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 October 2021
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: October 25, 2021
asr-ex991_6.htm
ASUR Reports 3Q21 Financial Results
Passenger traffic in 3Q21 continued to gradually recover reaching 98.6% of 3Q19 pre-pandemic levels
Mexico City, October 25, 2021 – 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 nine-month periods ended September 30, 2021.
3Q21 Highlights^1^
| • | Total passenger traffic increased 231.2% year over year (YoY) reflecting the impact of the pandemic which impacted travel demand since mid-march 2020 and reached 98.6% of 3Q19 pre-pandemic levels. By country of operations, 3Q21 passenger traffic compared to 3Q19 levels were as follows: | |||
|---|---|---|---|---|
| • | Mexico: recovered to 94.9% of 3Q19 levels, with domestic and international traffic at 90.7% and 99.8% of 3Q19 levels, respectively | |||
| --- | --- | |||
| • | Puerto Rico (Aerostar): increased 16.3%, with domestic traffic up 21.6% more than offsetting the 26.8% decline in international traffic | |||
| --- | --- | |||
| • | Colombia (Airplan): recovered to 95.3% of 3Q19 traffic, with domestic and international traffic reaching levels of 95.6% and 93.6% of 3Q19 traffic, respectively. | |||
| --- | --- | |||
| Table 1: Financial & Operational Highlights ^1^ | ||||
| --- | --- | --- | --- | --- |
| • Revenues increased 98.9% YoY to Ps.4,866.1 million, and were up 18.5% when compared to 3Q19. Excluding construction revenues, revenues increased 154.1% YoY, and 11.2% against 3Q19.<br><br><br>• Consolidated commercial revenues per passenger were Ps.117.6 in 3Q21.<br><br><br>• Consolidated EBITDA increased 285.8% YoY to Ps.2,913.0 million and 17.7% from pre-pandemic levels of 3Q19.<br><br><br>• Adjusted EBITDA Margin (excludes the effect of IFRIC 12) increased to 67.7% from 44.6% in 3Q20 and compared to 64.0% in 3Q19.<br><br><br>• Closed the quarter with cash & cash equivalents of Ps.11,042.6 million and Net Debt-to-LTM EBITDA at 0.4x.<br><br><br>• Principal debt payments of Ps.353.7 million, or 2.5% of Total Debt, mature in 4Q21.<br><br><br>• On October 1, 2021 the Company paid an ordinary net cash dividend of Ps.8.21 per common share. | Third Quarter | |||
| 2020 | 2021 | % Chg | ||
| Financial Highlights | ||||
| Total Revenue | 2,447,072 | 4,866,106 | 98.9 | |
| Mexico | 1,699,712 | 3,383,896 | 99.1 | |
| San Juan | 681,538 | 999,885 | 46.7 | |
| Colombia | 65,822 | 482,325 | 632.8 | |
| Commercial Revenues per PAX | 137.4 | 117.6 | (14.4) | |
| Mexico | 114.7 | 136.3 | 18.9 | |
| San Juan | 186.1 | 152.3 | (18.2) | |
| Colombia | 282.0 | 40.0 | (85.8) | |
| EBITDA | 755,074 | 2,913,013 | 285.8 | |
| Net Income | 147,027 | 1,957,451 | 1,231.4 | |
| Majority Net Income | 105,155 | 1,793,950 | 1,606.0 | |
| Earnings per Share (in pesos) | 0.3505 | 5.9798 | 1,606.0 | |
| Earnings per ADS (in US$) | 0.1705 | 2.9082 | 1,606.0 | |
| Capex | 834,473 | 601,180 | (28.0) | |
| Cash & Cash Equivalents | 6,012,746 | 11,042,598 | 83.7 | |
| Net Debt | 8,732,330 | 3,033,148 | (65.3) | |
| Net Debt/ LTM EBITDA | 1.5 | 0.4 | (79.6) | |
| Operational Highlights | ||||
| Passenger Traffic | ||||
| Mexico | 3,023,846 | 7,909,155 | 161.6 | |
| San Juan | 963,677 | 2,739,163 | 184.2 | |
| Colombia | 146,678 | 3,043,742 | 1,975.1 | |
| 3Q21 Earnings Call<br><br><br><br><br><br>Date & Time: Tuesday, October 26, 2021 at 10:00 AM US ET; 9:00 AM CT<br><br><br><br><br><br>Dial-in: 1-866-248-8441 (US & Canadá); 1-323-289-6581 (Internacional y México); Access Code: 9826046<br><br><br><br><br><br>Replay: Tuesday, October 26, 2021 at 1:00 PM US ET, ending at 11:59 PM US ET on Tuesday, November 2, 2021. Dial-in number: 1-844-512-2921 (US & Canada); 1-412-317-6671 (International & Mexico). Access Code: 9826046 | ^1^Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS), and represent comparisons between the three- and nine-month periods ended September 30, 2021, and the equivalent three- and nine-month periods ended September 30, 2020. All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of Mexican pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Mexican Ps.20.5623 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP184.2500 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 20 of this report. | |||
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| ASUR 3Q21 Page 1 of 27 | ||||
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Business Update on COVID-19
Travel Restrictions Imposed by Governments to Mitigate the Impact of COVID-19
Since March 16, 2020, various governments have issued flight restrictions for different regions of the world to limit the breakout of the COVID-19 virus. With respect to the airports ASUR operates:
The United States Centers for Disease Control and Prevention (CDC) requires negative COVID-19 tests for all air passengers entering the US as of January 26, 2021. According to the CDC, pre- and post-trip testing is a critical layer in slowing the introduction and spread of COVID-19. This strategy is consistent with the current phase of the pandemic and intended to more effectively protect the health of US citizens. Within three days of departure to the United States, passengers are required to obtain a viral test and provide the airline on which they are traveling written documentation of their negative test result or documentation that evidences that they have recovered from COVID-19. Additionally, the CDC recommends that passengers who tested negative before their flight get tested again 3 to 5 days after arrival in the US (unless they recovered from COVID-19 in the past 3 months) and in the case their test upon arrival is positive to self-quarantine. Unvaccinated people should self-quarantine for 7 days after their arrival and get tested 3 to 5 days after arrival (or quarantine for 10 days if they do not get tested). As of April 2, 2021, CDC guidelines specify that fully vaccinated travelers and those who recovered from COVID-19 in the past 3 months do not need to be tested before or after travel or self-quarantine, unless their destination requires it. Several Mexican airports have implemented COVID-19 test sites certified by the government, which are operated by third parties, who have been granted the space to provide this service at the airports of Cancun, Merida, Veracruz and Oaxaca.
On March 23, 2020, as part of the COVID-19 protection measures, the Federal Aviation Authority accepted a request from the Governor of Puerto Rico for all flights bound for Puerto Rico to land at Luis Muñoz Marín International Airport, operated by ASUR's subsidiary, Aerostar. However, on April 1, 2021, the Government of Puerto Rico announced the reopening of Mercedita International Airport in Ponce and Rafael Hernández Airport in Aguadilla. Therefore, there are currently three airports on the island that receive commercial flights.
On May 20, 2021, the Governor of Puerto Rico, through an executive order of indefinite duration, updated the control measures regarding the entry of passengers to Puerto Rico's airports. For this purpose, any passenger over two years of age who arrives at Luis Muñoz Marín International Airport or any other airport on the Island on a flight from any other jurisdiction of the United States, will have to present evidence of being completely inoculated (with the Moderna, Pfizer or Janssen vaccines) or show a negative result of COVID-19 from a qualified SARS-CoV2 viral test or antigen tests performed within 72 hours before arrival. Passengers arriving from international destinations have to meet the negative test requirement, regardless of their vaccination status.
Passengers who do not comply with the evidence of inoculation or present a negative test, must remain in quarantine for 14 days, until a negative result is obtained. Passengers can also present a positive COVID-19 result from the past three months prior to the flight, along with a letter from their doctor or a government health official certifying their recovery. All passengers over the age of two must wear a mask at all times and must complete the form entitled "Traveler's Declaration" from the Puerto Rico Department of Health.
In Colombia, all incoming international flights, including connecting flights in Colombia, were suspended by the Colombian government starting March 23, 2020. This suspension was extended through September 15, 2020, with exceptions for humanitarian emergencies, transportation of cargo and goods, and fortuitous events or force majeure. Similarly, domestic air travel in Colombia was suspended starting March 25, 2020 until September 1, 2020. As of October 2, 2020, passenger commercial flights had been reestablished at all of ASUR’s Colombian airports. International flights were allowed by the government starting September 16, 2020 with the Rionegro Airport resuming international flights on September 19, 2020. Stating June 2, 2021, a negative COVID-19 test is no longer required to enter the country. For travelers leaving the country and depending on the destination, requirements, if any, may include an antigen or PCR test, proof of vaccination.
México, the United States and Colombia may issue flight restrictions similar to those issued in other parts of the world, which could cause a significant reduction in our operations.
| ASUR 3Q21 Page 2 of 27 |
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Impact of COVID-19 on ASUR’s 9M21 Passenger Traffic
The COVID-19 pandemic has disrupted the travel industry and governments have introduced travel bans and restrictions. As a result, ASUR’s passenger traffic declined in the second half of March 2020 and continued to decline dramatically throughout its airport network in the following months. However, traffic has progressively recovered since June 2020. The table below shows the YoY change in passenger traffic during 9M21:
| YoY Change in Passenger Traffic During 9M21 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Region | January | February | March | April | May | June | July | August | September | Total |
| México | (44.1%) | (53.4%) | 0.2% | 1556.9% | 2455.6% | 863.2% | 276.1% | 148.3% | 92.7% | 76.1% |
| Domestic Traffic | (29.7%) | (36.4%) | 17.8% | 874.3% | 1376.3% | 467.6% | 161.0% | 76.5% | 47.0% | 74.1% |
| International Traffic | (55.6%) | (65.7%) | (15.0%) | 9724.3% | 13630.7% | 2700.3% | 557.9% | 323.8% | 210.6% | 78.3% |
| Puerto Rico | (40.1%) | (39.3%) | 42.9% | 1736.2% | 1021.4% | 371.8% | 207.5% | 209.6% | 130.1% | 104.7% |
| Domestic Traffic | (37.2%) | (34.9%) | 51.9% | 1732.6% | 999.6% | 351.7% | 196.1% | 197.7% | 121.5% | 108.6% |
| International Traffic | (68.5%) | (79.6%) | (54.7%) | 1845.9% | 2216.3% | 1888.8% | 540.9% | 582.7% | 394.9% | 51.4% |
| Colombia | (45.4%) | (44.7%) | 22.0% | 49681.4% | 33629.1% | 34282.8% | 42281.9% | 23518.5% | 630.8% | 145.3% |
| Domestic Traffic | (43.6%) | (41.2%) | 26.9% | 73376.1% | 55151.9% | 56190.5% | 50770.2% | 24148.7% | 561.8% | 145.1% |
| International Traffic | (55.7%) | (65.0%) | (7.8%) | 17268.0% | 12796.7% | 11675.2% | 22646.2% | 20458.5% | 1812.4% | 146.2% |
| Total | (43.7%) | (49.2%) | 11.3% | 1905.4% | 2124.2% | 822.5% | 339.5% | 234.5% | 147.6% | 92.6% |
| Domestic Traffic | (35.9%) | (37.5%) | 28.7% | 1374.9% | 1480.6% | 575.2% | 264.5% | 191.1% | 119.1% | 98.1% |
| International Traffic | (56.2%) | (66.2%) | (15.9%) | 9131.7% | 12058.9% | 2868.1% | 620.9% | 377.3% | 252.6% | 81.8% |
Strong Liquidity Position and Healthy Debt Maturity Profile
ASUR closed 3Q21 with a solid financial position, with cash and cash equivalents totaling Ps.11,042.6 million and Ps.14,075.7 million in Total Debt, including Ps.353.7 million in principal payments due in 4Q21, which represents 2.5% of Total Debt.
The following table shows the Company’s liquidity position by region of operations.
Liquidity Position as of September 30, 2021
Figures in thousands of Mexican Pesos
| Region of Operation | Cash & Equivalents | Total <br>Debt | Short-term <br>Debt | Long-Term<br><br><br>Debt | Principal Payments (Oct– Dec 2021) |
|---|---|---|---|---|---|
| Mexico | 8,418,637 | 4,596,470 | 802,419 | 3,794,051 | 300,000 |
| Puerto Rico | 2,069,892 | 7,086,662 | 457,869 | 6,628,793 | 0 |
| Colombia | 554,069 | 2,392,614 | 61,034 | 2,331,580 | 53,731 |
| Total | 11,042,598 | 14,075,746 | 1,321,322 | 12,754,424 | 353,731 |
The following table shows the debt maturity profile of ASUR’s debt for each of its regions of operations:
Debt Maturity Profile as of September 30, 2021
Figures in thousands of Mexican Pesos
| Region of Operation | 2021 | 2022 | 2023 | 2024 | 2025/2034 |
|---|---|---|---|---|---|
| Mexico | 300,000 | 900,000 | 1,965,000 | 1,445,000 | 0 |
| Puerto Rico ^1^ | 0 | 240,776 | 264,275 | 291,109 | 6,222,399 |
| Colombia ^2^ | 53,731 | 226,866 | 262,687 | 322,388 | 967,150 |
| Total | 353,731 | 1,367,642 | 2,491,961 | 2,058,497 | 7,189,549 |
| ^1^ Figures in pesos converted at the exchange rate at the close of the quarter Ps.20.5623= US$1.00 | |||||
| --- | |||||
| ^2^ Figures in pesos converted at the exchange rate at the close of the quarter of COP184.2500=Ps.1.00 | |||||
| Note: Figures only reflects principal payments. | |||||
| ASUR 3Q21 Page 3 of 27 | |||||
| --- |
The following table shows the debt coverage included in the debt agreements for each of ASUR’s regions of operations:
Debt Ratios as of September 30, 2021
LTM EBITDA and LTM Interest Expense figures in thousands of Mexican Pesos
| Region | LTM EBITDA | LTM Interest Expense | Debt Coverage Ratio | Minimum Coverage Requirement as per Agreements |
|---|---|---|---|---|
| Mexico | 6,034,411 | 227,162 | 26.6^(1)^ | 3.0 |
| Puerto Rico | 2,076,039 | 652,736 | 3.2^(2)^ | 1.1 |
| Colombia | 662,188 | 400,397 | 1.7^(3)(4)^ | 1.2 |
| Total | 8,772,638 | 1,280,295 | 6.9 | |
| ^1^ Per the applicable debt agreement, the formula for the Interest Coverage ratio is: LTM EBITDA/ LTM Interest Expense.<br><br><br>^2^ Per the applicable debt agreement, the formula for the Debt Coverage ratio is: LTM Cash Flow Generation / LTM Debt Service. LTM Cash Flow Generation for the period was Ps.2,076,3 million and LTM Debt Service was Ps.652,7 million.<br><br><br>^3^ Per the applicable debt agreement, the formula for the Debt Coverage ratio is: (LTM EBITDA minus LTM Taxes)/ LTM Debt Service. EBITDA minus Taxes for the period amounted to Ps.662.2 million and Debt Service was Ps.400.4 million.<br><br><br>^4^A waiver is granted for the breach of the Debt Coverage Ratio indicator from April 30, 2021 until March 31, 2022 | ||||
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Accounts Receivables
Starting in mid-March of 2020, some of the airlines and other clients and tenants that operate in ASUR’s airports asked for assistance, either through discounts on payments owed to ASUR or by an extension on those payments. Three of ASUR’s principal airline customers, Aeromexico, Avianca Holdings and LATAM Airlines Group, have filed for Chapter 11 bankruptcy protection in the United States, although they have continued making payments in the ordinary course, as permitted by the relevant courts. The Company remains in commercial discussions with those clients and tenants regarding their contracts. Notwithstanding these discussions, ASUR believes it has sufficient liquidity to meet its obligations and continue operating in the normal course.
