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

Exhibit 99.1

 

 

ASUR Reports 4Q21 Financial Results


Total passenger traffic in 4Q21 continued its gradual recovery, rising 6.6% above
4Q19 pre-pandemic levels

 

 

Mexico City, February 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 twelve-month periods ended December 31, 2021.

4Q21 Highlights1

 

•

Total passenger traffic increased 93.5% year over year (YoY), reflecting the impact of the Covid-19 pandemic, which had affected travel demand since mid-March 2020, and exceeding 4Q19 pre-pandemic levels by 6.6%. By country of operations, 4Q21 passenger traffic showed the following recoveries compared to 4Q19 levels:

 

 

•

Mexico: surpassed 4Q19 traffic by 5.1%, with domestic and international traffic levels increasing by 1.5% and 8.9%, respectively, compared to 4Q19 levels.

 

•

Puerto Rico (Aerostar): exceeded 4Q19 traffic by 5.6%, with domestic traffic increasing by 8.7%, and international traffic reaching 77.3% of its comparable 4Q19 level.

 

•

Colombia (Airplan): surpassed 4Q19 traffic by 11.3%, with domestic and international passengers exceeding their comparable levels by 10.8% and 14.1%, respectively.

Table 1: Financial & Operational Highlights 1 Fourth Quarter% Chg 20202021Financial Highlights   Total Revenue4,253,6586,789,56459.6Mexico3,361,9335,259,75356.5San Juan674,484976,90344.8Colombia217,241552,908154.5Commercial Revenues per PAX105.8115.89.5Mexico117.1140.720.2San Juan122.8142.015.7Colombia50.838.6(24.0)EBITDA1,330,9383,285,382146.8Net Income580,0712,072,183257.2Majority Net Income503,0772,013,123300.2Earnings per Share (in pesos)1.67696.7104300.2Earnings per ADS (in US$)0.81933.2786300.2Capex1,526,7472,258,23547.9Cash & Cash Equivalents5,192,6288,770,06268.9Net Debt8,707,7185,009,485(42.5)Net Debt/ LTM EBITDA1.80.5(72.8)Operational Highlights   Passenger Traffic   Mexico4,979,9328,805,27876.8San Juan1,339,5602,508,83587.3Colombia1,393,7073,609,731159.0

 

 

•

Revenues increased 59.6% YoY to Ps.6,789.6 million and by 49.4% when compared to 4Q19. Excluding construction revenues, revenues increased 95.3% YoY and 24.5% against 4Q19.

•

Consolidated commercial revenues per passenger were Ps.115.8 in 4Q21.

•

Consolidated EBITDA increased 146.8% YoY to Ps.3,285.4 million and 34.8% compared to 4Q19.

•

Adjusted EBITDA Margin (excluding the effect of IFRIC 12) increased to 69.0%, from 54.6% in 4Q20 and 63.7% in 4Q19.

•

Cash & cash equivalents of Ps.8,770.1 million at year-end and Net Debt-to-LTM EBITDA at 0.5x.

•

Principal debt payments of Ps.164.9 million, or approximately 1.2% of Total Debt, mature in 1Q22, while Ps.450.5 million, or 3.4% of Total Debt, matures in 2022.

 

4Q21 Earnings Call

 

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

 

Dial-in: 1-888-204-4368 (Toll-Free US & Canada) and 1-323-994-2093 (International & Mexico) Access Code: 1346109.

 

Replay: Friday, February 25, 2022 at 1:00 PM US ET, ending at 11:59 PM US ET on Friday, March 4, 2022.

Dial-in number: 1-844-512-2921 (Toll-Free US & Canada); 1-412-317-6671 (International & Mexico). Access Code: 1346109

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

On October 1, 2021, the Company paid an ordinary net cash dividend of Ps.8.21 per common share.


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 twelve-month periods ended December 31, 2021, and the equivalent three- and twelve-month periods ended December 31, 2020. 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.20.4672 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange

ASUR 4Q21 Page 1 of 26

 

 

 

rate of COP198.2800 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 19 of this report.

Business Update on COVID-19

 

Travel Restrictions Imposed by Governments to Mitigate the Impact of COVID-19

 

Since March 16, 2020, various governments have issued flight restrictions for different regions of the world to limit the breakout of the COVID-19 virus. With respect to the airports ASUR operates:

 

The United States Centers for Disease Control and Prevention (CDC) requires negative COVID-19 tests for all air passengers entering the US as of January 26, 2021. According to the CDC, pre- and post-trip testing is a critical layer in slowing the introduction and spread of COVID-19. This strategy is consistent with the current phase of the pandemic and intended to more effectively protect the health of US citizens. As of December 6, 2021, all air passengers 2 years or older with a flight departing to the US from a foreign country, regardless of their nationality and vaccination status, are required show a negative COVID-19 viral test result taken no more than 1 day before travel, or documentation of having recovered from COVID-19 in the past 90 days, before boarding their flight. In addition, non-U.S. citizens must be fully vaccinated with an accepted COVID-19 vaccine to travel to the United States by plane, and only limited exceptions apply. Several Mexican airports have implemented COVID-19 test sites certified by the government, which are operated by third parties, who have been granted the space to provide this service at the airports of Cancun, Merida, Veracruz and Oaxaca.

On January 28, 2022, the Governor of Puerto Rico issued an executive order updating the control measures related to the entry of passengers to Puerto Rico's airports starting February 2, 2022. For this purpose, fully vaccinated passengers arriving at Luis Muñoz Marín International Airport or any other airport on the Island on a flight from any other jurisdiction of the United States, will have to present evidence of being fully vaccinated with an accepted COVID-19 vaccine, and are no longer required to show a negative result of COVID-19 from a qualified SARS-CoV2 viral test or antigen tests. Unvaccinated travelers entering on domestic flights are still required to show negative test results taken within 48 hours prior to arrival, or take one within 48 hours of arrival and quarantine while awaiting results. Unvaccinated travelers who do not get tested within the 48-hour window are required to quarantine for 7 days and are subject to applicable sanctions.

 

Passengers can also present a positive COVID-19 result from the past three months prior to the flight, along with a letter from their doctor or a government health official certifying their recovery. All passengers over the age of two must wear a mask at all times and must complete the form entitled "Traveler's Declaration" from the Puerto Rico Department of Health. Passengers arriving from international destinations must present a negative COVID-19 test taken within one day prior to departure along with proof of vaccination.

 

In Colombia, passenger commercial flights had been reestablished at all of ASUR’s Colombian airports as of October 2, 2020. International flights were reestablished on September 16, 2020, with the Rionegro Airport resuming international flights on September 19, 2020. Stating June 2, 2021, a negative COVID-19 test is no longer required to enter the country. For travelers leaving the country and depending on the destination, requirements, if any, may include an antigen or PCR test, or proof of vaccination.  

 

México, the United States and Colombia may issue or reissue flight restrictions similar to those issued in other parts of the world, which could cause a significant reduction in our operations.

 

 


ASUR 4Q21 Page 2 of 26

 

 

 

 

Impact of COVID-19 on ASUR’s FY21 Passenger Traffic

 

The COVID-19 pandemic has disrupted the travel industry as governments have introduced travel bans and restrictions. As a result, ASUR’s passenger traffic declined in the second half of March 2020 and continued to decline dramatically throughout its airport network in the following months. However, traffic has progressively recovered since June 2020. The table below shows the YoY change in passenger traffic during FY21:

 

YoY Change in Passenger Traffic During FY21

 

 

 

 

 

 

 

Region

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

Total

Mexico

(44.1%)

(53.4%)

0.2%

1556.9%

2455.6%

863.2%

276.1%

148.3%

92.7%

90.7%

76.1%

67.7%

76.3%

Domestic

(29.7%)

(36.4%)

17.8%

874.3%

1376.3%

467.6%

161.0%

76.5%

47.0%

51.3%

37.5%

35.1%

62.8%

International

(55.6%)

(65.7%)

(15.0%)

9724.3%

13630.7%

2700.3%

557.9%

323.8%

210.6%

172.7%

142.2%

113.6%

93.4%

Puerto Rico

(40.1%)

(39.3%)

42.9%

1736.2%

1021.4%

371.8%

207.5%

209.6%

130.1%

95.4%

89.1%

79.6%

99.9%

Domestic

(37.2%)

(34.9%)

51.9%

1732.6%

999.6%

351.7%

196.1%

197.7%

121.5%

86.8%

83.1%

76.1%

101.0%

International

(68.5%)

(79.6%)

(54.7%)

1845.9%

2216.3%

1888.8%

540.9%

582.7%

394.9%

392.0%

225.1%

139.2%

83.1%

Colombia

(45.4%)

(44.7%)

22.0%

49681.4%

33629.1%

34282.8%

42281.9%

23518.5%

630.8%

241.2%

156.7%

115.4%

149.8%

Domestic

(43.6%)

(41.2%)

26.9%

73376.1%

55151.9%

56190.5%

50770.2%

24148.7%

561.8%

231.8%

151.4%

110.8%

147.8%

International

(55.7%)

(65.0%)

(7.8%)

17268.0%

12796.7%

11675.2%

22646.2%

20458.5%

1812.4%

308.1%

192.6%

145.4%

162.0%

Total

(43.7%)

(49.2%)

11.3%

1905.4%

2124.2%

822.5%

339.5%

234.5%

147.6%

115.6%

92.7%

79.1%

92.9%

Domestic

(35.9%)

(37.5%)

28.7%

1374.9%

1480.6%

575.2%

264.5%

191.1%

119.1%

92.9%

72.0%

62.8%

90.5%

International

(56.2%)

(66.2%)

(15.9%)

9131.7%

12058.9%

2868.1%

620.9%

377.3%

252.6%

188.8%

148.7%

117.2%

97.9%

 

 

Strong Liquidity Position and Healthy Debt Maturity Profile

 

ASUR closed 4Q21 with a strong financial position, with cash and cash equivalents totaling Ps.8,770.1 million and Ps.13,779.5 million in Total Debt (including principal and interest payments). From ASUR’s Total Debt (i) Ps.164.9 million in principal payments or 1.2% of Total Debt is due in 1Q22, and (ii) Ps.450.5 million in principal payments, or 3.4% of Total Debt is due in 2022.

 

The following table shows the Company’s liquidity position by region of operations.

 

Liquidity Position as of December 31, 2021

Figures in thousands of Mexican Pesos

Region of Operation

Cash & Equivalents

Total
Debt

Short-term
Debt

Long-Term

Debt

Principal Payments (Jan– Mar 2022)

Mexico

5,700,314

4,630,722

6,964

4,623,758

0

Puerto Rico

2,295,087

6,952,069

353,672

6,598,397

114,969

Colombia

774,661

2,196,756

217,508

1,979,248

49,929

Total

8,770,062

13,779,547

578,144

13,201,403

164,898

 

 

The following table shows the debt maturity profile of ASUR’s debt for each of its regions of operations:

 

 

Debt Maturity Profile as of December 31, 2021  

Figures in thousands of Mexican Pesos

Region of Operation

2022

2023

2024

2025/2034

Mexico

0

1,475,000

1,525,000

1,650,000

Puerto Rico 1

239,663

263,053

289,762

6,193,620

Colombia 2

210,813

244,099

299,576

898,716

Total

450,476

1,982,152

2,114,339

8,742,337

1 Figures in Mexican Pesos converted at the exchange rate at the close of the quarter Ps.20.4672= US$1.00

2 Figures in Mexican Pesos converted at the exchange rate at the close of the quarter of COP198.0000=Ps.1.00

Note: Figures only reflects principal payments.

 

ASUR 4Q21 Page 3 of 26

 

 

 

 

The following table shows the debt coverage included in the debt agreements for each of ASUR’s regions of operations:

 

 

Debt Ratios as of December 31, 2021

LTM EBITDA and LTM Interest Expense figures in thousands of Mexican Pesos

Region

LTM EBITDA

LTM Interest Expense

Debt Coverage Ratio

Minimum Coverage Requirement as per Agreements

Mexico

7,515,880

247,418

30.4(1)

3.0

Puerto Rico

2,074,433

646,020

3.2(2)

1.1

Colombia

876,887

348,022

2.5(3)(4)

1.2

Total

10,467,200

1,241,460

8.4

 

 

1 Per the applicable debt agreement, the formula for the Interest Coverage ratio is: LTM EBITDA/ LTM Interest Expense.

2 Per the applicable debt agreement, the formula for the Debt Coverage ratio is: LTM Cash Flow Generation / LTM Debt Service. LTM Cash Flow Generation for the period was Ps.2.1 billion and LTM Debt Service was Ps.646.0 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.876.9 million and Debt Service was Ps.348.0 million.

