Grupo Aeroportuario del Sureste, S.A.B. de C.V. ASR, (ASUR) the first privatized airport group in Mexico and operator of Cancun Airport and eight other airports in southeast Mexico, as well as a 50% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Munoz Marin International Airport in San Juan, Puerto Rico, today announced results for the three-month period ended March 31, 2014.
1Q14 Highlights1:
EBITDA2 increased by 3.68% to Ps.951.03 million
Total passenger traffic was up 6.16%
Total revenues increased by 0.63%, reflecting increases of 3.04% in aeronautical revenues and 11.32% in non-aeronautical revenues, partially offset by a decline of 76.65% in construction services revenues
Commercial revenues per passenger increased by 5.00% to Ps.77.95
Operating profit increased by 2.93%
EBITDA margin rose to 68.76% from 66.74% in 1Q13.
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-month period ended March 31, 2014, and the equivalent three-month period ended March 31, 2013. 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.13.0549.
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.
Passenger Traffic
For the first quarter of 2014, total passenger traffic increased year-over-year by 6.16%. Domestic passenger traffic rose by 4.85% while international passenger traffic increased by 6.90%.
The 4.85% growth in domestic passenger traffic was driven by increases at Minatitlan, Merida,Villahermosa, Cancun, Veracruz, Tapachula and Oaxaca. The 6.90% growth in international passenger traffic resulted mainly from an increase of 6.54% in international traffic at the Cancun airport.
It should be noted that during 2013 Holy Week fell in March while in 2014 it fell in April.
Table I: Domestic Passengers (in thousands)
Airport
1Q13
1Q14
%
Change
Cancun
1,011.3
1,026.0
1.45
Cozumel
20.7
15.4
(25.60)
Huatulco
91.3
87.5
(4.16)
Merida
270.8
301.9
11.48
Minatitlan
32.0
52.1
62.81
Oaxaca
102.0
106.8
4.71
Tapachula
35.3
40.7
15.30
Veracruz
209.8
222.8
6.20
Villahermosa
215.9
232.2
7.55
TOTAL
1,989.1
2,085.5
4.85
Note: Passenger figures exclude transit and general aviation passengers.
II: International Passengers (in thousands)
Airport
1Q13
1Q14
%
Change
Cancun
3,275.2
3,489.5
6.54
Cozumel
130.6
152.5
16.77
Huatulco
55.0
61.6
12.00
Merida
31.6
31.1
(1.58)
Minatitlan
1.6
1.9
18.75
Oaxaca
15.0
16.3
8.67
Tapachula
1.9
3.1
63.16
Veracruz
22.7
20.4
(10.13)
Villahermosa
12.8
14.9
16.41
TOTAL
3,546.4
3,791.2
6.90
Note: Passenger figures exclude transit and general aviation passengers.
Table III: Total Passengers (in thousands)
Airport
1Q13
1Q14
% Change
Cancun
4,286.5
4,515.6
5.34
Cozumel
151.3
167.8
10.91
Huatulco
146.3
149.1
1.91
Merida
302.4
333.0
10.12
Minatitlan
33.6
54.0
60.71
Oaxaca
117.0
123.1
5.21
Tapachula
37.2
43.8
17.74
Veracruz
232.5
243.3
4.65
Villahermosa
228.7
247.1
8.05
TOTAL
5,535.5
5,876.6
6.16
Note: Passenger figures exclude transit and general aviation passengers.
Consolidated Results for 1Q14
In July 2012, the Puerto Rico Ports Authority granted Aerostar, ASUR's joint venture with Highstar Capital IV and its affiliated funds, a 40-year concession to operate the Luis Munoz Marin International Airport in Puerto Rico ("SJU") under the United States FAA's Airport Privatization Pilot Program. On February 27, 2013, the transaction was consummated and Aerostar began operating the SJU Airport. During 1Q13, our Cancun airport subsidiary made a US$118.00 million capital contribution to Aerostar corresponding to its 50% membership interest in Aerostar. ASUR accounts for its ownership stake in Aerostar through the equity method, in accordance with IFRS. In addition, ASUR made a US$100.00 million subordinated shareholder loan to Aerostar in 1Q13.
Total revenues for 1Q14 increased year-over-year by 0.63% to Ps.1,383.14 million. This was mainly due to increases of:
3.04% in revenues from aeronautical services, mainly as a result of the 6.16% increase in passenger traffic;
11.32% in revenues from non-aeronautical services, principally reflecting the 11.44% increase in commercial revenues detailed below.
These increases were partially offset by the 76.65% decline in revenues from construction services that resulted from lower capital expenditures and other investments in concessioned assets during the period.
ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, banking and currency exchange services, advertising, teleservices, non-permanent ground transportation, food and beverage, and parking lot fees.
