10q10k10q10k.net
SOUTHEAST AIRPORT GROUP

SOUTHEAST AIRPORT GROUPASR财报

NYSE · 工业 · 机场、飞行场地及机场终端服务

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 — 2023 vs 2024

Top changes in SOUTHEAST AIRPORT GROUP's 2024 20-F

733 paragraphs added · 701 removed · 589 edited across 6 sections

Item 2. Properties

Properties — owned and leased real estate

1 edited+0 added−0 removed0 unchanged
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 2. Offer Statistics and Expected Timetable 1 Item 3. Key Information 1 Risk Factors 1 Forward Looking Statements 35 Item 4. Information on the Company 35 History and Development of the Company 35 Business Overview 41 Mexican Regulatory Framework 65 Puerto Rican Regulatory Framework 83 Colombian Regulatory Framework 90 Organizational Structure 98 Property, Plant, And Equipment 98

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

130 edited+61 added−35 removed324 unchanged
Further, on March 13, 2023, the United States Department of State issued a press release advising U.S. citizens to exercise increased caution in certain touristic areas such as Cancun, Playa Del Carmen, and Tulum.
Further, on March 13, 2023, the United States Department of State issued a press release advising U.S. citizens to exercise increased caution in certain touristic areas such as Cancun, Playa Del Carmen, and Tulum.
This new law includes, among others: (i) a new permanent equity tax applicable to Colombian individuals and non-residents, which rates may 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 law includes, among others: (i) a new permanent equity tax applicable to Colombian individuals and non-residents, which rates may 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.
Similarly, reports suggesting an increase in the level of violence or political instability in Colombia may have an adverse impact on passenger traffic to our Colombian airports. Any decreases in air traffic to or from our airports as a result of factors such as these could adversely affect our business, results of operations, prospects and financial condition.
Similarly, reports suggesting an increase in the level of violence or political or economic instability in Colombia may have an adverse impact on passenger traffic to our Colombian airports. Any decreases in air traffic to or from our airports as a result of factors such as these could adversely affect our business, results of operations, prospects and financial condition.
Additionally, we cannot guarantee that the AFAC or any other regulatory authority will refrain from further amending the terms of the tariff base regulation, which may potentially affect the maximum rates for each airport and result in a material adverse impact on our business operations, financial performance, and overall results.
We cannot guarantee that the AFAC or any other regulatory authority will refrain from further amending the terms of the tariff base regulation, which may potentially affect the maximum rates for each airport and result in a material adverse impact on our business operations, financial performance, and overall results.
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.
Our business could be negatively impacted by hydrocarbon price volatility as a result 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.
On January 23, 2023, the United States Department of State issued a press release warning U.S. citizens of certain violent outbreaks between Uber drivers and local taxi unions in Quintana Roo, which often resulted in U.S. citizens being injured.
On January 23, 2023, the United States Department of State issued a press release warning U.S. citizen of certain violent outbreaks between Uber drivers and local taxi unions in Quintana Roo, which often resulted in U.S. citizens being injured.
On March 29, 2023, Ultra Airlines, a low-cost airline, suspended all flights due to financial distress, and on June 29, 2023, Colombian Superintendence of Corporations announced the commencement of the airline’s liquidation proceeding, which is ongoing.
On March 29, 2023, Ultra Airlines, a low-cost airline, suspended all flights due to financial distress, and on June 29, 2023, Colombian Superintendence of Corporations announced the commencement of the airline’s liquidation proceeding, which is currently ongoing.
Before taking office, López Obrador submitted to a national referendum the question of whether to continue construction of a new international airport in Mexico City, one of Mexico’s most important infrastructure projects. Construction of the new international airport to replace Mexico City International Airport began in 2015.
Before taking office, López Obrador submitted to a national referendum the question of whether to continue construction of a new international airport in Mexico City, one of Mexico’s most important infrastructure projects. The construction of the new international airport to replace Mexico City International Airport (AICM) began in 2015.
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.
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. ​ 25 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.
During the months of November and December of 2023, the SICT assigned 11 airport concessions for an indefinite term to a newly created state-owned company called Grupo Aeroportuario, Ferroviario, de Servicios Auxiliares y Conexos, Olmeca-Maya-Mexica, S.A. de C.V ., which is operated by the Mexican Ministry of Defense ( Secretaría de la Defensa Nacional - SEDENA ).
During the months of November and December of 2023, the SICT assigned 11 airport concessions for an indefinite term to a newly created state-owned company called Grupo Aeroportuario, Ferroviario, de Servicios Auxiliares y Conexos, Olmeca-Maya-Mexica, S.A. de C.V . (“GAFSACOMM”), which is operated by the Mexican Ministry of Defense ( Secretaría de la Defensa Nacional ) (“ SEDENA ”).
Items on the financial statements of a company prepared in accordance with IFRS may not reflect its financial position or results of operations in the way they would be reflected had such financial statements been prepared in accordance with United States GAAP. 27 Table of Contents Mexican law and our bylaws restrict the ability of non-Mexican shareholders to invoke the protection of their governments with respect to their rights as shareholders.
Items on the financial statements of a company prepared in accordance with IFRS may not reflect its financial position or results of operations in the way they would be reflected had such financial statements been prepared in accordance with United States GAAP. 29 Table of Contents Mexican law and our bylaws restrict the ability of non-Mexican shareholders to invoke the protection of their governments with respect to their rights as shareholders.
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.
Although for the year ended December 31, 2024, 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.
We may be denied the right to participate in the bidding processes to win these concessions. 21 Table of Contents In October 2020, the Mexican President announced that as part of an effort to develop the southeast of Mexico, the Mexican Army would build and operate a new airport in the City of Tulum, State of Quintana Roo (the “Felipe Carrillo Puerto International Airport”).
We may be denied the right to participate in the bidding processes to win these concessions. 22 Table of Contents In October 2020, the Mexican President announced that as part of an effort to develop the southeast of Mexico, the Mexican Army would build and operate a new airport in the City of Tulum, State of Quintana Roo (the “Felipe Carrillo Puerto International Airport”).
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.
Since 2014, we carry an insurance policy covering damages to property resulting from terrorist acts for our Puerto Rico airport, which in 2024 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.
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.
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, 2024, our Mexican airports did not have dollar-denominated liabilities, we may incur dollar-denominated debt to finance all or a portion of these investments.
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—Business Overview—Our Colombian Airports—Aeronautical Revenues.” 24 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.
On December 11, 2023, the AFAC, based on the regular review of the maximum join rate on the new bases, determined the maximum joint rate of our Mexican airports for the period commencing on January 1, 2024 and ended December 31, 2028, as well as the respective efficiency factor in Pesos as of December 31, 2022. See “Item 5.
On December 11, 2023, the AFAC, based on the regular review of the maximum join rate on the new bases, determined the maximum joint rate of our Mexican airports for the period commencing on January 1, 2024 and ending December 31, 2028, as well as the respective efficiency factor in Pesos as of December 31, 2022. See “Item 5.
Under Mexican law, a shareholder is required to deposit its shares with the Secretary of the Company, the S.D. Indeval Institución para el Depósito de Valores, S.A. de C.V. (“Indeval”), a Mexican or foreign credit institution or a brokerage house in order to attend a shareholders’ meeting.
Under Mexican law, a shareholder is required to deposit its shares with the Secretary of the Company, the S.D. Indeval Institución para el Depósito de Valores, S.A. de C.V. (“Indeval”), a Mexican or foreign credit institution or a brokerage house in order to attend a shareholder’ meeting.
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.
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. 26 Table of Contents Political developments in Mexico could adversely affect our operations.
Moreover, there can be no assurance that the laws and regulations governing our business will not change. 22 Table of Contents If we exceed the maximum rate at any Mexican airport at the end of any year, we could be subject to sanctions.
Moreover, there can be no assurance that the laws and regulations governing our business will not change. 23 Table of Contents If we exceed the maximum rate at any Mexican airport at the end of any year, we could be subject to sanctions.
As of December 31, 2023, we are owed Ps. 75.0 million from Interjet, which is 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, 2024, we are owed Ps. 75.0 million from Interjet, which is included in our allowance for doubtful accounts, and we might not be able to recover the full amount owed to us.
We expect to maintain a 25% stake in the venture with a total estimated investment amount of U.S.$66.0 million once construction is completed, U.S.$48.1 million of which remains pending as of December 31, 2023.
We expect to maintain a 25% stake in the venture with a total estimated investment amount of U.S.$66.0 million once construction is completed, U.S.$48.1 million of which remains pending as of December 31, 2024.
Further, our ability to achieve our stated objectives, including emissions reductions, energy efficiency and sustainable goals towards local communities, is subject to numerous factors and conditions, some of which are outside of our control. ​ Our efforts to research, establish, accomplish, and accurately report on our sustainable objectives may expose us to operational, reputational, financial, legal, and other risks.
Further, our ability to achieve our stated objectives, including emissions reductions, energy efficiency and sustainable goals towards local communities, is subject to numerous factors and conditions, some of which are outside of our control. ​ 17 Table of Contents Our efforts to research, establish, accomplish, and accurately report on our sustainable objectives may expose us to operational, reputational, financial, legal, and other risks.
The Mexican government could implement significant changes in laws, policies and regulations, which could affect the economic and political situation in Mexico. On February 2, 2023, López Obrador issued a presidential decree pursuant to which all cargo and freight flights departing from the Mexico City International Airport would be relocated to depart from the AIFA airport.
The Mexican government could continue to implement significant changes in laws, policies and regulations, which could affect the economic and political situation in Mexico. On February 2, 2023, former president, López Obrador issued a presidential decree pursuant to which all cargo and freight flights departing from the Mexico City International Airport would be relocated to depart from the AIFA airport.
On the other hand, if a depreciation were to resume, it could (notwithstanding other factors) lead to a decrease in Mexican domestic passenger traffic that may not be offset by any increase in international passenger traffic.
On the other hand, if a depreciation were to continue, it could (notwithstanding other factors) lead to a decrease in Mexican domestic passenger traffic that may not be offset by any increase in international passenger traffic.
See “Item 3. Key Information—Risk Factors— Risks Related to the Regulation of Our Business— Changes to Mexican laws, regulations and decrees applicable to us could have a material adverse impact on our results of operations.” Our business is highly dependent upon revenues from Cancún International Airport.
See “Item 3. Key Information—Risk Factors— Risks Related to the Regulation of Our Business— Changes to Mexican laws, regulations and decrees applicable to us could have a material adverse impact on our results of operations.” 9 Table of Contents Our business is highly dependent upon revenues from Cancún International Airport.
Accordingly, we expect to continue to generate a significant portion of our revenues from Mexican domestic travel from a limited number of airlines. Moreover, some of our commercial clients may face difficulties making their payments to our airports, including during the COVID-19 outbreak and the resulting decrease in air traffic.
Accordingly, we expect to continue to generate a significant portion of our revenues from Mexican domestic travel from a limited number of airlines. 8 Table of Contents Moreover, some of our commercial clients may face difficulties making their payments to our airports, including during the COVID-19 outbreak and the resulting decrease in air traffic.
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.
We believe that we were not a PFIC for U.S. federal income tax purposes in 2023 or 2024 and do not expect to be a PFIC in the current year or the reasonably foreseeable future.
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.
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. 34 Table of Contents 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 (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.
In the short and medium terms (2025-2028), 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.
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 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.
We cannot assure you that we will file a registration statement with the SEC to allow holders of ADSs or shares in the United States to participate in a preemptive rights offering.
We cannot assure you that we will file a registration statement with the SEC to allow holders of ADSs or shares in the United States to participate in a preemptive right offering.
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.
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 21.1% of our total employees as of December 31, 2024), 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.
In 2021, 2022 and 2023, 38.3%, 31.9% and 30.8%, respectively, of our revenues from Colombian passenger charges were derived from Colombian domestic passenger charges. 3 Table of Contents The outbreak of COVID-19 adversely affected the economies and financial markets of many countries, including the United States, Mexico and Colombia.
In 2022, 2023, and 2024, 31.9%, 30.8%, and 31.9% respectively, of our revenues from Colombian passenger charges were derived from Colombian domestic passenger charges. 3 Table of Contents The outbreak of COVID-19 adversely affected the economies and financial markets of many countries, including the United States, Mexico and Colombia.
Andrés Manuel López Obrador, presidential candidate for the National Regeneration Movement Party ( Movimiento de Regeneración Nacional ) (“Morena”), was elected President and took office on December 1, 2018, ending the Institutional Revolutionary Party’s (Partido Revolucionario Institucional) (“PRI”) hold on the presidency.
Andrés Manuel López Obrador, former president for the National Regeneration Movement Party ( Movimiento de Regeneración Nacional ) (“Morena”), was elected President and took office on December 1, 2018, ending the Institutional Revolutionary Party’s (Partido Revolucionario Institucional) (“PRI”) hold on the presidency.
International prices of fuel have experienced significant volatility in recent years. Most of our airline customers use kerosene-based jet fuel, the price of which is normally based upon the U.S. spot prices for that fuel plus the cost of transportation to each airport. Although the U.S.
Fuel represents a significant cost for airlines. International prices of fuel have experienced significant volatility in recent years. Most of our airline customers use kerosene-based jet fuel, the price of which is normally based upon the U.S. spot prices for that fuel plus the cost of transportation to each airport. Although the U.S.
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.
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.
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.
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 4.0% of our total accounts receivable as of December 31, 2024.
