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ASR Grupo Aeroportuario Del Sureste

Filed: 24 Feb 20, 7:00pm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE13a-16 OR15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2020

 

 

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 Form20-F or Form40-F.)

Form20-F  ☒            Form40-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 Rule12g3-2(b) under the Securities Exchange Act of 1934.)

Yes  ☐             No  ☒

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule12g3-2(b): 82-.)

 

 

 


LOGO

ASUR 4Q19 Passenger Traffic Increased 3.6% YoY in Mexico,

18.1% in Puerto Rico and 9.4% in Colombia

Mexico City, February 24, 2020—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 thethree-and twelve-month periods ended December 31, 2019.

4Q19 Highlights1

 

  

Passenger traffic in Mexico rose 3.6% year over year (YoY), with increases of 4.8% and 2.3% in domestic and international traffic, respectively.

 

  

Traffic in Puerto Rico (Aerostar) was up 18.1% YoY, supported by increases of 19.1% in domestic traffic and 9.9% in international traffic.

 

  

Traffic in Colombia (Airplan) rose 9.4% YoY, driven by growth of 9.0% in domestic traffic and 11.7% in international traffic.

 

  

Revenues increased 15.8% YoY to Ps. 4,544.4 million

 

  

Consolidated commercial revenues per passenger reached Ps.92.3.

 

  

Consolidated EBITDA amounted to Ps.2,436.4 million, a 1.0% YoY decline. Excluding a Ps.134.6 millionnon-recurring insurance recovery in 4Q18 in connection with Hurricane Maria, consolidated EBITDA would have increased 4.8% YoY.

 

  

Cash position atyear-end was Ps.6,192.7 million. Net Debt to LTM EBITDA stood at 0.7x.

 

4Q19 Earnings Call

Date & Time:Tuesday, February 25, 2020 at 10:00 AM US ET; 9:00 AM CT

Dial-in:1-866-548-4713 (US & Canada);1-323-794-2093 (International y Mexico); Code: 7352279.

Replay: Tuesday, February 25, 2020 at 1:00 PM US ET, ending at 11:59 PM US ET on Tuesday, March 3, 2020.Dial-in number:1-844-512-2921Dial-in number:1-844-512-2921 (US & Canada)1-412-317-6671 (International & Mexico); Access Code 7352279.

 

1

Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS), including application of IFRS 9 and 15 that came into effect in 2018, and represent comparisons between the three- and twelve-month periods ended December 31, 2019, and the equivalent three- and twelve-month periods ended December 31, 2018. All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. Commercial revenues include revenues fromnon-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Mexican Ps.18.8642 (source:Diario Oficial de la Federación de México) while Colombian peso figures are calculated at the exchange rate of COP173.63 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 17 of this report.

Table 1: Financial & Operational Highlights1

 

   Fourth Quarter     
   2018   2019   % Var 

Financial Highlights

      

Total Revenue

   3,924,232    4,544,643    15.8 

Mexico

   2,636,719    3,125,100    18.5 

San Juan

   858,436    861,207    0.3 

Colombia

   429,077    558,336    30.1 

Commercial Revenues per PAX

   95.6    92.3    (3.4

Mexico

   111.6    108.8    (2.5

San Juan

   122.2    105.2    (13.9

Colombia

   35.2    41.1    16.6 

EBITDA

   2,459,804    2,436,371    (1.0

Net Income

   1,547,748    1,300,547    (16.0

Majority Net Income

   1,458,592    1,256,006    (13.9

Earnings per Share (in pesos)

   4.8620    4.1867    (13.9

Earnings per ADS (in US$)

   2.5774    2.2194    (13.9

Capex

   266,516    1,727,976    548.4 

Cash & Cash Equivalents

   4,584,507    6,192,679    35.1 

Net Debt

   9,915,874    7,520,214    (24.2

Net Debt/ LTM EBITDA

   1.0    0.7    (29.8

Operational Highlights

      

Passenger Traffic

      

Mexico

   8,088,897    8,377,981    3.6 

San Juan

   2,011,106    2,376,073    18.1 

Colombia

   2,966,105    3,244,584    9.4 
 

 

 

ASUR 4Q19 Page 1 of 24


Passenger Traffic

Total passenger traffic at ASUR in 4Q19 increased 7.1% YoY reaching 14.0 million passengers driven by increases of 3.6% in Mexico, 18.1% in Puerto Rico, and 9.4% in Colombia.

Passenger traffic growth of 3.6% YoY in Mexico was mainly supported by increases of 4.8% in domestic traffic and 2.3% in international traffic. Merida and Oaxaca airports were the main drivers behind traffic growth, reporting increases in domestic traffic of 13.2% and 31.9%, respectively. Oaxaca, in turn, achieved a 53.3% increase in international traffic. Cancun Airport reported increases of 1.1% and 1.8% in domestic and international traffic, respectively.

Traffic in Puerto Rico increased 18.1% YoY reflecting YoY increases of 19.1% in domestic traffic and 9.9% in international traffic.

Colombia reported a 9.4% YoY increase in total traffic driven by growth of 9.0% and 11.7% in domestic and international traffic, respectively. Rionegro Airport in Medellin was the main driver of traffic growth, reporting increases of 9.2% in domestic traffic and 11.7% in international traffic.

Tables with detailed passenger traffic information for each airport can be found on page 19 of this report.

Table 2: Passenger Traffic Summary

 

   Fourth Quarter       Fiscal Year     
   2018   2019   % Chg.   2018   2019   % Chg. 

Total Mexico

   8,088,897    8,377,981    3.6    33,247,315    34,161,842    2.8 

- Cancun

   6,012,727    6,107,381    1.6    25,202,016    25,481,989    1.1 

- 8 Other Airports

   2,076,170    2,270,600    9.4    8,045,299    8,679,853    7.9 

Domestic Traffic

   4,118,536    4,316,622    4.8    15,843,617    16,683,996    5.3 

- Cancun

   2,251,623    2,276,863    1.1    8,777,510    8,980,397    2.3 

- 8 Other Airports

   1,866,913    2,039,759    9.3    7,066,107    7,703,599    9.0 

International Traffic

   3,970,361    4,061,359    2.3    17,403,698    17,477,846    0.4 

- Cancun

   3,761,104    3,830,518    1.8    16,424,506    16,501,592    0.5 

- 8 Others Airports

   209,257    230,841    10.3    979,192    976,254    (0.3

Total San Juan, Puerto Rico

   2,011,106    2,376,073    18.1    8,373,679    9,448,253    12.8 

Domestic Traffic

   1,797,007    2,140,855    19.1    7,469,211    8,455,993    13.2 

International Traffic

   214,099    235,218    9.9    904,468    992,260    9.7 

Total Colombia

   2,966,105    3,244,584    9.4    10,647,523    12,052,135    13.2 

Domestic Traffic

   2,544,552    2,773,813    9.0    9,061,166    10,231,479    12.9 

International Traffic

   421,553    470,771    11.7    1,586,357    1,820,656    14.8 

Total Traffic

   13,066,108    13,998,638    7.1    52,268,517    55,662,230    6.5 

Domestic Traffic

   8,460,095    9,231,290    9.1    32,373,994    35,371,468    9.3 

International Traffic

   4,606,013    4,767,348    3.5    19,894,523    20,290,762    2.0 

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

 

ASUR 4Q19 Page 2 of 24


Review of Consolidated Results

Table 3: Summary of Consolidated Results

 

   Fourth Quarter  % Chg.  Fiscal Year  % Chg. 
   2018  2019  2018  2019 

Total Revenues

   3,924,232   4,544,643   15.8   15,410,241   16,821,638   9.2 

Aeronautical Services

   2,227,777   2,415,100   8.4   8,942,910   9,596,975   7.3 

Non-Aeronautical Services

   1,371,265   1,411,160   2.9   5,531,557   5,988,470   8.3 

Total Revenues Excluding Construction Revenues

   3,599,042   3,826,260   6.3   14,474,467   15,585,445   7.7 

Construction Revenues1

   325,190   718,383   120.9   935,774   1,236,193   32.1 

Total Operating Costs & Expenses

   1,931,169   2,555,305   32.3   7,765,909   8,545,063   10.0 

Other Income

   134,637   645   (99.5  134,637   204,719   52.1 

Operating Profit

   2,127,700   1,989,983   (6.5  7,778,969   8,481,294   9.0 

Operating Margin

   54.2  43.79  (1043 bps  50.5  50.4  (6 bps

Adjusted Operating Margin2

   59.1  52.01  (711 bps  53.7  54.4  68 bps 

EBITDA

   2,459,804   2,436,371   (1.0  9,553,635   10,319,932   8.0 

EBITDA Margin

   62.68  53.61  (907 bps  62.0  61.3  (65 bps

Adjusted EBITDA Margin3

   68.35  63.67  (467 bps  66.0  66.2  21 bps 

Net Income

   1,547,748   1,300,547   (16.0  5,119,806   5,683,635   11.0 

Majority Net Income

   1,458,592   1,256,006   (13.9  4,987,601   5,465,823   9.6 

Earnings per Share

   4.8620   4.1867   (13.9  16.6253   18.2194   9.6 

Earnings per ADS in US$

   2.5774   2.2194   (13.9  8.8132   9.6582   9.6 

Total Commercial Revenues per Passenger4

   95.6   92.3   (3.4  96.9   98.9   2.1 

Commercial Revenues

   1,259,118   1,300,804   3.3   5,099,979   5,543,618   8.7 

Commercial Revenues from Direct Operations per Passenger5

   16.5   14.6   (11.5  17.7   17.5   (1.1

Commercial Revenues Excluding Direct Operations per Passenger

   79.2   77.8   (1.8  79.2   81.4   2.8 

 

1 

Construction revenues for Airplan in 4Q18 include actual construction revenues which are equal to construction costs of Ps.82.6 millionplus an estimate of the decline in income derived from the decline in the valuation of the intangible asset to present value (construction income) of Ps.102.7 million, according to IFRIC 12. Construction revenues for Airplan in 4Q19 were equal to construction costs of Ps.69.7 million.    

2 

Adjusted operating margin excludes the effect of IFRIC 12 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.    

3 

Adjusted EBITDA Margin excludes the effect of IFRIC 12 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.     

4 

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

5 

Represents ASUR´s operations in convenience stores.    

Consolidated Revenues

ConsolidatedRevenues for 4Q19 inceased 15.8% YoY, or Ps.620.4 million to Ps.4,544.6 million, mainly driven by increases of:

 

  

8.4% in revenues from aeronautical services to Ps.2,415.1 million. The contribution from Mexico was Ps.1,569.4 million, while Puerto Rico and Colombia accounted for Ps.494.0 million and Ps.351.7 million, respectively;

 

  

2.9% in revenues fromnon-aeronautical services to Ps.1,411.2 million. The contribution from Mexico was Ps.1,021.9 million, while Puerto Rico and Colombia accounted for Ps.252.4 million and Ps.136.9 million, respectively; and

 

  

120.9%, or Ps.393.2 million in revenues from construction services. This was mainly due to capital expenditures in Cancun and Merida airports in line with Mexico’s Master Development Plan, partially offset by a decline in Puerto Rico. Higher YoY construction revenues in Colombia reflect the recognition of a Ps.102.7 million concesion valuation loss in 4Q18. Excluding the impact from the concession valuation loss in Colombia, consolidated construction revenues would have increased YoY by 67.9%, or Ps.290.5 million.

