MEXICO CITY, April 23 /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 March 31, 2009.
1Q09 Highlights(1): -- EBITDA(2) increased by 17.63% to Ps.685.76
million. -- Total passenger traffic was down 3.30%. -- Total
revenues rose by 13.20%, mainly due to increases of 8.50% in
aeronautical revenues and 23.36% in non-aeronautical revenues. --
Commercial revenues per passenger increased by 31.95% to Ps.60.62
per passenger. -- Operating profit increased by 21.57%. -- EBITDA
margin was 69.64% compared with 67.02% in 1Q08. Passenger Traffic
For the first quarter of 2009, total passenger traffic declined
year-over-year by 3.30%. Domestic passenger traffic declined by
13.90% while international passenger traffic rose by 3.04%. The
3.04% rise in international passenger traffic resulted mainly from
an increase of 4.54% in international traffic at the Cancun
airport. The 13.90% decline in domestic passenger traffic resulted
mainly from declines of 24.05%, 16.44%, 6.54%, 21.96% and 27.85% at
the Merida, Cancun, Veracruz, Villahermosa and Cozumel airports,
respectively. Table I: Domestic Passengers (in thousands) Airport
1Q08 1Q09 % Change Cancun 785.1 656.0 (16.44) Cozumel 23.7 17.1
(27.85) Huatulco 64.8 83.0 28.09 Merida 314.7 239.0 (24.05)
Minatitlan 38.3 35.1 (8.36) Oaxaca 130.9 137.1 4.74 Tapachula 61.1
57.2 (6.38) Veracruz 221.8 207.3 (6.54) Villahermosa 240.9 188.0
(21.96) TOTAL 1,881.3 1,619.8 (13.90) Note: Passenger figures
exclude transit and general aviation passengers. Table II:
International Passengers (in thousands) Airport 1Q08 1Q09 % Change
Cancun 2,863.5 2,993.6 4.54 Cozumel 149.5 131.8 (11.84) Huatulco
50.3 41.9 (16.70) Merida 35.4 25.5 (27.97) Minatitlan 1.0 0.9
(10.00) Oaxaca 13.5 18.1 34.07 Tapachula 1.4 1.0 (28.57) Veracruz
17.4 15.7 (9.77) Villahermosa 12.5 11.5 (8.00) TOTAL 3,144.5
3,240.0 3.04 Note: Passenger figures exclude transit and general
aviation passengers. Table III: Total Passengers (in thousands)
Airport 1Q08 1Q09 % Change Cancun 3,648.6 3,649.6 0.03 Cozumel
173.2 148.9 (14.03) Huatulco 115.1 124.9 8.51 Merida 350.1 264.5
(24.45) Minatitlan 39.3 36.0 (8.40) Oaxaca 144.4 155.2 7.48
Tapachula 62.5 58.2 (6.88) Veracruz 239.2 223.0 (6.77) Villahermosa
253.4 199.5 (21.27) TOTAL 5,025.8 4,859.8 (3.30) Note: Passenger
figures exclude transit and general aviation passengers.
Consolidated Results for 1Q09 Total revenues for 1Q09 increased
year-over-year by 13.20% to Ps.984.7 million. This was mainly due
to increases of: -- 8.50% in revenues from aeronautical services,
principally as a result of an increase in rates, which more than
offset the 3.30% decline in passenger traffic; and -- 23.36% in
revenues from non-aeronautical services, principally as a result of
the 26.73% 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 26.73% year-over-year during the quarter, mainly
as a result of revenue increases in the following areas principally
from the 32.9% depreciation in the peso as against the U.S. dollar
since 1Q08, which has resulted in a positive impact as contracts
with some concession holders are denominated in US dollars and
converted into pesos at the prevailing rate: -- 35.81% in duty-free
stores; -- 20.39% in banking and currency exchange services; --
33.71% in advertising; -- 8.81% in ground transportation; -- 25.14%
in retail operations; -- 33.46% in car rental companies; -- 22.05%
in food and beverage; -- 17.19% in teleservices; and -- 29.29% in
other revenues. These increases were partially offset by a 3.45%
decline in parking lot revenues. New Retail and Other Commercial
Space Business Name Type Opening Date Cancun Watch my Watch Gift
shop September 2008 Total operating costs and expenses for 1Q09
increased 4.87% year over year, primarily as a result of: -- a
4.13% increase in cost of services, mainly reflecting increases of
9.75% in personnel costs and 9.41% in maintenance costs, which more
than offset declines of 17.83% in energy and 17.81% in insurance
costs, among others. The increase in personnel costs reflects the
personnel reorganization implemented in 2Q08, while higher
maintenance costs reflect the expiration of warranties on
documented baggage equipment. -- a 6.18% increase in depreciation
and amortization, resulting from the depreciation of new
investments in fixed assets and improvements made to concession
assets; and -- a 2.75% increase in concession fees paid to the
Mexican government, mainly due to higher revenues (a factor in the
calculation of the fee). -- A 17.64% 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). These
increases were partially offset by a 7.17% decline in
administrative expenses. Operating margin for the quarter increased
to 53.56% from 49.87% in 1Q08. This was mainly the result of the
13.20% increase in revenues, which more than offset the 4.87%
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 1Q09, the ASUR subsidiaries
that pay IETU made provisional tax payments of Ps.75.6 million.
