ASUR 3Q16 Passenger Traffic Up 8.58% YOY

Dienstag, 18.10.2016 23:05 von

PR Newswire

MEXICO CITY, Oct. 18, 2016 /PRNewswire/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR), (ASUR) the first privatized airport group in Mexico and operator of Cancún Airport and eight other airports in southeast Mexico, as well as a 50% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport in San Juan, Puerto Rico, today announced results for the three- and nine-month periods ended September 30, 2016.

3Q16 Highlights1:

  • EBITDA2 increased by 19.85% to Ps.1,370.16 million
  • Total passenger traffic was up 8.58%
  • Total revenues increased by 8.44%, reflecting increases of 15.78% in aeronautical revenues and 23.65% in non-aeronautical revenues, partially offset by the 22.12% decline in construction services revenues
  • Commercial revenues per passenger increased by 14.21% to Ps.94.57
  • Operating profit increased by 20.46%
  • EBITDA margin was 58.16% compared with 52.62% in 3Q15
  • Adjusted EBITDA margin3, excluding the effect of IFRIC12, was 71.09% compared with 70.47% in 3Q15

 

  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, 2016, and the equivalent three- and nine-month periods ended September 30, 2015.  Results are expressed in pesos. Tables state figures in thousands of pesos, unless otherwise noted. Passenger figures exclude transit and general aviation passengers. 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 = Ps.19.3776.
  2. 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.
  3. Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, as explained in page 5 of this report. Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues less construction services revenues.  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.

Passenger Traffic

3Q16 total passenger traffic increased year-over-year by 8.58%, reflecting growth of 10.23% in domestic passenger traffic and 6.92% in international passenger traffic.

The 10.23% increase in domestic passenger traffic was driven by the majority of ASUR's airports, with the exception of Minatitlán and Villahermosa where traffic declined by 12.79% and 1.36%, respectively.

The 6.92% growth in international passenger traffic resulted primarily from an increase of 7.50% in traffic at the Cancún airport.

Total passenger traffic for 9M16 increased by 7.63%, reflecting growth of 9.49% in domestic passenger traffic driven by the majority of ASUR's airports, with the exception of Minatitlán and Villahermosa, which declined 7.62% and 4.07%, respectively. The 6.18% increase in international passenger traffic resulted primarily from a 6.77% increase at the Cancún airport.

Table I: Domestic Passengers (in thousands)

Airport

3Q15

3Q16

%

Change

9M15

9M16

%

Change

Cancún

1,839.6

2,059.8

11.97

4,523.7

5,047.9

11.59

Cozumel

27.6

41.3

49.64

73.6

104.6

42.12

Huatulco

144.7

146.1

0.97

390.7

400.8

2.59

Mérida

404.7

471.4

16.48

1,118.7

1,280.1

14.43

Minatitlán

64.1

55.9

(12.79)

182.5

168.6

(7.62)

Oaxaca

161.6

174.8

8.17

433.9

504.1

16.18

Tapachula

67.5

73.0

8.15

182.4

212.4

16.45

Veracruz

309.3

342.2

10.64

872.7

920.5

5.48

Villahermosa

315.6

311.3

(1.36)

903.4

866.6

(4.07)

TOTAL

3,334.7

3,675.8

10.23

8,681.6

9,505.6

9.49

Note: Passenger figures exclude transit and general aviation passengers.                            

Table II: International Passengers (in thousands)

Airport

3Q15

3Q16

%

Change

9M15

9M16

%

Change

Cancún

3,107.6

3,340.8

7.50

10,427.6

11,133.5

6.77

Cozumel

90.6

79.4

(12.36)

366.9

321.1

(12.48)

Huatulco

3.5

4.2

20.00

79.5

90.3

13.58

Mérida

31.3

46.4

48.24

88.5

122.5

38.42

Minatitlán

2.9

3.7

27.59

7.5

9.4

25.33

Oaxaca

18.2

14.4

(20.88)

49.9

44.3

(11.22)

Tapachula

2.8

3.1

10.71

8.4

8.5

1.19

Veracruz

24.3

20.5

(15.64)

63.9

57.0

(10.80)

Villahermosa

14.5

11.3

(22.07)

39.5

33.5

(15.19)

TOTAL

3,295.7

3,523.8

6.92

11,131.7

11,820.1

6.18

Note: Passenger figures exclude transit and general aviation passengers.

Table III: Total Passengers (in thousands)

Airport

3Q15

3Q16

%

Change

9M15

9M16

%

Change

Cancún

4,947.2

5,400.6

9.16

14,951.3

16,181.4

8.23

Cozumel

118.2

120.7

2.12

440.5

425.7

(3.36)

Huatulco

148.2

150.3

1.42

470.2

491.1

4.44

Mérida

436.0

517.8

18.76

1,207.2

1,402.6

16.19

Minatitlán

67.0

59.6

(11.04)

190.0

178.0

(6.32)

Oaxaca

179.8

189.2

5.23

483.8

548.4

13.35

Tapachula

70.3

76.1

8.25

190.8

220.9

15.78

Veracruz

333.6

362.7

8.72

936.6

977.5

4.37

Villahermosa

330.1

322.6

(2.27)

942.9

900.1

(4.54)

TOTAL

6,630.4

7,199.6

8.58

19,813.3

21,325.7

7.63

Note: Passenger figures exclude transit and general aviation passengers.

