0 million, in Puerto Rico, and 43.2%, Ps.4.1 million, in Colombia.

 

Administrative Expenses that reflect administrative costs in Mexico increased 15.7% year-over-year.

 

Consolidated Technical Assistance increased by 5.1% year-on-year.

 

Concession Fees increased 2.5% YoY, principally reflecting increases of 5.3% in Mexico due to higher regulated revenues, and 5.4% in Colombia as a result of higher revenues, a factor in the calculation of the concession fee. This was partially offset by a decline of 15.7% in Puerto Rico.

 

Depreciation and Amortization declined 1.5% YoY, or Ps.8.1 million, principally due to decreases of 17.0%, or Ps.19.4 million in Colombia and 8.8%, or Ps.15.2 million in Puerto Rico, partially offset by an increase of 10.8% or Ps.26.5 million in Mexico.

 

Consolidated Operating Profit and EBITDA

 

ASUR reported a Consolidated Operating Profit of Ps.3,647.3 million in 4Q23, representing an operating margin of 53.0%, compared to Ps.3,894.8 million in 4Q22 and an operating margin of 53.5%. Operating profit in 4Q22 benefited from other income amounting to Ps.300.4 million derived from a judgment ruled in favor of Aerostar in connection with Aerostar´s right to charge a fee for each gallon of aviation fuel that was dispatched at the airport between 2013 and 2021 in line with NIIF 37 and USGAAP ASC-450-30-25-1. Excluding this non-recurring benefit in 4Q22, operating profit for 4Q23 would have increased 1.5% from Ps.3,594.4 million in 4Q22, with operating margin expanding 3.6 percentage points from 49.4% in 4Q22.

 

Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Colombia, and Puerto Rico, was 59.2% in 4Q23 compared to 66.2% in 4Q22 when excluding the one-time income mentioned above during 4Q22. Adjusted operating margin is calculated as operating profit or loss divided by total revenues less construction services revenues.

 

EBITDA declined 5.8%, or Ps.255.6 million, to Ps.4,171.4 million in 4Q23, from Ps.4,427.1 million in 4Q22. By country of operations, EBITDA increased by 4.7% or Ps.153.0 million to Ps.3,382.0 million in Mexico, and declined by 40.0%, or Ps.311.3 million, to Ps.467.6 million in Puerto Rico and 23.2%, or Ps.97.4 million, to Ps.321.8 million in Colombia. Consolidated EBITDA margin in 4Q23 was 60.7% compared to 60.9% in 4Q22.

 

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 67.7% in 4Q23, compared to 75.3% in 4Q22 and 70.2 when excluding other non-recurring income in 4Q22.

 

 

ASUR 4Q23 Page 4 of 26

 

Consolidated Comprehensive Financing Gain (Loss)

 

Table 5: Consolidated Comprehensive Financing Gain (Loss)          
  Fourth  Quarter % Chg   Twelve – Months % Chg
  2022 2023   2022 2023
Interest Income 187,118 492,817 163.4   450,261 1,349,317 199.7
Interest Expense (311,205) (259,747) (16.5)   (855,518) (1,125,862) 31.6
Foreign Exchange Gain (Loss), Net (170,834) (132,018) (22.7)   (208,159) (837,208) 302.2
Total (294,921) 101,052 n/a   (613,416) (613,753) 0.1

 

In 4Q23 ASUR reported a Ps.101.0 million Consolidated Comprehensive Financing Gain, compared to a Ps.294.9 million loss in 4Q22. This variation is mainly attributed to an increase of 163.4%, or Ps.305.7 million in interest income reflecting a higher cash balance position, combined with a 16.5% decline, or Ps.51.4 million in interest expenses resulting from principal payments in Mexico and Puerto Rico.

 

During 4Q23 ASUR reported a foreign exchange loss of Ps.132.0 million, resulting from the 2.8% quarter-end appreciation of the Mexican peso against the U.S. dollar (0.8% average depreciation) during the period, together with a U.S. dollar net asset position. This compares to a Ps.170.8 million foreign exchange loss in 4Q22 resulting from the 3.1% quarter-end appreciation of the Mexican peso (2.0% average appreciation) on a U.S. dollar net asset position.

 

 

Income Taxes

 

Income Taxes for 4Q23 increased Ps.277.6 million YoY, principally due to the following variations:

 

·A Ps.311.3 million increase in income taxes, reflecting mainly a higher taxable income base in Mexico.

 

·A Ps.33.6 million decline in deferred income taxes, mainly in Colombia

 

 

Majority Net Income

 

ASUR reported Majority Net Income of Ps.2,537.1 million in 4Q23, compared to Ps.2,561.2 million in 4Q22. This resulted in earnings per common share in 4Q23 of Ps.8.4570, or earnings per ADS of US$4.9985 (one ADS represents ten series B common shares). This compares to earnings per share of Ps.8.5374, or earnings per ADS of US$5.0460 for 4Q22.

 

 

Net Income

 

ASUR reported Net Income of Ps.2,617.1 million in 4Q23, a decline of 4.8%, or Ps.132.6 million, from Ps.2,749.7 million in 4Q22.

 

 

Consolidated Financial Position

 

Airport concessions represented 70.1% of ASUR’s total assets on December 31, 2023, with current assets representing 29.2% and other assets 0.7%.

 

As of December 31, 2023, cash and cash equivalents amounted to Ps.15,691.8 million, a 19.1% increase from Ps.13,175.0 million as of December 31, 2022. Mexico, Colombia and Puerto Rico contributed with Ps.11,589.2 million, Ps.2,584.2 million and Ps.1.518.4 million in cash and cash equivalents, respectively.

 

As of December 31, 2023, the valuation of ASUR’s investment in Aerostar in accordance with IFRS 3 "Business Combinations," had the following effects on its balance sheet: (i) the recognition of a net intangible asset of Ps.4,499.9 million, (ii) goodwill of Ps.808.3 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.450.0 million, and (iv) a minority interest of Ps.4,789.7 million in stockholders' equity.

 

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 December 31, 2023: (i) the recognition of a net intangible asset of Ps.778.6 million, (ii) goodwill of Ps.1,327.2 million, (iii) deferred taxes of Ps.198.8 million, and (iv) a Ps.210.5 million recognition of bank loans at fair value.

 

ASUR 4Q23 Page 5 of 26

 

 

Stockholders’ equity as of December 31, 2023, was Ps.51,591.2 million and total liabilities were Ps.18,751.2 million, representing 73.3% and 26.7% of ASUR’s total assets, respectively. Deferred liabilities represented 15.5% of ASUR’s total liabilities.

 

Total Debt at year-end declined 19.6% to Ps.12,224.8 million from Ps.15,204.8 million on December 31, 2022, mainly reflecting (i) the FX conversion impact on the Notes issued by Aerostar in Puerto Rico reflecting peso appreciation against the U.S. dollar, and (ii) payment of principal amounts of outstanding debt of Ps.1,475.0 million in Mexico and Ps.200.5 million in Puerto Rico.

 

On December 31, 2023, 20.6% of ASUR’s Total Debt was denominated in Mexican pesos, 71.6% in U.S. Dollars (at Aerostar in Puerto Rico) and 7.8% in Colombian pesos (debt at Airplan in Colombia).

 

In July 2022, Aerostar in Puerto Rico issued US$200 million principal amount of 4.92% senior secured notes due March 22, 2035. In May 2022, Aerostar renegotiated the terms of its US$50 million principal amount of 6.75% senior secured notes originally due on June 24, 2015, and extended their maturity through March 22, 2035. All long-term debt is collateralized by Aerostar’s assets.

 

On November 15, 2023, Aerostar renewed the US$ 20.0 million revolving credit facility with Banco Popular de Puerto Rico, with a maturity date of December 29, 2026. As of December 31, 2023, no such credit line has been drawn.

 

In April 2023, Banco Popular transferred to the Bank of Bogotá its interests under the syndicated loan entered into with Airplan by issuing promissory notes under the same terms and conditions than the original loan.

 

LTM Net Debt-to-LTM EBITDA stood at negative 0.2x at the close of 4Q23, while the Interest Coverage Ratio was 11.3x. This compares with LTM Net Debt-to-LTM EBITDA of 0.1x and an Interest Coverage Ratio of 12.6x at December 31, 2022, respectively.

 

On October 20, 2023, Aerostar, in Puerto Rico, paid dividends to Cancun Airport of Ps.720.9 million and reimbursed an investment of Ps.209.0 million. Aerostar also paid Ps.480.6 million in dividends and reimbursed a Ps.139.3 million investment to its minority shareholder Avialliance.

 

Table 6: Consolidated Debt Indicators      
  December 31, 2022 September 30, 2023 December 31, 2023
Leverage      
Total Debt/ LTM EBITDA (Times) 1 0.9 0.7 0.7
Total Net Debt/ LTM EBITDA (Times) 2 0.1 (0.3) (0.2)
Interest Coverage Ratio 3 12.6 11.4 11.4
Total Debt 15,204,761 12,386,505 12,224,770
Short-term Debt 1,869,996 1,117,461 1,233,639
Long-term Debt 13,334,765 11,269,044 10,991,131
Cash & Cash Equivalents 13,174,991 16,917,191 15,691,846
Total Net Debt 4 2,029,770 (4,530,686) (3,467,076)

1 The Total Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities divided by its EBITDA.
2 Total Net Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by EBITDA.
3 The Interest Coverage Ratio for Mexico is calculated as ASUR’s LTM EBIDA divided by its LTM interest expenses. For Puerto Rico, it is calculated as LTM Cash Flow Generation divided LTM debt service, and for Colombia as LTM EBITDA minus LTM taxes divided by LTM debt service.
4 Total net debt is calculated as Asur´s total debt without cash & cash Equivalents.
 

