ASUR 2Q15 Passenger Traffic Up 14.27% YOY

Jul 23, 2015, 09:20 ET from Grupo Aeroportuario del Sureste, S.A.B. de C.V.

MEXICO CITY, July 23, 2015 /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 six-month periods ended June 30, 2015.

2Q15 Highlights1:

  • EBITDA2 increased by 29.24% to Ps.1,129.26 million
  • Total passenger traffic was up 14.27%
  • Total revenues increased by 58.17%, reflecting increases of 21.21% in aeronautical revenues, 26.52% in non-aeronautical revenues, and 1,058.67% in construction services revenues
  • Commercial revenues per passenger increased by 11.94% to Ps.81.75
  • Operating profit increased by 33.08%
  • EBITDA margin declined to 53.26% from 65.18% in 2Q14

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, 2015, and the equivalent three- and six-month periods ended June 30, 2014.  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.15.6854.

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.

Passenger Traffic

Total passenger traffic for 2Q15 increased year-over-year by 14.27%, reflecting increases of 14.17% in domestic passenger traffic and 14.34% in international passenger traffic.

The 14.17% growth in domestic passenger traffic was driven by increases at all of ASUR's airports. The 14.34% growth in international passenger traffic resulted mainly from an increase of 15.30% in traffic at Cancun airport.

Passenger traffic for 1H15 increased by 13.30%, reflecting increases of 15.26% in domestic passenger traffic and 12.00% in international passenger traffic. The 15.26% growth in domestic passenger traffic in 1H15 was driven by increases at all of ASUR's airports.  The 12.00% growth in international passenger traffic resulted primarily from an increase at Cancun airport.

Table I: Domestic Passengers (in thousands)

Airport

2Q14

2Q15

%

Change

1H14

1H15

%

Change

Cancún

1,390.5

1,512.9

8.80

2,416.5

2,684.1

11.07

Cozumel

20.7

24.7

19.32

36.1

46.1

27.70

Huatulco

98.2

129.7

32.08

185.7

245.9

32.42

Mérida

318.2

374.6

17.72

620.1

714.1

15.16

Minatitlán

55.8

63.2

13.26

107.9

118.4

9.73

Oaxaca

110.6

139.8

26.40

217.4

272.3

25.25

Tapachula

34.8

60.8

74.71

75.5

114.8

52.05

Veracruz

273.0

299.5

9.71

495.9

563.4

13.61

Villahermosa

251.7

310.1

23.20

483.9

587.9

21.49

TOTAL

2,553.5

2,915.3

14.17

4,639.0

5,347.0

15.26

Note: Passenger figures exclude transit and general aviation passengers.

Table II: International Passengers (in thousands)

Airport

2Q14

2Q15

%

Change

1H14

1H15

%

Change

Cancún

2,994.4

3,452.4

15.30

6,483.9

7,320.0

12.90

Cozumel

113.6

121.8

7.22

266.0

276.3

3.87

Huatulco

13.5

10.8

(20.00)

75.1

76.0

1.20

Mérida

27.7

28.0

1.08

58.8

57.2

(2.72)

Minatitlán

2.1

2.4

14.29

4.0

4.5

12.50

Oaxaca

13.5

14.4

6.67

29.7

31.7

6.73

Tapachula

2.9

2.9

0.00

6.0

5.6

(6.67)

Veracruz

21.7

20.4

(5.99)

42.2

39.6

(6.16)

Villahermosa

15.8

11.9

(24.68)

30.7

24.9

(18.89)

TOTAL

3,205.2

3,664.9

14.34

6,996.4

7,835.8

12.00

Note: Passenger figures exclude transit and general aviation passengers.

Table III: Total Passengers (in thousands)

Airport

2Q14

2Q15

%

Change

1H14

1H15

%

Change

Cancún

4,384.9

4,965.3

13.24

8,900.4

10,004.1

12.40

Cozumel

134.3

146.5

9.08

302.1

322.4

6.72

Huatulco

111.7

140.5

25.78

260.8

321.9

23.43

Mérida

345.9

402.6

16.39

678.9

771.3

13.61

Minatitlán

57.9

65.6

13.30

111.9

122.9

9.83

Oaxaca

124.1

154.2

24.25

247.1

304.0

23.03

Tapachula

37.7

63.7

68.97

81.5

120.4

47.73

Veracruz

294.7

319.9

8.55

538.1

603.0

12.06

Villahermosa

267.5

322.0

20.37

514.6

612.8

19.08

TOTAL

5,758.7

6,580.2

14.27

11,635.4

13,182.8

13.30

Note: Passenger figures exclude transit and general aviation passengers.

