EX-99.1 2 tm2426674d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

ASUR ANNOUNCES 3Q24 RESULTS

 

Total Revenue and EBITDA Increased YoY by 18% and 12%, Respectively
Despite 2% Decrease in Passenger Traffic

 

Mexico City, October 22, 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 nine-month periods ended September 30, 2024.

 

3Q24 Highlights1

 

·Total passenger traffic declined 2.1% year-over-year (“YoY”). By country of operations, passenger traffic presented the following YoY variations:

·Mexico: declined 10.1%, reflecting decreases of 12.6% in international traffic and 8.0% in domestic traffic.

·Puerto Rico (Aerostar): increased 4.6%, driven by growth of 2.5% and 20.7% in domestic and international traffic, respectively.

·Colombia (Airplan): increased 15.5%, resulting from increases of 22.5% in international traffic and 13.6% in domestic traffic.

·Revenues increased 18.1% YoY to Ps.7,483.3 million. Excluding construction services, revenues increased 14.1% during the period.

·Consolidated revenues per Passenger increased 7.2% to Ps.124.9.

·Consolidated EBITDA increased 12.0% YoY to Ps.4,700.4 million.

 

Table 1: Financial and Operating Highlights1
       
  Third Quarter % Chg.
  2023 2024
Financial Highlights      
Total Revenue 6,338,851 7,483,293 18.1
Mexico 4,598,604 5,386,401 17.1
San Juan 1,061,755 1,215,566 14.5
Colombia 678,492 881,326 29.9
Commercial Revenues per PAX 116.5 124.9 7.2
Mexico 135.9 149.0 9.6
San Juan 139.2 152.4 9.5
Colombia 43.4 52.0 19.8
EBITDA 4,198,452 4,700,373 12.0
Net Income 2,807,143 3,474,554 23.8
Majority Net Income 2,709,532 3,381,190 24.8
Earnings per Share (in pesos) 9.0318 11.2706 24.8
Earnings per ADS (in US$) 4.5977 5.7374 24.8
Capex 367,356 1,042,400 183.8
Cash & Cash Equivalents 16,917,191 18,483,601 9.3
Net Debt (4,530,686) (5,853,192) 29.2
Net Debt/ LTM EBITDA (0.3) (0.3) 18.3
Operational Highlights      
Passenger Traffic      
Mexico 10,710,221 9,624,910 (10.1)
San Juan 3,171,077 3,316,577 4.6
Colombia 3,736,301 4,314,938 15.5

 

·Adjusted EBITDA Margin (excluding IFRIC12) decreased to 68.3% from 69.6% in 3Q23.

·Cash position of Ps.18,483.6 million at quarter-end with Debt to LTM Adjusted EBITDA at negative 0.3x.

 

 

3Q24 Earnings Call

 

Day: Wednesday, October 23, 2024, at 10:00 AM ET; 8:00 AM Mexico City time

 

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

 

Access Code: 13749410

 

Replay: Replay: Wednesday, October 23, 2024, at 2:00 PM ET, ending at 11:59 PM ET on Wednesday, October 30, 2024. Dial-in number: 1-844-512-2921 (Toll-Free); 1-412-317-6671 (International). Access Code: 13749410

 

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 nine-month periods ended September 30, 2024, and the equivalent three- and nine-month periods ended September 30, 2023. All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of Mexican pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Mexican Ps.19.6440 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP. 213.06200 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 17 of this report.-

 

 

ASUR 3Q24 Page 1 of 24

 

 

Passenger Traffic

 

ASUR's total passenger traffic increased 2.1% YoY to 17.2 million in 3Q24.

 

In Mexico, total passenger traffic declined 10.1% YoY to 9.6 million in 3Q24, driven by decreases of 12.6% in international traffic and 8.0% in domestic traffic.

 

In Puerto Rico, total passenger traffic increased 4.6% YoY to 3.3 million in 3Q24, mainly driven by increases of 2.5% in domestic traffic and 20.7% in international traffic.

 

Total passenger traffic in Colombia for 3Q24 increased 15.5% YoY to 4.3 million passengers, driven by growth of 22.5% and 13.6% in domestic and international traffic, respectively.

 

On page 19 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.   Nine-Months % Chg.
  2023 2024   2023 2024
Total México 10,710,221 9,624,910 (10.1)   32,481,343 31,314,960 (3.6)
- Cancun 7,978,078 6,875,035 (13.8)   24,616,642 23,113,585 (6.1)
- 8 Other Airports 2,732,143 2,749,875 0.6   7,864,701 8,201,375 4.3
Domestic Traffic 5,710,008 5,255,435 (8.0)   15,759,432 14,767,525 (6.3)
- Cancun 3,250,730 2,789,025 (14.2)   8,853,792 7,653,937 (13.6)
- 8 Other Airports 2,459,278 2,466,410 0.3   6,905,640 7,113,588 3.0
International Traffic 5,000,213 4,369,475 (12.6)   16,721,911 16,547,435 (1.0)
- Cancun 4,727,348 4,086,010 (13.6)   15,762,850 15,459,648 (1.9)
- 8 Other Airports 272,865 283,465 3.9   959,061 1,087,787 13.4
Total San Juan, Puerto Rico 3,171,077 3,316,577 4.6   9,276,974 10,047,837 8.3
Domestic Traffic 2,811,581 2,882,815 2.5   8,304,336 8,891,739 7.1
International Traffic 359,496 433,762 20.7   972,638 1,156,098 18.9
Total Colombia 3,736,301 4,314,938 15.5   11,011,229 12,218,181 11.0
Domestic Traffic 2,950,844 3,352,638 13.6   8,850,024 9,551,303 7.9
International Traffic 785,457 962,300 22.5   2,161,205 2,666,878 23.4
Total Traffic 17,617,599 17,256,425 (2.1)   52,769,546 53,580,978 1.5
Domestic Traffic 11,472,433 11,490,888 0.2   32,913,792 33,210,567 0.9
International Traffic 6,145,166 5,765,537 (6.2)   19,855,754 20,370,411 2.6
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 2024 & 2023

 

 

Region Jan Feb Mar Apr May Jun Jul Aug Sep Total
Mexico 2.6% 5.7% 3.4% (5.6%) (3.0%) (5.5%) (11.1%) (10.7%) (8.1%) (3.6%)
Domestic Traffic (2.2%) (1.3%) (6.8%) (10.7%) (4.6%) (5.7%) (9.4%) (9.1%) (4.9%) (6.3%)
International Traffic 6.3% 10.9% 11.1% (1.0%) (1.3%) (5.2%) (12.7%) (12.6%) (12.4%) (1.0%)
Puerto Rico 8.2% 12.6% 16.0% 9.4% 4.3% 11.6% 10.5% 1.6% (0.8%) 8.3%
Domestic Traffic 6.7% 12.0% 14.9% 9.4% 3.1% 10.9% 9.5% (0.7%) (3.9%) 7.1%
International Traffic 23.1% 17.9% 27.1% 9.2% 15.4% 16.1% 17.4% 21.6% 26.0% 18.9%
Colombia (10.1%) (3.4%) 9.4% 17.9% 20.2% 24.5% 15.4% 16.3% 14.7% 11.0%
Domestic Traffic (14.1%) (7.8%) 3.6% 16.2% 17.8% 22.3% 12.3% 14.1% 14.5% 7.9%
International Traffic 6.6% 16.9% 37.7% 25.3% 30.1% 33.1% 26.9% 24.8% 15.2% 23.4%
Total 0.5% 4.8% 6.6% 1.3% 3.1% 3.8% (1.7%) (2.8%) (1.5%) 1.5%
Domestic Traffic (3.7%) (0.1%) 1.6% 0.9% 3.1% 6.0% 1.0% (1.2%) 0.7% 0.9%
International Traffic 6.9% 11.7% 13.9% 1.9% 3.0% 0.2% (6.4%) (5.9%) (6.3%) 2.6%

 

ASUR 3Q24 Page 2 of 24

 

 

Review of Consolidated Results

 

Table 4: Summary of Consolidated Results
               
  Third Quarter % Chg.   Nine-Months % Chg.
  2023 2024   2023 2024
Total Revenues 6,338,851 7,483,293 18.1   18,944,703 22,312,210 17.8
Aeronautical Services 3,790,689 4,527,080 19.4   11,379,083 13,784,659 21.1
Non-Aeronautical Services 2,242,504 2,355,422 5.0   6,979,094 7,370,287 5.6
Total Revenues Excluding Construction Revenues 6,033,193 6,882,502 14.1   18,358,177 21,154,946 15.2
Construction Revenues 305,658 600,791 96.6   586,526 1,157,264 97.3
Total Operating Costs & Expenses 2,660,317 3,386,119 27.3   7,348,441 9,292,889 26.5
Other Revenues              
Operating Profit 3,678,534 4,097,174 11.4   11,596,262 13,019,321 12.3
Operating Margin 58.0% 54.8% (328 bps)   61.2% 58.4% (286 bps)
Adjusted Operating Margin 1 61.0% 59.5% (144 bps)   63.2% 61.5% (162 bps)
EBITDA 4,198,452 4,700,373 12.0   12,889,160 14,733,187 14.3
EBITDA Margin 66.2% 62.8% (342 bps)   68.0% 66.0% (200 bps)
Adjusted EBITDA Margin 2 69.6% 68.3% (129 bps)   70.2% 69.6% (57 bps)
Net income 2,807,143 3,474,554 23.8   8,058,801 10,440,721 29.6
Net income majority 2,709,532 3,381,190 24.8   7,666,605 10,136,848 32.2
Earnings per Share 9.0318 11.2706 24.8   25.5554 33.7895 32.2
Earnings per ADS in US$ 4.5977 5.7374 24.8   13.0092 17.2009 32.2
               
Total Commercial Revenues per Passenger 3 116.5 124.9 7.2   120.7 125.9 4.3
Commercial Revenues 2,077,280 2,180,190 5.0   6,440,921 6,810,464 5.7
Commercial Revenues from Direct Operations per Passenger 4 21.0 21.1 0.3   22.8 22.3 (2.1)
Commercial Revenues Excl. Direct Operations per Passenger 95.4 103.8 8.8   97.9 103.6 5.8

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 and Colombia.
4 Represents ASUR´s operations in convenience stores.

