0001564590-22-026370.txt : 20220726 0001564590-22-026370.hdr.sgml : 20220726 20220726063243 ACCESSION NUMBER: 0001564590-22-026370 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220725 FILED AS OF DATE: 20220726 DATE AS OF CHANGE: 20220726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHEAST AIRPORT GROUP CENTRAL INDEX KEY: 0001123452 STANDARD INDUSTRIAL CLASSIFICATION: AIRPORTS, FLYING FIELDS & AIRPORT TERMINAL SERVICES [4581] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15132 FILM NUMBER: 221104845 BUSINESS ADDRESS: STREET 1: BOSQUE DE ALISOS NO. 47A - 4TH FL CITY: BOSQUES DE LAS LOMAS STATE: O5 ZIP: 05120 DF BUSINESS PHONE: 011525552840400 MAIL ADDRESS: STREET 1: BOSQUE DE ALISOS NO. 47A - 4TH FL CITY: BOSQUES DE LAS LOMAS STATE: O5 ZIP: 05120 DF 6-K 1 asr-6k_20220725.htm 6-K asr-6k_20220725.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2022

GRUPO AEROPORTUARIO DEL SURESTE, S.A.B. de C.V.

(SOUTHEAST AIRPORT GROUP)

 

(Translation of Registrant’s Name Into English)

 

México

 

(Jurisdiction of incorporation or organization)

 

 

Bosque de Alisos No. 47A– 4th Floor

Bosques de las Lomas

05120 México, D.F.

 

(Address of principal executive offices)

 

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

 

Form 20-F x

Form 40-F ____

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

 

Yes ____

No x

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .)

 

 

 


 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

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

 

By: /s/ ADOLFO CASTRO RIVAS

 

 

Adolfo Castro Rivas

 

 

Chief Executive Officer

 

 

Date: July 25, 2022

 

 

EX-99.1 2 asr-ex991_10.htm EX-99.1 asr-ex991_10.htm

 

 

ASUR Reports 2Q22 Financial Results


Total passenger traffic in 2Q22 increased 19.2% compared to 2Q19 and 39.3% YoY

 

Mexico City, July 25, 2022 – Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), a leading international airport group with operations in Mexico, the U.S., and Colombia, today announced results for the three- and six-month periods ended June 30, 2022.

2Q22 Highlights1

Total passenger traffic increased 39.3% year over year (YoY), reflecting the impact of the Covid-19 pandemic, which had affected travel demand since mid-March 2020, and exceeded 2Q19 levels by 19.2%. By country of operations, 2Q22 passenger traffic showed the following recoveries compared to 2Q19 levels:

 

Mexico: exceeded 2Q19 traffic by 12.5%, with domestic and international traffic levels increasing by 5.4% and 19.3%, respectively.

 

Puerto Rico (Aerostar): exceeded 2Q19 traffic by 15.1%, with domestic traffic increasing by 18.6%, and international traffic recovering to 88.1% of 2Q19 levels.

 

 

 

Colombia (Airplan): exceeded 2Q19 traffic by 43.2%, with domestic and international passengers exceeding their comparable 2Q19 levels by 41.6% and 51.6%, respectively.

Revenues increased 49.4% YoY to Ps.6,319.7 million and by 55.3% compared to 2Q19 revenues. Excluding construction revenues, revenues increased 48.3% YoY and 45.1% against 2Q19.

Consolidated commercial revenues per passenger were Ps.119.6 in 2Q22.

Consolidated EBITDA increased 61. 4% YoY to Ps.4,040.6 million and 47.2% compared to 2Q19.

Adjusted EBITDA Margin (excluding the effect of IFRIC 12) increased to 70.5%, from 64.8% in 2Q21 and 69.5% in 2Q19.

Cash & cash equivalents of Ps.7,331.1 million at quarter-end and Net Debt-to-LTM EBITDA at 0.4x.

Principal debt payments of Ps.107.3 million, or approximately 0.9% of Total Debt, mature during the remainder of 2022. Aerostar renegotiated its US$50 million principal amount of 6.75% senior secured notes maturing in May 2035, while Airplan in Colombia made principal payments of Ps.794.5 million in connection with its 12-Year syndicated loan facility with eight banks, with the next principal payment at Airplan due 2025.

Table 1: Financial & Operational Highlights 1

 

Second Quarter

% Chg

 

2021

2022

Financial Highlights

 

 

 

Total Revenue

4,229,281

6,319,709

49.4

Mexico

2,946,621

4,557,925

54.7

San Juan

948,918

1,065,470

12.3

Colombia

333,742

696,314

108.6

Commercial Revenues per PAX

118.8

119.6

0.7

Mexico

130.8

142.8

9.2

San Juan

141.7

158.9

12.1

Colombia

46.7

39.7

(15.0)

EBITDA

2,502,816

4,040,629

61.4

Net Income

1,329,788

2,844,469

113.9

Majority Net Income

1,231,659

2,661,548

116.1

Earnings per Share (in pesos)

4.1055

8.8718

116.1

Earnings per ADS (in US$)

2.0392

4.4065

116.1

Capex

460,965

436,865

(5.2)

Cash & Cash Equivalents

7,837,766

7,331,083

(6.5)

Net Debt

5,594,319

5,047,003

(9.8)

Net Debt/ LTM EBITDA

0.90

0.36

(59.8)

Operational Highlights

 

 

 

Passenger Traffic

 

 

 

Mexico

7,305,142

9,817,127

34.4

San Juan

2,671,356

2,783,495

4.2

Colombia

2,019,347

4,106,959

103.4

 

 

On June 1, 2022 ASUR paid an ordinary and extraordinary net cash dividend for a total of Ps.15.03 per share in relation to its ordinary "B" and "BB" Series shares, representing a total amount of Ps.4,509 million.

 

2Q22 Earnings Call

 

Date & Time: Tuesday, July 26, 2022 at 10:00 AM US ET; 9:00 AM CT

 

Dial-in: 1-888-394-8218 (U.S. Toll-Free)

1-323-794-2590 (International)

 

Access Code: 2205298

 

Replay: Tue, July 26, 2022 at 1:00 PM US ET, ending at 11:59 PM US ET on Tue, August 2, 2022. Dial in: 1-844-512-2921 (Toll-Free) 1-412-317-6671 (International). Access Code: 2205298

1 Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS), and represent comparisons between the three- and six-month periods ended June 30, 2022, and the equivalent three- and six-month periods ended June 30, 2021. All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of Mexican pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Mexican Ps.20.1335 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP205.9300 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 17 of this report.

 

ASUR 2Q22 Page 1 of 25

 

 

 


 

2Q22 Passenger Traffic

 

During 2Q22, total passenger traffic increased 39.3% YoY to 16.7 million passengers, representing a recovery from the impact of the COVID-19 pandemic which began mid-March 2020. Compared to 2Q19, passenger traffic in 2Q22 increased 19.2%.

 

Traffic in Mexico increased 34.4% YoY to 9.8 million passengers. In addition, Mexico traffic increased 12.5% against to 2Q19 levels, driven by increases of 5.4% and 19.3% in domestic and international traffic, respectively.

 

In Puerto Rico, 2Q22 passenger traffic increased 4.2% YoY to 2.8 million passengers. Traffic surpassed 2Q19 levels by 15.1%, with domestic traffic increasing 18.6% and international traffic recovering to 88.1% of 2Q19 activity.

 

Traffic in Colombia increased 103.4% YoY to 4.1 million passengers in 2Q22. Compared to 2Q19 levels, traffic increased 43.2%, with domestic and international traffic increasing 41.6% and 51.6%, respectively.

 

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

 

Table 2: Passenger Traffic Summary

 

Second Quarter

%

Chg

vs 21

%

Chg

vs 19

 

Six-Months

%
Chg
vs 21

%
Chg
vs 19

 

2019

2021

2022

 

2019

2020

2021

Total Mexico

8,727,405

7,305,142

9,817,127

34.4

12.5

 

17,450,634

12,424,008

18,837,881

51.6

7.9

- Cancun

6,554,989

5,622,962

7,573,042

34.7

15.5

 

13,214,393

9,508,028

14,614,988

53.7

10.6

- 8 Others Airports

2,172,416

1,682,180

2,244,085

33.4

3.3

 

4,236,241

2,915,980

4,222,893

44.8

(0.3)

Domestic Traffic

4,287,115

3,770,004

4,518,674

19.9

5.4

 

7,897,876

6,623,043

8,264,362

24.8

4.6

- Cancun

2,319,867

2,311,551

2,559,200

10.7

10.3

 

4,219,050

4,057,727

4,640,847

14.4

10.0

- 8 Others Airports

1,967,248

1,458,453

1,959,474

34.4

(0.4)

 

3,678,826

2,565,316

3,623,515

41.3

(1.5)

International traffic

4,440,290

3,535,138

5,298,453

49.9

19.3

 

9,552,758

5,800,965

10,573,519

82.3

10.7

- Cancun

4,235,122

3,311,411

5,013,842

51.4

18.4

 

8,995,343

5,450,301

9,974,141

83.0

10.9

- 8 Others Airports

205,168

223,727

284,611

27.2

38.7

 

557,415

350,664

599,378

70.9

7.5

Total San Juan, Puerto Rico

2,417,300

2,671,356

2,783,495

4.2

15.1

 

4,717,808

4,436,229

5,174,214

16.6

9.7

Domestic Traffic

2,143,342

2,556,590

2,542,024

(0.6)

18.6

 

4,216,167

4,259,734

4,755,038

11.6

12.8

International traffic

273,958

114,766

241,471

110.4

(11.9)

 

501,641

176,495

419,176

137.5

(16.4)

Total Colombia

2,868,929

2,019,347

4,106,959

103.4

43.2

 

5,614,966

3,876,632

7,678,932

98.1

36.8

Domestic Traffic

2,413,058

1,675,096

3,415,937

103.9

41.6

 

4,757,830

3,329,524

6,467,279

94.2

35.9

International traffic

455,871

344,251

691,022

100.7

51.6

 

857,136

547,108

1,211,653

121.5

41.4

Total traffic

14,013,634

11,995,845

16,707,581

39.3

19.2

 

27,783,408

20,736,869

31,691,027

52.8

14.1

Domestic Traffic

8,843,515

8,001,690

10,476,635

30.9

18.5

 

16,871,873

14,212,301

19,486,679

37.1

15.5

International traffic

5,170,119

3,994,155

6,230,946

56.0

20.5

 

10,911,535

6,524,568

12,204,348

87.1

11.8

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

 

Table 3: YoY Passenger Traffic Growth in 1H 2022

 

 

 

 

Region

January

February

March

April

May

June

Total

Mexico

65.1%

99.8%

69.9%

56.8%

30.5%

20.0%

51.6%

Domestic Traffic

28.1%

42.4%

26.2%

29.3%

18.9%

12.3%

24.8%

Internationl Traffic

112.3%

177.0%

122.0%

89.4%

43.3%

27.3%

82.3%

Puerto Rico

40.5%

50.8%

22.1%

16.0%

5.3%

(5.8%)

16.6%

Domestic Traffic

35.6%

44.5%

16.7%

11.1%

1.1%

(11.1%)

11.6%

Internationl Traffic

135.4%

236.3%

217.0%

156.2%

116.0%

85.8%

137.5%

Colombia

110.8%

86.5%

81.1%

143.3%

121.6%

66.0%

98.1%

Domestic Traffic

104.6%

76.3%

74.0%

138.4%

128.0%

65.9%

94.2%

Internationl Traffic

153.6%

186.4%

140.1%

171.9%

95.2%

66.4%

121.5%

Total

70.2%

86.8%

61.9%

61.4%

38.6%

23.1%

52.8%

Domestic Traffic

50.3%

52.6%

35.6%

45.0%

33.0%

17.9%

37.1%

Internationl Traffic

116.6%

179.2%

125.2%

97.1%

49.7%

33.0%

87.1%

 


ASUR 2Q22 Page 1 of 25

 

 

 


 

Review of Consolidated Results

 

Table 4: Summary of Consolidated Results

 

 

 

 

 

 

Second Quarter

% Chg

 

Six- Months

% Chg

 

2021

2022

 

2021

2022

Total Revenues

4,229,281

6,319,709

49.4

 

7,128,991

11,745,514

64.8

Aeronautical Services

2,313,657

3,533,790

52.7

 

3,969,335

6,715,806

69.2

Non-Aeronautical Services

1,550,131

2,194,402

41.6

 

2,601,074

4,186,884

61.0

Total Revenues Excluding Construction Revenues

3,863,788

5,728,192

48.3

 

