ASUR 4Q13 Passenger Traffic Up 8.99% YOY

MEXICO CITY, Feb. 24, 2014 /PRNewswire/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR), (ASUR) the first privatized airport group in Mexico and operator of Cancun Airport and eight other airports in southeast Mexico, as well as a 50% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Munoz Marin International Airport in San Juan, Puerto Rico, today announced results for the three and twelve-month periods ended December 31, 2013.

4Q13 Highlights1:

  • EBITDA2 increased by 13.50% to Ps.761.79 million
  • Total passenger traffic was up 8.99%
  • Total revenues increased by 10.62%, reflecting increases of 8.36% in aeronautical revenues, 11.68% in non-aeronautical revenues, and 14.98% in construction services revenues
  • Commercial revenues per passenger increased by 2.67% to Ps.75.38
  • Operating profit increased by 15.17%
  • EBITDA margin rose to 51.53% from 50.22% in 4Q12.

 

___

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, 2013, and the equivalent three- and twelve-month periods ended December 31, 2012.  Results are expressed in nominal pesos. Tables state figures in thousands of pesos, unless otherwise noted. Passenger figures exclude transit and general aviation passengers. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Ps. 13.0843.



2.

EBITDA means net income before: provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides a useful measure 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 2013, total passenger traffic increased year-over-year by 8.99%. Domestic passenger traffic rose by 8.19% while international passenger traffic increased by 9.71%.

The 8.19% growth in domestic passenger traffic was driven by increases at Cancun, Minatitlan, Veracruz, Merida, Oaxaca, Tapachula and Villahermosa. The 9.71% growth in international passenger traffic resulted mainly from an increase of 9.20% in international traffic at the Cancun airport.

Passenger traffic for fiscal year 2013 increased by 9.53%, reflecting increases of 8.55% in domestic passenger traffic and 10.32% in international passenger traffic.

Table I: Domestic Passengers (in thousands)

Airport

4Q12

4Q13

%

Change

FY

2012

FY

2013

%

Change

Cancun

1,148.2

1,224.9

6.68

4,614.8

5,071.7

9.90

Cozumel

22.8

19.8

(13.16)

91.7

82.8

(9.71)

Huatulco

100.4

87.3

(13.05)

404.6

385.9

(4.62)

Merida

293.9

336.1

14.36

1,132.0

1,198.7

5.89

Minatitlan

34.2

51.6

50.88

127.4

167.0

31.08

Oaxaca

110.9

123.8

11.63

421.7

454.0

7.66

Tapachula

40.3

42.8

6.20

150.7

147.6

(2.06)

Veracruz

216.7

247.9

14.40

792.2

915.4

15.55

Villahermosa

243.7

258.0

5.87

902.1

952.3

5.56

TOTAL

2,211.1

2,392.2

8.19

8,637.2

9,375.4

8.55

Note: Passenger figures exclude transit and general aviation passengers.

 

II: International Passengers (in thousands)

Airport

4Q12

4Q13

%

Change

FY
2012

FY

2013

%

Change

Cancun

2,272.7

2,481.8

9.20

9,848.7

10,890.5

10.58

Cozumel

62.4

73.4

17.63

365.5

367.1

(0.44)

Huatulco

15.2

23.2

52.63

68.7

98.8

43.81

Merida

25.1

29.0

15.54

101.7

117.6

15.63

Minatitlan

1.3

2.1

61.54

5.8

7.9

36.21

Oaxaca

10.8

12.7

17.59

51.4

56.4

9.73

Tapachula

1.4

2.7

92.86

7.3

8.7

19.18

Veracruz

25.0

22.5

(10.00)

102.3

95.5

(6.65)

Villahermosa

14.4

16.8

16.67

58.0

62.2

7.24

TOTAL

2,428.3

2,664.2

9.71

10,609.4

11,704.7

10.32

Note: Passenger figures exclude transit and general aviation passengers.

 

Table III: Total Passengers (in thousands)

Airport

4Q12

4Q13

% Change

FY
2012

FY

2013

%

Change

Cancun

3,420.9

3,706.7

8.35

14,463.5

15,962.2

10.36

Cozumel

85.2

93.2

9.39

457.2

449.9

(1.60)

Huatulco

115.6

110.5

(4.41)

473.3

484.7

2.41

Merida

319.0

365.1

14.45

1,233.7

1,316.3

6.70

Minatitlan

35.5

53.7

51.27

133.2

174.9

31.31

Oaxaca

121.7

136.5

12.16

473.1

510.4

7.88

Tapachula

41.7

45.5

9.11

158.0

156.3

(1.08)

Veracruz

241.7

270.4

11.87

894.5

1,010.9

13.01

Villahermosa

258.1

274.8

6.47

960.1

1,014.5

5.67

TOTAL

4,639.4

5,056.4

8.99

19,246.6

21,080.1

9.53

Note: Passenger figures exclude transit and general aviation passengers.

 

Consolidated Results for 4Q13

In July 2012, the Puerto Rico Ports Authority granted Aerostar, ASUR's joint venture with Highstar Capital IV and its affiliated funds, a 40-year concession to operate the Luis Munoz Marin International Airport in Puerto Rico ("SJU") under the United States FAA's Airport Privatization Pilot Program. On February 27, 2013, the transaction was consummated and Aerostar began operating the SJU Airport. During 1Q13, our Cancun airport subsidiary made a US$118.00 million capital contribution to Aerostar corresponding to its 50% membership interest in Aerostar. ASUR accounts for its ownership stake in Aerostar through the equity method, in accordance with IFRS. In addition, ASUR made a US$100.00 million subordinated shareholder loan to Aerostar in 1Q13.

Total revenues for 4Q13 increased year-over-year by 10.62% to Ps.1,478.32  million. This was mainly due to increases of:

  • 8.36% in revenues from aeronautical services, mainly as a result of the 8.99% increase in passenger traffic;
  • 11.68% in revenues from non-aeronautical services, principally reflecting the 11.69% increase in commercial revenues detailed below; and
  • 14.98% in revenues from construction services that resulted from higher capital expenditures and other investments in concessioned assets during the period.

ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, banking and currency exchange services, advertising, teleservices, non-permanent ground transportation, food and beverage, and parking lot fees.

Commercial revenues increased by 11.69% year-over-year during 4Q13, principally due to the 8.99% increase in total passenger traffic.

