ASUR Reports 2Q22 Financial Results
Total passenger traffic in 2Q22 increased 19.2% compared to 2Q19 and 39.3% YoY
Mexico City, July 25, 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 six-month periods ended June 30, 2022.
2Q22 Highlights1
• | Total passenger traffic increased 39.3% year over year (YoY), reflecting the impact of the Covid-19 pandemic, which had affected travel demand since mid-March 2020, and exceeded 2Q19 levels by 19.2%. By country of operations, 2Q22 passenger traffic showed the following recoveries compared to 2Q19 levels: |
| • | Mexico: exceeded 2Q19 traffic by 12.5%, with domestic and international traffic levels increasing by 5.4% and 19.3%, respectively. |
| • | Puerto Rico (Aerostar): exceeded 2Q19 traffic by 15.1%, with domestic traffic increasing by 18.6%, and international traffic recovering to 88.1% of 2Q19 levels. |
| • | Colombia (Airplan): exceeded 2Q19 traffic by 43.2%, with domestic and international passengers exceeding their comparable 2Q19 levels by 41.6% and 51.6%, respectively. |
• | Revenues increased 49.4% YoY to Ps.6,319.7 million and by 55.3% compared to 2Q19 revenues. Excluding construction revenues, revenues increased 48.3% YoY and 45.1% against 2Q19. |
• | Consolidated commercial revenues per passenger were Ps.119.6 in 2Q22. |
• | Consolidated EBITDA increased 61. 4% YoY to Ps.4,040.6 million and 47.2% compared to 2Q19. |
• | Adjusted EBITDA Margin (excluding the effect of IFRIC 12) increased to 70.5%, from 64.8% in 2Q21 and 69.5% in 2Q19. |
• | Cash & cash equivalents of Ps.7,331.1 million at quarter-end and Net Debt-to-LTM EBITDA at 0.4x. |
• | Principal debt payments of Ps.107.3 million, or approximately 0.9% of Total Debt, mature during the remainder of 2022. Aerostar renegotiated its US$50 million principal amount of 6.75% senior secured notes maturing in May 2035, while Airplan in Colombia made principal payments of Ps.794.5 million in connection with its 12-Year syndicated loan facility with eight banks, with the next principal payment at Airplan due 2025. |
| Second Quarter | % Chg | |
| 2021 | 2022 | |
Financial Highlights |
|
|
|
Total Revenue | 4,229,281 | 6,319,709 | 49.4 |
Mexico | 2,946,621 | 4,557,925 | 54.7 |
San Juan | 948,918 | 1,065,470 | 12.3 |
Colombia | 333,742 | 696,314 | 108.6 |
Commercial Revenues per PAX | 118.8 | 119.6 | 0.7 |
Mexico | 130.8 | 142.8 | 9.2 |
San Juan | 141.7 | 158.9 | 12.1 |
Colombia | 46.7 | 39.7 | (15.0) |
EBITDA | 2,502,816 | 4,040,629 | 61.4 |
Net Income | 1,329,788 | 2,844,469 | 113.9 |
Majority Net Income | 1,231,659 | 2,661,548 | 116.1 |
Earnings per Share (in pesos) | 4.1055 | 8.8718 | 116.1 |
Earnings per ADS (in US$) | 2.0392 | 4.4065 | 116.1 |
Capex | 460,965 | 436,865 | (5.2) |
Cash & Cash Equivalents | 7,837,766 | 7,331,083 | (6.5) |
Net Debt | 5,594,319 | 5,047,003 | (9.8) |
Net Debt/ LTM EBITDA | 0.90 | 0.36 | (59.8) |
Operational Highlights |
|
|
|
Passenger Traffic |
|
|
|
Mexico | 7,305,142 | 9,817,127 | 34.4 |
San Juan | 2,671,356 | 2,783,495 | 4.2 |
Colombia | 2,019,347 | 4,106,959 | 103.4 |
2Q22 Earnings Call
Date & Time: Tuesday, July 26, 2022 at 10:00 AM US ET; 9:00 AM CT
Dial-in: 1-888-394-8218 (U.S. Toll-Free) 1-323-794-2590 (International)
Access Code: 2205298
Replay: Tue, July 26, 2022 at 1:00 PM US ET, ending at 11:59 PM US ET on Tue, August 2, 2022. Dial in: 1-844-512-2921 (Toll-Free) 1-412-317-6671 (International). Access Code: 2205298 | 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 six-month periods ended June 30, 2022, and the equivalent three- and six-month periods ended June 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.20.1335 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP205.9300 = 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 2Q22 Page 1 of 25 |
|
|
2Q22 Passenger Traffic
During 2Q22, total passenger traffic increased 39.3% YoY to 16.7 million passengers, representing a recovery from the impact of the COVID-19 pandemic which began mid-March 2020. Compared to 2Q19, passenger traffic in 2Q22 increased 19.2%.
Traffic in Mexico increased 34.4% YoY to 9.8 million passengers. In addition, Mexico traffic increased 12.5% against to 2Q19 levels, driven by increases of 5.4% and 19.3% in domestic and international traffic, respectively.
In Puerto Rico, 2Q22 passenger traffic increased 4.2% YoY to 2.8 million passengers. Traffic surpassed 2Q19 levels by 15.1%, with domestic traffic increasing 18.6% and international traffic recovering to 88.1% of 2Q19 activity.
Traffic in Colombia increased 103.4% YoY to 4.1 million passengers in 2Q22. Compared to 2Q19 levels, traffic increased 43.2%, with domestic and international traffic increasing 41.6% and 51.6%, respectively.
Tables with detailed passenger traffic information for each airport can be found on page 20 of this report.
Table 2: Passenger Traffic Summary | |||||||||||
| Second Quarter | % Chg vs 21 | % Chg vs 19 |
| Six-Months | % | % | ||||
| 2019 | 2021 | 2022 |
| 2019 | 2020 | 2021 | ||||
Total Mexico | 8,727,405 | 7,305,142 | 9,817,127 | 34.4 | 12.5 |
| 17,450,634 | 12,424,008 | 18,837,881 | 51.6 | 7.9 |
- Cancun | 6,554,989 | 5,622,962 | 7,573,042 | 34.7 | 15.5 |
| 13,214,393 | 9,508,028 | 14,614,988 | 53.7 | 10.6 |
- 8 Others Airports | 2,172,416 | 1,682,180 | 2,244,085 | 33.4 | 3.3 |
| 4,236,241 | 2,915,980 | 4,222,893 | 44.8 | (0.3) |
Domestic Traffic | 4,287,115 | 3,770,004 | 4,518,674 | 19.9 | 5.4 |
| 7,897,876 | 6,623,043 | 8,264,362 | 24.8 | 4.6 |
- Cancun | 2,319,867 | 2,311,551 | 2,559,200 | 10.7 | 10.3 |
| 4,219,050 | 4,057,727 | 4,640,847 | 14.4 | 10.0 |
- 8 Others Airports | 1,967,248 | 1,458,453 | 1,959,474 | 34.4 | (0.4) |
| 3,678,826 | 2,565,316 | 3,623,515 | 41.3 | (1.5) |
International traffic | 4,440,290 | 3,535,138 | 5,298,453 | 49.9 | 19.3 |
| 9,552,758 | 5,800,965 | 10,573,519 | 82.3 | 10.7 |
- Cancun | 4,235,122 | 3,311,411 | 5,013,842 | 51.4 | 18.4 |
| 8,995,343 | 5,450,301 | 9,974,141 | 83.0 | 10.9 |
- 8 Others Airports | 205,168 | 223,727 | 284,611 | 27.2 | 38.7 |
| 557,415 | 350,664 | 599,378 | 70.9 | 7.5 |
Total San Juan, Puerto Rico | 2,417,300 | 2,671,356 | 2,783,495 | 4.2 | 15.1 |
| 4,717,808 | 4,436,229 | 5,174,214 | 16.6 | 9.7 |
Domestic Traffic | 2,143,342 | 2,556,590 | 2,542,024 | (0.6) | 18.6 |
| 4,216,167 | 4,259,734 | 4,755,038 | 11.6 | 12.8 |
International traffic | 273,958 | 114,766 | 241,471 | 110.4 | (11.9) |
| 501,641 | 176,495 | 419,176 | 137.5 | (16.4) |
Total Colombia | 2,868,929 | 2,019,347 | 4,106,959 | 103.4 | 43.2 |
| 5,614,966 | 3,876,632 | 7,678,932 | 98.1 | 36.8 |
Domestic Traffic | 2,413,058 | 1,675,096 | 3,415,937 | 103.9 | 41.6 |
| 4,757,830 | 3,329,524 | 6,467,279 | 94.2 | 35.9 |
International traffic | 455,871 | 344,251 | 691,022 | 100.7 | 51.6 |
| 857,136 | 547,108 | 1,211,653 | 121.5 | 41.4 |
Total traffic | 14,013,634 | 11,995,845 | 16,707,581 | 39.3 | 19.2 |
| 27,783,408 | 20,736,869 | 31,691,027 | 52.8 | 14.1 |
Domestic Traffic | 8,843,515 | 8,001,690 | 10,476,635 | 30.9 | 18.5 |
| 16,871,873 | 14,212,301 | 19,486,679 | 37.1 | 15.5 |
International traffic | 5,170,119 | 3,994,155 | 6,230,946 | 56.0 | 20.5 |
| 10,911,535 | 6,524,568 | 12,204,348 | 87.1 | 11.8 |
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 1H 2022 |
|
|
|
| |||||||
Region | January | February | March | April | May | June | Total | ||||
Mexico | 65.1% | 99.8% | 69.9% | 56.8% | 30.5% | 20.0% | 51.6% | ||||
Domestic Traffic | 28.1% | 42.4% | 26.2% | 29.3% | 18.9% | 12.3% | 24.8% | ||||
Internationl Traffic | 112.3% | 177.0% | 122.0% | 89.4% | 43.3% | 27.3% | 82.3% | ||||
Puerto Rico | 40.5% | 50.8% | 22.1% | 16.0% | 5.3% | (5.8%) | 16.6% | ||||
Domestic Traffic | 35.6% | 44.5% | 16.7% | 11.1% | 1.1% | (11.1%) | 11.6% | ||||
Internationl Traffic | 135.4% | 236.3% | 217.0% | 156.2% | 116.0% | 85.8% | 137.5% | ||||
Colombia | 110.8% | 86.5% | 81.1% | 143.3% | 121.6% | 66.0% | 98.1% | ||||
Domestic Traffic | 104.6% | 76.3% | 74.0% | 138.4% | 128.0% | 65.9% | 94.2% | ||||
Internationl Traffic | 153.6% | 186.4% | 140.1% | 171.9% | 95.2% | 66.4% | 121.5% | ||||
Total | 70.2% | 86.8% | 61.9% | 61.4% | 38.6% | 23.1% | 52.8% | ||||
Domestic Traffic | 50.3% | 52.6% | 35.6% | 45.0% | 33.0% | 17.9% | 37.1% | ||||
Internationl Traffic | 116.6% | 179.2% | 125.2% | 97.1% | 49.7% | 33.0% | 87.1% |
ASUR 2Q22 Page 1 of 25 |
|
|
Review of Consolidated Results
Table 4: Summary of Consolidated Results |
|
|
|
|
| ||
| Second Quarter | % Chg |
| Six- Months | % Chg | ||
| 2021 | 2022 |
| 2021 | 2022 | ||
Total Revenues | 4,229,281 | 6,319,709 | 49.4 |
| 7,128,991 | 11,745,514 | 64.8 |
Aeronautical Services | 2,313,657 | 3,533,790 | 52.7 |
| 3,969,335 | 6,715,806 | 69.2 |
Non-Aeronautical Services | 1,550,131 | 2,194,402 | 41.6 |
| 2,601,074 | 4,186,884 | 61.0 |
Total Revenues Excluding Construction Revenues | 3,863,788 | 5,728,192 | 48.3 |
| 6,570,409 | 10,902,690 | 65.9 |
Construction Revenues | 365,493 | 591,517 | 61.8 |
| 558,582 | 842,824 | 50.9 |
Total Operating Costs & Expenses | 2,219,391 | 2,609,840 | 17.6 |
| 3,831,583 | 4,707,385 | 22.9 |
Other Revenues |
|
|
|
|
| 45,547 | n/a |
Operating Profit | 2,009,890 | 3,709,869 | 84.6 |
| 3,297,408 | 7,083,676 | 114.8 |
Operating Margin | 47.5% | 58.7% | 1118 bps |
| 46.3% | 60.3% | 1406 bps |
Adjusted Operating Margin 1 | 52.0% | 64.8% | 1275 bps |
| 50.2% | 65.0% | 1479 bps |
EBITDA | 2,502,816 | 4,040,629 | 61.4 |
| 4,107,924 | 7,716,914 | 87.9 |
EBITDA Margin | 59.2% | 63.9% | 476 bps |
| 57.6% | 65.7% | 808 bps |
Adjusted EBITDA Margin 2 | 64.8% | 70.5% | 576 bps |
| 62.5% | 70.8% | 826 bps |
Net Income | 1,329,788 | 2,844,469 | 113.9 |
| 2,367,894 | 5,194,231 | 119.4 |
Net Majority Income | 1,231,659 | 2,661,548 | 116.1 |
| 2,176,674 | 4,855,257 | 123.1 |
Earnings per Share | 4.1055 | 8.8718 | 116.1 |
| 7.2556 | 16.1842 | 123.1 |
Earnings per ADS in US$ | 2.0392 | 4.4065 | 116.1 |
| 3.6037 | 8.0384 | 123.1 |
|
|
|
|
|
|
|
|
Total Commercial Revenues per Passenger 3 | 118.8 | 119.6 | 0.7 |
| 114.2 | 120.2 | 5.3 |
Commercial Revenues | 1,434,617 | 2,019,045 | 40.7 |
| 2,386,470 | 3,849,500 | 61.3 |
Commercial Revenues from Direct Operations per Passenger 4 | 22.3 | 22.0 | (1.3) |
| 20.7 | 22.5 | 8.7 |
Commercial Revenues Excluding Direct Operations per Passenger | 96.5 | 97.6 | 1.2 |
| 93.5 | 97.7 | 4.5 |
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 2Q22 increased 49.4% YoY, or Ps.2,090.4 million, to Ps.6,319.7 million and 55.3%, or Ps.2,250.3 million when compared to 2Q19. This YoY increase was mainly due to the following increases:
• | 52.7% in revenues from aeronautical services to Ps.3,544.8 million. Mexico contributed Ps.2,466.3 million, while Puerto Rico and Colombia contributed Ps.540.1 million and Ps.527.4 million, respectively; and |
• | 61.8%, or Ps.226.0 million in construction services revenues amounting to Ps.591.5 million, 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 48.3% YoY to Ps.5,728.2 million.
