MEXICO CITY, Oct. 22 /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 nine-month periods ended
September 30, 2009. 3Q09 Highlights(1): -- EBITDA(2) declined by
1.02% to Ps.434.76 million -- Total passenger traffic was down
13.86% -- Total revenues declined by 2.67%, due to declines of
3.09% in aeronautical revenues and 1.85% in non-aeronautical
revenues -- Commercial revenues per passenger increased by 14.88%
to Ps.55.88 per passenger -- Operating profit declined by 3.36% --
EBITDA margin was 60.83% compared with 59.82% in 3Q08 (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 nine-month periods ended September 30, 2009, and the
equivalent three- and nine-month periods ended September 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.13.4928. (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 third quarter of 2009, total passenger traffic declined
year-over-year by 13.86%. International passenger traffic declined
19.01% while domestic passenger traffic declined by 8.36%. 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, 28.4% in
June, 16.7% in July, 12.8% in August and 10.7% in September. The
19.01% decline in international passenger traffic resulted mainly
from a decline of 20.23% in international traffic at the Cancun
airport. The 8.36% decline in domestic passenger traffic resulted
mainly from declines of 13.94%, 11.33%, 18.12%, 32.50% and 38.06%
at the Merida, Veracruz, Villahermosa, Cozumel and Tapachula
airports, respectively. For 9M09, total passenger traffic declined
by 14.33% compared to 9M08, with domestic passenger traffic down
14.59% and international passenger traffic down 14.13%. Table I:
Domestic Passengers (in thousands) Airport 3Q08 3Q09 % Change 9M08
9M09 % Change ------- ---- ---- -------- ---- ---- -------- Cancun
965.2 955.8 (0.97) 2,641.0 2,347.4 (11.12) Cozumel 24.0 16.2
(32.50) 71.8 42.2 (41.23) Huatulco 86.4 84.6 (2.08) 216.7 245.1
13.11 Merida 279.0 240.1 (13.94) 896.4 691.6 (22.85) Minatitlan
37.9 38.3 1.06 116.5 105.1 (9.79) Oaxaca 135.6 110.7 (18.36) 390.1
345.6 (11.41) Tapachula 57.8 35.8 (38.06) 177.7 140.8 (20.77)
Veracruz 225.1 199.6 (11.33) 682.6 581.0 (14.88) Villahermosa 221.3
181.2 (18.12) 701.1 535.1 (23.68) TOTAL 2,032.3 1,862.3 (8.36)
5,893.9 5,033.9 (14.59) Note: Passenger figures exclude transit and
general aviation passengers. Table II: International Passengers (in
thousands) Airport 3Q08 3Q09 % Change 9M08 9M09 % Change -------
---- ---- -------- ---- ---- -------- Cancun 1,991.4 1,588.5
(20.23) 7,282.1 6,249.5 (14.18) Cozumel 90.6 83.9 (7.40) 371.9
310.6 (16.48) Huatulco 3.8 3.5 (7.89) 61.7 53.3 (13.61) Merida 30.8
24.9 (19.16) 92.0 68.9 (25.11) Minatitlan 1.2 1.1 (8.33) 3.4 2.7
(20.59) Oaxaca 13.0 17.9 37.69 36.4 48.6 33.52 Tapachula 0.9 1.0
11.11 3.2 3.0 (6.25) Veracruz 20.4 19.3 (5.39) 54.6 49.2 (9.89)
Villahermosa 14.9 15.0 0.67 40.0 36.8 (8.00) TOTAL 2,167.0 1,755.1
(19.01) 7,945.3 6,822.6 (14.13) Note: Passenger figures exclude
transit and general aviation passengers. Table III: Total
Passengers (in thousands) Airport 3Q08 3Q09 % Change 9M08 9M09 %
Change ------- ---- ---- -------- ---- ---- -------- Cancun 2,956.6
2,544.3 (13.95) 9,923.1 8,596.9 (13.36) Cozumel 114.6 100.1 (12.65)
443.7 352.8 (20.49) Huatulco 90.2 88.1 (2.33) 278.4 298.4 7.18
Merida 309.8 265.0 (14.46) 988.4 760.5 (23.06) Minatitlan 39.1 39.4
0.77 119.9 107.8 (10.09) Oaxaca 148.6 128.6 (13.46) 426.5 394.2
(7.57) Tapachula 58.7 36.8 (37.31) 180.9 143.8 (20.51) Veracruz
245.5 218.9 (10.84) 737.2 630.2 (14.51) Villahermosa 236.2 196.2
(16.93) 741.1 571.9 (22.83) TOTAL 4,199.3 3,617.4 (13.86) 13,839.2
11,856.5 (14.33) Note: Passenger figures exclude transit and
general aviation passengers. Consolidated Results for 3Q09 Total
