ASUR 4Q11 Passenger Traffic Up 11.66% YOY

Source PR Newswire

Feb. 23, 2012

61 min read

MEXICO CITY, Feb. 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 twelve-month periods ended December 31, 2011.

4Q11 Highlights(1):

EBITDA(2) increased by 26.47% to Ps.590.54 million Total passenger traffic was up 11.66%Total revenues rose by 14.58% due to increases of 19.80% in aeronautical revenues, 23.06% in non-aeronautical revenues, and 2.00% in construction services revenuesCommercial revenues per passenger increased by 13.37% to Ps.72.38Operating profit increased by 32.12%EBITDA margin increased to 43.21% from 39.14% in 4Q10

____________

Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with Mexican Financial Reporting Standards (MFRS) and represent comparisons between the three and twelve-month periods ended December 31, 2011, and the equivalent three and twelve-month periods ended December 31, 2010. 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.13.9476.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 MFRS and may be calculated differently by different companies.

Passenger Traffic

For the fourth quarter of 2011, total passenger traffic increased year-over-year by 11.66%. Domestic passenger traffic increased by 17.18% while international passenger traffic increased by 7.15%.

Domestic passenger traffic growth was driven by increases across all airports as detailed in Table I below. The 7.15% growth in international passenger traffic resulted mainly from an increase of 7.65% in international traffic at the Cancun airport.

Passenger traffic for the twelve-month period ended December 31, 2011 increased 4.93% compared to 2010, reflecting increases of 8.21% in domestic passenger traffic and 2.64% in international passenger traffic.

Table I: Domestic Passengers (in thousands)

Airport

4Q10

4Q11

% Change

FY
2010

2011

% Change

Cancun

812.9

945.3

16.29

3,372.3

3,684.1

9.25

Cozumel

10.0

22.3

123.00

38.9

63.5

63.24

Huatulco

73.5

102.8

39.86

315.4

393.6

24.79

Merida

261.8

311.7

19.06

1,031.2

1,131.3

9.71

Minatitlan

24.4

29.0

18.85

116.4

104.0

(10.65)

Oaxaca

95.1

102.3

7.57

394.7

352.1

(10.79)

Tapachula

39.0

39.8

2.05

181.0

154.7

(14.53)

Veracruz

176.0

195.5

11.08

763.8

772.0

1.07

Villahermosa

189.7

222.8

17.45

677.8

801.7

18.28

TOTAL

1,682.4

1,971.5

17.18

6,891.5

7,457.0

8.21

Note: Passenger figures exclude transit and general aviation passengers.

II: International Passengers (in thousands)

Airport

4Q10

4Q11

% Change

FY
2010

2011

% Change

Cancun

1,904.4

2,050.0

7.65

9,067.0

9,338.4

2.99

Cozumel

74.9

67.8

(9.48)

399.9

378.2

(5.43)

Huatulco

12.0

13.7

14.17

70.2

66.0

(5.98)

Merida

27.8

23.9

(14.03)

104.5

94.3

(9.76)

Minatitlan

0.8

1.2

50.00

4.6

Oaxaca

10.4

11.9

14.42

52.0

49.2

(5.38)

Tapachula

0.9

1.5

66.67

4.2

7.2

71.43

Veracruz

15.4

23.8

54.55

70.4

95.4

35.51

Villahermosa

12.2

51.0

49.6

(2.75)

TOTAL

2,058.8

2,206.0

7.15

9,823.8

10,082.9

2.64

Note: Passenger figures exclude transit and general aviation passengers.

