Glossary

Financial Terms

ADS (American Depositary Share):
Dollar-denominated vehicle used by foreign corporations to list their shares on the stock markets of the United States of America. In the case of ASUR, one ADS traded on the NYSE represents ten ordinary B-Series shares in the company’s stock.
BMV:
Bolsa Mexicana de Valores, the Mexico City stock exchange.
Capital gains:
The difference between the sale price and the purchase price of a financial asset.
CNBV (Comisión Nacional Bancaria y de Valores):
The agency within the Mexican Finance Ministry that is entrusted with oversight and regulation of the various entities that make up the Mexican financial system, as well as maintaining and promoting balanced growth in the financial system as a whole, to protect the public interest.
Discounting rate:
A mathematical coefficient used to obtain the present value of future funds. This rate is related to interest rates, inflation and the future date of the flows in question.
EBITDA:
Abbreviation of Earnings Before Interests, Taxes, Depreciation and Amortisation.
Financial leverage:
The effect that contracting debt has on the profitability of a company, which may produce better results than it would if it relied solely on its own resources.
Free cash flow:
Calculated as operating cash flow, minus net interest costs, investments in fixed assets, changes in working capital, taxes paid, preferential capital dividends and other cash outlays (other net costs minus sales of non-operative assets). Free cash flow is not an indicator that is used under generally accepted accounting principles.
Índice de Precios y Cotizaciones (IPC):
Indicator of the performance of the Mexico City stock market as a whole. It is calculated according to variations in the prices of a sample of shares, which is balanced and weighted and is representative of all the shares traded on the BMV.
Interest coverage:
Calculated by dividing operating cash flow over the last twelve months by the total for interest expenses and preferential dividend payments over the last twelve months.
Net debt:
Equivalent to total debt plus capital obligations, less cash and marketable investments.
Net debt over operating cash flow:
Calculated by dividing net debt at the close of the quarter by operating cash flow for the last twelve months.
Net working capital:
Equivalent to operating accounts receivable (including other current assets received as payment in kind) plus historical stocks less operating accounts payable.
New York Stock Exchange (NYSE):
Compound stock exchange composed of four separate indices: industrial, utilities, transport and finances. It is the oldest and largest stock exchange in the USA and is based on the close of trading on the 31st of December 1965, which was assigned a value of 50 points.
Operating cash flow:
Equivalent to operating profits plus depreciation and amortisation. Amortisation is not accounted for in operating profit, but under other earnings (expenses). Operating cash flow also excludes certain extraordinary earnings and costs, which under Mexican GAAP are not recorded as part of operating profit. Operating cash flow is not an indicator that is used under generally accepted accounting principles.
Securities & Exchange Commission (SEC):
A federal agency that regulates the financial markets in the USA. The SEC also supervises the securities and financial assets industry and promotes total transparency in order to protect investors against malpractice on the financial markets.
Workload Unit (WLU):
One of the parameters used to calculate the Maximum Tariff that is subject to authorisation in each airport. Equivalent to one passenger or 100 kilograms of air freight.

Aviation Industry Terms

ACI (Airports Council International):
Industry body that represents airport operators around the world.
Airport Administrator:
Person appointed by the airport operating company for the general management of the airport.
Airport Commander:
A DGAC officer and the highest authority at any Mexican airport.
Airside:
Areas within the airport where aeronautical operations are carried out, which may only be accessed by persons who have undergone the requisite security inspections (passengers with boarding passes and staff working at the airport). Includes the airfield itself and restricted areas inside terminal buildings.
Apron:
Paved surface where aircraft park for passenger boarding and disembarking, luggage loading and unloading, refuelling, etc.
Commercial concessionaire:
Individual or company that holds a concession to provide commercial services on airport premises. Includes, among others, the operators of restaurants, shops, car rental outlets, etc.
Contact stand:
Area for aircraft parking that is located next to the terminal building, generally accessed by passengers on foot or via boarding bridges.
DGAC (Dirección General de Aeronáutica Civil):
The agency within the Mexican Transport Ministry that is entrusted with oversight and regulation of the civil aviation sector in Mexico.
General aviation:
All flights that are not part of commercial civil aviation or military aviation. Includes private and sporting aviation, unscheduled cargo flights, and air taxi and air ambulance services, among others.
HBS (Hold-Baggage Screening):
The systems installed in airports that automatically inspect all luggage checked in by passengers for transport in the baggage compartments of aircraft.
IATA (International Air Transport Association):
Industry body that represents a large number of airlines around the world.
ICAO (International Civil Aviation Organisation):
United Nations agency established to promote standardised rules and regulations for the international civil aviation industry, especially with regard to aviation security.
Landside:
Areas within the airport that are open to the public, including access roads, parking facilities and public areas inside terminal buildings.
Remote stand:
Area for aircraft parking that is located remotely from the terminal building, generally accessed by bus.
SCT (Secretaría de Comunicaciones y Transportes):
The federal ministry that regulates the transport sector in Mexico, including the aviation industry.
SENEAM (Servicios a la Navegación en el Espacio Aéreo Mexicano):
The agency within the SCT that provides air-traffic-control services in Mexico.
Taxiway:
Paved surface used by aircraft to access apron from runway, or vice versa.
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