ASUR 4Q09 Passenger Traffic Down 5.98% YOY
MEXICO D.F., Feb. 18 /PRNewswire-FirstCall/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV:ASUR), (ASUR) the first privatized airport group in Mexico and operator of Cancun Airport and eight other airports in southeast Mexico, today announced results for the three-and twelve-month periods ended December 31, 2009.
4Q09 Highlights(1):
- EBITDA(2) increased by 3.32% to Ps. 445.42 million
- Total passenger traffic was down 5.98%
- Total revenues declined by 0.34%, due to declines of 0.08% in aeronautical revenues and 0.81% in non-aeronautical revenues
- Commercial revenues per passenger increased by 6.00% to Ps.61.34 per passenger
- Operating profit increased by 3.06%
- EBITDA margin increased to 59.12% compared with 57.03% in 4Q08
- Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with Mexican Financial Reporting Standards (MFRS) and represent comparisons between the three-and twelve-month periods ended December 31, 2009, and the equivalent three- and twelve-month periods ended December 31, 2008. Results are expressed in nominal pesos. Tables state figures in thousands of pesos, unless otherwise noted. Passenger figures exclude transit and general aviation passengers. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.13.0659.
- EBITDA means net income before: provision for taxes, deferred taxes, deferred employees profit sharing, non-ordinary items, comprehensive financing cost and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides a useful measure of our performance that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or MFRS and may be calculated differently by different companies.
Passenger Traffic
For the fourth quarter of 2009, total passenger traffic declined year-over-year by 5.98%. International passenger traffic declined by 7.36% while domestic passenger traffic declined by 4.32%.
The 7.36% decline in international passenger traffic resulted mainly from a decline of 8.42% in international traffic at the Cancun airport. The 4.32% decline in domestic passenger traffic resulted mainly from declines of 23.29% 26.27%, 21.61%, 10.02% and 11.92% at the Cozumel, Oaxaca, Tapachula, Veracruz and Villahermosa airports, respectively.
For FY09, total passenger traffic declined by 12.49% compared to FY08, with domestic passenger traffic down 12.21% and international passenger traffic down 12.70%. On April 28, 2009 the World Health Organization announced the outbreak of the H1N1 Influenza in Mexico. Mainly as a result of the outbreak and the global recession, total year-over-year passenger traffic declined 2.1% in April, 50.7% in May, 28.4% in June, 16.7% in July, 12.8% in August, 10.7% in September, 7.2% in October, 7.1% in November and 4.1% in December.
Table I: Domestic Passengers (in thousands)
Airport 4Q08 4Q09 % Change FY08 FY09 % Change
------- ---- ---- -------- ---- ---- --------
Cancun 732.8 755.2 3.06 3,373.9 3,102.5 (8.04)
Cozumel 14.6 11.2 (23.29) 86.4 53.4 (38.19)
Huatulco 75.4 77.9 3.32 292.1 323.1 10.61
Merida 270.7 274.5 1.40 1,167.1 966.2 (17.21)
Minatitlan 38.2 37.0 (3.14) 154.7 142.1 (8.14)
Oaxaca 156.1 115.1 (26.27) 546.2 460.7 (15.65)
Tapachula 58.3 45.7 (21.61) 236.0 186.5 (20.97)
Veracruz 228.6 205.7 (10.02) 911.2 786.7 (13.66)
Villahermosa 206.3 181.7 (11.92) 907.4 716.8 (21.01)
TOTAL 1,781.0 1,704.0 (4.32) 7,675.0 6,738.0 (12.21)
Note: Passenger figures exclude transit and general aviation passengers.