Consolidated Results for 2Q15

Total revenues for 2Q15 rose year-over-year by 58.17% to Ps.2,120.43 million. This was mainly due to increases of:

  • 21.21% in revenues from aeronautical services, mainly as a result of the 14.27% increase in passenger traffic;
  • 26.52% in revenues from non-aeronautical services, principally reflecting the 27.81% increase in commercial revenues detailed below.
  • 1,058.67% in revenues from construction services that resulted from higher 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, retailoperations, banking and currency exchangeservices, advertising, teleservices, non-permanent ground transportation, food and beverage, and parking lot fees.

Commercial revenues increased by 27.81% year-over-year during 2Q15, principally due to a 14.27% increase in total passenger traffic. There were increases in revenues from the following activities:

  • 29.51% in retail operations;
  • 25.65% in duty free;
  • 26.18% in food and beverage;
  • 22.00% in car rental revenues;
  • 29.35% in other revenue;
  • 36.28% in advertising.
  • 28.05% in parking lot fees;
  • 32.57% in banking and currency exchange services;
  • 23.26% in ground transportation; and
  • 24.16% in teleservices.

 

Retail and Other Commercial Space Opened since June 30, 2015

Business Name

Type

Opening Date

Cancun

MOBO

Retail

July 2014

Tax Free

Tax Paid

September 2014

Abito

Retail

November 2014

Banamex (4 ATMs)

Banking

November 2014

AY GUEY

Retail

December 2014

Cinco Soles

Retail

December 2014

Kipling

Retail

December 2014

Lacoste

Retail

December 2014

MOBO

Retail

December 2014

Sunglass Hut

Retail

December 2014

Prisonart

Retail

February 2015

Cinco Soles

Retail

February 2015

Banamex (1 ATM)

Banking

February 2015

Merida

El Mestizo

Retail

August 2014

Banamex

Banking

October 2014

Salon VIP

Business Lounge

October 2014

Veracruz

Banamex

Banking

November 2014

Villahermosa

Salon VIP

Business Lounge

October 2014

Banamex

Banking

November 2014

Cozumel

Secure Wrap

Retail

December 2014

Banamex

Banking

December 2014

NLG Services

Business Lounge

December 2014

Oaxaca

Banamex

Banking

December 2014

Alamo

Car Rental

December 2014

Huatulco

Banamex

Banking

October 2014

Minatitlan

Salon VIP

Business Lounge

February 2015

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

Table IV: Commercial Revenues per Passenger for 2Q15

2Q14

2Q15

% Change

Total Passengers ('000)

5,803

6,626

14.18

Total Commercial Revenues

423,813

541,689

27.81

Commercial revenues from direct operations (1)

101,285

101,739

0.45

Commercial revenues excluding direct operations

322,528

439,950

36.41

2Q14

2Q15

% Change

Total Commercial Revenue per Passenger

73.03

81.75

11.94

Commercial revenue from direct operations per passenger (1)

17.45

15.35

(12.03)

Commercial revenue per passenger (excluding direct operations)

55.58

66.40

19.47

Note: For purposes of this table, approximately 44,610 and 45,500 transit and general aviation passengers are included in 2Q14 and 2Q15, respectively.

(1)  Revenues from direct commercial operations represent ASUR's operation of convenience stores in airports, as well as the direct sale of advertising space until April 30, 2015, date in which it was concessioned to a third party.

Construction revenues and expenses. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the income from construction or improvements to concessioned assets made during the relevant period. During 2Q15, ASUR recognized Ps.524.62 million in revenues from "Construction Services," a year-on-year increase of 1,058.67% reflecting higher capital expenditures 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 Expenses 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 results from an increase in Construction Revenues does not result in a corresponding increase in EBITDA.

Total operating costs and expenses for 2Q15 rose 91.10% year-over-year, primarily due to the following increases:

  • 1,058.67% in construction costs, reflecting higher levels of capital improvements made to concessioned assets during the period;
  • 6.18% in cost of services, mainly due to higher professional and software license fees and maintenance expenses as well as the increase in cost of sales derived from the convenience stores directly operated by ASUR.
  • 21.08% in concession fees paid to the Mexican government, mainly due to an increase in regulated revenues (a factor in the calculation of the fee);
  • 3.27% in depreciation and amortization, resulting mainly from capitalized investments;
  • 29.24% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee); and
  • 4.95% in administrative expenses, principally reflecting higher travel, marketing and office lease expenses.