 

ASUR 4Q23 Page 6 of 26

 

 

Table 7: Consolidated Debt Profile (million)*        
   Aerostar
US$

Canun Airport

Thousand Mexican Pesos

Airplan
Million COP 
Original Amount   350´M     200´M    50´M  BBVA
2,000 M
Santander 2,650 M Syndicated Loan 440,000 M
Interest Rate 5.75% 4.92% 6.75% TIIE + 1.4 pp TIIE +1.5 pp DTF + 4pp
Principal Balance as of
December 31, 2023
277.2 200.0 42.0 1,850.0 675.0 167,897.5
2024 12.4  -  - 200.0 675.0  -
2025 13.6  -  - 275.0  - 57,900.1
2026 15.0  -  - 375.0  - 72,600.0
2027 16.6  -  - 475.0  - 37,397.5
2028 16.2  -  - 525.0  -  -
2029 17.3  -  -  -  -  -
2030 20.9  -  -  -  -  -
2031 27.0  -  -  -  -  -
2032 34.4  -  -  -  -  -
2033 38.5  -  -  -  -  -
2034 42.6  -  -  -  -  -
2035 22.6 200.0 42.0  -  -  -


*Expressed in the original currency of each loan.

 

Note: the loans in Mexico were incurred in October 2017 with Bancomer and Santander. The Puerto Rico bonds were issued in March 2013 and June 2015. In both cases, in May, 2022 the maturity date was modified to 2035. The syndicated loan in Colombia was obtained in June 2015 with a grace period of three years. In April 2022, Airplan made principal payments amounting to Cop.150,000 million, and the next principal payment is due in 2025. In July 2022, Aerostar issued US$200 million senior secured notes due March 22, 2035. On March 29, 2023, September 29, 2023 and November 30, 2022, Cancun Airport pre-paid Ps.662.5 million, Ps.662.5 million and Ps.650 million of the loan from Santander, respectively. On April 14, 2023, July 14, 2023, and October 13, 2023, Cancun Airport made principal payments amounting to Ps.50.0 million each.
1 DTF is an average 90-day rate to which the credit facilities in Colombia are pegged.
   
               

Strong Liquidity Position and Healthy Debt Maturity Profile

 

ASUR closed 4Q23 with a solid financial position, with cash and cash equivalents totaling Ps.15,691.8 million and Ps.12,224.8 million in Total Debt. A total of Ps.812.7 million in principal amount of outstanding debt payments is due in 1Q24.

 

 

The following table shows the liquidity position for each of ASUR’s regions of operations:

 

Table 8: Liquidity Position at December 31, 2023    
Figures in Thousands of Mexican Pesos        
  Cash & Equivalents Total Debt Short-term Debt Long-term Debt Principal payments (January– March 2024)  
 
Mexico 11,589,222 2,522,974 883,153 1,639,821 712,500  
Puerto Rico 1,518,455 8,748,247 344,048 8,404,199 100,216  
Colombia 2,584,169 953,549 6,438 947,111 0  
Total 15,691,846 12,224,770 1,233,639 10,991,131 812,716  

 

 

Table 9: Principal Debt Payments as of December 31, 2023

Figures in Thousands of Mexican Pesos

Region of Operation 2024 2025 2026/2035
Mexico 875,000 275,000 1,375,000
Puerto Rico 209,589 230,132 8,343,568
Colombia 0 254,037 482,614
Total 1,084,589 759,169 10,201,182
 

1 Figures in pesos converted at the exchange rate at the close of the quarter Ps.16.92 = USD1.00
2 Figures in pesos converted at the exchange rate at the close of the quarter of COP.227.92 = Ps.1.00
Note: Figures only reflects principal payments.

 

ASUR 4Q23 Page 7 of 26

 

 

Table 10: Debt Ratios as of December 31, 2023

 

  LTM EBITDA LTM Interest Expense Debt Coverage
 Ratio
Minimum Coverage Requirement as per Agreements  
 
Mexico 1 13,581,998 422,020 32.2 3.0  
Puerto Rico 2 1,649,543 681,883 2.4 1.1  
Colombia 3 1,221,464 338,357 3.6 1.2  
Total 16,453,005 1,442,260 11.4    
           
1 Per the applicable debt agreement, the formula for the Interest Coverage ratio is: LTM EBITDA/ LTM Interest Expense.  
2 Per the applicable debt agreement, the formula for the Debt Coverage ratio is: LTM Cash Flow Generation / LTM Debt Service. LTM Cash Flow Generation for the period was Ps.1.6 billion and LTM Debt Service was Ps.681.9 million.  
3 Per the applicable debt agreement, the formula for the Debt Coverage ratio is: (LTM EBITDA minus LTM Taxes)/ LTM Debt Service. EBITDA minus Taxes for the period amounted to Ps.1.2 billion and Debt Service was Ps.338.4 million.  
             

 

Accounts Receivables

 

Accounts receivables declined 8.8% YoY in 4Q23, mainly driven by declines in Puerto Rico and Colombia.

 

On February 28 and March 29, 2023, Viva Colombia and Ultra Air suspended operations. During 2022, these two companies accounted for 17.4% and 1.9% of passenger traffic in Colombia, respectively. At the end of 4Q23, these two companies owed ASUR Ps.14.9 million and Ps.10.1 million, respectively.

 

Table 11: Accounts Receivable as of December 31, 2023

Figures in Thousands of Mexican Pesos

  4Q22 4Q23 % Change
México 1,990,785 2,143,220 7.7
Puerto Rico 451,353 85,709 (81.0)
Colombia 99,785 88,889 (10.9)
Total 2,541,923 2,317,818 (8.8)

Note: Net of allowance for bad debts.

  

Capital Expenditures

 

ASUR invested Ps.707.7 million in capital expenditures in 4Q23. Of this amount, Ps.504.4 million were allocated to modernizing the Company´s Mexican airports pursuant to its master development plans, Ps.197.9 million were invested by Aerostar in Puerto Rico and Ps.5.4 million were invested by Airplan in Colombia. This compares to Ps.1,474.9 million invested in 4Q22, of which Ps.1,253.2 million were invested in Mexico, Ps.212.0 million in Puerto Rico and Ps.9.6 million in Colombia.

 

During 2023, ASUR made capital expenditures of Ps.1,371.0 million in capital expenditures, of which Ps.891.5 million were allocated to the modernization of its Mexican airports within the framework of its development plan, Ps.465.2 million to Aerostar in Puerto Rico and Ps.14.3 million to Airplan in Colombia. This compares to Ps.2,775.8 million invested in 4Q22, of which Ps.2,322.5 million were allocated to its Mexican airports, Ps.440.6 million to Puerto Rico and Ps.12.7 million to Colombia.

 

 

ASUR 4Q23 Page 8 of 26

 

 

4Q23 Relevant Events

 

ASUR Announces Approval of its 2024-2028 Investment Plan

 

On December 13, 2023, ASUR announced it received approval from the Mexican Department of Infrastructure, Communications and Transportation for the Master Development Programs for each of its Mexican concessions for the years 2024 through 2028, including approval for the maximum tariffs per workload unit applicable for the years 2024 through 2028 and the corresponding efficiency factor. One workload unit is equivalent to one passenger or 100 kilograms of cargo.

 

Master Development Programs - Investment Program

Figures expressed in millions of constant pesos as of December 31, 2022

 

  Committed Investments Indicative Investments 1 Indicative Investments 1
Airport 2024-2028 2029-2033 2034-2038
Cancún 21,477 4,351 5,844
Cozumel     709    281    373
Huatulco     815    245   356
Mérida   1,900    787   782
Minatitlán      231   125   114
Oaxaca    2,121   207                407
Tapachula       235   215   153
Veracruz       431  613   522
Villahermosa      577  296   281
TOTAL            28,496             7,120             8,832

1 Indicative Investments (non-binding at this time)

 

 

Committed Investments 2024-2028
Figures expressed in millions of constant pesos as of December 31, 2022
Airport 2024 2025 2026 2027 2028
Cancún 2,624 4,493 5,500 3,861 4,999
Cozumel    122    333    168     30     56
Huatulco    102    202     86    120   305
Mérida    210    182    150    530   828
Minatitlán     77    74     40     15    25
Oaxaca   192   544   776   431  178
Tapachula    37    94    39    17    48
Veracruz  119  148    66   24    74
Villahermosa   92  162   261    25    37
TOTAL 3,575 6,232 7,086 5,053 6,550

 

 

Maximum Tariffs per Workload Unit

 

Figures expressed in constant pesos as of December 31, 2022

 

 
Airport Maximum Tariff 2  
Cancun 332.41  
Cozumel 426.36  
Huatulco 456.71  
Mérida 283.23  
Minatitlan 502.34  
Oaxaca 335.13  
Tapachula 276.61  
Veracruz 266.28  
Villahermosa 299.29  
       

2 Maximum tariffs applicable in year 2024, includes efficiency factor of 0.80%.

 

ASUR 4Q23 Page 9 of 26

 

 

The concession agreements for each airport provide that the maximum tariff for such airport must be reduced annually to account for projected improvements in efficiency. For the five-year period ending December 31, 2028, the maximum tariffs applicable to ASUR’s airports will be reduced by an annual efficiency factor of 0.80% in real terms.

