ASUR 3Q01 Net Income Rises by 20.32 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)--Oct. 23, 2001 ASUR, (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. ): Highlights for 3Q01 and nine-month period of 2001(A): - A 1.28 percent decrease in aeronautical services for the nine-month period, mainly in connection with the decrease in international passenger fee income due to the decrease in international passenger traffic principally to and from the United States, as a result of the tragic events of September 11 at the World Trade Center in New York and Washington. - A 0.78 percent improvement in revenues from non-aeronautical services for the nine-month period, mainly due to the increase in revenues from airport services and permanent ground transportation. Grupo Aeroportuario del Sureste, S.A. de C.V. (NYSE: ASR; 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 September 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.9.5098. Passenger traffic for 3Q01 and nine-month period of 2001 Total passenger traffic for 3Q01 declined year-over-year by 2.20 percent, mainly as a result of a 3.98 percent decrease in international passenger traffic over the same period, which was only slightly offset by a 0.04 percent increase in domestic passenger traffic. Total passenger traffic for the nine-month period rose year-over-year by 1.19 percent. This was mainly the result of a 2.68 percent improvement in international passenger traffic over the same period, which offset the 1.05 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. . Domestic passenger traffic at the 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 for 3Q01 decreased year-over-year by 12.81 percent. 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, domestic passenger traffic for the quarter increased year-over-year by 7.43 percent. International passenger traffic for 3Q01 decreased mainly due to the tragic events of September 11 at the World Trade Center in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. . Passenger traffic to and from the U.S. was the most affected, declining year-over-year by 5.46 percent during 3Q01. Passenger traffic to and from the U.S. rose year-over-year by 1.47 percent and 3.37 percent, in the months of July July: see month. and August respectively, while decreasing by 31.08 percent in the month of September. International passenger traffic for 3Q01 decreased year-over-year at two of the Company's nine airports, by 4.70 percent at Cancun airport and by 14.29 percent at Minatitlan Mi·na·ti·tlán A town of southeast Mexico southeast of Veracruz. It has a petroleum refinery. Population: 151,000. airport. At the other seven airports, international passenger traffic for the quarter increased between 0.35 percent and 20.00 percent.
Table I: Domestic Passengers (in thousands)
----------------------------------------------------------------------
Airport 3QOO 3Q01 % Nine- Nine- %
change month month change
2000 2001
---------------------------------------------------------------------
Cancun 528.9 535.9 1.32 1,330.8 1,314.5 (1.22)
Cozumel 32.0 27.9 (12.81) 111.4 93.7 (15.89)
Huatulco 76.3 77.6 1.70 210.5 212.0 0.71
Merida 201.4 202.3 0.45 574.4 601.2 4.67
Minatitlan 37.2 33.9 (8.87) 112.0 97.3 (13.13)
Oaxaca 108.0 104.9 (2.87) 324.5 312.3 (3.76)
Tapachula 57.0 50.3 (11.75) 181.2 144.1 (20.47)
Veracruz 107.6 115.6 7.43 324.0 341.1 5.28
Villahermosa 131.0 131.5 0.38 380.6 395.9 4.02
---------------------------------------------------------------------
TOTAL 1,279.4 1,279.9 0.04 3,549.4 3,512.1 (1.05)
---------------------------------------------------------------------
Note: Passenger figures exclude transit and general aviation
passengers.
Table II: International Passengers (in thousands)
----------------------------------------------------------------------
Airport 3QOO 3Q01 % Nine- Nine- %
change month month change
2000 2001
----------------------------------------------------------------------
Cancun 1,431.1 1,363.9 (4.70) 4,745.9 4,875.0 2.72
Cozumel 115.5 115.9 0.35 381.4 387.6 1.63
Huatulco 1.4 1.7 21.43 43.3 41.7 (3.70)
Merida 36.5 37.9 3.84 103.8 111.1 7.03
Minatitlan 0.7 0.6 (14.29) 1.9 1.8 (5.26)
Oaxaca 6.7 6.8 1.49 18.1 20.3 12.15
Tapachula 0.5 0.6 20.00 1.9 1.8 (5.26)
Veracruz 16.6 17.2 3.61 43.7 44.5 1.83
Villahermosa 4.3 4.5 4.65 11.2 10.8 (3.57)
----------------------------------------------------------------------
TOTAL 1,613.3 1,549.1 (3.98) 5,351.2 5,494.6 2.68
----------------------------------------------------------------------
Note: Passenger figures exclude transit and general aviation
passengers.
