UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2003
GRUPO AEROPORTUARIO DEL SURESTE S.A. DE C.V.
(SOUTHEAST AIRPORT GROUP)
--------------------------------------------------------------------------------
(Translation of Registrant's Name Into English)
Mexico
--------------------------------------------------------------------------------
(Jurisdiction of incorporation or organization)
Blvd. Manuel Avila Camacho, No. 40, 6th Floor
Col. Lomas de Chapultepec
11000 Mexico, D.F.
--------------------------------------------------------------------------------
(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 logo
In Mexico In the United States
Breakstone & Ruth
ASUR Susan Borinelli
Lic. Adolfo Castro Vanessa Marquez
+ 52 (55) 5284-0408 (646) 536-7018/15
acastro@asur.com.mx sborinelli@breakstoneruth.com
vmarquez@breakstoneruth.com
ASUR 3Q03 PASSENGER TRAFFIC INCREASES YOY BY 10.46%
3Q03 Highlights(1):
o EBITDA increased by 16.73% to Ps.217.05 million.
o Total passenger traffic up by 10.46%.
o Total revenues up by 12.24%, principally due to a 10.16% growth in
aeronautical revenues.
o Commercial revenues per passenger increased by 24.24% to Ps.17.38 per
passenger.
o Operating profit improved by 29.26%.
o EBITDA margin increased to 58.67% from 56.42% for 3Q02.
Mexico D.F., October 22, 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 nine-month periods ended September 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 September 30,
2003, and represent comparisons between the three-month period ended September
30, 2003, and the equivalent three-month period ended September 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.
11.0133.
------------------
(1) Unless otherwise stated, all comparisons are between the three-month period
ended September 30, 2003, and the equivalent three-month period ended September
30, 2002.
Passenger Traffic
--------------------------------------------------------------------------------
For the third quarter of 2003, year-over-year total passenger traffic increased
by 10.45%; domestic passenger traffic increased by 7.56%; and international
passenger traffic increased by 12.98%.
The 7.56% increase in domestic passenger traffic reflects a 9.65% growth in
passenger traffic at Cancun airport. This resulted from increased flights by
certain airlines as well as traffic related to the Fifth World Trade
Organization Ministerial Conference held in Cancun in September 2003. Growth in
domestic passenger traffic also reflects a 14.56% increase at the Villahermosa
airport, as a result of additional flights, and a 15.69% increase at the Cozumel
airport, as a result of new flights to Mexico City.
The 12.98% growth in international passenger traffic was mainly due a 13.72%
increase in passenger traffic at Cancun airport. This was the result of
increased flights by certain airlines, as well as the above-mentioned World
Trade Organization Conference. Additionally, passenger traffic at the
Villahermosa airport increased due to a new route to Houston introduced in
January 2003. Passenger traffic at Oaxaca and Huatulco increased due to
additional flights to San Antonio and at Tapachula, as a result of flights to
Ecuador.
Total domestic and international passenger traffic for the nine-month period
ended September 30, 2003 increased year-over-year by 9.61%, 9.64% and 9.58%,
respectively.
Table I: Domestic Passengers (in thousands)
-------------------------------------------------------------------------------------------------------
Airport 3Q02 3Q03 % Change 9 Months 9 Months % Change
2002 2003
-------------------------------------------------------------------------------------------------------
Cancun 615.7 675.1 9.65 1,453.0 1,669.3 14.20
-------------------------------------------------------------------------------------------------------
Cozumel 27.4 31.7 15.69 74.7 73.1 (2.14)
-------------------------------------------------------------------------------------------------------
Huatulco 67.4 69.2 2.67 188.1 177.2 (5.79)
-------------------------------------------------------------------------------------------------------
Merida 198.9 204.3 2.71 561.0 590.4 5.24
-------------------------------------------------------------------------------------------------------
Minatitlan 30.8 32.3 4.87 90.4 94.9 4.98
-------------------------------------------------------------------------------------------------------
Oaxaca 103.0 107.3 4.17 293.5 310.4 5.76
-------------------------------------------------------------------------------------------------------
Tapachula 44.0 45.1 2.50 128.6 134.5 4.59
-------------------------------------------------------------------------------------------------------
Veracruz 112.9 117.3 3.90 315.2 342.2 8.57
-------------------------------------------------------------------------------------------------------
Villahermosa 123.6 141.6 14.56 354.2 410.5 15.89
-------------------------------------------------------------------------------------------------------
TOTAL 1,323.8 1,423.9 7.56 3,458.8 3,792.4 9.64
-------------------------------------------------------------------------------------------------------
Note: Passenger figures exclude transit and general aviation passengers.