During the quarter, ASUR recognized asset taxes for a total of
Ps.9.5 million under the line item Provision for Asset Tax, and
which are not expected to be recovered. Net income for 1Q09
declined 2.94% to Ps.341.73 million from Ps.352.07 million in 1Q08.
Earnings per common share for the quarter were Ps.1.1391, or
earnings per ADS (EPADS) of US$0.8049 (one ADS represents ten
series B common shares). This compares with earnings per share of
Ps.1.1736, or EPADS of US$0.8293, for the same period last year.
Table IV: Summary of Consolidated Results for 1Q09 1Q08 1Q09 %
Change Total Revenues 869,890 984,692 13.20 Aeronautical Services
594,715 645,242 8.50 Non-Aeronautical Services 275,175 339,450
23.36 Commercial Revenues 235,629 298,620 26.73 Operating Profit
433,848 527,435 21.57 Operating Margin % 49.87% 53.56% 7.39 EBITDA
582,963 685,759 17.63 EBITDA Margin % 67.02% 69.64% 3.92 Net Income
352,076 341,728 (2.94) Earnings per Share 1.1736 1.1391 (2.94)
Earnings per ADS in US $0.8293 0.8049 (2.94) Note: U.S. dollar
figures are calculated at the exchange rate of US$1 = Ps.14.1517.
Table V: Commercial Revenues per Passenger for 1Q09 1Q08 1Q09 %
Change Total Passengers ('000) 5,129 4,926 (3.96) Total Commercial
Revenues 235,629 298,620 26.73 Commercial revenues from direct
operations (1) 44,335 55,095 24.27 Commercial revenues excluding
direct operations 191,294 243,525 27.30 Total Commercial Revenue
per Passenger 45.94 60.62 31.95 Commercial revenue from direct
operations per passenger (1) 8.64 11.18 29.40 Commercial revenue
per passenger (excluding direct operations) 37.30 49.44 32.55 Note:
For purposes of this table, approximately 102,900 and 66,800
transit and general aviation passengers are included for 1Q08 and
1Q09, respectively. (1) Revenues from direct commercial operations
represent the Company's operation of convenience stores in
airports, 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 Expenses for 1Q09 1Q08 1Q09 % Change
