ASUR: 2Q16 passenger traffic up 5.38 percent

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MEXICO CITY, Mexico – Grupo Aeroportuario del Sureste, SAB de CV (ASUR) the first privatized airport group in Mexico and operator of Cancún 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 Marín International Airport in San Juan, Puerto Rico, today announced results for the three- and six-month periods ended June 30, 2016.


2Q16 Highlights:

• EBITDA2 increased by 18.44% to Ps.1,337.51 million

• Total passenger traffic was up 5.38%

• Total revenues increased by 5.82%, reflecting increases of 12.04% in aeronautical revenues and 24.17% in non-aeronautical revenues, and were partially offset by the 27.25% decline in construction services revenues

• Commercial revenues per passenger increased by 18.86% to Ps.97.18

• Operating profit increased by 19.13%

• EBITDA margin was 59.61% compared with 53.26% in 2Q15

• Adjusted EBITDA margin3, excluding the effect of IFRIC12, was 71.83% compared with 70.76% in 2Q15

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 six-month periods ended June 30, 2016, and the equivalent three- and six-month periods ended June 30, 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. 18.4646.

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

2Q16 total passenger traffic increased year-over-year by 5.38%, reflecting growth of 5.69% in domestic passenger traffic and 5.13% in international passenger traffic.

The 5.69% increase in domestic passenger traffic was driven by the majority of ASUR’s airports, with the exception of Minatitlan and Villahermosa where traffic declined by 7.44% and 9.48%, respectively.
The 5.13% growth in international passenger traffic resulted primarily from an increase of 5.94% in traffic at the Cancun airport.

Total passenger traffic for 6M16 increased by 7.15%, reflecting growth of 9.03% in domestic passenger traffic driven by the majority of ASUR’s airports, with the exception of Minatitlan and Villahermosa, which declined 4.81% and 5.55%, respectively. The 5.88% increase in international passenger traffic resulted primarily from a 6.46% increase at the Cancun airport.

Table I: Domestic Passengers (in thousands)

Airport 2Q15 2Q16 %
Change 6M15 6M16 %
Change
Cancún 1,512.9 1,624.5 7.38 2,684.1 2,988.1 11.33
Cozumel 24.7 30.7 24.29 46.1 63.3 37.31
Huatulco 129.7 133.3 2.78 245.9 254.6 3.54
Mérida 374.6 410.6 9.61 714.1 808.7 13.25
Minatitlán 63.2 58.5 (7.44) 118.4 112.7 (4.81)
Oaxaca 139.8 167.6 19.89 272.3 329.3 20.93
Tapachula 60.8 70.0 15.13 114.8 139.3 21.34
Veracruz 299.5 305.2 1.90 563.4 578.3 2.64
Villahermosa 310.1 280.7 (9.48) 587.9 555.3 (5.55)
TOTAL 2,915.3 3,081.1 5.69 5,347.0 5,829.6 9.03

Note: Passenger figures exclude transit and general aviation passengers.

Table II: International Passengers (in thousands)

Airport 2Q15 2Q16 %
Change 6M15 6M16 %
Change
Cancún 3,452.3 3,657.5 5.94 7,320.0 7,792.7 6.46
Cozumel 121.8 97.0 (20.36) 276.3 241.7 (12.52)
Huatulco 10.8 13.9 28.70 76.0 86.1 13.29
Mérida 28.0 37.5 33.93 57.2 76.1 33.04
Minatitlán 2.4 3.1 29.17 4.5 5.7 26.67
Oaxaca 14.4 12.4 (13.89) 31.7 29.9 (5.68)
Tapachula 2.9 2.7 (6.90) 5.6 5.5 (1.79)
Veracruz 20.4 18.4 (9.80) 39.6 36.5 (7.83)
Villahermosa 11.9 10.5 (11.76) 24.9 22.2 (10.84)
TOTAL 3,664.9 3,852.9 5.13 7,835.8 8,296.4 5.88

Note: Passenger figures exclude transit and general aviation passengers.

Table III: Total Passengers (in thousands)

Airport 2Q15 2Q16 %
Change 6M15 6M16 %
Change
Cancún 4,965.2 5,282.0 6.38 10,004.1 10,780.8 7.76
Cozumel 146.5 127.7 (12.83) 322.4 305.0 (5.40)
Huatulco 140.5 147.2 4.77 321.9 340.7 5.84
Mérida 402.6 448.1 11.30 771.3 884.8 14.72
Minatitlán 65.6 61.6 (6.10) 122.9 118.4 (3.66)
Oaxaca 154.2 180.0 16.73 304.0 359.2 18.16
Tapachula 63.7 72.7 14.13 120.4 144.8 20.27
Veracruz 319.9 323.6 1.16 603.0 614.8 1.96
Villahermosa 322.0 291.2 (9.57) 612.8 577.5 (5.76)
TOTAL 6,580.2 6,934.0 5.38 13,182.8 14,126.0 7.15

Note: Passenger figures exclude transit and general aviation passengers.

Consolidated Results for 2Q16

Total revenues for 2Q16 rose 5.82% year-over-year to Ps.2,243.79 million, mainly due to increases of:

• 12.04% in revenues from aeronautical services, mainly as a result of the 5.38% increase in passenger traffic; and

• 24.17% in revenues from non-aeronautical services, principally reflecting the 25.29% increase in commercial revenues detailed below.

These increases were partially offset by the 27.25% 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 operations, and parking lot fees.