ASUR Announces Effects of Adoption of INIF 17
MEXICO CITY, Aug. 2 /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 that it has concluded its analysis of the effects of the adoption of Interpretacion de Norma de Informacion Financiera (Interpretation of Financial Reporting Standard, or "INIF") 17, "Service Concession Contracts", and that it is presenting its financial results as of and for the six months ending June 30, 2010 to reflect the adoption of INIF 17.(1)
INIF 17 was issued by the Consejo Mexicano para la Investigacion y Desarrollo de Normas de Informacion Financiera, A.C. (Mexican Financial Reporting Standards Board, or "CINIF") and became effective in 2010. This new standard arises from the need to provide clarification in regards to the accounting treatment to be followed for services concession contracts that are granted in many countries, including Mexico, through which government grant, predominantly to private sector entities, a concession to provide services that are considered public in nature. INIF17 incorporates into Norma de Informacion Financiera (Financial Reporting Standard, or "NIF") C-3 the accounting treatment for the present value of the recognition of a long term receivable, and additionally, it modifies NIF D-7 to allow the recognition of executed and approved work to be collected or work to be approved as a non-current asset.
(1) 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 six-month period ended June 30, 2010, and the equivalent six-month period ended June 30, 2009. 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.12.8441.
The following are the principal effects of INIF 17 on ASUR's results of operation and balance sheet:
- New Category of Revenues and Cost. Under INIF 17, an operator of a service concession that is required to make capital improvements to concessioned assets, such as ASUR, is deemed to provide construction or upgrade services. As a result, the operator is required to account for the revenues and expenses relating to those services. In ASUR's case, because ASUR hires a third party to provide construction and upgrade services, the revenues relating to those services are equal to their expenses. Revenues related to construction and upgrade services are presented in a new category of revenues named "Construction services" and expenses related to construction and upgrade services are presented in a new category of expenses called "Costs of construction ". During the first half of 2010, ASUR recorded Ps. 217.67 million of revenues under the line item "Construction services" and expenses for the same amount under the line item "Costs of construction".
- Intangible assets and change in amortization rates. Under INIF 17, all infrastructure to which an operator of a service concession is given access by the grantor of the concession service agreement and the upgrades to that infrastructure made by the operator are recognized as an intangible asset. These assets are amortized over the concession period. As a result, ASUR is required to include all fixed assets under "Airport Concessions, net" and to modify amortization rates in accordance with the remaining period of the concession, using the straight line method, for those fixed assets constructed or acquired in the past. Previously we amortized fixed assets based on the estimated remaining useful life of the particular asset. As of June 30, 2010, these changes resulted in a cumulative net increase in fixed assets (reclassified as "Airport Concessions") of Ps.692.97 million, an increase in deferred income taxes of Ps.128.18 million, an increase in deferred IETU of Ps. 36.9 million and an increase in stockholders' equity of Ps.527.89 million pesos. In addition, the changes to amortization principles resulted in a decrease of Ps.132.00 million in depreciation and amortization due to the extention in the useful life of fixed assets.
The adoption of INIF 17 resulted in the following net changes to our income statement for the six-month period ended June 30, 2010 as previously reported:
- an increase of Ps.217.67 million in revenues, all of which is attributable to a new category of revenues called "Construction Services";
- an increase of Ps.217.67 million in operating expenses, all of which is attributable to a new category of expenses called "Cost of Construction Services";
- a decrease of Ps.132.00 million in depreciation and amortization;
- an increase of Ps.19.73 million in deferred income tax and an increase of Ps.9.69 million in deferred IETU; and
- an increase in net income of Ps.102.58 million during the first half of 2010.
