ASUR 1Q12 Passenger Traffic Up 10.38% YOY

MEXICO CITY, April 24, 2012 /PRNewswire/ -- 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, 2012.

1Q12 Highlights(1):

  • EBITDA(2) increased by 22.42% to Ps.828.46 million
  • Total passenger traffic was up 10.38%
  • Total revenues rose by 20.99% due to increases of 16.42% in aeronautical revenues, 25.08% in non-aeronautical revenues, and 46.12% in construction services revenues
  • Commercial revenues per passenger increased by 14.66% to Ps.74.63
  • Operating profit increased by 25.22%
  • EBITDA margin increased to 64.42% from 63.67% in 1Q11

1.

Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS) and represent comparisons between the three month period ended March 31, 2012, and the equivalent three-month period ended March 31, 2011.  Financial figures for the three-month period ended March 31, 2011 have been restated to reflect IFRS.  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$1.00 = Ps.12.8093.



2.

EBITDA means net income before: provision for taxes, deferred taxes, 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 or IFRS and may be calculated differently by different companies. 


Passenger Traffic

For 1Q12, total passenger traffic increased year-over-year by 10.38%. Domestic passenger traffic increased by 19.79% while international passenger traffic rose by 5.83%. Domestic passenger traffic growth was driven by increases across all airports as detailed in Table I below. Growth in international passenger traffic resulted mainly from an increase of 6.23% at the Cancun airport.

Table I: Domestic Passengers (in thousands)

Airport

1Q11

1Q12

% Change

Cancun

697.9

862.9

23.64

Cozumel

10.4

20.3

95.19

Huatulco

76.1

93.7

23.13

Merida

241.9

279.5

15.54

Minatitlan

24.0

30.3

26.25

Oaxaca

70.0

94.8

35.43

Tapachula

36.5

37.7

3.29

Veracruz

174.3

176.0

0.98

Villahermosa

174.0

207.8

19.43

TOTAL

1,505.1

1,803.0

19.79

Note:   Passenger figures exclude transit and general aviation passengers.

II: International Passengers (in thousands)

Airport

1Q11

1Q12

% Change

Cancun

2,861.9

3,040.1

6.23

Cozumel

143.6

136.2

(5.15)

Huatulco

38.1

38.2

0.26

Merida

27.4

27.5

0.36

Minatitlan

1.0

1.5

50.00

Oaxaca

12.9

14.9

15.50

Tapachula

1.9

2.2

15.79

Veracruz

18.2

24.3

33.52

Villahermosa

11.2

12.9

15.18

TOTAL

3,116.2

3,297.8

5.83

Note:   Passenger figures exclude transit and general aviation passengers.

Table III: Total Passengers (in thousands)

Airport

1Q11

1Q12

% Change

Cancun

3,559.8

3,903.3

9.64

Cozumel

154.0

156.5

1.62

Huatulco

114.2

131.9

15.50

Merida

269.3

307.0

14.00

Minatitlan

25.0

31.8

27.20

Oaxaca

82.90

109.7

32.33

Tapachula

38.4

39.9

3.91

Veracruz

192.5

200.3

4.05

Villahermosa

185.2

220.7

19.17

TOTAL

4,621.3

5,100.8

10.38

Note:   Passenger figures exclude transit and general aviation passengers.

Consolidated Results for 1Q12

Total revenues for 1Q12 increased year-over-year by 20.99% to Ps.1,285.98  million. This was mainly due to increases of:

  • 16.42% in revenues from aeronautical services, principally as a result of the 10.38% rise in passenger traffic;
  • 25.08% in revenues from non-aeronautical services, reflecting the 26.48% increase in commercial revenues detailed below; and
  • 46.12% in revenues from construction services as a result of capital expenditures and other investments in concessioned assets during the period.

ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retailoperations, banking and currency exchangeservices, advertising, teleservices, non-permanent ground transportation, food and beverage, and parking lot fees.

Commercial revenues increased by 26.48% year-over-year during the quarter, principally due to higher passenger traffic. There were increases in revenues in the following activities:

  • 32.49% in advertising;
  • 31.54% in ground transportation;
  • 31.30% in duty-free stores;
  • 30.86% in retail operations;
  • 23.18% in food and beverage;
  • 21.52% in other revenues;
  • 19.02% in banking and currency exchange services;
  • 11.52% in car rental revenues; and
  • 3.48% in parking lot fees.

