ASUR 3Q12 Passenger Traffic Up 10.18% YoY
MEXICO CITY, Oct. 23, 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 and nine-month periods ended September 30, 2012.
3Q12 Highlights1:
- EBITDA2 increased by 17.81% to Ps.691.80 million
- Total passenger traffic was up 10.18%
- Total revenues rose by 16.50% due to increases of 14.27% in aeronautical revenues, 14.52% in non-aeronautical revenues, and 35.21% in construction services revenues
- Commercial revenues per passenger increased by 5.30% to Ps.67.81
- Operating profit increased by 20.44%
- EBITDA margin increased to 56.61% from 55.98% in 3Q11
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- and nine-month periods ended September 30, 2012, and the equivalent three- and nine-month periods ended September 30, 2011. Financial figures for the three- and nine-month periods ended September 30, 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.12.8695.
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 third quarter of 2012, total passenger traffic increased year-over-year by 10.18%. Domestic passenger traffic increased by 17.21% while international passenger traffic rose by 3.49%.
The 17.21% growth in domestic passenger traffic growth was driven by increases at Cancun, Cozumel, Minatitlan, Oaxaca, Villahermosa and Oaxaca. The 3.49% growth in international passenger traffic resulted mainly from an increase of 3.32% in international traffic at the Cancun airport.
Passenger traffic for the nine-month period ended September 30, 2012 increased 9.31% compared to the same period last year, reflecting increases of 17.14% in domestic passenger traffic and 3.86% in international passenger traffic.
Table I: Domestic Passengers (in thousands)
Airport |
3Q11 |
3Q12 |
% Change |
9M |
9M 2012 |
% Change |
Cancun |
1,114.5 |
1,434.6 |
28.72 |
2,738.8 |
3,466.5 |
26.57 |
Cozumel |
21.4 |
27.2 |
27.10 |
41.1 |
68.9 |
67.64 |
Huatulco |
112.8 |
110.6 |
(1.95) |
290.8 |
304.1 |
4.57 |
Merida |
288.0 |
284.3 |
(1.28) |
819.6 |
838.2 |
2.27 |
Minatitlan |
24.5 |
31.9 |
30.20 |
75.0 |
93.3 |
24.40 |
Oaxaca |
98.1 |
114.3 |
16.51 |
249.9 |
310.8 |
24.37 |
Tapachula |
37.8 |
36.3 |
(3.97) |
114.9 |
110.3 |
(4.00) |
Veracruz |
203.2 |
208.5 |
2.61 |
576.6 |
575.5 |
(0.19) |
Villahermosa |
213.2 |
229.5 |
7.65 |
578.8 |
658.3 |
13.74 |
TOTAL |
2,113.5 |
2,477.2 |
17.21 |
5,485.5 |
6,425.9 |
17.14 |
Note: Passenger figures exclude transit and general aviation passengers.
II: International Passengers (in thousands)
Airport |
3Q11 |
3Q12 |
% Change |
9M |
9M 2012 |
% Change |
Cancun |
2,068.2 |
2,136.8 |
3.32 |
7,288.4 |
7,575.9 |
3.94 |
Cozumel |
64.1 |
66.7 |
4.06 |
310.5 |
303.1 |
(2.38) |
Huatulco |
3.7 |
4.7 |
27.03 |
52.3 |
53.5 |
2.29 |
Merida |
22.9 |
26.5 |
15.72 |
70.4 |
76.6 |
8.81 |
Minatitlan |
1.3 |
1.6 |
23.08 |
3.4 |
4.5 |
32.35 |
Oaxaca |
13.5 |
14.2 |
5.19 |
37.3 |
40.6 |
8.85 |
Tapachula |
1.6 |
1.8 |
12.50 |
5.7 |
5.8 |
1.75 |
Veracruz |
30.2 |
28.3 |
(6.29) |
71.6 |
77.3 |
7.96 |
Villahermosa |
14.7 |
17.0 |
15.65 |
37.4 |
43.6 |
16.58 |
TOTAL |
2,220.2 |
2,297.6 |
3.49 |
7,877.0 |
8,190.9 |
3.86 |
Note: Passenger figures exclude transit and general aviation passengers.
Table III: Total Passengers (in thousands)
Airport |
3Q11 |
3Q12 |
% Change |
9M |
9M 2012 |
% Change |
Cancun |
3,182.7 |
3,571.4 |
12.21 |
10,027.2 |
11,042.4 |
10.12 |
Cozumel |
85.5 |
93.9 |
9.82 |
351.6 |
372.0 |
5.80 |
Huatulco |
116.5 |
115.3 |
(1.03) |
343.1 |
357.6 |
4.23 |
Merida |
310.9 |
310.8 |
(0.03) |
890.0 |
914.8 |
2.79 |
Minatitlan |
25.8 |
33.5 |
29.84 |
78.4 |
97.8 |
24.74 |
Oaxaca |
111.6 |
128.5 |
15.14 |
287.2 |
351.4 |
22.35 |
Tapachula |
39.4 |
38.1 |
(3.30) |
120.6 |
116.1 |
(3.73) |
Veracruz |
233.4 |
236.8 |
1.46 |
648.2 |
652.8 |
0.71 |
Villahermosa |
227.9 |
246.5 |
8.16 |
616.2 |
701.9 |
13.91 |
TOTAL |
4,333.7 |
4,774.8 |
10.18 |
13,362.5 |
14,606.8 |
9.31 |
Note: Passenger figures exclude transit and general aviation passengers.
Consolidated Results for 3Q12
Total revenues for 3Q12 increased year-over-year by 16.50% to Ps.1,222.01 million. This was mainly due to increases of:
- 14.27% in revenues from aeronautical services, principally as a result of the 10.18% rise in passenger traffic;
- 14.52% in revenues from non-aeronautical services, reflecting the 15.94% increase in commercial revenues detailed below; and
- 35.21% 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, retail operations, banking and currency exchange services, advertising, teleservices, non-permanent ground transportation, food and beverage, and parking lot fees.
Commercial revenues increased by 15.94% year-over-year during the quarter, principally due to the 10.18% increase in passenger traffic. There were increases in revenues in the following activities:
- 41.10% in advertising;
- 18.17% in retail operations;
- 15.62% in car rental revenues;
- 15.08% in banking and currency exchange services;
- 13.95% in food and beverage;
- 10.55% in duty-free stores;
- 4.90% in ground transportation;
- 4.11% in parking lot fees; and
- 24.55% in other revenue.
These increases more than offset the 11.18% decline in teleservices.
