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 October 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-              .)


Contacts:

 

ASUR

Lic. Adolfo Castro

(52) 55-5284-0408

acastro@asur.com.mx

 

Breakstone & Ruth

Susan Borinelli/Michael Fehle

(646) 452-2333 / 2336

sborinelli@breakstone-group.com

mfehle@breakstone-group.com

 

For Immediate Release

 

ASUR 3Q05 PASSENGER TRAFFIC DOWN 4.82% YOY

 

Cautionary Statement: Readers should be aware that the information contained in this report reflects the results for the third quarter of 2005, which ended September 30, 2005. As such, it does not reflect the impact of Hurricane Wilma, which struck the Yucatan Peninsula for four days starting October 20, 2005. For additional details regarding the impact of this hurricane on ASUR’s operations, please refer to page 10 of this report.

 

3Q05 Highlights1:

 

EBITDA increased by 0.33% to Ps.331.78 million

 

Total passenger traffic down by 4.82%

 

Total revenues up by 1.68%, mainly due to a 26.27% increase in non-aeronautical revenues

 

Commercial revenues per passenger increased by 35.46%, to Ps.44.13 per passenger, reflecting gains from the arbitration decision in Asur’s favor

 

Operating income declined 1.31%

 

EBITDA margin was 61.68% compared with 62.52%

 

                          

 

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 September 30, 2005, and represent comparisons between the three-month period ended September 30, 2005, and the equivalent three-month period ended September, 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.10.7907.

 

 

ASUR 3Q05, Page 1 of 15

 



 

 

México D.F., October 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 nine-month periods ended September 30, 2005.

 

Passenger Traffic

 

For 3Q05, total passenger traffic declined year-over-year by 4.82%; domestic passenger traffic fell by 4.12%; and international passenger traffic fell by 5.34%. Asur’s management believes that the lower passenger traffic numbers to Cancun and Cozumel during the quarter were largely the result of the impact of Hurricane Emily in July 2005, which forced the closure of 5,153 and 500 hotel rooms in Cancun and Cozumel, respectively. These numbers represent 9.98% and 13.40% of the hotel rooms which were available in these cities prior to the hurricane.

 

As of September 30, 2,918 rooms out of the original 5,153 remained out of service. This figure does not take into account the damage caused by Hurricane Wilma. Please refer to page 10 for more details regarding this event.

 

The 4.12% decline in overall domestic passenger traffic mainly reflects the 39.20% drop in domestic traffic at the Cancun airport.

 

The 5.34% drop in international passenger traffic resulted mainly from declines of 3.86% and 37.10% in traffic at the Cancun and Cozumel airports, respectively.

 

For the first nine months of 2005, total passenger traffic rose by 4.50%, with international passenger traffic up 7.60% and domestic passenger traffic down 0.66%.

 

Table I: Domestic Passengers (in thousands)

Airport

3Q04

3Q05

% Change

9M04

9M05

%Change

Cancún

689.4

630.3

(8.57)

1,728.0

1,635.0

(5.38)

Cozumel

27.8

16.9

(39.21)

68.8

62.5

(9.16)

Huatulco

74.7

71.2

(4.69)

187.5

189.2

0.91

Merida

210.3

219.2

4.23

601.4

636.5

5.84

Minatitlan

30.7

38.0

23.78

92.6

102.6

10.80

Oaxaca

119.7

121.9

1.84

364.9

362.6

(0.63)

Tapachula

46.4

42.8

(7.76)

142.8

135.5

(5.11)

Veracruz

139.7

128.3

(8.16)

368.0

375.9

2.15

Villahermosa

164.5

172.7

4.98

468.5

496.3

5.93

TOTAL

1,503.2

1,441.3

(4.12)

4,022.5

3,996.1

(0.66)

 

Note:

Passenger figures exclude transit and general aviation passengers.

