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ASUR ANNOUNCES 2Q24 RESULTS

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Grupo Aeroportuario del Sureste (NYSE: ASR) reported its Q2 2024 results, showing a 2.8% year-over-year increase in total passenger traffic. Key highlights include:

- Revenues rose 20.1% YoY to Ps.7,394.0 million
- EBITDA grew 18.0% YoY to Ps.4,909.9 million
- Net Income increased 42.7% to Ps.3,779.4 million
- Earnings per Share reached Ps.12.2452, up 50.3%

Traffic varied by region: Mexico declined 4.7%, Puerto Rico increased 8.5%, and Colombia saw a significant 20.9% growth. The company maintained a strong financial position with Ps.14,997.0 million in cash and a negative Debt to LTM Adjusted EBITDA ratio of 0.2x.

Il Grupo Aeroportuario del Sureste (NYSE: ASR) ha riportato i risultati del secondo trimestre 2024, mostrando un aumento del 2,8% rispetto all'anno precedente nel traffico passeggeri totale. I punti salienti includono:

- I ricavi sono aumentati del 20,1% su base annua, arrivando a Ps.7.394,0 milioni
- EBITDA cresciuto del 18,0% su base annua, arrivando a Ps.4.909,9 milioni
- Utile netto aumentato del 42,7%, raggiungendo Ps.3.779,4 milioni
- Utile per azione salito a Ps.12.2452, con un incremento del 50,3%

Il traffico variera a seconda della regione: il Messico ha registrato un calo del 4,7%, Porto Rico un aumento dell'8,5% e la Colombia ha visto una significativa crescita del 20,9%. L'azienda ha mantenuto una solida posizione finanziaria con un cash flow di Ps.14.997,0 milioni e un rapporto Debito su EBITDA aggiustato LTM negativo di 0,2x.

Grupo Aeroportuario del Sureste (NYSE: ASR) presentó sus resultados del segundo trimestre de 2024, mostrando un incremento del 2.8% interanual en el tráfico total de pasajeros. Los aspectos más destacados incluyen:

- Los ingresos aumentaron un 20.1% en comparación con el año anterior, alcanzando Ps.7,394.0 millones
- EBITDA creció un 18.0% interanual, alcanzando Ps.4,909.9 millones
- Ingresos netos aumentaron un 42.7% a Ps.3,779.4 millones
- Ganancias por acción alcanzaron Ps.12.2452, un incremento del 50.3%

El tráfico varió según la región: México disminuyó un 4.7%, Puerto Rico incrementó un 8.5% y Colombia vio un crecimiento significativo del 20.9%. La compañía mantuvo una sólida posición financiera con Ps.14,997.0 millones en efectivo y una relación Deuda sobre EBITDA ajustado LTM negativa de 0.2x.

남동공항그룹(주)(NYSE: ASR)이 2024년 2분기 실적을 발표하며 전체 승객 수가 전년 대비 2.8% 증가했다고 밝혔습니다. 주요 내용을 살펴보면:

- 수익은 전년 대비 20.1% 증가하여 Ps.7,394.0백만에 도달했습니다.
- EBITDA는 전년 대비 18.0% 증가하여 Ps.4,909.9백만에 이르렀습니다.
- 순이익은 42.7% 증가하여 Ps.3,779.4백만에 도달했습니다.
- 주당 순이익은 Ps.12.2452에 도달하여 50.3% 증가했습니다.

지역별 트래픽은 다음과 같이 달라졌습니다: 멕시코는 4.7% 감소했으며, 푸에르토리코는 8.5% 증가했고, 콜롬비아는 20.9%의 상당한 성장을 보였습니다. 회사는 Ps.14,997.0백만의 현금과 부채 대 EBITDA 비율이 -0.2배인 강력한 재무 상태를 유지하고 있습니다.

Le Grupo Aeroportuario del Sureste (NYSE: ASR) a publié ses résultats du deuxième trimestre 2024, montrant une augmentation de 2,8 % par rapport à l'année précédente du trafic total de passagers. Les points forts incluent :

- Les revenus ont augmenté de 20,1 % en glissement annuel, atteignant Ps.7 394,0 millions
- EBITDA a progressé de 18,0 % en glissement annuel, atteignant Ps.4 909,9 millions
- Le bénéfice net a augmenté de 42,7 % à Ps.3 779,4 millions
- Le bénéfice par action a atteint Ps.12,2452, soit une hausse de 50,3 %.

Le trafic a varié selon les régions : le Mexique a enregistré une baisse de 4,7 %, Porto Rico une hausse de 8,5 % et la Colombie une croissance significative de 20,9 %. L'entreprise a maintenu une solide position financière avec Ps.14 997,0 millions de liquidités et un ratio de dette par rapport à l'EBITDA ajusté LTM négatif de 0,2x.