6,570,409

10,902,690

65.9

Construction Revenues

365,493

591,517

61.8

 

558,582

842,824

50.9

Total Operating Costs & Expenses

2,219,391

2,609,840

17.6

 

3,831,583

4,707,385

22.9

Other Revenues

 

 

 

 

 

45,547

n/a

Operating Profit

2,009,890

3,709,869

84.6

 

3,297,408

7,083,676

114.8

Operating Margin

47.5%

58.7%

1118 bps

 

46.3%

60.3%

1406 bps

Adjusted Operating Margin 1

52.0%

64.8%

1275 bps

 

50.2%

65.0%

1479 bps

EBITDA

2,502,816

4,040,629

61.4

 

4,107,924

7,716,914

87.9

EBITDA Margin

59.2%

63.9%

476 bps

 

57.6%

65.7%

808 bps

Adjusted EBITDA Margin 2

64.8%

70.5%

576 bps

 

62.5%

70.8%

826 bps

Net Income

1,329,788

2,844,469

113.9

 

2,367,894

5,194,231

119.4

Net Majority Income

1,231,659

2,661,548

116.1

 

2,176,674

4,855,257

123.1

Earnings per Share

4.1055

8.8718

116.1

 

7.2556

16.1842

123.1

Earnings per ADS in US$

2.0392

4.4065

116.1

 

3.6037

8.0384

123.1

 

 

 

 

 

 

 

 

Total Commercial Revenues per Passenger 3

118.8

119.6

0.7

 

114.2

120.2

5.3

Commercial Revenues

1,434,617

2,019,045

40.7

 

2,386,470

3,849,500

61.3

Commercial Revenues from Direct Operations per Passenger 4

22.3

22.0

(1.3)

 

20.7

22.5

8.7

Commercial Revenues Excluding Direct Operations per Passenger

96.5

97.6

1.2

 

93.5

97.7

4.5

 

1 Adjusted operating margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets in Mexico, Puerto Rico and Colombia and is equal to operating income divided by total revenues minus revenues from construction services.

2 Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets in Mexico, Puerto Rico and Colombia, and is calculated by dividing EBITDA by total revenues less construction services revenues.

3 Passenger figures include transit and general aviation passengers Mexico, Puerto Rico y Colombia.

4 Represents ASUR´s operations in convenience stores.

 

 

Consolidated Revenues

 

Consolidated Revenues for 2Q22 increased 49.4% YoY, or Ps.2,090.4 million, to Ps.6,319.7 million and 55.3%, or Ps.2,250.3 million when compared to 2Q19. This YoY increase was mainly due to the following increases:

41.6% in revenues from non-aeronautical services to Ps.2,194.4 million. Mexico contributed Ps.1,580.9 million, while Puerto Rico and Colombia accounted for Ps.445.3 million and Ps.168.2 million, respectively;

52.7% in revenues from aeronautical services to Ps.3,544.8 million. Mexico contributed Ps.2,466.3 million, while Puerto Rico and Colombia contributed Ps.540.1 million and Ps.527.4 million, respectively; and

61.8%, or Ps.226.0 million in construction services revenues amounting to Ps.591.5 million, principally in Mexico.

 

Excluding revenues from construction services, for which there is an equivalent expense recorded under IFRS accounting standards, total revenues would have increased 48.3% YoY to Ps.5,728.2 million.

 

Compared to 2Q19, revenues excluding construction services increased 45.1%, driven by a 44.1% increase in revenues from non-aeronautical services and a 45.7% increase in revenues from aeronautical services. Excluding revenues from construction services, Mexico accounted for 70.7% of total revenues in 2Q22, while Puerto Rico and Colombia represented 17.2% and 12.1%, respectively.

 

Commercial Revenues in 2Q22 increased 40.7% YoY to Ps.2,019.0 million, mainly reflecting the 39.8% recovery in passenger traffic. Compared to 2Q19, commercial revenues increased 43.6%. Commercial revenues increased YoY across ASUR’s regions of operations: 46.8% to Ps.1,408.6 million in Mexico, 16.9% to Ps.442.4 million in Puerto Rico, and 73.8% to Ps.168.0 million in Colombia.

 

Commercial Revenues per Passenger was Ps.119.6 in 2Q22, compared to Ps.118.8 in 2Q21 and Ps.99.7 in 2Q19.

 

 

ASUR 2Q22 Page 3 of 25

 

 

 


 

Consolidated Operating Costs and Expenses

 

Consolidated Operating Costs and Expenses, including construction costs, increased 17.6% YoY, or Ps.390.4 million, to Ps.2,609.8 million in 2Q22, and 31.5%, or Ps.625.7 million, when compared to 2Q19.

 

Excluding construction costs, operating costs and expenses increased 8.9% YoY, or Ps.164.4 million, and 8.4% compared to 2Q19. Excluding a Ps.175.2 million recovery of expenses in Puerto Rico in 2Q22 as discussed below, operating costs and expenses would have increased YoY by 18.3% or Ps.339.6 and 17.8% against 2Q19. The YoY increase was mainly due to the following variations:

 

Mexico: increased 17.3%, or Ps.178.5 million, mainly reflecting higher technical assistance and concession fees, increases in security, maintenance, insurance and surety bond expenses, together with higher cost of sales from directly operated stores.

 

Puerto Rico: declined 22.8%, or Ps.122.0 million, principally reflecting a higher recovery of expenses under the American Rescue Plan Act in 2Q22 amounting to Ps.175.2 million. Without this benefit, costs would have increased 9.9% or Ps.53.2 million due to higher energy and personnel expenses, increased professional fees, taxes and duties as well as insurance and surety bond expenses.

 

Colombia: increased 37.8%, or Ps.107.9 million, mainly reflecting increases in concession fees and technical assistance, together with higher energy, maintenance, personnel, taxes and surety bonds, and security expenses as a consequence of increased business activity.

 

Cost of Services decreased 9.7% YoY, or Ps.95.4 million, principally reflecting the impact of the expense reimbursement under the American Rescue Plan Act in Puerto Rico.

 

Construction Costs increased 61.8% YoY, or Ps.226.0 million. This was mainly driven by YoY increases of 60.1%, or Ps.191.7 million in Mexico, 73.3% or Ps.33.9 million in Puerto Rico, and 132.5% or Ps.0.4 million in Colombia.

 

Administrative Expenses that reflect administrative costs in Mexico increased 27.5% YoY.

 

Consolidated Technical Assistance increased 92.7% YoY mainly reflecting higher EBITDA in Mexico in 2Q22.

 

Concession Fees increased 63.9% YoY, principally due to increases of 59.0% in Mexico, 111.0% in Colombia and 7.4% in Puerto Rico, mainly due to higher regulated revenues, a factor in the calculation of the fee.

 

Depreciation and Amortization increased 2.7% YoY, or Ps.13.5 million, principally due to increases of 10.1%, or Ps.20.4 million in Mexico, and 0.8% or Ps.1.4 million in Puerto Rico, which were partially offset by a 7.7% or Ps.8.4 million decrease in Colombia.

 

 

Consolidated Operating Profit (Loss) and EBITDA

 

ASUR reported a Consolidated Operating Profit of Ps.3,709.9 million in 2Q22 and an Operating Margin of 58.7%, compared to a Ps.2,009.9 million profit and a 47.5% margin in 2Q21, and a Ps.2,247.9 million consolidated operating profit and 55.2% margin in 2Q19.

 

Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Colombia, and Puerto Rico, and which is calculated as operating profit or loss divided by total revenues less construction services revenues, was 64.8% in 2Q22 compared to 52.0% in 2Q21 and 56.9% in 2Q19.

 

EBITDA increased 61.4%, or Ps.1,537.8 million, to Ps.4,040.6 million in 2Q22 from Ps.2,502.8 million in 2Q21. Compared to 2Q19, EBITDA increased 47.2%. By country of operations, EBITDA increased YoY by 56.4% or Ps.1,103.3 million to Ps.3,058.3 million in Mexico, by 7.0% or Ps.37.8 million to Ps.579.7 million in Puerto Rico, and by 62.2% or Ps.154.5 million to Ps.402.6 million in Colombia. Consolidated EBITDA margin in 2Q22 was 63.9% compared to 59.2% in 2Q21 and 67.5% in 2Q19.

 

Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Puerto Rico, and Colombia, was 70.5% in 2Q22, compared to 64.8% in 2Q21, and 69.5% in 2Q19.

 

 

 

ASUR 2Q22 Page 4 of 25

 

 

 


 

Consolidated Comprehensive Financing Gain (Loss)

 

Table 5: Consolidated Comprehensive Financing Gain (Loss)

 

 

 

 

 

 

 

Second Quarter

% Chg

 

Six-Months

% Chg

 

2021

2022

 

2021

2022

Interest Income

51,931

74,129

42.7

 

87,201

154,497

77.2

Interest Expense

(189,310)

(20,828)

(89.0)

 

(414,475)

(246,929)

(40.4)

Foreign Exchange Gain (Loss), Net

(44,073)

55,020

n/a

 

8,614

(40,876)

n/a

Total

(181,452)

108,321

n/a

 

(318,660)

(133,308)

(58.2)

 

In 2Q22 ASUR reported a Ps.108.3 million Consolidated Comprehensive Financing Gain, compared to a Ps.181.4 million loss in 2Q22.

 

During 2Q22 ASUR reported a foreign exchange gain of Ps.55.0 million, resulting from the 0.6% quarterly average depreciation of the Mexican peso against the U.S. dollar (1.1% quarter-end) during the period, together with a U.S. dollar net asset position. This compares to a Ps.44.1 million foreign exchange loss in 2Q22 resulting from the 2.0% quarterly average depreciation of the Mexican peso (2.6% quarter-end) on a U.S. dollar net asset position.

 

Interest expense declined Ps.168.5 million, or 89.0% YoY, reflecting Ps.223.7 million fair value loan repayments recognized under IFRS 3 on the loan with BBVA entered into concurrently with the acquisition of the business in Colombia. This was partially offset by increases in interest payments of Ps.41.5 million in Mexico and Ps.13.7 million in Colombia.

 

Interest income increased Ps.22.2 million, or 42.7% YoY reflecting a higher cash balance position.

 

 

Income Taxes

 

Income Taxes for 2Q22 increased Ps.475.1 million YoY, principally due to the following increases:

 

Ps.451.1 million in income taxes, reflecting mainly a higher taxable income base in Mexico and Colombia resulting from the YoY recovery in revenues following the negative impact of COVID-19 in 2Q21.

 

Ps.24.0 million in deferred income taxes. This mainly reflects a Ps.71.5 million increase in deferred income taxes in Colombia resulting from the increase in the applicable tax rate to 35.0% from 31.0%, and a Ps.47.2 million decrease in the tax benefits obtained in certain airports in México, partly offset by a Ps.0.3 million tax benefit obtained in Puerto Rico.

 

 

Majority Net Income (Loss)

 

ASUR reported Majority Net Income of Ps.2,661.5 million for 2Q22, compared to Ps.1,231.6 million in 2Q21 and Ps.1,426.7 million in 2Q19. This resulted in earnings per common share in 2Q22 of Ps.8.8718, or earnings per ADS of US$4,4065 (one ADS represents ten series B common shares). This compares to earnings per share of 4.1055, or earnings per ADS of US$2.0392 for the same period in the previous year, and with earnings per share of Ps.4.7558, or earnings per ADS of USS$2.3621 in 2Q19.

 

 

Net Income (Loss)

 

ASUR reported Net Income of Ps.2,844.5 million in 2Q22, an increase of Ps.1,514.7 million or 113.9% from Ps.1,329.8 million in 2Q21, an increase compared to Ps.1,523.5 million reported in 2Q19.

 

 

Consolidated Financial Position

 

Airport concessions represented 82.0% of ASUR’s total assets on June 30, 2022, with current assets representing 17.7% and other assets 0.3%.

Cash and cash equivalents as of June 30, 2022 amounted to Ps.7,331.1 million, a 16.4% increase from Ps.8,770.1 million as of December 31, 2021. Mexico, Colombia and Puerto Rico contributed with Ps.626.5 million, Ps.210.9 million and Ps.601.5 million in cash and cash equivalents, respectively.

As of June 30, 2022, the valuation of ASUR’s investment in Aerostar in accordance with IFRS 3 "Business Combinations," had the following effects on its balance sheet: (i) the recognition of a net intangible asset of Ps.5,630.2 million, (ii) goodwill of Ps.961.8 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.563.0 million, and (iv) a minority interest of Ps.5,258.0 million within stockholders' equity.

