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 April 2024
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 <br> x | Form 40-F ¨ |
|---|
(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
| Yes ¨ | No x |
|---|
(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | |
|---|---|
| By: | /s/ ADOLFO CASTRO RIVAS |
| Adolfo Castro Rivas | |
| Chief Executive Officer |
Date: April 22, 2024
Exhibit99.1

ASURReports 1Q24 Financial Results
Total passenger traffic in 1Q24 increased 3.9% YoY
Mexico City,April 22, 2024 – Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), a leading international airport group with operations in Mexico, the U.S., and Colombia, today announced results for the three-month period ended March 31, 2024.
1Q24Highlights^1^
| · | Total<br> passenger traffic increased 3.9% year-over-year. By country of operations, passenger traffic<br> showed the following YoY variations: | ||
|---|---|---|---|
| · | Mexico:<br> increased by 3.8%, reflecting growth of 9.4% in international traffic partially offset by<br> a decline of 3.5% in domestic traffic. | ||
| --- | --- | ||
| · | Puerto<br> Rico (Aerostar): increased by 12.2%, resulting from increases of 11.1% and 23.0% in domestic<br> and international traffic, respectively. | ||
| --- | --- | ||
| · | Colombia<br> (Airplan): decreased 2.1%, a 6.7% decline in domestic traffic mainly driven by the suspension<br> of operations of Viva Air and Ultra Air in 1Q23, partially offset by an 18.6% increase in<br> international traffic. | ||
| --- | --- | ||
| · | Revenues<br> increased 15.3% YoY to Ps.7,434.9 million. Excluding construction revenue, revenues increased<br> 13.9% compared to 1Q23. | ||
| --- | --- | ||
| · | Consolidated<br> commercial revenue per passenger increased YoY to Ps.124.9. | ||
| --- | --- | ||
| Table 1: Financial & Operational Highlights ^1^ | |||
| --- | --- | --- | --- |
| First Quarter | % Chg | ||
| 2023 | 2024 | ||
| Financial Highlights | |||
| Total Revenue | 6,449,409 | 7,434,907 | 15.3 |
| Mexico | 4,775,146 | 5,646,112 | 18.2 |
| San<br> Juan | 1,010,943 | 1,033,582 | 2.2 |
| Colombia | 663,320 | 755,213 | 13.9 |
| Commercial Revenues per PAX | 123.2 | 124.9 | 1.4 |
| Mexico | 147.0 | 145.3 | (1.2) |
| San<br> Juan | 144.7 | 141.8 | (2.0) |
| Colombia | 42.3 | 50.2 | 18.7 |
| EBITDA | 4,530,402 | 5,122,940 | 13.1 |
| Net<br> Income | 2,602,245 | 3,186,754 | 22.5 |
| Majority Net Income | 2,512,362 | 3,082,091 | 22.7 |
| Earnings<br> per Share (in pesos) | 8.3745 | 10.2736 | 22.7 |
| Earnings<br> per ADS (in US$) | 5.0656 | 6.2143 | 22.7 |
| Capex | 142,994 | 182,584 | 27.7 |
| Cash &<br> Cash Equivalents | 15,108,235 | 16,822,986 | 11.3 |
| Net<br> Debt | (1,593,945) | (5,073,921) | 218.3 |
| Net<br> Debt/ LTM EBITDA | (0.1) | (0.3) | 207.7 |
| Operational Highlights | |||
| Passenger<br> Traffic | |||
| Mexico | 11,073,291 | 11,496,410 | 3.8 |
| San<br> Juan | 2,907,038 | 3,261,896 | 12.2 |
| Colombia | 3,885,317 | 3,804,230 | (2.1) |
| · | Consolidated<br> EBITDA increased 13.1% YoY to Ps.5,122.9 million. | ||
| --- | --- | ||
| · | Adjusted<br> EBITDA margin (excluding the effect of IFRIC 12) at 71.4% from 71.9% in 1Q23. | ||
| --- | --- | ||
| · | Cash<br> and equivalents at year-end of Ps.16,822.9 million with Net Debt to EBITDA LTM at negative 0.3x. | ||
| --- | --- | ||
| · | On<br> April 15, 2024, ASUR published its Sustainability Report 2023, filed its Annual Report<br> 2023 in Form 20-F with the US S.E.C and the Circular Unica 2023 with the Mexican Stock<br> Exchange and regulator. | ||
| --- | --- |
1Q24 EarningsCall
**Day:**Tuesday, April 23, 2024, at 10:00 AM ET; 8:00 AM Mexico City time
**Dial-in:**1-877-407-4018 (Toll-Free) and 1-201-689-8471 (International)
**Access Code:**13745942
Replay: Tuesday, April 23, 2024, at 2:00 PM ET, ending at 11:59 PM ET on Tuesday, April 30, 2024. Dial-in: 1-844-512-2921 (Toll-Free); 1-412-317-6671 (International). Access Code: 13745942
^1^Unless otherwise stated, all financial figures discussed in this press release are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS), and represent comparisons between the three-month period ended March 31, 2024, and the equivalent three-month period ended March 31, 2023. All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of Mexican pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Mexican Ps. 16.5323 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP.232.6400 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 18 of this report.
PassengerTraffic
ASUR 1Q24 Page 1 of 25
During 1Q24, ASUR's total passenger traffic increased 3.9% year-over-year to 18.6 million.
Total passenger traffic in Mexico increased 3.8% year-over-year to 11.5 million in 1Q24, driven by increases of 9.4% in international traffic, partially offset by a decrease of 3.5% in domestic traffic.
In Puerto Rico, total passenger traffic increased 12.2% year-over-year to 3.3 million in 1Q24, mainly driven by increases of 11.1% in domestic traffic and 23.0% in international traffic.
Total passenger traffic in Colombia for 1Q24 declined 2.1% year-over-year to 3.8 million passengers, driven by a 6.7% decrease in domestic traffic, mainly due to the suspension of Viva Air and Ultra Air operations since 1Q23. International traffic increased by 18.6% in the period.
On page 20 of this report, you will find the tables with detailed information on passenger traffic for each airport.
| Table 2: Passenger Traffic Summary | |||
|---|---|---|---|
| First Quarter | % Chg | ||
| 2023 | 2024 | ||
| Total México | 11,073,291 | 11,496,410 | 3.8 |
| -<br> Cancun | 8,484,698 | 8,730,091 | 2.9 |
| -<br> 8 Other Airports | 2,588,593 | 2,766,319 | 6.9 |
| Domestic Traffic | 4,784,188 | 4,615,085 | (3.5) |
| -<br> Cancun | 2,596,480 | 2,319,681 | (10.7) |
| -<br> 8 Other Airports | 2,187,708 | 2,295,404 | 4.9 |
| International Traffic | 6,289,103 | 6,881,325 | 9.4 |
| -<br> Cancun | 5,888,218 | 6,410,410 | 8.9 |
| -<br> 8 Other Airports | 400,885 | 470,915 | 17.5 |
| Total San Juan, Puerto Rico | 2,907,038 | 3,261,896 | 12.2 |
| Domestic<br> Traffic | 2,641,929 | 2,935,940 | 11.1 |
| International<br> Traffic | 265,109 | 325,956 | 23.0 |
| Total Colombia | 3,885,317 | 3,804,230 | (2.1) |
| Domestic<br> Traffic | 3,176,155 | 2,963,460 | (6.7) |
| International<br> Traffic | 709,162 | 840,770 | 18.6 |
| Total Traffic | 17,865,646 | 18,562,536 | 3.9 |
| Domestic<br> Traffic | 10,602,272 | 10,514,485 | (0.8) |
| International<br> Traffic | 7,263,374 | 8,048,053 | 10.8 |
| Note:<br> Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, while Puerto Rico includes transit passengers<br> and general aviation. |
Table3: % YoY Change in Passenger Traffic 2024 & 2023
| Region | January | February | March | Total |
|---|---|---|---|---|
| México | 2.6% | 5.7% | 3.4% | 3.8% |
| Domestic<br> Traffic | (2.2%) | (1.3%) | (6.8%) | (3.5%) |
| International<br> Traffic | 6.3% | 10.9% | 11.1% | 9.4% |
| Puerto Rico | 8.2% | 12.6% | 16.0% | 12.2% |
| Domestic<br> Traffic | 6.7% | 12.0% | 14.9% | 11.1% |
| International<br> Traffic | 23.1% | 17.9% | 27.1% | 23.0% |
| Colombia | (10.1%) | (3.4%) | 9.4% | (2.1%) |
| Domestic<br> Traffic | (14.1%) | (7.8%) | 3.6% | (6.7%) |
| International<br> Traffic | 6.6% | 16.9% | 37.7% | 18.6% |
| Total | 0.5% | 4.8% | 6.6% | 3.9% |
| Domestic<br> Traffic | (3.7%) | (0.1%) | 1.6% | (0.8%) |
| International<br> Traffic | 6.9% | 11.7% | 13.9% | 10.8% |
ASUR 1Q24 Page 2 of 25
SustainabilityUpdate
On April 15, 2024, ASUR published its Sustainability Report 2023 outlining the Company’s initiatives that contribute to the specific targets of the 13 Sustainable Development Goals. The report was prepared in accordance with GRI standards and the specific sector supplement for airport operators, and also addresses the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and covers the indicators of the Sustainability Accounting Standards Board (SASB) applicable to the professional and commercial services sector.
ASUR maintains a diverse and independent board of directors made up of 11 members, of whom three are women. In 2022, the Sustainability Committee was created, which reports directly to the Board of Directors. The Chairwoman of the Sustainability Committee is a member of the Board of Directors. At the operational level, sustainability and social responsibility activities are the responsibility of the Strategic Planning and Corporate Governance Department.
Key 2023 initiatives include:
Governance
| · | Implemented<br> ASUR’s Sustainable Development Policy, which contains the Company’s principles<br> and guidelines for action regarding environmental protection, social justice, and economic<br> prosperity. |
|---|---|
| · | Implemented<br> its Equality, Diversity, and Inclusion Policy. |
| --- | --- |
| · | Incorporated<br> sustainable development principles into the mission, vision and values of the Company. |
| --- | --- |
| · | Introduced<br> a series of additional procedures and policies related to cybersecurity to continue<br> improving the management of potential issues and guaranteeing the integrity of the relevant<br> information for stakeholders. |
| --- | --- |
Environmental
| · | Reduced<br> net water consumption by 12% YoY. |
|---|---|
| · | Achieved<br> a 4% YoY reduction in carbon intensity of operations in Mexico. |
| --- | --- |
| · | Formally<br> committed to the Science Based Targets initiative, setting emissions objectives for<br> net-zero. |
| --- | --- |
| · | ASUR’s<br> nine Mexican airports advanced to level-2 under the Airport Carbon Accreditation certification<br> program, which requires a reduction in greenhouse gas (GHG) emissions compared to the baseline;<br> its airport in Puerto Rico also achieved level 1, with the creation and measurement of its<br> GHG inventory. |
| --- | --- |
| · | Began<br> involving suppliers and contractors in its value chain, in accordance with the guidelines<br> of the US Environmental Protection Agency, regarding the scope-3 emissions in ASUR’s<br> 16 airports. Expect to have this process completed by 2025. |
| --- | --- |
| · | Started<br> to build alliances with research institutions to collaborate on various projects focusing<br> on habitat conservation and restoration, as well as environmental education. |
| --- | --- |
Social
| · | In<br> terms of human rights, in alliance with other organizations in the aviation industry,<br> the Company has begun working on a program to prevent human trafficking in its airports.<br> ASUR is the first airport group in Mexico to have joined such initiatives. |
|---|---|
| · | Started<br> reporting the results of its social investment program in communities in the southeast<br> of Mexico which aims to support economic inclusion through sustainable tourism and environmental<br> conservation. |
| --- | --- |
| ASUR 1Q24 Page 3 of 25 | |
| --- |
Reviewof Consolidated Results
| Table 4: Summary of Consolidated Results | |||
|---|---|---|---|
| **** | First Quarter | % Chg | |
| **** | 2023 | 2024 | |
| Total Revenues | 6,449,409 | 7,434,907 | 15.3 |
| Aeronautical Services | 3,877,418 | 4,643,637 | 19.8 |
| Non-Aeronautical Services | 2,422,612 | 2,534,837 | 4.6 |
| Total Revenues Excluding Construction Revenues | 6,300,030 | 7,178,474 | 13.9 |
| Construction Revenues | 149,379 | 256,433 | 71.7 |
| Total Operating Costs & Expenses | 2,435,758 | 2,855,684 | 17.2 |
| Other Revenues | 0 | 0 | 0.0 |
| Operating Profit | 4,013,651 | 4,579,223 | 14.1 |
| Operating Margin | 62.2% | 61.6% | (64 bps) |
| Adjusted Operating Margin ^1^ | 63.7% | 63.8% | 8 bps |
| EBITDA | 4,530,402 | 5,122,940 | 13.1 |
| EBITDA Margin | 70.2% | 68.9% | (34 bps) |
| Adjusted EBITDA Margin ^2^ | 71.9% | 71.4% | (55 bps) |
| Net income | 2,602,245 | 3,186,754 | 22.5 |
| Net majority income | 2,512,362 | 3,082,091 | 22.7 |
| Earnings per Share | 8.3745 | 10.2736 | 22.7 |
| Earnings per ADS in US$ | 5.0656 | 6.2143 | 22.7 |
| Total Commercial Revenues per Passenger ^3^ | 123.2 | 124.9 | 1.4 |
| Commercial Revenues | 2,228,375 | 2,336,434 | 4.8 |
| Commercial Revenues from Direct Operations per Passenger ^4^ | 24.1 | 23.8 | (1.1) |
| Commercial Revenues Excl. Direct Operations per Passenger | 99.1 | 101.1 | 2.0 |
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 and Colombia.
