2014

ASUR 4Q11 Passenger Traffic Up 11.66% YOY

MEXICO CITY, Feb. 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 twelve-month periods ended December 31, 2011.

4Q11 Highlights(1):

  • EBITDA(2) increased by 26.47% to Ps.590.54 million

  • Total passenger traffic was up 11.66%

  • Total revenues rose by 14.58% due to increases of 19.80% in aeronautical revenues, 23.06% in non-aeronautical revenues, and 2.00% in construction services revenues

  • Commercial revenues per passenger increased by 13.37% to Ps.72.38

  • Operating profit increased by 32.12%

  • EBITDA margin increased to 43.21% from 39.14% in 4Q10

____________

  1. Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with Mexican Financial Reporting Standards (MFRS) and represent comparisons between the three and twelve-month periods ended December 31, 2011, and the equivalent three and twelve-month periods ended December 31, 2010. 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.13.9476.
  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 MFRS and may be calculated differently by different companies.  

Passenger Traffic

For the fourth quarter of 2011, total passenger traffic increased year-over-year by 11.66%. Domestic passenger traffic increased by 17.18% while international passenger traffic increased by 7.15%.

Domestic passenger traffic growth was driven by increases across all airports as detailed in Table I below. The 7.15% growth in international passenger traffic resulted mainly from an increase of 7.65% in international traffic at the Cancun airport.

Passenger traffic for the twelve-month period ended December 31, 2011 increased 4.93% compared to 2010, reflecting increases of 8.21% in domestic passenger traffic and 2.64% in international passenger traffic.

Table I: Domestic Passengers (in thousands)

Airport

4Q10

4Q11

% Change

FY
2010

FY

2011

% Change

Cancun

812.9

945.3

16.29

3,372.3

3,684.1

9.25

Cozumel

10.0

22.3

123.00

38.9

63.5

63.24

Huatulco

73.5

102.8

39.86

315.4

393.6

24.79

Merida

261.8

311.7

19.06

1,031.2

1,131.3

9.71

Minatitlan

24.4

29.0

18.85

116.4

104.0

(10.65)

Oaxaca

95.1

102.3

7.57

394.7

352.1

(10.79)

Tapachula

39.0

39.8

2.05

181.0

154.7

(14.53)

Veracruz

176.0

195.5

11.08

763.8

772.0

1.07

Villahermosa

189.7

222.8

17.45

677.8

801.7

18.28

TOTAL

1,682.4

1,971.5

17.18

6,891.5

7,457.0

8.21

Note:    Passenger figures exclude transit and general aviation passengers.



II: International Passengers (in thousands)

Airport

4Q10

4Q11

% Change

FY
2010

FY

2011

% Change

Cancun

1,904.4

2,050.0

7.65

9,067.0

9,338.4

2.99

Cozumel

74.9

67.8

(9.48)

399.9

378.2

(5.43)

Huatulco

12.0

13.7

14.17

70.2

66.0

(5.98)

Merida

27.8

23.9

(14.03)

104.5

94.3

(9.76)

Minatitlan

0.8

1.2

50.00

4.6

4.6

-

Oaxaca

10.4

11.9

14.42

52.0

49.2

(5.38)

Tapachula

0.9

1.5

66.67

4.2

7.2

71.43

Veracruz

15.4

23.8

54.55

70.4

95.4

35.51

Villahermosa

12.2

12.2

-

51.0

49.6

(2.75)

TOTAL

2,058.8

2,206.0

7.15

9,823.8

10,082.9

2.64

Note:    Passenger figures exclude transit and general aviation passengers.



