ASUR Announces Effects of Adoption of INIF 17

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

Aug 02, 2010, 09:20 ET

MEXICO CITY, Aug. 2 /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 that it has concluded its analysis of the effects of the adoption of Interpretacion de Norma de Informacion Financiera (Interpretation of Financial Reporting Standard, or "INIF") 17, "Service Concession Contracts", and that it is presenting its financial results as of and for the six months ending June 30, 2010 to reflect the adoption of INIF 17.(1)

INIF 17 was issued by the Consejo Mexicano para la Investigacion y Desarrollo de Normas de Informacion Financiera, A.C. (Mexican Financial Reporting Standards Board, or "CINIF") and became effective in 2010. This new standard arises from the need to provide clarification in regards to the accounting treatment to be followed for services concession contracts that are granted in many countries, including Mexico, through which government grant, predominantly to private sector entities, a concession to provide services that are considered public in nature. INIF17 incorporates into Norma de Informacion Financiera (Financial Reporting Standard, or "NIF") C-3 the accounting treatment for the present value of the recognition of a long term receivable, and additionally, it modifies NIF D-7 to allow the recognition of executed and approved work to be collected or work to be approved as a non-current asset.

(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 six-month period ended June 30, 2010, and the equivalent six-month period ended June 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.12.8441.

The following are the principal effects of INIF 17 on ASUR's results of operation and balance sheet:

New Category of Revenues and Cost. Under INIF 17, an operator of a service concession that is required to make capital improvements to concessioned assets, such as ASUR, is deemed to provide construction or upgrade services. As a result, the operator is required to account for the revenues and expenses relating to those services. In ASUR's case, because ASUR hires a third party to provide construction and upgrade services, the revenues relating to those services are equal to their expenses. Revenues related to construction and upgrade services are presented in a new category of revenues named "Construction services" and expenses related to construction and upgrade services are presented in a new category of expenses called "Costs of construction ". During the first half of 2010, ASUR recorded Ps. 217.67 million of revenues under the line item "Construction services" and expenses for the same amount under the line item "Costs of construction".
Intangible assets and change in amortization rates. Under INIF 17, all infrastructure to which an operator of a service concession is given access by the grantor of the concession service agreement and the upgrades to that infrastructure made by the operator are recognized as an intangible asset. These assets are amortized over the concession period. As a result, ASUR is required to include all fixed assets under "Airport Concessions, net" and to modify amortization rates in accordance with the remaining period of the concession, using the straight line method, for those fixed assets constructed or acquired in the past. Previously we amortized fixed assets based on the estimated remaining useful life of the particular asset. As of June 30, 2010, these changes resulted in a cumulative net increase in fixed assets (reclassified as "Airport Concessions") of Ps.692.97 million, an increase in deferred income taxes of Ps.128.18 million, an increase in deferred IETU of Ps. 36.9 million and an increase in stockholders' equity of Ps.527.89 million pesos. In addition, the changes to amortization principles resulted in a decrease of Ps.132.00 million in depreciation and amortization due to the extention in the useful life of fixed assets.

The adoption of INIF 17 resulted in the following net changes to our income statement for the six-month period ended June 30, 2010 as previously reported:

an increase of Ps.217.67 million in revenues, all of which is attributable to a new category of revenues called "Construction Services";
an increase of Ps.217.67 million in operating expenses, all of which is attributable to a new category of expenses called "Cost of Construction Services";
a decrease of Ps.132.00 million in depreciation and amortization;
an increase of Ps.19.73 million in deferred income tax and an increase of Ps.9.69 million in deferred IETU; and
an increase in net income of Ps.102.58 million during the first half of 2010.