4 Represents ASUR´s operations in convenience stores
ConsolidatedRevenues
ConsolidatedRevenues increased 15.3% year-over-year, or Ps.985.5 million, to Ps.7,434.9 million, mainly due to the following variations:
| · | A<br> 71.7%, or Ps.107.0 million, year-over-year increase in construction services revenues to<br> Ps.256.4 million, principally in Mexico, |
|---|---|
| · | A<br> 19.8% increase in revenues from aeronautical services to Ps.4,643.6 million. Mexico contributed<br> Ps.3,585.5 million, while Puerto Rico and Colombia accounted for Ps.502.6 million and Ps.555.5<br> million, respectively; and |
| --- | --- |
| · | A<br> 4.6% increase in revenues from non-aeronautical services to Ps.2,534.8 million. Mexico contributed<br> Ps.1,874.1 million, while Puerto Rico and Colombia accounted for Ps.464.7 million and Ps.196.0<br> million, respectively. |
| --- | --- |
Excluding revenues from construction services, for which an equivalent expense is recorded under IFRS accounting standards, total revenues would have increased 13.9% year-over-year to Ps.7,178.5 million.
Excluding revenues from construction services, Mexico represented 76.1% of ASUR´s total revenues in 1Q24, while Puerto Rico and Colombia represented 13.5% and 10.4%, respectively.
CommercialRevenues in 1Q24 increased 4.8% YoY to Ps.2,336.4 million, mainly reflecting the 3.9% increase in passenger traffic (including transit and general aviation passengers). Commercial revenue growth was driven by increases of 2.6% to Ps.1,678.4 million in Mexico, 10.0% to Ps.462.6 million in Puerto Rico and 13.9% to Ps.195.4 million in Colombia.
CommercialRevenues per Passenger increased YoY to Ps.124.9 in 1Q24, from Ps.123.2 in 1Q23.
| ASUR<br> 1Q24 Page 4 of 25 |
|---|
ConsolidatedOperating Costs and Expenses
ConsolidatedOperating Costs and Expenses, including construction costs, increased 17.2% year-over-year, or Ps.419.9 million, to Ps.2,855.7 million in 1Q24.
Excluding construction costs, operating costs and expenses increased 13.7%, or Ps.312.9 million, due to the following factors:
| · | Mexico:<br> increased 19.2%, or Ps.260.0 million, mainly due to higher costs in connection to personnel,<br> concession fees, security and cleaning services, maintenance and conservation, professional<br> fees together with higher energy costs, taxes and duties. |
|---|---|
| · | Puerto<br> Rico: declined 0.4%, or Ps.2.3 million, mainly due to a 6.9% YoY decline in depreciation<br> and amortization resulting from the foreign exchange translation impact and the reversal<br> of provisions associated with employee benefits, partially offset by increases in concession<br> fees, professional fees and materials and supplies. |
| --- | --- |
| · | Colombia:<br> increased 16.6%, or Ps.55.1 million, mainly due to increases in maintenance and conservation,<br> personnel costs, taxes and duties, security and cleaning services, insurance and bonds, energy<br> costs and concession fees. |
| --- | --- |
Costof Services increased 9.4%, or Ps.105.7 million, year-over-year mainly due to increases in personnel costs, surveillance and cleaning services, maintenance and conservation, professional fees, insurance and bonds, higher cost of revenues from concession stores operated directly by ASUR, electric energy and taxes and duties.
ConstructionCosts increased 71.7% YoY, or Ps.107.0 million. This was mainly driven by a year-over-year increase of 123.4%, or Ps.103.0 million, in construction costs in Mexico, and 10.7%, or Ps.6.4 million, in Puerto Rico, partially offset by a decrease of 39.1%, Ps.2.4 million, in construction costs in Colombia.
AdministrativeExpenses that reflect administrative costs in Mexico increased 2.3% year-over-year.
ConsolidatedTechnical Assistance decreased by 44.1% year-on-year, as the technical assistance fee decreased from 5% to 2.5% as of January 1, 2024.
ConcessionFees increased 69.5% YoY, on a consolidated basis principally due to increases of 117.5% in Mexico due to an increase in the concession fee from 5% to 9% as of January 1, 2024, and 14.8% in Colombia as a result of higher regulated and unregulated revenues, and 1.4% in Puerto Rico.
Depreciationand Amortization increased 5.2% YoY, or Ps.27.0 million, principally due to an increase of 12.9%, or Ps.32.9 million in Mexico and 6.3%, or Ps.5.7 million in Colombia, partially offset by a decrease of 6.9%, or Ps.11.7 million, in Puerto Rico.
ConsolidatedOperating Profit and EBITDA
ASUR reported a Consolidated Operating Profit of Ps.4,579.2 million in 1Q24, representing an operating margin of 61.6%, compared to Ps.4,013.6 million and an operating margin of 62.2% in 1Q23.
AdjustedOperating Margin was 63.8% in 1Q24 compared to 63.7% in 1Q23. Adjusted Operating Margin excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Colombia, and Puerto Rico, which is calculated as operating profit or loss divided by total revenue minus revenue from construction services.
EBITDAincreased 13.1%, or Ps.592.5 million, to Ps.5,122.9 million in 1Q24, from Ps.4,530.4 million in 1Q23. By country of operations, EBITDA increased by 15.0% or Ps.540.9 million to Ps.4,134.9 million in Mexico, and 1.3%, or Ps.6.8 million, to Ps.527.0 million in Puerto Rico and 10.8%, or Ps.44.9 million, to Ps.461.0 million in Colombia.
ConsolidatedEBITDA margin in 1Q24 was 68.9% compared to 70.2% in 1Q23.
AdjustedEBITDA 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 71.4% in 1Q24, compared to 71.9% in 1Q23.
| ASUR 1Q24 Page 5 of 25 |
|---|
ConsolidatedComprehensive Financing Gain (Loss)
| Table 5: Consolidated Comprehensive Financing Gain (Loss) | |||
|---|---|---|---|
| First Quarter | % Chg | ||
| 2023 | 2024 | ||
| Interest Income | 265,060 | 409,725 | 54.6 |
| Interest Expense | (305,992) | (255,402) | (16.5) |
| Foreign Exchange Gain (Loss), Net | (486,908) | (196,365) | (59.7) |
| Total | (527,840) | (42,042) | (92.0) |
In 1Q24 ASUR reported a Ps.42.0 million Consolidated Comprehensive Financing Loss, compared to a Ps.527.8 million loss in 1Q23. This variation is mainly attributed to an increase of 54.6%, or Ps.144.7 million in interest income reflecting a higher cash balance position, combined with a 16.5% decline, or Ps.50.6 million in interest expenses resulting from principal payments in Mexico and Puerto Rico.
During 1Q24 ASUR reported a foreign exchange loss of Ps.196.4 million, resulting from the 2.3% quarter-end appreciation of the Mexican peso against the U.S. dollar on a U.S. dollar net asset position (0.3% average depreciation) during the covered period. This compared to a Ps.486.9 million foreign exchange loss in 1Q23 resulting from the 7.3% quarter-end appreciation of the Mexican peso against the U.S. dollar on a U.S. dollar net asset position (4.1% average appreciation) during the covered period.
IncomeTaxes
IncomeTaxes for 1Q24 increased Ps.464.2 million YoY, principally due to the following variations:
| · | A<br> Ps.318.8 million increase in income taxes, mainly due to a higher taxable income base in<br> Mexico. |
|---|---|
| · | A<br> Ps.145.4 million increase in deferred income taxes, mainly in Mexico, resulting from the<br> initial recognition of deferred income tax on untaxed accumulated profits from investments<br> in Puerto Rico and Colombia. |
| --- | --- |
MajorityNet Income
ASUR reported Majority Net Income of Ps.3,082.1 million in 1Q24, compared to Ps.2,512.4 million in 1Q23. This resulted in earnings per common share in 1Q24 of Ps.10.2736, or earnings per ADS of US$6.2143 (one ADS represents ten series B common shares). This compared to earnings per share of Ps.8.3745, or earnings per ADS of US$5.0656 for 1Q23.
NetIncome
ASUR reported Net Income of Ps.3,186.7 million in 1Q24, an increase of 22.5%, or Ps.584.5 million, from Ps.2,602 million in 1Q23.
ConsolidatedFinancial Position
Airport concessions represented 66.4% of ASUR’s total assets as of March 31, 2024, with current assets representing 30.5% and other assets 3.1%.
As of March 31, 2024, cash and cash equivalents amounted to Ps.16,823.0 million, a 21.3% increase from Ps.13,872.9 million as of March 31, 2023. Cash and cash equivalents in Mexico, Colombia and Puerto Rico amounted to Ps.12,392.5 million, Ps.2,840.4 million and Ps.1.590.1 million, respectively.
As of March 31, 2024, the valuation of ASUR’s investment in Aerostar in accordance with IFRS 3 "Business Combinations," had the following effects on its balance sheet: (i) the recognition of a net intangible asset of Ps.4,331.5 million, (ii) goodwill of Ps.789.8 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.435.9 million, and (iv) a minority interest of Ps.4,716.6 million in stockholders' equity.
As of March 31, 2024, the valuation of ASUR’s investment in Airplan, 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.739.6 million, (ii) goodwill of Ps.1,296.9 million, (iii) deferred taxes of Ps.190.4 million, and (iv) a Ps.210.5 million recognition of bank loans at fair value.
| ASUR 1Q24 Page 6 of 25 |
|---|
As of March 31, 2024, Stockholders’ equity was Ps.54,382.6 million and total liabilities were Ps.18,610.6 million, representing 74.5% and 25.5% of ASUR’s total assets, respectively. Deferred liabilities represented 16.4% of ASUR’s total liabilities.
