ASUR Reports 3Q22 Financial Results
Total passenger traffic in 3Q22 increased 22.8% compared to 3Q19 and 24.5% YoY
Mexico City, October 24, 2022 – Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), a leading international airport group with operations in Mexico, the U.S., and Colombia, today announced results for the three- and nine-month periods ended September 30, 2022.
3Q22 Highlights1
• | Total passenger traffic increased 24.5% year over year (YoY) and 22.8% compared to 3Q19. By country of operations, 3Q22 passenger traffic showed the following increases compared to 3Q19 levels: |
| • | Mexico: up 21.6%, with domestic and international traffic levels increasing 14.2% and 30.2%, respectively. |
| • | Puerto Rico (Aerostar): up 7.9%, with domestic traffic increasing by 8.9%, and international traffic reaching 99.6% of 2Q19 levels. |
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• Colombia (Airplan): up 36.9%, with domestic and international passengers increasing by 33.0% and 58.3%, respectively. • Revenues increased 29.4% YoY to Ps.6,294.8 million and by 53.3% compared to 3Q19 revenues. Excluding construction revenues, revenues increased 35.6% YoY and 50.9% against 3Q19. • Consolidated commercial revenues per passenger were Ps.116.5 in 3Q22. • Consolidated EBITDA increased 39.6% YoY to Ps.4,067.0 million and 64.3% compared to 3Q19. • Adjusted EBITDA Margin (excluding the effect of IFRIC 12) increased to 69.7%, from 67.7% in 3Q21 and 64.0% in 3Q19. • Cash & cash equivalents of Ps.13,917.4 million at quarter-end and Net Debt-to-LTM EBITDA at 0.14x. | Table 1: Financial & Operational Highlights 1 |
| Third Quarter | % Chg |
| 2021 | 2022 |
Financial Highlights | | | |
Total Revenue | 4,866,106 | 6,294,804 | 29.4 |
Mexico | 3,383,896 | 4,576,444 | 35.2 |
San Juan | 999,885 | 1,001,545 | 0.2 |
Colombia | 482,325 | 716,815 | 48.6 |
Commercial Revenues per PAX | 117.6 | 116.5 | (0.9) |
Mexico | 136.3 | 140.7 | 3.2 |
San Juan | 152.3 | 161.3 | 5.9 |
Colombia | 40.0 | 37.3 | (6.8) |
EBITDA | 2,913,013 | 4,067,015 | 39.6 |
Net Income | 1,957,451 | 2,678,375 | 36.8 |
Majority Net Income | 1,793,950 | 2,546,504 | 41.9 |
Earnings per Share (in pesos) | 5.9798 | 8.4883 | 41.9 |
| Earnings per ADS (in US$) | 2.9762 | 4.2246 | 41.9 |
3Q22 Earnings Call Date & Time: Tuesday, October 25, 2022 at 10:00 AM US ET; 9:00 AM CT Dial-in: 1-866-416-5346 (U.S. Toll-Free) 1-323-794-2575 (International) Access Code: 9021968 Replay: Tue, October 25, 2022 at 1:00 PM US ET, ending at 11:59 PM US ET on Tue, November 1, 2022. Dial in: 1-844-512-2921 (Toll-Free) 1-412-317-6671 (International). Access Code: 9021968 | | Capex | 601,180 | 548,227 | (8.8) |
Cash & Cash Equivalents | 11,042,598 | 13,917,369 | 26.0 |
Net Debt | 3,033,148 | 2,180,725 | (28.1) |
Net Debt/ LTM EBITDA | 0.4 | 0.1 | (60.2) |
Operational Highlights | | | |
Passenger Traffic | | | |
Mexico | 7,909,155 | 10,134,035 | 28.1 |
San Juan | 2,739,163 | 2,540,779 | (7.2) |
Colombia | 3,043,742 | 4,369,335 | 43.6 |
1 Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS), and represent comparisons between the three- and nine-month periods ended September 30, 2022, and the equivalent three- and nine-month periods ended September 30, 2021. All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of Mexican pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Mexican Ps.20.0925 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP228.4200 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 17 of this report.
3Q22 Passenger Traffic
During 3Q22, total passenger traffic increased 24.5% YoY to 17.0 million passengers and 22.8% compared to 3Q19.
Traffic in Mexico increased 28.1% YoY to 10.1 million passengers. In addition, Mexico traffic increased 21.6% against to 3Q19 levels, driven by increases of 14.2% and 30.2% in domestic and international traffic, respectively.
In Puerto Rico, 3Q22 passenger traffic declined 7.2% YoY to 2.5 million passengers. Traffic surpassed 3Q19 levels by 7.9%, with domestic traffic increasing 8.9% and international traffic recovering to 99.6% of 3Q19 activity.
Traffic in Colombia increased 43.6% YoY to 4.4 million passengers in 3Q22. Compared to 3Q19 levels, traffic increased 36.9%, with domestic and international traffic increasing 33.0% and 58.3%, respectively.
Tables with detailed passenger traffic information for each airport can be found on page 20 of this report.
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Table 2: Passenger Traffic Summary |
| Third Quarter | % Chg vs 21 | % Chg vs 19 | | Nine-Months | % Chg vs 21 | % Chg vs 19 |
| 2019 | 2021 | 2022 | | 2019 | 2020 | 2021 |
Total Mexico | 8,333,227 | 7,909,155 | 10,134,035 | 28.1 | 21.6 | | 25,783,861 | 20,333,163 | 28,971,916 | 42.5 | 12.4 |
- Cancun | 6,160,215 | 6,096,651 | 7,783,576 | 27.7 | 26.4 | | 19,374,608 | 15,604,679 | 22,398,564 | 43.5 | 15.6 |
- 8 Others Airports | 2,173,012 | 1,812,504 | 2,350,459 | 29.7 | 8.2 | | 6,409,253 | 4,728,484 | 6,573,352 | 39.0 | 2.6 |
Domestic Traffic | 4,469,498 | 4,053,553 | 5,104,858 | 25.9 | 14.2 | | 12,367,374 | 10,676,596 | 13,369,220 | 25.2 | 8.1 |
- Cancun | 2,484,484 | 2,484,684 | 3,035,878 | 22.2 | 22.2 | | 6,703,534 | 6,542,411 | 7,676,725 | 17.3 | 14.5 |
- 8 Others Airports | 1,985,014 | 1,568,869 | 2,068,980 | 31.9 | 4.2 | | 5,663,840 | 4,134,185 | 5,692,495 | 37.7 | 0.5 |
International traffic | 3,863,729 | 3,855,602 | 5,029,177 | 30.4 | 30.2 | | 13,416,487 | 9,656,567 | 15,602,696 | 61.6 | 16.3 |
- Cancun | 3,675,731 | 3,611,967 | 4,747,698 | 31.4 | 29.2 | | 12,671,074 | 9,062,268 | 14,721,839 | 62.5 | 16.2 |
- 8 Others Airports | 187,998 | 243,635 | 281,479 | 15.5 | 49.7 | | 745,413 | 594,299 | 880,857 | 48.2 | 18.2 |
Total San Juan, Puerto Rico | 2,354,372 | 2,739,163 | 2,540,779 | (7.2) | 7.9 | | 7,072,180 | 7,175,392 | 7,714,993 | 7.5 | 9.1 |
Domestic Traffic | 2,098,971 | 2,552,192 | 2,286,307 | (10.4) | 8.9 | | 6,315,138 | 6,811,926 | 7,041,345 | 3.4 | 11.5 |
International traffic | 255,401 | 186,971 | 254,472 | 36.1 | (0.4) | | 757,042 | 363,466 | 673,648 | 85.3 | (11.0) |
Total Colombia | 3,192,585 | 3,043,742 | 4,369,335 | 43.6 | 36.9 | | 8,807,551 | 6,920,374 | 12,048,267 | 74.1 | 36.8 |
Domestic Traffic | 2,699,836 | 2,582,234 | 3,589,559 | 39.0 | 33.0 | | 7,457,666 | 5,911,758 | 10,056,838 | 70.1 | 34.9 |
International traffic | 492,749 | 461,508 | 779,776 | 69.0 | 58.3 | | 1,349,885 | 1,008,616 | 1,991,429 | 97.4 | 47.5 |
Total traffic | 13,880,184 | 13,692,060 | 17,044,149 | 24.5 | 22.8 | | 41,663,592 | 34,428,929 | 48,735,176 | 41.6 | 17.0 |
Domestic Traffic | 9,268,305 | 9,187,979 | 10,980,724 | 19.5 | 18.5 | | 26,140,178 | 23,400,280 | 30,467,403 | 30.2 | 16.6 |
International traffic | 4,611,879 | 4,504,081 | 6,063,425 | 34.6 | 31.5 | | 15,523,414 | 11,028,649 | 18,267,773 | 65.6 | 17.7 |
Note: Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, while Puerto Rico includes transit passengers and general aviation. |
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Table 3: YoY Passenger Traffic Growth in 9M 2022 |
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Region | JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | Total |
Mexico | 65.1% | 99.8% | 69.9% | 56.8% | 30.5% | 20.0% | 21.5% | 32.7% | 31.7% | 42.5% |
Domestic Traffic | 28.1% | 42.4% | 26.2% | 29.3% | 18.9% | 12.3% | 16.3% | 32.9% | 30.1% | 25.2% |
International Traffic | 112.3% | 177.0% | 122.0% | 89.4% | 43.3% | 27.3% | 26.5% | 32.5% | 33.7% | 61.6% |
Puerto Rico | 40.5% | 50.8% | 22.1% | 16.0% | 5.3% | (5.8%) | (10.0%) | (3.2%) | (8.2%) | 7.5% |
Domestic Traffic | 35.6% | 44.5% | 16.7% | 11.1% | 1.1% | (11.1%) | (14.3%) | (6.0%) | (10.0%) | 3.4% |
International Traffic | 135.4% | 236.3% | 217.0% | 156.2% | 116.0% | 85.8% | 48.5% | 34.8% | 17.4% | 85.3% |
Colombia | 110.8% | 86.5% | 81.1% | 143.3% | 121.6% | 66.0% | 51.3% | 46.0% | 33.5% | 74.1% |
Domestic Traffic | 104.6% | 76.3% | 74.0% | 138.4% | 128.0% | 65.9% | 47.9% | 39.9% | 29.6% | 70.1% |
International Traffic | 153.6% | 186.4% | 140.1% | 171.9% | 95.2% | 66.4% | 69.2% | 80.6% | 56.8% | 97.4% |
Total | 70.2% | 86.8% | 61.9% | 61.4% | 38.6% | 23.1% | 20.5% | 28.4% | 25.2% | 41.6% |
Domestic Traffic | 50.3% | 52.6% | 35.6% | 45.0% | 33.0% | 17.9% | 14.7% | 23.9% | 20.5% | 30.2% |
International Traffic | 116.6% | 179.2% | 125.2% | 97.1% | 49.7% | 33.0% | 31.4% | 37.4% | 36.0% | 65.6% |
Review of Consolidated Results
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Table 4: Summary of Consolidated Results | | | | | | | |
| Third Quarter | % Chg | | Nine- Months | % Chg | |
| 2021 | 2022 | | 2021 | 2022 | |
Total Revenues | 4,866,106 | 6,294,804 | 29.4 | | 11,995,097 | 18,040,318 | 50.4 | |
Aeronautical Services | 2,558,755 | 3,648,226 | 42.6 | | 6,528,090 | 10,364,032 | 58.8 | |
Non-Aeronautical Services | 1,745,527 | 2,189,412 | 25.4 | | 4,346,601 | 6,376,296 | 46.7 | |
Total Revenues Excluding Construction Revenues | 4,304,282 | 5,837,638 | 35.6 | | 10,874,691 | 16,740,328 | 53.9 | |
Construction Revenues | 561,824 | 457,166 | (18.6) | | 1,120,406 | 1,299,990 | 16.0 | |
Total Operating Costs & Expenses | 2,295,286 | 2,598,979 | 13.2 | | 6,126,869 | 7,282,797 | 18.9 | |
Other Revenues | - | 301 | 0.0 | | - | 45,848 | 0.0 | |
Operating Profit | 2,570,820 | 3,696,126 | 43.8 | | 5,868,228 | 10,803,369 | 84.1 | |
Operating Margin | 52.8% | 58.7% | 589 bps | | 48.9% | 59.9% | 1096 bps | |
Adjusted Operating Margin 1 | 59.7% | 63.3% | 359 bps | | 54.0% | 64.5% | 1057 bps | |
EBITDA | 2,913,013 | 4,067,015 | 39.6 | | 7,020,937 | 11,783,929 | 67.8 | |
EBITDA Margin | 59.9% | 64.6% | 475 bps | | 58.5% | 65.3% | 679 bps | |
Adjusted EBITDA Margin 2 | 67.7% | 69.7% | 199 bps | | 64.6% | 70.4% | 583 bps | |
Net Income | 1,957,451 | 2,678,375 | 36.8 | | 4,325,345 | 7,896,173 | 82.6 | |
Net Majority Income | 1,793,950 | 2,546,504 | 41.9 | | 3,970,624 | 7,425,328 | 87.0 | |
Earnings per Share | 5.9798 | 8.4883 | 41.9 | | 13.2354 | 24.7511 | 87.0 | |
Earnings per ADS in US$ | 2.9762 | 4.2246 | 41.9 | | 6.5872 | 12.3186 | 87.0 | |
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Total Commercial Revenues per Passenger 3 | 117.6 | 116.5 | (0.9) | | 115.6 | 118.9 | 2.9 | |
Commercial Revenues | 1,626,058 | 2,012,975 | 23.8 | | 4,012,528 | 5,862,475 | 46.1 | |
Commercial Revenues from Direct Operations per Passenger 4 | 20.8 | 20.9 | 0.4 | | 20.7 | 21.9 | 5.8 | |
Commercial Revenues Excluding Direct Operations per Passenger | 96.8 | 95.6 | (1.2) | | 94.8 | 97.0 | 2.3 | |
1 Adjusted operating margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets in Mexico, Puerto Rico and Colombia and is equal to operating income divided by total revenues minus revenues from construction services. |
2 Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets in Mexico, Puerto Rico and Colombia, and is calculated by dividing EBITDA by total revenues less construction services revenues. |
3 Passenger figures include transit and general aviation passengers Mexico, Puerto Rico y Colombia. |
4 Represents ASUR’s operations in convenience stores. |
Consolidated Revenues
Consolidated Revenues for 3Q22 increased 29.4% YoY, or Ps.1,428.7 million, to Ps.6,294.8 million and 53.3%, or Ps.2,188.5 million when compared to 3Q19. This YoY increase was mainly due to the following:
• | 25.4% increase in revenues from non-aeronautical services to Ps.2,189.4 million. Mexico contributed Ps.1,607.0 million, while Puerto Rico and Colombia accounted for Ps.412.7 million and Ps.169.7 million, respectively; and |
• | 42.6% increase in revenues from aeronautical services to Ps.3,648.2 million. Mexico contributed Ps.2,571.3 million, while Colombia and Puerto Rico contributed Ps.545.7 million and Ps.531.2 million, respectively. |
This increase was partially offset by an 18.6%, or Ps.104.6 million, YoY decline in construction services revenues, principally in Mexico.
