ASUR 3Q17 Passenger Traffic Increased 8.1% YoY in Mexico and Declined 5.5% in San Juan, Puerto Rico

MEXICO CITY, Oct. 19, 2017 /PRNewswire/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V.  (NYSE: ASR; BMV: ASUR) (ASUR), the first privatized airport group in Mexico and operator of Cancun Airport and eight other airports in southeast Mexico, a JV partner in Aerostar Airport Holdings, LLC (Aerostar), and operator of the Luis Muñoz Marín International Airport in San Juan (LMM Airport), today announced results for the three- and nine-month periods ended September 30, 2017.

Highlights for the Quarter

• Agreements to acquire controlling interest in two Colombian airport groups, subject to governmental approval.
• Passenger traffic in Mexico up 8.1% YoY, supported by increases of 6.9% and 9.4% in domestic and international traffic, respectively. Cancun Airport was the main traffic driver.
• Traffic at LMM Airport declined 5.5% YoY, 4.3% in domestic traffic and 12.2% in international traffic impacted by Hurricane Maria in September 2017.
• Consolidated commercial revenues per passenger reached Ps.99.5.
• Consolidated EBITDA up 39.5% YoY, reaching Ps.1,916.6 million.
• Closed the quarter with a cash position of Ps.7,679.0 million. Net Debt to LTM EBITDA stood at 1.0x, reflecting consolidation of Aerostar.
• On track to complete construction of Terminal 4 at Cancun Airport, scheduled to open in 4Q17.

Passenger Traffic

ASUR's total passenger traffic in 3Q17 rose 4.9% YoY to 9.9 million passengers, driven by an 8.1% increase in Mexico, partially offset by a 5.5% decline in traffic in Puerto Rico.  The decline in passenger traffic at Luis Muñoz Marín Airport in San Juan, Puerto Rico reflects the impact of Hurricane Maria, which resulted in operations at this airport being suspended on September 19, 2017 at 19:30 pm and resuming on a limited basis on September 21, 2017 with 10 flights, increasing progressively to 41 daily flights at the end of September 2017. The airport is still operating on a limited basis.

The 8.1% YoY growth in passenger traffic achieved in Mexico reflects increases of 6.9% and 9.4% in domestic and international traffic, respectively. Cancun was the main driver behind traffic growth, reporting increases of 9.5% and 9.4% in domestic and international traffic, respectively, with the majority of ASUR's airports also contributing to higher traffic.

Total passenger traffic at LMM Airport in 3Q17 declined 5.5% YoY, reflecting reductions of 4.3% and 12.2% in domestic and international traffic, respectively as explained above.

Tables with detailed passenger traffic information for each airport can be found on page 14 of this report.

Review of Consolidated Results

In May 2017, ASUR increased its share ownership in Aerostar to 60% from its prior 50% ownership. Accordingly, until May 31, 2017, ASUR's ownership in Aerostar was accounted for by the equity method, while starting June 1, 2017, ASUR began to fully consolidate Aerostar results on a line by line basis.

Consolidated Revenues

ConsolidatedRevenues for 3Q17 increased 37.1% YoY to Ps.3,230.1 million, principally due to increases of:

• 49.7% in revenues from aeronautical services, mainly as a result of the 4.9% increase in total passenger traffic, as well as the benefit from Ps.416.0 million in aeronautical revenues from LMM airport in 3Q17; and
• 41.3% in revenues from non-aeronautical services, principally reflecting the 44.6% increase in commercial revenues. Non-aeronautical revenues at Aerostar for June 2017 were Ps.207.4 million.

This was partially offset by a 4.4% decline in revenues from construction services in Mexico as a result of lower capital expenditures and other investments in concessioned assets during the period.

Excluding revenues from construction services, which are deducted as costs under IRFS accounting standards, total revenues would have increased 46.4% YoY to Ps.2,820.5 million. Total revenues at Aerostar for the quarter represented 22.1% of ASUR's consolidated revenues excluding revenues from construction services.

Commercial Revenues in 3Q17 rose 44.6% YoY, principally due to the 4.9% increase in total passenger traffic, and the contribution of Ps.205.7 million in commercial revenues at LMM Airport for 3Q17. Commercial revenue growth in Mexico was mainly driven by increases in Duty Free, Food and Beverages, and Retail.