Commercial revenues increased by 11.44% year-over-year during 1Q14, principally due to the 6.16% increase in total passenger traffic. There were increases in revenues from the following activities:
14.23% in retail operations;
12.87% in food and beverage;
5.36% in duty-free stores;
5.24% in advertising;
17.62% in car rental revenues;
19.68% in other revenue;
9.93% in ground transportation;
18.62% in banking and currency exchange services;
12.40% in parking lot fees; and
3.38% in teleservices.
Retail and Other Commercial Space
Opened since March 31, 2013
Business Name
Type
Opening Date
Cancun
Tequileria
Duty Free
May 2013
Farmacias (4)
Retail
June 2013
NI Digital
Teleservices
October 2013
Convenience Stores (3 in T1)
Convenience Store
November 2013
Entretenimiento A Tu Alcance (4 in T1)
Food & Beverage
November 2013
Servicios Turisticos
Tourism Booth
November 2013
MAC T3
Retail
December 2013
MOBO (2 in T2)
Retail
November 2013
Dufry T1
Retail
December 2013
Island Cabo (2 in T1)
Retail
December 2013
Sunglass Hut
Retail
December 2013
Oakley
Retail
January 2014
Secure Wrap
Retail
February 2014
Sunglass Hut
Retail
March 2014
Blanc Du Nil
Retail
March 2014
Merida
National
Retail
December 2013
Abito
Retail
March 2014
Veracruz
Sunglass Hut
Retail
February 2014
Villahermosa
National
Car Rentals
December 2013
Oaxaca
Rentame
Car Rentals
December 2013
Sunglass Hut
Retail
March 2014
Huatulco
Sunglass Hut
Retail
March 2014
Minatitlan
Sunglass Hut
Retail
March 2014
Table IV: Commercial Revenues per Passenger for 1Q14
1Q13
1Q14
% Change
Total Passengers ('000)
5,583
5,926
6.14
Total Commercial Revenues
414,496
461,922
11.44
Commercial revenues from direct operations (1)
91,463
108,340
18.45
Commercial revenues excluding direct operations
323,033
353,582
9.46
1Q13
1Q14
% Change
Total Commercial Revenue per Passenger
74.24
77.95
5.00
Commercial revenue from direct operations per passenger (1)
16.38
18.28
11.60
Commercial revenue per passenger
(excluding direct operations)
57.86
57.67
3.13
Note: For purposes of this table, approximately 47,700 and 48,900 transit and general aviation passengers are included in 1Q13 and 1Q14, respectively.
(1) Revenues from direct commercial operations represent ASUR's operation of convenience stores in airports and the direct sale of advertising space.
Construction revenues and expenses. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the income from construction or improvements to concessioned assets made during the period. During 1Q14, ASUR recognized Ps.21.11 million in revenues from "Construction Services", a 76.65% year-on-year decrease, because of lower capital expenditures in concessioned assets. 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 Expenses have been included in ASUR's income statement as a result of the application of IFRIC 12, the decline in Construction Revenues in 1Q14 did not result in a proportionate decrease in the EBITDA Margin, which is equal to EBITDA divided by total revenues.
Total operating costs and expenses for 1Q14 declined 2.71% year-over-year. This was primarily due to the following declines:
76.65% in construction costs, reflecting lower levels of capital improvements made to concessioned assets during the period; and
8.06% in administrative expenses, reflecting higher expenses in 1Q13, principally professional fees and travel expenses related to the SJU privatization project, as well as the preparation of the Master Development Plan.
These declines were partially offset by the following increases:
19.91% in cost of services, principally due to the reopening of Terminal 1 at Cancun Airport in November 2013, as well as the higher cost of sales derived from the increase in sales at convenience stores directly operated by ASUR. Comparisons also reflect the reimbursement to ASUR in 1Q13 of fees previously paid to third parties in connection with the Company's participation in the SJU privatization project;
3.64% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee);
4.59% in concession fees paid to the Mexican government, mainly due to an increase in regulated revenues (a factor in the calculation of the fee); and
9.59% in depreciation and amortization, resulting mainly from capitalized investments.
Table V: Operating Costs and Expenses for 1Q14
1Q13
1Q14
% Change
Cost of Services
216,949
260,138
19.91
Construction Costs
90,427
21,113
(76.65)
Administrative
42,461
39,038
(8.06)
Technical Assistance
48,322
50,080
3.64
Concession Fees
59,032
61,739
4.59
Depreciation and Amortization
103,145
113,035
9.59
TOTAL
560,336
545,142
(2.71)
Operating margin for the quarter was 60.59% compared to 59.23% in 1Q13, reflecting an increase of 0.63% in revenues and a decline of 2.71% in expenses during the period.