Cost of Services 182,757 190,306 4.13 Administrative 29,991 27,842
(7.17) Technical Assistance 30,681 36,093 17.64 Concession Fees
43,497 44,692 2.75 Depreciation and Amortization 149,115 158,324
6.18 TOTAL 436,042 457,258 4.87 Note: Figures in nominal pesos.
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 1Q09 were Ps.756.28 million, resulting in an
annual average tariff per workload unit of Ps.151.94. ASUR's
regulated revenues accounted for approximately 76.80% 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. ASUR received approval from
the Ministry of Communications and Transportation for the Master
Development Programs for the years 2009 through 2023 and the
applicable efficiency factor applicable and the maximum tariffs per
work load unit for the years 2009 through 2013 for each of its
concessions. One work load unit equals one passenger or 100 kg (220
pounds) of cargo. Master Development Programs Expressed in millions
of constant pesos as of December 31, 2008 Airport 2009-2013*
2014-2018** 2019-2023** Cancun 2,413.7*** 1,207.5**** 793.9 Cozumel
117.6 121.5 89.6 Huatulco 343.4 71.9 48.1 Merida 304.2 125.5 82.5
Minatitlan 59.5 59.8 36.7 Oaxaca 309.4 67.1 85.1 Tapachula 60.1
42.0 20.5 Veracruz 792.8 136.5 170.1 Villahermosa 332.3 257.3 56.1
* Committed investment ** Indicative investment *** As of December
31, 2008, ASUR has invested Ps. 1,054.8 million (which is included
in the investment commitments for this period shown above) **** As
of December 31, 2008, ASUR has invested Ps. 612.9 million (which is
included in the indicative investment for this period shown above)
Airport 2009 2010 2011 2012 2013 Cancun 582.0 625.0 424.5 447.6
334.6 Cozumel 17.5 42.1 14.2 33.7 10.2 Huatulco 52.9 151.0 70.4
59.3 9.8 Merida 80.8 128.2 72.8 16.3 6.1 Minatitlan 20.6 24.9 6.6
3.6 3.8 Oaxaca 48.1 139.0 62.0 42.5 17.8 Tapachula 7.6 5.7 4.7 2.5
39.7 Veracruz 48.1 310.1 248.0 119.0 67.6 Villahermosa 45.9 163.6
81.4 6.6 34.8 Committed Investments Expressed in millions of
constant pesos as of December 31, 2008 As of December 31, 2008 ASUR
has invested the following amounts at Cancun airport: Expressed in
millions of constant pesos as of December 31, 2008 Airport 2009
2010 2011 2012 2013 Cancun 211.0 211.0 211.0 211.0 211.0 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, 2008
Airport Maximum Tariff Cancun 134.03 Cozumel 185.88 Huatulco 120.71
Merida 125.04 Minatitlan 214.38 Oaxaca 132.76 Tapachula 246.22
Veracruz 112.06 Villahermosa 117.07 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, 2013, the
maximum rates applicable to ASUR's airports will be reduced by an
annual efficiency factor of 0.70% in real terms. The Master
Development Plans and maximum rates for each airport were approved
before the execution of the Mayan Riviera Airport project, which is
included in the National Infrastructure Plan for 2007-2012. Because
of this timing, the Ministry of Communications and Transportation
did not account for how the eventual construction, administration
and operation of the Mayan Riviera Airport, and the beginning of
flight operations there may affect passenger traffic levels for
Cancun airport. Accordingly, the Ministry of Communications and
Transportation has committed to modify the Master Development Plans
for ASUR's airports within three months from the granting of a
concession to operate the Mayan Riviera Airport so as to reflect
new passenger traffic level projections, and accordingly, to adjust
the investment obligations and maximum rates that we are authorized
to charge at each airport. Balance Sheet On March 31, 2009, Airport
Facility Usage Rights and Airport Concessions represented 77.29% of
the Company's total assets, with current assets representing 17.63%
and other assets representing 5.08%. On March 31, 2009, cash and
marketable securities were Ps.1,945.75 million. On the same date,
shareholder's equity was Ps.15,296.72 million and total liabilities
were Ps.2,234.48 million, representing 87.25% and 12.75% of total
assets, respectively. Total deferred liabilities represented 85.90%
of the Company's total liabilities. Capital Expenditures During the
quarter, ASUR made investments of Ps.70.28 million as part of
ASUR's ongoing plan to modernize its airports pursuant to its
master development plans. 1Q09 Earnings Conference Call Day:
Friday, April 24, 2009 Time: 10:00 AM US EDT; 9:00 AM Mexico City
time Dial-in number: 888.713.4199 (US & Canada) and
617.213.4866 (International & Mexico) Access Code: 42260067
Pre-registration: If you would like to pre-register for the
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operator, please call at least 10 minutes prior to call start time.
Replay: Starting Friday, April 24, 2009 at 2:00 PM US ET, ending at
midnight US ET on Friday, May 1, 2009. Dial-in number: 888.286.8010
(US & Canada); 888.286.8010 (International & Mexico).