Compared to 2Q19, revenues excluding construction services increased 45.1%, driven by a 44.1% increase in revenues from non-aeronautical services and a 45.7% increase in revenues from aeronautical services. Excluding revenues from construction services, Mexico accounted for 70.7% of total revenues in 2Q22, while Puerto Rico and Colombia represented 17.2% and 12.1%, respectively.
Commercial Revenues in 2Q22 increased 40.7% YoY to Ps.2,019.0 million, mainly reflecting the 39.8% recovery in passenger traffic. Compared to 2Q19, commercial revenues increased 43.6%. Commercial revenues increased YoY across ASUR’s regions of operations: 46.8% to Ps.1,408.6 million in Mexico, 16.9% to Ps.442.4 million in Puerto Rico, and 73.8% to Ps.168.0 million in Colombia.
Commercial Revenues per Passenger was Ps.119.6 in 2Q22, compared to Ps.118.8 in 2Q21 and Ps.99.7 in 2Q19.
Consolidated Operating Costs and Expenses
Consolidated Operating Costs and Expenses, including construction costs, increased 17.6% YoY, or Ps.390.4 million, to Ps.2,609.8 million in 2Q22, and 31.5%, or Ps.625.7 million, when compared to 2Q19.
Excluding construction costs, operating costs and expenses increased 8.9% YoY, or Ps.164.4 million, and 8.4% compared to 2Q19. Excluding a Ps.175.2 million recovery of expenses in Puerto Rico in 2Q22 as discussed below, operating costs and expenses would have increased YoY by 18.3% or Ps.339.6 and 17.8% against 2Q19. The YoY increase was mainly due to the following variations:
• | Mexico: increased 17.3%, or Ps.178.5 million, mainly reflecting higher technical assistance and concession fees, increases in security, maintenance, insurance and surety bond expenses, together with higher cost of sales from directly operated stores. |
• | Puerto Rico: declined 22.8%, or Ps.122.0 million, principally reflecting a higher recovery of expenses under the American Rescue Plan Act in 2Q22 amounting to Ps.175.2 million. Without this benefit, costs would have increased 9.9% or Ps.53.2 million due to higher energy and personnel expenses, increased professional fees, taxes and duties as well as insurance and surety bond expenses. |
• | Colombia: increased 37.8%, or Ps.107.9 million, mainly reflecting increases in concession fees and technical assistance, together with higher energy, maintenance, personnel, taxes and surety bonds, and security expenses as a consequence of increased business activity. |
Cost of Services decreased 9.7% YoY, or Ps.95.4 million, principally reflecting the impact of the expense reimbursement under the American Rescue Plan Act in Puerto Rico.
Construction Costs increased 61.8% YoY, or Ps.226.0 million. This was mainly driven by YoY increases of 60.1%, or Ps.191.7 million in Mexico, 73.3% or Ps.33.9 million in Puerto Rico, and 132.5% or Ps.0.4 million in Colombia.
Administrative Expenses that reflect administrative costs in Mexico increased 27.5% YoY.
Consolidated Technical Assistance increased 92.7% YoY mainly reflecting higher EBITDA in Mexico in 2Q22.
Concession Fees increased 63.9% YoY, principally due to increases of 59.0% in Mexico, 111.0% in Colombia and 7.4% in Puerto Rico, mainly due to higher regulated revenues, a factor in the calculation of the fee.
Depreciation and Amortization increased 2.7% YoY, or Ps.13.5 million, principally due to increases of 10.1%, or Ps.20.4 million in Mexico, and 0.8% or Ps.1.4 million in Puerto Rico, which were partially offset by a 7.7% or Ps.8.4 million decrease in Colombia.
Consolidated Operating Profit (Loss) and EBITDA
ASUR reported a Consolidated Operating Profit of Ps.3,709.9 million in 2Q22 and an Operating Margin of 58.7%, compared to a Ps.2,009.9 million profit and a 47.5% margin in 2Q21, and a Ps.2,247.9 million consolidated operating profit and 55.2% margin in 2Q19.
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, and which is calculated as operating profit or loss divided by total revenues less construction services revenues, was 64.8% in 2Q22 compared to 52.0% in 2Q21 and 56.9% in 2Q19.
EBITDA increased 61.4%, or Ps.1,537.8 million, to Ps.4,040.6 million in 2Q22 from Ps.2,502.8 million in 2Q21. Compared to 2Q19, EBITDA increased 47.2%. By country of operations, EBITDA increased YoY by 56.4% or Ps.1,103.3 million to Ps.3,058.3 million in Mexico, by 7.0% or Ps.37.8 million to Ps.579.7 million in Puerto Rico, and by 62.2% or Ps.154.5 million to Ps.402.6 million in Colombia. Consolidated EBITDA margin in 2Q22 was 63.9% compared to 59.2% in 2Q21 and 67.5% in 2Q19.
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 70.5% in 2Q22, compared to 64.8% in 2Q21, and 69.5% in 2Q19.
Consolidated Comprehensive Financing Gain (Loss)
|
|
|
|
|
| ||
| Second Quarter | % Chg |
| Six-Months | % Chg | ||
| 2021 | 2022 |
| 2021 | 2022 | ||
Interest Income | 51,931 | 74,129 | 42.7 |
| 87,201 | 154,497 | 77.2 |
Interest Expense | (189,310) | (20,828) | (89.0) |
| (414,475) | (246,929) | (40.4) |
Foreign Exchange Gain (Loss), Net | (44,073) | 55,020 | n/a |
| 8,614 | (40,876) | n/a |
Total | (181,452) | 108,321 | n/a |
| (318,660) | (133,308) | (58.2) |
In 2Q22 ASUR reported a Ps.108.3 million Consolidated Comprehensive Financing Gain, compared to a Ps.181.4 million loss in 2Q22.
During 2Q22 ASUR reported a foreign exchange gain of Ps.55.0 million, resulting from the 0.6% quarterly average depreciation of the Mexican peso against the U.S. dollar (1.1% quarter-end) during the period, together with a U.S. dollar net asset position. This compares to a Ps.44.1 million foreign exchange loss in 2Q22 resulting from the 2.0% quarterly average depreciation of the Mexican peso (2.6% quarter-end) on a U.S. dollar net asset position.
Interest expense declined Ps.168.5 million, or 89.0% YoY, reflecting Ps.223.7 million fair value loan repayments recognized under IFRS 3 on the loan with BBVA entered into concurrently with the acquisition of the business in Colombia. This was partially offset by increases in interest payments of Ps.41.5 million in Mexico and Ps.13.7 million in Colombia.
Interest income increased Ps.22.2 million, or 42.7% YoY reflecting a higher cash balance position.
Income Taxes
Income Taxes for 2Q22 increased Ps.475.1 million YoY, principally due to the following increases:
• | Ps.451.1 million 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 COVID-19 in 2Q21. |
• | Ps.24.0 million in deferred income taxes. This mainly reflects a Ps.71.5 million increase in deferred income taxes in Colombia resulting from the increase in the applicable tax rate to 35.0% from 31.0%, and a Ps.47.2 million decrease in the tax benefits obtained in certain airports in México, partly offset by a Ps.0.3 million tax benefit obtained in Puerto Rico. |
Majority Net Income (Loss)
ASUR reported Majority Net Income of Ps.2,661.5 million for 2Q22, compared to Ps.1,231.6 million in 2Q21 and Ps.1,426.7 million in 2Q19. This resulted in earnings per common share in 2Q22 of Ps.8.8718, or earnings per ADS of US$4,4065 (one ADS represents ten series B common shares). This compares to earnings per share of 4.1055, or earnings per ADS of US$2.0392 for the same period in the previous year, and with earnings per share of Ps.4.7558, or earnings per ADS of USS$2.3621 in 2Q19.
Net Income (Loss)
ASUR reported Net Income of Ps.2,844.5 million in 2Q22, an increase of Ps.1,514.7 million or 113.9% from Ps.1,329.8 million in 2Q21, an increase compared to Ps.1,523.5 million reported in 2Q19.
Consolidated Financial Position
Airport concessions represented 82.0% of ASUR’s total assets on June 30, 2022, with current assets representing 17.7% and other assets 0.3%.
Cash and cash equivalents as of June 30, 2022 amounted to Ps.7,331.1 million, a 16.4% increase from Ps.8,770.1 million as of December 31, 2021. Mexico, Colombia and Puerto Rico contributed with Ps.626.5 million, Ps.210.9 million and Ps.601.5 million in cash and cash equivalents, respectively.
As of June 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.5,630.2 million, (ii) goodwill of Ps.961.8 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.563.0 million, and (iv) a minority interest of Ps.5,258.0 million within stockholders' equity.
The valuation of ASUR’s investment in Airplan in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on its balance sheet as of June 30, 2022: (i) the recognition of a net intangible asset of Ps.1,080.9 million, (ii) goodwill of Ps.1,579.4 million, (iii) deferred taxes of Ps.290.7 million, and (iv) a Ps.250.4 million recognition of bank loans at fair value.
Stockholders’ equity as of June 30, 2022 was Ps.46,083.0 million and total liabilities were Ps.18,654.1 million, representing 71.2% and 28.8% of ASUR’s total assets, respectively. Deferred liabilities represented 17.1% of ASUR’s total liabilities.
Total Debt at quarter-end declined 10.2% to Ps.12,378.1 million from Ps.13,779.5 million on December 31, 2021, mainly reflecting principal and interest payments of Ps.1,022.7 million.
On June 30, 2022, 37.4% of ASUR’s Total Debt was denominated in Mexican pesos, 53.6% in U.S. Dollars (at Aerostar in Puerto Rico) and 8.9% in Colombian pesos.
Principal payments of Ps.107.3 million (0.9% of ASUR’s Total Debt) mature in 3Q22 with no principal payments due in 4Q22.
In May 2022, Aerostar in Puerto Rico authorized the issuance of US$200 million principal amount of 4.92% senior secured notes due March 22, 2035. In May 2022, Aerostar also renegotiated the terms of its $50 million principal amount of 6.75% senior secured notes to mature in 2035. All long-term debt is collateralized by Aerostar’s total assets.