ASUR 2Q22 Page 5 of 25

 

 

 


The valuation of ASUR’s investment in Airplan in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on its balance sheet as of June 30, 2022: (i) the recognition of a net intangible asset of Ps.1,080.9 million, (ii) goodwill of Ps.1,579.4 million, (iii) deferred taxes of Ps.290.7 million, and (iv) a Ps.250.4 million recognition of bank loans at fair value.

 

Stockholders’ equity as of June 30, 2022 was Ps.46,083.0 million and total liabilities were Ps.18,654.1 million, representing 71.2% and 28.8% of ASUR’s total assets, respectively. Deferred liabilities represented 17.1% of ASUR’s total liabilities.

 

Total Debt at quarter-end declined 10.2% to Ps.12,378.1 million from Ps.13,779.5 million on December 31, 2021, mainly reflecting principal and interest payments of Ps.1,022.7 million.

 

On June 30, 2022, 37.4% of ASUR’s Total Debt was denominated in Mexican pesos, 53.6% in U.S. Dollars (at Aerostar in Puerto Rico) and 8.9% in Colombian pesos.

 

Principal payments of Ps.107.3 million (0.9% of ASUR’s Total Debt) mature in 3Q22 with no principal payments due in 4Q22.

 

In May 2022, Aerostar in Puerto Rico authorized the issuance of US$200 million principal amount of 4.92% senior secured notes due March 22, 2035. In May 2022, Aerostar also renegotiated the terms of its $50 million principal amount of 6.75% senior secured notes to mature in 2035. All long-term debt is collateralized by Aerostar’s total assets.

 

LTM Net Debt-to-LTM EBITDA stood at 0.4x at the end of 2Q22, while the Interest Coverage Ratio was 10.5x. This compares with LTM Net Debt-to-LTM EBITDA of 0.9x and an Interest Coverage Ratio of 5.0x at June 30, 2021.

 

 

Table 6: Consolidated Debt Indicators

 

 

 

 

June 30,

2021

December 31,
2021

June 30,

2022

Leverage

 

 

 

Total Debt/ LTM EBITDA (Times) 1

2.2

1.3

0.9

Total Net Debt/ LTM EBITDA (Times) 2

0.9

0.5

0.4

Interest Coverage Ratio 3

5.0

8.4

10.5

Total Debt

13,432,085

13,779,547

12,378,086

Short-term Debt

1,454,380

578,144

1,052,187

Long-term Debt

11,977,705

13,201,403

11,325,899

Cash & Cash Equivalents

7,837,766

8,770,062

7,331,083

Total Net Debt 4

5,594,319

5,009,485

5,047,003

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

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

3 The Interest Coverage Ratio for Mexico is calculated as ASUR’s LTM EBIDA divided by its LTM interest expenses. For Puerto Rico it is calculated as LTM Cash Flow Generation divided LTM debt service, and for Colombia as LTM EBITDA minus LTM taxes divided by LTM debt service.

4 Total net debt is calculated as Asur´s total debt without cash & cash Equivalents

 



ASUR 2Q22 Page 6 of 25

 

 

 


 

Table 7: Consolidated 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

293.8

42

2,000

2,650

167,898

2022

5

                 -

                   -

                   -

            -

2023

11

                 -

150

1,325

            -

2024

12

                 -

200

1,325

            -

2025

14

                 -

275

                   -

57,900

2026

15

                 -

375

                   -

72,600

2027

17

                 -

475

                   -

37,397

2028

16

                 -

525

                   -

            -

2029

17

                 -

                   -

                   -

            -

2030

21

                 -

                   -

                   -

            -

2031

27

                 -

                   -

                   -

            -

2032

34

                 -

                   -

                   -

            -

2033

39

                 -

                   -

                   -

            -

2034

43

                 -

                   -

                   -

            -

2035

23

42

                   -

                   -

            -

*Expressed in the original currency of each loan.

Note: the syndicated loans in Mexico were incurred in October 2017, the Puerto Rico bonds were issued in March 2013 and June 2015 (in May 2022 the payment maturity date was modified), respectively, and the syndicated loan in Colombia was incurred in June 2015 with a grace period of three years. In April 2022, Airplan made principal payments amounting to Cop.150,000 million, and the next principal payment is due in 2025.

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

 

 

Strong Liquidity Position and Healthy Debt Maturity Profile

 

ASUR closed 2Q22 with a solid financial position, with cash and cash equivalents totaling Ps.7,331.1 million and Ps.12,378.1 million in Total Debt which include Ps.107.3 million in principal payments due in 3Q22. ASUR has no debt maturities in 4Q22 as Aerostar renegotiated the maturity of its US$50 million Notes to May 2035. Likewise, Colombia paid Ps.794.5 million in principal amount of outstanding debt, the next payment being due in 2025.

 

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

 

Table 8: Liquidity Position at June 30, 2022

 

Figures in Thousands of Mexican Pesos

 

 

 

Figures in Thousands of Mexican Pesos

Cash &
Equivalents

Total Debt

Short-term
Debt

Long-term Debt

Principal payments
(July - September
2022)

Mexico

5,073,776

4,634,977

720,439

3,914,538

0

Puerto Rico

1,693,548

6,637,208

326,740

6,310,468

107,328

Colombia

563,759

1,105,901

5,008

1,100,893

0

Total

7,331,083

12,378,086

1,052,187

11,325,899

107,328

 

Table 9: Consolidated Debt at June 30, 2022

Figures in Thousands of Mexican Pesos

 

 

 

Region of Operation

2022

2023

2024

2025/2034

México

0

1,475,000

1,525,000

1,650,000

Puerto Rico 1

107,328

226,419

249,410

6,175,947

Colombia 2

0

0

0

815,314

Total

107,328

1,701,419

1,774,410

8,641,261

 

1 Figures in pesos converted at the exchange rate at the close of the quarter Ps.20.1335= US$1.00

2 Figures in pesos converted at the exchange rate at the close of the quarter of COP205.9300=Ps.1.00

Note: Figures only reflects principal payments.

ASUR 2Q22 Page 7 of 25

 

 

 


 

 

Table 10: Debt Ratios at June 30, 2022

LTM EBITDA and LTM Interest Expenses figures of thousands Mexican Pesos

Region

LTM EBITDA

LTM Interest
Expense

Debt Coverage
Ratio

Minimum Coverage
Requirement as per
Agreements

Mexico 1

10,440,576

318,992

32.7(1)

3.0

Puerto Rico 2

1,233,145

632,438

1.9(2)

1.1

Colombia 3

1,283,879

285,513

4.5(3)

1.2

Total

12,957,600

1,236,943

10.5

 

 

 

 

 

 

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

2 Per the applicable debt agreement, the formula for the Debt Coverage ratio is: LTM Cash Flow Generation / LTM Debt Service. LTM Cash Flow Generation for the period was Ps.1,233,1 million and LTM Debt Service was Ps.632,4 million.

3 Per the applicable debt agreement, the formula for the Debt Coverage ratio is: (LTM EBITDA minus LTM Taxes)/ LTM Debt Service. EBITDA minus Taxes for the period amounted to Ps.1,283.6 million and Debt Service was Ps.285.5 million.

 

 

Accounts Receivables

 

Avianca Group exited Chapter 11 on December 2021, Aeromexico on March 18, 2022 and LatAm Airlines on June 2022. Aeromexico has continued making payments in the ordinary course, while the Company remains in commercial discussions with Avianca Group and LatAm Airlines Group with respect to their contracts. Notwithstanding these discussions, ASUR believes it has sufficient liquidity to meet its obligations and continue operating in the ordinary course of business. Accounts receivables increased 2.5% YoY in 2Q22, reflecting the increasing business activity as passenger traffic increased across ASUR’ s airport network.

 

 

Table 11: Accounts Receivable as of June 30, 2022

Figures in Thousands of Mexican Pesos

Region

2Q21

2Q22

% Chg

Mexico

1,221,748

1,529,112

25.2

Puerto Rico

473,500

150,557

(68.2)

Colombia

80,104

139,889

74.6

Total

1,775,352

1,819,558

2.5

Note: Net of allowance for bad debts.

 

 

Capital Expenditures

 

ASUR made capital expenditures of Ps.436.9 million in 2Q22. Of this amount, Ps.346.3 million were allocated to modernizing the company´s Mexican airports pursuant to its master development plans, Ps.89.7 million were invested by Aerostar in Puerto Rico and Ps.0.8 million were invested in Colombia. This compares to Ps.461.0 million invested in 2Q21, of which Ps.406.1 million were invested in Mexico, Ps.55.9 million in Puerto Rico and Ps.1.0 million in Colombia. During the first six-months of 2022, ASUR invested a total of Ps.752.7 million of which Ps.730.9 million were allocated to the Mexican airports, and Ps.86.4 million to Puerto Rico.

 

 


ASUR 2Q22 Page 8 of 25

 

 

 


 

Review of Mexico Operations

 

Tabla 12: Mexico Revenues & Commercial Revenues Per Passenger

 

 

 

 

 

Second Quarter

%
Chg.

 

Six-Months

%
Chg.

 

2021

2022

 

2021

2022

Total Passengers (in thousands)

7,337

9,868

34.5

 

12,483

18,939

51.7

 

 

 

 

 

 

 

 

Total Revenues

2,946,621

4,557,925

54.7

 

4,856,550

8,431,401

73.6

Aeronautical Services

1,555,920

2,466,285

58.5

 

2,572,875

4,680,279

81.9

Non-Aeronautical Services

1,071,753

1,580,944

47.5

 

1,803,974

3,063,730

69.8

Construction Revenues

318,948

510,696

60.1

 

479,701

687,392

43.3

Total Revenues Excluding Construction Revenues

2,627,673

4,047,229

54.0

 

4,376,849

7,744,009

76.9

 

 

 

 

 

 

 

 

Total Commercial Revenues

959,369

1,408,624

46.8

 

1,595,143

2,732,365

71.3

Commercial Revenues from Direct Operations

176,301

274,994

56.0

 

285,881

545,492

90.8

Commercial Revenues Excluding Direct Operations

783,068

1,133,630

44.8

 

1,309,262

2,186,873

67.0

 

 

 

 

 

 

 

 

Total Commercial Revenues per Passenger

130.8

142.8

9.2

 

127.8

144.3

12.9

Commercial Revenues from Direct Operations per Passenger 1

24.0

27.9

16.0

 

22.9

28.8

25.8

Commercial Revenues Excluding Direct Operations per Passenger

106.7

114.9

7.6

 

104.9

115.5

10.1

For purposes of this table, approximately 32.2 and 50.5 thousand transit and general aviation passengers are included in 2Q21 and 2Q22 respectively, while 59.2 and 100.9 thousand transit and general aviation passengers are included in 6M21 and 6M22.

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

 

 

 

 

 

 

Mexico Revenues

 

Mexico Revenues increased 54.7% YoY to Ps.4,557.9 million and 64.1% when compared to 2Q19.

 

Excluding construction, revenues increased 54.0% YoY, mainly reflecting increases of 58.5% in revenues from aeronautical services and 47.5% in revenues from non-aeronautical services, resulting principally from the 34.4% increase in passenger traffic. Compared to 2Q19, revenues excluding construction increased 47.8%, reflecting an increase of 40.9% in revenues from non-aeronautical services and 52.6% from aeronautical services.

 

Commercial Revenues increased 46.8% YoY, principally reflecting the 39.8% increase in passenger traffic as shown in Table 12. Commercial Revenues per Passenger for 2Q22 increased to Ps.142.8 from Ps.130.8 in 2Q21 and Ps.115.4 in 2Q19.

 

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

 

As shown in Table 14, during the last 12 months, ASUR opened three new commercial spaces at Cancun, Couzumel and Tapachula airports, respectively. More details of these openings can be found on page 21 of this report.

