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 January 2003
GRUPO AEROPORTUARIO DEL SURESTE S.A. DE C.V.
(SOUTHEAST AIRPORT GROUP)
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(Translation of Registrant's Name Into English)
Mexico
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(Jurisdiction of incorporation or organization)
Blvd. Manuel Avila Camacho, No. 40, 6th Floor
Col. Lomas de Chapultepec
11000 Mexico, 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-______.)
ASUR
AEROPUERTOS DEL SURESTE
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4Q02 EARNINGS CONFERENCE CALL NOTICE
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Grupo Aeroportuario del Sureste, S.A. de C.V.
NYSE: ASR
Cordially Invites you to join its quarterly conference call to discuss results
for the fourth quarter of 2002. Representing ASUR will be:
Frantz Guns, CEO
Adolfo Castro, CFO
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Day: Thursday, January 30, 2003
Time: 10:00 AM US EST; 9:00 AM Mexico City time
Dial-in number: 617-801-9702
Access Code: 679549
Replay: Starting Thursday, January 30, at 1 PM US EST,
ending at midnight US EST on Monday, February 3, 2003.
Dial-in number: 617-801-6888. Access Code: 9763410.
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ASUR will release results for the fourth quarter of 2002 on Tuesday, January
29, after the close of the U.S. market.
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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 Mexican
Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where
it trades under the symbol ASR. One ADS represents ten (10) series B shares.
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For questions regarding this call, please contact Luca Biondolillo of
Breakstone&Ruth at T. (646) 536-7012, or via email at
Lbiondolillo(C)breakstoneruth.com.
ASUR In the United States
----
AEROPUERTOS DEL SURESTE Breakstone & Ruth
International
acastro@asur.com.mx Luca Biondolillo
(646) 536-7012
Lbiondolillo@breakstoneruth.com
ASUR 4Q02 EBITDA UP YOY BY 22.34%
4Q02 Highlights(1):
o EBITDA increased by 22.34% to Ps.134.8 million
o Total passenger traffic up by 11.08%
o Total revenues up by 12.85%, mainly due to a 39.05% year-over-year
improvement in commercial revenues
o Commercial revenues per passenger increased by 25.59%, to Ps.15.81 per
passenger
o Operating profit improved by 69.31%
o EBITDA margin of 47.72%, compared with 44.02% for 4Q01
Mexico City, January 29, 2003 - 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 twelve-month periods ended December 31,
2002.
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 December 31,
2002, and represent comparisons between the three- and twelve-month periods
ended December 31, 2002, and the equivalent three- and twelve-month periods
ended December 31, 2001. 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.10.4393.
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1 Unless otherwise stated, all comparisons are between the three-month period
ended December 31, 2002, and the equivalent three-month period ended December
31, 2001.
Passenger Traffic
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For the fourth quarter, year-over-year total passenger traffic increased by
11.08%; domestic passenger traffic increased by 3.01%; and international
passenger traffic increased by 18.84%.
Total passenger traffic for the fourth quarter increased year-over-year at all
ASUR airports except Cozumel and Huatulco, where total passenger traffic for the
period declined year-over-year by 9.31% and 8.33%, respectively.
Domestic passenger traffic for the quarter increased 3.0l% year-over-year at all
airports except Cozumel and Huatulco, where domestic passenger traffic for the
period declined year-over-year by 7.89% and 9.11%, respectively.
International passenger traffic for the quarter increased by 18.84%
year-over-year at all airports except Cozumel and Merida, where international
passenger traffic for the period declined year-over-year by 9.84% and 5.21%,
respectively.
Year-to-date, total, domestic and international passenger traffic decreased
year-over-year by 2.17%, 0.45% and 3.36%, respectively. Cozumel airport was hit
the hardest by the decline in domestic and international passenger traffic
resulting from the events of September 11, 2001, because North American tourists
represent the great majority of travelers to this resort town. In addition,
domestic passenger traffic to Cozumel airport was impacted by the suspension of
flights in of this year by Mexican airline Aeroferinco. For the quarter,
domestic and international passenger traffic at Cozumel airport declined
year-over-year by 7.89% and 9.84%, respectively.
At Huatulco airport total passenger traffic for the twelve-month period declined
year-over-year by 15.44%, mainly as a result of the closing of the local Club
Med resort. In its place, in December of 2002 the hotel Las Brisas Huatulco
opened to the public. It is expected that this hotel will not be fully
operational until during the first quarter of 2003.
