2014

ASUR 1Q14 Passenger Traffic Up 6.16% YOY

MEXICO CITY, April 23, 2014 /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, 2014.

1Q14 Highlights1:

  • EBITDA2 increased by 3.68% to Ps.951.03 million
  • Total passenger traffic was up 6.16%
  • Total revenues increased by 0.63%, reflecting increases of 3.04% in aeronautical revenues and 11.32% in non-aeronautical revenues, partially offset by a decline of 76.65% in construction services revenues
  • Commercial revenues per passenger increased by 5.00% to Ps.77.95
  • Operating profit increased by 2.93%
  • EBITDA margin rose to 68.76% from 66.74% in 1Q13.
  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, 2014, and the equivalent three-month period ended March 31, 2013.  Results are expressed in 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.13.0549.
  2. EBITDA means net income before: provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, 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 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 2014, total passenger traffic increased year-over-year by 6.16%. Domestic passenger traffic rose by 4.85% while international passenger traffic increased by 6.90%.

The 4.85% growth in domestic passenger traffic was driven by increases at Minatitlan, Merida,Villahermosa, Cancun, Veracruz, Tapachula and Oaxaca. The 6.90% growth in international passenger traffic resulted mainly from an increase of 6.54% in international traffic at the Cancun airport.

It should be noted that during 2013 Holy Week fell in March while in 2014 it fell in April.

Table I: Domestic Passengers (in thousands)

Airport

1Q13

1Q14

%

Change

Cancun

1,011.3

1,026.0

1.45

Cozumel

20.7

15.4

(25.60)

Huatulco

91.3

87.5

(4.16)

Merida

270.8

301.9

11.48

Minatitlan

32.0

52.1

62.81

Oaxaca

102.0

106.8

4.71

Tapachula

35.3

40.7

15.30

Veracruz

209.8

222.8

6.20

Villahermosa

215.9

232.2

7.55

TOTAL

1,989.1

2,085.5

4.85

Note: Passenger figures exclude transit and general aviation passengers.

 

II: International Passengers (in thousands)

Airport

1Q13

1Q14

%

Change

Cancun

3,275.2

3,489.5

6.54

Cozumel

130.6

152.5

16.77

Huatulco

55.0

61.6

12.00

Merida

31.6

31.1

(1.58)

Minatitlan

1.6

1.9

18.75

Oaxaca

15.0

16.3

8.67

Tapachula

1.9

3.1

63.16

Veracruz

22.7

20.4

(10.13)

Villahermosa

12.8

14.9

16.41

TOTAL

3,546.4

3,791.2

6.90

Note: Passenger figures exclude transit and general aviation passengers.

 

Table III: Total Passengers (in thousands)

Airport

1Q13

1Q14

% Change

Cancun

4,286.5

4,515.6

5.34

Cozumel

151.3

167.8

10.91

Huatulco

146.3

149.1

1.91

Merida

302.4

333.0

10.12

Minatitlan

33.6

54.0

60.71

Oaxaca

117.0

123.1

5.21

Tapachula

37.2

43.8

17.74

Veracruz

232.5

243.3

4.65

Villahermosa

228.7

247.1

8.05

TOTAL

5,535.5

5,876.6

6.16

Note: Passenger figures exclude transit and general aviation passengers.

Consolidated Results for 1Q14

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 in 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$118.00 million capital contribution to Aerostar corresponding to its 50% membership interest in Aerostar. ASUR accounts for its ownership stake in Aerostar through the equity method, in accordance with IFRS. In addition, ASUR made a US$100.00 million subordinated shareholder loan to Aerostar in 1Q13.

Total revenues for 1Q14 increased year-over-year by 0.63% to Ps.1,383.14  million. This was mainly due to increases of:

  • 3.04% in revenues from aeronautical services, mainly as a result of the 6.16% increase in passenger traffic;
  • 11.32% in revenues from non-aeronautical services, principally reflecting the 11.44% increase in commercial revenues detailed below.

These increases were partially offset by the 76.65% decline in revenues from construction services that resulted from 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 11.44% year-over-year during 1Q14, principally due to the 6.16% increase in total passenger traffic. There were increases in revenues from the following activities:

  • 14.23% in retail operations;
  • 12.87% in food and beverage;
  • 5.36% in duty-free stores;
  • 5.24% in advertising;
  • 17.62% in car rental revenues;
  • 19.68% in other revenue;
  • 9.93% in ground transportation;
  • 18.62% in banking and currency exchange services;
  • 12.40% in parking lot fees; and
  • 3.38% in teleservices.