 

 

ASUR Announces Update on Government Action to Amend the Tariff Base Regulation

 

On October 19, 2023, ASUR received a notification from the Federal Civil Aviation Agency (Agencia Federal de Aviacion Civil, “AFAC”), a deconcentrated entity of the Secretary of Infrastructure, Communications and Transport (“SICT”), pursuant to which the SICT revised effective immediately certain provisions (the “Amended Terms”) of the previously announced amendment to the terms of the tariff base regulation set forth in Annex 7 of the concession agreements dated June 29, 1998, as amended on March 19, 1999. The full text of the Tariff Regulation Basis received on October 19 can be found on ASUR´s website www.asur.com.mx

 

Recent Developments on Joint Business Investment to Develop and Build and International Airport in Bavaro, Dominican Republic

 

In 2023, ASUR, through a subsidiary in the United States, entered into an investment agreement with certain investors, including CVC One, Inc. and Grupo Abrisa, S.R.L., for the purpose of developing, constructing, and operating an international airport in Bavaro, Dominican Republic. As of December 31, 2023, ASUR has made equity investments in Aeropuerto Internacional de Bavaro AIB, S.A.S. (the venture created to develop this project), totaling US$ 17.8 million before the start of construction. ASUR expects to operate the airport and maintain a 25% stake in the undertaking with an estimated total investment of US$66.0 million once construction is completed. The disbursement of the remaining amount of the total investment by ASUR is conditioned, among other things, on the approval of the environmental permit and the feasibility approval of the aeronautical authority, both of which have been obtained in 2020 and are currently in litigation before Dominican courts.

 

On December 21, 2023, the Supreme Court of Justice rejected the appeal filed by the Aeropuerto Internacional de Bávaro, AIB, SAS against judgment that suspended the permit to start construction previously issued by the Civil Aviation Institute (IDAC).

 

On January 5, 2024, the President of the Dominican Republic issued a decree repealing the previous decree which had approved the establishment of the Bavaro International Airport. On January 19, 2024, an appeal for Constitutional Review was brought before the Constitutional Court against the Supreme Court of Justice Judgment notified on December 21, 2023.

 

In the event that the Dominican courts issue a final judgment declaring the airport project against the public interest and in turn revoke the permits already obtained, the construction of the airport will not go ahead, which may affect our revenues, expenses, and net income.

 

Review of Mexico Operations

 

Table 12: Mexico Revenues & Commercial Revenues Per Passenger  
  Fourth Quarter % Chg   Twelve  – Months % Chg
  2022 2023   2022 2023
Total Passengers 10,606 11,055 4.2   39,731 43,754 10.1
               
Total Revenues 5,503,745 5,113,019 (7.1)   18,511,590 19,027,902 2.8
Aeronautical Services 2,693,556 2,832,456 5.2   9,945,180 11,247,569 13.1
Non-Aeronautical Services 1,627,079 1,748,953 7.5   6,297,790 6,906,759 9.7
Construction Revenues 1,183,110 531,610 (55.1)   2,268,620 873,574 (61.5)
Total Revenues Excluding Construction Revenues 4,320,635 4,581,409 6.0   16,242,970 18,154,328 11.8
               
Total Commercial Revenues 1,449,379 1,570,775 8.4   5,615,174 6,199,837 10.4
Commercial Revenues from Direct Operations 273,526 271,042 (0.9)   1,090,683 1,174,636 7.7
Commercial Revenues Excluding Direct Operations 1,175,853 1,299,733 10.5   4,524,491 5,025,201 11.1
               
Total Commercial Revenues per Passenger 136.7 142.1 4.0   141.3 141.7 0.3
Commercial Revenues from Direct Operations per Passenger 1 25.8 24.5 (4.9)   27.5 26.9 (2.2)
Commercial Revenues Excl. Direct Operations per Passenger 110.9 117.6 6.0   113.9 114.9 0.9
For the purposes of this table, approximately 53.8 and 68.3 thousand transit and general aviation passengers are included in 4Q22 and 4Q23 respectively, while 207.4 and 285.9 thousand transit and general aviation passengers are included in FY22 and FY23.
1 Represents the operation of ASUR in its convenience stores in Mexico.        
                 

 

ASUR 4Q23 Page 10 of 26

 

 

Mexico Revenues

 

Mexico Revenues declined 7.1% YoY to Ps.5,113.0 million.

 

Excluding construction, revenues increased 6.0% YoY, mainly reflecting increases of 5.2% in revenues from aeronautical services and 7.5% in revenues from non-aeronautical services, resulting principally from the 4.1% increase in passenger traffic (Excluding transit and general aviation passengers)

 

Commercial Revenues increased 8.4% YoY, principally reflecting the 4.2% increase in passenger traffic (including transit and general aviation passengers) as shown in Table 12.

 

Commercial Revenues per Passenger for 4Q23 was Ps.142.1 compared to Ps.136.7 in 4Q22.

 

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, parking lot fees, and other.

 

As shown in Table 14, during the last 12 months, ASUR opened 17 new commercial spaces, 8 of which were opened at Merida airport, 4 at Oaxaca airport, 2 at Cancun airport, and 1 each at Huatulco, Cozumel and Veracruz airports. More details of these openings can be found on page 21 of this report.

 

Table 13: Mexico Commercial Revenue Performance

    Table 14: Mexico Summary Retail and Other Commercial Space Opened since December 31,2022
Business Line YoY Change   Type of Commercial Space 1 # Of Spaces Opened  
4Q23 FY23    
Teleservices (7.6%) 5.3%   Cancún 2  
Retail 0.0% 6.4%   Retail 1  
Duty Free 6.9% 5.0%   Car rental 1  
Food and beverage 6.9% 13.7%   8 Other Airports 15  
Car rental 16.2% 21.3%   Retail 7  
Banks and foreign Exchange 18.3% 0.1%   Car rental 7  
Car parking 18.3% 26.8%   Ground transportation 1  
Ground transportation 18.9% 16.8%   México 17  
Other income 22.2% 10.1%        
Advertising 66.6% 53.9%        
Total Commercial Revenues 8.4% 10.4%   1 Only includes new stores opened during the period and excludes remodelings or contract renewals.  
             
             
               

Mexico Operating Costs and Expenses

 

Table 15: Mexico Operating Costs & Expenses              
  Fourth Quarter % Chg   Twelve - Months % Chg
  2022 2023   2022 2023
Cost of Services 654,100 731,654 11.9   2,344,865 2,717,731 15.9
Administrative 70,891 81,987 15.7   287,061 319,200 11.2
Technical Assistance 169,697 178,294 5.1   643,891 715,462 11.1
Concession Fees 197,004 207,462 5.3   733,168 820,230 11.9
Depreciation and Amortization 244,879 271,363 10.8   919,114 1,052,335 14.5
Operating Costs and Expenses Excluding Construction Costs 1,336,571 1,470,760 10.0   4,928,099 5,624,958 14.1
Construction Costs 1,183,110 531,610 (55.1)   2,268,620 873,574 (61.5)
Total Operating Costs & Expenses 2,519,681 2,002,370 (20.5)   7,196,719 6,498,532 (9.7)

 

Total Mexico Operating Costs and Expenses declined 20.5% YoY, or Ps.517.3 million. Excluding construction costs, operating costs and expenses increased 10.0%, or Ps.134.2 million, mainly reflecting higher personnel expenses, technical assistance, concession fees, surveillance and cleaning services, maintenance and conservation costs. Higher cost of sales at stores operated by ASUR also contributed to the increase in costs.

 

Cost of Services increased 11.9% YoY, primarily due to increases in surveillance and cleaning services, maintenance, and conservation, together with a higher cost of sales at stores directly operated by ASUR and personnel expenses.

 

Administrative Expenses increased 15.7% YoY, mainly reflecting increased personnel expenses.

 

ASUR 4Q23 Page 11 of 26

 

 

The Technical Assistance fee increased 5.1% YoY, reflecting higher EBITDA in Mexico, which is used in the fee calculation. During 4Q23, ASUR concluded negotiations its strategic partner Inversiones y Técnicas Aeroportuarias, S.A.P.I. DE C.V. (“ITA”), which holds a 7.65% stake in the Company, to reduce the technical assistance fees charged by ITA in connection with its airport operations in Mexico to 2.5% from 5.0% of the EBITDA generated by its Mexican operations starting January 2024.

 

Concession Fees, which include fees paid to the Mexican government, increased by 5.3%, principally due to the increase in regulated revenues, which are used in the calculation of the concession fee.

 

Depreciation and Amortization increased 10.8% YoY, reflecting the recognition of investments made to date.

 

Mexico Consolidated Comprehensive Financing Gain (Loss)

 

Table 16: Mexico Comprehensive Financing Gain (Loss)          
  Fourth Quarter % Chg   Twelve - Months % Chg
  2022 2023   2022 2023
Interest Income 124,786 386,996 210.1   323,050 980,261 203.4
Interest Expense (130,527) (92,267) (29.3)   (456,852) (462,063) 1.1
Foreign Exchange Gain (Loss), Net (172,362) (134,766) (21.8)   (208,640) (840,633) 302.9
Total (178,103) 159,963 n/a   (342,442) (322,435) (5.8)

 

During 4Q23, ASUR’s Mexico operations reported a Ps.160.0 million Comprehensive Financing Gain, compared to a Ps.178.1 million loss in 4Q22. This was mainly due to a 210.1% YoY, or Ps.262.2 million, increase in interest income resulting from a higher cash balance, combined with a decline of 29.3% YoY, or Ps.38.3 million, in interest expenses mainly due to principal payments.

 

In 4Q23, a Ps.134.8 million foreign exchange loss was reported, resulting from the 2.8% quarter-end appreciation of the Mexican peso (0.8% average depreciation) against the U.S. dollar on a foreign currency net asset position. This compares to a Ps.172.4 million foreign exchange loss in 4Q22, resulting from the 3.1% quarter-end appreciation of the Mexican peso during that period (2.0% average appreciation) against the U.S. dollar on a foreign currency net asset position.

