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SOUTHEAST AIRPORT GROUP

SOUTHEAST AIRPORT GROUPASR決算レポート

NYSE · Industrials · Airports, Flying Fields & Airport Terminal Services

The American Sugar Refining Company (ASR) was the most significant American business unit in the sugar refining industry in the early 1900s. It had interests in Puerto Rico and other Caribbean locations and operated one of the world's largest sugar refineries, the Domino Sugar Refinery in Brooklyn, New York.

What changed in SOUTHEAST AIRPORT GROUP's 20-F — 2022 vs 2023

Top changes in SOUTHEAST AIRPORT GROUP's 2023 20-F

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Item 2. Properties

Properties — owned and leased real estate

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Item 2. Offer Statistics and Expected Timetable 1 Item 3. Key Information 1 Risk Factors 1 Forward Looking Statements 32 Item 4. Information on the Company 32 History and Development of the Company 32 Business Overview 38 Mexican Regulatory Framework 65 Puerto Rican Regulatory Framework 82 Colombian Regulatory Framework 90 Organizational Structure 96 Property, Plant, And Equipment 96
Item 2. Offer Statistics and Expected Timetable 1 Item 3. Key Information 1 Risk Factors 1 Forward Looking Statements 32 Item 4. Information on the Company 33 History and Development of the Company 33 Business Overview 38 Mexican Regulatory Framework 64 Puerto Rican Regulatory Framework 82 Colombian Regulatory Framework 91 Organizational Structure 99 Property, Plant, And Equipment 99

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Although throughout history elected governments (and the Colombian Congress) have pursued free market economic policies, with almost no economic interventions, we cannot predict which policies will be adopted by the new government or congress and whether those policies would have a negative impact on the Colombian economy or our business operations and financial performance.
Although throughout history elected governments (and the Colombian Congress) have pursued free market economic policies, with almost no economic interventions, we cannot predict which policies will be adopted by the new government or congress and whether those policies would have a negative impact on the Colombian economy or our business operations and financial performance.
On September 29, 2021, we prepaid the remaining Ps. 2,000 million balance on the Santander loan and concurrently, through Aeropuerto de Cancún, we obtained a three-year term loan from Santander for a principal amount of Ps.2,650 million maturing on September 28, 2024 at a 28-day TIIE rate plus 150 basis points.
On September 29, 2021, we prepaid the remaining Ps. 2,000.0 million balance on the Santander loan and concurrently, through Aeropuerto de Cancún, we obtained a three-year term loan from Santander for a principal amount of Ps. 2,650.0 million maturing on September 28, 2024 at a 28-day TIIE rate plus 150 basis points.
Further, because our insurance policies do not cover losses resulting from war in any amount or from terrorism for amounts greater than U.S.$160 million, we could incur significant costs if we were to be directly affected by events of this nature.
Further, because our insurance policies do not cover losses resulting from war in any amount or from terrorism for amounts greater than U.S.$160.0 million, we could incur significant costs if we were to be directly affected by events of this nature.
Our operations are at greater risk of disruption due to the dependence of most of our airports on a single commercial runway. As is the case with many other domestic and international airports around the world, all of our airports (except for our Cancún and Mérida Airports) have only one commercial aviation runway.
Our operations are at greater risk of disruption due to the dependence of most of our airports on a single commercial runway. As is the case with many other domestic and international airports around the world, all of our airports (except for our Cancún, Mérida and LMM Airports) have only one commercial aviation runway.
Additionally, the recent conflict between Russia and Ukraine has caused shortages in the availability of aircraft fuel, including as a result of targeted sanctions and export control measures imposed by the United States and foreign government bodies.
Additionally, the conflict between Russia and Ukraine has caused shortages in the availability of aircraft fuel, including as a result of targeted sanctions and export control measures imposed by the United States and foreign government bodies.
We believe that we were not a PFIC for U.S. federal income tax purposes in 2022 and do not expect to be a PFIC in the current year or the reasonably foreseeable future.
We believe that we were not a PFIC for U.S. federal income tax purposes in 2022 or 2023 and do not expect to be a PFIC in the current year or the reasonably foreseeable future.
These factors, some of which are discussed above under “Risk Factors,” include material changes in the performance or terms of our Mexican, Colombian and Puerto Rican concessions, developments in legal proceedings, economic and political conditions and government policies in Mexico, Colombia, Puerto Rico or elsewhere, inflation rates, exchange rates, regulatory developments, customer demand and competition.
These factors, some of which are discussed above under “Risk Factors,” include material changes in the performance or terms of our Mexican, Colombian and Puerto Rican concessions, developments in legal proceedings, economic and political conditions and government policies in Mexico, Colombia, Puerto Rico, Dominican Republic or elsewhere, inflation rates, exchange rates, regulatory developments, customer demand and competition.
Although we currently intend to fund the investments required by our business strategy through cash flow from operations and from peso-denominated borrowings and as of December 31, 2022, our Mexican airports did not have dollar-denominated liabilities, we may incur dollar-denominated debt to finance all or a portion of these investments.
Although we currently intend to fund the investments required by our business strategy through cash flow from operations and from peso-denominated borrowings and as of December 31, 2023, our Mexican airports did not have dollar-denominated liabilities, we may incur dollar-denominated debt to finance all or a portion of these investments.
Our Mexican domestic passenger traffic is highly dependent upon the operations of the Mexico City International Airport, and we cannot assure you that AIFA’s operations will not adversely affect the operations of the Mexico City International Airport. 25 Table of Contents On November 24 and 25, 2018, López Obrador and Morena held another referendum.
Our Mexican domestic passenger traffic is highly dependent upon the operations of the Mexico City International Airport, and we cannot assure you that AIFA’s operations will not adversely affect the operations of the Mexico City International Airport. On November 24 and 25, 2018, López Obrador and Morena held another referendum.
The economy of Puerto Rico has been in a recession since 2006 and conditions have worsened in recent years, particularly as a result of Hurricanes Irma and Maria in 2017, the COVID-19 pandemic, and Hurracaine Fiona in 2022 which damages were concentrated at the south of the island.
The economy of Puerto Rico has been in a recession since 2006 and conditions have worsened in recent years, particularly as a result of Hurricanes Irma and Maria in 2017, the COVID-19 pandemic, and Hurricane Fiona in 2022 which damages were concentrated at the south of the island.
In particular, PROMESA allowed the Oversight Board to petition U.S. courts to restructure debt on behalf of Puerto Rico’s central government. ​ 5 Table of Contents In September of 2019, the Oversight Board submitted a joint plan of adjustment to the United States District Court for the District of Puerto Rico.
In particular, PROMESA allowed the Oversight Board to petition U.S. courts to restructure debt on behalf of Puerto Rico’s central government. ​ 4 Table of Contents In September of 2019, the Oversight Board submitted a joint plan of adjustment to the United States District Court for the District of Puerto Rico.
This and any other future changes in existing laws and changes in enforcement priorities by the governmental agencies charged with enforcing existing laws and regulations, as well as changes in the interpretation of these laws and regulations, can increase our businesses and investments’ compliance costs. ​ Risks Related to Mexico Appreciation, depreciation or fluctuation of the peso relative to the U.S. dollar could adversely affect our results of operations and financial condition.
This and any other future changes in existing laws and changes in enforcement priorities by the governmental agencies charged with enforcing existing laws and regulations, as well as changes in the interpretation of these laws and regulations, can increase our businesses and investments’ compliance costs. ​ 24 Table of Contents Risks Related to Mexico Appreciation, depreciation or fluctuation of the peso relative to the U.S. dollar could adversely affect our results of operations and financial condition.
Historicallly, the regions in which we operate have not experienced the violence experienced in other parts of Mexico and none of the Mexican states in which we operate were cited as “do not travel to” or “reconsider travel to” zones in the December 8, 2021 travel advisory.
Historically, the regions in which we operate have not experienced the violence experienced in other parts of Mexico and none of the Mexican states in which we operate were cited as “do not travel to” or “reconsider travel to” zones in the December 8, 2021 travel advisory.
Fernando Chico Pardo and Grupo ADO have entered into a shareholders’ agreement that requires their unanimous consent to cause ITA to exercise certain of these rights. Special rights granted to ITA are more fully discussed in “Item 10. Additional Information” and “Item 7. Major Shareholders and Related Party Transactions.” Therefore, Mr.
Fernando Chico Pardo and Grupo ADO have entered into a shareholders’ agreement that requires their unanimous consent to cause ITA to exercise certain of these rights. Special rights granted to ITA are more fully discussed in “Item 10. Additional Information” and “Item 7. Major Shareholders and Related Party Transactions.” 13 Table of Contents Therefore, Mr.
If the USMCA is terminated or otherwise modified, such termination or modification could materially impact Mexico’s aviation sector. While it is difficult to predict their scope and effect, such changes could have a material adverse effect on our business, financial condition, results of operations, cash flows, prospects and/or the market price of our ADSs.
If the USMCA is terminated or otherwise modified, such termination or modification could materially impact Mexico’s aviation sector. While it is difficult to predict their scope and effect, such changes could have a material adverse effect on our business, financial condition, results of operations, cash flows, prospects and/or the market price of our ADSs. Moreover, the U.S.
Since 2014, we carry an insurance policy covering damages to property resulting from terrorist acts for our Puerto Rico airport, which in 2022 amounted to U.S.$160 million. The insurance premiums we pay may be increased in the future, which would increase our costs of operation and affect our business results.
Since 2014, we carry an insurance policy covering damages to property resulting from terrorist acts for our Puerto Rico airport, which in 2023 amounted to U.S.$160.0 million. The insurance premiums we pay may be increased in the future, which would increase our costs of operation and affect our business results.
Severe devaluation or depreciation of the peso, or government imposition of exchange controls, may also result in the disruption of the international foreign exchange markets and may limit our ability to transfer or to convert pesos into U.S. dollars and other currencies. 24 Table of Contents Economic developments in Mexico may adversely affect our business and results of operations.
Severe devaluation or depreciation of the peso, or government imposition of exchange controls, may also result in the disruption of the international foreign exchange markets and may limit our ability to transfer or to convert pesos into U.S. dollars and other currencies. Economic developments in Mexico may adversely affect our business and results of operations.
Because our belief is based in part on the expected market value of our equity, a decrease in the trading price of our common stock and ADSs may result in our becoming a PFIC. 31 Table of Contents If we were to be or become classified as a PFIC, a U.S. Holder, as defined in “Item 10.
Because our belief is based in part on the expected market value of our equity, a decrease in the trading price of our common stock and ADSs may result in our becoming a PFIC. If we were to be or become classified as a PFIC, a U.S. holder, as defined in “Item 10.
In the short and medium terms (2023-2026), our main sustainability objectives are to work towards emissions reductions and energy efficiency through both on-site and off-site generation of solar power, adopt measures to supplement our water consumption with systems to capture and use rainwater; promote diversity in our workforce and on the company’s Board, aim to achieve equitable pay, and create succession plans for our independent Board members and key executives.
In the short and medium terms (2024-2027), our main sustainability objectives are to work towards emissions reductions and energy efficiency through both on-site and off-site generation of solar power, adopt measures to supplement our water consumption with systems to capture and use rainwater, promote diversity in our workforce and on the company’s Board, aim to achieve equitable pay, and create succession plans for our independent Board members and key executives.
The series of earthquakes did not cause substantial damage to LMM Airport and did not result in material interruptions to our operations. On September 20, 2022, Hurricane Fiona struck Puerto Rico, causing landslides, floodings and a total blackout by damaging the power transmission and distribution lines in Puerto Rico.
The series of earthquakes did not cause substantial damage to LMM Airport and did not result in material interruptions to our operations. 2 Table of Contents On September 20, 2022, Hurricane Fiona struck Puerto Rico, causing landslides, floodings and a total blackout by damaging the power transmission and distribution lines in Puerto Rico.
For a discussion of Aerostar’s operating agreement and how it governs our involvement in Aerostar, see “Item 4. Information on the Company—Business Overview—Aerostar’s Operating Agreement.” We are exposed to risks inherent to the operation of airports. We are obligated to protect the public at our airports and to reduce the risk of accidents.
For a discussion of Aerostar’s operating agreement and how it governs our involvement in Aerostar, see “Item 4. Information on the Company—Business Overview—Aerostar’s Operating Agreement.” 16 Table of Contents We are exposed to risks inherent to the operation of airports. We are obligated to protect the public at our airports and to reduce the risk of accidents.
For additional information, see “Item 4—Business Overview—Our Colombian Airports—Aeronautical Revenues.” Our Colombian concessions may be terminated under various circumstances, some of which are beyond our control, and such termination could have a material adverse effect on our business and results of operations.
For additional information, see “Item 4—Business Overview—Our Colombian Airports—Aeronautical Revenues.” 23 Table of Contents Our Colombian concessions may be terminated under various circumstances, some of which are beyond our control, and such termination could have a material adverse effect on our business and results of operations.
For additional information, see “Item 4—Colombian Regulatory Framework—Penalties and Termination of Colombian Concession.” 23 Table of Contents Changes in existing or new laws and regulations in Mexico, Colombia, the United States and Puerto Rico, including tax laws, or regulatory enforcement priorities could adversely affect our businesses or investments .
For additional information, see “Item 4—Colombian Regulatory Framework—Penalties and Termination of Colombian Concession.” Changes in existing or new laws and regulations in Mexico, Colombia, the United States and Puerto Rico, including tax laws, or regulatory enforcement priorities could adversely affect our businesses or investments .
Currently, our information systems are protected with backup systems, including physical and software safeguards and a cold site to recover information technology operations. These safety components reduce the risk of disruptions, failures or security breaches of 11 Table of Contents our information technology infrastructure and are reviewed periodically by external advisors.
Currently, our information systems are protected with backup systems, including physical and software safeguards and a cold site to recover information technology operations. These safety components reduce the risk of disruptions, failures or security breaches of our information technology infrastructure and are reviewed periodically by external advisors.
There is doubt as to the enforceability against such persons in Mexico, whether in original actions or in actions to enforce judgments of United States courts, of liabilities based solely on the United States federal securities laws. 27 Table of Contents The protections afforded to minority shareholders in Mexico are different from those in the United States.
There is doubt as to the enforceability against such persons in Mexico, whether in original actions or in actions to enforce judgments of United States courts, of liabilities based solely on the United States federal securities laws. The protections afforded to minority shareholders in Mexico are different from those in the United States.
Words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “should” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements involve inherent risks and uncertainties.
Words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “should” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. 32 Table of Contents Forward-looking statements involve inherent risks and uncertainties.
Any event or condition that adversely affects Mexico City and Bogotá area airports could adversely affect our business, results of operations, prospects and financial condition. Competition from other tourist destinations could adversely affect our business. One of the principal factors affecting our results of operations and business is the number of passengers using our airports.
Any event or condition that adversely affects Mexico City and Bogotá area airports could adversely affect our business, results of operations, prospects and financial condition. 12 Table of Contents Competition from other tourist destinations could adversely affect our business. One of the principal factors affecting our results of operations and business is the number of passengers using our airports.
If the Mexican economy does not continue to recover, if inflation or interest rates increase significantly or if the Mexican economy is otherwise adversely impacted, our business, financial condition or results of operations could be materially and adversely affected. Political developments in Mexico could adversely affect our operations.
If the Mexican economy does not continue to recover, if inflation or interest rates increase significantly or if the Mexican economy is otherwise adversely impacted, our business, financial condition or results of operations could be materially and adversely affected. 25 Table of Contents Political developments in Mexico could adversely affect our operations.
Although, for the year ended December 31, 2022, any such shortages have not been material, there is no assurance that the shortages will not become more severe, and we canot predict the continued impact of these sanctions and export measures, or the impact of any further retaliatory actions that may be taken by Russia and the United States and foreign government bodies.
Although for the year ended December 31, 2023, any such shortages have not been material, there is no assurance that the shortages will not become more severe, and we cannot predict the continued impact of these sanctions and export measures, or the impact of any further retaliatory actions that may be taken by Russia and the United States and foreign government bodies.
The Governor of Puerto Rico declared a state of emergency in response on January 7, 2020. The series of earthquakes caused power and water outages across Puerto Rico and estimates of financial losses exceed U.S. $3 billion. LMM Airport remained open throughout the series of earthquakes.
The Governor of Puerto Rico declared a state of emergency in response on January 7, 2020. The series of earthquakes caused power and water outages across Puerto Rico and estimates of financial losses exceeded U.S.$3.0 billion. LMM Airport remained open throughout the series of earthquakes.
Oil spills or other similar disasters in or around the destinations served by our airports could adversely affect our business, operating results, prospects and financial condition. 4 Table of Contents Our business could be adversely affected by a downturn in the economies of the United States, Mexico or Colombia.
Oil spills or other similar disasters in or around the destinations served by our airports could adversely affect our business, operating results, prospects and financial condition. Our business could be adversely affected by a downturn in the economies of the United States, Mexico or Colombia.
The loss or suspension of operations by one or more of our key customers could result in a loss of a significant amount of our revenues. The global airline industry has recently experienced and continues to experience significant financial difficulties, marked by the filing for bankruptcy protection of several carriers and recent warnings regarding industry profitability.
The loss or suspension of operations by one or more of our key customers could result in a loss of a significant amount of our revenues. The global airline industry has recently experienced and may continue to experience in the future significant financial difficulties, marked by the filing for bankruptcy protection of several carriers and recent warnings regarding industry profitability.
The worsening economic conditions in Puerto Rico may adversely affect the LMM Airport’s business and results of operations. Changes in U.S. immigration and border policy could adversely affect passenger traffic to and from Mexico and Colombia.
The worsening economic conditions in Puerto Rico may adversely affect the LMM Airport’s business and results of operations. 5 Table of Contents Changes in U.S. immigration and border policy could adversely affect passenger traffic to and from Mexico and Colombia.
While we do not believe that these leglislative reforms will have a negative impact in the short term, we cannot predict how these regulatory changes will affect our business, financial condition, results of operations, cash flows, prospects, and/ or the market price of our ADSs. Developments in other countries may affect the prices of securities issued by Mexican companies.
While we do not believe that these legislative reforms will have a negative impact in the short term, we cannot predict how these regulatory changes will affect our business, financial condition, results of operations, cash flows, prospects, and/or the market price of our ADSs. 26 Table of Contents Developments in other countries may affect the prices of securities issued by Mexican companies.
However, the full extent of the ongoing impact of COVID-19 on the Company’s longer-term operational and financial performance will depend on future developments, including those outside our control related to the efficacy and speed of vaccination programs in curbing the spread of the virus, the introduction and spread of new variants of the virus which may be resistant to currently approved vaccines, passenger testing requirements, mask mandates or other restrictions on travel, all of which are highly uncertain and cannot be predicted.
However, the full extent of the ongoing impact of COVID-19 on the Company’s longer-term operational and financial performance will depend on future developments, including those outside our control related to the introduction and spread of new variants of the virus which may be resistant to currently approved vaccines, passenger testing requirements, mask mandates or other restrictions on travel, all of which are highly uncertain and cannot be predicted.
Such delays or budgetary overruns also could limit our ability to comply with our Mexican master development programs. If we do not comply with our Mexican master development programs, we may be subject to fines or the loss of our Mexican concessions. Our current master development programs in Mexico are in effect until December 31, 2023.
Such delays or budgetary overruns also could limit our ability to comply with our Mexican master development programs. If we do not comply with our Mexican master development programs, we may be subject to fines or the loss of our Mexican concessions. Our previous master development programs in Mexico were in effect until December 31, 2023.
Our business could be negatively impacted by hydrocarbon price volatility as a result of, or as a result of the threat of, Russian activities in Ukraine, including Russia expanding its production of oil and gas to finance its activities in Ukraine and destabilize world energy markets.
Our business could be negatively impacted by hydrocarbon price volatility as a result of, or the threat of, Russian activities in Ukraine, including Russia expanding its production of oil and gas to finance its activities in Ukraine and destabilize world energy markets, or the ongoing conflict in the Middle East.
For example, as a result of the Grupo Mexicana bankruptcy, we estimate that Ps.128.0 million in accounts receivable could be at risk of not being recovered, which represented 5.8% of our total accounts receivable as of December 31, 2021.
For example, as a result of the Grupo Mexicana bankruptcy, we estimate that Ps. 128.0 million in accounts receivable could be at risk of not being recovered, which represented 4.8% of our total accounts receivable as of December 31, 2023.
Although we currently believe we maintain good relations with our labor force, if any conflicts with our employees were to arise in the future, including with our unionized employees (which accounted for 22.1% of our total employees as of December 31, 2022), resulting events such as strikes or other disruptions that could arise with respect to our workforce could have a negative impact on our business or results of operations.
Although we currently believe we maintain good relations with our labor force, if any conflicts with our employees were to arise in the future, including with our unionized employees (which accounted for 21.6% of our total employees as of December 31, 2023), resulting events such as strikes or other disruptions that could arise with respect to our workforce could have a negative impact on our business or results of operations.
On April 17, 2023, we published our Sustainability Report for the year 2022 (the “Sustainability Report”), describing the measures we implemented towards achieving our environmental, social and governance goals, and to set new strategic objectives to the benefit of the company and our stakeholders.
On April 15, 2024, we published our Sustainability Report for the year 2023 (the “Sustainability Report”), describing the measures we implemented towards achieving our environmental, social and governance goals, and to set new strategic objectives to the benefit of the company and our stakeholders.
In the event that any one of our Mexican concessions is terminated, our other concessions may also be terminated. 22 Table of Contents Depreciation of the Mexican peso may cause us to exceed our maximum rates .
In the event that any one of our Mexican concessions is terminated, our other concessions may also be terminated. Depreciation of the Mexican peso may cause us to exceed our maximum rates .
Potential changes in laws, public policies and regulations may cause instability and volatility in Colombia, which could have a material adverse impact on our business and results of operations. The Colombian Peso (“COP”) has fallen by over 19.2% against the U.S. dollar during the twelve month period ended December 31, 2022.
Potential changes in laws, public policies and regulations may cause instability and volatility in Colombia, which could have a material adverse impact on our business and results of operations. The Colombian Peso (“COP”) has fallen by over 20.1% against the U.S. dollar during the twelve month period ended December 31, 2023.
Our business and results of operations could be adversely affected if we do not continue to generate comparable portions of our Mexican regulated revenue from our key customers, including Volaris (which accounted for 10.3% of our revenues in 2020, 12.2% in 2021, and 12.0% in 2022), Viva Aerobus (which accounted for 11.1% of our revenues in 2020, 11.6% in 2021, and 11.9% in 2022), Aeromexico (which accounted for 11.9% of our revenues in 2020, 11.5% in 2021, and 10.1% in 2022), American Airlines (which accounted for 11.8% of our revenues in 2020, 12.1% in 2021, and 10.4% in 2022), United Airlines (which accounted for 8.6% of our revenues in 2020, 10.05% in 2021 and 8.8% in 2022) and Interjet(which accounted for 5.0% of our revenues in 2020).
Our business and results of operations could be adversely affected if we do not continue to generate comparable portions of our Mexican regulated revenue from our key customers, including Viva Aerobus (which accounted for 11.6% of our revenues in 2021, 11.9% in 2022 and 13.4% in 2023), Volaris (which accounted for 12.2% of our revenues in 2021, 12.0% in 2022 and 12.0% in 2023), Aeromexico (which accounted for 11.5% of our revenues in 2021, 10.1% in 2022 and 10.7% in 2023), American Airlines (which accounted for 12.1% of our revenues in 2021, 10.4% in 2022 and 8.5% in 2023) and United Airlines (which accounted for 10.5% of our revenues in 2021, 8.8% in 2022 and 7.5% in 2023).