 

Consolidated Results for 3Q16

Total revenues for 3Q16 rose 8.44% year-over-year to Ps.2,355.76 million, mainly due to increases of:

  • 15.78% in revenues from aeronautical services, mainly as a result of the 8.58% increase in passenger traffic; and
  • 23.65% in revenues from non-aeronautical services, principally reflecting the 24.11% increase in commercial revenues detailed below.

These increases were partially offset by the 22.12% decline in revenues from construction services that resulted from lower capital expenditures and other investments in concessioned assets during the period.

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, and parking lot fees.

Commercial revenues rose 24.11% year-over-year in 3Q16, principally due to an 8.58% increase in total passenger traffic. There were increases in revenues from the following activities:

  • 25.56% in retail operations;
  • 35.87% in food and beverage operations;
  • 18.38% in duty free;
  • 37.53% in other revenue;
  • 22.38% in car rental revenues;
  • 19.14% in banking and currency exchange services;
  • 10.32% in parking lot fees;
  • 18.37% in ground transportation;
  • 4.21% in advertising; and
  • 44.34% in teleservices.

 

Retail and Other Commercial Space
Opened since September 30, 2015

Business Name

Type

Opening Date

Cancún



Roger Leather Boutique

Retail

December 2015

US$ 10 Store

Retail

December 2015

US$ 10 Store

Retail

December 2015

Coconut's

Food & Beverage

December 2015

Starbucks Café

Food & Beverage

February 2016

The Kitchen Counter by Wolfgang Puck

Food & Beverage

March 2016

Pineda Covalin

Retail

June 2016

Tienda de Conveniencia

Retail

July 2016

Starbucks Café

Food and beverage

August 2016

Tiendas Tropicales

Retail

August 2016

Tiendas Tropicales

Retail

August 2016

Tere Cazola

Retail

September 2016

Ice Casa de Cambio

Bank and Foreign

September 2016

Veracruz



Sunglass Hut

Retail

December 2015

NLG Services

Salon Vip

March 2016

Star Island Café

Food & Beverage

March 2016

Johnny Rocket

Food & Beverage

March 2016

Cloe

Retail

March 2016

Air Shop (kiosk)

Retail

June 2016

Oaxaca



Hertz

Car Rental

October 2015

Huatulco



Snack Bar

Food & Beverage

November 2015

* Only includes new stores opened during the period and excludes remodelings or contract renewals.

 

Table IV: Commercial Revenues per Passenger for 3Q16


3Q15

3Q16

% Change

Total Passengers ('000)

6,676

7,254

8.66

Total Commercial Revenues

552,735

686,020

24.11

Commercial revenues from direct operations (1)

101,072

120,935

19.65

Commercial revenues excluding direct operations

451,663

565,085

25.11






3Q15

3Q16

% Change

Total Commercial Revenue per Passenger

82.80

94.57

14.21

Commercial revenue from direct operations per passenger (1)

15.14

16.67

10.11

Commercial revenue per passenger (excluding direct operations)

67.65

77.90

15.13

 

Note: For purposes of this table, approximately 45,400 and 54,400 transit and general aviation passengers are included in 3Q15 and 3Q16, respectively.

(1)  Represents ASUR's operation of convenience stores in airports.

Construction revenues and expenses: 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. During 3Q16, ASUR recognized Ps.428.52 million in revenues from "Construction Revenues," a year-on-year decline of 22.12%, due to lower capital expenditures and fewer investments in concessioned assets. 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, as the increase in revenues that relates to Construction Revenues does not result in a corresponding increase in EBITDA.

As a result, 3Q16 EBITDA Margin was 58.16% compared with 52.62% in 3Q15. Adjusted EBITDA Margin, however, which excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets, was 71.09% in 3Q16 compared with 70.47% in 3Q15.

Total operating costs and expenses for 3Q16 declined 2.31% year-over-year. The 22.12% decline in construction costs resulting from lower capital expenditures and fewer investments in concessioned assets during the period more than offset the following cost increases:

  • 16.37% in cost of services, mainly due to the Terminal 3 expansion and the higher cost of sales from convenience stores directly operated by ASUR;
  • 20.15% in the technical assistance fee paid to ITA, resulting from the increase in EBITDA for the quarter (a factor in the calculation of the fee);
  • 16.77% in concession fees paid to the Mexican government, mainly due to an increase in regulated revenues (a factor in the calculation of the fee);
  • 14.55% in depreciation and amortization, resulting mainly from capitalized investments; and
  • 10.17% in administrative expenses, principally reflecting higher professional fees.