Excluding revenues from construction services, for which there is an equivalent expense recorded under IFRS accounting standards, total revenues would have increased 35.6% YoY to Ps.5,837.6 million.
Compared to 3Q19, revenues excluding construction services increased by 50.9%, driven by increases of 47.1% in revenues from non-aeronautical services and 53.2% in revenues from aeronautical services. Excluding revenues from construction services, Mexico represented 71.6% of ASUR´s total revenues in 3Q22, while Puerto Rico and Colombia represented 16.2% and 12.2%, respectively.
Commercial Revenues in 3Q22 increased 23.8% YoY to Ps.2,013.0 million, mainly reflecting the 24.5% increase in passenger traffic. Compared to 3Q19, commercial revenues increased 45.3%. Commercial revenues increased
32.3% YoY to Ps.1,433.4 million in Mexico, and 34.9% to Ps.169.6 million in Colombia. This was partially offset by a 1.7% decline in commercial revenues to Ps.409.9 million in Puerto Rico.
Commercial Revenues per Passenger was Ps.116.5 in 3Q22, compared to Ps.117.6 in 3Q21 and Ps.99.2 in 3Q19.
Consolidated Operating Costs and Expenses
Consolidated Operating Costs and Expenses, including construction costs, increased 13.2% YoY, or Ps.303.7 million, to Ps.2,599.0 million in 3Q22, and 25.0%, or Ps.519.3 million, when compared to 2Q19.
Excluding construction costs, operating costs and expenses increased 23.6% YoY, or Ps.408.3 million, and 16.2% compared to 3Q19. Excluding expense recoveries in Puerto Rico of Ps.175.7 million in 3Q22 and Ps.165.4 million in 3Q21, as discussed below, operating costs and expenses would have increased YoY by 22.0% or Ps.418.6 million and 25.8% against 3Q19. The YoY increase was mainly due to the following variations:
• | Mexico: increased 25.8%, or Ps.260.7 million, mainly reflecting higher costs in connection to personnel, technical assistance and concession fees, security, maintenance and surety bond expenses, together with higher cost of sales from directly operated stores. |
• | Puerto Rico: increased 19.4%, or Ps.78.7 million, principally due to higher energy costs, concession fees, maintenance expenses, personnel expenses, professional fees, taxes and duties as well as insurance and surety bond expenses. This was partially offset by a Ps.10.3 million increase in expense recoveries resulting from the Ps.175.7 million obtained in 3Q22 under the American Rescue Plan Act compared to the Ps.165.4 million obtained under the CARES Act in 3Q21. |
• | Colombia: increased 21.6%, or Ps.69.0 million, mainly reflecting increases in concession fees, together with higher energy, maintenance, personnel, taxes and surety bonds, as well as security expenses as a consequence of increased business activity. |
Cost of Services increased 32.0% YoY, or Ps.244.5 million, principally reflecting higher personnel costs, technical assistance and concession fees, security, energy, maintenance, insurance and surety bond expenses, as well as the cost of revenues from concession stores operated by ASUR.
Construction Costs declined 18.6% YoY, or Ps.104.6 million. This was mainly driven by YoY declines of 19.7%, or Ps.97.9 million in Mexico, by 9.9% or Ps.6.3 million in Puerto Rico, and by 23.0% or Ps.0.4 million in Colombia.
Administrative Expenses that reflect administrative costs in Mexico declined 15.0% YoY.
Consolidated Technical Assistance increased by 48.5% YoY mainly reflecting an increase in EBITDA in Mexico during 3Q22.
Concession Fees increased 39.3% YoY, principally due to increases of 44.5% in Mexico, 48.6% in Colombia and 4.1% in Puerto Rico, mainly due to higher regulated revenues which is a factor in the calculation of the concession fee.
Depreciation and Amortization increased 3.7% YoY, or Ps.18.6 million, principally due to an increase of 15.1%, or Ps.31.0 million in Mexico. This was partially offset by declines of 2.5%, or Ps.4.6 million in Puerto Rico and 6.9% or Ps.7.8 million in Colombia.
Consolidated Operating Profit and EBITDA
ASUR reported a Consolidated Operating Profit of Ps.3,696.1 million in 3Q22 and an Operating Margin of 58.7%, compared to a Ps.2,570.8 million consolidated operating profit and a 52.8% margin in 3Q21, and a Ps.2,026.6 million consolidated operating profit and 49.4% margin in 3Q19.
Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Colombia and Puerto Rico was 63.3% in 3Q22 compared to 59.7% in 3Q21 and 52.4% in3Q19. Adjusted operating margin is calculated as operating profit or loss divided by total revenues less construction services revenues.
EBITDA increased 39.6%, or Ps.1,154.0 million, to Ps.4,067.0 million in 3Q22 from Ps.2,913.0 million in 3Q21. Compared to 3Q19, EBITDA increased 64.3%. By country of operations, EBITDA increased YoY by 50.7% or Ps.1,0577.5 million to Ps.3,145.2 million in Mexico, and by 66.5% or Ps.181.8 million to Ps.455.2 million in Colombia.
EBITDA in Puerto Rico declined by 15.5%, or Ps.85.3 million, to Ps.466.6 million. Consolidated EBITDA margin in 3Q22 was 64.6% compared to 59.9% in 3Q21 and 60.3% in 3Q19.
Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Puerto Rico, and Colombia, was 69.7% in 3Q22, compared to 67.7% in 3Q21, and 64.0% in 3Q19.
Consolidated Comprehensive Financing Gain (Loss)
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Table 5: Consolidated Comprehensive Financing Gain (Loss) | | | | | | |
| Third Quarter | % Chg | | Nine-Months | % Chg |
| 2021 | 2022 | | 2021 | 2022 |
Interest Income | 48,119 | 108,646 | 125.8 | | 135,320 | 263,143 | 94.5 |
Interest Expense | (203,934) | (297,384) | 45.8 | | (618,409) | (544,313) | (12.0) |
Foreign Exchange Gain (Loss), Net | 98,866 | 3,551 | (96.4) | | 107,480 | (37,325) | n/a |
Total | (56,949) | (185,187) | 225.2 | | (375,609) | (318,495) | (15.2) |
In 3Q22 ASUR reported a Ps.185.2 million Consolidated Comprehensive Financing Loss, compared to a Ps.56.9 million loss in 3Q21.
During 3Q22 ASUR reported a foreign exchange gain of Ps.3.5 million, resulting from the 0.5% quarterly average depreciation of the Mexican peso against the U.S. dollar (0.04% appreciation at quarter-end) during the period, together with a U.S. dollar net asset position. This compares to a Ps.98.9 million foreign exchange loss in 3Q21 resulting from the 0.6% quarterly average depreciation of the Mexican peso (3.3% quarter-end) on a U.S. dollar net asset position.
Interest expense increased Ps.93.4 million, or 45.8% YoY, due to the interest under the loan obtained with BBVA in October 2021 by the Cancun entity and Aerostar’s issuance of $50 million principal amount of 6.75% senior secured notes maturing in May 2035.
Interest income increased Ps.60.5 million, or 125.8% YoY reflecting a higher cash balance position.
Income Taxes
Income Taxes for 3Q22 increased Ps.276.1 million YoY, principally due to the following variations:
• | A Ps.289.5 million increase in income taxes, reflecting mainly a higher taxable income base in Mexico and Colombia resulting from the YoY recovery in revenues following the negative impact of the pandemic in 3Q21 and an increase in the applicable tax rate in Colombia to 35% from 31%. |
• | A Ps.13.3 million decline in deferred income taxes. This mainly reflects a Ps.38.6 million tax benefit in certain airports in México, partly offset by a Ps.24.8 million increase in deferred income taxes in Colombia resulting from the increase in the applicable tax rate to 35.0% from 31.0%. |
Majority Net Income (Loss)
ASUR reported Majority Net Income of Ps.2,546.5 million for 3Q22, compared to Ps.1,793.9 million in 3Q21 and Ps.1,314.6 million in 3Q19. This resulted in earnings per common share in 3Q22 of Ps.8.4883, or earnings per ADS of US$4.2246 (one ADS represents ten series B common shares). This compares to earnings per share of Ps.5.9798, or earnings per ADS of US$2.9762 for the same period in the previous year, and with earnings per share of Ps.4.3821, or earnings per ADS of USS$2.1810 in 3Q19.
Net Income (Loss)
ASUR reported Net Income of Ps.2,678.4 million in 3Q22, an increase of Ps.720.9 million or 36.8% from Ps.1,957.4 million in 3Q21. This compares with net income of Ps.1,340.4 million reported in 3Q19.
Consolidated Financial Position
Airport concessions represented 74.2% of ASUR’s total assets on September 30, 2022, with current assets representing 25.5% and other assets 0.3%.
Cash and cash equivalents as of September 30, 2022, amounted to Ps.13,917.4 million, a 58.7% increase from Ps.8,770.1 million as of December 31, 2021. Mexico, Colombia and Puerto Rico contributed with Ps.1,466.3 million, Ps.133.2 million and Ps.3,547.8 million to the increase in cash and cash equivalents, respectively.
As of September 30, 2022, the valuation of ASUR’s investment in Aerostar in accordance with IFRS 3 "Business Combinations," had the following effects on its balance sheet: (i) the recognition of a net intangible asset of Ps.5,573.0 million, (ii) goodwill of Ps.959.9 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.557.3 million, and (iv) a minority interest of Ps.5,236.6 million in stockholders' equity.
The valuation of ASUR’s investment in Airplan, in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on the balance sheet as of September 30, 2022: (i) the recognition of a net intangible asset of Ps.1,053.0 million, (ii) goodwill of Ps.1,576.2 million, iii) deferred taxes of Ps.281.1 million, and (iv) the recognition of Ps.249.9 million of bank loans at fair value.
Stockholders’ equity as of September 30, 2022, was Ps.48,518.7 million and total liabilities were Ps.22,441.8 million, representing 68.4% and 31.6% of ASUR’s total assets, respectively. Deferred liabilities represented 13.9% of ASUR’s total liabilities.
Total Debt at quarter-end increased 16.8% to Ps.16,098.1 million from Ps.13,779.5 million on December 31, 2021, mainly reflecting the issuance of Notes in Puerto Rico, partially offset by principal payments of Ps.107.1 million.
On September 30, 2022, 28.8% of ASUR’s Total Debt was denominated in Mexican pesos, 64.9% in U.S. Dollars (at Aerostar in Puerto Rico) and 6.3% in Colombian pesos.
In July 2022, Aerostar in Puerto Rico issued US$200 million principal amount of 4.92% senior secured notes due March 22, 2035. In May 2022, Aerostar renegotiated the terms of its $50 million principal amount of 6.75% senior secured notes to mature in 2035. All long-term debt is collateralized by Aerostar’s assets.
LTM Net Debt-to-LTM EBITDA stood at 0.1x at the end of 3Q22, while the Interest Coverage Ratio was 10.7x. This compares with LTM Net Debt-to-LTM EBITDA of 0.4x and an Interest Coverage Ratio of 6.9x at September 30, 2021, respectively.
