UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE
ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2004

GRUPO AEROPORTUARIO DEL SURESTE S.A. DE C.V.
(SOUTHEAST AIRPORT GROUP)
(Translation of Registrant’s Name Into English)

México
(Jurisdiction of incorporation or organization)

Blvd. Manuel Avila Camacho, No. 40, 6th Floor
Col. Lomas de Chapultepec
11000 México, 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 2Q04 PASSENGER TRAFFIC UP 16.32% YOY

2Q04 Highlights1:

México D.F., July 26, 2004 Grupo Aeroportuario del Sureste, S.A. de C.V. (NYSE:ASR; BMV:ASUR), (ASUR) the first privatized airport group in Mexico and operator of Cancun Airport and eight others in the southeast of Mexico, today announced results for the three and six-month periods ended June 30, 2004.


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 June 30, 2004, and represent comparisons between the three-month period ended June 30, 2004, and the equivalent three-month period ended June 30, 2003. Tables state figures in thousand 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.11.5258.

 

ASUR 2Q04, Page 1 of 16
  Passenger Traffic

For the second quarter of 2004, total passenger traffic increased year-over-year by 16.32 %; domestic passenger traffic increased by 4.45%; and international passenger traffic increased by 24.96% .

The 4.45% growth in domestic passenger traffic mainly reflects the 20.25% increase in traffic at the Oaxaca airport resulting from the opening of two new routes to that destination, one by a domestic airline in November 2003 and another by an international airline in April 2004. Growth in domestic passenger traffic also was due to the 12.42% and 9.11% increase in traffic at the Tapachula and Villahermosa airports.

The 24.96% increase in international passenger traffic principally resulted from a 23.53% and 45.92% growth in traffic at the Cancun and Cozumel airports, respectively.

Total, domestic and international passenger traffic for the first half of the year, increased by 15.47%, 6.37% and 21.09%, respectively.

Table I: Domestic Passengers (in thousands)

Airport 
2Q03 
2Q04 
% Change 
1H03 
1H04 
 
% 
 
Cancun   
575.9 
594.6 
3.26 
984.2 
1,038.5 
 
5.52 
 
Cozumel   
22.4 
21.9 
(2.01) 
41.3 
41.0 
 
(0.73) 
 
Huatulco   
58.6 
62.3 
6.23 
108.0 
112.8 
 
4.45 
 
Merida   
203.9 
197.0 
(3.37) 
386.1 
391.5 
 
1.38 
 
Minatitlan   
31.9 
31.6 
(0.72) 
62.6 
61.9 
 
(1.25) 
 
Oaxaca   
96.4 
115.9 
20.25 
203.1 
245.1 
 
20.70 
 
Tapachula   
43.4 
48.8 
12.42 
89.3 
96.4 
 
7.86 
 
Veracruz   
114.3 
118.9 
3.98 
224.9 
228.2 
 
1.49 
 
Villahermosa   
146.0 
159.3 
9.11 
268.9 
304.0 
 
13.02 
 
TOTAL 
 
1,292.6 
1,350.2 
4.45 
2,368.5 
2,519.4 
 
6.37 
 

Note: Passenger figures exclude transit and general aviation passengers.

  ASUR 2Q04, Page 2 of 16

Table II: International Passengers (in thousands)
 
% 
 
Airport 
2Q03 
2Q04 
% Change 
1H03 
1H04 
 
Change 
 
Cancun   
1,634.0 
2,018.5 
23.53 
3,503.4 
4,213.4 
 
20.27 
 
Cozumel   
92.2 
134.5 
45.92 
207.3 
277.3 
 
33.74 
 
Huatulco   
1.9 
2.8 
49.21 
21.5 
20.8 
 
(3.21) 
 
Merida   
20.3 
28.7 
41.86 
41.2 
59.0 
 
43.11 
 
Minatitlan   
0.5 
0.6 
23.53 
1.1 
1.2 
 
2.63 
 
Oaxaca   
6.1 
9.0 
47.95 
14.0 
18.1 
 
29.73 
 
Tapachula   
0.5 
0.9 
102.22 
1.0 
1.7 
 
75.00 
 
Veracruz   
12.9 
13.6 
5.10 
26.0 
26.0 
 
(0.31) 
 
Villahermosa   
6.5 
9.1 
40.31 
12.1 
17.7 
 
45.39 
 
TOTAL 
 
1,774.8 
2,217.8 
24.96 
3,827.6 
4,635.0 
 
21.09 
 

Note: Passenger figures exclude transit and general aviation passengers.

