Yes       No  x  





(706) 634-1333 (International & Mexico)



I t e m 

December 2004 

December 2005 

-  

                   Total Liabilities ans Stockholder's Equity 



Accumulative 

Quarter 



Quarter 

Variation 

2004 

2004 



2005 



                Increase (Decrease) in cash and cash equivalents 

# SIGNATURES

 

UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549



FORM 6-K

REPORT OF FOREIGN PRIVATE
  ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
  THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2006

 

          (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

        Form 20-F   x     Form 40-F       

        (Indicate by check mark whether the Registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes       No  x  

          (If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-              .)

 



 



 

In Mexico :

 

ASUR

Lic. Adolfo Castro

(52) 55-5284-0408

acastro@asur.com.mx

 

 

 

 



 

 

 In U.S.

 

Breakstone Group

Susan Borinelli/Michael Fehle

(646) 452-2333 / 2336

sborinelli@breakstone-group.com

mfehle@breakstone-group.com

ASUR 4Q05, Page 1 of 16

 

 



Passenger Traffic

  

For 4Q05, total passenger traffic declined year-over-year by 33.07%; domestic passenger traffic fell by 6.69% and international passenger traffic fell by 51.65% . ASUR’s management believes that the 48.36% and
74.56% declines in total passenger traffic to Cancun and Cozumel during the quarter were largely the result of the impact of Hurricane Wilma, which struck the Yucatan Peninsula on October 20 2005.

Cancun airport serves flights originating in or flying to Cancun as well as the Mayan Riviera. Of the 27,484 hotel rooms available in Cancun before Hurricane Wilma, only 10,918 or 39.72% were operating at year-end. Of
the original 25,170 rooms available in the Mayan Riviera, 22,836 or 90.73% were operating at year-end.

For additional details regarding the impact of this hurricane on ASUR’s operations, please refer to page 11 of this report.

The 6.69% decline in overall domestic passenger traffic mainly reflects declines of 28.80% and 58.08% in domestic traffic at Cancun and Cozumel airports respectively.

The 51.65% drop in international passenger traffic resulted mainly from declines of 54.28% and 79.45% in international traffic at Cancun and Cozumel airports respectively.

For fiscal year 2005, total passenger traffic declined 4.14%, with international passenger traffic down 5.39% and domestic passenger traffic down 2.14% .
Table I: Domestic Passengers (in thousands) 

  
    
      Airport

4Q04

4Q05

% Change

FY04

FY05

% Change

Cancún

518.1

368.9

(28.80)

2,246.0

2,004.0

(10.77)

Cozumel

26.0

10.9

(58.08)

94.8

73.5

(22.47)

Huatulco

53.5

69.2

29.35

241.0

258.4

7.22

Mérida

209.7

237.3

13.16

811.3

873.8

7.70

Minatitlán

31.3

40.6

29.71

123.8

143.2

15.67

Oaxaca

130.4

134.2

2.91

495.3

496.8

0.30

Tapachula

47.0

51.6

9.79

189.8

187.1

(1.42)

Veracruz

139.8

141.3

1.07

507.7

517.2

1.87

Villahermosa

165.3

178.7

8.11

633.7

674.9

6.50

TOTAL

1,321.1

1,232.7

(6.69)

5,343.4

5,228.9

(2.14)

 
    
      Note:

Passenger figures exclude transit and general aviation passengers.

 
  
  
    
    
    
    
    
    
    
    
    
    
  

 
ASUR 4Q05, Page 2 of 16

 



Table II: International Passengers (in thousands)

Airport

4Q04

4Q05

% Change

FY04

FY05

%Change

Cancún

1,713.7

783.5

(54.28)

7,764.7

7,297.5

(6.02)

Cozumel

87.6

18.0

(79.45)

489.7

413.1

(15.64)

Huatulco

7.0

8.2

17.14

29.8

53.6

79.87

Mérida

26.9

52.4

94.80

119.8

148.1

23.62

Minatitlán

0.6

0.8

33.33

2.6

3.3

26.92

Oaxaca

14.5

17.4

20.00

48.0

66.9

39.38

Tapachula

1.0

1.1

10.00

3.8

5.2

36.84

Veracruz

14.1

14.5

2.84

55.8

62.2

11.47

Villahermosa

10.4

11.1

6.73

39.6

42.5

7.32

TOTAL

1,875.8

907.0

(51.65)

8,553.8

8,092.4

(5.39)

 
    
      Note:

Passenger figures exclude transit and general aviation passengers.