Table II: International Passengers (in thousands)
-------------------------------------------------------------------------------------------------------
Airport 3Q02 3Q03 % Change 9 Months 9 Months % Change
2002 2003
-------------------------------------------------------------------------------------------------------
Cancun 1,367.3 1,554.9 13.72 4,589.5 5,058.3 10.21
-------------------------------------------------------------------------------------------------------
Cozumel 92.5 94.9 2.59 295.2 302.2 2.37
-------------------------------------------------------------------------------------------------------
Huatulco 1.6 1.9 18.75 21.9 23.4 6.85
-------------------------------------------------------------------------------------------------------
Merida 28.2 29.5 4.61 76.6 70.7 (7.70)
-------------------------------------------------------------------------------------------------------
Minatitlan 0.8 0.8 - 1.9 1.9 -
-------------------------------------------------------------------------------------------------------
Oaxaca 6.7 8.0 19.40 18.5 22.0 18.92
-------------------------------------------------------------------------------------------------------
Tapachula 0.5 0.6 20.00 2.4 1.6 (33.33)
-------------------------------------------------------------------------------------------------------
Veracruz 15.4 14.8 (3.90) 40.2 40.8 1.49
-------------------------------------------------------------------------------------------------------
Villahermosa 4.7 8.9 89.36 11.0 21.1 91.82
-------------------------------------------------------------------------------------------------------
TOTAL 1,517.5 1,714.4 12.98 5,057.3 5,542.0 9.58
-------------------------------------------------------------------------------------------------------
Note: Passenger figures exclude transit and general aviation passengers.
Table III: Total Passengers (in thousands)
-------------------------------------------------------------------------------------------------------
Airport 3Q02 3Q03 % Change 9 Months 9 Months % Change
2002 2003
-------------------------------------------------------------------------------------------------------
Cancun 1,983.0 2,230.0 12.46 6,042.4 6,717.6 11.17
-------------------------------------------------------------------------------------------------------
Cozumel 119.9 126.7 5.67 369.9 375.3 1.46
-------------------------------------------------------------------------------------------------------
Huatulco 62.0 71.1 3.04 210.1 200.6 (4.52)
-------------------------------------------------------------------------------------------------------
Merida 227.1 233.8 2.95 637.6 661.1 3.69
-------------------------------------------------------------------------------------------------------
Minatitlan 31.5 33.1 5.08 92.3 96.8 4.88
-------------------------------------------------------------------------------------------------------
Oaxaca 109.7 115.3 5.10 312.1 332.4 6.50
-------------------------------------------------------------------------------------------------------
Tapachula 44.5 45.8 2.92 131.0 136.1 3.89
-------------------------------------------------------------------------------------------------------
Veracruz 128.3 132.1 2.96 355.4 383.0 7.77
-------------------------------------------------------------------------------------------------------
Villahermosa 128.3 150.5 17.30 365.2 431.6 18.18
-------------------------------------------------------------------------------------------------------
TOTAL 2,841.3 3,138.3 10.45 8,516.1 9,334.5 9.61
-------------------------------------------------------------------------------------------------------
Note: Passenger figures exclude transit and general aviation passengers.
