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 2006
| GRUPO AEROPORTUARIO DEL SURESTE S.A. DE C.V. (SOUTHEAST AIRPORT GROUP) |
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| (Translation of Registrant’s Name Into English) |
| México |
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| (Jurisdiction of incorporation or organization) |
| Bosque de Alisos No. 474 — 4th Floor Bosques de las Lomas 05120 México, 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 Lic. Adolfo Castro (52) 55-5284-0408 acastro@asur.com.mx
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In U.S.
Breakstone Group Susan Borinelli/Michael Fehle (646) 452-2333 / 2336 sborinelli@breakstone-group.com mfehle@breakstone-group.com |
For Immediate Release
ASUR 4Q05 PASSENGER TRAFFIC DOWN 33.07% YOY
4Q05 Highlights1:
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EBITDA declined by 53.17% to Ps.133.38 million | |
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Total passenger traffic down 33.07%, largely due to the impact of Hurricane Wilma | |
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Total revenues down 32.57%, owing to declines of 36.33% and 21.78% in aeronautical and non-aeronautical services respectively | |
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Commercial revenues per passenger increased 9.89%, to Ps.34.90 per passenger | |
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Operating income declined 86.51% | |
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EBITDA margin was 41.11% compared with 59.19% |
México D.F., February 22, 2006 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 months and fiscal year ended December 31, 2005.
_______________________
1 Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with Generally Accepted Accounting Principles in
Mexico, expressed in constant Mexican pesos as of December 31, 2005, and represent comparisons between the three-month period ended December 31, 2005, and the equivalent three-month period ended December 31, 2004. 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.10.6344.
ASUR 4Q05, Page 1 of 16
For 4Q05, total passenger traffic declined year-over-year by 33.07%; domestic passenger traffic fell by 6.69% and international passenger traffic fell by 51.65% . ASUR’s management believes that the 48.36% and
74.56% declines in total passenger traffic to Cancun and Cozumel during the quarter were largely the result of the impact of Hurricane Wilma, which struck the Yucatan Peninsula on October 20 2005.
Cancun airport serves flights originating in or flying to Cancun as well as the Mayan Riviera. Of the 27,484 hotel rooms available in Cancun before Hurricane Wilma, only 10,918 or 39.72% were operating at year-end. Of
the original 25,170 rooms available in the Mayan Riviera, 22,836 or 90.73% were operating at year-end.
For additional details regarding the impact of this hurricane on ASUR’s operations, please refer to page 11 of this report.
The 6.69% decline in overall domestic passenger traffic mainly reflects declines of 28.80% and 58.08% in domestic traffic at Cancun and Cozumel airports respectively.
The 51.65% drop in international passenger traffic resulted mainly from declines of 54.28% and 79.45% in international traffic at Cancun and Cozumel airports respectively.
For fiscal year 2005, total passenger traffic declined 4.14%, with international passenger traffic down 5.39% and domestic passenger traffic down 2.14% . Airport 4Q04 4Q05 % Change FY04 FY05 % Change Cancún 518.1 368.9 (28.80) 2,246.0 2,004.0 (10.77) Cozumel 26.0 10.9 (58.08) 94.8 73.5 (22.47) Huatulco 53.5 69.2 29.35 241.0 258.4 7.22 Mérida 209.7 237.3 13.16 811.3 873.8 7.70 Minatitlán 31.3 40.6 29.71 123.8 143.2 15.67 Oaxaca 130.4 134.2 2.91 495.3 496.8 0.30 Tapachula 47.0 51.6 9.79 189.8 187.1 (1.42) Veracruz 139.8 141.3 1.07 507.7 517.2 1.87 Villahermosa 165.3 178.7 8.11 633.7 674.9 6.50 TOTAL 1,321.1 1,232.7 (6.69) 5,343.4 5,228.9 (2.14) Note: Passenger figures exclude transit and general aviation passengers. ASUR 4Q05, Page 2 of 16 Table II: International Passengers (in thousands) Airport 4Q04 4Q05 % Change FY04 FY05 %Change Cancún 1,713.7 783.5 (54.28) 7,764.7 7,297.5 (6.02) Cozumel 87.6 18.0 (79.45) 489.7 413.1 (15.64) Huatulco 7.0 8.2 17.14 29.8 53.6 79.87 Mérida 26.9 52.4 94.80 119.8 148.1 23.62 Minatitlán 0.6 0.8 33.33 2.6 3.3 26.92 Oaxaca 14.5 17.4 20.00 48.0 66.9 39.38 Tapachula 1.0 1.1 10.00 3.8 5.2 36.84 Veracruz 14.1 14.5 2.84 55.8 62.2 11.47 Villahermosa 10.4 11.1 6.73 39.6 42.5 7.32 TOTAL 1,875.8 907.0 (51.65) 8,553.8 8,092.4 (5.39) Note: Passenger figures exclude transit and general aviation passengers. Table III: Total Passengers (in thousands) Airport 4Q04 4Q05 % Change FY04 FY05 %Change Cancún 2,231.8 1,152.4 (48.36) 10,010.7 9,301.5 (7.08) Cozumel 113.6 28.9 (74.56) 584.5 486.6 (16.75) Huatulco 60.5 77.4 27.93 270.8 312.0 15.21 Mérida 236.6 289.7 22.44 931.1 1,021.9 9.75 Minatitlán 31.9 41.4 29.78 126.4 146.5 15.90 Oaxaca 144.9 151.6 4.62 543.3 563.7 3.75 Tapachula 48.0 52.7 9.79 193.6 192.3 (0.67) Veracruz 153.9 155.8 1.23 563.5 579.4 2.82 Villahermosa 175.7 189.8 8.03 673.3 717.4 6.55 TOTAL 3,196.9 2,139.7 (33.07) 13,897.2 13,321.3 (4.14) Note: Passenger figures exclude transit and general aviation passengers.
Total revenues for 4Q05 declined year-over-year by 32.57% to Ps.324.5 million. This was mainly due to: 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 facilities, and parking lots.
ASUR 4Q05, Page 3 of 16 Commercial revenues declined year-over-year by 26.28%, mainly due to the impact of Hurricane Wilma in October 2005: ASUR 4Q05, Page 4 of 16 Operating margin for 4Q05 declined to 7.49% from 37.47% in the fourth quarter of last year. This was mainly driven by the 32.57% decline in revenues for the
quarter.
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, its 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.39.3 million for 4Q05. Of this total amount, Ps.31.9 million was recorded as an expense in the results for the quarter. The difference was recorded as an asset, since the Company expects to recover Ps.7.4 million as a
credit against future income tax payments.
Net income for 4Q05 was Ps.6.16 million, a year-over-year decline of 96.94% . Earnings per common share for the quarter were Ps.0.0205, or earnings per ADS (EPADS) of US$0.0193 (one ADS represents ten series B common shares). This compares with Ps.0.6703, or EPADS of US$0.6303, for the same period last year. Table IV: Summary of Consolidated Results for 4Q05 4Q04 4Q05 % Change Total Revenues 481,215 324,470 (32.57) Aeronautical Services 357,076 227,363 (36.33) Non-Aeronautical Services 124,139 97,107 (21.78) Commercial Revenues 104,276 76,873 (26.28) Operating Income 180,311 24,316 (86.51) Operating Margin % 37.47% 7.49% (80.00) EBITDA 284,826 133,375 (53.17) EBITDA Margin % 59.19% 41.11% (30.55) Net Income 201,082 6,157 (96.94) Net Income per Share 0.6703 0.0205 (96.94) Net Income per ADS 0.6303 0.0193 (96.94) Note: Figures are shown in thousands of constant Mexican pesos as of December 31, 2005. U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 10.6344. ASUR 4Q05, Page 5 of 16 Table V: Commercial Revenues per Passenger for 4Q05 4Q04 4Q05 % Change Total Passengers (‘000) 3,284 2,203 (32.92) Total Commercial Revenues 104,276 76,873 (26.28) Commercial revenues from direct operations 15,522 15,999 3.07 Commercial revenues excluding direct operations 88,754 60,874 (31.41) Total Commercial Revenue per Passenger 31.76 34.90 9.89 Commercial revenue from direct operations per passenger 4.73 7.26 53.81 Commercial revenue per passenger (excluding direct operations) 27.03 27.63 2.26 Note: For purposes of this table, 86.9 thousand and 63.1 thousand transit and general aviation passengers are included for 4Q04 and 4Q05, respectively. Revenue figures are shown in thousands of constant Mexican pesos as of December 31, 2005. (1) Revenue from direct commercial operations includes two restaurants, a snack bar and three convenience stores. Revenue for 2004 only includes the concession fee from the previous concessionaire. Table VI: Operating Costs and Expenses for 4Q05 4Q04 4Q05 % Chg. Costs of Services 129,270 140,989 9.07 Administrative 27,029 25,825 (4.45) Technical Assistance 16,029 8,057 (49.73) Concession Fees 24,061 16,224 (32.57) Depreciation and Amortization 104,515 109,059 4.35 TOTAL 300,904 300,154 (0.25) Note: Figures are shown in thousands of constant Mexican pesos as of December 31, 2005.
