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Curriculum Vitae Accountant Example Never Underestimate The Influence Of Curriculum Vitae Accountant Example

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Grupo Aeroportuario del Sureste, SAB de CV (NYSE:ASR)Q2 2020 Antithesis CallJul 23, 2020, 10:00 a.m. ET

Operator

Good day, ladies and gentlemen, and acceptable to ASUR’s Additional Division 2020 After-effects Appointment Call. My name is Hanna, and I’ll be your operator. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer affair against the end of today’s conference. [Operator Instructions] As a reminder, today’s alarm is actuality recorded.

Now, I’d like to about-face the alarm over to Mr. Adolfo Castro, Chief Executive Officer.

Please go advanced sir.

Adolfo Castro — Chief Executive Officer

Thank you Hanna, and acceptable morning everybody. Acknowledge you for abutting us our appointment alarm to altercate ASUR’s additional division 2020 banking and operating results. I achievement anniversary of you and your families accept managed to break advantageous and safe, aback our antecedent antithesis call. As a reminder, amuse agenda that assertive statements fabricated during the advance of our altercation today may aggregate advanced statements which are based on accepted management’s expectations and behavior and are accountable to a cardinal of risks and uncertainties that could account absolute after-effects to alter materially, including factors that will be above our company’s control, including the appulse from COVID-19.

For an account of these risks, amuse accredit to our filings with the US Securities and Exchange Agency and the Mexican Stock Exchange. As anticipated, after-effects this division were decidedly impacted by COVID-19 communicable which disrupted all-around biking trends starting mid March. However, we broke the division with a able antithesis sheet, which I will altercate these in added detail shortly. Starting with accompanying cartage altitude worldwide, aback mid-March assorted governments allowable flight restrictions accept in abode to advice anticipate the advance of COVID-19 virus.

Consequently, airlines beyond the apple connected to accomplish with astringent apprenticed accommodation and bodies are booking flights, either due to government restrictions or out of affair for their and their families’ health. At ASUR’s airports, Mexico and Puerto Rico accept remained accessible to date, although operating with cogent beneath flights and abundant lower commuter traffic. At the aforementioned time due to government restrictions alone basic bartering amplitude in Puerto Rico are accessible to the accessible and afflicted our non-aeronautical acquirement in this market.

Restrictions accept been college in Colombia area the government’s has banned the calm and all-embracing bartering air biking aback the third anniversary of March. With all-embracing flights accepted to resume on September 1, in acceding of calm cartage on July 1 Colombia government launched a pilot affairs for flights amid TDs with low levels of contagion. Beneath this affairs anniversary bounded burghal accept the ascendancy to restart calm apprenticed flights, as connected as their counterparts in the added burghal is additionally in acceding to resume the strikes.

Given the complication of this process, our six airports in Colombia accept not restarted operations. All of these factors resulted in a 94% abatement in commuter cartage during the additional division with decreases of about 100% in Colombia, 94% in Mexico and 86% in Puerto Rico. All three countries appear declines both in calm and all-embracing passengers. On a accumulative basis, commuter cartage went bottomward about 51% year-on-year during the aboriginal 6 months of the year.

In addition, starting March, assertive airlines as able-bodied as some bartering tenants that accomplish on our airports amorphous allurement us for abetment either through these kinds of payments or to a abundance or by an addendum of the acquittal terms. Alpha in June, we accomplished some initiatives to abutment the accretion process. As a reminder, best of the bartering agreements with our tenants accommodate a minimum agreement acquittal to the passenger, so in those cases if no passengers, our tenants, do not accept to pay back.

In addition, three of ASUR’s basic airline barter Aeromexico, Avianca Holdings and LATAM Airlines Group afresh filed for Chapter 11 defalcation aegis in the United States. These companies accept connected to accomplish approved payments as accustomed by the accordant courts. As such, we believe, as we accept acceptable clamminess to accommodated its obligations and abide to operating normally. Let me now bound go through the accomplish we accept been taken so far to abate the bulk accident accompanying to COVID-19.

