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ASUR Announces Correction to its 4Q18 Earnings Release Dated February 25, 2019

Corrects line items in the Cash Flow Statement, but totals and subtotals remain unchanged following these corrections

MEXICO CITY, Feb. 26, 2019 /PRNewswire/ -- 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 corrections to four erroneous figures in the Consolidated Statement of Cash Flows table presented on page 25 of its February 25, 2019 press release announcing financial results for the three-and twelve-month periods ended December 31, 2018. These errors were inadvertently made, and the relevant subtotals and totals of the cash flow statement remain unchanged following the corrections presented below. A corrected Consolidated Statement Cash Flows for the aforementioned reporting periods accompanies this press release.

Corrections made to Consolidated Statement of Cash Flows:

Fourth quarter comparisons

Bank loans paid was changed to Ps.1,478.8 million from Ps.106.3 million

Interest paid was changed to Ps.307.4 million from Ps.1,679.9 million

Full-year comparisons

Bank loans paid was changed to Ps.3,090.1 million from Ps.0.0

Interest paid was changed to Ps.1,139.1 million from Ps.4,229.2 million

Please note that the percentage variances for each of the above corrected figures have also been changed in the accompanying table on page two of this release.

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

 Consolidated Statement of Cash Flow as of December 31,  2018 and 2017 and for the periods of 
October 1, to December 31, 2018 and 2017.

Thousands of mexican pesos









Item

12M

2017

12M

2018

%

Chg


4Q

2017

4Q

2018

%

Chg


Operating Activities








Income Before Income Taxes

8,386,544

6,916,699

(17.5)


3,477,326

1,938,186

(44.3)

Items Related with Investing Activities:








Depreciation and Amortization

1,166,114

1,760,741

51.0


611,672

245,555

(59.9)

Impairment goodwill

4,719,096

-

n/a


4,719,096

-

n/a

Income from Results of Joint Venture Accounted by the Equity Method

(112,345)

-

(100.0)


-

-

-

Gains in business combination

(7,029,200)

-

(100.0)


(7,029,200)

-

(100.0)

Interest Income

(245,787)

(280,622)

14.2


(81,833)

(71,612)

(12.5)

Interest payables

618,831

1,242,972

100.9


299,946

317,077

5.7

Foreign Exchange Gain (loss), net unearned

(139,295)

680

n/a


192,942

11,385

(94.1)

Gain (loss) Of property - natural disaster

982

-

n/a


982

-

n/a

Sub-Total

7,364,940

9,640,470

30.9


2,190,931

2,440,591

11.4

Increase in Trade Receivables

(51,155)

(122,770)

140.0


(349,190)

(547,786)

56.9

Decrease in Recoverable Taxes and other Current Assets

449,002

56,374

(87.4)


1,426,830

83,581

(94.1)

Income Tax Paid

(1,858,139)

(2,083,398)

12.1


(418,830)

(420,476)

0.4

Trade Accounts Payable

154,791

(45,527)

n/a


345,738

140,709

(59.3)









Net Cash Flow Provided by Operating Activities

6,059,439

7,445,149

22.9


3,195,479

1,696,619

(46.9)









Investing Activities








Payment for investment increase in Aerostar, net of cash acquired 

(183,386)

-

(100.0)


-

-

-

Payment for acquisition of the subsidiary Airplan, net of cash acquired

(3,752,081)

-

(100.0)


(3,752,081)

-

(100.0)

Investments in Associates

-

(206,379)

-


-

-

-

Loans granted to Associates

275,376

-

n/a


(4,025)

106,329

n/a

Restricted cash

(89,361)

302,453

n/a


71,306

199,557

179.9

Investments in Machinery, Furniture and Equipment, net

(1,471,418)

(1,636,325)

11.2


(766,160)

(266,516)

(65.2)

Interest Income

259,717

265,350

2.2


92,275

65,667

(28.8)

Initial recognition for consolidation

-

-

-


-

-

-









Net Cash Flow used by Investing Activities

(4,961,153)

(1,274,901)

(74.3)


(4,358,685)

105,037

n/a









Excess Cash to Use in Financing Activities

1,098,286

6,170,248

461.8


(1,163,206)

1,801,656

n/a









Bank Loans received

8,000,000

-

n/a


4,000,000

-

n/a

Bank Loans paid

(5,339,338)

(3,090,124)

(42.1)


(4,000,000)

(1,478,848)

(63.0)

Long term debt paid

(102,907)

-

(100.0)


-

-

-

Interest paid

(628,222)

(1,139,071)

81.3


(1,838,310)

(307,430)

(83.3)

Dividends Paid

(1,848,000)

(2,034,000)

10.1


-

-

-

Increase in capital

-

-

-


-

-

-









Net Cash Flow used by Financing Activities

81,533

(6,263,195)

n/a


(1,838,310)

(1,786,278)

(2.8)









Net Increase in Cash and Cash Equivalents

1,179,819

(92,947)

n/a


(3,001,516)

15,378

n/a









Cash and Cash Equivalents at Beginning of Period

3,497,635

4,677,454

33.7


7,678,970

4,569,129

(40.5)









Cash and Cash Equivalents at the End of Period

4,677,454

4,584,507

(2.0)


4,677,454

4,584,507

(2.0)










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. This comprises 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 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.

Cision

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