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 February 2004
GRUPO AEROPORTUARIO DEL SURESTE S.A. DE C.V.
(SOUTHEAST AIRPORT GROUP)
--------------------------------------------------------------------------------
(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 the U.S.
In Mexico Breakstone & Ruth
ASUR ASUR International
Lic. Adolfo Castro AEROPUERTOS DEL SURESTE Susan Borinelli
(525) 2-84-04-08 (646) 526-7018
acastro@asur.com.mx sborinelli@breakstoneruth.com
ASUR 4Q03 PASSENGER TRAFFIC UP 15.12% YOY
4Q03 Highlights(1):
o EBITDA increased by 27.73%. to Ps.179.05 million
o Total passenger traffic up by 15.12%
o Total revenues up by 18.04%, principally due to a 32.74% growth in
non-aeronautical revenues
o Commercial revenues per passenger increased by 39.71% to Ps.20.03 pesos per
passenger
o Operating profit improved by 70.33%
o EBITDA margin increased to 51.65% from 47.72% for 4Q02.
Mexico D.F., February 23, Grupo Aeroportuario del Sureste, S.A. de C.V.
(NYSE:ASR; BMV:ASUR), (ASUR), the first privatized airport group in Mexico and
operator of Cancun Airport and eight others in the southeast of Mexico, today
announced results for the three- and twelve-month periods ended December 31,
2003.
Unless otherwise stated, all financial figures discussed in this announcement
are audited and prepared in accordance with Generally Accepted Accounting
Principles in Mexico, expressed in constant Mexican pesos as of December 31,
2003, and represent comparisons between the three-month period ended December
31, 2003, and the equivalent three-month period ended December 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.
11.2372.
--------
1 Unless otherwise stated, all comparisons are between the three-month period
ended December 31, 2003, and the equivalent three-month period ended December
31, 2002.
Passenger Traffic
--------------------------------------------------------------------------------
The 12.50% year-over-year increase in domestic passenger traffic in the fourth
quarter of 2003 is mainly the result of: a 17.04% growth in passenger traffic at
Cancun airport and a 22.54% increase at Villahermosa airport.
The 17.29% year-over-year increase in international passenger traffic in the
fourth quarter of 2003 was principally due to a 17.49% growth in passenger
traffic at Cancun airport.
Year-over-year, total, domestic and international passenger traffic for fiscal
year 2003 increased by 10.85%, 10.35% and 11.21%, respectively.
Table I: Domestic Passengers (in thousands)
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Airport 4Q02 4Q03 % Change FY FY %
2002 2003 Change
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Cancun 427.2 500.0 17.04 1,880.2 2,159.3 14.84
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Cozumel 21.0 18.4 (12.38) 95.7 91.5 (4.39)
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Huatulco 52.9 55.5 4.91 241.0 232.7 (3.44)
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Merida 192.0 212.1 10.47 753.0 802.5 6.57
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Minatitlan 33.0 33.5 1.52 123.5 128.5 4.05
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Oaxaca 114.8 121.6 5.92 408.3 432.0 5.80
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Tapachula 45.0 47.9 6.44 173.7 182.4 5.01
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Veracruz 110.9 119.2 7.48 426.1 461.4 8.28
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Villahermosa 130.0 159.3 22.54 484.2 569.8 17.68
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TOTAL 1,126.8 1,267.6 12.50 4,585.6 5,060.1 10.35
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Note: Passenger figures exclude transit and general aviation passengers.
Table II: International Passengers (in thousands)
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Airport 4Q02 4Q03 % Change FY FY %
2002 2003 Change
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Cancun 1,248.3 1,466.6 17.49 5,837.8 6,524.9 11.77
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Cozumel 55.0 62.1 12.91 350.2 364.3 4.03
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Huatulco 5.4 3.3 (38.89) 27.3 26.7 (2.20)
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Merida 20.0 26.4 32.00 96.6 97.1 0.52
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Minatitlan 0.7 0.5 (28.57) 2.6 2.4 (7.69)
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Oaxaca 6.5 7.1 9.23 25.0 29.0 16.00
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Tapachula 0.7 0.8 14.29 3.1 2.4 (22.58)
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Veracruz 13.3 12.4 (6.77) 53.5 53.2 (0.56)
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Villahermosa 3.9 8.8 125.64 14.9 29.9 100.67
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TOTAL 1,353.8 1,587.9 17.29 6,411.0 7,129.9 11.21
------------------------------------------------------------------------------------------------------------------------
Note: Passenger figures exclude transit and general aviation passengers.
