ASUR 3Q10 Passenger Traffic Up 10.78% YOY

Oct 20, 2010, 09:20 ET from Grupo Aeroportuario del Sureste, S.A.B. de C.V.

MEXICO CITY, Oct. 20 /PRNewswire-FirstCall/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR), (ASUR), the first privatized airport group in Mexico and operator of Cancun Airport and eight other airports in southeast Mexico, today announced results for the three- and nine-month periods ended September 30, 2010.

3Q10 Highlights(1):

  • EBITDA(2) declined by 6.66% to Ps. 405.79 million
  • Total passenger traffic was up 10.78%
  • Total revenues increased by 33.70% due to increases of 15.63% in aeronautical revenues and 18.49% in non-aeronautical revenues
  • Commercial revenues per passenger increased by 7.56% to Ps.60.11
  • Operating profit rose by 7.20%
  • EBITDA margin declined to 42.47% from 60.83% in 3Q09
  1. Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with Mexican Financial Reporting Standards (MFRS) and represent comparisons between the three-month period ended September 30, 2010, and the equivalent three-month period ended September 30, 2009. 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 = Ps.12.5998.
  2. EBITDA means net income before: provision for taxes, deferred taxes, profit sharing, non-ordinary items, comprehensive financing cost and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides a useful measure of our performance that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or MFRS and may be calculated differently by different companies.

Passenger Traffic

For the third quarter of 2010, total passenger traffic increased year-over-year by 10.78%. This was mainly as a result of reduced traffic in the third quarter of 2009 because of the outbreak of A/H1N1 influenza in Mexico, announced on April 28, 2009, and the global recession. International passenger traffic increased 20.88% and domestic passenger traffic rose 1.26%.

The 20.88% increase in international passenger traffic resulted mainly from an increase of 23.31% in international traffic at the Cancun airport. The 1.26% increase in domestic passenger traffic was due to increases of 6.05%, 8.75%  and 43.02% in domestic traffic at Cancun, Merida and Tapachula airports, respectively, which more than offset decreases in domestic traffic at ASUR's other airports.  

Passenger traffic for 9M10 increased 9.42% compared to 9M09, reflecting increases of 13.81% in international passenger traffic and 3.47% in domestic passenger traffic.

Table I: Domestic Passengers (in thousands)

Airport

3Q09

3Q10

% Change

9M09

9M10

% Change

Cancun

955.8

1,013.6

6.05

2,347.4

2,559.3

9.03

Cozumel

16.2

8.5

(47.53)

42.2

28.8

(31.75)

Huatulco

84.6

82.2

(2.84)

245.1

241.9

(1.31)

Merida

240.1

261.1

8.75

691.6

769.3

11.23

Minatitlan

38.3

26.7

(30.29)

105.1

91.9

(12.56)

Oaxaca

110.7

93.9

(15.18)

345.6

299.6

(13.31)

Tapachula

35.8

51.2

43.02

140.8

142.0

0.85

Veracruz

199.6

193.3

(3.16)

581.0

587.8

1.17

Villahermosa

181.2

155.3

(14.29)

535.1

488.1

(8.78)

TOTAL

1,862.3

1,885.8

1.26

5,033.99

5,208.7

3.47

Note: Passenger figures exclude transit and general aviation passengers.

Table II: International Passengers (in thousands)

Airport

3Q09

3Q10

% Change

9M09

9M10

% Change

Cancun

1,588.5

1,958.7

23.31

6,249.5

7,162.6

14.61

Cozumel

83.9

79.7

(5.01)

310.6

325.1

4.67

Huatulco

3.5

4.6

31.43

53.3

58.2

9.19

Merida

24.9

27.2

9.24

68.9

76.7

11.32

Minatitlan

1.1

1.1

-

2.7

3.8

40.74

Oaxaca

17.9

14.6

(18.44)

48.6

41.6

(14.40)

Tapachula

1.0

1.2

20.00

3.0

3.3

10.00

Veracruz

19.3

19.8

2.59

49.2

55.0

11.79

Villahermosa

15.0

14.6

(2.67)

36.8

38.8

5.43

TOTAL

1,755.1

2,121.5

20.88

6,822.6

7,765.1

13.81

Note: Passenger figures exclude transit and general aviation passengers.

