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Grupo Aeroportuario del Sureste(ASR) - 2024 Q1 - Earnings Call Transcript
2024-04-23 17:23
Financial Data and Key Metrics Changes - Total revenues increased by 14% year-on-year to just over MXN 7 billion in Q1 2024, with Mexico and Colombia showing mid-teen growth while Puerto Rico experienced low single-digit growth [7][8] - Consolidated EVA rose by 13% year-on-year to MXN 5.1 billion, with EBITDA growth across all regions, particularly in Mexico with a 15% increase [11] - Cash and cash equivalents reached nearly MXN 17 billion, up 21% from the same quarter last year, while total debt declined by 4% [11] Business Line Data and Key Metrics Changes - Mexico, accounting for 76% of total revenues, saw a 16% increase in revenues driven by mid-20s growth in aeronautical services [8] - Puerto Rico, which represented 14% of total revenues, posted nearly 2% revenue growth, with a 10% increase in non-aeronautical revenues offset by a 5% decline in aeronautical revenues [8] - Colombia, contributing 10% to revenues, experienced a mid-teen increase in revenues, benefiting from international traffic growth [9] Market Data and Key Metrics Changes - Passenger traffic reached a record high of 18.6 million, up 4% year-on-year, with Puerto Rico showing the strongest growth at nearly 12% [5] - Domestic traffic in Mexico was impacted by a reduction in air traffic movements at Mexico City Airport, which accounted for 45% of domestic tourist traffic in 2023 [6] - Colombia's traffic showed signs of recovery with a 9% growth in March, following a year-over-year decline of only 2% in Q1 2024 [7] Company Strategy and Development Direction - The company is focused on enhancing passenger experience and expanding commercial offerings, with plans to invest in capacity and infrastructure [13] - A significant CapEx program of MXN 29 billion over the next five years is aimed at supporting growth while balancing cash returns to shareholders [30] - The company is committed to sustainability, with ongoing projects related to water security and energy efficiency [55] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges from Pratt & Whitney engine issues and capacity reductions at Mexico City Airport, which are expected to impact domestic traffic [13] - The outlook for international traffic remains positive, particularly from the U.S. and Canada, although domestic traffic may see a slight decrease [23] - Management expressed confidence in the recovery of traffic in Colombia and normalization in Puerto Rico, anticipating continued growth throughout the year [36] Other Important Information - The company proposed an ordinary cash dividend of MXN 10 and an extraordinary cash dividend of MXN 10, payable in May and June respectively [12] - The company published its 2023 sustainability report, emphasizing its commitment to environmental initiatives [12] Q&A Session Summary Question: Cost control initiatives in Mexico - Management highlighted a 50% reduction in strategic TANF fees offsetting increased concession fees, with administrative costs rising due to a 20% minimum wage increase [15] Question: Update on Punta Cana situation - No updates were provided regarding the Dominican Republic's government situation, with ongoing legal procedures in place [15] Question: Impact of Mexico City Airport capacity restrictions - Management noted a 70% decrease in capacity at Mexico City Airport, resulting in a loss of nearly a million passengers compared to last year [18] Question: CapEx program disruptions - Management does not foresee disruptions to commercial revenues during the CapEx rollout, as major expansions will occur outside operational areas [20] Question: MDP tariff adjustments - Management confirmed that no adjustments were made in Q1 2024, with increases expected to take effect from April [23] Question: Traffic outlook for Puerto Rico and Colombia - Management expects normalization in traffic for both regions, with Colombia showing signs of recovery and Puerto Rico's growth expected to stabilize [36] Question: New investments outside Mexico - Currently, there are no new investment projects outside Mexico [51]
Grupo Aeroportuario del Sureste(ASR) - 2023 Q4 - Annual Report
2024-04-15 21:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2024 GRUPO AEROPORTUARIO DEL SURESTE, S.A.B. de C.V. (SOUTHEAST AIRPORT GROUP) (Translation of Registrant's Name Into English) México (Jurisdiction of incorporation or organization) Bosque de Alisos No. 47A– 4th Floor Bosques de las Lomas 05120 México, D.F. (Address of principal executive offices) ...
