Southeast Airport Group 6-K, filed Jul 24, 2024
Southeast Airport Group (ASR)
About this 6-K
Southeast Airport Group filed this 6-K on July 24, 2024.
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 July 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 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: July 23, 2024
Exhibit 99.1
ASUR ANNOUNCES 2Q24 RESULTS
Passenger Traffic Increased 2.8% YoY
Mexico City, July 23, 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-and six-month periods ended June 30, 2024.
2Q24 Highlights1
| · | Total passenger traffic increased 2.8% year-over-year (“YoY”). By country of operations, passenger traffic presented the following YoY variations: |
| · | Mexico: declined 4.7%, reflecting decreases of 2.5% in international traffic and 7.0% in domestic traffic. |
| · | Puerto Rico (Aerostar): increased 8.5%, driven by growth of 7.8% and 13.9% in domestic and in international traffic, respectively. |
| · | Colombia (Airplan): increased 20.9%, resulting from increases of 29.6% in international traffic and 18.8% in domestic traffic. |
| · | Revenues increased 20.1% YoY to Ps.7,394.0 million. Excluding construction services, revenues increased 17.7% during the period. |
| · | Consolidated revenues per Passenger increased 4.6% to Ps.127.9. |
| · | Consolidated EBITDA increased 18.0% YoY to Ps.4,909.9 million. |
| Table 1: Financial and Operating Highlights1 | |||
| Second Quarter | % Chg. | ||
| 2023 | 2024 | ||
| Financial Highlights | |||
| Total Revenue | 6,156,443 | 7,394,010 | 20.1 |
| Mexico | 4,541,133 | 5,428,666 | 19.5 |
| San Juan | 1,036,616 | 1,182,580 | 14.1 |
| Colombia | 578,694 | 782,764 | 35.3 |
| Commercial Revenues per PAX | 122.3 | 127.9 | 4.6 |
| Mexico | 141.7 | 154.5 | 9.1 |
| San Juan | 146.4 | 147.2 | 0.6 |
| Colombia | 40.7 | 47.3 | 16.2 |
| EBITDA | 4,160,306 | 4,909,874 | 18.0 |
| Net Income | 2,649,413 | 3,779,413 | 42.7 |
| Majority Net Income | 2,444,711 | 3,673,567 | 50.3 |
| Earnings per Share (in pesos) | 8.1490 | 12.2452 | 50.3 |
| Earnings per ADS (in US$) | 4.4658 | 6.7105 | 50.3 |
| Capex | 152,927 | 636,780 | 316.4 |
| Cash & Cash Equivalents | 14,474,035 | 14,996,995 | 3.6 |
| Net Debt | (1,326,708) | (2,842,542) | 114.3 |
| Net Debt/ LTM EBITDA | (0.1) | (0.2) | 100.1 |
| Operational Highlights | |||
| Passenger Traffic | |||
| Mexico | 10,697,831 | 10,193,640 | (4.7) |
| San Juan | 3,198,859 | 3,469,364 | 8.5 |
| Colombia | 3,389,611 | 4,099,011 | 20.9 |
| · | Adjusted EBITDA Margin (excluding IFRIC12) reached 69.2% compared to 69.1% in 2Q23. |
| · | Closed 2Q24 with a cash position of Ps.14,997.0 million and Debt to LTM Adjusted EBITDA of negative 0.2x. |
2Q24 Earnings Call
Day: Wednesday, July 24, 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: 13747378
Replay: Wednesday, July 24, 2024, at 2:00 PM ET, ending at 11:59 PM ET on Wednesday, July 31, 2024. Dial-in: 1-844-512-2921 (Toll-Free); 1-412-317-6671 (International). Access Code: 13747378
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- and six-month periods ended June 30, 2024, and the equivalent three- and six-month periods ended June 30, 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. 18.2478 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP.226.1200 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 17 of this report.
ASUR 2Q24 Page 1 of 25
Passenger Traffic
ASUR's total passenger traffic increased 2.8% YoY to 17.8 million in 2Q24.
In Mexico, total passenger traffic declined 4.7% YoY to 10.2 million in 2Q24, driven by decreases of 2.5% in international traffic and 7.0% in domestic traffic.
In Puerto Rico, total passenger traffic increased 8.5% YoY to 3.5 million in 2Q24, mainly driven by increases of 7.8% in domestic traffic and 13.9% in international traffic.
Total passenger traffic in Colombia for 2Q24 increased 20.9% YoY to 4.1 million passengers, driven by growth of 29.6% and 18.8% in domestic and international traffic, respectively.
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 | |||||||
| Second Quarter | % Chg. | Six-Months | % Chg. | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Total México | 10,697,831 | 10,193,640 | (4.7) | 21,771,122 | 21,690,050 | (0.4) | |
| - Cancun | 8,153,866 | 7,508,459 | (7.9) | 16,638,564 | 16,238,550 | (2.4) | |
| - 8 Other Airports | 2,543,965 | 2,685,181 | 5.6 | 5,132,558 | 5,451,500 | 6.2 | |
| Domestic Traffic | 5,265,236 | 4,897,005 | (7.0) | 10,049,424 | 9,512,090 | (5.3) | |
| - Cancun | 3,006,582 | 2,545,231 | (15.3) | 5,603,062 | 4,864,912 | (13.2) | |
| - 8 Other Airports | 2,258,654 | 2,351,774 | 4.1 | 4,446,362 | 4,647,178 | 4.5 | |
| International Traffic | 5,432,595 | 5,296,635 | (2.5) | 11,721,698 | 12,177,960 | 3.9 | |
| - Cancun | 5,147,284 | 4,963,228 | (3.6) | 11,035,502 | 11,373,638 | 3.1 | |
| - 8 Other Airports | 285,311 | 333,407 | 16.9 | 686,196 | 804,322 | 17.2 | |
| Total San Juan, Puerto Rico | 3,198,859 | 3,469,364 | 8.5 | 6,105,897 | 6,731,260 | 10.2 | |
| Domestic Traffic | 2,850,826 | 3,072,984 | 7.8 | 5,492,755 | 6,008,924 | 9.4 | |
| International Traffic | 348,033 | 396,380 | 13.9 | 613,142 | 722,336 | 17.8 | |
| Total Colombia | 3,389,611 | 4,099,011 | 20.9 | 7,274,928 | 7,903,243 | 8.6 | |
| Domestic Traffic | 2,723,025 | 3,235,205 | 18.8 | 5,899,180 | 6,198,665 | 5.1 | |
| International Traffic | 666,586 | 863,806 | 29.6 | 1,375,748 | 1,704,578 | 23.9 | |
| Total Traffic | 17,286,301 | 17,762,015 | 2.8 | 35,151,947 | 36,324,553 | 3.3 | |
| Domestic Traffic | 10,839,087 | 11,205,194 | 3.4 | 21,441,359 | 21,719,679 | 1.3 | |
| International Traffic | 6,447,214 | 6,556,821 | 1.7 | 13,710,588 | 14,604,874 | 6.5 | |
| Note: Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, while Puerto Rico includes transit passengers and general aviation. | |||||||
Table 3: % YoY Change in Passenger Traffic 2024 & 2023
| Region | January | February | March | April | May | June | Total |
| Mexico | 2.6% | 5.7% | 3.4% | (5.6%) | (3.0%) | (5.5%) | (0.4%) |
| Domestic Traffic | (2.2%) | (1.3%) | (6.8%) | (10.7%) | (4.6%) | (5.7%) | (5.3%) |
| International Traffic | 6.3% | 10.9% | 11.1% | (1.0%) | (1.3%) | (5.2%) | 3.9% |
| Puerto Rico | 8.2% | 12.6% | 16.0% | 9.4% | 4.3% | 11.6% | 10.2% |
| Domestic Traffic | 6.7% | 12.0% | 14.9% | 9.4% | 3.1% | 10.9% | 9.4% |
| International Traffic | 23.1% | 17.9% | 27.1% | 9.2% | 15.4% | 16.1% | 17.8% |
| Colombia | (10.1%) | (3.4%) | 9.4% | 17.9% | 20.2% | 24.5% | 8.6% |
| Domestic Traffic | (14.1%) | (7.8%) | 3.6% | 16.2% | 17.8% | 22.3% | 5.1% |
| International Traffic | 6.6% | 16.9% | 37.7% | 25.3% | 30.1% | 33.1% | 23.9% |
| Total | 0.5% | 4.8% | 6.6% | 1.3% | 3.1% | 3.8% | 3.3% |
| Domestic Traffic | (3.7%) | (0.1%) | 1.6% | 0.9% | 3.1% | 6.0% | 1.3% |
| International Traffic | 6.9% | 11.7% | 13.9% | 1.9% | 3.0% | 0.2% | 6.5% |
ASUR 2Q24 Page 2 of 25
Review of Consolidated Results
| Table 4: Summary of Consolidated Results | |||||||
| Second Quarter | % Chg. | Six-Months | % Chg. | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Total Revenues | 6,156,443 | 7,394,010 | 20.1 | 12,605,852 | 14,828,917 | 17.6 | |
| Aeronautical Services | 3,710,976 | 4,613,942 | 24.3 | 7,588,394 | 9,257,579 | 22.0 | |
| Non-Aeronautical Services | 2,313,978 | 2,480,028 | 7.2 | 4,736,590 | 5,014,865 | 5.9 | |
| Total Revenues Excluding Construction Revenues | 6,024,954 | 7,093,970 | 17.7 | 12,324,984 | 14,272,444 | 15.8 | |
| Construction Revenues | 131,489 | 300,040 | 128.2 | 280,868 | 556,473 | 98.1 | |
| Total Operating Costs & Expenses | 2,252,366 | 3,051,086 | 35.5 | 4,688,124 | 5,906,770 | 26.0 | |
| Other Revenues | - | - | 0.0 | - | - | 0.0 | |
| Operating Profit | 3,904,077 | 4,342,924 | 11.2 | 7,917,728 | 8,922,147 | 12.7 | |
| Operating Margin | 63.4% | 58.7% | (468 bps) | 62.8% | 60.2% | (264 bps) | |
| Adjusted Operating Margin 1 | 64.8% | 61.2% | (358 bps) | 64.2% | 62.5% | (173 bps) | |
| EBITDA | 4,160,306 | 4,909,874 | 18.0 | 8,690,708 | 10,032,814 | 15.4 | |
| EBITDA Margin | 67.6% | 66.4% | (117 bps) | 68.9% | 67.7% | (128 bps) | |
| Adjusted EBITDA Margin 2 | 69.1% | 69.2% | 16 bps | 70.5% | 70.3% | (22 bps) | |
| Net income | 2,649,413 | 3,779,413 | 42.7 | 5,251,658 | 6,966,167 | 32.6 | |
| Net income majority | 2,444,711 | 3,673,567 | 50.3 | 4,957,073 | 6,755,658 | 36.3 | |
| Earnings per Share | 8.1490 | 12.2452 | 50.3 | 16.5236 | 22.5189 | 36.3 | |
| Earnings per ADS in US$ | 4.4658 | 6.7105 | 50.3 | 9.0551 | 12.3406 | 36.3 | |
| Total Commercial Revenues per Passenger 3 | 122.3 | 127.9 | 4.6 | 122.8 | 126.4 | 2.9 | |
| Commercial Revenues | 2,135,266 | 2,293,840 | 7.4 | 4,363,641 | 4,630,274 | 6.1 | |
| Commercial Revenues from Direct Operations per Passenger 4 | 23.2 | 22.0 | (5.6) | 23.7 | 22.9 | (3.2) | |
| Commercial Revenues Excl. Direct Operations per Passenger | 99.1 | 106.0 | 6.9 | 99.1 | 103.5 | 4.4 | |
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.
