6-K
SOUTHEAST AIRPORT GROUP (ASR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2022
GRUPO AEROPORTUARIO DEL SURESTE, S.A.B. de C.V.
(SOUTHEAST AIRPORT GROUP)
(Translation of Registrant’s Name Into English)
México
(Jurisdiction of incorporation or organization)
Bosque de Alisos No. 47A– 4th Floor
Bosques de las Lomas
05120 México, D.F.
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
| Form 20-F x | Form 40-F ____ |
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(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
| Yes ____ | No x |
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(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | |
|---|---|
| By: /s/ ADOLFO CASTRO RIVAS | |
| Adolfo Castro Rivas | |
| Chief Executive Officer |
Date: February 24, 2022
asr-ex991_6.htm
Exhibit 99.1
ASUR Reports 4Q21 Financial Results
Total passenger traffic in 4Q21 continued its gradual recovery, rising 6.6% above 4Q19 pre-pandemic levels
Mexico City, February 24, 2022 – Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), a leading international airport group with operations in Mexico, the U.S., and Colombia, today announced results for the three- and twelve-month periods ended December 31, 2021.
4Q21 Highlights^1^
| • | Total passenger traffic increased 93.5% year over year (YoY), reflecting the impact of the Covid-19 pandemic, which had affected travel demand since mid-March 2020, and exceeding 4Q19 pre-pandemic levels by 6.6%. By country of operations, 4Q21 passenger traffic showed the following recoveries compared to 4Q19 levels: |
|---|---|
| • | Mexico: surpassed 4Q19 traffic by 5.1%, with domestic and international traffic levels increasing by 1.5% and 8.9%, respectively, compared to 4Q19 levels. |
| --- | --- |
| • | Puerto Rico (Aerostar): exceeded 4Q19 traffic by 5.6%, with domestic traffic increasing by 8.7%, and international traffic reaching 77.3% of its comparable 4Q19 level. |
| --- | --- |
| • | Colombia (Airplan): surpassed 4Q19 traffic by 11.3%, with domestic and international passengers exceeding their comparable levels by 10.8% and 14.1%, respectively. |
| --- | --- |
| Table 1: Financial & Operational Highlights 1 Fourth Quarter% Chg 20202021Financial Highlights Total Revenue4,253,6586,789,56459.6Mexico3,361,9335,259,75356.5San Juan674,484976,90344.8Colombia217,241552,908154.5Commercial Revenues per PAX105.8115.89.5Mexico117.1140.720.2San Juan122.8142.015.7Colombia50.838.6(24.0)EBITDA1,330,9383,285,382146.8Net Income580,0712,072,183257.2Majority Net Income503,0772,013,123300.2Earnings per Share (in pesos)1.67696.7104300.2Earnings per ADS (in US$)0.81933.2786300.2Capex1,526,7472,258,23547.9Cash & Cash Equivalents5,192,6288,770,06268.9Net Debt8,707,7185,009,485(42.5)Net Debt/ LTM EBITDA1.80.5(72.8)Operational Highlights Passenger Traffic Mexico4,979,9328,805,27876.8San Juan1,339,5602,508,83587.3Colombia1,393,7073,609,731159.0 | |
| --- | |
| • | Revenues increased 59.6% YoY to Ps.6,789.6 million and by 49.4% when compared to 4Q19. Excluding construction revenues, revenues increased 95.3% YoY and 24.5% against 4Q19. |
| --- | --- |
| • | Consolidated commercial revenues per passenger were Ps.115.8 in 4Q21. |
| --- | --- |
| • | Consolidated EBITDA increased 146.8% YoY to Ps.3,285.4 million and 34.8% compared to 4Q19. |
| --- | --- |
| • | Adjusted EBITDA Margin (excluding the effect of IFRIC 12) increased to 69.0%, from 54.6% in 4Q20 and 63.7% in 4Q19. |
| --- | --- |
| • | Cash & cash equivalents of Ps.8,770.1 million at year-end and Net Debt-to-LTM EBITDA at 0.5x. |
| --- | --- |
| • | Principal debt payments of Ps.164.9 million, or approximately 1.2% of Total Debt, mature in 1Q22, while Ps.450.5 million, or 3.4% of Total Debt, matures in 2022. |
| --- | --- |
4Q21 Earnings Call
Date & Time: Friday, February 25, 2022 at 10:00 AM US ET; 9:00 AM CT
Dial-in: 1-888-204-4368 (Toll-Free US & Canada) and 1-323-994-2093 (International & Mexico) Access Code: 1346109.
Replay: Friday, February 25, 2022 at 1:00 PM US ET, ending at 11:59 PM US ET on Friday, March 4, 2022.
Dial-in number: 1-844-512-2921 (Toll-Free US & Canada); 1-412-317-6671 (International & Mexico). Access Code: 1346109
On October 1, 2021, the Company paid an ordinary net cash dividend of Ps.8.21 per common share.
^1^Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS), and represent comparisons between the three- and twelve-month periods ended December 31, 2021, and the equivalent three- and twelve-month periods ended December 31, 2020. All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of Mexican pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Mexican Ps.20.4672 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange
| ASUR 4Q21 Page 1 of 26 |
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rate of COP198.2800 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 19 of this report.
Business Update on COVID-19
Travel Restrictions Imposed by Governments to Mitigate the Impact of COVID-19
Since March 16, 2020, various governments have issued flight restrictions for different regions of the world to limit the breakout of the COVID-19 virus. With respect to the airports ASUR operates:
The United States Centers for Disease Control and Prevention (CDC) requires negative COVID-19 tests for all air passengers entering the US as of January 26, 2021. According to the CDC, pre- and post-trip testing is a critical layer in slowing the introduction and spread of COVID-19. This strategy is consistent with the current phase of the pandemic and intended to more effectively protect the health of US citizens. As of December 6, 2021, all air passengers 2 years or older with a flight departing to the US from a foreign country, regardless of their nationality and vaccination status, are required show a negative COVID-19 viral test result taken no more than 1 day before travel, or documentation of having recovered from COVID-19 in the past 90 days, before boarding their flight. In addition, non-U.S. citizens must be fully vaccinated with an accepted COVID-19 vaccine to travel to the United States by plane, and only limited exceptions apply. Several Mexican airports have implemented COVID-19 test sites certified by the government, which are operated by third parties, who have been granted the space to provide this service at the airports of Cancun, Merida, Veracruz and Oaxaca.
On January 28, 2022, the Governor of Puerto Rico issued an executive order updating the control measures related to the entry of passengers to Puerto Rico's airports starting February 2, 2022. For this purpose, fully vaccinated passengers arriving at Luis Muñoz Marín International Airport or any other airport on the Island on a flight from any other jurisdiction of the United States, will have to present evidence of being fully vaccinated with an accepted COVID-19 vaccine, and are no longer required to show a negative result of COVID-19 from a qualified SARS-CoV2 viral test or antigen tests. Unvaccinated travelers entering on domestic flights are still required to show negative test results taken within 48 hours prior to arrival, or take one within 48 hours of arrival and quarantine while awaiting results. Unvaccinated travelers who do not get tested within the 48-hour window are required to quarantine for 7 days and are subject to applicable sanctions.
Passengers can also present a positive COVID-19 result from the past three months prior to the flight, along with a letter from their doctor or a government health official certifying their recovery. All passengers over the age of two must wear a mask at all times and must complete the form entitled "Traveler's Declaration" from the Puerto Rico Department of Health. Passengers arriving from international destinations must present a negative COVID-19 test taken within one day prior to departure along with proof of vaccination.
In Colombia, passenger commercial flights had been reestablished at all of ASUR’s Colombian airports as of October 2, 2020. International flights were reestablished on September 16, 2020, with the Rionegro Airport resuming international flights on September 19, 2020. Stating June 2, 2021, a negative COVID-19 test is no longer required to enter the country. For travelers leaving the country and depending on the destination, requirements, if any, may include an antigen or PCR test, or proof of vaccination.
México, the United States and Colombia may issue or reissue flight restrictions similar to those issued in other parts of the world, which could cause a significant reduction in our operations.
| ASUR 4Q21 Page 2 of 26 |
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Impact of COVID-19 on ASUR’s FY21 Passenger Traffic
The COVID-19 pandemic has disrupted the travel industry as governments have introduced travel bans and restrictions. As a result, ASUR’s passenger traffic declined in the second half of March 2020 and continued to decline dramatically throughout its airport network in the following months. However, traffic has progressively recovered since June 2020. The table below shows the YoY change in passenger traffic during FY21:
| YoY Change in Passenger Traffic During FY21 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Region | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sept | Oct | Nov | Dec | Total |
| Mexico | (44.1%) | (53.4%) | 0.2% | 1556.9% | 2455.6% | 863.2% | 276.1% | 148.3% | 92.7% | 90.7% | 76.1% | 67.7% | 76.3% |
| Domestic | (29.7%) | (36.4%) | 17.8% | 874.3% | 1376.3% | 467.6% | 161.0% | 76.5% | 47.0% | 51.3% | 37.5% | 35.1% | 62.8% |
| International | (55.6%) | (65.7%) | (15.0%) | 9724.3% | 13630.7% | 2700.3% | 557.9% | 323.8% | 210.6% | 172.7% | 142.2% | 113.6% | 93.4% |
| Puerto Rico | (40.1%) | (39.3%) | 42.9% | 1736.2% | 1021.4% | 371.8% | 207.5% | 209.6% | 130.1% | 95.4% | 89.1% | 79.6% | 99.9% |
| Domestic | (37.2%) | (34.9%) | 51.9% | 1732.6% | 999.6% | 351.7% | 196.1% | 197.7% | 121.5% | 86.8% | 83.1% | 76.1% | 101.0% |
| International | (68.5%) | (79.6%) | (54.7%) | 1845.9% | 2216.3% | 1888.8% | 540.9% | 582.7% | 394.9% | 392.0% | 225.1% | 139.2% | 83.1% |
| Colombia | (45.4%) | (44.7%) | 22.0% | 49681.4% | 33629.1% | 34282.8% | 42281.9% | 23518.5% | 630.8% | 241.2% | 156.7% | 115.4% | 149.8% |
| Domestic | (43.6%) | (41.2%) | 26.9% | 73376.1% | 55151.9% | 56190.5% | 50770.2% | 24148.7% | 561.8% | 231.8% | 151.4% | 110.8% | 147.8% |
| International | (55.7%) | (65.0%) | (7.8%) | 17268.0% | 12796.7% | 11675.2% | 22646.2% | 20458.5% | 1812.4% | 308.1% | 192.6% | 145.4% | 162.0% |
| Total | (43.7%) | (49.2%) | 11.3% | 1905.4% | 2124.2% | 822.5% | 339.5% | 234.5% | 147.6% | 115.6% | 92.7% | 79.1% | 92.9% |
| Domestic | (35.9%) | (37.5%) | 28.7% | 1374.9% | 1480.6% | 575.2% | 264.5% | 191.1% | 119.1% | 92.9% | 72.0% | 62.8% | 90.5% |
| International | (56.2%) | (66.2%) | (15.9%) | 9131.7% | 12058.9% | 2868.1% | 620.9% | 377.3% | 252.6% | 188.8% | 148.7% | 117.2% | 97.9% |
Strong Liquidity Position and Healthy Debt Maturity Profile
ASUR closed 4Q21 with a strong financial position, with cash and cash equivalents totaling Ps.8,770.1 million and Ps.13,779.5 million in Total Debt (including principal and interest payments). From ASUR’s Total Debt (i) Ps.164.9 million in principal payments or 1.2% of Total Debt is due in 1Q22, and (ii) Ps.450.5 million in principal payments, or 3.4% of Total Debt is due in 2022.
The following table shows the Company’s liquidity position by region of operations.
Liquidity Position as of December 31, 2021
Figures in thousands of Mexican Pesos
| Region of Operation | Cash & Equivalents | Total <br>Debt | Short-term <br>Debt | Long-Term<br><br><br>Debt | Principal Payments (Jan– Mar 2022) |
|---|---|---|---|---|---|
| Mexico | 5,700,314 | 4,630,722 | 6,964 | 4,623,758 | 0 |
| Puerto Rico | 2,295,087 | 6,952,069 | 353,672 | 6,598,397 | 114,969 |
| Colombia | 774,661 | 2,196,756 | 217,508 | 1,979,248 | 49,929 |
| Total | 8,770,062 | 13,779,547 | 578,144 | 13,201,403 | 164,898 |
The following table shows the debt maturity profile of ASUR’s debt for each of its regions of operations:
Debt Maturity Profile as of December 31, 2021
Figures in thousands of Mexican Pesos
| Region of Operation | 2023 | 2024 | 2025/2034 |
|---|---|---|---|
| Mexico | 1,475,000 | 1,525,000 | 1,650,000 |
| Puerto Rico 1 | 263,053 | 289,762 | 6,193,620 |
| Colombia 2 | 244,099 | 299,576 | 898,716 |
| Total | 1,982,152 | 2,114,339 | 8,742,337 |
| 1 Figures in Mexican Pesos converted at the exchange rate at the close of the quarter Ps.20.4672= US1.00 | |||
| 2 Figures in Mexican Pesos converted at the exchange rate at the close of the quarter of COP198.0000=Ps.1.00 | |||
| Note: Figures only reflects principal payments. |
All values are in US Dollars.
| ASUR 4Q21 Page 3 of 26 |
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The following table shows the debt coverage included in the debt agreements for each of ASUR’s regions of operations:
Debt Ratios as of December 31, 2021
LTM EBITDA and LTM Interest Expense figures in thousands of Mexican Pesos
| Region | LTM EBITDA | LTM Interest Expense | Debt Coverage Ratio | Minimum Coverage Requirement as per Agreements |
|---|---|---|---|---|
| Mexico | 7,515,880 | 247,418 | 30.4^(1)^ | 3.0 |
| Puerto Rico | 2,074,433 | 646,020 | 3.2^(2)^ | 1.1 |
| Colombia | 876,887 | 348,022 | 2.5^(3)(4)^ | 1.2 |
| Total | 10,467,200 | 1,241,460 | 8.4 | |
| ^1^ Per the applicable debt agreement, the formula for the Interest Coverage ratio is: LTM EBITDA/ LTM Interest Expense.<br><br><br>^2^ Per the applicable debt agreement, the formula for the Debt Coverage ratio is: LTM Cash Flow Generation / LTM Debt Service. LTM Cash Flow Generation for the period was Ps.2.1 billion and LTM Debt Service was Ps.646.0 million.<br><br><br>^3^ Per the applicable debt agreement, the formula for the Debt Coverage ratio is: (LTM EBITDA minus LTM Taxes)/ LTM Debt Service. EBITDA minus Taxes for the period amounted to Ps.876.9 million and Debt Service was Ps.348.0 million.<br><br><br>^4^A waiver is granted for the breach of the Debt Coverage Ratio indicator from April 30, 2021 until March 31, 2022 | ||||
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Accounts Receivables
Starting in mid-March of 2020, some of the airlines and other clients and tenants that operate in ASUR’s airports asked for assistance, either through discounts on payments owed to ASUR or by an extension on those payments. Three of ASUR’s principal airline customers, Aeromexico, Avianca Holdings and LATAM Airlines Group, have filed for Chapter 11 bankruptcy protection in the United States, although they have continued making payments in the ordinary course, as permitted by the relevant courts. The Company remains in commercial discussions with those clients and tenants regarding their contracts. Notwithstanding these discussions, ASUR believes it has sufficient liquidity to meet its obligations and continue operating in the normal course. Accounts receivables increased 38.3% YoY in 4Q21, reflecting the increasing business activity as passenger traffic recovered across ASUR’ s airport network.
