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 April 2004
GRUPO AEROPORTUARIO DEL SURESTE S.A. DE C.V.
(SOUTHEAST AIRPORT GROUP)
--------------------------------------------------------------------------------
(Translation of Registrant's Name Into English)
Mexico
--------------------------------------------------------------------------------
(Jurisdiction of incorporation or organization)
Blvd. Manuel Avila Camacho, No. 40, 6th Floor
Col. Lomas de Chapultepec
11000 Mexico, 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 In the U.S.
ASUR ASUR Breakstone & Ruth
Lic. Adolfo Castro ------------------------ International
(525) 52-84-04-08 AEROPUERTOS DEL SURESTE Susan Borinelli
acastro@asur.com.mx (646) 536-7018
sborinelli@breakstoneruth.com
ASUR 1Q04 PASSENGER TRAFFIC UP YOY 14.63%
1Q04 Highlights(1):
o EBITDA increased by 24.29% to Ps. 304.06 million.
o Total passenger traffic up by 14.63%.
o Total revenues up by 21.48%, mainly due to a 30.05% year-over-year growth
in non-aeronautical revenues.
o Commercial revenues per passenger increased by 19.36%, to Ps.21.24 per
passenger.
o Operating profit improved by 37.22%.
o EBITDA margin of 65.63%, compared with 64.15% for 1Q03.
Mexico City, April 26, 2004 - Grupo Aeroportuario del Sureste, S.A. de C.V.
(NYSE: ASR; BMV: ASUR) (ASUR), the first privatized airport group in Mexico and
operator of Cancun Airport and eight others in the southeast of Mexico, today
announced results for the three-month period ended March 31, 2004.
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 March 31, 2004,
and represent comparisons between the three-month period ended March 31, 2004,
and the equivalent three-month period ended March 31, 2003. 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.11.1748.
--------
1 Unless otherwise stated, all comparisons are between the three-month period
ended March 31, 2004, and the equivalent three-month period ended March 31,
2003.
Passenger Traffic
--------------------------------------------------------------------------------
Total passenger traffic increased year-over-year by 14.63%. Domestic passenger
traffic rose by 8.67%; principally driven by increases of 8.72%, 21.18%, 17.64%
and 6.69% at Cancun, Oaxaca, Villahermosa and Merida airports, respectively.
International passenger traffic rose by 17.75%, principally as a result of
increases of 17.42% and 23.96% at the Cancun and Cozumel airports, respectively.
Table I: Domestic Passengers (in thousands)
-------------------------------------------------------------------------
Airport 1Q03 1Q04 %
Change
-------------------------------------------------------------------------
Cancun 408.3 443.9 8.72
-------------------------------------------------------------------------
Cozumel 19.0 19.1 0.53
-------------------------------------------------------------------------
Huatulco 49.4 50.5 2.23
-------------------------------------------------------------------------
Merida 182.3 194.5 6.69
-------------------------------------------------------------------------
Minatitlan 30.8 30.2 (1.95)
-------------------------------------------------------------------------
Oaxaca 106.7 129.3 21.18
-------------------------------------------------------------------------
Tapachula 46.0 47.6 3.48
-------------------------------------------------------------------------
Veracruz 110.5 109.3 (1.09)
-------------------------------------------------------------------------
Villahermosa 123.0 144.7 17.64
-------------------------------------------------------------------------
TOTAL 1,075.9 1,169.2 8.67
-------------------------------------------------------------------------
Note: Passenger figures exclude transit and general aviation passengers.