(“CHPAF”), an entity directly or indirectly owned and controlled by Fernando Chico Pardo, who is also the chairman of our Board of Directors, owns 20.67% of our total capital stock. In addition, Grupo ADO, S.A. de C.V. (“Grupo ADO”) directly and indirectly through its subsidiaries (including Inversiones Productivas Kierke, S.A. de C.V.
(“CHPAF”), an entity directly or indirectly owned and controlled by Fernando Chico Pardo, who is also the chairman of our Board of Directors, owns 21.67% of our total capital stock. In addition, Grupo ADO, S.A. de C.V. (“Grupo ADO”) directly owns 1.33% of our total capital and indirectly through its subsidiaries (including Inversiones Productivas Kierke, S.A. de C.V.
In September 2023, Quintana Roo’s Tax Authority determined that the Company owed Ps. 99.8 million in distributions under the mandatory employee statutory profit sharing regime. We have appealed this resolution via an annulment action which, as of April 15, 2024, is still pending to be resolved.
In September 2023, Quintana Roo’s Tax Authority determined that the Company owed Ps. 99.8 million in distributions under the mandatory employee statutory profit-sharing regime. We have appealed this resolution via an annulment action which, as of April 10, 2025, is still pending to be resolved.
In 2021, 2022 and 2023, 0.8%, 0.8% and 0.7%, respectively, of the passengers that traveled through our airports traveled on flights to or from the United States operated by Mexican airlines.
In 2022, 2023, and 2024 0.8%, 0.7%, and 1.1% respectively, of the passengers that traveled through our airports traveled on flights to or from the United States operated by Mexican airlines.
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.
Our business is highly dependent upon the operations of certain airports, including Mexico City and Bogotá Area airports. In 2022, 2023 and 2024, 52.6%, 45.0%, and 41.6% respectively, of our Mexican domestic passengers flew to or from our airports via Mexico City International Airport.
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).
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 11.9% of our revenues in 2022, 13.4% in 2023, and 14.3% in 2024), Volaris (which accounted for 12.0% of our revenues in 2022, 12.0% in 2023 and 10.1% in 2024), Aeromexico (which accounted for 10.1% of our revenues in 2022, 10.7% in 2023 and 10.1% in 2024), American Airlines (which accounted for 10.4% of our revenues in 2022, 8.5% in 2023 and 10.1% in 2024) and United Airlines (which accounted for 8.8% of our revenues in 2022, 7.5% in 2023 and 8.4% in 2024).
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.
On April 10, 2025, we published our Sustainability Report for the year 2024 (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.
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.
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, flooding and a total blackout by damaging the power transmission and distribution lines in Puerto Rico.
Information on the Company—Mexican Regulatory Framework—Price Regulation—Methodology for Determining Future Maximum Rates.” We cannot assure you that we will achieve efficiency improvements sufficient to allow us to maintain or increase our operating income as a result of the progressive decrease in each airport’s maximum rate.
For a description of these efficiency adjustments, see “Item 4. Information on the Company—Mexican Regulatory Framework—Price Regulation—Methodology for Determining Future Maximum Rates.” We cannot assure you that we will achieve efficiency improvements sufficient to allow us to maintain or increase our operating income as a result of the progressive decrease in each airport’s maximum rate.
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.
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 15.4% against the U.S. dollar during the twelve-month period ended December 31, 2024.
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%.
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 2022, Mexican GDP increased by 3.1% and inflation increased to 7.8%. In 2023, Mexican GDP increased by 3.1 % and inflation decreased to 4.7%.
In addition, new immigration, border and trade legislation could lead to uncertain economic conditions in Mexico that may affect leisure or business travel, including travel to and from Mexico. Such restrictions could have a material adverse effect on our passenger traffic results. Fluctuations in international petroleum prices could reduce demand for air travel. Fuel represents a significant cost for airlines.
In addition, new immigration, border and trade legislation could lead to uncertain economic conditions in Mexico and Colombia that may affect leisure or business travel, including travel to and from Mexico and Colombia. Such restrictions could have a material adverse effect on our passenger traffic results. Fluctuations in international petroleum prices could reduce demand for air travel.
In 2023, Mexican GDP increased by 3.1% and inflation decreased to 4.7%. In 2021 and 2022 the outbreak of COVID-19 adversely affected the economy and financial markets of Mexico and its trading partners.
In 2024, Mexican GDP increased by 1.3 % and inflation decreased to 4.2%. In 2021 and 2022 the outbreak of COVID-19 adversely affected the economy and financial markets of Mexico and its trading partners.
Passenger charges are payable for each passenger (other than diplomats, infants, transfer and transit passengers) departing from the airport terminals we operate, collected by the airlines and paid to us. In 2022 and 2023, passenger charges represented 42.8% and 45.7% of our consolidated revenues, respectively.
Passenger charges are payable for each passenger (other than diplomats, infants, transfer and transit passengers) departing from the airport terminals we operate, collected by the airlines and paid to us. In 2023 and 2024, passenger charges represented 45.7% and 46.1% of our consolidated revenues, respectively.
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.
In 2024, overall Mexican domestic passenger traffic to and from Mexico City decreased 13.8% compared to 2023. In 2024, 51.8% 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.
As of December 31, 2023, we are owed Ps. 14.9 million from Viva Air, which is 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, 2024, we are owed Ps. 15.6 million from Viva Air, which is included in our allowance for doubtful accounts, and we might not be able to recover the full amount owed to us.
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.
In 2022, 2023 and 2024, 63.4%, 61.8% and 62.2%, respectively, of the international passengers in our Mexican airports arrived or departed on flights originating in or departing to the United States. 53.1%, 51.5% and 52.8% of our revenues from Mexican passenger charges in 2022, 2023 and 2024, respectively, were derived from charges imposed on international passengers.
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.
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 2024, increasing by 1.1% as compared to 2023.
In 2021, 2022 and 2023, 46.0%, 53.7% and 59.1%, respectively, of our total revenues were earned from aeronautical services at our Mexican airports, which were subject to price regulation under our maximum rates in Mexico. In 2023, 59.0% of our total revenues were earned from aeronautical services at all of our airports.
In 2022, 2023, and 2024, 53.7%, 59.1%, and 60.1% respectively, of our total revenues were earned from aeronautical services at our Mexican airports, which were subject to price regulation under our maximum rates in Mexico. In 2024, 59.3% of our total revenues were earned from aeronautical services at all of our airports.
(“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.
(“Inversiones Kierke”)), owns 12.33% 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. Series BB shares provide for special management rights.
Such advisory was repeated both in the latest travel advisory issued on August 22, 2023, and in a press release issued by the United States Department of State on February 26, 2024. We cannot assure you that tourism in Cancún will not decline in the future, which could in turn affect passenger traffic in our Cancún Airport.
Such advisory was repeated both in the latest travel advisory issued on September 6, 2024, and in a press release issued by the United States Department of State on the same date. We cannot assure you that tourism in Cancún will not decline in the future, which could in turn affect passenger traffic in our Cancún Airport.
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.
As of December 31, 2024, we had U.S.$640.6 million in outstanding indebtedness, U.S.$136.7 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.
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.
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.
Mexican governmental actions concerning the economy and state-owned enterprises could have a significant effect on Mexican private-sector entities in general, and us in particular, as well as on market conditions, prices and returns on securities, including our ADSs. The most recent presidential election took place in July 2018.
Mexican governmental actions concerning the economy and state-owned enterprises could have a significant effect on Mexican private-sector entities in general, and us in particular, as well as on market conditions, prices and returns on securities, including our ADSs.
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.
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. In June 2024, the IATA announced that the airline industry net profits for 2023 were U.S.$27.4 billion.
In addition, changes to the Mexican constitution or to any other Mexican laws could also have a material adverse impact on our results of operations and cash flows. For example, on May 23, 2014, Mexico’s Federal Economic Competition Law ( Ley Federal de Competencia Económica ) (“LFCE”) was enacted.
In addition, changes to the Constitución Política de los Estados Unidos Mexicanos (“Mexican Constitution”) or to any other Mexican laws could also have a material adverse impact on our results of operations and cash flows. For example, on May 23, 2014, Mexico’s Federal Economic Competition Law ( Ley Federal de Competencia Económica ) (“LFCE”) was enacted.
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.
Similarly, in 2022, 2023 and 2024, 47.3%, 48.9% and 47.8%, respectively, of passengers in our Mexican airports traveled on Mexican domestic flights. In 2022, 2023 and 2024, 46.9%, 48.5%, and 47.2% respectively, of our revenues from Mexican passenger charges were derived from Mexican domestic passenger charges.
On December 11, 2023, the Secretary of Infrastructure, Communications and Transport (“SICT”) approved our Mexican master development programs for the years 2024 through 2028.
On December 11, 2023, the Secretary of Infrastructure, Communications and Transport (“SICT”) approved our Mexican master development programs for the years 2024 through 2028, which took effect starting January 1, 2024.
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.
For example, in 2024, our revenues subject to maximum rate regulation represented 99.1% of the amount we were entitled to earn under the maximum rates for all of our Mexican airports.
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.
In 2024, Ps.18,327.9 million (including construction services) or 58.5% of our revenues were derived from operations at Cancún International Airport. During 2022, 2023 and 2024, Cancún International Airport represented 76.8%, 75.3%, and 73.4% respectively, of our passenger traffic in Mexico and 59.5%, 58.9%, and 57.1% respectively, of our air traffic movements in Mexico.
Such advisory was repeated both in the latest travel advisory issued on August 22, 2023, and in a press release issued by the United States Department of State on February 26, 2024. ​ 28 Table of Contents Risks Related to Colombia Colombian government policies may significantly affect the economy, and, as a result, our business and operations in Colombia.
Such advisory was repeated both in the latest travel advisory issued on September 6, 2024 and in a press, release issued by the United States Department of on the same date. ​ 30 Table of Contents Risks Related to Colombia Colombian government policies may significantly affect the economy, and, as a result, our business and operations in Colombia.
Our interest and strategies in Aerostar’s operation of the LMM Airport may differ from those of PSP Investments given that Aeropuerto de Cancún made a subordinated shareholder loan to Aerostar in addition to its equity investment, because of the different nature of our respective businesses and for other reasons.
Due to our 60% interest in Aerostar, we are entitled to designate a majority of members to the board of managers. 16 Table of Contents Our interest and strategies in Aerostar’s operation of the LMM Airport may differ from those of PSP Investments given that Aeropuerto de Cancún made a subordinated shareholder loan to Aerostar in addition to its equity investment, because of the different nature of our respective businesses and for other reasons.
Department of Energy. As of April 1, 2024, the U.S. Gulf Coast spot price for jet fuel was U.S.$2.58 per gallon.
Department of Energy. As of April 10, 2025, the U.S. Gulf Coast spot price for jet fuel was U.S.$ 2.09 per gallon.
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.
From December 31, 2023 to December 31, 2024, the peso depreciated by 23.4%, from Ps. 16.90 per U.S.$1.00 on December 31, 2023, to Ps. 20.86 per U.S.$1.00 on December 31, 2024, and experienced intra-year volatility. In the event that any one of our Mexican concessions is terminated, our other concessions may also be terminated.
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.
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.
We cannot assure you to what extent a potential change in the U.S. administration for the four-year period from 2025 to 2029 will affect the country’s economy and on our business, results of operations or financial condition.
We cannot assure you to what extent a potential change in the U.S. administration for the four-year period from 2025 to 2029 will affect the country’s economy and on our business, results of operations or financial condition. Differences between the corporate disclosure requirements of Mexico and the United States may not adequately reflect our business and results of operations.
If new federal immigration legislation is enacted, such laws may contain provisions that could make it more difficult for Mexican and Colombian citizens to travel between Mexico and Colombia, respectively, and the United States.
If new federal immigration legislation is enacted, as a result of President Trump taking office in January 2025 respectively, such laws may contain provisions that could make it more difficult for Mexican and Colombian citizens to travel between Mexico and Colombia, and the United States.
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.
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 2024, with a high of U.S.$2.87 per gallon on February 9, 2024, and a low of U.S.$1.92 per gallon on September 13, 2024, according to the Energy Information Administration of the U.S.
The COVID-19 pandemic has had and could have a negative impact on our operations. The outbreak, and measures taken to contain or mitigate the coronavirus (“COVID-19”), have had dramatic adverse consequences for the global economy, including demand, operations, supply chains and financial markets.
The outbreak, and measures taken to contain or mitigate the coronavirus (“COVID-19”), have had dramatic adverse consequences for the global economy, including demand, operations, supply chains and financial markets.
Although a series of protests and legal challenges have slowed the completion of the Mayan Train, a section of the project started operations on December 16, 2023 and the project is expected to be fully completed during the second quarter of 2024.
Although a series of protests and legal challenges have slowed the completion of the Mayan Train, a section of the project started operations on December 16, 2023 and the remaining infrastructure is expected to be completed by mid-2025.
On October 15, 2021 we entered into a seven-year loan agreement with BBVA for a principal amount of Ps. 2,000.0 million maturing October 2028, with an annual TIIE rate plus an applicable margin. During 2023 we repaid Ps. 150 million of the BBVA loan in three equal installments in January, July and October.
On October 15, 2021 we entered into a seven-year loan agreement with BBVA for a principal amount of Ps. 2,000.0 million maturing October 2028, with an annual TIIE rate plus an applicable margin.
Risks Related to Our ADSs You may not be entitled to participate in future preemptive rights offerings. Under Mexican law, if we issue new shares for cash as part of a capital increase, we generally must grant our shareholders the right to purchase a sufficient number of shares to maintain their existing ownership percentage in ASUR.
Under Mexican law, if we issue new shares for cash as part of a capital increase, we generally must grant our shareholders the right to purchase a sufficient number of shares to maintain their existing ownership percentage in ASUR. Rights to purchase shares in these circumstances are known as preemptive rights.
We operate each of our Mexican airports under 50-year concessions granted as of 1998 by the Mexican government. Any of the Mexican concessions may be terminated for a variety of reasons. For example, a concession may be terminated if we fail to make the committed investments required by the terms of that concession.
Any of the Mexican concessions may be terminated for a variety of reasons. For example, a concession may be terminated if we fail to make the committed investments required by the terms of that concession.