Table II: International Passengers (in thousands)
Airport 4Q08 4Q09 % Change FY08 FY09 % Change
------- ---- ---- -------- ---- ---- --------
Cancun 1,990.4 1,822.9 (8.42) 9,272.6 8,072.4 (12.94)
Cozumel 67.1 71.7 6.86 439.0 382.3 (12.92)
Huatulco 12.2 11.7 (4.10) 73.9 65.0 (12.04)
Merida 21.8 23.4 7.34 113.7 92.4 (18.73)
Minatitlan 0.9 1.2 33.33 4.3 3.9 (9.30)
Oaxaca 11.9 13.9 16.81 48.2 62.4 29.46
Tapachula 1.0 0.9 (10.00) 4.1 3.9 (4.88)
Veracruz 15.2 16.7 9.87 69.9 65.9 (5.72)
Villahermosa 11.6 12.8 10.34 51.6 49.6 (3.88)
TOTAL 2,132.1 1,975.2 (7.36) 10,077.3 8,797.8 (12.70)
Note: Passenger figures exclude transit and general aviation passengers.
Table III: Total Passengers (in thousands)
Airport 4Q08 4Q09 % Change FY08 FY09 % Change
------- ---- ---- -------- ---- ---- --------
Cancun 2,723.2 2,578.1 (5.33) 12,646.5 11,174.9 (11.64)
Cozumel 81.7 82.9 1.47 525.4 435.7 (17.07)
Huatulco 87.6 89.6 2.28 366.0 388.1 6.04
Merida 292.5 297.9 1.85 1,280.8 1,058.6 (17.35)
Minatitlan 39.1 38.2 (2.30) 159.0 146.0 (8.18)
Oaxaca 168.0 129.0 (23.21) 594.4 523.1 (12.00)
Tapachula 59.3 46.6 (21.42) 240.1 190.4 (20.70)
Veracruz 243.8 222.4 (8.78) 981.1 852.6 (13.10)
Villahermosa 217.9 194.5 (10.74) 959.0 766.4 (20.08)
TOTAL 3,913.1 3,679.2 (5.98) 17,752.3 15,535.8 (12.49)
Note: Passenger figures exclude transit and general aviation passengers.
Consolidated Results for 4Q09
Total revenues for 4Q09 declined year-over-year by 0.34% to Ps.753.4 million. This was mainly due to declines of:
- 0.08% in revenues from aeronautical services principally as a result of the 5.98% decline in passenger traffic; and
- 0.81% in revenues from non-aeronautical services despite the 0.87% increase in commercial revenues detailed below.
ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, banking and currency exchange services, advertising, teleservices, non-permanent ground transportation, food and beverage, and parking lots.
Commercial revenues increased by 0.87% year-over-year during the quarter, principally reflecting the decline in passenger traffic. There were increases in revenues in the following activities:
- 39.98% in car rentals;
- 8.07% in ground transportation;
- 5.91% in food and beverage; and
- 8.28% in retail operations.
These increases were partially offset by revenue declines of:
- 8.11% in duty-free stores;
- 7.57% in banking and currency exchange services;
- 15.99% in advertising;
- 0.25% in parking lot fees;
- 47.27% in teleservices; and
- 8.40% in other revenues.
New Retail and Other Commercial Space
Business Name Type Opening Date
------------- ---- ------------
Cancun
Mas Business Gift shop April 2009
Budget Car rental company October 2009
Merida
Rent A Matic Itza Car rental company April 2009
Tapachula
Hertz Car rental company June 2009
Veracruz
Avis Car rental company June 2009
Total operating costs and expenses for 4Q09 decreased 2.33% year over year. This was primarily a result of a 10.67% decline in cost of services, mainly reflecting lower energy and labor costs, the latter due to the reassignment in 3Q09 of employees from certain operating areas to corporate.
The decline in cost of services was partially offset by the following increases:
- 18.11% in administrative expenses, principally in labor costs resulting from the reassignment of employees from certain operating areas to corporate;
- 3.79% in depreciation and amortization, resulting from the depreciation of new investments in fixed assets and improvements made to concession assets;
- 3.31% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee); and
- 5.18% in concession fees paid to the Mexican government, mainly due to an increase in the taxable base (a factor in the calculation of the fee).
