UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE
ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2004
| GRUPO AEROPORTUARIO DEL SURESTE S.A. DE C.V. (SOUTHEAST AIRPORT GROUP) |
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| (Translation of Registrant’s Name Into English) |
| México |
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| (Jurisdiction of incorporation or organization) |
| Blvd. Manuel Avila Camacho, No. 40, 6th Floor Col. Lomas de Chapultepec 11000 México, D.F. |
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| (Address of principal executive offices) |
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F x Form 40-F
(Indicate by check mark whether the Registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes No x
(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .)
For Immediate Release
ASUR 3Q04 PASSENGER TRAFFIC UP 12.99% YOY
3Q04 Highlights1:- EBITDA increased by 40.16% to Ps.319.48 million.
- Total passenger traffic up by 12.99%.
- Total revenues up by 31.54%, mainly due to a 21.99% increase in aeronautical revenues.
- Commercial revenues per passenger increased by 72.38%, to Ps.31.47pesos per passenger.
- Operating income improved by 62.37%.
- EBITDA margin was 62.52% compared with 58.67% in 3Q03.
México D.F., October 27, 2004 Grupo Aeroportuario del Sureste, S.A. de C.V. (NYSE:ASR; BMV:ASUR), (ASUR) the first privatized airport group in Mexico and operator of Cancun Airport and eight others in the southeast of Mexico, today announced results for the three and nine-month periods ended September 30, 2004.
1 Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with Generally Accepted Accounting Principles in Mexico, expressed in constant Mexican pesos as of September 30, 2004, and represent comparisons between the three-month period ended September 30, 2004, and the equivalent three-month period ended September 30, 2003. 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. 11.3884.
ASUR 3Q04, Page 1 of 17
Passenger Traffic
For the third quarter of 2004, total passenger traffic increased year-over-year by 12.99%; domestic passenger traffic increased by 5.56%; and international passenger traffic increased by 19.16% .
The 5.56% growth in domestic passenger traffic mainly reflects the 19.14% increase in traffic at the Veracruz airport resulting from the opening of new routes to that destination by Azteca airlines in July 2004, as well as an increase in flights by Mexicana airlines. Growth was also driven by a 16.21% increase in passenger traffic due to additional flights at Villahermosa airport by Aeromexico and Aviacsa. Traffic at Oaxaca airport rose 11.59% as a result of Azteca opening a new route to that destination in December 2003.
The 19.16% increase in international passenger traffic resulted mainly from a 31.44% and 18.18% growth in traffic at the Cozumel and Cancun airports, respectively. Higher international traffic at Cozumel, reflects increased flight frequencies by certain airlines, and the start of operations of ATA airlines in December 2003 and American Airlines in January 2004.
Total, domestic and international passenger traffic for the first nine-months of the year, increased by 14.63%, 6.07% and 20.50%, respectively.
| Table I: Domestic Passengers (in thousands) | ||||||||||||
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| Airport | 3Q03 | 3Q04 | % | 9 Months 9 Months | % | |||||||
| Change | 2003 | 2004 | Change | |||||||||
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| Cancun | 675.1 | 689.4 | 2.12 | 1,659.3 | 1,728.5 | 4.14 | ||||||
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| Cozumel | 31.7 | 27.8 | (12.45) | 73.1 | 68.8 | (5.82) | ||||||
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| Huatulco | 69.2 | 74.7 | 7.95 | 177.2 | 187.5 | 5.82 | ||||||
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| Merida | 204.3 | 210.1 | 2.87 | 590.4 | 601.6 | 1.90 | ||||||
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| Minatitlan | 32.3 | 30.7 | (4.92) | 94.9 | 92.6 | (2.50) | ||||||
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| Oaxaca | 107.3 | 119.7 | 11.59 | 310.4 | 364.9 | 17.55 | ||||||
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| Tapachula | 45.1 | 46.4 | 2.81 | 134.5 | 142.8 | 6.16 | ||||||
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| Veracruz | 117.3 | 139.7 | 19.14 | 342.2 | 368.0 | 7.54 | ||||||
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| Villahermosa | 141.6 | 164.5 | 16.21 | 410.5 | 468.5 | 14.12 | ||||||
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| TOTAL | 1,423.9 | 1,503.2 | 5.56 | 3,792.4 | 4,022.5 | 6.07 | ||||||
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| Note: Passenger figures exclude transit and general aviation passengers. | ||||||||||||
ASUR 3Q04, Page 2 of 17
| Table II: International Passengers (in thousands) | ||||||||||||
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| Airport | 3Q03 | 3Q04 | % |
9 Months
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9 Months | % | ||||||
| Change | 2003 | 2004 | Change | |||||||||
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| Cancun | 1,554.9 | 1,837.6 | 18.18 | 5,058.3 | 6,051.0 | 19.63 | ||||||
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| Cozumel | 94.9 | 124.8 | 31.44 | 302.2 | 402.0 | 33.02 | ||||||
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| Huatulco | 1.9 | 2.0 | 7.41 | 23.4 | 22.8 | (2.35) | ||||||
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| Merida | 29.5 | 33.9 | 14.95 | 70.7 | 92.9 | 31.34 | ||||||
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| Minatitlan | 0.8 | 0.9 | 13.16 | 1.9 | 2.0 | 6.84 | ||||||
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| Oaxaca | 8.0 | 15.4 | 91.28 | 22.0 | 33.5 | 52.21 | ||||||
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| Tapachula | 0.6 | 1.1 | 68.75 | 1.6 | 2.8 | 71.43 | ||||||
