2014

ASUR 1Q13 Passenger Traffic Up 8.53% YOY

MEXICO CITY, April 22, 2013 /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, as well as a 50% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Munoz Marin International Airport in San Juan, Puerto Rico, today announced results for the three-month period ended March 31, 2013.

1Q13 Highlights1:

  • EBITDA2 increased by 10.73% to Ps.917.32 million
  • Total passenger traffic was up 8.53%
  • Total revenues increased by 6.88%, as increases of 7.22% in aeronautical revenues and 7.75% in non-aeronautical revenues, more than offset the 0.10% decline in construction services revenues
  • Commercial revenues per passenger declined by 0.54% to Ps.74.24
  • Operating profit increased by 11.61%
  • EBITDA margin increased to 66.74% from 64.42% in 1Q12

_________

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, 2013, and the equivalent three-month period ended March 31, 2012. 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.12.3612.

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 the first quarter of 2013, total passenger traffic increased year-over-year by 8.53%. Domestic passenger traffic rose by 10.33% while international passenger traffic increased by 7.54%.

The 10.33% growth in domestic passenger traffic was driven by increases at Cancun, Veracruz, Oaxaca, Villahermosa, Cozumel and Minatitlan. The 7.54% growth in international passenger traffic resulted mainly from an increase of 7.73% in international traffic at the Cancun airport.

Table I: Domestic Passengers (in thousands)

Airport

1Q12

1Q13

% Change

Cancun

862.9

1,011.3

17.20

Cozumel

20.3

20.7

2.17

Huatulco

93.7

91.3

(2.54)

Merida

279.5

270.8

(3.10)

Minatitlan

30.3

32.0

5.61

Oaxaca

94.8

102.0

7.57

Tapachula

37.7

35.3

(6.34)

Veracruz

176.0

209.8

19.21

Villahermosa

207.8

215.9

3.90

TOTAL

1,802.9

1,989.1

10.33

Note:   Passenger figures exclude transit and general aviation passengers.

II: International Passengers (in thousands)

Airport

1Q12

1Q13

% Change

Cancun

3,040.1

3,275.2

7.73

Cozumel

136.2

130.6

(4.10)

Huatulco

38.2

55.0

44.05

Merida

27.5

31.6

14.83

Minatitlan

1.5

1.6

10.34

Oaxaca

14.9

15.0

0.40

Tapachula

2.2

1.9

(11.63)

Veracruz

24.3

22.7

(6.43)

Villahermosa

12.9

12.8

(0.85)

TOTAL

3,297.7

3,546.4

7.54

Note:   Passenger figures exclude transit and general aviation passengers.

Table III: Total Passengers (in thousands)

Airport

1Q13

1Q13

% Change

Cancun

3,903.0

4,286.5

9.83

Cozumel

156.4

151.3

(3.29)

Huatulco

131.9

146.3

10.95

Merida

307.0

302.4

(1.49)

Minatitlan

31.7

33.6

5.83

Oaxaca

109.8

117.0

6.60

Tapachula

39.8

37.2

(6.63)

Veracruz

200.2

232.5

16.10

Villahermosa

220.7

228.7

3.62

TOTAL

5,100.6

5,535.5

8.53

Note:   Passenger figures exclude transit and general aviation passengers.

Consolidated Results for 1Q13

In July 2012, the Puerto Rico Ports Authority granted Aerostar, ASUR's joint venture with Highstar Capital IV and its affiliated funds, a 40-year concession to operate the Luis Munoz Marin International Airport of Puerto Rico ("SJU") under the United States FAA's Airport Privatization Pilot Program. On February 27, 2013, the transaction was consummated and Aerostar began operating the SJU Airport. During 1Q13, our Cancun airport subsidiary made a US$118 million capital contribution to Aerostar corresponding to its 50% equity contribution. As a result, in 1Q13 ASUR began accounting for its ownership stake in Aerostar through the equity method, in accordance with IFRS.

Total revenues for 1Q13 increased year-over-year by 6.88% to Ps.1,374.51 million. This was mainly due to increases of:

  • 7.22% in revenues from aeronautical services, principally as a result of the 8.53% rise in passenger traffic; and
  • 7.75% in revenues from non-aeronautical services, reflecting the 7.67% increase in commercial revenues detailed below.

These increases more than offset the 0.10% decline in revenues from construction services as a result of lower 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, retail operations, banking and currency exchange services, advertising, teleservices, non-permanent ground transportation, food and beverage, and parking lot fees.