Access Code: 89487275. 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. (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 March 31, 2009, and the equivalent
three-month period ended March 31, 2008. 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.14.1517. (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. Grupo Aeroportuario del
Sureste, S.A.B. de C.V. Operating Results per Airport Thousands of
Mexican pesos Item 2008 2009 % change ---- ------ ------ --------
Cancun Aeronautical Revenues 445,866 501,971 12.58 Non-Aeronautical
Revenues 232,695 293,308 26.05 Operating Profit 359,206 464,345
29.27 EBITDA 455,740 565,805 24.15 Cozumel Aeronautical Revenues
22,190 21,185 (4.53) Non-Aeronautical Revenues 6,128 6,829 11.44
Operating Profit 7,022 3,856 (45.09) EBITDA 15,209 13,189 (13.28)
Merida Aeronautical Revenues 34,087 28,734 (15.70) Non-Aeronautical
Revenues 13,110 13,877 5.85 Operating Profit 10,096 4,686 (53.59)
EBITDA 21,825 16,058 (26.42) Villahermosa Aeronautical Revenues
27,470 23,553 (14.26) Non-Aeronautical Revenues 7,469 7,973 6.75
Operating Profit 10,895 5,215 (52.13) EBITDA 18,935 13,614 (28.10)
Others Aeronautical Revenues 65,102 69,799 7.21 Non-Aeronautical
Revenues 15,773 17,463 10.71 Operating Profit 46,629 49,333 5.80
EBITDA 71,254 77,093 8.19 Group Aeronautical Revenues 594,715
645,242 8.50 Non-Aeronautical Revenues 275,175 339,450 23.36
Operating Profit 433,848 527,435 21.57 EBITDA 582,963 685,759 17.63
Quarter Quarter Item 2008 2009 % change ---- ------- ------- -----
Cancun Aeronautical Revenues 445,866 501,972 12.58 Non-Aeronautical
Revenues 232,695 293,308 26.05 Operating Profit 359,206 464,345
29.27 EBITDA 455,740 565,855 24.16 Cozumel Aeronautical Revenues
22,190 21,185 (4.53) Non-Aeronautical Revenues 6,128 6,829 11.44
Operating Profit 7,022 3,856 (45.09) EBITDA 15,209 13,189 (13.28)
Merida Aeronautical Revenues 34,087 28,734 (15.70) Non-Aeronautical
Revenues 13,110 13,877 5.85 Operating Profit 10,096 4,686 (53.59)
EBITDA 21,825 16,058 (26.42) Villahermosa Aeronautical Revenues
27,470 23,553 (14.26) Non-Aeronautical Revenues 7,469 7,973 6.75
Operating Profit 10,895 5,215 (52.13) EBITDA 18,935 13,614 (28.10)
Others Aeronautical Revenues 65,102 69,798 7.21 Non-Aeronautical
Revenues 15,773 17,463 10.71 Operating Profit 46,629 49,333 5.80
EBITDA 71,254 77,044 8.13 Group Aeronautical Revenues 594,715
645,242 8.50 Non-Aeronautical Revenues 275,175 339,450 23.36
Operating Profit 433,848 527,435 21.57 EBITDA 582,963 685,759 17.63
Note: During 4Q07 ASUR signed an intercompany agreement that
recognized the obligation to operate the nine concessions jointly.
Grupo Aeroportuario del Sureste, S.A.B. de C.V. Consolidated
Balance Sheet as of March 31, 2009 and 2008 Thousands of Mexican
pesos Item March 2008 March 2009 Variation % ------- ----------
---------- ----------- --- Assets Current Assets --------------
Cash and Cash Equivalents 2,313,814 1,945,749 (368,065) (15.91)
Trade Receivables, Net 365,648 452,864 87,216 23.85 Recoverable
Taxes and Other Current Assets 236,954 693,084 456,130 192.50
------- ------- ------- ------ Total Current Assets 2,916,416
3,091,697 175,281 6.01 Fixed Assets ------------ Machinery,
Furniture and Equipment, Net 273,450 606,079 332,629 121.64 Rights
to Use Airport Facilities, Net 2,173,322 2,107,318 (66,004) (3.04)
Improvements to Use Airport Facilities, Net 3,099,330 3,151,383
52,053 1.68 Construction in Process 276,470 507,451 230,981 83.55
Others 67,831 29,853 (37,979) (55.99) ------ ------ ------- ------
Total Fixed Assets 5,890,403 6,402,084 511,681 8.69 Deferred Assets
--------------- Airports Concessions, Net 7,986,681 7,781,802
(204,879) (2.57) Deferred Income Taxes - - - - Deferred IETU
