6-K

6-K 1 d863475d6k.htm 6-K 6-K

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 February 2020

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

(SOUTHEAST AIRPORT GROUP)

(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.

(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- .)

LOGO

ASUR 4Q19 Passenger Traffic Increased 3.6% YoY in Mexico,

18.1% in Puerto Rico and 9.4% in Colombia

Mexico City, February 24, 2020—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 twelve-month periods ended December 31, 2019.

4Q19 Highlights ¹

•

Passenger traffic in Mexico rose 3.6% year over year (YoY), with increases of 4.8% and 2.3% in domestic and international traffic, respectively.

•

Traffic in Puerto Rico (Aerostar) was up 18.1% YoY, supported by increases of 19.1% in domestic traffic and 9.9% in international traffic.

•

Traffic in Colombia (Airplan) rose 9.4% YoY, driven by growth of 9.0% in domestic traffic and 11.7% in international traffic.

•

Revenues increased 15.8% YoY to Ps. 4,544.4 million

•

Consolidated commercial revenues per passenger reached Ps.92.3.

•

Consolidated EBITDA amounted to Ps.2,436.4 million, a 1.0% YoY decline. Excluding a Ps.134.6 million non-recurring insurance recovery in 4Q18 in connection with Hurricane Maria, consolidated EBITDA would have increased 4.8% YoY.

•

Cash position at year-end was Ps.6,192.7 million. Net Debt to LTM EBITDA stood at 0.7x.

4Q19 Earnings Call

Date & Time: Tuesday, February 25, 2020 at 10:00 AM US ET; 9:00 AM CT

Dial-in: 1-866-548-4713 (US & Canada); 1-323-794-2093 (International y Mexico); Code: 7352279.

Replay: Tuesday, February 25, 2020 at 1:00 PM US ET, ending at 11:59 PM US ET on Tuesday, March 3, 2020. Dial-in number: 1-844-512-2921 Dial-in number: 1-844-512-2921 (US & Canada) 1-412-317-6671 (International & Mexico); Access Code 7352279.

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 effect in 2018, and represent comparisons between the three- and twelve-month periods ended December 31, 2019, and the equivalent three- and twelve-month periods ended December 31, 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.18.8642 (source: Diario Oficial de la Federación de México) while Colombian peso figures are calculated at the exchange rate of COP173.63 = Mexican Ps.1.00 (source: Investing). Definitions for EBITDA, Adjusted EBITDA Margin, Majority Net Income can be found on page 17 of this report.

Table 1: Financial & Operational Highlights ¹


	Fourth Quarter
	2018		2019		*% Var*
Financial Highlights
Total Revenue		3,924,232		4,544,643		15.8
Mexico		2,636,719		3,125,100		18.5
San Juan		858,436		861,207		0.3
Colombia		429,077		558,336		30.1
Commercial Revenues per PAX		95.6		92.3		(3.4	)
Mexico		111.6		108.8		(2.5	)
San Juan		122.2		105.2		(13.9	)
Colombia		35.2		41.1		16.6
EBITDA		2,459,804		2,436,371		(1.0	)
Net Income		1,547,748		1,300,547		(16.0	)
Majority Net Income		1,458,592		1,256,006		(13.9	)
Earnings per Share (in pesos)		4.8620		4.1867		(13.9	)
Earnings per ADS (in US$)		2.5774		2.2194		(13.9	)
Capex		266,516		1,727,976		548.4
Cash & Cash Equivalents		4,584,507		6,192,679		35.1
Net Debt		9,915,874		7,520,214		(24.2	)
Net Debt/ LTM EBITDA		1.0		0.7		(29.8	)
Operational Highlights
Passenger Traffic
Mexico		8,088,897		8,377,981		3.6
San Juan		2,011,106		2,376,073		18.1
Colombia		2,966,105		3,244,584		9.4

ASUR 4Q19 Page 1 of 24

Passenger Traffic

Total passenger traffic at ASUR in 4Q19 increased 7.1% YoY reaching 14.0 million passengers driven by increases of 3.6% in Mexico, 18.1% in Puerto Rico, and 9.4% in Colombia.

Passenger traffic growth of 3.6% YoY in Mexico was mainly supported by increases of 4.8% in domestic traffic and 2.3% in international traffic. Merida and Oaxaca airports were the main drivers behind traffic growth, reporting increases in domestic traffic of 13.2% and 31.9%, respectively. Oaxaca, in turn, achieved a 53.3% increase in international traffic. Cancun Airport reported increases of 1.1% and 1.8% in domestic and international traffic, respectively.

Traffic in Puerto Rico increased 18.1% YoY reflecting YoY increases of 19.1% in domestic traffic and 9.9% in international traffic.

Colombia reported a 9.4% YoY increase in total traffic driven by growth of 9.0% and 11.7% in domestic and international traffic, respectively. Rionegro Airport in Medellin was the main driver of traffic growth, reporting increases of 9.2% in domestic traffic and 11.7% in international traffic.

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

Table 2: Passenger Traffic Summary


	Fourth Quarter						Fiscal Year
	2018		2019		*% Chg.*		2018		2019		*% Chg.*
Total Mexico		8,088,897		8,377,981		3.6		33,247,315		34,161,842		2.8
- Cancun		6,012,727		6,107,381		1.6		25,202,016		25,481,989		1.1
- 8 Other Airports		2,076,170		2,270,600		9.4		8,045,299		8,679,853		7.9
Domestic Traffic		4,118,536		4,316,622		4.8		15,843,617		16,683,996		5.3
- Cancun		2,251,623		2,276,863		1.1		8,777,510		8,980,397		2.3
- 8 Other Airports		1,866,913		2,039,759		9.3		7,066,107		7,703,599		9.0
International Traffic		3,970,361		4,061,359		2.3		17,403,698		17,477,846		0.4
- Cancun		3,761,104		3,830,518		1.8		16,424,506		16,501,592		0.5
- 8 Others Airports		209,257		230,841		10.3		979,192		976,254		(0.3	)
Total San Juan, Puerto Rico		2,011,106		2,376,073		18.1		8,373,679		9,448,253		12.8
Domestic Traffic		1,797,007		2,140,855		19.1		7,469,211		8,455,993		13.2
International Traffic		214,099		235,218		9.9		904,468		992,260		9.7
Total Colombia		2,966,105		3,244,584		9.4		10,647,523		12,052,135		13.2
Domestic Traffic		2,544,552		2,773,813		9.0		9,061,166		10,231,479		12.9
International Traffic		421,553		470,771		11.7		1,586,357		1,820,656		14.8
Total Traffic		13,066,108		13,998,638		7.1		52,268,517		55,662,230		6.5
Domestic Traffic		8,460,095		9,231,290		9.1		32,373,994		35,371,468		9.3
International Traffic		4,606,013		4,767,348		3.5		19,894,523		20,290,762		2.0

Note: Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, while Puerto Rico includes transit and general aviation passengers.

ASUR 4Q19 Page 2 of 24

Review of Consolidated Results

Table 3: Summary of Consolidated Results


	Fourth Quarter						*% Chg.*			Fiscal Year						*% Chg.*
	2018			2019			*% Chg.*			2018			2019			*% Chg.*
Total Revenues		3,924,232			4,544,643			15.8			15,410,241			16,821,638			9.2
Aeronautical Services		2,227,777			2,415,100			8.4			8,942,910			9,596,975			7.3
Non-Aeronautical Services		1,371,265			1,411,160			2.9			5,531,557			5,988,470			8.3
Total Revenues Excluding Construction Revenues		3,599,042			3,826,260			6.3			14,474,467			15,585,445			7.7
Construction Revenues ¹		325,190			718,383			120.9			935,774			1,236,193			32.1
Total Operating Costs & Expenses		1,931,169			2,555,305			32.3			7,765,909			8,545,063			10.0
Other Income		134,637			645			(99.5	)		134,637			204,719			52.1
Operating Profit		2,127,700			1,989,983			(6.5	)		7,778,969			8,481,294			9.0
Operating Margin		54.2	%		43.79	%		(1043 bps	)		50.5	%		50.4	%		(6 bps	)
Adjusted Operating Margin ²		59.1	%		52.01	%		(711 bps	)		53.7	%		54.4	%		68 bps
EBITDA		2,459,804			2,436,371			(1.0	)		9,553,635			10,319,932			8.0
EBITDA Margin		62.68	%		53.61	%		(907 bps	)		62.0	%		61.3	%		(65 bps	)
Adjusted EBITDA Margin ³		68.35	%		63.67	%		(467 bps	)		66.0	%		66.2	%		21 bps
Net Income		1,547,748			1,300,547			(16.0	)		5,119,806			5,683,635			11.0
Majority Net Income		1,458,592			1,256,006			(13.9	)		4,987,601			5,465,823			9.6
Earnings per Share		4.8620			4.1867			(13.9	)		16.6253			18.2194			9.6
Earnings per ADS in US$		2.5774			2.2194			(13.9	)		8.8132			9.6582			9.6
Total Commercial Revenues per Passenger ⁴		95.6			92.3			(3.4	)		96.9			98.9			2.1
Commercial Revenues		1,259,118			1,300,804			3.3			5,099,979			5,543,618			8.7
Commercial Revenues from Direct Operations per Passenger ⁵		16.5			14.6			(11.5	)		17.7			17.5			(1.1	)
Commercial Revenues Excluding Direct Operations per Passenger		79.2			77.8			(1.8	)		79.2			81.4			2.8

Construction revenues for Airplan in 4Q18 include actual construction revenues which are equal to construction costs of Ps.82.6 millionplus an estimate of the decline in income derived from the decline in the valuation of the intangible asset to present value (construction income) of Ps.102.7 million, according to IFRIC 12. Construction revenues for Airplan in 4Q19 were equal to construction costs of Ps.69.7 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 4Q19 inceased 15.8% YoY, or Ps.620.4 million to Ps.4,544.6 million, mainly driven by increases of:

•

8.4% in revenues from aeronautical services to Ps.2,415.1 million. The contribution from Mexico was Ps.1,569.4 million, while Puerto Rico and Colombia accounted for Ps.494.0 million and Ps.351.7 million, respectively;

•

2.9% in revenues from non-aeronautical services to Ps.1,411.2 million. The contribution from Mexico was Ps.1,021.9 million, while Puerto Rico and Colombia accounted for Ps.252.4 million and Ps.136.9 million, respectively; and

•

120.9%, or Ps.393.2 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, partially offset by a decline in Puerto Rico. Higher YoY construction revenues in Colombia reflect the recognition of a Ps.102.7 million concesion valuation loss in 4Q18. Excluding the impact from the concession valuation loss in Colombia, consolidated construction revenues would have increased YoY by 67.9%, or Ps.290.5 million.