Table I: Summary of Changes to Income Statement (in thousands)
	1H10 Before INIF 17	1H10 With INIF 17	Ps. Change	% Change
Aeronautical Services	1,227,427	1,227,427	-	0.0
Non-Aeronautical Services	641,977	641,977	-	0.0
Construction Services	-	217,667	217,667	100.0
Total Revenues	1,869,404	2,087,071	217,667	11.6

Cost of Services	405,393	405,393	-	0.0
Administrative	78,590	78,590	-	0.0
Technical Assistance	64,779	64,779	-	0.0
Concession Fees	89,843	89,843	-	0.0
Depreciation and Amortization	310,539	178,534	(132,005)	(42.5)
Cost of Construction Services	-	217,667	217,667	100.0
Total Expenses	949,144	1,034,806	85,662	(9.0)

Deferred Income Tax	18,038	37,768	19,730	109.4
Deferred IETU	2,902	12,593	9,691	333.9

Net Income	672,547	775,131	102,584	15.3

In addition, the adoption of INIF 17 resulted in the following changes to our balance sheet as of June 30, 2010:

a net increase of Ps.692.97 million in total assets;
a net increase of Ps.165.08 million in total liabilities; and
a net increase of Ps.527.89 million in stockholders' equity.

Table II: Summary of Changes to Balance Sheet (in thousands)
	1H10 Before INIF 17	1H10 With INIF 17	Ps. Change	% Change
Total current assets	2,024,223	2,024,223	-	0.0
Land, machinery, furniture and equipment not concessioned, net	1,011,269	304,022	(707,247)	(69.9)
Airport concessions, net	7,525,706	14,646,907	7,121,201	94.6
Improvements to concessioned assets, net	3,696,369	-	(3,696,369)	(100.0)
Rights to use airport facilities, net	2,024,615	-	(2,024,615)	(100.0)
Other assets	287,412	287,412	-	0.0
Total assets	16,569,594	17,262,564	692,970	4.2
Current liabilities	568,182	568,182	-	0.0
Long-term and other liabilities	2,221,170	2,386,251	165,081	7.4
Total liabilities	2,789,352	2,954,433	165,081	5.9
Net equity/stockholders' equity	13,780,242	14,308,131	527,889	3.8

The following is a discussion and analysis of our 1H10 financial results as restated.

Consolidated Results for the First Half of 2010

Total revenues for 1H10 increased year-over-year by 25.50% to Ps.2,087.07 million. This was mainly due to the adoption of INIF 17, which resulted in an increase in revenues from Construction services, as well as the following increases:

13.28% in revenues from aeronautical services as a result of the 8.83% increase in passenger traffic during the period;

10.78% in revenues from non-aeronautical services, principally as a result of the 10.30% rise in commercial revenues detailed below; and

Commercial revenues for 1H10 rose by 10.30% year-over-year, principally as a result of revenue increases in the following areas:

7.02% in duty-free stores;

14.74% in food and beverage;
11.86% in retail operations;

68.88% in banking and currency exchange services;

17.16% in car rentals;

9.08% in other income; and

25.71% in ground transportation services.

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

5.70% in parking lot fees;

9.16% in advertising; and

23.07% in teleservices.

Total operating costs and expenses for 1H10 rose 15.96%, mainly due to the following increases:

45.43% in administrative expenses, principally labor costs, resulting from the reassignment of employees from certain operating areas to corporate, and higher professional fees; and

4.88% in cost of services, mainly reflecting higher energy cost and equipment leases. These increases were partially offset by lower labor costs resulting from the reassignment of employees from certain operating areas to corporate;
13.26% in technical assistance costs, reflecting the corresponding increase in EBITDA during the period;
14.26% in concession fees, mainly due to higher revenues; and

In addition, the adoption of INIF 17 resulted in Costs of construction of Ps.217.67 million.

These increases were partially offset by a 43.49% decline in depreciation and amortization resulting from the difference between new investment in fixed assets, improvements made to concession assets and the end of their useful life and a change in amortization rates resulting from the adoption of INIF 17.

Operating margin increased to 50.42% for 1H10, from 46.34% for 1H09. This was mainly the result of a 25.50% increase in revenues.

Net income for 1H10 increased by 65.92% to Ps.775.13 million. Earnings per common share for the period were Ps.2.5838, or earnings per ADS (EPADS) of US$2.0116 (one ADS represents ten series B common shares). This compares with Ps.1.5572, or EPADS of US$1.2124, for the same period last year.

