EX-99.1 2 asr-ex991_6.htm EX-99.1 asr-ex991_6.htm

 

 

EXHIBIT 99.1

 

  

 

 

ASUR Reports 3Q22 Financial Results


Total passenger traffic in 3Q22 increased 22.8% compared to 3Q19 and 24.5% YoY

 

 

Mexico City, October 24, 2022 – 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, 2022.

3Q22 Highlights1

Total passenger traffic increased 24.5% year over year (YoY) and 22.8% compared to 3Q19. By country of operations, 3Q22 passenger traffic showed the following increases compared to 3Q19 levels:

 

Mexico: up 21.6%, with domestic and international traffic levels increasing 14.2% and 30.2%, respectively.

 

Puerto Rico (Aerostar): up 7.9%, with domestic traffic increasing by 8.9%, and international traffic reaching 99.6% of 2Q19 levels.

      Colombia (Airplan): up 36.9%, with domestic and international passengers increasing by 33.0% and 58.3%, respectively.

      Revenues increased 29.4% YoY to Ps.6,294.8 million and by 53.3% compared to 3Q19 revenues. Excluding construction revenues, revenues increased 35.6% YoY and 50.9% against 3Q19.

      Consolidated commercial revenues per passenger were Ps.116.5 in 3Q22.

      Consolidated EBITDA increased 39.6% YoY to Ps.4,067.0 million and 64.3% compared to 3Q19.

      Adjusted EBITDA Margin (excluding the effect of IFRIC 12) increased to 69.7%, from 67.7% in 3Q21 and 64.0% in 3Q19.

      Cash & cash equivalents of Ps.13,917.4 million at quarter-end and Net Debt-to-LTM EBITDA at 0.14x.

Table 1: Financial & Operational Highlights 1

 

Third Quarter

% Chg

 

2021

2022

Financial Highlights

 

 

 

Total Revenue

4,866,106

6,294,804

29.4

Mexico

3,383,896

4,576,444

35.2

San Juan

999,885

1,001,545

0.2

Colombia

482,325

716,815

48.6

Commercial Revenues per PAX

117.6

116.5

(0.9)

Mexico

136.3

140.7

3.2

San Juan

152.3

161.3

5.9

Colombia

40.0

37.3

(6.8)

EBITDA

2,913,013

4,067,015

39.6

Net Income

1,957,451

2,678,375

36.8

Majority Net Income

1,793,950

2,546,504

41.9

Earnings per Share (in pesos)

5.9798

8.4883

41.9

 

Earnings per ADS (in US$)

2.9762

4.2246

41.9

3Q22 Earnings Call

 

Date & Time: Tuesday, October 25, 2022 at 10:00 AM US ET; 9:00 AM CT

 

Dial-in: 1-866-416-5346 (U.S. Toll-Free) 1-323-794-2575 (International)

Access Code: 9021968

 

Replay: Tue, October 25, 2022 at 1:00 PM US ET, ending at 11:59 PM US ET on Tue, November 1, 2022. Dial in: 1-844-512-2921 (Toll-Free) 1-412-317-6671 (International). Access Code: 9021968

 

Capex

601,180

548,227

(8.8)

Cash & Cash Equivalents

11,042,598

13,917,369

26.0

Net Debt

3,033,148

2,180,725

(28.1)

Net Debt/ LTM EBITDA

0.4

0.1

(60.2)

Operational Highlights

 

 

 

Passenger Traffic

 

 

 

Mexico

7,909,155

10,134,035

28.1

San Juan

2,739,163

2,540,779

(7.2)

Colombia

3,043,742

4,369,335

43.6

 


1 Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS), and represent comparisons between the three- and nine-month periods ended September 30, 2022, and the equivalent three- and nine-month periods ended September 30, 2021. All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of Mexican pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Mexican Ps.20.0925 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP228.4200 = 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 3Q22 Page 1 of 25

 

 

 


 

 

3Q22 Passenger Traffic

 

During 3Q22, total passenger traffic increased 24.5% YoY to 17.0 million passengers and 22.8% compared to 3Q19.

 

Traffic in Mexico increased 28.1% YoY to 10.1 million passengers. In addition, Mexico traffic increased 21.6% against to 3Q19 levels, driven by increases of 14.2% and 30.2% in domestic and international traffic, respectively.

 

In Puerto Rico, 3Q22 passenger traffic declined 7.2% YoY to 2.5 million passengers. Traffic surpassed 3Q19 levels by 7.9%, with domestic traffic increasing 8.9% and international traffic recovering to 99.6% of 3Q19 activity.

 

Traffic in Colombia increased 43.6% YoY to 4.4 million passengers in 3Q22. Compared to 3Q19 levels, traffic increased 36.9%, with domestic and international traffic increasing 33.0% and 58.3%, respectively.

 

Tables with detailed passenger traffic information for each airport can be found on page 20 of this report.

 

 

Table 2: Passenger Traffic Summary

 

Third Quarter

%

Chg

vs 21

%

Chg

vs 19

 

Nine-Months

% Chg vs 21

% Chg vs 19

 

2019

2021

2022

 

2019

2020

2021

Total Mexico

8,333,227

7,909,155

10,134,035

28.1

21.6

 

25,783,861

20,333,163

28,971,916

42.5

12.4

- Cancun

6,160,215

6,096,651

7,783,576

27.7

26.4

 

19,374,608

15,604,679

22,398,564

43.5

15.6

- 8 Others Airports

2,173,012

1,812,504

2,350,459

29.7

8.2

 

6,409,253

4,728,484

6,573,352

39.0

2.6

Domestic Traffic

4,469,498

4,053,553

5,104,858

25.9

14.2

 

12,367,374

10,676,596

13,369,220

25.2

8.1

- Cancun

2,484,484

2,484,684

3,035,878

22.2

22.2

 

6,703,534

6,542,411

7,676,725

17.3

14.5

- 8 Others Airports

1,985,014

1,568,869

2,068,980

31.9

4.2

 

5,663,840

4,134,185

5,692,495

37.7

0.5

International traffic

3,863,729

3,855,602

5,029,177

30.4

30.2

 

13,416,487

9,656,567

15,602,696

61.6

16.3

- Cancun

3,675,731

3,611,967

4,747,698

31.4

29.2

 

12,671,074

9,062,268

14,721,839

62.5

16.2

- 8 Others Airports

187,998

243,635

281,479

15.5

49.7

 

745,413

594,299

880,857

48.2

18.2

Total San Juan, Puerto Rico

2,354,372

2,739,163

2,540,779

(7.2)

7.9

 

7,072,180

7,175,392

7,714,993

7.5

9.1

Domestic Traffic

2,098,971

2,552,192

2,286,307

(10.4)

8.9

 

6,315,138

6,811,926

7,041,345

3.4

11.5

International traffic

255,401

186,971

254,472

36.1

(0.4)

 

757,042

363,466

673,648

85.3

(11.0)

Total Colombia

3,192,585

3,043,742

4,369,335

43.6

36.9

 

8,807,551

6,920,374

12,048,267

74.1

36.8

Domestic Traffic

2,699,836

2,582,234

3,589,559

39.0

33.0

 

7,457,666

5,911,758

10,056,838

70.1

34.9

International traffic

492,749

461,508

779,776

69.0

58.3

 

1,349,885

1,008,616

1,991,429

97.4

47.5

Total traffic

13,880,184

13,692,060

17,044,149

24.5

22.8

 

41,663,592

34,428,929

48,735,176

41.6

17.0

Domestic Traffic

9,268,305

9,187,979

10,980,724

19.5

18.5

 

26,140,178

23,400,280

30,467,403

30.2

16.6

International traffic

4,611,879

4,504,081

6,063,425

34.6

31.5

 

15,523,414

11,028,649

18,267,773

65.6

17.7

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 Passenger Traffic Growth in 9M 2022

 

 

 

 

 

 

 

 

 

 

 

Region

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

Total

Mexico

65.1%

99.8%

69.9%

56.8%

30.5%

20.0%

21.5%

32.7%

31.7%

42.5%

Domestic Traffic

28.1%

42.4%

26.2%

29.3%

18.9%

12.3%

16.3%

32.9%

30.1%

25.2%

International Traffic

112.3%

177.0%

122.0%

89.4%

43.3%

27.3%

26.5%

32.5%

33.7%

61.6%

Puerto Rico

40.5%

50.8%

22.1%

16.0%

5.3%

(5.8%)

(10.0%)

(3.2%)

(8.2%)

7.5%

Domestic Traffic

35.6%

44.5%

16.7%

11.1%

1.1%

(11.1%)

(14.3%)

(6.0%)

(10.0%)

3.4%

International Traffic

135.4%

236.3%

217.0%

156.2%

116.0%

85.8%

48.5%

34.8%

17.4%

85.3%

Colombia

110.8%

86.5%

81.1%

143.3%

121.6%

66.0%

51.3%

46.0%

33.5%

74.1%

Domestic Traffic

104.6%

76.3%

74.0%

138.4%

128.0%

65.9%

47.9%

39.9%

29.6%

70.1%

International Traffic

153.6%

186.4%

140.1%

171.9%

95.2%

66.4%

69.2%

80.6%

56.8%

97.4%

Total

70.2%

86.8%

61.9%

61.4%

38.6%

23.1%

20.5%

28.4%

25.2%

41.6%

Domestic Traffic

50.3%

52.6%

35.6%

45.0%

33.0%

17.9%

14.7%

23.9%

20.5%

30.2%

International Traffic

116.6%

179.2%

125.2%

97.1%

49.7%

33.0%

31.4%

37.4%

36.0%

65.6%


ASUR 3Q22 Page 2 of 25

 

 

 


 

 

Review of Consolidated Results

 

Table 4: Summary of Consolidated Results

 

 

 

 

 

 

 

 

Third Quarter

% Chg

 

Nine- Months

% Chg

 

2021

2022

 

2021

2022

Total Revenues

4,866,106

6,294,804

29.4

 

11,995,097

18,040,318

50.4

Aeronautical Services

2,558,755

3,648,226

42.6

 

6,528,090

10,364,032

58.8

Non-Aeronautical Services

1,745,527

2,189,412

25.4

 

4,346,601

6,376,296

46.7

Total Revenues Excluding Construction Revenues

4,304,282

5,837,638

35.6

 

10,874,691

16,740,328

53.9

Construction Revenues

561,824

457,166

(18.6)

 

1,120,406

1,299,990

16.0

Total Operating Costs & Expenses

2,295,286

2,598,979

13.2

 

6,126,869

7,282,797

18.9

Other Revenues

-

301

0.0

 

-

45,848

0.0

Operating Profit

2,570,820

3,696,126

43.8

 

5,868,228

10,803,369

84.1

Operating Margin

52.8%

58.7%

589 bps

 

48.9%

59.9%

1096 bps

Adjusted Operating Margin 1

59.7%

63.3%

359 bps

 

54.0%

64.5%

1057 bps

EBITDA

2,913,013

4,067,015

39.6

 

7,020,937

11,783,929

67.8

EBITDA Margin

59.9%

64.6%

475 bps

 

58.5%

65.3%

679 bps

Adjusted EBITDA Margin 2

67.7%

69.7%

199 bps

 

64.6%

70.4%

583 bps

Net Income

1,957,451

2,678,375

36.8

 

4,325,345

7,896,173

82.6

Net Majority Income

1,793,950

2,546,504

41.9

 

3,970,624

7,425,328

87.0

Earnings per Share

5.9798

8.4883

41.9

 

13.2354

24.7511

87.0

Earnings per ADS in US$

2.9762

4.2246

41.9

 

6.5872

12.3186

87.0

 

 

 

 

 

 

 

 

Total Commercial Revenues per Passenger 3

117.6

116.5

(0.9)

 

115.6

118.9

2.9

Commercial Revenues

1,626,058

2,012,975

23.8

 

4,012,528

5,862,475

46.1

Commercial Revenues from Direct Operations per Passenger 4

20.8

20.9

0.4

 

20.7

21.9

5.8

Commercial Revenues Excluding Direct Operations per Passenger

96.8

95.6

(1.2)

 

94.8

97.0

2.3

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 for 3Q22 increased 29.4% YoY, or Ps.1,428.7 million, to Ps.6,294.8 million and 53.3%, or Ps.2,188.5 million when compared to 3Q19. This YoY increase was mainly due to the following:

25.4% increase in revenues from non-aeronautical services to Ps.2,189.4 million. Mexico contributed Ps.1,607.0 million, while Puerto Rico and Colombia accounted for Ps.412.7 million and Ps.169.7 million, respectively; and

42.6% increase in revenues from aeronautical services to Ps.3,648.2 million. Mexico contributed Ps.2,571.3 million, while Colombia and Puerto Rico contributed Ps.545.7 million and Ps.531.2 million, respectively.

