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Form 20-F x
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Form 40-F ____
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Yes ____
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No x
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Contacts:
ASUR
Lic. Adolfo Castro
(52) 55-5284-0408
acastro@asur.com.mx
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Breakstone Group
Susan Borinelli
(646) 330-5908
sborinelli@breakstone-group.com
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·
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EBITDA2 increased by 26.47% to Ps.590.54 million
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·
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Total passenger traffic was up 11.66%
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·
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Total revenues rose by 14.58% due to increases of 19.80% in aeronautical revenues, 23.06% in non-aeronautical revenues, and 2.00% in construction services revenues
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·
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Commercial revenues per passenger increased by 13.37% to Ps.72.38
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·
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Operating profit increased by 32.12%
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·
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EBITDA margin increased to 43.21% from 39.14% in 4Q10
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1.
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Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with Mexican Financial Reporting Standards (MFRS) and represent comparisons between the three and twelve-month periods ended December 31, 2011, and the equivalent three and twelve-month periods ended December 31, 2010. Results are expressed in nominal pesos. Tables state figures in thousands of pesos, unless otherwise noted. Passenger figures exclude transit and general aviation passengers. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Ps.13.9476.
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2.
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EBITDA means net income before: provision for taxes, deferred taxes, profit sharing, non-ordinary items, comprehensive financing cost and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides a useful measure of our performance that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or MFRS and may be calculated differently by different companies.
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Airport
|
4Q10 | 4Q11 |
% Change
|
FY
2010
|
FY
2011
|
% Change
|
||||||||||||||||||
Cancún
|
812.9 | 945.3 | 16.29 | 3,372.3 | 3,684.1 | 9.25 | ||||||||||||||||||
Cozumel
|
10.0 | 22.3 | 123.00 | 38.9 | 63.5 | 63.24 | ||||||||||||||||||
Huatulco
|
73.5 | 102.8 | 39.86 | 315.4 | 393.6 | 24.79 | ||||||||||||||||||
Mérida
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261.8 | 311.7 | 19.06 | 1,031.2 | 1,131.3 | 9.71 | ||||||||||||||||||
Minatitlán
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24.4 | 29.0 | 18.85 | 116.4 | 104.0 | (10.65 | ) | |||||||||||||||||
Oaxaca
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95.1 | 102.3 | 7.57 | 394.7 | 352.1 | (10.79 | ) | |||||||||||||||||
Tapachula
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39.0 | 39.8 | 2.05 | 181.0 | 154.7 | (14.53 | ) | |||||||||||||||||
Veracruz
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176.0 | 195.5 | 11.08 | 763.8 | 772.0 | 1.07 | ||||||||||||||||||
Villahermosa
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189.7 | 222.8 | 17.45 | 677.8 | 801.7 | 18.28 | ||||||||||||||||||
TOTAL
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1,682.4 | 1,971.5 | 17.18 | 6,891.5 | 7,457.0 | 8.21 |
Airport
|
4Q10 | 4Q11 |
% Change
|
FY
2010
|
FY
2011
|
% Change
|
||||||||||||||||||
Cancún
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1,904.4 | 2,050.0 | 7.65 | 9,067.0 | 9,338.4 | 2.99 | ||||||||||||||||||
Cozumel
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74.9 | 67.8 | (9.48 | ) | 399.9 | 378.2 | (5.43 | ) | ||||||||||||||||
Huatulco
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12.0 | 13.7 | 14.17 | 70.2 | 66.0 | (5.98 | ) | |||||||||||||||||
Mérida
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27.8 | 23.9 | (14.03 | ) | 104.5 | 94.3 | (9.76 | ) | ||||||||||||||||
Minatitlán
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0.8 | 1.2 | 50.00 | 4.6 | 4.6 | - | ||||||||||||||||||
Oaxaca
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10.4 | 11.9 | 14.42 | 52.0 | 49.2 | (5.38 | ) | |||||||||||||||||
Tapachula
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0.9 | 1.5 | 66.67 | 4.2 | 7.2 | 71.43 | ||||||||||||||||||
Veracruz
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15.4 | 23.8 | 54.55 | 70.4 | 95.4 | 35.51 | ||||||||||||||||||
Villahermosa
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12.2 | 12.2 | - | 51.0 | 49.6 | (2.75 | ) | |||||||||||||||||
TOTAL
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2,058.8 | 2,206.0 | 7.15 | 9,823.8 | 10,082.9 | 2.64 |
Airport
|
4Q10 | 4Q11 |
% Change
|
FY
2010
|
FY
2011
|
% Change
|
||||||||||||||||||
Cancún
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2,717.3 | 2,995.3 | 10.23 | 12,439.3 | 13,022.5 | 4.69 | ||||||||||||||||||
Cozumel
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84.9 | 90.1 | 6.12 | 438.8 | 441.7 | 0.66 | ||||||||||||||||||
Huatulco
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85.5 | 116.5 | 36.26 | 385.6 | 459.6 | 19.19 | ||||||||||||||||||
Mérida
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289.6 | 335.6 | 15.88 | 1,135.7 | 1,225.6 | 7.92 | ||||||||||||||||||
Minatitlán
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25.2 | 30.2 | 19.84 | 121.0 | 108.6 | (10.25 | ) | |||||||||||||||||
Oaxaca
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105.5 | 114.2 | 8.25 | 446.7 | 401.3 | (10.16 | ) | |||||||||||||||||
Tapachula
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39.9 | 41.3 | 3.51 | 185.2 | 161.9 | (12.58 | ) | |||||||||||||||||
Veracruz
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191.4 | 219.3 | 14.58 | 834.2 | 867.4 | 3.98 | ||||||||||||||||||
Villahermosa
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201.9 | 235.0 | 16.39 | 728.8 | 851.3 | 16.81 | ||||||||||||||||||
TOTAL
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3,741.2 | 4,177.5 | 11.66 | 16,715.3 | 17,539.9 | 4.93 |
·
|
19.80% in revenues from aeronautical services, principally as a result of the 11.66% rise in passenger traffic;
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·
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23.06% in revenues from non-aeronautical services, reflecting the 26.26% increase in commercial revenues detailed below; and
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·
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2.00% in revenues from construction services as a result of capital expenditures and other investments in concessioned assets during the period.
