Oct. 22, 2009 (PR Newswire) -- MEXICO CITY, Oct. 22 /PRNewswire-FirstCall/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR), (ASUR) the first privatized airport group in Mexico and operator of Cancun Airport and eight other airports in southeast Mexico, today announced results for the three-and nine-month periods ended September 30, 2009.
3Q09 Highlights(1):
-- EBITDA(2) declined by 1.02% to Ps.434.76 million
-- Total passenger traffic was down 13.86%
-- Total revenues declined by 2.67%, due to declines of 3.09% in
aeronautical revenues and 1.85% in non-aeronautical revenues
-- Commercial revenues per passenger increased by 14.88% to Ps.55.88 per
passenger
-- Operating profit declined by 3.36%
-- EBITDA margin was 60.83% compared with 59.82% in 3Q08
(1) Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with Mexican Financial Reporting Standards and represent comparisons between the three-and nine-month periods ended September 30, 2009, and the equivalent three- and nine-month periods ended September 30, 2008. 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 = Ps.13.4928.
(2) EBITDA means net income before: provision for taxes, deferred taxes, deferred employees 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 and may be calculated differently by different companies.
Passenger Traffic
For the third quarter of 2009, total passenger traffic declined year-over-year by 13.86%. International passenger traffic declined 19.01% while domestic passenger traffic declined by 8.36%.
On April 28, 2009 the World Health Organization announced the outbreak of the H1N1 Influenza in Mexico. As a result, total year-over-year passenger traffic declined 2.1% in April, 50.7% in May, 28.4% in June, 16.7% in July, 12.8% in August and 10.7% in September.
The 19.01% decline in international passenger traffic resulted mainly from a decline of 20.23% in international traffic at the Cancun airport. The 8.36% decline in domestic passenger traffic resulted mainly from declines of 13.94%, 11.33%, 18.12%, 32.50% and 38.06% at the Merida, Veracruz, Villahermosa, Cozumel and Tapachula airports, respectively.
For 9M09, total passenger traffic declined by 14.33% compared to 9M08, with domestic passenger traffic down 14.59% and international passenger traffic down 14.13%.
Table I: Domestic Passengers (in thousands)
Airport 3Q08 3Q09 % Change 9M08 9M09 % Change
------- ---- ---- -------- ---- ---- --------
Cancun 965.2 955.8 (0.97) 2,641.0 2,347.4 (11.12)
Cozumel 24.0 16.2 (32.50) 71.8 42.2 (41.23)
Huatulco 86.4 84.6 (2.08) 216.7 245.1 13.11
Merida 279.0 240.1 (13.94) 896.4 691.6 (22.85)
Minatitlan 37.9 38.3 1.06 116.5 105.1 (9.79)
Oaxaca 135.6 110.7 (18.36) 390.1 345.6 (11.41)
Tapachula 57.8 35.8 (38.06) 177.7 140.8 (20.77)
Veracruz 225.1 199.6 (11.33) 682.6 581.0 (14.88)
Villahermosa 221.3 181.2 (18.12) 701.1 535.1 (23.68)
TOTAL 2,032.3 1,862.3 (8.36) 5,893.9 5,033.9 (14.59)
Note: Passenger figures exclude transit and general aviation passengers.
Table II: International Passengers (in thousands)
Airport 3Q08 3Q09 % Change 9M08 9M09 % Change
------- ---- ---- -------- ---- ---- --------
Cancun 1,991.4 1,588.5 (20.23) 7,282.1 6,249.5 (14.18)
Cozumel 90.6 83.9 (7.40) 371.9 310.6 (16.48)
Huatulco 3.8 3.5 (7.89) 61.7 53.3 (13.61)
Merida 30.8 24.9 (19.16) 92.0 68.9 (25.11)
Minatitlan 1.2 1.1 (8.33) 3.4 2.7 (20.59)
Oaxaca 13.0 17.9 37.69 36.4 48.6 33.52
Tapachula 0.9 1.0 11.11 3.2 3.0 (6.25)
Veracruz 20.4 19.3 (5.39) 54.6 49.2 (9.89)
Villahermosa 14.9 15.0 0.67 40.0 36.8 (8.00)
TOTAL 2,167.0 1,755.1 (19.01) 7,945.3 6,822.6 (14.13)
Note: Passenger figures exclude transit and general aviation passengers.