Retail and Other Commercial Space |
||
Business Name |
Type |
Opening Date |
Cancun |
||
Traffic Tours |
Tourism booth |
September 2011 |
Starbucks Cafe |
Food & beverage |
July 2011 |
Merida |
||
Sunglass Island |
Retail |
July 2012 |
Kukis |
Retail |
March 2012 |
Villahermosa |
||
Operadora de Tiendas exclusivas |
Retail |
June 2012 |
Snack Bar Aqua |
Food & beverage |
June 2012 |
Tienda de Artesanias |
Retail |
August 2012 |
Veracruz |
||
Rent a Matic Itza |
Car rentals |
August 2012 |
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 3Q12, ASUR recognized Ps.145.63 million in revenues from "Construction Services" because of improvements to its concessioned assets, a 35.21% year-on-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 Revenues and Construction Expenses have been included in ASUR's income statement as a result of the application of IFRIC 12, the increase in Construction Revenues in 3Q12 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 3Q12 increased 13.03% year-over-year. This was primarily due to the following increases:
- 35.21% in construction costs, due to greater improvements made to the concessioned assets during the period;
- 6.08% in costs of services, principally reflecting higher sales volumes, and therefore higher costs of sales at the convenience stores directly operated by ASUR, and higher fees paid to third parties in connection with ASUR's participation in international projects. Increased insurance costs, as well as the costs of a bond required in connection with an appeal of a decision overturning a tax credit, and higher maintenance expenses also contributed to the increase;
- 9.50% in administrative expenses mainly due to higher professional fees paid to third parties and travel expenses in connection with the Munoz Marin Airport in San Juan, Puerto Rico ("LMM") project;
- 17.76% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee);
- 15.03% 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
- 4.47% in depreciation and amortization, resulting mainly from capitalized investments.
Operating margin for the quarter increased to 48.34% from 46.76% in 3Q11. This was mainly due to the 16.50% increase in revenues which more than offset the 13.03% increase in expenses during the period.
Comprehensive Financing Gain (Loss) for 3Q12 was a Ps.6.69 million loss, compared to a Ps.21.2 million gain in 3Q11, principally due to a foreign exchange loss during the quarter as compared to a foreign exchange gain in 3Q11.
During 3Q12, ASUR reported a foreign exchange loss of Ps.9.08 million which principally resulted from the 6.74% appreciation of the Mexican peso against the U.S. dollar during the period derived of a foreign currency net asset position.
Interest expense declined in 3Q12 by Ps.4.60 million year-on-year, principally reflecting lower debt levels as a result of the Ps.277.5 million in principal payments made during 3Q12. Interest income increased by Ps.1.53 million year-on-year reflecting higher investments resulting from the increase in net income during the period.
Comprehensive Financing Result (Cost)
3Q11 |
3Q12 |
Change |
% |
|
Interest income |
(19,812) |
21,342 |
1,530 |
8 |
Interest expenses |
(13,674) |
(9,079) |
4,596 |
34 |
Loss (gains) on valuation of derivative |
637 |
-- |
(637) |
(100.) |
Foreign exchange gain (loss), |
14,436 |
(18,952) |
(33,389) |
(231) |
Total |
21,211 |
(6,689) |
(27,901) |
(132) |
9M11 |
9M12 |
Change |
% |
|
Interest income |
59,998 |
62,766 |
2,768 |
5 |
Interest expenses |
(44,954) |
(29,223) |
15,731 |
(35) |
Loss (gains) on valuation of Derivative |
2,061 |
601 |
(1,460) |
(71) |
Foreign exchange gain (loss), |
11,207 |
(22,838) |
(34,045) |
(304) |
Total |
28,312 |
11,306 |
(17,006) |
(60) |
2011 |
2012 |
|||
Exchange rate at September |
13.7994 |
12.8695 |
||
Exchange rate at June |
11.7230 |
13.4084 |
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, the Company evaluates and reviews its deferred assets and liabilities position as applied by Mexican Tax laws.
Income taxes for 3Q12 increased by 18.04%, or Ps.26.75 million year-over-year, principally due to the following factors:
- Provisional IETU payments of Ps.5.40 million by some of ASUR's subsidiaries;
- A Ps.18.55 million increase in the provision for income taxes, as a result of a higher taxable base resulting from the 16.50% increase in revenues during the period, which more than offset the 13.03% increase in operating costs.
- A Ps.9.90 million increase in deferred income taxes resulting from the recognition of inflationary effects;
- A Ps.2.65 million decline in deferred IETU because of the expiration of tax credits; and
- A Ps.0.26 million decline in the asset tax for amounts that cannot be credited against other taxes.
Net income for 3Q12 increased by 12.55% to Ps.409.07 million from Ps.363.45 million in 3Q11. Earnings per common share for the quarter were Ps.1.3636, or earnings per ADS (EPADS) of US$1.0595 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.1.2115, or EPADS of US$0.9414, for the same period last year.
Table IV: Summary of Consolidated Results for 3Q12
3Q11 |
3Q12 |
% Change |
|
Total Revenues |
1,048,979 |
1,222,011 |
16.50 |
Aeronautical Services |
615,896 |
703,766 |
14.27 |
Non-Aeronautical Services |
325,378 |
372,618 |
14.52 |
Commercial Revenues |
282,158 |
327,130 |
15.94 |
Construction Services |
107,705 |
145,627 |
35.21 |
Operating Profit |
490,480 |
590,746 |
20.44 |
Operating Margin % |
46.76% |
48.34% |
3.37% |
EBITDA |
587,213 |
691,802 |
17.81 |
EBITDA Margin % |
55.98% |
56.61% |
1.13% |
Net Income |
363,451 |
409,066 |
12.55 |
Earnings per Share |
1.2115 |
1.3636 |
12.55 |
Earnings per ADS in US$ |
0.9414 |
1.0595 |
12.55 |
Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.12.8695.
Table V: Commercial Revenues per Passenger for 3Q12
3Q11 |
3Q12 |
% Change |
|
Total Passengers ('000) |
4,382 |
4,824 |
10.09 |
Total Commercial Revenues |
282,158 |
327,130 |
15.94 |
Commercial revenues from direct |
65.308 |
81,649 |
25.02 |
Commercial revenues excluding |
216,850 |
245,481 |
13.20 |
3Q11 |
3Q12 |
% Change |
|
Total Commercial Revenue per Passenger |
64.40 |
67.81 |
5.30 |
Commercial revenue from direct |
14.90 |
16.93 |
13.62 |
Commercial revenue per passenger (excluding |
49.50 |
50.88 |
2.79 |
Note: For purposes of this table, approximately 69,800 and 48,900 transit and general aviation passengers are included for 3Q11 and 3Q12, 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 3Q12
3Q11 |
3Q12 |
% Change |
|
Cost of Services |
236,382 |
250,766 |
6.08 |
Construction Costs |
107,704 |
145,627 |
35.21 |
Administrative |
43,268 |
47,378 |
9.50 |
Technical Assistance |
30,958 |
36,455 |
17.76 |
Concession Fees |
43,454 |
49,983 |
15.03 |
Depreciation and Amortization |
96,733 |
101,056 |
4.47 |
TOTAL |
558,499 |
631,265 |
13.03 |
Consolidated Results for the Nine-Months Ended September 30, 2012
Total revenues for 9M12 increased year-over-year by 18.00% to Ps.3,783.5 million, mainly due to the following increases:
- 14.66% in revenues from aeronautical services as a result of the 9.31% increase in passenger traffic during the period;
- 19.78% in revenues from non-aeronautical services, principally as a result of the 21.44% increase in commercial revenues detailed below; and
- 32.75% in construction services in connection with higher investments during the period.