Table III: Total Passengers (in thousands)
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Airport 4Q02 4Q03 % Change FY FY %
2002 2003 Change
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Cancun 1,675.5 1,966.6 17.37 7,718.0 8,684.2 12.52
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Cozumel 76.0 80.5 5.92 445.9 455.8 2.22
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Huatulco 58.3 58.8 0.86 268.4 259.4 (3.35)
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Merida 212.1 238.5 12.45 849.6 899.6 5.89
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Minatitlan 33.7 34.1 1.19 126.0 130.9 3.89
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Oaxaca 121.2 128.6 6.11 433.3 461.0 6.39
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Tapachula 45.8 48.6 6.11 176.8 184.8 4.52
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Veracruz 124.1 131.6 6.04 479.6 514.6 7.30
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Villahermosa 133.9 168.1 25.54 499.1 599.7 20.16
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TOTAL 2,480.5 2,855.5 15.12 10,996.6 12,190.0 10.85
------------------------------------------------------------------------------------------------------------------------
Note: Passenger figures exclude transit and general aviation passengers.
Consolidated Results for 4Q03
--------------------------------------------------------------------------------
Total revenues for 4Q03 reached Ps.346.7 million, representing a year-over-year
increase of 18.04%. This was mainly due to:
o An increase of 14.23% in revenues from aeronautical services, principally
as a result of the above-mentioned growth in passenger traffic; and,
o An increase of 32.74% in revenues from non-aeronautical services,
principally driven by the 39.71% year-over-year improvement in commercial
revenues.
ASUR classifies revenues from the following activities as commercial revenues:
duty free sales, car rentals, retail sales, banking and currency exchange
services, advertising space rentals, teleservices, non-permanent ground
transportation, food and beverage and parking lot operations.
In 4Q03 commercial revenues improved by 39.71% when compared to 4Q02, mainly due
to:
o A 27.98% increase in duty-free revenues, primarily as a result of the
increase in international passenger traffic and an improved product mix;
o An increase of 62.36% in food and beverage revenues, primarily as a result
of the growth in passenger traffic and the opening of restaurants and bars
in Cancun airport, in particular the opening of Margarita Ville in December
2003. The increase in food and beverage revenues also resulted from the
opening of new food and beverage stores throughout the year, as detailed
below:
Airport Store Name Month
---------------------------------------------------------------------------
Cancun Tequileria Cuervo September
Cancun Coffe Bar December
---------------------------------------------------------------------------
Cozumel Colombian July
---------------------------------------------------------------------------
Oaxaca Snack bar I January
Snack bar II January
Restaurant June
---------------------------------------------------------------------------
Tapachula Restaurant July
---------------------------------------------------------------------------
Veracruz Snack bar August
---------------------------------------------------------------------------
Villahermosa Restaurant April
---------------------------------------------------------------------------
o A 34.22% increase in retail revenues, principally due to higher passenger
traffic and the opening of new stores. During the quarter, the following
stores were opened: Portafolio, a clothing store at Merida airport on
October 2003, a convenience store at Cancun airport on November 2003 and a
jewelry store at Huatulco airport on November 2003. The increase in retail
revenues for the quarter was also due to the following store openings that
took place earlier in 2003:
Airport Type - Name Month
---------------------------------------------------------------------------
Cancun Convenience Store November
---------------------------------------------------------------------------
Cozumel Sunglass Hut June
Cozumel Hard Rock July
Cozumel Carlos & Charlie's July
---------------------------------------------------------------------------
Huatulco Convenience Store February
Huatulco Jewelry Store November
---------------------------------------------------------------------------
Merida Liquor Store February
Merida Portafolio - Clothes October
---------------------------------------------------------------------------
Minatitlan Convenience Store February
---------------------------------------------------------------------------
Oaxaca Liquor Store June
---------------------------------------------------------------------------
Veracruz Destination Shop March
---------------------------------------------------------------------------
o A 109.28% increase in advertising revenues, resulting from the creation of
additional space for advertising and revenues relating to the distribution
of print advertising at Cancun airport.
o A 71.62% increase in revenue from banking and currency exchange services,
primarily resulting from American Express becoming fully operational after
the completion of the remodeling of Terminal 2 at the Cancun airport.