Table III: Total Passengers (in thousands)

Airport

4Q10

4Q11

% Change

FY
2010

2011

% Change

Cancun

2,717.3

2,995.3

10.23

12,439.3

13,022.5

4.69

Cozumel

84.9

90.1

6.12

438.8

441.7

0.66

Huatulco

85.5

116.5

36.26

385.6

459.6

19.19

Merida

289.6

335.6

15.88

1,135.7

1,225.6

7.92

Minatitlan

25.2

30.2

19.84

121.0

108.6

(10.25)

Oaxaca

105.5

114.2

8.25

446.7

401.3

(10.16)

Tapachula

39.9

41.3

3.51

185.2

161.9

(12.58)

Veracruz

191.4

219.3

14.58

834.2

867.4

3.98

Villahermosa

201.9

235.0

16.39

728.8

851.3

16.81

TOTAL

3,741.2

4,177.5

11.66

16,715.3

17,539.9

4.93

Note: Passenger figures exclude transit and general aviation passengers.

Consolidated Results for 4Q11

Total revenues for 4Q11 increased year-over-year by 14.58% to Ps.1,366.82 million. This was mainly due to increases of:

19.80% in revenues from aeronautical services, principally as a result of the 11.66% rise in passenger traffic; 23.06% in revenues from non-aeronautical services, reflecting the 26.26% increase in commercial revenues detailed below; and 2.00% 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 26.26% year-over-year during the quarter, principally due to improved contractual terms for certain commercial agreements and higher passenger traffic. There were increases in revenues in the following activities:

44.78% in retail operations;32.82% in duty-free stores;29.57% in ground transportation;26.41% in other revenues;23.83% in banking and currency exchange services;12.82% in car rental revenues;12.07% in parking lot fees; 11.35% in food and beverage; and3.86% in teleservices.

These increases were partially offset by a decrease of 7.82% in advertising revenues.

Retail and Other Commercial Space

Opened since September 30, 2010

Business Name

Type

Opening Date

Cancun

Air Shop

Convenience store

October 2010

Johnny Rockets

Food and beverage

December 2010

Bubba Gump

Food and beverage

December 2010

Duty Paid

Retailer

December 2010

Panama Jack

Convenience store

March 2011

Grab & Go

Food and beverage

April 2011

California Pizza Kitchen

Food and beverage

April 2011

Air Shop

Convenience store (2 stores)

April & May 2011

Ando Volando Bajo

Convenience store

June 2011

Traffic Tours

Tourism booth

September 2011

Veracruz

Air Shop

Convenience store (2 stores)

December 2010

Villahermosa

Air Shop

Convenience store (2 stores)

December 2010

Oaxaca

Air Shop

Convenience store

December 2010

Merida

Air Shop

Convenience store (2 stores)

November 2010

Cozumel

Air Shop

Convenience store

January 2011

Minatitlan

Air Shop

Convenience store

January 2011

Tapachula

Air Shop

Convenience store

January 2011

Huatulco

Air Shop

Convenience store

December 2010

Construction revenues and expenses. As a result of ASUR's adoption of I-MFRS 17, "Service Concession Contracts", ASUR is required to include in its income statement an income line reflecting the income from construction or improvements to concessioned assets made during the period. During 4Q11, ASUR recognized Ps.409.43 million in revenues from "Construction Services" because of improvements to its concessioned assets, a 2.00% 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 I-MFRS 17, the increase in Construction Revenues in 4Q11 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 4Q11 increased 6.58% year-over-year. This was primarily due to the following increases:

12.89% in costs of services, principally reflecting the one-time increase in 3Q10 and 4Q10 of the reserve for doubtful accounts resulting from the bankruptcy announced by Grupo Mexicana de Aviacion in August 2010, which did not impact 4Q11 results. The increase also reflects higher energy costs, as well as higher costs reflecting the increase in the number of convenience stores directly operated by ASUR; 2.00% in construction costs, due to greater improvements made to the concessioned assets during the period; 26.47% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee); 19.66% in concession fees paid to the Mexican government, mainly due to an increase in regulated revenues (a factor in the calculation of the fee); 3.82% in depreciation and amortization, resulting mainly from capitalized investments; and 0.73% in administrative expenses.

