In the news release, ASUR 4Q08 Passenger Traffic Up 1.71% YOY,
issued today by Grupo Aeroportuario del Sureste, S.A.B. de C.V.
over PR Newswire, we are advised by the company that the first
bullet under the 4Q08 Highlights section should read "EBITDA(2)
increased by 14.09% to Ps.431.13 million" rather than "EBITDA(2)
increased by 3.90% to Ps.431.13 million." The complete, corrected
release follows: MEXICO CITY, Feb. 19 /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-month period ended
December 31, 2008. 4Q08 Highlights(1): -- EBITDA(2) increased by
14.09% to Ps.431.13 million. -- Total passenger traffic was up
1.71%. -- Total revenues rose by 14.20%, mainly due to increases of
13.97% in aeronautical revenues and 14.63% in non-aeronautical
revenues. -- Commercial revenues per passenger increased by 16.35%
to Ps.57.86 per passenger. -- Operating profit increased by 18.66%.
-- EBITDA margin was 57.03% compared with 57.08% in 4Q07. 1. Unless
otherwise stated, all financial figures discussed in this
announcement are unaudited, prepared in accordance with Mexican
Financial Reporting Standards and represent comparisons between the
three-month periods ended December 31, 2008, and the equivalent
three-month period ended December 31, 2007. Results for 4Q07 and
FY07 are expressed in constant Mexican pesos as of December 31,
2007. Non-monetary items at December 31, 2008 which were acquired
until December 31, 2007 are expressed in constant pesos with
purchasing power at December 31, 2007, the date of the last update,
while monetary items 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 the activities of non-permanent
ground transportation and parking lots. All U.S. dollar figures are
calculated at the exchange rate of US$1 = Ps.13.8325. 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 and may be calculated differently by different companies.
Passenger Traffic For the fourth quarter of 2008, total passenger
traffic increased year-over-year by 1.71%. Domestic passenger
traffic declined by 6.56% while international passenger traffic
rose by 9.83%. The 9.83% rise in international passenger traffic
resulted mainly from an increase of 11.53% in international traffic
at the Cancun airport. The 6.56% decline in domestic passenger
traffic resulted mainly from declines of 19.17%, 6.18%, 5.46%,
5.76% and 33.03% in domestic traffic at the Merida, Cancun,
Veracruz, Villahermosa and Cozumel airports, respectively. For
FY08, total passenger traffic rose by 9.32% compared to FY07, with
domestic passenger traffic up 6.88% and international passenger
traffic up 11.25%. Table I. Domestic Passengers (in thousands) % %
Airport 4Q07 4Q08 change FY07 2008 change ------- ---- ---- ------
---- ---- ------ Cancun 781.1 732.8 (6.18) 3,101.0 3,373.9 8.80
Cozumel 21.8 14.6 (33.03) 73.0 86.4 18.36 Huatulco 69.4 75.4 8.65
297.2 292.1 (1.72) Merida 334.9 270.7 (19.17) 1,135.4 1,167.1 2.79
Minatitlan 48.2 38.2 (20.75) 184.4 154.7 (16.11) Oaxaca 136.2 156.1
14.61 470.9 546.2 15.99 Tapachula 53.8 58.3 8.36 206.8 236.0 14.12
Veracruz 241.8 228.6 (5.46) 907.0 911.2 0.46 Villahermosa 218.9
206.3 (5.76) 805.0 907.4 12.72 ----- ----- ----- ----- ----- -----
TOTAL 1,906.1 1,781.0 (6.56) 7,180.7 7,675.0 6.88 ===== =======
======= ===== ======= ======= ==== Note: Passenger figures excluded
transit and general aviation passengers and include passengers at
the Cancun Charter Terminal. Table II. International Passengers (in
thousands) % % Airport 4Q07 4Q08 change FY07 FY08 change -------
---- ---- ------ ---- ---- ------ Cancun 1,784.6 1,990.4 11.53
8,239.0 9,272.6 12.55 Cozumel 71.2 67.1 (5.76) 438.0 439.0 0.23
Huatulco 16.0 12.2 (23.75) 78.7 73.9 (6.10) Merida 28.6 21.8
(23.78) 132.2 113.7 (13.99) Minatitlan 1.1 0.9 (18.18) 4.5 4.3
(4.44) Oaxaca 11.0 11.9 8.18 43.2 48.2 11.57 Tapachula 0.7 1.0
42.86 4.1 4.1 - Veracruz 17.2 15.2 (11.63) 69.6 69.9 0.43
Villahermosa 10.9 11.6 6.42 48.8 51.6 5.74 ---- ---- ---- ---- ----
---- TOTAL 1,941.3 2,132.1 9.83 9,058.1 10,077.3 11.25 =====
======= ======= ==== ======= ======== ===== Note: Passenger figures
excluded transit and general aviation passengers and include
passengers at the Cancun Charter Terminal. Table III. Total
Passengers (in thousands) % % Airport 4Q07 4Q08 change FY07 FY08
change ------- ---- ---- ------ ---- ---- ------ Cancun 2,565.7
2,723.2 6.14 11,340.0 12,646.5 11.52 Cozumel 93.0 81.7 (12.15)