Table III: Total Passengers (in thousands)

Airport

4Q10

4Q11

% Change

FY
2010

FY

2011

% Change

Cancun

2,717.3

2,995.3

10.23

12,439.3

13,022.5

4.69

Cozumel

84.9

90.1

6.12

438.8

441.7

0.66

Huatulco

85.5

116.5

36.26

385.6

459.6

19.19

Merida

289.6

335.6

15.88

1,135.7

1,225.6

7.92

Minatitlan

25.2

30.2

19.84

121.0

108.6

(10.25)

Oaxaca

105.5

114.2

8.25

446.7

401.3

(10.16)

Tapachula

39.9

41.3

3.51

185.2

161.9

(12.58)

Veracruz

191.4

219.3

14.58

834.2

867.4

3.98

Villahermosa

201.9

235.0

16.39

728.8

851.3

16.81

TOTAL

3,741.2

4,177.5

11.66

16,715.3

17,539.9

4.93

Note:    Passenger figures exclude transit and general aviation passengers.



Consolidated Results for 4Q11

Total revenues for 4Q11 increased year-over-year by 14.58% to Ps.1,366.82  million. This was mainly due to increases of:

  • 19.80% in revenues from aeronautical services, principally as a result of the 11.66% rise in passenger traffic;
  • 23.06% in revenues from non-aeronautical services, reflecting the 26.26% increase in commercial revenues detailed below; and
  • 2.00% 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 26.26% year-over-year during the quarter, principally due to improved contractual terms for certain commercial agreements  and higher passenger traffic. There were increases in revenues in the following activities:

  • 44.78% in retail operations;
  • 32.82% in duty-free stores;
  • 29.57% in ground transportation;
  • 26.41% in other revenues;
  • 23.83% in banking and currency exchange services;
  • 12.82% in car rental revenues;
  • 12.07% in parking lot fees;
  • 11.35% in food and beverage; and
  • 3.86% in teleservices.

These increases were partially offset by a decrease of 7.82% in advertising revenues.

Retail and Other Commercial Space

Opened since September 30, 2010

Business Name

Type

Opening Date

Cancun



Air Shop

Convenience store

October 2010

Johnny Rockets

Food and beverage

December 2010

Bubba Gump

Food and beverage

December 2010

Duty Paid

Retailer

December 2010

Panama Jack

Convenience store

March 2011

Grab & Go

Food and beverage

April 2011

California Pizza Kitchen

Food and beverage

April 2011

Air Shop

Convenience store (2 stores)

April & May 2011

Ando Volando Bajo

Convenience store

June 2011

Traffic Tours

Tourism booth

September 2011

Veracruz



Air Shop

Convenience store (2 stores)

December 2010

Villahermosa



Air Shop

Convenience store (2 stores)

December 2010

Oaxaca



Air Shop

Convenience store

December 2010

Merida



Air Shop

Convenience store (2 stores)

November 2010

Cozumel



Air Shop

Convenience store

January 2011

Minatitlan



Air Shop

Convenience store

January 2011

Tapachula



Air Shop

Convenience store

January 2011

Huatulco



Air Shop

Convenience store

December 2010




Construction revenues and expenses. As a result of ASUR's adoption of I-MFRS 17, "Service Concession Contracts", ASUR is required to include in its income statement an income line reflecting the income from construction or improvements to concessioned assets made during the period. During 4Q11, ASUR recognized Ps.409.43 million in revenues from "Construction Services" because of improvements to its concessioned assets, a 2.00% 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 I-MFRS 17, the increase in Construction Revenues in 4Q11 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 4Q11 increased 6.58% year-over-year. This was primarily due to the following increases:

  • 12.89% in costs of services, principally reflecting the one-time increase in 3Q10 and 4Q10 of the reserve for doubtful accounts resulting from the bankruptcy announced by Grupo Mexicana de Aviacion in August 2010, which did not impact 4Q11 results. The increase also reflects higher energy costs, as well as higher costs reflecting the increase in the number of convenience stores directly operated by ASUR;
  • 2.00% in construction costs, due to greater improvements made to the concessioned assets during the period;
  • 26.47% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee);
  • 19.66% in concession fees paid to the Mexican government, mainly due to an increase in regulated revenues (a factor in the calculation of the fee);
  • 3.82% in depreciation and amortization, resulting mainly from capitalized investments; and
  • 0.73% in administrative expenses.

Operating margin for the quarter increased to 36.12% from 31.33% in 4Q10. This was mainly due to the 14.58% increase in revenues which more than offset the 6.58% increase in expenses during the period.

