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Grupo Aeroportuario del Sureste, SAB de CV  (NYSE:ASR)
Q3 2018 Earnings Conference Call
Oct. 23, 2018, 10:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good day ladies and gentlemen, and welcome to the ASUR Third Quarter 2018 Results Conference Call. My name is Cathy and I'll be your operator. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session toward the end of today's conference. (Operator Instructions) As a reminder, today's call is being recorded. For opening remarks and introductions, I would like to turn things over to Mr. Adolfo Castro, Chief Executive Officer. Please go ahead, sir.

Adolfo Castro Rivas -- Chief Executive Officer

Thank you, Cathy and good morning everybody. Thank you for joining us on our conference call to discuss our third quarter results. Allow me to remind you that certain statements made during the course of our discussion today may constitute forward-looking statements, which are based on current management expectations and beliefs and are subject to a number of risk and uncertainties that could cause actual results to differ materially, including factors that may be beyond our Company's control. For an explanation of these risks, please refer to our filings with the Securities and Exchange Commission and the Mexican Stock Exchange.

Before entering into the discussion of our results for the quarter, let me make a brief comment about the potential Riviera Maya train. Over the past months, we have met on several occasions with the transition team of the new government that has presented this project, which includes an origination station at Cancun Airport. We will continue to work with them to establish the most effective way in which our Cancun Airport subsidiary can participate in the coordination of this project and it moves ahead in the construction of these train terminals.

Moving on our performance, our Mexican operation posted another quarter of solid results with a strong passenger traffic growth. Despite the higher cost base as we continue to ramp up terminal four open toward the close of last year, we show positive traffic growth in Puerto Rico this quarter, following the impact of Hurricane Maria last year. And improved overall dynamics in Colombia particularly a sharp pickup in domestic traffic following capacity adjustments at the leading carrier. More than 13.3 million passengers travel across over 16 airports during the third quarter, with total traffic picking up to almost 7% year-on-year, driven by growth in our three countries of operation.

In Mexico, traffic increased 6.7% year-on-year, reaching 8.3 million passengers. Domestic traffic rose almost 11%, while international traffic rose close to 3%. Growth was driven by a solid performance at Cancun and further supported by traffic growth across all of our airports. Traffic in Puerto Rico continues to recover up almost 4% to 2.2 million passengers, although total traffic remains impacted by airline capacity reduction following the effects of hurricane Maria last year.

Domestic traffic rose 5%, while international traffic continues to post negative comps down almost 6%. Colombia posted a strong recovery, up over 7% year-on-year, reaching 2.8 million passengers up from a 4% decline in prior quarter. Domestic traffic grows over 6%, while international traffic growth remaining stable at 12%. Looking ahead we expect traffic in Colombia to continue recovering gradually reaching normalized levels next year.

Moving on to our financial results. Remember that financials for the quarter reflect the full consolidation of our Puerto Rico operations in third 2017 and third quarter 2018 while we began consolidating Colombia starting October 19th last year. Consolidated revenues excluding constructions was over -- was up over 20% year-on-year to MXN3.7 billion, driven by positive contribution across all our operations. Revenues ex-construction increased 14% in Mexico and 9% in Puerto Rico, while Colombia contributed over MXN480 million. On a stand-alone basis, revenues ex-construction in Colombia increased 19% year-on-year. Aeronautical revenues remained strong, up 30% year-on-year, reaching MXN2.3 billion reflecting growth of almost 14% in Mexico, 4% in Puerto Rico. Colombia contributed with over MXN320 million in aeronautical revenues in the quarter, representing a 16% increase on a stand-alone basis.

We remained focused on driving growth in commercial revenues, which increased 25% year-on-year to MXN1.2 billion. Reflecting a robust performance across the board Mexico continues to post solid commercial revenue growth, up 15% as we continued to ramp-up operations of terminal four Cancun Airport. We are also pleased with 17% increase in commercial revenues achieved in Puerto Rico, while Colombia contributed with MXN100 million in commercial revenues. On a stand-alone basis, commercial revenues in Colombia, increased 28% year-on-year.

