SOUTHEAST AIRPORT GROUP

6-K 1 asur-6k_102419.htm CURRENT REPORT OF FOREIGN ISSUER

Field: Rule-Page

Field: /Rule-Page

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2019

GRUPO AEROPORTUARIO DEL SURESTE, S.A.B. de C.V.

(SOUTHEAST AIRPORT GROUP)

Field: Rule-Page

Field: /Rule-Page

(Translation of Registrant’s Name Into English)

México

(Jurisdiction of incorporation or organization)

Bosque de Alisos No. 47A– 4th Floor

Bosques de las Lomas

05120 México, D.F.

Field: Rule-Page

Field: /Rule-Page

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F ☒ Form 40-F ☐

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes ☐ No ☒

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_.)

Field: Rule-Page

Field: /Rule-Page

Field: Page; Sequence: 1

Field: /Page

ASUR 3Q19 Passenger Traffic Increased 0.4% YoY

in Mexico, 5.7% in Puerto Rico and 14.0% in Colombia

Mexico City, October 23, 2019 - Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), a leading international airport group with operations in Mexico, the U.S., and Colombia, today announced results for the three-and nine-month periods ended September 30, 2019.

3Q19 Highlights 1

Passenger traffic in Mexico rose 0.4% YoY, with domestic traffic up 2.9% offsetting a 2.5% decline in international traffic.

Traffic in Puerto Rico (Aerostar) increased 5.7% YoY, supported by a 7.2% increase in domestic traffic which more than offset a 5.1% decline in international traffic.

Traffic in Colombia (Airplan) rose 14.0% YoY, driven by growth of 12.8% in domestic traffic and 21.0% in international traffic.

Consolidated commercial revenues per passenger reached Ps.99.2.

Consolidated EBITDA increased 8.7% YoY, reaching Ps.2,475.6 million.

Cash position at year-end was Ps.6,196.8 million. Net Debt to LTM EBITDA stood at 0.8x.

3Q19 Earnings Call Date & Time: Thursday, October 24, 2019 at 10:00 AM US ET; 9:00 AM CT Dial-in: 1-800-289-0438 (US & Canada); 1-323-794-2423 (International y Mexico); Code: 3374927. Replay: Thursday, October 24 at 1:00 PM US ET, ending at 11:59 PM US ET on Thursday, October 31, 2019. Dial-in number: 1-844-512-2921 Dial-in number: 1-844-512-2921 (US & Canada) 1-412-317-6671 (International & Mexico); Access Code 3374927.

1 Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS), including application of IFRS 9 and 15 that came into force in 2018, and represent comparisons between the three-and nine-month periods ended September 30, 2019, and the equivalent three- and nine-month periods ended September 30, 2018. All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of pesos, unless otherwise noted. Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, unless otherwise noted. 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 = Mexican Ps.19.7345 (source: Diario Oficial de la Federacion de Mexico) while Colombian peso figures are calculated at the exchange rate of COP$176.32 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 16 of this report.

| Table
1: Financial & Operational Highlights 1 | Third
Quarter | | %
Var |
| --- | --- | --- | --- |
| | 2018 | 2019 | |
| Financial
Highlights | | | |
| Total
Revenue | 3,682,047 | 4,106,266 | 11.5 |
| Mexico | 2,585,641 | 2,745,561 | 6.2 |
| San
Juan | 692,466 | 808,251 | 16.7 |
| Colombia | 403,940 | 552,454 | 36.8 |
| Commercial
Revenues per PAX | 92.5 | 99.2 | 7.3 |
| Mexico | 108.1 | 114.3 | 5.7 |
| San
Juan | 108.0 | 124.2 | 14.9 |
| Colombia | 35.0 | 42.2 | 20.6 |
| EBITDA | 2,278,320 | 2,475,603 | 8.7 |
| Net
Income | 1,006,574 | 1,340,432 | 33.2 |
| Majority
Net Income | 988,054 | 1,314,628 | 33.1 |
| Earnings
per Share (in pesos) | 3.2935 | 4.3821 | 33.1 |
| Earnings
per ADS (in US$) | 1.6689 | 2.2205 | 33.1 |
| Capex | 363,379 | 445,755 | 22.7 |
| Cash
& Cash Equivalents | 4,569,129 | 6,196,806 | 35.6 |
| Net
Debt | 11,006,740 | 7,777,721 | (29.3) |
| Net
Debt / LTM EBITDA | 1.2 | 0.8 | (38.3) |
| Operational
Highlights | | | |
| Passenger
Traffic | | | |
| Mexico | 8,303,559 | 8,333,227 | 0.4 |
| San
Juan | 2,226,595 | 2,354,372 | 5.7 |
| Colombia | 2,800,730 | 3,192,585 | 14.0 |

Field: Page; Sequence: 2; Options: NewSection; Value: 1

ASUR 3Q19 Page 1 of 24

Field: /Page

Passenger Traffic

ASUR’s 3Q19 total passenger traffic increased 4.1% YoY reaching 13.9 million passengers driven by increases of 0.4% in Mexico, 5.7% in Puerto Rico, and 14.0% in Colombia.

Passenger traffic growth of 0.4% YoY in Mexico was mainly driven by a 2.9% increase in domestic traffic which more than offset the 2.5% decline in international traffic. Merida and Oaxaca airports were the main drivers behind domestic traffic growth, with increases of 14.7% and 25.2%, respectively. Oaxaca, in turn, achieved a 59.6% increase in international traffic, while Cancun reported declines of 0.4% and 2.2% in domestic and international traffic, respectively.

Traffic in Puerto Rico increased 5.7% YoY, recovering following the impact of Hurricane Maria, which hit the island in September 2017. Domestic traffic increased 7.2% YoY while international traffic declined 5.1%.

Colombia reported a 14.0% YoY increase in total traffic driven by growth of 12.8% and 21.0% in domestic and international traffic, respectively. Rionegro Airport in Medellin was the main driver of traffic growth, reporting increases of 15.5% and 21.0% in domestic and international traffic, respectively.

Tables with detailed passenger traffic information for each airport can be found on page 19 of this report.

| Table
2: Passenger Traffic Summary | Third
Quarter | | %
Chg. | Nine-Months | | %
Chg. |
| --- | --- | --- | --- | --- | --- | --- |
| | 2018 | 2019 | | 2018 | 2019 | |
| Total
Mexico | 8,303,559 | 8,333,227 | 0.4 | 25,158,418 | 25,783,861 | 2.5 |
| -
Cancun | 6,251,306 | 6,160,215 | (1.5) | 19,189,289 | 19,374,608 | 1.0 |
| -
8 Other Airports | 2,052,253 | 2,173,012 | 5.9 | 5,969,129 | 6,409,253 | 7.4 |
| Domestic
Traffic | 4,342,594 | 4,469,498 | 2.9 | 11,725,081 | 12,367,374 | 5.5 |
| -
Cancun | 2,493,382 | 2,484,484 | (0.4) | 6,525,887 | 6,703,534 | 2.7 |
| -
8 Other Airports | 1,849,212 | 1,985,014 | 7.3 | 5,199,194 | 5,663,840 | 8.9 |
| International
Traffic | 3,960,965 | 3,863,729 | (2.5) | 13,433,337 | 13,416,487 | (0.1) |
| -
Cancun | 3,757,924 | 3,675,731 | (2.2) | 12,663,402 | 12,671,074 | 0.1 |
| -
8 Others Airports | 203,041 | 187,998 | (7.4) | 769,935 | 745,413 | (3.2) |
| Total
San Juan, Puerto Rico | 2,226,595 | 2,354,372 | 5.7 | 6,362,573 | 7,072,180 | 11.2 |
| Domestic
Traffic | 1,957,414 | 2,098,971 | 7.2 | 5,672,204 | 6,315,138 | 11.3 |
| International
Traffic | 269,181 | 255,401 | (5.1) | 690,369 | 757,042 | 9.7 |
| Total
Colombia | 2,800,730 | 3,192,585 | 14.0 | 7,681,418 | 8,807,551 | 14.7 |
| Domestic
Traffic | 2,393,455 | 2,699,836 | 12.8 | 6,516,614 | 7,457,666 | 14.4 |
| International
Traffic | 407,275 | 492,749 | 21.0 | 1,164,804 | 1,349,885 | 15.9 |
| Total
Traffic | 13,330,884 | 13,880,184 | 4.1 | 39,202,409 | 41,663,592 | 6.3 |
| Domestic
Traffic | 8,693,463 | 9,268,305 | 6.6 | 23,913,899 | 26,140,178 | 9.3 |
| International
Traffic | 4,637,421 | 4,611,879 | (0.6) | 15,288,510 | 15,523,414 | 1.5 |
| Note: Passenger figures for Mexico and Colombia exclude
transit and general aviation passengers, while Puerto Rico includes transit and general aviation passengers. | | | | | | |

Field: Page; Sequence: 3; Value: 1

ASUR 3Q19 Page 2 of 24

Field: /Page

Review of Consolidated Results

| Table
3: Summary of Consolidated Results | Third
Quarter | | %
Chg. | Nine-Months | | %
Chg. |
| --- | --- | --- | --- | --- | --- | --- |
| | 2018 | 2019 | | 2018 | 2019 | |
| Total
Revenues | 3,682,047 | 4,106,266 | 11.5 | 11,486,011 | 12,276,995 | 6.9 |
| Aeronautical
Services | 2,251,115 | 2,380,645 | 5.8 | 6,715,133 | 7,181,875 | 7.0 |
| Non-Aeronautical
Services | 1,340,615 | 1,488,391 | 11.0 | 4,160,293 | 4,577,310 | 10.0 |
| Total
Revenues Excluding Construction Revenues | 3,591,730 | 3,869,036 | 7.7 | 10,875,426 | 11,759,185 | 8.1 |
| Construction
Revenues 1 | 90,317 | 237,230 | 162.7 | 610,585 | 517,810 | (15.2) |
| Total
Operating Costs & Expenses | 2,025,512 | 2,079,656 | 2.7 | 5,834,738 | 5,989,758 | 2.7 |
| Other
Income | | | | | 204,074 | n/a |
| Operating
Profit | 1,656,535 | 2,026,610 | 22.3 | 5,651,273 | 6,491,311 | 14.9 |
| Operating
Margin | 45.0% | 49.35% | 436
bps | 49.2% | 52.9% | 367
bps |
| Adjusted
Operating Margin 2 | 46.1% | 52.38% | 626
bps | 52.0% | 55.2% | 324
bps |
| EBITDA | 2,278,320 | 2,475,603 | 8.7 | 7,093,833 | 7,883,561 | 11.1 |
| EBITDA
Margin | 61.88% | 60.29% | (159
bps) | 61.8% | 64.2% | 245
bps |
| Adjusted
EBITDA Margin 3 | 63.43% | 63.99% | 55
bps | 65.2% | 67.0% | 181
bps |
| Net
Income | 1,006,574 | 1,340,432 | 33.2 | 3,572,062 | 4,383,088 | 22.7 |
| Majority
Net Income | 988,054 | 1,314,628 | 33.1 | 3,529,012 | 4,209,817 | 19.3 |
| Earnings
per Share | 3.2935 | 4.3821 | 33.1 | 11.7634 | 14.0327 | 19.3 |
| Earnings
per ADS in US$ | 1.6689 | 2.2205 | 33.1 | 5.9608 | 7.1108 | 19.3 |
| Total
Commercial Revenues per Passenger 4 | 92.5 | 99.2 | 7.3 | 97.3 | 101.2 | 4.0 |
| Commercial
Revenues | 1,241,918 | 1,385,129 | 11.5 | 3,840,862 | 4,242,814 | 10.5 |
| Commercial
Revenues from Direct Operations per Passenger 5 | 17.4 | 17.9 | 3.0 | 18.1 | 18.8 | 3.9 |
| Commercial
Revenues Excl. Direct Operations per Passenger | 75.1 | 81.3 | 8.2 | 79.2 | 82.4 | 4.0 |
| 1 Construction revenues for Airplan in 3Q18 include the actual construction revenues which is equal to the construction
cost of Ps.63.1 million, and an estimate to the downside of income derived from the valuation of the intangible to present
value (construction income) of Ps.80.9 million, according to IFRIC 12. Construction revenues for Airplan in 3Q19 were equal
to the construction cost of Ps.46.9 million. | | | | | | |
| 2 Adjusted operating margin excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned
assets in Mexico, Puerto Rico and Colombia, and is equal to operating income divided by total revenues minus revenues from
construction services. | | | | | | |
| 3 Adjusted EBITDA Margin excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned
assets in Mexico, Puerto Rico and Colombia, and is calculated by dividing EBITDA by total revenues less construction services
revenues. | | | | | | |
| 4 Passenger figures include transit and general aviation passengers Mexico, Puerto Rico and Colombia. | | | | | | |
| 5 Represents ASUR´s operations in convenience stores. | | | | | | |

Consolidated Revenues

Consolidated Revenues for 3Q19 rose 11.5% YoY, or Ps.424.2 million to Ps.4,106.3 million, mainly driven by increases of:

● 5.8% in revenues from aeronautical services to Ps.2,380.6 million. Mexico contributed with Ps.1,552.1 million, while Puerto Rico and Colombia contributed with Ps.460.8 million and Ps.367.8 million, respectively;

● 11.0% in revenues from non-aeronautical services to Ps.1,488.4 million, mainly due to the 11.5% increase in commercial revenues. Mexico contributed with Ps.1,056.2 million in revenues from non-aeronautical services, while Puerto Rico and Colombia contributed with Ps.294.4 million and Ps.137.8 million, respectively; and

● 162.7%, or Ps.146.9 million in revenues from construction services. This was mainly due to capital expenditures in Cancun and Merida airports in line with Mexico’s Master Development Plan, as well as new construction works in Puerto Rico. Construction revenues in Colombia increased reflecting the recognition of a Ps.81.0 million concesion valuation loss in 3Q18. Excluding the impact from the concession valuation loss in Colombia, consolidated construction revenues would have increased YoY by 38.5%, or Ps.65.9 million.