Operating margin for the quarter increased to 38.26% from 37.00% in 4Q08. This was mainly the result of the 2.33% decline in cost of services, which more than offset the 0.34% decrease in revenues during the period.
Comprehensive Financing Cost for 4Q09 declined year-on-year by Ps.69.7 million. During 4Q08 ASUR reported interest income of Ps.31.3 million and an exchange rate gain of Ps.32.9 million. During 4Q09, the Company reported an exchange rate loss of Ps.10 million and net interest income of Ps.4.5 million. Net interest income resulted from interest income of Ps.11.6 million, accrued interest of Ps.12.5 million – of which Ps.7.9 million was capitalized - and a mark to market loss in its interest rate swap of Ps.2.5 million.
Income Taxes. Following the changes in Mexican tax law that took effect January 1, 2008, which established a new flat rate business tax ("Impuesto Empresarial a Tasa Unica", or "IETU") and eliminated the asset tax, the Company evaluated and reviewed its deferred assets and liabilities position under Mexican Financial Reporting Standards.
Income taxes for 4Q09 declined by 9.44%, or Ps.13.0 million year-on-year, principally due to the following factors:
- During 4Q09, ASUR's subsidiaries that pay IETU made provisional tax payments of Ps.11.3 million. Of these payments, Ps.2.4 million was recorded as an expense and Ps.8.9 million as an asset since ASUR expects to recover these taxes under the current tax law. The decrease of Ps.24.6 million in ASUR's provision for IETU recorded in 4Q08 resulted from the annual calculation were we credited Ps.33.1 during 2009.
- A higher provision for income taxes in 4Q08 principally reflecting higher income from services provided to the airports during that quarter by the holding company.
- A decline in deferred income taxes during 4Q08 as a result of the initial recognition of deferred income tax at the holding company level for advances received from ASUR's subsidiaries at year-end.
- An increase in deferred IETU during 4Q09 due to the loss of tax credits from asset investments as per the IETU law.
Net income for 4Q09 declined 23.44% to Ps.159.50 million from Ps.208.33 million in 4Q08. Earnings per common share for the quarter were Ps.0.5317, or earnings per ADS (EPADS) of US$0.4069 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.0.6944, or EPADS of US$0.5315, for the same period last year.
Table IV: Summary of Consolidated Results for 4Q09
4Q08 4Q09 % Change
---- ---- --------
Total Revenues 755,994 753,447 (0.34)
Aeronautical Services 487,066 486,689 (0.08)
Non-Aeronautical Services 268,928 266,758 (0.81)
Commercial Revenues 229,716 231,705 0.87
Operating Profit 279,716 288,268 3.06
Operating Margin % 37.00% 38.26% 3.40%
EBITDA 431,127 445,419 3.32
EBITDA Margin % 57.03% 59.12% 3.66%
Net Income 208,326 159,503 (23.44)
Earnings per Share 0.6944 0.5317 (23.44)
Earnings per ADS in US $0.5315 0.4069 (23.44)
Note: U.S. dollar figures are calculated at the exchange rate
of US$1 = Ps.13.0659
Table V: Commercial Revenues per Passenger for 4Q09
4Q08 4Q09 % Change
---- ---- --------
Total Passengers ('000) 3,970 3,778 (4.84)
Total Commercial Revenues 229,716 231,705 0.87
Commercial revenues from
direct operations (1) 37,482 38,933 3.87
Commercial revenues excluding
direct operations 192,234 192,772 0.28
Total Commercial Revenue per Passenger 57.86 61.34 6.00
Commercial revenue from direct operations
Per passenger (1) 9.44 10.31 9.22
Commercial revenue per passenger
(excluding direct operations) 48.42 51.03 5.39
Note: For purposes of this table, approximately 57,900 and 98,300 transit
and general aviation passengers are included for 4Q08 and 4Q09,
respectively.
(1) Revenues from direct commercial operations represent ASUR's
operation of convenience stores in airports and the direct sale of
advertising space.