210,525 207,598 (2,927) (1.39) Other 83,951 48,024 (35,927) (42.80)
------ ------ ------- ------ Total Deferred Assets 8,281,157
8,037,424 (243,733) (2.94) Total Assets 17,087,976 17,531,205
443,229 2.59 Liabilities and Stockholders' Equity ----------------
Current Liabilities ------------------- Trade Accounts Payable
14,402 9,843 (4,559) (31.66) Notes Payable - - - - Accrued Expenses
and Others Payables 261,637 279,338 17,701 6.77 ------- -------
------ ---- Total Current Liabilities 276,039 289,181 13,142 4.76
Long Term Liabilities --------------------- Other 18,690 25,987
7,297 39.04 Deferred Income Taxes 1,185,881 1,202,086 16,205 1.37
Deferred IETU 704,500 709,548 5,048 0.72 Deferred Employees Profit
Sharing 37,496 - (37,496) (100.00) Labor Obligations 7,767 7,678
(89) (1.15) ----- ----- --- ----- Total Long Term Liabilities
1,954,334 1,945,299 (9,035) (0.46) Total Liabilities 2,230,373
2,234,480 4,107 0.18 Stockholders' Equity --------------------
Capital Stock 12,799,204 12,799,204 - - Legal Reserve 167,926
194,044 26,118 15.55 Share Repurchase Reserve - - - - Net Income
for the Period 352,076 341,728 (10,348) (2.94) Retained Earnings
1,538,397 1,961,749 423,352 27.52 --------- --------- ------- -----
Total Stockholders' Equity 14,857,603 15,296,725 439,122 2.96 Total
Liabilities and Stockholders' Equity 17,087,976 17,531,205 443,229
2.59 ========== ========== ======= ==== Grupo Aeroportuario del
Sureste, S.A.B. de C.V. Consolidated Statement of Income from
January 1 to March 31, 2009 and 2008 Thousands of Mexican pesos
Item Cumulative Cumulative Variation 2008 2009 % ----------
---------- --------- Revenues Aeronautical Services 594,715 645,242
8.50 Non-Aeronautical Services 275,175 339,450 23.36 -------
------- ----- Total Revenues 869,890 984,692 13.20 Operating
Expenses Cost of Services 182,758 190,306 4.13 General and
Administrative Expenses 29,991 27,842 (7.17) Technical Assistance
30,681 36,093 17.64 Concession Fee 43,497 44,692 2.75 Depreciation
and Amortization 149,115 158,324 6.18 ------- ------- ---- Total
Operating Expenses 436,042 457,257 4.87 Operating Income 433,848
527,435 21.57 Comprehensive Financing Cost 37,193 36,431 (2.05)
------ ------ ----- Non Ordinary Item Non-Ordinary Item 531 10,033
1,789.45 Income Before Income Taxes 470,510 553,833 17.71 Provision
for IETU 16,976 75,586 345.25 Provision for Income Tax 12,238
23,708 93.72 Provision for Asset Tax (515) 9,472 (1,939.22)
Deferred Income taxes 84,902 101,408 19.44 Deferred IETU 4,833
1,931 (60.05) ----- ----- ------ Net Income for the Year 352,076
341,728 (2.94) ======= ======= ===== Earnings per share 1.1736
1.1391 (2.94) Earnings per ADS (in U.S. dollars) 0.8293 0.8049
(2.93) Exchange rate per dollar 14.1517 Item Quarter Quarter
Variation 2008 2009 % ------ ------ -------- Revenues Aeronautical
Services 594,715 645,242 8.50 Non-Aeronautical Services 275,175
339,450 23.36 ------- ------- ----- 869,890 984,692 13.20 Operating
Expenses Cost of Services 182,758 190,306 4.13 General and
Administrative Expenses 29,991 27,842 (7.17) Technical Assistance
30,681 36,093 17.64 Concession Fee 43,497 44,692 2.75 Depreciation
and Amortization 149,115 158,324 6.18 ------- ------- ---- Total
Operating Expenses 436,042 457,257 4.87 Operating Income 433,848
527,435 21.57 Comprehensive Financing Cost 37,193 36,431 (2.05)
------ ------ ----- Non Ordinary Item Non-Ordinary Item 531 10,033
1,789.45 Income Before Income Taxes 470,510 553,833 17.71 Provision
for IETU 16,976 75,586 345.25 Provision for Income Tax 12,238
23,708 93.72 Provision for Asset Tax (515) 9,472 (1,939.22)
Deferred Income taxes 84,902 101,408 19.44 Deferred IETU 4,833
1,931 (60.05) ----- ----- ------ Net Income for the Year 352,076