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Table 6: Consolidated Debt Indicators | | | |
| September 30, 2021 | December 31, 2021 | September 30, 2022 |
Leverage | | | |
Total Debt/ LTM EBITDA (Times) 1 | 1.7 | 1.3 | 1.1 |
Total Net Debt/ LTM EBITDA (Times) 2 | 0.4 | 0.5 | 0.1 |
Interest Coverage Ratio 3 | 6.9 | 8.4 | 10.7 |
Total Debt | 14,075,746 | 13,779,547 | 16,098,094 |
Short-term Debt | 1,321,322 | 578,144 | 1,682,322 |
Long-term Debt | 12,754,424 | 13,201,403 | 14,415,772 |
Cash & Cash Equivalents | 11,042,598 | 8,770,062 | 13,917,369 |
Total Net Debt 4 | 3,033,148 | 5,009,485 | 2,180,725 |
1 The Total Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities divided by its EBITDA. |
2 The Total Net Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by its EBITDA. |
3 The Interest Coverage Ratio for Mexico is calculated as ASUR’s LTM EBIDA divided by its LTM interest expenses. For Puerto Rico it is calculated as LTM Cash Flow Generation divided LTM debt service, and for Colombia as LTM EBITDA minus LTM taxes divided by LTM debt service. |
4 Total net debt is calculated as Asur´s total debt without cash & cash Equivalents |
| | | | | | |
Table 7: Consolidated Debt Profile (million)* | | | | | |
| Aerostar Usd | Aeropuerto de Cancún 000´Mxp $ | |
Monto Original | 350´M | 200´M | 50´M | BBVA 2,000 | Santander 2,650 | Sindicated Loan 440,000 |
Principal Balance as of September 30, 2022 | 288.4 | 200.0 | 42.0 | 2,000.0 | 2,650.0 | 167,897.5 |
2022 | - | - | - | - | - | - |
2023 | 11.2 | - | - | 150.0 | 1,325.0 | - |
2024 | 12.4 | - | - | 200.0 | 1,325.0 | - |
2025 | 13.6 | - | - | 275.0 | - | 57,900.1 |
2026 | 15.0 | - | - | 375.0 | - | 72,600.0 |
2027 | 16.6 | - | - | 475.0 | - | 37,397.5 |
2028 | 16.2 | - | - | 525.0 | - | - |
2029 | 17.3 | - | - | - | - | - |
2030 | 20.9 | - | - | - | - | - |
2031 | 27.0 | - | - | - | - | - |
2032 | 34.4 | - | - | - | - | - |
2033 | 38.5 | - | - | - | - | - |
2034 | 42.6 | - | - | - | - | - |
2035 | 22.6 | 200.0 | 42.0 | - | - | - |
*Expressed in the original currency of each loan. |
Note: the syndicated loans in Mexico were incurred in October 2017. The Puerto Rico bonds were issued in March 2013 and June 2015. In both cases, the maturity date was modified to 2035. In July 2022, Aerostar issued US$200 million senior secured notes due March 22, 2035. The syndicated loan in Colombia was obtained in June 2015 with a grace period of three years. In April 2022, Airplan made principal payments amounting to Cop.150,000 million, and the next principal payment is due in 2025. |
1 DTF is an average 90-day rate to which the credit facilities in Colombia are pegged. |
Strong Liquidity Position and Healthy Debt Maturity Profile
ASUR closed 3Q22 with a solid financial position, with cash and cash equivalents totaling Ps.13,917.4 million and Ps.16,098.1 million in Total Debt. ASUR has no debt maturities in 4Q22 as Aerostar renegotiated the maturity of its US$50 million Notes to May 2035 and issued a US$200 million note due 2035. Likewise, Colombia paid Ps.794.5 million in principal amount of outstanding debt, the next payment being due in 2025.
The following table shows the liquidity position for each of ASUR’s regions of operations:
| | | | | |
Table 8: Liquidity Position at September 30, 2022 | |
Figures in Thousands of Mexican Pesos | | | |
Figures in Thousands of Mexican Pesos | Cash & Equivalents | Total Debt | Short-term Debt | Long-term Debt | Principal payments (October – December 2022) |
|
Mexico | 7,166,575 | 4,638,018 | 1,434,340 | 3,203,678 | 0 |
Puerto Rico | 5,842,900 | 10,444,048 | 242,288 | 10,201,760 | 0 |
Colombia | 907,894 | 1,016,028 | 5,694 | 1,010,334 | 0 |
Total | 13,917,369 | 16,098,094 | 1,682,322 | 14,415,772 | - |
| | | | |
Table 9: Principal Debt Payments as of September 30, 2022 |
Figures in Thousands of Mexican Pesos | | | |
Region of Operation | 2022 | 2023 | 2024 | 2025/2034 |
México | 0 | 1,475,000 | 1,525,000 | 1,650,000 |
Puerto Rico 1 | 0 | 225,958 | 248,902 | 6,163,370 |
Colombia 2 | 0 | 0 | 0 | 735,039 |
Total | | 1,700,958 | 1,773,902 | 8,548,409 |
| |
1 Figures in pesos converted at the exchange rate at the close of the quarter Ps.20.0925= US$1.00 | |
2 Figures in pesos converted at the exchange rate at the close of the quarter of COP228.42=Ps.1.00 | |
Note: Figures only reflects principal payments. | |
|
Table 10: Debt Ratios at September 30, 2022 |
LTM EBITDA and LTM Interest Expenses figures of thousands Mexican Pesos |
Region | LTM EBITDA | LTM Interest Expense | Debt Coverage Ratio | Minimum Coverage Requirement as per Agreements |
|
Mexico 1 | 11,498,115 | 376,505 | 30.5(1) | 3.0 |
Puerto Rico 2 | 1,010,945 | 661,615 | 1.5(2) | 1.1 |
Colombia 3 | 1,352,475 | 257,402 | 5.3(3) | 1.2 |
Total | 13,861,535 | 1,295,522 | 10.7 | |
| | | | |
1 Per the applicable debt agreement, the formula for the Interest Coverage ratio is: LTM EBITDA/ LTM Interest Expense. |
2 Per the applicable debt agreement, the formula for the Debt Coverage ratio is: LTM Cash Flow Generation / LTM Debt Service. LTM Cash Flow Generation for the period was Ps.1.1 billion and LTM Debt Service was Ps.661,6 million. |
3 Per the applicable debt agreement, the formula for the Debt Coverage ratio is: (LTM EBITDA minus LTM Taxes)/ LTM Debt Service. EBITDA minus Taxes for the period amounted to Ps.1.3 billion and Debt Service was Ps.275.4 million. |
Accounts Receivables
Avianca Group exited Chapter 11 on December 2021 and Aeromexico on March 18, 2022. LatAm Airlines remains on Chapter 11. Aeromexico has paid outstanding debts while Avianca Group and LatAm Airlines Group are operating under the normal course of business. ASUR believes it has sufficient liquidity to meet its obligations and continue operating in the ordinary course of business. Accounts receivables increased 16.5% YoY in 3Q22, reflecting increased business activity as passenger traffic increased across ASUR’ s airport network.
Table 11: Accounts Receivable as of September 30, 2022
Figures in Thousands of Mexican Pesos
| | | |
Region | 3Q21 | 3Q22 | % Chg |
Mexico | 1,179,656 | 1,496,634 | 26.9 |
Puerto Rico | 199,284 | 92,760 | (53.5) |
Colombia | 71,714 | 101,000 | 40.8 |
Total | 1,450,654 | 1,690,394 | 16.5 |
Note: Net of allowance for bad debts.
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Capital Expenditures
ASUR made capital expenditures of Ps.548.2 million in 3Q22. Of this amount, (i) Ps.482.8 million were allocated to modernizing the Company´s Mexican airports pursuant to its master development plans, (ii) Ps.64.0 million were invested by Aerostar in Puerto Rico and (iii) Ps.1.4 million were invested in Colombia. This compares to Ps.601.2 million invested in 3Q21, of which Ps.551.2 million were invested in Mexico, Ps.45.8 million in Puerto Rico and Ps.4.2 million in Colombia. During the first nine-months of 2022, ASUR invested a total of Ps.1,300.1 million, of which
Ps.1,069.2 million were allocated to the Mexican airports, Ps.228.6 million to Puerto Rico and Ps.3.1 million to Colombia.
Review of Mexico Operations
| | | | | | | |
Tabla 12: Mexico Revenues & Commercial Revenues Per Passenger | | | | |
| Third Quarter | % Chg | | Nine-Months | % Chg 2022 |
| 2021 | 2022 | | 2021 | 2021 |
Total Passengers (in thousands) | 7,946 | 10,187 | 28.2 | | 20,430 | 29,125 | 42.6 |
| | | | | | | |
Total Revenues | 3,383,896 | 4,576,444 | 35.2 | | 8,240,446 | 13,007,845 | 57.9 |
Aeronautical Services | 1,688,499 | 2,571,345 | 52.3 | | 4,261,374 | 7,251,624 | 70.2 |
Non-Aeronautical Services | 1,199,391 | 1,606,981 | 34.0 | | 3,003,365 | 4,670,711 | 55.5 |
Construction Revenues | 496,006 | 398,118 | (19.7) | | 975,707 | 1,085,510 | 11.3 |
Total Revenues Excluding Construction Revenues | 2,887,890 | 4,178,326 | 44.7 | | 7,264,739 | 11,922,335 | 64.1 |
| | | | | | | |
Total Commercial Revenues | 1,083,138 | 1,433,430 | 32.3 | | 2,678,281 | 4,165,795 | 55.5 |
Commercial Revenues from Direct Operations | 194,730 | 271,660 | 39.5 | | 480,611 | 817,157 | 70.0 |
Commercial Revenues Excluding Direct Operations | 888,408 | 1,161,770 | 30.8 | | 2,197,670 | 3,348,638 | 52.4 |
| | | | | | | |
Total Commercial Revenues per Passenger | 136.3 | 140.7 | 3.2 | | 131.1 | 143.0 | 9.1 |
Commercial Revenues from Direct Operations per Passenger 1 | 24.5 | 26.7 | 8.8 | | 23.5 | 28.1 | 19.3 |
Commercial Revenues Excluding Direct Operations per Passenger | 111.8 | 114.1 | 2.0 | | 107.6 | 115.0 | 6.9 |
For purposes of this table, approximately 37.2 and 52.6 thousand transit and general aviation passengers are included in 3Q21 and 3Q22 respectively, while 96.5 and 153.5 thousand transit and general aviation passengers are included in 9M21 and 9M22. |
1 Represents the operation of ASUR in its convenience stores in Mexico. | | | | |
Mexico Revenues
Mexico Revenues increased 35.2% YoY to Ps.4,576.4 million and 66.7% when compared to 3Q19.
Excluding construction, revenues increased 44.7% YoY, mainly reflecting increases of 52.3% in revenues from aeronautical services and 34.0% in revenues from non-aeronautical services, resulting principally from the 28.2% increase in passenger traffic. Compared to 3Q19, revenues excluding construction increased 60.2%, reflecting increases of 52.1% in revenues from non-aeronautical services and 65.7% from aeronautical services.
Commercial Revenues increased 32.3% YoY, principally reflecting the 28.2% increase in passenger traffic as shown in Table 12. Commercial Revenues per Passenger for 3Q22 increased to Ps.140.7 from Ps.136.3 in 3Q21 and Ps.114.3 in 3Q19.
ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, banking and currency exchange services, advertising, teleservices, non-permanent ground transportation, food and beverage operations, parking lot fees, and other.
As shown in Table 14, during the last 12 months, ASUR opened eight new commercial spaces, five of which were opened Cancun, 2 at Cozumel and one at Tapachula airport, respectively. More details of these openings can be found on page 21 of this report.
| | | | | |
Table 13: Mexico Commercial Revenue Performance | | | Table 14: Mexico Summary Retail and Other Commercial Space Opened since September 30,2021 |
Bussines Line | YoY Chg | | Type of Commercial Space 1 | # Of Spaces Opened |
3Q22 | 9M22 | |
Duty Free | 37.4% | 67.1% | | Cancun | 5 |
Food and Beverage | 36.3% | 63.0% | | Retail | 2 |
Other Revenues | 36.3% | 59.3% | | Car rental | 2 |
Retail | 35.8% | 61.5% | | Banks and foreign exchange | 1 |
Car parking | 32.5% | 40.8% | | 8 Others airports | 3 |
Ground Transportation | 21.6% | 46.8% | | Retail | 1 |
Car rental | 19.0% | 26.6% | | Banks and foreign exchange | 1 |
Teleservices | 19.0% | (15.3%) | | Car rental | 1 |
Advertising | 12.0% | 15.7% | | Mexico | 8 |
| (21.7%) | (2.5%) | | | |
Total Commercial Revenues | 32.3% | 55.5% | | 1 Only includes new stores opened during the period and excludes remodelings or contract renewals. |
| | | |
Mexico Operating Costs and Expenses
| | | | | | | |
Table 15: Mexico Operating Costs & Expenses | | | | | | | |
| Third Quarter | % Chg | | Nine-Months | % Chg 2022 |
| 2021 | 2022 | | 2021 | 2021 |
Cost of Services | 474,252 | 604,728 | 27.5 | | 1,450,158 | 1,690,765 | 16.6 |
Administrative | 87,099 | 74,040 | (15.0) | | 206,261 | 216,170 | 4.8 |
Technical Assistance | 111,374 | 165,391 | 48.5 | | 264,523 | 474,194 | 79.3 |
Concession Fees | 130,911 | 189,177 | 44.5 | | 327,009 | 536,164 | 64.0 |
Depreciation and Amortization | 204,941 | 235,939 | 15.1 | | 607,605 | 674,235 | 11.0 |
Operating Costs and Expenses Excluding Construction Costs | 1,008,577 | 1,269,275 | 25.8 | | 2,855,556 | 3,591,528 | 25.8 |
Construction Costs | 496,006 | 398,118 | (19.7) | | 975,707 | 1,085,510 | 11.3 |
Total Operating Costs & Expenses | 1,504,583 | 1,667,393 | 10.8 | | 3,831,263 | 4,677,038 | 22.1 |
Total Mexico Operating Costs and Expenses increased 10.8% YoY, or Ps.162.8 million. Excluding construction costs, operating costs and expenses increased 25.8% or Ps.260.7 million, mainly reflecting higher technical assistance, personnel expenses, concession fees, security and maintenance costs, as well as insurance and surety bonds. Higher cost of sales at stores operated by ASUR also contributed to higher costs.
Cost of Services increased 27.5% YoY, mainly reflecting higher security, maintenance, insurance and surety bond expenses together with higher cost of sales at stores operated directly by ASUR.