511.0 525.4 2.82 Huatulco 85.4 87.6 2.58 375.9 366.0 (2.63) Merida
363.5 292.5 (19.53) 1,267.6 1,280.8 1.04 Minatitlan 49.3 39.1
(20.69) 188.9 159.0 (15.83) Oaxaca 147.2 168.0 14.13 514.1 594.4
15.62 Tapachula 54.5 59.3 8.81 210.9 240.1 13.85 Veracruz 259.0
243.8 (5.87) 976.6 981.1 0.46 Villahermosa 229.8 217.9 (5.18) 853.8
959.0 12.32 ----- ----- ----- ----- ----- ----- TOTAL 3,847.4
3,913.1 1.71 16,238.8 17,752.3 9.32 ----- ------- ------- ----
-------- -------- ---- Note: Passenger figures excluded transit and
general aviation passengers and include passengers at the Cancun
Charter Terminal. Consolidated Results for 4Q08 Total revenues for
4Q08 increased year-over-year by 14.20% to Ps.755.9 million. This
was mainly due to increases of: -- 13.97% in revenues from
aeronautical services, principally as a result of an increase in
passenger charges and a 1.71% rise in passenger traffic; and --
14.63% in revenues from non-aeronautical services, principally as a
result of the 17.47% rise in commercial revenues detailed below.
ASUR classifies commercial revenues as those derived from the
following activities: duty-free services, car rental, retail,
banking and currency exchange, advertising, teleservices,
non-permanent ground transportation, food and beverage, and parking
lots. Commercial revenues rose by 17.47% year-over-year during the
quarter, mainly as a result of revenue increases in the following
areas principally from the rise in passenger traffic and the
positive impact of the exchange rate as contracts with some
concesssion holders are denominated in US dollars: -- 26.53% in
duty-free stores; -- 27.25% in banking and currency exchange
services; -- 8.43% in advertising; -- 12.05% in ground
transportation; -- 17.36% in retail operations; -- 23.59% in car
rental companies; -- 8.47% in food and beverage; -- 11.36% in
teleservices; and -- 29.57% in other revenues. These increases were
partially offset with a 8.27% decline in parking lot revenues.
Retail and Other Commercial Space Business Name Type Opening Date
------------- ---- ------------ Cancun ------ Watch my Watch Gift
shop September 2008 Sunglass Island Gift shop December 2007 Island
Cabo Gift shop December 2007 Cloe Gift shop September 2007 XpresSpa
Spa July 2007 Merida ------ Cloe Gift shop August 2007 Veracruz
-------- GoGo Jewelry August 2007 Villahermosa ------------ GoGo
Jewelry July 2007 Retail revenues continued to benefit from higher
concession fees from local craft and specialty shops, teleservices
and tour operators. The increase in car rental revenues reflects
rate increases negotiated in October 2007 and the lease of eight
new commercial parking facilities in Terminal 3. Revenues from
banking and currency exchange services rose as a result of the
opening of new Banco Santander branches at the Cancun, Merida and
Veracruz airports. Total operating costs and expenses for 4Q08
increased 11.74% year over year, primarily as a result of: -- a
15.58% increase in cost of services, mainly reflecting increases of
27.09% in energy costs, 16.06% in personnel costs, and 27.36% in
maintenance costs. Energy costs increased as a result of higher
energy prices. The increase in personnel costs reflects the
personnel reorganization implemented in 2Q08, while the increase in
maintenance costs resulted mainly from the operation of Terminal 3
at Cancun Airport, in operation since May 2007. -- a 6.51% increase
in depreciation and amortization, resulting from the depreciation
of new investments in fixed assets and improvements made to
concession assets; and -- a 20.19% increase in administrative
expenses, principally resulting from the higher personnel costs
reflecting the personnel reorganization in 2Q08. -- a 6.59%
increase in concession fees paid to the Mexican government, mainly
due to higher revenues (a factor in the calculation of the fee). --
A 7.53% increase in the technical assistance fee paid to ITA,
reflecting an increase in EBITDA for the quarter (a factor in the
calculation of the fee). Operating margin for the quarter increased
to 37.00% from 35.61% in 4Q07. This was mainly the result of the
14.20% increase in revenues, which more than offset the 11.74%
increase in costs during the period. 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. During 4Q08, the ASUR subsidiaries
that pay IETU made provisional tax payments of Ps.18.90 million.