Table III: Total Passengers (in thousands)

Airport

3Q09

3Q10

% Change

9M09

9M10

% Change

Cancun

2,544.3

2,972.3

16.82

8,596.9

9,721.9

13.09

Cozumel

100.1

88.2

(11.89)

352.8

353.9

0.31

Huatulco

88.1

86.8

(1.48)

298.4

300.1

0.57

Merida

265.0

288.3

8.79

760.5

846.0

11.24

Minatitlan

39.4

27.8

(29.44)

107.8

95.7

(11.22)

Oaxaca

128.6

108.5

(15.63)

394.2

341.2

(13.44)

Tapachula

36.8

52.4

42.39

143.8

145.3

1.04

Veracruz

218.9

213.1

(2.65)

630.2

642.8

2.00

Villahermosa

196.2

169.9

(13.40)

571.9

526.9

(7.87)

TOTAL

3,617.4

4,007.3

10.78

11,856.5

12,973.8

9.42

Note: Passenger figures exclude transit and general aviation passengers.

Consolidated Results for 3Q10

Total revenues for 3Q10 increased year-over-year by 33.70% to Ps.955.5 million. This was mainly due to increases of:

  • 15.63% in revenues from aeronautical services, principally as a result of the 10.78% increase in passenger traffic; and
  • 18.49% in revenues from non-aeronautical services, reflecting the 18.13% increase in commercial revenues detailed below.

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 18.13% year-over-year during the quarter, principally due to higher passenger traffic. There were increases in revenues in the following activities:

  • 20.18% in duty-free stores;
  • 9.96% in advertising;
  • 15.58% in food and beverage;
  • 18.82% in other revenues;
  • 11.19% in car rentals;
  • 23.95% in retail operations;
  • 70.24% in banking and currency exchange services; and
  • 5.03% in parking lot fees.

These increases were partially offset by revenue declines of:

  • 47.01% in teleservices; and
  • 6.22% in ground transportation.

New Retail and Other Commercial Space

Business Name

Type

Opening Date

Cancun

Budget

Car rental company

October 2009

Ice

Currency exchange

September 2010

Telmex

Internet booths (18)

August & September 2010

Cozumel

Cardtronics Mexico

Currency exchange

April 2010

Merida

Cardtronics Mexico

Currency exchange

April 2010

Oaxaca

Cardtronics Mexico

Currency exchange

April 2010

Veracruz

Cardtronics Mexico

Currency exchange

April 2010

Villahermosa

Cardtronics Mexico

Currency exchange

April 2010

Construction revenues and expenses

As a result of ASUR's adoption of INIF 17, "Service Concession Contracts", ASUR is required to include in its income statement a new income line reflecting the income from construction or improvements to concessioned assets made during the period. During 3Q10, ASUR recognized Ps.122.18 million in "Construction Services" because of improvements to its concessioned assets. The same amount is recognized under the new expense line "Construction Costs".

Because equal amounts of Construction Revenues and Construction Expenses have been included in ASUR's income statement as a result of the application of INIF 17, ASUR's total revenues increased in 3Q09 without a corresponding increase in EBITDA, and therefore its EBITDA Margin, which is equal to EBITDA divided by total revenues, experienced a relative decrease.

Total operating costs and expenses for 3Q10 increased 50.60% year-over-year. This was primarily due to the following increases:

  • 36.94% in administrative expenses, principally in labor costs resulting from the reassignment of employees from certain operating areas of Cancun airport to corporate in 3Q09 (the labor costs of employees assigned to corporate are charged to administrative expenses rather than cost of services). Increased professional fees resulting from compliance with regulatory requirements applicable to ASUR also contributed to the increase;
  • 69.17% in cost of services, mainly reflecting the Ps.128.0 million increase in the reserve for doubtful accounts resulting from the bankruptcy announced by ASUR's client Grupo Mexicana de Aviacion. Higher energy costs, professional fees and maintenance costs also contributed to the increase. These increases were partially offset by lower labor costs due to the reassignment in 3Q09 of employees from certain operating areas at Cancun airport to corporate; and
  • 15.10% in concession fees paid to the Mexican government, mainly due to an increase in the taxable base (a factor in the calculation of the fee).