Table III: Total Passengers (in thousands)

                       
% 
 
Airport 
2Q03 
2Q04 
% Change 
1H03 
1H04 
 
Change 
 
Cancun   
2,209.9 
2,613.1 
18.25 
4,487.5 
5,252.0 
 
17.04 
 
Cozumel   
114.5 
156.4 
36.56 
248.6 
318.3 
 
28.01 
 
Huatulco   
60.5 
65.1 
7.57 
129.5 
133.6 
 
3.18 
 
Merida   
224.1 
225.7 
0.71 
427.4 
450.5 
 
5.40 
 
Minatitlan   
32.4 
32.3 
(0.37) 
63.8 
63.0 
 
(1.18) 
 
Oaxaca   
102.4 
124.9 
21.90 
217.0 
263.2 
 
21.28 
 
Tapachula   
43.8 
49.7 
13.34 
90.3 
98.0 
 
8.57 
 
Veracruz   
127.3 
132.5 
4.10 
250.9 
254.2 
 
1.30 
 
Villahermosa   
152.5 
168.4 
10.43 
281.1 
321.6 
 
14.42 
 
TOTAL 
 
3,067.5 
3,568.1 
16.32 
6,196.1 
7,154.4 
 
15.47 
 

Note: Passenger figures exclude transit and general aviation passengers.

  Consolidated Results for 2Q04

Total revenues for 2Q04 increased year-over-year by 31.64% to Ps.492.6 million. This was mainly due to:

  • An increase of 23.16% in revenues from aeronautical services,principally as a result of the above-mentioned increase in passenger traffic, and
  • An increase of 64.90% in revenues from non-aeronautical services, principally as result of the 85.01% improvement in commercial revenues. This growth in commercial revenues reflects revenues from the direct operation of two restaurants
  ASUR 2Q04, Page 3 of 16

and three convenience stores, which have been operated by ASUR since May 2004. During the quarter, the Company agreed to pay a one-time early termination fee of US$7 million to terminate a concessionaire's leases at the Cancun airport. (See table V)

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 85.01%, mainly due to:

  • A 54.77% increase in duty-free revenues, primarily as a result ofthe growth in international passenger traffic, improved productmix and the opening of a new store in the satellite building of the Cancun airport in November 2003.
  • An increase of 88.77% in food and beverage revenues, primarily as a result of ASUR's direct operation of two restaurants starting May 2004. The increase in food and beverage revenues alsoreflects new store openings as listed below:

Restaurant Concessions     
Airport    Name    Month Opened 
Cancun    Tequilería Cuervo    September 2003 
Cancun    Coffe Bar    December 2003 
Cancun    Margarita Ville    December 2003 
Cozumel    Colombian Coffe    July 2003 
Oaxaca    Restaurant    June 2003 
Tapachula    Restaurant    July 2003 
Veracruz    Snack bar    August 2003 
Villahermosa    Restaurant    April 2003 

  • A 235.21% increase in retail revenues, mainly as a result ofgrowth in passenger traffic during the quarter, revenues from the operation of three convenience stores, the new stores at thedeparture gates at the Cancun airport, and new stores listedbelow:
ASUR 2Q04, Page 4 of 16

Store Concessions         
Airport    Name    Month Opened 
Cancun    Convenience Store    November 2003 
Cancun (terminal 1)    Tiendas Tropicales    January 2004 
Cancun (terminal 2)    Tiendas Tropicales    March 2004 
Cancun (terminal 1)    Tiendas Tropicales    March 2004 
Cancun (terminal 2)    Tiendas Tropicales    April 2004 
Cozumel    Sunglass Hut    June 2003 
Cozumel    Hard Rock    July 2003 
Cozumel    Carlos & Charlie's    July 2003 
Huatulco    Jewelry Store    November 2003 
Merida    Clothing    October 2003 
Oaxaca    Liquor Store    June 2003 

  • A 100.72% increase in advertising revenues, resulting from the creation of additional space for advertising and revenues relatingto the distribution of print advertising at Cancun airport, as well as revenues derived from a new auto exhibition space at Villahermosa airport.
  • A 41.15% increase in revenue from banking and currencyexchange services, primarily resulting from American Express becoming fully operational after the completion of there modeling of Terminal 2 at the Cancun airport in August 2003and the increase in international passenger traffic.