Commercial revenues for 9M12 rose by 21.44% year-over-year, principally as a result of revenue increases in the following areas:
- 38.76% in advertising;
- 24.18% in retail operations;
- 23.65% in other income;
- 22.95% in duty-free stores;
- 18.18% in banking and currency exchange services;
- 16.82% in food and beverage;
- 14.54% in car rentals;
- 12.35% in ground transportation services;
- 4.41% in teleservice; and
- 3.17% in parking lot fees.
Total operating costs and expenses for 9M12 rose 13.47%, mainly due to the following increases:
- 32.75% in construction costs resulting from higher investments;
- 7.52% in cost of services, principally reflecting higher energy costs, security and maintenance, and professional fees to third parties in connection with ASUR's participation in international bidding processes. Higher costs of sales as a result of higher sales volumes at the convenience stores directly operated by ASUR also contributed to the increase;
- 10.07% in administrative expenses, principally due to travel expenses in connection with international bidding projects;
- 19.86% in technical assistance costs, reflecting the corresponding increase in EBITDA during the period;
- 15.81% in concession fees, mainly due to the increase in regulated revenues (a factor in the calculation of the fee); and
- 4.80% in depreciation and amortization mainly due to changes in the depreciation and amortization rates.
Operating margin increased to 51.82% for 9M12, from 49.90% in 9M11. This was mainly the result of the 18.00% growth in revenues which more than offset the 13.47% increase in operating expenses for the period.
Net income for 9M12 increased by 20.86% to Ps.1,410.27 million. Earnings per common share for the period were Ps.4.7009, or earnings per ADS (EPADS) of US$3.6527 (one ADS represents ten series B common shares). This compares with Ps.3.8896, or EPADS of US$3.0224, for the same period last year.
Table VII: Summary of Consolidated Results for 9M12
(in thousands)
9M11 |
9M12 |
% Change |
|
Total Revenues |
3,206,485 |
3,783,500 |
18.00 |
Aeronautical Services |
1,887,992 |
2,164,726 |
14.66 |
Non-Aeronautical Services |
1,013,898 |
1,214,437 |
19.78 |
Commercial Revenues |
881,662 |
1,070,649 |
21.44 |
Construction Services |
304,595 |
404,337 |
32.75 |
Operating Profit |
1,600,024 |
1,960,657 |
22.54 |
Operating Margin % |
49.90% |
51.82% |
3.84% |
EBITDA |
1,885,940 |
2,260,284 |
19.85 |
EBITDA Margin % |
58.82% |
59.74% |
1.57% |
Net Income |
1,166,887 |
1,410,267 |
20.86 |
Earnings per Share |
3.8896 |
4.7009 |
20.86 |
Earnings per ADS in US$ |
3.0224 |
3.6527 |
20.86 |
Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.13.4084.
Table VIII: Commercial Revenues per Passenger for 9M12
(in thousands)
9M11 |
9M12 |
% Change |
|
Total Passengers *('000) |
13,517 |
14,759 |
9.19 |
Total Commercial Revenues |
881,662 |
1,070,649 |
21.44 |
Commercial revenues from |
191,115 |
249,444 |
30.52 |
Commercial revenues |
690,547 |
821,205 |
18.92 |
9M11 |
9M12 |
% Change |
|
Total Commercial Revenue per Passenger |
65.23 |
72.54 |
11.21 |
Commercial revenue from |
14.14 |
16.90 |
19.52 |
Commercial revenue per |
51.09 |
55.64 |
8.91 |
* For purposes of this table, approximately 249,200 and 151,800 transit and general aviation passengers are included for 9M11 and 9M12, respectively.
(1) Revenues from direct commercial operations represent ASUR's operation of convenience stores in airports and the direct sale of advertising space.
Table IX: Operating Costs and Expenses for 9M12
(in thousands)
9M11 |
9M12 |
% Change |
|
Cost of Services |
658,852 |
708,390 |
7.52 |
Construction Costs |
304,595 |
404,337 |
32.75 |
Administrative |
123,549 |
135,992 |
10.07 |
Technical Assistance |
99,300 |
119,020 |
19.86 |
Concession Fees |
134,249 |
155,477 |
15.81 |
Depreciation and Amortization |
285,916 |
299,627 |
4.80 |
TOTAL |
1,606,461 |
1,822,843 |
13.47 |
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 9M12 were Ps.2,362.74 million, resulting in an annual average tariff per workload unit of Ps.157.06. ASUR's regulated revenues accounted for approximately 62.45% of total income for the period.
The Mexican Ministry of Communications and Transportation reviews compliance with the maximum rates on an annual basis at the close of each year.
Balance Sheet
On September 30, 2012, Airport Concessions represented 82.31% of the Company's total assets, with current assets representing 16.02% and other assets representing 1.67%.
Cash and cash equivalents on September 30, 2012 were Ps.1,941.59 million, a 26.93% increase from the Ps.1,529.67 million in cash and cash equivalents recorded on December 31, 2011.
Shareholders' equity at the close of 3Q12 was Ps.15,806.59 million and total liabilities were Ps.2,936.43 million, representing 84.33% and 15.66% of total assets, respectively. Deferred liabilities represented 72.54% of the Company's total liabilities.
Total bank debt at September 30, 2012 was Ps.414.4 million, including Ps.1.3 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 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 principal payments.
During the quarter, ASUR made aggregate principal payments of Ps.98.1 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. 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 3Q12, ASUR made investments of Ps.122.15 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans.
Recent Events
ASUR and Highstar Capital Win Bid to be Private Operator of Luis Munoz Marin Airport in San Juan, Puerto Rico
On July 19, 2012 ASUR announced that the Puerto Rico Public-Private Partnership Committee declared Aerostar Airport Holdings ("Aerostar") the winner of a public bidding process to become the private operators of the Luis Munoz Marin international airport in San Juan, Puerto Rico ("LMM Airport"). Aerostar is a limited liability company owned 50% by each of ASUR (through its Cancun Airport subsidiary) and Highstar Capital IV.
LMM Airport handles over 8.5 million passengers per year and is served by over 14 airlines. LMM airport generates over 8,000 direct and indirect jobs and recently opened the newly-constructed Terminal A, which is currently served by JetBlue. Aerostar intends to transform LMM into a world-class airport through a capital investment program of over $1.4 billion during the term of the lease, while working with the airport community and airlines to better serve passengers.
