ASR AS Roma Spa

MEXICO CITY, July 27 /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-and six-month periods ended June 30, 2009. 2Q09 Highlights(1): -- EBITDA(2) declined by 24.62% to Ps.400.90 million -- Total passenger traffic was down 26.76% -- Total revenues declined by 16.10%, due to declines of 17.71% in aeronautical revenues and 12.99% in non-aeronautical revenues -- Commercial revenues per passenger increased by 20.29% to Ps.59.29 per passenger -- Operating profit declined by 36.33% -- EBITDA margin was 59.10% compared with 65.78% in 2Q08 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-and six-month periods ended June 30, 2009, and the equivalent three- and six-month periods ended June 30, 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. 13.1722. 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. Passenger Traffic For the second quarter of 2009, total passenger traffic declined year-over-year by 26.76%. International passenger traffic declined 30.62% while domestic passenger traffic declined by 21.63%. On April 28, 2009 the World Health Organization announced the outbreak of the H1N1 Influenza in Mexico. As a result, total year-over-year passenger traffic declined 2.1% in April, 50.7% in May and 28.4% in June. The 30.62% decline in international passenger traffic resulted mainly from a decline of 31.31% in international traffic at the Cancun airport. The 21.63% decline in domestic passenger traffic resulted mainly from declines of 29.77%, 17.41%, 26.17%, 30.56% and 62.66% at the M rida, Cancun, Veracruz, Villahermosa and Cozumel airports, respectively. For 1H09, total passenger traffic declined by 14.53% compared to 1H08, with domestic passenger traffic down 17.88% and international passenger traffic down 12.30%. Table I: Domestic Passengers (in thousands) Airport 2Q08 2Q09 % Change 1H08 1H09 % Change Cancun 890.7 735.6 (17.41) 1,675.8 1,391.6 (16.96) Cozumel 24.1 9.0 (62.66) 47.8 26.0 (45.61) Huatulco 65.5 77.5 18.32 130.3 160.5 23.18 Merida 302.7 212.6 (29.77) 617.4 451.5 (26.87) Minatitlan 40.3 31.7 (21.34) 78.7 66.8 (15.12) Oaxaca 123.6 97.9 (20.79) 254.6 234.9 (7.74) Tapachula 58.8 47.8 (18.71) 119.9 105.0 (12.43) Veracruz 235.8 174.1 (26.17) 457.5 381.3 (16.66) Villahermosa 238.9 165.9 (30.56) 479.8 353.9 (26.24) TOTAL 1,980.4 1,552.1 (21.63) 3,861.8 3,171.5 (17.88) Note: Passenger figures exclude transit and general aviation passengers. Table II: International Passengers (in thousands) Airport 2Q08 2Q09 % Change 1H08 1H09 % Change Cancun 2,427.3 1,667.4 (31.31) 5,290.8 4,661.0 (11.90) Cozumel 131.8 94.9 (28.00) 281.3 226.7 (19.41) Huatulco 7.6 7.9 3.95 57.9 49.8 (13.99) Merida 25.7 18.5 (28.02) 61.1 44.0 (27.99) Minatitlan 1.1 0.7 (36.36) 2.1 1.6 (23.81) Oaxaca 9.9 12.5 26.26 23.4 30.6 30.77 Tapachula 0.9 0.9 - 2.2 2.0 (9.09) Veracruz 16.8 14.2 (15.48) 34.2 29.9 (12.57) Villahermosa 12.6 10.3 (18.25) 25.1 21.8 (13.15) TOTAL 2,633.7 1,827.3 (30.62) 5,778.1 5,067.4 (12.30) Note: Passenger figures exclude transit and general aviation passengers. Table III: Total Passengers (in thousands) Airport 2Q08 2Q09 % Change 1H08 1H09 % Change Cancun 3,318.0 2,403.0 (27.58) 6,966.6 6,052.6 (13.12) Cozumel 155.9 103.9 (33.35) 329.1 252.7 (23.21) Huatulco 73.1 85.4 16.83 188.2 210.3 11.74 Merida 328.4 231.1 (29.63) 678.5 495.5 (26.97) Minatitlan 41.4 32.4 (21.74) 80.8 68.4 (15.35) Oaxaca 133.5 110.4 (17.30) 278.0 265.5 (4.50) Tapachula 59.7 48.7 (18.43) 122.1 107.0 (12.37) Veracruz 252.6 188.3 (25.46) 491.7 411.2 (16.37) Villahermosa 251.5 176.2 (29.94) 504.9 375.7 (25.59) TOTAL 4,614.1 3,379.4 (26.76) 9,639.9 8,238.9 (14.53) Note: Passenger figures exclude transit and general aviation passengers. Consolidated Results for 2Q09 Total