 

This increase was partially offset by an 18.6%, or Ps.104.6 million, YoY decline in construction services revenues, principally in Mexico.

 

Excluding revenues from construction services, for which there is an equivalent expense recorded under IFRS accounting standards, total revenues would have increased 35.6% YoY to Ps.5,837.6 million.

 

Compared to 3Q19, revenues excluding construction services increased by 50.9%, driven by increases of 47.1% in revenues from non-aeronautical services and 53.2% in revenues from aeronautical services. Excluding revenues from construction services, Mexico represented 71.6% of ASUR´s total revenues in 3Q22, while Puerto Rico and Colombia represented 16.2% and 12.2%, respectively.

 

Commercial Revenues in 3Q22 increased 23.8% YoY to Ps.2,013.0 million, mainly reflecting the 24.5% increase in passenger traffic. Compared to 3Q19, commercial revenues increased 45.3%. Commercial revenues increased

ASUR 3Q22 Page 3 of 25

 

 

 


 

32.3% YoY to Ps.1,433.4 million in Mexico, and 34.9% to Ps.169.6 million in Colombia. This was partially offset by a 1.7% decline in commercial revenues to Ps.409.9 million in Puerto Rico.

 

Commercial Revenues per Passenger was Ps.116.5 in 3Q22, compared to Ps.117.6 in 3Q21 and Ps.99.2 in 3Q19.

 

 

Consolidated Operating Costs and Expenses

 

Consolidated Operating Costs and Expenses, including construction costs, increased 13.2% YoY, or Ps.303.7 million, to Ps.2,599.0 million in 3Q22, and 25.0%, or Ps.519.3 million, when compared to 2Q19.

 

Excluding construction costs, operating costs and expenses increased 23.6% YoY, or Ps.408.3 million, and 16.2% compared to 3Q19. Excluding expense recoveries in Puerto Rico of Ps.175.7 million in 3Q22 and Ps.165.4 million in 3Q21, as discussed below, operating costs and expenses would have increased YoY by 22.0% or Ps.418.6 million and 25.8% against 3Q19. The YoY increase was mainly due to the following variations:

 

Mexico: increased 25.8%, or Ps.260.7 million, mainly reflecting higher costs in connection to personnel, technical assistance and concession fees, security, maintenance and surety bond expenses, together with higher cost of sales from directly operated stores.

 

Puerto Rico: increased 19.4%, or Ps.78.7 million, principally due to higher energy costs, concession fees, maintenance expenses, personnel expenses, professional fees, taxes and duties as well as insurance and surety bond expenses. This was partially offset by a Ps.10.3 million increase in expense recoveries resulting from the Ps.175.7 million obtained in 3Q22 under the American Rescue Plan Act compared to the Ps.165.4 million obtained under the CARES Act in 3Q21.

 

Colombia: increased 21.6%, or Ps.69.0 million, mainly reflecting increases in concession fees, together with higher energy, maintenance, personnel, taxes and surety bonds, as well as security expenses as a consequence of increased business activity.

 

Cost of Services increased 32.0% YoY, or Ps.244.5 million, principally reflecting higher personnel costs, technical assistance and concession fees, security, energy, maintenance, insurance and surety bond expenses, as well as the cost of revenues from concession stores operated by ASUR.

 

Construction Costs declined 18.6% YoY, or Ps.104.6 million. This was mainly driven by YoY declines of 19.7%, or Ps.97.9 million in Mexico, by 9.9% or Ps.6.3 million in Puerto Rico, and by 23.0% or Ps.0.4 million in Colombia.

 

Administrative Expenses that reflect administrative costs in Mexico declined 15.0% YoY.

 

Consolidated Technical Assistance increased by 48.5% YoY mainly reflecting an increase in EBITDA in Mexico during 3Q22.

 

Concession Fees increased 39.3% YoY, principally due to increases of 44.5% in Mexico, 48.6% in Colombia and 4.1% in Puerto Rico, mainly due to higher regulated revenues which is a factor in the calculation of the concession fee.

 

Depreciation and Amortization increased 3.7% YoY, or Ps.18.6 million, principally due to an increase of 15.1%, or Ps.31.0 million in Mexico. This was partially offset by declines of 2.5%, or Ps.4.6 million in Puerto Rico and 6.9% or Ps.7.8 million in Colombia.

 

 

Consolidated Operating Profit and EBITDA

 

ASUR reported a Consolidated Operating Profit of Ps.3,696.1 million in 3Q22 and an Operating Margin of 58.7%, compared to a Ps.2,570.8 million consolidated operating profit and a 52.8% margin in 3Q21, and a Ps.2,026.6 million consolidated operating profit and 49.4% margin in 3Q19.

 

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 63.3% in 3Q22 compared to 59.7% in 3Q21 and 52.4% in3Q19. Adjusted operating margin is calculated as operating profit or loss divided by total revenues less construction services revenues.

 

EBITDA increased 39.6%, or Ps.1,154.0 million, to Ps.4,067.0 million in 3Q22 from Ps.2,913.0 million in 3Q21. Compared to 3Q19, EBITDA increased 64.3%. By country of operations, EBITDA increased YoY by 50.7% or Ps.1,0577.5 million to Ps.3,145.2 million in Mexico, and by 66.5% or Ps.181.8 million to Ps.455.2 million in Colombia.

ASUR 3Q22 Page 4 of 25

 

 

 


 

EBITDA in Puerto Rico declined by 15.5%, or Ps.85.3 million, to Ps.466.6 million. Consolidated EBITDA margin in 3Q22 was 64.6% compared to 59.9% in 3Q21 and 60.3% in 3Q19.

 

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 69.7% in 3Q22, compared to 67.7% in 3Q21, and 64.0% in 3Q19.

 

Consolidated Comprehensive Financing Gain (Loss)

 

Table 5: Consolidated Comprehensive Financing Gain (Loss)

 

 

 

 

 

 

 

Third Quarter

% Chg

 

Nine-Months

% Chg

 

2021

2022

 

2021

2022

Interest Income

48,119

108,646

125.8

 

135,320

263,143

94.5

Interest Expense

(203,934)

(297,384)

45.8

 

(618,409)

(544,313)

(12.0)

Foreign Exchange Gain (Loss), Net

98,866

3,551

(96.4)

 

107,480

(37,325)

n/a

Total

(56,949)

(185,187)

225.2

 

(375,609)

(318,495)

(15.2)

 

In 3Q22 ASUR reported a Ps.185.2 million Consolidated Comprehensive Financing Loss, compared to a Ps.56.9 million loss in 3Q21.

 

During 3Q22 ASUR reported a foreign exchange gain of Ps.3.5 million, resulting from the 0.5% quarterly average depreciation of the Mexican peso against the U.S. dollar (0.04% appreciation at quarter-end) during the period, together with a U.S. dollar net asset position. This compares to a Ps.98.9 million foreign exchange loss in 3Q21 resulting from the 0.6% quarterly average depreciation of the Mexican peso (3.3% quarter-end) on a U.S. dollar net asset position.

 

Interest expense increased Ps.93.4 million, or 45.8% YoY, due to the interest under the loan obtained with BBVA in October 2021 by the Cancun entity and Aerostar’s issuance of $50 million principal amount of 6.75% senior secured notes maturing in May 2035.

Interest income increased Ps.60.5 million, or 125.8% YoY reflecting a higher cash balance position.

 

 

Income Taxes

 

Income Taxes for 3Q22 increased Ps.276.1 million YoY, principally due to the following variations:

 

A Ps.289.5 million increase in income taxes, reflecting mainly a higher taxable income base in Mexico and Colombia resulting from the YoY recovery in revenues following the negative impact of the pandemic in 3Q21 and an increase in the applicable tax rate in Colombia to 35% from 31%.

 

A Ps.13.3 million decline in deferred income taxes. This mainly reflects a Ps.38.6 million tax benefit in certain airports in México, partly offset by a Ps.24.8 million increase in deferred income taxes in Colombia resulting from the increase in the applicable tax rate to 35.0% from 31.0%.

 

 

Majority Net Income (Loss)

 

ASUR reported Majority Net Income of Ps.2,546.5 million for 3Q22, compared to Ps.1,793.9 million in 3Q21 and Ps.1,314.6 million in 3Q19. This resulted in earnings per common share in 3Q22 of Ps.8.4883, or earnings per ADS of US$4.2246 (one ADS represents ten series B common shares). This compares to earnings per share of Ps.5.9798, or earnings per ADS of US$2.9762 for the same period in the previous year, and with earnings per share of Ps.4.3821, or earnings per ADS of USS$2.1810 in 3Q19.

 

 

Net Income (Loss)

 

ASUR reported Net Income of Ps.2,678.4 million in 3Q22, an increase of Ps.720.9 million or 36.8% from Ps.1,957.4 million in 3Q21. This compares with net income of Ps.1,340.4 million reported in 3Q19.

 

 

Consolidated Financial Position

 

Airport concessions represented 74.2% of ASUR’s total assets on September 30, 2022, with current assets representing 25.5% and other assets 0.3%.

ASUR 3Q22 Page 5 of 25

 

 

 


 

Cash and cash equivalents as of September 30, 2022, amounted to Ps.13,917.4 million, a 58.7% increase from Ps.8,770.1 million as of December 31, 2021. Mexico, Colombia and Puerto Rico contributed with Ps.1,466.3 million, Ps.133.2 million and Ps.3,547.8 million to the increase in cash and cash equivalents, respectively.

As of September 30, 2022, 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.5,573.0 million, (ii) goodwill of Ps.959.9 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.557.3 million, and (iv) a minority interest of Ps.5,236.6 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, 2022: (i) the recognition of a net intangible asset of Ps.1,053.0 million, (ii) goodwill of Ps.1,576.2 million, iii) deferred taxes of Ps.281.1 million, and (iv) the recognition of Ps.249.9 million of bank loans at fair value.

 

Stockholders’ equity as of September 30, 2022, was Ps.48,518.7 million and total liabilities were Ps.22,441.8 million, representing 68.4% and 31.6% of ASUR’s total assets, respectively. Deferred liabilities represented 13.9% of ASUR’s total liabilities.

 

Total Debt at quarter-end increased 16.8% to Ps.16,098.1 million from Ps.13,779.5 million on December 31, 2021, mainly reflecting the issuance of Notes in Puerto Rico, partially offset by principal payments of Ps.107.1 million.

 

On September 30, 2022, 28.8% of ASUR’s Total Debt was denominated in Mexican pesos, 64.9% in U.S. Dollars (at Aerostar in Puerto Rico) and 6.3% in Colombian pesos.

 

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 $50 million principal amount of 6.75% senior secured notes to mature in 2035. All long-term debt is collateralized by Aerostar’s assets.

 

LTM Net Debt-to-LTM EBITDA stood at 0.1x at the end of 3Q22, while the Interest Coverage Ratio was 10.7x. This compares with LTM Net Debt-to-LTM EBITDA of 0.4x and an Interest Coverage Ratio of 6.9x at September 30, 2021, respectively.

