MEXICO CITY,
July 24 /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
June 30, 2008.
2Q08 Highlights(1):
-- EBITDA(2) increased by 19.75% to Ps.531.9 million.
-- Total passenger traffic was up 9.59%.
-- Total revenues rose by 11.78%, mainly due to increases of 21.43% in
non-aeronautical revenues and 7.35% in aeronautical revenues.
-- Commercial revenues per passenger rose by 12.66% to Ps.49.29 per
passenger.
-- Operating profit increased by 20.73%.
-- EBITDA margin was 65.78% compared with 61.40% in 2Q07.
(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 June 30, 2008, and the equivalent three-month period ended June 30,
2007. Results for 2Q07 and 1H07 are expressed in constant Mexican pesos as of
December 31, 2007, while 2Q08 and 1H08 results are 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.10.3069.
(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 second quarter of 2008, total passenger traffic increased
year-over-year by 9.59%. Domestic passenger traffic increased by 8.37% and
international passenger traffic rose by 10.53%.
The 10.53% rise in international passenger traffic resulted mainly from an
increase of 11.74% at Cancun airport.
The 8.37% rise in domestic passenger traffic resulted mainly from
increases of 9.18%, 32.42%, 12.07%, 11.55% and 18.50%, at the Cancun, Cozumel,
Merida, Oaxaca and Villahermosa airports, respectively. It is worth noting
that the Easter and Holy week holidays, both of which fell in the first
quarter this year, fell in the second quarter in 2007.
For 1H08, total passenger traffic rose by 13.91% compared to 1H07, with
international passenger traffic up 16.88% and domestic passenger traffic up
12.00%.
Table I. Domestic Passengers (in thousands)
% %
Airport 2Q07 2Q08 change 1H07 1H08 change
Cancun 815.8 890.7 9.18 1,419.4 1,675.8 18.06
Cozumel 18.2 24.1 32.42 32.5 47.8 47.08
Huatulco 82.7 65.5 (20.80) 148.3 130.3 (12.14)
Merida 270.1 302.7 12.07 503.8 617.4 22.55
Minatitlan 48.2 40.3 (16.39) 90.8 78.7 (13.33)
Oaxaca 110.8 123.6 11.55 216.3 254.6 17.71
Tapachula 48.9 58.8 20.25 101.1 119.9 18.60
Veracruz 231.1 235.8 2.03 422.0 457.5 8.41
Villahermosa 201.6 238.9 18.50 369.8 479.8 29.75
TOTAL 1,827.4 1,980.4 8.37 3,304.0 3,861.8 16.88
Note: Passenger figures exclude transit and general aviation passengers.
Table II. International Passengers (in thousands)
% %
Airport 2Q07 2Q08 change 1H07 1H08 change
Cancun 2,172.2 2,427.3 11.74 4,687.7 5,290.8 12.87
Cozumel 126.8 131.8 3.94 270.4 281.3 4.03
Huatulco 11.9 7.6 (36.13) 54.6 57.9 6.04
Merida 30.8 25.7 (16.56) 67.3 61.1 (9.21)
Minatitlan 1.2 1.1 (8.33) 1.9 2.1 10.53
Oaxaca 9.8 9.9 1.02 19.4 23.4 20.62
Tapachula 1.1 0.9 (18.18) 2.3 2.2 (4.35)
Veracruz 17.1 16.8 (1.75) 32.1 34.2 6.54
Villahermosa 11.9 12.6 5.88 23.2 25.1 8.19
TOTAL 2,382.8 2,633.7 10.53 5,158.9 5,778.1 12.00
Note: Passenger figures exclude transit and general aviation passengers.
Table III. Total Passengers (in thousands)
% %
Airport 2Q07 2Q08 change 1H07 1H08 change
Cancun 2,988.0 3,318.0 11.04 6,107.1 6,966.6 14.07
Cozumel 145.0 155.9 7.52 302.9 329.1 8.65
Huatulco 94.6 73.1 (22.73) 202.9 188.2 (7.24)
Merida 300.9 328.4 9.14 571.1 678.5 18.81
Minatitlan 49.4 41.4 (16.19) 92.7 80.8 (12.84)
Oaxaca 120.6 133.5 10.70 235.7 278.0 17.95
Tapachula 50.0 59.7 19.40 103.4 122.1 18.09
Veracruz 248.2 252.6 1.77 454.1 491.7 8.28
Villahermosa 213.5 251.5 17.80 393.0 504.9 28.47
TOTAL 4,210.2 4,614.1 9.59 8,462.9 9,639.9 13.91
Note: Passenger figures exclude transit and general aviation passengers.