LTM Net Debt-to-LTM EBITDA stood at 0.4x at the end of 2Q22, while the Interest Coverage Ratio was 10.5x. This compares with LTM Net Debt-to-LTM EBITDA of 0.9x and an Interest Coverage Ratio of 5.0x at June 30, 2021.
|
|
| |
| June 30, 2021 | December 31, | June 30, 2022 |
Leverage |
|
|
|
Total Debt/ LTM EBITDA (Times) 1 | 2.2 | 1.3 | 0.9 |
Total Net Debt/ LTM EBITDA (Times) 2 | 0.9 | 0.5 | 0.4 |
Interest Coverage Ratio 3 | 5.0 | 8.4 | 10.5 |
Total Debt | 13,432,085 | 13,779,547 | 12,378,086 |
Short-term Debt | 1,454,380 | 578,144 | 1,052,187 |
Long-term Debt | 11,977,705 | 13,201,403 | 11,325,899 |
Cash & Cash Equivalents | 7,837,766 | 8,770,062 | 7,331,083 |
Total Net Debt 4 | 5,594,319 | 5,009,485 | 5,047,003 |
1 The Total Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities divided by its EBITDA. | |||
2 The Total Net Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by its EBITDA. | |||
3 The Interest Coverage Ratio for Mexico is calculated as ASUR’s LTM EBIDA divided by its LTM interest expenses. For Puerto Rico it is calculated as LTM Cash Flow Generation divided LTM debt service, and for Colombia as LTM EBITDA minus LTM taxes divided by LTM debt service. | |||
4 Total net debt is calculated as Asur´s total debt without cash & cash Equivalents |
Table 7: Consolidated Debt Profile (millions)*
Original Amount | Aerostar US$ | Cancun Airport | Airplan Col Ps (Million) | |||
US$ 350 M | US$ 50 M | BBVA | Santander | Syndicated | ||
Principal Balance as | 293.8 | 42 | 2,000 | 2,650 | 167,898 | |
2022 | 5 | - | - | - | - | |
2023 | 11 | - | 150 | 1,325 | - | |
2024 | 12 | - | 200 | 1,325 | - | |
2025 | 14 | - | 275 | - | 57,900 | |
2026 | 15 | - | 375 | - | 72,600 | |
2027 | 17 | - | 475 | - | 37,397 | |
2028 | 16 | - | 525 | - | - | |
2029 | 17 | - | - | - | - | |
2030 | 21 | - | - | - | - | |
2031 | 27 | - | - | - | - | |
2032 | 34 | - | - | - | - | |
2033 | 39 | - | - | - | - | |
2034 | 43 | - | - | - | - | |
2035 | 23 | 42 | - | - | - | |
*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 May 2022 the payment maturity date was modified), respectively, and the syndicated loan in Colombia was incurred 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 2Q22 with a solid financial position, with cash and cash equivalents totaling Ps.7,331.1 million and Ps.12,378.1 million in Total Debt which include Ps.107.3 million in principal payments due in 3Q22. ASUR has no debt maturities in 4Q22 as Aerostar renegotiated the maturity of its US$50 million Notes to May 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 June 30, 2022 |
| ||||
Figures in Thousands of Mexican Pesos |
|
|
| ||
Figures in Thousands of Mexican Pesos | Cash & | Total Debt | Short-term | Long-term Debt | Principal payments |
Mexico | 5,073,776 | 4,634,977 | 720,439 | 3,914,538 | 0 |
Puerto Rico | 1,693,548 | 6,637,208 | 326,740 | 6,310,468 | 107,328 |
Colombia | 563,759 | 1,105,901 | 5,008 | 1,100,893 | 0 |
Total | 7,331,083 | 12,378,086 | 1,052,187 | 11,325,899 | 107,328 |
Table 9: Consolidated Debt at June 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 | 107,328 | 226,419 | 249,410 | 6,175,947 |
Colombia 2 | 0 | 0 | 0 | 815,314 |
Total | 107,328 | 1,701,419 | 1,774,410 | 8,641,261 |
1 Figures in pesos converted at the exchange rate at the close of the quarter Ps.20.1335= US$1.00 |
2 Figures in pesos converted at the exchange rate at the close of the quarter of COP205.9300=Ps.1.00 |
Note: Figures only reflects principal payments. |
Table 10: Debt Ratios at June 30, 2022 | |||||
LTM EBITDA and LTM Interest Expenses figures of thousands Mexican Pesos | |||||
Region | LTM EBITDA | LTM Interest | Debt Coverage | Minimum Coverage | |
Mexico 1 | 10,440,576 | 318,992 | 32.7(1) | 3.0 | |
Puerto Rico 2 | 1,233,145 | 632,438 | 1.9(2) | 1.1 | |
Colombia 3 | 1,283,879 | 285,513 | 4.5(3) | 1.2 | |
Total | 12,957,600 | 1,236,943 | 10.5 |
| |
|
|
|
|
| |
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.1,233,1 million and LTM Debt Service was Ps.632,4 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.1,283.6 million and Debt Service was Ps.285.5 million. |
Accounts Receivables
Avianca Group exited Chapter 11 on December 2021, Aeromexico on March 18, 2022 and LatAm Airlines on June 2022. Aeromexico has continued making payments in the ordinary course, while the Company remains in commercial discussions with Avianca Group and LatAm Airlines Group with respect to their contracts. Notwithstanding these discussions, ASUR believes it has sufficient liquidity to meet its obligations and continue operating in the ordinary course of business. Accounts receivables increased 2.5% YoY in 2Q22, reflecting the increasing business activity as passenger traffic increased across ASUR’ s airport network.
Table 11: Accounts Receivable as of June 30, 2022
Figures in Thousands of Mexican Pesos
Region | 2Q21 | 2Q22 | % Chg |
Mexico | 1,221,748 | 1,529,112 | 25.2 |
Puerto Rico | 473,500 | 150,557 | (68.2) |
Colombia | 80,104 | 139,889 | 74.6 |
Total | 1,775,352 | 1,819,558 | 2.5 |
Note: Net of allowance for bad debts.
Capital Expenditures
ASUR made capital expenditures of Ps.436.9 million in 2Q22. Of this amount, Ps.346.3 million were allocated to modernizing the company´s Mexican airports pursuant to its master development plans, Ps.89.7 million were invested by Aerostar in Puerto Rico and Ps.0.8 million were invested in Colombia. This compares to Ps.461.0 million invested in 2Q21, of which Ps.406.1 million were invested in Mexico, Ps.55.9 million in Puerto Rico and Ps.1.0 million in Colombia. During the first six-months of 2022, ASUR invested a total of Ps.752.7 million of which Ps.730.9 million were allocated to the Mexican airports, and Ps.86.4 million to Puerto Rico.
Review of Mexico Operations
Tabla 12: Mexico Revenues & Commercial Revenues Per Passenger |
|
|
|
| |||
| Second Quarter | % |
| Six-Months | % | ||
| 2021 | 2022 |
| 2021 | 2022 | ||
Total Passengers (in thousands) | 7,337 | 9,868 | 34.5 |
| 12,483 | 18,939 | 51.7 |
|
|
|
|
|
|
|
|
Total Revenues | 2,946,621 | 4,557,925 | 54.7 |
| 4,856,550 | 8,431,401 | 73.6 |
Aeronautical Services | 1,555,920 | 2,466,285 | 58.5 |
| 2,572,875 | 4,680,279 | 81.9 |
Non-Aeronautical Services | 1,071,753 | 1,580,944 | 47.5 |
| 1,803,974 | 3,063,730 | 69.8 |
Construction Revenues | 318,948 | 510,696 | 60.1 |
| 479,701 | 687,392 | 43.3 |
Total Revenues Excluding Construction Revenues | 2,627,673 | 4,047,229 | 54.0 |
| 4,376,849 | 7,744,009 | 76.9 |
|
|
|
|
|
|
|
|
Total Commercial Revenues | 959,369 | 1,408,624 | 46.8 |
| 1,595,143 | 2,732,365 | 71.3 |
Commercial Revenues from Direct Operations | 176,301 | 274,994 | 56.0 |
| 285,881 | 545,492 | 90.8 |
Commercial Revenues Excluding Direct Operations | 783,068 | 1,133,630 | 44.8 |
| 1,309,262 | 2,186,873 | 67.0 |
|
|
|
|
|
|
|
|
Total Commercial Revenues per Passenger | 130.8 | 142.8 | 9.2 |
| 127.8 | 144.3 | 12.9 |
Commercial Revenues from Direct Operations per Passenger 1 | 24.0 | 27.9 | 16.0 |
| 22.9 | 28.8 | 25.8 |
Commercial Revenues Excluding Direct Operations per Passenger | 106.7 | 114.9 | 7.6 |
| 104.9 | 115.5 | 10.1 |
For purposes of this table, approximately 32.2 and 50.5 thousand transit and general aviation passengers are included in 2Q21 and 2Q22 respectively, while 59.2 and 100.9 thousand transit and general aviation passengers are included in 6M21 and 6M22. | |||||||
1 Represents the operation of ASUR in its convenience stores in Mexico. |
|
|
|
|
Mexico Revenues
Mexico Revenues increased 54.7% YoY to Ps.4,557.9 million and 64.1% when compared to 2Q19.
Excluding construction, revenues increased 54.0% YoY, mainly reflecting increases of 58.5% in revenues from aeronautical services and 47.5% in revenues from non-aeronautical services, resulting principally from the 34.4% increase in passenger traffic. Compared to 2Q19, revenues excluding construction increased 47.8%, reflecting an increase of 40.9% in revenues from non-aeronautical services and 52.6% from aeronautical services.
Commercial Revenues increased 46.8% YoY, principally reflecting the 39.8% increase in passenger traffic as shown in Table 12. Commercial Revenues per Passenger for 2Q22 increased to Ps.142.8 from Ps.130.8 in 2Q21 and Ps.115.4 in 2Q19.
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 three new commercial spaces at Cancun, Couzumel and Tapachula airports, 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 | ||
Bussines Line | YoY Chg |
| Type of Commercial Space 1 | # Of Spaces Opened | |
2Q22 | 6M22 |
| |||
Duty Free | 57.1% | 87.2% |
| Cancun | 1 |
Retail | 53.7% | 79.8% |
| Retail | 1 |
Other Revenues | 50.4% | 74.9% |
| 8 Other airports | 2 |
Food and Beverage | 48.8% | 80.5% |
| Retail | 1 |
Ground Transportation | 40.6% | 62.9% |
| Car rental | 1 |
Car parking | 31.4% | 45.7% |
| Mexico | 3 |
Car rental | 25.9% | 32.2% |
|
|
|
Banks and foreign exchange | 6.5% | 9.6% |
|
|
|
Advertising | (0.4%) | 17.7% |
| 1 Only includes new stores opened during the period and excludes remodeling or contract renewals. | |
Teleservices | (33.5%) | (27.3%) |
| ||
Total Commercial Revenues | 46.8% | 71.3% |
|
|
|
Mexico Operating Costs and Expenses
Table 15: Mexico Operating Costs & Expenses |
|
|
|
|
|
|
|
| Second Quarter | % Chg |
| Six-Months | % Chg | ||
| 2021 | 2022 |
| 2021 | 2022 | ||
Cost of Services | 562,638 | 569,347 | 1.2 |
| 975,906 | 1,086,037 | 11.3 |
Administrative | 57,099 | 72,825 | 27.5 |
| 119,162 | 142,130 | 19.3 |
Technical Assistance | 93,920 | 160,408 | 70.8 |
| 153,149 | 308,803 | 101.6 |
Concession Fees | 117,269 | 186,475 | 59.0 |
| 196,098 | 346,987 | 76.9 |
Depreciation and Amortization | 202,312 | 222,712 | 10.1 |
| 402,664 | 438,296 | 8.8 |
Operating Costs and Expenses Excluding Construction Costs | 1,033,238 | 1,211,767 | 17.3 |
| 1,846,979 | 2,322,253 | 25.7 |
Construction Costs | 318,948 | 510,696 | 60.1 |
| 479,701 | 687,392 | 43.3 |
Total Operating Costs & Expenses | 1,352,186 | 1,722,463 | 27.4 |
| 2,326,680 | 3,009,645 | 29.4 |
Total Mexico Operating Costs and Expenses increased 27.4% YoY, or Ps.370.3. Excluding construction costs, operating costs and expenses increased 17.3% or Ps.178.5 million, mainly reflecting higher technical assistance and concession fees, as well as increases in security and maintenance costs, insurance and surety bonds. Higher cost of sales at stores operated by ASUR also contributed to higher costs.
Cost of Services increased 1.2% 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 increased 27.5% YoY.
The Technical Assistance fee paid to ITA increased 70.8% 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 59.0%, principally due to the increase in regulated revenues which is used in the calculation of the concession fee.
Depreciation and Amortization increased 10.1% YoY, reflecting higher investments to date.