These increases were partially offset by a decrease of 2.11% in teleservices revenues.

Retail and Other Commercial Space
Openings that Have an Impact on YoY Comparisons

Business Name

Type

Opening Date

Cancun



Panama Jack

Convenience store

March 2011

Grab & Go

Food and beverage

April 2011

California Pizza Kitchen

Food and beverage

April 2011

Air Shop

Convenience store (2 stores)

April & May 2011

Ando Volando Bajo

Convenience store

June 2011

Starbucks Cafe

Food and beverage

July 2011

Traffic Tours

Tourism booth

September 2011

Construction revenues and expenses. ASUR is required to include in its income statement an income line reflecting the income from construction or improvements to concessioned assets made during the period. During 1Q12, ASUR recognized Ps.90.52 million in revenues from "Construction Services" because of improvements to its concessioned assets, a 46.12% year-over-year increase. The same amount is recognized under the expense line "Construction Costs" because ASUR hires third parties to provide construction services.

Because equal amounts of Construction Services revenues and Construction Costs have been included in ASUR's income statement, the increase in Construction Services revenues in 1Q12 did not result in a proportionate increase in the EBITDA Margin, which is equal to EBITDA divided by total revenues.

Total operating costs and expenses for 1Q12 increased 15.85% year-over-year. This was primarily due to the following increases:

  • 46.42% in construction costs, due to greater improvements made to the concessioned assets during the period;
  • 11.49% in costs of services, principally reflecting higher energy costs, higher costs resulting from the increase in the number of convenience stores directly operated by ASUR and fees paid to third parties in connection with ASUR's participation in international bidding processes;
  • 8.21% in administrative expenses principally due to travel costs in connection with international bidding processes, as well as personnel costs;
  • 22.38% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee);
  • 17.83% in concession fees paid to the Mexican government, mainly due to an increase in regulated revenues (a factor in the calculation of the fee); and
  • 5.09% in depreciation and amortization, resulting mainly from capitalized investments.

Operating margin for the quarter increased to 56.73% from 54.81% in 1Q11. This was mainly due to the 20.99% increase in revenues which more than offset the 15.85% increase in expenses during the period.

Comprehensive Financing Cost for 1Q12 increased year-over-year to Ps.15.13 million from a de minimis amount in 1Q11, principally due to a higher foreign exchange loss. During 1Q12, ASUR reported a foreign exchange rate loss of Ps.18.21 million, net interest income of Ps.2.68 million, and a Ps.0.40 million mark-to-market gain in its interest rate swap. During 1Q11, ASUR reported net interest income of Ps.4.47 million, a Ps.0.90 million mark-to-market gain on the Company's interest rate swap and a Ps.5.40 million foreign exchange rate loss.

Income Taxes. 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 evaluates and reviews its deferred assets and liabilities position under Mexican Financial Reporting Standards as applied by Mexican tax laws.

Income taxes for 1Q12 increased by 6.80%, or Ps.11.23 million year-over-year, principally due to the following factors:

  • Provisional IETU payments of Ps.4.25 million by some of ASUR's subsidiaries;
  • A Ps.31.26 million increase in the provision for income taxes reflecting a higher taxable base as revenues rose 20.99% in the period while expenses only increased by 15.85%;
  • An Ps.18.55 million decline in deferred income taxes resulting from the recognition of inflationary effects;
  • A Ps.1.74 million increase in deferred IETU because of the expiry of tax credits; and
  • A Ps.0.78 million increase in the asset tax for amounts that cannot be credited against other taxes.

Net income for 1Q12 increased 28.89% to Ps.537.97 million from Ps.417.38 million in 1Q11. Earnings per common share for the quarter were Ps.1.7932, or earnings per ADS (EPADS) of US$1.3999 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.1.3913, or EPADS of US$1.0861, for the same period last year.