These obligations could increase our exposure to liability to third parties for personal injury or property damage resulting from our operations. ​ 16 Table of Contents Our insurance policies may not provide sufficient coverage against all liabilities.
These obligations could increase our exposure to liability to third parties for personal injury or property damage resulting from our operations. Our insurance policies may not provide sufficient coverage against all liabilities.
On May 25, 2021, the FAA downgraded Mexico’s aviation safety rating from an ICAO Category 1 rating to an ICAO Category 2 rating, as a result of the FAA’s visit to the Mexican Federal Agency for Civil Aviation (“AFAC”) between October, 2020 and February, 2021.
On May 25, 2021, the FAA downgraded Mexico’s aviation safety rating from an ICAO Category 1 rating to an ICAO Category 2 rating, as a result of the FAA’s visit to the Federal Civil Aviation Agency (Agencia Federal de Aviacion Civil, “AFAC”) between October, 2020 and February, 2021.
The modifications include, among others, minimum wages rules for the automotive sector, greater access to Canadian dairy markets, and extension of copyright protections to 70 years beyond the life of the author. In addition, the USMCA updates (for US and Mexico only) NAFTA’s Chapter 11 investor-state dispute settlement procedures.
The modifications from NAFTA included, among others, minimum wages rules for the automotive sector, greater access to Canadian dairy markets, and extension of copyright protections to 70 years beyond the life of the author. In addition, the USMCA updates (for US and Mexico only) NAFTA’s investor-state dispute settlement procedures.
Because our revenues are largely dependent on the level of passenger traffic in our airports, any general increase of hostilities relating to reprisals against terrorist organizations, armed groups, further conflict in the Middle East or Ukraine, pandemics or outbreaks of health epidemics such as Influenza A/H1N1, SARS, avian influenza, COVID-19 or other events of general international concern (and any related economic impact of such events) could result in decreased passenger traffic and increased costs to the air travel industry and, as a result, could cause a material adverse effect on our business, results of operations, prospects and financial condition. ​ Hurricanes and other natural disasters have adversely affected our business in the past and could do so again in the future.
Because our revenues are largely dependent on the level of passenger traffic in our airports, any general increase of hostilities relating to reprisals against terrorist organizations, armed groups, further conflict in the Middle East or Ukraine, pandemics or outbreaks of health epidemics such as Influenza A/H1N1, SARS, avian influenza, COVID-19 or other events of general international concern (and any related economic impact of such events) could result in decreased passenger traffic and increased costs to the air travel industry and, as a result, could cause a material adverse effect on our business, results of operations, prospects and financial condition.
The explosion and sinking of the platform caused a huge oil spill that spread along the U.S. coast in the Gulf of Mexico, and reached parts of Florida, Louisiana, Mississippi, Alabama and Texas. BP made several attempts to try to contain the spill and capture the oil.
The oil-drilling platform was located 41 miles from the coast of Louisiana. The explosion and sinking of the platform caused a huge oil spill that spread along the U.S. coast in the Gulf of Mexico, and reached parts of Florida, Louisiana, Mississippi, Alabama and Texas. BP made several attempts to try to contain the spill and capture the oil.
Similarly, in 2020, 2021 and 2022, 55.9%, 51.7% and 47.3%, respectively, of passengers in our Mexican airports traveled on Mexican domestic flights. In 2020, 2021 and 2022, 54.5%, 50.9% and 46.9%, respectively, of our revenues from Mexican passenger were derived from Mexican domestic passenger charges.
Similarly, in 2021, 2022 and 2023, 51.7%, 47.3% and 48.9%, respectively, of passengers in our Mexican airports traveled on Mexican domestic flights. In 2021, 2022 and 2023, 50.9%, 46.9% and 48.5%, respectively, of our revenues from Mexican passengers were derived from Mexican domestic passenger charges.
Our business is highly dependent upon the operations of certain airports, including Mexico City and Bogotá Area airports. In 2020, 2021 and 2022, 56.8%, 55.6%, and 52.6%, respectively, of our Mexican domestic passengers flew to or from our airports via Mexico City International Airport.
Our business is highly dependent upon the operations of certain airports, including Mexico City and Bogotá Area airports. In 2021, 2022 and 2023, 55.6%, 52.6%, and 45.0%, respectively, of our Mexican domestic passengers flew to or from our airports via Mexico City International Airport.
In the spring of 2017, we, through Aeropuerto de Cancún, entered into agreements to acquire a controlling interest in Airplan and Aeropuertos de Oriente S.A.S. (“Oriente”). In October 2017, we received the necessary approvals from the Colombian regulatory authorities to conclude the acquisition of a 92.42% stake in Airplan.
We are exposed to risks related to other business opportunities. In the spring of 2017, we, through Aeropuerto de Cancún, entered into agreements to acquire a controlling interest in Airplan and Aeropuertos de Oriente S.A.S. (“Oriente”). In October 2017, we received the necessary approvals from the Colombian regulatory authorities to conclude the acquisition of a 92.42% stake in Airplan.
As of March 31, 2023, we are owed Ps. 9.2 million from Ultra Airlines, which is not included in our allowance for doubtful accounts, and we might not be able to recover the full amount owed to us.
As of December 31, 2023, we are owed Ps. 10.1 million from Ultra Airlines, which is included in our allowance for doubtful accounts, and we might not be able to recover the full amount owed to us.
(“Grupo ADO”), owns 12.31% of our total capital stock. Further, ITA, an entity which is owned 50.0% by entities directly owned and controlled by Mr. Fernando Chico Pardo and 50.0% by Inversiones Kierke, holds Series BB shares representing 7.65% of our capital stock. These Series BB shares provide it with special management rights.
(“Inversiones Kierke”)), owns 13.66% of our total capital stock. Further, ITA, an entity which is owned 50.0% by entities directly owned and controlled by Mr. Fernando Chico Pardo and 50.0% by Inversiones Kierke, holds Series BB shares representing 7.65% of our capital stock. These Series BB shares provide it with special management rights.
Additional Information— Taxation— Passive Foreign Investment Company Status,”. ​ FORWARD LOOKING STATEMENTS This Form 20-F contains forward-looking statements.
Additional Information— Taxation— Passive Foreign Investment Company Status”. ​ FORWARD LOOKING STATEMENTS This Form 20-F contains forward-looking statements.
In 2020, 2021 and 2022, 66.2%, 76.4% and 63.4%, respectively, of the international passengers in our Mexican airports arrived or departed on flights originating in or departing to the United States. 45.5%, 49.1% and 53.1% of our revenues from Mexican passenger charges in 2020, 2021 and 2022, respectively, were derived from charges imposed on international passengers.
In 2021, 2022 and 2023, 76.4%, 63.4% and 61.8%, respectively, of the international passengers in our Mexican airports arrived or departed on flights originating in or departing to the United States. 49.1%, 53.1% and 51.5% of our revenues from Mexican passenger charges in 2021, 2022 and 2023, respectively, were derived from charges imposed on international passengers.
Revenues from Mexican passenger charges are not secured, and we may not be able to collect amounts invoiced in the event of the insolvency of one of our principal airline customers. In recent years, many airlines have reported substantial losses. Our revenues from passenger charges from our principal airline customers are not secured by a bond or any other collateral.
Moreover, revenues from Mexican passenger charges are not secured, and we may not be able to collect amounts invoiced in the event of the insolvency of one of our principal airline customers. In recent years, many airlines have reported substantial losses.
We may not legally be permitted to allow holders of ADSs in the United States to exercise any preemptive rights in any future capital increase unless we file a registration statement with the U.S.
Rights to purchase shares in these circumstances are known as preemptive rights. We may not legally be permitted to allow holders of ADSs in the United States to exercise any preemptive rights in any future capital increase unless we file a registration statement with the U.S.
In October 2021, the International Air Transport Association, or IATA, issued its 2021 financial forecast for the global commercial airline industry, estimating a net post-tax loss of about U.S.$51.8 billion, due to the effects of COVID-19. The IATA announced that the airline industry net losses are expected to reduce to $11.6 billion in 2022.
In October 2021, the International Air Transport Association, or IATA, issued its 2021 financial forecast for the global commercial airline industry, estimating a net post-tax loss of about U.S.$51.8 billion, due to the effects of COVID-19.
For more information on the development in the bay of Huatulco, please see “Item 4. Information on the Company—Business Overview—Other Properties.” In 2014 and 2016, our subsidiary Airplan reached agreements with the Colombian government with respect to investment commitments for certain airports, including José María Córdova International Airport, Enrique Olaya Herrera Airport, Los Garzones Airport and El Caraño Airport.
Information on the Company—Business Overview—Other Properties.” 14 Table of Contents In 2014 and 2016, our subsidiary Airplan reached agreements with the Colombian government with respect to investment commitments for certain airports, including José María Córdova International Airport, Enrique Olaya Herrera Airport, Los Garzones Airport and El Caraño Airport.
In particular, our financial statements are prepared in accordance with the International Financial Reporting Standards (“IFRS”) which differs from United States GAAP in a number of respects.
In particular, our financial statements are prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) which differs from United States GAAP in a number of respects.
For example, in 2022, our revenues subject to maximum rate regulation represented 96.6% of the amount we were entitled to earn under the maximum rates for all of our Mexican airports.
For example, in 2023, our revenues subject to maximum rate regulation represented 98.2% of the amount we were entitled to earn under the maximum rates for all of our Mexican airports.
From December 31, 2021 to December 31, 2022, the peso appreciated by 5.0%, from Ps.20.51 per U.S.$1.00 on December 31, 2021, to Ps.19.49 per U.S.$1.00 on December 31, 2022, and experienced intra-year volatility. In the event that any one of our Mexican concessions is terminated, our other concessions may also be terminated.
From December 31, 2022 to December 31, 2023, the peso appreciated by 13.3%, from Ps. 19.49 per U.S.$1.00 on December 31, 2022, to Ps. 16.90 per U.S.$1.00 on December 31, 2023, and experienced intra-year volatility. In the event that any one of our Mexican concessions is terminated, our other concessions may also be terminated.
Furthermore, failure to achieve these objectives within the announced timelines, or at all, may adversely affect our business or reputation, or may expose us to government enforcement actions or private litigation. ​ 17 Table of Contents Risks Related to the Regulation of Our Business The price regulatory system applicable to our Mexican airports imposes maximum rates for each airport.
Furthermore, failure to achieve these objectives within the announced timelines, or at all, may adversely affect our business or reputation, or may expose us to government enforcement actions or private litigation. ​ 17 Table of Contents Risks Related to the Regulation of Our Business The price regulatory system applicable to our Mexican airports imposes maximum rates for each airport, which does not guarantee that our consolidated results of operations, or that the results of operations of any Mexican airport, will be profitable.
The FAA evaluates the legal framework for civil aviation and issues related to the monitoring, staff training and inspection processes related to regulations issued by the International Civil Aviation Organization (“ICAO”).
The United States Federal Aviation Authority (the “FAA”) evaluates the legal framework for civil aviation and issues related to the monitoring, staff training and inspection processes related to regulations issued by the International Civil Aviation Organization (“ICAO”).
Additionally, the Colombian executive branch has recently presented bills to reform the federal pension plan (which would contemplate, among other things, a pillar system based on age and condition of the affiliated, and changes to pension schemes applicable to women), as well as reforms to labor laws (which include amendments to the regulation of outsourcing and subcontracting schemes, service contracts, minimum daily working hours, digital work, informal and migrant work, among others) and the National Development Plan bill, which seeks to regulate, among other things, territorial planning around watercourses, human safety, access to food, and climate change.
Additionally, the Colombian executive branch has recently presented bills to reform the national pension plan (which would contemplate, among other things, a pillar system based on age and condition of the affiliated, and changes to pension schemes applicable to women), as well as reforms to labor laws (which include amendments to the regulation of outsourcing and subcontracting schemes, service contracts, minimum daily working hours, digital work, informal and migrant work, among others).
While Hurricaine Fiona did not cause significant damages to the LMM Airport, air travel was suspended starting September 17, 2022 at 10pm and reinstated on September 19, 2022. The hurracaine brought approximately 30 inches of rain and damaged 50% of power transmission and distribution lines across Puerto Rico. The effects of oil spills could adversely affect our business.
While Hurricane Fiona did not cause significant damages to the LMM Airport, air travel was suspended starting September 17, 2022 at 10pm and reinstated on September 19, 2022. The hurricane brought approximately 30 inches of rain and damaged 50% of power transmission and distribution lines across Puerto Rico.
Gulf Coast spot price for jet fuel has decreased from its high of U.S.$4.81 per gallon on September 12, 2008, it has continued to fluctuate in 2022, with a high of U.S.$5.06 per gallon on April 28, 2022 and a low of U.S.$2.19 per gallon on January 3, 2022, according to the Energy Information Administration of the U.S.
Gulf Coast spot price for jet fuel has decreased from its high of U.S.$4.81 per gallon on September 12, 2008, it has continued to fluctuate in 2023, with a high of U.S.$3.99 per gallon on January 26, 2023, and a low of U.S.$2.04 per gallon on May 3, 2023, according to the Energy Information Administration of the U.S.
As of December 31, 2022, we had U.S.$779.9 million in outstanding indebtedness, U.S.$253.2 million of which was floating rate. Any increased interest expense associated with increases in interest rates affects our ability to service our debt absent the benefit from any hedging arrangements.
As of December 31, 2023, we had U.S.$723.4 million in outstanding indebtedness, U.S.$205.7 million of which was floating rate. Any increased interest expense associated with increases in interest rates affects our ability to service our debt absent the benefit from any hedging arrangements.
In 2022, Ps.14,280.8 million (including construction services) or 56.4% of our revenues were derived from operations at Cancún International Airport. During 2020, 2021 and 2022, Cancún International Airport represented 74.2%, 76.6%, and 76.8%, respectively, of our passenger traffic in Mexico and 51.9%, 58.2% and 59.5%, respectively, of our air traffic movements in Mexico.
In 2023, Ps.14,957.3 million (including construction services) or 57.9% of our revenues were derived from operations at Cancún International Airport. During 2021, 2022 and 2023, Cancún International Airport represented 76.6%, 76.8%, and 75.3%, respectively, of our passenger traffic in Mexico and 58.2%, 59.5% and 58.9%, respectively, of our air traffic movements in Mexico.
We cannot assume that such conditions will not return or that such conditions will not have a material adverse effect on our business, financial condition or results of operations. In 2020, Mexican GDP decreased 8.5% and inflation increased to 3.2%. In 2021, Mexican GDP increased 5.9% and inflation increased to 7.36%.
We cannot assume that such conditions will not return or that such conditions will not have a material adverse effect on our business, financial condition or results of operations. In 2021, Mexican GDP increased by 5.0% and inflation increased to 7.4%. In 2022, Mexican GDP increased by 3.1% and inflation increased to 7.8%.
If critical information systems fail or are otherwise unavailable, our ability to provide airport services at our airports, collect accounts receivable, pay expenses and maintain our security and customer data, could be adversely affected.
The proper functioning of our information systems is important to the successful operation of our business. If critical information systems fail or are otherwise unavailable, our ability to provide airport services at our airports, collect accounts receivable, pay expenses and maintain our security and customer data, could be adversely affected.
The LFCE also entrusts COFECE with the ability to conduct merger-control review and investigate anti-competitive behavior, and sets forth significant liabilities that may be incurred for violations of the law, including fines.
The LFCE also entrusts COFECE with the ability to conduct merger-control review and investigate anti-competitive behavior, and sets forth significant liabilities that may be incurred for violations of the law, including fines. COFECE’s decisions may only be challenged through indirect appeal ( amparo indirecto ).
In the Avianca proceedings, Avianca did not schedule any claims with respect to airports we operate, and we have continued to be paid by the company for amounts due until its emergence from Chapter 11 on December 1, 2021.
As of the date of this report, LATAM has paid all amounts due under these agreements. In the Avianca proceedings, Avianca did not schedule any claims with respect to airports we operate, and we have continued to be paid by the company for amounts due until its emergence from Chapter 11 on December 1, 2021.
Our LMM Airport business is conducted through Aerostar, which has a minority shareholder. On May 26, 2017 we acquired an additional 10% interest in Aerostar from our former joint venture partner, Oaktree Capital Management, L.P. (“Oaktree Capital”), increasing our total interest to 60.0%.
On May 26, 2017 we acquired an additional 10% interest in Aerostar from our former joint venture partner, Oaktree Capital Management, L.P. (“Oaktree Capital”), increasing our total interest to 60.0%. The minority shareholder in Aerostar is PSP Investments, which acquired a 40.0% ownership interest in Aerostar from Oaktree Capital.
Department of Energy. As of April 10, 2023, the U.S. Gulf Coast spot price for jet fuel was U.S.$2.53 per gallon.
Department of Energy. As of April 1, 2024, the U.S. Gulf Coast spot price for jet fuel was U.S.$2.58 per gallon.
In 2022, overall Mexican domestic passenger traffic to and from Mexico City increased 17.6% compared to 2021. In 2022, 37.5% of our Colombian domestic passengers flew to or from our airports via El Dorado International Airport in Bogotá, Colombia. As a result, our Colombian domestic traffic is highly dependent upon the operations of El Dorado International Airport.
In 2023, overall Mexican domestic passenger traffic to and from Mexico City decreased 2.9% compared to 2022. In 2023, 47.8% of our Colombian domestic passengers flew to or from our airports via El Dorado International Airport in Bogotá, Colombia. As a result, our Colombian domestic traffic is highly dependent upon the operations of El Dorado International Airport.
Although recent vaccination rollout have raised hopes of a turnaround in the COVID-19 pandemic during 2022 and during the first quarter of 2023, renewed waves and new variants could lead to new measures implemented by governmental authorities to contain and mitigate the effects of COVID-19, including shutdowns of non-essential infrastructure businesses, stricter border controls, stringent quarantines and social distancing, triggered significant economic downturn in Mexico, Colombia and the United States (including Puerto Rico).
Although the COVID-19 is no longer considered a pandemic, renewed waves and new variants could lead to new measures implemented by governmental authorities to contain and mitigate the effects of COVID-19, including shutdowns of non-essential infrastructure businesses, stricter border controls, stringent quarantines and social distancing, triggered significant economic downturn in Mexico, Colombia and the United States (including Puerto Rico).
A depreciation of the COP could affect the Company’s business in the following ways: (i) international passengers and international flights pay tariffs reported in U.S. dollars; while these tariffs are generally collected in COP, any depreciation of the COP has a positive impact on the Company’s results from operations, which are reported in COP; (ii) as the Company has cash balances denominated in U.S. dollars; a depreciation in the Mexican peso would result in higher cash balances when converted to COP, thus causing foreign exchange gains; and (iii) the Company has financial liabilities denominated in U.S. dollars; a depreciation in the COP results in higher debt balances when converted to COP, thus causing foreign exchange losses. 28 Table of Contents On August 7, 2022, Gustavo Petro, candidate for the left-wing “ Pacto Histórico” party, was elected President of Colombia.
A depreciation of the COP could affect the Company’s business in the following ways: (i) international passengers and international flights pay tariffs reported in U.S. dollars; while these tariffs are generally collected in COP, any depreciation of the COP has a positive impact on the Company’s results from operations, which are reported in COP; (ii) as the Company has cash balances denominated in U.S. dollars; a depreciation in the Mexican peso would result in higher cash balances when converted to COP, thus causing foreign exchange gains; and (iii) the Company has financial liabilities denominated in U.S. dollars; a depreciation in the COP results in higher debt balances when converted to COP, thus causing foreign exchange losses.
Due to the economic recovery from the COVID-19 pandemic in the countries in which we operate, the total passenger traffic in our airports recovered for 2022, increasing by 35.6% as compared to 2021. Further our total passengers traffic increased 19.2% in the first quarter of 2023 as compared to the first quarter of 2022.
Due to the economic recovery from the COVID-19 pandemic in the countries in which we operate, the total passenger traffic in our airports recovered for 2023, increasing by 6.4% as compared to 2022.
The Gulf of Mexico is the site of widespread deep-water oil drilling and extraction. Deep-water oil drilling inherently carries a number of significant risks. On April 21, 2010, there was an explosion on the “Deepwater Horizon” drilling platform operated by BP in the Gulf of Mexico. The oil-drilling platform was located 41 miles from the coast of Louisiana.
The effects of oil spills could adversely affect our business. The Gulf of Mexico is the site of widespread deep-water oil drilling and extraction. Deep-water oil drilling inherently carries a number of significant risks. On April 21, 2010, there was an explosion on the “Deepwater Horizon” drilling platform operated by BP in the Gulf of Mexico.

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Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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However, limitations on any leasehold mortgage include: (i) the mortgage or lien cannot affect the fee simple interest and estate of the PRPA in the LMM Airport; (ii) the PRPA cannot be liable for any payment secured by the leasehold mortgage; (iii) the rights acquired by a leasehold mortgagee are subject to and subordinated to the terms of the LMM Lease and to all of the PRPA’s rights and the rights of the airlines.
However, limitations on any leasehold mortgage include: (i) the mortgage or lien cannot affect the fee simple interest and estate of the PRPA in the LMM Airport; (ii) the PRPA cannot be liable for any payment secured by the leasehold mortgage; and (iii) the rights acquired by a leasehold mortgagee are subject to and subordinated to the terms of the LMM Lease and to all of the PRPA’s rights and the rights of the airlines.
The AOH has jurisdiction over the physical location of the Enrique Olaya Herrera Airport in Medellín. The AOH executed an administrative contract with Aerocivil in 2007 to grant the Airplan concession. The AOH managed the concession jointly with Aerocivil and, after the substitution of ANI for Aerocivil to the 2007 administrative contract, does so with ANI.
The AOH has jurisdiction over the physical location of the Enrique Olaya Herrera Airport in Medellín. The AOH executed an administrative contract with Aerocivil in 2007 to grant the Airplan concession. The AOH managed the concession jointly with Aerocivil and, after the substitution of Aerocivil for ANI to the 2007 administrative contract, does so with ANI.
In particular, the concession remains in effect until the date on which any of the following events occur: (i) the regulated revenues generated are equal to expected regulated revenues, provided that the concession agreement has been in force for at least 24 years or (ii) the concession agreement has been in force for at least 40 years, regardless of whether the regulated revenues generated are equal to the expected revenues.
In particular, the concession remains in effect until the date on which any of the following events occur: (i) the regulated revenues generated are equal to expected regulated revenues, provided that the concession agreement has been in force for at least 24 years or (ii) the concession agreement has been in force for at least 40 years, regardless of whether the regulated revenues generated are equal to the expected revenues.
If our Colombian airports generate regulated revenues that are equal to the expected revenues before the end of the 24-year period, the concession agreement will remain in effect until the end of such period.
If our Colombian airports generate regulated revenues that are equal to the expected revenues before the end of the 24-year period, the concession agreement will remain in effect until the end of such period.
Thus, management considers such factors in determining the final year of the concession term, which is 2032; however, in accordance with legal guidelines, the concession term may be extended until 2048 as long as the aforementioned requirements established by the grantor are met.
Thus, management considers such factors in determining the final year of the concession term, which is 2032; however, in accordance with legal guidelines, the concession term may be extended until 2048 as long as the aforementioned requirements established by the grantor are met.
