MEXICO CITY, Oct. 23, 2012 /PRNewswire/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR), (ASUR) the first privatized airport group in Mexico and operator of Cancun Airport and eight other airports in southeast Mexico, today announced results for the three and nine-month periods ended September 30, 2012.
3Q12 Highlights1:
EBITDA2 increased by 17.81% to Ps.691.80 million Total passenger traffic was up 10.18% Total revenues rose by 16.50% due to increases of 14.27% in aeronautical revenues, 14.52% in non-aeronautical revenues, and 35.21% in construction services revenues Commercial revenues per passenger increased by 5.30% to Ps.67.81 Operating profit increased by 20.44% EBITDA margin increased to 56.61% from 55.98% in 3Q11
1. Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS) and represent comparisons between the three- and nine-month periods ended September 30, 2012, and the equivalent three- and nine-month periods ended September 30, 2011. Financial figures for the three- and nine-month periods ended September 30, 2011 have been restated to reflect IFRS. Results are expressed in nominal pesos. Tables state figures in thousands of pesos, unless otherwise noted. Passenger figures exclude transit and general aviation passengers. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Ps.12.8695.
2. EBITDA means net income before: provision for taxes, deferred taxes, profit sharing, non-ordinary items, comprehensive financing cost and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides a useful measure of our performance that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies.
Passenger Traffic
For the third quarter of 2012, total passenger traffic increased year-over-year by 10.18%. Domestic passenger traffic increased by 17.21% while international passenger traffic rose by 3.49%.
The 17.21% growth in domestic passenger traffic growth was driven by increases at Cancun, Cozumel, Minatitlan, Oaxaca, Villahermosa and Oaxaca. The 3.49% growth in international passenger traffic resulted mainly from an increase of 3.32% in international traffic at the Cancun airport.
Passenger traffic for the nine-month period ended September 30, 2012 increased 9.31% compared to the same period last year, reflecting increases of 17.14% in domestic passenger traffic and 3.86% in international passenger traffic.
Table I: Domestic Passengers (in thousands)
Airport
3Q11
3Q12
% Change
9M
2011
9M
2012
% Change
Cancun
1,114.5
1,434.6
28.72
2,738.8
3,466.5
26.57
Cozumel
21.4
27.2
27.10
41.1
68.9
67.64
Huatulco
112.8
110.6
(1.95)
290.8
304.1
4.57
Merida
288.0
284.3
(1.28)
819.6
838.2
2.27
Minatitlan
24.5
31.9
30.20
75.0
93.3
24.40
Oaxaca
98.1
114.3
16.51
249.9
310.8
24.37
Tapachula
37.8
36.3
(3.97)
114.9
110.3
(4.00)
Veracruz
203.2
208.5
2.61
576.6
575.5
(0.19)
Villahermosa
213.2
229.5
7.65
578.8
658.3
13.74
TOTAL
2,113.5
2,477.2
17.21
5,485.5
6,425.9
17.14
Note: Passenger figures exclude transit and general aviation passengers.
II: International Passengers (in thousands)
Airport
3Q11
3Q12
% Change
9M
2011
9M
2012
% Change
Cancun
2,068.2
2,136.8
3.32
7,288.4
7,575.9
3.94
Cozumel
64.1
66.7
4.06
310.5
303.1
(2.38)
Huatulco
3.7
4.7
27.03
52.3
53.5
2.29
Merida
22.9
26.5
15.72
70.4
76.6
8.81
Minatitlan
1.3
1.6
23.08
3.4
4.5
32.35
Oaxaca
13.5
14.2
5.19
37.3
40.6
8.85
Tapachula
1.6
1.8
12.50
5.7
5.8
1.75
Veracruz
30.2
28.3
(6.29)
71.6
77.3
7.96
Villahermosa
14.7
17.0
15.65
37.4
43.6
16.58
TOTAL
2,220.2
2,297.6
3.49
7,877.0
8,190.9
3.86
Note: Passenger figures exclude transit and general aviation passengers.
Table III: Total Passengers (in thousands)
Airport
3Q11
3Q12
% Change
9M
2011
9M
2012
% Change
Cancun
3,182.7
3,571.4
12.21
10,027.2
11,042.4
10.12
Cozumel
85.5
93.9
9.82
351.6
372.0
5.80
Huatulco
116.5
115.3
(1.03)
343.1
357.6
4.23
Merida
310.9
310.8
(0.03)
890.0
914.8
2.79
Minatitlan
25.8
33.5
29.84
78.4
97.8
24.74
Oaxaca
111.6
128.5
15.14
287.2
351.4
22.35
Tapachula
39.4
38.1
(3.30)
120.6
116.1
(3.73)
Veracruz
233.4
236.8
1.46
648.2
652.8
0.71
Villahermosa
227.9
246.5
8.16
616.2
701.9
13.91
TOTAL
4,333.7
4,774.8
10.18
13,362.5
14,606.8
9.31
Note: Passenger figures exclude transit and general aviation passengers.
Consolidated Results for 3Q12
Total revenues for 3Q12 increased year-over-year by 16.50% to Ps.1,222.01 million. This was mainly due to increases of:
14.27% in revenues from aeronautical services, principally as a result of the 10.18% rise in passenger traffic; 14.52% in revenues from non-aeronautical services, reflecting the 15.94% increase in commercial revenues detailed below; and 35.21% in revenues from construction services as a result of capital expenditures and other investments in concessioned assets during the period.
ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, banking and currency exchange services, advertising, teleservices, non-permanent ground transportation, food and beverage, and parking lot fees.
Commercial revenues increased by 15.94% year-over-year during the quarter, principally due to the 10.18% increase in passenger traffic. There were increases in revenues in the following activities:
41.10% in advertising; 18.17% in retail operations; 15.62% in car rental revenues; 15.08% in banking and currency exchange services; 13.95% in food and beverage; 10.55% in duty-free stores; 4.90% in ground transportation; 4.11% in parking lot fees; and 24.55% in other revenue.
These increases more than offset the 11.18% decline in teleservices.
