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
September 30, 2008. 3Q08 Highlights1: -- EBITDA2 increased by 2.11%
to Ps.439.3 million. -- Total passenger traffic was up 6.90%. --
Total revenues rose by 5.14%, mainly due to increases of 7.05% in
aeronautical revenues and 1.54% in non-aeronautical revenues. --
Commercial revenues per passenger declined by 5.28% to Ps.48.64 per
passenger. -- Operating profit declined by 0.16%. -- EBITDA margin
was 39.22% compared with 41.30% in 3Q07. 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 September 30, 2008, and the equivalent three-month period
ended September 30, 2007. Results for 3Q07 and 9M07 are expressed
in constant Mexican pesos as of December 31, 2007, while 3Q08 and
9M08 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.10.9814. 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 third quarter of 2008, total
passenger traffic increased year-over-year by 6.90%. Domestic
passenger traffic increased by 3.14% and international passenger
traffic rose by 10.68%. The 10.68% rise in international passenger
traffic resulted mainly from an increase of 12.71% at Cancun
airport. The 3.14% rise in domestic passenger traffic resulted
mainly from increases of 7.20%, 28.34%, 8.68%, 14.53%, 11.37% and
2.36%, at the Cancun, Cozumel, Huatulco, Oaxaca, Tapachula and
Villahermosa airports, respectively. For 9M08, total passenger
traffic rose by 11.69% compared to 9M07, with domestic passenger
traffic up 11.75% and international passenger traffic up 11.64%.
Table I: Domestic Passengers (in thousands) Airport 3Q07 3Q08 %
Change 9M07 9M08 % Change Cancun 900.4 965.2 7.20 2,319.8 2,641.0
13.85 Cozumel 18.7 24.0 28.34 51.2 71.8 40.23 Huatulco 79.5 86.4
8.68 227.8 216.7 (4.87) Merida 296.6 279.0 (5.93) 800.4 896.4 11.99
Minatitlan 45.4 37.9 (16.52) 136.1 116.5 (14.40) Oaxaca 118.4 135.6
14.53 334.7 390.1 16.55 Tapachula 51.9 57.8 11.37 153.0 177.7 16.14
Veracruz 243.3 225.1 (7.48) 665.2 682.6 2.62 Villahermosa 216.2
221.3 2.36 586.0 701.1 19.64 TOTAL 1,970.4 2,032.3 3.14 5,274.2
5,893.9 11.75 Note: Passenger figures exclude transit and general
aviation passengers. Table II: International Passengers (in
thousands) Airport 3Q07 3Q08 % Change 9M07 9M08 % Change Cancun
1,766.8 1,991.4 12.71 6,454.5 7,282.1 12.82 Cozumel 96.4 90.6
(6.02) 366.8 371.9 1.39 Huatulco 8.1 3.8 (53.09) 62.7 61.7 (1.59)
Merida 36.3 30.8 (15.15) 103.5 92.0 (11.11) Minatitlan 1.5 1.2
(20.00) 3.4 3.4 - Oaxaca 12.8 13.0 1.56 32.2 36.4 13.04 Tapachula
1.0 0.9 (10.00) 3.3 3.2 (3.03) Veracruz 20.3 20.4 0.49 52.4 54.6
4.20 Villahermosa 14.7 14.9 1.36 37.9 40.0 5.54 TOTAL 1,957.9
2,167.0 10.68 7,116.7 7,945.3 11.64 Note: Passenger figures exclude
transit and general aviation passengers. Table III: Total
Passengers (in thousands) Airport 3Q07 3Q08 % Change 9M07 9M08 %
Change Cancun 2,667.2 2,956.6 10.85 8,774.3 9,923.1 13.09 Cozumel
115.1 114.6 (0.43) 418.0 443.7 6.15 Huatulco 87.6 90.2 2.97 290.5
278.4 (4.17) Merida 332.9 309.8 (6.94) 903.9 988.4 9.35 Minatitlan
46.9 39.1 (16.63) 139.5 119.9 (14.05) Oaxaca 131.2 148.6 13.26
366.9 426.5 16.24 Tapachula 52.9 58.7 10.96 156.3 180.9 15.74
Veracruz 263.6 245.5 (6.87) 717.6 737.2 2.73 Villahermosa 230.9
236.2 2.30 623.9 741.1 18.79 TOTAL 3,928.3 4,199.3 6.90 12,390.9
13,839.2 11.69 Note: Passenger figures exclude transit and general
aviation passengers. Consolidated Results for 3Q08 Total revenues
for 3Q08 increased year-over-year by 5.14% to Ps.734.3 million.
