MEXICO D.F., Feb. 18 /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 twelve-month periods ended December 31, 2009. 4Q09 Highlights(1): -- EBITDA(2) increased by 3.32% to Ps. 445.42 million -- Total passenger traffic was down 5.98% -- Total revenues declined by 0.34%, due to declines of 0.08% in aeronautical revenues and 0.81% in non-aeronautical revenues -- Commercial revenues per passenger increased by 6.00% to Ps.61.34 per passenger -- Operating profit increased by 3.06% -- EBITDA margin increased to 59.12% compared with 57.03% in 4Q08 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-and twelve-month periods ended December 31, 2009, and the equivalent three- and twelve-month periods ended December 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.13.0659. 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. Passenger Traffic For the fourth quarter of 2009, total passenger traffic declined year-over-year by 5.98%. International passenger traffic declined by 7.36% while domestic passenger traffic declined by 4.32%. The 7.36% decline in international passenger traffic resulted mainly from a decline of 8.42% in international traffic at the Cancun airport. The 4.32% decline in domestic passenger traffic resulted mainly from declines of 23.29% 26.27%, 21.61%, 10.02% and 11.92% at the Cozumel, Oaxaca, Tapachula, Veracruz and Villahermosa airports, respectively. For FY09, total passenger traffic declined by 12.49% compared to FY08, with domestic passenger traffic down 12.21% and international passenger traffic down 12.70%. On April 28, 2009 the World Health Organization announced the outbreak of the H1N1 Influenza in Mexico. Mainly as a result of the outbreak and the global recession, total year-over-year passenger traffic declined 2.1% in April, 50.7% in May, 28.4% in June, 16.7% in July, 12.8% in August, 10.7% in September, 7.2% in October, 7.1% in November and 4.1% in December. Table I: Domestic Passengers (in thousands) Airport 4Q08 4Q09 % Change FY08 FY09 % Change ------- ---- ---- -------- ---- ---- -------- Cancun 732.8 755.2 3.06 3,373.9 3,102.5 (8.04) Cozumel 14.6 11.2 (23.29) 86.4 53.4 (38.19) Huatulco 75.4 77.9 3.32 292.1 323.1 10.61 Merida 270.7 274.5 1.40 1,167.1 966.2 (17.21) Minatitlan 38.2 37.0 (3.14) 154.7 142.1 (8.14) Oaxaca 156.1 115.1 (26.27) 546.2 460.7 (15.65) Tapachula 58.3 45.7 (21.61) 236.0 186.5 (20.97) Veracruz 228.6 205.7 (10.02) 911.2 786.7 (13.66) Villahermosa 206.3 181.7 (11.92) 907.4 716.8 (21.01) TOTAL 1,781.0 1,704.0 (4.32) 7,675.0 6,738.0 (12.21) Note: Passenger figures exclude transit and general aviation passengers. Table II: International Passengers (in thousands) Airport 4Q08 4Q09 % Change FY08 FY09 % Change ------- ---- ---- -------- ---- ---- -------- Cancun 1,990.4 1,822.9 (8.42) 9,272.6 8,072.4 (12.94) Cozumel 67.1 71.7 6.86 439.0 382.3 (12.92) Huatulco 12.2 11.7 (4.10) 73.9 65.0 (12.04) Merida 21.8 23.4 7.34 113.7 92.4 (18.73) Minatitlan 0.9 1.2 33.33 4.3 3.9 (9.30) Oaxaca 11.9 13.9 16.81 48.2 62.4 29.46 Tapachula 1.0 0.9 (10.00) 4.1 3.9 (4.88) Veracruz 15.2 16.7 9.87 69.9 65.9 (5.72) Villahermosa 11.6 12.8 10.34 51.6 49.6 (3.88) TOTAL 2,132.1 1,975.2 (7.36) 10,077.3 8,797.8 (12.70) Note: Passenger figures exclude transit and general aviation passengers. Table III: Total Passengers (in thousands) Airport 4Q08 4Q09 % Change FY08 FY09 % Change ------- ---- ---- -------- ---- ---- -------- Cancun 2,723.2 2,578.1 (5.33) 12,646.5 11,174.9 (11.64) Cozumel 81.7 82.9 1.47 525.4 435.7 (17.07) Huatulco 87.6 89.6 2.28 366.0 388.1 6.04 Merida 292.5 297.9 1.85 1,280.8 1,058.6 (17.35) Minatitlan 39.1 38.2 (2.30) 159.0 146.0 (8.18) Oaxaca 168.0 129.0 (23.21) 594.4 523.1 (12.00) Tapachula 59.3 46.6 (21.42) 240.1 190.4 (20.70) Veracruz 243.8 222.4 (8.78) 981.1 852.6 (13.10) Villahermosa 217.9 194.5 (10.74) 959.0 766.4 (20.08) TOTAL 3,913.1 3,679.2 (5.98) 17,752.3 15,535.8 (12.49) Note: Passenger figures exclude transit and general aviation passengers. Consolidated Results for 4Q09 Total revenues for 4Q09 declined year-over-year by 0.34% to Ps.753.4 million. This was mainly due to declines of: -- 0.08% in revenues from aeronautical services principally as a result of the 5.98% decline in passenger traffic; and -- 0.81% in revenues from non-aeronautical services despite the 0.87% 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 lots. Commercial revenues increased by 0.87% year-over-year during the quarter, principally reflecting the decline in passenger traffic. There were increases in revenues in the following activities: -- 39.98% in car rentals; -- 8.07% in ground transportation; -- 5.91% in food and beverage; and -- 8.28% in retail operations. These increases were partially offset by revenue declines of: -- 8.11% in duty-free stores; -- 7.57% in banking and currency exchange services; -- 15.99% in advertising; -- 0.25% in parking lot fees; -- 47.27% in teleservices; and -- 8.40% in other revenues. New Retail and Other Commercial Space Business Name Type Opening Date ------------- ---- ------------ Cancun Mas Business Gift shop April 2009 Budget Car rental company October 2009 Merida Rent A Matic Itza Car rental company April 2009 Tapachula Hertz Car rental company June 2009 Veracruz Avis Car rental company June 2009 Total operating costs and expenses for 4Q09 decreased 2.33% year over year. This was primarily a result of a 10.67% decline in cost of services, mainly