Commercial revenues per passenger fell to MXN92.5 this quarter from MXN99.5 in the same quarter last year, reflecting the consolidating effect. On a stand-alone basis however, we deliver another quarter with higher commercial revenues per passenger across our three countries of operation. Mexico posted a 7.6% increase in commercial revenues per passenger, reaching MXN108. This was mainly driven by the continued ramp up of terminal four at Cancun Airport and a strong performance of our retail operations. With terminal four basically completed and almost all commercial spaces rented, we are now focused on fine-tuning operations there to better understand passenger needs as we strive to maximize commercial revenues per passenger. We are also working with the concessionaires of Terminal two to adjust the offering for the new mix of passengers at these terminal.

Commercial revenues per passenger rose 13% in Puerto Rico to MXN108. Commercial revenues increased across all categories with growth mainly driven by strong performance in ground transportation, advertising, car rentals and parking lots. We believe that the construction efforts in the Island are driving a great part of these increase in the transportation related categories. Finally, Colombia reported a 20% increase reaching MXN35 per passenger as we continue to make headway in upgrading these operations. As you know, increasing commercial revenues is our main objective in Colombia. We expect to reestablish duty-free operations at Rionegro airport before year-end, which should continue to drive higher commercial revenues per passenger going forward.

Moving down the P&L, consolidated EBITDA increased 19% year-on-year with MXN2.3 billion mainly driven by a 12% increase in EBITDA in our Mexican operations and a contribution of MXN200.6 million from the consolidation of Colombia starting October last year. While results at our Puerto Rico operations are slowly improving, EBITDA at this operation declined 6% year-on-year still impacted by higher cost and expenses.

Consolidated adjusted EBITDA margin, which excludes the effects of IFRIC 12 with respect of the construction of or improvements to the concession assets in Mexico, Puerto Rico and Colombia was 63% in third quarter '18 compared with the 68% in third quarter '17 due to the consolidation effect. Regionally, on a stand-alone basis, adjusted EBITDA margin in Mexico declined by 122 basis points to 70% mainly impacted by the additional costs from the new terminal four as we continued to ramp up operations. As well as an average increase of 63% in the price per kilowatt hour compared with this same period of last year.

In Puerto Rico adjusted EBITDA margin declined to 48% from 56% in the same quarter of last year. This resulted mainly from a concession fee of MXN32 million this quarter, equal to 5% of revenues up from a fixed MXN2.5 million during the first five years of the concession. A 70% increase in the insurance cost along with a higher security expenses to meet authorities request also impacted adjusted EBITDA in Puerto Rico.

Adjusted EBITDA margin in Colombia in turn declined 360 basis points to 48% mainly impacted by higher cost of services resulted from the new areas we opened at the end of last year at Rionegro airport and concession fees originating from the increase in revenues. Note that our bottom line for the third quarter was impacted 125% year-on-year increase in depreciation and amortization. This was mainly driven by a higher depreciation in Colombia, resulting from an increased concession value and the new areas opened at Rionegro airport. And to a lower extent from the impact of IFRS 3 on the valuation of our investment in concessions in Colombia and Puerto Rico. Results for the quarter were also impacted by a higher consolidated comprehensive financial cost. Of MXN280 million compared to MXN103 million loss in the year ago quarter. This resulted mainly from a higher non-cash foreign exchange loss in the quarter to a lesser extent due to an increase in interest expenses.

Now turning to the balance sheet, we maintain a solid financial position with net debt down by MXN1.2 billion sequentially and a net debt to the last 12 months EBITDA ratio of 1.2 times. During the course of our nine months we made capital expenditures close to MXN1.4 billion. Of these over MXN640 million were invested in Puerto Rico and more than MXN390 million in Colombia. In addition, we also invested almost MXN330 million in Mexico, mainly in Cancun's terminal four and major maintenance works at the other eight airports.

In Puerto Rico we are taking care of major maintenance works like the change from asphalt to concrete in taxiway as well as making investments in connection with a reconstruction process following Hurricane Maria and the construction of a building for cargo activities. We estimate that total damages amount to approximately $60 million of which $50 million should be reimbursed by the insurance company. So we will see some temporary CapEx as we receive the reimbursements in. In Colombia we continue with the mandatory works like the cargo area expansion at Rionegro airport.

This completes my prepared remarks and I will open the call for questions. Cathy, please go ahead.