revenues for 3Q09 declined year-over-year by 2.67% to Ps.714.7
million. This was mainly due to declines of: -- 3.09% in revenues
from aeronautical services principally as a result of the 13.86%
decline in passenger traffic; and -- 1.85% in revenues from
non-aeronautical services, principally as a result of the 0.20%
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 0.20% year-over-year during the quarter,
principally reflecting the decline in passenger traffic. There were
declines in revenues in the following activities: -- 0.75% in
duty-free stores; -- 2.54% in banking and currency exchange
services; -- 26.62% in advertising; -- 11.37% in food and beverage;
and -- 10.94% in parking lot fees. These declines were partially
offset by revenue increases of: -- 54.82% in car rentals; -- 7.00%
in ground transportation; -- 2.45% in retail operations; -- 7.86%
in other revenues; and -- 14.43% 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 Tapachula Hertz Car rental company June 2009
Veracruz Avis Car rental company June 2009 Total operating costs
and expenses for 3Q09 decreased 2.23% year over year, primarily as
a result of declines of: -- 9.42% in cost of services, mainly
reflecting declines in energy and cleaning services; and -- 2.18%
in concession fees paid to the Mexican government, mainly due to
lower revenues (a factor in the calculation of the fee); and --
1.02% in the technical assistance fee paid to ITA, reflecting the
decline in EBITDA for the quarter (a factor in the calculation of
the fee). These declines were partially offset by the following
increases: -- 3.42% in depreciation and amortization, resulting
from the depreciation of new investments in fixed assets and
improvements made to concession assets; and -- 23.52% in
administrative expenses, principally in labor costs resulting from
the reassignment of employees from certain operating areas to
corporate. Operating margin for the quarter declined to 38.95% from
39.22% in 3Q08. This was mainly the result of declines of 2.67% in
revenues, which more than offset a decrease of 2.23% 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 3Q09, ASUR's subsidiaries that pay IETU
made provisional tax payments of Ps.39.1 million. During the
quarter, ASUR recognized asset taxes for a total of Ps.13.4 million
under the line item Provision for Asset Tax. We do not expect to
recover these asset taxes. Net income for 3Q09 declined 27.01% to
Ps.170.74 million from Ps.233.91 million in 2Q08. Earnings per
common share for the quarter were Ps.0.5691, or earnings per ADS
(EPADS) of US$0.4218 (one ADS represents ten series B common
shares). This compares with earnings per share of Ps.0.7797, or
EPADS of US$0.5779, for the same period last year. Table IV:
Summary of Consolidated Results for 3Q09 3Q08 3Q09 % Change ----
---- -------- Total Revenues 734,306 714,672 (2.67) Aeronautical
Services 487,469 472,397 (3.09) Non-Aeronautical Services 246,837
242,275 (1.85) Commercial Revenues 207,845 207,437 (0.20) Operating
Profit 288,018 278,346 (3.36) Operating Margin % 39.22% 38.95%
(0.68%) EBITDA 439,256 434,761 (1.02) EBITDA Margin % 59.82% 60.83%
(1.70%) Net Income 233,910 170,742 (27.01) Earnings per Share
0.7797 0.5691 (27.01) Earnings per ADS in US $0.5779 0.4218 (27.01)
Note: U.S. dollar figures are calculated at the exchange rate of
US$1 = Ps.13.4928 Table V: Commercial Revenues per Passenger for
3Q09 3Q08 3Q09 % Change ---- ---- -------- Total Passengers ('000)
4,273 3,712 (13.13) Total Commercial Revenues 207,845 207,437
(0.20) Commercial revenues from direct operations (1) 30,960 39,516
27.64 Commercial revenues excluding direct operations 176,885