There were increases in revenues from the following activities:

  • 16.12% in retail operations;
  • 12.82% in food and beverage;
  • 4.38% in duty-free stores;
  • 12.44% in advertising;
  • 13.62% in car rental revenues;
  • 16.65% in other revenue;
  • 27.64% in ground transportation;
  • 17.99% in banking and currency exchange services;
  • 4.19% in parking lot fees; and
  • 37.78% in teleservices.

 


Retail and Other Commercial Space
Opened since December 31, 2012


Business Name

Type

Opening Date

Cancun



Tequileria

Duty Free

May 2013

NI Digital

Teleservices

October 2013

Convenience Stores (3 in T1)

Convenience Store

November 2013

Entretenimiento A Tu Alcance (4 in T1)

Food & Beverage

November 2013

Servicios Turisticos

Tourism Booth

November 2013

MAC T3

Retail

December 2013

MOBO (2 in T2)

Retail

November 2013

Dufry  T1

Retail

December 2013

Island Cabo (2 in T1)

Retail

December 2013

Sunglass Hut

Retail

December 2013

Villahermosa



Promotora del Sol Caribe

Tourism booth

January 2013

National

Car Rentals

December 2013

Veracruz



Promotora del Sol Caribe

Tourism Booth

January 2013

Cozumel



Island Cabo

Retail

February 2013

Oaxaca



Promotora del Sol Caribe

Tourism Booth

March 2013

Rentam

Car Rentals

December 2013

 

Table IV: Commercial Revenues per Passenger for 4Q13


4Q12

4Q13

% Change

Total Passengers ('000)

4,685

5,096

8.78

Total Commercial Revenues

343,941

384,139

11.69

Commercial revenues from direct

operations (1)

76,511

92,805

21.30

Commercial revenues excluding

direct operations

267,430

291,334

8.94



4Q12

4Q13

% Change

Total Commercial Revenue per

Passenger

73.42

75.38

2.67

Commercial revenue from direct

operations per passenger (1)

16.33

18.21

11.51

Commercial revenue per

passenger (excluding direct

operations)

57.09

57.17

0.14

Note:

For purposes of this table, approximately 45,100 and 39,200 transit and general aviation passengers are included in 4Q12 and 4Q13, respectively.



(1)

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

 

Construction revenues and expenses. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the income from construction or improvements to concessioned assets made during the period. During 4Q13, ASUR recognized Ps.297.62 million in revenues from "Construction Services", a 14.98% year-on-year increase, because of higher levels of capital improvements to its concessioned assets. The same amount is recognized under the expense line "Construction Costs" because ASUR hires third parties to provide construction services.

Because equal amounts of Construction Revenues and Construction Expenses have been included in ASUR's income statement as a result of the application of IFRIC 12, the increase in Construction Revenues in 4Q13 did not result in a proportionate increase in the EBITDA Margin, which is equal to EBITDA divided by total revenues.

Total operating costs and expenses for 4Q13 increased 7.25% year-over-year. This was primarily due to the following increases:

  • 14.98% in construction costs, reflecting higher levels of capital improvements made to concessioned assets during the period;
  • 1.27% in cost of services, principally reflecting fees in connection with energy, maintenance and security services;
  • 13.71% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee);
  • 9.90% in concession fees paid to the Mexican government, mainly due to an increase in regulated revenues (a factor in the calculation of the fee); and
  • 4.20% in depreciation and amortization, resulting mainly from capitalized investments.

These increases were partially offset by a 1.50% decline in administrative expenses, principally reflecting higher professional fees and travel expenses in 4Q12 related to the SJU privatization project.

Excluding the expenses and reimbursements in connection with the SJU privatization project, cost of services would have increased 3.49%.

Table V: Operating Costs and Expenses for 4Q13


4Q12

4Q13

% Change

Cost of Services

276,105

279,603

1.27

Construction Costs              

258,833

297,619

14.98

Administrative

45,652

44,966

(1.50)

Technical Assistance

35,363

40,213

13.71

Concession Fees

49,258

54,136

9.90

Depreciation and Amortization

101,918

106,199

4.20

TOTAL

767,129

822,736

7.25

 

Operating margin for the quarter was 44.35% compared to 42.60% in 4Q12 reflecting increases of 10.62% in revenues and 7.25% in expenses during the period.

Comprehensive Financing Gain (Loss) for 4Q13 was a Ps.35.23 million gain, compared to a Ps.43.47 million gain in 4Q12, principally due to higher net interest expenses.

Interest expenses increased by Ps.26.77 million reflecting the higher loan balance, while interest income rose by Ps.12.34 million during the period due to higher income from short-term investments resulting from the increase in cash balance during the period.

During 4Q13, ASUR reported a foreign exchange gain of Ps.6.18 million which principally resulted from the impact of the 0.69% appreciation of the Mexican peso against the U.S. dollar on ASUR's  foreign currency net liability position.  ASUR's foreign currency net liability position increased in 4Q13 as compared to 4Q12 because of its incurrence in March 2013 of US$215.0 million in US dollar-denominated debt in a loan from BBVA Bancomer and Merrill Lynch (US$107.5 million incurred with each bank).

Table VI: Comprehensive Financing Result (Cost)


4Q12

4Q13

Change

% Change

Interest income

29,309

41,647

12,338

42.10

Interest expenses

6,861

(19,904)

(26,765)

(390.10)

(Loss) gains on valuation of

Derivatives

--

--

--

--

Foreign exchange gain (loss), net

7,303

13,486

6,183

84.66

Total

43,473

35,229

(8,244)

(18.96)

 

Income (loss) from Equity Investment in Joint Venture. During 4Q13 our equity in the income of Aerostar, our joint venture with Highstar Capital IV and its affiliated funds, was a net loss of Ps.48.54 million. In addition, ASUR recorded a Ps.10.22 million loss in stockholders' equity resulting from the translation effect of Aerostar's financial statements (which are denominated in U.S. dollars), in connection with the valuation of the capital stock derived from the appreciation of the peso against the U.S. dollar in 4Q13.

During 4Q13 total passenger traffic at the SJU airport was 1,948,396.

Income Taxes. Following the changes in Mexican tax law in January 1, 2008, which established a 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.