Excludingrevenues from construction services, which are deducted as costs under IFRS accounting standards, total revenues would have increased 6.3% YoY to Ps.3,826.3 million. Mexico accounted for 67.7% of total revenues excluding revenues from construction services, while Puerto Rico and Colombia represented 19.5% and 12.8%, respectively.

 

ASUR 4Q19 Page 3 of 24


Commercial Revenues in 4Q19 increased 3.3% YoY to Ps.1,300.8 million, mainly reflecting the 7.1% increase in total passenger traffic. Commercial revenues in Mexico rose 1.0% to Ps.915.3 million, mainly driven by the opening of new commercial spaces, including retail, food and beverages, and car rentals, among others. In addition, commercial revenues in Puerto Rico increased YoY by 1.7%, to Ps.249.9 million and in Colombia by 26.8% to Ps.135.5 million.

Commercial Revenues per Passenger declined 3.4% YoY to Ps.92.3 in 4Q19. Commercial revenues per passenger were Ps.108.8 in Mexico, Ps.105.2 in Puerto Rico and Ps.41.0 in Colombia. Commercial revenues per passenger declined 2.5% in Mexico and 13.9% in Puerto Rico, but increased 16.6% in Colombia.

Consolidated Operating Costs and Expenses

Consolidated Operating Costs and Expenses, including construction costs, for 4Q19 increased 32.3% YoY, or Ps.624.1 million, to Ps.2,555.3 million.

Excluding construction costs, operating costs and expenses increased 22.2%, or Ps.333.7 million,year-on-year. This increase was mainly due to a total of Ps.281.1 million in reductions reported in certain items in 4Q18 as discussed below. Of this, Ps.108.3 million were reported in Mexico, Ps.77.7 million in Puerto Rico and Ps.95.1 million in Colombia. Excluding construction costs and these certain items in 4Q18, total operating costs and expenses increased 2.9% YoY, or Ps.52.6 million.

The YoY increase in total operating costs and expenses excluding construction costs can be explained by the following increases:

 

  

13.6%, or Ps.113.4 million, in Mexico as 4Q18 results benefited from a Ps.71.2 million asset tax refund at Cancun airport and from Ps.37.1 million reversal of a provision for uncollectible accounts. In addition, in 4Q19 ASUR reported higher maintenance and administrative costs, as well as increases in processional and insurance fees;

 

  

29.6%, or Ps.116.1 million, in Puerto Rico mainly as a result of a Ps.120.2 million increase in cost of services as 4Q18 results benefited from the recognition of a Ps.112.2 million reduction in the valuation of the maintenance reserve as per IFRIC 12 while in 4Q19 the reduction in the valuation reserve amounted to Ps.34.5 million. 4Q19 costs also reflect increases in professional, energy and maintenance fees. Furthermore, concession fees increased 12.3% as a result of higher aeronautical revenues.

 

  

37.9%, or Ps.104.2 million, in Colombia principally due to an increase of Ps.199.0 million in 4Q19 of depreciation and amortization reflecting a change in amortization methodology, which starting January 2019 is on a straight-line basis versus the percentage of completion method applied previously. Increased concesion fees reflecting higher aeronautical revenues mainly driven by the 9.4% increase in passenger traffic also contributed to higher YoY costs. Comparisons also reflect a Ps.45.0 million reversal in the provision for uncollectible accounts in 4Q18, as well as a Ps.164.0 million provision for the future replacement of fixed assets as per IFRS12 in 4Q18 while in 4Q19 the provision amounted to Ps.60.3 million.

Cost of Services increased by 12.6%, or Ps.110.2 million. In Puerto Rico, cost of services increased 62.9%, or Ps.120.2 million, principally due to 4Q18 benefiting from a Ps.112.2 million reduction in the maintenance provision as per IFRIC 12 as discussed above (compared with a Ps.34.5 million reduction this quarter) and a reduction in the loss provision in connection with Hurricane Maria of Ps.7.7 million. Increases in maintenance, energy and profesional fees also contrituteed to higher costs of services in 4Q19 in Puerto Rico. In Mexico, cost of services rose 24.5% YoY, or Ps.96.6 million, mainly reflecting increases in legal professional fees, cost of sales for stores operated by ASUR, maintentance and security expenses. In addition, during 4Q18 Mexican operations benefited from a Ps.71.2 million asset tax refund at Cancun Airport (compared with a Ps.3.50 million refund this quarter), a Ps.37.1 million reversal of the provision for uncollectible accounts, along with lower energy expenses. By contrast, cost of services in Colombia declined YoY by 37.1%, or Ps.106.6 million, principally due to a YoY reduction of Ps.103.7 million in the maintenance provision for the future replacement of fixed assets as per IFRIC 12, along with lower professional fees and energy costs, which reductions were partially offset by the Ps.45.0 million reversal in the provision for uncollectible accounts in 4Q18.

Construction Costs increased by 67.9% YoY, or Ps.290.5 million. This was mainly driven by an increase of 286.3%, or Ps.395.6 million, in Mexico, partially offset by declines of 44.6%, or Ps.92.3 million in Puerto Rico and 15.5%, or Ps.12.9 million in Colombia.

G&A Expenses, which reflect administrative expenses in Mexico, increased 5.6% YoY mainly reflecting higher salaries, partially offset by lower professional fees and leases.

 

ASUR 4Q19 Page 4 of 24


ConsolidatedTechnical Assistance declined 0.3% YoY, mainly driven by Mexico and Colombia.

Concession Fees increased 8.7% YoY,principallyreflecting higherfeespaid to the Mexican government, mainly due to an increase in regulated revenues in Mexico, a factor in the calculation of the fee. Concession fees for 4Q19 also reflect increases in Puerto Rico and Colombia.

Depreciation and Amortization increased 81.8%, or Ps.200.8 million. This was principally due to an increase of 211.2%, or Ps.199.0 million in Colombia, resulting mainly from the change in the amortization methodology, which as of January 1, 2019 is on a straight line rather than a percentage of completion basis as previously applied. Mexico reported a Ps.5.8%, or Ps.9.8 million increase in depreciation and amortization, partially offset by a decline of 4.7%, or Ps.8.0 million in Puerto Rico.

Consolidated Operating Profit and EBITDA

Consolidated Operating Profitin 4Q19amounted to Ps.1,990.0 million with Operating Margin of 43.8%. This compares with operating profit of Ps. 2,127.7 million and margin of 54.2% in 4Q18, which benefited from anon-recurring insurance recovery of Ps.134.6 million in connection with Hurricane Maria in Puerto Rico, along with a Ps.98.9 million reduction in the maintenance provision as per IFRIC 12, as well as certain other items in 4Q18 detailed under Operating Costs and Expenses.

Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets in Mexico, Colombia, and Puerto Rico, and is calculated as operating profit divided by total revenues less construction services revenues, was 52.0% in 4Q19 compared with 59.1% in 4Q18.

EBITDA declined 1.0% or Ps.23.4 million, to Ps.2,436.4 million in 4Q19. By country, EBITDA decreased 27.0% or Ps.148.1 million in Puerto Rico and 0.5%, or Ps.9.4 million in Mexico. This was partially offset by an increase of 167.0% or Ps.134.1 million in Colombia. EBITDA margin for 4Q19 was 53.6% compared with 62.7% in 4Q18 mainly reflecting higher construction services in 4Q19.

Excluding a Ps.134.6 millionnon-recurring insurance recovery in 4Q18 in connection with Hurricane Maria, consolidated EBITDA would have increased 4.8% YoY and EBITDA margin would have been 48.1% in 4Q18.

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 63.7% in 4Q19 compared to 68.3% in 4Q18. Excluding a Ps.134.6 millionnon-recurring insurance recovery in 4Q18 in connection with Hurricane Maria, Adjusted EBITDA margin would have been 64.6% in 4Q18.

Consolidated Comprehensive Financing Gain (Loss)

Table 4: Consolidated Comprehensive Financing Gain (Loss)

 

   Fourth Quarter  % Chg.  Fiscal Year  % Chg. 
   2018  2019  2018  2019 

Interest Income

   71,611   70,869   (1.0  280,623   343,613   22.4 

Interest Expense

   (315,788  (246,268  (22.0  (1,230,651  (1,084,293  (11.9

Foreign Exchange Gain (Loss), Net

   54,663   (139,457  n/a   87,758   (78,877  n/a 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Total

   (189,514  (314,856  66.1   (862,270  (819,557  (5.0
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

In4Q19, ASUR reported a Ps.314.8 millionConsolidated Comprehensive Financing Loss, compared to a Ps.189.5 million loss in 4Q18.

In 4Q19, ASUR reported aforeign exchange loss of Ps.139.5 million, resulting from the 2.53% quarterly average appreciation of the Mexican peso against the U.S. dollar together with a U.S. dollar foreign currency net asset position. This compares to a Ps.54.7 million foreign exchange gain in 4Q18 resulting from the 6.0% quarterly average Mexican peso depreciation during that period on a lower foreign currency net asset position.

Interest expense declined by Ps.69.5 million during the period, or 22.0%, mainly driven by a decline of Ps.34.8 million, or 28.3%, in Puerto Rico reflecting loans paid down in 2019, along with a Ps.9.3 million decline in Mexico as the Company paid down loans in June and November 2018. Colombia reported a Ps.6.6 million

 

ASUR 4Q19 Page 5 of 24


decline in interest payments reflecting loan payments in 2H18 and 2019. Interest expenses also benefited from a Ps.18.8 million recognition from the valuation of payables at fair value as of December 31, 2019 in accordance with IFRS 3 in connection with the purchase of Airplan in Colombia. Interest income increased Ps.0.7 million, or 1.0%.

Income Taxes

Income Taxes for 4Q19 declined by Ps.15.9 million YoY, principally due to the combination of following factors:

 

  

A Ps.2.7 million YoY decline in deferred income taxes, mainly reflecting a deferred income tax gain in Colombia in 4Q19 resulting from the increase in the maintenance provision in line with IFRIC12, and a reduction in the tax rate used for the calculation of deferred income taxes in Colombia from 33% to 30% starting on January 2019, equivalent to a weighed average of 30.4%, resulting from the fiscal reform enacted on December 23, 2018.

 

  

A Ps.12.8 million YoY decline in income taxes, reflecting mainly a lower taxable income base for Cancun and Oaxaca airports in Mexico, partially offset by a higher taxable income base at Merida, Veracruz, Villahermosa airports in Mexico as well as Cancun Airport Services.

 

  

An increase in Colombia due to a higher taxable income base.