Table II: International Passengers (in thousands)
-------------------------------------------------------------------------
Airport 1Q03 1Q04 %
Change
-------------------------------------------------------------------------
Cancun 1,869.3 2,194.9 17.42
-------------------------------------------------------------------------
Cozumel 115.2 142.8 23.96
-------------------------------------------------------------------------
Huatulco 19.6 17.9 (8.67)
-------------------------------------------------------------------------
Merida 21.0 30.3 44.29
-------------------------------------------------------------------------
Minatitlan 0.6 0.5 (16.67)
-------------------------------------------------------------------------
Oaxaca 7.9 9.1 15.19
-------------------------------------------------------------------------
Tapachula 0.5 0.8 60.00
-------------------------------------------------------------------------
Veracruz 13.1 12.4 (5.34)
-------------------------------------------------------------------------
Villahermosa 5.6 8.5 51.79
-------------------------------------------------------------------------
TOTAL 2,052.8 2,417.2 17.75
-------------------------------------------------------------------------
Note: Passenger figures exclude transit and general aviation passengers.
Table III: Total Passengers (in thousands)
-------------------------------------------------------------------------
Airport 1Q03 1Q04 %
Change
-------------------------------------------------------------------------
Cancun 2,277.6 2,638.8 15.86
-------------------------------------------------------------------------
Cozumel 134.1 161.9 20.73
-------------------------------------------------------------------------
Huatulco 69.0 68.5 (0.72)
-------------------------------------------------------------------------
Merida 203.2 224.7 10.58
-------------------------------------------------------------------------
Minatitlan 31.4 30.8 (1.91)
-------------------------------------------------------------------------
Oaxaca 114.6 138.4 20.77
-------------------------------------------------------------------------
Tapachula 46.5 48.3 3.87
-------------------------------------------------------------------------
Veracruz 123.7 121.7 (1.62)
-------------------------------------------------------------------------
Villahermosa 128.6 153.2 19.13
-------------------------------------------------------------------------
TOTAL 3,128.6 3,586.4 14.63
-------------------------------------------------------------------------
Note: Passenger figures exclude transit and general aviation passengers.
Consolidated Results for 1Q04
--------------------------------------------------------------------------------
Total revenues for 1Q04 reached Ps.463.3 million, representing a year-over-year
increase of 21.48%. This was mainly due to:
o An increase of 19.26% in revenues from aeronautical services, principally
due to the growth in passenger traffic mentioned above; and
o A year-over-year increase of 30.05% in revenues from non-aeronautical
services, mainly driven by a 36.38% growth in commercial revenues.
ASUR classifies revenues from the following activities as commercial revenues:
duty free sales, car rentals, retail sales, banking and currency exchange
services, advertising space rentals, teleservices, non-permanent ground
transportation, food and beverage and parking lot operations.
Commercial revenues for the quarter increased year-over-year by 36.38%, mainly
due to:
o A 34.65% increase in duty-free revenues, principally as a result of the
increase in international passenger traffic and improved product mix.
o An increase of 23.16% in food and beverage revenues, primarily as a result
of the increase in passenger traffic and the opening of new bars and
restaurants at ASUR's airports as follows:
Airport Name Month Opened
--------------------------- ---------------------------------- ----------------------------
Cancun Tequileria Cuervo September 2003
Cancun Coffe Bar December 2003
Cancun Margarita Ville December 2003
--------------------------- ---------------------------------- ----------------------------
Cozumel Colombian July 2003
--------------------------- ---------------------------------- ----------------------------
Oaxaca Restaurant June 2003
--------------------------- ---------------------------------- ----------------------------
Tapachula Restaurant July 2003
--------------------------- ---------------------------------- ----------------------------
Veracruz Snack bar August 2003
--------------------------- ---------------------------------- ----------------------------
Villahermosa Restaurant April 2003
--------------------------- ---------------------------------- ----------------------------
o A 33.14% increase in retail revenues, principally due to higher
passenger traffic and the opening of new stores, as follows:
Airport Type - Name Month
--------------------------- ---------------------------------- ----------------------------
Cancun Convenience Store November 2003
--------------------------- ---------------------------------- ----------------------------
Cozumel Sunglass Hut June 2003
Cozumel Hard Rock July 2003
Cozumel Carlos & Charlie's July 2003
--------------------------- ---------------------------------- ----------------------------
Huatulco Jewelry Store November 2003
--------------------------- ---------------------------------- ----------------------------
Merida Portafolio - Clothes October 2003
--------------------------- ---------------------------------- ----------------------------
Oaxaca Liquor Store June 2003
--------------------------- ---------------------------------- ----------------------------
o A 66.17% increase in advertising revenues, resulting from the creation
of additional space for advertising and revenues relating to the
distribution of print advertising at Cancun airport.