Accounts Receivable as of December 31, 2021
Figures in Thousands of Mexican Pesos
| Región | 4Q20 | 4Q21 | % Chg |
|---|---|---|---|
| Mexico | 791,194 | 1,716,023 | 116.9 |
| Puerto Rico | 480,563 | 88,608 | (81.6) |
| Colombia | 86,470 | 73,607 | (14.9) |
| Total | 1,358,227 | 1,878,238 | 38.3 |
Note: Net of allowance for bad debts.
4Q21 Passenger Traffic
During 4Q21, total passenger traffic at ASUR increased 93.5% YoY to 14.9 million passengers, reflecting a recovery from the impact of the COVID-19 pandemic on travel which began mid-March 2020. Compared to 4Q19 pre-pandemic levels, passenger traffic in 4Q21 increased 6.6%.
Traffic in Mexico increased 76.8% YoY to 8.8 million passengers. In addition, Mexico traffic increased 5.1% compared to 4Q19 pre-pandemic levels, with domestic and international traffic increasing 1.5% and 8.9%, respectively.
In Puerto Rico, 4Q21 passenger traffic increased 87.3% YoY to 2.5 million passengers. Traffic exceeded 4Q19 levels by 5.6%, with domestic traffic rising 8.7% and international traffic recovering to 77.3% of 4Q19 activity.
Traffic in Colombia increased 159% YoY to 3.6 million passengers in 4Q21, reflecting the reestablishment of commercial flight operations that had been suspended by the Colombian government for
| ASUR 4Q21 Page 4 of 26 |
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the majority of 4Q20. Compared to 4Q19 levels, traffic increased 11.3%, with domestic and international traffic increasing 10.8% and 14.1%, respectively.
Tables with detailed passenger traffic information for each airport can be found on page 21 of this report.
| ASUR 4Q21 Page 5 of 26 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Table 2: Passenger Traffic Summary | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fourth Quarter | %<br><br><br>Chg<br><br><br>vs 20 | %<br><br><br>Chg<br><br><br>vs 19 | Twelve-Months | % Chg vs 20 | % Chg vs 19 | |||||
| 2019 | 2020 | 2021 | 2019 | 2020 | 2021 | |||||
| Total Mexico | 8,377,981 | 4,979,932 | 8,805,278 | 76.8 | 5.1 | 34,161,842 | 16,528,658 | 29,138,441 | 76.3 | (14.7) |
| - Cancun | 6,107,381 | 3,725,930 | 6,713,788 | 80.2 | 9.9 | 25,481,989 | 12,259,148 | 22,318,467 | 82.1 | (12.4) |
| - 8 Others Airports | 2,270,600 | 1,254,002 | 2,091,490 | 66.8 | (7.9) | 8,679,853 | 4,269,510 | 6,819,974 | 59.7 | (21.4) |
| Domestic Traffic | 4,316,622 | 3,112,983 | 4,380,602 | 40.7 | 1.5 | 16,683,996 | 9,246,112 | 15,057,198 | 62.8 | (9.8) |
| - Cancun | 2,276,863 | 1,954,143 | 2,538,943 | 29.9 | 11.5 | 8,980,397 | 5,454,995 | 9,081,354 | 66.5 | 1.1 |
| - 8 Others Airports | 2,039,759 | 1,158,840 | 1,841,659 | 58.9 | (9.7) | 7,703,599 | 3,791,117 | 5,975,844 | 57.6 | (22.4) |
| International traffic | 4,061,359 | 1,866,949 | 4,424,676 | 137.0 | 8.9 | 17,477,846 | 7,282,546 | 14,081,243 | 93.4 | (19.4) |
| - Cancun | 3,830,518 | 1,771,787 | 4,174,845 | 135.6 | 9.0 | 16,501,592 | 6,804,153 | 13,237,113 | 94.5 | (19.8) |
| - 8 Others Airports | 230,841 | 95,162 | 249,831 | 162.5 | 8.2 | 976,254 | 478,393 | 844,130 | 76.5 | (13.5) |
| Total San Juan, Puerto Rico | 2,376,073 | 1,339,560 | 2,508,835 | 87.3 | 5.6 | 9,448,253 | 4,845,353 | 9,684,227 | 99.9 | 2.5 |
| Domestic Traffic | 2,140,855 | 1,281,830 | 2,326,949 | 81.5 | 8.7 | 8,455,993 | 4,547,541 | 9,138,875 | 101.0 | 8.1 |
| International traffic | 235,218 | 57,730 | 181,886 | 215.1 | (22.7) | 992,260 | 297,812 | 545,352 | 83.1 | (45.0) |
| Total Colombia | 3,244,584 | 1,393,707 | 3,609,731 | 159.0 | 11.3 | 12,052,135 | 4,215,435 | 10,530,105 | 149.8 | (12.6) |
| Domestic Traffic | 2,773,813 | 1,213,351 | 3,072,462 | 153.2 | 10.8 | 10,231,479 | 3,625,324 | 8,984,220 | 147.8 | (12.2) |
| International traffic | 470,771 | 180,356 | 537,269 | 197.9 | 14.1 | 1,820,656 | 590,111 | 1,545,885 | 162.0 | (15.1) |
| Total traffic | 13,998,638 | 7,713,199 | 14,923,844 | 93.5 | 6.6 | 55,662,230 | 25,589,446 | 49,352,773 | 92.9 | (11.3) |
| Domestic Traffic | 9,231,290 | 5,608,164 | 9,780,013 | 74.4 | 5.9 | 35,371,468 | 17,418,977 | 33,180,293 | 90.5 | (6.2) |
| International traffic | 4,767,348 | 2,105,035 | 5,143,831 | 144.4 | 7.9 | 20,290,762 | 8,170,469 | 16,172,480 | 97.9 | (20.3) |
| Note: Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, while Puerto Rico includes transit passengers and general aviation. |
Review of Consolidated Results
| Table 3: Summary of Consolidated Results | ||||||
|---|---|---|---|---|---|---|
| Fourth Quarter | % Chg | Twelve- Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Total Revenues | 4,253,658 | 6,789,564 | 59.6 | 12,624,731 | 18,784,661 | 48.8 |
| Aeronautical Services | 1,535,412 | 2,880,509 | 87.6 | 5,412,418 | 9,408,599 | 73.8 |
| Non-Aeronautical Services | 904,367 | 1,883,295 | 108.2 | 3,555,227 | 6,229,896 | 75.2 |
| Total Revenues Excluding Construction Revenues | 2,439,779 | 4,763,804 | 95.3 | 8,967,645 | 15,638,495 | 74.4 |
| Construction Revenues | 1,813,879 | 2,025,760 | 11.7 | 3,657,086 | 3,146,166 | (14.0) |
| Total Operating Costs & Expenses | 3,149,343 | 4,000,118 | 27.0 | 9,507,436 | 10,126,987 | 6.5 |
| Other Revenues | 158,881 | n/a | ||||
| Operating Profit | 1,104,315 | 2,789,446 | 152.6 | 3,276,176 | 8,657,674 | 164.3 |
| Operating Margin | 26.0% | 41.1% | 1512 bps | 26.0% | 46.1% | 2014 bps |
| Adjusted Operating Margin ^1^ | 45.3% | 58.6% | 1329 bps | 36.5% | 55.4% | 1883 bps |
| EBITDA | 1,330,938 | 3,285,382 | 146.8 | 4,880,732 | 10,306,319 | 111.2 |
| EBITDA Margin | 31.3% | 48.4% | 1710 bps | 38.7% | 54.9% | 1621 bps |
| Adjusted EBITDA Margin ^2^ | 54.6% | 69.0% | 1441 bps | 54.4% | 65.9% | 1148 bps |
| Net Income | 580,071 | 2,072,183 | 257.2 | 2,126,537 | 6,397,528 | 200.8 |
| Net Majority Income | 503,077 | 2,013,123 | 300.2 | 1,972,319 | 5,983,747 | 203.4 |
| Earnings per Share | 1.6769 | 6.7104 | 300.2 | 6.5744 | 19.9458 | 203.4 |
| Earnings per ADS in US$ | 0.8193 | 3.2786 | 300.2 | 3.2122 | 9.7453 | 203.4 |
| Total Commercial Revenues per Passenger ^3^ | 105.8 | 115.8 | 9.5 | 124.4 | 115.6 | (7.0) |
| Commercial Revenues | 823,284 | 1,744,053 | 111.8 | 3,207,136 | 5,756,581 | 79.5 |
| Commercial Revenues from Direct Operations per Passenger ^4^ | 15.5 | 19.3 | 24.7 | 18.1 | 20.3 | 12.2 |
| Commercial Revenues Excluding Direct Operations per Passenger | 90.4 | 96.6 | 6.8 | 106.3 | 95.4 | (10.3) |
| ^1^ Adjusted operating margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets in Mexico, Puerto Rico and Colombia and is equal to operating income divided by total revenues minus revenues from construction services. | ||||||
| ^2^Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets in Mexico, Puerto Rico and Colombia, and is calculated by dividing EBITDA by total revenues less construction services revenues. | ||||||
| ^3^ Passenger figures include transit and general aviation passengers Mexico, Puerto Rico y Colombia. | ||||||
| ^4^ Represents ASUR´s operations in convenience stores. | ||||||
| ASUR 4Q21 Page 6 of 26 | ||||||
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Consolidated Revenues
Consolidated Revenues for 4Q21 increased 59.6% YoY, or Ps.2,535.9.0 million, to Ps.6,789.5 million and 49.4%, or Ps.2,244.9 million when compared to the pre-pandemic levels of 4Q19. The YoY increase was mainly due to the following increases:
| • | 108.2% in revenues from non-aeronautical services to Ps.1,883.3 million. Mexico contributed Ps.1,381.6 million, while Puerto Rico and Colombia accounted for Ps.388.5 million and Ps.143.2 million, respectively; |
|---|---|
| • | 87.6% in revenues from aeronautical services to Ps.2,880.5 million. Mexico contributed Ps.1,945.3 million, while Puerto Rico and Colombia contributed Ps.527.5 million and Ps.407.7 million, respectively; and |
| --- | --- |
| • | 11.7%, or Ps.211.9 million in construction services revenues to Ps.2,025.8 million, principally in Mexico. |
| --- | --- |
Excluding revenues from construction services, for which there is an equivalent expense recorded under IFRS accounting standards, total revenues would have increased 95.3% YoY to Ps.4,763.8 million.
Compared to 4Q19 pre-pandemic levels, revenues excluding construction services increased 24.5%, driven by a 33.5% increase in revenues from non-aeronautical services and a 19.3% increase in revenues from aeronautical services. Excluding revenues from construction services, Mexico accounted for 69.8% of total revenues in 4Q21, while Puerto Rico and Colombia represented 18.6% and 11.2%, respectively.
Commercial Revenues in 4Q21 increased 111.8% YoY to Ps.1,744.01 million, mainly reflecting the 93.6% recovery in passenger traffic. Compared to 4Q19 pre-pandemic levels, commercial revenues increased 34.1%. Commercial revenues increased YoY across ASUR’s regions of operations: 112.4% to Ps.1,244.8 million in Mexico, 116.7% to Ps.356.3 million in Puerto Rico, and 96.1% to Ps.142.9 million in Colombia.
Commercial Revenues per Passenger was Ps.115.8 in 4Q21, compared to Ps.105.8 in 4Q20 and Ps.92.3 in 4Q19.
Consolidated Operating Costs and Expenses
Consolidated Operating Costs and Expenses during 4Q21, including construction costs, increased 27.0% YoY, or Ps.850.8 million, to Ps.4,000.1 million, and increased 56.5%, or Ps.1,444.8 million, when compared to the pre-pandemic levels of 4Q19.
Excluding construction costs, operating costs and expenses increased 47.8% YoY, or Ps.638.9 million, and increased 7.5% compared to 4Q19. The YoY increase was mainly due to the following variations:
| • | Mexico: increased 30.0%, or Ps.239.3 million, mainly due to (i) higher technical assistance and concession fees together with increases in energy, maintenance and security expenses, and (ii) higher cost of sales from directly operated stores, together with higher social security contributions. |
|---|---|
| • | Puerto Rico: increased 116.5%, or Ps.331.0 million, principally reflecting a Ps.227.0 million reimbursement of expenses under the Cares Act grant in 4Q20. Without this benefit, costs in 4Q21 would have increased 20.3%, or Ps.104.1 million, mainly due to an increase in the maintenance provision in the quarter, higher cost of sales of directly operated convenience stores, depreciation and amortization and concession fees. |
| --- | --- |
| • | Colombia: increased 26.9%, or Ps.68.6 million, mainly due to a 165.7%, or Ps.65.4 million increase in concession fees. |
| --- | --- |
Cost of Services increased 59.5% YoY, or Ps.372.8 million. The increase in cost of services was principally due to a 347.5%, or Ps.300.8 million increase in Puerto Rico, mainly reflecting the reimbursement of expenses for a total of Ps.227.0 million under the Cares Act grant in 4Q20. Without this benefit, cost of services in Puerto Rico would have increased 23.5%, or Ps.73.9 million, reflecting increases in the maintenance provision together with an increase in cost of sales of directly operated stores. Mexico also contributed to the increase in cost of services through a 17.2%, or Ps.73.8 million increase, mainly reflecting higher energy, maintenance, and security expenses, together with higher cost of sales from directly operated stores, and higher social security contributions. This was partially offset by a 1.7%, or Ps.1.9 million decline in cost of services in Colombia.