Table I: Domestic Passengers (in thousands)
---------------------------------------------------------------------------------------------------------------
Airport 4Q01 4Q02 % change 12-months-01 12- months-02 % change
---------------------------------------------------------------------------------------------------------------
Cancun 419.7 427.2 1.79 1,734.2 1,880.2 8.42
-------------------------------------------------------------------------------------------------------------
Cozumel 22.8 21.0 (7.89) 116.5 95.7 (17.85)
-------------------------------------------------------------------------------------------------------------
Huatulco 58.2 52.9 (9.11) 270.2 241.0 (10.81)
-------------------------------------------------------------------------------------------------------------
Merida 185.8 192.0 3.34 787.1 753.0 (4.33)
-------------------------------------------------------------------------------------------------------------
Minatitlan 31.6 33.0 4.43 128.9 123.5 (4.19)
-------------------------------------------------------------------------------------------------------------
Oaxaca 102.4 114.8 12.11 414.8 408.3 (1.57)
-------------------------------------------------------------------------------------------------------------
Tapachula 44.2 45.0 1.81 188.2 173.7 (7.70)
-------------------------------------------------------------------------------------------------------------
Veracruz 105.5 110.9 5.12 446.7 426.1 (4.61)
-------------------------------------------------------------------------------------------------------------
Villahermosa 123.7 130.0 5.09 519.6 484.2 (6.81)
-------------------------------------------------------------------------------------------------------------
TOTAL 1,093.9 1,126.8 3.01 4,606.2 4,585.7 (0.45)
-------------------------------------------------------------------------------------------------------------
Table II: International Passengers (in thousands)
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Airport 4Q01 4Q02 % change 12-months-01 12- months-02 % change
---------------------------------------------------------------------------------------------------------------
Cancun 1,030.9 1,248.3 21.09 5,905.8 5,837.8 (1.15)
-------------------------------------------------------------------------------------------------------------
Cozumel 61.0 55.0 (9.84) 448.7 350.2 (21.95)
-------------------------------------------------------------------------------------------------------------
Huatulco 5.4 5.4 - 47.1 27.3 (42.04)
-------------------------------------------------------------------------------------------------------------
Merida 21.1 20.0 (5.21) 132.3 96.6 (26.98)
-------------------------------------------------------------------------------------------------------------
Minatitlan 0.4 0.7 75.00 2.3 2.6 13.04
-------------------------------------------------------------------------------------------------------------
Oaxaca 5.1 6.5 27.45 25.4 25.0 (1.57)
-------------------------------------------------------------------------------------------------------------
Tapachula 0.3 0.7 133.33 2.2 3.1 40.91
-------------------------------------------------------------------------------------------------------------
Veracruz 12.2 13.3 9.02 56.7 53.5 (5.64)
-------------------------------------------------------------------------------------------------------------
Villahermosa 2.8 3.9 39.29 13.7 14.9 8.76
-------------------------------------------------------------------------------------------------------------
TOTAL 1,139.2 1,353.8 18.84 6,634.2 6,411.0 (3.36)
-------------------------------------------------------------------------------------------------------------
Table III: Total Passengers (in thousands)
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Airport 4Q01 4Q02 % change 12-months-01 12- months-02 % change
-------------------------------------------------------------------------------------------------------------
Cancun 1,450.6 1,675.5 15.50 7,640.0 7,718.0 1.02
-------------------------------------------------------------------------------------------------------------
Cozumel 83.3 76.0 (9.31) 565.2 445.9 (21.11)
-------------------------------------------------------------------------------------------------------------
Huatulco 63.6 58.3 (8.33) 317.3 268.3 (15.44)
-------------------------------------------------------------------------------------------------------------
Merida 206.9 212.0 2.46 919.4 849.6 (7.59)
-------------------------------------------------------------------------------------------------------------
Minatitlan 32.0 33.7 5.31 131.2 126.1 (3.89)
-------------------------------------------------------------------------------------------------------------
Oaxaca 107.5 121.3 12.84 440.2 433.3 (1.57)
-------------------------------------------------------------------------------------------------------------
Tapachula 44.5 45.7 2.70 190.4 176.8 (7.14)
-------------------------------------------------------------------------------------------------------------
Veracruz 117.7 124.2 5.52 503.4 479.6 (4.73)
-------------------------------------------------------------------------------------------------------------
Villahermosa 126.5 133.9 5.85 533.3 499.1 (6.41)
-------------------------------------------------------------------------------------------------------------
TOTAL 2,233.1 2,480.6 11.08 11,240.4 10,996.7 (2.17)
-------------------------------------------------------------------------------------------------------------
Note to tables I, II and III: Passenger figures exclude transit
and general aviation passengers.