Table IV: Summary of Consolidated Results for 1Q12


1Q11

1Q12

% Change

Total Revenues

1,062,898

1,285,978

20.99

Aeronautical Services

652,479

759,586

16.42

Non-Aeronautical Services

348,471

435,871

25.08

            Commercial Revenues

304,359

384,953

26.48

Construction Services

61,948

90,521

46.12

Operating Profit

582,555

729,496

25.22

Operating Margin %

54.81%

56.73%

3.50%

EBITDA

676,726

828,461

22.42

EBITDA Margin %

63.76%

64.42%

1.19%

Net Income

417,384

537,971

28.89

Earnings per Share

1.3913

1.7932

28.89

Earnings per ADS in US$

1.0861

1.3999

28.89

Note:  U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.12.8093.

Table V: Commercial Revenues per Passenger for 1Q12


1Q11

1Q12

% Change

Total Passengers ('000)

4,676

5,158

10.31

Total Commercial Revenues

304,359

384,953

26.48

Commercial revenues from direct operations (1)

62,634

87,034

38.96

Commercial revenues excluding direct operations

241,725

297,919

23.25









Total Commercial Revenue per Passenger

65.09

74.63

14.66

Commercial revenue from direct operations per passenger (1)

13.39

16.87

25.99

Commercial revenue per passenger (excluding direct operations)

51.70

57.26

11.72

Note: For purposes of this table, approximately 55,000 and 57,000 transit and general aviation passengers are included for 1Q11 and 1Q12, respectively.

(1)  Revenues from direct commercial operations in 1Q12 represent ASUR's operation of convenience stores in airports and the direct sale of advertising space.

Table VI: Operating Costs and Expenses for 1Q12


1Q11

1Q12

% Change

Cost of Services

203,205

226,556

11.49

Construction Costs

61,948

90,521

46.12

Administrative

39,274

42,497

8.21

Technical Assistance

35,642

43,618

22.38

Concession Fees

46,103

54,325

17.83

Depreciation and Amortization

94,171

98,965

5.09

TOTAL

480,343

558,619

15.85

Tariff Regulation

The Mexican Ministry of Communications and Transportation regulates the majority of ASUR's activities by setting maximum rates, which represent the maximum possible revenues allowed per traffic unit at each airport.

ASUR's regulated revenues for 1Q12 were Ps.858.87 million, resulting in an annual average tariff per workload unit of Ps.163.34. ASUR's regulated revenues accounted for approximately 66.79% 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 March 31, 2012, Airport Concessions represented 80.03% of the Company's total assets, with current assets representing 18.33% and other assets representing 1.64%.

Cash and cash equivalents on March 31, 2012 were Ps.2,069.24 million, a 35.27% increase from the Ps.1,529.67 million in cash and cash equivalents recorded on December 31, 2011.

Shareholders' equity at the close of 1Q12 was Ps.16,014.30 million and total liabilities were Ps.3,188.55 million, representing 82.57% and 16.60% of total assets, respectively. Deferred liabilities represented 62.94% of the Company's total liabilities. 

Total bank debt at March 31, 2012 was Ps.604.0 million, including Ps.0.9 million in accrued interest. During August and September of 2010, Cancun Airport entered into two three-year credit agreements of Ps.350 million and Ps.570 million with two banks. The terms of the agreement include a floating interest rate based on the Tasa de Interes Interbancaria de Equilibrio (TIIE) plus 1.5% and quarterly principal payments. In addition, in September of 2011, Veracruz Airport entered into a three-year credit agreement of Ps.50 million. The terms include a  floating interest rate based on the Tasa de Interes Interbancaria de Equilibrio (TIIE) plus 0.75% and quarterly interest payments.

During the quarter, ASUR made principal payments of Ps.92.5 million in connection with the Ps.350 million and Ps.570 million three-year credit agreements.

In August 2010 ASUR purchased a hedge against the risk of a significant increase in TIIE. The Company is hedged for 17% of the interest rate exposure under its Ps.350 and Ps.570 million credit agreements. The interest rate was fixed for three years at 6.37%, 6.33% and 6.21% per annum. The interest rate hedge during the quarter resulted in a Ps.0.4 million gain.

In the fourth quarter of 2011, Cancun Airport obtained authorization for two new bank loans from Banamex and BBVA Bancomer of US$300 million and Ps.1,500 million, respectively.  These loans remain subject to certain conditions precedent, including the negotiation of definitive documentation for the loans.  To date, ASUR has not yet made use of the authorized credit lines.