 

 

 

ASUR 3Q05, Page 2 of 15

 



 

 

Table II: International Passengers (in thousands)

Airport

3Q04

3Q05

% Change

9M04

9M05

%Change

 

Cancun

1,837.6

1,766.7

(3.86)

6,051.0

6,514.0

7.65

Cozumel

124.8

78.5

(37.10)

402.0

395.2

(1.69)

Huatulco

2.0

3.7

85.00

22.8

45.4

99.12

Merida

33.8

32.9

(2.66)

92.9

95.7

3.01

Minatitlan

0.9

1.0

11.11

2.0

2.4

20.00

Oaxaca

15.4

18.4

19.48

33.5

49.5

47.76

Tapachula

1.1

1.4

27.27

2.8

4.1

46.43

Veracruz

15.7

19.6

24.84

41.7

47.8

14.63

Villahermosa

11.6

11.6

0.00

29.2

31.4

7.53

TOTAL

2,042.9

1,933.8

(5.34)

6,677.9

7,185.5

7.60

 

Note:

Passenger figures exclude transit and general aviation passengers.

 

 

 

Table III: Total Passengers (in thousands)

Airport

3Q04

3Q05

% Change

9M04

9M05

%Change

 

Cancun

2,527.0

2,397.0

(5.14)

7,779.0

8,149.0

4.76

Cozumel

152.6

95.4

(37.48)

470.8

457.7

(2.78)

Huatulco

76.7

74.9

(2.35)

210.3

234.6

11.55

Merida

244.0

252.1

3.28

694.3

732.2

5.46

Minatitlan

31.6

39.0

23.42

94.6

105.0

10.99

Oaxaca

135.1

140.3

3.85

398.4

412.1

3.44

Tapachula

47.5

44.2

(6.95)

145.6

139.6

(4.12)

Veracruz

155.5

147.9

(4.83)

409.7

423.7

3.42

Villahermosa

176.1

184.3

4.66

497.7

527.7

6.03

TOTAL

3,546.1

3,375.1

(4.82)

10,700.4

11,181.6

4.50

 

Note:

Passenger figures exclude transit and general aviation passengers.

 

 

 

Consolidated Results for 3Q05

 

Total revenues for 3Q05 increased year-over-year by 1.68% to Ps.537.8 million. This was mainly due to:

 

 

An increase of 26.27% in revenues from non-aeronautical services, principally as a result of the 29.39% increase in commercial revenues. This mainly reflects the net payment of Ps.32.5 million in August in back rent owed to ASUR by Dufry Mexico for units it occupies in Cancun airport, as mandated by the ruling of the International Court of Arbitration in favor of ASUR; and the Ps.9.9 million payment by Aldeasa owed to ASUR. Excluding the impact of these two items, commercial revenue per passenger declined 1.80% YoY, impacted by the appreciation of the Mexican Peso against the US dollar by approximately 5.49%.

 

 

ASUR 3Q05, Page 3 of 15

 



 

 

 

This was partially offset by a decrease of 7.32% in revenues from aeronautical services, principally as a result of the above mentioned decline in passenger traffic.

 

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 29.39%, mainly due to:

 

 

A 124.45% increase in Duty-free revenues, principally from the net effect of the payment of Ps.32.5 million (US$3.0 million) in rent owed to ASUR by Dufry Mexico for units it occupies in Cancun airport, as mandated by the ruling of the International Court of Arbitration in favor of ASUR and the Ps.9.9 million payment by Aldeasa owed to ASUR.

 

 

An increase of 0.35% in food and beverage revenues.

 

 

A 12.64% increase in advertising revenues, resulting from more efficient use of advertising spaces.

 

 

A 6.03% increase in revenue from car rental companies as two new car rental companies began operations at Huatulco airport.

 

 

A 22.36% increase in parking lots revenue, due to a tariff adjustment and higher demand mainly at Villahermosa airport.

 

This increase in commercial revenues was partially offset by a 3.41% decline in retail revenues, mainly as a result of the decline in passenger traffic at the Cancun and Cozumel airports during the quarter.