 

 

Mexico Operating Profit (Loss) and EBITDA

  

Table 17: Mexico Profit & EBITDA              
  Fourth Quarter % Chg   Twelve - Months % Chg
  2022 2023   2022 2023
Total Revenue 5,503,745 5,113,019 (7.1)   18,511,590 19,027,902 2.8
Total Revenues Excluding Construction Revenues 4,320,635 4,581,409 6.0   16,242,970 18,154,328 11.8
Operating Profit 2,984,064 3,110,649 4.2   11,314,871 12,529,370 10.7
Operating Margin 54.2% 60.8% 662 bps   61.1% 65.8% 472 bps
Adjusted Operating Margin 1 69.1% 67.9% (117 bps)   69.7% 69.0% (64 bps)
Net Profit 2 2,085,458 2,241,086 7.5   8,180,322 8,708,481 6.5
EBITDA 3,229,004 3,382,054 4.7   12,234,892 13,581,998 11.0
EBITDA Margin 58.7% 66.1% 748 bps   66.1% 71.4% 529 bps
Adjusted EBITDA Margin 3 74.7% 73.8% (91 bps)   75.3% 74.8% (51 bps)

1 Adjusted Operating Margin excludes the effect of IFRIC12 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 This result excludes revenues from the participation of Aerostar Ps.139.1 million and 304.5 million in 4Q23 and 4Q22, respectively, for Airplan Ps.187.31 million and Ps.209.6 million in 4Q23 and 4Q22, respectively.
3 Adjusted EBITDA Margin excludes the effect of IFRIC12 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 Gain of Ps.3,110.6 million in 4Q23 and an Operating Margin of 60.8%. This compares to an Operating Gain of Ps.2,984.1 million and an Operating Margin of 54.2% in 4Q22.

 

Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets and which is calculated as operating profit divided by total revenues excluding construction services revenues, was 67.9% in 4Q23, compared to 69.1% in 4Q22.

 

ASUR 4Q23 Page 12 of 26

 

 

EBITDA increased 4.7%, or Ps.153.0 million, to Ps.3,282.0 million in 4Q23, from Ps.3,229.0 million in 4Q22. EBITDA margin in 4Q23 was 66.1% compared to 58.7% in 4Q22.

 

Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets, was 73.8% in 4Q23, compared to 74.7% in 4Q22.

 

 

Mexico Tariff Regulation

 

The Mexican Ministry of Communications and Transportation regulates the majority of ASUR’s activities by setting maximum rates, which represent the maximum possible revenues allowed per traffic unit at each airport.

 

ASUR’s accumulated regulated revenues at its Mexican operations, as of December 31, 2023 totaled Ps.11,694.9 million, with an average tariff per workload unit of Ps.262.9 (December 2022 Mexican pesos), representing approximately 64.4% of total income in Mexico (excluding construction revenues) for the period.

 

The Mexican Ministry of Communications and Transportation reviews compliance with maximum rate regulations at the end of each year.

 

On December 13, 2023, ASUR announced the approval of its 2024-2028 investment plan totaling Ps.28.5 billion expressed in currency as of December 2022. See 4Q23 Relevant Events on Page 8 for more information.

 

 

Mexico Capital Expenditures

 

During 4Q23 ASUR invested Ps.504.4 million in connection with its plan to modernize its Mexican airports under its master development plans, compared to an investment of Ps.1,253.2 million in 4Q22. During FY23, capital investments amounted to Ps.891.5 million compared to Ps.2,322.5 million in FY22.

 

 

Review of Puerto Rico Operations

 

The following discussion compares Aerostar’s independent results for the three- and twelve-month periods ended December 31, 2022 and 2023.

 

As of December 31, 2023, the valuation of ASUR’s investment in Aerostar in accordance with IFRS 3 "Business Combinations," had the following effects on its balance sheet: (i) the recognition of a net intangible asset of Ps.4,499.9 million, (ii) goodwill of Ps.808.3 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.450.0 million, and (iv) a minority interest of Ps.4,789.7 million in stockholders' equity.

 

Table 18: Puerto Rico Revenues & Commercial Revenues Per Passenger        
In thousands of Mexican pesos              
  Fourth Quarter % Chg   Twelve - Months % Chg
  2022 2023   2022 2023
Total Passenger 2,596 2,921 12.5   10,311 12,198 18.3
               
Total Revenues 1,094,690 1,065,015 (2.7)   4,110,029 4,174,329 1.6
Aeronautical Services 511,951 493,309 (3.6)   2,100,276 2,029,890 (3.4)
Non-Aeronautical Services 382,717 392,650 2.6   1,598,601 1,729,919 8.2
Construction Revenues 200,022 179,056 (10.5)   411,152 414,520 0.8
Total Revenues Excluding Construction Revenues 894,668 885,959 (1.0)   3,698,877 3,759,809 1.6
               
Total Commercial Revenues 380,301 390,374 2.6   1,587,715 1,720,707 8.4
Commercial Revenues from Direct Operations 73,838 83,946 13.7   337,190 396,724 17.7
Commercial Revenues Excluding Direct Operations 306,463 306,428 (0.0)   1,250,525 1,323,983 5.9
               
Total Commercial Revenues per Passenger 146.5 133.7 (8.8)   154.0 141.1 (8.4)
Commercial Revenues from Direct Operations per Passenger 1 28.4 28.7 1.1   32.7 32.5 (0.6)
Commercial Revenues Excl. Direct Operations per Passenger 118.1 104.9 (11.1)   121.3 108.5 (10.5)
Figures in pesos at the average exchange rate Ps.17.5463 = US. 1.00 for 4Q23 and Ps.17.7390 = USD1.00 for FY23.    
               

 

ASUR 4Q23 Page 13 of 26

 

 

Puerto Rico Revenues

 

Total Puerto Rico Revenues declined 2.7% YoY to Ps.1,065.0 million in 4Q23.

 

Excluding construction services, revenues declined by 1.0%, mainly due to the following YoY variations:

 

·A 3.6% decline in revenues from aeronautical services, and
·A 2.6% increase in revenues from non-aeronautical services. X|

 

Commercial Revenues per Passenger were Ps.133.7 in 4Q23, compared to Ps.146.5 in 4Q22.

 

Four commercial spaces were opened at Luis Muñoz Marin (LMM) Airport over the last 12 months, as shown in Table 20. More details 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, parking lot fees, banking and currency exchange services, and others.

 

Table 19: Puerto Rico Commercial Revenue Performance   Table 20: Puerto Rico Summary Retail and Other Commercial Space Opened since September 30, 2022
Business Line YoY Change   Type of Commercial Space 1 # of Spaces Opened
4Q23 FY23  
Car rentals (5.8%) 1.5%   Duty-Free 1
Banks and foreign exchange (4.8%) (4.8%)   Food and beverage 3
Duty-Free (0.4%) 5.9%   Other revenues  
Car parking (0.1%) 5.7%   Total Commercial space 4
Food and beverage 5.8% 19.0%      
Ground Transportation 7.3% 6.6%      
Advertising 12.7% (4.3%)      
Retail 12.9% 16.0%      
Other revenues 19.7% 25.3%      
Total Commercial Revenues 2.6% 8.4%   1 Only includes new stores opened during the period and excludes remodelings or contract renewals.

 

 

Puerto Rico Operating Costs and Expenses

 

Table 21: Puerto Rico Operating Costs & Expenses              
In thousands of Mexican pesos              
  Fourth Quarter % Chg   Twelve - Months % Chg
  2022 2023   2022 2023
Cost of Services 365,551 375,654 2.8   985,094 1,301,876 32.2
Concession Fees 50,602 42,676 (15.7)   185,945 180,434 (3.0)
Depreciation and Amortization 173,189 157,985 (8.8)   724,294 647,721 (10.6)
Operating Costs and Expenses Excluding Construction Costs 589,342 576,315 (2.2)   1,895,333 2,130,031 12.4
Construction Costs 200,022 179,056 (10.5)   411,152 414,520 0.8
Total Operating Costs & Expenses 789,364 755,371 (4.3)   2,306,485 2,544,551 10.3
Figures in pesos at the average exchange rate Ps.17.5463 = US. 1.00 for 4Q23 and Ps.17.7390 = USD1.00 for FY23.    

 

Total Operating Costs and Expenses for 4Q23 in Puerto Rico declined 4.3% YoY to Ps.755.4 million. Construction costs declined 10.5%, from Ps.200.0 million in 4Q22 to Ps.179.1 million in 4Q23.

 

Excluding construction costs, operating costs and expenses declined 2.2% YoY, or Ps.13.0 million, principally reflecting lower concession fees and depreciation and amortization, partially offset by an increase in professional fees.

 

Cost of Services increased 2.8% or Ps.10.1 million in 4Q23, mainly reflecting an increase in professional fees.

 

Concession Fees paid to the Puerto Rican government declined 15.7% YoY, or Ps.7.9 million, in 4Q23 consistent with the terms agreed under the concession agreement.

 

Depreciation and Amortization declined 8.8% YoY, or Ps.15.2 million, principally reflecting the foreign exchange translation impact at the quarter-end, and average Mexican peso exchange rate fluctuation from Ps.16.919 and Ps.17.5463 per U.S. dollar in 4Q22, to Ps.19.4715 and Ps.20.1131 per U.S. dollar, respectively in 4Q23.

 

ASUR 4Q23 Page 14 of 26

 

 

Puerto Rico Comprehensive Financing Gain (Loss)

 

Table 22: Puerto Rico Comprehensive Financing Gain (Loss)            
In thousands of Mexican pesos              
  Fourth Quarter % Chg   Twelve - Months % Chg
  2022 2023   2022 2023
Interest Income 30,981 32,404 4.6   64,018 139,901 118.5
Interest Expense (152,933) (133,506) (12.7)   (523,488) (552,046) 5.5
Total (121,952) (101,102) (17.1)   (459,470) (412,145) (10.3)
Figures in pesos at the average exchange rate Ps.17.5463 = US. 1.00 for 4Q23 and Ps.17.7390 = USD1.00 for FY23.

 

During 4Q23, Puerto Rico reported a Ps.101.1 million Comprehensive Financing Loss, compared to a Ps.121.9 million loss in 4Q22, principally reflecting principal payments made on Aerostar’s outstanding debt.

