Total passenger traffic in 2Q22 increased
19.2% compared to 2Q19 and 39.3% YoY
MEXICO
CITY, July 25, 2022 /PRNewswire/ -- Grupo
Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR)
(ASUR), a leading international airport group with operations in
Mexico, the U.S., and Colombia, today announced results for the
three- and six-month periods ended June
30, 2022.
2Q22 Highlights1
- Total passenger traffic increased 39.3% year over year (YoY),
reflecting the impact of the Covid-19 pandemic, which had affected
travel demand since mid-March 2020,
and exceeded 2Q19 levels by 19.2%. By country of operations, 2Q22
passenger traffic showed the following recoveries compared to 2Q19
levels:
-
- Mexico: exceeded 2Q19 traffic
by 12.5%, with domestic and international traffic levels increasing
by 5.4% and 19.3%, respectively.
- Puerto Rico (Aerostar):
exceeded 2Q19 traffic by 15.1%, with domestic traffic increasing by
18.6%, and international traffic recovering to 88.1% of 2Q19
levels.
- Colombia (Airplan): exceeded
2Q19 traffic by 43.2%, with domestic and international passengers
exceeding their comparable 2Q19 levels by 41.6% and 51.6%,
respectively.
- Revenues increased 49.4% YoY to Ps.6,319.7 million and by 55.3%
compared to 2Q19 revenues. Excluding construction revenues,
revenues increased 48.3% YoY and 45.1% against 2Q19.
- Consolidated commercial revenues per passenger were Ps.119.6 in
2Q22.
- Consolidated EBITDA increased 61. 4% YoY to Ps.4,040.6 million
and 47.2% compared to 2Q19.
- Adjusted EBITDA Margin (excluding the effect of IFRIC 12)
increased to 70.5%, from 64.8% in 2Q21 and 69.5% in 2Q19.
- Cash & cash equivalents of Ps.7,331.1 million at
quarter-end and Net Debt-to-LTM EBITDA at 0.4x.
- Principal debt payments of Ps.107.3 million, or approximately
0.9% of Total Debt, mature during the remainder of 2022. Aerostar
renegotiated its US$50 million
principal amount of 6.75% senior secured notes maturing in
May 2035, while Airplan in
Colombia made principal payments
of Ps.794.5 million in connection with its 12-Year syndicated loan
facility with eight banks, with the next principal payment at
Airplan due 2025.
- On June 1, 2022 ASUR paid an
ordinary and extraordinary net cash dividend for a total of
Ps.15.03 per share in relation to its ordinary "B" and "BB" Series
shares, representing a total amount of Ps.4,509 million.
-
Table 1: Financial
& Operational Highlights 1
|
|
Second
Quarter
|
%
Chg
|
|
2021
|
2022
|
Financial
Highlights
|
|
|
|
Total
Revenue
|
4,229,281
|
6,319,709
|
49.4
|
Mexico
|
2,946,621
|
4,557,925
|
54.7
|
San Juan
|
948,918
|
1,065,470
|
12.3
|
Colombia
|
333,742
|
696,314
|
108.6
|
Commercial Revenues
per PAX
|
118.8
|
119.6
|
0.7
|
Mexico
|
130.8
|
142.8
|
9.2
|
San Juan
|
141.7
|
158.9
|
12.1
|
Colombia
|
46.7
|
39.7
|
(15.0)
|
EBITDA
|
2,502,816
|
4,040,629
|
61.4
|
Net Income
|
1,329,788
|
2,844,469
|
113.9
|
Majority Net
Income
|
1,231,659
|
2,661,548
|
116.1
|
Earnings per Share (in
pesos)
|
4.1055
|
8.8718
|
116.1
|
Earnings per ADS (in
US$)
|
2.0392
|
4.4065
|
116.1
|
Capex
|
460,965
|
436,865
|
(5.2)
|
Cash & Cash
Equivalents
|
7,837,766
|
7,331,083
|
(6.5)
|
Net Debt
|
5,594,319
|
5,047,003
|
(9.8)
|
Net Debt/ LTM
EBITDA
|
0.90
|
0.36
|
(59.8)
|
Operational
Highlights
|
|
|
|
Passenger
Traffic
|
|
|
|
Mexico
|
7,305,142
|
9,817,127
|
34.4
|
San Juan
|
2,671,356
|
2,783,495
|
4.2
|
Colombia
|
2,019,347
|
4,106,959
|
103.4
|
|
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 six-month periods ended June 30,
2022, and the equivalent three- and six-month periods ended June
30, 2021. 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.20.1335 (source: Diario Oficial de la Federación de
México), while Colombian peso figures are calculated at the
exchange rate of COP205.9300 = Mexican Ps.1.00 (source: Investing).
Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income
can be found on page 17 of this report
|
2Q22 Earnings Call
Date & Time: Tuesday, July 26,
2022 at 10:00 AM US ET;
9:00 AM CT
Dial-in: 1-888-394-8218 (Toll-Free US &
Canada) and 1-323-794-2590
(International & Mexico)
Access Code: 2205298
Replay: Tuesday, July 26,
2022 at 1:00 PM US ET, ending
at 11:59 PM US ET on Tuesday, August 2, 2022.