Net income for 4Q08 increased to Ps.208.33 million, from a loss of
Ps.190.84 million in 4Q07. Earnings per common share for the
quarter were Ps.0.6944, or earnings per ADS (EPADS) of US$0.5020
(one ADS represents ten series B common shares). This compares with
a loss of Ps.0.6361, or EPADS of US$0.4599, for the same period
last year. Table IV. Summary of Consolidated Results for 4Q08 (in
thousands) 4Q07 4Q08 % change ---- ---- -------- Total Revenues
661,963 755,994 14.20 Aeronautical Services 427,349 487,066 13.97
Non-Aeronautical Services 234,614 268,928 14.63 Commercial Revenues
195,551 229,716 17.47 Operating Profit 235,726 279,716 18.66
Operating Margin (%) 35.61% 37.00% 3.90% EBITDA 377,881 431,127
14.09 EBITDA Margin (%) 57.08% 57.03% -0.10% Net Income (190,842)
208,326 209.16 Earnings per Share (*) (0.6361) 0.6944 209.16
Earnings per ADS in USD (0.4599) 0.5020 209.16 U.S. dollar figures
are calculated at a rate of US$1 = Ps. 13.8325. Table V. Commercial
Revenues for 4Q08 (in thousands) 4Q07 4Q08 % Change ---- ----
-------- Total Passengers *('000) 3,932 3,970 0.97 Total Commercial
Revenues 195,551 229,716 17.47 Commercial revenues from direct
operations (1) 31,617 37,482 18.55 Commercial revenues excluding
direct operations 163,934 192,234 17.26 Total Commercial Revenue
per Passenger 49.73 57.86 16.35 Commercial revenue from direct
operations per passenger (1) 8.04 9.44 17.41 Commercial revenue per
passenger (excluding direct operations) 41.69 48.42 16.14 * For the
purpose of this table, 84,000 and 57,000 transit and general
aviation passengers are included for FY07 and FY08, respectively.
(1) Revenues from direct commercial operations represent only the
Company's operation of ten convenience stores, which opened in May
2007, as well as the direct sale of advertising space by the
Company, which started in August 2006. Table VI Operating Costs and
Expenditure for 4Q08 (in thousands) 4Q07 4Q08 % change ---- ----
-------- Cost of Services 203,662 235,383 15.58 Administrative
26,206 31,497 20.19 Technical Assistance 21,102 22,692 7.53
Concession Rights 33,112 35,295 6.59 Depreciation and Amortization
142,155 151,411 6.51 TOTAL 426,237 476,278 11.74 U.S. dollar
figures are calculated at a rate of US$1 = Ps. 13.8325.