Accounts Receivable as of September 30, 2021
Figures in Thousands of Mexican Pesos
| Región | 3Q20 | 3Q21 | % Chg |
|---|---|---|---|
| Mexico | 179,823 | 1,179,656 | 556.0 |
| Puerto Rico | 504,067 | 199,284 | (60.5) |
| Colombia | 105,402 | 71,714 | (32.0) |
| Total | 789,292 | 1,450,654 | 83.8 |
Note: Net of allowance for bad debts.
3Q21 Passenger Traffic
During 3Q21, total passenger traffic at ASUR increased 231.2% YoY to 13.7 million passengers, reflecting a recovery from the impact of the COVID-19 crisis on travel which began mid-March 2020. Passenger traffic in 3Q21 reached 98.6% of 3Q19 pre-pandemic levels. By geography, 3Q21 traffic in Mexico and Colombia reached 94.9% and 95.3% of 3Q19 levels, respectively, while traffic in Puerto Rico increased by 16.3% over 3Q19 levels.
Traffic in Mexico increased 161.6% YoY to 7.9 million passengers, with domestic and international traffic up 87.8% and 345.6%, respectively. In addition, passenger traffic in Mexico reached 94.9% of 3Q19 levels, with domestic traffic reaching 90.7% and international 99.8%.
In Puerto Rico, passenger traffic in 3Q21 increased 184.2% YoY to 2.7 million passengers and increased 16.3% when compared to 3Q19, mainly driven by a 21.6% increase in domestic traffic compared to 3Q19, while international traffic recovered to 73.2% of 3Q19 levels.
Traffic in Colombia increased to 3.0 million passengers in 3Q21, from 0.1 million passengers in 3Q20, reflecting the reestablishment of commercial flight operations in Colombia, which were suspended by the Colombian government for the majority of 3Q20. In addition, traffic recovered to 95.3% of 3Q19 pre-pandemic levels, with domestic and international traffic reaching 95.6% and 93.6% of 3Q19 traffic levels, respectively.
Tables with detailed passenger traffic information for each airport can be found on page 21 of this report.
| ASUR 3Q21 Page 4 of 27 | ||||||||||
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| Table 2: Passenger Traffic Summary | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Third Quarter | % Chg vs 20 | % Chg vs 19 | Nine- Months | % Chg vs 20 | % Chg vs 19 | |||||
| 2019 | 2020 | 2021 | 2019 | 2020 | 2021 | |||||
| Total Mexico | 8,333,227 | 3,023,846 | 7,909,155 | 161.6 | (5.1) | 25,783,861 | 11,548,726 | 20,333,163 | 76.1 | (21.1) |
| - Cancun | 6,160,215 | 2,290,234 | 6,096,651 | 166.2 | (1.0) | 19,374,608 | 8,533,218 | 15,604,679 | 82.9 | (19.5) |
| - 8 Others Airports | 2,173,012 | 733,612 | 1,812,504 | 147.1 | (16.6) | 6,409,253 | 3,015,508 | 4,728,484 | 56.8 | (26.2) |
| Domestic Traffic | 4,469,498 | 2,158,659 | 4,053,553 | 87.8 | (9.3) | 12,367,374 | 6,133,129 | 10,676,596 | 74.1 | (13.7) |
| - Cancun | 2,484,484 | 1,467,768 | 2,484,684 | 69.3 | 0.0 | 6,703,534 | 3,500,852 | 6,542,411 | 86.9 | (2.4) |
| - 8 Others Airports | 1,985,014 | 690,891 | 1,568,869 | 127.1 | (21.0) | 5,663,840 | 2,632,277 | 4,134,185 | 57.1 | (27.0) |
| International traffic | 3,863,729 | 865,187 | 3,855,602 | 345.6 | (0.2) | 13,416,487 | 5,415,597 | 9,656,567 | 78.3 | (28.0) |
| - Cancun | 3,675,731 | 822,466 | 3,611,967 | 339.2 | (1.7) | 12,671,074 | 5,032,366 | 9,062,268 | 80.1 | (28.5) |
| - 8 Others Airports | 187,998 | 42,721 | 243,635 | 470.3 | 29.6 | 745,413 | 383,231 | 594,299 | 55.1 | (20.3) |
| Total San Juan, Puerto Rico | 2,354,372 | 963,677 | 2,739,163 | 184.2 | 16.3 | 7,072,180 | 3,505,793 | 7,175,392 | 104.7 | 1.5 |
| Domestic Traffic | 2,098,971 | 932,983 | 2,552,192 | 173.6 | 21.6 | 6,315,138 | 3,265,711 | 6,811,926 | 108.6 | 7.9 |
| International traffic | 255,401 | 30,694 | 186,971 | 509.1 | (26.8) | 757,042 | 240,082 | 363,466 | 51.4 | (52.0) |
| Total Colombia | 3,192,585 | 146,678 | 3,043,742 | 1,975.1 | (4.7) | 8,807,551 | 2,821,728 | 6,920,374 | 145.3 | (21.4) |
| Domestic Traffic | 2,699,836 | 137,501 | 2,582,234 | 1,778.0 | (4.4) | 7,457,666 | 2,411,973 | 5,911,758 | 145.1 | (20.7) |
| International traffic | 492,749 | 9,177 | 461,508 | 4,929.0 | (6.3) | 1,349,885 | 409,755 | 1,008,616 | 146.2 | (25.3) |
| Total traffic | 13,880,184 | 4,134,201 | 13,692,060 | 231.2 | (1.4) | 41,663,592 | 17,876,247 | 34,428,929 | 92.6 | (17.4) |
| Domestic Traffic | 9,268,305 | 3,229,143 | 9,187,979 | 184.5 | (0.9) | 26,140,178 | 11,810,813 | 23,400,280 | 98.1 | (10.5) |
| International traffic | 4,611,879 | 905,058 | 4,504,081 | 397.7 | (2.3) | 15,523,414 | 6,065,434 | 11,028,649 | 81.8 | (29.0) |
| Note: Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, while Puerto Rico includes transit passengers and general aviation. |
Review of Consolidated Results
| Table 3: Summary of Consolidated Results | ||||||
|---|---|---|---|---|---|---|
| Third Quarter | % Chg | Nine- Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Total Revenues | 2,447,072 | 4,866,106 | 98.9 | 8,371,073 | 11,995,097 | 43.3 |
| Aeronautical Services | 1,047,167 | 2,558,755 | 144.4 | 3,877,006 | 6,528,090 | 68.4 |
| Non-Aeronautical Services | 646,779 | 1,745,527 | 169.9 | 2,650,860 | 4,346,601 | 64.0 |
| Total Revenues Excluding Construction Revenues | 1,693,946 | 4,304,282 | 154.1 | 6,527,866 | 10,874,691 | 66.6 |
| Construction Revenues | 753,126 | 561,824 | (25.4) | 1,843,207 | 1,120,406 | (39.2) |
| Total Operating Costs & Expenses | 2,071,494 | 2,295,286 | 10.8 | 6,358,093 | 6,126,869 | (3.6) |
| Other Revenues | (5,993) | n/a | 158,881 | n/a | ||
| Operating Profit | 369,585 | 2,570,820 | 595.6 | 2,171,861 | 5,868,228 | 170.2 |
| Operating Margin | 15.1% | 52.83% | 3773 bps | 25.9% | 48.9% | 2298 bps |
| Adjusted Operating Margin ^1^ | 21.8% | 59.73% | 3791 bps | 33.3% | 54.0% | 2069 bps |
| EBITDA | 755,074 | 2,913,013 | 285.8 | 3,549,794 | 7,020,937 | 97.8 |
| EBITDA Margin | 30.86% | 59.86% | 2901 bps | 42.4% | 58.5% | 1613 bps |
| Adjusted EBITDA Margin ^2^ | 44.57% | 67.68% | 2310 bps | 54.4% | 64.6% | 1018 bps |
| Net income | 147,027 | 1,957,451 | 1,231.4 | 1,546,466 | 4,325,345 | 179.7 |
| Net income majority | 105,155 | 1,793,950 | 1,606.0 | 1,469,242 | 3,970,624 | 170.2 |
| Earnings per Share | 0.3505 | 5.9798 | 1,606.0 | 4.8975 | 13.2354 | 170.2 |
| Earnings per ADS in US$ | 0.1705 | 2.9082 | 1,606.0 | 2.3818 | 6.4367 | 170.2 |
| Total Commercial Revenues per Passenger ^3^ | 137.4 | 117.6 | (14.4) | 132.4 | 115.5 | (12.7) |
| Commercial Revenues | 571,678 | 1,626,058 | 184.4 | 2,383,852 | 4,012,528 | 68.3 |
| Commercial Revenues from Direct Operations per Passenger ^4^ | 20.0 | 20.8 | 4.1 | 19.2 | 20.7 | 7.9 |
| Commercial Revenues Excluding Direct Operations per Passenger | 117.5 | 96.8 | (17.6) | 113.2 | 94.8 | (16.2) |
| ^1^ Adjusted operating margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets in Mexico, Puerto Rico and Colombia and is equal to operating income divided by total revenues minus revenues from construction services. | ||||||
| ^2^Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets in Mexico, Puerto Rico and Colombia, and is calculated by dividing EBITDA by total revenues less construction services revenues. | ||||||
| ^3^ Passenger figures include transit and general aviation passengers Mexico, Puerto Rico y Colombia. | ||||||
| ^4^ Represents ASUR´s operations in convenience stores | ||||||
| ASUR 3Q21 Page 5 of 27 | ||||||
| --- |
Consolidated Revenues
Consolidated Revenues for 3Q21 increased 98.9% YoY, or Ps.2,419.0 million, to Ps.4,866.1 million and 18.5%, or Ps.759.8 million when compared to the pre-pandemic levels of 3Q19. The YoY increase was mainly due to the following variations:
| • | A 169.9% increase in revenues from non-aeronautical services to Ps.1,745.5 million. Mexico contributed Ps.1,199.4 million, while Puerto Rico and Colombia accounted for Ps.419.9 million and Ps.126.2 million, respectively; |
|---|---|
| • | A 144.4% increase in revenues from aeronautical services to Ps.2,558.8 million. Operations in Mexico contributed Ps.1,688.5 million, while Puerto Rico and Colombia contributed Ps.516.0 million and Ps.354.3 million, respectively; and |
| --- | --- |
| • | A 25.4%, or Ps.191.3 million, decline in construction services revenues to Ps.561.8 million, principally in Mexico. |
| --- | --- |
Excluding revenues from construction services, which are deducted as costs under IFRS accounting standards, total revenues would have increased 154.1% YoY to Ps.4,304.3 million.
Compared to pre-pandemic levels of 3Q19, revenues excluding construction services increased 11.3%, with increases of 17.3% in revenues from non-aeronautical services and 7.5% in revenues from aeronautical services. Excluding revenues from construction services, Mexico accounted for 67.1% of total revenues in 3Q21, while Puerto Rico and Colombia represented 21.7% and 11.2%, respectively.
Commercial Revenues in 3Q21 increased 184.4% YoY to Ps.1,626.1 million, mainly reflecting the 231.2% recovery in passenger traffic. Compared to pre-pandemic levels of 3Q19, commercial revenues increased 17.4%. Commercial revenues increased YoY across ASUR’s regions of operations: 210.5% to Ps.1,083.1 million in Mexico, 132.6% to Ps.417.2 million in Puerto Rico and 189.3% to Ps.125.7 million in Colombia.
Commercial Revenues per Passenger was Ps.117.6 in 3Q21, compared to Ps.137.4 in 3Q20 and Ps.99.2 in 3Q19.
Consolidated Operating Costs and Expenses
Consolidated Operating Costs and Expenses during 3Q21, including construction costs, increased 10.8% YoY, or Ps.223.8 million, to Ps.2,295.3 million, and increased 10.4%, or by Ps.215.6 million, when compared to the pre-pandemic levels of 3Q19.