 

Total operating costs and expenses for 3Q05 increased year-over-year by 3.94% primarily as a result of:

 

 

A 10.26% increase in costs of services mainly as a result of an increase in maintenance expenses, higher payroll resulting from an increase in wages to unionized employees effective October 2004, higher consumption of electricity by the new access roads to Terminal 1 in Cancun airport, as well as expenses associated with the evaluation of new projects.

 

 

A 1.67% increase in concession fees mainly due to higher revenues.

 

 

A 3.96% increase in depreciation and amortization, resulting from the capitalization of investments in fixed assets and improvements made to concession assets.

 

ASUR 3Q05, Page 4 of 15

 



 

 

These costs were partially offset by:

 

 

A 19.19% decline in administrative services, reflecting lower consulting fees.

 

 

A 1.81% decline in the cost of technical assistance, principally as a result of lower out of pocket expenses from the company’s strategic partner.

 

Operating margin for 3Q05 declined to 41.78% from 43.04% in the third quarter of last year. This was mainly driven by the 3.94% increase in costs and expenses for the quarter, primarily the 10.26% increase in the cost of services.

 

Mexican companies are generally required to pay the greater of their income tax liability or their asset tax liability (determined at a rate of 1.8% of the average tax value of virtually all of the company’s assets (including, in ASUR’s case, its concessions), less the average tax value of certain liabilities (essentially liabilities of companies resident in Mexico, excluding those related to financial institutions and their intermediaries)). ASUR made asset tax payments of Ps.39.3 million for 3Q05. Of this total amount, Ps.9.2 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.30.1 million as a credit against future income tax payments.

 

Net income for 3Q04 was Ps.168.33 million, a year-over-year increase of 19.70%. Earnings per common share for the quarter were Ps.0.5611, or earnings per ADS (EPADS) of US$0.5200 (one ADS represents ten series B common shares). This compares with Ps.0.4688, or EPADS of US$0.4344, for the same period last year.

 

Table IV:

Summary of Consolidated Results for 3Q05

 

 

3Q04

3Q05

% Change

Total Revenues

528,978

537,872

1.68

Aeronautical Services

387,257

358,916

(7.32)

Non-Aeronautical Services

141,721

178,955

26.27

        Commercial Revenues

118,239

152,991

29.39

Operating Profit

227,696

224,710

(1.31)

Operating Margin %

43.04%

41.78%

(2.94)

EBITDA

330,692

331,782

0.33

EBITDA Margin %

62.52%

61.68%

(1.33)

Net Income

140,633

168,332

19.70

Net Income per Share

0.4688

0.5611

19.70

Net Income per ADS

0.4344

0.5200

19.70

Note:

Figures are shown in thousands of constant Mexican pesos as of September 30, 2005.

 

U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.10.7907

 

 

ASUR 3Q05, Page 5 of 15

 



Table V:

Commercial Revenues per Passenger for 3Q05

 

 

 

3Q04

3Q05

%

Change

Total Passengers (‘000)

3,630

3,467

(4.49)

Total Commercial Revenues

118,239

152,991

29.39

Commercial revenues from direct operations(1)

19,537

24,083

23.28

Commercial revenues excluding direct operations

98,702

128,908

30.60

       
Total Commercial Revenue per Passenger

32.57

44.13

35.46

Commercial revenue from direct operations per passenger(1)

5.38

6.95

29.00

Commercial revenue per passenger (excluding direct operations)

27.19

37.18

36.70

 

 

Note: For purposes of this table, 84.0 thousand and 92.1 thousand transit and general aviation passengers are included for 3Q04 and 3Q05, respectively. Revenue figures are shown in thousands of constant Mexican pesos as of September 30, 2005.

 

(1) Revenue from direct commercial operations includes two restaurants, a snack bar and three convenience stores. Revenue for 2004 only includes the concession fee from the previous concessionaire.

