Grupo Aeroportuario del Sureste, S. A. B. de C. V. (NYSE:ASR) Q3 2023 Earnings Conference Call October 24, 2023 10:00 AM ET
Company Participants
Adolfo Castro - Chief Executive Officer
Conference Call Participants
Juan Ponce - Bradesco BBI
Guilherme Mendes - JPMorgan
Fernanda Recchia - BTG Pactual
Bruno Amorim - Goldman Sachs
Alberto Valerio - UBS
Anton Mortenkotter - GBM
Stephen Trent - Citi
Pablo Ricalde - Santander
Pablo Monsivais - Barclays
Arthur Suelotto - APO Capital
Luis Lama - BlackRock
Operator
Good day, ladies and gentlemen, and welcome to ASUR's Third Quarter 2023 Results Conference Call. My name is Ryan, and I will be your operator. At this time, all participants are in listen-only mode. We will conduct a question-and-answer session towards the end of today's conference. [Operator Instructions] As a reminder, today's call is being recorded.
I'd now turn the call over to Mr. Adolfo Castro, Chief Executive Officer. Please go ahead, sir.
Adolfo Castro
Thank you, Ryan, and good morning, everyone.
Before I begin discussing our results, let me remind you that certain statements made during this call may constitute forward-looking statements, which are based on current management expectations and beliefs and are subject to several risk and uncertainties that could cause actual results to differ materially, including factors that may be beyond our company's control.
As usual, additional details about our quarterly results can be found in our press release, which was issued yesterday after market close and is available on our website Investor Relations section. Following my presentation, I will be available for Q&A.
Before getting into a discussion of the quarterly results, let me start today's call with a recap of the recent development in connection with the concession agreements of our Mexican operations as recently announced.
On October 4, ASUR received a notification from the Mexican Federal Civil Aviation Agency that it has decided to amend with immediate effect the terms of the Tariff Base Regulation. These terms were laid out in the Exhibit 7 of the concession agreements established in 1998 and then amended in 1999. On October 19, as we received a notification from the Mexican Federal Civil Aviation Agency, which modified the document received on October 4. The full text of the amended Exhibit 7 was filed with the Mexican Bolsa and the Securities and Exchange Commission.
On October 18, the lower house of the Mexican Congress approved the initiative to increase the concession fee from 5% to 9%, which is now under review by the Senate. We do not know when this may be approved and when the change in the case will be effective. ASUR is currently evaluating the charges -- the changes implemented by the Mexican Federal Civil Aviation Agency and the potential impact that it may have on its business, including its finances.