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

Income taxes for 4Q13 increased by Ps.49.72 million, or 95.01% year-over-year, principally due to the following factors:

  • A Ps.1.00 million decline in IETU resulting from a lower taxable base;
  • An Ps.31.10 million decrease in the provision for income taxes, reflecting the decline in taxable income;
  • A Ps.240.9 million increase in deferred income taxes resulting from the recognition of the effects of inflation in the residual value of assets at the Veracruz and Villahermosa airports as a result of the repeal of the IETU Law and the increase in the applicable tax rate to 30% from 28% according to the new provisions of the Income Tax Law; and
  • A Ps.159.09 million decrease in deferred IETU principally due to the repeal of the IETU Law.

Net income for 4Q13 declined by 3.03% to Ps.644.89 million from Ps.655.06 million in 4Q12. Earnings per common share for the quarter were Ps. 2.1496, or earnings per ADS (EPADS) of US$1.6429 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.2.2169, or EPADS of US$1.6943, for the same period last year. This decline resulted principally from the Ps.48.54 million loss corresponding to our equity participation in Aerostar, our joint venture to operate SJU Airport.

Table VII: Summary of Consolidated Results for 4Q13


4Q12

4Q13

% Change

Total Revenues

1,336,391

1,478,326

10.62

Aeronautical Services

684,410

741,657

8.36

Non-Aeronautical Services

393,148

439,050

11.68

            Commercial Revenues

343,941

384,139

11.69

Construction Services

258,833

297,619

14.98

Operating Profit

569,262

655,591

15.17

Operating Margin %

42.60%

44.35%

4.10%

EBITDA

671,180

761,790

13.50

EBITDA Margin %

50.22%

51.53%

2.60%

Net Income

665,061

644,894

(3.03)

Earnings per Share

2.2169

2.1496

(3.03)

Earnings per ADS in US$

1.6943

1.6429

(3.03)

Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.13.0843

 

Consolidated Results for Fiscal Year 2013

Total revenues for FY13 increased year-over-year by 6.37% to Ps.5,446.1 million, mainly due to the following increases:

  • 7.99% in revenues from aeronautical services as a result of the 9.53% increase in passenger traffic during the period;
  • 10.90% in revenues from non-aeronautical services, principally as a result of the 10.74% increase in commercial revenues detailed below.

These increases were partially offset by an 11.55% decline in construction services in connection with lower capital investments during the period.

Commercial revenues for FY13 rose by 10.74% year-over-year, principally as a result of revenue increases in the following areas:

  • 10.11% in retail operations;
  • 10.31% in duty-free stores;
  • 11.97% in food and beverage;
  • 13.54% in advertising;
  • 12.98% in other income;
  • 8.69% in car rentals;
  • 20.45% in ground transportation services;
  • 10.76% in banking and currency exchange services; 
  • 4.27% in parking lot fees; and
  • 26.79% in teleservices.

Table VIII: Commercial Revenues per Passenger for FY13
(in thousands)


FY12

FY13

% Change

Total Passengers *('000)

19,444

21,248

9.28

Total Commercial Revenues

1,414,590

1,566,528

10.74

Commercial revenues from direct

operations (1)

325,955

370,396

13.63

Commercial revenues excluding

direct operations

1,088,635

1,196,132

9.87



FY12

FY13

% Change

Total Commercial Revenue per

Passenger

72.75

73.73

1.35

Commercial revenue from direct

operations per passenger (1)

16.76

17.43

4.00

Commercial revenue per

passenger (excluding direct

operations)

55.99

56.30

0.55

*

For purposes of this table, approximately 196,900 and 168,200 transit and general aviation passengers are included for FY12 and FY13, respectively.



(1)

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

 

Total operating costs and expenses for FY13 declined by 0.58% year-on-year. This was primarily due to the following declines:

  • 11.55% in construction costs, reflecting lower committed improvements made to concessioned assets during the period; and
  • 1.70% in administrative expenses, principally reflecting professional fees and travel expenses in connection with SJU airport in FY12.

These declines were more than offset the following increases:

  • 1.08% in cost of services, principally reflecting higher maintenance and security costs, as well as costs incurred in the preparation of the master development plan. These increases were partially offset by the reimbursement to ASUR of fees previously paid to third parties in connection with ASUR's participation in the SJU privatization project, including travel expenses;  
  • 12.23% in technical assistance costs, reflecting the corresponding increase in EBITDA during the period;
  • 8.99% in concession fees, mainly due to the increase in regulated revenues (a factor in the calculation of the fee); and
  • 4.17% in depreciation and amortization resulting mainly from higher capitalized investments.

Excluding accumulated expenses and reimbursements in connection with the SJU privatization project, cost of services would have increased by 2.62%.

Table IX: Operating Costs and Expenses for FY13 (in thousands)


FY12

FY13

% Change

Cost of Services

984,495

995,157

1.08

Construction Costs

663,170

586,596

(11.55)

Administrative

181,644

178,559

(1.70)

Technical Assistance

154,383

173,259

12.23

Concession Fees

204,735

223,132

8.99

Depreciation and Amortization

401,545

418,273

4.17

TOTAL

2,589,972

2,574,976

(0.58)

 

Operating margin increased to 52.72% in FY13, from 49.41% in FY12.  This was mainly the result of the 6.37% increase in revenues and the 0.58% decline in operating expenses for the period.

Comprehensive Financing Gain (Loss) for FY13 was a Ps.18.64 million gain, compared to a Ps.54.78 million gain in FY12, principally due to a Ps.41.11 million foreign exchange loss in FY13 resulting from the impact of the 0.91% depreciation of the Mexican peso against the U.S. dollar during the period on ASUR's foreign currency net liability position. 

Interest income increased by Ps.43.97 million year-on-year reflecting higher income from short-term investments resulting from the increase in cash balance during the period. Interest expense increased by Ps.53.93 million reflecting the higher loan balance.

Table X: Comprehensive Financing Result (Cost)


FY12

FY13

Change

% Change

Interest income

92,075

136,043

43,968

47.75

Interest expenses

(22,363)

(76,291)

(53,928)

241.15

 

(Loss) gains on valuation of

derivatives

601

0

(601)

(100.00)

Foreign exchange gain (loss), net

(15,535)

(41,111)

(25,576)

164.63

Total

54,778

18,641

(36,137)

(65.97)

 

Income (loss) from Equity Investment in Joint Venture. From February 28, 2013 to December 31, 2013 our equity in the income of Aerostar was a net loss of Ps.143.45 million, principally due to Ps.113.8 million in one-off costs resulting from expenses incurred during the more than two years in which ASUR was involved in the bidding process for the privatization of the SJU airport, including market research, preparation of bidding documentation, obtaining the Part 139 Certificate from the FAA, advisory, legal, consulting, and debt financing fees, as well as all other costs incurred until the first day of operations under Aerostar's management.  An operating loss of Ps.29.65 million generated between February 28, 2013 until December 31, 2013 also contributed to this performance.  In addition, ASUR recorded a Ps.36.41 million gain in stockholders' equity resulting from the translation effect of Aerostar's financial statements (which are denominated in U.S. dollars), in connection with the valuation of the capital stock derived from the depreciation of the peso against the U.S. dollar.