Consolidated Results for 4Q02
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Total revenues for 4Q02 reached Ps.282.4 million, representing a year-over-year
increase of 12.85%. This was mainly due to:
o A year-over-year increase of 9.99% in revenues from aeronautical services,
principally due to the 18.84% increase for the quarter in international
passenger traffic.
o A year-over-year increase of 25.45% in revenues from non-aeronautical
services, mainly due to the 39.05% increase for the quarter in commercial
revenues.
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 for the quarter increased year-over-year by 39.05%, mainly
due to:
o A 43.74% year-over-year increase in duty-free revenues, principally from
new stores opened in the Cancun and Merida airports during the fourth
quarter of 2001 and in the Cozumel airport during the first quarter of
2002.
o A year-over-year increase of 643.7% in food and beverage revenues, as a
result of the opening of restaurants and bars in the Cancun, Cozumel and
Merida airports during the fourth quarter of 2001.
o A 1,358.31% year-over-year increase in retail revenues.
o A 684.14(degree)/o year-over-year increase in revenues from parking lots.
Total operating costs and expenses for the quarter increased year-over-year by
5.11%, mainly as a result of the following:
o A 6.93% year-over-year rise in cost of services for the quarter. This was
mainly due to increases of 25.49% and 29.51%, respectively, in the cost of
energy, resulting from the rate increase mandated by the Mexican
Government, and maintenance costs, as a result of the opening of new areas
during the fourth quarter of last year.
o A 6.42% year-over-year decline in administrative expenses.
o A 27.28% year-over-year increase in the cost of technical assistance,
mainly as a result of the increase in EBITDA for the period (a basis for
the calculation of the fee).
o An increase in concession fees for the quarter due to the year-over-year
improvement in revenues for the period.
o A 4.65% year-over-year increase in depreciation and amortization for the
quarter, mainly due to the capitalization of investments made in connection
with the opening of new areas at the Company's three largest airports
during the fourth quarter of last year.
Operating margin for the quarter was 18.07%, representing an improvement from
operating margin of 12.04% for the same quarter last year. This was mainly due
to the above-mentioned year-over-year increase in revenues, mainly from
commercial activities.
Mexican companies are required to pay the higher of either income tax or asset
tax (defined as a rate of l.8% of the average fiscal value of practically all
the Company's assets [including, in ASUR's case, the concessions], less the
average fiscal value of certain liabilities [essentially liabilities of
companies resident in Mexico, excluding those related to financial institutions
and their intermediaries]). The companies that form ASUR, like any other company
in Mexico, were exempt from this tax for the first three years of operations.
This grace period ended on December 31, 2001. Consequently, tax payments for the
fourth quarter amounted to Ps.42.3 million, or Ps.169.0 million year-to-date.
Results for the fourth quarter reflected changes made to how ASUR records asset
taxes, deferred employee profit sharing and deferred taxes. These changes were
made with the approval of ASUR's auditors, PricewaterhouseCoopers S.C., and
resulted from an in-depth analysis of ASUR's tax profile and its impact on the
Company's financial statements. These changes resulted in the following
adjustments:
1. ASUR recognized a valuation allowance for the amount of deferred tax assets
generated by its asset tax. During the fourth quarter, Management concluded
that, based on the weight of available evidence, there was a high
probability that during the next ten years, as allowed under the Mexican
Income Tax Law, ASUR will generate future taxable income to realize a
portion of the deferred tax asset generated by its asset tax. Therefore,
ASUR reversed a valuation allowance of the deferred tax asset generated by
its asset tax to an amount equaling the deferred tax liability at December
31, 2002, which resulted in ASUR crediting income by Ps. 28.15 million.
2. ASUR recognized valuation allowances for deferred employees' statutory
profit sharing and deferred tax assets generated by the airports of
Huatulco, Tapachula, Minatitlan as well as the companies Servicios
Aeroportuarios del Sureste and Grupo Aeroportuario del Sureste since
Management concluded that, based on a number of factors, the available
objective evidence creates sufficient uncertainty as to the high
probability of its realizability. As a result, ASUR recognized a charge to
income amounting to Ps. 14.13 million.
3. Under the amendments to the Mexican Income Tax Law effective January 1,
2002, the income tax rate of 35% in 2002 will be gradually reduced by 1%
per year until it reaches 32% in 2005. As a result, ASUR recognized an
adjustment to the deferred taxes and credited income by Ps. 44.82 million.