Comprehensive Financing Gain (Loss) for 1Q14 was a Ps.2.50 million gain, compared to a Ps.46.19 million gain in 1Q13. The decrease in the gain was principally due to the impact of the 0.22% appreciation of the Mexican peso against the U.S. dollar on ASUR's foreign currency net liability position as compared to a 4.66% appreciation in 1Q13.
Interest expenses increased by Ps.2.97 million, reflecting a higher loan balance in 1Q14, while interest income decreased by Ps.8.92 million during the period due to the decline in income from short-term investments resulting from the lower cash balance during the period as a result of the dividend payment in December 2013.
Table VI: Comprehensive Financing Result (Cost)
1Q13
1Q14
Change
% Change
Interest income
31,298
22,382
(8,916)
(28.49)
Interest expenses
(16,508)
(19,483)
(2,974)
18.02
(Loss) gains on valuation of
Derivatives
--
--
--
--
Foreign exchange gain (loss), net
31,401
(401)
(31,803)
(101.28)
Total
46,191
2,498
(43,693)
(94.59)
Income (loss) from Equity Investment in Joint Venture. During 1Q14 our equity in the income of Aerostar, our joint venture with Highstar Capital IV and its affiliated funds, was a net gain of Ps.10.55 million. In addition, ASUR recorded a Ps.3.26 million loss in stockholders' equity resulting from the translation effect of Aerostar's financial statements (which are denominated in U.S. dollars), in connection with the valuation of the capital stock derived from the appreciation of the peso against the U.S. dollar in 1Q14.
During 1Q14 total passenger traffic at the SJU airport was 2,158,361.
Income Taxes.
On January 1, 2014, a comprehensive Income Tax Law reform package entered into effect, repealing the IETU tax and causing the cancellation of deferred IETU. As a result, ASUR completed a financial valuation of its subsidiaries that were subject to this tax and now must recognize a deferred income tax.
Income taxes for 1Q14 declined by Ps.35.04 million, or 13.92% year-over-year, principally due to the following factors:
A Ps.6.90 million decline in IETU as a result of the repeal of the IETU Law starting on January 1, 2014;
A Ps.27.42 million decrease in the provision for income taxes, reflecting the decline in taxable income;
A Ps.5.65 million increase in deferred income taxes resulting from the recognition of the effects of inflation in the residual value of assets at the Veracruz and Villahermosa airports as a result of the repeal of the IETU Law and the increase in the applicable tax rate to 30% from 28% according to the new provisions of the Income Tax Law; and
A Ps.5.92 million decrease in deferred IETU principally due to the repeal of the IETU Law.
Net income for 1Q14 increased by 30.37% to Ps.634.38 million from Ps.486.61 million in 1Q13. Earnings per common share for the quarter were Ps. 2.1146, or earnings per ADS (EPADS) of US$1.6198 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.1.6220, or EPADS of US$1.2425, for the same period last year. This increase resulted principally from the Ps.10.55 million gain in 1Q14 corresponding to our equity participation in Aerostar, our joint venture to operate SJU Airport, compared to the Ps.122.05 million loss reported in 1Q13, as well as the 0.63% increase in ASUR's revenues and the 2.71% reduction in expenses during the first quarter of 2014.
Table VII: Summary of Consolidated Results for 1Q14
1Q13
1Q14
% Change
Total Revenues
1,374,508
1,383,136
0.63
Aeronautical Services
814,423
839,222
3.04
Non-Aeronautical Services
469,658
522,801
11.32
Commercial Revenues
414,496
461,923
11.44
Construction Services
90,427
21,113
(76.65)
Operating Profit
814,172
837,993
2.93
Operating Margin %
59.23%
60.59%
2.29%
EBITDA
917,317
951,029
3.68
EBITDA Margin %
66.74%
68.76%
3.03%
Net Income
486,607
634,376
30.37
Earnings per Share
1.6220
2.1146
30.37
Earnings per ADS in US$
1.2425
1.6198
30.37
Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.13.0549.
Tariff Regulation
The Mexican Ministry of Communications and Transportation regulates the majority of ASUR's activities by setting maximum rates, which represent the maximum possible revenues allowed per traffic unit at each airport.
ASUR's regulated revenues for 1Q14 were Ps.1,032.51 million, resulting in an annual average tariff per workload unit of Ps.171.67. ASUR's regulated revenues accounted for approximately 74.65% of total income for the period.
The Mexican Ministry of Communications and Transportation reviews compliance with the maximum rates on an annual basis at the close of each year.
Balance Sheet
On March 31, 2014, airport concessions represented 71.96% of the Company's total assets, with current assets representing 13.89% and other assets representing 14.15%.
Cash and cash equivalents on March 31, 2014, were Ps.1,603.41 million, a 27.30% increase from the Ps.1,259.56 million in cash and cash equivalents recorded on December 31, 2013.