4 A waiver is granted for the breach of the Debt Coverage Ratio indicator from April 30, 2021 until March 31, 2022

 

Accounts Receivables

Starting in mid-March of 2020, some of the airlines and other clients and tenants that operate in ASUR’s airports asked for assistance, either through discounts on payments owed to ASUR or by an extension on those payments. Three of ASUR’s principal airline customers, Aeromexico, Avianca Holdings and LATAM Airlines Group, have filed for Chapter 11 bankruptcy protection in the United States, although they have continued making payments in the ordinary course, as permitted by the relevant courts. The Company remains in commercial discussions with those clients and tenants regarding their contracts. Notwithstanding these discussions, ASUR believes it has sufficient liquidity to meet its obligations and continue operating in the normal course. Accounts receivables increased 38.3% YoY in 4Q21, reflecting the increasing business activity as passenger traffic recovered across ASUR’ s airport network.

 

Accounts Receivable as of December 31, 2021

Figures in Thousands of Mexican Pesos

Región

4Q20

4Q21

% Chg

Mexico

791,194

1,716,023

116.9

Puerto Rico

480,563

88,608

(81.6)

Colombia

86,470

73,607

(14.9)

Total

1,358,227

1,878,238

38.3

Note: Net of allowance for bad debts.

 

 

 

4Q21 Passenger Traffic

 

During 4Q21, total passenger traffic at ASUR increased 93.5% YoY to 14.9 million passengers, reflecting a recovery from the impact of the COVID-19 pandemic on travel which began mid-March 2020. Compared to 4Q19 pre-pandemic levels, passenger traffic in 4Q21 increased 6.6%.

 

Traffic in Mexico increased 76.8% YoY to 8.8 million passengers. In addition, Mexico traffic increased 5.1% compared to 4Q19 pre-pandemic levels, with domestic and international traffic increasing 1.5% and 8.9%, respectively.

 

In Puerto Rico, 4Q21 passenger traffic increased 87.3% YoY to 2.5 million passengers. Traffic exceeded 4Q19 levels by 5.6%, with domestic traffic rising 8.7% and international traffic recovering to 77.3% of 4Q19 activity.

 

Traffic in Colombia increased 159% YoY to 3.6 million passengers in 4Q21, reflecting the reestablishment of commercial flight operations that had been suspended by the Colombian government for

ASUR 4Q21 Page 4 of 26

 

 

 

the majority of 4Q20. Compared to 4Q19 levels, traffic increased 11.3%, with domestic and international traffic increasing 10.8% and 14.1%, respectively.

 

Tables with detailed passenger traffic information for each airport can be found on page 21 of this report.


ASUR 4Q21 Page 5 of 26

 

 

 

 

Table 2: Passenger Traffic Summary

 

Fourth Quarter

%

Chg

vs 20

%

Chg

vs 19

 

Twelve-Months

% Chg vs 20

% Chg vs 19

 

2019

2020

2021

 

2019

2020

2021

Total Mexico

8,377,981

4,979,932

8,805,278

76.8

5.1

 

34,161,842

16,528,658

29,138,441

76.3

(14.7)

- Cancun

6,107,381

3,725,930

6,713,788

80.2

9.9

 

25,481,989

12,259,148

22,318,467

82.1

(12.4)

- 8 Others Airports

2,270,600

1,254,002

2,091,490

66.8

(7.9)

 

8,679,853

4,269,510

6,819,974

59.7

(21.4)

Domestic Traffic

4,316,622

3,112,983

4,380,602

40.7

1.5

 

16,683,996

9,246,112

15,057,198

62.8

(9.8)

- Cancun

2,276,863

1,954,143

2,538,943

29.9

11.5

 

8,980,397

5,454,995

9,081,354

66.5

1.1

- 8 Others Airports

2,039,759

1,158,840

1,841,659

58.9

(9.7)

 

7,703,599

3,791,117

5,975,844

57.6

(22.4)

International traffic

4,061,359

1,866,949

4,424,676

137.0

8.9

 

17,477,846

7,282,546

14,081,243

93.4

(19.4)

- Cancun

3,830,518

1,771,787

4,174,845

135.6

9.0

 

16,501,592

6,804,153

13,237,113

94.5

(19.8)

- 8 Others Airports

230,841

95,162

249,831

162.5

8.2

 

976,254

478,393

844,130

76.5

(13.5)

Total San Juan, Puerto Rico

2,376,073

1,339,560

2,508,835

87.3

5.6

 

9,448,253

4,845,353

9,684,227

99.9

2.5

Domestic Traffic

2,140,855

1,281,830

2,326,949

81.5

8.7

 

8,455,993

4,547,541

9,138,875

101.0

8.1

International traffic

235,218

57,730

181,886

215.1

(22.7)

 

992,260

297,812

545,352

83.1

(45.0)

Total Colombia

3,244,584

1,393,707

3,609,731

159.0

11.3

 

12,052,135

4,215,435

10,530,105

149.8

(12.6)

Domestic Traffic

2,773,813

1,213,351

3,072,462

153.2

10.8

 

10,231,479

3,625,324

8,984,220

147.8

(12.2)

International traffic

470,771

180,356

537,269

197.9

14.1

 

1,820,656

590,111

1,545,885

162.0

(15.1)

Total traffic

13,998,638

7,713,199

14,923,844

93.5

6.6

 

55,662,230

25,589,446

49,352,773

92.9

(11.3)

Domestic Traffic

9,231,290

5,608,164

9,780,013

74.4

5.9

 

35,371,468

17,418,977

33,180,293

90.5

(6.2)

International traffic

4,767,348

2,105,035

5,143,831

144.4

7.9

 

20,290,762

8,170,469

16,172,480

97.9

(20.3)

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

 

 

Review of Consolidated Results

 

Table 3: Summary of Consolidated Results

 

 

 

 

 

 

 

 

Fourth Quarter

% Chg

 

Twelve- Months

% Chg

 

2020

2021

 

2020

2021

Total Revenues

4,253,658

6,789,564

59.6

 

12,624,731

18,784,661

48.8

Aeronautical Services

1,535,412

2,880,509

87.6

 

5,412,418

9,408,599

73.8

Non-Aeronautical Services

904,367

1,883,295

108.2

 

3,555,227

6,229,896

75.2

Total Revenues Excluding Construction Revenues

2,439,779

4,763,804

95.3

 

8,967,645

15,638,495

74.4

Construction Revenues

1,813,879

2,025,760

11.7

 

3,657,086

3,146,166

(14.0)

Total Operating Costs & Expenses

3,149,343

4,000,118

27.0

 

9,507,436

10,126,987

6.5

Other Revenues

 

 

 

 

158,881

 

n/a

Operating Profit

1,104,315

2,789,446

152.6

 

3,276,176

8,657,674

164.3

Operating Margin

26.0%

41.1%

1512 bps

 

26.0%

46.1%

2014 bps

Adjusted Operating Margin 1

45.3%

58.6%

1329 bps

 

36.5%

55.4%

1883 bps

EBITDA

1,330,938

3,285,382

146.8

 

4,880,732

10,306,319

111.2

EBITDA Margin

31.3%

48.4%

1710 bps

 

38.7%

54.9%

1621 bps

Adjusted EBITDA Margin 2

54.6%

69.0%

1441 bps

 

54.4%

65.9%

1148 bps

Net Income

580,071

2,072,183

257.2

 

2,126,537

6,397,528

200.8

Net Majority Income

503,077

2,013,123

300.2

 

1,972,319

5,983,747

203.4

Earnings per Share

1.6769

6.7104

300.2

 

6.5744

19.9458

203.4

Earnings per ADS in US$

0.8193

3.2786

300.2

 

3.2122

9.7453

203.4

 

 

 

 

 

 

 

 

Total Commercial Revenues per Passenger 3

105.8

115.8

9.5

 

124.4

115.6

(7.0)

Commercial Revenues

823,284

1,744,053

111.8

 

3,207,136

5,756,581

79.5

Commercial Revenues from Direct Operations per Passenger 4

15.5

19.3

24.7

 

18.1

20.3

12.2

Commercial Revenues Excluding Direct Operations per Passenger

90.4

96.6

6.8

 

106.3

95.4

(10.3)

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.

 


ASUR 4Q21 Page 6 of 26

 

 

 

 

Consolidated Revenues

 

Consolidated Revenues for 4Q21 increased 59.6% YoY, or Ps.2,535.9.0 million, to Ps.6,789.5 million and 49.4%, or Ps.2,244.9 million when compared to the pre-pandemic levels of 4Q19. The YoY increase was mainly due to the following increases:

•

108.2% in revenues from non-aeronautical services to Ps.1,883.3 million. Mexico contributed Ps.1,381.6 million, while Puerto Rico and Colombia accounted for Ps.388.5 million and Ps.143.2 million, respectively;

•

87.6% in revenues from aeronautical services to Ps.2,880.5 million. Mexico contributed Ps.1,945.3 million, while Puerto Rico and Colombia contributed Ps.527.5 million and Ps.407.7 million, respectively; and

•

11.7%, or Ps.211.9 million in construction services revenues to Ps.2,025.8 million, principally in Mexico.

 

Excluding revenues from construction services, for which there is an equivalent expense recorded under IFRS accounting standards, total revenues would have increased 95.3% YoY to Ps.4,763.8 million.

 

Compared to 4Q19 pre-pandemic levels, revenues excluding construction services increased 24.5%, driven by a 33.5% increase in revenues from non-aeronautical services and a 19.3% increase in revenues from aeronautical services. Excluding revenues from construction services, Mexico accounted for 69.8% of total revenues in 4Q21, while Puerto Rico and Colombia represented 18.6% and 11.2%, respectively.

 

Commercial Revenues in 4Q21 increased 111.8% YoY to Ps.1,744.01 million, mainly reflecting the 93.6% recovery in passenger traffic. Compared to 4Q19 pre-pandemic levels, commercial revenues increased 34.1%. Commercial revenues increased YoY across ASUR’s regions of operations: 112.4% to Ps.1,244.8 million in Mexico, 116.7% to Ps.356.3 million in Puerto Rico, and 96.1% to Ps.142.9 million in Colombia.

 

Commercial Revenues per Passenger was Ps.115.8 in 4Q21, compared to Ps.105.8 in 4Q20 and Ps.92.3 in 4Q19.

 

 

Consolidated Operating Costs and Expenses

 

Consolidated Operating Costs and Expenses during 4Q21, including construction costs, increased 27.0% YoY, or Ps.850.8 million, to Ps.4,000.1 million, and increased 56.5%, or Ps.1,444.8 million, when compared to the pre-pandemic levels of 4Q19.

 

Excluding construction costs, operating costs and expenses increased 47.8% YoY, or Ps.638.9 million, and increased 7.5% compared to 4Q19. The YoY increase was mainly due to the following variations:

 

•

Mexico: increased 30.0%, or Ps.239.3 million, mainly due to (i) higher technical assistance and concession fees together with increases in energy, maintenance and security expenses, and (ii) higher cost of sales from directly operated stores, together with higher social security contributions.

 

•

Puerto Rico: increased 116.5%, or Ps.331.0 million, principally reflecting a Ps.227.0 million reimbursement of expenses under the Cares Act grant in 4Q20. Without this benefit, costs in 4Q21 would have increased 20.3%, or Ps.104.1 million, mainly due to an increase in the maintenance provision in the quarter, higher cost of sales of directly operated convenience stores, depreciation and amortization and concession fees.

 

•

Colombia: increased 26.9%, or Ps.68.6 million, mainly due to a 165.7%, or Ps.65.4 million increase in concession fees.

 

 

Cost of Services increased 59.5% YoY, or Ps.372.8 million. The increase in cost of services was principally due to a 347.5%, or Ps.300.8 million increase in Puerto Rico, mainly reflecting the reimbursement of expenses for a total of Ps.227.0 million under the Cares Act grant in 4Q20. Without this benefit, cost of services in Puerto Rico would have increased 23.5%, or Ps.73.9 million, reflecting increases in the maintenance provision together with an increase in cost of sales of directly operated stores. Mexico also contributed to the increase in cost of services through a 17.2%, or Ps.73.8 million increase, mainly reflecting higher energy, maintenance, and security expenses, together with higher cost of sales from directly operated stores, and higher social security contributions. This was partially offset by a 1.7%, or Ps.1.9 million decline in cost of services in Colombia.

 

Construction Costs increased 11.7% YoY, or Ps.211.9 million. This was mainly driven by YoY increases of 11.1%, or Ps.193.8 million in Mexico, and 26.2% or Ps.18.8 million in Puerto Rico, partially offset by a decline of 28.9% or Ps.0.8 million in Colombia.

