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 July 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 [ASUR In the United States
ASUR AEROPUERTOS DEL SURESTE Breakstone & Ruth International
Lic. Adolfo Castro LOGO] Susan Borinelli
+ 52 (55) 5284-0408 Vanessa Marquez
acastro@asur.com.mx (646) 536-7018/15
sborinelli@breakstoneruth.com
ASUR 2Q03 PASSENGER TRAFFIC INCREASES YOY BY 10.19%
2Q03 Highlights (1):
o EBITDA increased by 18.95% to Ps.209.5 million.
o Total passenger traffic up by 10.19%.
o Total revenues up by 13.31%, mainly due to an 11.50% year-over-year
improvement in aeronautical revenues.
o Commercial revenues per passenger increased by 17.80% to Ps.16.66 per
passenger.
o Operating profit improved by 33.40%.
o EBITDA margin increased to 58.55% from 55.78% for 2Q02.
Mexico City, July 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- and six -month periods ended June 30, 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 June 30, 2003,
and represent comparisons between the three-month period ended June 30, 2003,
and the equivalent three-month period ended June 30, 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. 10.4370.
--------------------
1 Unless otherwise stated, all comparisons are between the three-month period
ended June 30, 2003, and the equivalent three-month period ended June 30, 2002
Passenger Traffic
--------------------------------------------------------------------------------
For the second quarter of 2003, year-over-year total passenger traffic increased
by 10.19%; domestic passenger traffic increased by 16.37%; and international
passenger traffic increased by 6.09%.
The 16.37% increase in domestic passenger traffic reflects among other elements,
the fact that Holy Week - one of the main vacation periods in Mexico -- was in
April this year, whereas last year Holy Week was in March, and therefore
reflected in the first quarter figures for 2002.
The 6.09% growth in international passenger traffic was mainly due to an
increase in passenger traffic at the Cancun airport. This was the result of
increased flights on the Cancun-Panama route by the airline Mexicana de
Aviacion; the June opening by America West of the Phoenix-Cancun route, which is
operating at 85% capacity; as well as larger planes flown by Delta Airlines in
response to increased demand. In addition, in January 2003 a new route to
Houston was opened at the Villahermosa airport, which has increased demand.
Total, domestic and international passenger traffic for the first half of the
year increased year-over-year by 9.19%, 10.93% and 8.13%, respectively.
Table I: Domestic Passengers (in thousands)
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Airport 2Q02 2Q03 % change 1H02 1H03 % change
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Cancun 450.5 575.9 27.84 837.3 984.2 17.54
---------------------------------------------------------------------------------------------------------------------
Cozumel 23.8 22.4 (5.88) 47.3 41.3 (12.65)
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Huatulco 60.3 58.6 (2.78) 120.7 108.0 (10.54)
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Merida 184.2 203.9 10.72 362.0 386.1 6.66
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Minatitlan 31.1 31.9 2.41 59.7 62.6 4.99
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Oaxaca 91.5 96.4 5.31 190.5 203.1 6.61
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Tapachula 41.6 43.4 4.38 84.6 89.3 5.60
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Veracruz 107.9 114.3 5.94 202.3 224.9 11.13
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Villahermosa 120.0 146.0 21.62 230.6 268.9 16.62
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TOTAL 1,110.8 1,292.6 16.37 2,135.1 2,368.5 10.93
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Note: Passenger figures exclude transit and general aviation passengers.