Retail and Other Commercial Space
Opened since June 30, 2011
Business Name
Type
Opening Date
Cancun
Traffic Tours
Tourism booth
September 2011
Starbucks Cafe
Food & beverage
July 2011
Merida
Sunglass Island
Retail
July 2012
Kukis
Retail
March 2012
Villahermosa
Operadora de Tiendas exclusivas
Retail
June 2012
Snack Bar Aqua
Food & beverage
June 2012
Tienda de Artesanias
Retail
August 2012
Veracruz
Rent a Matic Itza
Car rentals
August 2012
Construction revenues and expenses. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the income from construction or improvements to concessioned assets made during the period. During 3Q12, ASUR recognized Ps.145.63 million in revenues from "Construction Services" because of improvements to its concessioned assets, a 35.21% year-on-year increase. The same amount is recognized under the expense line "Construction Costs" because ASUR hires third parties to provide construction services.
Because equal amounts of Construction Revenues and Construction Expenses have been included in ASUR's income statement as a result of the application of IFRIC 12, the increase in Construction Revenues in 3Q12 did not result in a proportionate increase in the EBITDA Margin, which is equal to EBITDA divided by total revenues.
Total operating costs and expenses for 3Q12 increased 13.03% year-over-year. This was primarily due to the following increases:
35.21% in construction costs, due to greater improvements made to the concessioned assets during the period; 6.08% in costs of services, principally reflecting higher sales volumes, and therefore higher costs of sales at the convenience stores directly operated by ASUR, and higher fees paid to third parties in connection with ASUR's participation in international projects. Increased insurance costs, as well as the costs of a bond required in connection with an appeal of a decision overturning a tax credit, and higher maintenance expenses also contributed to the increase; 9.50% in administrative expenses mainly due to higher professional fees paid to third parties and travel expenses in connection with the Munoz Marin Airport in San Juan, Puerto Rico ("LMM") project; 17.76% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee); 15.03% in concession fees paid to the Mexican government, mainly due to an increase in regulated revenues (a factor in the calculation of the fee); and 4.47% in depreciation and amortization, resulting mainly from capitalized investments.
Operating margin for the quarter increased to 48.34% from 46.76% in 3Q11. This was mainly due to the 16.50% increase in revenues which more than offset the 13.03% increase in expenses during the period.
Comprehensive Financing Gain (Loss) for 3Q12 was a Ps.6.69 million loss, compared to a Ps.21.2 million gain in 3Q11, principally due to a foreign exchange loss during the quarter as compared to a foreign exchange gain in 3Q11.
During 3Q12, ASUR reported a foreign exchange loss of Ps.9.08 million which principally resulted from the 6.74% appreciation of the Mexican peso against the U.S. dollar during the period derived of a foreign currency net asset position.
Interest expense declined in 3Q12 by Ps.4.60 million year-on-year, principally reflecting lower debt levels as a result of the Ps.277.5 million in principal payments made during 3Q12. Interest income increased by Ps.1.53 million year-on-year reflecting higher investments resulting from the increase in net income during the period.
Comprehensive Financing Result (Cost)
3Q11
3Q12
Change
%
Change
Interest income
(19,812)
21,342
1,530
8
Interest expenses
(13,674)
(9,079)
4,596
34
Loss (gains) on valuation of
derivative
637
--
(637)
(100.)
Foreign exchange gain (loss),
net
14,436
(18,952)
(33,389)
(231)
Total
21,211
(6,689)
(27,901)
(132)
9M11
9M12
Change
%
Change
Interest income
59,998
62,766
2,768
5
Interest expenses
(44,954)
(29,223)
15,731
(35)
Loss (gains) on valuation of
Derivative
2,061
601
(1,460)
(71)
Foreign exchange gain (loss),
net
11,207
(22,838)
(34,045)
(304)
Total
28,312
11,306
(17,006)
(60)
2011
2012
Exchange rate at September
13.7994
12.8695
Exchange rate at June
11.7230
13.4084
Income Taxes. Following the changes in Mexican tax law that took effect on January 1, 2008, which established a new flat rate business tax ("Impuesto Empresarial a Tasa Unica" or "IETU") and eliminated the asset tax, the Company evaluates and reviews its deferred assets and liabilities position as applied by Mexican Tax laws.
Income taxes for 3Q12 increased by 18.04%, or Ps.26.75 million year-over-year, principally due to the following factors:
Provisional IETU payments of Ps.5.40 million by some of ASUR's subsidiaries; A Ps.18.55 million increase in the provision for income taxes, as a result of a higher taxable base resulting from the 16.50% increase in revenues during the period, which more than offset the 13.03% increase in operating costs. A Ps.9.90 million increase in deferred income taxes resulting from the recognition of inflationary effects; A Ps.2.65 million decline in deferred IETU because of the expiration of tax credits; and A Ps.0.26 million decline in the asset tax for amounts that cannot be credited against other taxes.
Net income for 3Q12 increased by 12.55% to Ps.409.07 million from Ps.363.45 million in 3Q11. Earnings per common share for the quarter were Ps.1.3636, or earnings per ADS (EPADS) of US$1.0595 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.1.2115, or EPADS of US$0.9414, for the same period last year.
Table IV: Summary of Consolidated Results for 3Q12
3Q11
3Q12
% Change
Total Revenues
1,048,979
1,222,011
16.50
Aeronautical Services
615,896
703,766
14.27
Non-Aeronautical Services
325,378
372,618
14.52
Commercial Revenues
282,158
327,130
15.94
Construction Services
107,705
145,627
35.21
Operating Profit
490,480
590,746
20.44
Operating Margin %
46.76%
48.34%
3.37%
EBITDA
587,213
691,802
17.81
EBITDA Margin %
55.98%
56.61%
1.13%
Net Income
363,451
409,066
12.55
Earnings per Share
1.2115
1.3636
12.55
Earnings per ADS in US$
0.9414
1.0595
12.55
Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.12.8695.