Comprehensive Financing Cost for 4Q11 increased year-over-year by Ps.16.21 million, to Ps.22.38 million from Ps.6.7 million in 4Q10. During 4Q11, the Company reported net interest income of Ps.12.26 million.

During the quarter ASUR posted a Ps.0.60 million mark-to-market gain in its interest rate swap and an exchange rate gain of Ps.9.52 million.

During 4Q10, ASUR reported net interest income of Ps.7.70 million resulting from interest income of Ps.19.97 million and accrued interest expenses of Ps.13.64 million. During the quarter ASUR reported a Ps.1.37 million mark-to-market gain on the Company's interest rate swap and a Ps.1.54 million exchange rate loss.

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

Income taxes for 4Q11 declined by 7.72%, or Ps.7.84 million year-over-year, principally due to the following factors:

  • Provisional IETU payments of Ps.1.16 million by some of ASUR's subsidiaries;
  • A Ps.10.34 million decline in the provision for income taxes, as a result of fiscal losses at Cancun Airport;
  • A Ps.7.98 million decline in deferred income taxes resulting from the recognition of the changes in fiscal depreciation rates beginning in 4Q10 and inflationary effects;
  • A Ps.17.65 million increase in deferred IETU because of the expiry of tax credits; and
  • An Ps.8.34 million decline in the asset tax for amounts that cannot be credited against other taxes.

Net income for 4Q11 increased 51.81% to Ps.422.27 million from Ps.278.16 million in 4Q10. Earnings per common share for the quarter were Ps.1.4076, or earnings per ADS (EPADS) of US$1.0092 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.0.9272, or EPADS of US$0.6648, for the same period last year.

Table IV: Summary of Consolidated Results for 4Q11


4Q10

4Q11

% Change

Total Revenues

1,192,894

1,366,822

14.58

Aeronautical Services

509,490

610,352

19.80

Non-Aeronautical Services

282,017

347,041

23.06


Commercial Revenues

242,183

305,789

26.26

Construction Services

401,387

409,429

2.00

Operating Profit

373,683

493,713

32.12

Operating Margin %

31.33%

36.12%

15.28

EBITDA

466,947

590,538

26.47

EBITDA Margin %

39.14%

43.21%

10.37

Net Income

278,166

422,275

51.81

Earnings per Share

0.9272

1.4076

51.81

Earnings per ADS in US$

0.6648

1.0092

51.81

Note:  U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 13.9476.



 Table V: Commercial Revenues per Passenger for 4Q11


4Q10

4Q11

% Change

Total Passengers ('000)

3,794

4,225

11.36

Total Commercial Revenues

242,183

305,789

26.26

Commercial revenues from direct operations (1)

48,396

63,876

31.99

Commercial revenues excluding direct operations

193,787

241,913

24.83









Total Commercial Revenue per Passenger

63.84

72.38

13.37

Commercial revenue from direct operations per passenger (1)

12.76

15.12

18.50

Commercial revenue per passenger (excluding direct operations)

51.08

57.26

12.10

Note: For purposes of this table, approximately 52,900 and 47,600 transit and general aviation passengers are included for 4Q10 and 4Q11, respectively.

(1) Revenues from direct commercial operations in 4Q11 represent ASUR's operation of convenience stores in airports and the direct sale of advertising space.



Table VI: Operating Costs and Expenses for 4Q11


4Q10

4Q11

% Change

Cost of Services

218,942

247,166

12.89

Construction Costs

401,387

409,429

2.00

Administrative

44,193

44,515

0.73

Technical Assistance

24,576

31,081

26.47

Concession Fees

36,849

44,093

19.66

Depreciation and Amortization

93,264

96,825

3.82

TOTAL

819,211

873,109

6.58




Consolidated Results for FY11

Total revenues for FY11 increased year-over-year by 7.98% to Ps. 4,573.3 million, mainly due to the following increases:

  • 9.42% in revenues from aeronautical services as a result of the 4.93% increase in passenger traffic during the period (no esta en el espaniol); and

  • 12.37% in revenues from non-aeronautical services, principally as a result of the 13.99% rise in commercial revenues detailed below.