These increases were partially offset by the following declines:

  • 6.66% in the technical assistance fee paid to ITA, reflecting the decrease in EBITDA for the quarter (a factor in the calculation of the fee); and
  • 31.33% in depreciation and amortization resulting mainly due to changes in the depreciation and amortization rates, as a result of the recognition of INIF17.

Operating margin for the quarter declined to 31.23% from 38.95% in 3Q09. This was mainly due to the 50.60% increase in cost of services, principally the result of the Ps.128.0 million increase in the reserve for doubtful accounts resulting from the bankruptcy announced by ASUR's client Grupo Mexicana de Aviacion, which more than offset the 33.70% increase in revenues.

Comprehensive Financing Cost for 3Q10 increased year-over-year by Ps.2.72 million. During 3Q09, ASUR reported an exchange rate gain of Ps.5.8 million and net interest expenses of Ps.1.5 million resulting from interest income of Ps.11.2 million and accrued interest expenses of Ps.12.7 million. During 3Q10, the Company reported an exchange rate gain of Ps.6.5 million and net interest income of Ps.0.5 million. Net interest income in 3Q10 resulted from interest income of Ps.9.2 million, accrued interest expenses of Ps.8.9 million, and a mark-to-market gain in its interest rate swap of Ps.0.2 million.

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

Income taxes for 3Q10 declined by 23.76%, or Ps.26.04 million year-over-year, principally due to the following factors:

  • During 3Q10, ASUR's subsidiaries that pay IETU made provisional tax payments of Ps.76.1 million. Of these payments, Ps.2.0 million was recorded as an expense and Ps.74.1 million, which resulted mainly from income tax from Cancun airport during the quarter, was recorded as an asset since ASUR expects that under the current tax law it will recover or credit these taxes against future income taxes, because Cancun airport will pay income taxes in 2010.
  • A Ps.107.3 million increase in the provision for income taxes in 3Q10, principally reflecting that in 2010 Cancun airport pays income tax rather than IETU.
  • A Ps.82.9 million decline in deferred income taxes during 3Q10 as a result of the recognition of the tax loss carry-forward at Cancun airport since it began generating deferred income taxes in 2010.

Net income for 3Q10 increased 29.93% to Ps.221.85 million from Ps.170.74 million in 3Q09. Earnings per common share for the quarter were Ps.0.7395, or earnings per ADS (EPADS) of US$0.5869 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.0.5691, or EPADS of US$0.4517, for the same period last year.

Table IV: Summary of Consolidated Results for 3Q10

3Q09

3Q10

% Change

Total Revenues

714,672

955,508

33.70

Aeronautical Services

472,397

546,247

15.63

Non-Aeronautical Services

242,275

287,079

18.49

Construction Services

-

122,182

-

Commercial Revenues

207,437

245,044

18.13

Operating Profit

278,346

298,381

7.20

Operating Margin %

38.95%

31.23%

(19.82%)

EBITDA

434,761

405,793

(6.66)

EBITDA Margin %

60.83%

42.47%

(30.19%)

Net Income

170,742

221,849

29.93

Earnings per Share

0.5691

0.7395

29.93

Earnings per ADS in US$

0.4517

0.5869

29.93

Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 12.5998

Table V: Commercial Revenues per Passenger for 3Q10

3Q09

3Q10

% Change

Total Passengers ('000)

3,712

4,077

9.83

Total Commercial Revenues

207,437

245,044

18.13

Commercial revenues from direct operations (1)

39,516

46,734

18.27

Commercial revenues excluding direct operations

167,921

198,310

18.10

Total Commercial Revenue per Passenger

55.88

60.11

7.56

Commercial revenue from direct operations per passenger (1)

10.65

11.46

7.61

Commercial revenue per passenger (excluding direct operations)

45.23

48.65

7.56

Note: For purposes of this table, approximately 94,400 and 69,800 transit and general aviation passengers are included for 3Q09 and 3Q10, 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 3Q10

3Q09

3Q10

% Change

Cost of Services

191,758

324,395

69.17

Construction Costs

-

122,182

-

Administrative

30,467

41,722

36.94

Technical Assistance

22,882

21,357

(6.66)

Concession Fees

34,804

40,059

15.10

Depreciation and Amortization

156,415

107,412

(31.33)

TOTAL

436,326

657,127

50.60

Note: Figures in nominal pesos.