Table V: Operating Costs and Expenses for 2Q15

2Q14

2Q15

% Change

Cost of Services

270,993

287,745

6.18

Construction Costs              

45,278

524,624

1,058.67

Administrative

45,098

47,329

4.95

Technical Assistance

46,036

59,495

29.24

Concession Fees

59,441

71,973

21.08

Depreciation and Amortization

112,721

116,412

3.27

TOTAL

579,567

1,107,578

91.10

Operating margin for the quarter was 47.77% compared with 56.77% in 2Q14, reflecting increases of 91.10% in expenses and 58.17% in revenues.

Comprehensive Financing Gain (Loss) for 2Q15 was a Ps.16.60 million loss, compared to an Ps.11.01 million gain in 2Q14.  This was mainly the result of a Ps.30.5 million foreign exchange loss in 2Q15 due to the 2.04% depreciation of the Mexican peso against the U.S. dollar on ASUR's foreign currency net liability position as compared to an appreciation of 0.93% in 2Q14 that resulted in a Ps.7.34 million gain.

In addition, in 2Q15 ASUR recognized an Ps.11.41 million gain in stockholders' equity resulting from the translation effect of Aerostar's financial statements (which are denominated in U.S. dollars), in connection with the valuation of the stockholders' equity derived from the depreciation of the peso against the U.S. dollar.

Table VI: Comprehensive Financing Result (Cost)

2Q14

2Q15

Change

% Change

Interest income

25,018

38,187

13,169

52.64

Interest expenses

(21,349)

(24,293)

(2,944)

13.79

Foreign exchange gain (loss), net

7,343

(30,496)

(37,839)

(515.31)

Total

11,012

(16,602)

(27,614)

(250.76)

Income (Loss) from Equity Investment in Joint Venture

During 2Q15, our equity in the income of Aerostar, our joint venture with Highstar Capital IV and its affiliated funds, was a net gain of Ps.21.68 million. In addition, ASUR recorded a Ps.11.41 million gain in stockholders' equity resulting from the translation effect of Aerostar's financial statements (which are denominated in U.S. dollars), in connection with the valuation of the shareholders' equity derived from the depreciation of the peso against the U.S. dollar in 2Q15. In 2Q14, ASUR reported a net gain of Ps.21.89 million from our equity in the income of Aerostar and a Ps.9.07 million loss in stockholders' equity resulting from the translation effect of Aerostar's financial statements in connection with the valuation of the shareholders' equity derived from the appreciation of the peso against the U.S. dollar.

During 2Q15, total passenger traffic at SJU airport increased 0.86% to 2,279,814 from 2,260,472 in 2Q14.

Income Taxes

On January 1, 2014, a comprehensive Income Tax Law reform package entered into effect, repealing the IETU tax and causing the cancellation of deferred IETU. As a result, ASUR completed a financial valuation of its subsidiaries that were subject to this tax and now must recognize a deferred income tax.

Income taxes for 2Q15 increased by Ps.45.81 million year-over-year, principally due to the following factors:

  • A Ps.63.41 million increase in the provision for income taxes, reflecting a higher taxable income base at the Veracruz and Cancun airports.
  • A Ps.17.60 million decline in deferred income taxes reflecting the recognition of the effects of inflation in the fiscal tax balance.

Net income for 2Q15 increased by 32.11% to Ps.732.90 million from Ps.554.75 million in 2Q14. Earnings per common share for the quarter were Ps.2.4430, or earnings per ADS (EPADS) of US$1.5575 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.1.8492, or EPADS of US$1.1789 for the same period last year. This principally reflects the 14.27% increase in passenger traffic. During 2Q15, ASUR reported a Ps.21.68 million gain corresponding to its participation in Aerostar, the joint venture to operate SJU airport, compared to a gain of Ps.21.89 million in the same period in 2014.