Operating margin for the quarter increased to 36.12% from 31.33% in 4Q10. This was mainly due to the 14.58% increase in revenues which more than offset the 6.58% increase in expenses during the period.

Comprehensive Financing Cost for 4Q11 increased year-over-year by Ps.16.21 million, to Ps.22.38 million from Ps.6.7 million in 4Q10. During 4Q11, the Company reported net interest income of Ps.12.26 million.

During the quarter ASUR posted a Ps.0.60 million mark-to-market gain in its interest rate swap and an exchange rate gain of Ps.9.52 million.

During 4Q10, ASUR reported net interest income of Ps.7.70 million resulting from interest income of Ps.19.97 million and accrued interest expenses of Ps.13.64 million. During the quarter ASUR reported a Ps.1.37 million mark-to-market gain on the Company's interest rate swap and a Ps.1.54 million exchange rate loss.

Income Taxes. Following the changes in Mexican tax law that took effect 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 under Mexican Financial Reporting Standards.

Income taxes for 4Q11 declined by 7.72%, or Ps.7.84 million year-over-year, principally due to the following factors:

Provisional IETU payments of Ps.1.16 million by some of ASUR's subsidiaries; A Ps.10.34 million decline in the provision for income taxes, as a result of fiscal losses at Cancun Airport; A Ps.7.98 million decline in deferred income taxes resulting from the recognition of the changes in fiscal depreciation rates beginning in 4Q10 and inflationary effects;A Ps.17.65 million increase in deferred IETU because of the expiry of tax credits; andAn Ps.8.34 million decline in the asset tax for amounts that cannot be credited against other taxes.

Net income for 4Q11 increased 51.81% to Ps.422.27 million from Ps.278.16 million in 4Q10. Earnings per common share for the quarter were Ps.1.4076, or earnings per ADS (EPADS) of US$1.0092 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.0.9272, or EPADS of US$0.6648, for the same period last year.

Table IV: Summary of Consolidated Results for 4Q11

4Q10

4Q11

% Change

Total Revenues

1,192,894

1,366,822

14.58

Aeronautical Services

509,490

610,352

19.80

Non-Aeronautical Services

282,017

347,041

23.06

Commercial Revenues

242,183

305,789

26.26

Construction Services

401,387

409,429

2.00

Operating Profit

373,683

493,713

32.12

Operating Margin %

31.33%

36.12%

15.28

EBITDA

466,947

590,538

26.47

EBITDA Margin %

39.14%

43.21%

10.37

Net Income

278,166

422,275

51.81

Earnings per Share

0.9272

1.4076

51.81

Earnings per ADS in US$

0.6648

1.0092

51.81

Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 13.9476.

Table V: Commercial Revenues per Passenger for 4Q11

4Q10

4Q11

% Change

Total Passengers ('000)

3,794

4,225

11.36

Total Commercial Revenues

242,183

305,789

26.26

Commercial revenues from direct operations (1)

48,396

63,876

31.99

Commercial revenues excluding direct operations

193,787

241,913

24.83

Total Commercial Revenue per Passenger

63.84

72.38

13.37

Commercial revenue from direct operations per passenger (1)

12.76

15.12

18.50

Commercial revenue per passenger (excluding direct operations)

51.08

57.26

12.10

Note: For purposes of this table, approximately 52,900 and 47,600 transit and general aviation passengers are included for 4Q10 and 4Q11, respectively.

(1) Revenues from direct commercial operations in 4Q11 represent ASUR's operation of convenience stores in airports and the direct sale of advertising space.