From February 28, 2013 to December 31, 2013, total passenger traffic at SJU airport was 6,929,164.

Net income for FY13 increased by 10.68% to Ps.2,296.87 million. Earnings per common share for the twelve-months were Ps.7.6562 or earnings per ADSs (EPADS) of US$5.8515 (one ADS represents ten series B common shares).  This compares with Ps.6.9178, or EPADS of US$5.2871, for FY12.

Table XI: Summary of Consolidated Results for FY13 
(in thousands)


FY12

FY13

% Change

Total Revenues

5,119,891

5,446,086

6.37

Aeronautical Services

2,849,136

3,076,737

7.99

Non-Aeronautical Services

1,607,585

1,782,753

10.99

Commercial Revenues

1,414,590

1,566,528

10.74

Construction Services

663,170

586,596

(11.55)

Operating Profit

2,529,919

2,871,110

13.49

Operating Margin %

49.41%

52.72%

6.69%

EBITDA

2,931,464

3,289,382

12.21

EBITDA Margin %

57.26%

60.40%

5.49%

Net Income

2,075,328

2,296,873

10.68

Earnings per Share

6.9178

7.6562

10.68

Earnings per ADS in US$

5.2871

5.8515

10.68

Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 13.0843.

 

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 FY13 were Ps.3,243.24 million, resulting in an annual average tariff per workload unit of Ps.149.81. ASUR's regulated revenues accounted for approximately 59.55% 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.

On January 3, 2014, ASUR received approval from the Ministry of Communications and Transportation for the Master Development Programs for each of its Mexican concessions for the years 2014 through 2028 and the efficiency factor applicable and the maximum tariffs per work load unit for the years 2014 through 2018. One work load unit equals one passenger or 100 kg of cargo.

Master Development Programs
Expressed in millions of constant pesos as of December 31, 2012

Airport

2014-2018*

2019-2023**

2024-2028**

Cancun

5,565.6***

1,452.8

1,345.5

Cozumel

174.8

61.4

129.0

Huatulco

128.8

145.6

94.2

Merida

379.4

158.8

104.4

Minatitlan

82.0

30.2

64.7

Oaxaca

93.8

105.3

84.8

Tapachula

54.1

36.5

61.3

Veracruz

394.1

110.8

128.7

Villahermosa

153.2

103.0

133.0



*

Committed investment

**

Indicative investment (not binding)

***

As of December 31, 2013 ASUR has invested Ps.698.2 million (which is included in the investment commitments for this period shown above)

 

Committed Investments
Expressed in millions of constant pesos as of December 31, 2012

Airport

2014

2015

2016

2017

2018

Cancun

800.9

2,259.9

1,421.8

865.7

217.2

Cozumel

24.8

60.8

22.0

61.4

5.9

Huatulco

54.2

54.7

5.9

7.5

6.4

Merida

65.6

181.7

89.5

38.8

3.9

Minatitlan

41.3

24.4

10.3

1.9

4.1

Oaxaca

9.1

28.7

37.0

13.3

5.8

Tapachula

14.3

25.3

2.3

4.3

7.8

Veracruz

197.6

177.4

7.7

6.1

5.3

Villahermosa

35.4

49.1

51.5

5.6

11.7

 

As of December 31, 2013 ASUR has invested the following amounts at Cancun airport:

Expressed in millions of constant pesos as of December 31, 2012

Airport

2014

2015

2016

2017

2018

Cancun

139.6

139.6

139.6

139.6

139.6

 

The Master Development Plan for Cancun Airport has accounted for these investments and includes these amounts in the investment commitments for the periods shown above.

Maximum Tariffs per Work Load Unit
Expressed in constant pesos as of December 31, 2012

Airport

Maximum

Tariff *

Cancun

142.48

Cozumel

175.89

Huatulco

166.56

Merida

146.57

Minatitlan

183.92

Oaxaca

173.15

Tapachula

171.77

Veracruz

140.38

Villahermosa

133.05



*

Maximum Tariff includes the 0.70% efficiency factor applicable for 2014.

 

The concession agreements for each airport provide that such airport's maximum rates will be reduced annually to account for projected improvements in efficiency. For the five-year period ending December 31, 2018, the maximum rates applicable to ASUR's airports will be reduced by an annual efficiency factor of 0.70% in real terms.

Balance Sheet

On December 31, 2013, airport concessions represented 73.62% of the Company's total assets, with current assets representing 11.91% and other assets representing 14.47%.

Cash and cash equivalents on December 31, 2013, were Ps.1,259.56 million, a 44.40% decrease from the Ps.2,265.43 million in cash and cash equivalents recorded on December 31, 2012.

Shareholders' equity at the close of FY13 was Ps.16,284.22 million and total liabilities were Ps.5,132.28 million, representing 76.04% and 23.96% of total assets, respectively. Deferred liabilities represented 32.45% of the Company's total liabilities. 

Total bank debt at December 31, 2013 was Ps.2,840.86 million, including Ps.16.62 million in accrued interest and commissions. During August and September of 2010, our Cancun airport subsidiary entered into two three-year credit agreements of Ps.350.00 million and Ps.570.00 million with two banks. The terms of the agreements include a floating interest rate equal to the Tasa de Interes Interbancaria de Equilibrio (TIIE) plus 1.5% and quarterly principal payments. In addition, in September of 2011, our Veracruz airport subsidiary entered into a three-year credit agreement of Ps.50.00 million. The terms include a floating interest rate equal to TIIE plus 0.75% and quarterly principal payments.

During 4Q13, ASUR made aggregate principal payments of Ps.5.5 million in connection with the Ps.50.00 million credit agreement entered by its Veracruz airport subsidiary.