Administrative Expenses declined 15.0% YoY.
The Technical Assistance fee paid to ITA increased 48.5% YoY reflecting higher EBITDA in Mexico, which is used in the calculation of the fee.
Concession Fees, which include fees paid to the Mexican government, increased 44.5%, principally due to the increase in regulated revenues which is used in the calculation of the concession fee.
Depreciation and Amortization increased 15.1% YoY, reflecting higher investments to date.
Mexico Consolidated Comprehensive Financing Gain (Loss)
| | | | | | | |
Table 16: Mexico Comprehensive Financing Gain (Loss) | | | | | | | |
| Third Quarter | % Chg | | Nine-Months | % Chg 2022 |
| 2021 | 2022 | | 2021 | 2021 |
Interest Income | 44,436 | 65,638 | 47.7 | | 128,906 | 198,264 | 53.8 |
Interest Expense | (71,068) | (124,751) | 75.5 | | (201,671) | (326,325) | 61.8 |
Foreign Exchange Gain (Loss), Net | 98,909 | 4,110 | (95.8) | | 107,513 | (36,278) | n/a |
Total | 72,277 | (55,003) | n/a | | 34,748 | (164,339) | n/a |
ASUR’s Mexico operations reported a Ps.55.0 million Comprehensive Financing Loss in 3Q22, compared to a Ps.72.7 million gain in 3Q21. This was mainly due to a lower foreign exchange gain of Ps.4.1 million in 3Q22 resulting from the 0.5% average quarterly depreciation of the Mexican peso (0.04% appreciation at quarter-end) against the U.S. dollar on a foreign currency net asset position. This compares to a Ps.98.9 million foreign exchange gain in 3Q21, resulting from the 0.6% average depreciation of the Mexican peso during that period (3.3% at quarter-end) against the U.S. dollar on a foreign currency net asset position.
Interest expenses increased 75.5% YoY, or Ps.53.7 million, due to a higher debt balance as a result of the Ps.690 million in lines of credit drawn down in October 2021 for Cancun Airport, while Interest income increased 47.7% YoY or Ps.21.2 million, reflecting a higher cash balance.
Mexico Operating Profit (Loss) and EBITDA
| | | | | | | | |
Table 17: Mexico Profit & EBITDA | | | | | | | |
| Third Quarter | % Chg | | Nine-Months | % Chg 2022 |
| 2021 | 2022 | | 2021 | 2021 |
Total Revenue | 3,383,896 | 4,576,444 | 35.2 | | 8,240,446 | 13,007,845 | 57.9 |
Total Revenues Excluding Construction Revenues | 2,887,890 | 4,178,326 | 44.7 | | 7,264,739 | 11,922,335 | 64.1 |
Operating Profit | 1,879,313 | 2,909,051 | 54.8 | | 4,409,183 | 8,330,807 | 88.9 |
Operating Margin | 55.5% | 63.6% | 803 bps | | 53.5% | 64.0% | 1054 bps |
Adjusted Operating Margin 1 | 65.1% | 69.6% | 455 bps | | 60.7% | 69.9% | 918 bps |
Net Profit 2 | 1,448,344 | 2,160,099 | 49.1 | | 3,350,184 | 6,094,864 | 81.9 |
EBITDA | 2,087,672 | 3,145,211 | 50.7 | | 5,023,653 | 9,005,888 | 79.3 |
EBITDA Margin | 61.7% | 68.7% | 703 bps | | 61.0% | 69.2% | 827 bps |
Adjusted EBITDA Margin 3 | 72.3% | 75.3% | 298 bps | | 69.2% | 75.5% | 639 bps |
|
1 Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is equal to operating profit divided by total revenues less construction services revenues. |
2 This result includes revenues from the participation of Aerostar Ps.222.4 million and 272.2 million in 3Q22 and 3Q21, respectively, for Airplan Ps.212.8 million and Ps.108.7 million in 3Q22 and 3Q21, respectively. |
3 Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues. |
Mexico reported an Operating Gain of Ps.2,909.0 million in 3Q22 and an Operating Margin of 63.6%. This compares to an Operating Gain of Ps.1,879.3 million and an Operating Margin of 55.5% in 3Q21, and 60.7% in 3Q19.
Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets and which is calculated as operating profit divided by total revenues excluding construction services revenues, was 69.6% in 3Q22, compared to 65.1% in 3Q21 and 63.9% in 3Q19.
EBITDA increased 50.7% or Ps.1,057.5 million to Ps.3,145.2 million in 3Q22, from Ps.2,087.7 million in 3Q21 and Ps.1,837.7 million in 3Q19. EBITDA margin in 3Q22 was 68.7% compared to 61.7% in 3Q21 and 66.9% in 3Q19.
Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets, increased to 75.3% in 3Q22, compared to 72.3% in 3Q21, and 70.5% in 3Q19.
Mexico Tariff Regulation
The Mexican Ministry of Communications and Transportation regulates the majority of ASUR’s activities by setting maximum rates, which represent the maximum possible revenues allowed per traffic unit at each airport.
ASUR’s accumulated regulated revenues at its Mexican operations, as of September 30, 2022, totaled Ps.7,560.9 million, with an average tariff per workload unit of Ps.245.24 (December 2021 pesos), accounting for approximately 63.4% of total income in Mexico (excluding construction income) for the period.
The Mexican Ministry of Communications and Transportation reviews compliance with maximum rate regulations at the close of each year.
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Mexico Capital Expenditures
During 3Q22 ASUR invested Ps.482.8 million in connection with its plan to modernize its Mexican airports under its master development plans, compared to an investment of Ps.551.2 million in 3Q21. On an accumulated basis, ASUR invested Ps.1,069.2 million in the first nine months of 2022 compared to Ps.1,282.1 million during the same period in 2021.
Review of Puerto Rico Operations
The following discussion compares Aerostar’s independent results for the three- and nine-month periods ended September 30, 2021 and 2022.
As of September 30, 2022, the valuation of ASUR’s investment in Aerostar in accordance with IFRS 3 "Business Combinations," had the following effects on its balance sheet: (i) the recognition of a net intangible asset of Ps.5,573.0 million, (ii) goodwill of Ps.959.9 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.557.3 million, and (iv) a minority interest of Ps.5,236.6 million in stockholders' equity.
| | | | | | | | | | | | | |
Table 18: Puerto Rico Revenues & Commercial Revenues Per Passenger | | |
In thousands of Mexican pesos | | | | | |
| Third Quarter | % Chg | | Nine-Months | % Chg |
| 2021 | 2022 | | 2021 | 2021 | 2022 |
Total Passengers (in thousands) | 2,739 | 2,541 | (7.2) | | 7,175 | 7,715 | 7.5 |
| | | | | | | |
Total Revenues | 999,885 | 1,001,545 | 0.2 | | 2,675,932 | 3,015,339 | 12.7 |
Aeronautical Services | 516,045 | 531,194 | 2.9 | | 1,499,690 | 1,588,325 | 5.9 |
Non-Aeronautical Services | 419,899 | 412,748 | (1.7) | | 1,035,794 | 1,215,884 | 17.4 |
Construction Revenues | 63,941 | 57,603 | (9.9) | | 140,448 | 211,130 | 50.3 |
Total Revenues Excluding Construction Revenues | 935,944 | 943,942 | 0.9 | | 2,535,484 | 2,804,209 | 10.6 |
| | | | | | | |
Total Commercial Revenues | 417,176 | 409,935 | (1.7) | | 1,028,614 | 1,207,414 | 17.4 |
Commercial Revenues from Direct Operations | 92,533 | 88,725 | (4.1) | | 238,898 | 263,352 | 10.2 |
Commercial Revenues Excluding Direct Operations | 324,643 | 321,210 | (1.1) | | 789,716 | 944,062 | 19.5 |
| | | | | | | |
Total Commercial Revenues per Passenger | 152.3 | 161.3 | 5.9 | | 143.4 | 156.5 | 9.2 |
Commercial Revenues from Direct Operations per Passenger 1 | 33.8 | 34.9 | 3.4 | | 33.3 | 34.1 | 2.6 |
Commercial Revenues Excluding Direct Operations per Passenger | 118.5 | 126.4 | 6.7 | | 110.1 | 122.4 | 11.2 |
Figures calculated in pesos at the average exchange rate of Ps.20.2334 = USD1.00 | | | | | |
1 Represents ASUR convenience store operations directly operated by ASUR | | | | | |
Puerto Rico Revenues
Total Puerto Rico Revenues remained practically unchanged YoY at Ps.1,001.5 million in 3Q22.
Excluding construction services, revenues increased by 0.9%, mainly due to the following YoY variations:
| • | A 2.9% increase in revenues from aeronautical services; and |
| • | A 1.7% decline in revenues from non-aeronautical services, which also reflects the 7.2% contraction in passenger traffic. |
Commercial Revenues per Passenger were Ps.161.3 in 3Q22, compared to Ps.152.3 in 3Q21 and Ps.124.2 in 3Q19.
Seven commercial spaces were opened at LMM Airport over the last 12 months, as shown in Table 20. More details can be found on page 21 of this report.
| | | | | |
Table 19: Puerto Rico Commercial Revenue Performance | | Table 20: Puerto Rico Summary Retail and Other Commercial Space Opened since September 30, 2021 |
Bussines Line | YoY Chg | | Type of Commercial Space 1 | # of Spaces Opened |
3Q22 | 9M22 | |
Food and beverage | 24.6% | 45.5% | | Retail | 1 |
Car parking | 13.0% | 34.8% | | Food and beverage | 4 |
Banks and foreign exchange | 11.9% | 17.5% | | Other revenues | 2 |
Ground Transportation | (0.8%) | 30.6% | | Total Commercial space | 7 |
Retail | (5.8%) | 9.9% | | | |
Car rentals | (6.8%) | 14.8% | | | |
Other revenues | (10.1%) | 29.0% | | | |
Duty Free | (12.6%) | (1.4%) | | 1 Only includes new stores opened during the period and excludes remodelings or contract renewals. |
Advertising | (21.3%) | (13.8%) | |
Total Commercial Revenues | (1.7%) | 17.4% | | | |
Puerto Rico Operating Costs and Expenses
| | | | | | | | | | | | | |
Table 21: Puerto Rico Operating Costs & Expenses |
In thousands of Mexican pesos | | | | | | |
| Third Quarter | % Chg | | Nine-Months | % Chg |
| 2021 | 2022 | | 2021 | 2021 | 2022 |
Cost of Services | 174,827 | 256,331 | 46.6 | | 604,484 | 619,543 | 2.5 |
Concession Fees | 43,772 | 45,585 | 4.1 | | 121,301 | 135,343 | 11.6 |
Depreciation and Amortization | 186,635 | 182,000 | (2.5) | | 553,971 | 551,105 | (0.5) |
Operating Costs and Expenses Excluding Construction Costs | 405,234 | 483,916 | 19.4 | | 1,279,756 | 1,305,991 | 2.1 |
Construction Costs | 63,941 | 57,603 | (9.9) | | 140,448 | 211,130 | 50.3 |
Total Operating Costs & Expenses | 469,175 | 541,519 | 15.4 | | 1,420,204 | 1,517,121 | 6.8 |
Figures in pesos at an average exchange rate of Ps.20.2334 = USD1.00 |
Total Operating Costs and Expenses at LMM Airport increased 15.4% YoY to Ps.541.5 million in 3Q22. Construction costs in the quarter declined by 9.9% to Ps.57.6 million from Ps.63.9 million in 3Q21.
Excluding construction costs, operating costs and expenses increased 19.4% YoY or Ps.78.7 million to Ps.483.9 million, principally due to increases in energy, concession fees, maintenance, personnel, professional fees, security, insurance and surety bonds. These higher costs were partially offset by a net benefit of Ps.10.3 million from the Ps.175.7 million expense recovery under the under the American Rescue Plan Act in 3Q22, compared with the Ps.165.4 million recovery received under the CARES Act in 3Q21.
Cost of Services increased 46.6% YoY or Ps.81.5 million, principally reflecting higher energy, maintenance, personnel, professional fees, security, and insurance and surety bond expenses. This was partially offset by the Ps.175.7 million expense reimbursement in Puerto Rico under the American Rescue Plan Act in 3Q22 compared with Ps.165.4 million reimbursed through the CARES Act in 3Q21.
Concession Fees paid to the Puerto Rican government increased 4.1% YoY, or Ps.1.4 million in 3Q22, reflecting higher passenger traffic in line with the concession agreement.
Depreciation and Amortization declined 2.5% YoY, or Ps.4.6 million, principally reflecting the FX translation impact as the quarter-end and average Mexican peso exchange rate fluctuated to Ps.20.0925 and Ps.20.2334 per U.S. dollar in 3Q22, from Ps.20.5623 and Ps.20.0178 per U.S. dollar in 3Q21.
Puerto Rico Comprehensive Financing Gain (Loss)
| | | | | | | | | | | | | |
Table 22: Puerto Rico Comprehensive Financing Gain (Loss) | | | | | | |
In thousands of Mexican pesos | | | | | | |
| Third Quarter | % Chg | | Nine-Months | % Chg |
| 2021 | 2022 | | 2021 | 2021 | 2022 |
Interest Income | 792 | 27,609 | 3,386.0 | | 1,419 | 33,037 | 2,228.2 |
Interest Expense | (113,027) | (148,892) | 31.7 | | (341,505) | (370,555) | 8.5 |
Total | (112,235) | (121,283) | 8.1 | | (340,086) | (337,518) | (0.8) |
Figures in pesos at an average exchange rate of Ps.20.2334 = USD1.00 | | | | | |
During 3Q22, Puerto Rico reported an Ps.121.3 million Comprehensive Financing Loss, compared to a Ps.112.2 million loss in 3Q21, principally due to interest accrued from the US$200 million bond issuance in July 2022.