Shareholders' equity at the close of 1Q14 was Ps.16,915.33 million and total liabilities were Ps.4,903.80 million, representing 77.52% and 22.47% of total assets, respectively. Deferred liabilities represented 33.52% of the Company's total liabilities.
Total bank debt at March 31, 2014 was Ps.2,811.82 million, including Ps.6.10 million in accrued interest and commissions.
In September of 2011, our Veracruz airport subsidiary entered into a three-year credit agreement of Ps.50.00 million. The terms include a floating interest rate equal to TIIE plus 0.75% and quarterly principal payments. During 1Q14, ASUR made aggregate principal payments of Ps.5.5 million in connection with this credit agreement.
In the fourth quarter of 2011, our Cancun airport subsidiary obtained authorization for two new bank loans from Banamex and BBVA Bancomer of US$300.00 million and Ps.1,500.00 million, respectively.
On February 15, 2013, our Cancun airport subsidiary executed an agreement for bank loans of US$107.50 million from each of BBVA Bancomer and Merrill Lynch, for a total of U.S.$215.00 million. The loans have a five-year term, amortize in four semi-annual payments of 2.5% of the aggregate amount of the loans beginning on February 15, 2016 and a final payment of the aggregate principal amount of the loans outstanding on the maturity date, which is February 15, 2018. The loans are denominated in U.S. dollars and charge interest at a rate equal to three-month LIBOR plus 1.99%. Proceeds from the loans were used to finance ASUR's capital contribution and subordinated shareholder loan to Aerostar. These loans are guaranteed by Grupo Aerportuario del Sureste, S.A.B. de C.V. In connection with these loans, BBVA Bancomer's authorization for bank loans as described above was drawn down by US$107.50 million during 1Q13.
While the BBVA Bancomer and Merrill Lynch facility is outstanding, ASUR and its subsidiaries are not permitted to make any fundamental change to its corporate structure, or create any liens upon any of its property or sell any assets that exceed more than 10% of ASUR's consolidated total assets.
Additionally, the credit facility requires that ASUR and its subsidiaries maintain a consolidated leverage ratio equal to or less than 3.50:1.00 and a consolidated interest coverage ratio equal to or less than 3.00:1.00 as of the last day of each fiscal quarter. If ASUR fails to comply with these covenants, this facility restricts its ability to pay dividends to its shareholders. Additionally, failure to comply with these covenants would result in all amounts owed under the facility to become due and payable immediately. As of the date of this report, ASUR was in compliance with those covenants.
ASUR's Cancun airport subsidiary and its joint venture partner Highstar Capital IV and its affiliated funds pledged their share ownership in Aerostar as collateral for US$350.00 million in senior secured notes issued by, and a US$60.00 million credit facility obtained by, Aerostar.
Capital Expenditures
During 1Q14, ASUR made investments of Ps.36.77 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans.
1Q14 Earnings Conference Call
Day:
Thursday, April 24, 2014
Time:
10:00 AM US ET; 9:00 AM Mexico City time
Dial-in number:
1-888-240-9314 (US & Canada) and 1-913-312-1513 (International & Mexico)
Access Code:
8837291
Please dial in 10 minutes before the scheduled start time.
Replay:
Thursday, April 24, 2014 at 1:00 PM US ET, ending at midnight US ET on Thursday, May 1, 2014. Dial-in number: 1-877-870-5176 (US & Canada); 1-858-384-5517 (International & Mexico). Access Code: 8837291
Analyst Coverage
In accordance with Mexican Stock Exchange Internal Rules article 4.033.01 ASUR informs that the stock is covered by the following broker-dealers: Actinver Casa de Bolsa, Barclays, BBVA Bancomer, Bofa Merril Lynch, Citi Investment Research, Credit Suisse, Deutsche Bank, Grupo Bursatil Mexicano, Grupo Financiero Interacciones, Grupo Financiero Monex, HSBC, Intercam Casa de Bolsa, Itau BBA, INVEX, JP Morgan, Morgan Stanley, Morningstar, Santander Investment, Scotia Capital, UBS Casa de Bolsa, Vector.
Please note that any opinions, estimates or forecasts regarding 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.
About ASUR:
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a Mexican airport operator with concessions to operate, maintain and develop the airports of Cancun, Merida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan in the southeast of Mexico, as well as a 50% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Munoz Marin International Airport of Puerto Rico. The Company is listed both on the NYSE in the U.S., where it trades under the symbol ASR, and on the Mexican Bolsa, where it trades under the symbol ASUR. One ADS represents ten (10) series B shares.
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.