Excluding revenues from construction services, which are deducted as costs under IFRS accounting standards, total revenues would have increased 6.3% YoY to Ps.3,826.3 million. Mexico accounted for 67.7% of total revenues excluding revenues from construction services, while Puerto Rico and Colombia represented 19.5% and 12.8%, respectively.

ASUR 4Q19 Page 3 of 24

Commercial Revenues in 4Q19 increased 3.3% YoY to Ps.1,300.8 million, mainly reflecting the 7.1% increase in total passenger traffic. Commercial revenues in Mexico rose 1.0% to Ps.915.3 million, mainly driven by the opening of new commercial spaces, including retail, food and beverages, and car rentals, among others. In addition, commercial revenues in Puerto Rico increased YoY by 1.7%, to Ps.249.9 million and in Colombia by 26.8% to Ps.135.5 million.

Commercial Revenues per Passenger declined 3.4% YoY to Ps.92.3 in 4Q19. Commercial revenues per passenger were Ps.108.8 in Mexico, Ps.105.2 in Puerto Rico and Ps.41.0 in Colombia. Commercial revenues per passenger declined 2.5% in Mexico and 13.9% in Puerto Rico, but increased 16.6% in Colombia.

Consolidated Operating Costs and Expenses

Consolidated Operating Costs and Expenses, including construction costs, for 4Q19 increased 32.3% YoY, or Ps.624.1 million, to Ps.2,555.3 million.

Excluding construction costs, operating costs and expenses increased 22.2%, or Ps.333.7 million, year-on-year. This increase was mainly due to a total of Ps.281.1 million in reductions reported in certain items in 4Q18 as discussed below. Of this, Ps.108.3 million were reported in Mexico, Ps.77.7 million in Puerto Rico and Ps.95.1 million in Colombia. Excluding construction costs and these certain items in 4Q18, total operating costs and expenses increased 2.9% YoY, or Ps.52.6 million.

The YoY increase in total operating costs and expenses excluding construction costs can be explained by the following increases:

•

13.6%, or Ps.113.4 million, in Mexico as 4Q18 results benefited from a Ps.71.2 million asset tax refund at Cancun airport and from Ps.37.1 million reversal of a provision for uncollectible accounts. In addition, in 4Q19 ASUR reported higher maintenance and administrative costs, as well as increases in processional and insurance fees;

•

29.6%, or Ps.116.1 million, in Puerto Rico mainly as a result of a Ps.120.2 million increase in cost of services as 4Q18 results benefited from the recognition of a Ps.112.2 million reduction in the valuation of the maintenance reserve as per IFRIC 12 while in 4Q19 the reduction in the valuation reserve amounted to Ps.34.5 million. 4Q19 costs also reflect increases in professional, energy and maintenance fees. Furthermore, concession fees increased 12.3% as a result of higher aeronautical revenues.

•

37.9%, or Ps.104.2 million, in Colombia principally due to an increase of Ps.199.0 million in 4Q19 of depreciation and amortization reflecting a change in amortization methodology, which starting January 2019 is on a straight-line basis versus the percentage of completion method applied previously. Increased concesion fees reflecting higher aeronautical revenues mainly driven by the 9.4% increase in passenger traffic also contributed to higher YoY costs. Comparisons also reflect a Ps.45.0 million reversal in the provision for uncollectible accounts in 4Q18, as well as a Ps.164.0 million provision for the future replacement of fixed assets as per IFRS12 in 4Q18 while in 4Q19 the provision amounted to Ps.60.3 million.

Cost of Services increased by 12.6%, or Ps.110.2 million. In Puerto Rico, cost of services increased 62.9%, or Ps.120.2 million, principally due to 4Q18 benefiting from a Ps.112.2 million reduction in the maintenance provision as per IFRIC 12 as discussed above (compared with a Ps.34.5 million reduction this quarter) and a reduction in the loss provision in connection with Hurricane Maria of Ps.7.7 million. Increases in maintenance, energy and profesional fees also contrituteed to higher costs of services in 4Q19 in Puerto Rico. In Mexico, cost of services rose 24.5% YoY, or Ps.96.6 million, mainly reflecting increases in legal professional fees, cost of sales for stores operated by ASUR, maintentance and security expenses. In addition, during 4Q18 Mexican operations benefited from a Ps.71.2 million asset tax refund at Cancun Airport (compared with a Ps.3.50 million refund this quarter), a Ps.37.1 million reversal of the provision for uncollectible accounts, along with lower energy expenses. By contrast, cost of services in Colombia declined YoY by 37.1%, or Ps.106.6 million, principally due to a YoY reduction of Ps.103.7 million in the maintenance provision for the future replacement of fixed assets as per IFRIC 12, along with lower professional fees and energy costs, which reductions were partially offset by the Ps.45.0 million reversal in the provision for uncollectible accounts in 4Q18.

Construction Costs increased by 67.9% YoY, or Ps.290.5 million. This was mainly driven by an increase of 286.3%, or Ps.395.6 million, in Mexico, partially offset by declines of 44.6%, or Ps.92.3 million in Puerto Rico and 15.5%, or Ps.12.9 million in Colombia.

G&A Expenses, which reflect administrative expenses in Mexico, increased 5.6% YoY mainly reflecting higher salaries, partially offset by lower professional fees and leases.

ASUR 4Q19 Page 4 of 24

Consolidated Technical Assistance declined 0.3% YoY, mainly driven by Mexico and Colombia.

Concession Fees increased 8.7% 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 4Q19 also reflect increases in Puerto Rico and Colombia.

Depreciation and Amortization increased 81.8%, or Ps.200.8 million. This was principally due to an increase of 211.2%, or Ps.199.0 million 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 as previously applied. Mexico reported a Ps.5.8%, or Ps.9.8 million increase in depreciation and amortization, partially offset by a decline of 4.7%, or Ps.8.0 million in Puerto Rico.

Consolidated Operating Profit and EBITDA

Consolidated Operating Profit in 4Q19 amounted to Ps.1,990.0 million with Operating Margin of 43.8%. This compares with operating profit of Ps. 2,127.7 million and margin of 54.2% in 4Q18, which benefited from a non-recurring insurance recovery of Ps.134.6 million in connection with Hurricane Maria in Puerto Rico, along with a Ps.98.9 million reduction in the maintenance provision as per IFRIC 12, as well as certain other items in 4Q18 detailed under Operating Costs and Expenses.

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 52.0% in 4Q19 compared with 59.1% in 4Q18.

EBITDA declined 1.0% or Ps.23.4 million, to Ps.2,436.4 million in 4Q19. By country, EBITDA decreased 27.0% or Ps.148.1 million in Puerto Rico and 0.5%, or Ps.9.4 million in Mexico. This was partially offset by an increase of 167.0% or Ps.134.1 million in Colombia. EBITDA margin for 4Q19 was 53.6% compared with 62.7% in 4Q18 mainly reflecting higher construction services in 4Q19.

Excluding a Ps.134.6 million non-recurring insurance recovery in 4Q18 in connection with Hurricane Maria, consolidated EBITDA would have increased 4.8% YoY and EBITDA margin would have been 48.1% in 4Q18.

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 63.7% in 4Q19 compared to 68.3% in 4Q18. Excluding a Ps.134.6 million non-recurring insurance recovery in 4Q18 in connection with Hurricane Maria, Adjusted EBITDA margin would have been 64.6% in 4Q18.

Consolidated Comprehensive Financing Gain (Loss)

Table 4: Consolidated Comprehensive Financing Gain (Loss)


	Fourth Quarter						*% Chg.*			Fiscal Year						*% Chg.*
	2018			2019			*% Chg.*			2018			2019			*% Chg.*
Interest Income		71,611			70,869			(1.0	)		280,623			343,613			22.4
Interest Expense		(315,788	)		(246,268	)		(22.0	)		(1,230,651	)		(1,084,293	)		(11.9	)
Foreign Exchange Gain (Loss), Net		54,663			(139,457	)		n/a			87,758			(78,877	)		n/a

Total		(189,514	)		(314,856	)		66.1			(862,270	)		(819,557	)		(5.0	)

In 4Q19, ASUR reported a Ps.314.8 million Consolidated Comprehensive Financing Loss, compared to a Ps.189.5 million loss in 4Q18.

In 4Q19, ASUR reported a foreign exchange loss of Ps.139.5 million, resulting from the 2.53% quarterly average appreciation of the Mexican peso against the U.S. dollar together with a U.S. dollar foreign currency net asset position. This compares to a Ps.54.7 million foreign exchange gain in 4Q18 resulting from the 6.0% quarterly average Mexican peso depreciation during that period on a lower foreign currency net asset position.

Interest expense declined by Ps.69.5 million during the period, or 22.0%, mainly driven by a decline of Ps.34.8 million, or 28.3%, in Puerto Rico reflecting loans paid down in 2019, along with a Ps.9.3 million decline in Mexico as the Company paid down loans in June and November 2018. Colombia reported a Ps.6.6 million

ASUR 4Q19 Page 5 of 24

decline in interest payments reflecting loan payments in 2H18 and 2019. Interest expenses also benefited from a Ps.18.8 million recognition from the valuation of payables at fair value as of December 31, 2019 in accordance with IFRS 3 in connection with the purchase of Airplan in Colombia. Interest income increased Ps.0.7 million, or 1.0%.

