In Mexico
ASUR
Lic. Adolfo Castro
(52) 5552-84-04-08
acastro@asur.com.mx
|
In the U.S.
Breakstone Group
Susan Borinelli
(646) 330-5907
sborinelli@breakstone-group.com
|
·
|
EBITDA2 increased by 8.75% to Ps.804.75 million
|
·
|
Total passenger traffic was up 9.98%
|
·
|
Total revenues increased by 0.62%, as increases of 7.63% in aeronautical revenues and 9.10% in non-aeronautical revenues were more than offset by the 49.07% decline in construction services revenues
|
·
|
Commercial revenues per passenger declined by 1.29% to Ps.74.08
|
·
|
Operating profit increased by 9.52%
|
·
|
EBITDA margin increased to 62.70% from 58.02% in 2Q12
|
1.
|
Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS) and represent comparisons between the three- and six-month periods ended June 30, 2013, and the equivalent three- and six-month periods ended June 30, 2012. 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.13.0279.
|
2.
|
EBITDA means net income before: provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, 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 IFRS and may be calculated differently by different companies.
|
Airport
|
2Q12
|
2Q13
|
% Change
|
6M
2012
|
6M
2013
|
%
Change
|
Cancún
|
1,169.0
|
1,239.8
|
6.06
|
2,031.9
|
2,251.1
|
10.79
|
Cozumel
|
21.5
|
19.7
|
(8.37)
|
41.8
|
40.4
|
(3.35)
|
Huatulco
|
99.9
|
97.5
|
(2.40)
|
193.5
|
188.7
|
(2.48)
|
Mérida
|
274.5
|
286.0
|
4.19
|
553.9
|
556.8
|
0.52
|
Minatitlán
|
31.1
|
36.1
|
16.08
|
61.4
|
68.1
|
10.91
|
Oaxaca
|
101.6
|
108.2
|
6.50
|
196.4
|
210.2
|
7.03
|
Tapachula
|
36.4
|
34.4
|
(5.49)
|
74.0
|
69.7
|
(5.81)
|
Veracruz
|
191.1
|
226.8
|
18.74
|
367.0
|
436.6
|
18.96
|
Villahermosa
|
221.0
|
235.0
|
6.33
|
428.8
|
450.9
|
5.15
|
TOTAL
|
2,146.0
|
2,283.5
|
6.41
|
3,948.9
|
4,272.5
|
8.19
|
Airport
|
2Q12
|
2Q13
|
% Change
|
6M
2012
|
6M
2013
|
%
Change
|
Cancún
|
2,399.1
|
2,728.6
|
13.73
|
5,439.2
|
6,003.8
|
10.38
|
Cozumel
|
100.3
|
97.6
|
(2.69)
|
236.4
|
228.2
|
(3.47)
|
Huatulco
|
10.6
|
15.0
|
41.51
|
48.8
|
70.0
|
43.44
|
Mérida
|
22.6
|
26.3
|
16.37
|
50.1
|
57.9
|
15.57
|
Minatitlán
|
1.5
|
1.9
|
26.67
|
2.9
|
3.5
|
20.69
|
Oaxaca
|
11.5
|
12.6
|
9.57
|
26.5
|
27.6
|
4.15
|
Tapachula
|
1.9
|
1.9
|
-
|
4.1
|
3.8
|
(7.32)
|
Veracruz
|
24.8
|
22.9
|
(7.66)
|
49.0
|
45.6
|
(6.94)
|
Villahermosa
|
13.7
|
13.9
|
1.46
|
26.6
|
26.7
|
0.38
|
TOTAL
|
2,586.0
|
2,920.7
|
12.94
|
5,883.7
|
6,467.1
|
9.92
|
Airport
|
2Q12
|
2Q13
|
% Change
|
6M
2012
|
6M
2013
|
%
Change
|
Cancún
|
3,568.1
|
3,968.4
|
11.22
|
7,471.1
|
8,254.9
|
10.49
|
Cozumel
|
121.8
|
117.3
|
(3.69)
|
278.2
|
268.6
|
(3.45)
|
Huatulco
|
110.5
|
112.5
|
1.81
|
242.4
|
258.7
|
6.72
|
Mérida
|
297.1
|
312.3
|
5.12
|
604.0
|
614.7
|
1.77
|
Minatitlán
|
32.6
|
38.0
|
16.56
|
64.4
|
71.6
|
11.18
|
Oaxaca
|
113.2
|
120.8
|
6.71
|
222.9
|
237.8
|
6.68
|
Tapachula
|
38.3
|
36.3
|
(5.22)
|
78.1
|
73.5
|
(5.89)
|
Veracruz
|
215.8
|
249.7
|
15.71
|
416.1
|
482.2
|
15.89
|
Villahermosa
|
234.7
|
248.9
|
6.05
|
455.4
|
477.6
|
4.87
|
TOTAL
|
4,732.0
|
5,204.2
|
9.98
|
9,832.6
|
10,739.6
|
9.22
|
·
|
7.63% in revenues from aeronautical services, principally as a result of the 9.98% rise in passenger traffic; and
|
·
|
9.10% in revenues from non-aeronautical services, reflecting the 8.37% increase in commercial revenues detailed below.