Table VI: Operating Costs and Expenses for 4Q09
4Q08 4Q09 % Change
---- ---- --------
Cost of Services 235,383 210,260 (10.67)
Administrative 31,497 37,202 18.11
Technical Assistance 22,692 23,443 3.31
Concession Fees 35,295 37,123 5.18
Depreciation and Amortization 151,411 157,151 3.79
TOTAL 476,278 465,179 (2.33)
Note: Figures in nominal pesos.
Consolidated Results for FY09
Total revenues for FY09 declined year-over-year by 1.18% to Ps.3,131.2 million. This was mainly due to:
- A 2.82% decline in revenues from aeronautical services as a result of the 12.49% decline in passenger traffic during the period, partially offset by the increase in rates that was approved in 1Q09.
- A 2.03% increase in revenues from non-aeronautical services, principally as a result of the 4.14% rise in commercial revenues detailed below.
Commercial revenues for FY09 rose by 4.14% year-over-year, principally as a result of revenue increases in the following areas:
- 3.09% in duty-free stores;
- 7.48% in retail operations;
- 2.73% in banking and currency exchange services;
- 39.76% in car rentals;
- 3.50% in other income; and
- 0.47% in ground transportation services.
These increases were partially offset by revenue declines in the following areas:
- 7.33% in parking lot fees;
- 1.71% in food and beverage;
- 10.86% in advertising; and
- 1.58% in teleservices.
Total operating costs and expenses for FY09 rose 0.50%, mainly due to the following increases:
- 6.61% in administrative expenses, principally labor costs, resulting from the reassignment of employees from certain operating areas to corporate; and
- 4.65% in depreciation and amortization, resulting from the depreciation of investments in fixed assets and improvements made to concession assets.
These increases were partially offset by the following declines:
- 2.66% in cost of services, mainly reflecting higher costs incurred in 2008 in connection with the master development plans, higher professional fees and a deferred mandatory profit sharing (PTU) provision that was reversed in 3Q08 as a result of the personnel reorganization. These increases more than offset declines in energy and maintenance costs as well as lower labor costs resulting from the reassignment of employees from certain operating areas to corporate;
- 0.93% in technical assistance costs, reflecting the corresponding decrease in EBITDA during the period; and
- 2.71% in concession fees, mainly due to lower revenues.
Operating margin decreased to 42.71% for FY09, from 43.67% for FY08. This was mainly the result of a 1.18% decline in revenues and a 0.50% increase in costs and expenses during the period.
Net income for FY09 declined by 24.02% to Ps.797.41 million. Earnings per common share for the period were Ps.2.6580, or earnings per ADS (EPADS) of US$2.0343 (one ADS represents ten series B common shares). This compares with Ps.3.4982, or EPADS of US$2.6774, for the same period last year.
Table VII: Summary of Consolidated Results for FY09
(in thousands)
FY08 FY09 % Change
---- ---- --------
Total Revenues 3,168,707 3,131,184 (1.18)
Aeronautical Services 2,101,879 2,042,647 (2.82)
Non-Aeronautical Services 1,066,828 1,088,537 2.03
Commercial Revenues 904,397 941,833 4.14
Operating Profit 1,383,695 1,337,330 (3.35)
Operating Margin % 43.67% 42.71% (2.19%)
EBITDA 1,985,208 1,966,837 (0.93)
EBITDA Margin % 62.65% 62.81% 0.26%
Net Income 1,049,469 797,410 (24.02)
Earnings per Share 3.4982 2.6580 (24.02)
Earnings per ADS in US $2.6774 2.0343 (24.02)
Note: U.S. dollar figures are calculated at the exchange rate
of US$1 = Ps.13.0659.