Consolidated Results for 2Q08
Total revenues for 2Q08 increased year-over-year by 11.78% to Ps.808.5
million. This was mainly due to increases of:
-- 7.35% in revenues from aeronautical services, principally as a result
of the 9.59% rise in passenger traffic; and
-- 21.43% in revenues from non-aeronautical services, principally as a
result of the 23.19% 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 23.19% year-over-year during the quarter,
principally as a result of revenue increases in the following areas:
-- 25.15% increase in duty-free stores;
-- 32.04% increase in food and beverage;
-- 24.85% increase in retail operations;
-- 3.30% increase in parking lots;
-- 33.97% increase in advertising;
-- 3.70% increase in banking and currency exchange services;
-- 25.18% increase in ground transportation;
-- 6.33% increase in car rental companies;
-- 6.54% increase in teleservices; and
-- 20.97% increase in other revenues.
Growth in each of these areas resulted generally from the rise in
passenger traffic and in particular from the opening on May 18, 2007 of Cancun
Airport's new Terminal 3.
Retail revenues continued to benefit from higher concession fees from
local craft and specialty shops, teleservices and tourism 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 2Q08 increased 4.81% year over
year, primarily as a result of:
-- an 8.70% increase in administrative expenses resulting from the
corporate reorganization involving the transfer of employees from ASUR's
operating subsidiaries to wholly owned subsidiaries. During March of this
year, 100% of ASUR airport employees were relocated to two organizations,
Servicios Aeroportuarios del Sureste, S.A. de C.V. (non unionized) and RH
Asur, S.A. de C.V. (unionized).
-- a 17.33% increase in depreciation and amortization, resulting from the
depreciation of investments in fixed assets and improvements made to
concession assets;
-- a 20.45% increase in the cost of technical assistance, reflecting the
increase in EBITDA for the quarter (a factor in the calculation of the fee);
and
-- an 11.65% increase in concession fees paid to the Mexican government,
mainly due to higher revenues (a factor in the calculation of the fee).
These increases were partially offset by a 7.03% decline in cost of
services, primarily reflecting the net effect of reversing a deferred
provision for approximately Ps.34 million. The provision was cancelled
because, due to the personnel reorganization, it was no longer needed.
This reversal more than offset increases of 20.17% in energy costs, 16.17%
in the cost of security services, and 21.31% in maintenance and cleaning
costs, resulting from the operation of Terminal 3 at Cancun Airport, beginning
May 2007; as well as marketing expenses in connection with the Company's
participation in promotional fairs in areas where our airports are located.
Operating margin for the quarter increased to 47.26% from 43.76% in 2Q07.
This was mainly the result of the 11.78% increase in total revenues, which
more than offset the 4.81% 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, we evaluated and reviewed our
deferred assets and liabilities position under Mexican Financial Reporting
Standards. As a result of this review, we created a deferred IETU provision
that resulted in a charge to income in the quarter of Ps.1.45 million.
During 2Q08 the ASUR subsidiaries that pay IETU made provisional tax
payments of Ps.61.09 million. Of these payments, Ps.48.28 million was
recorded as an expense and the difference was recorded as an asset, since ASUR
expects to recover Ps.12.81 million as a credit against future tax payments.
During the quarter, we recorded a non-ordinary charge of Ps.8.89 million
that resulted from a one-time payment made on April 2008 in connection with
the reorganization at ASUR involving the transfer of employees from our
operating subsidiaries to wholly-owned subsidiaries providing administrative
and personnel services.
Net income for 2Q08 increased to Ps.255.16 million, from Ps.241.34 million
in 2Q07. Earnings per common share for the quarter were Ps.0.8505, or
earnings per ADS (EPADS) of US$0.8252 (one ADS represents ten series B common
shares). This compares with Ps.0.8045, or EPADS of US$0.7805, for the same
period last year.
