ASUR 3Q00 EBITDA Margin Rises to 62.17%.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. , D.F.--(BUSINESS WIRE)--Oct. 24, 2000 Third Quarter and Nine-Month Highlights: -- 3Q00 EBITDA Ps 178.5 millions, up year-over-year by 18.0% -- Passenger traffic rose year-over-year by 4.6% for the quarter and by 6.7% for the nine-month period, as a result of increases in international passenger traffic rise of 14.9% and 13.8%, respectively -- Revenues up year-over-year by 11.1% for the quarter and by 22.6% for the nine-month period -- Commercial revenues per passenger rose year-over-year by 12.9% for the quarter and by 31.6% for the nine-month period -- Operating profit increased year-over-year by 30.9% for the quarter and by 29.4% for the nine-month period -- EBITDA margin for the nine-month period to 60.0%. 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 Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum airport 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 pesos as of September 30, 2000. All figures in the tables are in thousand 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. Although that ASUR did not operate the Cancun Charter Terminal for the first semester se·mes·ter n. One of two divisions of 15 to 18 weeks each of an academic year. [German, from Latin (cursus) s of 1999, for the purpose of obtaining comparable figures these passengers have been included. Figures for commercial revenues include revenues from non-permanent ground transportation and car parking. Passenger Traffic The year to-date decline in domestic passenger traffic was more than offset by growth in international passenger traffic. Total passenger traffic for the nine-month period rose by 6.69 percent, while international passenger traffic over the same period rose by 13.82 percent, compensating the decline in domestic passenger traffic of 2.52 percent. Domestic passenger traffic for the nine-month period continued to show a downward trend. ASUR believes that this decline was mainly due to the relative strengthening in the period of the peso against the U.S. dollar, which made travelling abroad more attractive for domestic travellers. Domestic passenger traffic for the nine-month period at 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). Airport declined by 20.89 percent. This decline was more than offset by a 33.85 percent increase in international passenger traffic. The company believes that one of the reasons behind this is that there are more direct flights to Cozumel without a connecting flight through Cancun. At 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, year to-date domestic passenger traffic
declined year-over-year by 16.63 percent, 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 operations by TAESA TAESA (Transportes Aéreos Ejecutivos, SA) was a discount airline based in Mexico and owned by Alberto Abed Schekaiban. It was established on April 27, 1988 operating executive planes and later on 1989 received their first Boeing 727-100 launching regurar service. , a Mexican airline that targeted mostly low-cost passengers. In April, American Airlines American Airlines Major U.S. airline. American was created through a merger of several smaller U.S. airlines and incorporated in 1934. It continued to buy the routes of other airlines, becoming an international carrier in the 1970s; its routes include South America, the ceased operations at 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. Airport as the local Club Med Club Med (short for Club Méditerranée) is a French corporation of vacation resorts found in many parts of the world, usually in highly exotic locations. It is seen by many as having started the all-inclusive resort concept, which is now a popular vacationing style for temporarily closed for remodelling. The Club Med in Huatulco is expected to reopen re·o·pen tr. & intr.v. re·o·pened, re·o·pen·ing, re·o·pens 1. To open or be opened again: Officials reopened the airport after the snow was cleared. Schools reopen in September. in November November: see month. of this year. Year to-date, total passenger traffic at 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 Airport grew by 8.09 percent, mainly due to the recent signing of an free trade agreement with the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community and economic growth of the port region in general.
Table I: Domestic Passengers (thousands)
Airport 3Q99 3Q00 % 9-month %
change 2000 change
Cancun 537.2 529.1 (1.51) 1,331.0 1.94
Cozumel 40.6 32.1 (20.94) 111.4 (20.89)
Huatulco 92.8 76.3 (17.78) 210.6 (8.98)
Merida 218.6 201.5 (7.82) 574.2 (6.26)
Minatitlan 38.8 37.4 (3.61) 112.2 (1.96)
Oaxaca 118.2 108.0 (8.63) 324.6 (3.85)
Tapachula 76.5 57.0 (25.49) 181.2 (16.63)
Veracruz 107.0 107.7 0.65 324.0 7.69
Villahermosa 132.4 131.1 (0.98) 380.6 (0.04)
TOTAL 1,362.1 1,280.2 (6.01) 3,549.8 (2.52)
Note: Passenger figures exclude transit and general aviation
passengers and include passengers at the Cancun Charter
Terminal for the first half of 1999.