Majority Net Income

Majority Net Incomefor 4Q19 declined 13.9% or Ps.202.6 million, to Ps.1,256.0 million from Ps.1,458.6 million in 4Q18. Earnings per common share for the quarter were Ps.4.1867 and earnings per ADS (EPADS) were US$2.2194 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.4.8620 and earnings per ADS of US$2.5774 for the same period last year.

Excluding a Ps.134.6 millionnon-recurring insurance recovery in 4Q18 in connection with Hurricane Maria, Majority Net Income for 4Q19 would have declined 5.1%.

Net Income

Net Incomefor 4Q19 declined 16.0%, or Ps.247.2 million, to Ps.1,300.5 million from Ps.1,547.7 million in 4Q18.

Excluding a Ps.134.6 millionnon-recurring insurance recovery in 4Q18 in connection with Hurricane Maria, Net Income for 4Q19 would have declined 8.0%.

Consolidated Financial Position

On December 31, 2019, airport concessions represented 85.4% of the Company’s total assets, with current assets representing 13.6% and other assets representing 0.9%. As of December 31, 2019, the Company had cash and cash equivalents of Ps.6,192.7 million, a 35.1% increase from Ps.4,584.5 million at December 31, 2018. Mexico contributed Ps.1,441.3 million to the increase in cash and cash equivalents in 4Q19, Colombia with Ps.336.5 million, while Puerto Rico reported a decline in cash of Ps.169.6 million.

As of December 31, 2019, the valuation of ASUR’s investment in Aerostar in accordance with IFRS 3 “Business Combinations” resulted in the following effects on the balance sheet: i) the recognition of a net intangible asset of Ps.5,705.3 million, ii) goodwill of Ps.887.2 million (net of an impairment of Ps.4,719.1 million), iii) deferred taxes of Ps.570.5 million, and iv) a minority interest of Ps.5,255.2 million within stockholders’ equity.

Furthermore, the valuation of ASUR’s investment in Airplan in accordance with IFRS 3 “Business Combinations” resulted in the following effects on the balance sheet as of December 31, 2019: i) the recognition of a net intangible asset of Ps.1,253.9 million, ii) goodwill of Ps.1,504.9, iii) deferred taxes of Ps.201.0 million, and iv) Ps.583.8 million from the recognition of bank loans at fair value.

 

ASUR 4Q19 Page 6 of 24


On May 25, 2018, ASUR acquired an additional 7.6% of the share ownership of Airplan, bringing its ownership stake in the company to 100%. This transaction resulted in the recognition of shareholders’ equity of approximately Ps.213.5 million (Ps.37.7 million by majority interest and Ps.175.8 by minority interest).

Stockholders’ equity at the close of 4Q19 was Ps.38,771.2 million and total liabilities were Ps.18,744.7 million, representing 67.4% and 32.6% of total assets, respectively. Deferred liabilities represented 16.1% of ASUR’s total liabilities.

Total Debt atquarter-end decreased to Ps.13,712.9 million from Ps.14,500.4 million on December 31, 2018. On December 31, 2019, 29.1% of ASUR’s total debt was denominated in Mexican pesos, 49.5% in U.S. Dollars (at Aerostar, Puerto Rico) and 21.4% in Colombian pesos.

Net Debt to LTM EBITDA stood at 0.7x at the close of 4Q19, while the Interest Coverage ratio was 10.8x as of December 31, 2019. This compares with Net Debt to LTM EBITDA of 1.0x and an Interest Coverage Ratio of 8.7x as of December 31, 2018.

Table 5: Consolidated Debt Indicators

 

   December 31,
2018
   September 30,
2019
   December 31,
2019
 

Leverage

      

Total Debt / LTM EBITDA (Times)1

   1.5    1.4    1.3 

Total Net Debt / LTM EBITDA (Times)2

   1.0    0.8    0.7 

Interest Coverage Ratio3

   8.7    10.3    10.8 

Total Debt

   14,500,381    13,974,527    13,712,893 
  

 

 

   

 

 

   

 

 

 

Short-term Debt

   500,105    277,847    549,607 

Long-term Debt

   14,000,276    13,696,680    13,163,286 
  

 

 

   

 

 

   

 

 

 

Cash & Cash Equivalents

   4,584,507    6,196,806    6,192,679 
  

 

 

   

 

 

   

 

 

 

Total Net Debt4

   9,915,874    7,777,721    7,520,214 
  

 

 

   

 

 

   

 

 

 

 

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 is calculated as ASUR’s EBIT divided by its interest expenses.

4

Total Net Debt is calculated as Total Debt minus Cash & Cash Equivalents.

Table 6: Consolidated Debt Profile

(in millions)

 

   Airport  Payment of
principal
  Currency  Interest
Rate
     Amortization Schedule   
   2020  2021 /23  2024 /35  Total
5Yr-Syndicated Credit Facility  Cancun  To the
expiration
  $PMx  TIIE +
1.25%
  —    2,000.0  —    2,000.0
7Yr-Syndicated Credit Facility  Cancun  Semi-Annual
Amort.
  $PMx  TIIE +
1.25%
  20.0  1,860.0  120.0  2,000.0
22Yr-Senior Note 2035  San Juan  Semi-Annual
Amort.
  $Usd  5.75%  9.3  31.0  277.2  317.5
20Yr-Senior Note 2035  San Juan  Semi-Annual
Amort.
  $Usd  6.75%  1.4  4.4  39.6  45.4
12Yr-Syndicated Credit Facility  Colombia  Qtly. Amort.  $PCol  DTF1 + 4  12,000.0  44,250.0  81,000.0  137,250.0
12Yr-Syndicated Credit Facility  Colombia  Qtly. Amort.  $PCol  DTF1 + 4  8,160.0  30,090.0  55,077.0  93,327.0
12Yr-Syndicated Credit Facility  Colombia  Qtly. Amort.  $PCol  DTF1 + 4  7,200.0  26,550.0  48,600.0  82,350.0
12Yr-Syndicated Credit Facility  Colombia  Qtly. Amort.  $PCol  DTF1 + 4  2,960.0  10,915.0  19,980.0  33,855.0
12Yr-Syndicated Credit Facility  Colombia  Qtly. Amort.  $PCol  DTF1 + 4  2,960.0  10,915.0  19,980.0  33,855.0
12Yr-Syndicated Credit Facility  Colombia  Qtly. Amort.  $PCol  DTF1 + 4  640.0  2,360.0  4,320.0  7,320.0
12Yr-Syndicated Credit Facility  Colombia  Qtly. Amort.  $PCol  DTF1 + 4  640.0  2,360.0  4,320.0  7,320.0
12Yr-Syndicated Credit Facility  Colombia  Qtly. Amort.  $PCol  DTF1 + 4  640.0  2,360.0  4,320.0  7,320.0

Note: Mexican syndicated loans were contracted in October 2017, Puerto Rico bonds were contracted in March 2013 and June 2015, respectively, and the syndicated loans in Colombia were contracted in June 2015 with a three-year grace period.

 

1 

DTF is an average90-day rate to which the credit facilities in Colombia are pegged.

 

ASUR 4Q19 Page 7 of 24


Capex

Capex during 4Q19 amounted to Ps.1,728.0 million. Of this, Ps.1,519.6 million reflect the Company’s plan to modernize its Mexican airports pursuant to its master development plans, Ps.138.3 million were utilized by Aerostar in Puerto Rico and Ps.70.1 million by Airplan in Colombia. This compares with Ps.266.5 million invested in 4Q18, of which Ps.119.6 million was investeed in Mexico, Ps.126.0 million in Puerto Rico, and Ps.20.8 million in Colombia.

During FY19 ASUR made capital investments for a total of Ps.2,614.9 million, of which Ps.2,061.9 million were invested in Mexico, Ps.376.6 million in Puerto Rico, and Ps.176.3 million in Colombia. This compares with capex of Ps.1,636.3 million in FY18, of which Ps.449.3 million were invested in Mexico in line with the Master Development Plan, Ps.772.0 million in Puerto Rico and Ps.415.0 million in Colombia.

Review of Mexico Operations

Table 7: Mexico Revenues & Commercial Revenues Per Passenger

(in thousands of Mexican pesos)

 

   Fourth Quarter   % Chg.  Fiscal Year   % Chg. 
   2018   2019  2018   2019 

Total Passengers (in thousands)

   8,121    8,412    3.6   33,384    34,297    2.7 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Total Revenues

   2,636,719    3,125,100    18.5   10,399,259    11,440,758    10.0 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Aeronautical Services

   1,482,412    1,569,426    5.9   5,965,545    6,334,890    6.2 

Non-Aeronautical Services

   1,016,107    1,021,861    0.6   4,170,319    4,380,821    5.0 

Construction Revenues

   138,200    533,813    286.3   263,395    725,047    175.3 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Total Revenues Excluding Construction Revenues

   2,498,519    2,591,287    3.7   10,135,864    10,715,711    5.7 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Total Commercial Revenues

   906,476    915,344    1.0   3,749,943    3,951,820    5.4 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Commercial Revenues from Direct Operations

   171,889    154,063    (10.4  740,407    763,118    3.1 

Commercial Revenues Excluding Direct Operations

   734,587    761,281    3.6   3,009,536    3,188,702    6.0 

Total Commercial Revenues per Passenger

   111.6    108.8    (2.5  112.3    115.2    2.6 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Commercial Revenues from Direct Operations per Passenger1

   21.2    18.3    (13.5  22.2    22.3    0.3 

Commercial Revenues Excluding Direct Operations per Passenger

   90.5    90.5    0.0   90.2    93.0    3.1 

Note: For purpose of this table, approximately 31.8 and 34.4 thousand transit and general aviation passengers are included in 4Q18 and 4Q19, respectively, while 136.9 and 134.7 thousand transit and general aviation passengers are included in 12M18 and 12M19.

 

1 

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

Mexico Revenues

Mexico Revenues for 4Q19 increased 18.5% YoY to Ps.3,125.1 million. Excluding construction, revenues rose 3.7% YoY, reflecting the following increases:

 

  

5.9% in revenues from aeronautical services, principally due to the 3.6% increase in passenger traffic; and

 

  

0.6% in revenues fromnon-aeronautical services, principally reflecting the 1.0% growth in commercial revenues.

Commercial Revenues increased 1.0% YoY, reflecting the 3.6% increase in total passenger traffic (including transit and general aviation passengers) and reported increases across all categories, except advertising, duty free as well as banking and currency exchange services, as shown on Table 8.

Commercial Revenues per Passenger for 4Q19 declined 2.5% YoY to Ps.108.8 from Ps.111.6 in 4Q18.

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

As shown in Table 9, during the last 12 months, ASUR opened 7 new commercial spaces at Cancun Airport. More details of these openings can be found on page 20 of this report.