These increases were partially offset by a 3.67% decline in revenues from construction services.

Commercial revenues for FY11 rose by 13.99% year-over-year, principally as a result of revenue increases in the following areas:

  • 23.42% in retail operations;
  • 17.57% in ground transportation services;
  • 16.97% in duty-free stores;
  • 11.09% in parking lot fees;
  • 8.62% in other income;
  • 7.82% in food and beverage;
  • 5.70% in banking and currency exchange services;  
  • 2.47% in advertising; and
  • 1.26% in car rentals.

These increases were partially offset by a 25.88% decline in teleservice revenues.

Total operating costs and expenses for FY11 decreased 1.29%, mainly due to the following declines:

  • 4.58% in cost of services, principally reflecting the one-time increase in the provision for doubtful accounts following the announcement of the bankruptcy of Grupo Mexicana de Aviacion in that period, which did not impact FY11 results; and
  • 3.67% in construction costs.

These declines were partially offset by the following increases:

  • 17.77% in technical assistance costs, reflecting the corresponding increase in EBITDA during the period;
  • 2.16% in administrative expenses, principally ASUR's participation in the World Route Development Forum, telephone service and security, and travel expenses;
  • 6.95% in concession fees, mainly due to the increase in regulated revenues (a factor in the calculation of the fee).
  • 0.93% in depreciation and amortization mainly due to changes in the depreciation and amortization rates.

Operating margin increased to 45.80% for FY11, from 40.71% in FY10.  This was mainly the result of the 7.98% increase in revenues and the 1.29% decline in operating expenses for the period.

Net income for FY11 increased by 24.88% to Ps.1,592.36 million. Earnings per common share for the period were Ps.5.3079, or earnings per ADS (EPADS) of US$3.8056 (one ADS represents ten series B common shares). This compares with Ps.4.2505, or EPADS of US$3.0475, for the same period last year.

Table VII: Summary of Consolidated Results for FY11

(in thousands)


FY10

FY11

% Change

Total Revenues

4,235,472

4,573,306

7.98

Aeronautical Services

2,283,164

2,498,344

9.42

Non-Aeronautical Services

1,211,072

1,360,938

12.37

Commercial Revenues

1,041,697

1,187,450

13.99

Construction Services

741,236

714,024

(3.67)

Operating Profit

1,724,326

2,094,495

21.47

Operating Margin %

40.71%

45.80%

12.50

EBITDA

2,103,536

2,477,235

17.77

EBITDA Margin %

49.66%

54.17%

9.07

Net Income

1,275,143

1,592,356

24.88

Earnings per Share

4.2505

5.3079

24.88

Earnings per ADS in US$

3.0475

3.8056

24.88

Note:    U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 13.9476.



Table VIII: Commercial Revenues per Passenger for FY11

(in thousands)


FY10

FY11

% Change

Total Passengers *('000)

17,017

17.742

4.26

Total Commercial Revenues

1,041,697

1,187,450

13.99

Commercial revenues from direct operations (1)

194,330

254,991

31.22

Commercial revenues excluding direct operations

847,367

932,459

10.04






FY10

FY11

% Change

Total Commercial Revenue per Passenger

61.22

66.93

9.33

Commercial revenue from direct operations per passenger (1)

11.42

14.37

25.83

Commercial revenue per passenger (excluding direct operations)

49.80

52.56

5.54

*     For purposes of this table, approximately 302,100 and 202,100 transit and general aviation passengers are included for FY10 and FY11, respectively.  

(1)     Revenues from direct commercial operations in FY11 represent ASUR's operation of convenience stores in airports and the direct sale of advertising space.



Table IX: Operating Costs and Expenses for FY11

(in thousands)


FY10

FY11

% Change

Cost of Services

948,730

905,261

(4.58)

Construction Costs

741,236

714,024

(3.67)

Administrative

164,506

168,063

2.16

Technical Assistance

110,712

130,381

17.77

Concession Fees

166,752

178,342

6.95

Depreciation and Amortization

379,210

382,740

0.93

TOTAL

2,511,146

2,478,811

(1.29)




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 FY11 were Ps.2,537.47 million, resulting in an annual average tariff per workload unit of Ps.140.12. ASUR's regulated revenues accounted for approximately 55.48% 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 December 31, 2011, Airport Concessions represented 81.92% of the Company's total assets, with current assets representing 15.92% and other assets representing 2.16%.

