ASR AS Roma Spa

MEXICO CITY, April 23 /PRNewswire-FirstCall/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR), (ASUR) the first privatized airport group in Mexico and operator of Cancun Airport and eight other airports in southeast Mexico, today announced results for the three-month period ended March 31, 2009. 1Q09 Highlights(1): -- EBITDA(2) increased by 17.63% to Ps.685.76 million. -- Total passenger traffic was down 3.30%. -- Total revenues rose by 13.20%, mainly due to increases of 8.50% in aeronautical revenues and 23.36% in non-aeronautical revenues. -- Commercial revenues per passenger increased by 31.95% to Ps.60.62 per passenger. -- Operating profit increased by 21.57%. -- EBITDA margin was 69.64% compared with 67.02% in 1Q08. Passenger Traffic For the first quarter of 2009, total passenger traffic declined year-over-year by 3.30%. Domestic passenger traffic declined by 13.90% while international passenger traffic rose by 3.04%. The 3.04% rise in international passenger traffic resulted mainly from an increase of 4.54% in international traffic at the Cancun airport. The 13.90% decline in domestic passenger traffic resulted mainly from declines of 24.05%, 16.44%, 6.54%, 21.96% and 27.85% at the Merida, Cancun, Veracruz, Villahermosa and Cozumel airports, respectively. Table I: Domestic Passengers (in thousands) Airport 1Q08 1Q09 % Change Cancun 785.1 656.0 (16.44) Cozumel 23.7 17.1 (27.85) Huatulco 64.8 83.0 28.09 Merida 314.7 239.0 (24.05) Minatitlan 38.3 35.1 (8.36) Oaxaca 130.9 137.1 4.74 Tapachula 61.1 57.2 (6.38) Veracruz 221.8 207.3 (6.54) Villahermosa 240.9 188.0 (21.96) TOTAL 1,881.3 1,619.8 (13.90) Note: Passenger figures exclude transit and general aviation passengers. Table II: International Passengers (in thousands) Airport 1Q08 1Q09 % Change Cancun 2,863.5 2,993.6 4.54 Cozumel 149.5 131.8 (11.84) Huatulco 50.3 41.9 (16.70) Merida 35.4 25.5 (27.97) Minatitlan 1.0 0.9 (10.00) Oaxaca 13.5 18.1 34.07 Tapachula 1.4 1.0 (28.57) Veracruz 17.4 15.7 (9.77) Villahermosa 12.5 11.5 (8.00) TOTAL 3,144.5 3,240.0 3.04 Note: Passenger figures exclude transit and general aviation passengers. Table III: Total Passengers (in thousands) Airport 1Q08 1Q09 % Change Cancun 3,648.6 3,649.6 0.03 Cozumel 173.2 148.9 (14.03) Huatulco 115.1 124.9 8.51 Merida 350.1 264.5 (24.45) Minatitlan 39.3 36.0 (8.40) Oaxaca 144.4 155.2 7.48 Tapachula 62.5 58.2 (6.88) Veracruz 239.2 223.0 (6.77) Villahermosa 253.4 199.5 (21.27) TOTAL 5,025.8 4,859.8 (3.30) Note: Passenger figures exclude transit and general aviation passengers. Consolidated Results for 1Q09 Total revenues for 1Q09 increased year-over-year by 13.20% to Ps.984.7 million. This was mainly due to increases of: -- 8.50% in revenues from aeronautical services, principally as a result of an increase in rates, which more than offset the 3.30% decline in passenger traffic; and -- 23.36% in revenues from non-aeronautical services, principally as a result of the 26.73% rise in commercial revenues detailed below. ASUR classifies commercial revenues as those derived from the following activities: duty-free services, car rental, retail, banking and currency exchange, advertising, teleservices, non-permanent ground transportation, food and beverage, and parking lots. Commercial revenues rose by 26.73% year-over-year during the quarter, mainly as a result of revenue increases in the following areas principally from the 32.9% depreciation in the peso as against the U.S. dollar since 1Q08, which has resulted in a positive impact as contracts with some concession holders are denominated in US dollars and converted into pesos at the prevailing rate: -- 35.81% in duty-free stores; -- 20.39% in banking and currency exchange services; -- 33.71% in