Net income for the fourth quarter increased year-over-year by 365.22% to
Ps.53.71 million. This was mainly due to the above mentioned:
o Increase in overall revenues for the period.
o Decrease in the deferred tax provision derived from the recognition of the
decline in the corporate tax rate to 32%, from 35%, in line with Generally
Accepted Accounting Principles in Mexico and local tax law.
o And, the decline in the asset tax provision, which in line with the results
for the airports of Cozumel, Merida, Oaxaca, Veracruz and Villahermosa, was
adjusted to reflect the amount that exceeded the deferred taxes provision
recorded for the corresponding period. This adjustment was made in
accordance with Bulletin D-4 of the Generally Accepted Accounting
Principles in Mexico.
Earnings per common share for the quarter were Ps.0.1790, or earnings per ADS
(EPADS) (one ADS represents ten series B common shares) of US$0.1715, compared
with earnings per common share of Ps.0.0385, or EPADS of US$0.0369 for the same
period of last year.
Table IV: Summary of consolidated Results for 4Q02
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4Q01 4Q01 % Change
---------------------------------------------------------------------------------------------
Total Revenues 250,334 282,491 12.85
---------------------------------------------------------------------------------------------
Aeronautical Services 204,062 224,445 9.99
---------------------------------------------------------------------------------------------
Non/Aeronautical Services 46,272 58,047 25.45
---------------------------------------------------------------------------------------------
Commercial Revenues 29,182 40,576 39.05
---------------------------------------------------------------------------------------------
Operating Profit 30,148 51,043 69.31
---------------------------------------------------------------------------------------------
Operating Margin % 12.04% 18.07% 50.03
---------------------------------------------------------------------------------------------
EBITDA 110,200 134,818 22.34
---------------------------------------------------------------------------------------------
EBITDA MARGIN % 44.02% 47.72% 8.41
---------------------------------------------------------------------------------------------
Net Income 11,546 53,714 365.22
---------------------------------------------------------------------------------------------
Earnings per Share * 0.0385 0.1790 365.22
---------------------------------------------------------------------------------------------
Earnings per ADS in US$. 0.0369 0.1715 365.22
---------------------------------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as of
December 31, 2002. U.S. dollar figures are calculated at the
exchange rate of US$1=Ps. 10.4393.
Table V: Commercial Revenues for 4Q02
----------------------------------------------------------------------------------------------
4Q01 4Q02 % Change
----------------------------------------------------------------------------------------------
Total Passengers - - -
----------------------------------------------------------------------------------------------
Commercial Revenues Ps. 29,182 Ps. 40,576 39.05
----------------------------------------------------------------------------------------------
Passengers ('000) 2,319 2,567 10.69
----------------------------------------------------------------------------------------------
Commercial Revenues per Passenger Ps.12.58 Ps.15.81 25.68
----------------------------------------------------------------------------------------------
Note: For purposes of this table, 85.8 thousand and 86.7 thousand
transit and general aviation passengers are included for 4Q01
and 4Q02, respectively. Revenue figures are shown in thousands
of constant Mexican pesos as of December 31, 2002.
Table VI: Operating Costs and Expenses for 4Q02
----------------------------------------------------------------------------------------------
4Q01 4Q02 % Change
----------------------------------------------------------------------------------------------
Cost of Services 89,594 95,803 6.93
----------------------------------------------------------------------------------------------
Administrative 32,078 30,020 (6.42)
----------------------------------------------------------------------------------------------
Technical Assistance 6,071 7,727 27.28
----------------------------------------------------------------------------------------------
Concession Rights 12,391 14,124 13.98
----------------------------------------------------------------------------------------------
Depreciation and Amortization 80,052 83,775 4.65
----------------------------------------------------------------------------------------------
TOTAL 220,186 231,449 5.11
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Note: Figures are shown in thousands of constant Mexican pesos
as of December 31, 2002.