Table VII: Summary of Consolidated Results for 2Q15

2Q14

2Q15

% Change

Total Revenues

1,340,630

2,120,427

58.17

Aeronautical Services

811,884

984,123

21.21

Non-Aeronautical Services

483,468

611,680

26.52

            Commercial Revenues

423,813

541,689

27.81

Construction Services

45,278

524,624

1,058.67

Operating Profit

761,063

1,012,849

33.08

Operating Margin %

56.77%

47.77%

(15.85%)

EBITDA

873,784

1,129,261

29.24

EBITDA Margin %

65.18%

53.26%

(18.29%)

Net Income

554,746

732,896

32.11

Earnings per Share

1.8492

2.4430

32.11

Earnings per ADS in US$

1.1789

1.5575

32.11

Note:  U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 15.6854.

Consolidated Results for 1H15

Total revenues for 1H15 increased year-over-year by 43.81% to Ps.3,917.03 million, mainly due to the following increases:

  • 19.08% in revenues from aeronautical services as a result of the 13.30% increase in passenger traffic during the period;
  • 22.52% in revenues from non-aeronautical services, principally as a result of the 23.26% increase in commercial revenues detailed below; and
  • 981.41% in construction services due to higher capital investments made during the period.

Commercial revenues for 1H15 rose by 23.26% year-over-year, principally as a result of revenue increases in the following areas: 

  • 25.67% in retail operations;
  • 16.42% in duty-free stores;
  • 25.48% in food and beverage;
  • 20.69% in car rentals;
  • 33.84% in other income;
  • 25.39% in advertising;
  • 24.27% in parking lot fees;
  • 23.07% in banking and currency exchange services; 
  • 24.65% in ground transportation services; and
  • 29.22% in teleservices.

Table VIII: Commercial Revenues per Passenger for 1H15

1H14

1H15

% Change

Total Passengers *('000)

11,729

13,286

13.28

Total Commercial Revenues

885,735

1,091,754

23.26

Commercial revenues from direct operations (1)

209,625

228,647

9.07

Commercial revenues excluding direct operations

676,110

863,107

27.66

1H14

1H15

% Change

Total Commercial Revenue per Passenger

75.52

82.17

8.82

Commercial revenue from direct operations per passenger (1)

17.87

17.21

(3.69)

Commercial revenue per passenger (excluding direct operations)

57.65

64.96

12.68

*  For purposes of this table, approximately 93,500 and 103,000 transit and general aviation passengers are included for 1H14 and 1H15, respectively.

(1)  Revenues from direct commercial operations represent ASUR's operation of convenience stores in airports, as well as the direct sale of advertising space until April 30, 2015, date in which it was concessioned to a third party.

Total operating costs and expenses for 1H15 rose by 66.86% year-on-year, primarily due to the following increases:

  • 981.41% in construction costs, reflecting higher committed improvements made to concessioned assets during the period;
  • 5.98% in cost of services, principally due to software license and professional fees, higher maintenance and security and office lease expenses. The increase also reflects higher cost of sales derived from the increase in sales at convenience stores directly operated by ASUR;
  • 19.92% in concession fees, mainly due to the increase in regulated revenues (a factor in the calculation of the fee);
  • 24.52% in technical assistance costs, reflecting the corresponding increase in EBITDA during the period;
  • 2.83% in depreciation and amortization, resulting mainly from higher capitalized investments; and
  • 17.31% in administrative expenses, principally lower professional fees in 1H14 resulting from the reversal of the expense provision in connection with the Master Development Plan. Higher marketing expenses in connection with participation at international fairs and office leases also contributed to the increase.

Table IX: Operating Costs and Expenses for 1H15

1H14

1H15

% Change

Cost of Services

531,132

562,895

5.98

Construction Costs

66,391

717,956

981.41

Administrative

84,135

98,696

17.31

Technical Assistance

96,116

119,682

24.52

Concession Fees

121,179

145,316

19.92

Depreciation and Amortization

225,756

232,137

2.83

TOTAL

1,124,709

1,876,682

66.86

Operating margin was 52.09% in 1H15 compared with 58.71% in 1H14.  This was mainly the result of the 66.86% increase in operating expenses which more than offset the 43.81% increase in revenues for the period.

Comprehensive Financing Gain (Loss) for 1H15 was a Ps.35.09 million loss, compared to a Ps.13.51 million gain in 1H14, principally due to a Ps.65.67 million foreign exchange loss in 1H15 resulting from the impact of the 6.40% depreciation of the Mexican peso against the U.S. dollar during the period on ASUR's foreign currency net liability position. This compares with a Ps.6.94 million foreign exchange gain in 1H14 resulting from the impact of the 0.86% appreciation of the Mexican peso against the U.S. dollar during the period on ASUR's foreign currency net liability position.