A Mexican concession may be revoked by the Ministry of Infrastructure, Communications and Transportation under certain conditions, including: ● the failure by a concession holder to begin operating, maintaining and developing an airport pursuant to the terms established in the concession, ● the failure by a concession holder to maintain insurance as required under the Mexican Airport Law, ● the assignment, encumbrance, transfer or sale of a concession, any of the rights thereunder or the assets underlying the concession in violation of the Mexican Airport Law, 77 Table of Contents ● any alteration of the nature or the conditions of an airport’s facilities, as established in the concession title, without the authorization of the Ministry of Infrastructure, Communications and Transportation, ● consent to the use, or without the approval of air traffic control authorities, of an airport by any aircraft that does not comply with the requirements of the Mexican Civil Aviation Law, that has not been authorized by the Mexican air traffic control authority, or that is involved in the commission of a felony, ● knowingly appointing or maintaining a chief executive officer or board member of a concession holder that is not qualified to perform his functions under the law as a result of having violated criminal laws, ● a violation of the safety regulations established in the Mexican Airport Law and other applicable laws, ● a total or partial interruption of the operation of an airport or its airport or complementary services without justified cause, ● the failure of ASUR to own at least 51.0% of the capital stock of its subsidiary concession holders, ● the failure to maintain the airport’s facilities, ● the provision of unauthorized services, ● the failure to indemnify a third party for damages caused by the provision of services by the concession holder or a third-party service provider, ● charging prices higher than those registered with the Ministry of Infrastructure, Communications and Transportation for regulated services or exceeding the applicable maximum rate, ● any act or omission that impedes the ability of other service providers or authorities to carry out their functions within the airport, or ● any other failure to comply with the Mexican Airport Law, its regulations and the terms of a concession.
A Mexican concession may be revoked by the Ministry of Infrastructure, Communications and Transportation under certain conditions, including: ● the failure by a concession holder to begin operating, maintaining and developing an airport pursuant to the terms established in the concession, ● the failure by a concession holder to maintain insurance as required under the Mexican Airport Law, ● the assignment, encumbrance, transfer or sale of a concession, any of the rights thereunder or the assets underlying the concession in violation of the Mexican Airport Law, ● any alteration of the nature or the conditions of an airport’s facilities, as established in the concession title, without the authorization of the Ministry of Infrastructure, Communications and Transportation, 78 Table of Contents ● consent to the use, or without the approval of air traffic control authorities, of an airport by any aircraft that does not comply with the requirements of the Mexican Civil Aviation Law, that has not been authorized by the Mexican air traffic control authority, or that is involved in the commission of a felony, ● knowingly appointing or maintaining a chief executive officer or board member of a concession holder that is not qualified to perform his functions under the law as a result of having violated criminal laws, ● a violation of the safety regulations established in the Mexican Airport Law and other applicable laws, ● a total or partial interruption of the operation of an airport or its airport or complementary services without justified cause, ● the failure of ASUR to own at least 51.0% of the capital stock of its subsidiary concession holders, ● the failure to maintain the airport’s facilities, ● the provision of unauthorized services, ● the failure to indemnify a third party for damages caused by the provision of services by the concession holder or a third-party service provider, ● charging prices higher than those registered with the Ministry of Infrastructure, Communications and Transportation for regulated services or exceeding the applicable maximum rate, ● any act or omission that impedes the ability of other service providers or authorities to carry out their functions within the airport, or ● any other failure to comply with the Mexican Airport Law, its regulations and the terms of a concession.
The concession sets forth a series of obligations, including payment of concession fees (a fixed fee that the ANI cannot modify, equal to 19.0% of regulated revenues and non-regulated revenues invoiced by the concession holder), obtaining the ANI’s express approval for large construction, renovation or expansion projects, compliance with applicable environmental legislation, refraining from providing air transport services to passengers, payment of dispute resolution costs and expenses, obtaining necessary licenses and permits required for the activities under the concession and any related requirements regarding the administration, commercial exploitation, operation, resources management, adaptation and maintenance of the airports.
The concession agreement sets forth a series of obligations, including payment of concession fees (a fixed fee that the ANI cannot modify, equal to 19.0% of regulated revenues and non-regulated revenues invoiced by the concession holder), obtaining the ANI’s express approval for large construction, renovation or expansion projects, compliance with applicable environmental legislation, refraining from providing air transport services to passengers, payment of dispute resolution costs and expenses, obtaining necessary licenses and permits required for the activities under the concession and any related requirements regarding the administration, commercial exploitation, operation, resources management, adaptation and maintenance of the airports.
These decisions include: ● determining the amount of cash available for distributions and approving any distributions to be made to the members; 55 Table of Contents ● amending in a material way the LMM Lease to operate the LMM Airport, the Airport Use Agreements governing the Signatory Airlines’ use or the LMM Airport financing documents to which Aerostar is a party; ● approving and implementing any incentive compensation, option or similar plan for officers or other employees of Aerostar; ● approving Aerostar’s annual budget or any deviations from the set budgets by more than 5.0%, and the capital expenditure budget, any single capital expenditure in the budget greater than U.S.$2.5 million and any single deviation from the capital expenditure budget in excess of the lesser of 5.0% or U.S.$500,000; ● material borrowings from third parties and material encumbrances; ● affiliate transactions; ● changing Aerostar’s corporate structure, business or business plans; ● settle any material litigation; ● sales of assets having a market value in excess of U.S.$50,000 or U.S.$500,000 in aggregate in any 12-month period; ● the determination of the contents of, and approval of, a final “strategy document” for the company’s capacity enhancement plan; ● making calls for additional capital contributions by the members; ● any transaction to merge or consolidate Aerostar with another Person, any transaction to sell, transfer, assign, convey or otherwise dispose of all or substantially all of the assets or rights of Aerostar or any transaction to purchase all or substantially all of the assets or rights of any Person by Aerostar; ● any proposal to liquidate or dissolve Aerostar or have it file for bankruptcy or initiate similar proceedings; ● raising capital rights issues; and ● commencing any legal proceedings on behalf of Aerostar against a member.
These decisions include: ● determining the amount of cash available for distributions and approving any distributions to be made to the members; 54 Table of Contents ● amending in a material way the LMM Lease to operate the LMM Airport, the Airport Use Agreements governing the Signatory Airlines’ use or the LMM Airport financing documents to which Aerostar is a party; ● approving and implementing any incentive compensation, option or similar plan for officers or other employees of Aerostar; ● approving Aerostar’s annual budget or any deviations from the set budgets by more than 5.0%, and the capital expenditure budget, any single capital expenditure in the budget greater than U.S.$2.5 million and any single deviation from the capital expenditure budget in excess of the lesser of 5.0% or U.S.$500,000; ● material borrowings from third parties and material encumbrances; ● affiliate transactions; ● changing Aerostar’s corporate structure, business or business plans; ● settle any material litigation; ● sales of assets having a market value in excess of U.S.$50,000 or U.S.$500,000 in aggregate in any 12-month period; ● the determination of the contents of, and approval of, a final “strategy document” for the company’s capacity enhancement plan; ● making calls for additional capital contributions by the members; ● any transaction to merge or consolidate Aerostar with another Person, any transaction to sell, transfer, assign, convey or otherwise dispose of all or substantially all of the assets or rights of Aerostar or any transaction to purchase all or substantially all of the assets or rights of any Person by Aerostar; ● any proposal to liquidate or dissolve Aerostar or have it file for bankruptcy or initiate similar proceedings; ● raising capital rights issues; and ● commencing any legal proceedings on behalf of Aerostar against a member.
We believe that the main competitors to our José María Córdova International Airport in Rionegro are Bogotá and Cartagena, as well as other destinations in Latin America, such as Panama City and Lima. ​ 64 Table of Contents MEXICAN REGULATORY FRAMEWORK Applicable Law in Mexico The following are the principal laws, regulations and instruments that govern our business and the operation of our Mexican airports: ● the General Law of Commercial Corporations, enacted August 4, 1934, ● the Mexican Communications Law, enacted February 19, 1940, ● the Federal Labor Law, enacted April 1, 1970, ● the Customs Law, enacted December 15, 1995, ● the Value Added Tax Law, enacted December 29, 1978, ● the Mexican Federal Duties Law, enacted December 31, 1981, ● the Mexican Civil Aviation Law, enacted May 12, 1995, ● the Social Security Law, enacted December 21, 1995, ● the Mexican Airport Law, enacted December 22, 1995, ● the Regulations to the Mexican Civil Aviation Law, enacted December 7, 1998, ● the concessions that entitle our subsidiaries to operate our nine airports, which were granted in 1998 and amended in 1999, ● the Regulations to the Mexican Airport Law, enacted February 17, 2000, ● the Mexican National Assets Law, enacted May 20, 2004, ● the Securities Market Law, enacted December 30, 2005, ● the Income Tax Law, enacted December 11, 2013, and ● the Federal Economic Competition Law, enacted May 23, 2014.
We believe that the main competitors to our José María Córdova International Airport in Rionegro are Bogotá and Cartagena, as well as other destinations in Latin America, such as Panama City and Lima. ​ 63 Table of Contents MEXICAN REGULATORY FRAMEWORK Applicable Law in Mexico The following are the principal laws, regulations and instruments that govern our business and the operation of our Mexican airports: ● the General Law of Commercial Corporations, enacted August 4, 1934, ● the Mexican Communications Law, enacted February 19, 1940, ● the Federal Labor Law, enacted April 1, 1970, ● the Customs Law, enacted December 15, 1995, ● the Value Added Tax Law, enacted December 29, 1978, ● the Mexican Federal Duties Law, enacted December 31, 1981, ● the Mexican Civil Aviation Law, enacted May 12, 1995, ● the Social Security Law, enacted December 21, 1995, ● the Mexican Airport Law, enacted December 22, 1995, ● the Regulations to the Mexican Civil Aviation Law, enacted December 7, 1998, ● the concessions that entitle our subsidiaries to operate our nine airports, which were granted in 1998 and amended in 1999, ● the Regulations to the Mexican Airport Law, enacted February 17, 2000, ● the Mexican National Assets Law, enacted May 20, 2004, ● the Securities Market Law, enacted December 30, 2005, ● the Income Tax Law, enacted December 11, 2013, and ● the Federal Economic Competition Law, enacted May 23, 2014.
Role of the Ministry of Infrastructure, Communications and Transportation The Ministry of Infrastructure, Communications and Transportation is the principal regulator of airports in Mexico and is authorized by the Mexican Airport Law to perform the following functions: ● grant, modify and revoke concessions for the operation of airports, 67 Table of Contents ● establish air transit rules and rules regulating take-off and landing schedules through the Mexican air traffic control authority, ● take all necessary action to create an efficient, competitive and non-discriminatory market for airport-related services, ● approve any transaction or transactions that directly or indirectly may result in a change of control of a concession holder, ● approve the master development plans prepared by each concession holder every five years, ● determine each airport’s maximum rates, ● approve any agreements entered into between a concession holder and a third party providing airport or complementary services at its airport, ● establish safety regulations, ● monitor airport facilities to determine their compliance with the Mexican Airport Law, other applicable laws and the terms of the concessions, and ● impose penalties for failure to observe and perform the rules under the Mexican Airport Law, the Mexican Airport Law regulations and the concessions.
Role of the Ministry of Infrastructure, Communications and Transportation The Ministry of Infrastructure, Communications and Transportation is the principal regulator of airports in Mexico and is authorized by the Mexican Airport Law to perform the following functions: ● grant, modify and revoke concessions for the operation of airports, ● establish air transit rules and rules regulating take-off and landing schedules through the Mexican air traffic control authority, ● take all necessary action to create an efficient, competitive and non-discriminatory market for airport-related services, ● approve any transaction or transactions that directly or indirectly may result in a change of control of a concession holder, ● approve the master development plans prepared by each concession holder every five years, ● determine each airport’s maximum rates, 68 Table of Contents ● approve any agreements entered into between a concession holder and a third party providing airport or complementary services at its airport, ● establish safety regulations, ● monitor airport facilities to determine their compliance with the Mexican Airport Law, other applicable laws and the terms of the concessions, and ● impose penalties for failure to observe and perform the rules under the Mexican Airport Law, the Mexican Airport Law regulations and the concessions.
On September 29, 2021, we prepaid the remaining Ps. 2,000 million balance on the Santander loan and concurrently, through Aeropuerto de Cancún, we obtained a three-year term loan from this bank for a principal amount of Ps.2,650 million maturing on September 28, 2024 at a 28-day TIIE rate plus 150 basis points.
On September 29, 2021, we prepaid the remaining Ps. 2,000.0 million balance on the Santander loan and concurrently, through Aeropuerto de Cancún, we obtained a three-year term loan from this bank for a principal amount of Ps. 2,650.0 million maturing on September 28, 2024 at a 28-day TIIE rate plus 150 basis points.
Additionally, on June 8, 2016, an amendment to the Mexican Airport Law was published and enacted, including additional provisions in connection with the granting of concessions or resolutions to extend the term thereof, and establishing requirements to be carried out by the Ministry of Infrastructure, Communications and Transportation before the Ministry of Finance and Public Credit ( Secretaría de Hacienda y Crédito Público ) in case public funds are used to finance an airport project. 66 Table of Contents On October 26, 2021, the Mexican Congress approved a tax reform amending several provisions under the Mexican Income Tax Law, Value Added Tax Law, Excise Tax Law and the Federal Tax Code, most of which became effective as of January 1, 2022.
Additionally, on June 8, 2016, an amendment to the Mexican Airport Law was published and enacted, including additional provisions in connection with the granting of concessions or resolutions to extend the term thereof, and establishing requirements to be carried out by the Ministry of Infrastructure, Communications and Transportation before the Ministry of Finance and Public Credit ( Secretaría de Hacienda y Crédito Público ) in case public funds are used to finance an airport project. 65 Table of Contents On October 26, 2021, the Mexican Congress approved a tax reform amending several provisions under the Mexican Income Tax Law, Value Added Tax Law, Excise Tax Law and the Federal Tax Code, most of which became effective as of January 1, 2022.
The remaining balance on the BBVA loan was repaid on October 13, 2021, and on October 18, 2021, we, Aeropuerto de Cancún, entered into a seven-year loan agreement with BBVA for a principal amount of Ps. 2,000 maturing October 2028, with an annual TIIE rate plus an applicable margin.
The remaining balance on the BBVA loan was repaid on October 13, 2021, and on October 18, 2021, we, Aeropuerto de Cancún, entered into a seven-year loan agreement with BBVA for a principal amount of Ps. 2,000.0 maturing October 2028, with an annual TIIE rate plus an applicable margin.
The Sustainability Report covers our and our subsidiaries’ operations from January 1, 2022 to December 31, 2022, with a particular focus on human rights, working conditions, environment and anticorruption matters. In 2022, we established a Sustainability Committee that reports to our Board of Directors, in line with our 2021 Sustainability Report.
The Sustainability Report covers our and our subsidiaries’ operations from January 1, 2023 to December 31, 2023, with a particular focus on human rights, working conditions, environment and anticorruption matters. In 2022, we established a Sustainability Committee that reports to our Board of Directors, in line with our 2021 Sustainability Report.
The COVID-19 outbreak began in December 2019 and caused a significant reduction in passenger traffic at our Colombian airports starting in March 2020. During the second, third and fourth quarters of 2019, our passanger traffic in Colombia decreased 83.4% relative to the same period in 2019.
The COVID-19 outbreak began in December 2019 and caused a significant reduction in passenger traffic at our Colombian airports starting in March 2020. During the second, third and fourth quarters of 2020, our passenger traffic in Colombia decreased 83.4% relative to the same period in 2019.
The ANI is authorized by Decree 4165 of 2011 to perform the following functions, among others: ● identify, evaluate and propose concession initiatives or other forms of public services; ● plan the procurement and execution of concession projects or other forms of public-private partnership for the design, construction, maintenance, operation, administration and/or exploitation of public infrastructure and related services identified by the Colombian government; ● define procedures for the stages of concession projects, including the planning, pre-awarding, awarding and evaluation of concession projects or other forms of public-private partnership; ● coordinate studies and surveys to define and collect information related to concession projects and other forms of public-private partnership, including studies related to tariffs, valuation and environmental matters; ● supervise the technical, legal and financial structuring of concession projects or other forms of public-private partnership in accordance with the policies established by national transportation and economic authorities; ● coordinate and manage development processes related to concession projects and other forms of public-private partnerships, including the procurement of licenses and permits and the negotiation and acquisition of properties; ● assess and monitor the concession projects and other forms of public-private partnership, as well as propose and implement measures related to risk management and mitigation; ● verify concession holders’ compliance with obligations set forth in concession agreements and in policies and guidelines from the relevant authorities; and ​ · coordinate with national authorities such as the National Institute of Roads and Aerocivil with respect to transportation structure of concession projects or other forms of public-private partnership.
In particular, the ANI is authorized by Decree 4165 of 2011 to perform the following functions, among others: ● identify, evaluate and propose concession initiatives or other forms of public services; ● plan the procurement and execution of concession projects or other forms of public-private partnership for the design, construction, maintenance, operation, administration and/or exploitation of public infrastructure and related services identified by the Colombian government; ● define procedures for the stages of concession projects, including the planning, pre-awarding, awarding and evaluation of concession projects or other forms of public-private partnership; ● coordinate studies and surveys to define and collect information related to concession projects and other forms of public-private partnership, including studies related to tariffs, valuation and environmental matters; ● supervise the technical, legal and financial structuring of concession projects or other forms of public-private partnership in accordance with the policies established by national transportation and economic authorities; ● coordinate and manage development processes related to concession projects and other forms of public-private partnerships, including the procurement of licenses and permits and the negotiation and acquisition of properties; ● assess and monitor the concession projects and other forms of public-private partnership, as well as propose and implement measures related to risk management and mitigation; ● verify concession holders’ compliance with obligations set forth in concession agreements and in policies and guidelines from the relevant authorities; and 91 Table of Contents ● coordinate with national authorities such as the National Institute of Roads and Aerocivil with respect to transportation structure of concession projects or other forms of public-private partnership.
Information on the Company—Business Overview—Principal Air Traffic customers of our Mexican Airports—Competition.” Additionally, under the Mexican Airport Law for the granting of a concession title or the resolution to extend the term thereof, the Ministry of Infrastructure, Communications and Transportation shall file before the Ministry of Finance and Public Credit the following: ● a favorable opinion regarding the economic profitability of the corresponding project, ● the registry of the programs portfolio and investment projects, in terms of the Federal Law on Budget and Treasury Responsibility ( Ley Federal de Presupuesto y Responsabilidad Hacendaria ), in case public funds are used to finance an airport project, and 79 Table of Contents ● the assessment of the considerations that the concession holder shall pay to the federal government in terms of applicable law.
Information on the Company—Business Overview—Principal Air Traffic customers of our Mexican Airports—Competition.” Additionally, under the Mexican Airport Law for the granting of a concession title or the resolution to extend the term thereof, the Ministry of Infrastructure, Communications and Transportation shall file before the Ministry of Finance and Public Credit the following: ● a favorable opinion regarding the economic profitability of the corresponding project, ● the registry of the programs portfolio and investment projects, in terms of the Federal Law on Budget and Treasury Responsibility ( Ley Federal de Presupuesto y Responsabilidad Hacendaria ), in case public funds are used to finance an airport project, and ● the assessment of the considerations that the concession holder shall pay to the federal government in terms of applicable law.
The terminal building was expanded from 5,463 square meters (approximately 58.7 thousand square feet) to 9,584 square meters (approximately 103.2 thousand square feet), representing an increase of 77.0%. There are currently 24 commercial spaces operating at Villahermosa Airport. The airport has one runway with a length of 2,200 meters (1.4 miles), which was repaired in 2010.
The terminal building was expanded from 5,463 square meters (approximately 58.7 thousand square feet) to 9,584 square meters (approximately 103.2 thousand square feet), representing an increase of 77.0%. There are currently 22 commercial spaces operating at Villahermosa Airport. The airport has one runway with a length of 2,200 meters (1.4 miles), which was repaired in 2010.
As of December 31, 2022, most of these initial capital projects have been completed, and those still in process are included in the short to medium term investment plan schedule. In addition, Aerostar must perform any capital project that is required in order to comply with any applicable law or airport certification requirement.
As of December 31, 2023, most of these initial capital projects have been completed, and those still in process are included in the short to medium term investment plan schedule. In addition, Aerostar must perform any capital project that is required in order to comply with any applicable law or airport certification requirement.
Within Mexico, the southeast region (where our airports are located) is a principal tourist destination due to its beaches and cultural and archeological sites, which are served by numerous hotels and resorts. Cancún and its surroundings were the most frequently visited international tourism destination in Mexico in 2022, according to the Mexican Ministry of Tourism.
Within Mexico, the southeast region (where our airports are located) is a principal tourist destination due to its beaches and cultural and archeological sites, which are served by numerous hotels and resorts. Cancún and its surroundings were the most frequently visited international tourism destination in Mexico in 2023, according to the Mexican Ministry of Tourism.
Upon termination of the concession, all real estate and fixtures in our Colombian airports will revert to the Colombian government. 96 Table of Contents Our corporate headquarters are located in Mexico City, with a lease area of 742.64 square meters. We also rent two warehouses totaling 128 square meters located in Mexico City for storage.
Upon termination of the concession, all real estate and fixtures in our Colombian airports will revert to the Colombian government. 99 Table of Contents Our corporate headquarters are located in Mexico City, with a lease area of 742.64 square meters. We also rent two warehouses totaling 128 square meters located in Mexico City for storage.
Aerocivil is authorized by Law 105 of 1993 and Decree 260 of 2004 to perform the following functions, among others: ● oversee and regulate air transport and air navigation in Colombia; ● collaborate with the Ministry of Transportation and other authorities to define policies, guidelines and general plans for civil aeronautics and air transport for the greater development of Colombia; ● monitor and review compliance with national and international policies regarding civil aviation and air transportation; ● promote and implement strategies to advance the development of services in the airport sector; ● evaluate compliance with aeronautical and air transport regulations at private airports or airports under concession; ● promote regional participation and mixed schemes in airport administration; ● establish and enforce fees and tariffs for the provision of aeronautical and airport services or those generated by concessions, authorizations, licenses or any other type of income or asset; and ● organize and operate aeronautical telecommunications.
Aerocivil is authorized by Law 105 of 1993 and Decree 1294 of 2021 to perform the following functions, among others: ● oversee and regulate air transport and air navigation in Colombia; ● collaborate with the Ministry of Transportation and other authorities to define policies, guidelines and general plans for civil aeronautics and air transport for the greater development of Colombia; ● monitor and review compliance with national and international policies regarding civil aviation and air transportation; ● promote and implement strategies to advance the development of services in the airport sector; ● evaluate compliance with aeronautical and air transport regulations at private airports or airports under concession; ● promote regional participation and mixed schemes in airport administration; ● establish and enforce fees and tariffs for the provision of aeronautical and airport services or those generated by concessions, authorizations, licenses or any other type of income or asset; and ● organize and operate aeronautical telecommunications.
Our Mexican concessions provide that each airport’s maximum rate may be adjusted annually to take account of projected improvements in efficiency.
(2) Our Mexican concessions provide that each airport’s maximum rate may be adjusted annually to take account of projected improvements in efficiency.
These spaces may be operated by third parties. José María Córdova International Airport currently has one runway, with a length of 3,440 meters (2.1 miles). José María Córdova International Airport was built in 1985 and currently has two terminals (passenger and cargo terminals). There are currently 311 businesses operating in José María Córdova International Airport.