Consolidated Results for 3Q03
--------------------------------------------------------------------------------
Total revenues for 3Q03 reached Ps.369.9 million, representing a year-over-year
increase of 12.24%. This was mainly due to:
o An increase of 10.16% in revenues from aeronautical services, principally
as a result of the above-mentioned increase in passenger traffic; and,
o An increase of 20.82% in revenues from non-aeronautical services,
principally as a result of the 24.24% 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 24.24%, mainly due to:
o A 28.48% increase in duty-free revenues, primarily as a result of the
increase in international passenger traffic.
o An increase of 40.61% in food and beverage revenues, primarily the
result of an improvement in the product availability and pricing, as
well as the opening of restaurants and bars in the Cancun and Cozumel
airports. At Cancun airport, Domino's Pizza and Tequileria opened in
October 2002 and September 2003, respectively. At Cozumel airport,
Colombian Cafe opened in July 2003. The above mentioned increase also
resulted from the opening of new food and beverage stores at the
Veracruz, Oaxaca, Tapachula and Villahermosa airports from April
through July, 2003.
o A 20.86% increase in retail revenues, principally due to increased
passenger traffic and the opening of new stores. At the Cozumel
airport, Articulos Selectos de Carlos & Charly's opened in June 2003,
and Sunglass Island and Hard Rock Cafe opened in July, 2003. At Merida
airport, Grupo Agroindustrial opened in February of 2003. At Huatulco,
Irale opened in February 2003, at Oaxaca, Mezcal Beneva opened in June
2003, and at Veracruz, Amara opened in March 2003.
o A 51.69% 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 19.89% increase in revenue from banking and currency exchange,
resulting from American Express becoming fully operational after the
completion of the remodeling of Terminal 2. at the Cancun Airport.
On September 25, 2003 ASUR inaugurated the Jose Cuervo Tequileria restaurant
located in the international gate of the satellite building at the International
Airport of Cancun. The restaurant is operated by Controladora Mera, S.A. of
C.V., one of the food and beverages concessionaires of the Cancun, Merida and
Cozumel airports. This addition should make the overall experience of passengers
traveling though the Cancun airports more comfortable and enjoyable.
In addition, ASUR also awarded the 20-year gas station and convenience store
concession to operate in the International Airport of Cancun to Mexico-based
PERC Group. PERC Group has over 23 years of experience in the operation of gas
stations and currently operates 23 service stations located throughout Mexico.
Total operating costs and expenses for the third quarter increased
year-over-year by 4.85%, mainly as a result of:
o A 3.83% rise in costs of services, mainly due to increases in maintenance
costs for the quarter resulting from maintenance work not being completed
in the scheduled time during the first half of the year.
o A 7.57% increase in administrative expenses as a result of an increase in
wages granted to non-unionized employees during August 2003.
o A 16.86% 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 12.24% increase in concession fees due to the year-over-year improvement
in revenues during the quarter.
o A 2.21% 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 34.87%, from 30.28%.
This was mainly driven by the 12.24% increase in revenues, primarily by the
20.82% growth in non-aeronautical revenues, more than offsetting the 4.85%
increase in costs and expenses.
Operating profit and EBITDA at the Merida airport declined by 47.47% and 12.89%,
respectively during the quarter, mainly due to increases in maintenance costs.
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 third quarter. Of these payments, Ps. 9.5 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.31.6 million in
future income tax payments.
ASUR has reclassified a portion of taxes paid in previous years, reflecting a
higher certainty of recovering these taxes in the future.
Net income for the quarter increased year-over-year by 39.86% to Ps.73.09
million. This was principally due to:
o The above-mentioned increase in revenues for the period.
o The decline in ASUR's provision for deferred taxes resulting from the
decrease in the corporate tax rate to 32% from 35%, in line with Generally
Accepted Accounting Principles in Mexico and the amendment to the Mexican
Income Tax Law effective January 1, 2002.
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 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 share for the quarter increased by 39.86% to Ps. 0.2436, or
earnings per ADS (EPADS) (one ADS represents ten series B common shares) of
US$0.2212, from earnings per common share of Ps. 0.1742, or EPADS of US$0.1582
for the same period last year.