Capital Expenditures

During 1Q12, ASUR made investments of Ps.152.35 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans.

IFRS Adoption

In compliance with regulations established by the Mexican National Banking and Securities Commission (CNBV), as of January 1, 2012 the Company has adopted International Financial Reporting Standards (IFRS) as the accounting standards to prepare its financial statements.

Furthermore, and in compliance with INIF 19 "Changes derived from the adoption of IFRS", the most significant accomulated changes in net shareholders' equity as of January 1, 2011 are included in the table below:

Effects on the initial Shareholders' Equity
resulting from the adoption of IFRS as of January 1, 2011

(in thousands of Mexican Pesos)

 

Item

 

Description

Capital Stock

Retained Earnings

Legal Reserve

Total

Shareholders' Equity

Labor liabilities

Elimination of severance liabilities according to NIF D-3 and creation of a liability under IAS 19 - Net


Ps. 7,835


 

 

Ps. 7,835

Deferred employee profit sharing

Reversal of deferred employee profit sharing as it is outside the reach of IAS 12


(2,905)


 

(2,905)

Creation of a reserve for vacations

Recognition of accrued vacation rights not used by year-end.


 

 

(18,339)


 

 

(18,339)

Deferred Assets (income tax and flat tax)

Impact on deferred IETU derived from the recognition of provisions for vacations and employee benefits


 

 

3,534


 

 

3,534

Capital Stock

Elimination of inflation accounting.

(5,031,928)



(5,031,928)

Legal Reserve

Elimination of inflation accounting



(23,025)

 

(23,025)

Capital Stock and Legal Reserve

Reclassification of inflation accounting of capital stock and legal reserve to retained earnings


 

5,054,953


5,054,953

TOTAL


Ps. (5,031,928)

Ps. 5,045,078

Ps. (23,025)

Ps. (9,875)

The following table presents the principal effects of IFRS on Shareholders' Equity as of March 31, 2012, December 31, 2011 and January 1, 2011

(In thousands of Mexican Pesos)

March 31,

2012

December 31,

2011

  January 1,

2011

Shareholders' Equity Under Mexican Financial Reporting Standards

$     16,028,002

$     15,487,813

$     14,795,457

IFRS Adjustments:




Deferred Employee Profit Sharing

(3,862)

(3,862)

(2,905)

Severance Liability and actuarial gains and losses

10,442

10,342

7,835

Reserve for Vacations

(22,372)

(22,099)

(18,339)

Deferred IETU

2,088

4,218

3,534

Total IFRS Ajustments

(13,704)

(11,401)

(9,875)

Shareholders' Equity Under IFRS

$     16,014,298

$     15,476,412

$     14,785,582

The following table presents the principal effects of IFRS on the Income Statement for the quarters ended March 31, 2011 and 2012.

(In thousands of Mexican Pesos)

1Q12

 

1Q11

Net Income Under Mexican Financial Reporting Standards

540,187

420,206

Elimination of severance liabilities according with INIF D-3 and creation of a liability under IAS 19 – Net

186

917

Recognition of accrued rights not used

(274)

(1,390)

Effect on deferred IETU resulting from the recognition of a reserve for vacation and employee benefits

(2,128)

(2,349)

Net Income Under IFRS

537,971

417,384

The adoption of IFRS has had the most significant impact on the following line items in our balance sheet:

a) 

Labor liabilities and deferred employee profit sharing




As of the adption date, ASUR eliminated severance liabilities and deferred employee profit sharing as an adjustment to the initial balance.



b) 

Reserve for Vacations




Accrued vacation rights not used by year-end are recognized as of the adoption date.



c) 

Deferred taxes and/or IETU




The Company has decided to recognize both flat tax and income tax to determine its deferred taxes based on its projection of its results. No related adjustments were determined as of the transition date.




The Company has only determined the impact of deferred flat tax and income tax on the proposed adjustments to the initial transition Balance Sheet as of January 1. 2011.



d) 

Inflation




The Company has determined the inflationary effect that has to be eliminated from the capital stock account and the legal reserve in accordance with IAS 21 and 29 applicable as of the adoption date.