Table VII: Summary of Consolidated Results for the Twelve-month Period
---------------------------------------------------------------------------------------------
12-months- 01 12-months- 02 % Change
---------------------------------------------------------------------------------------------
Total revenues 1,230,623 1,240,601 0.81
---------------------------------------------------------------------------------------------
Aeronautical Services 1,045,029 1,001,380 (4.18)
---------------------------------------------------------------------------------------------
Non-aeronautical Services 185,594 239,221 28.89
---------------------------------------------------------------------------------------------
Commercial Revenues 104,579 163,664 56.50
---------------------------------------------------------------------------------------------
Operating Profit 398,749 355,170 (10.93)
---------------------------------------------------------------------------------------------
Operating Margin % 32.40% 28.63% (11.65)
---------------------------------------------------------------------------------------------
EBITDA 718,957 690,270 (3.99)
---------------------------------------------------------------------------------------------
EBITDA Margin 58.42% 55.64% (4.76)
---------------------------------------------------------------------------------------------
Net Income 267,157 220,284 (17.55)
---------------------------------------------------------------------------------------------
Earnings per Share 0.8905 0.7343 (17.55)
---------------------------------------------------------------------------------------------
Earnings per ADS in US$. 0.8530 0.7034 (17.55)
---------------------------------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as of
December 31, 2002. U.S. dollar figures are calculated at the
exchange rate of US$1=Ps. 10.4393.
Consolidated Results for Twelve-Month Period
--------------------------------------------------------------------------------
Total revenues for the twelve-month period were Ps.1,240.6 million, reflecting a
year-over-year improvement of 0.81%. This was mainly due to:
o A year-over-year decrease of 4.18% in revenues from aeronautical services,
mainly due to the decline over the period in the number of operations and
international passenger traffic following the events of September 11, 2001.
This decline was partially offset by an increase over the same period in
commercial revenues resulting from the opening of new, improved commercial
spaces at the airports of Cancun, Merida and Cozumel during the final
quarter of last year.
As of today, the issue related to the suspension of payment by Mexican airlines
AeroMexico, Mexicana de Aviacion, Aerolitoral and Aeromar of the portion of
airport-specific tariffs charged by ASUR as from June 1, 2001, is still unsolved
and currently going through the legal system. The four airlines suspended these
payments in June of 2001. To-date, the incremental sum that the four airlines
have not paid is Ps.9.8 million.
Similarly, in May of 2002 the same airlines informed ASUR of their desire to
extend the payment deadline for the passenger fee to 115 days. As a result,
starting in June the four airlines did not make payments that were due according
to the original 60-day payment schedule. As a result, account receivables
related to this item were Ps.41.0 million at December 31, 2002. It should be
noted that the airlines undertook this action despite the fact that ASUR
informed them that it was prepared to consider their request.
Year-to-date, commercial revenues increased year-over-year by 56.50%, mainly as
a result of:
o A year-over-year increase in duty-free revenues of 64.10%, mainly due to
the above-mentioned opening of the commercial spaces at Cancun airport
during the fourth quarter of last year.
o A l03.05% year-over-year increase in food and beverage revenues due to the
above-mentioned opening of restaurants and bars in Cancun, Cozumel and
Merida airports during the fourth quarter of last year.
o Year-over-year increases of 70.19% and 225.74%, respectively, in retail and
banking & currency exchange revenues.
Table VIII: Commercial Revenues for the Twelve-month Period
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12-months-01 12-months-02 % Change
----------------------------------------------------------------------------------------------
Commercial Revenues Ps.104,579 Ps.163,664 56.50
----------------------------------------------------------------------------------------------
Passengers (in thousands) 11,622 11,348 (2.36)
----------------------------------------------------------------------------------------------
Commercial Revenues per Passenger, in Ps. Ps.9.00 Ps.14.41 60.29
----------------------------------------------------------------------------------------------
Note: For purposes of this table, 382.0 thousand and 351.1 thousand
transit and general aviation passengers were included in the
figures for the twelve-month period of 2001 and 2002,
respectively. Figures are shown in thousands of constant
Mexican pesos as of December 31, 2002.
Table IX: Operating Costs and Expenses for the Twelve-month Period
--------------------------------------------------------------------------------------------
12-months-01 12-months-02 % Change
--------------------------------------------------------------------------------------------
Cost of Services 304,620 343,923 12.90
--------------------------------------------------------------------------------------------
Administrative 105,268 106,989 1.63
--------------------------------------------------------------------------------------------
Technical Assistance 40,256 37,425 (7.03)
--------------------------------------------------------------------------------------------
Concession Rights 61,522 61,994 0.77
--------------------------------------------------------------------------------------------
Depreciation and Amortization 320,207 335,100 4.65
--------------------------------------------------------------------------------------------
TOTAL 831,873 885,431 6.44
--------------------------------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as of
December 31, 2002.
Operating costs and expenses for the twelve-month period increased
year-over-year by 6.44%.
Cost of services for the twelve-month period rose year-over-year by l2.90%. This
was due to the previously announced increased costs involved in renewing
third-party civil liability insurance and acquiring additional coverage against
terrorist acts. Additionally, the cost of services for the year was impacted by
the increases in costs related to maintenance, as new commercial areas were
opened during the fourth quarter of last year, and energy discussed above.