Mexico Consolidated Comprehensive Financing Gain (Loss)
Table 16: Mexico Comprehensive Financing Gain (Loss) |
|
|
|
|
|
|
|
| Second Quarter | % Chg |
| Six-Months | % Chg | ||
| 2021 | 2022 |
| 2021 | 2022 | ||
Interest Income | 50,429 | 63,054 | 25.0 |
| 84,470 | 132,626 | 57.0 |
Interest Expense | (65,095) | (106,615) | 63.8 |
| (130,603) | (201,574) | 54.3 |
Foreign Exchange Gain (Loss), Net | (44,100) | 55,518 | n/a |
| 8,604 | (40,388) | n/a |
Total | (58,766) | 11,957 | n/a |
| (37,529) | (109,336) | 191.3 |
ASUR’s Mexico operations reported a Ps.11.9 million Comprehensive Financing gain in 2Q22, compared to a Ps.58.8 million loss in 2Q19. This was mainly due to a foreign exchange gain of Ps.55.5 million in 2Q22 resulting from the 0.6% average quarterly depreciation of the Mexican peso (1.1% depreciation at quarter-end) against the U.S. dollar on a foreign currency net asset position. This compares to a Ps.44.1 million foreign exchange loss in 2Q21, resulting from the 2.0% average appreciation of the Mexican peso during that period (2.6% at quarter-end) against the U.S. dollar on a foreign currency net asset position.
Interest income increased 25.0% YoY or Ps.12.6 million, reflecting a higher cash balance, while interest expenses increased 63.8% YoY due to a higher debt balance as a result of the Ps.690 million in lines of credit drawn down in October 2021.
Mexico Operating Profit (Loss) and EBITDA
Table 17: Mexico Profit & EBITDA |
|
|
|
|
|
|
| |
| Second Quarter | % Chg |
| Six-Months | % Chg | |||
| 2021 | 2022 |
| 2021 | 2022 | |||
Total Revenue | 2,946,621 | 4,557,925 | 54.7 |
| 4,856,550 | 8,431,401 | 73.6 | |
Total Revenues Excluding Construction Revenues | 2,627,673 | 4,047,229 | 54.0 |
| 4,376,849 | 7,744,009 | 76.9 | |
Operating Profit | 1,594,435 | 2,835,462 | 77.8 |
| 2,529,870 | 5,421,756 | 114.3 | |
Operating Margin | 54.1% | 62.2% | 810 bps |
| 52.1% | 64.3% | 1221 bps | |
Adjusted Operating Margin 1 | 60.7% | 70.1% | 938 bps |
| 57.8% | 70.0% | 1221 bps | |
Net Profit 2 | 1,070,290 | 2,053,242 | 91.8 |
| 1,901,840 | 3,934,765 | 106.9 | |
EBITDA | 1,797,308 | 3,058,270 | 70.2 |
| 2,935,981 | 5,860,677 | 99.6 | |
EBITDA Margin | 61.0% | 67.1% | 610 bps |
| 60.5% | 69.5% | 906 bps | |
Adjusted EBITDA Margin 3 | 68.4% | 75.6% | 717 bps |
| 67.1% | 75.7% | 860 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.299.4 million and 171.0 million in 2Q22 and 2Q21, respectively, for Airplan Ps.205.6 million and Ps.17.7 million in 2Q22 and 2Q21, 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.2,835.5 million in 2Q22 and an Operating Margin of 62.2%. This compares to an Operating Gain of Ps.1,594.4 million and an Operating Margin of 54.1% in 2Q21, and 64.2% in 2Q19.
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 70.1% in 2Q22, compared to 60.7% in 2Q21 and 65.1% in 2Q19.
EBITDA increased 70.2% or Ps.1,261.0 million to Ps.3,058.3 million in 2Q22, from Ps.1,797.3 million in 2Q21 and Ps.1,954.9 million in 2Q19. EBITDA margin in 2Q22 was 67.1% compared to 61.0% in 2Q21 and 70.4% in 2Q19.
During 2Q22, ASUR’s operations in Mexico recognized Ps.510.7 million in “Construction Revenues,” compared to Ps.318.9 million in 2Q21, reflecting higher capital expenditures and investments in concessioned assets.
Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets, increased to 75.6% in 2Q22, compared to 68.4% in 2Q21, and 71.4% in 2Q19.
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 June 30, 2022, totaled Ps.4,874.9 million, with an average tariff per workload unit of Ps.245.2 (December 2021 pesos), accounting for approximately 62.3% 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 2Q22 ASUR invested Ps.346.3 million in connection with its plan to modernize its Mexican airports under its master development plans, compared to an investment of Ps. 406.1 million in 2Q21. On an accumulated basis, ASUR invested Ps.586.4 million in the first six months of 2022 compared to Ps.730.9 million during the same period in 2021.
Review of Puerto Rico Operations
The following discussion compares Aerostar’s independent results for the three- and six-month periods ended June 30, 2021 and 2022.
As of June 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.5,630.2 million, (ii) goodwill of Ps.961.8 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.563.0 million, and (iv) a minority interest of Ps.5,258.0 million within stockholders' equity.
Puerto Rico Revenues
Total Puerto Rico Revenues increased 12.3% YoY to Ps.1,065.5 million in 2Q22.
Excluding construction services, revenues rose 9.2%, mainly due to the following YoY increases:
| • | 3.5% in revenues from aeronautical services; and |
| • | 16.9% in revenues from non-aeronautical services, which also reflects the 4.2% increase in passenger traffic. |
Commercial Revenues per Passenger were Ps.158.9 in 2Q22, compared to Ps.141.7 in 2Q21 and Ps.114.4 in 2Q19.
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.
ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, parking lot fees, banking and currency exchange services, and other.
| Table 20: Puerto Rico Summary Retail and Other Commercial Space Opened since June 30, 2021 | ||||
Business Line | YoY Chg |
| Type of Commercial Space 1 | # of Spaces Opened | |
2Q22 | 6M22 |
| |||
Food and beverage | 69.3% | 64.2% |
| Retail | 1 |
Other revenues | 52.0% | 57.3% |
| Food and beverage | 4 |
Car parking | 40.8% | 51.0% |
| Others revenues | 2 |
Advertising | 39.9% | (9.4%) |
| Total Commercial space | 7 |
Banks and foreign exchange | 30.0% | 20.5% |
|
|
|
Ground Transportation | 24.7% | 47.4% |
|
|
|
Car rentals | 10.7% | 29.5% |
|
|
|
Duty Free | 10.7% | 5.2% |
| 1 Only includes new stores opened during the period and excludes remodeling or contract renewals. | |
Retail | 5.0% | 20.1% |
| ||
Total Commercial Revenues | 16.9% | 30.4% |
|
|
|
Puerto Rico Operating Costs and Expenses
In thousands of Mexican pesos |
|
|
|
|
|
| |||||||
| Second Quarter | % Var |
| Six-Months | % Chg | ||||||||
| 2021 | 2022 |
| 2021 | 2022 | 2022 | |||||||
Cost of Services | 311,348 | 184,739 | (40.7) |
| 429,657 | 363,212 | (15.5) | ||||||
Concession Fees | 42,564 | 45,695 | 7.4 |
| 77,529 | 89,758 | 15.8 | ||||||
Depreciation and Amortization | 181,051 | 182,505 | 0.8 |
| 367,336 | 369,105 | 0.5 | ||||||
Operating Costs and Expenses Excluding Construction Costs | 534,963 | 412,939 | (22.8) |
| 874,522 | 822,075 | (6.0) | ||||||
Construction Costs | 46,240 | 80,112 | 73.3 |
| 76,507 | 153,527 | 100.7 | ||||||
Total Operating Costs & Expenses | 581,203 | 493,051 | (15.2) |
| 951,029 | 975,602 | 2.6 | ||||||
Figures in pesos at an average exchange rate of Ps.20.0317 = USD1.00 |
Total Operating Costs and Expenses at LMM Airport increased 15.2% YoY to Ps.493.9 million in 2Q22. Construction costs in the quarter increased by 73.3% to Ps.80.1 million from Ps.46.2 million in 2Q21.
Excluding construction costs, operating costs and expenses declined 22.8% YoY or Ps.122.0 million to Ps.412.9 million, principally due to the Ps.175.2 million recovery of expenses under the under the American Rescue Plan Act in 2Q22. Without this benefit, costs would have increased 9.9% or Ps.53.2 million due to higher energy and personnel costs, together with increased professional fees, taxes and duties as well as insurance and surety bond expenses.
Cost of Services declined 40.7% YoY or Ps.126.6 million, principally reflecting a higher reimbursement of expenses in Puerto Rico under the American Rescue Plan Act. Without this benefit, cost of services would have increased Ps.48.6 million, or 27.7%.
Concession Fees paid to the Puerto Rican government increased Ps.3.1 million in 2Q22 compared to the same period during the previous year, reflecting higher passenger traffic in line with the concession agreement.
Depreciation and Amortization increased 0.8% YoY, or Ps.1.4 million, principally reflecting the FX translation impact as the average Mexican peso exchange rate fluctuated to Ps.20.0317 per dollar in 2Q22, from Ps.19.9112 per dollar in 2Q21.
Puerto Rico Comprehensive Financing Gain (Loss)
Table 22: Puerto Rico Comprehensive Financing Gain (Loss) |
|
|
|
|
|
| |||||||
In thousands of Mexican pesos |
|
|
|
|
|
| |||||||
| Second Quarter | % Var |
| Six-Months | % Chg | ||||||||
| 2021 | 2022 |
| 2021 | 2022 | 2022 | |||||||
Interest Income | 383 | 3,549 | 826.6 |
| 627 | 5,428 | 765.7 | ||||||
Interest Expense | (113,206) | (108,885) | (3.8) |
| (228,478) | (221,663) | (3.0) | ||||||
Total | (112,823) | (105,336) | (6.6) |
| (227,851) | (216,235) | (5.1) | ||||||
Figures in pesos at an average exchange rate of Ps.20.0317 = USD1.00 |
|
|
|
|
|
During 2Q22, Puerto Rico reported a Ps.105.3 million Comprehensive Financing Loss, compared to a Ps.112.8 million loss in 2Q21, principally due to (i) the FX conversion impact in connection with the depreciation of the Mexican peso against the US dollar, and (ii) the full repayment of the subordinated term loan with Cancun airport in April 2021.
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 revolving line of credit with Banco Popular de Puerto Rico in the amount of US$20.0 million, with a three-year term. Funds have not yet been withdrawn.
In May 2022, Aerostar in Puerto Rico authorized the issuance of US$200 million principal amount of 4.92% senior secured notes due March 22, 2035. In May 2022, Aerostar also 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 total assets.
Puerto Rico Operating Profit and EBITDA
Table 23: Puerto Rico Profit & EBITDA |
|
|
|
|
|
| |||||||
In thousands of Mexican pesos |
|
|
|
|
|
| |||||||
| Second Quarter | % Var |
| Six-Months | % Chg 2022 | ||||||||
| 2021 | 2022 |
| 2021 | 2022 | ||||||||
Total Revenue | 948,918 | 1,065,470 | 12.3 |
| 1,676,047 | 2,013,794 | 20.2 | ||||||
Total Revenues Excluding Construction Revenues | 902,678 | 985,358 | 9.2 |
| 1,599,540 | 1,860,267 | 16.3 | ||||||
Other Revenues |
|
|
|
|
| 45,547 | n/a | ||||||
Operating Profit | 367,715 | 572,419 | 55.7 |
| 725,018 | 1,083,739 | 49.5 | ||||||
Operating Margin | 38.8% | 53.7% | 1497 bps |
| 43.3% | 53.8% | 1056 bps | ||||||
Adjusted Operating Margin1 | 40.7% | 58.1% | 1736 bps |
| 45.3% | 58.3% | 1293 bps | ||||||
Net Income | 245,318 | 457,302 | 86.4 |
| 478,049 | 847,435 | 77.3 | ||||||
EBITDA | 548,768 | 579,751 | 5.6 |
| 905,449 | 1,081,293 | 19.4 | ||||||
EBITDA Margin | 57.8% | 54.4% | (342 bps) |
| 54.0% | 53.7% | (33 bps) | ||||||
Adjusted EBITDA Margin2 | 60.8% | 58.8% | (196 bps) |
| 56.6% | 58.1% | 152 bps | ||||||
Figures in pesos at an average exchange rate of Ps.20.0317 = 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 increased to Ps.572.4 million resulting in an Operating Margin of 53.7%, mainly reflecting higher non-aeronautical revenues and a marginal reduction in expenses. This compares with operating profit of Ps.367.7 million and an Operating Margin of 38.8% in 2Q21, and of Ps.372.6 million and an Operating Margin of 47.5% in 2Q19.