Excluding construction costs, operating costs and expenses rose 15.96% to Ps.691.81 million.

 

 Table V: Operating Costs and Expenses for 3Q16


3Q15

3Q16

% Change

Cost of Services

298,053

346,841

16.37

Administrative

46,134

50,824

10.17

Technical Assistance

60,211

72,341

20.15

Concession Fees

74,572

87,075

16.77

Depreciation and Amortization

117,618

134,732

14.55

Operating Costs and Expenses Excluding Construction Costs

596,588

691,813

15.96

Construction Costs     

550,225

428,519

(22.12)

TOTAL

1,146,813

1,120,332

(2.31)

 

Operating margin for the quarter was 52.44% compared with 47.21% in 3Q15, resulting from the 8.44% increase in revenues along with the 2.31% reduction in expenses.

Adjusted operating margin, which excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets, and is calculated as operating profit divided by total revenues less construction services revenues, was 64.10% in 3Q16 compared with 63.22% in 3Q15.

Comprehensive Financing Gain (Loss) for 3Q16 was a Ps.14.25 million loss, compared to a Ps.74.32 million loss in 3Q15. Interest expenses rose by Ps.7.43 million during the period, mainly due to the increase in interest rates. Interest income increased by Ps.10.92 million.

Furthermore, ASUR reported a foreign exchange loss of Ps.29.07 million in 3Q16, reflecting a 2.74% quarterly average depreciation of the Mexican peso against the U.S. dollar on ASUR's lower foreign currency net liability position. This compared to a Ps.85.66 million loss in 3Q15 resulting from the 7.77% quarterly average Mexican peso depreciation during that period.

 

Table VI: Comprehensive Financing Result (Cost)



3Q15

3Q16

Change

% Change


Interest income

35,738

46,652

10,914

30.54


Interest expenses

(24,393)

(31,825)

(7,432)

30.47


Foreign exchange gain (loss), net

(85,664)

(29,073)

56,591

(66.06)


Total

(74,319)

(14,246)

60,073

(80.83)


















In addition, in 3Q16, ASUR recognized a Ps.110.64 million gain in stockholders' equity resulting from the translation effect of Aerostar's financial statements (which are denominated in U.S. dollars), relating to the valuation of the stockholders' equity derived from the 2.74% depreciation of the peso against the U.S. dollar, between the close of 3Q16 and the close of 2Q16.

Income (Loss) from Equity Investment in Joint Venture.

During 3Q16, our equity in the income of Aerostar, our joint venture with Highstar Capital IV and its affiliated funds, was a net gain of Ps.29.14 million. In addition, ASUR recorded a Ps.110.64 million gain in stockholders' equity resulting from the translation effect of Aerostar's financial statements (which are denominated in U.S. dollars), relating to the valuation of the shareholders' equity derived from the 2.74% depreciation of the peso against the U.S. dollar, between the close of 2Q16 and the close of 3Q16. In 3Q15, ASUR reported a net gain of Ps.10.15 million from our equity in the income of Aerostar and a Ps.139.97 million gain in stockholders' equity resulting from the translation effect of Aerostar's financial statements relating to the valuation of the shareholders' equity derived from the depreciation of the peso against the U.S. dollar.

During 3Q16, total passenger traffic at SJU airport increased 2.27% to 2,268,840 from 2,218,457 in 3Q15.

Income Taxes for 3Q16 increased by Ps.77.87 million year-over-year, principally due to the following factors:

  • A Ps.101.85 million increase in the provision for income taxes, reflecting a higher taxable income base at the Veracruz and Cancun airports, as well as at Cancun Airport Services; and taxable income at Huatulco airport.
  • A Ps.22.80 million decline in deferred income taxes largely reflecting the recognition of the effects of the 1.16% increase in inflation during 3Q16 on the fiscal tax balance.

Net income for 3Q16 increased by 29.91% to Ps.916.80 million, up from Ps.705.74 million in 3Q15. Earnings per common share for the quarter were Ps.3.0560 and earnings per ADS (EPADS) were US$1.5771 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.2.3525 and EPADS of US$1.2140 for the same period last year. The higher net income principally reflects the 8.58% increase in passenger traffic. During 3Q16, ASUR reported a Ps.29.14 million gain corresponding to its participation in Aerostar, the joint venture to operate SJU airport, compared to a gain of Ps.10.15 million in 3Q15.

 

  Table VII: Summary of Consolidated Results for 3Q16


3Q15

3Q16

% Change

Total Revenues

2,172,413

2,355,757

8.44

Aeronautical Services

999,306

1,157,026

15.78

Non-Aeronautical Services

622,882

770,212

23.65

Commercial Revenues

552,735

686,020

24.11

Total Revenues Excluding Construction Revenues

1,622,188

1,927,238

18.80

Construction Revenues

550,225

428,519

(22.12)

Operating Profit

1,025,600

1,235,425

20.46

Operating Margin

47.21%

52.44%

11.08

Adjusted Operating Margin1

63.22%

64.10%

1.39

EBITDA

1,143,218

1,370,157

19.85

EBITDA Margin

52.62%

58.16%

10.52

Adjusted EBITDA Margin2

70.47%

71.09%

0.88

Net Income

705,743

916,798

29.91

Earnings per Share

2.3525

3.0560

29.91

Earnings per ADS in US$

1.2140

1.5771

29.91

Note:  U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.19.3776.