This was mainly due to increases of: -- 7.05% in revenues from
aeronautical services, principally as a result of the 6.90% rise in
passenger traffic; and -- 1.54% in revenues from non-aeronautical
services, principally as a result of the 1.05% 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 1.05%
year-over-year during the quarter, mainly as a result of revenue
increases in the following areas principally from the rise in
passenger traffic: -- 31.42% in duty-free stores; -- 19.38% in
banking and currency exchange services; -- 14.54% in advertising;
-- 12.43% in ground transportation; -- 8.34% in retail operations;
and -- 2.50% in car rental companies. These increases were
partially offset with declines in the following areas: -- 32.92% in
food and beverage; -- 6.48% in teleservices; -- 6.37% in other
revenues; and -- 4.35% in parking lots. Retail and Other Commercial
Space Business Name Type Opening Date Cancun Watch my Watch Gift
shop September 2008 Sunglass Island Gift shop December 2007 Island
Cabo Gift shop December 2007 Cloe Gift shop September 2007 XpresSpa
Spa July 2007 Merida Cloe Gift shop August 2007 Veracruz GoGo
Jewelry August 2007 Villahermosa GoGo Jewelry July 2007 Retail
revenues continued to benefit from higher concession fees from
local craft and specialty shops, teleservices and 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. During July 2007, ASUR received a one time payment of
Ps.18 million from a food and beverage concessionaire. Total
operating costs and expenses for 3Q08 increased 8.86% year over
year, primarily as a result of: -- a 15.50% increase in cost of
services, primarily reflecting increases of 22.88% in energy costs,
13.38% in personnel, 49.46% in professional fees, 6.07% in the cost
of security services, 42.04% in maintenance costs and 5.81% in
cleaning costs. The increase in personnel costs reflects the
personnel reorganization implemented in the 2Q08, while the
increase in maintenance costs resulted mainly from the operation of
Terminal 3 at Cancun Airport, in operation since May 2007.
Professional fees increased as a result of services and studies
received in connection with the negotiation of the master
development plan for 2008-2023; -- a 6.75% increase in depreciation
and amortization, resulting from the depreciation of investments in
fixed assets and improvements made to concession assets; and -- a
1.84% 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 reductions of 6.58%
in administrative expenses and of 2.28% in the technical assistance
fee paid to ITA, reflecting the decline in EBITDA for the quarter
(a factor in the calculation of the fee). Operating margin for the
quarter declined to 39.22% from 41.30% in 3Q07. This was mainly the
result of the 8.86% increase in costs, which more than offset the
5.14% increase in revenues 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 3Q08, the ASUR
subsidiaries that pay IETU made provisional tax payments of
Ps.42.46 million. Net income for 3Q08 declined to Ps.233.91
million, from Ps.242.17 million in 3Q07. Earnings per common share
for the quarter were Ps.0.7797, or earnings per ADS (EPADS) of
US$0.7100 (one ADS represents ten series B common shares). This
compares with Ps.0.8072, or EPADS of US$0.7351, for the same period
last year. Table IV: Summary of Consolidated Results for 3Q08 3Q07
3Q08 % Change Total Revenues 698,441 734,306 5.14 Aeronautical
Services 455,352 487,469 7.05 Non-Aeronautical Services 243,089
246,837 1.54 Commercial Revenues 205,689 207,845 1.05 Operating
Profit 288,489 288,018 (0.16) Operating Margin % 41.30% 39.22%
(5.03%) EBITDA 430,169 439,256 2.11 EBITDA Margin % 61.59% 59.82%
(2.87%) Net Income 242,173 233,910 (3.41) Earnings per Share 0.8072
0.7797 (3.41) Earnings per ADS in US$ 0.7351 0.7100 (3.41) Note:
Figures for 3Q07 are expressed in thousands of constant Mexican
pesos as of December 31, 2007, while figures for 3Q08 are in
thousands of nominal pesos. U.S. dollar figures are calculated at
the exchange rate of US$1 = Ps. 10.9814. Table V: Commercial
Revenues per Passenger for 3Q08 3Q07 3Q08 % Change Total Passengers