Excluding revenues from construction services , which are deducted as costs under IFRS accounting standards, total revenues would have increased 7.7% YoY to Ps.3,869.0 million. Mexico contributed with 67.4% of total revenues excluding revenues from construction services, while Puerto Rico and Colombia represented 19.5% and 13.1%, respectively.

Field: Page; Sequence: 4; Value: 1

ASUR 3Q19 Page 3 of 24

Field: /Page

Commercial Revenues in 3Q19 increased 11.5% YoY to Ps.1,385.1 million, mainly reflecting the 4.1% increase in total passenger traffic. Commercial revenues in Mexico rose 6.1% to Ps.955.8 million, mainly driven by the opening of new commercial spaces, including duty free, retail, food and beverages, and car rentals, among others. Likewise, commercial revenues increased YoY by 21.5% to Ps.292.4 million in Puerto Rico, and 36.4% to Ps.137.0 million in Colombia.

Commercial Revenues per Passenger increased 7.3% YoY to Ps.99.2 in 3Q19. Mexico contributed with commercial revenues per passenger of Ps.114.3 in 3Q19, Puerto Rico with Ps.124.2, and Colombia with Ps.42.2. Commercial revenues per passenger increased 5.7% in Mexico, 14.9% in Puerto Rico and 20.6% in Colombia.

Consolidated Operating Costs and Expenses

Consolidated Operating Costs and Expenses, including construction costs, for 3Q19 increased 2.7% YoY, or Ps.54.1 million, to Ps.2,079.7 million. Excluding construction costs, operating costs and expenses declined 0.6%, or Ps.11.8 million, year-on-year, reflecting the following variations:

● A 3.1%, or Ps.28.5 million, increase in Mexico reflecting higher administrative costs, increases in legal, technical assistance and concession fees. This was partially offset by declines in maintenance and energy costs;

● A 12.4%, or Ps.61.3 million, increase in Puerto Rico mainly mainly as a result of an increase of Ps.12.4 million in payroll expenses along with higher professional fees. Furthermore, concession fees increased 13.4% as a result of higher aeronautical revenues while depreciation and amortization expenses rose 13.6% reflecting higher capex investments; and

● A 23.0%, or Ps.101.9 million, decline in Colombia composed reflecting a Ps.116.2 million, or 52.3%, decline in depreciation and amortization principally reflecting a change in amortization methodology, which starting January 2019 is on a straight-line basis instead of the percentage of completion method which implied variations in the accumulated amortization rate of the concession. This was partially offset by the 20.3%, or Ps.16.2 million, increase in concession fees as a result of the increase in aeronautical revenues that was mainly driven by a 13.1% increase in passenger traffic.

Cost of Services rose by 4.6%, or Ps.43.1 million. In Mexico, cost of services increased 1.7% YoY, or Ps.8.1 million, mainly reflecting higher legal professional fees and administrative expenses, partially offset by a decline in maintenance and energy costs. By contrast, cost of services in Colombia declined 1.3%, or Ps.1.9 million, principally reflecting higher professional legal fees in 3Q18, partially ofset by an increase in the maintenance provision for the future replacement of fixed assets as per IFRIC 12. Cost of services in Puerto Rico increased 11.8%, or Ps.36.9 million, principally reflecting higher payroll costs along with an increase in professional fees.

Construction Costs increased by 38.5% YoY, or Ps.65.9 million. This was mainly driven by increases of 48.6%, or Ps.44.9 million, in Mexico and 234.4%, or Ps.37.2 million, in Puerto Rico, partially offset by a 25.7%, or Ps.16.2 million, decline in Colombia.

G&A Expenses , which reflect administrative expenses in Mexico, increased 14.0% YoY mainly reflecting higher salaries and professional fees.

Consolidated Technical Assistance increased 5.1% YoY, mainly reflecting EBITDA growth in Mexico, excluding extraordinary items, a factor in the calculation of the fee.

Concession Fees increased 11.2% YoY, principally reflecting higher fees paid to the Mexican government, mainly due to an increase in regulated revenues in Mexico, a factor in the calculation of the fee. Concession fees for 3Q19 also reflect increases in Puerto Rico and Colombia.

Depreciation and Amortization declined 17.1%, or Ps.92.9 million, principally due to a Ps.116.3 million, or 52.3%, decline in Colombia, resulting mainly from the change in the amortization methodology, which as of January 1, 2019 is on a straight line rather than a percentage of completion basis. By contrast, depreciation and amortization in Mexico increased 1.8%, or Ps.3.0 million, while Puerto Rico reported an increase of 13.6%, or Ps.20.4 million, mainly from the recognition starting March 2018 of the amortization of the intangible asset resulting from the valuation of the investment in Aerostar under IFRS 3.

Field: Page; Sequence: 5; Value: 1

ASUR 3Q19 Page 4 of 24

Field: /Page

Consolidated Operating Profit and EBITDA

Consolidated Operating Profit in 3Q19 ammounted to Ps.2,026.6 million with Operating Margin of 49.4%. This was principally due to increases of 5.8%, or Ps.129.5 million, in aeronautical revenues, and 11.0%, or Ps.147.8 million, in non-aeronautical revenues. Mexico reported an operating profit of 1,665.4 million, Puerto Rico of Ps.197.3 million, and Colombia Ps.163.9 million.

Adjusted Operating Margin , which excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets in Mexico, Colombia, and Puerto Rico, and is calculated as operating profit divided by total revenues less construction services revenues, was 52.4% in 3Q19 compared with 46.1% in 3Q19.

EBITDA increased 8.7%, or Ps.197.3 million, to Ps.2,475.6 million in 3Q19. EBITDA increased 5.1%, or Ps.89.6 million in Mexico, 11.6%, or Ps.38.2 million in Puerto Rico, and 34.6%, or Ps.69.5 million in Colombia. 3Q19 EBITDA Margin was 60.3% compared to 61.9% in 3Q18.

Adjusted EBITDA Margin , which excludes the effect of IFRIC 12 with respect to the construction of or improvements to concessioned assets in Mexico, Puerto Rico, and Colombia was 64.0% in 3Q19 compared to 63.4% in 3Q18.

Consolidated Comprehensive Financing Gain (Loss)

| Table
4: Consolidated Comprehensive Financing Gain (Loss) | Third
Quarter | | %
Chg. | Nine-Months | | %
Chg. |
| --- | --- | --- | --- | --- | --- | --- |
| | 2018 | 2019 | | 2018 | 2019 | |
| Interest
Income | 58,148 | 73,708 | 26.8 | 209,010 | 272,744 | 30.5 |
| Interest
Expense | (298,931) | (279,890) | 6.4 | (914,861) | (838,025) | 8.4 |
| Foreign
Exchange Gain (Loss), Net | (39,492) | 70,388 | n/a | 33,095 | 60,580 | 83.0 |
| Total | (280,275) | (135,794) | 51.5 | (672,756) | (504,701) | 25.0 |

In 3Q19, ASUR reported a Ps.135.8 million Consolidated Comprehensive Financing Loss , compared to a Ps.280.3 million loss in 3Q18.

Interest expense declined by Ps.19.0 million during the period, or 6.4%, mainly reflecting a Ps.12.9 million decline in interest payments in Mexico as the Company paid down loans in June and November 2018, together with a Ps.10.0 million decline in interest payments in Colombia, reflecting a loan payments in 2H18. Interest income increased Ps.15.6 million, or 26.8%, reflecting a higher cash balance in the quarter.

In 3Q19, ASUR reported a foreign exchange gain of Ps.70.4 million, resulting from the 1.14% quarterly average depreciation of the Mexican peso against the U.S. dollar together with a lower U.S. dollar foreign currency net asset position. This compares to a Ps.39.5 million foreign exchange loss in 3Q18 resulting from the 3.8% quarterly average Mexican peso appreciation during that period on a higher foreign currency net asset position.

Income Taxes

Income Taxes for 3Q19 increased by Ps.180.7 million year-over-year, principally due to the combination of following factors:

● A Ps.95.5 million YoY increase in deferred income taxes, mainly reflecting a deferred income tax gain in Colombia in 3Q18 resulting from the reduction in the value of the concession as per IFRIC 12 and a decrease in the tax benefit in Mexico resulting from a change in the tax amortization rate on the concessioned assets starting in the second quarter of 2018. The decrease in the inflation rate from 1.16% in 3Q18 to 0.7% in 3Q19 also contributed to higher deferred income. This was partially offset by a reduction in the tax rate used for the calculation of deferred income taxes in Colombia from 33% to 30% starting on January 2019, resulting from the fiscal reform enacted on December 23, 2018.

● An Ps.85.4 million increase in income taxes, reflecting mainly a higher taxable income base for Cancun, Veracruz and Villahermosa airports in Mexico. Higher YoY income taxes also reflect a tax gain in Colombia in 2018 resulting from a change in tax legislation according to Decree 2235 published on December 27,

Field: Page; Sequence: 6; Value: 1

ASUR 3Q19 Page 5 of 24

Field: /Page

2017, along with a decline in deferred taxes in connection with the decline in the value of the concession in line with IFRIC12.

Majority Net Income

Majority Net Income for 3Q19 increased by 33.1% or Ps.326.6 million, to Ps.1,314.6 million from Ps.988.0 million in 3Q18. Earnings per common share for the quarter were Ps.4.3821 and earnings per ADS (EPADS) were US$2.2205 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.3.2935 and earnings per ADS of US$1.6689 for the same period last year.

Net Income

Net Income for 3Q19 increased by 33.2%, or Ps.333.9 million, to Ps.1,340.4 million from Ps.1,006.6 million in 3Q19.

Consolidated Financial Position

On September 30, 2019, airport concessions represented 85.5% of the Company’s total assets, with current assets representing 13.5% and other assets representing 1.0%. As of September 30, 2019, ASUR had cash and cash equivalents of Ps.6,196.8 million, a 35.2% increase from Ps.4,584.5 million at December 31, 2018. Mexico contributed with Ps.1,260.6 million in cash and cash equivalents in 3Q19, Puerto Rico with Ps.146.9 mmillion and Colombia with Ps.204.8 million.

As of September 30, 2019, the valuation of ASUR’s investment in Aerostar in accordance with IFRS 3 "Business Combinations" resulted in the following effects on the balance sheet: i) the recognition of a net intangible asset of Ps.6,013.5 million, ii) goodwill of Ps.887.2 (net of an impairment of Ps.4,719.1 million), iii) deferred taxes of Ps.601.4 million, and iv) a minority interest of Ps.5,366.2 million within stockholders' equity.

Furthermore, the valuation of ASUR’s investment in Airplan resulted in the following effects on the balance sheet as of September 30, 2019: i) the recognition of a net intangible asset of Ps.1,337.0 million, ii) goodwill of Ps.1,504.9, iii) deferred taxes of Ps.212.0 million, and iv) Ps.630.4 million from the recognition of bank loans at fair value.

On May 25, 2018, ASUR acquired an additional 7.6% of the share ownership of Airplan, bringing its ownership stake in the company to 100%. This transaction resulted in the recognition of shareholders’ equity of approximately Ps.213.5 million (Ps.37.7 million by majority interest and Ps.175.8 by minority interest).