As of March 31, 2024, Total Debt declined 3.9% to Ps.11,749.1 million from Ps.12,224.8 million as of December 31, 2023, mainly reflecting: (i) the FX conversion impact reflecting Mexican peso appreciation against the U.S. dollar and the Colombian peso, and (ii) payment of principal amounts of outstanding debt of Ps.50.0 million in Mexico.
As of March 31, 2024, 21.1% of ASUR’s Total Debt was denominated in Mexican pesos, 71.0% in U.S. Dollars (at Aerostar in Puerto Rico) and 8.0% in Colombian pesos (debt at Airplan in Colombia).
In July 2022, Aerostar in Puerto Rico issued US$200 million principal amount of 4.92% senior secured notes due March 22, 2035. In May 2022, Aerostar renegotiated the terms of its US$50 million principal amount of 6.75% senior secured notes originally due on June 24, 2015, and extended their maturity through March 22, 2035. All long-term debt is collateralized by Aerostar’s assets.
On November 15, 2023, Aerostar renewed the US$20.0 million revolving credit facility with Banco Popular de Puerto Rico, with a maturity date of December 29, 2026. As of March 31, 2024, no such credit line has been drawn.
In April 2023, Banco Popular transferred to the Bank of Bogotá its interests under the syndicated loan entered into with Airplan by issuing promissory notes under the same terms and conditions than the original loan.
LTM Net Debt-to-LTM EBITDA stood at negative 0.3x at the close of 1Q24, while the Interest Coverage Ratio was 10.9x. This compared with LTM Net Debt-to-LTM EBITDA of negative 0.1x and an Interest Coverage Ratio of 11.7x as of March 31, 2023, respectively.
| Table 6: Consolidated Debt Indicators | ||||
|---|---|---|---|---|
| **** | March 31, 2023 | December 31, 2023 | March 31, 2024 | |
| Leverage | ||||
| Total<br> Debt/ LTM EBITDA (Times) ^1^ | 0.8 | 0.7 | 0.7 | |
| Total<br> Net Debt/ LTM EBITDA (Times) ^2^ | (0.1) | (0.3) | (0.3) | |
| Interest<br> Coverage Ratio ^3^ | 11.7 | 11.4 | 10.9 | |
| Total Debt | 13,514,290 | 12,224,770 | 11,749,065 | |
| Short-term<br> Debt | 1,769,958 | 1,233,639 | 1,118,165 | |
| Long-term<br> Debt | 11,744,332 | 10,991,131 | 10,630,900 | |
| Cash & Cash Equivalents | 15,108,235 | 16,917,191 | 16,822,986 | |
| Total Net Debt ^4^ | (1,593,945) | (4,692,421) | (5,073,921) | |
| ^1^The Total Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities divided by its EBITDA. | ||||
| ^2^Total Net Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities minus Cash & Cash Equivalents,<br> divided by EBITDA. | ||||
| ^3^The Interest Coverage Ratio for Mexico is calculated as ASUR’s LTM EBIDA divided by its LTM interest expenses. For Puerto<br> Rico, it is calculated as LTM Cash Flow Generation divided LTM debt service, and for Colombia as LTM EBITDA minus LTM taxes divided<br> by LTM debt service. | ||||
| ^4^Total net debt is calculated as Asur´s total debt without cash & cash Equivalents. | ||||
| ASUR 1Q24 Page 7 of 25 | ||||
| --- | ||||
| Table<br> 7: Consolidated Debt Profile (million)* | ||||
| --- | --- | --- | --- | --- |
| Cancun Airport<br><br> <br>Thousand Mexican Pesos | Airplan Million COP | |||
| Original<br> Amount | 50´M | BBVA 2,000 M | Santander 2,650 M | SyndicatedLoan 440,000 M |
| Interest<br> rate | 6.75% | TIIE + 1.4 pp | TIIE +1.5 pp | DTF + 4pp |
| Principal<br> Balance as of March 31, 2024 | 42.0 | 1,800.0 | 675.0 | 167,897.2 |
| 2024 | - | 150.0 | - | - |
| 2025 | - | 275.0 | 675.0 | 57,899.7 |
| 2026 | - | 375.0 | - | 72,600.0 |
| 2027 | - | 475.0 | - | 37,397.5 |
| 2028 | - | 525.0 | - | - |
| 2029 | - | - | - | - |
| 2030 | - | - | - | - |
| 2031 | - | - | - | - |
| 2032 | - | - | - | - |
| 2033 | - | - | - | - |
| 2034 | - | - | - | - |
| 2035 | 42.0 | - | - | - |
| *Expressed<br> in the original currency of each loan. | ||||
| Note:<br> the loans in Mexico were incurred in October 2017 with Bancomer and Santander. The Puerto Rico bonds were issued in March 2013<br> and June 2015. In both cases, in May, 2022 the maturity date was modified to 2035. The syndicated loan in Colombia was obtained<br> in June 2015 with a grace period of three years. In April 2022, Airplan made principal payments amounting to Cop.150,000<br> million, and the next principal payment is due in 2025. In July 2022, Aerostar issued US200 million senior secured notes due<br> March 22, 2035. On March 29, 2023, September 29, 2023 and November 30, 2022, Cancun Airport prepaid Ps.662.5<br> million, Ps.662.5 million and Ps.650 million of the loan from Santander, respectively. On April 14, 2023, July 14, 2023,<br> and October 13, 2023, Cancun Airport made principal payments amounting to Ps.50.0 million each. | ||||
| 1<br> DTF is an average 90-day rate to which the credit facilities in Colombia are pegged. |
All values are in US Dollars.
StrongLiquidity Position and Healthy Debt Maturity Profile
ASUR closed 1Q24 with a solid financial position, with cash and cash equivalents totaling Ps.16,823.0 million and Ps.11,749.1 million in Total Debt. A total of Ps.50.0 million in principal amount of outstanding debt payments is due in 2Q24.
The following table shows the liquidity position for each of ASUR’s regions of operations:
| Table 8: Liquidity Position at March 31, 2024 | |||||
|---|---|---|---|---|---|
| Figures in Thousands of Mexican Pesos | |||||
| Region of Operation | Cash & Equivalents | Total Debt | Short-term Debt | Long-term Debt | Principal payments( April - June 2024) |
| México | 12,392,510 | 2,475,012 | 884,655 | 1,590,357 | 50,000 |
| Puerto Rico | 1,590,075 | 8,336,280 | 227,902 | 8,108,378 | 0 |
| Colombia | 2,840,401 | 937,773 | 5,608 | 932,165 | 0 |
| Total | 16,822,986 | 11,749,065 | 1,118,165 | 10,630,900 | 50,000 |
Table 9: Principal Debt Payments as of March 31,2024
Figures in Thousands of Mexican Pesos
| Region of Operation | 2025 | 2026 | 2027/2035 |
|---|---|---|---|
| México | 950,000 | 375,000 | 1,000,000 |
| Puerto Rico | 224,872 | 247,882 | 7,904,985 |
| Colombia | 248,881 | 312,070 | 160,753 |
| Total | 1,423,753 | 934,952 | 9,065,738 |
| 1 Figures in Mexican pesos converted at the exchange rate at the close of the quarter Ps.16.5323=US1.00 | |||
| 2<br> Figures in Mexican pesos converted at the exchange rate at the close of the quarter of COP 232.64=Ps.1.00 | |||
| Note: Figures only reflects principal payments. |
All values are in US Dollars.
ASUR 1Q24 Page 8 of 25
Table 10: Debt Ratios as ofMarch 31, 2023
LTM EBITDA and LTM interest expenses figures of thousands Mexican pesos
| LTM EBITDA | LTM Interest Expense | Debt Coverage Ratio | Minimum CoverageRequirement as per Agreements | |
|---|---|---|---|---|
| Mexico ^1^ | 12,775,779 | 422,020 | 30.3 | 3.0 |
| Puerto Rico ^2^ | 1,656,005 | 671,948 | 2.5 | 1.1 |
| Colombia ^3^ | 1,202,762 | 340,655 | 3.5 | 1.2 |
| Total | 15,634,546 | 1,434,623 | 10.9 | |
| ^1^ Per the applicable debt agreement, the formula for the Interest Coverage ratio is: LTM EBITDA/ LTM Interest Expense. | ||||
| --- | ||||
| ^2^ Per the applicable debt agreement, the formula for the Debt Coverage ratio is: LTM Cash Flow Generation / LTM Debt Service. LTM Cash Flow Generation for the period was Ps.1,656,0 million and LTM Debt Service was Ps.671,9 million. | ||||
| ^3^ Per the applicable debt agreement, the formula for the Debt Coverage ratio is: (LTM EBITDA minus LTM Taxes)/ LTM Debt Service. EBITDA minus Taxes for the period amounted to Ps.1,202.8 million and Debt Service was Ps.340.6 million. |
AccountsReceivables
Accounts receivables increased 14.8% YoY in 1Q24, mainly driven by increased activity in Mexico and the suspension of operations of Viva Colombia and Ultra Air in Colombia on February 28 and March 29, 2023. During 2023, these two companies accounted for 5.5% and 2.2% of passenger traffic in Colombia, respectively. At the end of 1Q24, these two companies owed ASUR Ps.14.1 million and Ps.9.9 million, respectively.
The 85.2% decline in accounts receivables in Puerto Rico mainly driven by the collection in May 2023 of other income of Ps.300.4 million derived from a judgment in favor of Puerto Rico for the right to charge a charge for each gallon of aviation fuel that was dispatched at the airport for the period from 2013 to 2021, compliant with IFRS IAS 37 and USGAAP ASC-450-30-25-1.
Table11: Accounts Receivable as of March****31, 2024
Figuresin Thousands of Mexican Pesos
| **** | 1Q23 | 1Q24 | % Chg. |
|---|---|---|---|
| México | 1,941,248 | 2,680,105 | 38.1 |
| Puerto<br> Rico | 444,979 | 65,962 | (85.2) |
| Colombia | 94,131 | 101,904 | 8.3 |
| Total | 2,480,358 | 2,847,971 | 14.8 |
Note: Net of allowance for bad debts.
CapitalExpenditures
ASUR made capital expenditures of Ps.182.6 million in 1Q24. Of this amount, Ps.106.1 million were allocated to modernizing the Company´s Mexican airports pursuant to its master development plans, Ps.72.5 million were invested by Aerostar in Puerto Rico and Ps.3.9 million were invested by Airplan in Colombia. This compared to Ps.143.0 million invested in 1Q23, of which Ps.70.2 million were invested in Mexico, Ps.66.8 million in Puerto Rico and Ps.6.0 million in Colombia.
| ASUR<br> 1Q24 Page 9 of 25 |
|---|
Reviewof Mexico Operations
| Table 12: Mexico Revenues & Commercial Revenues Per Passenger | |||
|---|---|---|---|
| **** | First Quarter | % Chg | |
| **** | 2023 | 2024 | |
| Total Passengers | 11,134 | 11,555 | 3.8 |
| Total Revenues | 4,775,146 | 5,646,112 | 18.2 |
| Aeronautical Services | 2,865,603 | 3,585,504 | 25.1 |
| Non-Aeronautical Services | 1,826,062 | 1,874,128 | 2.6 |
| Construction Revenues | 83,481 | 186,480 | 123.4 |
| Total Revenues Excluding Construction Revenues | 4,691,665 | 5,459,632 | 16.4 |
| Total Commercial Revenues | 1,636,246 | 1,678,421 | 2.6 |
| Commercial Revenues from Direct Operations | 334,650 | 337,614 | 0.9 |
| Commercial Revenues Excluding Direct Operations | 1,301,596 | 1,340,807 | 3.0 |
| Total Commercial Revenues per Passenger | 147.0 | 145.3 | (1.2) |
| Commercial Revenues from Direct Operations per Passenger ^1^ | 30.1 | 29.2 | (2.8) |
| Commercial Revenues Excl. Direct Operations per Passenger | 116.9 | 116.0 | (0.7) |
| For the purposes of this table, approximately 61.0 and 58.5 thousand transit and general aviation passengers are included in 1Q23 and 1Q24, respectively. | |||
| ^1^Represents the operation of ASUR in its convenience stores in Mexico. |
MexicoRevenues
MexicoRevenues increased 18.2% YoY to Ps.5,646.1 million.