Table V: Commercial Revenues per Passenger for 3Q12
3Q11
3Q12
% Change
Total Passengers ('000)
4,382
4,824
10.09
Total Commercial Revenues
282,158
327,130
15.94
Commercial revenues from direct
operations (1)
65.308
81,649
25.02
Commercial revenues excluding
direct operations
216,850
245,481
13.20
3Q11
3Q12
% Change
Total Commercial Revenue per Passenger
64.40
67.81
5.30
Commercial revenue from direct
operations per passenger (1)
14.90
16.93
13.62
Commercial revenue per passenger (excluding
direct operations)
49.50
50.88
2.79
Note: For purposes of this table, approximately 69,800 and 48,900 transit and general aviation passengers are included for 3Q11 and 3Q12, respectively.
(1) Revenues from direct commercial operations represent ASUR's operation of convenience stores in airports and the direct sale of advertising space.
Table VI: Operating Costs and Expenses for 3Q12
3Q11
3Q12
% Change
Cost of Services
236,382
250,766
6.08
Construction Costs
107,704
145,627
35.21
Administrative
43,268
47,378
9.50
Technical Assistance
30,958
36,455
17.76
Concession Fees
43,454
49,983
15.03
Depreciation and Amortization
96,733
101,056
4.47
TOTAL
558,499
631,265
13.03
Consolidated Results for the Nine-Months Ended September 30, 2012
Total revenues for 9M12 increased year-over-year by 18.00% to Ps.3,783.5 million, mainly due to the following increases:
14.66% in revenues from aeronautical services as a result of the 9.31% increase in passenger traffic during the period; 19.78% in revenues from non-aeronautical services, principally as a result of the 21.44% increase in commercial revenues detailed below; and 32.75% in construction services in connection with higher investments during the period.
Commercial revenues for 9M12 rose by 21.44% year-over-year, principally as a result of revenue increases in the following areas:
38.76% in advertising; 24.18% in retail operations; 23.65% in other income; 22.95% in duty-free stores; 18.18% in banking and currency exchange services; 16.82% in food and beverage; 14.54% in car rentals; 12.35% in ground transportation services; 4.41% in teleservice; and 3.17% in parking lot fees.
Total operating costs and expenses for 9M12 rose 13.47%, mainly due to the following increases:
32.75% in construction costs resulting from higher investments; 7.52% in cost of services, principally reflecting higher energy costs, security and maintenance, and professional fees to third parties in connection with ASUR's participation in international bidding processes. Higher costs of sales as a result of higher sales volumes at the convenience stores directly operated by ASUR also contributed to the increase; 10.07% in administrative expenses, principally due to travel expenses in connection with international bidding projects; 19.86% in technical assistance costs, reflecting the corresponding increase in EBITDA during the period; 15.81% in concession fees, mainly due to the increase in regulated revenues (a factor in the calculation of the fee); and 4.80% in depreciation and amortization mainly due to changes in the depreciation and amortization rates.
Operating margin increased to 51.82% for 9M12, from 49.90% in 9M11. This was mainly the result of the 18.00% growth in revenues which more than offset the 13.47% increase in operating expenses for the period.
Net income for 9M12 increased by 20.86% to Ps.1,410.27 million. Earnings per common share for the period were Ps.4.7009, or earnings per ADS (EPADS) of US$3.6527 (one ADS represents ten series B common shares). This compares with Ps.3.8896, or EPADS of US$3.0224, for the same period last year.
Table VII: Summary of Consolidated Results for 9M12
(in thousands)
9M11
9M12
% Change
Total Revenues
3,206,485
3,783,500
18.00
Aeronautical Services
1,887,992
2,164,726
14.66
Non-Aeronautical Services
1,013,898
1,214,437
19.78
Commercial Revenues
881,662
1,070,649
21.44
Construction Services
304,595
404,337
32.75
Operating Profit
1,600,024
1,960,657
22.54
Operating Margin %
49.90%
51.82%
3.84%
EBITDA
1,885,940
2,260,284
19.85
EBITDA Margin %
58.82%
59.74%
1.57%
Net Income
1,166,887
1,410,267
20.86
Earnings per Share
3.8896
4.7009
20.86
Earnings per ADS in US$
3.0224
3.6527
20.86
Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.13.4084.
Table VIII: Commercial Revenues per Passenger for 9M12
(in thousands)
9M11
9M12
% Change
Total Passengers *('000)
13,517
14,759
9.19
Total Commercial Revenues
881,662
1,070,649
21.44
Commercial revenues from
direct operations (1)
191,115
249,444
30.52
Commercial revenues
excluding direct operations
690,547
821,205
18.92
9M11
9M12
% Change
Total Commercial Revenue per Passenger
65.23
72.54
11.21
Commercial revenue from
direct operations per
passenger (1)
14.14
16.90
19.52
Commercial revenue per
passenger (excluding direct
operations)
51.09
55.64
8.91
* For purposes of this table, approximately 249,200 and 151,800 transit and general aviation passengers are included for 9M11 and 9M12, respectively.
(1) Revenues from direct commercial operations represent ASUR's operation of convenience stores in airports and the direct sale of advertising space.
Table IX: Operating Costs and Expenses for 9M12
(in thousands)
9M11
9M12
% Change
Cost of Services
658,852
708,390
7.52
Construction Costs
304,595
404,337
32.75
Administrative
123,549
135,992
10.07
Technical Assistance
99,300
119,020
19.86
Concession Fees
134,249
155,477
15.81
Depreciation and Amortization
285,916
299,627
4.80
TOTAL
1,606,461
1,822,843
13.47
Tariff Regulation
The Mexican Ministry of Communications and Transportation regulates the majority of ASUR's activities by setting maximum rates, which represent the maximum possible revenues allowed per traffic unit at each airport.
ASUR's regulated revenues for 9M12 were Ps.2,362.74 million, resulting in an annual average tariff per workload unit of Ps.157.06. ASUR's regulated revenues accounted for approximately 62.45% 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, 2012, Airport Concessions represented 82.31% of the Company's total assets, with current assets representing 16.02% and other assets representing 1.67%.
Cash and cash equivalents on September 30, 2012 were Ps.1,941.59 million, a 26.93% increase from the Ps.1,529.67 million in cash and cash equivalents recorded on December 31, 2011.
Shareholders' equity at the close of 3Q12 was Ps.15,806.59 million and total liabilities were Ps.2,936.43 million, representing 84.33% and 15.66% of total assets, respectively. Deferred liabilities represented 72.54% of the Company's total liabilities.