Consolidated Commercial Revenues per Passenger rose to Ps.99.5 in 3Q17, from Ps.94.6 in 3Q16, with Mexico contributing with Ps.100.5 in 3Q17 and LMM Airport with Ps.95.9 revenues per passenger in 3Q17.

Consolidated Operating Costs and Expenses

Consolidated Operating Costs and Expenses for 3Q17 increased 40.5% YoY to Ps.1,574.5 million, with 23.9% of consolidated costs and expenses for the quarter attributable to Aerostar. Excluding construction costs, however, operating costs and expenses rose 68.4% to 1,164.9 million.

Cost of Services rose 98.7%, mainly reflecting maintenance expenses as well as higher cost of sales from convenience stores directly operated by ASUR. Higher energy, security and professional fees also contributed to the increase in cost of services. Aerostar's results contributed with 39.4% of cost of services in 3Q17.

Construction Costs declined 4.4% YoY, mainly due to lower levels of capital improvements made to the Mexican concessioned assets during the period.

G&A Expenses, which reflect administrative expenses in Mexico, declined 2.0% YoY.

The Technical Assistance fee paid to ITA increased 14.0% YoY, reflecting EBITDA growth, in Mexico -excluding extraordinary items, a factor in the calculation of the fee.

Concession fees, which include fees paid to the Mexican government and Puerto Rican Authorities, rose 17.8%, mainly due to an increase in regulated revenues in Mexico, a factor in the calculation of the fee.

Depreciation and Amortization increased 78.9% and mainly reflects capitalized investments. Aerostar contributed with 42.2% of depreciation and amortization in 3Q17.

Consolidated Operating Profit and EBITDA

Consolidated Operating Profit in 3Q17 increased 34.0% to Ps.1,655.6 million. Operating Margin for 3Q17 declined to 51.3% from 52.4% in 3Q16, mainly as a result of the 37.1% increase in revenues along with a higher increase in costs and expenses. Aerostar's results represented 15.0% of consolidated operating profit for 3Q17.

Adjusted Operating Margin, which excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets in Mexico, and is calculated as operating profit divided by total revenues less construction services revenues, was 58.7% in 3Q17 compared with 64.1% in 3Q16.

EBITDA rose 39.5% to Ps.1,916.6 million in 3Q17, reflecting higher operating leverage. Aerostar results also contributed with 18.2% of EBITDA for the period. During 3Q17, ASUR recognized Ps.409.5 million in Construction Revenues, a year-on-year decline of 4.4%, due to lower capital expenditures and investments in concessioned assets. As a result, 3Q17 EBITDA Margin was 59.3% compared to 58.3% in 3Q16.

Adjusted EBITDA Margin, however, which excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets in Mexico, was 68.0% in 3Q17 compared to 71.3% in 3Q16.

Consolidated Comprehensive Financing Gain (Loss)

In 3Q17, ASUR reported a Ps.102.8 million Comprehensive Financing Loss, compared to Ps.14.2 million loss in 3Q16. Interest expense rose by Ps.174.3 million during the period, reflecting mainly a higher debt balance resulting from the full consolidation of Aerostar along with the increase in interest rates during the period. Aerostar's interest expenses for 3Q17 totaled Ps.123.5 million. Interest income increased by Ps.7.4 million, as a result of a higher cash balance and the increase in interest rates.

In 3Q17, ASUR reported a foreign exchange gain of Ps.49.2 million, resulting from 1.8% quarterly average appreciation of the Mexican peso against the U.S. dollar on ASUR's foreign currency net liability position. This compared to a Ps.29.1 million foreign exchange loss in 3Q16 resulting from the 2.7% quarterly average Mexican peso depreciation during that period.

Income Taxes

Income Taxes for 3Q17 rose by Ps.73.6 million year-over-year, principally due to the following factors:

• A Ps.68.8 million increase in the provision for income taxes, reflecting a higher taxable income base at Cancun Airport; and
• A Ps.4.9 million decline in deferred income taxes, largely reflecting the recognition of the effects of the 0.94% increase in inflation during 3Q17 on the fiscal tax balance.