Table II: International Passengers (thousands)
Airport 3Q99 3Q00 % 9-month %
change 2000 change
Cancun 1,253.5 1,431.1 14.17 4,745.0 12.87
Cozumel 81.1 115.5 42.42 381.5 33.85
Huatulco 5.4 1.4 (74.07) 43.1 (8.74)
Merida 35.3 36.5 3.4 103.8 9.77
Minatitlan 0.6 0.6 0.00 1.8 1.23
Oaxaca 5.5 6.7 21.82 18.2 18.57
Tapachula 0.4 0.5 25.00 1.9 23.21
Veracruz 17.0 16.7 (1.76) 43.8 11.14
Villahermosa 4.6 4.3 (6.52) 11.2 (5.05)
TOTAL 1,403.4 1,613.3 14.96 5,350.3 13.82
Note: Passenger figures exclude transit and general aviation
passengers and include passengers at the Cancun Charter
Terminal for the first half of 1999.
Table III: Total Passengers (in thousands)
Airport 3Q99 3Q00 % 9-month %
change 2000 change
Cancun 1,790.7 1,960.2 9.47 6,076.0 10.28
Cozumel 121.7 147.6 21.28 492.9 15.75
Huatulco 98.2 77.7 (20.88) 253.7 (8.94)
Merida 253.9 238.0 (6.26) 678.0 (4.12)
Minatitlan 39.4 38.0 (3.55) 114.0 (1.91)
Oaxaca 123.7 114.7 (7.28) 342.7 (2.88)
Tapachula 76.9 57.5 (25.23) 183.1 (16.35)
Veracruz 124.0 124.4 0.32 367.8 8.09
Villahermosa 137.0 135.4 (1.17) 391.9 (0.2)
TOTAL 2,765.5 2,893.5 4.63 8,900.1 6.69
Note: Passenger figures exclude transit and general aviation
passengers and include passengers at the Cancun Charter
Terminal for the first half of 1999.
3Q00 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 Revenues: Consolidated revenues for the third quarter rose year-over-year by 11.19 percent to Ps 287 million, as a result of a 9.49 percent improvement in revenues from aeronautical aer·o·nau·tic also aer·o·nau·ti·cal adj. Of or relating to aeronautics. aer  o·nau services, explained by the
increase in total passenger traffic.In addition, revenues from non-aeronautical services for the quarter rose by 21.29 percent, due to the rise in traffic, which resulted in increases in catering and ground transportation fees, in counter and temporary counter services as well as office space leases. Within non-aeronautical services, Commercial Revenues rose year-over-year by 18.02 percent. Commercial Revenues: ASUR classifies the following activities as commercial revenues: Retail, 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. , Duty Free, 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. , Banking and Money Exchange, Advertising, 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. , Car Parking and non-Permanent Ground Transportation. 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 defines three kinds of Services: Airport, Commercial and Complementary. Under the law, Parking Lots and non-Permanent Ground Transportation were not defined in these categories. Quarter-over-quarter, Commercial Revenues grew mainly in business lines such as teleservices and car parking, which had gone virtually unexploited to this point, as well as the inclusion of royalty Compensation for the use of property, usually copyrighted works, patented inventions, or natural resources, expressed as a percentage of receipts from using the property or as a payment for each unit produced. payments in local commercial contracts. During the third quarter, ASUR solicited bids from car rental companies. The negotiations of the contracts is currently under way and the company expects to finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... terms during the fourth quarter of this year. Also in the third quarter, ASUR solicited bids from food & beverage concessions operators at the airports of Cancun, Merida and Cozumel. The tender documentation was delivered on September 29. The company currently expects to award the corresponding contracts during the fourth quarter of this year. 