On July 24, 2012 Aerostar signed a lease agreement (the "Lease Agreement") for LMM Airport with the Puerto Rico Ports Authority (the "PRPA"). The closing of the Lease Agreement, however, is subject to a number of conditions precedent, including approval of the Lease Agreement and the award of a Part 139 operating certificate by the U.S. Federal Aviation Administration ("FAA") as previously disclosed. The Lease Agreement has a term of 40 years and involves an upfront payment of $615 million, which is expected to be funded by a mixture of debt financing incurred by Aerostar and equity contributions by each of ASUR (through its Cancun Airport subsidiary) and Highstar Capital IV.
Following the execution of the Lease Agreement, Aerostar and the PRPA have undertaken a number of critical steps towards the closing:
- The PRPA submitted an application to the FAA for approval of the Lease under the FAA's Airport Privatization Pilot Program.
- Aerostar has also begun discussions with the FAA regarding its application for a Part 139 operating certificate.
- Aerostar named the transition team for its operations at LMM airport. The transition team has already begun meeting with airlines, concessionaires and other stakeholders at LMM Airport to help facilitate a smooth transition to the closing of the Lease.
The current capital structure for Aerostar is as follows:
- Each of Highstar and ASUR own 50% of the membership interests in Aerostar.
- Aerostar has received financing commitments from a syndicate of international and Puerto Rican banks for a term loan of up to $350 million of the upfront leasehold fee, a term loan of $50 million for capital expenditures and a $10 million revolving credit facility.
- ASUR has committed to lend Aerostar up to $100 million to fund the payment of the upfront leasehold fee due under the Lease, which is subject to adjustment based on the amount of third party financing available to Aerostar. The commitment for this loan provides that it would be subordinated to senior indebtedness, bear interest at LIBOR plus 2.00% and be required to be repaid by Aerostar from cash available for distribution in priority to equity distributions to ASUR and Highstar Capital IV.
- In exchange for ASUR's loan commitment, Highstar Capital IV has granted ASUR certain benefits, including an agreement that if Highstar Capital IV sells any of its interest in Aerostar and ASUR's Cancun airport subsidiary continues to hold at least 25% of Aerostar's membership units, ASUR will be entitled to 20% of Highstar Capital IV's realized investment return on such sale in excess of 14% per annum.
For more details related to these recent events, refer to ASUR's press releases issued on July 19 and 24, and September 12, 2012.
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 (in thousands of Mexican Pesos) |
|||||
Item |
Description |
Capital Stock |
Retained Earnings |
Legal Reserve |
Total Shareholders' Equity |
Labor |
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 |
Reversal of deferred employee profit sharing as it is outside the reach of IAS 12 |
(2,905) |
(2,905) |
||
Creation |
Recognition of accrued vacation rights not used by year-end. |
(18,339) |
(18,339) |
||
Deferred |
Impact on deferred IETU derived from the recognition of provisions for vacations and employee benefits |
3,534 |
3,534 |
||
Capital |
Elimination of inflation accounting. |
(5,031,928) |
(5,031,928) |
||
Legal |
Elimination of inflation accounting |
(23,025) |
(23,025) |
||
Capital |
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 September 30, 2012, December 31, 2011 and January 1, 2011:
(In thousands of Mexican Pesos) |
September 30, |
December 31, |
January 1, |
Shareholders' Equity Under Mexican |
15,820,904 |
15,487,813 |
14,795,457 |
IFRS Adjustments: |
|||
Deferred Employee Profit Sharing (Note b) |
(3,862) |
(3,862) |
(2,905) |
Severance Liability and actuarial gains and losses |
10,836 |
10,342 |
7,835 |
Reserve for Vacations (Note f) |
(23,502) |
(22,099) |
(18,339) |
Deferred IETU (Note c) |
2,217 |
4,218 |
3,534 |
Total IFRS Adjustments |
(14,311) |
(11,401) |
(9,875) |
Shareholders' Equity Under IFRS |
15,806,593 |
15,476,412 |
14,785,582 |
See page 22 for notes on IFRS transition effects.
The following table presents the principal effects of IFRS on the Income Statement for the nine-month period ended on September 30, 2011 and 2012.
(In thousands of Mexican Pesos) |
3Q12 |
3Q11 |
9M12 |
9M11 |
Jan-Dec 2011 |
Net Income Under Mexican Financial Reporting Standards |
409,339 |
363,693 |
1,413,091 |
1,170,082 |
1,592,356 |
Elimination of severance liabilities |
-203 |
565 |
580 |
2,138 |
3,244 |
Elimination of PTU difference |
(957) |
||||
Recognition of accrued rights not used |
-601 |
-1,222 |
(1,403) |
(3,234) |
-3760 |
Effect on deferred IETU resulting from |
531 |
415 |
(2,001) |
(2,099) |
684 |
Net Income Under IFRS |
409,066 |
363,451 |
1,410,267 |
1,166,887 |
1,591,567 |
Actuarial Gains and Losses |
(265) |
(184) |
(86) |
(553) |
(737) |
Comprehensive Net Income Under |
408,801 |
363,267 |
1,410,181 |
1,166,334 |
1,590,830 |
See page 22 for notes on IFRS transition effects.
