ASUR 4Q12 Passenger Traffic Up 11.06% YOY
MEXICO CITY, Feb. 25, 2013 /PRNewswire/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR), (ASUR) the first privatized airport group in Mexico and operator of Cancun Airport and eight other airports in southeast Mexico, today announced results for the three and twelve-month periods ended December 31, 2012.
4Q12 Highlights1:
- EBITDA2 increased by 13.83% to Ps.671.18 million
- Total passenger traffic was up 11.06%
- Total revenues declined by 2.23%, as increases of 12.13% in aeronautical revenues and 13.29% in non-aeronautical revenues, were more than offset by the 36.78% decline in construction services revenues
- Commercial revenues per passenger increased by 1.41% to Ps.73.41
- Operating profit increased by 15.52%
- EBITDA margin increased to 50.22% from 43.14% in 4Q11
_________
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 twelve-month periods ended December 31, 2012, and the equivalent three- and twelve-month periods ended December 31, 2011. Financial figures for the three- and twelve-month periods ended December 31, 2011 have been restated to reflect IFRS. Results are expressed in nominal pesos. Tables state figures in thousands of pesos, unless otherwise noted. Passenger figures exclude transit and general aviation passengers. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Ps.12.9658.
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 fourth quarter of 2012, total passenger traffic increased year-over-year by 11.06%. Domestic passenger traffic rose by 12.15% while international passenger traffic increased by 10.08%.
The 12.15% growth in domestic passenger traffic was driven by increases at Cancun, Minatitlan, Veracruz, Villahermosa, Oaxaca, Cozumel and Tapachula. The 10.08% growth in international passenger traffic resulted mainly from an increase of 10.86% in international traffic at the Cancun airport.
Passenger traffic for fiscal year 2012 increased 9.73%, reflecting increases of 15.83% in domestic passenger traffic and 5.22% in international passenger traffic.
Table I: Domestic Passengers (in thousands)
Airport |
4Q11 |
4Q12 |
% Change |
FY |
FY 2012 |
% Change |
Cancun |
945.3 |
1,148.2 |
21.46 |
3,684.1 |
4,614.8 |
25.26 |
Cozumel |
22.3 |
22.8 |
2.24 |
63.5 |
91.7 |
44.41 |
Huatulco |
102.8 |
100.4 |
(2.33) |
393.6 |
404.6 |
2.79 |
Merida |
311.7 |
293.9 |
(5.71) |
1,131.3 |
1,132.0 |
0.06 |
Minatitlan |
29.0 |
34.2 |
17.93 |
104.0 |
127.4 |
22.50 |
Oaxaca |
102.3 |
110.9 |
8.41 |
352.1 |
421.7 |
19.77 |
Tapachula |
39.8 |
40.3 |
1.26 |
154.7 |
150.7 |
(2.59) |
Veracruz |
195.5 |
216.7 |
10.84 |
772.0 |
792.2 |
2.62 |
Villahermosa |
222.8 |
243.7 |
9.38 |
801.7 |
902.1 |
12.52 |
TOTAL |
1,971.5 |
2,211.1 |
12.15 |
7,457.0 |
8,637.2 |
15.83 |
Note: Passenger figures exclude transit and general aviation passengers.
II: International Passengers (in thousands)
Airport |
4Q11 |
4Q12 |
% Change |
FY |
FY 2012 |
% Change |
Cancun |
2,050.0 |
2,272.7 |
10.86 |
9,338.4 |
9,848.7 |
5.46 |
Cozumel |
67.8 |
62.4 |
(7.96) |
378.2 |
365.5 |
(3.36) |
Huatulco |
13.7 |
15.2 |
10.95 |
66.0 |
68.7 |
4.09 |
Merida |
23.9 |
25.1 |
5.02 |
94.3 |
101.7 |
7.85 |
Minatitlan |
1.2 |
1.3 |
8.33 |
4.6 |
5.8 |
26.09 |
Oaxaca |
11.9 |
10.8 |
(9.24) |
49.2 |
51.4 |
4.47 |
Tapachula |
1.5 |
1.4 |
(6.67) |
7.2 |
7.3 |
1.39 |
Veracruz |
23.8 |
25.0 |
5.04 |
95.4 |
102.3 |
7.23 |
Villahermosa |
12.2 |
14.4 |
18.3 |
49.6 |
58.0 |
16.94 |
TOTAL |
2,206.0 |
2,428.3 |
10.08 |
10,082.9 |
10,609.4 |
5.22 |
Note: Passenger figures exclude transit and general aviation passengers.
Table III: Total Passengers (in thousands)
Airport |
4Q11 |
4Q12 |
% Change |
FY |
FY 2012 |
% Change |
Cancun |
2,995.3 |
3,420.9 |
14.21 |
13,022.5 |
14,463.5 |
11.07 |
Cozumel |
90.1 |
85.2 |
(5.44) |
441.7 |
457.2 |
3.51 |
Huatulco |
116.5 |
115.6 |
(0.77) |
459.6 |
473.3 |
2.98 |
Merida |
335.6 |
319.0 |
(4.95) |
1,225.6 |
1,233.7 |
0.66 |
Minatitlan |
30.2 |
35.5 |
17.55 |
108.6 |
133.2 |
22.65 |
Oaxaca |
114.2 |
121.7 |
6.57 |
401.3 |
473.1 |
17.89 |
Tapachula |
41.3 |
41.7 |
0.97 |
161.9 |
158.0 |
(2.41) |
Veracruz |
219.3 |
241.7 |
10.21 |
867.4 |
894.5 |
3.12 |
Villahermosa |
235.0 |
258.1 |
9.83 |
851.3 |
960.1 |
12.78 |
TOTAL |
4,177.5 |
4,639.4 |
11.06 |
17,539.9 |
19,246.6 |
9.73 |
Note: Passenger figures exclude transit and general aviation passengers.
Consolidated Results for 4Q12
Total revenues for 4Q12 declined year-over-year by 2.23% to Ps.1,336.39 million. This was mainly due to a decrease of 36.78% in revenues from construction services as a result of lower capital expenditures and other investments in concessioned assets during the period, which more than offset increases of:
- 12.13% in revenues from aeronautical services, principally as a result of the 11.06% rise in passenger traffic;
- 13.29% in revenues from non-aeronautical services, reflecting the 16.53% increase in commercial revenues detailed below; and
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 16.53% year-over-year during the quarter, principally due to the 11.06% increase in passenger traffic. There were increases in revenues in the following activities:
- 39.51% in advertising;
- 21.37% in food and beverage;
- 12.01% in other revenue.