Table III: Total Passengers (in thousands)
----------------------------------------------------------------------
Airport 3QOO 3Q01 % Nine- Nine- %
change month month change
2000 2001
----------------------------------------------------------------------
Cancun 1,960.0 1,899.8 (3.07) 6,076.7 6,189.5 1.86
Cozumel 147.5 143.8 (2.51) 492.8 481.3 (2.33)
Huatulco 77.7 79.3 2.06 253.8 253.7 (0.04)
Merida 237.9 240.2 0.97 678.2 712.3 5.03
Minatitlan 37.9 34.5 (8.97) 113.9 99.1 (12.99)
Oaxaca 114.7 111.7 (2.62) 342.6 332.6 (2.92)
Tapachula 57.5 50.9 (11.48) 183.1 145.9 (20.32)
Veracruz 124.2 132.8 6.92 367.7 385.6 4.87
Villahermosa 135.3 136.0 0.52 391.8 406.7 3.80
---------------------------------------------------------------------
TOTAL 2,892.7 2,829.0 (2.20) 8,900.6 9,006.7 1.19
----------------------------------------------------------------------
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 3Q01 Revenues Consolidated revenues for 3Q01 decreased year-over-year by 4.93 percent to Ps.287.3 million, mainly as a result of: - A 1.28 percent decrease in aeronautical services for the nine-month period, mainly in connection with the decrease in international passenger fee income due to the decrease in international passenger traffic principally to and from the United States, as a result of the tragic events of September 11 at the World Trade Center in New York and Washington. - A 0.78 percent improvement in revenues from non-aeronautical services for the nine-month period, mainly due to the increase in revenues from airport services and permanent ground transportation. 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. Commercial revenues for the quarter decreased year-over-year by 12.97 percent, mainly as a result of: - A 37.86 percent decline in retail revenues for the quarter in connection with the temporary closing of a number of stores due to the remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling projects at all airports. - An 86.07 percent decline in revenues generated by non-permanent ground transportation for the quarter in connection with the on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" dispute with the operators of pre-paid transportation at the airport of Cancun. ASUR is currently in negotiations in connection with this dispute. These sources of decreases were partially offset by: - A 22.41 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 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 48.48 percent improvement in Duty Free shop revenues from existing operators for the quarter. During the quarter, ASUR awarded the following commercial concessions: - A three-year contract for foreign exchange services at the airports of Cancun and Cozumel to American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. , a highly recognized institution in the Mexican financial market, that ASUR expects to provide high quality services and competitive rates for users of the two airports. ASUR is confident that this partnership will allow the Company to offer a high degree of experience and service standards at its two most important airports. - A five-year contract for banking services and ATM operation at all nine ASUR airports to Banamex, which is a subsidiary of Grupo Financiero Banamex Grupo Financiero Banamex has its origins and is the owner of Banco Nacional de México or Banamex, Mexico's second largest bank behind BBVA Bancomer. The Banamex Financial Group was purchased by Citigroup in August 2001 for $12.5 billion USD. , the leading financial group in Mexico recently acquired by Citigroup Citigroup U.S. holding company formed in 1998 from the merger of Citicorp (itself a holding company incorporated in 1967) and Travelers Group, Inc. The $70 billion merger included one of the largest U.S. investment banks, Salomon Smith Barney Inc. . 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 7.09 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. As a result of the tragic events of September 11 in New York and Washington, ASUR's third party liability insurance cost could increase drastically dras·tic adj. 1. Severe or radical in nature; extreme: the drastic measure of amputating the entire leg; drastic social change brought about by the French Revolution. 2. . Following the events, the governments of certain countries in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , the U. S. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of supported the coverage of
third party liability of terrorist activities, until this kind of
coverage can be obtained with the market. ASUR has officially requested
the Mexican Government for support similar to that given to the air
transportation sector by other governments with respect to the
above-mentioned A`bove´-men`tioneda. 1. Mentioned or named before; aforesaid; mentioned or named earlier in the same text (in written documents). Adj. 1. insurance-related issues. Currently, ASUR is covered in the case of a third-party liability excluding terrorist acts, up to an amount of U.S.$500 million. The Company is looking to obtain coverage for terrorist acts in the international insurance market. Administrative expenses for the quarter rose year-over-year by 14.81 percent, reflecting an increase in expenses related to the promotion of future cargo projects and related cost to have shares traded at the markets, such as the cost of issuing reports, travel expenses, which was partially offset by a decline in personnel at headquarters and related expenditures. The cost of technical assistance for the quarter declined year-over-year by 24.85 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$5 million. The fixed amounts for 2000 and 2001 are adjusted annually for inflation, measured by the U.S. consumer price index, as from the first anniversary of the technical assistance agreement in 1999. Concession CONCESSION. A grant. This word is frequently used in this sense when applied to grants made by the French and Spanish governments in Louisiana. fees for the quarter decreased year-over-year by 5.01 percent as a result of the decline in revenues for the period. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: for the quarter decreased year-over-year to 33.27 percent, from 37.53 percent for 3Q00. This was the result of the year-over-year 4.93 percent decrease in revenues for the quarter combined with a 1.56 percent increase in certain costs and expenditures, as explained in previous paragraphs. Net income for 3Q01 rose year-over-year by 20.32 percent, mainly due to the decline in costs and expenses and an increase in interest income.