Table III: Summary of Consolidated Results for 1H10 (in thousands)
	1H 09	1H 10	% Change
Total Revenues	1,663,066	2,087,071	25.50
Aeronautical Services	1,083,561	1,227,427	13.28
Non-Aeronautical Services	579,505	641,977	10.78
Commercial Revenues	502,691	554,467	10.30
Construction Services	-	217,667	100.00
Operating Profit	770,717	1,052,265	36.53
Operating Margin (%)	46.34%	50.42%	8.79%
EBITDA(2)	1,086,658	1,230,799	13.26
EBITDA Margin (%)	65.34%	58.97%	-9.75%
Net Income	467,166	775,131	65.92
Earnings per Share (*)	1.5572	2.5838	65.92
Earnings per ADS in USD	1.2124	2.0116	65.92
Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.12.8441.

(2) EBITDA means net income before: provision for taxes, deferred taxes, deferred employees 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.

Table IV: Commercial Revenues per Passenger for 1H10 (in thousands)
	1H 09	1H10	% Change
*Total Passengers ('000)**	8,368	9,146	9.30
Total Commercial Revenues	502,691	554,467	10.30
Commercial revenues from direct operations ⁽¹⁾	91,235	99,200	8.73
Commercial revenues excluding direct operations	411,456	455,267	10.65

	1H 09	1H 10	% Change
Total Commercial Revenue per Passenger	60.07	60.62	0.92
Commercial revenue from direct operations per passenger ⁽¹⁾	10.90	10.85	(0.46)
Commercial revenue per passenger (excluding direct operations)	49.17	49.77	1.22
* For purposes of this table, approximately 129,100 and 179,500 transit and general aviation passengers are included for 1H09 and 1H10, 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 V: Operating Costs and Expenses for 1H10 (in thousands)
	1H 09	1H 10	% Change
Cost of Services	386,544	405,393	4.88
Administrative	54,039	78,590	45.43
Construction Services	-	217,667	100.00
Technical Assistance	57,193	64,779	13.26
Concession Rights	78,632	89,843	14.26
Depreciation and Amortization	315,941	178,534	(43.49)
TOTAL	892,349	1,034,806	15.96

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 1H10 were Ps.1,331.62 million, resulting in an annual average tariff per workload unit of Ps.143.81. ASUR's regulated revenues accounted for approximately 63.80% 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 June 30, 2010, Airport Concessions represented 84.85% of the Company’s total assets, with current assets representing 11.73% and other assets representing 3.42%.

Cash and cash equivalents on June 30, 2010 were Ps.590.69 million, 39.31% below the Ps.973.32 million on June 30, 2009. This was mainly the result of a Ps.750.00 million cash dividend paid in 2Q10 and principal payments of Ps.309.09 million on bank loans.

Shareholder's equity at the close of 2Q10 was Ps.14,308.13 million and total liabilities were Ps.2,954.43 million, representing 82.89% and 17.11% of total assets, respectively. Total deferred liabilities represented 77.34% of the Company's total liabilities.

Total bank debt at June 30, 2010 was Ps.187.60 million, including Ps.5.8 million in accrued interest. During the quarter ASUR made principal payments of Ps.309.09 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.1.0 million.

Capital Expenditures

During 1H10, ASUR made investments of Ps.217.67 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans.

Accounting Pronouncements

In December 2009, the Mexican Council for the Investigation and Development of Financial Information Norms, or CINIF, issued a series of Financial Reporting Standards ("NIFs") and Interpretations to the Financial Reporting Standards ("INIFs") which went into effect for reporting periods starting January 1, 2010, with the exception of INIF 18 which went into effect on December 7, 2009, and NIFs B-5 and B-9, which will become effective from January 1, 2011. ASUR believes that these NIFs and INIFs will not have a significant impact on the Company's financial information with the exception of INIF 17, which addresses the accounting standards to be applied to concession contracts and whose effects are explained above

All Mexican issuers are required to adopt International Financial Reporting Standards, or IFRS, as their accounting standard, no later than fiscal years beginning on or after January 1, 2012.