Total bank debt at September 30, 2012 was Ps.414.4 million, including Ps.1.3 million in accrued interest. During August and September of 2010, Cancun Airport entered into two three-year credit agreements of Ps.350 million and Ps.570 million with two banks. The terms of the agreements include a floating interest rate based on the Tasa de Interes Interbancaria de Equilibrio (TIIE) plus 1.5% and quarterly principal payments. In addition, in September of 2011, Veracruz Airport entered into a three-year credit agreement of Ps.50 million. The terms include a floating interest rate based on the Tasa de Interes Interbancaria de Equilibrio (TIIE) plus 0.75% and quarterly principal payments.
During the quarter, ASUR made aggregate principal payments of Ps.98.1 million in connection with the Ps.350 million, Ps.570 million and Ps.50 million three-year credit agreements.
In the fourth quarter of 2011, Cancun Airport obtained authorization for two new bank loans from Banamex and BBVA Bancomer of US$300 million and Ps.1,500 million, respectively. These loans remain subject to certain conditions precedent, including the negotiation of definitive documentation for the loans. To date, ASUR has not yet made use of the authorized credit lines.
Capital Expenditures
During 3Q12, ASUR made investments of Ps.122.15 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans.
Recent Events
ASUR and Highstar Capital Win Bid to be Private Operator of Luis Munoz Marin Airport in San Juan, Puerto Rico
On July 19, 2012 ASUR announced that the Puerto Rico Public-Private Partnership Committee declared Aerostar Airport Holdings ("Aerostar") the winner of a public bidding process to become the private operators of the Luis Munoz Marin international airport in San Juan, Puerto Rico ("LMM Airport"). Aerostar is a limited liability company owned 50% by each of ASUR (through its Cancun Airport subsidiary) and Highstar Capital IV.
LMM Airport handles over 8.5 million passengers per year and is served by over 14 airlines. LMM airport generates over 8,000 direct and indirect jobs and recently opened the newly-constructed Terminal A, which is currently served by JetBlue. Aerostar intends to transform LMM into a world-class airport through a capital investment program of over $1.4 billion during the term of the lease, while working with the airport community and airlines to better serve passengers.
On July 24, 2012 Aerostar signed a lease agreement (the "Lease Agreement") for LMM Airport with the Puerto Rico Ports Authority (the "PRPA"). The closing of the Lease Agreement, however, is subject to a number of conditions precedent, including approval of the Lease Agreement and the award of a Part 139 operating certificate by the U.S. Federal Aviation Administration ("FAA") as previously disclosed. The Lease Agreement has a term of 40 years and involves an upfront payment of $615 million, which is expected to be funded by a mixture of debt financing incurred by Aerostar and equity contributions by each of ASUR (through its Cancun Airport subsidiary) and Highstar Capital IV.
Following the execution of the Lease Agreement, Aerostar and the PRPA have undertaken a number of critical steps towards the closing:
The PRPA submitted an application to the FAA for approval of the Lease under the FAA's Airport Privatization Pilot Program. Aerostar has also begun discussions with the FAA regarding its application for a Part 139 operating certificate. Aerostar named the transition team for its operations at LMM airport. The transition team has already begun meeting with airlines, concessionaires and other stakeholders at LMM Airport to help facilitate a smooth transition to the closing of the Lease.
The current capital structure for Aerostar is as follows:
Each of Highstar and ASUR own 50% of the membership interests in Aerostar. Aerostar has received financing commitments from a syndicate of international and Puerto Rican banks for a term loan of up to $350 million of the upfront leasehold fee, a term loan of $50 million for capital expenditures and a $10 million revolving credit facility. ASUR has committed to lend Aerostar up to $100 million to fund the payment of the upfront leasehold fee due under the Lease, which is subject to adjustment based on the amount of third party financing available to Aerostar. The commitment for this loan provides that it would be subordinated to senior indebtedness, bear interest at LIBOR plus 2.00% and be required to be repaid by Aerostar from cash available for distribution in priority to equity distributions to ASUR and Highstar Capital IV. In exchange for ASUR's loan commitment, Highstar Capital IV has granted ASUR certain benefits, including an agreement that if Highstar Capital IV sells any of its interest in Aerostar and ASUR's Cancun airport subsidiary continues to hold at least 25% of Aerostar's membership units, ASUR will be entitled to 20% of Highstar Capital IV's realized investment return on such sale in excess of 14% per annum.
For more details related to these recent events, refer to ASUR's press releases issued on July 19 and 24, and September 12, 2012.
IFRS Adoption
In compliance with regulations established by the Mexican National Banking and Securities Commission (CNBV), as of January 1, 2012 the Company has adopted International Financial Reporting Standards (IFRS) as the accounting standards to prepare its financial statements.
Furthermore, and in compliance with INIF 19 "Changes derived from the adoption of IFRS," the most significant accumulated changes in net shareholders' equity as of January 1, 2011 are included in the table below:
Effects on the initial Shareholders' Equity
resulting from the adoption of IFRS as of January 1, 2011
(in thousands of Mexican Pesos)
Item
Description
Capital Stock
Retained Earnings
Legal Reserve
Total Shareholders' Equity
Labor
liabilities
Elimination of severance liabilities according to NIF D-3 and creation of a liability under IAS 19 Net
7,835
7,835
Deferred employee profit
sharing
Reversal of deferred employee profit sharing as it is outside the reach of IAS 12
(2,905)
(2,905)
Creation
of a
reserve
for
vacation
Recognition of accrued vacation rights not used by year-end.
(18,339)
(18,339)
Deferred
Assets
(income
tax and
flat tax)
Impact on deferred IETU derived from the recognition of provisions for vacations and employee benefits
3,534
3,534
Capital
Stock
Elimination of inflation accounting.