o A 21.99% increase in revenue from banking and currency exchange
services, primarily resulting from an American Express location
becoming fully operational after the completion of the remodeling of
terminal 2 at the Cancun airport in August, 2003
Total operating costs and expenses for 1Q04 increased year-over-year by 10.95%,
primarily as a result of:
o A 14.26% rise in costs of services mainly as a result of an increase in
payroll, maintenance and promotional activities.
o A 15.84% increase in administrative expenses, principally as a result of
higher fees paid to third parties in connection with route and cargo
development at the Cancun airport, which more than offset the impact of the
reduction in administrative personnel.
o A 24.61% increase in the cost of technical assistance, mainly as a result
of the increase in EBITDA for the period (a basis for the calculation of
the fee).
o A 21.48% increase in concession fees mainly due to higher sales by
concessionaires.
o A 2.75% increase in depreciation and amortization, mainly due to the
depreciation of investments in fixed assets and improvements.
Operating margin for 1Q04 improved year-over-year to 45.27%, from 40.08%. This
was mainly driven by the 21.48% increase in revenues, primarily the 30.05%
growth in non-aeronautical revenues, which more than offset the 10.95% increase
in costs and expenses.
Mexican companies are generally required to pay the greater of their income tax
liability or their asset tax liability (determined at a rate of 1.8% of the
average tax value of virtually all of the company's assets (including, in ASUR's
case, its concessions), less the average tax value of certain liabilities
(essentially liabilities of companies resident in Mexico, excluding those
related to financial institutions and their intermediaries)). ASUR made asset
tax payments of Ps.39.0 million for 1Q04. Of these payments, Ps.13.0 million
were recorded as an expense in the results for the quarter. The difference was
recorded as an asset, since the Company expects to recover Ps.26.0 million in
future income tax payments.
Net income for 1Q04 was Ps.132.18 million, an increase of 44.03% compared to
1Q03. Earnings per common share for the quarter were Ps. 0.4406, or earnings per
ADS (EPADS) (one ADS represents ten series B common shares) of US$0.3943. This
compares to earnings per common share of Ps.0.3059, or EPADS of US$0.2738, for
the same period last year.
Table IV: Summary of Consolidated Results for 1Q04
---------------------------------------------------------------------------------------------------
1Q03 1Q04 %
Change
---------------------------------------------------------------------------------------------------
Total Revenues 381,385 463,301 21.48
---------------------------------------------------------------------------------------------------
Aeronautical Services 303,081 361,470 19.26
---------------------------------------------------------------------------------------------------
Non/Aeronautical Services 78,304 101,831 30.05
---------------------------------------------------------------------------------------------------
Commercial Revenues 57,193 77,998 36.38
---------------------------------------------------------------------------------------------------
Operating Profit 152,849 209,745 37.22
---------------------------------------------------------------------------------------------------
Operating Margin % 40.08% 45.27% 12.96
---------------------------------------------------------------------------------------------------
EBITDA 244,646 304,064 24.29
---------------------------------------------------------------------------------------------------
EBITDA MARGIN % 64.15% 65.63% 2.31
---------------------------------------------------------------------------------------------------
Net Income 91,774 132,181 44.03
---------------------------------------------------------------------------------------------------
Earnings per Share 0.3059 0.4406 44.03
---------------------------------------------------------------------------------------------------
Earnings per ADS in US$ 0.2738 0.3943 44.03
---------------------------------------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as of March 31, 2004. U.S. dollar
figures are calculated at the exchange rate of US$1=Ps. 11.1748.