Stockholders’ equity at the close of 3Q19 was Ps.37,974.0 million and total liabilities were Ps.18,998.1 million, representing 66.7% and 33.3% of total assets, respectively. Deferred liabilities represented 16.3% of ASUR’s total liabilities.

Total Debt at quarter-end decreased to Ps.13,974.5 million fom Ps.14,500.4 million on December 31, 2018. On September 30, 2019, 28.5% of ASUR’s total debt was denominated in Mexican pesos, 56.8% in U.S. Dollars (at Aerostar) and 14.7% in Colombian pesos. Net Debt to LTM EBITDA stood at 0.8x at the close of 3Q19, while the Interest Coverage ratio was 10.3x as of September 30, 2019. This compares with Net Debt to LTM EBITDA of 1.0x and an Interest Coverage Ratio of 8.7x as of December 31, 2018.

| Table
5: Consolidated Debt Indicators | September
30, 2018 | December
31, 2018 | September
30, 2019 |
| --- | --- | --- | --- |
| Leverage | | | |
| Total
Debt / LTM EBITDA (Times) 1 | 1.7 | 1.5 | 1.4 |
| Total
Net Debt / LTM EBITDA (Times) 2 | 1.2 | 1.0 | 0.8 |
| Interest
Coverage Ratio 3 | 9.7 | 8.7 | 10.3 |
| Total
Debt | 15,575,869 | 14,500,381 | 13,974,527 |
| Short-term
Debt | 295,206 | 500,105 | 277,847 |
| Long-term
Debt | 15,280,663 | 14,000,276 | 13,696,680 |
| Cash
& Cash Equivalents | 4,569,129 | 4,584,507 | 6,196,806 |
| Total
Net Debt 4 | 11,006,740 | 9,915,874 | 7,777,721 |

1 The Total Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities divided by its EBITDA.

2 The Total Net Debt to EBITDA Ratio is calculated as ASUR’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by its EBITDA.

3 The Interest Coverage Ratio is calculated as ASUR’s EBIT divided by its interest expenses.

4 Total Net Debt is calculated as Total Debt minus Cash & Cash Equivalents.

Field: Page; Sequence: 7; Value: 1

ASUR 3Q19 Page 6 of 24

Field: /Page

| Table
6: Consolidated Debt Profile (in millions) | Airport | Payment
of principal | Currency | Interest
Rate | Amortization
Schedule | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | | 2019 | 2020 | 2021
/23 | 2024
/35 | Total |
| 5
Yr-Syndicated Credit Facility | Cancun | To
the expiration | $PMx | Tiie
+ 1.25% | - | - | 2,000.0 | - | 2,000.0 |
| 7
Yr-Syndicated Credit Facility | Cancun | Semi-Annual
Amort. | $PMx | Tiie
+ 1.25% | - | 20.0 | 1,860.0 | 120.0 | 2,000.0 |
| 22
Yr-Senior Note 2035 | San
Juan | Semi-Annual
Amort. | $Usd | 5.75% | - | 9.3 | 31.0 | 277.2 | 317.5 |
| 20
Yr-Senior Note 2035 | San
Juan | Semi-Annual
Amort. | $Usd | 6.75% | - | 1.4 | 4.4 | 39.6 | 45.4 |
| 12
Yr-Syndicated Credit Facility | Colombia | Qtly.
Amort. | $Pcol | DTF 1 + 4 | 2,625.0 | 12,000.0 | 44,250.0 | 81,000.0 | 139,875.0 |
| 12
Yr-Syndicated Credit Facility | Colombia | Qtly.
Amort. | $Pcol | DTF 1 + 4 | 1,785.0 | 8,160.0 | 30,090.0 | 55,077.0 | 95,112.0 |
| 12
Yr-Syndicated Credit Facility | Colombia | Qtly.
Amort. | $Pcol | DTF 1 + 4 | 1,575.0 | 7,200.0 | 26,550.0 | 48,600.0 | 83,925.0 |
| 12
Yr-Syndicated Credit Facility | Colombia | Qtly.
Amort. | $Pcol | DTF 1 + 4 | 647.5 | 2,960.0 | 10,915.0 | 19,980.0 | 34,502.5 |
| 12
Yr-Syndicated Credit Facility | Colombia | Qtly.
Amort. | $Pcol | DTF 1 + 4 | 647.5 | 2,960.0 | 10,915.0 | 19,980.0 | 34,502.5 |
| 12
Yr-Syndicated Credit Facility | Colombia | Qtly.
Amort. | $Pcol | DTF 1 + 4 | 140.0 | 640.0 | 2,360.0 | 4,320.0 | 7,460.0 |
| 12
Yr-Syndicated Credit Facility | Colombia | Qtly.
Amort. | $Pcol | DTF 1 + 4 | 140.0 | 640.0 | 2,360.0 | 4,320.0 | 7,460.0 |
| 12
Yr-Syndicated Credit Facility | Colombia | Qtly.
Amort. | $Pcol | DTF 1 + 4 | 140.0 | 640.0 | 2,360.0 | 4,320.0 | 7,460.0 |
| Note:
Mexican syndicated loans were contracted in October 2017, Puerto Rico bonds were contracted in March 2013 and June 2015, respectively,
and the syndicated loan from Colombia was contracted in June 2015 with a three-year grace period. 1 DTF is an
average 90-day rate to which the credit facilities in Colombia are pegged. | | | | | | | | | |

Capex

Capex during 3Q19 ammounted to Ps.445.7 million. Of this, Ps.339.4 million reflect the Company’s plan to modernize its Mexican airports pursuant to its master development plans, Ps.59.4 million were made by Aerostar in Puerto Rico and Ps.46.9 million by Airplan in Colombia. This compares with Ps.363.4 million invested in 3Q18, Ps.102.8 million in Mexico, Ps.245.6 million in Puerto Rico, and Ps.14.9 million in Colombia.

During 9M19 ASUR invested a total of Ps.886.9 million, Ps.542.3 million in Mexico, Ps.238.4 million in Puerto Rico, and Ps.106.2 million in Colombia. This compares with capex of Ps.1,369.8 million in 9M18, of which Ps.329.6 million were invested in Mexico mainly for the construction of Terminal 4, in line with the Master Development Plan, Ps.645.9 million in Puerto Rico and Ps.394.2 million in Colombia.

Review of Mexico Operations

| Table
7: Mexico Revenues & Commercial Revenues Per Passenger (in thousands
of Mexican pesos) | Third
Quarter | | %
Chg. | Nine-Months | | %
Chg. |
| --- | --- | --- | --- | --- | --- | --- |
| | 2018 | 2019 | | 2018 | 2019 | |
| Total
Passenger (in thousands) | 8,333 | 8,365 | 0.4 | 25,263 | 25,884 | 2.5 |
| Total
Revenues | 2,585,641 | 2,745,561 | 6.2 | 7,762,541 | 8,315,658 | 7.1 |
| Aeronautical
Services | 1,495,944 | 1,552,105 | 3.8 | 4,483,133 | 4,765,464 | 6.3 |
| Non-Aeronautical
Services | 997,370 | 1,056,224 | 5.9 | 3,154,213 | 3,358,960 | 6.5 |
| Construction
Revenues | 92,327 | 137,232 | 48.6 | 125,195 | 191,234 | 52.7 |
| Total
Revenues Excluding Construction Revenues | 2,493,314 | 2,608,329 | 4.6 | 7,637,346 | 8,124,424 | 6.4 |
| Total
Commercial Revenues | 900,884 | 955,752 | 6.1 | 2,843,468 | 3,036,476 | 6.8 |
| Commercial
Revenues from Direct Operations | 183,285 | 190,006 | 3.7 | 568,518 | 609,054 | 7.1 |
| Commercial
Revenues Excluding Direct Operations | 717,599 | 765,746 | 6.7 | 2,274,950 | 2,427,422 | 6.7 |
| Total
Commercial Revenues per Passenger | 108.1 | 114.3 | 5.7 | 112.6 | 117.3 | 4.2 |
| Commercial
Revenues from Direct Operations per Passenger 1 | 22.0 | 22.7 | 3.2 | 22.5 | 23.5 | 4.6 |
| Commercial
Revenues Excl. Direct Operations per Passenger | 86.1 | 91.5 | 6.3 | 90.1 | 93.8 | 4.1 |
| Note: For purpose of this table, approximately 29.0 and
31.7 thousand transit and general aviation passengers are included in 3Q18 and 3Q19, respectively, while 105.0 and 100.3 thousand
transit and general aviation passengers are included in 9M18 and 9M19. | | | | | | |
| 1 Represents the operation of ASUR in its convenience
stores in Mexico. | | | | | | |

Field: Page; Sequence: 8; Value: 1

ASUR 3Q19 Page 7 of 24

Field: /Page

Mexico Revenues

Mexico Revenues for 3Q19 increased 6.2% YoY to Ps.2,745.6 million. Excluding construction, revenues rose 4.6% YoY, reflecting the following increases:

● 3.8% in revenues from aeronautical services, principally due to the 0.4% increase in passenger traffic; and

● 5.9% in revenues from non-aeronautical services, principally reflecting the 6.1% growth in commercial revenues.

Commercial Revenues increased 6.1% YoY, mainly due to the 0.4% increase in total passenger traffic (including transit and general aviation passengers) and reported increases across all categories, except car rentals, as shown on Table 8.

Commercial Revenues per Passenger for 3Q19 increased 5.7% YoY to Ps.114.3 from Ps.108.1 in 3Q18.

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.

As shown in Table 9, during the last 12 months, ASUR opened 7 new commercial spaces at Cancun Airport, and one commercial space at its other eight Mexican airports. More details of these openings can be found on page 20 of this report.

| Table 8: Mexico Commercial Revenue Performance — Business
Line | YoY
Chg | | Table
9: Mexico Summary Retail and Other Commercial Spaces Opened since September 30, 2018. — Type
of Commercial Space 1 | #
Of Spaces Opened |
| --- | --- | --- | --- | --- |
| | 3Q19 | 9M19 | | |
| Teleservices | 16.5% | 11.4% | Cancun | 7 |
| Advertising
Revenues | 10.0% | 20.2% | Retail
Operations | 5 |
| Ground
Transportation | 9.5% | 14.5% | Other
Revenue | 2 |
| Food
and Beverage Operations | 8.6% | 9.8% | 8
Others Airport | 1 |
| Duty
Free | 8.4% | 5.0% | Car
Rental Revenues | 1 |
| Other
Revenue | 5.9% | 9.3% | Mexico | 8 |
| Retail
Operations | 5.1% | 5.5% | 1 Only includes new stores opened during the period and excludes remodelings or contract renewals. | |
| Parking
Lot Fees | 3.1% | 7.1% | | |
| Banking
and Currency Exchange Services | 2.7% | (3.5%) | | |
| Car
Rental Revenues | (1.7%) | 5.5% | | |
| Total
Commercial Revenues | 6.1% | 6.8% | | |

Mexico Operating Costs and Expenses

| Table
10: Mexico Operating Costs & Expenses | Third
Quarter | | %
Chg. | Nine-Months | | %
Chg. |
| --- | --- | --- | --- | --- | --- | --- |
| | 2018 | 2019 | | 2018 | 2019 | |
| Cost
of Services | 483,261 | 491,336 | 1.7 | 1,328,522 | 1,419,733 | 6.9 |
| Administrative | 56,436 | 64,333 | 14.0 | 173,738 | 185,212 | 6.6 |
| Technical
Assistance | 92,038 | 96,883 | 5.3 | 289,607 | 307,911 | 6.3 |
| Concession
Fees | 113,389 | 118,119 | 4.2 | 344,895 | 367,034 | 6.4 |
| Depreciation
and Amortization | 169,226 | 172,228 | 1.8 | 506,298 | 515,234 | 1.8 |
| Operating
Costs and Expenses Excluding Construction Costs | 914,350 | 942,899 | 3.1 | 2,643,060 | 2,795,124 | 5.8 |
| Construction
Costs | 92,327 | 137,232 | 48.6 | 125,195 | 191,234 | 52.7 |
| Total
Operating Costs & Expenses | 1,006,677 | 1,080,131 | 7.3 | 2,768,255 | 2,986,358 | 7.9 |

Total Mexico Operating Costs and Expenses for 3Q19 increased 7.3% YoY. This includes construction costs, which rose 48.6%, reflecting higher levels of capital improvements made to concessioned assets during the period. Excluding construction costs, operating costs and expenses increased 3.1% to Ps.942.9 million.