These spaces may be operated by third parties. José María Córdova International Airport currently has one runway, with a length of 3,440 meters (2.1 miles). José María Córdova International Airport was built in 1985 and currently has two terminals (passenger and cargo terminals). There are currently 353 businesses operating in José María Córdova International Airport.
The FAA’s primary responsibilities include: ● regulating U.S. commercial air space transportation; ● regulating air navigation facilities’ and flight inspection standards; ● encouraging and developing civil aeronautics, including new aviation technology; ● issuing, suspending, or revoking pilot certificates; ● regulating civil aviation to promote safety, especially through local offices called Flight Standards District Offices; ● developing and operating a system of air traffic control and navigation for both civil and military aircraft; ● researching and developing the National Airspace System and civil aeronautics; and 83 Table of Contents ● developing and carrying out programs to control aircraft noise and other environmental effects of civil aviation.
The FAA’s primary responsibilities include: ● regulating U.S. commercial air space transportation; ● regulating air navigation facilities’ and flight inspection standards; ● encouraging and developing civil aeronautics, including new aviation technology; ● issuing, suspending, or revoking pilot certificates; ● regulating civil aviation to promote safety, especially through local offices called Flight Standards District Offices; ● developing and operating a system of air traffic control and navigation for both civil and military aircraft; ● researching and developing the National Airspace System and civil aeronautics; and ● developing and carrying out programs to control aircraft noise and other environmental effects of civil aviation.
The airport has one main commercial terminal with six boarding positions and a total area of 12,071 square meters (approximately 129.93 thousand square feet). The airport also has a general aviation building for small private aircraft. There are currently 37 commercial spaces operating at Cozumel Airport.
The airport has one main commercial terminal with six boarding positions and a total area of 12,071 square meters (approximately 129.93 thousand square feet). The airport also has a general aviation building for small private aircraft. There are currently 30 commercial spaces operating at Cozumel Airport.
The airport is located in Rionegro, approximately 30 minutes from Medellín. Medellín has a population of approximately 2.6 million as of December 31, 2022, and is situated in a valley in the mountainous Antioquia department. The city is an urban center that is home to various businesses, museums, universities and parks.
The airport is located in Rionegro, approximately 30 minutes from Medellín. Medellín has a population of approximately 2.6 million as of December 31, 2023, and is situated in a valley in the mountainous Antioquia department. The city is an urban center that is home to various businesses, museums, universities and parks.
These spaces may be operated by third parties. The airport has one runway, with a length of 1,800 meters (1.1 miles). Enrique Olaya Herrera Airport was built in 1932. There are currently 163 businesses operating at Enrique Olaya Herrera Airport. Los Garzones Airport Los Garzones Airport serves the city of Montería, Colombia.
These spaces may be operated by third parties. The airport has one runway, with a length of 1,800 meters (1.1 miles). Enrique Olaya Herrera Airport was built in 1932. There are currently 176 businesses operating at Enrique Olaya Herrera Airport. Los Garzones Airport Los Garzones Airport serves the city of Montería, Colombia.
The Mexican Airport Law’s stated intent is to promote the expansion, development and modernization of Mexico’s airport infrastructure by encouraging investment and competition. ​ 65 Table of Contents Under the Mexican Airport Law, a concession granted by the Ministry of Infrastructure, Communications and Transportation is required to construct, operate, maintain or develop a public service airport in Mexico.
The Mexican Airport Law’s stated intent is to promote the expansion, development and modernization of Mexico’s airport infrastructure by encouraging investment and competition. ​ 64 Table of Contents Under the Mexican Airport Law, a concession granted by the Ministry of Infrastructure, Communications and Transportation is required to construct, operate, maintain or develop a public service airport in Mexico.
(5) As of December 31, 2022, Aeropuerto de Cancún, S.A. de C.V., has a 14.2% equity participation in this airport. (6) As of December 31, 2022, Aeropuerto de Cancún, S.A. de C.V, has a 60.0% equity participation in this entity. On June 1, 2017, we began to consolidate Aerostar results into our financial statements.
(5) As of December 31, 2023, Aeropuerto de Cancún, S.A. de C.V., has a 14.2% equity participation in this airport. (6) As of December 31, 2023, Aeropuerto de Cancún, S.A. de C.V, has a 60.0% equity participation in this entity. On June 1, 2017, we began to consolidate Aerostar results into our financial statements.
From time to time, including in 2022, we have offered discounts on passenger charges at certain of our airports. 39 Table of Contents Aircraft Landing and Parking Charges, Passenger Walkway Charges and Airport Security Charges At our Mexican airports, we collect various charges from carriers for the use of our facilities by their aircraft and passengers.
From time to time, including in 2023, we have offered discounts on passenger charges at certain of our airports. 39 Table of Contents Aircraft Landing and Parking Charges, Passenger Walkway Charges and Airport Security Charges At our Mexican airports, we collect various charges from carriers for the use of our facilities by their aircraft and passengers.
In addition, special collapsible jetways were built to protect passengers during boarding and disembarking, along with a new international baggage claim facility and bigger, newer offices and facilities for federal authorities. There are currently 27 commercial spaces operating at Veracruz Airport.
In addition, special collapsible jetways were built to protect passengers during boarding and disembarking, along with a new international baggage claim facility and bigger, newer offices and facilities for federal authorities. There are currently 26 commercial spaces operating at Veracruz Airport.
We intend to continue operating Aerostar and the LMM Airport in a manner substantially consistent with prior operations. 54 Table of Contents Concurrently with the closing of these transactions, ASUR (through Aeropuerto de Cancún), Aerostar and PSP Investments agreed to amend and revise the Operating Agreement for Aerostar.
We intend to continue operating Aerostar and the LMM Airport in a manner substantially consistent with prior operations. 53 Table of Contents Concurrently with the closing of these transactions, ASUR (through Aeropuerto de Cancún), Aerostar and PSP Investments agreed to amend and revise the Operating Agreement for Aerostar.
The airport’s most important points of origin and destination are Mexico City, Monterrey, Dallas, Houston and Guadalajara. Due to the airport’s significant number of passengers from the United States, its traffic volume and results of operations are substantially dependent on economic conditions in the United States. See “Item 3.
The airport’s most important points of origin and destination are Mexico City, Monterrey, Dallas, Houston and Toronto. Due to the airport’s significant number of passengers from the United States, its traffic volume and results of operations are substantially dependent on economic conditions in the United States. See “Item 3.
A code share arrangement means that airlines that do not fly their own aircraft into our airports arrange to share the passenger space in another airline’s aircraft, with both airlines booking passengers through the same code. Volaris is the Mexican airline that operates the most flights at our Mexican airports.
A code share arrangement means that airlines that do not fly their own aircraft into our airports arrange to share the passenger space in another airline’s aircraft, with both airlines booking passengers through the same code. VivaAerobus is the Mexican airline that operates the most flights at our Mexican airports.
These spaces may be operated by third parties. The airport has one runway, with a length of 1,964 meters (1.2 miles). Antonio Roldán Betancourt Airport was built in 1989. There are currently 26 businesses operating at Antonio Roldán Betancourt Airport.
These spaces may be operated by third parties. The airport has one runway, with a length of 1,964 meters (1.2 miles). Antonio Roldán Betancourt Airport was built in 1989. There are currently 25 businesses operating at Antonio Roldán Betancourt Airport.
As of December 31, 2021 and 2022, the consolidated leverage ratio calculated under this agreement was 3.00:1.00 and 1.20:1.00, respectively. Failure to comply with these covenants would have restricted our ability to pay dividends to our shareholders.
As of December 31, 2021, 2022 and 2023, the consolidated leverage ratio calculated under this agreement was 3.00:1.00, 1.20:1.00 and 1.2:1.00, respectively. Failure to comply with these covenants would have restricted our ability to pay dividends to our shareholders.
Fines for non-compliance with the Labor Subcontracting Reform may amount up to Ps.5.1 million. There can be no assurances that these changes will not affect our business, results of operations and financial condition.
Fines for non-compliance with the Labor Subcontracting Reform may amount up to Ps. 5.4 million. There can be no assurances that these changes will not affect our business, results of operations and financial condition.
As a result of this transaction, ITA currently holds 22,950,000 Series BB shares representing 7.65% of our total outstanding capital stock. See “Item 7. Major Shareholders and Related Party Transactions—Major Shareholders—Capital Stock Structure.” 34 Table of Contents On October 13, 2010, Copenhagen Airports consummated the sale of its 49.0% stake in ITA to Mr. Fernando Chico Pardo.
As a result of this transaction, ITA currently holds 22,950,000 Series BB shares representing 7.65% of our total outstanding capital stock. See “Item 7. Major Shareholders and Related Party Transactions—Major Shareholders—Capital Stock Structure.” On October 13, 2010, Copenhagen Airports consummated the sale of its 49.0% stake in ITA to Mr. Fernando Chico Pardo. As a result of this transaction, Mr.
(7) As of December 31, 2022, Aeropuerto de Cancún, S.A. de C.V., has a 100% equity participation in this group. On October 19, 2017, we began to consolidate Airplan results into our financial statements.
(7) As of December 31, 2023, Aeropuerto de Cancún, S.A. de C.V., has a 100% equity participation in this group. On October 19, 2017, we began to consolidate Airplan results into our financial statements.
Within Latin America and the Caribbean, Mexico ranked first in 2020, 2021, and 2022 in terms of number of foreign visitors and income from tourism, according to the World Tourism Organization. The tourism industry is one of the largest generators of foreign exchange in the Mexican economy.
Within Latin America and the Caribbean, Mexico ranked first in 2021, 2022 and 2023 in terms of number of foreign visitors and income from tourism, according to the World Tourism Organization. The tourism industry is one of the largest generators of foreign exchange in the Mexican economy.
The airport has one perpendicular runway with a length of 2,400 meters (1.5 miles). The airport has one main commercial terminal. The airport also has a general aviation building for small private aircraft with 10 positions and seven additional positions for helicopters.
The airport has one perpendicular runway with a length of 2,400 meters (1.5 miles). The airport has one main commercial terminal. The airport also has a general aviation building for small private aircraft with 20 positions and seven additional positions for helicopters.
(7) 100 % Colombia Servicios Aeroportuarios del Sureste, S.A. de C.V. 100 % Mexico RH Asur, S.A. de C.V. 100 % Mexico (1) As of December 31, 2022, Aeropuerto de Cancún, S.A. de C.V., has an 18.1% equity participation in this airport.
(7) 100 % Colombia Servicios Aeroportuarios del Sureste, S.A. de C.V. 100 % Mexico RH Asur, S.A. de C.V. 100 % Mexico (1) As of December 31, 2023, Aeropuerto de Cancún, S.A. de C.V., has an 18.1% equity participation in this airport.
On December 27, 2022, a decree amending articles 76 and 78 of the Federal Labor Law regarding vacations was published in the Mexican Federal Official Gazette ( Diario Oficial de la Federación ) ("Mexican Official Gazette").
On December 27, 2022, a decree amending articles 76 and 78 of the Federal Labor Law regarding vacations was published in the Mexican Federal Official Gazette ( Diario Oficial de la Federación ) (“Mexican Official Gazette”).
Directors, Senior Management and Employees—Committees.” 33 Table of Contents Under our bylaws and the technical assistance agreement, ITA has the right to elect two members of our Board of Directors (which currently consists of eleven members) and their alternates, and to present the Board of Directors the name or names of the candidates for appointment as our chief executive officer, to remove our chief executive officer and to appoint and remove half of our executive officers.
Directors, Senior Management and Employees—Committees.” Under our bylaws and the technical assistance agreement, ITA has the right to elect two members of our Board of Directors (which currently consists of eleven members) and their alternates, and to present the Board of Directors the name or names of the candidates for appointment as our chief executive officer, to remove our chief executive officer and to appoint and remove half of our executive officers.
As of April [-], 2023, the three appeals filed by GDS have been resolved in favor of Mérida Airport, and one amparo is still under review by the Federal Civil and Administrative Court in Merida.
As of April, 2024, the three appeals filed by GDS have been resolved in favor of Mérida Airport, and one amparo is still under review by the Federal Civil and Administrative Court in Merida.
In the short and medium terms (2023-2026), our main sustainability objectives are to work towards emissions reductions and energy efficiency through both on-site and off-site generation of solar power, adopt measures to supplement our water consumption with systems to capture and use rainwater, promote diversity in our workforce and on the company’s Board, aim to achieve equitable pay, and create succession plans for our independent Board members and key executives.
In the short and medium terms (2024-2027), our main sustainability objectives are to work towards emissions reductions and energy efficiency through both on-site and off-site generation of solar power, adopt measures to supplement our water consumption with systems to capture and use rainwater, promote diversity in our workforce and on the company’s Board, aim to achieve equitable pay, and create succession plans for our independent Board members and key executives.
Along with the second runway, we also built a new control tower at Cancún Airport in 2009. In April 2006, we obtained a license to develop cargo facilities at Cancún Airport, which are currently being operated by our subsidiary Caribbean Logistics, S.A. de C.V.
Along with the second runway, we also built a new control tower at Cancún Airport in 2009. In April 2006, we obtained a license to develop cargo facilities at Cancún Airport, which are currently being operated by our subsidiary Caribbean Logistics, S.A. de C.V. (previously Asur Carga, S.A. de C.V.).
Airplan is also obligated to coordinate with Aerocivil and other security authorities, including the national police, to adopt procedures and measures aimed at guaranteeing the safety of the facilities and of airport users. 58 Table of Contents Fuel Fuel access for our Colombian airports and related vehicles and aircrafts is governed by the concession agreement.
Airplan is also obligated to coordinate with Aerocivil and other security authorities, including the national police, to adopt procedures and measures aimed at guaranteeing the safety of the facilities and of airport users. Fuel Fuel access for our Colombian airports and related vehicles and aircrafts is governed by the concession agreement.
Commercial services involve services that are not considered essential to the operation of an airport or aircraft, and include: —the leasing of space to retailers, restaurants and banks and —advertising. Third parties rendering airport, complementary or commercial services are required to do so pursuant to a written agreement with the relevant concession holder.
Commercial services involve services that are not considered essential to the operation of an airport or aircraft, and include: —the leasing of space to retailers, restaurants and banks and —advertising. 70 Table of Contents Third parties rendering airport, complementary or commercial services are required to do so pursuant to a written agreement with the relevant concession holder.
(2) As of December 31, 2022, Aeropuerto de Cancún, S.A. de C.V., has a 18.4% equity participation in this airport. (3) As of December 31. 2022, Aeropuerto de Cancún, S.A. de C.V., has a 30.0% equity participation in this airport. (4) As of December 31. 2022, Aeropuerto de Cancún, S.A. de C.V., has a 8.7% equity participation in this airport.
(2) As of December 31, 2023, Aeropuerto de Cancún, S.A. de C.V., has a 18.4% equity participation in this airport. (3) As of December 31. 2023, Aeropuerto de Cancún, S.A. de C.V., has a 30.0% equity participation in this airport. (4) As of December 31. 2023, Aeropuerto de Cancún, S.A. de C.V., has a 8.7% equity participation in this airport.
The following table sets forth our principal air traffic customers at LMM airport based on the percentage of Puerto Rico regulated revenues they represented for the year ended December 31, 2022. 53 Table of Contents Principal Air Traffic Customers of LMM Airport ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ASUR Puerto Rico Revenues ​ ​ Year ended December 31, ​ 2020 2021 2022 Customer ​ JetBlue Airways 24 % 27 % 24 % American Airlines 11 % 13 % 12 % Spirit Airlines 11 % 10 % 11 % Frontier Airlines ​ 5 % 6 % 10 % Southwest Airlines 8 % 9 % 8 % United Airlines 6 % 8 % 7 % Delta Air Lines Inc. ​ 6 % 7 % 6 % Fedex 4 % 2 % 3 % United Parcel Services 3 % 2 % 2 % Amerijet ​ 2 % 2 % 2 % Iberia ​ 1 % 1 % 2 % Other 19 % 13 % 13 % Total 100 % 100 % 100 % ​ On September 20, 2017, Hurricane Maria struck Puerto Rico, causing extensive damage to the hotel and tourist infrastructure on the island, which led to sharply reduced air passenger traffic at LMM Airport, especially during the third and fourth quarters of 2017.
The following table sets forth our principal air traffic customers at LMM airport based on the percentage of Puerto Rico regulated revenues they represented for the year ended December 31, 2023. 52 Table of Contents Principal Air Traffic Customers of LMM Airport ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ASUR Puerto Rico Revenues ​ ​ Year ended December 31, ​ 2021 2022 2023 Customer ​ JetBlue Airways 27 % 24 % 24 % American Airlines 13 % 12 % 9 % Spirit Airlines 10 % 11 % 12 % Frontier Airlines ​ 6 % 10 % 12 % Southwest Airlines 9 % 8 % 7 % United Airlines 8 % 7 % 7 % Delta Air Lines Inc. ​ 7 % 6 % 8 % Fedex 2 % 3 % 2 % United Parcel Services 2 % 2 % 2 % Amerijet ​ 2 % 2 % 2 % Iberia ​ 1 % 2 % 2 % Other 13 % 13 % 13 % Total 100 % 100 % 100 % ​ On September 20, 2017, Hurricane Maria struck Puerto Rico, causing extensive damage to the hotel and tourist infrastructure on the island, which led to sharply reduced air passenger traffic at LMM Airport, especially during the third and fourth quarters of 2017.
At the request of the Transportation Security Administration of the United States, the General Office of Civil Aviation issued directives in October 2001 establishing new rules and procedures to be adopted at our airports. Under these directives, these rules and procedures were to be implemented immediately and for an indefinite period of time.
At the request of the Transportation Security Administration of the United States, the former General Office of Civil Aviation (currently the AFAC) issued directives in October 2001 establishing new rules and procedures to be adopted at our airports. Under these directives, these rules and procedures were to be implemented immediately and for an indefinite period of time.
See “Item. 4 Information on the Company - Mexican Regulatory Framework - Master Development Plans.” Ownership Commitments and Restrictions The Mexican concessions require us to retain a 51.0% direct ownership interest in each of our nine concession holders throughout the term of these concessions.
See “Item. 4 Information on the Company — Mexican Regulatory Framework — Master Development Plans.” 76 Table of Contents Ownership Commitments and Restrictions The Mexican concessions require us to retain a 51.0% direct ownership interest in each of our nine concession holders throughout the term of these concessions.
In extreme cases, the FAA has the power to revoke the airport’s certificate or limit the areas of an airport where air carriers can land or takeoff. Airport Security Program Each airport operator must have an Airport Security Program approved by the TSA and is subject to regulation by the TSA.
In extreme cases, the FAA has the power to revoke the airport’s certificate or limit the areas of an airport where air carriers can land or takeoff. 83 Table of Contents Airport Security Program Each airport operator must have an Airport Security Program approved by the TSA and is subject to regulation by the TSA.
These spaces may be operated by third parties. The airport has one runway, with a length of 2,298 meters (1.4 miles). Los Garzones Airport was built in 1974. There are currently 56 businesses operating at Los Garzones Airport. 61 Table of Contents Antonio Roldán Betancourt Airport Antonio Roldán Betancourt Airport serves the city of Carepa, Colombia.
These spaces may be operated by third parties. The airport has one runway, with a length of 2,298 meters (1.4 miles). Los Garzones Airport was built in 1974. There are currently 59 businesses operating at Los Garzones Airport. 60 Table of Contents Antonio Roldán Betancourt Airport Antonio Roldán Betancourt Airport serves the city of Carepa, Colombia.
In addition, Medellín hosts an annual flower festival that attracts visitors. The airport’s most significant points of origin and destination are Bogotá, Cartagena, Santa Marta, Cali, Panama City, San Andrés, and Miami, among others.
In addition, Medellín hosts an annual flower festival that attracts visitors. The airport’s most significant points of origin and destination are Bogotá, Cartagena, Cali, Panama City, Santa Marta and Miami, among others.
The reform to the Federal Labor Law allows employees to have a minimum vacation period of 12 days as from the first year of service, which will increase by 2 working days until reaching 20 days for each year of service. Vacation days will subsequently increase according to the seniority of the employees.
The reform to the Federal Labor Law allows employees to have a minimum vacation period of 12 days as from the first year of service, which will increase by 2 working days until reaching 20 days for each year of service.
These spaces may be operated by third parties. The airport has one runway, with a length of 1,800 meters (1.1 miles). El Caraño Airport was built in 1957. There are currently 36 businesses operating at El Caraño Airport. 62 Table of Contents Las Brujas Airport Las Brujas Airport serves the city of Corozal, Colombia.
These spaces may be operated by third parties. The airport has one runway, with a length of 1,800 meters (1.1 miles). El Caraño Airport was built in 1957. There are currently 98 businesses operating at El Caraño Airport. 61 Table of Contents Las Brujas Airport Las Brujas Airport serves the city of Corozal, Colombia.
In December 2017, an area of 78,000 square meters was judicially delivered to us, and in May 2018, we recovered full possession of the building leased to customs agents. However, despite two judgments in our favor, as of April 8, 2022, the return of 14,000 square meters currently in the possession of GDS remains pending.
In December 2017, an area of 78,000 square meters was judicially delivered to us, and in May 2018, we recovered full possession of the building leased to customs agents. However, despite two judgments in our favor, as of April 15, 2024, the return of 14,000 square meters currently in the possession of GDS remains pending.
In addition, third-party service providers of non-aeronautical services are required to obtain a favorable opinion from the Mexican Ministry of Energy ( Secretaría de Energía ), the Mexican Ministry of Infrastructure, Communications and Transportation ( Secretaría de Infraestructura, Comunicaciones y Transportes ) and the office of Mexico’s attorney general in order to be able to acquire such fuel.
In addition, third-party service providers of non-aeronautical services are required to obtain a favorable opinion from the Mexican Ministry of Energy ( Secretaría de Energía ), the Mexican Ministry of Infrastructure, Communications and Transportation ( Secretaría de Infraestructura, Comunicaciones y Transportes ) in order to be able to acquire such fuel.
As of April 17, 2023, one third-party service provider is currently selling fuel at our Mexican airports. ​ Construction Services Revenue Under IFRS, an operator of a service concession that is required to make capital improvements to concessioned assets, such as us, is deemed to provide construction or upgrade services.
As of April 15, 2024, one third-party service provider is currently selling fuel at our Mexican airports. ​ Construction Services Revenue Under IFRS, an operator of a service concession that is required to make capital improvements to concessioned assets, such as us, is deemed to provide construction or upgrade services.
Oil exploration is the principal business activity in the Villahermosa area, and most of the airport’s passengers are businesspeople working in the oil industry. During 2022, the airport served approximately 1.2 million passengers, substantially all of which arrived on domestic flights. The airport’s most important points of origin and destination are Mexico City and Monterrey.
Oil exploration is the principal business activity in the Villahermosa area, and most of the airport’s passengers are businesspeople working in the oil industry. During 2023, the airport served approximately 1.4 million passengers, substantially all of which arrived on domestic flights. The airport’s most important points of origin and destination are Mexico City and Monterrey.
(LATAM) 7.5 % 8.9 % 8.7 % American Airlines Inc. 6.9 % 12.2 % 9.7 % Empresa Aérea de Servicios y Facilitación Logística Integral (EASYFLY) 5.3 % 4.2 % 3.2 % Spirit Airlines Inc. 6.7 % 7.1 % 7.2 % Satena 2.8 % 2.2 % 1.3 % Jet Blue Airways Corporation 2.4 % 3.0 % 1.8 % Others 18.6 % 15.7 % 11.6 % ​ 100.0 % 100.0 % 100.00 % 63 Table of Contents (1) TACA’s routes were absorbed by Avianca on February 21, 2019.