Cash and cash equivalents on December 31, 2011 were Ps.1,529.67 million, a 6.01% increase from the Ps.1,442.88 million in cash and cash equivalents recorded on December 31, 2010.

Shareholders' equity at the close of 4Q11 was Ps.15,487.81 million and total liabilities were Ps.3,315.54 million, representing 82.36% and 17.64% of total assets, respectively. Deferred liabilities represented 77.71% of the Company's total liabilities.  

Total bank debt at December 31, 2011 was Ps.696.6 million, including Ps.0.9 million in accrued interest. During August and September of 2010, Cancun Airport entered into two three-year credit agreements of Ps.350 million and Ps.570 million with two banks. The terms of the agreement include a floating interest rate based on the Tasa de Interes Interbancaria de Equilibrio (TIIE) plus 1.5% and quarterly principal payments. In addition, in September of 2011, Veracruz Airport entered into a three-year credit agreement of Ps.50 million. The terms include a  floating interest rate based on the Tasa de Interes Interbancaria de Equilibrio (TIIE) plus 0.75% and quarterly principal payments.

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

In August 2010 ASUR purchased a hedge against the risk of a significant increase in TIIE. The Company is hedged for 17% of the interest rate exposure under its Ps.350 and Ps.570 million credit agreements. The interest rate was fixed for three years at 6.37%, 6.33% and 6.21% per annum. The interest rate hedge during the quarter resulted in a Ps.0.6 million gain.

Capital Expenditures

During 4Q11, ASUR made investments of Ps.452.64 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans.

Recent Events

Tax Treatment of Airport Concessions at Cancun Airport

When bidding was concluded for the shares of the Mexican Airport Group, the Ministry of Communications and Transportation agreed that the concessionaire could amortize the value of the concession at an annual rate of 15% for tax purposes. Contrary to this decision, in February 2012, the Ministry of Finance determined that an assessment of Ps.865.3 million was due from ASUR's Cancun Airport subsidiary because it concluded that the amortization rate of 15% used to calculate amortization for 2006 and 2007 was invalid, and that it should instead be 2.0%. The Company believes that the Ministry of Finance's position is erroneous and will file an appeal to overturn this determination. Although ASUR believes that it has a strong legal position, it can make no assurances that it will prevail in its appeal, and if it were to lose the appeal, the consequences could include fines, penalties and other adverse consequences, which ASUR currently estimates would total Ps.334.2 million, which could have a material adverse effect on its results and balance sheet.

4Q11 Earnings Conference Call

Day:

Friday, February 24, 2012



Time:

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



Dial-in number:

888.713.4211 (US & Canada) and 617.213.4864 (International & Mexico)



Access Code:

88177502



Pre-registration:

If you would like to pre-register for the conference call use the following link:


https://www.theconferencingservice.com/prereg/key.process?key=P3MFKNF9E


Pre-registering is not mandatory but is recommended as it will provide you immediate entry into the call and will facilitate the timely start of the conference. You will receive a code that allows you to enter the call directly.  Pre-registration only takes a few moments, and you may do so at any time, including up to and after call start time. To pre-register, please click the link above. Alternatively, if you would rather be placed into the call by an operator, please call at least 10 minutes prior to call start time.



Replay:

Starting Friday, February 24, 2012 at 1:00 PM US EST, ending at midnight US EST on Friday, March 2, 2012. Dial-in number: 888-286-8010 (US & Canada); 617-801-6888 (International & Mexico). Access Code: 63430846.