advertising; -- 8.81% in ground transportation; -- 25.14% in retail operations; -- 33.46% in car rental companies; -- 22.05% in food and beverage; -- 17.19% in teleservices; and -- 29.29% in other revenues. These increases were partially offset by a 3.45% decline in parking lot revenues. New Retail and Other Commercial Space Business Name Type Opening Date Cancun Watch my Watch Gift shop September 2008 Total operating costs and expenses for 1Q09 increased 4.87% year over year, primarily as a result of: -- a 4.13% increase in cost of services, mainly reflecting increases of 9.75% in personnel costs and 9.41% in maintenance costs, which more than offset declines of 17.83% in energy and 17.81% in insurance costs, among others. The increase in personnel costs reflects the personnel reorganization implemented in 2Q08, while higher maintenance costs reflect the expiration of warranties on documented baggage equipment. -- a 6.18% increase in depreciation and amortization, resulting from the depreciation of new investments in fixed assets and improvements made to concession assets; and -- a 2.75% increase in concession fees paid to the Mexican government, mainly due to higher revenues (a factor in the calculation of the fee). -- A 17.64% increase in the technical assistance fee paid to ITA, reflecting an increase in EBITDA for the quarter (a factor in the calculation of the fee). These increases were partially offset by a 7.17% decline in administrative expenses. Operating margin for the quarter increased to 53.56% from 49.87% in 1Q08. This was mainly the result of the 13.20% increase in revenues, which more than offset the 4.87% increase in costs during the period. Following the changes in Mexican tax law that took effect January 1, 2008, which established a new flat rate business tax ("Impuesto Empresarial a Tasa Unica", or "IETU") and eliminated the asset tax, the Company evaluated and reviewed its deferred assets and liabilities position under Mexican Financial Reporting Standards. During 1Q09, the ASUR subsidiaries that pay IETU made provisional tax payments of Ps.75.6 million. During the quarter, ASUR recognized asset taxes for a total of Ps.9.5 million under the line item Provision for Asset Tax, and which are not expected to be recovered. Net income for 1Q09 declined 2.94% to Ps.341.73 million from Ps.352.07 million in 1Q08. Earnings per common share for the quarter were Ps.1.1391, or earnings per ADS (EPADS) of US$0.8049 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.1.1736, or EPADS of US$0.8293, for the same period last year. Table IV: Summary of Consolidated Results for 1Q09 1Q08 1Q09 % Change Total Revenues 869,890 984,692 13.20 Aeronautical Services 594,715 645,242 8.50 Non-Aeronautical Services 275,175 339,450 23.36 Commercial Revenues 235,629 298,620 26.73 Operating Profit 433,848 527,435 21.57 Operating Margin % 49.87% 53.56% 7.39 EBITDA 582,963 685,759 17.63 EBITDA Margin % 67.02% 69.64% 3.92 Net Income 352,076 341,728 (2.94) Earnings per Share 1.1736 1.1391 (2.94) Earnings per ADS in US $0.8293 0.8049 (2.94) Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.14.1517. Table V: Commercial Revenues per Passenger for 1Q09 1Q08 1Q09 % Change Total Passengers ('000) 5,129 4,926 (3.96) Total Commercial Revenues 235,629 298,620 26.73 Commercial revenues from direct operations (1) 44,335 55,095 24.27 Commercial revenues excluding direct operations 191,294 243,525 27.30 Total Commercial Revenue per Passenger 45.94 60.62 31.95 Commercial revenue from direct operations per passenger (1) 8.64 11.18 29.40 Commercial revenue per passenger (excluding direct operations) 37.30 49.44 32.55 Note: For purposes of this table, approximately 102,900 and 66,800 transit and general