 
  
  
    
    
    
    
    
    
    
    
    
    
  

 

 

Table III: Total Passengers (in thousands)

Airport

4Q04

4Q05

% Change

FY04

FY05

%Change

Cancún

2,231.8

1,152.4

(48.36)

10,010.7

9,301.5

(7.08)

Cozumel

113.6

28.9

(74.56)

584.5

486.6

(16.75)

Huatulco

60.5

77.4

27.93

270.8

312.0

15.21

Mérida

236.6

289.7

22.44

931.1

1,021.9

9.75

Minatitlán

31.9

41.4

29.78

126.4

146.5

15.90

Oaxaca

144.9

151.6

4.62

543.3

563.7

3.75

Tapachula

48.0

52.7

9.79

193.6

192.3

(0.67)

Veracruz

153.9

155.8

1.23

563.5

579.4

2.82

Villahermosa

175.7

189.8

8.03

673.3

717.4

6.55

TOTAL

3,196.9

2,139.7

(33.07)

13,897.2

13,321.3

(4.14)

 
    
      Note:

Passenger figures exclude transit and general aviation passengers.

 
  
  
    
    
    
    
    
    
    
    
    
    
  

 

ASUR 4Q05, Page 3 of 16

 



Commercial revenues declined year-over-year by 26.28%, mainly due to the impact of Hurricane Wilma in October 2005:

ASUR 4Q05, Page 4 of 16 

 



Operating margin for 4Q05 declined to 7.49% from 37.47% in the fourth quarter of last year. This was mainly driven by the 32.57% decline in revenues for the
quarter.

Table IV: Summary of Consolidated Results for 4Q05

 
  
  
    
       

4Q04

4Q05

%

Change

 
  
  
    
      Total Revenues

481,215

324,470

(32.57)

 
  
  
    
      Aeronautical Services

357,076

227,363

(36.33)

 
  
  
    
      Non-Aeronautical Services

124,139

97,107

(21.78)

 
  
  
    
      Commercial Revenues

104,276

76,873

(26.28)

 
  
  
    
      Operating Income

180,311

24,316

(86.51)

 
  
  
    
      Operating Margin %

37.47%

7.49%

(80.00)

 
  
  
    
      EBITDA

284,826

133,375

(53.17)

 
  
  
    
      EBITDA Margin %

59.19%

41.11%

(30.55)

 
  
  
    
      Net Income

201,082

6,157

(96.94)

 
  
  
    
      Net Income per Share

0.6703

0.0205

(96.94)

 
  
  
    
      Net Income per ADS

0.6303

0.0193

(96.94)

 
  
  
     
    
      Note:

Figures are shown in thousands of constant Mexican pesos as of December 31, 2005. U.S. dollar

figures are calculated at the exchange rate of US$1 = Ps. 10.6344.

 
  
  
    
    
    
    
    
    
    
    
    
    
    
  

 
ASUR 4Q05, Page 5 of 16 

 



Table V:          Commercial Revenues per Passenger for 4Q05

 

4Q04

4Q05

%

Change

Total Passengers (‘000)

3,284

2,203

(32.92)

Total Commercial Revenues

104,276

76,873

(26.28)

Commercial revenues from direct operations

15,522

15,999

3.07

Commercial revenues excluding direct operations

88,754

60,874

(31.41)

 

 

 

 

 

Total Commercial Revenue per Passenger

31.76

34.90

9.89

Commercial revenue from direct operations per passenger

4.73

7.26

53.81

Commercial revenue per passenger (excluding direct operations)

27.03

27.63

2.26

Note: For purposes of this table, 86.9 thousand and 63.1 thousand transit and general aviation passengers are included for 4Q04 and 4Q05, respectively. Revenue figures are shown in thousands of constant Mexican pesos as of December 31, 2005.