… 146 more changes not shown on this page.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

248 edited+39 added−35 removed415 unchanged
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.
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.
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 ), and the Mexican Ministry of Infrastructure, Communications and Transportation ( Secretaría de Infraestructura, Comunicaciones y Transportes ) in order to be able to acquire such fuel.
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.
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, ● 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, 78 Table of Contents ● 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.
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.
The following are the main modifications brought by the new National Development Plan affecting the aeronautical industry: ● the land-use plans of the cities and municipalities shall address the location of airports and their specialized logistic infrastructures, ● access of individuals with disabilities to airport facilities and transportation, ● the National Infrastructure Agency may structure, grant, execute, administer and evaluate concession projects and other forms of public-private partnerships ( asociaciones público privadas ), to expand the provision of productive social infrastructure, alongside territorial entities, ● the Government may establish grants on behalf of SATENA S.A., a state-owned airline, in connection with flights to, and from regions with low connectivity, ● Aerocivil may enter into agreements with regional and local governments and entities under which Aerocivil may co-invest with these entities in strategic high-impact projects, ● regulation in connection with airports located in borders, in association with the Foreign Relationships Ministry, ● concession fees paid by concessionaires to the ANI will be allocated as follows: (a) 20% of the fees will be transferred to the municipality or district in which the concessioned airport is located, and (b) the remaining 80% of the fees will be transferred to the ANI to fund activities essential for promoting and/or revitalizing airports including structuring, construction, rehabilitation, maintenance, and operation activities, 5% of which must be used to cover operational expenses of the ANI, 97 Table of Contents ● a strengthening of transportation connectivity, ● a change in the tourism tariff charged in connection with the rendering of aeronautical services, which will be equal to one U.S. dollar (or its equivalent in COP) per passenger, ● at least 50% of the personnel hired to develop construction projects must be comprised of individuals of the local communities, ● the creation of public-popular partnership agreements, in which state entities may enter into contracts with individuals or non-profit organizations for the development public infrastructure projects, ● diversification of financing methods for infrastructure projects, ● the creation of a fund called “ Fondo Colombia Potencia Mundial de la Vida ”, through a public trust administered by the Ministry of Finance, for the agricultural reform, and ● differentiation in selection processes involving indigenous communities in relation to public projects. ​ 98 Table of Contents ORGANIZATIONAL STRUCTURE The following table sets forth our material consolidated subsidiaries as of December 31, 2023, including our direct and indirect ownership interest in each: ​ ​ ​ ​ ​ ​ Subsidiary Ownership Interest Place of Organization Aeropuerto de Cancún, S.A. de C.V. 100 % Mexico Aeropuerto de Cozumel, S.A. de C.V.
The following are the main modifications brought by the new National Development Plan affecting the aeronautical industry: ● the land-use plans of the cities and municipalities shall address the location of airports and their specialized logistic infrastructures, ● access of individuals with disabilities to airport facilities and transportation, ● the National Infrastructure Agency may structure, grant, execute, administer and evaluate concession projects and other forms of public-private partnerships ( asociaciones público privadas ), to expand the provision of productive social infrastructure, alongside territorial entities, ● the Government may establish grants on behalf of SATENA S.A., a state-owned airline, in connection with flights to, and from regions with low connectivity, ● Aerocivil may enter into agreements with regional and local governments and entities under which Aerocivil may co-invest with these entities in strategic high-impact projects, ● regulation in connection with airports located in borders, in association with the Foreign Relationships Ministry, ● concession fees paid by concessionaires to the ANI will be allocated as follows: (a) 20% of the fees will be transferred to the municipality or district in which the concessioned airport is located, and (b) the remaining 80% of the fees will be transferred to the ANI to fund activities essential for promoting and/or revitalizing airports including structuring, construction, rehabilitation, maintenance, and operation activities, 5% of which must be used to cover operational expenses of the ANI, ● a strengthening of transportation connectivity, ● a change in the tourism tariff charged in connection with the rendering of aeronautical services, which will be equal to one U.S. dollar (or its equivalent in COP) per passenger, ● at least 50% of the personnel hired to develop construction projects must be comprised of individuals of the local communities, ● the creation of public-popular partnership agreements, in which state entities may enter into contracts with individuals or non-profit organizations for the development public infrastructure projects, ● diversification of financing methods for infrastructure projects, ● the creation of a fund called “ Fondo Colombia Potencia Mundial de la Vida ”, through a public trust administered by the Ministry of Finance, for the agricultural reform, and ● differentiation in selection processes involving indigenous communities in relation to public projects. 97 Table of Contents ORGANIZATIONAL STRUCTURE The following table sets forth our material consolidated subsidiaries as of December 31, 2024, including our direct and indirect ownership interest in each: ​ ​ ​ ​ ​ Subsidiary Ownership Interest Place of Organization Aeropuerto de Cancún, S.A. de C.V. 100 % Mexico Aeropuerto de Cozumel, S.A. de C.V.
In connection with the use, storage and management of hazardous materials, the generation, handling and disposal of hazardous wastes, and soil contamination, the LGPGIR imposes the obligation to remediate soil pollution and also establishes strict joint administrative liability between property owners and parties having actual possession of the polluted property, or holders of a concession for the use of federal land or property, regardless of which party is responsible for such contamination.
In connection with the use, storage and management of hazardous materials, the generation, handling and disposal of hazardous wastes, and soil contamination, the LGPGIR imposes the obligation to remediate soil pollution and also establishes strict joint administrative liability between property owners and parties having possession of the polluted property, or holders of a concession for the use of federal land or property, regardless of which party is responsible for such contamination.
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.
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.
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.
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 ● 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.
Aerostar’s property, business and affairs are managed by an operating board, and certain strategic decisions are left to a members board. The operating board is comprised of eight managers, which are appointed by the members in proportion to their respective membership units.
Aerostar’s property, business and affairs are managed by an operating board, and certain strategic decisions are left to a member’s board. The operating board is comprised of eight managers, which are appointed by the members in proportion to their respective membership units.
Under applicable Colombian laws and the terms of the concession, a concession may be terminated upon any of the following events: ● expected regulated revenues are reached, after the concession has been in force for at least 24 years; ● the concession has been in force for 40 years, regardless of whether the concession holder has achieved the expected regulated revenues; ● the ANI and the AOH unilaterally terminate the concession, provided that any of the following events has occurred: ● the requirements of public service or a situation of public order require termination; ● dissolution of the concession holder; ● bankruptcy of the concession holder; 95 Table of Contents ● default in payments, or the contractor commencing a bankruptcy proceeding or judicial seizures that significantly affect its ability to satisfy the concession agreement; or ● declaration of debarment by the ANI or the AOH as a result of a material breach by the concession holder that affects the concession’s execution in a grave manner, including in the event that the concession holder fails to remedy fines imposed due to noncompliance with the concession agreement.
Under applicable Colombian laws and the terms of the concession, a concession may be terminated upon any of the following events: ● expected regulated revenues are reached, after the concession has been in force for at least 24 years; ● the concession has been in force for 40 years, regardless of whether the concession holder has achieved the expected regulated revenues; ● the ANI and the AOH unilaterally terminate the concession, provided that any of the following events has occurred: ● the requirements of public service or a situation of public order require termination; ● dissolution of the concession holder; ● bankruptcy of the concession holder; ● default in payments, or the contractor commencing a bankruptcy proceeding or judicial seizures that significantly affect its ability to satisfy the concession agreement; or ● declaration of debarment by the ANI or the AOH as a result of a material breach by the concession holder that affects the concession’s execution in a grave manner, including in the event that the concession holder fails to remedy fines imposed due to noncompliance with the concession agreement.
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.
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; 91 Table of Contents ● 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.
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.
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 26 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.
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.
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 2024, according to the Mexican Ministry of Tourism.
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.
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 208 businesses operating in José María Córdova International 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, 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.
The airport is located in Rionegro, approximately 30 minutes from Medellín. Medellín has a population of approximately 2.6 million as of December 31, 2024, 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 176 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 123 businesses operating at Enrique Olaya Herrera Airport. Los Garzones Airport Los Garzones Airport serves the city of Montería, Colombia.
We believe that revenues from commercial activities account for 33.2% or more of the consolidated revenues of many leading international airports. Accordingly, a significant part of our business strategy is focused on increasing our revenues from commercial activities in Mexican our airports. In 2019, we opened seven commercial spaces, all in Cancún.
We believe that revenues from commercial activities account for 29.2% or more of the consolidated revenues of many leading international airports. Accordingly, a significant part of our business strategy is focused on increasing our revenues from commercial activities in Mexican our airports. In 2019, we opened seven commercial spaces, all in Cancún.
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.
The airport’s primary point of origin and destination is Mexico City. In 2024, 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.
The airport also includes a general aviation building for small private airplanes with 38 positions and two additional positions for helicopters. There are currently 29 commercial spaces operating at Oaxaca Airport. Veracruz International Airport Veracruz International Airport (the “Veracruz Airport”) is located in the city of Veracruz along the Gulf of Mexico.
The airport also includes a general aviation building for small private airplanes with 38 positions and two additional positions for helicopters. There are currently 26 commercial spaces operating at Oaxaca Airport. Veracruz International Airport Veracruz International Airport (the “Veracruz Airport”) is located in the city of Veracruz along the Gulf of Mexico.
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 Sustainability Report covers our and our subsidiaries’ operations from January 1, 2024 to December 31, 2024, 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.
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.
In 2024, 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, Guadalajara, Monterrey and Cancún.
In 2023, the airport’s passenger traffic has increased due to the development of new projects in the region, such as the Interoceanic Corridor of Tehuantepec ( Corredor Interoceánico del Istmo de Tehuantepec ), a trade and transit route that connects the Pacific and Atlantic Oceans through a railway system.
In 2024, the airport’s passenger traffic has increased due to the development of new projects in the region, such as the Interoceanic Corridor of Tehuantepec ( Corredor Interoceánico del Istmo de Tehuantepec ), a trade and transit route that connects the Pacific and Atlantic Oceans through a railway system.
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.
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 16 businesses operating at Antonio Roldán Betancourt Airport.
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.
Fines for non-compliance with the Labor Subcontracting Reform may amount up to Ps. 5.6 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.” 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.
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.” 37 Table of Contents On October 13, 2010, Copenhagen Airports consummated the sale of its 49.0% stake in ITA to Mr. Fernando Chico Pardo.
Our Mexican concessions include the concession for Cancún Airport, which was the second busiest airport in Mexico in 2023 in terms of passenger traffic, and the busiest in terms of international passengers in regular service, according to the AFAC, Mexico’s federal authority on aviation.
Our Mexican concessions include the concession for Cancún Airport, which was the second busiest airport in Mexico in 2024 in terms of passenger traffic, and the busiest in terms of international passengers in regular service, according to the AFAC, Mexico’s federal authority on aviation.
These spaces may be operated by third parties. The airport has one runway, with a length of 1,800 meters (1.1 miles). Las Brujas Airport was built in 1939. There are currently 13 businesses operating at Las Brujas Airport.
These spaces may be operated by third parties. The airport has one runway, with a length of 1,800 meters (1.1 miles). Las Brujas Airport was built in 1939. There are currently 8 businesses operating at Las Brujas Airport.
The Amended Rate Regulation provides that the following sources of revenues are regulated under this “dual-till” system: ● revenues from airport services (as defined under the Mexican Airport Law), other than automobile parking, and ● access fees earned from third parties providing complementary services, other than those related to the establishment of administrative quarters that the AFAC determines to be non-essential. 73 Table of Contents Other sources of revenues at our Mexican airports are not regulated. 48.1%, 56.0% and 61.5% of our Mexican revenues in 2021, 2022 and 2023, respectively, were derived from regulated sources of revenue.
The Amended Rate Regulation provides that the following sources of revenues are regulated under this “dual-till” system: ● revenues from airport services (as defined under the Mexican Airport Law), other than automobile parking, and ● access fees earned from third parties providing complementary services, other than those related to the establishment of administrative quarters that the AFAC determines to be non-essential. 73 Table of Contents Other sources of revenues at our Mexican airports are not regulated. 56.0%, 61.5% and 62.1% of our Mexican revenues in 2022, 2023 and 2024, respectively, were derived from regulated sources of revenue.
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.
Within Latin America and the Caribbean, Mexico ranked first in 2022, 2023 and 2024 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.
Consequently, the airport’s passenger handling capacity as of December 31, 2023 was 36.6 million passengers per year. Terminal 4 is located to the west of the existing airport facilities, between runway ends 12L and 12R.
Consequently, the airport’s passenger handling capacity as of December 31, 2024 was 36.6 million passengers per year. Terminal 4 is located to the west of the existing airport facilities, between runway ends 12L and 12R.
(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.
(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, 2024, Aeropuerto de Cancún, S.A. de C.V., has an 18.1% equity participation in this airport.
If a new bidding process is launched and we decide to participate, we may again be denied of such right. 51 Table of Contents In October 2020, the Mexican President announced that as part of an effort to develop the southeast of Mexico, the Mexican Army would build and operate the Felipe Carrillo Puerto International Airport in the State of Quintana Roo.
If a new bidding process is launched and we decide to participate, we may again be denied of such right. In October 2020, the Mexican President announced that as part of an effort to develop the southeast of Mexico, the Mexican Army would build and operate the Felipe Carrillo Puerto International Airport in the State of Quintana Roo.
The city is approximately 120 kilometers (75 miles) by highway from Chichen Itza and approximately 80 kilometers (50 miles) from Uxmal, pre-Columbian archeological sites that attract a significant number of tourists. The airport has two perpendicular runways, one with a length of 3,200 meters (2.0 miles) and another with a length of 2,300 meters (1.4 miles).
The city is approximately 120 kilometers (75 miles) by highway from Chichen Itza and approximately 80 kilometers (50 miles) from Uxmal, pre-Columbian archeological sites that attract a significant number of tourists. 49 Table of Contents The airport has two perpendicular runways, one with a length of 3,200 meters (2.0 miles) and another with a length of 2,300 meters (1.4 miles).
As a result, the maximum penalty as of such date could have been Ps. 43.4 million (U.S.$2.6 million). 77 Table of Contents Under the Mexican Airport Law and the terms of the Mexican concessions, a concession may be terminated upon any of the following events: ● expiration of its term, or any term extension thereof, ● surrender by the concession holder, ● revocation of the concession by the Ministry of Infrastructure, Communications and Transportation, ● reversion ( rescate ) of the Mexican government-owned assets that are the subject of the concession (principally real estate, improvements and other infrastructure), ● inability to achieve the purpose of the concession, except in the event of force majeure , or ● dissolution, liquidation or bankruptcy of the concession holder.
As a result, the maximum penalty as of such date could have been Ps. 45.3 million (U.S.$ 2.2 million). 77 Table of Contents Under the Mexican Airport Law and the terms of the Mexican concessions, a concession may be terminated upon any of the following events: ● expiration of its term, or any term extension thereof, ● surrender by the concession holder, ● revocation of the concession by the Ministry of Infrastructure, Communications and Transportation, ● reversion ( rescate ) of the Mexican government-owned assets that are the subject of the concession (principally real estate, improvements and other infrastructure), ● inability to achieve the purpose of the concession, except in the event of force majeure , or ● dissolution, liquidation or bankruptcy of the concession holder.
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.
Directors, Senior Management and Employees—Committees.” 36 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.
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.
As of April, 2025, 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.
Information on the Company—Regulatory Framework—Puerto Rican Regulatory Framework—Capacity Enhancement Plan.” Aerostar is required by each Airport Use Agreement to indemnify the Signatory Airlines or the PRPA for any loss arising from any injury to persons, including death, or damage to property, that results from Aerostar’s operation of the LMM Airport.
Information on the Company—Regulatory Framework—Puerto Rican Regulatory Framework—Capacity Enhancement Plan.” 86 Table of Contents Aerostar is required by each Airport Use Agreement to indemnify the Signatory Airlines or the PRPA for any loss arising from any injury to persons, including death, or damage to property, that results from Aerostar’s operation of the LMM Airport.
In order to store, commercialize, distribute and supply fuel in airports, the eligible private parties are required to obtain the relevant permit from the Energy Regulatory Commission ( Comisión Reguladora de Energía ).