aviation passengers are included for 1Q08 and 1Q09, respectively. (1) Revenues from direct commercial operations represent the Company's operation of convenience stores in airports, which opened in May 2007, as well as the direct sale of advertising space by the Company, which started in August 2006. Table VI: Operating Costs and Expenses for 1Q09 1Q08 1Q09 % Change Cost of Services 182,757 190,306 4.13 Administrative 29,991 27,842 (7.17) Technical Assistance 30,681 36,093 17.64 Concession Fees 43,497 44,692 2.75 Depreciation and Amortization 149,115 158,324 6.18 TOTAL 436,042 457,258 4.87 Note: Figures in nominal pesos. Tariff Regulation The Mexican Ministry of Communications and Transportation regulates the majority of ASUR's activities by setting maximum rates, which represent the rates for the maximum possible revenues allowed per traffic unit at each airport. ASUR's regulated revenues for 1Q09 were Ps.756.28 million, resulting in an annual average tariff per workload unit of Ps.151.94. ASUR's regulated revenues accounted for approximately 76.80% of total income for the period. The Mexican Ministry of Communications and Transportation reviews compliance with the maximum rates on an annual basis at the close of each year. ASUR received approval from the Ministry of Communications and Transportation for the Master Development Programs for the years 2009 through 2023 and the applicable efficiency factor applicable and the maximum tariffs per work load unit for the years 2009 through 2013 for each of its concessions. One work load unit equals one passenger or 100 kg (220 pounds) of cargo. Master Development Programs Expressed in millions of constant pesos as of December 31, 2008 Airport 2009-2013* 2014-2018** 2019-2023** Cancun 2,413.7*** 1,207.5**** 793.9 Cozumel 117.6 121.5 89.6 Huatulco 343.4 71.9 48.1 Merida 304.2 125.5 82.5 Minatitlan 59.5 59.8 36.7 Oaxaca 309.4 67.1 85.1 Tapachula 60.1 42.0 20.5 Veracruz 792.8 136.5 170.1 Villahermosa 332.3 257.3 56.1 * Committed investment ** Indicative investment *** As of December 31, 2008, ASUR has invested Ps. 1,054.8 million (which is included in the investment commitments for this period shown above) **** As of December 31, 2008, ASUR has invested Ps. 612.9 million (which is included in the indicative investment for this period shown above) Airport 2009 2010 2011 2012 2013 Cancun 582.0 625.0 424.5 447.6 334.6 Cozumel 17.5 42.1 14.2 33.7 10.2 Huatulco 52.9 151.0 70.4 59.3 9.8 Merida 80.8 128.2 72.8 16.3 6.1 Minatitlan 20.6 24.9 6.6 3.6 3.8 Oaxaca 48.1 139.0 62.0 42.5 17.8 Tapachula 7.6 5.7 4.7 2.5 39.7 Veracruz 48.1 310.1 248.0 119.0 67.6 Villahermosa 45.9 163.6 81.4 6.6 34.8 Committed Investments Expressed in millions of constant pesos as of December 31, 2008 As of December 31, 2008 ASUR has invested the following amounts at Cancun airport: Expressed in millions of constant pesos as of December 31, 2008 Airport 2009 2010 2011 2012 2013 Cancun 211.0 211.0 211.0 211.0 211.0 The Master Development Plan for Cancun Airport has accounted for these investments and includes these amounts in the investment commitments for the periods shown above. Maximum Tariffs per Work Load Unit Expressed in constant pesos as of December 31, 2008 Airport Maximum Tariff Cancun 134.03 Cozumel 185.88 Huatulco 120.71 Merida 125.04 Minatitlan 214.38 Oaxaca 132.76 Tapachula 246.22 Veracruz 112.06 Villahermosa 117.07 The concession agreements for each airport provide that such airport's maximum rates will be reduced annually to account for projected improvements in efficiency. For the five-year period ending December 31, 2013, the maximum rates applicable to ASUR's airports will be reduced by an annual efficiency factor of 0.70% in real terms. The Master