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 April 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-____________.)
In Mexico In the United States
ASUR Breakstone & Ruth
International
Lic. Adolfo Castro Luca Biondolillo
+52 (55) 5284-0408 ASUR (646) 536-7012
acastro@asur.com.mx ----------------------- Lbiondolillo@breakstoneruth.com
AEROPUERTOS DEL SURESTE
ASUR 1Q03 NET INCOME UP YOY BY 62.55%
1Q03 Highlights(1):
o EBITDA increased by 16.49% to Ps.233.9 million.
o Total passenger traffic up by 8.22%.
o Total revenues up by 11.81%, mainly due to a 39.24% year-over-year
improvement in commercial revenues.
o Commercial revenues per passenger increased by 29.48%, to Ps.17.02 per
passenger.
o Operating profit improved by 26.21%.
o EBITDA margin of 64.15%, compared with 61.57% for 1Q02.
Mexico City, April 23, 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-month period ended March 31, 2003.
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 March 31, 2003,
and represent comparisons between the three-month period ended March 31, 2003,
and the equivalent three-month period ended March 31,2002. 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.10.7889.
--------
1 Unless otherwise stated, all comparisons are between the three-month period
ended March 31, 2003, and the equivalent three-month period ended March 31,
2002.
Passenger Traffic
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For the first quarter, year-over-year total passenger traffic increased by
8.22%; domestic passenger traffic increased by 5.04%; and international
passenger traffic increased by 9.96%. These figures continued to reflect the
improving trend in passenger traffic, particularly to and from the U.S., as
shown in the rise in international passenger traffic.
Total passenger traffic for the first quarter increased year-over-year at all
ASUR airports except Huatulco, where total passenger traffic declined
year-over-year by 11.77%.
Domestic passenger traffic for the quarter increased year-over-year at all
airports except Cozumel and Huatulco, where domestic passenger traffic declined
year-over-year by 19.48% and 18.29%, respectively.
International passenger traffic for the quarter increased year-over- year at all
airports except Merida and Tapachula, where international passenger traffic
declined year-over-year by 20.51% and 49.36%, respectively.
At Cozumel airport, international passenger traffic for the quarter rose
year-over-year by 10.64%, reversing the negative trend of previous quarters,
mainly due to the airline Ryan International increasing the frequency of its
flights to this airport to four per week, from one.
At Huatulco airport, total passenger traffic for the three-month period declined
year-over-year by 11.77%.
Table I: Domestic Passengers (in thousands)
Airport 1Q02 1Q03 % change
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Cancun 386.8 408.3 5.56
Cozumel 23.6 19.0 (19.48)
Huatulco 60.4 49.4 (18.29)
Merida 177.9 182.3 2.46
Minatitlan 28.5 30.8 7.80
Oaxaca 99.0 106.7 7.82
Tapachula 43.0 46.0 6.78
Veracruz 94.4 110.5 17.07
Villahermosa 110.6 123.0 11.20
TOTAL 1,024.3 1,075.9 5.04
Table II: International Passengers (in thousands)
Airport 1Q02 1Q03 % change
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Cancun 1,694.4 1,869.3 10.33
Cozumel 104.1 115.2 10.64
Huatulco 17.7 19.6 10.48
Merida 26.4 21.0 (20.51)
Minatitlan 0.5 0.6 34.83
Oaxaca 6.8 7.9 16.49
Tapachula 1.0 0.5 (49.36)
Veracruz 12.6 13.1 4.25
Villahermosa 3.4 5.6 64.77
TOTAL 1,866.8 2,052.8 9.96
Table III: Total Passengers (in thousands)
Airport 1Q02 1Q03 % change
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Cancun 2,081.2 2,277.6 9.44
Cozumel 127.6 134.1 5.08
Huatulco 78.1 69.0 (11.77)
Merida 204.2 203.2 (0.50)
Minatitlan 29.0 31.4 8.24
Oaxaca 105.8 114.6 8.37
Tapachula 44.0 46.5 5.49
Veracruz 107.0 123.7 15.56
Villahermosa 114.0 128.6 12.81
TOTAL 2,891.0 3,128.6 8.22
Note to tables I, II and III: Passenger figures exclude transit and general
aviation passengers.
Consolidated Results for 1Q03
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Total revenues for 1Q03 reached Ps.364.7 million, representing a year-over-year
increase of 11.81%. This was mainly due to:
o A year-over-year increase of 8.58% in revenues from aeronautical services,
principally due to the 9.96% increase in international passenger traffic
for the quarter.
o A year-over-year increase of 26.33% in revenues from non-aeronautical
services, mainly due to the 39.24% increase in commercial revenues for the
quarter.