In order to store, commercialize, distribute and supply fuel in airports, the eligible private parties are currently required to obtain a permit from the Energy Regulatory Commission ( Comisión Reguladora de Energía ).
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.
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 63 businesses operating at El Caraño Airport. 63 Table of Contents Las Brujas Airport Las Brujas Airport serves the city of Corozal, Colombia.
Any such assignment may be authorized at the discretion of the ANI and AOH, provided that the transferee demonstrates equal or superior financial or technical indicators to those of the transferor. Reporting, Information and Consent Requirements Pursuant to the concession agreement, the ANI and the AOH appointed a supervisor to coordinate and oversee the execution of the Colombian concession.
Any such assignment may be authorized at the discretion of the ANI and AOH, provided that the transferee demonstrates equal or superior financial or technical indicators to those of the transferor. 94 Table of Contents Reporting, Information and Consent Requirements Pursuant to the concession agreement, the ANI and the AOH appointed a supervisor to coordinate and oversee the execution of the Colombian concession.
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.
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.
In addition to leasing the LMM Airport to Aerostar, the Aviation Department owns and currently operates the Isla Grande, Ponce, Mayaguez, Arecibo, Aguadilla, Culebra, Humacao, Patillas and Vieques airports (the “Regional Airports”).
In addition to leasing the LMM Airport to Aerostar, the Aviation Department owns and currently operates the Isla Grande, Ponce, Mayaguez, Arecibo, Aguadilla, Culebra, Humacao, Ceiba and Vieques airports (the “Regional Airports”).
(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.
(2) As of December 31, 2024, Aeropuerto de Cancún, S.A. de C.V., has a 18.4% equity participation in this airport. (3) As of December 31. 2024, Aeropuerto de Cancún, S.A. de C.V., has a 30.0% equity participation in this airport. (4) As of December 31. 2024, Aeropuerto de Cancún, S.A. de C.V., has a 8.7% equity participation in this airport.
Vacation days will subsequently increase according to the seniority of the employees. 66 Table of Contents Amendments to the Federal Public Administration Law, the Mexican Army and Airforce Law the Mexican Airport Law and the Mexican Civil Aviation Law On May 3, 2023, the Mexican government published a decree amending the Federal Public Administration Law, the Mexican Army and Airforce Law, the Mexican Airport Law and the Mexican Civil Aviation Law, introducing several changes such as (i) changing the administrative nature of the AFAC from a regulatory agency to a decentralized administrative entity ( órgano administrativo desconcentrado ) of the Ministry of Infrastructure, Communications, and Transportation; (ii) enhancing the regulatory and supervisory responsibilities of the AFAC over civil aviation matters, which were previously assigned to the SICT, including the issuance of technical and administrative regulations applicable to the master development programs; (iii) authorizing the Ministry of Infrastructure, Communications, and Transportation to grant, for an indefinite term, assignments to state-owned entities for the management, operation, and, if applicable, construction of airports; (iv) mandating additional obligations for concessionaires to notify the AFAC of changes in the board of directors, amendments to the bylaws, or any change in the corporate structure of the concessionaire; (v) modifying certain causes for revocation of concessions and establishing applicable sanctions for concessionaires not complying with flight schedules, timetables, or any other requirements; (vi) including a list of causes for revocation of permits granted to aerodromes; (vii) mandating permit holders and concessionaires of civil aerodromes to allow the use and provide airport services to military aircraft for search and rescue activities, for providing support in case of disasters and emergencies, and (viii) prohibiting cabotage practices of foreign airlines in Mexico.
Amendments to the Federal Public Administration Law, the Mexican Army and Airforce Law the Mexican Airport Law and the Mexican Civil Aviation Law On May 3, 2023, the Mexican government published a decree amending the Federal Public Administration Law, the Mexican Army and Airforce Law, the Mexican Airport Law and the Mexican Civil Aviation Law, introducing several changes such as (i) changing the administrative nature of the AFAC from a regulatory agency to a decentralized administrative entity ( órgano administrativo desconcentrado ) of the Ministry of Infrastructure, Communications, and Transportation; (ii) enhancing the regulatory and supervisory responsibilities of the AFAC over civil aviation matters, which were previously assigned to the SICT, including the issuance of technical and administrative regulations applicable to the master development programs; (iii) authorizing the Ministry of Infrastructure, Communications, and Transportation to grant, for an indefinite term, assignments to state-owned entities for the management, operation, and, if applicable, construction of airports; (iv) mandating additional obligations for concessionaires to notify the AFAC of changes in the board of directors, amendments to the bylaws, or any change in the corporate structure of the concessionaire; (v) modifying certain causes for revocation of concessions and establishing applicable sanctions for concessionaires not complying with flight schedules, timetables, or any other requirements; (vi) including a list of causes for revocation of permits granted to aerodromes; (vii) mandating permit holders and concessionaires of civil aerodromes to allow the use and provide airport services to military aircraft for search and rescue activities, for providing support in case of disasters and emergencies, and (viii) prohibiting cabotage practices of foreign airlines in Mexico.
We do not believe the Palenque International Airport has had an impact on passenger traffic at Villahermosa Airport and we estimate that any impact that may be experienced in the future would not be significant. 48 Table of Contents Oaxaca International Airport Oaxaca International Airport (the “Oaxaca Airport”) serves the city of Oaxaca, which is the capital of the state of Oaxaca.
We do not believe the Palenque International Airport has had an impact on passenger traffic at Villahermosa Airport and we estimate that any impact that may be experienced in the future would not be significant. Oaxaca International Airport Oaxaca International Airport (the “Oaxaca Airport”) serves the city of Oaxaca, which is the capital of the state of Oaxaca.
As a result, our operating results for a quarterly period are not necessarily indicative of operating results for an entire year, and historical operating results are not necessarily indicative of future operating results. Competition Since our business is substantially dependent on international tourists, the principal competition to our Mexican airports is from competing tourist destinations.
As a result, our operating results for a quarterly period are not necessarily indicative of operating results for an entire year, and historical operating results are not necessarily indicative of future operating results. 53 Table of Contents Competition Since our business is substantially dependent on international tourists, the principal competition to our Mexican airports is from competing tourist destinations.
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.
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. 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.
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.
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.
Principal Air Traffic Customers at Our Colombian Airports ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ASUR Colombian Revenues ​ ​ Year ended December 31, ​ 2021 2022 2023 ​ Customer ​ ​ ​ ​ ​ ​ ​ Aerovías del Continente Americano (AVIANCA) 16.4 % 20.5 % 30.1 % AeroRepública S.A.
Principal Air Traffic Customers at Our Colombian Airports ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ASUR Colombian Revenues ​ ​ Year ended December 31, ​ 2022 2023 2024 ​ Customer ​ ​ ​ ​ ​ ​ ​ Aerovías del Continente Americano (AVIANCA) 20.5 % 30.1 % 31.4 % AeroRepública S.A.
In 2021, 2022 and 2023, 30.6%, 33.8% and 36.0% of our consolidated revenues, respectively, were derived from non-aeronautical services from our Mexican airports as defined under the Mexican Airport Law and from our international airports (Puerto Rico and Colombia) since June 1, 2017 and October 29, 2017, the dates on which we began consolidating the results of Puerto Rico and Colombia, respectively.
In 2022, 2023 and 2024, 33.8%, 36.0% and 31.6% of our consolidated revenues, respectively, were derived from non-aeronautical services from our Mexican airports as defined under the Mexican Airport Law and from our international airports (Puerto Rico and Colombia) since June 1, 2017 and October 29, 2017, the dates on which we began consolidating the results of Puerto Rico and Colombia, respectively.
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.
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 39 businesses operating at Los Garzones Airport. 62 Table of Contents Antonio Roldán Betancourt Airport Antonio Roldán Betancourt Airport serves the city of Carepa, 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 15, 2024, 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 10, 2025, the return of 14,000 square meters currently in the possession of GDS remains pending.
In particular, Medellín and its outskirts, where we operate José María Córdova International Airport and Enrique Olaya Herrera Airport, is one of the most-visited cities in Colombia. Our Colombian airports served approximately 10.5 million passengers in 2021, approximately 16.5 million passengers in 2022 and approximately 14.9 million passengers in 2023.
In particular, Medellín and its outskirts, where we operate José María Córdova International Airport and Enrique Olaya Herrera Airport, is one of the most-visited cities in Colombia. Our Colombian airports served approximately 16.5 million passengers in 2022, approximately 14.9 million passengers in 2023 and approximately 16.7 million passengers in 2024.
Key Information—Risk Factors— Risks Related to Our Operations—The COVID-19 pandemic has had and could have a negative impact on our operations.” During 2023, approximately 32.8 million passengers traveled through Cancún Airport through Terminal 2, Terminal 3, which was opened in May 2007 and Terminal 4, which was opened in November 2017. Cancún is located in the state of Quintana Roo.
Key Information—Risk Factors— Risks Related to Our Operations—The COVID-19 pandemic has had and could have a negative impact on our operations.” During 2024, approximately 30.4 million passengers traveled through Cancún Airport through Terminal 2, Terminal 3, which was opened in May 2007 and Terminal 4, which was opened in November 2017. Cancún is located in the state of Quintana Roo.
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.
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 2024, the airport served approximately 1.5 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.
Our most important tenants in terms of occupied space and revenue in 2023 were Dufry México and Controladora Mera and its affiliates.
Our most important tenants in terms of occupied space and revenue in 2024 were Dufry México and Controladora Mera and its affiliates.
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.
From time to time, including in 2024, we have offered discounts on passenger charges at certain of our airports. 42 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.
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.
As of December 31, 2024, 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. 87 Table of Contents In addition, Aerostar must perform any capital project that is required in order to comply with any applicable law or airport certification requirement.
The airport has one terminal and one general aviation building, with seven gates accessible by passenger walkways and six boarding positions without walkways. In 2021, 2022 and 2023, 22,458, 24,126 and 26,027 metric tons of cargo, respectively, were transported through Mérida Airport, making it is our second airport in terms of cargo volume.
The airport has one terminal and one general aviation building, with seven gates accessible by passenger walkways and six boarding positions without walkways. In 2022, 2023 and 2024, 24,126, 26,027 and 26,201 metric tons of cargo, respectively, were transported through Mérida Airport, making it is our second airport in terms of cargo volume.
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.
As of December 31, 2022, 2023 and 2024, the consolidated leverage ratio calculated under this agreement was 1.20:1.00, 1.20:1.00 and 1.20:1.00, respectively. Failure to comply with these covenants would have restricted our ability to pay dividends to our shareholders.
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.
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.
During 2023, 1.3 million passengers traveled through Los Garzones Airport, including only Colombian domestic passengers. The airport’s primary points of origin and destination are Bogotá and Medellin/Rionegro. The airport serves domestic flights to cities such as Bogotá, Medellín/Rionegro and Barranquilla.
During 2024, 1.5 million passengers traveled through Los Garzones Airport, including only Colombian domestic passengers. The airport’s primary points of origin and destination are Bogotá and Medellin/Rionegro. The airport serves domestic flights to cities such as Bogotá, Medellín/Rionegro and Barranquilla.
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 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.
The amendment became effective on January 1, 2024. 67 Table of Contents Amendments to the Securities Market Law The Securities Market Law ( Ley del Mercado de Valores ) was amended effective as of December 29, 2023.
The amendment became effective on January 1, 2024. Amendments to the Securities Market Law The Securities Market Law ( Ley del Mercado de Valores ) was amended effective as of December 29, 2023.
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.
As of December 31, 2024, four Mexican and 15 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.
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.
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, ​ 2022 2023 2024 ​ ​ ( in thousands ) City: Medellín 20.2 11.4 47.1 Bogotá 35.9 14.9 2.7 Other; 0.2 0.1 — Total 56.3 26.4 49.8 ​ 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. 46 Table of Contents Terminal 4 opened in November 2017.
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.
Cozumel is the most frequently visited destination for cruise ships in Mexico, hosting approximately 650,117, 2.9 million and 4.1 million cruise ship visitors in 2021, 2022, and 2023, respectively. Cozumel has one of the world’s largest coral reserves, and many passengers traveling to Cozumel are divers.
Cozumel is the most frequently visited destination for cruise ships in Mexico, hosting approximately 2.9 million, 4.1 million and 4.6 million cruise ship visitors in 2022, 2023 and 2024, respectively. Cozumel has one of the world’s largest coral reserves, and many passengers traveling to Cozumel are divers.
The airport’s most important points of origin and destination are Houston, Mexico City and Dallas. The island of Cozumel has a population of 109,904. The airport has a commercial runway with a length of 2,700 meters (1.7 miles).
The airport’s most important points of origin and destination are Mexico City, Houston and Dallas. The island of Cozumel has a population of 112,295. The airport has a commercial runway with a length of 2,700 meters (1.7 miles).
As of December 31, 2023, there were two approved airports (including the LMM Airport). FAA and Part 139 Certification In order for Aerostar to operate the LMM Airport, it was required to have FAA approval. Aerostar submitted its final application to the FAA on September 19, 2012.
As of December 31, 2024, there were two approved airports (including the LMM Airport). 83 Table of Contents FAA and Part 139 Certification In order for Aerostar to operate the LMM Airport, it was required to have FAA approval. Aerostar submitted its final application to the FAA on September 19, 2012.
According to the Mexican Ministry of Tourism, the greater Cancún area (including the Mayan Riviera) was estimated to have an aggregate of 86,734 hotel rooms as of December 31, 2023. Since most of the airport’s passengers are tourists, the airport’s traffic volume and results of operations are influenced by the perceived attractiveness of Cancún as a tourist destination.
According to the Mexican Ministry of Tourism, the greater Cancún area (including the Mayan Riviera) was estimated to have an aggregate of 89,304 hotel rooms as of December 31, 2024. Since most of the airport’s passengers are tourists, the airport’s traffic volume and results of operations are influenced by the perceived attractiveness of Cancún as a tourist destination.
The Ninth Civil Court of Mexico City is currently considering our request. 47 Table of Contents The proceedings are currently suspended because GDS has filed various legal remedies against the judgments issued by the Ninth Civil Court of Mexico City, including a request for annulment filed by GDS against the customs authority’s refusal to extend the authorization granted to GDS in 1993 with respect to the provision of customs bonded warehouse services.
The proceedings are currently suspended because GDS has filed various legal remedies against the judgments issued by the Ninth Civil Court of Mexico City, including a request for annulment filed by GDS against the customs authority’s refusal to extend the authorization granted to GDS in 1993 with respect to the provision of customs bonded warehouse services.
Cancún and its surroundings were the most visited international tourism destination in Mexico in 2023, according to the Mexican Ministry of Tourism. According to Mexican Ministry of Tourism, the Cancún area had 36,716 hotel rooms as of December 31, 2023. Although Cancún may be reached by land, sea or air, we believe most tourists arrive by air through Cancún Airport.
Cancún and its surroundings were the most visited international tourism destination in Mexico in 2024, according to the Mexican Ministry of Tourism. According to Mexican Ministry of Tourism, the Cancún area had 37,145 hotel rooms as of December 31, 2024. Although Cancún may be reached by land, sea or air, we believe most tourists arrive by air through Cancún Airport.
On January 14, 2021, the District Court of Mérida published an opinion stating that the remaining property had not been delivered to us, and therefore we petitioned the Ninth Civil Court of Mexico City to order the forced delivery of the remaining property.
On January 14, 2021, the District Court of Mérida published an opinion stating that the remaining property had not been delivered to us, and therefore we petitioned the Ninth Civil Court of Mexico City to order the forced delivery of the remaining property. The Ninth Civil Court of Mexico City is currently considering our request.
After two hours have elapsed from the moment an aircraft enters one of our Colombian airports, we collect an hourly parking charge, equal to 5.0% of the maximum tariff established by Aerocivil, for the entire time the aircraft is on our aprons.
After three hours have elapsed from the moment an aircraft enters one of our Colombian airports, we collect an hourly parking charge, equal to 5.0% of the máximum tariff established by Aerocivil, for the entire time the aircraft is on our aprons.
Although parking and ground transport services are not directly regulated, the fee charged to each individual vehicle that enters parking or ground transport facilities at our Colombian airports cannot exceed a certain limit established by city authorities.
Although parking and ground transport services are not directly regulated, the fee charged to each individual vehicle that enters parking or ground transport facilities at our Colombian airports cannot exceed a certain limit established by city authorities. We do not charge parking fees at Corozal.
(2) These amounts have been translated at the rate of COP$ 4,810.20 per U.S.$1.00, which corresponds to the Colombian Peso Market Exchange Rate (Tasa de cambio representativa del mercado) as of December 31, 2022. 94 Table of Contents (3) These amounts have been translated at the rate of COP$ 3,822.05 per U.S.$1.00, which corresponds to the Colombian Peso Market Exchange Rate (Tasa de cambio representativa del mercado) as of December 31, 2023 ​ Ownership Commitments and Restrictions Pursuant to the concession agreement, Airplan is required to refrain from allowing Colombian state-owned entities to hold a majority stake in Airplan’s capital stock.
(2) These amounts have been translated at the rate of COP$ 3,822.05 per U.S.$1.00, which corresponds to the Colombian Peso Market Exchange Rate (Tasa de cambio representativa del mercado) as of December 31, 2023 (3) These amounts have been translated at the rate of COP$ 4,409.15 per U.S.$1.00, which corresponds to the Colombian Peso Market Exchange Rate (Tasa de cambio representativa del mercado) as of December 31, 2024 Ownership Commitments and Restrictions Pursuant to the concession agreement, Airplan is required to refrain from allowing Colombian state-owned entities to hold a majority stake in Airplan’s capital stock.
Aeronautical revenues are principally dependent on three factors: passenger traffic volume, the number of air traffic movements and the weight of the aircraft. In 2021, 2022 and 2023, 50.1%, 55.6% and 59.0% of our consolidated revenues, respectively, were derived from aeronautical services.
Aeronautical revenues are principally dependent on three factors: passenger traffic volume, the number of air traffic movements and the weight of the aircraft. In 2022, 2023 and 2024, 55.6%, 59.0% and 59.3% of our consolidated revenues, respectively, were derived from aeronautical services.