|
·
|
17.06% in ground transportation;
|
·
|
14.48% in teleservices.
|
·
|
13.42% in food and beverage;
|
·
|
10.28% in advertising;
|
·
|
10.10% in other revenue;
|
·
|
9.10% in banking and currency exchange services;
|
·
|
8.19% in duty-free stores;
|
·
|
6.46% in retail operations;
|
·
|
4.84% in parking lot fees; and
|
·
|
3.62% in car rental revenues.
|
Business Name
|
Type
|
Opening Date
|
Cancun
|
||
Farmacias (4)
|
Retail
|
June 2013
|
Tequileria
|
Duty Free
|
May 2013
|
Mérida
|
||
Sunglass Island
|
Retail
|
July 2012
|
Villahermosa
|
||
Promotora del Sol Caribe
|
Tourism booth
|
January 2013
|
Tienda de Artesanias
|
Retail
|
August 2012
|
Sunglass Island
|
Retail
|
July 2012
|
Operadora de Tiendas ExcExExclusexclusivas
|
Retail
|
June 2012
|
Snack Bar Aqua
|
Food & beverage
|
June 2012
|
Veracruz
|
||
Promotora del Sol Caribe
|
Tourism booth
|
January 2013
|
Rent a Matic Itza
|
Car rentals
|
August 2012
|
Cozumel
|
||
Island Cabo
|
Retail
|
February 2013
|
Oaxaca
|
||
Promotora del Sol Caribe
|
Tourism booth
|
March 2013
|
2Q12
|
2Q13
|
% Change
|
|
Total Passengers (‘000)
|
4,778
|
5,245
|
9.78
|
Total Commercial Revenues
|
358,566
|
388,574
|
8.37
|
Commercial revenues from direct operations (1)
|
80,761
|
87,974
|
8.93
|
Commercial revenues excluding direct operations
|
277,805
|
300,600
|
8.21
|
2Q12
|
2Q13
|
% Change
|
|
Total Commercial Revenue per Passenger
|
75.05
|
74.08
|
(1.29)
|
Commercial revenue from direct operations per passenger (1)
|
16.90
|
16.77
|
(0.77)
|
Commercial revenue per passenger (excluding direct operations)
|
58.15
|
57.31
|
(1.44)
|
|
Note: For purposes of this table, approximately 45,900 and 41,300 transit and general aviation passengers are included for 2Q12 and 2Q13, respectively.
|
(1)
|
Revenues from direct commercial operations represent ASUR’s operation of convenience stores in airports and the direct sale of advertising space.