 

On March 22, 2013, Aerostar carried out a private bond placement for a total of US$350.0 million to finance a portion of the Concession Agreement payment to the Puerto Rico 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$50.0 million.

 

In December 2020, Aerostar entered into a three-year revolving line of credit with Banco Popular de Puerto Rico for the amount of US$20.0 million.

 

In May 2022, Aerostar renegotiated the terms of its US$50.0 million principal amount of 6.75% senior secured notes, extending the maturity to March 22, 2035.

 

In July 2022, Aerostar in Puerto Rico issued US$200.0 million principal amount of 4.92% senior secured notes due March 22, 2035.

 

On November 15, 2023, Aerostar extended the maturity date of the revolving credit line with Banco Popular de Puerto Rico, now maturing December 29, 2026. As of December 31, 2023, this credit line has not been drawn.

 

All long-term debt is collateralized by Aerostar’s assets.

 

 

Puerto Rico Operating Profit and EBITDA

 

Table 23: Puerto Rico Profit & EBITDA              
In thousands of Mexican pesos              
  Fourth Quarter % Chg   Twelve - Months % Chg
  2022 2023   2022 2023
Total Revenue 1,094,690 1,065,015 (2.7)   4,110,029 4,174,329 1.6
Total Revenues Excluding Construction Revenues 894,668 885,959 (1.0)   3,698,877 3,759,809 1.6
Other Revenues 300,384   n/a   346,232   n/a
Operating Profit 605,710 309,644 (48.9)   2,149,776 1,629,778 (24.2)
Operating Margin 55.3% 29.1% (2626 bps)   52.3% 39.0% (1326 bps)
Adjusted Operating Margin1 67.7% 35.0% (3275 bps)   58.1% 43.3% (1477 bps)
Net Income 471,329 200,084 (57.5)   1,648,443 1,180,575 (28.4)
EBITDA 778,898 467,632 (40.0)   2,326,793 2,025,137 (13.0)
EBITDA Margin 71.2% 43.9% (2724 bps)   56.6% 48.5% (810 bps)
Adjusted EBITDA Margin2 87.1% 52.8% (3428 bps)   62.9% 53.9% (904 bps)
Figures in pesos at the average exchange rate Ps.17.5463 = US. 1.00 for 4Q23 and Ps.17.7390 = USD1.00 for FY23.  
1 Adjusted Operating Margin excludes the effect of IFRIC12 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 IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues.
                 

 

Operating Profit in Puerto Rico declined 48.9% to Ps.309.6 million, resulting in an Operating Margin of 29.1%, from an operating profit of Ps.605.7 million and an Operating Margin of 55.3% in 4Q22. Operating profit in 4Q22 benefited from other income amounting to Ps.300.4 million derived from a judgment ruled in favor of Aerostar in connection with Aerostar´s right to charge a fee for each gallon of aviation fuel that was dispatched at the airport 2013 and 2021 according to NIIF37 and USGAAP ASC-450-30-25-1. Excluding this non-recurring benefit in 4Q22, operating profit for 4Q23 would have increased 1.4% YoY from Ps.305.3 million in 4Q22, with operating margin expanding 1.2 pps from 27.9% in 4Q22.

 

EBITDA declined 40.0% to Ps.467.6 million in 4Q23 from Ps.778.9 million in 4Q22. EBITDA Margin, in turn, decreased to 43.9% in 4Q23 from 71.2% in 4Q22. On a comparable basis, and excluding the one-time income in 4Q22, EBITDA would have declined 2.3% YoY and the EBITDA Margin would have increased been 43.7% in 4Q22.

 

ASUR 4Q23 Page 15 of 26

 

 

Adjusted EBITDA Margin (which excludes IFRIC 12) declined to 52.8% in 4Q23, from 87.1% in 4Q22 and 53.5% when excluding the one-time income in 4Q22.

  

 

Puerto Rico Capital Expenditures

 

During 4Q23, capital expenditures amounted to a total of Ps.197.9 million, compared to investments of Ps.212.0 million in 4Q22. Accumulated capital expenditures for 2023 amounted to Ps.465.2 million compared to Ps.440.6 million for 2022.

 

Puerto Rico Tariff Regulation

 

The Airport Use Agreement entered into by and among 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$62.0 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 twelve-month periods ended December 31, 2023 and 2022.

 

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 December 31, 2023: (i) the recognition of a net intangible asset of Ps.778.6 million, (ii) goodwill of Ps.1,327.2 million, (iii) deferred taxes of Ps.198.8 million, and (iv) a Ps.210.5 million recognition of bank loans at fair value.

 

 

Table 24: Colombia Revenues & Commercial Revenues Per Passenger                                                  
In thousands of Mexican pesos              
  Fourth Quarter % Chg   Twelve-Months

% Chg

2022

  2022 2023   2022 2023 
Total Passenger 4,655 3,976 (14.6)   17,120 15,384 (10.1)
               
Total Revenues 675,129 698,907 3.5   2,692,263 2,619,413 (2.7)
Aeronautical Services 502,978 518,248 3.0   2,027,061 1,945,637 (4.0)
Non-Aeronautical Services 162,579 175,218 7.8   652,280 659,237 1.1
Construction Revenues 1 9,572 5,441 (43.2)   12,922 14,539 12.5
Total Revenues Excluding Construction Revenues 665,557 693,466 X|4.2   2,679,341 2,604,874 (2.8)
               
Total Commercial Revenues 162,534 174,813 7.6   651,800 656,339 0.7
               
Total Commercial Revenues per Passenger 34.9 44.0 26.1   38.1 42.7 12.1
Figures in pesos at an average exchange rate of COP 231.258 = Ps.1.00 for 4Q23 and COP.243.0749 = Ps.1.00 for FY23.
For the purposes of this table, approximately 196.8 and 91.5 thousand transit and general aviation passengers are included in 4Q22 and 4Q23, respectively, while 614.3 and 488.3 thousand transit and general aviation passengers are included in FY22 and FY23.

 

 

Colombia Revenues

 

Total Revenues in Colombia increased 3.5% YoY to Ps.698.9 million. Excluding construction services, revenues increased 4.2% YoY, mainly due to the increase in international traffic during the period.

 

Commercial Revenue per Passenger was Ps.44.0 compared to Ps.34.9 in 4Q22.

 

As shown in Table 26, during the past twelve-months a total of 44 new commercial spaces were opened in Colombia: 20 in Rionegro, 9 in Olaya Herrera, 5 in Monteria, 3 each in Quibdó y and the Service Center, and 2 each in Corozal y Carepa airports. Further details of these openings can be found on page 21 of this report.

 

ASUR 4Q23 Page 16 of 26

 

 

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, parking lot fees, teleservices, banking and currency exchange services and other.

 

Table 25: Colombia Commercial Revenue Performance     Table 26: Colombia Summary Retail and Other Commercial Space Opened since December 31, 2022
Busines Line YoY Change   Type of Commercial Space 1 # of Spaces Opened  
4Q23 FY23    
Ground transportation (73.0%) (41.6%)   Food and beverage 8  
Banks and foreign exchange (5.3%) 5.8%   Retail 1  
Retail 3.4% 3.7%   Car rental 1  
Duty Free 8.5% 10.5%   Other revenues 33  
Car rental 9.0% 16.5%   Banks and foreign exchange 1  
Other revenues 9.4% (1.9%)   Total Commercial Spaces 44  
Car parking 9.8% (7.8%)        
Food and beverage 11.7% 12.8%        
Teleservices 23.0% (6.4%)        
Advertising 29.6% (15.4%)   1 Only includes new stores opened during the period and excludes remodelings or contract renewals.  
Total Commercial Revenues 7.6% 0.7%        
           
               

 

ASUR 4Q23 Page 17 of 26

 

 

Colombia Costs & Expenses

 

Table 27:  Colombia Costs & Expenses              
In thousands of Mexican pesos              
  Fourth Quarter % Chg   Twelve-Months

% Chg

2022

  2022 2023   2022 2023 
Cost of Services 122,554 241,188 96.8   525,057 655,918 24.9
Technical Assistance              
Concession Fees 123,818 130,512 5.4   504,953 495,478 (1.9)
Depreciation and Amortization 114,179 94,796 (17.0)   415,829 369,101 (11.2)
Operating Costs and Expenses Excluding Construction Costs 360,551 466,496 29.4   1,445,839 1,520,497 5.2
Construction Costs 9,572 5,441 (43.2)   12,922 14,539 12.5
Total Operating Costs & Expenses 370,123 471,937 27.5   1,458,761 1,535,036 5.2
Figures in pesos at an average exchange rate of COP 231.258 = Ps.1.00 for 4Q23 and COP.243.0749 = Ps.1.00 for FY23.

 

Total Operating Costs and Expenses in Colombia increased 27.5% YoY to Ps.471.9 million. Excluding construction costs, operating costs and expenses increased 29.4% YoY to Ps.466.5 million, principally due to increases in maintenance and conservation, personnel, taxes and duties, security and cleaning, insurance and surety bond costs, and concession fees.

 

Cost of Services increased 96.8% YoY, or Ps.118.6 million, principally reflecting the increase in maintenance and conservation, personnel, taxes and duties, cleaning, security, and surety bond costs.

 

Construction Costs declined 43.2% YoY, or Ps.4.1 million, due to lower investments in furniture and equipment.

 

Concession Fees, which include fees paid to the Colombian government, increased 5.4% YoY, mainly reflecting the decrease in regulated and non-regulated revenues during the period.

 

Depreciation and Amortization declined 17.0%.