In addition, ASUR recorded a Ps.105.94 million gain in stockholders' equity resulting from the translation effect of Aerostar's financial statements (which are denominated in U.S. dollars), in connection with the valuation of the capital stock derived from the depreciation of the peso against the U.S. dollar.

Interest income increased by Ps.27.96 million year-on-year reflecting the higher cash balance during the period. Interest expense increased by Ps.3.94 million, reflecting the disbursement of loans secured from BBVA Bancomer and Merrill Lynch in February 2013.

Table X: Comprehensive Financing Gain (Loss)

1H14

1H15

Change

% Change

Interest income

47,400

75,356

27,955

58.98

Interest expenses

(40,832)

(44,768)

(3,936)

9.64

Foreign exchange gain (loss), net

6,941

(65,674)

(72,615)

(1,046.11)

Total

13,510

(35,086)

(48,596)

(359.70)

Income (Loss) from Equity Investment in Joint Venture.

During 1H15, our equity in the income of Aerostar was a net income of Ps.54.21 million. In addition, ASUR recorded a Ps.105.94 million gain in stockholders' equity resulting from the translation effect of Aerostar's financial statements (which are denominated in U.S. dollars), in connection with the valuation of the capital stock derived from the 6.40% depreciation of the peso against the U.S. dollar. In 1H14, ASUR reported a net gain of Ps.32.44 million from its equity in the income of Aerostar and a Ps.24.08 million gain in stockholders' equity in connection with the valuation of the capital stock derived from the appreciation of the peso against the U.S. dollar.

Total passenger traffic at SJU during 1H15 increased 0.90% to 4,459,210 passengers from 4,419,638 during 1H14.

Net income for 1H15 increased by 24.22% to Ps.1,477.16 million. Earnings per common share for the six-month period were Ps.4.9239 and earnings per ADS (EPADS) of US$3.1391 (one ADS represents ten series B common shares).  This compares with Ps.3.9637 per share and EPADS of US$2.5270 for 1H14.

Net income for the year benefitted from the 13.30% increase in passenger traffic and reflects the Ps.54.21 million of equity in income corresponding to ASUR's participation in Aerostar, the joint venture to operate SJU airport, compared to a net gain of Ps.32.44 million in 1H14.

Table XI: Summary of Consolidated Results for 1H15

1H14

1H15

Change

Total Revenues

2,723,765

3,917,028

43.81

Aeronautical Services

1,651,106

1,966,171

19.08

Non-Aeronautical Services

1,006,268

1,232,901

22.52

Commercial Revenues

885,735

1,091,754

23.26

Construction Services

66,391

717,956

981.41

Operating Profit

1,599,056

2,040,346

27.60

Operating Margin %

58.71%

52.09%

(11.27%)

EBITDA

1,824,812

2,272,483

24.53

EBITDA Margin %

67.00%

58.02%

(13.40%)

Net Income

1,189,120

1,477,158

24.22

Earnings per Share

3.9637

4.9239

24.22

Earnings per ADS in US$

2.5270

3.1391

24.22

Note:    U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.15.6854

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 1H15 were Ps.2,024.96 million, resulting in an annual average tariff per workload unit of Ps.150.27. ASUR's regulated revenues accounted for approximately 62.05% of total income for the period.

Balance Sheet

On June 30, 2015, airport concessions represented 69.00% of the Company's total assets, with current assets representing 15.44% of the Company's total assets and other assets representing 15.56%.

Cash and cash equivalents on June 30, 2015, were Ps.3,172.23 million, an 11.10% increase from the Ps.2,855.36 million in cash and cash equivalents recorded on December 31, 2014.

Shareholders' equity at the close of 2Q15 was Ps.18,804.19 million and total liabilities were Ps.5,587.68 million, representing 77.09% and 22.91% of total assets, respectively. Deferred liabilities represented 28.86% of the Company's total liabilities.

Total bank debt at June 30, 2015 was Ps.3,390.76 million, including Ps.18.40 million in accrued interest and commissions.

On July 17, 2015, ASUR's Cancun airport subsidiary agreed to amend and restate the agreement governing its bank loans of US$107.5 million from each of BBVA Bancomer and Bank of America for a total of U.S.$215.0 million. Pursuant to the amended and restated agreement, the loans, which previously matured in 2018, will instead mature in 2022, and will amortize semi-annually from 2018 through 2022, pursuant to an agreed schedule.   In addition, Bank of America and BBVA Bancomer committed to extend additional loans to Cancun airport for US$42.5 million each, for a total of US$85.0 million, which Cancun airport may draw upon until September 2015 and which will amortize on the same schedule as the existing loans.  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 Aerportuario 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 2Q15, ASUR made investments of Ps.389.49 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans. During 1H15, capital expenditures totaled Ps.543.13 million.