Table VIII: Commercial Revenues per Passenger for FY09
(in thousands)
FY08 FY09 % Change
---- ---- --------
Total Passengers *('000) 18,063 15,857 (12.21)
Total Commercial Revenues 904,397 941,833 4.14
Commercial revenues from
direct operations (1) 171,798 169,685 (1.23)
Commercial revenues excluding
Direct operations 732,599 772,148 5.40
FY08 FY09 % Change
---- ---- --------
Total Commercial Revenue per Passenger 50.07 59.40 18.63
Commercial revenue from direct operations
Per passenger (1) 9.51 10.70 12.51
Commercial revenue per passenger
(excluding direct operations) 40.56 48.70 20.07
* For purposes of this table, approximately 310,600 and 321,800 transit
and general aviation passengers are included for FY08 and FY09,
respectively.
(1) Revenues from direct commercial operations represent only ASUR's
operation of ten convenience stores as well as the direct sale of
advertising space by the Company.
Table IX: Operating Costs and Expenses for FY09
(in thousands)
FY08 FY09 % Change
---- ---- --------
Cost of Services 810,103 788,562 (2.66)
Administrative 114,159 121,708 6.61
Technical Assistance 104,485 103,518 (0.93)
Concession Fees 154,752 150,559 (2.71)
Depreciation and Amortization 601,513 629,507 4.65
TOTAL 1,785,012 1,793,854 0.50
Tariff Regulation
The Mexican Ministry of Communications and Transportation regulates the majority of ASUR's activities by setting maximum rates, which represent the rates for the maximum possible revenues allowed per traffic unit at each airport.
ASUR's regulated revenues for FY09 were Ps.2,126.98 million, resulting in an annual average tariff per workload unit of Ps.132.99. ASUR's regulated revenues accounted for approximately 67.93% 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 December 31, 2009, Airport Facility Usage Rights and Airport Concessions represented 80.90% of the Company's total assets, with current assets representing 12.75% and other assets representing 6.35%.
Cash and marketable securities on December 31, 2009 were Ps.961.40 million, a 44.54% decline from Ps. 1,733.51 million on December 31, 2008. In 2Q09 ASUR paid a Ps.1,884 million cash dividend.
Shareholder's equity at the close of 4Q09 was Ps.13,857.69 million and total liabilities were Ps.2,838.01 million, representing 83.00% and 17.00% of total assets, respectively. Total deferred liabilities represented 74.30% of the Company's total liabilities.
Total bank debt at December 31, 2009 was Ps.545.46 million. This reflects borrowings of Ps.600.00 million incurred in May and June 2009 and a principal payment of Ps.54.54 million in 4Q09. In May 2009 ASUR entered into a Ps.750 million three-year credit agreement with a group of three banks. The terms of the agreement include a floating interest rate based on the Tasa de Interes Interbancaria de Equilibrio, or TIIE, and quarterly principal payments.
During August 2009 ASUR purchased a hedge against the risk of a significant increase in TIIE. The Company is hedged for 100% of the interest rate exposure under its Ps.750 million credit agreement. The interest rate was fixed for three years at 6.37%, 6.44% and 6.21% with each of the three banks, respectively. The cost of the interest rate hedge was Ps.2.56 million.
Capital Expenditures
During the fourth quarter, ASUR made investments of Ps.421.17 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans. During FY09, ASUR made capital investments of Ps.617.67 million.