Total operating costs and expenses for 4Q03 increased year-over-year by 6.50%,
mainly as a result of:
o A 1.44% decline in costs of services mainly as a result of a reduction in
travel expenses of ASUR's personnel.
o A 34.70% increase in administrative expenses primarily as a result of the
development of the 2004-2018 master development plan and the presentation
of investment projects for the Cancun airport.
o A 25.48% increase in the cost of technical assistance, mainly as a result
of the increase in EBITDA for the period (a basis for the calculation of
the fee).
o An 18.04% increase in concession fees mainly due to higher sales by
concessionaires.
o A 1.78% increase in depreciation and amortization, mainly due to the
depreciation of investments in fixed assets and improvements made to assets
under the concession.
Operating margin for 4Q03 improved year-over-year to 26.07%, from 18.07%. This
was mainly driven by the 18.04% increase in revenues, primarily the 32.74%
growth in non-aeronautical revenues, which more than offset the 6.50% increase
in costs and expenses.
Mexican companies are generally required to pay the greater of their income tax
liability or their asset tax liability (determined at a rate of 1.8% of the
average tax value of virtually all of the company's assets (including, in ASUR's
case, the concessions), less the average tax 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 4Q03. Of these payments, Ps.10.8 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.30.3 million in
future income tax payments.
Net income for 4Q03 was Ps.34.76 million, a decrease of 37.75% compared to 4Q02.
As explained in ASUR's previous press releases, net income for 4Q02 experienced
a one-time positive effect from a change in deferred taxes arising out of a
decrease in the Mexican corporate tax rate. This extraordinary effect on net
income in 4Q02, without a similar effect in 4Q03, is the principal reason for
the decrease in net income between the two quarters.
As a result, earnings per share for 4Q03 declined year-over-year by 37.75% to
Ps.0.1159, or earnings per ADS (EPADS) (one ADS represents ten series B common
shares) of US$0.1031, from earnings per common share of Ps.0.1862, or EPADS of
US$0.1657 for the same period last year.
Table IV: Summary of Consolidated Results for 4Q03
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4Q02 4Q03 %
Change
--------------------------------------------------------------------------------------------
Total Revenues 293,725 346,701 18.04
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Aeronautical Services 233,370 266,584 14.23
--------------------------------------------------------------------------------------------
Non/Aeronautical Services 60,355 80,117 32.74
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Commercial Revenues 42,189 58,942 39.71
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Operating Profit 53,072 90,400 70.33
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Operating Margin % 18.07% 26.07% 44.31
--------------------------------------------------------------------------------------------
EBITDA 140,179 179,056 27.73
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EBITDA MARGIN % 47.72% 51.65% 8.22
--------------------------------------------------------------------------------------------
Net Income 55,850 34,767 (37.75)
--------------------------------------------------------------------------------------------
Earnings per Share 0.1862 0.1159 (37.75)
--------------------------------------------------------------------------------------------
Earnings per ADS in US$ 0.1657 0.1031 (37.75)
--------------------------------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as of December
31, 2003. U.S. dollar figures are calculated at the exchange rate of
US$1=Ps. 11.2372.
Table V: Commercial Revenues for 4Q03
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4Q02 4Q03 %
Change
-----------------------------------------------------------------------------------------
Total Passengers
-----------------------------------------------------------------------------------------
Commercial Revenues 42,189 58,942 39.71
-----------------------------------------------------------------------------------------
Passengers ('>000) 2,567 2,943 14.63
-----------------------------------------------------------------------------------------
Commercial Revenues per 16.43 20.03 21.88
Passenger
-----------------------------------------------------------------------------------------
Note: For purposes of this table, 86.7 thousand and 87.2 thousand transit and
general aviation passengers are included for 4Q02 and 4Q03,
respectively. Revenue figures are shown in thousands of constant Mexican
pesos as of December 31, 2003.
Table VI: Operating Costs and Expenses for 4Q03
--------------------------------------------------------------------------------------------------
4Q02 4Q03 %
Change
--------------------------------------------------------------------------------------------------
Cost of Services 99,612 98,183 (1.44)
--------------------------------------------------------------------------------------------------
Administrative 31,214 42,046 34.70
--------------------------------------------------------------------------------------------------
Technical Assistance 8,034 10,081 25.48
--------------------------------------------------------------------------------------------------
Concession Rights 14,686 17,335 18.04
--------------------------------------------------------------------------------------------------
Depreciation and Amortization 87,106 88,656 1.78
--------------------------------------------------------------------------------------------------
TOTAL 240,652 256,301 6.50
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Note: Figures are shown in thousands of constant Mexican pesos as of December
31, 2003.