  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.

Consolidated Results for 9M16

Total revenues for 9M16 increased year-over-year by 9.65% to Ps.6,676.90  million, mainly due to the following increases:

  • 14.42% in revenues from aeronautical services as a result of the 7.63% increase in passenger traffic during the period; and  
  • 25.57% in revenues from non-aeronautical services, mainly due to the 26.80% increase in commercial revenues detailed below.

These increases were partially offset by the 24.82% decline in construction services due to lower capital investments made during the period.

Commercial revenues for 9M16 rose by 26.80% year-over-year, principally due to revenue increases in the following areas: 

  • 28.02% in retail operations;
  • 23.03% in duty-free stores;
  • 28.37% in food and beverage operations;
  • 44.28% in car rentals;
  • 44.77% in other income;
  • 23.28% in banking and currency exchange services; 
  • 10.73% in parking lot fees;
  • 13.67% in ground transportation services;
  • 3.60% in advertising; and
  • 25.05% in teleservices.

 

Table VIII: Commercial Revenues per Passenger for 9M15


9M15

9M16

% Change

Total Passengers ('000)

19,962

21,491

7.66

Total Commercial Revenues

1,644,489

2,085,293

26.80

Commercial revenues from direct operations (1)

329,719

369,913

12.19

Commercial revenues excluding direct operations

1,314,770

1,715,380

30.47



9M15

9M16

% Change

Total Commercial Revenue per Passenger

82.38

97.03

17.78

Commercial revenue from direct operations per passenger (1)

16.52

17.21

4.18

Commercial revenue per passenger (excluding direct operations)

65.86

79.82

21.20

 

Note: For purposes of this table, approximately 148,500 and 164,900 transit and general aviation passengers are included for 9M15 and 9M16, respectively.

 (1)    Represents ASUR's operation of convenience stores in airports.

Total operating costs and expenses for 9M16 declined by 2.47% year-over-year, primarily due to the 24.82% reduction in construction costs resulting from lower capital expenditures and fewer investments in concessioned assets during the period, which more than offset the following cost increases:

  • 12.79% in cost of services, principally due to higher energy, security and maintenance expenses in connection with the Terminal 3 expansion, higher software license and professional fees, as well as increased office leases. Higher cost of sales from the convenience stores directly operated by ASUR also contributed to this increase;
  • 17.65% in concession fees paid to the Mexican government, mainly due to an increase in regulated revenues (a factor in the calculation of the fee);
  • 20.80% in technical assistance costs, reflecting the corresponding increase in EBITDA during the period;
  • 12.66% in depreciation and amortization, resulting mainly from higher capitalized investments; and
  • 6.41% in administrative expenses, principally reflecting higher professional fees, travel and security expenses.

Excluding construction costs, operating costs and expenses rose 13.67% to Ps.1,995.24 million.

 

  Table IX: Operating Costs and Expenses for 9M16


9M15

9M16

% Change

Cost of Services

860,948

971,076

12.79

Administrative

144,830

154,119

6.41

Technical Assistance

179,893

217,318

20.80

Concession Fees

219,889

258,698

17.65

Depreciation and Amortization

349,755

394,027

12.66

Operating Cost and Expenses
Excluding Construction Costs

1,755,315

1,995,238

13.67

Construction Costs

1,268,181

953,430

(24.82)

TOTAL

3,023,496

2,948,668

(2.47)

 

Operating Margin in 9M16 was 55.84% compared with 50.35% in 9M15.  This was mainly the result of the 9.65% increase in operating revenues combined with the 2.47% decline in expenses for the period.

Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets, and is calculated as operating profit divided by total revenues less construction services revenues, was 65.14% in 9M16 compared with 63.59% in 9M15.

Comprehensive Financing Gain (Loss) for 9M16 was a Ps.44.10 million loss, compared to a Ps.109.41 million loss in 9M15, principally due to a Ps.79.98 million foreign exchange loss in 9M16 reflecting the 12.34% average depreciation of the Mexican peso against the U.S. dollar on ASUR's foreign currency net liability position, as compared to a Ps.151.34 million foreign exchange loss in 9M15 resulting from the impact of the 14.68% average depreciation of the Mexican peso against the U.S. dollar on ASUR's foreign currency net liability position.

Interest income increased by Ps.17.90 million year-on-year, while interest expense rose by Ps.23.95 million, reflecting higher interest rates.