Table V: Commercial Revenues for 1Q04
---------------------------------------------------------------------------------------------------
1Q03 1Q04 %
Change
---------------------------------------------------------------------------------------------------
Total Passengers
---------------------------------------------------------------------------------------------------
Commercial Revenues 57,193 77,998 36.38
---------------------------------------------------------------------------------------------------
Passengers ('000) 3,214 3,672 14.26
---------------------------------------------------------------------------------------------------
Commercial Revenues per Passenger 17.80 21.24 19.36
---------------------------------------------------------------------------------------------------
Note: For purposes of this table, 84.9 thousand and 85.4 thousand transit and
general aviation passengers are included for 1Q03 and 1Q04,
respectively. Revenue figures are shown in thousands of constant
Mexican pesos as of March 31, 2004.
Table VI: Operating Costs and Expenses for 1Q04
---------------------------------------------------------------------------------------------------
1Q03 1Q04 % Change
---------------------------------------------------------------------------------------------------
Cost of Services 80,222 91,559 14.13
---------------------------------------------------------------------------------------------------
Administrative 24,544 28,431 15.84
---------------------------------------------------------------------------------------------------
Technical Assistance 12,907 16,085 24.61
---------------------------------------------------------------------------------------------------
Concession Rights 19,067 23,162 21.48
---------------------------------------------------------------------------------------------------
Depreciation and Amortization 91,797 94,319 2.75
---------------------------------------------------------------------------------------------------
TOTAL 228,537 253,556 10.95
---------------------------------------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as of
March 31, 2004.
Tariff Regulation
--------------------------------------------------------------------------------
The Mexican Ministry of Communications and Transportation regulates the majority
of ASUR's activities through maximum rates, which represent the maximum annual
amount of revenues per work load unit that may be earned at each airport for
services subject to price regulation.
ASUR's regulated revenues for 1Q04 were Ps.378.40 million, resulting in an
implicit year-to-date average tariff per traffic unit of Ps.102.3 for
approximately 81.7% of the Company's total revenues 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
--------------------------------------------------------------------------------
As of March 31, 2004, Airport Facility Usage Rights and Airport Concessions
represented 88.09% of ASUR's total assets, with current assets representing
10.05% and other assets 1.85%.
As of March 31, 2004, ASUR's cash and marketable securities were Ps.935.87
million. On the same date, shareholders' equity was Ps. 11,660.95, or 94.61% of
total assets, and total liabilities were Ps. 664.40, or 5.39% of ASUR's total
assets. Total deferred liabilities represented 76.72% of the Company's total
liabilities.
CAPEX
--------------------------------------------------------------------------------
During the first quarter of 2004, ASUR made investments of Ps.29.5 million as
part of the Company's ongoing plan to modernize the airports of the group.
Corporate Developments
--------------------------------------------------------------------------------
On April 12, 2004 24.5% Vinci, transferred its 24.5% ownership stake in
Inversiones y Tecnicas Aeroportuarias, S.A. de C.V. (ITA), ASUR's strategic
partner, to Mr. Fernando Chico Pardo.
Similarly, on April 14, 2004, Ferrovial S.A. transferred its 24.5% ownership
stake in ITA, to Copenhagen Airports A/S and Mr. Fernando Chico Pardo. An 11%
stake in ITA was transferred to Copenhagen Airports and a 13.5% ownership stake
in ITA was transferred to Mr. Fernando Chico Pardo.
As a result of these transactions, ITA's stockholders currently are:
- Nacional Financiera, S.N.C. 25.5%
- Copenhagen Airports A/S 36.5%
- Mr. Fernando Chico Pardo 38.0%
The new stockholder in ITA, Mr. Fernando Chico Pardo, founder and President of
the Mexican investment fund, PROMECAP, S.C., is a Mexican businessman who serves
as a board member of the United Nations Pension Fund, The Quantum Group of
Funds, Grupo Posadas de Mexico, Grupo Financiero Inbursa and Grupo Carso, among
others.