 

 

Table 13: Mexico Commercial Revenue Performance

 

 

Table 14: Mexico Summary Retail and Other
Commercial Space Opened since June 30,2021

Bussines Line

YoY Chg

 

Type of Commercial Space 1

# Of Spaces Opened

2Q22

6M22

 

Duty Free

57.1%

87.2%

 

Cancun

1

Retail

53.7%

79.8%

 

Retail

1

Other Revenues

50.4%

74.9%

 

8 Other airports

2

Food and Beverage

48.8%

80.5%

 

Retail

1

Ground Transportation

40.6%

62.9%

 

Car rental

1

Car parking

31.4%

45.7%

 

Mexico

3

Car rental

25.9%

32.2%

 

 

 

Banks and foreign exchange

6.5%

9.6%

 

 

 

Advertising

(0.4%)

17.7%

 

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

Teleservices

(33.5%)

(27.3%)

 

Total Commercial Revenues

46.8%

71.3%

 

 

 

 

 


ASUR 2Q22 Page 9 of 25

 

 

 


 

Mexico Operating Costs and Expenses

 

Table 15: Mexico Operating Costs & Expenses

 

 

 

 

 

 

 

 

Second Quarter

% Chg

 

Six-Months

% Chg

 

2021

2022

 

2021

2022

Cost of Services

562,638

569,347

1.2

 

975,906

1,086,037

11.3

Administrative

57,099

72,825

27.5

 

119,162

142,130

19.3

Technical Assistance

93,920

160,408

70.8

 

153,149

308,803

101.6

Concession Fees

117,269

186,475

59.0

 

196,098

346,987

76.9

Depreciation and Amortization

202,312

222,712

10.1

 

402,664

438,296

8.8

Operating Costs and Expenses Excluding Construction Costs

1,033,238

1,211,767

17.3

 

1,846,979

2,322,253

25.7

Construction Costs

318,948

510,696

60.1

 

479,701

687,392

43.3

Total Operating Costs & Expenses

1,352,186

1,722,463

27.4

 

2,326,680

3,009,645

29.4

 

Total Mexico Operating Costs and Expenses increased 27.4% YoY, or Ps.370.3. Excluding construction costs, operating costs and expenses increased 17.3% or Ps.178.5 million, mainly reflecting higher technical assistance and concession fees, as well as increases in security and maintenance costs, insurance and surety bonds. Higher cost of sales at stores operated by ASUR also contributed to higher costs.

 

Cost of Services increased 1.2% YoY, mainly reflecting higher security, maintenance, insurance and surety bond expenses together with higher cost of sales at stores operated directly by ASUR.

 

Administrative Expenses increased 27.5% YoY.

 

The Technical Assistance fee paid to ITA increased 70.8% YoY reflecting higher EBITDA in Mexico, which is used in the calculation of the fee.

 

Concession Fees, which include fees paid to the Mexican government, increased 59.0%, principally due to the increase in regulated revenues which is used in the calculation of the concession fee.

 

Depreciation and Amortization increased 10.1% YoY, reflecting higher investments to date.

 

 

Mexico Consolidated Comprehensive Financing Gain (Loss)

 

Table 16: Mexico Comprehensive Financing Gain (Loss)

 

 

 

 

 

 

 

 

Second Quarter

% Chg

 

Six-Months

% Chg

 

2021

2022

 

2021

2022

Interest Income

50,429

63,054

25.0

 

84,470

132,626

57.0

Interest Expense

(65,095)

(106,615)

63.8

 

(130,603)

(201,574)

54.3

Foreign Exchange Gain (Loss), Net

(44,100)

55,518

n/a

 

8,604

(40,388)

n/a

Total

(58,766)

11,957

n/a

 

(37,529)

(109,336)

191.3

 

ASUR’s Mexico operations reported a Ps.11.9 million Comprehensive Financing gain in 2Q22, compared to a Ps.58.8 million loss in 2Q19. This was mainly due to a foreign exchange gain of Ps.55.5 million in 2Q22 resulting from the 0.6% average quarterly depreciation of the Mexican peso (1.1% depreciation at quarter-end) against the U.S. dollar on a foreign currency net asset position. This compares to a Ps.44.1 million foreign exchange loss in 2Q21, resulting from the 2.0% average appreciation of the Mexican peso during that period (2.6% at quarter-end) against the U.S. dollar on a foreign currency net asset position.

 

Interest income increased 25.0% YoY or Ps.12.6 million, reflecting a higher cash balance, while interest expenses increased 63.8% YoY due to a higher debt balance as a result of the Ps.690 million in lines of credit drawn down in October 2021.

 


ASUR 2Q22 Page 10 of 25

 

 

 


 

Mexico Operating Profit (Loss) and EBITDA

 

Table 17: Mexico Profit & EBITDA

 

 

 

 

 

 

 

 

Second Quarter

% Chg

 

Six-Months

% Chg

 

2021

2022

 

2021

2022

Total Revenue

2,946,621

4,557,925

54.7

 

4,856,550

8,431,401

73.6

Total Revenues Excluding Construction Revenues

2,627,673

4,047,229

54.0

 

4,376,849

7,744,009

76.9

Operating Profit

1,594,435

2,835,462

77.8

 

2,529,870

5,421,756

114.3

Operating Margin

54.1%

62.2%

810 bps

 

52.1%

64.3%

1221 bps

Adjusted Operating Margin 1

60.7%

70.1%

938 bps

 

57.8%

70.0%

1221 bps

Net Profit 2

1,070,290

2,053,242

91.8

 

1,901,840

3,934,765

106.9

EBITDA

1,797,308

3,058,270

70.2

 

2,935,981

5,860,677

99.6

EBITDA Margin

61.0%

67.1%

610 bps

 

60.5%

69.5%

906 bps

Adjusted EBITDA Margin 3

68.4%

75.6%

717 bps

 

67.1%

75.7%

860 bps

 

1 Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is equal to operating profit divided by total revenues less construction services revenues.

2 This result includes revenues from the participation of Aerostar Ps.299.4 million and 171.0 million in 2Q22 and 2Q21, respectively, for Airplan Ps.205.6 million and Ps.17.7 million in 2Q22 and 2Q21, respectively.

3 Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues.

 

Mexico reported an Operating Gain of Ps.2,835.5 million in 2Q22 and an Operating Margin of 62.2%. This compares to an Operating Gain of Ps.1,594.4 million and an Operating Margin of 54.1% in 2Q21, and 64.2% in 2Q19.

 

Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets and which is calculated as operating profit divided by total revenues excluding construction services revenues, was 70.1% in 2Q22, compared to 60.7% in 2Q21 and 65.1% in 2Q19.

 

EBITDA increased 70.2% or Ps.1,261.0 million to Ps.3,058.3 million in 2Q22, from Ps.1,797.3 million in 2Q21 and Ps.1,954.9 million in 2Q19. EBITDA margin in 2Q22 was 67.1% compared to 61.0% in 2Q21 and 70.4% in 2Q19.

 

During 2Q22, ASUR’s operations in Mexico recognized Ps.510.7 million in “Construction Revenues,” compared to Ps.318.9 million in 2Q21, reflecting higher capital expenditures and investments in concessioned assets.

 

Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets, increased to 75.6% in 2Q22, compared to 68.4% in 2Q21, and 71.4% in 2Q19.

 

 

Mexico Tariff Regulation

 

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

 

ASUR’s accumulated regulated revenues at its Mexican operations, as of June 30, 2022, totaled Ps.4,874.9 million, with an average tariff per workload unit of Ps.245.2 (December 2021 pesos), accounting for approximately 62.3% of total income in Mexico (excluding construction income) for the period.

 

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

 

 

Mexico Capital Expenditures

 

During 2Q22 ASUR invested Ps.346.3 million in connection with its plan to modernize its Mexican airports under its master development plans, compared to an investment of Ps. 406.1 million in 2Q21. On an accumulated basis, ASUR invested Ps.586.4 million in the first six months of 2022 compared to Ps.730.9 million during the same period in 2021.

 

 


ASUR 2Q22 Page 11 of 25

 

 

 


 

Review of Puerto Rico Operations

 

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

 

As of June 30, 2022, the valuation of ASUR’s investment in Aerostar in accordance with IFRS 3 "Business Combinations," had the following effects on its balance sheet: (i) the recognition of a net intangible asset of Ps.5,630.2 million, (ii) goodwill of Ps.961.8 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.563.0 million, and (iv) a minority interest of Ps.5,258.0 million within stockholders' equity.

 

Table 18: Puerto Rico Revenues & Commercial Revenues Per Passenger

 

In thousands of Mexican pesos

 

 

 

 

 

First Quarter

% Chg

 

Six-Months

% Chg

 

2021

2022

 

2021

2022

 

Total Passengers (in thousands)

2,671

2,783

4.2

 

4,436

5,174

16.6

 

 

 

 

 

 

 

 

Total Revenues

948,918

1,065,470

12.3

 

1,676,047

2,013,794

20.2

Aeronautical Services

521,621

540,053

3.5

 

983,645

1,057,131

7.5

Non-Aeronautical Services

381,057

445,305

16.9

 

615,895

803,136

30.4

Construction Revenues

46,240

80,112

73.3

 

76,507

153,527

100.7

Total Revenues Excluding Construction Revenues

902,678

985,358

9.2

 

1,599,540

1,860,267

16.3

 

 

 

 

 

 

 

 

Total Commercial Revenues

378,550

442,364

16.9

 

611,438

797,479

30.4

Commercial Revenues from Direct Operations

92,539

95,788

3.5

 

146,365

174,627

19.3

Commercial Revenues Excluding Direct Operations

286,011

346,576

21.2

 

465,073

622,852

33.9

 

 

 

 

 

 

 

 

Total Commercial Revenues per Passenger

141.7

158.9

12.1

 

137.8

154.1

11.8

Commercial Revenues from Direct Operations per Passenger 1

34.6

34.4

(0.7)

 

33.0

33.8

2.3

Commercial Revenues Excluding Direct Operations per Passenger

107.1

124.5

16.3

 

104.8

120.4

14.8

Cifras en pesos al tipo de cambio promedio de Ps.20.0317= USD1.00

 

 

 

 

1 Represents ASUR convenience store operations directly operated by ASUR

 

 

 

 

 

 

Puerto Rico Revenues

 

Total Puerto Rico Revenues increased 12.3% YoY to Ps.1,065.5 million in 2Q22.

 

Excluding construction services, revenues rose 9.2%, mainly due to the following YoY increases:

 

 

3.5% in revenues from aeronautical services; and

 

16.9% in revenues from non-aeronautical services, which also reflects the 4.2% increase in passenger traffic.

 

Commercial Revenues per Passenger were Ps.158.9 in 2Q22, compared to Ps.141.7 in 2Q21 and Ps.114.4 in 2Q19.

 

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

 

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

 


ASUR 2Q22 Page 12 of 25

 

 

 


 

 

Table 19: Puerto Rico Commercial Revenue Performance

 

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

Business Line

YoY Chg

 

Type of Commercial Space 1

# of Spaces Opened

2Q22

6M22

 

Food and beverage

69.3%

64.2%

 

Retail

1

Other revenues

52.0%

57.3%

 

Food and beverage

4

Car parking

40.8%

51.0%

 

Others revenues

2

Advertising

39.9%

(9.4%)

 

Total Commercial space

7

Banks and foreign exchange

30.0%

20.5%

 

 

 

Ground Transportation

24.7%

47.4%

 

 

 

Car rentals

10.7%

29.5%

 

 

 

Duty Free

10.7%

5.2%

 

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

Retail

5.0%

20.1%

 

Total Commercial Revenues

16.9%

30.4%

 

 

 

 

 

Puerto Rico Operating Costs and Expenses

 

Table 21: Puerto Rico Operating Costs & Expenses

In thousands of Mexican pesos

 

 

 

 

 

 

 

Second Quarter

% Var

 

Six-Months

% Chg

 

2021

2022

 

2021

2022

2022

Cost of Services

311,348

184,739

(40.7)

 

429,657

363,212

(15.5)

Concession Fees

42,564

45,695

7.4

 

77,529

89,758

15.8

Depreciation and Amortization

181,051

182,505

0.8

 

367,336

369,105

0.5

Operating Costs and Expenses Excluding Construction Costs

534,963

412,939

(22.8)

 

874,522

822,075

(6.0)

Construction Costs

46,240

80,112

73.3

 

76,507

153,527

100.7

Total Operating Costs & Expenses

581,203

493,051

(15.2)

 

951,029

975,602

2.6

Figures in pesos at an average exchange rate of Ps.20.0317 = USD1.00

 

Total Operating Costs and Expenses at LMM Airport increased 15.2% YoY to Ps.493.9 million in 2Q22. Construction costs in the quarter increased by 73.3% to Ps.80.1 million from Ps.46.2 million in 2Q21.

 

Excluding construction costs, operating costs and expenses declined 22.8% YoY or Ps.122.0 million to Ps.412.9 million, principally due to the Ps.175.2 million recovery of expenses under the under the American Rescue Plan Act in 2Q22. Without this benefit, costs would have increased 9.9% or Ps.53.2 million due to higher energy and personnel costs, together with increased professional fees, taxes and duties as well as insurance and surety bond expenses.

 

Cost of Services declined 40.7% YoY or Ps.126.6 million, principally reflecting a higher reimbursement of expenses in Puerto Rico under the American Rescue Plan Act. Without this benefit, cost of services would have increased Ps.48.6 million, or 27.7%.