ASUR has determined that it will not eliminate the effects of inflation on its concessioned assets in accordance with IFRS 1. ASUR's determination is based on its decision to apply the transition rules applicable to IFRIC 12 as part of its initial adoption of IFRS 1.  Pursuant to these transition rules, ASUR is not required to apply rule IFRIC 12 retrospectively if it determines that it would be  "impractical" to reconstruct the balance of fully depreciated assets. As a result, the Company has recorded as its starting asset balance the amounts recorded as of the December 31, 2011 balance sheet prepared under Mexican Financial Reporting Standards (MFRS), which contain the inflationary effect.

1Q12 Earnings Conference Call

Day:         

Wednesday, April 25, 2012


Time:         

10:00 AM US EDT; 9:00 AM Mexico City time


Dial-in number:   

888.713.4213 (US & Canada) and 617.213.4865 (International & Mexico)



Access Code:    

79168025


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=P9CY9XYKM


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 Wednesday, April 25, 2012 at 12:00 PM US EDT, ending at midnight US EDT on Wednesday, May 2, 2012. Dial-in number: 888-286-8010 (US & Canada); 617-801-6888 (International & Mexico). Access Code: 83099325.

Analyst Coverage

Actinver Casa de Bolsa, BBVA Bancomer, Bofa Merril Lynch, Citi Investment Research, Credit Suisse, Grupo Bursatil Mexicano, HSBC, INVEX, JP Morgan, Morgan Stanley, Mornigstar, Santander Investment, Scotia Capital, UBS Casa de Bolsa, Vector, Itau BBA.

Note: ASUR is covered by the aforementioned analysts. Please note that any opinions, estimates or forecasts regarding the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or the company management. Although ASUR may refer to or distribute such statements, this does not imply that the company agrees with or endorses any information, conclusions or recommendations included therein.

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

1Q

 2011

1Q 2011 Per Workload Unit

1Q

2012

1Q 2012 Per Workload Unit

3 Months 2011

3 Months 2011 Per Workload Unit

3 Months 2012

3 Months 2012 Per Workload Unit

Cancun (1)









Aeronautical Revenues

500,098

137.8

578,887

145.3

500,098

137.8

578,887

145.3

Non-Aeronautical Revenues

310,115

85.5

393,545

98.8

310,115

85.5

393,545

98.8

Construction Services

31,979

8.8

53,141

13.3

31,979

8.8

53,141

13.3

Total Revenues

842,192

232.1

1,025,573

257.4

842,192

232.1

1,025,573

257.4

Operating Profit

524,035

144.4

617,151

154.9

524,035

144.4

617,151

154.9

EBITDA

585,476

161.4

680,773

170.9

585,476

161.4

680,773

170.9

Mérida









Aeronautical Revenues

38,675

121.6

45,898

129.3

38,675

121.6

45,898

129.3

Non-Aeronautical Revenues

11,145

35.0

12,964

36.5

11,145

35.0

12,964

36.5

Construction Services

9,894

31.1

8,265

23.3

9,894

31.1

8,265

23.3

Other (2)

-

-

5

-

-

-

5

-

Total Revenues

59,714

187.8

67,132

189.1

59,714

187.8

67,132

189.1

Operating Profit

15,562

48.9

18,213

51.3

15,562

48.9

18,213

51.3

EBITDA

23,348

73.4

26,315

74.1

23,348

73.4

26,315

74.1

Villahermosa









Aeronautical Revenues

21,560

110.6

27,986

120.6

21,560

110.6

27,986

120.6

Non-Aeronautical Revenues

8,561

43.9

8,668

37.4

8,561

43.9

8,668

37.4

Construction Services

668

3.4

507

2.2

668

3.4

507

2.2

Other (2)

-

-

20

0.1

-

-

20

0.1

Total Revenues

30,789

157.9

37,181

160.3

30,789

157.9

37,181

160.3

Operating Profit

10,085

51.7

11,820

50.9

10,085

51.7

11,820

50.9

EBITDA

14,826

76.0

17,511

75.5

14,826

76.0

17,511

75.5

Other Airports (3)









Aeronautical Revenues

92,146

148.4

106,815

155.7

92,146

148.4

106,815

155.7

Non-Aeronautical Revenues

18,650

30.0

20,694

30.2

18,650

30.0

20,694

30.2

Construction Services

19,407

31.3

28,608

41.7

19,407

31.3

28,608

41.7

Other (2)