 

Colombia Comprehensive Financing Gain (Loss)

 

Table 28: Colombia, Comprehensive Financing Gain (Loss)        
In thousands of Mexican pesos              
  Fourth Quarter % Chg   Twelve-Months

% Chg

2022

  2022 2023   2022  2023
Interest Income 31,351 73,417 134.2   63,193 229,155 262.6
Interest Expense (27,745) (33,974) 22.5   124,822 (111,753) n/a
Foreign Exchange Gain (Loss), Net 1,528 2,748 79.8   481 3,425 612.1
Total 5,134 42,191 721.8   188,496 120,827 (35.9)
Figures in pesos at an average exchange rate of COP 231.258 = Ps.1.00 for 4Q23 and COP.243.0749 = Ps.1.00 for FY23.

 

During 4Q23, Airplan reported a Ps.42.2 million Comprehensive Financing Gain, compared to a Ps.5.1 million gain in 4Q22. Interest income increased 134.2%, or Ps.42.1 million, mainly due to a higher cash position and higher rates.

 

Colombia Operating Profit (Loss) and EBITDA

 

Table 29: Colombia Profit & EBITDA

             
In thousands of Mexican pesos              
  Fourth Quarter % Chg   Twelve-Months % Chg
  2022 2023   2022 2023
Total Revenues 675,129 698,907 3.5   2,692,263 2,619,413 (2.7)
Total Revenues Excluding Construction Revenues 665,557 693,466 4.2   2,679,341 2,604,874 (2.8)
Operating Profit 305,006 226,970 (25.6)   1,233,502 1,084,377 (12.1)
Operating Margin 45.2% 32.5% (1270 bps)   45.8% 41.4% (442 bps)
Adjusted Operating Margin1 45.8% 32.7% (1310 bps)   46.0% 41.6% (441 bps)
Net Profit 192,964 175,973 (8.8)   817,159 786,888 (3.7)
EBITDA 419,187 321,767 (23.2)   1,649,333 1,453,478 (11.9)
EBITDA Margin 62.1% 46.0% (1605 bps)   61.3% 55.5% (577 bps)
Adjusted EBITDA Margin2 63.0% 46.4% (1658 bps)   61.6% 55.8% (576 bps)
Figures in pesos at an average exchange rate of 231.258 = Ps.1.00 for 4Q23 and COP.243.0749 = Ps.1.00 for FY23.
1 Adjusted Operating Margin excludes the effect of IFRIC12 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 IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues.

 

ASUR 4Q23 Page 18 of 26

 

 

ASUR's Colombian operations reported an Operating Profit of Ps.227.0 million in 4Q23, compared to Ps.305.0 million in 4Q22. Operating margin was 32.5% in 4Q23, compared to an operating margin of 45.2% in 4Q22. The Adjusted operating margin, which excludes the effect of IFRIC12 with respect to construction or improvements to concessioned assets, was 32.7% in 4Q23 compared to an adjusted operating margin of 45.8% in 4Q22.

 

EBITDA in 4Q23 was Ps.321.8 million, resulting in an EBITDA margin of 46.0%. This compares to an EBITDA of Ps.419.2 million and an EBITDA margin of 62.1% in 4Q22.

 

The Adjusted EBITDA Margin, which excludes the effect of IFRIC12 with respect to the construction or improvements of the concessioned assets, was 46.4% in 4Q23, compared to an adjusted EBITDA margin of 63.0% in 4Q22, principally reflecting the decline in passenger traffic and bad debt provisions resulting from the suspension of two local airlines in Colombia in 1Q23.

 

 

Colombia Capital Expenditures

 

In 4Q23, Airplan’s capital investments totaled Ps.5.4 million, compared to Ps.9.6 million in 4Q22. On an accumulated basis, capital investments for FY2023 amounted to Ps.14.3 million compared to Ps.12.7 million in 2022.

 

 

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 generated by concessions, authorizations, licenses, or any other type of income or property. As a result, Resolution 04530, issued on September 21, 2007, establishes 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. During 4Q23, Airplan's regulated revenues amounted to Ps.518.2 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.

 

ASUR 4Q23 Page 19 of 26

 

 

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 Article 4.033.01 of the Mexican Stock Exchange Internal Rules, ASUR reports that the stock is covered by the following broker-dealers: Actinver, Banorte, Barclays, BBVA, Bradesco, BTG Pactual, Citi Global Markets, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment Research, Intercam, Itau BBA Securities, Jefferies, JP Morgan, Punto Research, Santander, Scotiabank, Signum Research, UBS Casa de Bolsa and Vector.

 

 

Please note that any opinions, estimates or forecasts with respect to the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.

 

 

Forward Looking Statements

 

Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR’s filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. In particular, the impact of the COVID-19 pandemic on global economic conditions and the travel industry, as well as on the business and results of operations of the Company in particular, is expected to be material, and, as conditions are changing rapidly, is difficult to predict. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.

 

 

 

Contacts:

 

ASUR

Adolfo Castro

+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 –

 

ASUR 4Q23 Page 20 of 26

 

 

Passenger Traffic Breakdown by Airport
                 
Mexico Passenger Traffic 1              
    Fourth Quarter % Chg   Twelve - Months % Chg
    2022 2023   2022 2023
Domestic Traffic 5,331,517 5,513,431 3.4   18,700,737 21,272,863 13.8
CUN Cancun 3,029,172 2,988,425 (1.3)   10,705,897 11,842,217 10.6
CZM Cozumel 42,068 61,407 46.0   173,506 203,999 17.6
HUX Huatulco 226,877 177,976 (21.6)   878,959 796,414 (9.4)
MID Merida 866,291 904,643 4.4   2,811,644 3,350,258 19.2
MTT Minatitlan 26,526 37,107 39.9   100,754 134,392 33.4
OAX Oaxaca 337,905 402,455 19.1   1,111,877 1,477,600 32.9
TAP Tapachula 135,333 146,742 8.4   489,547 537,472 9.8
VER Veracruz 339,257 405,767 19.6   1,241,734 1,562,819 25.9
VSA Villahermosa 328,088 388,909 18.5   1,186,819 1,367,692 15.2
International Traffic 5,220,525 5,473,210 4.8   20,823,221 22,195,121 6.6
CUN Cancun 4,915,225 5,145,346 4.7   19,637,064 20,908,196 6.5
CZM Cozumel 119,197 116,590 (2.2)   489,764 473,504 (3.3)
HUX Huatulco 26,977 37,878 40.4   92,076 118,300 28.5
MID Mérida 75,215 79,623 5.9   267,974 323,845 20.8
MTT Minatitlan 1,723 1,481 (14.0)   11,264 7,726 (31.4)
OAX Oaxaca 50,953 53,097 4.2   192,157 215,442 12.1
TAP Tapachula 2,923 3,071 5.1   13,707 16,272 18.7
VER Veracruz 21,527 28,158 30.8   91,844 102,875 12.0
VSA Villahermosa 6,785 7,966 17.4   27,371 28,961 5.8
Total Traffic México 10,552,042 10,986,641 4.1   39,523,958 43,467,984 10.0
CUN Cancun 7,944,397 8,133,771 2.4   30,342,961 32,750,413 7.9
CZM Cozumel 161,265 177,997 10.4   663,270 677,503 2.1
HUX Huatulco 253,854 215,854 (15.0)   971,035 914,714 (5.8)
MID Merida 941,506 984,266 4.5   3,079,618 3,674,103 19.3
MTT Minatitlan 28,249 38,588 36.6   112,018 142,118 26.9
OAX Oaxaca 388,858 455,552 17.2   1,304,034 1,693,042 29.8
TAP Tapachula 138,256 149,813 8.4   503,254 553,744 10.0
VER Veracruz 360,784 433,925 20.3   1,333,578 1,665,694 24.9
VSA Villahermosa 334,873 396,875 18.5   1,214,190 1,396,653 15.0
                 
US Passenger Traffic, San Juan Airport (LMM)          
    Fourth Quarter % Chg   Twelve - Months % Chg
    2022 2023   2022 2023
SJU Total 1 2,595,997 2,920,579 12.5   10,310,990 12,197,553 18.3
Domestic Traffic   2,362,686 2,614,963 10.7   9,404,031 10,919,299 16.1
International Traffic 233,311 305,616 31.0   906,959 1,278,254 40.9
                 
Colombia, Passenger Traffic Airplan            
    Fourth Quarter % Chg   Twelve - Months % Chg
    2022 2023   2022 2023
Domestic Traffic 3,661,752 3,070,354 (16.2)   13,718,590 11,920,378 (13.1)
MDE Medellín (Rio Negro) 2,735,100 2,232,463 (18.4)   10,185,489 8,804,497 (13.6)
EOH Medellín 336,360 334,804 (0.5)   1,264,382 1,242,806 (1.7)
MTR Montería 412,728 349,689 (15.3)   1,569,389 1,288,100 (17.9)
APO Carepa 63,466 53,116 (16.3)   263,093 205,052 (22.1)
UIB Quibdó 107,704 92,323 (14.3)   379,948 353,504 (7.0)
CZU Corozal 6,394 7,959 24.5   56,289 26,419 (53.1)
International Traffic 796,177 814,126 2.3   2,787,606 2,975,331 6.7
MDE Medellín (Rio Negro) 796,177 814,126 2.3   2,787,606 2,975,331 6.7
EOH Medellín                                   -                                     -                                   -                                    -                                     -                                    -
MTR Montería                                   -                                     -                                   -                                    -                                     -                                    -
APO Carepa                                   -                                     -                                   -                                    -                                     -                                    -
UIB Quibdó                                   -                                     -                                   -                                    -                                     -                                    -
CZU Corozal                                   -                                     -                                   -                                    -                                     -                                    -
Total Traffic Colombia 4,457,929 3,884,480 (12.9)   16,506,196 14,895,709 (9.8)
MDE Medellín (Rio Negro) 3,531,277 3,046,589 (13.7)   12,973,095 11,779,828 (9.2)
EOH Medellín 336,360 334,804 (0.5)   1,264,382 1,242,806 (1.7)
MTR Montería 412,728 349,689 (15.3)   1,569,389 1,288,100 (17.9)
APO Carepa 63,466 53,116 (16.3)   263,093 205,052 (22.1)
UIB Quibdó 107,704 92,323 (14.3)   379,948 353,504 (7.0)
CZU Corozal 6,394 7,959 24.5   56,289 26,419 (53.1)
                 
1 Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, and SJU include transit passengers and general aviation.