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Table II: International Passengers (in thousands)
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Airport 2Q02 2Q03 % change 1H02 1H03 % change
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Cancun 1,527.8 1,634.0 6.95 3,222.2 3,503.4 8.73
---------------------------------------------------------------------------------------------------------------------
Cozumel 98.7 92.2 (6.60) 202.7 207.3 2.25
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Huatulco 2.6 1.9 (27.01) 20.3 21.5 5.65
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Merida 22.1 20.3 (8.19) 48.4 41.2 (14.90)
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Minatitlan 0.6 0.5 (20.47) 1.1 1.1 2.89
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Oaxaca 5.1 6.1 19.76 11.8 14.0 17.89
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Tapachula 0.9 0.5 (51.03) 1.9 1.0 (50.16)
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Veracruz 12.2 12.9 5.86 24.8 26.0 5.05
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Villahermosa 2.9 6.5 120.74 6.4 12.1 90.66
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TOTAL 1,673.0 1,774.8 6.09 3,539.7 3,827.6 8.13
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Note: Passenger figures exclude transit and general aviation passengers.
Table III: Total Passengers (in thousands)
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Airport 2Q02 2Q03 % change 1H02 1H03 % change
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Cancun 1,978.3 2,209.9 11.71 4,059.5 4,487.5 10.54
---------------------------------------------------------------------------------------------------------------------
Cozumel 122.4 114.5 (6.46) 250.1 248.6 (0.57)
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Huatulco 62.9 60.5 (3.79) 141.1 129.5 (8.21)
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Merida 206.2 224.1 8.69 410.5 427.4 4.12
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Minatitlan 31.8 32.4 1.95 60.8 63.8 4.95
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Oaxaca 96.6 102.4 6.07 202.3 217.0 7.27
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Tapachula 42.5 43.8 3.18 86.5 90.3 4.36
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Veracruz 120.1 127.3 5.93 227.1 250.9 10.47
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Villahermosa 123.0 152.5 23.99 237.0 281.1 18.61
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TOTAL 2,783.8 3,067.5 10.19 5,674.8 6,196.1 9.19
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Note: Passenger figures exclude transit and general aviation passengers.
Consolidated Results for 2Q03
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Total revenues for 2Q03 reached Ps.357.9 million, representing a year-over-year
increase of 13.31%. This was mainly due to:
o An increase of 11.50% in revenues from aeronautical services,
principally as a result of the above-mentioned increase in passenger
traffic; and,
o An increase of 21.00% in revenues from non-aeronautical services,
principally as a result of the 29.51% year-over-year improvement 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 improved year-over-year by 29.51%, mainly due to:
o A 12.76% increase in duty-free revenues, primarily as a result of the
increase in international passenger traffic as well as an increase in
the variety of products offered by the duty-free operators.
o An increase of 30.85% in food and beverage revenues, primarily as a
result of the opening of restaurants and bars in the Veracruz, Oaxaca,
Huatulco, and Merida airports as well as the increase in passenger
traffic during the quarter.
o A 65.92% increase in retail revenues, as a result of the opening of
new convenience stores at the Veracruz, Huatulco, Tapachula and
Villahermosa airports, as well as the increase in passenger traffic
during the quarter.
o A 70.16% increase in advertising revenues, resulting from the
dedication of additional space for advertising and the distribution of
print advertising at the Cancun airport.
o A 92.93% increase in revenue from banking and currency exchange,
resulting from American Express being fully operational after the
completion of the remodeling of Terminal 2, and increased demand for
currency exchange resulting from higher passenger traffic during the
quarter.
Total operating costs and expenses for the second quarter increased
year-over-year by 5.17%, mainly as a result of:
o A 5.55% rise in costs of services, mainly due to a 40.53% increase in
the cost of energy resulting from the rate increase.
o A 0.72% increase in administrative expenses.
o A 16.91% 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 A 13.33% increase in concession fees due to the year-over-year
improvement in revenues during the quarter.
o A 3.47% increase in depreciation and amortization, mainly due to the
capitalization of investments in fixed assets and improvements made to
assets under the concession.
Operating margin for the quarter improved year-over-year to 33.96%, from 28.84%.
This was mainly due by the above-mentioned increase in revenues, primarily from
aeronautical revenues, as well as cost controls.
