ASUR 2Q01 Net Income Rises by 55.37 Percent.Business Editors MEXICO Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. CITY--(BUSINESS WIRE)--July 24, 2001 Highlights for 2Q01 and 1H01: -- EBITDA for 1H01 up by 7.86 percent to Ps.395.9 million -- EBITDA for 2Q01 rises by 7.76 percent to Ps.187.6 million -- Passenger traffic for 1H01 up by 2.84 percent, mainly due to a 5.57 percent rise in international passenger traffic over the same period -- Total revenues for 2Q01 up by 3.68 percent -- Commercial revenues per passenger for 2Q01 up by 0.41 percent -- Operating income up by 13.28 percent for 2Q01 and 12.95 percent for 1H01 -- EBITDA margin for 2Q01 rises to 61.41 percent, from 59.09 percent for 2Q00; for 1H01, EBITDA margin improved to 63.28 percent, from 59.23 percent for 1H00 Grupo Aeroportuario del Sureste, S.A. de C.V. (NYSE NYSE See: New York Stock Exchange : ASR (Automatic Speech Recognition) Using voice recognition to replace keypad entry for telephone voice menus. Typically used to speak the digits 0 through 9 insted of keying them, ASR systems may be able to recognize a limited vocabulary. See voice recognition and AVSR. ; BMV BMV Bolsa Mexicana de Valores BMV Bureau of Motor Vehicles BMV Bundesministerium für Verkehr (German: Federal Ministry of Transport) BMV Below Market Value BMV Brome Mosaic Virus BMV Bedside Medication Verification : ASUR) (ASUR), the first airport group privatized in Mexico and the operator of Cancun Can·cún An island community of southeast Mexico off the northeast tip of the Yucatán Peninsula. It is a popular Caribbean resort. Population: 478,000. Noun 1. International Airport and eight other airports in the southeast Southeast or south east is the ordinal direction halfway between south and east. It the opposite of northwest. Southeast or South East can refer to: All figures in this report are unaudited and are prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting in Mexico. All figures are presented in constant Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum pesos as of June 30, 2001. All figures in the tables are in thousands of pesos, unless otherwise indicated. All passenger figures exclude transit transit, in astronomy, passage of a body across a meridian or passage of a small body across the visible disk of a larger one. (The passage of a large body across a smaller one is called an eclipse or occultation. passengers and general aviation. Figures for 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=Ps.9.0708. Passenger Traffic for 1H01 -------------------------- Passenger traffic for the six-month period rose year-over-year by 2.84 percent, mainly as a result of a 5.57 percent improvement in international passenger traffic over the period, which offset the 1.67 percent decline in total domestic passenger traffic experienced year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. . The Company believes that the decline in domestic passenger traffic continued to be due to the relative strength of the Mexican peso against the U.S. dollar. In the second quarter of 2001, the Mexican currency appreciated against the U.S. dollar by 4.45 percent, while year-to-date it has appreciated by 5.61 percent. At the airport of Cozumel Cozumel (kōzə`mel), resort island, c.190 sq mi (490 sq km), Quintana Roo state, Mexico, in the Caribbean Sea off the E coast of the Yucatán peninsula. It is famed for its beaches and coral reef (declared a national park in 1996). , domestic passenger traffic for the six-month period declined year-over-year by 17.15 percent, mainly due to the increase in the number of direct international flights to this airport without connection through Cancun. For the six-month period, international passenger traffic at Cozumel airport rose year-over-year by 2.14 percent. Tapachula Tapachula (täpäch  `lä), city (1990 pop. 138,858) Chiapas state, SE Mexico, at the foot of the Chiapas highlands and near the Guatemala border. Airport experienced a year-over-year decline in domestic
passenger traffic for the six-month period of 24.56 percent, principally
due to the suspension suspension, in vehiclessuspension, in automobiles, system of springs used to suspend the frame, body, engine, and power train above the wheels. Its principal purpose is to lessen the jarring of the automobile that is caused by irregularities in the roads of a daily AVIACSA flight to this airport from Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi as of February February: see month. of this year. At the airport of Minatitlan Mi·na·ti·tlán A town of southeast Mexico southeast of Veracruz. It has a petroleum refinery. Population: 151,000. , domestic passenger traffic for the six-month period declined year-over-year by 15.24 percent, as a result of the continued slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. of the economic activity in the area during the period.