ASUR will hold its General Annual Ordinary Shareholders' Meeting on April 29,
2004.
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
Operating Results per Airport
---------------------------------------------------------------------------
1Q03 1Q04 % Change
---------------------------------------------------------------------------
Cancun
---------------------------------------------------------------------------
Aeronautical Revenues 228,570 276,747 21.08
---------------------------------------------------------------------------
Non-aeronautical 55,899 77,944 39.44
Revenues
---------------------------------------------------------------------------
Operating Profit 146,471 198,313 35.39
---------------------------------------------------------------------------
EBITDA 203,859 257,791 26.46
---------------------------------------------------------------------------
Cozumel
---------------------------------------------------------------------------
Aeronautical Revenues 11,965 15,569 30.12
---------------------------------------------------------------------------
Non-aeronautical 3,968 4,567 15.10
Revenues
---------------------------------------------------------------------------
Operating Profit 1,867 5,057 170.86
---------------------------------------------------------------------------
EBITDA 6,401 9,977 55.87
---------------------------------------------------------------------------
Merida
---------------------------------------------------------------------------
Aeronautical Revenues 17,732 19,930 12.40
---------------------------------------------------------------------------
Non-aeronautical 6,615 7,456 12.71
Revenues
---------------------------------------------------------------------------
Operating Profit 3,085 1,848 (40.10)
---------------------------------------------------------------------------
EBITDA 10,681 10,162 (4.86)
---------------------------------------------------------------------------
Others
---------------------------------------------------------------------------
Aeronautical Revenues 11,116 13,395 20.50
---------------------------------------------------------------------------
Non-aeronautical 3,616 3,788 4.76
Revenues
---------------------------------------------------------------------------
Operating Profit 3,579 3,571 (0.22)
---------------------------------------------------------------------------
EBITDA 8,268 8,513 2.96
---------------------------------------------------------------------------
TOTAL
---------------------------------------------------------------------------
Aeronautical Revenues 0 0 0
---------------------------------------------------------------------------
Non-aeronautical 0 0 0
Revenues
---------------------------------------------------------------------------
Operating Profit 2,632 5,455 107.26
---------------------------------------------------------------------------
EBITDA 3,200 5,946 85.81
---------------------------------------------------------------------------
Cancun
---------------------------------------------------------------------------
Aeronautical Revenues 33,697 35,827 6.32
---------------------------------------------------------------------------
Non-aeronautical 8,206 8,076 (1.58)
Revenues
---------------------------------------------------------------------------
Operating Profit (4,786) (4,499) (6.00)
---------------------------------------------------------------------------
EBITDA 12,236 11,675 (4.58)
---------------------------------------------------------------------------
Cozumel
---------------------------------------------------------------------------
Aeronautical Revenues 303,081 361,470 19.27
---------------------------------------------------------------------------
Non-aeronautical 78,304 101,831 30.05
Revenues
---------------------------------------------------------------------------
Operating Profit 152,849 209,745 37.22
---------------------------------------------------------------------------
EBITDA 244,646 304,064 24.29
---------------------------------------------------------------------------
Note: All figures are in thousands of constant Mexican pesos as of
March 31, 2004
ASUR Grupo Aeroportuario del Sureste, S.A. de C.v.
