SOUTHEAST AIRPORT GROUP Files 20-F Annual Report

TL;DR

<b>SOUTHEAST AIRPORT GROUP filed its 20-F annual report for FY2023, detailing financial instruments and tax loss carryforwards.</b>

AI Summary

SOUTHEAST AIRPORT GROUP (ASRMF) filed a Foreign Annual Report (20-F) with the SEC on April 15, 2024. Southeast Airport Group filed its 20-F annual report for the period ending December 31, 2023. The company operates under the SIC code 4581 for Airports, Flying Fields & Airport Terminal Services. The filing indicates the company uses International Financial Reporting Standards (IFRS). The report details various tax loss carryforwards expiring between 2024 and 2030. Financial instruments not credit-impaired are reported as of December 31, 2023, with maturities up to later than one year.

Why It Matters

For investors and stakeholders tracking SOUTHEAST AIRPORT GROUP, this filing contains several important signals. This filing provides a comprehensive overview of Southeast Airport Group's financial position and operations for the fiscal year 2023, crucial for investors assessing the company's performance and outlook. The detailed breakdown of financial instruments and tax loss carryforwards offers insights into the company's financial health and potential future tax benefits.

Risk Assessment

Risk Level: low — SOUTHEAST AIRPORT GROUP shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F to understand Southeast Airport Group's operational performance and financial health.

Financial Highlights

debt To Equity

0.05

revenue

78053000

operating Margin

0.15

total Assets

78053000

Key Numbers

• 2023-12-31 — Reporting Period End Date (Conformed period of report)
• 2024-04-15 — Filing Date (Filed as of date)
• 78053000 — Total Assets (P5Y) (Reported value for total assets)
• 0.05 — Debt/Equity Ratio (P2M) (Reported value for debt to equity)
• 0.15 — Operating Margin (Reported value for operating margin)

Key Players & Entities

• SOUTHEAST AIRPORT GROUP (company) — Filer of the 20-F report
• ASRMF (company) — Ticker symbol for Southeast Airport Group
• 20231231 (date) — Conformed period of report
• 20240415 (date) — Filed as of date
• 0001123452 (company) — Central Index Key for Southeast Airport Group
• 4581 (industry) — Standard Industrial Classification for Airports, Flying Fields & Airport Terminal Services
• MX (location) — Country code associated with some entities
• BbvaBancomer S.a. (company) — Mentioned financial institution

FAQ

Industry Context

The company operates in the airport services sector, which is subject to regulatory oversight and economic conditions affecting air travel.

Regulatory Implications

As an international filer, Southeast Airport Group adheres to SEC regulations for foreign private issuers, including the filing of Form 20-F.

What Investors Should Do

1. Review the full 20-F filing for detailed financial statements and management discussion.
2. Analyze the company's tax loss carryforwards and their potential impact on future tax liabilities.
3. Assess the company's financial instruments and any associated credit risks.

Year-Over-Year Comparison

This is the initial filing data extracted for the 20-F report for the period ending December 31, 2023.

Key Financial Figures

• $3.0 billion — imates of financial losses exceeded U.S.$3.0 billion. LMM Airport remained open throughout t
• $2.3 billion — to Rico Electric Power Authority to U.S.$2.3 billion (excluding pension liabilities), as wel

Filing Documents

• asurb-20231231x20f.htm (20-F) — 7276KB
• asurb-20231231xex2d5.htm (EX-2.5) — 6KB
• asurb-20231231xex2dd.htm (EX-2.D) — 85KB
• asurb-20231231xex4d18.htm (EX-4.18) — 195KB
• asurb-20231231xex8d1.htm (EX-8.1) — 18KB
• asurb-20231231xex12d1.htm (EX-12.1) — 12KB
• asurb-20231231xex13d1.htm (EX-13.1) — 6KB
• asurb-20231231xex97d1.htm (EX-97.1) — 57KB
• asurb-20231231xex4d18001.jpg (GRAPHIC) — 11KB
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• asurb-20231231xex4d18015.jpg (GRAPHIC) — 8KB
• 0001104659-24-047281.txt (&nbsp;) — 26306KB
• asurb-20231231.xsd (EX-101.SCH) — 129KB
• asurb-20231231_cal.xml (EX-101.CAL) — 71KB
• asurb-20231231_def.xml (EX-101.DEF) — 553KB
• asurb-20231231_lab.xml (EX-101.LAB) — 799KB
• asurb-20231231_pre.xml (EX-101.PRE) — 756KB
• asurb-20231231x20f_htm.xml (XML) — 6468KB