Consolidated Revenues
Consolidated Revenues increased 20.1% YoY, or Ps.1,237.6 million, to Ps.7,394.0 million, mainly due to the following increases:
| · | 128.2%, or Ps.168.5 million, YoY increase in construction services revenues to Ps.300.0 million, principally in Mexico, |
| · | 24.3%, or Ps.903.0 million in aeronautical services revenues to Ps.4,613.9 million. Mexico contributed Ps.3,513.7 million, while Puerto Rico and Colombia accounted for Ps.518.3 million and Ps.581.9 million, respectively; and |
| · | 7.2%, or Ps.166.0 million non-aeronautical services revenues to Ps.2,480.0 million. Mexico contributed Ps.1,767.0 million, while Puerto Rico and Colombia accounted for Ps.513.5 million and Ps.199.5 million, respectively. |
Excluding Revenues from Construction Services, for which an equivalent expense is recorded under IFRS accounting standards, total revenues would have increased 17.7% YoY to Ps.7,094.0 million.
Excluding revenues from construction services, Mexico represented 74.4% of ASUR´s total revenues in 2Q24, while Puerto Rico and Colombia accounted for 14.5% and 11.1%, respectively.
Commercial Revenues in 2Q24 increased 7.4% YoY to Ps.2,293.8 million, mainly reflecting the 2.7% increase in passenger traffic (including transit and general aviation passengers). Commercial revenue growth was driven by increases of 3.9% to Ps.1,583.9 million in Mexico, 9.1% to Ps.510.8 million in Puerto Rico and 40.1% to Ps.199.1 million in Colombia.
ASUR 2Q24 Page 3 of 25
Commercial Revenues per Passenger increased 4.6% YoY to Ps.127.9 in 2Q24, from Ps.122.3 in 2Q23.
Consolidated Operating Costs and Expenses
Consolidated Operating Costs and Expenses, including construction costs, increased 35.5% YoY, or Ps.798.7 million, to Ps.3,051.1 million in 2Q24.
Excluding construction costs, operating costs and expenses increased 29.7%, or Ps.630.2 million, due to the following factors:
| · | Mexico: increased 18.1%, or Ps.254.7 million, mainly due to higher costs in connection to personnel, concession fees, security and cleaning services, and maintenance and conservation. |
| · | Puerto Rico: increased 86.8%, or Ps.306.2 million, mainly due to the recovery of expenses under the CRRSAA Act for an amount of Ps.252.3 million in 2Q23. On a comparable basis and excluding this benefit in 2Q23, operating costs and expenses increased 8.9%, or Ps.53.8 million, mainly due to increases in personnel costs, electric energy, insurance and surety bonds, professional fees, security and depreciation and amortization. |
| · | Colombia: increased 19.2%, or Ps.69.2 million, mainly due to increases in maintenance and conservation, personnel costs, taxes and duties, security and cleaning services, insurance and surety bonds, concession fees, energy costs and depreciation and amortization. |
Cost of Services increased 37.0%, or Ps.368.4 million, YoY mainly due to increases in personnel costs, surveillance and cleaning services, maintenance and conservation, professional fees, insurance and bonds, electric energy, and taxes and duties.
Construction Costs increased 128.2% YoY, or Ps.168.5 million. This was mainly driven by a YoY increases of 100.5%, or Ps.74.2 million, in construction costs in Mexico, and 164.5%, or Ps.93.7 million, in Puerto Rico, and 89.6%, or Ps.0.6 million, in construction costs in Colombia.
Administrative Expenses that reflect administrative costs in Mexico increased 5.8% YoY.
Consolidated Technical Assistance Costs decreased by 42.5% YoY, as the technical assistance fee in Mexico decreased from 5% to 2.5% as of January 1, 2024.
Concession Fees increased 74.6% YoY, on a consolidated basis, principally due to increases of 115.4% in Mexico due to an increase in the concession fee from 5% to 9% as of January 1, 2024, together with increases of 30.2% in Colombia and 4.2% in Puerto Rico as a result of higher regulated and unregulated revenues.
Depreciation and Amortization increased 11.5% YoY, or Ps.58.6 million, principally due to an increase of 12.7%, or Ps.33.1 million in Mexico, 16.6%, or Ps.14.6 million in Colombia and 6.8%, or Ps.10.9 million, in Puerto Rico.
Consolidated Operating Profit and EBITDA
ASUR reported a Consolidated Operating Profit of Ps.4,342.9 million in 2Q24, with an operating margin of 58.7%, compared to Ps.3,904.1 million and an operating margin of 63.4% in 2Q23.
Adjusted Operating Margin was 61.2% in 2Q24 compared to 64.8% in 2Q23. 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.
EBITDA increased 18.0%, or Ps.749.6 million, to Ps.4,909.9 million in 2Q24, from Ps.4,160.3 million in 2Q23. By country of operations, EBITDA increased by 17.8%, or Ps.591.6 million to Ps.3,914.0 million in Mexico, and 1.7%, or Ps.9.3 million, to Ps.543.0 million in Puerto Rico and 48.9%, or Ps.148.7 million, to Ps.452.9 million in Colombia.
Consolidated EBITDA margin in 2Q24 was 66.4% compared to 67.6% in 2Q23.
ASUR 2Q24 Page 4 of 25
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 69.2% in 2Q24, compared to 69.1% in 2Q23.
Comprehensive Financing Gain (Loss)
| Table 5: Consolidated Comprehensive Financing Gain (Loss) | |||||||
| Second Quarter | % Chg. | Six-Months | % Chg. | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Interest Income | 296,670 | 372,072 | 25.4 | 561,730 | 781,797 | 39.2 | |
| Interest Expense | (281,678) | (106,097) | (62.3) | (587,670) | (361,499) | (38.5) | |
| Foreign Exchange Gain (Loss), Net | (344,984) | 941,963 | n/a | (831,892) | 745,598 | n/a | |
| Total | (329,992) | 1,207,938 | n/a | (857,832) | 1,165,896 | n/a | |
In 2Q24 ASUR reported a Ps.1,207.9 million Consolidated Comprehensive Financing Gain, compared to a Ps.330.0 million loss in 2Q23. This variation is mainly attributed to a foreign exchange gain of Ps.942.0 million in 2Q24 compared to a foreign exchange loss of Ps.345.0 million in 2Q23.
The foreign exchange gain in 2Q24 resulted from the 10.4% quarter-end depreciation of the Mexican peso against the U.S. dollar on a U.S. dollar net asset position (4.4% average depreciation) during the covered period. The foreign exchange loss in 2Q23 resulted from the 5.0% quarter-end appreciation of the Mexican peso against the U.S. dollar on a U.S. dollar net asset position (1.9% average appreciation) during the covered period.
Interest income increased 25.4%, or Ps.75.4 million reflecting a higher cash balance position, while interest expenses declined 62.3%, or Ps.175.6 million resulting from principal payments in Mexico and Puerto Rico.
Income Taxes
Income Taxes for 2Q24 increased Ps.844.9 million YoY, principally due to the following variations:
| · | A Ps.654.2 million increase in income taxes, mainly due to a higher taxable income base in Mexico and Colombia. |
| · | A Ps.190.7 million increase in deferred income taxes, mainly in Mexico, resulting from the initial recognition of deferred income tax on untaxed accumulated profits from investments in Puerto Rico and Colombia. |
Net Majority Income
ASUR reported Majority Net Income of Ps.3,673.6 million in 2Q24, compared to Ps.2,444.7 million in 2Q23. This resulted in earnings per common share in 2Q24 of Ps.12.2452, or earnings per ADS of US$6.7105 (one ADS represents ten series B common shares). This compared to earnings per share of Ps.8.1490, or earnings per ADS of US$4.4658 for 2Q23.
Net Income
ASUR reported Net Income of Ps.3,779.4 million in 2Q24, an increase of 42.7%, or Ps.1,130.0 million, from Ps.2,649.4 million in 2Q23.
Consolidated Financial Position
Airport concessions represented 69.5% of ASUR´s total assets as of June 30, 2024, with current assets representing 28.0% and other assets 2.5%.
ASUR 2Q24 Page 5 of 25
As of June 30, 2024, cash and cash equivalents amounted to Ps.14,997.0 million, an 8.1% increase from Ps.13,872.9 million as of December 31 2023. Cash and cash equivalents in México, Colombia and Puerto Rico amounted to Ps.10,911.7 million, Ps.2,193.6 million and Ps.1,891.7 million, respectively.
As of June 30, 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.4,770.1 million, (ii) goodwill of Ps.871.8 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps.477.0 million, and (iv) a minority interest of Ps.4,912.4 million in stockholders' equity.
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 June 30, 2024: (i) the recognition of a net intangible asset of Ps.793.1 million, (ii) goodwill of Ps.1,431.5 million, (iii) deferred taxes of Ps.245.4 million, and (iv) a Ps.91.8 million recognition of bank loans at fair value.
As of June 30, 2024, Stockholders’ equity was Ps. Ps.53,207.0 million and total liabilities were Ps.19,467.0, representing 73.2% and 26.8% of ASUR’s total assets, respectively. Deferred liabilities represented 17.6% of ASUR’s total liabilities.
As of June 30, 2024, Total Debt declined 0.6% to Ps.12,154.4 million from Ps. 12,224.8 million as of December 31, 2023, mainly reflecting: (i) the FX conversion impact of the Mexican peso depreciation 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 and Ps.438.7 million in Colombia.
As of June 30, 2024, 20.0% of ASUR’s Total Debt was denominated in Mexican pesos, 76.8% in U.S. Dollars (at Aerostar in Puerto Rico) and 3.2% 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 June 30, 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 0.2x at the close of 2Q24, while the Interest Coverage Ratio was 12.2x. This compared with LTM Net Debt-to-LTM EBITDA of negative 0.1x and an Interest Coverage Ratio of 11.5x as of June 30, 2023, respectively.
| Table 6: Consolidated Debt Indicators | |||
| June 30, 2023 | December 31, 2023 | June 30, 2024 | |
| Apalancamiento | |||
| Total Debt/ LTM EBITDA (Times) 1 | 0.8 | 0.7 | 0.7 |
| Total Net Debt/ LTM EBITDA (Times) 2 | (0.1) | (0.3) | (0.2) |
| Interest Coverage Ratio 3 | 11.5 | 11.4 | 12.2 |
| Total Debt | 13,147,327 | 12,224,770 | 12,154,453 |
| Short-term Debt | 1,881,660 | 1,233,639 | 1,291,986 |
| Long-term Debt | 11,265,667 | 10,991,131 | 10,862,467 |
| Cash & Cash Equivalents | 14,474,035 | 16,917,191 | 14,996,995 |
| Total Net Debt 4 | (1,326,708) | (4,692,421) | (2,842,542) |
| 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, 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 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. | |||
4 Total net debt is calculated as Asur´s total debt without cash & cash Equivalents. | |||
ASUR 2Q24 Page 6 of 25
| Table 7: Consolidated Debt (million) | |||||||
| Aerostar Dls | Cancun Airport M´Mxp $ | Airplan M Col Ps | |||||
| Original Amount | 350´M | 200´M | 50´M | BBVA 2,000 | Santander 2,650 | Syindicated Loan 440,000 | |
| Interest Rate | 5.75% | 4.92% | 6.75% | TIIE + 1.4 pp | TIIE +1.5 pp | DTF + 4pp | |
Principal Balance as of June 30, 2024 |
271.3 | 200.0 | 42.0 | 1,750.0 | 675.0 | 67,897.2 | |
| 2024 | 6.5 | - | - | 100.0 | |||
| 2025 | 13.6 | - | - | 275.0 | 675.0 | - | |
| 2026 | 15.0 | - | - | 375.0 | - | 30,499.7 | |
| 2027 | 16.6 | - | - | 475.0 | - | 37,397.5 | |
| 2028 | 16.2 | - | - | 525.0 | - | - | |
| 2029 | 17.3 | - | - | - | - | - | |
| 2030 | 20.9 | - | - | - | - | - | |
| 2031 | 27.0 | - | - | - | - | - | |
| 2032 | 34.4 | - | - | - | - | - | |
| 2033 | 38.5 | - | - | - | - | - | |
| 2034 | 42.6 | - | - | - | - | - | |
| 2035 | 22.6 | 200.0 | 42.0 | - | - | - | |
1 DTF is an average 90-day rate to which the credit facilities in Colombia are pegged.
The loans from Mexico were made in October 2017, with Bancomer and Santander. The bonds from Puerto Rico were issued in March 2013 and June 2015 (in May 2022 the payment date at maturity was modified to 2035). The syndicated loan from Colombia was obtained in June 2015, with a grace period of three years. In April 2022, Airplan made capital payments for Cop. 100,000 million, and its next principal payment is due in September 2026. In July 2022, Aerostar issued senior secured notes for US$200,000 million due March 22, 2035. On November 30, 2022, March 29, 2023, and September 29, 2023 Cancun Airport prepaid Ps.650 million, Ps.662.5 million and Ps.662.5 million of the loan with Santander, respectively. Cancún Airport made capital payments of Ps.50 million of the BBVA loan on each of the following dates: April 14, 2023, July 14, 2023, October 13, 2023, January 15, 2024 and 15 April 2024.