… 242 more changes not shown on this page.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

165 edited+30 added−28 removed140 unchanged
The maximum rates for our Mexican airports have been determined for each year through December 31, 2023. For a description of the latest amendment to the Mexican tariff base regulation effective as of October 2023, see “Item 3.
The maximum rates for our Mexican airports have been determined for each year through December 31, 2024. For a description of the latest amendment to the Mexican tariff base regulation effective as of October 2023, see “Item 3.
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.
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. 108 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.
(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.
(2) In millions. Excludes transit and general aviation passengers. (3) Revenue per passenger amounts are expressed in Mexican pesos (not millions of Mexican pesos). 105 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, 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.
In, 2022, 2023, and 2024 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.
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.
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. 107 Table of Contents Employee Statutory Profit Sharing Employee Profit Sharing in Mexico We are subject to the PTU established by Mexican federal labor laws.
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.
Revenues from construction services are not subject to regulation under our dual-till price regulation system in Mexico, Colombia and Puerto Rico. 106 Table of Contents Operating Costs The operating costs at our airports are influenced principally by two factors: fixed costs and variable costs.
Information on the Company—Mexican Regulatory Framework—Master Development Plans.” Our subsidiary Aerostar, as part of its LMM Lease with the PRPA, was required to fund and perform certain upgrades at its sole costs and expense, including landscaping improvement work, repair and replacement of jet bridges and repair and replacement of curbs and walkways, among others.
Information on the Company—Mexican Regulatory Framework—Master Development Plans.” 126 Table of Contents Our subsidiary Aerostar, as part of its LMM Lease with the PRPA, was required to fund and perform certain upgrades at its sole costs and expense, including landscaping improvement work, repair and replacement of jet bridges and repair and replacement of curbs and walkways, among others.
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.
In the presentation of our consolidated results, the revenues and expenses generated by these transactions are eliminated because they are intercompany transactions. 116 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.” 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.
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.
This minimum tax differs from the presumptive income system and was created to follow Pillar II guidelines set forth by the Organization for Economic Cooperation and Development. 111 Table of Contents On August 8, 2022, the Ministry of Finance submitted a tax reform bill to the Colombian Congress proposing several changes to the Colombian tax regime.
This minimum tax differs from the presumptive income system and was created to follow Pillar II guidelines set forth by the Organization for Economic Cooperation and Development. On August 8, 2022, the Ministry of Finance submitted a tax reform bill to the Colombian Congress proposing several changes to the Colombian tax regime.
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.
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 2024, we had 13.2 million passengers travel through the LMM Airport. Volumes in Colombia The majority of passenger traffic volume in our Colombian airports consists of domestic passengers.
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.
As of December 31, 2023, and 2024, the consolidated leverage ratio calculated under the BBVA and Santander agreements was 0.70:1.00 and 0.70:1.00, respectively. On June 29, 2020, the Company contracted a credit line with BBVA for Ps. 1,500 million.
In 2022, we spent Ps. 12.1 million in Colombia on capital expenditures on projects which included, among others, the purchase of fixed assets. In 2022, we spent Ps. 432.3 million in Puerto Rico on capital expenditures on projects which included the renovation of Terminal D and the construction of new immigration facilities.
In 2022, we spent Ps. 12.1 million in Colombia on capital expenditures on projects which included, among others, the purchase of fixed assets. 127 Table of Contents In 2022, we spent Ps. 432.3 million in Puerto Rico on capital expenditures on projects which included the renovation of Terminal D and the construction of new immigration facilities.
In September 2023, Quintana Roo’s Tax Authority determined that the Company owed Ps. 99.8 million in distributions under the mandatory employee statutory profit sharing regime. We have appealed this resolution via an annulment action which, as of April 15, 2024, is still pending to be resolved.
In September 2023, Quintana Roo’s Tax Authority determined that the Company owed Ps. 99.8 million in distributions under the mandatory employee statutory profit sharing regime. We have appealed this resolution via an annulment action which, as of April 10, 2025, is still pending to be resolved.
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 .
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. ● Contracts with commercial service providers .
The technical assistance fee is equal to the greater of U.S.$2.0 million, adjusted for U.S. inflation, or 5.0% of our consolidated earnings before comprehensive financing costs, income taxes and depreciation and amortization (calculated prior to deducting the technical assistance fee). When calculating our technical assistance fee, we only consider earnings from our Mexican airports.
The technical assistance fee is equal to the greater of U.S.$2.0 million, adjusted for U.S. inflation, or 5.0% of our consolidated earnings before comprehensive financing costs, income taxes and depreciation and amortization (calculated prior to deducting the technical assistance fee) up to December 31, 2023. When calculating our technical assistance fee, we only consider earnings from our Mexican airports.
Information on the Company—History and Development of the Company—Investment in LMM Airport.” In addition, in May 2023, we have entered into an investment agreement with Bávaro International Airport AIB, S.A.S.
Information on the Company—History and Development of the Company—Investment in LMM Airport.” 109 Table of Contents In addition, in May 2023, we have entered into an investment agreement with Bávaro International Airport AIB, S.A.S.
The primary factor behind the increase in non-aeronautical revenues from 2022 to 2023 was the increase in commercial revenues due to higher passenger traffic during 2023.
The primary factor behind the increase in non-aeronautical revenues from 2023 to 2024 was the increase in commercial revenues due to higher passenger traffic during 2024.
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.
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. 101 Table of Contents Aeronautical revenues at the LMM Airport are not directly regulated by the government.
Until December 31, 2017, in the case of our Colombian airports, because we hired third parties to provide construction and upgrade services, and we recognized a premium on the cost of services, our expenses for those services were not equal to our revenues.
Until December 31, 2017, in the case of our Colombian airports, because we hired third parties to provide construction and upgrade services, and we recognized a premium on the cost of services, our expenses for those services were not equal to our revenues. After December 31, 2017, however, our expenses for those services have been equal to our revenues.
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.
In 2022, 2023 and 2024, we calculated our obligations in respect of employee statutory profit sharing amount to be Ps. 104.7 million, Ps. 98.6 million and Ps. 122.6 million, respectively. Additionally, the amount of Ps. 21.3 million was paid to unionized employees for the year ended December 31, 2024, and is recorded as a cost of service.
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.
Key Information—Risk Factors—Risks Related to Our Operations.” 113 Table of Contents 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, ​ 2022 2023 2024 Depreciation (appreciation) of the Mexican peso as compared to the U.S. dollar (1) (4.9) % (13.1) % 22.9 % (1) Based on the Official Journal Federation exchange rate for Mexican pesos, at the end of each period, which were as follows: Ps.19.472 as of December 31, 2022 , Ps. 16.919 as of December 31, 2023 and Ps. 20.786 as of December 31, 2024.
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.
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 2024, we had 41.4 million passengers travel through our Mexican airports.
However, in 2017, we incurred indebtedness to fund our investments in accordance with our Mexican Master Development Plans and to acquire the interest in our Colombian airports and our additional interest in Aerostar. See “—Indebtedness—Indebtedness in Mexico.” In 2023, we used Ps. 5,979.0 to pay dividends.
However, in 2017, we incurred indebtedness to fund our investments in accordance with our Mexican Master Development Plans and to acquire the interest in our Colombian airports and our additional interest in Aerostar. See “—Indebtedness—Indebtedness in Mexico.” In 2024, we used Ps. 6,277.8 million to pay dividends. In 2023, we used Ps. 5,979.0 million to pay dividends.
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 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 2022, 2023 and 2024, 55.6%, 59.0% and 59.3%, respectively, of our total revenues were derived from aeronautical services.
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.
In 2022, 2023 and 2024, 56.0%, 61.5% and 62.1%, respectively, of our total revenues from our Mexican operations and 6.6%, 6.5% and 6.5%, respectively, of our revenues from non-aeronautical services at our Mexican airports were earned from regulated sources of revenues.
Cash Flows for the year ended December 31, 2023 as compared to cash flows for the year ended December 31, 2022 In 2023, we generated Ps. 13,445.2 million in cash flow from operating activities, a decrease of 0.5% from Ps. 13,518.4 million in 2022, mainly due to a decrease in recoverable taxes, an increase in accounts payable, as well as an increase in income tax payments, partially offset by an increase in aeronautical and non-aeronautical revenues and an increase in accounts receivable.
Cash Flows for the year ended December 31, 2024 as compared to cash flows for the year ended December 31, 2023 In 2024, we generated Ps. 15,571.0 million in cash flow from operating activities, an increase of 15.8% from Ps. 13,445.2 million in 2023, mainly due to an increase in recoverable taxes, a decrease in accounts payable, as well as an increase in income tax payments, partially offset by an increase in aeronautical and non-aeronautical revenues and an increase in accounts receivable.
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.
The Mexican consumer price index at year end was 126.5 in 2022, 132.4 in 2023 and 137.9 in 2024. (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 10, 2025.
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.
Aeronautical revenues differ among our Mexican airports to the extent that passenger traffic levels differ among these airports. 102 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.
During 2023 we repaid Ps. 150.0 million of the BBVA loan in three equal installments in January, July and October.
During 2023 we repaid Ps. 150.0 million of the BBVA loan in three equal installments in January, July and October. During 2024 we repaid Ps. 100 million of the BBVA loan in two equal installments in January and April.
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
We believe our working capital is sufficient for our present requirements, and we anticipate generating sufficient cash to satisfy our long-term liquidity needs.
Under the referred master development plans, our total committed investments for the regulated part of our business in all our Mexican Airports during the covered period is equal to Ps. 29,571.1. See “Item 4.
Under the referred master development plans, our total committed investments for the regulated part of our business in all our Mexican Airports during the covered period is equal to Ps. 30,596.7. See “Item 4.
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.
Our Colombian and Puerto Rico airports are not regulated under workload units. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ ​ (millions of Mexican pesos) ​ Amount Amount Amount Change (1) Other information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total workload units (2) 40.4 44.2 42.4 (4.1) % Aeronautical Revenue 9,945.2 11,247.6 13,915.7 23.7 % Aeronautical Revenue per workload unit (3) 246.2 254.5 328.2 29.0 % (1) As compared to the previous year.
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.
Similar to Mexico and Puerto Rico, our results in Colombia may be influenced by economic and political developments in the United States. In 2024, we had 16.7 million passengers travel through our Colombian airports.
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.
In 2024, passenger charges at our Colombian airports, represented 12.2% 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.
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.
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, 2024, the Company has not used the credit line and the line was terminated.
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.
In 2022, 2023 and 2024, for example, 33.4%, 31.6% and 32.4% of the total passengers and 63.4%, 61.8% and 62.2%, respectively, of the international passengers traveling through our Mexican airports arrived or departed on flights originating in or departing to the United States.
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.
According to the 2016 tax reform, for the fiscal year ended December 31, 2022, 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.
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.
Aeronautical Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ ​ (millions of Mexican pesos) ​ Amount Percent Amount Percent Amount Percent Aeronautical Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Passenger charges 10,823.9 76.9 % 11,789.9 77.4 % 14,454.6 77.7 % Landing charges 1,299.1 9.2 % 1,391.8 9.1 % 1,568.8 8.4 % Aircraft parking charges 1,169.2 8.3 % 1,196.3 7.9 % 1,594.4 8.6 % Airport security charges 134.4 1.0 % 152.1 1.0 % 178.0 1.0 % Passenger walkway charges 645.9 4.6 % 693.0 4.6 % 793.3 4.3 % Total Aeronautical Revenue 14,072.5 100.0 % 15,223.1 100.0 % 18,589.1 100.0 % ​ The following table sets forth our Mexican revenue from aeronautical services per workload unit for the years indicated.
Operating income for our parent holding company and our administrative services companies increased by 14.8% from Ps. 805.5 million in 2022 to Ps. 925.1 in 2023, primarily due to an increase in revenues and the recovery of costs by our operating subsidiaries transferred to our parent company under intercompany agreements. For additional information, see “Operating Results by Airport”.
Operating income for our parent holding company and our administrative services companies increased by 19.7% from Ps. 925.1 million in 2023 to Ps. 1,107.0 in 2024, primarily due to an increase in revenues and the recovery of costs by our operating subsidiaries transferred to our parent company under intercompany agreements. For additional information, see “Operating Results by Airport”.
This increase in revenues from non-aeronautical services was also driven by an increase of 10.8% in revenues from car rental companies, a 14.2% increase in revenues from food and beverages, a 9.9% increase in parking lot revenues, a 9.9% increase in revenues from ground transportation, a 3.6% increase in teleservices revenues, and a 8.0% increase in retail stores revenues.
This increase in revenues from non-aeronautical services was also driven by an increase of 14.1% in revenues from car rental companies, a 2.7% increase in revenues from food and beverages, a 11.0% increase in parking lot revenues, a 15.1% increase in revenues from ground transportation, and a 10.3% increase in retail stores revenues.
Following the enactment of Law 2277 in 2022, for the fiscal year ending December 31, 2023 onwards, dividends tax applies as follows: (a) For non-resident shareholders, Article 245 of the Colombian Tax Code sets forth (i) a 20% dividend tax for dividends paid out of profits that were taxed at the corporate level and accrued as of January 1, 2017; (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 20% dividend tax after applying the initial corporate income withholding tax rate, and (iv) a withholding tax at 33% on dividends distributed from profits not taxed at the corporate level if the dividend is paid out of profits that accrued before January 1, 2017, plus an additional 20% dividend tax after applying the initial corporate income withholding tax rate.