- 11.78% in ground transportation;
- 11.07% in duty-free stores;
- 10.81% in parking lot fees;
- 9.95% in retail operations;
- 6.96% in banking and currency exchange services; and
- 0.70% in teleservices.
These increases more than offset the 2.19% decline in car rental revenues.
Retail and Other Commercial Space |
||
Opened since October 30, 2011 |
||
Business Name |
Type |
Opening Date |
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 4Q12, ASUR recognized Ps.258.83 million in revenues from "Construction Services" because of lower committed improvements to its concessioned assets, a 36.78% year-on-year decline. The same amount is recognized under the expense line "Construction Costs" because ASUR hires third parties to provide construction services.
Because equal amounts of Construction Revenues and Construction Expenses have been included in ASUR's income statement as a result of the application of IFRIC 12, the decrease in Construction Revenues in 4Q12 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 4Q12 declined 12.23% year-over-year. This was primarily due to the 36.78% decline in construction costs, reflecting lower committed improvements made to concessioned assets during the period, which more than offset the following increases:
- 11.30% 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 the Luis Munoz Marin Airport in San Juan, Puerto Rico ("LMM") project. The costs of a bond required in connection with an appeal of a decision overturning a tax credit and higher maintenance expenses and costs in connection with studies for the Company's Master Development Plan (which will be renewed in 2013 for 2014-2018) also contributed to the increase;
- 2.55% in administrative expenses mainly due to higher professional fees paid to third parties and travel expenses in connection with ASUR's participation in the LMM project;
- 13.78% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee);
- 11.71% in concession fees paid to the Mexican government, mainly due to an increase in regulated revenues (a factor in the calculation of the fee); and
- 5.26% in depreciation and amortization, resulting mainly from capitalized investments.
Operating margin for the quarter increased to 42.60% from 36.05% in 4Q12. This was mainly due to the 2.23% decrease in revenues which was more than offset by the 36.78% decline in expenses during the period.
Comprehensive Financing Gain (Loss) for 4Q12 was a Ps.43.47 million gain, compared to a Ps.22.38 million gain in 4Q11, principally due to higher net interest income during the period.
Interest income increased by Ps.22.58 million year-on-year reflecting increased income from short-term investments resulting from the increase in net income during the period. Interest expense increased in 4Q12 by Ps.1.33 million.
During 4Q12, ASUR reported a foreign exchange gain of Ps.7.30 million which principally resulted from the 7.04% appreciation of the Mexican peso against the U.S. dollar during the period derived of a foreign currency net asset position.
Comprehensive Financing Result (Cost)
4Q11 |
4Q12 |
Change |
% Change |
|
Interest income |
6,729 |
29,309 |
22,580 |
336 |
Interest expenses |
5,534 |
6,861 |
1,327 |
24 |
Loss (gains) on valuation of Derivative |
600 |
0 |
(600) |
(100) |
Foreign exchange gain (loss), net |
9,517 |
7,303 |
(2,214) |
(23) |
Total |
22,380 |
43,473 |
21,093 |
94 |
FY11 |
FY12 |
Change |
% Change |
|
Interest income |
66,727 |
92,075 |
25,348 |
38 |
Interest expenses |
(39,420) |
(22,363) |
17,057 |
43 |
Loss (gains) on valuation of Derivative |
2,661 |
601 |
(2,060) |
(77) |
Foreign exchange gain (loss), net |
20,724 |
(15,535) |
(36,259) |
(175) |
Total |
50,692 |
54,778 |
4,086 |
8 |
2011 |
2012 |
|||
Exchange rate at December |
13.9476 |
12.9658 |
||
Exchange rate at September |
13.7994 |
12.8695 |
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 4Q12 declined by Ps.157.54, or 143.26% million year-over-year, principally due to the following factors:
- A reversal of the IETU provision at some of ASUR's subsidiaries which resulted in a Ps.4.32 million gain;
- A Ps.65.69 million increase in the provision for income taxes, as a result of a higher taxable base resulting from the 15.52% increase in operating income.
- A Ps.75.99 million increase in deferred income taxes resulting from the recognition of deferred income taxes at the Merida and Oaxaca airports as these subsidiaries are expected to cause income tax liabilities in the future;
- A Ps.290.69 million decrease in deferred IETU for the Merida and Oaxaca airports given that these subsidiaries are expected to pay income tax in the future.
- A Ps.0.26 million decline in the asset tax for amounts that cannot be credited against other taxes.
Net income for 4Q12 increased by 56.76% to Ps.665.06 million from Ps.424.25 million in 4Q11. Earnings per common share for the quarter were Ps.2.2169, or earnings per ADS (EPADS) of US$1.7098 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.1.4142, or EPADS of US$1.0907, for the same period last year.
Table IV: Summary of Consolidated Results for 4Q12
4Q11 |
4Q12 |
% Change |
|
Total Revenues |
1,366,819 |
1,336,391 |
(2.23) |
Aeronautical Services |
610,352 |
684,410 |
12.13 |
Non-Aeronautical Services |
347,039 |
393,148 |
13.29 |
Commercial Revenues |
295,145 |
343,941 |
16.53 |
Construction Services |
409,428 |
258,833 |
(36.78) |
Operating Profit |
492,803 |
569,262 |
15.52 |
Operating Margin % |
36.05% |
42.60% |
18.16% |
EBITDA |
589,627 |
671,180 |
13.83 |
EBITDA Margin % |
43.14% |
50.22% |
16.42% |
Net Income |
424,247 |
665,061 |
56.76 |
Earnings per Share |
1.4142 |
2.2169 |
56.76 |
Earnings per ADS in US$ |
1.0907 |
1.7098 |
56.76 |
Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.12.9658.