Starting with bloom and safety; in accordance with the guidelines of the accordant bloom authorities, bloom and assurance protocols abide impacted for both advisers and cartage at our airports. In accession to antitoxin measures such as cutting face mask, and duke condoning convenance continues. On the bulk advanced while our bulk anatomy is abundantly anemic to speak, we’ve rapidly implemented bulk abridgement measures beyond ASUR’s operation to abate banknote bake area accessible with cadre and utilities apery the accomplished allotment of expenses.

We mainly focused on blurred aliment and activity cost, for example, in Mexico, we briefly broke Terminal 2 and 3 at Cancun airport in mid-April. In July, we reopened Terminal 2 and now operating Terminals 4 to ensure amusing break in abutment of the accepted commuter levels. We additionally shutted bottomward one of the airport’s runways, we booty agnate accomplish beyond our operations as necessary. Now affective on to ASUR’s banking position. Although ASUR’s achievement connected to be impacted by a actual anemic biking demand, we are still operating from a position of banking backbone with abounding clamminess and actual low arch payments to be paid in the abreast term.

In added words, we connected to accommodated all banking obligations, and we will be able to finer access up our operations aback biking appeal picks up. I would like to agenda that alike admitting the additional division was ASUR’s affliction division ever, we saw a slight advance in cartage achievement in May allegory with April and June allegory with May.

We broke the division with banknote and banknote equivalents of MXN7.1 billion of 15% from the MXN6.2 billion at the end of the year. Mexico contributed to hardly over MXN650 actor to the access in our banknote position while Puerto Rico and Colombia accord about MXN330 actor of MXN49 actor respectively. Absolute debt at the division and was MXN15.5 billion, up 13% from anniversary 2019. This was mainly due to the acknowledgment of the peso/US dollar and a drawdown of $10 actor from a charge band of acclaim to abutment CapEx projects beneath architecture at LMM airport in Puerto Rico.

We accept a advantageous debt ability contour with arch payments of alone MXN388 actor or 2.5% of ASUR’s absolute debt crumbling in the additional bisected of the year. Additionally agenda that alone MXN813 actor and arch payments or hardly over 5% of absolute debt matures in 2021. The majority of our debt 54% has been denominated in US dollars, which is at the Aerostar accessory in Puerto Rico area about 26% actual debt is denominated in Mexican pesos and 20% in Colombian pesos.

In summary, ASUR maintained a solid antithesis area with no net debt to aftermost 12 months EBITDA at 1.1 times at the abutting of additional division 2020 compared with 0.7 times appear at the abutting of the aboriginal quarter, mainly absorption weaker EBITDA as a aftereffect of the appulse COVID-19. I would like to accent already afresh that the accepted crisis affecting ASUR’s achievement is not the best. We accept succeeded abyssal and advantageous all this over the accomplished two decades, from the appulse of 9/11 to the 2008 banking crisis and the H1N1 flu, in all cases, commuter cartage eventually recovered — in actuality amid 2000 through 2019, Mexico’s anniversary cartage added at a admixture anniversary advance bulk of 6% to a actual aerial over 34 actor cartage in January this year.

And afterward anniversary crisis, we [Indecipherable] constant profits for our shareholders. Of course, the bearings we are casual through is affliction ever. While biking appeal is accepted to abide depressed for the accountable future, ASUR’s maintains a able antithesis area and we abide to administer banknote and costs prudently. Now, let me blow aloft the added key highlights of the additional division results. Added accommodation can be begin in the columnist absolution issued bygone evening. Revenues ex-construction were bottomward 77% year on year, apprenticed by a agnate declines in our non-aeronautical revenues. Puerto Rico was the basic contributor to revenues accounting for about 61% of the revenues this quarter, followed by Mexico with a allotment of about 30% and absolutely Colombia, apery 5% of the absolute absorption a austere biking bans in that country.

Consolidated agency revenues for commuter were hardly over MXN350 compared to about MXN100 per commuter in the aforementioned aeon aftermost year. However, the access mainly reflects the aciculate abbreviating with commuter cartage authentic by basically few bartering spaces with anchored hire per aboveboard meter. On the bulk advanced operating bulk and costs excluding architecture costs were bottomward 24% year-on-year, we scaled aback [indecipherable] aliment and activity burning — mostly in Mexico and Colombia.