Table VI: Operating Costs and Expenses for 4Q11

4Q10

4Q11

% Change

Cost of Services

218,942

247,166

12.89

Construction Costs

401,387

409,429

2.00

Administrative

44,193

44,515

0.73

Technical Assistance

24,576

31,081

26.47

Concession Fees

36,849

44,093

19.66

Depreciation and Amortization

93,264

96,825

3.82

TOTAL

819,211

873,109

6.58

Consolidated Results for FY11

Total revenues for FY11 increased year-over-year by 7.98% to Ps. 4,573.3 million, mainly due to the following increases:

9.42% in revenues from aeronautical services as a result of the 4.93% increase in passenger traffic during the period (no esta en el espaniol); and12.37% in revenues from non-aeronautical services, principally as a result of the 13.99% rise in commercial revenues detailed below.

These increases were partially offset by a 3.67% decline in revenues from construction services.

Commercial revenues for FY11 rose by 13.99% year-over-year, principally as a result of revenue increases in the following areas:

23.42% in retail operations;17.57% in ground transportation services;16.97% in duty-free stores;11.09% in parking lot fees; 8.62% in other income; 7.82% in food and beverage; 5.70% in banking and currency exchange services; 2.47% in advertising; and1.26% in car rentals.

These increases were partially offset by a 25.88% decline in teleservice revenues.

Total operating costs and expenses for FY11 decreased 1.29%, mainly due to the following declines:

4.58% in cost of services, principally reflecting the one-time increase in the provision for doubtful accounts following the announcement of the bankruptcy of Grupo Mexicana de Aviacion in that period, which did not impact FY11 results; and 3.67% in construction costs.

These declines were partially offset by the following increases:

17.77% in technical assistance costs, reflecting the corresponding increase in EBITDA during the period; 2.16% in administrative expenses, principally ASUR's participation in the World Route Development Forum, telephone service and security, and travel expenses; 6.95% in concession fees, mainly due to the increase in regulated revenues (a factor in the calculation of the fee).0.93% in depreciation and amortization mainly due to changes in the depreciation and amortization rates.

Operating margin increased to 45.80% for FY11, from 40.71% in FY10. This was mainly the result of the 7.98% increase in revenues and the 1.29% decline in operating expenses for the period.

Net income for FY11 increased by 24.88% to Ps.1,592.36 million. Earnings per common share for the period were Ps.5.3079, or earnings per ADS (EPADS) of US$3.8056 (one ADS represents ten series B common shares). This compares with Ps.4.2505, or EPADS of US$3.0475, for the same period last year.

Table VII: Summary of Consolidated Results for FY11

(in thousands)

FY10

FY11

% Change

Total Revenues

4,235,472

4,573,306

7.98

Aeronautical Services

2,283,164

2,498,344

9.42

Non-Aeronautical Services

1,211,072

1,360,938

12.37

Commercial Revenues

1,041,697

1,187,450

13.99

Construction Services

741,236

714,024

(3.67)

Operating Profit

1,724,326

2,094,495

21.47

Operating Margin %

40.71%

45.80%

12.50

EBITDA

2,103,536

2,477,235

17.77

EBITDA Margin %

49.66%

54.17%

9.07

Net Income

1,275,143

1,592,356

24.88

Earnings per Share

4.2505

5.3079

24.88

Earnings per ADS in US$

3.0475

3.8056

24.88

Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 13.9476.

Table VIII: Commercial Revenues per Passenger for FY11

(in thousands)

FY10

FY11

% Change

Total Passengers *('000)

17,017

17.742

4.26

Total Commercial Revenues

1,041,697

1,187,450

13.99

Commercial revenues from direct operations (1)

194,330

254,991

31.22

Commercial revenues excluding direct operations

847,367

932,459

10.04

FY10

FY11

% Change

Total Commercial Revenue per Passenger

61.22

66.93

9.33

Commercial revenue from direct operations per passenger (1)

11.42

14.37

25.83

Commercial revenue per passenger (excluding direct operations)

49.80

52.56

5.54

* For purposes of this table, approximately 302,100 and 202,100 transit and general aviation passengers are included for FY10 and FY11, respectively.

(1) Revenues from direct commercial operations in FY11 represent ASUR's operation of convenience stores in airports and the direct sale of advertising space.