Majority Net Income

Majority Net Income for 3Q17 increased by 20.1% to Ps.1,100.7 million, up from Ps.916.8 million in 3Q16. Earnings per common share for the quarter were Ps.3.6690 and earnings per ADS (EPADS) were US$2.0205 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.3.0560 and EPADS of US$1.6829 for the same period last year. The higher majority net income principally reflects the 4.9% growth in total passenger traffic and ASUR's increased ownership in Aerostar. Aerostar results are consolidated on a line by line basis since June 1, 2017. During 3Q17, Aerostar's results were consolidated on a line by line basis, while in 3Q16 ASUR reported a Ps.29.1 million gain corresponding to its participation in Aerostar.

Consolidated Financial Position

On September 30, 2017, airport concessions represented 76.5% of the Company's total assets, with current assets representing 21.9% and other assets representing 1.6%.

As of September 30, 2017, ASUR had cash and cash equivalents of Ps.7,679.0 million; a 119.55% increase from Ps.3,497.6 million at December 31, 2016. Aerostar contributed with Ps.635.5 million in cash and cash equivalents in 3Q17.

Stockholders' equity at the close of 3Q17 was Ps.26,062.4 million and total liabilities were Ps.17,462.1 million, representing 59.9% and 40.1% of total assets, respectively. Deferred liabilities represented 9.1% of ASUR's total liabilities.

Total Debt at the end of the quarter increased to Ps.14,712.4 million, from Ps.4,160.4 million in 3Q16, principally reflecting debt at Aerostar as shown on Tables 5 and 6, as well as the Ps.4,000 million loan at Cancun Airport. A total of Ps.10,712.4 million of ASUR's debt, or 72.8% of total debt is denominated in U.S. dollars.

The Net Debt to LTM EBITDA ratio stood at 1.0x at the end of 3Q17, while the Interest Coverage ratio was 8.8x as of September 30, 2017. This compares with Net Debt to LTM EBITDA and Interest Coverage Ratio of 0.1x and 42.0x as of September 30, 2016, respectively.

Capital Expenditures

During 3Q17, ASUR's capital investments totaled Ps.313.4 million. Of this, Ps.287.1 million relate to the Company's plan to modernize its Mexican airports pursuant to its master development plans, mainly for the construction of Cancun's Terminal 4, that is on track to open in 4Q17. In addition, during 3Q17, the Company invested Ps.26.3 million at the LMM Airport in Puerto Rico. Accumulated consolidated capex for 9M17 totaled Ps.705.3 million.

Review of Mexico Operations

Mexico Revenues

Mexico Revenues for 3Q17 rose 10.7% YoY to Ps.2,606.7 million, principally due to increases of:

• 13.8% in revenues from aeronautical services, mainly as a result of the 8.1% increase in passenger traffic; and
• 14.3% in revenues from non-aeronautical services, principally reflecting the 14.7% increase in commercial revenues detailed below.

These increases were partially offset by a 4.4% decline in revenues from construction services that resulted from lower capital expenditures and other investments in concessioned assets during the period.

Commercial Revenues in the quarter rose 14.7% year-over-year, principally due to the 8.1% increase in total passenger traffic and reported increases across all categories as shown on table 8. Commercial Revenues per Passenger, in turn, increased 6.3% to Ps.100.5 in 3Q17 from Ps.94.6 in 3Q16.

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

As shown in table 9, during the last 12 months, ASUR opened three commercial spaces at Cancun airport and eight commercial spaces at its other eight airports. More details of these openings can be found on page 15 of this report.

Mexico Operating Costs and Expenses

Total Mexico Operating Costs and Expenses for 3Q17 increased 7.0% year-over-year. This includes construction costs, which declined 4.4%, reflecting lower levels of capital improvements made to concessioned assets during the period. Excluding construction costs, operating costs and expenses rose 14.1% to Ps.789.2 million.

Cost of Services rose 20.4% mainly due to higher energy, security and maintenance expenses. Higher cost of sales from convenience stores directly operated by ASUR and professional fees in connection with several projects, also contributed to the increase in cost of services.  Administrative expenses declined by 2.0% YoY.

The 14.0% increase in Technical Assistance fee paid to ITA reflects EBITDA growth in Mexico excluding extraordinary items in the quarter, a factor in the calculation of the fee.

Concession fees, which include fees paid to the Mexican government, rose 15.0%, mainly due to an increase in regulated revenues, a factor in the calculation of the fee.

Depreciation and Amortization increased 3.4% YoY, mainly reflecting capitalized investments.