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| Veracruz | 14.8 | 15.7 | 6.29 | 40.8 | 41.7 | 2.08 | ||||||
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| Villahermosa | 8.9 | 11.6 | 29.42 | 21.1 | 29.2 | 38.61 | ||||||
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| TOTAL | 1,714.4 | 2,042.9 | 19.16 | 5,542.0 | 6,677.9 | 20.50 | ||||||
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| Note: Passenger figures exclude transit and general aviation passengers. | ||||||||||||
| Table III: Total Passengers (in thousands) | ||||||||||||
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| Airport | 3Q03 | 3Q04 | % |
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9 Months | % | ||||||
| Change | 2003 | 2004 | Change | |||||||||
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| Cancun | 2,230.0 | 2,570.0 | 13.32 | 6,717.6 | 7,779.0 | 15.80 | ||||||
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| Cozumel | 126.7 | 152.6 | 20.45 | 375.3 | 470.9 | 25.46 | ||||||
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| Huatulco | 71.1 | 76.7 | 7.93 | 200.6 | 210.3 | 4.87 | ||||||
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| Merida | 233.8 | 244.0 | 4.40 | 661.1 | 694.5 | 5.05 | ||||||
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| Minatitlan | 33.1 | 31.6 | (4.48) | 96.8 | 94.6 | (2.31) | ||||||
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| Oaxaca | 115.3 | 135.1 | 17.14 | 332.4 | 398.3 | 19.84 | ||||||
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| Tapachula | 45.8 | 47.5 | 3.73 | 136.1 | 145.6 | 6.94 | ||||||
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| Veracruz | 132.1 | 155.5 | 17.70 | 383.0 | 409.6 | 6.96 | ||||||
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| Villahermosa | 150.5 | 176.1 | 17.00 | 431.6 | 497.7 | 15.32 | ||||||
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| TOTAL | 3,138.3 | 3,546.0 | 12.99 | 9,334.5 | 10,700.4 | 14.63 | ||||||
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Note: Passenger figures exclude transit and general aviation passengers.
Consolidated Results for 3Q04
Total revenues for 3Q04 increased year-over-year by 31.54% to Ps.511.04 million. This was mainly due to:
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An increase of 21.99% in revenues from aeronautical services, principally as a result of the above-mentioned increase in passenger traffic, and
- An increase of 67.34% in revenues from non-aeronautical services, principally as result of the 93.92% increase in commercial revenues. This growth in commercial revenues reflects revenues from the Company’s direct operation of one restaurant, one snack bar and three convenience stores, which were taken over by ASUR from a former concession holder in
May 2004. (See tables V and VIII). Management is analyzing performance of this operation and expects to decide on the best course of action at year-end.
ASUR classifies revenues from the following activities as commercial revenues: duty free, car rental, retail, banking and currency exchange, advertising, teleservices, non-permanent ground transportation, food and beverage and parking lots.
Commercial revenues improved year-over-year by 93.92%, mainly due to:
- A 78.50% increase in duty-free revenues, primarily as a result of the growth in international passenger traffic, improved product mix and the opening of a new store in the satellite building of the Cancun airport in November 2003.
- An increase of 112.42% in food and beverage revenues, primarily as a result of ASUR’s previously mentioned direct operation of two restaurants starting May 2004. The increase in food and beverage revenues also reflects new store openings as listed below:
| Restaurant Concessions | ||||||
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Airport
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Name | Month Opened | ||||
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Cancun
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Tequilería Cuervo | September 2003 | ||||
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Cancun
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Coffe Bar | December 2003 | ||||
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Cancun
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Margarita Ville | December 2003 | ||||
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- A 246.81% increase in retail revenues, mainly as a result of growth in international passenger traffic during the quarter, revenues from the operation of three convenience stores, new stores at the departure gates at the Cancun airport, and the new stores listed below:
| Store Concessions | ||||
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| Airport | Name | Month Opened | ||
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| Mérida | Portafolio | October 2003 | ||
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| Cancún | Cenca de Conveniencia | November 2003 | ||
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| Huatulco | Artículos selectos | November 2003 | ||
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| Cancun (Terminal 1) | Cinco Soles | January 2004 | ||
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| Cancun (Terminal 2) | Pineda Covalin | February 2004 | ||
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| Cancun (Terminal 1) | Pineda Covalin | March 2004 | ||
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| Cancun (Terminal 2) | Cinco Soles | March 2004 | ||
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ASUR 3Q04, Page 4 of 17
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A 72.62% increase in advertising revenues, resulting from the creation of additional space for advertising,
- A 93.41% increase in revenue from car rental companies.