 

 

ASUR 4Q23 Page 21 of 26

 

 

Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Commercial Spaces
     
ASUR Retail and Other Commercial Space Opened since December 31, 20221  
Business Name Type Opening Date
MEXICO
Cancun
Cocos Caribe 770 Retail June 2023
LL Mex, SA de CV Car Rental July 2023
Cozumel
Fleet Car Company Mx Car Rental December 2023
Huatulco
Promotora de Espectáculos Deportivos SA de CV Retail April 2023
Mérida
Comercializadora PIU SA de CV Retail April 2023
Ultra Boutique SA de CV Retail May 2023
Plersa SA de CV Retail May 2023
Unión Masa México SA de CV Retail June 2023
Alquiladora de vehiculos automotores, SA de CV Car Rental July 2023
Máxima Distinción "EMWA" Retail October 2023
CLOE MODA Retail October 2023
LL Mex, SA de CV Car Rental November 2023
Oaxaca
 Transportes Pochutla, SA de CV Ground Transportation January 2023
 Turismo Gargo, SA de CV Car Rental February 2023
Rent A Matic Itza SA de CV Car Rental June 2023
LL Mex, SA de CV Car Rental November 2023
SAN JUAN, PUERTO RICO    
Udon Food and Beverage January 2023
Ocean Lab Food and Beverage April 2023
PR Arrivals Store Duty Free April 2023
To Go Food and Beverage November 2023
COLOMBIA    
Rionegro    
Lasa - Sociedad de Apoyos Aeronáuticos Other Revenues January 2023
Distribuciones y Licores Juanito S.A.S Food and Beverage January 2023
Menzies Aviation Colombia S.A.S Other Revenues January 2023
Menzies Aviation Colombia S.A.S Other Revenues March 2023
Menzies Aviation Colombia S.A.S Other Revenues March 2023
Lasa - Sociedad de Apoyos Aeronáuticos Other Revenues March 2023
Golden Flight LTDA Other Revenues April 2023
Professional Aircraft Cleaning Services SAS Other Revenues May 2023
Asociación Colombiana de Exportadores de Flores Other Revenues May 2023
Efectimedios S.A.S. Other Revenues May 2023
Global Lounge Colombia SAS Other Revenues June 2023
Renting  T&T S.A.S Car Rental July 2023
Tampa Cargo S.A.S. Other Revenues July 2023
Novaventa S.A.S. Food and Beverage September 2023
Jetsmart Airlines Perú S.A.C. Other Revenues September 2023
Taca International Airlines S.A. Other Revenues October 2023
Avianca Ecuador S.A. Other Revenues October 2023
Avianca Costa Rica S.A. Other Revenues October 2023
Pasar Express SAS Other Revenues November 2023
Jetsmart Airlines S.A.S. Other Revenues November 2023
Olaya herrera
Hector Antonio Velazquez Mira Food and Beverage March 2023
German Arango Other Revenues April 2023
Efectimedios S.A.S. Other Revenues May 2023
Moon Flight Services S.A.S Other Revenues May 2023
Clic Air S.A. Other Revenues June 2023
Los Halcones S.A.S. Other Revenues August 2023
Jorge Honorio Arroyave Soto Other Revenues September 2023
CNV Volar S.A.S. Other Revenues September 2023
Heliogolfo S.A.S. Other Revenues October 2023
Montería
Pacifica de Aviación S.A.S. Other Revenues February 2023
Efectimedios S.A.S. Other Revenues May 2023
Aeropuerto DG S.A.S Food and Beverage June 2023
Distribuidora Doña Elena S.A. Food and Beverage June 2023
Easy Vending SAS Food and Beverage September 2023
Corozal
Carolina de las Mercedes Perez Aanaya Food and Beverage March 2023
Efectimedios S.A.S. Other Revenues May 2023
Quibdó
Efectimedios S.A.S. Other Revenues May 2023
Moon Flights S.A.S. Other Revenues August 2023
Heliogolfo S.A.S. Other Revenues December 2023
Carepa
Satena Other Revenues January 2023
Efectimedios S.A.S. Other Revenues May 2023
Centro de Servicios
Estrategia Comercial de Colombia S.A.S Retail April 2023
Grupo CDM S.A.S. ZOMAC Food and Beverage September 2023
Bancolombia S.A. Banks and foreign exchange December 2023
     
* Only includes new stores opened during the period and excludes remodelings or contract renewals.

 

 

ASUR 4Q23 Page 22 of 26

 

 

Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Operating Results per Airport
Thousands of mexican pesos
               
Item 4Q                     2022 4Q 2022 Per Workload Unit 4Q                    2023 4Q 2023 Per Workload Unit   YoY % Chg. Per Workload Unit YoY % Chg.
Mexico              
Cancun 1            
Aeronautical Revenues 1,981,499 245.9 2,017,582 245.9   1.8                                       -
Non-Aeronautical Revenues 1,493,445 185.3 1,594,851 194.4   6.8 4.9
Construction Services Revenues 600,121 74.5 306,012 37.3   (49.0) (49.9)
Total Revenues 4,075,065 505.7 3,918,445 477.6   (3.8) (5.6)
Operating Profit 2,211,760 274.4 2,257,758 275.1   2.1 0.3
EBITDA 2,371,595 294.3 2,431,095 296.3   2.5 0.7
Merida            
Aeronautical Revenues 254,853 253.1 282,115 273.1   10.7 7.9
Non-Aeronautical Revenues 52,541 52.2 66,867 64.7   27.3 23.9
Construction Services Revenues 320,223 318.0 5,767 5.6   (98.2) (98.2)
Other 2 24                                       - 22                                       -   (8.3) n/a
Total Revenues 627,641 623.3 354,771 343.4   (43.5) (44.9)
Operating Profit 191,285 190.0 192,998 186.8   0.9 (1.7)
EBITDA 211,712 210.2 219,104 212.1   3.5 0.9
Villahermosa            
Aeronautical Revenues 91,752 263.7 115,476 283.7   25.9 7.6
Non-Aeronautical Revenues 19,737 56.7 21,372 52.5   8.3 (7.4)
Construction Services Revenues 41,945 120.5 44,982 110.5   7.2 (8.3)
Other 2 23 0.1 24 0.1   4.3                                       -
Total Revenues 153,457 441.0 181,854 446.8   18.5 1.3
Operating Profit 55,851 160.5 78,439 192.7   40.4 20.1
EBITDA 66,194 190.2 90,484 222.3   36.7 16.9
Other Airports 3            
Aeronautical Revenues 365,452 270.1 417,283 280.4   14.2 3.8
Non-Aeronautical Revenues 61,356 45.3 65,863 44.3   7.3 (2.2)
Construction Services Revenues 220,821 163.2 174,849 117.5   (20.8) (28.0)
Other 2 75 0.1 90 0.1   20.0                                       -
Total Revenues 647,704 478.7 658,085 442.3   1.6 (7.6)
Operating Profit 211,784 156.5 254,498 171.0   20.2 9.3
EBITDA 266,110 196.7 314,411 211.3   18.2 7.4
Holding & Service Companies 4            
Construction Services Revenues                              - n/a                              - n/a   n/a n/a
Other 2 325,818 n/a 342,958 n/a   5.3 n/a
Total Revenues 325,818 n/a 342,958 n/a   5.3 n/a
Operating Profit 313,383 n/a 326,956 n/a   4.3 n/a
EBITDA 313,393 n/a 326,960 n/a   4.3 n/a
Consolidation Adjustment Mexico            
Consolidation Adjustment (325,940) n/a (343,094) n/a   5.3 n/a
Total Mexico            
Aeronautical Revenues 2,693,556 250.2 2,832,456 254.4   5.2 1.7
Non-Aeronautical Revenues 1,627,079 151.1 1,748,953 157.1   7.5 4.0
Construction Services Revenues 1,183,110 109.9 531,610 47.7   (55.1) (56.6)
Total Revenues 5,503,745 511.2 5,113,019 459.2   (7.1) (10.2)
Operating Profit 2,984,064 277.1 3,110,649 279.4   4.2 0.8
EBITDA 3,229,004 299.9 3,382,054 303.8   4.7 1.3
San Juan, Puerto Rico, US 5              
Aeronautical Revenues 511,951 n/a 493,309 n/a   (3.6) n/a
Non-Aeronautical Revenues 382,717 n/a 392,650 n/a   2.6 n/a
Construction Services Revenues 200,022 n/a 179,056 n/a   (10.5) n/a
Total Revenues 1,094,690 n/a 1,065,015 n/a   (2.7) n/a
Operating Profit 605,710 n/a 309,644 n/a   (48.9) n/a
EBITDA 778,898 n/a 467,632 n/a   (40.0) n/a
Consolidation Adjustment San Juan            
Consolidation Adjustment                              - n/a                              - n/a   n/a n/a
Colombia 6              
Aeronautical Revenues 502,978 n/a 518,248 n/a   3.0 n/a
Non-Aeronautical Revenues 162,579 n/a 175,218 n/a   7.8 n/a
Construction Services Revenues 9,572 n/a 5,441 n/a   (43.2) n/a
Total Revenues 675,129 n/a 698,907 n/a   3.5 n/a
Operating Profit 305,006 n/a 226,970 n/a   (25.6) n/a
EBITDA 419,187 n/a 321,767 n/a   (23.2) n/a
Consolidation Adjustment Colombia            
Consolidation Adjustment                              - n/a                              - n/a   n/a n/a
CONSOLIDATED ASUR              
Aeronautical Revenues 3,708,485 n/a 3,844,013 n/a   3.7 n/a
Non-Aeronautical Revenues 2,172,375 n/a 2,316,821 n/a   6.6 n/a
Construction Services Revenues 1,392,704 n/a 716,107 n/a   (48.6) n/a
Total Revenues 7,273,564 n/a 6,876,941 n/a   (5.5) n/a
Operating Profit 3,894,780 n/a 3,647,263 n/a   (6.4) n/a
EBITDA 4,427,089 n/a 4,171,453 n/a   (5.8) 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 4Q23.
6 Reflects the results of operation of  Airplan, Colombia, for 4Q23.