On March 22, 2013, Aerostar carried out a private bond placement for a total of US$350.0 million to finance a portion of the Concession Agreement payment to the Puerto Rico Ports Authority and certain other costs and expenditures associated with it.
On June 24, 2015, Aerostar carried out a private bond placement for a total of US$50.0 million.
In December 2020, Aerostar entered into a three-year revolving line of credit with Banco Popular de Puerto Rico for the amount of US$20.0 million. Funds have not yet been withdrawn.
In July 2022 Aerostar in Puerto Rico issued US$200 million principal amount of 4.92% senior secured notes due March 22, 2035. In May 2022, Aerostar renegotiated the terms of its $50 million principal amount of 6.75% senior secured notes to mature in 2035. All long-term debt is collateralized by Aerostar’s assets.
Puerto Rico Operating Profit and EBITDA
| | | | | | | | | | | | | |
Table 23: Puerto Rico Profit & EBITDA | | | | | | |
In thousands of Mexican pesos | | | | | | |
| Third Quarter | % Chg | | Nine-Months | % Chg 2022 |
| 2021 | 2022 | | 2021 | 2021 |
Total Revenue | 999,885 | 1,001,545 | 0.2 | | 2,675,932 | 3,015,339 | 12.7 |
Total Revenues Excluding Construction Revenues | 935,944 | 943,942 | 0.9 | | 2,535,484 | 2,804,209 | 10.6 |
Other Revenues | | 301 | n/a | | | 45,848 | n/a |
Operating Profit | 530,710 | 460,327 | (13.3) | | 1,255,728 | 1,544,066 | 23.0 |
Operating Margin | 53.1% | 46.0% | (712 bps) | | 46.9% | 51.2% | 428 bps |
Adjusted Operating Margin1 | 56.7% | 48.8% | (794 bps) | | 49.5% | 55.1% | 554 bps |
Net Income | 408,753 | 329,679 | (19.3) | | 886,802 | 1,177,114 | 32.7 |
EBITDA | 551,919 | 466,602 | (15.5) | | 1,457,368 | 1,547,895 | 6.2 |
EBITDA Margin | 55.2% | 46.6% | (861 bps) | | 54.5% | 51.3% | (313 bps) |
Adjusted EBITDA Margin2 | 59.0% | 49.4% | (954 bps) | | 57.5% | 55.2% | (228 bps) |
Figures in pesos at an average exchange rate of Ps.20.2334 = USD1.00 |
1 Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is equal to operating profit divided by total revenues less construction services revenues. |
2 Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues. |
Operating Profit at Puerto Rico declined 13.3% to Ps.460.3 million resulting in an Operating Margin of 46.0%, from an operating profit of Ps.530.7 million and an Operating Margin of 53.1% in 3Q21, mainly resulting from a decline in passenger traffic and lower cost dilution. This represents an improvement from the Operating Profit of Ps.197.3 million and an Operating Margin of 24.4% reported in 3Q19.
EBITDA declined 15.5% to Ps.466.6 million in 3Q22 from Ps.551.9 million in 3Q21 but improved from Ps.367.9 million in 3Q19. EBITDA Margin, in turn, declined to 46.6% in 3Q22 from 55.2% in 3Q21, but represents an increase compared to the 45.5% margin reported in 3Q19. The Adjusted EBITDA Margin (which excludes IFRIC 12) decreased to 49.4% in 3Q22, from 59.0% in 3Q21, and improved from 48.7% in 3Q19.
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Puerto Rico Capital Expenditures
During 3Q22, Aerostar invested Ps.64.0 million in capital expenditures, compared to investments of Ps.45.8 million in 3Q21. On an accumulated basis, Aerostar invested a total of Ps.228.6 million in the first nine months of 2022 compared to Ps.132.6 million during the same period in the previous year.
Puerto Rico Tariff Regulation
The Airport Use Agreement signed by Aerostar, the airlines serving LMM Airport, and the Puerto Rico Ports Authority govern the relationship between Aerostar and the principal airlines serving LMM Airport. The agreement entitles Aerostar to an annual contribution from the airlines of US$62.0 million during the first five years of the term. From year six onwards, the total annual contribution for the prior year increases in accordance with an adjusted consumer price index factor based on the U.S. non-core consumer price index. The annual fee is divided between the airlines
that operate at LMM Airport in accordance with the regulations and structure defined under the Airport Use Agreement to establish the contribution of each airline for each particular year.
Review of Colombia Operations
The following discussion compares Airplan's independent results for the three-and nine-month periods ended September 30, 2021 and 2022.
The valuation of ASUR’s investment in Airplan, in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on the balance sheet as of September 30, 2022: (i) the recognition of a net intangible asset of Ps.1,053.0 million, (ii) goodwill of Ps.1,576.2 million, (iii) deferred taxes of Ps.281.1 million, and (iv) a Ps.249.9 million recognition of bank loans at fair value.
| | | | | | | |
Table 24: Colombia Revenues & Commercial Revenues Per Passenger | | | | |
In thousands of Mexican pesos | | | | | | | |
| Third Quarter | % Chg | | Nine-Months | % Chg 2022 |
| 2021 | 2022 | | 2021 | 2021 |
Total Passenger | 3,140 | 4,553 | 45.0 | | 7,121 | 12,466 | 75.1 |
| | | | | | | |
Total Revenues | 482,325 | 716,815 | 48.6 | | 1,078,719 | 2,017,134 | 87.0 |
Aeronautical Services | 354,211 | 545,687 | 54.1 | | 767,026 | 1,524,083 | 98.7 |
Non-Aeronautical Services | 126,237 | 169,683 | 34.4 | | 307,442 | 489,701 | 59.3 |
Construction Revenues 1 | 1,877 | 1,445 | (23.0) | | 4,251 | 3,350 | (21.2) |
Total Revenues Excluding Construction Revenues | 480,448 | 715,370 | 48.9 | | 1,074,468 | 2,013,784 | 87.4 |
Total Commercial Revenues | 125,744 | 169,610 | 34.9 | | 305,633 | 489,266 | 60.1 |
Total Commercial Revenues per Passenger | 40.0 | 37.3 | (6.8) | | 42.9 | 39.2 | (8.6) |
Figures in pesos at an average exchange rate of COL.216.3528 = Ps.1.00 Mexican pesos. |
For the purposes of this table, approximately 96.4 and 183.3 thousand transit and general aviation passengers are included in 3Q21 and 3Q22, while 200.5 and 417.5 thousand transit and general aviation passengers are included in 9M21 and 9M22. |
Colombia Revenues
Total Colombia Revenues increased 48.6% YoY to Ps.716.8 million and 29.8% compared to 3Q19. Excluding construction services, revenues rose 48.9% YoY. This mainly reflects increases of 54.1% in revenues from aeronautical services and 34.4% from non-aeronautical services, mainly impacted by the 34.9% increase in commercial revenues.
Commercial Revenues per Passenger was Ps.37.3 compared to Ps.40.0 in 3Q21 and Ps.42.2 in 3Q19.
As shown in Table 26, during the last twelve months, 57 new commercial spaces were opened in Colombia. More details of these openings can be found on page 21 of this report.
| | | | | |
Table 25: Colombia Commercial Revenue Performance | | | | Table 26: Colombia Summary Retail and Other Commercial Space Opened since September 30, 2021 |
Bussines Line | YoY Chg | | Type of Commercial Space 1 | # of Spaces Opened |
3Q22 | 9M22 | |
Ground Transportation | 589.4% | 661.9% | | Retail | 12 |
Car rental | 299.0% | 367.8% | | Banks and foreign exchange | 3 |
Retail | 91.5% | 112.2% | | Food and beverage | 7 |
Duty free | 73.5% | 126.4% | | Other revenues | 34 |
Food and beverage | 68.8% | 85.9% | | Car rental | 1 |
Banks and foreign exchange | 67.7% | 70.3% | | Total Commercial Spaces | 57 |
Car parking | 53.3% | 88.3% | | | |
Advertising | 47.1% | 84.2% | | | |
Other revenues | 6.2% | 32.8% | | 1 Only includes new stores opened during the period and excludes remodelings or contract renewals. |
Teleservices | (14.3%) | (4.0%) | |
Total Commercial Revenues | 34.9% | 60.1% | | | |
Colombia Costs & Expenses
| | | | | | | | | | | | | |
Table 27: Colombia Costs & Expenses | | | | | | |
In thousands of Mexican pesos | | | | | | |
| Third Quarter | % Chg | | Nine-Months | % Chg 2022 |
| 2021 | 2022 | | 2021 | 2021 |
Cost of Services | 116,146 | 148,694 | 28.0 | | 327,937 | 402,503 | 22.7 |
Technical Assistance | | | | | 2,843 | | n/a |
Concession Fees | 90,877 | 135,041 | 48.6 | | 203,771 | 381,135 | 87.0 |
Depreciation and Amortization | 112,628 | 104,887 | (6.9) | | 336,600 | 301,650 | (10.4) |
Operating Costs and Expenses Excluding Construction Costs | 319,651 | 388,622 | 21.6 | | 871,151 | 1,085,288 | 24.6 |
Construction Costs | 1,877 | 1,445 | (23.0) | | 4,251 | 3,350 | (21.2) |
Total Operating Costs & Expenses | 321,528 | 390,067 | 21.3 | | 875,402 | 1,088,638 | 24.4 |
Figures in pesos at an average exchange rate of COL. 216.3528 = Ps.1.00 Mexican pesos. |
Total Operating Costs and Expenses in Colombia increased 21.3% YoY to Ps.390.1 million. Excluding construction costs, operating costs and expenses increased 21.6% YoY to Ps.388.6 million.
Cost of Services increased 28.0% YoY, or Ps.32.5 million. This was mainly due to increases in energy costs, maintenance provisions, personnel expenses, as well as increases in taxes and duties and security costs.
Construction Costs decreased 23.0% YoY, or Ps.0.4 million due to lower complementary works to concessioned assets compared 3Q21.
Concession Fees, which include fees paid to the Colombian government, increased 48.6% YoY, mainly reflecting the increase in regulated and non-regulated revenues during the period.
Depreciation and Amortization decreased 6.9%, principally reflecting the FX translation impact from the depreciation of the Colombian peso against the Mexican peso, as per IFRS 3.
Colombia Comprehensive Financing Gain (Loss)
| | | | | | | | | | | | | |
Table 28: Colombia, Comprehensive Financing Gain (Loss) | | | | | | |
In thousands of Mexican pesos | | | | | | |
| Third Quarter | % Chg | | Nine-Months | % Chg 2022 |
| 2021 | 2022 | | 2021 | 2021 |
Interest Income | 2,891 | 15,399 | 432.7 | | 6,077 | 31,842 | 424.0 |
Interest Expense | (19,839) | (23,741) | 19.7 | | (76,315) | 152,567 | n/a |
Foreign Exchange Gain (Loss), Net | (43) | (559) | 1,200.0 | | (33) | (1,047) | 3,072.7 |
Total | (16,991) | (8,901) | (47.6) | | (70,271) | 183,362 | n/a |
|
Figures in pesos at an average exchange rate of COL.216.3528 = Ps.1.00 Mexican pesos. |
During 3Q22, Airplan reported an Ps.8.9 million Comprehensive Financing Loss, compared to a Ps.17.0 million loss in 3Q21. This resulted mainly from the Ps.16.0 million amortization of the BBVA loan entered into concurrently with the acquisition of the company.
On June 1, 2015, Airplan entered into 12-Year Syndicated Loan Facility with eight banks. The net balance amounted to Ps.1.016.0 million as of September 30, 2022.
Colombia Operating Profit (Loss) and EBITDA
| | | | | | | | |
Table 29: Colombia Profit & EBITDA | | | | | | | |
In thousands of Mexican pesos | | | | | | | |
| Third Quarter | % Chg | | Nine-Months | % Chg 2022 |
| 2021 | 2022 | | 2021 | 2021 |
Total Revenue | 482,325 | 716,815 | 48.6 | | 1,078,719 | 2,017,134 | 87.0 |
Total Revenues Excluding Construction Revenues | 480,448 | 715,370 | 48.9 | | 1,074,468 | 2,013,784 | 87.4 |
Operating Profit | 160,797 | 326,748 | 103.2 | | 203,317 | 928,496 | 356.7 |
Operating Margin | 33.3% | 45.6% | 1225 bps | | 18.8% | 46.0% | 2718 bps |
Adjusted Operating Margin1 | 33.5% | 45.7% | 1221 bps | | 18.9% | 46.1% | 2718 bps |
Net Profit | 100,354 | 188,597 | 87.9 | | 88,359 | 624,195 | 606.4 |
EBITDA | 273,422 | 455,202 | 66.5 | | 539,916 | 1,230,146 | 127.8 |
EBITDA Margin | 56.7% | 63.5% | 682 bps | | 50.1% | 61.0% | 1093 bps |
Adjusted EBITDA Margin2 | 56.9% | 63.6% | 672 bps | | 50.2% | 61.1% | 1084 bps |
Figures in pesos at an average exchange rate of COL. 216.3528 = Ps.1.00 Mexican pesos. | |
1 Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is equal to operating profit divided by total revenues less construction services revenues. | |
2 Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues. | |
ASUR’s operations in Colombia reported an Operating Profit of Ps.326.7 million in 3Q22, compared to Ps.160.8 million in 3Q21. Operating Margin was 45.6% in 3Q22, compared to 33.3% in 3Q21 and 29.7% in 3Q19. The Adjusted Operating Margin, which excludes the impact of IFRIC 12 with respect to construction of or improvements to concessioned assets increased to 45.7% in 3Q22, from 33.5% in 3Q21 and 32.4% in 3Q19.