Table IX: Operating Costs and Expenses for FY11

(in thousands)

FY10

FY11

% Change

Cost of Services

948,730

905,261

(4.58)

Construction Costs

741,236

714,024

(3.67)

Administrative

164,506

168,063

2.16

Technical Assistance

110,712

130,381

17.77

Concession Fees

166,752

178,342

6.95

Depreciation and Amortization

379,210

382,740

0.93

TOTAL

2,511,146

2,478,811

(1.29)

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 FY11 were Ps.2,537.47 million, resulting in an annual average tariff per workload unit of Ps.140.12. ASUR's regulated revenues accounted for approximately 55.48% 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 December 31, 2011, Airport Concessions represented 81.92% of the Company's total assets, with current assets representing 15.92% and other assets representing 2.16%.

Cash and cash equivalents on December 31, 2011 were Ps.1,529.67 million, a 6.01% increase from the Ps.1,442.88 million in cash and cash equivalents recorded on December 31, 2010.

Shareholders' equity at the close of 4Q11 was Ps.15,487.81 million and total liabilities were Ps.3,315.54 million, representing 82.36% and 17.64% of total assets, respectively. Deferred liabilities represented 77.71% of the Company's total liabilities.

Total bank debt at December 31, 2011 was Ps.696.6 million, including Ps.0.9 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 agreement 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 principal payments of Ps.92.5 million in connection with the Ps.350 million and Ps.570 million three-year credit agreements.

In August 2010 ASUR purchased a hedge against the risk of a significant increase in TIIE. The Company is hedged for 17% of the interest rate exposure under its Ps.350 and Ps.570 million credit agreements. The interest rate was fixed for three years at 6.37%, 6.33% and 6.21% per annum. The interest rate hedge during the quarter resulted in a Ps.0.6 million gain.

Capital Expenditures

During 4Q11, ASUR made investments of Ps.452.64 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans.

Recent Events

Tax Treatment of Airport Concessions at Cancun Airport

When bidding was concluded for the shares of the Mexican Airport Group, the Ministry of Communications and Transportation agreed that the concessionaire could amortize the value of the concession at an annual rate of 15% for tax purposes. Contrary to this decision, in February 2012, the Ministry of Finance determined that an assessment of Ps.865.3 million was due from ASUR's Cancun Airport subsidiary because it concluded that the amortization rate of 15% used to calculate amortization for 2006 and 2007 was invalid, and that it should instead be 2.0%. The Company believes that the Ministry of Finance's position is erroneous and will file an appeal to overturn this determination. Although ASUR believes that it has a strong legal position, it can make no assurances that it will prevail in its appeal, and if it were to lose the appeal, the consequences could include fines, penalties and other adverse consequences, which ASUR currently estimates would total Ps.334.2 million, which could have a material adverse effect on its results and balance sheet.

4Q11 Earnings Conference Call

Day:

Friday, February 24, 2012

Time:

10:00 AM US EST; 9:00 AM Mexico City time

Dial-in number:

888.713.4211 (US & Canada) and 617.213.4864 (International & Mexico)

Access Code:

88177502

Pre-registration:

If you would like to pre-register for the conference call use the following link:

https://www.theconferencingservice.com/prereg/key.process?key=P3MFKNF9E

Pre-registering is not mandatory but is recommended as it will provide you immediate entry into the call and will facilitate the timely start of the conference. You will receive a code that allows you to enter the call directly. Pre-registration only takes a few moments, and you may do so at any time, including up to and after call start time. To pre-register, please click the link above. Alternatively, if you would rather be placed into the call by an operator, please call at least 10 minutes prior to call start time.

Replay:

Starting Friday, February 24, 2012 at 1:00 PM US EST, ending at midnight US EST on Friday, March 2, 2012. Dial-in number: 888-286-8010 (US & Canada); 617-801-6888 (International & Mexico). Access Code: 63430846.