Income Taxes

Income Taxes for 4Q19 declined by Ps.15.9 million YoY, principally due to the combination of following factors:

•

A Ps.2.7 million YoY decline in deferred income taxes, mainly reflecting a deferred income tax gain in Colombia in 4Q19 resulting from the increase in the maintenance provision in line with IFRIC12, and a reduction in the tax rate used for the calculation of deferred income taxes in Colombia from 33% to 30% starting on January 2019, equivalent to a weighed average of 30.4%, resulting from the fiscal reform enacted on December 23, 2018.

•

A Ps.12.8 million YoY decline in income taxes, reflecting mainly a lower taxable income base for Cancun and Oaxaca airports in Mexico, partially offset by a higher taxable income base at Merida, Veracruz, Villahermosa airports in Mexico as well as Cancun Airport Services.

•

An increase in Colombia due to a higher taxable income base.

Majority Net Income

Majority Net Income for 4Q19 declined 13.9% or Ps.202.6 million, to Ps.1,256.0 million from Ps.1,458.6 million in 4Q18. Earnings per common share for the quarter were Ps.4.1867 and earnings per ADS (EPADS) were US$2.2194 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.4.8620 and earnings per ADS of US$2.5774 for the same period last year.

Excluding a Ps.134.6 million non-recurring insurance recovery in 4Q18 in connection with Hurricane Maria, Majority Net Income for 4Q19 would have declined 5.1%.

Net Income

Net Income for 4Q19 declined 16.0%, or Ps.247.2 million, to Ps.1,300.5 million from Ps.1,547.7 million in 4Q18.

Excluding a Ps.134.6 million non-recurring insurance recovery in 4Q18 in connection with Hurricane Maria, Net Income for 4Q19 would have declined 8.0%.

Consolidated Financial Position

On December 31, 2019, airport concessions represented 85.4% of the Company’s total assets, with current assets representing 13.6% and other assets representing 0.9%. As of December 31, 2019, the Company had cash and cash equivalents of Ps.6,192.7 million, a 35.1% increase from Ps.4,584.5 million at December 31, 2018. Mexico contributed Ps.1,441.3 million to the increase in cash and cash equivalents in 4Q19, Colombia with Ps.336.5 million, while Puerto Rico reported a decline in cash of Ps.169.6 million.

As of December 31, 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.5,705.3 million, ii) goodwill of Ps.887.2 million (net of an impairment of Ps.4,719.1 million), iii) deferred taxes of Ps.570.5 million, and iv) a minority interest of Ps.5,255.2 million within stockholders’ equity.

Furthermore, 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 December 31, 2019: i) the recognition of a net intangible asset of Ps.1,253.9 million, ii) goodwill of Ps.1,504.9, iii) deferred taxes of Ps.201.0 million, and iv) Ps.583.8 million from the recognition of bank loans at fair value.

ASUR 4Q19 Page 6 of 24

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 4Q19 was Ps.38,771.2 million and total liabilities were Ps.18,744.7 million, representing 67.4% and 32.6% of total assets, respectively. Deferred liabilities represented 16.1% of ASUR’s total liabilities.

Total Debt at quarter-end decreased to Ps.13,712.9 million from Ps.14,500.4 million on December 31, 2018. On December 31, 2019, 29.1% of ASUR’s total debt was denominated in Mexican pesos, 49.5% in U.S. Dollars (at Aerostar, Puerto Rico) and 21.4% in Colombian pesos.

Net Debt to LTM EBITDA stood at 0.7x at the close of 4Q19, while the Interest Coverage ratio was 10.8x as of December 31, 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


	December 31, 2018		September 30, 2019		December 31, 2019
Leverage
Total Debt / LTM EBITDA (Times) ¹		1.5		1.4		1.3
Total Net Debt / LTM EBITDA (Times) ²		1.0		0.8		0.7
Interest Coverage Ratio ³		8.7		10.3		10.8
Total Debt		14,500,381		13,974,527		13,712,893

Short-term Debt		500,105		277,847		549,607
Long-term Debt		14,000,276		13,696,680		13,163,286

Cash & Cash Equivalents		4,584,507		6,196,806		6,192,679

Total Net Debt ⁴		9,915,874		7,777,721		7,520,214

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.

Table 6: Consolidated Debt Profile

(in millions)


	Airport	Payment of principal	Currency	Interest Rate		Amortization Schedule
	Airport	Payment of principal	Currency	Interest Rate	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	DTF¹ + 4	12,000.0	44,250.0	81,000.0	137,250.0
12 Yr-Syndicated Credit Facility	Colombia	Qtly. Amort.	$PCol	DTF¹ + 4	8,160.0	30,090.0	55,077.0	93,327.0
12 Yr-Syndicated Credit Facility	Colombia	Qtly. Amort.	$PCol	DTF¹ + 4	7,200.0	26,550.0	48,600.0	82,350.0
12 Yr-Syndicated Credit Facility	Colombia	Qtly. Amort.	$PCol	DTF¹ + 4	2,960.0	10,915.0	19,980.0	33,855.0
12 Yr-Syndicated Credit Facility	Colombia	Qtly. Amort.	$PCol	DTF¹ + 4	2,960.0	10,915.0	19,980.0	33,855.0
12 Yr-Syndicated Credit Facility	Colombia	Qtly. Amort.	$PCol	DTF¹ + 4	640.0	2,360.0	4,320.0	7,320.0
12 Yr-Syndicated Credit Facility	Colombia	Qtly. Amort.	$PCol	DTF¹ + 4	640.0	2,360.0	4,320.0	7,320.0
12 Yr-Syndicated Credit Facility	Colombia	Qtly. Amort.	$PCol	DTF¹ + 4	640.0	2,360.0	4,320.0	7,320.0

Note: Mexican syndicated loans were contracted in October 2017, Puerto Rico bonds were contracted in March 2013 and June 2015, respectively, and the syndicated loans in Colombia were 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.

ASUR 4Q19 Page 7 of 24

Capex

Capex during 4Q19 amounted to Ps.1,728.0 million. Of this, Ps.1,519.6 million reflect the Company’s plan to modernize its Mexican airports pursuant to its master development plans, Ps.138.3 million were utilized by Aerostar in Puerto Rico and Ps.70.1 million by Airplan in Colombia. This compares with Ps.266.5 million invested in 4Q18, of which Ps.119.6 million was investeed in Mexico, Ps.126.0 million in Puerto Rico, and Ps.20.8 million in Colombia.

During FY19 ASUR made capital investments for a total of Ps.2,614.9 million, of which Ps.2,061.9 million were invested in Mexico, Ps.376.6 million in Puerto Rico, and Ps.176.3 million in Colombia. This compares with capex of Ps.1,636.3 million in FY18, of which Ps.449.3 million were invested in Mexico in line with the Master Development Plan, Ps.772.0 million in Puerto Rico and Ps.415.0 million in Colombia.

Review of Mexico Operations

Table 7: Mexico Revenues & Commercial Revenues Per Passenger

(in thousands of Mexican pesos)


	Fourth Quarter				*% Chg.*			Fiscal Year				*% Chg.*
	2018		2019		*% Chg.*			2018		2019		*% Chg.*
Total Passengers (in thousands)		8,121		8,412		3.6			33,384		34,297		2.7

Total Revenues		2,636,719		3,125,100		18.5			10,399,259		11,440,758		10.0

Aeronautical Services		1,482,412		1,569,426		5.9			5,965,545		6,334,890		6.2
Non-Aeronautical Services		1,016,107		1,021,861		0.6			4,170,319		4,380,821		5.0
Construction Revenues		138,200		533,813		286.3			263,395		725,047		175.3

Total Revenues Excluding Construction Revenues		2,498,519		2,591,287		3.7			10,135,864		10,715,711		5.7

Total Commercial Revenues		906,476		915,344		1.0			3,749,943		3,951,820		5.4

Commercial Revenues from Direct Operations		171,889		154,063		(10.4	)		740,407		763,118		3.1
Commercial Revenues Excluding Direct Operations		734,587		761,281		3.6			3,009,536		3,188,702		6.0
Total Commercial Revenues per Passenger		111.6		108.8		(2.5	)		112.3		115.2		2.6

Commercial Revenues from Direct Operations per Passenger ¹		21.2		18.3		(13.5	)		22.2		22.3		0.3
Commercial Revenues Excluding Direct Operations per Passenger		90.5		90.5		0.0			90.2		93.0		3.1

Note: For purpose of this table, approximately 31.8 and 34.4 thousand transit and general aviation passengers are included in 4Q18 and 4Q19, respectively, while 136.9 and 134.7 thousand transit and general aviation passengers are included in 12M18 and 12M19.

¹	Represents the operation of ASUR in its convenience stores in Mexico.

Mexico Revenues

Mexico Revenues for 4Q19 increased 18.5% YoY to Ps.3,125.1 million. Excluding construction, revenues rose 3.7% YoY, reflecting the following increases:

•

5.9% in revenues from aeronautical services, principally due to the 3.6% increase in passenger traffic; and

•

0.6% in revenues from non-aeronautical services, principally reflecting the 1.0% growth in commercial revenues.

Commercial Revenues increased 1.0% YoY, reflecting the 3.6% increase in total passenger traffic (including transit and general aviation passengers) and reported increases across all categories, except advertising, duty free as well as banking and currency exchange services, as shown on Table 8.

Commercial Revenues per Passenger for 4Q19 declined 2.5% YoY to Ps.108.8 from Ps.111.6 in 4Q18.

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, parking lot fees, and other.