EBITDA in 3Q22 was Ps.455.2 million resulting in an EBITDA Margin of 63.5%, compared to an EBITDA of Ps.273.4 million in 3Q21 and of Ps.270.0 million in 3Q19. EBITDA Margin was 56.7% in 3Q21 and 48.9% in 3Q19.
The Adjusted EBITDA Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements to concessioned assets was 63.6% in 3Q22 compared to 56.9% in 3Q21, mainly due to the 48.9% increase in revenues. Adjusted EBITDA Margin for 3Q22 also exceeded the 53.4% reported in 3Q19 mainly reflecting the 41.5% increase in revenues during the period.
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Colombia Capital Expenditures
During 3Q22 Airplan made capital investments of Ps.1.4 million compared to Ps.4.2 million in 3Q21. On an accumulated basis, Airplan invested Ps.3.1 million during 9M22 compared to Ps.3.7 million in 9M21.
Colombia Tariff Regulation
Functions of the Special Administrative Unit of Civil Aeronautics include establishing and collecting fees, tariffs, and rights for the provision of aeronautical and airport services or those that are generated by the concessions, authorizations, licenses, or any other type of income or property. As a result, Resolution 04530, issued on September 21, 2007, establishes tariffs for the rights and the rates conceded to the concessionaire of the following airports: José María Córdova of Rionegro, Enrique Olaya Herrera of Medellín, Los Garzones of Montería, El Caraño of Quibdó, Antonio Roldán Betancourt of Carepa, and Las Brujas of Corozal. This resolution also established the methodology to update and the mechanisms to collect such fees, tariffs, and rights.
Airplan's regulated revenues amounted to Ps.545.7 million in 3Q22.
Definitions
Concession Services Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico, ASUR is required by IFRIC 12 to include in its income statement an income line, “Construction Revenues,” reflecting the revenue from construction or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. Because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin. In Colombia, “Construction Revenues” include the
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 | |
| | Third Quarter | | % Chg | | | Nine - Months | | % Chg | |
| | 2021 | | 2022 | | | | | 2021 | | 2022 | | | |
Domestic Traffic | | 4,053,553 | | | 5,104,858 | | | 25.9 | | | | 10,676,596 | | | 13,369,220 | | | 25.2 | |
CUN | Cancun | | 2,484,684 | | | 3,035,878 | | | 22.2 | | | | 6,542,411 | | | 7,676,725 | | | 17.3 | |
CZM | Cozumel | | 64,859 | | | 56,687 | | | (12.6 | ) | | | 121,384 | | | 131,438 | | | 8.3 | |
HUX | Huatulco | | 172,837 | | | 228,295 | | | 32.1 | | | | 445,092 | | | 652,082 | | | 46.5 | |
MID | Merida | | 482,652 | | | 728,051 | | | 50.8 | | | | 1,274,441 | | | 1,945,353 | | | 52.6 | |
MTT | Minatitlan | | 22,909 | | | 28,547 | | | 24.6 | | | | 68,420 | | | 74,228 | | | 8.5 | |
OAX | Oaxaca | | 208,733 | | | 282,758 | | | 35.5 | | | | 545,025 | | | 773,972 | | | 42.0 | |
TAP | Tapachula | | 104,854 | | | 119,589 | | | 14.1 | | | | 289,256 | | | 354,214 | | | 22.5 | |
VER | Veracruz | | 257,614 | | | 322,964 | | | 25.4 | | | | 722,171 | | | 902,477 | | | 25.0 | |
VSA | Villahermosa | | 254,411 | | | 302,089 | | | 18.7 | | | | 668,396 | | | 858,731 | | | 28.5 | |
International Traffic | | 3,855,602 | | | 5,029,177 | | | 30.4 | | | | 9,656,567 | | | 15,602,696 | | | 61.6 | |
CUN | Cancun | | 3,611,967 | | | 4,747,698 | | | 31.4 | | | | 9,062,268 | | | 14,721,839 | | | 62.5 | |
CZM | Cozumel | | 89,087 | | | 114,275 | | | 28.3 | | | | 259,158 | | | 370,567 | | | 43.0 | |
HUX | Huatulco | | 7,309 | | | 6,467 | | | (11.5 | ) | | | 18,973 | | | 65,099 | | | 243.1 | |
MID | Mérida | | 59,164 | | | 67,838 | | | 14.7 | | �� | | 136,932 | | | 192,759 | | | 40.8 | |
MTT | Minatitlan | | 1,954 | | | 4,061 | | | 107.8 | | | | 4,481 | | | 9,541 | | | 112.9 | |
OAX | Oaxaca | | 38,971 | | | 50,727 | | | 30.2 | | | | 82,862 | | | 141,204 | | | 70.4 | |
TAP | Tapachula | | 6,501 | | | 4,313 | | | (33.7 | ) | | | 10,118 | | | 10,784 | | | 6.6 | |
VER | Veracruz | | 28,729 | | | 26,641 | | | (7.3 | ) | | | 59,178 | | | 70,317 | | | 18.8 | |
VSA | Villahermosa | | 11,920 | | | 7,157 | | | (40.0 | ) | | | 22,597 | | | 20,586 | | | (8.9 | ) |
Total Traffic México | | 7,909,155 | | | 10,134,035 | | | 28.1 | | | | 20,333,163 | | | 28,971,916 | | | 42.5 | |
CUN | Cancun | | 6,096,651 | | | 7,783,576 | | | 27.7 | | | | 15,604,679 | | | 22,398,564 | | | 43.5 | |
CZM | Cozumel | | 153,946 | | | 170,962 | | | 11.1 | | | | 380,542 | | | 502,005 | | | 31.9 | |
HUX | Huatulco | | 180,146 | | | 234,762 | | | 30.3 | | | | 464,065 | | | 717,181 | | | 54.5 | |
MID | Merida | | 541,816 | | | 795,889 | | | 46.9 | | | | 1,411,373 | | | 2,138,112 | | | 51.5 | |
MTT | Minatitlan | | 24,863 | | | 32,608 | | | 31.2 | | | | 72,901 | | | 83,769 | | | 14.9 | |
OAX | Oaxaca | | 247,704 | | | 333,485 | | | 34.6 | | | | 627,887 | | | 915,176 | | | 45.8 | |
TAP | Tapachula | | 111,355 | | | 123,902 | | | 11.3 | | | | 299,374 | | | 364,998 | | | 21.9 | |
VER | Veracruz | | 286,343 | | | 349,605 | | | 22.1 | | | | 781,349 | | | 972,794 | | | 24.5 | |
VSA | Villahermosa | | 266,331 | | | 309,246 | | | 16.1 | | | | 690,993 | | | 879,317 | | | 27.3 | |
| | | | | | | | | | | | | | | | | | | | |
US Passenger Traffic, San Juan Airport (LMM) | |
| | Third Quarter | | % Chg | | | Nine - Months | | % Chg | |
| | 2021 | | 2022 | | | | | 2021 | | 2022 | | | |
SJU Total 1 | | 2,739,163 | | | 2,540,779 | | | (7.2 | ) | | | 7,175,392 | | | 7,714,993 | | | 7.5 | |
Domestic Traffic | | | 2,552,192 | | | 2,286,307 | | | (10.4 | ) | | | 6,811,926 | | | 7,041,345 | | | 3.4 | |
International Traffic | | | 186,971 | | | 254,472 | | | 36.1 | | | | 363,466 | | | 673,648 | | | 85.3 | |
| | | | | | | | | | | | | | | | | | | | |
Colombia, Passenger Traffic Airplan | |
| | Third Quarter | | % Chg | | | Nine - Months | | % Chg | |
| | 2021 | | 2022 | | | | | 2021 | | 2022 | | | |
Domestic Traffic | | 2,582,234 | | | 3,589,559 | | | 39.0 | | | | 5,911,758 | | | 10,056,838 | | | 70.1 | |
MDE | Medellín (Rio Negro) | | 1,850,236 | | | 2,663,250 | | | 43.9 | | | | 4,093,875 | | | 7,450,389 | | | 82.0 | |
EOH | Medellín | | 284,890 | | | 339,689 | | | 19.2 | | | | 692,976 | | | 928,022 | | | 33.9 | |
MTR | Montería | | 295,624 | | | 405,996 | | | 37.3 | | | | 732,750 | | | 1,156,661 | | | 57.9 | |
APO | Carepa | | 60,669 | | | 68,580 | | | 13.0 | | | | 153,181 | | | 272,244 | | | 77.7 | |
UIB | Quibdó | | 81,460 | | | 99,884 | | | 22.6 | | | | 211,016 | | | 199,627 | | | (5.4 | ) |
CZU | Corozal | | 9,355 | | | 12,160 | | | 30.0 | | | | 27,960 | | | 49,895 | | | 78.5 | |
International Traffic | | 461,508 | | | 779,776 | | | 69.0 | | | | 1,008,616 | | | 1,991,429 | | | 97.4 | |
MDE | Medellín (Rio Negro) | | 461,508 | | | 779,776 | | | 69.0 | | | | 1,008,616 | | | 1,991,429 | | | 97.4 | |
EOH | Medellín | | - | | | - | | | - | | | | - | | | - | | | - | |
MTR | Montería | | - | | | - | | | - | | | | - | | | - | | | - | |
APO | Carepa | | - | | | - | | | - | | | | - | | | - | | | - | |
UIB | Quibdó | | - | | | - | | | - | | | | - | | | - | | | - | |
CZU | Corozal | | - | | | - | | | - | | | | - | | | - | | | - | |
Total Traffic Colombia | | 3,043,742 | | | 4,369,335 | | | 43.6 | | | | 6,920,374 | | | 12,048,267 | | | 74.1 | |
MDE | Medellín (Rio Negro) | | 2,311,744 | | | 3,443,026 | | | 48.9 | | | | 5,102,491 | | | 9,441,818 | | | 85.0 | |
EOH | Medellín | | 284,890 | | | 339,689 | | | 19.2 | | | | 692,976 | | | 928,022 | | | 33.9 | |
MTR | Montería | | 295,624 | | | 405,996 | | | 37.3 | | | | 732,750 | | | 1,156,661 | | | 57.9 | |
APO | Carepa | | 60,669 | | | 68,580 | | | 13.0 | | | | 153,181 | | | 272,244 | | | 77.7 | |
UIB | Quibdó | | 81,460 | | | 99,884 | | | 22.6 | | | | 211,016 | | | 199,627 | | | (5.4 | ) |
CZU | Corozal | | 9,355 | | | 12,160 | | | 30.0 | | | | 27,960 | | | 49,895 | | | 78.5 | |
1 Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, while Puerto Rico includes transit passengers and general aviation.