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

4Q 2010

4Q 2010 Per Workload Unit

4Q 2011

4Q 2011 Per Workload Unit

FY 2010

FY 2011 Per Workload Unit

FY 2011

FY1011 Per Workload Unit

Cancun (1)

Aeronautical Revenues

367,392

131.7

442,325

144.0

1,689,177

132.7

1,857,663

139.7

Non-Aeronautical Revenues

247,583

88.8

307,876

100.3

1,056,159

83.0

1,201,446

90.4

Construction Services

118,694

42.6

137,681

44.8

206,884

16.3

271,795

20.4

Total Revenues

733,669

263.1

887,882

289.1

2,952,220

232.0

3,330,904

250.5

Operating Profit

163,935

58.8

307,199

100.0

1,312,131

103.1

1,571,556

118.2

EBITDA

225,090

80.7

370,615

120.7

1,563,737

122.9

1,822,045

137.0

Merida

Aeronautical Revenues

41,231

120.9

49,264

129.0

157,152

118.0

177,244

125.0

Non-Aeronautical Revenues

10,536

30.9

12,224

32.0

46,681

35.0

47,925

33.8

Construction Services

43,174

126.6

34,957

91.5

138,777

104.2

90,882

64.1

Other (2)

17,241

50.6

0.1

27,241

20.5

Total Revenues

112,182

329.0

96,469

252.5

369,851

277.7

316,075

222.9

Operating Profit

34,137

100.1

19,309

50.5

61,558

46.2

68,744

48.5

EBITDA

41,616

122.0

27,095

70.9

90,202

67.7

99,885

70.4

Villahermosa

Aeronautical Revenues

24,385

113.4

30,165

122.6

85,340

111.0

103,776

116.3

Non-Aeronautical Revenues

7,099

33.0

8,070

32.8

29,628

38.5

33,900

38.0

Construction Services

90,929

422.9

36,501

148.4

129,705

168.7

49,900

55.9

Other (2)

17,241

80.2

0.3

17,241

22.4

0.1

Total Revenues

139,654

649.6

74,798

304.1

261,914

340.6

187,638

210.4

Operating Profit

25,647

119.3

12,946

52.6

27,166

35.3

40,883

45.8

EBITDA

30,343

141.1

18,235

74.1

45,945

59.7

60,910

68.3

Other Airports (3)

Aeronautical Revenues

76,482

139.3

88,598

140.9

351,495

141.8

359,661

143.7

Non-Aeronautical Revenues

16,799

30.6

18,871

30.0

78,604

31.7

77,667

31.0

Construction Services

148,590

270.7

200,290

318.4

265,870

107.2

301,447

120.5

Other (2)

79,001

143.9

79,164

125.9

83,001

33.5

119,596

47.8

Total Revenues

320,872

584.5

386,923

615.1

778,970

314.2

858,371

343.1

Operating Profit

87,701

159.7

78,113

124.2

102,920

41.5

181,489

72.5

EBITDA

107,336

195.5

98,167

156.1

180,245

72.7

261,315

104.4

Holding & Service companies (4)

Construction Services

n/a

Other (2)

324,813

n/a

327,933

n/a

923,775

n/a

969,788

n/a

Total Revenues

324,813

n/a

327,933

n/a

923,775

n/a

969,788

n/a

Operating Profit

62,263

n/a

76,146

n/a

220,551

n/a

231,823

n/a

EBITDA

62,562

n/a

76,426

n/a

223,407

n/a

233,080

n/a

Consolidation Adjustment

(438,296)

n/a

(407,183)

n/a

(1,051,258)

n/a

(1,089,470)

n/a

Group

Aeronautical Revenues

509,490

122.8

610,352

141.0

2,283,164

170.3

2,498,344

138.0

Non-Aeronautical Revenues

282,017

68.0

347,041

80.2

1,211,072

90.3

1,360,938

75.2

Construction Services

401,387

96.7

409,429

94.6

741,236

55.3

714,024

39.4

Total Revenues

1,192,894

287.4

1,366,822

315.8

4,235,472

315.8

4,573,306

252.5

Operating Profit

373,683

90.0

493,713

114.1

1,724,326

128.6

2,094,495

115.7

EBITDA

466,947

112.5

590,538

136.4

2,103,536

156.9

2,477,235

136.8

(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 these entities.