EBITDA increased 5.6% to Ps.579.7 million in 2Q22 from Ps.548.8 million in 2Q21, and from Ps.542.0 million in 2Q19. EBITDA Margin, in turn, decreased to 54.4% in 2Q22 from 57.8% in 2Q21 and 69.1% in 2Q19. The Adjusted EBITDA Margin (which excludes IFRIC 12) decreased to 58.8% in 2Q22, compared to 60.8% in 2Q21, and 73.3% in 2Q19.
Puerto Rico Capital Expenditures
During 2Q22, Aerostar invested Ps.89.7 million in capital expenditures, compared to investments of Ps.55.9 million in 2Q21. On an accumulated basis, Aerostar invested a total of Ps.164.6 million in the first half of 2022 compared to Ps.86.2 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 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 six-month periods ended June 31, 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 June 30, 2022: i) the recognition of a net intangible asset of Ps.1,080.9 million, ii) goodwill of Ps.1,579.4 million, iii) deferred taxes of Ps.290.7 million, and iv) Ps.250.4 million from the recognition of bank loans at fair value.
Table 24: Colombia Revenues & Commercial Revenues Per Passenger |
|
|
|
| |||
In thousands of Mexican pesos |
|
|
|
|
|
|
|
| Second Quarter | % Var |
| Six-Months | % Var | ||
| 2021 | 2022 |
| 2021 | 2022 | ||
Total Passenger | 2,070 | 4,230 | 104.3 |
| 3,981 | 7,913 | 98.8 |
|
|
|
|
|
|
|
|
Total Revenues | 333,742 | 696,314 | 108.6 |
| 596,394 | 1,300,319 | 118.0 |
Aeronautical Services | 236,116 | 527,452 | 123.4 |
| 412,815 | 978,396 | 137.0 |
Non-Aeronautical Services | 97,321 | 168,153 | 72.8 |
| 181,205 | 320,018 | 76.6 |
Construction Revenues 1 | 305 | 709 | 132.5 |
| 2,374 | 1,905 | (19.8) |
Total Revenues Excluding Construction Revenues | 333,437 | 695,605 | 108.6 |
| 594,020 | 1,298,414 | 118.6 |
Total Commercial Revenues | 96,698 | 168,057 | 73.8 |
| 179,889 | 319,656 | 77.7 |
Total Commercial Revenues per Passenger | 46.7 | 39.7 | (15.0) |
| 45.2 | 40.4 | (10.6) |
Figures in pesos at an average exchange rate of COL.195.2758 = Ps.1.00 Mexican pesos. | |||||||
For the purposes of this table, approximately 50.7 and 122.8 thousand transit and general aviation passengers are included in 2Q21 and 2Q22, while 104.1 and 234.1 thousand transit and general aviation passengers are included in 6M21 and 6M22. |
Colombia Revenues
Total Colombia Revenues increased 108.6% YoY to Ps.696.3 million and 37.3% compared to 2Q19. Excluding construction services, revenues increased 108.6% YoY mainly reflecting a 123.4% increase in revenues from aeronautical services, and a 72.8% increase in revenues from non-aeronautical services, mainly impacted by the 73.8% increase in commercial revenues.
Commercial Revenues per Passenger was Ps.39.7 compared to Ps.46.7 in 2Q21 and Ps.40.6 in 2Q19.
As shown in Table 26, during the last twelve months, 60 new commercial spaces were opened in Colombia. More details of these openings can be found on page 21 of this report.
ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, parking lot fees, teleservices, banking and currency exchange services and other.
Table 25: Colombia Commercial Revenue |
|
|
| Table 26: Colombia Summary Retail and Other | |
Bussines Line | YoY Chg |
| Type of Commercial Space 1 | # of | |
2Q22 | 6M22 |
| |||
Ground Transportation | 327.0% | 480.9% |
| Retail | 12 |
Car rental | 214.6% | 293.5% |
| Banks and foreign exchange | 1 |
Duty free | 63.8% | 132.6% |
| Teleservices | 2 |
Banks and foreign exchange | 51.4% | 40.7% |
| Others revenues | 44 |
Retail | 50.6% | 87.4% |
| Car rental | 1 |
Advertising | 49.7% | 70.6% |
| Total Commercial Spaces | 60 |
Food and beverage | 39.3% | 63.0% |
|
|
|
Car parking | 37.6% | 75.0% |
|
|
|
Other revenues | (6.8%) | 23.3% |
| 1 Only includes new stores opened during the period and excludes remodeling or contract renewals. | |
Teleservices | (37.2%) | (15.3%) |
| ||
Total Commercial Revenues | 13.7% | 45.4% |
|
|
|
Colombia Costs & Expenses
Table 27: Colombia Costs & Expenses |
|
|
|
|
|
| |||||||
In thousands of Mexican pesos |
|
|
|
|
|
| |||||||
| Second Quarter | % Chg |
| Six-Months | % Chg | ||||||||
| 2021 | 2022 |
| 2021 | 2022 | ||||||||
Cost of Services | 112,394 | 136,889 | 21.8 |
| 211,791 | 253,809 | 19.8 | ||||||
Technical Assistance | 1,006 | 22,537 | 2,140.3 |
| 2,843 | 23,567 | 728.9 | ||||||
Concession Fees | 63,300 | 133,571 | 111.0 |
| 112,894 | 246,094 | 118.0 | ||||||
Depreciation and Amortization | 108,997 | 100,620 | (7.7) |
| 223,972 | 196,763 | (12.1) | ||||||
Operating Costs and Expenses Excluding Construction Costs | 285,697 | 393,617 | 37.8 |
| 551,500 | 720,233 | 30.6 | ||||||
Construction Costs | 305 | 709 | 132.5 |
| 2,374 | 1,905 | (19.8) | ||||||
Total Operating Costs & Expenses | 286,002 | 394,326 | 37.9 |
| 553,874 | 722,138 | 30.4 | ||||||
Figures in pesos at an average exchange rate of COL.195.2758 = Ps.1.00 Mexican pesos. |
Total Operating Costs and Expenses in Colombia increased 37.9% YoY to Ps.394.3 million. Excluding construction costs, operating costs and expenses increased 37.8% YoY to Ps.393.6 million.
Cost of Services increased 21.8% YoY, or Ps.24.5 million. This was mainly due to increases in energy costs, maintenance provisions and personnel expenses, as well as increases in taxes and duties and security costs.
Construction Costs decreased 132.5% YoY, or Ps.0.4 million due to lower complementary works to concessioned assets compared 2Q21.
Concession Fees, which include fees paid to the Colombian government, increased 111.0% YoY, mainly reflecting the increase in regulated and non-regulated revenues during the period.
Depreciation and Amortization decreased 7.7%, 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 |
|
|
|
|
|
| |||||||
| Second Quarter | % Chg |
| Six-Months | % Chg 2021 | ||||||||
| 2021 | 2022 |
| 2021 | 2022 | ||||||||
Interest Income | 1,320 | 7,526 | 470.2 |
| 3,186 | 16,443 | 416.1 | ||||||
Interest Expense | (11,210) | 194,672 | n/a |
| (56,476) | 176,308 | n/a | ||||||
Foreign Exchange Gain (Loss), Net | 27 | (498) | n/a |
| 10 | (488) | n/a | ||||||
Total | (9,863) | 201,700 | n/a |
| (53,280) | 192,263 | n/a |
Figures in pesos at an average exchange rate of COL.195.2758 = Ps.1.00 Mexican pesos.
During 2Q22, Airplan reported a Ps.201.7 million Comprehensive Financing Gain, compared to a Ps.9.9 million loss in 2Q21. This resulted mainly from the Ps.223.7 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, and maintained a net balance of Ps.1.105.9 million as of June 30, 2022.
Airplan made principal payments of Ps.794.5 million in 2Q22 with no debt maturities until 2025.
Colombia Operating Profit (Loss) and EBITDA
|
|
|
|
|
|
| ||
In thousands of Mexican pesos |
|
|
|
|
|
|
| |
| Second Quarter | % Chg |
| Six-Months | % Chg 2021 | |||
| 2021 | 2022 |
| 2021 | 2022 | |||
Total Revenue | 333,742 | 696,314 | 108.6 |
| 596,394 | 1,300,319 | 118.0 | |
Total Revenues Excluding Construction Revenues | 333,437 | 695,605 | 108.6 |
| 594,020 | 1,298,414 | 118.6 | |
Operating Profit | 47,740 | 301,988 | 532.6 |
| 42,520 | 578,181 | 1,259.8 | |
Operating Margin | 14.3% | 43.4% | 2907 bps |
| 7.1% | 44.5% | 3734 bps | |
Adjusted Operating Margin1 | 14.3% | 43.4% | 2910 bps |
| 7.2% | 44.5% | 3737 bps | |
Net Profit | 14,180 | 333,925 | 2,254.9 |
| (11,995) | 412,031 | n/a | |
EBITDA | 156,740 | 402,608 | 156.9 |
| 266,494 | 774,944 | 190.8 | |
EBITDA Margin | 47.0% | 57.8% | 1086 bps |
| 44.7% | 59.6% | 1491 bps | |
Adjusted EBITDA Margin2 | 47.0% | 57.9% | 1087 bps |
| 44.9% | 59.7% | 1482 bps | |
Figures in pesos at an average exchange rate of COL.195.2758 = 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 Gain of Ps.301.9 million in 2Q22, compared to Ps.47.7 million in 2Q21 reflecting the impact of COVID-19. Operating Margin was 43.4% in 2Q22, compared to 14.3% in 2Q21 and 18.2% in 2Q19. The Adjusted Operating Margin, which excludes the impact of IFRIC 12 with respect to construction of or improvements to concessioned assets was 43.4% in 2Q22, compared to 14.3% in 2Q21 and 19.6% in 2Q19.
EBITDA in 2Q22 was Ps.406.6 million resulting in an EBITDA Margin of 57.8%, compared to an EBITDA of Ps.156.7 million in 2Q21 and of Ps.248.1 million in 2Q19. EBITDA Margin was 47.0% in 2Q21 and 48.9% in 2Q19.
The Adjusted EBITDA Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements to concessioned assets was 57.9% in 2Q22 compared to 47.0% in 2Q21, mainly due to the decline in revenues resulting from Covid-19. Adjusted EBITDA Margin for 2Q22 also exceeded the 52.8% reported in 2Q19 mainly reflecting the 37.3% increase in revenues during the period.
Colombia Capital Expenditures
During 2Q22 Airplan made capital investments of Ps.0.8 million compared to Ps.1.1 million in 2Q21. On an accumulated basis, Airplan invested Ps.1.7 million during the first half of 2022 while in the same period of 2021 no investments were undertaken.
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.527.4 million in 2Q22.
Definitions
Concession Services Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico, ASUR is required by IFRIC 12 to include in its income statement an income line, “Construction Revenues,” reflecting the revenue from construction or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. Because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin. In Colombia, “Construction Revenues” include the
recognition of the revenue to which the concessionaire is entitled for carrying out the infrastructure works in the development of the concession, while “Construction Costs” represents the actual costs incurred in the execution of such additions or improvements to the concessioned assets.
Majority Net Income reflects ASUR’s equity interests in each of its subsidiaries and therefore excludes the 40% interest in Aerostar that is owned by other shareholders. Other than Aerostar, ASUR owns (directly or indirectly) 100% of its subsidiaries.
EBITDA means net income before provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost, and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the revenue from construction or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. In Mexico and Puerto Rico, because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin, as the increase in revenues that relates to Construction Revenues does not result in a corresponding increase in EBITDA. In Colombia, construction revenues do have an impact on EBITDA, as construction revenues include a reasonable margin over the actual cost of construction. Like EBITDA Margin, Adjusted EBITDA Margin should not be considered as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
About ASUR
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain, and develop 16 airports in the Americas. These comprise nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination in Mexico, the Caribbean, and Latin America, and six airports in northern Colombia, including José María Córdova International Airport (Rionegro), the second busiest airport in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan’s Airport is the island’s primary gateway for international and mainland-US destinations and was the first and currently the only major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program. Headquartered in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) series B shares. For more information, visit www.asur.com.mx
Analyst Coverage
In accordance with 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.