Questions and Answers:

Operator

Thank you. (Operator Instructions) We will now go first to Mauricio Martinez of GBM.

Mauricio Martinez -- Grupo Bursatil Mexicano -- Analyst

Good morning and also thank you for taking my question. My first question will be on commercial revenues per passenger in Mexico as we only saw a mid single digit growth there. I'm wondering if you can share with us your thoughts regarding such performance and your expectations for next quarters?

And also the second question will be, I mean, having a steeper slowdown for international passenger in Cancun, it is well known that security issues have been one of the drivers there, but if you can give us any color on what are you seeing for the fourth quarter and if we should expect a recovery on that front?

Adolfo Castro Rivas -- Chief Executive Officer

Mauricio, hi, good morning. Well, you are also answering your first question, because if you see the passenger mix for the third quarter against last year, you clearly see that there was a huge increase in domestic traffic against international traffic. And of course, they spend more -- the international will spend more in comparison with domestic. So that is probably why we are just seeing 7% increase on a commercial revenue per passenger.

In terms of what you are mentioning, basically what we're seeing is a decrease in the case of the traffic to and from the United States for Cancun Airport could be the security, could be the warnings, could be restructuring capacity from the airlines basically in the region of LA. And that restructuring process is also for the entire country, it's not just for Cancun, it's also for Mexico City. Going forward, what we see is, a domestic -- a strong domestic traffic and probably the same trend for the international.

Mauricio Martinez -- Grupo Bursatil Mexicano -- Analyst

Okay. So we can expect a recovery on the international front for next quarters? Probably going back to mid-single?

Adolfo Castro Rivas -- Chief Executive Officer

What we can expect is to see what we are seeing during the third quarter.

Mauricio Martinez -- Grupo Bursatil Mexicano -- Analyst

Okay, great. Thank you.

Adolfo Castro Rivas -- Chief Executive Officer

You are welcome.

Operator

We will now go to Josh Milberg of Morgan Stanley.

Josh Milberg -- Morgan Stanley -- Analyst

Hi, Adolfo. Thank you very much for the call. My first question also relates to international traffic and the slowdown there. And you touched on the point about security and the travel warnings and I was hoping you could sort of elaborate on that. And also just touch on the issue of this year's seaweed outbreak in the region. We had understood that, that was also something that might be pressuring your traffic and just wanted to understand if this year's infestation is -- how that compares to, I think, what was the prior big one that you had in 2015. And just understand your thinking about how both of those issues can play out from here?

Adolfo Castro Rivas -- Chief Executive Officer

Hi, Josh. In terms of international traffic basically, as I said, what we are seeing is a decrease in the case of the US traffic is not the case for the rest of the regions we're working in. So Panama, it's well, Europe is well and also Latin America. So in the case of the US, I believe this has to do with bad press and all the things that have happened in terms of relation of these two countries.

The other thing that we are seeing is a reduction specifically in the region of LA. And this has to do with the restructuring process of the capacity of the airlines that work there. The seaweeds, I don't see these as a reason why the US traffic is not coming. These may affect all the regions if they are aware of the situation before they make their reservations, which I believe, in the case of international traffic it's harder, because normally they book in advance two to three months. This is a natural situation basically originated for change in the temperature of the water of the Atlantic sea between the United States and Europe. And it's not something that we can call, that is cyclical, it goes and comes. I believe it's now almost ending because of the time of the year. And we don't know when this will come again. But again, I don't see these as the major reason why the US traffic is changing.

Josh Milberg -- Morgan Stanley -- Analyst

Okay, got it. That was very helpful color Adolfo. My second question was just on your Mexico margins, I think you indicated that what explain the moderate contraction about 120 bps year-over-year was one, the ramp up of terminal four and also the issue of higher electricity costs. Should we expect those two variables to continue to weigh on your profitability in the fourth quarter and early next year? Or do you think that by next year we should start seeing kind of turnaround in profitability and a resumption of an upward trend?