|
·
|
7.80% in costs of services, principally reflecting higher maintenance, security and energy costs. Increased costs of sales from the opening of four drugstores at Cancun airport which are directly operated by ASUR also contributed to the rise in cost of services. These increases were partially offset by the reimbursement to ASUR of fees previously paid to third parties in connection with ASUR’s participation in the SJU privatization project, including travel expenses;
|
·
|
0.83% in administrative expenses, principally due to travel expenses in connection with diverse international bidding projects;
|
·
|
8.64% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee);
|
·
|
7.68% in concession fees paid to the Mexican government, mainly due to an increase in regulated revenues (a factor in the calculation of the fee); and
|
·
|
3.77% in depreciation and amortization, resulting mainly from capitalized investments.
|
2Q12
|
2Q13
|
% Change
|
|
Cost of Services
|
231,068
|
249,097
|
7.80
|
Construction Costs
|
168,189
|
85,653
|
(49.07)
|
Administrative
|
46,117
|
46,502
|
0.83
|
Technical Assistance
|
38,947
|
42,313
|
8.64
|
Concession Fees
|
51,169
|
55,099
|
7.68
|
Depreciation and Amortization
|
99,606
|
103,360
|
3.77
|
TOTAL
|
635,096
|
582,024
|
(8.36)
|
2Q12
|
2Q13
|
Change
|
% Change
|
|
Interest income
|
27,704
|
32,993
|
5,289
|
19.09
|
Interest expenses
|
(9,107)
|
(22,422)
|
(13,315)
|
146.21
|
Loss (gains) on valuation of
Derivative
|
195
|
0
|
(195)
|
(100)
|
Foreign exchange gain (loss), net
|
14,332
|
(75,642)
|
(89,974)
|
627.78
|
Total
|
33,124
|
(65,071)
|
(98,195)
|
296.45%
|
·
|
A Ps.3.4 million decline in IETU resulting from a lower taxable base;
|
·
|
A Ps.51.60 million decrease in the provision for income taxes, reflecting the benefit from the Mexican tax amnestyprogram;
|
·
|
A Ps.152.51 million decline in deferred income taxes resulting from the recognition of a reduction in the amortization rate applicable to the concession to 15% which was retroactively applied to periods beginning in 2006;
|
·
|
A Ps.5.83 million increase in deferred IETU because of the expiration of tax credits; and
|
·
|
A Ps.0.26 million decline in the asset tax for amounts that cannot be credited against other taxes.
|
2Q12
|
2Q13
|
% Change
|
|
Total Revenues
|
1,275,511
|
1,283,417
|
0.62
|
Aeronautical Services
|
701,374
|
754,894
|
7.63
|
Non-Aeronautical Services
|
405,948
|
442,870
|
9.10
|
Commercial Revenues
|
358,566
|
388,574
|
8.37
|
Construction Services
|
168,189
|
85,653
|
(49.07)
|
Operating Profit
|
640,415
|
701,393
|
9.52
|
Operating Margin %
|
50.21%
|
54.65%
|
8.84%
|
EBITDA
|
740,021
|
804,753
|
8.75
|
EBITDA Margin %
|
58.02%
|
62.70%
|
8.08%
|
Net Income
|
463,230
|
654,505
|
41.29
|
Earnings per Share
|
1.5441
|
2.1817
|
41.29
|
Earnings per ADS in US$
|
1.1852
|
1.6746
|
41.29
|
·
|
7.42% in revenues from aeronautical services as a result of the 9.22% increase in passenger traffic during the period;
|
·
|
8.40% in revenues from non-aeronautical services, principally as a result of the 8.01% increase in commercial revenues detailed below.
|
·
|
25.59% in teleservices;
|
·
|
15.06% in ground transportation services;
|
·
|
12.05% in food and beverage;
|
·
|
10.87% in other income;
|
·
|
9.04% in advertising;
|
·
|
8.29% in duty-free stores;
|
·
|
7.86% in banking and currency exchange services;
|
·
|
6.40% in parking lot fees;
|
·
|
5.51% in retail operations; and
|
·
|
4.92% in car rentals.