341,728 (2.94) ======= ======= ===== Earnings per share 1.1736
1.1391 (2.94) Earnings per ADS (in U.S. dollars) 0.8293 0.8049
(2.94) Exchange rate per dollar 14.1517 Grupo Aeroportuario del
Sureste, S.A.B. de C.V. Consolidated Statement of Cash flow from
January 1 to March 31, 2009 and 2008 Thousands of Mexican pesos
Cumulative Cumulative Variation Related 2008 2009 % ----------
---------- --------- Operating Activities Income Before Income
Taxes 470,510 553,833 18 Items related to Investing Activities:
Depreciation and Amortization 149,115 158,324 6 Interest Income
(54,840) (29,586) (46) Provisions - - --- ------- --- Sub-Total
564,785 682,571 21 ------- ------- --- Increase in Trade
Receivables (86,233) (91,665) 6 Decrease in Recoverable Taxes and
Other Current Assets 19,812 (14,231) (172) Other Deferred Assets
10,671 10,971 3 Income Tax Paid (12,043) (100) Trade Accounts
Payable (51,830) (180) (100) Accrued Expenses and Other Payables -
(334,645) - Long Term Liabilities - 112 - ------- ------- --- Net
Cash Flow Provided by Operating Activities 445,162 252,934 (43)
------- ------- --- Investing Activities Investments in Machinery,
Furniture and Equipment, net (38,410) (3,664) (90) Investments in
Rights to Use Airport Facilities - - - Investments in Construction
in Process (54,844) (91,073) 66 Investments in Others (18,631)
24,454 (231) Interest Income 54,840 29,586 (46) ------- ------- ---
Net Cash Flow Provided by Investing Activities (57,045) (40,697)
(29) ------- ------- --- Excess Cash to Use in Financing
Activities: 388,117 212,237 (45) Dividends Paid - Tax on Dividends
Paid - Net Cash Flow Provided by Financing Activities - - - Net
Increase in Cash and Cash Equivalents 388,117 212,237 (45) Cash and
Cash Equivalents at Beginning of Period 1,925,697 1,733,512 (10)
Cash and Cash Equivalents at the End of Period 2,313,814 1,945,749
(16) ========= ========= === Related Quarter Quarter Variation 2008
2009 % ------ ------ --------- Operating Activities Income Before
Income Taxes 470,510 553,833 18 Items related to Investing
Activities: Depreciation and Amortization 149,115 158,324 6
Interest Income (54,840) (29,586) (46) Provisions - - --- -------
--- Sub-Total 564,785 682,571 21 ------- ------- --- Increase in
Trade Receivables (86,233) (91,665) 6 Decrease in Recoverable Taxes
and Other Current Assets 19,812 (14,231) (172) Other Deferred
Assets 10,671 10,971 3 Income Tax Paid (12,043) Trade Accounts
Payable (51,830) (180) (100) Accrued Expenses and Other Payables -
(334,645) - Long Term Liabilities - 112 - ------- ------- --- Net
Cash Flow Provided by Operating Activities 445,162 252,934 (43)
------- ------- --- Investing Activities Investments in Machinery,
Furniture and Equipment, net (38,410) (3,664) (90) Investments in
Rights to Use Airport Facilities - - - Investments in Construction
in Process (54,844) (91,073) 66 Investments in Others (18,631)
24,454 (231) Interest Income 54,840 29,586 (46) ------- ------- ---
Net Cash Flow Provided by Investing Activities (57,045) (40,697)
(29) ------- ------- --- Excess Cash to Use in Financing
Activities: 388,117 212,237 (45) Dividends Paid - Tax on Dividends
Paid - Net Cash Flow Provided by Financing Activities - - - Net
Increase in Cash and Cash Equivalents 388,117 212,237 (45) Cash and
Cash Equivalents at Beginning of Period 1,925,697 1,733,512 (10)
Cash and Cash Equivalents at the End of Period 2,313,814 1,945,749
(16) ========= ========= === DATASOURCE: Grupo Aeroportuario del
Sureste, S.A.B. de C.V. CONTACT: In Mexico, Lic. Adolfo Castro,
ASUR, +52-5552-84-04-08, ; In the U.S., Susan Borinelli,
+1-646-452-2333, , or Maura Gedid, +1-646-452-2335, , both
Breakstone Group
Copyright