Table IV: Summary of Consolidated Results for 3Q03
--------------------------------------------------------------------------
3Q02 3Q03 %
Change
--------------------------------------------------------------------------
Total Revenues 329,608 369,962 12.24
--------------------------------------------------------------------------
Aeronautical Services 265,120 292,050 10.16
--------------------------------------------------------------------------
Non-Aeronautical Services 64,488 77,912 20.82
--------------------------------------------------------------------------
Commercial Revenues 45,148 56,092 24.24
--------------------------------------------------------------------------
Operating Profit 99,809 129,012 29.26
--------------------------------------------------------------------------
Operating Margin % 30.28% 34.87% 15.16
--------------------------------------------------------------------------
EVITAD 185,952 217,055 16.73
--------------------------------------------------------------------------
EBITDA MARGIN % 56.42% 58.67% 3.99
--------------------------------------------------------------------------
Net Income 52,258 73,090 39.86
--------------------------------------------------------------------------
Earnings per Share 0.1742 0.2436 39.86
--------------------------------------------------------------------------
Earnings per ADS in USD. 0.1582 0.2212 39.86
--------------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as of
September 30, 2003. U.S. dollar figures are calculated at the exchange
rate of US$1=Ps. 11.0133.
Table V: Commercial Revenues for 3Q03
--------------------------------------------------------------------------
3Q02 3Q03 %
Change
--------------------------------------------------------------------------
Total Passengers
--------------------------------------------------------------------------
Commercial Revenues 45,148 56,092 24.24
--------------------------------------------------------------------------
Passengers ('000) 2,926 3,227 10.28
--------------------------------------------------------------------------
Commercial Revenues per
Passenger, in Pesos 15.43 17.38 12.66
--------------------------------------------------------------------------
Note: For purposes of this table, 85.2 thousand and 88.9 thousand transit
and general aviation passengers are included for 3Q02 and 3Q03,
respectively. Revenue figures are shown in thousands of constant
Mexican pesos as of September 30, 2003.
Table VI: Operating Costs and Expenses for 3Q03
--------------------------------------------------------------------------
3Q02 3Q03 %
Change
--------------------------------------------------------------------------
Cost of Services 89,215 92,634 3.83
--------------------------------------------------------------------------
Administrative 27,844 29,953 7.57
--------------------------------------------------------------------------
Technical Assistance 10,115 11,820 16.86
--------------------------------------------------------------------------
Concession Rights 16,481 18,499 12.24
--------------------------------------------------------------------------
Depreciation and Amortization 86,143 88,043 2.21
--------------------------------------------------------------------------
TOTAL 229,799 240,950 4.85
--------------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as of
September 30, 2003.
Consolidated Results for the Nine-Month Period
--------------------------------------------------------------------------------
Total revenues for the nine-month period were Ps.1,102.1 million, reflecting a
year-over-year increase of 12.43%. This was mainly due to:
o An increase of 10.04% in revenues from aeronautical services, resulting
from the increase in international passengers during the period; and,
o An increase of 22.66% in revenues from non-aeronautical services,
principally as a result of the 30.70% year-over-year improvement in
commercial revenues.
While the June 2001 suspension of the rate adjustment payment to ASUR by the
Mexican airlines Aeromexico, Mexicana de Aviacion, Aerolitoral, Aeromar and
Aerovias Caribe has still to be resolved, all parties involved have maintained
conversations aimed at achieving a mutually beneficial agreement. To date, the
incremental sum that the five airlines have not paid is Ps.13.4 million.
The same airlines informed ASUR in May of 2002 of their desire to extend their
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 to ASUR that should have been made according to the original 60-day
payment schedule. As of September 30, 2003 Ps.97.1 million was overdue from
these airlines, as calculated based on the original 60-day term.
Commercial revenues for the nine-month period increased year-over-year by
30.70%, mainly due to the improvement in customer service and commercial
offering as follows:
o A 16.42% rise in duty-free revenues, principally due to the increase in
international passengers.
o A 42.93% increase in food and beverage revenues due to the increase in
passenger traffic and the opening of restaurants and bars in the
Cancun, Cozumel, Veracruz, Oaxaca, Tapachula and Villahermosa airports
during the nine-month period.
o A 42.27% increase in retail revenues, reflecting the growth in
passenger traffic as well as the opening of new convenience stores at
the Huatulco, Tapachula, Villahermosa and Veracruz airports.
o A 64.16% increase in banking and currency exchange revenues.
o A 96.01% increase in advertising revenues.