3,431

5.5

64

0.1

3,431

5.5

64

0.1

Total Revenues

133,634

215.2

156,181

227.7

133,634

215.2

156,181

227.7

Operating Profit

33,034

53.2

38,173

55.6

33,034

53.2

38,173

55.6

EBITDA

52,918

85.2

59,373

86.5

52,918

85.2

59,373

86.5

Holding & Service companies (4)









Construction Services

-

 n/a

-

 n/a

-

 n/a

-

 n/a

Other (2)

139,041

 n/a

197,770

 n/a

139,041

 n/a

197,770

 n/a

Total Revenues

139,041

 n/a

197,770

 n/a

139,041

 n/a

197,770

 n/a

Operating Profit

(161)

 n/a

44,139

 n/a

(161)

 n/a

44,139

 n/a

EBITDA

158

 n/a

44,489

 n/a

158

 n/a

44,489

 n/a

Consolidation Adjustment









Consolidation Adjustment

(142,472)

 n/a

(197,859)

 n/a

(142,472)

 n/a

(197,859)

 n/a

Group









Aeronautical Revenues

652,479

137.0

759,586

144.5

652,479

137.0

759,586

144.5

Non-Aeronautical Revenues

348,471

73.2

435,871

82.9

348,471

73.2

435,871

82.9

Construction Services

61,948

13.0

90,521

17.2

61,948

13.0

90,521

17.2

Total revenues

1,062,898

223.2

1,285,978

244.6

1,062,898

223.2

1,285,978

244.6

Operating Profit

582,555

122.3

729,496

138.8

582,555

122.3

729,496

138.8

EBITDA

676,726

142.1

828,461

157.6

676,726

142.1

828,461

157.6










(1) Reflects the results of operations of Cancun Airport and two Cancun Airport Services subsidiaries on a consolidated basis.




(2) Reflects revenues under intercompany agreements which are eliminated in the consolidation adjustment.





(3) Reflects the results of operations of our airports located in Cozumel, Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz.



(4) Reflects the results of operations of our parent holding company and our services subsidiaries. Because none of these entities hold the concessions for our airports, we

    do not report workload unit data for theses entities.








 



















Grupo Aeroportuario del Sureste, S.A.B. de C.V.


Consolidated Statement of Income from January 1 to March 31,  2012 and 2011


Thousands of Mexican pesos





































I t e m


 3 Months


 3 Months


%


 1Q 


 1Q 


%





2011


2012


Change


2011


2012


Change





















Revenues

















Aeronautical Services


652,479


759,586


16.42


652,479


759,586


16.42






















Non-Aeronautical Services


348,471


435,871


25.08


348,471


435,871


25.08






















Construction Services


61,948


90,521


46.12


61,948


90,521


46.12





















Total Revenues


1,062,898


1,285,978


20.99


1,062,898


1,285,978


20.99





















Operating Expenses


































Cost of Services


203,205


226,556


11.49


203,205


226,556


11.49





Cost of Construction


61,948


90,521


46.12


61,948


90,521


46.12





General and Administrative Expenses


39,274


42,497


8.21


39,274


42,497


8.21





Technical Assistance


35,642


43,618


22.38


35,642


43,618


22.38





Concession Fee


46,103


54,325


17.83


46,103


54,325


17.83





Depreciation and Amortization


94,171


98,965


5.09


94,171


98,965


5.09




Total Operating Expenses


480,343


556,482


15.85


480,343


556,482


15.85





















Operating Income


582,555


729,496


25.22


582,555


729,496


25.22





















Comprehensive Financing Cost


(3)


(15,128)


504,166.67


(3)


(15,128)


504,166.67





















Non-Ordinary Item

















Non-Ordinary Item


-


-


-


-


-


-






































Income Before Income Taxes


582,552


714,368


22.63


582,552


714,368


22.63






















Provision for IETU


8,255


4,251


(48.50)


8,255


4,251


(48.50)





Provision for Income Tax


170,211


201,466


18.36


170,211


201,466


18.36





Provision for Asset Tax


2,084


2,866


37.52


2,084


2,866


37.52





Deferred Income Taxes


(23,388)


(41,935)


79.30


(23,388)


(41,935)


79.30





Deferred IETU


8,006


9,749


21.77


8,006


9,749


21.77






















Net Income for the Year


417,384


537,971


28.89


417,384


537,971


28.89





















Earnings per share


1.39


1.79


28.89


1.3913


1.7932


28.89




Earnings per American Depositary Share (in U.S. Dollars)


1.09


1.40


28.89


1.0861


1.3999


28.89




Exchange rate per dollar Ps. 12.8093
































































 


















Grupo Aeroportuario del Sureste, S.A.B. de C.V.