('000) 4,006 4,273 6.67 Total Commercial Revenues 205,689 207,845
1.05 Commercial revenues from direct operations (1) 35,197 30,960
(12.04) Commercial revenues excluding direct operations 170,492
176,885 3.75 Total Commercial Revenue per Passenger 51.35 48.64
(5.28) Commercial revenue from direct operations per passenger (1)
8.79 7.25 (17.52) Commercial revenue per passenger (excluding
direct operations) 42.56 41.39 (2.75) Note: For purposes of this
table, approximately 77,600 and 73,900 transit and general aviation
passengers are included for 3Q07 and 3Q08, respectively. Revenue
figures for 2Q07 are expressed in thousands of constant Mexican
pesos as of December 31, 2007, while revenue figures for 3Q08 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 Expenses for 3Q08 3Q07 3Q08 %
Change Cost of Services 183,275 211,689 15.50 Administrative 26,403
24,665 (6.58) Technical Assistance 23,658 23,118 (2.28) Concession
Fees 34,936 35,578 1.84 Depreciation and Amortization 141,680
151,238 6.75 TOTAL 409,952 446,288 8.86 Note: Figures for 3Q07 are
expressed in thousands of constant Mexican pesos as of December 31,
2007, while figures for 3Q08 are in thousands of nominal pesos.
Consolidated Results for 9M08 Total revenues for 9M08 increased
year-over-year by 13.61% to Ps.2,412.7 million. This was mainly due
to increases of: -- 10.35% in revenues from aeronautical services
as a result of the 11.69% rise in passenger traffic during the
period; and -- 20.83% in revenues from non-aeronautical services,
principally as a result of the 22.92% rise in commercial revenues
detailed below, which in turn was a consequence of the increase in
passenger traffic. Commercial revenues for 9M08 rose by 22.92%
year-over-year, principally as a result of revenue increases from
the following areas: -- 38.96% from duty-free revenues; -- 25.40%
from retail revenues; -- 26.82% from advertising revenues; --
29.10% from banking and currency exchange services; -- 23.45% from
ground transportation services; -- 10.56% from teleservices; --
10.63% from food and beverage; -- 5.41% from parking lot revenues;
-- 6.38% from car rental companies; and -- 22.04% from other
income. Total operating costs and expenses for 9M08 increased by
9.65%, mainly due to the following: -- a 7.40% increase in cost of
services, due mainly to increases of 25.88% in energy costs, 14.91%
in professional fees, 14.81% in security costs, and 21.72% in
maintenance expenses, in each case resulting from the opening of
Terminal 3 in May 2007; -- a 0.58% increase in administrative
expenses; -- a 12.90% increase in depreciation and amortization,
resulting from the depreciation of investments in fixed assets and
improvements made to concession assets; -- a 15.46% rise in
technical assistance costs reflecting the corresponding increase in
EBITDA during the period; and -- a 12.50% increase in concession
fees, mainly due to higher revenues. Operating margin increased to
45.76% for 9M08, up from 43.80% for 9M07. This was mainly the
result of the 13.61% increase in revenues, which more than offset
the 9.65% increase in costs and expenses during the period. Net
income for 9M08 increased by 17.94% to Ps.841.14 million. Earnings
per common share for the period were Ps.2.8038, or earnings per ADS
(EPADS) of US$2.5532 (one ADS represents ten series B common
shares). This compares with Ps.2.3773, or EPADS of US$2.1649, for
the same period last year. Table VII: Summary of Consolidated
Results for 9M08 9M07 9M08 % Change Total Revenues 2,123,656
2,412,714 13.61 Aeronautical Services 1,463,331 1,614,814 10.35
Non-Aeronautical Services 660,325 797,900 20.83 Commercial Revenues
548,874 674,681 22.92 Operating Profit 930,100 1,103,981 18.69
Operating Margin % 43.80% 45.76% 4.47 EBITDA 1,328,766 1,554,083
16.96 EBITDA Margin % 62.57% 64.41% 2.94 Net Income 713,202 841,144
17.94 Earnings per Share 2.3773 2.8038 17.94 Earnings per ADS in
US$ 2.1649 2.5532 17.94 Note: Figures for 9M07 are expressed in
thousands of constant Mexican pesos as of December 31, 2007, while
figures for 9M08 are in thousands of nominal pesos. U.S. dollar
figures are calculated at the exchange rate of US$1 = Ps. 10.9814.