2Q15 Earnings Conference Call

Day:  

Friday, July 24, 2015

Time:  

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

Dial-in number:   

1-888-312-9841 (US & Canada) and 1-719-457-2667 (International & Mexico)

Access Code:    

3100902

Please dial in 10 minutes before the scheduled start time.

Replay:  

Friday, July 24, 2015 at 1:00 PM US ET, ending at midnight US ET on Friday, July 31, 2015. Dial-in number: 1-877-870-5176 (US & Canada); 1-858-384-5517 (International & Mexico). Access Code: 3100902

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

2Q  2014

2Q 2014 Per Workload Unit

2Q 2015

2Q 2015 Per Workload Unit

1H  2014

1H 2014 Per Workload Unit

1H   2015

1H 2015 Per Workload Unit

Cancún (1)

Aeronautical Revenues

614,833

138.3

728,397

144.7

1,250,580

138.5

1,463,175

144.2

Non-Aeronautical Revenues

430,519

96.8

556,103

110.5

902,529

100.0

1,115,214

109.9

Construction Services Revenues

6,863

1.5

382,874

76.1

22,108

2.4

490,580

48.4

Total Revenues

1,052,215

236.6

1,667,374

331.3

2,175,217

240.9

3,068,969

302.5

Operating Profit

558,826

125.7

726,659

144.4

1,251,684

138.6

1,545,519

152.3

EBITDA

629,234

141.5

797,735

158.5

1,391,981

154.2

1,687,449

166.3

Mérida

Aeronautical Revenues

53,581

136.0

65,716

145.4

105,656

136.7

125,568

144.2

Non-Aeronautical Revenues

14,756

37.5

16,377

36.2

29,514

38.2

34,154

39.2

Construction Services Revenues

3,467

8.8

22,609

50.0

3,467

4.5

50,204

57.6

Other (2)

7

-

5

-

15

-

12

-

Total Revenues

71,811

182.3

104,707

231.7

138,652

179.4

209,938

241.0

Operating Profit

18,895

48.0

31,859

70.5

40,944

53.0

62,880

72.2

EBITDA

27,743

70.4

40,827

90.3

58,602

75.8

80,815

92.8

Villahermosa

Aeronautical Revenues

34,304

123.8

43,912

131.9

66,423

124.4

82,763

130.7

Non-Aeronautical Revenues

12,263

44.3

13,367

40.1

23,505

44.0

27,447

43.4

Construction Services Revenues

4,668

16.9

13,097

39.3

6,813

12.8

23,858

37.7

Other (2)

19

0.1

17

0.1

39

0.1

35

0.1

Total Revenues

51,254

185.0

70,393

211.4

96,780

181.2

134,103

211.9

Operating Profit

16,831

60.8

25,159

75.6

33,048

61.9

49,530

78.2

EBITDA

21,882

79.0

31,649

95.0

44,387

83.1

62,494

98.7

Other Airports (3)

Aeronautical Revenues

109,166

140.9

146,098

161.1

228,447

145.3

294,665

161.3

Non-Aeronautical Revenues

25,930

33.5

25,833

28.5

50,720

32.3

56,086

30.7

Construction Services Revenues

30,280

39.1

106,044

116.9

34,003

21.6

153,314

83.9

Other (2)

15,068

19.4

13,040

14.4

15,137

9.6

13,088

7.2

Total Revenues

180,444

232.8

291,015

320.9

328,307

208.8

517,153

283.1

Operating Profit

41,893

54.1

70,705

78.0

81,961

52.1

140,279

76.8

EBITDA

69,599

89.8

100,038

110.3

137,008

87.2

198,441

108.6

Holding & Service companies (4)

Construction Services Revenues

-

-

-

-

-

-

-

-

Other (2)

329,538

-

372,370

-

574,451

-

651,763

-

Total Revenues

329,538

-

372,370

-

574,451

-

651,763

-

Operating Profit

124,618

-

158,467

-

191,419

-

242,138

-

EBITDA

125,326

-

159,012

-

192,834

-

243,284

-

Consolidation Adjustment

Consolidation Adjustment

(344,632)