Mexico Consolidated Comprehensive Financing Gain (Loss)

In 3Q17, ASUR's Mexico operations reported a Ps.20.6 million Comprehensive Financing Gain, compared to a Ps.14.2 million loss in 3Q16. This was mainly due to a foreign exchange gain in 3Q17 of Ps.49.2 million, reflecting a 1.8% quarterly average appreciation of the Mexican peso against the U.S. dollar on ASUR's foreign currency net liability position. This compared to a Ps.29.1 million foreign exchange loss in 3Q16, resulting from the 2.7% quarterly average Mexican peso depreciation during that period.

Interest income in Mexico increased by 38.3% YoY to Ps.64.5 million in 3Q17, reflecting a higher cash balance and higher interest rates, while interest expense rose by 192.6% to Ps.93.1 million during the period.

Mexico Operating Profit and EBITDA

Operating Profit in 3Q17 increased 14.0% to Ps.1,407.9 million. Operating Margin for the quarter increased 157 bps YoY to 54.0% principally as a result higher operating leverage given YoY increases of 10.7% in revenues and 7.0% in costs and expenses.

Adjusted Operating Margin, 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 less construction services revenues, remained relatively unchanged at 64.1% in 3Q17.

EBITDA rose 14.0% to Ps.1,567.2 million from Ps.1,374.1 million in 3Q16, reflecting higher operating leverage. 3Q17 EBITDA Margin expanded to 60.1% from 58.3% in 3Q16.

During 3Q17, ASUR recognized Ps.409.6 million in "Construction Revenues," a year-on-year decline of 4.4%, due to lower capital expenditures and investments in concessioned assets. Adjusted EBITDA Margin, which excludes the effect of IFRIC 12 with respect to the construction or improvements to concessioned assets, remained unchanged YoY at 71.3%.

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 Mexico's operations accumulated regulated revenues as of September 30, 2017 totaled Ps.4,218,56 million, with an average tariff per workload unit of Ps.171.91 (pesos of December 2016). ASUR's regulated revenues for 9M17 accounted for approximately 61.56% 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.

Review of Puerto Rico Operations

In May 2017, ASUR increased its share ownership in Aerostar to 60% from its prior 50% ownership. Accordingly, consolidated results as presented above reflect line by line consolidation of Aerostar results starting in June 1, 2017, while prior to that, Aerostar's results were accounted for by the equity method.

The following discussion compares the stand-alone results of Aeorstar for the three-month period ended September 30, 2017 (in which Aerostar was consolidated with ASUR) against the three-month period ended Setpember 30, 2016 (in which Aerostar was not consolidated with ASUR and instead was accounted for by the equity method).   ASUR is not presenting results for the nine-month periods ended September 30, 2017 and 2016 as ASUR did not consolidate Aerostar during the totality of this period.

Puerto Rico Revenues

Total Puerto Rico Revenues for 3Q17 fell 1.0% YoY to Ps.623.4 million, principally due to the combination of:

• A 3.3% reduction in revenues from non-aeronautical services, principally reflecting the 2.8% decline in commercial revenues; while
• Revenues from aeronautical services remained relatively unchanged, despite the 5.5% decline in passenger traffic.

Commercial Revenues in the quarter declined 2.8%% year-over-year, principally reflecting the impact from Hurricane Maria, which resulted in operations at this airport being suspended on September 19, 2017 at 19:30 pm and resuming on a limited basis on September 21, 2017 with 10 flights, increasing progressively to 41 daily flights at the end of September 2017. The airport is still operating on a limited basis.

Commercial Revenues per Passenger rose to Ps.95.9 from Ps.93.2 in 3Q16.

No commercial spaces were opened in 3Q17. As shown on table 15, during the last 12 months, 11 new commercial spaces were opened at LMM Airport. More details of these openings can be found on page 15 of this report.

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

Puerto Rico Operating Costs and Expenses

Total Operating Costs and Expenses at LMM Airport in 3Q17 declined 10.9% YoY to Ps.375.7 million.

Cost of Services declined 12.3% YoY, while Concession Fees, which include fees paid to the Puerto Rican government, rose 1.6%. Depreciation and Amortization declined 7.3%.

In accordance with the application of IFRIC 12, Aerostar recognizes on a monthly basis the provision for maintenance of those concession assets that will be replaced before the end of the concession. The monthly amount is Ps.5.6 million.

Puerto Rico Comprehensive Financing Gain (Loss)

During 3Q17, LMM Airport reported a Ps.123.5 million Comprehensive Financing Loss, compared with a Ps.136.7 million loss in 3Q16.