Commercial revenues increased by 7.67% year-over-year during the quarter, principally due to the 8.53% increase in passenger traffic. There were increases in revenues in the following activities:

  • 8.35% in duty-free stores;
  • 10.86% in food and beverage;
  • 4.60% in retail operations;
  • 11.65% in other revenue;
  • 7.80% in advertising;
  • 7.98% in parking lot fees;
  • 6.22% in car rentals;
  • 13.30% in ground transportation;
  • 6.83% in banking and currency exchange services; and
  • 37.34% in teleservices.

Retail and Other Commercial Space

Opened since December 31, 2012


Business Name

Type

Opening Date

Merida



Sunglass Island

Retail

July 2012

Kukis

Retail

March 2012

Villahermosa



Operadora de Tiendas

Retail

June 2012

Snack Bar Aqua

Food & beverage

June 2012

Tienda de Artesanias

Retail

August 2012

Promotora del Sol Caribe

Tourism booth

January 2013

Veracruz



Rent a Matic Itza

Car rentals

August 2012

Promotora del Sol Caribe

Tourism booth

January 2013

Cozumel



Island Cabo

Retail

February 2013

Oaxaca



Promotora del Sol Caribe

Tourism booth

March 2013

Construction revenues and expenses. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the income from construction or improvements to concessioned assets made during the period. During 1Q13, ASUR recognized Ps.90.43 million in revenues from "Construction Services" because of lower committed improvements to its concessioned assets, which represented a 0.10% year-on-year decline. 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 Revenues and Construction Expenses have been included in ASUR's income statement as a result of the application of IFRIC 12, the decrease in Construction Revenues in 1Q13 did not result in a proportionate decrease in the EBITDA Margin, which is equal to EBITDA divided by total revenues.

Total operating costs and expenses for 1Q13 rose 0.69% year-over-year. This was primarily due to the following increases:

  • 10.78% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee);
  • 8.66% 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
  • 4.22% in depreciation and amortization, resulting mainly from capitalized investments.

These increases were partially offset by the following declines: 

  • 4.24% in costs of services, principally reflecting the reimbursement of fees paid to third parties in connection with ASUR's participation in the SJU privatization project;
  • 0.10% in construction costs, reflecting lower committed improvements made to concessioned assets during the period and
  • 0.08% in administrative expenses.

Excluding the reimbursement of fees and expenses in connection with the SJU privatization project, cost of services would have increased 4.75% mainly reflecting higher maintenance costs.

Operating margin for the quarter increased to 59.23% from 56.73% in 1Q12. This was mainly due to the 6.88% increase in revenues which more than offset the 0.69% increase in expenses during the period.

Comprehensive Financing Gain (Loss) for 1Q13 was a Ps.46.19 million gain, compared to a Ps.15.13 million loss in 1Q12, principally driven by a foreign exchange gain in 1Q13 resulting from US dollar-denominated debt and higher net interest income during the period.

During 1Q13, ASUR reported a foreign exchange gain of Ps.31.40 million which principally resulted from the 3.50% appreciation of the Mexican peso against the U.S. dollar during the period which resulted in a gain as a result of ASUR's  foreign currency net liability position.  ASUR's foreign currency net liability position increased in 1Q13 because of its incurrence of $215.0 million in US dollar-denominated debt in a loan from BBVA Bancomer and Merrill Lynch (US$107.5 million incurred with each bank).

Interest income increased by Ps.17.58 million year-on-year reflecting increased income from short-term investments resulting from the increase in net income during the period. Interest expense increased by Ps.5.47 million.

Comprehensive Financing Result (Cost)


1Q12

1Q13

Change

%
Change






Interest income

13,720

31,299

17,579

128.13

Interest expenses

(11,037)

(16,509)

(5,471)

49.57

Loss (gains) on valuation of

Derivative

406

0

(406)

(100.00)

Foreign exchange gain (loss), net

(18,217)

31,401

49,618

272.38

Total

(15,128)

46,191

61,319

405.34







2012

2013








Exchange rate at January

13.0077

12.7094








Exchange rate at March

12.8093

12.3612



Income (loss) from Equity Investment in Joint Venture. During 1Q13 our equity in the income of Aerostar, our joint venture with Highstar Capital IV and its affiliated funds, was a net loss of Ps.122.05 million principally due to Ps.113.8 million in one-off costs resulting from all expenses incurred during the more than two years in which ASUR was involved in the bidding process for the privatization of SJU airport, including market research, preparation of all bidding documentation, obtaining the Part 139 Certificate from the FAA, advisory, legal, consulting, and debt financing fees, as well as all other costs incurred until the first day of operations under Aerostar's management; together with an operational loss of Ps.8.25 million generated between February 28, 2013 until March 31, 2013.  In addition, ASUR recorded a Ps.47.02 million loss in stockholders' equity resulting from the translation effect of Aerostar's financial statements, in connection with the valuation of the capital stock derived from the appreciation of the peso against the U.S. dollar.