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Operating Results per Airport
Thousands of Mexican pesos
Item
1Q
2013
1Q 2013 Per
Workload Unit
1Q
2014
1Q 2014 Per
Workload Unit
3M
2013
3M 2013 Per
Workload Unit
3M
2014
3M 2014 Per
Workload Unit
Cancun (1)
Aeronautical Revenues
629,920
144.4
635,747
138.7
629,920
144.4
635,747
138.7
Non-Aeronautical Revenues
425,033
97.4
472,010
103.0
425,033
97.4
472,010
103.0
Construction Services
39,364
9.0
15,245
3.3
39,364
9.0
15,245
3.3
Total Revenues
1,094,318
250.8
1,123,003
245.1
1,094,317
250.8
1,123,003
245.1
Operating Profit
694,351
159.1
692,859
151.2
694,351
159.1
692,859
151.2
EBITDA
759,070
174.0
762,746
166.5
759,070
174.0
762,746
166.5
Merida
Aeronautical Revenues
44,486
128.2
52,075
137.4
44,486
128.2
52,075
137.4
Non-Aeronautical Revenues
13,563
39.1
14,757
38.9
13,563
39.1
14,757
38.9
Construction Services
26
0.1
-
-
26
0.1
-
-
Other (2)
6.60
-
8
-
7
-
8
-
Total Revenues
58,082
167.4
66,840
176.4
58,082
167.4
66,840
176.4
Operating Profit
15,644
45.1
22,049
58.2
15,644
45.1
22,049
58.2
EBITDA
24,431
70.4
30,858
81.4
24,431
70.4
30,858
81.4
Villahermosa
Aeronautical Revenues
28,657
120.4
32,118
125.0
28,657
120.4
32,118
125.0
Non-Aeronautical Revenues
9,196
38.6
11,242
43.7
9,196
38.6
11,242
43.7
Construction Services
(1,016)
(4.3)
2,145
8.3
(1,016)
(4.3)
2,145
8.3
Other (2)
18.59
0.1
20
0.1
19
0.1
20
0.1
Total Revenues
36,855
154.9
45,525
177.1
36,856
154.9
45,525
177.1
Operating Profit
11,799
49.6
16,217
63.1
11,799
49.6
16,217
63.1
EBITDA
17,605
74.0
22,504
87.6
17,605
74.0
22,504
87.6
Other Airports (3)
Aeronautical Revenues
111,360
152.3
119,282
149.7
111,360
152.3
119,282
149.7
Non-Aeronautical Revenues
21,866
29.9
24,791
31.1
21,866
29.9
24,791
31.1
Construction Services
52,052
71.2
3,722
4.7
52,053
71.2
3,722
4.7
Other (2)
53.78
0.1
69
0.1
53
0.1
69
0.1
Total Revenues
185,332
253.5
147,864
185.5
185,332
253.5
147,864
185.5
Operating Profit
38,386
52.5
40,067
50.3
38,386
52.5
40,067
50.3
EBITDA
61,721
84.4
67,412
84.6
61,723
84.4
67,412
84.6
Holding & Service Companies (4)
Construction Services
-
n/a
-
n/a
-
n/a
-
n/a
Other (2)
219,842
n/a
244,913
n/a
219,842
n/a
244,913
n/a
Total Revenues
219,842
n/a
244,913
n/a
219,842
n/a
244,913
n/a
Operating Profit
53,992
n/a
66,801
n/a
53,992
n/a
66,801
n/a
EBITDA
54,489
n/a
67,508
n/a
54,488
n/a
67,508
n/a
Consolidation Adjustment
Consolidation Adjustment
(219,921)
n/a
(245,010)
n/a
(219,921)
n/a
(245,010)
n/a
Group
Aeronautical Revenues
814,423
143.4
839,222
139.5
814,423
143.4
839,222
139.5
Non-Aeronautical Revenues
469,658
82.7
522,801
86.9
469,658
82.7
522,801
86.9
Construction Services
90,427
15.9
21,113
3.5
90,427
15.9
21,113
3.5
Total Revenues
1,374,508
242.0
1,383,136
229.9
1,374,508
242.0
1,383,136
229.9
Operating Profit
814,172
143.4
837,993
139.3
814,172
143.4
837,993
139.3
EBITDA
917,317
161.5
951,029
158.1
917,317
161.5
951,029
158.1
(1)Reflects the results of operations of Cancun Airport and two Cancun Airport Services subsidiaries on a consolidated basis.
(2) Reflects revenues under intercompany agreements which are eliminated in the consolidation adjustment.
(3) Reflects the results of operations of our airports located in Cozumel, Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz.
(4) Reflects the results of operations of our parent holding company and our services subsidiaries. Because none of these entities hold the concessions for our airports, we do not report workload unit data for theses entities.
