Grupo Aeroportuario del Sureste
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Grupo Aeroportuario del Sureste(ASR) - 2024 Q4 - Annual Report
2025-04-10 21:14
Company Information - Grupo Aeroportuario del Sureste, S.A.B. de C.V. is a foreign private issuer under the Securities Exchange Act of 1934[1] - The principal executive office is located in Mexico City, D.F.[2] - Adolfo Castro Rivas serves as the Chief Executive Officer[5] Report Details - The report is filed for the month of April 2025[2]
Grupo Aeroportuario del Sureste(ASR) - 2024 Q4 - Annual Report
2025-04-10 20:31
Revenue and Passenger Traffic - In 2023 and 2024, passenger charges represented 45.7% and 46.1% of the company's consolidated revenues, respectively[13]. - Total passenger traffic in the company's airports recovered for 2024, increasing by 1.1% compared to 2023[25]. - In 2022, 2023, and 2024, 63.4%, 61.8%, and 62.2% of international passengers in the company's Mexican airports arrived or departed on flights to or from the United States[28]. - In 2022, 2023, and 2024, 53.1%, 51.5%, and 52.8% of revenues from Mexican passenger charges were derived from international passengers[28]. - Revenues from Mexican passenger charges accounted for 16.6% of total revenues in 2024[49]. - In 2024, 52.6% of Mexican domestic passengers and 51.8% of Colombian domestic passengers relied on Mexico City International Airport and El Dorado International Airport, respectively, indicating a high dependency on these airports for traffic[75][76]. - Overall Mexican domestic passenger traffic to and from Mexico City decreased by 13.8% in 2024 compared to 2023[75]. - In 2024, 59.3% of total revenues were earned from aeronautical services at all airports, with 53.7%, 59.1%, and 60.1% in 2022, 2023, and 2024 respectively[137]. Economic and Political Factors - The ongoing military conflict involving Russia and Ukraine could cause significant disruptions in supply chains, adversely affecting the travel industry and the company's business[16]. - The company cannot predict how economic conditions in the United States, Mexico, or Colombia may develop in the future, which could affect tourism and travel decisions[30]. - The Colombian economy's fluctuations, including currency devaluation and changes in fiscal policies, could adversely affect the company's financial condition and results of operations[32]. - The economy of Puerto Rico has been in a recession since 2006, which has worsened due to various factors including natural disasters and the COVID-19 pandemic[33]. - The Mexican government has significant influence over the economy, which could impact market conditions and the company's financial performance[160]. - Political developments in Mexico may adversely affect the company's operations and financial condition[159]. - The U.S. is Mexico's primary trading partner, receiving over 80% of Mexico's total exports, and any weakened trading ties could adversely impact the Mexican economy and the company's business[171]. - The company cannot predict the impact of political, economic, and social conditions on the Mexican economy, which may adversely affect its financial condition and results of operations[165]. - Political instability and violence in Colombia may adversely affect the economy and operations of the company[190]. Financial Performance and Risks - The company has outstanding indebtedness of U.S.$640.6 million as of December 31, 2024, with U.S.$136.7 million of that being floating rate[64]. - Increased interest rates could adversely affect the company's financial condition, impacting debt service costs and overall results of operations[64]. - The company is exposed to risks related to construction projects, which could lead to delays or budget overruns affecting its ability to expand capacity at Mexican airports[86]. - The company’s insurance policies may not provide sufficient coverage against all liabilities, exposing it to potential financial risks[101]. - The company is subject to potential fines and penalties pending the outcome of its appeal against the Mexican government's tax treatment of airport concessions[57]. - The company is currently evaluating the potential impact of new concessions granted by the government that could compete with its airports[132]. Regulatory and Compliance Issues - The FAA downgraded Mexico's aviation safety rating to Category 2 on May 25, 2021, which affected 0.8%, 0.7%, and 1.1% of passengers traveling to or from the U.S. in 2022, 2023, and 2024 respectively[60]. - The Mexican government increased the concession fee for federal airports from 5.0% to 9.0% of gross annual regulated revenues, effective January 1, 2024[120]. - The amendments to the Mexican Airport Law enhance regulatory authority over civil aviation, including the ability to revoke permits and impose sanctions for non-compliance[119]. - The company faces risks from potential violations of the Mexican Airport Law, which could lead to fines or termination of concessions[128]. - The creation of a single authority for free competition may affect the enforcement of competition laws and the company's operations[126]. Operational Developments - The company incurred major capital expenditures in Puerto Rico during 2024, including costs related to the reconstruction of Terminal D and Runway 8/26[89]. - The company entered into an investment agreement in May 2023 for developing an international airport in Bavaro, Dominican Republic, with a total estimated investment of U.S.