Table V: Commercial Revenues per Passenger for 4Q12
4Q11 |
4Q12 |
% Change |
|
Total Passengers ('000) |
4,225 |
4,685 |
10.09 |
Total Commercial Revenues |
305,789 |
343,941 |
12.48 |
Commercial revenues from direct operations (1) |
63,876 |
76,511 |
19.78 |
Commercial revenues excluding direct operations |
241,913 |
267,430 |
10.55 |
4Q11 |
4Q12 |
% Change |
|
Total Commercial Revenue per Passenger |
72.39 |
73.41 |
1.41 |
Commercial revenue from direct operations per passenger (1) |
15.12 |
16.33 |
8.00 |
Commercial revenue per passenger (excluding direct operations) |
57.27 |
57.08 |
(0.33) |
Note: For purposes of this table, approximately 51,100 and 45,100 transit and general aviation passengers are included for 4Q11 and 4Q12, 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 4Q12
4Q11 |
4Q12 |
% Change |
|
Cost of Services |
248,075 |
276,105 |
11.30 |
Construction Costs |
409,429 |
258,833 |
(36.78) |
Administrative |
44,514 |
45,652 |
2.56 |
Technical Assistance |
31,081 |
35,363 |
13.78 |
Concession Fees |
44,093 |
49,258 |
11.71 |
Depreciation and Amortization |
96,824 |
101,918 |
5.26 |
TOTAL |
874,016 |
767,129 |
(12.23) |
Consolidated Results for Fiscal Year Ended December 31, 2012
Total revenues for FY12 increased year-over-year by 11.95% to Ps.5,119.9 million, mainly due to the following increases:
- 14.04% in revenues from aeronautical services as a result of the 9.73% increase in passenger traffic during the period;
- 18.12% in revenues from non-aeronautical services, principally as a result of the 19.13% increase in commercial revenues detailed below.
These increases were partially offset by a 7.12% decline in construction services in connection with lower committed investments during the period.
Commercial revenues for FY12 rose by 19.13% year-over-year, principally as a result of revenue increases in the following areas:
- 38.97% in advertising;
- 20.70% in retail operations;
- 20.56% in other income;
- 19.58% in duty-free stores;
- 17.84% in food and beverage;
- 15.49% in banking and currency exchange services;
- 12.21% in ground transportation services;
- 9.86% in car rentals;
- 5.09% in parking lot fees; and
- 3.47% in teleservices.
Total operating costs and expenses for FY12 rose 4.41%, mainly due to the following increases:
- 8.55% 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 projects. Higher costs of sales as a result of higher sales volumes at the convenience stores directly operated by ASUR also contributed to the increase;
- 8.08% in administrative expenses, principally due to higher professional fees paid to third parties and travel expenses in connection with international bidding projects;
- 18.41% in technical assistance costs, reflecting the corresponding increase in EBITDA during the period;
- 14.80% in concession fees, mainly due to the increase in regulated revenues (a factor in the calculation of the fee); and
- 4.91% in depreciation and amortization.
These increases were partially offset by a 7.12% decline in construction costs resulting from lower committed investments during the period.
Operating margin increased to 49.41% in FY12, from 45.76% in FY11. This was mainly the result of the 11.95% growth in revenues which more than offset the 4.41% increase in operating expenses for the period.
Net income for FY12 increased by 30.43% to Ps.2,075.33 million. Earnings per common share for the year were Ps.6.9178, or earnings per ADS (EPADS) of US$5.3354 (one ADS represents ten series B common shares). This compares with Ps.5.3038, or EPADS of US$4.0906, for FY11.
Table VII: Summary of Consolidated Results for FY12
(in thousands)
FY11 |
FY12 |
% Change |
|
Total Revenues |
4,573,306 |
5,119,891 |
11.95 |
Aeronautical Services |
2,498,344 |
2,849,136 |
14.04 |
Non-Aeronautical Services |
1,360,938 |
1,607,585 |
18.12 |
Commercial Revenues |
1,187,450 |
1,414,590 |
19.13 |
Construction Services |
714,024 |
663,170 |
(7.12) |
Operating Profit |
2,092,827 |
2,529,919 |
20.89 |
Operating Margin % |
45.76% |
49.41% |
7.97% |
EBITDA |
2,475,567 |
2,931,464 |
18.42 |
EBITDA Margin % |
54.13% |
57.26% |
5.77% |
Net Income |
1,591,134 |
2,075,328 |
30.43 |
Earnings per Share |
5.3038 |
6.9178 |
30.43 |
Earnings per ADS in US$ |
4.0906 |
5.3354 |
30.43 |
Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 12.9658.
Table VIII: Commercial Revenues per Passenger for FY12
(in thousands)
FY11 |
FY12 |
% Change |
|
Total Passengers *('000) |
17,742 |
19,444 |
9.59 |
Total Commercial Revenues |
1,187,450 |
1,414,590 |
19.13 |
Commercial revenues from direct operations (1) |
254,991 |
325,955 |
27.83 |
Commercial revenues excluding direct operations |
932,459 |
1,088,635 |
16.75 |
FY11 |
FY12 |
% Change |
|
Total Commercial Revenue per Passenger |
66.93 |
72.75 |
8.70 |
Commercial revenue from direct operations per passenger (1) |
14.37 |
16.76 |
16.63 |
Commercial revenue per passenger (excluding direct operations) |
52.56 |
55.99 |
6.53 |
* For purposes of this table, approximately 106,900 and 196,900 transit and general aviation passengers are included for FY11 and FY12, 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 FY12
(in thousands)
FY11 |
FY12 |
% Change |
|
Cost of Services |
906,929 |
984,495 |
8.55 |
Construction Costs |
714,024 |
663,170 |
(7.12) |
Administrative |
168,063 |
181,644 |
8.08 |
Technical Assistance |
130,381 |
154,383 |
18.41 |
Concession Fees |
178,342 |
204,735 |
14.80 |
Depreciation and Amortization |
382,740 |
401,545 |
4.91 |
TOTAL |
2,480,479 |
2,589,972 |
4.41 |
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 FY12 were Ps.2,963.38 million, resulting in an annual average tariff per workload unit of Ps.149.43. ASUR's regulated revenues accounted for approximately 57.88% 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, 2012, Airport Concessions represented 81.66% of the Company's total assets, with current assets representing 16.69% and other assets representing 1.65%.
Cash and cash equivalents on December 31, 2012 were Ps.2,265.43 million, a 38.25% increase from the Ps.1,638.66 million in cash and cash equivalents recorded on December 31, 2011.
Shareholders' equity at the close of FY12 was Ps.16,471.00 million and total liabilities were Ps.2,638.24 million, representing 86.19% and 13.81% of total assets, respectively. Deferred liabilities represented 72.39% of the Company's total liabilities.
Total bank debt at December 31, 2012 was Ps.314.9 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.103.61 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 4Q12, ASUR made investments of Ps.226.03 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans.