revenues for 2Q09 declined year-over-year by 16.10% to Ps.678.4 million. This was mainly due to declines of: -- 17.71% in revenues from aeronautical services principally as a result of the 26.76% decline in passenger traffic; and -- 12.99% in revenues from non-aeronautical services, principally as a result of the 11.74% decrease 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 fell by 11.74% year-over-year during the quarter, mainly as a result of the decline in passenger traffic generated by the Influenza H1N1 outbreak during the period. There were declines in revenues in the following activities -- 15.42% in duty-free stores; -- 2.89% in banking and currency exchange services; -- 31.96% in advertising; -- 20.48% in ground transportation; -- 5.71% in retail operations; -- 22.99% in food and beverage; -- 14.41% in parking lot fees; and -- 13.25% in other revenues These declines were partially offset by revenue increases of 31.85% in car rental companies and 10.90% in teleservices. New Retail and Other Commercial Space Business Name Type Opening Date Cancun Mas Business Gift shop April 2009 Merida Rent A Matic Itza Car rental company April 2009 Total operating costs and expenses for 2Q09 increased 2.04% year over year, primarily as a result of increases of: -- 8.86% in cost of services, mainly reflecting a Ps.34.0 million deferred provision that was reversed in 2Q08 as a result of the personnel reorganization; and -- 5.25% in depreciation and amortization, resulting from the depreciation of new investments in fixed assets and improvements made to concession assets. These increases were partially offset by the following declines: -- 6.46% in administrative expenses; -- 15.95% in concession fees paid to the Mexican government, mainly due to lower revenues (a factor in the calculation of the fee). -- 24.63% in the technical assistance fee paid to ITA, reflecting the decline in EBITDA for the quarter (a factor in the calculation of the fee). Operating margin for the quarter declined to 35.86% from 47.26% in 2Q08. This was mainly the result of the 16.10% decline in revenues and the 2.04% 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 2Q09, ASUR's subsidiaries that pay IETU made provisional tax payments of Ps.23.0 million. During the quarter, ASUR recognized asset taxes for a total of Ps.8.9 million under the line item Provision for Asset Tax. We do not expect to recover these asset taxes. Net income for 2Q09 declined 50.84% to Ps.125.44 million from Ps.255.16 million in 2Q08. Earnings per common share for the quarter were Ps.0.4181, or earnings per ADS (EPADS) of US$0.3174 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.0.8505, or EPADS of US$0.6457, for the same period last year. Table IV: Summary of Consolidated Results for 2Q09 2Q08 2Q09 % Change Total Revenues 808,518 678,374 (16.10) Aeronautical Services 532,630 438,319 (17.71) Non-Aeronautical Services 275,888 240,055 (12.99) Commercial Revenues 231,207 204,071 (11.74) Operating Profit 382,115 243,284 (36.33) Operating Margin % 47.26% 35.86% (24.12%) EBITDA 531,865 400,901 (24.62) EBITDA Margin % 65.78% 59.10% (10.16%) Net Income 255,158 125,439 (50.84) Earnings per Share 0.8505 0.4181 (50.84) Earnings per ADS in US $0.6457 0.3174 (50.84) Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 13.1722 Table V: Commercial Revenues per Passenger for 2Q09 2Q08 2Q09 % Change Total Passengers ('000) 4,691 3,442 (26.63) Total Commercial Revenues 231,207 204,071 (11.74) Commercial revenues from direct operations (1) 44,652 36,466 (18.33) Commercial revenues excluding direct operations 186,555 167,605 (10.16) Total Commercial Revenue per Passenger 49.29 59.29 20.29 Commercial revenue direct