Consolidated Results for Fiscal Year 2003
--------------------------------------------------------------------------------
Table VII: Summary of Consolidated Results for the Twelve-Month Period
-----------------------------------------------------------------------------------------------------
FY FY %
2002 2003 Change
-----------------------------------------------------------------------------------------------------
Total revenues 1,289,934 1,466,632 13.70
-----------------------------------------------------------------------------------------------------
Aeronautical Services 1,041,200 1,155,446 10.97
-----------------------------------------------------------------------------------------------------
Non-aeronautical Services 248,733 311,186 25.11
-----------------------------------------------------------------------------------------------------
Commercial Revenues 170,173 226,210 32.93
-----------------------------------------------------------------------------------------------------
Operating Profit 369,294 501,834 35.89
-----------------------------------------------------------------------------------------------------
Operating Margin % 28.63% 34.22% 19.52
-----------------------------------------------------------------------------------------------------
EBITDA 717,719 856,459 19.33
-----------------------------------------------------------------------------------------------------
EBITDA Margin 55.64% 58.40% 4.95
-----------------------------------------------------------------------------------------------------
Net Income 229,044 276,191 20.58
-----------------------------------------------------------------------------------------------------
Earnings per Share 0.7635 0.9206 20.58
-----------------------------------------------------------------------------------------------------
Earnings per ADS in US$ 0.6794 0.8193 20.58
-----------------------------------------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as of December
31, 2003. U.S. dollar figures are calculated at the exchange rate of
US$1=Ps. 11.2372.
Total revenues for 2003 were Ps.1,466.6, a year-over-year increase of 13.70%
driven by:
o An increase of 10.97% in revenues from aeronautical services, resulting
from the rise in international passengers during the period; and,
o An increase of 25.11% in revenues from non-aeronautical services,
principally as a result of the 32.93% year-over-year improvement in
commercial revenues.
In May 2002, certain airlines informed ASUR of their desire to extend their
payment deadline for passenger charges to 115 days, from the previously
agreed-upon term of 60 days. On November 14, 2003 ASUR signed an agreement with
the airlines which effectively resolved the disputes between the parties. This
agreement grants the airlines the option to pay in 115 days or 60 days. If the
airlines pay in 60 days, they will benefit from prompt payment discounts.
Commercial revenues for 2003 increased year-over-year by 32.93%, mainly due to
the improvement in customer service and commercial offering as follows:
o A 19.24% rise in duty-free revenues, principally due to the increase in
international passengers.
o A 47.28% 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.
o A 40.33% increase in retail revenues, reflecting the growth in passenger
traffic as well as store openings in the Cancun, Cozumel, Huatulco, Merida,
Minatitlan, Oaxaca and Veracruz airports.
o A 66.11% increase in banking and currency exchange revenues as a result of
two American Express offices becoming fully operational at the Cancun
Airport.
o A 99.78% increase in advertising revenues, mainly resulting from the
dedication of additional space for advertising at the Cancun airport and
rental space for car exhibits, at the Merida and Villahermosa airports.
Table VIII: Commercial Revenues for Fiscal Year 2003
--------------------------------------------------------------------------------------------------
FY FY %
2002 2003 Change
--------------------------------------------------------------------------------------------------
Commerical Revenues 170,173 226,210 32.93
--------------------------------------------------------------------------------------------------
Total Passengers 11,348 12,534 10.45
(In thousands)
--------------------------------------------------------------------------------------------------
Commercial Revenues per Passenger, in Ps. 15.00 18.05 20.81
Revenues
--------------------------------------------------------------------------------------------------
Note: For purposes of this table, 351.1 thousand and 344.2 thousand transit
and general aviation passengers were included in the figures for
Fiscal Year 2002 and 2003, respectively. Figures are shown in
thousands of constant Mexican pesos as of December 31, 2003.