Excluding construction costs, operating costs and expenses increased 31.3% YoY, or Ps.415.1 million, and declined 5.9% when compared to 3Q19. The YoY increase was mainly due to the following variations:
| • | Mexico: increased 42.6%, or Ps.301.1 million, mainly due to higher technical assistance and concession fees together with increases in energy, maintenance and security expenses, as well as higher cost of sales from directly operated stores, together with higher social security contributions. |
|---|---|
| • | Puerto Rico: increased 9.5%, or Ps.35.0 million, principally reflecting a Ps.76.1 million reversal of the maintenance provision recorded in 3Q20 an increase of Ps.15.5 million in cost of sales of directly operated convenience stores. The increase was partially offset by a Ps.165.4 million reimbursement of expenses from applying funds from the grant under the Cares Act, compared with a reimbursement of expenses of Ps.112.7 million in 3Q20. |
| --- | --- |
| • | Colombia: increased 32.7%, or Ps.79.0 million, mainly due to an increase of 689.3%, or Ps.79.3 million, in concession fees. |
| --- | --- |
Cost of Services increased YoY 17.6%, or Ps.114.6 million. This was principally due to a 20.4%, or Ps.80.3 million increase in Mexico, reflecting mainly higher energy, maintenance and security expenses, together with higher cost of sales at stores operated directly by ASUR, and higher social security contributions. Costs of Services in Puerto Rico increased 20.4%, or Ps.29.6 million, mainly driven by the reduction in the maintenance provision as explained above and an increase in the cost of sales of directly operated stores, partially offset by the reimbursement of expenses from the grant under the Cares Act as mentioned above.
| ASUR 3Q21 Page 6 of 27 |
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Construction Costs declined 25.4% YoY, or Ps.191.3 million. This was mainly driven by an YoY decline of 28.1%, or Ps.193.4 million, in Mexico, partly offset by increases of 3.2%, or Ps.2.0 million, in Puerto Rico and 10.3%, or Ps.0.2 million, in Colombia.
Administrative Expenses that reflect administrative costs in Mexico increased 53.6% YoY.
Consolidated Technical Assistance increased 327.1% YoY mainly reflecting higher EBITDA in Mexico in 3Q21.
Concession Fees increased 185.8% YoY, principally due to increases of 172.3% in Mexico, 689.3% in Colombia and 31.3% in Puerto Rico, mainly due to higher regulated revenues, a factor in the calculation of the fee.
Depreciation and Amortization increased 2.5% YoY, or Ps.12.1 million, principally due to an increase of 12.2%, or Ps.22.3 million in Mexico, while Puerto Rico and Colombia posted declines of 2.6%, or Ps.5.0 million, and 4.4%, or Ps.5.2 million, respectively.
Consolidated Operating Profit (Loss) and EBITDA
In 3Q21, ASUR reported a Consolidated Operating Profit of Ps.2,570.8 million resulting in an Operating Margin of 52.8%, compared to Ps.369.6 million and a 15.1% margin in 3Q20. This was mainly the result of the recovery in passenger traffic from the gradual recovery in travel demand as COVID-19 vaccination programs advance worldwide and the resulting increase in revenues, together with a marginal increase in costs.
Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Colombia, and Puerto Rico, and which is calculated as operating profit or loss divided by total revenues less construction services revenues, was 59.7% in 3Q21 compared with 21.8% in 3Q20 and 52.4% in 3Q19.
EBITDA increased 285.8%, or Ps.2,157.9 million, to Ps.2,913.0 million in 3Q21 from Ps.755.1 million in 3Q20. By country of operations, EBITDA increased YoY by Ps.1,595.7 million to Ps.2,087.7 million in Mexico, by Ps.230.0 million to Ps.551.9 million in Puerto Rico and by Ps.332.2 million to Ps.273.4 million in Colombia. Consolidated EBITDA margin in 3Q21 was 59.9% compared to 30.9% in 3Q20 and 60.3% in 3Q19.
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 67.7% in 3Q21, compared to 44.6% in 3Q20, and 64.0% in 3Q19.
Consolidated Comprehensive Financing Gain (Loss)
| Table 4: Consolidated Comprehensive Financing Gain (Loss) | ||||||
|---|---|---|---|---|---|---|
| Third Quarter | % Chg | Nine-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Interest Income | 55,500 | 48,119 | (13.3) | 220,339 | 135,320 | (38.6) |
| Interest Expense | (183,663) | (203,934) | 11.0 | (716,199) | (618,409) | (13.7) |
| Foreign Exchange Gain (Loss), Net | (98,146) | 98,866 | n/a | 436,218 | 107,480 | (75.4) |
| Total | (226,309) | (56,949) | (74.8) | (59,642) | (375,609) | 529.8 |
In 3Q21 ASUR reported a Ps.56.9 million Consolidated Comprehensive Financing Loss, compared to a Ps.226.3 million loss in 3Q20.
During 3Q21 ASUR reported a foreign exchange gain of Ps.98.9 million, resulting from the 0.6% quarterly average depreciation of the Mexican peso against the U.S. dollar (3.0% quarter-end depreciation) during the period together with a U.S. dollar net asset position. This compares to a Ps.98.1 million foreign exchange loss in 3Q20 resulting from the 4.4% quarterly average appreciation of the Mexican peso (4.1% quarter-end depreciation) on a U.S. dollar net asset position.
| ASUR 3Q21 Page 7 of 27 |
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Interest expense increased Ps.20.3 million, or 11.0% YoY, mainly driven by an increase of Ps.30.4 million, or 287.0%, in interest payments in Colombia on fair value loan repayments recognized under IFRS 3, partly offset by a decline of 11.8% or Ps.15.1 million in interest payments in Puerto Rico.
Interest income declined by Ps.7.4 million, or 13.3% YoY reflecting lower interest rates.
Income Taxes
Income Taxes for 3Q21 increased Ps.561.8 million YoY, principally due to the combination of:
| • | A Ps.519.6 million increase in income taxes, reflecting mainly a higher taxable income base in Mexico and Colombia resulting from the YoY recovery in revenues following the negative impact of COVID-19 in 3Q20. |
|---|---|
| • | A Ps.42.2 million decline in deferred income taxes. This mainly reflects a Ps.19.0 million decrease in deferred income taxes in Mexico, principally related to a lower tax benefit in certain airports, and a decline of Ps.25.0 million in the tax benefit in Colombia, partly offset by a tax benefit in Puerto Rico. |
| --- | --- |
Majority Net Income (Loss)
ASUR reported Majority Net Income of Ps.1,793.9 million for 3Q21, compared to a Majority Net Income of Ps.105.1 million in 3Q20. This resulted in earnings per common share in 3Q21 of Ps.5.9798, or earnings per ADS of US$2.9082 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.0.3505 and earnings per ADS of US$0.1705 for the same period last year.
Net Income (Loss)
ASUR reported Net Income of Ps.1,957.4 million in 3Q21, an increase of Ps.1,810.4 million, or 1,231.4%, from Ps.147.0 million in 3Q20.
Consolidated Financial Position
On September 30, 2021, airport concessions represented 79.4% of the Company’s total assets, with current assets representing 20.1% and other assets representing 0.5%.
As of September 30, 2021, the Company had cash and cash equivalents of Ps.11,042.6 million, a 112.7% increase from Ps.5,192.6 million at December 31, 2020. Mexico, Puerto Rico and Colombia contributed with Ps.8.418.6 million, Ps.2,069.9 million, and Ps.554.1 million in cash and cash equivalents, respectively.
As of September 30, 2021, the valuation of ASUR’s investment in Aerostar (Puerto Rico), in accordance with IFRS 3 "Business Combinations", resulted in the following effects on the balance sheet: i) the recognition of a net intangible asset of Ps.5,890.8 million, ii) goodwill of Ps.982.3 million (net of an impairment of Ps.4,719.1 million), iii) deferred taxes of Ps.589.1 million, and iv) a minority interest of Ps.5,360.0 million within stockholders' equity.
Furthermore, the valuation of ASUR’s investment in Airplan (Colombia), in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on the balance sheet as of September 30, 2021: i) the recognition of a net intangible asset of Ps.1,182.8 million, ii) goodwill of Ps.1,613.1 million, iii) deferred taxes of Ps.200.1 million, and iv) Ps.514.5 million from the recognition of bank loans at fair value.
Stockholders’ equity at September 30, 2021 was Ps.43,935.7 million and total liabilities were Ps.22,010.5 million, representing 66.6% and 33.4% of total assets, respectively. Deferred liabilities represented 14.4% of ASUR’s total liabilities.
Total Debt at quarter-end increased 1.3% to Ps.14,075.7 from Ps.13,900.4 million on December 31, 2020. This mainly reflects a Ps.650.0 million loan obtained in Mexico and payments of Ps.483.0 million.
On September 30, 2021, 32.6% of ASUR’s total debt was denominated in Mexican pesos, 50.4% in U.S. Dollars (at Aerostar in Puerto Rico) and 17.0% in Colombian pesos.
Principal payments of Ps.353.7 million, or 2.5% of Total Debt, mature in 4Q21.
| ASUR 3Q21 Page 8 of 27 |
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LTM Net Debt-to-LTM EBITDA stood at 0.4x at the close of 3Q21, while the Interest Coverage ratio was 6.9x. This compares with LTM Net Debt-to-LTM EBITDA of 1.5x and an Interest Coverage Ratio of 4.0x at September 30, 2020.
| Table 5: Consolidated Debt Indicators | |||
|---|---|---|---|
| September 30, 2020 | December 31, 2020 | September 30, 2021 | |
| Leverage | |||
| Total Debt/ LTM EBITDA (Times) ^1^ | 2.5 | 2.8 | 1.7 |
| Total Net Debt/ LTM EBITDA (Times) ^2^ | 1.5 | 1.8 | 0.4 |
| Interest Coverage Ratio ^3^ | 4.0 | 3.5 | 6.9 |
| Total Debt | 14,745,076 | 13,900,346 | 14,075,746 |
| Short-term Debt | 649,415 | 1,138,750 | 1,321,322 |
| Long-term Debt | 14,095,661 | 12,761,596 | 12,754,424 |
| Cash & Cash Equivalents | 6,012,746 | 5,192,628 | 11,042,598 |
| Total Net Debt ^4^ | 8,732,330 | 8,707,718 | 3,033,148 |
| ^1^Total Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities divided by its EBITDA. | |||
| ^2^ The Total Net Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by its EBITDA. | |||
| ^3^The Interest Coverage Ratio for Mexico is calculated as ASUR’s LTM EBIDA divided by its LTM interest expenses. For Puerto Rico it is calculated as LTM Cash Flow Generation divided LTM debt service, and for Colombia as LTM EBITDA minus LTM taxes divided by LTM debt service.<br><br><br>^4^ Total Net Debt is calculated as Total Debt minus Cash & Cash Equivalents |
Table 6: Consolidated Long-Term Debt Profile (millions)*
| Original Amount | Aerostar <br>US | Cancun Airport <br>Mexican Pesos (Thousand) | Airplan<br><br><br>Col Ps (Million) | |
|---|---|---|---|---|
| US 350 M | BBVA 2,000 | Santander 2,650 | Syndicated Loan 440,000 | |
| Principal Balance as of September 30th 2021 | 298,665,068 | 1,960,000 | 2,650,000 | 337,697 |
| 2021 | - | 300,000 | 9,900 | |
| 2022 | 10,245,890 | 900,000 | 41,800 | |
| 2023 | 11,245,890 | 640,000 | 1,325,000 | 48,400 |
| 2024 | 12,387,769 | 120,000 | 1,325,000 | 59,400 |
| 2025 | 13,601,957 | 68,200 | ||
| 2026 | 14,993,836 | 72,600 | ||
| 2027 | 16,617,808 | 37,397 | ||
| 2028 | 16,231,207 | |||
| 2029 | 17,284,546 | |||
| 2030 | 20,940,137 | |||
| 2031 | 27,034,521 | |||
| 2032 | 34,406,097 | |||
| 2033 | 38,534,177 | |||
| 2034 | 42,582,329 | |||
| 2035 | 22,558,904 |
All values are in US Dollars.
*Expressed in the original currency of each loan.
Note: The syndicated loans in Mexico were incurred in October 2017 and September 2021, the issuances of the Puerto Rico bonds were executed in March 2013 and June 2015, respectively, and the syndicated loan in Colombia was incurred in June 2015 with a grace period of three years.
Capital Expenditures
During 3Q21, ASUR made capital expenditures of Ps.601.2 million. Of this amount, Ps.551.2 million reflect the Company’s plan to modernize its Mexican airports pursuant to its master development plans, Ps.45.8 million were invested by Aerostar in Puerto Rico and Ps.4.2 million in Colombia. This compares with Ps.834.5 million invested in 3Q20, of which Ps.758.8 million was invested in Mexico, Ps.73.9 million in Puerto Rico and Ps.1.8 million in Colombia. On an accumulated basis, ASUR invested a total of Ps.1,418.5 million in CAPEX during 9M21, compared with Ps.1,801.8 million in 9M20.
Key Events for the Quarter
Board of Directors Approves Dividend Payment Date
On October 1, 2021, the Company paid an ordinary net cash dividend in the total amount of Ps.8.21 (eight pesos and twenty-one cents, Mexican legal tender) per share, which had been approved at ASUR’s General Ordinary Shareholders' Meeting held on April 23, 2020.
| ASUR 3Q21 Page 9 of 27 |
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Review of Mexico Operations
| Table 7: Mexico Revenues & Commercial Revenues Per Passenger | ||||||
|---|---|---|---|---|---|---|
| Third Quarter | % Chg | Nine -Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Total Passengers (in thousands) | 3,042 | 7,946 | 161.2 | 11,612 | 20,430 | 75.9 |
| Total Revenues | 1,699,712 | 3,383,896 | 99.1 | 5,567,700 | 8,240,446 | 48.0 |
| Aeronautical Services | 588,491 | 1,688,499 | 186.9 | 2,157,241 | 4,261,374 | 97.5 |
| Non-Aeronautical Services | 421,765 | 1,199,391 | 184.4 | 1,853,032 | 3,003,365 | 62.1 |
| Construction Revenues | 689,456 | 496,006 | (28.1) | 1,557,427 | 975,707 | (37.4) |
| Total Revenues Excluding Construction Revenues | 1,010,256 | 2,887,890 | 185.9 | 4,010,273 | 7,264,739 | 81.2 |
| Total Commercial Revenues | 348,870 | 1,083,138 | 210.5 | 1,592,279 | 2,678,281 | 68.2 |
| Commercial Revenues from Direct Operations | 46,751 | 176,301 | 277.1 | 234,552 | 285,881 | 21.9 |
| Commercial Revenues Excluding Direct Operations | 302,119 | 906,837 | 200.2 | 1,357,727 | 2,392,400 | 76.2 |
| Total Commercial Revenues per Passenger | 114.7 | 136.3 | 18.9 | 137.1 | 131.1 | (4.4) |
| Commercial Revenues from Direct Operations per Passenger ^1^ | 15.4 | 22.2 | 44.4 | 20.2 | 14.0 | (30.7) |
| Commercial Revenues Excluding Direct Operations per Passenger | 99.3 | 114.1 | 14.9 | 116.9 | 117.1 | 0.1 |
| For the purposes of this table, approximately 17.9 and 37.2 thousand transit and general aviation passengers are included in 3Q20 and 3Q21 respectively, while 62.9 and 96.5 thousand transit and general aviation passengers are included in 9M20 and 9M21. | ||||||
| --- | ||||||
| ^1^ Represents the operations of ASUR in its convenience stores in Mexico. |
Mexico Revenues
Mexico Revenues for 3Q21 increased 99.1% YoY to Ps.3,383.9 million and 23.2% when compared to pre-pandemic levels of 3Q19.