Total operating costs and expenses for 2Q04 increased year-over-year by 13.05%, primarily as a result of:

  • A 22.53% rise in costs of services mainly as a result of theincrease in maintenance expenses, costs related to the operationof restaurants and convenience stores and higher payrollresulting from the reallocation of certain functions from thecorporate to the airport level, principally at Cancun.
  • A 16.63% decline in administrative expenses, mainly due to thereallocation of certain functions from the corporate to the airportlevel, principally at Cancun.
  • A 41.74% increase in the cost of technical assistance, principallydue to the increase in EBITDA for the quarter (a basis for thecalculation of the fee).
  • A 31.64% increase in concession fees mainly due to higher salesby concessionaires.
ASUR 2Q04, Page 5 of 16
  • A 5.22% increase in depreciation and amortization, resulting from the capitalization of investments in fixed assets andimprovements made to concession assets.

Operating margin for 2Q04 improved to 43.28% from 33.96% in the second quarter of last year. This was mainly driven by the 31.64% increase in revenues, primarily the 64.90% growth in non-aeronautical revenues, which more than offset the 13.05% increase in costs and expenses 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.39.0 million for 2Q04. Of these payments, Ps.15.1 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.23.9 million in future income tax payments.

Net income for 2Q04 was Ps.128.46 million, a year-over-year increase of 69.42% . Earnings per common share for the quarter were Ps.0.4282, or earnings per ADS (EPADS) (one ADS represents ten series B common shares) of US$0.3715. This compares with Ps.0.2528, or EPADS of US$0.2193, for the same period last year.

Table IV: Summary of Consolidated Results for 2Q04

   
2Q03 
2Q04 
% 
Change 
   
Total Revenues   
374,172 
 
492,568 
 
31.64 
 
Aeronautical Services   
298,107 
 
367,138 
 
23.16 
 
Non-Aeronautical Services   
76,065 
 
125,430 
 
64.90 
 
Commercial Revenues 
 
54,870 
 
101,514 
 
85.01 
 
Operating Profit   
127,054 
 
213,195 
 
67.80 
 
Operating Margin %   
33.96% 
 
43.28% 
 
27.47 
 
EBITDA   
219,086 
 
310,029 
 
41.51 
 
EBITDA Margin %   
58.55% 
 
62.94% 
 
7.50% 
 
Net Income   
75,826 
 
128,461 
 
69.42 
 
Earnings per Share   
0.2528 
 
0.4282 
 
69.42 
 
Earnings per ADS in US$   
0.2193 
 
0.3715 
 
69.41 
 

Note: Figures are shown in thousands of constant Mexican pesos as of June 30, 2004. U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.11.5258

ASUR 2Q04, Page 6 of 16

Table V: Commercial Revenues per Passenger for 2Q04

         
 
2Q03 
2Q04 
% 
   
Change 
       
Total Passengers (‘000) 
3,151 
 
3,650 
 
15.84 
 
 
Total Commercial Revenues 
54,870 
 
101,514 
 
85.01 
 
    Commercial revenues from 
1,674 
 
10,236 
 
511.47 
 
    direct operations 
 
 
 
    Commercial revenues 
53,196 
 
91,278 
 
71.59 
 
    excluding direct operations 
 
 
 
 
Total Commercial Revenue per 
17.42 
 
27.82 
 
59.71 
 
Passenger 
 
 
 
    Commercial revenue from 
0.53 
 
2.80 
 
428.30 
 
    direct operations per 
 
 
 
    passenger 
 
 
 
    Commercial revenue per 
16.89 
 
25.01 
 
48.16 
 
    passenger (excluding direct             
    operations)             
             
     
Note:
 For purposes of this table, 83.1 thousandand 81.5 thousand transit andgeneral aviation passengers are included for 2Q03 and  2Q04, respectively. Revenue figuresare shown in thousand of constant Mexican pesos as ofJune 30, 2004. Revenues from direct commercial operation include a restaurant and three conveniencestores. 
 