From February 28, 2013 to March 31, 2013, total passenger traffic at SJU airport was 782,924.

Income Taxes. Following the changes in Mexican tax law that took effect on January 1, 2008, which established a new flat rate business tax ("Impuesto Empresarial a Tasa Unica" or "IETU") and eliminated the asset tax, ASUR evaluates and reviews  its deferred assets and liabilities position as required by Mexican tax law.

Income taxes for 1Q13 increased by Ps.75.30 million, or 42.69% year-over-year, principally due to the following factors:

  • A reversal of the IETU provision at some of ASUR's subsidiaries which resulted in a Ps.6.99 million gain;
  • A Ps.61.76 million increase in the provision for income taxes, as a result of a higher taxable base resulting from the 11.61% increase in operating income;
  • A Ps.14.63 million increase in deferred income taxes resulting from the Merida and Oaxaca airports causing income tax based on projections of temporal differences in the recordation of intangible assets.
  • A Ps.3.83 million decrease in deferred IETU for the Merida and Oaxaca airports given that these subsidiaries are expected to pay income tax in the future.

Net income for 1Q13 declined by 9.55% to Ps.486.61 million from Ps.537.97 million in 1Q12. Earnings per common share for the quarter were Ps.1.6220, or earnings per ADS (EPADS) of US$1.3122 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.1.7932, or EPADS of US$1.4507, for the same period last year.  

Table IV: Summary of Consolidated Results for 1Q13


1Q12

1Q13

% Change

Total Revenues

1,285,978

1,374,508

6.88

Aeronautical Services

759,586

814,423

7.22

Non-Aeronautical Services

435,871

469,658

7.75

            Commercial Revenues

384,953

414,496

7.67

Construction Services

90,521

90,427

(0.10)

Operating Profit

729,496

814,172

11.61

Operating Margin %

56.73%

59.23%

4.40%

EBITDA

828,461

917,317

10.73

EBITDA Margin %

64.42%

66.74%

3.59%

Net Income

537,971

486,607

(9.55)

Earnings per Share

1.7932

1.6220

(9.55)

Earnings per ADS in US$

1.4507

1.3122

(9.55)

Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.12.3612.

 

Table V: Commercial Revenues per Passenger for 1Q13


1Q12

1Q13

% Change

Total Passengers ('000)

5,158

5,583

8.25

Total Commercial Revenues

384,953

414,496

7.67

Commercial revenues from direct 
       operations (1)

87,034

91,462

5.09

Commercial revenues excluding 
       direct operations

297,919

323,034

8.43






1Q12

1Q12

% Change

Total Commercial Revenue per Passenger

74.64

74.24

(0.54)

Commercial revenue from direct 
       operations per passenger (1)

16.88

16.38

(2.96)

Commercial revenue per 
       passenger (excluding direct 
       operations)

57.77

57.86

(0.16)

Note: For purposes of this table, approximately 57,000 and 47,700 transit and general aviation passengers are included for 1Q12 and 1Q13, 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 1Q13


1Q13

1Q13

% Change

Cost of Services

226,556

216,949

(4.24)

Construction Costs              

90,521

90,427

(0.10)

Administrative

42,497

42,461

(0.08)

Technical Assistance

43,618

48,322

10.78

Concession Fees

54,325

59,032

8.66

Depreciation and Amortization

98,965

103,145

4.22

TOTAL

556,482

560,336

0.69

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 1Q13 were Ps.919.13 million, resulting in an annual average tariff per workload unit of Ps.161.84. ASUR's regulated revenues accounted for approximately 66.87% 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, 2013, Airport Concessions represented 69.76% of the Company's total assets, with current assets representing 17.29% and other assets representing 12.95%.