(5,031,928)
(5,031,928)
Legal
Reserve
Elimination of inflation accounting
(23,025)
(23,025)
Capital
Stock and
Legal
Reserve
Reclassification of inflation accounting of capital stock and legal reserve to retained earnings
5,054,953
5,054,953
TOTAL
(5,031,928)
5,045,078
(23,025)
(9,875)
The following table presents the principal effects of IFRS on Shareholders' Equity as of September 30, 2012, December 31, 2011 and January 1, 2011:
(In thousands of Mexican Pesos)
September 30,
2012
December 31,
2011
January 1,
2011
Shareholders' Equity Under Mexican
Financial Reporting Standards
15,820,904
15,487,813
14,795,457
IFRS Adjustments:
Deferred Employee Profit Sharing (Note b)
(3,862)
(3,862)
(2,905)
Severance Liability and actuarial gains and losses
(Note e)
10,836
10,342
7,835
Reserve for Vacations (Note f)
(23,502)
(22,099)
(18,339)
Deferred IETU (Note c)
2,217
4,218
3,534
Total IFRS Adjustments
(14,311)
(11,401)
(9,875)
Shareholders' Equity Under IFRS
15,806,593
15,476,412
14,785,582
See page 22 for notes on IFRS transition effects.
The following table presents the principal effects of IFRS on the Income Statement for the nine-month period ended on September 30, 2011 and 2012.
(In thousands of Mexican Pesos)
3Q12
3Q11
9M12
9M11
Jan-Dec 2011
Net Income Under Mexican Financial Reporting Standards
409,339
363,693
1,413,091
1,170,082
1,592,356
Elimination of severance liabilities
according with NIF D-3 and creation of
a liability under IAS 19 – Net (Note e)
-203
565
580
2,138
3,244
Elimination of PTU difference
(957)
Recognition of accrued rights not used
(Note f)
-601
-1,222
(1,403)
(3,234)
-3760
Effect on deferred IETU resulting from
the recognition of a reserve for
vacation and employee benefits (Note
c)
531
415
(2,001)
(2,099)
684
Net Income Under IFRS
409,066
363,451
1,410,267
1,166,887
1,591,567
Actuarial Gains and Losses
(265)
(184)
(86)
(553)
(737)
Comprehensive Net Income Under
IFRS
408,801
363,267
1,410,181
1,166,334
1,590,830
See page 22 for notes on IFRS transition effects.
3Q12 Earnings Conference Call
Day:
Wednesday, October 24, 2012
Time:
10:00 AM US ET; 9:00 AM Mexico City time
Dial-in number:
1-888-846-5003 (US & Canada) and 1-480-629-9856 (International & Mexico)
Access Code:
4569419
Please dial in 10 minutes before the scheduled start time.
Replay:
Wednesday, October 24, 2012 at 1:00 PM US ET, ending at midnight US ET on Wednesday, October 31, 2012. Dial-in number: 1-877-870-5176 (US & Canada); 1-858-384-5517 (International & Mexico). Access Code: 4569419.
Analyst Coverage
Actinver Casa de Bolsa, Barclays, BBVA Bancomer, BofA Merrill Lynch, Citi Investment Research, Credit Suisse, Grupo Bursatil Mexicano, Grupo Financiero Interacciones, Grupo Financiero Monex, Intercam Casa de Bolsa, Itau BBA, INVEX, JP Morgan, Morgan Stanley, Morningstar, Santander Investment, Scotia Capital, UBS Casa de Bolsa, Vector.
Note: ASUR is covered by the aforementioned analysts. Please note that any opinions, estimates or forecasts regarding the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.
About ASUR:
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a Mexican airport operator with concessions to operate, maintain and develop the airports of Cancun, Merida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan in the southeast of Mexico. The Company is listed both on the NYSE in the U.S., where it trades under the symbol ASR, and on the Mexican Bolsa, where it trades under the symbol ASUR. One ADS represents ten (10) series B shares.
Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR's filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.
TABLES TO FOLLOW
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Operating Results per Airport
Thousands of Mexican pesos
Item
3Q
2011
3Q 2011 Per Workload Unit
3Q
2012
3Q 2012 Per Workload Unit
9M 2011
9M 2011 Per Workload Unit
9M 2012
9M 2012 Per Workload Unit
Cancun (1)
Aeronautical Revenues
454,019
139.7
528,224
145.2
1,415,338
138.4
1,635,179
145.2
Non-Aeronautical Revenues
284,069
87.4
328,370
90.3
893,570
87.4
1,085,231
96.4
Construction Services
42,927
13.2
89,560
24.6
134,114
13.1
256,127
22.7
Total Revenues
781,015
240.4
946,154
260.1
2,443,022
238.9
2,976,537
264.4
Operating Profit
402,638
123.9
477,132
131.2
1,264,357
123.6
1,599,883
142.1
EBITDA
465,997
143.4
541,508
148.9
1,451,431
141.9
1,792,010
159.2
Merida
Aeronautical Revenues
44,838
125.2
46,161
129.7
127,979
123.4
136,714
129.5
Non-Aeronautical Revenues
12,413
34.7
13,539
38.0
35,701
34.4
39,390
37.3
Construction Services
26,960
75.3
7,871
22.1
55,925
53.9
28,269
26.8
Other (2)
-
-
7
-
-
-
19
-
Total Revenues
84,211
235.2
67,578
189.8
219,605
211.8
204,392
193.6
Operating Profit
17,480
48.8
17,170
48.2
49,434
47.7
50,949
48.2
EBITDA
25,266
70.6
25,273
71.0
72,789
70.2
75,255
71.3
Villahermosa
Aeronautical Revenues
27,813
116.9
31,433
122.3
73,612
114.0
89,372
121.6
Non-Aeronautical Revenues
8,833
37.1
9,731
37.9
25,830
40.0
27,226
37.0
Construction Services
8,528
35.8
4,450
17.3
13,399
20.7
5,646
7.7
Other (2)
-
-
18
0.1
-
-
55
0.1