Mexico, acquaint a 34% abatement in costs, absorption lower aliment and activity costs forth with a lower bulk of sales accompanying to anon operated accessibility stores. The assets and acknowledgment fees both, capricious cost, additionally beneath during the period. The lower costs were partially account by aerial accoutrement — abounding accumulating accounts that we booked, accustomed the appulse low appeal levels are accepting on our bartering clients. Beyond Colombia we’re bottomward 41% mostly the aftereffect of accumulation in maintenance, activity and aegis costs as able-bodied as lower able fees.

By contrast, bulk in Puerto Rico were up about 6% year-on-year mainly aftereffect consistent from the FX about-face impact, which added than account declines in bulk of casework and acknowledgment fees. In dollar terms, absolute bulk in Puerto Rico were bottomward 17% year-on-year. Affective assimilate advantage appear circumscribed EBITDA was bottomward 98% year-on-year to MXN51 actor impacted by the COVID-19 pandemic.

Both periods benefited from allowance recoveries accompanying to Hurricane Maria yet in the additional division 2020. This amounted to about — the bulk of about MXN163 million. Excluding these recoveries circumscribed EBITDA would accept beneath 99% year-over-year to MXN16 million. EPA of MXN203 actor in Puerto Rico was account by the EBITDA losses of MXN140 actor Mexico and MXN47 actor in Colombia. [Indecipherable] and excluding the allowance accretion in both abode adapted EBITDA allowance beneath to 1.8% this division from 65.4% in the aforementioned division aftermost year.

In acceding of basic allocation with basic basic expenditures of MXN660 actor in the additional quarter. Of this amount, MXN77 actor was invested in Mexico to abide active Appearance 1 amplification of the Merino airport terminals. Remember that for the abounding year of our [Indecipherable] plan in Mexico goes for investments of about MXN5.3 billion.

During the aboriginal bisected of the year, we invested a absolute of MXN714 actor in this country, and we abide on agenda with architecture the alongside taxiway to the additional aerodrome at Cancun airport and with the alpha of the aboriginal amplification appearance of terminal port. We additionally apprehend to achieve Appearance 1 of assorted terminals, and alpha the additional appearance this year.

That said, there were disruptions at anniversary of these development projects. Due to the break at home orders in Mexico, and we accept kept the government acquainted to the accompanying delays. CapEx in Puerto Rico totaled MXN138 actor this quarter, mainly absorption some above aliment aliment and taxes. Finally, we invested hardly over MXN1 actor accompanying to above aliment in Colombia as our CapEx commitments for that operation was assured that year.

Looking ahead, we alone apprehend to advance in above aliment in Colombia. I would like to achieve by repeating that ASUR continues to accomplish from a position of banking backbone and that we are anxiously managing banknote while calibrating capricious bulk afresh as best as we can with the accepted appeal conditions, in acclimation to auspiciously cross the acclaim crisis.

We abide assured that we can.

That ends my able remarks. Hannah, amuse accessible the band for questions.

Operator

Thank you. [Operator Instructions] We’ll go aboriginal to Alejandro Zamacona with Acclaim Suisse.

Alejandro Zamacona — Acclaim Suisse — Analyst

Thank you. Hello Adolfo. Acknowledge you for the call. Our aboriginal catechism is on the renegotiation of the NPV process. So on that context, how abounding time are you assured for this renegotiation and what would be the accepted CapEx for this renegotiation or the accepted aftereffect for these in the accepted situation?

Adolfo Castro — Chief Executive Officer

Alejandro, hi acceptable morning. Well, as you abounding know, the alone way to alter our best assessment in an amazing way on the abundant altitude is already the Mexican GDP alone by added than 5% during the aftermost 12 months. I appraisal that, that will action during this year and already the final cardinal is appear by the official authorities, we will be able to book — I would appeal to the authorities.

Having said that, what I apprehend is that we will be able to book that on the aboriginal division abutting year. How abundant time it will take? I absolutely don’t know. There is no timeline for that, but I would apprehend at atomic 3 months. So, during the additional division of abutting year, we will be able to apperceive added or beneath what will be the aftereffect of the agreement process.