Table III: Total Passengers (in thousands)
Airport 3Q08 3Q09 % Change 9M08 9M09 % Change
------- ---- ---- -------- ---- ---- --------
Cancun 2,956.6 2,544.3 (13.95) 9,923.1 8,596.9 (13.36)
Cozumel 114.6 100.1 (12.65) 443.7 352.8 (20.49)
Huatulco 90.2 88.1 (2.33) 278.4 298.4 7.18
Merida 309.8 265.0 (14.46) 988.4 760.5 (23.06)
Minatitlan 39.1 39.4 0.77 119.9 107.8 (10.09)
Oaxaca 148.6 128.6 (13.46) 426.5 394.2 (7.57)
Tapachula 58.7 36.8 (37.31) 180.9 143.8 (20.51)
Veracruz 245.5 218.9 (10.84) 737.2 630.2 (14.51)
Villahermosa 236.2 196.2 (16.93) 741.1 571.9 (22.83)
TOTAL 4,199.3 3,617.4 (13.86) 13,839.2 11,856.5 (14.33)
Note: Passenger figures exclude transit and general aviation passengers.
Consolidated Results for 3Q09
Total revenues for 3Q09 declined year-over-year by 2.67% to Ps.714.7 million. This was mainly due to declines of:
-- 3.09% in revenues from aeronautical services principally as a result of
the 13.86% decline in passenger traffic; and
-- 1.85% in revenues from non-aeronautical services, principally as a
result of the 0.20% decrease in commercial revenues detailed below.
ASUR classifies commercial revenues as those derived from the following activities: duty-free services, car rental, retail, banking and currency exchange, advertising, teleservices, non-permanent ground transportation, food and beverage, and parking lots.
Commercial revenues fell by 0.20% year-over-year during the quarter, principally reflecting the decline in passenger traffic. There were declines in revenues in the following activities:
-- 0.75% in duty-free stores;
-- 2.54% in banking and currency exchange services;
-- 26.62% in advertising;
-- 11.37% in food and beverage; and
-- 10.94% in parking lot fees.
These declines were partially offset by revenue increases of:
-- 54.82% in car rentals;
-- 7.00% in ground transportation;
-- 2.45% in retail operations;
-- 7.86% in other revenues; and
-- 14.43% in teleservices.
New Retail and Other Commercial Space
Business Name Type Opening Date
------------------ ------------------ ------------------
Cancun
Mas Business Gift shop April 2009
Merida
Rent A Matic Itza Car rental company April 2009
Tapachula
Hertz Car rental company June 2009
Veracruz
Avis Car rental company June 2009
Total operating costs and expenses for 3Q09 decreased 2.23% year over year, primarily as a result of declines of:
-- 9.42% in cost of services, mainly reflecting declines in energy and
cleaning services; and
-- 2.18% in concession fees paid to the Mexican government, mainly due to
lower revenues (a factor in the calculation of the fee); and
-- 1.02% in the technical assistance fee paid to ITA, reflecting the
decline in EBITDA for the quarter (a factor in the calculation of the
fee).
These declines were partially offset by the following increases:
-- 3.42% in depreciation and amortization, resulting from the depreciation
of new investments in fixed assets and improvements made to concession
assets; and
-- 23.52% in administrative expenses, principally in labor costs resulting
from the reassignment of employees from certain operating areas to
corporate.
Operating margin for the quarter declined to 38.95% from 39.22% in 3Q08. This was mainly the result of declines of 2.67% in revenues, which more than offset a decrease of 2.23% in costs during the period.
Following the changes in Mexican tax law that took effect January 1, 2008, which established a new flat rate business tax ("Impuesto Empresarial a Tasa Unica", or "IETU") and eliminated the asset tax, the Company evaluated and reviewed its deferred assets and liabilities position under Mexican Financial Reporting Standards.
During 3Q09, ASUR's subsidiaries that pay IETU made provisional tax payments of Ps.39.1 million.
During the quarter, ASUR recognized asset taxes for a total of Ps.13.4 million under the line item Provision for Asset Tax. We do not expect to recover these asset taxes.
Net income for 3Q09 declined 27.01% to Ps.170.74 million from Ps.233.91 million in 2Q08. Earnings per common share for the quarter were Ps.0.5691, or earnings per ADS (EPADS) of US$0.4218 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.0.7797, or EPADS of US$0.5779, for the same period last year.
Table IV: Summary of Consolidated Results for 3Q09
3Q08 3Q09 % Change
---- ---- --------
Total Revenues 734,306 714,672 (2.67)
Aeronautical Services 487,469 472,397 (3.09)
Non-Aeronautical Services 246,837 242,275 (1.85)
Commercial Revenues 207,845 207,437 (0.20)
Operating Profit 288,018 278,346 (3.36)
Operating Margin % 39.22% 38.95% (0.68%)
EBITDA 439,256 434,761 (1.02)
EBITDA Margin % 59.82% 60.83% (1.70%)
Net Income 233,910 170,742 (27.01)
Earnings per Share 0.7797 0.5691 (27.01)
Earnings per ADS in US $0.5779 0.4218 (27.01)
Note: U.S.