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

ASUR 4Q19 Page 8 of 24

Table 8: Mexico Commercial Revenue Performance


Bussines Line	YoY Chg
Bussines Line	4Q19			FY19
Teleservices		26.8	%		14.9	%
Car Rental Revenues		12.3	%		7.1	%
Food and Beverage Operations		8.2	%		9.4	%
Ground Transportation		6.2	%		12.3	%
Retail Operations		2.7	%		4.9	%
Other Revenue		1.3	%		7.2	%
Parking Lot Fees		0.2	%		5.3	%
Advertising Revenues		(2.9	%)		13.8	%
Duty Free		(5.6	%)		2.4	%
Banking and Currency Exchange Services		(22.7	%)		(9.1	%)

Total Commercial Revenues		1.0	%		5.4	%

Table 9: Mexico Summary Retail and Other Commercial Space Opened since December 31, 2018.


Type of Commercial Space ¹	# Of Spaces Opened
Cancun		7
Retail Operations		5
Other Revenue		2
Mexico		7

¹	Only includes new stores opened during the period and excludes remodelings or contract renewals.

Mexico Operating Costs and Expenses

Table 10: Mexico Operating Costs & Expenses


	Fourth Quarter				*% Chg*			Fiscal Year				*% Chg*
	2018		2019		*% Chg*			2018		2019		*% Chg*
Cost of Services		394,701		491,325		24.5			1,723,224		1,911,058		10.9
Administrative		61,525		64,971		5.6			235,264		250,183		6.3
Technical Assistance		96,643		96,175		(0.5	)		386,250		404,086		4.6
Concession Fees		113,395		117,368		3.5			458,290		484,402		5.7
Depreciation and Amortization		169,843		179,660		5.8			676,141		694,894		2.8

Operating Costs and Expenses Excluding Construction Costs		836,107		949,499		13.6			3,479,169		3,744,623		7.6
Construction Costs		138,200		533,813		286.3			263,395		725,047		175.3

Total Operating Costs & Expenses		974,307		1,483,312		52.2			3,742,564		4,469,670		19.4

Total Mexico Operating Costs and Expenses for 4Q19 increased 52.2% YoY. This includes construction costs, which rose 286.3%, reflecting higher levels of capital improvements made to concessioned assets during the period. Excluding construction costs, operating costs and expenses increased 13.6% to Ps.949.5 million.

Cost of Services rose 24.5% YoY, mainly reflecting increases in legal professional fees, cost of sales for stores operated directly by ASUR, maintentance and security expenses, partly offset by lower energy costs. During the quarter, the Company received a Ps.3.50 million asset tax refund for the Cancun Airport. By contrast, the Mexican operations in 4Q18 benefited from a Ps.71.2 million asset tax refund at Cancun Airport, a Ps.37.1 million reversal in the provision for uncollectible accounts.

Administrative expenses increased by 5.6% YoY, principally as a result of higher salaries and professional fees.

The 0.5% decline in the Technical Assistance fee paid to ITA reflects lower EBITDA 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 increased 3.5%, mainly as a result of the increase in regulated revenues, a factor in the calculation of the concession fee.

Depreciation and Amortization increased 5.8% YoY, reflecting higher investments to-date as well as the impact from the recognition of lease accounting as per IFRS 16.

ASUR 4Q19 Page 9 of 24

Mexico Consolidated Comprehensive Financing Gain (Loss)

Table 11: Mexico Comprehensive Financing Gain (Loss)


	Fourth Quarter									Fiscal Year
	2018			2019			*% Chg*			2018			2019			*% Chg*
Interest Income		85,042			71,140			(16.3	)		336,571			335,540			(0.3	)
Interest Expense		(109,855	)		(100,555	)		(8.5	)		(461,540	)		(409,691	)		(11.2	)
Foreign Exchange Gain (Loss), Net		54,887			(139,922	)		n/a			87,794			(79,197	)		n/a

Total		30,074			(169,337	)		n/a			(37,175)			(153,348	)		312.5

ASUR’s Mexico operations reported a Ps.169.3 million Comprehensive Financing Loss, compared to a Ps.30.1 million gain in 4Q18. Mexican operations reported a foreign exchange loss of Ps.139.9 million in the quarter, resulting from the 2.5% quarterly average Mexican peso appreciation against the U.S. dollar on a lower foreign currency net asset position, compared with a Ps.54.9 million foreign exchange gain in 4Q18, resulting from the 5.9% quarterly average Mexican peso depreciation during that period and a lower foreign currency net asset position.

In addition, interest expense declined 8.5% YoY to Ps.100.6 million as the Company paid down debt between June and November 2018. Furthermore, interest income declined 16.3%, reflecting a lower cash balance.

Mexico Operating Profit and EBITDA

Table 12: Mexico Profit & EBITDA


	Fourth Quarter									Fiscal Year
	2018			2019			*% Chg*			2018			2019			*% Chg*
Total Revenue		2,636,719			3,125,100			18.5			10,399,259			11,440,758			10.0
Total Revenues Excluding Construction Revenues		2,498,519			2,591,287			3.7			10,135,864			10,715,711			5.7

Operating Profit		1,662,411			1,642,433			(1.2	)		6,656,695			6,971,733			4.7

Operating Margin		63.0	%		52.6	%		(1049 bps	)		64.0	%		60.9	%		(307 bps	)
Adjusted Operating Margin ¹		66.5	%		63.4	%		(315 bps	)		65.7	%		65.1	%		(61 bps	)
Net Profit ²		1,313,625			1,129,223			(14.0	)		4,839,389			4,896,978			1.2

EBITDA		1,831,601			1,822,102			(0.5	)		7,332,192			7,666,636			4.6

EBITDA Margin		69.5	%		58.3	%		(1116 bps	)		70.5	%		67.0	%		(350 bps	)
Adjusted EBITDA Margin ³		73.3	%		70.3	%		(299 bps	)		72.3	%		71.5	%		(79 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 4Q19 and 4Q18 include gains of Ps.80.7 million and Ps.161.1 million, respectively, from the participation in the results of Aerostar in Puerto Rico. Airplan in Colombia contributed with gains of Ps.62.6 million and Ps.207.4 million in 4Q19 and 4Q18, 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.1,642.4 million in 4Q19, resulting in an Operating Margin of 52.6% compared with 63.0% in 4Q18.

Adjusted Operating Margin in 4Q19, 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 63.4%, compared to 66.5% in 4Q18.

EBITDA declined 0.5% to Ps.1,822.1 million from Ps.1,831.6 million in 4Q18, resulting in an EBITDA Margin of 58.3% in 4Q19, compared with 69.5% in 4Q18. Excluding the reversal in the uncollectible accounts provision and the asset tax refund reported in 4Q18 for a total of Ps.108.3 million, EBITDA margin in that quarter would have been 65.4%

During 4Q19, ASUR’s operations in Mexico recognized Ps.533.8 million in “Construction Revenues,” a year-on-year increase of 286.3%, 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, declined 299 bps to 70.3% from 73.3% in 4Q18. Excluding the reversal of the provision for uncollectible accounts and the asset tax refund reported in 4Q18 for a total of Ps.108.3 million, Adjusted EBITDA margin in that quarter would have been 69.0%

ASUR 4Q19 Page 10 of 24

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 December 31, 2019 totaled Ps.6,628.1 million, with an average tariff per workload unit of Ps.190.5 (December 2018 pesos), accounting for approximately 61.8% 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 4Q19, ASUR’s operations in Mexico made capital investments of Ps.1,519.6 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.119.6 million in 4Q18. Accumulated capex for FY19 amounted to Ps.2,061.9 million, compared to Ps.449.3 million in FY18.

Review of Puerto Rico Operations

As of December 31, 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.5,705.3 million, ii) goodwill of Ps.887.2 (net of an impairment of Ps.4,719.1 million), iii) deferred taxes of Ps.570.5 million, and iv) a minority interest of Ps.5,255.2 million within stockholders’ equity.

Table 13: Puerto Rico Revenues & Commercial Revenues Per Passenger

In thousands of Mexican pesos


	Fourth Quarter							Fiscal Year
	2018		2019		*% Chg*			2018		2019		*% Chg*
Total Passenger (in thousands)		2,011		2,376		18.1			8,374		9,448		12.8

Total Revenues		858,436		861,207		0.3			3,025,267		3,306,149		9.3

Aeronautical Services		403,053		494,006		22.6			1,700,859		1,870,428		10.0
Non-Aeronautical Services		248,234		252,374		1.7			964,404		1,100,573		14.1
Construction Revenues		207,149		114,827		(44.6	)		360,004		335,148		(6.9	)
Total Revenues Excluding Construction Revenues		651,287		746,380		14.6			2,665,263		2,971,001		11.5

Total Commercial Revenues		245,725		249,917		1.7			954,626		1,090,433		14.2

Commercial Revenues from Direct Operations		44,687		52,902		18.4			191,211		233,106		21.9
Commercial Revenues Excluding Direct Operations		201,038		197,015		(2.0	)		763,415		857,327		12.3
Total Commercial Revenues per Passenger		122.2		105.2		(13.9	)		114.0		115.4		1.2

Commercial Revenues from Direct Operations per Passenger ¹		22.2		22.3		0.2			22.8		24.7		8.1
Commercial Revenues Excluding Direct Operations per Passenger		100.0		82.9		(17.1	)		91.2		90.7		(0.5	)

Figures in pesos at the average exchange rate Ps.19.2360 = US$1.00

¹	Represents ASUR´s operations in convenience stores in Puerto Rico.

Puerto Rico Revenues

Total Puerto Rico Revenues for 4Q19 increased 0.3% YoY to Ps.861.2 million. Excluding construction services, revenues rose 14.6% mainly due to the following increases:

•

22.6% in revenues from aeronautical services reflecting the 18.1% increase in passenger traffic; and

•

1.7% in revenues from non-aeronautical services, principally reflecting the 1.7% increase in commercial revenues.

Construction services revenues declined 44.6% YoY reflecting lower capital investments in 4Q19.

ASUR 4Q19 Page 11 of 24

Commercial Revenues per Passenger declined to Ps.105.2 from Ps.122.2 in 4Q18.

Sixteen 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, parking lot fees, banking and currency exchange services, and other.