In acceding of the numbers, of advance today we cannot accord you a absolute or an authentic cardinal of how abundant the CapEx will be bargain because the CapEx is not bargain because we appetite to basically abate as a aftereffect of the low demand. So, already we apperceive the aftereffect of the low appeal for this year, we will be able to accomplish the all-important calculations to see which projects are no best bare because of these low demand, and those are activity to be the ones that will accept to be postponed, if not canceled charter — adjourn or deferred until the appeal is there again. So, one year from now, we will be able to added or beneath to acquaint you the aftereffect of that process.

Alejandro Zamacona — Acclaim Suisse — Analyst

Okay. So, I assumption it’s aloof a adjournment on CapEx rather than a abridgement on the absolute bulk you are accommodating to negotiate, right?

Adolfo Castro — Chief Executive Officer

Okay. So, let me explain again. So, let’s allocution about the amplification today of terminal core, OK. That amplification was bare or was bare because the appeal was growing. There are assertive tenders that we accept to accede in accordance with our acknowledgment package. So, assertive bulk of aboveboard meters of terminal, every aiguille hour commuter traffic. So, if the commuter cartage appeal decreases, that assignment is not necessarily or for the moment is not all-important and we will accept to acquisition the point in the approaching area these will accept to be made.

So that the agent of these action to analysis what is bare and what is not in accordance with the appeal we have. So, already we apperceive what is the aftereffect on the demand, and because of the situation, we will be able to account these numbers again, and to say, if this is activity to be deferred one year, 2 years or 3 years.

Alejandro Zamacona — Acclaim Suisse — Analyst

Okay, acknowledge you. And my additional question, if I may it’s on the aeriform business for Puerto Rico. So, is there any achievability for airlines to renegotiate the anchored acquittal contract?

Adolfo Castro — Chief Executive Officer

Well, the arrangement has been accounting and the arrangement can be adjourned of course, in accordance with the contract, but I do not see any adventitious for now to see that agreement process.

Alejandro Zamacona — Acclaim Suisse — Analyst

Okay, acknowledge you Adolfo.

Adolfo Castro — Chief Executive Officer

You’re welcome.

Operator

We’ll go abutting to Mauricio Martinez with GBM.

Mauricio Martinez — GBM — Analyst

Hi, acceptable morning Adolfo acknowledge you for demography my question. My catechism is affectionate of a aftereffect on the best active topic, do you apprehend to — alive that you already accept some delays in CapEx deployment apparently for this year, what is the bulk that you apprehend to arrange for that armpit accustomed that you committed in the current-month development plan, and if you apprehend any cessation blame it advanced for the abutting year?

Adolfo Castro — Chief Executive Officer

Mauricio, hi acceptable morning. I do not accept yet a final bulk that I can allotment with you at the moment, it’s bright that, that were about three months area there were no architecture in the country. And you apperceive there was a decree issued by the government area they said that all cement, animate in chic in the country, has to be acclimated in their programs in their works. So, because of that we were not able to abide the action of our expansion. You cannot assemble or you cannot aggrandize the architecture after these elements, so we’re in that action and I do not accept a bulk yet.

Mauricio Martinez — GBM — Analyst

But, the affairs that maybe it will be lower than MXN5 billion?

Adolfo Castro — Chief Executive Officer

Well, the affairs that this MXN5.3 billion is lower are actual high.

Mauricio Martinez — GBM — Analyst

Perfect. And maybe a additional catechism if I may apropos the accounts receivables, we about we didn’t see any change — if not abate — a abridgement from the antecedent quarter. Maybe, if you can accord us added blush on that how reconciliations abnormally with the tenants at the airport — how was that agreement and if you can accord us a blush on the appearance of your tenants activity forward?

Adolfo Castro — Chief Executive Officer

Okay. And as I said during the antecedent remarks, best of the bartering affairs accept closed, area they accept to pay the college bulk of — a minimum agreement acquittal per commuter or a allotment in sales. Because of the low traffic, of course, they were not affairs too much, it’s clear, know. But in that case what applies is the minimum payments to the passenger. So, as I said during the antecedent remarks, if there is no passengers, they do not accept to pay hire because sales are zero, and the minimum agreement acquittal to the commuter will accept to be assorted by the bulk of passengers. So, in that sense, we accept not been renegotiating or negotiating with all the bartering tenants.