During the year, the Company initiated an arbitration process with one of the duty free concessionaires (Dufry Mexico S.A. de C.V.) that operates in the Cancun airport. The dispute is related to the amount paid in rent by this concessionaire for the units it occupies in the airport. Arbitration proceedings are at an advanced stage, and a final decision is expected in January 2005.
Total operating costs and expenses for 3Q04 increased year-over-year by 15.03%, primarily as a result of:
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A 25.38% rise in costs of services mainly as a result of the increase in maintenance expenses, costs related to the direct commercial operation of two restaurants
and three convenience stores and higher payroll resulting from the reallocation of certain functions from ASUR’s corporate headquarters to the airport
level, principally at Cancun.
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A 41.66% increase in the cost of technical assistance, principally due to the increase in EBITDA for the quarter (a basis for the calculation of the fee).
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A 31.54% increase in concession fees mainly due to higher revenues.
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A 7.62% increase in depreciation and amortization, resulting from the capitalization of investments in fixed assets, improvements made to concession assets and the
direct commercial operation of a restaurant, a snack bar and three convenience stores.
- These increases were partially offset by a 15.90% decline in administrative expenses, mainly due to the reallocation of certain functions from ASUR’s corporate headquarters to the airport level, principally at Cancun.
Operating margin for 3Q04 improved to 43.04% from 34.87% in the third quarter of last year. This was mainly driven by the 31.54%,
ASUR 3Q04, Page 5 of 17increase in revenues, primarily reflecting the 21.99% growth in aeronautical revenues, which more than offset the 15.03% increase in costs and expenses for the quarter.
Mexican companies are generally required to pay the greater of their income tax liability or their asset tax liability (determined at a rate of 1.8% of the average tax value of virtually all of the company’s assets (including, in ASUR’s case, its concessions), less the average tax value of certain liabilities (essentially liabilities of companies resident in Mexico, excluding those related to financial institutions and their intermediaries)). ASUR made asset tax payments of Ps.39.0 million for 3Q04. Of these payments, Ps.8.0 million was recorded as an expense in the results for the quarter. The difference was recorded as an asset, since the Company expects to recover Ps.31.0 million in future income tax payments.
Net income for 3Q04 was Ps.135.86 million, a year-over-year increase of 77.01% . Earnings per common share for the quarter were Ps.0.4529, or earnings per ADS (EPADS) (one ADS represents ten series B common shares) of US$0.3977. This compares with Ps.0.2558, or EPADS of US$0.2247, for the same period last year.
| Table IV: Summary of Consolidated Results for 3Q04 | ||||||
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| 3Q03 | 3Q04 | % | ||||
| Change | ||||||
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| Total Revenues | 388,509 | 511,041 | 31.54 | |||
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| Aeronautical Services | 306,691 | 374,126 | 21.99 | |||
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| Non-Aeronautical Services | 81,817 | 136,915 | 67.34 | |||
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| Commercial Revenues | 58,904 | 114,228 | 93.92 | |||
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| Operating Profit | 135,480 | 219,975 | 62.37 | |||
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| Operating Margin % | 34.87% | 43.04% | 23.44 | |||
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| EBITDA | 227,937 | 319,478 | 40.16 | |||
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| EBITDA Margin % | 58.67% | 62.52% | 6.55 | |||
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| Net Income | 76,754 | 135,864 | 77.01 | |||
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| Earnings per Share | 0.2558 | 0.4529 | 77.01 | |||
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| Earnings per ADS in US$ | 0.2247 | 0.3977 | 77.01 | |||
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| Note: | Figures are shown in thousands of constant Mexican pesos as of September 30, 2004. U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 11.3884 | |
ASUR 3Q04, Page 6 of 17
| Table V: Commercial Revenues per Passenger for 3Q04 | ||||||
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3Q04
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Change
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| Total Passengers (‘000) | 3,227 | 3,630 | 12.48 | |||
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| Total Commercial | 58,904 | 114,228 | 93.92 | |||
| Revenues | ||||||
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| Commercial revenues from | 1,934 | 19,535 | 909.86 | |||
| direct operations | ||||||
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| Commercial revenues | 56,970 | 94,693 | 66.22 | |||
| excluding direct operations | ||||||
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| Total Commercial Revenue | 18.25 | 31.47 | 72.38 | |||
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| Commercial revenue from | 0.86 | 7.65 | 800.00 | |||
| direct operations per | ||||||
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| Commercial revenue per | 17.40 | 23.82 | 36.92 | |||
| passenger (excluding direct | ||||||
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Note: For purposes of this table, 88.9 thousand and 83.9 thousand transit and general aviation passengers are included for 3Q03 and 3Q04, respectively. Revenue figures are shown in thousand of constant Mexican pesos as of September 30, 2004. Revenues from direct commercial operation include a restaurant, a snack bar and three convenience stores.