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

Consolidated Statement of Income from January 1 to December 31, 2011 and 2010

Thousands of Mexican pesos

I t e m

2010

2011

Change

2010

2011

Change

Revenues

Aeronautical Services

2,283,164

2,498,344

9.42

509,490

610,352

19.80

Non-Aeronautical Services

1,211,072

1,360,938

12.37

282,017

347,041

23.06

Construction Services

741,236

714,024

(3.67)

401,387

409,429

2.00

Total Revenues

4,235,472

4,573,306

7.98

1,192,894

1,366,822

14.58

Operating Expenses

Cost of Services

948,730

905,261

(4.58)

218,942

247,166

12.89

Cost of Construction

741,236

714,024

(3.67)

401,387

409,429

2.00

General and Administrative Expenses

164,506

168,063

2.16

44,193

44,515

0.73

Technical Assistance

110,712

130,381

17.77

24,576

31,081

26.47

Concession Fee

166,752

178,342

6.95

36,849

44,093

19.66

Depreciation and Amortization

379,210

382,740

0.93

93,264

96,825

3.82

Total Operating Expenses

2,511,146

2,478,811

(1.29)

819,211

873,109

6.58

Operating Income

1,724,326

2,094,495

21.47

373,683

493,713

32.12

Comprehensive Financing Cost

26,619

50,692

90.44

6,168

22,381

262.86

Non-Ordinary Item

804

(239)

(129.73)

129

100

(22.48)

Income Before Income Taxes

1,750,141

2,145,426

22.59

379,722

515,994

35.89

Provision for IETU

4,996

10,674

113.65

(2,115)

(950)

(55.08)

Provision for Income Taxes

447,861

548,804

22.54

103,612

93,275

(9.98)

Provision for Asset Taxes

11,462

3,126

(72.73)

Deferred Income Taxes

(19,869)

(75,403)

279.50

(26,098)

(34,080)

30.58

Deferred IETU

30,548

57,533

88.34

14,695

32,348

120.13

Net Income for the Year

1,275,143

1,592,356

24.88

278,166

422,275

51.81

Earnings per share

4.25

5.31

24.88

0.9272

1.4076

51.81

Earnings per American Depositary Share (in U.S. Dollars)

3.05

3.81

24.88

0.6648

1.0092

51.81

Exchange rate per dollar Ps. 13.9476

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

Consolidated Balance Sheet as of December 31, 2011 and 2010

Thousands of Mexican pesos

I t e m

December 2010

December 2011

Variation

A s s e t s

Current Assets

Cash and Cash Equivalents

1,442,879

1,529,667

86,788

6.01

Trade Receivables, net

389,960

462,102

72,142

18.50

Recoverable Taxes and Other Current Assets

885,273

850,924

(34,349)

(3.88)

Total Current Assets

2,718,112

2,842,693

124,581

4.58

Fixed Assets

Machinery, Furniture and Equipment, net

305,629

306,504

875

0.29

Rights to Use Airport Facilities, net

Improvements to Use Airport Facilities, net

Construction in Process

Others

Total Fixed Assets

305,629

306,504

875

0.29

Deferred Assets

Airports Concessions, net

14,945,330

15,405,490

460,160

3.08

Deferred Income Taxes

Deferred IETU

206,019

201,125

(4,894)

(2.38)