$66.0 million, of which U.S.$48.1 million remains pending[89]. - The company completed all projects under the 2014 and 2016 investment agreements with the Colombian government for certain airports by March 6, 2020[88]. - The Felipe Carrillo Puerto International Airport, inaugurated on December 1, 2023, is expected to impact passenger traffic and operating results, although the extent is uncertain[134]. Taxation and Fiscal Policies - The Colombian government passed Law 2277, introducing a new permanent equity tax with rates ranging from 0.5% to 1.5% based on net equity, effective January 1, 2023[185]. - The dividend tax rate for local and foreign shareholders increased to a progressive marginal rate of up to 39% for Colombian individuals and a flat 20% for non-resident shareholders[185]. - The long-term capital gains tax rate rose from 10% to 15%[185]. - A minimum corporate income tax of at least 15% was established based on the effective tax rate calculated on book profit[185]. - The Colombian government introduced a new tax reform bill in September 2024, proposing to increase equity tax rates up to 2% and long-term capital gains tax from 15% to 20%, but it was rejected in December 2024[188]. Future Outlook - IATA forecasts global airline industry net profits of U.S.$36.6 billion on revenues of U.S.$1,007 billion for 2025[43]. - Forward-looking statements are made in various reports and communications, indicating the company's expectations and plans for future performance[209]. - The company uses terms like "believe," "anticipate," and "expect" to identify forward-looking statements, which are not the exclusive means of identification[210].
Grupo Aeroportuario del Sureste(ASR) - 2024 Q3 - Quarterly Report
2024-10-22 23:57
Financial Performance - Total revenue increased by 18.1% YoY to Ps.7,483.3 million, with consolidated EBITDA rising by 12.0% YoY to Ps.4,700.4 million[2]. - Net income rose by 23.8% YoY to Ps.3,474.6 million, with earnings per share increasing by 24.8% to Ps.11.2706[3]. - Operating profit for Q3 2024 was Ps.4,097.2 million, with an operating margin of 54.8%, down from 58.0% in Q3 2023[20]. - EBITDA increased by 12.0% YoY to Ps.4,700.4 million, with a consolidated EBITDA margin of 62.8% compared to 66.2% in Q3 2023[22]. - Total operating costs and expenses increased by 27.3% YoY to Ps.3,386.1 million, with significant increases in personnel and maintenance costs across all regions[13]. - Total revenues increased by 18.1% YoY to Ps.7,483.3 million in Q3 2024, driven by a 96.6% increase in construction services revenues and a 19.4% increase in aeronautical services revenues[11]. Passenger Traffic - Total passenger traffic declined by 2.1% YoY, with Mexico experiencing a 10.1% decrease, while Puerto Rico and Colombia saw increases of 4.6% and 15.5%, respectively[2][6]. - Passenger traffic in Mexico for 3Q24 was 9.6 million, down from 10.7 million in 3Q23, while Colombia's traffic reached 4.3 million[6][8]. - Domestic passenger traffic in Mexico decreased by 8.0% in Q3 2024 compared to Q3 2023, totaling 5,255,435 passengers[102]. - International passenger traffic in Mexico decreased by 12.6% in Q3 2024, totaling 4,369,475 passengers[102]. - In Colombia, total passenger traffic increased by 15.5% in Q3 2024, reaching 4,314,938 passengers[102]. Capital Expenditures - Capital expenditures (Capex) surged by 183.8% YoY to Ps.1,042.4 million, indicating a strong investment in infrastructure[3]. - Capital expenditures in 3Q24 amounted to Ps.1,042.4 million, significantly higher than Ps.367.4 million in 3Q23, with a focus on modernizing Mexican airports[47]. - Capital expenditures for the first nine months of 2024 totaled Ps.1,861.8 million, compared to Ps.663.3 million in the same period of 2023[48]. Financial Position - Cash and cash equivalents at the end of the quarter were Ps.18,483.6 million, with a net debt position of (Ps.5,853.2 million)[3]. - The company reported a negative net debt to LTM EBITDA ratio of (0.3), reflecting a strong financial position[3]. - Total debt increased by 3.3% to Ps.12,630.4 million from Ps.12,224.8 million as of December 31, 2023, primarily due to foreign exchange impacts and debt principal payments[32]. - Cash and cash equivalents totaled Ps.18,483.6 million, providing a strong liquidity position against total debt of Ps.12,630.4 million[40]. - The interest coverage ratio improved to 12.1x as of September 30, 2024, compared to 11.4x a year earlier[37]. Regional