 

Consolidated Revenues

 

Consolidated Revenues increased 18.1% YoY, or Ps.1,444.4 million, to Ps.7,483.3 million, mainly due to the following increases:

 

·96.6%, or Ps.295.1 million, YoY increase in construction services revenues to Ps.600.8 million, principally in Mexico,
·19.4%, or Ps.736.4 million in aeronautical services revenues to Ps.4,527.1 million. Mexico contributed Ps.3,321.1 million, while Puerto Rico and Colombia accounted for Ps.557.8 million and Ps.648.2 million, respectively; and
·5.0%, or Ps.112.9 million non-aeronautical services revenues to Ps.2,355.4 million. Mexico contributed Ps.1,615.3 million, while Puerto Rico and Colombia accounted for Ps.508.2 million and Ps.231.9 million, respectively.

 

Excluding Revenues from Construction Services, for which an equivalent expense is recorded under IFRS accounting standards, total revenues would have increased 14.1% YoY to Ps.6,882.5 million.

 

Excluding revenues from construction services, Mexico represented 71.1% of ASUR´s total revenues in 3Q24, while Puerto Rico and Colombia accounted for 15.5% and 12.8%, respectively.

 

Commercial Revenues in 3Q24 increased 5.0% YoY to Ps.2,180.2 million. Commercial revenue growth was driven by revenue increase of 14.5% to Ps.505.4 million in Puerto Rico, 38.1% to Ps.231.9 million in Colombia and a decrease of 1.7% to Ps.1,442.9 million in Mexico.

 

 

ASUR 3Q24 Page 3 of 24

 

 

Commercial Revenues per Passenger increased 7.2% YoY to Ps.124.9 in 3Q24, from Ps.116.5 in 3Q23.

 

 

Consolidated Operating Costs and Expenses

 

Consolidated Operating Costs and Expenses, including construction costs, increased 27.3% YoY, or Ps.725.8 million, to Ps.3,386.1 million in 3Q24.

 

Excluding construction costs, operating costs and expenses increased 18.3%, or Ps.430.7 million, due to the following factors:

 

·Mexico: increased 14.8%, or Ps.206.6 million, mainly due to higher costs in connection to personnel, concession fees, security and cleaning services, and maintenance and conservation, insurance and surety bonds, and professional fees.

 

·Puerto Rico: increased 20.4%, or Ps.122.3 million, mainly due to a foreign exchange gain related to the Mexican peso depreciation against the US dollar and the increase in personnel costs, electricity, insurance and surety bonds, licenses, security and cleaning services, concession fees and depreciation and amortization.

 

·Colombia: increased 28.2%, or Ps.101.7 million, mainly due to increases in maintenance and conservation, personnel costs, taxes and duties, security and cleaning services, insurance and surety bonds, concession fees, energy costs and depreciation and amortization, and professional fees.

 

Cost of Services increased 15.0%, or Ps.181.0 million, YoY mainly due to increases in personnel costs, surveillance and cleaning services, maintenance and conservation, professional fees, licenses, insurance and bonds, electric energy, and taxes and duties.

 

Construction Costs increased 96.6% YoY, or Ps.295.1 million. This was mainly driven by a YoY increases of 143.7%, or Ps.265.3 million, in construction costs in Mexico, and 26.1%, or Ps.30.9 million, in Puerto Rico, and 48.0%, or Ps.1.1 million, in construction costs in Colombia.

 

Administrative Expenses that reflect administrative costs in Mexico increased 22.2% YoY.

 

Consolidated Technical Assistance Costs decreased by 46.1% YoY, as the technical assistance fee in Mexico decreased from 5% to 2.5% as of January 1, 2024.

 

Concession Fees increased 71.4% YoY, on a consolidated basis, principally due to increases of 108.7% in Mexico due to an increase in the concession fee from 5% to 9% as of January 1, 2024, together with increases of 32.7% in Colombia and 14.0% in Puerto Rico as a result of higher regulated and unregulated revenues.

 

Depreciation and Amortization increased 15.7% YoY, or Ps.81.6 million, principally due to an increase of 13.1%, or Ps.34.4 million in Mexico, 13.7%, or Ps.13.1 million in Colombia and 21.2%, or Ps.34.1 million, in Puerto Rico.

 

 

Consolidated Operating Profit and EBITDA

 

ASUR reported a Consolidated Operating Profit of Ps.4,097.2 million in 3Q24, with an operating margin of 54.8%, compared to Ps.3,678.5 million and an operating margin of 58.0% in 3Q23.

 

Adjusted Operating Margin was 59.5% in 3Q24 compared to 61.0% in 3Q23. Adjusted Operating Margin excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Colombia, and Puerto Rico, which is calculated as operating profit or loss divided by total revenue minus revenue from construction services.

 

EBITDA increased 12.0%, or Ps.501.9 million, to Ps.4,700.4 million in 3Q24, from Ps.4,198.4 million in 3Q23. By country of operations, EBITDA increased by 10.7%, or Ps.351.9 million to Ps.3,635.5 million in Mexico, and 6.9%, or Ps.34.7 million, to Ps.538.3 million in Puerto Rico and 28.0%, or Ps.115.3 million, to Ps.526.6 million in Colombia.

 

Consolidated EBITDA margin in 3Q24 was 62.8% compared to 66.2% in 3Q23.

 

ASUR 3Q24 Page 4 of 24

 

 

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 68.3% in 3Q24, compared to 69.6% in 3Q23.

 

 

Comprehensive Financing Gain (Loss)

 

Table 5: Consolidated Comprehensive Financing Gain (Loss)        
               
  Third Quarter % Chg.   Nine-Months % Chg.
  2023 2024   2023 2024
Interest Income 294,770 483,133 63.9   856,500 1,264,930 47.7
Interest Expense (278,445) (230,360) (17.3)   (866,115) (591,859) (31.7)
Foreign Exchange Gain (Loss), Net 126,702 653,700 415.9   (705,190) 1,399,298 n/a
Total 143,027 906,473 533.8   (714,805) 2,072,369 n/a

 

In 3Q24 ASUR reported a Ps.906.5 million Consolidated Comprehensive Financing Gain, compared to a Ps.143.0 million gain in 3Q23. This variation is mainly attributed to a foreign exchange gain of Ps.653.7 million in 3Q24 compared to a foreign exchange gain of Ps.126.7 million in 3Q23.

 

The foreign exchange gain in 3Q24 resulted from the 7.6% quarter-end depreciation of the Mexican peso against the U.S. dollar on a U.S. dollar net asset position (3.7% average depreciation) during the covered period. The foreign exchange gain in 3Q23 resulted from the 1.6% quarter-end depreciation of the Mexican peso against the U.S. dollar on a U.S. dollar net asset position (0.5% average appreciation) during the covered period.

 

Interest income increased 63.9%, or Ps.188.4 million reflecting a higher cash balance position, while interest expenses declined 17.3%, or Ps.48.1 million resulting from principal payments made in connection to indebtedness incurred in Mexico and Puerto Rico, and the Ps.10.3 million the amortization of the bank facility in Colombia.

 

 

Income Taxes

 

Income Taxes for 3Q24 increased Ps.520.0 million YoY, principally due to the following variations:

 

·A Ps.398.7 million increase in income taxes, mainly due to a higher taxable income base in Mexico and Colombia.

 

·A Ps.121.2 million increase in deferred income taxes, mainly in Mexico, resulting from the initial recognition of deferred income tax on untaxed accumulated profits from investments in Puerto Rico and Colombia.

 

 

Net Majority Income

 

During 3Q24, ASUR reported a Net Majority Income of Ps.3,381.2 million, an increase from the Ps.2,709.5 million net majority income in 3Q23. This resulted in earnings per common share in 3Q24 of Ps.11.2706, or earnings per ADS of US$ 5.7374 (one ADS represents ten (10) series B common shares), compared to earnings per share of Ps.9.0318, or earnings per ADS of US$4.5977 in 3Q23.

 

 

Net Income

 

ASUR reported Net Income of Ps.3,474.5 million in 3Q24, an increase of 23.8%, or Ps.667.4.0 million, from Ps.2,807.1 million in 3Q23.

 

 

Consolidated Financial Position

 

Airport concessions represented 67.2% of ASUR´s total assets as of September 30, 2024, with current assets representing 30.3% and other assets 2.5%.

 

ASUR 3Q24 Page 5 of 24

 

 

As of September 30, 2024, cash and cash equivalents amounted to Ps.18,483.6 million, a 33.2% increase from Ps.13,872.9 million as of December 31 2023. Cash and cash equivalents in México, Colombia and Puerto Rico amounted to Ps.13,379.2 million, Ps.2,900.5 million and Ps.2,203.9 million, respectively.

 

As of September 30, 2024, 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.5,090.3 million, (ii) goodwill of Ps.938.5 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.509.0 million, and (iv) a minority interest of Ps.5,054.3 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 September 30, 2024: (i) the recognition of a net intangible asset of Ps.828.6 million, (ii) goodwill of Ps.1,541.0 million, (iii) deferred taxes of Ps.255.4 million, and (iv) a Ps.98.8

million recognition of bank loans at fair value.

 

As of September 30, 2024, Stockholders’ equity was Ps.57,896.0 million and total liabilities were Ps.20,534.2 million, representing 73.8% and 26.2% of ASUR’s total assets, respectively. Deferred liabilities represented 18.1% of ASUR’s total liabilities.

 

As of September 30, 2024, Total Debt increased by 3.3% to Ps.12,630.4 million from Ps. 12,224.8 million as of December 31, 2023, mainly reflecting: (i) the FX conversion impact of the Mexican peso depreciation against the U.S. dollar and the Colombian peso, and (ii) payment of principal amounts of outstanding debt of Ps.127.0 million in Puerto Rico.