------------------------ Consolidated Balance Sheet as of March 31st, 2004 and 2003
AEROPUERTOS DEL SURESTE Thousands of Mexican pesos in purchasing power as of March 31st, 2004
I t e m March 2003 March 2004 Variation %
---------------------------------------------------- --------------------- -------------------- ------------------- -------------
A s s e t s
Current Assets
--------------
Cash and cash equivalents 651,188 935,871 284,683 43.72
Trade receivables, net 239,299 238,266 (1,033) (0.43)
Recoverable taxes and other current assets 46,721 64,814 18,093 38.72
--------------------- -------------------- ------------------- -------------
Total Current Assets 937,209 1,238,952 301,743 32.20
Fixed Assets
------------
Machinery, furniture and equipment, net 72,572 80,672 8,100 11.16
Rights to use airport facilities, net 2,198,982 2,126,850 (72,132) (3.28)
Improvements to use airport facilities, net 627,199 980,783 353,584 56.38
Constructions in process 167,178 120,905 (46,272) (27.68)
Others 63,593 10,879 (52,714) (82.89)
--------------------- -------------------- ------------------- -------------
Total Fixed Assets 3,129,524 3,320,090 190,565 6.09
Defferred Assets
----------------
Airports concessions, net 7,974,220 7,750,744 (223,476) (2.80)
Defferred income taxes - - - -
Other 21,897 15,571 (6,326) (28.89)
--------------------- -------------------- ------------------- -------------
Total Defferred Assets 7,996,117 7,766,314 (229,803) (2.87)
Total Assets 12,062,850 12,325,356 262,506 2.18
Liabilities and Stockholder's Equity
------------------------------------
Current Liabilities
-------------------
Trade accounts payable 2,468 3,721 1,253 50.77
Notes payable - - - -
Accrued expenses and others payables 130,225 137,082 6,858 5.27
--------------------- -------------------- ------------------- -------------
Total Current Liabilities 132,692 140,803 8,111 6.11
Long term liabilities
---------------------
Other 22,477 13,860 (8,617) (38.34)
Defferred income taxes 397,480 471,663 74,183 18.66
Defferred employees profit sharing 39,212 37,496 (1,716) (4.38)
Labor Obligations 676 583 (92) (13.67)
--------------------- -------------------- ------------------- -------------
Total long term liabilities 459,844 523,602 63,758 13.87
Total Liabilities 592,536 664,405 71,869 12.13
Stockholder's Equity
--------------------
Capital stock 11,080,774 11,080,774 - -
Legal Reserve 40,862 52,497 11,635 28.47
Share repurchase reserve - - - -
Net Income for the period 91,774 132,181 40,407 44.03
Retained earnings 256,903 395,498 138,595 53.95
--------------------- -------------------- ------------------- -------------
Total stockholder's Equity 11,470,313 11,660,951 190,637 1.66
Total Liabilities and Stockholder's Equity 12,062,850 12,325,356 262,506 2.18
===================== ==================== =================== =============
ASUR Grupo Aeroportuario del Sureste, S.A. de C.V,
------------------------ Consolidated Statement of Income from January 1st to March 31st, 2004 and 2003
AEROPUERTOS DEL SURESTE Thousands of Mexican pesos in purchasing power as of March 2004
I t e m Accumulative Accumulative Variation Quarter Quarter Variation
2003 2004 % 2003 2004 %
---------- ----------- ----------- ---------- --------- ---------
Revenues
Aeronautical Services 303,081 361,470 19.26 303,081 361,470 19.26
Non-Aeronautical Services 78,304 101,831 30.04 78,304 101,831 30.04
---------- ----------- ----------- ---------- --------- ---------
Total Revenues 381,385 463,301 21.48 381,385 463,301 21.48
Operating Expenses
Cost of services 80,222 91,559 14.13 80,222 91,559 14.13
General and administrative expenses 24,544 28,431 15.84 24,544 28,431 15.84
Technical Assistance 12,907 16,085 24.61 12,907 16,085 24.61
