ASR - 1Q05 Results -- Converted by SECPublisher 2.1.1.6, created by BCL Technologies Inc., for SEC Filing

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 2005

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)

 

Bosque de Alisos No. 474 — 4th Floor
Bosques de las Lomas
05120 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-              .)


 

In Mexico

 

 ASUR
Lic. Adolfo Castro
(5255) 52-84-04-08
acastro@asur.com.mx

 

 

 


 

 

In the United States

 

Breakstone & Ruth

Susan Borinelli / Michael Fehle

(646) 542-2333 / (646) 452-2336

sborinelli@breakstone-group.com

mfehle@breakstone-group.com

 

 

 For Immediate Release                                  

 

ASUR 2Q05 PASSENGER TRAFFIC UP 6.67% YOY

2Q05 Highlights1:

México D.F., July 25, 2005 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, 2005.

___________________
1 Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with Generally Accepted Accounting Principles in Mexico, expressed in constant Mexican pesos as of June 30, 2005, and represent comparisons between the three-month period ended June 30, 2005, and the equivalent three-month period ended June 30, 2004. Tables state figures in thousands of pesos, unless otherwise noted. Passenger figures exclude transit and general aviation passengers. Commercial revenues include revenues from the activities of non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.10.7752.

 

ASUR 2Q05, Page 1 of 15



Passenger Traffic

For the second quarter of 2005, total passenger traffic increased year-over-year by 6.67%; domestic passenger traffic fell by 1.23%; and international passenger traffic increased by 11.5% .

The 1.23% decline in overall domestic passenger traffic mainly reflects the 8.75% decline in domestic traffic at the Cancun airport. This principally reflects that in 2004 the Holy Week and Easter Week vacation period took place in April, while in 2005 both Holy Week and four days of the Easter Week took place in March.

The 11.5% increase in international passenger traffic resulted mainly from the 11.61% growth in traffic at the Cancun airport.

Total, domestic, and international passenger traffic for the first six months of 2005 increased by 9.12%, 1.39% and 13.32%, respectively.

Table I: Domestic Passengers (in thousands) 







Airport 
2Q04 
2Q05 
% Change 
1H04 
1H05 
%Change 
             







Cancún  594.6  542.6  (8.75)  1,038.5  1,004.8  (3.24) 







Cozumel  21.9  19.6  (10.54)  41.0  45.6  11.18 







Huatulco  62.3  60.6  (2.62)  112.8  117.4  4.06 







Merida  197.0  220.6  11.99  391.5  417.3  6.61 







Minatitlan  31.6  35.5  12.07  61.9  64.6  4.36 







Oaxaca  115.9  112.0  (3.30)  245.1  240.7  (1.80) 







Tapachula  48.8  45.0  (7.77)  96.4  92.8  (3.73) 







Veracruz  118.9  129.2  8.65  228.2  247.6  8.48 







Villahermosa  159.3  168.4  5.77  304.0  323.6  6.46 







TOTAL  1,350.2  1,333.6  (1.23)  2,519.4  2,554.4  1.39 







Note: Passenger figures exclude transit and general aviation passengers. 
             
             
Table II: International Passengers (in thousands) 




Airport  2Q04  2Q05  % Change  1H04  1H05 
%Change 
             







Cancun  2,018.5  2,252.8  11.61  4,213.4  4,747.2  12.67 







Cozumel  134.5  143.7  6.83  277.3  316.7  14.23 







Huatulco  2.8  8.6  200.00  20.8  42.2  103.13 







Merida  28.7  28.0  (2.68)  59.0  62.8  6.44 







Minatitlan  0.6  0.7  19.05  1.2  1.5  23.93 







Oaxaca  9.0  13.4  48.72  18.1  31.1  71.67 







Tapachula  0.9  1.4  56.04  1.7  2.7  62.50 







Veracruz  13.6  14.2  4.49  26.0  28.2  8.63 







Villahermosa  9.1  9.7  6.91  17.7  19.8  12.29 







TOTAL  2,217.8  2,472.5  11.5  4,635.0  5,252.2  13.32 







Note: Passenger figures exclude transit and general aviation passengers. 