Cash and cash equivalents on March 31, 2013 were Ps.2,660.94 million, a 17.46% increase from the Ps.2,265.43 million in cash and cash equivalents recorded on March 31, 2013.

Shareholders' equity at the close of 1Q13 was Ps.16,910.59 million and total liabilities were Ps.5,452.38 million, representing 75.62% and 24.38% of total assets, respectively. Deferred liabilities represented 34.64% of the Company's total liabilities. 

Total bank debt at March 31, 2013 was Ps.2,886.1 million, including Ps.9.9 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 agreements include a floating interest rate equal to 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 equal to TIIE plus 0.75% and quarterly principal payments.

During the quarter, ASUR made aggregate principal payments of Ps.92.50 million in connection with the Ps.350 million, Ps.570 million and Ps.50 million three-year credit agreements.

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.

On February 15, 2013, our Cancun airport subsidiary executed an agreement for bank loans of US$107.5 million from each of BBVA Bancomer and Merrill Lynch, for a total of U.S.$215.0 million. The loans have a five-year term, amortize in four semi-annual payments of 2.5% of the aggregate amount of the loans beginning on February 15, 2016 and a final payment of the aggregate principal amount of the loans outstanding on the maturity date, February 15, 2018. The loans are denominated in U.S. dollars and charge interest at a rate equal to three-month LIBOR plus 1.99%. Proceeds from the loans were used to finance ASUR's capital contribution and subordinated shareholder loan to Aerostar. These loans are guaranteed by Grupo Aerportuario del Sureste, S.A.B. de C.V.  In connection with these loans, BBVA Bancomer's authorization for bank loans as described above was drawn down by US$107.5 million.

While the BBVA Bancomer and Merrill Lynch facility is outstanding, ASUR and its subsidiaries are not permitted to make any fundamental change to its corporate structure, or create any liens upon any of its property or sell any assets that exceed more than 10% of ASUR's consolidated total assets.

Additionally, the credit facility requires that ASUR and its subsidiaries maintain a consolidated leverage ratio equal to or less than 3.50:1.00 and a consolidated interest coverage ratio equal to or less than 3.00:1.00 as of the last day of each fiscal quarter. If ASUR fails to comply with these covenants, this facility restricts its ability to pay dividends to its shareholders. Additionally, failure to comply with these covenants would result in all amounts owed under the facility to become due and payable immediately. As of the date of this report, ASUR was in compliance with those covenants.

ASUR's subsidiary Cancun Airport and its joint venture partner Highstar Capital IV and its affiliated funds pledged their share ownership in Aerostar as collateral for US$350 million in senior secured notes issued by, and a $60 million credit facility obtained by Aerostar.

Capital Expenditures

During 1Q13, ASUR made investments of Ps.90.98 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans.

Relevant Events

ASUR Announces that Aerostar Obtains Part 139 Operating Certificate from FAA and Makes Initial Payment of $615 Million to PRPA

On February 27, 2013, ASUR announced that Aerostar Airport Holdings, LLC ("Aerostar") won approval by the Federal Aviation Administration ("FAA") to lease and operate the San Juan Luis Munoz Marin ("SJU") International Airport as a public-private partnership. Aerostar is a joint venture of Highstar Capital and ASUR.

Aerostar made an upfront $615 million leasehold fee, with the goal of improving aviation services and the passenger experience while creating crucial jobs for Puerto Rico. Aerostar has begun transitioning the operation of SJU, together with the Puerto Rico Ports Authority, through a process that will last several months.

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 accumulated 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


7,835


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
vacation

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


(5,031,928)

5,045,078

(23,025)

(9,875)

The following table presents the principal effects of IFRS on Shareholders' Equity as of December 31, 2012, and March 31, 2013:

(In thousands of Mexican Pesos)

March 31,

2013

December 31,

2012

Shareholders' Equity Under Mexican
Financial Reporting Standards

$16,926,973

$16,486,523

IFRS Adjustments:



Deferred Employee Profit Sharing (Note d)

(5,323)

(4,192)

Severance Liability and actuarial gains and losses (Note f)

11,588

10,003

Reserve for Vacations (Note e)

(24,998)

(23,744)

Deferred IETU  (Note c)

2,347

2,405

Total IFRS Adjustments

(16,386)

(15,528)

Shareholders' Equity Under IFRS

$16,910,587

$16,470,995

--
See notes at the end of the financial tables.

The following table presents the principal effects of IFRS on the Income
Statement for the three-month periods ended on March 31, 2012 and 2013.