 

Administrative Expenses that reflect administrative costs in Mexico declined 1.6% YoY.

ASUR 4Q21 Page 7 of 26

 

 

 

 

Consolidated Technical Assistance increased 135.3% YoY mainly reflecting higher EBITDA in Mexico in 4Q21.

 

Concession Fees increased 104.4% YoY, principally due to increases of 101.5% in Mexico, 165.7% in Colombia and 33.8% in Puerto Rico, mainly due to higher regulated revenues, a factor in the calculation of the fee.

 

Depreciation and Amortization increased 9.4% YoY, or Ps.42.7 million, principally due to increases of 9.4%, or Ps.17.1 million in Mexico, 11.8% or Ps.19.6 million in Puerto Rico and 5.7% or Ps.5.9 million in Colombia.

 

 

Consolidated Operating Profit (Loss) and EBITDA

 

In 4Q21, ASUR reported a 152.6% increase in Consolidated Operating Profit to Ps.2,789.4 million resulting in an Operating Margin of 41.1%, compared to a Ps.1,104.3 million profit and a 26.0% margin in 4Q20.

 

This performance resulted mainly from the recovery in passenger traffic following the gradual increase in travel demand as COVID-19 vaccination programs advance worldwide, and the resulting increase in revenues together with a marginal increase in costs.

 

Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Colombia, and Puerto Rico, and which is calculated as operating profit or loss divided by total revenues less construction services revenues, was 58.6% in 4Q21 compared with 45.3% in 4Q20 and 52.0% in 4Q19.

 

EBITDA increased 146.8%, or Ps.1,954.4 million, to Ps.3,285.4 million in 4Q21 from Ps.1,330.9 million in 4Q20. Compared to 4Q19, EBITDA increased 34.8%. By country of operations, EBITDA increased YoY by 146.6% or Ps.1,481.5 million to Ps.2,492.2 million in Mexico, by 77,3% or Ps.199.2 million, to Ps.457.0 million in Puerto Rico, and by 438.9%, or Ps.273.8 million to Ps.336.1 million in Colombia. Consolidated EBITDA margin in 4Q21 was 48.4% compared to 31.3% in 4Q20 and 53.6% in 4Q19.

 

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 69.0% in 4Q21, compared to 54.6% in 4Q20, and 63.7% in 4Q19.

 

Consolidated Comprehensive Financing Gain (Loss)

 

Table 4: Consolidated Comprehensive Financing Gain (Loss)

 

 

 

 

 

 

 

Fourth Quarter

% Chg

 

Twelve-Months

% Chg

 

2020

2021

 

2020

2021

Interest Income

42,031

66,826

59.0

 

262,370

202,146

(23.0)

Interest Expense

(210,113)

(223,977)

6.6

 

(926,312)

(842,386)

(9.1)

Foreign Exchange Gain (Loss), Net

(191,142)

1,121

n/a

 

245,076

108,601

(55.7)

Total

(359,224)

(156,030)

(56.6)

 

(418,866)

(531,639)

26.9

 

In 4Q21 ASUR reported a Ps.156.0 million Consolidated Comprehensive Financing Loss, compared to a Ps.359.2 million loss in 4Q20.

 

During 4Q21 ASUR reported a foreign exchange gain of Ps.1.1 million, resulting from the 0.9% quarterly average depreciation of the Mexican peso against the U.S. dollar (0.5% quarter-end appreciation) during the period together with a U.S. dollar net asset position. This compares to a Ps.191.1 million foreign exchange loss in 4Q20 resulting from the 7.2% quarterly average appreciation of the Mexican peso (10.1% quarter-end appreciation) on a U.S. dollar net asset position.

 

Interest expense increased Ps.13.9 million, or 6.6% YoY, mainly driven by a Ps.27.6 million or 45.3% increase in interest payments in Mexico due to a Ps.690.0 million drawdown in lines of credit in October 2021. This was partially offset by a Ps.15.0 million, or 41.6% decline in interest expenses in Colombia on fair value loan repayments recognized under IFRS 3.

 

Interest income increased Ps.24.8 million, or 59.0% YoY reflecting a higher cash balance position.

 

Income Taxes

 

Income Taxes for 4Q21 increased Ps.396.2 million YoY, principally due to the combination of:

 

ASUR 4Q21 Page 8 of 26

 

 

 

 

•

A Ps.482.4 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 COVID-19 in 4Q20.

 

•

A Ps.86.2 million decline in deferred income taxes. This mainly reflects a Ps.107.7 million decrease in deferred income taxes in Mexico, principally related to a higher tax benefit in certain airports, and a Ps.1.5 million tax benefit in Puerto Rico, partially offset by a decline of 23.1 million in the tax benefit in Puerto Rico.

 

 

Majority Net Income (Loss)

 

ASUR reported Majority Net Income of Ps.2,013.1 million for 4Q21, compared to a Majority Net Income of Ps.503.1 million in 4Q20. This resulted in earnings per common share in 4Q21 of Ps.6.7104, or earnings per ADS of US$3.2786 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.1.6769 and earnings per ADS of US$0.8193 for the same period last year.

 

Net Income (Loss)

 

ASUR reported Net Income of Ps.2,072.2 million in 4Q21, an increase of Ps.1,492.1 million or 257.2%, from Ps.580.1 million in 4Q20.

 

 

Consolidated Financial Position

 

On December 31, 2021, airport concessions represented 82.0% of the Company’s total assets, with current assets representing 17.6% and other assets representing 0.5%.

As of December 31, 2021, the Company had cash and cash equivalents of Ps.8,770.1 million, a 68.9% increase from Ps.5,192.6 million at December 31, 2020. Mexico, Puerto Rico and Colombia contributed with Ps.1,641.8 million, Ps.1,490.4 million, and Ps.445.2 million in cash and cash equivalents, respectively.

As of December 31, 2021, the valuation of ASUR’s investment in Aerostar, in accordance with IFRS 3 "Business Combinations," resulted in the following effects on the balance sheet: i) the recognition of a net intangible asset of Ps.5,816.9 million, ii) goodwill of Ps.977.8 million (net of an impairment of Ps.4,719.1 million), iii) deferred taxes of Ps.581.7 million, and iv) a minority interest of Ps.5,331.6 million within stockholders' equity.

The valuation of ASUR’s investment in Airplan (Colombia), in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on the balance sheet as of December 31, 2021: i) the recognition of a net intangible asset of Ps.1,151.2 million, ii) goodwill of Ps.1,605.6 million, iii) deferred taxes of Ps.196.2 million, and iv) Ps.497.1 million from the recognition of bank loans at fair value.

 

Stockholders’ equity at December 31, 2021 was Ps.45,770.0 million and total liabilities were Ps.20,060.7 million, representing 69.5% and 30.5% of total assets, respectively. Deferred liabilities represented 15.3% of ASUR’s total liabilities.

 

Total Debt at quarter-end declined 0.9% to Ps.13,779.5 million from Ps.13,900.4 million on December 31, 2020. This mainly reflects principal and interest payments of Ps.770.9 million, and a Ps.650.0 million loan obtained in Mexico in October 2021.

 

On December 31, 2021, 33.6% of ASUR’s total debt was denominated in Mexican pesos, 50.5% in U.S. Dollars (at Aerostar in Puerto Rico) and 15.9% in Colombian pesos.

 

Principal payments of Ps.164.9 million, or 1.2% of Total Debt mature in 1Q22, and a total of Ps.450.5 million, or 3.4% of Total Debt mature in 2022.

 

LTM Net Debt-to-LTM EBITDA stood at 0.5x at the close of 4Q21, while the Interest Coverage ratio was 8.4x. This compares with LTM Net Debt-to-LTM EBITDA of 1.8x and an Interest Coverage Ratio of 4.2x at December 31, 2020.

 

 

 

 

 

 

 

 

 

ASUR 4Q21 Page 9 of 26

 

 

 

 

Table 5: Consolidated Debt Indicators

 

 

 

 

December 31, 2020

September 30,

2021

December 31, 2021

Leverage

 

 

 

Total Debt/ LTM EBITDA (Times) 1

2.8

2.9

1.3

Total Net Debt/ LTM EBITDA (Times) 2

1.8

1.8

0.5

Interest Coverage Ratio 3

4.2

3.5

8.4

Total Debt

13,900,346

14,075,746

13,779,547

Short-term Debt

1,138,750

1,321,322

578,144

Long-term Debt

12,761,596

12,754,424

13,201,403

Cash & Cash Equivalents

5,192,628

5,192,628

8,770,062

Total Net Debt 4

8,707,718

8,883,118

5,009,485

 

 

 

 

1 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 Total Debt minus Cash & Cash Equivalents

 

Table 6: Consolidated Long-Term Debt Profile (millions)*

Original Amount

Aerostar

US$

Cancun Airport
Mexican Pesos (Thousand)

Airplan

Col Ps (Million)

US$ 350 M  

US$ 50 M

BBVA         2,000

Santander 2,650

Syndicated Loan 440,000

Principal Balance as of December 31, 2021

298,665

42,666

2,000,000

2,650,000

327,797

2022

10.246

1.464

 

 

41.800

2023

11.246

1.607

150.000

1.325.000

48.400

2024

12.388

1.770

200.000

1.325.000

59.400

2025

13.602

1.943

275.000

 

68.200

2026

14.994

2.142

375.000

 

72.600

2027

16.618

2.374

475.000

 

37.397

2028

16.231

2.319

525.000

 

 

2029

17.285

2.469

 

 

 

2030

20.940

2.991

 

 

 

2031

27.035

3.862

 

 

 

2032

34.406

4.915

 

 

 

2033

38.534

5.505

 

 

 

2034

42.582

6.083

 

 

 

2035

22.559

3.223

 

 

 

*Expressed in the original currency of each loan.

Note: The syndicated loans in Mexico were incurred in October 2017 and September 2021, the issuances of the Puerto Rico bonds were executed in March 2013 and June 2015, respectively, and the syndicated loan in Colombia was incurred in June 2015 with a grace period of three years.

 

 

Capital Expenditures

 

During 4Q21, ASUR made capital expenditures of Ps.2,258.2 million. Of this amount, Ps.2,159.7 million were allocated to modernize the Company´s Mexican airports pursuant to its master development plans, Ps.97.7 million were invested by Aerostar in Puerto Rico and Ps.0.8 million were invested in Colombia. This compares with Ps.1,526.7 million invested in 4Q20, of which Ps.1,448.8 million was invested in Mexico, Ps.75.2 million in Puerto Rico and Ps.2.8 million in Colombia. On an accumulated basis, ASUR invested a total of Ps.3,676.7 million in CAPEX during FY21, compared to Ps.3,328.6 million in FY20.

 

 

Key Events for the Quarter

 

Dividend Payment

On October 1, 2021, the Company paid an ordinary net cash dividend in the total amount of Ps.8.21 (eight pesos and twenty-one cents, Mexican legal tender) per share, which had been approved at ASUR’s General Ordinary Shareholders' Meeting held on April 23, 2020.

 

 

 

 

 

ASUR 4Q21 Page 10 of 26

 

 

 

 

 

 

Review of Mexico Operations

 

Table 7: Mexico Revenues & Commercial Revenues Per Passenger

 

 

 

 

 

 

 

Fourth Quarter

% Chg

 

Twelve-Months

% Chg

 

2020

2021

 

2020

2021

Total Passengers (in thousands)

5,004

8,847

76.8

 

16,616

29,277

76.2

 

 

 

 

 

 

 

 

Total Revenues

3,361,933

5,259,753

56.5

 

8,929,633

13,500,199

51.2

Aeronautical Services

958,094

1,945,275

103.0

 

3,115,335

6,206,649

99.2

Non-Aeronautical Services

664,784

1,381,581

107.8

 

2,517,816

4,384,946

74.2

Construction Revenues

1,739,055

1,932,897

11.1

 

3,296,482

2,908,604

(11.8)

Total Revenues Excluding Construction Revenues

1,622,878

3,326,856

105.0

 

5,633,151

10,591,595

88.0

 

 

 

 

 

 

 

 

Total Commercial Revenues

585,951

1,244,814

112.4

 

2,178,230

3,923,095

80.1

Commercial Revenues from Direct Operations

89,499

212,021

136.9

 

324,051

692,632

113.7

Commercial Revenues Excluding Direct Operations

496,452

1,032,793

108.0

 

1,854,179

3,230,463

74.2

 

 

 

 

 

 

 

 

Total Commercial Revenues per Passenger

117.1

140.7

20.2

 

131.1

134.0

2.2

Commercial Revenues from Direct Operations per Passenger 1

17.9

24.0

34.0

 

19.5

23.7

21.3

Commercial Revenues Excluding Direct Operations per Passenger

99.2

116.7

17.7

 

111.6

110.3

(1.1)

 

For the purposes of this table, approximately 24.5 and 42.1 thousand transit and general aviation passengers are included in 4Q20 and 4Q21 respectively, while 87.5 and 138.6 thousand transit and general aviation passengers are included in FY20 and FY21.