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. : Total operating expenses for the quarter increased by 2.05 percent to Ps 180 million, from Ps 176 million in the third quarter of 1999, principally reflecting increases in costs of services and administrative expenses, which were offset in part by a decrease in technical assistance fees. The cost of services for the quarter increased year-over-year by 8.09 percent, mainly due to salary adjustments that took place in November 1999, pending maintenance costs carried over from previous years and the inclusion of operating costs operating costs npl → gastos mpl operacionales and expenditures for car parking operations. Similarly, during the period the quality of services offered at the company's airports improved with a corresponding rise in costs for services such as cleaning and security. Administrative services for the quarter rose year-over-year by 14.55 percent, reflecting the increase in costs staff at Corporate Headquarters resulting from the initial stage of operations of the company. The annual cost of technical assistance is US$5 million, which in 1999 were accounted for on a quarterly basis in the months of June June: see month. , September and December December: see month. . In 2000, this cost has been recorded on a monthly basis, thus explaining the relative reduction for the quarter of 35.14 percent. 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. rights for the quarter increased as a result of the improvement in revenues for the period. Depreciation and amortization for the period increased year-over-year by 2.75 percent, as a result of the investments carried out by the company during first months of 2000. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of the third quarter 2000 was 37.25 percent, which is higher than the 31.64 percent, obtained for the same period of 1999, the difference of this 5.61 points increase in profit in revenues terms, combined with the application of Deferred Employee Profit Sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of (PTU PTU abbr. propylthiouracil PTU propylthiouracil. propylthiouracil (PTU) Propyl-Thyracil (CA) Pharmacologic class: Thioamide derivative Therapeutic class: ) as of the year 2000, representing a cost of 4.72 points, an increase in Deferred Taxes of 4.94 points and an increase in the Integral Cost of Financing of 0.87 points due to the loss of monetary assets following repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of debts incurred in the acquisition of the Cancun Charters Terminal, caused the net profit margin during the Quarter to drop by 4.92 points, compared with the same period of 1999.
Table IV: Summary of Consolidated Results for Third Quarter
3Q99 3Q00 % change
Total Revenues 258,161 287,039 11.19
Aeronautical Services 221,002 241,967 9.49
Non-aeronautical Services 37,159 45,072 21.29
Commercial Revenues 20,196 23,835 18.02
Operating Profit 81,680 106,932 30.92
Operating Margin (%) 31.64 37.25 17.73
EBITDA 151,300 178,466 17.96
EBITDA Margin (%) 58.61 62.17 6.07
Net Income 58,646 51,090 (12.88)
Earnings per Share (a) 0.1955 0.1703 (12.88)
Earnings per ADS in USD 0.2069 0.1802 (12.88)
(a) On October 12, 1999, the company effected a reverse stock
split where one new share was issued for each outstanding
25.89092035667 shares. 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 the table, share data have been
adjusted to give retroactive effect to this reverse stock
split. Figures are shown in thousand of constant Mexican pesos
as of September 30, 2000. The exchange rate used was 9.4483
pesos per US dollar.
Table V: Commercial Revenues for Third Quarter
3Q99 3Q00 % change
Total Passengers (a)
Commercial Revenues 20,196 23,835 18.02
Passengers 2,884 3,005 4.20
Commercial Revenues per
Passenger, in Ps. 7.30 8.24 12.88
(a) For the purposes of this table, 118 thousand and 111 thousand
transit and general aviation passengers are included for 3Q99
and 3Q00, respectively. Figures are shown in thousand of
constant Mexican pesos as of September 30, 2000.
Table VI: Operating Costs and Expenditure for Third Quarter
3Q99 3Q00 % change
Cost of Services 56,606 61,185 8.09
Administrative 17,962 20,576 14.55
Technical Assistance 19,358 12,556 (35.14)
Concession Rights 12,934 14,256 10.22
Depreciation and Amortisation 69,620 71,533 2.75
TOTAL 176,480 180,107 2.05
Note: Figures are shown in thousand of constant Mexican pesos as of
September 30, 2000.