 

Table X: Comprehensive Financing Gain (Loss)


9M15

9M16

Change

% Change

Interest income

111,094

128,993

17,899

16.11

Interest expenses

(69,161)

(93,111)

(23,950)

34.63

Foreign exchange gain (loss), net

(151,338)

(79,981)

71,357

(47.15)

Total

(109,405)

(44,099)

65,306

(59.69)

 

Furthermore, ASUR reported a Ps.250.35 million gain in stockholders' equity resulting from the translation effect of Aerostar's financial statements (which are denominated in U.S. dollars), relating to the valuation of the capital stock derived from the depreciation of the peso against the U.S. dollar.

Income (Loss) from Equity Investment in Joint Venture.

During 9M16, our equity from the income of the Aerostar joint venture was Ps.137.16 million. In addition, ASUR recorded a Ps.250.35 million gain in stockholders' equity resulting from the translation effect of Aerostar's financial statements (which are denominated in U.S. dollars), relating to the valuation of the capital stock derived from the depreciation of the peso against the U.S. dollar. In 9M15, ASUR reported a net gain of Ps.64.35 million from its equity in the income of Aerostar and a Ps.245.91 million gain in stockholders' equity relating to the valuation of the capital stock derived from the appreciation of the peso against the U.S. dollar.

Total passenger traffic at SJU increased 3.68% in 9M16 to 6,923,233 passengers from 6,677,667 during 9M15.

Net income in 9M16 increased by 24.23% to Ps.2,711.76 million. Earnings per common share for the nine-month period were Ps.9.0392 and earnings per ADS (EPADS) were US$4.6648 (one ADS represents ten series B common shares).  This compares with Ps.7.2763 per share and EPADS of US$3.7550 for 9M15.

Net income for 9M16 benefitted from the 7.63% increase in passenger traffic and reflects the Ps.137.16 million of equity in income corresponding to ASUR's participation in Aerostar, the joint venture to operate SJU airport, compared to equity in income of Ps.64.35 million in 9M15.

 

Table XI: Summary of Consolidated Results for 9M16


9M15

9M16

Change

Total Revenues

6,089,441

6,676,900

9.65

Aeronautical Services

2,965,477

3,393,075

14.42

Non-Aeronautical Services

1,855,783

2,330,395

25.57

      Commercial Revenues

1,644,489

2,085,293

26.80

Total Revenues Excluding
Construction Revenues

4,821,260

5,723,470

18.71

Construction Revenues

1,268,181

953,430

(24.82)

Operating Profit

3,065,945

3,728,232

21.60

Operating Margin

50.35%

55.84%

10.90

Adjusted Operating Margin1

63.59%

65.14%

2.44

EBITDA

3,415,700

4,122,259

20.69

EBITDA Margin %

56.09%

61.74%

10.07

Adjusted EBITDA Margin2

70.85%

72.02%

1.66

Net Income

2,182,901

2,711,756

24.23

Earnings per Share

7.2763

9.0392

24.23

Earnings per ADS in US$

3.7550

4.6648

24.23

   Note:    U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.19.3776.

  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.

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 regulated revenues for 9M16 were Ps.3,918.82 million, resulting in an annual average tariff per workload unit of Ps.157.09. ASUR's regulated revenues accounted for approximately 58.68% of total income (excluding construction income) for the period.

Compliance with maximum rate regulations is reviewed by the Mexican Ministry of Communications and Transportation at the close of each year.

Balance Sheet

On September 30, 2016, airport concessions represented 69.43% of the Company's total assets, with current assets representing 13.79% and other assets representing 16.78%.

Cash and cash equivalents on September 30, 2016, were Ps.3,521.38 million, an increase of 68.96% from the Ps.2,084.16 million recorded on December 31, 2015.

Stockholders' equity at the close of 3Q16 was Ps.21,687.15  million and total liabilities were Ps.6,264.21 million, representing 77.58% and 22.42% of total assets, respectively. Deferred liabilities represented 24.28% of ASUR's total liabilities.

Total bank debt at September 30, 2016 was Ps.4,160.44 million, including Ps.5.74 million in accrued interest and commissions.

ASUR's Cancún airport subsidiary has total bank loans of U.S.$215.0 million, comprised of two separate loans of US$107.5 million from each of BBVA Bancomer and Bank of America. The loans mature in 2022 and will amortize semi-annually from 2018 through 2022, pursuant to an agreed schedule.  The loans are denominated in U.S. dollars and charge interest at a rate equal to LIBOR plus 1.85%.  The loans are guaranteed by Grupo Aeroportuario del Sureste, S.A.B. de C.V. and were originally used to finance ASUR's capital contribution and subordinated shareholder loan to Aerostar.

Capital Expenditures

During 3Q16, ASUR made investments of Ps.410.05 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans. Capital expenditures for 9M16 totaled Ps.807.15 million.

3Q16 Earnings Conference Call

Day:

Wednesday, October 19, 2016

Time:

10:00 AM US ET; 9:00 AM Mexico City time 

Dial-in number:

1-800-818-6592 (US & Canada) and 1-719-457-2639 (International & Mexico) 

Access Code:

9099862



               Please dial in 10 minutes before the scheduled start time.