Retail and Other Commercial Space
Opened since March 31, 2013


Business Name

Type

Opening Date

Cancun



Tequileria

Duty Free

May 2013

Farmacias (4)

Retail

June 2013

NI Digital

Teleservices

October 2013

Convenience Stores (3 in T1)

Convenience Store

November 2013

Entretenimiento A Tu Alcance (4 in T1)

Food & Beverage

November 2013

Servicios Turisticos

Tourism Booth

November 2013

MAC T3

Retail

December 2013

MOBO (2 in T2)

Retail

November 2013

Dufry  T1

Retail

December 2013

Island Cabo (2 in T1)

Retail

December 2013

Sunglass Hut

Retail

December 2013

Oakley

Retail

January 2014

Secure Wrap

Retail

February 2014

Sunglass Hut

Retail

March 2014

Blanc Du Nil

Retail

March 2014

Merida



National

Retail

December 2013

Abito

Retail

March 2014

Veracruz



Sunglass Hut

Retail

February 2014

Villahermosa



National

Car Rentals

December 2013

Oaxaca



Rentame

Car Rentals

December 2013

Sunglass Hut

Retail

March 2014

Huatulco



Sunglass Hut

Retail

March 2014

Minatitlan



Sunglass Hut

Retail

March 2014

 

 Table IV: Commercial Revenues per Passenger for 1Q14


1Q13

1Q14

% Change

Total Passengers ('000)

5,583

5,926

6.14

Total Commercial Revenues

414,496

461,922

11.44

Commercial revenues from direct operations (1)

91,463

108,340

18.45

Commercial revenues excluding direct operations

323,033

353,582

9.46




1Q13

1Q14

% Change

Total Commercial Revenue per Passenger

74.24

77.95

5.00

Commercial revenue from direct operations per passenger (1)

16.38

18.28

11.60

Commercial revenue per passenger 
     (excluding direct operations)

57.86

57.67

3.13

Note: For purposes of this table, approximately 47,700 and 48,900 transit and general aviation passengers are included in 1Q13 and 1Q14, respectively.

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

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 1Q14, ASUR recognized Ps.21.11 million in revenues from "Construction Services", a 76.65% year-on-year decrease, because of lower capital expenditures in concessioned assets. 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 decline in Construction Revenues in 1Q14 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 1Q14 declined 2.71% year-over-year. This was primarily due to the following declines:

  • 76.65% in construction costs, reflecting lower levels of capital improvements made to concessioned assets during the period; and
  • 8.06% in administrative expenses, reflecting higher expenses in 1Q13, principally professional fees and travel expenses related to the SJU privatization project, as well as the preparation of the Master Development Plan.

These declines were partially offset by the following increases:

  • 19.91% in cost of services, principally due to the reopening of Terminal 1 at Cancun Airport in November 2013, as well as the higher cost of sales derived from the increase in sales at convenience stores directly operated by ASUR. Comparisons also reflect the reimbursement to ASUR in 1Q13 of fees previously paid to third parties in connection with the Company's participation in the SJU privatization project;  
  • 3.64% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee);
  • 4.59% 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
  • 9.59% in depreciation and amortization, resulting mainly from capitalized investments.

Table V: Operating Costs and Expenses for 1Q14


1Q13

1Q14

% Change

Cost of Services

216,949

260,138

19.91

Construction Costs              

90,427

21,113

(76.65)

Administrative

42,461

39,038

(8.06)

Technical Assistance

48,322

50,080

3.64

Concession Fees

59,032

61,739

4.59

Depreciation and Amortization

103,145

113,035

9.59

TOTAL

560,336

545,142

(2.71)

Operating margin for the quarter was 60.59% compared to 59.23% in 1Q13, reflecting an increase of 0.63% in revenues and a decline of 2.71% in expenses during the period.

Comprehensive Financing Gain (Loss) for 1Q14 was a Ps.2.50 million gain, compared to a Ps.46.19 million gain in 1Q13.  The decrease in the gain was principally due to the impact of the 0.22% appreciation of the Mexican peso against the U.S. dollar on ASUR's foreign currency net liability position as compared to a 4.66% appreciation in 1Q13.