Consolidated Results for FY08 Total revenues for FY08 increased
year-over-year by 13.74% to Ps.3,168.7 million. This was mainly due
to increases of: -- 11.15% in revenues from aeronautical services
as a result of the 9.32% rise in passenger traffic during the
period; and -- 19.21% in revenues from non-aeronautical services,
principally as a result of the 21.49% rise in commercial revenues
detailed below, which in turn was a consequence of the increase in
passenger traffic. Commercial revenues for FY08 rose by 21.49%
year-over-year, principally as a result of revenue increases from
the following areas: -- 35.04% from duty-free revenues; -- 23.47%
from retail revenues; -- 21.56% from advertising revenues; --
28.62% from banking and currency exchange services; -- 20.49% from
ground transportation services; -- 10.76% from teleservices; --
10.15% from food and beverage; -- 1.84% from parking lot revenues;
-- 10.66% from car rental companies; and -- 23.98% from other
income. Total operating costs and expenses for FY08 increased by
10.20%, mainly due to the following: -- a 8.94% increase in cost of
services, due mainly to increases of 16.65% in personnel as a
result of the Company's personnel reorganization and 26.14% in
energy costs, 13.90% in security costs, and 23.52% in maintenance
expenses, in each case resulting principally from the opening of
Terminal 3 in May 2007; -- a 9.75% increase in administrative
expenses resulting from the higher personnel costs, which reflect
the personnel reorganization in 2Q08; -- an 11.22% increase in
depreciation and amortization, resulting from the depreciation of
investments in fixed assets and improvements made to concession
assets; -- a 13.64% rise in technical assistance costs reflecting
the corresponding increase in EBITDA during the period; and -- an
11.22% increase in concession fees, mainly due to higher revenues.
Operating margin increased to 43.67% for FY08, up from 41.86% for
FY07. This was mainly the result of the 13.74% increase in
revenues, which more than offset the 10.20% increase in costs and
expenses during the period. Net income for FY08 increased by
100.91% to Ps.1,049.47 million. Earnings per common share for the
period were Ps.3.4982, or earnings per ADS (EPADS) of US$2.5290
(one ADS represents ten series B common shares). This compares with
Ps.1.7412, or EPADS of US$1.2588, for the same period last year.
Table VII: Summary of Consolidated Results for FY08 (in thousands)
FY07 FY08 % change ---- ---- -------- Total Revenues 2,785,891
3,168,707 13.74 Aeronautical Services 1,890,950 2,101,879 11.15
Non-Aeronautical Services 894,941 1,066,828 19.21 Commercial
Revenues 744,426 904,397 21.49 Operating Profit 1,166,170 1,383,695
18.65 Operating Margin (%) 41.86% 43.67% 4.32% EBITDA 1,706,991
1,985,208 16.30 EBITDA Margin (%) 61.27% 62.65% 2.25% Net Income
522,361 1,049,469 100.91 Earnings per Share (*) 1.7412 3.4982
100.91 Earnings per ADS in USD 1.2588 2.5290 100.91 Note: U.S.
dollar figures are calculated at the exchange rate of US$1 = Ps.
13.8325. Table VIII. Commercial Revenues per Passenger for FY08 (in
thousands) FY07 FY08 % change ---- ---- -------- Total Passengers*
( '000 ) 16,570 18,063 9.01 Total Commercial Revenues 744,426
904,397 21.49 Commercial revenues from direct operations (1)
119,751 171,798 43.46 Commercial revenues excluding direct
operations 624,675 732,599 17.28 Total Commercial Revenue per
Passenger 44.93 50.07 11.44 Commercial revenues from direct
operations per passenger (1) 7.23 9.51 31.54 Commercial revenues
per passenger (excluding direct operations) 37.70 40.56 7.59 * For
the purpose of this table, 330,800 and 310,600 transit and general
aviation passengers are included for FY07 and FY08, respectively.
(1) Revenues from direct commercial operations represent only the
Company's operation of ten convenience stores, which opened in May
2007, as well as the direct sale of advertising space by the
Company, which started in August 2006. Table IX. Operating Costs
and Expenses for FY08 (in thousands) FY07 FY08 % change ---- ----
-------- Cost of Services 743,642 810,103 8.94 Administrative
104,019 114,159 9.75 Technical Assistance 91,945 104,485 13.64
Concession Rights 139,294 154,752 11.10 Depreciation and
Amortization 540,821 601,513 11.22 TOTAL 1,619,721 1,785,012 10.20
Tariff Regulation The Mexican Ministry of Communications and
Transportation regulates the majority of ASUR's activities by
setting maximum rates, which represent the rates for the maximum
possible revenues allowed per traffic unit at each airport. ASUR's
regulated revenues for FY08 were Ps.2,101.38 million, resulting in
an annual average tariff per workload unit of Ps.115.41. ASUR's
regulated revenues accounted for approximately 66.32% 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 December 24th 2008, the
Mexican Government let ASUR know that they will take 90 days more
to approve the Maximum Tariffs and the Master Development Programs
for each one of the nine concessions. Balance Sheet On December 31,
2008, Airport Facility Usage Rights and Airport Concessions
represented 78.24% of the Company's total assets, with current
assets representing 16.40% and other assets representing 5.36%. On
December 31, 2008, cash and marketable securities were Ps.1,733.51
million. On the same date, shareholder's equity was Ps.14,954.99
million and total liabilities were Ps.2,419.60 million,
representing 86.08% and 13.93% of total assets, respectively. Total
deferred liabilities represented 74.32% of the Company's total
liabilities. Capital Expenditures During the quarter, ASUR made
investments of Ps.361.25 million as part of ASUR's ongoing plan to
modernize its airports pursuant to its master development plans.