Replay:

Wednesday, October 19, 2016 at 1:00 PM US ET, ending at midnight US ET on Wednesday, October 19, 2016. Dial-in number: 1-877-870-5176 (US & Canada); 1-858-384-5517 (International & Mexico). Access Code: 9099862

 

Analyst Coverage

In accordance with Mexican Stock Exchange Internal Rules Article 4.033.01, ASUR informs that the stock is covered by the following broker-dealers: Actinver Casa de Bolsa, Barclays, BBVA Bancomer, BofA Merril Lynch, Citi Investment Research, Credit Suisse, Deutsche Bank, Grupo Bursatil Mexicano, Grupo Financiero Interacciones, Grupo Financiero Monex, HSBC, Intercam Casa de Bolsa, Itau BBA, INVEX, JP Morgan, Morgan Stanley, Morningstar, Santander Investment, Scotia Capital, 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.

About ASUR:

Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a Mexican airport operator with concessions to operate, maintain and develop the airports of Cancún, Mérida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlán in the southeast of México, as well as a 50% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport of Puerto Rico. The Company is listed both on the NYSE in the U.S., where it trades under the symbol ASR, and on the Mexican Bolsa, where it trades under the symbol ASUR. One ADS represents ten (10) Series B shares.

Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR's filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.

# # # TABLES TO FOLLOW # # #

 










Grupo Aeroportuario del Sureste, S.A.B. de C.V.

Operating Results per Airport

Thousands of Mexican pesos 










Item

3Q
2015

3Q 2015 Per
Workload Unit

3Q
2016

3Q 2016 Per
Workload Unit

9M
2015

FY 2015 Per
Workload Unit

9M 
2016

FY 2016 Per
Workload Unit

Cancún (1)









Aeronautical Revenues

729,177

145.7

850,458

155.8

2,192,352

144.7

2,525,253

154.2

Non-Aeronautical Revenues

561,136

112.1

697,934

127.9

1,676,350

110.6

2,121,129

129.5

Construction Services Revenues

393,960

78.7

356,606

65.3

884,540

58.4

784,637

47.9

Total Revenues

1,684,273

336.5

1,904,998

349.0

4,753,242

313.7

5,431,019

331.6

Operating Profit

828,648

165.5

986,632

180.8

2,374,167

156.7

2,917,777

178.1

EBITDA

900,708

179.9

1,069,251

195.9

2,588,157

170.8

3,162,577

193.1

Mérida









Aeronautical Revenues

71,432

147.3

88,202

155.8

197,001

145.3

238,365

153.8

Non-Aeronautical Revenues

18,509

38.2

23,024

40.7

52,663

38.8

62,806

40.5

Construction Services Revenues

46,363

95.6

37,265

65.8

96,566

71.2

88,205

56.9

Other (2)

5

0.0

13

0.0

17

0.0

39

0.0

Total Revenues

136,309

281.0

148,504

262.4

346,247

255.3

389,415

251.2

Operating Profit

35,197

72.6

41,673

73.6

98,077

72.3

124,716

80.5

EBITDA

44,165

91.1

51,651

91.3

124,980

92.2

154,240

99.5

Villahermosa









Aeronautical Revenues

45,588

133.3

47,599

142.5

128,351

131.8

129,794

139.0

Non-Aeronautical Revenues

15,186

44.4

14,947

44.8

42,633

43.8

46,217

49.5

Construction Services Revenues

12,293

35.9

14,572

43.6

36,151

37.1

31,685

33.9

Other (2)

16

0.0

15

0.0

51

0.1

43

0.0

Total Revenues

73,083

213.7

77,133

230.9

207,186

212.7

207,739

222.4

Operating Profit

28,804

84.2

28,632

85.7

78,334

80.4

77,932

83.4

EBITDA

35,296

103.2

35,819

107.2

97,790

100.4

99,008

106.0

Other Airports (3)









Aeronautical Revenues

153,109

163.6

170,767

173.9

447,773

162.1

499,663

172.2

Non-Aeronautical Revenues

28,051

30.0

34,307

34.9

84,137

30.5

100,243

34.5

Construction Services Revenues

97,609

104.3

20,076

20.4

250,924

90.8

48,903

16.9

Other (2)

35

0.0

33

0.0

13,123

4.7

105

0.0

Total Revenues

278,804

297.9

225,183

229.3

795,957

288.1

648,914

223.6

Operating Profit

68,266

72.9

79,534

81.0

208,545

75.5

242,698

83.6

EBITDA

97,817

104.5

113,509

115.6

296,257

107.2

339,364

116.9

Holding & Service companies (4)









Construction Services Revenues

0

 n/a 

0

 n/a 

0

 n/a 

0

 n/a 

Other (2)