Mexican companies are required to pay the greater of either income tax liability
or asset tax liability (determined at a rate of 1.8% of the average fiscal value
of virtually all of 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)). ASUR made asset tax payments
of Ps.41.1 million for the second quarter. Of these payments, Ps. 24.3 million
were recorded as an expense in the results for the quarter. The difference was
recorded as an asset, since the Company expects to recover Ps. 16.8 million in
income tax payments.
During the quarter, the Company recorded an extraordinary expense of Ps.12.64
million incurred in connection with the termination of certain lease agreements
in anticipation of the remodeling of the satellite building at Cancun airport.
Net income for the quarter increased year-over-year by 19.82% to Ps.72.52
million. This was principally due to:
o The above-mentioned increase in revenues for the period.
o The decline 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 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
provision for deferred taxes 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.0.2417, or earnings per ADS
(EPADS) (one ADS represents ten series B common shares) of US$0.2316, compared
with earnings per common share of Ps.0.2017, or EPADS of US$0.1933 for the same
period last year.
Table IV: Summary of Consolidated Results for 2Q03
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2Q02 2Q03 % Change
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Total Revenues 315,833 357,864 13.31
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Aeronautical Services 255,710 285,115 11.50
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Non/Aeronautical Services 60,122 72,750 21.00
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Commercial Revenues 40,520 52,479 29.51
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Operating Profit 91,096 121,517 33.40
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Operating Margin % 28.84% 33.96% 17.73
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EBITDA 176,164 209,538 18.95
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EBITDA MARGIN % 55.78% 58.55% 4.97
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Net Income 60,523 72,521 19.82
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Earnings per Share 0.2017 0.2417 19.82
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Earnings per ADS in USD. 0.1933 0.2316 19.82
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Note: Figures are shown in thousands of constant Mexican pesos as of June 30, 2003. U.S. dollar
figures are calculated at the exchange rate of US$1=Ps. 10.4370.
Table V: Commercial Revenues for 2Q03
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2Q02 2Q03 % Change
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Total Passengers
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Commercial Revenues 40,520 52,479 29.51
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Passengers (in thousands) 2,866 3,151 9.94
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Commercial Revenues per Passenger, 14.14 16.66 17.80
in Ps
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Note: For purposes of this table, 82.0 thousand and 83.1 thousand
transit and general aviation passengers are included for 2Q02
and 2Q03, respectively. Revenue figures are shown in thousands
of constant Mexican pesos as of June 30, 2003.
Table VI: Operating Costs and Expenses for 2Q03
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2Q02 2Q03 % Change
----------------------------------------------------------------------------------------------
Cost of Services 85,718 90,473 5.55
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Administration 28,740 28,946 0.72
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Technical Assistance 9,421 11,014 16.91
----------------------------------------------------------------------------------------------
Concession Rights 15,790 17,894 13.33
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Depreciation and Amortization 85,068 88,021 3.47
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TOTAL 224,737 236,347 5.17
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Note: Figures are shown in thousands of constant Mexican pesos as of June 30, 2003.
Consolidated Results for Six-Month Period
--------------------------------------------------------------------------------
Total revenues for the six-month period were Ps.722.7 million, reflecting a
year-over-year increase of 12.53%. This was mainly due to:
o An increase of 9.99% in revenues from aeronautical services, resulting
from the increase in domestic and international passengers during the
period; and,
o An increase of 23.65% in revenues from non-aeronautical services,
principally as a result of the 34.30% year-over-year improvement in
commercial revenues.
The Mexican airlines Aeromexico, Mexicana de Aviacion, Aerolitoral, Aeromar and
Aerovias Caribe oppose the adjustment in ASUR's rates implemented in June 2001
following approval by Mexico's Ministry of Communications and Transportation.
The five airlines suspended this payment in June of 2001 and initiated a lawsuit
against the Ministry of Communications and Transportation to challenge the rate
adjustment. To date, the incremental sum that the five airlines have not paid is
Ps.12.1 million. Legal proceedings regarding this matter are currently on-going.