 

 

ASUR 2Q05, Page 2 of 15


Table III: Total Passengers (in thousands) 







Airport 
2Q04 
2Q05 
% Change 
1H04  1H05 
%Change 
             







Cancun  2,613.1  2,795.4  6.97  5,252.0  5,752.0  9.52 







Cozumel  156.4  163.3  4.40  318.3  362.3  13.84 







Huatulco  65.1  69.2  6.25  133.6  159.6  19.48 







Merida  225.7  248.6  10.13  450.5  480.1  6.58 







Minatitlan  32.3  36.2  12.21  63.0  66.0  4.73 







Oaxaca  124.9  125.4  0.46  263.2  271.8  (3.26) 







Tapachula  49.7  46.4  (6.58)  98.0  95.5  (2.59) 







Veracruz  132.5  143.4  8.22  254.2  275.8  8.50 







Villahermosa  168.4  178.2  5.83  321.6  343.4  6.78 







TOTAL  3,568.1  3,806.1  6.67  7,154.4  7,806.6  9.12 







Note: Passenger figures exclude transit and general aviation passengers. 

Consolidated Results for 2Q05

Total revenues for 2Q05 increased year-over-year by 11.44% to Ps.572.7 million. This was mainly due to:

ASUR classifies revenues from the following activities as commercial revenues: duty free, car rental, retail, banking and currency exchange, advertising, teleservices, non-permanent ground transportation, food and beverage and parking lots.

Commercial revenues improved year-over-year by 25.88%, mainly due to:

ASUR 2Q05, Page 3 of 15


operation of three convenience stores, at the Cancun airport, which were taken from a former concessionaire in May 2004 and the new store openings listed below:

 

Airport  Name  Month Opened 



Cancun  Sunglass Island  August 2004 



Cancun T2 Farmacia Payless  May 2004 



Cancun T2 La Perfumeria  October 2004 



Cancun T2  Le Boutique  January 2005 



Cancun T2 Bijoux Terner  December 2004 



Cancun T2 Harley Davidson  December 2004 



Cozumel  Pineda Covalin  June 2004 



Cozumel  Bijoux Terner  February 2005 



Oaxaca  Airport Free Shop  October 2004 



Villahermosa  Airport Free Shop  March 2005 



Cancun  Sunglass Island  August 2004 



Cancun T2 Farmacia Payless  May 2004 



Cancun T2 La Perfumeria  October 2004 



Cancun T2 Le Boutique  January 2005 



Cancun T2 Bijoux Terner  December 2004 




During 2004 the Company initiated arbitration proceedings against one of the duty free concessionaires (Dufry México S.A de C.V) that operates in the Cancun airport. The dispute relates to the amount paid in rent by this concessionaire for units it occupies in such airport. During the arbitration proceedings, the International Court of Arbitration ruled in favor of ASUR, requiring Dufry México S.A de C.V among other requirements, to pay US$3.7 million in rent owed to ASUR and to deliver one of the duty free stores that it operates in Cancun to ASUR. To-date, Dufry México, S.A. de C.V. has not complied. ASUR has initiated legal proceedings, which are estimated to take approximately six months.

Total operating costs and expenses for 2Q05 increased year-over-year by 10.75% primarily as a result of:

 
A 16.34% increase in costs of services mainly as a result of the costs related to ASUR’s direct commercial operation of a restaurant, a snack bar and four convenience stores previously operated by a former concessionaire, an increase in maintenance expenses, higher payroll resulting from an increase in payroll to unionized employees effective October 2004, as well as expenses associated to the evaluation of new projects.

 

ASUR 2Q05, Page 4 of 15


 
A 2.12% increase in administrative services.
 
A 10.21% increase in the cost of technical assistance, principally due to the increase in EBITDA for the quarter (a basis for the calculation of the fee).
 
An 11.44% increase in concession fees mainly due to higher revenues.
 
A 6.04% increase in depreciation and amortization, resulting from the capitalization of investments in fixed assets, improvements made to concession assets and the partial impact of ASUR’s direct commercial operation of two restaurants, a snack bar and three convenience stores previously operated by former concessionaires.