Cost of Services rose 1.7% YoY, mainly due to higher legal fees, partially offset by a decline in maintenance and energy expenses.

Field: Page; Sequence: 9; Value: 1

ASUR 3Q19 Page 8 of 24

Field: /Page

Administrative expenses increased by 14.0% YoY, principally as a result of higher salaries and professional fees.

The 5.3% increase in the Technical Assistance fee paid to ITA reflects EBITDA growth in Mexico, excluding extraordinary items in the quarter, a factor in the calculation of the fee.

Concession Fees , which include fees paid to the Mexican government, rose 4.2%, mainly due to an increase in regulated revenues, a factor in the calculation of the fee.

Depreciation and Amortization increased 1.8% YoY, reflecting higher investments to-date.

Mexico Consolidated Comprehensive Financing Gain (Loss)

| Table
11: Mexico Comprehensive Financing Gain (Loss) | Third
Quarter | | %
Chg. | Nine-Months | | %
Chg. |
| --- | --- | --- | --- | --- | --- | --- |
| | 2018 | 2019 | | 2018 | 2019 | |
| Interest
Income | 70,836 | 78,385 | 10.7 | 251,529 | 264,400 | 5.1 |
| Interest
Expense | (114,677) | (101,770) | (11.3) | (351,684) | (309,136) | 12.1 |
| Foreign
Exchange Gain (Loss), Net | (39,479) | 70,735 | n/a | 32,906 | 60,725 | 84.5 |
| Total | (83,320) | 47,350 | n/a | (67,249) | 15,989 | n/a |

ASUR’s Mexico operations reported a Ps.47.4 million Comprehensive Financing Gain , compared to an Ps.83.3 million loss in 3Q18. Mexican operations reported a foreign exchange gain of Ps.70.7 million in the quarter, resulting from the 1.14% quarterly average Mexican peso depreciation against the U.S. dollar on a lower foreign currency net asset position, compared with a Ps.39.5 million foreign exchange loss in 3Q18, resulting from the 3.8% quarterly average Mexican peso appreciation during that period and a higher foreign currency net asset position.

In addition, interest expense declined 11.3% YoY to Ps.101.8 million as the Company paid down debt between June and November 2018. Furthermore, interest income increased 10.7%, reflecting a higher cash balance.

Mexico Operating Profit and EBITDA

| Table
12: Mexico Operating Profit & EBITDA | Third
Quarter | | %
Chg. | Nine-Months | | %
Chg. |
| --- | --- | --- | --- | --- | --- | --- |
| | 2018 | 2019 | | 2018 | 2019 | |
| Total
Revenue | 2,585,641 | 2,745,561 | 6.2 | 7,762,541 | 8,315,658 | 7.1 |
| Total
Revenues Excluding Construction Revenues | 2,493,314 | 2,608,329 | 4.6 | 7,637,346 | 8,124,424 | 6.4 |
| Operating
Profit | 1,578,964 | 1,665,430 | 5.5 | 4,994,286 | 5,329,300 | 6.7 |
| Operating
Margin | 61.1% | 60.7% | (41
bps) | 64.3% | 64.1% | (25
bps) |
| Adjusted
Operating Margin 1 | 63.3% | 63.9% | 52
bps | 65.4% | 65.6% | 20
bps |
| Net
Profit 2 | 1,072,267 | 1,206,695 | 12.5 | 3,525,768 | 3,767,755 | 6.9 |
| EBITDA | 1,748,064 | 1,837,658 | 5.1 | 5,500,592 | 5,844,534 | 6.3 |
| EBITDA
Margin | 67.6% | 66.9% | (67
bps) | 70.9% | 70.3% | (58
bps) |
| Adjusted
EBITDA Margin 3 | 70.1% | 70.5% | 34
bps | 72.0% | 71.9% | (8
bps) |
| 1 Adjusted Operating Margin excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned
assets and is equal to operating profit divided by total revenues less construction services revenues. | | | | | | |
| 2 Net Income for 3Q19 and 3Q18 include gains of Ps.64.3 million and Ps.48.8 million, respectively, rom the participation
in the results of Aerostar in Puerto Rico. Airplan in Colombia contributed with gains of Ps.118.1 million and Ps.97.6 million
in 3Q19 and 3Q18, respectively. | | | | | | |
| 3 Adjusted EBITDA Margin excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned
assets and is calculated by dividing EBITDA by total revenues less construction services revenues. | | | | | | |

Mexico reported an Operating Profit of Ps.1,665.4 million in 3Q19, resulting in an Operating Margin of 60.7% compared with 61.1% in 3Q18 mainly as a result of a YoY increase in construction works in 3Q19.

Adjusted Operating Margin in 3Q19, which excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets and is calculated as operating profit divided by total revenues excluding construction services revenues, was 63.9%, compared to 63.3% in 3Q18 reflecting higher cost dilution.

EBITDA increased 5.1% to Ps.1,837.7 million from Ps.1,748.1 million in 2Q18, resulting in an EBITDA Margin of 66.9% in 3Q19, compared with 67.6% in 3Q18.

Field: Page; Sequence: 10; Value: 1

ASUR 3Q19 Page 9 of 24

Field: /Page

During 3Q19, ASUR’s operations in Mexico recognized Ps.137.2 million in “Construction Revenues,” a year-on-year increase of 48.6%, due to higher capital expenditures and investments in concessioned assets. Adjusted EBITDA Margin , which excludes the effect of IFRIC 12 with respect to the construction of/or improvements to concessioned assets, increased 34 bps to 70.5%.

Mexico 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 accumulated regulated revenues at its Mexican operations as of September 30, 2019 totaled Ps.4,988.9 million, with an average tariff per workload unit of Ps.189.9 (December 2018 pesos), accounting for approximately 60.8% of total Mexico income (excluding construction income) for the period.

The Mexican Ministry of Communications and Transportation reviews compliance with maximum rate regulations at the close of each year.

Mexico Capital Expenditures

During 3Q19, ASUR’s operations in Mexico made capital investments of Ps.339.4 million in connection with the Company’s plan to modernize its Mexican airports pursuant to its master development plans. This compares with capex of Ps.102.8 million in 3Q18. Accumulated capex for 9M19 amounted to Ps.542.3 million, compared to Ps.329.7 million in 9M18.

Review of Puerto Rico Operations

| Table
13: Puerto Rico Revenues & Commercial Revenues Per Passenger | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| In
thousands of Mexican pesos | | | | | | |
| | Third
Quarter | | %
Chg | Nine
- Months | | %
Chg |
| | 2018 | 2019 | | 2018 | 2019 | |
| Total
Passenger (in thousands) | 2,227 | 2,354 | 5.7 | 6,363 | 7,072 | 11.2 |
| Total
Revenues | 692,466 | 808,251 | 16.7 | 2,166,832 | 2,444,942 | 12.8 |
| Aeronautical
Services | 433,814 | 460,754 | 6.2 | 1,297,806 | 1,376,422 | 6.1 |
| Non-Aeronautical
Services | 242,769 | 294,383 | 21.3 | 716,170 | 848,199 | 18.4 |
| Construction
Revenues | 15,883 | 53,114 | 234.4 | 152,856 | 220,321 | 44.1 |
| Total
Revenues Excluding Construction Revenues | 676,583 | 755,137 | 11.6 | 2,013,976 | 2,224,621 | 10.5 |
| Total
Commercial Revenues | 240,567 | 292,373 | 21.5 | 708,901 | 840,516 | 18.6 |
| Commercial
Revenues from Direct Operations | 50,183 | 60,012 | 19.6 | 146,523 | 180,204 | 23.0 |
| Commercial
Revenues Excluding Direct Operations | 190,384 | 232,361 | 22.0 | 562,378 | 660,312 | 17.4 |
| Total
Commercial Revenues per Passenger | 108.0 | 124.2 | 14.9 | 111.4 | 118.9 | 6.7 |
| Commercial
Revenues from Direct Operations per Passenger 1 | 22.5 | 25.5 | 13.1 | 23.0 | 25.5 | 10.6 |
| Commercial
Revenues Excl. Direct Operations per Passenger | 85.5 | 98.7 | 15.4 | 88.4 | 93.4 | 5.6 |
| Figures
in pesos at the average exchange rate Ps.19.8584= US$1.00 | | | | | | |
| 1 Represents ASUR´s operations in convenience stores in Puerto Rico. | | | | | | |

Puerto Rico Revenues

Total Puerto Rico Revenues for 3Q19 increased 16.7% YoY to Ps.808.2 million, mainly due to the following increases:

● 6.2% in revenues from aeronautical services reflecting the 5.7% increase in passenger traffic;

Field: Page; Sequence: 11; Value: 1

ASUR 3Q19 Page 10 of 24

Field: /Page

● 21.3% in revenues from non-aeronautical services, principally reflecting the 21.5% increase in commercial revenues; and

● 234.4% in construction services revenues reflecting higher capital investments in 3Q19

Commercial Revenues per Passenger increased to Ps.124.2 from Ps.108.0 in 3Q18.

Thirteen commercial spaces were opened at LMM Airport over the last 12 months, as shown in Table 15. More details of these openings can be found on page 20 of this report.

ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, advertising, non-permanent ground transportation, food and beverage operations, and parking lot fees.

| Table
14: Puerto Rico Commercial Revenue Performance — Business
Line | YoY
Chg | | Table
15: Puerto Rico Summary Retail and Other Commercial Space Opened since September 30, 2018 — Type
of Commercial Space 1 | #
of Spaces Opened |
| --- | --- | --- | --- | --- |
| | 3Q19 | 9M19 | | |
| Advertising
Revenues | 200.0% | 140.5% | Retail
Operations | 6 |
| Car
Rental Revenues | 42.7% | 23.9% | Food
and Beverage Operations | 3 |
| Retail
Operations | 21.8% | 24.6% | Car
Rental Revenues | 1 |
| Ground
Transportation | 17.9% | 129.1% | Other
Revenue | 1 |
| Food
and Beverage Operations | 10.0% | 14.6% | Duty
Free | 1 |
| Duty
Free | 4.0% | 4.0% | Advertising
Revenues | 1 |
| Parking
Lot Fees | (1.8%) | (2.3%) | Total
Commercial Spaces | 13 |
| Other
Revenue | (19.7%) | (4.8%) | | |
| Total
Commercial Revenues | 21.5% | 18.6% | 1 Only includes new stores opened during the period and excludes remodelings or contract
renewals. | |

Puerto Rico Operating Costs and Expenses

| Table
16: Puerto Rico Operating Costs & Expenses | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| In
thousands of Mexican pesos | | | | | | |
| | Third
Quarter | | %
Chg | Nine
- Months | | %
Chg |
| | 2018 | 2019 | | 2018 | 2019 | |
| Cost
of Services | 313,962 | 350,902 | 11.8 | 966,316 | 994,186 | 2.9 |
| Concession
Fees | 32,028 | 36,313 | 13.4 | 96,459 | 106,302 | 10.2 |
| Depreciation
and Amortization | 150,253 | 170,664 | 13.6 | 462,327 | 497,937 | 7.7 |
| Operating
Costs and Expenses Excluding Construction Costs | 496,243 | 557,879 | 12.4 | 1,525,102 | 1,598,425 | 4.8 |
| Construction
Costs | 15,883 | 53,114 | 234.4 | 152,856 | 220,321 | 44.1 |
| Total
Operating Costs & Expenses | 512,126 | 610,993 | 19.3 | 1,677,958 | 1,818,746 | 8.4 |

Figures in pesos at the average exchange rate Ps.19.8584= US$1.00

Total Operating Costs and Expenses at LMM Airport in 3Q19, increased 19.3% YoY to Ps.611.0 million. During 3Q19, Aerostar reported construction costs of Ps.53.1 million, reflecting capital investments in concessioned assets. Excluding construction costs, operating costs and expenses increased 12.4% to Ps.557.9 million.

Cost of Services increased 11.8% YoY, or by Ps.36.9 million mainly reflecting higher payroll and professional fees.

Concession Fees paid to the Puerto Rican government increased YoY by Ps.4.3 million, to Ps.36.3 million from Ps.32.0 million in 3Q18. In line with the concession agreement, starting in 2018, the concession fee is based on revenues and impacts results.

Depreciation and Amortization increased YoY by 13.6%, or Ps.20.4 million, principally reflecting higher investments in 2018.