Total revenues for Fiscal Year 2005 increased by 1.08% to Ps.2,063 million. This was mainly due to an increase of 17.93% in revenues from non-aeronautical services,
principally as a result of the 20.13% increase in commercial revenues. This mainly reflects payments of Ps.7.0 million in May and Ps.32.5 million in August for rent by Dufry Mexico for units it occupies in Cancun airport, as mandated by a ruling of
the International Court of Arbitration in favor of ASUR; and a Ps.9.9 million payment in 3Q05 by Aldeasa owed to ASUR.
ASUR 4Q05, Page 6 of 16 Excluding the impact of these two items, commercial revenue per passenger for FY05 period rose by 10.89% . This also reflects the negative impact from the approximately 4.62% appreciation of the Mexican peso against
the US dollar during the period.
This was partially offset by a decline of 4.55% in revenues from aeronautical services, as a result of the drop in passenger traffic during the period.
Commercial revenues for FY05 increased by 20.13% mainly due to: ASUR 4Q05, Page 7 of 16 Table VII: Summary of Consolidated Results for the Fiscal Year FY04 FY05 % Chg. Total Revenues 2,041,831 2,063,808 1.08 Aeronautical Services 1,530,620 1,460,936 (4.55) Non-Aeronautical Services 511,211 602,872 17.93 Commercial Revenues 416,413 500,257 20.13 Operating Income 865,527 799,389 (7.64) Operating Margin % 42.39% 38.73% (8.62) EBITDA 1,278,390 1,233,469 (3.51) EBITDA Margin % 62.61% 59.77% (4.54) Net Income 627,221 563,189 (10.21) Net Income per Share 2.0907 1.8773 (10.21) Net Income per ADS 1.9660 1.7653 (10.21) Note: Figures are shown in thousands of constant Mexican pesos as of December 31, 2005. U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 10.6344 Table VIII: Commercial Revenues for the Fiscal Year FY04 FY05 % Chg. Total Passengers (‘000) 14,235 13,654 (4.08) Total Commercial Revenues 416,413 500,257 20.13 Commercial revenues from direct operations (1) 46,474 82,402 77.31 Commercial revenues excluding direct operations 369,939 417,855 12.95 FY04 FY05 % Chg. Total Commercial Revenue per Passenger Commercial revenue from direct operations per passenger(1) 29.25 36.64 25.23 Commercial revenue per passenger (excluding direct operations) 3.26 6.04 84.97 Total Commercial Revenue per Passenger 25.99 30.60 17.78 Note: For purposes of this table, 337.7 thousand and 332.4 thousand transit and general aviation passengers are included for FY04 and FY05, respectively. Revenue figures are shown in thousands of constant Mexican pesos as of December 31, 2005. (1) Revenues from direct commercial operations include a restaurant, a snack bar and three convenience stores. ASUR 4Q05, Page 8 of 16 Table IX: Operating Costs and Expenses for the Fiscal Year FY04 FY05 % Chg. Costs of Services 482,920 557,994 15.55 Administrative 109,280 102,725 (6.00) Technical Assistance 69,187 66,430 (3.98) Concession Fees 102,054 103,190 1.11 Depreciation and Amortization 412,863 434,080 5.14 TOTAL 1,176,304 1,264,419 7.49 Note: Figures are shown in thousands of constant Mexican pesos as of December 31, 2005.
Costs and expenses for FY05 increased by 7.49%, mainly due to the following:
The increase in costs was partially offset by:
Operating margin for the period declined to 38.73%, down from 42.39% for FY04, reflecting the decline in revenues resulting from the impact of Hurricanes Emily and Wilma in
July and October 2005 respectively.