Table IV. Summary of Consolidated Results for 2Q08
2Q07 2Q08 % change
Total Revenues 723,343 808,518 11.78
Aeronautical Services 496,151 532,630 7.35
Non-Aeronautical Services 227,192 275,888 21.43
Commercial Revenues 187,678 231,207 23.19
Operating Profit 316,499 382,115 20.73
Operating Margin (%) 43.76% 47.26% 7.99%
EBITDA 444,133 531,865 19.75
EBITDA Margin (%) 61.40% 65.78% 7.14%
Net Income 241,337 255,158 5.73
Earnings per Share (*) 0.8045 0.8505 5.73
Earnings per ADS in USD 0.7805 0.8252 5.73
Note: Figures for 2Q07 are expressed in thousands of constant Mexican
pesos as of December 31, 2007, while figures for 2Q08 are in
thousands of nominal pesos. U.S. dollar figures are calculated at
the exchange rate of US$1 = Ps.10.3069.
Table V. Commercial Revenues for 2Q08
2Q07 2Q08 % change
Total Passengers ('000) 4,290 4,691 9.35
Total Commercial Revenues 187,678 231,207 23.19
Commercial revenues from direct
operations(1) 27,763 40,422 45.60
Commercial Revenues excluding
direct operations 159,915 190,785 19.30
Total Commercial Revenues per passenger 43.75 49.29 12.66
Commercial revenues from direct
operations per passenger(1) 6.47 8.62 33.23
Commercial Revenue per passenger
(excluding direct operations) 37.28 40.67 9.09
Note: For purposes of this table, approximately 79,600 and 76,700 transit
and general aviation passengers are included for 2Q07 and 2Q08,
respectively. Revenue figures for 2Q07 are expressed in thousands
of constant Mexican pesos as of December 31, 2007, while revenue
figures for 2Q08 are in thousands of nominal pesos.
(1) Revenues from direct commercial operations represent solely 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 2Q08
2Q07 2Q08 % change
Cost of Services 194,802 181,103 (7.03)
Administrative 25,000 27,174 8.70
Technical Assistance 23,241 27,994 20.45
Concession Fees 36,167 40,382 11.65
Depreciation and Amortization 127,634 149,750 17.33
TOTAL 406,844 426,403 4.81
Note: Figures for 2Q07 are expressed in thousands of constant Mexican
pesos as of December 31, 2007, while figures for 2Q08 are in
thousands of nominal pesos.
Consolidated Results for 1H08
Total revenues for 1H08 increased year-over-year by 17.79% to Ps.1,678.4
million. This was mainly due to increases of:
-- 11.88% in revenues from aeronautical services as a result of the 13.91%
rise in passenger traffic during the period; and
-- 32.07% in revenues from non-aeronautical services, principally as a
result of the 36.03% rise in commercial revenues detailed below, which in turn
was a consequence of the increase in passenger traffic.
Commercial revenues for 1H08 rose by 36.03% year-over-year, principally as
a result of revenue increases from the following areas:
-- 42.32% from duty-free revenues;
-- 35.15% from retail revenues;
-- 34.74% from advertising revenues;
-- 33.95% from banking and currency exchange services;
-- 28.38% from ground transportation services;
-- 20.99% from teleservices;
-- 52.82% from food and beverage;
-- 11.06% from parking lot revenues;
-- 40.26% from other income; and
-- 8.27% from car rental companies.
Total operating costs and expenses for 1H08 increased by 10.06%, mainly
due to the following:
-- a 3.24% increase in cost of services, due mainly to increases of 27.64%
in energy costs, 19.69% in security costs, and 11.92% in maintenance expenses,
in each case resulting from the opening of Terminal 3 in May 2007; as well as
higher marketing expenses in connection with the Company's participation in
promotional fairs;
-- a 2.18% increase in administrative expenses;
-- a 16.30% increase in depreciation and amortization, resulting from the
depreciation of investments in fixed assets and improvements made to
concession assets;
-- a 24.79% rise in technical assistance costs reflecting the
corresponding increase in EBITDA during the period; and
-- a 17.73% increase in concession fees, mainly due to higher revenues.