Table I: Summary of Changes to Income Statement (in thousands) |
|||||
1H10 Before INIF 17 |
1H10 With INIF 17 |
Ps. Change |
% Change |
||
Aeronautical Services |
1,227,427 |
1,227,427 |
- |
0.0 |
|
Non-Aeronautical Services |
641,977 |
641,977 |
- |
0.0 |
|
Construction Services |
- |
217,667 |
217,667 |
100.0 |
|
Total Revenues |
1,869,404 |
2,087,071 |
217,667 |
11.6 |
|
Cost of Services |
405,393 |
405,393 |
- |
0.0 |
|
Administrative |
78,590 |
78,590 |
- |
0.0 |
|
Technical Assistance |
64,779 |
64,779 |
- |
0.0 |
|
Concession Fees |
89,843 |
89,843 |
- |
0.0 |
|
Depreciation and Amortization |
310,539 |
178,534 |
(132,005) |
(42.5) |
|
Cost of Construction Services |
- |
217,667 |
217,667 |
100.0 |
|
Total Expenses |
949,144 |
1,034,806 |
85,662 |
(9.0) |
|
Deferred Income Tax |
18,038 |
37,768 |
19,730 |
109.4 |
|
Deferred IETU |
2,902 |
12,593 |
9,691 |
333.9 |
|
Net Income |
672,547 |
775,131 |
102,584 |
15.3 |
|
In addition, the adoption of INIF 17 resulted in the following changes to our balance sheet as of June 30, 2010:
- a net increase of Ps.692.97 million in total assets;
- a net increase of Ps.165.08 million in total liabilities; and
- a net increase of Ps.527.89 million in stockholders' equity.
Table II: Summary of Changes to Balance Sheet (in thousands) |
|||||
1H10 Before INIF 17 |
1H10 With INIF 17 |
Ps. Change |
% Change |
||
Total current assets |
2,024,223 |
2,024,223 |
- |
0.0 |
|
Land, machinery, furniture and equipment not concessioned, net |
1,011,269 |
304,022 |
(707,247) |
(69.9) |
|
Airport concessions, net |
7,525,706 |
14,646,907 |
7,121,201 |
94.6 |
|
Improvements to concessioned assets, net |
3,696,369 |
- |
(3,696,369) |
(100.0) |
|
Rights to use airport facilities, net |
2,024,615 |
- |
(2,024,615) |
(100.0) |
|
Other assets |
287,412 |
287,412 |
- |
0.0 |
|
Total assets |
16,569,594 |
17,262,564 |
692,970 |
4.2 |
|
Current liabilities |
568,182 |
568,182 |
- |
0.0 |
|
Long-term and other liabilities |
2,221,170 |
2,386,251 |
165,081 |
7.4 |
|
Total liabilities |
2,789,352 |
2,954,433 |
165,081 |
5.9 |
|
Net equity/stockholders' equity |
13,780,242 |
14,308,131 |
527,889 |
3.8 |
|
The following is a discussion and analysis of our 1H10 financial results as restated.
Consolidated Results for the First Half of 2010
Total revenues for 1H10 increased year-over-year by 25.50% to Ps.2,087.07 million. This was mainly due to the adoption of INIF 17, which resulted in an increase in revenues from Construction services, as well as the following increases:
- 13.28% in revenues from aeronautical services as a result of the 8.83% increase in passenger traffic during the period;
- 10.78% in revenues from non-aeronautical services, principally as a result of the 10.30% rise in commercial revenues detailed below; and
Commercial revenues for 1H10 rose by 10.30% year-over-year, principally as a result of revenue increases in the following areas:
- 7.02% in duty-free stores;
- 14.74% in food and beverage;
- 11.86% in retail operations;
- 68.88% in banking and currency exchange services;
- 17.16% in car rentals;
- 9.08% in other income; and
- 25.71% in ground transportation services.
These increases were partially offset by revenue declines in the following areas:
- 5.70% in parking lot fees;
- 9.16% in advertising; and
- 23.07% in teleservices.
Total operating costs and expenses for 1H10 rose 15.96%, mainly due to the following increases:
- 45.43% in administrative expenses, principally labor costs, resulting from the reassignment of employees from certain operating areas to corporate, and higher professional fees; and
- 4.88% in cost of services, mainly reflecting higher energy cost and equipment leases. These increases were partially offset by lower labor costs resulting from the reassignment of employees from certain operating areas to corporate;
- 13.26% in technical assistance costs, reflecting the corresponding increase in EBITDA during the period;
- 14.26% in concession fees, mainly due to higher revenues; and
In addition, the adoption of INIF 17 resulted in Costs of construction of Ps.217.67 million.