 

ASUR 4Q19 Page 8 of 24


Table 8: Mexico Commercial Revenue Performance

 

Bussines Line

  YoY Chg 
  4Q19  FY19 

Teleservices

   26.8  14.9

Car Rental Revenues

   12.3  7.1

Food and Beverage Operations

   8.2  9.4

Ground Transportation

   6.2  12.3

Retail Operations

   2.7  4.9

Other Revenue

   1.3  7.2

Parking Lot Fees

   0.2  5.3

Advertising Revenues

   (2.9%)   13.8

Duty Free

   (5.6%)   2.4

Banking and Currency Exchange Services

   (22.7%)   (9.1%) 
  

 

 

  

 

 

 

Total Commercial Revenues

   1.0  5.4
  

 

 

  

 

 

 

Table 9: Mexico Summary Retail and Other Commercial Space Opened since December 31, 2018.

 

Type of Commercial Space1

  # Of
Spaces
Opened
 

Cancun

   7 

Retail Operations

   5 

Other Revenue

   2 

Mexico

   7 

 

1

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

 

 

Mexico Operating Costs and Expenses

Table 10: Mexico Operating Costs & Expenses

 

   Fourth Quarter   % Chg  Fiscal Year   % Chg 
   2018   2019  2018   2019 

Cost of Services

   394,701    491,325    24.5   1,723,224    1,911,058    10.9 

Administrative

   61,525    64,971    5.6   235,264    250,183    6.3 

Technical Assistance

   96,643    96,175    (0.5  386,250    404,086    4.6 

Concession Fees

   113,395    117,368    3.5   458,290    484,402    5.7 

Depreciation and Amortization

   169,843    179,660    5.8   676,141    694,894    2.8 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Operating Costs and Expenses Excluding Construction Costs

   836,107    949,499    13.6   3,479,169    3,744,623    7.6 

Construction Costs

   138,200    533,813    286.3   263,395    725,047    175.3 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Total Operating Costs & Expenses

   974,307    1,483,312    52.2   3,742,564    4,469,670    19.4 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

TotalMexico Operating Costs and Expenses for 4Q19 increased 52.2% YoY. This includes construction costs, which rose 286.3%, reflecting higher levels of capital improvements made to concessioned assets during the period. Excluding construction costs, operating costs and expenses increased 13.6% to Ps.949.5 million.

Cost of Services rose 24.5% YoY, mainly reflecting increases in legal professional fees, cost of sales for stores operated directly by ASUR, maintentance and security expenses, partly offset by lower energy costs. During the quarter, the Company received a Ps.3.50 million asset tax refund for the Cancun Airport. By contrast, the Mexican operations in 4Q18 benefited from a Ps.71.2 million asset tax refund at Cancun Airport, a Ps.37.1 million reversal in the provision for uncollectible accounts.

Administrativeexpenses increased by 5.6% YoY, principally as a result of higher salaries and professional fees.

The 0.5% decline in theTechnical Assistance fee paid to ITA reflects lower EBITDA in Mexico, excluding extraordinary items in the quarter, a factor in the calculation of the fee.

Concession Fees, which include fees paid to the Mexican government increased3.5%, mainly as a result of the increase in regulated revenues, a factor in the calculation of the concession fee.

Depreciation and Amortization increased 5.8% YoY, reflecting higher investmentsto-date as well as the impact from the recognition of lease accounting as per IFRS 16.

 

ASUR 4Q19 Page 9 of 24


Mexico Consolidated Comprehensive Financing Gain (Loss)

Table 11: Mexico Comprehensive Financing Gain (Loss)

 

   Fourth Quarter     Fiscal Year    
   2018  2019  % Chg  2018  2019  % Chg 

Interest Income

   85,042   71,140   (16.3  336,571   335,540   (0.3

Interest Expense

   (109,855  (100,555  (8.5  (461,540  (409,691  (11.2

Foreign Exchange Gain (Loss), Net

   54,887   (139,922  n/a   87,794   (79,197  n/a 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Total

   30,074   (169,337  n/a   (37,175)   (153,348  312.5 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

ASUR’s Mexico operations reported a Ps.169.3 millionComprehensive Financing Loss, compared to a Ps.30.1 million gain in 4Q18. Mexican operations reported a foreign exchange loss of Ps.139.9 million in the quarter, resulting from the 2.5% quarterly average Mexican peso appreciation against the U.S. dollar on a lower foreign currency net asset position, compared with a Ps.54.9 million foreign exchange gain in 4Q18, resulting from the 5.9% quarterly average Mexican peso depreciation during that period and a lower foreign currency net asset position.

In addition, interest expense declined 8.5% YoY to Ps.100.6 million as the Company paid down debt between June and November 2018. Furthermore, interest income declined 16.3%, reflecting a lower cash balance.

Mexico Operating Profit and EBITDA

Table 12: Mexico Profit & EBITDA

 

   Fourth Quarter     Fiscal Year    
   2018  2019  % Chg  2018  2019  % Chg 

Total Revenue

   2,636,719   3,125,100   18.5   10,399,259   11,440,758   10.0 

Total Revenues Excluding Construction Revenues

   2,498,519   2,591,287   3.7   10,135,864   10,715,711   5.7 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Operating Profit

   1,662,411   1,642,433   (1.2  6,656,695   6,971,733   4.7 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Operating Margin

   63.0  52.6  (1049 bps  64.0  60.9  (307 bps

Adjusted Operating Margin1

   66.5  63.4  (315 bps  65.7  65.1  (61 bps

Net Profit2

   1,313,625   1,129,223   (14.0  4,839,389   4,896,978   1.2 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

EBITDA

   1,831,601   1,822,102   (0.5  7,332,192   7,666,636   4.6 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

EBITDA Margin

   69.5  58.3  
(1116
bps
 
  70.5  67.0  
(350
bps
 

Adjusted EBITDA Margin3

   73.3  70.3  (299 bps  72.3  71.5  (79 bps

 

1 

Adjusted Operating Margin excludes the effect of IFRIC 12 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 

Net Income for 4Q19 and 4Q18 include gains of Ps.80.7 million and Ps.161.1 million, respectively, from the participation in the results of Aerostar in Puerto Rico. Airplan in Colombia contributed with gains of Ps.62.6 million and Ps.207.4 million in 4Q19 and 4Q18, respectively.

3 

Adjusted EBITDA Margin excludes the effect of IFRIC 12 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 anOperating Profitof Ps.1,642.4 million in 4Q19, resulting in an Operating Margin of 52.6% compared with 63.0% in 4Q18.

Adjusted Operating Marginin 4Q19, which excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets and is calculated as operating profit divided by total revenues excluding construction services revenues, was 63.4%, compared to 66.5% in 4Q18.

EBITDAdeclined0.5% to Ps.1,822.1 million from Ps.1,831.6 million in 4Q18, resulting in an EBITDA Margin of 58.3% in 4Q19, compared with 69.5% in 4Q18. Excluding the reversal in the uncollectible accounts provision and the asset tax refund reported in 4Q18 for a total of Ps.108.3 million, EBITDA margin in that quarter would have been 65.4%

During 4Q19, ASUR’s operations in Mexico recognized Ps.533.8 million in “Construction Revenues,” ayear-on-year increase of 286.3%, due to 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, declined 299 bps to 70.3% from 73.3% in 4Q18. Excluding the reversal of the provision for uncollectible accounts and the asset tax refund reported in 4Q18 for a total of Ps.108.3 million, Adjusted EBITDA margin in that quarter would have been 69.0%

 

ASUR 4Q19 Page 10 of 24


Mexico Tariff Regulation

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

ASUR’s accumulated regulated revenues at its Mexican operations as of December 31, 2019 totaled Ps.6,628.1 million, with an average tariff per workload unit of Ps.190.5 (December 2018 pesos), accounting for approximately 61.8% of total Mexico income (excluding construction income) for the period.

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

Mexico Capital Expenditures

During 4Q19, ASUR’s operations in Mexico made capital investments of Ps.1,519.6 million in connection with the Company’s plan to modernize its Mexican airports pursuant to its master development plans. This compares with capex of Ps.119.6 million in 4Q18. Accumulated capex for FY19 amounted to Ps.2,061.9 million, compared to Ps.449.3 million in FY18.

Review of Puerto Rico Operations

As of December 31, 2019, the valuation of ASUR’s investment in Aerostar in accordance with IFRS 3 “Business Combinations” resulted in the following effects on the balance sheet: i) the recognition of a net intangible asset of Ps.5,705.3 million, ii) goodwill of Ps.887.2 (net of an impairment of Ps.4,719.1 million), iii) deferred taxes of Ps.570.5 million, and iv) a minority interest of Ps.5,255.2 million within stockholders’ equity.

Table 13: Puerto Rico Revenues & Commercial Revenues Per Passenger

In thousands of Mexican pesos

 

   Fourth Quarter      Fiscal Year     
   2018   2019   % Chg  2018   2019   % Chg 

Total Passenger (in thousands)

   2,011    2,376    18.1   8,374    9,448    12.8 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Total Revenues

   858,436    861,207    0.3   3,025,267    3,306,149    9.3 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Aeronautical Services

   403,053    494,006    22.6   1,700,859    1,870,428    10.0 

Non-Aeronautical Services

   248,234    252,374    1.7   964,404    1,100,573    14.1 

Construction Revenues

   207,149    114,827    (44.6  360,004    335,148    (6.9

Total Revenues Excluding Construction Revenues

   651,287    746,380    14.6   2,665,263    2,971,001    11.5 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Total Commercial Revenues

   245,725    249,917    1.7   954,626    1,090,433    14.2 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Commercial Revenues from Direct Operations

   44,687    52,902    18.4   191,211    233,106    21.9 

Commercial Revenues Excluding Direct Operations

   201,038    197,015    (2.0  763,415    857,327    12.3 

Total Commercial Revenues per Passenger

   122.2    105.2    (13.9  114.0    115.4    1.2 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Commercial Revenues from Direct Operations per Passenger1

   22.2    22.3    0.2   22.8    24.7    8.1 

Commercial Revenues Excluding Direct Operations per Passenger

   100.0    82.9    (17.1  91.2    90.7    (0.5

Figures in pesos at the average exchange rate Ps.19.2360 = US$1.00

 

1 

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

Puerto Rico Revenues

Total Puerto Rico Revenuesfor 4Q19 increased 0.3% YoY to Ps.861.2 million. Excluding construction services, revenues rose 14.6% mainly due to the following increases:

 

  

22.6% in revenues from aeronautical services reflecting the 18.1% increase in passenger traffic; and

 

  

1.7% in revenues fromnon-aeronautical services, principally reflecting the 1.7% increase in commercial revenues.

Construction services revenues declined 44.6% YoY reflecting lower capital investments in 4Q19.

 

ASUR 4Q19 Page 11 of 24


Commercial Revenues per Passenger declined to Ps.105.2 from Ps.122.2 in 4Q18.

Sixteen commercial spaces were opened at LMM Airport over the last 12 months, as shown in Table 15. More details of these openings can be found on page 20 of this report.