 

Table VI: Operating Costs and Expenses for 2Q04 

 
2Q03 
2Q04 
% 
 
Change 
Costs of Services 
95,738 
 
117,310 
 
22.53 
 
Administrative 
29,122 
 
24,278 
 
(16.63) 
 
Technical Assistance 
11,516 
 
16,323 
 
41.74 
 
Concession Right 
18,709 
 
24,629 
 
31.64 
 
Depreciation and Amortization 
92,032 
 
96,834 
 
5.22 
 
TOTAL 
247,117 
 
279,373 
 
13.05 
 
             
Note: Figures are shown in thousands of constant Mexican pesos as of June 30, 2004.

Consolidated Results for the Six-Month Period

Total revenues for the six-month period were Ps.956.0 million, reflecting a year-over-year increase of 26.51% . This was mainly due to:

  • An increase of 21.19% in aeronautical services, resulting from the growth in international passenger traffic during the period;and
  • An increase of 47.22% in non-aeronautical services, principall yas a result of the 60.18% improvement in commercial revenues.
ASUR 2Q04, Page 7 of 16

Commercial revenues for the six-month period increased year-over-year by 60.18%, mainly due to:

  • A 44.13% rise in duty-free revenues, principally due to theincrease in international passenger traffic.
  • A 54.62% increase in food and beverage revenues, reflecting revenues from the two restaurants which have been operated byASUR since May 2004; as well as the concession revenuesgenerated by new stores at the Cancun, Cozumel, Oaxaca,Tapachula, Veracruz and Villahermosa airports.
  • A 133.08% increase in retail revenues, principally reflecting revenue from the three convenience stores that are beingoperated by ASUR since May 2004. The increase in retailrevenues also reflects income from the concessions granted to new convenience stores at the Cancun, Cozumel, Huatulco,Merida and Oaxaca airports and other stores at the Cancunairport.
  • A 31.68% increase revenue from banking and currencyexchange services.
  • An 83.90% increase in advertising revenues.

Table VII: Summary of Consolidated Results for the Six-Month Period

 
1H03 
1H04 
% 
   
Change 
Total Revenues 
755,675 
 
956,006 
 
26.51 
 
Aeronautical Services 
601,283 
 
728,716 
 
21.19 
 
Non-Aeronautical Services 
154,391 
 
227,290 
 
47.22 
 
Commercial Revenues 
112,079 
 
179,534 
 
60.18 
 
Operating Profit 
279,746 
 
422,886 
 
51.17 
 
Operating Margin % 
37.02% 
 
44.23% 
 
19.49 
 
EBITDA 
463,810 
 
614,185 
 
32.42 
 
EBITDA Margin % 
61.38% 
 
64.24% 
 
4.67 
 
Net Income 
167,425 
 
260,607 
 
55.66 
 
Earnings per Share 
0.5581 
 
0.8687 
 
55.66 
 
Earnings per ADS in US$ 
0.4842 
 
0.7537 
 
55.66 
 
             
Note: Figures are shown in thousands of constant Mexican pesos as of June 30, 2004. U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.11.5258

 

ASUR 2Q04, Page 8 of 16

Table VIII: Commercial Revenues for the Six-Month Period

 
1HQ03 
1H04 
% 
 
   
Change 
 
Total Passengers (‘000) 
6,364 
 
7,321 
 
15.04 
 
Total Commercial Revenues 
112,079 
 
179,534 
 
60.18 
 
    Commercial revenues from 
3,428 
 
10,236 
 
198.60 
 
    direct operations 
 
 
 
    Commercial revenues 
108,651 
 
169,298 
 
55.82 
 
    excluding direct operations 
 
 
 
Total Commercial Revenue per 
17.61 
 
24.52 
 
39.24 
 
Passenger 
 
 
 
    Commercial revenues from 
0.55 
 
1.40 
 
154.55 
 
    direct operations per 
 
 
 
    passenger 
 
 
 
    Commercial revenues per 
17.07 
 
23.12 
 
35.44 
 
    passenger (excluding direct     
    operations)             
Note For purposes of this table, 168.0 thousandand 166.9 thousandtransit andgeneral aviation passengers are included for 2Q03 and  2Q04, respectively. Revenue figures are shown in thousand of constant Mexican pesos asof June 30, 2004. Revenues from direct commercial  operation include a restaurant and three convenience stores. 

