Total passenger traffic in 1Q23
increased 19.2% compared to 1Q22
MEXICO
CITY, April 24, 2023 /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-month period ended March 31,
2023.
1Q23
Highlights1
- Total passenger traffic increased 19.2% compared to
1Q22. By country of operations, 1Q23 passenger
traffic showed the following increases compared to
1Q22:
-
- Mexico: up
22.8%, reflecting increases of 27.7% and 19.2% in domestic and
international traffic, respectively.
- Puerto Rico
(Aerostar): up by 21.6%, resulting from increases of
19.4% and 49.2% in domestic and international traffic,
respectively.
- Colombia
(Airplan): up by 8.8%, with increases of 4.1% and
36.2%, in domestic and international traffic,
respectively.
- Revenues increased by 18.9% year-over-year to Ps.6,449.4
million. Excluding construction revenue, revenue increased 21.8%
compared to 1Q22.
- Consolidated commercial revenue per passenger reached
Ps.123.2 million.
- Consolidated EBITDA increased 23.2% year-over-year to
Ps.4,530.4 million.
- Adjusted EBITDA margin (excluding the effect of IFRIC 12)
increased to 71.9% from 71.0% in 1Q22.
- Cash position of Ps.15,108.2 million, and a Net Debt to
EBITDA LTM ratio of negative 0.1x.
Table 1: Financial & Operational Highlights
1
|
|
First Quarter
|
% Chg
|
|
2022
|
2023
|
Financial Highlights
|
|
|
|
Total Revenue
|
5,425,805
|
6,449,409
|
18.9
|
Mexico
|
3,873,476
|
4,775,146
|
23.3
|
San Juan
|
948,324
|
1,010,943
|
6.6
|
Colombia
|
604,005
|
663,320
|
9.8
|
Commercial Revenues per PAX
|
120.9
|
123.2
|
1.9
|
Mexico
|
145.9
|
147.0
|
0.7
|
San Juan
|
148.5
|
144.7
|
(2.6)
|
Colombia
|
41.2
|
42.3
|
2.7
|
EBITDA
|
3,676,285
|
4,530,402
|
23.2
|
Net Income
|
2,349,762
|
2,602,245
|
10.7
|
Majority Net Income
|
2,193,709
|
2,512,362
|
14.5
|
Earnings per Share (in
pesos)
|
7.3124
|
8.3745
|
14.5
|
Earnings per ADS (in
US$)
|
4.0531
|
4.6418
|
14.5
|
Capex
|
315,817
|
142,994
|
(54.7)
|
Cash & Cash
Equivalents
|
9,962,212
|
15,108,235
|
51.7
|
Net Debt
|
3,418,431
|
(1,593,945)
|
(146.6)
|
Net Debt/ LTM
EBITDA
|
0.3
|
(0.1)
|
(133.9)
|
Operational Highlights
|
|
|
|
Passenger
Traffic
|
|
|
|
Mexico
|
9,020,754
|
11,073,291
|
22.8
|
San Juan
|
2,390,719
|
2,907,038
|
21.6
|
Colombia
|
3,571,973
|
3,885,317
|
8.8
|
|
1
Unless otherwise stated, all financial figures discussed in this
press release are unaudited, prepared in accordance with
International Financial Reporting Standards (IFRS), and represent
comparisons between the three-month period ended March 31, 2023,
and the equivalent three-month period ended March 31, 2022. All
figures in this report are expressed in Mexican pesos, unless
otherwise noted. Tables state figures in thousands of Mexican
pesos, unless otherwise noted. Passenger figures for Mexico and
Colombia exclude transit and general aviation passengers, unless
otherwise noted. Commercial revenues include revenues from
non-permanent ground transportation and parking lots. All U.S.
dollar figures are calculated at the exchange rate of US$1.00 =
Mexican Ps. 18.0415 (source: Diario Oficial de la Federación de
México), while Colombian peso figures are calculated at the
exchange rate of COP258.0400 = Mexican Ps.1.00 (source: Investing).
Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income
can be found on page 17 of this report.
|
1Q23 Earnings Call
Date & Time: Tuesday, April 25, 2023 at 10:00 AM US ET; 8:00
AM Mexico City Time
Dial-in: 1-877-407-4018
(U.S. Toll-Free) 1-201-689-8471
(International)
Access Code: 13737620
Replay: Tuesday, April 25, 2023 at 1:00 PM US ET, ending at 11:59 PM US ET on Tuesday,
May 2, 2023. Dial in: 1-844-512-2921 (Toll-Free)
1-412-317-6671 (International). Access
Code: 13737620
For a full version of ASUR's First Quarter 2023
Earnings Release, please visit:
https://www.asur.com.mx/informacion-financiera-page-0
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.