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

4Q 2010

4Q 2010 Per Workload Unit

4Q 2011

4Q 2011 Per Workload Unit

FY 2010

FY 2011 Per Workload Unit

FY 2011

FY1011 Per Workload Unit

Cancun (1)









Aeronautical Revenues

367,392

131.7

442,325

144.0

1,689,177

132.7

1,857,663

139.7

Non-Aeronautical Revenues

247,583

88.8

307,876

100.3

1,056,159

83.0

1,201,446

90.4

Construction Services

118,694

42.6

137,681

44.8

206,884

16.3

271,795

20.4

Total Revenues

733,669

263.1

887,882

289.1

2,952,220

232.0

3,330,904

250.5

Operating Profit

163,935

58.8

307,199

100.0

1,312,131

103.1

1,571,556

118.2

EBITDA

225,090

80.7

370,615

120.7

1,563,737

122.9

1,822,045

137.0

Merida









Aeronautical Revenues

41,231

120.9

49,264

129.0

157,152

118.0

177,244

125.0

Non-Aeronautical Revenues

10,536

30.9

12,224

32.0

46,681

35.0

47,925

33.8

Construction Services

43,174

126.6

34,957

91.5

138,777

104.2

90,882

64.1

Other (2)

17,241

50.6

24

0.1

27,241

20.5

24

-

Total Revenues

112,182

329.0

96,469

252.5

369,851

277.7

316,075

222.9

Operating Profit

34,137

100.1

19,309

50.5

61,558

46.2

68,744

48.5

EBITDA

41,616

122.0

27,095

70.9

90,202

67.7

99,885

70.4

Villahermosa









Aeronautical Revenues

24,385

113.4

30,165

122.6

85,340

111.0

103,776

116.3

Non-Aeronautical Revenues

7,099

33.0

8,070

32.8

29,628

38.5

33,900

38.0

Construction Services

90,929

422.9

36,501

148.4

129,705

168.7

49,900

55.9

Other (2)

17,241

80.2

62

0.3

17,241

22.4

62

0.1

Total Revenues

139,654

649.6

74,798

304.1

261,914

340.6

187,638

210.4

Operating Profit

25,647

119.3

12,946

52.6

27,166

35.3

40,883

45.8

EBITDA

30,343

141.1

18,235

74.1

45,945

59.7

60,910

68.3

Other Airports (3)









Aeronautical Revenues

76,482

139.3

88,598

140.9

351,495

141.8

359,661

143.7

Non-Aeronautical Revenues

16,799

30.6

18,871

30.0

78,604

31.7

77,667

31.0

Construction Services

148,590

270.7

200,290

318.4

265,870

107.2

301,447

120.5

Other (2)

79,001

143.9

79,164

125.9

83,001

33.5

119,596

47.8

Total Revenues

320,872

584.5

386,923

615.1

778,970

314.2

858,371

343.1

Operating Profit

87,701

159.7

78,113

124.2

102,920

41.5

181,489

72.5

EBITDA

107,336

195.5

98,167

156.1

180,245

72.7

261,315

104.4

Holding & Service companies (4)









Construction Services

-

n/a

-

n/a

-

n/a

-

n/a

Other (2)

324,813

n/a

327,933

n/a

923,775

n/a

969,788

n/a

Total Revenues

324,813

n/a

327,933

n/a

923,775

n/a

969,788

n/a

Operating Profit

62,263

n/a

76,146

n/a

220,551

n/a

231,823

n/a

EBITDA

62,562

n/a

76,426

n/a

223,407

n/a

233,080

n/a

Consolidation Adjustment









Consolidation Adjustment

(438,296)

n/a

(407,183)

n/a

(1,051,258)

n/a

(1,089,470)

n/a

Group









Aeronautical Revenues

509,490

122.8

610,352

141.0

2,283,164

170.3

2,498,344

138.0

Non-Aeronautical Revenues

282,017

68.0

347,041

80.2

1,211,072

90.3

1,360,938

75.2

Construction Services

401,387

96.7

409,429

94.6

741,236

55.3

714,024

39.4

Total Revenues

1,192,894

287.4

1,366,822

315.8

4,235,472

315.8

4,573,306

252.5

Operating Profit

373,683

90.0

493,713

114.1

1,724,326

128.6

2,094,495

115.7

EBITDA

466,947

112.5

590,538

136.4

2,103,536

156.9

2,477,235

136.8










(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 these entities.