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

 

Mexico Revenues

 

Mexico Revenues for 4Q21 increased 56.5% YoY to Ps.5,259.7 million and 68.3% when compared to pre-pandemic levels of 4Q19.

 

Excluding construction, revenues increased 105.0% YoY, principally due to increases of 103.0% in revenues from aeronautical services and 107.8% in revenues from non-aeronautical services, resulting mainly from the 76.8% recovery in passenger traffic. Compared to pre-pandemic levels of 4Q19, revenues excluding construction increased 28.4%, reflecting growth of 35.2% in revenues from non-aeronautical services and 23.9% from aeronautical services.

 

Commercial Revenues increased 112.4% YoY, principally reflecting the 76.8% increase in passenger traffic, as shown in Table 7. Commercial Revenues per Passenger for 4Q21 were Ps.140.7 compared to Ps.117.1 in 4Q20 and Ps.108.8 in 4Q19.

 

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 9, during the last 12 months, ASUR opened a total of nine new commercial spaces, six of which are at Cancun Airport, two at Merida Airport, and one at Cozumel Airport. More details of these openings can be found on page 22 of this report.

 

 

Table 8: Mexico Commercial Revenue Performance

 

 

Table 9: Mexico Summary Retail and Other Commercial Space Opened since December 31, 2020

Business Line

YoY Chg

 

Type of Commercial Space 1

# Of Spaces Opened

4Q21

FY21

 

Duty Free

151.3%

89.4%

 

Cancun

6

Retail

116.8%

89.4%

 

Retail

1

Food & Beverage

108.0%

84.3%

 

Car Rentals

4

Banks & Foreign Exchange

103.8%

55.9%

 

Other Income

1

Car Rentals

98.5%

92.4%

 

8 Other Airports

3

Ground Transportation

90.8%

93.1%

 

Retail

1

Other Income

84.2%

35.0%

 

Car Rentals

2

Car Parking

74.6%

53.5%

 

Mexico

9

Teleservices

52.8%

20.7%

 

 

 

Advertising

35.0%

40.8%

 

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

Total Commercial Revenues

112.4%

80.1%

 

 

 

ASUR 4Q21 Page 11 of 26

 

 

 

 

 

Mexico Operating Costs and Expenses

 

Table 10: Mexico Operating Costs & Expenses

 

 

 

 

 

 

 

 

Fourth Quarter

% Chg

 

Twelve-Months

% Chg

 

2020

2021

 

2020

2021

Cost of Services

427,984

501,801

17.2

 

1,648,693

1,951,959

18.4

Administrative

57,807

56,895

(1.6)

 

232,935

263,156

13.0

Technical Assistance

53,257

127,175

138.8

 

175,615

391,698

123.0

Concession Fees

74,223

149,527

101.5

 

254,337

476,536

87.4

Depreciation and Amortization

183,277

200,426

9.4

 

726,679

808,031

11.2

Operating Costs and Expenses Excluding Construction Costs

796,548

1,035,824

30.0

 

3,038,259

3,891,380

28.1

Construction Costs

1,739,055

1,932,897

11.1

 

3,296,482

2,908,604

(11.8)

Total Operating Costs & Expenses

2,535,603

2,968,721

17.1

 

6,334,741

6,799,984

7.3

 

Total Mexico Operating Costs and Expenses for 4Q21 increased 17.1% YoY, or Ps.433.1. Excluding construction costs, operating costs and expenses increased 30.0% or Ps.239.3 million, mainly reflecting higher technical assistance and concession fees, as well as increases in energy, maintenance and security costs. Higher cost of sales at stores operated by ASUR and an increase in social security contributions also contributed to higher costs.

 

Cost of Services increased 17.2% YoY, mainly reflecting higher energy, maintenance and security expenses, together with higher cost of sales at stores operated directly by ASUR and an increase in social security contributions.

 

Administrative Expenses declined 1.6% YoY.

 

The Technical Assistance fee paid to ITA increased 138.8% YoY reflecting higher EBITDA in Mexico, a factor in the calculation of the fee.

 

Concession Fees, which include fees paid to the Mexican government, increased 101.5%, principally due to the increase in regulated revenues, a factor in the calculation of the concession fee.

 

Depreciation and Amortization increased 9.4% YoY, reflecting higher investments to date.

 

 

Mexico Consolidated Comprehensive Financing Gain (Loss)

 

Table 11: Mexico Comprehensive Financing Gain (Loss)

 

 

 

 

 

 

 

 

Fourth Quarter

% Chg

 

Twelve-Months

% Chg

 

2020

2021

 

2020

2021

Interest Income

40,377

60,496

49.8

 

256,227

189,402

(26.1)

Interest Expense

(60,893)

(88,495)

45.3

 

(305,163)

(290,166)

(4.9)

Foreign Exchange Gain (Loss), Net

(190,728)

885

n/a

 

245,682

108,398

(55.9)

Total

(211,244)

(27,114)

(87.2)

 

196,746

7,634

(96.1)

 

 

In 4Q21, ASUR’s Mexico operations reported a Ps.27.1 million Comprehensive Financing Loss, compared to a Ps.211.2 million loss in 4Q20. This was mainly due to a foreign exchange gain of Ps.0.9 million in 4Q21 resulting from the 0.9% average quarterly depreciation of the Mexican peso (0.5% appreciation at quarter-end) against the U.S. dollar on a foreign currency net asset position. This compares with a Ps.190.8 million foreign exchange loss 4Q20, resulting from the 7.2% average quarterly appreciation of the Mexican peso during that period (10.1% at quarter-end) and a foreign currency net asset position.

 

Interest expense increased 45.3% YoY reflecting a higher debt balance as a result of the Ps.690 million in lines of credit drawn down in October 2021, while interest income increased 49.8% as a result of a higher cash balance.

 

 


ASUR 4Q21 Page 12 of 26

 

 

 

 

 

Mexico Operating Profit (Loss) and EBITDA

 

Table 12: Mexico Profit & EBITDA

 

 

 

 

 

 

 

 

Fourth Quarter

% Chg

 

Twelve-Months

% Chg

 

2020

2021

 

2020

2021

Total Revenue

3,361,933

5,259,753

56.5

 

8,929,633

13,500,199

51.2

Total Revenues Excluding Construction Revenues

1,622,878

3,326,856

105.0

 

5,633,151

10,591,595

88.0

Operating Profit

826,330

2,291,032

177.3

 

2,594,892

6,700,215

158.2

Operating Margin

24.6%

43.6%

1898 bps

 

29.1%

49.6%

2057 bps

Adjusted Operating Margin 1

50.9%

68.9%

1795 bps

 

46.1%

63.3%

1720 bps

Net Profit 2

447,730

1,736,888

287.9

 

2,040,625

5,087,072

149.3

EBITDA

1,010,758

2,492,227

146.6

 

3,331,483

7,515,880

125.6

EBITDA Margin

30.1%

47.4%

1732 bps

 

37.3%

55.7%

1836 bps

Adjusted EBITDA Margin 3

62.3%

74.9%

1263 bps

 

59.1%

71.0%

1182 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.113.4 million and 131.7 million in 4Q21 and 4Q20, respectively, for Airplan Ps.195.3 million and Ps.55.3 million in 4Q21 and 4Q20, 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.2,291.0 million in 4Q21, resulting in an Operating Margin of 43.6%, compared with an Operating Gain of Ps.826.3 million and an Operating Margin of 24.6% in 4Q20. In 4Q19, ASUR reported a pre-pandemic Operating Margin of 52.6%.

 

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 68.9% in 4Q21, compared to 50.9% in 4Q20, and 63.4% in 4Q19.

 

EBITDA increased Ps.1,481.5 million to Ps.2,492.2 million in 4Q21, from Ps.1,010.7 million in 4Q20 and compared to Ps.1,822.1 million reported in 4Q19. EBITDA margin in 4Q21 was 47.4%, compared with EBITDA Margin of 30.1% in 4Q20 and 58.3% in 4Q19.

 

During 4Q21, ASUR’s operations in Mexico recognized Ps.1,932.9 million in “Construction Revenues,” compared with Ps.1,739.0 million in 4Q20, reflecting higher capital expenditures and investments in concessioned assets.

 

Adjusted EBITDA Margin in 4Q21, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets, was 74.9%, compared with 62.3% in 4Q20, and 70.3% in 4Q19.

 

Mexico Tariff Regulation

 

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

 

ASUR’s accumulated regulated revenues at its Mexican operations, as of December 31, 2021, totaled Ps.6,492.7 million, with an average tariff per workload unit of Ps.205.2 (December 2020 pesos), accounting for approximately 61.3% of total Mexico income (excluding construction income) for the period.

 

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

 

 

Mexico Capital Expenditures

 

During 4Q21, ASUR’s operations in Mexico made capital investments of Ps.2,159.7 million in connection with the Company’s plan to modernize its Mexican airports pursuant to its master development plans. This compares with capital expenditures of Ps.1,448.8 million in 4Q20.

 

On an accumulated basis, ASUR made investments of Ps.3,441.8 million in FY21, compared to Ps.2,921.1 million in FY20.

ASUR 4Q21 Page 13 of 26

 

 

 

 

Review of Puerto Rico Operations

 

The following discussion compares Aerostar’s independent results for the three- and twelve-month periods ended December 31, 2020 and 2021.

 

As of December 31, 2021, the valuation of ASUR’s investment in Aerostar, in accordance with IFRS 3 "Business Combinations," resulted in the following effects on the balance sheet: i) the recognition of a net intangible asset of Ps.5,816.9 million, ii) goodwill of Ps.977.8 million (net of an impairment of Ps.4,719.1 million), iii) deferred taxes of Ps.581.7 million, and iv) a minority interest of Ps.5,331.6 million within stockholders' equity.

 

Table 13: Puerto Rico Revenues & Commercial Revenues Per Passenger

 

In thousands of Mexican pesos

 

 

 

 

 

Fourth Quarter

% Chg

 

Twelve-Months

% Chg

 

2020

2021

 

2020

2021

 

Total Passengers (in thousands)

1,340

2,509

87.3

 

4,845

9,684

99.9

 

 

 

 

 

 

 

 

Total Revenues

674,484

976,903

44.8

 

2,902,238

3,652,835

25.9

Aeronautical Services

436,126

527,498

21.0

 

1,808,102

2,027,188

12.1

Non-Aeronautical Services

166,361

358,552

115.5

 

740,450

1,394,346

88.3

Construction Revenues

71,997

90,853

26.2

 

353,686

231,301

(34.6)

Total Revenues Excluding Construction Revenues

602,487

886,050

47.1

 

2,548,552

3,421,534

34.3

 

 

 

 

 

 

 

 

Total Commercial Revenues

164,451

356,332

116.7

 

732,239

1,384,946

89.1

Commercial Revenues from Direct Operations

30,700

78,044

154.2

 

142,135

316,942

123.0

Commercial Revenues Excluding Direct Operations

133,751

278,288

108.1

 

590,104

1,068,004

81.0

 

 

 

 

 

 

 

 

Total Commercial Revenues per Passenger

122.8

142.0

15.7

 

151.1

143.0

(5.4)

Commercial Revenues from Direct Operations per Passenger 1

22.9

31.1

35.7

 

29.3

32.7

11.6

Commercial Revenues Excluding Direct Operations per Passenger

99.8

110.9

11.1

 

121.8

110.3

(9.5)

Figures in pesos at the average exchange rate Ps.20.7483 = US. 1.00

 

 

 

 

1 Represents ASUR´s operations in convenience stores in Puerto Rico.

 

 

 

 

 

Puerto Rico Revenues

 

Total Puerto Rico Revenues for 4Q21 increased 44.8% YoY to Ps.976.9 million.

 

Excluding construction services, revenues rose 47.1%, mainly due to the following YoY increases:

 

 

•

21.0% in revenues from aeronautical services; and

 

•

115.5% in revenues from non-aeronautical services, principally due to the 87.3% increase in passenger traffic.

 

Commercial Revenues per Passenger reached Ps.142.0 in 4Q21, compared with Ps.122.8 in 4Q20 and pre-pandemic levels of Ps.105.2 in 4Q19.