Table IV: Summary of Consolidated Results for 3Q01
----------------------------------------------------------------------
3Q00 3Q01 % change
----------------------------------------------------------------------
Total Revenues 302,150 287,263 (4.93)
Aeronautical Services 256,748 245,143 (4.52)
Non-aeronautical Services 45,401 42,120 (7.23)
Commercial Revenues 25,290 22,010 (12.97)
Operating Income 113,400 95,570 (15.72)
Operating Margin (%) 37.53% 33.27% (11.35)
EBITDA 189,302 170,812 (9.77)
EBITDA Margin (%) 62.65% 59.46% (5.09)
Net Income 54,148 65,152 20.32
Earnings per Share (a) 0.1805 0.2172 20.32
Earnings per ADS in US$ 0.1898 0.2284 20.32
----------------------------------------------------------------------
(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 September 30, 2001. U.S. dollar figures are calculated at the
exchange rate of US$1=Ps.9.5098.
Table V: Commercial Revenues for 3Q01
----------------------------------------------------------------------
3Q00 3Q01 % change
----------------------------------------------------------------------
Total Passengers (a)
Commercial Revenues 25,290 22,010 (12.97)
Passengers (in thousands) 3,005 2,930 (2.50)
Commercial Revenues
per Passenger, in Ps. 8.42 7.51 (10.81)
(a) For the purposes of this table, approximately 112,300 and 101,000
transit and general aviation passengers are included for 3Q00 and
3Q01, respectively. Revenues are shown in thousands of constant
Mexican pesos as of September 30, 2001.
Table VI: Operating Costs and Expenses for 3Q01
----------------------------------------------------------------------
3Q00 3Q01 % change
----------------------------------------------------------------------
Cost of Services 62,587 67,025 7.09
Administrative 21,823 25,055 14.81
Technical Assistance 13,318 10,009 (24.85)
Concession Fees 15,120 14,362 (5.01)
Depreciation and
Amortization 75,902 75,242 (0.87)
----------------------------------------------------------------------
TOTAL 188,750 191,693 1.56
----------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as of
September 30, 2001.
Consolidated results for nine-month period of 2001 Revenues Consolidated revenues for the nine-month period rose year-over-year by 0.99 percent, mainly as a result of: - A 1.28 percent decrease in aeronautical services for the nine-month period, mainly in connection with the decrease in international passenger fee income due to the decrease in international passenger traffic principally to and from the United States, as a result of the tragic events of September 11 at the World Trade Center in New York and Washington. - A 0.78 percent improvement in revenues from non-aeronautical services for the nine-month period, mainly due to the increase in revenues from airport services and permanent ground transportation. Commercial Revenues Commercial revenues for the nine-month period declined year-over-year by 5.37 percent. This was mainly due to a year-to-date 80.88 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 and the temporary closing of a number of stores due to the remodeling projects at all airports. This decline was partially offset by the year-over-year 52.16 percent increase in 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: revenues for the nine-month period. Operating Expenses The cost of services for the nine-month period declined year-over-year by 0.93 percent. This was mainly the result of a 17.54 percent decline in salaries due to the year-over-year 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. reductions, which was partially offset by a 44.93 percent increase in the cost of security services for the period, as this function, once carried out by the Company's personnel, is now outsourced Outsourced is a modern day comedy of cross-cultural conflict and romance, directed by John Jeffcoat, released in 2007. Synopsis Todd Anderson (Josh Hamilton) spends his days managing a customer call center for American Novelty Products in Seattle, until his job, to a third party. Administrative expenses for the nine-month period declined year-over-year by 10.44 percent, reflecting the 11.01 percent year-over-year decline in administrative personnel and related expenditures. The cost of technical assistance for the period declined year-over-year by 22.42 percent, as a result of the change in the technical assistance fee for the current year. Concession fees for the nine-month period decreased year-over-year by 0.99 percent, as a result of the decline in revenues for the period. Depreciation and amortization for the nine-month period rose year-over-year by 0.07 percent, mainly as a result of the purchase of fire trucks and improvements made to the buildings of the airport terminals. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the nine-month period increased year-over-year by 3.06 percent. Net income for the nine-month period rose year-over-year by 36.86 percent, mainly due to the decline in certain costs and expenses and the increase of interest income.