 

Table IX: Operating Costs and Expenses for the Six-MonthPeriod 

 
% 
 
1H03 
1H04 
Change 
Costs of Services 
175,983 
208,895 
18.70 
 
Administrative 
53,673 
52,717 
(1.78) 
 
Technical Assistance 
24,427 
32,412 
32.69 
 
Concession Right 
37,782 
47,797 
26.51 
 
Depreciation and Amortization 
184,064 
191,299 
3.93 
 
TOTAL 
475,928 
533,121 
12.02 
 

Note: Figures are shown in thousands of constant Mexican pesos as of June 30, 2004.

Costs and expenses for the six-month period increased year-over-year by 12.02% .

The costs of services for the period increased year-over-year by 18.70% . This was due to an increase in maintenance expenses during the period, the reallocation in February 2004 of certain functions from the corporate to the airport level, as well as costs related to the direct operation by ASUR of two restaurants and three convenience stores.

Administrative expenses declined  by 1.78% reflecting  the  reorganization in February 2004 of  certain functions from  the  corporate to the airport level. 

ASUR 2Q04, Page 9 of 16

Technical assistance costs for 1H04 increased by 32.69%, reflecting the corresponding increase in EBITDA during the period.

The 26.51% increase in concession fees was due to the year-to-date increase in overall revenues.

Depreciation and amortization for the first half of the year rose by 3.93%, mainly due to the above-mentioned capitalization of investments in fixed assets and improvements made to concession assets.

Operating margin for the six-month period increased to 44.23%, up from 37.02% for the first half of 2003. This increase was mainly driven by the increase in revenues and cost controls.

Net income for the six-month period increased by 55.66% to Ps.260.60 million. Earnings per common share for the period were Ps.0.8687, or earnings per ADS (EPADS) (one ADS represents ten series B common shares) of US$0.7537. This compares with Ps.0.5581, or EPADS of US$0.4842, 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 six-month period were Ps.769.89 million, resulting in a year-to-date average tariff per traffic unit of Ps.100.56. ASUR's regulated revenues accounted for approximately 80.53% of total income 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.

Balance Sheet

On June 30, 2004 Airport Facility Usage Rights and Airport Concessions represented 87.61% of the Company's total Assets, with current assets representing 9.36% and other assets 3.03% .

ASUR 2Q04, Page 10 of 16

On June 30, 2004 cash and marketable securities were Ps.855.84 million. On the same date, Shareholder's Equity was Ps.11,582.88 million and total Liabilities were Ps.712.78 million, representing 94.20% and 5.80% of total Assets, respectively. Total deferred liabilities represented 77.16% of the Company's total liabilities.

Capex

During the quarter, ASUR made investments of Ps.75.80 million as part of the Company's ongoing plan to modernize the airports of the group.

Corporate Developments

On April 29, 2004 ASUR held its annual ordinary shareholder's meeting in which it approved among other items, a regular net after-tax cash dividend, in the amount of Ps.0.56 per share, which was paid on May 31, 2004. The shareholders also approved the allocation of Ps.152.03 million to the creation of a reserve account for the repurchase of the Company's shares, which was created with the purpose of protecting the Company's share price. This share repurchase program is subject to Board Approval. However, the Company has no intention of entering into a share repurchase program at this time.

2Q04 Earnings Conference Call
Day:    Tuesday, July 27, 2004 
     
Time:    11:00 AM US EST; 10:00 AM Mexico City time 
     
Dial-in numbers:    (800) 344-1005 (US & Canada) 
    (706) 634-1333 (International & Mexico) 
     
Access Code:    8772085 
     
Replay:    Starting Tuesday, July 27, 2004 at 2:00 PM US EST, ending at 
    midnight US EDT on Tuesday, August 3, 2004. Dial-in number: 
    (800) 642-1687 (US & Canada); (706) 645-9291 (International 
    & Mexico). Access Code: 8772085. 