*Expressed in the original currency of each loan. |
|||||||
Strong Liquidity Position and Healthy Debt Maturity Profile
ASUR closed 2Q24 with a solid financial position, with cash and cash equivalents totaling Ps.14,997.0 million and Ps.12,154.4 million in Total Debt. A total of Ps.168.0 million in principal amount of outstanding debt payments is due in 3Q24.
The following table shows the liquidity position for each of ASUR’s regions of operations:
|
Table 8: Liquidity Position as of June 30, 3024 |
|||||
| Figures in thousands of Mexican Pesos | |||||
| Region of Operation | Cash
& Equivalents |
Total Debt | Short-term Debt | Long-term Debt | Principal
Payments (July - October 2024) |
| Mexico | 10,911,734 | 2,425,149 | 909,257 | 1,515,892 | 50,000 |
| Puerto Rico | 1,891,659 | 9,335,025 | 380,515 | 8,954,510 | 117,963 |
| Colombia | 2,193,602 | 394,279 | 2,214 | 392,065 | 0 |
| Total | 14,996,995 | 12,154,453 | 1,291,986 | 10,862,467 | 167,963 |
|
|
|
|
|||
| Table 9: Debt Maturity Profile as of June 30, 2024 | ||||
| Figures in thousands of Mexican Pesos | ||||
| Region of Operation | 2024 | 2025 | 2026 | 2027/2035 |
| Mexico | 100,000 | 950,000 | 375,000 | 1,000,000 |
| Puerto Rico | 117,963 | 248,207 | 273,604 | 8,725,259 |
| Colombia | 0 | 0 | 134,883 | 165,388 |
| Total | 217,963 | 1,198,207 | 783,487 | 9,890,646 |
| 1 Figures in pesos converted at the exchange rate at the close of the quarter Ps.18.2478=US$1.00 | ||||
| 2 Figures in pesos converted at the exchange rate at the close of the quarter of COP 226.12=Ps.1.00 | ||||
| Note: Figures only reflect principal payments. | ||||
ASUR 2Q24 Page 7 of 25
| Table 10: Debt Ratios at June 30, 2024 | ||||
LTM EBITDA and interest expense figures in thousands of Mexican Pesos
| ||||
| Region | LTM EBITDA | LTM
Interest Expenses |
Debt Coverage Ratio | Minimum
Coverage Requirement as per Agreements |
| Mexico 1 | 14,714,478 | 349,947 | 42.0 | 3.0 |
| Puerto Rico 2 | 1,474,506 | 738,592 | 2.0 | 1.1 |
| Colombia 3 | 1,261,408 | 345,552 | 3.7 | 1.2 |
| Total | 17,450,392 | 1,434,091 | 12.2 | |
| 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.1,474,5 million and LTM Debt Service was Ps.738,6 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.1,261.4 million and Debt Service was Ps.345.6 million. | ||||
Accounts Receivables
Accounts receivables increased 28.5% YoY in 2Q24, mainly driven by increased activity in Mexico and Colombia.
On February 28 and March 29, 2023 Viva Colombia and Ultra Air in Colombia suspended operations. At the close of 2Q24, these two companies owed ASUR Ps.14.5 million and Ps.10.2 million, respectively and have been provisioned.
| Table 11: Accounts Receivables at June 30, 2024 | |||
| Figures in thousands of Mexican Pesos | |||
| Region | 2Q23 | 2Q24 | % Chg. |
| Mexico | 1,741,418 | 2,267,510 | 30.2 |
| Puerto Rico | 156,871 | 138,474 | (11.7) |
| Colombia | 52,180 | 100,682 | 93.0 |
| Total | 1,950,469 | 2,506,666 | 28.5 |
| Note: Net of allowance for bad debts. | |||
Capital Expenditures
ASUR made capital expenditures of Ps.646.8 million in 2Q24. Of this amount, Ps.461.6 million were allocated to modernizing the Company´s Mexican airports pursuant to its master development plans, Ps.173.7 million were invested by Aerostar in Puerto Rico and Ps.1.5 million were invested by Airplan in Colombia. This compared to Ps.152.9 million invested in 2Q23, of which Ps.81.3 million were invested in Mexico, Ps.70.9 million in Puerto Rico and Ps.0.7 million in Colombia. On an accumulated basis, ASUR made capital expenses for a total of Ps.819.4 million in 6M24, of which Ps.567.8 million, were allocated to its Mexican airports, Ps.246.1 million invested by Aerostar in Puerto Rico and Ps.5.5 million invested by Airplan in Colombia. This compares to a total of Ps.295.9 million invested in 6M23, of which Ps.151.6 million were allocated to its Mexican airports, Ps.137.6 million in Puerto Rico and Ps.6.7 million in Colombia.
ASUR 2Q24 Page 8 of 25
Review of Mexico Operations
| Table 12: Mexico Revenues & Commercial Revenues Per Passenger | |||||||
| Second Quarter | % Chg. | Six-Months | % Chg. | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Total Passenger | 10,764 | 10,249 | (4.8) | 21,899 | 21,803 | (0.4) | |
| Total Revenues | 4,541,133 | 5,428,666 | 19.5 | 9,316,279 | 11,074,778 | 18.9 | |
| Aeronautical Services | 2,766,378 | 3,513,751 | 27.0 | 5,631,981 | 7,099,255 | 26.1 | |
| Non-Aeronautical Services | 1,700,963 | 1,766,963 | 3.9 | 3,527,025 | 3,641,091 | 3.2 | |
| Construction Revenues | 73,792 | 147,952 | 100.5 | 157,273 | 334,432 | 112.6 | |
| Total Revenues Excluding Construction Revenues | 4,467,341 | 5,280,714 | 18.2 | 9,159,006 | 10,740,346 | 17.3 | |
| Total Commercial Revenues | 1,524,765 | 1,583,901 | 3.9 | 3,161,011 | 3,262,322 | 3.2 | |
| Commercial Revenues from Direct Operations | 296,822 | 283,176 | (4.6) | 631,422 | 620,680 | (1.7) | |
| Commercial Revenues Excluding Direct Operations | 1,227,943 | 1,300,725 | 5.9 | 2,529,589 | 2,641,642 | 4.4 | |
| Total Commercial Revenues per Passenger | 141.6 | 154.5 | 9.1 | 144.3 | 149.6 | 3.7 | |
| Commercial Revenues from Direct Operations per Passenger 1 | 27.6 | 27.6 | 0.2 | 28.8 | 28.5 | (1.3) | |
| Commercial Revenues Excl. Direct Operations per Passenger | 114.1 | 126.9 | 11.3 | 115.5 | 121.2 | 4.9 | |
| For the purposes of this table, approximately 66.6 and 55.0 thousand transit and general aviation passengers are included in 2Q23 and 2Q24 respectively, while 127.6 and 113.4 thousand transit and general aviation passengers are included in 6M23 and 6M24. |
| 1 Represents the operation of ASUR in its convenience stores in Mexico. |
Mexico Revenues
Mexico Revenues increased 19.5% YoY to Ps.5,429.0 million, mainly reflecting the new terms of the Master Development Plan published on December 13, 2023 and effective starting January 1, 2024.
Excluding construction, revenues increased 18.2% YoY, mainly due to increases of 27.0% in revenues from aeronautical services and 3.9% in revenues from non-aeronautical services.
Commercial Revenues increased 3.9% YoY, as shown in Table 12.
Commercial Revenues per Passenger for 2Q24 increased to Ps.154.5 compared to Ps.141.6 in 2Q23.
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, 6 at Merida, 2 each at Tapachila and Veracruz airports, and 1 each at Cancun, Oaxaca, Huatulco, Cozumel, Minatitlan, and Villahermosa airports. More details of these openings can be found on page 20 of this report.
| Table 13: Mexico Commercial Revenue Performance | Table 14: Mexico Summary Retail and Other Commercial Space Opened since June 30, 2023 | ||||
| Business Line | YoY Chg | Type of Commercial Space 1 | # Of Spaces Opened | ||
| 2Q24 | 6M24 | ||||
| Car rental | 30.0% | 26.6% | Cancun | 1 | |
| Car parking | 9.9% | 6.6% | Car rental | 1 | |
| Advertising | 9.8% | 12.8% | 8 Others airports | 16 | |
| Ground Transportation | 9.1% | 9.8% | Retail | 2 | |
| Retail | 5.9% | 0.8% | Car rental | 14 | |
| Banks and foreign exchange | 3.2% | (8.3%) | Mexico | 17 | |
| Duty Free | 0.8% | 2.4% | |||
| Other Revenues | (4.3%) | (3.5%) | |||
| Teleservices | (7.3%) | (20.6%) | 1 Only includes new stores opened during the period and excludes remodelings or contract renewals. | ||
| Food and Beverage | (7.9%) | (0.6%) | |||
| Total Commercial Revenues | 3.9% | 3.2% | |||
ASUR 2Q24 Page 9 of 25
Mexico Operating Costs and Expenses
| Table 15: Mexico Operating Costs & Expenses | |||||||
|
|||||||
| Second Quarter | % Chg. | Six-Months | % Chg. | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Cost of Services | 689,629 | 744,473 | 8.0 | 1,312,734 | 1,433,606 | 9.2 | |
| Administrative | 76,325 | 80,753 | 5.8 | 153,566 | 159,772 | 4.0 | |
| Technical Assistance | 174,434 | 100,279 | (42.5) | 364,745 | 206,594 | (43.4) | |
| Concession Fees | 204,826 | 441,248 | 115.4 | 411,827 | 891,511 | 116.5 | |
| Depreciation and Amortization | 261,444 | 294,588 | 12.7 | 517,681 | 583,772 | 12.8 | |
| Operating Costs and Expenses Excluding Construction Costs | 1,406,658 | 1,661,341 | 18.1 | 2,760,553 | 3,275,255 | 18.6 | |
| Construction Costs | 73,792 | 147,952 | 100.5 | 157,273 | 334,432 | 112.6 | |
| Total Operating Costs & Expenses | 1,480,450 | 1,809,293 | 22.2 | 2,917,826 | 3,609,687 | 23.7 | |
Total Mexico Operating Costs and Expenses increased 22.2% YoY, or Ps.328.8 million. Excluding construction costs, operating costs and expenses increased 18.1%, or Ps.254.7 million, mainly due to higher concession fees, personnel expenses, surveillance and cleaning services, and maintenance and conservation costs.