Excluding construction, revenues increased 185.9% YoY, reflecting increases of 186.9% in revenues from aeronautical services and 184.4% in revenues from non-aeronautical services, principally due to the 161.2% recovery in passenger traffic. Compared to pre-pandemic levels of 3Q19, revenues excluding construction increased 10.7%, driven by growth of 13.6% in revenues from non-aeronautical services and 8.8% from aeronautical services.
Commercial Revenues increased 210.5% YoY, principally reflecting the 161.2% increase in passenger traffic, as shown in Table 7. Commercial Revenues per Passenger for 3Q21 were Ps.136.3 compared to Ps.114.7 in 3Q20 and Ps.114.3 in 3Q19.
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.
| ASUR 3Q21 Page 10 of 27 |
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As shown in Table 9, during the last 12 months, ASUR opened a total of nine new commercial spaces, six of which are at Cancun Airport, two at Merida Airport, and one at Cozumel Airport. More details of these openings can be found on page 22 of this report.
| Table 8: Mexico Commercial Revenue Performance | Table 9: Mexico Summary Retail and Other Commercial Space Opened since September 30,2020 | |||
|---|---|---|---|---|
| Business Line | YoY Chg | Type of Commercial Space ^1^ | # Of Spaces Opened | |
| 3Q21 | 9M21 | |||
| Duty Free | 274.2% | 69.7% | Cancun | 6 |
| Retail | 214.8% | 78.9% | Retail | 1 |
| Food and Beverage | 205.3% | 75.7% | Car rental | 4 |
| Car rental | 196.7% | 89.2% | Other revenues | 1 |
| Ground Transportation | 194.1% | 94.2% | 8 Other airports | 3 |
| Advertising | 193.7% | 42.9% | Retail | 1 |
| Banks and foreign exchange | 162.0% | 41.0% | Car rental | 2 |
| Other revenues | 157.2% | 20.0% | Mexico | 9 |
| Car parking | 126.5% | 45.3% | ||
| Teleservices | (15.3%) | 14.8% | ^1^Only includes new stores opened during the period and excludes remodelings or contract renewals. | |
| Total Commercial Revenues | 210.5% | 68.2% |
Mexico Operating Costs and Expenses
| Table 10: Mexico Operating Costs & Expenses | ||||||
|---|---|---|---|---|---|---|
| Third Quarter | % Chg | Nine-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Cost of Services | 393,956 | 474,252 | 20.4 | 1,220,709 | 1,450,158 | 18.8 |
| Administrative | 56,713 | 87,099 | 53.6 | 175,128 | 206,261 | 17.8 |
| Technical Assistance | 26,075 | 111,374 | 327.1 | 122,358 | 264,523 | 116.2 |
| Concession Fees | 48,075 | 130,911 | 172.3 | 180,114 | 327,009 | 81.6 |
| Depreciation and Amortization | 182,655 | 204,941 | 12.2 | 543,402 | 607,605 | 11.8 |
| Operating Costs and Expenses Excluding Construction Costs | 707,474 | 1,008,577 | 42.6 | 2,241,711 | 2,855,556 | 27.4 |
| Construction Costs | 689,456 | 496,006 | (28.1) | 1,557,427 | 975,707 | (37.4) |
| Total Operating Costs & Expenses | 1,396,930 | 1,504,583 | 7.7 | 3,799,138 | 3,831,263 | 0.8 |
Total Mexico Operating Costs and Expenses for 3Q21 increased 7.7% YoY. Excluding construction costs, operating costs and expenses increased 42.6% or Ps.301.1 million, mainly reflecting higher technical assistance and concession fees, as well as increases in energy, maintenance and security costs. Higher cost of sales at stores operated by ASUR and an increase in social security contributions also contributed to higher costs.
Cost of Services increased 20.4% YoY, mainly reflecting higher energy, maintenance and security expenses, together with higher cost of sales at stores operated directly by ASUR and an increase in social security contributions.
Administrative Expenses increased 53.6% YoY, mainly reflecting a reversal in 3Q20 of the provision for employee contributions in the context of the pandemic.
The Technical Assistance fee paid to ITA increased 327.1% YoY reflecting higher EBITDA in Mexico, a factor in the calculation of the fee.
Concession Fees, which include fees paid to the Mexican government, increased 172.3%, mainly as a result of the increase in regulated revenues, a factor in the calculation of the concession fee.
Depreciation and Amortization increased 12.2% YoY, reflecting higher investments to date.
| ASUR 3Q21 Page 11 of 27 |
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Mexico Consolidated Comprehensive Financing Gain (Loss)
| Table 11: Mexico Comprehensive Financing Gain (Loss) | ||||||
|---|---|---|---|---|---|---|
| Third Quarter | % Chg | Nine-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Interest Income | 55,286 | 44,436 | (19.6) | 215,850 | 128,906 | (40.3) |
| Interest Expense | (70,094) | (71,068) | 1.4 | (244,270) | (201,671) | (17.4) |
| Foreign Exchange Gain (Loss), Net | (98,477) | 98,909 | n/a | 436,410 | 107,513 | (75.4) |
| Total | (113,285) | 72,277 | n/a | 407,990 | 34,748 | (91.5) |
In 3Q21, ASUR’s Mexico operations reported a Ps.72.3 million Comprehensive Financing Gain, compared to a Ps.113.3 million loss in 3Q20. This was mainly due to a higher foreign exchange gain of Ps.98.9 million in 3Q21 resulting from the 0.6% average quarterly depreciation of the Mexican peso (3.0% at quarter-end) against the U.S. dollar on a foreign currency net asset position. This compares with a Ps.98.5 million foreign exchange loss 3Q20, resulting from the 4.4% average quarterly appreciation of the Mexican peso during that period (4.1% at quarter-end) and a foreign currency net asset position.
Interest expense increased 1.4% YoY reflecting a higher debt balance, partially offset by a lower TIIE interest rate and, while interest income declined 19.6% in the same period.
Mexico Operating Profit (Loss) and EBITDA
| Table 12: Mexico Profit & EBITDA | ||||||
|---|---|---|---|---|---|---|
| Third Quarter | % Chg | Nine-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Total Revenue | 1,699,712 | 3,383,896 | 99.1 | 5,567,700 | 8,240,446 | 48.0 |
| Total Revenues Excluding Construction Revenues | 1,010,256 | 2,887,890 | 185.9 | 4,010,273 | 7,264,739 | 81.2 |
| Operating Profit | 302,782 | 1,879,313 | 520.7 | 1,768,562 | 4,409,183 | 149.3 |
| Operating Margin | 17.8% | 55.5% | 3772 bps | 31.8% | 53.5% | 2174 bps |
| Adjusted Operating Margin ^1^ | 30.0% | 65.1% | 3510 bps | 44.1% | 60.7% | 1659 bps |
| Net Profit ^2^ | 179,438 | 1,448,344 | 707.2 | 1,592,895 | 3,350,184 | 110.3 |
| EBITDA | 491,964 | 2,087,672 | 324.4 | 2,320,725 | 5,023,653 | 116.5 |
| EBITDA Margin | 28.9% | 61.7% | 3275 bps | 41.7% | 61.0% | 1928 bps |
| Adjusted EBITDA Margin ^3^ | 48.7% | 72.3% | 2359 bps | 57.9% | 69.2% | 1128 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.272.2 million and 87.7 million in 3Q21 and 3Q20, respectively, and in Airplan of Ps.108.7 million and Ps.163.9 million in 3Q21 and 3Q20, 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.1,879.3 million in 3Q21, resulting in an Operating Margin of 55.5%. This compares with an Operating Gain of Ps.302.8 million and an Operating Margin of 17.8% in 3Q20. In 3Q19, ASUR reported a pre-pandemic Operating Margin of 60.7% in 3Q19.
Adjusted Operating Margin in 3Q21, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets and which is calculated as operating profit divided by total revenues excluding construction services revenues, was 65.1%, compared to 30.0% in 3Q20, and 63.9% in 3Q19.
EBITDA increased Ps.1,595.7 million to Ps.2,087.7 million in 3Q21 from Ps.492.0 million in 3Q20. This compares to pre-pandemic EBITDA of Ps.1,837.7 million in 3Q19. EBITDA margin in 3Q21 was 61.7%, compared with EBITDA Margin of 28.9% in 3Q20 and 66.9% in 3Q19.
During 3Q21, ASUR’s operations in Mexico recognized Ps.496.0 million in “Construction Revenues,” compared with Ps.689.4 million in 3Q20, reflecting lower capital expenditures and investments in concessioned assets.
Adjusted EBITDA Margin in 3Q21, which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets, was 72.3%, compared with an Adjusted EBITDA Margin of 48.7% in 3Q20, while in 3Q19 Adjusted EBITDA Margin reached 70.5%.
| ASUR 3Q21 Page 12 of 27 |
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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 September 30, 2021, totaled Ps.4,461.5 million, with an average tariff per workload unit of Ps.204.6 (December 2020 pesos), accounting for approximately 61.4% of total Mexico income (excluding construction income) for the period.
The Mexican Ministry of Communications and Transportation reviews compliance with maximum rate regulations at the close of each year.
Mexico Capital Expenditures
During 3Q21, ASUR’s operations in Mexico made capital investments of Ps.551.2 million in connection with the Company’s plan to modernize its Mexican airports pursuant to its master development plans. This compares with capital expenditures of Ps.758.5 million in 3Q20.
On an accumulated basis, ASUR made investments of Ps.1,282.1 million in 9M21, compared to Ps.1,472.4 million in 9M20.
Review of Puerto Rico Operations
The following discussion compares Aerostar’s independent results for the three- and nine-month periods ended September 30, 2020 and 2021.
As of September 30, 2021, the valuation of ASUR’s investment in Aerostar, in accordance with IFRS 3 "Business Combinations," resulted in the following effects on the balance sheet: i) the recognition of a net intangible asset of Ps.5,890.8 million, ii) goodwill of Ps.982.3 million (net of an impairment of Ps.4,719.1 million), iii) deferred taxes of Ps.589.1 million, and iv) a minority interest of Ps.5,360.0 million within stockholders' equity.
| Table 13: Puerto Rico Revenues & Commercial Revenues Per Passenger | ||||||
|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||
| Third Quarter | % Chg | Nine-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Total Passengers (in thousands) | 964 | 2,739 | 184.2 | 3,506 | 7,175 | 104.7 |
| Total Revenues | 681,538 | 999,885 | 46.7 | 2,227,754 | 2,675,932 | 20.1 |
| Aeronautical Services | 438,015 | 516,045 | 17.8 | 1,371,976 | 1,499,690 | 9.3 |
| Non-Aeronautical Services | 181,555 | 419,899 | 131.3 | 574,089 | 1,035,794 | 80.4 |
| Construction Revenues | 61,968 | 63,941 | 3.2 | 281,689 | 140,448 | (50.1) |
| Total Revenues Excluding Construction Revenues | 619,570 | 935,944 | 51.1 | 1,946,065 | 2,535,484 | 30.3 |
| Total Commercial Revenues | 179,348 | 417,176 | 132.6 | 567,788 | 1,028,614 | 81.2 |
| Commercial Revenues from Direct Operations | 36,226 | 92,533 | 155.4 | 111,436 | 238,898 | 114.4 |
| Commercial Revenues Excluding Direct Operations | 143,122 | 324,643 | 126.8 | 456,352 | 789,716 | 73.0 |
| Total Commercial Revenues per Passenger | 186.1 | 152.3 | (18.2) | 162.0 | 143.4 | (11.5) |
| Commercial Revenues from Direct Operations per Passenger ^1^ | 37.6 | 33.8 | (10.1) | 31.8 | 33.3 | 4.7 |
| Commercial Revenues Excluding Direct Operations per Passenger | 148.5 | 118.5 | (20.2) | 130.2 | 110.1 | (15.4) |
| Figures in pesos at the average exchange rate Ps.20.0178 = US. 1.00 | ||||||
| ^1^ Represents ASUR´s operations in convenience stores in Puerto Rico. |
Puerto Rico Revenues
Total Puerto Rico Revenues for 3Q21 increased 46.7% YoY to Ps.999.9 million.
| ASUR 3Q21 Page 13 of 27 |
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Excluding construction services, revenues rose 51.1%, mainly due to the following YoY increases:
| • | 17.8% in revenues from aeronautical services; and |
|---|---|
| • | 131.3% in revenues from non-aeronautical services, principally due to the 184.2% increase in passenger traffic. |
| --- | --- |
Commercial Revenues per Passenger reached Ps.152.3 in 3Q21, compared with Ps.186.1 in 3Q20 and pre-pandemic levels of Ps.124.2 in 3Q19.
One commercial space was opened at LMM Airport over the last 12 months, as shown in Table 15. More details can be found on page 22 of this report.
ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, parking lot fees, banking and currency exchange services, and other.
| Table 14: Puerto Rico Commercial Revenue Performance | Table 15: Puerto Rico Summary Retail and Other Commercial Space Opened since September 30, 2020 | |||
|---|---|---|---|---|
| Business Line | YoY Chg | Type of Commercial Space ^1^ | # of Spaces Opened | |
| 3Q21 | 9M21 | |||
| Food and beverage | 406.6% | 32.6% | Other revenues | 1 |
| Ground Transportation | 301.2% | 77.0% | Total Commercial space | 1 |
| Car parking | 183.0% | 93.5% | ||
| Retail | 173.3% | 123.6% | ||
| Car rentals | 121.4% | 96.3% | ||
| Other revenues | 100.7% | 17.0% | ||
| Advertising | 23.8% | 16.7% | ^1^ Only includes new stores opened during the period and excludes remodelings or contract renewals. | |
| Duty Free | (8.4%) | (7.2%) | ||
| Banks and foreign exchange | (17.8%) | (19.9%) | ||
| Total Commercial Revenues | 132.6% | 81.2% |
Puerto Rico Operating Costs and Expenses
| Table 16: Puerto Rico Operating Costs & Expenses | ||||||||
|---|---|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||||
| Third Quarter | % Chg | Nine-Months | % Chg | |||||
| 2020 | 2021 | 2020 | 2021 | |||||
| Cost of Services | 145,254 | 174,827 | 20.4 | 819,380 | 604,484 | (26.2) | ||
| Concession Fees | 33,344 | 43,772 | 31.3 | 100,357 | 121,301 | 20.9 | ||
| Depreciation and Amortization | 191,616 | 186,635 | (2.6) | 580,068 | 553,971 | (4.5) | ||
| Operating Costs and Expenses Excluding Construction Costs | 370,214 | 405,234 | 9.5 | 1,499,805 | 1,279,756 | (14.7) | ||
| Construction Costs | 61,968 | 63,941 | 3.2 | 281,689 | 140,448 | (50.1) | ||
| Total Operating Costs & Expenses | 432,182 | 469,175 | 8.6 | 1,781,494 | 1,420,204 | (20.3) | ||
| Figures in pesos at the average exchange rate Ps.20.0178 = US. 1.00 |
During 3Q21, total Operating Costs and Expenses at LMM Airport increased 8.6% YoY to Ps.469.2 million. Construction costs in the quarter increased 3.2% to Ps.63.9 million from Ps.62.0 million in 3Q20.
Excluding construction costs, operating costs and expenses increased 9.5% YoY, or Ps.35.0 million, to Ps.405.2 million. This mainly reflects the reversal in 3Q20 of Ps.76.1 million of the maintenance provision, a Ps.15.5 million increase in cost of sales of directly operated convenience stores, partially offset by the reimbursement of expenses under the Cares Act for a total of Ps.165.4 million in 3Q21, compared to a reimbursement of Ps.112.7 million in 3Q20.
Cost of Services increased 20.4% YoY, or Ps.29.6 million.
Concession Fees paid to the Puerto Rican government increased Ps.10.4 million, in line with the concession agreement.
| ASUR 3Q21 Page 14 of 27 |
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Depreciation and Amortization declined 2.6% YoY, or Ps.5.0 million, principally reflecting the FX translation impact as the average Mexican peso exchange rate fluctuated to Ps.20.0 per dollar in 3Q21, from Ps.22.1 per dollar in 3Q20.
Puerto Rico Comprehensive Financing Gain (Loss)
| Table 17: Puerto Rico Comprehensive Financing Gain (Loss) | ||||||
|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||
| Third Quarter | % Chg | Nine-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Interest Income | 323 | 792 | 145.2 | 3,077 | 1,419 | (53.9) |
| Interest Expense | (128,138) | (113,027) | (11.8) | (384,025) | (341,505) | (11.1) |
| Total | (127,815) | (112,235) | (12.2) | (380,948) | (340,086) | (10.7) |
| Figures in pesos at the average exchange rate Ps.20.0178 = US. 1.00 |
During 3Q21, Puerto Rico reported a Ps.112.2 million Comprehensive Financing Loss, compared with a Ps.127.8 million loss in 3Q20, mainly reflecting the FX conversion impact in connection with the appreciation of the Mexican peso against the US dollar together with the full repayment of the subordinated term loan with Cancun airport.
On March 22, 2013, Aerostar carried out a private bond placement for a total of US$350.0 million to finance a portion of the Concession Agreement payment to the Puerto Rico Ports Authority and certain other costs and expenditures associated with it.
On June 24, 2015, Aerostar carried out a private bond placement for a total of US$50.0 million. In December 2015, Aerostar contracted a line of revolving credit. On April 1, 2020, Aerostar drew down US$10.0 million from this line of revolving credit for working capital purposes.
In December 2020, Aerostar entered into a revolving line of credit with Banco Popular de Puerto Rico in the amount of US$20.0 million, with a three-year term. Funds have not yet been withdrawn. All long-term debt is collateralized by Aerostar’s total assets.
Puerto Rico Operating Profit and EBITDA
| Table 18: Puerto Rico Profit & EBITDA | ||||||
|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||
| Third Quarter | % Chg | Nine-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Total Revenue | 681,538 | 999,885 | 46.7 | 2,227,754 | 2,675,932 | 20.1 |
| Total Revenues Excluding Construction Revenues | 619,570 | 935,944 | 51.1 | 1,946,065 | 2,535,484 | 30.3 |
| Other Revenues | (5,993) | n/a | 158,881 | n/a | ||
| Operating Profit | 243,363 | 530,710 | 118.1 | 605,141 | 1,255,728 | 107.5 |
| Operating Margin | 35.7% | 53.1% | 1737 bps | 27.2% | 46.9% | 1976 bps |
| Adjusted Operating Margin^1^ | 39.3% | 56.7% | 1742 bps | 31.1% | 49.5% | 1843 bps |
| Net Income | 104,681 | 408,753 | 290.5 | 193,061 | 886,802 | 359.3 |
| EBITDA | 321,882 | 551,919 | 71.5 | 1,072,113 | 1,457,368 | 35.9 |
| EBITDA Margin | 47.2% | 55.2% | 797 bps | 48.1% | 54.5% | 634 bps |
| Adjusted EBITDA Margin^2^ | 52.0% | 59.0% | 702 bps | 55.1% | 57.5% | 239 bps |
| Figures in pesos at the average exchange rate Ps.20.0178 = US. 1.00 | ||||||
| ^1^Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is equal to operating profit divided by total revenues less construction services revenues. | ||||||
| ^2^Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues. |
Operating Profit at Puerto Rico in 3Q21 increased to Ps.530.7 million resulting in an Operating Margin of 53.1%, mainly reflecting higher non-aeronautical revenues and a marginal reduction in expenses. This compares with operating profit of Ps.243.4 million and an operating margin of 35.7% in 3Q20, and pre-pandemic Operating Profit of Ps.197.3 million and an Operating Margin of 24.4% in 3Q19.
| ASUR 3Q21 Page 15 of 27 |
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EBITDA increased 71.5% to Ps.551.9 million in 3Q21 from Ps.321.9 million in 3Q20, and from Ps.367.9 million in 3Q19. EBITDA Margin was 55.2% in 3Q21 up from 47.2% in 3Q20. EBITDA Margin in 3Q19 was 45.5%. The Adjusted EBITDA Margin (which excludes IFRIC 12) increased to 59.0% in 3Q21 from 52.0% in 3Q20 and 48.7% in 3Q19.
Puerto Rico Capital Expenditures
During 3Q21, Aerostar made capital investments of Ps.45.8 million compared with investments of Ps.73.9 million in 3Q20.
On an accumulated basis during 9M21, Aerostar made capital investments of Ps.132.6 million in Puerto Rico compared with Ps.325.3 million in 9M20.
Puerto Rico Tariff Regulation
The Airport Use Agreement signed by Aerostar, the airlines serving LMM Airport, and the Puerto Rico Ports Authority govern the relationship between Aerostar and the principal airlines serving LMM Airport. The agreement entitles Aerostar to an annual contribution from the airlines of US$62.0 million during the first five years of the term. From year six onwards, the total annual contribution for the prior year increases in accordance with an adjusted consumer price index factor based on the U.S. non-core consumer price index. The annual fee is divided between the airlines that operate at LMM Airport in accordance with the regulations and structure defined under the Airport Use Agreement to establish the contribution of each airline for each particular year.
Review of Colombia Operations
The following discussion compares Airplan's independent results for the three- and nine-month periods ended September 30, 2020 and 2021.
The valuation of ASUR’s investment in Airplan, in accordance with IFRS 3 “Business Combinations”, resulted in the following effects on the balance sheet as of September 30, 2021: i) the recognition of a net intangible asset of Ps.1,182.8 million, ii) goodwill of Ps.1,613.1 million, iii) deferred taxes of Ps.200.1 million, and iv) Ps.514.5 million from the recognition of bank loans at fair value.
| Table 19: Colombia Revenues & Commercial Revenues Per Passenger | ||||||
|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||
| Third Quarter | % Chg | Nine-Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Total Passengers (in thousands) | 154 | 3,140 | 1,937.7 | 2,890 | 7,121 | 146.4 |
| Total Revenues | 65,822 | 482,325 | 632.8 | 575,619 | 1,078,719 | 87.4 |
| Aeronautical Services | 20,661 | 354,211 | 1,614.4 | 347,789 | 767,026 | 120.5 |
| Non-Aeronautical Services | 43,459 | 126,237 | 190.5 | 223,739 | 307,442 | 37.4 |
| Construction Revenues ^1^ | 1,702 | 1,877 | 10.3 | 4,091 | 4,251 | 3.9 |
| Total Revenues Excluding Construction Revenues | 64,120 | 480,448 | 649.3 | 571,528 | 1,074,468 | 88.0 |
| Total Commercial Revenues | 43,460 | 125,744 | 189.3 | 223,785 | 305,633 | 36.6 |
| Total Commercial Revenues per Passenger | 282.0 | 40.0 | (85.8) | 77.4 | 42.9 | (44.6) |
| Figures in pesos at an average exchange rate of COP191.854 = Ps.1.00. | ||||||
| Note: For the purposes of this table, approximately 7.4 and 96.4 thousand transit and general aviation passengers are included in 3Q20 and 3Q21, while 68.3 and 200.5 thousand transit and general aviation passengers are included in 9M20 and 9M21. |
Colombia Revenues
Total Colombia Revenues for 3Q21 increased 632.8% YoY to Ps.482.3 million and reached 87.3% of 3Q19 pre-pandemic levels. Excluding construction services, revenues increased 649.3% YoY mainly reflecting increases of 190.5% in revenues from non-aeronautical services, mainly the 189.3% increase in commercial revenues and the 1,614.4% increase in revenues from aeronautical services.
Commercial Revenues per Passenger was Ps.40.0 compared with Ps.282.0 in 3Q20 and Ps.42.2 in 3Q19.
As shown in Table 21, during the last twelve months, 22 new commercial spaces were opened in Colombia. More details of these openings can be found on page 22 of this report.
| ASUR 3Q21 Page 16 of 27 |
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ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, parking lot fees, teleservices, banking and currency exchange services and other.
| Table 20: Colombia Commercial Revenue Performance | Table 21: Colombia Summary Retail and Other Commercial Space Opened since September 30, 2020 | |||
|---|---|---|---|---|
| Business Line | YoY Chg | Type of Commercial Space ^1^ | # of Spaces Opened | |
| 3Q21 | 9M21 | |||
| Advertising | 56214.2% | 46.9% | Retail | 3 |
| Duty free | 25745.0% | 8.8% | Banks and foreign exchange | 2 |
| Car rental | 1636.6% | 106.1% | Teleservices | 4 |
| Retail | 1607.9% | 88.5% | Other revenues | 13 |
| Food and beverage | 979.2% | 65.5% | Total Commercial Spaces | 22 |
| Ground Transportation | 658.7% | (39.1%) | ||
| Car parking | 337.4% | 48.0% | ||
| Banks and foreign exchange | 152.0% | 36.9% | ||
| Other revenues | 94.6% | 28.5% | ^1^ Only includes new stores opened during the period and excludes remodelings or contract renewals. | |
| Teleservices | 8.6% | 3.4% | ||
| Total Commercial Revenues | 189.3% | 36.6% |
Colombia Costs & Expenses
| Table 22: Colombia Costs & Expenses | ||||||||
|---|---|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||||
| Third Quarter | % Chg | Nine-Months | % Chg | |||||
| 2020 | 2021 | 2020 | 2021 | |||||
| Cost of Services | 111,378 | 116,146 | 4.3 | 302,149 | 327,937 | 8.5 | ||
| Technical Assistance | 2,292 | 2,843 | 24.0 | |||||
| Concession Fees | 11,514 | 90,877 | 689.3 | 110,131 | 203,771 | 85.0 | ||
| Depreciation and Amortization | 117,788 | 112,628 | (4.4) | 358,798 | 336,600 | (6.2) | ||
| Operating Costs and Expenses Excluding Construction Costs | 240,680 | 319,651 | 32.8 | 773,370 | 871,151 | 12.6 | ||
| Construction Costs | 1,702 | 1,877 | 10.3 | 4,091 | 4,251 | 3.9 | ||
| Total Operating Costs & Expenses | 242,382 | 321,528 | 32.7 | 777,461 | 875,402 | 12.6 | ||
| Figures in pesos at an average exchange rate of COP.191.854 = Ps.1.00 |
Total Operating Costs and Expenses in Colombia increased 32.7% YoY to Ps.321.5 million in 3Q21. Excluding construction costs, operating costs and expenses increased 32.8% YoY to Ps.319.6 million.
Cost of Services increased 4.3% YoY, or Ps.4.8 million, mainly reflecting increases in energy expenses, professional fees, taxes and duties as well as higher security costs resulting from the recovery in passenger traffic.
Construction Costs increased 10.3% YoY, or Ps.0.2 million, reflecting higher complementary works to concessioned assets during compared 3Q20.
Concession Fees, which include fees paid to the Colombian government, increased 689.3% YoY, mainly reflecting the increase in regulated and non-regulated revenues during the period.