(In thousands of Mexican Pesos)

1Q13

1Q12

Net Income Under Mexican Financial Reporting Standards

487,465

540,189

Elimination of severance liabilities according with
NIF D-3 and creation of a liability under IAS 19 – Net (Note d)

1,584

186

Elimination of PTU difference

(1,130)

0

Recognition of accrued rights not used (Note e)

(1,254)

(274)

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

(58)

(2,130)

Net Income Under IFRS

486,607

537,971

Translation effect on foreign currency transactions

(47,016)

0

Actuarial Gains and Losses

0

(823)

Comprehensive Net Income Under IFRS

439,591

537,147

--
See notes at the end of the financial tables.

1Q13 Earnings Conference Call


Day:             

Tuesday, April 23, 2013



Time:            

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



Dial-in number:   

1-877-548-7905 (US & Canada) and 1-719-325-4801 (International & Mexico)



Access Code:     

3373940




Please dial in 10 minutes before the scheduled start time.



Replay:      

Tuesday, April 23, 2013 at 1:00 PM US ET, ending at midnight US ET on Tuesday, April 30, 2013. Dial-in number: 1-877-870-5176 (US & Canada); 1-858-384-5517 (International & Mexico). Access Code: 3373940.

Analyst Coverage
Actinver Casa de Bolsa, Barclays, BBVA Bancomer, Bofa Merril Lynch, Citi Investment Research, Credit Suisse, Grupo Bursatil Mexicano, Grupo Financiero Interacciones, Grupo Financiero Monex, Intercam Casa de Bolsa, Itau BBA, INVEX, JP Morgan, Morgan Stanley, Morningstar, Santander Investment, Scotia Capital, UBS Casa de Bolsa, Vector.

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 its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR 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, as well as a 50% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Munoz Marin International Airport of Puerto Rico. 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.

 

 

 

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

Operating Results per Airport

Thousands of Mexican pesos


Item

1Q
2012

1Q 2012 Per
Workload Unit

1Q
2013

1Q 2013 Per
Workload Unit

Cumulative 2012

Cum 2012 Per Workload Unit

Cumulative 2013

Cum 2013 Per Workload Unit

Cancun (1)









Aeronautical Revenues

578,887

145.3

629,920

144.4

578,887

145.3

629,920

144.4

Non-Aeronautical Revenues

393,545

98.8

425,033

97.4

393,545

98.8

425,033

97.4

Construction Services

53,141

13.3

39,364

9.0

53,141

13.3

39,364

9.0

Total Revenues

1,025,573

257.4

1,094,317

250.8

1,025,573

257.4

1,094,317

250.8

Operating Profit

617,151

154.9

694,351

159.1

617,151

154.9

694,351

159.1

EBITDA

680,773

170.9

759,070

174.0

680,773

170.9

759,070

174.0

Merida









Aeronautical Revenues

45,898

129.3

44,486

128.2

45,898

129.3

44,486

128.2

Non-Aeronautical Revenues

12,964

36.5

13,563

39.1

12,964

36.5

13,563

39.1

Construction Services

8,265

23.3

26

0.1

8,265

23.3

26

0.1

Other (2)

5

-

7

-

5

-

7

-

Total Revenues

67,132

189.1

58,082

167.4

67,132

189.1

58,082

167.4

Operating Profit

18,213

51.3

15,644

45.1

18,213

51.3

15,644

45.1

EBITDA

26,315

74.1

24,431

70.4

26,315

74.1

24,431

70.4

Villahermosa









Aeronautical Revenues

27,986

120.7

28,657

120.4

27,986

120.7

28,657

120.4

Non-Aeronautical Revenues

8,668

37.4

9,196

38.6

8,668

37.4

9,196

38.6

Construction Services

507

2.2

(1,016)

(4.3)

507

2.2

(1,016)

(4.3)

Other (2)

20

0.1

19

0.1

20

0.1

19

0.1

Total Revenues

37,181

160.3

36,856

154.9

37,181

160.3

36,856

154.9

Operating Profit

11,820

51.0

11,799

49.6

11,820

51.0

11,799

49.6

EBITDA

17,511

75.5

17,605

74.0

17,511

75.5

17,605

74.0

Other Airports (3)









Aeronautical Revenues

106,815

155.5

111,360

152.3

106,815

155.5

111,360

152.3

Non-Aeronautical Revenues

20,694

30.1

21,866

29.9

20,694

30.1

21,866

29.9

Construction Services

28,608

41.7

52,053

71.2

28,608

41.7

52,053

71.2

Other (2)