Total Revenues
45,174
189.8
45,632
177.6
112,841
174.7
122,299
166.4
Operating Profit
11,399
47.9
14,865
57.8
27,938
43.2
39,662
54.0
EBITDA
16,657
70.0
20,632
80.3
42,675
66.1
56,814
77.3
Other Airports (3)
Aeronautical Revenues
89,226
142.3
97,948
148.4
271,063
144.6
303,461
152.1
Non-Aeronautical Revenues
20,063
32.0
20,978
31.8
58,797
31.4
62,590
31.4
Construction Services
29,290
46.7
43,746
66.3
101,157
54.0
114,295
57.3
Other (2)
18,000
28.7
4,556
6.9
40,431
21.6
6,180
3.1
Total Revenues
156,579
249.7
167,228
253.4
471,448
251.6
486,526
243.9
Operating Profit
33,657
53.7
27,503
41.7
102,618
54.8
93,837
47.0
EBITDA
53,658
85.6
49,959
75.7
162,392
86.7
158,825
79.6
Holding & Service companies (4)
Construction Services
-
n/a
-
n/a
-
n/a
-
n/a
Other (2)
198,541
n/a
228,871
n/a
641,856
n/a
672,929
n/a
Total Revenues
198,541
n/a
228,871
n/a
641,856
n/a
672,929
n/a
Operating Profit
25,306
n/a
54,076
n/a
155,677
n/a
176,326
n/a
EBITDA
25,635
n/a
54,430
n/a
156,653
n/a
177,380
n/a
Consolidation Adjustment
Consolidation Adjustment
(216,541)
n/a
(233,452)
n/a
(682,287)
n/a
(679,183)
n/a
Group
Aeronautical Revenues
615,896
137.7
703,766
143.3
1,887,992
137.0
2,164,726
143.9
Non-Aeronautical Revenues
325,378
72.8
372,618
75.9
1,013,898
73.6
1,214,437
80.7
Construction Services
107,705
24.1
145,627
29.7
304,595
22.1
404,337
26.9
Total Revenues
1,048,979
234.6
1,222,011
248.9
3,206,485
232.6
3,783,500
251.5
Operating Profit
490,480
109.7
590,746
120.3
1,600,024
116.1
1,960,657
130.3
EBITDA
587,213
131.3
691,802
140.9
1,885,940
136.8
2,260,284
150.2
(1) Reflects the results of operations of Cancun Airport and two Cancun Airport Services subsidiaries on a consolidated basis.
(2) Reflects revenues under intercompany agreements which are eliminated in the consolidation adjustment.
(3) Reflects the results of operations of our airports located in Cozumel, Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz.
(4) Reflects the results of operations of our parent holding company and our services subsidiaries. Because none of these entities hold the concessions for our airports, we do not report workload unit data for theses entities.
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Income from January 1 to September 30, 2012 and 2011
Thousands of Mexican pesos
I t e m
9M
9M
%
3Q
3Q
%
2011
2012
Change
2011
2012
Change
Revenues
Aeronautical Services
1,887,992
2,164,726
14.66
615,896
703,766
14.27
Non-Aeronautical Services
1,013,898
1,214,437
19.78
325,378
372,618
14.52
Construction Services
304,595
404,337
32.75
107,705
145,627
35.21
Total Revenues
3,206,485
3,783,500
18.00
1,048,979
1,222,011
16.50
Operating Expenses
Cost of Services
658,852
708,390
7.52
236,382
250,766
6.08
Cost of Construction
304,595
404,337
32.75
107,704
145,627
35.21
General and Administrative Expenses
123,549
135,992
10.07
43,268
47,378
9.50
Technical Assistance
99,300
119,020
19.86
30,958
36,455
17.76
Concession Fee
134,249
155,477
15.81
43,454
49,983
15.03
Depreciation and Amortization
285,916
299,627
4.80
96,733
101,056
4.47
Total Operating Expenses
1,606,461
1,822,843
13.47
558,499
631,265
13.03
Operating Income
1,600,024
1,960,657
22.54
490,480
590,746
20.44
Comprehensive Financing Cost
28,312
11,305
(60.07)
21,211
(6,691)
(131.54)
Non-Ordinary Item
Non-Ordinary Item
-
-
-
-
-
-
Income Before Income Taxes
1,628,336
1,971,962
21.10
511,691
584,055
14.14
Provision for IETU
11,624
12,328
6.06
4,190
5,404
28.97
Provision for Income Tax
455,529
573,494
25.90
144,432
162,981
12.84
Provision for Asset Tax
8,336
8,597
3.13
3,126
2,866
(8.32)
Deferred Income Taxes
(41,324)
(49,300)
19.30
(12,804)
(2,904)
(77.32)
Deferred IETU
27,284
16,576
(39.25)
9,296
6,642
(28.55)
Net Income for the Year
1,166,887
1,410,267
20.86
363,451
409,066
12.55
Earning per Share
3.89
4.70
20.86
1.2115
1.3636
12.55
Earning per American Depositary Share (in U.S. Dollars)
3.02
3.65
20.86
0.9414
1.0595
12.55
Exchange rate per dollar Ps. 12.8695
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Balance Sheet as of September 30, 2012 and 2011
Thousands of Mexican pesos
I t e m
September 2012
December 2011
January 2011
A s s e t s
Current Assets
Cash and Cash Equivalents
1,941,590
1,529,667
1,442,879
Trade Receivables, net
284,672
462,102
389,960
Recoverable Taxes and Other Current Assets
775,963
894,520
921,193
Total Current Assets
3,002,225
2,886,289
2,754,032
Non Current Assets
Machinery, Furniture and Equipment, net
313,536
306,504
305,629
Airports Concessions, net
15,427,260
15,405,490
14,945,330
Total Assets
18,743,021
18,598,283
18,004,991
Liabilities and Stockholders' Equity
Current Liabilities
Trade Accounts Payable
17,031
28,876
10,738
Bank Loans
374,254
374,640
243,102
Accrued Expenses and Others Payables
376,251
357,197
261,159
Total Current Liabilities
767,536
760,713
514,999
Long Term Liabilities
Bank Loans
38,889
321,950
647,503
Deferred Income Taxes
1,457,797
1,385,685
1,461,089
Deferred Flat Rate Business Tax
665,260
648,685
591,836
Labor Obligations
6,946
4,838
3,982
Total Long Term Liabilities
2,168,892