 

 

Table 6: Consolidated Debt Indicators

 

 

 

 

September 30, 2021

December 31, 2021

September 30, 2022

Leverage

 

 

 

Total Debt/ LTM EBITDA (Times) 1

1.7

1.3

1.1

Total Net Debt/ LTM EBITDA (Times) 2

0.4

0.5

0.1

Interest Coverage Ratio 3

6.9

8.4

10.7

Total Debt

14,075,746

13,779,547

16,098,094

Short-term Debt

1,321,322

578,144

1,682,322

Long-term Debt

12,754,424

13,201,403

14,415,772

Cash & Cash Equivalents

11,042,598

8,770,062

13,917,369

Total Net Debt 4

3,033,148

5,009,485

2,180,725

1 The Total Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities divided by its EBITDA.

2 The Total Net Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by its EBITDA.

3 The Interest Coverage Ratio 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

 



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Table 7: Consolidated Debt Profile (million)*

 

 

 

 

 

 

Aerostar Usd

Aeropuerto de Cancún 000´Mxp $

 

Monto Original

  350´M  

  200´M  

50´M

BBVA
2,000

Santander 2,650

Sindicated Loan 440,000

Principal Balance as of
September 30, 2022

288.4

200.0

42.0

2,000.0

2,650.0

167,897.5

2022

             -

             -

                 -

                   -

                   -

               -

2023

11.2

             -

                 -

150.0

1,325.0

               -

2024

12.4

             -

                 -

200.0

1,325.0

               -

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 syndicated loans in Mexico were incurred in October 2017. The Puerto Rico bonds were issued in March 2013 and June 2015. In both cases, the maturity date was modified to 2035. In July 2022, Aerostar issued US$200 million senior secured notes due March 22, 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.

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 3Q22 with a solid financial position, with cash and cash equivalents totaling Ps.13,917.4 million and Ps.16,098.1 million in Total Debt. ASUR has no debt maturities in 4Q22 as Aerostar renegotiated the maturity of its US$50 million Notes to May 2035 and issued a US$200 million note due 2035. Likewise, Colombia paid Ps.794.5 million in principal amount of outstanding debt, the next payment being due in 2025.

 

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

 

Table 8: Liquidity Position at September 30, 2022

 

Figures in Thousands of Mexican Pesos

 

 

 

Figures in Thousands of Mexican Pesos

Cash & Equivalents

Total Debt

Short-term Debt

Long-term Debt

Principal payments (October – December 2022)

Mexico

7,166,575

4,638,018

1,434,340

3,203,678

0

Puerto Rico

5,842,900

10,444,048

242,288

10,201,760

0

Colombia

907,894

1,016,028

5,694

1,010,334

0

Total

13,917,369

16,098,094

1,682,322

14,415,772

                                        -

 

 

 

 

 

 

 

 

ASUR 3Q22 Page 7 of 25

 

 

 


 

 

 

Table 9: Principal Debt Payments as of September 30, 2022

Figures in Thousands of Mexican Pesos

 

 

 

Region of Operation

2022

2023

2024

2025/2034

México

0

1,475,000

1,525,000

1,650,000

Puerto Rico 1

0

225,958

248,902

6,163,370

Colombia 2

0

0

0

735,039

Total

 

1,700,958

1,773,902

8,548,409

 

1 Figures in pesos converted at the exchange rate at the close of the quarter Ps.20.0925= US$1.00

2 Figures in pesos converted at the exchange rate at the close of the quarter of COP228.42=Ps.1.00

Note: Figures only reflects principal payments.

 

 

Table 10: Debt Ratios at September 30, 2022

LTM EBITDA and LTM Interest Expenses figures of thousands Mexican Pesos

Region

LTM EBITDA

LTM Interest Expense

Debt Coverage
Ratio

Minimum Coverage Requirement as per Agreements

Mexico 1

11,498,115

376,505

30.5(1)

3.0

Puerto Rico 2

1,010,945

661,615

1.5(2)

1.1

Colombia 3

1,352,475

257,402

5.3(3)

1.2

Total

13,861,535

1,295,522

10.7

 

 

 

 

 

 

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.1.1 billion and LTM Debt Service was Ps.661,6 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.1.3 billion and Debt Service was Ps.275.4 million.

 

 

Accounts Receivables

 

Avianca Group exited Chapter 11 on December 2021 and Aeromexico on March 18, 2022. LatAm Airlines remains on Chapter 11. Aeromexico has paid outstanding debts while Avianca Group and LatAm Airlines Group are operating under the normal course of business. ASUR believes it has sufficient liquidity to meet its obligations and continue operating in the ordinary course of business. Accounts receivables increased 16.5% YoY in 3Q22, reflecting increased business activity as passenger traffic increased across ASUR’ s airport network.

 

 

Table 11: Accounts Receivable as of September 30, 2022

Figures in Thousands of Mexican Pesos

Region

3Q21

3Q22

% Chg

Mexico

1,179,656

1,496,634

26.9

Puerto Rico

199,284

92,760

(53.5)

Colombia

71,714

101,000

40.8

Total

1,450,654

1,690,394

16.5

Note: Net of allowance for bad debts.

 

 

Capital Expenditures

 

ASUR made capital expenditures of Ps.548.2 million in 3Q22. Of this amount, (i) Ps.482.8 million were allocated to modernizing the Company´s Mexican airports pursuant to its master development plans, (ii) Ps.64.0 million were invested by Aerostar in Puerto Rico and (iii) Ps.1.4 million were invested in Colombia. This compares to Ps.601.2 million invested in 3Q21, of which Ps.551.2 million were invested in Mexico, Ps.45.8 million in Puerto Rico and Ps.4.2 million in Colombia. During the first nine-months of 2022, ASUR invested a total of Ps.1,300.1 million, of which

ASUR 3Q22 Page 8 of 25

 

 

 


 

Ps.1,069.2 million were allocated to the Mexican airports, Ps.228.6 million to Puerto Rico and Ps.3.1 million to Colombia.

 


ASUR 3Q22 Page 9 of 25

 

 

 


 

 

Review of Mexico Operations

 

Tabla 12: Mexico Revenues & Commercial Revenues Per Passenger

 

 

 

 

 

Third Quarter

% Chg

 

Nine-Months

% Chg

2022

 

2021

2022

 

2021

2021

Total Passengers (in thousands)

7,946

10,187

28.2

 

20,430

29,125

42.6

 

 

 

 

 

 

 

 

Total Revenues

3,383,896

4,576,444

35.2

 

8,240,446

13,007,845

57.9

Aeronautical Services

1,688,499

2,571,345

52.3

 

4,261,374

7,251,624

70.2

Non-Aeronautical Services

1,199,391

1,606,981

34.0

 

3,003,365

4,670,711

55.5

Construction Revenues

496,006

398,118

(19.7)

 

975,707

1,085,510

11.3

Total Revenues Excluding Construction Revenues

2,887,890

4,178,326

44.7

 

7,264,739

11,922,335

64.1

 

 

 

 

 

 

 

 

Total Commercial Revenues

1,083,138

1,433,430

32.3

 

2,678,281

4,165,795

55.5

Commercial Revenues from Direct Operations

194,730

271,660

39.5

 

480,611

817,157

70.0

Commercial Revenues Excluding Direct Operations

888,408

1,161,770

30.8

 

2,197,670

3,348,638

52.4

 

 

 

 

 

 

 

 

Total Commercial Revenues per Passenger

136.3

140.7

3.2

 

131.1

143.0

9.1

Commercial Revenues from Direct Operations per Passenger 1

24.5

26.7

8.8

 

23.5

28.1

19.3

Commercial Revenues Excluding Direct Operations per Passenger

111.8

114.1

2.0

 

107.6

115.0

6.9

For purposes of this table, approximately 37.2 and 52.6 thousand transit and general aviation passengers are included in 3Q21 and 3Q22 respectively, while 96.5 and 153.5 thousand transit and general aviation passengers are included in 9M21 and 9M22.

1 Represents the operation of ASUR in its convenience stores in Mexico.

 

 

 

 

 

 

Mexico Revenues

 

Mexico Revenues increased 35.2% YoY to Ps.4,576.4 million and 66.7% when compared to 3Q19.

 

Excluding construction, revenues increased 44.7% YoY, mainly reflecting increases of 52.3% in revenues from aeronautical services and 34.0% in revenues from non-aeronautical services, resulting principally from the 28.2% increase in passenger traffic. Compared to 3Q19, revenues excluding construction increased 60.2%, reflecting increases of 52.1% in revenues from non-aeronautical services and 65.7% from aeronautical services.

 

Commercial Revenues increased 32.3% YoY, principally reflecting the 28.2% increase in passenger traffic as shown in Table 12. Commercial Revenues per Passenger for 3Q22 increased to Ps.140.7 from Ps.136.3 in 3Q21 and Ps.114.3 in 3Q19.

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 eight new commercial spaces, five of which were opened Cancun, 2 at Cozumel and one at Tapachula airport, respectively. 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 September 30,2021

Bussines Line

YoY Chg

 

Type of Commercial Space 1

# Of Spaces Opened

3Q22

9M22

 

Duty Free

37.4%

67.1%

 

Cancun

5

Food and Beverage

36.3%

63.0%

 

Retail

2

Other Revenues

36.3%

59.3%

 

Car rental

2

Retail

35.8%

61.5%

 

Banks and foreign exchange

1

Car parking

32.5%

40.8%

 

8 Others airports

3

Ground Transportation

21.6%

46.8%

 

Retail

1

Car rental

19.0%

26.6%

 

Banks and foreign exchange

1

Teleservices

19.0%

(15.3%)

 

Car rental

1

Advertising

12.0%

15.7%

 

Mexico

8

 

(21.7%)

(2.5%)

 

 

 

Total Commercial Revenues

32.3%

55.5%

 

1 Only includes new stores opened during the period and excludes remodelings or contract renewals.

 

 

 

 

 


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Mexico Operating Costs and Expenses

 

Table 15: Mexico Operating Costs & Expenses

 

 

 

 

 

 

 

 

Third Quarter

% Chg

 

Nine-Months

% Chg

2022

 

2021

2022

 

2021

2021

Cost of Services

474,252

604,728

27.5

 

1,450,158

1,690,765

16.6

Administrative

87,099

74,040

(15.0)

 

206,261

216,170

4.8

Technical Assistance

111,374

165,391

48.5

 

264,523

474,194

79.3

Concession Fees

130,911

189,177

44.5

 

327,009

536,164

64.0

Depreciation and Amortization

204,941

235,939

15.1

 

607,605

674,235

11.0

Operating Costs and Expenses Excluding Construction Costs

1,008,577

1,269,275

25.8

 

2,855,556

3,591,528

25.8

Construction Costs

496,006

398,118

(19.7)

 

975,707

1,085,510

11.3

Total Operating Costs & Expenses

1,504,583

1,667,393

10.8

 

3,831,263

4,677,038

22.1

 

Total Mexico Operating Costs and Expenses increased 10.8% YoY, or Ps.162.8 million. Excluding construction costs, operating costs and expenses increased 25.8% or Ps.260.7 million, mainly reflecting higher technical assistance, personnel expenses, concession fees, security and maintenance costs, as well as insurance and surety bonds. Higher cost of sales at stores operated by ASUR also contributed to higher costs.

 

Cost of Services increased 27.5% YoY, mainly reflecting higher security, maintenance, insurance and surety bond expenses together with higher cost of sales at stores operated directly by ASUR.

 

Administrative Expenses declined 15.0% YoY.

 

The Technical Assistance fee paid to ITA increased 48.5% YoY reflecting higher EBITDA in Mexico, which is used in the calculation of the fee.

 

Concession Fees, which include fees paid to the Mexican government, increased 44.5%, principally due to the increase in regulated revenues which is used in the calculation of the concession fee.

 

Depreciation and Amortization increased 15.1% YoY, reflecting higher investments to date.

 

 

Mexico Consolidated Comprehensive Financing Gain (Loss)

 

Table 16: Mexico Comprehensive Financing Gain (Loss)

 

 

 

 

 

 

 

 

Third Quarter

% Chg

 

Nine-Months

% Chg

2022

 

2021

2022

 

2021

2021

Interest Income

44,436

65,638

47.7

 

128,906

198,264

53.8

Interest Expense

(71,068)

(124,751)

75.5

 

(201,671)

(326,325)

61.8

Foreign Exchange Gain (Loss), Net

98,909

4,110

(95.8)

 

107,513

(36,278)

n/a

Total

72,277

(55,003)

n/a

 

34,748

(164,339)

n/a

 

ASUR’s Mexico operations reported a Ps.55.0 million Comprehensive Financing Loss in 3Q22, compared to a Ps.72.7 million gain in 3Q21. This was mainly due to a lower foreign exchange gain of Ps.4.1 million in 3Q22 resulting from the 0.5% average quarterly depreciation of the Mexican peso (0.04% appreciation at quarter-end) against the U.S. dollar on a foreign currency net asset position. This compares to a Ps.98.9 million foreign exchange gain in 3Q21, resulting from the 0.6% average depreciation of the Mexican peso during that period (3.3% at quarter-end) against the U.S. dollar on a foreign currency net asset position.