Interest expenses increased by Ps.2.97 million, reflecting a higher loan balance in 1Q14, while interest income decreased by Ps.8.92 million during the period due to the decline in income from short-term investments resulting from the lower cash balance during the period as a result of the dividend payment in December 2013.

Table VI: Comprehensive Financing Result (Cost)


1Q13

1Q14

Change

% Change

Interest income

31,298

22,382

(8,916)

(28.49)

Interest expenses

(16,508)

(19,483)

(2,974)

18.02

(Loss) gains on valuation of

Derivatives

--

--

--

--

Foreign exchange gain (loss), net

31,401

(401)

(31,803)

(101.28)

Total

46,191

2,498

(43,693)

(94.59)

Income (loss) from Equity Investment in Joint Venture. During 1Q14 our equity in the income of Aerostar, our joint venture with Highstar Capital IV and its affiliated funds, was a net gain of Ps.10.55 million. In addition, ASUR recorded a Ps.3.26 million loss in stockholders' equity resulting from the translation effect of Aerostar's financial statements (which are denominated in U.S. dollars), in connection with the valuation of the capital stock derived from the appreciation of the peso against the U.S. dollar in 1Q14.

During 1Q14 total passenger traffic at the SJU airport was 2,158,361.

Income Taxes.

On January 1, 2014, a comprehensive Income Tax Law reform package entered into effect, repealing the IETU tax and causing the cancellation of deferred IETU. As a result, ASUR completed a financial valuation of its subsidiaries that were subject to this tax and now must recognize a deferred income tax.

Income taxes for 1Q14 declined by Ps.35.04 million, or 13.92% year-over-year, principally due to the following factors:

  • A Ps.6.90 million decline in IETU as a result of the repeal of the IETU Law starting on January 1, 2014;
  • A Ps.27.42 million decrease in the provision for income taxes, reflecting the decline in taxable income;
  • A Ps.5.65 million increase in deferred income taxes resulting from the recognition of the effects of inflation in the residual value of assets at the Veracruz and Villahermosa airports as a result of the repeal of the IETU Law and the increase in the applicable tax rate to 30% from 28% according to the new provisions of the Income Tax Law; and
  • A Ps.5.92 million decrease in deferred IETU principally due to the repeal of the IETU Law.

Net income for 1Q14 increased by 30.37% to Ps.634.38 million from Ps.486.61 million in 1Q13. Earnings per common share for the quarter were Ps. 2.1146, or earnings per ADS (EPADS) of US$1.6198 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.1.6220, or EPADS of US$1.2425, for the same period last year. This increase resulted principally from the Ps.10.55 million gain in 1Q14 corresponding to our equity participation in Aerostar, our joint venture to operate SJU Airport, compared to the Ps.122.05 million loss reported in 1Q13, as well as the 0.63% increase in ASUR's revenues and the 2.71% reduction in expenses during the first quarter of 2014.

Table VII: Summary of Consolidated Results for 1Q14


1Q13

1Q14

% Change

Total Revenues

1,374,508

1,383,136

0.63

Aeronautical Services

814,423

839,222

3.04

Non-Aeronautical Services

469,658

522,801

11.32

            Commercial Revenues

414,496

461,923

11.44

Construction Services

90,427

21,113

(76.65)

Operating Profit

814,172

837,993

2.93

Operating Margin %

59.23%

60.59%

2.29%

EBITDA

917,317

951,029

3.68

EBITDA Margin %

66.74%

68.76%

3.03%

Net Income

486,607

634,376

30.37

Earnings per Share

1.6220

2.1146

30.37

Earnings per ADS in US$

1.2425

1.6198

30.37

Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.13.0549.

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 1Q14 were Ps.1,032.51 million, resulting in an annual average tariff per workload unit of Ps.171.67. ASUR's regulated revenues accounted for approximately 74.65% 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, 2014, airport concessions represented 71.96% of the Company's total assets, with current assets representing 13.89% and other assets representing 14.15%.

Cash and cash equivalents on March 31, 2014, were Ps.1,603.41 million, a 27.30% increase from the Ps.1,259.56 million in cash and cash equivalents recorded on December 31, 2013.

Shareholders' equity at the close of 1Q14 was Ps.16,915.33 million and total liabilities were Ps.4,903.80 million, representing 77.52% and 22.47% of total assets, respectively. Deferred liabilities represented 33.52% of the Company's total liabilities. 