167,921 (5.07) Total Commercial Revenue per Passenger 48.64 55.88
14.88 Commercial revenue from direct operations per passenger (1)
7.25 10.65 46.90 Commercial revenue per passenger (excluding direct
operations) 41.39 45.23 9.28 Note: For purposes of this table,
approximately 73,900 and 94,400 transit and general aviation
passengers are included for 3Q08 and 3Q09, 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 3Q09
3Q08 3Q09 % Change ---- ---- -------- Cost of Services 211,689
191,758 (9.42) Administrative 24,665 30,467 23.52 Technical
Assistance 23,118 22,882 (1.02) Concession Fees 35,578 34,804
(2.18) Depreciation and Amortization 151,238 156,415 3.42 TOTAL
446,288 436,326 (2.23) Note: Figures in nominal pesos. Consolidated
Results for 9M09 Total revenues for 9M09 declined year-over-year by
1.45% to Ps.2,377.7 million. This was mainly due to a 3.64% decline
in revenues from aeronautical services as a result of the 14.33%
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 2.99%
increase in revenues from non-aeronautical services, principally as
a result of the 5.25% rise in commercial revenues detailed below.
Commercial revenues for 9M09 rose by 5.25% year-over-year,
principally as a result of revenue increases in the following
areas: -- 7.79% in duty-free stores; -- 7.25% in retail operations;
-- 6.29% in banking and currency exchange services; -- 14.16% in
teleservices; -- 39.67% in car rentals; and -- 7.89% in other
income. These increases were partially offset by revenue declines
in the following areas: -- 9.51% in parking lot fees; -- 1.94% in
ground transportation services; -- 3.86% in food and beverage; and
-- 9.10% in advertising. Total operating costs and expenses for
9M09 rose 1.52%, mainly due to the following increases: -- 0.62% in
cost of services, mainly reflecting costs incurred in connection
with the master development plans, higher professional fees and a
deferred provision that was reversed in 3Q08 as a result of the
personnel reorganization. These increases more than offset declines
in energy and maintenance costs as well as lower labor costs
resulting from the reassignment of employees from certain operating
areas to corporate. -- 4.94% in depreciation and amortization,
resulting from the depreciation of investments in fixed assets and
improvements made to concession assets; -- 2.23% in administrative
expenses, resulting from the lease of equipment and higher security
costs. These increases were partially offset by the following
declines: -- 2.10% in technical assistance costs, reflecting the
corresponding decrease in EBITDA during the period; and -- 5.04% in
concession fees, mainly due to lower revenues. Operating margin
decreased to 44.12% for 9M09, down from 45.76% for 9M08. This was
mainly the result of the 1.45% decline in revenues and the 1.52%
increase in costs and expenses during the period. Net income for
9M09 declined by 24.16% to Ps.637.90 million. Earnings per common
share for the period were Ps.2.1264, or earnings per ADS (EPADS) of
US$1.5759 (one ADS represents ten series B common shares). This
compares with Ps.2.8038, or EPADS of US$2.0780, for the same period
last year. Table VII: Summary of Consolidated Results for 9M09 (in
thousands) 9M08 9M09 % Change ---- ---- -------- Total Revenues
2,412,714 2,377,737 (1.45) Aeronautical Services 1,614,814
1,555,958 (3.64) Non-Aeronautical Services 797,900 821,779 2.99
Commercial Revenues 674,681 710,128 5.25 Operating Profit 1,103,981
1,049,063 (4.97) Operating Margin % 45.76% 44.12% (3.58%) EBITDA
1,554,083 1,521,418 (2.10) EBITDA Margin % 64.41% 63.99% (0.66%)
Net Income 841,144 637,907 (24.16) Earnings per Share 2.8038 2.1264
(24.16) Earnings per ADS in US $2.0780 1.5759 (24.16) Note: U.S.