 

As of September 30, 2024, 19.2% of ASUR’s Total Debt was denominated in Mexican pesos, 77.5% in U.S. Dollars (incurred by Aerostar in Puerto Rico) and 3.3% in Colombian pesos (debt incurred by 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 June 30, 2024, no credit line has been drawn under this facility.

 

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.

 

In July 2024, ASUR restructured its line of credit with BBVA Mexico so that the principal amount owed under this facility be paid on the maturity date on July 11, 2029. The annual interest rate is equivalent to the 28-day TIIE rate plus an applicable margin of 1.35 points.

 

LTM Net Debt-to-LTM EBITDA stood at negative 0.3x as of September 30, 2024, while the Interest Coverage Ratio was 12.1x. This compared to LTM Net Debt-to-LTM EBITDA of negative 0.3x and an Interest Coverage Ratio of 11.4x as of September 30, 2023, respectively.

 

Table 6: Consolidated Debt Indicators      
       
  September 30, 2023 December 31, 2023 September 30, 2024
Apalancamiento      
Total Debt/ LTM EBITDA (Times) 1 0.7 0.7 0.7
Total Net Debt/ LTM EBITDA (Times) 2 (0.3) (0.3) (0.3)
Interest Coverage Ratio 3 11.4 11.4 12.1
Total Debt 12,386,505 12,224,770 12,630,409
Short-term Debt 1,117,461 1,233,639 969,613
Long-term Debt 11,269,044 10,991,131 11,660,796
Cash & Cash Equivalents 16,917,191 13,872,897 18,483,601
Total Net Debt 4 (4,530,686) (1,648,127) (5,853,192)
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 3Q24 Page 6 of 24

 

 

Table 7: Consolidated Debt (million)              
               
  Aerostar Dls Cancun Airport M´Mxp $ Airplan M Col Ps  
Original Amount  350´M  200´M 50´M BBVA  2,000 Santander 2,650

Syindicated Loan

440,000

 
Interest Rate 5.75% 4.92% 6.75% TIIE + 1.35 pp TIIE +1.50 pp DTF + 4.00pp  
Principal Balance as of
September 30, 2024
264.8 200.0 42.0 1,750.0 675.0 67,897.2  
2024  -  -  -  -  -  -  
2025 13.6  -  -  - 675.0  -  
2026 15.0  -  -  -  - 30,499.7  
2027 16.6  -  -  -  - 37,397.5  
2028 16.2  -  -  -  -  -  
2029 17.3  -  - 1,750.0  -  -  
2030 20.9  -  -  -  -  -  
2031 27.0  -  -  -  -  -  
2032 34.4  -  -  -  -  -  
2033 38.5  -  -  -  -  -  
2034 42.6  -  -  -  -  -  
2035 22.6 200.0 42.0  -  -  -  
   

1 DTF is an average 90-day rate to which the credit facilities in Colombia are pegged.

The loans from Mexico were made in October 2017, with Bancomer and Santander. The bonds from Puerto Rico were issued in March 2013 and June 2015 (in May 2022 the maturity date was modified to 2035). The syndicated loan from Colombia was obtained in June 2015, with a grace period of three years. In April 2022, Airplan made capital payments for Cop. 100,000 million, and its next principal payment is due in September 2026. In July 2022, Aerostar issued senior secured notes for US$200,000 million due March 22, 2035. On November 30, 2022, March 29, 2023, and September 29, 2023 Cancun Airport prepaid Ps.650 million, Ps.662.5 million and Ps.662.5 million of the loan with Santander, respectively. Cancún Airport made capital payments of Ps.50 million of the BBVA loan on each of the following dates: April 14, 2023, July 14, 2023, October 13, 2023, January 15, 2024 and 15 April 2024.

*Expressed in the original currency of each loan.

 
                                       

 

Strong Liquidity Position and Healthy Debt Maturity Profile

 

ASUR closed 3Q24 with a solid financial position, with cash and cash equivalents totaling Ps.18,483.6 million and Ps.12,630.4 million in Total Debt.

 

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

 

Table 8: Liquidity Position as of September 30, 2024

Figures in thousands of Mexican Pesos      
Region of Operation Cash &
Equivalents
Total Debt Short-term Debt Long-term Debt Principal Payments
(Oct – Dec 2024)
 
 
Mexico 13,379,191 2,422,232 684,881 1,737,351 0  
Puerto Rico 2,203,881 9,788,372 282,420 9,505,952 0  
Colombia 2,900,529 419,805 2,312 417,493 0  
Total 18,483,601 12,630,409 969,613 11,660,796                                            -  
                   

 

Table 9: Debt Maturity Profile as of September 30, 2024
Figures in thousands of Mexican Pesos        
Region of Operation 2024 2025 2026 2027/2035
Mexico 0 675,000 0 1,750,000
Puerto Rico 0 267,198 294,538 9,392,857
Colombia 0 0 143,151 175,525
Total                             - 942,198 437,689 11,318,383
1 Figures in pesos converted at the exchange rate at the close of the quarter Ps.19.644 = US$1.00
2 Figures in pesos converted at the exchange rate at the close of the quarter of COP.213.06 = Ps.1.00
Note: Figures only reflect principal payments.        

 

ASUR 3Q24 Page 7 of 24

 

 

Table 10: Debt Ratios at June 30, 2024
LTM EBITDA and interest expense figures in thousands of Mexican Pesos
Region LTM EBITDA    LTM Interest
Expenses
Debt Coverage Ratio Minimum Coverage Requirement as per Agreements
Mexico 1 15,066,374 320,485 47.0 3.0
Puerto Rico 2 1,539,877 804,294 1.9 1.1
Colombia 3 1,419,596 360,839 3.9 1.2
Total 18,025,847 1,485,618 12.1  
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.1.5 billion and LTM Debt Service was Ps.804.3 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.1.4 billion million and Debt Service was Ps.360.8 million.

 

 

Accounts Receivables

 

Accounts receivables increased 26.3% YoY in 3Q24, mainly driven by increased activity in Mexico and Colombia.

 

On February 28 and March 29, 2023, Viva Colombia and Ultra Air in Colombia suspended operations. At the end of 3Q24, these two companies owed ASUR Ps.15.2 million and Ps.10.6 million, respectively and such amounts have been provisioned.

 

 

Table 11: Accounts Receivables at September 30, 2024      
Figures in thousands of Mexican Pesos      
Region 3Q23 3Q24 % Chg.
Mexico 1,648,195 2,031,717 23.3
Puerto Rico 32,188 78,128 142.7
Colombia 77,345 110,624 43.0
Total 1,757,728 2,220,469 26.3
Note: Net of allowance for bad debts.

 

 

Capital Expenditures

 

During 3Q24 ASUR made capital expenditures of Ps.1,042.4 million. Of this amount, Ps.876.7 million were allocated to modernizing the Company´s Mexican airports pursuant to its master development plans, Ps.164.5 million were invested by Aerostar in Puerto Rico and Ps.1.2 million were invested by Airplan in Colombia.

 

This compared to Ps.367.4 million invested in 3Q23, of which Ps.235.6 million were invested in Mexico, Ps.129.7 million in Puerto Rico and Ps.2.1 million in Colombia.

 

On an accumulated basis, ASUR made capital expenses for a total of Ps.1,861.8 million in 9M24, of which Ps.1,445.5 million were allocated to its Mexican airports, Ps.410.6 million invested by Aerostar in Puerto Rico and Ps.6.6 million invested by Airplan in Colombia.

 

This compares to a total of Ps.663.3 million invested in 9M23, of which Ps.387.1 million were allocated to its Mexican airports, Ps.267.3 million in Puerto Rico and Ps.8.9 million in Colombia.

 

ASUR 3Q24 Page 8 of 24

 

 

Review of Mexico Operations

 

Table 12: Mexico Revenues & Commercial Revenues Per Passenger        
               
  Third Quarter % Chg.   Nine-Months % Chg.
  2023 2024   2023 2024
Total Passenger 10,800 9,682 (10.4)   32,699 31,486 (3.7)
               
Total Revenues 4,598,604 5,386,401 17.1   13,914,883 16,461,179 18.3
Aeronautical Services 2,783,132 3,321,058 19.3   8,415,113 10,420,313 23.8
Non-Aeronautical Services 1,630,781 1,615,332 (0.9)   5,157,806 5,256,423 1.9
Construction Revenues 184,691 450,011 143.7   341,964 784,443 129.4
Total Revenues Excluding Construction Revenues 4,413,913 4,936,390 11.8   13,572,919 15,676,736 15.5
               
Total Commercial Revenues 1,468,051 1,442,905 (1.7)   4,629,062 4,705,227 1.6
Commercial Revenues from Direct Operations 272,072 256,292 (5.8)   903,593 877,082 (2.9)
Commercial Revenues Excluding Direct Operations 1,195,979 1,186,613 (0.8)   3,725,469 3,828,145 2.8
               
Total Commercial Revenues per Passenger 135.9 149.0 9.6   141.6 149.4 5.6
Commercial Revenues from Direct Operations per Passenger 1 25.2 26.5 5.1   27.6 27.9 0.8
Commercial Revenues Excl. Direct Operations per Passenger 110.7 122.6 10.7   113.9 121.6 6.7
 
For the purposes of this table, approximately 90.1 and 57.5 thousand transit and general aviation passengers are included in 3Q23 and 3Q24 respectively, while 217.6 and 170.9 thousand transit and general aviation passengers are included in 9M23 and 9M24.
1 Represents the operation of ASUR in its convenience stores in Mexico.
               

 

Mexico Revenues

 

Mexico Revenues increased 17.1% YoY to Ps.5,386.4 million, mainly reflecting the new terms of the Master Development Plan published on December 13, 2023, and effectively starting on January 1, 2024.

 

Excluding construction, revenues increased 11.8% YoY, mainly due to increases of 19.3% in revenues from aeronautical services and 0.9% in revenues from non-aeronautical services.

 

Commercial Revenues decreased by 1.7% YoY, as shown in Table 12, mainly due to the 10.4% decline in passenger traffic.