Operating margin for 2Q05 improved to 43.64% from 43.28% in the second quarter of last year. This was mainly driven by the 11.44%, increase in revenues, principally the 24.91% increase in non-aeronautical revenues, which more than offset the 10.75% 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.39.1 million for 2Q05. Of these payments, Ps.9.9 million was recorded as an expense in the results for the quarter. The difference was recorded as an asset, since the Company expects to recover Ps.29.1 million as a credit against future income tax payments.

Net income for 2Q04 was Ps.160.61 million, a year-over-year increase of 19.83% . Earnings per common share for the quarter were Ps.0.5354, or earnings per ADS (EPADS) (one ADS represents ten series B common shares) of US$0.4968. This compares with Ps.0.4468, or EPADS of US$0.4146, for the same period last year.

 

 

ASUR 2Q05, Page 5 of 15


Table IV:      Summary of Consolidated Results for 2Q05 




 
2Q04 
2Q05 
% Change 
       




       
     Total Revenues  513,904  572,701  11.44 




     Aeronautical Services  383,041  409,244  6.84 




     Non-Aeronautical Services  130,863  163,456  24.91 




               Commercial Revenues  105,911  133,323  25.88 




     Operating Profit  222,430  249,903  12.35 




     Operating Margin %  43.28%  43.64%  0.82% 




     EBITDA  323,458  357,037  10.38 




     EBITDA Margin %  62.94%  62.34%  (0.95) 




     Net Income  134,025  160,607  19.83 




     Net Income per Share  0.4468  0.5354  19.83 




     Net Income per ADS  0.4146  0.4968  19.83 




Note: Figures are shown in thousands of constant Mexican pesos as of June 30, 2005. U.S. dollar 
         figures are calculated at the exchange rate of US$1 = Ps.10.7752 
       
       
Table V: Commercial Revenues per Passenger for 2Q05 




 
2Q04 
2Q05 
%     
 
Change 




Total Passengers (‘000) 
3,650 
3,892 
6.66 




Total Commercial 
105,911 
133,323 
25.88 
 Revenues 
 




    Commercial revenues from 
10,679 
21,069 
97.29 
    direct operations(1) 
 




    Commercial revenues 
95,232 
112,254 
17.87 
    excluding direct operations 
   




       
       
Total Commercial Revenue 
29.02 
34.25 
18.02 
per Passenger   
 




    Commercial revenue from 
2.93 
5.41 
85.27 
    direct operations per 
 
    passenger(1) 
 




    Commercial revenue per 
26.09 
28.84 
10.50 
    passenger (excluding direct 
     
    operations)       




Note: For purposes of this table, 81.4 thousand and 86.3 thousand transit and general aviation passengers are included for 2Q04 and 2Q05, respectively. Revenue figures are shown in thousand of constant Mexican pesos as of June 30, 2005.
   
  (1) Revenue from direct commercial operations includes two restaurants, a snack bar and thee convenience stores. Revenue for 2004 only includes the concession fee from the previous concessionaire.

 

 

ASUR 2Q05, Page 6 of 15


Table VI: Operating Costs and Expenses for 2Q05 




 
2Q04 
2Q05 
%     
     
Change 




Costs of Services  122,391  142,391  16.34 




Administrative  25,330  25,867  2.12 




Technical Assistance  17,030  18,769  10.21 




Concession Fees  25,695  28,636  11.44 




Depreciation and Amortization  101,029  107,134  6.04 




  TOTAL  
291,475  322,798  10.75 




 Note:  Figures are shown in thousands of constant Mexican pesos as of June 30, 2005. 