For fiscal year 2008, the total capital investment amounted to
Ps.796.09 million. 4Q08 Earnings Conference Call Day: Friday,
February 20, 2009 Time: 10:00 AM US EST; 9:00 AM Mexico City time
Dial-in number: 888.713.4199 (US & Canada) and 617.213.4861
(International & Mexico) Access Code: 92346303
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=PL3LFHJAB
Pre-registering is not mandatory but is recommended as it will
provide you immediate entry into the call and will facilitate the
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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 Friday, February 20, 2009 at 12:00 PM US ET,
ending at midnight US ET on Friday, February 27, 2008. Dial-in
number: 888.286.8010 (US & Canada); 617.801.6888 (International
& Mexico). Access Code: 85303657. 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 Twelve Twelve 4Q 4Q % Months
Months % Item 2007 2008 change 2007 2008 change ---- ---- ----
------ ------- ------- -------- Cancun ------ Aeronautical Revenues
297,382 359,041 20.73 1,370,359 1,551,810 13.24 Non- Aeronautical
Revenues 189,601 225,421 18.89 722,543 891,483 23.38 Operating
Profit 180,130 (177,153) (198.35) 668,491 356,192 (46.72) EBITDA
273,029 (73,567) (126.94) 1,015,461 751,870 (25.96) ------ -------
------- ------- --------- ------- ------ Cozumel -------
Aeronautical Revenues 10,793 10,255 (4.98) 64,451 66,638 3.39 Non-
Aeronautical Revenues 4,795 5,353 11.64 21,830 23,743 8.76
Operating Profit (4,183) (11,225) (168.35) 50,923 (9,081) (117.83)
EBITDA 3,937 (2,236) (156.79) 82,885 24,624 (70.29) ------ -----
------ ------- ------ ------ ------ Merida ------ Aeronautical
Revenues 34,891 29,973 (14.10) 124,456 127,563 2.50 Non-
Aeronautical Revenues 12,802 12,349 (3.54) 47,644 51,752 8.62
Operating Profit 11,728 (13,619) (216.12) 22,795 2,549 (88.82)
EBITDA 22,346 (1,131) (105.06) 63,795 50,285 (21.18) ------ ------
------ ------- ------ ------ ------ Villahermosa ------------
Aeronautical Revenues 24,020 25,111 4.54 91,019 106,536 17.05 Non-
Aeronautical Revenues 7,078 8,808 24.44 27,537 33,366 21.17
Operating Profit 7,803 969 (87.58) 42,657 27,590 (35.32) EBITDA
15,084 9,115 (39.57) 71,937 59,956 (16.65) ------ ------ -----
------ ------ ------ ------ Others ------ Aeronautical Revenues
60,263 62,686 4.02 240,665 249,332 3.60 Non- Aeronautical Revenues
20,338 16,997 (16.43) 75,387 66,484 (11.81) Operating Profit 40,248
480,744 1,094.45 381,304 1,006,445 163.95 EBITDA 63,485 498,945
685.93 472,913 1,098,473 132.28 ------ ------ ------- ------
------- --------- ------ Group ------ Aeronautical Revenues 427,349
487,066 13.97 1,890,950 2,101,879 11.15 Non- Aeronautical Revenues
234,614 268,928 14.63 894,941 1,066,828 19.21 Operating Profit
235,726 279,716 18.66 1,166,170 1,383,695 18.65 EBITDA 377,881
431,127 14.09 1,706,991 1,985,208 16.30 ------ ------- -------
----- --------- --------- ----- Grupo Aeroportuario del Sureste,
S.A.B. de C.V. Consolidated Balance Sheet as of December 31, 2008
and 2007 Thousands of Mexican pesos December December Item 2007
2008 Variation % ---- --------- --------- --------- ---------
Assets ------ Current Assets -------------- Cash and cash
equivalents 1,925,697 1,733,512 (192,185) (9.98) Trade receivables,
net 279,415 361,200 81,785 29.27 Recoverable taxes and other
current assets 256,765 754,439 497,674 193.82 ------- -------