Operating margin increased to 48.62% for 1H08, up from 45.01% for 1H07.
This was mainly the result of the 17.79% increase in revenues, which more than
offset the 10.06% increase in costs and expenses during the period.
Net income for 1H08 increased by 28.92% to Ps.607.23 million. Earnings
per common share for the period were Ps.2.0241, or earnings per ADS (EPADS) of
US$1.9638 (one ADS represents ten series B common shares). This compares with
Ps.1.5701, or EPADS of US$1.5233, for the same period last year.
Table VII. Summary of Consolidated Results for 1H08
1H07 1H08 % change
Total Revenues 1,424,888 1,678,408 17.79
Aeronautical Services 1,007,652 1,127,345 11.88
Non-Aeronautical Services 417,236 551,063 32.07
Commercial Revenues 343,183 466,836 36.03
Operating Profit 641,282 815,963 27.24
Operating Margin (%) 45.01% 48.62% 8.02%
EBITDA 898,269 1,114,827 24.11
EBITDA Margin (%) 63.04% 66.42% 5.36%
Net Income 471,027 607,234 28.92
Earnings per Share (*) 1.5701 2.0241 28.92
Earnings per ADS in USD 1.5233 1.9638 28.92
Note: Figures for 1H07 are expressed in thousands of constant Mexican
pesos as of December 31, 2007, while figures for 1H08 are in
thousands of nominal pesos. U.S. dollar figures are calculated at
the exchange rate of US$1 = Ps.10.3069.
Table VIII. Commercial Revenues per Passenger for 1H08
1H07 1H08 % change
Total Passengers ( '000 ) 8,632 9,820 13.76
Total Commercial Revenues 343,183 466,836 36.03
Commercial revenues from direct
operations(1) 52,937 81,466 53.89
Commercial Revenues excluding direct
operations 290,246 385,370 32.77
Total Commercial Revenue per passenger 39.76 47.54 19.57
Commercial revenue from direct
operations per passenger(1) 6.13 8.30 35.40
Commercial revenue per passenger
(excluding direct operations) 33.63 39.24 16.68
Note: For purposes of this table, approximately 169,200 and 179,700
transit and general aviation passengers are included for 1H07 and
1H08, respectively. Revenue figures for 1H07 are expressed in
thousands of constant Mexican pesos as of December 31, 2007, while
revenue figures for 1H08 are in thousands of nominal pesos.
(1) Revenues from direct commercial operations represent solely 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 1H08
1H07 1H08 % change
Cost of Services 356,699 368,249 3.24
Administrative 51,651 52,778 2.18
Technical Assistance 47,020 58,675 24.79
Concession Fees 71,249 83,879 17.73
Depreciation and Amortization 256,987 298,864 16.30
TOTAL 783,606 862,445 10.06
Note: Figures for 1H07 are expressed in thousands of constant Mexican
pesos as of December 31, 2007, while figures for 1H08 are in
thousands of 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 the first half of 2008 were Ps.1,161.02
million, resulting in an annual average tariff per workload unit of Ps.117.61.
ASUR's regulated revenues accounted for approximately 71.35% 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, 2008, Airport Facility Usage Rights and Airport Concessions
represented 80.65% of the Company's total assets, with current assets
representing 15.48% and other assets representing 3.87%.
On June 30, 2008, cash and marketable securities were Ps.1,632.19 million.
On the same date, shareholder's equity was Ps.14,512.76 million and total
liabilities were Ps.2,216.21 million, representing 86.75% and 13.25% of total
assets, respectively. Total deferred liabilities represented 89.24% of the
Company's total liabilities.
Capital Expenditures
During the quarter, ASUR made investments of Ps.101.91 million as part of
ASUR's ongoing plan to modernize its airports pursuant to its master
development plans.
2Q08 Earnings Conference Call
Day: Friday, July 25, 2008
Time: 10:00 AM US EDT; 9:00 AM Mexico City time
Dial-in number: (888) 713-4205 (US & Canada) and (617) 213-4862
(International & Mexico)
Access Code: 25902899
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=PWQQBGW3B
Pre-registering is not mandatory but is recommended as
it will provide you immediate entry into the call and
will facilitate the timely start of the conference. You
will receive a code that allows you to enter the call
directly. Pre-registration only takes a few moments,
and you may do so at any time, including up to and after
call start time. To pre-register, please click the link
above. Alternatively, if you would rather be placed
into the call by an operator, please call at least 10
minutes prior to call start time.