(c) For Colombian corporations, Article 242 of the Colombian Tax Code stated that (i) dividends distributed from taxed profits to local corporations during the fiscal years 2021 and 2022 were taxed at 7.5%, and (ii) dividends distributed from non-taxed profits were taxed at a 31% withholding tax for 2021 and 35% for 2022, plus an additional 7.5% dividend tax on the balance of the dividend amount after the initial withholding was applied. 112 Table of Contents Following the enactment of Law 2277 in 2022, for the fiscal year ending December 31, 2023 onwards, dividends tax applies as follows: (a) For non-resident shareholders, Article 245 of the Colombian Tax Code sets forth (i) a 20% dividend tax for dividends paid out of profits that were taxed at the corporate level and accrued as of January 1, 2017; (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 20% dividend tax on the resulting amount after applying the initial corporate income withholding tax rate, and (iv) a withholding tax at 33% on dividends distributed from profits not taxed at the corporate level if the dividend is paid out of profits that accrued before January 1, 2017, plus an additional 20% dividend tax on the resulting amount after applying the initial corporate income withholding tax rate.
Operating income for our six other Mexican airports increased by 31.1% from Ps. 736.9 million in 2022 to Ps. 966.6 million in 2023, principally due to a 22.5% increase in aeronautical revenues and a 7.9% increase in non-aeronautical revenues due to higher passenger traffic.
Operating income for our six other Mexican airports increased by 20.4% from Ps. 966.6 million in 2023 to Ps. 1,163.7 million in 2024, principally due to a 19.1% increase in aeronautical revenues and a 22.5% increase in non-aeronautical revenues due to higher passenger traffic.
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.
The following table sets forth our revenues for the years ended December 31, 2022, 2023 and 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ ​ (millions of Mexican pesos) ​ Amount Percent Amount Percent Amount Percent Regulated Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Airport Services (1) ​ 14,485.8 ​ 57.2 % 15,670.4 ​ 60.7 % 19,050.0 ​ 60.8 % Non-regulated Revenues: ​ ​ ​ ​ ​ ​ Access fees from non-permanent ground transportation (3) 91.6 0.4 % 102.0 0.4 % 108.9 0.3 % Car parking and related access fees 416.8 1.6 % 458.0 1.7 % 508.3 1.6 % Other fees 21.7 0.1 % 18.7 0.1 % 21.4 0.1 % Commercial Services (3) 7,346.4 29.0 % 8,017.0 31.0 % 8,526.1 27.2 % Other Services 258.9 1.0 % 252.7 1.0 % 269.8 0.9 % Other Revenues: ​ ​ ​ ​ ​ ​ Construction Services (2) 2,692.7 10.7 % 1,302.6 5.1 % 2,848.3 9.1 % Total 25,313.9 100.0 % 25,821.4 100.0 % 31,332.8 100.0 % (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.
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.
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.
The following table sets forth our revenue from commercial activities for the years indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ (millions of Mexican pesos) ​ Amount Amount Amount Change Commercial Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ Duty-Free Shops 2,009.2 2,493.9 3,118.1 25.0 % Food and Beverage 823.9 1,243.6 1,419.9 14.2 % Retail Stores 741.3 1,424.6 1,073.1 (24.7) % Advertising Revenues 129.6 151.7 206.9 36.4 % Parking Lots 316.4 416.8 458.0 9.9 % Car Rental Companies 953.1 1,110.9 1,230.5 10.8 % Banking and Currency Exchange services 107.2 102.8 103.3 0.5 % Teleservices 17.5 15.5 16.1 3.9 % Ground Transportation 95.7 131.7 144.7 9.9 % Other Services 562.8 763.2 806.2 5.6 % Total 5,756.7 7,854.7 8,576.8 9.2 % ​ The Mexican Ministry of Infrastructure, Communications and Transportation does not classify certain of these revenues as “commercial revenues.” Accordingly, the following table sets forth the reconciliation between commercial revenues classified according to the requirements of the Ministry of Infrastructure, Communications and Transportation and commercial revenues classified according to IFRS for the years indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ (millions of Mexican pesos) ​ Amount Amount Amount Change Non-aeronautical Services: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial 5,412.5 7,406.9 8,089.1 9.2 % Commercial Revenues: (2) ​ ​ ​ ​ ​ Parking Lots 316.4 416.8 458.0 9.9 % Other Services 27.8 31.0 29.7 (4.2) % Total 5,756.7 7,854.7 8,576.8 9.2 % (1) Classified according to the requirements of the Ministry of Infrastructure, Communications and Transportation.
The following table sets forth our revenue from commercial activities for the years indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ ​ (millions of Mexican pesos) ​ Amount Amount Amount Change Commercial Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ Duty-Free Shops 2,493.9 3,118.1 3,177.7 1.9 % Food and Beverage 1,243.6 1,419.9 1,457.7 2.7 % Retail Stores 1,424.6 1,073.1 1,183.1 10.3 % Advertising Revenues 151.7 206.9 236.6 14.4 % Parking Lots 416.8 458.0 508.3 11.0 % Car Rental Companies 1,110.9 1,230.5 1,404.5 14.1 % Banking and Currency Exchange services 102.8 103.3 98.5 (4.6) % Teleservices 15.5 16.1 16.1 0.0 % Ground Transportation 131.7 144.7 166.5 15.1 % Other Services 763.2 806.2 894.4 10.9 % Total 7,854.7 8,576.8 9,143.4 6.6 % ​ The Mexican Ministry of Infrastructure, Communications and Transportation does not classify certain of these revenues as “commercial revenues.” Accordingly, the following table sets forth the reconciliation between commercial revenues classified according to the requirements of the Ministry of Infrastructure, Communications and Transportation and commercial revenues classified according to IFRS for the years indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ ​ (millions of Mexican pesos) ​ Amount Amount Amount Change Non-aeronautical Services: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial 7,406.9 8,089.1 8,602.0 6.3 % Commercial Revenues: (2) ​ ​ ​ ​ ​ Parking Lots 416.8 458.0 508.3 11.0 % Other Services 31.0 29.7 33.1 11.4 % Total 7,854.7 8,576.8 9,143.4 6.6 % (1) Classified according to the requirements of the Ministry of Infrastructure, Communications and Transportation.
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.
We were subject to an asset tax, which was discontinued in 2008. 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.
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.
Revenues from our parent holding company and our administrative services companies increased by 18.0% from Ps. 502.8 million in 2023 to Ps. 593.5 million in 2024, 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.
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.
During 2024, Ps. 9,434.5 million of our revenues was derived from non-regulated sources, a 6.6% increase from the Ps. 8,848.6 million of revenues derived from non-regulated sources in 2023. This increase was primarily due to the 6.6% increase in commercial revenues described above, from Ps. 8,576.9 million in 2023 to Ps. 9,143.4 million in 2024.
The following table sets forth our revenue from non-aeronautical activities for the years indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Aeronautical Revenues ​ ​ Year ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ (millions of Mexican pesos) ​ Amount Percent Amount Percent Amount Percent Non-aeronautical Services: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial 5,756.7 92.4 % 7,854.7 91.9 % 8,576.8 92.3 % Leasing of space 5,263.7 84.5 % 7,257.8 84.9 % 7,939.4 85.4 % Access fee 61.2 1.0 % 91.6 1.1 % 102.0 1.1 % Other 431.8 6.9 % 505.3 5.9 % 535.4 5.8 % Non Commercial 473.0 7.6 % 694.0 8.1 % 719.1 7.7 % Leasing of space 157.9 2.5 % 150.3 1.8 % 176.4 1.9 % Access fee 191.1 3.1 % 296.3 3.5 % 335.7 3.6 % Other 124.0 2.0 % 247.4 2.9 % 207.0 2.2 % Total Non-aeronautical Revenue 6,229.7 100.0 % 8,548.7 100.0 % 9,295.9 100.0 % ​ The following table sets forth other information about our passengers and revenues for the years indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ (millions of Mexican pesos) ​ Amount Amount Amount Change (1) Other information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Terminal Passengers (2) 49.4 66.3 70.6 6.5 % Total Non-aeronautical revenues 6,229.9 8,548.7 9,295.9 8.7 % Non-aeronautical revenue per terminal passenger (3) 126.1 128.9 131.6 2.1 % (1) As compared to previous year.
The following table sets forth our revenue from non-aeronautical activities for the years indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Aeronautical Revenues ​ ​ Year ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ ​ (millions of Mexican pesos) ​ Amount Percent Amount Percent Amount Percent Non-aeronautical Services: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial 7,854.7 91.9 % 8,576.8 92.3 % 9,143.4 92.4 % Leasing of space 7,257.8 84.9 % 7,939.4 85.4 % 8,373.3 84.6 % Access fee 91.6 1.1 % 102.0 1.1 % 108.9 1.1 % Other 505.3 5.9 % 535.4 5.8 % 661.2 6.7 % Non Commercial 694.0 8.1 % 719.1 7.7 % 751.9 7.6 % Leasing of space 150.3 1.8 % 176.4 1.9 % 183.4 1.9 % Access fee 296.3 3.5 % 335.7 3.6 % 345.4 3.5 % Other 247.4 2.9 % 207.0 2.2 % 223.1 2.3 % Total Non-aeronautical Revenue 8,548.7 100.0 % 9,295.9 100.0 % 9,895.3 100.0 % ​ The following table sets forth other information about our passengers and revenues for the years indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ ​ (millions of Mexican pesos) ​ Amount Amount Amount Change (1) Other information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Terminal Pasengers (2) 66.3 70.6 71.3 1.0 % Total Non-aeronautical revenues 8,548.7 9,295.9 9,895.3 6.4 % Non-aeronautical revenue per terminal passenger (3) 128.9 131.6 138.7 5.4 % (1) As compared to previous year.
Revenues per workload unit at Cancún Airport decreased by 2.5% from Ps. 463.7 in 2022 to Ps. 452.0 in 2023, primarily because of the decrease in construction services revenues. 119 Table of Contents Aeronautical revenues increased by 33.4% from Ps. 799.7 million in 2022 to Ps. 1,066.4 million in 2023 at Mérida Airport, mainly due to a 19.3% increase in passenger traffic and a 34.3% in passenger fees charged at that airport.
Revenues per workload unit at Cancún Airport increased by 31.2% from Ps. 452.0 in 2023 to Ps. 593.1 in 2024, primarily because of the increase in aeronautical services and construction services revenues. 118 Table of Contents Aeronautical revenues increased by 5.2% from Ps. 1,066.4 million in 2023 to Ps. 1.122.0 million in 2024 at Mérida Airport, mainly due to a 0.7% increase in passenger traffic and a 3.3% in passenger fees charged at that airport.
Additionally, in 2017 Airplan entered into a short-term loan with Banco de Bogotá of COP$5,000.0 million. The terms of this short-term loan included the issuance of a blank promissory note, an interest rate based on the IBR plus 2.6%, monthly interest payments and an annual principal payment on the due date. These three short-term loans were fully repaid in 2018.
The terms of this short-term loan included the issuance of a blank promissory note, an interest rate based on the IBR plus 2.6%, monthly interest payments and an annual principal payment on the due date. These three short-term loans were fully repaid in 2018. In September 2020, Airplan entered into a short-term loan with Bancolombia S.A. for COP$11,612.0 million.
Administrative expenses increased 11.2% from Ps. 287.1 million in 2022 to Ps. 319.2 million in 2023. This increase was primarily attributable to increases in administrative salaries.
Administrative expenses increased 0.1% from Ps. 319.2 million in 2023 to Ps. 319.6 million in 2024. This increase was primarily attributable to increases in administrative salaries.
This increase was a result of an 14.5% increase in employee costs, an 13.8% increase in cost of sales from directly operated stores, an 25.1% increase in safety and security costs, an 26.0% increase in maintenance costs, an 12.3% increase in technical assistance fees, an 8.3% increase in government concession fees, an 8.2% increase in professional services as well as an 11.9% increase in depreciation and amortization, partially offset by a 54.4% decrease in construction costs from Ps. 910.8 million in 2022 to Ps. 415.7 million in 2023.
This increase was a result of an 8.6% increase in employee costs, a 258.2% increase in construction costs from Ps. 415.7 million in 2023 to Ps. 1,488.9 million in 2024, a 13.4% increase in safety and security costs, a 7.3% increase in maintenance costs, a112.2% increase in government concession fees, a 16.8% increase in professional services as well as a 5.6% increase in depreciation and amortization, partially offset by, a 4.2% decrease in cost of sales from directly operated stores, and a 45.9% decrease in technical assistance fees.
(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.
(4) Net income divided by total revenues, expressed as a percentage. ​ 117 Table of Contents Results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 Revenues Total consolidated revenues for 2024 were Ps. 31,332.8 million, 21.3% higher than the Ps. 25,821.6 million recorded in 2023.
Once approved by the Ministry of Infrastructure, Communications and Transportation, these commitments become binding obligations under the terms of our concessions. In June 2018, the Ministry of Communications and Transportation approved each of our previous master development plans, which went into effect as of January 1, 2019 and elapsed on December 31, 2023.
Once approved by the Ministry of Infrastructure, Communications and Transportation, these commitments become binding obligations under the terms of our concessions. In December 2023, the SICT approved each of our current updated master development plans, which went into effect as of January 1, 2024 and will elapse on December 31, 2028.
Revenues from passenger charges increased 8.9% from Ps. 10,823.9 million in 2022 (76.9% of our aeronautical revenues during the period) to Ps. 11,789.9 million in 2023 (77.4% of our aeronautical revenues during the period), which reflect the increase in passenger traffic.
Revenues from passenger charges increased 22.6% from Ps. 11,789.9 million in 2023 (77.4% of our aeronautical revenues during the period) to Ps. 14,454.6 million in 2024 (77.8% of our aeronautical revenues during the period), which reflect the increase in passenger traffic.
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.
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.
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.
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 2024, 88.3% and 11.7% of the passengers traveling through the LMM Airport were domestic and international, respectively.
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.
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.
Higher passenger traffic in 2023 led to a 36.4% increase in revenues from advertising, a 5.0% increase in revenues from duty-free shops, and a 5.6% increase in other income, which consisted principally of revenue from tourism services and hotel operators.
Higher passenger traffic in 2024 led to a 14.4% increase in revenues from advertising, a 1.9% increase in revenues from duty-free shops, and a 10.9% increase in other income, which consisted principally of revenue from tourism services and hotel operators.
Non-aeronautical revenues at our Colombian airports increased 1.1% from Ps. 652.3 million in 2022 to Ps. 659.2 million in 2023. Construction services revenues at our Colombian airports increased 12.5% from Ps. 12.9 million in 2022 to Ps. 14.5 million in 2023, primarily due to new investments (including fixed assets, office and computer equipment).
Non-aeronautical revenues at our Colombian airports increased 30.0% from Ps. 659.2 million in 2023 to Ps. 857.3 million in 2024. Construction services revenues at our Colombian airports increased 75.2% from Ps. 14.5 million in 2023 to Ps. 25.4 million in 2024, primarily due to new investments (including fixed assets, office and computer equipment).
Operating expenses for our Colombian airports were Ps. 1,534.9 million in 2023, compared to Ps.1,458.8 million in 2022.
Operating expenses for our Colombian airports were Ps. 1,807.2 million in 2024, compared to Ps. 1,534.9 million in 2023.
Operating income for Mérida Airport increased by 36.5% from Ps. 559.2 million in 2022 to Ps. 763.3 million in 2023, mainly due to a 33.4% increase in aeronautical revenues as a result of higher passenger traffic, as well as a 37.7% increase in no aeronautical revenues.
Operating income for Mérida Airport decreased by 4.5% from Ps. 763.3 million in 2023 to Ps. 728.9 million in 2024, mainly due to a 5.2% increase in aeronautical revenues as a result of higher passenger traffic, as well as a 15.5% increase in no aeronautical revenues.
The main terms of these short term loans included the issuance of a blank promissory note, an interest rate based on Colombia’s banking reference index, the Indicador Bancario de Referencia (“IBR”), plus 2.75%, monthly interest payments and an annual principal payment on the due date.
The main terms of these short-term loans included the issuance of a blank promissory note, an interest rate based on Colombia’s banking reference index, the Indicador Bancario de Referencia (“IBR”), plus 2.75%, monthly interest payments and an annual principal payment on the due date. Additionally, in 2017 Airplan entered into a short-term loan with Banco de Bogotá of COP$5,000.0 million.