Table VIII: Commercial Revenues per Passenger for 9M08 9M07 9M08 %
Change Total Passengers ( '000) 12,638 14,093 11.51 Total
Commercial Revenues 548,874 674,681 22.92 Commercial revenues from
direct operations (1) 88,134 112,426 27.56 Commercial revenues
excluding direct operations 460,740 562,255 22.03 Total Commercial
Revenue per Passenger 43.43 47.87 10.22 Commercial revenue from
direct operations per passenger (1) 6.97 7.98 14.49 Commercial
revenue per passenger (excluding direct operations) 36.46 39.89
9.41 Note: For purposes of this table, approximately 246,800 and
253,600 transit and general aviation passengers are included for
9M07 and 9M08, respectively. Revenue figures for 9M07 are expressed
in thousands of constant Mexican pesos as of December 31, 2007,
while revenue figures for 9M08 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 9M08 9M07 9M08 % Change Cost of Services 539,975
579,939 7.40 Administrative 77,890 77,442 (0.58) Technical
Assistance 70,843 81,793 15.46 Concession Fees 106,182 119,457
12.50 Depreciation and Amortization 398,666 450,102 12.90 TOTAL
1,193,556 1,308,733 9.65 Note: Figures for 9M07 are expressed in
thousands of constant Mexican pesos as of December 31, 2007, while
figures for 9M08 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 nine months of 2008 were
Ps.1,649.91 million, resulting in an annual average tariff per
workload unit of Ps.116.37. ASUR's regulated revenues accounted for
approximately 71.20% 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 September 30, 2008, Airport Facility Usage
Rights and Airport Concessions represented 79.07% of the Company's
total assets, with current assets representing 16.18% and other
assets representing 4.75%. On September 30, 2008, cash and
marketable securities were Ps.1,776.78 million. On the same date,
shareholder's equity was Ps.14,746.67 million and total liabilities
were Ps.2,325.60 million, representing 86.79% and 13.62% of total
assets, respectively. Total deferred liabilities represented 82.31%
of the Company's total liabilities. Capital Expenditures During the
quarter, ASUR made investments of Ps.294.61 million as part of
ASUR's ongoing plan to modernize its airports pursuant to its
master development plans. Recent Developments ASUR Purchases 130
Hectares Of Land In Huatulco On October 17, 2008, Grupo
Aeroportuario del Sureste, S.A.B. de C.V. ("ASUR") paid Ps. 286.3
million to purchase 130 hectares of land on Huatulco bay from the
National Tourism Fund, or FONATUR. ASUR won the right to purchase
this land through a public bidding process initiated in August
2008. The transaction was authorized by ASUR's Board of Directors
on September 11, 2008. This acquisition is part of a program
launched by the Federal Government and FONATUR to promote and
accelerate the development of Huatulco as a flagship city for
Mexican tourism in the Pacific Region. Pursuant to the terms of the
purchase agreement, ASUR is required to construct at least 1,300
hotel rooms on the property over the next four years. ASUR intends
to sign agreements with third parties, including tourism real
estate developers and hotel operators, to develop the acquired 130
hectares with the objective of generating self-sufficient and
profitable independent projects while meeting FONATUR's
requirements. ASUR believes that to achieve a substantial increase