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 39.24%, mainly
due to:
o A 10.44% year-over-year increase in duty-free revenues, principally as a
result of efforts made to improve the mix of products offered to better
reflect passengers' demand.
o A year-over-year increase of 58.99% in food and beverage revenues, as
spending per passenger at the airports of Cancun, Merida and Cozumel
increased in line with the improvement in the Company's understanding of
passengers' demand, and new establishments were opened at the airports of
Veracruz, Oaxaca and Huatulco.
o A 49.96% year-over-year increase in retail revenues, reflecting the opening
of new convenience stores at the airports of Huatulco, Tapachula,
Villahermosa and Veracruz as well as the increase in the number of products
available for purchase by travelers.
o A 321.31% year-over-year increase in advertising revenues, reflecting the
additional space dedicated to advertising during 2002.
Total operating costs and expenses for the quarter increased year-over-year by
3.87%, mainly as a result of the following:
o An 8.95% year-over-year increase in administrative expenses.
o A 16.44% year-over-year increase in the cost of technical assistance,
mainly as a result of the increase in EBITDA for the quarter (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 quarter.
o A 3.24% year-over-year increase in depreciation and amortization for the
quarter, mainly due to the capitalization of investments made to modernize
all airports.
Operating margin for the quarter was 40.08%, representing an improvement from
operating margin of 35.50% for the same quarter last year. This was mainly due
to the year-over-year increase in revenues as well as good control over costs
and expenses, which increased only marginally.
Mexican companies are required to pay the higher of either income tax or asset
tax (defined as a rate of 1.8% 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 asset tax payments for the first quarter
amounted to Ps. 41.1 million. Of these payments, the sum recorded in the results
for the quarter was Ps.16.5 million. The difference was recorded as an asset,
since the Company expects to recover Ps.24.6 million in income tax payments for
the quarter.
Net income for the first quarter increased year-over-year by 62.55%. Earnings
per common share for the quarter were Ps.0.2925, or earnings per ADS (EPADS)
(one ADS represents ten series B common shares) of US$0.2711, compared with
earnings per common share of Ps.0.1800, or EPADS of US$0.1668 for the same
quarter of last year.
Table IV: Summary of Consolidated Results for 1Q03
1Q02 1Q03 % change
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Total Revenues 326,189 364,697 11.81
Aeronautical Services 266,916 289,819 8.58
Non/Aeronautical Services 59,273 74,878 26.33
Commercial Revenues 39,278 54,690 39.24
Operating Profit 115,803 146,160 26.21
Operating Margin % 35.50% 40.08% 12.89
EBITDA 200,829 233,940 16.49
EBITDA MARGIN% 61.57% 64.15% 4.19
Net Income 53,990 87,758 62.55
Earnings per Share* 0.1800 0.2925 62.55
Earnings per ADS in US$ 0.1668 0.2711 62.55
Note: Figures are shown in thousands of constant Mexican pesos as of March
31, 2003. U.S. dollar figures are calculated at the exchange rate of
US$1=Ps. 10.7889.
Table V: Commercial Revenues for 1Q03
1Q02 1Q03 % change
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Total Passengers - - -
Commercial Revenues Ps. 39,278 Ps. 54,690 39.24
Passengers ('000) 2,988 3,214 7.54
Commercial Revenues per Passenger Ps. 13.14 Ps. 17.02 29.48
Note: For purposes of this table, 97.2 thousand and 84.9 thousand transit and
general aviation passengers are included for 1Q02 and 1Q03,
respectively. Revenue figures are shown in thousands of constant
Mexican pesos as of March 31, 2003.
Table VI: Operating Costs and Expenses for 1Q03
1Q02 1Q03 % change
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Cost of Services 76,909 76,711 (0.26)
Administrative 21,543 23,470 8.95
Technical Assistance 10,600 12,342 16.44
Concession Rights 16,307 18,233 11.81
Depreciation and Amortization 85,026 87,780 3.24
TOTAL 210,385 218,536 3.87
Note: Figures are shown in thousands of constant Mexican pesos as of March
31, 2003.
Tariff Regulation
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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 2003 were Ps.303.3 million, resulting
in an implicit year-to-date average tariff per traffic unit of Ps.93.64.
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
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On March 31, 2003, Rights to Use Airport Facilities and Airport Concessions
represented 84.45% of the Company's total assets, with current assets
representing 7.64% and other assets 7.91%.
On March 31, 2003, cash and marketable securities were Ps.622.7 million. On the
same date, shareholders' equity represented 95.22% and total liabilities
represented 4.78% of ASUR's total assets. Total deferred liabilities represented
75.89% of the Company's total liabilities.