 

Interest expenses increased 75.5% YoY, or Ps.53.7 million, due to a higher debt balance as a result of the Ps.690 million in lines of credit drawn down in October 2021 for Cancun Airport, while Interest income increased 47.7% YoY or Ps.21.2 million, reflecting a higher cash balance.

 


ASUR 3Q22 Page 11 of 25

 

 

 


 

 

Mexico Operating Profit (Loss) and EBITDA

 

Table 17: Mexico Profit & EBITDA

 

 

 

 

 

 

 

 

Third Quarter

% Chg

 

Nine-Months

% Chg

2022

 

2021

2022

 

2021

2021

Total Revenue

3,383,896

4,576,444

35.2

 

8,240,446

13,007,845

57.9

Total Revenues Excluding Construction Revenues

2,887,890

4,178,326

44.7

 

7,264,739

11,922,335

64.1

Operating Profit

1,879,313

2,909,051

54.8

 

4,409,183

8,330,807

88.9

Operating Margin

55.5%

63.6%

803 bps

 

53.5%

64.0%

1054 bps

Adjusted Operating Margin 1

65.1%

69.6%

455 bps

 

60.7%

69.9%

918 bps

Net Profit 2

1,448,344

2,160,099

49.1

 

3,350,184

6,094,864

81.9

EBITDA

2,087,672

3,145,211

50.7

 

5,023,653

9,005,888

79.3

EBITDA Margin

61.7%

68.7%

703 bps

 

61.0%

69.2%

827 bps

Adjusted EBITDA Margin 3

72.3%

75.3%

298 bps

 

69.2%

75.5%

639 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 includes revenues from the participation of Aerostar Ps.222.4 million and 272.2 million in 3Q22 and 3Q21, respectively, for Airplan Ps.212.8 million and Ps.108.7 million in 3Q22 and 3Q21, 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.2,909.0 million in 3Q22 and an Operating Margin of 63.6%. This compares to an Operating Gain of Ps.1,879.3 million and an Operating Margin of 55.5% in 3Q21, and 60.7% in 3Q19.

 

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 69.6% in 3Q22, compared to 65.1% in 3Q21 and 63.9% in 3Q19.

 

EBITDA increased 50.7% or Ps.1,057.5 million to Ps.3,145.2 million in 3Q22, from Ps.2,087.7 million in 3Q21 and Ps.1,837.7 million in 3Q19. EBITDA margin in 3Q22 was 68.7% compared to 61.7% in 3Q21 and 66.9% in 3Q19.

 

Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets, increased to 75.3% in 3Q22, compared to 72.3% in 3Q21, and 70.5% in 3Q19.

 

 

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, 2022, totaled Ps.7,560.9 million, with an average tariff per workload unit of Ps.245.24 (December 2021 pesos), accounting for approximately 63.4% of total income in Mexico (excluding construction income) for the period.

 

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

 

 

Mexico Capital Expenditures

 

During 3Q22 ASUR invested Ps.482.8 million in connection with its plan to modernize its Mexican airports under its master development plans, compared to an investment of Ps.551.2 million in 3Q21. On an accumulated basis, ASUR invested Ps.1,069.2 million in the first nine months of 2022 compared to Ps.1,282.1 million during the same period in 2021.

 

 


ASUR 3Q22 Page 12 of 25

 

 

 


 

 

Review of Puerto Rico Operations

 

The following discussion compares Aerostar’s independent results for the three- and nine-month periods ended September 30, 2021 and 2022.

 

As of September 30, 2022, 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.5,573.0 million, (ii) goodwill of Ps.959.9 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.557.3 million, and (iv) a minority interest of Ps.5,236.6 million in stockholders' equity.

 

Table 18: Puerto Rico Revenues & Commercial Revenues Per Passenger

 

In thousands of Mexican pesos

 

 

 

 

 

Third Quarter

% Chg

 

Nine-Months

% Chg

 

2021

2022

 

2021

2021

2022

Total Passengers (in thousands)

2,739

2,541

(7.2)

 

7,175

7,715

7.5

 

 

 

 

 

 

 

 

Total Revenues

999,885

1,001,545

0.2

 

2,675,932

3,015,339

12.7

Aeronautical Services

516,045

531,194

2.9

 

1,499,690

1,588,325

5.9

Non-Aeronautical Services

419,899

412,748

(1.7)

 

1,035,794

1,215,884

17.4

Construction Revenues

63,941

57,603

(9.9)

 

140,448

211,130

50.3

Total Revenues Excluding Construction Revenues

935,944

943,942

0.9

 

2,535,484

2,804,209

10.6

 

 

 

 

 

 

 

 

Total Commercial Revenues

417,176

409,935

(1.7)

 

1,028,614

1,207,414

17.4

Commercial Revenues from Direct Operations

92,533

88,725

(4.1)

 

238,898

263,352

10.2

Commercial Revenues Excluding Direct Operations

324,643

321,210

(1.1)

 

789,716

944,062

19.5

 

 

 

 

 

 

 

 

Total Commercial Revenues per Passenger

152.3

161.3

5.9

 

143.4

156.5

9.2

Commercial Revenues from Direct Operations per Passenger 1

33.8

34.9

3.4

 

33.3

34.1

2.6

Commercial Revenues Excluding Direct Operations per Passenger

118.5

126.4

6.7

 

110.1

122.4

11.2

Figures calculated in pesos at the average exchange rate of Ps.20.2334 = USD1.00

 

 

 

 

1 Represents ASUR convenience store operations directly operated by ASUR

 

 

 

 

 

 

Puerto Rico Revenues

 

Total Puerto Rico Revenues remained practically unchanged YoY at Ps.1,001.5 million in 3Q22.

 

Excluding construction services, revenues increased by 0.9%, mainly due to the following YoY variations:

 

 

A 2.9% increase in revenues from aeronautical services; and

 

A 1.7% decline in revenues from non-aeronautical services, which also reflects the 7.2% contraction in passenger traffic.

 

 

Commercial Revenues per Passenger were Ps.161.3 in 3Q22, compared to Ps.152.3 in 3Q21 and Ps.124.2 in 3Q19.

 

Seven commercial spaces were opened at LMM Airport over the last 12 months, as shown in Table 20. More details can be found on page 21 of this report.

 

 


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Table 19: Puerto Rico Commercial Revenue Performance

 

Table 20: Puerto Rico Summary Retail and Other Commercial Space Opened since September 30, 2021

Bussines Line

YoY Chg

 

Type of Commercial Space 1

# of Spaces Opened

3Q22

9M22

 

Food and beverage

24.6%

45.5%

 

Retail

1

Car parking

13.0%

34.8%

 

Food and beverage

4

Banks and foreign exchange

11.9%

17.5%

 

Other revenues

2

Ground Transportation

(0.8%)

30.6%

 

Total Commercial space

7

Retail

(5.8%)

9.9%

 

 

 

Car rentals

(6.8%)

14.8%

 

 

 

Other revenues

(10.1%)

29.0%

 

 

 

Duty Free

(12.6%)

(1.4%)

 

1 Only includes new stores opened during the period and excludes remodelings or contract renewals.

Advertising

(21.3%)

(13.8%)

 

Total Commercial Revenues

(1.7%)

17.4%

 

 

 

 

Puerto Rico Operating Costs and Expenses

 

Table 21: Puerto Rico Operating Costs & Expenses

In thousands of Mexican pesos

 

 

 

 

 

 

 

Third Quarter

% Chg

 

Nine-Months

% Chg

 

2021

2022

 

2021

2021

2022

Cost of Services

174,827

256,331

46.6

 

604,484

619,543

2.5

Concession Fees

43,772

45,585

4.1

 

121,301

135,343

11.6

Depreciation and Amortization

186,635

182,000

(2.5)

 

553,971

551,105

(0.5)

Operating Costs and Expenses Excluding Construction Costs

405,234

483,916

19.4

 

1,279,756

1,305,991

2.1

Construction Costs

63,941

57,603

(9.9)

 

140,448

211,130

50.3

Total Operating Costs & Expenses

469,175

541,519

15.4

 

1,420,204

1,517,121

6.8

Figures in pesos at an average exchange rate of Ps.20.2334 = USD1.00

 

Total Operating Costs and Expenses at LMM Airport increased 15.4% YoY to Ps.541.5 million in 3Q22. Construction costs in the quarter declined by 9.9% to Ps.57.6 million from Ps.63.9 million in 3Q21.

 

Excluding construction costs, operating costs and expenses increased 19.4% YoY or Ps.78.7 million to Ps.483.9 million, principally due to increases in energy, concession fees, maintenance, personnel, professional fees, security, insurance and surety bonds. These higher costs were partially offset by a net benefit of Ps.10.3 million from the Ps.175.7 million expense recovery under the under the American Rescue Plan Act in 3Q22, compared with the Ps.165.4 million recovery received under the CARES Act in 3Q21.

 

Cost of Services increased 46.6% YoY or Ps.81.5 million, principally reflecting higher energy, maintenance, personnel, professional fees, security, and insurance and surety bond expenses. This was partially offset by the Ps.175.7 million expense reimbursement in Puerto Rico under the American Rescue Plan Act in 3Q22 compared with Ps.165.4 million reimbursed through the CARES Act in 3Q21.

 

Concession Fees paid to the Puerto Rican government increased 4.1% YoY, or Ps.1.4 million in 3Q22, reflecting higher passenger traffic in line with the concession agreement.

 

Depreciation and Amortization declined 2.5% YoY, or Ps.4.6 million, principally reflecting the FX translation impact as the quarter-end and average Mexican peso exchange rate fluctuated to Ps.20.0925 and Ps.20.2334 per U.S. dollar in 3Q22, from Ps.20.5623 and Ps.20.0178 per U.S. dollar in 3Q21.

 

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

 

2021

2022

 

2021

2021

2022

Interest Income

792

27,609

3,386.0

 

1,419

33,037

2,228.2

Interest Expense

(113,027)

(148,892)

31.7

 

(341,505)

(370,555)

8.5

Total

(112,235)

(121,283)

8.1

 

(340,086)

(337,518)

(0.8)

Figures in pesos at an average exchange rate of Ps.20.2334 = USD1.00

 

 

 

 

 

 

 

ASUR 3Q22 Page 14 of 25

 

 

 


 

 

During 3Q22, Puerto Rico reported an Ps.121.3 million Comprehensive Financing Loss, compared to a Ps.112.2 million loss in 3Q21, principally due to interest accrued from the US$200 million bond issuance in July 2022.

 

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. Funds have not yet been withdrawn.

 

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 $50 million principal amount of 6.75% senior secured notes to mature in 2035. 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

 

 

 

 

 

 

 

Third Quarter

% Chg

 

Nine-Months

% Chg

2022

 

2021

2022

 

2021

2021

Total Revenue

999,885

1,001,545

0.2

 

2,675,932

3,015,339

12.7

Total Revenues Excluding Construction Revenues

935,944

943,942

0.9

 

2,535,484

2,804,209

10.6

Other Revenues

 

301

n/a

 

 

45,848

n/a

Operating Profit

530,710

460,327

(13.3)

 

1,255,728

1,544,066

23.0

Operating Margin

53.1%

46.0%

(712 bps)

 

46.9%

51.2%

428 bps

Adjusted Operating Margin1

56.7%

48.8%

(794 bps)

 

49.5%

55.1%

554 bps

Net Income

408,753

329,679

(19.3)

 

886,802

1,177,114

32.7

EBITDA

551,919

466,602

(15.5)

 

1,457,368

1,547,895

6.2

EBITDA Margin

55.2%

46.6%

(861 bps)

 

54.5%

51.3%

(313 bps)

Adjusted EBITDA Margin2

59.0%

49.4%

(954 bps)

 

57.5%

55.2%

(228 bps)

Figures in pesos at an average exchange rate of Ps.20.2334 = 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 at Puerto Rico declined 13.3% to Ps.460.3 million resulting in an Operating Margin of 46.0%, from an operating profit of Ps.530.7 million and an Operating Margin of 53.1% in 3Q21, mainly resulting from a decline in passenger traffic and lower cost dilution. This represents an improvement from the Operating Profit of Ps.197.3 million and an Operating Margin of 24.4% reported in 3Q19.