Performance - Total revenues in Mexico increased by 17.1% YoY to Ps.5,386.4 million, driven by a 19.3% increase in aeronautical services revenues[50]. - Total Puerto Rico revenues increased by 14.5% year-over-year to Ps.1,215.6 million in 3Q24, with non-aeronautical services revenues rising by 14.5% and aeronautical services revenues by 11.7%[68]. - Total revenues in Colombia rose by 29.9% YoY to Ps.881.3 million in 3Q24, with commercial revenue per passenger increasing to Ps.52.0 from Ps.43.3 in 3Q23[83]. Operational Highlights - The company reported a consolidated comprehensive financing gain of Ps.906.5 million in Q3 2024, significantly up from Ps.143.0 million in Q3 2023, primarily due to a foreign exchange gain[23]. - ASUR opened 18 new commercial spaces across various airports, enhancing its retail and service offerings[54]. - The company is diversifying its revenue streams with new partnerships in Colombia, including airlines and food and beverage sectors, with several agreements expected to generate revenue from October 2023 to August 2024[104]. Market Outlook - The overall market outlook remains cautious due to the decline in passenger traffic in Mexico, but growth in other regions provides a balanced perspective[2][6]. - The strategic expansion into new markets and sectors is expected to drive growth, with a focus on both car rental and retail operations across various regions[104].
Grupo Aeroportuario del Sureste(ASR) - 2024 Q2 - Earnings Call Transcript
2024-07-24 19:04
Financial Data and Key Metrics Changes - Total revenues increased nearly 18% year-on-year to MXN7 billion in Q2 2024, with Colombia showing top line growth in the 30s [8][9] - Consolidated EBITDA rose 18% year-on-year to MXN5 billion, with an adjusted EBITDA margin remaining relatively unchanged at 69% [11][12] - Net majority income surged 50% year-on-year to MXN3.7 billion, benefiting from a foreign exchange gain of nearly MXN950 million [13][14] Business Line Data and Key Metrics Changes - Aeronautical services revenue in Mexico grew in the high 20s, while non-aeronautical revenues increased low single digits [9] - Commercial revenues increased 7%, with significant growth in Colombia at 40% and record high commercial revenues per passenger in Mexico at MXN154.5 [10][12] - Cost and expenses rose nearly 30% year-on-year, with total costs up 16%, slightly below revenue growth [11] Market Data and Key Metrics Changes - Passenger traffic was up 3% year-on-year to nearly 18 million, with Colombia experiencing a 21% increase, while traffic in Mexico declined close to 5% [6][7] - International traffic saw declines from all regions except Canada, with domestic traffic impacted by Pratt & Whitney engine issues and capacity reductions at Mexico City Airport [8] Company Strategy and Development Direction - The company is focused on expanding its commercial offerings, having opened 45 new commercial spaces over the past 12 months [10] - Key projects include expansions at Cancun Airport and Riohacha Airport, with ongoing project planning and bidding processes [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from Pratt & Whitney engine issues and reduced capacity at Mexico City Airport, which are expected to continue affecting traffic [14] - The company anticipates normalization in Puerto Rico traffic and a recovery in Colombia towards the end of the year [20][28] Other Important Information - The company maintains a healthy financial position with cash and cash equivalents of nearly MXN15 billion after dividend payments totaling MXN6.3 billion [12] - The company is in the final stages of establishing a strategic alliance with a non-governmental organization to prevent human trafficking [5] Q&A Session Summary Question: Update on Pratt & Whitney recall and its impact on traffic - Management expects the affected planes to return to production by the end of September, with stabilization anticipated by Q1 next year [16] Question: Insights on commercial revenues and future openings - Management noted strong performance in parking and car rental, with expectations for continued growth in commercial revenues [20] Question: Realized tariff and concerns about peso depreciation - Management confirmed a realized tariff of MXN326, representing around 95% of the maximum tariff, and indicated that peso depreciation could help achieve tariff objectives [22][23] Question: Traffic expectations for Cancun and U.S. market - Management expressed concerns about ongoing negative impacts on Cancun traffic due to domestic issues and potential U.S. election-related effects [34] Question: CapEx expectations and split between MDP and non-MDP - Management indicated that the MDP for the year is around MXN3.8 billion, with a slow start to spending due to project development timelines [31]
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) ...
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 ...
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]