Depreciation and Amortization declined Ps.5.2 million, principally reflecting the FX translation impact from the depreciation of the Colombian peso against the Mexican peso.
| ASUR 3Q21 Page 17 of 27 |
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Colombia Comprehensive Financing Gain (Loss)
| Table 23: Colombia, Comprehensive Financing Gain (Loss) | ||||||||
|---|---|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||||
| Third Quarter | % Chg | Nine-Months | % Chg | |||||
| 2020 | 2021 | 2020 | 2021 | |||||
| Interest Income | 3,849 | 2,891 | (24.9) | 18,121 | 6,077 | (66.5) | ||
| Interest Expense | 10,611 | (19,839) | n/a | (104,613) | (76,315) | (27.1) | ||
| Foreign Exchange Gain (Loss), Net | 331 | (43) | n/a | (192) | (33) | (82.8) | ||
| Total | 14,791 | (16,991) | n/a | (86,684) | (70,271) | (18.9) | ||
| Figures in pesos at an average exchange rate of COP.191.854 = Ps.1.00. |
During 3Q21, Airplan reported a Ps.17.0 million Comprehensive Financing Loss, compared with a Ps.14.8 million loss in 3Q20. This was mainly driven by a 287.0% increase in interest expenses on fair value loan repayments recognized under IFRS 3, together with a 24.9% decrease in interest earned.
On June 1, 2015, Airplan entered into 12-Year Syndicated Loan Facility with eight banks, with a 3-year grace period and maintained a net balance of Ps.2.392.6 million as of September 30, 2021.
On August 11, 2020, Airplan entered into a Ps.67.1 million loan agreement with Bancolombia with a 10-month maturity. This loan was fully paid down in 3Q21. During 3Q21, Airplan made principal payments of Ps.45.9 million.
Colombia Operating Profit (Loss) and EBITDA
| Table 24: Colombia Profit & EBITDA | ||||||
|---|---|---|---|---|---|---|
| In thousands of Mexican pesos | ||||||
| Third Quarter | % Chg | Nine - Months | % Chg | |||
| 2020 | 2021 | 2020 | 2021 | |||
| Total Revenue | 65,822 | 482,325 | 632.8 | 575,619 | 1,078,719 | 87.4 |
| Total Revenues Excluding Construction Revenues | 64,120 | 480,448 | 649.3 | 571,528 | 1,074,468 | 88.0 |
| Operating Profit | (176,560) | 160,797 | n/a | (201,842) | 203,317 | n/a |
| Operating Margin | (268.2%) | 33.3% | 30158 bps | (35.1%) | 18.8% | 5391 bps |
| Adjusted Operating Margin^1^ | (275.4%) | 33.5% | 30883 bps | (35.3%) | 18.9% | 5424 bps |
| Net Profit | (137,092) | 100,354 | n/a | (239,490) | 88,359 | n/a |
| EBITDA | (58,772) | 273,422 | n/a | 156,956 | 539,916 | 244.0 |
| EBITDA Margin | (89.3%) | 56.7% | 14598 bps | 27.3% | 50.1% | 2278 bps |
| Adjusted EBITDA Margin^2^ | (91.7%) | 56.9% | 14857 bps | 27.5% | 50.2% | 2279 bps |
| Figures in pesos at an average exchange rate of COP. 191.854 = Ps.1.00. | ||||||
| ^1^Adjusted Operating Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is equal to operating profit divided by total revenues less construction services revenues. | ||||||
| ^2^Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues. |
ASUR’s operations in Colombia reported an Operating Gain of Ps.160.8 million in 3Q21 compared with an Operating Loss of Ps.176.6 million in 3Q20 reflecting the impact of COVID-19. Operating Margin was 33.3% in 3Q21 compared to negative operating margin of 268.2% in 3Q20, and a pre-pandemic operating margin of 29.7% in 3Q19. The Adjusted Operating Margin, which excludes the impact of IFRIC 12 with respect to construction of or improvements to concessioned assets, was 33.5% in 3Q21 compared with negative 275.4% in 3Q20, and positive 32.3% in 3Q19.
During 3Q21, EBITDA was Ps.273.4 million resulting in an EBITDA Margin of 56.7%. This compares with negative EBITDA of Ps.58.8 million in 3Q20 and a negative EBITDA Margin of 89.3%, while in 3Q19 EBITDA Margin was positive 48.9%.
The Adjusted EBITDA Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements to concessioned assets, was 56.9% in 3Q21, compared to negative 91.7% in 3Q20, mainly due to the decline in revenues resulting from Covid-19, while in 3Q19 Adjusted EBITDA Margin was 53.4%.
| ASUR 3Q21 Page 18 of 27 |
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Colombia Capital Expenditures
During 3Q21, Airplan made capital investments of Ps.4.2 million compared to Ps.1.7 million in 3Q20.
Accumulated capex for 9M21 in Colombia amounted to Ps.3.8 million, while in 9M20 ASUR made capital investments of Ps.4.1 million Airplan.
Colombia Tariff Regulation
Functions of the Special Administrative Unit of Civil Aeronautics include establishing and collecting fees, tariffs, and rights for the provision of aeronautical and airport services or those that are generated by the concessions, authorizations, licenses, or any other type of income or property. As a result, Resolution 04530, issued on September 21, 2007, establishes tariffs for the rights and the rates conceded to the concessionaire of the following airports: José María Córdova of Rionegro, Enrique Olaya Herrera of Medellín, Los Garzones of Montería, El Caraño of Quibdó, Antonio Roldán Betancourt of Carepa, and Las Brujas of Corozal. This resolution also established the methodology to update and the mechanisms to collect such fees, tariffs, and rights.
Airplan's regulated revenues for 3Q21 amounted to Ps.354.2 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 or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. Because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin. In Colombia, “Construction Revenues” include the recognition of the revenue to which the concessionaire is entitled for carrying out the infrastructure works in the development of the concession, while “Construction Costs” represents the actual costs incurred in the execution of such additions or improvements to the concessioned assets.
Majority Net Income reflects ASUR’s equity interests in each of its subsidiaries and therefore excludes the 40% interest in Aerostar that is owned by other shareholders. Other than Aerostar, ASUR owns (directly or indirectly) 100% of its subsidiaries.
EBITDA means net income before provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost, and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the revenue from construction or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. In Mexico and Puerto Rico, because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin, as the increase in revenues that relates to Construction Revenues does not result in a corresponding increase in EBITDA. In Colombia, construction revenues do have an impact on EBITDA, as construction revenues include a reasonable margin over the actual cost of construction. Like EBITDA Margin, Adjusted EBITDA Margin should not be considered as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
| ASUR 3Q21 Page 19 of 27 |
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About ASUR
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain, and develop 16 airports in the Americas. These comprise nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination in Mexico, the Caribbean, and Latin America, and six airports in northern Colombia, including José María Córdova International Airport (Rionegro), the second busiest airport in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan’s Airport is the island’s primary gateway for international and mainland-US destinations and was the first and currently the only major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program. Headquartered in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) series B shares. For more information, visit www.asur.com.mx
Analyst Coverage
In accordance with Mexican Stock Exchange Internal Rules Article 4.033.01, ASUR reports that the stock is covered by the following broker-dealers: Actinver Casa de Bolsa, Banorte, Barclays, BBVA Bancomer, BofA Merrill Lynch, Bradesco, BTG Pactual, Citi Global Markets, Credit Suisse, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment Research, Invex Casa de Bolsa, Itau BBA Securities, JP Morgan, Morgan Stanley, Nau Securities, Signum Research, Santander Investment, Scotiabank, UBS Casa de Bolsa and Vector.
Please note that any opinions, estimates or forecasts regarding the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.
Forward Looking Statements
Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR’s filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. In particular, the impact of the COVID-19 pandemic on global economic conditions and the travel industry, as well as on the business and results of operations of the Company in particular, is expected to be material, and, as conditions are changing rapidly, is difficult to predict. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.
Contacts:
| ASUR<br><br><br>Adolfo Castro<br><br><br>+1-52-55-5284-0408<br><br><br>acastro@asur.com.mx | InspIR Group<br><br><br>Susan Borinelli<br><br><br>+1-646-330-5907<br><br><br>susan@inspirgroup.com |
|---|
- SELECTED OPERATING TABLES & FINANCIAL STATEMENTS FOLLOW –
| ASUR 3Q21 Page 20 of 27 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Passenger Traffic Breakdown by Airport | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Mexico Passenger Traffic ^1^ | ||||||||||||||
| Third Quarter | % Chg | Nine - Months | % Chg | |||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||||
| Domestic Traffic | 2,158,659 | 4,053,553 | 87.8 | 6,133,129 | 10,676,596 | 74.1 | ||||||||
| CUN | Cancun | 1,467,768 | 2,484,684 | 69.3 | 3,500,852 | 6,542,411 | 86.9 | |||||||
| CZM | Cozumel | 8,084 | 64,859 | 702.3 | 46,371 | 121,384 | 161.8 | |||||||
| HUX | Huatulco | 62,672 | 172,837 | 175.8 | 213,884 | 445,092 | 108.1 | |||||||
| MID | Merida | 209,970 | 482,652 | 129.9 | 856,952 | 1,274,441 | 48.7 | |||||||
| MTT | Minatitlan | 10,848 | 22,909 | 111.2 | 44,532 | 68,420 | 53.6 | |||||||
| OAX | Oaxaca | 83,194 | 208,733 | 150.9 | 372,158 | 545,025 | 46.4 | |||||||
| TAP | Tapachula | 63,518 | 104,854 | 65.1 | 184,322 | 289,256 | 56.9 | |||||||
| VER | Veracruz | 132,933 | 257,614 | 93.8 | 481,159 | 722,171 | 50.1 | |||||||
| VSA | Villahermosa | 119,672 | 254,411 | 112.6 | 432,899 | 668,396 | 54.4 | |||||||
| International Traffic | 865,187 | 3,855,602 | 345.6 | 5,415,597 | 9,656,567 | 78.3 | ||||||||
| CUN | Cancun | 822,466 | 3,611,967 | 339.2 | 5,032,366 | 9,062,268 | 80.1 | |||||||
| CZM | Cozumel | 23,602 | 89,087 | 277.5 | 154,203 | 259,158 | 68.1 | |||||||
| HUX | Huatulco | 964 | 7,309 | 658.2 | 78,361 | 18,973 | (75.8 | ) | ||||||
| MID | Mérida | 3,565 | 59,164 | 1,559.6 | 66,319 | 136,932 | 106.5 | |||||||
| MTT | Minatitlan | 312 | 1,954 | 526.3 | 2,267 | 4,481 | 97.7 | |||||||
| OAX | Oaxaca | 6,208 | 38,971 | 527.8 | 46,641 | 82,862 | 77.7 | |||||||
| TAP | Tapachula | 1,663 | 6,501 | 290.9 | 5,343 | 10,118 | 89.4 | |||||||
| VER | Veracruz | 2,317 | 28,729 | 1,139.9 | 18,282 | 59,178 | 223.7 | |||||||
| VSA | Villahermosa | 4,090 | 11,920 | 191.4 | 11,815 | 22,597 | 91.3 | |||||||
| Total Traffic México | 3,023,846 | 7,909,155 | 161.6 | 11,548,726 | 20,333,163 | 76.1 | ||||||||
| CUN | Cancun | 2,290,234 | 6,096,651 | 166.2 | 8,533,218 | 15,604,679 | 82.9 | |||||||
| CZM | Cozumel | 31,686 | 153,946 | 385.8 | 200,574 | 380,542 | 89.7 | |||||||
| HUX | Huatulco | 63,636 | 180,146 | 183.1 | 292,245 | 464,065 | 58.8 | |||||||
| MID | Merida | 213,535 | 541,816 | 153.7 | 923,271 | 1,411,373 | 52.9 | |||||||
| MTT | Minatitlan | 11,160 | 24,863 | 122.8 | 46,799 | 72,901 | 55.8 | |||||||
| OAX | Oaxaca | 89,402 | 247,704 | 177.1 | 418,799 | 627,887 | 49.9 | |||||||
| TAP | Tapachula | 65,181 | 111,355 | 70.8 | 189,665 | 299,374 | 57.8 | |||||||
| VER | Veracruz | 135,250 | 286,343 | 111.7 | 499,441 | 781,349 | 56.4 | |||||||
| VSA | Villahermosa | 123,762 | 266,331 | 115.2 | 444,714 | 690,993 | 55.4 | |||||||
| US Passenger Traffic, San Juan Airport (LMM) | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| Third Quarter | % Chg | Nine - Months | % Chg | |||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||||
| SJU Total ^1^ | 963,677 | 2,739,163 | 184.2 | 3,505,793 | 7,175,392 | 104.7 | ||||||||
| Domestic Traffic | 932,983 | 2,552,192 | 173.6 | 3,265,711 | 6,811,926 | 108.6 | ||||||||
| International Traffic | 30,694 | 186,971 | 509.1 | 240,082 | 363,466 | 51.4 | ||||||||
| Colombia, Passenger Traffic Airplan | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| Third Quarter | % Chg | Nine - Months | % Chg | |||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||||
| Domestic Traffic | 137,501 | 2,582,234 | 1,778.0 | 2,411,973 | 5,911,758 | 145.1 | ||||||||
| MDE | Medellín (Rio Negro) | 84,106 | 1,850,236 | 2,099.9 | 1,707,765 | 4,093,875 | 139.7 | |||||||
| EOH | Medellín | 31,284 | 284,890 | 810.7 | 274,932 | 692,976 | 152.1 | |||||||
| MTR | Montería | 15,085 | 295,624 | 1,859.7 | 274,719 | 732,750 | 166.7 | |||||||
| APO | Carepa | 4,994 | 81,460 | 1,531.2 | 88,757 | 211,016 | 137.7 | |||||||
| UIB | Quibdó | 1,961 | 60,669 | 2,993.8 | 52,454 | 153,181 | 192.0 | |||||||
| CZU | Corozal | 71 | 9,355 | 13,076.1 | 13,346 | 27,960 | 109.5 | |||||||
| International Traffic | 9,177 | 461,508 | 4,929.0 | 409,755 | 1,008,616 | 146.2 | ||||||||
| MDE | Medellín (Rio Negro) | 9,177 | 461,508 | 4,929.0 | 409,755 | 1,008,616 | 146.2 | |||||||
| EOH | Medellín | - | - | - | - | - | - | |||||||
| MTR | Montería | - | - | - | - | - | - | |||||||
| APO | Carepa | - | - | - | - | - | - | |||||||
| UIB | Quibdó | - | - | - | - | - | - | |||||||
| CZU | Corozal | - | - | - | - | - | - | |||||||
| Total Traffic Colombia | 146,678 | 3,043,742 | 1,975.1 | 2,821,728 | 6,920,374 | 145.3 | ||||||||
| MDE | Medellín (Rio Negro) | 93,283 | 2,311,744 | 2,378.2 | 2,117,520 | 5,102,491 | 141.0 | |||||||
| EOH | Medellín | 31,284 | 284,890 | 810.7 | 274,932 | 692,976 | 152.1 | |||||||
| MTR | Montería | 15,085 | 295,624 | 1,859.7 | 274,719 | 732,750 | 166.7 | |||||||
| APO | Carepa | 4,994 | 81,460 | 1,531.2 | 88,757 | 211,016 | 137.7 | |||||||
| UIB | Quibdó | 1,961 | 60,669 | 2,993.8 | 52,454 | 153,181 | 192.0 | |||||||
| CZU | Corozal | 71 | 9,355 | 13,076.1 | 13,346 | 27,960 | 109.5 |
1 Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, and SJU includes transit passengers and general aviation.