operations per passenger (1) 9.52 10.59 11.24 Commercial revenue per passenger (excluding direct operations) 39.77 48.70 22.45 Note: For purposes of this table, approximately 76,700 and 62,300 transit and general aviation passengers are included for 2Q08 and 2Q09, respectively. (1) Revenues from direct commercial operations represent ASUR's operation of convenience stores in airports and the direct sale of advertising space. Table VI: Operating Costs and Expenses for 2Q09 2Q08 2Q09 % Change Cost of Services 180,271 196,237 8.86 Administrative 28,006 26,196 (6.46) Technical Assistance 27,994 21,100 (24.63) Concession Fees 40,382 33,940 (15.95) Depreciation and Amortization 149,750 157,617 5.25 TOTAL 426,403 435,090 2.04 Note: Figures in nominal pesos. Consolidated Results for 1H09 Total revenues for 1H09 declined year-over-year by 0.91% to Ps.1,663.0 million. This was mainly due to a 3.88% decline in revenues from aeronautical services as a result of the 14.53% decline in passenger traffic during the period, partially offset by the increase in rates that was approved in 1Q09. This decline in revenues from aeronautical services was partially offset by a 5.16% increase in revenues from non-aeronautical services, principally as a result of the 7.68% rise in commercial revenues detailed below. Commercial revenues for 1H09 rose by 7.68% year-over-year, principally as a result of revenue increases in the following areas: -- 11.29% in duty-free stores; -- 9.44% in retail operations; -- 0.50% in advertising; -- 10.22% in banking and currency exchange services; -- 14.04% in teleservices; -- 32.67% in car rental companies; and -- 7.90% in other income. These increases were partially offset by revenue declines in the following areas: -- 8.80% in parking lot fees; -- 5.44% in ground transportation services; and -- 0.67% in food and beverage. Total operating costs and expenses for 1H09 increased by 3.47%, mainly due to the following: -- a 6.48% increase in cost of services, mainly due to a deferred provision that was reversed in 2Q08 as a result of the personnel reorganization; and -- a 5.71% increase in depreciation and amortization, resulting from the depreciation of investments in fixed assets and improvements made to concession assets. This was partially offset by the following: -- a 6.83% decline in administrative expenses; -- a 2.53% decline in technical assistance costs, reflecting the corresponding decrease in EBITDA during the period; and -- a 6.26% decrease in concession fees, mainly due to lower revenues. Operating margin decreased to 46.34% for 1H09, down from 48.62% for 1H08. This was mainly the result of the 0.91% decline in revenues and the 3.47% increase in costs and expenses during the period. Net income for 1H09 declined by 23.07% to Ps.467.16 million. Earnings per common share for the period were Ps.1.5572, or earnings per ADS (EPADS) of US$1.1822 (one ADS represents ten series B common shares). This compares with Ps.2.0241, or EPADS of US$1.5367, for the same period last year. Table VII: Summary of Consolidated Results for 1H09 (in thousands) 1H08 1H09 % Change Total Revenues 1,678,408 1,663,066 (0.91) Aeronautical Services 1,127,345 1,083,561 (3.88) Non-Aeronautical Services 551,063 579,505 5.16 Commercial Revenues 466,836 502,691 7.68 Operating Profit 815,963 770,717 (5.55) Operating Margin % 48.62% 46.34% (4.68%) EBITDA 1,114,827 1,086,658 (2.53) EBITDA Margin % 66.42% 65.34% (1.63%) Net Income 607,234 467,166 (23.07) Earnings per Share 2.0241 1.5572 (23.07) Earnings per ADS in US $1.5367 1.1822 (23.07) Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 13.1722. Table VIII: Commercial Revenues per Passenger for 1H09 (in thousands) 1H08 1H09 % Change Total Passengers *('000) 9,820 8,368 (14.79) Total Commercial Revenues 466,836 502,691 7.68 Commercial revenues from direct operations (1) 88,987 91,235 2.53 Commercial revenues excluding direct operations 377,849 411,456 8.89 Total Commercial Revenue per Passenger 47.54 60.07 26.36 Commercial revenue from direct operations per passenger (1) 9.06 10.90 20.31 Commercial revenue per passenger (excluding direct operations) 38.48 49.17 27.78 * For purposes of this table, approximately 179,700 and 129,100 transit and general aviation passengers are included for 1H08 and 1H09, respectively. (1) Revenues from direct commercial operations represent only ASUR's operation of ten convenience stores as well as the direct sale of advertising space by the Company. Table IX: Operating Costs and Expenses for 1H09 (in thousands) 1H08 1H09 % Change Cost of Services 363,029 386,544 6.48 Administrative 59,998 54,039 (6.83) Technical Assistance 58,675 57,193 (2.53) Concession Fees 83,879 78,632 (6.26) Depreciation and Amortization 298,864 315,941 5.71 TOTAL 862,445 892,349 3.47 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 1H09 were Ps.1,266.27 million, resulting in an annual average tariff per workload unit of Ps.149.55. ASUR's regulated revenues accounted for approximately 76.14% 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. Balance Sheet On June 30, 2009, Airport Facility Usage Rights and Airport Concessions represented 79.40% of the Company's total assets, with current assets representing 11.74% and other assets representing 8.86%. On June 30, 2009, cash and marketable securities were Ps.973.32 million. On the same date, shareholder's equity was Ps.13,538.16 million and total liabilities were Ps.2,741.06 million, representing 83.16% and 16.84% of total assets, respectively. Total deferred liabilities represented 71.03% of the Company's total liabilities. In May 2009, Aeropuerto de Cancun, S.A. de C.V., our subsidiary that operates the Cancun airport, executed three term credit facilities, consisting of a Ps.250 million three-year term credit facility from each of IXE Banco, Banco Santander and BBVA Bancomer. The facilities each have 11 equal amortizations of principal, are denominated in pesos, and charge interest at a rate based on the Tasa de Interes Intercambiaria de Equilibria, or Interbank Equilibrium Interest Rate ("TIIE") plus 1.75% to 2.00%. Each of these facilities may be used for general corporate purposes, and we expect to use them to fund capital expenditures related to our master development plans. As of July 27, 2009, Ps.600 million had been disbursed under these facilities. Some of these credit facilities require us and our Cancun Airport subsidiary to maintain a liquidity ratio of at least 1.25 to 1.00, an interest coverage ratio of at least 5.00 to 1.00, a ratio of liabilities to stated capital of no greater than 0.75 to 1.00, and a ratio of earnings before income, taxes, depreciation and amortization to debt of at least 2.00 to 1.00, or incur more than Ps.500 million of additional debt. If we fail to comply with these and other covenants, certain facilities restrict our ability to pay dividends to our shareholders. To reduce ASUR's exposure to adverse fluctuations in interest rates, management has entered into interest rate swap agreements for each of the three credit facilities, effective 3Q09, which have fixed the TIIE at between 6.21% to 6.37%. Capital Expenditures During the quarter, ASUR made investments of Ps.56.35 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans. During 1H09, ASUR made capital investments of Ps.97.05 million. 