Table VI: Operating Costs and Expenses for 3Q04
| 3Q03 | 3Q04 | % | ||||
| Change | ||||||
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| Costs of Services | 97,278 | 121,969 | 25.38 | |||
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| Administrative | 31,454 | 26,455 | (15.90) | |||
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| Technical Assistance | 12,413 | 17,585 | 41.66 | |||
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| Concession Fees | 19,427 | 25,554 | 31.54 | |||
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| Depreciation and Amortization | 92,457 | 99,503 | 7.62 | |||
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| TOTAL | 253,029 | 291,066 | 15.03 | |||
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Note: Figures are shown in thousands of constant Mexican pesos as of September 30, 2004.
Consolidated Results for the Nine-Month Period
Total revenues for the nine-month period increased year-over-year by 28.20% to Ps.1,483.75 million. This was mainly due to:
- An increase of 21.46% in revenues from aeronautical services, principally as a result of the above-mentioned increase in international passenger traffic, and
ASUR 3Q04, Page 7 of 17
- An increase of 54.11% in revenues from non-aeronautical services, principally as result of the 71.68% improvement in commercial revenues.
Commercial revenues for the nine-month period increased year-over-year by 71.68%, mainly due to:
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A 55.10% rise in duty-free revenues, principally due to the increase in international passenger traffic.
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A 73.94% increase in food and beverage revenues, reflecting revenues from the restaurant and the snack bar which have been operated by ASUR since May 2004, as well
as the concession revenues generated by new stores at the Cancun, Cozumel, Oaxaca, Tapachula, Veracruz and Villahermosa airports.
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A 173.14% increase in retail revenues, principally reflecting revenue from the three convenience stores that are being operated by ASUR since May 2004. The increase
in retail revenues also reflects income from the concessions granted to new convenience stores at the Cancun, Huatulco and Oaxaca airports and other store
openings at Cancun airport.
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A 23.11% increase revenue from banking and currency exchange services.
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A 102.39% increase in revenue from car rental companies.
- A 79.57% increase in advertising revenues.
ASUR 3Q04, Page 8 of 17
Table VII: Summary of Consolidated Results for the Nine-Month Period
| 9 Months | 9 Months | % | ||||
| 2003 | 2004 | Change | ||||
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| Total Revenues | 1,157,359 | 1,483,755 | 28.20 | |||
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| Aeronautical Services | 918,502 | 1,115,651 | 21.46 | |||
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| Non-Aeronautical Services | 238,857 | 368,104 | 54.11 | |||
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| Commercial Revenues | 172,906 | 296,841 | 71.68 | |||
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| Operating Profit | 422,545 | 650,937 | 54.05 | |||
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| Operating Margin % | 36.51% | 43.87% | 20.16 | |||
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| EBITDA | 699,916 | 944,508 | 34.95 | |||
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| EBITDA Margin % | 60.48% | 63.66% | 5.26 | |||
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| Net Income | 247,771 | 401,196 | 61.92 | |||
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| Earnings per Share | 0.8259 | 1.3373 | 61.92 | |||
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| Earnings per ADS in US$ | 0.7252 | 1.1743 | 61.92 | |||
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Note: Figures are shown in thousands of constant Mexican pesos as of September 30, 2004. U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 11.3884.
| Table VIII: Commercial Revenues for the Nine-Month Period | ||||||
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| 9 Months | 9 Months | % | ||||
| 2003 | 2004 | Change | ||||
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| Total Passengers (‘000) | 9,591 | 10,951 | 14.18 | |||
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| Total Commercial | 172,906 | 296,841 | 71.68 | |||
| Revenues | ||||||
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| Commercial revenues from | 5,479 | 30,417 | 455.17 | |||
| direct operations | ||||||
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| Commercial revenues | 167,427 | 266,425 | 59.13 | |||
| excluding direct operations | ||||||
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| Total Commercial Revenue | 18.03 | 27.11 | 50.39 | |||
| per Passenger | ||||||
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| Commercial revenue from | 0.80 | 7.12 | 788.75 | |||
| direct operations per | ||||||
| passenger | ||||||
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| Commercial revenue per | 17.22 | 19.99 | 16.03 | |||
| passenger (excluding direct | ||||||
| operations) | ||||||
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Note: For purposes of this table, 256.8 thousand and 250.8 thousand transit and general aviation passengers are included for 3Q03 and 3Q04, respectively. Revenue figures are shown in thousand of constant Mexican pesos as of September 30, 2004. Revenues from direct commercial operation include a restaurant, a snack bar and three convenience stores.
ASUR 3Q04, Page 9 of 17
Table IX: Operating Costs and Expenses for the Nine-Month Period
| 9 Months | 9 Months | % | ||||
| 2003 | 2004 | Change | ||||
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| Costs of Services | 276,222 | 334,447 | 21.08 | |||
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| Administrative | 86,106 | 80,076 | (7.0) | |||
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| Technical Assistance | 37,259 | 50,553 | 35.68 | |||
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| Concession Fees | 57,857 | 74,171 | 28.20 | |||
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|||
| Depreciation and Amortization | 277,371 | 293,571 | 5.84 | |||
|
|
|
|
|
|||
| TOTAL | 734,814 | 832,818 | 13.34 | |||
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|
|
|
|
Note: Figures are shown in thousands of constant Mexican pesos as of September 30, 2004.