These increases were partially offset by a 43.49% decline in depreciation and amortization resulting from the difference between new investment in fixed assets, improvements made to concession assets and the end of their useful life and a change in amortization rates resulting from the adoption of INIF 17.
Operating margin increased to 50.42% for 1H10, from 46.34% for 1H09. This was mainly the result of a 25.50% increase in revenues.
Net income for 1H10 increased by 65.92% to Ps.775.13 million. Earnings per common share for the period were Ps.2.5838, or earnings per ADS (EPADS) of US$2.0116 (one ADS represents ten series B common shares). This compares with Ps.1.5572, or EPADS of US$1.2124, for the same period last year.
Table III: Summary of Consolidated Results for 1H10 (in thousands) |
||||
1H 09 |
1H 10 |
% Change |
||
Total Revenues |
1,663,066 |
2,087,071 |
25.50 |
|
Aeronautical Services |
1,083,561 |
1,227,427 |
13.28 |
|
Non-Aeronautical Services |
579,505 |
641,977 |
10.78 |
|
Commercial Revenues |
502,691 |
554,467 |
10.30 |
|
Construction Services |
- |
217,667 |
100.00 |
|
Operating Profit |
770,717 |
1,052,265 |
36.53 |
|
Operating Margin (%) |
46.34% |
50.42% |
8.79% |
|
EBITDA(2) |
1,086,658 |
1,230,799 |
13.26 |
|
EBITDA Margin (%) |
65.34% |
58.97% |
-9.75% |
|
Net Income |
467,166 |
775,131 |
65.92 |
|
Earnings per Share (*) |
1.5572 |
2.5838 |
65.92 |
|
Earnings per ADS in USD |
1.2124 |
2.0116 |
65.92 |
|
Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.12.8441. |
||||
(2) EBITDA means net income before: provision for taxes, deferred taxes, deferred employees profit sharing, |
||||
Table IV: Commercial Revenues per Passenger for 1H10 (in thousands) |
||||
1H 09 |
1H10 |
% Change |
||
Total Passengers *('000) |
8,368 |
9,146 |
9.30 |
|
Total Commercial Revenues |
502,691 |
554,467 |
10.30 |
|
Commercial revenues from direct operations (1) |
91,235 |
99,200 |
8.73 |
|
Commercial revenues excluding direct operations |
411,456 |
455,267 |
10.65 |
|
1H 09 |
1H 10 |
% Change |
||
Total Commercial Revenue per Passenger |
60.07 |
60.62 |
0.92 |
|
Commercial revenue from direct operations per passenger (1) |
10.90 |
10.85 |
(0.46) |
|
Commercial revenue per passenger (excluding direct operations) |
49.17 |
49.77 |
1.22 |
|
* For purposes of this table, approximately 129,100 and 179,500 transit and general aviation passengers |
||||
Table V: Operating Costs and Expenses for 1H10 (in thousands) |
||||
1H 09 |
1H 10 |
% Change |
||
Cost of Services |
386,544 |
405,393 |
4.88 |
|
Administrative |
54,039 |
78,590 |
45.43 |
|
Construction Services |
- |
217,667 |
100.00 |
|
Technical Assistance |
57,193 |
64,779 |
13.26 |
|
Concession Rights |
78,632 |
89,843 |
14.26 |
|
Depreciation and Amortization |
315,941 |
178,534 |
(43.49) |
|
TOTAL |
892,349 |
1,034,806 |
15.96 |
|
Tariff Regulation
The Mexican Ministry of Communications and Transportation regulates the majority of ASUR's activities by setting maximum rates, which represent the maximum possible revenues allowed per traffic unit at each airport.
ASUR's regulated revenues for 1H10 were Ps.1,331.62 million, resulting in an annual average tariff per workload unit of Ps.143.81. ASUR's regulated revenues accounted for approximately 63.80% 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, 2010, Airport Concessions represented 84.85% of the Company’s total assets, with current assets representing 11.73% and other assets representing 3.42%.