 

Concession Fees paid to the Puerto Rican government increased Ps.3.1 million in 2Q22 compared to the same period during the previous year, reflecting higher passenger traffic in line with the concession agreement.

 

Depreciation and Amortization increased 0.8% YoY, or Ps.1.4 million, principally reflecting the FX translation impact as the average Mexican peso exchange rate fluctuated to Ps.20.0317 per dollar in 2Q22, from Ps.19.9112 per dollar in 2Q21.

 

 

Puerto Rico Comprehensive Financing Gain (Loss)

 

Table 22: Puerto Rico Comprehensive Financing Gain (Loss)

 

 

 

 

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

 

Second Quarter

% Var

 

Six-Months

% Chg

 

2021

2022

 

2021

2022

2022

Interest Income

383

3,549

826.6

 

627

5,428

765.7

Interest Expense

(113,206)

(108,885)

(3.8)

 

(228,478)

(221,663)

(3.0)

Total

(112,823)

(105,336)

(6.6)

 

(227,851)

(216,235)

(5.1)

Figures in pesos at an average exchange rate of  Ps.20.0317 = USD1.00

 

 

 

 

 

 

 

ASUR 2Q22 Page 13 of 25

 

 

 


 

During 2Q22, Puerto Rico reported a Ps.105.3 million Comprehensive Financing Loss, compared to a Ps.112.8 million loss in 2Q21, principally due to (i) the FX conversion impact in connection with the depreciation of the Mexican peso against the US dollar, and (ii) the full repayment of the subordinated term loan with Cancun airport in April 2021.

 

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

 

On June 24, 2015, Aerostar carried out a private bond placement for a total of US$50.0 million.

 

In December 2020, Aerostar entered into a revolving line of credit with Banco Popular de Puerto Rico in the amount of US$20.0 million, with a three-year term. Funds have not yet been withdrawn.

 

In May 2022, Aerostar in Puerto Rico authorized the issuance of US$200 million principal amount of 4.92% senior secured notes due March 22, 2035. In May 2022, Aerostar also renegotiated the terms of its $50 million principal amount of 6.75% senior secured notes to mature in 2035. All long-term debt is collateralized by Aerostar’s total assets.

 

 

Puerto Rico Operating Profit and EBITDA

 

 

Table 23: Puerto Rico Profit & EBITDA

 

 

 

 

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

 

Second Quarter

% Var

 

Six-Months

% Chg

2022

 

2021

2022

 

2021

2022

Total Revenue

948,918

1,065,470

12.3

 

1,676,047

2,013,794

20.2

Total Revenues Excluding Construction Revenues

902,678

985,358

9.2

 

1,599,540

1,860,267

16.3

Other Revenues

 

 

 

 

 

45,547

n/a

Operating Profit

367,715

572,419

55.7

 

725,018

1,083,739

49.5

Operating Margin

38.8%

53.7%

1497 bps

 

43.3%

53.8%

1056 bps

Adjusted Operating Margin1

40.7%

58.1%

1736 bps

 

45.3%

58.3%

1293 bps

Net Income

245,318

457,302

86.4

 

478,049

847,435

77.3

EBITDA

548,768

579,751

5.6

 

905,449

1,081,293

19.4

EBITDA Margin

57.8%

54.4%

(342 bps)

 

54.0%

53.7%

(33 bps)

Adjusted EBITDA Margin2

60.8%

58.8%

(196 bps)

 

56.6%

58.1%

152 bps

Figures in pesos at an average exchange rate of Ps.20.0317 = USD1.00

1 Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is equal to operating profit divided by total revenues less construction services revenues.

2 Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues.

 

 

Operating Profit at Puerto Rico increased to Ps.572.4 million resulting in an Operating Margin of 53.7%, mainly reflecting higher non-aeronautical revenues and a marginal reduction in expenses. This compares with operating profit of Ps.367.7 million and an Operating Margin of 38.8% in 2Q21, and of Ps.372.6 million and an Operating Margin of 47.5% in 2Q19.

 

EBITDA increased 5.6% to Ps.579.7 million in 2Q22 from Ps.548.8 million in 2Q21, and from Ps.542.0 million in 2Q19. EBITDA Margin, in turn, decreased to 54.4% in 2Q22 from 57.8% in 2Q21 and 69.1% in 2Q19. The Adjusted EBITDA Margin (which excludes IFRIC 12) decreased to 58.8% in 2Q22, compared to 60.8% in 2Q21, and 73.3% in 2Q19.

 

Puerto Rico Capital Expenditures

 

During 2Q22, Aerostar invested Ps.89.7 million in capital expenditures, compared to investments of Ps.55.9 million in 2Q21. On an accumulated basis, Aerostar invested a total of Ps.164.6 million in the first half of 2022 compared to Ps.86.2 million during the same period in the previous year.

 

 

Puerto Rico Tariff Regulation

 

The Airport Use Agreement signed by Aerostar, the airlines serving LMM Airport, and the Puerto Rico Ports Authority govern the relationship between Aerostar and the principal airlines serving LMM Airport. The agreement entitles Aerostar to an annual contribution from the airlines of US$62.0 million during the first five years of the term. From year six onwards, the total annual contribution for the prior year increases in accordance with an adjusted consumer

ASUR 2Q22 Page 14 of 25

 

 

 


price index factor based on the U.S. non-core consumer price index. The annual fee is divided between the airlines that operate at LMM Airport in accordance with the regulations and structure defined under the Airport Use Agreement to establish the contribution of each airline for each particular year.

 

 

Review of Colombia Operations

 

The following discussion compares Airplan's independent results for the three-and six-month periods ended June 31, 2021 and 2022.

 

The valuation of ASUR’s investment in Airplan, in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on the balance sheet as of June 30, 2022: i) the recognition of a net intangible asset of Ps.1,080.9 million, ii) goodwill of Ps.1,579.4 million, iii) deferred taxes of Ps.290.7 million, and iv) Ps.250.4 million from the recognition of bank loans at fair value.

 

Table 24: Colombia Revenues & Commercial Revenues Per Passenger        

 

 

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

 

 

Second Quarter

% Var

 

Six-Months

% Var

 

2021

2022

 

2021

2022

Total Passenger

2,070

4,230

104.3

 

3,981

7,913

98.8

 

 

 

 

 

 

 

 

Total Revenues

333,742

696,314

108.6

 

596,394

1,300,319

118.0

Aeronautical Services

236,116

527,452

123.4

 

412,815

978,396

137.0

Non-Aeronautical Services

97,321

168,153

72.8

 

181,205

320,018

76.6

Construction Revenues 1

305

709

132.5

 

2,374

1,905

(19.8)

Total Revenues Excluding Construction Revenues

333,437

695,605

108.6

 

594,020

1,298,414

118.6

Total Commercial Revenues

96,698

168,057

73.8

 

179,889

319,656

77.7

Total Commercial Revenues per Passenger

46.7

39.7

(15.0)

 

45.2

40.4

(10.6)

Figures in pesos at an average exchange rate of COL.195.2758 = Ps.1.00 Mexican pesos.

For the purposes of this table, approximately 50.7 and 122.8 thousand transit and general aviation passengers are included in 2Q21 and 2Q22, while 104.1 and 234.1 thousand transit and general aviation passengers are included in 6M21 and 6M22.

 

 

Colombia Revenues

Total Colombia Revenues increased 108.6% YoY to Ps.696.3 million and 37.3% compared to 2Q19. Excluding construction services, revenues increased 108.6% YoY mainly reflecting a 123.4% increase in revenues from aeronautical services, and a 72.8% increase in revenues from non-aeronautical services, mainly impacted by the 73.8% increase in commercial revenues.

 

Commercial Revenues per Passenger was Ps.39.7 compared to Ps.46.7 in 2Q21 and Ps.40.6 in 2Q19.

 

As shown in Table 26, during the last twelve months, 60 new commercial spaces were opened in Colombia. More details of these openings can be found on page 21 of this report.

 

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

 

Table 25: Colombia Commercial Revenue
Performance

 

 

 

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

Bussines Line

YoY Chg

 

Type of Commercial Space 1

# of
Spaces
Opened

2Q22

6M22

 

Ground Transportation

327.0%

480.9%

 

Retail

12

Car rental

214.6%

293.5%

 

Banks and foreign exchange

1

Duty free

63.8%

132.6%

 

Teleservices

2

Banks and foreign exchange

51.4%

40.7%

 

Others revenues

44

Retail

50.6%

87.4%

 

Car rental

1

Advertising

49.7%

70.6%

 

Total Commercial Spaces

60

Food and beverage

39.3%

63.0%

 

 

 

Car parking

37.6%

75.0%

 

 

 

Other revenues

(6.8%)

23.3%

 

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

Teleservices

(37.2%)

(15.3%)

 

Total Commercial Revenues

13.7%

45.4%

 

 

 

 

 

Colombia Costs & Expenses

 

ASUR 2Q22 Page 15 of 25

 

 

 


 

Table 27:  Colombia Costs & Expenses

 

 

 

 

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

 

Second Quarter

% Chg

 

Six-Months

% Chg

 

2021

2022

 

2021

2022

Cost of Services

112,394

136,889

21.8

 

211,791

253,809

19.8

Technical Assistance

1,006

22,537

2,140.3

 

2,843

23,567

728.9

Concession Fees

63,300

133,571

111.0

 

112,894

246,094

118.0

Depreciation and Amortization

108,997

100,620

(7.7)

 

223,972

196,763

(12.1)

Operating Costs and Expenses Excluding Construction Costs

285,697

393,617

37.8

 

551,500

720,233

30.6

Construction Costs

305

709

132.5

 

2,374

1,905

(19.8)

Total Operating Costs & Expenses

286,002

394,326

37.9

 

553,874

722,138

30.4

Figures in pesos at an average exchange rate of COL.195.2758 = Ps.1.00 Mexican pesos.

 

 

Total Operating Costs and Expenses in Colombia increased 37.9% YoY to Ps.394.3 million. Excluding construction costs, operating costs and expenses increased 37.8% YoY to Ps.393.6 million.

 

Cost of Services increased 21.8% YoY, or Ps.24.5 million. This was mainly due to increases in energy costs, maintenance provisions and personnel expenses, as well as increases in taxes and duties and security costs.

 

Construction Costs decreased 132.5% YoY, or Ps.0.4 million due to lower complementary works to concessioned assets compared 2Q21.

 

Concession Fees, which include fees paid to the Colombian government, increased 111.0% YoY, mainly reflecting the increase in regulated and non-regulated revenues during the period.

 

Depreciation and Amortization decreased 7.7%, principally reflecting the FX translation impact from the depreciation of the Colombian peso against the Mexican peso, as per IFRS 3.

 

 

Colombia Comprehensive Financing Gain (Loss)

 

Table 28: Colombia, Comprehensive Financing Gain (Loss)

 

 

 

 

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

 

Second Quarter

% Chg

 

Six-Months

% Chg

2021

 

2021

2022

 

2021

2022

Interest Income

1,320

7,526

470.2

 

3,186

16,443

416.1

Interest Expense

(11,210)

194,672

n/a

 

(56,476)

176,308

n/a

Foreign Exchange Gain (Loss), Net

27

(498)

n/a

 

10

(488)

n/a

Total

(9,863)

201,700

n/a

 

(53,280)

192,263

n/a

 

Figures in pesos at an average exchange rate of COL.195.2758 = Ps.1.00 Mexican pesos.

 

During 2Q22, Airplan reported a Ps.201.7 million Comprehensive Financing Gain, compared to a Ps.9.9 million loss in 2Q21. This resulted mainly from the Ps.223.7 million amortization of the BBVA loan entered into concurrently with the acquisition of the company.

 

On June 1, 2015, Airplan entered into 12-Year Syndicated Loan Facility with eight banks, and maintained a net balance of Ps.1.105.9 million as of June 30, 2022.

 

Airplan made principal payments of Ps.794.5 million in 2Q22 with no debt maturities until 2025.