Table I: Domestic Passengers (in thousands)
----------------------------------------------------------------------
Airport 2Q00 2Q01 % 1H00 1H01 %
change change
----------------------------------------------------------------------
Cancun 441.8 430.9 (2.47) 801.9 778.5 (2.92)
----------------------------------------------------------------------
Cozumel 37.9 30.9 (18.47) 79.3 65.7 (17.15)
----------------------------------------------------------------------
Huatulco 75.0 72.5 (3.33) 134.3 134.4 0.07
----------------------------------------------------------------------
Merida 192.5 211.6 9.92 372.8 398.9 7.00
----------------------------------------------------------------------
Minatitlan 38.4 31.9 (16.93) 74.8 63.4 (15.24)
----------------------------------------------------------------------
Oaxaca 104.3 95.6 (8.34) 216.5 207.5 (4.16)
----------------------------------------------------------------------
Tapachula 58.0 47.2 (18.62) 124.2 93.7 (24.56)
----------------------------------------------------------------------
Veracruz 112.4 111.6 (0.71) 216.4 225.6 4.25
----------------------------------------------------------------------
Villahermosa 125.4 129.8 3.51 249.7 264.3 5.85
----------------------------------------------------------------------
TOTAL 1,185.7 1,162.0 (2.00) 2,269.9 2,232.0 (1.67)
----------------------------------------------------------------------
Note: Passenger figures exclude transit and general aviation
passengers.
Table II: International Passengers (in thousands)
----------------------------------------------------------------------
Airport 2Q00 2Q01 % 1H00 1H01 %
change change
----------------------------------------------------------------------
Cancun 1,604.8 1,655.1 3.13 3,313.9 3,510.9 5.94
----------------------------------------------------------------------
Cozumel 133.5 129.1 (3.30) 266.0 271.7 2.14
----------------------------------------------------------------------
Huatulco 7.0 4.5 (35.71) 41.7 40.0 (4.08)
----------------------------------------------------------------------
Merida 32.3 32.1 (0.62) 67.3 73.3 8.92
----------------------------------------------------------------------
Minatitlan 0.6 0.6 - 1.2 1.2 -
----------------------------------------------------------------------
Oaxaca 4.9 5.6 14.29 11.5 13.5 17.39
----------------------------------------------------------------------
Tapachula 0.9 0.5 (44.44) 1.4 1.1 (21.43)
----------------------------------------------------------------------
Veracruz 13.9 14.1 1.44 27.1 27.3 0.74
----------------------------------------------------------------------
Villahermosa 3.2 3.1 (3.13) 7.0 6.4 (8.57)
----------------------------------------------------------------------
TOTAL 1,801.1 1,844.7 2.42 3,737.1 3,945.4 5.57
----------------------------------------------------------------------
Note: Passenger figures exclude transit and general aviation
passengers.
Table III: Total Passengers (in thousands)
----------------------------------------------------------------------
Airport 2Q00 2Q01 % 1H00 1H01 %
change change
----------------------------------------------------------------------
Cancun 2,046.6 2,086.0 1.93 4,115.8 4289.4 4.22
----------------------------------------------------------------------
Cozumel 171.4 160.0 (6.65) 345.3 337.4 (2.29)
----------------------------------------------------------------------
Huatulco 82.0 77.0 (6.10) 176.0 174.4 (0.91)
----------------------------------------------------------------------
Merida 224.8 243.7 8.41 440.1 472.2 7.29
----------------------------------------------------------------------
Minatitlan 39.0 32.5 (16.67) 76.0 64.6 (15.00)
----------------------------------------------------------------------
Oaxaca 109.2 101.2 (7.33) 228.0 221.0 (3.07)
----------------------------------------------------------------------
Tapachula 58.9 47.7 (19.02) 125.6 94.8 (24.52)
----------------------------------------------------------------------
Veracruz 126.3 125.7 (0.48) 243.5 252.9 3.86
----------------------------------------------------------------------
Villahermosa 128.6 132.9 3.34 256.7 270.7 5.45
----------------------------------------------------------------------
TOTAL 2,986.8 3,006.7 0.67 6,007.0 6,177.4 2.84
----------------------------------------------------------------------
Note: Passenger figures exclude transit and general aviation
passengers.
Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Results for 2Q01 Revenues -------- Consolidated revenues for the second quarter of 2001 rose year-over-year by 3.68 percent to Ps.305.5 million, mainly as a result of: -- A 3.92 percent increase in aeronautical aer·o·nau·tic also aer·o·nau·ti·cal adj. Of or relating to aeronautics. aer  o·nau services for the quarter
in connection with the increase in handling revenues.-- A 2.32 percent improvement in revenues from non-aeronautical services for the quarter principally from revenues from permanent ground transportation. In June, the Company adjusted the rates it charges for the use of the airports and related services to reflect the increase in the inflation rate since the last rate adjustment. Commercial Revenues ------------------- ASUR classifies revenues from the following activities as commercial revenues: duty free, car rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. , retail, banking and currency exchange, advertising, teleservices (1) Refers to a variety of enhanced services via telephone, including fax-on-demand, voice mail and computer telephone integration. See CTI and IVR. (2) Services by human operators for taking orders and providing customer assistance and other tasks via telephone. , non-permanent ground transportation, food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. and parking lots. For regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. purposes, the Mexican Airport Law categorizes revenues into three groups: airport, commercial and complementary. Under this law, non-permanent ground transportation was not defined in any of these categories. Commercial revenues for the quarter rose year-over-year by 0.75 percent, mainly as a result of: -- A 12.76 percent decline in retail revenues for the quarter in connection with the temporary closing of a number of stores due to the ongoing remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling taking place at all airports. -- A 77.07 percent decline in revenues generated by non-permanent ground transportation for the quarter in connection with the ongoing dispute with the operators of pre-paid transportation at the airport of Cancun. Negotiations in connection with this dispute are currently underway. These sources of decreases were partially offset by: -- A 38.11 percent rise in revenues for the quarter from parking lots due partially to the fact that in March and May of this year, respectively, ASUR took over the parking lot operations at the Veracruz Veracruz, city, Mexico Veracruz, city (1990 pop. 303,152), Veracruz state, E central Mexico, on the Gulf of Mexico. Rivaling Tampico as the country's main port, it is also the commercial and industrial center of an important oil region, as well as a major and Oaxaca Oaxaca, city, Mexico Oaxaca, city (1990 pop. 212,818), capital of Oaxaca state, S Mexico. The city is officially called Oaxaca de Juárez. Situated in a valley encircled by low mountains, Oaxaca is a commercial and tourist center with gardens and many airports. As a consequence, revenues generated from parking lots operations at these airports rose. -- A 31.93 percent improvement in car rental revenues for the quarter, as a result of the gradual The Gradual (Latin: graduale, sometimes called the Grail) is a chant in the extraordinary form of the Roman Catholic Mass, sung after the reading or singing of the Epistle and before the Alleluia, or, during penitential seasons, before the Tract. incorporation of certain operators at the Cancun airport under the newly negotiated agreement. During the quarter, ASUR awarded the following commercial concessions: -- The convenience store concession CONCESSION. A grant. This word is frequently used in this sense when applied to grants made by the French and Spanish governments in Louisiana. for all nine airports was awarded to Cenca Comercializadora, S.A de C.V. Mexico-based Cenca is one of the leading international operators of retail news and gift outlets in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and the Caribbean. The six-year contract commences September September: see month. 2001 and includes a total of 15 convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. throughout ASUR's nine airports. The convenience retail business line includes offerings such as newspapers, magazines, candy candy: see confectionery. candy Sweet sugar- or chocolate-based confection. The Egyptians made candy from honey (combined with figs, dates, nuts, and spices), sugar being unknown. , cigarettes, non-prescription pharmaceutical items, and other similar merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain . -- The duty-free/retail concession at the Company's three largest airports, Cancun, Merida and Cozumel, was awarded to the consortium formed by the Spanish Spanish, river, c.150 mi (240 km) long, issuing from Spanish Lake, S Ont., Canada, NW of Sudbury, and flowing generally S through Biskotasi and Agnew lakes to Lake Huron opposite Manitoulin island. There are several hydroelectric stations on the river. company Aldeasa and the Brazilian company Brasif. Both companies are duty-free du·ty-free adj. 1. Exempt from customs duties: duty-free merchandise. 