3Q12 Earnings Conference Call
Day: |
Wednesday, October 24, 2012 |
Time: |
10:00 AM US ET; 9:00 AM Mexico City time |
Dial-in number: |
1-888-846-5003 (US & Canada) and 1-480-629-9856 (International & Mexico) |
Access Code: |
4569419 |
Please dial in 10 minutes before the scheduled start time. |
|
Replay: |
Wednesday, October 24, 2012 at 1:00 PM US ET, ending at midnight US ET on Wednesday, October 31, 2012. Dial-in number: 1-877-870-5176 (US & Canada); 1-858-384-5517 (International & Mexico). Access Code: 4569419. |
Analyst Coverage
Actinver Casa de Bolsa, Barclays, BBVA Bancomer, BofA Merrill 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. 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 |
3Q |
3Q 2011 Per Workload Unit |
3Q |
3Q 2012 Per Workload Unit |
9M 2011 |
9M 2011 Per Workload Unit |
9M 2012 |
9M 2012 Per Workload Unit |
Cancun (1) |
||||||||
Aeronautical Revenues |
454,019 |
139.7 |
528,224 |
145.2 |
1,415,338 |
138.4 |
1,635,179 |
145.2 |
Non-Aeronautical Revenues |
284,069 |
87.4 |
328,370 |
90.3 |
893,570 |
87.4 |
1,085,231 |
96.4 |
Construction Services |
42,927 |
13.2 |
89,560 |
24.6 |
134,114 |
13.1 |
256,127 |
22.7 |
Total Revenues |
781,015 |
240.4 |
946,154 |
260.1 |
2,443,022 |
238.9 |
2,976,537 |
264.4 |
Operating Profit |
402,638 |
123.9 |
477,132 |
131.2 |
1,264,357 |
123.6 |
1,599,883 |
142.1 |
EBITDA |
465,997 |
143.4 |
541,508 |
148.9 |
1,451,431 |
141.9 |
1,792,010 |
159.2 |
Merida |
||||||||
Aeronautical Revenues |
44,838 |
125.2 |
46,161 |
129.7 |
127,979 |
123.4 |
136,714 |
129.5 |
Non-Aeronautical Revenues |
12,413 |
34.7 |
13,539 |
38.0 |
35,701 |
34.4 |
39,390 |
37.3 |
Construction Services |
26,960 |
75.3 |
7,871 |
22.1 |
55,925 |
53.9 |
28,269 |
26.8 |
Other (2) |
- |
- |
7 |
- |
- |
- |
19 |
- |
Total Revenues |
84,211 |
235.2 |
67,578 |
189.8 |
219,605 |
211.8 |
204,392 |
193.6 |
Operating Profit |
17,480 |
48.8 |
17,170 |
48.2 |
49,434 |
47.7 |
50,949 |
48.2 |
EBITDA |
25,266 |
70.6 |
25,273 |
71.0 |
72,789 |
70.2 |
75,255 |
71.3 |
Villahermosa |
||||||||
Aeronautical Revenues |
27,813 |
116.9 |
31,433 |
122.3 |
73,612 |
114.0 |
89,372 |
121.6 |
Non-Aeronautical Revenues |
8,833 |
37.1 |
9,731 |
37.9 |
25,830 |
40.0 |
27,226 |
37.0 |
Construction Services |
8,528 |
35.8 |
4,450 |
17.3 |
13,399 |
20.7 |
5,646 |
7.7 |
Other (2) |
- |
- |
18 |
0.1 |
- |
- |
55 |
0.1 |
Total Revenues |
45,174 |
189.8 |
45,632 |
177.6 |
112,841 |
174.7 |
122,299 |
166.4 |
Operating Profit |
11,399 |
47.9 |
14,865 |
57.8 |
27,938 |
43.2 |
39,662 |
54.0 |
EBITDA |
16,657 |
70.0 |
20,632 |
80.3 |
42,675 |
66.1 |
56,814 |
77.3 |
Other Airports (3) |
||||||||
Aeronautical Revenues |
89,226 |
142.3 |
97,948 |
148.4 |
271,063 |
144.6 |
303,461 |
152.1 |
Non-Aeronautical Revenues |
20,063 |
32.0 |
20,978 |
31.8 |
58,797 |
31.4 |
62,590 |
31.4 |
Construction Services |
29,290 |
46.7 |
43,746 |
66.3 |
101,157 |
54.0 |
114,295 |
57.3 |
Other (2) |
18,000 |
28.7 |
4,556 |
6.9 |
40,431 |
21.6 |
6,180 |
3.1 |
Total Revenues |
156,579 |
249.7 |
167,228 |
253.4 |
471,448 |
251.6 |
486,526 |
243.9 |
Operating Profit |
33,657 |
53.7 |
27,503 |
41.7 |
102,618 |
54.8 |
93,837 |
47.0 |
EBITDA |
53,658 |
85.6 |
49,959 |
75.7 |
162,392 |
86.7 |
158,825 |
79.6 |
Holding & Service companies (4) |
||||||||
Construction Services |
- |
n/a |
- |
n/a |
- |
n/a |
- |
n/a |
Other (2) |
198,541 |
n/a |
228,871 |
n/a |
641,856 |
n/a |
672,929 |
n/a |
Total Revenues |
198,541 |
n/a |
228,871 |
n/a |
641,856 |
n/a |
672,929 |
n/a |
Operating Profit |
25,306 |
n/a |
54,076 |
n/a |
155,677 |
n/a |
176,326 |
n/a |
EBITDA |
25,635 |
n/a |
54,430 |
n/a |
156,653 |
n/a |
177,380 |
n/a |
Consolidation Adjustment |
||||||||
Consolidation Adjustment |
(216,541) |
n/a |
(233,452) |
n/a |
(682,287) |
n/a |
(679,183) |
n/a |
Group |
||||||||
Aeronautical Revenues |
615,896 |
137.7 |
703,766 |
143.3 |
1,887,992 |
137.0 |
2,164,726 |
143.9 |
Non-Aeronautical Revenues |
325,378 |
72.8 |
372,618 |
75.9 |
1,013,898 |
73.6 |
1,214,437 |
80.7 |
Construction Services |
107,705 |
24.1 |
145,627 |
29.7 |
304,595 |
22.1 |
404,337 |
26.9 |
Total Revenues |
1,048,979 |
234.6 |
1,222,011 |
248.9 |
3,206,485 |
232.6 |
3,783,500 |
251.5 |
Operating Profit |
490,480 |
109.7 |
590,746 |
120.3 |
1,600,024 |
116.1 |
1,960,657 |
130.3 |
EBITDA |
587,213 |
131.3 |
691,802 |
140.9 |
1,885,940 |
136.8 |
2,260,284 |
150.2 |
(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 September 30, 2012 and 2011 |
||||||||||||||||
Thousands of Mexican pesos |
||||||||||||||||
I t e m |
9M |
9M |
% |
3Q |
3Q |
% |
||||||||||
2011 |
2012 |
Change |
2011 |
2012 |
Change |
|||||||||||
Revenues |
||||||||||||||||
Aeronautical Services |
1,887,992 |
2,164,726 |
14.66 |
615,896 |
703,766 |
14.27 |
||||||||||
Non-Aeronautical Services |
1,013,898 |
1,214,437 |
19.78 |
325,378 |
372,618 |
14.52 |
||||||||||
Construction Services |
304,595 |
404,337 |
32.75 |
107,705 |
145,627 |
35.21 |
||||||||||
Total Revenues |
3,206,485 |
3,783,500 |
18.00 |
1,048,979 |
1,222,011 |
16.50 |
||||||||||
Operating Expenses |
||||||||||||||||
Cost of Services |
658,852 |
708,390 |
7.52 |
236,382 |
250,766 |
6.08 |
||||||||||
Cost of Construction |
304,595 |
404,337 |
32.75 |
107,704 |
145,627 |
35.21 |
||||||||||
General and Administrative Expenses |
123,549 |
135,992 |
10.07 |
43,268 |
47,378 |
9.50 |
||||||||||
Technical Assistance |
99,300 |