 

 


ASUR 2Q22 Page 16 of 25

 

 

 


 

Colombia Operating Profit (Loss) and EBITDA

 

Table 29:  Colombia Profit & EBITDA

 

 

 

 

 

 

 

In thousands of Mexican pesos

 

 

 

 

 

 

 

 

Second Quarter

% Chg

 

Six-Months

% Chg

2021

 

2021

2022

 

2021

2022

Total Revenue

333,742

696,314

108.6

 

596,394

1,300,319

118.0

Total Revenues Excluding Construction Revenues

333,437

695,605

108.6

 

594,020

1,298,414

118.6

Operating Profit

47,740

301,988

532.6

 

42,520

578,181

1,259.8

Operating Margin

14.3%

43.4%

2907 bps

 

7.1%

44.5%

3734 bps

Adjusted Operating Margin1

14.3%

43.4%

2910 bps

 

7.2%

44.5%

3737 bps

Net Profit

14,180

333,925

2,254.9

 

(11,995)

412,031

n/a

EBITDA

156,740

402,608

156.9

 

266,494

774,944

190.8

EBITDA Margin

47.0%

57.8%

1086 bps

 

44.7%

59.6%

1491 bps

Adjusted EBITDA Margin2

47.0%

57.9%

1087 bps

 

44.9%

59.7%

1482 bps

Figures in pesos at an average exchange rate of COL.195.2758 = Ps.1.00 Mexican pesos.

1 Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is equal to operating profit divided by total revenues less construction services revenues.

2 Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues.

 

 

ASUR’s operations in Colombia reported an Operating Gain of Ps.301.9 million in 2Q22, compared to Ps.47.7 million in 2Q21 reflecting the impact of COVID-19. Operating Margin was 43.4% in 2Q22, compared to 14.3% in 2Q21 and 18.2% in 2Q19. The Adjusted Operating Margin, which excludes the impact of IFRIC 12 with respect to construction of or improvements to concessioned assets was 43.4% in 2Q22, compared to 14.3% in 2Q21 and 19.6% in 2Q19.

 

EBITDA in 2Q22 was Ps.406.6 million resulting in an EBITDA Margin of 57.8%, compared to an EBITDA of Ps.156.7 million in 2Q21 and of Ps.248.1 million in 2Q19. EBITDA Margin was 47.0% in 2Q21 and 48.9% in 2Q19.

 

The Adjusted EBITDA Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements to concessioned assets was 57.9% in 2Q22 compared to 47.0% in 2Q21, mainly due to the decline in revenues resulting from Covid-19. Adjusted EBITDA Margin for 2Q22 also exceeded the 52.8% reported in 2Q19 mainly reflecting the 37.3% increase in revenues during the period.

 

 

Colombia Capital Expenditures

 

During 2Q22 Airplan made capital investments of Ps.0.8 million compared to Ps.1.1 million in 2Q21. On an accumulated basis, Airplan invested Ps.1.7 million during the first half of 2022 while in the same period of 2021 no investments were undertaken.

 

 

Colombia Tariff Regulation

 

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

 

Airplan's regulated revenues amounted to Ps.527.4 million in 2Q22.

 

 

Definitions

 

Concession Services Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico, ASUR is required by IFRIC 12 to include in its income statement an income line, “Construction Revenues,” reflecting the revenue from construction or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. Because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin. In Colombia, “Construction Revenues” include the

ASUR 2Q22 Page 17 of 25

 

 

 


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

 

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

 

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

 

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

 

About ASUR

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

 

 

Analyst Coverage

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

 

Please note that any opinions, estimates or forecasts with respect to the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.

 

 


ASUR 2Q22 Page 18 of 25

 

 

 


 

Forward Looking Statements

 

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

 

 

 

Contacts:

 

ASUR

Adolfo Castro

+1-52-55-5284-0408

acastro@asur.com.mx

InspIR Group

Susan Borinelli

+1-646-330-5907

susan@inspirgroup.com

 

 

- SELECTED OPERATING TABLES & FINANCIAL STATEMENTS FOLLOW –

 

 


ASUR 2Q22 Page 19 of 25

 

 

 


 

Passenger Traffic Breakdown by Airport

 

Mexico Passenger Traffic 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter

 

% Chg

 

 

Six - Months

 

% Chg

 

 

 

2021

 

2022

 

 

 

 

 

2021

 

2022

 

 

 

 

Domestic Traffic

 

3,770,004

 

 

4,518,674

 

 

19.9

 

 

 

6,623,043

 

 

8,264,362

 

 

24.8

 

CUN

Cancun

 

2,311,551

 

 

2,559,200

 

 

10.7

 

 

 

4,057,727

 

 

4,640,847

 

 

14.4

 

CZM

Cozumel

 

32,777

 

 

30,605

 

 

(6.6

)

 

 

56,525

 

 

74,751

 

 

32.2

 

HUX

Huatulco

 

162,651

 

 

230,832

 

 

41.9

 

 

 

272,255

 

 

423,787

 

 

55.7

 

MID

Merida

 

451,765

 

 

670,635

 

 

48.4

 

 

 

791,789

 

 

1,217,302

 

 

53.7

 

MTT

Minatitlan

 

25,831

 

 

25,385

 

 

(1.7

)

 

 

45,511

 

 

45,681

 

 

0.4

 

OAX

Oaxaca

 

191,281

 

 

255,005

 

 

33.3

 

 

 

336,292

 

 

491,214

 

 

46.1

 

TAP

Tapachula

 

102,048

 

 

126,156

 

 

23.6

 

 

 

184,402

 

 

234,625

 

 

27.2

 

VER

Veracruz

 

263,155

 

 

313,267

 

 

19.0

 

 

 

464,557

 

 

579,513

 

 

24.7

 

VSA

Villahermosa

 

228,945

 

 

307,589

 

 

34.4

 

 

 

413,985

 

 

556,642

 

 

34.5

 

International Traffic

 

3,535,138

 

 

5,298,453

 

 

49.9

 

 

 

5,800,965

 

 

10,573,519

 

 

82.3

 

CUN

Cancun

 

3,311,411

 

 

5,013,842

 

 

51.4

 

 

 

5,450,301

 

 

9,974,141

 

 

83.0

 

CZM

Cozumel

 

106,417

 

 

124,010

 

 

16.5

 

 

 

170,071

 

 

256,292

 

 

50.7

 

HUX

Huatulco

 

5,820

 

 

16,299

 

 

180.1

 

 

 

11,664

 

 

58,632

 

 

402.7

 

MID

Mérida

 

53,369

 

 

65,253

 

 

22.3

 

 

 

77,768

 

 

124,921

 

 

60.6

 

MTT

Minatitlan

 

1,183

 

 

2,522

 

 

113.2

 

 

 

2,527

 

 

5,480

 

 

116.9

 

OAX

Oaxaca

 

28,986

 

 

43,842

 

 

51.3

 

 

 

43,891

 

 

90,477

 

 

106.1

 

TAP

Tapachula

 

2,167

 

 

3,227

 

 

48.9

 

 

 

3,617

 

 

6,471

 

 

78.9

 

VER

Veracruz

 

19,132

 

 

22,504

 

 

17.6

 

 

 

30,449

 

 

43,676

 

 

43.4

 

VSA

Villahermosa

 

6,653

 

 

6,954

 

 

4.5

 

 

 

10,677

 

 

13,429

 

 

25.8

 

Total Traffic México

 

7,305,142

 

 

9,817,127

 

 

34.4

 

 

 

12,424,008

 

 

18,837,881

 

 

51.6

 

CUN

Cancun

 

5,622,962

 

 

7,573,042

 

 

34.7

 

 

 

9,508,028

 

 

14,614,988

 

 

53.7

 

CZM

Cozumel

 

139,194

 

 

154,615

 

 

11.1

 

 

 

226,596

 

 

331,043

 

 

46.1

 

HUX

Huatulco

 

168,471

 

 

247,131

 

 

46.7

 

 

 

283,919

 

 

482,419

 

 

69.9

 

MID

Merida

 

505,134

 

 

735,888

 

 

45.7

 

 

 

869,557

 

 

1,342,223

 

 

54.4

 

MTT

Minatitlan

 

27,014

 

 

27,907

 

 

3.3

 

 

 

48,038

 

 

51,161

 

 

6.5

 

OAX

Oaxaca

 

220,267

 

 

298,847

 

 

35.7

 

 

 

380,183

 

 

581,691

 

 

53.0

 

TAP

Tapachula

 

104,215

 

 

129,383

 

 

24.2

 

 

 

188,019

 

 

241,096

 

 

28.2

 

VER

Veracruz

 

282,287

 

 

335,771

 

 

18.9

 

 

 

495,006

 

 

623,189

 

 

25.9

 

VSA

Villahermosa

 

235,598

 

 

314,543

 

 

33.5

 

 

 

424,662

 

 

570,071

 

 

34.2

 

 

US Passenger Traffic, San Juan Airport (LMM)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter

 

% Chg

 

 

Six - Months

 

% Chg

 

 

 

2021

 

2022

 

 

 

 

 

2021

 

2022

 

 

 

 

SJU Total 1

 

2,671,356

 

 

2,783,495

 

 

4.2

 

 

 

4,436,229

 

 

5,174,214

 

 

16.6

 

Domestic Traffic

 

 

2,556,590

 

 

2,542,024

 

 

(0.6

)

 

 

4,259,734

 

 

4,755,038

 

 

11.6

 

International Traffic

 

 

114,766

 

 

241,471

 

 

110.4

 

 

 

176,495

 

 

419,176

 

 

137.5

 

 

Colombia, Passenger Traffic Airplan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter

 

% Chg

 

 

Six - Months

 

% Chg

 

 

 

2021

 

2022

 

 

 

 

 

2021

 

2022

 

 

 

 

Domestic Traffic

 

1,675,096

 

 

3,415,937

 

 

103.9

 

 

 

3,329,524

 

 

6,467,279

 

 

94.2

 

MDE

Medellín (Rio Negro)

 

1,132,946

 

 

2,556,653

 

 

125.7

 

 

 

2,243,639

 

 

4,787,139

 

 

113.4

 

EOH

Medellín

 

201,172

 

 

301,813

 

 

50.0

 

 

 

408,086

 

 

588,333

 

 

44.2

 

MTR

Montería

 

222,313

 

 

379,410

 

 

70.7

 

 

 

437,126

 

 

750,665

 

 

71.7

 

APO

Carepa

 

46,027

 

 

67,284

 

 

46.2

 

 

 

92,512

 

 

172,360

 

 

86.3

 

UIB

Quibdó

 

63,653

 

 

88,217

 

 

38.6

 

 

 

129,556

 

 

131,047

 

 

1.2

 

CZU

Corozal

 

8,985

 

 

22,560

 

 

151.1

 

 

 

18,605

 

 

37,735

 

 

102.8

 

International Traffic

 

344,251

 

 

691,022

 

 

100.7

 

 

 

547,108

 

 

1,211,653

 

 

121.5

 

MDE

Medellín (Rio Negro)

 

344,251

 

 

691,022

 

 

100.7

 

 

 

547,108

 

 

1,211,653

 

 

121.5

 

EOH

Medellín

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

MTR

Montería

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

APO

Carepa

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

UIB

Quibdó

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

CZU

Corozal

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

Total Traffic Colombia

 

2,019,347

 

 

4,106,959

 

 

103.4

 

 

 

3,876,632

 

 

7,678,932

 

 

98.1

 

MDE

Medellín (Rio Negro)

 

1,477,197

 

 

3,247,675

 

 

119.9

 

 

 

2,790,747

 

 

5,998,792

 

 

115.0

 

EOH

Medellín

 

201,172

 

 

301,813

 

 

50.0

 

 

 

408,086

 

 

588,333

 

 

44.2

 

MTR

Montería

 

222,313

 

 

379,410

 

 

70.7

 

 

 

437,126

 

 

750,665

 

 

71.7

 

APO

Carepa

 

46,027

 

 

67,284

 

 

46.2

 

 

 

92,512

 

 

172,360

 

 

86.3

 

UIB

Quibdó

 

63,653

 

 

88,217

 

 

38.6

 

 

 

129,556

 

 

131,047

 

 

1.2

 

CZU

Corozal

 

8,985

 

 

22,560

 

 

151.1

 

 

 

18,605

 

 

37,735

 

 

102.8

 

 

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

ASUR 2Q22 Page 20 of 25

 

 

 


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

Comercial Spaces

 

ASUR 2Q22 Page 21 of 25

 

 

 


 

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

Business Name

Type

Opening Date

MEXICO

Cancun

Red Importadora, SA de CV (Gowin)

Retail

September 2021

Cozumel

Morena Mia Beauty Group

Retail

September 2021

Tapachula

Global Lounge OP Mex, SA de CV

Other Revenues

June 2022

SAN JUAN, PUERTO RICO

 

 

Fresh @ the Gate (Management Group Investors, LLC)

Food and Beverage

January 2022

The Flight Park (G&G, LLC)

Food and Beverage

January 2022

Strong Med Vital Care (MRPV, LLC)

Other Revenues

February 2022

Power Packs 2 Go (PR Kiosk Solutions, LLC)

Other Revenues

February 2022

Corner Bistro (Management Group Investors, LLC)

Food and Beverage

March 2022

Beya (PS Imports, INC.)