 

No commercial spaces were opened at LMM Airport over the last 12 months, as shown in Table 15. More details can be found on page 22 of this report.

 

ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, parking lot fees, banking and currency exchange services, and other.

 

 

 

 

 

 

 

 

 

 

ASUR 4Q21 Page 14 of 26

 

 

 

 

 

Table 14: Puerto Rico Commercial Revenue Performance

 

Table 15: Puerto Rico Summary Retail and Other Commercial Space Opened since December 31, 2020

Business Line

YoY Chg

 

Type of Commercial Space 1

# of Spaces Opened

4Q21

12M21

 

Food and beverage

325.4%

72.5%

 

 No commercial spaces opened during this period

0

Ground Transportation

167.3%

96.2%

 

Total New Commercial Spaces

     0

Retail

143.6%

128.2%

 

 

 

Others revenues

130.9%

37.1%

 

 

 

Car parking

130.7%

103.7%

 

 

 

Car rentals

109.0%

99.0%

 

 

 

Duty Free

4.6%

(4.4%)

 

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

Banks and foreign exchange

(4.4%)

(16.2%)

 

Advertising

(14.6%)

7.7%

 

Total Commercial Revenues

116.7%

89.1%

 

 

 

 

 

Puerto Rico Operating Costs and Expenses

 

Table 16: Puerto Rico Operating Costs & Expenses

In thousands of Mexican pesos

 

 

 

 

 

 

 

Fourth Quarter

% Chg

 

Twelve-Months

% Chg

 

2020

2021

 

2020

2021

 

Cost of Services

86.571

387.445

347.5

 

905.951

991.929

9.5

Concession Fees

31.083

41.587

33.8

 

131.440

162.888

23.9

Depreciation and Amortization

166.456

186.104

11.8

 

746.524

740.075

(0.9)

Operating Costs and Expenses Excluding Construction Costs

284.110

615.136

116.5

 

1.783.915

1.894.892

6.2

Construction Costs

71.997

90.853

26.2

 

353.686

231.301

(34.6)

Total Operating Costs & Expenses

356.107

705.989

98.3

 

2.137.601

2.126.193

(0.5)

Figures in pesos at the average exchange rate Ps.20.7483 = US. 1.00

 

During 4Q21, total Operating Costs and Expenses at LMM Airport increased 98.3% YoY to Ps.706.0 million. Construction costs in the quarter increased 26.2% to Ps.90.8 million from Ps.72.0 million in 4Q20.

 

Excluding construction costs, operating costs and expenses increased 116.5% YoY, or Ps.331.0 million, to Ps.615.1 million. This mainly reflects reimbursement of expenses under the Cares Act for a total of Ps.227.0 million in 4Q20. Excluding this impact, these costs would have increased 23.5% or Ps.73.9 million, principally due to increases in the maintenance provision, in the cost of sales of directly operated convenience stores, and in concession fees, depreciation and amortization.

 

Cost of Services increased 347.5% YoY, or Ps.300.9 million, principally reflecting the Ps.227.0 million recovery in costs during 4Q20 under the Cares Act. Excluding this impact, cost of services would have increased 23.5%, or Ps.73.9 million in 4Q21, mainly reflecting a higher maintenance provision, and higher cost of sales in convenience stores directly operated by ASUR.

 

Concession Fees paid to the Puerto Rican government increased Ps.10.5 million, in line with the concession agreement.

 

Depreciation and Amortization increased 11.8% YoY, or Ps.19.6 million, principally reflecting the FX translation impact as the average Mexican peso exchange rate fluctuated to Ps.20.7483 per dollar in 4Q21, from Ps.20.5486 per dollar in 4Q20.

 

 

Puerto Rico Comprehensive Financing Gain (Loss)

 

Table 17: Puerto Rico Comprehensive Financing Gain (Loss)

 

 

 

 

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

 

Fourth Quarter

% Chg

 

Twelve-Months

% Chg

 

2020

2021

 

2020

2021

 

Interest Income

224

1.200

435.7

 

3.301

2.619

(20.7)

Interest Expense

(114.719)

(114.440)

(0.2)

 

(498.744)

(455.945)

(8.6)

Total

(114.495)

(113.240)

(1.1)

 

(495.443)

(453.326)

(8.5)

Figures in pesos at the average exchange rate Ps.20.7483 = US. 1.00

 

 

 

 

 

 

 

ASUR 4Q21 Page 15 of 26

 

 

 

 

During 4Q21, Puerto Rico reported a Ps.113.2 million Comprehensive Financing Loss, compared with a Ps.114.5 million loss in 4Q20, mainly reflecting the FX conversion impact in connection with the appreciation of the Mexican peso against the US dollar together with the full repayment of the subordinated term loan with Cancun airport in April 2021.

 

On March 22, 2013, Aerostar carried out a private bond placement for a total of US$350.0 million to finance a portion of the Concession Agreement payment to the Puerto Rico Ports Authority and certain other costs and expenditures associated with it.

 

On June 24, 2015, Aerostar carried out a private bond placement for a total of US$50.0 million. In December 2015, Aerostar contracted a line of revolving credit. On April 1, 2020, Aerostar drew down US$10.0 million from this line of revolving credit for working capital purposes, which was fully repaid in 4Q21.

 

In December 2020, Aerostar entered into a revolving line of credit with Banco Popular de Puerto Rico in the amount of US$20.0 million, with a three-year term. Funds have not yet been withdrawn. All long-term debt is collateralized by Aerostar’s total assets.

 

Puerto Rico Operating Profit and EBITDA

 

Table 18: Puerto Rico Profit & EBITDA

 

 

 

 

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

 

Fourth Quarter

% Chg

 

Twelve-Months

% Chg

 

2020

2021

 

2020

2021

Total Revenue

674.484

976.903

44.8

 

2.902.238

3.652.835

25.9

Total Revenues Excluding Construction Revenues

602.487

886.050

47.1

 

2.548.552

3.421.534

34.3

Other Revenues

--

--

 

 

158.881

         --          

n/a

Operating Profit

318.377

270.914

(14,9)

 

923.518

1.526.642

65.3

Operating Margin

47.2%

27.7%

-1947 bps

 

31.8%

41.8%

997 bps

Adjusted Operating Margin1

52.8%

30.6%

-2227 bps

 

36.2%

44.6%

838 bps

Net Income

192.484

147.649

(23.3)

 

385.545

1.034.451

168.3

EBITDA

257.807

457.018

77.3

 

1.329.920

1.914.386

43,9

EBITDA Margin

38.2%

46.8%

856 bps

 

45.8%

52.4%

658 bps

Adjusted EBITDA Margin2

42.8%

51.6%

879 bps

 

52.2%

56.0%

377 bps

Figures in pesos at the average exchange rate Ps.20.7483 = US. 1.00

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 in 4Q21 increased to Ps.270.9 million resulting in an Operating Margin of 27.7%, mainly reflecting higher non-aeronautical revenues and a marginal reduction in expenses. This compares with operating profit of Ps.318.4 million and an operating margin of 47.2% in 4Q20, and pre-pandemic Operating Profit of Ps.237.9 million and an Operating Margin of 27.6% in 4Q19.

 

EBITDA increased 77.3% to Ps.457.0 million in 4Q21 from Ps.257.8 million in 4Q20, and from Ps.399.8 million in 4Q19. EBITDA Margin increased 46.8% in 4Q21 compared to 38.2% in 4Q20 and 46.4% in 4Q19. The Adjusted EBITDA Margin (which excludes IFRIC 12) increased to 51.6% in 4Q21 from 42.8% in 4Q20, while in 4Q19 it was 53.6%.

 

Puerto Rico Capital Expenditures

 

During 4Q21, Aerostar made capital investments of Ps.97.7 million compared with investments of Ps.75.2 million in 4Q20.

 

On an accumulated basis, during FY21 Aerostar made capital investments of Ps.230.3 million in Puerto Rico compared with Ps.400.5 million in FY20.

 

 

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

ASUR 4Q21 Page 16 of 26

 

 

 

and structure defined under the Airport Use Agreement to establish the contribution of each airline for each particular year.

 

 

 

Review of Colombia Operations

 

The following discussion compares Airplan's independent results for the three- and twelve-month periods ended December 31, 2020 and 2021.

 

The valuation of ASUR’s investment in Airplan, in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on the balance sheet as of December 31, 2021: i) the recognition of a net intangible asset of Ps.1,151.2 million, ii) goodwill of Ps.1,605.6 million, iii) deferred taxes of Ps.196.2 million, and iv) Ps.497.1 million from the recognition of bank loans at fair value.

 

Table 19: Colombia Revenues & Commercial Revenues Per Passenger                                          

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

Fourth Quarter

% Chg

 

Twelve-Months

% Chg

 

2020

2021

 

2020

2021

Total Passengers (in thousands)

1,434

3,701

158.1

 

4,324

10,822

150.3

 

 

 

 

 

 

 

 

Total Revenues

217,241

552,908

154.5

 

792,860

1,631,627

105.8

Aeronautical Services

141,192

407,736

188.8

 

488,981

1,174,762

140.2

Non-Aeronautical Services

73,222

143,162

95.5

 

296,961

450,604

51.7

Construction Revenues 1

2,827

2,010

(28.9)

 

6,918

6,261

(9.5)

Total Revenues Excluding Construction Revenues

214,414

550,898

156.9

 

785,942

1,625,366

106.8

Total Commercial Revenues

72,882

142,907

96.1

 

296,667

448,540

51.2

Total Commercial Revenues per Passenger

50.8

38.6

(24.0)

 

68.6

41.4

(39.7)

Figures in pesos at an average exchange rate of COP186.9507 = Ps.1.00.

Note: For the purposes of this table, approximately 40.2 and 91.2 thousand transit and general aviation passengers are included in 4Q20 and 4Q21, while 108.5 and 291.8 thousand transit and general aviation passengers are included in FY20 and FY21.

 

 

Colombia Revenues

Total Colombia Revenues for 4Q21 increased 154.5% YoY to Ps.552.9 million and reached 99.0% of 4Q19 pre-pandemic levels. Excluding construction services, revenues increased 156.9% YoY mainly reflecting increases of 95.5% in revenues from non-aeronautical services, principally the 96.1% increase in commercial revenues, and 188.8% in revenues from aeronautical services.

 

Commercial Revenues per Passenger was Ps.38.6 compared with Ps.50.8 in 4Q20 and Ps.41.0 in 4Q19.

 

As shown in Table 21, during the last twelve months, 26 new commercial spaces were opened in Colombia. More details of these openings can be found on page 22 of this report.

 

ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, parking lot fees, teleservices, banking and currency exchange services and other.

 

 

Table 20: Colombia Commercial Revenue Performance

 

 

 

Table 21: Colombia Summary Retail and Other Commercial Space Opened since December 31, 2020

Business Line

YoY Chg

 

Type of Commercial Space 1

# of Spaces Opened

4Q21

12M21

 

Ground Transportation

684.4%

25.1%

 

Retail

5

Duty free

526.8%

62.4%

 

Banks and foreign exchange

1

Car rental

358.9%

184.5%

 

Teleservices

3

Retail

229.1%

122.4%

 

Others revenues

17

Advertising

228.6%

80.3%

 

Total Commercial Spaces

26

Food and beverage

181.9%

92.1%

 

 

 

Car parking

134.1%

71.0%

 

 

 

Banks and foreign exchange

54.8%

41.9%

 

 

 

Others revenues

51.3%

34.4%

 

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

Teleservices

(32.4%)

(8.4%)

 

Total Commercial Revenues

96.1%

51.2%

 

 

 

 

ASUR 4Q21 Page 17 of 26

 

 

 

 

 

Colombia Costs & Expenses

 

Table 22:  Colombia Costs & Expenses

 

 

 

 

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

 

Fourth Quarter

% Chg

 

Nine-Months

% Chg

 

2020

2021

 

2020

2021

Cost of Services

111,780

109,895

(1.7)

 

413,929

437,832

5.8

Technical Assistance

790

-

n/a

 

3,082

2,843

(7.8)

Concession Fees

39,471

104,867

165.7

 

149,602

308,638

106.3

Depreciation and Amortization

102,765

108,636

5.7

 

461,563

445,236

(3.5)

Operating Costs and Expenses Excluding Construction Costs

254,806

323,398

26.9

 

1,028,176

1,194,549

16.2

Construction Costs

2,827

2,010

(28.9)

 

6,918

6,261

(9.5)

Total Operating Costs & Expenses

257,633

325,408

26.3

 

1,035,094

1,200,810

16.0

Figures in pesos at an average exchange rate of COP186.9507 = Ps.1.00.