2,361,158
2,704,410
Total Liabilities
2,936,428
3,121,871
3,219,409
Stockholders' Equity
Capital stock
7,767,276
7,767,276
7,767,276
Legal Reserve
412,878
333,261
264,092
Share Repurchase Reserve
-
-
-
Net Income for the Period
1,410,267
1,591,566
1,275,143
IFRS Conversion Adjustment
5,044,255
5,044,341
5,045,078
Retained Earnings
1,171,917
739,968
433,993
Total Stockholders' Equity
15,806,593
15,476,412
14,785,582
Total Liabilities and Stockholders' Equity
18,743,021
18,598,283
18,004,991
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Cash flow from January 1 to September 30, 2012 and 2011
Thousands of Mexican pesos
Related
9M
9M
% Change
3Q
3Q
% Change
2011
2012
2011
2012
Operating Activities
Income Before Income Taxes
1,628,336
1,971,962
21
511,691
584,055
14
Items Related with Investing Activities:
Depreciation and Amortization
285,916
299,627
5
96,733
101,056
4
Loss on Disposal of Fixed Assets
-
-
-
-
Interest Income
(59,998)
(62,766)
5
(19,811)
(21,342)
8
Provisions
-
-
34,179
(100)
-
-
Sub-Total
1,854,254
2,208,823
19
622,792
663,769
7
Increase in Trade Receivables
39,636
177,429
348
18,063
68,451
279
Decrease in Recoverable Taxes and other Current Assets
85,505
231,373
171
48,761
197,846
306
Other Deferred Assets
-
-
-
-
-
-
Income Tax Paid
(147,899)
(348,434)
136
(147,899)
(348,434)
136
Trade Accounts Payable
-
-
-
-
-
-
Accrued Expenses and Others Payables
12,782
(157,487)
(1,332)
157
(15,826)
(10,180)
Long Term Liabilities
-
-
-
-
-
Net Cash Flow Provided by Operating Activities
1,844,278
2,111,704
15
541,874
565,806
4
Investing Activities
Investments in Machinery, Furniture and Equipment, net
(305,253)
(405,050)
33
(144,558)
(122,150)
(16)
Investments in Rights to Use Airport Facilities
-
-
-
-
-
-
Investments in Construction in Process
-
-
-
-
-
-
Investments in Others
-
-
-
-
-
-
Interest Income
59,998
62,766
5
19,811
21,342
8
Net Cash Flow Provided by Investing Activities
(245,255)
(342,284)
40
(124,747)
(100,808)
(19)
Excess Cash to Use in Financing Activities:
1,599,023
1,769,420
11
417,127
464,998
11
Bank Loans
(100,831)
(277,497)
175
(42,497)
(92,499)
118
Dividends Paid
(900,000)
(1,080,000)
20
-
-
-
Tax on Dividends Paid
(300,000)
(100)
-
-
-
Net Cash Flow Provided by Financing Activities
(1,300,831)
(1,357,497)
4
(42,497)
(92,499)
118
Net Increase in Cash and Cash Equivalents
298,192
411,923
38
374,630
372,499
(1)
Cash and Cash Equivalents at Beginning of Period
1,442,879
1,529,667
6
1,366,441
1,569,091
15
Cash and Cash Equivalents at the End of Period
1,741,071
1,941,590
12
1,741,071
1,941,590
12
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Income from January 1 to September 30, 2012 and 2011
Thousands of Mexican pesos
I t e m
9 Months
9 Months
3Q
3Q
2011
2012
2011
2012
Mexican NIF
Transition effects
IFRS
Mexican NIF
Transition effects
IFRS
Mexican NIF
Transition effects
IFRS
Mexican NIF
Transition effects
IFRS
Revenues
Aeronautical Services
1,887,992
1,887,992
2,164,726
2,164,726
615,896
-
615,896
703,766
0
703,766
Non-Aeronautical Services
1,013,898
1,013,898
1,214,437
1,214,437
325,378
-
325,378
372,618
0
372,618
Construction Services
304,595
304,595
404,337
404,337
107,704
-
107,704
145,627
0
145,627
Total Revenues
3,206,485
-
3,206,485
3,783,500
-
3,783,500
1,048,978
-
1,048,978
1,222,011
-
1,222,011
Operating Expenses
Cost of Services
658,095
757
658,852
707,520
870
708,390
235,383
998
236,381
249,961
805
250,766
Cost of Construction
304,595
304,595
404,337
404,337
107,704
0
107,704
145,627
0
145,627
General and Administrative Expenses
643,014
643,014
710,116
710,116
214,414
-
214,414
234,872
-
234,872
Total Operating Expenses
1,605,704
757
1,606,461
1,821,973
870
1,822,843
557,501
998
558,499
630,460
805
631,265
Operating Income
1,600,781
(757)
1,600,024
1,961,527
(870)
1,960,657
491,477
(998)
490,479
591,551
(805)
590,746
Comprehensive Financing Cost
Interest Receivable
59,998
59,998
62,766
62,766
19,812
0
19,812
21,342
-
21,342
Interest Payable
(44,954)
(44,954)
(29,224)
(29,224)
(13,675)
0
(13,675)
(9,080)
-
(9,080)
Exchange (losses) gains, net
11,207
11,207
(22,838)
(22,838)
14,436
0
14,436
(18,953)
-
(18,953)
Loss (gains) on Valuation of Derivative
-
0
0
-
-
-
-
Financial Instruments
2,061
2,061
601
601
637
-
637
-
-
-
Non-Ordinary Item
Non-Ordinary Item
(339)
339
-
47
(47)
-
339
(339)
-
-
-
-
Income Before Income Taxes
1,629,432
(1,096)
1,628,336
1,972,785
(823)
1,971,962
512,348
(659)
511,689
584,860
(805)
584,055
Provision for IETU
11,624
11,624
12,328
12,328
4,190
0
4,190
5,404
-
5,404
Provision for Income Tax
455,529
455,529
573,494
573,494
144,432
0
144,432
162,981
-
162,981
Provision for Asset Tax
8,336
8,336
8,597
8,597
3,126
0
3,126
2,866
-
2,866
Deferred Income Taxes
(41,324)
(41,324)
(49,300)
(49,300)
(12,804)
0
(12,804)
(2,904)
-
(2,904)
Deferred IETU
25,185
2,099
27,284
14,575
2,001
16,576
9,711
(417)
9,294
7,173
(531)
6,642
Net Income for the Year
1,170,082
(3,195)
1,166,887
1,413,091
(2,824)
1,410,267
363,693
(242)
363,451
409,340
(274)
409,066
Earning per Share
3.90
(0.01)
3.89
4.71