Grupo Aeroportuario del Sureste (NYSE: ASR) berichtete über seine Ergebnisse für das 2. Quartal 2024, die einen Jahreszuwachs von 2,8% beim gesamten Passagieraufkommen zeigen. Wichtige Highlights sind:

- Die Einnahmen stiegen im Jahresvergleich um 20,1% auf Ps.7.394,0 Millionen
- EBITDA wuchs um 18,0% im Jahresvergleich und erreichte Ps.4.909,9 Millionen
- Der Nettogewinn stieg um 42,7% auf Ps.3.779,4 Millionen
- Der Gewinn pro Aktie erreichte Ps.12.2452, was einem Anstieg von 50,3% entspricht.

Der Verkehr variierte je nach Region: Mexiko fiel um 4,7%, Puerto Rico stieg um 8,5% und Kolumbien erlebte ein bemerkenswertes Wachstum von 20,9%. Das Unternehmen hielt eine starke finanzielle Position mit Ps.14.997,0 Millionen in bar und einem negativen Schulden-zu-EBITDA-Verhältnis von 0,2x aufrecht.

Positive
  • Total passenger traffic increased 2.8% year-over-year
  • Revenues grew 20.1% YoY to Ps.7,394.0 million
  • EBITDA increased 18.0% YoY to Ps.4,909.9 million
  • Net Income rose 42.7% to Ps.3,779.4 million
  • Earnings per Share increased 50.3% to Ps.12.2452
  • Strong cash position of Ps.14,997.0 million
  • Negative Debt to LTM Adjusted EBITDA ratio of 0.2x, indicating low leverage
Negative
  • Passenger traffic in Mexico declined 4.7% YoY
  • International traffic in Mexico decreased 2.5%
  • Domestic traffic in Mexico fell 7.0%

Insights

Grupo Aeroportuario del Sureste (ASUR) has demonstrated solid financial growth in its 2Q24 results. Notably, revenues increased by 20.1 YoY to Ps.7,394.0 million, showing a robust recovery. This growth can be attributed to a significant 35.3 increase in revenue from Colombia and an 18.0 rise in EBITDA. While Mexico saw a decline in passenger traffic, the significant increases in Puerto Rico and Colombia have balanced the overall performance. The 42.7 rise in net income and a healthy cash position of Ps.14,997.0 million are reassuring for investors. ASUR's ability to manage debt effectively, evidenced by a negative net debt to LTM EBITDA ratio, indicates strong financial health. For retail investors, the increase in earnings per share by 50.3 is a positive indicator of potential future returns.

ASUR’s diverse geographical operations have proven to be a strategic advantage. The 8.5 increase in passenger traffic in Puerto Rico and the 20.9 surge in Colombia highlight ASUR's successful expansion outside of Mexico. The significant growth in these regions has overshadowed the decline in Mexico, where domestic and international traffic fell by 4.7. The rise in commercial revenues per passenger, particularly in Mexico and Colombia, indicates effective monetization strategies. Market trends suggest that international travel is recovering more rapidly, which ASUR has capitalized on, especially in Colombia with a 29.6 increase in international traffic. Investors should note these regional performances as a diversification strategy that reduces risk exposure.

ASUR's financial performance also reflects its ongoing investments in infrastructure and technology upgrades, as evidenced by the 316.4 increase in Capex. The company's commitment to enhancing its airport facilities is important in attracting more passengers and improving the overall travel experience. Technological improvements not only increase operational efficiency but also enhance passenger satisfaction and safety. Investors should view these investments as long-term value drivers that will sustain ASUR's growth trajectory. The focus on construction and modernization indicates a forward-looking approach, preparing the company for future demand surges.

Passenger Traffic Increased 2.8% YoY

MEXICO CITY, July 23, 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 results for the three-and six-month periods ended June 30, 2024.

2Q24 Highlights1

  • Total passenger traffic increased 2.8% year-over-year ("YoY"). By country of operations, passenger traffic presented the following YoY variations:
    • Mexico: declined 4.7%, reflecting decreases of 2.5% in international traffic and 7.0% in domestic traffic.
    • Puerto Rico (Aerostar): increased 8.5%, driven by growth of 7.8% and 13.9% in domestic and in international traffic, respectively.
    • Colombia (Airplan): increased 20.9%, resulting from increases of 29.6% in international traffic and 18.8% in domestic traffic.
  • Revenues increased 20.1% YoY to Ps.7,394.0 million. Excluding construction services, revenues increased 17.7% during the period.
  • Consolidated revenues per Passenger increased 4.6% to Ps.127.9.
  • Consolidated EBITDA increased 18.0% YoY to Ps.4,909.9 million.
  • Adjusted EBITDA Margin (excluding IFRIC12) reached 69.2% compared to 69.1% in 2Q23.
  • Closed 2Q24 with a cash position of Ps.14,997.0 million and Debt to LTM Adjusted EBITDA of negative 0.2x.

Table 1: Financial and Operating Highlights1






Second Quarter

%
Chg.