Replay: Starting Friday, July 25, 2008 at 12:00 PM US ET, ending
at midnight US ET on Friday, August 1, 2008. Dial-in
number: (888) 286-8010 (US & Canada); (617) 801-6888
(International & Mexico). Access Code: 77592354.
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
Results for 2Q07 & 1H07 are expressed in constant Mexican pesos as of
December 31, 2007, while
2Q08 & 1H08 results are in nominal pesos.
Item 2007 2008 % change
Cancun
Aeronautical Revenues 363,790 394,938 8.56
Non-Aeronautical Revenues 187,446 231,029 23.25
Operating Profit 284,576 320,230 12.53
EBITDA 365,803 417,556 14.15
Cozumel
Aeronautical Revenues 18,703 19,465 4.07
Non-Aeronautical Revenues 6,200 6,520 5.16
Operating Profit 6,430 1,913 (70.25)
EBITDA 14,296 10,093 (29.40)
Merida
Aeronautical Revenues 30,082 31,989 6.34
Non-Aeronautical Revenues 11,546 13,596 17.76
Operating Profit 9,729 5,671 (41.71)
EBITDA 19,504 17,398 (10.80)
Villahermosa
Aeronautical Revenues 23,011 27,410 19.12
Non-Aeronautical Revenues 6,828 8,393 22.92
Operating Profit 7,998 9,992 24.93
EBITDA 15,097 18,020 19.36
Others
Aeronautical Revenues 60,565 58,828 (2.87)
Non-Aeronautical Revenues 15,172 16,350 7.76
Operating Profit 7,766 44,309 470.55
EBITDA 29,433 68,798 133.74
Grupo
Aeronautical Revenues 496,151 532,630 7.35
Non-Aeronautical Revenues 227,192 275,888 21.43
Operating Profit 316,499 382,115 20.73
EBITDA 444,133 531,865 19.75
Six Months Six Months
Item 2007 2008 % change
Cancun
Aeronautical Revenues 751,643 840,805 11.86
Non-Aeronautical Revenues 342,208 463,724 35.51
Operating Profit 588,691 679,437 15.41
EBITDA 751,247 873,295 16.25
Cozumel
Aeronautical Revenues 39,138 41,655 6.43
Non-Aeronautical Revenues 11,391 12,648 11.04
Operating Profit 13,435 8,935 (33.49)
EBITDA 29,165 25,302 (13.25)
Merida
Aeronautical Revenues 57,043 66,075 15.83
Non-Aeronautical Revenues 22,005 26,706 21.36
Operating Profit 15,579 15,768 1.21
EBITDA 35,395 39,224 10.82
Villahermosa
Aeronautical Revenues 42,070 54,880 30.45
Non-Aeronautical Revenues 12,751 15,862 24.40
Operating Profit 12,230 20,887 70.78
EBITDA 27,007 36,955 36.83
Others
Aeronautical Revenues 117,758 123,930 5.24
Non-Aeronautical Revenues 28,881 32,123 11.23
Operating Profit 11,347 90,936 701.41
EBITDA 55,455 140,051 152.55
Grupo
Aeronautical Revenues 1,007,652 1,127,345 11.88
Non-Aeronautical Revenues 417,236 551,063 32.07
Operating Profit 641,282 815,963 27.24
EBITDA 898,269 1,114,827 24.11
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Balance Sheet as of June 30, 2008 and 2007
Results for 2Q07 & 1H07 are expressed in constant Mexican pesos as of
December 31, 2007, while
2Q08 & 1H08 results are in nominal pesos.