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	2Q 2009	2Q 2009 Per Workload Unit	2Q 2010	2Q 2010 Per Workload Unit	Cumulative 2009	Cum 2009 Per Workload Unit	Cumulative 2010	Cum 2010 Per Workload Unit
Cancun (1)
Aeronautical Revenues	315,995	129.3	434,108	133.0	817,967	133.1	918,344	133.2
Non-Aeronautical Revenues	202,308	82.8	270,192	82.8	500,729	81.5	561,290	81.4
Construction Services	-	-	42,826	13.1	-	-	62,359	9.0
Total Revenues	518,303	212.1	747,126	228.9	1,318,696	214.6	1,541,993	223.7
Operating Profit	75,582	30.9	342,783	105.0	539,927	87.9	826,045	119.8
EBITDA	176,568	72.2	401,930	123.1	742,312	120.8	944,321	137.0
Merida
Aeronautical Revenues	31,283	113.8	38,894	116.8	60,017	103.3	76,616	116.6
Non-Aeronautical Revenues	10,002	36.4	12,612	37.9	22,870	39.4	24,245	36.9
Construction Services	-	-	35,888	107.8	-	-	82,057	124.9
Other (2)	-	-	10,000	30.0	-	-	10,000	15.2
Total Revenues	41,285	150.1	97,394	292.5	82,887	142.7	192,918	293.6
Operating Profit	(8,429)	(30.7)	17,512	52.6	(3,743)	(6.4)	31,879	48.5
EBITDA	3,652	13.3	24,229	72.8	20,541	35.4	45,312	69.0
Villahermosa
Aeronautical Revenues	19,810	107.7	20,951	110.9	43,363	110.6	41,073	110.1
Non-Aeronautical Revenues	7,121	38.7	7,507	39.7	15,089	38.5	15,110	40.5
Construction Services	-	-	5,793	30.7	-	-	11,038	29.6
Other (2)	-	-	-	-	-	-	-	-
Total Revenues	26,931	146.4	34,251	181.2	58,452	149.1	67,221	180.2
Operating Profit	(9,831)	(53.4)	5,835	30.9	(4,616)	(11.8)	12,560	33.7
EBITDA	(1,419)	(7.7)	10,471	55.4	12,201	31.1	21,829	58.5
Other Airports (3)
Aeronautical Revenues	71,231	121.8	94,030	143.6	162,214	120.2	191,394	143.3
Non-Aeronautical Revenues	20,624	35.3	20,684	31.6	40,817	30.2	41,332	30.9
Construction Services	-	-	38,617	59.0	-	-	61,819	46.3
Other (2)	3,300	5.6	-	-	3,300	2.4	-	-
Total Revenues	95,155	162.7	153,331	234.1	206,331	152.8	294,545	220.5
Operating Profit	(20,766)	(35.5)	141,055	215.4	(6,324)	(4.7)	176,289	132.0
EBITDA	14,935	25.5	159,761	243.9	65,245	48.3	213,619	159.9
Holding & Service Companies (4)
Construction Services	-	n/a	236	n/a	-	n/a	394	n/a
Other (2)	354,553	n/a	260,864	n/a	519,794	n/a	427,093	n/a
Total Revenues	354,553	n/a	261,100	n/a	519,794	n/a	427,487	n/a
Operating Profit	206,728	n/a	(31,711)	n/a	245,473	n/a	5,492	n/a
EBITDA	207,165	n/a	(31,595)	n/a	246,359	n/a	5,718	n/a
Consolidation Adjustment
Consolidation Adjustment	(357,853)	n/a	(270,864)	n/a	(523,094)	n/a	(437,093)	n/a
Group
Aeronautical Revenues	438,319	125.7	587,983	132.4	1,083,561	128.0	1,227,427	132.6
Non-Aeronautical Revenues	240,055	68.8	310,995	70.0	579,505	68.4	641,977	69.3
Construction Services	-	-	123,360	27.8	-	-	217,667	23.5
Total Revenues	678,374	194.5	1,022,338	230.2	1,663,066	196.4	2,087,071	225.4
Operating Profit	243,284	69.7	475,474	107.1	770,717	91.0	1,052,265	113.6
EBITDA	400,901	114.9	564,795	127.2	1,086,658	128.3	1,230,799	132.9