2Q09 Earnings Conference Call Day: Tuesday, July 28, 2009 Time: 10:00 AM US EST; 9:00 AM Mexico City time Dial-in number: 888.680.0879 (US & Canada) and 617.213.4856 (International & Mexico) Access Code: 89671179 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=PF84P3NQK. 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 Tuesday, July 28, 2009 at 1:00 PM US ET, ending at midnight US ET on Tuesday, August 4, 2009. Dial-in number: 888.286.8010 (US & Canada); 617.801.6888 (International & Mexico). Access Code: 51164919. 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. TABLES TO FOLLOW Grupo Aeroportuario del Sureste, S.A.B. de C.V. Operating Results per Airport Thousands of Mexican pesos Item 2Q08 2Q09 % change 1H08 1H09 % change Cancun Aeronautical Revenues 394,938 315,995 (19.99) 840,805 817,967 (2.72) Non-Aeronautical Revenues 231,029 200,766 (13.10) 463,724 494,073 6.54 Operating Profit 320,230 75,582 (76.40) 679,437 539,927 (20.53) EBITDA 417,556 178,600 (57.23) 873,295 744,504 (14.75) Cozumel Aeronautical Revenues 19,465 18,199 (6.50) 41,655 39,383 (5.45) Non-Aeronautical Revenues 6,520 6,580 0.92 12,648 13,409 6.02 Operating Profit 1,913 (2,193) (214.64) 8,935 1,664 (81.38) EBITDA 10,093 5,685 (43.67) 25,302 18,874 (25.41) Merida Aeronautical Revenues 31,989 31,284 (2.20) 66,075 60,017 (9.17) Non-Aeronautical Revenues 13,596 9,674 (28.85) 26,706 23,552 (11.81) Operating Profit 5,671 (8,429) (248.63) 15,768 (3,743) (123.74) EBITDA 17,398 3,427 (80.30) 39,224 19,485 (50.32) Villahermosa Aeronautical Revenues 27,410 19,811 (27.72) 54,880 43,363 (20.99) Non-Aeronautical Revenues 8,393 7,121 (15.16) 15,862 15,095 (4.84) Operating Profit 9,992 (9,831) (198.39) 20,887 (4,616) (122.10) EBITDA 18,020 (1,425) (107.91) 36,955 12,189 (67.02) Others Aeronautical Revenues 58,828 53,030 (9.86) 123,930 122,831 (0.89) Non-Aeronautical Revenues 16,350 15,914 (2.67) 32,123 33,376 3.90 Operating Profit 44,309 188,155 324.64 90,936 237,485 161.16 EBITDA 68,798 214,614 211.95 140,051 291,606 108.21 Group Aeronautical Revenues 532,630 438,319 (17.71) 1,127,345 1,083,561 (3.88) Non-Aeronautical Revenues 275,888 240,055 (12.99) 551,063 579,505 5.16 Operating Profit 382,115 243,284 (36.33) 815,963 770,717 (5.55) EBITDA 531,865 400,901 (24.62) 1,114,827 1,086,658 (2.53) 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 June 30, 2009 and 2008 Thousands of Mexican pesos Item June 2008 June 2009 Variation % ---- --------- --------- ----------- - Assets Current Assets -------------- Cash and Cash Equivalents 1,632,187 973,320 (658,867) (40.37) Trade Receivables, net 360,304 152,769 (207,535) (57.60) Recoverable Taxes and Other Current Assets 595,549 789,887 194,338 32.63 ------- ------- ------- ----- Total Current Assets 2,588,040 1,915,976 (672,064) (25.97) Fixed Assets ------------ Machinery, Furniture and Equipment, net 280,231 603,898 323,667 115.50 Rights to Use Airport Facilities, net 2,156,826 2,090,927 (65,899) (3.06) Improvements to Use Airport Facilities, net 3,092,525 3,096,801 4,276 0.14 Construction in Process 308,443 552,061 243,618 78.98 Others 56,168 30,680 (25,488) (45.38) ------ ------ ------- ------ Total Fixed Assets 5,894,193 6,374,367 480,174 8.15 Deferred Assets --------------- Airports Concessions, net 7,935,464 7,730,583 (204,881) (2.58) Deferred Income Taxes - - - - Deferred IETU 210,525 191,850 (18,675) (8.87) Other 100,746 66,451 (34,295) (34.04) ------- ------ ------- ------ Total Deferred Assets 8,246,735 7,988,884 (257,851) (3.13) Total Assets 16,728,968 16,279,227 (449,741) (2.69) Liabilities and Stockholders' Equity Current Liabilities ------------------- Trade Accounts Payable 11,789 9,404 (2,385) (20.23) Notes Payable - - - - Bank Loans - 164,957 164,957 100.00 Accrued Expenses and Others Payables 207,658 154,758 (52,900) (25.47) ------- ------- ------- ------ Total Current Liabilities 219,447 329,119 109,672 49.98 Long Term Liabilities --------------------- Other 18,818 24,990 6,172 32.80 Bank Loans - 439,886 439,886 100.00 Deferred Income Taxes 1,264,572 1,247,832 (16,740) (1.32) Deferred Flat Rate Business Tax 705,949 691,869 (14,080) (1.99) Deferred Employees Profit Sharing - - - - Labor Obligations 7,421 7,368 (53) (0.71) ----- ----- --- ----- Total Long Term Liabilities 1,996,760 2,411,945 415,185 20.79 Total Liabilities 2,216,207 2,741,064 524,857 23.68 Stockholders' Equity -------------------- Capital stock 12,799,204 12,799,204 - - Legal Reserve 194,044 246,517 52,473 27.04 Share Repurchase Reserve - - - - Net Income for the Period 607,234 467,166 (140,068) (23.07) Retained Earnings 912,279 25,276 (887,003) (97.23) ------- ------ -------- ------ Total Stockholders' Equity 14,512,761 13,538,163 (974,598) (6.72) Total Liabilities and Stockholders' Equity 16,728,968 16,279,227 (449,741) (2.69) ========== ========== ======== ===== Grupo Aeroportuario del Sureste, S.A.B. de C.V. Consolidated Statement of Income from January 1 to June 30, 2009 and 2008 Thousands of Mexican pesos Item 1H08 1H09 % Change ------ -------- -------- ------------ Revenues Aeronautical Services 1,127,345 1,083,561 (3.88) Non-Aeronautical Services 551,063 579,505 5.16 --------- --------- ----- Total Revenues 1,678,408 1,663,066 (0.91) Operating Expenses Cost of Services 363,029 386,544 6.48 General and Administrative Expenses 57,998 54,039 (6.83) Technical Assistance 58,675 57,193 (2.53) Concession Fee 83,879 78,632 (6.26) Depreciation and Amortization 298,864 315,941 5.71 ------- ------- ---- Total Operating Expenses 862,445 892,349 3.47 Operating Income 815,963 770,717 (5.55) Comprehensive Financing Cost 61,474 21,382 (65.22) ------ ------ ------ Non-Ordinary Item Non-Ordinary Item 9,429 12,444 31.98 Income Before Income Taxes 868,008 779,655 (10.18) Provision for IETU 65,317 84,590 29.51 Provision for Income Tax 26,159 71,272 172.46 Provision for Asset Tax (576) 18,416 (3,297.22) Deferred Income Taxes 163,593 138,211 (15.52) Deferred IETU 6,281 - (100.00) ----- - ------- Net Income for the Year 607,234 467,166 (23.07) ======= ======= ====== Earning per Share 2.0241 1.5572 (23.07) Earning per American Depositary Share (in U.S. Dollars) 1.5367 1.1822 (23.07) Exchange rate per dollar Ps. 13.1722 Item 2Q08 2Q09 % Change ----- -------- -------- ----------- Revenues Aeronautical Services 532,630 438,319 (17.71) Non-Aeronautical Services 275,888 240,055 (12.99) ------- ------- ------ Total Revenues 808,518 678,374 (16.10) Operating Expenses Cost of Services 180,271 196,237 8.86 General and Administrative Expenses 28,006 26,196 (6.46) Technical Assistance 27,994 21,100 (24.63) Concession Fee 40,382 33,940 (15.95) Depreciation and Amortization 149,750 157,617 5.25 ------- ------- ---- Total Operating Expenses 426,403 435,090 2.04 Operating Income 382,115 243,284 (36.33) Comprehensive Financing Cost 24,280 (15,049) (161.98) ------ ------- ------- Non-Ordinary Item Non-Ordinary Item 8,897 2,412 (72.89) Income Before Income Taxes 397,498 225,823 (43.19) Provision for IETU 48,341 9,004 (81.37) Provision for Income Tax 13,921 47,564 241.67 Provision for Asset Tax (61) 8,944 (14,762.30) Deferred Income Taxes 78,691 36,803 (53.23) Deferred IETU 1,448 (1,931) (233.36) ----- ------ ------- Net Income for the Year 255,158 125,439 (50.84) ======= ======= ====== Earning per Share 0.8505 0.4181 (50.84) Earning per American Depositary Share (in U.S. Dollars) 0.6457 0.3174 (50.84) Exchange rate per dollar Ps. 13.1722 Grupo Aeroportuario del Sureste, S.A.B. de C.V. Consolidated Statement of Cash flow from