Total bank debt at March 31, 2014 was Ps.2,811.82 million, including Ps.6.10 million in accrued interest and commissions.

In September of 2011, our Veracruz airport subsidiary entered into a three-year credit agreement of Ps.50.00 million. The terms include a floating interest rate equal to TIIE plus 0.75% and quarterly principal payments.  During 1Q14, ASUR made aggregate principal payments of Ps.5.5 million in connection with this credit agreement.

In the fourth quarter of 2011, our Cancun airport subsidiary obtained authorization for two new bank loans from Banamex and BBVA Bancomer of US$300.00 million and Ps.1,500.00 million, respectively.

On February 15, 2013, our Cancun airport subsidiary executed an agreement for bank loans of US$107.50 million from each of BBVA Bancomer and Merrill Lynch, for a total of U.S.$215.00 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, which is 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$107.50 million during 1Q13.

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 Cancun airport subsidiary and its joint venture partner Highstar Capital IV and its affiliated funds pledged their share ownership in Aerostar as collateral for US$350.00 million in senior secured notes issued by, and a US$60.00 million credit facility obtained by, Aerostar.

Capital Expenditures

During 1Q14, ASUR made investments of Ps.36.77 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans.

1Q14 Earnings Conference Call

Day:          

Thursday, April 24, 2014



Time:            

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



Dial-in number:   

1-888-240-9314 (US & Canada) and 1-913-312-1513 (International & Mexico)



Access Code:     

8837291




Please dial in 10 minutes before the scheduled start time.


Replay:             

Thursday, April 24, 2014 at 1:00 PM US ET, ending at midnight US ET on Thursday, May 1, 2014. Dial-in number: 1-877-870-5176 (US & Canada); 1-858-384-5517 (International & Mexico). Access Code: 8837291

Analyst Coverage

In accordance with Mexican Stock Exchange Internal Rules article 4.033.01 ASUR informs that the stock is covered by the following broker-dealers: Actinver Casa de Bolsa, Barclays, BBVA Bancomer, Bofa Merril Lynch, Citi Investment Research, Credit Suisse, Deutsche Bank, Grupo Bursatil Mexicano, Grupo Financiero Interacciones, Grupo Financiero Monex, HSBC, Intercam Casa de Bolsa, Itau BBA, INVEX, JP Morgan, Morgan Stanley, Morningstar, Santander Investment, Scotia Capital, UBS Casa de Bolsa, Vector.

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 
2013

1Q 2013 Per
Workload Unit

1Q 
2014

1Q 2014 Per
Workload Unit

3M 
2013

3M 2013 Per
Workload Unit

3M
2014

3M 2014 Per
Workload Unit

Cancun (1)









Aeronautical Revenues

629,920

144.4

635,747

138.7

629,920

144.4

635,747

138.7

Non-Aeronautical Revenues

425,033

97.4

472,010

103.0

425,033

97.4

472,010

103.0

Construction Services

39,364

9.0

15,245

3.3

39,364

9.0

15,245

3.3

Total Revenues

1,094,318

250.8

1,123,003

245.1

1,094,317

250.8

1,123,003

245.1

Operating Profit

694,351

159.1

692,859

151.2

694,351

159.1

692,859

151.2

EBITDA

759,070

174.0

762,746

166.5

759,070

174.0

762,746

166.5

Merida









Aeronautical Revenues

44,486

128.2

52,075

137.4

44,486

128.2

52,075

137.4

Non-Aeronautical Revenues

13,563

39.1

14,757

38.9

13,563

39.1

14,757

38.9

Construction Services

26

0.1

-

-

26

0.1

-

-

Other (2)

6.60

-

8

-

7

-

8

-

Total Revenues

58,082

167.4

66,840

176.4

58,082

167.4

66,840

176.4

Operating Profit

15,644

45.1

22,049

58.2

15,644

45.1

22,049

58.2

EBITDA

24,431

70.4

30,858

81.4

24,431

70.4

30,858

81.4

Villahermosa









Aeronautical Revenues

28,657

120.4

32,118

125.0

28,657

120.4

32,118

125.0

Non-Aeronautical Revenues

9,196

38.6

11,242

43.7

9,196

38.6

11,242

43.7

Construction Services

(1,016)

(4.3)

2,145

8.3

(1,016)

(4.3)

2,145

8.3

Other (2)