Cost of Services increased 8.0% YoY, primarily due to increases in personnel, surveillance and cleaning services, maintenance, and conservation
Administrative Expenses increased 5.8% YoY.
The Technical Assistance fee declined 42.5% 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.
Concession Fees, which include fees paid to the Mexican government, increased by 115.4%, principally due to the 80% increase in the concession fee rate and the increase in the calculation base.
Depreciation and Amortization increased 12.7% YoY, due to the recognition of investments made to date.
Mexico Consolidated Comprehensive Financing Gain (Loss)
| Table 16: Mexico Comprehensive Financing Gain (Loss) | |||||||
| Second Quarter | % Chg. | Six-Months | % Chg. | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Interest Income | 216,770 | 286,652 | 32.2 | 401,189 | 595,297 | 48.4 | |
| Interest Expense | (117,682) | (88,349) | (24.9) | (253,060) | (181,848) | (28.1) | |
| Foreign Exchange Gain (Loss), Net | (344,478) | 942,142 | n/a | (831,371) | 745,722 | n/a | |
| Total | (245,390) | 1,140,445 | n/a | (683,242) | 1,159,171 | n/a | |
During 2Q24, ASUR’s Mexico operations reported a Ps.1,140.4 million Comprehensive Financing Gain, compared to a Ps.245.4 million loss in 2Q23. This was mainly due to a Ps.942.1 million foreign exchange gain reported in in 2Q24, resulting from the 10.4% quarter-end depreciation of the Mexican peso against the U.S. dollar on a foreign currency net asset position (4.4% average depreciation). This compared to a Ps.344.5 million foreign exchange loss in 2Q23, resulting from the 5.0% quarter-end appreciation of the Mexican peso during that period against the U.S. dollar on a foreign currency net asset position (1.9% average appreciation).
Interest income increased 32.2% YoY, or Ps.69.9 million, increase in interest income resulting from a higher cash balance, combined with a YoY decline of 24.9%, or Ps.29.3 million, in interest expenses mainly due to principal payments in 2023 and 1Q24.
ASUR 2Q24 Page 10 of 25
Mexico Operating Profit (Loss) and EBITDA
| Table 17: Mexico Profit & EBITDA |
| Second Quarter | % Chg. | Six-Months | % Chg. | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Total Revenue | 4,541,133 | 5,428,666 | 19.5 | 9,316,279 | 11,074,778 | 18.9 | |
| Total Revenues Excluding Construction Revenues | 4,467,341 | 5,280,714 | 18.2 | 9,159,006 | 10,740,346 | 17.3 | |
| Operating Profit | 3,060,683 | 3,619,373 | 18.3 | 6,398,453 | 7,465,091 | 16.7 | |
| Operating Margin | 67.4% | 66.7% | (73 bps) | 68.7% | 67.4% | (127 bps) | |
| Adjusted Operating Margin 1 | 68.5% | 68.5% | 3 bps | 69.9% | 69.5% | (35 bps) | |
| Net Profit 2 | 1,978,141 | 3,189,436 | 61.2 | 4,128,265 | 5,854,406 | 41.8 | |
| EBITDA | 3,322,367 | 3,913,960 | 17.8 | 6,916,382 | 8,048,862 | 16.4 | |
| EBITDA Margin | 73.2% | 72.1% | (106 bps) | 74.2% | 72.7% | (156 bps) | |
| Adjusted EBITDA Margin 3 | 74.4% | 74.1% | (25 bps) | 75.5% | 74.9% | (57 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.183.3 million and 327.0 million in 2Q24 and 2Q23, respectively, for Airplan Ps.221.1 million and Ps.142.3 million in 2Q24 and 2Q23, 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.3,619.4 million and an Operating Margin of 66.7% in 2Q24. This compared to an Operating Gain of Ps.3,060.7 million and an Operating Margin of 67.4% in 2Q23.
Adjusted Operating Margin remained unchanged YoY at 68.5%. 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.
EBITDA increased 17.8%, or Ps.591.6 million, to Ps.3,914.0 million in 2Q24, from Ps.3,322.4 million in 2Q23. EBITDA margin in 1Q24 was 72.1% compared to 73.2% in 2Q23.
Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets, was 74.1% in 2Q24, compared to 74.4% in 2Q23.
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 June 30, 2024 totaled Ps.7,335.5 million, with an average tariff per workload unit of Ps.326.4 (December 2023 Mexican pesos), representing approximately 68.3% 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.
Mexico Capital Expenditures
During 2Q24 ASUR invested Ps.461.6 million in connection with its plan to modernize its Mexican airports under its master development plans, compared to an investment of Ps.81.3 million in 2Q23. On an accumulated basis, capital investments in Mexican operations totaled Ps.567.8 million, compared to Ps.151.6 million in 2Q23.
Review of Puerto Rico Operations
The following discussion compares Aerostar’s independent results for the three and six-month periods ended June 30, 2023 and 2024.
As of June 30, 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.4,770.1 million, (ii) goodwill of Ps.871.8 million (net of an impairment of Ps.4,719.1 million), (iii) deferred taxes of Ps. 477.0 million, and (iv) a minority interest of Ps.4,912. million in stockholders' equity.
ASUR 2Q24 Page 11 of 25
| Puerto Rico Revenues & Commercial Revenues Per Passenger | |||||||
| Figures in thousands of Mexican Pesos | |||||||
| Second Quarter | % Chg. |
Six-Months | % Chg. | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Total Passenger | 3,199 | 3,469 | 8.5 | 6,106 | 6,731 | 10.2 | |
| Total Revenues | 1,036,616 | 1,182,580 | 14.1 | 2,047,559 | 2,216,162 | 8.2 | |
| Aeronautical Services | 508,939 | 518,307 | 1.8 | 1,037,234 | 1,020,895 | (1.6) | |
| Non-Aeronautical Services | 470,703 | 513,556 | 9.1 | 893,520 | 978,290 | 9.5 | |
| Construction Revenues | 56,974 | 150,717 | 164.5 | 116,805 | 216,977 | 85.8 | |
| Total Revenues Excluding Construction Revenues | 979,642 | 1,031,863 | 5.3 | 1,930,754 | 1,999,185 | 3.5 | |
| Total Commercial Revenues | 468,358 | 510,794 | 9.1 | 889,014 | 973,438 | 9.5 | |
| Commercial Revenues from Direct Operations | 108,903 | 110,571 | 1.5 | 209,510 | 218,049 | 4.1 | |
| Commercial Revenues Excluding Direct Operations | 359,455 | 400,223 | 11.3 | 679,504 | 755,389 | 11.2 | |
| Total Commercial Revenues per Passenger | 146.4 | 147.2 | 0.6 | 145.6 | 144.6 | (0.7) | |
| Commercial Revenues from Direct Operations per Passenger 1 | 34.0 | 31.9 | (6.4) | 34.3 | 32.4 | (5.6) | |
| Commercial Revenues Excl. Direct Operations per Passenger | 112.4 | 115.4 | 2.7 | 111.3 | 112.2 | 0.8 | |
| Figures in pesos at the average exchange rate Ps.17.2558 = US. 1.00 for 2Q24 and for 6M24 the figures in pesos at the exchange rate of Ps.17.1113 = USD1.00 |
| 1 Represents ASUR´s operations in convenience stores in Puerto Rico. |
Puerto Rico Revenues
Total Puerto Rico Revenues increased 14.1% YoY to Ps.1,182.6 million in 2Q24.
Excluding construction services, revenues increased by 5.3% YoY, mainly due to increases of 9.1% in revenues from non-aeronautical services and 1.8% in revenues from aeronautical services.
Commercial Revenues per Passenger were Ps.147.2 in 2Q24, compared to Ps.146.4 in 2Q23.
Four 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 Revenues Performance | Table 20: Puerto Rico Summary Retail and Other Commercial Space Opened since June 30, 2023 | ||||
| Business Line | YoY Chg. | Type of Commercial Space 1 | #
of Spaces Opened | ||
| 2T24 | 6M24 | ||||
| Ground Transportation | 24.8% | 23.7% | Food and beverage | 2 | |
| Advertising | 24.8% | 5.6% | Retail | 2 | |
| Food and beverage | 24.5% | 21.0% | Total Commercial space | 4 | |
| Others revenues | 11.5% | 8.2% | |||
| Car rentals | 9.9% | 13.8% | |||
| Car parking | 7.6% | 4.0% | 1 Solo incluye nuevas tiendas abiertas durante el periodo y excluye remodelaciones o renovaciones a contratos. | ||
| Duty Free | 6.6% | (1.9%) | |||
| Retail | 3.0% | 4.9% | |||
| Banks and foreign exchange | 0.4% | (2.7%) | |||
| Total Commercial Revenues | 9.1% | 9.5% | |||
Puerto Rico Costs & Expenses
| Table 21: Puerto Rico Operating Costs & Expenses | |||||||
| In thousands of Mexican pesos | |||||||
| Second Quarter | % Chg. | Six-Months | % Chg. | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Cost of Services | 146,935 | 440,255 | 199.6 | 531,680 | 833,769 | 56.8 | |
| Concession Fees | 46,628 | 48,628 | 4.3 | 92,766 | 95,427 | 2.9 | |
| Depreciation and Amortization | 159,398 | 170,305 | 6.8 | 329,068 | 328,266 | (0.2) | |
| Operating Costs and Expenses Excluding Construction Costs | 352,961 | 659,188 | 86.8 | 953,514 | 1,257,462 | 31.9 | |
| Construction Costs | 56,974 | 150,717 | 164.5 | 116,805 | 216,977 | 85.8 | |
| Total Operating Costs & Expenses | 409,935 | 809,905 | 97.6 | 1,070,319 | 1,474,439 | 37.8 | |
ASUR 2Q24 Page 12 of 25
| Figures in pesos at the average exchange rate Ps.17.2558 = US. 1.00 for 2Q24 and for 6M24 the figures in pesos at the exchange rate of Ps.17.1113 = USD1.00 |
Total Operating Costs and Expenses for 2Q24 in Puerto Rico increased 97.6% YoY to Ps.809.9 million. Construction costs increased 164.5%, to Ps.150.7 million in 2Q24 from Ps.57.0 million in 2Q23.
Excluding construction costs, operating costs and expenses increased 86.8% YoY, or Ps.306.2 million, mainly due the recovery of expenses under the CRRSAA Act for an amount of Ps.252.3 million in 2Q23. Excluding this benefit in 2Q23, operating costs and expenses increased 8.9%, or Ps.53.8 million, mainly due to increases in personnel costs, together with higher energy insurance and surety bonds, professional fees, security costs and depreciation and amortization.
Cost of Services increased 199.6%, or Ps.293.3 million in 2Q24, principally reflecting the recovery of expenses under the ARPA law in 2Q23 for a total of Ps.252.3 million. Excluding this impact, cost of services increased 10.3%, or Ps.40.9 million, mainly due to higher personnel and energy costs, insurance and surety bonds, professional fees, and security services.
Concession Fees paid to the Puerto Rican government in 2Q24 increased 4.3% YoY, or Ps.2.0 million.
Depreciation and Amortization declined 6.8% YoY, or Ps.10.9 million, principally reflecting the foreign exchange translation impact.