IFRS Adoption
In compliance with regulations established by the Mexican National Banking and Securities Commission (CNBV), as of January 1, 2012 the Company has adopted International Financial Reporting Standards (IFRS) as the accounting standards to prepare its financial statements.
Furthermore, and in compliance with INIF 19 "Changes derived from the adoption of IFRS," the most significant 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 liabilities |
Elimination of severance liabilities according to NIF D-3 and creation of a liability under IAS 19 Net |
7,835 |
7,835 |
||
Deferred employee profit sharing |
Reversal of deferred employee profit sharing as it is outside the reach of IAS 12 |
(2,905) |
(2,905) |
||
Creation of a reserve for vacation |
Recognition of accrued vacation rights not used by year-end. |
(18,339) |
(18,339) |
||
Deferred Assets (income tax and flat tax) |
Impact on deferred IETU derived from the recognition of provisions for vacations and employee benefits |
3,534 |
3,534 |
||
Capital Stock |
Elimination of inflation accounting. |
(5,031,928) |
(5,031,928) |
||
Legal Reserve |
Elimination of inflation accounting |
(23,025) |
(23,025) |
||
Capital Stock and Legal Reserve |
Reclassification of inflation accounting of capital stock and legal reserve to retained earnings |
5,054,953 |
5,054,953 |
||
TOTAL |
(5,031,928) |
5,045,078 |
(23,025) |
(9,875) |
The following table presents the principal effects of IFRS on Shareholders' Equity as of December 31, 2012, December 31, 2011 and January 1, 2011:
(In thousands of Mexican Pesos) |
December 31, 2012 |
December 31, 2011 |
January 1, 2011 |
Shareholders' Equity Under Mexican Financial Reporting Standards |
$16,486,523 |
$15,487,813 |
$14,795,457 |
IFRS Adjustments: |
|||
Deferred Employee Profit Sharing (Note c) |
(4,192) |
(3,862) |
(2,905) |
Severance Liability and actuarial gains and losses (Note f) |
10,003 |
10,561 |
7,835 |
Reserve for Vacations (Note e) |
(23,744) |
(22,099) |
(18,339) |
Deferred IETU (Note c) |
2,405 |
4,218 |
3,534 |
Total IFRS Adjustments |
(15,528) |
(11,182) |
(9,875) |
Shareholders' Equity Under IFRS |
$16,470,995 |
$15,476,631 |
$14,785,582 |
--
See page 21 for notes on IFRS transition effects.
The following table presents the principal effects of IFRS on the Income Statement for the three- and twelve-month periods ended on December 31, 2011 and 2012.
(In thousands of Mexican Pesos) |
4Q12 |
4Q11 |
12M12 |
12M11 |
Net Income Under Mexican Financial Reporting Standards |
679,418 |
422,271 |
2,092,509 |
1,592,356 |
Elimination of severance liabilities according with NIF D-3 and creation of a liability under IAS 19 – Net (Note d) |
(174) |
674 |
406 |
2,812 |
Elimination of PTU difference |
(331) |
(957) |
(331) |
(957) |
Recognition of accrued rights not used (Note e) |
(242) |
(526) |
(1,645) |
(3,760) |
Effect on deferred IETU resulting from the recognition of a reserve for vacation and employee benefits (Note c) |
188 |
2,785 |
(1,813) |
683 |
Net Income Under IFRS |
678,859 |
424,247 |
2,089,126 |
1,591,134 |
Actuarial Gains and Losses |
(878) |
(468) |
(964) |
(85) |
Comprehensive Net Income Under IFRS |
677,981 |
423,779 |
2,088,162 |
1,591,049 |
--
See page 21 for notes on IFRS transition effects.
4Q12 Earnings Conference Call
Day: |
Tuesday, February 26, 2013 |
Time: |
10:00 AM US ET; 9:00 AM Mexico City time |
Dial-in number: |
1-877-941-8416 (US & Canada) and 1-480-629-9808 (International & Mexico) |
Access Code: |
4596690 |
Please dial in 10 minutes before the scheduled start time. |
|
Replay: |
Tuesday, February 26, 2013 at 1:00 PM US ET, ending at midnight US ET on Tuesday, March 5, 2013. Dial-in number: 1-877-870-5176 (US & Canada); 1-858-384-5517 (International & Mexico). Access Code: 4596690. |
Analyst Coverage
Actinver Casa de Bolsa, Barclays, BBVA Bancomer, Bofa Merril Lynch, Citi Investment Research, Credit Suisse, Grupo Bursatil Mexicano, Grupo Financiero Interacciones, Grupo Financiero Monex, Intercam Casa de Bolsa, Itau BBA, INVEX, JP Morgan, Morgan Stanley, Morningstar, Santander Investment, Scotia Capital, UBS Casa de Bolsa, Vector.
Note: ASUR is covered by the aforementioned analysts. Please note that any opinions, estimates or forecasts regarding the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.