Costs and expenses for the nine-month period increased year-over-year by 13.34% .
The costs of services for the period increased year-over-year by 21.08% . This was due to an increase in maintenance expenses during the period, the reallocation in February 2004 of certain functions from the corporate to the airport level, as well as costs related to the direct operation by ASUR of a restaurant, a snack bar and three convenience stores.
Administrative expenses declined by 7.00% reflecting the reorganization in February 2004 of certain functions from the corporate to the airport level.
Technical assistance costs increased by 35.68%, reflecting the corresponding increase in EBITDA during the period.The 28.20% increase in concession fees was due to the year-to-date increase in overall revenues.
Depreciation and amortization rose by 5.84%, mainly due to the above-mentioned capitalization of investments in fixed assets and improvements made to concession assets.
Operating margin for increased to 43.87%, up from 36.51% for the first nine-months of 2003. This increase was mainly driven by the increase in revenues and cost controls.
Net income for the nine-month period increased by 61.92% to Ps.401.19 million. Earnings per common share for the period were Ps.1.3373, or earnings per ADS (EPADS) (one ADS represents ten series B common shares) of US$1.1743. This compares with Ps.0.8259, or EPADS of US$0.7252, for the same period last year.
ASUR 3Q04, Page 10 of 17
Tariff Regulation
The Mexican Ministry of Communications and Transportation regulates the majority of ASUR’s activities through maximum rates, which represent the rates for the maximum possible revenues allowed per traffic unit at each airport.
ASUR’s regulated revenues for the nine-month period were Ps.1,128.53 million, resulting in a year-to-date average tariff per work load unit of Ps.100.17. ASUR’s regulated revenues accounted for approximately 76.06% 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 SheetOn September 30, 2004 Airport Facility Usage Rights and Airport Concessions represented 87.54% of the Company’s total Assets, with current assets representing 10.62% and other assets 1.84% .
On September 30, 2004 cash and marketable securities were Ps.1,109.95 million. On the same date, Shareholder’s Equity was Ps.11,917.26 million and total Liabilities were Ps.712.78 million, representing 93.77% and 6.23% of total Assets, respectively. Total deferred liabilities represented 76.41% of the Company’s total liabilities.
CapexDuring the quarter, ASUR made investments of Ps.89.51 million as part of the Company’s ongoing plan to modernize the airports of the group.
Labor RelationsDuring the month of October, ASUR reached a mutually satisfactory agreement on the revision of wages with the Mexican National Union of Airport Workers.
ASUR 3Q04, Page 11 of 17
Subsequent Events
On October 25, 2004 Mr. Kjeld Binger and Adolfo Castro, ASUR’s Interim CEO and CFO attended an event at which Mexican authorities and Formula One’s governing body announced that they had reached an agreement for Cancun to host a Grand Prix race in October 2006. The event was also attended by members of the press, government officials and members of the Mexican business community. In addition, the Governor of Quintana Roo publicly announced other infrastructure projects, among them a new airport in the Mayan Riviera. No further details concerning this airport have been disclosed, so we are unable to predict today the impact that this project, if completed, would have on our business.
On October 26, 2004, ASUR’s Board of Directors instructed the Company’s management to immediately initiate the necessary proceedings to begin construction of a second runway at Cancun airport, ahead of schedule. This decision was taken in response to higher than expected passenger traffic at the Cancun airport and in order to effectively service increased passenger demand in the future. In the Master Development Plan, this runway was originally expected to be concluded by 2012. Total capex for this project is estimated to be between US$40 and US$60 million. The Company expects to incur this investment between 2005 and 2007.
3Q04 Earnings Conference Call
| Day: | Thursday, October 28, 2004 | |
| Time: | 11:00 AM US EST; 10:00 AM Mexico City time | |
| Dial-in numbers: | (800) 344-1005 (US & Canada) | |
(706) 634-1333 (International & Mexico)
|
||
| Access Code: | 1462125 | |
| Replay: | Starting Thursday, October 28, 2004 at 2:00 PM US EST, | |
| ending at midnight US EDT on Thursday, November 4, 2004. | ||
| Dial-in number: (800) 642-1687 (US & Canada); (706) 645- | ||
| 9291 (International & Mexico). Access Code: 1462125. | ||
ASUR 3Q04, Page 12 of 17
About ASUR:
Grupo Aeroportuario del Sureste, S.A. 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.