Nine-Month Consolidated Results Revenues: Nine-month consolidated revenues rose year-over-year by 22.68 percent, due to an increase in revenues from aeronautical services in the period of 22.88 percent, which reflected an increase in passenger traffic, the inclusion of passengers from the Cancun Charters Terminal and the charging of differentiated dif·fer·en·ti·ate v. dif·fer·en·ti·at·ed, dif·fer·en·ti·at·ing, dif·fer·en·ti·ates v.tr. 1. To constitute the distinction between: tariffs This is a list of tariffs and trade legislation:
Commercial Revenues: The improvement in commercial revenues for the nine-month period was mainly explained due to the inclusion of the activities at the Cancun Charter Terminal, which was incorporated as in June of 1999, and by the growth in business lines such as teleservices and car parking, which had gone virtually undeveloped in the past, as well as the inclusion of royalty payments in local commercial contracts. Operating Expenses: Total operating expenses for the nine-month period increased by 19 percent to Ps 565.9 million, from Ps 474.7 million in the third quarter of 1999, principally reflecting increases in costs of services, administrative expenses and depreciation and amortization expense. Cost of services year to-date rose year-over-year by 21.70 percent, mainly due to salary adjustments carried out in November 1999, pending maintenance costs carried over from previous years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time inclusion of operating costs for the Cancun Charter Terminal starting in July July: see month. 1999 and the cost of operating car parks starting in May 2000 as well as the increase in the cost of 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 . Administrative expenses for the nine-month period rose year-over-year by 29.35 percent, mainly as a result of the salary adjustments carried out in November 1999 and the severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when payments incurred in order to bring staff numbers in line with the company's current structure. The reason for the relative Technical Assistance increase of 13.02 percent for the period year-over-year is the same mentioned for the quarter explanation. The increase in concession rights for the period was due to the improvement in revenues. Depreciation and amortisation Noun 1. amortisation - the reduction of the value of an asset by prorating its cost over a period of years amortization reduction, step-down, diminution, decrease - the act of decreasing or reducing something 2. year to-date rose year-over-year by 14.59 percent, mainly as a result of the inclusion of the assets from the businesses acquired in the period, mainly the Charter Terminal at Cancun. The 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 nine-month period increased year-over-year by 29.45 percent. Net income for the nine-month period decreased year-over-year by 1.53 percent, mainly as a result of the increases in PTU and deferred taxes discussed above with respect to the third quarter.
Table IX: Summary of Consolidated Results for Nine-Month Period
9-Month 9-Month % change
1999 2000
Total Revenues 719,048 882,108 22.68
Aeronautical Services 611,955 751,940 22.88
Non-aeronautical Services 107,093 130,168 21.55
Commercial Revenues 50,408 70,341 39.54
Operating Profit 244,301 316,241 29.45
Operating Margin (%) 33.97 35.85 5.53
EBITDA 429,809 528,818 23.04
EBITDA Margin (%) 59.77 59.95 0.30
Net Income 166,617 164,070 (1.53)
Earnings per Share (a) 0.5554 0.5469 (1.53)
(a) On October 12, 1999, the company effected a reverse stock
split where one new share was issued for each outstanding
25.89092035667 shares. 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 the table, share data have been
adjusted to give retroactive effect to this reverse stock
split. Figures are shown in thousand of constant Mexican pesos
as of September 30, 2000.
Table X: Commercial Revenues for Nine-Month Period
9-Month 9-Month % change
1999 2000
Total Passengers (a)
Commercial Revenues 50,408 70,341 39.54
Passengers 8,707 9,232 6.03
Commercial Revenues
per Passenger, in Ps. 5.79 7.62 31.61
(a) For the purposes of this table, 364 thousand and 332 thousand
transit and general aviation passengers are included for
nine-month periods of 1999 and 2000, respectively. Passengers
from the Charter Terminal at Cancun for the first half of 1999
are also included. Figures are shown in thousand of constant
Mexican pesos as of September 30, 2000.
Table XI: Operating Costs and Expenditure for Nine-Month Period
9-Month 9-Month % change
1999 2000
Cost of Services 163,057 198,442 21.70
Administrative 55,773 72,144 29.35
Technical Assistance 34,417 38,898 13.02
Concession Rights 35,990 43,805 21.71
Depreciation and
Amortisation 185,508 212,577 14.59
TOTAL 474,747 565,867 19.19
Note: Figures are shown in thousand of constant Mexican pesos as of
September 30, 2000.