Development Plans and maximum rates for each airport were approved before the execution of the Mayan Riviera Airport project, which is included in the National Infrastructure Plan for 2007-2012. Because of this timing, the Ministry of Communications and Transportation did not account for how the eventual construction, administration and operation of the Mayan Riviera Airport, and the beginning of flight operations there may affect passenger traffic levels for Cancun airport. Accordingly, the Ministry of Communications and Transportation has committed to modify the Master Development Plans for ASUR's airports within three months from the granting of a concession to operate the Mayan Riviera Airport so as to reflect new passenger traffic level projections, and accordingly, to adjust the investment obligations and maximum rates that we are authorized to charge at each airport. Balance Sheet On March 31, 2009, Airport Facility Usage Rights and Airport Concessions represented 77.29% of the Company's total assets, with current assets representing 17.63% and other assets representing 5.08%. On March 31, 2009, cash and marketable securities were Ps.1,945.75 million. On the same date, shareholder's equity was Ps.15,296.72 million and total liabilities were Ps.2,234.48 million, representing 87.25% and 12.75% of total assets, respectively. Total deferred liabilities represented 85.90% of the Company's total liabilities. Capital Expenditures During the quarter, ASUR made investments of Ps.70.28 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans. 1Q09 Earnings Conference Call Day: Friday, April 24, 2009 Time: 10:00 AM US EDT; 9:00 AM Mexico City time Dial-in number: 888.713.4199 (US & Canada) and 617.213.4866 (International & Mexico) Access Code: 42260067 Pre-registration: If you would like to pre-register for the conference call use the following link: https://www.theconferencingservice.com/prereg/key.process?key=PLAWDQXG4 Pre-registering is not mandatory but is recommended as it will provide you immediate entry into the call and will facilitate the timely start of the conference. You will receive a code that allows you to enter the call directly. Pre-registration only takes a few moments, and you may do so at any time, including up to and after call start time. To pre-register, please click the link above. Alternatively, if you would rather be placed into the call by an operator, please call at least 10 minutes prior to call start time. Replay: Starting Friday, April 24, 2009 at 2:00 PM US ET, ending at midnight US ET on Friday, May 1, 2009. Dial-in number: 888.286.8010 (US & Canada); 888.286.8010 (International & Mexico). Access Code: 89487275. About ASUR: Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a Mexican airport operator with concessions to operate, maintain and develop the airports of Cancun, Merida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan in the southeast of Mexico. The Company is listed both on the NYSE in the U.S., where it trades under the symbol ASR, and on the Mexican Bolsa, where it trades under the symbol ASUR. One ADS represents ten (10) series B shares. Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR's filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise. (1) Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with Mexican Financial Reporting Standards and represent comparisons between the three-month periods ended March 31, 2009, and the equivalent three-month period ended March 31, 2008. Results are expressed in nominal pesos. Tables state figures in thousands of pesos, unless otherwise noted. Passenger figures exclude transit and general aviation passengers. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.14.1517. (2) EBITDA means net income before: provision for taxes, deferred taxes, deferred employees profit sharing, non-ordinary items, comprehensive financing cost and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides a useful measure of our performance that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP and may be calculated differently by different companies. Grupo Aeroportuario del Sureste, S.A.B. de C.V. Operating Results per Airport Thousands of Mexican pesos Item 2008 2009 % change ---- ------ ------ -------- Cancun Aeronautical Revenues 445,866 501,971 12.58 Non-Aeronautical Revenues 232,695 293,308 26.05 Operating Profit 359,206 464,345 29.27 EBITDA 455,740 565,805 24.15 Cozumel Aeronautical Revenues 22,190 21,185 (4.53) Non-Aeronautical Revenues 6,128 6,829 11.44 Operating Profit 7,022 3,856 (45.09) EBITDA 15,209 13,189 (13.28) Merida Aeronautical Revenues 34,087 28,734 (15.70) Non-Aeronautical Revenues 13,110 13,877 5.85 Operating Profit 10,096 4,686 (53.59) EBITDA 21,825 16,058 (26.42) Villahermosa Aeronautical Revenues 27,470 23,553 (14.26) Non-Aeronautical Revenues 7,469 7,973 6.75 Operating Profit 10,895 5,215 (52.13) EBITDA 18,935 13,614 (28.10) Others Aeronautical Revenues 65,102 69,799 7.21 Non-Aeronautical Revenues 15,773 17,463 10.71 Operating Profit 46,629 49,333 5.80 EBITDA 71,254 77,093 8.19 Group Aeronautical Revenues 594,715 645,242 8.50 Non-Aeronautical Revenues 275,175 339,450 23.36 Operating Profit 433,848 527,435 21.57 EBITDA 582,963 685,759 17.63 Quarter Quarter Item 2008 2009 % change ---- ------- ------- ----- Cancun Aeronautical Revenues 445,866 501,972 12.58 Non-Aeronautical Revenues 232,695 293,308 26.05 Operating Profit 359,206 464,345 29.27 EBITDA 455,740 565,855 24.16 Cozumel Aeronautical Revenues 22,190 21,185 (4.53) Non-Aeronautical Revenues 6,128 6,829 11.44 Operating Profit 7,022 3,856 (45.09) EBITDA 15,209 13,189 (13.28) Merida Aeronautical Revenues 34,087 28,734 (15.70) Non-Aeronautical Revenues 13,110 13,877 5.85 Operating Profit 10,096 4,686 (53.59) EBITDA 21,825 16,058 (26.42) Villahermosa Aeronautical Revenues 27,470 23,553 (14.26) Non-Aeronautical Revenues 7,469 7,973 6.75 Operating Profit 10,895 5,215 (52.13) EBITDA 18,935 13,614 (28.10) Others Aeronautical Revenues 65,102 69,798 7.21 Non-Aeronautical Revenues 15,773 17,463 10.71 Operating Profit 46,629 49,333 5.80 EBITDA 71,254 77,044 8.13 Group Aeronautical Revenues 594,715 645,242 8.50 Non-Aeronautical Revenues 275,175 339,450 23.36 Operating Profit 433,848 527,435 21.57 EBITDA 582,963 685,759 17.63 Note: During 4Q07 ASUR signed an intercompany agreement that recognized the obligation to operate the nine concessions jointly. Grupo Aeroportuario del Sureste, S.A.B. de C.V. Consolidated Balance Sheet as of March 31, 2009 and 2008 Thousands of Mexican pesos Item March 2008 March 2009 Variation % ------- ---------- ---------- ----------- --- Assets Current Assets -------------- Cash and Cash Equivalents 2,313,814 1,945,749 (368,065) (15.91) Trade Receivables, Net 365,648 452,864 87,216 23.85 Recoverable Taxes and Other Current Assets 236,954 693,084 456,130 192.50 ------- ------- ------- ------ Total Current Assets 2,916,416 3,091,697 175,281 6.01 Fixed Assets ------------ Machinery, Furniture and Equipment, Net 273,450 606,079 332,629 121.64 Rights to Use Airport Facilities, Net 2,173,322 2,107,318 (66,004) (3.04) Improvements to Use Airport Facilities, Net 3,099,330 3,151,383 52,053 1.68 Construction in Process 276,470 507,451 230,981 83.55 Others 67,831 29,853 (37,979) (55.99) ------ ------ ------- ------ Total Fixed Assets 5,890,403 6,402,084 511,681 8.69 Deferred Assets --------------- Airports Concessions, Net 7,986,681 7,781,802 (204,879) (2.57) Deferred Income Taxes - - - - Deferred IETU 210,525 207,598 (2,927) (1.39) Other 83,951 48,024 (35,927) (42.80) ------ ------ ------- ------ Total Deferred Assets 8,281,157 8,037,424 (243,733) (2.94) Total Assets 17,087,976 17,531,205 443,229 2.59 Liabilities and Stockholders' Equity ---------------- Current Liabilities ------------------- Trade Accounts Payable 14,402 9,843 (4,559) (31.66) Notes Payable - - - - Accrued Expenses and Others Payables 261,637 279,338 17,701 6.77 ------- ------- ------ ---- Total Current Liabilities 276,039 289,181 13,142 4.76 Long Term Liabilities --------------------- Other 18,690 25,987 7,297 39.04 Deferred Income Taxes 1,185,881 1,202,086 16,205 1.37 Deferred IETU 704,500 709,548 5,048 0.72 Deferred Employees Profit Sharing 37,496 - (37,496) (100.00) Labor Obligations 7,767 7,678 (89) (1.15) ----- ----- --- ----- Total Long Term Liabilities 1,954,334 1,945,299 (9,035) (0.46) Total Liabilities 2,230,373 2,234,480 4,107 0.18 Stockholders' Equity -------------------- Capital Stock 12,799,204 12,799,204 - - Legal Reserve 167,926 194,044 26,118 15.55 Share Repurchase Reserve - - - - Net Income for the Period 352,076 341,728 (10,348) (2.94) Retained Earnings 1,538,397 1,961,749 423,352 27.52 --------- --------- ------- ----- Total Stockholders' Equity 14,857,603 15,296,725 439,122 2.96 Total Liabilities and Stockholders' Equity 17,087,976 17,531,205 443,229 2.59 ========== ========== ======= ==== Grupo Aeroportuario del Sureste, S.A.B. de C.V. Consolidated Statement of Income from January 1 to March 31, 2009 and 2008 Thousands of Mexican pesos Item Cumulative Cumulative Variation 2008 2009 % ---------- ---------- --------- Revenues Aeronautical Services 594,715 645,242 8.50 Non-Aeronautical Services 275,175 339,450 23.36 ------- ------- ----- Total Revenues 869,890 984,692 13.20 Operating Expenses Cost of Services 182,758 190,306 4.13 General and Administrative Expenses 29,991 27,842 (7.17) Technical Assistance 30,681 36,093 17.64 Concession Fee 43,497 44,692 2.75 Depreciation and Amortization 149,115 158,324 6.18 ------- ------- ---- Total Operating Expenses 436,042 457,257 4.87 Operating Income 433,848 527,435 21.57 Comprehensive Financing Cost 37,193 36,431 (2.05) ------ ------ ----- Non Ordinary Item Non-Ordinary Item 531 10,033 1,789.45 Income Before Income Taxes 470,510 553,833 17.71 Provision for IETU 16,976 75,586 345.25 Provision for Income Tax 12,238 23,708 93.72 Provision for Asset Tax (515) 9,472 (1,939.22) Deferred Income taxes 84,902 101,408 19.44 Deferred IETU 4,833 1,931 (60.05) ----- ----- ------ Net Income for the Year 352,076 341,728 (2.94) ======= ======= ===== Earnings per share 1.1736 1.1391 (2.94) Earnings per ADS (in U.S. dollars) 0.8293 0.8049 (2.93) Exchange rate per dollar 14.1517 Item Quarter Quarter Variation 2008 2009 % ------ ------ -------- Revenues Aeronautical Services 594,715 645,242 8.50 Non-Aeronautical Services 275,175 339,450 23.36 ------- ------- ----- 869,890 984,692 13.20 Operating Expenses Cost of Services 182,758 190,306 4.13 General and Administrative Expenses 29,991 27,842 (7.17) Technical Assistance 30,681 36,093 17.64 Concession Fee 43,497 44,692 2.75 Depreciation and Amortization 149,115 158,324 6.18 ------- ------- ---- Total Operating Expenses 436,042 457,257 4.87 Operating Income 433,848 527,435 21.57 Comprehensive Financing Cost 37,193 36,431 (2.05) ------ ------ ----- Non Ordinary Item Non-Ordinary Item 531 10,033 1,789.45 Income Before Income Taxes 470,510 553,833 17.71 Provision for IETU 16,976 75,586 345.25 Provision for Income Tax 12,238 23,708 93.72 Provision for Asset Tax (515) 9,472 (1,939.22) Deferred Income taxes 84,902 101,408 19.44 Deferred IETU 4,833 1,931 (60.05) ----- ----- ------ Net Income for the Year 352,076 