Similarly, the same airlines informed ASUR in May of 2002 of their desire to
extend the payment deadline for passenger charges to 115 days, from the current
term of 60 days. As a result, starting in June 1, 2002 the five airlines did not
make payments that should have been made according to the original 60-day
payment schedule. As of June 30, 2003 Ps.65.8 million was overdue from these
airlines, as calculated on the original 60-day term.
Commercial revenues for the six-month period increased year-over-year by 34.30%,
mainly due to:
o An 11.52% rise in duty-free revenues, principally due to the increase
in international passengers at the Cancun and Cozumel airports.
o A 44.13% increase in food and beverage revenues due to the opening of
restaurants and bars in Cancun, Merida and Cozumel airports during the
first half of the year.
o A 57.45% increase in retail revenues, reflecting the opening of new
convenience stores at the Huatulco, Tapachula, Villahermosa and
Veracruz airports, the increase in average spending per passenger at
the stores at the check-in areas, particularly at the Cancun airport,
and the increase in international passenger traffic during the period.
o o A 104.34% increase in banking and currency revenues.
o o A 139.64% increase in advertising revenues.
Table VII: Summary of Consolidated Results for the Six-Month Period
----------------------------------------------------------------------------------------------
2Q02 2Q03 % Change
----------------------------------------------------------------------------------------------
Total revenues 642,287 722,741 12.53
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Aeronautical Services 522,864 575,078 9.99
--------------------------------------------------------------------------------------------
Non-aeronautical Services 119,423 147,663 23.65
--------------------------------------------------------------------------------------------
Commercial Revenues 79,817 107,194 34.30
--------------------------------------------------------------------------------------------
Operating Profit 207,064 267,554 29.21
--------------------------------------------------------------------------------------------
Operating Margin % 32.24% 37.02% 14.83
--------------------------------------------------------------------------------------------
EBITDA 377,200 443,596 17.60
--------------------------------------------------------------------------------------------
EBITDA Margin 58.73% 61.38% 4.51
--------------------------------------------------------------------------------------------
Net Income 115,305 160,128 38.87
--------------------------------------------------------------------------------------------
Earnings per Share 0.3843 0.5338 38.87
--------------------------------------------------------------------------------------------
Earnings per ADS in USD. 0.3683 0.5114 38.87
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Note: Figures are shown in thousands of constant Mexican pesos as of June 30, 2003. U.S. dollar
figures are calculated at the exchange rate of US$1=Ps. 10.4370.
Table VIII: Commercial Revenues for the Six-Month Period:
--------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
1H02 2H03 % change
----------------------------------------------------------------------------------------------
Total Passengers (*)
----------------------------------------------------------------------------------------------
Commercial Revenues 79,817 107,194 34.30
----------------------------------------------------------------------------------------------
Passengers (in thousands) 5,854 6,364 8.71
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Commercial Revenues per Passenger, in Ps. 13.63 16.84 23.54
----------------------------------------------------------------------------------------------
Note: For purposes of this table, 179.2 thousand and 168.0 thousand
transit and general aviation passengers were included in the
figures for the six-month period of 2002 and 2003,
respectively. Figures are shown in thousands of constant
Mexican pesos as of June 30, 2003.
Table IX: Operating Costs and Expenses for the Six-Month Period
--------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
1H02 2H03 % change
----------------------------------------------------------------------------------------------
Cost of Services 162,664 167,221 2.80
----------------------------------------------------------------------------------------------
Administrative 50,292 52,426 4.24
----------------------------------------------------------------------------------------------
Technical Assistance 20,026 23,362 16.66
----------------------------------------------------------------------------------------------
Concession Right 32,105 36,135 12.55
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Depreciation and Amortization 170,136 176,042 3.47
----------------------------------------------------------------------------------------------
TOTAL 435,223 455,186 4.59
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Note: Figures are shown in thousands of constant Mexican pesos as of June 30, 2003.