Table IX: Operating Costs and Expenses for Fiscal Year 2003
------------------------------------------------------------------------------------------------
FY FY %
2002 2003 Change
------------------------------------------------------------------------------------------------
Cost of Services 357,599 364,330 1.88
------------------------------------------------------------------------------------------------
Administrative 111,243 126,413 13.64
------------------------------------------------------------------------------------------------
Technical Assistance 38,913 46,125 18.53
------------------------------------------------------------------------------------------------
Concession Right 64,995 73,305 13.72
------------------------------------------------------------------------------------------------
Depreciation and Amortization 348,426 354,625 1.78
------------------------------------------------------------------------------------------------
TOTAL 920,640 964,798 4.80
------------------------------------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as of December
31, 2003.
Operating costs and expenses for 2003 rose year-over-year by 4.80%, due to the
following:
o Cost of services for 2003 rose by 1.88% due to increases in insurance and
maintenance.
o Administrative expenses increased by 13.64%, mainly as a result of the wage
increase granted to non-unionized employees during the third quarter of
2003. Higher administrative expenses were also due to the preparation and
presentation of investment projects for the Cancun airport and the
development, design and preparation of the 2004-2008 Master Development
Plan.
o Technical assistance costs increased by 18.53%, due to the corresponding
year-over-year increase in EBITDA.
o The 13.72% increase in concession fees reflects the year-to-date increase
in overall revenues.
o Depreciation and amortization for 2003 rose 1.78%, mainly due to the
above-mentioned capitalization of investments in fixed assets and
improvements made to concession assets.
o Operating margin for 2003 improved to 34.22% from 28.63% in 2002, mainly
due to the increase in revenue and cost controls.
Net income for 2003 increased 20.58% form 2002 to Ps.276.19 million. Earnings
per common share for 2003 were Ps.0.9206, or EPADS of US$0.8193, compared with
earnings per common share of Ps. 0.7635, or EPADS of US$0.6794 for 2002.
Tariff Regulation
--------------------------------------------------------------------------------
The Mexican Ministry of Communications and Transportation regulates the majority
of ASUR's activities through maximum rates, which represent the maximum annual
amount of revenues per work load unit that may be earned at each airport for
services subject to price regulation.
ASUR's regulated revenues for 2003 were Ps. 1,170.29 million, resulting in a
year-to-date average tariff per traffic unit of Ps. 99.31.
The Mexican Ministry of Communications and Transportation reviews compliance
with the maximum rates on an annual basis at the close of each year.
Under the terms of our concessions, each of ASUR's subsidiary concession holders
is required to submit an updated master development plan for approval by the
Ministry of Communications and Transportation every five years. Each master
development plan covers a fifteen-year period and includes investment
commitments (including capital expenditures and improvements) of the concession
holder for the succeeding five-year period and investment projections (including
capital expenditures and improvements) for the remaining ten years. Once
approved by the Ministry of Communications and Transportation, these commitments
become binding obligations under the terms of our concessions.
ASUR's maximum rates are subject to annual efficiency adjustments, which have
the effect of reducing the maximum rates for each year to reflect projected
efficiency improvements. For the five-year period ending December 31, 2008, the
maximum rates applicable to ASUR's airports will be reduced by an annual
efficiency factor of 0.75% in real terms.
Table X: Master Development Plans
------------------------------------------------------------------------------
Airport 2004-2008* 2009-2013** 2014-2018**
------------------------------------------------------------------------------
Cancun 895 901 589
Cozumel 86 28 40
Huatulco 54 16 39
Merida 96 78 18
Minatitlan 19 25 13
Oaxaca 47 38 23
Tapachula 31 28 13
Veracruz 51 50 25
Villahermosa 84 50 24
------------------------------------------------------------------------------
Total 1,363 1,214 784
------------------------------------------------------------------------------
Note: In Millions of Pesos as of December 31, 2002 * Commited investment **
Indicative investment
Table XI: Maximum Tariffs
-----------------------------------------------------
Airport 2004
-----------------------------------------------------
Cancun 99.56
Cozumel 106.82
Huatulco 88.06
Merida 75.03
Minatitlan 93.33
Oaxaca 91.65
Tapachula 109.50
Veracruz 77.85
Villahermosa 86.93
-----------------------------------------------------
Note: In Millions of Pesos as of December 31, 2002
Balance Sheet
As of December 31, 2003, Airport Facility Usage Rights and Airport Concessions
represented 89.93% of ASUR's total assets, with current assets representing
8.40% and other assets representing 1.67%.