Consolidated Results for the First Nine Months of 2010

Total revenues for 9M10 increased year-over-year by 27.96% to Ps.3,042.6 million. This was mainly due to the following increases:

  • 13.99% in revenues from aeronautical services as a result of the 9.42% increase in passenger traffic during the period; and
  • 13.05% in revenues from non-aeronautical services, principally as a result of the 12.59% rise in commercial revenues detailed below.

Commercial revenues for 9M10 rose by 12.59% year-over-year, principally as a result of revenue increases in the following areas:

  • 10.54% in duty-free stores;
  • 14.97% in food and beverage;
  • 15.49% in retail operations;
  • 69.27% in banking and currency exchange services;
  • 15.07% in car rentals;
  • 12.00% in other income; and
  • 15.91% in ground transportation services.

These increases were partially offset by revenue declines in the following areas:

  • 2.19% in parking lot fees;
  • 3.69% in advertising; and
  • 30.78% in teleservices.

Total operating costs and expenses for 9M10 rose 27.34%, mainly due to the following increases:

  • 42.37% in administrative expenses, principally labor costs, resulting from the reassignment of employees from certain operating areas to corporate, and higher professional fees as described above;
  • 26.19% in cost of services, mainly reflecting mainly reflecting the Ps.128.0 million increase in the reserve for bad debts resulting from the bankruptcy announced by ASUR's client Grupo Mexicana de Aviacion. Higher energy costs and maintenance also contributed to the increase. These increases were partially offset by lower labor costs resulting from the reassignment of employees from certain operating areas to corporate;
  • 7.57% in technical assistance costs, reflecting the corresponding increase in EBITDA during the period; and
  • 14.52% in concession fees, mainly due to an increase in the taxable base (a factor in the calculation of the fee).

These increases were partially offset by a 39.46% decline in depreciation and amortization mainly due too changes in the depreciation and amortization rates, as a result of the recognition of INIF17.

Operating margin increased to 44.39% for 9M10, from 44.12% for 9M09.  This was mainly the result of a 27.96% increase in revenues.

Net income for 9M10 increased by 56.29% to Ps.996.98 million. Earnings per common share for the period were Ps.3.3233, or earnings per ADS (EPADS) of US$2.6375 (one ADS represents ten series B common shares). This compares with Ps.2.1264, or EPADS of US$1.6876, for the same period last year.

Table VII: Summary of Consolidated Results for 9M10 (in thousands)

9M09

9M10

% Change

Total Revenues

2,377,737

3,042,579

27.96

Aeronautical Services

1,555,958

1,773,674

13.99

Non-Aeronautical Services

821,779

929,056

13.05

Construction Services

-

339,849

-

Commercial Revenues

710,128

799,511

12.59

Operating Profit

1,049,063

1,350,644

28.75

Operating Margin %

44.12%

44.39%

0.61%

EBITDA

1,521,418

1,636,590

7.57

EBITDA Margin %

63.99%

53.79%

(15.94%)

Net Income

637,907

996,978

56.29

Earnings per Share

2.1264

3.3233

56.29

Earnings per ADS in US$

1.6876

2.6375

56.29

Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.12.5998.