Adolfo Castro Rivas -- Chief Executive Officer

Well in the case of the terminal four, of course, those are going to stay there forever, but in the case of the 63% increase in the price of the kilowatt hour that we are suffering now, is something that I really do not understand. It's not coming from peso devaluation, it's not coming from a huge oil price increase. So this is something that is in the hands of the government, and of course, I do not expect these to continue in the coming quarters. But of course we do not control these and we don't know what or how they're going to react. It is clear for me, with the changing government that he will receive a lot of complaints of what is happening today in the cost of energy for the entire country and moreover in the commercial activities.

Josh Milberg -- Morgan Stanley -- Analyst

Okay, understood. Thanks very much.

Adolfo Castro Rivas -- Chief Executive Officer

You're welcome.

Operator

And we will now take a question from Alejandro Zamacona of Credit Suisse.

Alejandro Zamacona -- Credit Suisse -- Analyst

Hi, Adolfo, thank you for the call. So, we were wondering what's behind the difference between the construction revenues and the construction cost for Airplan? I don't know if you can give us more color on this difference?

Adolfo Castro Rivas -- Chief Executive Officer

Alejandro, that's a good question. As you can see in the documents, we are presenting a roughly speaking MXN17 million negative for the construction revenue in the quarter and a cost of construction of MXN63 million. Normally speaking these numbers should be equal if we just talk about construction costs and construction revenue, in terms of the improvements or CapEx that we construct during the period. But the point is that in the case of Airplan, we have to evaluate the contract every quarter and what we're seeing here is a negative result of around 80 million something. So the sum of the MXN17 million plus the MXN63 million in the construction cost as a negative impact in the valuation of the contract.

And this has to do with basically two things, one is the change in the rates and the other one has to do with the comparison of expected income from one quarter to the other. So this is something that will be there forever, so we will have to evaluate these every quarter and you will see from time to time positive and negative things there. It's important that you understand this is non-cash. So, be careful when you are making your calculations on the EBITDA for it.

Alejandro Zamacona -- Credit Suisse -- Analyst

Okay. Thank you. And just a second question if I may. According to the Future Director of Fonatur the plan is that ASUR build the train station of the Maya train in the Cancun International Airport and the plan is also for ASUR to operate the terminal station. So what's your sense on these thoughts? And what about the Merida station? Can we think about the same as you guys being the operator and the constructor or just in Cancun?

Adolfo Castro Rivas -- Chief Executive Officer

Well, in the case of Cancun, as I started my initial remarks, I said that we are working to coordinate the efforts of these projects. This project originates in Cancun Airport and because of that, we believe that we will have to construct the train station. The train station means the point where passengers from the airport and from the sea will originate their journey or will end the journey. This is an important point for us, because we believe we need to control the situation and that is why we will construct -- I believe we will construct the train station. When you are saying operationally speaking, basically if there is any commercial space, yes, we will control those, but basically the train operation will be controlled by them.

Alejandro Zamacona -- Credit Suisse -- Analyst

Okay. And what about Merida station?

Adolfo Castro Rivas -- Chief Executive Officer

Well, I really don't know what will happen with Merida. We are not yet there in terms of design of the project or they have not shared with us all the details of that.

Alejandro Zamacona -- Credit Suisse -- Analyst

Okay. Okay, thank you very much Adolfo.

Adolfo Castro Rivas -- Chief Executive Officer

You're welcome.

Operator

Our next question will come from Samuel Alves of BTG.

Samuel Alves -- BTG -- Analyst

Thank you. Good morning Adolfo, good morning, everyone. My question is regarding the level of CapEx especially looking at non-Mexican assets, we noted an acceleration on investments in Colombian assets and in Puerto Rico this quarter. The question is, if you could recall us the level of investments that you should disburse in those assets over the next few quarters. I mean, net of reimbursements from the insurance company. And when well, do you expect to conclude the mandatory investments there? Thank you.

Adolfo Castro Rivas -- Chief Executive Officer

Hi, Samuel, good morning. Basically in the case of Colombia, we're almost completing the mandatory CapEx. These mandatory CapEx is related to a cargo area that we are constructing at Rionegro airport and we are almost completing that project, after that it will be just major maintenance CapEx. In the case of Puerto Rico, we have basically three elements, one has to do with the reconstruction process that we will have to recover later on from insurance company. The second one is major maintenance that has to do with the reconstruction of a taxiway, we're changing the surface of the taxiway from asphalt to concrete. And we're also constructing a building for cargo activities that will be leased once this is completed and we will have to complete that during the coming months. So, the number you are seeing there is not something that will occur next year.