 

Commercial Revenues per Passenger for 3Q24 increased to Ps.149.0 from Ps.135.9 in 3Q23.

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 18 new commercial spaces, 8 at Merida, 2 each at Huatulco, Tapachula, and Veracruz airports, and 1 each at Oaxaca, Cozumel, Minatitlan, and Villahermosa airports. More details of these openings can be found on page 20 of this report.

 

Table 13: Mexico Commercial Revenue Performance     Table 14: Mexico Summary Retail and Other Commercial Space Opened since September 30,2023
       
Bussines Line YoY Chg   Type of Commercial Space 1 # Of Spaces Opened
3Q24 9M24  
Advertising 21.1% 15.5%   8 Others airports  
Car parking 11.3% 8.2%   Retail 2
Teleservices 4.7% (11.7%)   Banks and foreign exchange 1
Car rental 2.3% 17.3%   Food and Beverage 1
Other Revenues 0.0% (2.4%)   Car rental 14
Retail (1.7%) 0.0%   Mexico 18
Ground Transportation (1.9%) 6.1%      
Duty Free (2.8%) 0.8%      
Banks and foreign exchange (8.2%) (8.2%)      
Food and Beverage (8.2%) (2.9%)      
Total Commercial Revenues (1.7%) 1.6%      
           
        1 Only includes new stores opened during the period and excludes remodelings or contract renewals.

 

ASUR 3Q24 Page 9 of 24

 

 

Mexico Operating Costs and Expenses

 

Table 15: Mexico Operating Costs & Expenses              
               
  Third Quarter % Chg.   Nine-Months % Chg.
  2023 2024     2023 2024  
Cost of Services 673,343 725,215 7.7   1,986,077 2,158,821 8.7
Administrative 83,647 65,107 (22.2)   237,213 224,879 (5.2)
Technical Assistance 172,423 92,979 (46.1)   537,168 299,573 (44.2)
Concession Fees 200,941 419,309 108.7   612,768 1,310,820 113.9
Depreciation and Amortization 263,291 297,654 13.1   780,972 881,426 12.9
Operating Costs and Expenses Excluding Construction Costs 1,393,645 1,600,264 14.8   4,154,198 4,875,519 17.4
Construction Costs 184,691 450,011 143.7   341,964 784,443 129.4
Total Operating Costs & Expenses 1,578,336 2,050,275 29.9   4,496,162 5,659,962 25.9

 

 

Total Mexico Operating Costs and Expenses increased 29.9% YoY, or Ps.471.9 million. Excluding construction costs, operating costs and expenses increased 14.8%, or Ps.206.6 million, mainly due to higher concession fees, personnel expenses, professional fees, insurance and surety bond expenses, surveillance and cleaning services, and maintenance and conservation costs.

 

Cost of Services increased 7.7% YoY, primarily due to higher costs in connection with personnel, surveillance insurance and surety bond expenses, professional fees, surveillance and cleaning services, maintenance, and conservation

 

Administrative Expenses declined 22.2% YoY.

 

The Technical Assistance fee declined 46.1% YoY, principally due to the reduction in the technical assistance fees charged by ITA to 2.5% from 5.0% of the EBITDA generated by ASUR´s Mexican operations starting January 1, 2024.

 

Concession Fees, which include fees paid to the Mexican government, increased by 108.7% YoY, principally due to the increase in the concession fee rate to 9% from 5% starting January 1, 2024 and the increase in the tariff calculation base set forth in the Mexican concession titles.

 

Depreciation and Amortization increased 13.1% YoY, due to the recognition of investments made to date.

 

 

Mexico Consolidated Comprehensive Financing Gain (Loss)

 

Table 16: Mexico Comprehensive Financing Gain (Loss)        
               
  Third Quarter % Chg.   Nine-Months % Chg.
  2023 2024   2023 2024
Interest Income 192,076 379,449 97.6   593,265 974,746 64.3
Interest Expense (116,736) (86,226) (26.1)   (369,796) (268,074) (27.5)
Foreign Exchange Gain (Loss), Net 125,504 653,999 421.1   (705,867) 1,399,721 n/a
Total 200,844 947,222 371.6   (482,398) 2,106,393 n/a

 

 

During 3Q24, ASUR’s Mexico operations reported a Ps.947.2 million Comprehensive Financing Gain, compared to a Ps.200.8 million in 3Q23. This was mainly due to a Ps.654.0 million foreign exchange gain reported in 3Q24, resulting from the 7.6% quarter-end depreciation of the Mexican peso against the U.S. dollar on a foreign currency net asset position (3.7% average depreciation). This compared to a Ps.125.5 million foreign exchange gain in 3Q23, resulting from the 1.6% quarter-end depreciation of the Mexican peso during that period against the U.S. dollar on a foreign currency net asset position (0.5% average appreciation).

 

Interest income increased 97.6% YoY, or Ps.187.4 million, mainly resulting from a higher cash balance, while interest expenses declined 26.1%, or Ps.30.5 million YoY mainly due to principal payments in 2023 and 1H24.

 

ASUR 3Q24 Page 10 of 24

 

 

Mexico Operating Profit (Loss) and EBITDA

 

Table 17: Mexico Profit & EBITDA              
               
  Third Quarter % Chg.     Nine-Months % Chg.
  2023 2024   2023 2024
Total Revenue 4,598,604 5,386,401 17.1   13,914,883 16,461,179 18.3
Total Revenues Excluding Construction Revenues 4,413,913 4,936,390 11.8   13,572,919 15,676,736 15.5
Operating Profit 3,020,268 3,336,126 10.5   9,418,721 10,801,217 14.7
Operating Margin 65.7% 61.9% (374 bps)   67.7% 65.6% (207 bps)
Adjusted Operating Margin 1 68.4% 67.6% (84 bps)   69.4% 68.9% (49 bps)
Net Profit 2 2,339,130 2,931,370 25.3   6,467,395 8,785,776 35.8
EBITDA 3,283,562 3,635,458 10.7   10,199,944 11,684,320 14.6
EBITDA Margin 71.4% 67.5% (391 bps)   73.3% 71.0% (232 bps)
Adjusted EBITDA Margin 3 74.4% 73.6% (75 bps)   75.1% 74.5% (62 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 net profit of Ps.167.7 million and Ps.168.5 million from ASUR’s participation of Aerostar in 3Q24 and 3Q23, respectively, and Ps.320.8 million and Ps.237.1 million from ASUR’s participation in Airplan in 3Q24 and 3Q23, 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.3,336.1 million and an Operating Margin of 61.9% in 3Q24. This compared to an Operating Gain of Ps.3,020.3 million and an Operating Margin of 65.7% in 3Q23.

 

Adjusted Operating Margin for 3Q24 was 67.6% compared with 68.4% in 3Q23. Adjusted Operating Margin excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets and is calculated as operating profit divided by total revenues excluding construction services revenues.

 

EBITDA increased 10.7%, or Ps.351.9 million, to Ps.3,635.4 million in 3Q24, from Ps.3,283.6 million in 3Q23. EBITDA margin in 3Q24 was 67.5% compared to 71.4% in 3Q23.

 

Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets, was 73.6% in 3Q24, compared to 74.4% in 3Q23.

 

 

Mexico Tariff Regulation

 

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

 

ASUR’s accumulated regulated revenues at its Mexican operations, as of September 30, 2024 totaled Ps.10,771.8 million, with an average tariff per workload unit of Ps.311.3 (December 2023 Mexican pesos), representing approximately 68.7% 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.

 

 

Mexico Capital Expenditures

 

During 3Q24 ASUR invested Ps.876.7 million in connection with its plan to modernize its Mexican airports under its master development plans, compared to an investment of Ps.235.6 million in 3Q23. On an accumulated basis, capital investments in Mexican operations totaled Ps.1,444.5 million, compared to Ps.387.1 million in 3Q23.

 

 

Review of Puerto Rico Operations

 

The following discussion compares Aerostar’s independent results for the three and nine-month periods ended September 30, 2023 and 2024.

 

As of September 30, 2024, 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

 

ASUR 3Q24 Page 11 of 24

 

 

Ps.5,090.3 million, (ii) goodwill of Ps.938.5 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.509.0 million, and (iv) a minority interest of Ps.5,054.3 million in stockholders' equity.

 

Puerto Rico Revenues & Commercial Revenues Per Passenger        
Figures in thousands of Mexican Pesos              
  Third Quarter % Chg.   Nine-Months % Chg.
  2023 2024   2023 2024  
Total Passenger 3,171 3,317 4.6   9,277 10,048 8.3
               
Total Revenues 1,061,755 1,215,566 14.5   3,109,314 3,431,728 10.4
Aeronautical Services 499,347 557,791 11.7   1,536,581 1,578,686 2.7
Non-Aeronautical Services 443,749 508,195 14.5   1,337,269 1,486,485 11.2
Construction Revenues 118,659 149,580 26.1   235,464 366,557 55.7
Total Revenues Excluding Construction Revenues 943,096 1,065,986 13.0   2,873,850 3,065,171 6.7
               
Total Commercial Revenues 441,319 505,390 14.5   1,330,333 1,478,828 11.2
Commercial Revenues from Direct Operations 103,267 112,133 8.6   312,778 330,182 5.6
Commercial Revenues Excluding Direct Operations 338,052 393,257 16.3   1,017,555 1,148,646 12.9
               
Total Commercial Revenues per Passenger 139.2 152.4 9.5   143.4 147.2 2.6
Commercial Revenues from Direct Operations per Passenger 1 32.6 33.8 3.8   33.7 32.9 (2.6)
Commercial Revenues Excl. Direct Operations per Passenger 106.6 118.6 11.2   109.7 114.3 4.2
Figures in pesos at the average exchange rate Ps. 18.9265 = US. 1.00 for 3Q24 and for 9M24 the figures in pesos at the exchange rate of Ps.17.7221 = USD1.00
1 Represents ASUR´s operations in convenience stores in Puerto Rico.    
                         

 

 

Puerto Rico Revenues

 

Total Puerto Rico Revenues increased 14.5% YoY to Ps.1,215.6 million in 3Q24.