CAPEX
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During the first quarter of 2003, ASUR made investments of Ps.43.7 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
1Q02 1Q03 % change
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Cancun
Aeronautical Revenues 198,394 218,569 10.17
Non-aeronautical Revenues 42,742 53,453 25.06
Operating Profit 115,854 140,061 20.89
EBITDA 168,682 194,938 15.57
Cozumel
Aeronautical Revenues 10,898 11,444 4.99
Non-aeronautical Revenues 3,076 3,794 23.34
Operating Profit 2,078 1,786 (14.06)
EBITDA 6,409 6,121 (4.49)
Merida
Aeronautical Revenues 17,524 16,956 (3.24)
Non-aeronautical Revenues 4,447 6,326 16.14
Operating Profit 1,971 2,950 49.73
EBITDA 8,763 10,214 16.56
Others
Aeronautical Revenues 40,100 42,852 6.86
Non-aeronautical Revenues 8,008 11,304 41.17
Operating Profit (4,099) 1,363 (133.26)
EBITDA 16,976 22,667 33.53
TOTAL
Aeronautical Revenues 266,916 289,819 8.58
Non-aeronautical Revenues 59,273 74,878 26.33
Operating Profit 115,803 146,160 26.21
EBITDA 200,829 233,940 16.49
Note: All figures are in thousands of constant Mexican pesos as of March
31, 2003.
ASUR GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
----------------------- CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2003 AND 2002
AEROPUERTOS DEL SURESTE Thousands of Mexican pesos in purchasing power as of March 2003
March 2002 March 2003 VARIATION %
------------------------------------------------------------------------------------------------------
ASSETS
Current Assets
Cash and cash equivalents 1,007,466 622,693 (384,773) (38.2)
Trade receivables, net 178,865 212,594 33,729 18.9
Recoverable taxes and other current assets 66,515 44,677 (21,838) (32.8)
------------ ------------ ------------ ----------
Total Current Assets 1,252,846 879,964 (372,882) (29.8)
Fixed Assets
Machinery, furniture and equipment, net 72,153 69,397 (2,756) (3.8)
Rights to use airport facilities, net 2,183,227 2,102,758 (80,470) (3.7)
Improvements to use airport facilities, net 364,420 599,754 235,334 64.6
Constructions in process 210,064 159,862 (50,202) (23.9)
Others 50,118 60,810 10,692 21.3
------------ ------------ ------------ ----------
Total Fixed Assets 2,879,982 2,992,581 112,599 3.9
Deferred Assets
Airports concessions, net 7,838,978 7,625,280 (213,698) (2.7)
Deferred income taxes - - - 0.0
Other 13,448 20,939 7,490 55.7
------------ ------------ ------------ ----------
Total Deferred Assets 7,852,426 7,646,219 (206,207) (2.6)
TOTAL ASSETS 11,985,254 11,518,763 (466,491) (3.9)
============ ============ ============ ==========
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities
Trade accounts payable 588 2,360 1,772 301.2
Notes payable (166) - 166 (100.0)
Accrued expenses and others payables 93,338 108,292 14,954 16.0
------------ ------------ ------------ ----------
Total Current Liabilities 93,760 110,652 16,892 18.0
Long term liabilities
Other 2,294 21,493 19,199 836.8
Deferred income taxes 402,950 380,087 (22,863) (5.7)
Deferred employees profit sharing 37,929 37,496 (433) (1.1)
Labor Obligations 650 646 (4) (0.6)
Total long term liabilities 443,824 439,722 (4,102) (0.9)
------------ ------------ ------------ ----------
TOTAL LIABILITIES 537,583 550,374 12,790 2.4
STOCKHOLDER'S EQUITY
Capital stock 10,595,897 10,595,896 (0) (0.0)
Legal Reserve 25,580 39,074 13,494 52.8
Share repurchase reserve 45,975 - (45,975) (100.0)
Net Income for the period 53,990 87,758 33,769 62.5
Retained earnings 726,230 245,661 (480,568) (66.2)
------------ ------------ ------------ ----------
TOTAL STOCKHOLDER'S EQUITY 11,447,671 10,968,390 (479,281) (4.2)
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 11,985,254 11,518,763 (466,491) (3.9)
============ ============ ============ ==========
ASUR GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
----------------------- CONSOLIDATED STATEMENT OF INCOME FROM JANUARY 1 TO MARCH 31, 2003 AND 2002
AEROPUERTOS DEL SURESTE Thousands of Mexican pesos in purchasing power as of March 2003
ITEM ACCUMULATIVE ACCUMULATIVE VARIATION QUARTER QUARTER VARIATION
2002 2003 % 2002 2003 %
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Revenues
