MEXICO CITY, July 22, 2021 /PRNewswire/ -- Grupo
Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR)
(ASUR), a leading international airport group with operations in
Mexico, the U.S., and Colombia, today announced results for the
three- and six-month periods ended June
30, 2021.
2Q21 Highlights1
- Total passenger traffic increased 13.5x year over year (YoY)
reflecting the full impact of the pandemic in the prior year's
quarter. When compared to the pre-pandemic levels of 2Q19, traffic
declined 14.4%. By country of operations, 2Q21 passenger traffic
compared to 2Q19 levels were as follows:
- Mexico: declined 16.3%, with
domestic and international traffic down 12.1% and 20.4%,
respectively
- Puerto Rico (Aerostar):
increased 10.5%, with domestic traffic up 19.3% and international
traffic down 58.1%
- Colombia (Airplan): declined
29.6%, with domestic and international traffic down 30.6% and
24.5%, respectively.
- Revenues increased 139.3% YoY to Ps.4,229.3 million, and were
up 3.9% when compared to 2Q19. Excluding construction revenues,
revenues increased 324.9% YoY, and declined 2.1% against 2Q19.
- Consolidated commercial revenues per passenger were Ps.118.8 in
2Q21
- Consolidated EBITDA increased 47.9x to Ps.2,503.8 million from
Ps.51.2 million in 2Q20, and was 3.1% below comparable pre-pandemic
levels of 2Q19 (excludes Ps.162.6 million extraordinary insurance
recovery)
- Adjusted EBITDA Margin (excludes the effect of IFRIC 12)
increased to 64.8% from 5.6% in 2Q20 and compares to 69.5% in 2Q19.
Excluding the insurance recovery in 2Q19, comparable Adjusted
EBITDA Margin would have been 52.8%.
- Closed the quarter with cash & cash equivalents of
Ps.7,837.8 million and Net Debt-to-LTM EBITDA at 0.9x.
- Principal debt payments of Ps.521.6 million, or 3.9% of Total
Debt, mature in 2H21.
- In June 2021, the Board of
Directors approved a payment date of October
1, 2021 for the ordinary net cash dividend.
Table 1: Financial
& Operational Highlights 1
|
|
Second
Quarter
|
%
Chg
|
|
2020
|
2021
|
Financial
Highlights
|
|
|
|
Total
Revenue
|
1,767,005
|
4,229,281
|
139.3
|
Mexico
|
1,042,783
|
2,946,621
|
182.6
|
San Juan
|
672,269
|
948,918
|
41.2
|
Colombia
|
51,953
|
333,742
|
542.4
|
Commercial
Revenues per PAX
|
353.2
|
118.8
|
(66.4)
|
Mexico
|
300.5
|
130.8
|
(56.5)
|
San Juan
|
327.1
|
141.7
|
(56.7)
|
Colombia
|
4,630.6
|
46.7
|
(99.0)
|
EBITDA
|
51,190
|
2,502,816
|
4,789.2
|
Net Income
|
(565,497)
|
1,329,788
|
n/a
|
Majority Net
Income
|
(520,284)
|
1,231,659
|
n/a
|
Earnings per Share
(in pesos)
|
(1.7343)
|
4.1055
|
n/a
|
Earnings per ADS (in
US$)
|
(0.8712)
|
2.0624
|
n/a
|
Capex
|
613,590
|
460,965
|
(24.9)
|
Cash & Cash
Equivalents
|
7,124,097
|
7,837,766
|
10.0
|
Net Debt
|
8,413,728
|
5,594,319
|
(33.5)
|
Net Debt/ LTM
EBITDA
|
1.78
|
0.90
|
(49.4)
|
Operational
Highlights
|
|
|
|
Passenger
Traffic
|
|
|
|
Mexico
|
504,978
|
7,305,142
|
1,346.6
|
San Juan
|
335,606
|
2,671,356
|
696.0
|
Colombia
|
5,417
|
2,019,347
|
37,178.0
|
|
1 Unless
otherwise stated, all financial figures discussed in this
announcement are unaudited, prepared in accordance with
International Financial Reporting Standards (IFRS), and represent
comparisons between the three- and six-month periods ended June 30,
2021, and the equivalent three- and six-month periods ended June
30, 2020. All figures in this report are expressed in Mexican
pesos, unless otherwise noted. Tables state figures in thousands of
Mexican pesos, unless otherwise noted. Passenger figures for Mexico
and Colombia exclude transit and general aviation passengers,
unless otherwise noted. Commercial revenues include revenues from
non-permanent ground transportation and parking lots. All U.S.
dollar figures are calculated at the exchange rate of US$1.00 =
Mexican Ps.19.9062 (source: Diario Oficial de la Federación de
México), while Colombian peso figures are calculated at the
exchange rate of COP187.7400 = Mexican Ps.1.00 (source: Investing).
Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income
can be found on page 20 of this report.
|
For a full version of ASUR's Second
Quarter 2021 Earnings Release, please visit:
http://www.asur.com.mx/en/investor-relations/financial-information.html
Definitions
Concession Services Agreements (IFRIC 12 interpretation).
In Mexico and Puerto
Rico, ASUR is required by IFRIC 12 to include in its
income statement an income line, "Construction Revenues,"
reflecting the revenue from construction or improvements to
concessioned assets made during the relevant period. The same
amount is recognized under the expense line "Construction Costs"
because ASUR hires third parties to provide construction services.
Because equal amounts of Construction Revenues and Construction
Costs have been included in ASUR's income statement as a result of
the application of IFRIC 12, the amount of Construction
Revenues does not have an impact on EBITDA, but it does have an
impact on EBITDA Margin. In Colombia, "Construction Revenues" include the
recognition of the revenue to which the concessionaire is entitled
for carrying out the infrastructure works in the development of the
concession, while "Construction Costs" represents the actual costs
incurred in the execution of such additions or improvements to the
concessioned assets.
Majority Net Income reflects ASUR's equity interests
in each of its subsidiaries and therefore excludes the 40% interest
in Aerostar that is owned by other shareholders. Other than
Aerostar, ASUR owns (directly or indirectly) 100% of its
subsidiaries.
EBITDA means net income before provision for taxes,
deferred taxes, profit sharing, non-ordinary items, participation
in the results of associates, comprehensive financing cost, and
depreciation and amortization. EBITDA should not be considered as
an alternative to net income, as an indicator of our operating
performance or as an alternative to cash flow as an indicator of
liquidity. Our management believes that EBITDA provides a useful
measure that is widely used by investors and analysts to evaluate
our performance and compare it with other companies. EBITDA is not
defined under U.S. GAAP or IFRS and may be calculated differently
by different companies.
Adjusted EBITDA Margin is calculated by dividing
EBITDA by total revenues excluding construction services revenues
for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12
with respect to the construction or improvements to concessioned
assets. ASUR is required by IFRIC 12 to include in its income
statement an income line reflecting the revenue from construction
or improvements to concessioned assets made during the relevant
period. The same amount is recognized under the expense line
"Construction Costs" because ASUR hires third parties to provide
construction services. In Mexico
and Puerto Rico, because equal
amounts of Construction Revenues and Construction Costs have been
included in ASUR's income statement as a result of the application
of IFRIC 12, the amount of Construction Revenues does not have
an impact on EBITDA, but it does have an impact on EBITDA Margin,
as the increase in revenues that relates to Construction Revenues
does not result in a corresponding increase in EBITDA. In
Colombia, construction revenues do
have an impact on EBITDA, as construction revenues include a
reasonable margin over the actual cost of construction. Like
EBITDA Margin, Adjusted EBITDA Margin should not be considered
as an indicator of our operating performance or as an alternative
to cash flow as an indicator of liquidity and is not defined under
U.S. GAAP or IFRS and may be calculated differently by different
companies.
About ASUR
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a
leading international airport operator with a portfolio of
concessions to operate, maintain, and develop 16 airports in the
Americas. These comprise nine airports in southeast Mexico, including Cancun Airport, the most
important tourist destination in Mexico, the Caribbean, and Latin
America, and six airports in northern Colombia, including José María Córdova
International Airport (Rionegro), the second busiest airport in
Colombia. ASUR is also a 60% JV
partner in Aerostar Airport Holdings, LLC, operator of the Luis
Muñoz Marín International Airport serving the capital of
Puerto Rico, San Juan. San
Juan's Airport is the island's primary gateway for
international and mainland-US destinations and was the first and
currently the only major airport in the US to have successfully
completed a public–private partnership under the FAA Pilot Program.
Headquartered in Mexico, ASUR is
listed both on the Mexican Bolsa, where it trades under the symbol
ASUR, and on the NYSE in the U.S., where it trades under the symbol
ASR. One ADS represents ten (10) series B shares. For more
information, visit www.asur.com.mx
Forward Looking Statements
Some of the statements contained in this press release discuss
future expectations or state other forward-looking information.
Those statements are subject to risks identified in this press
release and in ASUR's filings with the SEC. Actual developments
could differ significantly from those contemplated in these
forward-looking statements. In particular, the impact of the
COVID-19 pandemic on global economic conditions and the travel
industry, as well as on the business and results of operations of
the Company in particular, is expected to be material, and, as
conditions are changing rapidly, is difficult to predict. The
forward-looking information is based on various factors and was
derived using numerous assumptions. Our forward-looking statements
speak only as of the date they are made and, except as may be
required by applicable law, we do not have an obligation to update
or revise them, whether as a result of new information, future or
otherwise.
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SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.