4Q09 Earnings Conference Call |
||
Day: |
Friday, February 19, 2010 |
|
Time: |
10:00 AM US EST; 9:00 AM Mexico City time |
|
Dial-in number: |
888-680-0878 (US & Canada) and |
|
617-213-4855 (International & Mexico) |
||
Access Code: |
12714078 |
|
Pre-registration: |
If you would like to pre-register for the conference call |
|
use the following link: |
||
https://www.theconferencingservice.com/prereg/key.process?key=PTX9WERJA |
||
Pre-registering is not mandatory but is recommended as |
||
it will provide you immediate entry into the call and |
||
will facilitate the timely start of the conference. You |
||
will receive a code that allows you to enter the call |
||
directly. Pre-registration only takes a few moments, |
||
after call start time. To pre-register, please click |
||
the link above. Alternatively, if you would rather be |
||
placed into the call by an operator, please call at |
||
least 10 minutes prior to call start time. |
||
Replay: |
Starting Friday, February 19, 2010 at 1:00 PM US ET, |
|
ending at midnight US ET on Friday, February 26, 2010. |
||
Dial-in number: 888-286-8010 (US & Canada); |
||
617-801-6888 (International & Mexico). |
||
Access Code: 77588537. |
||
About ASUR:
Grupo Aeroportuario del Sureste, S.A.B. 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 # # #
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Operating Results per Airport
Thousands of Mexican pesos
4Q 4Q % FY FY %
Item 2008 2009 change 2008 2009 change
---- ---- ---- ------ ---- ---- ------
Cancun
Aeronautical
Revenues 359,041 343,721 (4.27) 1,551,810 1,495,202 (3.65)
Non-Aeronautical
Revenues 225,421 222,867 (1.13) 891,483 914,273 2.56
Operating Profit (177,153) 287,415 262.24 356,192 1,033,075 190.03
EBITDA (73,567) 392,772 633.90 751,870 1,445,248 92.22
Cozumel
Aeronautical
Revenues 10,255 14,218 38.64 66,638 71,134 6.75
Non-Aeronautical
Revenues 5,353 5,182 (3.19) 23,743 24,591 3.57
Operating Profit (11,225) (5,250) 53.23 (9,081) (3,558)(60.82)
EBITDA (2,236) 2,901 229.74 24,624 29,685 20.55
Merida
Aeronautical
Revenues 29,973 38,202 27.45 127,563 132,844 4.14
Non-Aeronautical
Revenues 12,349 13,945 12.92 51,752 50,116 (3.16)
Operating Profit (13,619) 19,393 242.40 2,549 25,909 916.44
EBITDA (1,131) 29,997 2,752.25 50,285 71,116 41.43
Villahermosa
Aeronautical
Revenues 25,111 22,780 (9.28) 106,536 88,345 (17.07)
Non-Aeronautical
Revenues 8,808 7,174 (18.55) 33,366 31,008 (7.07)
Operating Profit 969 10,379 971.10 27,590 10,989 (60.17)
EBITDA 9,115 18,874 107.07 59,956 44,764 (25.34)
Others
Aeronautical
Revenues 62,686 67,768 8.11 249,332 255,122 2.32
Non-Aeronautical
Revenues 16,997 17,590 3.49 66,484 68,549 3.11
Operating Profit 480,744 (23,669) (104.92) 1,006,445 270,915 (73.08)
EBITDA 498,946 875 (99.82) 1,098,473 376,024 (65.77)
Group
Aeronautical
Revenues 487,066 486,689 (0.08) 2,101,879 2,042,647 (2.82)
Non-Aeronautical
Revenues 268,928 266,758 (0.81) 1,066,828 1,088,537 2.03
Operating Profit 279,716 288,268 3.06 1,383,695 1,337,330 (3.35)
EBITDA 431,127 445,419 3.32 1,985,208 1,966,837 (0.93)
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Balance Sheet as of December 31, 2009 and 2008
Thousands of Mexican pesos
December 2008 December 2009 Variation %
------------- ------------- --------- --
Assets
Current Assets
--------------
Cash and Cash Equivalents 1,733,512 961,404 (772,108) (44.54)