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·
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44.78% in retail operations;
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·
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32.82% in duty-free stores;
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·
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29.57% in ground transportation;
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·
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26.41% in other revenues;
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·
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23.83% in banking and currency exchange services;
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·
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12.82% in car rental revenues;
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·
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12.07% in parking lot fees;
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·
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11.35% in food and beverage; and
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·
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3.86% in teleservices.
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Business Name
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Type
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Opening Date
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Cancún
|
||
Air Shop
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Convenience store
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October 2010
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Johnny Rockets
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Food and beverage
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December 2010
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Bubba Gump
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Food and beverage
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December 2010
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Duty Paid
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Retailer
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December 2010
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Panamá Jack
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Convenience store
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March 2011
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Grab & Go
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Food and beverage
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April 2011
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California Pizza Kitchen
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Food and beverage
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April 2011
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Air Shop
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Convenience store (2 stores)
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April & May 2011
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Ando Volando Bajo
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Convenience store
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June 2011
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Traffic Tours
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Tourism booth
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September 2011
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Veracruz
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Air Shop
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Convenience store (2 stores)
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December 2010
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Villahermosa
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Air Shop
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Convenience store (2 stores)
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December 2010
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Oaxaca
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Air Shop
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Convenience store
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December 2010
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Mérida
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Air Shop
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Convenience store (2 stores)
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November 2010
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Cozumel
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Air Shop
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Convenience store
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January 2011
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Minatitlán
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||
Air Shop
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Convenience store
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January 2011
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Tapachula
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Air Shop
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Convenience store
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January 2011
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Huatulco
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Air Shop
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Convenience store
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December 2010
|
·
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12.89% in costs of services, principally reflecting the one-time increase in 3Q10 and 4Q10 of the reserve for doubtful accounts resulting from the bankruptcy announced by Grupo Mexicana de Aviación in August 2010, which did not impact 4Q11 results. The increase also reflects higher energy costs, as well as higher costs reflecting the increase in the number of convenience stores directly operated by ASUR;
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·
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2.00% in construction costs, due to greater improvements made to the concessioned assets during the period;
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·
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26.47% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee);
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·
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19.66% in concession fees paid to the Mexican government, mainly due to an increase in regulated revenues (a factor in the calculation of the fee);
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·
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3.82% in depreciation and amortization, resulting mainly from capitalized investments; and
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·
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0.73% in administrative expenses.