Table VII: Summary of Consolidated Results for Nine-Month Period of
2001
----------------------------------------------------------------------
Nine-month Nine-month % change
2000 2001
----------------------------------------------------------------------
Total Revenues 929,722 920,552 (0.99)
Aeronautical Services 797,861 787,663 (1.28)
Non-aeronautical Services 131,861 132,889 0.78
Commercial Revenues 74,634 70,625 (5.37)
Operating Profit 335,554 345,813 3.06
Operating Margin (%) 36.09% 37.57% 4.10
EBITDA 561,113 571,539 1.86
EBITDA Margin (%) 60.35% 62.09% 2.88
Net Income 174,090 238,266 36.86
Earnings per Share (a) 0.5803 0.7942 36.86
Earnings per ADS in US$ 0.6102 0.8352 36.86
----------------------------------------------------------------------
(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 September 30, 2001. U.S. dollar figures are
calculated at the exchange rate of US$1=Ps.9.5098.
Table VIII: Commercial Revenues for Nine-Month Period of 2001
----------------------------------------------------------------------
Nine-month Nine-month % change
2000 2001
----------------------------------------------------------------------
Total Passengers (a)
Commercial Revenues 74,634 70,625 (5.37)
Passengers (thousands) 9,232 9,304 0.78
Commercial Revenues
per Passenger, in Ps. 8.08 7.59 (6.06)
----------------------------------------------------------------------
(a) For purposes of this table, approximately 331,400 and 297,300
transit and general aviation passengers are included for the
nine-month periods of 2000 and 2001, respectively. Figures are shown
in thousands of constant Mexican pesos as of September 30, 2001.
Table IX: Operating Costs and Expenditure for Nine-Month Period of
2001
----------------------------------------------------------------------
Nine-month Nine-month % change
2000 2001
----------------------------------------------------------------------
Cost of Services 204,305 202,414 (0.93)
Administrative 76,550 68,557 (10.44)
Technical Assistance 41,274 32,021 (22.42)
Concession Fees 46,480 46,021 (0.99)
Depreciation
and Amortization 225,559 225,726 0.07
----------------------------------------------------------------------
TOTAL 594,168 574,739 (3.27)
----------------------------------------------------------------------
Note: Figures are shown in thousands of constant Mexican pesos as of
September 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. by the Mexican Ministry of Communications and Transport through maximum rates, which represent the rates to be charged to customers that would yield the maximum possible revenue allowed per traffic unit at each airport. ASUR's regulated revenues for the nine-month period of 2001 were Ps.817.5 million, resulting in an average implicit rate of Ps. 87.39 per traffic unit, or 0.35 percent above the maximum rates. In certain airports, the implicit revenue per traffic unit for the quarter exceeded the maximum rate. For the third quarter, the Company increased the corresponding reserve by Ps.4.1 million. The balance of this account as of September 30, 2001, was Ps.6.6 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 September 30, 2001, rights to use airport facilities and airport concessions represented 87.12 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 9.47 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. 3.41 percent of total assets. Cash and cash equivalents on September 30, 2001, were Ps. 897.4 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 September 30, 2001, represented 96.18 percent and 3.82 percent of total assets, respectively; 82.99 percent of ASUR's liabilities are deferred liabilities. Events since the end of 3Q01 At the beginning of October October: see month. , negotiations for the annual wage 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 all nine ASUR airports were completed. As a result, unionized workers received a wage increase of 9.5 percent beginning on October 13 at the airports of Veracruz and Merida and, beginning today, October 23, at the other seven airports. 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 Tapachula (täpäch  `lä), city (1990 pop. 138,858) Chiapas state, SE Mexico, at the foot of the Chiapas highlands and near the Guatemala border. and Minatitlan in the southeast of Mexico. The