Excluding construction, revenues increased 16.4% YoY, mainly due to increases of 25.1% in revenues from aeronautical services and 2.6% in revenues from non-aeronautical services, resulting principally from the 3.8% increase in passenger traffic (excluding transit and general aviation passengers).
CommercialRevenues increased 2.6% YoY, principally due to the 3.8% increase in passenger traffic (including transit and general aviation passengers) as shown in Table 12.
CommercialRevenues per Passenger for 1Q24 was Ps.145.3 compared to Ps.147.0 in 1Q23.
ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, banking and currency exchange services, advertising, teleservices, non-permanent ground transportation, food and beverage operations, parking lot fees, and other.
As shown in Table 14, during the last 12 months, ASUR opened 17 new commercial spaces, 10 of which were opened at Merida airport, 2 at each of Cancun and Oaxaca airports and 1 at each of Huatulco, Cozumel and Veracruz airports. More details of these openings can be found on page 21 of this report.
| Table 13: Mexico Commercial Revenue Performance | Table 14: Mexico Summary Retail and Other Commercial Space Opened since March 31,2023 | |||
|---|---|---|---|---|
| Business Line | YoY Chg | Type of Commercial Space ^1^ | # Of Spaces Opened | |
| 1Q24 | 3M24 | |||
| Car<br> rental | 22.0% | 22.0% | Cancun | 2 |
| Advertising | 15.7% | 15.7% | Retail | 1 |
| Ground<br> Transportation | 10.5% | 10.5% | Car<br> rental | 1 |
| Food<br> and Beverage | 6.3% | 6.3% | 8 Other Airports | 15 |
| Duty-Free | 3.8% | 3.8% | Retail | 7 |
| Car<br> parking | 3.4% | 3.4% | Car<br> rental | 8 |
| Other<br> Revenues | (2.8%) | (2.8%) | Mexico | 17 |
| Retail | (3.7%) | (3.7%) | ||
| Banks<br> and foreign exchange | (18.4%) | (18.4%) | ||
| Teleservices | (30.3%) | (30.3%) | ^1^Only includes new stores opened during the period and excludes remodeling or contract renewals. | |
| Total Commercial Revenues | 2.6% | 2.6% | ||
| ASUR 1Q24 Page 10 of 25 | ||||
| --- |
MexicoOperating Costs and Expenses
| Table 15: Mexico Operating Costs & Expenses | |||
|---|---|---|---|
| First Quarter | % Chg | ||
| **** | 2024 | 2024 | |
| Cost<br> of Services | 623,105 | 689,133 | 10.6 |
| Administrative | 77,241 | 79,019 | 2.3 |
| Technical<br> Assistance | 190,311 | 106,315 | (44.1) |
| Concession<br> Fees | 207,001 | 450,263 | 117.5 |
| Depreciation<br> and Amortization | 256,237 | 289,184 | 12.9 |
| Operating Costs and Expenses Excluding Construction Costs | 1,353,895 | 1,613,914 | 19.2 |
| Construction<br> Costs | 83,481 | 186,480 | 123.4 |
| Total Operating Costs & Expenses | 1,437,376 | 1,800,394 | 25.3 |
TotalMexico Operating Costs and Expenses increased 25.5% YoY, or Ps.363.0 million. Excluding construction costs, operating costs and expenses increased 19.2%, or Ps.260.0 million, mainly due to higher personnel expenses, concession fees, surveillance and cleaning services, maintenance and conservation costs, energy, taxes and duties.
Costof Services increased 10.6% YoY, primarily due to increases in personnel, surveillance and cleaning services, maintenance, and conservation, together with higher energy costs, taxes and duties.
AdministrativeExpenses increased 2.3% YoY.
TheTechnical Assistance fee declined 44.1% YoY, principally due to the reduction in the technical assistance fees charged by ITA to 2.5% from 5.0% of the EBITDA generated by ASUR´s Mexican operations starting January 1, 2024.
ConcessionFees, which include fees paid to the Mexican government, increased by 117.5%, principally due to the increase in the concession fee rate to 9% from 5% starting January 1, 2024.
Depreciationand Amortization increased 12.9% YoY, due to the recognition of investments made to date.
MexicoConsolidated Comprehensive Financing Gain (Loss)
| Table 16: Mexico Comprehensive Financing Gain (Loss) | |||
|---|---|---|---|
| First Quarter | % Chg | ||
| 2023 | 2024 | ||
| Interest<br> Income | 184,419 | 308,645 | 67.4 |
| Interest<br> Expense | (135,378) | (93,499) | (30.9) |
| Foreign<br> Exchange Gain (Loss), Net | (486,893) | (196,420) | (59.7) |
| Total | (437,852) | 18,726 | n/a |
During 1Q24, ASUR’s Mexico operations reported an Ps.18.7 million Comprehensive Financing Gain, compared to a Ps.437.8 million loss in 1Q23. This was mainly due to a 67.4% YoY, or Ps.124.2 million, increase in interest income resulting from a higher cash balance, combined with a decline of 30.9% YoY, or Ps.41.8 million, in interest expenses mainly due to principal payments in 2023.
In 1Q24, a Ps.196.4 million foreign exchange loss was reported, resulting from the 2.3% quarter-end appreciation of the Mexican peso against the U.S. dollar on a foreign currency net asset position (0.3% average depreciation). This compared to a Ps.486.9 million foreign exchange loss in 1Q23, resulting from the 7.3% quarter-end appreciation of the Mexican peso during that period against the U.S. dollar on a foreign currency net asset position (4.1% average appreciation).
ASUR 1Q24 Page 11 of 25
MexicoOperating Profit (Loss) and EBITDA
| Table 17: Mexico Profit & EBITDA<br><br> <br>**** | |||
|---|---|---|---|
| First Quarter | % Chg | ||
| 2023 | 2024 | ||
| Total<br> Revenue | 4,775,146 | 5,646,112 | 18.2 |
| Total<br> Revenues Excluding Construction Revenues | 4,691,665 | 5,459,632 | 16.4 |
| Operating Profit | 3,337,770 | 3,845,718 | 15.2 |
| Operating<br> Margin | 69.9% | 68.1% | (179<br> bps) |
| Adjusted<br> Operating Margin ^1^ | 71.1% | 70.4% | (70<br> bps) |
| Net<br> Profit ^2^ | 2,150,124 | 2,664,970 | 23.9 |
| EBITDA | 3,594,015 | 4,134,902 | 15.0 |
| EBITDA<br> Margin | 75.3% | 73.2% | (203<br> bps) |
| Adjusted<br> EBITDA Margin ^3^ | 76.6% | 75.7% | (87<br> bps) |
| ^1^Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets,<br> 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.177.3 million and 157.0 million in 1Q24 and 1Q23, respectively,<br> for Airplan Ps.273.0 million and Ps.241.4 million in 1Q24 and 1Q23, respectively. | |||
| ^3^Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets,<br> and is calculated by dividing EBITDA by total revenues less construction services revenues. |
Mexico reported an Operating Gain of Ps.3,845.7 million and an Operating Margin of 68.1% in 1Q24. This compared to an Operating Gain of Ps.3,337.8 million and an Operating Margin of 69.9% in 1Q23.
AdjustedOperating Margin was 70.4% in 1Q24, compared to 71.1% in 1Q23. Adjusted Operating Margin excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets and is calculated as operating profit divided by total revenues excluding construction services revenues.
EBITDAincreased 15.0%, or Ps.540.9 million, to Ps.4,134.9 million in 1Q24, from Ps.3,3594.0 million in 1Q23. EBITDA margin in 1Q24 was 73.2% compared to 75.3% in 1Q23.
AdjustedEBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets, was 75.7% in 1Q24, compared to 76.6% in 1Q24.
MexicoTariff 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 March 31, 2024 totaled Ps.3,705.0 million, with an average tariff per workload unit of Ps.250.3 (December 2023 Mexican pesos), representing approximately 67.9% of total income in Mexico (excluding construction revenues) for the period.
The Mexican Ministry of Communications and Transportation reviews compliance with maximum rate regulations at the end of each year.
MexicoCapital Expenditures
During 1Q24 ASUR invested Ps.106.1 million in connection with its plan to modernize its Mexican airports under its master development plans, compared to an investment of Ps.70.2 million in 1Q23.
ASUR 1Q24 Page 12 of 25
Reviewof Puerto Rico Operations
The following discussion compares Aerostar’s independent results for the three-month period ended March 31, 2023 and 2024.
As of March 31, 2024, the valuation of ASUR’s investment in Aerostar in accordance with IFRS 3 "Business Combinations," had the following effects on its balance sheet: (i) the recognition of a net intangible asset of Ps.4,331.5 million, (ii) goodwill of Ps.789.8 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.435.9 million, and (iv) a minority interest of Ps.4,716.6 million in stockholders' equity.
| Table 18: Puerto Rico Revenues & Commercial Revenues Per Passenger | |||
|---|---|---|---|
| In<br> thousands of Mexican pesos | |||
| First Quarter | % Chg | ||
| 2023 | 2024 | ||
| Total Passenger | 2,907 | 3,262 | 12.2 |
| Total Revenues | 1,010,943 | 1,033,582 | 2.2 |
| Aeronautical<br> Services | 528,295 | 502,588 | (4.9) |
| Non-Aeronautical<br> Services | 422,817 | 464,734 | 9.9 |
| Construction<br> Revenues | 59,831 | 66,260 | 10.7 |
| Total Revenues Excluding Construction Revenues | 951,112 | 967,322 | 1.7 |
| Total Commercial Revenues | 420,656 | 462,644 | 10.0 |
| Commercial<br> Revenues from Direct Operations | 100,607 | 107,478 | 6.8 |
| Commercial<br> Revenues Excluding Direct Operations | 320,049 | 355,166 | 11.0 |
| Total Commercial Revenues per Passenger | 144.7 | 141.8 | (2.0) |
| Commercial<br> Revenues from Direct Operations per Passenger ^1^ | 34.6 | 32.9 | (4.8) |
| Commercial<br> Revenues Excl. Direct Operations per Passenger | 110.1 | 108.9 | (1.1) |
| Figures<br> in Mexican pesos at the average exchange rate Ps.17.1594 = US. 1.00 | |||
| ^1^Represents ASUR´s operations in convenience stores in Puerto Rico. |
PuertoRico Revenues
TotalPuerto Rico Revenues increased 2.2% YoY to Ps.1,033.6 million in 1Q24.
Excluding construction services, revenues increased by 1.7% YoY, mainly due to a 9.9% increase in revenues from non-aeronautical services, partially offset by the 4.9% decline in revenues from aeronautical services.
CommercialRevenues per Passenger were Ps.141.8 in 1Q24, compared to Ps.144.7 in 1Q23.
Six commercial spaces were opened at Luis Muñoz Marin (LMM) Airport over the last 12 months, as shown in Table 20. More details can be found on page 21 of this report.
ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, parking lot fees, banking and currency exchange services, and others.
| Table 19: Puerto Rico Commercial Revenue Performance | Table 20: Puerto Rico Summary Retail and Other Commercial Space Opened since March 31, 2023 | |||
|---|---|---|---|---|
| Bussines Line | YoY Chg | Type of Commercial Space ^1^ | # of Spaces Opened | |
| 1Q24 | 3M24 | |||
| Ground<br> Transportation | 22.7% | 22.7% | Food<br> and beverage | 3 |
| Car<br> rentals | 18.0% | 18.0% | Retail | 2 |
| Food<br> and beverage | 16.3% | 16.3% | Duty<br> Free | 1 |
| Retail | 7.0% | 7.0% | Total Commercial space | 6 |
| Others<br> revenues | 5.0% | 5.0% | ||
| Car<br> parking | (0.0%) | (0.0%) | ||
| Banks<br> and foreign exchange | (5.7%) | (5.7%) | ||
| Duty<br> Free | (13.3%) | (13.3%) | ^1^Only includes new stores opened during the period and excludes remodeling or contract renewals. | |
| Advertising | (13.5%) | (13.5%) | ||
| Total Commercial Revenues | 10.0% | 10.0% | ||
| ASUR 1Q24 Page 13 of 25 | ||||
| --- |
PuertoRico Operating Costs and Expenses
| Table 21: Puerto Rico Operating Costs & Expenses | |||
|---|---|---|---|
| In<br> thousands of Mexican pesos | |||
| First Quarter | % Chg | ||
| 2023 | 2024 | ||
| Cost<br> of Services | 384,745 | 393,514 | 2.3 |
| Concession<br> Fees | 46,138 | 46,799 | 1.4 |
| Depreciation<br> and Amortization | 169,670 | 157,961 | (6.9) |
| Operating Costs and Expenses Excluding Construction Costs | 600,553 | 598,274 | (0.4) |
| Construction<br> Costs | 59,831 | 66,260 | 10.7 |
| Total Operating Costs & Expenses | 660,384 | 664,534 | 0.6 |
Figures in Mexican pesos at the average exchange rate Ps.17.1594 = US. 1.00
TotalOperating Costs and Expenses for 1Q24 in Puerto Rico increased 0.6% YoY to Ps.664.5 million. Construction costs increased 10.7%, from Ps.59.8 million in 1Q23 to Ps.66.3 million in 1Q24.
Excluding construction costs, operating costs and expenses declined 0.4% YoY, or Ps.2.3 million, mainly due to a 6.9% decline in depreciation and amortization due to the FX conversion effect, the reversal of a provision of an employee benefit, together with increases in concession fees, professional fees, materials and supplies.
Costof Services increased 2.3% or Ps.8.8 million in 1Q24, principally due to the increase in professional fees, materials and supplies, partially offset by the reversal of a provision of an employment benefit.
ConcessionFees paid to the Puerto Rican government in 1Q24 increased 1.4% YoY, or Ps.0.7 million.
Depreciationand Amortization declined 6.9% YoY, or Ps.11.7 million, principally reflecting the foreign exchange translation impact.
PuertoRico Comprehensive Financing Gain (Loss)
| Table 22: Puerto Rico Comprehensive Financing Gain (Loss) | |||
|---|---|---|---|
| In<br> thousands of Mexican pesos | |||
| First Quarter | % Chg | ||
| 2023 | 2024 | ||
| Interest<br> Income | 31,343 | 30,559 | (2.5) |
| Interest<br> Expense | (147,416) | (128,821) | (12.6) |
| Total | (116,073) | (98,262) | (15.3) |
Figures in pesos at the average exchange rate Ps.17.1594 = US. 1.00
During 1Q24, Puerto Rico reported a Ps.98.3 million Comprehensive Financing Loss, compared to a Ps.116.1 million loss in 1Q23, mainly due to principal payments made on Aerostar’s outstanding debt.
On March 22, 2013, Aerostar carried out a private bond placement for a total of US$350.0 million to finance a portion of the Concession Agreement payment to the Puerto Rico Ports Authority, and certain other costs and expenditures associated with it. On June 24, 2015, Aerostar carried out a private bond placement for a total of US$50.0 million.
In December 2020, Aerostar entered into a three-year revolving line of credit with Banco Popular de Puerto Rico for the amount of US$20.0 million.
In May 2022, Aerostar renegotiated the terms of its US$50.0 million principal amount of 6.75% senior secured notes, extending the maturity to March 22, 2035.
In July 2022, Aerostar in Puerto Rico issued US$200.0 million principal amount of 4.92% senior secured notes due March 22, 2035.
On November 15, 2023, Aerostar extended the maturity date of the revolving credit line with Banco Popular de Puerto Rico, now maturing December 29, 2026. As of March 31, 2024, this credit line has not been drawn. All long-term debt is collateralized by Aerostar’s assets.
| ASUR 1Q24 Page 14 of 25 |
|---|
PuertoRico Operating Profit and EBITDA
| Table 23: Puerto Rico Profit & EBITDA | |||
|---|---|---|---|
| In<br> thousands of Mexican pesos | |||
| First Quarter | % Chg | ||
| 2023 | 2024 | ||
| Total<br> Revenue | 1,010,943 | 1,033,582 | 2.2 |
| Total<br> Revenues Excluding Construction Revenues | 951,112 | 967,322 | 1.7 |
| Other<br> Revenues | -- | -- | 0.0 |
| Operating Profit | 350,559 | 369,048 | 5.3 |
| Operating<br> Margin | 34.7% | 35.7% | 103<br> bps |
| Adjusted<br> Operating Margin^1^ | 36.9% | 38.2% | 129<br> bps |
| Net<br> Income | 224,709 | 261,658 | 16.4 |
| EBITDA | 520,229 | 527,008 | 1.3 |
| EBITDA<br> Margin | 51.5% | 51.0% | (47<br> bps) |
| Adjusted<br> EBITDA Margin^2^ | 54.7% | 54.5% | (22<br> bps) |
Figures in Mexican pesos at the average exchange rate Ps.17.1594 = 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.
OperatingProfit in Puerto Rico increased 5.3% to Ps.369.0 million, resulting in an Operating Margin of 35.7%, compared to an operating profit of Ps.350.5 million and an Operating Margin of 34.7% in 1Q23.
EBITDAincreased 1.3% to Ps.527.0 million in 1Q24 from Ps.520.2 million in 1Q23. The EBITDA Margin declined to 51.0% in 1Q24 from 51.5% in 1Q23.
AdjustedEBITDA Margin (which excludes IFRIC 12) was 54.5% in 1Q24, compared to 54.7% in 1Q23.
PuertoRico Capital Expenditures
During 1Q24, Aerostar made capital expenditures for a total of Ps.72.5 million, compared to investments of Ps.66.7 million in 1Q23.
PuertoRico Tariff Regulation
The Airport Use Agreement entered into by and among Aerostar, the airlines serving LMM Airport, and the Puerto Rico Ports Authority governs the relationship between Aerostar and the principal airlines serving LMM Airport. The agreement entitles Aerostar to an annual contribution from the airlines of US$62.0 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 and structure defined under the Airport Use Agreement to establish the contribution of each airline for each particular year.
| ASUR 1Q24 Page 15 of 25 |
|---|
Reviewof Colombia Operations
The following discussion compares Airplan's independent results for the three-month period ended March 31, 2024 and 2023.
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 March 31, 2024: (i) the recognition of a net intangible asset of Ps.739.6 million, (ii) goodwill of Ps.1,296.9 million, (iii) deferred taxes of Ps.190.4 million, and (iv) a Ps.210.5 million recognition of bank loans at fair value.
| Table 24: Colombia Revenues & Commercial Revenues Per Passenger | |||
|---|---|---|---|
| In<br> thousands of Mexican pesos | |||
| **** | First Quarter | % Chg | |
| **** | 2023 | 2024 | |
| Total Passengers | 4,053 | 3,889 | (4.0) |
| Total Revenues | 663,320 | 755,213 | 13.9 |
| Aeronautical<br> Services | 483,520 | 555,545 | 14.9 |
| Non-Aeronautical<br> Services | 173,733 | 195,975 | 12.8 |
| Construction<br> Revenues ^1^ | 6,067 | 3,693 | (39.1) |
| Total Revenues Excluding Construction Revenues | 657,253 | 751,520 | 14.3 |
| Total Commercial Revenues | 171,473 | 195,369 | 13.9 |
| Total Commercial Revenues per Passenger | 42.3 | 50.2 | 18.7 |
| Figures<br> in Mexican pesos at an average exchange rate of COP.230.3787 = Ps.1.00 Mexican pesos. | |||
| For<br> the purposes of this table, approximately 167.2 and 85.2 thousand transit and general aviation passengers are included in 1Q23 and<br> 1Q24. |
ColombiaRevenues
TotalRevenues in Colombia increased 13.9% YoY to Ps.755.2 million. Excluding construction services, revenues increased 14.3% YoY, principally reflecting the increase in international traffic during the period.
CommercialRevenue per Passenger was Ps.50.2 compared to Ps.42.3 in 1Q23.
As shown in Table 26, during the past twelve-months a total of 22 new commercial spaces were opened in Colombia: 8 in Olaya Herrera, 5 in Rionegro, 3 in Quibdó, 2 in each of Monteria and the Service Center and 1 in each of Corozal and Carepa airports. Further details of these openings can be found on page 21 of this report.
ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, parking lot fees, teleservices, banking and currency exchange services and other.
| Table 25: Colombia Commercial Revenue Performance | Table 26: Colombia Summary Retail and Other Commercial Space Opened since March 31, 2023 | |||
|---|---|---|---|---|
| Bussines Line | YoY Chg | Type of Commercial Space ^1^ | # of SpacesOpened | |
| 1Q24 | 3M24 | |||
| Duty<br> free | 37.0% | 37.0% | Food<br> and beverage | 1 |
| Car<br> parking | 22.9% | 22.9% | Others<br> revenues | 21 |
| Others<br> revenues | 19.9% | 19.9% | Total Commercial Spaces | 22 |
| Advertising | 13.8% | 13.8% | ||
| Banks<br> and foreign exchange | 13.7% | 13.7% | ||
| Retail | 6.3% | 6.3% | ||
| Car<br> rental | 4.5% | 4.5% | ||
| Food<br> and beverage | (3.3%) | (3.3%) | ^1^Only includes new stores opened during the period and excludes remodelings or contract renewals. | |
| Teleservices | (5.7%) | (5.7%) | ||
| Ground<br> Transportation | (57.2%) | (57.2%) | ||
| Total Commercial Revenues | 13.9% | 13.9% | ||
| ASUR 1Q24 Page 16 of 25 | ||||
| --- |
ColombiaCosts & Expenses
| Table 27: Colombia Costs & Expenses | |||
|---|---|---|---|
| In<br> thousands of Mexican pesos | |||
| First Quarter | % Chg | ||
| 2023 | 2024 | ||
| Cost<br> of Services | 116,661 | 147,612 | 26.5 |
| Technical<br> Assistance | - | - | - |
| Concession<br> Fees | 124,434 | 142,878 | 14.8 |
| Depreciation<br> and Amortization | 90,836 | 96,573 | 6.3 |
| Operating Costs and Expenses Excluding Construction Costs | 331,931 | 387,063 | 16.6 |
| Construction<br> Costs | 6,067 | 3,693 | (39.1) |
| Total Operating Costs & Expenses | 337,998 | 390,756 | 15.6 |
Figures in pesos at an average exchange rate of COP.230.3787 = Ps.1.00 Mexican pesos.
Total Operating Costs and Expenses in Colombia increased 15.6% YoY to Ps.390.7 million. Excluding construction costs, operating costs and expenses increased 16.6% YoY to Ps.387.1 million, principally due to increases in maintenance and conservation, personnel, taxes and duties, security and cleaning, insurance and surety bond costs, concession fees and energy costs.
Costof Services 26.5% YoY, or Ps.30.9 million, principally resulting from higher maintenance and conservation cost, personnel expenses, taxes and duties, as well as cleaning, security, and surety bond costs end energy costs.
ConstructionCosts declined 39.1% YoY, or Ps.2.4 million.
ConcessionFees, which include fees paid to the Colombian government, increased 14.8% YoY, principally due to the increase in regulated and non-regulated revenues during the period.