Construction Costs increased 11.7% YoY, or Ps.211.9 million. This was mainly driven by YoY increases of 11.1%, or Ps.193.8 million in Mexico, and 26.2% or Ps.18.8 million in Puerto Rico, partially offset by a decline of 28.9% or Ps.0.8 million in Colombia.
Administrative Expenses that reflect administrative costs in Mexico declined 1.6% YoY.
| ASUR 4Q21 Page 7 of 26 |
|---|
Consolidated Technical Assistance increased 135.3% YoY mainly reflecting higher EBITDA in Mexico in 4Q21.
Concession Fees increased 104.4% YoY, principally due to increases of 101.5% in Mexico, 165.7% in Colombia and 33.8% in Puerto Rico, mainly due to higher regulated revenues, a factor in the calculation of the fee.
Depreciation and Amortization increased 9.4% YoY, or Ps.42.7 million, principally due to increases of 9.4%, or Ps.17.1 million in Mexico, 11.8% or Ps.19.6 million in Puerto Rico and 5.7% or Ps.5.9 million in Colombia.
Consolidated Operating Profit (Loss) and EBITDA
In 4Q21, ASUR reported a 152.6% increase in Consolidated Operating Profit to Ps.2,789.4 million resulting in an Operating Margin of 41.1%, compared to a Ps.1,104.3 million profit and a 26.0% margin in 4Q20.
This performance resulted mainly from the recovery in passenger traffic following the gradual increase in travel demand as COVID-19 vaccination programs advance worldwide, and the resulting increase in revenues together with a marginal increase in costs.
Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Colombia, and Puerto Rico, and which is calculated as operating profit or loss divided by total revenues less construction services revenues, was 58.6% in 4Q21 compared with 45.3% in 4Q20 and 52.0% in 4Q19.
EBITDA increased 146.8%, or Ps.1,954.4 million, to Ps.3,285.4 million in 4Q21 from Ps.1,330.9 million in 4Q20. Compared to 4Q19, EBITDA increased 34.8%. By country of operations, EBITDA increased YoY by 146.6% or Ps.1,481.5 million to Ps.2,492.2 million in Mexico, by 77,3% or Ps.199.2 million, to Ps.457.0 million in Puerto Rico, and by 438.9%, or Ps.273.8 million to Ps.336.1 million in Colombia. Consolidated EBITDA margin in 4Q21 was 48.4% compared to 31.3% in 4Q20 and 53.6% in 4Q19.
Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Puerto Rico, and Colombia, was 69.0% in 4Q21, compared to 54.6% in 4Q20, and 63.7% in 4Q19.
Consolidated Comprehensive Financing Gain (Loss)
| Table 4: Consolidated Comprehensive Financing Gain (Loss) | ||||||
|---|---|---|---|---|---|---|
| Fourth Quarter | % Chg | Twelve-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Interest Income | 42,031 | 66,826 | 59.0 | 262,370 | 202,146 | (23.0) |
| Interest Expense | (210,113) | (223,977) | 6.6 | (926,312) | (842,386) | (9.1) |
| Foreign Exchange Gain (Loss), Net | (191,142) | 1,121 | n/a | 245,076 | 108,601 | (55.7) |
| Total | (359,224) | (156,030) | (56.6) | (418,866) | (531,639) | 26.9 |
In 4Q21 ASUR reported a Ps.156.0 million Consolidated Comprehensive Financing Loss, compared to a Ps.359.2 million loss in 4Q20.
During 4Q21 ASUR reported a foreign exchange gain of Ps.1.1 million, resulting from the 0.9% quarterly average depreciation of the Mexican peso against the U.S. dollar (0.5% quarter-end appreciation) during the period together with a U.S. dollar net asset position. This compares to a Ps.191.1 million foreign exchange loss in 4Q20 resulting from the 7.2% quarterly average appreciation of the Mexican peso (10.1% quarter-end appreciation) on a U.S. dollar net asset position.
Interest expense increased Ps.13.9 million, or 6.6% YoY, mainly driven by a Ps.27.6 million or 45.3% increase in interest payments in Mexico due to a Ps.690.0 million drawdown in lines of credit in October 2021. This was partially offset by a Ps.15.0 million, or 41.6% decline in interest expenses in Colombia on fair value loan repayments recognized under IFRS 3.
Interest income increased Ps.24.8 million, or 59.0% YoY reflecting a higher cash balance position.
Income Taxes
Income Taxes for 4Q21 increased Ps.396.2 million YoY, principally due to the combination of:
| ASUR 4Q21 Page 8 of 26 | |
|---|---|
| • | A Ps.482.4 million increase in income taxes, reflecting mainly a higher taxable income base in Mexico and Colombia resulting from the YoY recovery in revenues following the negative impact of COVID-19 in 4Q20. |
| --- | --- |
| • | A Ps.86.2 million decline in deferred income taxes. This mainly reflects a Ps.107.7 million decrease in deferred income taxes in Mexico, principally related to a higher tax benefit in certain airports, and a Ps.1.5 million tax benefit in Puerto Rico, partially offset by a decline of 23.1 million in the tax benefit in Puerto Rico. |
| --- | --- |
Majority Net Income (Loss)
ASUR reported Majority Net Income of Ps.2,013.1 million for 4Q21, compared to a Majority Net Income of Ps.503.1 million in 4Q20. This resulted in earnings per common share in 4Q21 of Ps.6.7104, or earnings per ADS of US$3.2786 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.1.6769 and earnings per ADS of US$0.8193 for the same period last year.
Net Income (Loss)
ASUR reported Net Income of Ps.2,072.2 million in 4Q21, an increase of Ps.1,492.1 million or 257.2%, from Ps.580.1 million in 4Q20.
Consolidated Financial Position
On December 31, 2021, airport concessions represented 82.0% of the Company’s total assets, with current assets representing 17.6% and other assets representing 0.5%.
As of December 31, 2021, the Company had cash and cash equivalents of Ps.8,770.1 million, a 68.9% increase from Ps.5,192.6 million at December 31, 2020. Mexico, Puerto Rico and Colombia contributed with Ps.1,641.8 million, Ps.1,490.4 million, and Ps.445.2 million in cash and cash equivalents, respectively.
As of December 31, 2021, the valuation of ASUR’s investment in Aerostar, in accordance with IFRS 3 "Business Combinations," resulted in the following effects on the balance sheet: i) the recognition of a net intangible asset of Ps.5,816.9 million, ii) goodwill of Ps.977.8 million (net of an impairment of Ps.4,719.1 million), iii) deferred taxes of Ps.581.7 million, and iv) a minority interest of Ps.5,331.6 million within stockholders' equity.
The valuation of ASUR’s investment in Airplan (Colombia), in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on the balance sheet as of December 31, 2021: i) the recognition of a net intangible asset of Ps.1,151.2 million, ii) goodwill of Ps.1,605.6 million, iii) deferred taxes of Ps.196.2 million, and iv) Ps.497.1 million from the recognition of bank loans at fair value.
Stockholders’ equity at December 31, 2021 was Ps.45,770.0 million and total liabilities were Ps.20,060.7 million, representing 69.5% and 30.5% of total assets, respectively. Deferred liabilities represented 15.3% of ASUR’s total liabilities.
Total Debt at quarter-end declined 0.9% to Ps.13,779.5 million from Ps.13,900.4 million on December 31, 2020. This mainly reflects principal and interest payments of Ps.770.9 million, and a Ps.650.0 million loan obtained in Mexico in October 2021.
On December 31, 2021, 33.6% of ASUR’s total debt was denominated in Mexican pesos, 50.5% in U.S. Dollars (at Aerostar in Puerto Rico) and 15.9% in Colombian pesos.
Principal payments of Ps.164.9 million, or 1.2% of Total Debt mature in 1Q22, and a total of Ps.450.5 million, or 3.4% of Total Debt mature in 2022.
LTM Net Debt-to-LTM EBITDA stood at 0.5x at the close of 4Q21, while the Interest Coverage ratio was 8.4x. This compares with LTM Net Debt-to-LTM EBITDA of 1.8x and an Interest Coverage Ratio of 4.2x at December 31, 2020.
| ASUR 4Q21 Page 9 of 26 | |||
|---|---|---|---|
| Table 5: Consolidated Debt Indicators | |||
| --- | --- | --- | --- |
| December 31, 2020 | September 30,<br><br><br>2021 | December 31, 2021 | |
| Leverage | |||
| Total Debt/ LTM EBITDA (Times) ^1^ | 2.8 | 2.9 | 1.3 |
| Total Net Debt/ LTM EBITDA (Times) ^2^ | 1.8 | 1.8 | 0.5 |
| Interest Coverage Ratio ^3^ | 4.2 | 3.5 | 8.4 |
| Total Debt | 13,900,346 | 14,075,746 | 13,779,547 |
| Short-term Debt | 1,138,750 | 1,321,322 | 578,144 |
| Long-term Debt | 12,761,596 | 12,754,424 | 13,201,403 |
| Cash & Cash Equivalents | 5,192,628 | 5,192,628 | 8,770,062 |
| Total Net Debt ^4^ | 8,707,718 | 8,883,118 | 5,009,485 |
| ^1^Total Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities divided by its EBITDA. | |||
| ^2^ The Total Net Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by its EBITDA. | |||
| ^3^The Interest Coverage Ratio for Mexico is calculated as ASUR’s LTM EBIDA divided by its LTM interest expenses. For Puerto Rico it is calculated as LTM Cash Flow Generation divided LTM debt service, and for Colombia as LTM EBITDA minus LTM taxes divided by LTM debt service.<br><br><br>^4^ Total Net Debt is calculated as Total Debt minus Cash & Cash Equivalents |
Table 6: Consolidated Long-Term Debt Profile (millions)*
| Original Amount | Aerostar <br>US | Cancun Airport <br>Mexican Pesos (Thousand) | Airplan<br><br><br>Col Ps (Million) | |
|---|---|---|---|---|
| US 350 M | BBVA 2,000 | Santander 2,650 | Syndicated Loan 440,000 | |
| Principal Balance as of December 31, 2021 | 298,665 | 2,000,000 | 2,650,000 | 327,797 |
| 2022 | 10.246 | 41.800 | ||
| 2023 | 11.246 | 150.000 | 1.325.000 | 48.400 |
| 2024 | 12.388 | 200.000 | 1.325.000 | 59.400 |
| 2025 | 13.602 | 275.000 | 68.200 | |
| 2026 | 14.994 | 375.000 | 72.600 | |
| 2027 | 16.618 | 475.000 | 37.397 | |
| 2028 | 16.231 | 525.000 | ||
| 2029 | 17.285 | |||
| 2030 | 20.940 | |||
| 2031 | 27.035 | |||
| 2032 | 34.406 | |||
| 2033 | 38.534 | |||
| 2034 | 42.582 | |||
| 2035 | 22.559 | |||
| *Expressed in the original currency of each loan. | ||||
| Note: The syndicated loans in Mexico were incurred in October 2017 and September 2021, the issuances of the Puerto Rico bonds were executed in March 2013 and June 2015, respectively, and the syndicated loan in Colombia was incurred in June 2015 with a grace period of three years. |
All values are in US Dollars.
Capital Expenditures
During 4Q21, ASUR made capital expenditures of Ps.2,258.2 million. Of this amount, Ps.2,159.7 million were allocated to modernize the Company´s Mexican airports pursuant to its master development plans, Ps.97.7 million were invested by Aerostar in Puerto Rico and Ps.0.8 million were invested in Colombia. This compares with Ps.1,526.7 million invested in 4Q20, of which Ps.1,448.8 million was invested in Mexico, Ps.75.2 million in Puerto Rico and Ps.2.8 million in Colombia. On an accumulated basis, ASUR invested a total of Ps.3,676.7 million in CAPEX during FY21, compared to Ps.3,328.6 million in FY20.
Key Events for the Quarter
Dividend Payment
On October 1, 2021, the Company paid an ordinary net cash dividend in the total amount of Ps.8.21 (eight pesos and twenty-one cents, Mexican legal tender) per share, which had been approved at ASUR’s General Ordinary Shareholders' Meeting held on April 23, 2020.
| ASUR 4Q21 Page 10 of 26 |
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Review of Mexico Operations
| Table 7: Mexico Revenues & Commercial Revenues Per Passenger | ||||||
|---|---|---|---|---|---|---|
| Fourth Quarter | % Chg | Twelve-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Total Passengers (in thousands) | 5,004 | 8,847 | 76.8 | 16,616 | 29,277 | 76.2 |
| Total Revenues | 3,361,933 | 5,259,753 | 56.5 | 8,929,633 | 13,500,199 | 51.2 |
| Aeronautical Services | 958,094 | 1,945,275 | 103.0 | 3,115,335 | 6,206,649 | 99.2 |
| Non-Aeronautical Services | 664,784 | 1,381,581 | 107.8 | 2,517,816 | 4,384,946 | 74.2 |
| Construction Revenues | 1,739,055 | 1,932,897 | 11.1 | 3,296,482 | 2,908,604 | (11.8) |
| Total Revenues Excluding Construction Revenues | 1,622,878 | 3,326,856 | 105.0 | 5,633,151 | 10,591,595 | 88.0 |
| Total Commercial Revenues | 585,951 | 1,244,814 | 112.4 | 2,178,230 | 3,923,095 | 80.1 |
| Commercial Revenues from Direct Operations | 89,499 | 212,021 | 136.9 | 324,051 | 692,632 | 113.7 |
| Commercial Revenues Excluding Direct Operations | 496,452 | 1,032,793 | 108.0 | 1,854,179 | 3,230,463 | 74.2 |
| Total Commercial Revenues per Passenger | 117.1 | 140.7 | 20.2 | 131.1 | 134.0 | 2.2 |
| Commercial Revenues from Direct Operations per Passenger ^1^ | 17.9 | 24.0 | 34.0 | 19.5 | 23.7 | 21.3 |
| Commercial Revenues Excluding Direct Operations per Passenger | 99.2 | 116.7 | 17.7 | 111.6 | 110.3 | (1.1) |
| For the purposes of this table, approximately 24.5 and 42.1 thousand transit and general aviation passengers are included in 4Q20 and 4Q21 respectively, while 87.5 and 138.6 thousand transit and general aviation passengers are included in FY20 and FY21. | ||||||
| --- | ||||||
| ^1^ Represents the operations of ASUR in its convenience stores in Mexico. |
Mexico Revenues
Mexico Revenues for 4Q21 increased 56.5% YoY to Ps.5,259.7 million and 68.3% when compared to pre-pandemic levels of 4Q19.