119,020 |
19.86 |
30,958 |
36,455 |
17.76 |
||||||||||
Concession Fee |
134,249 |
155,477 |
15.81 |
43,454 |
49,983 |
15.03 |
||||||||||
Depreciation and Amortization |
285,916 |
299,627 |
4.80 |
96,733 |
101,056 |
4.47 |
||||||||||
Total Operating Expenses |
1,606,461 |
1,822,843 |
13.47 |
558,499 |
631,265 |
13.03 |
||||||||||
Operating Income |
1,600,024 |
1,960,657 |
22.54 |
490,480 |
590,746 |
20.44 |
||||||||||
Comprehensive Financing Cost |
28,312 |
11,305 |
(60.07) |
21,211 |
(6,691) |
(131.54) |
||||||||||
Non-Ordinary Item |
||||||||||||||||
Non-Ordinary Item |
- |
- |
- |
- |
- |
- |
||||||||||
Income Before Income Taxes |
1,628,336 |
1,971,962 |
21.10 |
511,691 |
584,055 |
14.14 |
||||||||||
Provision for IETU |
11,624 |
12,328 |
6.06 |
4,190 |
5,404 |
28.97 |
||||||||||
Provision for Income Tax |
455,529 |
573,494 |
25.90 |
144,432 |
162,981 |
12.84 |
||||||||||
Provision for Asset Tax |
8,336 |
8,597 |
3.13 |
3,126 |
2,866 |
(8.32) |
||||||||||
Deferred Income Taxes |
(41,324) |
(49,300) |
19.30 |
(12,804) |
(2,904) |
(77.32) |
||||||||||
Deferred IETU |
27,284 |
16,576 |
(39.25) |
9,296 |
6,642 |
(28.55) |
||||||||||
Net Income for the Year |
1,166,887 |
1,410,267 |
20.86 |
363,451 |
409,066 |
12.55 |
||||||||||
Earning per Share |
3.89 |
4.70 |
20.86 |
1.2115 |
1.3636 |
12.55 |
||||||||||
Earning per American Depositary Share (in U.S. Dollars) |
3.02 |
3.65 |
20.86 |
0.9414 |
1.0595 |
12.55 |
||||||||||
Exchange rate per dollar Ps. 12.8695 |
||||||||||||||||
Grupo Aeroportuario del Sureste, S.A.B. de C.V. |
|||||||||||
Consolidated Balance Sheet as of September 30, 2012 and 2011 |
|||||||||||
Thousands of Mexican pesos |
|||||||||||
I t e m |
September 2012 |
December 2011 |
January 2011 |
||||||||
A s s e t s |
|||||||||||
Current Assets |
|||||||||||
Cash and Cash Equivalents |
1,941,590 |
1,529,667 |
1,442,879 |
||||||||
Trade Receivables, net |
284,672 |
462,102 |
389,960 |
||||||||
Recoverable Taxes and Other Current Assets |
775,963 |
894,520 |
921,193 |
||||||||
Total Current Assets |
3,002,225 |
2,886,289 |
2,754,032 |
||||||||
Non Current Assets |
|||||||||||
Machinery, Furniture and Equipment, net |
313,536 |
306,504 |
305,629 |
||||||||
Airports Concessions, net |
15,427,260 |
15,405,490 |
14,945,330 |
||||||||
Total Assets |
18,743,021 |
18,598,283 |
18,004,991 |
||||||||
Liabilities and Stockholders' Equity |
|||||||||||
Current Liabilities |
|||||||||||
Trade Accounts Payable |
17,031 |
28,876 |
10,738 |
||||||||
Bank Loans |
374,254 |
374,640 |
243,102 |
||||||||
Accrued Expenses and Others Payables |
376,251 |
357,197 |
261,159 |
||||||||
Total Current Liabilities |
767,536 |
760,713 |
514,999 |
||||||||
Long Term Liabilities |
|||||||||||
Bank Loans |
38,889 |
321,950 |
647,503 |
||||||||
Deferred Income Taxes |
1,457,797 |
1,385,685 |
1,461,089 |
||||||||
Deferred Flat Rate Business Tax |
665,260 |
648,685 |
591,836 |
||||||||
Labor Obligations |
6,946 |
4,838 |
3,982 |
||||||||
Total Long Term Liabilities |
2,168,892 |
2,361,158 |
2,704,410 |
||||||||
Total Liabilities |
2,936,428 |
3,121,871 |
3,219,409 |
||||||||
Stockholders' Equity |
|||||||||||
Capital stock |
7,767,276 |
7,767,276 |
7,767,276 |
||||||||
Legal Reserve |
412,878 |
333,261 |
264,092 |
||||||||
Share Repurchase Reserve |
- |
- |
- |
||||||||
Net Income for the Period |
1,410,267 |
1,591,566 |
1,275,143 |
||||||||
IFRS Conversion Adjustment |
5,044,255 |
5,044,341 |
5,045,078 |
||||||||
Retained Earnings |
1,171,917 |
739,968 |
433,993 |
||||||||
Total Stockholders' Equity |
15,806,593 |
15,476,412 |
14,785,582 |
||||||||
Total Liabilities and Stockholders' Equity |
18,743,021 |
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 September 30, 2012 and 2011 |
||||||||||||||
Thousands of Mexican pesos |
||||||||||||||
Related |
9M |
9M |
% Change |
3Q |
3Q |
% Change |
||||||||
2011 |
2012 |
2011 |
2012 |
|||||||||||
Operating Activities |
||||||||||||||
Income Before Income Taxes |
1,628,336 |
1,971,962 |
21 |
511,691 |
584,055 |
14 |
||||||||
Items Related with Investing Activities: |
||||||||||||||
Depreciation and Amortization |
285,916 |
299,627 |
5 |
96,733 |
101,056 |
4 |
||||||||
Loss on Disposal of Fixed Assets |
- |
- |
- |
- |
||||||||||
Interest Income |
(59,998) |
(62,766) |
5 |
(19,811) |
(21,342) |
8 |
||||||||
Provisions |
- |
- |
34,179 |
(100) |
||||||||||
- |
- |
|||||||||||||
Sub-Total |
1,854,254 |
2,208,823 |
19 |
622,792 |
663,769 |
7 |
||||||||
Increase in Trade Receivables |
39,636 |
177,429 |
348 |
18,063 |
68,451 |
279 |
||||||||
Decrease in Recoverable Taxes and other Current Assets |
85,505 |
231,373 |
171 |
48,761 |
197,846 |
306 |
||||||||
Other Deferred Assets |
- |
- |
- |
- |
- |
- |
||||||||
Income Tax Paid |
(147,899) |
(348,434) |
136 |
(147,899) |
(348,434) |
136 |
||||||||
Trade Accounts Payable |
- |
- |
- |
- |
- |
- |
||||||||
Accrued Expenses and Others Payables |
12,782 |
(157,487) |
(1,332) |
157 |
(15,826) |
(10,180) |
||||||||
Long Term Liabilities |
- |
- |
- |
- |
- |
|||||||||
Net Cash Flow Provided by Operating Activities |
1,844,278 |
2,111,704 |
15 |
541,874 |
565,806 |
4 |
||||||||
Investing Activities |
||||||||||||||
Investments in Machinery, Furniture and Equipment, net |
(305,253) |
(405,050) |
33 |
(144,558) |
(122,150) |
(16) |
||||||||
Investments in Rights to Use Airport Facilities |
- |
- |
- |
- |
- |