|
6M12
|
6M13
|
% Change
|
|
Total Passengers *(‘000)
|
9,935
|
10,828
|
8.98
|
Total Commercial Revenues
|
743,519
|
803,070
|
8.01
|
Commercial revenues from direct operations (1)
|
167,795
|
179,437
|
6.94
|
Commercial revenues excluding direct operations
|
575,724
|
623,633
|
8.32
|
6M12
|
6M13
|
% Change
|
|
Total Commercial Revenue per Passenger
|
74.84
|
74.17
|
(0.90)
|
Commercial revenue from direct operations per passenger (1)
|
16.89
|
16.57
|
(1.89)
|
Commercial revenue per passenger (excluding direct operations)
|
57.95
|
57.60
|
(0.60)
|
|
* For purposes of this table, approximately 102,800 and 88,700 transit and general aviation passengers are included for 6M12 and 6M13, respectively.
|
|
(1)
|
Revenues from direct commercial operations represent ASUR’s operation of convenience stores in airports and the direct sale of advertising space.
|
·
|
1.84% in cost of services, principally reflecting higher maintenance and security costs, as well as costs incurred in the preparation of the master development plan. These increases were partially offset by the reimbursement to ASUR of fees previously paid to third parties in connection with ASUR’s participation in the SJU privatization project, including travel expenses;
|
·
|
0.39% in administrative expenses, principally due to travel expenses in connection with diverse international bidding projects;
|
·
|
9.77% in technical assistance costs, reflecting the corresponding increase in EBITDA during the period;
|
·
|
8.19% in concession fees, mainly due to the increase in regulated revenues (a factor in the calculation of the fee); and
|
·
|
4.00% in depreciation and amortization resulting mainly from capitalized investments.
|
6M12
|
6M13
|
% Change
|
|
Cost of Services
|
457,624
|
466,046
|
1.84
|
Construction Costs
|
258,710
|
176,080
|
(31.94)
|
Administrative
|
88,614
|
88,963
|
0.39
|
Technical Assistance
|
82,565
|
90,635
|
9.77
|
Concession Fees
|
105,494
|
114,131
|
8.19
|
Depreciation and Amortization
|
198,571
|
206,505
|
4.00
|
TOTAL
|
1,191,578
|
1,142,360
|
(4.13)
|
6M12
|
6M13
|
Change
|
% Change
|
|
Interest income
|
41,424
|
64,292
|
22,868
|
55.20
|
Interest expenses
|
(20,144)
|
(38,931)
|
(18,787)
|
93.26
|
Loss (gains) on valuation of
Derivative
|
601
|
0
|
(601)
|
(100)
|
Foreign exchange gain (loss), net
|
3,885
|
(44,241)
|
(40,356)
|
(1,038.76)
|
Total
|
17,996
|
(18,880)
|
(38,876)
|
204.91
|
6M12
|
6M13
|
% Change
|
|
Total Revenues
|
2,561,489
|
2,657,925
|
3.76
|
Aeronautical Services
|
1,460,960
|
1,569,317
|
7.42
|
Non-Aeronautical Services
|
841,819
|
912,528
|
8.40
|
Commercial Revenues
|
743,519
|
803,070
|
8.01
|
Construction Services
|
258,710
|
176,080
|
(31.94)
|
Operating Profit
|
1,369,911
|
1,515,565
|
10.63
|
Operating Margin %
|
53.48%
|
57.02%
|
6.61%
|
EBITDA
|
1,568,482
|
1,722,070
|
9.79
|
EBITDA Margin %
|
61.23%
|
64.79%
|
5.81%
|
Net Income
|
1,001,201
|
1,141,112
|
13.97
|
Earnings per Share
|
3.3373
|
3.8037
|
13.97
|
Earnings per ADS in US$
|
2.5617
|
2.9197
|
13.97
|
(in thousands of Mexican Pesos)
|
||||||
Item
|
Description
|
Capital
Stock
|
Retained
Earnings
|
Legal
Reserve
|
Total Shareholders’ Equity
|
|
Labor liabilities
|
Elimination of severance liabilities according to NIF D-3 and creation of a liability under IAS 19 Net
|
7,835
|
7,835
|
|||
Deferred employee profit sharing
|
Reversal of deferred employee profit sharing as it is outside the reach of IAS 12
|
(2,905)
|
(2,905)
|
|||
Creation of a reserve for vacation
|
Recognition of accrued vacation rights not used by year-end.