Administrative expenses for the period increased year-over-year by 1.63%, mainly
as a result of a wage increase granted to non-unionized staff employees during
the second quarter of 2002.
Technical assistance costs for the period decreased year-over-year by 7.03%, due
to the corresponding year-to-date decline in EBITDA.
The 0.77% year-over-year increase in concession fees for the period was due to
the year-to-date decline in overall revenues.
Depreciation and amortization for the period rose year-over-year by 4.65%,
mainly due to the above-mentioned capitalization of investments made in
connection with the opening of new areas at the Company's three largest airports
during the fourth quarter of last year.
Operating margin for the twelve-month period was 28.63%, representing a decline
from operating margin of 32.40% for the equivalent period last year. This was
mainly due to the above-mentioned increase in certain costs and expenses for the
year.
Net income for the twelve-month period decreased year-over-year by l7.55%.
Earnings per common share for the period were Ps. 0.7343, or EPADS of US$0.7034,
compared with earnings per common share of Ps. 0.8905, or EPADS of US$0.8530 for
the same period of last year.
Tariff Regulation
--------------------------------------------------------------------------------
The Mexican Ministry of Communications and Transport 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 fiscal year 2002 were Ps.1,009.2 million,
resulting in an implicit year-to-date average tariff per traffic unit of
Ps.88.19.
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 December 31, 2002, Rights to Use Airport Facilities and Airport Concessions
represented 85.99% of the Company's total assets, with current assets
representing 6.29% and other assets 7.72%.
On December 31, 2002, cash and marketable securities were Ps.496.8 million. On
the same date, shareholders' equity represented 95.46% and total liabilities
represented 4.54% of ASUR's total assets. Total deferred liabilities represented
75.89% of the Company's total liabilities.
CAPEX
--------------------------------------------------------------------------------
For fiscal year 2002, ASUR made investments of Ps.260.6 million as part of the
Company's ongoing plan to modernize the airports of the Group.
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
Operating Results per Airport
-----------------------------------------------------------------------------------------------------------------
4Q01 4Q02 % change 12-months-01 12-months-02 % change
-----------------------------------------------------------------------------------------------------------------
Cancun
-----------------------------------------------------------------------------------------------------------------
Aeronautical Revenues 137,648 157,923 14.73 737,591 727,948 (1.31)
-----------------------------------------------------------------------------------------------------------------
Non-aeronautical Revenues 33,665 41,002 21.80 126,976 168,278 32.53
-----------------------------------------------------------------------------------------------------------------
Operating Profit 42,666 68,731 61.09 384,235 381,287 (0.77)
-----------------------------------------------------------------------------------------------------------------
EBITDA 92,720 121,001 30.50 584,453 590,368 1.01
-----------------------------------------------------------------------------------------------------------------
Cozumel
-----------------------------------------------------------------------------------------------------------------
Aeronautical Revenues 6,911 6,439 (6.83) 48,827 37,431 (23.34)
-----------------------------------------------------------------------------------------------------------------
Non-aeronautical Revenues 1,921 2,277 18.54 10,672 12,007 12.51
-----------------------------------------------------------------------------------------------------------------
Operating Profit (4,203) (6,739) 60.34 8,472 (4,702) (155.50)
-----------------------------------------------------------------------------------------------------------------
EBITDA (34) (2,775) 8,062.76 25,149 11,153 (55.65)
-----------------------------------------------------------------------------------------------------------------
Merida
-----------------------------------------------------------------------------------------------------------------
Aeronautical Revenues 18,194 17,377 (4.49) 77,686 70,803 (8.86)
-----------------------------------------------------------------------------------------------------------------
Non-aeronautical Revenues 3,357 5,681 69.22 18,083 23,163 28.09
-----------------------------------------------------------------------------------------------------------------
Operating Profit (212) 766 (461.46) 14,535 8,195 (43.62)
-----------------------------------------------------------------------------------------------------------------
EBITDA 6,436 7,487 16.34 41,126 35,982 (14.70)
-----------------------------------------------------------------------------------------------------------------
Others
-----------------------------------------------------------------------------------------------------------------
Aeronautical Revenues 41,310 42,706 3.38 180,925 165,198 (8.69)
-----------------------------------------------------------------------------------------------------------------
Non-aeronautical Revenues 7,329 9,087 23.97 29,863 35,772 19.79
-----------------------------------------------------------------------------------------------------------------
Operating Profit (8,103) (11,716) 44.59 (8,493) (29,610) 248.64
-----------------------------------------------------------------------------------------------------------------
EBITDA 11,077 9,104 (17.81) 68,229 53,668 (21.34)
-----------------------------------------------------------------------------------------------------------------
TOTAL
-----------------------------------------------------------------------------------------------------------------
Aeronautical Revenues 204,062 224,445 9.99 1,045,029 1,001,380 (4.18)
-----------------------------------------------------------------------------------------------------------------
Non-aeronautical Revenues 46,272 58,047 25.45 185,594 239,221 28.89
-----------------------------------------------------------------------------------------------------------------
Operating Profit 30,148 51,042 69.31 398,749 355,170 (10.93)
-----------------------------------------------------------------------------------------------------------------
EBITDA 110,200 134,817 22.34 718,957 690,270 (3.99)
-----------------------------------------------------------------------------------------------------------------
Note: All figures are in thousands of constant Mexican pesos as of December 31,
2002.
GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31st, 2002
(Thousands of Mexican pesos in purchasing power as of December 31st, 2002)
ITEM December 2001 December 2002 VARIATION %
ASSETS
Current Assets
Cash and cash equivalents 928,872 496,827 (432,045) (46.5)
Trade receivables, net 137,059 166,214 29,154 21.3
Recoverable taxes and other current 51,456 46,836 (4,620) (9.0)
assets
Investment in subsidiaries 0 0 0 0.0
---------- ---------- ---------- ------------
Total Current Assets 1,117,388 709,876 (407,511) (36.5)
Fixed Assets
Machinery, furniture and equipment, net 77,264 64,877 (12,387) (16.0)
Rights to use airport facilities, net 2,181,828 2,101,127 (80,701) (3.7)
Improvements to use airport facilities, 365,589 601,998 236,409 64.7
net
Constructions in process 138,164 123,104 (15,060) (10.9)
Others 53,324 62,121 8,798 16.5
---------- ---------- ---------- ------------
Total Fixed Assets 2,816,168 2,953,227 137,059 4.9
Deferred Assets
Airports concessions, net 7,813,067 7,601,518 (211,549) (2.7)
Deferred income taxes 0 0 0 0.0
Other 12,888 18,813 5,926 46.0
---------- ---------- ---------- ------------
Total Deferred Assets 7,825,955 7,620,331 (205,624) (2.6)
TOTAL ASSETS 11,759,511 11,283,434 (476,076) (4.0)
=========== =========== ========== =============
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities
Trade accounts payable 1,686 2,488 802 47.6
Notes payable (174) 0 174 (100.0)
Accrued expenses and others payables 81,567 99,259 17,692 21.7
---------- ---------- ---------- ------------
Total Current Liabilities 83,079 101,746 18,667 22.5
Long term liabilities
Other 2,300 21,068 18,768 815.8
Deferred income taxes 356,467 351,213 (5,254) (1.5)
Deferred employees profit sharing 38,059 37,496 (563) (1.5)
Labor Obligations 454 653 199 43.9
---------- ---------- ---------- ------------
Total long term liabilities 397,281 410,430 13,150 3.3
TOTAL LIABILITIES 480,360 512,177 31,817 6.6
STOCKHOLDER'S EQUITY
Capital stock 10,489,386 10,489,386 (0) (0.0)
Legal Reserve 25,323 38,661 13358 52.8
Share repurchase reserve 45,512 0 (45,512) (100.0)
Net income for the period 267,157 220,285 (46,873) (17.5)
Retained earnings 451,772 22,907 (428,866) (94.9)
TOTAL STOCKHOLDER'S EQUITY 11,279,151 10,771,258 (507,893) (4.5)
---------- ---------- ----------- -------------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 11,759,511 11,283,434 (476,076) (4.0)
========== ========== =========== =============
GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
CONSOLIDATED STATEMENT OF INCOME FROM JANUARY 1st DECEMBER 31st, 2002 AND 2001
(Thousands of Mexican pesos in purchasing power as of December 31st 02)
ITEM ACCUMULATIVE ACCUMULATIVE VARIATION % QUARTER 2001 QUARTER 2002 VARIATION %
2001 2002
Revenues
Aeronautical Services 1045029 1,001,380 (4.18) 204,062 224,445 9.99
Non-Aeronautical Services 185,594 239,221 28.89 46,272 58,047 25.45
----------- ------------ ---------- ---------- ---------- -----------
Total Revenues 1,230,623 1,240,601 0.81 250,334 282,491 12.85
Operating Expenses
Cost of services 304,620 343,923 12.90 89,594 95,803 6.93
General and administrative expenses 105,268 106,989 1.63 32,078 30,020 (6.42)
Technical Assistance 40,256 37,425 (7.03) 6,071 7,727 27.26
Concession fee 61,522 61,994 0.77 12,391 14,124 13.98
Depreciation and Amortization 320,207 335,100 4.65 80,052 83,775 4.65
----------- ------------ ---------- ---------- ---------- -----------
Total Operating Expenses 831,873 885,431 6.44 220,186 231,449 5.11