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.
In 2022, 2023 and 2024, passenger charges at our Mexican airports represented 58.5%, 60.8% and 61.7% of our aeronautical service revenues and 32.5%, 35.8% and 36.6%, respectively, of our consolidated revenues.
Total Mexican revenues per workload unit decreased 6.3% from Ps. 459.3 million in 2022 to Ps. 430.5 million in 2023, due mainly to a 64.8% decrease in revenues for construction services per workload unit, which are based on capital improvements to concessioned assets and are not directly related to passenger traffic.
Total Mexican revenues per workload unit increased 2.7% from Ps. 430.5 million in 2023 to Ps. 546.7 million in 2024, due mainly to a 161.6% increase in revenues for construction services per workload unit, which are based on capital improvements to concessioned assets and are not directly related to passenger traffic.
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.
As a percentage of total revenues, operating expenses represented 44.1% of total revenues in 2024 as compared to 40.9% of total revenues in 2023.
Comprehensive Financing Result Our comprehensive net financing result was a loss of Ps. 613.7 million in 2023 compared to a loss of Ps. 613.4 million in 2022.
Comprehensive Financing Result Our comprehensive net financing result was a gain of Ps. 2,860.8 million in 2024 compared to a loss of Ps. 613.7 million in 2023.
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.
Our revenues from regulated sources in 2024 were Ps. 19,050.0 million, a 21.6% increase compared to Ps. 15,670.4 million in 2023, mainly due to the increase in total passenger traffic and the annual increase in our regulated rates.
While the senior secured notes are outstanding, Aerostar is not permitted to create any liens other than permitted liens upon any of our property, make any fundamental change to our corporate structure, or sell more than U.S.$35.0 million of our assets per year.
Since June 1, 2017, we have consolidated Aerostar’s assets and liabilities into our financial statements. 125 Table of Contents While the senior secured notes are outstanding, Aerostar is not permitted to create any liens other than permitted liens upon any of our property, make any fundamental change to our corporate structure, or sell more than U.S.$35.0 million of our assets per year.
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.
Total revenues increased by 22.5% from Ps. 14,957.3 million in 2023 to Ps. 18,327.8 million in 2024 at Cancún Airport, largely due to the increase in aeronautical and non-aeronautical revenues.
Key Information—Risk Factors—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.” ​ 115 Table of Contents Operating Results by Airport The following table sets forth our results of operations for the periods indicated: ​ Operating Results ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ Airport ​ Per ​ Airport ​ Per ​ Airport ​ Per ​ ​ Operating ​ Workload ​ Operating ​ Workload ​ Operating ​ Workload ​ ​ Results ​ Unit (1) ​ Results ​ Unit (1) ​ Results ​ Unit (1) ​ ​ (millions of ​ ​ ​ (millions of ​ ​ ​ (millions of ​ ​ ​ ​ Mexican ​ (Mexican ​ Mexican ​ (Mexican ​ Mexican ​ (Mexican ​ pesos) pesos) pesos) pesos) pesos) pesos) Cancún (2) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues before solidarity agreement (3) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 4,644.5 204.6 7,515.7 244.0 8,167.8 246.8 Non-aeronautical services 4,038.2 177.9 5,854.3 190.1 6,373.8 192.6 Construction services 1,210.5 53.3 910.8 29.6 415.7 12.6 Total revenues before solidarity agreement 9,893.2 435.8 14,280.8 463.7 14,957.3 452.0 Expenses before solidarity agreement (4,296.0) (189.3) (4,913.2) (159.5) (4,971.2) (150.2) Net operating income before solidarity agreement 5,597.2 246.5 9,367.6 304.2 9,986.1 301.8 Solidarity agreement revenues 0.0 0.0 0.0 0.0 0.0 0.0 Solidarity agreement expenses (223.8) (9.9) (347.7) (11.3) (375.8) (11.4) Net operating income after solidarity agreement 5,373.4 236.6 9,019.9 292.9 9,610.3 290.4 Mérida: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues before solidarity agreement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 467.1 203.1 799.7 242.3 1,066.4 273.4 Non-aeronautical services 129.8 56.4 168.8 51.2 232.5 59.6 Construction services 795.2 345.7 553.4 167.7 64.6 16.6 Total revenues before solidarity agreement 1,392.1 605.2 1,521.9 461.2 1,363.5 349.6 Expenses before solidarity agreement (1,133.2) (492.7) (962.7) (291.7) (562.8) (144.3) Net operating income before solidarity agreement 258.9 112.5 559.2 169.5 800.7 205.3 Solidarity agreement revenues 0.0 0.0 0.0 0.0 0.0 0.0 Solidarity agreement expenses — — — — (37.4) (9.6) Net operating income after solidarity agreement 258.9 112.5 559.2 169.5 763.3 195.7 Villahermosa: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues before solidarity agreement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 211.2 211.2 316.4 243.4 404.4 269.6 Non-aeronautical services 49.4 49.4 64.6 49.7 73.9 49.3 Construction services 123.9 123.9 105.7 81.3 76.4 50.9 Total revenues before solidarity agreement 384.5 384.5 486.7 374.4 554.7 369.8 Expenses before solidarity agreement (292.9) (292.9) (283.2) (217.8) (276.2) (184.1) Net operating income before solidarity agreement 91.6 91.6 203.5 156.6 278.5 185.7 Solidarity agreement revenues 0.0 0.0 0.0 0.0 0.0 0.0 Solidarity agreement expenses — — (10.7) (8.2) (14.5) (9.7) Net operating income after solidarity agreement 91.6 91.6 192.8 148.4 264.0 176.0 Other Mexican Airports (4) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues before solidarity agreement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 883.8 232.6 1,313.3 268.0 1,609.0 282.3 Non-aeronautical services 167.6 44.1 210.1 42.9 226.6 39.8 Construction services 778.9 205.0 698.7 142.6 316.9 55.6 Total revenues before solidarity agreement 1,830.3 481.7 2,222.1 453.5 2,152.5 377.7 Expenses before solidarity agreement (1,428.6) (375.9) (1,444.7) (294.8) (1,136.3) (199.4) Net operating income (loss) before solidarity agreement 401.7 105.8 777.4 158.7 1,016.2 178.3 Solidarity agreement revenues 0.0 0.0 0.0 0.0 0.0 0.0 Solidarity agreement expenses (5.9) (1.6) (40.5) (8.3) (49.6) (8.7) Net operating (loss) income after solidarity agreement 395.8 104.2 736.9 150.4 966.6 169.6 San Juan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 2,027.2 N/A 2,100.3 N/A 2,029.9 N/A Non-aeronautical services 1,394.3 N/A 1,598.6 N/A 1,729.9 N/A Construction services 231.3 N/A 411.2 N/A 414.5 N/A Total revenues 3,652.8 N/A 4,110.1 N/A 4,174.3 N/A Expenses (2,126.2) N/A (2,306.5) N/A (2,544.5) N/A Net operating income (loss) 1,526.6 N/A 2,149.8 N/A 1,629.8 N/A Colombian Airports (5) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 1,174.8 N/A 2,027.1 N/A 1,945.6 N/A Non-aeronautical services 450.6 N/A 652.3 N/A 659.2 N/A Construction services 6.3 N/A 12.9 N/A 14.5 N/A Total revenues 1,631.7 N/A 2,692.3 N/A 2,619.3 N/A Expenses (1,200.8) N/A (1,458.8) N/A (1,534.9) N/A Net operating income (loss) 430.9 N/A 1,233.5 N/A 1,084.4 N/A Holding & Service Companies (6) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues before solidarity agreement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (7) 962.2 N/A 473.7 N/A 502.8 N/A Total revenues before solidarity agreement 962.2 N/A 473.7 N/A 502.8 N/A Expenses before solidarity agreement (611.8) N/A (67.1) N/A (55.0) N/A Net operating income before solidarity agreement 350.4 N/A 406.6 N/A 447.8 N/A Solidarity agreement revenues 229.7 N/A 398.9 N/A 477.3 N/A Solidarity agreement expenses 0.0 N/A 0.0 N/A 0.0 N/A Net non after solidarity agreement 580.1 N/A 805.5 N/A 925.1 N/A Consolidation Adjustment (8) : ​ ​ ​ ​ ​ ​ Total Revenues (1,192.2) N/A (873.1) N/A (980.1) N/A Expenses 1,192.2 N/A 873.1 N/A 980.1 N/A Total: ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ ​ ​ ​ Aeronautical services 9,408.6 N/A 14,072.5 N/A 15,223.1 N/A Non-aeronautical services 6,229.9 N/A 8,548.7 N/A 9,295.9 N/A Construction services 3,146.1 N/A 2,692.7 N/A 1,302.6 N/A Total revenues 18,784.6 N/A 25,313.9 N/A 25,821.6 N/A Expenses (10,127.0) N/A (10,962.0) N/A (10,578.1) N/A Net operating income 8,657.6 N/A 14,698.1 N/A 15,243.5 N/A ​ 116 Table of Contents (1) Under the regulation applicable to our aeronautical revenues in Mexico, a workload unit is equivalent to one terminal passenger or 100 kilograms (220 pounds) of cargo.
Key Information—Risk Factors—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.” 114 Table of Contents Operating Results by Airport The following table sets forth our results of operations for the periods indicated: Operating Results ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ ​ Airport ​ Per ​ Airport ​ Per ​ Airport ​ Per ​ ​ Operating ​ Workload ​ Operating ​ Workload ​ Operating ​ Workload ​ ​ Results ​ Unit (1) ​ Results ​ Unit (1) ​ Results ​ Unit (1) ​ ​ (millions of ​ ​ ​ (millions of ​ ​ ​ (millions of ​ ​ ​ ​ Mexican ​ (Mexican ​ Mexican ​ (Mexican ​ Mexican ​ (Mexican ​ pesos) pesos) pesos) pesos) pesos) pesos) Cancún (2) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues before solidarity agreement (3) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 7,515.7 244.0 8,167.8 246.8 10,414.2 337.0 Non-aeronautical services 5,854.3 190.1 6,373.8 192.6 6,424.7 207.9 Construction services 910.8 29.6 415.7 12.6 1,488.9 48.2 Total revenues before solidarity agreement 14,280.8 463.7 14,957.3 452.0 18,327.8 593.1 Expenses before solidarity agreement (4,913.2) (159.5) (4,971.2) (150.2) (6,725.7) (217.6) Net operating income before solidarity agreement 9,367.6 304.2 9,986.1 301.8 11,602.1 375.5 Solidarity agreement revenues 0.0 0.0 0.0 0.0 0.0 0.0 Solidarity agreement expenses (347.7) (11.3) (375.8) (11.4) (444.9) (14.4) Net operating income after solidarity agreement 9,019.9 292.9 9,610.3 290.4 11,157.2 361.1 Mérida: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues before solidarity agreement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 799.7 242.3 1,066.4 273.4 1,122.0 280.5 Non-aeronautical services 168.8 51.2 232.5 59.6 268.6 67.2 Construction services 553.4 167.7 64.6 16.6 177.3 44.3 Total revenues before solidarity agreement 1,521.9 461.2 1,363.5 349.6 1,567.9 392.0 Expenses before solidarity agreement (962.7) (291.7) (562.8) (144.3) (797.5) (199.2) Net operating income before solidarity agreement 559.2 169.5 800.7 205.3 770.4 192.8 Solidarity agreement revenues 0.0 0.0 0.0 0.0 0.0 0.0 Solidarity agreement expenses — — (37.4) (9.6) (41.5) (10.4) Net operating income after solidarity agreement 559.2 169.5 763.3 195.7 728.9 182.4 Villahermosa: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues before solidarity agreement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 316.4 243.4 404.4 269.6 462.3 288.9 Non-aeronautical services 64.6 49.7 73.9 49.3 85.4 53.4 Construction services 105.7 81.3 76.4 50.9 88.5 55.3 Total revenues before solidarity agreement 486.7 374.4 554.7 369.8 636.2 397.6 Expenses before solidarity agreement (283.2) (217.8) (276.2) (184.1) (326.2) (203.8) Net operating income before solidarity agreement 203.5 156.6 278.5 185.7 310.0 193.8 Solidarity agreement revenues 0.0 0.0 0.0 0.0 0.0 0.0 Solidarity agreement expenses (10.7) (8.2) (14.5) (9.7) (16.4) (10.3) Net operating income after solidarity agreement 192.8 148.4 264.0 176.0 293.6 183.5 Other Mexican Airports (4) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues before solidarity agreement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 1,313.3 268.0 1,609.0 282.3 1,917.1 324.9 Non-aeronautical services 210.1 42.9 226.6 39.8 277.6 47.1 Construction services 698.7 142.6 316.9 55.6 442.1 74.9 Total revenues before solidarity agreement 2,222.1 453.5 2,152.5 377.7 2,636.8 446.9 Expenses before solidarity agreement (1,444.7) (294.8) (1,136.3) (199.4) (1,412.4) (239.4) Net operating income (loss) before solidarity agreement 777.4 158.7 1,016.2 178.3 1,224.4 207.5 Solidarity agreement revenues 0.0 0.0 ​ ​ 0.0 0.0 Solidarity agreement expenses (40.5) (8.3) (49.6) (8.7) (60.7) (10.3) Net operating (loss) income after solidarity agreement 736.9 150.4 966.6 169.6 1,163.7 197.2 San Juan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 2,100.3 N/A 2,029.9 N/A 2,208.1 N/A Non-aeronautical services 1,598.6 N/A 1,729.9 N/A 1,981.7 N/A Construction services 411.2 N/A 414.5 N/A 626.2 N/A Total revenues 4,110.1 N/A 4,174.3 N/A 4,816.0 N/A Expenses (2,306.5) N/A (2,544.5) N/A (3,287.5) N/A Net operating income (loss) 2,149.8 N/A 1,629.8 N/A 1,528.5 N/A Colombian Airports (5) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aeronautical services 2,027.1 N/A 1,945.6 N/A 2,465.4 N/A Non-aeronautical services 652.3 N/A 659.2 N/A 857.3 N/A Construction services 12.9 N/A 14.5 N/A 25.4 N/A Total revenues 2,692.3 N/A 2,619.3 N/A 3,348.1 N/A Expenses (1,458.8) N/A (1,534.9) N/A (1,807.2) N/A Net operating income (loss) 1,233.5 N/A 1,084.4 N/A 1,540.9 N/A Holding & Service Companies (6) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues before solidarity agreement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (7) 473.7 N/A 502.8 N/A 593.5 N/A Total revenues before solidarity agreement 473.7 N/A 502.8 N/A 593.5 N/A Expenses before solidarity agreement (67.1) N/A (55.0) N/A (50.0) N/A Net operating income before solidarity agreement 406.6 N/A 447.8 N/A 543.5 N/A Solidarity agreement revenues 398.9 N/A 477.3 N/A 563.5 N/A Solidarity agreement expenses 0.0 N/A 0.0 N/A 0.0 N/A Net non after solidarity agreement 805.5 N/A 925.1 N/A 1,107.0 N/A Consolidation Adjustment (8) : ​ ​ ​ ​ ​ ​ Total Revenues (873.1) N/A (980.1) N/A (1,157.0) N/A Expenses 873.1 N/A 980.1 N/A 1,157.0 N/A Total: ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ ​ ​ ​ Aeronautical services 14,072.5 N/A 15,223.1 N/A 18,589.1 N/A Non-aeronautical services 8,548.7 N/A 9,295.9 N/A 9,895.3 N/A Construction services 2,692.7 N/A 1,302.6 N/A 2,848.4 N/A Total revenues 25,313.9 N/A 25,821.6 N/A 31,332.8 N/A Expenses (10,962.0) N/A (10,578.1) N/A (13,813.0) N/A Net operating income 14,698.1 N/A 15,243.5 N/A 17,519.8 N/A ​ 115 Table of Contents (1) Under the regulation applicable to our aeronautical revenues in Mexico, a workload unit is equivalent to one terminal passenger or 100 kilograms (220 pounds) of cargo.
Operating income for our six Colombian airports was Ps. 1,084.4 in 2023, compared to Ps. 1,233.5 million in 2022, due to a 5.2% increase in operating expenses and a 4.0% increase in aeronautical revenues as a result of lower passenger traffic.
Operating income for our six Colombian airports was Ps. 1,540.9 in 2024, compared to Ps. 1,084.4 million in 2023, due to a 17.7% increase in operating expenses and a 26.7% increase in aeronautical revenues as a result of higher passenger traffic.
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.
Indebtedness As of December 31, 2024, we had Ps. 13,359.4 million in consolidated outstanding indebtedness. As of December 31, 2024, we had no contracts for interest rate or foreign currency swaps.
In September 2020, Airplan entered into a short-term loan with Bancolombia S.A. for COP$11,612.0 million. The short-term loan has a term of 10 months and an interest rate based on the DTF plus 1.70%, monthly interest payments and quarterly principal payments. These short-term loans were fully repaid in July 2021.
The short-term loan has a term of 10 months and an interest rate based on the DTF plus 1.70%, monthly interest payments and quarterly principal payments. These short-term loans were fully repaid in July 2021.
Aeronautical revenues at our other six Mexican airports increased by 22.5% from Ps. 1,313.3 million in 2022 to Ps. 1,609.0 million in 2023, due to the 15.5% increase in passenger traffic and a 23.6% increase in passenger fees charges and 18.8% increase in baggage inspection fee at those airports.
Aeronautical revenues at our other six Mexican airports increased by 19.1% from Ps. 1,609.0 million in 2023 to Ps. 1,917.1 million in 2024, due to the 3.2% increase in passenger traffic and a 17.3% increase in passenger fees charges and 38.2% increase in baggage inspection fee at those airports.
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.
On June 11, 2024, the Company amended the BBVA loan to extend the maturity date to July 11, 2029 and change the interest rate to a 28-day TIIE rate plus an applicable margin of 1.35 points. 124 Table of Contents 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.
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.
Non-aeronautical revenues increased at Villahermosa Airport by 15.6% from Ps. 73.9 million in 2023 to Ps. 85.4 million in 2024, due principally to an increase of 18.4% in commercial revenues. Construction services revenues increased by 15.8% from Ps.76.4 million in 2023 to Ps. 88.5 million in 2024 primarily due to a increase in capital improvements and investments in concessioned assets.
As of December 31, 2023, the Company has not used the credit line and the line was terminated. 125 Table of Contents Indebtedness in Puerto Rico On March 21, 2013, our subsidiary Aerostar entered into a U.S.$50.0 million capital expenditure facility and a secured U.S.$10.0 million revolving credit facility with RBC Royal Bank, UBS Financial Services and FirstBank Puerto Rico.
Indebtedness in Puerto Rico On March 21, 2013, our subsidiary Aerostar entered into a U.S.$50.0 million capital expenditure facility and a secured U.S.$10.0 million revolving credit facility with RBC Royal Bank, UBS Financial Services and FirstBank Puerto Rico.