About ASUR:
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a Mexican airport operator with concessions to operate, maintain and develop the airports of Cancun, Merida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan in the southeast of Mexico. 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 2011 |
4Q 2011 Per Workload Unit |
4Q 2012 |
4Q 2012 Per Workload Unit |
FY 2011 |
FY 2011 Per Workload Unit |
FY 2012 |
FY 2012 Per Workload Unit |
Cancun (1) |
||||||||
Aeronautical Revenues |
442,325 |
144.0 |
506,088 |
144.8 |
1,857,663 |
139.7 |
2,141,267 |
145.1 |
Non-Aeronautical Revenues |
307,876 |
100.3 |
349,624 |
100.0 |
1,201,446 |
90.4 |
1,434,854 |
97.3 |
Construction Services Revenues |
137,681 |
44.8 |
95,291 |
27.3 |
271,795 |
20.4 |
351,419 |
23.8 |
Total Revenues |
887,882 |
289.1 |
951,003 |
272.1 |
3,330,904 |
250.5 |
3,927,540 |
266.2 |
Operating Profit |
307,199 |
100.0 |
273,470 |
78.2 |
1,571,556 |
118.2 |
1,873,352 |
127.0 |
EBITDA |
370,615 |
120.7 |
337,931 |
96.7 |
1,822,045 |
137.0 |
2,129,941 |
144.4 |
Merida |
||||||||
Aeronautical Revenues |
49,264 |
129.0 |
47,823 |
130.3 |
177,244 |
125.0 |
184,536 |
129.8 |
Non-Aeronautical Revenues |
12,224 |
32.0 |
13,913 |
37.9 |
47,925 |
33.8 |
53,303 |
37.5 |
Construction Services Revenues |
34,957 |
91.5 |
2,772 |
7.6 |
90,882 |
64.1 |
31,041 |
21.8 |
Other (2) |
24 |
0.1 |
6 |
- |
24 |
- |
25 |
- |
Total Revenues |
96,469 |
252.5 |
64,514 |
175.8 |
316,075 |
222.9 |
268,905 |
189.1 |
Operating Profit |
19,309 |
50.5 |
12,916 |
35.2 |
68,744 |
48.5 |
63,865 |
44.9 |
EBITDA |
27,095 |
70.9 |
21,685 |
59.1 |
99,885 |
70.4 |
96,940 |
68.2 |
Villahermosa |
||||||||
Aeronautical Revenues |
30,165 |
122.6 |
33,033 |
122.8 |
103,776 |
116.3 |
122,405 |
121.9 |
Non-Aeronautical Revenues |
8,070 |
32.8 |
9,462 |
35.2 |
33,900 |
38.0 |
36,688 |
36.5 |
Construction Services Revenues |
36,501 |
148.4 |
32,291 |
120.0 |
49,900 |
55.9 |
37,937 |
37.8 |
Other (2) |
62 |
0.3 |
18 |
0.1 |
62 |
0.1 |
73 |
0.1 |
Total Revenues |
74,798 |
304.1 |
74,804 |
278.1 |
187,638 |
210.4 |
197,103 |
196.3 |
Operating Profit |
12,946 |
52.6 |
13,609 |
50.6 |
40,883 |
45.8 |
53,271 |
53.1 |
EBITDA |
18,235 |
74.1 |
19,381 |
72.0 |
60,910 |
68.3 |
76,195 |
75.9 |
Other Airports (3) |
||||||||
Aeronautical Revenues |
88,598 |
140.9 |
97,466 |
148.4 |
359,661 |
143.7 |
400,928 |
151.2 |
Non-Aeronautical Revenues |
18,869 |
30.0 |
20,149 |
30.7 |
77,667 |
31.0 |
82,740 |
31.2 |
Construction Services Revenues |
200,289 |
318.4 |
128,479 |
195.6 |
301,447 |
120.5 |
242,773 |
91.6 |
Other (2) |
79,164 |
125.9 |
101,028 |
153.8 |
119,596 |
47.8 |
107,209 |
40.4 |
Total Revenues |
386,920 |
615.1 |
347,122 |
528.3 |
858,371 |
343.1 |
833,650 |
314.5 |
Operating Profit |
78,115 |
124.2 |
104,281 |
158.7 |
181,057 |
72.4 |
198,055 |
74.7 |
EBITDA |
98,168 |
156.1 |
126,838 |
193.1 |
260,883 |
104.3 |
285,598 |
107.7 |
Holding & Service companies (4) |
||||||||
Construction Services Revenues |
- |
n/a |
- |
n/a |
- |
n/a |
- |
n/a |
Other (2) |
327,933 |
n/a |
438,120 |
n/a |
969,788 |
n/a |
1,111,048 |
n/a |
Total Revenues |
327,933 |
n/a |
438,120 |
n/a |
969,788 |
n/a |
1,111,048 |
n/a |
Operating Profit |
75,234 |
n/a |
164,986 |
n/a |
230,587 |
n/a |
341,376 |
n/a |
EBITDA |
75,514 |
n/a |
165,345 |
n/a |
231,844 |
n/a |
342,790 |
n/a |
Consolidation Adjustment |
||||||||
Consolidation Adjustment |
(407,183) |
n/a |
(539,172) |
n/a |
(1,089,470) |
n/a |
(1,218,355) |
n/a |
Group |
||||||||
Aeronautical Revenues |
610,352 |
141.0 |
684,410 |
142.9 |
2,498,344 |
138.0 |
2,849,136 |
143.7 |
Non-Aeronautical Revenues |
347,039 |
80.2 |
393,148 |
82.1 |
1,360,938 |
75.2 |
1,607,585 |
81.1 |
Construction Services Revenues |
409,428 |
94.6 |
258,833 |
54.1 |
714,024 |
39.4 |
663,170 |
33.4 |
Total Revenues |
1,366,819 |
315.8 |
1,336,391 |
279.1 |
4,573,306 |
252.5 |
5,119,891 |
258.2 |
Operating Profit |
492,803 |
113.9 |
569,262 |
118.9 |
2,092,827 |
115.6 |
2,529,919 |
127.6 |
EBITDA |
589,627 |
136.2 |
671,180 |
140.2 |
2,475,567 |
136.7 |
2,931,464 |
147.8 |
(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 theses entities. |
||||||||
Grupo Aeroportuario del Sureste, S.A.B. de C.V. |
|||||||||||||||
Consolidated Statement of Income from January 1 to December 31, 2012 and 2011 |
|||||||||||||||
Thousands of Mexican pesos |
|||||||||||||||
I t e m |
FY |
FY |
% Change |
4Q |
4Q |
% Change |
|||||||||
2011 |
2012 |
2011 |
2012 |
||||||||||||
Revenues |
|||||||||||||||
Aeronautical Services |
2,498,344 |
2,849,136 |
14.04 |
610,352 |
684,410 |
12.13 |
|||||||||
Non-Aeronautical Services |
1,360,938 |
1,607,585 |
18.12 |
347,039 |
393,148 |
13.29 |
|||||||||
Construction Services |
714,024 |
663,170 |
(7.12) |
409,428 |
258,833 |
(36.78) |
|||||||||
Total Revenues |
4,573,306 |
5,119,891 |
11.95 |
1,366,819 |
1,336,391 |
(2.23) |
|||||||||
Operating Expenses |
|||||||||||||||
Cost of Services |
906,929 |
984,495 |
8.55 |
248,075 |
276,105 |
11.30 |
|||||||||
Cost of Construction |
714,024 |
663,170 |
(7.12) |
409,429 |
258,833 |
(36.78) |
|||||||||
General and Administrative Expenses |
168,063 |
181,644 |
8.08 |
44,514 |
45,652 |
2.56 |
|||||||||
Technical Assistance |
130,381 |
154,383 |
18.41 |
31,081 |
35,363 |
13.78 |
|||||||||
Concession Fee |
178,342 |
204,735 |
14.80 |
44,093 |
49,258 |
11.71 |
|||||||||
Depreciation and Amortization |
382,740 |
401,545 |
4.91 |
96,824 |
101,918 |
5.26 |
|||||||||
Total Operating Expenses |
2,480,479 |
2,589,972 |
4.41 |
874,016 |
767,129 |
(12.23) |
|||||||||
Operating Income |
2,092,827 |
2,529,919 |
20.89 |
492,803 |
569,262 |
15.52 |
|||||||||
Comprehensive Financing Cost |
50,692 |