Grupo Aeroportuario del Sureste, S.A.B. de C.V. |
Commercial Spaces |
| | |
ASUR Retail and Other Commercial Space Opened since September 30, 20211 |
Business Name | Type | Opening Date |
MEXICO |
Cancun |
Red Importadora, SA de CV (Gowin) | Retail | September 2021 |
Cancún Airport Services (minimarket) | Retail | July 2022 |
Mtrans MX FOX | Car Rental | August 2022 |
Comercial Ariete (Carflex) | Car Rental | August 2022 |
HSBC, SA. ATM | Banks and Foreign Exchange | September 2022 |
Cozumel |
Morena Mia Beauty Group | Retail | September 2021 |
Tapachula |
Global Lounge OP Mex, SA de CV | Other Revenues | June 2022 |
HSBC, SA. ATM | Banks and Foreign Exchange | July 2022 |
SAN JUAN, PUERTO RICO | | |
Fresh @ the Gate (Management Group Investors, LLC) | Food and Beverage | January 2022 |
The Flight Park (G&G, LLC) | Food and Beverage | January 2022 |
Strong Med Vital Care (MRPV, LLC) | Other Revenues | February 2022 |
Power Packs 2 Go (PR Kiosk Solutions, LLC) | Other Revenues | February 2022 |
Corner Bistro (Management Group Investors, LLC) | Food and Beverage | March 2022 |
Beya (PS Imports, INC.) | Retail | March 2022 |
El Mesón Sandwiches (Management Group Investors, LLC) | Food and Beverage | June 2022 |
COLOMBIA | | |
Rionegro | | |
First Class Experiencias Cartagena S.A.S. | Other Revenues | October 2021 |
Globoshops S.A.S | Retail | October 2021 |
Fast Colombia S.A.S. | Other Revenues | November 2021 |
Organización Terpel S.A. | Other Revenues | November 2021 |
Ultra Air. S.A.S | Other Revenues | November 2021 |
Caribbean Support and Flight Services S.A.S. | Other Revenues | December 2021 |
Ez Air Sucursal Colombia | Other Revenues | December 2021 |
Globoshops S.A.S | Retail | December 2021 |
Jetsmart Airlines SPA Sucursal Colombia | Other Revenues | December 2021 |
Ultra Air. S.A.S | Other Revenues | December 2021 |
Apollo Freight Services Colombia SAS | Other Revenues | January 2022 |
Jetair Caribbean B.V. Sucursal | Other Revenues | January 2022 |
Magnum Logistics S.A.S. | Other Revenues | January 2022 |
Café de Santa Barbara S.A.S. | Food and Beverage | February 2022 |
Aires Aerovias Integracón Regional S.A | Other Revenues | March 2022 |
Globo Cambio Foreign Exchange S.A.S. | Banks and Foreign Exchange | March 2022 |
Toolbox Services MRO SAS | Other Revenues | March 2022 |
Aerosan S.A.S. | Other Revenues | April 2022 |
Menzies Aviation Colombia S.A.S | Other Revenues | April 2022 |
Banco Bilvao Viscalla Argentaria Colombia S.A | Banks and Foreign Exchange | April 2022 |
Viva Aerobus | Other Revenues | April 2022 |
Donuts de Antioquia S.A.S. | Food and Beverage | April 2022 |
Cambios Inter 1a SAS | Banks and Foreign Exchange | May 2022 |
Estrella Andina S.A.S. | Food and Beverage | June 2022 |
Estrella Andina S.A.S. | Food and Beverage | June 2022 |
Aerorepublica S.A. | Other Revenues | June 2022 |
Renting Colombia S.A.S | Car Rental | September 2022 |
Autosnack S.A.S. | Retail | September 2022 |
Olaya herrera | | |
Moon Flights S.A.S | Other Revenues | October 2021 |
Grupo San German Express S.A.S | Other Revenues | November 2021 |
Cueros Velez S.A.S | Retail | November 2021 |
Central Aeroespace S.A.S | Other Revenues | December 2021 |
Distribuidora Pasteur S.A | Retail | December 2021 |
Grupo San German Express S.A.S | Other Revenues | January 2022 |
Fondo de Valoración del Municipio de Medellín | Other Revenues | January 2022 |
Servicio Aéreo a Territorios Nacionales S.A | Other Revenues | January 2022 |
Good-Fly Co S.A.S | Other Revenues | February 2022 |
Hagar 29 S.A.S. | Other Revenues | February 2022 |
Aeropaca S.A.S. | Other Revenues | March 2022 |
Moon Flight Services S.A.S | Other Revenues | April 2022 |
Pacifica de Aviación S.A.S. | Other Revenues | May 2022 |
Fondo de Valoración del Municipio de Medellín | Other Revenues | June 2022 |
PC Mejia S.A. | Other Revenues | June 2022 |
Autosnack S.A.S. | Retail | September 2022 |
Montería | | |
Distribuidora Pasteur S.A | Retail | February 2022 |
Hagar 29 S.A.S. | Other Revenues | May 2022 |
Quibdo | | |
Grupo San German Express S.A.S | Other Revenues | November 2021 |
Distribuidora Pasteur S.A | Retail | December 2021 |
Inversisa S.A.S. | Food and Beverage | November 2021 |
Moon Flights S.A.S | Other Revenues | June 2022 |
Carepa | | |
Distribuidora Pasteur S.A | Retail | December 2021 |
Centro de Servicios |
Cueros Velez S.A.S | Retail | November 2021 |
Inversisa S.A.S. | Food and Beverage | November 2021 |
STF Group S.A. | Retail | December 2021 |
Franquicias Taca SAS | Retail | January 2022 |
Instituto Colombiano de Crédito Educativo Icetex | Other Revenues | January 2022 |
Cristian David Mosquera Renteria | Retail | March 2022 |
* Only includes new stores opened during the period and excludes remodelings or contract renewals.
Grupo Aeroportuario del Sureste, S.A.B. de C.V. | |
Operating Results per Airport | |
Thousands of mexican pesos | |
| | | | | | | | | | | | | | | | | | | |
Item | 3Q 2021 | | 3Q 2021 Per Workload Unit | | 3Q 2022 | | 3Q 2022 Per Workload Unit | | | YoY % Chg. | | Per Workload Unit YoY % Chg. | |
Mexico | | | | | | | | | | | | | | | | | | | |
Cancun 1 | | | | | | | | | | | | | | | |
Aeronautical Revenues | | 1,282,380 | | | 207.8 | | | 1,944,588 | | | 246.1 | | | | 51.6 | | | 18.4 | |
Non-Aeronautical Revenues | | 1,108,366 | | | 179.6 | | | 1,494,453 | | | 189.1 | | | | 34.8 | | | 5.3 | |
Construction Services Revenues | | 217,832 | | | 35.3 | | | 102,423 | | | 13.0 | | | | (53.0 | ) | | (63.2 | ) |
Total Revenues | | 2,608,578 | | | 422.7 | | | 3,541,464 | | | 448.2 | | | | 35.8 | | | 6.0 | |
Operating Profit | | 1,600,115 | | | 259.3 | | | 2,430,757 | | | 307.6 | | | | 51.9 | | | 18.6 | |
EBITDA | | 1,739,158 | | | 281.9 | | | 2,585,106 | | | 327.1 | | | | 48.6 | | | 16.0 | |
Merida | | | | | | | | | | | | | | | |
Aeronautical Revenues | | 120,249 | | | 200.4 | | | 208,914 | | | 243.8 | | | | 73.7 | | | 21.7 | |
Non-Aeronautical Revenues | | 34,625 | | | 57.7 | | | 43,187 | | | 50.4 | | | | 24.7 | | | (12.7 | ) |
Construction Services Revenues | | 165,324 | | | 275.5 | | | 131,298 | | | 153.2 | | | | (20.6 | ) | | (44.4 | ) |
Other 2 | | 16 | | | - | | | 25 | | | - | | | | 56.3 | | n/a | |
Total Revenues | | 320,214 | | | 533.6 | | | 383,424 | | | 447.4 | | | | 19.7 | | | (16.2 | ) |
Operating Profit | | 70,385 | | | 117.3 | | | 148,334 | | | 173.1 | | | | 110.7 | | | 47.6 | |
EBITDA | | 83,312 | | | 138.9 | | | 168,289 | | | 196.4 | | | | 102.0 | | | 41.4 | |
Villahermosa | | | | | | | | | | | | | | | |
Aeronautical Revenues | | 54,510 | | | 195.4 | | | 82,920 | | | 256.7 | | | | 52.1 | | | 31.4 | |
Non-Aeronautical Revenues | | 12,844 | | | 46.0 | | | 16,750 | | | 51.9 | | | | 30.4 | | | 12.8 | |
Construction Services Revenues | | 10,679 | | | 38.3 | | | 30,646 | | | 94.9 | | | | 187.0 | | | 147.8 | |
Other 2 | | 23 | | | 0.1 | | | 22 | | | 0.1 | | | | (4.3 | ) | | - | |
Total Revenues | | 78,056 | | | 279.8 | | | 130,338 | | | 403.6 | | | | 67.0 | | | 44.2 | |
Operating Profit | | 29,212 | | | 104.7 | | | 52,580 | | | 162.8 | | | | 80.0 | | | 55.5 | |
EBITDA | | 38,250 | | | 137.1 | | | 61,978 | | | 191.9 | | | | 62.0 | | | 40.0 | |
Other Airports 3 | | | | | | | | | | | | | | | |
Aeronautical Revenues | | 231,360 | | | 225.9 | | | 334,923 | | | 265.2 | | | | 44.8 | | | 17.4 | |
Non-Aeronautical Revenues | | 43,556 | | | 42.5 | | | 52,591 | | | 41.6 | | | | 20.7 | | | (2.1 | ) |
Construction Services Revenues | | 102,171 | | | 99.8 | | | 133,751 | | | 105.9 | | | | 30.9 | | | 6.1 | |
Other 2 | | 72 | | | 0.1 | | | 72 | | | 0.1 | | | | - | | | - | |
Total Revenues | | 377,159 | | | 368.3 | | | 521,337 | | | 412.8 | | | | 38.2 | | | 12.1 | |
Operating Profit | | 109,238 | | | 106.7 | | | 174,230 | | | 137.9 | | | | 59.5 | | | 29.2 | |
EBITDA | | 151,578 | | | 148.0 | | | 226,679 | | | 179.5 | | | | 49.5 | | | 21.3 | |
Holding & Service Companies 4 | | | | | | | | | | | | | | | |
Construction Services Revenues | | - | | n/a | | | - | | n/a | | | n/a | | n/a | |
Other 2 | | 191,172 | | n/a | | | 115,706 | | n/a | | | | (39.5 | ) | n/a | |
Total Revenues | | 191,172 | | n/a | | | 115,706 | | n/a | | | | (39.5 | ) | n/a | |
Operating Profit | | 70,363 | | n/a | | | 103,150 | | n/a | | | | 46.6 | | n/a | |
EBITDA | | 75,374 | | n/a | | | 103,160 | | n/a | | | | 36.9 | | n/a | |
Consolidation Adjustment Mexico | | | | | | | | | | | | | | | |
Consolidation Adjustment | | (191,282 | ) | n/a | | | (115,825 | ) | n/a | | | | (39.4 | ) | n/a | |
Total Mexico | | | | | | | | | | | | | | | |
Aeronautical Revenues | | 1,688,499 | | | 209.2 | | | 2,571,345 | | | 248.5 | | | | 52.3 | | | 18.8 | |
Non-Aeronautical Revenues | | 1,199,391 | | | 148.6 | | | 1,606,981 | | | 155.3 | | | | 34.0 | | | 4.5 | |
Construction Services Revenues | | 496,006 | | | 61.4 | | | 398,118 | | | 38.5 | | | | (19.7 | ) | | (37.3 | ) |
Total Revenues | | 3,383,896 | | | 419.2 | | | 4,576,444 | | | 442.3 | | | | 35.2 | | | 5.5 | |
Operating Profit | | 1,879,313 | | | 232.8 | | | 2,909,051 | | | 281.2 | | | | 54.8 | | | 20.8 | |
EBITDA | | 2,087,672 | | | 258.6 | | | 3,145,211 | | | 304.0 | | | | 50.7 | | | 17.6 | |
San Juan Puerto Rico, US 5 | | | | | | | | | | | | | | | | | | | |
Aeronautical Revenues | | 516,045 | | n/a | | | 531,194 | | n/a | | | | 2.9 | | n/a | |
Non-Aeronautical Revenues | | 419,899 | | n/a | | | 412,748 | | n/a | | | | (1.7 | ) | n/a | |
Construction Services Revenues | | 63,941 | | n/a | | | 57,603 | | n/a | | | | (9.9 | ) | n/a | |
Total Revenues | | 999,885 | | n/a | | | 1,001,545 | | n/a | | | | 0.2 | | n/a | |
Operating Profit | | 530,710 | | n/a | | | 460,327 | | n/a | | | | (13.3 | ) | n/a | |
EBITDA | | 551,919 | | n/a | | | 466,602 | | n/a | | | | (15.5 | ) | n/a | |
Consolidation Adjustment San Juan | | | | | | | | | | | | | | | |
Consolidation Adjustment | | - | | n/a | | | - | | n/a | | | n/a | | n/a | |
Colombia 6 | | | | | | | | | | | | | | | | | | | |
Aeronautical Revenues | | 354,211 | | n/a | | | 545,687 | | n/a | | | | 54.1 | | n/a | |
Non-Aeronautical Revenues | | 126,237 | | n/a | | | 169,683 | | n/a | | | | 34.4 | | n/a | |
Construction Services Revenues | | 1,877 | | n/a | | | 1,445 | | n/a | | | | (23.0 | ) | n/a | |
Total Revenues | | 482,325 | | n/a | | | 716,815 | | n/a | | | | 48.6 | | n/a | |
Operating Profit | | 160,797 | | n/a | | | 326,748 | | n/a | | | | 103.2 | | n/a | |
EBITDA | | 273,422 | | n/a | | | 455,202 | | n/a | | | | 66.5 | | n/a | |
Consolidation Adjustment Colombia | | | | | | | | | | | | | | | |
Consolidation Adjustment | | - | | n/a | | | - | | n/a | | | n/a | | n/a | |
CONSOLIDATED ASUR | | | | | | | | | | | | | | | | | | | |
Aeronautical Revenues | | 2,558,755 | | n/a | | | 3,648,226 | | n/a | | | | 42.6 | | n/a | |
Non-Aeronautical Revenues | | 1,745,527 | | n/a | | | 2,189,412 | | n/a | | | | 25.4 | | n/a | |
Construction Services Revenues | | 561,824 | | n/a | | | 457,166 | | n/a | | | | (18.6 | ) | n/a | |
Total Revenues | | 4,866,106 | | n/a | | | 6,294,804 | | n/a | | | | 29.4 | | n/a | |
Operating Profit | | 2,570,820 | | n/a | | | 3,696,126 | | n/a | | | | 43.8 | | n/a | |
EBITDA | | 2,913,013 | | n/a | | | 4,067,015 | | n/a | | | | 39.6 | | n/a | |
1 Reflects the results of operations of Cancun Airport and two Cancun Airport Services subsidiaries on a consolidated basis.
2 Reflects revenues under intercompany agreements which are eliminated in the consolidation adjustment.
3 Reflects the results of operations of our airports located in Cozumel, Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz.
4 Reflects the results of operations of our parent holding company and our services subsidiaries. Because none of these entities hold the concessions for our airports, we do not report workload unit data for theses entities.