reflecting lower energy and labor costs, the latter due to the reassignment in 3Q09 of employees from certain operating areas to corporate. The decline in cost of services was partially offset by the following increases: -- 18.11% in administrative expenses, principally in labor costs resulting from the reassignment of employees from certain operating areas to corporate; -- 3.79% in depreciation and amortization, resulting from the depreciation of new investments in fixed assets and improvements made to concession assets; -- 3.31% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee); and -- 5.18% 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). Operating margin for the quarter increased to 38.26% from 37.00% in 4Q08. This was mainly the result of the 2.33% decline in cost of services, which more than offset the 0.34% decrease in revenues during the period. Comprehensive Financing Cost for 4Q09 declined year-on-year by Ps.69.7 million. During 4Q08 ASUR reported interest income of Ps.31.3 million and an exchange rate gain of Ps.32.9 million. During 4Q09, the Company reported an exchange rate loss of Ps.10 million and net interest income of Ps.4.5 million. Net interest income resulted from interest income of Ps.11.6 million, accrued interest of Ps.12.5 million - of which Ps.7.9 million was capitalized - and a mark to market loss in its interest rate swap of Ps.2.5 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 4Q09 declined by 9.44%, or Ps.13.0 million year-on-year, principally due to the following factors: -- During 4Q09, ASUR's subsidiaries that pay IETU made provisional tax payments of Ps.11.3 million. Of these payments, Ps.2.4 million was recorded as an expense and Ps.8.9 million as an asset since ASUR expects to recover these taxes under the current tax law. The decrease of Ps.24.6 million in ASUR's provision for IETU recorded in 4Q08 resulted from the annual calculation were we credited Ps.33.1 during 2009. -- A higher provision for income taxes in 4Q08 principally reflecting higher income from services provided to the airports during that quarter by the holding company. -- A decline in deferred income taxes during 4Q08 as a result of the initial recognition of deferred income tax at the holding company level for advances received from ASUR's subsidiaries at year-end. -- An increase in deferred IETU during 4Q09 due to the loss of tax credits from asset investments as per the IETU law. Net income for 4Q09 declined 23.44% to Ps.159.50 million from Ps.208.33 million in 4Q08. Earnings per common share for the quarter were Ps.0.5317, or earnings per ADS (EPADS) of US$0.4069 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.0.6944, or EPADS of US$0.5315, for the same period last year. Table IV: Summary of Consolidated Results for 4Q09 4Q08 4Q09 % Change ---- ---- -------- Total Revenues 755,994 753,447 (0.34) Aeronautical Services 487,066 486,689 (0.08) Non-Aeronautical Services 268,928 266,758 (0.81) Commercial Revenues 229,716 231,705 0.87 Operating Profit 279,716 288,268 3.06 Operating Margin % 37.00% 38.26% 3.40% EBITDA 431,127 445,419 3.32 EBITDA Margin % 57.03% 59.12% 3.66% Net Income 208,326 159,503 (23.44) Earnings per Share 0.6944 0.5317 (23.44) Earnings per ADS in US $0.5315 0.4069 (23.44) Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.13.0659 Table V: Commercial Revenues per Passenger for 4Q09 4Q08 4Q09 % Change ---- ---- -------- Total Passengers ('000) 3,970 3,778 (4.84) Total Commercial Revenues 229,716 231,705 0.87 Commercial revenues from direct operations (1) 37,482 38,933 3.87 Commercial revenues excluding direct operations 192,234 192,772 0.28 Total Commercial Revenue per Passenger 57.86 61.34 6.00 Commercial revenue from direct operations Per passenger (1) 9.44 10.31 9.22 Commercial revenue per passenger (excluding direct operations) 48.42 51.03 5.39 Note: For purposes of this table, approximately 57,900 and 98,300 transit and general aviation passengers are included for 4Q08 and 4Q09, 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 4Q09 4Q08 4Q09 % Change ---- ---- -------- Cost of Services 235,383 210,260 (10.67) Administrative 31,497 37,202 18.11 Technical Assistance 22,692 23,443 3.31 Concession Fees 35,295 37,123 5.18 Depreciation and Amortization 151,411 157,151 3.79 TOTAL 476,278 465,179 (2.33) Note: Figures in nominal pesos. Consolidated Results for FY09 Total revenues for FY09 declined year-over-year by 1.18% to Ps.3,131.2 million. This was mainly due to: -- A 2.82% decline in revenues from aeronautical services as a result of the 12.49% decline in passenger traffic during the period, partially offset by the increase in rates that was approved in 1Q09. -- A 2.03% increase in revenues from non-aeronautical services, principally as a result of the 4.14% rise in commercial revenues detailed below. Commercial revenues for FY09 rose by 4.14% year-over-year, principally as a result of revenue increases in the following areas: -- 3.09% in duty-free stores; -- 7.48% in retail operations; -- 2.73% in banking and currency exchange services; -- 39.76% in car rentals; -- 3.50% in other income; and -- 0.47% in ground transportation services. These increases were partially offset by revenue declines in the following areas: -- 7.33% in parking lot fees; -- 1.71% in food and beverage; -- 10.86% in advertising; and

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