Cash and cash equivalents on June 30, 2010 were Ps.590.69 million, 39.31% below the Ps.973.32 million on June 30, 2009. This was mainly the result of a Ps.750.00 million cash dividend paid in 2Q10 and principal payments of Ps.309.09 million on bank loans.
Shareholder's equity at the close of 2Q10 was Ps.14,308.13 million and total liabilities were Ps.2,954.43 million, representing 82.89% and 17.11% of total assets, respectively. Total deferred liabilities represented 77.34% of the Company's total liabilities.
Total bank debt at June 30, 2010 was Ps.187.60 million, including Ps.5.8 million in accrued interest. During the quarter ASUR made principal payments of Ps.309.09 million in connection with the Ps.750 million three-year credit agreement with a group of three banks.
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%, 6.33% and 6.21% with each of the three banks, respectively. The cost of the interest rate hedge during the quarter was Ps.1.0 million.
Capital Expenditures
During 1H10, ASUR made investments of Ps.217.67 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans.
Accounting Pronouncements
In December 2009, the Mexican Council for the Investigation and Development of Financial Information Norms, or CINIF, issued a series of Financial Reporting Standards ("NIFs") and Interpretations to the Financial Reporting Standards ("INIFs") which went into effect for reporting periods starting January 1, 2010, with the exception of INIF 18 which went into effect on December 7, 2009, and NIFs B-5 and B-9, which will become effective from January 1, 2011. ASUR believes that these NIFs and INIFs will not have a significant impact on the Company's financial information with the exception of INIF 17, which addresses the accounting standards to be applied to concession contracts and whose effects are explained above
All Mexican issuers are required to adopt International Financial Reporting Standards, or IFRS, as their accounting standard, no later than fiscal years beginning on or after January 1, 2012.
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.
Grupo Aeroportuario del Sureste, S.A.B. de C.V. |
|||||||||
Operating Results per Airport |
|||||||||
Thousands of Mexican pesos |
|||||||||
Item |
2Q |
2Q 2009 |
2Q |
2Q 2010 |
Cumulative |
Cum 2009 |
Cumulative |
Cum 2010 |
|
Cancun (1) |
|||||||||
Aeronautical Revenues |
315,995 |
129.3 |
434,108 |
133.0 |
817,967 |
133.1 |
918,344 |
133.2 |
|
Non-Aeronautical Revenues |
202,308 |
82.8 |
270,192 |
82.8 |
500,729 |
81.5 |
561,290 |
81.4 |
|
Construction Services |
- |
- |
42,826 |
13.1 |
- |
- |
62,359 |
9.0 |
|
Total Revenues |
518,303 |
212.1 |
747,126 |
228.9 |
1,318,696 |
214.6 |
1,541,993 |
223.7 |
|
Operating Profit |
75,582 |
30.9 |
342,783 |
105.0 |
539,927 |
87.9 |
826,045 |
119.8 |
|
EBITDA |
176,568 |
72.2 |
401,930 |
123.1 |
742,312 |
120.8 |
944,321 |
137.0 |
|
Merida |
|||||||||
Aeronautical Revenues |
31,283 |
113.8 |
38,894 |
116.8 |
60,017 |
103.3 |
76,616 |
116.6 |
|
Non-Aeronautical Revenues |
10,002 |
36.4 |
12,612 |
37.9 |