I t e m June 2007 June 2008 Change %
A s s e t s
Current Assets
Cash and cash equivalents 1,437,021 1,632,187 195,166 13.58
Trade receivables, net 284,681 360,304 75,623 26.56
Recoverable taxes and
other current assets 77,628 595,549 517,921 667.18
Total Current Assets 1,799,330 2,588,040 788,710 43.83
Fixed Assets
Machinery, furniture and
equipment, net 272,072 280,231 8,159 3.00
Rights to use airport
facilities, net 2,217,409 2,156,826 (60,583) (2.73)
Improvements to use
airport facilities, net 3,044,906 3,092,525 47,619 1.56
Constructions in process 156,481 308,443 151,962 97.11
Others 58,334 56,168 (2,166) (3.71)
Total Fixed Assets 5,749,202 5,894,193 144,991 2.52
Deferred Assets
Airports concessions, net 8,140,339 7,935,464 (204,875) (2.52)
Deferred income taxes - - - -
Deferred Flat Rate
Business Tax - 210,525 210,525 -
Other 126,738 100,746 (25,992) (20.51)
Total Deferred Assets 8,267,077 8,246,735 (20,342) (0.25)
Total Assets 15,815,609 16,728,968 913,359 5.78
Liabilities and Stockholder's
Equity
Current Liabilities
Trade accounts payable 19,982 11,789 (8,193) (41.00)
Notes payable - - - -
Accrued expenses and
others payables 215,945 207,658 (8,287) (3.84)
Total Current Liabilities 235,927 219,447 (16,480) (6.99)
Long term liabilities
Other 19,573 18,818 (755) (3.86)
Deferred income taxes 1,058,989 1,264,572 205,583 19.41
Deferred Flat Rate
Business Tax - 705,949 705,949 -
Deferred employees profit
sharing 38,680 - (38,680) (100.00)
Labor Obligations 9,305 7,421 (1,884) (20.25)
Total long term liabilities 1,126,547 1,996,760 870,213 77.25
Total Liabilities 1,362,474 2,216,207 853,733 62.66
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 471,027 607,234 136,207 28.92
Retained earnings 11,550 912,279 900,729 7,798.52
Total stockholders
Equity 14,453,135 14,512,761 59,626 0.41
Total Liabilities and
Stockholders Equity 15,815,609 16,728,968 913,359 5.78
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Income from January 1, to June 30, 2008 and
2007
Results for 2Q07 & 1H07 are expressed in constant Mexican pesos as of
December 31, 2007, while
2Q08 & 1H08 results are in nominal pesos.
I t e m 1H07 1H08 % Change
Revenues
Aeronautical Services 1,007,652 1,127,345 11.88
Non-Aeronautical Services 417,236 551,063 32.07
Total Revenues 1,424,888 1,678,408 17.79
Operating Expenses
Cost of services 356,699 368,249 3.24
General and administrative expenses 51,651 52,778 2.18
Technical Assistance 47,020 58,675 24.79
Concession fee 71,249 83,879 17.73
Depreciation and Amortization 256,987 298,864 16.30
Total Operating Expenses 783,606 862,445 10.06
Operating Income 641,282 815,963 27.24
Comprehensive Financing cost 35,196 61,474 74.66
Non Ordinary Item
Non Ordinary Item - 9,429 -
Income Before Income Taxes 676,478 868,008 28.31
Current income taxes and flat
rate business tax 8,069 90,900 1,026.53
Deferred income taxes 197,382 163,593 (17.12)
Deferred flat rate business tax - 6,281 -
Net Income for the Year 471,027 607,234 28.92
Earning per share 1.5701 2.0241 28.92
Earning per ads usd 1.5233 1.9638 28.92
Exchange rate per dollar 10.3069
Commercial Revenues 343,183 466,836 36.03
I t e m 2Q07 2Q08 % Change
Revenues
Aeronautical Services 496,151 532,630 7.35
Non-Aeronautical Services 227,192 275,888 21.43
Total Revenues 723,343 808,518 11.78
Operating Expenses
Cost of services 194,802 181,103 (7.03)
General and administrative expenses 25,000 27,174 8.70
Technical Assistance 23,241 27,994 20.45
Concession fee 36,167 40,382 11.65
Depreciation and Amortization 127,634 149,750 17.33
Total Operating Expenses 406,844 426,403 4.81
Operating Income 316,499 382,115 20.73
Comprehensive Financing cost 31,356 24,280 (22.57)
Non Ordinary Item
Non Ordinary Item - 8,897 -
Income Before Income Taxes 347,855 397,498 14.27
Current income taxes and flat
rate business tax 2,038 62,201 2,952.06
Deferred income taxes 104,480 78,691 (24.68)
Deferred flat rate business tax - 1,448 -
Net Income for the Year 241,337 255,158 5.73
Earning per share 0.8045 0.8505 5.73
Earning per ads usd 0.7805 0.8252 5.73
Exchange rate per dollar 10.3069
Commercial Revenues 187,678 231,207 23.19
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Cash flow from January 1, to June 30, 2008
and 2007
Results for 2Q07 & 1H07 are expressed in constant Mexican pesos as of
December 31, 2007, while
2Q08 & 1H08 results are in nominal pesos.