in passenger traffic at Huatulco airport, this destination requires
an additional number of available hotel rooms. As a result, ASUR,
acting as promoter of the region, intends to conduct studies to
determine how best to develop the land and to fulfill related
requirements necessary to facilitate the commercialization of these
projects. ASUR believes the investment required for this project in
2009 will not be significant. 3Q08 Earnings Conference Call Day:
Friday, October 24, 2008 Time: 10:00 AM US EDT; 9:00 AM Mexico City
time Dial-in number: (888) 713-4217 (US & Canada) and (617)
213-4869(International & Mexico) Access Code: 93747624
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=PXHUJENF9
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, October 24, 2008 at 12:00 PM US ET, ending
at midnight US ET on Friday, October 31, 2008. Dial-in number:
(888) 286-8010 (US & Canada); (617) 801-6888 (International
& Mexico). Access Code: 19908024. 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 3Q07 and 9M07 are expressed in thousand of
constant Mexican pesos in purchasing power as of December 31, 2007,
while 3Q08 and 9M08 results are expressed in thousand of nominal
pesos. 3Q07 3Q08 % change Cancun Aeronautical Revenues 321,334
351,964 9.53 Non-Aeronautical Revenues 201,198 202,478 0.64
Operating Profit (101,910) (146,092) (43.35) EBITDA (8,049)
(47,755) (493.30) Cozumel Aeronautical Revenues 14,461 14,729 1.85
Non-Aeronautical Revenues 5,645 5,660 0.27 Operating Profit 41,611
(6,791) (116.32) EBITDA 49,725 1,480 (97.02) Merida Aeronautical
Revenues 32,244 31,515 (2.26) Non-Aeronautical Revenues 12,837
12,673 (1.28) Operating Profit (4,791) 401 108.37 EBITDA 5,775
12,171 110.75 Villahermosa Aeronautical Revenues 24,807 26,545 7.01
Non-Aeronautical Revenues 7,708 8,688 12.71 Operating Profit 22,503
5,733 (74.52) EBITDA 29,725 13,880 (53.31) Other Aeronautical
Revenues 62,506 62,716 0.34 Non-Aeronautical Revenues 15,701 17,338
10.43 Operating Profit 331,076 434,767 31.32 EBITDA 352,993 459,480
30.17 Group Aeronautical Revenues 455,352 487,469 7.05
Non-Aeronautical Revenues 243,089 246,837 1.54 Operating Profit
288,489 288,018 (0.16) EBITDA 430,169 439,256 2.11 9M07 9M08 %
change Cancun Aeronautical Revenues 1,072,977 1,192,769 11.16
Non-Aeronautical Revenues 543,406 666,198 22.60 Operating Profit
486,786 533,345 9.56 EBITDA 743,202 825,540 11.08 Cozumel
Aeronautical Revenues 53,627 56,384 5.14 Non-Aeronautical Revenues
17,035 18,389 7.95 Operating Profit 55,073 2,144 (96.11) EBITDA
78,916 26,781 (66.06) Merida Aeronautical Revenues 89,448 97,590
9.10 Non-Aeronautical Revenues 34,842 39,402 13.09 Operating Profit
10,950 16,169 47.66 EBITDA 41,332 51,394 24.34 Villahermosa
Aeronautical Revenues 66,938 81,425 21.64 Non-Aeronautical Revenues
20,460 24,559 20.03 Operating Profit 34,793 26,620 (23.49) EBITDA
56,791 50,834 (10.49) Other Aeronautical Revenues 180,341 186,646
3.50 Non-Aeronautical Revenues 44,582 49,352 10.70 Operating Profit
342,498 525,704 53.49 EBITDA 408,525 599,535 46.76 Group
Aeronautical Revenues 1,463,331 1,614,814 10.35 Non-Aeronautical
Revenues 660,325 797,900 20.83 Operating Profit 930,100 1,103,982
18.69 EBITDA 1,328,766 1,554,084 16.96 Grupo Aeroportuario del
Sureste, S.A.B. de C.V. Consolidated Balance Sheet as of September
30, 2008 and 2007 Results for 3Q07 and 9M07 are expressed in
thousand of constant Mexican pesos in purchasing power as of