18.59

0.1

20

0.1

19

0.1

20

0.1

Total Revenues

36,855

154.9

45,525

177.1

36,856

154.9

45,525

177.1

Operating Profit

11,799

49.6

16,217

63.1

11,799

49.6

16,217

63.1

EBITDA

17,605

74.0

22,504

87.6

17,605

74.0

22,504

87.6

Other Airports (3)









Aeronautical Revenues

111,360

152.3

119,282

149.7

111,360

152.3

119,282

149.7

Non-Aeronautical Revenues

21,866

29.9

24,791

31.1

21,866

29.9

24,791

31.1

Construction Services

52,052

71.2

3,722

4.7

52,053

71.2

3,722

4.7

Other (2)

53.78

0.1

69

0.1

53

0.1

69

0.1

Total Revenues

185,332

253.5

147,864

185.5

185,332

253.5

147,864

185.5

Operating Profit

38,386

52.5

40,067

50.3

38,386

52.5

40,067

50.3

EBITDA

61,721

84.4

67,412

84.6

61,723

84.4

67,412

84.6

Holding & Service Companies (4)









Construction Services

-

 n/a 

-

 n/a 

-

 n/a 

-

 n/a 

Other (2)

219,842

 n/a 

244,913

 n/a 

219,842

 n/a 

244,913

 n/a 

Total Revenues

219,842

 n/a 

244,913

 n/a 

219,842

 n/a 

244,913

 n/a 

Operating Profit

53,992

 n/a 

66,801

 n/a 

53,992

 n/a 

66,801

 n/a 

EBITDA

54,489

 n/a 

67,508

 n/a 

54,488

 n/a 

67,508

 n/a 

Consolidation Adjustment









Consolidation Adjustment

(219,921)

 n/a 

(245,010)

 n/a 

(219,921)

 n/a 

(245,010)

 n/a 

Group









Aeronautical Revenues

814,423

143.4

839,222

139.5

814,423

143.4

839,222

139.5

Non-Aeronautical Revenues

469,658

82.7

522,801

86.9

469,658

82.7

522,801

86.9

Construction Services

90,427

15.9

21,113

3.5

90,427

15.9

21,113

3.5

Total Revenues

1,374,508

242.0

1,383,136

229.9

1,374,508

242.0

1,383,136

229.9

Operating Profit

814,172

143.4

837,993

139.3

814,172

143.4

837,993

139.3

EBITDA

917,317

161.5

951,029

158.1

917,317

161.5

951,029

158.1










(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, 2014 and 2013
Thousands of Mexican pesos

 


I t e m


 Cumulative 


 Cumulative 


 % Change 


 1Q 


 1Q 


%




2013


2014


%


2013


2014


Change



















Revenues
















Aeronautical Services


814,423


839,222


3.04


814,423


839,222


3.04




















Non-Aeronautical Services


469,658


522,801


11.32


469,658


522,801


11.32




















Construction Services


90,427


21,113


(76.65)


90,427


21,113


(76.65)



















Total Revenues


1,374,508


1,383,136


0.63


1,374,508


1,383,136


0.63



















Operating Expenses
































Cost of Services


216,949


260,138


19.91


216,949


260,138


19.91




Cost of Construction


90,427


21,113


(76.65)


90,427


21,113


(76.65)




General and Administrative Expenses


42,461


39,038


(8.06)


42,461


39,038


(8.06)




Technical Assistance


48,322


50,080


3.64


48,322


50,080


3.64




Concession Fee


59,032


61,739


4.59


59,032


61,739


4.59




Depreciation and Amortization


103,145


113,035


9.59


103,145


113,035


9.59



Total Operating Expenses


560,336


545,142


(2.71)


560,336


545,142


(2.71)



















Operating Income


814,172


837,993


2.93


814,172


837,993


2.93



















Comprehensive Financing Cost


46,191


2,498


(94.59)


46,191


2,498


(94.59)



















Participation in the Results of















Associates


(122,054)


10,551


(108.64)


(122,054)


10,551


(108.64)



Non-Ordinary Item
















Non-Ordinary Item


-


-


-


-


-


-



































Income Before Income Taxes


738,308


851,042


15.27


738,308


851,042


15.27




















Provision for IETU


6,992


116


(98.36)


6,992


116


(98.36)




Provision for Income Tax


263,227


235,804


(10.42)


263,227


235,804


(10.42)