(LATAM) 8.9 % 8.7 % 9.2 % American Airlines Inc. 12.2 % 9.7 % 5.7 % Empresa Aérea de Servicios y Facilitación Logística Integral (EASYFLY) 4.2 % 3.2 % 3.1 % Spirit Airlines Inc. 7.1 % 7.2 % 6.1 % Satena 2.2 % 1.3 % 1.4 % Jet Blue Airways Corporation 3.0 % 1.8 % 2.1 % Others 15.7 % 11.6 % 15.4 % ​ 100.0 % 100.0 % 100.00 % (1) TACA’s routes were absorbed by Avianca on February 21, 2019.
We own a controlling interest in Airplan. Airplan has concessions to operate the following airports in Colombia: the Enrique Olaya Herrera Airport in Medellín, the José María Córdova International Airport in Rionegro, 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.
Airplan has concessions to operate the following airports in Colombia: the Enrique Olaya Herrera Airport in Medellín, the José María Córdova International Airport in Rionegro, 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.
Our most important tenants in terms of occupied space and revenue in 2022 were Dufry México and Controladora Mera and its affiliates.
Our most important tenants in terms of occupied space and revenue in 2023 were Dufry México and Controladora Mera and its affiliates.
The airport’s primary point of origin and destination is Mexico City. In 2022, approximately 3.08 million passengers traveled through Mérida Airport. Mérida Airport attracts a mix of both business travelers and tourists. The city of Mérida is an established urban area with numerous small and medium-sized businesses.
The airport’s primary point of origin and destination is Mexico City. In 2023, approximately 3.7 million passengers traveled through Mérida Airport. Mérida Airport attracts a mix of both business travelers and tourists. The city of Mérida is an established urban area with numerous small and medium-sized businesses.
In 2022, the airport served approximately 1.3 million passengers. Because the airport’s passengers are primarily Mexican business people, its passenger volume and results of operations are dependent on Mexican economic conditions. The airport’s most important points of origin and destination are Mexico City, Cancún, Monterrey and Guadalajara.
In 2023, the airport served approximately 1.7 million passengers. Because the airport’s passengers are primarily Mexican business people, its passenger volume and results of operations are dependent on Mexican economic conditions. The airport’s most important points of origin and destination are Mexico City, Monterrey, Guadalajara and Cancún.
Since 2003, the fixed dollar amount is U.S.$2.0 million before the annual adjustment for inflation (measured by the United States consumer price index) as from the first anniversary of the technical assistance agreement. In 2022, the fixed amount was U.S.$3.6 million.
Since 2003, the fixed dollar amount is U.S.$2.0 million before the annual adjustment for inflation (measured by the United States consumer price index) as from the first anniversary of the technical assistance agreement. In 2023, the fixed amount was U.S.$3.7 million.
On April 17, 2023, we published our Sustainability Report for the year 2022 (the “Sustainability Report”). The purpose of this report is to describe the measures we implemented towards achieving our environmental, social and governance goals, and to set new strategic objectives to the benefit of the company and our stakeholders.
On April 15, 2024, we published our Sustainability Report for the year 2023 (the “Sustainability Report”). The purpose of this report is to describe the measures we implemented towards achieving our environmental, social and governance goals, and to set new strategic objectives to the benefit of the company and our stakeholders.
Information on the Company—Business Overview—Our Mexican Airports.” The United States currently is a significant source of passenger traffic volume in our Mexican airports. In 2020, 2021 and 2022 international passengers represented 44.1%, 48.3% and 52.7% respectively, of the total passenger traffic volume in our Mexican airports.
Information on the Company—Business Overview—Our Mexican Airports.” The United States currently is a significant source of passenger traffic volume in our Mexican airports. In 2021, 2022 and 2023 international passengers represented 48.3%, 52.7% and 51.1% respectively, of the total passenger traffic volume in our Mexican airports.
In response to increased passenger numbers and with the aim of maintaining service standards, the surface area of the terminal building was expanded by 174% to over 17,500 square meters, with the installation of three new boarding gates with passenger boarding bridges, for a total of 9 gates.
In response to increased passenger numbers and with the aim of maintaining service standards, the surface area of the terminal building was expanded by 174% to over 17,500 square meters, with the installation of four new boarding gates with passenger boarding bridges, for a total of 12 gates.
By air, Cancún is approximately one and a half to five hours from most major cities in the United States and 10 to 13 hours from most major European cities. Cancún is located near beaches, coral reefs, ecological parks and Mayan archeological sites.
By air, Cancún is approximately one and a half to five hours from most major cities in the United States and 10 to 13 hours from most major European cities. 45 Table of Contents Cancún is located near beaches, coral reefs, ecological parks and Mayan archeological sites.
As a result of this transaction, Mr. Fernando Chico Pardo became the direct or indirect owner of 100% of the shares of ITA. On January 4, 2012, Fernando Chico Pardo consummated the sale of an entity that owns and controls 49.0% of the shares of ITA, Corporativo Galajafe, S.A. de C.V. (“Corporativo Galajafe”) (formerly Remer Soluciones), to Grupo ADO.
Fernando Chico Pardo became the direct or indirect owner of 100% of the shares of ITA. On January 4, 2012, Fernando Chico Pardo consummated the sale of an entity that owns and controls 49.0% of the shares of ITA, Corporativo Galajafe, S.A. de C.V. (“Corporativo Galajafe”) (formerly Remer Soluciones), to Grupo ADO.
As of December 31, 2022, 2 Mexican and 16 international airlines, including United States-based airlines such as American Airlines and United Airlines, operated flights, directly or through code-sharing arrangements (where one aircraft has two or more flight numbers of different, allied airlines), that originated from or departed for the United States at our Mexican airports.
As of December 31, 2023, two Mexican and 14 international airlines, including United States-based airlines such as American Airlines and United Airlines, operated flights, directly or through code-sharing arrangements (where one aircraft has two or more flight numbers of different, allied airlines), that originated from or departed for the United States at our Mexican airports.
There can be no assurance that any request on these grounds would be approved. ● Failure to make required investments or improvements. The Ministry of Infrastructure, Communications and Transportation annually is required to review each concession holder’s compliance with its master development plan (including the provision of services and the making of capital investments).
There can be no assurance that any request on these grounds would be approved. ● Failure to make required investments or improvements. The AFAC annually is required to review each concession holder’s compliance with its master development plan (including the provision of services and the making of capital investments).
The following table sets forth the number of Colombian domestic passengers (excluding passengers in transit and private aviation passengers) that traveled through Las Brujas Airport by flight origin or destination. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic Passenger Traffic ​ ​ Year ended December 31, ​ 2020 2021 2022 ​ ​ ( in thousands ) City: Bogotá 12.0 25.8 35.9 Medellín 9.4 15.3 20.2 Other 0.3 — 0.2 Total 21.7 41.1 56.3 ​ The airport’s facilities include spaces for cargo operations.
The following table sets forth the number of Colombian domestic passengers (excluding passengers in transit and private aviation passengers) that traveled through Las Brujas Airport by flight origin or destination. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic Passenger Traffic ​ ​ Year ended December 31, ​ 2021 2022 2023 ​ ​ ( in thousands ) City: Bogotá 25.8 35.9 14.9 Medellín 15.3 20.2 11.4 Other — 0.2 0.1 Total 41.1 56.3 26.4 ​ The airport’s facilities include spaces for cargo operations.
As part of the expansion, we carried out a remodeling of the security checkpoints, including the installation of additional security lines with X-ray equipment and more waiting areas, an expansion of the baggage reclaim area by approximately 1,800 square meters and the construction of additional carousels with larger flow space, an expansion of the customs area by approximately 1,400 square meters, a remodeling of the check-in area, including an expansion by approximately 700 square meters and the addition of approximately 30 new service counters, and the redesign of the boarding lounge to accommodate six additional contact stands and a mezzanine level for arrivals.
As part of the expansion, we carried out a remodeling of the security checkpoints, including the installation of additional security lines with X-ray equipment and more waiting areas, an expansion of the baggage reclaim area by approximately 1,800 square meters and the construction of additional carousels with larger flow space, an expansion of the customs area by approximately 1,400 square meters, a remodeling of the check-in area, including an expansion by approximately 700 square meters and the addition of approximately 30 new service counters, and the redesign of the boarding lounge to accommodate six additional contact stands and a mezzanine level for arrivals. 46 Table of Contents Terminal 4 opened in November 2017.
Debarment also prohibits the concession holder from contracting with a public entity for five years. This prohibition extends to the shareholders of the concession holder. Grants of New Colombian Concessions The Colombian government may grant new concessions to manage, operate and develop airports. Such concessions may be granted through a bidding process.
Debarment also prohibits the concession holder from contracting with a public entity for five years. This prohibition extends to the partners of the concession holder, in case of a partnership. Grants of New Colombian Concessions The Colombian government may grant new concessions to manage, operate and develop airports. Such concessions may be granted through a bidding process.
In 2020, 2021 and 2022, Mérida represented 42.9%, 35.2% and 29.9%, respectively, of our total cargo volume. There are currently 48 commercial spaces operating at Mérida Airport. One business is operated by Grupo de Desarrollo del Sureste, S.A. de C.V. (GDS) pursuant to a long-term lease contract that terminated on January 1, 2009.
In 2021, 2022 and 2023, Mérida represented 35.2%, 29.9% and 34.7%, respectively, of our total cargo volume. There are currently 50 commercial spaces operating at Mérida Airport. One business is operated by Grupo de Desarrollo del Sureste, S.A. de C.V. (GDS) pursuant to a long-term lease contract that terminated on January 1, 2009.

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(3) Cost of services per workload unit at our Mexican airports are expressed in Mexican pesos (not millions of Mexican pesos). Our Colombian and Puerto Rican airports are not regulated by workload unit. (4) Cost of services divided by total revenues, expressed as a percentage.
(3) Cost of services per workload unit at our Mexican airports are expressed in Mexican pesos (not millions of Mexican pesos). Our Colombian and Puerto Rican airports are not regulated by workload unit. (4) Cost of services at our Mexican airports divided by total revenues, expressed as a percentage.
As part of these debt financings, Aerostar was required to pledge its interest in the LMM Lease of the LMM Airport as collateral to a leasehold mortgagee assigned by the lenders. Aerostar was financially obligated to keep a debt coverage ratio above 1:00 at the end of each quarter.
As part of these debt financings, Aerostar was required to pledge its interest in the LMM Lease of the LMM Airport as collateral to a leasehold mortgagee assigned by the lenders. Aerostar was financially obligated to keep a debt coverage ratio above 1.00:1.00 at the end of each quarter.
On September 29, 2021, we prepaid the remaining Ps. 2,000 million balance on the Santander loan and concurrently, through our Aeropuerto de Cancún , we obtained a three-year term loan from Santander for a principal amount of Ps. 2,650 million maturing on September 28, 2024 at a 28-day TIIE rate plus 150 basis points.
On September 29, 2021, we prepaid the remaining Ps. 2,000.0 million balance on the Santander loan and concurrently, through our Aeropuerto de Cancún, we obtained a three-year term loan from Santander for a principal amount of Ps. 2,650.0 million maturing on September 28, 2024 at a 28-day TIIE rate plus 150 basis points.
In 2021, we spent Ps. 5.8 million on capital expenditures in our Colombian airports, which included, among others, the expansion of the cargo terminal, acquisition of fixed assets, and the expansion of the building terminal. In 2021, we spent Ps. 261.1 million on capital expenditures in Puerto Rico including in the reconstruction of terminal D.
In 2021, we spent Ps. 5.8 million on capital expenditures in our Colombian airports, which included, among others, the expansion of the cargo terminal, acquisition of fixed assets, and the expansion of the building terminal. In 2021, we spent Ps. 261.1 million on capital expenditures in Puerto Rico including in the expansion of Terminal D.
Aerostar is required to make fixed payments of U.S.$2.5 million per year for the first five years, 5.0% of gross airport revenues for the sixth through thirtieth years and 10% of gross airport revenues for the thirty-first through fortieth years. 107 Table of Contents Colombian Concession Fee With respect to our Colombian airports, our subsidiary Airplan is required to pay a concession fee to the National Infrastructure Agency pursuant to the terms of its concession agreement.
Aerostar is required to make fixed payments of U.S.$2.5 million per year for the first five years, 5.0% of gross airport revenues for the sixth through thirtieth years and 10% of gross airport revenues for the thirty-first through fortieth years. 109 Table of Contents Colombian Concession Fee With respect to our Colombian airports, our subsidiary Airplan is required to pay a concession fee to the National Infrastructure Agency pursuant to the terms of its concession agreement.
We do not believe that there are material differences in these factors among the airports that we operate, other than differences relating to passenger traffic volume (at busier airports, fixed costs may be spread among a greater number of passengers). 105 Table of Contents The following table sets forth our operating costs and certain other related information for the years indicated.
We do not believe that there are material differences in these factors among the airports that we operate, other than differences relating to passenger traffic volume (at busier airports, fixed costs may be spread among a greater number of passengers). The following table sets forth our operating costs and certain other related information for the years indicated.
In, 2020, 2021, and 2022 we did not issue rebates in significant amounts. Colombian Aeronautical Revenues Our Colombian airports’ revenues from passenger charges for the use of terminals, takeoff, landing and aircraft movement charges, charges for boarding bridges and aircraft parking charges are regulated by the National Infrastructure Agency pursuant to its concession agreement with our subsidiary Airplan.
In, 2021, 2022, and 2023 we did not issue rebates in significant amounts. Colombian Aeronautical Revenues Our Colombian airports’ revenues from passenger charges for the use of terminals, takeoff, landing and aircraft movement charges, charges for boarding bridges and aircraft parking charges are regulated by the National Infrastructure Agency pursuant to its concession agreement with our subsidiary Airplan.
After December 31, 2017, however, our expenses for those services have been equal to our revenues. 108 Table of Contents Participation in the Results of Joint Ventures We own a 60.0% joint venture interest in Aerostar, which holds a 40-year concession to operate the LMM Airport. We have consolidated Aerostar’s financial results into our financial statements.
After December 31, 2017, however, our expenses for those services have been equal to our revenues. 110 Table of Contents Participation in the Results of Joint Ventures We own a 60.0% joint venture interest in Aerostar, which holds a 40-year concession to operate the LMM Airport. We have consolidated Aerostar’s financial results into our financial statements.
Cost of Services Our cost of services consists primarily of employee, maintenance, safety, security and insurance costs, as well as utilities (a portion of which we recover from our tenants) and other miscellaneous expenses. 106 Table of Contents Employee Statutory Profit Sharing Employee Profit Sharing in Mexico We are subject to the PTU established by Mexican federal labor laws.
Cost of Services Our cost of services consists primarily of employee, maintenance, safety, security and insurance costs, as well as utilities (a portion of which we recover from our tenants) and other miscellaneous expenses. 108 Table of Contents Employee Statutory Profit Sharing Employee Profit Sharing in Mexico We are subject to the PTU established by Mexican federal labor laws.
On April 1, 2020, Aerostar drew down U.S.$10.0 million of its revolving credit facility for working capital purposes. The company repaid the credit facility in April 2021, interest is calculated at the prime rate minus 0.5% and paid quarterly. A commitment fee of 0.15% for unused credit is paid annually.
On April 1, 2020, Aerostar drew down U.S.$10.0 million of its revolving credit facility for working capital purposes. The company repaid the credit facility in April 2021, interest was calculated at the prime rate minus 0.5% and paid quarterly. A commitment fee of 0.15% for unused credit was paid annually.
The concession fee is a fixed fee equal to 19% of regulated and non-regulated revenues invoiced or received by the concession holder. The Colombian government cannot modify the concession fee. Depreciation and Amortization Mexican Assets Our depreciation and amortization expenses in Mexico primarily reflect the amortization of the investments realized in our nine Mexican airports under our master development plans.
The concession fee is a fixed fee equal to 19% of regulated and non-regulated revenues invoiced by the concession holder. The Colombian government cannot modify the concession fee. Depreciation and Amortization Mexican Assets Our depreciation and amortization expenses in Mexico primarily reflect the amortization of the investments realized in our nine Mexican airports under our master development plans.
Taxation in Colombia Our provision for taxes in Colombia consists of two levels of income taxes: (i) ordinary income tax, and (ii) presumptive income tax. Traditionally, taxpayers determined its tax liability pursuant to the higher of both mechanisms, however the presumptive income tax system is currently not applicable since the presumed income is zero.
Taxation in Colombia Our provision for taxes in Colombia consists of two levels of income taxes: (i) ordinary income tax, and (ii) presumptive income tax. Traditionally, taxpayers determined their tax liability pursuant to the higher of both mechanisms, however the presumptive income tax system is currently not applicable since the presumed income is zero.
This new law includes, among others: (i) a new equity tax applicable to Colombian individuals and non-residents, which rates vary from 0.5% to 1.5% based on the individual’s net equity as of the first day of January of each year, (ii) an increase in the dividend tax rate for local and foreign shareholders (0% to 39% progressive marginal rates for Colombian individuals, and 20% flat withholding rate for non-resident shareholders), (iii) an increase in the long-term capital gains tax rate, from 10% to 15%, (iv) the elimination of specific tax benefits and exemptions, such as the exempt income applicable for entities that are part of the technological and creative sector (“Economía Naranja”), the tax incentive for the development of the Colombian farming sector, and the 27% preferential income tax rate applicable to large infrastructure investments (“Megainversiones”), among others, (v) a 3% tax benefit on the taxpayer’s net income determined pursuant to Section 259-1 f the Colombian Tax Code, in connection with environmental-related, deductions related to employee trainings, expenses incurred in the conservation of cultural property, among others, (vi) a minimum corporate income tax of at least 15% based on effective tax rate (calculated on book profit with certain adjustments), (vii) taxes based on significant economic presence of certain commercial activities (primarily for non-resident persons and entities that provide digital services), and (viii) the elimination of the possibility to use 50% of the Industry and Commerce Tax (i.e., local tax levied on gross revenue derived from the provision of services, or the performance of commercial and industrial activities in Colombian municipalities) as an income tax credit.
This new law includes, among others: (i) a new equity tax applicable to Colombian individuals and non-residents, which rates vary from 0.5% to 1.5% based on the individual’s net equity as of the first day of January of each year, (ii) an increase in the dividend tax rate for local and foreign shareholders (0% to 39% progressive marginal rates for Colombian individuals, and 20% flat withholding rate for non-resident shareholders), (iii) an increase in the long-term capital gains tax rate, from 10% to 15%, (iv) the elimination of specific tax benefits and exemptions, such as the exempt income applicable for entities that are part of the technological and creative sector (“ Economía Naranja ”), the tax incentive for the development of the Colombian farming sector, and the 27% preferential income tax rate applicable to large infrastructure investments (“ Megainversiones ”), among others, (v) a 3% tax benefit on the taxpayer’s net income determined pursuant to Section 259-1 of the Colombian Tax Code, in connection with environmental-related, deductions related to employee trainings, expenses incurred in the conservation of cultural property, among others, (vi) a minimum corporate income tax of at least 15% based on effective tax rate (calculated on book profit with certain adjustments), (vii) taxes based on significant economic presence of certain commercial activities (primarily for non-resident persons and entities that provide digital services), and (viii) the elimination of the possibility to use 50% of the Industry and Commerce Tax (i.e., local tax levied on gross revenue derived from the provision of services, or the performance of commercial and industrial activities in Colombian municipalities) as an income tax credit.
However, when the dividends are paid out of profits that were not subject to income tax at the level of the Colombian entity distributing them, they may still be subject to the aforementioned income tax at a rate of 33%. ​ 111 Table of Contents Effects of Inflation and Economic Changes The following table sets forth, for the periods indicated: ● the Mexican inflation rate; ● the Colombian inflation rate; ● the U.S. inflation rate; ● the percentage that the Mexican gross domestic product, or GDP, changed as compared to the previous period; and ● the percentage that the Colombian GDP changed as compared to the previous period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2020 2021 2022 Mexican inflation rate (1) 3.2 % 7.4 % 7.8 % Colombian inflation rate 1.6 % 5.6 % 13.1 ​ U.S. inflation rate (2) 1.4 % 7.0 % 6.4 % Increase (decrease) in Mexican GDP (3) (8.5) % 5.0 % 3.7 % Increase (decrease) in Colombian GDP (6.8) % 10.6 % 7.5 % (1) Based on changes in the Mexican consumer price index from the previous period, as reported by the Banco de Mexico.
However, when the dividends are paid out of profits that were not subject to income tax at the level of the Colombian entity distributing them, they may still be subject to the aforementioned income tax at a rate of 33%. ​ 113 Table of Contents Effects of Inflation and Economic Changes The following table sets forth, for the periods indicated: ● the Mexican inflation rate; ● the Colombian inflation rate; ● the U.S. inflation rate; ● the percentage that the Mexican gross domestic product, or GDP, changed as compared to the previous period; and ● the percentage that the Colombian GDP changed as compared to the previous period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2022 2023 Mexican inflation rate (1) 7.4 % 7.8 % 4.7 % Colombian inflation rate 5.6 % 13.1 % 9.3 % U.S. inflation rate (2) 7.0 % 6.4 % 3.4 % Increase (decrease) in Mexican GDP (3) 5.0 % 3.7 % 3.1 % Increase (decrease) in Colombian GDP 10.6 % 7.5 % 1.0 % (1) Based on changes in the Mexican consumer price index from the previous period, as reported by the Banco de Mexico.
Passengers charges at our Colombian airports are also affected by changes in the value of the Colombian peso. Passenger charges for international and domestic passengers at our Colombian airports are denominated in U.S. dollars and Colombian pesos, respectively. 112 Table of Contents ● Contracts with commercial service providers .
Passengers charges at our Colombian airports are also affected by changes in the value of the Colombian peso. Passenger charges for international and domestic passengers at our Colombian airports are denominated in U.S. dollars and Colombian pesos, respectively. 114 Table of Contents ● Contracts with commercial service providers .
The maximum rates for our Mexican airports have been determined for each year through December 31, 2023. Therefore, our aeronautical revenues are determined largely by the number of workload units at each of our Mexican airports, which is primarily driven by passenger traffic levels.
The maximum rates for our Mexican airports have been determined for each year through December 31, 2028. Therefore, our aeronautical revenues are determined largely by the number of workload units at each of our Mexican airports, which is primarily driven by passenger traffic levels.
(2) In millions. Excludes transit and general aviation passengers. (3) Revenue per passenger amounts are expressed in Mexican pesos (not millions of Mexican pesos). Our commercial revenues consist primarily of revenues from duty-free shops, food and beverage establishments, retail stores, advertising revenues, parking lots, car rental companies, banking and currency exchange services, teleservices and ground transportation.
(2) In millions. Excludes transit and general aviation passengers. (3) Revenue per passenger amounts are expressed in Mexican pesos (not millions of Mexican pesos). 106 Table of Contents Our commercial revenues consist primarily of revenues from duty-free shops, food and beverage establishments, retail stores, advertising revenues, parking lots, car rental companies, banking and currency exchange services, teleservices and ground transportation.
In the presentation of our consolidated results, the revenues and expenses generated by these transactions are eliminated because they are intercompany transactions. 115 Table of Contents Summary Historical Results of Operations The following table sets forth our consolidated results of operations for the periods indicated.