December 31, 2007, while 3Q08 and 9M08 results are expressed in
thousand of nominal pesos. September September 2007 2008 Change % A
s s e t s Current Assets Cash and cash equivalents 1,793,005
1,776,786 (16,219) (0.90) Trade receivables, net 237,851 350,921
113,070 47.54 Recoverable taxes and other current assets 96,151
634,566 538,415 559.97 Total Current Assets 2,127,007 2,762,273
635,266 29.87 Fixed Assets Machinery, furniture and equipment, net
266,462 274,730 8,268 3.10 Rights to use airport facilities, net
2,203,593 2,140,329 (63,264) (2.87) Improvements to use airport
facilities, net 3,007,442 3,025,395 17,953 0.60 Constructions in
process 192,634 448,060 255,426 132.60 Others 70,564 232,917
162,353 230.08 Total Fixed Assets 5,740,695 6,121,431 380,736 6.63
Deferred Assets Airports concessions, net 8,089,119 7,884,244
(204,875) (2.53) Deferred income taxes - - - - Deferred flat rate
business tax - 210,525 210,525 - Other 118,034 93,795 (24,239)
(20.54) Total Deferred Assets 8,207,153 8,188,564 (18,589) (0.23)
Total Assets 16,074,855 17,072,268 997,413 6.20 Liabilities and
Stockholders' Equity Current Liabilities Trade accounts payable
16,185 15,394 (791) (4.89) Notes payable - - - - Accrued expenses
and others payables 209,632 373,225 163,593 78.04 Total Current
Liabilities 225,817 388,619 162,802 72.09 Long term liabilities
Other 18,497 22,585 4,088 22.10 Deferred income taxes 1,086,332
1,202,268 115,936 10.67 Deferred flat rate business tax - 705,939
705,939 - Deferred employees profit sharing 38,064 - (38,064)
(100.00) Labor obligations 9,791 6,186 (3,605) (36.82) Total Long
Term Liabilities 1,152,684 1,936,978 784,294 68.04 Total
Liabilities 1,378,501 2,325,597 947,096 68.70 Stockholder's 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 713,202 841,144
127,942 17.94 Retained earnings 12,594 912,279 899,685 7,143.76
Total stockholders' Equity 14,696,354 14,746,671 50,317 0.34 Total
Liabilities and Stockholders' Equity 16,074,855 17,072,268 997,413
6.20 Grupo Aeroportuario del Sureste, S.A.B. de C.V. Consolidated
Statement of Income from January 1, to September 30, 2008 and 2007
Results for 3Q07 and 9M07 are expressed in thousand of constant
Mexican pesos in purchasing power as of December 31, 2007, while
3Q08 and 9M08 results are expressed in thousand of nominal pesos. I
t e m Accumulative Accumulative Variation 2007 2008 % Revenues
Aeronautical Services 1,463,331 1,614,814 10.35 Non-Aeronautical
Services 660,325 797,900 20.83 Total Revenues 2,123,656 2,412,714
13.61 Operating Expenses Cost of services 539,975 579,939 7.40
General and administrative expenses 77,890 77,442 (0.58) Technical
Assistance 70,843 81,793 15.46 Concession fee 106,182 119,457 12.50
Depreciation and Amortization 398,666 450,102 12.90 Total Operating
Expenses 1,193,556 1,308,733 9.65 Operating Income 930,100
1,103,981 18.69 Comprehensive Financing cost 25,449 110,098 332.62
Non Ordinary Item Non Ordinary Item - 9,770 - Income Before Income
Taxes 955,549 1,204,309 26.03 Current income taxes and flat rate
business tax 11,444 255,605 2,133.53 Deferred income taxes 230,903
101,289 (56.13) Deferred flat rate business tax - 6,271 - Net
Income for the Year 713,202 841,144 17.94 Earning per share 2.3773
2.8038 17.94 Earning per ADS USD 2.1649 2.5532 17.94 Exchange rate
per dollar 10.9814 Commercial Revenues 548,874 674,681 22.92 Grupo