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

Consolidated Statement of Income from January 1 to December 31,  2011 and 2010

Thousands of Mexican pesos
































I t e m


FY


FY


%  


4Q


4Q


%  





2010


2011


Change


2010


2011


Change

















Revenues















Aeronautical Services


2,283,164


2,498,344


9.42


509,490


610,352


19.80


















Non-Aeronautical Services


1,211,072


1,360,938


12.37


282,017


347,041


23.06


















Construction Services


741,236


714,024


(3.67)


401,387


409,429


2.00

















Total Revenues


4,235,472


4,573,306


7.98


1,192,894


1,366,822


14.58

















Operating Expenses






























Cost of Services


948,730


905,261


(4.58)


218,942


247,166


12.89



Cost of Construction


741,236


714,024


(3.67)


401,387


409,429


2.00



General and Administrative Expenses


164,506


168,063


2.16


44,193


44,515


0.73



Technical Assistance


110,712


130,381


17.77


24,576


31,081


26.47



Concession Fee


166,752


178,342


6.95


36,849


44,093


19.66



Depreciation and Amortization


379,210


382,740


0.93


93,264


96,825


3.82


Total Operating Expenses


2,511,146


2,478,811


(1.29)


819,211


873,109


6.58

















Operating Income


1,724,326


2,094,495


21.47


373,683


493,713


32.12

















Comprehensive Financing Cost


26,619


50,692


90.44


6,168


22,381


262.86

















Non-Ordinary Item















Non-Ordinary Item


804


(239)


(129.73)


129


100


(22.48)
































Income Before Income Taxes


1,750,141


2,145,426


22.59


379,722


515,994


35.89


















Provision for IETU


4,996


10,674


113.65


(2,115)


(950)


(55.08)



Provision for Income Taxes


447,861


548,804


22.54


103,612


93,275


(9.98)



Provision for Asset Taxes


11,462


11,462


-


11,462


3,126


(72.73)



Deferred Income Taxes


(19,869)


(75,403)


279.50


(26,098)


(34,080)


30.58



Deferred IETU


30,548


57,533


88.34


14,695


32,348


120.13


















Net Income for the Year


1,275,143


1,592,356


24.88


278,166


422,275


51.81

















Earnings per share


4.25


5.31


24.88


0.9272


1.4076


51.81


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


3.05


3.81


24.88


0.6648


1.0092


51.81


Exchange rate per dollar Ps. 13.9476















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

Consolidated Balance Sheet as of  December 31, 2011 and 2010

Thousands of Mexican pesos


I t e m


December 2010


December 2011


Variation


%











A s s e t s









Current Assets










Cash and Cash Equivalents


1,442,879


1,529,667


86,788


6.01


Trade Receivables, net


389,960


462,102


72,142


18.50


Recoverable Taxes and Other Current Assets


885,273


850,924


(34,349)


(3.88)

Total Current Assets


2,718,112


2,842,693


124,581


4.58











Fixed Assets










Machinery, Furniture and Equipment, net


305,629


306,504


875


0.29


Rights to Use Airport Facilities, net


-


-


-


-


Improvements to Use Airport Facilities, net


-


-


-


-


Construction in Process


-


-


-


-


Others


-


-


-


-

Total Fixed Assets


305,629


306,504


875


0.29











Deferred Assets










Airports Concessions, net


14,945,330


15,405,490


460,160


3.08


Deferred Income Taxes


-


-


-


-


Deferred IETU


206,019


201,125


(4,894)


(2.38)


Other


38,826


47,505


8,679


22.35

Total Deferred Assets


15,190,175


15,654,120


463,945


3.05











Total  Assets


18,213,916


18,803,317


589,401


3.24











Liabilities and Stockholders' Equity









Current Liabilities










Trade Accounts Payable


10,737


28,874


18,137


168.92


Notes Payable


-


-


-


-


Bank Loans


243,102


374,640


131,538


54.11


Accrued Expenses and Others Payables


242,820


335,327


92,507


38.10

Total Current Liabilities


496,659


738,841


242,182


48.76











Long Term Liabilities










Concession Fee


-


-


-


-


Bank Loans


647,503


321,950


(325,553)