Puerto Rico Comprehensive Financing Gain (Loss)
| Table 22: Puerto Rico Comprehensive Financing Gain (Loss) | |||||||
| In thousands of Mexican pesos | |||||||
| Second Quarter | % Chg. | Six-Months | % Chg. | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Interest Income | 33,585 | 30,604 | (8.9) | 64,928 | 61,163 | (5.8) | |
| Interest Expense | (138,462) | (129,971) | (6.1) | (285,878) | (258,792) | (9.5) | |
| Total | (104,877) | (99,367) | (5.3) | (220,950) | (197,629) | (10.6) | |
| Figures in pesos at the average exchange rate Ps.17.2558 = US. 1.00 for 2Q24 and for 6M24 the figures in pesos at the exchange rate of Ps.17.1113 = USD1.00io de Ps.17.2558 = USD1.00 para el 2T24 y para los 6M24 las cifras en pesos al tipo de cambio de Ps.17.1113 = USD1.00 | |||||||
During 2Q24, Puerto Rico reported a Ps.99.4 million Comprehensive Financing Loss, compared to a Ps.104.9 million loss in 2Q23, 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, which as of June 30, 2024 has not been withdrawn.
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 June 30, 2024, this credit line has not been drawn.
All long-term debt is collateralized by Aerostar’s assets.
ASUR 2Q24 Page 13 of 25
Puerto Rico Operating Profit and EBITDA
| Table 23: Puerto Rico Profit & EBITDA | |||||||
| In thousands of Mexican pesos | |||||||
| Second Quarter | % Chg. | Six-Months | % Chg. | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Total Revenue | 1,036,616 | 1,182,580 | 14.1 | 2,047,559 | 2,216,162 | 8.2 | |
| Total Revenues Excluding Construction Revenues | 979,642 | 1,031,863 | 5.3 | 1,930,754 | 1,999,185 | 3.5 | |
| Other Revenues | |||||||
| Operating Profit | 626,681 | 372,675 | (40.5) | 977,240 | 741,723 | (24.1) | |
| Operating Margin | 60.5% | 31.5% | (2894 bps) | 47.7% | 33.5% | (1426 bps) | |
| Adjusted Operating Margin1 | 64.0% | 36.1% | (2785 bps) | 50.6% | 37.1% | (1351 bps) | |
| Net Income | 511,751 | 264,615 | (48.3) | 736,460 | 526,273 | (28.5) | |
| EBITDA | 533,715 | 542,982 | 1.7 | 1,053,944 | 1,069,990 | 1.5 | |
| EBITDA Margin | 51.5% | 45.9% | (557 bps) | 51.5% | 48.3% | (319 bps) | |
| Adjusted EBITDA Margin2 | 54.5% | 52.6% | (186 bps) | 54.6% | 53.5% | (107 bps) | |
| Figures in pesos at the average exchange rate Ps.17.2558 = US. 1.00 for 2Q24 and for 6M24 the figures in pesos at the exchange rate of Ps.17.1113 = USD1.00 | |||||||
| 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 in Puerto Rico declined 40.5% to Ps.372.7 million, resulting in an Operating Margin of 31.5%, compared to an operating profit of Ps.626.7 million and an Operating Margin of 60.5% in 2Q23. This was mainly due to the recovery of expenses of Ps.252.4 million in 2Q23 under the CRRSAA Act in 2Q23.
EBITDA increased 1.7% to Ps.543.0 million in 2Q24 from Ps.533.7 million 2Q23. The EBITDA Margin declined to 45.9% in 2Q24 from 51.5% in 2Q23.
Adjusted EBITDA Margin (which excludes IFRIC 12) declined to 52.6% in 2Q24 from 54.5% in 2Q23.
Puerto Rico Capital Expenditures
During 2Q24, capital expenditures totaled Ps.173.6 million, compared to capital expenditures of Ps.70.9 million in 2Q23. On an accumulated basis, total capital expenditures increased to Ps.246.1 million in 6M24, compared to Ps.137.6 million in 6M23.
Puerto Rico 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 2Q24 Page 14 of 25
Review of Colombia Operations
The following discussion compares Airplan's independent results for the three- and six-month periods ended June 30, 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 June 30, 2024: (i) the recognition of a net intangible asset of Ps.793.1 million, (ii) goodwill of Ps.1,431.5 million, (iii) deferred taxes of Ps.245.4 million, and (iv) a Ps.91.8 million recognition of bank loans at fair value.
| Table 24: Colombia Revenues & Commercial Revenues Per Passenger | |||||||
| In thousands of Mexican pesos | |||||||
| Second Quarter | % Chg. | Six-Months | % Chg. | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Total Passengers | 3,490 | 4,214 | 20.7 | 7,543 | 8,104 | 7.4 | |
| Total Revenues | 578,694 | 782,764 | 35.3 | 1,242,014 | 1,537,977 | 23.8 | |
| Aeronautical Services | 435,659 | 581,884 | 33.6 | 919,179 | 1,137,429 | 23.7 | |
| Non-Aeronautical Services | 142,312 | 199,509 | 40.2 | 316,045 | 395,484 | 25.1 | |
| Construction Revenues 1 | 723 | 1,371 | 89.6 | 6,790 | 5,064 | (25.4) | |
| Total Revenues Excluding Construction Revenues | 577,971 | 781,393 | 35.2 | 1,235,224 | 1,532,913 | 24.1 | |
| Total Commercial Revenues | 142,143 | 199,145 | 40.1 | 313,616 | 394,514 | 25.8 | |
| Total Commercial Revenues per Passenger | 40.7 | 47.3 | 16.2 | 41.6 | 48.7 | 17.1 | |
| Figures in Mexican pesos at an average exchange rate of COP.227.4957 = Ps.1.00 Mexican pesos for 2Q24 and COP.228.9373 = Ps.1.00 for 6M24. |
| For the purposes of this table, approximately 100.6 and 115.3 thousand transit and general aviation passengers are included in 2Q23 and 2Q24 while 267.9 and 200.5 thousand transit and general aviation passengers are included in 6M23 and 6M24. |
Colombia Revenues
Total Revenues in Colombia increased 35.3% YoY to Ps.782.8 million. Excluding construction services, revenues increased 35.2% YoY, principally reflecting the increase in international traffic during the period.
Commercial Revenue per Passenger was Ps.47.3 compared to Ps.40.2 in 2Q23.
As shown in Table 26, during the past twelve-months a total of 33 new commercial spaces were opened in Colombia: 16 in Rionegro, 11 in Olaya Herrera, and 2 each in Monteria, Quibdó, and the Service Center. Further details of these openings can be found on page 21 of this report.
As shown in Table 26, during the past twelve-months a total of 33 new commercial spaces were opened in Colombia: 16 in Rionegro, 11 in Olaya Herrera, and 2 each in Monteria, Quibdó, and the Service Center. 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 June 30, 2023 | ||||
| Bussines Line | YoY Chg | Type of Commercial Space 1 | #
of Spaces Opened | ||
| 2Q24 | 6M24 | ||||
| Advertising | 188.8% | 63.8% | Food and beverage | 5 | |
| Food and beverage | 82.6% | 28.2% | Retail | 1 | |
| Duty free | 45.3% | 40.5% | Car rental | 1 | |
| Others revenues | 32.5% | 26.1% | Banks and foreign exchange | 1 | |
| Ground Transportation | 32.4% | (29.4%) | Others revenues | 25 | |
| Banks and foreign exchange | 32.0% | 22.2% | Total Commercial Spaces | 33 | |
| Car parking | 30.2% | 26.5% | |||
| Retail | 24.2% | 15.0% | |||
| Teleservices | (8.3%) | (7.0%) | 1 Only includes new stores opened during the period and excludes remodelings or contract renewals. | ||
| Car rental | (8.7%) | (1.3%) | |||
| Total Commercial Revenues | 40.1% | 25.8% | |||
ASUR 2Q24 Page 15 of 25
Colombia Costs & Expenses
| Table 27: Colombia Costs & Expenses | |||||||
| In thousands of Mexican pesos | |||||||
| Second Quarter | % Chg. | Six-Months | % Chg. | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Cost of Services | 159,580 | 179,861 | 12.7 | 276,241 | 327,473 | 18.5 | |
| Technical Assistance | |||||||
| Concession Fees | 114,166 | 148,600 | 30.2 | 238,600 | 291,478 | 22.2 | |
| Depreciation and Amortization | 87,512 | 102,056 | 16.6 | 178,348 | 198,629 | 11.4 | |
| Operating Costs and Expenses Excluding Construction Costs | 361,258 | 430,517 | 19.2 | 693,189 | 817,580 | 17.9 | |
| Construction Costs | 723 | 1,371 | 89.6 | 6,790 | 5,064 | (25.4) | |
| Total Operating Costs & Expenses | 361,981 | 431,888 | 19.3 | 699,979 | 822,644 | 17.5 | |
| Figures in pesos at an average exchange rate of COP.230.3787 = Ps.1.00 Mexican pesos for 2Q24 and for 6M24 the figures in pesos at the Colombian exchange rate of COP.228.9373 = Ps.1.00 Mexican pesos. | |||||||
Total Operating Costs and Expenses in Colombia increased 19.3% YoY to Ps.431.9 million. Excluding construction costs, operating costs and expenses increased 19.2% YoY to Ps.430.5 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.
Cost of Services increased 12.7% YoY, or Ps.20.3 million, principally resulting from higher maintenance and conservation costs, personnel expenses, taxes and duties, as well as security, cleaning surety bond costs end energy costs.
Construction Costs increased 89.6% YoY, or Ps.0.6 million.
Concession Fees, which include fees paid to the Colombian government, increased 30.2% YoY, principally due to the increase in regulated and non-regulated revenues during the period.
Depreciation and Amortization increased 16.6% YoY.
Colombia Comprehensive Financing Gain (Loss)
| Table 28: Colombia, Comprehensive Financing Gain (Loss) | |||||||
| In thousands of Mexican pesos | |||||||
| Second Quarter | % Chg. | Six-Months | % Chg. | ||||
| 2023 | 2024 | 2023 | 2024 | ||||
| Interest Income | 46,315 | 54,816 | 18.4 | 95,613 | 125,337 | 31.1 | |
| Interest Expense | (25,534) | 112,223 | n/a | (48,732) | 79,141 | n/a | |
| Foreign Exchange Gain (Loss), Net | (506) | (179) | (64.6) | (521) | (124) | (76.2) | |
| Total | 20,275 | 166,860 | 723.0 | 46,360 | 204,354 | 340.8 | |
| Figures in pesos at an average exchange rate of COP.230.3787 = Ps.1.00 Mexican pesos for 2Q24 and for 6M24 the figures in pesos at the Colombian exchange rate of COP.228.9373 = Ps.1.00 Mexican pesos. | |||||||
During 2Q24, Colombia reported a Ps.166.9 million Comprehensive Financing Gain, compared to a Ps.20.3 million gain in 2Q23. Interest income increased 18.4% reflecting a higher cash position and rates.
Interest expenses declined by Ps.137.8 million, mainly due to the amortization at fair value of the loan originated in the acquisition of the business for Ps.135.2 million.
ASUR 2Q24 Page 16 of 25
Colombia Operating Profit (Loss) and EBITDA
| Table 29: Colombia Profit & EBITDA | ||||||||
| In thousands of Mexican pesos | ||||||||
| Second Quarter | % Chg. | Six-Months | % Chg. | |||||
| 2023 | 2024 | 2023 | 2024 | |||||
| Total Revenues | 578,694 | 782,764 | 35.3 | 1,242,014 | 1,537,977 | 23.8 | ||
| Total Revenues Excluding Construction Revenues | 577,971 | 781,393 | 35.2 | 1,235,224 | 1,532,913 | 24.1 | ||
| Operating Profit | 216,713 | 350,876 | 61.9 | 542,035 | 715,333 | 32.0 | ||
| Operating Margin | 37.4% | 44.8% | 738 bps | 43.6% | 46.5% | 287 bps | ||
| Adjusted Operating Margin1 | 37.5% | 44.9% | 741 bps | 43.9% | 46.7% | 278 bps | ||
| Net Profit | 159,521 | 325,362 | 104.0 | 386,933 | 585,488 | 51.3 | ||
| EBITDA | 304,224 | 452,932 | 48.9 | 720,382 | 913,962 | 26.9 | ||
| EBITDA Margin | 52.6% | 57.9% | 529 bps | 58.0% | 59.4% | 143 bps | ||
| Adjusted EBITDA Margin2 | 52.6% | 58.0% | 533 bps | 58.3% | 59.6% | 130 bps | ||
| Figures in pesos at an average exchange rate of COP.230.3787 = Ps.1.00 Mexican pesos for 2Q24 and COP.228.9373 = Ps.1.00 Mexican pesos for 6M24. | ||||||||
| 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 Colombian operations reported an Operating Profit of Ps.350.9 million in 2Q24, compared to Ps.216.7 million in 2Q23. Operating margin was 44.8% in 2Q24, compared to 37.4% in 2Q23. The Adjusted operating margin, which excludes the effect of IFRIC12 with respect to construction or improvements to concessioned assets, increased to 44.9% in 2Q24 compared to an adjusted operating margin of 37.5% in 2Q23.