I t e m 1H07 1H08 % Change
Income Before Taxes 676,478 868,008 28.31
Depreciation and Amortization 256,987 298,864 16.30
Deferred Flat rate Business Tax - -
Deferred income tax - -
Provisions - (37,495) -
Interest Income 52,801 74,077 40.29
Resources provided by operations 986,266 1,203,454 22.02
Changes in operating assets and
liabilities:
Decrease (increase) in:
Trade receivables (40,285) (80,889) (100.79)
Recoverable taxes and other
current assets 29,686 12,478 (57.97)
Other deferred assets (29,401) (101,065) (243.75)
Increase (decrease) in:
Trade accounts payable 13,503 (5,284) 139.13
Accrued expenses and others
payables (103,836) (82,155) 20.88
Long term liabilities (41,485) (400) (99.04)
Resources provided by (used for)
working capital (171,818) (257,315) (49.76)
Resources provided by (used for)
operating activities 814,448 946,139 16.17
Resources provided by (used for)
financing activities: (232,104) (951,262) 309.84
Notes payable - - -
Others (232,104) (951,262) 309.84
Resources provided by (used for)
investing activities: (433,676) (288,387) (33.50)
Investments in machinery,
furniture and equipment, net (995,934) (116,380) (88.31)
Investments in rights to use
airport facilities - - -
Investments in constructions in
process 594,636 (78,786) 113.25
Investments in others 20,423 (19,144) (193.74)
Interest Income (52,801) (74,077) 40.29
Increase (Decrease) in cash and
cash equivalents 148,668 (293,510) (297.43)
Cash and cash equivalents at
beginning of the financial period 1,288,353 1,925,697 49.47
Cash and cash equivalents at the end
of the financial period 1,437,021 1,632,187 13.58
I t e m 2Q07 2Q08 % Change
Income Before Taxes 347,855 397,498 14.27
Depreciation and Amortization 127,634 149,750 17.33
Deferred Flat rate Business Tax - -
Deferred income tax - -
Provisions - (37,495) -
Interest Income 28,103 32,325 15.02
Resources provided by operations 503,592 542,078 7.64
Changes in operating assets and
liabilities:
Decrease (increase) in:
Trade receivables (3,575) 5,344 (249.48)
Recoverable taxes and other
current assets 13,141 (7,334) (155.81)
Other deferred assets (26,716) (99,693) 273.16
Increase (decrease) in:
Trade accounts payable 4,054 (2,613) 164.45
Accrued expenses and others
payables (126,239) (45,352) (64.07)
Long term liabilities (24,172) (220) (99.09)
Resources provided by (used for)
working capital (163,507) (149,868) 8.34
Resources provided by (used for)
operating activities 340,085 392,210 15.33
Resources provided by (used for)
financing activities: (232,104) (951,262) 309.84
Notes payable - - -
Others (232,104) (951,262) 309.84
Resources provided by (used for)
investing activities: (159,211) (122,575) (23.01)
Investments in machinery,
furniture and equipment, net (992,695) (77,970) (92.15)
Investments in rights to use
airport facilities - - -
Investments in constructions in
process 818,457 (23,942) 102.93
Investments in others 43,130 11,662 (72.96)
Interest Income (28,103) (32,325) 15.02
Increase (Decrease) in cash and
cash equivalents (51,230) (681,627) 1,230.52
Cash and cash equivalents at
beginning of the financial period 1,488,251 2,313,814 55.47
Cash and cash equivalents at the
end of the financial period 1,437,021 1,632,187 13.58
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