------- ------ Total Current Assets 2,461,877 2,849,151 387,274
15.73 Fixed Assets ------------ Machinery, furniture and equipment,
net 282,954 614,935 331,981 117.33 Rights to use airport
facilities, net 2,189,975 2,123,865 (66,110) (3.02) Improvements to
use airport facilities, net 3,128,619 3,225,390 96,771 3.09
Construction in process 221,626 411,570 189,944 85.70 Other 37,023
54,307 17,284 46.68 ------ ------ ------ ----- Total Fixed Assets
5,860,197 6,430,067 569,870 9.72 Deferred Assets ---------------
Airports Concessions, net 8,037,900 7,833,022 (204,878) (2.55)
Deferred Income Tax - - - - Deferred Flat Rate Business Tax 217,442
199,329 (18,113) (8.33) Other 98,665 63,025 (35,640) (36.12) ------
------ ------- ------ Total Deferred Assets 8,354,007 8,095,376
(258,631) (3.10) Total Assets 16,676,081 17,374,594 698,513 4.19
Liabilities and Stockholders' Equity -------------------- Current
Liabilities ------------------- Trade accounts payable 17,073
10,022 (7,051) (41.30) Notes payable - - - - Accrued expenses and
other payables 281,782 585,466 303,684 107.77 ------- -------
------- ------ Total Current Liabilities 298,855 595,488 296,633
99.26 Long term liabilities ------------ Other 18,146 26,082 7,936
43.73 Deferred Income Taxes 1,100,979 1,091,206 (9,773) (0.89)
Deferred Flat Rate Business Tax 706,584 699,349 (7,235) (1.02)
Deferred Employee Profit Sharing 37,496 - (37,496) (100.00) Labor
Obligations 8,494 7,473 (1,021) (12.02) ----- ----- ------ ------
Total long term liabilities 1,871,699 1,824,110 (47,589) (2.54)
Total Liabilities 2,170,554 2,419,598 249,044 11.47 Stockholders'
Equity -------------------- Capital Stock 12,799,204 12,799,204 - -
Legal Reserve 167,926 194,044 26,118 15.55 Share Repurchase Reserve
1,003,428 - (1,003,428) (100.00) Net Income for the period 522,361
1,049,469 527,108 100.91 Retained Earnings 12,608 912,279 899,671
7,135.72 ------ ------- ------- -------- Total Stockholders Equity
14,505,527 14,954,996 449,469 3.10 Total Liabilities and
Stockholder's Equity 16,676,081 17,374,594 698,513 4.19 ==========
========== ======= ==== Grupo Aeroportuario del Sureste, S.A.B. de
C.V. Consolidated Statement of Income from January 1, to December
31, 2008 and 2007 Thousands of Mexican pesos Item Cumulative
Cumulative Variation 2007 2008 % ---- ---- --------- Revenues
Aeronautical Services 1,890,950 2,101,879 11.15 Non-Aeronautical
Services 894,941 1,066,828 19.21 --------- --------- ----- Total
Revenues 2,785,891 3,168,707 13.74 Operating Expenses Cost of
services 743,642 810,103 8.94 General and administrative expenses
104,019 114,159 9.75 Technical Assistance 91,945 104,485 13.64
Concession fee 139,294 154,752 11.10 Depreciation and Amortization
540,821 601,513 11.22 ------- ------- ----- Total Operating
Expenses 1,619,721 1,785,012 10.20 Operating Income 1,166,170
1,383,695 18.65 Comprehensive Financing cost 15,144 174,272
1,050.77 ------ ------- -------- Non Ordinary Item Non Ordinary
Item 2,385 9,734 308.13 Income Before Income Taxes 1,178,929
1,548,233 31.33 Provision for FRCT* 25,284 78,227 209.39 Provision
for Income Tax 61,253 408,536 566.96 Provision for Asset Tax 60,091
- Deferred income taxes 80,890 (58,968) (172.90) Deferred FRCT*
489,141 10,878 (97.78) ------- ------ ------ Net Income for the
Year 522,361 1,049,469 100.91 ======= ========= ====== Earnings per
share 1.7412 3.4982 100.91 Earnings per ADS USD 1.2588 2.5290