EBITDA in 2Q24 was Ps.452.9 million, resulting in an EBITDA margin of 57.9%. This compared to an EBITDA of Ps.304.2 million and an EBITDA margin of 52.6% in 2Q23.
The Adjusted EBITDA Margin, which excludes the effect of IFRIC12 with respect to the construction or improvements of the concessioned assets, increased to 58.0% in 2Q24, from 52.6% in 2Q23, principally reflecting the 35.3% YoY increase in revenues while costs increased only 19.3%.
Colombia Capital Expenditures
Capital expenditures in Colombia amounted to Ps.1.5 million in 2Q24 compared to Ps.0.7 million in 2Q23. During 6M24 capital expenditures totaled Ps.5.5 million compared to Ps.6.7 million in 6M23.
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 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 2Q24, regulated revenues in Colombia amounted to Ps.581.9 million.
Definitions
Concession Services Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico, ASUR is required by IFRIC 12 to include in its income statement an income line, “Construction Revenues,” reflecting the revenue from construction of, or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. Because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin. In Colombia, “Construction Revenues” include the recognition of the revenue to which the concessionaire is entitled for
ASUR 2Q24 Page 17 of 25
carrying out the infrastructure works in the development of the concession, while “Construction Costs” represents the actual costs incurred in the execution of such additions or improvements to the concessioned assets.
Majority Net Income reflects ASUR’s equity interests in each of its subsidiaries and therefore excludes the 40% interest in Aerostar that is owned by other shareholders. Other than Aerostar, ASUR owns (directly or indirectly) 100% of its subsidiaries.
EBITDA means net income before provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost, and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance, as an alternative to cash flow or as an indicator of liquidity. Our management believes that EBITDA provides a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12 with respect to the construction of, or improvements to concessioned assets. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the revenue from construction of, or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. In Mexico and Puerto Rico, because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin, as the increase in revenues that relates to Construction Revenues does not result in a corresponding increase in EBITDA. In Colombia, construction revenues do have an impact on EBITDA, as construction revenues include a reasonable margin over the actual cost of construction. Like EBITDA Margin, Adjusted EBITDA Margin should not be considered as an indicator of our operating performance, as an alternative to cash flow or as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
About ASUR
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain, and develop 16 airports in the Americas. These comprise nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination in Mexico, the Caribbean, and Latin America, and six airports in northern Colombia, including José María Córdova International Airport (Rionegro), the second busiest airport in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan’s Airport is the island’s primary gateway for international and mainland-US destinations and was the first and currently the only major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program. Headquartered in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) series B shares. For more information, visit www.asur.com.mx
Analyst Coverage
In accordance with Article 4.033.01 of the Mexican Stock Exchange Internal Rules, ASUR reports that the stock is covered by the following broker-dealers: Actinver, Banorte, Barclays, BBVA, Bradesco, BTG Pactual, Citi Global Markets, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment Research, Intercam, Itau BBA Securities, Jefferies, JP Morgan, Punto Research, Santander, Scotiabank, Signum Research, UBS Casa de Bolsa and Vector.
Please note that any opinions, estimates or forecasts with respect to the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.
Forward Looking Statements
Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR’s filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking
ASUR 2Q24 Page 18 of 25
statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.
Contacts:
|
ASUR Adolfo Castro +52-55-5284-0408 acastro@asur.com.mx |
InspIR Group Susan Borinelli +1-646-330-5907 susan@inspirgroup.com |
- SELECTED OPERATING TABLES & FINANCIAL STATEMENTS FOLLOW –
ASUR 2Q24 Page 19 of 25
| Passenger Traffic Breakdown by Airport | ||||||||
| Mexico Passenger Traffic 1 | ||||||||
| Second Quarter | % Chg | Six - Months | % Chg | |||||
| 2023 | 2024 | 2023 | 2024 | |||||
| Domestic Traffic | 5,265,236 | 4,897,005 | (7.0) | 10,049,424 | 9,512,090 | (5.3) | ||
| CUN | Cancun | 3,006,582 | 2,545,231 | (15.3) | 5,603,062 | 4,864,912 | (13.2) | |
| CZM | Cozumel | 45,886 | 60,221 | 31.2 | 77,927 | 118,724 | 52.4 | |
| HUX | Huatulco | 211,125 | 179,673 | (14.9) | 426,297 | 356,146 | (16.5) | |
| MID | Merida | 803,419 | 797,817 | (0.7) | 1,612,739 | 1,598,902 | (0.9) | |
| MTT | Minatitlan | 34,380 | 38,751 | 12.7 | 59,712 | 66,770 | 11.8 | |
| OAX | Oaxaca | 330,572 | 366,090 | 10.7 | 664,398 | 741,286 | 11.6 | |
| TAP | Tapachula | 123,619 | 151,472 | 22.5 | 247,142 | 299,428 | 21.2 | |
| VER | Veracruz | 386,267 | 391,305 | 1.3 | 724,413 | 747,034 | 3.1 | |
| VSA | Villahermosa | 323,386 | 366,445 | 13.3 | 633,734 | 718,888 | 13.4 | |
| International Traffic | 5,432,595 | 5,296,635 | (2.5) | 11,721,698 | 12,177,960 | 3.9 | ||
| CUN | Cancun | 5,147,284 | 4,963,228 | (3.6) | 11,035,502 | 11,373,638 | 3.1 | |
| CZM | Cozumel | 109,398 | 118,920 | 8.7 | 267,601 | 309,150 | 15.5 | |
| HUX | Huatulco | 17,745 | 19,476 | 9.8 | 75,107 | 99,905 | 33.0 | |
| MID | Mérida | 76,358 | 89,448 | 17.1 | 169,099 | 188,596 | 11.5 | |
| MTT | Minatitlan | 1,895 | 1,802 | (4.9) | 3,948 | 3,394 | (14.0) | |
| OAX | Oaxaca | 46,562 | 58,403 | 25.4 | 101,632 | 115,398 | 13.5 | |
| TAP | Tapachula | 3,756 | 2,844 | (24.3) | 9,443 | 6,450 | (31.7) | |
| VER | Veracruz | 23,161 | 33,745 | 45.7 | 46,331 | 64,456 | 39.1 | |
| VSA | Villahermosa | 6,436 | 8,769 | 36.2 | 13,035 | 16,973 | 30.2 | |
| Total Traffic México | 10,697,831 | 10,193,640 | (4.7) | 21,771,122 | 21,690,050 | (0.4) | ||
| CUN | Cancun | 8,153,866 | 7,508,459 | (7.9) | 16,638,564 | 16,238,550 | (2.4) | |
| CZM | Cozumel | 155,284 | 179,141 | 15.4 | 345,528 | 427,874 | 23.8 | |
| HUX | Huatulco | 228,870 | 199,149 | (13.0) | 501,404 | 456,051 | (9.0) | |
| MID | Merida | 879,777 | 887,265 | 0.9 | 1,781,838 | 1,787,498 | 0.3 | |
| MTT | Minatitlan | 36,275 | 40,553 | 11.8 | 63,660 | 70,164 | 10.2 | |
| OAX | Oaxaca | 377,134 | 424,493 | 12.6 | 766,030 | 856,684 | 11.8 | |
| TAP | Tapachula | 127,375 | 154,316 | 21.2 | 256,585 | 305,878 | 19.2 | |
| VER | Veracruz | 409,428 | 425,050 | 3.8 | 770,744 | 811,490 | 5.3 | |
| VSA | Villahermosa | 329,822 | 375,214 | 13.8 | 646,769 | 735,861 | 13.8 | |
| US Passenger Traffic, San Juan Airport (LMM) | ||||||||
| Second Quarter | % Chg | Six - Months | % Chg | |||||
| 2023 | 2024 | 2023 | 2024 | |||||
| SJU Total 1 | 3,198,859 | 3,469,364 | 8.5 | 6,105,897 | 6,731,260 | 10.2 | ||
| Domestic Traffic | 2,850,826 | 3,072,984 | 7.8 | 5,492,755 | 6,008,924 | 9.4 | ||
| International Traffic | 348,033 | 396,380 | 13.9 | 613,142 | 722,336 | 17.8 | ||
| Colombia, Passenger Traffic Airplan | ||||||||
| Second Quarter | % Chg | Six - Months | % Chg | |||||
| 2023 | 2024 | 2023 | 2024 | |||||
| Domestic Traffic | 2,723,025 | 3,235,205 | 18.8 | 5,899,180 | 6,198,665 | 5.1 | ||
| MDE | Medellín (Rionegro) | 2,007,212 | 2,441,322 | 21.6 | 4,408,266 | 4,608,240 | 4.5 | |
| EOH | Medellín | 293,556 | 295,525 | 0.7 | 568,942 | 598,870 | 5.3 | |
| MTR | Montería | 278,379 | 359,558 | 29.2 | 637,819 | 721,395 | 13.1 | |
| APO | Carepa | 51,210 | 46,048 | (10.1) | 100,841 | 87,649 | (13.1) | |
| UIB | Quibdó | 87,045 | 84,859 | (2.5) | 171,315 | 166,561 | (2.8) | |
| CZU | Corozal | 5,623 | 7,893 | 40.4 | 11,997 | 15,950 | 32.9 | |
| International Traffic | 666,586 | 863,806 | 29.6 | 1,375,748 | 1,704,578 | 23.9 | ||
| MDE | Medellín (Rionegro) | 666,586 | 863,806 | 29.6 | 1,375,748 | 1,704,578 | 23.9 | |
| EOH | Medellín | - | - | - | - | - | - | |
| MTR | Montería | - | - | - | - | - | - | |
| APO | Carepa | - | - | - | - | - | - | |
| UIB | Quibdó | - | - | - | - | - | - | |
| CZU | Corozal | - | - | - | - | - | - | |
| Total Traffic Colombia | 3,389,611 | 4,099,011 | 20.9 | 7,274,928 | 7,903,243 | 8.6 | ||
| MDE | Medellín (Rionegro) | 2,673,798 | 3,305,128 | 23.6 | 5,784,014 | 6,312,818 | 9.1 | |
| EOH | Medellín | 293,556 | 295,525 | 0.7 | 568,942 | 598,870 | 5.3 | |