54,778 |
8.06 |
22,380 |
43,473 |
94.25 |
|||||||||
Non-Ordinary Item |
|||||||||||||||
Non-Ordinary Item |
- |
- |
- |
- |
- |
- |
|||||||||
Income Before Income Taxes |
2,143,519 |
2,584,697 |
20.58 |
515,183 |
612,735 |
18.94 |
|||||||||
Provision for IETU |
10,674 |
8,008 |
(24.98) |
(950) |
(4,320) |
354.74 |
|||||||||
Provision for Income Tax |
548,804 |
741,837 |
35.17 |
93,275 |
168,343 |
80.48 |
|||||||||
Provision for Asset Tax |
11,462 |
11,462 |
- |
3,126 |
2,865 |
(8.35) |
|||||||||
Deferred Income Taxes |
(75,403) |
(7,390) |
(90.20) |
(34,079) |
41,910 |
(222.98) |
|||||||||
Deferred IETU |
56,848 |
(244,548) |
(530.18) |
29,564 |
(261,124) |
(983.25) |
|||||||||
Net Income for the Year |
1,591,134 |
2,075,328 |
30.43 |
424,247 |
665,061 |
56.76 |
|||||||||
Earnings per Share |
5.3038 |
6.9178 |
30.4307 |
1.4142 |
2.2169 |
56.7628 |
|||||||||
Earnings per American Depositary Share (in U.S. Dollars) |
4.0906 |
5.3354 |
30.4308 |
1.0907 |
1.7098 |
56.7628 |
|||||||||
Exchange rate per dollar Ps. 12.9658 |
|||||||||||||||
Grupo Aeroportuario del Sureste, S.A.B. de C.V. |
|||||||||||
Consolidated Balance Sheet as of December 31, 2012 and 2011 |
|||||||||||
Thousands of Mexican pesos |
|||||||||||
I t e m |
December 31, 2012 |
December 31, 2011 |
January 1, 2011 |
||||||||
A s s e t s |
|||||||||||
Current Assets |
|||||||||||
Cash and Cash Equivalents |
2,265,427 |
1,638,661 |
1,534,805 |
||||||||
Trade Receivables, net |
444,238 |
462,102 |
389,960 |
||||||||
Recoverable Taxes and Other Current Assets |
480,387 |
785,526 |
829,267 |
||||||||
Total Current Assets |
3,190,052 |
2,886,289 |
2,754,032 |
||||||||
Non Current Assets |
|||||||||||
Machinery, Furniture and Equipment, net |
314,634 |
306,504 |
305,629 |
||||||||
Airports Concessions, net |
15,604,552 |
15,405,490 |
14,945,330 |
||||||||
Total Assets |
19,109,238 |
18,598,283 |
18,004,991 |
||||||||
Liabilities and Stockholders' Equity |
|||||||||||
Current Liabilities |
|||||||||||
Trade Accounts Payable |
8,694 |
28,876 |
10,738 |
||||||||
Bank Loans |
281,612 |
374,640 |
243,102 |
||||||||
Accrued Expenses and Others Payables |
404,674 |
357,197 |
261,159 |
||||||||
Total Current Liabilities |
694,980 |
760,713 |
514,999 |
||||||||
Long Term Liabilities |
|||||||||||
Bank Loans |
33,333 |
321,950 |
647,503 |
||||||||
Deferred Income Taxes |
1,499,707 |
1,385,685 |
1,461,089 |
||||||||
Deferred Flat Rate Business Tax |
404,137 |
648,685 |
591,836 |
||||||||
Labor Obligations |
6,086 |
4,619 |
3,982 |
||||||||
Total Long Term Liabilities |
1,943,263 |
2,360,939 |
2,704,410 |
||||||||
Total Liabilities |
2,638,243 |
3,121,652 |
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 |
2,075,328 |
1,591,134 |
1,275,143 |
||||||||
IFRS Conversion Adjustment |
5,045,078 |
5,045,078 |
5,045,078 |
||||||||
Retained Earnings |
1,170,435 |
739,882 |
433,993 |
||||||||
Total Stockholders' Equity |
16,470,995 |
15,476,631 |
14,785,582 |
||||||||
Total Liabilities and Stockholders' Equity |
19,109,238 |
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 December 31, 2012 and 2011 |
|||||||||||||||
Thousands of Mexican pesos |
|||||||||||||||
Related |
FY |
FY |
% Change |
4Q |
4Q |
% Change |
|||||||||
2011 |
2012 |
2011 |
2012 |
||||||||||||
Operating Activities |
|||||||||||||||
Income Before Income Taxes |
2,143,519 |
2,584,697 |
21 |
515,183 |
612,735 |
19 |
|||||||||
Items Relationated with Investing Activities: |
|||||||||||||||
Depreciation and Amortization |
382,740 |
401,545 |
5 |
96,824 |
101,918 |
5 |
|||||||||
Loss on Disposal of Fixed Assets |
- |
- |
- |
- |
|||||||||||
Interest Income |
(66,727) |
(92,075) |
38 |
(6,730) |
(29,309) |
335 |
|||||||||
Provisions |
788 |
810 |
3 |
788 |
810 |
3 |
|||||||||
- |
- |
||||||||||||||
Sub-Total |
2,460,320 |
2,894,977 |
18 |
606,065 |
686,154 |
13 |
|||||||||
Increase in Trade Receivables |
(72,142) |
17,864 |
(125) |
(111,778) |
(159,565) |
43 |
|||||||||
Decrease in Recoverable Taxes and other Current Assets |
155,422 |
524,083 |
237 |
69,917 |
292,710 |
319 |
|||||||||
Other Deferred Assets |
- |
- |
- |
- |
- |
||||||||||
Income Tax Paid |
(290,696) |
(548,667) |
89 |
(142,797) |
(200,233) |
40 |
|||||||||
Trade Accounts Payable |
(300,000) |
(100) |
- |
- |
- |
||||||||||
Accrued Expenses and Others Payables |
15,005 |
(152,382) |
(1,116) |
14,594 |
377,604 |
2,487 |
|||||||||
Long Term Liabilities |
- |
- |
- |
- |
- |
||||||||||
Net Cash Flow Provided by Operating Activities |
1,967,909 |
2,735,875 |
39 |
436,001 |
996,670 |
129 |
|||||||||
Investing Activities |
|||||||||||||||
Investments in Machinery, Furniture and Equipment, net |
(757,894) |
(631,083) |
(17) |
(452,641) |
(226,033) |
(50) |
|||||||||
Investments in Rights to Use Airport Facilities |
- |
- |
- |
- |
- |
||||||||||
Investments in Construction in Process |
- |
- |
- |
- |
- |
- |
|||||||||
Investments in Others |
- |
- |
- |
- |
- |
||||||||||
Interest Income |
79,098 |
92,075 |
16 |
6,730 |
29,309 |
335 |
|||||||||
Net Cash Flow Provided by Investing Activities |
(678,796) |
(539,008) |
(21) |
(445,911) |
(196,724) |
(56) |
|||||||||
Excess Cash to Use in Financing Activities: |
1,289,113 |
2,196,867 |
70 |
(9,910) |
799,946 |
(8,172) |
|||||||||
Bank Loans |
(193,331) |
(381,107) |
97 |
(92,500) |
(103,610) |
12 |
|||||||||
Dividends Paid |
(900,000) |
(1,080,000) |
20 |
- |
- |
- |
|||||||||
Tax on Dividends Paid |
- |
- |
- |
- |
- |
||||||||||
Net Cash Flow Provided by Financing Activities |
(1,093,331) |
(1,461,107) |
34 |
(92,500) |
(103,610) |
12 |
|||||||||
Net Increase in Cash and Cash Equivalents |
195,782 |
735,760 |
276 |
(102,410) |
696,336 |
(780) |
|||||||||