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

 

Table 14: Puerto Rico Commercial Revenue Performance

 

Bussines Line

  YoY Chg 
  4Q19  FY19 

Advertising Revenues

   398.7  194.0

Retail Operations

   20.2  23.6

Ground Transportation

   19.5  84.9

Food and Beverage Operations

   8.8  12.9

Parking Lot Fees

   4.0  (0.8%) 

Duty Free

   (4.6%)   1.7

Other Revenue

   2.9  14.6

Car Rental Revenues

   (18.8%)   12.6

Banking and Currency Exchange Services

   8.5  (5.4%) 
  

 

 

  

 

 

 

Total Commercial Revenues

   1.7  14.2
  

 

 

  

 

 

 

Table 15: Puerto Rico Summary Retail and Other Commercial Space Opened since December 31, 2018

Type of Commercial Space1

  # of
Spaces
Opened
 

Retail Operations

   7 

Food and Beverage Operations

   4 

Duty Free

   3 

Banking and Currency Exchange Services

   1 

Other Revenue

   1 
  

 

 

 

Total Commercial Spaces

   16 
  

 

 

 

 

1 

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

 

 

Puerto Rico Operating Costs and Expenses

Table 16: Puerto Rico Operating Costs & Expenses

In thousands of Mexican pesos

 

   Fourth Quarter   % Chg  Fiscal Year   % Chg 
   2018   2019  2018   2019 

Cost of Services

   191,248    311,449    62.9   1,157,564    1,305,635    12.8 

Concession Fees

   31,260    35,117    12.3   127,719    141,419    10.7 

Depreciation and Amortization

   169,908    161,936    (4.7  632,236    659,873    4.4 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Operating Costs and Expenses Excluding Construction Costs

   392,416    508,502    29.6   1,917,519    2,106,927    9.9 

Construction Costs

   207,149    114,827    (44.6  360,004    335,148    (6.9
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Total Operating Costs & Expenses

   599,565    623,329    4.0   2,277,523    2,442,075    7.2 
  

 

 

   

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Figures in pesos at the average exchange rate Ps.19.2360 = US$1.00

TotalOperating Costs and Expensesat LMM Airport in 4Q19, increased 4.0% YoY to Ps.623.3 million. During 4Q19, Aerostar reported construction costs of Ps.114.8 million, reflecting capital investments in concessioned assets. Excluding construction costs, operating costs and expenses increased 29.6% to Ps.508.5 million.

Cost of Services increased 62.9% YoY, or Ps.120.2 million. This increase primarily reflects a Ps.34.5 million reduction in the valuation of the maintenance provision as per IFRIC12 in 4Q19 compared with a Ps.112.2 million reduction in the valuation of the maintenance provision in 4Q18. Cost of services in 4Q19 also reflect increases in professional fees and energy costs.

Concession Fees paid to the Puerto Rican government increased YoY by Ps.3.9 million. In line with the concession agreement, starting in 2018, the concession fee is based on revenues and impacts results.

Depreciation and Amortization declined YoY by 4.7%, or Ps.8.0 million.

Puerto Rico Comprehensive Financing Gain (Loss)

Table 17: Puerto Rico Comprehensive Financing Gain (Loss)

In thousands of Mexican pesos

 

   Fourth Quarter  % Chg.  Fiscal Year  % Chg. 
   2018  2019  2018  2019 

Interest Income

   3,277   2,560   (21.9  8,064   14,347   77.9 

Interest Expense

   (165,245  (118,463  (28.3  (546,331  (499,384  (8.6
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Total

   (161,968  (115,903  (28.4  (538,267  (485,037  (9.9
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Figures in pesos at the average exchange rate Ps.19.2360 = US$1.00

 

ASUR 4Q19 Page 12 of 24


During 4Q19, LMM Airport reported a Ps.115.9 millionComprehensive Financing Loss, compared with a Ps.162.0 million loss in 4Q18, mainly reflecting interest rate movements and the impact from the valuation to present value of future obligations under IFRIC 12 and NIC 37.

On February 22, 2013, and as part of the financing of the concession agreement, Aerostar entered into a subordinated term loan with Cancun Airport in the amount of US$100 million at an annual interest rate of LIBOR plus 2.1%, payable each July 1 and January 1, and with no fixed maturity date. As of December 31, 2019, the remaining balance was US$19.8 million, including capitalized interest.

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 Rican Ports Authority and certain other costs and expenditures associated with it.

On June 24, 2015, Aerostar carried out a private bond placement for a total of US$50.0 million. In December 2015, Aerostar also contracted a line of revolving credit, which, as of December 31, 2019, had not been drawn upon.

All long-term debt is collateralized by Aerostar’s total assets.

Puerto Rico Operating Profit and EBITDA

Table 18: Puerto Rico Operating Profit & EBITDA

In thousands of Mexican pesos

 

   Fourth Quarter  % Chg.  Fiscal Year  % Chg. 
   2018  2019  2018  2019 

Total Revenue

   858,436   861,207   0.3   3,025,267   3,306,149   9.3 

Total Revenues Excluding Construction Revenues

   651,287   746,380   14.6   2,665,263   2,971,001   11.5 

Other Income

   134,637    n/a   134,637   204,074   51.6 

Operating Profit

   393,508   237,878   (39.5  882,381   1,068,148   21.1 

Operating Margin

   45.8  27.6  (1822 bps  29.2  32.3  314 bps 

Adjusted Operating Margin1

   60.4  31.9  (2855 bps  33.1  36.0  285 bps 

Net Profit

   222,890   111,355   (50.0  310,235   544,532   75.5 

EBITDA

   547,880   399,814   (27.0  1,529,186   1,729,753   13.1 

EBITDA Margin

   63.8  46.4  (1740 bps  50.5  52.3  177 bps 

Adjusted EBITDA Margin2

   84.1  53.6  (3056 bps  57.4  58.2  85 bps 

Figures in pesos at the average exchange rate Ps.19.2360 = US. 1.00

 

1

Adjusted Operating Margin excludes the effect of IFRIC 12 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 IFRIC 12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues.

Operating ProfitatPuerto Rico in 4Q19 declined to Ps.237.9 million, withOperating Marginof27.6%. Thiscompares with 45.8% in 4Q18, which benefited from a Ps.134.6 million insurance recovery in connection with Hurricane Maria and a Ps.112.2 million reduction in the maintenance reserve in line with IFRIC 12.

EBITDAdeclined27.0% to Ps.399.8 million from Ps.547.9 million in 4Q18. EBITDA Margin contracted to 46.4% from 63.8% in 4Q18, while the adjusted EBITDA Margin, excluding IFRIC 12 was 53.6% in 4Q19 compared to 84.1% in 4Q18.

Excluding a Ps.134.6 millionnon-recurring insurance recovery in 4Q18 in connection with Hurricane Maria, consolidated EBITDA would have declined 3.3% YoY in 4Q19 and Adjusted EBITDA margin (excluding IFRIC 12) would have been 63.5% in 4Q18.

Puerto Rico Capital Expenditures

During 4Q19, Aerostar invested Ps.138.2 million to modernize LMM Airport, compared with investments of Ps.126.1 million in 4Q18. Accumulated capex for FY19 amounted to Ps.376.6 million compared with Ps.772.0 million invested in FY18.

 

ASUR 4Q19 Page 13 of 24


Puerto Rico Tariff Regulation

The Airport Use Agreement signed by Aerostar, the airlines serving LMM Airport, and the Puerto Rico Ports Authority governs 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 million during the first five years of the term. From year six onwards, the total annual contribution for the prior year increases in accordance with an adjusted consumer price index factor based on the U.S.non-core consumer price index. The annual fee is divided between the airlines that operate at LMM Airport in accordance with the regulations and structure defined under the Airport Use Agreement to establish the contribution of each airline for each particular year.

Review of Colombia Operations

The following discussion compares Airplan’s independent results for the three- and twelve-month periods ended December 31, 2018 and 2019.

The valuation of ASUR’s investment in Airplan in accordance with IFRS 3 “Business Combinations” resulted in the following effects on the balance sheet as of December 31, 2019: i) the recognition of a net intangible asset of Ps.1,253.9 million, ii) goodwill of Ps.1,504.9, iii) deferred taxes of Ps.201.0 million, and iv) Ps.583.0 million from the recognition of bank loans at fair value.

Table 19: Airplan, Colombia Revenues & Commercial Revenues Per Passenger

In thousands of Mexican pesos

 

   Fourth Quarter   % Chg.   Fiscal Year   % Chg. 
   2018  2019   2018   2019 

Total Passenger (in thousands)

   3,037   3,302    8.7    10,886    12,286    12.9 
  

 

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Revenues

   429,077   558,336    30.1    1,985,715    2,074,731    4.5 
  

 

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Aeronautical Services

   342,312   351,668    2.7    1,276,506    1,391,657    9.0 

Non-Aeronautical Services

   106,924   136,925    28.1    396,834    507,076    27.8 

Construction Revenues1

   (20,159  69,743    n/a    312,375    175,998    (43.7
  

 

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Revenues Excluding Construction Revenues

   449,236   488,593    8.8    1,673,340    1,898,733    13.5 
  

 

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Commercial Revenues

   106,917   135,543    26.8    395,410    501,365    26.8 
  

 

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Commercial Revenues per Passenger

   35.2   41.0    16.7    36.3    40.8    12.4 
  

 

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Figures in pesos at an average exchange rate of COP176.8917 = Ps.1.00 mexican pesos.

Note: For purpose of this table, approximately 71.1 and 57.7 thousand transit and general aviation passengers are included in 4Q18 and 4Q19, and 238.8 and 233.6 thousand transit and general aviation passengers are included in FY18 and FY19.

 

1 

Construction revenues for Airplan in 4Q18 include actual construction revenues which are equal to construction costs of Ps.82.6 million plus an estimate of the decline in income derived from the decline in the valuation of the intangible to present value (construction income) of Ps.102.7 million, according to IFRIC 12. Construction revenues for Airplan 4Q19 were equal to construction costs of Ps.69.7 million.

Colombia Revenues

Total Colombia Revenuesfor 4Q19 increased 30.1% YoY to Ps.558.3 million. Excluding construction services revenues, revenues rose 8.8% mainly reflecting the following increases:

 

  

2.7% in revenues from aeronautical services; and

 

  

28.1% in revenues fromnon-aeronautical services, mainly due to the 26.8% increase in commercial revenues.

Commercial Revenues per Passenger increased 16.7%year-on-year to Ps.41.0 from Ps.35.2 in 4Q18.

As shown in Table 21, during the last twelve months, 36 new commercial spaces were opened in Colombia. More details of these openings can be found on page 20 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.