Operating Income 398,749 355,170 (10.93) 30,148 51,043 69.31
Comprehensive Financing cost 36,881 27,171 (26.33) (10,901) (1,498) (86.26)
----------- ------------ ----------- ----------- ----------- ------------
Extraordinary expense
Rescue Clause 7,071 7,008 (0.89) (2,225) 7,660 (444.24)
Loss due to act of God 0 3,534 0.00 0 3,534 0.00
Income Before Income Taxes 428,559 371,798 (13.24) 21,472 38,351 78.61
Asset tax 0 31,525 0.00 0 (16,012) 0.00
Detterred income taxes 161,401 118,499 (26.58) 9,926 (840) (108.47)
Defferred employees profit sharing 0 1,489 0.00 0 1,489 0.00
----------- ------------ ---------- ---------- ---------- -----------
Net Income for the Year 267,157 220,284 (17.55) 11,546 53,714 365.22
=========== ============ =========== ========== ========== ===========
Earning per share 0.8905 0.7343 (17.55) 0.0385 0.1790 365.22
Earning per ads usd 0.8530 0.7034 (17.55) 0.0369 0.1715 365.22
exchange rate per dollar 104393
GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
CONSOLIDATED STATEMENT OF CHANGES FROM JANUARY 1st, TO
DECEMBER 31st, 2002 AND 2001
(Thousands of Mexican pesos in purchasing power as of December 31st, 2002)
Accumulative Accumulative Variation 4 Q 4 Q
------------ ------------ --------- --- ---
ITEM 2001 2002 % 2001 2002
Net income for the year 267,157 220,285 (17.5) 11,546 53,714
Depreciation and Amortization 320,207 335,100 4.7 80,052 83,775
------- ------- --- ------ -------
Resources provided by operations 587,365 555,385 (5.4) 91,598 137,490
------- ------- ----- ------ -------
Changes in operating assets and
liabilities:
Decrease (increase) in:
Trade receivables (31,452) (29,486) (6.3) (9,827) 17,764
Recoverable taxes and other current
assets (34,967) 4,794 (113.7) (27,706) 27,231
Other deferred assets (8,779) (5,926) (32.5) (7,042) 5,644
Increase (decrease) in:
Trade accounts payable (11,286) 1,134 (110.0) 778 769
Accrued expenses and other payables 16,072 17,692 10.1 13,393 (22,443)
Long term liabilities 157,032 13,150 (91.6) 18,321 (27,490)
------- ------- ------ ------- --------
Resources provided by (used for)
working capital 86,619 1,357 (98.4) (12,083) 1,475
------- ------- ------ -------- -------
Resources provided by (used for)
operating activities 673,984 556,742 (17.4) 79,515 138,965
Resources provided by (used for)
financing activities: 0 (728,178) 0.0 0 0
------- --------- --- -- -------
Notes payable 0 - (100.0) - -
Others -- (728,178) - -
Resources provide by (used for)
investing activities: (362,912) (260,610) (28.2) (108,653) (88,349)
-------- --------- ------ --------- --------
Investments in machinery, furniture
and equipment, net (24,128) (11,113) (53.9) (700) (8,139)
Investments in rights to use airport
facilities (297,421) (255,760) (14.0) (229,833) (252,153)
Investments in constructions in
process.............................. (47,913) 15,000 (131.4) 143,336 207,947
Investments in others 6,550 (8,798) (234.3) (21,456) (36,003)
Increase (Decrease) in cash and
cash equivalents 311,072 (432,045) (238.9) (29,138) 50,616
Cash and cash equivalents at beginning
of the financial period 617,800 928,872 50.4 958,010 446,211
Cash and cash equivalents at the end of
the financial period 928,872 496,827 (46.5) 928,872 496,827
======= ======= ====== ======= =======
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, SA. de C.V.
By: /s/ADOLFO CASTRO RIVAS
-----------------------
Adolfo Castro Rivas
Director of Finance
Date: January 31, 2003