Field: Page; Sequence: 12; Value: 1

ASUR 3Q19 Page 11 of 24

Field: /Page

Intentionally Left Blank Page

Field: Page; Sequence: 13; Value: 1

ASUR 3Q19 Page 12 of 24

Field: /Page

Puerto Rico Comprehensive Financing Gain (Loss)

| Table
17: Puerto Rico Comprehensive Financing Gain (Loss) In thousands
of Mexican pesos | Third
Quarter | | %
Chg. | Nine-Months | | %
Chg. |
| --- | --- | --- | --- | --- | --- | --- |
| | 2018 | 2019 | | 2018 | 2019 | |
| Interest
Income | 3,809 | 4,801 | 26.0 | 4,786 | 11,787 | 146.3 |
| Interest
Expense | (127,533) | (128,351) | (0.6) | (381,086) | (380,921) | 0.0 |
| Total | (123,724) | (123,550) | 0.1 | (376,300) | (369,134) | 1.9 |

Figures in pesos at the average exchange rate Ps.19.8584= US$1.00

During 3Q19, LMM Airport reported a Ps.123.6 million Comprehensive Financing Loss , compared with a Ps.123.7 million loss in 3Q18, mainly reflecting interest rate movements and the impact from the valuation to present value of future obligations under IFRIC 12 and NIC 37.

On February 22, 2013, and as part of the financing of the concession agreement, Aerostar entered into a subordinated term loan with Cancun Airport in the amount of US$100 million at an annual interest rate of LIBOR plus 2.10%, payable each July 1 and January 1, and with no fixed maturity date. As of September 30, 2019, the remaining balance was US$47.0 million.

On March 22, 2013, Aerostar carried out a private bond placement for a total of US$350 million to finance a portion of the Concession Agreement payment to the Puerto Rican Ports Authority and certain other costs and expenditures associated with it.

On June 24, 2015, Aerostar carried out a private bond placement for a total of US$50 million. In December 2015, Aerostar also contracted a line of revolving credit, which, as of September 30, 2019, had not been utilized.

All long-term debt is collateralized by Aerostar’s total assets.

Puerto Rico Operating Profit and EBITDA

| Table
18: Puerto Rico Operating Profit & EBITDA In thousands
of Mexican pesos | Third
Quarter | | %
Chg. | Nine-Months | | %
Chg. |
| --- | --- | --- | --- | --- | --- | --- |
| | 2018 | 2019 | | 2018 | 2019 | |
| Total
Revenue | 692,466 | 808,251 | 16.7 | 2,166,832 | 2,444,942 | 12.8 |
| Total
Revenues Excluding Construction Revenues | 676,583 | 755,137 | 11.6 | 2,013,976 | 2,224,621 | 10.5 |
| Other
Income | | | | | 204,074 | n/a |
| Operating
Profit | 180,340 | 197,258 | 9.4 | 488,874 | 830,270 | 69.8 |
| Operating
Margin | 26.0% | 24.4% | (164
bps) | 22.6% | 34.0% | 1140
bps |
| Adjusted
Operating Margin 1 | 26.7% | 26.1% | (53
bps) | 24.3% | 37.3% | 1305
bps |
| Net
Profit | 46,301 | 64,509 | 39.3 | 87,344 | 433,177 | 395.9 |
| EBITDA | 329,682 | 367,921 | 11.6 | 981,305 | 1,329,939 | 35.5 |
| EBITDA
Margin | 47.6% | 45.5% | (209
bps) | 45.3% | 54.4% | 911
bps |
| Adjusted
EBITDA Margin 2 | 48.7% | 48.7% | (1
bps) | 48.7% | 59.8% | 1106
bps |

Figures in pesos at the average exchange rate Ps.19.8584= US$1.00

1 Adjusted Operating Margin excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets, and is equal to operating profit divided by total revenues less construction services revenues.

2 Adjusted EBITDA Margin excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets, and is calculated by dividing EBITDA by total revenues less construction services revenues.

Operating Profit at Puerto Rico in 3Q19 increased to Ps.197.3 million, with Operating Margin of 24.4% in 3Q19 compared with 26.0% in 3Q18.

EBITDA increased 11.6% to Ps.367.9 million from Ps.329.7 million in 3Q18. EBITDA Margin contracted to 45.5% from 47.6% in 3Q18, while the adjusted EBITDA Margin, excluding IFRIC 12, remained unchanged YoY at 48.7%.

Field: Page; Sequence: 14; Value: 1

ASUR 3Q19 Page 13 of 24

Field: /Page

Puerto Rico Capital Expenditures

During 3Q19, Aerostar invested Ps.59.4 million to modernize LMM Airport, compared with investments of Ps.245.6 million in 3Q18. Accumulated capex for 9M19 ammounted to Ps.238.4 million compared with Ps.645.9 million invested in 9M18.

Puerto Rico Tariff Regulation

The Airport Use Agreement signed by Aerostar, the airlines serving LMM Airport, and the Puerto Rico Ports Authority governs the relationship between Aerostar and the principal airlines serving LMM Airport. The agreement entitles Aerostar to an annual contribution from the airlines of US$62 million during the first five years of the term. From year six onwards, the total annual contribution for the prior year increases in accordance with an adjusted consumer price index factor based on the U.S. non-core consumer price index. The annual fee is divided between the airlines that operate at LMM Airport in accordance with the regulations and structure defined under the Airport Use Agreement to establish the contribution of each airline for each particular year.

Review of Colombia Operations

The following discussion compares Airplan's independent results for the three- and nine-month periods ended September 30, 2018 and 2019.

The valuation of ASUR’s investment in Airplan in accordance with IFRS 3 "Business Combinations" resulted in the following effects on the balance sheet as of September 30, 2019: i) the recognition of a net intangible asset of Ps.1,337.0 million, ii) goodwill of Ps.1,504.9, iii) deferred taxes of Ps.212.0 million, and iv) Ps.630.4 million from the recognition of bank loans at fair value.

| Table
19: Airplan, Colombia Revenues & Commercial Revenues Per Passenger | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| In
thousands of Mexican pesos | | | | | | |
| | Third
Quarter | | %
Chg. | Nine-Months | | %
Chg. |
| | 2018 | 2019 | | 2018 | 2019 | |
| Total
Passenger (in thousands) | 2,872 | 3,247 | 13.1 | 7,849 | 8,983 | 14.5 |
| Total
Revenues | 403,940 | 552,454 | 36.8 | 1,556,638 | 1,516,395 | (2.6) |
| Aeronautical
Services | 321,357 | 367,786 | 14.4 | 934,194 | 1,039,989 | 11.3 |
| Non-Aeronautical
Services | 100,476 | 137,784 | 37.1 | 289,910 | 370,151 | 27.7 |
| Construction
Revenues 1 | (17,893) | 46,884 | n/a | 332,534 | 106,255 | (68.0) |
| Total
Revenues Excluding Construction Revenues | 421,833 | 505,570 | 19.9 | 1,224,104 | 1,410,140 | 15.2 |
| Total
Commercial Revenues | 100,467 | 137,004 | 36.4 | 288,494 | 365,822 | 26.8 |
| Total
Commercial Revenues per Passenger | 35.0 | 42.2 | 20.6 | 36.8 | 40.7 | 10.8 |

Figures in pesos at an average exchange rate of COP172.0571 = Ps.1.00

Note: For purpose of this table, approximately 71.4 and 54.9 thousand transit and general aviation passengers are included in 3Q18 and 3Q19, and 167.6 and 175.9 thousand transit and general aviation passengers are included in 9M18 and 9M19.

1 Construction revenues for Airplan in 3Q18 include the actual construction revenues which is equal to the construction cost of Ps.63.1 million and an estimate to the downside of income derived from the valuation of the intangible to present value (construction income) of Ps.80.9 million, according to IFRIC 12. Construction revenues for Airplan 3Q19 are equal to the construction cost of Ps.46.9 million.

Colombia Revenues

Total Colombia Revenues for 3Q19 increased 36.8% YoY to Ps.552.5 million. Excluding construction services revenues, revenues rose 19.9% mainly reflecting the following increases:

● 14.4% in revenues from aeronautical services; and

● 37.1% in revenues from non-aeronautical services, mainly due to the 36.4% increase in commercial revenues.

Commercial Revenues per Passenger increased 20.6% year-on-year to Ps.42.2 from Ps.35.0 in 3Q18.

As shown in Table 21, during the last twelve months, 20 new commercial spaces were opened in Colombia. More details of these openings can be found on page 20 of this report.

Field: Page; Sequence: 15; Value: 1

ASUR 3Q19 Page 14 of 24

Field: /Page

| Table
20: Colombia Commercial Revenue Performance — Business
Line | YoY
Chg | | Table
21: Colombia Summary Retail and Other Commercial Space Opened since September 30, 2018 — Type
of Commercial Space 1 | #
of Spaces Opened |
| --- | --- | --- | --- | --- |
| | 3Q19 | 9M19 | | |
| Ground
Transportation | 161.9% | 45.4% | Retail
Operations | 8 |
| Car
Rental Revenues | 160.4% | 116.4% | Other
Revenue | 11 |
| Retail
Operations | 116.5% | 81.4% | Banking
and Currency Exchange Services | 1 |
| Parking
Lot Fees | 79.0% | 58.1% | Total
Commercial Spaces | 20 |
| Food
and Beverage Operations | 43.2% | 40.4% | | |
| Other
Revenue | 11.2% | 7.6% | 1 Only includes new stores opened during the period and excludes remodelings or contract renewals. | |
| Teleservices | 1.8% | 4.7% | | |
| Duty
Free | 100.0% | 100.0% | | |
| Banking
and Currency Exchange Services | (0.0%) | (0.8%) | | |
| Advertising
Revenues | (9.5%) | (4.6%) | | |
| Total
Commercial Revenues | 36.4% | 26.8% | | |

| Table
22: Airplan, Colombia Operating Costs and Expenses | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| In
thousands of Mexican pesos | | | | | | |
| | Third
Quarter | | %
Chg. | Nine-Months | | %
Chg. |
| | 2018 | 2019 | | 2018 | 2019 | |
| Cost
of Services | 139,774 | 137,907 | (1.3) | 374,681 | 427,469 | 14.1 |
| Technical
Assistance | 1,598 | 1,559 | (2.4) | 5,419 | 4,407 | (18.7) |
| Concession
Fees | 79,887 | 96,081 | 20.3 | 232,070 | 269,176 | 16.0 |
| Depreciation
and Amortization | 222,375 | 106,101 | (52.3) | 546,561 | 377,347 | (31.0) |
| Operating
Costs and Expenses Excluding Construction Costs | 443,634 | 341,648 | (23.0) | 1,158,731 | 1,078,399 | (6.9) |
| Construction
Costs | 63,075 | 46,884 | (25.7) | 229,794 | 106,255 | (53.8) |
| Total
Operating Costs & Expenses | 506,709 | 388,532 | (23.3) | 1,388,525 | 1,184,654 | (14.7) |

Note: Figures in pesos at an average exchange rate of COP172.0571 = Ps.1.00

Total Operating Costs and Expenses in Colombia declined 23.3% YoY in 3Q19 to Ps.388.5 million. Excluding construction costs, operating costs and expenses declined 23.0% to Ps.341.6 million.

Cost of Services declined 1.3% YoY, or Ps.1.9 million, mainly reflecting higher legal fees in 3Q18 partially offset by an increase in the maintenance provision for future replacement of assets in 3Q19, in line with IFRIC 12.

Construction Costs declined 25.7% YoY to Ps.46.9 million, reflecting lower investments in complementary works to concessioned assets during the period.

Concession Fees , which include fees paid to the Colombian government, increased 20.3% YoY, mainly reflecting higher regulated and non-regulated revenues during the period.

Depreciation and Amortization declined by 52.3%, or Ps.116.2 million, principally reflecting a change in amortization methodology, which starting January 2019 is on a straight-line basis instead of the percentage of completion method which implied variations in the accumulated amortization rate of the concession.

Colombia Comprehensive Financing Gain (Loss)

| Table
23: Airplan, Colombia, Comprehensive Financing Gain (Loss) In thousands
of Mexican pesos | Third
Quarter | | %
Chg. | Nine-Months | | % Chg. |
| --- | --- | --- | --- | --- | --- | --- |
| | 2018 | 2019 | | 2018 | 2019 | |
| Interest
Income | 1,760 | 5,711 | 224.5 | 4,542 | 44,482 | 879.3 |
| Interest
Expense | (74,978) | (64,958) | 13.4 | (233,938) | (195,893) | 16.3 |
| Foreign
Exchange Gain (Loss), Net | (13) | (347) | (2,569.2) | 189 | (145) | n/a |
| Total | (73,231) | (59,594) | 18.6 | (229,207) | (151,556) | (33.9) |

Figures in pesos at an average exchange rate of COP172.0571 = Ps.1.00

Field: Page; Sequence: 16; Value: 1

ASUR 3Q19 Page 15 of 24

Field: /Page

During 3Q19, Airplan reported a Ps.59.6 million Comprehensive Financing Loss , compared with a Ps.73.2 million loss in 3Q18, mainly reflecting lower interest expenses in 3Q19 resulting from debt payments in 3Q18 and 4Q18.