5 Reflects the results of operations of San Juan Airport, Puerto Rico, U.S. for 3Q22.
6 Reflects the results of operations of Airplan, Colombia, for 3Q22.
Grupo Aeroportuario del Sureste, S.A.B. de C.V. | |
Consolidated Statements of Financial Position as of September 30, 2022 and 2021 | |
Thousands of mexican pesos | |
| | | | | | | | | | | | |
Item | September 2022 | | December 2021 | | Variation | | % | |
Assets | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | |
Cash and Cash Equivalents | | 13,917,369 | | | 8,770,062 | | | 5,147,307 | | | 58.7 | |
Cash and Cash Equivalents Restricted | | 1,551,809 | | | 123,081 | | | 1,428,728 | | | 1,160.8 | |
Accounts Receivable, net | | 1,690,394 | | | 1,878,238 | | | (187,844 | ) | | (10.0 | ) |
Document Receivable | | 148,618 | | | 105,000 | | | 43,618 | | | 41.5 | |
Recoverable Taxes and Other Current Assets | | 802,220 | | | 785,719 | | | 16,501 | | | 2.1 | |
Total Current Assets | | 18,110,410 | | | 11,662,100 | | | 6,448,310 | | | 55.3 | |
| | | | | | | | | | | | |
Non Current Assets | | | | | | | | | | | | |
Machinery, Furniture and Equipment, net | | 168,773 | | | 184,590 | | | (15,817 | ) | | (8.6 | ) |
Intangible assets, airport concessions and Goodwill-Net | | 52,670,757 | | | 53,973,349 | | | (1,302,592 | ) | | (2.4 | ) |
investment in Joint Venture | | 10,530 | | | 10,689 | | | (159 | ) | | (1.5 | ) |
Total Assets | | 70,960,470 | | | 65,830,728 | | | 5,129,742 | | | 7.8 | |
| | | | | | | | | | | | |
Liabilities and Stockholders' Equity | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | |
Trade Accounts Payable | | 237,180 | | | 290,689 | | | (53,509 | ) | | (18.4 | ) |
Bank Loans and Short Term Debt | | 1,682,322 | | | 578,144 | | | 1,104,178 | | | 191.0 | |
Accrued Expenses and Others Payables | | 2,979,230 | | | 2,917,565 | | | 61,665 | | | 2.1 | |
Total Current Liabilities | | 4,898,732 | | | 3,786,398 | | | 1,112,334 | | | 29.4 | |
| | | | | | | | | | | | |
Long Term Liabilities | | | | | | | | | | | | |
Bank Loans | | 4,214,012 | | | 6,603,006 | | | (2,388,994 | ) | | (36.2 | ) |
Long Term Debt | | 10,201,760 | | | 6,598,397 | | | 3,603,363 | | | 54.6 | |
Deferred Income Taxes | | 3,098,353 | | | 3,044,632 | | | 53,721 | | | 1.8 | |
Employee Benefits | | 28,905 | | | 28,239 | | | 666 | | | 2.4 | |
Total Long Term Liabilities | | 17,543,030 | | | 16,274,274 | | | 1,268,756 | | | 7.8 | |
| | | | | | | | | | | | |
Total Liabilities | | 22,441,762 | | | 20,060,672 | | | 2,381,090 | | | 11.9 | |
| | | | | | | | | | | | |
Stockholders' Equity | | | | | | | | | | | | |
Capital Stock | | 7,767,276 | | | 7,767,276 | | | - | | | - | |
Legal Reserve | | 2,285,392 | | | 1,989,535 | | | 295,857 | | | 14.9 | |
Mayority Net Income for the Period | | 7,425,328 | | | 5,983,747 | | | 1,441,581 | | | 24.1 | |
Cumulative Effect of Conversion of Foreign Currency | | (216,496 | ) | | 313,582 | | | (530,078 | ) | n/a | |
Retained Earnings | | 22,301,301 | | | 21,122,411 | | | 1,178,890 | | | 5.6 | |
Non- Controlling interests | | 8,955,907 | | | 8,593,505 | | | 362,402 | | | 4.2 | |
Total Stockholders' Equity | | 48,518,708 | | | 45,770,056 | | | 2,748,652 | | | 6.0 | |
| | | | | | | | | | | | |
Total Liabilities and Stockholders' Equity | | 70,960,470 | | | 65,830,728 | | | 5,129,742 | | | 7.8 | |
Exchange Rate per Dollar Ps. 20.1335 | | | | | | | | | | | | |
Grupo Aeroportuario del Sureste, S.A.B. de C.V. | |
Consolidated Statement of Income from January 1 to September 30, 2022 and 2021 | |
Thousands of Mexican Pesos | |
| | | | | | | | | | | | | | | | | | | |
Item | 9M | | 9M | | % | | | 3Q | | 3Q | | % | |
| 2021 | | 2022 | | Chg | | | 2021 | | 2022 | | Chg | |
Revenues | | | | | | | | | | | | | | | | | | | |
Aeronautical Services | | 6,528,090 | | | 10,364,032 | | | 58.8 | | | | 2,558,755 | | | 3,648,226 | | | 42.6 | |
Non-Aeronautical Services | | 4,346,601 | | | 6,376,296 | | | 46.7 | | | | 1,745,527 | | | 2,189,412 | | | 25.4 | |
Construction Services | | 1,120,406 | | | 1,299,990 | | | 16.0 | | | | 561,824 | | | 457,166 | | | (18.6 | ) |
Total Revenues | | 11,995,097 | | | 18,040,318 | | | 50.4 | | | | 4,866,106 | | | 6,294,804 | | | 29.4 | |
| | | | | | | | | | | | | | | | | | | |
Operating Expenses | | | | | | | | | | | | | | | | | | | |
Cost of Services | | 2,382,579 | | | 2,712,811 | | | 13.9 | | | | 765,225 | | | 1,009,753 | | | 32.0 | |
Cost of Construction | | 1,120,406 | | | 1,299,990 | | | 16.0 | | | | 561,824 | | | 457,166 | | | (18.6 | ) |
General and Administrative Expenses | | 206,261 | | | 216,170 | | | 4.8 | | | | 87,099 | | | 74,040 | | | (15.0 | ) |
Technical Assistance | | 267,366 | | | 474,194 | | | 77.4 | | | | 111,374 | | | 165,391 | | | 48.5 | |
Concession Fee | | 652,081 | | | 1,052,642 | | | 61.4 | | | | 265,560 | | | 369,803 | | | 39.3 | |
Depreciation and Amortization | | 1,498,176 | | | 1,526,990 | | | 1.9 | | | | 504,204 | | | 522,826 | | | 3.7 | |
Total Operating Expenses | | 6,126,869 | | | 7,282,797 | | | 18.9 | | | | 2,295,286 | | | 2,598,979 | | | 13.2 | |
| | | | | | | | | | | | | | | | | | | |
Other Revenues | | | | | 45,848 | | n/a | | | | | | | 301 | | n/a | |
| | | | | | | | | | | | | | | | | | | |
Operating Income | | 5,868,228 | | | 10,803,369 | | | 84.1 | | | | 2,570,820 | | | 3,696,126 | | | 43.8 | |
| | | | | | | | | | | | | | | | | | | |
Comprehensive Financing Cost | | (375,609 | ) | | (318,495 | ) | | (15.2 | ) | | | (56,949 | ) | | (185,187 | ) | | 225.2 | |
| | | | | | | | | | | | | | | | | | | |
Income Before Income Taxes | | 5,492,619 | | | 10,484,874 | | | 90.9 | | | | 2,513,871 | | | 3,510,939 | | | 39.7 | |
| | | | | | | | | | | | | | | | | | | |
Provision for Income Tax | | 1,196,249 | | | 2,444,047 | | | 104.3 | | | | 554,782 | | | 844,248 | | | 52.2 | |
Deferred Income Taxes | | (28,975 | ) | | 144,654 | | | (599.2 | ) | | | 1,638 | | | (11,684 | ) | | (813.3 | ) |
| | | | | | | | | | | | | | | | | | | |
Net Income for the Year | | 4,325,345 | | | 7,896,173 | | | 82.6 | | | | 1,957,451 | | | 2,678,375 | | | 36.8 | |
| | | | | | | | | | | | | | | | | | | |
Majority Net Income | | 3,970,624 | | | 7,425,328 | | | 87.0 | | | | 1,793,950 | | | 2,546,504 | | | 41.9 | |
Non-Controlling Interests | | 354,721 | | | 470,845 | | | 32.7 | | | | 163,501 | | | 131,871 | | | (19.3 | ) |
| | | | | | | | | | | | | | | | | | | |
Earning per Share | | 13.2354 | | | 24.7511 | | | 87.0 | | | | 5.9798 | | | 8.4883 | | | 41.9 | |
Earning per American Depositary Share (in U.S. Dollars) | | 6.5872 | | | 12.3186 | | | 87.0 | | | | 2.9762 | | | 4.2246 | | | 41.9 | |
Exchange Rate per Dollar Ps. 20.0925 | | | | | | | | | | | | | | | | | | | |
Grupo Aeroportuario del Sureste, S.A.B. de C.V. | |
Consolidated Statement of Cash Flow for the Periods of January 1, to September 30, 2022 an 2021. | |
Thousands of Mexican Pesos | |
| | | | | | | | | | | | | | | | | | | |
Item | 9M | | 9M | | % | | | 3Q | | 3Q | | % | |
| 2021 | | 2022 | | Chg | | | 2021 | | 2022 | | Chg | |
Operating Activities | | | | | | | | | | | | | | | | | | | |
Income Before Income Taxes | | 5,492,619 | | | 10,484,874 | | | 90.9 | | | | 2,513,871 | | | 3,510,939 | | | 39.7 | |
| | | | | | | | | | | | | | | | | | | |
Depreciation and Amortization | | 1,498,176 | | | 1,526,990 | | | 1.9 | | | | 504,204 | | | 522,826 | | | 3.7 | |
Interest Income | | (135,320 | ) | | (263,143 | ) | | 94.5 | | | | (48,119 | ) | | (108,646 | ) | | 125.8 | |
Interest Payables | | 618,408 | | | 544,313 | | | (12.0 | ) | | | 203,933 | | | 297,384 | | | 45.8 | |
Sub-Total | | 7,473,883 | | | 12,293,034 | | | 64.5 | | | | 3,173,889 | | | 4,222,503 | | | 33.0 | |
Trade Receivables | | (333,178 | ) | | (3,375 | ) | | (99.0 | ) | | | 291,316 | | | 106,059 | | | (63.6 | ) |
Recoverable Taxes and other Current Assets | | 95,328 | | | (614,658 | ) | n/a | | | | (32,116 | ) | | 21,284 | | n/a | |
Income Tax Paid | | (665,377 | ) | | (1,759,632 | ) | | 164.5 | | | | (227,312 | ) | | (655,904 | ) | | 188.5 | |
Trade Accounts Payable | | 895,372 | | | 380,167 | | | (57.5 | ) | | | 444,073 | | | 88,644 | | | (80.0 | ) |
| | | | | | | | | | | | | | | | | | | |
Net Cash Flow Provided by Operating Activities | | 7,466,028 | | | 10,295,536 | | | 37.9 | | | | 3,649,850 | | | 3,782,586 | | | 3.6 | |
| | | | | | | | | | | | | | | | | | | |
Investing Activities | | | | | | | | | | | | | | | | | | | |
Initial Recognition Cash Operadora | | | | | 3,063 | | n/a | | | | | | | 3,063 | | n/a | |
Loans Granted to Third Parties | | (105,000 | ) | | (35,100 | ) | | (66.6 | ) | | | (105,000 | ) | | | | n/a | |
Proceeds for Cancellation of Land Acquisition Contract | | 286,283 | | | | | n/a | | | | | | | | | | | |
Restricted Cash | | (8,087 | ) | | (1,450,896 | ) | | 17,841.1 | | | | 1,492 | | | (233,303 | ) | n/a | |
Investments in Machinery, Furniture and Equipment, net | | (1,418,484 | ) | | (1,300,909 | ) | | (8.3 | ) | | | (601,180 | ) | | (548,227 | ) | | (8.8 | ) |
Interest Income | | 136,215 | | | 229,741 | | | 68.7 | | | | 47,326 | | | 80,981 | | | 71.1 | |
| | | | | | | | | | | | | | | | | | | |
Net Cash Flow Used by Investing Activities | | (1,109,073 | ) | | (2,554,101 | ) | | 130.3 | | | | (657,362 | ) | | (697,486 | ) | | 6.1 | |
| | | | | | | | | | | | | | | | | | | |
Excess Cash to Use in Financing Activities | | 6,356,955 | | | 7,741,435 | | | 21.8 | | | | 2,992,488 | | | 3,085,100 | | | 3.1 | |
| | | | | | | | | | | | | | | | | | | |
Bank Loans Net | | 2,630,000 | | | 4,069,700 | | | 54.7 | | | | 2,650,000 | | | 4,069,700 | | | 53.6 | |
Long Term Debt Paid | | (2,359,554 | ) | | (1,070,644 | ) | | (54.6 | ) | | | (2,156,552 | ) | | (107,109 | ) | | (95.0 | ) |
Interest Paid | | (781,100 | ) | | (936,886 | ) | | 19.9 | | | | (313,324 | ) | | (380,305 | ) | | 21.4 | |
Dividends Paid | | | | | (4,509,000 | ) | n/a | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Net Cash Flow used by Financing Activities | | (510,654 | ) | | (2,446,830 | ) | | 379.2 | | | | 180,124 | | | 3,582,286 | | | 1,888.8 | |
| | | | | | | | | | | | | | | | | | | |
Net Increase in Cash and Cash Equivalents | | 5,846,301 | | | 5,294,605 | | | (9.4 | ) | | | 3,172,612 | | | 6,667,386 | | | 110.2 | |
| | | | | | | | | | | | | | | | | | | |
Cash and Cash Equivalents at Beginning of Period | | 5,192,628 | | | 8,770,062 | | | 68.9 | | | | 7,837,766 | | | 7,331,083 | | | (6.5 | ) |
| | | | | | | | | | | | | | | | | | | |
Exchange Gain on Cash and Cash Equivalents | | 3,669 | | | (147,298 | ) | n/a | | | | 32,220 | | | (81,100 | ) | n/a | |
| | | | | | | | | | | | | | | | | | | |
Cash and Cash Equivalents at the End of Period | | 11,042,598 | | | 13,917,369 | | | 26.0 | | | | 11,042,598 | | | 13,917,369 | | | 26.0 | |