In the presentation of our consolidated results, the revenues and expenses generated by these transactions are eliminated because they are intercompany transactions. 117 Table of Contents Summary Historical Results of Operations The following table sets forth our consolidated results of operations for the periods indicated.
For more information on Aerostar’s capital expenditure requirements, see “Item 4—Information on the Company—Puerto Rican Regulatory Framework—Capital Expenditures Required under the LMM Lease and Airport Use Agreements.” In 2014 and 2016, our subsidiary Airplan reached an agreement with the Colombian government with respect to investment commitments for certain airports, including José María Córdova International Airport, Enrique Olaya Herrera Airport, Los Garzones Airport and El Caraño Airport.
For more information on Aerostar’s capital expenditure requirements, see “Item 4—Information on the Company—Puerto Rican Regulatory Framework—Capital Expenditures Required under the LMM Lease and Airport Use Agreements.” 127 Table of Contents In 2014 and 2016, our subsidiary Airplan reached an agreement with the Colombian government with respect to investment commitments for certain airports, including José María Córdova International Airport, Enrique Olaya Herrera Airport, Los Garzones Airport and El Caraño Airport.
The remaining balance on the BBVA loan was repaid on October 13, 2021, and on October 18, 2021, we, through our Aeropuerto de Cancún , entered into a seven-year loan agreement with BBVA for a principal amount of Ps. 2,000 maturing October 2028, with a 28-day TIIE rate plus an applicable margin.
The remaining balance on the BBVA loan was repaid on October 13, 2021, and on October 15, 2021, we, through our Aeropuerto de Cancún, entered into a seven-year loan agreement with BBVA for a principal amount of Ps. 2,000.0 maturing October 2028, with a 28-day TIIE rate plus an applicable margin.
Serfinansa Compañía de Financiamiento. The terms include a grace period of three years, quarterly principal and rate payments, an interest rate based on the Tasa de Redescuento , or Rediscount Rate, plus 1.5% for one tranche and an interest rate based on the Depósitos Termino Fijo , or Fixed Term Deposits (“DTF”), plus 4% for a second tranche.
The terms include a grace period of three years, quarterly principal and rate payments, an interest rate based on the Tasa de Redescuento , or Rediscount Rate, plus 1.5% for one tranche and an interest rate based on the Depósitos Termino Fijo , or Fixed Term Deposits (“DTF”), plus 4% for a second tranche.
For more information on the potential influence of U.S. political and economic conditions, see “Item 3—Key Information—Risk Factors—Changes in U.S. immigration and border policy could adversely affect passenger traffic to and from Mexico and Colombia.” In 2022, we had 39.5 million passengers travel through our Mexican airports.
For more information on the potential influence of U.S. political and economic conditions, see “Item 3—Key Information—Risk Factors—Changes in U.S. immigration and border policy could adversely affect passenger traffic to and from Mexico and Colombia.” In 2023, we had 43.5 million passengers travel through our Mexican airports.
Income tax due on dividends paid in excess of the balance of an entity’s after-tax profit account (“ CUFIN ”) is levied by applying the 30.0% income tax rate to the product of the amount of such dividends and a factor of 1.4286.
Income tax due on dividends paid in excess of the balance of an entity’s after-tax profit account (“CUFIN”) is levied by applying the 30.0% income tax rate to the product of the amount of such dividends and a factor of 1.4286.
For more information, see “Item 3—Risk Factors—Risks Related to Our Operations—Hurricanes and other natural disasters have adversely affected our business in the past and could do so again in the future.” In 2022, we had 10.3 million passengers travel through the LMM Airport. Volumes in Colombia The majority of passenger traffic volume in our Colombian airports consists of domestic passengers.
For more information, see “Item 3—Risk Factors—Risks Related to Our Operations—Hurricanes and other natural disasters have adversely affected our business in the past and could do so again in the future.” In 2023, we had 12.2 million passengers travel through the LMM Airport. Volumes in Colombia The majority of passenger traffic volume in our Colombian airports consists of domestic passengers.
Only in certain cases the excess can be claimed as a refund. ​ ​ 110 Table of Contents Taxes on dividends in Colombia vary depending on the year in which the profits to be distributed were generated and the recipient of the dividend.
Only in certain cases the excess can be claimed as a refund. Taxes on dividends in Colombia vary depending on the year in which the profits to be distributed were generated and the recipient of the dividend.
The concession fee is a fixed fee equal to 19.0% of regulated revenues and non-regulated revenues invoiced or received by the concession holder.
The concession fee is a fixed fee equal to 19.0% of regulated revenues and non-regulated revenues invoiced by the concession holder.
Each year, our subsidiary Airplan is required to update the fees and tariffs related to its concession, which are then submitted to Aerocivil for its review and approval. 100 Table of Contents Aeronautical revenues at the LMM Airport are not directly regulated by the government.
Each year, our subsidiary Airplan is required to update the fees and tariffs related to its concession, which are then submitted to Aerocivil for its review and approval. Aeronautical revenues at the LMM Airport are not directly regulated by the government.
Our current master development plans went into effect as of January 1, 2019 and expire December 31, 2023. Puerto Rican Assets Our depreciation and amortization expenses in Puerto Rico primarily reflect the amortization of the investments realized in LMM Airport under the concession agreement.
Our current master development plans went into effect as of January 1, 2024 and expire December 31, 2028. Puerto Rican Assets Our depreciation and amortization expenses in Puerto Rico primarily reflect the amortization of the investments realized in LMM Airport under the concession agreement.
In 2020, 2021 and 2022, we calculated our obligations in respect of employee statutory profit sharing amount to be Ps. 3.1 million, Ps. 84.7 million and Ps. 104.7 million, respectively. Additionally the amount of Ps. 6.4 million was paid to unionized employees for the year ended December 31, 2022, and is recorded as a cost of service.
In 2021, 2022 and 2023, we calculated our obligations in respect of employee statutory profit sharing amount to be Ps. 84.7 million, Ps. 104.7 million and Ps. 98.6 million, respectively. Additionally the amount of Ps. 6.3 million was paid to unionized employees for the year ended December 31, 2023, and is recorded as a cost of service.
Revenues from construction services are not subject to regulation under our dual-till price regulation system in Mexico, Colombia and Puerto Rico. Operating Costs The operating costs at our airports are influenced principally by two factors: fixed costs and variable costs.
Revenues from construction services are not subject to regulation under our dual-till price regulation system in Mexico, Colombia and Puerto Rico. 107 Table of Contents Operating Costs The operating costs at our airports are influenced principally by two factors: fixed costs and variable costs.
Government Concession Fee Mexican Concession Fee We are subject to the Mexican Federal Duties Law, which requires each of our Mexican airports to pay a concession fee to the Mexican government, which is currently equal to 5.0% of the gross annual revenues (regulated and non-regulated) of each Mexican concession holder obtained from the use of public domain assets pursuant to the terms of its concession.
Government Concession Fee Mexican Concession Fee We are subject to the Mexican Federal Duties Law, which requires each of our Mexican airports to pay a concession fee to the Mexican government, which is currently equal to 9.0% of the gross annual revenues (regulated and non-regulated) of each Mexican concession holder obtained from the use of federal airports pursuant to the terms of its concession.
The Mexican consumer price index at year end was 117.3 in 2021 and 126.5 in 2022. (2) As reported by the U.S. Department of Labor, Bureau of Statistics. (3) In real terms, as reported by the National Institute of Statistics and Geography (INEGI) as of April 13, 2023.
The Mexican consumer price index at year end was 117.3 in 2021, 126.5 in 2022 and 132.4 in 2023. (2) As reported by the U.S. Department of Labor, Bureau of Statistics. (3) In real terms, as reported by the National Institute of Statistics and Geography (INEGI) as of April 15, 2024.
Construction services revenues decreased from Ps.778.9 million in 2021 to Ps. 698.7 million in 2022, due to a decrease in capital improvements and investments in concessioned assets at the other six Mexican Airports.
Construction services revenues decreased from Ps. 698.7 million in 2022 to Ps. 316.9 million in 2023, due to a decrease in capital improvements and investments in concessioned assets at the other six Mexican Airports.
Key Information—Risk Factors—Risks Related to Our Operations.” Effects of Fluctuation The following table sets forth, for the periods indicated, the percentage that the Mexican peso depreciated or appreciated against the U.S. dollar. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2020 2021 2022 Depreciation (appreciation) of the Mexican peso as compared to the U.S. dollar (1) (5.6) % (2.8) % (4.9) % (1) Based on the Official Jorunal Federation exchange rate for Mexican pesos, at the end of each period, which were as follows: Ps.19.909 as of December 31, 2020, Ps.20.467 as of December 31, 2021 and Ps. 19.472 as of December 31, 2022.
Key Information—Risk Factors—Risks Related to Our Operations.” Effects of Fluctuation The following table sets forth, for the periods indicated, the percentage that the Mexican peso depreciated or appreciated against the U.S. dollar. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2022 2023 Depreciation (appreciation) of the Mexican peso as compared to the U.S. dollar (1) 2.8 % (4.9) % (13.1) % (1) Based on the Official Journal Federation exchange rate for Mexican pesos, at the end of each period, which were as follows: Ps.20.467 as of December 31, 2021, Ps.19.472 as of December 31, 2022 and Ps. 16.919 as of December 31, 2023.
According to the 2016 tax reform, for the fiscal years ended December 31, 2020 and 2021, dividends tax applied as follows: (a) For non-resident shareholders, Article 245 of the Colombian Tax Code set forth (i) a 10% dividends tax for dividends paid out of profits accrued as of January 1, 2017, and a 7.5% dividend tax for dividends paid out of profits accrued as of January 1, 2019 and were taxed at the corporate level; (ii) no dividend tax on dividends paid out of profits that accrued until December 31, 2016 and were taxed at the corporate level; (iii) a withholding tax at the statutory corporate income tax rate (35% as of 2022) on dividends distributed from profits not taxed at the corporate level if the dividend is paid out of profits that accrued as of January 1, 2017, plus an additional 10% dividend tax after applying the initial corporate income withholding tax rate.
However, beginning in 2017, the regulation changed so that dividends paid to tax resident individuals and non-resident shareholders are taxed and subject to a withholding tax. 112 Table of Contents According to the 2016 tax reform, for the fiscal years ended December 31, 2020 and 2021, dividends tax applied as follows: (a) For non-resident shareholders, Article 245 of the Colombian Tax Code set forth (i) a 10% dividends tax for dividends paid out of profits accrued as of January 1, 2017, and a 7.5% dividend tax for dividends paid out of profits accrued as of January 1, 2019 and were taxed at the corporate level; (ii) no dividend tax on dividends paid out of profits that accrued until December 31, 2016 and were taxed at the corporate level; (iii) a withholding tax at the statutory corporate income tax rate (35% as of 2022) on dividends distributed from profits not taxed at the corporate level if the dividend is paid out of profits that accrued as of January 1, 2017, plus an additional 10% dividend tax after applying the initial corporate income withholding tax rate.
The majority of our revenues are derived from providing aeronautical services, which are generally related to the use of our airport facilities by airlines and passengers. For example, in 2020, 2021 and 2022, 42.9%, 50.1% and 55.6 %, respectively, of our total revenues were derived from aeronautical services.
The majority of our revenues are derived from providing aeronautical services, which are generally related to the use of our airport facilities by airlines and passengers. For example, in 2021, 2022 and 2023, 50.1%, 55.6% and 59.0%, respectively, of our total revenues were derived from aeronautical services.
The concession fee is currently 5.0% of each concession holder’s gross annual regulated revenues from the use of public domain assets pursuant to the terms of its concession. Our subsidiary Airplan is required to pay a concession fee to the National Infrastructure Agency with respect to concessions for our Colombian airports.
The concession fee is currently 9.0% of each concession holder’s gross annual regulated revenues from the use of federal airports pursuant to the terms of its concession. Our subsidiary Airplan is required to pay a concession fee to the National Infrastructure Agency with respect to concessions for our Colombian airports.
The technical assistance fees and government concession fees increased in 2022 due to an increase in aeronautical and commercial revenues, as a consequence of the increase in passengers as well as the increase in concession fees paid with respect to our Colombian airports and, LMM Airport. Construction costs were Ps.2,692.7 million in 2022 and Ps. 3,146.2 million in 2021.
The technical assistance fees and government concession fees increased in 2023 due to an increase in aeronautical and commercial revenues, as a consequence of the increase in passengers as well as the increase in concession fees paid with respect to our Colombian airports and LMM Airport. Construction costs were Ps. 1,302.6 million in 2023 and Ps. 2,692.7 million in 2022.
Aerocivil in Colombia establishes the tariffs applicable to regulated sources of revenue at our Colombian airports. ​ The following table sets forth our revenues for the years ended December 31, 2020, 2021 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2020 ​ 2021 ​ 2022 ​ ​ (millions of Mexican pesos) ​ Amount Percent Amount Percent Amount Percent Regulated Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Airport Services (1) ​ 5,637.8 ​ 44.7 % 9,694.6 ​ 51.6 % 14,485.8 ​ 57.2 % Non-regulated Revenues: ​ ​ ​ Access fees from non-permanent ground transportation 30.0 0.2 % 59.6 0.3 % 91.6 0.4 % Car parking and related access fees 171.2 1.4 % 316.4 1.7 % 416.8 1.6 % Other fees 14.7 0.1 % 18.5 0.1 % 21.7 0.1 % Commercial Services 3,005.9 23.8 % 5,380.7 28.6 % 7,346.4 29.0 % Other Services 108.0 0.9 % 168.6 0.9 % 258.9 1.0 % Other Revenues: ​ ​ ​ Construction Services (2) 3,657.1 28.9 % 3,146.2 16.8 % 2,692.7 10.7 % Total 12,624.7 100.0 % 18,784.6 100.0 % 25,313.9 100.0 % (1) Includes access fees charged to third parties providing complementary services in our airports, which are classified as non-aeronautical revenues for financial reporting purposes, as well as aeronautical revenues in Puerto Rico, which, although unregulated, are limited by a long-term contract with our airline clients at that airport.
Aerocivil in Colombia establishes the tariffs applicable to regulated sources of revenue at our Colombian airports. ​ The following table sets forth our revenues for the years ended December 31, 2021, 2022 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ (millions of Mexican pesos) ​ Amount Percent Amount Percent Amount Percent Regulated Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Airport Services (1) ​ 9,694.6 ​ 51.6 % 14,485.8 ​ 57.2 % 15,670.4 ​ 60.7 % Non-regulated Revenues: ​ ​ ​ ​ Access fees from non-permanent ground transportation (3) 59.6 0.3 % 91.6 0.4 % 102.0 0.4 % Car parking and related access fees (3) 316.4 1.7 % 416.8 1.6 % 458.0 1.8 % Other fees 18.5 0.1 % 21.7 0.1 % 18.7 0.1 % Commercial Services (3) 5,380.7 28.6 % 7,346.4 29.0 % 8,017.0 31.0 % Other Services 168.6 0.9 % 258.9 1.0 % 252.7 1.0 % Other Revenues: ​ ​ ​ ​ Construction Services (2) 3,146.2 16.8 % 2,692.7 10.7 % 1,302.6 5.0 % Total 18,784.6 100.0 % 25,313.9 100.0 % 25,821.4 100.0 % (1) Includes access fees charged to third parties providing complementary services in our airports, which are classified as non-aeronautical revenues for financial reporting purposes, as well as aeronautical revenues in Puerto Rico, which, although unregulated, are limited by a long-term contract with our airline clients at that airport.
As of December 31, 2022, we had Ps. 13,175.0 million in cash and cash equivalents.
As of December 31, 2022, we had Ps. 13,175.0 million in cash and cash equivalents. As of December 31, 2023, we had Ps. 13,872.9 million in cash and cash equivalents.
Aeronautical revenues differ among our Mexican airports to the extent that passenger traffic levels differ among these airports. 101 Table of Contents Under the Mexican regulatory system applicable to our aeronautical revenues, we can set the specific price for each category of aeronautical services every six months (or more frequently if accumulated inflation since the last adjustment exceeds 5.0%), as long as the total aeronautical revenue per workload unit each year at each of our Mexican airports does not exceed the maximum rate at that airport for that year.
Under the Mexican regulatory system applicable to our aeronautical revenues, we can set the specific price for each category of aeronautical services every six months (or more frequently if accumulated inflation since the last adjustment exceeds 5.0%), as long as the total aeronautical revenue per workload unit each year at each of our Mexican airports does not exceed the maximum rate at that airport for that year.
We believe our working capital is sufficient for our present requirements, and we anticipate generating sufficient cash to satisfy our long-term liquidity needs. ​
We believe our working capital is sufficient for our present requirements, and we anticipate generating sufficient cash to satisfy our long-term liquidity needs. 128 Table of Contents
Similar to Mexico and Puerto Rico, our results in Colombia may be influenced by economic and political developments in the United States. In 2022, we had 16.5 million passengers travel through our Colombian airports.
Similar to Mexico and Puerto Rico, our results in Colombia may be influenced by economic and political developments in the United States. In 2023, we had 14.9 million passengers travel through our Colombian airports.
This loan was paid in October 2017, and we, through Aeropuerto de Cancún, obtained two loans of Ps.2,000 million each, one seven-year term loan with BBVA at a 28-day TIIE rate plus 125 basis points maturing in October 2024, and another five-year term loan with Banco Santander at a 28-day TIIE rate plus 125 basis points maturing in October 2022.
This loan was repaid in October 2017 with the proceeds of two loans obtained by us, through Aeropuerto de Cancún, of a principal amount of Ps. 2,000.0 million each, one seven-year term loan with BBVA at a 28-day TIIE rate plus 125 basis points maturing in October 2024, and another five-year term loan with Banco Santander at a 28-day TIIE rate plus 125 basis points maturing in October 2022.
The credit line had a term of eighteen months, maturing December 29, 2021, and an interest rate calculated on the basis of the TIIE plus 1.50%, and could be used for general corporate purposes, and expenses and commissions related to the credit. As of December 31, 2022, the Company has not used the credit line and the line was terminated.
The credit line had a term of eighteen months, maturing December 29, 2021, and an interest rate calculated on the basis of the TIIE plus 1.50%, and could be used for general corporate purposes, and expenses and commissions related to the credit.
Indebtedness in Mexico In the fourth quarter of 2011, Aeropuerto de Cancún obtained authorization for two new bank loans from Banamex and BBVA of U.S.$300.0 million and Ps.1,500.0 million, respectively. These loans remain subject to certain conditions precedent, including the negotiation of definitive documentation for the loans. To date, ASUR has not yet made use of the authorized credit lines.
Indebtedness in Mexico In the fourth quarter of 2011, Aeropuerto de Cancún obtained authorization for two new bank loans from Banamex and BBVA of U.S.$300.0 million and Ps. 1,500.0 million, respectively. These loans remain subject to certain conditions precedent, including the negotiation of definitive documentation for the loans.
In 2022, passenger charges at our Colombian airports, represented 12.9% of our consolidated aeronautical revenues and 7.2% of our consolidated revenues. Our subsidiary Airplan charges tariffs to airlines (relating to domestic routes, international routes and development). The tariffs are established by Aerocivil, through Resolution 04530 of 2007 and will expire between 2019 and 2032.
In 2023, passenger charges at our Colombian airports, represented 11.6% of our consolidated aeronautical revenues and 6.8% of our consolidated revenues. Our subsidiary Airplan charges tariffs to airlines (relating to domestic routes, international routes and development). The tariffs are established by Aerocivil, through Resolution 04530 of 2007 and will expire between 2019 and 2032.
The increase in total revenues resulted from increases of 49.6% in aeronautical revenues and 37.2% in non-aeronautical revenues, primarily due to a 34.4% increase in passenger traffic, partially offset by a 14.4% decrease in construction revenues at our airports. The decrease in construction revenues was a result of lower capital expenditures and other investment in concessioned assets.
The increase in total revenues resulted from an increase of 8.2% in aeronautical revenues and 8.7% in non-aeronautical revenues, primarily due to a 6.4% increase in passenger traffic, partially offset by a 51.6% decrease in construction revenues at our airports. The decrease in construction revenues was a result of lower capital expenditures and other investment in concessioned assets.
As a percentage of total revenues, operating expenses represented 43.3% of total revenues in 2022 as compared to 53.9% of total revenues in 2021.
As a percentage of total revenues, operating expenses represented 40.9% of total revenues in 2023 as compared to 43.3% of total revenues in 2022.
Depreciation and amortization costs increased from Ps.1,993.3 million in 2021 to Ps. 2,059.2 million in 2022. This increase was principally the result of the depreciation of new investments in fixed assets and improvements made to concessioned assets in Mexico.
Depreciation and amortization costs increased from Ps. 2,059.2 million in 2022 to Ps. 2,069.2 million in 2023. This increase was principally the result of the depreciation of new investments in fixed assets and improvements made to concessioned assets in Mexico and Colombia.
Pre-payments are permitted at any time, interest is calculated at the prime rate plus 0.50% and Aerostar pays a rate of 0.15% for unused credit, which is calculated on the average amount of unused principal during the year. To date, Aerostar has not drawn down the credit line.
The interest is calculated at an interest rate that fluctuates between 0.5% and 3.0% and Aerostar pays a rate of 0.15% for unused credit, which is calculated on the average amount of unused principal during the year. Pre-payments are permitted at any time. To date, Aerostar has not drawn down the credit line.
In 2020, 2021 and 2022, 37.4%, 48.1% and 56.0%, respectively, of our total revenues from our Mexican operations and 8.9%, 6.5% and 6.6%, respectively, of our revenues from non-aeronautical services at our Mexican airports were earned from regulated sources of revenues.
In 2021, 2022 and 2023, 48.1%, 56.0% and 61.5%, respectively, of our total revenues from our Mexican operations and 6.5%, 6.6% and 6.5%, respectively, of our revenues from non-aeronautical services at our Mexican airports were earned from regulated sources of revenues.
Dividends paid from a company’s distributable earnings that have been subject to corporate income tax are not subject to a corporate-level dividend income tax.
We are subject to a 30.0% income tax in Mexico. Dividends paid from a company’s distributable earnings that have been subject to corporate income tax are not subject to a corporate-level dividend income tax.
In 2020, 2021 and 2022, for example, 29.2%, 36.9%, and 33.4% of the total passengers and 66.2%, 76.4% and 63.4%, respectively, of the international passengers traveling through our Mexican airports arrived or departed on flights originating in or departing to the United States.
In 2021, 2022 and 2023, for example, 36.9%, 33.4%, and 31.6% of the total passengers and 76.4%, 63.4% and 61.8%, respectively, of the international passengers traveling through our Mexican airports arrived or departed on flights originating in or departing to the United States.
Aeronautical Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2020 ​ 2021 ​ 2022 ​ ​ (millions of Mexican pesos) ​ ​ Amount Percent Amount Percent Amount Percent Aeronautical Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Passenger charges 3,476.8 64.2 % 6,767.4 72.0 % 10,823.9 76.9 % Landing charges 983.2 18.2 % 1,075.2 11.4 % 1,299.1 9.2 % Aircraft parking charges 572.7 10.6 % 915.0 9.7 % 1,169.2 8.3 % Airport security charges 46.6 0.9 % 88.8 0.9 % 134.4 1.0 % Passenger walkway charges 333.1 6.1 % 562.2 6.0 % 645.9 4.6 % Total Aeronautical Revenue 5,412.4 100.0 % 9,408.6 100.0 % 14,072.5 100.0 % ​ The following table sets forth our Mexican revenue from aeronautical services per workload unit for the years indicated.