| ASUR 3Q21 Page 21 of 27 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||||||||||||||
| --- | --- | --- | ||||||||||||||||
| Commercial Spaces | ||||||||||||||||||
| (Pag. 1/1) | ||||||||||||||||||
| ASUR Retail and Other Commercial Spaces Opened since September 30, 2020 | ||||||||||||||||||
| Business Name | Type | Opening Date | ||||||||||||||||
| MEXICO | ||||||||||||||||||
| Cancun | ||||||||||||||||||
| Alquiladora de vehículos (HERTZ) | Car Rental | February 2021 | ||||||||||||||||
| Alquiladora de vehículos (HERTZ) | Car Rental | February 2021 | ||||||||||||||||
| Alquiladora de vehículos (HERTZ) | Car Rental | February 2021 | ||||||||||||||||
| Alquiladora de vehículos (HERTZ) | Car Rental | February 2021 | ||||||||||||||||
| Experiencias xcaret | Other Revenue | March 2021 | ||||||||||||||||
| Red Importadora, SA de CV (Gowin) | Retail | Septiember 2021 | ||||||||||||||||
| Cozumel | ||||||||||||||||||
| Morena Mia Beauty Group | Retail | Septiember 2021 | ||||||||||||||||
| Mérida | ||||||||||||||||||
| Click mobility (Alamo) | Car Rental | January 2021 | ||||||||||||||||
| Turismo Gargo | Car Rental | April 2021 | ||||||||||||||||
| SAN JUAN, PUERTO RICO | ||||||||||||||||||
| CMT Laboratories | Other Revenue | February 2021 | ||||||||||||||||
| COLOMBIA | ||||||||||||||||||
| Rionegro | ||||||||||||||||||
| Servicios profesionales para vehiculos S.A.S | Other Revenue | October 2020 | ||||||||||||||||
| Global Lounge Colombia SAS | Other Revenue | February 2021 | ||||||||||||||||
| Globoshops S.A.S. | Retail | February 2021 | ||||||||||||||||
| Davivienda S.A | Banks and foreign exchange | April 2021 | ||||||||||||||||
| Globoshops S.A.S. | Retail | June 2021 | ||||||||||||||||
| Olaya Herrera | ||||||||||||||||||
| Energizar S.A | Other Revenue | October 2020 | ||||||||||||||||
| Colombia Telecomunicaciones S.A. ESP (ANTES TELECOM) | Teleservices | October 2020 | ||||||||||||||||
| Comunicación Celular S.A. COMCEL SA | Teleservices | October 2020 | ||||||||||||||||
| Davivienda S.A | Banks and foreign exchange | December 2020 | ||||||||||||||||
| Viveros Montoya Juan David | Other Revenue | December 2020 | ||||||||||||||||
| Deparatamento de Antioquia | Other Revenue | January 2021 | ||||||||||||||||
| Fondo de Valoración del Municipio de Medellín | Other Revenue | January 2021 | ||||||||||||||||
| Aeroinversiones y Negocios S.A.S | Other Revenue | January 2021 | ||||||||||||||||
| Lico Distribuciones S.A.S. | Other Revenue | March 2021 | ||||||||||||||||
| Moon Flight Services S.A.S | Other Revenue | April 2021 | ||||||||||||||||
| Easyfly S. A. | Other Revenue | July 2021 | ||||||||||||||||
| Montería | ||||||||||||||||||
| Columbus Networks de Colombia S.A.S. | Teleservices | June 2021 | ||||||||||||||||
| Corozal | ||||||||||||||||||
| Colombia Telecomunicaciones S.A. ESP (ANTES TELECOM) | Teleservices | October 2020 | ||||||||||||||||
| Quibdo | ||||||||||||||||||
| Easyfly S. A. | Other Revenue | January 2021 | ||||||||||||||||
| Centro de Servicios | ||||||||||||||||||
| Inversiones P.G.R S.A.S | Other Revenue | March 2021 | ||||||||||||||||
| Estrategia Comercial de Colombia S.A.S. | Retail | March 2021 | ||||||||||||||||
| * Only includes new stores opened during the period and excludes remodelings or contract renewals. | ||||||||||||||||||
| ASUR 3Q21 Page 22 of 27 | ||||||||||||||||||
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| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| Operating Results per Airport | ||||||||||||||||||
| Thousands of Mexican Pesos | ||||||||||||||||||
| Item | 3Q 2020 | 3Q 2020 Per Workload Unit | 3Q 2021 | 3Q 2021 Per Workload Unit | YoY % Chg. | Per Workload Unit YoY % Chg. | ||||||||||||
| Mexico | ||||||||||||||||||
| Cancun ^1^ | ||||||||||||||||||
| Aeronautical Revenues | 426,966 | 184.4 | 1,282,380 | 207.8 | 200.3 | 12.7 | ||||||||||||
| Non-Aeronautical Revenues | 367,205 | 158.6 | 1,108,366 | 179.6 | 201.8 | 13.2 | ||||||||||||
| Construction Services Revenues | 409,008 | 176.7 | 217,832 | 35.3 | (46.7 | ) | (80.0 | ) | ||||||||||
| Total Revenues | 1,203,179 | 519.7 | 2,608,578 | 422.7 | 116.8 | (18.7 | ) | |||||||||||
| Operating Profit | 287,619 | 124.2 | 1,600,115 | 259.3 | 456.3 | 108.8 | ||||||||||||
| EBITDA | 410,159 | 177.2 | 1,739,158 | 281.9 | 324.0 | 59.1 | ||||||||||||
| Merida | ||||||||||||||||||
| Aeronautical Revenues | 49,545 | 198.2 | 120,249 | 200.4 | 142.7 | 1.1 | ||||||||||||
| Non-Aeronautical Revenues | 18,423 | 73.7 | 34,625 | 57.7 | 87.9 | (21.7 | ) | |||||||||||
| Construction Services Revenues | 152,014 | 608.1 | 165,324 | 275.5 | 8.8 | (54.7 | ) | |||||||||||
| Other ^2^ | 15 | 0.1 | 16 | - | 6.7 | (100.0 | ) | |||||||||||
| Total Revenues | 219,997 | 880.0 | 320,214 | 533.6 | 45.6 | (39.4 | ) | |||||||||||
| Operating Profit | (6,574 | ) | (26.3 | ) | 70,385 | 117.3 | (1,170.7 | ) | (546.0 | ) | ||||||||
| EBITDA | 5,809 | 23.2 | 83,312 | 138.9 | 1,334.2 | 498.7 | ||||||||||||
| Villahermosa | ||||||||||||||||||
| Aeronautical Revenues | 26,981 | 204.4 | 54,510 | 195.4 | 102.0 | (4.4 | ) | |||||||||||
| Non-Aeronautical Revenues | 9,730 | 73.7 | 12,844 | 46.0 | 32.0 | (37.6 | ) | |||||||||||
| Construction Services Revenues | 40,595 | 307.5 | 10,679 | 38.3 | (73.7 | ) | (87.5 | ) | ||||||||||
| Other ^2^ | 24 | 0.2 | 23 | 0.1 | (4.2 | ) | (50.0 | ) | ||||||||||
| Total Revenues | 77,330 | 585.8 | 78,056 | 279.8 | 0.9 | (52.2 | ) | |||||||||||
| Operating Profit | 5,199 | 39.4 | 29,212 | 104.7 | 461.9 | 165.7 | ||||||||||||
| EBITDA | 13,212 | 100.1 | 38,250 | 137.1 | 189.5 | 37.0 | ||||||||||||
| Other Airports ^3^ | ||||||||||||||||||
| Aeronautical Revenues | 84,999 | 209.4 | 231,360 | 225.9 | 172.2 | 7.9 | ||||||||||||
| Non-Aeronautical Revenues | 26,407 | 65.0 | 43,556 | 42.5 | 64.9 | (34.6 | ) | |||||||||||
| Construction Services Revenues | 87,839 | 216.4 | 102,171 | 99.8 | 16.3 | (53.9 | ) | |||||||||||
| Other ^2^ | 45 | 0.1 | 72 | 0.1 | 60.0 | - | ||||||||||||
| Total Revenues | 199,290 | 490.9 | 377,159 | 368.3 | 89.3 | (25.0 | ) | |||||||||||
| Operating Profit | (19,546 | ) | (48.1 | ) | 109,238 | 106.7 | (658.9 | ) | (321.8 | ) | ||||||||
| EBITDA | 18,430 | 45.4 | 151,578 | 148.0 | 722.5 | 226.0 | ||||||||||||
| Holding & Service Companies ^4^ | ||||||||||||||||||
| Construction Services Revenues | - | n/a | - | n/a | n/a | n/a | ||||||||||||
| Other ^2^ | 218,053 | n/a | 191,172 | n/a | (12.3 | ) | n/a | |||||||||||
| Total Revenues | 218,053 | n/a | 191,172 | n/a | (12.3 | ) | n/a | |||||||||||
| Operating Profit | 36,084 | n/a | 70,363 | n/a | 95.0 | n/a | ||||||||||||
| EBITDA | 44,354 | n/a | 75,374 | n/a | 69.9 | n/a | ||||||||||||
| Consolidation Adjustment Mexico | ||||||||||||||||||
| Consolidation Adjustment | (218,138 | ) | n/a | (191,282 | ) | n/a | (12.3 | ) | n/a | |||||||||
| Total Mexico | ||||||||||||||||||
| Aeronautical Revenues | 588,491 | 189.7 | 1,688,499 | 209.2 | 186.9 | 10.3 | ||||||||||||
| Non-Aeronautical Revenues | 421,765 | 135.9 | 1,199,391 | 148.6 | 184.4 | 9.3 | ||||||||||||
| Construction Services Revenues | 689,456 | 222.2 | 496,006 | 61.4 | (28.1 | ) | (72.4 | ) | ||||||||||
| Total Revenues | 1,699,712 | 547.8 | 3,383,896 | 419.2 | 99.1 | (23.5 | ) | |||||||||||
| Operating Profit | 302,782 | 97.6 | 1,879,313 | 232.8 | 520.7 | 138.5 | ||||||||||||
| EBITDA | 491,964 | 158.5 | 2,087,672 | 258.6 | 324.4 | 63.2 | ||||||||||||
| San Juan Puerto Rico, US ^5^ | ||||||||||||||||||
| Aeronautical Revenues | 438,015 | n/a | 516,045 | n/a | 17.8 | n/a | ||||||||||||
| Non-Aeronautical Revenues | 181,555 | n/a | 419,899 | n/a | 131.3 | n/a | ||||||||||||
| Construction Services Revenues | 61,968 | n/a | 63,941 | n/a | 3.2 | n/a | ||||||||||||
| Total Revenues | 681,538 | n/a | 999,885 | n/a | 46.7 | n/a | ||||||||||||
| Operating Profit | 243,363 | n/a | 530,710 | n/a | 118.1 | n/a | ||||||||||||
| EBITDA | 321,882 | n/a | 551,919 | n/a | 71.5 | n/a | ||||||||||||
| Consolidation Adjustment San Juan | ||||||||||||||||||
| Consolidation Adjustment | - | n/a | - | n/a | n/a | n/a | ||||||||||||
| Colombia ^6^ | ||||||||||||||||||
| Aeronautical Revenues | 20,661 | n/a | 354,211 | n/a | 1,614.4 | n/a | ||||||||||||
| Non-Aeronautical Revenues | 43,459 | n/a | 126,237 | n/a | 190.5 | n/a | ||||||||||||
| Construction Services Revenues | 1,702 | n/a | 1,877 | n/a | 10.3 | n/a | ||||||||||||
| Total Revenues | 65,822 | n/a | 482,325 | n/a | 632.8 | n/a | ||||||||||||
| Operating Profit | (176,560 | ) | n/a | 160,797 | n/a | (191.1 | ) | n/a | ||||||||||
| EBITDA | (58,772 | ) | n/a | 273,422 | n/a | (565.2 | ) | n/a | ||||||||||
| Consolidation Adjustment Colombia | ||||||||||||||||||
| Consolidation Adjustment | - | n/a | - | n/a | n/a | n/a | ||||||||||||
| CONSOLIDATED ASUR | ||||||||||||||||||
| Aeronautical Revenues | 1,047,167 | n/a | 2,558,755 | n/a | 144.4 | n/a | ||||||||||||
| Non-Aeronautical Revenues | 646,779 | n/a | 1,745,527 | n/a | 169.9 | n/a | ||||||||||||
| Construction Services Revenues | 753,126 | n/a | 561,824 | n/a | (25.4 | ) | n/a | |||||||||||
| Total Revenues | 2,447,072 | n/a | 4,866,106 | n/a | 98.9 | n/a | ||||||||||||
| Operating Profit | 369,585 | n/a | 2,570,820 | n/a | 595.6 | n/a | ||||||||||||
| EBITDA | 755,074 | n/a | 2,913,013 | n/a | 285.8 | n/a | ||||||||||||
| ^1^ Reflects the results of operations of Cancun Airport and two Cancun Airport Services subsidiaries on a consolidated basis. | ||||||||||||||||||
| ^2^Reflects revenues under intercompany agreements which are eliminated in the consolidation adjustment. | ||||||||||||||||||
| ^3^Reflects the results of operations of our airports located in Cozumel, Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz. | ||||||||||||||||||
| ASUR 3Q21 Page 23 of 27 | ||||||||||||||||||
| --- | ||||||||||||||||||
| ^4^Reflects the 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 the results of operation of San Juan Airport, Puerto Rico, US for 3Q21. | ||||||||||||||||||