 

Table VI:

Operating Costs and Expenses for 3Q05

 

 

 

3Q04

3Q05

%Change

 

Costs of Services

126,250

139,198

10.26

 

Administrative

27,383

22,128

(19.19)

 

Technical Assistance

18,202

17,872

(1.81)

 

Concession Fees

26,451

26,892

1.67

 

Depreciation and Amortization

102,996

107,072

3.96

 

TOTAL

301,282

313,161

3.94

 

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

 

 

 

Consolidated Results for the First Nine Months of 2005

 

Total revenues for the nine-month period increased year-over-year by 11.45% to Ps. 1,711.66 million. This was mainly due to:

 

 

An increase of 4.74% in revenues from aeronautical services, as a result of the passenger traffic increase during the period.

 

An increase of 31.78% in revenues from non-aeronautical services, principally as a result of the 35.62% increase in commercial revenues.

 

ASUR 3Q05, Page 6 of 15

 



 

This mainly reflects the net payment of Ps.32.5 million in August in rent owed to ASUR by Dufry Mexico for units it occupies in Cancun airport, as mandated by the ruling of the International Court of Arbitration in favor of ASUR; and the Ps.9.9 million payment by Aldeasa owed to ASUR.

 

Excluding the impact of these two items, commercial revenue per passenger for the nine-month period rose by 9.44%. This also reflects the negative impact from the approximately 3.22% appreciation of the Mexican peso against the US dollar during the period.

 

Commercial revenues for the nine-month period increased year-over-year by 35.62% mainly due to:

 

 

A 69.53% rise in duty-free revenues, principally due to payments due to ASUR received as a result of the ruling of the International Court of Arbitration in favor of ASUR and the Ps.9.9 million payment by Aldeasa owed to ASUR.

 

 

A 30.67% increase in food and beverage revenues, reflecting revenues from ASUR’s direct commercial operations.

 

 

A 48.51% increase in retail revenues, principally resulting from revenue from the three convenience stores formerly operated by concessionaires that have been operated by ASUR since May 2004. The increase in retail revenues also reflects income from the concessions granted for 16 new convenience stores at the Cancun, Cozumel, Villahermosa and Oaxaca airports.

 

 

A 26.62% increase in revenue from parking lots resulting from the adjustment of ASUR’s tariffs.


 

A 7.19% increase in advertising revenues, as a result of the increase in the minimum fee paid by the Company’s main advertising operator and more efficient use of advertising space.

 

This was partially offset by a 16.00% decrease in revenue from banking and currency exchange services.

 

 

ASUR 3Q05, Page 7 of 15

 



 

 

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

 

 

Nine Months

2004

Nine Months

2005

%

Change

 

Total Revenues

1,535,833

1,711,659

11.45

 

Aeronautical Services

1,154,809

1,209,548

4.74

 

Non-Aeronautical Services

381,024

502,111

31.78

 

Commercial Revenues

307,260

416,720

35.62

 

Operating Profit

673,785

762,443

13.16

 

Operating Margin %

43.87%

44.54%

1.53

 

EBITDA

977,659

1,082,386

10.71

 

EBITDA Margin %

63.66%

63.24%

(0.66)

 

Net Income

415,278

548,329

32.04

 

Earnings per Share

1.3843

1.8278

32.04

 

Earnings per ADS in US$

1.2828

1.6938

32.04

 

Note:

Figures are shown in thousands of constant Mexican pesos as of September 30, 2005.

 

 

U.S. dollar

figures are calculated at the exchange rate of US$1 = Ps. 10.7907

 

 

 

Table VIII: Commercial Revenues for the Nine-Month Period

 

Nine Months

2004

Nine Months

2005

%

Change

Total Passengers (‘000)

10,951

11,451

4.56

Total Commercial Revenues

307,260

416,720

35.62

Commercial revenues from direct operations (1)

30,417

65,365

114.90

Commercial revenues excluding direct operations

276,844

351,355

26.91

 

 

 

 

 

Total Commercial Revenue per Passenger

28.06

36.40

29.73

Commercial revenue from direct operations per passenger(1)

2.78

5.71

105.78

Commercial revenue per passenger (excluding direct operations)

25.28

30.68

21.41

 

Note: For purposes of this table, 250.8 thousand and 269.3 thousand transit and general aviation passengers are included for 9M04 and 9M05, respectively. Revenue figures are shown in thousands of constant Mexican pesos as of September 30, 2005.