Table 14: Puerto Rico Commercial Revenue Performance


Bussines Line	YoY Chg
Bussines Line	4Q19			FY19
Advertising Revenues		398.7	%		194.0	%
Retail Operations		20.2	%		23.6	%
Ground Transportation		19.5	%		84.9	%
Food and Beverage Operations		8.8	%		12.9	%
Parking Lot Fees		4.0	%		(0.8	%)
Duty Free		(4.6	%)		1.7	%
Other Revenue		2.9	%		14.6	%
Car Rental Revenues		(18.8	%)		12.6	%
Banking and Currency Exchange Services		8.5	%		(5.4	%)

Total Commercial Revenues		1.7	%		14.2	%

Table 15: Puerto Rico Summary Retail and Other Commercial Space Opened since December 31, 2018


Type of Commercial Space ¹	# of Spaces Opened
Retail Operations		7
Food and Beverage Operations		4
Duty Free		3
Banking and Currency Exchange Services		1
Other Revenue		1

Total Commercial Spaces		16

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


	Fourth Quarter				*% Chg*			Fiscal Year				*% Chg*
	2018		2019		*% Chg*			2018		2019		*% Chg*
Cost of Services		191,248		311,449		62.9			1,157,564		1,305,635		12.8
Concession Fees		31,260		35,117		12.3			127,719		141,419		10.7
Depreciation and Amortization		169,908		161,936		(4.7	)		632,236		659,873		4.4

Operating Costs and Expenses Excluding Construction Costs		392,416		508,502		29.6			1,917,519		2,106,927		9.9
Construction Costs		207,149		114,827		(44.6	)		360,004		335,148		(6.9	)

Total Operating Costs & Expenses		599,565		623,329		4.0			2,277,523		2,442,075		7.2

Figures in pesos at the average exchange rate Ps.19.2360 = US$1.00

Total Operating Costs and Expenses at LMM Airport in 4Q19, increased 4.0% YoY to Ps.623.3 million. During 4Q19, Aerostar reported construction costs of Ps.114.8 million, reflecting capital investments in concessioned assets. Excluding construction costs, operating costs and expenses increased 29.6% to Ps.508.5 million.

Cost of Services increased 62.9% YoY, or Ps.120.2 million. This increase primarily reflects a Ps.34.5 million reduction in the valuation of the maintenance provision as per IFRIC12 in 4Q19 compared with a Ps.112.2 million reduction in the valuation of the maintenance provision in 4Q18. Cost of services in 4Q19 also reflect increases in professional fees and energy costs.

Concession Fees paid to the Puerto Rican government increased YoY by Ps.3.9 million. In line with the concession agreement, starting in 2018, the concession fee is based on revenues and impacts results.

Depreciation and Amortization declined YoY by 4.7%, or Ps.8.0 million.

Puerto Rico Comprehensive Financing Gain (Loss)

Table 17: Puerto Rico Comprehensive Financing Gain (Loss)

In thousands of Mexican pesos


	Fourth Quarter						*% Chg.*			Fiscal Year						*% Chg.*
	2018			2019			*% Chg.*			2018			2019			*% Chg.*
Interest Income		3,277			2,560			(21.9	)		8,064			14,347			77.9
Interest Expense		(165,245	)		(118,463	)		(28.3	)		(546,331	)		(499,384	)		(8.6	)

Total		(161,968	)		(115,903	)		(28.4	)		(538,267	)		(485,037	)		(9.9	)

Figures in pesos at the average exchange rate Ps.19.2360 = US$1.00

ASUR 4Q19 Page 12 of 24

During 4Q19, LMM Airport reported a Ps.115.9 million Comprehensive Financing Loss, compared with a Ps.162.0 million loss in 4Q18, 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 2.1%, payable each July 1 and January 1, and with no fixed maturity date. As of December 31, 2019, the remaining balance was US$19.8 million, including capitalized interest.

On March 22, 2013, Aerostar carried out a private bond placement for a total of US$350.0 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$50.0 million. In December 2015, Aerostar also contracted a line of revolving credit, which, as of December 31, 2019, had not been drawn upon.

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


	Fourth Quarter						*% Chg.*			Fiscal Year						*% Chg.*
	2018			2019			*% Chg.*			2018			2019			*% Chg.*
Total Revenue		858,436			861,207			0.3			3,025,267			3,306,149			9.3
Total Revenues Excluding Construction Revenues		651,287			746,380			14.6			2,665,263			2,971,001			11.5
Other Income		134,637						n/a			134,637			204,074			51.6
Operating Profit		393,508			237,878			(39.5	)		882,381			1,068,148			21.1
Operating Margin		45.8	%		27.6	%		(1822 bps	)		29.2	%		32.3	%		314 bps
Adjusted Operating Margin ¹		60.4	%		31.9	%		(2855 bps	)		33.1	%		36.0	%		285 bps
Net Profit		222,890			111,355			(50.0	)		310,235			544,532			75.5
EBITDA		547,880			399,814			(27.0	)		1,529,186			1,729,753			13.1
EBITDA Margin		63.8	%		46.4	%		(1740 bps	)		50.5	%		52.3	%		177 bps
Adjusted EBITDA Margin ²		84.1	%		53.6	%		(3056 bps	)		57.4	%		58.2	%		85 bps

Figures in pesos at the average exchange rate Ps.19.2360 = 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 4Q19 declined to Ps.237.9 million, with Operating Margin of 27.6%. This compares with 45.8% in 4Q18, which benefited from a Ps.134.6 million insurance recovery in connection with Hurricane Maria and a Ps.112.2 million reduction in the maintenance reserve in line with IFRIC 12.

EBITDA declined 27.0% to Ps.399.8 million from Ps.547.9 million in 4Q18. EBITDA Margin contracted to 46.4% from 63.8% in 4Q18, while the adjusted EBITDA Margin, excluding IFRIC 12 was 53.6% in 4Q19 compared to 84.1% in 4Q18.

Excluding a Ps.134.6 million non-recurring insurance recovery in 4Q18 in connection with Hurricane Maria, consolidated EBITDA would have declined 3.3% YoY in 4Q19 and Adjusted EBITDA margin (excluding IFRIC 12) would have been 63.5% in 4Q18.

Puerto Rico Capital Expenditures

During 4Q19, Aerostar invested Ps.138.2 million to modernize LMM Airport, compared with investments of Ps.126.1 million in 4Q18. Accumulated capex for FY19 amounted to Ps.376.6 million compared with Ps.772.0 million invested in FY18.

ASUR 4Q19 Page 13 of 24

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 twelve-month periods ended December 31, 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 December 31, 2019: i) the recognition of a net intangible asset of Ps.1,253.9 million, ii) goodwill of Ps.1,504.9, iii) deferred taxes of Ps.201.0 million, and iv) Ps.583.0 million from the recognition of bank loans at fair value.

Table 19: Airplan, Colombia Revenues & Commercial Revenues Per Passenger

In thousands of Mexican pesos

Fourth Quarter

% Chg.

Fiscal Year

% Chg.

2018

2019

2018

2019

Total Passenger (in thousands)

3,037

3,302

8.7

10,886

12,286

12.9

Total Revenues

429,077

558,336

30.1

1,985,715

2,074,731

4.5

Aeronautical Services

342,312

351,668

2.7

1,276,506

1,391,657

9.0

Non-Aeronautical Services

106,924

136,925

28.1

396,834

507,076

27.8

Construction Revenues ¹

(20,159

)

69,743

n/a

312,375

175,998

(43.7

)

Total Revenues Excluding Construction Revenues

449,236

488,593

8.8

1,673,340

1,898,733

13.5

Total Commercial Revenues

106,917

135,543

26.8

395,410

501,365

26.8

Total Commercial Revenues per Passenger

35.2

41.0

16.7

36.3

40.8

12.4

Figures in pesos at an average exchange rate of COP176.8917 = Ps.1.00 mexican pesos.

Note: For purpose of this table, approximately 71.1 and 57.7 thousand transit and general aviation passengers are included in 4Q18 and 4Q19, and 238.8 and 233.6 thousand transit and general aviation passengers are included in FY18 and FY19.

Construction revenues for Airplan in 4Q18 include actual construction revenues which are equal to construction costs of Ps.82.6 million plus an estimate of the decline in income derived from the decline in the valuation of the intangible to present value (construction income) of Ps.102.7 million, according to IFRIC 12. Construction revenues for Airplan 4Q19 were equal to construction costs of Ps.69.7 million.

Colombia Revenues

Total Colombia Revenues for 4Q19 increased 30.1% YoY to Ps.558.3 million. Excluding construction services revenues, revenues rose 8.8% mainly reflecting the following increases:

•

2.7% in revenues from aeronautical services; and

•

28.1% in revenues from non-aeronautical services, mainly due to the 26.8% increase in commercial revenues.

Commercial Revenues per Passenger increased 16.7% year-on-year to Ps.41.0 from Ps.35.2 in 4Q18.

As shown in Table 21, during the last twelve months, 36 new commercial spaces were opened in Colombia. More details of these openings can be found on page 20 of this report.

ASUR 4Q19 Page 14 of 24

Table 20: Colombia Commercial Revenue Performance


	YoY Chg
Bussines Line	4Q19			FY19
Retail Operations		145.4	%		97.2	%
Car Rental Revenues		96.0	%		110.2	%
Parking Lot Fees		90.6	%		66.0	%
Teleservices		9.4	%		5.7	%
Food and Beverage Operations		8.7	%		30.8	%
Banking and Currency Exchange Services		8.4	%		1.4	%
Other Revenue		2.1	%		6.1	%
Advertising Revenues		0.9	%		(3.3	%)
Duty Free		100.0	%		100.0	%
Ground Transportation		(7.8	%)		27.3	%

Total Commercial Revenues		26.8	%		26.8	%

Table 21: Colombia Summary Retail and Other Commercial Space Opened since December 31, 2018


Type of Commercial Space ¹	# of Spaces Opened
Other Revenue		17
Retail Operations		6
Food and Beverage Operations		5
Teleservices		4
Banking and Currency Exchange Services		2
Car Rental Revenues		1
Ground Transportation		1

Total Commercial Spaces		36

¹	Only includes new stores opened during the period and excludes remodelings or contract renewals.