Net income for FY05 declined by 10.21%, to Ps.563.19 million. Earnings per common share for the period were Ps.1.8773, or earnings per ADS (EPADS) of US$1.7653 (one ADS
represents ten series B common shares). This compares with Ps.2.0907, or EPADS of US$1.9660, for the same period last year. ASUR 4Q05, Page 9 of 16
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 FY05 were Ps.1,492.26 million, resulting in an average tariff per workload unit of Ps.100.00 for the period. ASUR’s regulated revenues accounted for approximately 72.30% of total
revenue for the period.
The Mexican Ministry of Communications and Transportation reviews compliance with the maximum rates on an annual basis at the close of each year.
On December 31 2005 Airport Facility Usage Rights and Airport Concessions represented 81.70% of the Company’s total assets, with current assets representing 12.97% and other assets representing 5.32% .
On December 31 2005, cash and marketable securities were Ps.1,533.58 million. On the same date, shareholder’s equity was Ps.13,025.73 million and total liabilities were Ps.1,037.70 million, representing 92.62%
and 7.38% of total assets, respectively. Total deferred liabilities represented 67.23% of the Company’s total liabilities.
During the quarter, ASUR made investments of Ps.193.78 million as part of the Company’s ongoing plan to modernize its airports. Capital investment for FY05 totaled Ps.632.20 million. During 4Q05, the Federal Government authorized ASUR’s modification of the Master Plan for Cancun airport to include Terminal 3 and the second runway.
In December 2005 the Company laid the foundation stone of Terminal 3 in a ceremony attended by the Governor of the state of Quintana Roo, the Secretary of Communications and Transportation, and the Secretary of
Tourism.
ASUR 4Q05, Page 10 of 16
ASUR believes that Terminal 3 will be the most modern, efficient, and advanced in Mexico, and estimates it will require a total investment of approximately US$100 million. The terminal will include the following
facilities:
In addition, the Federal Government has granted ASUR a concession of land for the second runway at Cancun, and the Company has already initiated the necessary studies for its construction. The Company expects that this
second runway will double the airport’s current capacity for air traffic operations. The new runway is expected to be 2,400 meters long and 45 meters wide, and is expected to require an investment of approximately US$50 million. The 1,500
meters between the existing runway and the new one will allow both to be used simultaneously for take-offs and landings. Hurricane Wilma struck the Yucatan Peninsula on October 20, 2005 and remained over the peninsula for four days, causing damage to the Cancun and Cozumel airports.
The company has not yet completed the assessment of the damage resulting from Hurricane Wilma. However, during 4Q05 ASUR recorded damage totaling Ps.134.0 million. Of this amount, Ps.89.0 million have already been
advanced to ASUR by the insurance company, with Ps.44.0 million remaining to be paid.
In the coming months, ASUR and the insurance company are expected to finalize their assessment of the total damage to ASUR’s properties and assets resulting from Hurricane Wilma.
Cancun airport serves flights originating in or flying to Cancun and the Mayan Riviera. Of the 27,484 rooms available in Cancun, before Hurricane Wilma, only 10,918 or 39.72% were operating at year-end. Of the original
25,170 rooms available in the Mayan Riviera, 22,836 or 90.7% were operating at year-end.
Additionally, passenger traffic at the Cancun and Cozumel airports declined 57.05% and 82.53%, respectively from October 25 to December 31, 2005
ASUR 4Q05, Page 11 of 16 compared with 2004. The Company expects the negative impact of Hurricane Wilma on passenger traffic to continue during a large portion of 2006.
The insurance policy that covers the company against possible damage resulting from hurricanes will be renewed in February 2006. Management expects a significant increase in the insurance premium, considering the
magnitude of the events that impacted the Caribbean and Gulf of Mexico during 2005.