| MTR | Montería | 278,379 | 359,558 | 29.2 | 637,819 | 721,395 | 13.1 | |
| APO | Carepa | 51,210 | 46,048 | (10.1) | 100,841 | 87,649 | (13.1) | |
| UIB | Quibdó | 87,045 | 84,859 | (2.5) | 171,315 | 166,561 | (2.8) | |
| CZU | Corozal | 5,623 | 7,893 | 40.4 | 11,997 | 15,950 | 32.9 | |
| 1 Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, and SJU include transit passengers and general aviation. | ||||||||
ASUR 2Q24 Page 20 of 25
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||
| Commercial Spaces | ||
| ASUR Retail and Other Commercial Space Opened since June 30, 20231 | ||
| Business Name | Type | Opening Date |
| MEXICO | ||
| Cancun | ||
| LL Mex, SA de CV | Car Rental | July 2023 |
| Cozumel | ||
| Fleet Car Company Mx | Car Rental | December 2023 |
| Huatulco | ||
| LL Mex, SA de CV | Car Rental | April 2024 |
| LL Mex, SA de CV (Terreno) | Car Rental | April 2024 |
| Mérida | ||
| Alquiladora de Vehiculos Automotores, SA de CV | Car Rental | July 2023 |
| Máxima Distinción "EMWA" | Retail | October 2023 |
| Cloe Moda | Retail | October 2023 |
| LL Mex, SA de CV | Car Rental | November 2023 |
| LL Mex, SA de CV | Car Rental | January 2024 |
| Corporativo de la Torre & Zambrano | Car Rental | March 2024 |
| Minatitlán | ||
| LL Mex, SA de CV (Terreno) | Car Rental | April 2024 |
| Oaxaca | ||
| LL Mex, SA de CV | Car Rental | November 2023 |
| Tapchula | ||
| LL Mex, SA de CV | Car Rental | April 2024 |
| LL Mex, SA de CV (Terreno) | Car Rental | June 2024 |
| Veracruz | ||
| LL Mex, SA de CV | Car Rental | November 2023 |
| LL Mex, SA de CV (Terreno) | Car Rental | April 2024 |
| Villahermosa | ||
| LL Mex, SA de CV (Terreno) | Car Rental | April 2024 |
| SAN JUAN, PUERTO RICO | ||
| To Go | Food and Beverage | November 2023 |
| Landshark | Food and Beverage | January 2024 |
| Morena Mía | Retail | January 2024 |
| Morena Mía | Retail | February 2024 |
| COLOMBIA | ||
| Rionegro | ||
| Tampa Cargo S.A.S. | Other Revenues | July 2023 |
| Renting T&T S.A.S | Car Rental | July 2023 |
| Novaventa S.A.S. | Food and Beverage | August 2023 |
| Jetsmart Airlines Perú S.A.C. | Other Revenues | September 2023 |
| Taca International Airlines S.A. Sucursal Colombia | Other Revenues | October 2023 |
| Avianca Ecuador S.A. sucursal Colombia | Other Revenues | October 2023 |
| Avianca Costa Rica S.A. Sucursal Colombia | Other Revenues | October 2023 |
| Pasar Express SAS | Other Revenues | November 2023 |
| Aerorepublica S A | Other Revenues | November 2023 |
| Jetsmart Airlines S.A.S. | Other Revenues | November 2023 |
| Carlos Andres Carrasquillazuluaga | Food and Beverage | December 2023 |
| Colombian Air Cargo S.A.S | Other Revenues | December 2023 |
| Corporación del lago S.A.S. | Food and Beverage | December 2023 |
| Jetsmart Airlines SPA Sucursal | Other Revenues | January 2024 |
| Avior Airlines Colombia C.A. | Other Revenues | May 2024 |
| Avior Airlines Colombia C.A. | Other Revenues | May 2024 |
| Olaya herrera | ||
| Los Halcones S.A.S. | Other Revenues | August 2023 |
| Hoteles Regatta S.A.S. | Other Revenues | September 2023 |
| Heliogolfo S.A.S. | Other Revenues | September 2023 |
| CNV Volar S.A.S. | Other Revenues | September 2023 |
| Corporación del lago S.A.S. | Food and Beverage | December 2023 |
| Aviation Support & MAaintenance Company S.A.S. | Other Revenues | December 2023 |
| Sociedad Aeronautica de Santander S.A.S. | Other Revenues | January 2024 |
| Helisur S.A.S. | Other Revenues | January 2024 |
| Departamento de Antioquia | Other Revenues | February 2024 |
| Fondo de Valorización del Municipio de Medellín | Other Revenues | February 2024 |
| Central Aerospace S.A.S. | Other Revenues | February 2024 |
| Montería | ||
| Corporación del Lago S.A.S | Food and Beverage | December 2023 |
| Sociedad Aeronautica de Integración Tecnica S.A.S. | Other Revenues | February 2024 |
| Quibdó | ||
| Late Choco Fabrica Artesanal de Chocolates | Retail | December 2023 |
| Fundación Patrulla Aerea del Choco | Other Revenues | February 2024 |
| Centro de Servicios | ||
| Bancolombia S.A. | Banks and foreign exchange | October 2023 |
| Icetex | Other Revenues | December 2023 |
| * Only includes new stores opened during the period and excludes remodelings or contract renewals. | ||
ASUR 2Q24 Page 21 of 25
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | |||||||
| Operating Results per Airport | |||||||
| Thousands of Mexican pesos | |||||||
| Item | 2Q23 | 2Q23
Per Workload Unit |
2Q24 | 2Q24
Per Workload Unit |
YoY% Chg. |
Per
Workload Unit YoY % Chg. | |
| Mexico | |||||||
| Cancun 1 | |||||||
| Aeronautical Revenues | 2,043,242 | 247.5 | 2,649,820 | 347.3 | 29.7 | 40.3 | |
| Non-Aeronautical Revenues | 1,574,229 | 190.7 | 1,600,443 | 209.8 | 1.7 | 10.0 | |
| Construction Services Revenues | 29,234 | 3.5 | 122,101 | 16.0 | 317.7 | 357.1 | |
| Total Revenues | 3,646,705 | 441.7 | 4,372,364 | 573.1 | 19.9 | 29.7 | |
| Operating Profit | 2,274,933 | 275.6 | 2,918,883 | 382.6 | 28.3 | 38.8 | |
| EBITDA | 2,446,113 | 296.3 | 3,101,300 | 406.5 | 26.8 | 37.2 | |
| Merida | |||||||
| Aeronautical Revenues | 247,205 | 262.7 | 272,232 | 285.1 | 10.1 | 8.5 | |
| Non-Aeronautical Revenues | 55,886 | 59.4 | 68,614 | 71.8 | 22.8 | 20.9 | |
| Construction Services Revenues | 10,850 | 11.5 | 12,599 | 13.2 | 16.1 | 14.8 | |
| Other 2 | 24 | - | 26 | - | 8.3 | n/a | |
| Total Revenues | 313,965 | 333.6 | 353,471 | 370.1 | 12.6 | 10.9 | |
| Operating Profit | 176,488 | 187.6 | 177,808 | 186.2 | 0.7 | (0.7) | |
| EBITDA | 197,816 | 210.2 | 213,329 | 223.4 | 7.8 | 6.3 | |
| Villahermosa | |||||||
| Aeronautical Revenues | 95,821 | 280.2 | 116,685 | 299.2 | 21.8 | 6.8 | |
| Non-Aeronautical Revenues | 18,242 | 53.3 | 23,388 | 60.0 | 28.2 | 12.6 | |
| Construction Services Revenues | 11,612 | 34.0 | - | - | (100.0) | (100.0) | |
| Other 2 | 23 | 0.1 | 23 | 0.1 | - | - | |
| Total Revenues | 125,698 | 367.6 | 140,096 | 359.3 | 11.5 | (2.3) | |
| Operating Profit | 62,668 | 183.2 | 76,155 | 195.3 | 21.5 | 6.6 | |
| EBITDA | 73,627 | 215.3 | 88,974 | 228.1 | 20.8 | 5.9 | |
| Other Airports 3 | |||||||
| Aeronautical Revenues | 380,110 | 280.5 | 475,014 | 328.0 | 25.0 | 16.9 | |
| Non-Aeronautical Revenues | 52,606 | 38.8 | 74,518 | 51.5 | 41.7 | 32.7 | |
| Construction Services Revenues | 22,096 | 16.3 | 13,252 | 9.2 | (40.0) | (43.6) | |
| Other 2 | 76 | 0.1 | 83 | 0.1 | 9.2 | - | |
| Total Revenues | 454,888 | 335.7 | 562,867 | 388.8 | 23.7 | 15.8 | |
| Operating Profit | 217,329 | 160.4 | 286,720 | 198.0 | 31.9 | 23.4 | |
| EBITDA | 275,542 | 203.4 | 350,547 | 242.1 | 27.2 | 19.0 | |
| Holding & Service Companies 4 | |||||||
| Construction Services Revenues | - | n/a | - | n/a | n/a | n/a | |
| Other 2 | 347,843 | n/a | 174,932 | n/a | (49.7) | n/a | |
| Total Revenues | 347,843 | n/a | 174,932 | n/a | (49.7) | n/a | |
| Operating Profit | 329,265 | n/a | 159,807 | n/a | (51.5) | n/a | |
| EBITDA | 329,269 | n/a | 159,810 | n/a | (51.5) | n/a | |
| Consolidation Adjustment Mexico | |||||||
| Consolidation Adjustment | (347,967) | n/a | (175,065) | n/a | (49.7) | n/a | |
| Total Mexico | |||||||
| Aeronautical Revenues | 2,766,378 | 254.0 | 3,513,751 | 337.1 | 27.0 | 32.7 | |
| Non-Aeronautical Revenues | 1,700,963 | 156.2 | 1,766,963 | 169.5 | 3.9 | 8.5 | |
| Construction Services Revenues | 73,792 | 6.8 | 147,952 | 14.2 | 100.5 | 108.8 | |
| Total Revenues | 4,541,133 | 417.0 | 5,428,666 | 520.8 | 19.5 | 24.9 | |
| Operating Profit | 3,060,683 | 281.0 | 3,619,373 | 347.2 | 18.3 | 23.6 | |
| EBITDA | 3,322,367 | 305.0 | 3,913,960 | 375.5 | 17.8 | 23.1 | |
| San Juan Puerto Rico, US 5 | |||||||
| Aeronautical Revenues | 508,939 | n/a | 518,307 | n/a | 1.8 | n/a | |
| Non-Aeronautical Revenues | 470,703 | n/a | 513,556 | n/a | 9.1 | n/a | |
| Construction Services Revenues | 56,974 | n/a | 150,717 | n/a | 164.5 | n/a | |
| Total Revenues | 1,036,616 | n/a | 1,182,580 | n/a | 14.1 | n/a | |
| Operating Profit | 626,681 | n/a | 372,675 | n/a | (40.5) | n/a | |
| EBITDA | 533,715 | n/a | 542,982 | n/a | 1.7 | n/a | |
| Consolidation Adjustment San Juan | |||||||
| Consolidation Adjustment | - | n/a | - | n/a | n/a | n/a | |
| Colombia 6 | |||||||
| Aeronautical Revenues | 435,659 | n/a | 581,884 | n/a | 33.6 | n/a | |
| Non-Aeronautical Revenues | 142,312 | n/a | 199,509 | n/a | 40.2 | n/a | |
| Construction Services Revenues | 723 | n/a | 1,371 | n/a | 89.6 | n/a | |
| Total Revenues | 578,694 | n/a | 782,764 | n/a | 35.3 | n/a | |
| Operating Profit | 216,713 | n/a | 350,876 | n/a | 61.9 | n/a | |
| EBITDA | 304,224 | n/a | 452,932 | n/a | 48.9 | n/a | |
| Consolidation Adjustment Colombia | |||||||
| Consolidation Adjustment | - | n/a | - | n/a | n/a | n/a | |
| CONSOLIDATED ASUR | |||||||
| Aeronautical Revenues | 3,710,976 | n/a | 4,613,942 | n/a | 24.3 | n/a | |
| Non-Aeronautical Revenues | 2,313,978 | n/a | 2,480,028 | n/a | 7.2 | n/a | |
| Construction Services Revenues | 131,489 | n/a | 300,040 | n/a | 128.2 | n/a | |