Tabla 22: Colombia Costs & Expenses

In thousands of Mexican pesos


	Fourth Quarter					*% Chg*			Twelve—Months				*% Chg*
	2018			2019		*% Chg*			2018		2019		*% Chg*
Cost of Services		287,323			180,709		(37.1	)		662,004		608,178		(8.1	)
Technical Assistance		1,416			1,576		11.3			6,835		5,983		(12.5	)
Concession Fees		80,174			91,853		14.6			312,244		361,029		15.6
Depreciation and Amortization		(94,197	)		104,783		n/a			452,364		482,130		6.6

Operating Costs and Expenses Excluding Construction Costs		274,716			378,921		37.9			1,433,447		1,457,320		1.7
Construction Costs		82,581			69,743		(15.5	)		312,375		175,998		(43.7	)

Total Operating Costs & Expenses		357,297			448,664		25.6			1,745,822		1,633,318		(6.4	)

Figures in pesos at an average exchange rate of COP176.8917 = Ps.1.00 mexican pesos.

Total Operating Costs and Expenses in Colombia increased 25.6% YoY in 4Q19 to Ps.448.7 million. Excluding construction costs, operating costs and expenses increased 37.9% YoY to Ps.378.9 million.

Cost of Services declined 37.1% YoY, or Ps.106.6 million, mainly reflecting a maintenance provision of Ps.60.3 million for future replacement of assets in 4Q19, while in 4Q18 the maintenance provision amounted to Ps.164.0 million in line with IFRIC 12. Lower professional fees and energy costs in 4Q19 also contributed to the decline in costs of services. However, the YoY decline in cost of services was partially offset by the Ps.45.0 million reversal in the provision for uncollectible accounts in 4Q18.

Construction Costs declined 15.5% YoY, or Ps.12.8 million, reflecting lower investments in complementary works to concessioned assets during the period compared to the prior year.

Concession Fees, which include fees paid to the Colombian government, increased 14.6% YoY, mainly reflecting higher regulated and non-regulated revenues during the period.

Depreciation and Amortization increased by Ps.199.0 million principally reflecting a change in amortization methodology, which starting January 2019 is on a straight-line basis versus the percentage of completion method applied previously.

Colombia Comprehensive Financing Gain (Loss)

Table 23: Airplan, Colombia, Comprehensive Financing Gain (Loss)

In thousands of Mexican pesos


	Fourth Quarter						*% Chg.*			Fiscal Year						*% Chg.*
	2018			2019			*% Chg.*			2018			2019			*% Chg.*
Interest Income		2,667			4,600			72.5			7,210			49,082			580.7
Interest Expense		(60,063	)		(34,681	)		(42.3	)		(294,002	)		(230,574	)		(21.6	)
Foreign Exchange Gain (Loss), Net		(224	)		465			n/a			(36	)		320			n/a

Total		(57,620	)		(29,616	)		(48.6	)		(286,828	)		(181,172	)		(36.8	)

ASUR 4Q19 Page 15 of 24

Figures in pesos at an average exchange rate of COP176.8917 = Ps.1.00

During 4Q19, Airplan reported a Ps.29.6 million Comprehensive Financing Loss, compared with a Ps.57.6 million loss in 4Q18. This was mainly due to lower interest expenses in 4Q19 resulting from debt payments in the quarter, together with a Ps.18.8 million decline in financial expenses resulting from the valuation of payables at fair value as of December 31, 2019 as per IFRS 3 in connection with the acquisition of Airplan.

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.2,725.0 million as of December 31, 2019, following a Ps.43.6 million capital payment during the quarter.

Colombia Operating Profit and EBITDA

Table 24: Airplan, Colombia Profit & EBITDA

In thousands of Mexican pesos


	Fourth Quarter								Fiscal Year
	2018			2019			*% Chg.*		2018			2019			*% Chg.*
Total Revenue		429,077			558,336			30.1		1,985,715			2,074,731			4.5
Total Revenues Excluding Construction Revenues		449,236			488,593			8.8		1,673,340			1,898,733			13.5
Operating Profit		71,780			109,672			52.8		239,893			441,413			84.0
Operating Margin		16.7	%		19.6	%		291 bps		12.1	%		21.3	%		919 bps
Adjusted Operating Margin ¹		16.0	%		22.4	%		647 bps		14.3	%		23.2	%		891 bps
Net Profit		11,233			59,969			433.9		(29,818	)		242,125			n/a
EBITDA		80,323			214,455			167.0		692,257			923,543			33.4
EBITDA Margin		18.7	%		38.4	%		1969 bps		34.9	%		44.5	%		965 bps
Adjusted EBITDA Margin ²		17.9	%		43.9	%		2601 bps		41.4	%		48.6	%		727 bps

Figures in pesos at an average exchange rate of COP176.8917 = Ps.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.

ASUR’s operations in Colombia reported an Operating Profit of Ps.109.7 million in 4Q19, compared with an operating profit of Ps.71.8 million in 4Q18. Operating Margin expanded to 19.6% in 4Q19 from 16.7% in 4Q18. Adjusted Operating Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements to concessioned assets, increased to 22.4% in 4Q19 from 16.0% in 4Q18.

During 4Q19 EBITDA increased 167.0% to Ps.214.5 million from Ps.80.3 million in 4Q18. EBITDA Margin increased to 38.4% in 4Q19, from 18.7% in 4Q18. Adjusted EBITDA Margin, which excludes the impact of IFRIC 12 with respect to construction or improvements to concessioned assets, increased to 43.9% in 4Q19, from 17.9% in 4Q18. The increase was mainly due to a higher maintenance provision of Ps.103.8 million which negatively impacted 4Q18 results.

Colombia Capital Expenditures

During 4Q19, Airplan made capital expenditures of Ps.70.1 million compared with Ps.20.8 million in 4Q18. Accumulated capex for FY19 amounted to Ps.176.3 million, compared with Ps.415.0 million in FY18.

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 4Q19 amounted to Ps.351.7 million.

ASUR 4Q19 Page 16 of 24

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 Monex, HSBC Securities, Intercam Casa de Bolsa, 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.

ASUR 4Q19 Page 17 of 24

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

acastro@asur.com.mx

InspIR Group

Susan Borinelli

+1-646-330-5907

susan@inspirgroup.com

- SELECTED OPERATING TABLES & FINANCIAL STATEMENTS FOLLOW –

ASUR 4Q19 Page 18 of 24

Passenger Traffic Breakdown by Airport

Mexico Passenger Traffic ¹


		Fourth Quarter				% Chg			Twelve - Months				% Chg
		2018		2019		% Chg			2018		2019		% Chg
Domestic Traffic			4,118,536		4,316,622		4.8			15,843,617		16,683,996		5.3
CUN	Cancun		2,251,623		2,276,863		1.1			8,777,510		8,980,397		2.3
CZM	Cozumel		47,402		41,838		(11.7	)		171,328		189,640		10.7
HUX	Huatulco		167,183		173,167		3.6			679,234		749,048		10.3
MID	Merida		609,393		689,832		13.2			2,234,818		2,573,490		15.2
MTT	Minatitlan		45,199		35,301		(21.9	)		189,892		140,616		(25.9	)
OAX	Oaxaca		233,285		307,713		31.9			852,280		1,047,961		23.0
TAP	Tapachula		89,768		102,757		14.5			315,818		372,626		18.0
VER	Veracruz		362,305		371,388		2.5			1,422,870		1,406,796		(1.1	)
VSA	Villahermosa		312,378		317,763		1.7			1,199,867		1,223,422		2.0
International Traffic			3,970,361		4,061,359		2.3			17,403,698		17,477,846		0.4
CUN	Cancun		3,761,104		3,830,518		1.8			16,424,506		16,501,592		0.5
CZM	Cozumel		79,628		70,191		(11.9	)		408,391		356,783		(12.6	)
HUX	Huatulco		31,512		35,580		12.9			140,071		143,239		2.3
MID	Mérida		48,952		59,895		22.4			216,798		217,159		0.2
MTT	Minatitlan		1,361		1,556		14.3			6,894		7,543		9.4
OAX	Oaxaca		25,536		39,135		53.3			98,757		148,284		50.2
TAP	Tapachula		2,705		2,562		(5.3	)		14,801		12,857		(13.1	)
VER	Veracruz		15,092		16,436		8.9			65,699		68,785		4.7
VSA	Villahermosa		4,471		5,486		22.7			27,781		21,604		(22.2	)
Total Traffic México			8,088,897		8,377,981		3.6			33,247,315		34,161,842		2.8
CUN	Cancun		6,012,727		6,107,381		1.6			25,202,016		25,481,989		1.1
CZM	Cozumel		127,030		112,029		(11.8	)		579,719		546,423		(5.7	)
HUX	Huatulco		198,695		208,747		5.1			819,305		892,287		8.9
MID	Merida		658,345		749,727		13.9			2,451,616		2,790,649		13.8
MTT	Minatitlan		46,560		36,857		(20.8	)		196,786		148,159		(24.7	)
OAX	Oaxaca		258,821		346,848		34.0			951,037		1,196,245		25.8
TAP	Tapachula		92,473		105,319		13.9			330,619		385,483		16.6
VER	Veracruz		377,397		387,824		2.8			1,488,569		1,475,581		(0.9	)
VSA	Villahermosa		316,849		323,249		2.0			1,227,648		1,245,026		1.4

US Passenger Traffic, San Juan Airport (LMM)