Samuel Alves -- BTG -- Analyst

Okay. Thank you very much.

Adolfo Castro Rivas -- Chief Executive Officer

You are welcome.

Operator

We will now take a question from Alberto Valerio of UBS.

Rogerio Araujo -- UBS -- Analyst

Hi, good morning Adolfo. This is actually Rogerio speaking. Thanks for taking the call. I have a couple of questions, one is regarding (inaudible) probable liability, which is a (inaudible) in Cancun on the ground transportation. So if I'm not mistaken, I think two investigations on the same matter already took place in Cancun in the beginnings of 2000s, but there was no fine at the time. So my question is, is this correct? And also how this case currently in (inaudible) is different from before? And could you give me a little bit more details on this matter specifically, this is the first question. Thank you.

Adolfo Castro Rivas -- Chief Executive Officer

Well it's not exactly the same as the one you mentioned. I really don't know if these will end up in a fine or not. If that is the case, we will of course try to defend our interest with a legal process. We have given the answer of what they said. I believe this will take some time, so probably for the first quarter next year we will see what they say about what we responded. That for the moment what I can say to you.

Rogerio Araujo -- UBS -- Analyst

But if -- and my second question is a follow-up on the commercial revenue. So in terms of the stores opened, so how can we think about the ramp up, are there still stores that weren't opened in the third quarter and should be opened in the fourth or going forward. Or we can think of it about in terms of commercial air-rates (ph) already at normalized level and the only thing that is affecting commercial revenue is the mix of international passengers?

Adolfo Castro Rivas -- Chief Executive Officer

Well, in the case of terminal four, there is one space that is not open, and I believe is not going to be open, which is the bank branch. We will have to probably to change the nature of these space because apparently banks are not willing to spend money on branches. And also, we are in the process to open VIP lounges. Excluding these everything is up and running.

Rogerio Araujo -- UBS -- Analyst

Okay, thanks very much for the answers.

Adolfo Castro Rivas -- Chief Executive Officer

You're welcome.

Operator

We will now take a question from Stephen Trent of Citi.

Stephen Trent -- Citi -- Analyst

Thank you, Adolfo for taking my questions. Good morning. So the first one to some extent a follow up on Rogerio's question. On the Maya train, could you give us a sense as well if you happen to know on what sort of approvals are needed regulatory environmental et cetera, you know, where the project is in this sense?

Adolfo Castro Rivas -- Chief Executive Officer

Well, basically, we are not making and we are not participating on the construction process of the train itself. When we are saying a station, that is the point where the train connects to our airport. So basically, we will have to do the necessary works in order the people, our passengers can take the train or to go from the train to their planes. So, that is basically what we will be participating in.

Stephen Trent -- Citi -- Analyst

Okay. Appreciate that. And also if I could just get a little color, I mean, I appreciate if you're not allowed to say, but a little color on this investigation if this is something that pertains to the taxies or to the ADO bus operators or it's something else, I wasn't quite clear.

Adolfo Castro Rivas -- Chief Executive Officer

Well, this is related to taxies.

Stephen Trent -- Citi -- Analyst

Got it. And just final question. At this very early stage do you see any risk that this (inaudible) investigation touches on the Mayan train or this is something that in your mind, should be entirely separate?

Adolfo Castro Rivas -- Chief Executive Officer

No, this is two separate things.

Stephen Trent -- Citi -- Analyst

Okay, perfect. Well, let me leave it there and thanks for the color Adolfo.

Adolfo Castro Rivas -- Chief Executive Officer

You are welcome.

Operator

We will now take a question from Manuela Echavarria of CreditCorp Capital.

Manuela Echavarria -- CrediCorp Capital -- Analyst

Hi, thank you so much for the time. Adolfo can you explain a little bit on the increase in the concession fee paid to the Puerto Rican government and when we can expect going forward?

Adolfo Castro Rivas -- Chief Executive Officer

Of course, that was originally in the -- stated in the contract we signed with the government five years and a half ago. So the change is that, instead of a fixed amount of MXN2.5 million per year is now and from now on 5% of the revenues. And that will go up to the year 30 where that will increase from 5% to 10% of the revenues.