# # # TABLES TO FOLLOW # # #ASUR 3Q04, Page 13 of 17
| Operating Results per Airport | ||||||||||||
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| 3Q03 | 3Q04 | % | 9 Months | 9 Months | % | |||||||
| Change | 2003 | 2003 | Change | |||||||||
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| Cancun | ||||||||||||
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| Aeronautical Revenues | 227,137 | 280,053 | 23.30 | 687,193 | 849,347 | 23.60 | ||||||
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|
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|
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||||||
| Non-aeronautical | 58,191 | 109,842 | 88.76 | 170,165 | 291,094 | 71.07 | ||||||
| Revenues | ||||||||||||
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||||||
| Operating Profit | 133,696 | 205,279 | 53.54 | 418,950 | 616,900 | 47.25 | ||||||
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|
||||||
| EBITDA | 191,797 | 269,240 | 40.38 | 393,252 | 803,843 | 35.50 | ||||||
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| Cozumel | ||||||||||||
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| Aeronautical Revenues | 11,386 | 15,841 | 39.13 | 34,033 | 47,172 | 38.61 | ||||||
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|
|
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|
||||||
| Non-aeronautical | 4,039 | 5,082 | 25.82 | 11,561 | 14,591 | 26.21 | ||||||
| Revenues | ||||||||||||
|
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|
|
|
|
|
|
||||||
| Operating Profit | 193 | 5,303 | 2,647.67 | 1,649 | 13,140 | 696.85 | ||||||
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|
|
|
|
|
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|
||||||
| EBITDA | 4,818 | 10,309 | 113.97 | 15,524 | 28,159 | 81.39 | ||||||
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| Merida | ||||||||||||
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| Aeronautical Revenues | 20,133 | 22,237 | 10.45 | 57,546 | 63,282 | 9.97 | ||||||
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|
|
|
|
|
|
||||||
| Non-aeronautical | 7,195 | 7,654 | 6.38 | 20,973 | 22,753 | 8.49 | ||||||
| Revenues | ||||||||||||
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|
|
|
|
|
|
||||||
| Operating Profit | 2,175 | 4,165 | 91.49 | 8,186 | 8,652 | 5.36 | ||||||
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|
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|
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|
||||||
| EBITDA | 9,902 | 12,663 | 27.88 | 31,366 | 34,119 | 8.78 | ||||||
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| Villahermosa | ||||||||||||
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| Aeronautical Revenues | 13,197 | 15,682 | 18.83 | 37,900 | 44,197 | 16.61 | ||||||
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|
|
|
|
|
|
|
||||||
| Non-aeronautical | 4,188 | 4,419 | 5.52 | 11,782 | 12,482 | 5.94 | ||||||
| Revenues | ||||||||||||
|
|
|
|
|
|
|
|
||||||
| Operating Profit | 4,490 | 5,441 | 21.18 | 13,039 | 14,624 | 12.16 | ||||||
|
|
|
|
|
|
|
|
||||||
| EBITDA | 9,263 | 10,474 | 13.07 | 27,357 | 29,724 | 8.65 | ||||||
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||||||
| Others | ||||||||||||
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|
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|
||||||
| Aeronautical Revenues | 34,838 | 40,312 | 15.71 | 101,830 | 111,654 | 9.65 | ||||||
|
|
|
|
|
|
|
|
||||||
| Non-aeronautical | 8,206 | 9,918 | 20.86 | 24,376 | 27,183 | 11.52 | ||||||
| Revenues | ||||||||||||
|
|
|
|
|
|
|
|
||||||
| Operating Profit | (5,075) | (212) | 95.82 | (19,279) | (2,352) | 87.80 | ||||||
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||||||
| Others | 12,157 | 16,793 | 38.13 | 32,418 | 48,663 | 50.11 | ||||||
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||||||
| TOTAL | ||||||||||||
|
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||||||
| Aeronautical Revenues | 306,691 | 374,126 | 21.99 | 918,502 | 1,115,651 | 21.46 | ||||||
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|
||||||||
| Non-aeronautical | 81,817 | 136,915 | 67.34 | 238,857 | 368,104 | 54.11 | ||||||
| Revenues | ||||||||||||
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|
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|
|
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|
||||||
| Operating Profit | 135,480 | 219,975 | 62.37 | 279,746 | 650,937 | 54.05 | ||||||
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|
|
|
|
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|
||||||