Operating costs and expenses for the six-month period increased year-over-year
by 4.59%.
The cost of services for the six months rose by 2.80% from the same period of
last year, due to increases in the costs of energy and maintenance.
Administrative expenses increased by 4.24%, 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 increased by 16.66%, due to the
corresponding increase in EBITDA during the period.
The 12.55% increase in concession fees was due to the year-to-date increase in
overall revenues.
Depreciation and amortization for the period rose by 3.47%, mainly due to the
above-mentioned capitalization of investments in fixed assets and improvements
made to concession assets.
Operating margin for the six-month period increased to 37.02% from 32.24% for
the equivalent period last year, primarily due to the increase in revenue and
cost controls.
Net income for the six-month period increased year-over-year by 38.87% to
Ps.160.12 million. Earnings per common share for the period were Ps.0.5338, or
EPADS of US$0.5114, compared with earnings per common share of Ps.0.3843, or
EPADS of US$0.3683 for the same period last year.
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 the six-month period were Ps.615.00 million,
resulting in a year-to-date average tariff per traffic unit of Ps.95.78.
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 June 30, 2003, Airport Facility Usage Rights and Airport Concessions
represented 84.92% of the Company's total assets, with current assets
representing 6.87% and other assets representing 8.21%.
On June 30, 2003, cash and marketable securities were Ps.585.22 million. On the
same date, shareholders' equity represented 95.10% and total liabilities
represented 4.90% of ASUR's total assets. Total deferred liabilities represented
76.57% of the Company's total liabilities.
On May 27, 2003, ASUR paid Ps.150.00 million in dividends. On June 17, 2003,
ASUR paid Ps.77.27 million in taxes on those dividends.
Capex
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During the first quarter of 2003 ASUR made investments of Ps.41.7 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
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2Q02 2Q03 % change 1H02 1H03 % change
--------------------------------------------------------------------------------------------------------------------
Cancun
--------------------------------------------------------------------------------------------------------------------
Aeronautical Revenues 187,530 213,773 13.99 386,059 432,450 12.02
--------------------------------------------------------------------------------------------------------------------
Non-aeronautical Revenues 42,412 51,810 22.16 85,174 105,288 23.62
--------------------------------------------------------------------------------------------------------------------
Operating Profit 98,163 127,203 29.58 214,114 267,128 24.76
--------------------------------------------------------------------------------------------------------------------
EBIIDA 151,015 182,312 20.72 319,818 377,348 17.99
--------------------------------------------------------------------------------------------------------------------
Cozumel
--------------------------------------------------------------------------------------------------------------------
Aeronautical Revenues 10,154 9,832 (3.18) 21,064 21,279 1.02
--------------------------------------------------------------------------------------------------------------------
Non-aeronautical Revenues 3,423 3,277 (4.27) 6,501 7,073 8.80
--------------------------------------------------------------------------------------------------------------------
Operating Profit 552 (418) (175.60) 2,638 1,362 (48.37)
--------------------------------------------------------------------------------------------------------------------
EBITDA 4,885 3,927 (19.62) 11,304 10,051 (11.09)
--------------------------------------------------------------------------------------------------------------------
Merida
--------------------------------------------------------------------------------------------------------------------
Aeronautical Revenues 17,496 18,214 4.11 35,033 35,179 0.42