 

(1) Revenues from direct commercial operations include a restaurant, a snack bar and three convenience stores.

 

 

ASUR 3Q05, Page 8 of 15

 



 

 

Table IX:        Operating Costs and Expenses for the Nine-Month Period

 

Nine Months

2004

Nine Months

2005

%

Change

Costs of Services

346,186

410,545

18.59

Administrative

82,887

75,696

(8.67)

Technical Assistance

52,327

57,461

9.81

Concession Fees

76,774

85,571

11.46

Depreciation and Amortization

303,875

319,944

5.29

TOTAL

862,049

949,217

10.11

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

 

Costs and expenses for the nine-months increased year-over-year by 10.11%, mainly due to the following:

 

 

Costs of services for the period increased year-over-year by 18.59%. This increase was primarily due to costs related to the direct operation by ASUR of two restaurants, a snack bar and three convenience stores previously operated by former concessionaires. The increase in costs of services also resulted from higher maintenance expenses, an increase in payroll resulting from the relocation of personnel from ASUR’s corporate headquarters to the airport level, principally at Cancun, an increase in salaries to unionized employees effective October 2004 and expenses associated with the evaluation of new projects.

 

 

Technical assistance costs increased by 9.81% reflecting the corresponding increase in EBITDA during the period.

 

 

Concession fees increased 11.46% mainly due to higher revenues.

 

 

Depreciation and amortization rose by 5.29%, mainly due to the capitalization of investments in fixed assets and improvements made to concession assets.

 

The increase in costs was partially offset by a 8.67% decline in Administrative expenses reflecting the reorganization in February 2004 of certain functions from the corporate to the airport level.

 

Operating margin rose to 44.54%, up from 43.87% for the nine-month period ended September 30, 2004.

 

Net income for the nine-months increased by 32.04% to Ps.584.33 million. Earnings per common share for the period were Ps.1.8278, or earnings per ADS (EPADS) of US$1.6938 (one ADS represents ten series B common shares). This compares with Ps.1.3843, or EPADS of US$1.2828, for the same period last year.

 

Tariff Regulation

 

ASUR 3Q05, Page 9 of 15

 



 

 

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 nine-month period were Ps.1,283.89 million, resulting in an average tariff per workload unit of Ps.104.97 for the period. ASUR’s regulated revenues accounted for approximately 75.01% 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 September 30, 2005, Airport Facility Usage Rights and Airport Concessions represented 81.00% of the Company’s total assets, with current assets representing 12.51% and other assets representing 6.49%.

 

On September 30, 2005 cash and marketable securities were Ps.1,483.72 million. On the same date, shareholder’s equity was Ps.12,816.16 million and total liabilities were Ps.867.59 million, representing 93.65% and 6.34% of total assets, respectively. Total deferred liabilities represented 78.75% of the Company’s total liabilities.

 

Capex

 

During the quarter, ASUR made investments of Ps.197.86 million as part of the Company’s ongoing plan to modernize its airports. Capital investment for the nine-month period totaled Ps.437.97 million

 

Impact of Hurricane Wilma

 

Hurricane Wilma struck the Yucatan Peninsula on October 20, 2005 and remained stalled over the peninsula for four days, causing damage to the region’s infrastructure. Following preliminary damage evaluation, the company can report the following:

 

1.

Cozumel and Cancun airports closed on October 20 at 3:00pm and 7:00pm local time respectively, and remain closed at this time. The company has not yet quantified the number of flights that were cancelled as a result of the hurricane, nor can it estimate when these airports will reopen for commercial traffic.

 

2.

It is not yet possible to quantify the damage caused by the hurricane to the infrastructure of the Cozumel and Cancun airports, the

 

ASUR 3Q05, Page 10 of 15

 



 

administrative offices of these airports, and the region’s hotel infrastructure.