Consolidated Results for the First Six-Months of 2005

Total revenues for the six-month period increased year-over-year by 16.61% to Ps. 1,163.0 million. This was mainly due to:

Commercial revenues for six-month period increased year-over-year by 39.55% mainly due to:

 

ASUR 2Q05, Page 7 of 15


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




 
First Half 
First Half 
%     
 
2004    
2005    
Change 




Total Revenues  997,416 
1,163,053 
16.61 




Aeronautical Services  760,281 
842,765 
10.85 




Non-Aeronautical Services  237,135 
320,287 
35.07 




Commercial Revenues 
187,311 
261,388 
39.55 




Operating Profit  441,203 
535,569 
20.94 




Operating Margin %  44.23% 
45.88% 
3.71% 




EBITDA  640,788 
744,512 
16.19 




EBITDA Margin %  64.24% 
64.01% 
(0.36) 




Net Income  271,895 
376,555 
38.49 




Earnings per Share  0.9063 
1.2552 
38.49 




Earnings per ADS in US$  0.8411 
1.1649 
38.49 




Note: Figures are shown in thousands of constant Mexican pesos as of June 30, 2005. U.S. dollar 
figures are calculated at the exchange rate of US$1 = Ps.10.7752. 
       
Table VIII: Commercial Revenues for the Six -Month Period 




 
First Half 
First Half 
%     
 
 2004    
2005    
Change 




Total Passengers (‘000) 
7,321 
7,984 
9.05 




Total Commercial 
187,311 
261,388 
39.55 
Revenues 
 




         Commercial revenues from 
10,679 
40,908 
283.06 
         direct operations (1) 
 




         Commercial revenues 
176,631 
220,480 
24.83 
         excluding direct operations 
   




 
   
 
   
Total Commercial Revenue 
25.58 
32.74 
27.95 
per Passenger 
 




         Commercial revenue from 
1.46 
5.12 
253.10 
         direct operations per 
 
         passenger(1) 
 




         Commercial revenue per 
24.13 
27.62 
14.47 
         passenger (excluding direct 
   
         operations) 
   




Note: For purposes of this table, 166.8 thousand and 177.2 thousand transit and general aviation passengers are included for 1H04 and 1H05, respectively. Revenue figures are shown in thousand of constant Mexican pesos as of June 30, 2005.
   
  (1) Revenues from direct commercial operations include a restaurant, a snack bar and three convenience stores.

 

ASUR 2Q05, Page 8 of 15



Table IX:    Operating Costs and Expenses for the Twelve-Month Period
 
First Half 
First Half 
%     
 
2004    
2005    
Change 




Costs of Services  217,943  268,074  23.00 




Administrative  55,001  53,084  (3.49) 




Technical Assistance  33,816  39,230  16.01 




Concession Fees  49,868  58,153  16.61 




Depreciation and Amortization  199,585  210,943  5.69 




TOTAL  556,213  629,484  13.17 




Note: Figures are shown in thousands of constant Mexican pesos as of June 30, 2005.   

Costs and expenses for the six-months increased year-over-year by 13.17%, mainly due to:

Operating margin rose to 45.88%, up from 44.23% for the six-month period ended June 30, 2004. This increase was mainly due to the increase in revenues and cost controls.

Net income for the six-months increased by 38.49% to Ps.376.55 million. Earnings per common share for the period were Ps.1.2552, or earnings per ADS (EPADS) (one ADS represents ten series B common shares) of US$1.1649. This compares with Ps.0.9063, or EPADS of US$0.8411, for the same period last year.

 

ASUR 2Q05, Page 9 of 15



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 1H05 were Ps. 894.67 million, resulting in an average tariff per work load unit of Ps.101.38 for the period. ASUR’s regulated revenues accounted for approximately 76.92% 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, 2005, Airport Facility Usage Rights and Airport Concessions represented 82.94% of the Company’s total assets, with current assets representing 11.85% and other assets representing 5.21% .

On June 30, 2005 cash and marketable securities were Ps.1,303.55 million. On the same date, shareholder’s equity was Ps.12,533.26 million and total liabilities were Ps.824.44 million, representing 93.82% and 6.18% of total assets, respectively. Total deferred liabilities represented 77.12% of the Company’s total liabilities.