Depreciationand Amortization increased 6.3% YoY.
ColombiaComprehensive Financing Gain (Loss)
| Table 28: Colombia, Comprehensive Financing Gain (Loss) | |||
|---|---|---|---|
| In<br> thousands of Mexican pesos | |||
| First Quarter | % Chg | ||
| 2023 | 2024 | ||
| Interest<br> Income | 49,298 | 70,521 | 43.1 |
| Interest<br> Expense | (23,198) | (33,082) | 42.6 |
| Foreign<br> Exchange Gain (Loss), Net | (15) | 55 | n/a |
| Total | 26,085 | 37,494 | 43.7 |
Figures in Mexican pesos at an average exchange rate of COP.230.3787 = Ps.1.00 Mexican pesos.
During 1Q24, Airplan reported a Ps.37.5 million Comprehensive Financing Gain, compared to a Ps.26.1 million gain in 1Q23. Interest income increased 43.1%, or Ps.21.2 million, mainly due to a higher cash position and higher rates.
ColombiaOperating Profit (Loss) and EBITDA
| <br><br> <br><br><br> <br>Table 29: Colombia Profit & EBITDA | |||
|---|---|---|---|
| In<br> thousands of Mexican pesos | |||
| Fourth Quarter | % Chg | ||
| 2023 | 2024 | ||
| Total<br> Revenues | 663,320 | 755,213 | 13.9 |
| Total<br> Revenues Excluding Construction Revenues | 657,253 | 751,520 | 14.3 |
| Operating Profit | 325,322 | 364,457 | 12.0 |
| Operating<br> Margin | 49.0% | 48.3% | (79<br> bps) |
| Adjusted<br> Operating Margin^1^ | 49.5% | 48.5% | (100<br> bps) |
| Net<br> Profit | 227,412 | 260,126 | 14.4 |
| EBITDA | 416,158 | 461,030 | 10.8 |
| EBITDA<br> Margin | 62.7% | 61.0% | (169<br> bps) |
| Adjusted<br> EBITDA Margin^2^ | 63.3% | 61.3% | (197<br> bps) |
| Figures in Mexican pesos at an average exchange rate<br> of COP.230.3787 = Ps.1.00 for 1Q24. | |||
| --- | |||
| ^1^Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets,<br> 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,<br> and is calculated by dividing EBITDA by total revenues less construction services revenues. | |||
| ASUR 1Q24 Page 17 of 25 |
ASUR's Colombian operations reported an Operating Profit of Ps.364.4 million in 1Q24, compared to Ps.325.3 million in 1Q23. Operating margin was 48.3% in 1Q24, compared to 49.0% in 1Q23. The Adjusted operating margin, which excludes the effect of IFRIC12 with respect to construction or improvements to concessioned assets, was 48.5% in 1Q24 compared to an adjusted operating margin of 49.5% in 1Q23.
EBITDAin 1Q24 was Ps.461.0 million, resulting in an EBITDA margin of 61.0%. This compared to an EBITDA of Ps.416.1 million and an EBITDA margin of 62.7% in 1Q23.
The Adjusted EBITDA Margin, which excludes the effect of IFRIC12 with respect to the construction or improvements of the concessioned assets, was 61.3% in 1Q24, compared to an adjusted EBITDA margin of 63.3% in 1Q23, principally due to the decline in passenger traffic and bad debt provisions resulting from the suspension of two local airlines in Colombia in 1Q23.
ColombiaCapital Expenditures
In 1Q24, Airplan made capital investments for a total of Ps.3.9 million, compared to Ps.6.0 million in 1Q23.
ColombiaTariff 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 generated by 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.
During 1Q24, Airplan's regulated revenues amounted to Ps.555.5 million.
Definitions
ConcessionServices Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico, ASUR is required by IFRIC 12 to include in its income statement an income line, “Construction Revenues,” reflecting the revenue from construction of, or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. Because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin. In Colombia, “Construction Revenues” include the recognition of the revenue to which the concessionaire is entitled for carrying out the infrastructure works in the development of the concession, while “Construction Costs” represents the actual costs incurred in the execution of such additions or improvements to the concessioned assets.
MajorityNet 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.
EBITDAmeans net income before provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost, and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance, as an alternative to cash flow or as an indicator of liquidity. Our management believes that EBITDA provides a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
AdjustedEBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12 with respect to the construction of, or improvements to concessioned assets. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the revenue from construction of, or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. In Mexico and Puerto Rico, because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of
| ASUR 1Q24 Page 18 of 25 |
|---|
IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin, as the increase in revenues that relates to Construction Revenues does not result in a corresponding increase in EBITDA. In Colombia, construction revenues do have an impact on EBITDA, as construction revenues include a reasonable margin over the actual cost of construction. Like EBITDA Margin, Adjusted EBITDA Margin should not be considered as an indicator of our operating performance, as an alternative to cash flow or as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
AboutASUR
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
AnalystCoverage
In accordance with Article 4.033.01 of the Mexican Stock Exchange Internal Rules, ASUR reports that the stock is covered by the following broker-dealers: Actinver, Banorte, Barclays, BBVA, Bradesco, BTG Pactual, Citi Global Markets, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment Research, Intercam, Itau BBA Securities, Jefferies, JP Morgan, Punto Research, Santander, Scotiabank, Signum Research, UBS Casa de Bolsa and Vector.
Please note that any opinions, estimates or forecasts with respect to the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.
ForwardLooking Statements
Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR’s filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.
Contacts:
| ASUR<br><br> <br>Adolfo Castro<br><br> <br>+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 1Q24 Page 19 of 25 | ||||||
|---|---|---|---|---|---|---|
| Passenger Traffic Breakdown by Airport | ||||||
| --- | --- | --- | --- | --- | ||
| Mexico Passenger Traffic ^1^ | ||||||
| First Quarter | % Chg | |||||
| 2023 | 2024 | |||||
| Domestic Traffic | 4,784,188 | 4,615,085 | (3.5) | |||
| CUN | Cancun | 2,596,480 | 2,319,681 | (10.7) | ||
| CZM | Cozumel | 32,041 | 58,503 | 82.6 | ||
| HUX | Huatulco | 215,172 | 176,473 | (18.0) | ||
| MID | Merida | 809,320 | 801,085 | (1.0) | ||
| MTT | Minatitlan | 25,332 | 28,019 | 10.6 | ||
| OAX | Oaxaca | 333,826 | 375,196 | 12.4 | ||
| TAP | Tapachula | 123,523 | 147,956 | 19.8 | ||
| VER | Veracruz | 338,146 | 355,729 | 5.2 | ||
| VSA | Villahermosa | 310,348 | 352,443 | 13.6 | ||
| International Traffic | 6,289,103 | 6,881,325 | 9.4 | |||
| CUN | Cancun | 5,888,218 | 6,410,410 | 8.9 | ||
| CZM | Cozumel | 158,203 | 190,230 | 20.2 | ||
| HUX | Huatulco | 57,362 | 80,429 | 40.2 | ||
| MID | Mérida | 92,741 | 99,148 | 6.9 | ||
| MTT | Minatitlan | 2,053 | 1,592 | (22.5) | ||
| OAX | Oaxaca | 55,070 | 56,995 | 3.5 | ||
| TAP | Tapachula | 5,687 | 3,606 | (36.6) | ||
| VER | Veracruz | 23,170 | 30,711 | 32.5 | ||
| VSA | Villahermosa | 6,599 | 8,204 | 24.3 | ||
| Total Traffic México | 11,073,291 | 11,496,410 | 3.8 | |||
| CUN | Cancun | 8,484,698 | 8,730,091 | 2.9 | ||
| CZM | Cozumel | 190,244 | 248,733 | 30.7 | ||
| HUX | Huatulco | 272,534 | 256,902 | (5.7) | ||
| MID | Merida | 902,061 | 900,233 | (0.2) | ||
| MTT | Minatitlan | 27,385 | 29,611 | 8.1 | ||
| OAX | Oaxaca | 388,896 | 432,191 | 11.1 | ||
| TAP | Tapachula | 129,210 | 151,562 | 17.3 | ||
| VER | Veracruz | 361,316 | 386,440 | 7.0 | ||
| VSA | Villahermosa | 316,947 | 360,647 | 13.8 | ||
| US Passenger Traffic, San Juan Airport (LMM) | ||||||
| First Quarter | % Chg | |||||
| 2023 | 2024 | |||||
| SJU Total ^1^ | 2,907,038 | 3,261,896 | 12.2 | |||
| Domestic<br> Traffic | 2,641,929 | 2,935,940 | 11.1 | |||
| International<br> Traffic | 265,109 | 325,956 | 23.0 | |||
| Colombia, Passenger Traffic Airplan | ||||||
| First Quarter | % Chg | |||||
| 2023 | 2024 | |||||
| Domestic Traffic | 3,176,155 | 2,963,460 | (6.7) | |||
| MDE | Medellín<br> (Rio Negro) | 2,401,054 | 2,166,918 | (9.8) | ||
| EOH | Medellín | 275,386 | 303,345 | 10.2 | ||
| MTR | Montería | 359,440 | 361,837 | 0.7 | ||
| APO | Carepa | 49,631 | 41,601 | (16.2) | ||
| UIB | Quibdó | 84,270 | 81,702 | (3.0) | ||
| CZU | Corozal | 6,374 | 8,057 | 26.4 | ||
| International Traffic | 709,162 | 840,770 | 18.6 | |||
| MDE | Medellín<br> (Rio Negro) | 709,162 | 840,770 | 18.6 | ||
| EOH | Medellín | - | - | - | ||
| MTR | Montería | - | - | - | ||
| APO | Carepa | - | - | - | ||
| UIB | Quibdó | - | - | - | ||
| CZU | Corozal | - | - | - | ||
| Total Traffic Colombia | 3,885,317 | 3,804,230 | (2.1) | |||
| MDE | Medellín<br> (Rio Negro) | 3,110,216 | 3,007,688 | (3.3) | ||
| EOH | Medellín | 275,386 | 303,345 | 10.2 | ||
| MTR | Montería | 359,440 | 361,837 | 0.7 | ||
| APO | Carepa | 49,631 | 41,601 | (16.2) | ||
| UIB | Quibdó | 84,270 | 81,702 | (3.0) | ||