dollar figures are calculated at the exchange rate of US$1 =
Ps.13.4928. Table VIII: Commercial Revenues per Passenger for 9M09
(in thousands) 9M08 9M09 % Change ---- ---- -------- Total
Passengers *('000) 14,093 12,080 (14.28) Total Commercial Revenues
674,681 710,128 5.25 Commercial revenues from direct operations (1)
112,426 130,751 16.30 Commercial revenues excluding direct
operations 562,255 579,377 3.05 9M08 9M09 % Change ---- ----
-------- Total Commercial Revenue per Passenger 47.87 58.79 22.81
Commercial revenue from direct operations per passenger (1) 7.98
10.82 35.59 Commercial revenue per passenger (excluding direct
operations) 39.89 47.97 20.26 * For purposes of this table,
approximately 253,600 and 223,400 transit and general aviation
passengers are included for 9M08 and 9M09, 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 9M09 (in thousands) 9M08 9M09 % Change ---- ----
-------- Cost of Services 574,719 578,302 0.62 Administrative
82,662 84,506 2.23 Technical Assistance 81,793 80,075 (2.10)
Concession Fees 119,457 113,436 (5.04) Depreciation and
Amortization 450,102 472,355 4.94 TOTAL 1,308,733 1,328,674 1.52
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 9M09 were Ps.1,752.22 million, resulting in
an annual average tariff per workload unit of Ps.143.74. ASUR's
regulated revenues accounted for approximately 73.69% 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 September
30, 2009, Airport Facility Usage Rights and Airport Concessions
represented 81.29% of the Company's total assets, with current
assets representing 13.28% and other assets representing 5.43%.
Cash and marketable securities on September 30, 2009 were
Ps.1,239.34 million, a 30.25% decline from Ps.1,776.78 million on
September 30, 2008. In 2Q09 ASUR paid a Ps.1,884 million cash
dividend. On the same date, shareholder's equity was Ps.13,708.90
million and total liabilities were Ps.2,803.51 million,
representing 83.02% and 16.98% of total assets, respectively. Total
deferred liabilities represented 71.87% of the Company's total
liabilities. Total bank debt at September 30, 2009 reflects
borrowings of Ps.604.14 million under a Ps.750 million three-year
credit agreement which it entered into in May 2009 with a group of
banks. At the end of the quarter, ASUR had Ps.150 million available
for additional borrowings expected to fund capital expenditures
related to the Company's master development plans. Capital
Expenditures During the third quarter, ASUR made investments of
Ps.98.03 million as part of ASUR's ongoing plan to modernize its
airports pursuant to its master development plans. During 9M09,
ASUR made capital investments of Ps.195.08 million. Recent Events
Cancun Airport Doubles Operating Capacity with Second Runway On
October 20, 2009 the Company inaugurated the second runway of
Cancun Airport, which doubles the airport's capacity to
approximately 28 million passengers per annum. The increased
capacity level is expected to meet forecasted demand for the next
several decades. The second runway, parallel to the existing one,
allows for simultaneous takeoffs and landings, thereby increasing
operating capacity to more than 80 takeoffs or landings per hour.