 

3Q05 Earnings Conference Call

 

Day:

October 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 Wednesday, October 26 at 2:00 PM US EST, ending at midnight US EDT on Thursday, November 3, 2005. 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 3Q05, Page 11 of 15

 



Grupo Aeroportuario del Sureste, S.A. de C.V.
Operating Results per Airport

Thousands of Mexican pesos in purchasing power as of September 30 th, 2005

 

 

Item 
3Q 2004 
3Q 2005 
% change 
Nine Months 2004 
Nine Months 2005
% change 
Cancun 
Aeronautical Revenues  289,883 
264,020 
(8.92) 
879,159 
912,447 
3.79 
Non-Aeronautical Revenues  113,697 
151,349 
33.12 
301,312 
413,715 
37.30 
Operating Profit  212,484 
217,317 
2.27 
638,553 
722,681 
13.17 
EBITDA  278,690 
284,998 
2.26 
832,057 
924,744 
11.14 
Cozumel 
Aeronautical Revenues  16,397 
10,488 
(36.04) 
48,828 
52,409 
7.33 
Non-Aeronautical Revenues  5,260 
3,863 
(26.56) 
15,104 
15,755 
4.31 
Operating Profit  5,489 
(1,386) 
(125.25) 
13,601 
19,624 
44.28 
EBITDA  10,671 
3,918 
(63.28) 
29,148 
35,511 
21.83 
Merida 
Aeronautical Revenues  23,018 
23,773 
3.28 
65,503 
67,808 
3.52 
Non-Aeronautical Revenues  7,923 
8,713 
9.97 
23,552 
25,370 
7.72 
Operating Profit  4,311 
5,351 
24.12 
8,928 
9,972 
11.69 
EBITDA  13,107 
14,708 
12.21 
35,316 
37,767 
6.94 
Villahermosa   
 
Aeronautical Revenues  16,232 
17,268 
6.38 
45,748 
47,887 
4.68 
Non-Aeronautical Revenues  4,575 
5,076 
10.95 
12,920 
14,634 
13.27 
Operating Profit  5,632 
7,395 
31.30 
15,137 
16,024 
5.86 
EBITDA  10,841 
12,859 
18.61 
30,767 
32,461 
5.51 
Others 
Aeronautical Revenues  41,727 
43,367 
3.93 
115,572 
128,997 
11.62 
Non-Aeronautical Revenues  10,266 
9,954 
(3.04) 
28,137 
32,636 
15.99 
Operating Profit  (219) 
(3,967) 
(1,711.42) 
(2,435) 
(5,859) 
(140.62) 
EBITDA  17,382 
15,299 
(11.98) 
50,371 
51,903 
3.04 
Grupo 
Aeronautical Revenues  387,257 
358,916 
(7.32) 
1,154,809 
1,209,548 
4.74 
Non-Aeronautical Revenues  141,721 
178,955 
26.27 
381,024 
502,111 
31.78 
Operating Profit  227,696 
224,710 
(1.31) 
673,785 
762,443 
13.16 
EBITDA  330,692 
331,782 
0.33 
977,659 
1,082,386 
10.71 


 

ASUR 3Q05, Page 12 of 15

 



 

Grupo Aeroportuario del Sureste, S.A. de C.V.
Consolidated Balance Sheet as of September 30 th, 2005 and 2004  

Thousands of Mexican pesos in purchasing power as of September 30 th, 2005

 

 
                                                     
I t e m 
September 2004 
 
September 2005 
  Variation    % 





 
 
                                                 
A s s e t s 
             
Current Assets             
       Cash and cash equivalents  1,148,910    1,483,723    334,814   
29.14 
       Trade receivables, net  211,057    193,083    (17,974)   
(8.52) 
       Recoverable taxes and other current assets  37,329    35,123    (2,205)   
(5.91) 