267,177

 n/a 

321,866

 n/a 

918,940

 n/a 

1,030,605

 n/a 

Total Revenues

267,177

 n/a 

321,866

 n/a 

918,940

 n/a 

1,030,605

 n/a 

Operating Profit

64,685

 n/a 

98,954

 n/a 

306,822

 n/a 

365,109

 n/a 

EBITDA

65,232

 n/a 

99,927

 n/a 

308,516

 n/a 

367,070

 n/a 

Consolidation Adjustment









Consolidation Adjustment

(267,233)

 n/a 

(321,927)

 n/a 

(932,131)

 n/a 

(1,030,792)

 n/a 

Group









Aeronautical Revenues

999,306

147.6

1,157,026

157.6

2,965,477

146.5

3,393,075

155.9

Non-Aeronautical Revenues

622,882

92.0

770,212

104.9

1,855,783

91.7

2,330,395

107.1

Construction Services Revenues

550,225

81.3

428,519

58.4

1,268,181

62.6

953,430

43.8

Total Revenues

2,172,413

320.9

2,355,757

320.9

6,089,441

300.8

6,676,900

306.8

Operating Profit

1,025,600

151.5

1,235,425

168.3

3,065,945

151.4

3,728,232

171.3

EBITDA

1,143,218

168.9

1,370,157

186.7

3,415,700

168.7

4,122,259

189.4










(1) Reflects the results of operations of Cancun Airport and two Cancun Airport Services subsidiaries on a consolidated basis.

(2) Reflects revenues under intercompany agreements which are eliminated in the consolidation adjustment.

(3) Reflects the results of operations of our airports located in Cozumel, Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz.

(4) Reflects the results of operations of our parent holding company and our services subsidiaries. Because none of these entities hold the concessions for our airports, we

     do not report workload unit data for theses entities.












 


 

Grupo Aeroportuario del Sureste, S.A.B. de C.V.

Consolidated Balance Sheet as of  September 30, 2016 and December 31, 2015

Thousands of Mexican pesos 



I t e m


September 2016


December 2015


Variation


%

















A s s e t s 












Current Assets













Cash and Cash Equivalents


3,521,380


2,084,160


1,437,220


68.96





Accounts Receivable, net


95,931


419,615


(323,684)


(77.14)





Recoverable Taxes and Other Current Assets


236,496


481,754


(245,258)


(50.91)

















Total Current Assets


3,853,807


2,985,529


868,278


29.08

















Non Current Assets













Machinery, Furniture and Equipment, net


322,397


321,913


484


0.15





Airports Concessions, net


19,405,394


19,022,311


383,083


2.01





Accounts Receivable from Joint Venture


2,037,551


1,851,423


186,128


10.05





Investment in Joint Venture Accounted by the Equity Method


2,332,214


1,944,708


387,506


19.93

















Total  Assets


27,951,363


26,125,884


1,825,479


6.99

















Liabilities and Stockholders' Equity












Current Liabilities













Trade Accounts Payable


22,083


21,068


1,015


4.82





Bank Loans


24,439


39,893


(15,454)


(38.74)





Accrued Expenses and Others Payables


551,782


445,736


106,046


23.79




Total Current Liabilities


598,304


506,697


91,607


18.08

















Long Term Liabilities













Bank Loans


4,136,002


3,678,128


457,874


12.45





Deferred Income Taxes


1,520,912


1,523,722


(2,810)


(0.18)





Employee Benefits


8,993


9,288


(295)


(3.18)




Total Long Term Liabilities


5,665,907


5,211,138


454,769


8.73

















Total Liabilities


6,264,211


5,717,835


546,376


9.56

















Stockholders' Equity













Capital Stock


7,767,276


7,767,276


0


0.00





Legal Reserve


893,133


747,077


146,056


19.55





Net Income for the Period


2,711,756


2,913,735


(201,979)


(6.93)





Cumulative Effect of Conversion of Foreign Currency

743,133


492,786


250,347


50.80





Retained Earnings 


9,571,854


8,487,175


1,084,679


12.78





Total Stockholders' Equity


21,687,152


20,408,049


1,279,103


6.27

















Total Liabilities and Stockholders' Equity


27,951,363


26,125,884


1,825,479


6.99
















 

 

Grupo Aeroportuario del Sureste, S.A.B. de C.V.

Consolidated Statement of Income from January 1 to September  30,  2016 and 2015

Thousands of Mexican pesos 


































I t e m


 9M 


 9M 


%


 3Q 


 3Q 


%




2015


2016


Change


2015


2016


Change



















Revenues
















Aeronautical Services


2,965,477


3,393,075


14.42


999,306


1,157,026


15.78




















Non-Aeronautical Services


1,855,783


2,330,395


25.57


622,882


770,212


23.65




















Construction Services


1,268,181


953,430


(24.82)


550,225


428,519


(22.12)



















Total Revenues


6,089,441


6,676,900


9.65


2,172,413


2,355,757


8.44



















Operating Expenses
































Cost of Services


860,948


971,076


12.79


298,053


346,841


16.37




Cost of Construction


1,268,181


953,430


(24.82)


550,225


428,519


(22.12)