Table VIII: Commercial Revenues per Passenger for 9M10

(in thousands)

9M09

9M10

% Change

Total Passengers *('000)

12,080

13,223

9.46

Total Commercial Revenues

710,128

799,511

12.59

Commercial revenues from direct operations (1)

130,751

145,934

11.61

Commercial revenues excluding direct operations

579,377

653,577

12.81

Total Commercial Revenue per Passenger

58.79

60.46

2.84

Commercial revenue from direct operations per passenger (1)

10.82

11.04

2.03

Commercial revenue per passenger (excluding direct operations)

47.97

49.42

3.02

* For purposes of this table, approximately 223,400 and 249,200 transit and general aviation passengers are included for 9M09 and 9M10, respectively.

(1) Revenues from direct commercial operations represent only ASUR's operation of ten convenience stores as well as the direct sale of advertising space by the Company.

Table IX: Operating Costs and Expenses for 9M10 (in thousands)

9M09

9M10

% Change

Cost of Services

578,302

729,788

26.19

Construction Costs

-

339,849

-

Administrative

84,506

120,313

42.37

Technical Assistance

80,075

86,136

7.57

Concession Fees

113,436

129,903

14.52

Depreciation and Amortization

472,355

285,946

(39.46)

TOTAL

1,328,674

1,691,935

27.34

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 9M10 were Ps.2,913.27 million, resulting in an annual average tariff per workload unit of Ps.142.68. ASUR's regulated revenues accounted for approximately 62.88% 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 September 30, 2010, Airport Facility Usage Rights and Airport Concessions represented 80.15% of the Company's total assets, with current assets representing 16.89% and other assets representing 2.96%.

Cash and marketable securities on September 30, 2010 were Ps.1,537.71 million, 24.07% above the Ps.1,239.34 million on September 30, 2009.

Shareholders' equity at the close of 3Q10 was Ps.14,517.29 million and total liabilities were Ps.3,753.79 million, representing 79.46% and 20.54% of total assets, respectively. Total deferred liabilities represented 60.43% of the Company's total liabilities.  

Total bank debt at September 30, 2010 was Ps.922.68 million, including Ps.2.7 million in accrued interest. In August and September 2010 Cancun Airport obtained two bank loans of Ps.350 million and Ps.570 million, respectively. Both loans have a three-year term and pay an interest rate equal to the interbank equilibrium interest rate (TIIE) plus 1.5%.

During the quarter, ASUR made principal payments of Ps.545.46 million in connection with the Ps.750 million three-year credit agreement with a group of three banks.

During August 2009 ASUR purchased a hedge against the risk of a significant increase in TIIE. The Company is hedged for 100% of the interest rate exposure under its Ps.750 million credit agreement. The interest rate was fixed for three years at 6.37%, 6.33% and 6.21% with each of the three banks, respectively. The cost of the interest rate hedge during the quarter was Ps.0.2 million.

Capital Expenditures

During 3Q10, ASUR made investments of Ps.121.05 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans.

Accounting Pronouncements

In January 2009, the National Banking and Securities Commission issued certain amendments to the "General Provisions applicable to securities issuers and other participants of the stock market" whereby it incorporated the requirement for public companies to prepare financial statements under International Financial Reporting Standards (IFRS) as issued by the IASB starting with fiscal years beginning on or after January 1, 2012. As previously announced, ASUR is currently in the process of transitioning its financial information to IFRS, and expects to present its first financial statements under IFRS as issued by the IASB for the fiscal year starting on January 1, 2012.

3Q10 Earnings Conference Call

Day:

Thursday, October 21, 2010

Time:

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

Dial-in number:

888.679.8040 (US & Canada) and 617.213.4851

(International & Mexico)

Access Code:

71143744

Pre-Registration:

If you would like to pre-register for the conference call use the following link: https://www.theconferencingservice.com/prereg/key.process?key=PB4MFLJ67

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

Replay:

Starting Thursday, October 21, 2010 at 1:00 PM US ET, ending at midnight US ET on Thursday, October 28, 2010. Dial-in number: 888-286-8010 (US & Canada); 617-801-6888 (International & Mexico). Access Code: 58020596.

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.