Capex

During the quarter, ASUR made investments of Ps.139.85 million as part of the Company’s ongoing plan to modernize its airports. Capital investment for the first six months of the year totaled Ps.237.94 million

Corporate Developments

Minimal Impact from Hurricane Emily
On July, 2005 Hurricane Emily passed into areas where some of ASUR’s airports are located. As previously noted, adverse weather conditions caused minimal damage to the Cancun, Cozumel and Merida airports. As a safety precaution these airports were closed for 16, 20 and 10 hours, respectively, and 164, 9 and 14 inbound and outbound flights were cancelled. ASUR’s management believes no major damage resulted from the hurricane.

 

ASUR 2Q05, Page 10 of 15


2Q05 Earnings Conference Call 

 
Day:    July 26, 2005 
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:    7557112 
Replay:    Starting Tuesday, July 26 at 2:00 PM US EST, ending at 
    midnight US EDT on Tuesday, August 2. Dial-in number: 
    (800) 642-1687 (US & Canada); (706) 645-9291 
    (International & Mexico). Access Code: 7557112. 

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 2Q05, Page 11 of 15


Operating Results per Airport             







 
2Q04   
2Q05   
%     
First Half  
First Half
%     
 
Change 
2004     
2005     
Change 







Cancun             







Aeronautical  294,816  311,874  5.79  583,638  642,457  10.08 
Revenues             







Non-aeronautical  104,571  131,830  26.07  185,915  259,992  39.84 
Revenues             







Operating Profit  214,414  239,952  11.91  421,324  501,493  19.03 







EBITDA  279,015  306,776  9.95  548,054  634,658  15.80 







Cozumel             







Aeronautical  15,888  18,598  17.06  32,137  41,522  29.20 
Revenues             







Non-aeronautical  4,988  5,930  18.89  9,754  11,785  20.82 
Revenues             







Operating Profit  2,762  8,418  204.78  8,039  20,803  158.78 







EBITDA  7,897  13,664  73.03  18,310  31,289  70.88 







Merida             







Aeronautical  21,301  22,251  4.46  42,101  43,636  3.65 
Revenues             







Non-aeronautical  7,707  8,850  14.83  15,487  16,508  6.59 
Revenues             







Operating Profit  2,698  559  (79.28)  4,597  4,587  (0.22) 







EBITDA  11,403  11,134  (2.36)  22,008  22,857  3.86 







Villahermosa             







Aeronautical  15,269  15,777  3.33  29,248  30,342  3.74 
Revenues             







Non-aeronautical  4,316  4,975  15.27  8,269  9,499  14.87 
Revenues             







Operating Profit  5,702  3,546  (37.81)  9,427  8,578  (9.01) 







EBITDA  10,861  8,982  (17.30)  19,745  19,453  (1.48) 







Others             







Aeronautical  35,768  40,745  13.91  73,158  84,809  15.93 
Revenues             







Non-aeronautical  9,281  11,872  27.92  17,709  22,503  27.07 
Revenues             







Operating Profit  (3,146)  (2,572)  (18.25)  (2,184)  (1,892)  (13.37) 







Others  14,281  16,481  15.41  32,671  36,255  10.97 







TOTAL             







Aeronautical  383,041  409,244  6.84  760,281  842,765  10.85 
Revenues             







Non-aeronautical  130,863  163,456  24.91  237,135  320,287  35.07 
Revenues             







Operating Profit  222,430  249,903  12.35  441,203  533,569  20.94 







EBITDA  323,458  357,037  10.38  640,788  744,512  16.19 







Note: All figures are in thousands of constant Mexican pesos as of June 30, 2005. 

ASUR 2Q05, Page 12 of 15


Grupo Aeroportuario del Sureste, S.A. de C.V.
Consolidated Balance Sheet as of June 30 th, 2005 and 2004
Thousands of Mexican pesos in purchasing power as of June 30 th, 2005
 
 
 
I t e m 
  June 2004   
June 2005 
  Variation    % 
                 
A s s e t s 
               
Current Assets                 
       Cash and cash equivalents    892,909    1,303,551    410,642   
45.99 
       Trade receivables, net    257,256    246,418    (10,839)   
(4.21) 
       Recoverable taxes and other current assets    50,659    32,606    (18,054)   
(35.64) 