ASUR 2Q04, Page 11 of 16
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 # # #

ASUR 2Q04, Page 12 of 16
Operating Results per Airport                 
 
 
2Q03 
2Q04 
% 
1H03 
1H04 
% 
 
Change 
Change 
Cancún                         
Aeronautical 
223,514 
282,576 
26.42 
452,156 
559,407 
23.72 
 
Revenues 
 
Non-aeronautical 
54,171 
100,230 
85.03 
110,086 
178,196 
61.87 
 
Revenues 
 
Operating Profit 
132,999 
205,512 
54.52 
279,301 
403,832 
44.59 
 
EVITAD 
190,620 
267,432 
40.30 
394,543 
525,301 
33.14 
 
Cozumel 
 
Aeronautical 
10,280 
15,228 
48.13 
22,249 
30,802 
38.44 
 
Revenues 
 
Non-aeronautical 
3,426 
4,781 
39.55 
7,395 
9,349 
26.42 
 
Revenues 
 
Operating Profit 
(437) 
2,647 
(705.72) 
1,424 
7,706 
441.15 
 
EVITAD 
4,106 
7,569 
84.34 
10,509 
17,549 
66.99 
 
Merida 
 
Aeronautical 
19,044 
20,417 
7.21 
36,782 
40,353 
9.71 
 
Revenues 
 
Non-aeronautical 
6,928 
7,387 
6.63 
13,546 
14,844 
9.58 
 
Revenues 
 
Operating Profit 
2,821 
2,586 
(8.33) 
5,909 
4,406 
(25.44) 
 
EVITAD 
10,417 
10,930 
4.92 
21,102 
21,094 
(0.04) 
 
Villahermosa 
 
Aeronautical 
13,158 
14,635 
11.23 
24,278 
28,034 
15.47 
 
Revenues 
 
Non-aeronautical 
3,850 
4,137 
7.45 
7,467 
7,926 
6.15 
 
Revenues 
 
Operating Profit 
4,819 
5,465 
13.41 
8,398 
9,036 
7.60 
 
EBITDA 
9,510 
10,410 
9.46 
17,780 
18,925 
6.44 
 
Others 
 
Aeronautical 
32,111 
34,283 
6.76 
65,819 
70,121 
6.54 
 
Revenues 
 
Non-aeronautical 
7,689 
8,896 
15.70 
15,897 
16,974 
6.77 
 
Revenues 
 
Operating Profit 
(13,147) 
(3,015) 
(70.07) 
(15,286) 
(2,093) 
(86.31) 
 
TOTAL 
 
Aeronautical 
298,107 
367,138 
23.16 
601,283 
728,716 
21.19 
 
Revenues 
 
Non-aeronautical 
76,065 
125,430 
64.90 
154,391 
227,290 
47.22 
 
Revenues 
 
Operating Profit 
127,054 
213,195 
67.80 
279,746 
422,886 
51.17 
 
EBITDA 
219,086 
310,029 
41.51 
463,810 
614,185 
32.42 
 

Note: All figures are in thousands of constant Mexican pesos as of June 30, 2004.

  ASUR 2Q04, Page 13 of 16
Grupo Aeroportuario del Sureste, S.A. de C.v.
Consolidated Balance Sheet as of June 30 th, 2004 and 2003
Thousands of Mexican pesos in purchasing power as of June 30 th, 2004

  

 

 
                                                     I t e m   
June 2003 
June 2004 
Variation
%    
 
 
 
                                                 A s s e t s                 
Current Assets                 
       Cash and cash equivalents    611,889    855,838    243,949     39.87  
       Trade receivables, net    167,994    246,576    78,582     46.78  
       Recoverable taxes and other current assets    35,611    48,556    12,945     36.35  
   
 
 
   
 