--------------------------------------------------------------------------------------------------------------------
Non-aeronautical Revenues 6,053 6,627 9.47 11,503 12,955 12.63
--------------------------------------------------------------------------------------------------------------------
Operating Profit 1,614 2,698 67.13 3,590 5,651 57.40
--------------------------------------------------------------------------------------------------------------------
EBITDA 8,410 9,963 18.48 17,181 20,182 17.47
--------------------------------------------------------------------------------------------------------------------
Others
--------------------------------------------------------------------------------------------------------------------
Aeronautical Revenues 40,530 43,296 6.82 80,708 86,170 6.77
--------------------------------------------------------------------------------------------------------------------
Non-aeronautical Revenues 8,234 11,036 34.03 16,245 22,346 37.55
--------------------------------------------------------------------------------------------------------------------
Operating Profit (9,234) (7,966) (13.74) (13,279) (6,588) (50.39)
--------------------------------------------------------------------------------------------------------------------
EBITDA 11,853 13,336 12.50 28,896 36,015 24.64
--------------------------------------------------------------------------------------------------------------------
TOTAL
--------------------------------------------------------------------------------------------------------------------
Aeronautical Revenues 255,710 285,115 11.50 522,864 575,078 9.99
--------------------------------------------------------------------------------------------------------------------
Non-aeronautical Revenues 60,122 72,750 21.00 119,423 147,663 23.65
--------------------------------------------------------------------------------------------------------------------
Operating Profit 91,096 121,517 33.40 207,064 267,554 29.21
--------------------------------------------------------------------------------------------------------------------
EBITDA 176,164 209,538 18.95 377,200 443,596 17.60
--------------------------------------------------------------------------------------------------------------------
Note: All figures are in thousands of constant Mexican pesos as of June 30, 2003.
------------------------------ -----------------------------------------------------------------------------------------------------
ASUR GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
------------------------------
AEROPUERTOS DEL SURESTE CONSOLIDATED BALANCE SHEET AS OF JUNE 30th, 2003 and 2002
Thousands of Mexican pesos in purchasing power as of June 2003
--------------------- -------------- ------------- -------------- ------------
ITEM June 2002 June 2003 Variation %
--------------------- -------------- ------------- -------------- ------------
ASSETS
Current Assets
Cash and cash equivalents 385,191 585,221 200,031 51.9
Trade receivables, net 164,864 160,672 (4,192) (2.5)
Recoverable taxes and other current assets 80,906 34,059 (46,847) (57.9)
--------------- -------------- -------------- ----------
Total Current Assets 630,961 779,953 148,992 23.6
Fixed Assets
Machinery, furniture and equipment, net 66,708 61,614 (5,094) (7.6)
Rights to use airport facilities, net 2,163,494 2,084,037 (79,457) (3.7)
Improvements to use airport facilities, 359,709 593,630 233,922 65.0
net
Constructions in process 281,634 241,924 (39,710) (14.1)
Others 36,526 20,425 (16,101) (44.1)
--------------- -------------- -------------- ----------
Total Fixed Assets 2,908,070 3,001,630 93,560 3.2
Deferred Assets
Airports concessions, net 7,789,231 7,575,432 (213,799) (2.7)
Deferred income taxes - - - 0.0
Other 22,876 17,057 (5,819) (25.4)
--------------- -------------- -------------- ----------
Total Deferred Assets 7,812,107 7,592,489 (219,617) (2.8)
TOTAL ASSETS 11,351,138 11,374,072 22,934 0.2
=============== ============== ============== ==========
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities
Trade accounts payable 542 2,061 1,519 280.3
Notes payable (375) - 375 (100.0)
Accrued expenses and others payables 81,936 111,760 29,823 36.4
--------------- -------------- -------------- ----------