On June 1, 2015, Airplan entered into 12-Year Syndicated Loan Facility with eight banks with a 3-year grace period, with a net balance of Ps.2,972.9 million. Airplan made a Ps.44.3 million capital payment during the quarter.

Colombia Operating Profit and EBITDA

| Table
24: Airplan, Colombia Profit & EBITDA In thousands
of Mexican pesos | Third
Quarter | | %
Chg. | Nine-Months | | %
Chg. |
| --- | --- | --- | --- | --- | --- | --- |
| | 2018 | 2019 | | 2018 | 2019 | |
| Total
Revenue | 403,940 | 552,454 | 36.8 | 1,556,638 | 1,516,395 | (2.6) |
| Total
Revenues Excluding Construction Revenues | 421,833 | 505,570 | 19.9 | 1,224,104 | 1,410,140 | 15.2 |
| Operating
Profit | (102,769) | 163,922 | n/a | 168,113 | 331,741 | 97.3 |
| Operating
Margin | (25.4%) | 29.7% | 5511
bps | 10.8% | 21.9% | 1108
bps |
| Adjusted
Operating Margin 1 | (24.4%) | 32.4% | 5679
bps | 13.7% | 23.5% | 979
bps |
| Net
Profit | (111,993) | 69,228 | n/a | (41,051) | 182,156 | n/a |
| EBITDA | 200,574 | 270,024 | 34.6 | 611,934 | 709,088 | 15.9 |
| EBITDA
Margin | 49.7% | 48.9% | (78
bps) | 39.3% | 46.8% | 745
bps |
| Adjusted
EBITDA Margin 2 | 47.5% | 53.4% | 586
bps | 50.0% | 50.3% | 29
bps |

Figures in pesos at an average exchange rate of COP172.0571 = Ps.1.00

Airplan reported an Operating Gain of Ps.163.9 million in 3Q19, compared with an operating loss of Ps.102.8 million in 3Q18. Operating Margin expanded to 29.7% in 3Q19 from negative 25.4% in 3Q18. Adjusted Operating Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements to concessioned assets, increased to 32.4% in 3Q19 from negative 24.4% in 3Q18, reflecting a 36.8% increase in revenues along with a 23.3% decline in costs.

During 3Q19 EBITDA increased 34.6% to Ps.270.0 million from Ps.200.6 million in 3Q18, mainly reflecting a Ps.148.5 million increase in revenues while expenses declined Ps.118.2 million during the period.

EBITDA Margin declined to 48.9% in 3Q19, from 49.7% in 3Q18. Adjusted EBITDA Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements to concessioned assets, increased to 53.4% in 3Q19, from 47.5% in 3Q18.

Colombia Capital Expenditures

During 3Q19, Airplan made capital expenditures of Ps.46.9 million compared with Ps.14.9 million in 3Q18. Accumulated capex for 9M19 ammounted to Ps.106.2 million, compared with Ps.394.2 million in 9M18.

Colombia Tariff Regulation

Functions of the Special Administrative Unit of Civil Aeronautics include establishing and collecting fees, tariffs, and rights for the provision of aeronautical and airport services or those that are generated by the concessions, authorizations, licenses, or any other type of income or property. As a result, Resolution 04530, issued on September 21, 2007, establishes the tariffs for the rights and the rates conceded to the concessionaire of the following airports: José María Córdova of Rionegro, Enrique Olaya Herrera of Medellín, Los Garzones of Montería, El Caraño of Quibdó, Antonio Roldán Betancourt of Carepa, and Las Brujas of Corozal. This resolution also established the methodology to update and the mechanisms to collect such fees, tariffs, and rights. Airplan's regulated revenues for 3Q19 amounted to Ps.367.8 million.

Field: Page; Sequence: 17; Value: 1

ASUR 3Q19 Page 16 of 24

Field: /Page

Definitions

Concession Services Agreements (IFRIC 12 interpretation). In Mexico and Puerto Rico, ASUR is required by IFRIC 12 to include in its income statement an income line, “Construction Revenues,” reflecting the revenue from construction or improvements to concessioned assets made during the relevant period. 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 Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin. In Colombia, “Construction Revenues” include the recognition of the revenue to which the concessionaire is entitled for carrying out the infrastructure works in the development of the concession, while “Construction Costs” represents the actual costs incurred in the execution of such additions or improvements to the concessioned assets.

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 U.S. GAAP or IFRS and may be calculated differently by different companies.

Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for Mexico, Puerto Rico, and Colombia and excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the revenue from construction or improvements to concessioned assets made during the relevant period. The same amount is recognized under the expense line “Construction Costs” because ASUR hires third parties to provide construction services. In Mexico and Puerto Rico, because equal amounts of Construction Revenues and Construction Costs have been included in ASUR's income statement as a result of the application of IFRIC 12, the amount of Construction Revenues does not have an impact on EBITDA, but it does have an impact on EBITDA Margin, as the increase in revenues that relates to Construction Revenues does not result in a corresponding increase in EBITDA. In Colombia, construction revenues do have an impact on EBITDA, as construction revenues include a reasonable margin over the actual cost of construction. 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.

About ASUR

Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain, and develop 16 airports in the Americas. These comprise nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination in Mexico, the Caribbean, and Latin America, and six airports in northern Colombia, including José María Córdova International Airport (Rionegro), the second busiest airport in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan’s Airport is the island’s primary gateway for international and mainland-US destinations and was the first and currently the only major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program. Headquartered in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) series B shares. For more information, visit www.asur.com.mx

Analyst Coverage

In accordance with Mexican Stock Exchange Internal Rules Article 4.033.01, ASUR reports that the stock is covered by the following broker-dealers: Actinver Casa de Bolsa, Banorte, Barclays, BBVA Bancomer, BofA Merrill Lynch, BX+, Bradesco, BTG Pactual, Citi Investment Research, Credit Suisse, Goldman Sachs, Grupo Bursatil Mexicano, Grupo Financiero Interacciones, Grupo Financiero Monex, HSBC, Intercam Casa de Bolsa,

Field: Page; Sequence: 18; Value: 1

ASUR 3Q19 Page 17 of 24

Field: /Page

Insight Investment Research, Itau BBA Securities, INVEX, JP Morgan, Morgan Stanley, Morningstar, Nau Securities, Punto Casa de Bolsa, Santander Investment, Scotia Capital, UBS Casa de Bolsa and 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.

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.

Contacts:

ASUR Adolfo Castro +1-52-55-5284-0408 [email protected] InspIR Group Susan Borinelli +1-646-330-5907 [email protected]

– SELECTED OPERATING TABLES & FINANCIAL STATEMENTS FOLLOW –

Field: Page; Sequence: 19; Value: 1

ASUR 3Q19 Page 18 of 24

Field: /Page

| Passenger
Traffic Breakdown by Airport | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Mexico Passenger Traffic 1 | | | | | | | |
| | | Third
Quarter | | %
Chg | Nine
- Months | | %
Chg |
| | | 2018 | 2019 | | 2018 | 2019 | |
| Domestic
Traffic | | 4,342,594 | 4,469,498 | 2.9 | 11,725,081 | 12,367,374 | 5.5 |
| CUN | Cancun | 2,493,382 | 2,484,484 | (0.4) | 6,525,887 | 6,703,534 | 2.7 |
| CZM | Cozumel | 50,933 | 49,573 | (2.7) | 123,926 | 147,802 | 19.3 |
| HUX | Huatulco | 184,182 | 206,173 | 11.9 | 512,051 | 575,881 | 12.5 |
| MID | Merida | 571,059 | 655,168 | 14.7 | 1,625,425 | 1,883,658 | 15.9 |
| MTT | Minatitlan | 50,126 | 34,696 | (30.8) | 144,693 | 105,315 | (27.2) |
| OAX | Oaxaca | 218,120 | 273,004 | 25.2 | 618,995 | 740,248 | 19.6 |
| TAP | Tapachula | 80,991 | 88,949 | 9.8 | 226,050 | 269,869 | 19.4 |
| VER | Veracruz | 379,428 | 363,427 | (4.2) | 1,060,565 | 1,035,408 | (2.4) |
| VSA | Villahermosa | 314,373 | 314,024 | (0.1) | 887,489 | 905,659 | 2.0 |
| International
Traffic | | 3,960,965 | 3,863,729 | (2.5) | 13,433,337 | 13,416,487 | (0.1) |
| CUN | Cancun | 3,757,924 | 3,675,731 | (2.2) | 12,663,402 | 12,671,074 | 0.1 |
| CZM | Cozumel | 87,049 | 57,406 | (34.1) | 328,763 | 286,592 | (12.8) |
| HUX | Huatulco | 6,491 | 6,591 | 1.5 | 108,559 | 107,659 | (0.8) |
| MID | Mérida | 53,348 | 50,592 | (5.2) | 167,846 | 157,264 | (6.3) |
| MTT | Minatitlan | 2,176 | 2,262 | 4.0 | 5,533 | 5,987 | 8.2 |
| OAX | Oaxaca | 25,681 | 40,992 | 59.6 | 73,221 | 109,149 | 49.1 |
| TAP | Tapachula | 3,801 | 3,925 | 3.3 | 12,096 | 10,295 | (14.9) |
| VER | Veracruz | 18,865 | 19,943 | 5.7 | 50,607 | 52,349 | 3.4 |
| VSA | Villahermosa | 5,630 | 6,287 | 11.7 | 23,310 | 16,118 | (30.9) |
| Total
Traffic México | | 8,303,559 | 8,333,227 | 0.4 | 25,158,418 | 25,783,861 | 2.5 |
| CUN | Cancun | 6,251,306 | 6,160,215 | (1.5) | 19,189,289 | 19,374,608 | 1.0 |
| CZM | Cozumel | 137,982 | 106,979 | (22.5) | 452,689 | 434,394 | (4.0) |
| HUX | Huatulco | 190,673 | 212,764 | 11.6 | 620,610 | 683,540 | 10.1 |
| MID | Merida | 624,407 | 705,760 | 13.0 | 1,793,271 | 2,040,922 | 13.8 |
| MTT | Minatitlan | 52,302 | 36,958 | (29.3) | 150,226 | 111,302 | (25.9) |
| OAX | Oaxaca | 243,801 | 313,996 | 28.8 | 692,216 | 849,397 | 22.7 |
| TAP | Tapachula | 84,792 | 92,874 | 9.5 | 238,146 | 280,164 | 17.6 |
| VER | Veracruz | 398,293 | 383,370 | (3.7) | 1,111,172 | 1,087,757 | (2.1) |
| VSA | Villahermosa | 320,003 | 320,311 | 0.1 | 910,799 | 921,777 | 1.2 |
| US
Passenger Traffic, San Juan Airport (LMM) | | | | | | | |
| | | Third
Quarter | | %
Chg | Nine
- Months | | %
Chg |
| | | 2018 | 2019 | | 2018 | 2019 | |
| SJU
Total 1 | | 2,226,595 | 2,354,372 | 5.7 | 6,362,573 | 7,072,180 | 11.2 |
| Domestic Traffic | | 1,957,414 | 2,098,971 | 7.2 | 5,672,204 | 6,315,138 | 11.3 |
| International
Traffic | | 269,181 | 255,401 | (5.1) | 690,369 | 757,042 | 9.7 |
| Colombia,
Passenger Traffic Airplan | | | | | | | |
| | | Third
Quarter | | %
Chg | Nine
- Months | | %
Chg |
| | | 2018 | 2019 | | 2018 | 2019 | |
| Domestic
Traffic | | 2,393,455 | 2,699,836 | 12.8 | 6,516,614 | 7,457,666 | 14.4 |
| MDE | Medellín
(Rionegro) | 1,700,850 | 1,964,307 | 15.5 | 4,586,746 | 5,409,532 | 17.9 |
| EOH | Medellín | 276,977 | 291,980 | 5.4 | 779,603 | 801,648 | 2.8 |
| MTR | Montería | 254,985 | 261,804 | 2.7 | 682,242 | 734,571 | 7.7 |
| APO | Carepa | 88,169 | 99,093 | 12.4 | 259,320 | 279,172 | 7.7 |
| UIB | Quibdó | 51,916 | 59,030 | 13.7 | 146,438 | 163,387 | 11.6 |
| CZU | Corozal | 20,558 | 23,622 | 14.9 | 62,265 | 69,356 | 11.4 |
| International
Traffic | | 407,275 | 492,749 | 21.0 | 1,164,804 | 1,349,885 | 15.9 |
| MDE | Medellín
(Rionegro) | 407,275 | 492,749 | 21.0 | 1,164,804 | 1,349,885 | 15.9 |
| EOH | Medellín | - | - | - | - | - | - |
| MTR | Montería | - | - | - | - | - | - |
| APO | Carepa | - | - | - | - | - | - |
| UIB | Quibdó | - | - | - | - | - | - |
| CZU | Corozal | - | - | - | - | - | - |
| Total
Traffic Colombia | | 2,800,730 | 3,192,585 | 14.0 | 7,681,418 | 8,807,551 | 14.7 |
| MDE | Medellín
(Rionegro) | 2,108,125 | 2,457,056 | 16.6 | 5,751,550 | 6,759,417 | 17.5 |
| EOH | Medellín | 276,977 | 291,980 | 5.4 | 779,603 | 801,648 | 2.8 |
| MTR | Montería | 254,985 | 261,804 | 2.7 | 682,242 | 734,571 | 7.7 |
| APO | Carepa | 88,169 | 99,093 | 12.4 | 259,320 | 279,172 | 7.7 |
| UIB | Quibdó | 51,916 | 59,030 | 13.7 | 146,438 | 163,387 | 11.6 |
| CZU | Corozal | 20,558 | 23,622 | 14.9 | 62,265 | 69,356 | 11.4 |
| 1 Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, and SJU include transit passengers
and general aviation. | | | | | | | |