Trade Receivables, net 361,200 375,165 13,965 3.87
Recoverable Taxes and
Other Current Assets 754,439 792,663 38,224 5.07
Total Current Assets 2,849,151 2,129,232 (719,919) (25.27)
Fixed Assets
------------
Machinery, Furniture
and Equipment, net 614,935 634,183 19,248 3.13
Rights to Use Airport
Facilities, net 2,123,865 2,057,476 (66,389) (3.13)
Improvements to Use
Airport Facilities, net 3,225,390 3,658,730 433,340 13.44
Construction in Process 411,570 162,378 (249,192) (60.55)
Others 54,307 184,290 129,983 239.35
Total Fixed Assets 6,430,067 6,697,057 266,990 4.15
Deferred Assets
---------------
Airports Concessions, net 7,833,022 7,628,144 (204,878) (2.62)
Deferred Income Taxes - - - -
Deferred IETU 199,329 188,916 (10,413) (5.22)
Other 63,025 52,359 (10,666) (16.92)
Total Deferred Assets 8,095,376 7,869,419 (225,957) (2.79)
Total Assets 17,374,594 16,695,708 (678,886) (3.91)
Liabilities and Stockholders' Equity
Current Liabilities
-------------------
Trade Accounts Payable 10,022 8,145 (1,877) (18.73)
Notes Payable - - - -
Bank Loans - 225,080 225,080 -
Accrued Expenses and
Others Payables 585,466 143,050 (442,416) (75.57)
Total Current Liabilities 595,488 376,275 (219,213) (36.81)
Long Term Liabilities
---------------------
Other 26,082 25,771 (311) (1.19)
Bank Loans - 327,273 327,273 -
Deferred Income Taxes 1,091,206 1,372,504 281,298 25.78
Deferred Flat
Rate Business Tax 699,349 726,531 27,182 3.89
Deferred Employees
Profit Sharing - - - -
Labor Obligations 7,473 9,659 2,186 29.25
Total Long Term Liabilities 1,824,110 2,461,738 637,628 34.96
Total Liabilities 2,419,598 2,838,013 418,415 17.29
Stockholders' Equity
--------------------
Capital stock 12,799,204 12,799,204 - -
Legal Reserve 194,044 246,517 52,473 27.04
Share Repurchase Reserve - - - -
Net Income for the Period 1,049,469 797,410 (252,059) (24.02)
Retained Earnings 912,279 14,564 (897,715) (98.40)
Total Stockholders'
Equity 14,954,996 13,857,695 (1,097,301) (7.34)
Total Liabilities and
Stockholders' Equity 17,374,594 16,695,708 (678,886) (3.91)
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Income from January 1 to December 31, 2009
and 2008
Thousands of Mexican pesos
Item Fiscal Fiscal Variation 4Q 4Q Variation
Year 2008 Year 2009 % 2008 2009 %
--------- --------- --------- ---- ---- ---------
Revenues
Aeronautical
Services 2,101,879 2,042,647 (2.82) 487,066 486,689 (0.08)
Non-Aeronautical
Services 1,066,828 1,088,537 2.03 268,928 266,758 (0.81)
--------- --------- ---- ------- ------- -----
Total Revenues 3,168,707 3,131,184 (1.18) 755,994 753,447 (0.34)
Operating Expenses
Cost of Services 810,103 788,562 (2.66) 235,383 210,260 (10.67)
General and
Administrative
Expenses 114,159 121,708 6.61 31,497 37,202 18.11
Technical
Assistance 104,485 103,518 (0.93) 22,692 23,443 3.31
Concession Fee 154,752 150,559 (2.71) 35,295 37,123 5.18
Depreciation and
Amortization 601,513 629,507 4.65 151,411 157,151 3.79
------- ------- ---- ------- ------- ----
Total Operating
Expenses 1,785,012 1,793,854 0.50 476,278 465,179 (2.33)
Operating Income 1,383,695 1,337,330 (3.35) 279,716 288,268 3.06
Comprehensive
Financing Cost 174,272 20,156 (88.43) 64,175 (5,522) (108.60)
------- ------ ------ ------ ------ -------
Non-Ordinary Item
Non-Ordinary Item 9,734 15,384 58.04 (36) 632 (1,855.56)
Income Before
Income Taxes 1,548,233 1,342,102 (13.31) 343,927 282,114 (17.97)