 

Total Operating Costs and Expenses in Colombia increased 26.3% YoY to Ps.325.4 million in 3Q21. Excluding construction costs, operating costs and expenses increased 26.9% YoY to Ps.323.4 million.

 

Cost of Services declined by 1.7%, or Ps.1.9 million.

 

Construction Costs decreased 28.9% YoY, or Ps.0.8 million, reflecting lower complementary works to concessioned assets during compared 4Q20.

 

Concession Fees, which include fees paid to the Colombian government, increased 165.7% YoY, mainly reflecting the increase in regulated and non-regulated revenues during the period.

 

Depreciation and Amortization increased Ps.5.7 million, 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 23: Colombia, Comprehensive Financing Gain (Loss)

 

 

 

 

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

 

Fourth Quarter

% Chg

 

Twelve-Months

% Chg

 

2020

2021

 

2020

2021

Interest Income

2,962

5,130

73.2

 

21,083

11,207

(46.8)

Interest Expense

(36,033)

(21,042)

(41.6)

 

(140,646)

(97,357)

(30.8)

Foreign Exchange Gain (Loss), Net

(414)

236

n/a

 

(606)

203

n/a

Total

(33,485)

(15,676)

(53.2)

 

(120,169)

(85,947)

(28.5)

Figures in pesos at an average exchange rate of COP186.9507 = Ps.1.00.

 

 

During 4Q21, Airplan reported a Ps.15.7 million Comprehensive Financing Loss, compared with a Ps.33.5 million loss in 4Q20. This was mainly driven by a 41.6% decline in interest expenses on fair value loan repayments recognized under IFRS 3, partially offset by a 73.2% increase in interest earned.  

 

On June 1, 2015, Airplan entered into 12-Year Syndicated Loan Facility with eight banks, with a 3-year grace period and maintained a net balance of Ps.2.196.7 million as of December 31, 2021.

 

On August 11, 2020, Airplan entered into a Ps.67.1 million loan agreement with Bancolombia with a 10-month maturity. This loan was fully paid down in 3Q21.

 

During 4Q21, Airplan made principal payments of Ps.40.0 million.

 

 


ASUR 4Q21 Page 18 of 26

 

 

 

 

Colombia Operating Profit (Loss) and EBITDA

 

Table 24:  Colombia Profit & EBITDA

 

 

 

 

 

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

 

 

Fourth Quarter

% Chg

 

Twelve-Months

% Chg

 

2020

2021

 

2020

2021

Total Revenue

217,241

552,908

154.5

 

792,860

1,631,627

105.8

Total Revenues Excluding Construction Revenues

214,414

550,898

156.9

 

785,942

1,625,366

106.8

Operating Profit

(40,392)

227,500

n/a

 

(242,234)

430,817

n/a

Operating Margin

(18.6%)

41.1%

5974 bps

 

(30.6%)

26.4%

5696 bps

Adjusted Operating Margin1

(18.8%)

41.3%

6013 bps

 

(30.8%)

26.5%

5733 bps

Net Profit

(60,143)

187,646

n/a

 

(299,633)

276,005

n/a

EBITDA

62,373

336,137

438.9

 

219,329

876,053

299.4

EBITDA Margin

28.7%

60.8%

3208 bps

 

27.7%

53.7%

2603 bps

Adjusted EBITDA Margin2

29.1%

61.0%

3193 bps

 

27.9%

53.9%

2599 bps

Figures in pesos at an average exchange rate of COP186.9507 = Ps.1.00.

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.

 

 

ASUR’s operations in Colombia reported an Operating Gain of Ps.227.5 million in 4Q21 compared with an Operating Loss of Ps.40.4 million in 4Q20 reflecting the impact of COVID-19. Operating Margin was 41.1% in 4Q21 compared to negative operating margin of 18.6% in 4Q20, and a pre-pandemic operating margin of 19.6% in 4Q19. The Adjusted Operating Margin, which excludes the impact of IFRIC 12 with respect to construction of or improvements to concessioned assets, was 41.3% in 4Q21 compared with negative 18.8% in 4Q20, and positive 22.4% in 4Q19.

 

During 4Q21, EBITDA was Ps.336.1 million resulting in an EBITDA Margin of 60.8%. This compares with EBITDA of Ps.62.4 million in 4Q20 and an EBITDA Margin of 28.7%, while in 4Q19 EBITDA Margin was 38.4%.

 

The Adjusted EBITDA Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements to concessioned assets, was 61.0% in 4Q21, compared to 29.1% in 4Q20, mainly due to the decline in revenues resulting from Covid-19, while in 4Q19 Adjusted EBITDA Margin was 43.9%.

 

 

Colombia Capital Expenditures

 

During 4Q21, Airplan made capital investments of Ps.0.8 million compared to Ps.2.8 million in 4Q20. Accumulated capex for FY21 amounted to Ps.4.5 million, while in FY20 ASUR made capital investments of Ps.6.9 million Airplan.

 

 

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 for 4Q21 amounted to Ps.407.7 million.

 

 

 

 

 

 

 

 

 

 

 

ASUR 4Q21 Page 19 of 26

 

 

 

 

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 Mexican Stock Exchange Internal Rules Article 4.033.01, 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 regarding the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR

ASUR 4Q21 Page 20 of 26

 

 

 

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 –

 

 


ASUR 4Q21 Page 21 of 26

 

 

 

 

 

Passenger Traffic Breakdown by Airport

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mexico Passenger Traffic 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

% Chg

 

 

Twelve - Months

 

% Chg

 

 

 

2020

 

2021

 

 

 

 

2020

 

2021

 

 

 

Domestic Traffic

 

3,112,983

 

 

4,380,602

 

 

40.7

 

 

 

9,246,112

 

 

15,057,198

 

 

62.8

 

CUN

Cancun

 

1,954,143

 

 

2,538,943

 

 

29.9

 

 

 

5,454,995

 

 

9,081,354

 

 

66.5

 

CZM

Cozumel

 

23,356

 

 

52,964

 

 

126.8

 

 

 

69,727

 

 

174,348

 

 

150.0

 

HUX

Huatulco

 

107,654

 

 

210,458

 

 

95.5

 

 

 

321,538

 

 

655,550

 

 

103.9

 

MID

Merida

 

356,945

 

 

615,344

 

 

72.4

 

 

 

1,213,897

 

 

1,889,785

 

 

55.7

 

MTT

Minatitlan

 

21,943

 

 

24,301

 

 

10.7

 

 

 

66,475

 

 

92,721

 

 

39.5

 

OAX

Oaxaca

 

155,809

 

 

241,784

 

 

55.2

 

 

 

527,967

 

 

786,809

 

 

49.0

 

TAP

Tapachula

 

89,405

 

 

120,474

 

 

34.8

 

 

 

273,727

 

 

409,730

 

 

49.7

 

VER

Veracruz

 

214,412

 

 

302,439

 

 

41.1

 

 

 

695,571

 

 

1,024,610

 

 

47.3

 

VSA

Villahermosa

 

189,316

 

 

273,895

 

 

44.7

 

 

 

622,215

 

 

942,291

 

 

51.4

 

International Traffic

 

1,866,949

 

 

4,424,676

 

 

137.0

 

 

 

7,282,546

 

 

14,081,243

 

 

93.4

 

CUN

Cancun

 

1,771,787

 

 

4,174,845

 

 

135.6

 

 

 

6,804,153

 

 

13,237,113

 

 

94.5

 

CZM

Cozumel

 

44,360

 

 

98,169

 

 

121.3

 

 

 

198,563

 

 

357,327

 

 

80.0

 

HUX

Huatulco

 

2,829

 

 

17,627

 

 

523.1

 

 

 

81,190

 

 

36,600

 

 

(54.9

)

MID

Mérida

 

17,092

 

 

52,786

 

 

208.8

 

 

 

83,411

 

 

189,718

 

 

127.4

 

MTT

Minatitlan

 

1,553

 

 

1,342

 

 

(13.6

)

 

 

3,820

 

 

5,823

 

 

52.4

 

OAX

Oaxaca

 

16,170

 

 

44,266

 

 

173.8

 

 

 

62,811

 

 

127,128

 

 

102.4

 

TAP

Tapachula

 

1,405

 

 

4,401

 

 

213.2

 

 

 

6,748

 

 

14,519

 

 

115.2

 

VER

Veracruz

 

7,306

 

 

19,672

 

 

169.3

 

 

 

25,588

 

 

78,850

 

 

208.2

 

VSA

Villahermosa

 

4,447

 

 

11,568

 

 

160.1

 

 

 

16,262

 

 

34,165

 

 

110.1

 

Total Traffic México

 

4,979,932

 

 

8,805,278

 

 

76.8

 

 

 

16,528,658

 

 

29,138,441

 

 

76.3

 

CUN

Cancun

 

3,725,930

 

 

6,713,788

 

 

80.2

 

 

 

12,259,148

 

 

22,318,467

 

 

82.1

 

CZM

Cozumel

 

67,716

 

 

151,133

 

 

123.2

 

 

 

268,290

 

 

531,675

 

 

98.2

 

HUX

Huatulco

 

110,483

 

 

228,085

 

 

106.4

 

 

 

402,728

 

 

692,150

 

 

71.9

 

MID

Merida

 

374,037

 

 

668,130

 

 

78.6

 

 

 

1,297,308

 

 

2,079,503

 

 

60.3

 

MTT

Minatitlan

 

23,496

 

 

25,643

 

 

9.1

 

 

 

70,295

 

 

98,544

 

 

40.2

 

OAX

Oaxaca

 

171,979

 

 

286,050

 

 

66.3

 

 

 

590,778

 

 

913,937

 

 

54.7

 

TAP

Tapachula

 

90,810

 

 

124,875

 

 

37.5

 

 

 

280,475

 

 

424,249

 

 

51.3

 

VER

Veracruz

 

221,718

 

 

322,111

 

 

45.3

 

 

 

721,159

 

 

1,103,460

 

 

53.0

 

VSA

Villahermosa

 

193,763

 

 

285,463

 

 

47.3

 

 

 

638,477

 

 

976,456

 

 

52.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Passenger Traffic, San Juan Airport (LMM)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

% Chg

 

 

Twelve - Months

 

% Chg

 

 

 

2020

 

2021

 

 

 

 

2020

 

2021

 

 

 

SJU Total 1

 

1,339,560

 

 

2,508,835

 

 

87.3

 

 

 

4,845,353

 

 

9,684,227

 

 

99.9

 

Domestic Traffic

 

 

1,281,830

 

 

2,326,949

 

 

81.5

 

 

 

4,547,541

 

 

9,138,875

 

 

101.0

 

International Traffic

 

 

57,730

 

 

181,886

 

 

215.1

 

 

 

297,812

 

 

545,352

 

 

83.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colombia, Passenger Traffic Airplan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

% Chg

 

 

Twelve - Months

 

% Chg

 

 

 

2020

 

2021

 

 

 

 

2020

 

2021

 

 

 

Domestic Traffic

 

1,213,351

 

 

3,072,462

 

 

153.2

 

 

 

3,625,324

 

 

8,984,220

 

 

147.8

 

MDE

Medellín (Rio Negro)

 

774,120

 

 

2,215,139

 

 

186.1

 

 

 

2,481,885

 

 

6,309,014

 

 

154.2

 

EOH

Medellín

 

189,669

 

 

315,780

 

 

66.5

 

 

 

464,601

 

 

1,008,756

 

 

117.1

 

MTR

Montería

 

143,325

 

 

365,612

 

 

155.1

 

 

 

418,044

 

 

1,098,362

 

 

162.7

 

APO

Carepa

 

37,751

 

 

70,919

 

 

87.9

 

 

 

90,205

 

 

224,100

 

 

148.4

 

UIB

Quibdó

 

60,181

 

 

91,895

 

 

52.7

 

 

 

148,938

 

 

302,911

 

 

103.4

 

CZU

Corozal

 

8,305

 

 

13,117

 

 

57.9

 

 

 

21,651

 

 

41,077

 

 

89.7

 

International Traffic

 

180,356

 

 

537,269

 

 

197.9

 

 

 

590,111

 

 

1,545,885

 

 

162.0

 

MDE

Medellín (Rio Negro)

 

180,356

 

 

537,269

 

 

197.9

 

 

 

590,111

 

 

1,545,885

 

 

162.0

 

EOH

Medellín

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MTR

Montería

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APO

Carepa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UIB

Quibdó

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CZU

Corozal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Traffic Colombia

 

1,393,707

 

 

3,609,731

 

 

159.0

 

 

 

4,215,435

 

 

10,530,105

 

 

149.8

 

MDE

Medellín (Rio Negro)

 

954,476

 

 

2,752,408

 

 

188.4

 

 

 

3,071,996

 

 

7,854,899

 

 

155.7

 

EOH

Medellín

 

189,669

 

 

315,780

 

 

66.5

 

 

 

464,601

 

 

1,008,756

 

 

117.1

 

MTR

Montería

 

143,325

 

 

365,612

 

 

155.1

 

 

 

418,044

 

 

1,098,362

 

 

162.7

 

APO

Carepa

 

37,751

 

 

70,919

 

 

87.9

 

 

 

90,205

 

 

224,100

 

 

148.4

 

UIB

Quibdó

 

60,181

 

 

91,895

 

 

52.7

 

 

 

148,938

 

 

302,911

 

 

103.4

 

CZU

Corozal

 

8,305

 

 

13,117

 

 

57.9

 

 

 

21,651

 

 

41,077

 

 

89.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, and SJU include transit passengers and general aviation.