 

ASUR 4Q19 Page 14 of 24


Table 20: Colombia Commercial Revenue Performance

 

   YoY Chg 

Bussines Line

  4Q19  FY19 

Retail Operations

   145.4  97.2

Car Rental Revenues

   96.0  110.2

Parking Lot Fees

   90.6  66.0

Teleservices

   9.4  5.7

Food and Beverage Operations

   8.7  30.8

Banking and Currency Exchange Services

   8.4  1.4

Other Revenue

   2.1  6.1

Advertising Revenues

   0.9  (3.3%) 

Duty Free

   100.0  100.0

Ground Transportation

   (7.8%)   27.3
  

 

 

  

 

 

 

Total Commercial Revenues

   26.8  26.8
  

 

 

  

 

 

 

Table 21: Colombia Summary Retail and Other Commercial Space Opened since December 31, 2018

 

Type of Commercial Space1

  # of
Spaces
Opened
��

Other Revenue

   17 

Retail Operations

   6 

Food and Beverage Operations

   5 

Teleservices

   4 

Banking and Currency Exchange Services

   2 

Car Rental Revenues

   1 

Ground Transportation

   1 
  

 

 

 

Total Commercial Spaces

   36 
  

 

 

 
1 

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

 

 

Tabla 22: Colombia Costs & Expenses

In thousands of Mexican pesos

 

   Fourth Quarter   % Chg  Twelve—Months   % Chg 
   2018  2019  2018   2019 

Cost of Services

   287,323   180,709    (37.1  662,004    608,178    (8.1

Technical Assistance

   1,416   1,576    11.3   6,835    5,983    (12.5

Concession Fees

   80,174   91,853    14.6   312,244    361,029    15.6 

Depreciation and Amortization

   (94,197  104,783    n/a   452,364    482,130    6.6 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Operating Costs and Expenses Excluding Construction Costs

   274,716   378,921    37.9   1,433,447    1,457,320    1.7 

Construction Costs

   82,581   69,743    (15.5  312,375    175,998    (43.7
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Total Operating Costs & Expenses

   357,297   448,664    25.6   1,745,822    1,633,318    (6.4
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

   

 

 

 

Figures in pesos at an average exchange rate of COP176.8917 = Ps.1.00 mexican pesos.

TotalOperating Costs and Expensesin Colombiaincreased25.6% YoY in 4Q19 to Ps.448.7 million. Excluding construction costs, operating costs and expenses increased 37.9% YoY to Ps.378.9 million.

Cost of Services declined 37.1% YoY, or Ps.106.6 million, mainly reflecting a maintenance provision of Ps.60.3 million for future replacement of assets in 4Q19, while in 4Q18 the maintenance provision amounted to Ps.164.0 million in line with IFRIC 12. Lower professional fees and energy costs in 4Q19 also contributed to the decline in costs of services. However, the YoY decline in cost of services was partially offset by the Ps.45.0 million reversal in the provision for uncollectible accounts in 4Q18.

Construction Costs declined 15.5% YoY, or Ps.12.8 million, reflecting lower investments in complementary works to concessioned assets during the period compared to the prior year.

Concession Fees,which include feespaid to the Colombian government, increased 14.6% YoY, mainly reflecting higher regulated andnon-regulated revenues during the period.

Depreciation and Amortization increased by Ps.199.0 million principally reflecting a change in amortization methodology, which starting January 2019 is on a straight-line basis versus the percentage of completion method applied previously.

Colombia Comprehensive Financing Gain (Loss)

Table 23: Airplan, Colombia, Comprehensive Financing Gain (Loss)

In thousands of Mexican pesos

 

   Fourth Quarter  % Chg.  Fiscal Year  % Chg. 
   2018  2019  2018  2019 

Interest Income

   2,667   4,600   72.5   7,210   49,082   580.7 

Interest Expense

   (60,063  (34,681  (42.3  (294,002  (230,574  (21.6

Foreign Exchange Gain (Loss), Net

   (224  465   n/a   (36  320   n/a 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Total

   (57,620  (29,616  (48.6  (286,828  (181,172  (36.8
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

 

ASUR 4Q19 Page 15 of 24


Figures in pesos at an average exchange rate of COP176.8917 = Ps.1.00

During 4Q19, Airplan reported a Ps.29.6 millionComprehensive Financing Loss, compared with a Ps.57.6 million loss in 4Q18. This was mainly due to lower interest expenses in 4Q19 resulting from debt payments in the quarter, together with a Ps.18.8 million decline in financial expenses resulting from the valuation of payables at fair value as of December 31, 2019 as per IFRS 3 in connection with the acquisition of Airplan.

On June 1, 2015, Airplan entered into12-Year Syndicated Loan Facility with eight banks with a3-year grace period, with a net balance of Ps.2,725.0 million as of December 31, 2019, following a Ps.43.6 million capital payment during the quarter.

Colombia Operating Profit and EBITDA

Table 24: Airplan, Colombia Profit & EBITDA

In thousands of Mexican pesos

 

   Fourth Quarter      Fiscal Year    
   2018  2019  % Chg.   2018  2019  % Chg. 

Total Revenue

   429,077   558,336   30.1    1,985,715   2,074,731   4.5 

Total Revenues Excluding Construction Revenues

   449,236   488,593   8.8    1,673,340   1,898,733   13.5 

Operating Profit

   71,780   109,672   52.8    239,893   441,413   84.0 

Operating Margin

   16.7  19.6  291 bps    12.1  21.3  919 bps 

Adjusted Operating Margin1

   16.0  22.4  647 bps    14.3  23.2  891 bps 

Net Profit

   11,233   59,969   433.9    (29,818  242,125   n/a 

EBITDA

   80,323   214,455   167.0    692,257   923,543   33.4 

EBITDA Margin

   18.7  38.4  1969 bps    34.9  44.5  965 bps 

Adjusted EBITDA Margin2

   17.9  43.9  2601 bps    41.4  48.6  727 bps 

Figures in pesos at an average exchange rate of COP176.8917 = Ps.1.00    

 

1

Adjusted Operating Margin excludes the effect of IFRIC 12 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 IFRIC 12 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 anOperating Profitof Ps.109.7 million in 4Q19, compared with an operating profit of Ps.71.8 million in 4Q18. Operating Marginexpanded to19.6% in 4Q19 from 16.7% in 4Q18. Adjusted Operating Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements to concessioned assets, increased to 22.4% in 4Q19 from 16.0% in 4Q18.

During 4Q19EBITDAincreased167.0% to Ps.214.5 million from Ps.80.3 million in 4Q18. EBITDA Margin increased to 38.4% in 4Q19, from 18.7% in 4Q18. Adjusted EBITDA Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements to concessioned assets, increased to 43.9% in 4Q19, from 17.9% in 4Q18. The increase was mainly due to a higher maintenance provision of Ps.103.8 million which negatively impacted 4Q18 results.

Colombia Capital Expenditures

During 4Q19, Airplan made capital expenditures of Ps.70.1 million compared with Ps.20.8 million in 4Q18. Accumulated capex for FY19 amounted to Ps.176.3 million, compared with Ps.415.0 million in FY18.

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 the tariffs for the rights and the rates conceded to the concessionaire of the following airports: José María Córdova of Rionegro, Enrique Olaya Herrera of Medellín, Los Garzones of Montería, El Caraño of Quibdó, Antonio Roldán Betancourt of Carepa, and Las Brujas of Corozal. This resolution also established the methodology to update and the mechanisms to collect such fees, tariffs, and rights. Airplan’s regulated revenues for 4Q19 amounted to Ps.351.7 million.

 

ASUR 4Q19 Page 16 of 24


Definitions

Concession Services Agreements (IFRIC 12 interpretation).In Mexico and Puerto Rico,ASUR is required byIFRIC 12 to include in its income statement an income line, “Construction Revenues,” reflecting the revenue from construction or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. Because equal amounts of Construction Revenues and Construction Costs have been included in ASUR’s income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin. In Colombia, “Construction Revenues” include the recognition of the revenue to which the concessionaire is entitled for carrying out the infrastructure works in the development of the concession, while “Construction Costs” represents the actual costs incurred in the execution of such additions or improvements to the concessioned assets.

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

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

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

About ASUR

Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain, and develop 16 airports in the Americas. These comprise nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination in Mexico, the Caribbean, and Latin America, and six airports in northern Colombia, including José María Córdova International Airport (Rionegro), the second busiest airport in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan’s Airport is the island’s primary gateway for international andmainland-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, visitwww.asur.com.mx

Analyst Coverage

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

 

 

ASUR 4Q19 Page 17 of 24


Please note that any opinions, estimates or forecasts regarding the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR 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.

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. 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 4Q19 Page 18 of 24


Passenger Traffic Breakdown by Airport

Mexico Passenger Traffic1

 

      Fourth Quarter   %
Chg
  Twelve - Months   %
Chg
 
      2018   2019  2018   2019 

Domestic Traffic

   4,118,536    4,316,622    4.8   15,843,617    16,683,996    5.3 

CUN

  Cancun   2,251,623    2,276,863    1.1   8,777,510    8,980,397    2.3 

CZM

  Cozumel   47,402    41,838    (11.7  171,328    189,640    10.7 

HUX

  Huatulco   167,183    173,167    3.6   679,234    749,048    10.3 

MID

  Merida   609,393    689,832    13.2   2,234,818    2,573,490    15.2 

MTT

  Minatitlan   45,199    35,301    (21.9  189,892    140,616    (25.9

OAX

  Oaxaca   233,285    307,713    31.9   852,280    1,047,961    23.0 

TAP

  Tapachula   89,768    102,757    14.5   315,818    372,626    18.0 

VER

  Veracruz   362,305    371,388    2.5   1,422,870    1,406,796    (1.1

VSA

  Villahermosa   312,378    317,763    1.7   1,199,867    1,223,422    2.0 

International Traffic

   3,970,361    4,061,359    2.3   17,403,698    17,477,846    0.4 

CUN

  Cancun   3,761,104    3,830,518    1.8   16,424,506    16,501,592    0.5 

CZM

  Cozumel   79,628    70,191    (11.9  408,391    356,783    (12.6

HUX

  Huatulco   31,512    35,580    12.9   140,071    143,239    2.3 

MID

  Mérida   48,952    59,895    22.4   216,798    217,159    0.2 

MTT

  Minatitlan   1,361    1,556    14.3   6,894    7,543    9.4 

OAX

  Oaxaca   25,536    39,135    53.3   98,757    148,284    50.2 

TAP

  Tapachula   2,705    2,562    (5.3  14,801    12,857    (13.1

VER

  Veracruz   15,092    16,436    8.9   65,699    68,785    4.7 

VSA

  Villahermosa   4,471    5,486    22.7   27,781    21,604    (22.2

Total Traffic México

   8,088,897    8,377,981    3.6   33,247,315    34,161,842    2.8 

CUN

  Cancun   6,012,727    6,107,381    1.6   25,202,016    25,481,989    1.1 

CZM

  Cozumel   127,030    112,029    (11.8  579,719    546,423    (5.7

HUX

  Huatulco   198,695    208,747    5.1   819,305    892,287    8.9 

MID

  Merida   658,345    749,727    13.9   2,451,616    2,790,649    13.8 

MTT

  Minatitlan   46,560    36,857    (20.8  196,786    148,159    (24.7

OAX

  Oaxaca   258,821    346,848    34.0   951,037    1,196,245    25.8 

TAP

  Tapachula   92,473    105,319    13.9   330,619    385,483    16.6 

VER

  Veracruz   377,397    387,824    2.8   1,488,569    1,475,581    (0.9

VSA

  Villahermosa   316,849    323,249    2.0   1,227,648    1,245,026    1.4 

US Passenger Traffic, San Juan Airport (LMM)