Fourth Quarter

% Chg

Twelve - Months

% Chg

2018

2019

2018

2019

SJU Total ¹

2,011,106

2,376,073

18.1

8,373,679

9,448,253

12.8

Domestic Traffic

1,797,007

2,140,855

19.1

7,469,211

8,455,993

13.2

International Traffic

214,099

235,218

9.9

904,468

992,260

9.7

Colombia, Passenger Traffic Airplan


		Fourth Quarter							Twelve - Months
		2018		2019		*% Chg*			2018		2019		*% Chg*
Domestic Traffic			2,544,552		2,773,813		9.0			9,061,166		10,231,479		12.9
MDE	Medellín (Rio Negro)		1,831,784		1,999,886		9.2			6,418,530		7,409,418		15.4
EOH	Medellín		276,091		293,643		6.4			1,055,694		1,095,291		3.8
MTR	Montería		253,919		293,738		15.7			936,161		1,028,309		9.8
APO	Carepa		97,849		105,315		7.6			357,169		384,487		7.6
UIB	Quibdó		54,472		63,564		16.7			200,910		226,951		13.0
CZU	Corozal		30,437		17,667		(42.0	)		92,702		87,023		(6.1	)
International Traffic			421,553		470,771		11.7			1,586,357		1,820,656		14.8
MDE	Medellín (Rio Negro)		421,553		470,771		11.7			1,586,357		1,820,656		14.8
EOH	Medellín		—		—		—			—		—		—
MTR	Montería		—		—		—			—		—		—
APO	Carepa		—		—		—			—		—		—
UIB	Quibdó		—		—		—			—		—		—
CZU	Corozal		—		—		—			—		—		—
Total Traffic Colombia			2,966,105		3,244,584		9.4			10,647,523		12,052,135		13.2
MDE	Medellín (Rio Negro)		2,253,337		2,470,657		9.6			8,004,887		9,230,074		15.3
EOH	Medellín		276,091		293,643		6.4			1,055,694		1,095,291		3.8
MTR	Montería		253,919		293,738		15.7			936,161		1,028,309		9.8
APO	Carepa		97,849		105,315		7.6			357,169		384,487		7.6
UIB	Quibdó		54,472		63,564		16.7			200,910		226,951		13.0
CZU	Corozal		30,437		17,667		(42.0	)		92,702		87,023		(6.1	)

¹	Passenger figures for Mexico and Colombia exclude transit and general aviation passengers, and SJU include transit passengers and general aviation.

ASUR 4Q19 Page 19 of 24

Grupo Aeroportuario del Sureste, S.A.B. de C.V.

Comercial Spaces

(Pag. 1/1)

ASUR Retail and Other Commercial Space Opened since December 31, 2018¹


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
SAN JUAN, PUERTO RICO
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
The Cellar	Duty Free	October 2019
Invicta	Retail	November 2019
Invicta	Retail	November 2019
Bijoux	Duty Free	November 2019
Ready Credit	Food and Beverage	December 2019
Enrique Tomás	Banking and Currency Exchange Services	December 2019
COLOMBIA
Rionegro
Sapia CI SAS	Retail	January 2019
Mera Medellin SAS	Food and Beverage	April 2019
Aerorepublica S.A.	Other Revenue	May 2019
ABC Aerolineas SA de CV Sucursal Colombia	Other Revenue	May 2019
Air Europa Lineas Aereas Sociedad Anonima	Other Revenue	May 2019
Air Europa Lineas Aereas Sociedad Anonima	Other Revenue	May 2019
Girag S.A.	Other Revenue	June 2019
Federal Express Corporation	Other Revenue	July 2019
Caribbean Sipport and Flight Service LTDA	Ground Transportation	August 2019
Opticas GMO Colombia S.A.S	Retail	September 2019
Avinco S.A.S Kokoriko	Food and Beverage	September 2019
Sapia CI SAS	Retail	September 2019
Pca Productora y Comercializadora de Alimentos S.A.	Food and Beverage	October 2019
Transaereo S.A.S	Other Revenue	October 2019
Corresponsales Colombia S.A.S	Banking and Currency Exchange Services	October 2019
Olaya herrera
Departamento de Antioquia	Other Revenue	April 2019
Fondo de Valorización del municipio de Medellín	Other Revenue	October 2019
Pacifica de Aviación S.A.S.	Other Revenue	October 2019
Pacifica de Aviación S.A.S.	Other Revenue	October 2019
Aeropaca S.A.S	Other Revenue	October 2019
Satena	Other Revenue	October 2019
Grupo San German Express S.A.S	Other Revenue	November 2019
Aerovias del Continente Americano S.A. Avianca	Other Revenue	November 2019
Punto Caliente S.A.	Food and Beverage	November 2019
Monteria
Davivienda S.A	Banking and Currency Exchange Services	February 2019
Sapia CI SAS	Retail	November 2019
Renting Colombia S.A.S	Car Rental	November 2019
Servicios Aeroportuarios Integrados—SAI LTDA	Other Revenue	November 2019
Quibdo
Marcapasos S.A.S	Other Revenue	May 2019
Renteria Palacio Edward Francisco	Retail	May 2019
Olaya Ramirez Hernan Enrique	Food and Beverage	October 2019
Colombia Telecomunicaciones S.A. ESP (Aantes TELECOM)	Teleservices	October 2019
Media Commerce Partners S.A.S	Teleservices	October 2019
Centro de Servicios
Compañia Manufacturera Manisol S A	Retail	February 2019
Media Commerce Partners S.A.S	Teleservices	October 2019
Temcel Comunicaciones LTDA	Teleservices	October 2019

*	Only includes new stores opened during the period and excludes remodelings or contract renewals.

ASUR 4Q19 Page 20 of 24

Grupo Aeroportuario del Sureste, S.A.B. de C.V.

Operating Results per Airport

Thousands of mexican pesos


Item	4Q 2018			4Q 2018 Per Workload Unit		4Q 2019			4Q 2019 Per Workload Unit		YoY % Chg.			Per Workload Unit YoY % Chg.
Mexico
Cancun ¹
Aeronautical Revenues		1,077,633			176.3		1,099,863			177.4		2.1			0.6
Non-Aeronautical Revenues		932,092			152.5		932,525			150.4		0.0			(1.4	)
Construction Services Revenues		105,830			17.3		199,609			32.2		88.6			86.1

Total Revenues		2,115,555			346.1		2,231,997			359.9		5.5			4.0

Operating Profit		1,250,763			204.6		1,187,443			191.5		(5.1	)		(6.4	)
EBITDA		1,365,080			223.3		1,304,078			210.3		(4.5	)		(5.8	)
Merida
Aeronautical Revenues		129,026			180.5		155,483			192.2		20.5			6.5
Non-Aeronautical Revenues		30,434			42.6		32,362			40.0		6.3			(6.1	)
Construction Services Revenues		2,840			4.0		100,813			124.6		3,449.8			3,015.0
Other ²		27			—		17			—		(37.0	)		n/a

Total Revenues		162,327			227.0		288,675			356.8		77.8			57.2

Operating Profit		77,826			108.8		104,003			128.6		33.6			18.2
EBITDA		89,841			125.7		116,149			143.6		29.3			14.2
Villahermosa
Aeronautical Revenues		53,626			162.5		66,551			197.5		24.1			21.5
Non-Aeronautical Revenues		13,464			40.8		14,551			43.2		8.1			5.9
Construction Services Revenues		12,148			36.8		46,383			137.6		281.8			273.9
Other ²		25			0.1		23			0.1		(8.0	)		—

Total Revenues		79,263			240.2		127,508			378.4		60.9			57.5

Operating Profit		25,091			76.0		38,777			115.1		54.5			51.4
EBITDA		32,646			98.9		46,513			138.0		42.5			39.5
Other Airports ³
Aeronautical Revenues		222,127			198.0		247,529			203.4		11.4			2.7
Non-Aeronautical Revenues		40,117			35.8		42,423			34.9		5.7			(2.5	)
Construction Services Revenues		17,382			15.5		187,008			153.7		975.9			891.6
Other ²		70			0.1		50			—		(28.6	)		(100.0	)

Total Revenues		279,696			249.3		477,010			392.0		70.5			57.2

Operating Profit		100,321			89.4		117,686			96.7		17.3			8.2
EBITDA		136,125			121.3		154,686			127.1		13.6			4.8
Holding & Service Companies ⁴
Construction Services Revenues		—			n/a		—			n/a		n/a			n/a
Other ²		484,747			n/a		481,905			n/a		(0.6	)		n/a

Total Revenues		484,747			n/a		481,905			n/a		(0.6	)		n/a

Operating Profit		208,411			n/a		194,524			n/a		(6.7	)		n/a
EBITDA		207,909			n/a		200,676			n/a		(3.5	)		n/a
Consolidation Adjustment Mexico
Consolidation Adjustment		(484,868	)		n/a		(481,995	)		n/a		(0.6	)		n/a
Total Mexico
Aeronautical Revenues		1,482,412			179.0		1,569,426			183.3		5.9			2.4
Non-Aeronautical Revenues		1,016,107			122.7		1,021,861			119.3		0.6			(2.8	)
Construction Services Revenues		138,200			16.7		533,813			62.3		286.3			273.1

Total Revenues		2,636,719			318.4		3,125,100			364.9		18.5			14.6

Operating Profit		1,662,412			200.8		1,642,433			191.8		(1.2	)		(4.5	)
EBITDA		1,831,601			221.2		1,822,102			212.8		(0.5	)		(3.8	)
San Juan Puerto Rico, US ⁵
Aeronautical Revenues		403,053			n/a		494,006			n/a		22.6			n/a
Non-Aeronautical Revenues		248,234			n/a		252,374			n/a		1.7			n/a
Construction Services Revenues		207,149			n/a		114,827			n/a		(44.6	)		n/a

Total Revenues		858,436			n/a		861,207			n/a		0.3			n/a

Operating Profit		393,508			n/a		237,879			n/a		(39.5	)		n/a
EBITDA		547,880			n/a		399,814			n/a		(27.0	)		n/a
Consolidation Adjustment San Juan
Consolidation Adjustment		—			n/a		—			n/a		n/a			n/a
Colombia ⁶
Aeronautical Revenues		342,312			n/a		351,668			n/a		2.7			n/a
Non-Aeronautical Revenues		106,924			n/a		136,925			n/a		28.1			n/a
Construction Services Revenues		(20,159	)		n/a		69,743			n/a		(446.0	)		n/a

Total Revenues		429,077			n/a		558,336			n/a		30.1			n/a

Operating Profit		71,780			n/a		109,672			n/a		52.8			n/a
EBITDA		80,323			n/a		214,455			n/a		167.0			n/a
Consolidation Adjustment Colombia
Consolidation Adjustment		—			n/a		—			n/a		n/a			n/a
CONSOLIDATED ASUR
Aeronautical Revenues		2,227,777			n/a		2,415,100			n/a		8.4			n/a
Non-Aeronautical Revenues		1,371,265			n/a		1,411,160			n/a		2.9			n/a
Construction Services Revenues		325,190			n/a		718,383			n/a		120.9			n/a

Total Revenues		3,924,232			n/a		4,544,643			n/a		15.8			n/a

Operating Profit		2,127,700			n/a		1,989,984			n/a		(6.5	)		n/a
EBITDA		2,459,804			n/a		2,436,371			n/a		(1.0	)		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 4Q19.