| ^6^Reflects the results of operation of Airplan, Colombia for 3Q21. | ||||||||||||||||||
| ASUR 3Q21 Page 24 of 27 | ||||||||||||||||||
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| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consolidated Statement of Income from January 1 to September 30, 2021 and 2020 | ||||||||||||||||||
| Thousands of Mexican Pesos | ||||||||||||||||||
| Item | 9M | 9M | % | 3Q | 3Q | % | ||||||||||||
| 2020 | 2021 | Chg | 2020 | 2021 | Chg | |||||||||||||
| Revenues | ||||||||||||||||||
| Aeronautical Services | 3,877,006 | 6,528,090 | 68.4 | 1,047,167 | 2,558,755 | 144.4 | ||||||||||||
| Non-Aeronautical Services | 2,650,860 | 4,346,601 | 64.0 | 646,779 | 1,745,527 | 169.9 | ||||||||||||
| Construction Services | 1,843,207 | 1,120,406 | (39.2 | ) | 753,126 | 561,824 | (25.4 | ) | ||||||||||
| Total Revenues | 8,371,073 | 11,995,097 | 43.3 | 2,447,072 | 4,866,106 | 98.9 | ||||||||||||
| Operating Expenses | ||||||||||||||||||
| Cost of Services | 2,342,238 | 2,382,579 | 1.7 | 650,588 | 765,225 | 17.6 | ||||||||||||
| Cost of Construction | 1,843,207 | 1,120,406 | (39.2 | ) | 753,126 | 561,824 | (25.4 | ) | ||||||||||
| General and Administrative Expenses | 175,128 | 206,261 | 17.8 | 56,713 | 87,099 | 53.6 | ||||||||||||
| Technical Assistance | 124,650 | 267,366 | 114.5 | 26,075 | 111,374 | 327.1 | ||||||||||||
| Concession Fee | 390,602 | 652,081 | 66.9 | 92,933 | 265,560 | 185.8 | ||||||||||||
| Depreciation and Amortization | 1,482,268 | 1,498,176 | 1.1 | 492,059 | 504,204 | 2.5 | ||||||||||||
| Total Operating Expenses | 6,358,093 | 6,126,869 | (3.6 | ) | 2,071,494 | 2,295,286 | 10.8 | |||||||||||
| Other Revenues | 158,881 | n/a | (5,993 | ) | n/a | |||||||||||||
| Operating Income | 2,171,861 | 5,868,228 | 170.2 | 369,585 | 2,570,820 | 595.6 | ||||||||||||
| Comprehensive Financing Cost | (59,642 | ) | (375,609 | ) | 529.8 | (226,309 | ) | (56,949 | ) | (74.8 | ) | |||||||
| Income from results of Joint Venture Accounted by the Equity Method | (1,618 | ) | n/a | (1,618 | ) | n/a | ||||||||||||
| Income Before Income Taxes | 2,110,601 | 5,492,619 | 160.2 | 141,658 | 2,513,871 | 1,674.6 | ||||||||||||
| Provision for Income Tax | 488,223 | 1,196,249 | 145.0 | 35,194 | 554,782 | 1,476.4 | ||||||||||||
| Deferred Income Taxes | 75,912 | (28,975 | ) | n/a | (40,563 | ) | 1,638 | n/a | ||||||||||
| Net Income for the Year | 1,546,466 | 4,325,345 | 179.7 | 147,027 | 1,957,451 | 1,231.4 | ||||||||||||
| Majority Net Income | 1,469,242 | 3,970,624 | 170.2 | 105,155 | 1,793,950 | 1,606.0 | ||||||||||||
| Non- controlling interests | 77,224 | 354,721 | 359.3 | 41,872 | 163,501 | 290.5 | ||||||||||||
| Earning per Share | 4.8975 | 13.2354 | 170.2 | 0.3505 | 5.9798 | 1,606.0 | ||||||||||||
| Earning per American Depositary Share (in U.S. Dollars) | 2.3818 | 6.4367 | 170.2 | 0.1705 | 2.9082 | 1,606.0 | ||||||||||||
| Exchange Rate per Dollar Ps. 20.5623 | ||||||||||||||||||
| ASUR 3Q21 Page 25 of 27 | ||||||||||||||||||
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| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||
| Consolidated Statements of Financial Position as of September 30, 2021 and December 31, 2020 | ||||||||||||||||||
| Thousands of Mexican Pesos | ||||||||||||||||||
| Item | September 2021 | December 2020 | Variation | % Change | ||||||||||||||
| Assets | ||||||||||||||||||
| Current Assets | ||||||||||||||||||
| Cash and Cash Equivalents | 11,042,598 | 5,192,628 | 5,849,970 | 112.7 | ||||||||||||||
| Cash and cash equivalents restricted | 14,844 | 5,055 | 9,789 | 193.6 | ||||||||||||||
| Accounts Receivable, net | 1,450,654 | 1,358,227 | 92,427 | 6.8 | ||||||||||||||
| Recoverable Taxes and Other Current Assets | 766,630 | 1,160,139 | (393,509 | ) | (33.9 | ) | ||||||||||||
| Total Current Assets | 13,274,726 | 7,716,049 | 5,558,677 | 72.0 | ||||||||||||||
| Non Current Assets | ||||||||||||||||||
| Machinery, Furniture and Equipment, net | 188,135 | 504,385 | (316,250 | ) | (62.7 | ) | ||||||||||||
| Intangible Assets, Airport Concessions and Goodwill-Net | 52,366,526 | 52,182,311 | 184,215 | 0.4 | ||||||||||||||
| Documents Receivable | 106,102 | 106,102 | n/a | |||||||||||||||
| investment in Joint Venture | 10,730 | 8,466 | 2,264 | 26.7 | ||||||||||||||
| Total Assets | 65,946,219 | 60,411,211 | 5,535,008 | 9.2 | ||||||||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||||||
| Current Liabilities | ||||||||||||||||||
| Trade Accounts Payable | 229,066 | 353,886 | (124,820 | ) | (35.3 | ) | ||||||||||||
| Bank Loans and Short Term Debt | 1,321,322 | 1,138,750 | 182,572 | 16.0 | ||||||||||||||
| Accrued Expenses and Others Payables | 4,533,794 | 1,274,451 | 3,259,343 | 255.7 | ||||||||||||||
| Total Current Liabilities | 6,084,182 | 2,767,087 | 3,317,095 | 119.9 | ||||||||||||||
| Long Term Liabilities | ||||||||||||||||||
| Bank Loans | 6,125,631 | 6,119,655 | 5,976 | 0.1 | ||||||||||||||
| Long Term Debt | 6,628,793 | 6,641,941 | (13,148 | ) | (0.2 | ) | ||||||||||||
| Deferred Income Taxes | 3,147,751 | 3,165,145 | (17,394 | ) | (0.5 | ) | ||||||||||||
| Employee Benefits | 24,116 | 24,177 | (61 | ) | (0.3 | ) | ||||||||||||
| Total Long Term Liabilities | 15,926,291 | 15,950,918 | (24,627 | ) | (0.2 | ) | ||||||||||||
| Total Liabilities | 22,010,473 | 18,718,005 | 3,292,468 | 17.6 | ||||||||||||||
| Stockholders' Equity | ||||||||||||||||||
| Capital Stock | 7,767,276 | 7,767,276 | - | - | ||||||||||||||
| Legal Reserve | 1,989,535 | 1,890,659 | 98,876 | 5.2 | ||||||||||||||
| Mayority Net Income for the Period | 3,970,624 | 1,972,319 | 1,998,305 | 101.3 | ||||||||||||||
| Cumulative Effect of Conversion of Foreign Currency | 521,915 | 321,867 | 200,048 | 62.2 | ||||||||||||||
| Retained Earnings | 21,124,306 | 21,713,863 | (589,557 | ) | (2.7 | ) | ||||||||||||
| Non- Controlling interests | 8,562,090 | 8,027,222 | 534,868 | 6.7 | ||||||||||||||
| Total Stockholders' Equity | 43,935,746 | 41,693,206 | 2,242,540 | 5.4 | ||||||||||||||
| Total Liabilities and Stockholders' Equity | 65,946,219 | 60,411,211 | 5,535,008 | 9.2 | ||||||||||||||
| Exchange Rate per Dollar Ps. 20.5623 | ||||||||||||||||||
| ASUR 3Q21 Page 26 of 27 | ||||||||||||||||||
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| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consolidated Statement of Cash Flow for the periods of January 1, to September 30, 2021 and 2020. | ||||||||||||||||||
| Thousands of Mexican Pesos | ||||||||||||||||||
| Item | 9M | 9M | % | 3Q | 3Q | % | ||||||||||||
| 2020 | 2021 | Chg | 2020 | 2021 | Chg | |||||||||||||
| Operating Activities | ||||||||||||||||||
| Income Before Income Taxes | 2,110,601 | 5,492,619 | 160.2 | 141,658 | 2,513,871 | 1,674.6 | ||||||||||||
| Depreciation and Amortization | 1,482,268 | 1,498,176 | 1.1 | 492,059 | 504,204 | 2.5 | ||||||||||||
| Income from results of Joint Venture Accounted by the Equity Method | 1,618 | n/a | 1,618 | n/a | ||||||||||||||
| Interest Income | (284,555 | ) | (135,320 | ) | (52.4 | ) | (119,716 | ) | (48,119 | ) | (59.8 | ) | ||||||
| Interest payables | 780,416 | 618,408 | (20.8 | ) | 247,880 | 203,933 | (17.7 | ) | ||||||||||
| Foreign Exchange Gain (loss), net unearned | (64,296 | ) | n/a | 18,536 | n/a | |||||||||||||
| Sub-Total | 4,026,052 | 7,473,883 | 85.6 | 782,035 | 3,173,889 | 305.8 | ||||||||||||
| Trade Receivables | 19,488 | (333,178 | ) | n/a | (357,471 | ) | 291,316 | n/a | ||||||||||
| Recoverable Taxes and other Current Assets | (217,103 | ) | 95,328 | n/a | 175,879 | (32,116 | ) | n/a | ||||||||||
| Income Tax Paid | (1,300,215 | ) | (665,377 | ) | (48.8 | ) | (187,364 | ) | (227,312 | ) | 21.3 | |||||||
| Trade Accounts Payable | (426,761 | ) | 895,372 | n/a | (196,686 | ) | 444,073 | n/a | ||||||||||
| Net Cash Flow Provided by Operating Activities | 2,101,461 | 7,466,028 | 255.3 | 216,393 | 3,649,850 | 1,586.7 | ||||||||||||
| Investing Activities | ||||||||||||||||||
| Investments in Joint Venture | (10,556 | ) | n/a | |||||||||||||||
| Loans Granted to Third Parties | (105,000 | ) | n/a | (105,000 | ) | n/a | ||||||||||||
| Proceeds for Cancellation of Land Acquisition Contract | 286,283 | n/a | ||||||||||||||||
| Restricted Cash | 150,099 | (8,087 | ) | n/a | (22,480 | ) | 1,492 | n/a | ||||||||||
| Investments in Machinery, Furniture and Equipment, net | (1,801,813 | ) | (1,418,484 | ) | (21.3 | ) | (834,473 | ) | (601,180 | ) | (28.0 | ) | ||||||
| Interest Income | 217,262 | 136,215 | (37.3 | ) | 55,177 | 47,326 | (14.2 | ) | ||||||||||
| Net Cash Flow Used by Investing Activities | (1,445,008 | ) | (1,109,073 | ) | (23.2 | ) | (801,776 | ) | (657,362 | ) | (18.0 | ) | ||||||
| Excess Cash to Use in Financing Activities | 656,453 | 6,356,955 | 868.4 | (585,383 | ) | 2,992,488 | n/a | |||||||||||
| Bank Loans | 66,958 | 2,630,000 | 3,827.8 | 157,179 | 2,650,000 | 1,586.0 | ||||||||||||
| Long Term Debt Paid | (149,585 | ) | (2,359,554 | ) | 1,477.4 | (263,714 | ) | (2,156,552 | ) | 717.8 | ||||||||
| Interest Paid | (856,343 | ) | (781,100 | ) | (8.8 | ) | (340,332 | ) | (313,324 | ) | (7.9 | ) | ||||||
| Dividends Paid | ||||||||||||||||||
| Net Cash Flow Used by Financing Activities | (938,970 | ) | (510,654 | ) | (45.6 | ) | (446,867 | ) | 180,124 | n/a | ||||||||
| Net Increase in Cash and Cash Equivalents | (282,517 | ) | 5,846,301 | n/a | (1,032,250 | ) | 3,172,612 | n/a | ||||||||||
| Cash and Cash Equivalents at Beginning of Period | 6,192,679 | 5,192,628 | (16.1 | ) | 7,124,096 | 7,837,766 | 10.0 | |||||||||||
| Exchange Gain on Cash and Cash Equivalents | 102,584 | 3,669 | (96.4 | ) | (79,100 | ) | 32,220 | n/a | ||||||||||
| Cash and Cash Equivalents at the End of Period | 6,012,746 | 11,042,598 | 83.7 | 6,012,746 | 11,042,598 | 83.7 | ||||||||||||
| ASUR 3Q21 Page 27 of 27 | ||||||||||||||||||
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