Filing summary
Reporting period: Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) filed this Form 20-F for the fiscal year ended December 31, 2023. It is an annual report, not a standalone fourth-quarter filing; the supplied text does not provide a clear Q4-only financial breakdown. Financial statements are prepared under IFRS and were audited by PricewaterhouseCoopers, which issued unqualified opinions on the financial statements and internal control over financial reporting.
Business context
ASUR operates nine airports in southeastern Mexico, six airports in Colombia through Airplan, and Luis Muñoz Marín International Airport in Puerto Rico through Aerostar, in which it owns 60%. Passenger charges and other aeronautical services are major revenue sources. Cancún is the largest operation: it generated 57.9% of 2023 consolidated revenue, including construction services, and accounted for 75.3% of Mexican passenger traffic. ASUR also holds a 25% interest in a planned airport venture in Bávaro, Dominican Republic.
Key financial metrics
Amounts below are in millions of Mexican pesos unless stated otherwise. Year-over-year comparisons are 2023 versus 2022.
| Metric | 2023 | Change |
|---|---|---|
| Total revenue | 25,821.6 | +2.0% |
| Aeronautical revenue | 15,223.1 | +8.2% |
| Non-aeronautical revenue | 9,295.9 | +8.7% |
| Construction services revenue | 1,302.6 | -51.6% |
| Operating profit / margin | 15,243.5 / 59.0% | Profit +3.7%; margin up from 58.1% |
| Net income / net margin | 10,675.9 / 41.3% | Net income +0.3%; margin down from 42.1% |
| Net financing result | Loss of 613.8 | Approximately unchanged |
| Cash from operating activities | 13,445.2 | -0.5% |
| Cash used in investing activities | 2,449.4 | Outflow; included 1,371.0 of concession-asset improvements and a 305.9 Bávaro investment |
| Cash used in financing activities | 9,316.4 | Outflow; included 5,979.0 of dividends |
| Cash and cash equivalents at year-end | 13,872.9 | Up from 13,175.0 |
| Restricted cash and long-term financial instruments | 1,615.4 and 1,818.9 | Financial instruments were newly held at year-end |
| Consolidated debt at year-end | 12,224.8 | Down from 15,204.8 |
| Total assets / equity | 70,342.4 / 51,591.2 | Assets slightly lower; equity higher |
Net income was nearly flat despite higher operating profit. The filing attributes pressure to a larger foreign-exchange loss, higher interest expense and higher income taxes. The peso’s appreciation also reduced the peso-reported value of some foreign-currency revenue and Puerto Rico results. ASUR paid ordinary and extraordinary dividends of Ps.9.93 and Ps.10.00 per share, respectively, in 2023.
Operating performance and changes
- Total passenger traffic across ASUR’s airports increased 6.4%. Mexican passenger traffic rose 10.0%, Puerto Rico traffic rose 18.3%, and Colombian traffic fell 9.8%, primarily after Viva Air and Ultra Air suspended operations and entered liquidation proceedings.
- Higher passenger volumes supported aeronautical and commercial revenue growth. Construction-services revenue fell as capital improvements recognized under IFRS were lower; the related construction revenue and expense generally offset each other.
- Operating expenses declined 3.5% to Ps.10,578.1 million, mainly because construction costs fell. Cost of services, however, increased 21.3%, partly because Aerostar received less reimbursement under U.S. federal relief programs than in 2022. Technical-assistance fees rose 11.1% to Ps.715.5 million.
- Passenger charges represented 45.7% of consolidated revenue. The filing states that Mexico’s aeronautical revenues remain subject to airport-specific maximum-rate regulation.
Outlook, risks and unusual items
- No formal consolidated earnings guidance is provided. The filing describes recovery in passenger traffic but emphasizes uncertainty around future travel demand, economic conditions and airline capacity.
- Mexican regulation: AFAC unilaterally amended the tariff-base terms in October 2023 and set maximum rates for 2024–2028. ASUR says it had not determined the amendments’ effect on results. The federal airport concession fee increased from 5% to 9% of gross annual regulated revenue effective January 1, 2024; the company was evaluating the impact.
- Investment commitments: Mexico’s approved 2024–2028 master development plans require Ps.29,571.1 million of committed investments, expressed in constant 2023 pesos. Actual project costs may differ. ASUR also reported substantial Puerto Rico capital spending in 2023.
- Bávaro project: ASUR had invested U.S.$17.8 million by year-end and expected a total investment of U.S.$66.0 million, with U.S.$48.1 million remaining. Construction permits and approvals are under litigation; failure to secure required authorization could prevent construction and put prior investment at risk.
- Debt, currency and liquidity: Reported debt includes variable-rate borrowing. The filing identifies exposure to interest rates and foreign exchange; 55.0% of cash, cash equivalents and financial instruments were dollar-denominated at year-end. Some cash is restricted, so cash balances should not be treated as wholly available for general purposes.
- Airline and receivables exposure: Revenue depends on a concentrated set of airlines and passenger traffic. ASUR disclosed receivables of Ps.14.9 million from Viva Air and Ps.10.1 million from Ultra Air, included in its allowance for doubtful accounts. It also cited Ps.75.0 million owed by Interjet and an estimated Ps.128.0 million at risk from Grupo Mexicana’s bankruptcy.
- Legal and tax matters: ASUR is appealing a Ps.99.8 million employee profit-sharing assessment in Quintana Roo. A Ps.73 million COFECE fine regarding Cancún Airport is also being challenged. The filing reports other ongoing matters, including Mérida cargo-property proceedings; management does not consider the identified claims likely to have a material consolidated effect.
- Nonrecurring Puerto Rico income: Aerostar recognized favorable litigation-related income in 2022. It recovered U.S.$15.6 million in 2023 relating to fuel-dispatch charges accrued through 2022; the prior-period recovery should be distinguished from recurring operations.
- Concentration and external risks: Cancún’s importance, dependence on U.S. travel, competing destinations, airline financial distress, regulatory changes, severe weather, geopolitical events and renewed health restrictions could affect traffic and results. ASUR does not maintain business-interruption insurance for its airport operations.
Most important facts for investors to verify
- How the revised Mexican tariff methodology and 9% concession fee affect 2024 revenue, margins and cash flow.
- Execution, timing and funding of the Ps.29.6 billion Mexican investment commitments, alongside dividends and other capital needs.
- Available liquidity after excluding restricted cash, and the maturity, floating-rate exposure and covenant headroom of consolidated debt.
- Progress on Bávaro permits and litigation, remaining investment obligations, and potential recoverability of amounts already invested.
- Recovery prospects for airline receivables and the traffic and revenue effects of Colombian carrier liquidations.
- Outcomes of the Quintana Roo tax appeal, COFECE appeal and Mérida property proceedings.