As of December 31, 2003, ASUR's cash and marketable securities totaled Ps.710.36
million. As of the same date, shareholders' equity was Ps. 11,347.45 million, or
94.70% of total assets, and total liabilities were Ps.634.81 million, or 5.30%
of ASUR's total assets. Total deferred liabilities represented 75.34% of the
Company's total liabilities.
CAPEX
--------------------------------------------------------------------------------
During the fourth quarter ASUR made investments of Ps. 185.8 million as part of
the Company's ongoing plan to modernize the airports of the group. For the full
year, capital investments totaled Ps.340.6 million.
Key Corporate Developments
--------------------------------------------------------------------------------
As a result of the settlement reached by Tribasa with its creditors, it was
decided that Tribasa transfer its ownership stake in Inversiones y Tecnicas
Aeroportuarias, S.A. de C.V. (ITA) in favor of Nacional Financiera S.N.C.
(NAFIN). As determined under the terms of the Participation Agreement among ITA,
the Mexican government and ASUR, the required authorizations were obtained and
the mandatory procedure was followed, including obtaining authorization at
ASUR's shareholder's meeting.
On December 30, 2003 Tribasa transferred its stake in ITA to NAFIN. As a result,
NAFIN has temporarily replaced Tribasa as ITA's Mexican partner until it finds a
party, which meets the original bidding terms for the acquisition of share
capital in ASUR, to purchase the stake.
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.
Operating Results per Airport
--------------------------------------------------------------------------------------------------------------------------
% FY FY %
4Q02 4Q03 Change 2002 2003 Change
--------------------------------------------------------------------------------------------------------------------------
Cancun
--------------------------------------------------------------------------------------------------------------------------
Aeronautical 164,203 192,390 17.17 756,895 857,379 13.28
Revenues
--------------------------------------------------------------------------------------------------------------------------
Non-aeronautical 42,633 57,629 35.18 174,969 222,246 27.02
Revenues
--------------------------------------------------------------------------------------------------------------------------
Operating Profit 71,464 96,482 35.01 396,449 502,799 26.83
--------------------------------------------------------------------------------------------------------------------------
EBITDA 125,813 152,414 21.14 613,844 726,524 18.36
--------------------------------------------------------------------------------------------------------------------------
Cozumel
--------------------------------------------------------------------------------------------------------------------------
Aeronautical 6,695 6,689 (0.08) 38,920 39,642 1.85
Revenues
--------------------------------------------------------------------------------------------------------------------------
Non-aeronautical 2,367 2,910 22.91 12,485 14,094 12.88
Revenues
--------------------------------------------------------------------------------------------------------------------------
Operating Profit (7,007) (4,236) (39.54) (4,889) (2,520) (48.45)
--------------------------------------------------------------------------------------------------------------------------
EBITDA (2,885) 208 (107.20) 11,596 15,255 31.55
--------------------------------------------------------------------------------------------------------------------------
Merida
--------------------------------------------------------------------------------------------------------------------------
Aeronautical 18,068 19,505 7.95 73,618 75,175 2.12
Revenues
--------------------------------------------------------------------------------------------------------------------------
Non-aeronautical 5,907 7,260 22.91 24,084 27,594 14.39
Revenues
--------------------------------------------------------------------------------------------------------------------------
Operating Profit 796 2,586 224.78 8,521 10,647 24.95
--------------------------------------------------------------------------------------------------------------------------
EBITDA 7,785 10,014 28.63 36,477 40,358 10.64
--------------------------------------------------------------------------------------------------------------------------
Others
--------------------------------------------------------------------------------------------------------------------------
Aeronautical 44,404 48,000 8.10 171,768 183,250 6.69
Revenues
--------------------------------------------------------------------------------------------------------------------------
Non-aeronautical 9,448 12,318 30.38 37,195 47,297 27.16
Revenues
--------------------------------------------------------------------------------------------------------------------------
Operating Profit (12,181) (4,433) (63.61) (30,787) (9,092) (70.47)
--------------------------------------------------------------------------------------------------------------------------
EBITDA 9,466 16,421 73.46 55,802 74,322 33.19
--------------------------------------------------------------------------------------------------------------------------
TOTAL
--------------------------------------------------------------------------------------------------------------------------
Aeronautical 233,370 266,584 14.23 1,041,200 1,155,446 10.97
Revenues
--------------------------------------------------------------------------------------------------------------------------
Non-aeronautical 60,355 80,117 32.74 248,733 311,186 25.11
Revenues
--------------------------------------------------------------------------------------------------------------------------
Operating Profit 53,072 90,400 70.33 369,294 501,834 35.89
--------------------------------------------------------------------------------------------------------------------------
EBITDA 140,179 179,056 27.73 717,719 856,459 19.33
--------------------------------------------------------------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as of December
31, 2003.
GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31ST, 2003 AND 2002
Thousands of Mexican pesos in purchasing power as of December 2003
--------------------------------------------------------------------------------------------------------------------------
ITEM December December VARIATION %
2002 2003
--------------------------------------------------------------------------------------------------------------------------
ASSETS
Current Assets
Cash and cash equivalents 516,583 710,367 193,784 37.5
Trade receivables, net 190,831 170,489 (20,341) (10.7)
Recoverable taxes and other current assets 48,698 125,763 77,065 158.3
--------------- ------------- ------------ --------
Total Current Assets 756,112 1,006,620 250,508 33.1
Fixed Assets
Machinery, furniture and equipment, net 67,457 81,571 14,114 20.9
Rights to use airport facilities, net 2,184,679 2,110,438 (74,241) (3.4)
Improvements to use airport facilities, net 625,936 981,016 355,080 56.7
Constructions in process 127,999 98,164 (29,834) (23.3)
Others 64,591 5,457 (59,135) (91.6)
--------------- ------------- ------------ --------
Total Fixed Assets 3,070,663 3,276,646 205,984 6.7
Deferred Assets
Airports concessions, net 7,903,794 7,683,832 (219,961) (2.8)
Deferred income taxes - - - 0.0
Other 19,561 15,155 (4,406) (22.5)
--------------- ------------- ------------ --------
Total Deferred Assets 7,923,355 7,698,987 (224,368) (2.8)
--------------- ------------- ------------ --------
TOTAL ASSETS 11,750,130 11,982,254 232,124 2.0
=============== ============= ============ ========
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities
Trade accounts payable 2,587 10,192 7,605 294.0
Notes payable - - - 0.0
Accrued expenses and others payables 121,213 131,752 10,539 8.7
--------------- ------------- ------------ --------
Total Current Liabilities 123,800 141,944 18,144 14.7
Long term liabilities
Other 21,906 13,990 (7,917) (36.1)
Deferred income taxes 365,179 440,769 75,590 20.7
Deferred employees profit sharing 38,987 37,496 (1,491) (3.8)
Labor Obligations 679 608 (71) (10.5)
--------------- ------------- ------------ --------
Total long term liabilities 426,751 492,862 66,111 15.5
TOTAL LIABILITIES 550,551 634,806 84,255 15.3
STOCKHOLDER'S EQUITY
Capital stock 10,906,498 10,906,498 0 0.0
Legal Reserve 40,219 51,671 11,452 28.5
Share repurchase reserve - - - 0.0
Net Income for the period 229,044 276,191 47,146 20.6
Retained earnings 23,817 113,087 89,270 374.8
--------------- ------------- ------------ --------
TOTAL STOCKHOLDER'S EQUITY 11,199,579 11,347,448 147,869 1.3
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 11,750,130 11,982,254 232,124 2.0
=============== ============= ============ ========
GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
CONSOLIDATED STATEMENT OF INCOME FROM JANUARY 1 ST, TO DECEMBER 31 ST,
2003 AND 2002
Thousands of Mexican pesos in purchasing power as of December 2003
-----------------------------------------------------------------------------------------------------------------------------------
ITEM ACCUMULATIVE ACCUMULATIVE VARIATION % Quarter Quarter VARIATION
2002 2003 2002 2003 %
-----------------------------------------------------------------------------------------------------------------------------------
Revenues
Aeronautical Services 1,041,200 1,155,446 10.97 233,370 266,584 14.23
Non-Aeronautical Services 248,733 311,186 25.11 60,355 80,117 32.74
---------- ---------- -------- ---------- --------- --------
Total Revenue 1,289,934 1,466,632 13.70 293,725 346,701 18.04
Operating Expenses
Cost of Services 357,599 364,330 1.88 99,612 98,183 (1.44)
General and administrative
expenses 111,243 126,413 13.64 31,214 42,046 34.70
Technical Assistance 38,913 46,125 18.53 8,034 10,081 25.48
Concession fee 64,460 73,305 13.72 14,686 17,335 18.04
Depreciation and Amortization 348,426 354,625 1.78 87,106 88,656 1.78
---------- ---------- -------- ---------- --------- --------
Total Operating Expenses 920,640 964,798 4.80 240,652 256,301 6.50