(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 Balance Sheet as of June 30, 2010 and 2009
Thousands of Mexican pesos

I t e m		June 2009	June 2010	Variation	%

A s s e t s
Current Assets
	Cash and Cash Equivalents	973,320	590,693	(382,627)	(39.31)
	Trade Receivables, net	152,769	384,615	231,846	151.76
	Recoverable Taxes and Other Current Assets	789,887	1,048,915	259,028	32.79
Total Current Assets		1,915,976	2,024,223	108,247	5.65

Fixed Assets
	Land, Machinery, Furniture and Equipment Not Concessioned, net	603,898	304,022	(299,876)	(49.66)
	Rights to Use Airport Facilities, net	2,090,927	-	(2,090,927)	(100.00)
	Improvements to Use Airport Facilities, net	3,096,801	-	(3,096,801)	(100.00)
	Construction in Process	552,061	-	(552,061)	(100.00)
	Others	30,680	-	(30,680)	(100.00)
Total Fixed Assets		6,374,367	304,022	(6,070,345)	(95.23)

Deferred Assets
	Airports Concessions, net	7,730,583	14,646,907	6,916,324	89.47
	Deferred Income Taxes	-	-	-	-
	Deferred IETU	191,850	188,985	(2,865)	(1.49)
	Other	66,451	98,427	31,976	48.12
Total Deferred Assets		7,988,884	14,934,319	6,945,435	86.94

Total Assets		16,279,227	17,262,564	983,337	6.04

Liabilities and Stockholders' Equity
Current Liabilities
	Trade Accounts Payable	9,404	20,906	11,502	122.31
	Notes Payable	-	-	-	-
	Bank Loans	164,957	96,962	(67,995)	(41.22)
	Accrued Expenses and Others Payables	179,748	450,314	270,566	150.53
Total Current Liabilities		354,109	568,182	214,073	60.45

Long Term Liabilities
	Concession Fee	-	-	-	-
	Bank Loans	439,886	90,642	(349,244)	(79.39)
	Deferred Income Taxes	1,247,832	1,518,725	270,893	21.71
	Deferred Flat Rate Business Tax	691,869	766,401	74,532	10.77
	Deferred Employees Profit Sharing	-	-	-	-
	Labor Obligations	7,368	10,483	3,115	42.28
Total Long Term Liabilities		2,386,955	2,386,251	(704)	(0.03)

Total Liabilities		2,741,064	2,954,433	213,369	7.78

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	467,166	775,131	307,965	65.92
	Retained Earnings	25,276	446,679	421,403	1,667.21
	Total Stockholders' Equity	13,538,163	14,308,131	769,968	5.69

Total Liabilities and Stockholders' Equity		16,279,227	17,262,564	983,337	6.04

Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Income from January 1 to June 30, 2010 and 2009
Thousands of Mexican pesos

Item		Cumulative	Cumulative	Variation	Quarter	Quarter	Variation
		2009	2010	%	2009	2010	%

Revenues
	Aeronautical Services	1,083,561	1,227,427	13.28	438,319	587,983	34.14

	Non-Aeronautical Services	579,505	641,977	10.78	240,055	310,995	29.55

	Construction Services	-	217,667	100.00	-	123,360	100.00

Total Revenues		1,663,066	2,087,071	25.50	678,374	1,022,338	50.70

Operating Expenses

	Cost of Services	386,544	405,393	4.88	196,237	220,921	12.58
	Cost of Construction	-	217,667	100.00	-	123,360	100.00
	General and Administrative Expenses	54,039	78,590	45.43	26,196	40,082	53.01
	Technical Assistance	57,193	64,779	13.26	21,100	29,726	40.88
	Concession Fee	78,632	89,843	14.26	33,940	43,454	28.03
	Depreciation and Amortization	315,941	178,534	(43.49)	157,617	89,321	(43.33)
Total Operating Expenses		892,349	1,034,806	15.96	435,090	546,864	25.69

Operating Income		770,717	1,052,265	36.53	243,284	475,474	95.44

Comprehensive Financing Cost		21,382	13,432	(37.18)	(15,049)	18,442	(222.55)