2. Of, relating to, or being a region or establishment in which imported goods are exempt from customs duties: operators in their respective countries and are among the leading operators in the world. The ten-year contract, which becomes effective in September 2001, covers a total of 5 traditional duty-free stores, 4 luxury duty-free stores, 1 delicatessen duty-free store, 1 cigar store and 6 destination duty-paid stores at these airports. -- The airport advertising concession was awarded to a consortium of the French and Mexican advertising companies, JCDecaux JCDecaux Group (Euronext: DEC) (IPA: [ʒ:sɛ:dɛkɔː]) is a multinational corporation based in Neuilly-sur-Seine, France, that is active primarily in advertising. and UDC UDC abbr. universal decimal system UDC (Brit) n abbr (= Urban District Council) → Stadtverwaltung f . The eight-year contract, which will also start in September 2001, covers all advertising units at the nine airports. These include external units outside the airports (billboards, clock advertising and light-boxes), as well as exhibition areas, furniture advertising, clocks, trolleys and events in the public areas inside the terminal. Different advertising solutions will be tailored to meet the profiles and needs of the passengers at each of the nine ASUR airports. Operating Expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. ------------------ The cost of services for the quarter rose year-over-year by 6.36 percent, mainly as a result of an increase in cleaning and security services Security services are state institutions for the provision of intelligence, primarily of a strategic nature, but also including protective security intelligence. Examples include the Security Service (MI5) and the Secret Intelligence Service (MI6) in the United Kingdom, and the costs as well as insurance costs. This was partially offset by a decline in personnel and electricity expenses as well as costs related to meals and transportation for the Company's personnel. Administrative expenses for the quarter declined year-over-year by 11.98 percent, reflecting a decline in headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. at the corporate level and related expenditures. The cost of technical assistance for the quarter declined year-over-year by 30.02 percent, as a result of the change in the technical assistance fee for the current year. ASUR's cost of technical assistance for 2001 is equal to the greater of US$3 million or five percent of consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the year. In 2000, ASUR's cost of technical assistance was US$5 million. The fixed amounts for 2000 and 2001 are adjusted annually for inflation, measured by the U.S. consumer price index, as from the first anniversary of the technical assistance agreement in 1999. Concession fees for the quarter increased as a result of the improvement in revenues for the period. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: for the quarter improved year-over-year to 37.14 percent, from 33.99 percent for the second quarter of 2000. This was the result of the year-over-year 3.68 percent improvement in revenues for the quarter combined with a 1.26 percent decline in certain costs and expenditures, as explained in previous paragraphs.
Table IV: Summary of Consolidated Results for 2Q01
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2Q00 2Q01 % change
----------------------------------------------------------------------
Total Revenues 294,636 305,491 3.68
----------------------------------------------------------------------
Aeronautical Services 250,768 260,607 3.92
----------------------------------------------------------------------
Non-aeronautical
Services 43,868 44,88 2.32
----------------------------------------------------------------------
Commercial Revenues 23,252 23,426 0.75
----------------------------------------------------------------------
Operating Profit 100,151 113,453 13.28
----------------------------------------------------------------------
Operating Margin (%) 33.99% 37.14% 9.26
----------------------------------------------------------------------
EBITDA 174,100 187,613 7.76
----------------------------------------------------------------------
EBITDA Margin (%) 59.09% 61.41% 3.93
----------------------------------------------------------------------
Net Income 49,464 76,853 55.37
----------------------------------------------------------------------
Earnings per Share(a) 0.1649 0.2562 55.37
----------------------------------------------------------------------
Earnings per ADS in US$ 0.1818 0.2824 55.37
----------------------------------------------------------------------
(a) On October 12, 1999, the Company effected a reverse stock
split in which one new share was issued for every 25.89092035667
shares outstanding. Prior to this date, the Company authorized capital
stock consisted of 7,767,276,107 shares, with 300,000,000 shares
remaining following the reverse stock split. For purposes of this
table, share data have been adjusted to give retroactive effect to
this reverse stock split. Figures are shown in thousands of constant
Mexican pesos as of June 30, 2001. U.S. dollar figures are calculated
at the exchange rate of US$1=Ps.9.0708.