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 –
Passenger Traffic Breakdown by Airport
Mexico Passenger Traffic 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Second Quarter |
| % Chg |
|
| Six - Months |
| % Chg |
| ||||||||||
|
| 2021 |
| 2022 |
|
|
|
|
| 2021 |
| 2022 |
|
|
|
| ||||
Domestic Traffic |
| 3,770,004 |
|
| 4,518,674 |
|
| 19.9 |
|
|
| 6,623,043 |
|
| 8,264,362 |
|
| 24.8 |
| |
CUN | Cancun |
| 2,311,551 |
|
| 2,559,200 |
|
| 10.7 |
|
|
| 4,057,727 |
|
| 4,640,847 |
|
| 14.4 |
|
CZM | Cozumel |
| 32,777 |
|
| 30,605 |
|
| (6.6 | ) |
|
| 56,525 |
|
| 74,751 |
|
| 32.2 |
|
HUX | Huatulco |
| 162,651 |
|
| 230,832 |
|
| 41.9 |
|
|
| 272,255 |
|
| 423,787 |
|
| 55.7 |
|
MID | Merida |
| 451,765 |
|
| 670,635 |
|
| 48.4 |
|
|
| 791,789 |
|
| 1,217,302 |
|
| 53.7 |
|
MTT | Minatitlan |
| 25,831 |
|
| 25,385 |
|
| (1.7 | ) |
|
| 45,511 |
|
| 45,681 |
|
| 0.4 |
|
OAX | Oaxaca |
| 191,281 |
|
| 255,005 |
|
| 33.3 |
|
|
| 336,292 |
|
| 491,214 |
|
| 46.1 |
|
TAP | Tapachula |
| 102,048 |
|
| 126,156 |
|
| 23.6 |
|
|
| 184,402 |
|
| 234,625 |
|
| 27.2 |
|
VER | Veracruz |
| 263,155 |
|
| 313,267 |
|
| 19.0 |
|
|
| 464,557 |
|
| 579,513 |
|
| 24.7 |
|
VSA | Villahermosa |
| 228,945 |
|
| 307,589 |
|
| 34.4 |
|
|
| 413,985 |
|
| 556,642 |
|
| 34.5 |
|
International Traffic |
| 3,535,138 |
|
| 5,298,453 |
|
| 49.9 |
|
|
| 5,800,965 |
|
| 10,573,519 |
|
| 82.3 |
| |
CUN | Cancun |
| 3,311,411 |
|
| 5,013,842 |
|
| 51.4 |
|
|
| 5,450,301 |
|
| 9,974,141 |
|
| 83.0 |
|
CZM | Cozumel |
| 106,417 |
|
| 124,010 |
|
| 16.5 |
|
|
| 170,071 |
|
| 256,292 |
|
| 50.7 |
|
HUX | Huatulco |
| 5,820 |
|
| 16,299 |
|
| 180.1 |
|
|
| 11,664 |
|
| 58,632 |
|
| 402.7 |
|
MID | Mérida |
| 53,369 |
|
| 65,253 |
|
| 22.3 |
|
|
| 77,768 |
|
| 124,921 |
|
| 60.6 |
|
MTT | Minatitlan |
| 1,183 |
|
| 2,522 |
|
| 113.2 |
|
|
| 2,527 |
|
| 5,480 |
|
| 116.9 |
|
OAX | Oaxaca |
| 28,986 |
|
| 43,842 |
|
| 51.3 |
|
|
| 43,891 |
|
| 90,477 |
|
| 106.1 |
|
TAP | Tapachula |
| 2,167 |
|
| 3,227 |
|
| 48.9 |
|
|
| 3,617 |
|
| 6,471 |
|
| 78.9 |
|
VER | Veracruz |
| 19,132 |
|
| 22,504 |
|
| 17.6 |
|
|
| 30,449 |
|
| 43,676 |
|
| 43.4 |
|
VSA | Villahermosa |
| 6,653 |
|
| 6,954 |
|
| 4.5 |
|
|
| 10,677 |
|
| 13,429 |
|
| 25.8 |
|
Total Traffic México |
| 7,305,142 |
|
| 9,817,127 |
|
| 34.4 |
|
|
| 12,424,008 |
|
| 18,837,881 |
|
| 51.6 |
| |
CUN | Cancun |
| 5,622,962 |
|
| 7,573,042 |
|
| 34.7 |
|
|
| 9,508,028 |
|
| 14,614,988 |
|
| 53.7 |
|
CZM | Cozumel |
| 139,194 |
|
| 154,615 |
|
| 11.1 |
|
|
| 226,596 |
|
| 331,043 |
|
| 46.1 |
|
HUX | Huatulco |
| 168,471 |
|
| 247,131 |
|
| 46.7 |
|
|
| 283,919 |
|
| 482,419 |
|
| 69.9 |
|
MID | Merida |
| 505,134 |
|
| 735,888 |
|
| 45.7 |
|
|
| 869,557 |
|
| 1,342,223 |
|
| 54.4 |
|
MTT | Minatitlan |
| 27,014 |
|
| 27,907 |
|
| 3.3 |
|
|
| 48,038 |
|
| 51,161 |
|
| 6.5 |
|
OAX | Oaxaca |
| 220,267 |
|
| 298,847 |
|
| 35.7 |
|
|
| 380,183 |
|
| 581,691 |
|
| 53.0 |
|
TAP | Tapachula |
| 104,215 |
|
| 129,383 |
|
| 24.2 |
|
|
| 188,019 |
|
| 241,096 |
|
| 28.2 |
|
VER | Veracruz |
| 282,287 |
|
| 335,771 |
|
| 18.9 |
|
|
| 495,006 |
|
| 623,189 |
|
| 25.9 |
|
VSA | Villahermosa |
| 235,598 |
|
| 314,543 |
|
| 33.5 |
|
|
| 424,662 |
|
| 570,071 |
|
| 34.2 |
|
US Passenger Traffic, San Juan Airport (LMM) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| Second Quarter |
| % Chg |
|
| Six - Months |
| % Chg |
| ||||||||||
|
| 2021 |
| 2022 |
|
|
|
|
| 2021 |
| 2022 |
|
|
|
| ||||
SJU Total 1 |
| 2,671,356 |
|
| 2,783,495 |
|
| 4.2 |
|
|
| 4,436,229 |
|
| 5,174,214 |
|
| 16.6 |
| |
Domestic Traffic |
|
| 2,556,590 |
|
| 2,542,024 |
|
| (0.6 | ) |
|
| 4,259,734 |
|
| 4,755,038 |
|
| 11.6 |
|
International Traffic |
|
| 114,766 |
|
| 241,471 |
|
| 110.4 |
|
|
| 176,495 |
|
| 419,176 |
|
| 137.5 |
|
Colombia, Passenger Traffic Airplan |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| Second Quarter |
| % Chg |
|
| Six - Months |
| % Chg |
| ||||||||||
|
| 2021 |
| 2022 |
|
|
|
|
| 2021 |
| 2022 |
|
|
|
| ||||
Domestic Traffic |
| 1,675,096 |
|
| 3,415,937 |
|
| 103.9 |
|
|
| 3,329,524 |
|
| 6,467,279 |
|
| 94.2 |
| |
MDE | Medellín (Rio Negro) |
| 1,132,946 |
|
| 2,556,653 |
|
| 125.7 |
|
|
| 2,243,639 |
|
| 4,787,139 |
|
| 113.4 |
|
EOH | Medellín |
| 201,172 |
|
| 301,813 |
|
| 50.0 |
|
|
| 408,086 |
|
| 588,333 |
|
| 44.2 |
|
MTR | Montería |
| 222,313 |
|
| 379,410 |
|
| 70.7 |
|
|
| 437,126 |
|
| 750,665 |
|
| 71.7 |
|
APO | Carepa |
| 46,027 |
|
| 67,284 |
|
| 46.2 |
|
|
| 92,512 |
|
| 172,360 |
|
| 86.3 |
|
UIB | Quibdó |
| 63,653 |
|
| 88,217 |
|
| 38.6 |
|
|
| 129,556 |
|
| 131,047 |
|
| 1.2 |
|
CZU | Corozal |
| 8,985 |
|
| 22,560 |
|
| 151.1 |
|
|
| 18,605 |
|
| 37,735 |
|
| 102.8 |
|
International Traffic |
| 344,251 |
|
| 691,022 |
|
| 100.7 |
|
|
| 547,108 |
|
| 1,211,653 |
|
| 121.5 |
| |
MDE | Medellín (Rio Negro) |
| 344,251 |
|
| 691,022 |
|
| 100.7 |
|
|
| 547,108 |
|
| 1,211,653 |
|
| 121.5 |
|
EOH | Medellín |
| - |
|
| - |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
MTR | Montería |
| - |
|
| - |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
APO | Carepa |
| - |
|
| - |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
UIB | Quibdó |
| - |
|
| - |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
CZU | Corozal |
| - |
|
| - |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
Total Traffic Colombia |
| 2,019,347 |
|
| 4,106,959 |
|
| 103.4 |
|
|
| 3,876,632 |
|
| 7,678,932 |
|
| 98.1 |
| |
MDE | Medellín (Rio Negro) |
| 1,477,197 |
|
| 3,247,675 |
|
| 119.9 |
|
|
| 2,790,747 |
|
| 5,998,792 |
|
| 115.0 |
|
EOH | Medellín |
| 201,172 |
|
| 301,813 |
|
| 50.0 |
|
|
| 408,086 |
|
| 588,333 |
|
| 44.2 |
|
MTR | Montería |
| 222,313 |
|
| 379,410 |
|
| 70.7 |
|
|
| 437,126 |
|
| 750,665 |
|
| 71.7 |
|
APO | Carepa |
| 46,027 |
|
| 67,284 |
|
| 46.2 |
|
|
| 92,512 |
|
| 172,360 |
|
| 86.3 |
|
UIB | Quibdó |
| 63,653 |
|
| 88,217 |
|
| 38.6 |
|
|
| 129,556 |
|
| 131,047 |
|
| 1.2 |
|
CZU | Corozal |
| 8,985 |
|
| 22,560 |
|
| 151.1 |
|
|
| 18,605 |
|
| 37,735 |
|
| 102.8 |
|
1 Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, and SJU include transit passengers and general aviation.
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Comercial Spaces
ASUR Retail and Other Commercial Space Opened since June 30, 20211 | ||
Business Name | Type | Opening Date |
MEXICO | ||
Cancun | ||
Red Importadora, SA de CV (Gowin) | Retail | September 2021 |
Cozumel | ||
Morena Mia Beauty Group | Retail | September 2021 |
Tapachula | ||
Global Lounge OP Mex, SA de CV | Other Revenues | June 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 |
|
|
Globoshops S.A.S. | Retail | July 2021 |
Cosmetika S.A.S. | Retail | July 2021 |
Massy Motors Rentals S.A.S. | Car Rental | July 2021 |
Easyfly S. A. | Other Revenues | August 2021 |
Easyfly S. A. | Other Revenues | August 2021 |
Kuehene & Nagel S.A. | Other Revenues | August 2021 |
Aerovias del Continente Americano S.A. Avianca | Other Revenues | September 2021 |
Aerovias del Continente Americano S.A. Avianca | Other Revenues | September 2021 |
Aerovias del Continente Americano S.A. Avianca | Other Revenues | September 2021 |
Lasa-Sociedad de Apoyos Aeronauticos | Other Revenues | October 2021 |
First Class Experiencias Cartagena S.A.S. | Other Revenues | November 2021 |
Ultra AIR S.A.S | Other Revenues | November 2021 |
Organización Terpel S.A | Other Revenues | December 2021 |
Fast Colombia SAS | Other Revenues | December 2021 |
Securitas Colombia S.A. | Other Revenues | December 2021 |
Jetsmart Airlines Spa sucursal colombia | Other Revenues | December 2021 |
Ez Air sucursal Colombia | Other Revenues | December 2021 |
Caribbean Support and Flight Services S.A.S. | Other Revenues | December 2021 |
Ultra AIR S.A.S | Other Revenues | December 2021 |
Globoshops S.A.S. | Retail | January 2022 |
Apollo Freight Services Colombia S.A.S | Other Revenues | January 2022 |
Magnum Logistic S.A. | Other Revenues | January 2022 |
Jetair Caribbean B.V. SUCURSAL | Other Revenues | January 2022 |
Aires Aerovias Integración Regional S.A | Other Revenues | March 2022 |
Toolbox Services Mro SAS | Other Revenues | March 2022 |
Menzies Aviation Colombia S.A.S | Other Revenues | April 2022 |
Banco Bilvao Viscalla Argentaria Colombia S.A | Banks and foreign exchange | April 2022 |
Aersan S.A.S. | Other Revenues | April 2022 |
Viva Aerobus | Other Revenues | April 2022 |
Olaya herrera |
|
|
Easyfly S. A. | Other Revenues | July 2021 |
Hoteles Regatta S.A.S. | Other Revenues | August 2021 |
Las Victorias S.A.S | Other Revenues | August 2021 |
Satena | Other Revenues | September 2021 |
Synerjet Latina | Other Revenues | October 2021 |
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 |
Montería |
|
|
Distribuidora Pasteur S.A | Retail | February 2022 |
Hagar 29 S.A.S. | Other Revenues | May 2022 |
Corozal |
|
|
Edatel S.A | Teleservices | July 2021 |
Quibdo |
|
|
Grupo San German Express S.A.S | Other Revenues | November 2021 |
Distribuidora Pasteur S.A | Retail | December 2021 |
Quibdo |
|
|
Edatel S.A | Teleservices | July 2021 |
Securitas Colombia S.A. | Other Revenues | September 2021 |
Distribuidora Pasteur S.A | Retail | December 2021 |
Centro de Servicios | ||
STF Group S.A. | Retail | July 2021 |
Grupo CDM S.A.S. Zomac-Pilatos | Retail | October 2021 |
Cueros Velez S.A.S | Retail | 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 |
* Only includes new stores opened during the period and excludes remodelings or contract renewals.