Non-Ordinary Item
	Non-Ordinary Item	12,444	676	(94.57)	2,412	670	(72.22)


Income Before Income Taxes		779,655	1,065,021	36.60	225,823	493,246	118.42

	Provision for IETU	84,590	5,146	(93.92)	9,004	3,030	(66.35)
	Provision for Income Tax	71,272	234,383	228.86	47,564	135,319	184.50
	Provision for Asset Tax	18,416	-	(100.00)	8,944	-	(100.00)
	Deferred Income Taxes	138,211	37,768	(72.67)	36,803	4,282	(88.37)
	Deferred IETU	-	12,593	-	(1,931)	5,931	(407.15)

	Net Income for the Year	467,166	775,131	65.92	125,439	344,684	174.78

Earning per share		1.5572	2.5838	65.92	0.4181	1.1489	174.78
Earning per American Depositary Share (in U.S. Dollars)		1.2124	2.0116	65.92	0.3255	0.8945	174.78
Exchange rate per dollar Ps. 12.8441

	Grupo Aeroportuario del Sureste, S.A.B. de C.V.
	Consolidated Statement of Cash flow from January 1 to June 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		779,655	1,065,021	36.60	225,823	493,246	118.42
Items Related with Investing Activities:
	Depreciation and Amortization	315,941	178,534	(43.49)	157,617	89,321	(43.33)
	Loss on Disposal of Fixed Assets	-	16,908			(18,940)
	Interest Income	(49,218)	(5,654)	(88.51)	(19,632)	(3,455)	(82.40)
	Provisions			-			-
Sub-Total		1,046,378	1,254,809	19.92	363,808	560,172	53.97

Increase in Trade Receivables		208,430	(9,450)	(104.53)	300,095	121,517	(59.51)
Decrease in Recoverable Taxes and other Current Assets		189,765	(6,601)	(103.48)	203,996	45,990	(77.46)
Other Deferred Assets		(45,581)	-	(100.00)	(56,552)	(19,025)	(66.36)
Income Tax Paid		(155,862)	(5,146)	(96.70)	(155,862)	(5,146)	(96.70)
Trade Accounts Payable		-	-	-	180	(1,103)	(712.78)
Accrued Expenses and Others Payables		(431,143)	17,047	(103.95)	(96,498)	35,344	(136.63)
Long Term Liabilities		-	-	-	(113)	(3,796)	3,261.67

Net Cash Flow Provided by Operating Activities		811,987	1,250,659	54.02	559,053	733,953	31.28

Investing Activities
Investments in Machinery, Furniture and Equipment, net		(32,866)	(180,916)	450.47	(29,202)	(158,210)	441.78
Investments in Rights to Use Airport Facilities		-	-	-	-	-	-
Investments in Construction in Process		(137,027)	(108,060)	(21.14)	(45,954)	(3,853)	(91.62)
Investments in Others		23,626	71,310	201.83	(828)	38,704	(4,774.40)
Interest Income		49,218	5,654	(88.51)	19,632	3,455	(82.40)

Net Cash Flow Provided by Investing Activities		(97,049)	(212,013)	118.46	(56,352)	(119,905)	112.78

Excess Cash to Use in Financing Activities:		714,938	1,038,647	45.28	502,701	614,049	22.15

Bank Loans		600,000	(363,637)	(160.61)	600,000	(309,091)	(151.52)
Dividends Paid		(1,884,000)	(750,000)	(60.19)	(1,884,000)	(750,000)	(60.19)
Tax on dividends Paid		(191,130)	(295,720)	54.72	(191,130)	(295,720)	54.72

Net Cash Flow Provided by Financing Activities		(1,475,130)	(1,409,357)	(4.46)	(1,475,130)	(1,354,811)	(8.16)

Net Increase in Cash and Cash Equivalents		(760,192)	(370,711)	(51.23)	(972,429)	(740,763)	(23.82)

Cash and Cash Equivalents at Beginning of Period		1,733,512	961,404	(44.54)	1,945,749	1,331,456	(31.57)

Cash and Cash Equivalents at the End of Period		973,320	590,693	(39.31)	973,320	590,693	(39.31)