Field: Page; Sequence: 20; Value: 1

ASUR 3Q19 Page 19 of 24

Field: /Page

| Grupo
Aeroportuario del Sureste, S.A.B. de C.V. | | |
| --- | --- | --- |
| Comercial
Spaces | | |
| ASUR
Retail and Other Commercial Space Opened since September 30, 2018 1 | | |
| Business
Name | Type | Opening
Date |
| MEXICO | | |
| Cancun | | |
| Mini
Market (Tienda ODC) | Retail | March
2019 |
| Todo
a $10 usd (Bisuteria) | Retail | March
2019 |
| Business
Lounge (T4) Internacional | Other
Revenue | April
2019 |
| Business
Lounge (T4) Nacional | Other
Revenue | April
2019 |
| Sunglass
Hut | Retail | April
2019 |
| Gold
Elements | Retail | May
2019 |
| Bijoux | Retail | September
2019 |
| Tapachula | | |
| Alquiladora
de Vehiculos Automotores | Car
Rental | December
2018 |
| SAN
JUAN, PUERTO RICO | | |
| Cabrera
Car and Truck Rental | Car
Rental | October
2018 |
| Sunny
Planet | Retail | December
2018 |
| VIP
Lounge | Other
Revenue | December
2018 |
| Carl's
Jr. | Food
and Beverage | January
2019 |
| Invicta | Retail | May
2019 |
| Invicta | Retail | May
2019 |
| The
Destillery | Retail | June
2019 |
| Metropol | Food
and Beverage | June
2019 |
| Grab
at the Gate | Food
and Beverage | June
2019 |
| Innovative
Media | Advertising | August
2019 |
| Sunglasses | Duty
Free | September
2019 |
| Baggage
Storage | Retail | September
2019 |
| Sunny
Planet | Retail | September
2019 |
| COLOMBIA | | |
| Rionegro | | |
| SAPIA
CI SAS | Retail | December
2018 |
| SAPIA
CI SAS | Retail | January
2019 |
| AEROREPUBLICA
S.A. | Other
Revenue | April
2019 |
| ABC
AEROLINEAS SA DE CV SUCURSAL COLOMBIA | Other
Revenue | May
2019 |
| AIR
EUROPA LINEAS AEREAS SOCIEDAD ANONIMA | Other
Revenue | May
2019 |
| Olaya
herrera | | |
| CENTRAL
CHARTER DE COLOMBIA | Other
Revenue | November
2018 |
| ELKIN
LEONCIO CASTAÑO CIRO | Retail | December
2018 |
| DEPARTAMENTO
DE ANTIOQUIA | Other
Revenue | April
2019 |
| Monteria | | |
| SAPIA
CI SAS | Retail | December
2018 |
| SAPIA
CI SAS | Retail | December
2018 |
| DAVIVIENDA
S.A | Banking
and Currency Exchange Services | February
2019 |
| Quibdo | | |
| SATENA | Other
Revenue | October
2018 |
| MARCAPASOS
S.A.S | Other
Revenue | May
2019 |
| RENTERIA
PALACIO EDWARD FRANCISCO | Food
and Beverage | May
2019 |
| Corozal | | |
| FIGUEROA
GOMEZ WISTON | Food
and Beverage | September
2018 |
| AEROVIAS
DEL CONTINENTE AMERICANO S.A. AVIANCA | Other
Revenue | October
2018 |
| AEROVIAS
DEL CONTINENTE AMERICANO S.A. AVIANCA | Other
Revenue | October
2018 |
| SECURITAS
COLOMBIA S.A. | Other
Revenue | October
2018 |
| SERVICIOS
AEROPORTUARIOS INTEGRADOS - SAI LTDA | Other
Revenue | October
2018 |
| Centro
de Servicios | | |
| CUEROS
VELEZ S.A.S | Retail | October
2018 |
| COMPAÑIA
MANUFACTURERA MANISOL S A | Retail | February
2018 |
| *
Only includes new stores opened during the period and excludes remodelings or contract renewals. | | |

Field: Page; Sequence: 21; Value: 1

ASUR 3Q19 Page 20 of 24

Field: /Page

| Grupo
Aeroportuario del Sureste, S.A.B. de C.V. | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| Operating
Results per Airport | | | | | | |
| Thousands
of mexican pesos | | | | | | |
| Item | 3Q 2018 | 3Q
2018 Per Workload Unit | 3Q 2019 | 3Q
2019 Per Workload Unit | YoY
% Chg. | Per
Workload Unit YoY % Chg. |
| Mexico | | | | | | |
| Cancun 1 | | | | | | |
| Aeronautical
Revenues | 1,102,521 | 174.2 | 1,102,236 | 176.8 | (0.0) | 1.5 |
| Non-Aeronautical
Revenues | 911,544 | 144.0 | 966,568 | 155.0 | 6.0 | 7.6 |
| Construction
Services Revenues | 79,647 | 12.6 | 37,218 | 6.0 | (53.3) | (52.4) |
| Total
Revenues | 2,093,712 | 330.8 | 2,106,022 | 337.7 | 0.6 | 2.1 |
| Operating
Profit | 1,271,160 | 200.8 | 1,314,352 | 210.8 | 3.4 | 5.0 |
| EBITDA | 1,384,972 | 218.8 | 1,430,486 | 229.4 | 3.3 | 4.8 |
| Merida | | | | | | |
| Aeronautical
Revenues | 119,730 | 177.6 | 147,429 | 193.5 | 23.1 | 9.0 |
| Non-Aeronautical
Revenues | 30,357 | 45.0 | 34,064 | 44.7 | 12.2 | (0.7) |
| Construction
Services Revenues | 651 | 1.0 | 11,274 | 14.8 | 1,631.8 | 1,380.0 |
| Other 2 | 23 | - | 23 | - | - | n/a |
| Total
Revenues | 150,761 | 223.7 | 192,790 | 253.0 | 27.9 | 13.1 |
| Operating
Profit | 74,543 | 110.6 | 97,535 | 128.0 | 30.8 | 15.7 |
| EBITDA | 86,576 | 128.5 | 109,625 | 143.9 | 26.6 | 12.0 |
| Villahermosa | | | | | | |
| Aeronautical
Revenues | 52,994 | 159.6 | 68,145 | 204.0 | 28.6 | 27.8 |
| Non-Aeronautical
Revenues | 15,931 | 48.0 | 15,050 | 45.1 | (5.5) | (6.0) |
| Construction
Services Revenues | 2,888 | 8.7 | 8,987 | 26.9 | 211.2 | 209.2 |
| Other 2 | 26 | 0.1 | 25 | 0.1 | (3.8) | - |
| Total
Revenues | 71,839 | 216.4 | 92,207 | 276.1 | 28.4 | 27.6 |
| Operating
Profit | 32,273 | 97.2 | 43,373 | 129.9 | 34.4 | 33.6 |
| EBITDA | 39,824 | 120.0 | 51,032 | 152.8 | 28.1 | 27.3 |
| Other
Airports 3 | | | | | | |
| Aeronautical
Revenues | 220,699 | 196.4 | 234,295 | 200.9 | 6.2 | 2.3 |
| Non-Aeronautical
Revenues | 39,538 | 35.2 | 40,542 | 34.8 | 2.5 | (1.1) |
| Construction
Services Revenues | 9,141 | 8.1 | 79,753 | 68.4 | 772.5 | 744.4 |
| Other 2 | 65 | 0.1 | 68 | 0.1 | 4.6 | - |
| Total
Revenues | 269,443 | 239.7 | 354,658 | 304.2 | 31.6 | 26.9 |
| Operating
Profit | 109,483 | 97.4 | 114,399 | 98.1 | 4.5 | 0.7 |
| EBITDA | 145,161 | 129.1 | 150,609 | 129.2 | 3.8 | 0.1 |
| Holding
& Service Companies 4 | | | | | | |
| Construction
Services Revenues | - | n/a | - | n/a | n/a | n/a |
| Other 2 | 357,241 | n/a | 384,599 | n/a | 7.7 | n/a |
| Total
Revenues | 357,241 | n/a | 384,599 | n/a | 7.7 | n/a |
| Operating
Profit | 91,505 | n/a | 95,771 | n/a | 4.7 | n/a |
| EBITDA | 91,531 | n/a | 95,906 | n/a | 4.8 | n/a |
| Consolidation
Adjustment Mexico | | | | | | |
| Consolidation
Adjustment | (357,355) | n/a | (384,715) | n/a | 7.7 | n/a |
| Total
Mexico | | | | | | |
| Aeronautical
Revenues | 1,495,944 | 176.8 | 1,552,105 | 182.6 | 3.8 | 3.3 |
| Non-Aeronautical
Revenues | 997,370 | 117.9 | 1,056,224 | 124.3 | 5.9 | 5.4 |
| Construction
Services Revenues | 92,327 | 10.9 | 137,232 | 16.1 | 48.6 | 47.7 |
| Total
Revenues | 2,585,641 | 305.7 | 2,745,561 | 323.1 | 6.2 | 5.7 |
| Operating
Profit | 1,578,964 | 186.7 | 1,665,430 | 196.0 | 5.5 | 5.0 |
| EBITDA | 1,748,064 | 206.7 | 1,837,658 | 216.2 | 5.1 | 4.6 |
| San
Juan Puerto Rico, US 5 | | | | | | |
| Aeronautical
Revenues | 433,814 | n/a | 460,754 | n/a | 6.2 | n/a |
| Non-Aeronautical
Revenues | 242,769 | n/a | 294,383 | n/a | 21.3 | n/a |
| Construction
Services Revenues | 15,883 | n/a | 53,114 | n/a | 234.4 | n/a |
| Total
Revenues | 692,466 | n/a | 808,251 | n/a | 16.7 | n/a |
| Operating
Profit | 180,340 | n/a | 197,258 | n/a | 9.4 | n/a |
| EBITDA | 329,682 | n/a | 367,921 | n/a | 11.6 | n/a |
| Consolidation
Adjustment San Juan | | | | | | |
| Consolidation
Adjustment | - | n/a | - | n/a | n/a | n/a |
| Colombia 6 | | | | | | |
| Aeronautical
Revenues | 321,357 | n/a | 367,786 | n/a | 14.4 | n/a |
| Non-Aeronautical
Revenues | 100,476 | n/a | 137,784 | n/a | 37.1 | n/a |
| Construction
Services Revenues | (17,893) | n/a | 46,884 | n/a | (362.0) | n/a |
| Total
Revenues | 403,940 | n/a | 552,454 | n/a | 36.8 | n/a |
| Operating
Profit | (102,769) | n/a | 163,922 | n/a | (259.5) | n/a |
| EBITDA | 200,574 | n/a | 270,024 | n/a | 34.6 | n/a |
| Consolidation
Adjustment Colombia | | | | | | |
| Consolidation
Adjustment | | n/a | - | n/a | n/a | n/a |
| CONSOLIDATED
ASUR | | | | | | |
| Aeronautical
Revenues | 2,251,115 | n/a | 2,380,645 | n/a | 5.8 | n/a |
| Non-Aeronautical
Revenues | 1,340,615 | n/a | 1,488,391 | n/a | 11.0 | n/a |
| Construction
Services Revenues | 90,317 | n/a | 237,230 | n/a | 162.7 | n/a |
| Total
Revenues | 3,682,047 | n/a | 4,106,266 | n/a | 11.5 | n/a |
| Operating
Profit | 1,656,535 | n/a | 2,026,610 | n/a | 22.3 | n/a |
| EBITDA | 2,278,320 | n/a | 2,475,603 | n/a | 8.7 | n/a |
| 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. | | | | | | |
| 5 Reflects the results of operation of San Juan Airport, Puerto Rico, US for 3Q19. | | | | | | |
| 6 Reflects the results of operation of Airplan, Colombia, for 3Q19. | | | | | | |