 

EBITDA declined 15.5% to Ps.466.6 million in 3Q22 from Ps.551.9 million in 3Q21 but improved from Ps.367.9 million in 3Q19. EBITDA Margin, in turn, declined to 46.6% in 3Q22 from 55.2% in 3Q21, but represents an increase compared to the 45.5% margin reported in 3Q19. The Adjusted EBITDA Margin (which excludes IFRIC 12) decreased to 49.4% in 3Q22, from 59.0% in 3Q21, and improved from 48.7% in 3Q19.

 

Puerto Rico Capital Expenditures

 

During 3Q22, Aerostar invested Ps.64.0 million in capital expenditures, compared to investments of Ps.45.8 million in 3Q21. On an accumulated basis, Aerostar invested a total of Ps.228.6 million in the first nine months of 2022 compared to Ps.132.6 million during the same period in the previous year.

 

Puerto Rico Tariff Regulation

 

The Airport Use Agreement signed by Aerostar, the airlines serving LMM Airport, and the Puerto Rico Ports Authority govern 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

ASUR 3Q22 Page 15 of 25

 

 

 


 

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, 2021 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 September 30, 2022: (i) the recognition of a net intangible asset of Ps.1,053.0 million, (ii) goodwill of Ps.1,576.2 million, (iii) deferred taxes of Ps.281.1 million, and (iv) a Ps.249.9 million recognition of bank loans at fair value.

 

 

Table 24: Colombia Revenues & Commercial Revenues Per Passenger        

 

 

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

 

 

Third Quarter

% Chg

 

Nine-Months

% Chg

2022

 

2021

2022

 

2021

2021

Total Passenger

3,140

4,553

45.0

 

7,121

12,466

75.1

 

 

 

 

 

 

 

 

Total Revenues

482,325

716,815

48.6

 

1,078,719

2,017,134

87.0

Aeronautical Services

354,211

545,687

54.1

 

767,026

1,524,083

98.7

Non-Aeronautical Services

126,237

169,683

34.4

 

307,442

489,701

59.3

Construction Revenues 1

1,877

1,445

(23.0)

 

4,251

3,350

(21.2)

Total Revenues Excluding Construction Revenues

480,448

715,370

48.9

 

1,074,468

2,013,784

87.4

Total Commercial Revenues

125,744

169,610

34.9

 

305,633

489,266

60.1

Total Commercial Revenues per Passenger

40.0

37.3

(6.8)

 

42.9

39.2

(8.6)

Figures in pesos at an average exchange rate of COL.216.3528 = Ps.1.00 Mexican pesos.

For the purposes of this table, approximately 96.4 and 183.3 thousand transit and general aviation passengers are included in 3Q21 and 3Q22, while 200.5 and 417.5 thousand transit and general aviation passengers are included in 9M21 and 9M22.

 

Colombia Revenues

Total Colombia Revenues increased 48.6% YoY to Ps.716.8 million and 29.8% compared to 3Q19. Excluding construction services, revenues rose 48.9% YoY. This mainly reflects increases of 54.1% in revenues from aeronautical services and 34.4% from non-aeronautical services, mainly impacted by the 34.9% increase in commercial revenues.

 

Commercial Revenues per Passenger was Ps.37.3 compared to Ps.40.0 in 3Q21 and Ps.42.2 in 3Q19.

 

As shown in Table 26, during the last twelve months, 57 new commercial spaces were opened in Colombia. More details of these openings can be found on page 21 of this report.

 

 

Table 25: Colombia Commercial Revenue Performance

 

 

 

Table 26: Colombia Summary Retail and Other Commercial Space Opened since September 30, 2021

Bussines Line

YoY Chg

 

Type of Commercial Space 1

# of Spaces Opened

3Q22

9M22

 

Ground Transportation

589.4%

661.9%

 

Retail

12

Car rental

299.0%

367.8%

 

Banks and foreign exchange

3

Retail

91.5%

112.2%

 

Food and beverage

7

Duty free

73.5%

126.4%

 

Other revenues

34

Food and beverage

68.8%

85.9%

 

Car rental

1

Banks and foreign exchange

67.7%

70.3%

 

Total Commercial Spaces

57

Car parking

53.3%

88.3%

 

 

 

Advertising

47.1%

84.2%

 

 

 

Other revenues

6.2%

32.8%

 

1 Only includes new stores opened during the period and excludes remodelings or contract renewals.

Teleservices

(14.3%)

(4.0%)

 

Total Commercial Revenues

34.9%

60.1%

 

 

 

 


ASUR 3Q22 Page 16 of 25

 

 

 


 

 

Colombia Costs & Expenses

 

Table 27:  Colombia Costs & Expenses

 

 

 

 

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

 

Third Quarter

% Chg

 

Nine-Months

% Chg

2022

 

2021

2022

 

2021

2021

Cost of Services

116,146

148,694

28.0

 

327,937

402,503

22.7

Technical Assistance

 

 

 

 

2,843

 

       n/a

Concession Fees

90,877

135,041

48.6

 

203,771

381,135

87.0

Depreciation and Amortization

112,628

104,887

(6.9)

 

336,600

301,650

(10.4)

Operating Costs and Expenses Excluding Construction Costs

319,651

388,622

21.6

 

871,151

1,085,288

24.6

Construction Costs

1,877

1,445

(23.0)

 

4,251

3,350

(21.2)

Total Operating Costs & Expenses

321,528

390,067

21.3

 

875,402

1,088,638

24.4

Figures in pesos at an average exchange rate of COL. 216.3528 = Ps.1.00 Mexican pesos.

 

 

Total Operating Costs and Expenses in Colombia increased 21.3% YoY to Ps.390.1 million. Excluding construction costs, operating costs and expenses increased 21.6% YoY to Ps.388.6 million.

 

Cost of Services increased 28.0% YoY, or Ps.32.5 million. This was mainly due to increases in energy costs, maintenance provisions, personnel expenses, as well as increases in taxes and duties and security costs.

 

Construction Costs decreased 23.0% YoY, or Ps.0.4 million due to lower complementary works to concessioned assets compared 3Q21.

 

Concession Fees, which include fees paid to the Colombian government, increased 48.6% YoY, mainly reflecting the increase in regulated and non-regulated revenues during the period.

 

Depreciation and Amortization decreased 6.9%, principally reflecting the FX translation impact from the depreciation of the Colombian peso against the Mexican peso, as per IFRS 3.

 

 

Colombia Comprehensive Financing Gain (Loss)

 

Table 28: Colombia, Comprehensive Financing Gain (Loss)

 

 

 

 

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

 

Third Quarter

% Chg

 

Nine-Months

% Chg

2022

 

2021

2022

 

2021

2021

Interest Income

2,891

15,399

432.7

 

6,077

31,842

424.0

Interest Expense

(19,839)

(23,741)

19.7

 

(76,315)

152,567

n/a

Foreign Exchange Gain (Loss), Net

(43)

(559)

1,200.0

 

(33)

(1,047)

3,072.7

Total

(16,991)

(8,901)

(47.6)

 

(70,271)

183,362

n/a

 

Figures in pesos at an average exchange rate of COL.216.3528 = Ps.1.00 Mexican pesos.

 

During 3Q22, Airplan reported an Ps.8.9 million Comprehensive Financing Loss, compared to a Ps.17.0 million loss in 3Q21. This resulted mainly from the Ps.16.0 million amortization of the BBVA loan entered into concurrently with the acquisition of the company.

 

On June 1, 2015, Airplan entered into 12-Year Syndicated Loan Facility with eight banks. The net balance amounted to Ps.1.016.0 million as of September 30, 2022.

 

 

 


ASUR 3Q22 Page 17 of 25

 

 

 


 

 

Colombia Operating Profit (Loss) and EBITDA

 

Table 29:  Colombia Profit & EBITDA

 

 

 

 

 

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

 

 

Third Quarter

% Chg

 

Nine-Months

% Chg

2022

 

2021

2022

 

2021

2021

Total Revenue

482,325

716,815

48.6

 

1,078,719

2,017,134

87.0

Total Revenues Excluding Construction Revenues

480,448

715,370

48.9

 

1,074,468

2,013,784

87.4

Operating Profit

160,797

326,748

103.2

 

203,317

928,496

356.7

Operating Margin

33.3%

45.6%

1225 bps

 

18.8%

46.0%

2718 bps

Adjusted Operating Margin1

33.5%

45.7%

1221 bps

 

18.9%

46.1%

2718 bps

Net Profit

100,354

188,597

87.9

 

88,359

624,195

606.4

EBITDA

273,422

455,202

66.5

 

539,916

1,230,146

127.8

EBITDA Margin

56.7%

63.5%

682 bps

 

50.1%

61.0%

1093 bps

Adjusted EBITDA Margin2

56.9%

63.6%

672 bps

 

50.2%

61.1%

1084 bps

Figures in pesos at an average exchange rate of COL. 216.3528 = Ps.1.00 Mexican pesos.

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 operations in Colombia reported an Operating Profit of Ps.326.7 million in 3Q22, compared to Ps.160.8 million in 3Q21. Operating Margin was 45.6% in 3Q22, compared to 33.3% in 3Q21 and 29.7% in 3Q19. The Adjusted Operating Margin, which excludes the impact of IFRIC 12 with respect to construction of or improvements to concessioned assets increased to 45.7% in 3Q22, from 33.5% in 3Q21 and 32.4% in 3Q19.

 

EBITDA in 3Q22 was Ps.455.2 million resulting in an EBITDA Margin of 63.5%, compared to an EBITDA of Ps.273.4 million in 3Q21 and of Ps.270.0 million in 3Q19. EBITDA Margin was 56.7% in 3Q21 and 48.9% in 3Q19.

 

The Adjusted EBITDA Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements to concessioned assets was 63.6% in 3Q22 compared to 56.9% in 3Q21, mainly due to the 48.9% increase in revenues. Adjusted EBITDA Margin for 3Q22 also exceeded the 53.4% reported in 3Q19 mainly reflecting the 41.5% increase in revenues during the period.

 

 

Colombia Capital Expenditures

 

During 3Q22 Airplan made capital investments of Ps.1.4 million compared to Ps.4.2 million in 3Q21. On an accumulated basis, Airplan invested Ps.3.1 million during 9M22 compared to Ps.3.7 million in 9M21.

 

 

Colombia Tariff Regulation

 

Functions of the Special Administrative Unit of Civil Aeronautics include establishing and collecting fees, tariffs, and rights for the provision of aeronautical and airport services or those that are generated by the concessions, authorizations, licenses, or any other type of income or property. As a result, Resolution 04530, issued on September 21, 2007, establishes tariffs for the rights and the rates conceded to the concessionaire of the following airports: José María Córdova of Rionegro, Enrique Olaya Herrera of Medellín, Los Garzones of Montería, El Caraño of Quibdó, Antonio Roldán Betancourt of Carepa, and Las Brujas of Corozal. This resolution also established the methodology to update and the mechanisms to collect such fees, tariffs, and rights.

 

Airplan's regulated revenues amounted to Ps.545.7 million in 3Q22.

 

 

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

ASUR 3Q22 Page 18 of 25

 

 

 


 

recognition of the revenue to which the concessionaire is entitled for carrying out the infrastructure works in the development of the concession, while “Construction Costs” represents the actual costs incurred in the execution of such additions or improvements to the concessioned assets.  