⁶	Reflects the results of operation of Airplan, Colombia, for 4Q19.

ASUR 4Q19 Page 21 of 24

Grupo Aeroportuario del Sureste, S.A.B. de C.V.

Consolidated Statement of Income for the years ended December 31, 2019 and 2018, and the period from October 1,

to December 31, 2019 and 2018.

Thousands of mexican pesos


Item	FY 2018			FY 2019			% Chg			4Q 2018			4Q 2019			% Chg
Revenues
Aeronautical Services		8,942,910			9,596,975			7.3			2,227,777			2,415,100			8.4
Non-Aeronautical Services		5,531,557			5,988,470			8.3			1,371,265			1,411,160			2.9
Construction Services		935,774			1,236,193			32.1			325,190			718,383			120.9

Total Revenues		15,410,241			16,821,638			9.2			3,924,232			4,544,643			15.8

Operating Expenses
Cost of Services		3,542,792			3,824,871			8.0			873,272			983,483			12.6
Cost of Construction		935,774			1,236,193			32.1			427,930			718,383			67.9
General and Administrative Expenses		235,264			250,183			6.3			61,525			64,971			5.6
Technical Assistance		393,085			410,069			4.3			98,059			97,751			(0.3	)
Concession Fee		898,253			986,850			9.9			224,829			244,338			8.7
Depreciation and Amortization		1,760,741			1,836,897			4.3			245,554			446,379			81.8

Total Operating Expenses		7,765,909			8,545,063			10.0			1,931,169			2,555,305			32.3

Other Revenues		134,637			204,719			52.1			134,637			645			(99.5	)
Operating Income		7,778,969			8,481,294			9.0			2,127,700			1,989,983			(6.5	)

Comprehensive Financing Cost		(862,270	)		(819,557	)		(5.0	)		(189,514	)		(314,856	)		66.1

Income Before Income Taxes		6,916,699			7,661,737			10.8			1,938,186			1,675,127			(13.6	)

Provision for Income Tax		1,745,985			1,975,727			13.2			423,920			411,062			(3.0	)
Provision for Asset Tax		932						n/a			233						n/a
Deferred Income Taxes		49,976			2,375			(95.2	)		(33,715	)		(36,482	)		8.2
Net Income for the Year		5,119,806			5,683,635			11.0			1,547,748			1,300,547			(16.0	)

Majority Net Income		4,987,601			5,465,823			9.6			1,458,592			1,256,006			(13.9	)

Non-controlling interests		132,205			217,812			64.8			89,156			44,541			(50.0	)

Earning per Share		16.6253			18.2194			9.6			4.8620			4.1867			(13.9	)
Earning per American Depositary Share (in U.S. Dollars)		8.8132			9.6582			9.6			2.5774			2.2194			(13.9	)
Exchange Rate per Dollar Ps. 18.8642

ASUR 4Q19 Page 22 of 24

Grupo Aeroportuario del Sureste, S.A.B. de C.V.

Consolidated Balance Sheet as of December 31, 2019 and 2018

Thousands of mexican pesos


Item	December 2019			December 2018		Variation			%
Assets
Current Assets
Cash and Cash Equivalents		6,192,679			4,584,507		1,608,172			35.1
Cash and cash equivalents restricted		165,622			47,332		118,290			249.9
Accounts Receivable, net		865,020			793,110		71,910			9.1
Recoverable Taxes and Other Current Assets		622,535			575,963		46,572			8.1

Total Current Assets		7,845,856			6,000,912		1,844,944			30.7

Non Current Assets
Machinery, Furniture and Equipment, net		520,623			558,480		(37,857	)		(6.8	)
Intangible assets, airport concessions and Goodwill-Net		49,126,038			49,586,322		(460,284	)		(0.9	)
Document Receivable		23,364			36,107		(12,743	)		(35.3	)

Total Assets		57,515,881			56,181,821		1,334,060			2.4

Liabilities and Stockholders’ Equity
Current Liabilities
Trade Accounts Payable		245,100			313,576		(68,476	)		(21.8	)
Bank Loans and short term debt		549,607			500,105		49,502			9.9
Accrued Expenses and Others Payables		1,765,313			1,594,541		170,772			10.7

Total Current Liabilities		2,560,020			2,408,222		151,798			6.3

Long Term Liabilities
Bank Loans		6,674,717			7,042,598		(367,881	)		(5.2	)
Long Term Debt		6,488,569			6,957,678		(469,109	)		(6.7	)
Deferred Income Taxes		3,004,584			3,081,667		(77,083	)		(2.5	)
Employee Benefits		16,814			10,267		6,547			63.8

Total Long Term Liabilities		16,184,684			17,092,210		(907,526	)		(5.3	)

Total Liabilities		18,744,704			19,500,432		(755,728	)		(3.9	)

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		5,465,823			4,987,601		478,222			9.6
Cumulative Effect of Conversion of Foreign Currency		(218,788	)		189,791		(408,579	)		(215.3	)
Retained Earnings		16,527,312			14,794,650		1,732,662			11.7
Non- Controlling interests		7,613,021			7,575,204		37,817			0.5

Total Stockholders’ Equity		38,771,177			36,681,389		2,089,788			5.7

Total Liabilities and Stockholders’ Equity		57,515,881			56,181,821		1,334,060			2.4

Exchange Rate per Dollar Ps. 19.7345

ASUR 4Q19 Page 23 of 24

Grupo Aeroportuario del Sureste, S.A.B. de C.V.

Consolidated Statement of Cash Flow as of December 31, 2019 and 2018 and for the periods from October 1, to December 31, 2019 and 2018.

Thousands of mexican pesos


Item	FY 2018			FY 2019			% Chg			4Q 2018			4Q 2019			% Chg
Operating Activities
Income Before Income Taxes		6,916,699			7,661,737			10.8			1,938,186			1,675,127			(13.6	)

Items Related with Investing Activities:
Depreciation and Amortization		1,760,741			1,836,897			4.3			245,554			446,379			81.8
Interest Income		(280,623	)		(343,613	)		22.4			(71,612	)		(70,869	)		(1.0	)
Interest payables		1,230,651			1,084,293			(11.9	)		304,756			246,268			(19.2	)
Foreign Exchange Gain (loss), net unearned		(279,797	)		15,429			n/a			(269,092	)		28,673			n/a

Sub-Total		9,347,671			10,254,743			9.7			2,147,792			2,325,578			8.3

Trade Receivables		(107,608	)		13,464			n/a			(532,624	)		(478,073	)		(10.2	)
Recoverable Taxes and other Current Assets		48,182			222,175			361.1			75,389			337,568			347.8
Income Tax Paid		(2,083,398	)		(1,974,016	)		(5.3	)		(420,476	)		(346,904	)		(17.5	)
Trade Accounts Payable		490,827			(83,933	)		n/a			677,062			(13,949	)		n/a

Net Cash Flow Provided by Operating Activities		7,695,674			8,432,433			9.6			1,947,143			1,824,220			(6.3	)

Investing Activities
Investments in Associates											206,379						n/a
Loans granted to Associates
Restricted cash		59,018			(128,025	)		n/a			(43,878	)		30,747			n/a
Investments in Machinery, Furniture and Equipment, net		(1,636,325	)		(2,614,864	)		59.8			(266,516	)		(1,727,976	)		548.4
Interest Income		265,350			342,981			29.3			65,667			89,443			36.2

Net Cash Flow used by Investing Activities		(1,311,957	)		(2,399,908	)		82.9			(38,348	)		(1,607,786	)		4,092.6

Excess Cash to Use in Financing Activities		6,383,717			6,032,525			(5.5	)		1,908,795			216,434			(88.7	)

Paid for the non-controlling interest of Airplan		(213,469	)					n/a			(213,469	)					n/a
Bank Loans		(3,090,124	)		(154,281	)		(95.0	)		(1,511,313	)		(43,647	)		(97.1	)
Long term debt paid					(205,308	)		n/a			—			436			n/a
Interest paid		(1,139,071	)		(1,064,764	)		(6.5	)		(168,635	)		(177,349	)		5.2
Dividends Paid		(2,034,000	)		(3,000,000	)		47.5

Net Cash Flow used by Financing Activities		(6,476,664	)		(4,424,353	)		(31.7	)		(1,893,417	)		(220,560	)		(88.4	)

Net Increase in Cash and Cash Equivalents		(92,947	)		1,608,172			n/a			15,378			(4,126	)		n/a

Cash and Cash Equivalents at Beginning of Period		4,677,454			4,584,507			(2.0	)		4,569,129			6,196,805			35.6

Cash and Cash Equivalents at the End of Period		4,584,507			6,192,679			35.1			4,584,507			6,192,679			35.1

ASUR 4Q19 Page 24 of 24

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: February 24, 2020