64

0.1

53

0.1

64

0.1

53

0.1

Total Revenues

156,181

227.4

185,332

253.5

156,181

227.4

185,332

253.5

Operating Profit

38,173

55.6

38,386

52.5

38,173

55.6

38,386

52.5

EBITDA

59,373

86.5

61,723

84.4

59,373

86.5

61,723

84.4

Holding & Service companies (4)









Construction Services

-

 n/a 

-

 n/a 

-

 n/a 

-

 n/a 

Other (2)

197,770

 n/a 

219,842

 n/a 

197,770

 n/a 

219,842

 n/a 

Total Revenues

197,770

 n/a 

219,842

 n/a 

197,770

 n/a 

219,842

 n/a 

Operating Profit

44,139

 n/a 

53,992

 n/a 

44,139

 n/a 

53,992

 n/a 

EBITDA

44,489

 n/a 

54,488

 n/a 

44,489

 n/a 

54,488

 n/a 

Consolidation Adjustment









Consolidation Adjustment

(197,859)

 n/a 

(219,921)

 n/a 

(197,859)

 n/a 

(219,921)

 n/a 

Group









Aeronautical Revenues

759,586

144.5

814,423

143.4

759,586

144.5

814,423

143.4

Non-Aeronautical Revenues

435,871

82.9

469,658

82.7

435,871

82.9

469,658

82.7

Construction Services

90,521

17.2

90,427

15.9

90,521

17.2

90,427

15.9

Total Revenues

1,285,978

244.6

1,374,508

242.0

1,285,978

244.6

1,374,508

242.0

Operating Profit

729,496

138.7

814,172

143.4

729,496

138.7

814,172

143.4

EBITDA

828,461

157.6

917,317

161.5

828,461

157.6

917,317

161.5










(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,  2013 and 2012

Thousands of Mexican pesos



I t e m


 Cumulative 


 Cumulative 


%


 1Q 


 1Q 


%



2012


2013


Change


2012


2013


Change



















Revenues
















Aeronautical Services


759,586


814,423


7.22


759,586


814,423


7.22




















Non-Aeronautical Services


435,871


469,658


7.75


435,871


469,658


7.75




















Construction Services


90,521


90,427


(0.10)


90,521


90,427


(0.10)



















Total Revenues


1,285,978


1,374,508


6.88


1,285,978


1,374,508


6.88



















Operating Expenses
































Cost of Services


226,556


216,949


(4.24)


226,556


216,949


(4.24)




Cost of Construction


90,521


90,427


(0.10)


90,521


90,427


(0.10)




General and Administrative Expenses


42,497


42,461


(0.08)


42,497


42,461


(0.08)




Technical Assistance


43,618


48,322


10.78


43,618


48,322


10.78




Concession Fee


54,325


59,032


8.66


54,325


59,032


8.66




Depreciation and Amortization


98,965


103,145


4.22


98,965


103,145


4.22



Total Operating Expenses


556,482


560,336


0.69


556,482


560,336


0.69



















Operating Income


729,496


814,172


11.61


729,496


814,172


11.61



















Comprehensive Financing Cost


(15,128)


46,191


(405.33)


(15,128)


46,191


(405.33)



































Equity in Income from Associates




(122,054)


-




(122,054)


-



Non-Ordinary Item
















Non-Ordinary Item


-


-


-


-


-


-



































Income Before Income Taxes


714,368


738,309


3.35


714,368


738,309


3.35




















Provision for IETU


4,251


6,992


64.48


4,251


6,992


64.48




Provision for Income Tax


201,466


263,227


30.66


201,466


263,227


30.66




Provision for Asset Tax


2,866


2,866


-


2,866


2,866


-




Deferred Income Taxes


(41,935)


(27,301)


(34.90)


(41,935)


(27,301)


(34.90)




Deferred IETU


9,749


5,918


(39.30)


9,749


5,918


(39.30)




















Net Income for the Year


537,971


486,607


(9.55)


537,971


486,607


(9.55)



















Earnings per Share


1.79


1.62


(9.55)


1.7932


1.6220


(9.55)



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


1.45


1.31


(9.55)


1.4507


1.3122


(9.55)



Exchange rate per dollar Ps. 12.3612






























 

 