 

(1) Revenue from direct commercial operations includes two restaurants, a snack bar and three convenience stores. Revenue for 2004 only includes the concession fee from the previous concessionaire.

 

Table VI:

Operating Costs and Expenses for 4Q05

 
  
  
    
       
    
       

4Q04

4Q05

% Chg.

 
    
      Costs of Services

129,270

140,989

9.07

 
    
      Administrative

27,029

25,825

(4.45)

 
    
      Technical Assistance

16,029

8,057

(49.73)

 
    
      Concession Fees

24,061

16,224

(32.57)

 
    
      Depreciation and Amortization

104,515

109,059

4.35

 
    
      TOTAL

300,904

300,154

(0.25)

 

Note: Figures are shown in thousands of constant Mexican pesos as of December 31, 2005.

 
  
  
    
    
    
    
    
    
    
    
    
    
  

 

ASUR 4Q05, Page 6 of 16 

 



ASUR 4Q05, Page 7 of 16 

 



 

    Table VII: Summary of Consolidated Results for the Fiscal Year

 

FY04

FY05

% Chg.

Total Revenues

2,041,831

2,063,808

1.08

Aeronautical Services

1,530,620

1,460,936

(4.55)

Non-Aeronautical Services

511,211

602,872

17.93

Commercial Revenues

416,413

500,257

20.13

Operating Income

865,527

799,389

(7.64)

Operating Margin %

42.39%

38.73%

(8.62)

EBITDA

1,278,390

1,233,469

(3.51)

EBITDA Margin %

62.61%

59.77%

(4.54)

Net Income

627,221

563,189

(10.21)

Net Income per Share

2.0907

1.8773

(10.21)

Net Income per ADS

1.9660

1.7653

(10.21)

Note: Figures are shown in thousands of constant Mexican pesos as of December 31, 2005.

U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 10.6344

 

Table VIII: Commercial Revenues for the Fiscal Year

 

FY04

FY05

% Chg.

Total Passengers (‘000)

14,235

13,654

(4.08)

Total Commercial Revenues

416,413

500,257

20.13

Commercial revenues from direct operations (1)

46,474

82,402

77.31

Commercial revenues excluding direct operations

369,939

417,855

12.95

 

 

FY04

FY05

% Chg.

Total Commercial Revenue per Passenger

 

 

 

Commercial revenue from direct operations per passenger(1)

29.25

36.64

25.23

Commercial revenue per passenger (excluding direct operations)

3.26

6.04

84.97

Total Commercial Revenue per Passenger

25.99

30.60

17.78

Note: For purposes of this table, 337.7 thousand and 332.4 thousand transit and general aviation passengers are included for FY04 and FY05, respectively. Revenue figures are shown in thousands of constant Mexican pesos as of December 31, 2005.

 

(1) Revenues from direct commercial operations include a restaurant, a snack bar and three convenience stores.

 

 

ASUR 4Q05, Page 8 of 16 

 



Table IX:          Operating Costs and Expenses for the Fiscal Year

 

FY04

FY05

% Chg.

Costs of Services

482,920

557,994

15.55

Administrative

109,280

102,725

(6.00)

Technical Assistance

69,187

66,430

(3.98)

Concession Fees

102,054

103,190

1.11

Depreciation and Amortization

412,863

434,080

5.14

TOTAL

1,176,304

1,264,419

7.49

Note: Figures are shown in thousands of constant Mexican pesos as of December 31, 2005.

 

ASUR 4Q05, Page 9 of 16  



Tariff Regulation

  

The Mexican Ministry of Communications and Transportation regulates the majority of ASUR’s activities through maximum rates, which represent the rates for the maximum possible revenues allowed per traffic unit at
each airport. 

ASUR’s regulated revenues for FY05 were Ps.1,492.26 million, resulting in an average tariff per workload unit of Ps.100.00 for the period. ASUR’s regulated revenues accounted for approximately 72.30% of total
revenue for the period. 