Company is listed both on the Mexican Bolsa BolsaSpanish 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 by Airport
(In thousands of constant Mexican pesos as of September 30, 2001)
----------------------------------------------------------------------
%
3Q00 3Q01 change
----------------------------------------------------------------------
Cancun
Aeronautical Revenues 181,082 169,153 (6.59)
Non-aeronautical
Revenues 32,045 27,435 (14.39)
Operating Profit 108,535 88,545 (18.42)
EBITDA 155,784 135,566 (12.98)
----------------------------------------------------------------------
Cozumel
Aeronautical Revenues 12,072 12,140 0.56
Non-aeronautical
Revenues 2,387 2,672 11.94
Operating Profit 3,915 2,593 (33.77)
EBITDA 7,757 6,518 (15.97)
----------------------------------------------------------------------
Merida
Aeronautical Revenues 19,375 18,758 (3.18)
Non-aeronautical
Revenues 4,604 4,739 2.93
Operating Profit 5,183 5,013 (3.28)
EBITDA 11,614 11,310 (2.62)
----------------------------------------------------------------------
Others
Aeronautical Revenues 44,220 45,091 1.97
Non-aeronautical
Revenues 6,365 7,274 14.28
Operating Profit (4,234) (582) 86.26
EBITDA 14,146 17,419 23.14
----------------------------------------------------------------------
TOTAL
Aeronautical Revenues 256,748 245,143 (4.52)
Non-aeronautical
Revenues 45,401 42,120 (7.23)
Operating Profit 113,400 95,570 (15.72)
EBITDA 189,302 170,812 (9.77)
----------------------------------------------------------------------
Nine-month Nine-month %
2000 2001 change
----------------------------------------------------------------------
Cancun
Aeronautical Revenues 565,278 561,963 (0.59)
Non-aeronautical
Revenues 93,791 89,791 (4.26)
Operating Profit 311,989 320,925 2.86
EBITDA 452,077 461,988 2.19
----------------------------------------------------------------------
Cozumel
Aeronautical Revenues 40,582 39,258 (3.26)
Non-aeronautical
Revenues 6,779 8,198 20.93
Operating Profit 6,322 11,811 86.82
EBITDA 17,841 23,584 32.19
----------------------------------------------------------------------
Merida
Aeronautical Revenues 55,476 55,719 0.44
Non-aeronautical
Revenues 13,188 13,794 4.60
Operating Profit 8,373 13,598 62.40
EBITDA 27,464 32,486 18.29
----------------------------------------------------------------------
Others
Aeronautical Revenues 136,525 130,724 (4.25)
Non-aeronautical
Revenues 18,105 21,107 16.58
Operating Profit 8,870 (521) (105.87)
EBITDA 63,731 53,481 (16.08)
----------------------------------------------------------------------
TOTAL
Aeronautical Revenues 797,861 787,663 (1.28)
Non-aeronautical
Revenues 131,862 132,889 0.78
Operating Profit 335,554 345,813 3.06
EBITDA 561,113 571,539 1.86
----------------------------------------------------------------------
GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30TH, 2001
(Thousands of Mexican pesos in purchasing
power as of September 30th, 2001)
ITEM SEPT. 2001 SEPT. 2000 VARIATION %
-------------------------- ---------- ---------- --------- -----
ASSETS
Current Assets
Cash and cash equivalents 897,362 496,923 400,439 81
Trade receivables, net 118,866 83,356 35,511 43
Recoverable taxes
and other current assets 22,410 25,304 (2,894) (11)
Investment in subsidiaries 0 0 0 0
--------- -------- -------- ----
Total Current Assets 1,038,638 605,582 433,056 72
Fixed Assets
Machinery, furniture
and equipment, net 75,975 73,080 2,895 4
Rights to use
airport facilities, net 2,062,951 2,139,931 (76,980) (4)
Improvements to use
airport facilities, net 127,940 18,315 109,624 599