Aeronautical Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ (millions of Mexican pesos) ​ Amount Percent Amount Percent Amount Percent Aeronautical Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Passenger charges 6,767.4 72.0 % 10,823.9 76.9 % 11,789.9 77.4 % Landing charges 1,075.2 11.4 % 1,299.1 9.2 % 1,391.8 9.1 % Aircraft parking charges 915.0 9.7 % 1,169.2 8.3 % 1,196.3 7.9 % Airport security charges 88.8 0.9 % 134.4 1.0 % 152.1 1.0 % Passenger walkway charges 562.2 6.0 % 645.9 4.6 % 693.0 4.6 % Total Aeronautical Revenue 9,408.6 100.0 % 14,072.5 100.0 % 15,223.1 100.0 % ​ The following table sets forth our Mexican revenue from aeronautical services per workload unit for the years indicated.
Revenues from our Mexican and Colombian airports are subject to a “dual-till” price regulation system. Under this system, a substantial portion of our revenues, such as revenues from passenger charges, landing charges, aircraft parking charges and access fees from third parties providing services at our airports, are regulated.
Under this system, a substantial portion of our revenues, such as revenues from passenger charges, landing charges, aircraft parking charges and access fees from third parties providing services at our airports, are regulated.
Aeropuerto de Cancún purchased the initial 92.42% interest in Airplan for an aggregate price of approximately U.S.$201.6 million, subject to pricing adjustments and pursuant to a series of agreements with the respective shareholders of Airplan.
To date, ASUR has not yet made use of the authorized credit lines. Aeropuerto de Cancún purchased the initial 92.42% interest in Airplan for an aggregate price of approximately U.S.$201.6 million, subject to pricing adjustments and pursuant to a series of agreements with the respective shareholders of Airplan.
Our Colombian and Puerto Rico airports are not regulated under workload units. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2020 ​ 2021 ​ 2022 ​ ​ (millions of Mexican pesos) ​ Amount Amount Amount Change (1) Other information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total workload units (2) 17.0 29.8 40.4 35.6 % Aeronautical Revenue 3,115.3 6,206.6 9,945.2 60.2 % Aeronautical Revenue per workload unit (3) 183.3 208.3 246.2 18.2 % (1) As compared to the previous year.
Our Colombian and Puerto Rico airports are not regulated under workload units. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ (millions of Mexican pesos) ​ Amount Amount Amount Change (1) Other information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total workload units (2) 29.8 40.4 44.2 9.4 % Aeronautical Revenue 6,206.6 9,945.2 11,247.6 13.1 % Aeronautical Revenue per workload unit (3) 208.3 246.2 254.5 3.4 % (1) As compared to the previous year.
In 2022, 75.3% of our total revenues from our Colombian operations were earned from regulated sources of revenues.
In 2023, 74.3% of our total revenues from our Colombian operations were earned from regulated sources of revenues.
Operating expenses for our Colombian airports were Ps. 1,458.8 million in 2022, compared to Ps.1,200.8 million in 2021.
Operating expenses for our Colombian airports were Ps. 1,534.9 million in 2023, compared to Ps.1,458.8 million in 2022.
The Company’s overall income taxes for 2020, 2021 and 2022 are as follows: Income Tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2020 ​ 2021 ​ 2022 ​ ​ (millions of Mexican pesos) ​ Amount Amount Amount Change Income Tax ​ ​ ​ ​ ​ ​ ​ ​ ​ Current Income Tax 634.4 1,824.8 3,342.3 83.2 % Deferred Income Tax 94.8 (96.3) 96.5 (200.2) % Total Income Tax 729.2 1,728.5 3,438.8 98.9 % Current Asset Tax 0.0 0.0 0.0 — ​ Total Asset Tax 0.0 0.0 0.0 — ​ Total Income Tax 729.2 1,728.5 3,438.8 98.9 % ​ In 2023, the general VAT tax rate applicable in Colombia is 19% and calculated and paid generally on a bimonthly basis.
The Company’s overall income taxes for 2021, 2022 and 2023 are as follows: Income Tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ (millions of Mexican pesos) ​ Amount Amount Amount Change Income Tax ​ ​ ​ ​ ​ ​ ​ ​ ​ Current Income Tax 1,824.8 3,342.3 3,885.3 16.2 % Deferred Income Tax (96.3) 96.5 58.8 (39.1) % Total Income Tax 1,728.5 3,438.8 3,944.1 14.7 % Current Asset Tax 0.0 0.0 0.0 — ​ Total Asset Tax 0.0 0.0 0.0 — ​ Total Income Tax 1,728.5 3,438.8 3,944.1 14.7 % ​ In 2024, the general VAT tax rate applicable in Colombia is 19% and calculated and paid generally on a bimonthly basis.
Volumes in Puerto Rico The majority of passenger traffic volume in the LMM Airport consists of domestic passengers traveling from the mainland United States. In 2022, 91.2% and 8.8% of the passengers traveling through the LMM Airport were domestic and international, respectively.
Volumes in Puerto Rico The majority of passenger traffic volume in the LMM Airport consists of domestic passengers traveling from the mainland United States. In 2023, 89.5% and 10.5% of the passengers traveling through the LMM Airport were domestic and international, respectively.
As of December 31, 2021 and 2022, the consolidated leverage ratio calculated under BBVA agreement was 3.00:1.00 and 1.20:1.00, respectively. On June 29, 2020, the Company contracted a credit line with BBVA for Ps.1,500 million.
As of December 31, 2022 and 2023, the consolidated leverage ratio calculated under the BBVA and Santander agreements was 0.12:1.00 and 0.70:1.00, respectively. On June 29, 2020, the Company contracted a credit line with BBVA for Ps.1,500 million.
Our revenues from regulated sources in 2022 were Ps. 14,485.8 million, a 49.4% increase compared to Ps. 9,694.6 million in 2021, mainly due to the increase in total passenger traffic and the annual increase in our regulated rates.
Our revenues from regulated sources in 2023 were Ps. 15,670.4 million, a 8.2% increase compared to Ps. 14,485.8 million in 2022, mainly due to the increase in total passenger traffic and the annual increase in our regulated rates.
During 2022, Ps. 8,135.4 million of our revenues was derived from non-regulated sources, a 36.9% increase from the Ps. 5,943.8 million of revenues derived from non-regulated sources in 2021. This increase was primarily due to the 36.4% increase in commercial revenues described above, from Ps. 5,756.7 million in 2021 to Ps. 7,854.7 million in 2022.
During 2023, Ps. 8,848.6 million of our revenues was derived from non-regulated sources, a 8.8% increase from the Ps. 8,135.4 million of revenues derived from non-regulated sources in 2022. This increase was primarily due to the 9.2% increase in commercial revenues described above, from Ps. 7,854.7 million in 2022 to Ps. 8,576.9 million in 2023.
Total revenues increased by 44.3% from Ps. 9,893.2 million in 2021 to Ps. 14,280.8 million in 2022 at Cancún Airport, largely due to the increase in aeronautical and non-aeronautical revenues, and the increase in passenger traffic.
Total revenues increased by 4.7% from Ps. 14,280.8 million in 2022 to Ps. 14,957.3 million in 2023 at Cancún Airport, largely due to the increase in aeronautical and non-aeronautical revenues, and the increase in passenger traffic.
Operating expenses per workload unit for our other six Mexican airports were Ps. 303.1 in 2022, a 19.7% decrease from the Ps.377.5 recorded in 2021. Operating expenses for the LMM Airport were Ps. 2,306.5 million in 2022, compared to Ps.2,126.2 million in 2021.
Operating expenses per workload unit for our other six Mexican airports were Ps. 208.1 in 2023, a 31.3% decrease from the Ps. 303.1 recorded in 2022. Operating expenses for the LMM Airport were Ps. 2,544.5 in 2023, compared to Ps. 2,306.5 million in 2022.
Indebtedness As of December 31, 2022, we had Ps. 15,204.8 million in consolidated outstanding indebtedness. As of December 31, 2022, we had no contracts for interest rate or foreign currency swaps.
Indebtedness As of December 31, 2023, we had Ps. 12,224.8 million in consolidated outstanding indebtedness. As of December 31, 2023, we had contracts for interest rate or foreign currency swaps.
Non-aeronautical revenues increased at Villahermosa Airport by 30.8% from Ps. 49.4 million in 2021 to Ps. 64.6 million in 2022, due principally to an increase of 36.0% in commercial revenues. Construction services revenues decreased from Ps.123.9 million in 2021 to Ps. 105.7 million in 2022 primarily due to a decrease in capital improvements and investments in concessioned assets.
Non-aeronautical revenues increased at Villahermosa Airport by 14.4% from Ps. 64.6 million in 2022 to Ps. 73.9 million in 2023, due principally to an increase of 16.2% in commercial revenues. Construction services revenues decreased from Ps.105.7 million in 2022 to Ps. 76.4 million in 2023 primarily due to a decrease in capital improvements and investments in concessioned assets.
In 2020, 2021 and 2022, passenger charges at our Mexican airports represented 45.4%, 53.0% and 58.5% of our aeronautical service revenues and 19.5%, 26.5% and 32.5%, respectively, of our consolidated revenues.
In 2021, 2022 and 2023, passenger charges at our Mexican airports represented 53.0%, 58.5% and 60.8% of our aeronautical service revenues and 26.5%, 32.5% and 35.8%, respectively, of our consolidated revenues.
See “Item 4—Information on the Company—Business Overview—Colombia.” Puerto Rican Aeronautical Revenues As noted above, aeronautical revenues from our LMM Airport are limited by the Airport Use Agreements among Aerostar and the principal airlines serving the LMM Airport. Aeronautical revenues include revenues from passenger charges for the use of terminals, landing and aircraft movement charges and aircraft parking charges.
See “Item 4—Information on the Company—Business Overview—Colombia.” 104 Table of Contents Puerto Rican Aeronautical Revenues As noted above, aeronautical revenues from our LMM Airport are limited by the Airport Use Agreements among Aerostar and the principal airlines serving the LMM Airport.
(4) Net income divided by total revenues, expressed as a percentage. ​ 116 Table of Contents Results of operations for the year ended December 31, 2022 compared to the year ended December 31, 2021 Revenues Total consolidated revenues for 2022 were Ps. 25,313.9 million, 34.8% higher than the Ps.18,784.7 million recorded in 2021.
(4) Net income divided by total revenues, expressed as a percentage. ​ 118 Table of Contents Results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022 Revenues Total consolidated revenues for 2023 were Ps. 25,821.6 million, 2.0% higher than the Ps. 25,313.9 million recorded in 2022.
Our revenues from non-aeronautical services are associated with the leasing of space in our airports to airlines, retailers and other commercial tenants, access fees collected from third parties providing complementary services at our airports and related miscellaneous sources. In addition, we derive construction revenues from the services we are deemed to provide by making capital improvements to concessioned assets.
Our revenues from non-aeronautical services are associated with the leasing of space in our airports to airlines, retailers and other commercial tenants, access fees collected from third parties providing complementary services at our airports and related miscellaneous sources.
Revenues from our parent holding company and our administrative services companies decreased by 50.8% from Ps.962.2 million in 2021 to Ps. 473.7 million in 2022, due to the decrease in payments by our operating subsidiaries under intercompany agreements related to administrative services. These revenues are intercompany and are therefore eliminated in consolidation.
Revenues from our parent holding company and our administrative services companies increased by 6.1% from Ps. 473.7 million in 2022 to Ps. 502.8 million in 2023, due to the increase in payments by our operating subsidiaries under intercompany agreements related to administrative services. These revenues are intercompany and are therefore eliminated in consolidation.
Construction services revenues at Cancún Airport decreased by 24.8% from Ps. 1,210.2 million in 2021 to Ps. 910.8 million in 2022, due to a decrease in capital improvements and investments in concessioned assets at that airport.
Construction services revenues at Cancún Airport decreased by 54.4% from Ps. 910.8 million in 2022 to Ps. 415.7 million in 2023, due to a decrease in capital improvements and investments in concessioned assets at that airport.
Our participation in the tax amnesty program, however, had no impact on our separate appeal of the amount of distributions owed by the Company under the mandatory employee statutory profit sharing regime established by Mexican federal labor laws. As of April 17, 2023, our appeal is still pending resolution with respect to such distributions.
Our participation in the tax amnesty program, however, had no impact on our separate appeal of the amount of distributions owed by the Company under the mandatory employee statutory profit sharing regime established by Mexican federal labor laws.
Revenues increased by 26.6% from Ps.384.5 million in 2021 to Ps. 486.7 million in 2022 at Villahermosa Airport, largely due to the increase in aeronautical revenues. Revenues per workload unit at Villahermosa Airport decrease by 2.6% from Ps.384.5 in 2021 to Ps. 374.4 in 2022, primarily due to the decrease in construction services revenues.
Revenues increased by 14.0% from Ps. 486.7 million in 2022 to Ps. 554.7 million in 2023 at Villahermosa Airport, largely due to the increase in aeronautical revenues. Revenues per workload unit at Villahermosa Airport decrease by 1.2% from Ps. 374.4 in 2022 to Ps. 369.8 in 2023, primarily due to the decrease in construction services revenues.
Operating income per workload unit at Mérida Airport increased 50.7% from Ps.112.5 in 2021 to Ps. 169.5 in 2022. Operating income for Villahermosa Airport increased by 110.5% from Ps. 91.6 million in 2021 to Ps. 192.8 million in 2022, primarily because of a 49.8% increase in aeronautical revenues due to higher passenger traffic.
Operating income per workload unit at Mérida Airport increased 15.5% from Ps. 169.5 in 2022 to Ps. 195.7 in 2023. Operating income for Villahermosa Airport increased by 36.9% from Ps. 192.8 million in 2022 to Ps. 264.0 million in 2023, primarily because of a 27.8% increase in aeronautical revenues due to higher passenger traffic.
Under these agreements, our specific prices are structured such that the substantial majority of our aeronautical revenues are derived from passenger charges, and we expect this to continue to be the case in future agreements.
We currently set the specific price for each category of aeronautical services after negotiating with our principal airline customers. Under these agreements, our specific prices are structured such that the substantial majority of our aeronautical revenues are derived from passenger charges, and we expect this to continue to be the case in future agreements.
In 2022, 83.1% and 16.9% of the passengers traveling through our Colombian airports were domestic and international, respectively. Of the international passengers traveling through our Colombian airports, approximately 37.0% traveled on flights originating in or departing to the United States.
In 2023, 80.0% and 20.0% of the passengers traveling through our Colombian airports were domestic and international, respectively. Of the international passengers traveling through our Colombian airports, approximately 32.2% traveled on flights originating in or departing to the United States.

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Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Pérez Antón is also currently the Vice President of the Cámara Nacional del Autotransporte de Pasaje y Turismo (the Mexican National Chamber of Intercity and Tourism Transportation, or CANAPAT), he is a Counselor at ITI (the Intermodal Transportation Institute, based in Denver), and a member of the Mexican Business Council. He is 50 years old. Aurelio Pérez Alonso . Mr.
Pérez Antón is also currently the Vice President of the Cámara Nacional del Autotransporte de Pasaje y Turismo (the Mexican National Chamber of Intercity and Tourism Transportation, or CANAPAT), he is a Counselor at ITI (the Intermodal Transportation Institute, based in Denver), and a member of the Mexican Business Council. He is 51 years old. Aurelio Pérez Alonso . Mr.
She is also on the Board of Trustees of the University of Southern California. While studying business administration at USC, Steden was a three-time All American women’s tennis player, and went on to pursue a five-year professional career in tennis. She is 58 years old. Ms. Steden is an independent director. Diana Maria Chavez Varela . Ms.
She is also on the Board of Trustees of the University of Southern California. While studying business administration at USC, Steden was a three-time All American women’s tennis player, and went on to pursue a five-year professional career in tennis. She is 59 years old. Ms. Steden is an independent director. Diana Maria Chavez Varela . Ms.
Previously, he held a series of positions in ASUR, including Administrator of Veracruz Airport (from 2001 to 2013). He has also held executive posts in the companies Internacional de Contenedores de Veracruz and Ferrocarril del Sureste. He is 62 years old. Share Ownership of Directors and Senior Management With the exception of Fernando Chico Pardo (see “Item 7.
Previously, he held a series of positions in ASUR, including Administrator of Veracruz Airport (from 2001 to 2013). He has also held executive posts in the companies Internacional de Contenedores de Veracruz and Ferrocarril del Sureste. He is 63 years old. Share Ownership of Directors and Senior Management With the exception of Fernando Chico Pardo (see “Item 7.
During 2021 we initiated the transfer of all employees of RH ASUR, S.A. de C.V. and Servicios Aeroportuarios del Sureste, S.A. de C.V., two subsidiaries wholly-owned by us, that provided administrative and personnel services, so that they become employees of the corresponding Mexico airpot where they operate. This transition was completed in February 2022.
During 2021 we initiated the transfer of all employees of RH ASUR, S.A. de C.V. and Servicios Aeroportuarios del Sureste, S.A. de C.V., two subsidiaries wholly-owned by us, that provided administrative and personnel services, so that they become employees of the corresponding Mexico airport where they operate. This transition was completed in February 2022.
During 2009 he was employed as Chairman of the Bank for International Settlements based in Basel, Switzerland. He is 74 years old. Mr. Ortiz is an independent director. Rasmus Christiansen . Mr. Christiansen previously served as the Chief Executive Officer of Copenhagen Airports International A/S, responsible for management and advisory services for CPH’s international investments. Before joining Copenhagen Airports, Mr.
During 2009 he was employed as Chairman of the Bank for International Settlements based in Basel, Switzerland. He is 75 years old. Mr. Ortiz is an independent director. Rasmus Christiansen . Mr. Christiansen previously served as the Chief Executive Officer of Copenhagen Airports International A/S, responsible for management and advisory services for CPH’s international investments. Before joining Copenhagen Airports, Mr.
He has previously served on the boards of directors of Instituto Tecnológico y de Estudios Superiores de Monterrey (“ITESM”), Grupo Industrial Alfa, El Puerto de Liverpool, and Grupo Coppel. He is currently on the boards of directors of Fomento Económico Mexicano (“FEMSA”), Grupo Bimbo, Coca Cola Femsa (“KOF”), Grupo Vitro, and BBVA. He is 74 years old. Mr.
He has previously served on the boards of directors of Instituto Tecnológico y de Estudios Superiores de Monterrey (“ITESM”), Grupo Industrial Alfa, El Puerto de Liverpool, Fomento Económico Mexicano (“FEMSA”), Grupo Bimbo, and Grupo Coppel. He is currently on the boards of directors of Coca Cola Femsa (“KOF”), Grupo Vitro, and BBVA. He is 75 years old. Mr.
He has been Deputy Legal Director of Comisión de Fomento Minero, as well as Chief Legal Consultant for Grafito de Mexico, S.A. de C.V., Terrenos para Industrias, S.A. de C.V., Terrenos de Jaltipan, S.A. de C.V., Macocozac, S.A. de C.V., Pasco Terminals, Inc. and Pasco International, Ltd. He is 71 years old. Manuel Gutiérrez Sola. Mr.
He has been Deputy Legal Director of Comisión de Fomento Minero, as well as Chief Legal Consultant for Grafito de Mexico, S.A. de C.V., Terrenos para Industrias, S.A. de C.V., Terrenos de Jaltipan, S.A. de C.V., Macocozac, S.A. de C.V., Pasco Terminals, Inc. and Pasco International, Ltd. He is 72 years old. Manuel Gutiérrez Sola. Mr.
Prior to joining ASUR, Mr. Gutiérrez was Chief Operations Officer of G. Acción S.A. de C.V. and Machinery and Equipment Manager of Gutsa Construcciones, S.A. de C.V. He is 60 years old. Alejandro Pantoja López. Mr. Pantoja was appointed as our Chief Infrastructure and Compliance Officer in August 2013.
Prior to joining ASUR, Mr. Gutiérrez was Chief Operations Officer of G. Acción S.A. de C.V. and Machinery and Equipment Manager of Gutsa Construcciones, S.A. de C.V. He is 61 years old. Alejandro Pantoja López. Mr. Pantoja was appointed as our Chief Infrastructure and Compliance Officer in August 2013.
The current members of the Sustainability Committee are Diana María Chávez Varela (President), Claudio Góngora Morales and Alistair McCreadie. ​ 131 Table of Contents The Acquisitions and Contracts Committee, composed of three members, is responsible for ensuring compliance with our procurement policies set forth in our bylaws.
The current members of the Sustainability Committee are Diana María Chávez Varela (President), Claudio Góngora Morales and Alistair McCreadie. 133 Table of Contents The Acquisitions and Contracts Committee, composed of three members, is responsible for ensuring compliance with our procurement policies set forth in our bylaws.
He is also a board member of CPH International A/S and Newcastle International Airport Ltd. as well as Chairman of the Danish Schou Foundation. Mr. Christiansen is 71 years old and was born in Denmark. Mr. Christiansen is an independent director. José Antonio Pérez Antón . Mr.
He is also a board member of CPH International A/S and Newcastle International Airport Ltd. as well as Chairman of the Danish Schou Foundation. Mr. Christiansen is 72 years old and was born in Denmark. Mr. Christiansen is an independent director. José Antonio Pérez Antón . Mr.
He is 67 years old. Mr. Garza is an independent director. Guillermo Ortiz Martínez. Mr. Ortiz is a member of our Board of Directors and Financial Expert of the Audit Committee . He has served as the Chairman of the Board of Directors of Grupo Financiero Banorte.
He is 68 years old. Mr. Garza is an independent director. Guillermo Ortiz Martínez. Mr. Ortiz is a member of our Board of Directors and Financial Expert of the Audit Committee . He has served as the Chairman of the Board of Directors of Grupo Financiero Banorte.
He currently works for SSA Marine, Inc, a marine and rail transport logistics company based in Seattle, Washington. He is 38 years old. Bárbara Garza Lagüera Gonda . Ms.
He currently works for SSA Marine, Inc, a marine and rail transport logistics company based in Seattle, Washington. He is 39 years old. Bárbara Garza Lagüera Gonda . Ms.
Pérez Alonso has been Deputy Chief Executive Officer of Grupo ADO since 2006 and a member of the Board of Directors of Grupo ADO since 2005. Before joining the company in 1998, Mr. Pérez Alonso was a consultant for Arthur Andersen and he is currently a member of the Board of Directors of CANAPAT.
Pérez Alonso has been Deputy Chief Executive Officer of Grupo ADO since 2006 and a member of the Board of Directors of Grupo ADO since 2005. Before joining the company in 1998, Mr. Pérez Alonso was a consultant for Arthur Andersen and he is currently a member of the Board of Directors of CANAPAT. He is 52 years old.
Currently, four executive officers report directly to the chief executive officer, one of whom was appointed by ITA as holder of the BB shares.
Currently, five executive officers report directly to the chief executive officer, one of whom was appointed by ITA as holder of the BB shares.
Navarrete was the Administrator of Mérida Airport, Director of the Board of Culture and Tourism of the state of Yucatán, Coordinator of the Mayan Cultural Project in San Antonio, Texas, and President of the International Council of Latin American and Caribbean Airports for Airports Council International, and is an expert in international civil aviation security. He is 66 years old.
Navarrete was the Administrator of Mérida Airport, Director of the Board of Culture and Tourism of the state of Yucatán, Coordinator of the Mayan Cultural Project in San Antonio, Texas, and President of the International Council of Latin American and Caribbean Airports for Airports Council International, and is an expert in international civil aviation security.