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Operating Results per Airport
Thousands of mexican pesos
Item | 2Q 2021 |
| 2Q 2021 Per Workload Unit |
| 2Q 2022 |
| 2Q 2022 Per Workload Unit |
|
| YoY % Chg. |
| Per Workload Unit YoY % Chg. |
| ||||||
Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cancun 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Aeronautical Revenues |
| 1,162,586 |
|
| 203.7 |
|
| 1,881,200 |
|
| 243.9 |
|
|
| 61.8 |
|
| 19.7 |
|
Non-Aeronautical Revenues |
| 987,973 |
|
| 173.1 |
|
| 1,474,988 |
|
| 191.3 |
|
|
| 49.3 |
|
| 10.5 |
|
Construction Services Revenues |
| 146,325 |
|
| 25.6 |
|
| 177,312 |
|
| 23.0 |
|
|
| 21.2 |
|
| (10.2 | ) |
Total Revenues |
| 2,296,884 |
|
| 402.4 |
|
| 3,533,500 |
|
| 458.2 |
|
|
| 53.8 |
|
| 13.9 |
|
Operating Profit |
| 1,258,870 |
|
| 220.6 |
|
| 2,194,896 |
|
| 284.6 |
|
|
| 74.4 |
|
| 29.0 |
|
EBITDA |
| 1,396,027 |
|
| 244.7 |
|
| 2,346,605 |
|
| 304.3 |
|
|
| 68.1 |
|
| 24.4 |
|
Merida |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Aeronautical Revenues |
| 111,807 |
|
| 198.9 |
|
| 187,046 |
|
| 234.7 |
|
|
| 67.3 |
|
| 18.0 |
|
Non-Aeronautical Revenues |
| 30,725 |
|
| 54.7 |
|
| 38,799 |
|
| 48.7 |
|
|
| 26.3 |
|
| (11.0 | ) |
Construction Services Revenues |
| 86,772 |
|
| 154.4 |
|
| 95,449 |
|
| 119.8 |
|
|
| 10.0 |
|
| (22.4 | ) |
Other 2 |
| 16 |
|
| - |
|
| 27 |
|
| - |
|
|
| 68.8 |
| n/a |
| |
Total Revenues |
| 229,320 |
|
| 408.0 |
|
| 321,321 |
|
| 403.2 |
|
|
| 40.1 |
|
| (1.2 | ) |
Operating Profit |
| 53,633 |
|
| 95.4 |
|
| 125,780 |
|
| 157.8 |
|
|
| 134.5 |
|
| 65.4 |
|
EBITDA |
| 66,509 |
|
| 118.3 |
|
| 141,184 |
|
| 177.1 |
|
|
| 112.3 |
|
| 49.7 |
|
Villahermosa |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Aeronautical Revenues |
| 50,009 |
|
| 201.6 |
|
| 78,924 |
|
| 240.6 |
|
|
| 57.8 |
|
| 19.3 |
|
Non-Aeronautical Revenues |
| 12,381 |
|
| 49.9 |
|
| 15,459 |
|
| 47.1 |
|
|
| 24.9 |
|
| (5.6 | ) |
Construction Services Revenues |
| 14,089 |
|
| 56.8 |
|
| 28,747 |
|
| 87.6 |
|
|
| 104.0 |
|
| 54.2 |
|
Other 2 |
| 25 |
|
| 0.1 |
|
| 22 |
|
| 0.1 |
|
|
| (12.0 | ) |
| - |
|
Total Revenues |
| 76,504 |
|
| 308.4 |
|
| 123,152 |
|
| 375.4 |
|
|
| 61.0 |
|
| 21.7 |
|
Operating Profit |
| 20,215 |
|
| 81.5 |
|
| 46,485 |
|
| 141.7 |
|
|
| 130.0 |
|
| 73.9 |
|
EBITDA |
| 29,210 |
|
| 117.8 |
|
| 55,842 |
|
| 170.3 |
|
|
| 91.2 |
|
| 44.6 |
|
Other Airports 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Aeronautical Revenues |
| 231,518 |
|
| 241.2 |
|
| 319,115 |
|
| 262.9 |
|
|
| 37.8 |
|
| 9.0 |
|
Non-Aeronautical Revenues |
| 40,674 |
|
| 42.4 |
|
| 51,698 |
|
| 42.6 |
|
|
| 27.1 |
|
| 0.5 |
|
Construction Services Revenues |
| 71,762 |
|
| 74.8 |
|
| 209,188 |
|
| 172.3 |
|
|
| 191.5 |
|
| 130.3 |
|
Other 2 |
| 60 |
|
| 0.1 |
|
| 73 |
|
| 0.1 |
|
|
| 21.7 |
|
| - |
|
Total Revenues |
| 344,014 |
|
| 358.5 |
|
| 580,074 |
|
| 477.9 |
|
|
| 68.6 |
|
| 33.3 |
|
Operating Profit |
| 106,470 |
|
| 110.9 |
|
| 183,602 |
|
| 151.2 |
|
|
| 72.4 |
|
| 36.3 |
|
EBITDA |
| 148,173 |
|
| 154.3 |
|
| 231,043 |
|
| 190.3 |
|
|
| 55.9 |
|
| 23.3 |
|
Holding & Service Companies 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Construction Services Revenues |
| - |
| n/a |
|
| - |
| n/a |
|
| n/a |
| n/a |
| ||||
Other 2 |
| 367,090 |
| n/a |
|
| 302,253 |
| n/a |
|
|
| (17.7 | ) | n/a |
| |||
Total Revenues |
| 367,090 |
| n/a |
|
| 302,253 |
| n/a |
|
|
| (17.7 | ) | n/a |
| |||
Operating Profit |
| 155,247 |
| n/a |
|
| 284,699 |
| n/a |
|
|
| 83.4 |
| n/a |
| |||
EBITDA |
| 157,389 |
| n/a |
|
| 283,596 |
| n/a |
|
|
| 80.2 |
| n/a |
| |||
Consolidation Adjustment Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Consolidation Adjustment |
| (367,191 | ) | n/a |
|
| (302,375 | ) | n/a |
|
|
| (17.7 | ) | n/a |
| |||
Total Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Aeronautical Revenues |
| 1,555,920 |
|
| 208.1 |
|
| 2,466,285 |
|
| 245.4 |
|
|
| 58.5 |
|
| 17.9 |
|
Non-Aeronautical Revenues |
| 1,071,753 |
|
| 143.4 |
|
| 1,580,944 |
|
| 157.3 |
|
|
| 47.5 |
|
| 9.7 |
|
Construction Services Revenues |
| 318,948 |
|
| 42.7 |
|
| 510,696 |
|
| 50.8 |
|
|
| 60.1 |
|
| 19.0 |
|
Total Revenues |
| 2,946,621 |
|
| 394.2 |
|
| 4,557,925 |
|
| 453.5 |
|
|
| 54.7 |
|
| 15.0 |
|
Operating Profit |
| 1,594,435 |
|
| 213.3 |
|
| 2,835,462 |
|
| 282.1 |
|
|
| 77.8 |
|
| 32.3 |
|
EBITDA |
| 1,797,308 |
|
| 240.4 |
|
| 3,058,270 |
|
| 304.3 |
|
|
| 70.2 |
|
| 26.6 |
|
San Juan Puerto Rico, US 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aeronautical Revenues |
| 521,621 |
| n/a |
|
| 540,053 |
| n/a |
|
|
| 3.5 |
| n/a |
| |||
Non-Aeronautical Revenues |
| 381,057 |
| n/a |
|
| 445,305 |
| n/a |
|
|
| 16.9 |
| n/a |
| |||
Construction Services Revenues |
| 46,240 |
| n/a |
|
| 80,112 |
| n/a |
|
|
| 73.3 |
| n/a |
| |||
Total Revenues |
| 948,918 |
| n/a |
|
| 1,065,470 |
| n/a |
|
|
| 12.3 |
| n/a |
| |||
Operating Profit |
| 367,715 |
| n/a |
|
| 572,419 |
| n/a |
|
|
| 55.7 |
| n/a |
| |||
EBITDA |
| 548,768 |
| n/a |
|
| 579,751 |
| n/a |
|
|
| 5.6 |
| n/a |
| |||
Consolidation Adjustment San Juan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Consolidation Adjustment |
| - |
| n/a |
|
| - |
| n/a |
|
| n/a |
| n/a |
| ||||
Colombia 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aeronautical Revenues |
| 236,116 |
| n/a |
|
| 527,452 |
| n/a |
|
|
| 123.4 |
| n/a |
| |||
Non-Aeronautical Revenues |
| 97,321 |
| n/a |
|
| 168,153 |
| n/a |
|
|
| 72.8 |
| n/a |
| |||
Construction Services Revenues |
| 305 |
| n/a |
|
| 709 |
| n/a |
|
|
| 132.5 |
| n/a |
| |||
Total Revenues |
| 333,742 |
| n/a |
|
| 696,314 |
| n/a |
|
|
| 108.6 |
| n/a |
| |||
Operating Profit |
| 47,740 |
| n/a |
|
| 301,988 |
| n/a |
|
|
| 532.6 |
| n/a |
| |||
EBITDA |
| 156,740 |
| n/a |
|
| 402,608 |
| n/a |
|
|
| 156.9 |
| n/a |
| |||
Consolidation Adjustment Colombia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Consolidation Adjustment |
| - |
| n/a |
|
| - |
| n/a |
|
| n/a |
| n/a |
| ||||
CONSOLIDATED ASUR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aeronautical Revenues |
| 2,313,657 |
| n/a |
|
| 3,533,790 |
| n/a |
|
|
| 52.7 |
| n/a |
| |||
Non-Aeronautical Revenues |
| 1,550,131 |
| n/a |
|
| 2,194,402 |
| n/a |
|
|
| 41.6 |
| n/a |
| |||
Construction Services Revenues |
| 365,493 |
| n/a |
|
| 591,517 |
| n/a |
|
|
| 61.8 |
| n/a |
| |||
Total Revenues |
| 4,229,281 |
| n/a |
|
| 6,319,709 |
| n/a |
|
|
| 49.4 |
| n/a |
| |||
Operating Profit |
| 2,009,890 |
| n/a |
|
| 3,709,869 |
| n/a |
|
|
| 84.6 |
| n/a |
| |||
EBITDA |
| 2,502,816 |
| n/a |
|
| 4,040,629 |
| n/a |
|
|
| 61.4 |
| n/a |
|
1 Reflects the results of operations of Cancun Airport and two Cancun Airport Services subsidiaries on a consolidated basis.
2 Reflects revenues under intercompany agreements which are eliminated in the consolidation adjustment.
3 Reflects the results of operations of our airports located in Cozumel, Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz.
4 Reflects the results of operations of our parent holding company and our services subsidiaries. Because none of these entities hold the concessions for our airports, we do not report workload unit data for theses entities.