Total Current Assets  1,397,296    1,711,930    314,634   
22.52 
 
Fixed Assets             
       Machinery, furniture and equipment, net  81,982    108,625    26,643   
32.50 
       Rights to use airport facilities, net  2,203,442    2,132,030    (71,412)   
(3.24) 
       Improvements to use airport facilities, net  998,398    1,141,443    143,044   
14.33 
       Constructions in process  269,957    578,761    308,804   
114.39 
       Others  41,469    108,428    66,959   
161.47 




Total Fixed Assets  3,595,248    4,069,286    474,038   
13.19 
 
Defferred Assets             
       Airports concessions, net  8,045,060    7,809,705    (235,356)   
(2.93) 
       Defferred income taxes  0    -    (0)   
(100.00) 
       Other  117,107    92,836    (24,271)   
(20.73) 




Total Defferred Assets  8,162,167    7,902,541    (259,627)   
(3.18) 
 
                                             Total Assets  13,154,711    13,683,757    529,046   
4.02 
 
                   Liabilities and Stockholder's Equity             
Current Liabilities             
       Trade accounts payable  3,796    5,074    1,278   
33.67 
       Notes payable  -        -   
- 
       Accrued expenses and others payables  173,268    164,427    (8,841)   
(5.10) 




Total Current Liabilities  177,064    169,501    (7,563)   
(4.27) 
 
Long term liabilities             
       Other  16,188    14,884    (1,305)   
(8.06) 
       Defferred income taxes  586,571    644,878    58,308   
9.94 
       Defferred employees profit sharing  38,812    37,496    (1,316)   
(3.39) 
       Labor Obligations  535    836    301   
56.33 




Total long term liabilities  642,106    698,094    55,988   
8.72 
 
Total Liabilities  819,170    867,595    48,425   
5.91 
 
                                     Stockholder's Equity             
       Capital stock  11,669,778    11,669,778    (0)   
(0.00) 
       Legal Reserve  70,063    100,936    30,872   
44.06 
       Share repurchase reserve  162,667    497,120    334,453   
205.61 
       Net Income for the period  415,278    548,329    133,051   
32.04 
       Retained earnings  17,755    -    (17,755)   
(100.00) 




       Total stockholderps Equity  12,335,542    12,816,162    480,621   
3.90 
 
Total Liabilities ans Stockholder's Equity 
13,154,711    13,683,757    529,046   
4.02 





 

ASUR 3Q05, Page 13 of 15

 



 

Grupo Aeroportuario del Sureste, S.A. de C.V.
Consolidated Statement of Income from January 1 st, to September 30 th, 2005 and 2004  

Thousands of Mexican pesos in purchasing power as of September 30 th, 2005

 

 

                                                 
I t e m 
 
Accumulative
Accumulative 
Variation 
Quarter 
Quarter 
Variation 
   
2004 
  2005    %    2004    2005    % 







 
Revenues                         
           Aeronautical Services    1,154,809    1,209,548   
4.74 
  387,257    358,916    (7.32) 
 
           Non-Aeronautical Services    381,024    502,111   
31.78 
  141,721    178,955    26.27 






 
Total Revenues    1,535,833    1,711,659   
11.45 
  528,978    537,872    1.68 
 
Operating Expenses           
           
 
           Cost of services    346,186    410,545   
18.59 
  126,250    139,198    10.26 
           General and administrative expenses    82,887    75,696   
(8.67) 
  27,383    22,128    (19.19) 
           Technical Assistance    52,327    57,461   
9.81 
  18,202    17,872    (1.81) 
           Concession fee    76,774    85,571   
11.46 
  26,451    26,892    1.67 
           Depreciation and Amortization    303,875    319,944   
5.29 
  102,996    107,072    3.96 






Total Operating Expenses    862,049    949,217   
10.11 
  301,282    313,161    3.94 
 
Operating Income    673,785    762,443   
13.16 
  227,696    224,710    (1.31) 
 
Comprehensive Financing cost    (6,584)    31,898   
(584.54) 
  1,147    23,477    1,948.60 