Table VII: Summary of Consolidated Results for the Nine-Month Period
----------------------------------------------------------------------------
9 9 % Change
Months 02 Months 03
----------------------------------------------------------------------------
Total revenues 980,273 1,102,108 12.43
----------------------------------------------------------------------------
Aeronautical Services 794,842 874,654 10.04
----------------------------------------------------------------------------
Non-aeronautical Services 185,431 227,454 22.66
----------------------------------------------------------------------------
Commercial Revenues 125,981 164,651 30.70
----------------------------------------------------------------------------
Operating Profit 309,725 402,373 29.91
----------------------------------------------------------------------------
Operating Margin % 31.60% 36.51% 15.55
----------------------------------------------------------------------------
EVITAD 568,155 666,503 17.31
----------------------------------------------------------------------------
EBITDA Margin 57.96% 60.48% 4.34
----------------------------------------------------------------------------
Net Income 168,421 235,942 40.09
----------------------------------------------------------------------------
Earnings per Share 0.5614 0.7865 40.09
----------------------------------------------------------------------------
Earnings per ADS in USD. 0.5097 0.7141 40.09
----------------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as of
September 30, 2003. U.S. dollar figures are calculated at the exchange
rate of US$1=Ps. 11.0133.
Table VIII: Commercial Revenues for the Nine-Month Period
----------------------------------------------------------------------------
9 9 % Change
Months 02 Months 03
----------------------------------------------------------------------------
Total Passengers
----------------------------------------------------------------------------
Commercial Revenues 125,981 164,651 30.70
----------------------------------------------------------------------------
Passengers (in thousand) 8,780 9,591 9.24
----------------------------------------------------------------------------
Commercial Revenues per
Passenger, in Pesos 14.35 17.17 19.65
----------------------------------------------------------------------------
Note: For purposes of this table, 264.4 thousand and 256.9 thousand transit
and general aviation passengers were included in the figures for the
nine-month period of 2002 and 2003, respectively. Figures are shown in
thousands of constant Mexican pesos as of September 30, 2003.
Table IX: Operating Costs and Expenses for the Nine-Month Period
----------------------------------------------------------------------------
9 9 % Change
Months 02 Months 03
----------------------------------------------------------------------------
Cost of Services 253,950 261,983 3.16
----------------------------------------------------------------------------
Administrative 78,777 83,047 5.42
----------------------------------------------------------------------------
Technical Assistance 30,396 35,480 16.73
----------------------------------------------------------------------------
Concession Right 48,995 55,095 12.45
----------------------------------------------------------------------------
Depreciation and Amortization 258,430 264,130 2.21
----------------------------------------------------------------------------
TOTAL 670,549 699,735 4.35
----------------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as of
September 30, 2003.
Operating costs and expenses for the nine-month period increased year-over-year
by 4.35%.
The cost of services for the nine months rose by 3.16% from the same period last
year, due to increases in the costs of energy and maintenance.
Administrative expenses increased by 5.42%, mainly as a result of a wage
increase granted to non-unionized employees during the third quarter of 2003.
Technical assistance costs increased by 16.73%, due to the corresponding
increase in EBITDA during the period.
The 12.45% increase in concession fees was due to the year-to-date increase in
overall revenues.
Depreciation and amortization for the period rose by 2.21%, mainly due to the
above-mentioned capitalization of investments in fixed assets and improvements
made to concession assets.
Operating margin for the nine-month period increased to 36.51% from 31.60% for
the equivalent period last year, primarily due to the increase in revenue and
cost controls.
Net income for the nine-month period increased year-over-year by 40.09% to
Ps.235.94 million. Earnings per common share for the period were Ps.0.7865, or
EPADS of US$0.7140, compared with earnings per common share of Ps.0.5614, or
EPADS of US$0.5097 for the same period last year.
Tariff Regulation
--------------------------------------------------------------------------------
The Mexican Ministry of Communications and Transportation regulates the majority
of ASUR's activities through maximum rates, which represent the rates for the
maximum possible revenues allowed per traffic unit at each airport.
ASUR's regulated revenues for the nine-month period were Ps.919.3 million,
resulting in a year-to-date average tariff per traffic unit of Ps.95.08. The
Mexican Ministry of Communications and Transportation reviews compliance with
the maximum rates on an annual basis at the close of each year.