Tariff Regulation: Most 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 tariffs, which represent the maximum possible revenue that may be obtained per traffic unit at each airport. For the first nine months of this year, the total number of traffic units obtained was 9.3 million, with a total maximum tariff of Ps.86.30 per traffic unit. The company's year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. regulated revenues were updated, in line with the tariff regulation, using the national producer price index excluding petroleum (INPP INPP Intelligent Network Platform Prototype (Sprint) ). For the nine-month period, regulated revenues were Ps.817.60 million, resulting in an implicit maximum tariff of Ps.88.25 per traffic unit, which exceeded the original envisaged maximum tariff by 2.26 percent. Consequently, total revenues for the nine-month period include a reserve of Ps.20.94 million for compliance with the maximum tariffs . Compliance with the maximum tariffs is reviewed on an annual basis at the close of each year by the Ministry of Communications and Transportion. During the quarter, the company decided to grant discounts on the airport usage fees for domestic and international passengers of 15 percent and 15.2 percent, respectively, at the airports of 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 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 and Merida, in order to comply with the tariff regulation discussed above. Balance Sheet As of September 30, 2000, rights to use airport facilities and airports concessions represented 91.98 percent of 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 6.25 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. 1.77 percent. Cash and cash equivalents at September 30, 2000, were Ps 468.3 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. represented 97.35 percent and total liabilities represented 2.65 percent of the total assets. Corporate Matters On September 28, ASUR's series B shares and ADS began trading on the Bolsa Bolsa Spanish for stock exchange. in Mexico and the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . The listing of the company's shares was the result of the successful completion of a global offering of 221,739,130 series B shares at an offering price of Ps.14.23 per series B share and US$15.125 per ADS. The offering represented the substantial majority of ASUR's capital, which was previously held by a trust established by Nacional Nacional is the Spanish and Portuguese word for national. It can refer to: Sports
Nafin is a Circassion name. Which means the people from Kafkas, a part of Russia. It means "Apple of my Eye". And also from Damascas, Syria. It also means "Light". It is very unncommon to find Circassions, but about 4% of people are Circassion. ), a Mexican national credit institution and development bank controlled by the Mexican government. One ADS represents ten series B shares. Subsequent Events At the beginning of October October: see month. , negotiations for the biannual bi·an·nu·al adj. 1. Happening twice each year; semiannual. 2. Occurring every two years; biennial. bi·an revision (programming) revision - A release of a piece of software which is not a major release or a bugfix, but only introduces small changes or new features. of the collective bargaining agreements The contractual agreement between an employer and a Labor Union that governs wages, hours, and working conditions for employees and which can be enforced against both the employer and the union for failure to comply with its terms. at each airport were completed. As a result, unionized workers will receive a wage increase of 14 percent and an increase in benefits of 4 percent. Also they accepted an adjustment in the personnel structure. Upcoming Events The company expects to deliver documents for the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of bids for the Duty-free Shops duty-free shop Noun a shop, esp. at an airport, that sells duty-free goods at Cancun, Merida and Cozumel, in the fourth quarter of this year and expects to award the concession agreement Concession Agreement A right granted by a government to a corporation. It specifies rules under which the company can operate locally. Notes: Some concession agreements might include tax breaks for the corporation, in order to keep them from moving to another jurisdiction. during the first quarter of 2001. Grupo Aeroportuario del Sureste, S.A. de C.V. (ASUR) is a Mexican airport operator with concessions to operate, maintain and develop the airports of Cancun, Merida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan Mi·na·ti·tlán A town of southeast Mexico southeast of Veracruz. It has a petroleum refinery. Population: 151,000. in the southeast of Mexico. As of September 30, 2000, 15 Mexican airlines and 25 foreign airlines operated flights at ASUR's nine airports. ASUR posted revenues for fiscal 1999 of 951.8 million and 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 of 512.7 million. In 2000, the company posted nine-month revenues of 882.1 million and EBITDA of 528.8 million. The company is listed both on the Mexican Bolsa, 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.
GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
CONSOLIDATED STATEMENT OF INCOME FROM JANUARY 1ST
TO SEPTEMBER 30TH OF 2000
(Thousands of Mexican pesos in purchasing power
as of September 30th, 2000)
ACCUMULATIVE VARIATION QUARTER QUARTER VARIATION
ITEM 2000 1999 % 2000 1999 %
Revenues
Aeronautical
Services 751,940 611,955 23 241,967 221,002 9
Non-Aeronautical
Services 130,169 107,094 22 45,072 37,159 21
Total Revenues 882,108 719,048 23 287,039 258,161 11
Operating Expenses
Cost of services 198,443 163,057 22 61,185 56,606 8
General and
administrative
expenses 72,144 55,775 29 20,576 17,962 15
Technical
Assistance 38,898 34,417 13 12,556 19,358 (35)
Concession fee 43,805 35,990 22 14,256 12,934 10
Depreciation and
Amortization 212,577 185,508 15 71,533 69,620 3
Total Operating
Expenses 565,867 474,747 19 180,107 176,481 2
Operating Income 316,241 244,301 29 106,932 81,680 31
Comprehensive
Financing cost (1,275) 7,420 (117) (1,970) 477 (513)
Income Before
Income Taxes 314,967 251,721 25 104,962 82,157 28
Provision for
Income Taxes 0 1,883 (100) 0 0 0
Deferred income
taxes 115,550 83,221 39 40,336 23,511 72
Deferred employees
profit sharing 35,347 0 0 13,536 0 0
Net Income for
the Year 164,070 166,617 (1.53) 51,090 58,646 (12.88)
Earning per share 0.5469 0.5554 (1.53) 0.1703 0.1955 (12.88)
Earning per
ads used 5.4690 5.5539 (1.53) 1.7030 1.9549 (12.88)
GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30TH, 2000
(Thousands of Mexican pesos in purchasing power as
of September 30th, 2000)
ITEM SEPT. SEPT. VARIATION %
2000 1999
ASSETS
Current Assets
Cash and cash
equivalents 468,323 274,996 193,327 70
Trade receivables, net 78,558 107,760 (29,202) (27)
Recoverable taxes and other
current assets 74,266 19,420 54,846 282
Investment in subsidiaries 0 0 0 0
Total Current Assets 621,147 402,175 218,971 54
Fixed Assets
Machinery, furniture and
equipment, net 68,874 57,884 10,990 19
Rights to use airport
facilities, net 2,016,767 2,089,316 (72,549) (3)
Improvements to use airport
facilities, net 17,261 0 17,261 0
Constructions in process 88,141 0 88,141 0
Total Fixed Assets 2,191,043 2,147,200 43,843 2
Deferred Assets
Airports concessions, net 7,130,679 7,318,958 (188,279) (3)
Deferred income taxes 0 0 0 0
Other 1,973 1,360 613 45
Total Deferred Assets 7,132,651 7,320,318 (187,667) (3)
TOTAL ASSETS 9,944,841 9,869,694 75,147 1
LIABILITIES AND STOCKHOLDERS
EQUITY
Current Liabilities
Trade accounts payable 9,462 5,764 3,698 64
Notes payable 0 281,906 (281,906) (100)
Accrued expenses and others
payables 70,091 32,612 37,479 115
Total Current Liabilities 79,553 320,282 (240,729) (75)
Long term liabilities
Other 18 45 (26) (59)
Deferred income taxes 149,303 20,603 128,699 625
Deferred employees profit
sharing 34,873 0 34,873 0
Total long term liabilities 184,193 20,648 163,545 792
TOTAL LIABILITIES 263,746 340,930 (77,183) (23)
STOCKHOLDER'S EQUITY
Capital stock 9,259,846 9,259,845 1 0
Legal Reserve 2,117 2,117 0 0
Net income for the period 164,070 166,617 (2,546) (2)
Retained earnings 255,061 100,185 154,876 155
TOTAL STOCKHOLDER'S
EQUITY 9,681,094 9,528,764 152,331 2
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY 9,944,841 9,869,694 75,147 1
GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
FROM JUNE 1ST 2000 TO SEPTEMBER 30TH 2000 AND 1999
(Thousands of Mexican pesos in purchasing power
as of Sept. 30, 2000)
ACCUMULATIVE ACCUMULATIVE VARIATION
ITEM 2000 1999 %
Net Income for
the Year 164,070 166,617 (2)
Depreciation and
Amortization 212,577 185,508 15
Resources provided
by Operations 376,647 352,125 7
Changes in operating
assets and liabilities:
Decrease (increase) in:
Trade Receivables 30,694 (45,327) (168)