Excluding construction, revenues increased 105.0% YoY, principally due to increases of 103.0% in revenues from aeronautical services and 107.8% in revenues from non-aeronautical services, resulting mainly from the 76.8% recovery in passenger traffic. Compared to pre-pandemic levels of 4Q19, revenues excluding construction increased 28.4%, reflecting growth of 35.2% in revenues from non-aeronautical services and 23.9% from aeronautical services.
Commercial Revenues increased 112.4% YoY, principally reflecting the 76.8% increase in passenger traffic, as shown in Table 7. Commercial Revenues per Passenger for 4Q21 were Ps.140.7 compared to Ps.117.1 in 4Q20 and Ps.108.8 in 4Q19.
ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, banking and currency exchange services, advertising, teleservices, non-permanent ground transportation, food and beverage operations, parking lot fees, and other.
As shown in Table 9, during the last 12 months, ASUR opened a total of nine new commercial spaces, six of which are at Cancun Airport, two at Merida Airport, and one at Cozumel Airport. More details of these openings can be found on page 22 of this report.
| Table 8: Mexico Commercial Revenue Performance | Table 9: Mexico Summary Retail and Other Commercial Space Opened since December 31, 2020 | |||
|---|---|---|---|---|
| Business Line | YoY Chg | Type of Commercial Space ^1^ | # Of Spaces Opened | |
| 4Q21 | FY21 | |||
| Duty Free | 151.3% | 89.4% | Cancun | 6 |
| Retail | 116.8% | 89.4% | Retail | 1 |
| Food & Beverage | 108.0% | 84.3% | Car Rentals | 4 |
| Banks & Foreign Exchange | 103.8% | 55.9% | Other Income | 1 |
| Car Rentals | 98.5% | 92.4% | 8 Other Airports | 3 |
| Ground Transportation | 90.8% | 93.1% | Retail | 1 |
| Other Income | 84.2% | 35.0% | Car Rentals | 2 |
| Car Parking | 74.6% | 53.5% | Mexico | 9 |
| Teleservices | 52.8% | 20.7% | ||
| Advertising | 35.0% | 40.8% | ^1^Only includes new stores opened during the period and excludes remodelings or contract renewals. | |
| Total Commercial Revenues | 112.4% | 80.1% | ||
| ASUR 4Q21 Page 11 of 26 | ||||
| --- |
Mexico Operating Costs and Expenses
| Table 10: Mexico Operating Costs & Expenses | ||||||
|---|---|---|---|---|---|---|
| Fourth Quarter | % Chg | Twelve-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Cost of Services | 427,984 | 501,801 | 17.2 | 1,648,693 | 1,951,959 | 18.4 |
| Administrative | 57,807 | 56,895 | (1.6) | 232,935 | 263,156 | 13.0 |
| Technical Assistance | 53,257 | 127,175 | 138.8 | 175,615 | 391,698 | 123.0 |
| Concession Fees | 74,223 | 149,527 | 101.5 | 254,337 | 476,536 | 87.4 |
| Depreciation and Amortization | 183,277 | 200,426 | 9.4 | 726,679 | 808,031 | 11.2 |
| Operating Costs and Expenses Excluding Construction Costs | 796,548 | 1,035,824 | 30.0 | 3,038,259 | 3,891,380 | 28.1 |
| Construction Costs | 1,739,055 | 1,932,897 | 11.1 | 3,296,482 | 2,908,604 | (11.8) |
| Total Operating Costs & Expenses | 2,535,603 | 2,968,721 | 17.1 | 6,334,741 | 6,799,984 | 7.3 |
Total Mexico Operating Costs and Expenses for 4Q21 increased 17.1% YoY, or Ps.433.1. Excluding construction costs, operating costs and expenses increased 30.0% or Ps.239.3 million, mainly reflecting higher technical assistance and concession fees, as well as increases in energy, maintenance and security costs. Higher cost of sales at stores operated by ASUR and an increase in social security contributions also contributed to higher costs.
Cost of Services increased 17.2% YoY, mainly reflecting higher energy, maintenance and security expenses, together with higher cost of sales at stores operated directly by ASUR and an increase in social security contributions.
Administrative Expenses declined 1.6% YoY.
The Technical Assistance fee paid to ITA increased 138.8% YoY reflecting higher EBITDA in Mexico, a factor in the calculation of the fee.
Concession Fees, which include fees paid to the Mexican government, increased 101.5%, principally due to the increase in regulated revenues, a factor in the calculation of the concession fee.
Depreciation and Amortization increased 9.4% YoY, reflecting higher investments to date.
Mexico Consolidated Comprehensive Financing Gain (Loss)
| Table 11: Mexico Comprehensive Financing Gain (Loss) | ||||||
|---|---|---|---|---|---|---|
| Fourth Quarter | % Chg | Twelve-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Interest Income | 40,377 | 60,496 | 49.8 | 256,227 | 189,402 | (26.1) |
| Interest Expense | (60,893) | (88,495) | 45.3 | (305,163) | (290,166) | (4.9) |
| Foreign Exchange Gain (Loss), Net | (190,728) | 885 | n/a | 245,682 | 108,398 | (55.9) |
| Total | (211,244) | (27,114) | (87.2) | 196,746 | 7,634 | (96.1) |
In 4Q21, ASUR’s Mexico operations reported a Ps.27.1 million Comprehensive Financing Loss, compared to a Ps.211.2 million loss in 4Q20. This was mainly due to a foreign exchange gain of Ps.0.9 million in 4Q21 resulting from the 0.9% average quarterly depreciation of the Mexican peso (0.5% appreciation at quarter-end) against the U.S. dollar on a foreign currency net asset position. This compares with a Ps.190.8 million foreign exchange loss 4Q20, resulting from the 7.2% average quarterly appreciation of the Mexican peso during that period (10.1% at quarter-end) and a foreign currency net asset position.
Interest expense increased 45.3% YoY reflecting a higher debt balance as a result of the Ps.690 million in lines of credit drawn down in October 2021, while interest income increased 49.8% as a result of a higher cash balance.
| ASUR 4Q21 Page 12 of 26 |
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Mexico Operating Profit (Loss) and EBITDA
| Table 12: Mexico Profit & EBITDA | ||||||
|---|---|---|---|---|---|---|
| Fourth Quarter | % Chg | Twelve-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Total Revenue | 3,361,933 | 5,259,753 | 56.5 | 8,929,633 | 13,500,199 | 51.2 |
| Total Revenues Excluding Construction Revenues | 1,622,878 | 3,326,856 | 105.0 | 5,633,151 | 10,591,595 | 88.0 |
| Operating Profit | 826,330 | 2,291,032 | 177.3 | 2,594,892 | 6,700,215 | 158.2 |
| Operating Margin | 24.6% | 43.6% | 1898 bps | 29.1% | 49.6% | 2057 bps |
| Adjusted Operating Margin ^1^ | 50.9% | 68.9% | 1795 bps | 46.1% | 63.3% | 1720 bps |
| Net Profit ^2^ | 447,730 | 1,736,888 | 287.9 | 2,040,625 | 5,087,072 | 149.3 |
| EBITDA | 1,010,758 | 2,492,227 | 146.6 | 3,331,483 | 7,515,880 | 125.6 |
| EBITDA Margin | 30.1% | 47.4% | 1732 bps | 37.3% | 55.7% | 1836 bps |
| Adjusted EBITDA Margin ^3^ | 62.3% | 74.9% | 1263 bps | 59.1% | 71.0% | 1182 bps |
| ^1^Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is equal to operating profit divided by total revenues less construction services revenues. | ||||||
| --- | ||||||
| ^2^ This result includes revenues from the participation of Aerostar Ps.113.4 million and 131.7 million in 4Q21 and 4Q20, respectively, for Airplan Ps.195.3 million and Ps.55.3 million in 4Q21 and 4Q20, respectively. | ||||||
| ^3^Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues. |
Mexico reported an Operating Gain of Ps.2,291.0 million in 4Q21, resulting in an Operating Margin of 43.6%, compared with an Operating Gain of Ps.826.3 million and an Operating Margin of 24.6% in 4Q20. In 4Q19, ASUR reported a pre-pandemic Operating Margin of 52.6%.
Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets and which is calculated as operating profit divided by total revenues excluding construction services revenues was 68.9% in 4Q21, compared to 50.9% in 4Q20, and 63.4% in 4Q19.
EBITDA increased Ps.1,481.5 million to Ps.2,492.2 million in 4Q21, from Ps.1,010.7 million in 4Q20 and compared to Ps.1,822.1 million reported in 4Q19. EBITDA margin in 4Q21 was 47.4%, compared with EBITDA Margin of 30.1% in 4Q20 and 58.3% in 4Q19.
During 4Q21, ASUR’s operations in Mexico recognized Ps.1,932.9 million in “Construction Revenues,” compared with Ps.1,739.0 million in 4Q20, reflecting higher capital expenditures and investments in concessioned assets.
Adjusted EBITDA Margin in 4Q21, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets, was 74.9%, compared with 62.3% in 4Q20, and 70.3% in 4Q19.
Mexico Tariff Regulation
The Mexican Ministry of Communications and Transportation regulates the majority of ASUR’s activities by setting maximum rates, which represent the maximum possible revenues allowed per traffic unit at each airport.
ASUR’s accumulated regulated revenues at its Mexican operations, as of December 31, 2021, totaled Ps.6,492.7 million, with an average tariff per workload unit of Ps.205.2 (December 2020 pesos), accounting for approximately 61.3% of total Mexico income (excluding construction income) for the period.
The Mexican Ministry of Communications and Transportation reviews compliance with maximum rate regulations at the close of each year.
Mexico Capital Expenditures
During 4Q21, ASUR’s operations in Mexico made capital investments of Ps.2,159.7 million in connection with the Company’s plan to modernize its Mexican airports pursuant to its master development plans. This compares with capital expenditures of Ps.1,448.8 million in 4Q20.
On an accumulated basis, ASUR made investments of Ps.3,441.8 million in FY21, compared to Ps.2,921.1 million in FY20.
| ASUR 4Q21 Page 13 of 26 |
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Review of Puerto Rico Operations
The following discussion compares Aerostar’s independent results for the three- and twelve-month periods ended December 31, 2020 and 2021.
As of December 31, 2021, the valuation of ASUR’s investment in Aerostar, in accordance with IFRS 3 "Business Combinations," resulted in the following effects on the balance sheet: i) the recognition of a net intangible asset of Ps.5,816.9 million, ii) goodwill of Ps.977.8 million (net of an impairment of Ps.4,719.1 million), iii) deferred taxes of Ps.581.7 million, and iv) a minority interest of Ps.5,331.6 million within stockholders' equity.
| Table 13: Puerto Rico Revenues & Commercial Revenues Per Passenger | ||||||
|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||
| Fourth Quarter | % Chg | Twelve-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Total Passengers (in thousands) | 1,340 | 2,509 | 87.3 | 4,845 | 9,684 | 99.9 |
| Total Revenues | 674,484 | 976,903 | 44.8 | 2,902,238 | 3,652,835 | 25.9 |
| Aeronautical Services | 436,126 | 527,498 | 21.0 | 1,808,102 | 2,027,188 | 12.1 |
| Non-Aeronautical Services | 166,361 | 358,552 | 115.5 | 740,450 | 1,394,346 | 88.3 |
| Construction Revenues | 71,997 | 90,853 | 26.2 | 353,686 | 231,301 | (34.6) |
| Total Revenues Excluding Construction Revenues | 602,487 | 886,050 | 47.1 | 2,548,552 | 3,421,534 | 34.3 |
| Total Commercial Revenues | 164,451 | 356,332 | 116.7 | 732,239 | 1,384,946 | 89.1 |
| Commercial Revenues from Direct Operations | 30,700 | 78,044 | 154.2 | 142,135 | 316,942 | 123.0 |
| Commercial Revenues Excluding Direct Operations | 133,751 | 278,288 | 108.1 | 590,104 | 1,068,004 | 81.0 |
| Total Commercial Revenues per Passenger | 122.8 | 142.0 | 15.7 | 151.1 | 143.0 | (5.4) |
| Commercial Revenues from Direct Operations per Passenger ^1^ | 22.9 | 31.1 | 35.7 | 29.3 | 32.7 | 11.6 |
| Commercial Revenues Excluding Direct Operations per Passenger | 99.8 | 110.9 | 11.1 | 121.8 | 110.3 | (9.5) |
| Figures in pesos at the average exchange rate Ps.20.7483 = US. 1.00 | ||||||
| ^1^ Represents ASUR´s operations in convenience stores in Puerto Rico. |
Puerto Rico Revenues
Total Puerto Rico Revenues for 4Q21 increased 44.8% YoY to Ps.976.9 million.
Excluding construction services, revenues rose 47.1%, mainly due to the following YoY increases:
| • | 21.0% in revenues from aeronautical services; and |
|---|---|
| • | 115.5% in revenues from non-aeronautical services, principally due to the 87.3% increase in passenger traffic. |
| --- | --- |
Commercial Revenues per Passenger reached Ps.142.0 in 4Q21, compared with Ps.122.8 in 4Q20 and pre-pandemic levels of Ps.105.2 in 4Q19.
No commercial spaces were opened at LMM Airport over the last 12 months, as shown in Table 15. More details can be found on page 22 of this report.
ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, parking lot fees, banking and currency exchange services, and other.
| ASUR 4Q21 Page 14 of 26 | ||||
|---|---|---|---|---|
| Table 14: Puerto Rico Commercial Revenue Performance | Table 15: Puerto Rico Summary Retail and Other Commercial Space Opened since December 31, 2020 | |||
| --- | --- | --- | --- | --- |
| Business Line | YoY Chg | Type of Commercial Space ^1^ | # of Spaces Opened | |
| 4Q21 | 12M21 | |||
| Food and beverage | 325.4% | 72.5% | No commercial spaces opened during this period | 0 |
| Ground Transportation | 167.3% | 96.2% | Total New Commercial Spaces | 0 |
| Retail | 143.6% | 128.2% | ||
| Others revenues | 130.9% | 37.1% | ||
| Car parking | 130.7% | 103.7% | ||
| Car rentals | 109.0% | 99.0% | ||
| Duty Free | 4.6% | (4.4%) | ^1^ Only includes new stores opened during the period and excludes remodelings or contract renewals. | |
| Banks and foreign exchange | (4.4%) | (16.2%) | ||
| Advertising | (14.6%) | 7.7% | ||
| Total Commercial Revenues | 116.7% | 89.1% |
Puerto Rico Operating Costs and Expenses
| Table 16: Puerto Rico Operating Costs & Expenses | ||||||||
|---|---|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||||
| Fourth Quarter | % Chg | Twelve-Months | % Chg | |||||
| 2020 | 2021 | 2020 | 2021 | |||||
| Cost of Services | 86.571 | 387.445 | 347.5 | 905.951 | 991.929 | 9.5 | ||
| Concession Fees | 31.083 | 41.587 | 33.8 | 131.440 | 162.888 | 23.9 | ||
| Depreciation and Amortization | 166.456 | 186.104 | 11.8 | 746.524 | 740.075 | (0.9) | ||
| Operating Costs and Expenses Excluding Construction Costs | 284.110 | 615.136 | 116.5 | 1.783.915 | 1.894.892 | 6.2 | ||
| Construction Costs | 71.997 | 90.853 | 26.2 | 353.686 | 231.301 | (34.6) | ||
| Total Operating Costs & Expenses | 356.107 | 705.989 | 98.3 | 2.137.601 | 2.126.193 | (0.5) | ||
| Figures in pesos at the average exchange rate Ps.20.7483 = US. 1.00 |
During 4Q21, total Operating Costs and Expenses at LMM Airport increased 98.3% YoY to Ps.706.0 million. Construction costs in the quarter increased 26.2% to Ps.90.8 million from Ps.72.0 million in 4Q20.
Excluding construction costs, operating costs and expenses increased 116.5% YoY, or Ps.331.0 million, to Ps.615.1 million. This mainly reflects reimbursement of expenses under the Cares Act for a total of Ps.227.0 million in 4Q20. Excluding this impact, these costs would have increased 23.5% or Ps.73.9 million, principally due to increases in the maintenance provision, in the cost of sales of directly operated convenience stores, and in concession fees, depreciation and amortization.
Cost of Services increased 347.5% YoY, or Ps.300.9 million, principally reflecting the Ps.227.0 million recovery in costs during 4Q20 under the Cares Act. Excluding this impact, cost of services would have increased 23.5%, or Ps.73.9 million in 4Q21, mainly reflecting a higher maintenance provision, and higher cost of sales in convenience stores directly operated by ASUR.
Concession Fees paid to the Puerto Rican government increased Ps.10.5 million, in line with the concession agreement.
Depreciation and Amortization increased 11.8% YoY, or Ps.19.6 million, principally reflecting the FX translation impact as the average Mexican peso exchange rate fluctuated to Ps.20.7483 per dollar in 4Q21, from Ps.20.5486 per dollar in 4Q20.
Puerto Rico Comprehensive Financing Gain (Loss)
| Table 17: Puerto Rico Comprehensive Financing Gain (Loss) | ||||||
|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||
| Fourth Quarter | % Chg | Twelve-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Interest Income | 224 | 1.200 | 435.7 | 3.301 | 2.619 | (20.7) |
| Interest Expense | (114.719) | (114.440) | (0.2) | (498.744) | (455.945) | (8.6) |
| Total | (114.495) | (113.240) | (1.1) | (495.443) | (453.326) | (8.5) |
| Figures in pesos at the average exchange rate Ps.20.7483 = US. 1.00 | ||||||
| ASUR 4Q21 Page 15 of 26 | ||||||
| --- |
During 4Q21, Puerto Rico reported a Ps.113.2 million Comprehensive Financing Loss, compared with a Ps.114.5 million loss in 4Q20, mainly reflecting the FX conversion impact in connection with the appreciation of the Mexican peso against the US dollar together with the full repayment of the subordinated term loan with Cancun airport in April 2021.
On March 22, 2013, Aerostar carried out a private bond placement for a total of US$350.0 million to finance a portion of the Concession Agreement payment to the Puerto Rico Ports Authority and certain other costs and expenditures associated with it.
On June 24, 2015, Aerostar carried out a private bond placement for a total of US$50.0 million. In December 2015, Aerostar contracted a line of revolving credit. On April 1, 2020, Aerostar drew down US$10.0 million from this line of revolving credit for working capital purposes, which was fully repaid in 4Q21.
In December 2020, Aerostar entered into a revolving line of credit with Banco Popular de Puerto Rico in the amount of US$20.0 million, with a three-year term. Funds have not yet been withdrawn. All long-term debt is collateralized by Aerostar’s total assets.
Puerto Rico Operating Profit and EBITDA
| Table 18: Puerto Rico Profit & EBITDA | ||||||
|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||
| Fourth Quarter | % Chg | Twelve-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Total Revenue | 674.484 | 976.903 | 44.8 | 2.902.238 | 3.652.835 | 25.9 |
| Total Revenues Excluding Construction Revenues | 602.487 | 886.050 | 47.1 | 2.548.552 | 3.421.534 | 34.3 |
| Other Revenues | -- | -- | 158.881 | -- | n/a | |
| Operating Profit | 318.377 | 270.914 | (14,9) | 923.518 | 1.526.642 | 65.3 |
| Operating Margin | 47.2% | 27.7% | -1947 bps | 31.8% | 41.8% | 997 bps |
| Adjusted Operating Margin^1^ | 52.8% | 30.6% | -2227 bps | 36.2% | 44.6% | 838 bps |
| Net Income | 192.484 | 147.649 | (23.3) | 385.545 | 1.034.451 | 168.3 |
| EBITDA | 257.807 | 457.018 | 77.3 | 1.329.920 | 1.914.386 | 43,9 |
| EBITDA Margin | 38.2% | 46.8% | 856 bps | 45.8% | 52.4% | 658 bps |
| Adjusted EBITDA Margin^2^ | 42.8% | 51.6% | 879 bps | 52.2% | 56.0% | 377 bps |
| Figures in pesos at the average exchange rate Ps.20.7483 = US. 1.00 | ||||||
| ^1^Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is equal to operating profit divided by total revenues less construction services revenues. | ||||||
| ^2^Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues. |
Operating Profit at Puerto Rico in 4Q21 increased to Ps.270.9 million resulting in an Operating Margin of 27.7%, mainly reflecting higher non-aeronautical revenues and a marginal reduction in expenses. This compares with operating profit of Ps.318.4 million and an operating margin of 47.2% in 4Q20, and pre-pandemic Operating Profit of Ps.237.9 million and an Operating Margin of 27.6% in 4Q19.
EBITDA increased 77.3% to Ps.457.0 million in 4Q21 from Ps.257.8 million in 4Q20, and from Ps.399.8 million in 4Q19. EBITDA Margin increased 46.8% in 4Q21 compared to 38.2% in 4Q20 and 46.4% in 4Q19. The Adjusted EBITDA Margin (which excludes IFRIC 12) increased to 51.6% in 4Q21 from 42.8% in 4Q20, while in 4Q19 it was 53.6%.
Puerto Rico Capital Expenditures
During 4Q21, Aerostar made capital investments of Ps.97.7 million compared with investments of Ps.75.2 million in 4Q20.
On an accumulated basis, during FY21 Aerostar made capital investments of Ps.230.3 million in Puerto Rico compared with Ps.400.5 million in FY20.
Puerto Rico Tariff Regulation
The Airport Use Agreement signed by Aerostar, the airlines serving LMM Airport, and the Puerto Rico Ports Authority govern the relationship between Aerostar and the principal airlines serving LMM Airport. The agreement entitles Aerostar to an annual contribution from the airlines of US$62.0 million during the first five years of the term. From year six onwards, the total annual contribution for the prior year increases in accordance with an adjusted consumer price index factor based on the U.S. non-core consumer price index. The annual fee is divided between the airlines that operate at LMM Airport in accordance with the regulations
| ASUR 4Q21 Page 16 of 26 |
|---|
and structure defined under the Airport Use Agreement to establish the contribution of each airline for each particular year.
Review of Colombia Operations
The following discussion compares Airplan's independent results for the three- and twelve-month periods ended December 31, 2020 and 2021.
The valuation of ASUR’s investment in Airplan, in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on the balance sheet as of December 31, 2021: i) the recognition of a net intangible asset of Ps.1,151.2 million, ii) goodwill of Ps.1,605.6 million, iii) deferred taxes of Ps.196.2 million, and iv) Ps.497.1 million from the recognition of bank loans at fair value.
| Table 19: Colombia Revenues & Commercial Revenues Per Passenger | ||||||
|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||
| Fourth Quarter | % Chg | Twelve-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Total Passengers (in thousands) | 1,434 | 3,701 | 158.1 | 4,324 | 10,822 | 150.3 |
| Total Revenues | 217,241 | 552,908 | 154.5 | 792,860 | 1,631,627 | 105.8 |
| Aeronautical Services | 141,192 | 407,736 | 188.8 | 488,981 | 1,174,762 | 140.2 |
| Non-Aeronautical Services | 73,222 | 143,162 | 95.5 | 296,961 | 450,604 | 51.7 |
| Construction Revenues ^1^ | 2,827 | 2,010 | (28.9) | 6,918 | 6,261 | (9.5) |
| Total Revenues Excluding Construction Revenues | 214,414 | 550,898 | 156.9 | 785,942 | 1,625,366 | 106.8 |
| Total Commercial Revenues | 72,882 | 142,907 | 96.1 | 296,667 | 448,540 | 51.2 |
| Total Commercial Revenues per Passenger | 50.8 | 38.6 | (24.0) | 68.6 | 41.4 | (39.7) |
| Figures in pesos at an average exchange rate of COP186.9507 = Ps.1.00. | ||||||
| Note: For the purposes of this table, approximately 40.2 and 91.2 thousand transit and general aviation passengers are included in 4Q20 and 4Q21, while 108.5 and 291.8 thousand transit and general aviation passengers are included in FY20 and FY21. |
Colombia Revenues
Total Colombia Revenues for 4Q21 increased 154.5% YoY to Ps.552.9 million and reached 99.0% of 4Q19 pre-pandemic levels. Excluding construction services, revenues increased 156.9% YoY mainly reflecting increases of 95.5% in revenues from non-aeronautical services, principally the 96.1% increase in commercial revenues, and 188.8% in revenues from aeronautical services.
Commercial Revenues per Passenger was Ps.38.6 compared with Ps.50.8 in 4Q20 and Ps.41.0 in 4Q19.
As shown in Table 21, during the last twelve months, 26 new commercial spaces were opened in Colombia. More details of these openings can be found on page 22 of this report.
ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, parking lot fees, teleservices, banking and currency exchange services and other.
| Table 20: Colombia Commercial Revenue Performance | Table 21: Colombia Summary Retail and Other Commercial Space Opened since December 31, 2020 | |||
|---|---|---|---|---|
| Business Line | YoY Chg | Type of Commercial Space ^1^ | # of Spaces Opened | |
| 4Q21 | 12M21 | |||
| Ground Transportation | 684.4% | 25.1% | Retail | 5 |
| Duty free | 526.8% | 62.4% | Banks and foreign exchange | 1 |
| Car rental | 358.9% | 184.5% | Teleservices | 3 |
| Retail | 229.1% | 122.4% | Others revenues | 17 |
| Advertising | 228.6% | 80.3% | Total Commercial Spaces | 26 |
| Food and beverage | 181.9% | 92.1% | ||
| Car parking | 134.1% | 71.0% | ||
| Banks and foreign exchange | 54.8% | 41.9% | ||
| Others revenues | 51.3% | 34.4% | ^1^ Only includes new stores opened during the period and excludes remodelings or contract renewals. | |
| Teleservices | (32.4%) | (8.4%) | ||
| Total Commercial Revenues | 96.1% | 51.2% | ||
| ASUR 4Q21 Page 17 of 26 | ||||
| --- |
Colombia Costs & Expenses
| Table 22: Colombia Costs & Expenses | ||||||||
|---|---|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||||
| Fourth Quarter | % Chg | Nine-Months | % Chg | |||||
| 2020 | 2021 | 2020 | 2021 | |||||
| Cost of Services | 111,780 | 109,895 | (1.7) | 413,929 | 437,832 | 5.8 | ||
| Technical Assistance | 790 | - | n/a | 3,082 | 2,843 | (7.8) | ||
| Concession Fees | 39,471 | 104,867 | 165.7 | 149,602 | 308,638 | 106.3 | ||
| Depreciation and Amortization | 102,765 | 108,636 | 5.7 | 461,563 | 445,236 | (3.5) | ||
| Operating Costs and Expenses Excluding Construction Costs | 254,806 | 323,398 | 26.9 | 1,028,176 | 1,194,549 | 16.2 | ||
| Construction Costs | 2,827 | 2,010 | (28.9) | 6,918 | 6,261 | (9.5) | ||
| Total Operating Costs & Expenses | 257,633 | 325,408 | 26.3 | 1,035,094 | 1,200,810 | 16.0 | ||
| Figures in pesos at an average exchange rate of COP186.9507 = Ps.1.00. |
Total Operating Costs and Expenses in Colombia increased 26.3% YoY to Ps.325.4 million in 3Q21. Excluding construction costs, operating costs and expenses increased 26.9% YoY to Ps.323.4 million.