 
Extraordinary and Special Items           
           
           Rescue Clause    2,515    2,022   
(19.57) 
  21    2,013    9,960.00 
           Special items ( NMO Restructuring )    11,386    0   
(100.00) 
  1,921    -    (100.00) 
 
Income Before Income Taxes    653,301    792,318   
21.28 
  226,901    246,175    8.49 
 
           Provision for Income Taxes    37,100    24,774   
(33.22) 
  8,414    9,191    9.24 
           Defferred income taxes    200,924    219,216   
9.10 
  77,854    68,652    (11.82) 
           Defferred employees profit sharing    -    -   
- 
  -    -    - 






 
           Net Income for the Year    415,278    548,329   
32.04 
  140,633    168,332    19.70 






 
Earning per share    1.3843    1.8278   
32.04 
  0.4688    0.5611    19.70 
Earning per ads usd    1.2828    1.6938   
32.04 
  0.4344    0.5200    19.70 
Exchange rate per dollar 10.7907           
           


 

ASUR 3Q05, Page 14 of 15

 



 

Grupo Aeroportuario del Sureste, S.A. de C.V.
Consolidated Statement of Changes in Financial Position from January 1 st, to September 30 th, 2005 and 2004  

Thousands of Mexican pesos in purchasing power as of September 30 th, 2005

 

 

 

                                                 
I t e m 
 
Accumulative
Accumulative 
Variation 
Quarter 
Quarter 
Variation 
   
2004 
  2005    %    2004    2005    % 







 
Net Income for the Year    415,278    548,329    32.04    140,633    168,332   
19.70 
 
 Depreciation and Amortization    303,875    319,944    5.29    102,996    107,072   
3.96 
 
Resources provided by operations    719,152    868,272    20.74    243,628    275,404   
13.04 
 
Changes in operating assets and liabilities:                       
 
Decrease (increase) in:                       
 Trade receivables    (28,636)    22,860    (179.83)    48,551    55,587   
14.49 
 Recoverable taxes and other current assets    123,524    (3,458)    (102.80)    13,794    (2,219)   
(116.09) 
 Other defferred assets    (108,082)    11,699    (110.82)    (20,558)    1,726   
(108.40) 
 
Increase (decrease) in:                       
 Trade accounts payable    (7,110)    (6,115)    (13.99)    (1,044)    (1,568)   
50.17 
 Accrued expenses and others payables    (34,123)    (4,727)    (86.15)    19,910    (5,698)   
(128.62) 
   Long term liabilities    114,751    56,615    (50.66)    46,939    42,880   
(8.65) 






Resources provided by (used for) working capital    60,324    76,875    27.44    107,592    90,708   
(15.69) 
 
Resources provided by (used for) operating activities    779,476    945,148    21.25    351,220    366,112   
4.24 
 
Resources provided by (used for) financing activities:    (174,001)    (189,196)    8.73    -    -   
- 






 Notes payable    -        -    -       
- 
 Others    (174,001)    (189,196)    8.73    -       
- 
 
Resources provided by (used for) investing activities:    (216,647)    (437,967)    102.16    (103,382)    (197,856)   
91.38 






 Investments in machinery, furniture and equipment, net    (16,303)    (34,860)    113.83    (2,682)    (7,326)   
173.12 
 Investments in rights to use airport facilities    208    0    (100.00)    534    0   
(100.00) 
 Investments in constructions in process    (164,923)    (315,634)    91.38    (92,652)    (91,480)   
(1.26) 
 Investments in others    (35,630)    (87,473)    145.50    (8,582)    (99,049)   
1,054.21 
 
Increase (Decrease) in cash and cash equivalents    388,828    317,984    (18.22)    247,839    168,256   
(32.11) 
 
Cash and cash equivalents at beginning of the financial period    760,082    1,165,739    53.37    901,071    1,315,467   
45.99 
 
Cash and cash equivalents at the end of the financial period    1,148,910    1,483,723    29.14    1,148,910    1,483,723   
29.14 







 

ASUR 3Q05, 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: October 25, 2005