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ASUR airport group reports increase in passenger traffic

Feb 22, 2017

Grupo Aeroportuario del Sureste, S.A.B. de C.V., the first privatized airport group in Mexico and operator of CancĂșn 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 MarĂ­n International Airport in San Juan, Puerto Rico, today announced results for the three- and twelve-month periods ended December 31, 2016.

4Q16 Highlights1:

‱ EBITDA2 increased by 18.99% to Ps.1,340.00 million
‱ Total passenger traffic was up 11.91%
‱ Total revenues increased by 5.90%, reflecting increases of 19.10% in aeronautical revenues and 21.66% in non-aeronautical revenues, partially offset by the 11.35% decline in construction services revenues

‱ Commercial revenues per passenger rose by 8.66% to Ps.96.38
‱ Operating profit increased by 19.61%
‱ EBITDA margin increased to 43.55% from 38.77% in 4Q15
‱ Adjusted EBITDA margin3, excluding the effect of IFRIC12, was 70.04% compared with 70.71% in 4Q15

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 twelve-month periods ended December 31, 2016, and the equivalent three- and twelve-month periods ended December 31, 2015. 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.20.6194

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.

3. Adjusted EBITDA Margin excludes the effect of IFRIC12 with respect to the construction or improvements to concessioned assets, as explained in page 5 of this report. Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues less construction services revenues. Like EBITDA Margin, Adjusted EBITDA Margin should not be considered as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity and is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.

Passenger Traffic

4Q16 total passenger traffic increased year-over-year by 11.91%, reflecting growth of 14.79% in domestic passenger traffic and 9.29% in international passenger traffic.

The 14.79% increase in domestic passenger traffic was driven by the majority of ASUR's airports, with the exception of Cozumel and MinatitlĂĄn, where traffic declined by 0.55% and 16.19%, respectively.
The 9.29% growth in international passenger traffic resulted primarily from an increase of 9.44% in traffic at the CancĂșn airport.
Total passenger traffic for FY16 increased by 8.67%, reflecting growth of 10.86% in domestic passenger traffic driven by the majority of ASUR's airports, with the exception of MinatitlĂĄn and Villahermosa, which declined 9.79% and 1.87%, respectively. The 6.90% increase in international passenger traffic resulted primarily from a 7.39% increase at the CancĂșn airport.

Domestic Passengers (in thousands)

Airport 4Q15 4Q16 %
Change FY15 FY16 %
Change
CancĂșn 1,503.7 1,796.2 19.45 6,027.4 6,844.2 13.55
Cozumel 36.5 36.3 (0.55) 110.1 141.0 28.07
Huatulco 126.6 144.4 14.06 517.2 545.2 5.41
MĂ©rida 427.6 501.0 17.17 1,546.4 1,781.1 15.18
MinatitlĂĄn 63.6 53.3 (16.19) 246.1 222.0 (9.79)
Oaxaca 165.7 183.3 10.62 599.6 687.5 14.66
Tapachula 72.4 84.4 16.57 254.8 296.8 16.48
Veracruz 294.2 322.2 9.52 1,166.9 1,242.7 6.50
Villahermosa 316.8 330.9 4.45 1,220.2 1,197.4 (1.87)
TOTAL 3,007.1 3,452.0 14.79 11,688.7 12,957.9 10.86

Note: Passenger figures exclude transit and general aviation passengers.

International Passengers (in thousands)

Airport 4Q15 4Q16 %
Change FY15 FY16 %
Change
CancĂșn 3,141.5 3,438.2 9.44 13,569.1 14,571.6 7.39
Cozumel 76.8 76.0 (1.04) 443.7 397.1 (10.50)
Huatulco 22.0 27.3 24.09 101.5 117.6 15.86
MĂ©rida 28.8 41.2 43.06 117.2 163.7 39.68
MinatitlĂĄn 2.9 1.9 (34.48) 10.3 11.3 9.71
Oaxaca 13.8 15.2 10.14 63.6 59.5 (6.45)
Tapachula 2.5 3.5 40.00 10.9 12.0 10.09
Veracruz 19.1 16.2 (15.18) 83.0 73.2 (11.81)
Villahermosa 13.4 9.8 (26.87) 52.9 43.4 (17.96)
TOTAL 3,320.8 3,629.3 9.29 14,452.2 15,449.4 6.90

Note: Passenger figures exclude transit and general aviation passengers.

Total Passengers (in thousands)

Airport 4Q15 4Q16 %
Change FY15 FY16 %
Change
CancĂșn 4,645.2 5,234.4 12.68 19,596.5 21,415.8 9.28
Cozumel 113.3 112.3 (0.88) 553.8 538.1 (2.83)
Huatulco 148.6 171.7 15.55 618.7 662.8 7.13
MĂ©rida 456.4 542.2 18.80 1,663.6 1,944.8 16.90
MinatitlĂĄn 66.5 55.2 (16.99) 256.4 233.3 (9.01)
Oaxaca 179.5 198.5 10.58 663.2 747.0 12.64
Tapachula 74.9 87.9 17.36 265.7 308.8 16.22
Veracruz 313.3 338.4 8.01 1,249.9 1,315.9 5.28
Villahermosa 330.2 340.7 3.18 1,273.1 1,240.8 (2.54)
TOTAL 6,327.9 7,081.3 11.91 26,140.9 28,407.3 8.67

Note: Passenger figures exclude transit and general aviation passengers.

ASUR airport group reports increase in passenger traffic



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