5 Reflects the results of operation of San Juan Airport, Puerto Rico, U.S. for 2Q22.
6 Reflects the results of operations of Airplan, Colombia for 2Q22.
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statements of Financial Position as of June 30, 2022 and 2021
Thousands of Mexican Pesos
Item | June 2022 |
| December 2021 |
| Variation |
| % |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
| 7,331,083 |
|
| 8,770,062 |
|
| (1,438,979 | ) |
| (16.4 | ) |
Cash and Cash Equivalents Restricted |
| 1,322,973 |
|
| 123,081 |
|
| 1,199,892 |
|
| 974.9 |
|
Accounts Receivable, net |
| 1,819,558 |
|
| 1,878,238 |
|
| (58,680 | ) |
| (3.1 | ) |
Document Receivable |
| 159,728 |
|
| 105,000 |
|
| 54,728 |
|
| 52.1 |
|
Recoverable Taxes and Other Current Assets |
| 851,328 |
|
| 785,719 |
|
| 65,609 |
|
| 8.4 |
|
Total Current Assets |
| 11,484,670 |
|
| 11,662,100 |
|
| (177,430 | ) |
| (1.5 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Machinery, Furniture and Equipment, net |
| 171,102 |
|
| 184,590 |
|
| (13,488 | ) |
| (7.3 | ) |
Intangible Assets, Airport Concessions and Goodwill-Net |
| 53,061,811 |
|
| 53,973,349 |
|
| (911,538 | ) |
| (1.7 | ) |
Investment in Joint Venture |
| 10,547 |
|
| 10,689 |
|
| (142 | ) |
| (1.3 | ) |
Total Assets |
| 64,728,130 |
|
| 65,830,728 |
|
| (1,102,598 | ) |
| (1.7 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Trade Accounts Payable |
| 295,912 |
|
| 290,689 |
|
| 5,223 |
|
| 1.8 |
|
Bank Loans and Short Term Debt |
| 1,052,187 |
|
| 578,144 |
|
| 474,043 |
|
| 82.0 |
|
Accrued Expenses and Others Payables |
| 2,781,890 |
|
| 2,917,565 |
|
| (135,675 | ) |
| (4.7 | ) |
Total Current Liabilities |
| 4,129,989 |
|
| 3,786,398 |
|
| 343,591 |
|
| 9.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long Term Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Bank Loans |
| 5,015,431 |
|
| 6,603,006 |
|
| (1,587,575 | ) |
| (24.0 | ) |
Long Term Debt |
| 6,310,468 |
|
| 6,598,397 |
|
| (287,929 | ) |
| (4.4 | ) |
Deferred Income Taxes |
| 3,160,530 |
|
| 3,044,632 |
|
| 115,898 |
|
| 3.8 |
|
Employee Benefits |
| 28,694 |
|
| 28,239 |
|
| 455 |
|
| 1.6 |
|
Total Long Term Liabilities |
| 14,515,123 |
|
| 16,274,274 |
|
| (1,759,151 | ) |
| (10.8 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
| 18,645,112 |
|
| 20,060,672 |
|
| (1,415,560 | ) |
| (7.1 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 4,855,257 |
|
| 5,983,747 |
|
| (1,128,490 | ) |
| (18.9 | ) |
Cumulative Effect of Conversion of Foreign Currency |
| 36,896 |
|
| 313,582 |
|
| (276,686 | ) |
| (88.2 | ) |
Retained Earnings |
| 22,301,301 |
|
| 21,122,411 |
|
| 1,178,890 |
|
| 5.6 |
|
Non- Controlling interests |
| 8,836,896 |
|
| 8,593,505 |
|
| 243,391 |
|
| 2.8 |
|
Total Stockholders' Equity |
| 46,083,018 |
|
| 45,770,056 |
|
| 312,962 |
|
| 0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
| 64,728,130 |
|
| 65,830,728 |
|
| (1,102,598 | ) |
| (1.7 | ) |
Exchange Rate per Dollar Ps. 20.1335 |
|
|
|
|
|
|
|
|
|
|
|
|
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Income from January 1 to June 30, 2022 and 2021
Thousands of Mexican Pesos
| 6M |
| 6M |
| % |
|
| 2Q |
| 2Q |
| % |
| ||||||
Item | 2021 |
| 2022 |
| Chg |
|
| 2021 |
| 2022 |
| Chg |
| ||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aeronautical Services |
| 3,969,335 |
|
| 6,715,806 |
|
| 69.2 |
|
|
| 2,313,657 |
|
| 3,533,790 |
|
| 52.7 |
|
Non-Aeronautical Services |
| 2,601,074 |
|
| 4,186,884 |
|
| 61.0 |
|
|
| 1,550,131 |
|
| 2,194,402 |
|
| 41.6 |
|
Construction Services |
| 558,582 |
|
| 842,824 |
|
| 50.9 |
|
|
| 365,493 |
|
| 591,517 |
|
| 61.8 |
|
Total Revenues |
| 7,128,991 |
|
| 11,745,514 |
|
| 64.8 |
|
|
| 4,229,281 |
|
| 6,319,709 |
|
| 49.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Services |
| 1,617,354 |
|
| 1,703,058 |
|
| 5.3 |
|
|
| 986,380 |
|
| 890,975 |
|
| (9.7 | ) |
Cost of Construction |
| 558,582 |
|
| 842,824 |
|
| 50.9 |
|
|
| 365,493 |
|
| 591,517 |
|
| 61.8 |
|
General and Administrative Expenses |
| 119,162 |
|
| 142,130 |
|
| 19.3 |
|
|
| 57,099 |
|
| 72,825 |
|
| 27.5 |
|
Technical Assistance |
| 155,992 |
|
| 332,370 |
|
| 113.1 |
|
|
| 94,926 |
|
| 182,945 |
|
| 92.7 |
|
Concession Fee |
| 386,521 |
|
| 682,839 |
|
| 76.7 |
|
|
| 223,133 |
|
| 365,741 |
|
| 63.9 |
|
Depreciation and Amortization |
| 993,972 |
|
| 1,004,164 |
|
| 1.0 |
|
|
| 492,360 |
|
| 505,837 |
|
| 2.7 |
|
Total Operating Expenses |
| 3,831,583 |
|
| 4,707,385 |
|
| 22.9 |
|
|
| 2,219,391 |
|
| 2,609,840 |
|
| 17.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenues |
|
|
|
| 45,547 |
| n/a |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
| 3,297,408 |
|
| 7,083,676 |
|
| 114.8 |
|
|
| 2,009,890 |
|
| 3,709,869 |
|
| 84.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive Financing Cost |
| (318,660 | ) |
| (133,308 | ) |
| (58.2 | ) |
|
| (181,452 | ) |
| 108,321 |
|
| (159.7 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Results of Joint Venture Accounted by the Equity Method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
| 2,978,748 |
|
| 6,950,368 |
|
| 133.3 |
|
|
| 1,828,438 |
|
| 3,818,190 |
|
| 108.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Income Tax |
| 641,467 |
|
| 1,599,799 |
|
| 149.4 |
|
|
| 460,770 |
|
| 911,878 |
|
| 97.9 |
|
Deferred Income Taxes |
| (30,613 | ) |
| 156,338 |
| n/a |
|
|
| 37,880 |
|
| 61,843 |
|
| 63.3 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income for the Year |
| 2,367,894 |
|
| 5,194,231 |
|
| 119.4 |
|
|
| 1,329,788 |
|
| 2,844,469 |
|
| 113.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Majority Net Income |
| 2,176,674 |
|
| 4,855,257 |
|
| 123.1 |
|
|
| 1,231,659 |
|
| 2,661,548 |
|
| 116.1 |
|
Non-Controlling Interests |
| 191,220 |
|
| 338,974 |
|
| 77.3 |
|
|
| 98,129 |
|
| 182,921 |
|
| 86.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning per Share |
| 7.2556 |
|
| 16.1842 |
|
| 123.1 |
|
|
| 4.1055 |
|
| 8.8718 |
|
| 116.1 |
|
Earning per American Depositary Share (in U.S. Dollars) |
| 3.6037 |
|
| 8.0384 |
|
| 123.1 |
|
|
| 2.0392 |
|
| 4.4065 |
|
| 116.1 |
|
Exchange Rate per Dollar Ps. 20.1335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Cash Flow for the Periods of January 1, to June 30, 2022 an 2021.
Thousands of Mexican Pesos
| 6M |
| 6M |
| % |
|
| 2Q |
| 2Q |
| % |
| ||||||
Item | 2021 |
| 2022 |
| Chg |
|
| 2021 |
| 2022 |
| Chg |
| ||||||
Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
| 2,978,748 |
|
| 6,950,368 |
|
| 133.3 |
|
|
| 1,828,438 |
|
| 3,818,190 |
|
| 108.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization |
| 993,972 |
|
| 1,004,164 |
|
| 1.0 |
|
|
| 492,360 |
|
| 505,837 |
|
| 2.7 |
|
Income from Results of Joint Venture Accounted by the Equity Method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income |
| (87,201 | ) |
| (154,497 | ) |
| 77.2 |
|
|
| (51,931 | ) |
| (74,129 | ) |
| 42.7 |
|
Interest Payables |
| 414,475 |
|
| 246,929 |
|
| (40.4 | ) |
|
| 189,311 |
|
| 20,828 |
|
| (89.0 | ) |
Foreign Exchange Gain (loss), Net Unearned |
|
|
|
|
|
|
|
|
|
|
| 19,781 |
|
|
|
| n/a |
| |
Sub-Total |
| 4,299,994 |
|
| 8,046,964 |
|
| 87.1 |
|
|
| 2,477,959 |
|
| 4,270,726 |
|
| 72.3 |
|
Trade Receivables |
| (624,493 | ) |
| (109,434 | ) |
| (82.5 | ) |
|
| (543,374 | ) |
| (216,605 | ) |
| (60.1 | ) |
Recoverable Taxes and Other Current Assets |
| 127,443 |
|
| (635,942 | ) | n/a |
|
|
| 164,867 |
|
| (226,181 | ) | n/a |
| ||
Income Tax Paid |
| (438,065 | ) |
| (1,103,728 | ) |
| 152.0 |
|
|
| (152,100 | ) |
| (717,780 | ) |
| 371.9 |
|
Trade Accounts Payable |
| 451,299 |
|
| 315,090 |
|
| (30.2 | ) |
|
| 492,263 |
|
| 292,637 |
| n/a |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Flow Provided by Operating Activities |
| 3,816,178 |
|
| 6,512,950 |
|
| 70.7 |
|
|
| 2,439,615 |
|
| 3,402,797 |
|
| 39.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Joint Venture |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Granted to Third Parties |
|
|
|
| (35,100 | ) | n/a |
|
|
|
|
|
|
|
|
|
|
| |
Proceeds for Cancellation of Land Acquisition Contract |
| 286,283 |
|
|
|
| n/a |
|
|
| 286,283 |
|
|
|
| n/a |
| ||
Restricted Cash |
| (9,578 | ) |
| (1,217,593 | ) |
| 12,612.4 |
|
|
| 7,352 |
|
| (131,191 | ) | n/a |
| |
Investments in Machinery, Furniture and Equipment, net |
| (817,305 | ) |
| (752,682 | ) |
| (7.9 | ) |
|
| (460,965 | ) |
| (436,865 | ) |
| (5.2 | ) |
Interest Income |
| 88,889 |
|
| 148,760 |
|
| 67.4 |
|
|
| 53,171 |
|
| 69,700 |
|
| 31.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Flow Used by Investing Activities |
| (451,711 | ) |
| (1,856,615 | ) |
| 311.0 |
|
|
| (114,159 | ) |
| (498,356 | ) |
| 336.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excess Cash to Use in Financing Activities |
| 3,364,467 |
|
| 4,656,335 |
|
| 38.4 |
|
|
| 2,325,456 |
|
| 2,904,441 |
|
| 24.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Loans Paid |
| (20,000 | ) |
|
|
| n/a |
|
|
| (20,000 | ) |
|
|
| n/a |
| ||
Long Term Debt Paid |
| (203,002 | ) |
| (963,535 | ) |
| 374.6 |
|
|
| (72,725 | ) |
| (794,511 | ) |
| 992.5 |
|
Interest Paid |
| (467,776 | ) |
| (556,581 | ) |
| 19.0 |
|
|
| (97,333 | ) |
| (228,208 | ) |
| 134.5 |
|
Dividends Paid |
|
|
|
| (4,509,000 | ) | n/a |
|
|
|
|
|
| (4,509,000 | ) | n/a |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Flow Used by Financing Activities |
| (690,778 | ) |
| (6,029,116 | ) |
| 772.8 |
|
|
| (190,058 | ) |
| (5,531,719 | ) |
| 2,810.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase in Cash and Cash Equivalents |
| 2,673,689 |
|
| (1,372,781 | ) |
| (151.3 | ) |
|
| 2,135,398 |
|
| (2,627,278 | ) |
| (223.0 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning of Period |
| 5,192,628 |
|
| 8,770,062 |
|
| 68.9 |
|
|
| 5,739,798 |
|
| 9,962,212 |
|
| 73.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Gain on Cash and Cash Equivalents |
| (28,551 | ) |
| (66,198 | ) |
| 131.9 |
|
|
| (37,430 | ) |
| (3,851 | ) |
| (89.7 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at the End of Period |
| 7,837,766 |
|
| 7,331,083 |
|
| (6.5 | ) |
|
| 7,837,766 |
|
| 7,331,083 |
|
| (6.5 | ) |