Fernando Chico Pardo is the direct or indirect owner of 50.0% of the shares of ITA and 58,238,592 Series B shares (19.41% of our outstanding shares) as of April 17, 2023. (2) Elected by ITA as holder of Series BB shares, with Luis Fernando Lozano Bonfil as Alternate.
Fernando Chico Pardo is the direct or indirect owner of 50.0% of the shares of ITA and 58,238,592 Series B shares (19.41% of our outstanding shares) as of April 15, 2024. (2) Elected by ITA as holder of Series BB shares, with Luis Fernando Lozano Bonfil as Alternate.
Fernando Chico Pardo has also been on the boards of directors of, among others, Grupo Financiero Inbursa, Condumex, Grupo Carso, Sanborns Hermanos, Sears Roebuck de México, Cultiba and Grupo Posadas de México. He is 71 years old. Mr. Fernando Chico Pardo was appointed by ITA. Ricardo Guajardo Touché. Mr.
Fernando Chico Pardo has also been on the boards of directors of, among others, Grupo Financiero Inbursa, Condumex, Grupo Carso, Sanborns Hermanos, Sears Roebuck de México, Cultiba and Grupo Posadas de México. He is 72 years old. Mr. Fernando Chico Pardo was appointed by ITA. 129 Table of Contents Ricardo Guajardo Touché. Mr.
She is 63 years old. Ms. Garza Lagüera is an independent director. Heliane Marie Luise Steden Ms. Steden is a managing director at Merrill Lynch and a member of the company’s flagship New York International Office. She joined Merrill Lynch in 1999, after working for Bankers Trust and Deutsche Bank.
She is 64 years old. Ms. Garza Lagüera is an independent director. 130 Table of Contents Heliane Marie Luise Steden Ms. Steden is a managing director at Merrill Lynch and a member of the company’s flagship New York International Office. She joined Merrill Lynch in 1999, after working for Bankers Trust and Deutsche Bank.
Claudio Góngora Morales. Mr. Góngora has been General Counsel since 1999. He is Legal Director of ASUR (from 2001). Mr. Góngora also served as Legal Director of Azufrera Panamericana, S.A. de C.V., alternating as Legal Advisor for Compañía Exploradora del Istmo, S.A. de C.V.
He is 67 years old. 131 Table of Contents Claudio Góngora Morales. Mr. Góngora has been General Counsel since 1999. He is Legal Director of ASUR (from 2001). Mr. Góngora also served as Legal Director of Azufrera Panamericana, S.A. de C.V., alternating as Legal Advisor for Compañía Exploradora del Istmo, S.A. de C.V.
(2) On June 2021, we transferred all of our unionized personnel from our airport operating subsidiaries. 133 Table of Contents As of December 31, 2020, 2021 and 2022, we had 1,537, 1,777 and 1,787 total employees (administrative and unionized), respectively.
(2) On June 2021, we transferred all of our unionized personnel from our airport operating subsidiaries. 135 Table of Contents As of December 31, 2021, 2022 and 2023, we had 1,777, 1,787 and 1,882 total employees (administrative and unionized), respectively.
The current members of the Nominations and Compensation Committee are Barbara Garza Lagüera Gonda (President), Fernando Chico Pardo and José Antonio Pérez Antón. 132 Table of Contents Employees The following table sets forth the number of employees in various positions as of the end of 2020, 2021 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Administrative Employees (1) ​ ​ ​ ​ ​ ​ Servicios Aeroportuarios del Sureste, S.A. de C.V. 145 8 — Mexico ​ ​ Cancún Airport 294 433 444 Cozumel Airport 26 27 26 Huatulco Airport 23 23 23 Mérida Airport 65 64 65 Minatitlán Airport 20 20 19 Oaxaca Airport 28 28 28 Tapachula Airport 24 23 22 Veracruz Airport 33 35 34 Villahermosa Airport 35 33 35 Cancún Airports Services, S.A. ​ — ​ 239 ​ 242 Total Mexico 693 933 938 Colombia ​ ​ Airplan (Corporate Office) 88 88 70 Carepa Airport 26 26 28 Corozal Airport 20 22 19 Medellín Airport (Enrique Olaya Herrera) 50 48 46 Rionegro Airport (José María Córdova) 112 115 111 Montería Airport 39 45 44 Quibdó Airport 25 24 38 Total Colombia 360 368 356 San Juan Airport 103 97 98 Total Puerto Rico ​ 103 ​ 97 ​ 98 Total Administrative Employees 1156 1398 1392 Unionized Employees (2) ​ ​ ​ ​ ​ ​ Mexico ​ ​ Cancún Airport 165 162 165 Cozumel Airport 36 35 35 Huatulco Airport 19 20 20 Mérida Airport 45 45 47 Minatitlán Airport 16 16 14 Oaxaca Airport 21 23 23 Tapachula Airport 24 24 24 Veracruz Airport 27 27 25 Villahermosa Airport 28 27 25 Total Mexico 381 379 378 Colombia ​ ​ Carepa Airport — — --- Corozal Airport — — --- Medellín Airport (Enrique Olaya Herrera) — — --- Rionegro Airport (José María Córdova) — — --- Montería Airport — — --- Quibdó Airport — — --- Total Colombia — — --- San Juan Airport — — 17 Total Puerto Rico ​ — ​ — ​ 17 Total Union Employees 381 379 395 (1) On February 2022, we transferred all of the non-unionized administrative employees by each of our airport operating subsidiaries.
The current members of the Nominations and Compensation Committee are Barbara Garza Lagüera Gonda (President), Fernando Chico Pardo and José Antonio Pérez Antón. 134 Table of Contents Employees The following table sets forth the number of employees in various positions as of the end of 2021, 2022 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2022 2023 Administrative Employees (1) ​ ​ ​ ​ ​ ​ Servicios Aeroportuarios del Sureste, S.A. de C.V. 8 — — México ​ ​ ​ Cancún Airport 433 444 481 Cozumel Airport 27 26 27 Huatulco Airport 23 23 23 Mérida Airport 64 65 64 Minatitlán Airport 20 19 18 Oaxaca Airport 28 28 28 Tapachula Airport 23 22 25 Veracruz Airport 35 34 35 Villahermosa Airport 33 35 34 Cancún Airports Services, S.A. ​ 239 ​ 242 ​ 245 Total Mexico 933 938 980 Colombia ​ ​ ​ Airplan (Corporate Office) 88 70 83 Carepa Airport 26 28 29 Corozal Airport 22 19 18 Medellín Airport (Enrique Olaya Herrera) 48 46 46 Rionegro Airport (José María Córdova) 115 111 136 Montería Airport 45 44 43 Quibdó Airport 24 38 37 Total Colombia 368 356 392 San Juan Airport 97 98 104 Total Puerto Rico ​ 97 ​ 98 ​ 104 Total Administrative Employees 1398 1392 1476 Unionized Employees (2) ​ ​ ​ ​ ​ ​ México ​ ​ ​ Cancún Airport 162 165 169 Cozumel Airport 35 35 36 Huatulco Airport 20 20 20 Mérida Airport 45 47 46 Minatitlán Airport 16 14 16 Oaxaca Airport 23 23 23 Tapachula Airport 24 24 24 Veracruz Airport 27 25 27 Villahermosa Airport 27 25 26 Total México 379 378 387 Colombia ​ ​ ​ Carepa Airport — — — Corozal Airport — — — Medellín Airport (Enrique Olaya Herrera) — — — Rionegro Airport (José María Córdova) — — — Montería Airport — — — Quibdó Airport — — — Total Colombia — — — San Juan Airport — 17 19 Total Puerto Rico ​ — ​ 17 ​ 19 Total Union Employees 379 395 406 (1) On February 2022, we transferred all of the non-unionized administrative employees by each of our airport operating subsidiaries.
He is 51 years old. 128 Table of Contents Pablo Chico Hernández . Mr. Chico Hernández graduated from the Iberoamericana University in Mexico City with a degree in Business Administration, and obtained an MBA at Southern Methodist University in Dallas, TX, specialising in Finance and Entrepreneurship. He has worked for Promecap, S.C., and for Prudential Bank Mexico.
Pablo Chico Hernández . Mr. Chico Hernández graduated from the Iberoamericana University in Mexico City with a degree in Business Administration, and obtained an MBA at Southern Methodist University in Dallas, TX, specializing in Finance and Entrepreneurship. He has worked for Promecap, S.C., and for Prudential Bank Mexico.
As of December 31, 2020, 2021, and 2022, 24.8%, 21.3% and 22.1%, respectively, of our employees were members of labor unions.
As of December 31, 2021, 2022, and 2023, 21.3%, 22.1% and 21.6%, respectively, of our employees were members of labor unions.
The Audit and Corporate Practices Committee must be composed of at least three members, all of whom must be independent, and is responsible for supervising the management and conduct of our business, monitoring the activities of our Board of Directors, our officers and the officers of our subsidiaries for compliance with the bylaws and applicable law, as well as coordinating internal auditing activities.
A secretary has also been appointed who is not a member of the committee. 132 Table of Contents The Audit and Corporate Practices Committee must be composed of at least three members, all of whom must be independent, and is responsible for supervising the management and conduct of our business, monitoring the activities of our Board of Directors, our officers and the officers of our subsidiaries for compliance with the bylaws and applicable law, as well as coordinating internal auditing activities.
Additionally our Board of Directors has approved the creation of a Sustainability Committee, in accordance with our bylaws. 130 Table of Contents The Operating Committee, which is composed of five members, is responsible for proposing and approving certain plans and policies relating to our business, investments and administration, including approval of the master development plans of our subsidiary concession holders, our dividend policy and investments of less than U.S.$2.0 million that are not provided for in our annual budget.
The Operating Committee, which is composed of five members, is responsible for proposing and approving certain plans and policies relating to our business, investments and administration, including approval of the master development plans of our subsidiary concession holders, our dividend policy and investments of less than U.S.$2.0 million that are not provided for in our annual budget.
Compensation of Directors and Senior Management Members of our Board of Directors and the members of our committees received Ps.8.7 million in aggregate compensation for the year ended December 31, 2022. We paid an aggregate amount of approximately Ps. 166.9 million in 2022 for the services of our executive officers.
Compensation of Directors and Senior Management Members of our Board of Directors and the members of our committees received Ps.10.3 million in aggregate compensation for the year ended December 31, 2023. We paid an aggregate amount of approximately Ps. 171.6 million in 2023 for the services of our executive officers.
(7) On April 22, 2021, Pablo Chico Hernández, Heliane Marie Luise Steden, and Diana María Chavez Varela were elected as members of the Board of Directors, representing the Series B shares.
(7) On April 22, 2021, Pablo Chico Hernández, Heliane Marie Luise Steden, and Diana María Chavez Varela were elected as members of the Board of Directors, representing the Series B shares. (**) There is a vacancy on the Board of Directors due to the death of Luis Chico Pardo on February 25, 2021. ​ Fernando Chico Pardo. Mr.
Castro is also member of the Board of Directors of Red de Carreteras de Occidente, S.A.B. de C.V. He is 59 years old. 129 Table of Contents Carlos Trueba Coll. Mr. Trueba has been the Director of Cancún Airport since March 1, 2010. Previously, Mr.
Castro is also member of the Board of Directors of Red de Carreteras de Occidente, S.A.B. de C.V. He is 60 years old. Carlos Trueba Coll. Mr. Trueba has been the Director of Cancún Airport since March 1, 2010. Previously, Mr. Trueba has held a series of administrative positions at Cancún Airport, including Deputy Director of Operations (November 2004).
Chavez is the Executive Director and Chairperson of the Board of CIFAL, a private sector center promoting research for the implementation of United Nations sustainability goals and initiatives in Bogotá, Colombia. She is also the Vice-Chair of the Board of Trustees of UNITAR, the United Nations Institute for Training and Research, in Geneva, Switzerland.
Chavez is the Executive Director and Chairperson of the Board of CIFAL, a private sector center promoting research for the implementation of United Nations sustainability goals and initiatives in Bogotá, Colombia. In addition to her role as Vice-Chair of the Board of Trustees and Chair of the Finance Committee of UNITAR, Ms.
He was our Chief Executive Officer from January 19, 2007 until June 1, 2011. He is the founder and President of Promecap, S.C. established in 1997, he is the Co-President of the port and rail operator Carrix, Inc, and a member of the board of directors of BBVA. Previously, Mr.
He is the founder and President of Promecap, S.C. established in 1997, he is the Co-President of the port and rail operator Carrix, Inc, and a member of the board of directors of BBVA. Previously, Mr.
Trueba has held a series of administrative positions at Cancún Airport, including Deputy Director of Operations (November 2004). He was Department and Regional Head at the company Aeropuertos y Servicios Auxiliares. He is 59 years old. Héctor Navarrete Muñoz. Mr. Navarrete is the Director of Regional Airports. Previously, Mr.
He was Department and Regional Head at the company Aeropuertos y Servicios Auxiliares. He is 60 years old. Héctor Navarrete Muñoz. Mr. Navarrete is the Director of Regional Airports. Previously, Mr.
(**) There is a vacancy on the Board of Directors due to the death of Luis Chico Pardo on February 25, 2021. 127 Table of Contents ​ Fernando Chico Pardo. Mr. Fernando Chico Pardo has been a member of our Board of Directors and Chairman of the Board since April 28, 2005.
Fernando Chico Pardo has been a member of our Board of Directors and Chairman of the Board since April 28, 2005. He was our Chief Executive Officer from January 19, 2007 until June 1, 2011.
Removed
Between 2009 and 2017, she was the Executive Director for the Latin America and Caribbean Regional Centre of the UN Global Compact in Bogotá, and prior to that was the Local Network Coordinator of the Global Compact in Mexico. She is 51 years old. Ms. Chavez is an independent director.
Added
Chávez served as the Director of the Regional Center for the UN Global Compact in Latin America and the Caribbean. She is the first woman to chair the UN Forum on Business and Human Rights. Her diverse professional career spans multilateral processes, sustainability, international corporation mergers, diplomacy, and external relations. Ms.
Removed
A secretary has also been appointed who is not a member of the committee.
Added
Chávez holds an undergraduate degree in English literature, with further studies in national security and negotiation. She has earned Master’s Degrees, in both, International Relations and Business Administration. She is 52 years old. Ms. Chavez is an independent director.
Added
Additionally our Board of Directors has approved the creation of a Sustainability Committee, in accordance with our bylaws.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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As of December 31, 2020, 2021 and 2022, the accounts pending payment with related parties are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, ​ 2020 2021 2022 ​ ​ (millions of Mexican pesos) Accounts Payable: Inversiones y Técnicas Aeroportuarias, S.A.P.I. de C.V.
As of December 31, 2021, 2022 and 2023, the accounts pending payment with related parties are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, ​ 2021 2022 2023 ​ ​ (millions of Mexican pesos) Accounts Payable: Inversiones y Técnicas Aeroportuarias, S.A.P.I. de C.V.
Major Shareholders and Related Party Transactions MAJOR SHAREHOLDERS Capital Stock Structure The following table sets forth the current ownership of outstanding shares as of April 17, 2023, to the extent of our knowledge. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of total ​ ​ Number of Shares ​ share capital ​ Identity of stockholder B Shares BB Shares B Shares BB Shares CHPAF Holdings, S.A.P.I. de C.V.
Major Shareholders and Related Party Transactions MAJOR SHAREHOLDERS Capital Stock Structure The following table sets forth the current ownership of outstanding shares as of April 15, 2024, to the extent of our knowledge. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of total ​ ​ Number of Shares ​ share capital ​ Identity of stockholder B Shares BB Shares B Shares BB Shares CHPAF Holdings, S.A.P.I. de C.V.
(1) 0.2 0.0 0.0 Total Accounts Receivable 0.2 0.0 0.0 (1) Shareholder 135 Table of Contents During the years ending December 31, 2020, 2021 and 2022, the following transactions with related parties were carried out: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ ​ (millions of Mexican pesos) Commercial revenues ​ Ps. 13.0 ​ Ps. 18.4 ​ Ps. 23.7 Technical assistance ​ (175.6) ​ (391.7) ​ (643.9) Leases ​ (6.1) ​ (5.9) ​ (4.6) Cleaning services ​ (11.8) ​ (12.3) ​ — ​ Arrangements with ITA The rules for the sale of the Series BB shares required ITA, ASUR and the Ministry of Infrastructure, Communications and Transportation to enter into a participation agreement, which established the framework for the option agreement, the Technical Assistance Agreement and the Banco Nacional de Comercio Exterior, S.N.C., or Bancomext, Trust Agreement.
(1) 0.0 0.0 0.0 Total Accounts Receivable 0.0 0.0 0.0 (1) Shareholder During the years ending December 31, 2021, 2022 and 2023, the following transactions with related parties were carried out: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2022 2023 ​ ​ ​ (millions of Mexican pesos) Commercial revenues ​ Ps. 18.4 ​ Ps. 23.7 ​ Ps. 28.7 Technical assistance ​ (391.7) ​ (643.9) ​ (715.5) Leases ​ (5.9) ​ (4.6) ​ (5.8) Cleaning services ​ (12.3) ​ — ​ — ​ 137 Table of Contents Arrangements with ITA The rules for the sale of the Series BB shares required ITA, ASUR and the Ministry of Infrastructure, Communications and Transportation to enter into a participation agreement, which established the framework for the option agreement, the Technical Assistance Agreement and the Banco Nacional de Comercio Exterior, S.N.C., or Bancomext, Trust Agreement.
(1) 53.3 127.4 169.7 Lava Tap de Chiapas S.A De C.V 0.4 0.5 — Autobuses de Oriente ADO S.A de C.V. 0.1 — — Total Accounts Payable 53.8 127.9 169.7 (1) Shareholder As of December 31, 2020, 2021 and 2022, the accounts pending receipt with related parties are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, ​ 2020 2021 2022 ​ ​ (millions of Mexican pesos) Accounts Receivable: Autobuses Golfo Pacífico, S.
(1) 127.4 169.7 178.3 Lava Tap de Chiapas S.A De C.V 0.5 — — Total Accounts Payable 127.9 169.7 178.3 (1) Shareholder As of December 31, 2021, 2022 and 2023, the accounts pending receipt with related parties are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, ​ 2021 2022 2023 ​ ​ (millions of Mexican pesos) Accounts Receivable: Autobuses Golfo Pacífico, S.
Directors, Senior Management and Employees—Committees.” In 2020, 2021 and 2022, we recognized expenses of U.S.$8.8 million, U.S.$19.1 million and U.S.$ 33.0 million, respectively, pursuant to the technical assistance agreement. We did not owe ITA additional expenses in 2020, 2021, and 2022.
This process is described in “Item 6. Directors, Senior Management and Employees—Committees.” In 2020, 2021 and 2022, we recognized expenses of U.S.$8.8 million, U.S.$19.1 million and U.S.$ 33.0 million, respectively, pursuant to the technical assistance agreement. We did not owe ITA additional expenses in 2021, 2022, and 2023.
In 2021, we provided Ps. 122.3 million in compensation to key management personnel and Ps.8.1 million in compensation to the Board of Directors and the committees of the Board of Directors.
Compensation to Directors and Officers In 2021, we provided Ps. 122.3 million in compensation to executive officers and Ps. 8.1 million in compensation to the Board of Directors and the committees of the Board of Directors.
(6) 36,918,290 — 12.31 % — ​ ITA, through Bancomext (1)(2)(3)(4)(6) --- 22,950,000 — 7.65 % Other Public (1) 181,893,118 — 60.63 % — ​ (1) Pursuant to the Share Registry Book of ASUR, the shareholders that formally appear registered as such are (a) Indeval, as depositary of 255,000,000 Series B shares, (b) Bancomext, as holder of 22,050,000 Series B shares, and (c) Bancomext, as holder of 22,950,000 Series BB shares.
(6) 4,002,750 — 1.33 % — ​ ITA, through Bancomext (1)(2)(3)(4)(6) — 22,950,000 — 7.65 % Other Public (1) 174,032,482 — 58.02 % — ​ (1) Pursuant to the Share Registry Book of ASUR, the shareholders that formally appear registered as such are (a) Indeval, as depositary of 255,000,000 Series B shares, (b) Bancomext, as holder of 22,050,000 Series B shares, and (c) Bancomext, as holder of 22,950,000 Series BB shares.
The agreement allows ITA, its stockholders and their affiliates to render additional services to us only if our Acquisitions and Contracts Committee determines that these related persons have submitted the most favorable bid in a bidding process. This process is described in “Item 6.
ITA is also entitled to reimbursement for the out-of-pocket expenses it incurs in its provision of services under the agreement. The agreement allows ITA, its stockholders and their affiliates to render additional services to us only if our Acquisitions and Contracts Committee determines that these related persons have submitted the most favorable bid in a bidding process.
In 2022, we provided Ps. 166.9 million in compensation to key management personnel and Ps. 8.7million in compensation to the Board of Directors and the committees of the Board of Directors. ​ 136 Table of Contents
In 2022, we provided Ps. 166.9 million in compensation to executive officers and Ps. 8.7 million in compensation to the Board of Directors and the committees of the Board of Directors.
(7) Amount of shares beneficially owned as of December 31, 2022. 134 Table of Contents ITA Trust The rules governing the sale of our Series BB shares to ITA required that ITA place all of its Series BB shares in trust in order to guarantee ITA’s performance of its obligations under the technical assistance agreement and ITA’s commitment to maintain its interest in ASUR for a specified period.
(6) Grupo ADO, S.A. de C.V. indirectly owns 50.0% of ITA through its subsidiary, Inversiones Kierke, which in turn owns, directly or indirectly, 36,989,770 of our Series “B” shares. 136 Table of Contents ITA Trust The rules governing the sale of our Series BB shares to ITA required that ITA place all of its Series BB shares in trust in order to guarantee ITA’s performance of its obligations under the technical assistance agreement and ITA’s commitment to maintain its interest in ASUR for a specified period.
The fixed dollar amount decreases during the initial five years of the agreement in order to create an incentive for ITA to increase our earnings before comprehensive financing cost, income taxes and depreciation and amortization. ITA is also entitled to reimbursement for the out-of-pocket expenses it incurs in its provision of services under the agreement.
Effective as of January 1, 2024, the applicable rate for the technical assistance agreement was reduced from 5.0% to 2.5%. The fixed dollar amount decreases during the initial five years of the agreement in order to create an incentive for ITA to increase our earnings before comprehensive financing cost, income taxes and depreciation and amortization.
Compensation to Directors and Officers In 2020, we provided Ps. 137.2 million in compensation to key management personnel and Ps. 8.6 million in compensation to the Board of Directors and the committees of the Board of Directors.
In 2023, we provided Ps. 171.6 million in compensation to executive officers and Ps. 10.3 million in compensation to the Board of Directors and the committees of the Board of Directors. ​ 138 Table of Contents
(1)(2)(3)(4)(5) 58,238,592 — 19.41 % — ​ Inversiones Productivas Kierke, S.A. de C.V.
(1)(2)(3)(4)(5) 62,024,998 — 20.67 % — ​ Inversiones Productivas Kierke S.A .de C.V. ​ 36,989,770 ​ ​ ​ 12.33 % ​ ​ Grupo ADO, S.A. de C.V.
Removed
(6) Grupo ADO, S.A. de C.V. indirectly owns 50.0% of ITA through its subsidiary, Inversiones Kierke, which in turn owns, directly or indirectly, 36,918,290 of our Series “B” shares.

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