Total Current Assets    1,200,825    1,582,574    381,749   
31.79 
               
Fixed Assets               
       Machinery, furniture and equipment, net    84,686    106,092    21,405   
25.28 
       Rights to use airport facilities, net    2,201,549    2,130,284    (71,265)   
(3.24) 
       Improvements to use airport facilities, net    1,006,732    1,151,760    145,028   
14.41 
       Constructions in process    175,700    482,867    307,168   
174.83 
       Others    32,589    9,298    (23,291)   
(71.47) 




Total Fixed Assets    3,501,256    3,880,301    379,045   
10.83 
               
Defferred Assets               
       Airports concessions, net    8,030,494    7,797,269    (233,225)   
(2.90) 
       Defferred income taxes    0    -    (0)   
(100.00) 
       Other    95,675    97,569    1,894   
1.98 




Total Defferred Assets    8,126,169    7,894,838    (231,331)   
(2.85) 
               
Total Assets 
  12,828,250    13,357,713    529,463   
4.13 
               
Liabilities and Stockholder's Equity 
             
Current Liabilities               
       Trade accounts payable    4,796    6,581    1,785   
37.23 
       Notes payable    -    (0)    (0)   
- 
       Accrued expenses and others payables    149,083    168,584    19,500   
13.08 




Total Current Liabilities    153,879    175,165    21,286   
13.83 
               
Long term liabilities               
       Other    15,965    13,494    (2,470)   
(15.47) 
       Defferred income taxes    534,140    597,523    63,382   
11.87 
       Defferred employees profit sharing    39,120    37,496    (1,624)   
(4.15) 
       Labor Obligations    551    769    218   
39.51 




Total long term liabilities    589,776    649,282    59,506   
10.09 
               
Total Liabilities    743,655    824,447    80,792   
10.86 
               
Stockholder's Equity 
             
       Capital stock    11,564,073    11,564,073    (0)   
(0.00) 
       Legal Reserve    69,429    100,020    30,591   
44.06 
       Share repurchase reserve    161,194    492,619    331,425   
205.61 
       Net Income for the period    271,895    376,555    104,659   
38.49 
       Retained earnings    18,004    0    (18,004)   
(100.00) 




       Total stockholderps Equity    12,084,595    12,533,266    448,672   
3.71 
               
Total Liabilities ans Stockholder's Equity 
  12,828,250    13,357,713    529,463   
4.13 





ASUR 2Q05, Page 13 of 15


Grupo Aeroportuario del Sureste, S.A. de C.V.
Consolidated Balance Sheet as of June 30 th, 2005 and 2004
Thousands of Mexican pesos in purchasing power as of June 30 th, 2005
 
 
 

I t e m 
 
 
Accumulative 
Accumulative 
Variation 
Quarter 
Quarter 
Variation 
 
2004 
2005 
% 
2004 
2005 
% 
                         
Revenues                         
           Aeronautical Services    760,281    842,765   
10.85 
  383,041    409,244   
6.84 
           
         
           Non-Aeronautical Services    237,135    320,287   
35.07 
  130,863    163,456   
24.91 






Total Revenues    997,416    1,163,053   
16.61 
  513,904    572,701   
11.44 
           
         
Operating Expenses           
         
           
         
           Cost of services    217,943    268,074   
23.00 
  122,391    142,391   
16.34 
           General and administrative expenses    55,001    53,084   
(3.49) 
  25,330    25,867   
2.12 
           Technical Assistance    33,816    39,230   
16.01 
  17,030    18,769   
10.22 
           Concession fee    49,868    58,153   
16.61 
  25,695    28,636   
11.44 
           Depreciation and Amortization    199,585    210,943   
5.69 
  101,029    107,134   
6.04 






Total Operating Expenses    556,213    629,484   
13.17 
  291,475    322,798   
10.75 
           
         
Operating Income    441,203    533,569   
20.93 
  222,430    249,903   
12.35 
           
         
Comprehensive Financing cost    (4,986)    7,808   
(256.60) 
  140    5,852   
4,109.35 






                       
Extraordinary and Special Items                       
           Rescue Clause    2,471    15   
(99.39) 
  (1,144)    15   
(101.31) 
           Special items ( NMO Restructuring )    9,378    0   
(100.00) 
  4,612    (15)   
(100.30) 
           