Aeroportuario del Sureste, S.A.B. de C.V. Consolidated Statement of
Income from January 1, to September 30, 2008 and 2007 Results for
3Q07 and 9M07 are expressed in thousand of constant Mexican pesos
in purchasing power as of December 31, 2007, while 3Q08 and 9M08
results are expressed in thousand of nominal pesos. I t e m Quarter
Quarter Variation 2007 2008 % Revenues Aeronautical Services
455,352 487,469 7.05 Non-Aeronautical Services 243,089 246,837 1.54
Total Revenues 698,441 734,306 5.14 Operating Expenses Cost of
services 183,275 211,689 15.50 General and administrative expenses
26,403 24,665 (6.58) Technical Assistance 23,658 23,118 (2.28)
Concession fee 34,936 35,578 1.84 Depreciation and Amortization
141,680 151,238 6.75 Total Operating Expenses 409,952 446,288 8.86
Operating Income 288,489 288,018 (0.16) Comprehensive Financing
cost (9,272) 48,624 (624.42) Non Ordinary Item Non Ordinary Item -
342 - Income Before Income Taxes 279,217 336,300 20.44 Current
income taxes and flat rate business tax 3,523 164,704 4,575.11
Deferred income taxes 33,521 (62,304) (285.87) Deferred flat rate
business tax - (10) - Net Income for the Year 242,173 233,910
(3.41) Earning per share 0.8072 0.7797 (3.41) Earning per ADS USD
0.7351 0.7100 (3.41) Exchange rate per dollar 10.9814 Commercial
Revenues 205,689 207,845 1.05 Note: During 3Q07 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 Statement of Cash flow from January 1
to September 30, 2008 Results for 3Q07 and 9M07 are expressed in
thousand of constant Mexican pesos in purchasing power as of
December 31, 2007, while 3Q08 and 9M08 results are expressed in
thousand of nominal pesos. Related Accumulative Quarter 2008 2008
Operating Activities Income Before Income Taxes 1,204,309 336,300
Items related with investing activities: Depreciation and
Amortization 450,102 151,238 Interest income (107,961) (33,884)
Provisions (14,378) 23,117 Sub Total 1,532,072 476,771 Increase in
trade receivables (71,506) 9,383 Decrease in recoverable taxes and
other current assets (26,539) (39,017) Other deferred assets
(7,256) 2,912 Income tax paid - Trade accounts payable (1,680)
3,604 Accrued expenses and others payables (190,032) (16,977) Long
term liabilities 2,133 2,533 Net cash flow provided by operating
activities 1,237,193 439,209 Investing Activities Investments in
machinery, furniture and equipment, net (123,229) (6,849)
Investments in rights to use airport facilities - - Investments in
constructions in process (223,683) (144,897) Investments in others
(195,892) (176,748) Interest income 107,961 33,884 Net cash flow
provided by investing activities (434,843) (294,610) Excess cash
used in financing activities: 802,350 144,599 Dividends paid
(600,000) - Tax on dividends paid (351,262) - Net cash flow
provided by financing activities (951,262) - Net increase in cash
and cash equivalents (148,912) 144,599 Cash and cash equivalents at
beginning of period 1,925,697 1,632,187 Cash and cash equivalents
at the end of period 1,776,785 1,776,786 DATASOURCE: Grupo
Aeroportuario del Sureste, S.A.B. de C.V. CONTACT: In Mexico: Lic.
Adolfo Castro of ASUR, +52-5552-84-04-08, ; In the U.S.: Susan
Borinelli, +1-646-452-2333, , or Maura Gedid, +1-646-452-2335, ,
both of Breakstone Group for ASUR Web Site:
https://www.theconferencingservice.com/prereg/key.process?key=PXHUJENF9
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