22,870 |
39.4 |
24,245 |
36.9 |
|
Construction Services |
- |
- |
35,888 |
107.8 |
- |
- |
82,057 |
124.9 |
|
Other (2) |
- |
- |
10,000 |
30.0 |
- |
- |
10,000 |
15.2 |
|
Total Revenues |
41,285 |
150.1 |
97,394 |
292.5 |
82,887 |
142.7 |
192,918 |
293.6 |
|
Operating Profit |
(8,429) |
(30.7) |
17,512 |
52.6 |
(3,743) |
(6.4) |
31,879 |
48.5 |
|
EBITDA |
3,652 |
13.3 |
24,229 |
72.8 |
20,541 |
35.4 |
45,312 |
69.0 |
|
Villahermosa |
|||||||||
Aeronautical Revenues |
19,810 |
107.7 |
20,951 |
110.9 |
43,363 |
110.6 |
41,073 |
110.1 |
|
Non-Aeronautical Revenues |
7,121 |
38.7 |
7,507 |
39.7 |
15,089 |
38.5 |
15,110 |
40.5 |
|
Construction Services |
- |
- |
5,793 |
30.7 |
- |
- |
11,038 |
29.6 |
|
Other (2) |
- |
- |
- |
- |
- |
- |
- |
- |
|
Total Revenues |
26,931 |
146.4 |
34,251 |
181.2 |
58,452 |
149.1 |
67,221 |
180.2 |
|
Operating Profit |
(9,831) |
(53.4) |
5,835 |
30.9 |
(4,616) |
(11.8) |
12,560 |
33.7 |
|
EBITDA |
(1,419) |
(7.7) |
10,471 |
55.4 |
12,201 |
31.1 |
21,829 |
58.5 |
|
Other Airports (3) |
|||||||||
Aeronautical Revenues |
71,231 |
121.8 |
94,030 |
143.6 |
162,214 |
120.2 |
191,394 |
143.3 |
|
Non-Aeronautical Revenues |
20,624 |
35.3 |
20,684 |
31.6 |
40,817 |
30.2 |
41,332 |
30.9 |
|
Construction Services |
- |
- |
38,617 |
59.0 |
- |
- |
61,819 |
46.3 |
|
Other (2) |
3,300 |
5.6 |
- |
- |
3,300 |
2.4 |
- |
- |
|
Total Revenues |
95,155 |
162.7 |
153,331 |
234.1 |
206,331 |
152.8 |
294,545 |
220.5 |
|
Operating Profit |
(20,766) |
(35.5) |
141,055 |
215.4 |
(6,324) |
(4.7) |
176,289 |
132.0 |
|
EBITDA |
14,935 |
25.5 |
159,761 |
243.9 |
65,245 |
48.3 |
213,619 |
159.9 |
|
Holding & Service Companies (4) |
|||||||||
Construction Services |
- |
n/a |
236 |
n/a |
- |
n/a |
394 |
n/a |
|
Other (2) |
354,553 |
n/a |
260,864 |
n/a |
519,794 |
n/a |
427,093 |
n/a |
|
Total Revenues |
354,553 |
n/a |
261,100 |
n/a |
519,794 |
n/a |
427,487 |
n/a |
|
Operating Profit |
206,728 |
n/a |
(31,711) |
n/a |
245,473 |
n/a |
5,492 |
n/a |
|
EBITDA |
207,165 |
n/a |
(31,595) |
n/a |
246,359 |
n/a |
5,718 |
n/a |
|
Consolidation Adjustment |
|||||||||
Consolidation Adjustment |
(357,853) |
n/a |
(270,864) |
n/a |
(523,094) |
n/a |
(437,093) |
n/a |
|
Group |
|||||||||
Aeronautical Revenues |
438,319 |
125.7 |
587,983 |
132.4 |
1,083,561 |
128.0 |
1,227,427 |
132.6 |
|
Non-Aeronautical Revenues |
240,055 |
68.8 |
310,995 |
70.0 |
579,505 |
68.4 |
641,977 |
69.3 |
|
Construction Services |
- |
- |
123,360 |
27.8 |
- |
- |
217,667 |
23.5 |
|
Total Revenues |
678,374 |
194.5 |
1,022,338 |
230.2 |
1,663,066 |
196.4 |
2,087,071 |
225.4 |
|
Operating Profit |
243,284 |
69.7 |
475,474 |
107.1 |
770,717 |
91.0 |
1,052,265 |
113.6 |
|
EBITDA |
400,901 |
114.9 |
564,795 |
127.2 |
1,086,658 |
128.3 |
1,230,799 |
132.9 |
|
(1) Reflects the results of operations of Cancun Airport and two Cancun Airport Services subsidiaries on a consolidated basis. |
|||||||||
(2) Reflects revenues under intercompany agreements which are eliminated in the consolidation adjustment. |
|||||||||
