ASUR Reports 1Q24 Financial Results
Total passenger traffic in 1Q24 increased 3.9% YoY
1Q24 Highlights1
- Total passenger traffic increased 3.9% year-over-year. By country of operations, passenger traffic showed the following YoY variations:
Mexico : increased by 3.8%, reflecting growth of 9.4% in international traffic partially offset by a decline of 3.5% in domestic traffic.Puerto Rico (Aerostar): increased by 12.2%, resulting from increases of 11.1% and 23.0% in domestic and international traffic, respectively.Colombia (Airplan): decreased 2.1%, a 6.7% decline in domestic traffic mainly driven by the suspension of operations ofViva Air andUltra Air in 1Q23, partially offset by an 18.6% increase in international traffic.
- Revenues increased 15.3% YoY to Ps.7,434.9 million. Excluding construction revenue, revenues increased 13.9% compared to 1Q23.
- Consolidated commercial revenue per passenger increased YoY to Ps.124.9.
- Consolidated EBITDA increased 13.1% YoY to Ps.5,122.9 million.
- Adjusted EBITDA margin (excluding the effect of IFRIC 12) at 71.4% from 71.9% in 1Q23.
- Cash and equivalents at year-end of Ps.16,822.9 million with Net Debt to EBITDA LTM at negative 0.3x.
- On
April 15, 2024 , ASUR published its Sustainability Report 2023, filed its Annual Report 2023 in Form 20-F with the US S.E.C and the Circular Unica 2023 with theMexican Stock Exchange and regulator.
Table 1: Financial & Operational Highlights 1 |
|||
|
First Quarter |
% Chg |
|
|
2023 |
2024 |
|
Financial Highlights |
|
|
|
Total Revenue |
6,449,409 |
7,434,907 |
15.3 |
|
4,775,146 |
5,646,112 |
18.2 |
|
1,010,943 |
1,033,582 |
2.2 |
|
663,320 |
755,213 |
13.9 |
Commercial Revenues per PAX |
123.2 |
124.9 |
1.4 |
|
147.0 |
145.3 |
(1.2) |
|
144.7 |
141.8 |
(2.0) |
|
42.3 |
50.2 |
18.7 |
EBITDA |
4,530,402 |
5,122,940 |
13.1 |
Net Income |
2,602,245 |
3,186,754 |
22.5 |
Majority Net Income |
2,512,362 |
3,082,091 |
22.7 |
Earnings per Share (in pesos) |
8.3745 |
10.2736 |
22.7 |
Earnings per ADS (in US$) |
5.0656 |
6.2143 |
22.7 |
Capex |
142,994 |
182,584 |
27.7 |
Cash & Cash Equivalents |
15,108,235 |
16,822,986 |
11.3 |
Net Debt |
(1,593,945) |
(5,073,921) |
218.3 |
Net Debt/ LTM EBITDA |
(0.1) |
(0.3) |
207.7 |
Operational Highlights |
|
|
|
Passenger Traffic |
|
|
|
|
11,073,291 |
11,496,410 |
3.8 |
|
2,907,038 |
3,261,896 |
12.2 |
|
3,885,317 |
3,804,230 |
(2.1) |
|
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-month period ended |
1Q24 Earnings Call
Day:
Dial-in: 1-877-407-4018 (Toll-Free) and 1-201-689-8471 (International)
Access Code: 13745942
Replay:
For a full version of ASUR's First Quarter 2024 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, 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
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
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