 

 

ASUR 4Q23 Page 23 of 26

 

 

Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Income from January 1 to December 31,  2023 and 2022
Thousands of mexican pesos
               
Item 12M 12M %   4Q 4Q %
2022 2023 Chg   2022 2023 Chg
Revenues              
Aeronautical Services 14,072,517 15,223,096 8.2   3,708,485 3,844,013 3.7
Non-Aeronautical Services 8,548,671 9,295,915 8.7   2,172,375 2,316,821 6.6
Construction Services 2,692,694 1,302,633 (51.6)   1,392,704 716,107 (48.6)
Total Revenues 25,313,882 25,821,644 2.0   7,273,564 6,876,941 (5.5)
               
Operating Expenses              
Cost of Services 3,855,016 4,675,525 21.3   1,142,205 1,348,496 18.1
Cost of Construction 2,692,694 1,302,633 (51.6)   1,392,704 716,107 (48.6)
General and Administrative Expenses 287,061 319,200 11.2   70,891 81,987 15.7
Technical Assistance 643,891 715,462 11.1   169,697 178,294 5.1
Concession Fee 1,424,066 1,496,142 5.1   371,424 380,650 2.5
Depreciation and Amortization 2,059,237 2,069,157 0.5   532,247 524,144 (1.5)
Total Operating Expenses 10,961,965 10,578,119 (3.5)   3,679,168 3,229,678 (12.2)
               
Other Revenues 346,232   n/a   300,384   n/a
               
Operating Income 14,698,149 15,243,525 3.7   3,894,780 3,647,263 (6.4)
               
Comprehensive Financing Cost (613,416) (613,753) 0.1   (294,921) 101,052 (134.3)
               
Income from Results of JV Accounted by Equity Method   (9,685) n/a     (3,410) n/a
               
Income Before Income Taxes 14,084,733 14,620,087 3.8   3,599,859 3,744,905 4.0
               
Provision for Income Tax 3,342,327 3,885,353 16.2   898,280 1,209,551 34.7
Deferred Income Taxes 96,482 58,790 (39.1)   (48,172) (81,789) 69.8
               
Net Income for the Year 10,645,924 10,675,944 0.3   2,749,751 2,617,143 (4.8)
               
Majority Net Income 9,986,548 10,203,713 2.2   2,561,220 2,537,108 (0.9)
Non-Controlling Interests 659,376 472,231 (28.4)   188,531 80,035 (57.5)
               
Earning per Share 33.2885 34.0124 2.2   8.5374 8.4570 (0.9)
Earning per American Depositary Share (in U.S. Dollars) 19.6752 20.1031 2.2   5.0460 4.9985 (0.9)
Exchange Rate per Dollar Ps.16.919              
               

 

 

ASUR 4Q23 Page 24 of 26

 

 

Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statements of Financial Position as of December 31, 2023 and 2022
Thousands of mexican pesos
         
Item December 2023 December 2022 Variation %
Assets        
Current Assets        
Cash and Cash Equivalents 15,691,846 13,174,991 2,516,855 19.1
Cash and Cash Equivalents Restricted 1,615,400 1,420,728 194,672 13.7
Accounts Receivable, net 2,317,818 2,541,923 (224,105) (8.8)
Document Receivable 100,696 148,618 (47,922) (32.2)
Recoverable Taxes and Other Current Assets 826,386 793,910 32,476 4.1
Total Current Assets 20,552,146 18,080,170 2,471,976 13.7
         
Non Current Assets        
Machinery, Furniture and Equipment, net 184,016 171,004 13,012 7.6
Intangible Assets, Airport Concessions and Goodwill-Net 49,310,063 52,658,081 (3,348,018) (6.4)
investment in Joint Venture 296,199 10,266 285,933 2,785.2
Total  Assets 70,342,424 70,919,521 (577,097) (0.8)
         
Liabilities and Stockholders' Equity        
Current Liabilities        
Trade Accounts Payable 306,548 307,068 (520) (0.2)
Bank Loans and short term debt 1,233,639 1,869,996 (636,357) (34.0)
Accrued Expenses and Others Payables 3,287,040 3,386,909 (99,869) (2.9)
Total Current Liabilities 4,827,227 5,563,973 (736,746) (13.2)
         
Long Term Liabilities        
Bank Loans 2,586,932 3,442,804 (855,872) (24.9)
Long Term Debt 8,404,199 9,891,961 (1,487,762) (15.0)
Deferred Income Taxes 2,897,858 2,972,522 (74,664) (2.5)
Employee Benefits 35,010 32,654 2,356 7.2
Total Long Term Liabilities 13,923,999 16,339,941 (2,415,942) (14.8)
         
Total Liabilities 18,751,226 21,903,914 (3,152,688) (14.4)
         
Stockholders' Equity        
Capital Stock 7,767,276 7,767,276  -  -
Legal Reserve 2,542,227 2,285,392 256,835 11.2
Mayority Net Income for the Period 10,203,713 9,986,548 217,165 2.2
Cumulative Effect of Conversion of Foreign Currency (1,619,693) (717,910) (901,783) 126
Retained Earnings 26,051,825 22,299,468 3,752,357 16.8
Non- Controlling interests 6,645,850 7,394,833 (748,983) (10.1)
Total Stockholders' Equity 51,591,198 49,015,607 2,575,591 5.3
         
Total Liabilities and Stockholders' Equity 70,342,424 70,919,521 (577,097) (0.8)
Exchange Rate per Dollar Ps.16.919        

 

 

ASUR 4Q23 Page 25 of 26

 

 

Grupo Aeroportuario del Sureste, S.A.B. de C.V.
 Consolidated Statement of Cash flow for the periods of January 1, to December 31, 2023 an 2022.
Thousands of mexican pesos
               
Item 12M 12M %   4Q 4Q %
2022 2023 Chg   2022 2023 Chg
Operating Activities              
Income Before Income Taxes 14,084,733 14,620,087 3.8   3,599,859 3,744,905 4.0
               
Depreciation and Amortization 2,059,237 2,069,157 0.5   532,247 524,144 (1.5)
Income from results of Joint Venture Accounted by the Equity Method   9,685 n/a     3,410 n/a
Interest Income (450,261) (1,349,317) 199.7   (187,118) (492,818) 163.4
Interest Payables 855,519 1,125,862 31.6   311,206 259,747 (16.5)
Foreign Exchange Gain (loss), Net Unearned 208,159 911,531 337.9   208,159 203,280 (2.3)
Sub-Total 16,757,387 17,387,005 3.8   4,464,353 4,242,668 (5.0)
Trade Receivables (1,016,389) 161,248 n/a   (1,013,014) (625,812) (38.2)
Recoverable Taxes and other Current Assets (686,745) (23,262) (96.6)   (72,087) (60,285) (16.4)
Income Tax Paid (2,277,190) (3,764,682) 65.3   (517,558) (869,859) 68.1
Trade Accounts Payable 741,374 (141,680) (119.1)   361,207 382,496 5.9
               
Net Cash Flow Provided by Operating Activities 13,518,437 13,618,629 0.7   3,222,901 3,069,208 (4.8)
               
Investing Activities              
Initial Recognition Cash Operadora              
Loans Granted to Third Parties (35,100) 47,922 n/a        
Recovery Investment Joint Venture ADG Airport   6,802 n/a        
Investment in Joint Venture ASUR Dominicana   (305,885) n/a        
Restricted Cash (122,025) (373,296) 205.9   1,328,871 (161,260) (112.1)
Investments in Machinery, Furniture and Equipment, net (2,775,773) (1,371,000) (50.6)   (1,474,864) (707,723) (52.0)
Interest Income 385,852 1,202,286 211.6   156,111 459,858 194.6
               
Net Cash Flow Used by Investing Activities (2,547,046) (793,171) (68.9)   10,118 (409,125) ######
               
Excess Cash to Use in Financing Activities 10,971,391 12,825,458 16.9   3,233,019 2,660,083 (17.7)
               
Bank Loans 3,947,522   n/a   (122,178)   n/a
Restricted Cash (1,175,622)   n/a   (1,175,622)   n/a
Bank Loans Paid (1,505,154) (1,475,000) (2.0)   (657,078) (50,000) (92.4)
Long Term Debt Paid (222,568) (200,535) (9.9)     710 n/a
Interest Paid (1,079,621) (1,067,106) (1.2)   (142,735) (124,940) (12.5)
Dividends Paid (4,509,000) (5,979,000) 32.6     (3,000,000) n/a
Non-Controlling Interests (1,585,960) (605,500) (61.8)   (1,585,960) (605,500) (61.8)
               
Net Cash Flow Used by Financing Activities (6,130,403) (9,327,141) 52.1   (3,683,573) (3,779,730) 2.6
               
Net Increase in Cash and Cash Equivalents 4,840,988 3,498,317 (27.7)   (450,554) (1,119,647) 148.5
               
Cash and Cash Equivalents at Beginning of Period 8,770,062 13,174,991 50.2   13,917,369 16,917,192 21.6
               
Exchange Gain on Cash and Cash Equivalents (436,059) (981,462) 125.1   (291,824) (105,699) (63.8)
               
Cash and Cash Equivalents at the End of Period 13,174,991 15,691,846 19.1   13,174,991 15,691,846 19.1

 

 

ASUR 4Q23 Page 26 of 26