Cost of Services declined by 1.7%, or Ps.1.9 million.
Construction Costs decreased 28.9% YoY, or Ps.0.8 million, reflecting lower complementary works to concessioned assets during compared 4Q20.
Concession Fees, which include fees paid to the Colombian government, increased 165.7% YoY, mainly reflecting the increase in regulated and non-regulated revenues during the period.
Depreciation and Amortization increased Ps.5.7 million, principally reflecting the FX translation impact from the depreciation of the Colombian peso against the Mexican peso, as per IFRS 3.
Colombia Comprehensive Financing Gain (Loss)
| Table 23: Colombia, Comprehensive Financing Gain (Loss) | ||||||||
|---|---|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||||
| Fourth Quarter | % Chg | Twelve-Months | % Chg | |||||
| 2020 | 2021 | 2020 | 2021 | |||||
| Interest Income | 2,962 | 5,130 | 73.2 | 21,083 | 11,207 | (46.8) | ||
| Interest Expense | (36,033) | (21,042) | (41.6) | (140,646) | (97,357) | (30.8) | ||
| Foreign Exchange Gain (Loss), Net | (414) | 236 | n/a | (606) | 203 | n/a | ||
| Total | (33,485) | (15,676) | (53.2) | (120,169) | (85,947) | (28.5) | ||
| Figures in pesos at an average exchange rate of COP186.9507 = Ps.1.00. |
During 4Q21, Airplan reported a Ps.15.7 million Comprehensive Financing Loss, compared with a Ps.33.5 million loss in 4Q20. This was mainly driven by a 41.6% decline in interest expenses on fair value loan repayments recognized under IFRS 3, partially offset by a 73.2% increase in interest earned.
On June 1, 2015, Airplan entered into 12-Year Syndicated Loan Facility with eight banks, with a 3-year grace period and maintained a net balance of Ps.2.196.7 million as of December 31, 2021.
On August 11, 2020, Airplan entered into a Ps.67.1 million loan agreement with Bancolombia with a 10-month maturity. This loan was fully paid down in 3Q21.
During 4Q21, Airplan made principal payments of Ps.40.0 million.
| ASUR 4Q21 Page 18 of 26 |
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Colombia Operating Profit (Loss) and EBITDA
| Table 24: Colombia Profit & EBITDA | ||||||
|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||
| Fourth Quarter | % Chg | Twelve-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Total Revenue | 217,241 | 552,908 | 154.5 | 792,860 | 1,631,627 | 105.8 |
| Total Revenues Excluding Construction Revenues | 214,414 | 550,898 | 156.9 | 785,942 | 1,625,366 | 106.8 |
| Operating Profit | (40,392) | 227,500 | n/a | (242,234) | 430,817 | n/a |
| Operating Margin | (18.6%) | 41.1% | 5974 bps | (30.6%) | 26.4% | 5696 bps |
| Adjusted Operating Margin^1^ | (18.8%) | 41.3% | 6013 bps | (30.8%) | 26.5% | 5733 bps |
| Net Profit | (60,143) | 187,646 | n/a | (299,633) | 276,005 | n/a |
| EBITDA | 62,373 | 336,137 | 438.9 | 219,329 | 876,053 | 299.4 |
| EBITDA Margin | 28.7% | 60.8% | 3208 bps | 27.7% | 53.7% | 2603 bps |
| Adjusted EBITDA Margin^2^ | 29.1% | 61.0% | 3193 bps | 27.9% | 53.9% | 2599 bps |
| Figures in pesos at an average exchange rate of COP186.9507 = Ps.1.00. | ||||||
| ^1^Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is equal to operating profit divided by total revenues less construction services revenues. | ||||||
| ^2^Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues. |
ASUR’s operations in Colombia reported an Operating Gain of Ps.227.5 million in 4Q21 compared with an Operating Loss of Ps.40.4 million in 4Q20 reflecting the impact of COVID-19. Operating Margin was 41.1% in 4Q21 compared to negative operating margin of 18.6% in 4Q20, and a pre-pandemic operating margin of 19.6% in 4Q19. The Adjusted Operating Margin, which excludes the impact of IFRIC 12 with respect to construction of or improvements to concessioned assets, was 41.3% in 4Q21 compared with negative 18.8% in 4Q20, and positive 22.4% in 4Q19.
During 4Q21, EBITDA was Ps.336.1 million resulting in an EBITDA Margin of 60.8%. This compares with EBITDA of Ps.62.4 million in 4Q20 and an EBITDA Margin of 28.7%, while in 4Q19 EBITDA Margin was 38.4%.
The Adjusted EBITDA Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements to concessioned assets, was 61.0% in 4Q21, compared to 29.1% in 4Q20, mainly due to the decline in revenues resulting from Covid-19, while in 4Q19 Adjusted EBITDA Margin was 43.9%.
Colombia Capital Expenditures
During 4Q21, Airplan made capital investments of Ps.0.8 million compared to Ps.2.8 million in 4Q20. Accumulated capex for FY21 amounted to Ps.4.5 million, while in FY20 ASUR made capital investments of Ps.6.9 million Airplan.
Colombia Tariff Regulation
Functions of the Special Administrative Unit of Civil Aeronautics include establishing and collecting fees, tariffs, and rights for the provision of aeronautical and airport services or those that are generated by the concessions, authorizations, licenses, or any other type of income or property. As a result, Resolution 04530, issued on September 21, 2007, establishes tariffs for the rights and the rates conceded to the concessionaire of the following airports: José María Córdova of Rionegro, Enrique Olaya Herrera of Medellín, Los Garzones of Montería, El Caraño of Quibdó, Antonio Roldán Betancourt of Carepa, and Las Brujas of Corozal. This resolution also established the methodology to update and the mechanisms to collect such fees, tariffs, and rights.
Airplan's regulated revenues for 4Q21 amounted to Ps.407.7 million.
| ASUR 4Q21 Page 19 of 26 |
|---|
Definitions
Concession Services Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico, ASUR is required by IFRIC 12 to include in its income statement an income line, “Construction Revenues,” reflecting the revenue from construction or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. Because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin. In Colombia, “Construction Revenues” include the recognition of the revenue to which the concessionaire is entitled for carrying out the infrastructure works in the development of the concession, while “Construction Costs” represents the actual costs incurred in the execution of such additions or improvements to the concessioned assets.
Majority Net Income reflects ASUR’s equity interests in each of its subsidiaries and therefore excludes the 40% interest in Aerostar that is owned by other shareholders. Other than Aerostar, ASUR owns (directly or indirectly) 100% of its subsidiaries.
EBITDA means net income before provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost, and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the revenue from construction or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. In Mexico and Puerto Rico, because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin, as the increase in revenues that relates to Construction Revenues does not result in a corresponding increase in EBITDA. In Colombia, construction revenues do have an impact on EBITDA, as construction revenues include a reasonable margin over the actual cost of construction. Like EBITDA Margin, Adjusted EBITDA Margin should not be considered as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
About ASUR
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain, and develop 16 airports in the Americas. These comprise nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination in Mexico, the Caribbean, and Latin America, and six airports in northern Colombia, including José María Córdova International Airport (Rionegro), the second busiest airport in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan’s Airport is the island’s primary gateway for international and mainland-US destinations and was the first and currently the only major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program. Headquartered in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) series B shares. For more information, visit www.asur.com.mx
Analyst Coverage
In accordance with Mexican Stock Exchange Internal Rules Article 4.033.01, ASUR reports that the stock is covered by the following broker-dealers: Actinver Casa de Bolsa, Banorte, Barclays, BBVA Bancomer, BofA Merrill Lynch, Bradesco, BTG Pactual, Citi Global Markets, Credit Suisse, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment Research, Itau BBA Securities, JP Morgan, Morgan Stanley, Nau Securities, Punto Research Santander, Scotiabank, UBS Casa de Bolsa and Vector.
Please note that any opinions, estimates or forecasts regarding the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR
| ASUR 4Q21 Page 20 of 26 |
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or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.
Forward Looking Statements
Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR’s filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. In particular, the impact of the COVID-19 pandemic on global economic conditions and the travel industry, as well as on the business and results of operations of the Company in particular, is expected to be material, and, as conditions are changing rapidly, is difficult to predict. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.
Contacts:
| ASUR<br><br><br>Adolfo Castro<br><br><br>+1-52-55-5284-0408<br><br><br>acastro@asur.com.mx | InspIR Group<br><br><br>Susan Borinelli<br><br><br>+1-646-330-5907<br><br><br>susan@inspirgroup.com |
|---|
- SELECTED OPERATING TABLES & FINANCIAL STATEMENTS FOLLOW –
| ASUR 4Q21 Page 21 of 26 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Passenger Traffic Breakdown by Airport | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| Mexico Passenger Traffic ^1^ | ||||||||||||||||
| Fourth Quarter | % Chg | Twelve - Months | % Chg | |||||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||||||
| Domestic Traffic | 3,112,983 | 4,380,602 | 40.7 | 9,246,112 | 15,057,198 | 62.8 | ||||||||||
| CUN | Cancun | 1,954,143 | 2,538,943 | 29.9 | 5,454,995 | 9,081,354 | 66.5 | |||||||||
| CZM | Cozumel | 23,356 | 52,964 | 126.8 | 69,727 | 174,348 | 150.0 | |||||||||
| HUX | Huatulco | 107,654 | 210,458 | 95.5 | 321,538 | 655,550 | 103.9 | |||||||||
| MID | Merida | 356,945 | 615,344 | 72.4 | 1,213,897 | 1,889,785 | 55.7 | |||||||||
| MTT | Minatitlan | 21,943 | 24,301 | 10.7 | 66,475 | 92,721 | 39.5 | |||||||||
| OAX | Oaxaca | 155,809 | 241,784 | 55.2 | 527,967 | 786,809 | 49.0 | |||||||||
| TAP | Tapachula | 89,405 | 120,474 | 34.8 | 273,727 | 409,730 | 49.7 | |||||||||
| VER | Veracruz | 214,412 | 302,439 | 41.1 | 695,571 | 1,024,610 | 47.3 | |||||||||
| VSA | Villahermosa | 189,316 | 273,895 | 44.7 | 622,215 | 942,291 | 51.4 | |||||||||
| International Traffic | 1,866,949 | 4,424,676 | 137.0 | 7,282,546 | 14,081,243 | 93.4 | ||||||||||
| CUN | Cancun | 1,771,787 | 4,174,845 | 135.6 | 6,804,153 | 13,237,113 | 94.5 | |||||||||
| CZM | Cozumel | 44,360 | 98,169 | 121.3 | 198,563 | 357,327 | 80.0 | |||||||||
| HUX | Huatulco | 2,829 | 17,627 | 523.1 | 81,190 | 36,600 | (54.9 | ) | ||||||||
| MID | Mérida | 17,092 | 52,786 | 208.8 | 83,411 | 189,718 | 127.4 | |||||||||
| MTT | Minatitlan | 1,553 | 1,342 | (13.6 | ) | 3,820 | 5,823 | 52.4 | ||||||||
| OAX | Oaxaca | 16,170 | 44,266 | 173.8 | 62,811 | 127,128 | 102.4 | |||||||||
| TAP | Tapachula | 1,405 | 4,401 | 213.2 | 6,748 | 14,519 | 115.2 | |||||||||
| VER | Veracruz | 7,306 | 19,672 | 169.3 | 25,588 | 78,850 | 208.2 | |||||||||
| VSA | Villahermosa | 4,447 | 11,568 | 160.1 | 16,262 | 34,165 | 110.1 | |||||||||
| Total Traffic México | 4,979,932 | 8,805,278 | 76.8 | 16,528,658 | 29,138,441 | 76.3 | ||||||||||
| CUN | Cancun | 3,725,930 | 6,713,788 | 80.2 | 12,259,148 | 22,318,467 | 82.1 | |||||||||
| CZM | Cozumel | 67,716 | 151,133 | 123.2 | 268,290 | 531,675 | 98.2 | |||||||||
| HUX | Huatulco | 110,483 | 228,085 | 106.4 | 402,728 | 692,150 | 71.9 | |||||||||
| MID | Merida | 374,037 | 668,130 | 78.6 | 1,297,308 | 2,079,503 | 60.3 | |||||||||
| MTT | Minatitlan | 23,496 | 25,643 | 9.1 | 70,295 | 98,544 | 40.2 | |||||||||