We are currently in the process of the maximum tariff review for the period of
2004 - 2008.
Balance Sheet
--------------------------------------------------------------------------------
On September 30, 2003, Airport Facility Usage Rights and Airport Concessions
represented 87.84% of the Company's total assets, with current assets
representing 8.78% and other assets representing 3.47%.
On September 30, 2003, cash and marketable securities were Ps.702.79. On the
same date, shareholders' equity represented 94.90% and total liabilities
represented 5.10% of ASUR's total assets. Total deferred liabilities represented
75.17% of the Company's total liabilities.
Capex
--------------------------------------------------------------------------------
During the quarter ASUR made investments of Ps.68.9 million as part of the
Company's ongoing plan to modernize the airports of the group. Management
estimates that an additional Ps.152 million will be invested during the
remainder of this year.
Labor Relations
--------------------------------------------------------------------------------
During the month of October, ASUR reached a mutually satisfactory agreement on
the revision of wages with the Mexican National Union of Airport Workers.
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
-------------------------------------------------------------------------------------------------------
3Q02 3Q03 % 9 Months 9 Months %
Change 2002 2003 Change
-------------------------------------------------------------------------------------------------------
Cancun
-------------------------------------------------------------------------------------------------------
Aeronautical Revenues 192,318 216,294 12.47 583,352 654,388 12.18
-------------------------------------------------------------------------------------------------------
Non-aeronautical 44,007 55,413 25.92 130,266 162,042 24.39
Revenues
-------------------------------------------------------------------------------------------------------
Operating Profit 102,873 127,314 23.76 319,810 398,950 24.75
-------------------------------------------------------------------------------------------------------
EBITDA 156,379 182,640 16.79 480,329 564,931 17.61
-------------------------------------------------------------------------------------------------------
Cozumel
-------------------------------------------------------------------------------------------------------
Aeronautical Revenues 10,319 10,842 5.07 31,672 32,408 2.32
-------------------------------------------------------------------------------------------------------
Non-aeronautical 3,376 3,846 13.92 9,959 11,009 10.54
Revenues
-------------------------------------------------------------------------------------------------------
Operating Profit (1,651) 184 111.15 1,042 1,570 50.71
-------------------------------------------------------------------------------------------------------
EBITDA 2,737 4,588 67.61 14,206 14,783 4.06
-------------------------------------------------------------------------------------------------------
Merida
-------------------------------------------------------------------------------------------------------
Aeronautical Revenues 19,184 19,172 (0.06) 54,671 54,799 0.23
-------------------------------------------------------------------------------------------------------
Non-aeronautical 6,244 6,851 9.72 17,893 19,972 11.62
Revenues
-------------------------------------------------------------------------------------------------------
Operating Profit 3,943 2,072 (47.47) 7,587 7,795 2.75
-------------------------------------------------------------------------------------------------------
EBITDA 10,825 9,430 (12.89) 28,232 29,869 5.80
-------------------------------------------------------------------------------------------------------
Others
-------------------------------------------------------------------------------------------------------
Aeronautical Revenues 43,298 45,742 5.64 125,147 133,059 6.32
-------------------------------------------------------------------------------------------------------
Non-aeronautical 10,861 11,802 8.67 27,313 34,432 26.07
Revenues
-------------------------------------------------------------------------------------------------------
Operating Profit (5,357) (557) 89.59 (18,714) (9,942) 68.25
-------------------------------------------------------------------------------------------------------
EBITDA 16,010 20,397 27.40 45,387 56,921 25.41
-------------------------------------------------------------------------------------------------------
TOTAL
-------------------------------------------------------------------------------------------------------
Aeronautical Revenues 265,120 292,050 10.16 794,842 874,654 10.04
-------------------------------------------------------------------------------------------------------
Non-aeronautical 64,488 77,912 20.82 185,431 227,454 22.66
Revenues
-------------------------------------------------------------------------------------------------------
Operating Profit 99,809 129,012 29.26 309,725 402,373 29.91
-------------------------------------------------------------------------------------------------------
EBITDA 185,952 217,055 16.73 568,155 666,503 17.31
-------------------------------------------------------------------------------------------------------
Note: All figures are in thousands of constant Mexican pesos as of September
30, 2003.