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

On February 15, 2013, our Cancun airport subsidiary executed an agreement for bank loans of US$107.50 million from each of BBVA Bancomer and Merrill Lynch, for a total of U.S.$215.00 million. The loans have a five-year term, amortize in four semi-annual payments of 2.5% of the aggregate amount of the loans beginning on February 15, 2016 and a final payment of the aggregate principal amount of the loans outstanding on the maturity date, which is February 15, 2018. The loans are denominated in U.S. dollars and charge interest at a rate equal to three-month LIBOR plus 1.99%.  Proceeds from the loans were used to finance ASUR's capital contribution and subordinated shareholder loan to Aerostar. These loans are guaranteed by Grupo Aeroportuario del Sureste, S.A.B. de C.V.  In connection with these loans, BBVA Bancomer's authorization for bank loans as described above was drawn down by US$107.50 million during 1Q13.

While the BBVA Bancomer and Merrill Lynch facility is outstanding, ASUR and its subsidiaries are not permitted to make any fundamental change to its corporate structure, or create any liens upon any of its property or sell any assets that exceed more than 10% of ASUR's consolidated total assets.

Additionally, the credit facility requires that ASUR and its subsidiaries maintain a consolidated leverage ratio equal to or less than 3.50:1.00 and a consolidated interest coverage ratio equal to or less than 3.00:1.00 as of the last day of each fiscal quarter. If ASUR fails to comply with these covenants, this facility restricts its ability to pay dividends to its shareholders. Additionally, failure to comply with these covenants would result in all amounts owed under the facility to become due and payable immediately. As of the date of this report, ASUR was in compliance with those covenants.

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

Capital Expenditures

During 4Q13, ASUR made investments of Ps.292.33 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans. During FY13 capital expenditures totaled Ps.615.85 million.

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.

Table XIII: Principal Effects of IFRS on Shareholders' Equity

(In thousands of Mexican Pesos)

December 31,

2012

December 31,

2013

Shareholders' Equity Under Mexican

Financial Reporting Standards

16,486,523

16,017,530

IFRS Adjustments:



Deferred Employee Profit Sharing (Note d)

(4,192)

(2,635)

Income Tax on Dividends


287,149

Severance Liability and Actuarial Gains and Losses

(Note f)

10,003

9,162

Reserve for Vacations (Note e)

(23,744)

(26,987)

Deferred IETU  (Note c)

2,405

-

Total IFRS Adjustments

(15,528)

266,689

Shareholders' Equity Under IFRS

16,470,995

16,284,219

See page 25 for notes on IFRS transition effects.

 

Table XIV: Principal Effects of IFRS on the Income Statement

(In thousands of Mexican Pesos)

4Q12

4Q13

FY12

FY13

Net Income Under Mexican Financial

Reporting Standards

679,418

366,348

2,092,509

2,018,292

Elimination of severance liabilities in accordance

with NIF D-3 and creation of a liability under IAS

19 – Net (Note d)

(174)

(2,124)

406

(784)

Elimination of PTU difference

(331)

726

(331)

1,557

Recognition of accrued rights not used (Note e)

(242)

(866)

(1,645)

(3,242)

Effect on deferred IETU resulting from the

recognition of a reserve for vacation and employee

benefits (Note c)

188

(2,645)

(1,813)

(2,405)

Tax on dividend payments


287,149


287,149

Effect on deferred income taxes

(13,798)

(3,694)

(13,798)

(3,694)

Net Income Under IFRS

665,061

644,894

2,075,328

2,296,872

Translation effect on foreign currency transactions

-

(10,217)

-

36,407

Actuarial gains and losses

(878)

-

(964)

(59)

Comprehensive Net Income Under IFRS

664,183

634,677

2,074,364

2,333.220

--

See page 25 for notes on IFRS transition effects.

 

4Q13 Earnings Conference Call

Day:

Tuesday, February 25, 2014



Time:

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



Dial-in number:

1-800-839-7875 (US & Canada) and 1-913-312-0407    


(International & Mexico)



Access Code:

2009256




Please dial in 10 minutes before the scheduled start time.



Replay:

Tuesday, February 25, 2014 at 1:00 PM US ET, ending at midnight US ET on Friday, February 28, 2014. Dial-in number: 1-877-870-5176 (US & Canada); 1-858-384-5517 (International & Mexico). Access Code: 2009256.

 

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

Please note that any opinions, estimates or forecasts regarding the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.

About ASUR:
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a Mexican airport operator with concessions to operate, maintain and develop the airports of Cancun, Merida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan in the southeast of Mexico, as well as a 50% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Munoz Marin International Airport of Puerto Rico. The Company is listed both on the NYSE in the U.S., where it trades under the symbol ASR, and on the Mexican Bolsa, where it trades under the symbol ASUR. One ADS represents ten (10) series B shares.

Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR's filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.

# # # TABLES TO FOLLOW # # #

 










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

Operating Results per Airport

Thousands of Mexican pesos 










Item

4Q

2012

4Q 2012 Per

Workload Unit

4Q

2013

4Q 2013 Per

Workload Unit

12M

2012

12M 2012 Per

Workload Unit

12M

2013

12M 2013 Per

Workload Unit

Cancun (1)









Aeronautical Revenues

506,088

144.8

544,491

144.0

2,141,267

145.1

2,331,916

143.5

Non-Aeronautical Revenues

349,624

100.0

390,189

103.2

1,434,854

97.3

1,594,564

98.1

Construction Services

95,291

27.3

142,395

37.7

351,419

23.8

241,565

14.9

Total Revenues

951,003

272.1

1,077,075

284.9

3,927,540

266.2

4,168,045

256.4

Operating Profit

273,470

78.2

258,934

68.5

1,873,352

127.0

2,084,530

128.2

EBITDA

337,931

96.7

325,698

86.2

2,129,941

144.4

2,347,455

144.4

Merida









Aeronautical Revenues

47,823

130.3

53,766

129.9

184,536

129.8

192,727

128.3

Non-Aeronautical Revenues

13,913

37.9

15,713

38.0

53,303

37.5

58,662

39.1

Construction Services

2,772

7.6

964

2.3

31,041

21.8

1,590

1.1

Other (2)