(3) Reflects the results of operations of our airports located in Cozumel, Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz. |
|||||||||
(4) Reflects the results of operations of our parent holding company and our services subsidiaries. Because none of these entities hold the concessions for |
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Grupo Aeroportuario del Sureste, S.A.B. de C.V. |
||||||||||
Consolidated Balance Sheet as of June 30, 2010 and 2009 |
||||||||||
Thousands of Mexican pesos |
||||||||||
I t e m |
June 2009 |
June 2010 |
Variation |
% |
||||||
A s s e t s |
||||||||||
Current Assets |
||||||||||
Cash and Cash Equivalents |
973,320 |
590,693 |
(382,627) |
(39.31) |
||||||
Trade Receivables, net |
152,769 |
384,615 |
231,846 |
151.76 |
||||||
Recoverable Taxes and Other Current Assets |
789,887 |
1,048,915 |
259,028 |
32.79 |
||||||
Total Current Assets |
1,915,976 |
2,024,223 |
108,247 |
5.65 |
||||||
Fixed Assets |
||||||||||
Land, Machinery, Furniture and Equipment Not Concessioned, net |
603,898 |
304,022 |
(299,876) |
(49.66) |
||||||
Rights to Use Airport Facilities, net |
2,090,927 |
- |
(2,090,927) |
(100.00) |
||||||
Improvements to Use Airport Facilities, net |
3,096,801 |
- |
(3,096,801) |
(100.00) |
||||||
Construction in Process |
552,061 |
- |
(552,061) |
(100.00) |
||||||
Others |
30,680 |
- |
(30,680) |
(100.00) |
||||||
Total Fixed Assets |
6,374,367 |
304,022 |
(6,070,345) |
(95.23) |
||||||
Deferred Assets |
||||||||||
Airports Concessions, net |
7,730,583 |
14,646,907 |
6,916,324 |
89.47 |
||||||
Deferred Income Taxes |
- |
- |
- |
- |
||||||
Deferred IETU |
191,850 |
188,985 |
(2,865) |
(1.49) |
||||||
Other |
66,451 |
98,427 |
31,976 |
48.12 |
||||||
Total Deferred Assets |
7,988,884 |
14,934,319 |
6,945,435 |
86.94 |
||||||
Total Assets |
16,279,227 |
17,262,564 |
983,337 |
6.04 |
||||||
Liabilities and Stockholders' Equity |
||||||||||
Current Liabilities |
||||||||||
Trade Accounts Payable |
9,404 |
20,906 |
11,502 |
122.31 |
||||||
Notes Payable |
- |
- |
- |
- |
||||||
Bank Loans |
164,957 |
96,962 |
(67,995) |
(41.22) |
||||||
Accrued Expenses and Others Payables |
179,748 |
450,314 |
270,566 |
150.53 |
||||||
Total Current Liabilities |
354,109 |
568,182 |
214,073 |
60.45 |
||||||
Long Term Liabilities |
||||||||||
Concession Fee |
- |
- |
- |
- |
||||||
Bank Loans |
439,886 |
90,642 |
(349,244) |
(79.39) |
||||||
Deferred Income Taxes |
1,247,832 |
1,518,725 |
270,893 |
21.71 |
||||||
Deferred Flat Rate Business Tax |
691,869 |
766,401 |
74,532 |
10.77 |
||||||
Deferred Employees Profit Sharing |
- |
- |
- |
- |
||||||
Labor Obligations |
7,368 |
10,483 |
3,115 |
42.28 |
||||||
Total Long Term Liabilities |
2,386,955 |
2,386,251 |
(704) |
(0.03) |
||||||
Total Liabilities |
2,741,064 |
2,954,433 |
213,369 |
7.78 |
||||||
Stockholders' Equity |
||||||||||
Capital stock |
12,799,204 |
12,799,204 |
- |
- |
||||||
Legal Reserve |
246,517 |
287,117 |
40,600 |
16.47 |
||||||
Share Repurchase Reserve |
- |
- |
- |
- |
||||||
Net Income for the Period |
467,166 |
775,131 |