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 # # #
ASUR 4Q05, Page 12 of 16 4Q04 4Q05 % Chg FY04 FY 05 % Chg. Cancun Aeronautical Revenues 263,098 129,729 (50.69) 1,156,590 1,056,973 (8.61) Non-aeronautical Revenues 98,048 68,938 (29.69) 404,141 489,219 21.05 Operating Profit 173,485 15,306 (91.18) 823,010 749,794 (8.90) EBITDA 240,586 84,340 (64.94) 1,086,214 1,024,097 (5.72) Cozumel Aeronautical Revenues 13,114 3,315 (74.72) 62,717 56,611 (9.74) Non-aeronautical Revenues 3,505 1,730 (50.64) 18,848 17,735 (5.91) Operating Profit 1,102 (8,737) (892.83) 14,918 11,251 (24.58) EBITDA 6,366 (3,342) (152.50) 35,976 32,784 (8.87) Merida Aeronautical Revenues 21,522 27,998 30.09 88,065 96,882 10.01 Non-aeronautical Revenues 9,106 9,394 3.16 33,031 35,110 6.29 Operating Profit 5,763 8,596 49.16 14,811 18,734 26.49 EBITDA 14,705 18,112 23.17 50,581 56,486 11.67 Villahermosa Aeronautical Revenues 15,711 19,338 23.09 62,185 67,986 9.33 Non-aeronautical Revenues 4,624 5,719 23.68 17,749 20,613 16.14 Operating Profit 5,133 9,597 86.97 20,492 25,902 26.40 EBITDA 10,431 15,153 45.27 41,686 48,156 15.52 Others Aeronautical Revenues 43,631 46,983 7.68 161,063 182,484 13.30 Non-aeronautical Revenues 8,856 11,326 27.89 37,442 40,195 7.35 Operating Profit (5,172) (446) 91.38 (7,704) (6,292) 18.33 EBITDA 12,738 19,112 50.04 63,933 71,946 12.53 TOTAL Aeronautical Revenues 357,076 227,363 (36.33) 1,530,620 1,460,936 (4.55) Non-aeronautical Revenues 124,139 97,107 (21.78) 511,211 602,872 17.93 Operating Profit 180,311 24,316 (86.51) 865,527 799,389 (7.64) EBITDA 284,826 133,375 (53.17) 1,278,390 1,233,469 (3.51)
ASUR 4Q05, Page 13 of 16
ASUR 4Q05, Page 14 of 16 ASUR 4Q05, Page 15 of 16 ASUR 4Q05, Page 16 of 16 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. Date: February 22, 2006
Passenger Traffic
Consolidated Results for 4Q05
A decrease of 36.33% in revenues from aeronautical services, principally as a result of the above-mentioned decline in passenger traffic.
A decline of 21.78% in revenues from non-aeronautical services, principally as a result of the 26.28% decline in commercial revenues, which were also negatively impacted by Hurricane Wilma.
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A 16.53% decline in food and beverage revenues,
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A 39.51% decline in retail revenues,
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A 41.75% decline in revenue from car rental companies, and
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A 34.66% decline from revenue from banking and currency exchange services.
This was partially offset by:
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A 19.05% increase in advertising revenues, as a result of advertising space being sold directly by ASUR, previously sold by a third party, and
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A 12.95% increase in parking lots revenue due to a tariff adjustment and higher demand, mainly at the Villahermosa airport.
Total operating costs and expenses for 4Q05 declined year-over-year by 0.25%, primarily as a result of:
•
A 32.57% decline in concession fees mainly due to lower revenues,
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A 49.73% decline in the cost of technical assistance, principally as a result of the decline in EBITDA (a basis for the calculation of the fee), and
•
A 4.45% decline in expenses for administrative services, reflecting lower professional fees paid to consultants during the period.
These declines were partially offset by:
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A 9.07% increase in costs of services mainly as a result of an increase in maintenance expenses as well as expenses associated with the evaluation of new projects.
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A 4.35% increase in depreciation and amortization, resulting from the capitalization of investments in fixed assets and improvements made to concession assets.
Consolidated Results for Fiscal Year 2005
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A 42.25% increase in duty-free revenues, principally due to payments received from Dufry Mexico. This mainly reflects payments of Ps.7.0 million in May and Ps.32.5 million in August for rent by Dufry Mexico for units it occupies in Cancun airport, as mandated by a ruling of the International Court of Arbitration in favor of ASUR; and the Ps.9.9 million payment by Aldeasa to ASUR,
•
A 18.57% increase in food and beverage revenues, reflecting revenues from ASUR’s direct commercial operations,
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A 23.58% increase in retail revenues, principally resulting from revenue from the three convenience stores formerly operated by concessionaires that have been operated by ASUR since May 2004.
The increase in retail revenues also reflects income from the concessions granted for 16 new convenience stores at the Cancun, Cozumel, Villahermosa, Oaxaca and Minatitlan airports,
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A 23.02% increase in revenue from parking lots resulting from the adjustment of ASUR’s tariffs, and increased use of parking lots, particularly at Villahermosa airport, and
•
A 9.49% increase in advertising revenues, as a result of advertising space being sold directly by ASUR, rather than by a third party.