On February 22, 2013, and as part of the financing of the Concession Agreement, Aerostar entered into a subordinated term loan with Cancun Airport in the amount of US$100 million at an annual interest rate of LIBOR plus 2.10%, payable each July 1 and January 1, and with no fixed maturity date. As of June 30, 2017, the remaining balance is US$77.4 million.

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

On June 24, 2015, Aerostar carried out a private bond placement for a total of US$50 million. In December 2015, Aerostar also contracted a line of revolving credit, which, as of September 30, 2017, had not been utilized.

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

Puerto Rico Operating Profit and EBITDA

Operating Profit in 3Q17 increased 19.1% to Ps.247.7 million, with Operating Margin up 669 bps to 39.7% from 33.0% in 3Q16.

EBITDA rose 9.9% to Ps.349.4 million from Ps.317.8 million in 3Q16 despite the decline in passenger traffic, principally reflecting cost savings during the period. EBITDA Margin rose 558 bps to 56.1% in 3Q17.

Puerto Rico Capital Expenditures

During 3Q17, Aerostar invested Ps.26.3 million to modernize LMM Airport, mainly for the construction of the Federal Inspection Station and in equipment for LMM's operations. This compares with investments of Ps.48.6 million in 3Q16.

Puerto Rico Tariff Regulation

The Airport Use Agreement signed by Aerostar, the airlines serving LMM Airport, and the Puerto Rico Port 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 will increase 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.

Impact from Hurricane Maria

On September 20, 2017 Hurricane Maria, category 4, made landfall on Puerto Rico. Operations at Luis Muñoz Marín Airport were suspended on September 19 at 19:30 pm and resuming on a limited basis on September 21, 2017 with 10 flights, increasing progressively to 41 daily flights at the end of September 2017. The airport is still operating on a limited basis.  Airport management is evaluating damages to airport infrastructure and does not have a reasonable estimate yet. Airport infrastructure is insured against material damages with a maximum deductible of US$10 million.

Subsequent Events

ASUR has received regulatory approval to consummate its acquisition of Airplan, S.A.  Airplan has concessions to operate the following airports in Colombia: the Enrique Olaya Herrera Airport and José María Córdova International Airport in Medellín, the Los Garzones Airport in Montería, the Antonio Roldán Betancourt Airport in Carepa, the El Caraño Airport in Quibdó and the Las Brujas Airport in Corozal.   Following consummation of the acquisition, ASUR will own approximately 92.42% of the capital stock of Airplan. The consummation of the Airplan acquisition is expected by the end of October.

ASUR has not yet received regulatory approval to consummate its acquisition of Aeropuertos de Oriente S.A.S. (Oriente).   In light of the pending regulatory approvals for the acquisition of Oriente, the sellers and ASUR have agreed to negotiate in good faith an adjustment to the purchase price and the terms and conditions of their acquisition agreement, and to use commercially reasonable efforts to obtain the relevant regulatory approvals.  Oriente has concessions to operate the following airports in Colombia: the Simón Bolivar International Airport in Santa Marta, the Almirante Padilla Airport in Riohacha, the Alfonso López Pumarejo Airport in Valledupar, the Camilo Daza International Airport in Cúcuta, the Palonegro International Airport in Bucaramanga and the Yariguíes Airport in Barrancabermeja.  If the Oriente acquisition is consummated, ASUR will own approximately 97.26% of the capital stock of Oriente.

Definitions

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.

Domestic Passenger Traffic refers to traffic within Mexico for Mexican airports, and within San Juan airport and the U.S. for LMM Airport.  International Passenger Traffic refers to traffic between Mexico and other countries for Mexican airports, and between San Juan Airport and countries other than the U.S. for LMM Airport.

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. EBsITDA 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 less construction services revenues for Mexico 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. 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. 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 Mexican airport operator with concessions to operate, maintain and develop the airports of Cancun, Merida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan in the southeast of Mexico, as well as a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport in San Juan, Puerto Rico. The Company 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 informs that the stock is covered by the following broker-dealers: Actinver Casa de Bolsa, Barclays, BBVA Bancomer, BofA Merrill Lynch, BX+, Citi Investment Research, Credit Suisse, Goldman Sachs, Grupo Bursatil Mexicano, Grupo Financiero Interacciones, Grupo Financiero Monex, HSBC, 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.

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.

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