307,965 |
65.92 |
||||||
Retained Earnings |
25,276 |
446,679 |
421,403 |
1,667.21 |
||||||
Total Stockholders' Equity |
13,538,163 |
14,308,131 |
769,968 |
5.69 |
||||||
Total Liabilities and Stockholders' Equity |
16,279,227 |
17,262,564 |
983,337 |
6.04 |
||||||
Grupo Aeroportuario del Sureste, S.A.B. de C.V. |
||||||||||||||
Consolidated Statement of Income from |
||||||||||||||
Thousands of Mexican pesos |
||||||||||||||
Item |
Cumulative |
Cumulative |
Variation |
Quarter |
Quarter |
Variation |
||||||||
2009 |
2010 |
% |
2009 |
2010 |
% |
|||||||||
Revenues |
||||||||||||||
Aeronautical Services |
1,083,561 |
1,227,427 |
13.28 |
438,319 |
587,983 |
34.14 |
||||||||
Non-Aeronautical Services |
579,505 |
641,977 |
10.78 |
240,055 |
310,995 |
29.55 |
||||||||
Construction Services |
- |
217,667 |
100.00 |
- |
123,360 |
100.00 |
||||||||
Total Revenues |
1,663,066 |
2,087,071 |
25.50 |
678,374 |
1,022,338 |
50.70 |
||||||||
Operating Expenses |
||||||||||||||
Cost of Services |
386,544 |
405,393 |
4.88 |
196,237 |
220,921 |
12.58 |
||||||||
Cost of Construction |
- |
217,667 |
100.00 |
- |
123,360 |
100.00 |
||||||||
General and Administrative Expenses |
54,039 |
78,590 |
45.43 |
26,196 |
40,082 |
53.01 |
||||||||
Technical Assistance |
57,193 |
64,779 |
13.26 |
21,100 |
29,726 |
40.88 |
||||||||
Concession Fee |
78,632 |
89,843 |
14.26 |
33,940 |
43,454 |
28.03 |
||||||||
Depreciation and Amortization |
315,941 |
178,534 |
(43.49) |
157,617 |
89,321 |
(43.33) |
||||||||
Total Operating Expenses |
892,349 |
1,034,806 |
15.96 |
435,090 |
546,864 |
25.69 |
||||||||
Operating Income |
770,717 |
1,052,265 |
36.53 |
243,284 |
475,474 |
95.44 |
||||||||
Comprehensive Financing Cost |
21,382 |
13,432 |
(37.18) |
(15,049) |
18,442 |
(222.55) |
||||||||
Non-Ordinary Item |
||||||||||||||
Non-Ordinary Item |
12,444 |
676 |
(94.57) |
2,412 |
670 |
(72.22) |
||||||||
Income Before Income Taxes |
779,655 |
1,065,021 |
36.60 |
225,823 |
493,246 |
118.42 |
||||||||
Provision for IETU |
84,590 |
5,146 |
(93.92) |
9,004 |
3,030 |
(66.35) |
||||||||
Provision for Income Tax |
71,272 |
234,383 |
228.86 |
47,564 |
135,319 |
184.50 |
||||||||
Provision for Asset Tax |
18,416 |
- |
(100.00) |
8,944 |
- |
(100.00) |
||||||||
Deferred Income Taxes |
138,211 |
37,768 |
(72.67) |
36,803 |
4,282 |
(88.37) |
||||||||
Deferred IETU |
- |
12,593 |
- |
(1,931) |
5,931 |
(407.15) |
||||||||
Net Income for the Year |
467,166 |
775,131 |
65.92 |
125,439 |
344,684 |
174.78 |
||||||||
Earning per share |
1.5572 |
2.5838 |
65.92 |
0.4181 |
1.1489 |
174.78 |
||||||||
Earning per American Depositary Share (in U.S. Dollars) |
1.2124 |
2.0116 |
65.92 |
0.3255 |
0.8945 |
174.78 |
||||||||
Exchange rate per dollar Ps. 12.8441 |
||||||||||||||
Grupo Aeroportuario del Sureste, S.A.B. de C.V. |
||||||||||||||
Consolidated Statement of Cash flow from January 1 to June 30, 2010 and 2009 |
||||||||||||||
Thousands of Mexican pesos |
||||||||||||||
Related |
Cumulative |
Cumulative |
Variation |
Quarter |
Quarter |
Variation |
||||||||
2009 |