ASUR Files Form 20-F 2023 with the U.S. Securities and Exchange Commissionand Publishes Sustainability Report 2023
Prnewswire· 2024-04-15 21:00
Group 1 - Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) has filed its annual report on Form 20-F for the year ended December 31, 2023, with the U.S. Securities and Exchange Commission [1] - ASUR has published its Sustainability Report 2023, detailing the company's performance in environmental, social, and governance aspects [1] - Investors can access the reports via ASUR's Investor Relations website and request a printed copy free of charge [1] Group 2 - ASUR operates, maintains, and develops 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia [2] - Cancun Airport is highlighted as the most important tourist destination in Mexico, the Caribbean, and Latin America [2] - ASUR holds a 60% joint venture stake in Aerostar Airport Holdings, LLC, which operates Luis Muñoz Marín International Airport in Puerto Rico [2]
Grupo Aeroportuario del Sureste(ASR) - 2023 Q4 - Annual Report
2024-04-15 20:17
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2023 Commission File Number 1-15132 Grupo Aeroportuario del Sureste, S.A.B. de C.V. (Exact name of registrant as specified in its charter) Southeast Airport Group United Mexican States (Translation of registrant’s name into English) (Jurisdiction of incorporation or organization) Bosque de Alisos No. 47A ...
Wall Street Favorites: 3 Travel Stocks With Strong Buy Ratings for April 2024
InvestorPlace· 2024-04-12 19:00
It’s a great time to be looking at stocks in the travel and hospitality industries.The sector was temporarily beaten down due to the COVID-19 pandemic. However, tourism activity has come absolutely roaring back since the global economy reopened and travel restrictions were lifted. In addition, government stimulus and a sharp jump in consumer income have led to a surge in discretionary spending. In turn, much of that extra disposable income has gone to tourism and other experiences.This has led the travel in ...
ASUR Announces Total Passenger Traffic for March 2024
Prnewswire· 2024-04-08 20:30
Core Insights - Grupo Aeroportuario del Sureste (ASUR) reported a total passenger traffic of 6.5 million in March 2024, marking a year-on-year increase of 6.6% compared to March 2023 [1][2] - Passenger traffic growth was observed across different regions: 3.4% in Mexico, 16.0% in Puerto Rico, and 9.4% in Colombia [1][2] - The increase in passenger traffic in Mexico was primarily driven by an 11.1% rise in international traffic, which compensated for a 6.83% decline in domestic traffic [1][3] Passenger Traffic Summary - In Mexico, passenger traffic rose from 3,893,840 in March 2023 to 4,024,853 in March 2024, a 3.4% increase [3] - Domestic traffic in Mexico decreased by 6.8%, while international traffic increased by 11.1% [3] - Puerto Rico's passenger traffic increased from 1,003,705 in March 2023 to 1,164,522 in March 2024, reflecting a 16.0% growth, with domestic and international traffic growing by 14.9% and 27.1%, respectively [3][4] - Colombia's passenger traffic grew from 1,170,420 in March 2023 to 1,280,754 in March 2024, a 9.4% increase, with domestic traffic rising by 3.6% and international traffic by 37.7% [3][4] Year-to-Date Performance - Year-to-date passenger traffic for Mexico increased from 11,073,291 in 2023 to 11,496,410 in 2024, a 3.8% rise [3] - Year-to-date traffic for Puerto Rico rose from 2,907,038 to 3,261,896, a 12.2% increase [3] - Year-to-date traffic for Colombia decreased slightly from 3,885,317 to 3,804,230, reflecting a 2.1% decline [3] Company Overview - Grupo Aeroportuario del Sureste operates 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia [5] - The company is a significant player in the airport industry, with its Cancun Airport being a major tourist destination [5] - ASUR is also a 60% joint venture partner in Aerostar Airport Holdings, which operates Luis Muñoz Marín International Airport in Puerto Rico [5]
2 Bargain-Priced Forever Stocks to Buy Hand Over Fist in March
The Motley Fool· 2024-03-12 12:21
The stock market has soared to an all-time high already in 2024, but that doesn't mean there aren't excellent long-term opportunities to be found. In this video, Fool.com contributors Matt Frankel and Tyler Crowe discuss two companies -- one you're probably familiar with, and one you may not have heard of -- that could be excellent "forever stocks" to add to your portfolio.*Stock prices used were the afternoon prices of March 7, 2024. The video was published on March 8, 2024. ...
ASUR Calls for a Shareholders' Meeting
Prnewswire· 2024-03-07 21:30
Core Viewpoint - Grupo Aeroportuario del Sureste (ASUR) has announced its General Annual Ordinary Shareholders' Meeting scheduled for April 24, 2024, detailing the agenda and key reports to be discussed [1][2]. Group 1: Meeting Details - The Ordinary Annual General Shareholders' Meeting will take place at 10 a.m. on April 24, 2024, at the company's offices in Mexico City [2]. - Shareholders must be registered on the Company Shareholder Register by April 19, 2024, to attend the meeting [6][7]. Group 2: Agenda Items - The agenda includes the presentation and potential approval of the CEO's report for the fiscal year ended December 31, 2023, along with the independent auditor's report [3]. - Financial statements for the fiscal year ended December 31, 2023, will be presented, including individual and consolidated financial statements [3]. - A proposal for an ordinary net dividend of 10.926 pesos and an extraordinary net dividend of 10.00 pesos is to be discussed, payable in May and June 2024, respectively [4]. Group 3: Governance and Compliance - The meeting will address the ratification of the administration by the Board of Directors and the CEO for the fiscal year 2023, including the appointment of committee members [5]. - The company will also discuss compliance with tax obligations for the fiscal year ended December 31, 2022 [3]. Group 4: Company Overview - Grupo Aeroportuario del Sureste operates 16 airports across the Americas, including major airports in Mexico and Colombia, and is a significant player in the airport management sector [10].