Constructions in process 263,680 93,524 170,156 182
Others 29,850 53,498 (23,647) (44)
--------- --------- -------- ----
Total Fixed Assets 2,560,396 2,378,348 182,048 8
Deferred Assets
Airports concessions, net 7,367,993 7,566,150 (198,157) (3)
Deferred income taxes 0 0 0 0
Other 5,475 2,093 3,382 162
--------- --------- -------- ----
Total Deferred Assets 7,373,469 7,568,243 (194,775) (3)
TOTAL ASSETS 10,972,503 10,552,173 420,329 4
========== ========== ======== ====
LIABILITIES AND
STOCKHOLDER'S EQUITY
Current Liabilities
Trade accounts payable 540 22,083 (21,543) (98)
Notes payable 0 0 0 0
Accrued expenses
and others payables 63,858 62,329 1,529 2
---------- --------- -------- ----
Total Current Liabilities 64,397 84,411 (20,014) (24)
Long term liabilities
Other 6,697 19 6,677 34,297
Deferred income taxes 312,021 158,420 153,600 97
Deferred employees
profit sharing 36,007 37,002 (996) (3)
Labor Obligations 245 0 245 0
---------- --------- -------- ----
Total long term liabilities 354,970 195,442 159,527 82
TOTAL LIABILITIES 419,367 279,853 139,513 50
STOCKHOLDER'S EQUITY
Capital stock 9,825,346 9,825,346 0 0
Legal Reserve 23,720 2,246 21,473 956
Share repurchase reserve 42,631 0 42,631 0
Net Income for the period 238,266 174,090 64,176 37
Retained earnings 423,172 270,638 152,535 56
---------- ---------- -------- ----
TOTAL STOCKHOLDER'S EQUITY 10,553,136 10,272,320 280,816 3
TOTAL LIABILITIES
AND STOCKHOLDER'S EQUITY 10,972,503 10,552,173 420,329 4
========== ========== ======== ======
GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
CONSOLIDATED STATEMENT OF INCOME FROM JANUARY
1st TO SEPTEMBER 30TH OF 2001 (Thousands of Mexican
pesos in purchasing power as of September 30th, 2001)
ACCUMULATIVE ACCUMULATIVE VARIATION
ITEM 2001 2000 %
------------------------- ------------ ------------ ---------
Revenues
Aeronautical Services 787,663 797,861 (1)
Non-Aeronautical Services 132,889 131,862 1
------- ------- ----
Total Revenues 920,552 929,722 (1)
Operating Expenses
Cost of services 202,414 204,305 (1)
General and
administrative expenses 68,557 76,550 (10)
Technical Assistance 32,021 41,274 (22)
Concession fee 46,021 46,480 (1)
Depreciation and Amortization 225,726 225,559 0
------- ------- ----
Total Operating Expenses 574,739 594,168 (3)
Operating Income 345,813 335,554 3
Comprehensive
Financing cost 43,091 (1,353) (3,286)
------- ------- ------
Extraordinary expenses
Rescue Clause 8,708 0
Income Before Income Taxes 380,195 334,202 14
Provision for Income Taxes 0 0 0
Deferred income taxes 141,929 122,606 16
Deferred employees
profit sharing 0 37,505 0
------- ------- ----
Net Income for the Year 238,266 174,090 37
======= ======= ====
Earning per share 0.7942 0.5803 36.86
Earning per ads usd 0.8352 0.6102 36.86
- exchange rate per dollar 9.5098
ITEM Quarter 2001 Quarter 2000 VARIATION %
------------------------- ----------- ------------ -----------
Revenues
Aeronautical Services 245,143 256,748 (5)
Non-Aeronautical Services 42,120 45,401 (7)
------- ------- ----
Total Revenues 287,263 302,150 (5)
Operating Expenses
Cost of services 67,025 62,587 7
General and
administrative expenses 25,055 21,823 15
Technical Assistance 10,009 13,318 (25)
Concession fee 14,362 15,120 (5)
Depreciation and Amortization 75,242 75,902 (1)
------- ------- ----
Total Operating Expenses 191,693 188,750 2
Operating Income 95,570 113,400 (16)
Comprehensive
Financing cost 16,680 (2,117) (888)
------- ------- ----
Extraordinary expenses
Rescue Clause 2,163 0 0
Income Before Income Taxes 110,087 111,283 (1)
Provision for Income Taxes 0 0 0
Deferred income taxes 44,935 42,779 5
Deferred employees
profit sharing 0 14,357 0
------- ------ ----
Net Income for the Year 65,152 54,148 20.32
======= ====== =====
Earning per share 0.2172 0.1805 20.32
Earning per ads usd 0.2284 0.1898 20.32
- exchange rate per dollar 9.5098
GRUPO AEROPORTUARIO DEL SURESTE, S.A. DE C.V.
