ASUR Reports 3Q20 Financial Results

Passenger traffic continues to reflect travel disruptions worldwide due to the COVID-19 pandemic

Grupo Aeroportuario del Sureste, S.A.B. de C.V.  (NYSE: ASR; BMV: ASUR) (ASUR), an international airport group with operations in Mexico, the U.S., and Colombia, today announced results for the three- and nine-month periods ended September 30, 2020. 

3Q20 Highlights1

  • Total passenger traffic decreased 70.2% year over year (YoY), impacted by the COVID-19 pandemic, primarily since the second half of March 2020 which resulted in the following declines across operations:
    • 63.7% in Mexico, due to declines of 51.7% and 77.6% in domestic and international traffic, respectively
    • 59.1% in Puerto Rico (Aerostar), down 55.6% in domestic traffic and 88.0% in international traffic
    • 95.4% in Colombia (Airplan), with domestic and international traffic down 94.9% and 98.1%, respectively
  • Revenues declined 40.4% YoY to Ps.2,447.1
  • Consolidated commercial revenues per passenger reached Ps.137.4, up from Ps.99.2 in 3Q19
  • Consolidated EBITDA declined 69.5% YoY to Ps.755.1 million, but above the comparable Ps.16.0 million in 2Q20 (2Q20 excludes non-recurring insurance recoveries in Puerto Rico)
  • Adjusted EBITDA Margin (excludes the effect of IFRIC 12) declined to 44.6% from 64.0% in 3Q19, but improved from the comparable 1.8% in 2Q20
  • Cash & cash equivalents at quarter-end of Ps.6,012.7 million and Net Debt-to-LTM EBITDA at 1.5x
  • Principal debt payments of Ps.97.4 million, or 0.7% of Total Debt, mature in 4Q20 and 5.9% of Total Debt matures in 2021

Table 1: Financial & Operational Highlights 1

Third Quarter

% Chg

2019

2020

Financial Highlights

Total Revenue

4,106,266

2,447,072

(40.4)

Mexico

2,745,561

1,699,712

(38.1)

San Juan

808,251

681,538

(15.7)

Colombia

552,454

65,822

(88.1)

Commercial Revenues per PAX

99.2

137.4

38.6

Mexico

114.3

114.7

0.4

San Juan

124.2

186.1

49.9

Colombia

42.2

282.0

568.2

EBITDA

2,475,603

755,074

(69.5)

Net Income

1,340,432

147,027

(89.0)

Majority Net Income

1,314,628

105,155

(92.0)

Earnings per Share (in pesos)

4.3821

0.3505

(92.0)

Earnings per ADS (in US$)

1.9789

0.1583

(92.0)

Capex

445,755

834,473

87.2

Cash & Cash Equivalents

6,196,806

6,012,746

(3.0)

Net Debt

7,777,721

8,732,330

12.3

Net Debt / LTM EBITDA

0.8

1.5

94.0

Operational Highlights

Passenger Traffic

Mexico

8,333,227

3,023,846

(63.7)

San Juan

2,354,372

963,677

(59.1)

Colombia

3,192,585

146,678

(95.4)

1 Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS), including application of IFRS 16 that came into effect in 2019, and represent comparisons between the three- and nine-month periods ended September 30, 2020, and the equivalent three-and nine-month periods ended September 30, 2019. 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.22.1438 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP172.98 = Mexican Ps.1.00 (source: Investing).