 

Excluding construction services, revenues increased by 13.0% YoY, mainly due to increases of 14.5% in revenues from non-aeronautical services and 11.7% in revenues from aeronautical services.

 

Commercial Revenues per Passenger were Ps.152.4 in 3Q24, compared to Ps.139.2 in 3Q23.

 

Five 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 20 of this report.

 

ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, 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, 2023
     
Bussines Line YoY Chg   Type of Commercial Space 1 # of Spaces
Opened
3Q24 3M24  
Ground Transportation 44.8% 29.5%   Food and beverage 2
Others revenues 30.3% 15.0%   Retail 3
Duty Free 18.4% 3.4%   Total Commercial space 5
Food and beverage 17.0% 19.5%      
Advertising 16.5% 9.3%      
Car rentals 15.8% 14.5%      
Banks and foreign exchange 14.8% 2.9%      
Car parking 11.6% 6.6%   1 Only includes new stores opened during the period and excludes remodelings or contract renewals.
Retail 10.0% 6.6%  
Total Commercial Revenues 14.5% 11.2%      
           

 

ASUR 3Q24 Page 12 of 24

 

 

Puerto Rico Costs & Expenses

 

Table 21: Puerto Rico Operating Costs & Expenses          
In thousands of Mexican pesos              
  Third Quarter % Chg.   Nine-Months % Chg.
  2023 2024   2023 2024
Cost of Services 394,542 476,392 20.7   926,222 1,310,161 41.5
Concession Fees 44,992 51,312 14.0   137,758 146,739 6.5
Depreciation and Amortization 160,668 194,800 21.2   489,736 523,066 6.8
Operating Costs and Expenses Excluding Construction Costs 600,202 722,504 20.4   1,553,716 1,979,966 27.4
Construction Costs 118,659 149,580 26.1   235,464 366,557 55.7
Total Operating Costs & Expenses 718,861 872,084 21.3   1,789,180 2,346,523 31.2
Figures in pesos at the average exchange rate Ps. 18.9265 = US. 1.00 for 3Q24 and for 9M24 the figures in pesos at the exchange rate of Ps.17.7221 = USD1.00
               

 

Total Operating Costs and Expenses for 3Q24 in Puerto Rico increased 21.3% YoY to Ps.872.1 million. Construction costs increased 26.1%, to Ps.149.6 million in 3Q24 from Ps.118.6 million in 3Q23.

 

Excluding construction costs, operating costs and expenses increased 20.4% YoY, or Ps.122.3 million, mainly due to foreign exchange gain from the Mexican peso depreciation against the US dollar, together with increases in personnel and energy costs, insurance and surety bonds, licenses, security costs, concession fees and depreciation and amortization.

 

Cost of Services increased 20.7%, or Ps.81.8 million in 3Q24, principally reflecting peso devaluation against the US dollar, together with higher personnel and energy costs, insurance and surety bonds, licenses, security services, professional fees, concession fees, and depreciation and amortization.

 

Concession Fees paid to the Puerto Rican government in 3Q24 increased 14.0% YoY, or Ps.6.3 million.

 

Depreciation and Amortization increased 21.2% YoY, or Ps.34.1 million, principally reflecting the foreign exchange translation impact.

 

 

Puerto Rico Comprehensive Financing Gain (Loss)

 

Table 22: Puerto Rico Comprehensive Financing Gain (Loss)
In thousands of Mexican pesos
  Third Quarter % Chg.   Nine-Months % Chg.
  2023 2024   2023 2024
Interest Income 42,569 39,357 (7.5)   107,497 100,520 (6.5)
Interest Expense (132,662) (140,752) 6.1   (418,540) (399,544) (4.5)
Total (90,093) (101,395) 12.5   (311,043) (299,024) (3.9)
Figures in pesos at the average exchange rate Ps. 18.9265 = US. 1.00 for 3Q24 and for 9M24 the figures in pesos at the exchange rate of Ps.17.7221 = USD1.00

 

During 3Q24, Puerto Rico reported a Ps.101.4 million Comprehensive Financing Loss, compared to a Ps.90.1 million loss in 3Q23, mainly due to 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 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 US$20 million revolving credit line with Banco Popular de Puerto Rico, now maturing on December 29, 2026. As of September 30, 2024, no amounts have been drawn under this credit line.

 

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

 

ASUR 3Q24 Page 13 of 24

 

 

Puerto Rico Operating Profit and EBITDA

 

 

Table 23: Puerto Rico Profit & EBITDA              
In thousands of Mexican pesos              
  Third Quarter % Chg.   Nine-Months % Chg.
  2023 2024   2023 2024
Total Revenue 1,061,755 1,215,566 14.5   3,109,314 3,431,728 10.4
Total Revenues Excluding Construction Revenues 943,096 1,065,986 13.0   2,873,850 3,065,171 6.7
Other Revenues              
Operating Profit 342,894 343,482 0.2   1,320,134 1,085,205 (17.8)
Operating Margin 32.3% 28.3% (404 bps)   42.5% 31.6% (1083 bps)
Adjusted Operating Margin1 36.4% 32.2% (414 bps)   45.9% 35.4% (1053 bps)
Net Income 244,031 233,409 (4.4)   980,491 759,682 (22.5)
EBITDA 503,561 538,280 6.9   1,557,505 1,608,270 3.3
EBITDA Margin 47.4% 44.3% (314 bps)   50.1% 46.9% (323 bps)
Adjusted EBITDA Margin2 53.4% 50.5% (290 bps)   54.2% 52.5% (173 bps)
Figures in pesos at the average exchange rate Ps. 18.9265 = US. 1.00 for 3Q24 and for 9M24 the figures in pesos at the exchange rate of Ps.17.7221 = USD1.00
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 increased 0.2% to Ps.343.5 million, resulting in an Operating Margin of 28.3%, compared to an operating profit of Ps.342.9 million and an Operating Margin of 32.3% in 3Q23.

 

EBITDA increased 6.9% to Ps.538.3 million in 3Q24 from Ps.503.6 million 3Q23. The EBITDA Margin declined to 44.3% in 3Q24 from 47.4% in 3Q23.

 

Adjusted EBITDA Margin (which excludes IFRIC 12) declined to 50.5% in 3Q24 from 53.4% in 3Q23.

 

 

Puerto Rico Capital Expenditures

 

During 3Q24, capital expenditures totaled Ps.164.5 million, compared to capital expenditures of Ps.129.6 million in 3Q23. On an accumulated basis, total capital expenditures increased to Ps.410.6 million in 9M24, compared to Ps.267.3 million in 9M23.

 

 

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 nine-month periods ended September 30, 2024 and 2023.

 

The valuation of ASUR’s investment in Airplan, in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on the balance sheet as of September 30, 2024: (i) the recognition of a net intangible asset of Ps.828.6 million, (ii) goodwill of Ps.1,541.0 million, (iii) deferred taxes of Ps.255.4 million, and (iv) a Ps.98.8 million recognition of bank loans at fair value.

 

ASUR 3Q24 Page 14 of 24

 

 

Table 24: Colombia Revenues & Commercial Revenues Per Passenger                                                  
In thousands of Mexican pesos              
  Third Quarter % Chg.   Nine-Months % Chg.
  2023 2024   2023 2024
Total Passengers 3,865 4,459 15.4   11,408 12,563 10.1
               
Total Revenues 678,492 881,326 29.9   1,920,506 2,419,303 26.0
Aeronautical Services 508,210 648,231 27.6   1,427,389 1,785,660 25.1
Non-Aeronautical Services 167,974 231,895 38.1   484,019 627,379 29.6
Construction Revenues 1 2,308 1,200 (48.0)   9,098 6,264 (31.1)
Total Revenues Excluding Construction Revenues 676,184 880,126 30.2   1,911,408 2,413,039 26.2
               
Total Commercial Revenues 167,910 231,895 38.1   481,526 626,409 30.1
               
Total Commercial Revenues per Passenger 43.4 52.0 19.8   42.2 49.9 18.2
Figures in Mexican pesos at an average exchange rate of COP.216.2288 = Ps.1.00 Mexican pesos for 3Q24 and COP.224.6702 = Ps.1.00 for 9M24.  
For the purposes of this table, approximately 128.9 and 144.2 thousand transit and general aviation passengers are included in 3Q23 and 3Q24 while 396.8 and 344.7 thousand transit and general aviation passengers are included in 9M23 and 9M24.  
                 

 

Colombia Revenues

 

Total Revenues in Colombia increased 29.9% YoY to Ps.881.3 million. Excluding construction services, revenues increased 30.2% YoY, principally reflecting the increase in total passenger traffic during the period.

 

Commercial Revenue per Passenger was Ps.52.0 compared to Ps.43.3 in 3Q23.

 

As shown in Table 26, during the past twelve-months a total of 31 new commercial spaces were opened in Colombia: 13 in Rionegro, 9 in Olaya Herrera, 3 each in Montería and Quibdó, 2 in the Service Center and 1 in Corozal. Further details of these openings can be found on page 20 of this report.

 

ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, 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 September 30, 2023
         
Bussines Line YoY Chg   Type of Commercial Space 1 # of Spaces Opened
3Q24 9M24  
Duty free 63.3% 47.9%   Food and beverage 6
Retail 29.9% 20.2%   Retail 1
Car rental (11.2%) (5.0%)   Banks and foreign exchange 1
Banks and foreign exchange 20.0% 21.5%   Others revenues 23
Advertising 40.3% 53.6%   Total Commercial Spaces 31
Teleservices (7.5%) (7.2%)      
Ground Transportation 133.5% 1.5%      
Food and beverage 43.4% 33.5%      
Car parking 24.5% 25.7%   1 Only includes new stores opened during the period and excludes remodelings or contract renewals.
Others revenues 38.6% 30.4%  
Total Commercial Revenues 38.1% 30.1%      

 

 

Colombia Costs & Expenses

 

Table 27:  Colombia Costs & Expenses              
In thousands of Mexican pesos              
  Third Quarter % Chg.   Nine-Months % Chg.
  2023 2024   2023 2024
Cost of Services 138,489 185,814 34.2   414,730 513,287 23.8
Technical Assistance 126,366 167,677 32.7   364,966 459,155 25.8
Concession Fees 95,957 109,069 13.7   274,305 307,698 12.2
Depreciation and Amortization 360,812 462,560 28.2   1,054,001 1,280,140 21.5
Operating Costs and Expenses Excluding Construction Costs 2,308 1,200 (48.0)   9,098 6,264 (31.1)
Construction Costs 363,120 463,760 27.7   1,063,099 1,286,404 21.0
Total Operating Costs & Expenses 138,489 185,814 34.2   414,730 513,287 23.8
Figures in Mexican pesos at an average exchange rate of COP.216.2288 = Ps.1.00 Mexican pesos for 3Q24 and COP.224.6702 = Ps.1.00 for 9M24.
               