| EBITDA | 227,937 | 319,478 | 40.16 | 463,810 | 944,508 | 34.95 | ||||||
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| Note: All figures are in thousands of constant Mexican pesos as of September 30, 2004. | ||||||||||||
ASUR 3Q04, Page 14 of 17
 |
Grupo Aeroportuario del Sureste, S.A. de C.V. Consolidated Balance Sheet as of September 30th, 2004 and 2003 Thousands of Mexican pesos in purchasing power as of September 30th, 2004 |
|
Item
|
September 2003 | September 2004 | Variation |
%
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||||
|
Assets
|
||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | 738,019 | 1,109,952 | 371,932 | 50.40 | ||||
| Trade receivables, net | 172,207 | 203,900 | 31,694 | 18.40 | ||||
| Recoverable taxes and other current assets | 159,540 | 36,063 | (123,477) | (77.40) | ||||
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|
|||||
| Total Current Assets | 1,069,766 | 1,349,915 | 280,149 | 26.19 | ||||
| Fixed Assets | ||||||||
| Machinery, furniture and equipment, net | 81,475 | 79,202 | (2,273) | (2.79) | ||||
| Rights to use airport facilities, net | 2,199,374 | 2,128,726 | (70,648) | (3.21) | ||||
| Improvements to use airport facilities, net | 622,435 | 964,544 | 342,109 | 54.96 | ||||
| Constructions in process | 285,029 | 260,804 | (24,225) | (8.50) | ||||
| Others | 41,457 | 40,062 | (1,394) | (3.36) | ||||
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|
|||||
| Total Fixed Assets | 3,229,770 | 3,473,338 | 243,568 | 7.54 | ||||
| Defferred Assets | ||||||||
| Airports concessions, net | 7,999,638 | 7,772,263 | (227,375) | (2.84) | ||||
| Defferred income taxes | - | 0 | 0 | - | ||||
| Other | 20,311 | 113,136 | 92,825 | 457.01 | ||||
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|
|||||
| Total Defferred Assets | 8,019,949 | 7,885,399 | (134,550) | (1.68) | ||||
| Total Assets | 12,319,485 | 12,708,653 | 389,168 | 3.16 | ||||
| Liabilities and Stockholder's Equity | ||||||||
| Current Liabilities | ||||||||
| Trade accounts payable | 4,904 | 3,667 | (1,237) | (25.22) | ||||
| Notes payable | - | - | - | - | ||||
| Accrued expenses and others payables | 137,274 | 167,393 | 30,119 | 21.94 | ||||
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|
|||||
| Total Current Liabilities | 142,177 | 171,060 | 28,883 | 20.31 | ||||
| Long term liabilities | ||||||||
| Other | 13,705 | 15,639 | 1,934 | 14.11 | ||||
| Defferred income taxes | 431,432 | 566,681 | 135,249 | 31.35 | ||||
| Defferred employees profit sharing | 39,376 | 37,496 | (1,880) | (4.77) | ||||
| Labor Obligations | 641 | 517 | (125) | (19.45) | ||||
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|
|||||
| Total long term liabilities | 485,154 | 620,333 | 135,178 | 27.86 | ||||
| Total Liabilities | 627,331 | 791,393 | 164,061 | 26.15 | ||||
| Stockholder's Equity | ||||||||
| Capital stock | 11,274,071 | 11,274,071 | - | 0.00 | ||||
| Legal Reserve | 53,413 | 67,688 | 14,275 | 26.73 | ||||
| Share repurchase reserve | - | 157,151 | 157,151 | - | ||||
| Net Income for the period | 247,771 | 401,196 | 153,426 | 61.92 | ||||
| Retained earnings | 116,899 | 17,153 | (99,745) | (85.33) | ||||
|
|
|
|
|
|||||
| Total Stockholder's Equity | 11,692,153 | 11,917,260 | 225,107 | 1.93 | ||||
| Total Liabilities and Stockholder's Equity | 12,319,485 | 12,708,653 | 389,168 | 3.16 | ||||
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ASUR 3Q04, Page 15 of 17
| Grupo Aeroportuario del Sureste, S.A. de C.V. | ||||||||||||
| Consolidated Statement of Income from January 1st, to September 30th, 2004 and 2003 | ||||||||||||
| Thousands of Mexican pesos in purchasing power as of September 30th, 2004 | ||||||||||||
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|
|||||||||
|
Item
|
Accumulative | Accumulative | Variation | Quarter | Quarter | Variation | ||||||
| 2003 | 2004 | % | 2003 | 2004 | % | |||||||
|
|
|
|
|
|
|
|
||||||
| Revenues | ||||||||||||
| Aeronautical Services | 918,502 | 1,115,651 | 21.46 | 306,691 | 374,126 | 21.99 | ||||||
| Non-Aeronautical Services | 238,857 | 368,104 | 54.11 | 81,817 | 136,915 | 67.34 | ||||||
|
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|
|||||||
| Total Revenues | 1,157,359 | 1,483,755 | 28.20 | 388,509 | 511,041 | 31.54 | ||||||
| Operating Expenses | ||||||||||||
| Cost of services | 276,222 | 334,447 | 21.08 | 97,278 | 121,969 | 25.38 | ||||||
| General and administrative expenses | 86,106 | 80,076 | (7.00) | 31,454 | 26,455 | (15.90) | ||||||
| Technical Assistance | 37,259 | 50,553 | 35.68 | 12,413 | 17,585 | 41.67 | ||||||
| Concession fee | 57,857 | 74,171 | 28.20 | 19,427 | 25,554 | 31.54 | ||||||