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·
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Provisional IETU payments of Ps.1.16 million by some of ASUR’s subsidiaries;
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·
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A Ps.10.34 million decline in the provision for income taxes, as a result of fiscal losses at Cancun Airport;
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·
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A Ps.7.98 million decline in deferred income taxes resulting from the recognition of the changes in fiscal depreciation rates beginning in 4Q10 and inflationary effects;
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·
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A Ps.17.65 million increase in deferred IETU because of the expiry of tax credits; and
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·
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An Ps.8.34 million decline in the asset tax for amounts that cannot be credited against other taxes.
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4Q10
|
4Q11
|
% Change
|
|
Total Revenues
|
1,192,894
|
1,366,822
|
14.58
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Aeronautical Services
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509,490
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610,352
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19.80
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Non-Aeronautical Services
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282,017
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347,041
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23.06
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Commercial Revenues
|
242,183
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305,789
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26.26
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Construction Services
|
401,387
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409,429
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2.00
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Operating Profit
|
373,683
|
493,713
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32.12
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Operating Margin %
|
31.33%
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36.12%
|
15.28
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EBITDA
|
466,947
|
590,538
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26.47
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EBITDA Margin %
|
39.14%
|
43.21%
|
10.37
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Net Income
|
278,166
|
422,275
|
51.81
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Earnings per Share
|
0.9272
|
1.4076
|
51.81
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Earnings per ADS in US$
|
0.6648
|
1.0092
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51.81
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4Q10
|
4Q11
|
% Change
|
|
Total Passengers (‘000)
|
3,794
|
4,225
|
11.36
|
Total Commercial Revenues
|
242,183
|
305,789
|
26.26
|
Commercial revenues from direct operations (1)
|
48,396
|
63,876
|
31.99
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Commercial revenues excluding direct operations
|
193,787
|
241,913
|
24.83
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Total Commercial Revenue per Passenger
|
63.84
|
72.38
|
13.37
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Commercial revenue from direct operations per passenger (1)
|
12.76
|
15.12
|
18.50
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Commercial revenue per passenger (excluding direct operations)
|
51.08
|
57.26
|
12.10
|
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Note: For purposes of this table, approximately 52,900 and 47,600 transit and general aviation passengers are included for 4Q10 and 4Q11, respectively.
|
(1)
|
Revenues from direct commercial operations in 4Q11 represent ASUR’s operation of convenience stores in airports and the direct sale of advertising space.
|
4Q10
|
4Q11
|
% Change
|
|
Cost of Services
|
218,942
|
247,166
|
12.89
|
Construction Costs
|
401,387
|
409,429
|
2.00
|
Administrative
|
44,193
|
44,515
|
0.73
|
Technical Assistance
|
24,576
|
31,081
|
26.47
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Concession Fees
|
36,849
|
44,093
|
19.66
|
Depreciation and Amortization
|
93,264
|
96,825
|
3.82
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TOTAL
|
819,211
|
873,109
|
6.58
|
·
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9.42% in revenues from aeronautical services as a result of the 4.93% increase in passenger traffic during the period (no esta en el espaniol); and
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·
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12.37% in revenues from non-aeronautical services, principally as a result of the 13.99% rise in commercial revenues detailed below.
|
·
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23.42% in retail operations;
|
·
|
17.57% in ground transportation services;
|
·
|
16.97% in duty-free stores;
|
·
|
11.09% in parking lot fees;
|
·
|
8.62% in other income;
|
·
|
7.82% in food and beverage;
|
·
|
5.70% in banking and currency exchange services;
|
·
|
2.47% in advertising; and
|
·
|
1.26% in car rentals.
|
·
|
4.58% in cost of services, principally reflecting the one-time increase in the provision for doubtful accounts following the announcement of the bankruptcy of Grupo Mexicana de Aviación in that period, which did not impact FY11 results; and
|
·
|
3.67% in construction costs.