Concession fee 19,067 23,162 21.48 19,067 23,162 21.48
Depreciation and Amortization 91,797 94,319 2.75 91,797 94,319 2.75
---------- ----------- ----------- ---------- --------- ---------
Total Operating Expenses 228,537 253,556 10.95 228,537 253,556 10.95
Operating Income 152,849 209,745 37.22 152,849 209,745 37.22
Comprehensive Financing cost 7,080 (4,938) (169.74) 7,080 (4,938) (169.74)
---------- ----------- ----------- ---------- --------- ---------
Extraordinary and Special Items
Rescue Clause - 2,564 - - 2,564 -
Special items ( NMO Restructuring ) - 3,379 - - 3,379 -
Income Before Income Taxes 159,929 198,864 24.35 159,929 198,864 24.35
Provision for Income Taxes 17,226 12,404 (27.99) 17,226 12,404 (27.99)
Defferred income taxes 50,929 54,279 6.58 50,929 54,278 6.58
Defferred employees profit sharing - - - - - -
---------- ----------- ----------- ---------- --------- ---------
Net Income for the Year 91,774 132,181 44.03 91,774 132,181 44.03
========== =========== =========== ========== ========= =========
Earning per share 0.3059 0.4406 44.03 0.3059 0.4406 44.03
Earning per ads usd 0.2738 0.3943 44.03 0.2738 0.3943 44.03
Exchange rate per dollar 11.1748
ASUR Grupo Aeroportuario del Sureste, S.A. de C.V.
------------------------ Consolidated Statement of Changes in Financial Position from January 1st to March 31st, 2004 and 2003
AEROPUERTOS DEL SURESTE Thousands of Mexican pesos in purchasing power as of March 2004
I t e m Accumu- Accumu- Vari- Vari-
lative lative ation Quarter Quarter ation
2003 2004 % 2003 2004 %
-------- -------- -------- -------- -------- -------
Net Income for the Year 91,774 132,181 44.03 91,774 132,181 44.03
-------- -------- -------- -------- -------- -------
Depreciation and Amortization 91,797 94,319 2.75 91,797 94,319 2.75
Resources provided by operations 183,571 226,500 23.39 183,571 226,500 23.39
Changes in operating assets and liabilities:
Decrease (increase) in:
Trade receivables (46,738) (65,052) 39.19 (46,738) (65,052) 39.19
Recoverable taxes and other current assets 2,755 62,959 2,185.20 2,755 62,959 2,185.20
Other defferred assets (2,023) (173) (91.44) (2,023) (173) (91.44)
Increase (decrease) in:
Trade accounts payable (160) (6,634) 4,039.14 (160) (6,634) 4,039.14
Accrued expenses and others payables 8,393 3,225 (61.58) 8,393 3,225 (61.58)
Long term liabilities 26,274 22,864 (12.98) 26,274 22,864 (12.98)
Resources provided by (used for) working capital (11,499) 17,189 (249.48) (11,499) 17,189 (249.48)
Resources provided by (used for) operating activities 172,072 243,689 41.62 172,072 243,689 41.62
Resources provided by (used for) financing activities: (0) - (100.00) - - -
-------- -------- -------- -------- -------- -------
Notes payable - - - - - -
Others (0) - (100.00) - - -
Resources provided by (used for) investing activities: (45,722) (29,535) (35.40) (45,723) (29,535) (35.40)
-------- -------- -------- -------- -------- -------
Investments in machinery, furniture and equipment, net (10,465) (2,773) (73.50) (10,466) (2,773) (73.50)
Investments in rights to use airport facilities (154) (254) 65.72 (154) (254) 65.72
Investments in constructions in process (37,134) (21,172) (42.98) (37,134) (21,172) (42.98)
Investments in others 2,031 (5,335) (362.71) 2,031 (5,335) (362.71)
Increase (Decrease) in cash and cash equivalents 126,351 214,153 69.49 126,350 214,153 69.49
Cash and cash equivalents at beginning of the financial period 524,838 721,718 37.51 524,839 721,718 37.51
Cash and cash equivalents at the end of the financial period 651,189 935,872 43.72 651,188 935,872 43.72
======== ======== ======== ======== ======== =======
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: April 26, 2004