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Income from January 1 to March 31, 2014 and 2013
Thousands of Mexican pesos
I t e m
Cumulative
Cumulative
% Change
1Q
1Q
%
2013
2014
%
2013
2014
Change
Revenues
Aeronautical Services
814,423
839,222
3.04
814,423
839,222
3.04
Non-Aeronautical Services
469,658
522,801
11.32
469,658
522,801
11.32
Construction Services
90,427
21,113
(76.65)
90,427
21,113
(76.65)
Total Revenues
1,374,508
1,383,136
0.63
1,374,508
1,383,136
0.63
Operating Expenses
Cost of Services
216,949
260,138
19.91
216,949
260,138
19.91
Cost of Construction
90,427
21,113
(76.65)
90,427
21,113
(76.65)
General and Administrative Expenses
42,461
39,038
(8.06)
42,461
39,038
(8.06)
Technical Assistance
48,322
50,080
3.64
48,322
50,080
3.64
Concession Fee
59,032
61,739
4.59
59,032
61,739
4.59
Depreciation and Amortization
103,145
113,035
9.59
103,145
113,035
9.59
Total Operating Expenses
560,336
545,142
(2.71)
560,336
545,142
(2.71)
Operating Income
814,172
837,993
2.93
814,172
837,993
2.93
Comprehensive Financing Cost
46,191
2,498
(94.59)
46,191
2,498
(94.59)
Participation in the Results of
Associates
(122,054)
10,551
(108.64)
(122,054)
10,551
(108.64)
Non-Ordinary Item
Non-Ordinary Item
-
-
-
-
-
-
Income Before Income Taxes
738,308
851,042
15.27
738,308
851,042
15.27
Provision for IETU
6,992
116
(98.36)
6,992
116
(98.36)
Provision for Income Tax
263,227
235,804
(10.42)
263,227
235,804
(10.42)
Provision for Asset Tax
2,866
2,395
(16.44)
2,866
2,395
(16.44)
Deferred Income Taxes
(27,301)
(21,647)
(20.71)
(27,301)
(21,647)
(20.71)
Deferred IETU
5,918
-
(100.00)
5,918
-
(100.00)
Net Income for the Year
486,607
634,376
30.37
486,607
634,376
30.37
Earnings per Share
1.6220
2.1146
30.37
1.6220
2.1146
30.37
Earnings per American Depositary Share (in U.S. Dollars)
1.2425
1.6198
30.37
1.2425
1.6198
30.37
Exchange Rate per U.S. Dollar Ps. 13.0549
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Balance Sheet as of March 31, 2014 and 2013
Thousands of Mexican pesos
I t e m
March 2014
December 2013
Change
% Change
A s s e t s
Current Assets
Cash and Cash Equivalents
1,603,406
1,259,562
343,844
27.30
Trade Receivables, net
543,956
467,410
76,546
16.38
Recoverable Taxes and Other Current Assets
883,921
827,142
56,779
6.86
Total Current Assets
3,031,283
2,554,114
477,169
18.68
Non Current Assets
Machinery, Furniture and Equipment, net
322,725
322,072
653
0.20
Airports Concessions, net
15,700,782
15,790,796
(90,014)
(0.57)
Investment in Associates
1,408,251
1,400,957
7,294
0.52
Loans to Associate Companies
1,356,097
1,348,555
7,542
0.56
Total Assets
21,819,136
21,416,494
402,642
1.88
Liabilities and Stockholders' Equity
Current Liabilities
Trade Accounts Payable
11,499
9,997
1,502
15.02
Bank Loans
18,205
41,804
(23,599)
(56.45)
Accrued Expenses and Others Payables
436,654
616,167
(179,513)
(29.13)
Total Current Liabilities
466,357
667,968
(201,611)
(30.18)
Long Term Liabilities
Bank Loans
2,793,612
2,799,058
(5,446)
(0.19)
Deferred Income Taxes
1,636,747
1,658,395
(21,648)
(1.31)
Deferred Flat Rate Business Tax
0
-
0
-
Labor Obligations
7,086
6,857
229
3.33
Total Long Term Liabilities
4,437,445
4,464,310
(26,865)
(0.60)
Total Liabilities
4,903,802
5,132,278
(228,476)
(4.45)
Stockholders' Equity
Capital Stock
7,767,276
7,767,276
0
0.00
Legal Reserve
517,504
517,504
(0)
(0.00)
Share Repurchase Reserve
-
-
-
-
Net Income for the Period
634,376
2,296,873
(1,662,497)
(72.38)
Cumulative Effect of Conversion of Foreign Currency
33,150
36,407
(3,257)
(8.95)
IFRS Conversion Adjustment
5,045,078
5,045,078
0
0.00
Retained Earnings
2,917,951
621,078
2,296,872
369.82
Total Stockholders' Equity
16,915,334
16,284,216
631,118
3.88
Total Liabilities and Stockholders' Equity
21,819,136