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers 1

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable 1

Key Information

Item 3. Key Information 1

Forward Looking Statements

Forward Looking Statements 32

Information on the Company

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

Unresolved Staff Comments

Item 4A. Unresolved Staff Comments 100

Operating and Financial Review and Prospects

Item 5. Operating and Financial Review and Prospects 100

Directors, Senior Management and Employees

Item 6. Directors, Senior Management and Employees 129

Major Shareholders and Related Party Transactions

Item 7. Major Shareholders and Related Party Transactions 136 Major Shareholders 136 Related Party Transactions 137

Financial Information

Item 8. Financial Information 139 Dividends 140

The Offer and Listing

Item 9. The Offer and Listing 141 Trading Markets 141

Additional Information

Item 10. Additional Information 142 Material Contracts 154 Exchange Controls 154 Taxation 154 Documents On Display 161

Quantitative and Qualitative Disclosures About Market Risk

Item 11. Quantitative and Qualitative Disclosures About Market Risk 161

Description of Securities Other Than Equity Securities

Item 12. Description of Securities Other Than Equity Securities 162

Defaults, Dividend Arrearages and Delinquencies

Item 13. Defaults, Dividend Arrearages and Delinquencies 168

Material Modifications to the Rights of Security Holders and Use of Proceeds

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 168

Controls and Procedures

Item 15. Controls and Procedures 168

Reserved

Item 16. Reserved 168

Audit and Corporate Practices Committee Financial Expert

Item 16A. Audit and Corporate Practices Committee Financial Expert 169

Code of Ethics

Item 16B. Code of Ethics 169

Principal Accountant Fees and Services

Item 16C. Principal Accountant Fees and Services 169

Exemptions from the Listing Standards for Audit and Corporate Practices Committees

Item 16D. Exemptions from the Listing Standards for Audit and Corporate Practices Committees 169

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 170

Change in Registrant's Certifying Accountant

Item 16F. Change in Registrant's Certifying Accountant . 170

Corporate Governance

Item 16G.Corporate Governance 170

Mine Safety Disclosure

Item 16H. Mine Safety Disclosure 173

Jurisdictions that Prevent Inspections

Item 16I. Jurisdictions that Prevent Inspections 173

Insider Trading Policies

Item 16J. Insider Trading Policies 173

Cybersecurity

Item 16K. Cybersecurity 174

Financial Statements

Item 17. Financial Statements 176

Financial Statements

Item 18. Financial Statements 176

Exhibits

Item 19. Exhibits 177 i Table of Contents PART I

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information

RISK FACTORS

RISK FACTORS Risks Related to Our Operations International events, including acts of terrorism, wars, armed conflicts and global epidemics, could have a negative impact on international air travel. International events such as the terrorist attacks on the United States on September 11, 2001, wars, armed conflicts, and public health crises such as the Influenza A/H1N1 pandemic of 2009-2010 and the COVID-19 pandemic have disrupted the frequency and pattern of air travel worldwide in recent years. The COVID-19 outbreak has had and could have a negative impact on our operations. See "Item 3. Key Information—Risk Factors— Risks Related to Our Operations—The COVID-19 pandemic has had and could have a negative impact on our operations." A majority of our revenues come from aeronautical services, and our principal source of aeronautical revenues is passenger charges. 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. Historically, Colombia has suffered internal armed conflicts with several non-state armed groups including the National Liberation Army ( jercito de Liberacin Nacional or "ELN") and the Revolutionary Armed Forces of Colombia ( Fuerzas Armadas Revolucionarias de Colombia or "FARC"). While our overall business operations in Colombia are not typically impacted by these events, the regions in which some of our airports operate, including El Carao airport, have been affected by the referred conflicts in the past. We cannot predict how and to what extent the ongoing internal armed conflicts in Colombia can impact our Colombian airports' operations in the future. On February 24, 2022, Russian forces launched significant military action against Ukraine, and sustained conflict and disruption in the region

View Full Filing

View this 20-F filing on SEC EDGAR