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
2011

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
2011

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
2011

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
resulting from the adoption of IFRS as of January 1, 2011

(in thousands of Mexican Pesos)

 

Item

 

Description

Capital Stock

Retained Earnings

Legal Reserve

Total Shareholders' Equity

Labor

liabilities

Elimination of

severance liabilities

according to NIF D-3

and creation of a

liability under IAS 19 Net


7,835


7,835

Deferred employee profit

sharing

Reversal of deferred

employee profit sharing

as it is outside the

reach of IAS 12


(2,905)


(2,905)

Creation

of a

reserve

for

vacation

Recognition of accrued

vacation rights not

used by year-end.


(18,339)


(18,339)

Deferred Assets (income

tax and

flat tax)

Impact on deferred

IETU derived from the

recognition of

provisions for vacations

and employee benefits


3,534


3,534

Capital

Stock

Elimination of inflation

accounting.

(5,031,928)



(5,031,928)

Legal

Reserve

Elimination of inflation

accounting



(23,025)

(23,025)

Capital

Stock and Legal Reserve

Reclassification of

inflation accounting of

capital stock and legal

reserve to retained

earnings


5,054,953


5,054,953

TOTAL


(5,031,928)

5,045,078

(23,025)

(9,875)

 

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

Thousands of Mexican pesos 










































I t e m


 FY 


 FY 


 4Q 


 4Q 




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


2,498,344


2,498,344


2,849,136


2,849,136


610,352

0

610,352


684,410

0

684,410
























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
























Construction Services


714,024


714,024


663,170


663,170


409,428

0

409,428


258,833

0

258,833























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























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




Cost of Construction


714,024


714,024


663,170


663,170


409,429

0

409,429


258,833

0

258,833




General and Administrative Expenses


859,526


859,526


942,307


942,307


216,512

-

216,512


232,191

-

232,191



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























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























Comprehensive Financing Cost




















Interest receivable


66,727


66,727


92,075


92,075


6,729

-

6,729


29,309

-

29,309




Interest Payable


(39,420)


(39,420)


(22,363)


(22,363)


5,534

-

5,534


6,861

-

6,861




Exchange (Losses) Gains, net


20,724


20,724


(15,535)


(15,535)


9,517

-

9,517


7,303

-

7,303




Loss (gains) on Valuation of Derivative 








-


-

-

-


-

-

-




Financial Instruments 


2,661


2,661


601


601


600

-

600


-

-

-























Non-Ordinary Item




















Non-Ordinary Item


(239)

239

-


65

(65)

-


100

(100)

-


18

(18)