Cancun Airport is the first airport in Mexico with two runways that
can be used at the same time. The project, which represented a
total investment of approximately US$67 million, also included a
new control tower, the tallest in Latin America, and one of the top
20 tallest worldwide. With this project, ASUR expects to contribute
to economic development in the region and to maintain Cancun's
position at the forefront of airport services in Mexico and Latin
America. 3Q09 Earnings Conference Call Day: October 23, 2009 Time:
10:00 AM US ET; 9:00 AM Mexico City time Dial-in Lumber:
888.679.8037 (US & Canada) and 617.213.4849 (International
& Mexico) Access Code: 87015339 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=PP6GHNHA8
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, October 23, 2009 at 1:00 PM US ET, ending
at midnight US ET on Tuesday, October 30, 2009. Dial-in number:
888.286.8010 (US & Canada); 617.801.6888 (International &
Mexico). Access Code: 31622049. 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 3Q 3Q
Variation Cumulative Cumulative Variation Item 2008 2009 % 2008
2009 % ---- ---- ---- ------ ------- ------- ------ Cancun
Aeronautical Revenues 351,964 333,514 (5.24) 1,192,769 1,151,481
(3.46) Non-Aeronautical Revenues 202,478 197,333 (2.54) 666,198
691,407 3.78 Operating Profit (146,092) 205,733 (240.82) 533,345
745,660 39.81 EBITDA (47,755) 307,869 (744.68) 825,540 1,052,425
27.48 Cozumel Aeronautical Revenues 14,729 17,533 19.04 56,384
56,916 0.94 Non-Aeronautical Revenues 5,660 5,999 5.99 18,389
19,408 5.54 Operating Profit (6,791) 28 (100.41) 2,144 1,692
(21.08) EBITDA 1,480 7,910 434.46 26,781 26,784 0.01 Merida
Aeronautical Revenues 31,515 34,624 9.87 97,590 94,641 (3.02)
Non-Aeronautical Revenues 12,673 12,620 (0.42) 39,402 36,171 (8.20)
Operating Profit 401 10,258 2,458.10 16,169 6,515 (59.71) EBITDA
12,171 21,634 77.75 51,394 41,118 (19.99) Villahermosa Aeronautical
Revenues 26,545 22,201 (16.36) 81,425 65,564 (19.48)
Non-Aeronautical Revenues 8,688 8,739 0.59 24,559 23,834 (2.95)
Operating Profit 5,733 5,227 (8.83) 26,620 610 (97.71) EBITDA
13,880 13,701 (1.29) 50,834 25,891 (49.07) Others Aeronautical
Revenues 62,716 64,525 2.88 186,646 187,356 0.38 Non-Aeronautical
Revenues 17,338 17,584 1.42 49,352 50,959 3.26 Operating Profit
434,767 57,100 (86.87) 525,703 294,586 (43.96) EBITDA 459,480
83,647 (81.80) 599,534 375,200 (37.42) Group Aeronautical Revenues
487,469 472,397 (3.09) 1,614,814 1,555,958 (3.64) Non-Aeronautical
Revenues 246,837 242,275 (1.85) 797,900 821,779 2.99 Operating
Profit 288,018 278,346 (3.36) 1,103,981 1,049,063 (4.97) EBITDA
439,256 434,761 (1.02) 1,554,083 1,521,418 (2.10) Grupo
Aeroportuario del Sureste, S.A.B. de C.V. Consolidated Balance
Sheet as of September 30, 2009 and 2008 Thousands of Mexican pesos
September September Item 2008 2009 Variation % -------------------
--------- --------- ----------- ----- Assets Current Assets
-------------- Cash and Cash Equivalents 1,776,786 1,239,343
(537,443) (30.25) Trade Receivables, net 350,921 178,057 (172,864)
(49.26) Recoverable Taxes and Other Current Assets 634,566 774,584
140,018 22.07 ------- ------- ------- ----- Total Current Assets
2,762,273 2,191,984 (570,289) (20.65) Fixed Assets ------------