January 1 to June 30, 2009 and 2008 Thousands of Mexican pesos Related 1H08 1H09 % Change ------- -------- -------- ---------- Operating Activities Income Before Income Taxes 868,008 779,655 (10) Items Related to Investing Activities: Depreciation and Amortization 298,864 315,941 6 Interest Income (74,077) (49,218) (34) Provisions (37,495) (100) ------- --------- ---- Sub-Total 1,055,300 1,046,378 (1) --------- --------- -- Increase in Trade Receivables (80,889) 208,430 (358) Decrease in Recoverable Taxes and other Current Assets 12,478 189,765 1,421 Other Deferred Assets (10,165) (45,581) 348 Income Tax Paid (90,900) (155,862) 71 Trade Accounts Payable (5,284) (100) Accrued Expenses and Others Payables (82,155) (431,143) 425 Long Term Liabilities (400) - (100) ------- ------- - Net Cash Flow Provided by Operating Activities 797,985 811,987 2 ------- ------- - Investing Activities Investments in Machinery, Furniture and Equipment, net (116,380) (32,866) (72) Investments in Rights to Use Airport Facilities - - - Investments in Construction in Process (78,786) (137,027) 74 Investments in Others (19,144) 23,626 (223) Interest Income 74,077 49,218 (34) -------- ------- --- Net Cash Flow Provided by Investing Activities (140,233) (97,049) (31) -------- ------- --- Excess Cash to Use in Financing Activities: 657,752 714,938 9 Others 600,000 - Dividends Paid (600,000) (1,884,000) 214 Tax on dividends Paid (351,262) (191,130) (46) -------- ---------- -- Net Cash Flow Provided by Financing Activities (951,262) (1,475,130) 55 -------- ---------- -- Net Increase in Cash and Cash Equivalents (293,510) (760,192) 159 Cash and Cash Equivalents at Beginning of Period 1,925,697 1,733,512 (10) Cash and Cash Equivalents at the End of Period 1,632,187 973,320 (40) ========= ======= === Related 2Q08 2Q09 % Change ------- -------- -------- ---------- Operating Activities Income Before Income Taxes 397,498 225,823 (43) Items Related to Investing Activities: Depreciation and Amortization 149,750 157,617 5 Interest Income (32,325) (19,632) (39) Provisions (37,495) (100) ------- ------- ---- Sub-Total 477,428 363,808 (24) ------- ------- --- Increase in Trade Receivables 5,344 300,095 5,516 Decrease in Recoverable Taxes and other Current Assets (7,334) 203,996 (2,882) Other Deferred Assets (20,836) (56,552) 171 Income Tax Paid (78,857) (155,862) (98) Trade Accounts Payable (2,613) 180 (107) Accrued Expenses and Other Payables (45,352) (96,498) 113 Long Term Liabilities (220) (113) (49) ------- ------- -- Net Cash Flow Provided by Operating Activities 327,560 559,053 71 ------- ------- -- Investing Activities Investments in Machinery, Furniture and Equipment, net (77,970) (29,202) (63) Investments in Rights to Use Airport Facilities - - - Investments in Construction in Process (23,942) (45,954) 92 Investments in Others 11,662 (828) (107) Interes Income 32,325 19,632 (39) ------- ------- -- Net Cash Flow Provided by Investing Activities (57,925) (56,352) (3) ------- ------- -- Excess Cash to Use in Financing Activities: 269,635 502,701 86 Others 600,000 - Dividends Paid (600,000) (1,884,000) 214 Tax on dividends Paid (351,262) (191,130) (46) -------- ---------- -- Net Cash Flow Provided by Financing Activities (951,262) (1,475,130) 55 -------- ---------- -- Net Increase in Cash and Cash Equivalents (681,627) (972,429) 43 Cash and Cash Equivalents at Beginning of Period 2,313,814 1,945,749 (16) Cash and Cash Equivalents at the End of Period 1,632,187 973,320 (40) ========= ======= === 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, +1-646-330-5907, , or Maura Gedid, +1-646-452-2335, , both of Breakstone Group for ASUR

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