ASUR Reports 4Q23 Financial Results
Total passenger traffic in 4Q23 increased 1.1% YoY
4Q23 Highlights1
- Total passenger traffic increased 1.1% year-over-year. By country of operations, 4Q23 passenger traffic showed the following YoY variations:
Mexico : increased by 4.1%, reflecting increases of 3.4% in domestic traffic and 4.8% in international traffic.Puerto Rico (Aerostar): increased by 12.5%, resulting from increases of 10.7% and 31.0% in domestic and international traffic, respectively.Colombia (Airplan): decreased 12.9%, reflecting a 16.2% decrease in domestic traffic mainly driven by the suspension of operations ofViva Air andUltra Air in 1Q23 and a 2.3% increase in international traffic.
- Revenues declined 5.5% year-over-year to Ps.6,876.9 million. Excluding construction revenue, revenue increased 4.8% compared to 4Q22.
- Consolidated commercial revenue per passenger at Ps.119.0 million.
- Consolidated EBITDA declined 5.8% year-over-year to Ps.4,171.4 million.
- Adjusted EBITDA margin (excluding the effect of IFRIC 12) at 67.7% from 75.3% in 4Q22.
- Excluding other non-recurring income in 4Q22, EBITDA increased 1.1% YoY and Adjusted EBITDA margin declined 2.5 percentage points versus the 7.6 percentage point reported decrease.
- Cash and equivalents at year-end of Ps.15,691.8 million with Net Debt to EBITDA LTM ratio negative 0.2x.
Table 1: Financial & Operational Highlights 1 |
|||
|
Fourth Quarter |
% Chg |
|
|
2022 |
2023 |
|
Financial Highlights |
|
|
|
Total Revenue |
7,273,564 |
6,876,941 |
(5.5) |
|
5,503,745 |
5,113,019 |
(7.1) |
|
1,094,690 |
1,065,015 |
(2.7) |
|
675,129 |
698,907 |
3.5 |
Commercial Revenues per PAX |
111.6 |
119.0 |
6.6 |
|
136.7 |
142.1 |
4.0 |
|
146.5 |
133.7 |
(8.8) |
|
34.9 |
44.0 |
26.1 |
EBITDA |
4,427,089 |
4,171,453 |
(5.8) |
Net Income |
2,749,751 |
2,617,143 |
(4.8) |
Majority Net Income |
2,561,220 |
2,537,108 |
(0.9) |
Earnings per Share (in pesos) |
8.5374 |
8.4570 |
(0.9) |
Earnings per ADS (in US$) |
5.0460 |
4.9985 |
(0.9) |
Capex |
1,474,864 |
707,723 |
(52.0) |
Cash & Cash Equivalents |
13,174,991 |
15,691,846 |
19.1 |
Net Debt |
2,029,770 |
(3,467,076) |
n/a |
Net Debt/ LTM EBITDA |
0.1 |
(0.2) |
n/a |
Operational Highlights |
|
|
|
Passenger Traffic |
|
|
|
|
10,552,042 |
10,986,641 |
4.1 |
|
2,595,997 |
2,920,579 |
12.5 |
|
4,457,929 |
3,884,480 |
(12.9) |
|
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 twelve-month periods ended |
4Q23 Earnings Call
Date & Time:
Dial-in: 1-877-407-4018 (Toll-Free) and 1-201-689-8471 (International)
Access Code: 13744137
Replay:
For a full version of ASUR's Fourth Quarter 2023 Earnings Release, please visit: https://www.asur.com.mx/informacion-financiera-page-0
Definitions
Concession Services Agreements (IFRIC 12 interpretation). In
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 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
Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for
About ASUR
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:
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
View original content:https://www.prnewswire.com/news-releases/asur-reports-4q23-financial-results-302071619.html
SOURCE