6

-

7

-

25

-

29

-

Total Revenues

64,514

175.8

70,450

170.2

268,905

189.1

253,008

168.4

Operating Profit

12,916

35.2

20,836

50.3

63,865

44.9

71,572

47.7

EBITDA

21,685

59.1

29,643

71.6

96,940

68.2

106,750

71.1

Villahermosa









Aeronautical Revenues

33,033

122.8

34,850

122.3

122,405

121.9

127,017

120.9

Non-Aeronautical Revenues

9,462

35.2

10,369

36.4

36,688

36.5

39,539

37.6

Construction Services

32,291

120.0

4,417

15.5

37,937

37.8

9,765

9.3

Other (2)

18

0.1

18

0.1

73

0.1

74

0.1

Total Revenues

74,804

278.1

49,654

174.2

197,103

196.3

176,395

167.8

Operating Profit

13,609

50.6

11,311

39.7

53,271

53.1

51,019

48.5

EBITDA

19,381

72.0

17,145

60.2

76,195

75.9

74,326

70.7

Other Airports (3)









Aeronautical Revenues

97,466

148.4

108,550

149.9

400,928

151.2

425,077

149.6

Non-Aeronautical Revenues

20,149

30.7

22,779

31.5

82,740

31.2

89,988

31.7

Construction Services

128,479

195.6

149,843

207.0

242,773

91.6

333,676

117.4

Other (2)

101,028

153.8

119,548

165.1

107,209

40.4

160,714

56.5

Total Revenues

347,122

528.3

400,720

553.5

833,650

314.5

1,009,455

355.2

Operating Profit

104,281

158.7

142,409

196.7

198,055

74.7

271,672

95.6

EBITDA

126,838

193.1

166,684

230.2

285,598

107.7

366,513

129.0

Holding & Service companies (4)









Construction Services

-

 n/a 

-

 n/a 

-

 n/a 

-

 n/a 

Other (2)

438,120

 n/a 

526,172

 n/a 

1,111,048

 n/a 

1,262,840

 n/a 

Total Revenues

438,120

 n/a 

526,172

 n/a 

1,111,048

 n/a 

1,262,840

 n/a 

Operating Profit

164,986

 n/a 

222,100

 n/a 

341,376

 n/a 

392,317

 n/a 

EBITDA

165,345

 n/a 

222,619

 n/a 

342,790

 n/a 

394,339

 n/a 

Consolidation Adjustment









Consolidation Adjustment

(539,172)

 n/a 

(645,745)

 n/a 

(1,218,355)

 n/a 

(1,423,657)

 n/a 

Group









Aeronautical Revenues

684,410

142.9

741,657

142.5

2,849,136

143.7

3,076,737

142.1

Non-Aeronautical Revenues

393,148

82.1

439,050

84.4

1,607,585

81.1

1,782,753

82.3

Construction Services

258,833

54.1

297,619

57.2

663,170

33.4

586,596

27.1

Total Revenues

1,336,391

279.1

1,478,326

284.1

5,119,891

258.2

5,446,086

251.6

Operating Profit

569,262

118.9

655,590

126.0

2,529,919

127.6

2,871,110

132.6

EBITDA

671,180

140.2

761,789

146.4

2,931,464

147.8

3,289,383

151.9










(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,  2013 and 2012



Thousands of Mexican pesos 








































I t e m


 FY


 FY 


%


 4Q 


 4Q 


%






2012


2013


Change


2012


2013


Change























Revenues


















Aeronautical Services


2,849,136


3,076,737


7.99


684,410


741,657


8.36
























Non-Aeronautical Services


1,607,585


1,782,753


10.90


393,148


439,050


11.68
























Construction Services


663,170


586,596


(11.55)


258,833


297,619


14.99























Total Revenues


5,119,891


5,446,086


6.37


1,336,391


1,478,326


10.62























Operating Expenses




































Cost of Services


984,495


995,157


1.08


276,105


279,603


1.27






Construction Costs


663,170


586,596


(11.55)


258,833


297,619


14.98






General and Administrative Expenses


181,644


178,559


(1.70)


45,652


44,965


(1.50)






Technical Assistance


154,383


173,259


12.23


35,363


40,213


13.71






Concession Fee


204,735


223,132


8.99


49,258


54,136


9.91






Depreciation and Amortization


401,545


418,273


4.17


101,918


106,199


4.20





Total Operating Expenses


2,589,972


2,574,976


(0.58)


767,129


822,735


7.25























Operating Income


2,529,919


2,871,110


13.49


569,262


655,591


15.17























Comprehensive Financing Cost


54,778


18,641


(65.97)


43,473


35,229


(18.96)























Participation in the Results of

















Associates




(143,451)


-




(48,535)


-





Non-Ordinary Item


















Non-Ordinary Item


-


-


-


-


-


-









































Income Before Income Taxes


2,584,697


2,746,300


6.25


612,735


642,285


4.82
























Provision for IETU


8,008


7,898


(1.36)


(4,320)


(5,308)


22.87






Provision for Income Tax


741,837


739,873


(0.26)


168,343


137,242


(18.47)






Provision for Asset Tax


11,462


11,462


-


2,865


2,865


0.03






Deferred Income Taxes


(7,390)


94,330


(1,376.45)


41,910


282,806


574.81






Deferred IETU


(244,548)


(404,136)


65.26


(261,124)


(420,215)


60.93
























Net Income for the Year


2,075,328


2,296,873


10.68


665,061


644,894


(3.03)























Earnings per Share


6.9178


7.6562


10.68


2.2169


2.1496


(3.03)





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


5.2871


5.8515


10.68


1.6943


1.6429


(3.03)





Exchange Rate per US Dollar Ps. 13.0843



















































 

 


















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



Consolidated Balance Sheet as of  December 31, 2013 and 2012



Thousands of Mexican pesos 







I t e m


December 2013


December 2012


 Variation 


% Change





















A s s e t s 














Current Assets















Cash and Cash Equivalents


1,259,562


2,265,427


(1,005,865)


(44.40)







Trade Receivables, net


467,410


444,238


23,172


5.22







Recoverable Taxes and Other Current Assets


827,144


455,118


372,026


81.74





















Total Current Assets


2,554,116


3,164,783


(610,667)


(19.30)





















Non Current Assets















Machinery, Furniture and Equipment, net


322,072


314,634


7,438


2.36







Airports Concessions, net


15,790,795


15,629,821


160,974


1.03







Investment in Associates


1,400,957


-


1,400,957


-







Loans to Associates


1,348,555


-


1,348,555


-





















Total  Assets


21,416,495


19,109,238


2,307,257


12.07





















Liabilities and Stockholders' Equity














Current Liabilities















Trade Accounts Payable


9,997


8,694


1,303


14.99







Bank Loans


30,692


281,612


(250,920)