 

Majority Net Income reflects ASUR’s equity interests in each of its subsidiaries and therefore excludes the 40% interest in Aerostar that is owned by other shareholders. Other than Aerostar, ASUR owns (directly or indirectly) 100% of its subsidiaries.

 

EBITDA means net income before provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost, and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.

 

Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the revenue from construction or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. In Mexico and Puerto Rico, because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin, as the increase in revenues that relates to Construction Revenues does not result in a corresponding increase in EBITDA. In Colombia, construction revenues do have an impact on EBITDA, as construction revenues include a reasonable margin over the actual cost of construction. Like EBITDA Margin, Adjusted EBITDA Margin should not be considered as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.

 

About ASUR

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

 

 

Analyst Coverage

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

 

Please note that any opinions, estimates or forecasts 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.

 

 


ASUR 3Q22 Page 19 of 25

 

 

 


 

 

Forward Looking Statements

 

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

 

 

 

Contacts:

 

ASUR

Adolfo Castro

+1-52-55-5284-0408

acastro@asur.com.mx

InspIR Group

Susan Borinelli

+1-646-330-5907

susan@inspirgroup.com

 

 

- SELECTED OPERATING TABLES & FINANCIAL STATEMENTS FOLLOW –

 

 


ASUR 3Q22 Page 20 of 25

 

 

 


 

 

 

Passenger Traffic Breakdown by Airport

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mexico Passenger Traffic 1

 

 

 

Third Quarter

 

% Chg

 

 

Nine - Months

 

% Chg

 

 

 

2021

 

2022

 

 

 

 

2021

 

2022

 

 

 

Domestic Traffic

 

4,053,553

 

 

5,104,858

 

 

25.9

 

 

 

10,676,596

 

 

13,369,220

 

 

25.2

 

CUN

Cancun

 

2,484,684

 

 

3,035,878

 

 

22.2

 

 

 

6,542,411

 

 

7,676,725

 

 

17.3

 

CZM

Cozumel

 

64,859

 

 

56,687

 

 

(12.6

)

 

 

121,384

 

 

131,438

 

 

8.3

 

HUX

Huatulco

 

172,837

 

 

228,295

 

 

32.1

 

 

 

445,092

 

 

652,082

 

 

46.5

 

MID

Merida

 

482,652

 

 

728,051

 

 

50.8

 

 

 

1,274,441

 

 

1,945,353

 

 

52.6

 

MTT

Minatitlan

 

22,909

 

 

28,547

 

 

24.6

 

 

 

68,420

 

 

74,228

 

 

8.5

 

OAX

Oaxaca

 

208,733

 

 

282,758

 

 

35.5

 

 

 

545,025

 

 

773,972

 

 

42.0

 

TAP

Tapachula

 

104,854

 

 

119,589

 

 

14.1

 

 

 

289,256

 

 

354,214

 

 

22.5

 

VER

Veracruz

 

257,614

 

 

322,964

 

 

25.4

 

 

 

722,171

 

 

902,477

 

 

25.0

 

VSA

Villahermosa

 

254,411

 

 

302,089

 

 

18.7

 

 

 

668,396

 

 

858,731

 

 

28.5

 

International Traffic

 

3,855,602

 

 

5,029,177

 

 

30.4

 

 

 

9,656,567

 

 

15,602,696

 

 

61.6

 

CUN

Cancun

 

3,611,967

 

 

4,747,698

 

 

31.4

 

 

 

9,062,268

 

 

14,721,839

 

 

62.5

 

CZM

Cozumel

 

89,087

 

 

114,275

 

 

28.3

 

 

 

259,158

 

 

370,567

 

 

43.0

 

HUX

Huatulco

 

7,309

 

 

6,467

 

 

(11.5

)

 

 

18,973

 

 

65,099

 

 

243.1

 

MID

Mérida

 

59,164

 

 

67,838

 

 

14.7

 

 

 

136,932

 

 

192,759

 

 

40.8

 

MTT

Minatitlan

 

1,954

 

 

4,061

 

 

107.8

 

 

 

4,481

 

 

9,541

 

 

112.9

 

OAX

Oaxaca

 

38,971

 

 

50,727

 

 

30.2

 

 

 

82,862

 

 

141,204

 

 

70.4

 

TAP

Tapachula

 

6,501

 

 

4,313

 

 

(33.7

)

 

 

10,118

 

 

10,784

 

 

6.6

 

VER

Veracruz

 

28,729

 

 

26,641

 

 

(7.3

)

 

 

59,178

 

 

70,317

 

 

18.8

 

VSA

Villahermosa

 

11,920

 

 

7,157

 

 

(40.0

)

 

 

22,597

 

 

20,586

 

 

(8.9

)

Total Traffic México

 

7,909,155

 

 

10,134,035

 

 

28.1

 

 

 

20,333,163

 

 

28,971,916

 

 

42.5

 

CUN

Cancun

 

6,096,651

 

 

7,783,576

 

 

27.7

 

 

 

15,604,679

 

 

22,398,564

 

 

43.5

 

CZM

Cozumel

 

153,946

 

 

170,962

 

 

11.1

 

 

 

380,542

 

 

502,005

 

 

31.9

 

HUX

Huatulco

 

180,146

 

 

234,762

 

 

30.3

 

 

 

464,065

 

 

717,181

 

 

54.5

 

MID

Merida

 

541,816

 

 

795,889

 

 

46.9

 

 

 

1,411,373

 

 

2,138,112

 

 

51.5

 

MTT

Minatitlan

 

24,863

 

 

32,608

 

 

31.2

 

 

 

72,901

 

 

83,769

 

 

14.9

 

OAX

Oaxaca

 

247,704

 

 

333,485

 

 

34.6

 

 

 

627,887

 

 

915,176

 

 

45.8

 

TAP

Tapachula

 

111,355

 

 

123,902

 

 

11.3

 

 

 

299,374

 

 

364,998

 

 

21.9

 

VER

Veracruz

 

286,343

 

 

349,605

 

 

22.1

 

 

 

781,349

 

 

972,794

 

 

24.5

 

VSA

Villahermosa

 

266,331

 

 

309,246

 

 

16.1

 

 

 

690,993

 

 

879,317

 

 

27.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Passenger Traffic, San Juan Airport (LMM)

 

 

 

Third Quarter

 

% Chg

 

 

Nine - Months

 

% Chg

 

 

 

2021

 

2022

 

 

 

 

2021

 

2022

 

 

 

SJU Total 1

 

2,739,163

 

 

2,540,779

 

 

(7.2

)

 

 

7,175,392

 

 

7,714,993

 

 

7.5

 

Domestic Traffic

 

 

2,552,192

 

 

2,286,307

 

 

(10.4

)

 

 

6,811,926

 

 

7,041,345

 

 

3.4

 

International Traffic

 

 

186,971

 

 

254,472

 

 

36.1

 

 

 

363,466

 

 

673,648

 

 

85.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colombia, Passenger Traffic Airplan

 

 

 

Third Quarter

 

% Chg

 

 

Nine - Months

 

% Chg

 

 

 

2021

 

2022

 

 

 

 

2021

 

2022

 

 

 

Domestic Traffic

 

2,582,234

 

 

3,589,559

 

 

39.0

 

 

 

5,911,758

 

 

10,056,838

 

 

70.1

 

MDE

Medellín (Rio Negro)

 

1,850,236

 

 

2,663,250

 

 

43.9

 

 

 

4,093,875

 

 

7,450,389

 

 

82.0

 

EOH

Medellín

 

284,890

 

 

339,689

 

 

19.2

 

 

 

692,976

 

 

928,022

 

 

33.9

 

MTR

Montería

 

295,624

 

 

405,996

 

 

37.3

 

 

 

732,750

 

 

1,156,661

 

 

57.9

 

APO

Carepa

 

60,669

 

 

68,580

 

 

13.0

 

 

 

153,181

 

 

272,244

 

 

77.7

 

UIB

Quibdó

 

81,460

 

 

99,884

 

 

22.6

 

 

 

211,016

 

 

199,627

 

 

(5.4

)

CZU

Corozal

 

9,355

 

 

12,160

 

 

30.0

 

 

 

27,960

 

 

49,895

 

 

78.5

 

International Traffic

 

461,508

 

 

779,776

 

 

69.0

 

 

 

1,008,616

 

 

1,991,429

 

 

97.4

 

MDE

Medellín (Rio Negro)

 

461,508

 

 

779,776

 

 

69.0

 

 

 

1,008,616

 

 

1,991,429

 

 

97.4

 

EOH

Medellín

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

MTR

Montería

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

APO

Carepa

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

UIB

Quibdó

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

CZU

Corozal

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

Total Traffic Colombia

 

3,043,742

 

 

4,369,335

 

 

43.6

 

 

 

6,920,374

 

 

12,048,267

 

 

74.1

 

MDE

Medellín (Rio Negro)

 

2,311,744

 

 

3,443,026

 

 

48.9

 

 

 

5,102,491

 

 

9,441,818

 

 

85.0

 

EOH

Medellín

 

284,890

 

 

339,689

 

 

19.2

 

 

 

692,976

 

 

928,022

 

 

33.9

 

MTR

Montería

 

295,624

 

 

405,996

 

 

37.3

 

 

 

732,750

 

 

1,156,661

 

 

57.9

 

APO

Carepa

 

60,669

 

 

68,580

 

 

13.0

 

 

 

153,181

 

 

272,244

 

 

77.7

 

UIB

Quibdó

 

81,460

 

 

99,884

 

 

22.6

 

 

 

211,016

 

 

199,627

 

 

(5.4

)

CZU

Corozal

 

9,355

 

 

12,160

 

 

30.0

 

 

 

27,960

 

 

49,895

 

 

78.5

 

 

1 Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, while Puerto Rico includes transit passengers and general aviation.

 

 

ASUR 3Q22 Page 21 of 25

 

 

 


 

 

Grupo Aeroportuario del Sureste, S.A.B. de C.V.

Commercial Spaces

 

 

 

ASUR Retail and Other Commercial Space Opened since September 30, 20211

Business Name

Type

Opening Date

MEXICO

Cancun

Red Importadora, SA de CV (Gowin)

Retail

September 2021

Cancún Airport Services (minimarket)

Retail

July 2022

Mtrans MX FOX

Car Rental

August 2022

Comercial Ariete (Carflex)

Car Rental

August 2022

HSBC, SA. ATM

Banks and Foreign Exchange

September 2022

Cozumel

Morena Mia Beauty Group

Retail

September 2021

Tapachula

Global Lounge OP Mex, SA de CV

Other Revenues

June 2022

HSBC, SA. ATM

Banks and Foreign Exchange

July 2022

SAN JUAN, PUERTO RICO

 

 

Fresh @ the Gate (Management Group Investors, LLC)

Food and Beverage

January 2022

The Flight Park (G&G, LLC)

Food and Beverage

January 2022

Strong Med Vital Care (MRPV, LLC)

Other Revenues

February 2022

Power Packs 2 Go (PR Kiosk Solutions, LLC)

Other Revenues

February 2022

Corner Bistro (Management Group Investors, LLC)

Food and Beverage

March 2022

Beya (PS Imports, INC.)

Retail

March 2022

El Mesón Sandwiches (Management Group Investors, LLC)

Food and Beverage

June 2022

COLOMBIA

 

 

Rionegro

 

 

First Class Experiencias Cartagena S.A.S.

Other Revenues

October 2021

Globoshops S.A.S

Retail

October 2021

Fast Colombia S.A.S.

Other Revenues

November 2021

Organización Terpel S.A.

Other Revenues

November 2021

Ultra Air. S.A.S

Other Revenues

November 2021

Caribbean Support and Flight Services S.A.S.

Other Revenues

December 2021

Ez Air Sucursal Colombia

Other Revenues

December 2021

Globoshops S.A.S

Retail

December 2021

Jetsmart Airlines SPA Sucursal Colombia

Other Revenues

December 2021

Ultra Air. S.A.S

Other Revenues

December 2021

Apollo Freight Services Colombia SAS

Other Revenues

January 2022

Jetair Caribbean B.V. Sucursal

Other Revenues

January 2022

Magnum Logistics S.A.S.

Other Revenues

January 2022

Café de Santa Barbara S.A.S.