Aeronautical Services 266,916 289,819 8.58 266,916 289,819 8.58
Non-Aeronautical Services 59,273 74,878 26.33 59,273 74,878 26.33
---------- ------------ --------- --------- ---------- --------
Total Revenues 326,189 364,697 11.81 326,189 364,697 11.81
Operating Expenses
Cost of services 76,909 76,711 (0.26) 76,909 76,711 (0.26)
General and administrative
expenses 21,543 23,470 8.95 21,543 23,470 8.95
Technical Assistance 10,600 12,342 16.44 10,600 12,342 16.44
Concession fee 16,307 18,233 11.81 16,307 18,233 11.81
Depreciation and Amortization 85,026 87,780 3.24 85,026 87,780 3.24
----------- ------------ --------- --------- ---------- --------
Total Operating Expenses 210,385 218,536 3.87 210,385 218,536 3.87
Operating Income 115,803 146,160 26.21 115,803 146,160 26.21
Comprehensive Financing cost (2,205) 6,770 (407.10) (2,205) 6,770 (407.10)
----------- ----------- --------- --------- ---------- --------
Extraordinary expenses
Rescue Clause - - - - - -
Loss due to act of God - - - - - -
Income Before Income Taxes 113,599 152,931 34.62 113,599 152,931 34.62
Provision for Income Taxes 16,632 16,472 (0.96) 16,632 16,472 (0.96)
Deferred income taxes 42,977 48,700 13.32 42,977 48,700 13.32
Deferred employees profit sharing - - - - - -
----------- ----------- --------- --------- ---------- --------
Net Income for the Year 53,990 87,758 62.55 53,990 87,758 62.55
=========== =========== ========= ========= ========== ========
Earning per share 0.1800 0.2925 62.55 0.1800 0.2925 62.55
Earning per ADS USD 0.1668 0.2711 62.55 0.1668 0.2711 62.55
Exchange rate per dollar 10.7889
ASUR GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
----------------------- CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION FROM JANUARY 1 TO MARCH 31, 2003
AEROPUERTOS DEL SURESTE Thousands of Mexican pesos in purchasing power as of March 2003
ACCUMULATIVE ACCUMULATIVE VARIATION 1Q 1Q VARIATION
ITEM 2002 2003 % 2002 2003 %
----------------------------------------------------------------------------------------------------------------------------------
Net Income for the Year 53,990 87,758 62.5 53,990 87,759 62.5
Depreciation and Amortization 85,026 87,780 3.2 85,026 87,780 3.2
----------- --------- -------- ---------- --------- -------
Resources provided by operations 139,016 175,538 26.3 139,016 175,538 26.3
----------- --------- -------- ---------- --------- -------
Changes in operating assets and liabilities:
Decrease (increase) in:
Trade receivables (40,750) (44,692) 9.7 (40,750) (44,692) 9.7
Recoverable taxes and other current assets (14,527) 2,635 (118.1) (14,527) 2,635 (118.1)
Other deferred assets (430) (1,934) 349.9 (430) (1,934) 349.9
Increase (decrease) in:
Trade accounts payable (779) (153) (80.3) (779) (153) (80.3)
Accrued expenses and others payables 10,943 8,026 (26.7) 10,943 8,026 (26.7)
Long term liabilities 42,509 25,124 (40.9) 42,509 25,124 (40.9)
----------- --------- -------- ---------- --------- -------
Resources provided by (used for) working capital (3,035) (10,996) 262.3 (3,035) (10,996) 262.3
Resources provided by (used for) operating activities 135,981 164,543 21.0 135,981 164,543 21.0
Resources provided by (used for) financing activities: 0 (0) 0.0 0 0 0.0
Notes payable - - 0.0 0 - 0.0
Others - (0) 0.0 0 - 0.0
Resources provided by (used for) investing activities: (66,819) (43,721) (34.6) (66,819) (43,722) (34.6)
----------- --------- -------- ---------- --------- -------
Investments in machinery, furniture and equipment, net (69) (10,007) 14,358.6 (69) (10,008) 14,360.0
Investments in rights to use airport facilities - (147) 0.0 0 (147) 0.0
Investments in constructions in process (70,497) (35,509) (49.6) (70,497) (35,509) (49.6)
Investments in others 3,747 1,942 (48.2) 3,747 1,942 (48.2)
Increase (Decrease) in cash and cash equivalents 69,162 120,822 74.7 69,162 120,821 74.7
Cash and cash equivalents at beginning of the financial
period 938,304 501,872 (46.5) 938,304 501,872 (46.5)
Cash and cash equivalents at the end of the financial
period 1,007,466 622,693 (38.2) 1,007,466 622,693 (38.2)
=========== ========= ======== ========== ========= =======
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: April 25, 2003