Table V: Commercial Revenues for 2Q01
----------------------------------------------------------------------
2Q00 2Q01 % change
----------------------------------------------------------------------
Total Passengers(a)
Commercial Revenues 23,252 23,426 0.75
----------------------------------------------------------------------
Passengers (in thousands) 3,092 3,102 0.33
----------------------------------------------------------------------
Commercial Revenues per
Passenger, in Ps. 7.52 7.55 0.41
-------------------------------------------------------------------
(a) For the purposes of this table, approximately 105,000 and
96,000 transit and general aviation passengers are included for 2Q00
and 2Q01, respectively. Revenues are shown in thousands of constant
Mexican pesos as of June 30, 2001.
Table VI: Operating Costs and Expenditure for 2Q01
----------------------------------------------------------------------
2Q00 2Q01 %
change
----------------------------------------------------------------------
Cost of Services 65,488 69,654 6.36
----------------------------------------------------------------------
Administrative 26,237 23,094 (11.98)
----------------------------------------------------------------------
Technical Assistance 14,084 9,856 (30.02)
----------------------------------------------------------------------
Concession Fees 14,728 15,274 3.71
----------------------------------------------------------------------
Depreciation and Amortization 73,949 74,160 0.28
----------------------------------------------------------------------
TOTAL 194,485 192,038 (1.26)
----------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as
of June 30, 2001.
Consolidated Results for 1H01 ----------------------------- Revenues Consolidated revenues for the six-month period rose year-over-year by 0.96 percent, mainly as a result of: -- A 0.31 percent rise in aeronautical services for the six-month period, in connection with the increase in handling revenues. -- A 4.98 percent improvement in revenues from non-aeronautical services for the six-month period mainly due to the increase in the participation of revenues from permanent ground transportation and rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time . Commercial Revenues ------------------- Commercial revenues for the six-month period declined year-over-year by 1.47 percent. This was mainly due to a year-to-date 79.11 percent decline in revenues generated by non-permanent ground transportation in connection with the dispute with the operators of pre-paid transportation at Cancun airport. This decline was partially offset by the 53.94 percent increase in duty-free revenues. Operating Expenses ------------------ The cost of services for the six-month period declined year-over-year by 4.47 percent. This was mainly the result of a 20.29 percent decline in salaries due to the year-over-year headcount reductions, which was partially offset by a 47.52 percent increase in the cost of security services for the period, as this function, once carried out by the Company's personnel, is now carried out by a third party. Administrative expenses for the six-month period declined year-over-year by 20.51 percent, reflecting the 13.93 percent year-over-year decline in administrative personnel and related expenditures. The cost of technical assistance for the period declined year-over-year by 21.26 percent, as a result of the change in the technical assistance fee for the current year. Concession fees for the first half of this year increased as a result of the improvement in revenues for the period. Depreciation and amortization for the six-month period rose year-over-year by 0.31 percent, mainly as a result of the purchase of fire trucks and improvements to the buildings of the airport terminals. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for the first half of 2001 increased year-over-year by 12.95 percent. Net income for the six-month period rose year-over-year by 44.63 percent, mainly due to the improvement in revenues and the decline of costs and expenditures.