Food and Beverage

February 2022

Aires Aerovias Integracón Regional S.A

Other Revenues

March 2022

Globo Cambio Foreign Exchange S.A.S.

Banks and Foreign Exchange

March 2022

Toolbox Services MRO SAS

Other Revenues

March 2022

Aerosan S.A.S.

Other Revenues

April 2022

Menzies Aviation Colombia S.A.S

Other Revenues

April 2022

Banco Bilvao Viscalla Argentaria Colombia S.A

Banks and Foreign Exchange

April 2022

Viva Aerobus

Other Revenues

April 2022

Donuts de Antioquia S.A.S.

Food and Beverage

April 2022

Cambios Inter 1a SAS

Banks and Foreign Exchange

May 2022

Estrella Andina S.A.S.

Food and Beverage

June 2022

Estrella Andina S.A.S.

Food and Beverage

June 2022

Aerorepublica S.A.

Other Revenues

June 2022

Renting Colombia S.A.S

Car Rental

September 2022

Autosnack S.A.S.

Retail

September 2022

Olaya herrera

 

 

Moon Flights S.A.S

Other Revenues

October 2021

Grupo San German Express S.A.S

Other Revenues

November 2021

Cueros Velez S.A.S

Retail

November 2021

Central Aeroespace S.A.S

Other Revenues

December 2021

Distribuidora Pasteur S.A

Retail

December 2021

Grupo San German Express S.A.S

Other Revenues

January 2022

Fondo de Valoración del Municipio de Medellín

Other Revenues

January 2022

Servicio Aéreo a Territorios Nacionales S.A

Other Revenues

January 2022

Good-Fly Co S.A.S

Other Revenues

February 2022

Hagar 29 S.A.S.

Other Revenues

February 2022

Aeropaca S.A.S.

Other Revenues

March 2022

Moon Flight Services S.A.S

Other Revenues

April 2022

Pacifica de Aviación S.A.S.

Other Revenues

May 2022

Fondo de Valoración del Municipio de Medellín

Other Revenues

June 2022

PC Mejia S.A.

Other Revenues

June 2022

Autosnack S.A.S.

Retail

September 2022

Montería

 

 

Distribuidora Pasteur S.A

Retail

February 2022

Hagar 29 S.A.S.

Other Revenues

May 2022

ASUR 3Q22 Page 22 of 25

 

 

 


 

Quibdo

 

 

Grupo San German Express S.A.S

Other Revenues

November 2021

Distribuidora Pasteur S.A

Retail

December 2021

Inversisa S.A.S.

Food and Beverage

November 2021

Moon Flights S.A.S

Other Revenues

June 2022

Carepa

 

 

Distribuidora Pasteur S.A

Retail

December 2021

Centro de Servicios

Cueros Velez S.A.S

Retail

November 2021

Inversisa S.A.S.

Food and Beverage

November 2021

STF Group S.A.

Retail

December 2021

Franquicias Taca SAS

Retail

January 2022

Instituto Colombiano de Crédito Educativo Icetex

Other Revenues

January 2022

Cristian David Mosquera Renteria

Retail

March 2022

 

* Only includes new stores opened during the period and excludes remodelings or contract renewals.

ASUR 3Q22 Page 23 of 25

 

 

 


 

 

Grupo Aeroportuario del Sureste, S.A.B. de C.V.

 

Operating Results per Airport

 

Thousands of mexican pesos

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item

3Q                     2021

 

3Q 2021 Per Workload Unit

 

3Q                    2022

 

3Q 2022 Per Workload Unit

 

 

YoY % Chg.

 

Per Workload Unit YoY % Chg.

 

Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancun 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

1,282,380

 

 

207.8

 

 

1,944,588

 

 

246.1

 

 

 

51.6

 

 

18.4

 

Non-Aeronautical Revenues

 

1,108,366

 

 

179.6

 

 

1,494,453

 

 

189.1

 

 

 

34.8

 

 

5.3

 

Construction Services Revenues

 

217,832

 

 

35.3

 

 

102,423

 

 

13.0

 

 

 

(53.0

)

 

(63.2

)

Total Revenues

 

2,608,578

 

 

422.7

 

 

3,541,464

 

 

448.2

 

 

 

35.8

 

 

6.0

 

Operating Profit

 

1,600,115

 

 

259.3

 

 

2,430,757

 

 

307.6

 

 

 

51.9

 

 

18.6

 

EBITDA

 

1,739,158

 

 

281.9

 

 

2,585,106

 

 

327.1

 

 

 

48.6

 

 

16.0

 

Merida

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

120,249

 

 

200.4

 

 

208,914

 

 

243.8

 

 

 

73.7

 

 

21.7

 

Non-Aeronautical Revenues

 

34,625

 

 

57.7

 

 

43,187

 

 

50.4

 

 

 

24.7

 

 

(12.7

)

Construction Services Revenues

 

165,324

 

 

275.5

 

 

131,298

 

 

153.2

 

 

 

(20.6

)

 

(44.4

)

Other 2

 

16

 

 

-

 

 

25

 

 

-

 

 

 

56.3

 

n/a

 

Total Revenues

 

320,214

 

 

533.6

 

 

383,424

 

 

447.4

 

 

 

19.7

 

 

(16.2

)

Operating Profit

 

70,385

 

 

117.3

 

 

148,334

 

 

173.1

 

 

 

110.7

 

 

47.6

 

EBITDA

 

83,312

 

 

138.9

 

 

168,289

 

 

196.4

 

 

 

102.0

 

 

41.4

 

Villahermosa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

54,510

 

 

195.4

 

 

82,920

 

 

256.7

 

 

 

52.1

 

 

31.4

 

Non-Aeronautical Revenues

 

12,844

 

 

46.0

 

 

16,750

 

 

51.9

 

 

 

30.4

 

 

12.8

 

Construction Services Revenues

 

10,679

 

 

38.3

 

 

30,646

 

 

94.9

 

 

 

187.0

 

 

147.8

 

Other 2

 

23

 

 

0.1

 

 

22

 

 

0.1

 

 

 

(4.3

)

 

-

 

Total Revenues

 

78,056

 

 

279.8

 

 

130,338

 

 

403.6

 

 

 

67.0

 

 

44.2

 

Operating Profit

 

29,212

 

 

104.7

 

 

52,580

 

 

162.8

 

 

 

80.0

 

 

55.5

 

EBITDA

 

38,250

 

 

137.1

 

 

61,978

 

 

191.9

 

 

 

62.0

 

 

40.0

 

Other Airports 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

231,360

 

 

225.9

 

 

334,923

 

 

265.2

 

 

 

44.8

 

 

17.4

 

Non-Aeronautical Revenues

 

43,556

 

 

42.5

 

 

52,591

 

 

41.6

 

 

 

20.7

 

 

(2.1

)

Construction Services Revenues

 

102,171

 

 

99.8

 

 

133,751

 

 

105.9

 

 

 

30.9

 

 

6.1

 

Other 2

 

72

 

 

0.1

 

 

72

 

 

0.1

 

 

 

-

 

 

-

 

Total Revenues

 

377,159

 

 

368.3

 

 

521,337

 

 

412.8

 

 

 

38.2

 

 

12.1

 

Operating Profit

 

109,238

 

 

106.7

 

 

174,230

 

 

137.9

 

 

 

59.5

 

 

29.2

 

EBITDA

 

151,578

 

 

148.0

 

 

226,679

 

 

179.5

 

 

 

49.5

 

 

21.3

 

Holding & Service Companies 4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction Services Revenues

 

-

 

n/a

 

 

-

 

n/a

 

 

n/a

 

n/a

 

Other 2

 

191,172

 

n/a

 

 

115,706

 

n/a

 

 

 

(39.5

)

n/a

 

Total Revenues

 

191,172

 

n/a

 

 

115,706

 

n/a

 

 

 

(39.5

)

n/a

 

Operating Profit

 

70,363

 

n/a

 

 

103,150

 

n/a

 

 

 

46.6

 

n/a

 

EBITDA

 

75,374

 

n/a

 

 

103,160

 

n/a

 

 

 

36.9

 

n/a

 

Consolidation Adjustment Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidation Adjustment

 

(191,282

)

n/a

 

 

(115,825

)

n/a

 

 

 

(39.4

)

n/a

 

Total Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

1,688,499

 

 

209.2

 

 

2,571,345

 

 

248.5

 

 

 

52.3

 

 

18.8

 

Non-Aeronautical Revenues

 

1,199,391

 

 

148.6

 

 

1,606,981

 

 

155.3

 

 

 

34.0

 

 

4.5

 

Construction Services Revenues

 

496,006

 

 

61.4

 

 

398,118

 

 

38.5

 

 

 

(19.7

)

 

(37.3

)

Total Revenues

 

3,383,896

 

 

419.2

 

 

4,576,444

 

 

442.3

 

 

 

35.2

 

 

5.5

 

Operating Profit

 

1,879,313

 

 

232.8

 

 

2,909,051

 

 

281.2

 

 

 

54.8

 

 

20.8

 

EBITDA

 

2,087,672

 

 

258.6

 

 

3,145,211

 

 

304.0

 

 

 

50.7

 

 

17.6

 

San Juan Puerto Rico, US 5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

516,045

 

n/a

 

 

531,194

 

n/a

 

 

 

2.9

 

n/a

 

Non-Aeronautical Revenues

 

419,899

 

n/a

 

 

412,748

 

n/a

 

 

 

(1.7

)

n/a

 

Construction Services Revenues

 

63,941

 

n/a

 

 

57,603

 

n/a

 

 

 

(9.9

)

n/a

 

Total Revenues

 

999,885

 

n/a

 

 

1,001,545

 

n/a

 

 

 

0.2

 

n/a

 

Operating Profit

 

530,710

 

n/a

 

 

460,327

 

n/a

 

 

 

(13.3

)

n/a

 

EBITDA

 

551,919

 

n/a

 

 

466,602

 

n/a

 

 

 

(15.5

)

n/a

 

Consolidation Adjustment San Juan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidation Adjustment

 

-

 

n/a

 

 

-

 

n/a

 

 

n/a

 

n/a

 

Colombia 6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

354,211

 

n/a

 

 

545,687

 

n/a

 

 

 

54.1

 

n/a

 

Non-Aeronautical Revenues

 

126,237

 

n/a

 

 

169,683

 

n/a

 

 

 

34.4

 

n/a

 

Construction Services Revenues

 

1,877

 

n/a

 

 

1,445

 

n/a

 

 

 

(23.0

)

n/a

 

Total Revenues

 

482,325

 

n/a

 

 

716,815

 

n/a

 

 

 

48.6

 

n/a

 

Operating Profit

 

160,797

 

n/a

 

 

326,748

 

n/a

 

 

 

103.2

 

n/a

 

EBITDA

 

273,422

 

n/a

 

 

455,202

 

n/a

 

 

 

66.5

 

n/a

 

Consolidation Adjustment Colombia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidation Adjustment

 

-

 

n/a

 

 

-

 

n/a

 

 

n/a

 

n/a

 

ASUR 3Q22 Page 24 of 25

 

 

 


 

CONSOLIDATED ASUR

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

2,558,755

 

n/a

 

 

3,648,226

 

n/a

 

 

 

42.6

 

n/a

 

Non-Aeronautical Revenues

 

1,745,527

 

n/a

 

 

2,189,412

 

n/a

 

 

 

25.4

 

n/a

 

Construction Services Revenues

 

561,824

 

n/a

 

 

457,166

 

n/a

 

 

 

(18.6

)

n/a

 

Total Revenues

 

4,866,106

 

n/a

 

 

6,294,804

 

n/a

 

 

 

29.4

 

n/a

 

Operating Profit

 

2,570,820

 

n/a

 

 

3,696,126

 

n/a

 

 

 

43.8

 

n/a

 

EBITDA

 

2,913,013

 

n/a

 

 

4,067,015

 

n/a

 

 

 

39.6

 

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 operations of  San Juan Airport, Puerto Rico, U.S. for 3Q22.

6 Reflects the results of operations of  Airplan, Colombia, for 3Q22.

ASUR 3Q22 Page 25 of 25

 

 

 


 

 

Grupo Aeroportuario del Sureste, S.A.B. de C.V.