Provision for
IETU 78,227 126,111 61.21 (24,650) 2,381 (109.66)
Provision for
Income Tax 408,536 88,224 (78.40) 255,245 14,392 (94.36)
Provision for
Asset Tax 60,091 60,654 0.94 60,654 28,822 (52.48)
Deferred Income
Taxes (58,968) 232,107 (493.62) (160,254) 42,520 (126.53)
Deferred IETU 10,878 37,596 245.62 4,606 34,496 648.94
------ ------ ------ ----- ------ ------
Net Income for
the Year 1,049,469 797,410 (24.02) 208,326 159,503 (23.44)
========= ======= ====== ======= ======= ======
Earning per share 3.4982 2.6580 (24.02) 0.6944 0.5317 (23.44)
Earning per American
Depositary Share
(in U.S. Dollars) 2.6774 2.0343 (24.02) 0.5315 0.4069 (23.44)
Exchange rate per dollar Ps. 13.0659
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Cash flow from January 1 to
December 31, 2009 and 2008
Thousands of Mexican pesos
Related Fiscal Fiscal Variation 4Q 4Q Variation
Year 2008 Year 2009 % 2008 2009 %
--------- --------- --------- ---- ---- ---------
Operating Activities
Income Before
Income Taxes 1,548,233 1,342,102 (13) 343,927 282,114 (18)
Items Related
with Investing
Activities:
Depreciation and
Amortization 601,513 629,507 5 151,411 157,151 4
Interest Income (139,679) (68,136) (51) (31,718) (7,714) (76)
Provisions (23,411) (2,421) (90) (23,411) (2,421) (90)
------- ------ --- ------- ------ ---
Sub-Total 1,986,656 1,901,052 (4) 440,209 429,130 (3)
--------- --------- -- ------- ------- --
Increase in Trade
Receivables (81,785) (13,965) (83) (10,279) (197,108) 1,818
Decrease in
Recoverable
Taxes and Other
Current Assets (224,639) (222,668) (1) (198,100) (220,593) 11
Other Deferred
Assets 19,473 - (100) 26,729 26,054 (3)
Trade Accounts
Payable (7,050) (1,879) (73) (5,370) 195,684 (3,744)
Accrued Expenses
and Other
Payables (133,504) (298,630) 124 70,906 (45,295) (164)
Long Term
Liabilities (3,981) 2,186 (155) (6,118) 2,186 (136)
------ ----- ---- ------ ----- ----
Net Cash Flow
Provided by
Operating
Activities 1,555,170 1,366,096 (12) 317,977 190,057 (40)
--------- --------- --- ------- ------- ---
Investing Activities
Investments in
Machinery,
Furniture and
Equipment, net (743,112) (780,917) 5 (619,883) (748,051) 21
Investments in
Rights to Use
Airport Facilities - - - - -
Investments in
Construction in
Process (175,378) 234,236 (234) 48,305 209,452 334
Investments in
Others (17,282) (129,984) 652 178,610 117,434 (34)
Interest Income 139,679 68,136 (51) 31,718 7,714 (76)
------- ------ --- ------ ----- ---
Net Cash Flow
Provided by
Investing
Activities (796,093) (608,529) (24) (361,250) (413,451) 14
-------- -------- --- -------- -------- --
Excess Cash to Use
in Financing
Activities: 759,077 757,567 (0) (43,273) (223,394) 416
Others 545,455 - (54,545) -
Dividends Paid (600,000) (1,884,000) 214 - -
Tax on dividends
Paid (351,262) (191,130) (46) - -
-------- -------- --- -- -- --
Net Cash Flow
Provided by
Financing
Activities (951,262) (1,529,675) 61 - (54,545) -
-------- ---------- -- -- ------- --
Net Increase in
Cash and Cash
Equivalents (192,185) (772,108) 302 (43,273) (277,939) 542
Cash and Cash
Equivalents at
Beginning of
Period 1,925,697 1,733,512 (10) 1,776,785 1,239,343 (30)
Cash and Cash
Equivalents at
the End of Period 1,733,512 961,404 (45) 1,733,512 961,404 (45)
========= ======= === ========= ======= ===
SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article