General and Administrative Expenses


144,830


154,119


6.41


46,134


50,824


10.17




Technical Assistance


179,893


217,318


20.80


60,211


72,341


20.15




Concession Fee


219,889


258,698


17.65


74,572


87,075


16.77




Depreciation and Amortization


349,755


394,027


12.66


117,618


134,732


14.55



Total Operating Expenses


3,023,496


2,948,668


(2.47)


1,146,813


1,120,332


(2.31)



















Operating Income


3,065,945


3,728,232


21.60


1,025,600


1,235,425


20.46



















Comprehensive Financing Cost


(109,405)


(44,099)


(59.69)


(74,319)


(14,246)


(80.83)



















Income from results of Joint Venture















Accounted by the Equity Method


64,354


137,159


113.13


10,149


29,136


187.08



Non-Ordinary Item
















Non-Ordinary Item


0


0


0.00


0


0


0.00



































Income Before Income Taxes


3,020,894


3,821,292


26.50


961,430


1,250,315


30.05




































Provision for Income Tax


882,096


1,145,737


29.89


279,372


381,218


36.46




Provision for Asset Tax


4,358


699


(83.96)


1,453


233


(83.96)




Deferred Income Taxes


(48,461)


(36,900)


(23.86)


(25,138)


(47,934)


90.68




















Net Income for the Year


2,182,901


2,711,756


24.23


705,743


916,798


29.91



















Earning per Share


7.2763


9.0392


24.23


2.3525


3.0560


29.91



Earning per American Depositary Share (in U.S. Dollars)


3.7550


4.6648


24.23


1.2140


1.5771


29.91



Exchange Rate per Dollar Ps. 19.3776














































 

 



Grupo Aeroportuario del Sureste, S.A.B. de C.V.



 Consolidated Statement of Cash flow as of September 30,  2016 and 2015



Thousands of Mexican pesos


















Related


 9M 


 9M 


%


 3Q 


 3Q 


%




2015


2016


Change


2015


2016


Change



































Operating Activities































Income Before Income Taxes


3,020,894


3,821,292


26


961,430


1,250,315


30



Items Related with Investing Activities:
















Depreciation and Amortization


349,755


394,027


13


117,618


134,732


15




Income from Results of Joint Venture Accounted by the Equity Method


(64,354)


(137,159)


113


(10,149)


(29,136)


187




Interest Income


(111,094)


(128,993)


16


(35,738)


(46,653)


31




Foreign Exchange Gain (loss), net unearned


244,571


233,392


(5)


137,877


95,967


(30)



































Sub-Total


3,439,772


4,182,559


22


1,171,038


1,405,225


20



















Increase in Trade Receivables


373,888


323,683


(13)


258,854


177,931


(31)



Decrease in Recoverable Taxes and other Current Assets


449,761


406,836


(10)


29,782


59,553


100



Other Deferred Assets


0




0


0


0


0



Income Tax Paid


(1,093,991)


(1,256,056)


15


(396,828)


(439,728)


11



Income Tax on dividends


0


0


0


0




0



Trade Accounts Payable


90,369


124,487


38


(117,692)


(48,093)


(59)



Accrued Expenses and Others Payables


0


0


0


0


0


0



    Long Term Liabilities


0


0


0


0


0


0



















Net Cash Flow Provided by Operating Activities


3,259,799


3,781,509


16


945,154


1,154,888


22



















Investing Activities















  Investments in Associates


0


0


0


0


0


0



  Loans granted to Associates


0


62,077


0


0


62,077


0



  Loans repaid by Associates


0


0


0


0


0


0



  Investments in Machinery, Furniture and Equipment, net


(1,201,672)


(807,154)


(33)


(658,543)


(410,051)


(38)



  Investments in Rights to Use Airport Facilities


0


0


0


0


0


0



  Investments in Construction in Process


0


0


0


0


0


0



  Investments in Others


0


0


0


0


0


0



  Interest Income


111,094


83,788


(25)


35,738


39,155


10



















Net Cash Flow Provided by Investing Activities


(1,090,578)


(661,289)


(39)


(622,805)


(308,819)


(50)



















Excess Cash to Use in Financing Activities:


2,169,221


3,120,220


44


322,349


846,069


162



















Bank Loans


0


0


0


0


0


0



Dividends Paid


(1,530,000)


(1,683,000)


10


0


0


0



Tax on Dividends Paid


0


0


0


0


0


0



















Net Cash Flow Provided by Financing Activities


(1,530,000)


(1,683,000)


10


0


0


0



















Net Increase in Cash and Cash Equivalents


639,221


1,437,220


125


322,349


846,069


162



















Cash and Cash Equivalents at Beginning of Period


2,855,362


2,084,160


(27)


3,172,234


2,675,311


(16)



















Cash and Cash Equivalents at the End of Period


3,494,583


3,521,380


1


3,494,583


3,521,380


1


































 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/asur-3q16-passenger-traffic-up-858-yoy-300347021.html

SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.