(89.10)







Accrued Expenses and Others Payables


616,165


404,674


211,491


52.26






Total Current Liabilities


656,854


694,980


(38,126)


(5.49)





















Long Term Liabilities















Bank Loans


2,810,170


33,333


2,776,837


8,330.59







Deferred Income Taxes


1,658,395


1,499,707


158,688


10.58







Deferred Flat Rate Business Tax


-


404,137


(404,137)


(100.00)







Labor Obligations


6,857


6,086


771


12.67






Total Long Term Liabilities


4,475,422


1,943,263


2,532,159


130.30











-










Total Liabilities


5,132,276


2,638,243


2,494,033


94.53





















Stockholder's Equity















Capital stock


7,767,276


7,767,276


-


-







Legal Reserve


517,504


412,878


104,626


25.34







Share Repurchase Reserve


-


-


-


-







Net Income for the Period


2,296,873


2,075,328


221,545


10.68







Cumulative Effect of Conversion of Foreign Currency

36,407


-


36,407


-







IFRS Conversion Adjustment


5,045,078


5,045,078


-


-







Retained Earnings 


621,081


1,170,435


(549,354)


(46.94)







Total Stockholders' Equity


16,284,219


16,470,995


(186,776)


(1.13)











-










Total Liabilities and Stockholders' Equity


21,416,495


19,109,238


2,307,257


12.07


































 

 




















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




 Consolidated Statement of Cash flow as of December 31,  2013 and 2012




Thousands of Mexican pesos




















Related


 FY 


 FY 


%


 4Q 


 4Q 


%





2012


2013


Change


2012


2013


Change






































Operating Activities

































Income Before Income Taxes


2,584,697


2,746,300


6


612,735


642,285


5




Items Related with Investing Activities:
















   Depreciation and Amortization

401,545


418,273


4


101,918


106,199


4




   Participation in the Results of Associates



143,451






48,535






   Loss on Disposal of Fixed Assets

-




-


-




-




   Interest Income

(92,075)


(136,043)


48


(29,309)


(41,646)


42




   Financial Derivative Instruments

(601)




(100)










   Provisions

810




(100)


810




(100)











-






-




Sub-Total


2,894,376


3,171,982


10


686,154


755,373


10





















Increase in Trade Receivables


(91,130)


(23,172)


(75)


(159,565)


(116,435)


(27)




Decrease in Recoverable Taxes and other Current Assets


510,285


(63,798)


(113)


292,710


648,944


122




Other Deferred Assets


-




-


-


-


-




Income Tax Paid


(548,667)


(781,644)


42


(200,233)


(198,153)


(1)




Income Tax on Dividends


13,798


3,694


(73)




3,694


-




 Trade Accounts Payable


-




-


-


-


-




 Accrued Expenses and Others Payables


(129,418)


(3,839)


(97)


377,604


(556,284)


(247)




    Long Term Liabilities


-




-


-


-


-





















Net Cash Flow Provided by Operating Activities


2,649,244


2,303,223


(13)


996,670


537,139


(46)





















Investing Activities
















   Investments in Associates




(1,508,002)


-




-


-




   Loans granted to Associates




(3,483,437)


-




(84,107)


-




   Loans repaid by Associates




2,163,210


-




-


-




   Investments in Machinery, Furniture and Equipment, net


(631,083)


(615,853)


(2)


(226,033)


(292,329)


29




   Investments in Rights to Use Airport Facilities


-




-


-


-


-




   Investments in Construction in Process


-




-


-


-


-




   Investments in Others


-




-


-


-


-




  Interest Income


92,075


136,043


48


29,309


41,646


42





















Net Cash Flow Provided by Investing Activities


(539,008)


(3,308,039)


514


(196,724)


(334,790)


70





















Excess Cash to Use in Financing Activities:


2,110,236


(1,004,816)


(148)


799,946


202,349


(75)





















Bank Loans


(403,470)


2,518,951


(724)


(103,610)


(19,436)


(81)




Dividends Paid


(1,080,000)


(2,520,000)


133


-


(1,320,000)


-




Tax on Dividends Paid


-




-


-




-





















Net Cash Flow Provided by Financing Activities


(1,483,470)


(1,049)


(100)


(103,610)


(1,339,436)


1,193





















Net Increase in Cash and Cash Equivalents


626,766


(1,005,865)


(260)


696,336


(1,137,086)


(263)





















Cash and Cash Equivalents at Beginning of Period


1,638,661


2,265,427


38


1,569,091


2,396,648


53





















Cash and Cash Equivalents at the End of Period


2,265,427


1,259,562


(44)


2,265,427


1,259,562


(44)





































 

 
























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



Consolidated Statement of Income from January 1 to December 31,  2013 and 2012



Thousands of Mexican pesos 
















































I t e m


 FY 

2012


 FY 

2013


 4Q 

2012


 4Q 

2013















 Mexican NIF 

 Transition effects 

 IFRS 


 Mexican NIF 

 Transition effects 

 IFRS 


 Mexican NIF 

 Transition effects 

 IFRS 


 Mexican NIF 

 Transition effects 

 IFRS 





Revenues






















Aeronautical Services


2,849,136


2,849,136


3,076,737


3,076,737


684,410


684,410


741,657


741,657




























Non-Aeronautical Services


1,607,585


1,607,585


1,782,753


1,782,753


393,148


393,148


439,050


439,050




























Construction Services


663,170


663,170


586,596


586,596


258,833


258,833


297,619


297,619



























Total Revenues


5,119,891

-

5,119,891


5,446,086

-

5,446,086


1,336,391

-

1,336,391


1,478,326

-

1,478,326



























Operating Expenses












































Cost of Services


982,860

1,635

984,495


992,620

2,537

995,157


275,340

765

276,105


277,334

2,268

279,602






Construction Costs


663,170


663,170


586,596


586,596


258,833


258,833


297,619


297,619






General and Administrative Expenses


942,307


942,307


993,223


993,223


232,191


232,191


245,514


245,514





Total Operating Expenses


2,588,337

1,635

2,589,972


2,572,439

2,537

2,574,976


766,364

765

767,129


820,467

2,268

822,735



























Operating Income


2,531,554

(1,635)

2,529,919


2,873,647

(2,537)

2,871,110


570,027

(765)