100.91 Exchange rate per dollar 13.8325 ------------------------
Commercial Revenues 744,426 904,397 21.49 -------------------
------- ------- ----- Item 4Q 4Q Variation 2007 2008 % ---- ----
--------- Revenues Aeronautical Services 427,349 487,066 13.97
Non-Aeronautical Services 234,614 268,928 14.63 ------- -------
----- Total Revenues 661,963 755,994 14.20 Operating Expenses Cost
of services 203,662 235,383 15.58 General and administrative
expenses 26,206 31,497 20.19 Technical Assistance 21,102 22,692
7.53 Concession fee 33,112 35,295 6.59 Depreciation and
Amortization 142,155 151,411 6.51 ------- ------- ---- Total
Operating Expenses 426,237 476,278 11.74 Operating Income 235,726
279,716 18.66 Comprehensive Financing cost (9,837) 64,175 (752.38)
------ ------ ------- Non Ordinary Item Non Ordinary Item 2,308
(36) (101.56) Income Before Income Taxes 223,581 343,927 53.83
Provision for FRCT* 14,271 (24,650) (272.73) Provision for Income
Tax 61,024 255,245 318.27 Provision for Asset Tax 60,654 - Deferred
income taxes (150,013) (160,254) 6.83 Deferred FRCT* 489,141 4,606
(99.06) ------- ----- ------ Net Income for the Year (190,842)
208,326 209.16 ======== ======= ====== Earnings per share (0.6361)
0.6944 209.16 Earnings per ADS USD (0.4599) 0.5020 209.16 Exchange
rate per dollar 13.8325 ------------------------ Commercial
Revenues 195,551 229,716 17.47 ------------------- ------- -------
----- * Fixed Rate Company Tax Grupo Aeroportuario del Sureste,
S.A.B. de C.V. Consolidated Statement of Cash Flow from January 1
to December 31, 2008 Thousands of Mexican pesos
-------------------------- Cumulative 2008 4Q 2008 ---- -------
Operating Activities Income Before Income Taxes 1,548,233 343,927
Items related to investing activities: Depreciation and
Amortization 601,513 151,411 Interest income (139,679) (31,718)
Provisions (23,411) (23,411) ------- ------- Sub Total 1,986,656
440,209 --------- ------- Increase in trade receivables (81,785)
(10,279) Decrease in recoverable taxes and other current assets
(224,639) (198,100) Other deferred assets 19,473 26,729 Income tax
paid Trade accounts payable (7,050) (5,370) Accrued expenses and
other payables (133,504) 70,906 Long term liabilities (3,981)
(6,118) --------- ------- Net cash flow provided by operating
activities 1,555,170 317,977 --------- ------- Investing Activities
Investments in machinery, furniture and equipment, net (743,112)
(619,883) Investments in rights to use airport facilities - -
Investments in construction in process (175,378) 48,305 Investment
in other (17,282) 178,610 Interest income 139,679 31,718 --------
-------- Net cash flow provided by investing activities (796,093)
(361,250) -------- -------- Excess cash for use in financing
activities: 759,077 (43,273) Dividends paid (600,000) Tax on
dividends paid (351,262) -------- Net cash flow provided by
financing activities (951,262) - -------- - Net increase in cash
and cash equivalents (192,185) (43,273) Cash and cash equivalents
at beginning of period 1,925,697 1,776,785 Cash and cash
equivalents at end of period 1,733,512 1,733,512 =========
========= DATASOURCE: Grupo Aeroportuario del Sureste, S.A.B. de
C.V. CONTACT: In Mexico, Lic. Adolfo Castro of ASUR,
+52-5552-84-04-08, ; or in the U.S., Susan Borinelli,
+1-646-452-2333, , or Maura Gedid, +1-646-452-2335, , both of
Breakstone Group
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