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

Consolidated Balance Sheet as of  March 31, 2013 and 2012

Thousands of Mexican pesos














I t e m


March 2013


December 2012


 Change 


% Change

















A s s e t s 












Current Assets













Cash and Cash Equivalents


2,660,945


2,265,427


395,518


17.46





Trade Receivables, net


504,875


444,238


60,637


13.65





Recoverable Taxes and Other Current Assets


700,564


455,118


245,446


53.93

















Total Current Assets


3,866,384


3,164,783


701,601


22.17

















Non Current Assets













Machinery, Furniture and Equipment, net


317,444


314,634


2,810


0.89





Airports Concessions, net


15,601,057


15,629,821


(28,764)


(0.18)





Investment in Associates


1,338,932


-


1,338,932


-





Loans to Associates


1,239,151




1,239,151


-

















Total  Assets


22,362,968


19,109,238


3,253,730


17.03

















Liabilities and Stockholders' Equity












Current Liabilities













Trade Accounts Payable


11,362


8,694


2,668


30.69





Bank Loans


180,624


281,612


(100,988)


(35.86)





Accrued Expenses and Others Payables


686,240


404,674


281,566


69.58




Total Current Liabilities


878,226


694,980


183,246


26.37

















Long Term Liabilities













Bank Loans


2,685,436


33,333


2,652,103


7,956.39





Deferred Income Taxes


1,472,405


1,499,707


(27,302)


(1.82)





Deferred Flat Rate Business Tax


410,055


404,137


5,918


1.46





Labor Obligations


6,259


6,086


173


2.84




Total Long Term Liabilities


4,574,155


1,943,263


2,630,892


135.39









-








Total Liabilities


5,452,381


2,638,243


2,814,138


106.67









-








Stockholders' Equity




-









Capital Stock


7,767,276


7,767,276


-


-





Legal Reserve


412,878


412,878


-


-





Share Repurchase Reserve


-


-


-


-





Net Income for the Period


486,607


2,075,328


(1,588,721)


(76.55)





Cumulative Effect of Conversion of Foreign Currency

(47,016)


-


(47,016)


-





IFRS Conversion Adjustment


5,045,078


5,045,078


-


-





Retained Earnings 


3,245,764


1,170,435


2,075,329


177.31





Total Stockholders' Equity


16,910,587


16,470,995


439,592


2.67









-








Total Liabilities and Stockholders' Equity


22,362,968


19,109,238


3,253,730


17.03
















 

 

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

 Consolidated Statement of Cash flow from January 1 to March 31,  2013 and 2012

Thousands of Mexican pesos


Related


 Cumulative 


 Cumulative 


%


 1Q 


 1Q 


%


2012


2013


Change


2012


2013


Change





























Operating Activities



























Income Before Income Taxes


714,368


738,309


3


714,368


738,309


3

Items Related\ with Investing Activities:













     Depreciation and Amortization


98,965


103,145


4


98,965


103,145


4

     Participation in the Results of Associates




122,054






122,054



     Loss on Disposal of Fixed Assets


-




-


-




-

     Interest Income


(13,720)


(31,298)


128


(13,720)


(31,298)


128

     Provisions


-




-


-




-








-






-

Sub-Total


799,613


932,210


17


799,613


932,210


17















Increase in Trade Receivables


(1,391)


(60,649)


4,260


(1,391)


(60,649)


4,260

Decrease in Recoverable Taxes and other Current Assets


(30,412)


(251,343)


726


(30,412)


(251,343)


726

Other Deferred Assets


-




-


-


-


-

Income Tax Paid


(98,098)


(59,456)


(39)


(98,098)


(59,456)


(39)

  Trade Accounts Payable


100,996


73,392


(27)


100,996


73,392


(27)

  Accrued Expenses and Others Payables


-




-


-


-


-

    Long Term Liabilities


-




-


-


-


-















Net Cash Flow Provided by Operating Activities


770,708


634,154


(18)


770,708


634,154


(18)















Investing Activities













   Investments in Associates





(1,508,002)


-




(1,508,002)


-

   Loans granted to Associates




(3,399,330)


-




(3,399,330)


-

   Loans repaid by Associates




2,163,210


-




2,163,210


-

   Investments in Machinery, Furniture and Equipment, net


(152,355)


(90,981)


(40)


(152,355)


(90,981)


(40)