Table VII: Summary of Consolidated Results for 1H01
----------------------------------------------------------------------
1H00 1H01 % change
----------------------------------------------------------------------
Total Revenues 619,698 625,622 0.96
----------------------------------------------------------------------
Aeronautical Services 534,280 535,949 0.31
----------------------------------------------------------------------
Non-aeronautical Services 85,419 89,673 4.98
----------------------------------------------------------------------
Commercial Revenues 48,748 48,030 (1.47)
----------------------------------------------------------------------
Operating Profit 219,166 247,544 12.95
----------------------------------------------------------------------
Operating Margin (%) 35.37% 39.57% 11.88
----------------------------------------------------------------------
EBITDA 367,021 395,863 7.86
----------------------------------------------------------------------
EBITDA Margin (%) 59.23% 63.28% 6.84
----------------------------------------------------------------------
Net Income 118,472 171,343 44.63
----------------------------------------------------------------------
Earnings per Share(a) 0.3949 0.5711 44.63
----------------------------------------------------------------------
(a) On October 12, 1999, the Company effected a reverse stock
split in which one new share was issued for every 25.89092035667
shares outstanding. Prior to this date, the Company authorized capital
stock consisted of 7,767,276,107 shares, with 300,000,000 shares
remaining following the reverse stock split. For the purposes of this
table, share data have been adjusted to give retroactive effect to
this reverse stock split. Figures are shown in thousands of constant
Mexican pesos as of June 30, 2001. U.S. dollar figures are calculated
at the exchange rate of US$1=Ps.9.0708.
Table VIII: Commercial Revenues for 1H01
----------------------------------------------------------------------
1H00 1H01 % change
----------------------------------------------------------------------
Total Passengers (a)
Commercial Revenues 48,748 48,030 (1.47)
----------------------------------------------------------------------
Passengers (thousands) 6,227 6,373 2.35
----------------------------------------------------------------------
Commercial Revenues per
Passenger, in Ps. 7.83 7.54 (3.73)
----------------------------------------------------------------------
(a) For purposes of this table, approximately 220,000 and 196,000
transit and general aviation passengers are included for the six-month
periods of 2000 and 2001, respectively. Figures are shown in thousands
of constant Mexican pesos as of June 30, 2001.
Table IX: Operating Costs and Expenditure for 1H01
----------------------------------------------------------------------
1H00 1H01 % change
----------------------------------------------------------------------
Cost of Services 140,009 133,757 (4.47)
----------------------------------------------------------------------
Administrative 54,068 42,977 (20.51)
----------------------------------------------------------------------
Technical Assistance 27,619 21,747 (21.26)
----------------------------------------------------------------------
Concession Fees 30,982 31,277 0.95
----------------------------------------------------------------------
Depreciation and
Amortization 147,855 148,320 0.31
----------------------------------------------------------------------
TOTAL 400,532 378,078 (5.61)
----------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as
of June 30, 2001.
Rate Regulation --------------- The majority of ASUR's activities are regulated reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. through maximum rates, which represent the rates to be charged to customers that would yield the maximum possible revenue that may be obtained per traffic unit at each airport. ASUR's regulated revenues for the first half of 2001 were Ps.557.5 million, resulting in an implicit rate of Ps.86.89 per traffic unit, equal to 99.65% of the maximum rates. In certain airports, the implicit revenue per traffic unit for the quarter exceeded the maximum rate. The Company created the corresponding provision of Ps.2.5 million. Compliance with the maximum rates is reviewed on an annual basis at the close of each year by the Mexican Ministry of Communications and Transportation. Balance Sheet ------------- As of June 30, 2001, rights to use airport facilities and airport concessions represented 88.07 percent of ASUR's total assets. Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. represented 8.64 percent and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 3.29 percent. Cash and cash equivalents on June 30, 2001, were Ps.771.2 million. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. and total liabilities as of June 30, 2001, represented 96.45 percent and 3.55 percent of total assets, respectively. 