| OAX | Oaxaca | 171,979 | 286,050 | 66.3 | 590,778 | 913,937 | 54.7 | |||||||||
| TAP | Tapachula | 90,810 | 124,875 | 37.5 | 280,475 | 424,249 | 51.3 | |||||||||
| VER | Veracruz | 221,718 | 322,111 | 45.3 | 721,159 | 1,103,460 | 53.0 | |||||||||
| VSA | Villahermosa | 193,763 | 285,463 | 47.3 | 638,477 | 976,456 | 52.9 | |||||||||
| US Passenger Traffic, San Juan Airport (LMM) | ||||||||||||||||
| Fourth Quarter | % Chg | Twelve - Months | % Chg | |||||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||||||
| SJU Total ^1^ | 1,339,560 | 2,508,835 | 87.3 | 4,845,353 | 9,684,227 | 99.9 | ||||||||||
| Domestic Traffic | 1,281,830 | 2,326,949 | 81.5 | 4,547,541 | 9,138,875 | 101.0 | ||||||||||
| International Traffic | 57,730 | 181,886 | 215.1 | 297,812 | 545,352 | 83.1 | ||||||||||
| Colombia, Passenger Traffic Airplan | ||||||||||||||||
| Fourth Quarter | % Chg | Twelve - Months | % Chg | |||||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||||||
| Domestic Traffic | 1,213,351 | 3,072,462 | 153.2 | 3,625,324 | 8,984,220 | 147.8 | ||||||||||
| MDE | Medellín (Rio Negro) | 774,120 | 2,215,139 | 186.1 | 2,481,885 | 6,309,014 | 154.2 | |||||||||
| EOH | Medellín | 189,669 | 315,780 | 66.5 | 464,601 | 1,008,756 | 117.1 | |||||||||
| MTR | Montería | 143,325 | 365,612 | 155.1 | 418,044 | 1,098,362 | 162.7 | |||||||||
| APO | Carepa | 37,751 | 70,919 | 87.9 | 90,205 | 224,100 | 148.4 | |||||||||
| UIB | Quibdó | 60,181 | 91,895 | 52.7 | 148,938 | 302,911 | 103.4 | |||||||||
| CZU | Corozal | 8,305 | 13,117 | 57.9 | 21,651 | 41,077 | 89.7 | |||||||||
| International Traffic | 180,356 | 537,269 | 197.9 | 590,111 | 1,545,885 | 162.0 | ||||||||||
| MDE | Medellín (Rio Negro) | 180,356 | 537,269 | 197.9 | 590,111 | 1,545,885 | 162.0 | |||||||||
| EOH | Medellín | |||||||||||||||
| MTR | Montería | |||||||||||||||
| APO | Carepa | |||||||||||||||
| UIB | Quibdó | |||||||||||||||
| CZU | Corozal | |||||||||||||||
| Total Traffic Colombia | 1,393,707 | 3,609,731 | 159.0 | 4,215,435 | 10,530,105 | 149.8 | ||||||||||
| MDE | Medellín (Rio Negro) | 954,476 | 2,752,408 | 188.4 | 3,071,996 | 7,854,899 | 155.7 | |||||||||
| EOH | Medellín | 189,669 | 315,780 | 66.5 | 464,601 | 1,008,756 | 117.1 | |||||||||
| MTR | Montería | 143,325 | 365,612 | 155.1 | 418,044 | 1,098,362 | 162.7 | |||||||||
| APO | Carepa | 37,751 | 70,919 | 87.9 | 90,205 | 224,100 | 148.4 | |||||||||
| UIB | Quibdó | 60,181 | 91,895 | 52.7 | 148,938 | 302,911 | 103.4 | |||||||||
| CZU | Corozal | 8,305 | 13,117 | 57.9 | 21,651 | 41,077 | 89.7 | |||||||||
| ^1^ Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, and SJU include transit passengers and general aviation. | ||||||||||||||||
| ASUR 4Q21 Page 22 of 26 | ||||||||||||||||
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| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||||||||||||
| --- | --- | --- | ||||||||||||||
| Comercial Spaces | ||||||||||||||||
| ASUR Retail and Other Commercial Spaces Opened since December 31, 2020* | ||||||||||||||||
| Business Name | Type | Opening Date | ||||||||||||||
| MEXICO | ||||||||||||||||
| Cancun | ||||||||||||||||
| Alquiladora de vehículos (HERTZ) | Car Rental | February 2021 | ||||||||||||||
| Alquiladora de vehículos (HERTZ) | Car Rental | February 2021 | ||||||||||||||
| Alquiladora de vehículos (HERTZ) | Car Rental | February 2021 | ||||||||||||||
| Alquiladora de vehículos (HERTZ) | Car Rental | February 2021 | ||||||||||||||
| Experiencias xcaret | Other Revenue | March 2021 | ||||||||||||||
| Red Importadora, SA de CV (Gowin) | Retail | Septiember 2021 | ||||||||||||||
| Cozumel | ||||||||||||||||
| Morena Mia Beauty Group | Retail | Septiember 2021 | ||||||||||||||
| Mérida | ||||||||||||||||
| Click mobility (Alamo) | Car Rental | January 2021 | ||||||||||||||
| Turismo Gargo | Car Rental | April 2021 | ||||||||||||||
| SAN JUAN, PUERTO RICO | ||||||||||||||||
| COLOMBIA | ||||||||||||||||
| Rionegro | ||||||||||||||||
| Global Lounge Colombia SAS | Other Revenue | February 2021 | ||||||||||||||
| Globoshops S.A.S. | Retail | February 2021 | ||||||||||||||
| Davivienda S.A | Banks and Foreign Exchange | April 2021 | ||||||||||||||
| Tampa Cargo S.A.S. | Other Revenue | May 2021 | ||||||||||||||
| Aerovias del Continente Americano S.A. Avianca | Other Revenue | May 2021 | ||||||||||||||
| Cosmetika S.A.S. | Retail | July 2021 | ||||||||||||||
| Kuehene & Nagel S.A. | Other Revenue | August 2021 | ||||||||||||||
| Aerovias del Continente Americano S.A. Avianca | Other Revenue | September 2021 | ||||||||||||||
| Aerovias del Continente Americano S.A. Avianca | Other Revenue | September 2021 | ||||||||||||||
| Lasa-Sociedad de Apoyos Aeronauticos | Other Revenue | October 2021 | ||||||||||||||
| Olaya herrera | ||||||||||||||||
| Deparatamento de Antioquia | Other Revenue | January 2021 | ||||||||||||||
| Fondo de Valoración del Municipio de Medellín | Other Revenue | January 2021 | ||||||||||||||
| Aeroinversiones y Negocios S.A.S | Other Revenue | January 2021 | ||||||||||||||
| Lico Distribuciones S.A.S. | Other Revenue | March 2021 | ||||||||||||||
| Moon Flight Services S.A.S | Other Revenue | April 2021 | ||||||||||||||
| Easyfly S. A. | Other Revenue | July 2021 | ||||||||||||||
| Hoteles Regatta S.A.S. | Other Revenue | August 2021 | ||||||||||||||
| Montería | ||||||||||||||||
| Columbus Networks de Colombia S.A.S. | Teleservices | June 2021 | ||||||||||||||
| Corozal | ||||||||||||||||
| Edatel S.A | Teleservices | July 2021 | ||||||||||||||
| Quibdo | ||||||||||||||||
| Easyfly S. A. | Other Revenue | January 2021 | ||||||||||||||
| Carepa | ||||||||||||||||
| Edatel S.A | Teleservices | July 2021 | ||||||||||||||
| Centro de Servicios | ||||||||||||||||
| Inversiones P.G.R S.A.S | Other Revenue | March 2021 | ||||||||||||||
| Estrategia Comercial de Colombia S.A.S. | Retail | March 2021 | ||||||||||||||
| STF Group S.A. | Retail | July 2021 | ||||||||||||||
| * Only includes new stores opened during the period and excludes remodelings or contract renewals. | ||||||||||||||||
| ASUR 4Q21 Page 23 of 26 | ||||||||||||||||
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| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Operating Results per Airport | ||||||||||||||||
| Thousands of Mexican Pesos | ||||||||||||||||
| Item | 4Q20 | 4Q20 Per Workload Unit | 4Q21 | 4Q21 Per Workload Unit | YoY % Chg. | Per Workload Unit YoY % Chg. | ||||||||||
| Mexico | ||||||||||||||||
| Cancun ^1^ | ||||||||||||||||
| Aeronautical Revenues | 693,858 | 183.6 | 1,455,109 | 213.2 | 109.7 | 16.1 | ||||||||||
| Non-Aeronautical Revenues | 596,910 | 157.9 | 1,274,007 | 186.7 | 113.4 | 18.2 | ||||||||||
| Construction Services Revenues | 1,025,361 | 271.3 | 792,600 | 116.1 | (22.7 | ) | (57.2 | ) | ||||||||
| Total Revenues | 2,316,129 | 612.7 | 3,521,716 | 516.0 | 52.1 | (15.8 | ) | |||||||||
| Operating Profit | 659,516 | 174.5 | 1,722,551 | 252.4 | 161.2 | 44.6 | ||||||||||
| EBITDA | 782,464 | 207.0 | 1,857,064 | 272.1 | 137.3 | 31.4 | ||||||||||
| Merida | ||||||||||||||||
| Aeronautical Revenues | 83,397 | 194.9 | 155,166 | 212.3 | 86.1 | 8.9 | ||||||||||
| Non-Aeronautical Revenues | 22,338 | 52.2 | 38,904 | 53.2 | 74.2 | 1.9 | ||||||||||
| Construction Services Revenues | 417,913 | 976.4 | 503,623 | 689.0 | 20.5 | (29.4 | ) | |||||||||
| Other ^2^ | 14 | - | 16 | - | 14.3 | n/a | ||||||||||
| Total Revenues | 523,662 | 1,223.5 | 697,709 | 954.5 | 33.2 | (22.0 | ) | |||||||||
| Operating Profit | 23,795 | 55.6 | 103,057 | 141.0 | 333.1 | 153.6 | ||||||||||
| EBITDA | 36,205 | 84.6 | 118,198 | 161.7 | 226.5 | 91.1 | ||||||||||
| Villahermosa | ||||||||||||||||
| Aeronautical Revenues | 38,190 | 183.6 | 65,213 | 218.1 | 70.8 | 18.8 | ||||||||||
| Non-Aeronautical Revenues | 11,587 | 55.7 | 14,942 | 50.0 | 29.0 | (10.2 | ) | |||||||||
| Construction Services Revenues | 44,687 | 214.8 | 90,306 | 302.0 | 102.1 | 40.6 | ||||||||||
| Other ^2^ | 21 | 0.1 | 21 | 0.1 | - | - | ||||||||||
| Total Revenues | 94,485 | 454.3 | 170,482 | 570.2 | 80.4 | 25.5 | ||||||||||
| Operating Profit | 11,909 | 57.3 | 25,843 | 86.4 | 117.0 | 50.8 | ||||||||||
| EBITDA | 19,996 | 96.1 | 35,231 | 117.8 | 76.2 | 22.6 | ||||||||||
| Other Airports ^3^ | ||||||||||||||||
| Aeronautical Revenues | 142,649 | 202.3 | 269,787 | 232.2 | 89.1 | 14.8 | ||||||||||
| Non-Aeronautical Revenues | 33,949 | 48.2 | 53,728 | 46.2 | 58.3 | (4.1 | ) | |||||||||
| Construction Services Revenues | 251,094 | 356.2 | 546,368 | 470.2 | 117.6 | 32.0 | ||||||||||
| Other ^2^ | 49 | 0.1 | 66 | 0.1 | 34.7 | - | ||||||||||
| Total Revenues | 427,741 | 606.7 | 869,949 | 748.7 | 103.4 | 23.4 | ||||||||||
| Operating Profit | 25,055 | 35.5 | 141,198 | 121.5 | 463.6 | 242.3 | ||||||||||
| EBITDA | 63,135 | 89.6 | 185,681 | 159.8 | 194.1 | 78.3 | ||||||||||
| Holding & Service Companies ^4^ | ||||||||||||||||
| Construction Services Revenues | - | n/a | - | n/a | n/a | n/a | ||||||||||
| Other ^2^ | 304,088 | n/a | 331,583 | n/a | 9.0 | n/a | ||||||||||
| Total Revenues | 304,088 | n/a | 331,583 | n/a | 9.0 | n/a | ||||||||||
| Operating Profit | 106,055 | n/a | 298,383 | n/a | 181.3 | n/a | ||||||||||
| EBITDA | 108,958 | n/a | 296,053 | n/a | 171.7 | n/a | ||||||||||
| Consolidation Adjustment Mexico | ||||||||||||||||
| Consolidation Adjustment | (304,172 | ) | n/a | (331,685 | ) | n/a | 9.0 | n/a | ||||||||
| Total Mexico | ||||||||||||||||
| Aeronautical Revenues | 958,094 | 187.1 | 1,945,275 | 215.7 | 103.0 | 15.3 | ||||||||||
| Non-Aeronautical Revenues | 664,784 | 129.8 | 1,381,581 | 153.2 | 107.8 | 18.0 | ||||||||||
| Construction Services Revenues | 1,739,055 | 339.6 | 1,932,897 | 214.4 | 11.1 | (36.9 | ) | |||||||||
| Total Revenues | 3,361,933 | 656.5 | 5,259,753 | 583.3 | 56.5 | (11.2 | ) | |||||||||
| Operating Profit | 826,330 | 161.4 | 2,291,032 | 254.1 | 177.3 | 57.4 | ||||||||||
| EBITDA | 1,010,758 | 197.4 | 2,492,227 | 276.4 | 146.6 | 40.0 | ||||||||||
| San Juan Puerto Rico, US ^5^ | ||||||||||||||||
| Aeronautical Revenues | 436,126 | n/a | 527,498 | n/a | 21.0 | n/a | ||||||||||
| Non-Aeronautical Revenues | 166,361 | n/a | 358,552 | n/a | 115.5 | n/a | ||||||||||
| Construction Services Revenues | 71,997 | n/a | 90,853 | n/a | 26.2 | n/a | ||||||||||
| Total Revenues | 674,484 | n/a | 976,903 | n/a | 44.8 | n/a | ||||||||||
| Operating Profit | 318,377 | n/a | 270,914 | n/a | (14.9 | ) | n/a | |||||||||
| EBITDA | 257,807 | n/a | 457,018 | n/a | 77.3 | n/a | ||||||||||
| Consolidation Adjustment San Juan | ||||||||||||||||
| Consolidation Adjustment | - | n/a | - | n/a | n/a | n/a | ||||||||||
| Colombia ^6^ | ||||||||||||||||
| Aeronautical Revenues | 141,192 | n/a | 407,736 | n/a | 188.8 | n/a | ||||||||||
| Non-Aeronautical Revenues | 73,222 | n/a | 143,162 | n/a | 95.5 | n/a | ||||||||||
| Construction Services Revenues | 2,827 | n/a | 2,010 | n/a | (28.9 | ) | n/a | |||||||||
| Total Revenues | 217,241 | n/a | 552,908 | n/a | 154.5 | n/a | ||||||||||
| Operating Profit | (40,392 | ) | n/a | 227,500 | n/a | (663.2 | ) | n/a | ||||||||
| EBITDA | 62,373 | n/a | 336,137 | n/a | 438.9 | n/a | ||||||||||
| Consolidation Adjustment Colombia | ||||||||||||||||
| Consolidation Adjustment | - | n/a | - | n/a | n/a | n/a | ||||||||||
| CONSOLIDATED ASUR | ||||||||||||||||
| Aeronautical Revenues | 1,535,412 | n/a | 2,880,509 | n/a | 87.6 | n/a | ||||||||||
| Non-Aeronautical Revenues | 904,367 | n/a | 1,883,295 | n/a | 108.2 | n/a | ||||||||||
| Construction Services Revenues | 1,813,879 | n/a | 2,025,760 | n/a | 11.7 | n/a | ||||||||||
| Total Revenues | 4,253,658 | n/a | 6,789,564 | n/a | 59.6 | n/a | ||||||||||
| Operating Profit | 1,104,315 | n/a | 2,789,446 | n/a | 152.6 | n/a | ||||||||||
| EBITDA | 1,330,938 | n/a | 3,285,382 | n/a | 146.8 | n/a |
^1^ Reflects the results of operations of Cancun Airport and two Cancun Airport Services subsidiaries on a consolidated basis.