(0.01)
4.70
1.21
(0.00)
1.21
1.36
(0.00)
1.36
Earning per American Depositary Share
(in U.S. Dollars)
3.03
(0.01)
3.02
3.66
(0.01)
3.65
0.94
(0.00)
0.94
1.06
(0.00)
1.06
Exchange rate per dollar Ps. 12.8695
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Balance Sheet as of September 30, 2012 and 2011
Thousands of Mexican pesos
I t e m
September 2012
December 2011
January 2011
Mexican NIF
Transition effects
IFRS
Mexican NIF
Transition effects
IFRS
Mexican NIF
Transition effects
IFRS
A s s e t s
Current Assets
Cash and Cash Equivalents
1,941,590
1,941,590
1,529,667
1,529,667
1,442,879
1,442,879
Trade Receivables, net
284,672
284,672
462,102
462,102
389,960
389,960
Recoverable Taxes and Other Current Assets
775,963
775,963
894,520
894,520
921,193
921,193
Total Current Assets
3,002,225
-
3,002,225
2,886,289
-
2,886,289
2,754,032
-
2,754,032
Non Current Assets
Machinery, Furniture and Equipment, net
313,536
313,536
306,504
306,504
305,629
305,629
Airports Concessions, net
15,427,260
15,427,260
15,405,490
15,405,490
14,945,330
14,945,330
Deferred eEmployees' Statutory Profit Sharing
3,862
(3,862)
-
3,862
(3,862)
-
2,905
(2,905)
-
Total Non Current Assets
15,431,122
(3,862)
15,427,260
15,715,856
(3,862)
15,711,994
15,253,864
(2,905)
15,250,959
Total Assets
18,746,883
(3,862)
18,743,021
18,602,145
(3,862)
18,598,283
18,007,896
(2,905)
18,004,991
Liabilities and Stockholders' Equity
Current Liabilities
Trade Accounts Payable
17,031
17,031
28,876
28,876
10,738
10,738
Bank Loans
374,254
374,254
374,640
374,640
243,102
243,102
Accrued Expenses and Others Payables
352,749
23,502
376,251
335,098
22,099
357,197
242,820
18,339
261,159
Total Current Liabilities
744,034
23,502
767,536
738,614
22,099
760,713
496,660
18,339
514,999
Long Term Liabilities
Bank Loans
38,889
38,889
321,950
321,950
647,503
647,503
Deferred Income Taxes
1,457,797
1,457,797
1,385,685
1,385,685
1,461,089
1,461,089
Deferred Flat Rate Business Tax
667,477
(2,217)
665,260
652,903
(4,218)
648,685
595,370
(3,534)
591,836
Labor Obligations
17,782
(10,836)
6,946
15,180
(10,342)
4,838
11,817
(7,835)
3,982
Total Long Term Liabilities
2,181,945
(13,053)
2,168,892
2,375,718
(14,560)
2,361,158
2,715,779
(11,369)
2,704,410
Total Liabilities
2,925,979
10,449
2,936,428
3,114,332
7,539
3,121,871
3,212,439
6,970
3,219,409
Stockholders' Equity
Capital Stock
12,799,204
(5,031,928)
7,767,276
12,799,204
(5,031,928)
7,767,276
12,799,204
(5,031,928)
7,767,276
Legal Reserve
430,492
(17,614)
412,878
350,875
(17,614)
333,261
287,117
(23,025)
264,092
Share Repurchase Reserve
-
-
-
-
-
Net Income for the Period
1,413,091
(2,824)
1,410,267
1,592,356
(790)
1,591,566
1,275,143
1,275,143
IFRS Conversion Adjustment
-
5,044,255
5,044,255
-
5,044,341
5,044,341
-
5,045,078
5,045,078
Retained Earnings
1,178,117
(6,200)
1,171,917
745,378
(5,410)
739,968
433,993
433,993
Total Stockholders' Equity
15,820,904
(14,311)
15,806,593
15,487,813
(11,401)
15,476,412
14,795,457
(9,875)
14,785,582
Total Liabilities and Stockholders' Equity
18,746,883
(3,862)
18,743,021
18,602,145
(3,862)
18,598,283
18,007,896
(2,905)
18,004,991
REVIEW OF THE IMPACT OF TRANSITIONING TO IFRS
Below is a description of significant changes on IFRS implementation:
a) Inflation
The Company determined the inflationary effects relating to the capital stock and legal reserve accounts should be eliminated in accordance with International Accounting Standards "IAS" 21 and 29, which were in effect on the date IFRS was adopted.
Based on IFRS 1, the Company has determined it does not have to eliminate the effects of inflation on concessions. This is due to the decision of the Company to apply the transition rules of IFRIC 12 as part of the initial adoption of IFRS 1, which allow for the exception from retrospective application in cases where the "impracticability" of reconstructing asset balances is too significant. Therefore, the Company has recorded the account balances previously registered under Mexican FRS, which contain the effects of inflation through December 31, 2007, as opening balances for the adoption of IFRIC 12.
b) Deferred taxes and deferred income tax or IETU tax
The Company has determined that it must recognize both forms of taxes (income tax or flat tax for each one of its subsidiaries) for the determination of deferred taxes based on its income projections.
c) Labor liabilities and employee profit sharing
On the date IFRS was adopted the Company eliminated the liability relating to deferred profit sharing and severance as an adjustment to its opening balance sheet.
d) Creation of a reserve for unused vacations
On the date IFRS was adopted, the Company recognized an accrual for the vacation rights not used by year-end, according to IAS 19 "Employee Benefits".
e) Non ordinary items in the income statement
The line in the income statement named "Non ordinary items" has been reclassified as "Operating expenses" because IFRS does not recognize extraordinary items as a line in the income statement.
SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.