 

ASUR 3Q24 Page 15 of 24

 

 

Total Operating Costs and Expenses in Colombia increased 27.7% YoY to Ps.463.8 million. Excluding construction costs, operating costs and expenses increased 28.2% YoY to Ps.462.6 million, principally due to increases in maintenance and conservation, personnel, taxes and duties, security and cleaning, professional fees, insurance and surety bond costs, concession fees and energy costs.

 

Cost of Services increased 34.2% YoY, or Ps.47.3 million, principally resulting from higher maintenance and conservation costs, personnel expenses, professional fees, taxes and duties, as well as security, cleaning, surety bond costs, and energy costs.

 

Construction Costs decreased by 48.0% YoY, or Ps.1.1 million.

 

Concession Fees, which include fees paid to the Colombian government, increased 32.7% YoY, principally due to the increase in regulated and non-regulated revenues during the period.

 

Depreciation and Amortization increased 13.7% YoY.

 

 

Colombia Comprehensive Financing Gain (Loss)

 

Table 28: Colombia, Comprehensive Financing Gain (Loss)
In thousands of Mexican pesos
  Third Quarter % Chg.   Nine-Months % Chg.
  2023 2024   2023 2024
Interest Income 60,125 64,327 7.0   155,738 189,664 21.8
Interest Expense (29,047) (3,382) (88.4)   (77,779) 75,759 n/a
Foreign Exchange Gain (Loss), Net 1,198 (299) n/a   677 (423) n/a
Total 32,276 60,646 87.9   78,636 265,000 237.0
Figures in Mexican pesos at an average exchange rate of COP.216.2288 = Ps.1.00 Mexican pesos for 3Q24 and COP.224.6702 = Ps.1.00 for 9M24.

 

During 3Q24, Colombia reported a Ps.60.6 million Comprehensive Financing Gain, compared to a Ps.32.3 million gain in 3Q23. Interest expenses declined by Ps.25.7 million, mainly due to the payment of the principal amounts due under the COP 100,000 million syndicated loan in April 2024, and a Ps.10.3 million benefit obtained from the amortization of the fair value of the loan originated by the acquisition of the Colombia business. Interest income increased 7.0%, or Ps.4.2 million, reflecting a higher cash position and rates.

 

 

Colombia Operating Profit (Loss) and EBITDA

 

Table 29:  Colombia Profit & EBITDA              
In thousands of Mexican pesos              
  Third Quarter % Chg.   Nine-Months % Chg.
  2023 2024   2023 2024  
Total Revenues 678,492 881,326 29.9   1,920,506 2,419,303 26.0
Total Revenues Excluding Construction Revenues 676,184 880,126 30.2   1,911,408 2,413,039 26.2
Operating Profit 315,372 417,566 32.4   857,407 1,132,899 32.1
Operating Margin 46.5% 47.4% 90 bps   44.6% 46.8% 218 bps
Adjusted Operating Margin1 46.6% 47.4% 80 bps   44.9% 46.9% 209 bps
Net Profit 223,982 309,775 38.3   610,915 895,263 46.5
EBITDA 411,329 526,635 28.0   1,131,711 1,440,597 27.3
EBITDA Margin 60.6% 59.8% (87 bps)   58.9% 59.5% 62 bps
Adjusted EBITDA Margin2 60.8% 59.8% (99 bps)   59.2% 59.7% 49 bps
               
Figures in Mexican pesos at an average exchange rate of COP.216.2288 = Ps.1.00 Mexican pesos for 3Q24 and COP.224.6702 = Ps.1.00 for 9M24.
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's Colombian operations reported an Operating Profit of Ps.417.6 million in 3Q24, compared to Ps.315.4 million in 3Q23. Operating margin was 47.4% in 3Q24, compared to 46.5% in 3Q23. The Adjusted operating margin, which excludes the effect of IFRIC12 with respect to construction or improvements to concessioned assets, increased to 47.4% in 3Q24 from 46.6% in 3Q23.

 

EBITDA in 3Q24 was Ps.536.6 million, resulting in an EBITDA margin of 59.8%. This compared to an EBITDA of Ps.411.3 million and an EBITDA margin of 60.6% in 3Q23.

 

ASUR 3Q24 Page 16 of 24

 

 

The Adjusted EBITDA Margin, which excludes the effect of IFRIC12 with respect to the construction or improvements of the concessioned assets was 59.8% in 3Q24, compared to 60.8% in 3Q23, principally reflecting the 30.2% YoY increase in revenues while costs increased 28.2%.

 

 

Colombia Capital Expenditures

 

Capital expenditures in Colombia amounted to Ps.1.2 million in 3Q24 compared to Ps.2.1 million in 3Q23. During 9M24 capital expenditures totaled Ps.6.6 million compared to Ps.8.8 million in 9M23.

 

 

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 3Q24, regulated revenues in Colombia amounted to Ps.648.2 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 of, 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, as an alternative to cash flow or 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 of, 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 of, 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,

 

ASUR 3Q24 Page 17 of 24

 

 

as an alternative to cash flow or as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.

 

 

About ASUR

Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain, and develop 16 airports in the Americas. These comprise nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination in Mexico, the Caribbean, and Latin America, and six airports in northern Colombia, including José María Córdova International Airport (Rionegro), the second busiest airport in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan’s Airport is the island’s primary gateway for international and mainland-US destinations and was the first and currently the only major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program. Headquartered in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) series B shares. For more information, visit www.asur.com.mx

 

 

Analyst Coverage

In accordance with 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. 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 3Q24 Page 18 of 24

 

 

Passenger Traffic Breakdown by Airport
                 
Mexico Passenger Traffic 1              
    Third Quarter % Chg   Nine - Months % Chg
    2023 2024   2023 2024
Domestic Traffic 5,710,008 5,255,435 (8.0)   15,759,432 14,767,525 (6.3)
CUN Cancun 3,250,730 2,789,025 (14.2)   8,853,792 7,653,937 (13.6)
CZM Cozumel 64,665 64,134 (0.8)   142,592 182,858 28.2
HUX Huatulco 192,141 183,825 (4.3)   618,438 539,971 (12.7)
MID Merida 832,876 862,495 3.6   2,445,615 2,461,397 0.6
MTT Minatitlan 37,573 39,283 4.6   97,285 106,053 9.0
OAX Oaxaca 410,747 384,293 (6.4)   1,075,145 1,125,579 4.7
TAP Tapachula 143,588 151,231 5.3   390,730 450,659 15.3
VER Veracruz 432,639 408,120 (5.7)   1,157,052 1,155,154 (0.2)
VSA Villahermosa 345,049 373,029 8.1   978,783 1,091,917 11.6
International Traffic 5,000,213 4,369,475 (12.6)   16,721,911 16,547,435 (1.0)
CUN Cancun 4,727,348 4,086,010 (13.6)   15,762,850 15,459,648 (1.9)
CZM Cozumel 89,313 67,132 (24.8)   356,914 376,282 5.4
HUX Huatulco 5,315 5,396 1.5   80,422 105,301 30.9
MID Mérida 75,123 86,426 15.0   244,222 275,022 12.6
MTT Minatitlan 2,297 2,239 (2.5)   6,245 5,633 (9.8)
OAX Oaxaca 60,713 68,515 12.9   162,345 183,913 13.3
TAP Tapachula 3,758 3,403 (9.4)   13,201 9,853 (25.4)
VER Veracruz 28,386 42,367 49.3   74,717 106,823 43.0
VSA Villahermosa 7,960 7,987 0.3   20,995 24,960 18.9
Total Traffic México 10,710,221 9,624,910 (10.1)   32,481,343 31,314,960 (3.6)
CUN Cancun 7,978,078 6,875,035 (13.8)   24,616,642 23,113,585 (6.1)
CZM Cozumel 153,978 131,266 (14.8)   499,506 559,140 11.9
HUX Huatulco 197,456 189,221 (4.2)   698,860 645,272 (7.7)
MID Merida 907,999 948,921 4.5   2,689,837 2,736,419 1.7
MTT Minatitlan 39,870 41,522 4.1   103,530 111,686 7.9
OAX Oaxaca 471,460 452,808 (4.0)   1,237,490 1,309,492 5.8
TAP Tapachula 147,346 154,634 4.9   403,931 460,512 14.0
VER Veracruz 461,025 450,487 (2.3)   1,231,769 1,261,977 2.5
VSA Villahermosa 353,009 381,016 7.9   999,778 1,116,877 11.7
                 
US Passenger Traffic, San Juan Airport (LMM)            
    Third Quarter % Chg   Nine - Months % Chg
    2023 2024   2023 2024
SJU Total 1 3,171,077 3,316,577 4.6   9,276,974 10,047,837 8.3
Domestic Traffic   2,811,581 2,882,815 2.5   8,304,336 8,891,739 7.1
International Traffic 359,496 433,762 20.7   972,638 1,156,098 18.9
                 