 

   Fourth Quarter   % Chg   Twelve - Months   % Chg 
   2018   2019   2018   2019 

SJU Total1

   2,011,106    2,376,073    18.1    8,373,679    9,448,253    12.8 

Domestic Traffic

   1,797,007    2,140,855    19.1    7,469,211    8,455,993    13.2 

International Traffic

   214,099    235,218    9.9    904,468    992,260    9.7 

Colombia, Passenger Traffic Airplan

 

     Fourth Quarter      Twelve - Months     
     2018   2019   % Chg  2018   2019   % Chg 

Domestic Traffic

  2,544,552    2,773,813    9.0   9,061,166    10,231,479    12.9 

MDE

  Medellín (Rio Negro)  1,831,784    1,999,886    9.2   6,418,530    7,409,418    15.4 

EOH

  Medellín  276,091    293,643    6.4   1,055,694    1,095,291    3.8 

MTR

  Montería  253,919    293,738    15.7   936,161    1,028,309    9.8 

APO

  Carepa  97,849    105,315    7.6   357,169    384,487    7.6 

UIB

  Quibdó  54,472    63,564    16.7   200,910    226,951    13.0 

CZU

  Corozal  30,437    17,667    (42.0  92,702    87,023    (6.1

International Traffic

  421,553    470,771    11.7   1,586,357    1,820,656    14.8 

MDE

  Medellín (Rio Negro)  421,553    470,771    11.7   1,586,357    1,820,656    14.8 

EOH

  Medellín  —      —      —     —      —      —   

MTR

  Montería  —      —      —     —      —      —   

APO

  Carepa  —      —      —     —      —      —   

UIB

  Quibdó  —      —      —     —      —      —   

CZU

  Corozal  —      —      —     —      —      —   

Total Traffic Colombia

  2,966,105    3,244,584    9.4   10,647,523    12,052,135    13.2 

MDE

  Medellín (Rio Negro)  2,253,337    2,470,657    9.6   8,004,887    9,230,074    15.3 

EOH

  Medellín  276,091    293,643    6.4   1,055,694    1,095,291    3.8 

MTR

  Montería  253,919    293,738    15.7   936,161    1,028,309    9.8 

APO

  Carepa  97,849    105,315    7.6   357,169    384,487    7.6 

UIB

  Quibdó  54,472    63,564    16.7   200,910    226,951    13.0 

CZU

  Corozal  30,437    17,667    (42.0  92,702    87,023    (6.1

 

1 

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

 

ASUR 4Q19 Page 19 of 24


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

Comercial Spaces

(Pag. 1/1)

ASUR Retail and Other Commercial Space Opened since December 31, 20181

 

Business Name

  Type  Opening Date

MEXICO

    

Cancun

    

Mini Market (Tienda ODC)

  Retail  March 2019

Todo a $10 usd (Bisuteria)

  Retail  March 2019

Business Lounge (T4) Internacional

  Other Revenue  April 2019

Business Lounge (T4) Nacional

  Other Revenue  April 2019

Sunglass Hut

  Retail  April 2019

Gold Elements

  Retail  May 2019

Bijoux

  Retail  September 2019

SAN JUAN, PUERTO RICO

    

Carl’s Jr.

  Food and Beverage  January 2019

Invicta

  Retail  May 2019

Invicta

  Retail  May 2019

The Destillery

  Retail  June 2019

Metropol

  Food and Beverage  June 2019

Grab at the Gate

  Food and Beverage  June 2019

Innovative Media

  Advertising  August 2019

Sunglasses

  Duty Free  September 2019

Baggage Storage

  Retail  September 2019

Sunny Planet

  Retail  September 2019

The Cellar

  Duty Free  October 2019

Invicta

  Retail  November 2019

Invicta

  Retail  November 2019

Bijoux

  Duty Free  November 2019

Ready Credit

  Food and Beverage  December 2019

Enrique Tomás

  Banking and Currency Exchange Services  December 2019

COLOMBIA

    

Rionegro

    

Sapia CI SAS

  Retail  January 2019

Mera Medellin SAS

  Food and Beverage  April 2019

Aerorepublica S.A.

  Other Revenue  May 2019

ABC Aerolineas SA de CV Sucursal Colombia

  Other Revenue  May 2019

Air Europa Lineas Aereas Sociedad Anonima

  Other Revenue  May 2019

Air Europa Lineas Aereas Sociedad Anonima

  Other Revenue  May 2019

Girag S.A.

  Other Revenue  June 2019

Federal Express Corporation

  Other Revenue  July 2019

Caribbean Sipport and Flight Service LTDA

  Ground Transportation  August 2019

Opticas GMO Colombia S.A.S

  Retail  September 2019

Avinco S.A.S Kokoriko

  Food and Beverage  September 2019

Sapia CI SAS

  Retail  September 2019

Pca Productora y Comercializadora de Alimentos S.A.

  Food and Beverage  October 2019

Transaereo S.A.S

  Other Revenue  October 2019

Corresponsales Colombia S.A.S

  Banking and Currency Exchange Services  October 2019

Olaya herrera

    

Departamento de Antioquia

  Other Revenue  April 2019

Fondo de Valorización del municipio de Medellín

  Other Revenue  October 2019

Pacifica de Aviación S.A.S.

  Other Revenue  October 2019

Pacifica de Aviación S.A.S.

  Other Revenue  October 2019

Aeropaca S.A.S

  Other Revenue  October 2019

Satena

  Other Revenue  October 2019

Grupo San German Express S.A.S

  Other Revenue  November 2019

Aerovias del Continente Americano S.A. Avianca

  Other Revenue  November 2019

Punto Caliente S.A.

  Food and Beverage  November 2019

Monteria

    

Davivienda S.A

  Banking and Currency Exchange Services  February 2019

Sapia CI SAS

  Retail  November 2019

Renting Colombia S.A.S

  Car Rental  November 2019

Servicios Aeroportuarios Integrados—SAI LTDA

  Other Revenue  November 2019

Quibdo

    

Marcapasos S.A.S

  Other Revenue  May 2019

Renteria Palacio Edward Francisco

  Retail  May 2019

Olaya Ramirez Hernan Enrique

  Food and Beverage  October 2019

Colombia Telecomunicaciones S.A. ESP (Aantes TELECOM)

  Teleservices  October 2019

Media Commerce Partners S.A.S

  Teleservices  October 2019

Centro de Servicios

    

Compañia Manufacturera Manisol S A

  Retail  February 2019

Media Commerce Partners S.A.S

  Teleservices  October 2019

Temcel Comunicaciones LTDA

  Teleservices  October 2019

 

*

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

 

ASUR 4Q19 Page 20 of 24


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

Operating Results per Airport

Thousands of mexican pesos

 

Item

  4Q 2018  4Q 2018 Per
Workload Unit
   4Q 2019  4Q 2019 Per
Workload Unit
   YoY %
Chg.
  Per Workload
Unit YoY %
Chg.
 

Mexico

         

Cancun1

         

Aeronautical Revenues

   1,077,633   176.3    1,099,863   177.4    2.1   0.6 

Non-Aeronautical Revenues

   932,092   152.5    932,525   150.4    0.0   (1.4

Construction Services Revenues

   105,830   17.3    199,609   32.2    88.6   86.1 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Total Revenues

   2,115,555   346.1    2,231,997   359.9    5.5   4.0 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Operating Profit

   1,250,763   204.6    1,187,443   191.5    (5.1  (6.4

EBITDA

   1,365,080   223.3    1,304,078   210.3    (4.5  (5.8

Merida

         

Aeronautical Revenues

   129,026   180.5    155,483   192.2    20.5   6.5 

Non-Aeronautical Revenues

   30,434   42.6    32,362   40.0    6.3   (6.1

Construction Services Revenues

   2,840   4.0    100,813   124.6    3,449.8   3,015.0 

Other2

   27   —      17   —      (37.0  n/a 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Total Revenues

   162,327   227.0    288,675   356.8    77.8   57.2 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Operating Profit

   77,826   108.8    104,003   128.6    33.6   18.2 

EBITDA

   89,841   125.7    116,149   143.6    29.3   14.2 

Villahermosa

         

Aeronautical Revenues

   53,626   162.5    66,551   197.5    24.1   21.5 

Non-Aeronautical Revenues

   13,464   40.8    14,551   43.2    8.1   5.9 

Construction Services Revenues

   12,148   36.8    46,383   137.6    281.8   273.9 

Other2

   25   0.1    23   0.1    (8.0  —   
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Total Revenues

   79,263   240.2    127,508   378.4    60.9   57.5 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Operating Profit

   25,091   76.0    38,777   115.1    54.5   51.4 

EBITDA

   32,646   98.9    46,513   138.0    42.5   39.5 

Other Airports3

         

Aeronautical Revenues

   222,127   198.0    247,529   203.4    11.4   2.7 

Non-Aeronautical Revenues

   40,117   35.8    42,423   34.9    5.7   (2.5

Construction Services Revenues

   17,382   15.5    187,008   153.7    975.9   891.6 

Other2

   70   0.1    50   —      (28.6  (100.0
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Total Revenues

   279,696   249.3    477,010   392.0    70.5   57.2 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Operating Profit

   100,321   89.4    117,686   96.7    17.3   8.2 

EBITDA

   136,125   121.3    154,686   127.1    13.6   4.8 

Holding & Service Companies4

         

Construction Services Revenues

   —     n/a    —     n/a    n/a   n/a 

Other2

   484,747   n/a    481,905   n/a    (0.6  n/a 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Total Revenues

   484,747   n/a    481,905   n/a    (0.6  n/a 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Operating Profit

   208,411   n/a    194,524   n/a    (6.7  n/a 

EBITDA

   207,909   n/a    200,676   n/a    (3.5  n/a 

Consolidation Adjustment Mexico

         

Consolidation Adjustment

   (484,868  n/a    (481,995  n/a    (0.6  n/a 

Total Mexico

         

Aeronautical Revenues

   1,482,412   179.0    1,569,426   183.3    5.9   2.4 

Non-Aeronautical Revenues

   1,016,107   122.7    1,021,861   119.3    0.6   (2.8

Construction Services Revenues

   138,200   16.7    533,813   62.3    286.3   273.1 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Total Revenues

   2,636,719   318.4    3,125,100   364.9    18.5   14.6 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Operating Profit

   1,662,412   200.8    1,642,433   191.8    (1.2  (4.5

EBITDA

   1,831,601   221.2    1,822,102   212.8    (0.5  (3.8

San Juan Puerto Rico, US5

         

Aeronautical Revenues

   403,053   n/a    494,006   n/a    22.6   n/a 

Non-Aeronautical Revenues

   248,234   n/a    252,374   n/a    1.7   n/a 

Construction Services Revenues

   207,149   n/a    114,827   n/a    (44.6  n/a 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Total Revenues

   858,436   n/a    861,207   n/a    0.3   n/a 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Operating Profit

   393,508   n/a    237,879   n/a    (39.5  n/a 

EBITDA

   547,880   n/a    399,814   n/a    (27.0  n/a 

Consolidation Adjustment San Juan

         

Consolidation Adjustment

   —     n/a    —     n/a    n/a   n/a 

Colombia6

         

Aeronautical Revenues

   342,312   n/a    351,668   n/a    2.7   n/a 

Non-Aeronautical Revenues

   106,924   n/a    136,925   n/a    28.1   n/a 

Construction Services Revenues

   (20,159  n/a    69,743   n/a    (446.0  n/a 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Total Revenues

   429,077   n/a    558,336   n/a    30.1   n/a 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Operating Profit

   71,780   n/a    109,672   n/a    52.8   n/a 

EBITDA

   80,323   n/a    214,455   n/a    167.0   n/a 

Consolidation Adjustment Colombia

         

Consolidation Adjustment

   —     n/a    —     n/a    n/a   n/a 

CONSOLIDATED ASUR

         

Aeronautical Revenues

   2,227,777   n/a    2,415,100   n/a    8.4   n/a 

Non-Aeronautical Revenues

   1,371,265   n/a    1,411,160   n/a    2.9   n/a 

Construction Services Revenues

   325,190   n/a    718,383   n/a    120.9   n/a 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Total Revenues

   3,924,232   n/a    4,544,643   n/a    15.8   n/a 
  

 

 

  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Operating Profit

   2,127,700   n/a    1,989,984   n/a    (6.5  n/a 

EBITDA

   2,459,804   n/a    2,436,371   n/a    (1.0  n/a 

 

1 

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

2

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

3

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

4

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

5

Reflects the results of operation of San Juan Airport, Puerto Rico, US for 4Q19.