|
·
|
17.77% in technical assistance costs, reflecting the corresponding increase in EBITDA during the period;
|
·
|
2.16% in administrative expenses, principally ASUR’s participation in the World Route Development Forum, telephone service and security, and travel expenses;
|
·
|
6.95% in concession fees, mainly due to the increase in regulated revenues (a factor in the calculation of the fee).
|
·
|
0.93% in depreciation and amortization mainly due to changes in the depreciation and amortization rates.
|
FY10
|
FY11
|
% Change
|
|
Total Revenues
|
4,235,472
|
4,573,306
|
7.98
|
Aeronautical Services
|
2,283,164
|
2,498,344
|
9.42
|
Non-Aeronautical Services
|
1,211,072
|
1,360,938
|
12.37
|
Commercial Revenues
|
1,041,697
|
1,187,450
|
13.99
|
Construction Services
|
741,236
|
714,024
|
(3.67)
|
Operating Profit
|
1,724,326
|
2,094,495
|
21.47
|
Operating Margin %
|
40.71%
|
45.80%
|
12.50
|
EBITDA
|
2,103,536
|
2,477,235
|
17.77
|
EBITDA Margin %
|
49.66%
|
54.17%
|
9.07
|
Net Income
|
1,275,143
|
1,592,356
|
24.88
|
Earnings per Share
|
4.2505
|
5.3079
|
24.88
|
Earnings per ADS in US$
|
3.0475
|
3.8056
|
24.88
|
|
(in thousands)
|
FY10
|
FY11
|
% Change
|
|
Total Passengers *(‘000)
|
17,017
|
17.742
|
4.26
|
Total Commercial Revenues
|
1,041,697
|
1,187,450
|
13.99
|
Commercial revenues from direct operations (1)
|
194,330
|
254,991
|
31.22
|
Commercial revenues excluding direct operations
|
847,367
|
932,459
|
10.04
|
FY10
|
FY11
|
% Change
|
|
Total Commercial Revenue per Passenger
|
61.22
|
66.93
|
9.33
|
Commercial revenue from direct operations per passenger (1)
|
11.42
|
14.37
|
25.83
|
Commercial revenue per passenger (excluding direct operations)
|
49.80
|
52.56
|
5.54
|
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* For purposes of this table, approximately 302,100 and 202,100 transit and general aviation passengers are included for FY10 and FY11, respectively.
|
(1)
|
Revenues from direct commercial operations in FY11 represent ASUR’s operation of convenience stores in airports and the direct sale of advertising space.
|
FY10
|
FY11
|
% Change
|
|
Cost of Services
|
948,730
|
905,261
|
(4.58)
|
Construction Costs
|
741,236
|
714,024
|
(3.67)
|
Administrative
|
164,506
|
168,063
|
2.16
|
Technical Assistance
|
110,712
|
130,381
|
17.77
|
Concession Fees
|
166,752
|
178,342
|
6.95
|
Depreciation and Amortization
|
379,210
|
382,740
|
0.93
|
TOTAL
|
2,511,146
|
2,478,811
|
(1.29)
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Day: |
Friday, February 24, 2012
|
Time: | 10:00 AM US EST; 9:00 AM Mexico City time |
Dial-in number: |
888.713.4211 (US & Canada) and 617.213.4864
(International & Mexico)
|
Access Code: | 88177502 |
Pre-registration: |
If you would like to pre-register for the conference call use the following link:
https://www.theconferencingservice.com/prereg/key.process?key=P3MFKNF9E
|
Pre-registering is not mandatory but is recommended as it will provide you immediate entry into the call and will facilitate the timely start of the conference. You will receive a code that allows you to enter the call directly. Pre-registration only takes a few moments, and you may do so at any time, including up to and after call start time. To pre-register, please click the link above. Alternatively, if you would rather be placed into the call by an operator, please call at least 10 minutes prior to call start time.
|
|
Replay: |
Starting Friday, February 24, 2012 at 1:00 PM US EST, ending at midnight US EST on Friday, March 2, 2012. Dial-in number: 888-286-8010 (US & Canada); 617-801-6888 (International & Mexico). Access Code: 63430846.
|
Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||
By: /s/ ADOLFO CASTRO RIVAS
|
||
Adolfo Castro Rivas | ||
Chief Executive Officer
|