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

Operating Results per Airport

Thousands of Mexican pesos

Item

3Q 2009

3Q 2009 Per Workload Unit

3Q 2010

3Q 2010 Per Workload Unit

Cumulative 2009

Cum 2009 Per Workload Unit

Cumulative 2010

Cum 2010 Per Workload Unit

Cancun (1)

Aeronautical Revenues

333,513

129.1

403,440

132.6

1,151,481

132.0

1,321,785

133.0

Non-Aeronautical Revenues

200,119

77.5

247,286

81.3

700,849

80.3

808,576

81.4

Construction Services

-

-

25,831

8.5

-

-

88,190

8.9

Total Revenues

533,632

206.6

676,557

222.3

1,852,330

212.3

2,218,551

223.3

Operating Profit

205,733

79.6

322,151

105.9

745,660

85.5

1,148,196

115.6

EBITDA

305,035

118.1

394,326

129.6

1,047,347

120.0

1,338,647

134.7

Merida

Aeronautical Revenues

34,624

112.8

39,305

117.7

94,641

106.6

115,921

117.0

Non-Aeronautical Revenues

12,390

40.4

11,900

35.6

35,260

39.7

36,144

36.5

Construction Services

-

-

13,545

40.6

-

-

95,602

96.5

Other (2)

-

-

-

-

-

-

10,000

10.1

Total Revenues

47,014

153.1

64,750

193.9

129,901

146.3

257,667

260.0

Operating Profit

10,258

33.4

(4,458)

(13.3)

6,515

7.3

27,421

27.7

EBITDA

22,408

73.0

3,274

9.8

42,949

48.4

48,586

49.0

Villahermosa

Aeronautical Revenues

22,201

108.8

19,882

110.5

65,564

110.2

60,955

110.2

Non-Aeronautical Revenues

8,736

42.8

7,420

41.2

23,825

40.0

22,529

40.7

Construction Services

-

-

27,738

154.1

-

-

38,776

70.1

Other (2)

-

-

-

-

-

-

-

-

Total Revenues

30,937

151.7

55,040

305.8

89,389

150.2

122,260

221.1

Operating Profit

5,227

25.6

(11,041)

(61.3)

610

1.0

1,520

2.7

EBITDA

13,705

67.2

(6,227)

(34.6)

25,906

43.5

15,602

28.2

Other Airports (3)

Aeronautical Revenues

82,059

130.3

83,620

141.0

244,272

123.2

275,013

142.5

Non-Aeronautical Revenues

21,030

33.4

20,473

34.5

61,845

31.2

61,807

32.0

Construction Services

-

-

55,462

93.5

-

-

117,281

60.8

Other (2)

4,870

7.7

4,000

6.7

8,170

4.1

4,000

2.1

Total Revenues

107,959

171.4

163,555

275.8

314,287

158.6

458,101

237.4

Operating Profit

9,916

15.7

(34,146)

(57.6)

3,592

1.8

15,219

7.9

EBITDA

45,987

73.0

(13,785)

(23.2)

111,230

56.1

72,910

37.8

Holding & Service companies (4)

Construction Services

-

n/a

(394)

n/a

-

n/a

-

n/a

Other (2)

175,955

n/a

177,482

n/a

695,748

n/a

598,962

n/a

Total Revenues

175,955

n/a

177,482

n/a

695,748

n/a

36,144

n/a

Operating Profit

47,212

n/a

25,875

n/a

292,686

n/a

158,288

n/a

EBITDA

47,626

n/a

28,205

n/a

293,986

n/a

160,845

n/a

Consolidation Adjustment

Consolidation Adjustment

(180,825)

n/a

(181,482)

n/a

(703,918)

n/a

(612,962)

n/a

Group

Aeronautical Revenues

472,397

126.9

546,247

131.6

1,555,958

127.6

1,773,674

132.3

Non-Aeronautical Revenues

242,275

65.1

287,079

69.2

821,779

67.4

929,056

69.3

Construction Services

-

-

122,182

29.4

-

-

339,849

25.3

Total Revenues

714,672

191.9

955,508

230.2

2,377,737

195.0

3,042,579

226.9

Operating Profit

278,346

74.7

298,381

71.9

1,049,063

86.1

1,350,644

100.7

EBITDA

434,761

116.7

405,793

97.8

1,521,418

124.8

1,636,590

122.0

(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 Balance Sheet as of  September 30, 2010 and 2009