Machinery, Furniture and Equipment, net 274,730 615,712 340,982
124.12 Rights to Use Airport Facilities, net 2,140,329 2,074,487
(65,842) (3.08) Improvements to Use Airport Facilities, net
3,025,395 3,023,576 (1,819) (0.06) Construction in Process 448,060
646,144 198,084 44.21 Others 232,917 29,523 (203,394) (87.32)
------- ------ -------- ------ Total Fixed Assets 6,121,431
6,389,442 268,011 4.38 Deferred Assets --------------- Airports
Concessions, net 7,884,244 7,679,364 (204,880) (2.60) Deferred
Income Taxes - - - - Deferred IETU 210,525 191,382 (19,143) (9.09)
Other 93,795 60,243 (33,552) (35.77) ------ ------ ------- ------
Total Deferred Assets 8,188,564 7,930,989 (257,575) (3.15) Total
Assets 17,072,268 16,512,415 (559,853) (3.28) Liabilities and
Stockholders' Equity Current Liabilities ------------------- Trade
Accounts Payable 15,394 12,993 (2,401) (15.60) Notes Payable - - -
- Bank Loans - 167,810 167,810 - Accrued Expenses and Other
Payables 373,225 145,818 (227,407) (60.93) ------- ------- --------
------ Total Current Liabilities 388,619 326,621 (61,998) (15.95)
Long Term Liabilities --------------------- Other 22,585 25,369
2,784 12.33 Bank Loans 436,364 436,364 - Deferred Income Taxes
1,202,268 1,312,625 110,357 9.18 Deferred IETU 705,939 694,502
(11,437) (1.62) Deferred Employees Profit Sharing - - - - Labor
Obligations 6,186 8,031 1,845 29.83 ----- ----- ----- ----- Total
Long Term Liabilities 1,936,978 2,476,891 539,913 27.87 Total
Liabilities 2,325,597 2,803,512 477,915 20.55 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 841,144 637,907 (203,237) (24.16)
Retained Earnings 912,279 25,275 (887,004) (97.23) ------- ------
-------- ------ Total Stockholders' Equity 14,746,671 13,708,903
(1,037,768) (7.04) Total Liabilities and Stockholders' Equity
17,072,268 16,512,415 (559,853) (3.28) ========== ==========
======== ===== Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Income from January 1 to September 30,
2009 and 2008 Thousands of Mexican pesos Cumulative Cumulative
Variation Quarter Quarter Variation Item 2008 2009 % 2008 2009 %
--------------- --------- ------- ------ ------- ------- ------
Revenues Aeronautical Services 1,614,814 1,555,958 (3.64) 487,469
472,397 (3.09) Non-Aeronautical Services 797,900 821,779 2.99
246,837 242,275 (1.85) --------- -------- ---- ------- -------
----- Total Revenues 2,412,714 2,377,737 (1.45) 734,306 714,672
(2.67) Operating Expenses Cost of Services 574,719 578,302 0.62
211,689 191,758 (9.42) General and Administrative Expenses 82,662
84,506 2.23 24,665 30,467 23.52 Technical Assistance 81,793 80,075
(2.10) 23,118 22,882 (1.02) Concession Fee 119,457 113,436 (5.04)
35,578 34,804 (2.18) Depreciation and Amortization 450,102 472,355
4.94 151,238 156,415 3.42 ------- ------- ---- ------- ------- ----
Total Operating Expenses 1,308,733 1,328,674 1.52 446,288 436,326
(2.23) Operating Income 1,103,981 1,049,063 (4.97) 288,018 278,346
(3.36) Comprehensive Financing Cost 110,098 25,678 (76.68) 48,624
4,296 (91.16) ------- ------ ------ ------ ----- ------ Non-
Ordinary Item Non-Ordinary Item 9,770 14,752 50.99 342 2,307 574.56
Income Before Income Taxes 1,204,309 1,059,989 (11.98) 336,300
280,335 (16.64) Provision for IETU 102,876 123,731 20.27 37,559