This was partially offset by:
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A 19.80% decrease in revenue from banking and currency exchange services, and
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A 6.90% decline in revenue from ground transportation.
Tariff Regulation
Balance Sheet
Capex
Construction of Terminal 3 and Studies for a Second Runway
Impact of Hurricane Wilma
4Q05 Earnings Conference Call
Day:
February 23, 2006
Time:
10:00 AM US EST; 9:00 AM Mexico City time
Dial-in numbers:
(800) 344-1005 (US & Canada)
Access Code:
5625573
Replay:
Starting Thursday, February 23, 2006 at 12:00 PM US EST,
ending at midnight US EDT on Thursday, March 2, 2006.
Dial-in number: (800) 642-1687 (US & Canada); (706)
645-9291 (International & Mexico). Access Code: 5625573.
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.
Exhibit: Operating Results per Airport
Grupo Aeroportuario del Sureste, S.A. de C.V.
Consolidated Balance Sheet as of December 31 st, 2005 and 2004
Thousands of Mexican pesos in purchasing power as of December 31 st, 2005
Variation
%
A s s e t s
Current Assets
Cash and cash equivalents
1,184,241
1,533,583
349,342
29.50
Trade receivables, net
219,371
162,814
(56,557)
(25.78)
Recoverable taxes and other current assets
32,168
128,713
96,545
300.13
Total Current Assets
1,435,780
1,825,110
389,330
27.12
Fixed Assets
Machinery, furniture and equipment, net
91,970
237,004
145,034
157.70
Rights to use airport facilities, net
2,219,893
2,098,322
(121,571)
(5.48)
Improvements to use airport facilities, net
1,222,497
1,517,524
295,027
24.13
Constructions in process
267,303
218,227
(49,076)
(18.36)
Others
21,840
204,894
183,054
838.16
Total Fixed Assets
3,823,503
4,275,971
452,468
11.83
Defferred Assets
Airports concessions, net
8,112,972
7,873,881
(239,091)
(2.95)
Defferred income taxes
-
-
-
Other
117,348
88,460
(28,888)
(24.62)
Total Defferred Assets
8,230,320
7,962,341
(267,979)
(3.26)
Total Assets
13,489,603
14,063,422
573,819
4.26
Liabilities and Stockholder's Equity
Current Liabilities
Trade accounts payable
11,366
21,945
10,579
93.08
Notes payable
-
-
-
-
Accrued expenses and others payables
171,839
318,146
146,306
85.15
Total Current Liabilities
183,205
340,091
156,885
85.64
Long term liabilities
Other
14,913
12,772
(2,141)
(14.36)
Defferred income taxes
515,125
641,042
125,917
24.44
Defferred employees profit sharing
38,744
37,496
(1,248)
(3.23)
Labor Obligations
505
6,293
5,788
1,146.14
Total long term liabilities
569,287
697,603
128,316
22.54
Total Liabilities
752,492
1,037,694
285,202
37.90
Stockholder's Equity
Capital stock
11,854,992
11,854,992
-
-
Legal Reserve
71,176
102,536
31,360
44.06
Share repurchase reserve
165,249
505,011
339,762
205.61
Net Income for the period
627,221
563,189
(64,032)
(10.21)
Retained earnings
18,473
-
(18,473)
(100.00)
Total stockholderps Equity
12,737,111
13,025,728
288,617
2.27
13,489,603
14,063,422
573,819
4.26
Grupo Aeroportuario del Sureste, S.A. de C.V.