         
Income Before Income Taxes    424,367    541,362   
27.57 
  219,101    255,754   
16.73 
           
         
           Provision for Income Taxes    28,426    15,607   
(45.10) 
  15,481    9,957   
(35.68) 
           Defferred income taxes    124,046    149,200   
20.28 
  69,595    85,191   
22.41 
           Defferred employees profit sharing    -    -    -    -    -   
- 






                       
           Net Income for the Year    271,895    376,555   
38.49 
  134,025    160,607   
19.83 






           
         
Earning per share    0.9063    1.2552   
38.49 
  0.4468    0.5354   
19.83 
Earning per ads usd    0.8411    1.1649   
38.49 
  0.4146    0.4968   
19.83 
Exchange rate per dollar 10.7752                       














ASUR 2Q05, Page 14 of 15


Grupo Aeroportuario del Sureste, S.A. de C.V. 
Consolidated Statement of Changes in Financial Position from January 1st to June 30 th, 2005 and 2004 
Thousands of Mexican pesos in purchasing power as of June 30 th, 2005 
 
 
 



                         
I t e m 
 
Accumulative 
Accumulative 
Variation 
Quarter 
Quarter 
Variation 
 
2004 
2005 
% 
2004 
2005 
% 
                         
Net Income for the Year    271,895    376,555    38.49    134,025    160,607    19.83 
 Depreciation and Amortization    199,585    210,943    5.69    101,029    107,134    6.04 
Resources provided by operations    471,480    587,498    24.61    235,054    267,741    13.91 
Changes in operating assets and liabilities:                         
Decrease (increase) in:                         
 Trade receivables    (76,488)    (32,430)    (57.60)    (8,598)    22,707    (364.09) 
 Recoverable taxes and other current assets    108,539    (1,227)    (101.13)    42,834    4,054    (90.54) 
 Other defferred assets    (82,040)    9,883    (112.05)    (81,859)    11,138    (113.61) 
Increase (decrease) in:                         
 Trade accounts payable    (6,011)    (4,506)    (25.03)    913    1,097    20.20 
 Accrued expenses and others payables    (57,558)    962    (101.67)    (60,998)    (1,332)    (97.82) 
   Long term liabilities    67,198    13,611    (79.74)    43,337    (30,880)    (171.26) 






Resources provided by (used for) working capital    (46,359)    (13,707)    (70.43)    (64,372)    6,785    (110.54) 
Resources provided by (used for) operating activities    425,121    573,791    34.97    170,682    274,526    60.84 
Resources provided by (used for) financing activities:    (175,382)    (187,482)    6.90    (175,382)    (187,482)    6.90 






 Notes payable    -    -    -    -    -    - 
 Others    (175,382)    (187,482)    6.90    (175,382)    (187,482)    6.90 
Resources provided by (used for) investing activities:    (110,028)    (237,937)    116.25    (79,081)    (139,855)    76.85 






 Investments in machinery, furniture and equipment, net    (11,282)    (27,285)    141.84    (8,265)    (18,105)    119.06 
 Investments in rights to use airport facilities    (325)    0    (100.01)    (59)    0    (100.03) 
 Investments in constructions in process    (71,617)    (222,124)    210.16    (49,521)    (120,826)    143.99 
 Investments in others    (26,803)    11,472    (142.80)    (21,236)    (924)    (95.65) 
Increase (Decrease) in cash and cash equivalents 
  139,711    148,372    6.20    (83,781)    (52,811)    (36.97) 
Cash and cash equivalents at beginning of the financial period    753,197    1,155,180    53.37    976,690    1,356,362    38.87 
Cash and cash equivalents at the end of the financial period    892,908    1,303,551    45.99    892,909    1,303,551    45.99 







ASUR 2Q05, Page 15 of 15


SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



Grupo Aeroportuario del Sureste, S.A. de C.V.
 


By:   /s/ ADOLFO CASTRO RIVAS      
               Adolfo Castro Rivas
               Director of Finance

Date: July 25, 2005