39,141 4.21 Provision for Income Tax 153,291 73,832 (51.84) 127,132
2,560 (97.99) Provision for Asset Tax (562) 31,832 (5,764.06) 13
13,416 103,100.00 Deferred Income Taxes 101,289 189,587 87.17
(62,304) 51,376 (182.46) Deferred IETU 6,271 3,100 (50.57) (10)
3,100 (31,100.00) ----- ----- ------ --- ----- ---------- Net
Income for the Year 841,144 637,907 (24.16) 233,910 170,742 (27.01)
======= ======= ====== ======= ======= ====== Earning per Share
2.8038 2.1264 (24.16) 0.7797 0.5691 (27.01) Earning per American
Depositary Share (in U.S. Dollars) 2.0780 1.5759 (24.16) 0.5779
0.4218 (27.01) Exchange Rate per Dollar = Ps.13.4928 Commercial
Revenues 674,681 710,128 5.25 207,845 207,437 (0.20) Grupo
Aeroportuario del Sureste, S.A.B. de C.V. Consolidated Statement of
Cash Flow from January 1 to September 30, 2009 and 2008 Thousands
of Mexican pesos -------------------------- Cumulative Cumulative
Variation Quarter Quarter Variation 2008 2009 % 2008 2009 % Item
-------- ------- ------ ------- ------- ----- Operating Activities
Income Before Income Taxes 1,204,309 1,059,989 (12) 336,300 280,335
(17) Items Related With Investing Activities: Depreciation and
Amortization 450,102 472,355 5 151,238 156,415 3 Interest Income
(107,961) (60,422) (44) (33,884) (11,204) (67) Provisions (14,378)
(100) 23,117 (100) ------- ------- ---- ------ ------ ----
Sub-Total 1,532,072 1,471,922 (4) 476,771 425,546 (11) ---------
--------- -- ------- ------- --- Increase in Trade Receivables
(71,506) 183,143 (356) 9,383 (25,287) (369) Decrease in Recoverable
Taxes and other Current Assets (26,539) (2,075) (92) (39,017)
(35,980) (8) Other Deferred Assets (7,256) (26,054) 259 2,912
19,527 571 Trade Accounts Payable (1,680) (197,563) 11,660 3,604
(197,563)(5,582) Accrued Expenses and Other Payables (190,032)
(253,335) 33 (16,977) 177,808 (1,147) Long Term Liabilities 2,135 -
(100) 2,533 - (100) ------ ----- ---- ------- ------ --- Net Cash
Flow Provided by Operating Activities 1,237,194 1,176,039 (5)
439,209 364,052 (17) --------- --------- -- ------- ------- ---
Investing Activities Investments in Machinery, Furniture and
Equipment, net (123,229) (32,866) (73) (6,849) - (100) Investments
in Rights to Use Airport Facilities - - - - - - Investments in
Construction in Process (223,683) 24,784 (111) (144,897) 161,811
(212) Investments in Others (195,892) (247,418) 26 (176,748)
(271,044) 53 Interest Income 107,961 60,422 (44) 33,884 11,204 (67)
------- ------- --- -------- ------- --- Net Cash Flow Provided by
Investing Activities (434,843) (195,078) (55) (294,610) (98,029)
(67) -------- -------- --- -------- ------- --- Excess Cash to Use
in Financing Activities: 802,351 980,961 22 144,599 266,023 84
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 (148,911) (494,169) 232
144,599 266,023 84 Cash and Cash Equivalents at Beginning of Period
1,925,697 1,733,512 (10) 1,632,187 973,320 (40) Cash and Cash
Equivalents at the End of Period 1,776,786 1,239,343 (30) 1,776,786
1,239,343 (30) ========= ========= === ========= ========= ===
DATASOURCE: Grupo Aeroportuario del Sureste, S.A.B. de C.V.
CONTACT: In Mexico, Lic. Adolfo Castro of ASUR, (52) 5552-84-04-08,
, or In the U.S., Susan Borinelli, +1-646-330-5907, , or Maura
Gedid, +1-646-452-2335, , both of Breakstone Group
Copyright