21,416,494
402,642
1.88
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Cash flow as of March 31, 2014 and 2013
Thousands of Mexican pesos
Related
Cumulative
Cumulative
%
1Q
1Q
%
2013
2014
Change
2013
2014
Change
Operating Activities
Income Before Income Taxes
738,308
851,042
15
738,308
851,042
15
Items Related with Investing Activities:
Depreciation and Amortization
103,145
113,035
10
103,145
113,035
10
Participation in the Results of Associates
122,054
(10,551)
122,054
(10,551)
Loss on Disposal of Fixed Assets
-
-
Interest Income
(31,298)
(22,382)
(28)
(31,298)
(22,382)
(28)
Financial Derivative Instruments
-
Provisions
-
-
-
-
Sub-Total
932,209
931,145
(0)
932,209
931,145
(0)
Increase in Trade Receivables
(60,649)
(76,546)
26
(60,649)
(76,546)
26
Decrease in Recoverable Taxes and other Current Assets
(251,343)
(353,865)
41
(251,342)
(353,865)
41
Other Deferred Assets
-
-
-
-
Income Tax Paid
(59,456)
(210,684)
254
(59,456)
(210,684)
254
Income Tax on Dividends
-
-
-
-
Trade Accounts Payable
73,392
73,145
(0)
73,392
73,145
(0)
Accrued Expenses and Others Payables
-
-
-
-
Long Term Liabilities
-
-
-
-
Net Cash Flow Provided by Operating Activities
634,154
363,195
(43)
634,154
363,195
(43)
Investing Activities
Investments in Associates
(1,508,002)
-
(100)
(1,508,002)
(100)
Loans granted to Associates
(3,399,330)
-
(100)
(3,399,330)
(100)
Loans repaid by Associates
2,163,210
-
(100)
2,163,210
(100)
Investments in Machinery, Furniture and Equipment, net
(90,981)
(36,177)
(60)
(90,981)
(36,177)
(60)
Investments in Rights to Use Airport Facilities
-
-
-
-
Investments in Construction in Process
-
-
-
-
Investments in Others
-
-
-
-
Interest Income
31,298
22,382
(28)
31,298
22,382
(28)
Net Cash Flow Provided by Investing Activities
(2,803,805)
(13,795)
(100)
(2,803,805)
(13,795)
(100)
Excess Cash to Use in Financing Activities:
(2,169,651)
349,400
(116)
(2,169,651)
349,400
(116)
Bank Loans
2,565,169
(5,556)
(100)
2,565,169
(5,556)
(100)
Dividends Paid
-
-
-
-
Tax on Dividends Paid
-
0
-
-
0
-
Net Cash Flow Provided by Financing Activities
2,565,169
(5,556)
(100)
2,565,169
(5,556)
(100)
Net Increase in Cash and Cash Equivalents
395,518
343,844
(13)
395,518
343,844
(13)
Cash and Cash Equivalents at Beginning of Period
2,265,427
1,259,562
(44)
2,265,427
1,259,562
(44)
Cash and Cash Equivalents at the End of Period
2,660,945
1,603,406
(40)
2,660,945
1,603,406
(40)
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Income from January 1 to March 31, 2014 and 2013
Thousands of Mexican pesos
I t e m
Cumulative
Cumulative
1Q
1Q
2013
2014
2013
2014
Mexican NIF
Transition Effects
IFRS
Mexican NIF
Transition Effects
IFRS
Mexican NIF
Transition effects
IFRS
Mexican NIF
Transition effects
IFRS
Revenues
Aeronautical Services
814,423
814,423
839,222
839,222
814,423
814,423
839,222
839,222
Non-Aeronautical Services
469,658
469,658
522,801
522,801
469,658
469,658
522,801
522,801
Construction Services
90,427
90,427
21,113
21,113
90,427
90,427
21,113
21,113
Total Revenues
1,374,508
-
1,374,508
1,383,136
-
1,383,136
1,374,508
-
1,374,508
1,383,136
-
1,383,136
Operating Expenses
Cost of Services
216,141
808
216,949
259,654
484
260,138
216,141
808
216,949
259,654
484
260,138
Cost of Construction
90,427
90,427
21,113
21,113
90,427
90,427
21,113
21,113
General and Administrative Expenses
252,960
252,960
263,891
263,891
252,960
252,960
263,891
263,891
Total Operating Expenses
559,528
808
560,336
544,658
484
545,142
559,528
808
560,336
544,658
484
545,142
Operating Income
814,980
(808)
814,172
838,477
(484)
837,993
814,980
(808)
814,172
838,477
(484)
837,993
Comprehensive Financing Cost
Interest Receivable
31,298
31,298
22,382
22,382
31,298
31,298
22,382
22,382
Interest Payable
(16,509)
(16,509)