Total Current Assets    815,494    1,150,970    335,476     41.14  
 
Fixed Assets                 
       Machinery, furniture and equipment, net    64,421    81,170    16,749     26.00  
       Ri ghts to use airport facilities, net    2,179,003    2,110,147    (68,856 )    (3.16 ) 
       Im provements to use airport facilities, net    620,681    964,936    344,255     55.46  
       Constructions in process    252,948    168,405    (84,543 )    (33.42 ) 
       Others    21,356    31,236    9,881     46.27  
   
 
 
   
 
Total Fixed Assets    3 ,138,409    3,355,894    217,485     6.93  
 
Defferred Assets                 
       Airports concessions, net    7,920,631    7,697,090    (223,541 )    (2.82 ) 
       Defferred income taxes    -    0    0     -  
       Othe r    17,834    91,703    73,868     414.19  
   
 
 
   
 
Total Defferred Assets    7,938,465    7,788,793    (149,672 )    (1.89 ) 
 
                                             Total Assets    11,892,368    12,295,657    403,289     3.39  
 
                   Liabilities and Stockholder's Equity                 
Current Liabilities                 
       Trade accounts payable    2,154    4,597    2,442     113.36  
       Notes payable    -    -    -     -  
       Accrued expenses and others payables    116,852    142,894    26,041     22.29  
   
 
 
   
 
Total Current Liabilities    119,007    147,490    28,484     23.93  
 
Long term liabilities                 
       Other    17,657    15,302    (2,355 )    (13.34 ) 
       Defferred income taxes    406,751    511,964    105,213     25.87  
       Defferred employees profit sharing    39,205    37,496    (1,709 )    (4.36 ) 
       Labor Obli gations    667    528    (138 )    (20.75 ) 
   
 
 
   
 
Total long term liabilities    464,279    565,290    101,011     21.76  
 
Total Liabilities    583,286    712,781    129,495     22.20  
 
                                   Stockholder's Equity                 
       Capital stock    11,083,965    11,083,965    -     (0.00 ) 
       Legal Reserve    52,512    66,546    14,034     26.73  
       Share repurchase reserve    -    154,501    154,501     -  
       Net Income for the period    167,425    260,607    93,182     55.66  
       Retained earnings    5,180    17,257    12,076     233.12  
   
 
 
   
 
       Total stockholderps Equity    11,309,082    11,582,876    273,794     2.42  
Total Liabilities ans Stockholder's Equity    11,892,368    12,295,657    403,289     3.39  
   
 
 
   
 
  ASUR 2Q04, Page 14 of 16

Grupo Aeroportuario del Sureste, S.A. de C.V,
Consolidated Statement of Income from January 1 st, to June 30 th, 2004 and 2003
Thousands of Mexican pesos in purchasing power as of June 30 th, 2004

  

 

                                                       I t e m   
Accumulative 
Accumulative
Variation
Quarter 
Quarter
Variation
 
   
2003 
2004
%
2003 
2004
%
 
 
Revenues                         
             Aeronautical Services    601,283    728,716     21.19     298,107    367,138     23.16  
 
             Non-Aeronautical Services    154 ,391    227,290     47.22     76,065    125,430     64.90  
 
Total Revenues    755,675    956,006     26.51     374,172    492,568     31.64  
   
 
   
   
 
   
 
Operating Expenses                         
 
             Cost of services    175,983    208,895     18.70     95,738    117,310     22.53  
             General and administrative expenses    53,673    52,717     (1.78 )    29,122    24,278     (16.63 ) 
             Technical Assistance    24 ,427    32,412     32.69     11,516    16,323     41.73  
             Concession fee    37 ,782    47,797     26.51     18,709    24,629     31.64  
             De preciation and Amortization    184,064    191,299     3.93     92,032    96,834     5.22  
   
 
   
   
 
   
 
Total Operating Expenses    475,928    533,121     12.02     247,117    279,373     13.05  
 
Operating Income    279,746    422,886     51.17     127,054    213,195     67.80  
 
Comprehensive Financing cost    21,161    (4,779 )    (122.59 )    14,110    134     (99.06 ) 
   
 
   
   
 
   
 
Extraordinary and Special Items                         
             Rescue Clause    13,219    2,369     (82.09 )    13,219    (1,097 )    (108.29 ) 
             S pecial items ( NMO Restructuring )    -    8,989     -     -    4,421     -  
 