^2^Reflects revenues under intercompany agreements which are eliminated in the consolidation adjustment.
^3^Reflects the results of operations of ASUR´s airports located in Cozumel, Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz.
^4^Reflects the results of operations of ASUR´s parent holding company and its services subsidiaries. Because none of these entities hold the concessions for its airports, ASUR does not report workload unit data for theses entities.
^5^Reflects the results of operation of San Juan Airport, Puerto Rico, U.S. for 4Q21.
^6^Reflects the results of operation of Airplan, Colombia, for 4Q21.
| ASUR 4Q21 Page 24 of 26 | ||||||||||||||||||
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| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||
| Consolidated Statements of Financial Position as of December 31, 2021 and 2020 | ||||||||||||||||||
| Thousands of Mexican Pesos | ||||||||||||||||||
| Item | December 2021 | December 2020 | Variation | % Change | ||||||||||||||
| Assets | ||||||||||||||||||
| Current Assets | ||||||||||||||||||
| Cash and Cash Equivalents | 8,770,062 | 5,192,628 | 3,577,434 | 68.9 | ||||||||||||||
| Cash and Cash Equivalents Restricted | 123,081 | 5,055 | 118,026 | 2,334.8 | ||||||||||||||
| Accounts Receivable, net | 1,878,238 | 1,358,227 | 520,011 | 38.3 | ||||||||||||||
| Recoverable Taxes and Other Current Assets | 781,933 | 1,160,139 | (378,206 | ) | (32.6 | ) | ||||||||||||
| Total Current Assets | 11,553,314 | 7,716,049 | 3,837,265 | 49.7 | ||||||||||||||
| Non Current Assets | ||||||||||||||||||
| Machinery, Furniture and Equipment, Net | 184,590 | 504,385 | (319,795 | ) | (63.4 | ) | ||||||||||||
| Intangible assets, airport concessions and Goodwill-Net | 53,973,349 | 52,182,311 | 1,791,038 | 3.4 | ||||||||||||||
| Documents Receivable | 108,786 | 108,786 | n/a | |||||||||||||||
| Investment in Joint Venture | 10,689 | 8,466 | 2,223 | 26.3 | ||||||||||||||
| Total Assets | 65,830,728 | 60,411,211 | 5,419,517 | 9.0 | ||||||||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||||||
| Current Liabilities | ||||||||||||||||||
| Trade Accounts Payable | 290,689 | 353,886 | (63,197 | ) | (17.9 | ) | ||||||||||||
| Bank Loans and Short Term Debt | 578,144 | 1,138,750 | (560,606 | ) | (49.2 | ) | ||||||||||||
| Accrued Expenses and Others Payables | 2,917,565 | 1,274,451 | 1,643,114 | 128.9 | ||||||||||||||
| Total Current Liabilities | 3,786,398 | 2,767,087 | 1,019,311 | 36.8 | ||||||||||||||
| Long Term Liabilities | ||||||||||||||||||
| Bank Loans | 6,603,006 | 6,119,655 | 483,351 | 7.9 | ||||||||||||||
| Long Term Debt | 6,598,397 | 6,641,941 | (43,544 | ) | (0.7 | ) | ||||||||||||
| Deferred Income Taxes | 3,044,632 | 3,165,145 | (120,513 | ) | (3.8 | ) | ||||||||||||
| Employee Benefits | 28,239 | 24,177 | 4,062 | 16.8 | ||||||||||||||
| Total Long Term Liabilities | 16,274,274 | 15,950,918 | 323,356 | 2.0 | ||||||||||||||
| Total Liabilities | 20,060,672 | 18,718,005 | 1,342,667 | 7.2 | ||||||||||||||
| Stockholders' Equity | ||||||||||||||||||
| Capital Stock | 7,767,276 | 7,767,276 | - | - | ||||||||||||||
| Legal Reserve | 1,989,535 | 1,890,659 | 98,876 | 5.2 | ||||||||||||||
| Mayority Net Income for the Period | 5,983,747 | 1,972,319 | 4,011,428 | 203.4 | ||||||||||||||
| Cumulative Effect of Conversion of Foreign Currency | 313,582 | 321,867 | (8,285 | ) | (2.6 | ) | ||||||||||||
| Retained Earnings | 21,122,411 | 21,713,863 | (591,452 | ) | (2.7 | ) | ||||||||||||
| Non-Controlling interests | 8,593,505 | 8,027,222 | 566,283 | 7.1 | ||||||||||||||
| Total Stockholders' Equity | 45,770,056 | 41,693,206 | 4,076,850 | 9.8 | ||||||||||||||
| Total Liabilities and Stockholders' Equity | 65,830,728 | 60,411,211 | 5,419,517 | 9.0 | ||||||||||||||
| Exchange Rate per Dollar Ps. 20.4672 | ||||||||||||||||||
| ASUR 4Q21 Page 25 of 26 | ||||||||||||||||||
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| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consolidated Statement of Income from January 1 to December 31, 2021 and 2020 | ||||||||||||||||||
| Thousands of Mexican Pesos | ||||||||||||||||||
| Item | 12M | 12M | % | 4Q | 4Q | % | ||||||||||||
| 2020 | 2021 | Chg | 2020 | 2021 | Chg | |||||||||||||
| Revenues | ||||||||||||||||||
| Aeronautical Services | 5,412,418 | 9,408,599 | 73.8 | 1,535,412 | 2,880,509 | 87.6 | ||||||||||||
| Non-Aeronautical Services | 3,555,227 | 6,229,896 | 75.2 | 904,367 | 1,883,295 | 108.2 | ||||||||||||
| Construction Services | 3,657,086 | 3,146,166 | (14.0 | ) | 1,813,879 | 2,025,760 | 11.7 | |||||||||||
| Total Revenues | 12,624,731 | 18,784,661 | 48.8 | 4,253,658 | 6,789,564 | 59.6 | ||||||||||||
| Operating Expenses | ||||||||||||||||||
| Cost of Services | 2,968,573 | 3,381,720 | 13.9 | 626,335 | 999,141 | 59.5 | ||||||||||||
| Cost of Construction | 3,657,086 | 3,146,166 | (14.0 | ) | 1,813,879 | 2,025,760 | 11.7 | |||||||||||
| General and Administrative Expenses | 232,935 | 263,156 | 13.0 | 57,807 | 56,895 | (1.6 | ) | |||||||||||
| Technical Assistance | 178,697 | 394,541 | 120.8 | 54,047 | 127,175 | 135.3 | ||||||||||||
| Concession Fee | 535,379 | 948,062 | 77.1 | 144,777 | 295,981 | 104.4 | ||||||||||||
| Depreciation and Amortization | 1,934,766 | 1,993,342 | 3.0 | 452,498 | 495,166 | 9.4 | ||||||||||||
| Total Operating Expenses | 9,507,436 | 10,126,987 | 6.5 | 3,149,343 | 4,000,118 | 27.0 | ||||||||||||
| Other Revenues | 158,881 | n/a | ||||||||||||||||
| Operating Income | 3,276,176 | 8,657,674 | 164.3 | 1,104,315 | 2,789,446 | 152.6 | ||||||||||||
| Comprehensive Financing Cost | (418,866 | ) | (531,639 | ) | 26.9 | (359,224 | ) | (156,030 | ) | (56.6 | ) | |||||||
| Income from Results of Joint Venture Accounted by the Equity Method | (1,618 | ) | n/a | |||||||||||||||
| Income Before Income Taxes | 2,855,692 | 8,126,035 | 184.6 | 745,091 | 2,633,416 | 253.4 | ||||||||||||
| Provision for Income Tax | 634,371 | 1,824,779 | 187.7 | 146,148 | 628,530 | 330.1 | ||||||||||||
| Deferred Income Taxes | 94,784 | (96,272 | ) | (201.6 | ) | 18,872 | (67,297 | ) | (456.6 | ) | ||||||||
| Net Income for the Year | 2,126,537 | 6,397,528 | 200.8 | 580,071 | 2,072,183 | 257.2 | ||||||||||||
| Majority Net Income | 1,972,319 | 5,983,747 | 203.4 | 503,077 | 2,013,123 | 300.2 | ||||||||||||
| Non-Controlling Interests | 154,218 | 413,781 | 168.3 | 76,994 | 59,060 | (23.3 | ) | |||||||||||
| Earning per Share | 6.5744 | 19.9458 | 203.4 | 1.6769 | 6.7104 | 300.2 | ||||||||||||
| Earning per American Depositary Share (in U.S. Dollars) | 3.2122 | 9.7453 | 203.4 | 0.8193 | 3.2786 | 300.2 | ||||||||||||
| Exchange Rate per Dollar Ps. 20.4672 | ||||||||||||||||||
| ASUR 4Q21 Page 26 of 26 | ||||||||||||||||||
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| Consolidated Statement of Cash flow for the periods of January 1, to December 31, 2021 an 2020 | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Thousands of Mexican Pesos | ||||||||||||||||||
| Item | 12M | 12M | % | 4Q | 4Q | % | ||||||||||||
| 2020 | 2021 | Chg | 2020 | 2021 | Chg | |||||||||||||
| Operating Activities | ||||||||||||||||||
| Income Before Income Taxes | 2,855,692 | 8,126,035 | 184.6 | 745,091 | 2,633,416 | 253.4 | ||||||||||||
| Depreciation and Amortization | 1,934,766 | 1,993,342 | 3.0 | 452,498 | 495,166 | 9.4 | ||||||||||||
| Income from Results of Joint Venture Accounted by the Equity Method | 1,618 | n/a | ||||||||||||||||
| Interest Income | (262,370 | ) | (202,146 | ) | (23.0 | ) | (42,031 | ) | (66,826 | ) | 59.0 | |||||||
| Interest Payables | 926,312 | 842,386 | (9.1 | ) | 210,112 | 223,978 | 6.6 | |||||||||||
| Foreign Exchange Gain (Loss), Net Unearned | (66,574 | ) | (59,974 | ) | (9.9 | ) | (2,278 | ) | (59,974 | ) | 2,532.7 | |||||||
| Sub-Total | 5,389,444 | 10,699,643 | 98.5 | 1,363,392 | 3,225,760 | 136.6 | ||||||||||||
| Trade Receivables | (452,636 | ) | (760,499 | ) | 68.0 | (472,124 | ) | (427,321 | ) | (9.5 | ) | |||||||
| Recoverable Taxes and other Current Assets | (128,348 | ) | (308,953 | ) | 140.7 | 88,755 | (404,281 | ) | (555.5 | ) | ||||||||
| Income Tax Paid | (1,540,196 | ) | (869,409 | ) | (43.6 | ) | (239,981 | ) | (204,032 | ) | (15.0 | ) | ||||||
| Trade Accounts Payable | (331,121 | ) | 1,502,387 | n/a | 95,642 | 607,016 | 534.7 | |||||||||||
| Net Cash Flow Provided by Operating Activities | 2,937,143 | 10,263,169 | 249.4 | 835,684 | 2,797,142 | 234.7 | ||||||||||||
| Investing Activities | ||||||||||||||||||
| Investments in Joint Venture | (10,556 | ) | n/a | |||||||||||||||
| Loans granted to Third Parties | (105,000 | ) | n/a | |||||||||||||||
| Proceeds for Cancellation of Land Acquisition Contract | 286,283 | n/a | ||||||||||||||||
| Restricted Cash | 189,474 | (118,202 | ) | n/a | 39,375 | (110,116 | ) | n/a | ||||||||||
| Investments in Machinery, Furniture and Equipment, Net | (3,328,560 | ) | (3,676,719 | ) | 10.5 | (1,526,747 | ) | (2,258,235 | ) | 47.9 | ||||||||
| Interest Income | 273,642 | 201,842 | (26.2 | ) | 56,380 | 65,627 | 16.4 | |||||||||||
| Net Cash Flow used by Investing Activities | (2,876,000 | ) | (3,411,796 | ) | 18.6 | (1,430,992 | ) | (2,302,724 | ) | 60.9 | ||||||||
| Excess Cash to Use in Financing Activities | 61,143 | 6,851,373 | 11,105.5 | (595,308 | ) | 494,418 | n/a | |||||||||||
| Bank Loans | 66,958 | 4,650,000 | 6,844.7 | 2,000,000 | n/a | |||||||||||||
| Bank Loans Paid | (20,000 | ) | (1,980,000 | ) | 9,800.0 | (20,000 | ) | (1,960,000 | ) | 9,700.0 | ||||||||
| Long Term Debt Paid | (226,275 | ) | (2,608,425 | ) | 1,052.8 | (76,691 | ) | (248,871 | ) | 224.5 | ||||||||
| Interest Paid | (962,993 | ) | (908,698 | ) | (5.6 | ) | (106,650 | ) | (127,598 | ) | 19.6 | |||||||
| Dividends Paid | (2,463,000 | ) | n/a | (2,463,000 | ) | n/a | ||||||||||||
| Net Cash Flow used by Financing Activities | (1,142,310 | ) | (3,310,123 | ) | 189.8 | (203,341 | ) | (2,799,469 | ) | 1,276.7 | ||||||||
| Net Increase in Cash and Cash Equivalents | (1,081,167 | ) | 3,541,250 | n/a | (798,649 | ) | (2,305,051 | ) | 188.6 | |||||||||
| Cash and Cash Equivalents at Beginning of Period | 6,192,679 | 5,192,628 | (16.1 | ) | 6,012,747 | 11,042,598 | 83.7 | |||||||||||
| Exchange Gain on Cash and Cash Equivalents | 81,116 | 36,184 | (55.4 | ) | (21,470 | ) | 32,515 | n/a | ||||||||||
| Cash and Cash Equivalents at End of Period | 5,192,628 | 8,770,062 | 68.9 | 5,192,628 | 8,770,062 | 68.9 | ||||||||||||
| ASUR 4Q21 Page 27 of 26 | ||||||||||||||||||
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