ASUR Announces Total Passenger Traffic for February 2024
Prnewswire· 2024-03-06 21:30
Passenger traffic increased year-on-year by 5.7% in Mexico and 12.6% in Puerto Rico and decreased 3.4% in Colombia MEXICO CITY, March 6, 2024 /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 that passenger traffic for February 2024 reached a total of 5.8 million passengers, representing an increase of 4.8% compared to February 2023. Passenger traffic presented ...
Grupo Aeroportuario del Sureste(ASR) - 2023 Q4 - Earnings Call Transcript
2024-02-27 21:59
Financial Data and Key Metrics Changes - Total revenues increased nearly 5% to just over MXN 6 billion in Q4 2023, with Mexico accounting for 74% of revenues and posting a 6% increase [14] - Comparable consolidated EBITDA increased 1% to MXN 4.1 billion, with Mexico being the main driver of profitability [17] - The company ended the year with a strong cash position of nearly MXN 16 billion and a negative leverage ratio of 0.2x [18] Business Line Data and Key Metrics Changes - Aeronautical services in Mexico increased by 5%, while non-aeronautical services rose by 7%, reflecting higher passenger traffic [14] - Commercial revenues per passenger reached MXN 119, up 6% on a consolidated basis, with significant increases in Mexico and Colombia [16] - Colombia posted a mid-single-digit top line increase, supported by a 3% growth in aeronautical revenues and an 8% increase in non-aeronautical services [15] Market Data and Key Metrics Changes - Nearly 18 million passengers traveled across the airport network in Q4 2023, marking the highest level for a fourth quarter [11] - Total traffic for the year reached over 70 million passengers, with a 10% annual increase in Mexico and an 18% increase in Puerto Rico, partially offset by a nearly 10% decline in Colombia [11][12] - Domestic traffic in Mexico is experiencing initial effects from Pratt & Whitney engine problems, while traffic from the U.S. and Canada remains a key growth driver [12] Company Strategy and Development Direction - The company approved a 2024-2028 master development plan for Mexican airports, committing MXN 28.5 billion in CapEx, with 75% allocated to Cancun Airport [4][5] - The new MDP includes efficiency factor adjustments and a reduction in the technical assistance fee from 5% to 2.5% of EBITDA generated by Mexican operations [6][7] - Sustainability efforts include the installation of solar panels and achieving Level 2 certification under the Airport Carbon Accreditation program [8][9] Management Comments on Operating Environment and Future Outlook - Management noted that the reduction in air traffic movements at Mexico City Airport is expected to negatively impact domestic traffic in 2024 [12] - The company anticipates a recovery in Colombian traffic starting in March 2024 as local airlines resume operations [13] - Management expressed confidence in long-term opportunities supported by ongoing investments to enhance passenger travel experiences and expand commercial offerings [18] Other Important Information - The company completed negotiations with ITA, resulting in a reduced technical assistance fee [6] - The Supreme Court of Justice rejected an appeal related to the construction permit for Bavaro International Airport, impacting future projects in the Dominican Republic [7] Q&A Session Summary Question: Impact of Pratt & Whitney inspection on domestic traffic - Management indicated that domestic traffic is weaker due to Pratt & Whitney issues, with Volaris increasing load factors but resulting in fewer passengers overall [21] Question: Increase in operating expenses - The increase in expenses was primarily due to salary adjustments in Colombia, which had been deferred during the pandemic [22] Question: Details on Cancun projects - The company plans to invest MXN 21 billion in Cancun, with major projects including the expansion of Terminal 4 and reconstruction of Terminal 1 [25] Question: Update on Dominican Republic airport project - The project is on hold due to legal processes and a recent decree cancelling previous approvals [27] Question: Capital allocation and dividend policy - Management will review capital allocation and dividend proposals in March, with no fixed dividend policy currently in place [29][40] Question: Tourism bookings in southeastern Mexico - Strong bookings are observed from the U.S. and Canada, but domestic traffic is affected by issues at Mexico City Airport [44]