341,728 (2.94) ======= ======= ===== Earnings per share 1.1736 1.1391 (2.94) Earnings per ADS (in U.S. dollars) 0.8293 0.8049 (2.94) Exchange rate per dollar 14.1517 Grupo Aeroportuario del Sureste, S.A.B. de C.V. Consolidated Statement of Cash flow from January 1 to March 31, 2009 and 2008 Thousands of Mexican pesos Cumulative Cumulative Variation Related 2008 2009 % ---------- ---------- --------- Operating Activities Income Before Income Taxes 470,510 553,833 18 Items related to Investing Activities: Depreciation and Amortization 149,115 158,324 6 Interest Income (54,840) (29,586) (46) Provisions - - --- ------- --- Sub-Total 564,785 682,571 21 ------- ------- --- Increase in Trade Receivables (86,233) (91,665) 6 Decrease in Recoverable Taxes and Other Current Assets 19,812 (14,231) (172) Other Deferred Assets 10,671 10,971 3 Income Tax Paid (12,043) (100) Trade Accounts Payable (51,830) (180) (100) Accrued Expenses and Other Payables - (334,645) - Long Term Liabilities - 112 - ------- ------- --- Net Cash Flow Provided by Operating Activities 445,162 252,934 (43) ------- ------- --- Investing Activities Investments in Machinery, Furniture and Equipment, net (38,410) (3,664) (90) Investments in Rights to Use Airport Facilities - - - Investments in Construction in Process (54,844) (91,073) 66 Investments in Others (18,631) 24,454 (231) Interest Income 54,840 29,586 (46) ------- ------- --- Net Cash Flow Provided by Investing Activities (57,045) (40,697) (29) ------- ------- --- Excess Cash to Use in Financing Activities: 388,117 212,237 (45) Dividends Paid - Tax on Dividends Paid - Net Cash Flow Provided by Financing Activities - - - Net Increase in Cash and Cash Equivalents 388,117 212,237 (45) Cash and Cash Equivalents at Beginning of Period 1,925,697 1,733,512 (10) Cash and Cash Equivalents at the End of Period 2,313,814 1,945,749 (16) ========= ========= === Related Quarter Quarter Variation 2008 2009 % ------ ------ --------- Operating Activities Income Before Income Taxes 470,510 553,833 18 Items related to Investing Activities: Depreciation and Amortization 149,115 158,324 6 Interest Income (54,840) (29,586) (46) Provisions - - --- ------- --- Sub-Total 564,785 682,571 21 ------- ------- --- Increase in Trade Receivables (86,233) (91,665) 6 Decrease in Recoverable Taxes and Other Current Assets 19,812 (14,231) (172) Other Deferred Assets 10,671 10,971 3 Income Tax Paid (12,043) Trade Accounts Payable (51,830) (180) (100) Accrued Expenses and Other Payables - (334,645) - Long Term Liabilities - 112 - ------- ------- --- Net Cash Flow Provided by Operating Activities 445,162 252,934 (43) ------- ------- --- Investing Activities Investments in Machinery, Furniture and Equipment, net (38,410) (3,664) (90) Investments in Rights to Use Airport Facilities - - - Investments in Construction in Process (54,844) (91,073) 66 Investments in Others (18,631) 24,454 (231) Interest Income 54,840 29,586 (46) ------- ------- --- Net Cash Flow Provided by Investing Activities (57,045) (40,697) (29) ------- ------- --- Excess Cash to Use in Financing Activities: 388,117 212,237 (45) Dividends Paid - Tax on Dividends Paid - Net Cash Flow Provided by Financing Activities - - - Net Increase in Cash and Cash Equivalents 388,117 212,237 (45) Cash and Cash Equivalents at Beginning of Period 1,925,697 1,733,512 (10) Cash and Cash Equivalents at the End of Period 2,313,814 1,945,749 (16) ========= ========= === DATASOURCE: Grupo Aeroportuario del Sureste, S.A.B. de C.V. CONTACT: In Mexico, Lic. Adolfo Castro, ASUR, +52-5552-84-04-08, ; In the U.S., Susan Borinelli, +1-646-452-2333, , or Maura Gedid, +1-646-452-2335, , both Breakstone Group

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