   Investments in Rights to Use Airport Facilities


-




-


-


-


-

   Investments in Construction in Process


-




-


-


-


-

   Investments in Others


-




-


-


-


-

 Interest Income


13,720


31,298


128


13,720


31,298


128















Net Cash Flow Provided by Investing Activities


(138,635)


(2,803,805)


1,922


(138,635)


(2,803,805)


1,922















Excess Cash to Use in Financing Activities:


632,073


(2,169,651)


(443)


632,073


(2,169,651)


(443)















Bank Loans


(92,499)


2,565,169


(2,873)


(92,499)


2,565,169


(2,873)

Dividends Paid






-


-


-


-

Tax on Dividends Paid


-




-


-


-


-















Net Cash Flow Provided by Financing Activities


(92,499)


2,565,169


(2,873)


(92,499)


2,565,169


(2,873)















Net Increase in Cash and Cash Equivalents


539,574


395,518


(27)


539,574


395,518


(27)















Cash and Cash Equivalents at Beginning of Period


1,529,667


2,265,427


48


1,529,667


2,265,427


48















Cash and Cash Equivalents at the End of Period


2,069,241


2,660,945


29


2,069,241


2,660,945


29















 

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

Consolidated Statement of Income from January 1 to March 31,  2013 and 2012

Thousands of Mexican pesos













I t e m


 Cumulative 

2012


 Cumulative 

2013


 1Q 

2012


 1Q 

2013











 Mexican NIF 

 Transition effects 

 IFRS 


 Mexican NIF 

 Transition effects 

 IFRS 


 Mexican NIF 

 Transition effects 

 IFRS 


 Mexican NIF 

 Transition effects 

 IFRS 



Revenues




















Aeronautical Services


759,586


759,586


814,423


814,423


759,586


759,586


814,423

0

814,423
























Non-Aeronautical Services


435,871


435,871


469,658


469,658


435,871


435,871


469,658

0

469,658
























Construction Services


90,521


90,521


90,427


90,427


90,521


90,521


90,427

0

90,427























Total Revenues


1,285,978

-

1,285,978


1,374,508

-

1,374,508


1,285,978

-

1,285,978


1,374,508

-

1,374,508























Operating Expenses








































Cost of Services


226,453

103

226,556


216,141

808

216,949


226,453

103

226,556


216,141

808

216,949




Cost of Construction


90,521


90,521


90,427


90,427


90,521


90,521


90,427


90,427




General and Administrative Expenses


239,405


239,405


252,960


252,960


239,405


239,405


252,960


252,960



Total Operating Expenses


556,379

103

556,482


559,528

808

560,336


556,379

103

556,482


559,528

808

560,336























Operating Income


729,599

(103)

729,496


814,980

(808)

814,172


729,599

(103)

729,496


814,980

(808)

814,172























Comprehensive Financing Cost




















Interest Receivable


13,720


13,720


31,298


31,298


13,720


13,720


31,298

-

31,298




Interest Payable


(11,037)


(11,037)


(16,508)


(16,508)


(11,037)


(11,037)


(16,508)

-

(16,508)




Exchange (Losses) Gains, net


(18,217)


(18,217)


31,401


31,401


(18,217)


(18,217)


31,401

-

31,401




Loss (Gains) on Valuation of Derivative 








-


-


-


-

-

-




Financial Instruments 


406


406


-


-


406


406


-

-

-











































Equity in Income of Associates






(122,054)


(122,054)






(122,054)


(122,054)



Non-Ordinary Item




















Non-Ordinary Item


(15)

15

-


8

(8)

-


(15)

15

-


8

(8)

-











































Income Before Income Taxes


714,456

(88)

714,368


739,109

(800)

738,309


714,456

(88)

714,368


739,109

(800)

738,309
























Provision for IETU


4,251


4,251


6,992


6,992


4,251


4,251


6,992

-

6,992




Provision for Income Tax


201,466


201,466


263,227


263,227


201,466


201,466


263,227

-

263,227




Provision for Asset Tax


2,866


2,866


2,866


2,866


2,866


2,866


2,866

-

2,866




Deferred Income Taxes


(41,935)


(41,935)


(27,301)


(27,301)


(41,935)


(41,935)


(27,301)

-

(27,301)




Deferred IETU


7,619

2,130

9,749


5,860

58

5,918


7,619

2,130

9,749


5,860

58

5,918
























Net Income for the Year


540,189

(2,218)

537,971


487,465

(858)

486,607


540,189

(2,218)

537,971


487,465

(858)