Thousands of Mexican pesos

I t e m

September 2009

September 2010

Variation

%

A s s e t s

Current Assets

Cash and Cash Equivalents

1,239,343

1,537,706

298,363

24.07

Trade Receivables, net

178,057

296,753

118,696

66.66

Recoverable Taxes and Other Current Assets

774,584

1,251,665

477,081

61.59

Total Current Assets

2,191,984

3,086,124

894,140

40.79

Fixed Assets

Machinery, Furniture and Equipment, net

615,712

303,935

(311,777)

(50.64)

Rights to Use Airport Facilities, net

2,074,487

-

(2,074,487)

(100.00)

Improvements to Use Airport Facilities, net

3,023,576

-

(3,023,576)

(100.00)

Construction in Process

646,144

-

(646,144)

(100.00)

Others

29,523

-

(29,523)

(100.00)

Total Fixed Assets

6,389,442

303,935

(6,085,507)

(95.24)

Deferred Assets

Airports Concessions, net

7,679,364

14,645,033

6,965,669

90.71

Deferred Income Taxes

-

-

-

-

Deferred IETU

191,382

189,196

(2,186)

(1.14)

Other

60,243

46,791

(13,452)

(22.33)

Total Deferred Assets

7,930,989

14,881,020

6,950,031

87.63

Total  Assets

16,512,415

18,271,079

1,758,664

10.65

Liabilities and Stockholders' Equity

Current Liabilities

Trade Accounts Payable

12,993

10,907

(2,086)

(16.05)

Notes Payable

-

-

-

-

Bank Loans

167,810

182,673

14,863

8.86

Accrued Expenses and Others Payables

171,187

551,723

380,536

222.29

Total Current Liabilities

351,990

745,303

393,313

111.74

Long Term Liabilities

Concession Fee

-

-

-

-

Bank Loans

436,364

740,003

303,639

69.58

Deferred Income Taxes

1,312,625

1,487,186

174,561

13.30

Deferred Flat Rate Business Tax

694,502

769,872

75,370

10.85

Deferred Employees Profit Sharing

-

-

-

-

Labor Obligations

8,031

11,423

3,392

42.24

Total Long Term Liabilities

2,451,522

3,008,484

556,962

22.72

Total Liabilities

2,803,512

3,753,787

950,275

33.90

Stockholders' Equity

Capital stock

12,799,204

12,799,204

-

-

Legal Reserve

246,517

287,117

40,600

16.47

Share Repurchase Reserve

-

-

-

-

Net Income for the Period

637,907

996,978

359,071

56.29

Retained Earnings

25,275

433,993

408,718

1,617.08

Total Stockholders' Equity

13,708,903

14,517,292

808,389

5.90

Total Liabilities and Stockholders' Equity

16,512,415

18,271,079

1,758,664

10.65

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

Consolidated Statement of Income from January 1 to September  30,  2010 and 2009

Thousands of Mexican pesos

I t e m

Cumulative

Cumulative

Variation

Quarter

Quarter

Variation

2009

2010

%

2009

2010

%

Revenues

Aeronautical Services

1,555,958

1,773,674

13.99

472,397

546,247

15.63

Non-Aeronautical Services

821,779

929,056

13.05

242,275

287,079

18.49

Construction Services

-

339,849

-

-

122,182

-

Total Revenues

2,377,737

3,042,579

27.96

714,672

955,508

33.70

Operating Expenses

Cost of Services

578,302

729,788

26.19

191,758

324,395

69.17

Cost of Construction

-

339,849

-

-

122,182

-

General and Administrative Expenses

84,506

120,313

42.37

30,467

41,722

36.94

Technical Assistance

80,075

86,136

7.57

22,882

21,357

(6.66)

Concession Fee

113,436

129,903

14.52

34,804

40,059

15.10

Depreciation and Amortization

472,355

285,946

(39.46)

156,415

107,412

(31.33)