Total Current Liabilities 82,104 113,820 31,717 38.6
Long term liabilities
Other 2,297 16,887 14,590 635.1
Deferred income taxes 450,538 389,024 (61,513) (13.7)
Deferred employees profit sharing 37,551 37,496 (55) (0.1)
Labor Obligations 684 638 (47) (6.8)
--------------- -------------- -------------- ----------
Total long term liabilities 491,070 444,045 (47,025) (9.6)
TOTAL LIABILITIES 573,173 557,865 (15,308) (2.7)
STOCKHOLDER'S EQUITY
Capital stock 10,600,901 10,600,901 (0) (0.0)
Legal Reserve 39,092 50,223 11,131 28.5
Share repurchase reserve - - - 0.0
Net Income for the period 115,305 160,128 44,823 38.9
Retained earnings 22,666 4,955 (17,712) (78.1)
--------------- -------------- -------------- ----------
TOTAL STOCKHOLDER'S EQUITY 10,777,964 10,816,207 38,243 0.4
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 11,351,138 11,374,072 22,934 0.2
=============== ============== ============== ==========
------------------------------ -----------------------------------------------------------------------------------------------------
ASUR GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
------------------------------
AEROPUERTOS DEL SURESTE
CONSOLIDATED STATEMENT OF INCOME FROM JANUARY 1st, to JUNE 30th, 2003 and 2002
Thousands of Mexican pesos in purchasing power as of June 2003
------------------------- --------------------- ---------------------- ---------------
ITEM ACCUMULATIVE 2002 ACCUMULATIVE 2003 VARIATION %
------------------------- --------------------- ---------------------- ---------------
Revenues
Aeronautical Services 522,864 575,078 9.99
Non-Aeronautical Services 119,423 147,663 23.65
--------------- --------------- ---------------
Total Revenues 642,287 722,741 12.53
Operating Expenses
Cost of services 162,664 167,221 2.80
General and administrative 50,292 52,426 4.24
expenses
Technical Assistance 20,026 23,362 16.66
Concession fee 32,105 36,135 12.55
Depreciation and Amortization 170,136 176,042 3.47
--------------- --------------- ---------------
Total Operating Expenses 435,223 455,186 4.59
Operating Income 207,064 267,554 29.21
Comprehensive Financing cost 28,839 20,239 (29.82)
--------------- --------------- ---------------
Extraordinary expenses
Rescue Clause (2,784) 12,642 (554.18)
Loss due to act of God - - -
Income Before Income Taxes 238,686 275,151 15.28
Provision for Income Taxes 33,101 24,264 (26.70)
Deferred income taxes 90,281 90,759 0.53
Deferred employees profit - - -
--------------- --------------- ---------------
sharing
Net Income for the Year 115,305 160,128 38.87
=============== =============== ===============
Earning per share 0.3843 0.5338 38.87
Earning per ads usd 0.3683 0.5114 38.87
Exchange rate per dollar 10.437
------------------------- ------------- ------------- ----------------
ITEM QUARTER 2002 QUARTER 2003 VARIATION %
------------------------- ------------- ------------- ----------------
Revenues
Aeronautical Services 255,710 285,115 11.50
Non-Aeronautical Services 60,122 72,750 21.00
--------------- --------------- ---------------
Total Revenues 315,833 357,864 13.31
Operating Expenses
Cost of services 85,718 90,473 5.55
General and administrative 28,740 28,946 0.72
expenses
Technical Assistance 9,421 11,014 16.91
Concession fee 15,790 17,894 13.33
Depreciation and Amortization 85,068 88,021 3.47
--------------- --------------- ---------------
Total Operating Expenses 224,737 236,347 5.17
Operating Income 91,096 121,517 33.40
Comprehensive Financing cost 30,950 13,495 (56.40)
--------------- --------------- ---------------
Extraordinary expenses
Rescue Clause (2,784) 12,642 (554.18)
Loss due to act of God - - -
Income Before Income Taxes 124,829 122,370 (1.97)
Provision for Income Taxes 16,461 7,790 (52.68)
Deferred income taxes 47,844 42,059 (12.09)
Deferred employees profit sharing - - -
--------------- --------------- ---------------
Net Income for the Year 60,523 72,521 19.82
=============== =============== ===============
Earning per share 0.2017 0.2417 19.82
Earning per ads usd 0.1933 0.2316 19.82
Exchange rate per dollar 10.437
------------------------------ -----------------------------------------------------------------------------------------------------