Colombia, Passenger Traffic Airplan            
    Third Quarter % Chg   Nine - Months % Chg
    2023 2024   2023 2024
Domestic Traffic 2,950,844 3,352,638 13.6   8,850,024 9,551,303 7.9
MDE Medellín (Rionegro) 2,163,768 2,545,646 17.6   6,572,034 7,153,886 8.9
EOH Medellín 339,060 310,736 (8.4)   908,002 909,606 0.2
MTR Montería 300,592 355,256 18.2   938,411 1,076,651 14.7
APO Carepa 51,095 44,468 (13.0)   151,936 132,117 (13.0)
UIB Quibdó 89,866 82,415 (8.3)   261,181 248,976 (4.7)
CZU Corozal 6,463 14,117 118.4   18,460 30,067 62.9
International Traffic 785,457 962,300 22.5   2,161,205 2,666,878 23.4
MDE Medellín (Rionegro) 785,457 962,300 22.5   2,161,205 2,666,878 23.4
EOH Medellín                                   -                                     -                                   -                                    -                                     -                                    -
MTR Montería                                   -                                     -                                   -                                    -                                     -                                    -
APO Carepa                                   -                                     -                                   -                                    -                                     -                                    -
UIB Quibdó                                   -                                     -                                   -                                    -                                     -                                    -
CZU Corozal                                   -                                     -                                   -                                    -                                     -                                    -
Total Traffic Colombia 3,736,301 4,314,938 15.5   11,011,229 12,218,181 11.0
MDE Medellín (Rionegro) 2,949,225 3,507,946 18.9   8,733,239 9,820,764 12.5
EOH Medellín 339,060 310,736 (8.4)   908,002 909,606 0.2
MTR Montería 300,592 355,256 18.2   938,411 1,076,651 14.7
APO Carepa 51,095 44,468 (13.0)   151,936 132,117 (13.0)
UIB Quibdó 89,866 82,415 (8.3)   261,181 248,976 (4.7)
CZU Corozal 6,463 14,117 118.4   18,460 30,067 62.9
                 
1 Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, and SJU include transit passengers and general aviation.

 

ASUR 3Q24 Page 19 of 24

 

 

Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Commercial Spaces
     
ASUR Retail and Other Commercial Space Opened since September 30, 20231  
Business Name Type Opening Date
MEXICO
Cancun
     
Cozumel
Fleet Car Company Mx Car Rental December 2023
Huatulco
LL Mex, SA de CV Car Rental April 2024
LL Mex, SA de CV (Terreno) Car Rental April 2024
Mérida
Máxima Distinción "EMWA" Retail October 2023
Cloe Moda Retail October 2023
LL Mex, SA de CV Car Rental November 2023
LL Mex, SA de CV Car Rental January 2024
Corporativo de la Torre & Zambrano Car Rental March 2024
Flee Car Company MX, S.A. DE C.V.(EUROPCAR) Car Rental September 2024
BBVA México, S.A. Banks and foreign exchange September 2024
Mera Aeropuertos Food and Beverage September 2024
Minatitlán
LL Mex, SA de CV (Terreno) Car Rental April 2024
Oaxaca
LL Mex, SA de CV Car Rental November 2023
Tapchula
LL Mex, SA de CV Car Rental April 2024
LL Mex, SA de CV (Terreno) Car Rental June 2024
Veracruz
LL Mex, SA de CV Car Rental November 2023
LL Mex, SA de CV (Terreno) Car Rental April 2024
Villahermosa
LL Mex, SA de CV (Terreno) Car Rental April 2024
SAN JUAN, PUERTO RICO    
To Go Food and Beverage November 2023
Landshark Food and Beverage January 2024
Morena Mía Retail January 2024
Morena Mía Retail February 2024
Morena Mía Retail July 2024
COLOMBIA    
Rionegro    
Taca nternational Airlines S.A. sucursal Colombia Other Revenues October 2023
Avianca Ecuador S.A. sucursal Colombia Other Revenues October 2023
Avianca Costa Rica S.A. sucursal Colombia Other Revenues October 2023
Pasar Express SAS Other Revenues November 2023
Aerorepublica S A Other Revenues November 2023
Jetsmart Airlines S.A.S. Other Revenues November 2023
Local Co S.A.S Other Revenues December 2023
Corporación del lago S.A.S. Food and Beverage December 2023
Jetsmart Airlines SPA Sucursal Other Revenues January 2024
Avior Airlines Colombia C.A. Other Revenues May 2024
Avior Airlines Colombia C.A. Other Revenues May 2024
Jetsmart Airlines SPA Sucursal Other Revenues June 2024
Primeair S.A. Other Revenues June 2024
Olaya herrera    
Corporación del lago S.A.S. Food and Beverage December 2023
Aviation Support & MAaintenance Company S.A.S. Other Revenues December 2023
Sociedad Aeronautica de Santander S.A.S. Other Revenues January 2024
Helisur S.A.S. Other Revenues January 2024
Departamento de Antioquia Other Revenues February 2024
Fondo de Valorización del Municipio de Medellín Other Revenues February 2024
Central Aerospace S.A.S. Other Revenues February 2024
Novaventa S.A.S. Food and Beverage May 2024
BBI COLOMBIA S.A.S. Food and Beverage August 2024
Montería
Corporación del lago S.A.S Food and Beverage December 2023
Sociedad Aeronautica de Integración Tecnica S.A.S. Other Revenues February 2024
Grupo Divitae S.A.S. Food and Beverage May 2024
Quibdó
Clic AIR S.A. Other Revenues October 2023
Late Choco Fabrica Artesanal de Chocolates Retail December 2023
Fundación Patrulla Aerea del Choco Other Revenues February 2024
Corozal
Moon Flights S.A.S. Other Revenues July 2024
Centro de Servicios
Bancolombia S.A. Banks and foreign exchange October 2023
Icetex Other Revenues December 2023
     
* Only includes new stores opened during the period and excludes remodelings or contract renewals.

 

ASUR 3Q24 Page 20 of 24

 

 

Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Operating Results per Airport
Thousands of mexican pesos
               
Item 3Q
2023
3Q 2023 Per
Workload Unit
3Q
2024
3Q 2024 Per
Workload Unit
  YoY %
Chg.
Per Workload
Unit YoY %
Chg.
Mexico              
Cancun 1            
Aeronautical Revenues 1,979,947 245.3 2,439,789 350.6   23.2 42.9
Non-Aeronautical Revenues 1,497,050 185.4 1,456,474 209.3   (2.7) 12.9
Construction Services Revenues 47,596 5.9 330,762 47.5   594.9 705.1
Total Revenues 3,524,593 436.6 4,227,025 607.4   19.9 39.1
Operating Profit 2,381,474 295.0 2,399,664 344.9   0.8 16.9
EBITDA 2,552,796 316.2 2,584,524 371.4   1.2 17.5
Merida            
Aeronautical Revenues 280,238 287.4 292,302 388.7   4.3 35.2
Non-Aeronautical Revenues 58,292 59.8 65,791 87.5   12.9 46.3
Construction Services Revenues 17,057 17.5 22,526 30.0   32.1 71.4
Other 2 24                                       - 25                                       -   4.2 n/a
Total Revenues 355,611 364.7 380,644 506.2   7.0 38.8
Operating Profit 202,965 208.2 188,973 251.3   (6.9) 20.7
EBITDA 224,326 230.1 224,723 298.8   0.2 29.9
Villahermosa            
Aeronautical Revenues 102,924 281.2 121,285 290.9   17.8 3.4
Non-Aeronautical Revenues 18,899 51.6 21,817 52.3   15.4 1.4
Construction Services Revenues 19,789 54.1 9,648 23.1   (51.2) (57.3)
Other 2 24 0.1 24 0.1                              -                                       -
Total Revenues 141,636 387.0 152,774 366.4   7.9 (5.3)
Operating Profit 64,620 176.6 77,088 184.9   19.3 4.7
EBITDA 76,616 209.3 89,965 215.7   17.4 3.1
Other Airports 3            
Aeronautical Revenues 420,023 282.1 467,682 135.5   11.3 (52.0)
Non-Aeronautical Revenues 56,540 38.0 71,250 20.6   26.0 (45.8)
Construction Services Revenues 100,249 67.3 87,075 25.2   (13.1) (62.6)
Other 2 88 0.1 62                                       -   (29.5) (100.0)
Total Revenues 576,900 387.5 626,069 181.3   8.5 (53.2)
Operating Profit 249,378 167.5 278,397 80.6   11.6 (51.9)
EBITDA 307,987 206.8 344,239 99.7   11.8 (51.8)
Holding & Service Companies 4            
Construction Services Revenues                              - n/a                              - n/a   n/a n/a
Other 2 133,091 n/a 398,076 n/a   199.1 n/a
Total Revenues 133,091 n/a 398,076 n/a   199.1 n/a
Operating Profit 121,831 n/a 392,004 n/a   221.8 n/a
EBITDA 121,837 n/a 392,007 n/a   221.7 n/a
Consolidation Adjustment Mexico            
Consolidation Adjustment (133,226) n/a (398,187) n/a   198.9 n/a
Total Mexico            
Aeronautical Revenues 2,783,132 255.3 3,321,058 286.8   19.3 12.3
Non-Aeronautical Revenues 1,630,781 149.6 1,615,332 139.5   (0.9) (6.8)
Construction Services Revenues 184,691 16.9 450,011 38.9   143.7 130.2
Total Revenues 4,598,604 421.8 5,386,401 465.2   17.1 10.3
Operating Profit 3,020,268 277.0 3,336,126 288.1   10.5 4.0
EBITDA 3,283,562 301.2 3,635,458 314.0   10.7 4.2
San Juan Puerto Rico, US 5              
Aeronautical Revenues 499,347 n/a 557,791 n/a   11.7 n/a
Non-Aeronautical Revenues 443,749 n/a 508,195 n/a   14.5 n/a
Construction Services Revenues 118,659 n/a 149,580 n/a   26.1 n/a
Total Revenues 1,061,755 n/a 1,215,566 n/a   14.5 n/a
Operating Profit 342,894 n/a 343,482 n/a   0.2 n/a
EBITDA 503,561 n/a 538,280 n/a   6.9 n/a
Consolidation Adjustment San Juan            
Consolidation Adjustment                              - n/a                              - n/a   n/a n/a
Colombia 6              
Aeronautical Revenues 508,210 n/a 648,231 n/a   27.6 n/a
Non-Aeronautical Revenues 167,974 n/a 231,895 n/a   38.1 n/a
Construction Services Revenues 2,308 n/a 1,200 n/a   (48.0) n/a
Total Revenues 678,492 n/a 881,326 n/a   29.9 n/a
Operating Profit 315,372 n/a 417,566 n/a   32.4 n/a
EBITDA 411,329 n/a 526,635 n/a   28.0 n/a
Consolidation Adjustment Colombia            
Consolidation Adjustment                              - n/a                              - n/a   n/a n/a
CONSOLIDATED ASUR              
Aeronautical Revenues 3,790,689 n/a 4,527,080 n/a   19.4 n/a
Non-Aeronautical Revenues 2,242,504 n/a 2,355,422 n/a   5.0 n/a
Construction Services Revenues 305,658 n/a 600,791 n/a   96.6 n/a
Total Revenues 6,338,851 n/a 7,483,293 n/a   18.1 n/a
Operating Profit 3,678,534 n/a 4,097,174 n/a   11.4 n/a
EBITDA 4,198,452 n/a 4,700,373 n/a   12.0 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 3Q2024.
6 Reflects the results of operation of  Airplan, Colombia, for 3Q2024.