Consolidated Statement of Income from January 1 st, to December 31 st, 2005 and 2004
Thousands of Mexican pesos in purchasing power as of December 31 st, 2005
I t e m
Accumulative
Variation
2005
%
%
Revenues
Aeronautical Services
1,530,620
1,460,936
(4.55)
357,076
227,363
(36.33)
Non-Aeronautical Services
511,211
602,872
17.93
124,139
97,107
(21.78)
Total Revenues
2,041,831
2,063,808
1.08
481,215
324,470
(32.57)
Operating Expenses
Cost of services
482,920
557,994
15.55
129,270
140,989
9.07
General and administrative expenses
109,280
102,725
(6.00)
27,029
25,825
(4.45)
Technical Assistance
69,187
66,430
(3.98)
16,029
8,057
(49.73)
Concession fee
102,054
103,190
1.11
24,061
16,224
(32.57)
Depreciation and Amortization
412,863
434,080
5.14
104,515
109,059
4.35
Total Operating Expenses
1,176,304
1,264,419
7.49
300,904
300,154
(0.25)
Operating Income
865,527
799,389
(7.64)
180,311
24,316
(86.51)
Comprehensive Financing cost
(29,664)
22,747
(176.68)
(22,976)
(8,595)
(62.59)
Extraordinary and Special Items
Rescue Clause
5,518
8,964
62.45
2,964
6,998
136.10
Special items ( NMO Restructuring )
12,786
-
(100.00)
1,220
-
(100.00)
Income Before Income Taxes
817,559
813,172
(0.54)
153,151
8,723
(94.30)
Provision for Income Taxes
53,284
36,273
(31.93)
15,595
11,551
(25.93)
Defferred income taxes
137,054
213,710
55.93
(63,526)
(8,985)
(85.86)
Defferred employees profit sharing
-
-
-
-
-
-
Net Income for the Year
627,221
563,189
(10.21)
201,082
6,157
(96.94)
Earning per share
2.0907
1.8773
(10.21)
0.6703
0.0205
(96.94)
Earning per ads usd
1.9660
1.7653
(10.21)
0.6303
0.0193
(96.94)
Exchange rate per dollar 10.6344
Grupo Aeroportuario del Sureste, S.A. de C.V.
Consolidated Statement of Changes in Financial Position from January 1 st, to December 31 st, 2005 and 2004
Thousands of Mexican pesos in purchasing power as of December 31 st, 2005
I t e m
Accumulative
2004
Accumulative
2005
Variation
%
Quarter
2004
Quarter
2005
Variation
%
Net Income for the Year
627,221
563,189
(10.21)
201,082
6,157
(96.94)
Depreciation and Amortization
412,863
434,080
5.14
104,515
109,059
4.35
Resources provided by operations
1,040,084
997,269
(4.12)
305,597
115,216
(62.30)
Changes in operating assets and liabilities:
Decrease (increase) in:
Trade receivables
(34,055)
54,005
(258.58)
(4,964)
30,782
(720.10)
Recoverable taxes and other current assets
131,065
(94,303)
(171.50)
5,753
(90,790)
(1,678.13)
Other defferred assets
(111,907)
24,242
(121.66)
1,618
12,357
663.72
Increase (decrease) in:
Trade accounts payable
288
10,579
3,573.26
7,510
16,791
123.58
Accrued expenses and others payables
(37,675)
146,363
(488.48)
(4,180)
151,165
(3,716.39)
Long term liabilities
33,564
35,591
6.04
(83,008)
(21,923)
(73.59)
Resources provided by (used for) working capital
(18,720)
176,477
(1,042.67)
(77,271)
98,382
(227.32)
Resources provided by (used for) operating activities
1,021,364
1,173,746
15.56
228,326
213,598
(6.45)
Resources provided by (used for) financing activities:
(173,703)
(192,199)
10.65
-
-
-
Notes payable
-
-
-
-
-
Others
(173,703)
(192,199)
10.65
-
-
Resources provided by (used for) investing activities:
(435,566)
(632,205)
45.15
(211,229)
(187,286)
(11.34)
Investments in machinery, furniture and equipment, net
(33,714)
(162,185)
381.07
(12,902)
(126,771)
882.57
Investments in rights to use airport facilities
(225,341)
49,806
(122.10)
(225,554)
49,806
(122.08)
Investments in constructions in process
(160,602)
49,077
(130.56)
6,939
369,721
5,228.16
Investments in others
(15,909)
(568,903)
3,475.98
20,288
(480,042)
(2,466.14)
412,095
349,342
(15.23)
17,097
26,312
53.90
Cash and cash equivalents at beginning of the financial period
772,146
1,184,241
53.37
1,167,144
1,507,271
29.14
Cash and cash equivalents at the end of the financial period
1,184,241
1,533,583
29.50
1,184,241
1,533,583
29.50
SIGNATURES
Grupo Aeroportuario del Sureste, S.A. de C.V.
By: /s/ ADOLFO CASTRO RIVAS
Adolfo Castro Rivas
Director of Finance