569,262


657,859

(2,268)

655,591



























Comprehensive Financing Cost






















Interest Receivable


92,075


92,075


136,043


136,043


29,309


29,309


41,646


41,646






Interest Payable


(22,363)


(22,363)


(76,291)


(76,291)


6,861


6,861


(19,904)


(19,904)






Exchange (Losses) Gains, net


(15,535)


(15,535)


(41,111)


(41,111)


7,303


7,303


13,486


13,486






Loss (Gains) on Valuation of Derivative 








-


0


-


-


-






Financial Instruments 


601


601


-


-


0


-


-


-



























Participation in the Results of





















Associates






(143,451)


(143,451)






(48,535)


(48,535)





Non-Ordinary Item






















Non-Ordinary Item


65

(65)

0


68

(68)

-


18

(18)

(0)


4

(4)

(0)

















































Income Before Income Taxes


2,586,267

(1,570)

2,584,697


2,748,769

(2,469)

2,746,300


613,482

(747)

612,735


644,548

(2,264)

642,284




























Provision for IETU


8,008


8,008


7,898


7,898


(4,320)


(4,320)


(5,308)


(5,308)






Provision for Income Tax


728,039

13,798

741,837


1,023,328

(283,455)

739,873


154,545

13,798

168,343


420,697

(283,455)

137,242






Provision for Asset Tax


11,462


11,462


11,462


11,462


2,865


2,865


2,866


2,866






Deferred Income Taxes


(7,390)


(7,390)


94,330


94,330


41,910


41,910


282,806


282,806






Deferred IETU


(246,361)

1,813

(244,548)


(406,541)

2,405

(404,136)


(260,936)

(188)

(261,124)


(422,861)

2,645

(420,216)




























Net Income for the Year


2,092,509

(17,181)

2,075,328


2,018,292

278,581

2,296,873


679,418

(14,357)

665,061


366,348

278,546

644,894



























Earnings per Share


6.98

(0.06)

6.92


6.73

0.93

7.66


2.26

(0.05)

2.22


1.22

0.93

2.15





Earnings per American Depositary Share

(in U.S. Dollars)


5.33

(0.04)

5.29


5.14

0.71

5.85


1.73

(0.04)

1.69


0.93

0.71

1.64





Exchange Rate per US Dollar Ps. 13.0843









































 

 

















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



Consolidated Balance Sheet as of  December 31, 2013 and 2012



Thousands of Mexican pesos 







I t e m


December 2013


December 2012









 Mexican NIF 

 Transition effects 

 IFRS 


 Mexican NIF 

 Transition effects 

 IFRS 






A s s e t s 














Current Assets















Cash and Cash Equivalents


1,259,562


1,259,562


2,265,427


2,265,427







Trade Receivables, net


467,410


467,410


444,238


444,238







Recoverable Taxes and Other Current Assets


542,630

284,514

827,144


459,310

(4,192)

455,118





















Total Current Assets


2,269,602

284,514

2,554,116


3,168,975

(4,192)

3,164,783





















Non Current Assets















Machinery, Furniture and Equipment, net


322,072


322,072


314,634


314,634







Airports Concessions, net


15,790,795


15,790,795


15,629,821


15,629,821







Investment in Associated 


1,400,957


1,400,957











Deferred Employees' Statutory Profit Sharing 


-


-




-







Loans To Associate Companies


1,348,555


1,348,555

























Total Non Current Assets


18,862,379

-

18,862,379


15,944,455

-

15,944,455





















Total  Assets


21,131,981

284,514

21,416,495


19,113,430

(4,192)

19,109,238





















Liabilities and Stockholders' Equity














Current Liabilities















Trade Accounts Payable


9,997


9,997


8,694


8,694







Bank Loans


30,692


30,692


281,612


281,612







Accrued Expenses and Others Payables


589,178

26,987

616,165


380,930

23,744

404,674





















Total Current Liabilities


629,867

26,987

656,854


671,236

23,744

694,980





















Long Term Liabilities















Bank Loans


2,810,170


2,810,170


33,333


33,333







Deferred Income Taxes


1,658,395


1,658,395


1,499,707


1,499,707







Deferred Flat Rate Business Tax


-


-


406,542

(2,405)

404,137







Labor Obligations


16,019

(9,162)

6,857


16,089

(10,003)

6,086





















Total Long Term Liabilities


4,484,584

(9,162)

4,475,422


1,955,671

(12,408)

1,943,263





















Total Liabilities


5,114,451

17,825

5,132,276


2,626,907

11,336

2,638,243





















Stockholders' Equity















Capital Stock


12,799,204

(5,031,928)

7,767,276


12,799,204

(5,031,928)

7,767,276







Legal Reserve


535,118

(17,614)

517,504


430,492

(17,614)

412,878







Share Repurchase Reserve


-


-


-


-







Net Income for the Period


2,018,292

278,581

2,296,873


2,092,509

(17,181)

2,075,328







Cumulative Effect of Conversion of Foreign Currency

36,407


36,407











IFRS Conversion Adjustment


-

5,045,078

5,045,078


-

5,045,078

5,045,078







Retained Earnings 


628,509

(7,428)

621,081


1,164,318

6,117

1,170,435






















Total Stockholders' Equity


16,017,530

266,689

16,284,219


16,486,523

(15,528)

16,470,995





















Total Liabilities and Stockholders' Equity


21,131,981

284,514

21,416,495


19,113,430

(4,192)

19,109,238


































 

REVIEW OF THE IMPACT OF TRANSITIONING TO IFRS

Below is a description of significant changes related to the implementation of IFRS:

a)  Inflation
The Company determined that 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.

In addition, MFRS D-3 "Employee Benefits", provided that all termination and severance benefits, including those paid in the case of involuntary termination, are recorded on an actuarial basis to estimate the corresponding liability.  Under IAS 19, an entity recognizes termination benefits as a liability whenever the entity is obligated to (a) terminate an employee's contract prior to its expiry or (b) establish termination benefits as a result of a buy-out plan.  As a result, ASUR cancelled its provisions for employee termination on the IFRS transition date.  In accordance with IFRS 1, "First-time Adoption of IFRS", ASUR recognized its actuarial gains and losses accumulated in net income at the transition date.  As a result, the balance sheet at the transition date reflects all liabilities related to employee benefits.  In accordance with IAS 19, ASUR will recognize future actuarial gains and losses from employee benefits in net income.

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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