Consolidated Balance Sheet as of  March 31, 2012 and 2011



Thousands of Mexican pesos







I t e m


March 31, 2012


December 31, 2011


January 31, 2011



















A s s e t s












Current Assets













Cash and Cash Equivalents


2,069,241


1,529,667


1,442,879







Trade Receivables, net


463,493


462,102


389,960







Recoverable Taxes and Other Current Assets


987,466


894,520


921,193






Total Current Assets


3,520,200


2,886,289


2,754,032



















Fixed Assets













Machinery, Furniture and Equipment, net


314,212


306,504


305,629



















Defferred Assets













Airports Concessions, net


15,368,436


15,405,490


14,945,330



















Total  Assets


19,202,848


18,598,283


18,004,991



















Liabilities and Stockholders' Equity












Current Liabilities













Trade Accounts Payable


18,440


28,876


10,738







Bank Loans


432,920


374,640


243,102







Accrued Expenses and Others Payables


559,065


357,197


261,159






Total Current Liabilities


1,010,425


760,713


514,999



















Long Term Liabilities













Bank Loans


171,119


321,950


647,503







Deferred Income Taxes


1,343,751


1,385,685


1,461,089







Deferred Flat Rate Business Tax


658,434


648,685


591,836







Labor Obligations


4,821


4,838


3,982






Total Long Term Liabilities


2,178,125


2,361,158


2,704,410



















Total Liabilities


3,188,550


3,121,871


3,219,409



















Stockholders' Equity













Capital Stock


7,767,276


7,767,276


7,767,276







Legal Reserve


333,261


333,261


264,092







Net Income for the Period


537,971


1,591,566


1,275,143







IFRS Conversion Adjustment


5,044,257


5,044,341


5,045,078







Retained Earnings


2,331,533


739,968


433,993







Total Stockholders' Equity


16,014,298


15,476,412


14,785,582




















   Total Liabilities and Stockholders' Equity


19,202,848


18,598,283


18,004,991































 




















Grupo Aeroportuario del Sureste, S.A.B. de C.V.




 Consolidated Statement of Cash flow from January 1 to March 31,  2012 and 2011




Thousands of Mexican pesos




















Item


 3 Months


 3 Months


%


 1Q


 1Q


%





2011


2012


Change


2011


2012


Change






































Operating Activities

































Income Before Income Taxes


582,552


714,368


22.63


582,552


714,368


22.63




Items Related with Investing Activities:

















Depreciation and Amortization


94,171


98,965


5.09


94,171


98,965


5.09





Loss on Disposal of Fixed Assets


-




-


-




-





Interest Income


(20,162)


(13,720)


(31.95)


(20,162)


(13,720)


(31.95)





Provisions


35,642




(100.00)


35,642




(100.00)











-






-




Sub-Total


692,203


799,613


15.52


692,203


799,613


15.52





















Increase in Trade Receivables


(46,507)


(1,391)


(97.01)


(46,507)


(1,391)


(97.01)




Decrease in Recoverable Taxes and other Current Assets


(132,937)


(30,412)


(77.12)


(132,937)


(30,412)


(77.12)




Other Deferred Assets


-


-


-


-


-


-




Income Tax Paid


-


(98,098)


-


-


(98,098)


-




   Trade Accounts Payable


4,250


100,996


2,276.38


4,250


100,996


2,276.38




   Accrued Expenses and Others Payables


(49,575)




(100.00)


(49,575)




(100.00)




    Long Term Liabilities


1,000




(100.00)


1,000




(100.00)





















Net Cash Flow Provided by Operating Activities


468,434


770,708


64.53


468,434


770,708


64.53





















Investing Activities
















   Investments in Machinery, Furniture and Equipment, net


(123,475)