- |
||||||||
Investments in Construction in Process |
- |
- |
- |
- |
- |
- |
||||||||
Investments in Others |
- |
- |
- |
- |
- |
- |
||||||||
Interest Income |
59,998 |
62,766 |
5 |
19,811 |
21,342 |
8 |
||||||||
Net Cash Flow Provided by Investing Activities |
(245,255) |
(342,284) |
40 |
(124,747) |
(100,808) |
(19) |
||||||||
Excess Cash to Use in Financing Activities: |
1,599,023 |
1,769,420 |
11 |
417,127 |
464,998 |
11 |
||||||||
Bank Loans |
(100,831) |
(277,497) |
175 |
(42,497) |
(92,499) |
118 |
||||||||
Dividends Paid |
(900,000) |
(1,080,000) |
20 |
- |
- |
- |
||||||||
Tax on Dividends Paid |
(300,000) |
(100) |
- |
- |
- |
|||||||||
Net Cash Flow Provided by Financing Activities |
(1,300,831) |
(1,357,497) |
4 |
(42,497) |
(92,499) |
118 |
||||||||
Net Increase in Cash and Cash Equivalents |
298,192 |
411,923 |
38 |
374,630 |
372,499 |
(1) |
||||||||
Cash and Cash Equivalents at Beginning of Period |
1,442,879 |
1,529,667 |
6 |
1,366,441 |
1,569,091 |
15 |
||||||||
Cash and Cash Equivalents at the End of Period |
1,741,071 |
1,941,590 |
12 |
1,741,071 |
1,941,590 |
12 |
||||||||
Grupo Aeroportuario del Sureste, S.A.B. de C.V. |
|||||||||||||||||||
Consolidated Statement of Income from January 1 to September 30, 2012 and 2011 |
|||||||||||||||||||
Thousands of Mexican pesos |
|||||||||||||||||||
I t e m |
9 Months |
9 Months |
3Q |
3Q |
|||||||||||||||
2011 |
2012 |
2011 |
2012 |
||||||||||||||||
Mexican NIF |
Transition effects |
IFRS |
Mexican NIF |
Transition effects |
IFRS |
Mexican NIF |
Transition effects |
IFRS |
Mexican NIF |
Transition effects |
IFRS |
||||||||
Revenues |
|||||||||||||||||||
Aeronautical Services |
1,887,992 |
1,887,992 |
2,164,726 |
2,164,726 |
615,896 |
- |
615,896 |
703,766 |
0 |
703,766 |
|||||||||
Non-Aeronautical Services |
1,013,898 |
1,013,898 |
1,214,437 |
1,214,437 |
325,378 |
- |
325,378 |
372,618 |
0 |
372,618 |
|||||||||
Construction Services |
304,595 |
304,595 |
404,337 |
404,337 |
107,704 |
- |
107,704 |
145,627 |
0 |
145,627 |
|||||||||
Total Revenues |
3,206,485 |
- |
3,206,485 |
3,783,500 |
- |
3,783,500 |
1,048,978 |
- |
1,048,978 |
1,222,011 |
- |
1,222,011 |
|||||||
Operating Expenses |
|||||||||||||||||||
Cost of Services |
658,095 |
757 |
658,852 |
707,520 |
870 |
708,390 |
235,383 |
998 |
236,381 |
249,961 |
805 |
250,766 |
|||||||
Cost of Construction |
304,595 |
304,595 |
404,337 |
404,337 |
107,704 |
0 |
107,704 |
145,627 |
0 |
145,627 |
|||||||||
General and Administrative Expenses |
643,014 |
643,014 |
710,116 |
710,116 |
214,414 |
- |
214,414 |
234,872 |
- |
234,872 |
|||||||||
Total Operating Expenses |
1,605,704 |
757 |
1,606,461 |
1,821,973 |
870 |
1,822,843 |
557,501 |
998 |
558,499 |
630,460 |
805 |
631,265 |
|||||||
Operating Income |
1,600,781 |
(757) |
1,600,024 |
1,961,527 |
(870) |
1,960,657 |
491,477 |
(998) |
490,479 |
591,551 |
(805) |
590,746 |
|||||||
Comprehensive Financing Cost |
|||||||||||||||||||
Interest Receivable |
59,998 |
59,998 |
62,766 |
62,766 |
19,812 |
0 |
19,812 |
21,342 |
- |
21,342 |
|||||||||
Interest Payable |
(44,954) |
(44,954) |
(29,224) |
(29,224) |
(13,675) |
0 |
(13,675) |
(9,080) |
- |
(9,080) |
|||||||||
Exchange (losses) gains, net |
11,207 |
11,207 |
(22,838) |
(22,838) |
14,436 |
0 |
14,436 |
(18,953) |
- |
(18,953) |
|||||||||
Loss (gains) on Valuation of Derivative |
- |
0 |
0 |
- |
- |
- |
- |
||||||||||||
Financial Instruments |
2,061 |
2,061 |
601 |
601 |
637 |
- |
637 |
- |
- |
- |
|||||||||
Non-Ordinary Item |
|||||||||||||||||||
Non-Ordinary Item |
(339) |
339 |
- |
47 |
(47) |
- |
339 |
(339) |
- |
- |
- |
- |
|||||||
Income Before Income Taxes |
1,629,432 |
(1,096) |
1,628,336 |
1,972,785 |
(823) |
1,971,962 |
512,348 |
(659) |
511,689 |
584,860 |
(805) |
584,055 |
|||||||
Provision for IETU |
11,624 |
11,624 |
12,328 |
12,328 |
4,190 |
0 |
4,190 |
5,404 |
- |
5,404 |
|||||||||
Provision for Income Tax |
455,529 |
455,529 |
573,494 |
573,494 |
144,432 |
0 |
144,432 |
162,981 |
- |
162,981 |
|||||||||
Provision for Asset Tax |
8,336 |
8,336 |
8,597 |
8,597 |
3,126 |
0 |
3,126 |
2,866 |
- |
2,866 |
|||||||||
Deferred Income Taxes |
(41,324) |
(41,324) |
(49,300) |
(49,300) |
(12,804) |
0 |
(12,804) |
(2,904) |
- |
(2,904) |
|||||||||
Deferred IETU |
25,185 |
2,099 |
27,284 |
14,575 |
2,001 |
16,576 |
9,711 |
(417) |
9,294 |
7,173 |
(531) |
6,642 |
|||||||
Net Income for the Year |
1,170,082 |
(3,195) |
1,166,887 |
1,413,091 |
(2,824) |
1,410,267 |
363,693 |
(242) |
363,451 |
409,340 |
(274) |
409,066 |
|||||||
Earning per Share |
3.90 |
(0.01) |
3.89 |
4.71 |
(0.01) |
4.70 |
1.21 |
(0.00) |
1.21 |
1.36 |
(0.00) |
1.36 |
|||||||
Earning per American Depositary Share |
3.03 |
(0.01) |
3.02 |
3.66 |
(0.01) |
3.65 |
0.94 |
(0.00) |
0.94 |
1.06 |
(0.00) |
1.06 |
|||||||
Exchange rate per dollar Ps. 12.8695 |
|||||||||||||||||||
Grupo Aeroportuario del Sureste, S.A.B. de C.V. |
|||||||||||||||||
Consolidated Balance Sheet as of September 30, 2012 and 2011 |
|||||||||||||||||
Thousands of Mexican pesos |
|||||||||||||||||
I t e m |
September 2012 |
December 2011 |
January 2011 |
||||||||||||||
Mexican NIF |
Transition effects |
IFRS |
Mexican NIF |
Transition effects |
IFRS |
Mexican NIF |
Transition effects |
IFRS |
|||||||||
A s s e t s |
|||||||||||||||||
Current Assets |
|||||||||||||||||
Cash and Cash Equivalents |
1,941,590 |
1,941,590 |