Cash and Cash Equivalents at Beginning of Period |
1,442,879 |
1,529,667 |
6 |
1,741,071 |
1,569,091 |
(10) |
|||||||||
Cash and Cash Equivalents at the End of Period |
1,638,661 |
2,265,427 |
38 |
1,638,661 |
2,265,427 |
38 |
|||||||||
Grupo Aeroportuario del Sureste, S.A.B. de C.V. |
|||||||||||||||||||
Consolidated Statement of Income from January 1 to December 31, 2012 and 2011 |
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Thousands of Mexican pesos |
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I t e m |
FY |
FY |
4Q |
4Q |
|||||||||||||||
2011 |
2012 |
2011 |
2012 |
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Mexican NIF |
Transition Effects |
IFRS |
Mexican NIF |
Transition Effects |
IFRS |
Mexican NIF |
Transition Effects |
IFRS |
Mexican NIF |
Transition Effects |
IFRS |
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Revenues |
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Aeronautical Services |
2,498,344 |
2,498,344 |
2,849,136 |
2,849,136 |
610,352 |
0 |
610,352 |
684,410 |
0 |
684,410 |
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Non-Aeronautical Services |
1,360,938 |
1,360,938 |
1,607,585 |
1,607,585 |
347,038 |
0 |
347,038 |
393,148 |
0 |
393,148 |
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Construction Services |
714,024 |
714,024 |
663,170 |
663,170 |
409,428 |
0 |
409,428 |
258,833 |
0 |
258,833 |
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Total Revenues |
4,573,306 |
- |
4,573,306 |
5,119,891 |
- |
5,119,891 |
1,366,818 |
- |
1,366,818 |
1,336,391 |
- |
1,336,391 |
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Operating Expenses |
|||||||||||||||||||
Cost of Services |
905,261 |
1,668 |
906,929 |
982,860 |
1,635 |
984,495 |
247,166 |
911 |
248,077 |
275,340 |
765 |
276,105 |
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Cost of Construction |
714,024 |
714,024 |
663,170 |
663,170 |
409,429 |
0 |
409,429 |
258,833 |
0 |
258,833 |
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General and Administrative Expenses |
859,526 |
859,526 |
942,307 |
942,307 |
216,512 |
- |
216,512 |
232,191 |
- |
232,191 |
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Total Operating Expenses |
2,478,811 |
1,668 |
2,480,479 |
2,588,337 |
1,635 |
2,589,972 |
873,107 |
911 |
874,018 |
766,364 |
765 |
767,129 |
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Operating Income |
2,094,495 |
(1,668) |
2,092,827 |
2,531,554 |
(1,635) |
2,529,919 |
493,711 |
(911) |
492,800 |
570,027 |
(765) |
569,262 |
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Comprehensive Financing Cost |
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Interest receivable |
66,727 |
66,727 |
92,075 |
92,075 |
6,729 |
- |
6,729 |
29,309 |
- |
29,309 |
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Interest Payable |
(39,420) |
(39,420) |
(22,363) |
(22,363) |
5,534 |
- |
5,534 |
6,861 |
- |
6,861 |
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Exchange (Losses) Gains, net |
20,724 |
20,724 |
(15,535) |
(15,535) |
9,517 |
- |
9,517 |
7,303 |
- |
7,303 |
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Loss (gains) on Valuation of Derivative |
- |
- |
- |
- |
- |
- |
- |
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Financial Instruments |
2,661 |
2,661 |
601 |
601 |
600 |
- |
600 |
- |
- |
- |
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Non-Ordinary Item |
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Non-Ordinary Item |
(239) |
239 |
- |
65 |
(65) |
- |
100 |
(100) |
- |
18 |
(18) |
- |
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Income Before Income Taxes |
2,145,426 |
(1,907) |
2,143,519 |
2,586,267 |
(1,570) |
2,584,697 |
515,991 |
(811) |
515,180 |
613,482 |
(747) |
612,735 |
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Provision for IETU |
10,674 |
10,674 |
8,008 |
8,008 |
(950) |
- |
(950) |
(4,320) |
- |
(4,320) |
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Provision for Income Tax |
548,804 |
548,804 |
728,039 |
13,798 |
741,837 |
93,275 |
- |
93,275 |
154,545 |
13,798 |
168,343 |
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Provision for Asset Tax |
11,462 |
11,462 |
11,462 |
11,462 |
3,126 |
- |
3,126 |
2,865 |
- |
2,865 |
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Deferred Income Taxes |
(75,403) |
(75,403) |
(7,390) |
(7,390) |
(34,079) |
- |
(34,079) |
41,910 |
- |
41,910 |
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Deferred IETU |
57,533 |
(685) |
56,848 |
(246,361) |
1,813 |
(244,548) |
32,348 |
(2,787) |
29,561 |
(260,936) |
(188) |
(261,124) |
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Net Income for the Year |
1,592,356 |
(1,222) |
1,591,134 |
2,092,509 |
(17,181) |
2,075,328 |
422,271 |
1,976 |
424,247 |
679,418 |
(14,357) |
665,061 |
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Earnings per Share |
5.31 |
(0.00) |
5.30 |
6.98 |
(0.06) |
6.92 |
1.41 |
0.01 |
1.41 |
2.26 |
(0.05) |
2.22 |
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Earnings per American Depositary Share (in U.S. Dollars) |
4.09 |
(0.00) |
4.09 |
5.38 |
(0.04) |
5.34 |
1.09 |
0.01 |
1.09 |
1.75 |
(0.04) |
1.71 |
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Exchange rate per dollar Ps. 12.9658 |
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Grupo Aeroportuario del Sureste, S.A.B. de C.V. |
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Consolidated Balance Sheet as of December 31, 2012 and 2011 |
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Thousands of Mexican pesos |
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I t e m |
December 31, 2012 |
December 31, 2011 |