 

ASUR 4Q21 Page 22 of 26

 

 

 

 

 

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

Comercial Spaces

 

 

 

ASUR Retail and Other Commercial Spaces Opened since December 31, 2020*

 

 

Business Name

Type

Opening Date

MEXICO

Cancun

Alquiladora de vehículos (HERTZ)

Car Rental

February 2021

Alquiladora de vehículos (HERTZ)

Car Rental

February 2021

Alquiladora de vehículos (HERTZ)

Car Rental

February 2021

Alquiladora de vehículos (HERTZ)

Car Rental

February 2021

Experiencias xcaret

Other Revenue

March 2021

Red Importadora, SA de CV (Gowin)

Retail

Septiember 2021

Cozumel

Morena Mia Beauty Group

Retail

Septiember 2021

Mérida

Click mobility (Alamo)

Car Rental

January 2021

Turismo Gargo

Car Rental

April 2021

SAN JUAN, PUERTO RICO

 

 

 

 

 

COLOMBIA

 

 

Rionegro

 

 

Global Lounge Colombia SAS

Other Revenue

February 2021

Globoshops S.A.S.

Retail

February 2021

Davivienda S.A

Banks and Foreign Exchange

April 2021

Tampa Cargo S.A.S.

Other Revenue

May 2021

Aerovias del Continente Americano S.A. Avianca

Other Revenue

May 2021

Cosmetika S.A.S.

Retail

July 2021

Kuehene & Nagel S.A.

Other Revenue

August 2021

Aerovias del Continente Americano S.A. Avianca

Other Revenue

September 2021

Aerovias del Continente Americano S.A. Avianca

Other Revenue

September 2021

Lasa-Sociedad de Apoyos Aeronauticos

Other Revenue

October 2021

Olaya herrera

 

 

Deparatamento de Antioquia

Other Revenue

January 2021

Fondo de Valoración del Municipio de Medellín

Other Revenue

January 2021

Aeroinversiones y Negocios S.A.S

Other Revenue

January 2021

Lico Distribuciones S.A.S.

Other Revenue

March 2021

Moon Flight Services S.A.S

Other Revenue

April 2021

Easyfly S. A.

Other Revenue

July 2021

Hoteles Regatta S.A.S.

Other Revenue

August 2021

Montería

 

 

Columbus Networks de Colombia S.A.S.

Teleservices

June 2021

Corozal

 

 

Edatel S.A

Teleservices

July 2021

Quibdo

 

 

Easyfly S. A.

Other Revenue

January 2021

Carepa

Edatel S.A

Teleservices

July 2021

Centro de Servicios

Inversiones P.G.R S.A.S

Other Revenue

March 2021

Estrategia Comercial de Colombia S.A.S.

Retail

March 2021

STF Group S.A.

Retail

July 2021

 

 

 

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

 

 

 


ASUR 4Q21 Page 23 of 26

 

 

 

 

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

 

Operating Results per Airport

 

Thousands of Mexican Pesos

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item

4Q20

 

4Q20 Per Workload Unit

 

4Q21

 

4Q21 Per Workload Unit

 

 

YoY % Chg.

 

Per Workload Unit YoY % Chg.

 

Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancun 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

693,858

 

 

183.6

 

 

1,455,109

 

 

213.2

 

 

 

109.7

 

 

16.1

 

Non-Aeronautical Revenues

 

596,910

 

 

157.9

 

 

1,274,007

 

 

186.7

 

 

 

113.4

 

 

18.2

 

Construction Services Revenues

 

1,025,361

 

 

271.3

 

 

792,600

 

 

116.1

 

 

 

(22.7

)

 

(57.2

)

Total Revenues

 

2,316,129

 

 

612.7

 

 

3,521,716

 

 

516.0

 

 

 

52.1

 

 

(15.8

)

Operating Profit

 

659,516

 

 

174.5

 

 

1,722,551

 

 

252.4

 

 

 

161.2

 

 

44.6

 

EBITDA

 

782,464

 

 

207.0

 

 

1,857,064

 

 

272.1

 

 

 

137.3

 

 

31.4

 

Merida

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

83,397

 

 

194.9

 

 

155,166

 

 

212.3

 

 

 

86.1

 

 

8.9

 

Non-Aeronautical Revenues

 

22,338

 

 

52.2

 

 

38,904

 

 

53.2

 

 

 

74.2

 

 

1.9

 

Construction Services Revenues

 

417,913

 

 

976.4

 

 

503,623

 

 

689.0

 

 

 

20.5

 

 

(29.4

)

Other 2

 

14

 

 

-

 

 

16

 

 

-

 

 

 

14.3

 

n/a

 

Total Revenues

 

523,662

 

 

1,223.5

 

 

697,709

 

 

954.5

 

 

 

33.2

 

 

(22.0

)

Operating Profit

 

23,795

 

 

55.6

 

 

103,057

 

 

141.0

 

 

 

333.1

 

 

153.6

 

EBITDA

 

36,205

 

 

84.6

 

 

118,198

 

 

161.7

 

 

 

226.5

 

 

91.1

 

Villahermosa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

38,190

 

 

183.6

 

 

65,213

 

 

218.1

 

 

 

70.8

 

 

18.8

 

Non-Aeronautical Revenues

 

11,587

 

 

55.7

 

 

14,942

 

 

50.0

 

 

 

29.0

 

 

(10.2

)

Construction Services Revenues

 

44,687

 

 

214.8

 

 

90,306

 

 

302.0

 

 

 

102.1

 

 

40.6

 

Other 2

 

21

 

 

0.1

 

 

21

 

 

0.1

 

 

 

-

 

 

-

 

Total Revenues

 

94,485

 

 

454.3

 

 

170,482

 

 

570.2

 

 

 

80.4

 

 

25.5

 

Operating Profit

 

11,909

 

 

57.3

 

 

25,843

 

 

86.4

 

 

 

117.0

 

 

50.8

 

EBITDA

 

19,996

 

 

96.1

 

 

35,231

 

 

117.8

 

 

 

76.2

 

 

22.6

 

Other Airports 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

142,649

 

 

202.3

 

 

269,787

 

 

232.2

 

 

 

89.1

 

 

14.8

 

Non-Aeronautical Revenues

 

33,949

 

 

48.2

 

 

53,728

 

 

46.2

 

 

 

58.3

 

 

(4.1

)

Construction Services Revenues

 

251,094

 

 

356.2

 

 

546,368

 

 

470.2

 

 

 

117.6

 

 

32.0

 

Other 2

 

49

 

 

0.1

 

 

66

 

 

0.1

 

 

 

34.7

 

 

-

 

Total Revenues

 

427,741

 

 

606.7

 

 

869,949

 

 

748.7

 

 

 

103.4

 

 

23.4

 

Operating Profit

 

25,055

 

 

35.5

 

 

141,198

 

 

121.5

 

 

 

463.6

 

 

242.3

 

EBITDA

 

63,135

 

 

89.6

 

 

185,681

 

 

159.8

 

 

 

194.1

 

 

78.3

 

Holding & Service Companies 4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction Services Revenues

 

-

 

n/a

 

 

-

 

n/a

 

 

n/a

 

n/a

 

Other 2

 

304,088

 

n/a

 

 

331,583

 

n/a

 

 

 

9.0

 

n/a

 

Total Revenues

 

304,088

 

n/a

 

 

331,583

 

n/a

 

 

 

9.0

 

n/a

 

Operating Profit

 

106,055

 

n/a

 

 

298,383

 

n/a

 

 

 

181.3

 

n/a

 

EBITDA

 

108,958

 

n/a

 

 

296,053

 

n/a

 

 

 

171.7

 

n/a

 

Consolidation Adjustment Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidation Adjustment

 

(304,172

)

n/a

 

 

(331,685

)

n/a

 

 

 

9.0

 

n/a

 

Total Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

958,094

 

 

187.1

 

 

1,945,275

 

 

215.7

 

 

 

103.0

 

 

15.3

 

Non-Aeronautical Revenues

 

664,784

 

 

129.8

 

 

1,381,581

 

 

153.2

 

 

 

107.8

 

 

18.0

 

Construction Services Revenues

 

1,739,055

 

 

339.6

 

 

1,932,897

 

 

214.4

 

 

 

11.1

 

 

(36.9

)

Total Revenues

 

3,361,933

 

 

656.5

 

 

5,259,753

 

 

583.3

 

 

 

56.5

 

 

(11.2

)

Operating Profit

 

826,330

 

 

161.4

 

 

2,291,032

 

 

254.1

 

 

 

177.3

 

 

57.4

 

EBITDA

 

1,010,758

 

 

197.4

 

 

2,492,227

 

 

276.4

 

 

 

146.6

 

 

40.0

 

San Juan Puerto Rico, US 5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

436,126

 

n/a

 

 

527,498

 

n/a

 

 

 

21.0

 

n/a

 

Non-Aeronautical Revenues

 

166,361

 

n/a

 

 

358,552

 

n/a

 

 

 

115.5

 

n/a

 

Construction Services Revenues

 

71,997

 

n/a

 

 

90,853

 

n/a

 

 

 

26.2

 

n/a

 

Total Revenues

 

674,484

 

n/a

 

 

976,903

 

n/a

 

 

 

44.8

 

n/a

 

Operating Profit

 

318,377

 

n/a

 

 

270,914

 

n/a

 

 

 

(14.9

)

n/a

 

EBITDA

 

257,807

 

n/a

 

 

457,018

 

n/a

 

 

 

77.3

 

n/a

 

Consolidation Adjustment San Juan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidation Adjustment

 

-

 

n/a

 

 

-

 

n/a

 

 

n/a

 

n/a

 

Colombia 6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

141,192

 

n/a

 

 

407,736

 

n/a

 

 

 

188.8

 

n/a

 

Non-Aeronautical Revenues

 

73,222

 

n/a

 

 

143,162

 

n/a

 

 

 

95.5

 

n/a

 

Construction Services Revenues

 

2,827

 

n/a

 

 

2,010

 

n/a

 

 

 

(28.9

)

n/a

 

Total Revenues

 

217,241

 

n/a

 

 

552,908

 

n/a

 

 

 

154.5

 

n/a

 

Operating Profit

 

(40,392

)

n/a

 

 

227,500

 

n/a

 

 

 

(663.2

)

n/a

 

EBITDA

 

62,373

 

n/a

 

 

336,137

 

n/a

 

 

 

438.9

 

n/a

 

Consolidation Adjustment Colombia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidation Adjustment

 

-

 

n/a

 

 

-

 

n/a

 

 

n/a

 

n/a

 

CONSOLIDATED ASUR

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

1,535,412

 

n/a

 

 

2,880,509

 

n/a

 

 

 

87.6

 

n/a

 

Non-Aeronautical Revenues

 

904,367

 

n/a

 

 

1,883,295

 

n/a

 

 

 

108.2

 

n/a

 

Construction Services Revenues

 

1,813,879

 

n/a

 

 

2,025,760

 

n/a

 

 

 

11.7

 

n/a

 

Total Revenues

 

4,253,658

 

n/a

 

 

6,789,564

 

n/a

 

 

 

59.6

 

n/a

 

Operating Profit

 

1,104,315

 

n/a

 

 

2,789,446

 

n/a

 

 

 

152.6

 

n/a

 

EBITDA

 

1,330,938

 

n/a

 

 

3,285,382

 

n/a

 

 

 

146.8

 

n/a

 

1 Reflects the results of operations of Cancun Airport and two Cancun Airport Services subsidiaries on a consolidated basis.

2 Reflects revenues under intercompany agreements which are eliminated in the consolidation adjustment.

3 Reflects the results of operations of ASUR´s airports located in Cozumel, Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz.