… 143 more changes not shown on this page.

Item 6. [Reserved]

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

34 edited+13 added−14 removed35 unchanged
The following table lists our directors as of the date of this annual report, their title and date of appointment: ​ Name (**) Title Director Since Fernando Chico Pardo (1) ​ Chairman ​ April 28, 2005 ​ Ricardo Guajardo Touché (3) ​ Director ​ February 28, 2001 ​ Francisco Garza Zambrano (3) ​ Director ​ February 28, 2001 ​ Guillermo Ortiz Martínez (3) ​ Director ​ April 26, 2010 ​ José Antonio Pérez Antón (2)(5) ​ Director ​ April 26, 2012 ​ Aurelio Pérez Alonso (4) ​ Director ​ April 26, 2012 ​ Rasmus Christiansen (3) ​ Director ​ April 26, 2007 ​ Barbara Garza Lagüera Gonda (3)(6) ​ Director ​ April 23, 2020 ​ Pablo Chico Hernández (7) ​ Director ​ April 22, 2021 ​ Heliane Marie Luise Steden (7) ​ Director ​ April 22, 2021 ​ Diana María Chavez Varela (7) ​ Director ​ April 22, 2021 ​ (1) Elected by ITA as holder of Series BB shares.
The following table lists our directors as of the date of this annual report, their title and date of appointment: ​ Name Title Director Since Fernando Chico Pardo (1) ​ Chairman ​ April 28, 2005 ​ Ricardo Guajardo Touché (8) ​ Director ​ February 28, 2001 ​ Francisco Garza Zambrano (3) ​ Director ​ February 28, 2001 ​ Guillermo Ortiz Martínez (3) ​ Director ​ April 26, 2010 ​ José Antonio Pérez Antón (2)(5) ​ Director ​ April 26, 2012 ​ Aurelio Pérez Alonso (4) ​ Director ​ April 26, 2012 ​ Rasmus Christiansen (3) ​ Director ​ April 26, 2007 ​ Barbara Garza Lagüera Gonda (3)(6) ​ Director ​ April 23, 2020 ​ Pablo Chico Hernández (7) ​ Director ​ April 22, 2021 ​ Heliane Marie Luise Steden (7) ​ Director ​ April 22, 2021 ​ Diana María Chavez Varela (7) ​ Director ​ April 22, 2021 ​ (1) Elected by ITA as holder of Series BB shares.
The Committee has established the following priority issues in connection with the Company’s environmental, social and governance (ESG) program: (i) environmental objective, including actions to monitor, reduce and compensate carbon emissions, protect and restore biodiversity and nature, measures to reduce water consumption and recycle wastewater, measures to increase percentage of recycled waste; (ii) social objectives, including the improvement of food and water safety programs, creating support programs for women and basic education and training programs for young people; and (iii) governance objectives, including implementing measures to increase diversity on our Board of Directors and Committees, succession plans for board members and key executives, creating strategies to resolve overboarding and optimization of transparency with our stockholders.
The Committee has established the following priority issues in connection with the Company’s environmental, social and governance (ESG) program: (i) environmental objective, including actions to monitor, reduce and compensate carbon emissions, protect and restore biodiversity and nature, measures to reduce water consumption and recycle wastewater, measures to increase percentage of recycled waste; (ii) social objectives, including the improvement of food and water safety programs, creating support programs for women and basic education and training programs for young people; and (iii) governance objectives, including implementing measures to increase diversity on our Board of Directors and Committees, succession plans for board members and key executives, creating strategies to resolve over boarding and optimization of transparency with our stockholders.
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.
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 64 years old. Share Ownership of Directors and Senior Management With the exception of Fernando Chico Pardo (see “Item 7.
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).
Castro is also member of the Board of Directors of Red de Carreteras de Occidente, S.A.B. de C.V. He is 61 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).
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.
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 73 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 61 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 62 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. 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.
The current members of the Sustainability Committee are Diana María Chávez Varela (President), Claudio Góngora Morales and Alistair McCreadie. 132 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.
No amount has been set aside by ASUR or its subsidiaries for pension, retirement or similar benefits. Committees Our bylaws provide for four committees to assist the Board of Directors with the management of our business: an Operating Committee, an Audit and Corporate Practices Committee, an Acquisitions and Contracts Committee, and Nominations and Compensation Committee.
No amount has been set aside by ASUR or its subsidiaries for pension, retirement or similar benefits. ​ 131 Table of Contents Committees Our bylaws provide for four committees to assist the Board of Directors with the management of our business: an Operating Committee, an Audit and Corporate Practices Committee, an Acquisitions and Contracts Committee, and Nominations and Compensation Committee.
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.
He was Department and Regional Head at the company Aeropuertos y Servicios Auxiliares. He is 61 years old. Héctor Navarrete Muñoz. Mr. Navarrete is the Director of Regional Airports. Previously, Mr.
The consent of the Series BB directors is also required to select the members of the Operating Committee that are not members of our board or officers of our company. The current members of the Operating Committee are Francisco Garza Zambrano (President), Fernando Chico Pardo, Rasmus Christiansen, Ricardo Guajardo Touché and José Antonio Pérez Antón.
The consent of the Series BB directors is also required to select the members of the Operating Committee that are not members of our board or officers of our company. The current members of the Operating Committee are Francisco Garza Zambrano (President), Fernando Chico Pardo, Rasmus Christiansen and José Antonio Pérez Antón.
(*) Owner of less than 1.0% of our outstanding shares as of December 31, 2022. Adolfo Castro Rivas. Mr. Castro was appointed as our Chief Executive Officer in June 2011. Mr. Castro has been our Director of Finance (Chief Financial Officer) since January 2000. Prior to joining ASUR, Mr.
(*) Owner of less than 1.0% of our outstanding shares as of December 31, 2022. ​ 130 Table of Contents Adolfo Castro Rivas. Mr. Castro was appointed as our Chief Executive Officer in June 2011. Mr. Castro has been our Director of Finance (Chief Financial Officer) since January 2000. Prior to joining ASUR, Mr.
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.
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 68 years old.
The current members of the Audit and Corporate Practices Committee are Ricardo Guajardo Touché (President), Francisco Garza Zambrano and Guillermo Ortiz Martínez ( Financial Expert of the Audit Committee) . A secretary has also been appointed who is not a member of the committee. The Sustainability Committee was formed on December 1, 2022, and is composed of three members.
The current members of the Audit and Corporate Practices Committee are Francisco Garza Zambrano and Guillermo Ortiz Martínez ( Financial Expert of the Audit Committee) . A secretary has also been appointed who is not a member of the committee. The Sustainability Committee was formed on December 1, 2022, and is composed of three members.
Under applicable Mexican labor law, wages are renegotiated every year, while other terms and conditions of employment are renegotiated every two years. The last agreement for the period 2022 to 2024 has been signed with the union as of October 2022, which prospectively modified the 2022 agreement. We believe we have good relations with our Mexican employees.
Under applicable Mexican labor law, wages are renegotiated every year, while other terms and conditions of employment are renegotiated every two years. The last agreement for the period 2024 to 2026 has been signed with the union as of Janauary 2025, which prospectively modified the 2024 agreement. We believe we have good relations with our Mexican employees.
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.
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.
As of December 31, 2021, 2022, and 2023, 21.3%, 22.1% and 21.6%, respectively, of our employees were members of labor unions.
As of December 31, 2022, 2023, and 2024, 22.1%, 21.6% and 21.1%, respectively, of our employees were members of labor unions.
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.
The current members of the Nominations and Compensation Committee are Barbara Garza Lagüera Gonda (President), Fernando Chico Pardo and José Antonio Pérez Antón. 133 Table of Contents Employees The following table sets forth the number of employees in various positions as of the end of 2022, 2023 and 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 2023 2024 Administrative Employees (1) ​ ​ ​ ​ ​ ​ Servicios Aeroportuarios del Sureste, S.A. de C.V. — — — México ​ ​ ​ Cancún Airport 444 481 484 Cozumel Airport 26 27 28 Huatulco Airport 23 23 25 Mérida Airport 65 64 72 Minatitlán Airport 19 18 19 Oaxaca Airport 28 28 30 Tapachula Airport 22 25 24 Veracruz Airport 34 35 36 Villahermosa Airport 35 34 34 Cancún Airports Services, S.A. ​ 242 ​ 245 ​ 247 Total Mexico 938 980 999 Colombia ​ ​ ​ Airplan (Corporate Office) 70 83 88 Carepa Airport 28 29 29 Corozal Airport 19 18 21 Medellín Airport (Enrique Olaya Herrera) 46 46 52 Rionegro Airport (José María Córdova) 111 136 144 Montería Airport 44 43 45 Quibdó Airport 38 37 37 Total Colombia 356 392 416 San Juan Airport 98 104 112 Total Puerto Rico ​ 98 ​ 104 ​ 112 Total Administrative Employees 1,392 1,476 1,527 Unionized Employees (2) ​ ​ ​ ​ ​ ​ México ​ ​ ​ Cancún Airport 165 169 169 Cozumel Airport 35 36 36 Huatulco Airport 20 20 20 Mérida Airport 47 46 46 Minatitlán Airport 14 16 16 Oaxaca Airport 23 23 27 Tapachula Airport 24 24 23 Veracruz Airport 25 27 27 Villahermosa Airport 25 26 25 Total México 378 387 389 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 20 Total Puerto Rico ​ 17 ​ 19 ​ 20 Total Union Employees 395 406 409 (1) On February 2022, we transferred all of the non-unionized administrative employees by each of our airport operating subsidiaries. 134 Table of Contents As of December 31, 2022, 2023 and 2024, we had 1,787, 1,882 and 1,936 total employees (administrative and unionized), respectively.
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.
Pérez Alonso is 53 years old has been a member of our Board of Directors since 2012. He is Deputy Chief Executive Officer of Grupo ADO since 2006, and has been a member of that company’s Board of Directors since 2005. Before joining the Group in 1998, Mr. Pérez Alonso was a consultant for Arthur Andersen.
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.
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.
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.
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, 2024. We paid an aggregate amount of approximately Ps. 204.9 million in 2024 for the services of our executive officers.
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 is the direct or indirect owner of 50.0% of the shares of ITA and 65,008,564 Series B shares (21.67% of our outstanding shares) as of April 10, 2025. (2) Elected by ITA as holder of Series BB shares, with Luis Fernando Lozano Bonfil as Alternate.
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.
He currently works for SSA Marine, a marine and rail transport logistics company based in Seattle, Washington. 129 Table of Contents Bárbara Garza Lagüera Gonda Ms. Garza Lagüera is 65 years old and has been a member of our Board of Directors since 2020.
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.
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. Her endowed scholarship for the Women of Troy tennis programme primarily goes to an international student-athlete.
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.
He 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, where he was in charge of a US$100M fund that was indexed to the Mexican Stock Exchange.
Prior to that, between 1984 and 1988, he occupied the position of Executive Director of the International Monetary Fund (IMF). From 1977 to 1984, he occupied positions as Economist, Deputy Manager and Manager at the Bank of Mexico’s Department of Economic Research. Mr. Ortiz entered public service with the federal government as an Economist at the Planning and Budgeting Ministry.
From 1977 to 1984, he occupied positions as Economist, Deputy Manager and Manager at the Bank of Mexico’s Department of Economic Research. Mr. Ortiz entered public service with the federal government as an Economist at the Planning and Budgeting Ministry. During 2009 he was employed as Chairman of the Bank for International Settlements based in Basel, Switzerland.
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.
Steden is 60 years old and has been a member of our Board of Directors since 2021. She 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.
(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.
(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. (8) Mr. Ricardo Guajardo Touché presented his resignation from the Board of Directors of ASUR on November 28, 2024.
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.
He is also the Vice President of CANAPAT (Mexico’s National Chamber of Intercity and Tourism Transportation), and is a Councillor at ITI (Intermodal Transportation Institute, based in Denver). He is also a member of the CCE (Mexico’s Business Coordination Board). Aurelio Pérez Alonso Mr.
Christiansen was the director and owner of an import/export company in Hungary (1993 – 1999). Prior to this, he was Vice President of Dolce International, Hotels and Conference centers. He joined Copenhagen Airports A/S in 1999 as the Development and Acquisitions Director. In 2005 he became the Vice President and in 2007 CEO of Copenhagen Airports International.
Prior to that he was the Vice President of Copenhagen Airports International A/S, Director of Development and Acquisitions at Copenhagen Airports International A/S, Director of an import/export concern based in Hungary, Vice President of Dolce International, International Hotel Development & Operations, and CEO of the Scanticon Conference Center.
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.
Chico Pardo has also been on the Boards of Directors of Grupo Financiero Inbursa, BBVA Bancomer, Condumex, Grupo Carso, Sanborns Hermanos, Sears Roebuck de México, Bombardier, Proactiva México, and Grupo Posadas de México. Francisco Garza Zambrano Mr. Garza is 69 years old and has been a member of our Board of Directors since 2001.
Pérez Antón has been Chief Executive Officer of Grupo ADO since 2006 and a member of the Board of Directors of Grupo ADO since 2005. He has worked for ADO since 1996. Mr.
As Chief Executive Officer of Grupo ADO, one of the largest inter-city bus companies in Mexico, he has broad experience in the transport industry in this country. Mr. Pérez has been a member of the Board of Directors of Grupo ADO since 2005.
Previously, he was Governor of the Bank of Mexico for two terms, from 1998 to 2003, and from 2004 to 2009. From 1994 to 1997, he was Mexico’s Public Finance Minister. Mr. Ortiz was the Deputy Public Finance Minister from 1988 to 1994.
From 1994 to 1997, he was Mexico’s Public Finance Minister. Mr. Ortiz was the Deputy Public Finance Minister from 1988 to 1994. Prior to that, between 1984 and 1988, he occupied the position of Executive Director of the International Monetary Fund (IMF).
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.
Chico Pardo was appointed to the Board of ASUR by ITA, the Company’s Strategic Partner, and represents the BB series of shares. He is the founder and President of the private investment banking enterprise Promecap, S.C., and Co-President of the port and rail operator Carrix, Inc. Previously, Mr.
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.
Additionally, she has led foreign investment projects in emerging economies and was the first woman to chair the UN Forum on Business and Human Rights. Her career spans sustainability, diplomacy, and international mergers. She holds degrees in English literature, national security, negotiation, international relations, and business administration.
Removed
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.
Added
Appointment of new directors is subject to approval by the Annual Shareholders Meeting to be held on April 23, 2025. ​ 128 Table of Contents Fernando Chico Pardo Mr. Fernando Chico Pardo is 73 years old and was appointed Chairman of ASUR’s Board of Directors in April 2005. Mr.
Removed
Fernando Chico Pardo was the Partner and Chief Executive Officer of Grupo Financiero Inbursa, S.A. de C.V., Partner and Chief Executive Officer of Acciones e Inversora Bursatil S.A. de C.V. Casa de Bolsa, founder and Chairman of Acciones y Asesoria Bursatil, S.A. de C.V.
Added
Chico Pardo has been partner and Acting CEO of the banking institution Grupo Financiero Inbursa, S.A. de C.V. (Mexico), a member of the United Nations Joint Staff Pension Fund Standing Committee, a member of the Board of the United Nations Global Compact, President of the Iberoamericana University Endowment Fund, and Mexico Representative for Standard Chartered Bank (London). Mr.
Removed
Casa de Bolsa, Director of Metals Procurement at Salomon Brothers (New York), Latin America Representative for Mocatta Metals Corporation, Mexico Representative for Standard Chartered Bank (London) and consultant to BBVA. Mr.
Added
He graduated with a degree in Business Administration from the Instituto Tecnológico y de Estudios Superiores de Monterrey and also has a Master’s in Business Administration from Cornell University. He is a member of the boards of directors of Acosta Verde, Autlán, Cydsa, and RLH Properties.
Removed
Guajardo is an independent member of our Board of Directors and President of our Audit and Corporate Practices Committee. He was President of Grupo Financiero BBVA, S.A. from 1999 to 2004, and President and Chief Executive Officer of Grupo Financiero BBVA, S.A. from 1991 to 1999.
Added
He is also on the boards and technical committees for the following non-profit institutions: the University of Monterrey, the Roberto Garza Sada Centre for Art, Architecture and Design of the University of Monterrey, the Bank of Mexico, and Nacional Financiera (NAFIN). Guillermo Ortiz Martínez Mr.
Removed
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.
Added
Ortiz is 76 years old has been a member of our Board of Directors since 2010. He has been the President of BTG Pactual Latinoamérica and Chairman of the Board of Directors of Grupo Financiero Banorte. Previously, he was Governor of the Bank of Mexico for two terms, from 1998 to 2003, and from 2004 to 2009.
Removed
Guajardo is an independent director. Francisco Garza Zambrano . Mr. Garza is a member of our Board of Directors and he has served as President of Cementos Mexicanos of North America and Trading, as President of Cementos Mexicanos Mexico, as President of Cementos Mexicanos Panama, as President of Cementos Mexicanos Venezuela and as President of Cementos Mexicanos U.S.A.
Added
He is currently on the boards of Orbis, Vitro and BTG Pactual. Rasmus Christiansen Mr. Rasmus Christiansen is 73 years old has been a member of our Board of Directors since 2007. Mr. Christiansen was previously the CEO of Copenhagen Airports International A/S.
Removed
He was formerly on the Board of Directors of Control Administrativo Mexicano S.A. de C.V., Vitro Plano, S.A. de C.V., Cámara Nacional del Cemento, Club Industrial, A.C. and Fundación Mexicana para la Salud, and is currently on the board of the Universidad de Monterrey, the Roberto Garza Sada Centre for Art, Architecture and Design, and the FIDECULTURAL Technical Committee.
Added
Mr Christiansen’s current positions include board member of Copenhagen Airports International A/S and of Glostrup Park Hotel A/S. José Antonio Pérez Antón Mr. José Antonio Pérez Antón is 52 years old and has been a member of our Board of Directors since 2012.
Removed
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.
Added
He has a degree in Industrial Engineering from the Anáhuac University and a Master’s in Intermodal Transport from the University of Denver. Mr. Pérez Antón is currently an independent member of the board of directors of Santander México bank, and is also on the boards of the non-profit institutions CREO and the Mexican Business Council.
Removed
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.
Added
Currently he is also the Chairman of the Board of Directors of CANAPAT (Mexico’s National Chamber of Intercity and Tourism Transportation). Pablo Chico Hernández Mr. Chico Hernández is 40 years old and has been a member of our Board of Directors since 2021.
Removed
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.
Added
She graduated with Bachelor’s and Master’s Degrees in Business Administration from the Instituto Tecnológico y de Estudios Superiores de Monterrey. She is an active member of the board of directors of FEMSA, and Vice-Chair of the board of directors of Tec de Monterrey Mexico City.
Removed
Garza Lagüera is an alternate member of the board of directors of FEMSA, the Vice-Chairman of the board of directors of ITESM Campus Mexico City, a member of the boards of directors of Fresnillo, Plc., Inmobiliaria Valmex, S.A. de C.V., Inversiones Bursátiles Industriales, S.A. de C.V., Desarrollo Inmobiliario La Sierrita, S.A. de C.V., Refrigeración York, S.A. de C.V., Peñitas, S.A. de C.V., Controladora Pentafem, S.A.P.I. de C.V., BECL, S.A. de C.V., Soluciones Financieras (SOLFI), Fondo para la Paz, and Museo Franz Mayer, and a member of the supervision commission of the Fondo Nacional para la Cultura y las Artes (FONCA).
Added
She is also a member of the following boards of art and charity associations: Fondo para la Paz, Museo Franz Mayer, Museo de Arte Contemporáneo de Monterrey, and chair of the Committee to Develop the FEMSA Collection (one of the most significant corporate collections of modern and contemporary art in Latin America). Heliane Marie Luise Steden Ms.
Removed
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.
Added
Diana Maria Chavez Varela Ms. Chávez is 53 years old and has been a member of our Board of Directors since 2021. Ms. Chávez has extensive experience leading multi-stakeholder programs focused on sustainable development. She served as Vice-Chair of UNITAR’s Board of Trustees and directed the UN Global Compact’s Regional Center for Latin America and the Caribbean.
Removed
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
A secretary has also been appointed who is not a member of the committee.
Removed
(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.

Item 7. Management's Discussion & Analysis

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

11 edited+1 added−0 removed20 unchanged
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.
Compensation to Directors and Officers 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.
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.
As of December 31, 2022, 2023 and 2024, the accounts pending payment with related parties are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, ​ 2022 2023 2024 ​ ​ (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 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.
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 10, 2025, 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) 0.0 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) 0.0 0.0 0.0 Total Accounts Receivable 0.0 0.0 0.0 (1) Shareholder During the years ending December 31, 2022, 2023 and 2024, the following transactions with related parties were carried out: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2023 2024 ​ ​ ​ (millions of Mexican pesos) Commercial revenues ​ Ps. 23.7 ​ Ps. 28.7 ​ Ps. 28.9 Technical assistance ​ (643.9) ​ (715.5) ​ (400.8) Leases ​ (4.6) ​ (5.8) ​ (6.2) ​ 136 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.
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
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.
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.
This process is described in “Item 6. Directors, Senior Management and Employees—Committees.” In 2022, 2023 and 2024, we recognized expenses of U.S.$33.0 million, U.S.$42.3 million and U.S.$19.2 million, respectively, pursuant to the technical assistance agreement. We did not owe ITA additional expenses in 2022, 2023, and 2024.
(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.
(6) 4,002,750 — 1.33 % — ​ ITA, through Bancomext (1)(2)(3)(4)(6) — 22,950,000 — 7.65 % BlackRock, Inc. ​ 22,966,243 ​ ​ ​ 7.66 % ​ ​ Other Public (1) 171,048,916 — 49.36 % — ​ (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.
(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.
(1)(2)(3)(4)(5) 65,008,564 — 21.67 % — ​ Inversiones Productivas Kierke S.A .de C.V. ​ 36,989,770 ​ ​ ​ 12.33 % ​ ​ Grupo ADO, S.A. de C.V.
(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.
(1) 169.7 178.3 101.3 Total Accounts Payable 169.7 178.3 101.3 (1) Shareholder As of December 31, 2022, 2023 and 2024, the accounts pending receipt with related parties are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, ​ 2022 2023 2024 ​ ​ (millions of Mexican pesos) Accounts Receivable: Autobuses Golfo Pacífico, S.
(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.
(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.
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.
In 2024, we provided Ps. 204.9 in compensation to keymanagement personnel and Ps. 8.7 in compensation to the Board of Directors and the committees of the Board of Directors. ​ 137 Table of Contents
Added
(7) As of December 31, 2024, Blackrock, Inc. had acquired 22,966,243 Series B shares from the open market, as disclosed in the Schedule 13-G filed with the SEC on March 7, 2025. 135 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.

Other ASR 10-K year-over-year comparisons