---------------------------------------------------------------------------------------------------------------------------------
ASUR logo
GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30TH, 2003 AND 2002
Thousands of Mexican pesos in purchasing power as of September 2003
---------------------------------------------------------------------------------------------------------------------------------
ITEM September 2002 September 2003 VARIATION %
---------------------------------------------------------------------------------------------------------------------------------
ASSETS
Current Assets
Cash and cash equivalents 456,695 702,787 246,092 53.9
Trade receivables, net 188,248 163,986 (24,262) (12.9)
Recoverable taxes and other current assets 75,433 151,924 76,491 101.4
-------------- -------------- ------------ ---------
Total Current Assets 720,376 1,018,697 298,321 41.4
Fixed Assets
Machinery, furniture and equipment, net 63,144 77,585 14,442 22.9
Rights to use airport facilities, net 2,170,008 2,094,379 (75,629) (3.5)
Improvements to use airport facilities, net 363,034 592,721 229,687 63.3
Construction in process 338,829 271,422 (67,407) (19.9)
Others 26,732 39,478 12,746 47.7
-------------- -------------- ------------ ---------
Total Fixed Assets 2,961,747 3,075,585 113,838 3.8
Deferred Assets
Airports concessions, net 7,834,266 7,617,745 (216,520) (2.8)
Deferred income taxes - - - 0.0
Other 25,032 19,342 (5,690) (22.7)
-------------- -------------- ------------ ---------
Total Deferred Assets 7,859,297 7,637,087 (222,210) (2.8)
TOTAL ASSETS 11,541,420 11,731,368 189,948 1.6
============== ============== ============ =========
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities
Trade accounts payable 1,759 4,669 2,910 165.4
Notes payable (375) - 375 (100.0)
Accrued expenses and others payables 124,508 130,720 6,212 5.0
-------------- -------------- ------------ ---------
Total Current Liabilities 125,893 135,390 9,497 7.5
Long term liabilities
Other 3,282 13,051 9,769 297.6
Deferred income taxes 406,659 410,836 4,177 1.0
Deferred employees profit sharing 37,545 37,496 (49) (0.1)
Labor Obligations 725 611 (114) (15.7)
-------------- -------------- ------------ ---------
Total long term liabilities 448,210 461,994 13,784 3.1
TOTAL LIABILITIES 574,103 597,383 23,280 4.1
STOCKHOLDER'S EQUITY
Capital stock 10,735,862 10,735,861 (0) (0.0)
Legal Reserve 39,590 50,863 11,273 28.5
Share repurchase reserve - - - 0.0
Net Income for the period 168,421 235,942 67,522 40.1
Retained earnings 23,445 111,318 87,873 374.8
-------------- -------------- ------------ ---------
TOTAL STOCKHOLDER'S EQUITY 10,967,317 11,133,985 166,668 1.5
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 11,541,420 11,731,368 189,948 1.6
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ASUR logo
GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
CONSOLIDATED STATEMENT OF INCOME FROM JANUARY 1ST, TO SEPTEMBER 30TH, 2003 AND 2002
Thousands of Mexican pesos in purchasing power as of September 2003
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ITEM CUMULATIVE CUMULATIVE VARIATION QUARTER QUARTER VARIATION
2002 2003 % 2002 2003 %
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Revenues
Aeronautical Services 794,842 874,654 10.04 265,120 292,050 10.16
Non-Aeronautical Services 185,431 227,454 22.66 64,488 77,912 20.82
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Total Revenues 980,273 1,102,108 12.43 329,608 369,962 12.24
Operating Expenses
Cost of services 253,950 261,983 3.16 89,215 92,634 3.83
General and administrative expenses 78,777 83,047 5.42 27,844 29,953 7.57
Technical Assistance 30,396 35,480 16.73 10,115 11,820 16.86
Concession fee 48,995 55,095 12.45 16,481 18,499 12.24
Depreciation and Amortization 258,430 264,130 2.21 86,143 88,043 2.21
------------ ------------- ----------- ---------- ---------- ----------