Retail

March 2022

El Mesón Sandwiches (Management Group Investors, LLC)

Food and Beverage

June 2022

COLOMBIA

 

 

Rionegro

 

 

Globoshops S.A.S.

Retail

July 2021

Cosmetika S.A.S.

Retail

July 2021

Massy Motors Rentals S.A.S.

Car Rental

July 2021

Easyfly S. A.

Other Revenues

August 2021

Easyfly S. A.

Other Revenues

August 2021

Kuehene & Nagel S.A.

Other Revenues

August 2021

Aerovias del Continente Americano S.A. Avianca

Other Revenues

September 2021

Aerovias del Continente Americano S.A. Avianca

Other Revenues

September 2021

Aerovias del Continente Americano S.A. Avianca

Other Revenues

September 2021

Lasa-Sociedad de Apoyos Aeronauticos

Other Revenues

October 2021

First Class Experiencias Cartagena S.A.S.

Other Revenues

November 2021

Ultra AIR S.A.S

Other Revenues

November 2021

Organización Terpel S.A

Other Revenues

December 2021

Fast Colombia SAS

Other Revenues

December 2021

Securitas Colombia S.A.

Other Revenues

December 2021

Jetsmart Airlines Spa sucursal colombia

Other Revenues

December 2021

Ez Air sucursal Colombia

Other Revenues

December 2021

Caribbean Support and Flight Services S.A.S.

Other Revenues

December 2021

Ultra AIR S.A.S

Other Revenues

December 2021

Globoshops S.A.S.

Retail

January 2022

Apollo Freight Services Colombia S.A.S

Other Revenues

January 2022

Magnum Logistic S.A.

Other Revenues

January 2022

Jetair Caribbean B.V. SUCURSAL

Other Revenues

January 2022

Aires Aerovias Integración Regional S.A

Other Revenues

March 2022

Toolbox Services Mro SAS

Other Revenues

March 2022

Menzies Aviation Colombia S.A.S

Other Revenues

April 2022

Banco Bilvao Viscalla Argentaria Colombia S.A

Banks and foreign exchange

April 2022

Aersan S.A.S.

Other Revenues

April 2022

Viva Aerobus

Other Revenues

April 2022

Olaya herrera

 

 

Easyfly S. A.

Other Revenues

July 2021

Hoteles Regatta S.A.S.

Other Revenues

August 2021

Las Victorias S.A.S

Other Revenues

August 2021

Satena

Other Revenues

September 2021

Synerjet Latina

Other Revenues

October 2021

Moon Flights S.A.S

Other Revenues

October 2021

Grupo San German Express S.A.S

Other Revenues

November 2021

Cueros Velez S.A.S

Retail

November 2021

Central Aeroespace S.A.S

Other Revenues

December 2021

Distribuidora Pasteur S.A

Retail

December 2021

Grupo San German Express S.A.S

Other Revenues

January 2022

Fondo de Valoración del Municipio de Medellín

Other Revenues

January 2022

Servicio Aéreo a Territorios Nacionales S.A

Other Revenues

January 2022

Good-Fly Co S.A.S

Other Revenues

February 2022

Hagar 29 S.A.S.

Other Revenues

February 2022

Aeropaca S.A.S.

Other Revenues

March 2022

Moon Flight Services S.A.S

Other Revenues

April 2022

Montería

 

 

Distribuidora Pasteur S.A

Retail

February 2022

Hagar 29 S.A.S.

Other Revenues

May 2022

Corozal

 

 

Edatel S.A

Teleservices

July 2021

Quibdo

 

 

Grupo San German Express S.A.S

Other Revenues

November 2021

Distribuidora Pasteur S.A

Retail

December 2021

Quibdo

 

 

Edatel S.A

Teleservices

July 2021

ASUR 2Q22 Page 22 of 25

 

 

 


Securitas Colombia S.A.

Other Revenues

September 2021

Distribuidora Pasteur S.A

Retail

December 2021

Centro de Servicios

STF Group S.A.

Retail

July 2021

Grupo CDM S.A.S. Zomac-Pilatos

Retail

October 2021

Cueros Velez S.A.S

Retail

November 2021

STF Group S.A.

Retail

December 2021

Franquicias Taca SAS

Retail

January 2022

Instituto Colombiano de Crédito Educativo Icetex

Other Revenues

January 2022

 

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

 

 


ASUR 2Q22 Page 23 of 25

 

 

 


 

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

Operating Results per Airport

Thousands of mexican pesos

 

Item

2Q                     2021

 

2Q 2021 Per Workload Unit

 

2Q                    2022

 

2Q 2022 Per Workload Unit

 

 

YoY % Chg.

 

Per Workload Unit YoY % Chg.

 

Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancun 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

1,162,586

 

 

203.7

 

 

1,881,200

 

 

243.9

 

 

 

61.8

 

 

19.7

 

Non-Aeronautical Revenues

 

987,973

 

 

173.1

 

 

1,474,988

 

 

191.3

 

 

 

49.3

 

 

10.5

 

Construction Services Revenues

 

146,325

 

 

25.6

 

 

177,312

 

 

23.0

 

 

 

21.2

 

 

(10.2

)

Total Revenues

 

2,296,884

 

 

402.4

 

 

3,533,500

 

 

458.2

 

 

 

53.8

 

 

13.9

 

Operating Profit

 

1,258,870

 

 

220.6

 

 

2,194,896

 

 

284.6

 

 

 

74.4

 

 

29.0

 

EBITDA

 

1,396,027

 

 

244.7

 

 

2,346,605

 

 

304.3

 

 

 

68.1

 

 

24.4

 

Merida

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

111,807

 

 

198.9

 

 

187,046

 

 

234.7

 

 

 

67.3

 

 

18.0

 

Non-Aeronautical Revenues

 

30,725

 

 

54.7

 

 

38,799

 

 

48.7

 

 

 

26.3

 

 

(11.0

)

Construction Services Revenues

 

86,772

 

 

154.4

 

 

95,449

 

 

119.8

 

 

 

10.0

 

 

(22.4

)

Other 2

 

16

 

 

-

 

 

27

 

 

-

 

 

 

68.8

 

n/a

 

Total Revenues

 

229,320

 

 

408.0

 

 

321,321

 

 

403.2

 

 

 

40.1

 

 

(1.2

)

Operating Profit

 

53,633

 

 

95.4

 

 

125,780

 

 

157.8

 

 

 

134.5

 

 

65.4

 

EBITDA

 

66,509

 

 

118.3

 

 

141,184

 

 

177.1

 

 

 

112.3

 

 

49.7

 

Villahermosa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

50,009

 

 

201.6

 

 

78,924

 

 

240.6

 

 

 

57.8

 

 

19.3

 

Non-Aeronautical Revenues

 

12,381

 

 

49.9

 

 

15,459

 

 

47.1

 

 

 

24.9

 

 

(5.6

)

Construction Services Revenues

 

14,089

 

 

56.8

 

 

28,747

 

 

87.6

 

 

 

104.0

 

 

54.2

 

Other 2

 

25

 

 

0.1

 

 

22

 

 

0.1

 

 

 

(12.0

)

 

-

 

Total Revenues

 

76,504

 

 

308.4

 

 

123,152

 

 

375.4

 

 

 

61.0

 

 

21.7

 

Operating Profit

 

20,215

 

 

81.5

 

 

46,485

 

 

141.7

 

 

 

130.0

 

 

73.9

 

EBITDA

 

29,210

 

 

117.8

 

 

55,842

 

 

170.3

 

 

 

91.2

 

 

44.6

 

Other Airports 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

231,518

 

 

241.2

 

 

319,115

 

 

262.9

 

 

 

37.8

 

 

9.0

 

Non-Aeronautical Revenues

 

40,674

 

 

42.4

 

 

51,698

 

 

42.6

 

 

 

27.1

 

 

0.5

 

Construction Services Revenues

 

71,762

 

 

74.8

 

 

209,188

 

 

172.3

 

 

 

191.5

 

 

130.3

 

Other 2

 

60

 

 

0.1

 

 

73

 

 

0.1

 

 

 

21.7

 

 

-

 

Total Revenues

 

344,014

 

 

358.5

 

 

580,074

 

 

477.9

 

 

 

68.6

 

 

33.3

 

Operating Profit

 

106,470

 

 

110.9

 

 

183,602

 

 

151.2

 

 

 

72.4

 

 

36.3

 

EBITDA

 

148,173

 

 

154.3

 

 

231,043

 

 

190.3

 

 

 

55.9

 

 

23.3

 

Holding & Service Companies 4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction Services Revenues

 

-

 

n/a

 

 

-

 

n/a

 

 

n/a

 

n/a

 

Other 2

 

367,090

 

n/a

 

 

302,253

 

n/a

 

 

 

(17.7

)

n/a

 

Total Revenues

 

367,090

 

n/a

 

 

302,253

 

n/a

 

 

 

(17.7

)

n/a

 

Operating Profit

 

155,247

 

n/a

 

 

284,699

 

n/a

 

 

 

83.4

 

n/a

 

EBITDA

 

157,389

 

n/a

 

 

283,596

 

n/a

 

 

 

80.2

 

n/a

 

Consolidation Adjustment Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidation Adjustment

 

(367,191

)

n/a

 

 

(302,375

)

n/a

 

 

 

(17.7

)

n/a

 

Total Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

1,555,920

 

 

208.1

 

 

2,466,285

 

 

245.4

 

 

 

58.5

 

 

17.9

 

Non-Aeronautical Revenues

 

1,071,753

 

 

143.4

 

 

1,580,944

 

 

157.3

 

 

 

47.5

 

 

9.7

 

Construction Services Revenues

 

318,948

 

 

42.7

 

 

510,696

 

 

50.8

 

 

 

60.1

 

 

19.0

 

Total Revenues

 

2,946,621

 

 

394.2

 

 

4,557,925

 

 

453.5

 

 

 

54.7

 

 

15.0

 

Operating Profit

 

1,594,435

 

 

213.3

 

 

2,835,462

 

 

282.1

 

 

 

77.8

 

 

32.3

 

EBITDA

 

1,797,308

 

 

240.4

 

 

3,058,270

 

 

304.3

 

 

 

70.2

 

 

26.6

 

San Juan Puerto Rico, US 5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

521,621

 

n/a

 

 

540,053

 

n/a

 

 

 

3.5

 

n/a

 

Non-Aeronautical Revenues

 

381,057

 

n/a

 

 

445,305

 

n/a

 

 

 

16.9

 

n/a

 

Construction Services Revenues

 

46,240

 

n/a

 

 

80,112

 

n/a

 

 

 

73.3

 

n/a

 

Total Revenues

 

948,918

 

n/a

 

 

1,065,470

 

n/a

 

 

 

12.3

 

n/a

 

Operating Profit

 

367,715

 

n/a

 

 

572,419

 

n/a

 

 

 

55.7

 

n/a

 

EBITDA

 

548,768

 

n/a

 

 

579,751

 

n/a

 

 

 

5.6

 

n/a

 

Consolidation Adjustment San Juan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidation Adjustment

 

-

 

n/a

 

 

-

 

n/a

 

 

n/a

 

n/a

 

Colombia 6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

236,116

 

n/a

 

 

527,452

 

n/a

 

 

 

123.4

 

n/a

 

Non-Aeronautical Revenues

 

97,321

 

n/a

 

 

168,153

 

n/a

 

 

 

72.8

 

n/a

 

Construction Services Revenues

 

305

 

n/a

 

 

709

 

n/a

 

 

 

132.5

 

n/a

 

Total Revenues

 

333,742

 

n/a

 

 

696,314

 

n/a

 

 

 

108.6

 

n/a

 

Operating Profit

 

47,740

 

n/a

 

 

301,988

 

n/a

 

 

 

532.6

 

n/a

 

EBITDA

 

156,740

 

n/a

 

 

402,608

 

n/a

 

 

 

156.9

 

n/a

 

Consolidation Adjustment Colombia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidation Adjustment

 

-

 

n/a

 

 

-

 

n/a

 

 

n/a

 

n/a

 

CONSOLIDATED ASUR

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Revenues

 

2,313,657

 

n/a

 

 

3,533,790

 

n/a

 

 

 

52.7

 

n/a

 

Non-Aeronautical Revenues

 

1,550,131

 

n/a

 

 

2,194,402

 

n/a

 

 

 

41.6

 

n/a

 

Construction Services Revenues

 

365,493

 

n/a

 

 

591,517

 

n/a

 

 

 

61.8

 

n/a

 

Total Revenues

 

4,229,281

 

n/a

 

 

6,319,709

 

n/a

 

 

 

49.4

 

n/a

 

Operating Profit

 

2,009,890

 

n/a

 

 

3,709,869

 

n/a

 

 

 

84.6

 

n/a

 

EBITDA

 

2,502,816

 

n/a

 

 

4,040,629

 

n/a

 

 

 

61.4

 

n/a

 

 

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

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

ASUR 2Q22 Page 24 of 25

 

 

 


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

4 Reflects the results of operations of our parent holding company and our services subsidiaries. Because none of these entities hold the concessions for our airports, we do not report workload unit data for theses entities.