| Total Revenues | 6,156,443 | n/a | 7,394,010 | n/a | 20.1 | n/a | |
| Operating Profit | 3,904,077 | n/a | 4,342,924 | n/a | 11.2 | n/a | |
| EBITDA | 4,160,306 | n/a | 4,909,874 | n/a | 18.0 | n/a | |
| 1 Reflects 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 results of operations of our airports located in Cozumel, Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz. | |||||||
| 4 Reflects results of operations of our parent holding company and our services subsidiaries. Because none of these entities hold the concessions for our airports, we do not report workload unit data for theses entities. | |||||||
| 5 Reflects results of operation of San Juan Airport, Puerto Rico, US for 2Q24. | |||||||
| 6 Reflects the results of operation of Airplan, Colombia, for 2Q24. | |||||||
ASUR 2Q24 Page 22 of 25
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||
| Consolidated Statements of Financial Position as of June 30, 2024 and December 31, 2023 | ||||
| Thousands of Mexican pesos | ||||
| Item | June 2024 | December 2023 |
Variation | % |
| Assets | ||||
| Current Assets | ||||
| Cash and Cash Equivalents | 14,996,995 | 13,872,897 | 1,124,098 | 8.1 |
| Cash and Cash Equivalents Restricted | 1,736,371 | 1,615,400 | 120,971 | 7.5 |
| Accounts Receivable, net | 2,506,666 | 2,317,818 | 188,848 | 8.1 |
| Document Receivable | 100,696 | 100,696 | - | - |
| Recoverable Taxes and Other Current Assets | 1,026,338 | 826,386 | 199,952 | 24.2 |
| Total Current Assets | 20,367,066 | 18,733,197 | 1,633,869 | 8.7 |
| Non Current Assets | ||||
| Investment in Financial Instrument | 1,301,136 | 1,818,949 | (517,813) | (28.5) |
| Machinery, Furniture and Equipment, net | 205,935 | 184,016 | 21,919 | 11.9 |
| Intangible assets, airport concessions and Goodwill-Net | 50,508,174 | 49,310,063 | 1,198,111 | 2.4 |
| investment in Joint Venture | 291,698 | 296,199 | (4,501) | (1.5) |
| Total Assets | 72,674,009 | 70,342,424 | 2,331,585 | 3.3 |
| Liabilities and Stockholders' Equity | ||||
| Current Liabilities | ||||
| Trade Accounts Payable | 260,626 | 306,548 | (45,922) | (15.0) |
| Bank Loans and Short Term Debt | 1,291,986 | 1,233,639 | 58,347 | 4.7 |
| Accrued Expenses and Others Payables | 3,581,829 | 3,287,040 | 294,789 | 9.0 |
| Total Current Liabilities | 5,134,441 | 4,827,227 | 307,214 | 6.4 |
| Long Term Liabilities | ||||
| Bank Loans | 1,907,957 | 2,586,932 | (678,975) | (26.2) |
| Long Term Debt | 8,954,510 | 8,404,199 | 550,311 | 6.5 |
| Deferred Income Taxes | 3,433,260 | 2,897,858 | 535,402 | 18.5 |
| Employee Benefits | 36,865 | 35,010 | 1,855 | 5.3 |
| Total Long Term Liabilities | 14,332,592 | 13,923,999 | 408,593 | 2.9 |
| Total Liabilities | 19,467,033 | 18,751,226 | 715,807 | 3.8 |
| Stockholders' Equity | ||||
| Capital Stock | 7,767,276 | 7,767,276 | - | - |
| Legal Reserve | 2,542,227 | 2,542,227 | - | - |
| Mayority Net Income for the Period | 6,755,658 | 10,203,713 | (3,448,055) | (33.8) |
| Cumulative Effect of Conversion of Foreign Currency | (1,006,283) | (1,619,693) | 613,410 | (38) |
| Retained Earnings | 29,977,738 | 26,051,825 | 3,925,913 | 15.1 |
| Non- Controlling interests | 7,170,360 | 6,645,850 | 524,510 | 7.9 |
| Total Stockholders' Equity | 53,206,976 | 51,591,198 | 1,615,778 | 3.1 |
| Total Liabilities and Stockholders' Equity | 72,674,009 | 70,342,424 | 2,331,585 | 3.3 |
| Exchange Rate per Dollar Ps. 18.2478 | ||||
ASUR 2Q24 Page 23 of 25
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | |||||||
| Consolidated Statement of Income from January 1 to June 30, 2024 and 2023 | |||||||
| Thousands of Mexican pesos | |||||||
| Item | 6M | 6M | % | 2Q | 2Q | % | |
| 2023 | 2024 | Chg | 2023 | 2024 | Chg | ||
| Revenues | |||||||
| Aeronautical Services | 7,588,394 | 9,257,579 | 22.0 | 3,710,976 | 4,613,942 | 24.3 | |
| Non-Aeronautical Services | 4,736,590 | 5,014,865 | 5.9 | 2,313,978 | 2,480,028 | 7.2 | |
| Construction Services | 280,868 | 556,473 | 98.1 | 131,489 | 300,040 | 128.2 | |
| Total Revenues | 12,605,852 | 14,828,917 | 17.6 | 6,156,443 | 7,394,010 | 20.1 | |
| Operating Expenses | |||||||
| Cost of Services | 2,120,655 | 2,594,848 | 22.4 | 996,144 | 1,364,589 | 37.0 | |
| Cost of Construction | 280,868 | 556,473 | 98.1 | 131,489 | 300,040 | 128.2 | |
| General and Administrative Expenses | 153,566 | 159,772 | 4.0 | 76,325 | 80,753 | 5.8 | |
| Technical Assistance | 364,745 | 206,594 | (43.4) | 174,434 | 100,279 | (42.5) | |
| Concession Fee | 743,193 | 1,278,416 | 72.0 | 365,620 | 638,476 | 74.6 | |
| Depreciation and Amortization | 1,025,097 | 1,110,667 | 8.3 | 508,354 | 566,949 | 11.5 | |
| Total Operating Expenses | 4,688,124 | 5,906,770 | 26.0 | 2,252,366 | 3,051,086 | 35.5 | |
| Other Revenues | |||||||
| Operating Income | 7,917,728 | 8,922,147 | 12.7 | 3,904,077 | 4,342,924 | 11.2 | |
| Comprehensive Financing Cost | (857,832) | 1,165,896 | n/a | (329,992) | 1,207,938 | n/a | |
| Income from investment results Accounted by the Equity Method | (4,506) | n/a | (1,825) | n/a | |||
| Income Before Income Taxes | 7,059,896 | 10,083,537 | 42.8 | 3,574,085 | 5,549,037 | 55.3 | |
| Provision for Income Tax | 1,706,288 | 2,679,316 | 57.0 | 848,754 | 1,502,975 | 77.1 | |
| Deferred Income Taxes | 101,950 | 438,054 | 329.7 | 75,918 | 266,649 | 251.2 | |
| Net Income for the Year | 5,251,658 | 6,966,167 | 32.6 | 2,649,413 | 3,779,413 | 42.7 | |
| Majority Net Income | 4,957,073 | 6,755,658 | 36.3 | 2,444,711 | 3,673,567 | 50.3 | |
| Non-controlling interests | 294,585 | 210,509 | (28.5) | 204,702 | 105,846 | (48.3) | |
| Earning per Share | 16.5236 | 22.5189 | 36.3 | 8.1490 | 12.2452 | 50.3 | |
| Earning per American Depositary Share (in U.S. Dollars) | 9.0551 | 12.3406 | 36.3 | 4.4658 | 6.7105 | 50.3 | |
| Exchange Rate per Dollar Ps. 18.2478 | |||||||
ASUR 2Q24 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 June 30, 2024 and 2023 | |||||||
| Thousands of Mexican pesos | |||||||
| Item | 6M | 6M | % | 2Q | 2Q | % | |
| 2023 | 2024 | Chg | 2023 | 2024 | Chg | ||
| Operating Activities | |||||||
| Income Before Income Taxes | 7,059,896 | 10,083,537 | 42.8 | 3,574,085 | 5,549,037 | 55.3 | |
| Depreciation and Amortization | 1,025,097 | 1,110,667 | 8.3 | 508,354 | 566,949 | 11.5 | |
| Income from Results of Joint Venture Accounted by the Equity Method | 4,506 | n/a | 1,825 | n/a | |||
| Interest Income | (561,730) | (781,797) | 39.2 | (296,670) | (372,073) | 25.4 | |
| Interest Payable | 587,670 | 361,499 | (38.5) | 281,678 | 106,096 | (62.3) | |
| Foreign Exchange Gain (loss), Net Unearned | 803,508 | (628,963) | n/a | 311,571 | (812,000) | n/a | |
| Sub-Total | 8,914,441 | 10,149,449 | 13.9 | 4,379,018 | 5,039,834 | 15.1 | |
| Trade Receivables | 640,978 | (51,946) | n/a | 493,579 | 353,997 | (28.3) | |
| Recoverable Taxes and other Current Assets | (47,622) | (409,284) | 759.4 | 49,527 | (316,969) | n/a | |
| Income Tax Paid | (2,103,207) | (2,550,735) | 21.3 | (1,378,343) | (1,439,067) | 4.4 | |
| Trade Accounts Payable | (506,008) | 173,534 | n/a | (450,754) | 218,255 | n/a | |
| Net Cash Flow Provided by Operating Activities | 6,898,582 | 7,311,018 | 6.0 | 3,093,027 | 3,856,050 | 24.7 | |
| Investing Activities | |||||||
| Investment in Financial Instrument | 517,813 | n/a | 498,013 | n/a | |||
| Loans granted to Third Parties | 47,922 | n/a | 47,922 | n/a | |||
| Recovery Investment Joint Venture ADG Airport | 6,802 | n/a | 6,802 | n/a | |||
| Income from investment results Accounted by the Equity Method | (305,885) | n/a | (305,885) | n/a | |||
| Restricted Cash | (149,538) | (8,988) | (94.0) | (85,465) | (72,015) | (15.7) | |
| Investments in Machinery, Furniture and Equipment, net | (295,921) | (819,364) | 176.9 | (152,927) | (636,780) | 316.4 | |
| Interest Income | 495,116 | 720,343 | 45.5 | 261,861 | 340,568 | 30.1 | |
| Net Cash Flow used by Investing Activities | (201,504) | 409,804 | n/a | (227,692) | 129,786 | n/a | |
| Excess Cash to Use in Financing Activities | 6,697,078 | 7,720,822 | 15.3 | 2,865,335 | 3,985,836 | 39.1 | |
| Bank Loans | |||||||
| Bank Loans paid | (712,500) | (538,712) | (24.4) | (50,000) | (488,712) | 877.4 | |
| Long Term Debt Paid | (99,786) | (97,926) | (1.9) | ||||
| Interest Paid | (549,196) | (459,519) | (16.3) | (139,060) | (93,896) | (32.5) | |
| Dividends Paid | (2,979,000) | (6,277,800) | 110.7 | (2,979,000) | (6,277,800) | 110.7 | |
| Net Cash Flow used by Financing Activities | (4,340,482) | (7,373,957) | 69.9 | (3,168,060) | (6,860,408) | 116.5 | |
| Net Increase in Cash and Cash Equivalents | 2,356,596 | 346,865 | (85.3) | (302,725) | (2,874,572) | 849.6 | |
| Cash and Cash Equivalents at Beginning of Period | 13,174,991 | 13,872,897 | 5.3 | 15,108,236 | 16,822,986 | 11.3 | |
| Exchange Gain on Cash and Cash Equivalents | (1,057,552) | 777,233 | n/a | (331,476) | 1,048,581 | n/a | |
| Cash and Cash Equivalents at the End of Period | 14,474,035 | 14,996,995 | 3.6 | 14,474,035 | 14,996,995 | 3.6 | |
ASUR 2Q24 Page 25 of 25