4 Reflects the results of operations of ASUR´s parent holding company and its services subsidiaries. Because none of these entities hold the concessions for its airports, ASUR does not report workload unit data for theses entities.

5 Reflects the results of operation of San Juan Airport, Puerto Rico, U.S. for 4Q21.

6 Reflects the results of operation of  Airplan, Colombia, for 4Q21.

 

ASUR 4Q21 Page 24 of 26

 

 

 

 

 

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

 

Consolidated Statements of Financial Position as of December 31, 2021 and 2020

 

Thousands of Mexican Pesos

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item

December 2021

 

December 2020

 

Variation

 

% Change

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

8,770,062

 

 

5,192,628

 

 

3,577,434

 

 

68.9

 

Cash and Cash Equivalents Restricted

 

123,081

 

 

5,055

 

 

118,026

 

 

2,334.8

 

Accounts Receivable, net

 

1,878,238

 

 

1,358,227

 

 

520,011

 

 

38.3

 

Recoverable Taxes and Other Current Assets

 

781,933

 

 

1,160,139

 

 

(378,206

)

 

(32.6

)

Total Current Assets

 

11,553,314

 

 

7,716,049

 

 

3,837,265

 

 

49.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Machinery, Furniture and Equipment, Net

 

184,590

 

 

504,385

 

 

(319,795

)

 

(63.4

)

Intangible assets, airport concessions and Goodwill-Net

 

53,973,349

 

 

52,182,311

 

 

1,791,038

 

 

3.4

 

Documents Receivable

 

108,786

 

 

 

 

 

108,786

 

n/a

 

Investment in Joint Venture

 

10,689

 

 

8,466

 

 

2,223

 

 

26.3

 

Total  Assets

 

65,830,728

 

 

60,411,211

 

 

5,419,517

 

 

9.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Trade Accounts Payable

 

290,689

 

 

353,886

 

 

(63,197

)

 

(17.9

)

Bank Loans and Short Term Debt

 

578,144

 

 

1,138,750

 

 

(560,606

)

 

(49.2

)

Accrued Expenses and Others Payables

 

2,917,565

 

 

1,274,451

 

 

1,643,114

 

 

128.9

 

Total Current Liabilities

 

3,786,398

 

 

2,767,087

 

 

1,019,311

 

 

36.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long Term Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Bank Loans

 

6,603,006

 

 

6,119,655

 

 

483,351

 

 

7.9

 

Long Term Debt

 

6,598,397

 

 

6,641,941

 

 

(43,544

)

 

(0.7

)

Deferred Income Taxes

 

3,044,632

 

 

3,165,145

 

 

(120,513

)

 

(3.8

)

Employee Benefits

 

28,239

 

 

24,177

 

 

4,062

 

 

16.8

 

Total Long Term Liabilities

 

16,274,274

 

 

15,950,918

 

 

323,356

 

 

2.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

20,060,672

 

 

18,718,005

 

 

1,342,667

 

 

7.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

Capital Stock

 

7,767,276

 

 

7,767,276

 

 

-

 

 

-

 

Legal Reserve

 

1,989,535

 

 

1,890,659

 

 

98,876

 

 

5.2

 

Mayority Net Income for the Period

 

5,983,747

 

 

1,972,319

 

 

4,011,428

 

 

203.4

 

Cumulative Effect of Conversion of Foreign Currency

 

313,582

 

 

321,867

 

 

(8,285

)

 

(2.6

)

Retained Earnings

 

21,122,411

 

 

21,713,863

 

 

(591,452

)

 

(2.7

)

Non-Controlling interests

 

8,593,505

 

 

8,027,222

 

 

566,283

 

 

7.1

 

Total Stockholders' Equity

 

45,770,056

 

 

41,693,206

 

 

4,076,850

 

 

9.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders' Equity

 

65,830,728

 

 

60,411,211

 

 

5,419,517

 

 

9.0

 

Exchange Rate per Dollar Ps. 20.4672

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASUR 4Q21 Page 25 of 26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Consolidated Statement of Income from January 1 to December 31,  2021 and 2020

 

Thousands of Mexican Pesos

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item

12M

 

12M

 

%

 

 

4Q

 

4Q

 

%

 

 

2020

 

2021

 

Chg

 

 

2020

 

2021

 

Chg

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Services

 

5,412,418

 

 

9,408,599

 

 

73.8

 

 

 

1,535,412

 

 

2,880,509

 

 

87.6

 

Non-Aeronautical Services

 

3,555,227

 

 

6,229,896

 

 

75.2

 

 

 

904,367

 

 

1,883,295

 

 

108.2

 

Construction Services

 

3,657,086

 

 

3,146,166

 

 

(14.0

)

 

 

1,813,879

 

 

2,025,760

 

 

11.7

 

Total Revenues

 

12,624,731

 

 

18,784,661

 

 

48.8

 

 

 

4,253,658

 

 

6,789,564

 

 

59.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Services

 

2,968,573

 

 

3,381,720

 

 

13.9

 

 

 

626,335

 

 

999,141

 

 

59.5

 

Cost of Construction

 

3,657,086

 

 

3,146,166

 

 

(14.0

)

 

 

1,813,879

 

 

2,025,760

 

 

11.7

 

General and Administrative Expenses

 

232,935

 

 

263,156

 

 

13.0

 

 

 

57,807

 

 

56,895

 

 

(1.6

)

Technical Assistance

 

178,697

 

 

394,541

 

 

120.8

 

 

 

54,047

 

 

127,175

 

 

135.3

 

Concession Fee

 

535,379

 

 

948,062

 

 

77.1

 

 

 

144,777

 

 

295,981

 

 

104.4

 

Depreciation and Amortization

 

1,934,766

 

 

1,993,342

 

 

3.0

 

 

 

452,498

 

 

495,166

 

 

9.4

 

Total Operating Expenses

 

9,507,436

 

 

10,126,987

 

 

6.5

 

 

 

3,149,343

 

 

4,000,118

 

 

27.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Revenues

 

158,881

 

 

 

 

n/a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

3,276,176

 

 

8,657,674

 

 

164.3

 

 

 

1,104,315

 

 

2,789,446

 

 

152.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive Financing Cost

 

(418,866

)

 

(531,639

)

 

26.9

 

 

 

(359,224

)

 

(156,030

)

 

(56.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Results of Joint Venture Accounted by the Equity Method

 

(1,618

)

 

 

 

n/a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

2,855,692

 

 

8,126,035

 

 

184.6

 

 

 

745,091

 

 

2,633,416

 

 

253.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for Income Tax

 

634,371

 

 

1,824,779

 

 

187.7

 

 

 

146,148

 

 

628,530

 

 

330.1

 

Deferred Income Taxes

 

94,784

 

 

(96,272

)

 

(201.6

)

 

 

18,872

 

 

(67,297

)

 

(456.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income for the Year

 

2,126,537

 

 

6,397,528

 

 

200.8

 

 

 

580,071

 

 

2,072,183

 

 

257.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Majority Net Income

 

1,972,319

 

 

5,983,747

 

 

203.4

 

 

 

503,077

 

 

2,013,123

 

 

300.2

 

Non-Controlling Interests

 

154,218

 

 

413,781

 

 

168.3

 

 

 

76,994

 

 

59,060

 

 

(23.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning per Share

 

6.5744

 

 

19.9458

 

 

203.4

 

 

 

1.6769

 

 

6.7104

 

 

300.2

 

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

 

3.2122

 

 

9.7453

 

 

203.4

 

 

 

0.8193

 

 

3.2786

 

 

300.2

 

Exchange Rate per Dollar Ps. 20.4672

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


ASUR 4Q21 Page 26 of 26

 

 

 

 

 

Consolidated Statement of Cash flow for the periods of January 1, to December 31, 2021 an 2020

 

Thousands of Mexican Pesos

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item

12M

 

12M

 

%

 

 

4Q

 

4Q

 

%

 

 

2020

 

2021

 

Chg

 

 

2020

 

2021

 

Chg

 

Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

2,855,692

 

 

8,126,035

 

 

184.6

 

 

 

745,091

 

 

2,633,416

 

 

253.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and Amortization

 

1,934,766

 

 

1,993,342

 

 

3.0

 

 

 

452,498

 

 

495,166

 

 

9.4

 

Income from Results of Joint Venture Accounted by the Equity Method

 

1,618

 

 

 

 

n/a

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

(262,370

)

 

(202,146

)

 

(23.0

)

 

 

(42,031

)

 

(66,826

)

 

59.0

 

Interest Payables

 

926,312

 

 

842,386

 

 

(9.1

)

 

 

210,112

 

 

223,978

 

 

6.6

 

Foreign Exchange Gain (Loss), Net Unearned

 

(66,574

)

 

(59,974

)

 

(9.9

)

 

 

(2,278

)

 

(59,974

)

 

2,532.7

 

Sub-Total

 

5,389,444

 

 

10,699,643

 

 

98.5

 

 

 

1,363,392

 

 

3,225,760

 

 

136.6

 

Trade Receivables

 

(452,636

)

 

(760,499

)

 

68.0

 

 

 

(472,124

)

 

(427,321

)

 

(9.5

)

Recoverable Taxes and other Current Assets

 

(128,348

)

 

(308,953

)

 

140.7

 

 

 

88,755

 

 

(404,281

)

 

(555.5

)

Income Tax Paid

 

(1,540,196

)

 

(869,409

)

 

(43.6

)

 

 

(239,981

)

 

(204,032

)

 

(15.0

)

Trade Accounts Payable

 

(331,121

)

 

1,502,387

 

n/a

 

 

 

95,642

 

 

607,016

 

 

534.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow Provided by Operating Activities

 

2,937,143

 

 

10,263,169

 

 

249.4

 

 

 

835,684

 

 

2,797,142

 

 

234.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Joint Venture

 

(10,556

)

 

 

 

n/a

 

 

 

 

 

 

 

 

 

 

 

Loans granted to Third Parties

 

 

 

 

(105,000

)

n/a

 

 

 

 

 

 

 

 

 

 

 

Proceeds for Cancellation of Land Acquisition Contract

 

 

 

 

286,283

 

n/a

 

 

 

 

 

 

 

 

 

 

 

Restricted Cash

 

189,474

 

 

(118,202

)

n/a

 

 

 

39,375

 

 

(110,116

)

n/a

 

Investments in Machinery, Furniture and Equipment, Net

 

(3,328,560

)

 

(3,676,719

)

 

10.5

 

 

 

(1,526,747

)

 

(2,258,235

)

 

47.9

 

Interest Income

 

273,642

 

 

201,842

 

 

(26.2

)

 

 

56,380

 

 

65,627

 

 

16.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow used by Investing Activities

 

(2,876,000

)

 

(3,411,796

)

 

18.6

 

 

 

(1,430,992

)

 

(2,302,724

)

 

60.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess Cash to Use in Financing Activities

 

61,143

 

 

6,851,373

 

 

11,105.5

 

 

 

(595,308

)

 

494,418

 

n/a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank Loans

 

66,958

 

 

4,650,000

 

 

6,844.7

 

 

 

 

 

 

2,000,000

 

n/a

 

Bank Loans Paid

 

(20,000

)

 

(1,980,000

)

 

9,800.0

 

 

 

(20,000

)

 

(1,960,000

)

 

9,700.0

 

Long Term Debt Paid

 

(226,275

)

 

(2,608,425

)

 

1,052.8

 

 

 

(76,691

)

 

(248,871

)

 

224.5

 

Interest Paid

 

(962,993

)

 

(908,698

)

 

(5.6

)

 

 

(106,650

)

 

(127,598

)

 

19.6

 

Dividends Paid

 

 

 

 

(2,463,000

)

n/a

 

 

 

 

 

 

(2,463,000

)

n/a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow used by Financing Activities

 

(1,142,310

)

 

(3,310,123

)

 

189.8

 

 

 

(203,341

)

 

(2,799,469

)

 

1,276.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase in Cash and Cash Equivalents

 

(1,081,167

)

 

3,541,250

 

n/a

 

 

 

(798,649

)

 

(2,305,051

)

 

188.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents at Beginning of Period

 

6,192,679

 

 

5,192,628

 

 

(16.1

)

 

 

6,012,747

 

 

11,042,598

 

 

83.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange Gain on Cash and Cash Equivalents

 

81,116

 

 

36,184

 

 

(55.4

)

 

 

(21,470

)

 

32,515

 

n/a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents at End of Period

 

5,192,628

 

 

8,770,062

 

 

68.9

 

 

 

5,192,628

 

 

8,770,062

 

 

68.9

 

 

 

 

ASUR 4Q21 Page 27 of 26