| Depreciation and Amortization | 277,371 | 293,571 | 5.84 | 92,457 | 99,503 | 7.62 | ||||||
|
|
|
|
|
|
|
|||||||
| Total Operating Expenses | 734,814 | 832,818 | 13.34 | 253,029 | 291,066 | 15.03 | ||||||
| Operating Income | 422,545 | 650,937 | 54.05 | 135,480 | 219,975 | 62.37 | ||||||
| Comprehensive Financing cost | 25,685 | (6,360) | (124.76) | 7,141 | 1,108 | (84.50) | ||||||
|
|
|
|
|
|
|
|||||||
| Extraordinary and Special Items | ||||||||||||
| Rescue Clause | 18,483 | 2,429 | (86.86) | 5,038 | 20 | (99.62) | ||||||
| Special items ( NMO Restructuring ) | 1,166 | 10,999 | 843.31 | 1,166 | 1,856 | 59.18 | ||||||
| Income Before Income Taxes | 428,581 | 631,148 | 47.26 | 136,416 | 219,207 | 60.69 | ||||||
| Provision for Income Taxes | 35,419 | 35,842 | 1.19 | 9,580 | 8,128 | (15.15) | ||||||
| Defferred income taxes | 145,391 | 194,111 | 33.51 | 50,083 | 75,214 | 50.18 | ||||||
| Defferred employees profit sharing | - | - | - | - | - | - | ||||||
|
|
|
|
|
|
|
|||||||
| Net Income for the Year | 247,771 | 401,196 | 61.92 | 76,754 | 135,864 | 77.01 | ||||||
|
|
|
|
|
|
|
|||||||
| Earning per share | 0.8259 | 1.3373 | 61.92 | 0.2558 | 0.4529 | 77.01 | ||||||
| Earning per ads usd | 0.7252 | 1.1743 | 61.91 | 0.2247 | 0.3977 | 77.03 | ||||||
| Exchange rate per dollar 11.3884 | ||||||||||||
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| ASUR 3Q04, Page 16 of 17 | ||||||||||||
| Grupo Aeroportuario del Sureste, S.A. de C.V. | ||||||||||||
| Consolidated Statement of Changes in Financial Position from January 1st, to September 30th, 2004 and 2003 | ||||||||||||
| Thousands of Mexican pesos in purchasing power as of September 30th, 2004 | ||||||||||||
|
|
|
|
|
|||||||||
| I t e m | Accumulative | Accumulative | Variation | Quarter | Quarter | Variation | ||||||
| 2003 | 2004 | % | 2003 | 2004 | % | |||||||
|
|
|
|
|
|
|
|
||||||
| Net Income for the Year | 247,771 | 401,196 | 61.92 | 76,754 | 135,864 | 77.01 | ||||||
| Depreciation and Amortization | 277,371 | 293,571 | 5.84 | 92,457 | 99,503 | 7.62 | ||||||
| Resources provided by operations | 525,142 | 694,767 | 32.30 | 169,211 | 235,367 | 39.10 | ||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Decrease (increase) in: | ||||||||||||
| Trade receivables | 6,441 | (27,665) | (529.51) | (1,331) | 46,905 | (3,623.42) | ||||||
| Recoverable taxes and other current assets | 2,429 | 119,335 | 4,813.06 | (11,689) | 13,326 | (214.01) | ||||||
| Other defferred assets | (91) | (104,417) | 115,043.00 | (2,171) | (19,861) | 814.78 | ||||||
| Increase (decrease) in: | ||||||||||||
| Trade accounts payable | 2,230 | (6,868) | (408.04) | 2,712 | (1,009) | (137.18) | ||||||
| Accrued expenses and others payables | (50,560) | (32,966) | (34.80) | 18,417 | 19,235 | 4.44 | ||||||
| Long term liabilities | 44,021 | 110,860 | 151.84 | 12,912 | 45,347 | 251.20 | ||||||
|
|
|
|
|
|
|
|||||||
| Resources provided by (used for) working capital | 4,470 | 58,279 | 1,203.72 | 18,850 | 103,944 | 451.41 | ||||||
| Resources provided by (used for) operating activities | 529,612 | 753,046 | 42.19 | 188,061 | 339,311 | 80.43 | ||||||
| Resources provided by (used for) financing activities: | (163,128) | (168,101) | 3.05 | - | - | - | ||||||
|
|
|
|
|
|
|
|||||||
| Notes payable | - | - | - | - | - | - | ||||||
| Others | (163,128) | (168,101) | 3.05 | - | - | - | ||||||
| Resources provided by (used for) investing activities: | (162,458) | (209,301) | 28.83 | (72,425) | (99,876) | 37.90 | ||||||
|
|
|
|
|
|
|
|||||||
| Investments in machinery, furniture and equipment, net | (32,486) | (15,750) | (51.52) | (24,776) | (2,591) | (89.54) | ||||||
| Investments in rights to use airport facilities | (2,567) | 201 | (107.83) | (172) | 516 | (399.89) | ||||||
| Investments in constructions in process | (152,716) | (159,331) | 4.33 | (27,742) | (89,510) | 222.65 | ||||||
| Investments in others | 25,312 | (34,422) | (235.99) | (19,735) | (8,291) | (57.99) | ||||||
| Increase (Decrease) in cash and cash equivalents | 204,026 | 375,644 | 84.12 | 115,636 | 239,435 | 107.06 | ||||||
| Cash and cash equivalents at beginning of the financial period | 533,993 | 734,308 | 37.51 | 622,384 | 870,517 | 39.87 | ||||||
| Cash and cash equivalents at the end of the financial period | 738,020 | 1,109,952 | 50.40 | 738,020 | 1,109,952 | 50.40 | ||||||
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ASUR 3Q04, Page 17 of 17
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Grupo Aeroportuario del Sureste, S.A. de C.V. | |
|
By: /s/ ADOLFO CASTRO RIVAS Adolfo Castro Rivas Director of Finance |
Date: October 28, 2004