6

Reflects the results of operation of Airplan, Colombia, for 4Q19.

 

ASUR 4Q19 Page 21 of 24


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

Consolidated Statement of Income for the years ended December 31, 2019 and 2018, and the period from October 1,

to December 31, 2019 and 2018.

Thousands of mexican pesos

 

Item

  FY
2018
  FY
2019
  %
Chg
  4Q
2018
  4Q
2019
  %
Chg
 

Revenues

       

Aeronautical Services

   8,942,910   9,596,975   7.3   2,227,777   2,415,100   8.4 

Non-Aeronautical Services

   5,531,557   5,988,470   8.3   1,371,265   1,411,160   2.9 

Construction Services

   935,774   1,236,193   32.1   325,190   718,383   120.9 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Total Revenues

   15,410,241   16,821,638   9.2   3,924,232   4,544,643   15.8 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Operating Expenses

       

Cost of Services

   3,542,792   3,824,871   8.0   873,272   983,483   12.6 

Cost of Construction

   935,774   1,236,193   32.1   427,930   718,383   67.9 

General and Administrative Expenses

   235,264   250,183   6.3   61,525   64,971   5.6 

Technical Assistance

   393,085   410,069   4.3   98,059   97,751   (0.3

Concession Fee

   898,253   986,850   9.9   224,829   244,338   8.7 

Depreciation and Amortization

   1,760,741   1,836,897   4.3   245,554   446,379   81.8 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Total Operating Expenses

   7,765,909   8,545,063   10.0   1,931,169   2,555,305   32.3 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Other Revenues

   134,637   204,719   52.1   134,637   645   (99.5

Operating Income

   7,778,969   8,481,294   9.0   2,127,700   1,989,983   (6.5
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Comprehensive Financing Cost

   (862,270  (819,557  (5.0  (189,514  (314,856  66.1 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Income Before Income Taxes

   6,916,699   7,661,737   10.8   1,938,186   1,675,127   (13.6
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Provision for Income Tax

   1,745,985   1,975,727   13.2   423,920   411,062   (3.0

Provision for Asset Tax

   932    n/a   233    n/a 

Deferred Income Taxes

   49,976   2,375   (95.2  (33,715  (36,482  8.2 

Net Income for the Year

   5,119,806   5,683,635   11.0   1,547,748   1,300,547   (16.0
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Majority Net Income

   4,987,601   5,465,823   9.6   1,458,592   1,256,006   (13.9
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Non-controlling interests

   132,205   217,812   64.8   89,156   44,541   (50.0
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Earning per Share

   16.6253   18.2194   9.6   4.8620   4.1867   (13.9

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

   8.8132   9.6582   9.6   2.5774   2.2194   (13.9

Exchange Rate per Dollar Ps. 18.8642

       

 

ASUR 4Q19 Page 22 of 24


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

Consolidated Balance Sheet as of December 31, 2019 and 2018

Thousands of mexican pesos

 

Item

  December
2019
  December
2018
   Variation  % 
Assets      

Current Assets

      

Cash and Cash Equivalents

   6,192,679   4,584,507    1,608,172   35.1 

Cash and cash equivalents restricted

   165,622   47,332    118,290   249.9 

Accounts Receivable, net

   865,020   793,110    71,910   9.1 

Recoverable Taxes and Other Current Assets

   622,535   575,963    46,572   8.1 
  

 

 

  

 

 

   

 

 

  

 

 

 

Total Current Assets

   7,845,856   6,000,912    1,844,944   30.7 
  

 

 

  

 

 

   

 

 

  

 

 

 

Non Current Assets

      

Machinery, Furniture and Equipment, net

   520,623   558,480    (37,857  (6.8

Intangible assets, airport concessions andGoodwill-Net

   49,126,038   49,586,322    (460,284  (0.9

Document Receivable

   23,364   36,107    (12,743  (35.3
  

 

 

  

 

 

   

 

 

  

 

 

 

Total Assets

   57,515,881   56,181,821    1,334,060   2.4 
  

 

 

  

 

 

   

 

 

  

 

 

 
Liabilities and Stockholders’ Equity      

Current Liabilities

      

Trade Accounts Payable

   245,100   313,576    (68,476  (21.8

Bank Loans and short term debt

   549,607   500,105    49,502   9.9 

Accrued Expenses and Others Payables

   1,765,313   1,594,541    170,772   10.7 
  

 

 

  

 

 

   

 

 

  

 

 

 

Total Current Liabilities

   2,560,020   2,408,222    151,798   6.3 
  

 

 

  

 

 

   

 

 

  

 

 

 

Long Term Liabilities

      

Bank Loans

   6,674,717   7,042,598    (367,881  (5.2

Long Term Debt

   6,488,569   6,957,678    (469,109  (6.7

Deferred Income Taxes

   3,004,584   3,081,667    (77,083  (2.5

Employee Benefits

   16,814   10,267    6,547   63.8 
  

 

 

  

 

 

   

 

 

  

 

 

 

Total Long Term Liabilities

   16,184,684   17,092,210    (907,526  (5.3
  

 

 

  

 

 

   

 

 

  

 

 

 

Total Liabilities

   18,744,704   19,500,432    (755,728  (3.9
  

 

 

  

 

 

   

 

 

  

 

 

 

Stockholders’ Equity

      

Capital Stock

   7,767,276   7,767,276    —     —   

Legal Reserve

   1,616,533   1,366,867    249,666   18.3 

Mayority Net Income for the Period

   5,465,823   4,987,601    478,222   9.6 

Cumulative Effect of Conversion of Foreign Currency

   (218,788  189,791    (408,579  (215.3

Retained Earnings

   16,527,312   14,794,650    1,732,662   11.7 

Non- Controlling interests

   7,613,021   7,575,204    37,817   0.5 
  

 

 

  

 

 

   

 

 

  

 

 

 

Total Stockholders’ Equity

   38,771,177   36,681,389    2,089,788   5.7 
  

 

 

  

 

 

   

 

 

  

 

 

 

Total Liabilities and Stockholders’ Equity

   57,515,881   56,181,821    1,334,060   2.4 
  

 

 

  

 

 

   

 

 

  

 

 

 

Exchange Rate per Dollar Ps. 19.7345

 

ASUR 4Q19 Page 23 of 24


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

Consolidated Statement of Cash Flow as of December 31, 2019 and 2018 and for the periods from October 1, to December 31, 2019 and 2018.

Thousands of mexican pesos

 

Item

  FY
2018
  FY
2019
  %
Chg
  4Q
2018
  4Q
2019
  %
Chg
 

Operating Activities

       

Income Before Income Taxes

   6,916,699   7,661,737   10.8   1,938,186   1,675,127   (13.6
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Items Related with Investing Activities:

       

Depreciation and Amortization

   1,760,741   1,836,897   4.3   245,554   446,379   81.8 

Interest Income

   (280,623  (343,613  22.4   (71,612  (70,869  (1.0

Interest payables

   1,230,651   1,084,293   (11.9  304,756   246,268   (19.2

Foreign Exchange Gain (loss), net unearned

   (279,797  15,429   n/a   (269,092  28,673   n/a 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Sub-Total

   9,347,671   10,254,743   9.7   2,147,792   2,325,578   8.3 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Trade Receivables

   (107,608  13,464   n/a   (532,624  (478,073  (10.2

Recoverable Taxes and other Current Assets

   48,182   222,175   361.1   75,389   337,568   347.8 

Income Tax Paid

   (2,083,398  (1,974,016  (5.3  (420,476  (346,904  (17.5

Trade Accounts Payable

   490,827   (83,933  n/a   677,062   (13,949  n/a 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Net Cash Flow Provided by Operating Activities

   7,695,674   8,432,433   9.6   1,947,143   1,824,220   (6.3
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Investing Activities

       

Investments in Associates

      206,379    n/a 

Loans granted to Associates

       

Restricted cash

   59,018   (128,025  n/a   (43,878  30,747   n/a 

Investments in Machinery, Furniture and Equipment, net

   (1,636,325  (2,614,864  59.8   (266,516  (1,727,976  548.4 

Interest Income

   265,350   342,981   29.3   65,667   89,443   36.2 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Net Cash Flow used by Investing Activities

   (1,311,957  (2,399,908  82.9   (38,348  (1,607,786  4,092.6 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Excess Cash to Use in Financing Activities

   6,383,717   6,032,525   (5.5  1,908,795   216,434   (88.7
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Paid for thenon-controlling interest of Airplan

   (213,469   n/a   (213,469   n/a 

Bank Loans

   (3,090,124  (154,281  (95.0  (1,511,313  (43,647  (97.1

Long term debt paid

    (205,308  n/a   —     436   n/a 

Interest paid

   (1,139,071  (1,064,764  (6.5  (168,635  (177,349  5.2 

Dividends Paid

   (2,034,000  (3,000,000  47.5    
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Net Cash Flow used by Financing Activities

   (6,476,664  (4,424,353  (31.7  (1,893,417  (220,560  (88.4
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Net Increase in Cash and Cash Equivalents

   (92,947  1,608,172   n/a   15,378   (4,126  n/a 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Cash and Cash Equivalents at Beginning of Period

   4,677,454   4,584,507   (2.0  4,569,129   6,196,805   35.6 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Cash and Cash Equivalents at the End of Period

   4,584,507   6,192,679   35.1   4,584,507   6,192,679   35.1 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

 

ASUR 4Q19 Page 24 of 24


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: February 24, 2020