5 Reflects the results of operation of San Juan Airport, Puerto Rico, U.S. for 2Q22.

6 Reflects the results of operations of Airplan, Colombia for 2Q22.

 

 

ASUR 2Q22 Page 25 of 25

 

 

 


 

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

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

Thousands of Mexican Pesos

 

Item

June             2022

 

December 2021

 

Variation

 

%

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

7,331,083

 

 

8,770,062

 

 

(1,438,979

)

 

(16.4

)

Cash and Cash Equivalents Restricted

 

1,322,973

 

 

123,081

 

 

1,199,892

 

 

974.9

 

Accounts Receivable, net

 

1,819,558

 

 

1,878,238

 

 

(58,680

)

 

(3.1

)

Document Receivable

 

159,728

 

 

105,000

 

 

54,728

 

 

52.1

 

Recoverable Taxes and Other Current Assets

 

851,328

 

 

785,719

 

 

65,609

 

 

8.4

 

Total Current Assets

 

11,484,670

 

 

11,662,100

 

 

(177,430

)

 

(1.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Non Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Machinery, Furniture and Equipment, net

 

171,102

 

 

184,590

 

 

(13,488

)

 

(7.3

)

Intangible Assets, Airport Concessions and Goodwill-Net

 

53,061,811

 

 

53,973,349

 

 

(911,538

)

 

(1.7

)

Investment in Joint Venture

 

10,547

 

 

10,689

 

 

(142

)

 

(1.3

)

Total  Assets

 

64,728,130

 

 

65,830,728

 

 

(1,102,598

)

 

(1.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Trade Accounts Payable

 

295,912

 

 

290,689

 

 

5,223

 

 

1.8

 

Bank Loans and Short Term Debt

 

1,052,187

 

 

578,144

 

 

474,043

 

 

82.0

 

Accrued Expenses and Others Payables

 

2,781,890

 

 

2,917,565

 

 

(135,675

)

 

(4.7

)

Total Current Liabilities

 

4,129,989

 

 

3,786,398

 

 

343,591

 

 

9.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long Term Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Bank Loans

 

5,015,431

 

 

6,603,006

 

 

(1,587,575

)

 

(24.0

)

Long Term Debt

 

6,310,468

 

 

6,598,397

 

 

(287,929

)

 

(4.4

)

Deferred Income Taxes

 

3,160,530

 

 

3,044,632

 

 

115,898

 

 

3.8

 

Employee Benefits

 

28,694

 

 

28,239

 

 

455

 

 

1.6

 

Total Long Term Liabilities

 

14,515,123

 

 

16,274,274

 

 

(1,759,151

)

 

(10.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

18,645,112

 

 

20,060,672

 

 

(1,415,560

)

 

(7.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

Capital Stock

 

7,767,276

 

 

7,767,276

 

 

-

 

 

-

 

Legal Reserve

 

2,285,392

 

 

1,989,535

 

 

295,857

 

 

14.9

 

Mayority Net Income for the Period

 

4,855,257

 

 

5,983,747

 

 

(1,128,490

)

 

(18.9

)

Cumulative Effect of Conversion of Foreign Currency

 

36,896

 

 

313,582

 

 

(276,686

)

 

(88.2

)

Retained Earnings

 

22,301,301

 

 

21,122,411

 

 

1,178,890

 

 

5.6

 

Non- Controlling interests

 

8,836,896

 

 

8,593,505

 

 

243,391

 

 

2.8

 

Total Stockholders' Equity

 

46,083,018

 

 

45,770,056

 

 

312,962

 

 

0.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders' Equity

 

64,728,130

 

 

65,830,728

 

 

(1,102,598

)

 

(1.7

)

Exchange Rate per Dollar Ps. 20.1335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASUR 2Q22 Page 26 of 25

 

 

 


 

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

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

Thousands of Mexican Pesos

 

 

6M

 

6M

 

%

 

 

2Q

 

2Q

 

%

 

Item

2021

 

2022

 

Chg

 

 

2021

 

2022

 

Chg

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical Services

 

3,969,335

 

 

6,715,806

 

 

69.2

 

 

 

2,313,657

 

 

3,533,790

 

 

52.7

 

Non-Aeronautical Services

 

2,601,074

 

 

4,186,884

 

 

61.0

 

 

 

1,550,131

 

 

2,194,402

 

 

41.6

 

Construction Services

 

558,582

 

 

842,824

 

 

50.9

 

 

 

365,493

 

 

591,517

 

 

61.8

 

Total Revenues

 

7,128,991

 

 

11,745,514

 

 

64.8

 

 

 

4,229,281

 

 

6,319,709

 

 

49.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Services

 

1,617,354

 

 

1,703,058

 

 

5.3

 

 

 

986,380

 

 

890,975

 

 

(9.7

)

Cost of Construction

 

558,582

 

 

842,824

 

 

50.9

 

 

 

365,493

 

 

591,517

 

 

61.8

 

General and Administrative Expenses

 

119,162

 

 

142,130

 

 

19.3

 

 

 

57,099

 

 

72,825

 

 

27.5

 

Technical Assistance

 

155,992

 

 

332,370

 

 

113.1

 

 

 

94,926

 

 

182,945

 

 

92.7

 

Concession Fee

 

386,521

 

 

682,839

 

 

76.7

 

 

 

223,133

 

 

365,741

 

 

63.9

 

Depreciation and Amortization

 

993,972

 

 

1,004,164

 

 

1.0

 

 

 

492,360

 

 

505,837

 

 

2.7

 

Total Operating Expenses

 

3,831,583

 

 

4,707,385

 

 

22.9

 

 

 

2,219,391

 

 

2,609,840

 

 

17.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Revenues

 

 

 

 

45,547

 

n/a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

3,297,408

 

 

7,083,676

 

 

114.8

 

 

 

2,009,890

 

 

3,709,869

 

 

84.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive Financing Cost

 

(318,660

)

 

(133,308

)

 

(58.2

)

 

 

(181,452

)

 

108,321

 

 

(159.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Results of Joint Venture Accounted by the Equity Method

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

2,978,748

 

 

6,950,368

 

 

133.3

 

 

 

1,828,438

 

 

3,818,190

 

 

108.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for Income Tax

 

641,467

 

 

1,599,799

 

 

149.4

 

 

 

460,770

 

 

911,878

 

 

97.9

 

Deferred Income Taxes

 

(30,613

)

 

156,338

 

n/a

 

 

 

37,880

 

 

61,843

 

 

63.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income for the Year

 

2,367,894

 

 

5,194,231

 

 

119.4

 

 

 

1,329,788

 

 

2,844,469

 

 

113.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Majority Net Income

 

2,176,674

 

 

4,855,257

 

 

123.1

 

 

 

1,231,659

 

 

2,661,548

 

 

116.1

 

Non-Controlling Interests

 

191,220

 

 

338,974

 

 

77.3

 

 

 

98,129

 

 

182,921

 

 

86.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning per Share

 

7.2556

 

 

16.1842

 

 

123.1

 

 

 

4.1055

 

 

8.8718

 

 

116.1

 

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

 

3.6037

 

 

8.0384

 

 

123.1

 

 

 

2.0392

 

 

4.4065

 

 

116.1

 

Exchange Rate per Dollar Ps. 20.1335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASUR 2Q22 Page 27 of 25

 

 

 


 

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

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

Thousands of Mexican Pesos

 

 

6M

 

6M

 

%

 

 

2Q

 

2Q

 

%

 

Item

2021

 

2022

 

Chg

 

 

2021

 

2022

 

Chg

 

Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

2,978,748

 

 

6,950,368

 

 

133.3

 

 

 

1,828,438

 

 

3,818,190

 

 

108.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and Amortization

 

993,972

 

 

1,004,164

 

 

1.0

 

 

 

492,360

 

 

505,837

 

 

2.7

 

Income from Results of Joint Venture Accounted by the Equity Method

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

(87,201

)

 

(154,497

)

 

77.2

 

 

 

(51,931

)

 

(74,129

)

 

42.7

 

Interest Payables

 

414,475

 

 

246,929

 

 

(40.4

)

 

 

189,311

 

 

20,828

 

 

(89.0

)

Foreign Exchange Gain (loss), Net Unearned

 

 

 

 

 

 

 

 

 

 

 

19,781

 

 

 

 

n/a

 

Sub-Total

 

4,299,994

 

 

8,046,964

 

 

87.1

 

 

 

2,477,959

 

 

4,270,726

 

 

72.3

 

Trade Receivables

 

(624,493

)

 

(109,434

)

 

(82.5

)

 

 

(543,374

)

 

(216,605

)

 

(60.1

)

Recoverable Taxes and Other Current Assets

 

127,443

 

 

(635,942

)

n/a

 

 

 

164,867

 

 

(226,181

)

n/a

 

Income Tax Paid

 

(438,065

)

 

(1,103,728

)

 

152.0

 

 

 

(152,100

)

 

(717,780

)

 

371.9

 

Trade Accounts Payable

 

451,299

 

 

315,090

 

 

(30.2

)

 

 

492,263

 

 

292,637

 

n/a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow Provided by Operating Activities

 

3,816,178

 

 

6,512,950

 

 

70.7

 

 

 

2,439,615

 

 

3,402,797

 

 

39.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Joint Venture

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans Granted to Third Parties

 

 

 

 

(35,100

)

n/a

 

 

 

 

 

 

 

 

 

 

 

Proceeds for Cancellation of Land Acquisition Contract

 

286,283

 

 

 

 

n/a

 

 

 

286,283

 

 

 

 

n/a

 

Restricted Cash

 

(9,578

)

 

(1,217,593

)

 

12,612.4

 

 

 

7,352

 

 

(131,191

)

n/a

 

Investments in Machinery, Furniture and Equipment, net

 

(817,305

)

 

(752,682

)

 

(7.9

)

 

 

(460,965

)

 

(436,865

)

 

(5.2

)

Interest Income

 

88,889

 

 

148,760

 

 

67.4

 

 

 

53,171

 

 

69,700

 

 

31.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow Used by Investing Activities

 

(451,711

)

 

(1,856,615

)

 

311.0

 

 

 

(114,159

)

 

(498,356

)

 

336.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess Cash to Use in Financing Activities

 

3,364,467

 

 

4,656,335

 

 

38.4

 

 

 

2,325,456

 

 

2,904,441

 

 

24.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank Loans Paid

 

(20,000

)

 

 

 

n/a

 

 

 

(20,000

)

 

 

 

n/a

 

Long Term Debt Paid

 

(203,002

)

 

(963,535

)

 

374.6

 

 

 

(72,725

)

 

(794,511

)

 

992.5

 

Interest Paid

 

(467,776

)

 

(556,581

)

 

19.0

 

 

 

(97,333

)

 

(228,208

)

 

134.5

 

Dividends Paid

 

 

 

 

(4,509,000

)

n/a

 

 

 

 

 

 

(4,509,000

)

n/a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow Used by Financing Activities

 

(690,778

)

 

(6,029,116

)

 

772.8

 

 

 

(190,058

)

 

(5,531,719

)

 

2,810.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase in Cash and Cash Equivalents

 

2,673,689

 

 

(1,372,781

)

 

(151.3

)

 

 

2,135,398

 

 

(2,627,278

)

 

(223.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents at Beginning of Period

 

5,192,628

 

 

8,770,062

 

 

68.9

 

 

 

5,739,798

 

 

9,962,212

 

 

73.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange Gain on Cash and Cash Equivalents

 

(28,551

)

 

(66,198

)

 

131.9

 

 

 

(37,430

)

 

(3,851

)

 

(89.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents at the End of Period

 

7,837,766

 

 

7,331,083

 

 

(6.5

)

 

 

7,837,766

 

 

7,331,083

 

 

(6.5

)

 

 

ASUR 2Q22 Page 28 of 25

 

 

 

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