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
FROM JANUARY 1st 2001 TO SEPTEMBER 30th 2001 AND
2000 (Thousands of Mexican pesos in purchasing
power as of September 30th, 2001)
ACCUMULATIVE ACCUMULATIVE VARIATION
ITEM 2001 2000 %
------------------------------ ------------ ------------ ---------
Net Income for the Year 238,266 174,090 36.86
Depreciation and Amortization 225,726 225,559 0.07
------- ------- ------
Resources provided by operations 463,992 399,649 16.10
------- ------- -----
Changes in operating
assets and liabilities:
Decrease (increase) in:
Trade receivables (20,256) 32,569 (162.19)
Recoverable taxes
and other current assets (6,802) 34,478 (119.73)
Other deferred assets (1,628) (502) 224.49
Increase (decrease) in:
Trade accounts payable (11,300) 14,738 (176.67)
Accrued expenses
and others payables 2,509 (31,411) (107.99)
Long term liabilities 129,930 154,617 (15.97)
------- ------- -------
Resources provided by
(used for) working capital 92,454 204,489 (54.79)
------- ------- -------
Resources provided by
(used for) operating activities 556,446 604,138 (7.89)
Resources provided by
(used for) financing activities:
Notes payable 0 (305,453) (100.00)
------- -------- -------
Others 0 (305,453) (100.00)
Resources provided by
(used for) investing activities (237,774) (168,338) 41.25
-------- -------- -----
Investments in machinery,
furniture and equipment, net (21,556) (21,492) 0.30
Investments in rights
to use airport facilities (63,309) (18,416) 243.77
Investments in
constructions in process (179,142) (92,314) 94.06
Investments in others 26,233 (36,116) (172.63)
Increase (Decrease) in
cash and cash equivalents 318,672 130,347 144.48
Cash and cash
equivalents at beginning
of the financial period 578,690 366,576 57.86
Cash and cash equivalents at
the end of the financial period 897,362 496,923 80.58
======= ======= =====
QUARTER QUARTER VARIATION
ITEM 2001 2000 %
------------------------------ --------- --------- ---------
Net Income for the Year 65,152 54,148 20.32
Depreciation and Amortization 75,242 75,902 (0.87)
------- ------- -----
Resources provided by operations 140,394 130,050 7.95
------- ------- -----
Changes in operating
assets and liabilities:
Decrease (increase) in:
Trade receivables 22,234 16,287 36.52
Recoverable taxes
and other current assets (4,523) 5,005 (190.36)
Other deferred assets (212) (706) (69.93)
Increase (decrease) in:
Trade accounts payable (1,193) 8,463 (114.10)
Accrued expenses
and others payables (5,641) (8,447) (33.22)
Long term liabilities 39,543 54,319 (27.20)
------- ------- -------
Resources provided by
(used for) working capital 50,208 74,921 (32.99)
------- ------- -------
Resources provided by
(used for) operating activities 190,602 204,971 (7.01)
Resources provided by
(used for) financing activities:
Notes payable 878 0
------- ------- -------
Others 878 0
Resources provided by
(used for) investing activities (74,698) (48,760) 53.20
------- ------- -------
Investments in machinery,
furniture and equipment, net (5,110) (1,617) 216.11
Investments in rights
to use airport facilities (51,511) 103 (50,209.31)
Investments in
constructions in process (32,948) (27,134) 21.42
Investments in others 14,871 (20,112) (173.94)
Increase (Decrease) in
cash and cash equivalents 116,781 156,210 (25.24)
Cash and cash
equivalents at beginning
of the financial period 780,581 340,713 129.10
Cash and cash equivalents at
the end of the financial period 897,362 496,923 80.58
======= ======= ======
(A) Unless otherwise indicated all comparisons are, against the same period for the previous fiscal year, e.g., 3Q01 vs. 3Q00 |
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