ASUR GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
------------------------------
AEROPUERTOS DEL SURESTE
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION FROM JANUARY 1ST, TO JUNE 30TH, 2003
Thousands of Mexican pesos in purchasing power as of June 2003
-------------------------------------------------- ------------------- ------------------- --------------
ITEM ACCUMULATIVE ACCUMULATIVE VARIATION
------------------- ------------------- --------------
2002 2003 %
-------------------------------------------------- ------------------- ------------------- --------------
Net Income for the Year 115,305 160,128 38.9
Depreciation and Amortization 170,136 176,042 3.5
------------------- ------------------- --------------
Resources provided by operations 285,441 336,170 17.8
------------------- ------------------- --------------
Changes in operating assets and liabilities:
Decrease (increase) in:
Trade receivables (26,683) 7,308 (127.4)
Recoverable taxes and other current assets (29,102) 13,275 (145.6)
Other deferred assets (9,851) 1,956 (119.9)
Increase (decrease) in:
Trade accounts payable (826) (454) (45.1)
Accrued expenses and others payables (498) (65,829) 13,123.3
Long term liabilities 89,565 29,251 (67.3)
------------------- ------------------- --------------
Resources provided by (used for) working capital 22,604 (14,493) (164.1)
Resources provided by (used for) operating 308,045 321,677 4.4
activities
Resources provided by (used for) financing activities: (736,403) (152,416) 0.0
------------------- ------------------- --------------
Notes payable - - 0.0
Others (736,403) (152,416) (79.3)
Resources provided by (used for) investing activities: (125,198) (86,148) (31.2)
------------------- ------------------- --------------
Investments in machinery, furniture and (581) (8,741) 1,404.1
equipment, net
Investments in rights to use airport - (2,252) 0.0
facilities
Investments in constructions in process (142,002) (117,512) (17.2)
Investments in others 17,385 42,357 143.6
Increase (Decrease) in cash and cash
equivalents (553,556) 83,112 (115.0)
Cash and cash equivalents at beginning of the
financial period 938,747 502,109 (46.5)
Cash and cash equivalents at the end of the
financial period 385,191 585,221 51.9
=================== =================== ==============
-------------------------------------------------- ----------- ------------ -------------
ITEM 2Q 2Q VARIATION
----------- ------------ -------------
2002 2003 %
-------------------------------------------------- ----------- ------------ -------------
Net Income for the Year 60,523 72,521 19.8
Depreciation and Amortization 85,068 88,021 3.5
----------- ------------ -------------
Resources provided by operations 145,591 160,542 10.3
----------- ------------ -------------
Changes in operating assets and liabilities:
Decrease (increase) in:
Trade receivables 14,085 52,022 269.3
Recoverable taxes and other current assets (14,568) 10,639 (173.0)
Other deferred assets (9,421) 3,891 (141.3)
Increase (decrease) in:
Trade accounts payable (47) (300) 544.3
Accrued expenses and others payables (11,446) (74,531) 551.2
Long term liabilities 47,776 4,115 (91.4)
----------- ------------ -------------
Resources provided by (used for) working capital 26,380 (4,164) (115.8)
Resources provided by (used for) operating 171,973 156,378 (9.1)
activities
Resources provided by (used for) financing activities: (736,403) (152,416) (79.3)
----------- ------------ -------------
Notes payable 0 - 0.0
Others (736,403) (152,416) (79.3)
Resources provided by (used for) investing activities: (58,319) (41,728) (28.4)
----------- ------------ -------------
Investments in machinery, furniture and (483) 1,950 (503.3)
equipment, net
Investments in rights to use airport 0 (2,105) 0.0
facilities
Investments in constructions in process (71,471) (81,986) 14.7
Investments in others 13,636 40,414 196.4
Increase (Decrease) in cash and cash
equivalents (622,750) (37,766) (93.9)
Cash and cash equivalents at beginning of the
financial period 1,007,942 622,987 (38.2)
Cash and cash equivalents at the end of the
financial period 385,191 585,221 51.9
=========== ============ =============
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: July 24, 2003