-

(385,432)

-

(589,642)

-

(664,898)

-

Group

Aeronautical Revenues

811,884

137.8

984,123

146.3

1,651,106

138.7

1,966,171

145.9

Non-Aeronautical Revenues

483,468

82.0

611,680

91.0

1,006,268

84.5

1,232,901

91.5

Construction Services Revenues

45,278

7.7

524,624

78.0

66,391

5.6

717,956

53.3

Total Revenues

1,340,630

227.5

2,120,427

315.3

2,723,765

228.7

3,917,028

290.7

Operating Profit

761,063

129.1

1,012,849

150.6

1,599,056

134.3

2,040,346

151.4

EBITDA

873,784

148.3

1,129,261

167.9

1,824,812

153.2

2,272,483

168.6

(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 June 30, 2015 and 2014

Thousands of Mexican pesos 

I t e m

June 2015

December 2014

Change

% Change

A s s e t s 

Current Assets

Cash and Cash Equivalents

3,172,234

2,855,362

316,872

11.10

Accounts Receivable, net

334,774

449,808

(115,034)

(25.57)

Recoverable Taxes and Other Current Assets

259,684

598,746

(339,062)

(56.63)

Total Current Assets

3,766,692

3,903,916

(137,224)

(3.52)

Non Current Assets

Machinery, Furniture and Equipment, net

321,185

322,613

(1,428)

(0.44)

Airports Concessions, net

16,828,464

16,509,356

319,108

1.93

Accounts Receivable from Joint Venture

1,694,362

1,567,608

126,754

8.09

Investment in Joint Venture Accounted by the Equity Method

1,781,169

1,621,028

160,141

9.88

Total  Assets

24,391,872

23,924,521

467,351

1.95

Liabilities and Stockholders' Equity

Current Liabilities

Trade Accounts Payable

18,963

13,060

5,903

45.20

Bank Loans

113,503

29,945

83,558

279.04

Accrued Expenses and Others Payables

565,408

358,638

206,770

57.65

Total Current Liabilities

697,874

401,643

296,231

73.75

Long Term Liabilities

Bank Loans

3,277,260

3,157,357

119,903

3.80

Deferred Income Taxes

1,603,809

1,606,245

(2,436)

(0.15)

Deferred Flat Rate Business Tax

-

-

-

-

Employee Benefits

8,739

8,180

559

6.83

Total Long Term Liabilities

4,889,808

4,771,782

118,026

2.47

Total Liabilities

5,587,682

5,173,425

414,257

8.01

Stockholders' Equity

Capital Stock

7,767,276

7,767,276

-

-

Legal Reserve

747,077

618,418

128,659

20.80

Share Repurchase Reserve

-

-

-

-

Net Income for the Period

1,477,158

2,283,724

(806,566)

(35.32)

Cumulative Effect of Conversion of Foreign Currency

325,965

220,029

105,936

48.15

IFRS Conversion Adjustment

5,045,078

5,045,078

-

-

Retained Earnings 

3,441,636

2,816,571

625,065

22.19

Total Stockholders' Equity

18,804,190

18,751,096

53,094

0.28

Total Liabilities and Stockholders' Equity

24,391,872

23,924,521

467,351

1.95

 

 

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

Consolidated Statement of Income from January 1 to June  30,  2015 and 2014

Thousands of Mexican pesos 

I t e m

 1H 

 1H 

%

 2Q 

 2Q 

%

2014

2015

Change

2014

2015

Change

Revenues

Aeronautical Services

1,651,106

1,966,171

19.08

811,884

984,123

21.21

Non-Aeronautical Services

1,006,268

1,232,901

22.52

483,468

611,680

26.52

Construction Services

66,391

717,956

981.41

45,278

524,624

1,058.67

Total Revenues

2,723,765

3,917,028

43.81

1,340,630

2,120,427

58.17

Operating Expenses

Cost of Services

531,132

562,895

5.98

270,993

287,745

6.18

Cost of Construction

66,391

717,956

981.41

45,278

524,624

1,058.67

General and Administrative Expenses

84,135

98,696

17.31

45,098

47,329

4.95

Technical Assistance

96,116

119,682

24.52

46,036

59,495

29.24

Concession Fee

121,179

145,316

19.92

59,441

71,973

21.08

Depreciation and Amortization

225,756

232,137

2.83

112,721

116,412

3.27

Total Operating Expenses

1,124,709

1,876,682

66.86

579,567

1,107,578

91.10

Operating Income

1,599,056

2,040,346

27.60

761,063

1,012,849

33.08

Comprehensive Financing Cost

13,510

(35,086)