| CZU | Corozal | 6,374 | 8,057 | 26.4 | ||
| ^1^Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, and SJU include transit passengers<br> and general aviation. | ||||||
| ASUR 1Q24 Page 20 of 25 | ||||||
| --- | ||||||
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||
| --- | --- | --- | ||||
| Commercial Spaces | ||||||
| ASUR Retail and Other Commercial Space Opened since March 31, 2023^1^ | ||||||
| Business Name | Type | Opening Date | ||||
| MEXICO | ||||||
| Cancun | ||||||
| Cocos<br> Caribe 770 | Retail | June<br> 2023 | ||||
| LL<br> Mex, SA de CV | Car<br> Rental | July<br> 2023 | ||||
| Huatulco | ||||||
| Promotora<br> de Espectáculos Deportivos SA de CV | Retail | April<br> 2023 | ||||
| Mérida | ||||||
| Comercializadora<br> PIU SA de CV | Retail | April<br> 2023 | ||||
| Ultra<br> Boutique SA de CV | Retail | May<br> 2023 | ||||
| Plersa<br> SA de CV | Retail | May<br> 2023 | ||||
| Unión<br> Masa México SA de CV | Retail | June<br> 2023 | ||||
| Alquiladora<br> de vehiculos automotores, SA de CV | Car<br> Rental | July<br> 2023 | ||||
| Máxima<br> Distinción "EMWA" | Retail | October<br> 2023 | ||||
| CLOE<br> MODA | Retail | October<br> 2023 | ||||
| LL<br> Mex, SA de CV | Car<br> Rental | November<br> 2023 | ||||
| LL<br> Mex, SA de CV | Car<br> Rental | January<br> 2024 | ||||
| Corporativo<br> De la Torre & Zambrano | Car<br> Rental | February<br> 2024 | ||||
| Cozumel | ||||||
| Fleet<br> Car Company Mx | Car<br> Rental | December<br> 2023 | ||||
| Oaxaca | ||||||
| Rent<br> A Matic Itza SA de CV | Car<br> Rental | June<br> 2023 | ||||
| LL<br> Mex, SA de CV | Car<br> Rental | November<br> 2023 | ||||
| Veracruz | ||||||
| LL<br> Mex, SA de CV | Car<br> Rental | November<br> 2023 | ||||
| SAN JUAN, PUERTO RICO | ||||||
| Ocean<br> Lab | Food<br> and Beverage | April<br> 2023 | ||||
| PR<br> Arrivals Store | Duty<br> Free | April<br> 2023 | ||||
| To<br> Go | Food<br> and Beverage | November<br> 2023 | ||||
| Landshark | Food<br> and Beverage | January<br> 2024 | ||||
| Morena<br> Mía | Retail | January<br> 2024 | ||||
| Morena<br> Mía | Retail | February<br> 2024 | ||||
| COLOMBIA | ||||||
| Rionegro | ||||||
| Menzies<br> Aviation Colombia S.A.S | Other<br> Revenues | April<br> 2023 | ||||
| Efectimedios<br> S.A.S. | Other<br> Revenues | May<br> 2023 | ||||
| JETSMART<br> AIRLINES PERÚ S.A.C. | Other<br> Revenues | January<br> 2024 | ||||
| Corporación<br> del lago S.A.S | Other<br> Revenues | January<br> 2024 | ||||
| Carlos<br> Andrés Carrasquilla Zuluaga | Other<br> Revenues | January<br> 2024 | ||||
| Olaya herrera | ||||||
| Efectimedios<br> S.A.S. | Other<br> Revenues | May<br> 2023 | ||||
| Corporación<br> del lago S.A.S | Other<br> Revenues | January<br> 2024 | ||||
| Sociedad<br> Aeronáutica de Santander S.A.S. | Other<br> Revenues | January<br> 2024 | ||||
| Departamento<br> de Antioquia | Other<br> Revenues | February<br> 2024 | ||||
| Fondo<br> de Valorización del Municipio de Medellín | Other<br> Revenues | February<br> 2024 | ||||
| Aviation<br> Support & Maintenance Company S.A.S. | Other<br> Revenues | February<br> 2024 | ||||
| Central<br> Aerospace S.A.S. | Other<br> Revenues | February<br> 2024 | ||||
| Helisur<br> S.A.S. | Other<br> Revenues | March<br> 2024 | ||||
| Carepa | ||||||
| Efectimedios<br> S.A.S. | Other<br> Revenues | May<br> 2023 | ||||
| Montería | ||||||
| Efectimedios<br> S.A.S. | Other<br> Revenues | May<br> 2023 | ||||
| Corporación<br> del lago S.A.S | Other<br> Revenues | January<br> 2024 | ||||
| Quibdó | ||||||
| Efectimedios<br> S.A.S. | Other<br> Revenues | May<br> 2023 | ||||
| Fundación<br> Patrulla Aerea del Choco | Other<br> Revenues | February<br> 2024 | ||||
| Late<br> Choco Fabrica Artesanal de Chocolates | Food<br> and Beverage | February<br> 2024 | ||||
| Corozal | ||||||
| Efectimedios<br> S.A.S. | Other<br> Revenues | May<br> 2023 | ||||
| Centro de Servicios | ||||||
| Estrategia<br> Comercial de Colombia S.A.S | Retail | April<br> 2023 | ||||
| Icetex | Other<br> Revenues | January<br> 2024 | ||||
| *<br> Only includes new stores opened during the period and excludes remodelings or contract renewals. | ||||||
| ASUR 1Q24 Page 21 of 25 | ||||||
| --- | ||||||
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Operating Results per Airport | ||||||
| Thousands<br> of mexican pesos | ||||||
| Item | 1Q 2023 | 1Q23 Per Workload Unit | 1Q 2024 | 1Q24 Per Workload Unit | YoY % Chg. | Per Workload Unit YoY % Chg. |
| Mexico | ||||||
| Cancun ^1^ | ||||||
| Aeronautical<br> Revenues | 2,127,032 | 247.2 | 2,735,499 | 308.8 | 28.6 | 24.9 |
| Non-Aeronautical<br> Revenues | 1,707,696 | 198.5 | 1,742,284 | 196.7 | 2.0 | (0.9) |
| Construction<br> Services Revenues | 32,826 | 3.8 | 177,067 | 20.0 | 439.4 | 426.3 |
| Total Revenues | 3,867,554 | 449.5 | 4,654,850 | 525.5 | 20.4 | 16.9 |
| Operating<br> Profit | 2,698,566 | 313.6 | 3,143,616 | 354.9 | 16.5 | 13.2 |
| EBITDA | 2,865,893 | 333.1 | 3,321,127 | 374.9 | 15.9 | 12.5 |
| Merida | ||||||
| Aeronautical<br> Revenues | 256,811 | 265.8 | 259,921 | 348.9 | 1.2 | 31.3 |
| Non-Aeronautical<br> Revenues | 51,491 | 53.3 | 59,127 | 79.4 | 14.8 | 49.0 |
| Construction<br> Services Revenues | 30,936 | 32.0 | - | - | (100.0) | (100.0) |
| Other<br> ^2^ | 21 | - | 24 | - | 14.3 | n/a |
| Total Revenues | 339,259 | 351.1 | 319,072 | 428.3 | (6.0) | 22.0 |
| Operating<br> Profit | 190,853 | 197.6 | 169,878 | 228.0 | (11.0) | 15.4 |
| EBITDA | 211,470 | 218.9 | 205,415 | 275.7 | (2.9) | 25.9 |
| Villahermosa | ||||||
| Aeronautical<br> Revenues | 90,149 | 274.0 | 107,620 | 279.5 | 19.4 | 2.0 |
| Non-Aeronautical<br> Revenues | 15,362 | 46.7 | 16,944 | 44.0 | 10.3 | (5.8) |
| Construction<br> Services Revenues | 6 | - | 49 | 0.1 | 716.7 | n/a |
| Other<br> ^2^ | 23 | 0.1 | 23 | 0.1 | - | - |
| Total Revenues | 105,540 | 320.8 | 124,636 | 323.7 | 18.1 | 0.9 |
| Operating<br> Profit | 58,238 | 177.0 | 68,398 | 177.7 | 17.4 | 0.4 |
| EBITDA | 69,176 | 210.3 | 80,826 | 209.9 | 16.8 | (0.2) |
| Other Airports ^3^ | ||||||
| Aeronautical<br> Revenues | 391,611 | 281.7 | 482,464 | 102.4 | 23.2 | (63.6) |
| Non-Aeronautical<br> Revenues | 51,513 | 37.1 | 55,773 | 11.8 | 8.3 | (68.2) |
| Construction<br> Services Revenues | 19,713 | 14.2 | 9,364 | 2.0 | (52.5) | (85.9) |
| Other<br> ^2^ | 72 | 0.1 | 77 | - | 6.9 | (100.0) |
| Total Revenues | 462,909 | 333.1 | 547,678 | 116.2 | 18.3 | (65.1) |
| Operating<br> Profit | 245,500 | 176.6 | 296,896 | 63.0 | 20.9 | (64.3) |
| EBITDA | 302,856 | 217.9 | 360,600 | 76.6 | 19.1 | (64.8) |
| Holding & Service Companies ^4^ | ||||||
| Construction<br> Services Revenues | - | n/a | - | n/a | n/a | n/a |
| Other<br> ^2^ | 156,253 | n/a | 177,363 | n/a | 13.5 | n/a |
| Total Revenues | 156,253 | n/a | 177,363 | n/a | 13.5 | n/a |
| Operating<br> Profit | 144,613 | n/a | 166,930 | n/a | 15.4 | n/a |
| EBITDA | 144,620 | n/a | 166,934 | n/a | 15.4 | n/a |
| Consolidation Adjustment Mexico | ||||||
| Consolidation<br> Adjustment | (156,369) | n/a | (177,487) | n/a | 13.5 | n/a |
| Total Mexico | ||||||
| Aeronautical<br> Revenues | 2,865,603 | 253.8 | 3,585,504 | 243.9 | 25.1 | (3.9) |
| Non-Aeronautical<br> Revenues | 1,826,062 | 161.8 | 1,874,128 | 127.5 | 2.6 | (21.2) |
| Construction<br> Services Revenues | 83,481 | 7.4 | 186,480 | 12.7 | 123.4 | 71.6 |
| Total Revenues | 4,775,146 | 423.0 | 5,646,112 | 384.1 | 18.2 | (9.2) |
| Operating<br> Profit | 3,337,770 | 295.7 | 3,845,718 | 261.6 | 15.2 | (11.5) |
| EBITDA | 3,594,015 | 318.4 | 4,134,902 | 281.3 | 15.0 | (11.7) |
| San Juan Puerto Rico, US ^5^ | ||||||
| Aeronautical<br> Revenues | 528,295 | n/a | 502,588 | n/a | (4.9) | n/a |
| Non-Aeronautical<br> Revenues | 422,817 | n/a | 464,734 | n/a | 9.9 | n/a |
| Construction<br> Services Revenues | 59,831 | n/a | 66,260 | n/a | 10.7 | n/a |
| Total Revenues | 1,010,943 | n/a | 1,033,582 | n/a | 2.2 | n/a |
| Operating<br> Profit | 350,559 | n/a | 369,048 | n/a | 5.3 | n/a |
| EBITDA | 520,229 | n/a | 527,008 | n/a | 1.3 | n/a |
| Consolidation Adjustment San Juan | ||||||
| Consolidation<br> Adjustment | - | n/a | - | n/a | n/a | n/a |
| Colombia ^6^ | ||||||
| Aeronautical<br> Revenues | 483,520 | n/a | 555,545 | n/a | 14.9 | n/a |
| Non-Aeronautical<br> Revenues | 173,733 | n/a | 195,975 | n/a | 12.8 | n/a |
| Construction<br> Services Revenues | 6,067 | n/a | 3,693 | n/a | (39.1) | n/a |
| Total Revenues | 663,320 | n/a | 755,213 | n/a | 13.9 | n/a |
| Operating<br> Profit | 325,322 | n/a | 364,457 | n/a | 12.0 | n/a |
| EBITDA | 416,158 | n/a | 461,030 | n/a | 10.8 | n/a |
| Consolidation Adjustment Colombia | ||||||
| Consolidation<br> Adjustment | - | n/a | - | n/a | n/a | n/a |
| CONSOLIDATED ASUR | ||||||
| Aeronautical<br> Revenues | 3,877,418 | n/a | 4,643,637 | n/a | 19.8 | n/a |
| Non-Aeronautical<br> Revenues | 2,422,612 | n/a | 2,534,837 | n/a | 4.6 | n/a |
| Construction<br> Services Revenues | 149,379 | n/a | 256,433 | n/a | 71.7 | n/a |
| Total Revenues | 6,449,409 | n/a | 7,434,907 | n/a | 15.3 | n/a |
| Operating<br> Profit | 4,013,651 | n/a | 4,579,223 | n/a | 14.1 | n/a |
| EBITDA | 4,530,402 | n/a | 5,122,940 | n/a | 13.1 | n/a |