(19,483)
(19,483)
(16,509)
(16,509)
(19,483)
(19,483)
Exchange (Losses) Gains, net
31,401
31,401
(401)
(401)
31,401
31,401
(401)
(401)
Loss (gains) on Valuation of Derivative
-
0
-
-
-
Financial Instruments
-
-
-
-
0
-
-
-
Participation in the Results of
Associates
(122,054)
(122,054)
10,551
10,551
(122,054)
(122,054)
10,551
10,551
Non-Ordinary Item
Non-Ordinary Item
8
(8)
0
5
(5)
-
8
(8)
0
5
(5)
-
Income Before Income Taxes
739,108
(800)
738,308
851,521
(479)
851,042
739,108
(800)
738,308
851,521
(479)
851,042
Provision for IETU
6,992
6,992
116
116
6,992
6,992
116
116
Provision for Income Tax
263,227
-
263,227
(51,344)
287,148
235,804
263,227
-
263,227
(51,344)
287,148
235,804
Provision for Asset Tax
2,866
2,866
2,395
2,395
2,866
2,866
2,395
2,395
Deferred Income Taxes
(27,301)
(27,301)
(21,647)
(21,647)
(27,301)
(27,301)
(21,647)
(21,647)
Deferred IETU
5,860
58
5,918
-
-
5,860
58
5,918
-
-
Net Income for the Year
487,465
(858)
486,607
922,003
(287,627)
634,376
487,465
(858)
486,607
922,003
(287,627)
634,376
Earnings per share
1.62
(0.00)
1.62
3.07
(0.96)
2.11
1.62
(0.00)
1.62
3.07
(0.96)
2.11
Earnings per American Depositary Share (in U.S. Dollars)
1.24
(0.00)
1.24
2.35
(0.73)
1.62
1.24
(0.00)
1.24
2.35
(0.73)
1.62
Exchange Rate per U.S. Dollar Ps. 13.0549
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Balance Sheet as of March 31, 2014 and 2013
Thousands of Mexican pesos
I t e m
March 2014
December 2013
Mexican NIF
Transition effects
IFRS
Mexican NIF
Transition effects
IFRS
A s s e t s
Current Assets
Cash and Cash Equivalents
1,603,406
1,603,406
1,259,562
1,259,562
Trade Receivables, net
543,956
543,956
467,410
467,410
Recoverable Taxes and Other Current Assets
886,614
(2,693)
883,921
542,628
284,514
827,142
Total Current Assets
3,033,976
(2,693)
3,031,283
2,269,600
284,514
2,554,114
Non Current Assets
Machinery, Furniture and Equipment, net
322,725
322,725
322,072
322,072
Airports Concessions, net
15,700,782
15,700,782
15,790,796
15,790,796
Investment in Associated
1,408,251
1,408,251
1,400,957
1,400,957
Deferred Employees' Statutory Profit Sharing
-
-
-
-
Loans To Associates
1,356,097
1,356,097
1,348,555
1,348,555
Total Non Current Assets
18,787,854
-
18,787,854
18,862,380
-
18,862,380
Total Assets
21,821,829
(2,693)
21,819,136
21,131,980
284,514
21,416,494
Liabilities and Stockholders' Equity
Current Liabilities
Trade Accounts Payable
11,499
11,499
9,997
9,997
Bank Loans
18,205
18,205
41,804
41,804
Accrued Expenses and Others Payables
408,860
27,794
436,654
589,180
26,987
616,167
Total Current Liabilities
438,563
27,794
466,357
640,981
26,987
667,968
Long Term Liabilities
Bank Loans
2,793,612
2,793,612
2,799,058
2,799,058
Deferred Income Taxes
1,636,747
1,636,747
1,658,395
1,658,395
Deferred Flat Rate Business Tax
0
0
-
-
Labor Obligations
16,632
(9,546)
7,086
16,019
(9,162)
6,857
Total Long Term Liabilities
4,446,991
(9,546)
4,437,445
4,473,472
(9,162)
4,464,310
Total Liabilities
4,885,554
18,248
4,903,802
5,114,453
17,825
5,132,278
Stockholders' Equity
Capital Stock
12,799,204
(5,031,928)
7,767,276
12,799,204
(5,031,928)
7,767,276
Legal Reserve
535,118
(17,614)
517,504
535,118
(17,614)
517,504
Share Repurchase Reserve
-
-
-
-
Net Income for the Period
922,003
(287,627)
634,376
2,018,292
278,581
2,296,873
Cumulative Effect of Conversion of Foreign Currency
33,150
33,150
36,407
36,407
IFRS Conversion Adjustment
-
5,045,078
5,045,078
-
5,045,078
5,045,078
Retained Earnings
2,646,800
271,150
2,917,951
628,506
(7,428)
621,078
Total Stockholders' Equity
16,936,275
(20,941)
16,915,334
16,017,527
266,689
16,284,216
Total Liabilities and Stockholders' Equity
21,821,829
(2,693)
21,819,136
21,131,980
284,514
21,416,494
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