|
(18,339)
|
(18,339)
|
|||
Deferred Assets (income tax and flat tax)
|
Impact on deferred IETU derived from the recognition of provisions for vacations and employee benefits
|
3,534
|
3,534
|
|||
Capital Stock
|
Elimination of inflation accounting.
|
(5,031,928)
|
(5,031,928)
|
|||
Legal Reserve
|
Elimination of inflation accounting
|
(23,025)
|
(23,025)
|
|||
Capital Stock and Legal Reserve
|
Reclassification of inflation accounting of capital stock and legal reserve to retained earnings
|
5,054,953
|
5,054,953
|
|||
TOTAL
|
(5,031,928)
|
5,045,078
|
(23,025)
|
(9,875)
|
(In thousands of Mexican Pesos)
|
December 31,
2012
|
June 30,
2013
|
Shareholders’ Equity Under Mexican Financial Reporting Standards
|
$16,486,523
|
$16,457,505
|
IFRS Adjustments:
|
||
Deferred Employee Profit Sharing (Note d)
|
(4,192)
|
(3,198)
|
Severance Liability and actuarial gains and losses (Note f)
|
10,003
|
11,354
|
Reserve for Vacations (Note e)
|
(23,744)
|
(26,071)
|
Deferred IETU (Note c)
|
2,405
|
2,576
|
Total IFRS Adjustments
|
(15,528)
|
(15,539)
|
Shareholders’ Equity Under IFRS
|
$16,470,995
|
$16,442,166
|
(In thousands of Mexican Pesos)
|
2Q12
|
2Q13
|
6M12
|
6M13
|
Net Income Under Mexican Financial Reporting Standards
|
463,565
|
653,458
|
1,003,752
|
1,140,923
|
Elimination of severance liabilities according with NIF D-3 and creation of a liability under IAS 19 – Net (Note d)
|
597
|
(234)
|
783
|
1,350
|
Elimination of PTU difference
|
0
|
2,125
|
0
|
995
|
Recognition of accrued rights not used (Note e)
|
(528)
|
(1,073)
|
(802)
|
(2,327)
|
Effect on deferred IETU resulting from the recognition of a reserve for vacation and employee benefits (Note c)
|
(404)
|
229
|
(2,532)
|
171
|
Net Income Under IFRS
|
463,230
|
654,505
|
1,001,201
|
1,141,112
|
Translation effect on foreign currency transactions
|
0
|
77,073
|
0
|
30,057
|
Actuarial Gains and Losses
|
179
|
0
|
179
|
0
|
Comprehensive Net Income Under IFRS
|
463,409
|
731,578
|
1,001,380
|
1,171,169
|
Day: | Tuesday, July 23, 2013 |
Time: |
10:00 AM US ET; 9:00 AM Mexico City time
|
Dial-in number: |
1-800-930-1344 (US & Canada) and 1-913-312-0726
(International & Mexico)
|
Access Code: |
8807610
Please dial in 10 minutes before the scheduled start time.
|
Replay:
|
Tuesday, July 23, 2013 at 1:00 PM US ET, ending at midnight US ET on Tuesday, July 30, 2013. Dial-in number: 1-877-870-5176 (US & Canada); 1-858-384-5517 (International & Mexico. Access Code: 8807610.
|
a)
|
Inflation
|
b)
|
Property, plant and equipment
|
c)
|
Deferred taxes and deferred income tax or IETU tax
|
d)
|
Employee profit sharing and labor liabilities
|
e)
|
Creation of a reserve for unused vacations
|
f)
|
Non ordinary items in the income statement
|
Grupo Aeroportuario del Sureste, S.A.B. de C.V. | ||
By: /s/ ADOLFO CASTRO RIVAS
|
||
Adolfo Castro Rivas | ||
Chief Executive Officer
|