Field: Page; Sequence: 22; Value: 1

ASUR 3Q19 Page 21 of 24

Field: /Page

| Grupo
Aeroportuario del Sureste, S.A.B. de C.V. | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated
Statement of Income from January 1 to September 30, 2019 and 2018 | | | | | | |
| Thousands
of mexican pesos | | | | | | |
| Item | 9M | 9M | % | 3Q | 3Q | % |
| | 2018 | 2019 | Chg | 2018 | 2019 | Chg |
| Revenues | | | | | | |
| Aeronautical
Services | 6,715,133 | 7,181,875 | 7.0 | 2,251,115 | 2,380,645 | 5.8 |
| Non-Aeronautical
Services | 4,160,293 | 4,577,310 | 10.0 | 1,340,615 | 1,488,391 | 11.0 |
| Construction
Services | 610,585 | 517,810 | (15.2) | 90,317 | 237,230 | 162.7 |
| Total
Revenues | 11,486,011 | 12,276,995 | 6.9 | 3,682,047 | 4,106,266 | 11.5 |
| Operating
Expenses | | | | | | |
| Cost
of Services | 2,669,519 | 2,841,388 | 6.4 | 936,997 | 980,145 | 4.6 |
| Cost
of Construction | 507,845 | 517,810 | 2.0 | 171,285 | 237,230 | 38.5 |
| General
and Administrative Expenses | 173,738 | 185,212 | 6.6 | 56,436 | 64,333 | 14.0 |
| Technical
Assistance | 295,026 | 312,318 | 5.9 | 93,636 | 98,442 | 5.1 |
| Concession
Fee | 673,424 | 742,512 | 10.3 | 225,304 | 250,513 | 11.2 |
| Depreciation
and Amortization | 1,515,186 | 1,390,518 | (8.2) | 541,854 | 448,993 | (17.1) |
| Total
Operating Expenses | 5,834,738 | 5,989,758 | 2.7 | 2,025,512 | 2,079,656 | 2.7 |
| Other
Revenues | | 204,074 | n/a | | | |
| Operating
Income | 5,651,273 | 6,491,311 | 14.9 | 1,656,535 | 2,026,610 | 22.3 |
| Comprehensive
Financing Cost | (672,756) | (504,701) | 25.0 | (280,275) | (135,794) | 51.5 |
| Income
Before Income Taxes | 4,978,517 | 5,986,610 | 20.2 | 1,376,260 | 1,890,816 | 37.4 |
| Provision
for Income Tax | 1,322,065 | 1,564,665 | 18.4 | 427,884 | 513,291 | 20.0 |
| Provision
for Asset Tax | 699 | | n/a | 233 | | n/a |
| Deferred
Income Taxes | 83,691 | 38,857 | (53.6) | (58,431) | 37,093 | 163.5 |
| Net
Income for the Year | 3,572,062 | 4,383,088 | 22.7 | 1,006,574 | 1,340,432 | 33.2 |
| Majority
Net Income | 3,529,012 | 4,209,817 | 19.3 | 988,054 | 1,314,628 | 33.1 |
| Non-
controlling interests | 43,050 | 173,271 | 302.5 | 18,520 | 25,804 | 39.3 |
| Earning
per Share | 11.7634 | 14.0327 | 19.3 | 3.2935 | 4.3821 | 33.1 |
| Earning
per American Depositary Share (in U.S. Dollars) | 5.9608 | 7.1108 | 19.3 | 1.6689 | 2.2205 | 33.1 |
| Exchange
Rate per Dollar Ps. 19.7345 | | | | | | |

Field: Page; Sequence: 23; Value: 1

ASUR 3Q19 Page 22 of 24

Field: /Page

| Grupo
Aeroportuario del Sureste, S.A.B. de C.V. | | | | |
| --- | --- | --- | --- | --- |
| Consolidated
Balance Sheet as of September 30, 2019 and December 31, 2018 | | | | |
| Thousands
of mexican pesos | | | | |
| Item | September 2019 | December 2018 | Variation | % |
| Assets | | | | |
| Current
Assets | | | | |
| Cash
and Cash Equivalents | 6,196,806 | 4,584,507 | 1,612,299 | 35.2 |
| Cash
and cash equivalents restricted | 205,897 | 47,332 | 158,565 | 335.0 |
| Accounts
Receivable, net | 355,769 | 793,110 | (437,341) | (55.1) |
| Recoverable
Taxes and Other Current Assets | 958,659 | 575,963 | 382,696 | 66.4 |
| Total
Current Assets | 7,717,131 | 6,000,912 | 1,716,219 | 28.6 |
| Non
Current Assets | | | | |
| Machinery,
Furniture and Equipment, net | 505,510 | 558,480 | (52,970) | (9.5) |
| Intangible
assets, airport concessions and Goodwill-Net | 48,722,829 | 49,586,322 | (863,493) | (1.7) |
| Document
Receivable | 26,549 | 36,107 | (9,558) | (26.5) |
| Total Assets | 56,972,019 | 56,181,821 | 790,198 | 1.4 |
| Liabilities
and Stockholders' Equity | | | | |
| Current
Liabilities | | | | |
| Trade
Accounts Payable | 247,117 | 313,576 | (66,459) | (21.2) |
| Bank
Loans and short term debt | 277,847 | 500,105 | (222,258) | (44.4) |
| Accrued
Expenses and Others Payables | 1,676,202 | 1,594,541 | 81,661 | 5.1 |
| Total
Current Liabilities | 2,201,166 | 2,408,222 | (207,056) | (8.6) |
| Long
Term Liabilities | | | | |
| Bank
Loans | 6,905,296 | 7,042,598 | (137,302) | (1.9) |
| Long
Term Debt | 6,791,384 | 6,957,678 | (166,294) | (2.4) |
| Deferred
Income Taxes | 3,089,010 | 3,081,667 | 7,343 | 0.2 |
| Employee
Benefits | 11,208 | 10,267 | 941 | 9.2 |
| Total
Long Term Liabilities | 16,796,898 | 17,092,210 | (295,312) | (1.7) |
| Total
Liabilities | 18,998,064 | 19,500,432 | (502,368) | (2.6) |
| Stockholders'
Equity | | | | |
| Capital
Stock | 7,767,276 | 7,767,276 | - | - |
| Legal
Reserve | 1,616,533 | 1,366,867 | 249,666 | 18.3 |
| Mayority
Net Income for the Period | 4,209,817 | 4,987,601 | (777,784) | (15.6) |
| Cumulative
Effect of Conversion of Foreign Currency | 75,219 | 189,791 | (114,572) | (60.4) |
| Retained
Earnings | 16,531,952 | 14,794,650 | 1,737,302 | 11.7 |
| Non-
Controlling interests | 7,773,158 | 7,575,204 | 197,954 | 2.6 |
| Total
Stockholders' Equity | 37,973,955 | 36,681,389 | 1,292,566 | 3.5 |
| Total
Liabilities and Stockholders' Equity | 56,972,019 | 56,181,821 | 790,198 | 1.4 |
| Exchange
Rate per Dollar Ps. 19.7345 | | | | |

Field: Page; Sequence: 24; Value: 1

ASUR 3Q19 Page 23 of 24

Field: /Page

| Grupo
Aeroportuario del Sureste, S.A.B. de C.V. | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated
Statement of Cash flow as of September 30, 2019 and 2018 | | | | | | |
| Thousands
of mexican pesos | | | | | | |
| Item | 9M | 9M | % | 3Q | 3Q | % |
| | 2018 | 2019 | Chg | 2018 | 2019 | Chg |
| Operating
Activities | | | | | | |
| Income
Before Income Taxes | 4,978,517 | 5,986,610 | 20.2 | 1,376,260 | 1,890,816 | 37.4 |
| Items
Related with Investing Activities: | | | | | | |
| Depreciation
and Amortization | 1,515,186 | 1,390,518 | (8.2) | 541,854 | 448,993 | (17.1) |
| Interest
Income | (209,010) | (272,744) | 30.5 | (58,148) | (73,708) | 26.8 |
| Interest
payables | 925,895 | 838,025 | (9.5) | 298,930 | 279,891 | (6.4) |
| Foreign
Exchange Gain (loss), net unearned | (10,705) | (13,244) | 23.7 | (11,027) | (30,561) | 177.1 |
| Sub-Total | 7,199,883 | 7,929,165 | 10.1 | 2,147,869 | 2,515,431 | 17.1 |
| Increase
in Trade Receivables | 425,016 | 491,537 | 15.7 | 273,321 | 221,563 | (18.9) |
| Decrease
in Recoverable Taxes and other Current Assets | (27,207) | (115,393) | 324.1 | 51,066 | 63,404 | 24.2 |
| Income
Tax Paid | (1,662,922) | (1,627,112) | (2.2) | (563,155) | (510,378) | (9.4) |
| Trade
Accounts Payable | (186,240) | (69,983) | (62.4) | (146,162) | (108,745) | (25.6) |
| Net
Cash Flow Provided by Operating Activities | 5,748,530 | 6,608,214 | 15.0 | 1,762,939 | 2,181,275 | 23.7 |
| Investing
Activities | | | | | | |
| Investments
in Associates | (402,578) | | n/a | (186,167) | | n/a |
| Loans
granted to Associates | | | | | | |
| Restricted
cash | 102,896 | (158,772) | n/a | | 71,098 | n/a |
| Investments
in Machinery, Furniture and Equipment, net | (1,369,809) | (886,888) | (35.3) | (363,379) | (445,755) | 22.7 |
| Interest
Income | 199,683 | 253,538 | 27.0 | 52,581 | 68,908 | 31.1 |
| Net
Cash Flow used by Investing Activities | (1,469,808) | (792,122) | (46.1) | (496,965) | (305,749) | (38.5) |
| Excess
Cash to Use in Financing Activities | 4,278,722 | 5,816,092 | 35.9 | 1,265,974 | 1,875,526 | 48.1 |
| Bank
Loans paid | | (110,634) | n/a | | (44,288) | n/a |
| Long
term debt paid | | (205,744) | n/a | | (103,054) | n/a |
| Interest
paid | (2,549,246) | (887,415) | (65.2) | (581,952) | (382,638) | (34.2) |
| Dividends
Paid | (2,034,000) | (3,000,000) | 47.5 | | | |
| Increase
in capital | 196,199 | | n/a | 196,199 | | n/a |
| Net
Cash Flow used by Financing Activities | (4,387,047) | (4,203,793) | (4.2) | (385,753) | (529,980) | 37.4 |
| Net
Increase in Cash and Cash Equivalents | (108,325) | 1,612,299 | n/a | 880,221 | 1,345,546 | 52.9 |
| Cash
and Cash Equivalents at Beginning of Period | 4,677,454 | 4,584,507 | (2.0) | 3,688,908 | 4,851,260 | 31.5 |
| Cash
and Cash Equivalents at the End of Period | 4,569,129 | 6,196,806 | 35.6 | 4,569,129 | 6,196,806 | 35.6 |

Field: Page; Sequence: 25; Value: 1

ASUR 3Q19 Page 24 of 24

Field: /Page

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

| Grupo
Aeroportuario del Sureste, S.A.B. de C.V. | |
| --- | --- |
| By: | /s/ ADOLFO CASTRO RIVAS |
| | Adolfo
Castro Rivas |
| | Chief Executive Officer |

Date: October 24, 2019

Field: Page; Sequence: 26

Field: /Page

AI Terminal

More from SOUTHEAST AIRPORT GROUP

Talk to a Data Expert