Provision for Asset Tax


2,866


2,395


(16.44)


2,866


2,395


(16.44)




Deferred Income Taxes


(27,301)


(21,647)


(20.71)


(27,301)


(21,647)


(20.71)




Deferred IETU


5,918


-


(100.00)


5,918


-


(100.00)




















Net Income for the Year


486,607


634,376


30.37


486,607


634,376


30.37



















Earnings per Share


1.6220


2.1146


30.37


1.6220


2.1146


30.37



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


1.2425


1.6198


30.37


1.2425


1.6198


30.37



Exchange Rate per U.S. Dollar Ps. 13.0549






























 


Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Balance Sheet as of March 31, 2014 and 2013
Thousands of Mexican pesos

 


I t e m


March 2014


December 2013


 Change 


% Change

















A s s e t s 












Current Assets













Cash and Cash Equivalents


1,603,406


1,259,562


343,844


27.30





Trade Receivables, net


543,956


467,410


76,546


16.38





Recoverable Taxes and Other Current Assets


883,921


827,142


56,779


6.86

















Total Current Assets


3,031,283


2,554,114


477,169


18.68

















Non Current Assets













Machinery, Furniture and Equipment, net


322,725


322,072


653


0.20





Airports Concessions, net


15,700,782


15,790,796


(90,014)


(0.57)





Investment in Associates


1,408,251


1,400,957


7,294


0.52





Loans to Associate Companies


1,356,097


1,348,555


7,542


0.56

















Total  Assets


21,819,136


21,416,494


402,642


1.88

















Liabilities and Stockholders' Equity












Current Liabilities













Trade Accounts Payable


11,499


9,997


1,502


15.02





Bank Loans


18,205


41,804


(23,599)


(56.45)





Accrued Expenses and Others Payables


436,654


616,167


(179,513)


(29.13)




Total Current Liabilities


466,357


667,968


(201,611)


(30.18)

















Long Term Liabilities













Bank Loans


2,793,612


2,799,058


(5,446)


(0.19)





Deferred Income Taxes


1,636,747


1,658,395


(21,648)


(1.31)





Deferred Flat Rate Business Tax


0


-


0


-





Labor Obligations


7,086


6,857


229


3.33




Total Long Term Liabilities


4,437,445


4,464,310


(26,865)


(0.60)

















Total Liabilities


4,903,802


5,132,278


(228,476)


(4.45)

















Stockholders' Equity













Capital Stock


7,767,276


7,767,276


0


0.00





Legal Reserve


517,504


517,504


(0)


(0.00)





Share Repurchase Reserve


-


-


-


-





Net Income for the Period


634,376


2,296,873


(1,662,497)


(72.38)





Cumulative Effect of Conversion of Foreign Currency

33,150


36,407


(3,257)


(8.95)





IFRS Conversion Adjustment


5,045,078


5,045,078


0


0.00





Retained Earnings 


2,917,951


621,078


2,296,872


369.82





Total Stockholders' Equity


16,915,334


16,284,216


631,118


3.88

















Total Liabilities and Stockholders' Equity


21,819,136


21,416,494


402,642


1.88
















 

Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Cash flow as of March 31, 2014 and 2013
Thousands of Mexican pesos


Related


 Cumulative 


 Cumulative 


%


 1Q 


 1Q 


%


2013


2014


Change


2013


2014


Change





























Operating Activities



























Income Before Income Taxes


738,308


851,042


15


738,308


851,042


15

Items Related with Investing Activities:














Depreciation and Amortization


103,145


113,035


10


103,145


113,035


10


Participation in the Results of Associates


122,054


(10,551)




122,054


(10,551)




Loss on Disposal of Fixed Assets






-






-


Interest Income


(31,298)


(22,382)


(28)


(31,298)


(22,382)


(28)


Financial Derivative Instruments






-








Provisions






-






-








-






-

Sub-Total


932,209


931,145


(0)


932,209


931,145


(0)















Increase in Trade Receivables


(60,649)


(76,546)


26


(60,649)


(76,546)


26

Decrease in Recoverable Taxes and other Current Assets


(251,343)


(353,865)


41


(251,342)


(353,865)


41

Other Deferred Assets


-




-


-




-

Income Tax Paid


(59,456)


(210,684)


254


(59,456)


(210,684)


254

Income Tax on Dividends


-




-


-




-

   Trade Accounts Payable


73,392


73,145


(0)