Recoverable taxes and
other current assets (1,544) 1,437,372 (100)
Other deferred assets (473) (1,360) (65)
Increase (decrease) in:
Trade accounts payable 2,539 4,394 (42)
Accrued expenses and
others payables (18,253) (1,409,622) (99)
Long term liabilities 145,718 20,648 606
Resources provided by
(used for) working capital 158,682 6,105 (114)
Resources provided by
(used for) operating
activities 535,329 358,230 (288)
Resources provided by
(used for) financing
activities: (287,873) 283,934 (201)
Notes payable (287,873) 281,817 (202)
Others 2,117 (100)
Resources provided by
(used for) investing
activities: (124,612) (417,067) (70)
Investments in machinery,
furniture and equipment,
net (20,255) (11,018) 84
Investments in rights to
use airport facilities (17,356) (406,049) --
Investments in constructions
in process (87,000) -- --
Increase (Decrease) in cash
and cash equivalents 122,845 225,098 (45)
Cash and cash equivalents at
beginning of the financial
period 345,478 49,898 592
Cash and cash equivalents at
the end of the financial
period 468,323 274,996 70
QUARTER QUARTER VARIATION
ITEM 2000 1999 %
Net Income for
the Year 51,090 58,646 (13)
Depreciation and
Amortization 71,533 69,620 3
Resources provided
by Operations 122,623 128,266 (4)
Changes in operating
assets and liabilities:
Decrease (increase) in:
Trade Receivables 15,350 (2,914) (627)
Recoverable taxes and
other current assets (14,237) (7,343) 94
Other deferred assets (666) (4,636) (114)
Increase (decrease) in:
Trade accounts payable (3,375) 680 (596)
Accrued expenses and
others payables 3,390 (32,292) (110)
Long term liabilities 51,192 20,605 148
Resources provided by
(used for) working capital 51,655 (16,628) (114)
Resources provided by
(used for) operating
activities 174,278 111,637 (288)
Resources provided by
(used for) financing
activities: 0 (6,346) (100)
Notes payable 0 (8,463) (100)
Others 2,117 (100)
Resources provided by
(used for) investing
activities: (27,058) (1,437) 1,783
Investments in machinery,
furniture and equipment,
net (1,245) (1,437) (13)
Investments in rights to
use airport facilities 97 0 83,479
Investments in constructions
in process (25,909) -- --
Increase (Decrease) in cash
and cash equivalents 147,220 103,855 42
Cash and cash equivalents at
beginning of the financial
period 321,103 171,141 88
Cash and cash equivalents at
the end of the financial
period 468,323 274,996 70
Operating Results per Airport
In thousands of constant Mexican pesos as of September 30, 2000
3Q99 3Q00 % 9-Month % change
change 2000 9-Month
99 vs. 00
Cancun
Aeronautical Revenues 143,316 170,678 19.09 532,743 39.53
Non-aeronautical
Revenues 25,091 31,339 24.90 91,249 22.08
Operating Profit 68,173 102,332 50.11 294,032 47.83
EBITDA 112,852 146,878 30.15 426,058 39.18
Cozumel
Aeronautical Revenues 9,895 11,377 14.98 38,247 6.10
Non-aeronautical
Revenues 1,799 2,404 33.63 6,834 25.76
Operating Profit 408 3,692 804.90 5,958 (29.29)
EBITDA 4,132 7,314 77.01 16,814 (12.37)
Merida
Aeronautical Revenues 19,187 18,248 (4.89) 52,283 (6.39)
Non-aeronautical
Revenues 4,104 4,530 10.38 13,050 31.01
Operating Profit 5,894 4,906 (16.76) 7,891 (40.82)
EBITDA 11,763 10,941 (6.99) 25,883 (16.42)
Others
Aeronautical Revenues 48,604 41,665 (14.28) 128,667 (6.93)
Non-aeronautical
Revenues 6,164 6,798 10.29 19,036 12.27
Operating Profit 7,205 (3,997) (155.48) 8,360 (64.64)
EBITDA 22,553 13,332 (40.89) 60,063 (18.31)
TOTAL
Aeronautical Revenues 221,002 241,967 9.49 751,940 22.88
Non-aeronautical
Revenues 37,159 45,072 21.29 130,169 21.55
Operating Profit 81,680 106,932 30.92 316,241 29.45
EBITDA 151,300 178,466 17.96 528,818 23.04
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