Dial-in number: 1-844-512-2921 (Toll-Free US & Canada); 1-412-317-6671 (International &
Mexico). Access Code: 2205298
For a full version of ASUR's Second Quarter 2022 Earnings
Release, please visit:
http://www.asur.com.mx/en/investor-relations/financial-information.html
Definitions
Concession Services Agreements (IFRIC 12 interpretation).
In Mexico and Puerto
Rico, ASUR is required by IFRIC 12 to include in its
income statement an income line, "Construction Revenues,"
reflecting the revenue from construction or improvements to
concessioned assets made during the relevant period. The same
amount is recognized under the expense line "Construction Costs"
because ASUR hires third parties to provide construction services.
Because equal amounts of Construction Revenues and Construction
Costs have been included in ASUR's income statement as a result of
the application of IFRIC 12, the amount of Construction
Revenues does not have an impact on EBITDA, but it does have an
impact on EBITDA Margin. In Colombia, "Construction Revenues" include the
recognition of the revenue to which the concessionaire is entitled
for carrying out the infrastructure works in the development of the
concession, while "Construction Costs" represents the actual costs
incurred in the execution of such additions or improvements to the
concessioned assets.
Majority Net Income reflects ASUR's equity interests
in each of its subsidiaries and therefore excludes the 40% interest
in Aerostar that is owned by other shareholders. Other than
Aerostar, ASUR owns (directly or indirectly) 100% of its
subsidiaries.
EBITDA means net income before provision for taxes,
deferred taxes, profit sharing, non-ordinary items, participation
in the results of associates, comprehensive financing cost, and
depreciation and amortization. EBITDA should not be considered as
an alternative to net income, as an indicator of our operating
performance or as an alternative to cash flow as an indicator of
liquidity. Our management believes that EBITDA provides a useful
measure that is widely used by investors and analysts to evaluate
our performance and compare it with other companies. EBITDA is not
defined under U.S. GAAP or IFRS and may be calculated differently
by different companies.
Adjusted EBITDA Margin is calculated by dividing
EBITDA by total revenues excluding construction services revenues
for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12
with respect to the construction or improvements to concessioned
assets. ASUR is required by IFRIC 12 to include in its income
statement an income line reflecting the revenue from construction
or improvements to concessioned assets made during the relevant
period. The same amount is recognized under the expense line
"Construction Costs" because ASUR hires third parties to provide
construction services. In Mexico
and Puerto Rico, because equal
amounts of Construction Revenues and Construction Costs have been
included in ASUR's income statement as a result of the application
of IFRIC 12, the amount of Construction Revenues does not have
an impact on EBITDA, but it does have an impact on EBITDA Margin,
as the increase in revenues that relates to Construction Revenues
does not result in a corresponding increase in EBITDA. In
Colombia, construction revenues do
have an impact on EBITDA, as construction revenues include a
reasonable margin over the actual cost of construction. Like
EBITDA Margin, Adjusted EBITDA Margin should not be considered
as an indicator of our operating performance or as an alternative
to cash flow as an indicator of liquidity and is not defined under
U.S. GAAP or IFRS and may be calculated differently by different
companies.
About ASUR
Grupo Aeroportuario del Sureste,
S.A.B. de C.V. (ASUR) is a leading international airport operator
with a portfolio of concessions to operate, maintain, and develop
16 airports in the Americas. These comprise nine airports in
southeast Mexico, including Cancun
Airport, the most important tourist destination in Mexico, the Caribbean, and Latin
America, and six airports in northern Colombia, including José María Córdova
International Airport (Rionegro), the second busiest airport in
Colombia. ASUR is also a 60% JV
partner in Aerostar Airport Holdings, LLC, operator of the Luis
Muñoz Marín International Airport serving the capital of
Puerto Rico, San Juan. San
Juan's Airport is the island's primary gateway for
international and mainland-US destinations and was the first and
currently the only major airport in the US to have successfully
completed a public–private partnership under the FAA Pilot Program.
Headquartered in Mexico, ASUR is
listed both on the Mexican Bolsa, where it trades under the symbol
ASUR, and on the NYSE in the U.S., where it trades under the symbol
ASR. One ADS represents ten (10) series B shares. For more
information, visit www.asur.com.mx
Analyst Coverage
In accordance with Article
4.033.01 of the Mexican Stock Exchange Internal Rules, ASUR reports
that the stock is covered by the following broker-dealers: Actinver
Casa de Bolsa, Banorte, Barclays, BBVA Bancomer, BofA Merrill
Lynch, Bradesco, BTG Pactual, Citi Global Markets, Credit Suisse,
GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight
Investment Research, Itau BBA Securities, JP Morgan, Morgan
Stanley, Nau Securities, Punto Research Santander, Scotiabank, UBS
Casa de Bolsa and Vector.
Please note that any opinions, estimates or forecasts with
respect to the performance of ASUR issued by these analysts reflect
their own views, and therefore do not represent the opinions,
estimates or forecasts of ASUR or its management. Although ASUR may
refer to or distribute such statements, this does not imply that
ASUR agrees with or endorses any information, conclusions or
recommendations included therein.
Forward Looking Statements
Some of the statements contained in this press release discuss
future expectations or state other forward-looking information.
Those statements are subject to risks identified in this press
release and in ASUR's filings with the SEC. Actual developments
could differ significantly from those contemplated in these
forward-looking statements. 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.
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SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.