Total passenger traffic in 1Q24 increased
3.9% YoY
MEXICO
CITY, April 22, 2024 /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-month period ended March 31, 2024.
1Q24 Highlights1
- Total passenger traffic increased 3.9% year-over-year. By
country of operations, passenger traffic showed the following YoY
variations:
- Mexico: increased by 3.8%,
reflecting growth of 9.4% in international traffic partially offset
by a decline of 3.5% in domestic traffic.
- Puerto Rico (Aerostar):
increased by 12.2%, resulting from increases of 11.1% and 23.0% in
domestic and international traffic, respectively.
- Colombia (Airplan): decreased
2.1%, a 6.7% decline in domestic traffic mainly driven by the
suspension of operations of Viva Air and Ultra Air in 1Q23,
partially offset by an 18.6% increase in international
traffic.
- Revenues increased 15.3% YoY to Ps.7,434.9 million. Excluding
construction revenue, revenues increased 13.9% compared to
1Q23.
- Consolidated commercial revenue per passenger increased YoY to
Ps.124.9.
- Consolidated EBITDA increased 13.1% YoY to Ps.5,122.9
million.
- Adjusted EBITDA margin (excluding the effect of IFRIC 12) at
71.4% from 71.9% in 1Q23.
- Cash and equivalents at year-end of Ps.16,822.9 million with
Net Debt to EBITDA LTM at negative 0.3x.
- On April 15, 2024, ASUR published
its Sustainability Report 2023, filed its Annual Report 2023 in
Form 20-F with the US S.E.C and the Circular Unica 2023 with the
Mexican Stock Exchange and regulator.
|
Table 1: Financial
& Operational Highlights 1
|
|
First
Quarter
|
%
Chg
|
|
2023
|
2024
|
|
Financial
Highlights
|
|
|
|
|
Total
Revenue
|
6,449,409
|
7,434,907
|
15.3
|
|
Mexico
|
4,775,146
|
5,646,112
|
18.2
|
|
San Juan
|
1,010,943
|
1,033,582
|
2.2
|
|
Colombia
|
663,320
|
755,213
|
13.9
|
|
Commercial Revenues
per PAX
|
123.2
|
124.9
|
1.4
|
|
Mexico
|
147.0
|
145.3
|
(1.2)
|
|
San Juan
|
144.7
|
141.8
|
(2.0)
|
|
Colombia
|
42.3
|
50.2
|
18.7
|
|
EBITDA
|
4,530,402
|
5,122,940
|
13.1
|
|
Net Income
|
2,602,245
|
3,186,754
|
22.5
|
|
Majority Net
Income
|
2,512,362
|
3,082,091
|
22.7
|
|
Earnings per Share (in
pesos)
|
8.3745
|
10.2736
|
22.7
|
|
Earnings per ADS (in
US$)
|
5.0656
|
6.2143
|
22.7
|
|
Capex
|
142,994
|
182,584
|
27.7
|
|
Cash & Cash
Equivalents
|
15,108,235
|
16,822,986
|
11.3
|
|
Net Debt
|
(1,593,945)
|
(5,073,921)
|
218.3
|
|
Net Debt/ LTM
EBITDA
|
(0.1)
|
(0.3)
|
207.7
|
|
Operational
Highlights
|
|
|
|
|
Passenger
Traffic
|
|
|
|
|
Mexico
|
11,073,291
|
11,496,410
|
3.8
|
|
San Juan
|
2,907,038
|
3,261,896
|
12.2
|
|
Colombia
|
3,885,317
|
3,804,230
|
(2.1)
|
|
|
1
Unless otherwise stated, all financial figures discussed in this
press release are unaudited, prepared in accordance with
International Financial Reporting Standards (IFRS), and represent
comparisons between the three-month period ended March 31, 2024,
and the equivalent three-month period ended March 31, 2023. 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. 16.5323 (source: Diario Oficial de la Federación de
México), while Colombian peso figures are calculated at the
exchange rate of COP.232.6400 = Mexican Ps.1.00 (source:
Investing). Definitions for EBITDA, Adjusted EBITDA Margin,
Majority Net Income can be found on page 18 of this report.
|
1Q24 Earnings Call
Day: Tuesday, April 23,
2024, at 10:00 AM ET;
8:00 AM Mexico City time
Dial-in: 1-877-407-4018 (Toll-Free) and 1-201-689-8471
(International)
Access Code: 13745942
Replay: Tuesday, April 23,
2024, at 2:00 PM ET, ending at
11:59 PM ET on Tuesday, April 30,
2024. Dial-in: 1-844-512-2921 (Toll-Free); 1-412-317-6671
(International). Access Code: 13745942
For a full version of ASUR's First Quarter 2024 Earnings
Release, please
visit: https://www.asur.com.mx/informacion-financiera-page-0
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 of, 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, as an alternative to cash flow or 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 of, 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 of, 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, as an alternative to
cash flow or as an indicator of liquidity and is not defined under
U.S. GAAP or IFRS and may be calculated differently by different
companies.
About ASUR
Grupo Aeroportuario del Sureste, S.A.B. de
C.V. (ASUR) is a leading international airport operator with a
portfolio of concessions to operate, maintain, and develop 16
airports in the Americas. These comprise nine airports in southeast
Mexico, including Cancun Airport,
the most important tourist destination in Mexico, the Caribbean, and Latin
America, and six airports in northern Colombia, including José María Córdova
International Airport (Rionegro), the second busiest airport in
Colombia. ASUR is also a 60% JV
partner in Aerostar Airport Holdings, LLC, operator of the Luis
Muñoz Marín International Airport serving the capital of
Puerto Rico, San Juan. San
Juan's Airport is the island's primary gateway for
international and mainland-US destinations and was the first and
currently the only major airport in the US to have successfully
completed a public–private partnership under the FAA Pilot Program.
Headquartered in Mexico, ASUR is
listed both on the Mexican Bolsa, where it trades under the symbol
ASUR, and on the NYSE in the U.S., where it trades under the symbol
ASR. One ADS represents ten (10) series B shares. For more
information, visit www.asur.com.mx
Analyst Coverage
In accordance with Article 4.033.01
of the Mexican Stock Exchange Internal Rules, ASUR reports that the
stock is covered by the following broker-dealers: Actinver,
Banorte, Barclays, BBVA, Bradesco, BTG Pactual, Citi Global
Markets, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities,
Insight Investment Research, Intercam, Itau BBA Securities,
Jefferies, JP Morgan, Punto Research, Santander, Scotiabank, Signum
Research, UBS Casa de Bolsa and Vector.
Please note that any opinions, estimates or forecasts with
respect to the performance of ASUR issued by these analysts reflect
their own views, and therefore do not represent the opinions,
estimates or forecasts of ASUR or its management. Although ASUR may
refer to or distribute such statements, this does not imply that
ASUR agrees with or endorses any information, conclusions or
recommendations included therein.
Forward Looking Statements
Some of the statements contained in this press release discuss
future expectations or state other forward-looking information.
Those statements are subject to risks identified in this press
release and in ASUR's filings with the SEC. Actual developments
could differ significantly from those contemplated in these
forward-looking statements. 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.