 

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Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statements of Financial Position as of September 30, 2024 and December 31, 2023
Thousands of mexican pesos
         
Item September 2024 December 2023 Variation %
Assets        
Current Assets        
Cash and Cash Equivalents 18,483,601 13,872,897 4,610,704 33.2
Cash and Cash Equivalents Restricted 1,919,764 1,615,400 304,364 18.8
Accounts Receivable, net 2,220,469 2,317,818 (97,349) (4.2)
Document Receivable 100,696 100,696  -  -
Recoverable Taxes and Other Current Assets 1,043,403 826,386 217,017 26.3
Total Current Assets 23,767,933 18,733,197 5,034,736 26.9
         
Non Current Assets        
Investment in Financial Instrument 1,475,849 1,818,949 (343,100) (18.9)
Machinery, Furniture and Equipment, net 229,621 184,016 45,605 24.8
Intangible Assets, Airport Concessions and Goodwill-Net 52,666,131 49,310,063 3,356,068 6.8
investment in Joint Venture 290,712 296,199 (5,487) (1.9)
Total  Assets 78,430,246 70,342,424 8,087,822 11.5
         
Liabilities and Stockholders' Equity        
Current Liabilities        
Trade Accounts Payable 281,342 306,548 (25,206) (8.2)
Bank Loans and Short Term Debt 969,613 1,233,639 (264,026) (21.4)
Accrued Expenses and Others Payables 3,862,788 3,287,040 575,748 17.5
Total Current Liabilities 5,113,743 4,827,227 286,516 5.9
         
Long Term Liabilities        
Bank Loans 2,154,844 2,586,932 (432,088) (16.7)
Long Term Debt 9,505,952 8,404,199 1,101,753 13.1
Deferred Income Taxes 3,721,873 2,897,858 824,015 28.4
Employee Benefits 37,792 35,010 2,782 7.9
Total Long Term Liabilities 15,420,461 13,923,999 1,496,462 10.7
         
Total Liabilities 20,534,204 18,751,226 1,782,978 9.5
         
Stockholders' Equity        
Capital Stock 7,767,276 7,767,276  -  -
Legal Reserve 2,542,227 2,542,227  -  -
Mayority Net Income for the Period 10,136,848 10,203,713 (66,865) (0.7)
Cumulative Effect of Conversion of Foreign Currency (130,962) (1,619,693) 1,488,731 (92)
Retained Earnings 29,977,738 26,051,825 3,925,913 15.1
Non- Controlling interests 7,602,915 6,645,850 957,065 14.4
Total Stockholders' Equity 57,896,042 51,591,198 6,304,844 12.2
         
Total Liabilities and Stockholders' Equity 78,430,246 70,342,424 8,087,822 11.5
Exchange Rate per Dollar Ps. 19.644        

 

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Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Income from January 1 to September 30,  2024 and 2023
Thousands of mexican pesos
               
Item 9M 9M %   3Q 3Q %
2023 2024 Chg   2023 2024 Chg
Revenues              
Aeronautical Services 11,379,083 13,784,659 21.1   3,790,689 4,527,080 19.4
Non-Aeronautical Services 6,979,094 7,370,287 5.6   2,242,504 2,355,422 5.0
Construction Services 586,526 1,157,264 97.3   305,658 600,791 96.6
Total Revenues 18,944,703 22,312,210 17.8   6,338,851 7,483,293 18.1
               
Operating Expenses              
Cost of Services 3,327,029 3,982,269 19.7   1,206,374 1,387,421 15.0
Cost of Construction 586,526 1,157,264 97.3   305,658 600,791 96.6
General and Administrative Expenses 237,213 224,879 (5.2)   83,647 65,107 (22.2)
Technical Assistance 537,168 299,573 (44.2)   172,423 92,979 (46.1)
Concession Fee 1,115,492 1,916,714 71.8   372,299 638,298 71.4
Depreciation and Amortization 1,545,013 1,712,190 10.8   519,916 601,523 15.7
Total Operating Expenses 7,348,441 9,292,889 26.5   2,660,317 3,386,119 27.3
               
Other Revenues              
               
Operating Income 11,596,262 13,019,321 12.3   3,678,534 4,097,174 11.4
               
Comprehensive Financing Cost (714,805) 2,072,369 (389.9)   143,027 906,473 533.8
               
Income from investment results Accounted by the Equity Method (6,275) (5,492) (12.5)   (6,275) (986) (84.3)
               
Income Before Income Taxes 10,875,182 15,086,198 38.7   3,815,286 5,002,661 31.1
               
Provision for Income Tax 2,675,802 4,047,573 51.3   969,514 1,368,257 41.1
Deferred Income Taxes 140,579 597,904 325.3   38,629 159,850 313.8
               
Net Income for the Year 8,058,801 10,440,721 29.6   2,807,143 3,474,554 23.8
               
Majority Net Income 7,666,605 10,136,848 32.2   2,709,532 3,381,190 24.8
Non-Controlling Interests 392,196 303,873 (22.5)   97,611 93,364 (4.4)
               
Earning per Share 25.5554 33.7895 32.2   9.0318 11.2706 24.8
Earning per American Depositary Share (in U.S. Dollars) 13.0092 17.2009 32.2   4.5977 5.7374 24.8
Exchange Rate per Dollar Ps. 19.644              

 

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Grupo Aeroportuario del Sureste, S.A.B. de C.V.
 Consolidated Statement of Cash Flow for the periods from January 1, to September 30, 2024 and 2023
Thousands of mexican pesos
               
Item 9M 9M %   3Q 3Q %
2023 2024 Chg   2023 2024 Chg
Operating Activities              
Income Before Income Taxes 10,875,182 15,086,198 38.7   3,815,286 5,002,661 31.1
               
Depreciation and Amortization 1,545,013 1,712,190 10.8   519,916 601,523 15.7
Income from Results of Joint Venture Accounted by the Equity Method 6,275 5,492 (12.5)   6,275 986 (84.3)
Interest Income (856,499) (1,264,930) 47.7   (294,769) (483,133) 63.9
Interest Payables 866,115 591,859 (31.7)   278,445 230,360 (17.3)
Foreign Exchange Gain (loss), Net Unearned 708,251 (1,352,580) (291.0)   (95,257) (723,616) 659.6
Sub-Total 13,144,337 14,778,229 12.4   4,229,896 4,628,781 9.4
Trade Receivables 787,060 258,865 (67.1)   146,082 310,811 112.8
Recoverable Taxes and other Current Assets 37,023 (465,427) (1,357.1)   84,645 (56,143) (166.3)
Income Tax Paid (2,894,823) (3,643,457) 25.9   (791,616) (1,092,722) 38.0
Trade Accounts Payable (524,177) 178,103 (134.0)   (18,169) 4,569 (125.1)
               
Net Cash Flow Provided by Operating Activities 10,549,420 11,106,313 5.3   3,650,838 3,795,296 4.0
               
Investing Activities              
Investment in Financial Instrument   343,100 n/a     (174,713) n/a
Loans Granted to Third Parties 47,922   n/a        
Recovery investment joint venture ADG Airport 6,802   n/a        
Income from Investment Results Accounted by the Equity Method (305,885)   n/a        
Restricted Cash (212,036) (57,657) (72.8)   (62,498) (48,669) (22.1)
Investments in Machinery, Furniture and Equipment, net (663,277) (1,861,764) 180.7   (367,356) (1,042,400) 183.8
Interest Income 742,428 1,163,831 56.8   247,312 443,488 79.3
               
Net Cash Flow used by Investing Activities (384,046) (412,490) 7.4   (182,542) (822,294) 350.5
               
Excess Cash to Use in Financing Activities 10,165,374 10,693,823 5.2   3,468,296 2,973,002 (14.3)
               
Bank Loans              
Bank Loans Paid (1,425,000) (538,712) (62.2)   (712,500) - n/a
Long Term Debt Paid (201,245) (224,914) 11.8   (101,459) (126,988) 25.2
Interest Paid (942,166) (844,776) (10.3)   (392,970) (385,257) (2.0)
Dividends Paid (2,979,000) (6,277,800) 110.7        
               
Net Cash Flow used by Financing Activities (5,547,411) (7,886,202) 42.2   (1,206,929) (512,245) (57.6)
               
Net Increase in Cash and Cash Equivalents 4,617,963 2,807,621 (39.2)   2,261,367 2,460,757 8.8
               
Cash and Cash Equivalents at Beginning of Period 13,174,991 13,872,897 5.3   14,474,035 14,996,995 3.6
               
Exchange Gain on Cash and Cash Equivalents (875,763) 1,803,083 (305.9)   181,789 1,025,849 464.3
               
Cash and Cash Equivalents at the End of Period 16,917,191 18,483,601 9.3   16,917,191 18,483,601 9.3

 

ASUR 3Q24 Page 24 of 24