2023

2024

Financial Highlights




Total Revenue

6,156,443

7,394,010

20.1

Mexico

4,541,133

5,428,666

19.5

San Juan

1,036,616

1,182,580

14.1

Colombia

578,694

782,764

35.3

Commercial Revenues per PAX

122.3

127.9

4.6

Mexico

141.7

154.5

9.1

San Juan

146.4

147.2

0.6

Colombia

40.7

47.3

16.2

EBITDA

4,160,306

4,909,874

18.0

Net Income

2,649,413

3,779,413

42.7

Majority Net Income

2,444,711

3,673,567

50.3

Earnings per Share (in pesos)

8.1490

12.2452

50.3

Earnings per ADS (in US$)

4.4658

6.7105

50.3

Capex

152,927

636,780

316.4

Cash & Cash Equivalents

14,474,035

14,996,995

3.6

Net Debt

(1,326,708)

(2,842,542)

114.3

Net Debt/ LTM EBITDA

(0.1)

(0.2)

100.1

Operational Highlights




Passenger Traffic




Mexico

10,697,831

10,193,640

(4.7)

San Juan

3,198,859

3,469,364

8.5

Colombia

3,389,611

4,099,011

20.9


1 Unless otherwise stated, all financial figures discussed in this press release are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS), and represent comparisons between the three- and six-month periods ended June 30, 2024, and the equivalent three- and six-month periods ended June 30, 2023. 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. 18.2478 (source: Diario Oficial de la Federación de México), while Colombian peso figures are calculated at the exchange rate of COP.226.1200 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 17 of this report.

2Q24 Earnings Call

Day: Wednesday, July 24, 2024, at 10:00 AM ET; 8:00 AM Mexico City time                         

Dial-in: 1-877-407-4018 (Toll-Free) and 1-201-689-8471 (International)

Access Code: 13747378

Replay: Wednesday, July 24, 2024, at 2:00 PM ET, ending at 11:59 PM ET on Wednesday, July 31, 2024. Dial-in: 1-844-512-2921 (Toll-Free); 1-412-317-6671 (International). Access Code: 13747378

For a full version of ASUR's Second Quarter 2024 Earnings Release, please visit: https://www.asur.com.mx/informacion-financiera-page-0

Definitions

Concession Services Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico, ASUR is required by IFRIC 12 to include in its income statement an income line, "Construction Revenues," reflecting the revenue from construction of, or improvements to concessioned assets made during the relevant period. 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. In Colombia, "Construction Revenues" include the recognition of the revenue to which the concessionaire is entitled for carrying out the infrastructure works in the development of the concession, while "Construction Costs" represents the actual costs incurred in the execution of such additions or improvements to the concessioned assets. 

Majority Net Income reflects ASUR's equity interests in each of its subsidiaries and therefore excludes the 40% interest in Aerostar that is owned by other shareholders. Other than Aerostar, ASUR owns (directly or indirectly) 100% of its subsidiaries.

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, as an alternative to cash flow or 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.

Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12 with respect to the construction of, or improvements to concessioned assets. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the revenue from construction of, or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line "Construction Costs" because ASUR hires third parties to provide construction services. In Mexico and Puerto Rico, 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. In Colombia, construction revenues do have an impact on EBITDA, as construction revenues include a reasonable margin over the actual cost of construction. Like EBITDA Margin, Adjusted EBITDA Margin should not be considered as an indicator of our operating performance, as an alternative to cash flow or as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.

About ASUR

Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain, and develop 16 airports in the Americas. These comprise nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination in Mexico, the Caribbean, and Latin America, and six airports in northern Colombia, including José María Córdova International Airport (Rionegro), the second busiest airport in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan's Airport is the island's primary gateway for international and mainland-US destinations and was the first and currently the only major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program. Headquartered in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) series B shares. For more information, visit www.asur.com.mx

Analyst Coverage

In accordance with Article 4.033.01 of the Mexican Stock Exchange Internal Rules, ASUR reports that the stock is covered by the following broker-dealers: Actinver, Banorte, Barclays, BBVA, Bradesco, BTG Pactual, Citi Global Markets, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment Research, Intercam, Itau BBA Securities, Jefferies, JP Morgan, Punto Research, Santander, Scotiabank, Signum Research, UBS Casa de Bolsa and Vector.

Please note that any opinions, estimates or forecasts with respect to 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.

Forward Looking Statements

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.

Cision View original content:https://www.prnewswire.com/news-releases/asur-announces-2q24-results-302204373.html

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

FAQ

What was ASR's total revenue for Q2 2024?

ASR's total revenue for Q2 2024 was Ps.7,394.0 million, representing a 20.1% increase year-over-year.

How did ASR's passenger traffic perform in Q2 2024?

ASR's total passenger traffic increased 2.8% year-over-year in Q2 2024, with variations across regions: Mexico declined 4.7%, Puerto Rico increased 8.5%, and Colombia grew 20.9%.

What was ASR's EBITDA for Q2 2024?

ASR's EBITDA for Q2 2024 was Ps.4,909.9 million, showing an 18.0% increase compared to the same period in 2023.

How much did ASR's Earnings per Share (EPS) grow in Q2 2024?

ASR's Earnings per Share (EPS) grew by 50.3% in Q2 2024, reaching Ps.12.2452 compared to Ps.8.1490 in Q2 2023.

What was ASR's cash position at the end of Q2 2024?

ASR closed Q2 2024 with a cash position of Ps.14,997.0 million, representing a 3.6% increase from the previous year.

Grupo Aeroportuario del Sureste, S.A. de C.V. American Depositary Shares

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