Income Before Income Taxes    287,689    406,749     41.39     127,946    210,005     64.13  
 
             Provision for Income Taxes    25,369    27,246     7.40     8,145    14,838     82.17  
             Defferred income taxes    94,895    118,896     25.29     43,975    66,705     51.69  
             Defferred employees profit sharing    -    -     -     -    -     -  
   
 
   
   
 
   
 
             Net Income for the Year    167,425    260,607     55.66     75,826    128,461     69.42  
   
 
   
   
 
   
 
Earnin g per share    0.5581    0.8687     55.66     0.2528    0.4282     69.42  
Earning per ads usd    0.4842    0.7537     55.64     0.2193    0.3715     69.48  

 

ASUR 2Q04, Page 15 of 16

 

Grupo Aeroportuario del Sureste, S.A. de C.V.
Consolidated Statement of Changes in Financial Position from January 1 st, to June 30 th, 2004 and 2003
Thousands of Mexican pesos in purchasing power as of June 30 th, 2004

  
I t e m   
Accumulative
Accumulative
Variation
Quarter
Quarter
Variation
 
   
2003
2004
%
2003
2004
%
 
 
 
Net Income for the Year    167,425     260,607     55.66     75,826     128,461     69.42  
 
 Depreciation and Amortization    184,064     191,299     3.93     92,032     96,834     5.22  
 
Resources provided by operations    351,488     451,906     28.57     167,858     225,295     34.22  
 
Changes in operating assets and liabilities:                         
 
Decrease (increase) in:                         
 Trade receivables    7,641     (73,312 )    (1,059.44 )    54,392     (8,241 )    (115.15 ) 
 Recoverable taxes and other current assets    13,880     104,033     649.54     11,124     41,056     269.08  
 Other defferred assets    2,045     (78,634 )    (3,944.59 )    4,069     (78,461 )    (2,028.41 ) 
 
Increase (decrease) in:                         
   Trade accounts payable    (474 )    (5,761 )    1,114.49     (314 )    875     (378.62 ) 
   Accrued expenses and others payables    (68,829 )    (55,168 )    (19.85 )    (77,927 )    (58,466 )    (24.97 ) 
   Long term liabilities    30,584     64,408     110.59     4,303     41,537     865.36  
   
   
   
   
   
   
 
Resources provided by (used for) working capital    (15,153 )    (44,434 )    193.23     (4,354 )    (61,700 )    1,317.10  
 
Resources provided by (used for) operatin g activities    336,335     407,472     21.15     163,504     163,595     0.06  
 
Resources provided by (used for) financing activities:    (159,362 )    (168,101 )    5.48     (159,362 )    (168,101 )    5.48  
   
   
   
   
   
   
 
   Notes payable    -     -     -     -     -     -  
  Others    (159,362 )    (168,101 )    5.48     (159,362 )    (168,101 )    5.48  
                                     
Resources provided by (used for) investin g activities:    (90,074 )    (105,460 )    17.08     (43,629 )    (75,797 )    73.73  
   
   
   
   
   
   
 
   Investments in machinery, furniture and equipment, net    (9,139 )    (10,814 )    18.33     2,039     (7,922 )    (488.54 ) 
   Investments in rights to use airport facilities    (2,355 )    (312 )    (86.77 )    (2,201 )    (57 )    (97.42 ) 
   Investments in constructions in process    (122,867 )    (68,643 )    (44.13 )    (85,722 )    (47,465 )    (44.63 ) 
   Investments in others    44,287     (25,691 )    (158.01 )    42,256     (20,354 )    (148.17 ) 
 
Increase (Decrease) in cash and cash equivalents    86,900     133,911     54.10     (39,487 )    (80,303 )    103.37  
 
Cash and cash equivalents at be ginning of the financial period    524,989     721,926     37.51     651,376     936,141     43.72  
 
Cash and cash equivalents at the end of the financial period    611,889     855,838     39.87     611,889     855,838     39.87  
   
   
   
   
   
   
 

 

ASUR 2Q04, Page 16 of 16

 

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      
        Name: Adolfo Castro Rivas
        Title:   Director of Finance

Date: July 27, 2004