Total Operating Expenses

1,328,674

1,691,935

27.34

436,326

657,127

50.60

Operating Income

1,049,063

1,350,644

28.75

278,346

298,381

7.20

Comprehensive Financing Cost

25,678

20,451

(20.36)

4,296

7,019

63.38

Non-Ordinary Item

Non-Ordinary Item

14,752

675

(95.42)

2,307

(1)

(100.04)

Income Before Income Taxes

1,059,989

1,370,420

29.29

280,335

305,401

8.94

Provision for IETU

123,731

7,111

(94.25)

39,141

1,965

(94.98)

Provision for Income Tax

73,832

344,249

366.26

2,560

109,866

4,191.64

Provision for Asset Tax

31,832

-

(100.00)

13,416

-

(100.00)

Deferred Income Taxes

189,587

6,229

(96.71)

51,376

(31,539)

(161.39)

Deferred IETU

3,100

15,853

411.39

3,100

3,260

5.16

Net Income for the Year

637,907

996,978

56.29

170,742

221,849

29.93

Earning per Share

2.13

3.32

56.29

0.5691

0.7395

29.93

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

1.69

2.64

56.29

0.4517

0.5869

29.93

Exchange rate per dollar Ps. 12.5998

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

Consolidated Statement of Cash flow from January 1 to September  30,  2010 and 2009

Thousands of Mexican pesos

Related

Cumulative

Cumulative

Variation

Quarter

Quarter

Variation

2009

2010

%

2009

2010

%

Operating Activities

Income Before Income Taxes

1,059,989

1,370,420

29

280,335

305,401

9

Items Related with Investing Activities:

Depreciation and Amortization

472,355

285,946

(39)

156,415

107,412

(31)

Loss on Disposal of Fixed Assets

-

-

(16,908)

-

Interest Income

(60,422)

(34,470)

(43)

(11,204)

(28,816)

157

Provisions

-

-

-

Sub-Total

1,471,922

1,621,896

10

425,546

367,089

(14)

Increase in Trade Receivables

183,143

78,412

(57)

(25,287)

87,862

(447)

Decrease in Recoverable Taxes and Other Current Assets

(2,075)

(39,329)

1,796

(35,980)

(32,728)

(9)

Other Deferred Assets

(26,054)

-

(100)

19,527

-

(100)

Income Tax Paid

-

-

-

-

5,146

-

  Trade Accounts Payable

(197,563)

(130,536)

(34)

(197,563)

(130,536)

(34)

  Accrued Expenses and Others Payables

(253,335)

21,284

(108)

177,808

4,236

(98)

  Long Term Liabilities

-

-

-

-

-

-

Net Cash Flow Provided by Operating Activities

1,176,039

1,551,727

32

364,052

301,069

(17)

Investing Activities

  Investments in Machinery, Furniture and Equipment, net

(32,866)

(210,312)

540

-

(29,396)

-

  Investments in Rights to Use Airport Facilities

-

-

-

-

-

  Investments in Construction in Process

24,784

(217,496)

(978)

161,811

(109,436)

(168)

  Investments in Others

(247,418)

89,088

(136)

(271,044)

17,778

(107)

Interest Income

60,422

34,470

(43)

11,204

28,816

157

Net Cash Flow Provided by Investing Activities

(195,078)

(304,250)

56

(98,029)

(92,238)

(6)

Excess Cash to Use in Financing Activities:

980,961

1,247,477

27

266,023

208,831

(21)

Bank Loans

600,000

374,545

(38)

-

738,182

-

Dividends Paid

(1,884,000)

(750,000)

(60)

-

-

-

Tax on Dividends Paid

(191,130)

(295,720)

55

-

-

-

Net Cash Flow Provided by Financing Activities

(1,475,130)

(671,175)

(55)

-

738,182

-

Net Increase in Cash and Cash Equivalents

(494,169)

576,302

(217)

266,023

947,013

256

Cash and Cash Equivalents at Beginning of Period

1,733,512

961,404

(45)

973,320

590,693

(39)

Cash and Cash Equivalents at the End of Period

1,239,343

1,537,706

24

1,239,343

1,537,706

24

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



RELATED LINKS

http://www.asur.com.mx