(50.28)


Deferred Income Taxes


1,461,089


1,385,685


(75,404)


(5.16)


Deferred Flat Rate Business Tax


801,390


853,848


52,458


6.55


Deferred Employees Profit Sharing


-


-


-


-


Labor Obligations


11,817


15,180


3,363


28.46

Total Long Term Liabilities


2,921,799


2,576,663


(345,136)


(11.81)











Total Liabilities


3,418,458


3,315,504


(102,954)


(3.01)











Stockholders' Equity










Capital stock


12,799,204


12,799,204


-


-


Legal Reserve


287,117


350,875


63,758


22.21


Share Repurchase Reserve


-


-


-


-


Net Income for the Period


1,275,143


1,592,356


317,213


24.88


Retained Earnings


433,994


745,378


311,384


71.75


Total Stockholders' Equity


14,795,458


15,487,813


692,355


4.68












Total Liabilities and Stockholders' Equity


18,213,916


18,803,317


589,401


3.24













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


Consolidated Statement of Cash flow from January 1 to December 31,  2011 and 2010


Thousands of Mexican pesos















Related


FY


FY


Variation


4Q


4Q


Variation




2010


2011


%


2010


2011


%





























Operating Activities



























Income Before Income Taxes


1,750,141


2,145,426


23


379,722


515,994


36

  Items Related with Investing Activities:














Depreciation and Amortization


379,210


382,740


1


93,264


96,825


4


Loss on Disposal of Fixed Assets


-




-


-


-


-


Interest Income


(54,444)


(66,727)


23


(19,975)


(6,730)


(66)


Provisions


-




-


-


-


-








-






-

Sub-Total


2,074,907


2,461,439


19


453,011


606,089


34















Increase in Trade Receivables


(14,795)


(72,142)


388


(93,208)


(111,778)


20

Decrease in Recoverable Taxes and other Current Assets


(98,066)


45,472


(146)


(58,737)


81,225


(238)

Other Deferred Assets


-




-


-


-


-

Income Tax Paid


(222,206)


(290,696)


31


(222,206)


(142,797)


(36)

  Trade Accounts Payable


-




-


130,536


(132,944)


(202)

  Accrued Expenses and Others Payables


107,436


27,213


(75)


86,152


27,212


(68)

   Long Term Liabilities


-




-


-


-


-















Net Cash Flow Provided by Operating Activities


1,847,276


2,171,286


18


295,548


327,007


11















Investing Activities













  Investments in Machinery, Furniture and Equipment, net


(336,204)


(757,894)


125


(125,892)


(452,641)


260

  Investments in Rights to Use Airport Facilities


(439,113)




(100)


(439,113)


-


(100)

  Investments in Construction in Process


55,413




(100)


272,909


-


(100)

  Investments in Others


-




-


(89,088)


-


(100)

Interest Income


54,444


66,727


23


19,975


6,730


(66)















Net Cash Flow Provided by Investing Activities


(665,460)


(691,167)


4


(361,209)


(445,911)


23















Excess Cash to Use in Financing Activities:


1,181,816


1,480,119


25


(65,661)


(118,904)


81















Bank Loans


345,379


(193,331)


(156)


(29,166)


(92,500)


217

Dividends Paid


(750,000)


(900,000)


20


-


-


-

Tax on Dividends Paid


(295,720)


(300,000)


1


-


-


-















Net Cash Flow Provided by Financing Activities


(700,341)


(1,393,331)


99


(29,166)


(92,500)


217















Net Increase in Cash and Cash Equivalents


481,475


86,788


(82)


(94,827)


(211,404)


123















Cash and Cash Equivalents at Beginning of Period


961,404


1,442,879


50


1,537,706


1,741,071


13















Cash and Cash Equivalents at the End of Period


1,442,879


1,529,667


6


1,442,879


1,529,667


6
















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



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