 

Consolidated Statements of Financial Position as of  September 30, 2022 and 2021

 

Thousands of mexican pesos

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item

September 2022

 

December 2021

 

Variation

 

%

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

13,917,369

 

 

8,770,062

 

 

5,147,307

 

 

58.7

 

Cash and Cash Equivalents Restricted

 

1,551,809

 

 

123,081

 

 

1,428,728

 

 

1,160.8

 

Accounts Receivable, net

 

1,690,394

 

 

1,878,238

 

 

(187,844

)

 

(10.0

)

Document Receivable

 

148,618

 

 

105,000

 

 

43,618

 

 

41.5

 

Recoverable Taxes and Other Current Assets

 

802,220

 

 

785,719

 

 

16,501

 

 

2.1

 

Total Current Assets

 

18,110,410

 

 

11,662,100

 

 

6,448,310

 

 

55.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Machinery, Furniture and Equipment, net

 

168,773

 

 

184,590

 

 

(15,817

)

 

(8.6

)

Intangible assets, airport concessions and Goodwill-Net

 

52,670,757

 

 

53,973,349

 

 

(1,302,592

)

 

(2.4

)

investment in Joint Venture

 

10,530

 

 

10,689

 

 

(159

)

 

(1.5

)

Total  Assets

 

70,960,470

 

 

65,830,728

 

 

5,129,742

 

 

7.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Trade Accounts Payable

 

237,180

 

 

290,689

 

 

(53,509

)

 

(18.4

)

Bank Loans and Short Term Debt

 

1,682,322

 

 

578,144

 

 

1,104,178

 

 

191.0

 

Accrued Expenses and Others Payables

 

2,979,230

 

 

2,917,565

 

 

61,665

 

 

2.1

 

Total Current Liabilities

 

4,898,732

 

 

3,786,398

 

 

1,112,334

 

 

29.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long Term Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Bank Loans

 

4,214,012

 

 

6,603,006

 

 

(2,388,994

)

 

(36.2

)

Long Term Debt

 

10,201,760

 

 

6,598,397

 

 

3,603,363

 

 

54.6

 

Deferred Income Taxes

 

3,098,353

 

 

3,044,632

 

 

53,721

 

 

1.8

 

Employee Benefits

 

28,905

 

 

28,239

 

 

666

 

 

2.4

 

Total Long Term Liabilities

 

17,543,030

 

 

16,274,274

 

 

1,268,756

 

 

7.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

22,441,762

 

 

20,060,672

 

 

2,381,090

 

 

11.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

Capital Stock

 

7,767,276

 

 

7,767,276

 

 

-

 

 

-

 

Legal Reserve

 

2,285,392

 

 

1,989,535

 

 

295,857

 

 

14.9

 

Mayority Net Income for the Period

 

7,425,328

 

 

5,983,747

 

 

1,441,581

 

 

24.1

 

Cumulative Effect of Conversion of Foreign Currency

 

(216,496

)

 

313,582

 

 

(530,078

)

n/a

 

Retained Earnings

 

22,301,301

 

 

21,122,411

 

 

1,178,890

 

 

5.6

 

Non- Controlling interests

 

8,955,907

 

 

8,593,505

 

 

362,402

 

 

4.2

 

Total Stockholders' Equity

 

48,518,708

 

 

45,770,056

 

 

2,748,652

 

 

6.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders' Equity

 

70,960,470

 

 

65,830,728

 

 

5,129,742

 

 

7.8

 

Exchange Rate per Dollar Ps. 20.1335

 

 

 

 

 

 

 

 

 

 

 

 

 

ASUR 3Q22 Page 26 of 25

 

 

 


 

 

 

Grupo Aeroportuario del Sureste, S.A.B. de C.V.

 

Consolidated Statement of Income from January 1 to September 30,  2022 and 2021

 

Thousands of Mexican Pesos

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item

9M

 

9M

 

%

 

 

3Q

 

3Q

 

%

 

 

2021

 

2022

 

Chg

 

 

2021

 

2022

 

Chg

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Services

 

6,528,090

 

 

10,364,032

 

 

58.8

 

 

 

2,558,755

 

 

3,648,226

 

 

42.6

 

Non-Aeronautical Services

 

4,346,601

 

 

6,376,296

 

 

46.7

 

 

 

1,745,527

 

 

2,189,412

 

 

25.4

 

Construction Services

 

1,120,406

 

 

1,299,990

 

 

16.0

 

 

 

561,824

 

 

457,166

 

 

(18.6

)

Total Revenues

 

11,995,097

 

 

18,040,318

 

 

50.4

 

 

 

4,866,106

 

 

6,294,804

 

 

29.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Services

 

2,382,579

 

 

2,712,811

 

 

13.9

 

 

 

765,225

 

 

1,009,753

 

 

32.0

 

Cost of Construction

 

1,120,406

 

 

1,299,990

 

 

16.0

 

 

 

561,824

 

 

457,166

 

 

(18.6

)

General and Administrative Expenses

 

206,261

 

 

216,170

 

 

4.8

 

 

 

87,099

 

 

74,040

 

 

(15.0

)

Technical Assistance

 

267,366

 

 

474,194

 

 

77.4

 

 

 

111,374

 

 

165,391

 

 

48.5

 

Concession Fee

 

652,081

 

 

1,052,642

 

 

61.4

 

 

 

265,560

 

 

369,803

 

 

39.3

 

Depreciation and Amortization

 

1,498,176

 

 

1,526,990

 

 

1.9

 

 

 

504,204

 

 

522,826

 

 

3.7

 

Total Operating Expenses

 

6,126,869

 

 

7,282,797

 

 

18.9

 

 

 

2,295,286

 

 

2,598,979

 

 

13.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Revenues

 

 

 

 

45,848

 

n/a

 

 

 

 

 

 

301

 

n/a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

5,868,228

 

 

10,803,369

 

 

84.1

 

 

 

2,570,820

 

 

3,696,126

 

 

43.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive Financing Cost

 

(375,609

)

 

(318,495

)

 

(15.2

)

 

 

(56,949

)

 

(185,187

)

 

225.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

5,492,619

 

 

10,484,874

 

 

90.9

 

 

 

2,513,871

 

 

3,510,939

 

 

39.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for Income Tax

 

1,196,249

 

 

2,444,047

 

 

104.3

 

 

 

554,782

 

 

844,248

 

 

52.2

 

Deferred Income Taxes

 

(28,975

)

 

144,654

 

 

(599.2

)

 

 

1,638

 

 

(11,684

)

 

(813.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income for the Year

 

4,325,345

 

 

7,896,173

 

 

82.6

 

 

 

1,957,451

 

 

2,678,375

 

 

36.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Majority Net Income

 

3,970,624

 

 

7,425,328

 

 

87.0

 

 

 

1,793,950

 

 

2,546,504

 

 

41.9

 

Non-Controlling Interests

 

354,721

 

 

470,845

 

 

32.7

 

 

 

163,501

 

 

131,871

 

 

(19.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning per Share

 

13.2354

 

 

24.7511

 

 

87.0

 

 

 

5.9798

 

 

8.4883

 

 

41.9

 

Earning per American Depositary Share (in U.S. Dollars)

 

6.5872

 

 

12.3186

 

 

87.0

 

 

 

2.9762

 

 

4.2246

 

 

41.9

 

Exchange Rate per Dollar Ps. 20.0925

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASUR 3Q22 Page 27 of 25

 

 

 


 

 

 

Grupo Aeroportuario del Sureste, S.A.B. de C.V.

 

Consolidated Statement of Cash Flow for the Periods of January 1, to September 30, 2022 an 2021.

 

Thousands of Mexican Pesos

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item

9M

 

9M

 

%

 

 

3Q

 

3Q

 

%

 

 

2021

 

2022

 

Chg

 

 

2021

 

2022

 

Chg

 

Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

5,492,619

 

 

10,484,874

 

 

90.9

 

 

 

2,513,871

 

 

3,510,939

 

 

39.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and Amortization

 

1,498,176

 

 

1,526,990

 

 

1.9

 

 

 

504,204

 

 

522,826

 

 

3.7

 

Interest Income

 

(135,320

)

 

(263,143

)

 

94.5

 

 

 

(48,119

)

 

(108,646

)

 

125.8

 

Interest Payables

 

618,408

 

 

544,313

 

 

(12.0

)

 

 

203,933

 

 

297,384

 

 

45.8

 

Sub-Total

 

7,473,883

 

 

12,293,034

 

 

64.5

 

 

 

3,173,889

 

 

4,222,503

 

 

33.0

 

Trade Receivables

 

(333,178

)

 

(3,375

)

 

(99.0

)

 

 

291,316

 

 

106,059

 

 

(63.6

)

Recoverable Taxes and other Current Assets

 

95,328

 

 

(614,658

)

n/a

 

 

 

(32,116

)

 

21,284

 

n/a

 

Income Tax Paid

 

(665,377

)

 

(1,759,632

)

 

164.5

 

 

 

(227,312

)

 

(655,904

)

 

188.5

 

Trade Accounts Payable

 

895,372

 

 

380,167

 

 

(57.5

)

 

 

444,073

 

 

88,644

 

 

(80.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow Provided by Operating Activities

 

7,466,028

 

 

10,295,536

 

 

37.9

 

 

 

3,649,850

 

 

3,782,586

 

 

3.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Initial Recognition Cash Operadora

 

 

 

 

3,063

 

n/a

 

 

 

 

 

 

3,063

 

n/a

 

Loans Granted to Third Parties

 

(105,000

)

 

(35,100

)

 

(66.6

)

 

 

(105,000

)

 

 

 

n/a

 

Proceeds for Cancellation of Land Acquisition Contract

 

286,283

 

 

 

 

n/a

 

 

 

 

 

 

 

 

 

 

 

Restricted Cash

 

(8,087

)

 

(1,450,896

)

 

17,841.1

 

 

 

1,492

 

 

(233,303

)

n/a

 

Investments in Machinery, Furniture and Equipment, net

 

(1,418,484

)

 

(1,300,909

)

 

(8.3

)

 

 

(601,180

)

 

(548,227

)

 

(8.8

)

Interest Income

 

136,215

 

 

229,741

 

 

68.7

 

 

 

47,326

 

 

80,981

 

 

71.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow Used by Investing Activities

 

(1,109,073

)

 

(2,554,101

)

 

130.3

 

 

 

(657,362

)

 

(697,486

)

 

6.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess Cash to Use in Financing Activities

 

6,356,955

 

 

7,741,435

 

 

21.8

 

 

 

2,992,488

 

 

3,085,100

 

 

3.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank Loans Net

 

2,630,000

 

 

4,069,700

 

 

54.7

 

 

 

2,650,000

 

 

4,069,700

 

 

53.6

 

Long Term Debt Paid

 

(2,359,554

)

 

(1,070,644

)

 

(54.6

)

 

 

(2,156,552

)

 

(107,109

)

 

(95.0

)

Interest Paid

 

(781,100

)

 

(936,886

)

 

19.9

 

 

 

(313,324

)

 

(380,305

)

 

21.4

 

Dividends Paid

 

 

 

 

(4,509,000

)

n/a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow used by Financing Activities

 

(510,654

)

 

(2,446,830

)

 

379.2

 

 

 

180,124

 

 

3,582,286

 

 

1,888.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase in Cash and Cash Equivalents

 

5,846,301

 

 

5,294,605

 

 

(9.4

)

 

 

3,172,612

 

 

6,667,386

 

 

110.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents at Beginning of Period

 

5,192,628

 

 

8,770,062

 

 

68.9

 

 

 

7,837,766

 

 

7,331,083

 

 

(6.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange Gain on Cash and Cash Equivalents

 

3,669

 

 

(147,298

)

n/a

 

 

 

32,220

 

 

(81,100

)

n/a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents at the End of Period

 

11,042,598

 

 

13,917,369

 

 

26.0

 

 

 

11,042,598

 

 

13,917,369

 

 

26.0

 

 

ASUR 3Q22 Page 28 of 25