73,392


73,145


(0)

   Accrued Expenses and Others Payables


-




-


-




-

   Long Term Liabilities


-




-


-




-















Net Cash Flow Provided by Operating Activities


634,154


363,195


(43)


634,154


363,195


(43)















Investing Activities













   Investments in Associates


(1,508,002)


-


(100)


(1,508,002)




(100)

   Loans granted to Associates


(3,399,330)


-


(100)


(3,399,330)




(100)

   Loans repaid by Associates


2,163,210


-


(100)


2,163,210




(100)

   Investments in Machinery, Furniture and Equipment, net


(90,981)


(36,177)


(60)


(90,981)


(36,177)


(60)

   Investments in Rights to Use Airport Facilities


-




-


-




-

   Investments in Construction in Process


-




-


-




-

   Investments in Others


-




-


-




-

Interest Income


31,298


22,382


(28)


31,298


22,382


(28)















Net Cash Flow Provided by Investing Activities


(2,803,805)


(13,795)


(100)


(2,803,805)


(13,795)


(100)















Excess Cash to Use in Financing Activities:


(2,169,651)


349,400


(116)


(2,169,651)


349,400


(116)















Bank Loans


2,565,169


(5,556)


(100)


2,565,169


(5,556)


(100)

Dividends Paid


-




-


-




-

Tax on Dividends Paid


-


0


-


-


0


-















Net Cash Flow Provided by Financing Activities


2,565,169


(5,556)


(100)


2,565,169


(5,556)


(100)















Net Increase in Cash and Cash Equivalents


395,518


343,844


(13)


395,518


343,844


(13)















Cash and Cash Equivalents at Beginning of Period


2,265,427


1,259,562


(44)


2,265,427


1,259,562


(44)















Cash and Cash Equivalents at the End of Period


2,660,945


1,603,406


(40)


2,660,945


1,603,406


(40)















 


Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Income from January 1 to March 31, 2014 and 2013
Thousands of Mexican pesos

 



I t e m


 Cumulative 


 Cumulative 


 1Q 


 1Q 




2013


2014


2013


2014






 Mexican NIF 

 Transition Effects 

 IFRS 


 Mexican NIF 

 Transition Effects 

 IFRS 


 Mexican NIF 

 Transition effects 

 IFRS 


 Mexican NIF 

 Transition effects 

 IFRS 



Revenues




















Aeronautical Services


814,423


814,423


839,222


839,222


814,423


814,423


839,222


839,222
























Non-Aeronautical Services


469,658


469,658


522,801


522,801


469,658


469,658


522,801


522,801
























Construction Services


90,427


90,427


21,113


21,113


90,427


90,427


21,113


21,113























Total Revenues


1,374,508

-

1,374,508


1,383,136

-

1,383,136


1,374,508

-

1,374,508


1,383,136

-

1,383,136























Operating Expenses








































Cost of Services


216,141

808

216,949


259,654

484

260,138


216,141

808

216,949


259,654

484

260,138




Cost of Construction


90,427


90,427


21,113


21,113


90,427


90,427


21,113


21,113




General and Administrative Expenses


252,960


252,960


263,891


263,891


252,960


252,960


263,891


263,891



Total Operating Expenses


559,528

808

560,336


544,658

484

545,142


559,528

808

560,336


544,658

484

545,142























Operating Income


814,980

(808)

814,172


838,477

(484)

837,993


814,980

(808)

814,172


838,477

(484)

837,993























Comprehensive Financing Cost




















Interest Receivable


31,298


31,298


22,382


22,382


31,298


31,298


22,382


22,382




Interest Payable


(16,509)


(16,509)


(19,483)


(19,483)


(16,509)


(16,509)


(19,483)


(19,483)




Exchange (Losses) Gains, net


31,401


31,401


(401)


(401)


31,401


31,401


(401)


(401)




Loss (gains) on Valuation of Derivative 








-


0


-


-


-




Financial Instruments 


-


-


-


-


0


-


-


-























Participation in the Results of



















Associates


(122,054)


(122,054)


10,551


10,551


(122,054)


(122,054)


10,551


10,551



Non-Ordinary Item




















Non-Ordinary Item


8

(8)

0


5

(5)

-


8

(8)

0


5

(5)

-











































Income Before Income Taxes


739,108

(800)

738,308


851,521

(479)

851,042


739,108

(800)