Manuela Echavarria -- CrediCorp Capital -- Analyst

Okay, thanks so much.

Adolfo Castro Rivas -- Chief Executive Officer

You're welcome.

Operator

And now we'll go to a question from Alan Macias of Merrill Lynch.

Alan Macias -- Bank of America Merrill Lynch -- Analyst

Hi, good morning Adolfo. Just one question on the Riviera Maya train, what is your perception of how advanced is the project and if you have any timeframe, any estimate of when we could see the beginning of the building of the train or is that still further down to line? Thank you.

Adolfo Castro Rivas -- Chief Executive Officer

Alan hi, good morning. Well basically what I can comment to you is what I have heard from the people I have met. Basically what I understand is they are working on the studies for the train. The train, what I understand will have to be constructed in phases, is not that from one day to the other you will open the 1,600 kilometers of the train. In these phases, there are pieces that have to be basically refurbished, there is an original train that goes from more or less Merida to Campeche and you have right away there was a rail there. So basically, they have to refurbish that to correct some pieces. It's not like the other, rest of the train where they have to construct everything. In the case of the, I would say, Cancun up to Tulum, I believe that will be the first phase of the train and that may occur between two to three years.

Alan Macias -- Bank of America Merrill Lynch -- Analyst

Great. Thank you.

Adolfo Castro Rivas -- Chief Executive Officer

You are welcome.

Operator

(Operator Instructions) We will move now back to Mauricio Martinez with GBM.

Mauricio Martinez -- Grupo Bursatil Mexicano -- Analyst

Hi, Adolfo, just a follow-up question if I may, on Puerto Rico's aeronautical revenues in dollar terms, as it accumulated more than $60 million now by this quarter. I know there are other services included there apart from the airline fees, but maybe if you can tell us what is the main driver -- the main driver there and how much could it be above that $60 million going forward?

Adolfo Castro Rivas -- Chief Executive Officer

Mauricio, in the case of aeronautical revenues, you have one piece, which is the $62 million fixed amount that the contract states. Probably what you're talking about is the PFC, which is the passenger facility charge that is like the TUA here in Mexico. And that more or less, is $2.8 per departing passenger. So roughly speaking between $15 million to $16 million a year. So probably that is what you are seeing.

Mauricio Martinez -- Grupo Bursatil Mexicano -- Analyst

Perfect, very clear. Thank you.

Adolfo Castro Rivas -- Chief Executive Officer

You are welcome.

Operator

We will now take a question from Pedro Pascoal of JPMorgan.

Pedro Pascoal -- JPMorgan -- Analyst

Hey Adolfo good morning and good morning everyone. A quick one from my end. And we'll probably have the option of a few airports in Brazil in the beginning of next year. I was wondering if you guys would have an interest in these assets or is there any other inorganic growth opportunity that you are seeking at this point? Thank you.

Adolfo Castro Rivas -- Chief Executive Officer

Well, hi, good morning. I would say a very simple answer, not for the moment.

Pedro Pascoal -- JPMorgan -- Analyst

Perfect, thank you.

Operator

(Operator Instructions) And with that, that does conclude today's question-and-answer session. I would like to turn things back to Adolfo Catsro for closing remarks.

Adolfo Castro Rivas -- Chief Executive Officer

Thank you Cathy and thank you everybody, for joining us today on this conference call for our third quarter results of 2018. Have a great week. Goodbye.

Operator

And with that, ladies and gentlemen, that does conclude today's call. We'd like to thank you again for your participation. You may now disconnect.

Duration: 38 minutes

Call participants:

Adolfo Castro Rivas -- Chief Executive Officer

Mauricio Martinez -- Grupo Bursatil Mexicano -- Analyst

Josh Milberg -- Morgan Stanley -- Analyst

Alejandro Zamacona -- Credit Suisse -- Analyst

Samuel Alves -- BTG -- Analyst

Rogerio Araujo -- UBS -- Analyst

Stephen Trent -- Citi -- Analyst

Manuela Echavarria -- CrediCorp Capital -- Analyst

Alan Macias -- Bank of America Merrill Lynch -- Analyst

Pedro Pascoal -- JPMorgan -- Analyst

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