(152,355)


23.39


(123,475)


(152,355)


23.39




   Investments in Rights to Use Airport Facilities


-


-


-


-


-


-




   Investments in Construction in Process


56,922


-


(100.00)


56,922


-


(100.00)




   Investments in Others


15,306


-


(100.00)


15,306


-


(100.00)




Interest Income


20,162


13,720


(31.95)


20,162


13,720


(31.95)





















Net Cash Flow Provided by Investing Activities


(31,085)


(138,635)


345.99


(31,085)


(138,635)


345.99





















Excess Cash to Use in Financing Activities:


437,349


632,073


44.52


437,349


632,073


44.52





















Bank Loans


(29,167)


(92,499)


217.14


(29,167)


(92,499)


217.14




Dividends Paid


-


-


-


-


-


-




Tax on Dividends Paid


-


-


-


-


-


-





















Net Cash Flow Provided by Financing Activities


(29,167)


(92,499)


217.14


(29,167)


(92,499)


217.14





















Net Increase in Cash and Cash Equivalents


408,182


539,574


32.19


408,182


539,574


32.19





















Cash and Cash Equivalents at Beginning of Period


1,442,879


1,529,667


6.01


1,442,879


1,529,667


6.01





















Cash and Cash Equivalents at the End of Period


1,851,061


2,069,241


11.79


1,851,061


2,069,241


11.79























































 
















Grupo Aeroportuario del Sureste, S.A.B. de C.V.


Consolidated Statement of Income from January 1 to March 31,  2012 and 2011


Thousands of Mexican pesos































I t e m


 Three-Months Ended March 31, 


 Three-Months Ended March 31, 






2011


2012








 Mexican NIF

 Transition Effects

 IFRS


 Mexican NIF

 Transition Effects

 IFRS





Revenues














Aeronautical Services


$        652,479


$     652,479


$         759,586


$       759,586




















Non-Aeronautical Services


348,471


348,471


435,871


435,871




















Construction Services


61,948


61,948


90,521


90,521



















Total Revenues


1,062,898

-

1,062,898


1,285,978

-

1,285,978



















Operating Expenses




























Cost of Services


378,649

472

379,121


423,361

103

423,464






Cost of Construction


61,948


61,948


90,521


90,521






General and Administrative Expenses


39,274


39,274


42,497


42,497





Total Operating Expenses


479,871

472

480,343


556,379

103

556,482



















Operating Income


583,027

(472)

582,555


729,599

(103)

729,496



















Comprehensive Financing Cost














Interest Receivable


20,161


20,161


13,720


13,720






Interest Payable


(15,696)


(15,696)


(11,037)


(11,037)






Exchange (Losses) Gains, net


(5,392)


(5,392)


(18,217)


(18,217)






Loss (Gains) on Valuation of Derivative








-






Financial Instruments


924


924


406


406



















Non-Ordinary Item














Non-Ordinary Item






(15)

15

-

































Income Before Income Taxes


583,024

(472)

582,552


714,456

(88)

714,368




















Provision for IETU


8,255


8,255


4,251


4,251






Provision for Income Tax


170,211


170,211


201,466


201,466






Provision for Asset Tax


2,084


2,084


2,866


2,866






Deferred Income Taxes


(23,388)


(23,388)


(41,935)


(41,935)






Deferred IETU


5,656

2,350

8,006


7,619

2,130

9,749




















Net Income for the Year


$     420,206

(2,822)

$   417,384


$       540,189

(2,218)

$     537,971



















Earnings per share


1.40

(0.01)

1.39


1.80

(0.01)

1.79





Earnings per American Depositary Share (in U.S. Dollars)

1.09

(0.01)

1.09


1.41

(0.01)

1.40





Exchange rate per dollar Ps. 12.8093







































 
























Grupo Aeroportuario del Sureste, S.A.B. de C.V.



Consolidated Balance Sheet as of  March 31, 2012 and 2011



Thousands of Mexican pesos







I t e m


March 31, 2012


December 31, 2011


January 31, 2011









 Mexican NIF

 Transition Effects

 IFRS


 Mexican NIF

 Transition Effects

 IFRS


 Mexican NIF