Other

38,826

47,505

8,679

22.35

Total Deferred Assets

15,190,175

15,654,120

463,945

3.05

Total Assets

18,213,916

18,803,317

589,401

3.24

Liabilities and Stockholders' Equity

Current Liabilities

Trade Accounts Payable

10,737

28,874

18,137

168.92

Notes Payable

Bank Loans

243,102

374,640

131,538

54.11

Accrued Expenses and Others Payables

242,820

335,327

92,507

38.10

Total Current Liabilities

496,659

738,841

242,182

48.76

Long Term Liabilities

Concession Fee

Bank Loans

647,503

321,950

(325,553)

(50.28)

Deferred Income Taxes

1,461,089

1,385,685

(75,404)

(5.16)

Deferred Flat Rate Business Tax

801,390

853,848

52,458

6.55

Deferred Employees Profit Sharing

Labor Obligations

11,817

15,180

3,363

28.46

Total Long Term Liabilities

2,921,799

2,576,663

(345,136)

(11.81)

Total Liabilities

3,418,458

3,315,504

(102,954)

(3.01)

Stockholders' Equity

Capital stock

12,799,204

Legal Reserve

287,117

350,875

63,758

22.21

Share Repurchase Reserve

Net Income for the Period

1,275,143

1,592,356

317,213

24.88

Retained Earnings

433,994

745,378

311,384

71.75

Total Stockholders' Equity

14,795,458

15,487,813

692,355

4.68

Total Liabilities and Stockholders' Equity

18,213,916

18,803,317

589,401

3.24

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

Consolidated Statement of Cash flow from January 1 to December 31, 2011 and 2010

Thousands of Mexican pesos

Variation

2010

2011

2010

2011

Operating Activities

Income Before Income Taxes

1,750,141

2,145,426

379,722

515,994

Items Related with Investing Activities:

Depreciation and Amortization

379,210

382,740

93,264

96,825

Loss on Disposal of Fixed Assets

Interest Income

(54,444)

(66,727)

(19,975)

(6,730)

(66)

Provisions

Sub-Total

2,074,907

2,461,439

453,011

606,089

Increase in Trade Receivables

(14,795)

(72,142)

388

(93,208)

(111,778)

Decrease in Recoverable Taxes and other Current Assets

(98,066)

45,472

(146)

(58,737)

81,225

(238)

Other Deferred Assets

Income Tax Paid

(222,206)

(290,696)

(222,206)

(142,797)

(36)

Trade Accounts Payable

130,536

(132,944)

(202)

Accrued Expenses and Others Payables

107,436

27,213

(75)

86,152

27,212

(68)

Long Term Liabilities

Net Cash Flow Provided by Operating Activities

1,847,276

2,171,286

295,548

327,007

Investing Activities

Investments in Machinery, Furniture and Equipment, net

(336,204)

(757,894)

125

(125,892)

(452,641)

260

Investments in Rights to Use Airport Facilities

(439,113)

(100)

(439,113)

(100)

Investments in Construction in Process

55,413

(100)

272,909

(100)

Investments in Others

(89,088)

(100)

Interest Income

54,444

66,727

19,975

6,730

(66)

Net Cash Flow Provided by Investing Activities

(665,460)

(691,167)

(361,209)

(445,911)

Excess Cash to Use in Financing Activities:

1,181,816

1,480,119

(65,661)

(118,904)

Bank Loans

345,379

(193,331)

(156)

(29,166)

(92,500)

217

Dividends Paid

(750,000)

(900,000)

Tax on Dividends Paid

(295,720)

(300,000)

Net Cash Flow Provided by Financing Activities

(700,341)

(1,393,331)

(29,166)

(92,500)

217

Net Increase in Cash and Cash Equivalents

481,475

86,788

(82)

(94,827)

(211,404)

123

Cash and Cash Equivalents at Beginning of Period

961,404

1,442,879

1,537,706

1,741,071

Cash and Cash Equivalents at the End of Period

1,442,879

1,529,667

1,442,879

1,529,667

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

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