January 1, 2011 |
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Mexican NIF |
Transition Effects |
IFRS |
Mexican NIF |
Transition Effects |
IFRS |
Mexican NIF |
Transition Effects |
IFRS |
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A s s e t s |
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Current Assets |
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Cash and Cash Equivalents |
2,265,427 |
2,265,427 |
1,638,661 |
1,638,661 |
1,534,805 |
1,534,805 |
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Trade Receivables, net |
444,238 |
444,238 |
462,102 |
462,102 |
389,960 |
389,960 |
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Recoverable Taxes and Other Current Assets |
484,579 |
(4,192) |
480,387 |
785,526 |
785,526 |
829,267 |
829,267 |
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Total Current Assets |
3,194,244 |
(4,192) |
3,190,052 |
2,886,289 |
- |
2,886,289 |
2,754,032 |
- |
2,754,032 |
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Non Current Assets |
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Machinery, Furniture and Equipment, net |
314,634 |
314,634 |
306,504 |
306,504 |
305,629 |
305,629 |
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Airports Concessions, net |
15,604,552 |
15,604,552 |
15,405,490 |
15,405,490 |
14,945,330 |
14,945,330 |
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Deferred Employees' Statutory Profit Sharing |
- |
- |
3,862 |
(3,862) |
- |
2,905 |
(2,905) |
- |
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Total Non Current Assets |
15,919,186 |
- |
15,919,186 |
15,715,856 |
(3,862) |
15,711,994 |
15,253,864 |
(2,905) |
15,250,959 |
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Total Assets |
19,113,430 |
(4,192) |
19,109,238 |
18,602,145 |
(3,862) |
18,598,283 |
18,007,896 |
(2,905) |
18,004,991 |
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Liabilities and Stockholders' Equity |
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Current Liabilities |
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Trade Accounts Payable |
8,694 |
8,694 |
28,876 |
28,876 |
10,738 |
10,738 |
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Bank Loans |
281,612 |
281,612 |
374,640 |
374,640 |
243,102 |
243,102 |
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Accrued Expenses and Others Payables |
380,930 |
23,744 |
404,674 |
335,098 |
22,099 |
357,197 |
242,820 |
18,339 |
261,159 |
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Total Current Liabilities |
671,236 |
23,744 |
694,980 |
738,614 |
22,099 |
760,713 |
496,660 |
18,339 |
514,999 |
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Long Term Liabilities |
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Bank Loans |
33,333 |
33,333 |
321,950 |
321,950 |
647,503 |
647,503 |
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Deferred Income Taxes |
1,499,707 |
1,499,707 |
1,385,685 |
1,385,685 |
1,461,089 |
1,461,089 |
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Deferred Flat Rate Business Tax |
406,542 |
(2,405) |
404,137 |
652,903 |
(4,218) |
648,685 |
595,370 |
(3,534) |
591,836 |
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Labor Obligations |
16,089 |
(10,003) |
6,086 |
15,180 |
(10,561) |
4,619 |
11,817 |
(7,835) |
3,982 |
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Total Long Term Liabilities |
1,955,671 |
(12,408) |
1,943,263 |
2,375,718 |
(14,779) |
2,360,939 |
2,715,779 |
(11,369) |
2,704,410 |
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Total Liabilities |
2,626,907 |
11,336 |
2,638,243 |
3,114,332 |
7,320 |
3,121,652 |
3,212,439 |
6,970 |
3,219,409 |
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Stockholders' Equity |
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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 |
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Legal Reserve |
430,492 |
(17,614) |
412,878 |
350,875 |
(17,614) |
333,261 |
287,117 |
(23,025) |
264,092 |
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Share Repurchase Reserve |
- |
- |
- |
- |
- |
- |
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Net Income for the Period |
2,092,509 |
(17,181) |
2,075,328 |
1,592,356 |
(1,222) |
1,591,134 |
1,275,143 |
1,275,143 |
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IFRS Conversion Adjustment |
- |
5,045,078 |
5,045,078 |
- |
5,045,078 |
5,045,078 |
- |
5,045,078 |
5,045,078 |
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Retained Earnings |
1,164,318 |
6,117 |
1,170,435 |
745,378 |
(5,496) |
739,882 |
433,993 |
433,993 |
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Total Stockholders' Equity |
16,486,523 |
(15,528) |
16,470,995 |
15,487,813 |
(11,182) |
15,476,631 |
14,795,457 |
(9,875) |
14,785,582 |
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Total Liabilities and Stockholders' Equity |
19,113,430 |
(4,192) |
19,109,238 |
18,602,145 |
(3,862) |
18,598,283 |
18,007,896 |
(2,905) |
18,004,991 |
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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) Property, plant and equipment
The Company used the value of property, plant and equipment listed on the balance sheet on the date it adopted IFRS as the cost of property, plant and equipment as of the transition date.
c) 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.
d) Employee profit sharing and labor liabilities
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.
e) 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.
f) 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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