1,529,667 |
1,529,667 |
1,442,879 |
1,442,879 |
|||||||||||
Trade Receivables, net |
284,672 |
284,672 |
462,102 |
462,102 |
389,960 |
389,960 |
|||||||||||
Recoverable Taxes and Other Current Assets |
775,963 |
775,963 |
894,520 |
894,520 |
921,193 |
921,193 |
|||||||||||
Total Current Assets |
3,002,225 |
- |
3,002,225 |
2,886,289 |
- |
2,886,289 |
2,754,032 |
- |
2,754,032 |
||||||||
Non Current Assets |
|||||||||||||||||
Machinery, Furniture and Equipment, net |
313,536 |
313,536 |
306,504 |
306,504 |
305,629 |
305,629 |
|||||||||||
Airports Concessions, net |
15,427,260 |
15,427,260 |
15,405,490 |
15,405,490 |
14,945,330 |
14,945,330 |
|||||||||||
Deferred eEmployees' Statutory Profit Sharing |
3,862 |
(3,862) |
- |
3,862 |
(3,862) |
- |
2,905 |
(2,905) |
- |
||||||||
Total Non Current Assets |
15,431,122 |
(3,862) |
15,427,260 |
15,715,856 |
(3,862) |
15,711,994 |
15,253,864 |
(2,905) |
15,250,959 |
||||||||
Total Assets |
18,746,883 |
(3,862) |
18,743,021 |
18,602,145 |
(3,862) |
18,598,283 |
18,007,896 |
(2,905) |
18,004,991 |
||||||||
Liabilities and Stockholders' Equity |
|||||||||||||||||
Current Liabilities |
|||||||||||||||||
Trade Accounts Payable |
17,031 |
17,031 |
28,876 |
28,876 |
10,738 |
10,738 |
|||||||||||
Bank Loans |
374,254 |
374,254 |
374,640 |
374,640 |
243,102 |
243,102 |
|||||||||||
Accrued Expenses and Others Payables |
352,749 |
23,502 |
376,251 |
335,098 |
22,099 |
357,197 |
242,820 |
18,339 |
261,159 |
||||||||
Total Current Liabilities |
744,034 |
23,502 |
767,536 |
738,614 |
22,099 |
760,713 |
496,660 |
18,339 |
514,999 |
||||||||
Long Term Liabilities |
|||||||||||||||||
Bank Loans |
38,889 |
38,889 |
321,950 |
321,950 |
647,503 |
647,503 |
|||||||||||
Deferred Income Taxes |
1,457,797 |
1,457,797 |
1,385,685 |
1,385,685 |
1,461,089 |
1,461,089 |
|||||||||||
Deferred Flat Rate Business Tax |
667,477 |
(2,217) |
665,260 |
652,903 |
(4,218) |
648,685 |
595,370 |
(3,534) |
591,836 |
||||||||
Labor Obligations |
17,782 |
(10,836) |
6,946 |
15,180 |
(10,342) |
4,838 |
11,817 |
(7,835) |
3,982 |
||||||||
Total Long Term Liabilities |
2,181,945 |
(13,053) |
2,168,892 |
2,375,718 |
(14,560) |
2,361,158 |
2,715,779 |
(11,369) |
2,704,410 |
||||||||
Total Liabilities |
2,925,979 |
10,449 |
2,936,428 |
3,114,332 |
7,539 |
3,121,871 |
3,212,439 |
6,970 |
3,219,409 |
||||||||
Stockholders' Equity |
|||||||||||||||||
Capital Stock |
12,799,204 |
(5,031,928) |
7,767,276 |
12,799,204 |
(5,031,928) |
7,767,276 |
12,799,204 |
(5,031,928) |
7,767,276 |
||||||||
Legal Reserve |
430,492 |
(17,614) |
412,878 |
350,875 |
(17,614) |
333,261 |
287,117 |
(23,025) |
264,092 |
||||||||
Share Repurchase Reserve |
- |
- |
- |
- |
- |
||||||||||||
Net Income for the Period |
1,413,091 |
(2,824) |
1,410,267 |
1,592,356 |
(790) |
1,591,566 |
1,275,143 |
1,275,143 |
|||||||||
IFRS Conversion Adjustment |
- |
5,044,255 |
5,044,255 |
- |
5,044,341 |
5,044,341 |
- |
5,045,078 |
5,045,078 |
||||||||
Retained Earnings |
1,178,117 |
(6,200) |
1,171,917 |
745,378 |
(5,410) |
739,968 |
433,993 |
433,993 |
|||||||||
Total Stockholders' Equity |
15,820,904 |
(14,311) |
15,806,593 |
15,487,813 |
(11,401) |
15,476,412 |
14,795,457 |
(9,875) |
14,785,582 |
||||||||
Total Liabilities and Stockholders' Equity |
18,746,883 |
(3,862) |
18,743,021 |
18,602,145 |
(3,862) |
18,598,283 |
18,007,896 |
(2,905) |
18,004,991 |
||||||||
REVIEW OF THE IMPACT OF TRANSITIONING TO IFRS
Below is a description of significant changes on IFRS implementation:
a) Inflation
The Company determined the inflationary effects relating to the capital stock and legal reserve accounts should be eliminated in accordance with International Accounting Standards "IAS" 21 and 29, which were in effect on the date IFRS was adopted.
Based on IFRS 1, the Company has determined it does not have to eliminate the effects of inflation on concessions. This is due to the decision of the Company to apply the transition rules of IFRIC 12 as part of the initial adoption of IFRS 1, which allow for the exception from retrospective application in cases where the "impracticability" of reconstructing asset balances is too significant. Therefore, the Company has recorded the account balances previously registered under Mexican FRS, which contain the effects of inflation through December 31, 2007, as opening balances for the adoption of IFRIC 12.
b) Deferred taxes and deferred income tax or IETU tax
The Company has determined that it must recognize both forms of taxes (income tax or flat tax for each one of its subsidiaries) for the determination of deferred taxes based on its income projections.
c) Labor liabilities and employee profit sharing
On the date IFRS was adopted the Company eliminated the liability relating to deferred profit sharing and severance as an adjustment to its opening balance sheet.
d) Creation of a reserve for unused vacations
On the date IFRS was adopted, the Company recognized an accrual for the vacation rights not used by year-end, according to IAS 19 "Employee Benefits".
e) Non ordinary items in the income statement
The line in the income statement named "Non ordinary items" has been reclassified as "Operating expenses" because IFRS does not recognize extraordinary items as a line in the income statement.
SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.
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