Operating Income 369,294 501,834 35.89 53,072 90,400 70.30
Comprehensive Financing Cost 28,251 24,213 (14.30) (1,557) 2,500 (260.53)
---------- ---------- --------- ---------- --------- --------
Extraordinary Expenses
Rescue Clause 7,287 24,694 238,87 7,964 6,814 (14.45)
Loss due to act of God 3,675 1,622 (55.87) 3,675 493 (86.57)
Income Before Income Taxes 386,583 499,731 29.27 39,876 85,592 114.65
Provision for Income Taxes 32,779 45,194 37.87 (16,649) 10,929 (165.64)
Defferred income taxes 123,211 178,346 44.75 (874) 39,896 (4,666.27)
Deferred employees profit sharing 1,549 - (100.00) 1,549 - (100.00)
---------- ---------- -------- ---------- --------- --------
Net Income for the Year 229,044 276,191 20.58 55,850 34,767 (37.75)
========== ========== ======== ========== ========= ========
Earnings per share 0.7635 0.9206 20.58 0.1862 0.1159 (37.75)
Earning per ads usd 0.6794 0.8193 20.58 0.1657 0.1031 (37.75)
Exchange rate per dollar 11.2372
GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
CONSOLIDATED STATEMENT OF INCOME FROM JANUARY 1 ST, TO DECEMBER 31 ST,
2003 AND 2002
Thousands of Mexican pesos in purchasing power as of December 2003
----------------------------------------------------------------------------------------------------------------------------------
ITEM ACCUMULATIVE ACCUMULATIVE VARIATION 4Q 4Q VARIATION
2002 2003 % 2002 2003 %
----------------------------------------------------------------------------------------------------------------------------------
Net Income for the Year 229,044 276,191 20.6 55,850 34,767 (37.7)
Depreciation and Amortization 348,426 354,625 1.8 87,106 88,656 1.8
-----------------------------------------------------------------------------------------
Resources provided by operations 577,470 630,816 9.2 142,957 123,423 (13.7)
-----------------------------------------------------------------------------------------
Changes in operating assets and
liabilities:
Decrease (increase) in:
Trade receivables (30,659) 2,334 (107.6) 18,470 (3,897) (121.1)
Recoverable taxes and other current
assets 4,985 30,926 520.4 28,314 28,575 0.9
Other deferred assets (6,161) 4,406 (171.5) 5,868 4,494 (23.4)
Increase (decrease) in:
Trade accounts payable 1,179 7,605 545.1 799 5,448 581.7
Accrued expenses and others payables 18,395 (48,729) (364.9) (23,335) 685 (102.9)
Long term liabilities 13,673 66,111 383.5 (28,583) 23,526 (182.3)
-----------------------------------------------------------------------------------------
Resources provided by (used for) working 1,411 62,653 4,339.7 1,534 58,830 3,734.9
capital
Resources provided by (used for)
operating activities 578,881 693,469 19.8 144,491 182,253 26.1
Resources provided by (used for)
financing activities: (757,134) (159,038) 0.0 0 0 0.0
-----------------------------------------------------------------------------------------
Notes payable - - 0.0 0 - 0.0
Others (757,134) (159,038) (79.0) 0 - 0.0
Resources provided by (used for)
investing activities: (270,973) (340,647) 25.7 (91,862) (185,843) 102.3
-----------------------------------------------------------------------------------------
Investments in machinery, furniture and
equipment, net (11,555) (39,673) 243.3 (8,463) (10,603) 25.3
Investments in rights to use airport
facilities (265,930) (389,944) 46.6 (262,180) (387,460) 47.8
Investments in constructions in process 15,659 29,834 90.5 216,216 177,571 (17.9)
Investments in others (9,147) 59,135 (746.5) (37,435) 34,648 (192.6)
Increase (Decrease) in cash and
cash equivalents (449,226) 193,784 (143.1) 52,629 (3,590) (106.8)
Cash and cash equivalents at beginning
of the financial period 965,809 516,583 (46.5) 463,954 713,957 53.9
Cash and cash equivalents at the end of
the financial period 516,583 710,368 37.5 516,583 710,367 37.5
============== =========== ======= ========== ========= ========
----------------------------------------------------------------------------------------------------------------------------------
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: February 25, 2004