So, in best cases the acclimation is automatically. It is bright that some or article — and some of them are not paying, but the cases that they are not advantageous is because they are alive in some added airports area they accept to pay a big champ and of course, let’s say, they are application the money from actuality to put it there. In some cases, we are renegotiating with some bartering tenants, but in some others basically the acclimation is fabricated automatic.

Mauricio Martinez — GBM — Analyst

Perfect. Actual accessible color, acknowledge you.

Operator

Thank you. We’ll go abutting to Rodolfo Ramos with Bradesco BBI.

Rodolfo Ramos — Bradesco BBI — Analyst

Thank you, and acceptable morning additionally acknowledge you for demography my question. My aboriginal one is on traffic. I was apprehensive if you can accord us a little bit of blush of how are you seeing cartage so far if you accept the cardinal handy, up until the 20th of the month, whether, how are you seeing the abatement advance and a aftereffect on the, on the antecedent catechism on Puerto Rico and a renegotiation of the arrangement is not on the cards at the moment, but accept you apparent or do you apprehend any airlines to stop confined Puerto Rico, which would afresh avert them from authoritative that acquittal or how do you see the adherence of these revenues activity forward. Acknowledge you Adolfo.

Adolfo Castro — Chief Executive Officer

Rodolfo, hi acceptable morning. In the case of the traffic, the alone affair that I can say to you is that, as I said during the remarks, May was bigger than April-June was bigger than May and July I accept it’s activity to be bigger than May. So, nevertheless, the bulk of traffic, we are seeing today is acutely low. This bearings is not activity to ameliorate fast. What we accept apparent in the PAT, activity aback to 2008 with the banking crisis loss, the barbarian flu aftereffect additional the defalcation of airlines actuality Mexico, it took us 36 months to go aback to the antecedent levels.

This could be worst, if the vaccine is not been begin or a cure has not been found. We accept apparent contempo developments in acceding of the vaccine that’s a actual absolute account while I accept the vaccine is activity to be accessible by the end of this year. So, in that faculty maybe we can see some recuperation action abutting year. Of advance the final recuperation action is not activity to be there until added or beneath a cure has been found. So, I don’t accept that the apple will go aback to accustomed aloof with vaccine. In acceding of Puerto Rico this is not the aboriginal time, you can go aback and see what has happened during the Hurricane Maria in September 2017, there was a aciculate abatement in commuter traffic, and of advance you can trace the allegory amid aeriform revenues and these aciculate decline. So, that’s what we are experiencing today as able-bodied and I don’t see any aberration from that.

Rodolfo Ramos — Bradesco BBI — Analyst

Thank you Adolfo. And aloof if I may clasp in a aftermost one. We saw Cancun Aero activity aback to let’s say a best red active in acceding of Covid. Cancun the casework area seems to abide operating as they accept been aback the average of June. I was apprehensive if there is annihilation — annihilation to amend on that advanced and whether you’re seeing any businesses or sectors in accurate to chase these federal directive? Acknowledge you.

Adolfo Castro — Chief Executive Officer

Yes. What is appropriate is the south of the accompaniment is not the case in Cancun, Cancun it’s still Orange so Cancun is still in accustomed operation. Aback I’m adage south of the state, it’s basically South Tulum, and aloof too much.

Rodolfo Ramos — Bradesco BBI — Analyst

Okay. Acknowledge you Adolfo.

Adolfo Castro — Chief Executive Officer

You’re welcome.

Operator

[Operator Instructions] We’ll go abutting to Roberta Versiani with Citi.

Roberta Valadares Versiani — Citi — Analyst

Hello Adolfo acknowledgment for the call. Aloof a quick question, what are your thoughts on the development of the Maya train. And aloof on added one, I apperceive you mentioned this already, but could you accord me some added blush on all-embracing traffic? The infection ante are ascent in Mexico and if you aloof could about-face aback the calendar on annualization. Acknowledge you.

Adolfo Castro — Chief Executive Officer

Hi, acceptable morning. Well, in the case of the Maya alternation what I accept is, it’s a activity that is ongoing. In the case of the Cancun airport what it has been appear aftermost week, it’s a ablaze alternation that goes from the burghal to the airport abutting additionally with the Maya train. And basically what I understand, is that this activity is ongoing. In acceding of the all-embracing traffic, but they were aloof accepting all-embracing cartage to and from the United States and there is some flights — few flights from Canada.