81.76 percent of ASUR liabilities are deferred liabilities. Corporate Developments ---------------------- On April 27, ASUR's Ordinary and Extraordinary Shareholders' meetings shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. approved a number of items including the allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as of twenty percent of net income for fiscal year 2000, or Ps.41,916,000, to the constitution of a share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. reserve. The application of this reserve is subject to the approval of the Company's Board of Directors. Frantz Guns, as delegate A person who is appointed, authorized, delegated, or commissioned to act in the place of another. Transfer of authority from one to another. A person to whom affairs are committed by another. A person elected or appointed to be a member of a representative assembly. of ASUR's Board of Directors, said: "This resolution gives ASUR the flexibility to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. shares, should that need ever arise in the future. Mexican Law requires a special account to be set up for that purpose. This is a common practice in Mexico, although it must be stated that ASUR does not currently have any intention to buy back shares." The meeting also approved the allocation of five percent of net income for fiscal year 2000, or Ps.10,479,000, to the legal reserve fund for that period, in compliance with Mexican Law. Mr. Guns added: "The remaining balance of net income for fiscal year 2000, or Ps.157,185,000, will be allocated to a retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. account. We are currently awaiting the final results of an external study on dividend policies." Finally, the shareholders also approved the Company's consolidated and non-consolidated financial statements for fiscal year 2000 and confirmed the five external directors representing holders of B shares and the two directors representing ASUR's strategic partner Inversiones y Tecnicas Aeroportuarias (ITA ITA abbr. initial teaching alphabet ITA initial teaching alphabet: a partly phonetic alphabet used to teach reading ITA n abbr (BRIT) (= initial teaching alphabet) → ), a holder of BB shares. 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 Villahermosa (vē'yäārmō`sä), city (1990 pop. 261,321), capital of Tabasco state, SE Mexico, on the Grijalva River. The city, which has good communications facilities, is the commercial and distribution center for the surrounding , Oaxaca, Veracruz, Huatulco Huatulco ("Bahías de Huatulco", centred around the town of Santa Cruz Huatulco) is a tourist destination in Mexico. It is located on the coast of the state of Oaxaca. Huatulco's tourism industry is centered around several bays. , Tapachula and Minatitlan in the southeast of Mexico. The Company is listed both on the Mexican Bolsa Bolsa Spanish for stock exchange. , where it trades under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. 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 for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The forward-looking information is based on various factors and was derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. 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 events or otherwise.
Operating Results per Airport
In thousands of constant Mexican pesos as of June 30, 2001
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2Q00 2Q01 % 1H00 1H01 %
change change
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Cancun
Aeronautical
Revenues 179,866 188,317 4.70 379,361 388,073 2.30
Non-
aeronautical 31,756 30,683 (3038) 60.998 61,602 0.99
Revenues
Operating
Profit 91,729 108547 18.33 200,817 229,648 14.36
EBITDA 137,577 154,966 12.64 292,520 322,486 10.24
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Cozumel
Aeronautical
Revenues 13,849 12,788 (7.66) 28,167 26,791 (4.89)
Non-
aeronautical 2,293 2,585 12.73 4,339 5,459 25.80
Revenues
Operating Profit 3,552 3,729 (4.98) 2,379 9,119 (283.39)
EBITDA 7,347 7,600 3.44 9,962 16,860 69.25
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Merida
Aeronautical
Revenues 16,298 19,049 16.88 35,631 36,515 2.48
Non-
aeronautical 4,059 4,597 13.26 8,480 8,945 5.49
Revenues
Operating
Profit (157) 5,161 3,377.61 3,120 8,479 171.78
EBITDA 6,098 11,382 86.67 15,624 20,922 33.9
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Others
Aeronautical
Revenues 40,755 40,453 (0.74) 91,121 84,570 (7.19)
Non-
aeronautical 5,760 7,018 21.85 11,601 13,666 17.80
Revenues
Operating
Profit 5,027 (3,983) (179.24) 12,851 297 (97.69)
EBITDA 23,078 13,666 (40.79) 48,915 35,595 (27.23)
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TOTAL
Aeronautical
Revenues 250,768 260,607 3.92 534,280 535,949 (0.31)
Non-aeronautical
Revenues 43,868 44,884 2.32 85,419 89,673 4.98
Operating
Profit 110,151 113,453 13.28 219,166 247,544 12.95
EBITDA 174,100 187,613 7.76 367,021 395,863 7.86
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