| ^1^Reflects the results of operations of Cancun Airport and two Cancun Airport Services subsidiaries on a consolidated basis. | ||||||
| ^2^Reflects revenues under intercompany agreements which are eliminated in the consolidation adjustment. | ||||||
| ^3^Reflects the results of operations of our airports located in Cozumel, Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz. | ||||||
| ^4^Reflects the results of operations of our parent holding company and our services subsidiaries. Because none of these entities<br> hold the concessions for our airports, we do not report workload unit data for theses entities. | ||||||
| ^5^Reflects the results of operation of San Juan Airport, Puerto Rico, US for 1Q24. | ||||||
| ^6^Reflects the results of operation of Airplan, Colombia, for 1Q24. | ||||||
| ASUR 1Q24 Page 22 of 25 | ||||||
| --- | ||||||
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated Statement of Income from January 1 to March 31, 2024 and 2023 | ||||||
| Thousands<br> of mexican pesos | ||||||
| Item | 3M | 3M | % | 1Q | 1Q | % |
| 2023 | 2024 | Chg | 2023 | 2024 | Chg | |
| Revenues | ||||||
| Aeronautical<br> Services | 3,877,418 | 4,643,637 | 19.8 | 3,877,418 | 4,643,637 | 19.8 |
| Non-Aeronautical<br> Services | 2,422,612 | 2,534,837 | 4.6 | 2,422,612 | 2,534,837 | 4.6 |
| Construction<br> Services | 149,379 | 256,433 | 71.7 | 149,379 | 256,433 | 71.7 |
| Total Revenues | 6,449,409 | 7,434,907 | 15.3 | 6,449,409 | 7,434,907 | 15.3 |
| Operating Expenses | ||||||
| Cost<br> of Services | 1,124,511 | 1,230,259 | 9.4 | 1,124,511 | 1,230,259 | 9.4 |
| Cost<br> of Construction | 149,379 | 256,433 | 71.7 | 149,379 | 256,433 | 71.7 |
| General<br> and Administrative Expenses | 77,241 | 79,019 | 2.3 | 77,241 | 79,019 | 2.3 |
| Technical<br> Assistance | 190,311 | 106,315 | (44.1) | 190,311 | 106,315 | (44.1) |
| Concession<br> Fee | 377,573 | 639,940 | 69.5 | 377,573 | 639,940 | 69.5 |
| Depreciation<br> and Amortization | 516,743 | 543,718 | 5.2 | 516,743 | 543,718 | 5.2 |
| Total Operating Expenses | 2,435,758 | 2,855,684 | 17.2 | 2,435,758 | 2,855,684 | 17.2 |
| Other<br> Revenues | ||||||
| Operating Income | 4,013,651 | 4,579,223 | 14.1 | 4,013,651 | 4,579,223 | 14.1 |
| Comprehensive Financing Cost | (527,840) | (42,042) | (92.0) | (527,840) | (42,042) | (92.0) |
| Income<br> from results of Joint Venture Accounted by the Equity Method | (2,681) | n/a | (2,681) | n/a | ||
| Income Before Income Taxes | 3,485,811 | 4,534,500 | 30.1 | 3,485,811 | 4,534,500 | 30.1 |
| Provision<br> for Income Tax | 857,534 | 1,176,341 | 37.2 | 857,534 | 1,176,341 | 37.2 |
| Deferred<br> Income Taxes | 26,032 | 171,405 | 558.4 | 26,032 | 171,405 | 558.4 |
| Net Income for the Year | 2,602,245 | 3,186,754 | 22.5 | 2,602,245 | 3,186,754 | 22.5 |
| Majority Net Income | 2,512,362 | 3,082,091 | 22.7 | 2,512,362 | 3,082,091 | 22.7 |
| Non-Controlling Interests | 89,883 | 104,663 | 16.4 | 89,883 | 104,663 | 16.4 |
| Earning<br> per Share | 8.3745 | 10.2736 | 22.7 | 8.3745 | 10.2736 | 22.7 |
| Earning<br> per American Depositary Share (in U.S. Dollars) | 5.0656 | 6.2143 | 22.7 | 5.0656 | 6.2143 | 22.7 |
| Exchange<br> Rate per Dollar Ps. 16.5323 | ||||||
| ASUR 1Q24 Page 23 of 25 | ||||||
| --- | ||||||
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||
| --- | --- | --- | --- | --- | ||
| Consolidated Statements of Financial Position as of March 31, 2024 and December 31, 2023 | ||||||
| Thousands<br> of mexican pesos | ||||||
| Item | March 2024 | December2023 | Variation | % | ||
| Assets | ||||||
| Current Assets | ||||||
| Cash<br> and Cash Equivalents | 16,822,986 | 13,872,897 | 2,950,089 | 21.3 | ||
| Cash<br> and Cash Equivalents Restricted | 1,515,492 | 1,615,400 | (99,908) | (6.2) | ||
| Accounts<br> Receivable, net | 2,847,971 | 2,317,818 | 530,153 | 22.9 | ||
| Document<br> Receivable | 100,696 | 100,696 | - | - | ||
| Recoverable<br> Taxes and Other Current Assets | 968,801 | 826,386 | 142,415 | 17.2 | ||
| Total Current Assets | 22,255,946 | 18,733,197 | 3,522,749 | 18.8 | ||
| Non Current Assets | ||||||
| Investment<br> in Financial Instrument | 1,799,149 | 1,818,949 | (19,800) | (1.1) | ||
| Machinery,<br> Furniture and Equipment, net | 182,100 | 184,016 | (1,916) | (1.0) | ||
| Intangible<br> Assets, Airport Concessions and Goodwill-Net | 48,462,474 | 49,310,063 | (847,589) | (1.7) | ||
| investment<br> in Joint Venture | 293,518 | 296,199 | (2,681) | (0.9) | ||
| Total Assets | 72,993,187 | 70,342,424 | 2,650,763 | 3.8 | ||
| Liabilities and Stockholders' Equity | ||||||
| Current Liabilities | ||||||
| Trade<br> Accounts Payable | 247,710 | 306,548 | (58,838) | (19.2) | ||
| Bank<br> Loans and Short Term Debt | 1,118,165 | 1,233,639 | (115,474) | (9.4) | ||
| Accrued<br> Expenses and Others Payables | 3,532,867 | 3,287,040 | 245,827 | 7.5 | ||
| Total Current Liabilities | 4,898,742 | 4,827,227 | 71,515 | 1.5 | ||
| Long Term Liabilities | ||||||
| Bank<br> Loans | 2,522,522 | 2,586,932 | (64,410) | (2.5) | ||
| Long<br> Term Debt | 8,108,378 | 8,404,199 | (295,821) | (3.5) | ||
| Deferred<br> Income Taxes | 3,045,023 | 2,897,858 | 147,165 | 5.1 | ||
| Employee<br> Benefits | 35,937 | 35,010 | 927 | 2.6 | ||
| Total Long Term Liabilities | 13,711,860 | 13,923,999 | (212,139) | (1.5) | ||
| Total Liabilities | 18,610,602 | 18,751,226 | (140,624) | (0.7) | ||
| Stockholders' Equity | ||||||
| Capital<br> Stock | 7,767,276 | 7,767,276 | - | - | ||
| Legal<br> Reserve | 2,542,227 | 2,542,227 | - | - | ||
| Mayority<br> Net Income for the Period | 3,082,091 | 10,203,713 | (7,121,622) | (69.8) | ||
| Cumulative<br> Effect of Conversion of Foreign Currency | (1,910,234) | (1,619,693) | (290,541) | 18 | ||
| Retained<br> Earnings | 36,255,538 | 26,051,825 | 10,203,713 | 39.2 | ||
| Non-Controlling<br> interests | 6,645,687 | 6,645,850 | (163) | (0.0) | ||
| Total Stockholders' Equity | 54,382,585 | 51,591,198 | 2,791,387 | 5.4 | ||
| Total Liabilities and Stockholders' Equity | 72,993,187 | 70,342,424 | 2,650,763 | 3.8 | ||
| ASUR 1Q24 Page 24 of 25 | ||||||
| --- | ||||||
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated Statement of Cash Flow for the periods of January 1, to March 31, 2024 and 2023 | ||||||
| Thousands<br> of mexican pesos | ||||||
| Item | 3M | 3M | % | 1Q | 1Q | % |
| 2023 | 2024 | Chg | 2023 | 2024 | Chg | |
| Operating Activities | ||||||
| Income Before Income Taxes | 3,485,811 | 4,534,500 | 30.1 | 3,485,811 | 4,534,500 | 30.1 |
| Depreciation<br> and Amortization | 516,743 | 543,718 | 5.2 | 516,743 | 543,718 | 5.2 |
| Income<br> from Results of Joint Venture Accounted by the Equity Method | 2,681 | n/a | 2,681 | n/a | ||
| Interest<br> Income | (265,060) | (409,724) | 54.6 | (265,060) | (409,724) | 54.6 |
| Interest<br> Payables | 305,992 | 255,403 | (16.5) | 305,992 | 255,403 | (16.5) |
| Foreign<br> Exchange Gain (loss), Net Unearned | 491,937 | 183,037 | (62.8) | 491,937 | 183,037 | (62.8) |
| Sub-Total | 4,535,423 | 5,109,615 | 12.7 | 4,535,423 | 5,109,615 | 12.7 |
| Trade<br> Receivables | 147,399 | (405,943) | (375.4) | 147,399 | (405,943) | (375.4) |
| Recoverable<br> Taxes and other Current Assets | (97,149) | (92,315) | (5.0) | (97,149) | (92,315) | (5.0) |
| Income<br> Tax Paid | (724,864) | (1,111,668) | 53.4 | (724,864) | (1,111,668) | 53.4 |
| Trade<br> Accounts Payable | (55,255) | (44,721) | (19.1) | (55,255) | (44,721) | (19.1) |
| Net Cash Flow Provided by Operating Activities | 3,805,554 | 3,454,968 | (9.2) | 3,805,554 | 3,454,968 | (9.2) |
| Investing Activities | ||||||
| Investment<br> in Financial Instrument | 19,800 | n/a | 19,800 | n/a | ||
| Loans<br> granted to Third Parties | ||||||
| Restricted<br> Cash | (64,073) | 63,027 | (198.4) | (64,073) | 63,027 | (198.4) |
| Investments<br> in Machinery, Furniture and Equipment, net | (142,994) | (182,584) | 27.7 | (142,994) | (182,584) | 27.7 |
| Interest<br> Income | 233,255 | 379,775 | 62.8 | 233,255 | 379,775 | 62.8 |
| Net Cash Flow used by Investing Activities | 26,188 | 280,018 | 969.3 | 26,188 | 280,018 | 969.3 |
| Excess Cash to Use in Financing Activities | 3,831,742 | 3,734,986 | (2.5) | 3,831,742 | 3,734,986 | (2.5) |
| Bank<br> Loans | ||||||
| Bank<br> Loans Paid | (662,500) | (50,000) | (92.5) | (662,500) | (50,000) | (92.5) |
| Long<br> Term Debt Paid | (99,786) | (97,926) | (1.9) | (99,786) | (97,926) | (1.9) |
| Interest<br> Paid | (410,136) | (365,623) | (10.9) | (410,136) | (365,623) | (10.9) |
| Dividends<br> Paid | ||||||
| Net Cash Flow used by Financing Activities | (1,172,422) | (513,549) | (56.2) | (1,172,422) | (513,549) | (56.2) |
| Net Increase in Cash and Cash Equivalents | 2,659,320 | 3,221,437 | 21.1 | 2,659,320 | 3,221,437 | 21.1 |
| Cash<br> and Cash Equivalents at Beginning of Period | 13,174,991 | 13,872,897 | 5.3 | 13,174,991 | 13,872,897 | 5.3 |
| Exchange<br> Gain on Cash and Cash Equivalents | (726,076) | (271,348) | (62.6) | (726,076) | (271,348) | (62.6) |
| Cash and Cash Equivalents at the End of Period | 15,108,235 | 16,822,986 | 11.3 | 15,108,235 | 16,822,986 | 11.3 |
| ASUR 1Q24 Page 25 of 25 | ||||||
| --- |