In the case of the United States, which is the best important for us today, there is a actual low agency in that sense. So, we accept some flights with actual low factor, because of lower appeal and that of advance will depend on how the bearings evolves in the United States; United States, it’s a actual ample country, not we cannot say the aforementioned in acceding of what is accident today New York or in allegory with California. California today has succeeded the cases in New York, the majority basically controlled and in acceding of admeasurement of the traffic, New York is added important for us than what California is.

So, in that faculty I’m not so abashed of that situation. Of course, we absolutely don’t apperceive what can appear there. If there is addition backlash — could affect our cartage for the third quarter.

Roberta Valadares Versiani — Citi — Analyst

Great. Acknowledge you Adolfo.

Adolfo Castro — Chief Executive Officer

You’re welcome.

Operator

[Operator Instructions] We’ll go abutting to Alan Macias with Bank of America.

Alan Macias — Bank of America — Analyst

Hi, acceptable morning Adolfo. Aloof one catechism on cartage in Colombia and what you’re seeing there. Apropos the pandemic, I accept that calm flights can renegotiate, aloof can you accord us some color. Acknowledge you.

Adolfo Castro — Chief Executive Officer

Alan hi, acceptable morning. Well, the action as I mentioned during the animadversion is now added complicated than what it was in the past, because now alike admitting that the federal government has said that the burghal can accept these, it has been actual complicated to acquisition two majors or [Indecipherable] of these two majors to accept the case, and the best important one is the case of Bogota, and the above of Bogota it’s actual afraid to accessible the airport again. So, in that faculty I don’t apperceive what will be the outcome, but I still accept that for some time the airports in Colombia will be closed.

Alan Macias — Bank of America — Analyst

Thank you.

Adolfo Castro — Chief Executive Officer

You’re welcome.

Operator

We’ll go abutting to Pablo Monsivais with Barclays.

Pablo Monsivais — Barclays — Analyst

Hi Adolfo acceptable morning, acknowledgment for demography my question. I accept one question, do you apperception administration your assessment on the cachet of Mexican airlines because we accept today aloof accept beginning basic from clandestine investors and on the added duke Aeromexico is activity through a restructuring process, so that ability agilely and acceptation that they will abate its accommodation overall. What are your thoughts in the average appellation of the appulse of this. Acknowledge you.

Adolfo Castro — Chief Executive Officer

Hi. Acceptable morning Pablo. Well, the best important archetype is to go aback afresh to these aeon of June 2008 up to August 2010. If you see our presentation in Page 17, you can acquisition the history of this. Added than 50% of the aircrafts were absent during this period. So, about 8 or 9 airlines in Mexico bankrupt. So, of course, there was an appulse on our commuter cartage — there was an appulse an important impact, I would say 3 months, 4 months from August to December 2010, aback the ample one, which was mainly or the better one bankrupt. The bearings today is altered in acceding of the over, because what is low is the demand. There is no demand. So, alike admitting that we can say that in the case, we lose some of these airlines because of that bearings the botheration is not how abounding planes, they will have.

So, the botheration is how abounding bodies they would like to biking and be transported with them. So today, I don’t see too abundant agitation in the bargain capacity. The bargain accommodation is the aftereffect of the low demand. What is important to balance is the demand

Pablo Monsivais — Barclays — Analyst

Okay, perfect. Acknowledge you actual much.

Adolfo Castro — Chief Executive Officer

You’re welcome.

Operator

[Operator Instructions] And that concludes the question-and-answer allocation of today’s appointment call. I would like to about-face it aback over to Mr. Castro for closing remarks. [Operator Closing Remarks]

Duration: 37 minutes

Adolfo Castro — Chief Executive Officer

Alejandro Zamacona — Acclaim Suisse — Analyst

Mauricio Martinez — GBM — Analyst

Rodolfo Ramos — Bradesco BBI — Analyst

Roberta Valadares Versiani — Citi — Analyst

Alan Macias — Bank of America — Analyst

Pablo Monsivais — Barclays — Analyst

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Curriculum Vitae Accountant Example Never Underestimate The Influence Of Curriculum Vitae Accountant Example – curriculum vitae accountant example
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