738,308


851,521

(479)

851,042
























Provision for IETU


6,992


6,992


116


116


6,992


6,992


116


116




Provision for Income Tax


263,227

-

263,227


(51,344)

287,148

235,804


263,227

-

263,227


(51,344)

287,148

235,804




Provision for Asset Tax


2,866


2,866


2,395


2,395


2,866


2,866


2,395


2,395




Deferred Income Taxes


(27,301)


(27,301)


(21,647)


(21,647)


(27,301)


(27,301)


(21,647)


(21,647)




Deferred IETU


5,860

58

5,918


-


-


5,860

58

5,918


-


-
























Net Income for the Year


487,465

(858)

486,607


922,003

(287,627)

634,376


487,465

(858)

486,607


922,003

(287,627)

634,376























Earnings per share


1.62

(0.00)

1.62


3.07

(0.96)

2.11


1.62

(0.00)

1.62


3.07

(0.96)

2.11



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


1.24

(0.00)

1.24


2.35

(0.73)

1.62


1.24

(0.00)

1.24


2.35

(0.73)

1.62



Exchange Rate per U.S. Dollar Ps. 13.0549


















 


Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Balance Sheet as of March 31, 2014 and 2013
Thousands of Mexican pesos

 


I t e m


March 2014


December 2013







 Mexican NIF 

 Transition effects 

 IFRS 


 Mexican NIF 

 Transition effects 

 IFRS 




A s s e t s 












Current Assets













Cash and Cash Equivalents


1,603,406


1,603,406


1,259,562


1,259,562





Trade Receivables, net


543,956


543,956


467,410


467,410





Recoverable Taxes and Other Current Assets


886,614

(2,693)

883,921


542,628

284,514

827,142

















Total Current Assets


3,033,976

(2,693)

3,031,283


2,269,600

284,514

2,554,114

















Non Current Assets













Machinery, Furniture and Equipment, net


322,725


322,725


322,072


322,072





Airports Concessions, net


15,700,782


15,700,782


15,790,796


15,790,796





Investment in Associated 


1,408,251


1,408,251


1,400,957


1,400,957





Deferred Employees' Statutory Profit Sharing 


-


-


-


-





Loans To Associates


1,356,097


1,356,097


1,348,555


1,348,555

















Total Non Current Assets


18,787,854

-

18,787,854


18,862,380

-

18,862,380

















Total  Assets


21,821,829

(2,693)

21,819,136


21,131,980

284,514

21,416,494

















Liabilities and Stockholders' Equity












Current Liabilities













Trade Accounts Payable


11,499


11,499


9,997


9,997





Bank Loans


18,205


18,205


41,804


41,804





Accrued Expenses and Others Payables


408,860

27,794

436,654


589,180

26,987

616,167

















Total Current Liabilities


438,563

27,794

466,357


640,981

26,987

667,968

















Long Term Liabilities













Bank Loans


2,793,612


2,793,612


2,799,058


2,799,058





Deferred Income Taxes


1,636,747


1,636,747


1,658,395


1,658,395





Deferred Flat Rate Business Tax


0


0


-


-





Labor Obligations


16,632

(9,546)

7,086


16,019

(9,162)

6,857

















Total Long Term Liabilities


4,446,991

(9,546)

4,437,445


4,473,472

(9,162)

4,464,310

















Total Liabilities


4,885,554

18,248

4,903,802


5,114,453

17,825

5,132,278

















Stockholders' Equity













Capital Stock


12,799,204

(5,031,928)

7,767,276


12,799,204

(5,031,928)

7,767,276





Legal Reserve


535,118

(17,614)

517,504


535,118

(17,614)

517,504





Share Repurchase Reserve


-


-


-


-





Net Income for the Period


922,003

(287,627)

634,376


2,018,292

278,581

2,296,873





Cumulative Effect of Conversion of Foreign Currency

33,150


33,150


36,407


36,407





IFRS Conversion Adjustment


-

5,045,078

5,045,078


-

5,045,078

5,045,078





Retained Earnings 


2,646,800

271,150

2,917,951


628,506

(7,428)

621,078


















Total Stockholders' Equity


16,936,275

(20,941)

16,915,334


16,017,527

266,689

16,284,216

















Total Liabilities and Stockholders' Equity


21,821,829

(2,693)

21,819,136


21,131,980

284,514

21,416,494
















 

 

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



More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.