(359.70)

11,012

(16,602)

(250.76)

Income from results of Joint Venture

Accounted by the Equity Method

32,442

54,205

67.08

21,892

21,681

(0.96)

Non-Ordinary Item

Non-Ordinary Item

-

-

-

-

-

-

Income Before Income Taxes

1,645,008

2,059,465

25.19

793,967

1,017,928

28.21

Provision for IETU

116

-

(100.00)

-

-

-

Provision for Income Tax

455,461

602,724

32.33

219,657

283,068

28.87

Provision for Asset Tax

3,847

2,905

(24.49)

1,453

1,453

-

Deferred Income Taxes

(3,536)

(23,322)

559.56

18,111

511

(97.18)

Deferred IETU

-

-

-

-

-

-

Net Income for the Year

1,189,120

1,477,158

24.22

554,746

732,896

32.11

Earning per Share

3.9637

4.9239

24.22

1.8492

2.4430

32.11

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

2.5270

3.1391

24.22

1.1789

1.5575

32.11

Exchange Rate per Dollar Ps. 15.6854

 

 

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

 Consolidated Statement of Cash flow as of June 30, 2015 and 2014

Thousands of Mexican pesos

Related

 1H 

 1H 

%

 2Q 

 2Q 

%

2014

2015

Change

2014

2015

Change

Operating Activities

Income Before Income Taxes

1,645,008

2,059,465

25

793,967

1,017,928

28

Items Related with Investing Activities:

Depreciation and Amortization

225,756

232,137

3

112,721

116,412

3

Income from Results of Joint Venture Accounted by the Equity Method

(32,442)

(54,205)

67

(21,892)

(21,681)

1

Interest Income

(47,400)

(75,356)

59

(25,018)

(38,188)

53

Foreign Exchange Gain (loss), net

-

106,694

-

-

47,549

-

Sub-Total

1,790,922

2,268,735

27

859,778

1,122,020

31

Increase in Trade Receivables

128,360

115,033

(10)

204,907

214,612

5

Decrease in Recoverable Taxes and other Current Assets

(155,382)

419,979

(370)

(27,798)

278,965

(1,104)

Other Deferred Assets

-

-

-

-

-

-

Income Tax Paid

(564,673)

(697,163)

23

(353,989)

(327,506)

(7)

Income Tax on dividends

(287,149)

-

(100)

-

-

-

   Trade Accounts Payable

229,433

208,061

(9)

95,419

60,767

(36)

   Accrued Expenses and Others Payables

-

-

-

-

-

-

    Long Term Liabilities

-

-

-

-

-

-

Net Cash Flow Provided by Operating Activities

1,141,511

2,314,645

103

778,317

1,348,858

73

Investing Activities

   Investments in Associates

-

-

-

-

-

-

   Loans granted to Associates

-

-

-

-

-

-

   Loans repaid by Associates

-

-

-

-

-

-

   Investments in Machinery, Furniture and Equipment, net

(85,390)

(543,129)

536

(49,213)

(389,498)

691

   Investments in Rights to Use Airport Facilities

-

-

-

-

-

-

   Investments in Construction in Process

-

-

-

-

-

-

   Investments in Others

-

-

-

-

-

-

Interest Income

47,400

75,356

59

25,018

38,188

53

Net Cash Flow Provided by Investing Activities

(37,990)

(467,773)

1,131

(24,195)

(351,310)

1,352

Excess Cash to Use in Financing Activities:

1,103,521

1,846,872

67

754,122

997,548

32

Bank Loans

(11,111)

-

(100)

(5,556)

-

(100)

Dividends Paid

-

(1,530,000)

-

-

(1,530,000)

-

Tax on Dividends Paid

-

-

-

-

-

-

Net Cash Flow Provided by Financing Activities

(11,111)

(1,530,000)

13,670

(5,556)

(1,530,000)

27,438

Net Increase in Cash and Cash Equivalents

1,092,410

316,872

(71)

748,566

(532,452)

(171)

Cash and Cash Equivalents at Beginning of Period

1,259,562

2,855,362

127

1,603,406

3,704,686

131

Cash and Cash Equivalents at the End of Period

2,351,972

3,172,234

35

2,351,972

3,172,234

35

 

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