2010 |
% |
2009 |
2010 |
% |
|||||||||
Operating Activities |
||||||||||||||
Income Before Income Taxes |
779,655 |
1,065,021 |
36.60 |
225,823 |
493,246 |
118.42 |
||||||||
Items Related with Investing Activities: |
||||||||||||||
Depreciation and Amortization |
315,941 |
178,534 |
(43.49) |
157,617 |
89,321 |
(43.33) |
||||||||
Loss on Disposal of Fixed Assets |
- |
16,908 |
(18,940) |
|||||||||||
Interest Income |
(49,218) |
(5,654) |
(88.51) |
(19,632) |
(3,455) |
(82.40) |
||||||||
Provisions |
- |
- |
||||||||||||
Sub-Total |
1,046,378 |
1,254,809 |
19.92 |
363,808 |
560,172 |
53.97 |
||||||||
Increase in Trade Receivables |
208,430 |
(9,450) |
(104.53) |
300,095 |
121,517 |
(59.51) |
||||||||
Decrease in Recoverable Taxes and other Current Assets |
189,765 |
(6,601) |
(103.48) |
203,996 |
45,990 |
(77.46) |
||||||||
Other Deferred Assets |
(45,581) |
- |
(100.00) |
(56,552) |
(19,025) |
(66.36) |
||||||||
Income Tax Paid |
(155,862) |
(5,146) |
(96.70) |
(155,862) |
(5,146) |
(96.70) |
||||||||
Trade Accounts Payable |
- |
- |
- |
180 |
(1,103) |
(712.78) |
||||||||
Accrued Expenses and Others Payables |
(431,143) |
17,047 |
(103.95) |
(96,498) |
35,344 |
(136.63) |
||||||||
Long Term Liabilities |
- |
- |
- |
(113) |
(3,796) |
3,261.67 |
||||||||
Net Cash Flow Provided by Operating Activities |
811,987 |
1,250,659 |
54.02 |
559,053 |
733,953 |
31.28 |
||||||||
Investing Activities |
||||||||||||||
Investments in Machinery, Furniture and Equipment, net |
(32,866) |
(180,916) |
450.47 |
(29,202) |
(158,210) |
441.78 |
||||||||
Investments in Rights to Use Airport Facilities |
- |
- |
- |
- |
- |
- |
||||||||
Investments in Construction in Process |
(137,027) |
(108,060) |
(21.14) |
(45,954) |
(3,853) |
(91.62) |
||||||||
Investments in Others |
23,626 |
71,310 |
201.83 |
(828) |
38,704 |
(4,774.40) |
||||||||
Interest Income |
49,218 |
5,654 |
(88.51) |
19,632 |
3,455 |
(82.40) |
||||||||
Net Cash Flow Provided by Investing Activities |
(97,049) |
(212,013) |
118.46 |
(56,352) |
(119,905) |
112.78 |
||||||||
Excess Cash to Use in Financing Activities: |
714,938 |
1,038,647 |
45.28 |
502,701 |
614,049 |
22.15 |
||||||||
Bank Loans |
600,000 |
(363,637) |
(160.61) |
600,000 |
(309,091) |
(151.52) |
||||||||
Dividends Paid |
(1,884,000) |
(750,000) |
(60.19) |
(1,884,000) |
(750,000) |
(60.19) |
||||||||
Tax on dividends Paid |
(191,130) |
(295,720) |
54.72 |
(191,130) |
(295,720) |
54.72 |
||||||||
Net Cash Flow Provided by Financing Activities |
(1,475,130) |
(1,409,357) |
(4.46) |
(1,475,130) |
(1,354,811) |
(8.16) |
||||||||
Net Increase in Cash and Cash Equivalents |
(760,192) |
(370,711) |
(51.23) |
(972,429) |
(740,763) |
(23.82) |
||||||||
Cash and Cash Equivalents at Beginning of Period |
1,733,512 |
961,404 |
(44.54) |
1,945,749 |
1,331,456 |
(31.57) |
||||||||
Cash and Cash Equivalents at the End of Period |
973,320 |
590,693 |
(39.31) |
973,320 |
590,693 |
(39.31) |
||||||||
SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.
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