Total Operating Expenses 670,549 699,735 4.35 229,799 240,950 4.85
Operating Income 309,725 402,373 29.91 99,809 129,012 29.26
Comprehensive Financing cost 32,463 24,459 (24.66) 5,248 6,800 29.57
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Extraordinary expenses
Rescue Clause (667) 17,601 (2,739.65) 2,152 4,797 122.89
Loss due to act of God - 1,111 - - 1,111 -
Income Before Income Taxes 342,854 408,121 19.04 102,904 129,904 26.24
Provision for Income Taxes 49,996 33,728 (32.54) 16,474 9,122 (44.62)
Deferred income taxes 124,437 138,451 11.26 34,172 47,692 39.56
Deferred employees profit sharing - - - - - -
------------ ------------- ----------- ---------- ---------- ----------
Net Income for the Year 168,421 235,942 40.09 52,258 73,090 39.86
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Earnings per share 0.5614 0.7865 40.09 0.1742 0.2436 39.86
Earnings per ADS in US$ 0.5097 0.7141 40.09 0.1582 0.2212 39.86
Exchange rate per US$ 11.0133
Commercial Revenues 125,981 164,651 30.70 45,148 56,092 24.24
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ASUR logo
GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION FROM JANUARY 1 ST, TO SEPTEMBER 30 TH, 2003
Thousands of Mexican pesos in purchasing power as of September 2003
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CUMULATIVE CUMULATIVE VARIATION 3Q 3Q VARIATION
---------- ---------- --------- -------- -------- ---------
ITEM 2002 2003 % 2002 2003 %
------------------------------------------------------- ---------- ---------- --------- -------- -------- ---------
Net Income for the Year 168,421 235,942 40.1 52,258 73,090 39.9
Depreciation and Amortization 258,430 264,130 2.2 86,143 88,043 2.2
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Resources provided by operations 426,851 500,072 17.2 138,402 161,133 16.4
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Changes in operating assets and liabilities:
Decrease (increase) in:
Trade receivables (48,361) 6,134 (112.7) (21,338) (1,268) (94.1)
Recoverable taxes and other current assets (22,964) 2,313 (110.1) 6,508 (11,131) (271.0)
Other defferred assets (11,841) (86) (99.3) (1,864) (2,067) 10.9
Increase (decrease) in:
Trade accounts payable 374 2,123 468.0 1,211 2,583 113.3
Accrued expenses and others payables 41,077 (48,146) (217.2) 41,462 17,538 (57.7)
Long term liabilities 41,594 41,919 0.8 (49,111) 12,296 (125.0)
---------- ---------- -------- -------- -------- -------
Resources provided by (used for) working capital (121) 4,257 (3,620.2) (23,133) 17,950 (177.6)
Resources provided by (used for) operating activities 426,730 504,329 18.2 115,269 179,083 55.4
Resources provided by (used for) financing activities: (745,288) (155,340) 0.0 0 0 0.0
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Notes payable - - 0.0 0 - 0.0
Others (745,288) (155,340) (79.2) 0 - 0.0
Resources provided by (used for) investing activities: (175,445) (154,702) (11.8) (48,668) (68,968) 41.7
---------- ---------- -------- -------- -------- -------
Investments in machinery, furniture and equipment,
net (1,507) (30,935) 1,952.9 (1,626) (23,593) 1,351.3
Investments in rights to use airport facilities (4,364) (2,445) (44.0) (3,691) (164) (95.6)
Investments in construction in process (197,419) (145,426) (26.3) (53,609) (26,418) (50.7)
Investments in others 27,845 24,103 (13.4) 10,259 (18,793) (283.2)
Increase (Decrease) in cash and cash equivalents (494,003) 194,286 (139.3) 66,601 110,116 65.3
Cash and cash equivalents at beginning of the
financial period 950,699 508,501 (46.5) 390,095 592,672 51.9
Cash and cash equivalents at the end of the financial
period 456,695 702,788 53.9 456,696 702,787 53.9
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Grupo Aeroportuario del Sureste, S.A. de C.V.
By: /s/ ADOLFO CASTRO RIVAS
-------------------------------
Adolfo Castro Rivas
Director of Finance
Date: October 22, 2003