The Mexican Ministry of Communications and Transportation reviews compliance with the maximum rates on an annual basis at the close of each year. 

  
Balance Sheet


  

On December 31 2005 Airport Facility Usage Rights and Airport Concessions represented 81.70% of the Company’s total assets, with current assets representing 12.97% and other assets representing 5.32% . 

On December 31 2005, cash and marketable securities were Ps.1,533.58 million.  On the same date, shareholder’s equity was Ps.13,025.73 million and total liabilities were Ps.1,037.70 million, representing 92.62%
and 7.38% of total assets, respectively. Total deferred liabilities represented 67.23% of the Company’s total liabilities. 

  
Capex

  

During the quarter, ASUR made investments of Ps.193.78 million as part of the Company’s ongoing plan to modernize its airports. Capital investment for FY05 totaled Ps.632.20 million. 

  
     Construction of Terminal 3 and Studies for a Second Runway
        
  

During 4Q05, the Federal Government authorized ASUR’s modification of the Master Plan for Cancun airport to include Terminal 3 and the second runway. 

In December 2005 the Company laid the foundation stone of Terminal 3 in a ceremony attended by the Governor of the state of Quintana Roo, the Secretary of Communications and Transportation, and the Secretary of
Tourism. 
 
 


ASUR 4Q05, Page 10 of 16  



ASUR believes that Terminal 3 will be the most modern, efficient, and advanced in Mexico, and estimates it will require a total investment of approximately US$100 million. The terminal will include the following
facilities: 


An advanced security system that will control the handling of luggage in compliance with new international aviation security regulations,

An area in excess of 40,000 square meters,

84 check-in counters,

11 boarding gates with air bridges and another four with remote stands, and

An advanced passenger information system with information display screens.


In addition, the Federal Government has granted ASUR a concession of land for the second runway at Cancun, and the Company has already initiated the necessary studies for its construction. The Company expects that this
second runway will double the airport’s current capacity for air traffic operations. The new runway is expected to be 2,400 meters long and 45 meters wide, and is expected to require an investment of approximately US$50 million. The 1,500
meters between the existing runway and the new one will allow both to be used simultaneously for take-offs and landings. 

  
     Impact of Hurricane Wilma
        
  

Hurricane Wilma struck the Yucatan Peninsula on October 20, 2005 and remained over the peninsula for four days, causing damage to the Cancun and Cozumel airports.

The company has not yet completed the assessment of the damage resulting from Hurricane Wilma. However, during 4Q05 ASUR recorded damage totaling Ps.134.0 million. Of this amount, Ps.89.0 million have already been
advanced to ASUR by the insurance company, with Ps.44.0 million remaining to be paid. 

In the coming months, ASUR and the insurance company are expected to finalize their assessment of the total damage to ASUR’s properties and assets resulting from Hurricane Wilma. 

Cancun airport serves flights originating in or flying to Cancun and the Mayan Riviera. Of the 27,484 rooms available in Cancun, before Hurricane Wilma, only 10,918 or 39.72% were operating at year-end. Of the original
25,170 rooms available in the Mayan Riviera, 22,836 or 90.7% were operating at year-end.

Additionally, passenger traffic at the Cancun and Cozumel airports declined 57.05% and 82.53%, respectively from October 25 to December 31, 2005
 
 


ASUR 4Q05, Page 11 of 16 



compared with 2004. The Company expects the negative impact of Hurricane Wilma on passenger traffic to continue during a large portion of 2006.

ASUR 4Q05, Page 12 of 16  



**Exhibit: Operating Results per Airport **


  
    
       

4Q04

4Q05

% Chg

FY04

FY 05

% Chg.

Cancun

 

 

 

 

 

 

Aeronautical Revenues

263,098

129,729

(50.69)

1,156,590

1,056,973

(8.61)

Non-aeronautical Revenues

98,048

68,938

(29.69)

404,141

489,219

21.05

 

Operating Profit

173,485

15,306

(91.18)

823,010

749,794

(8.90)

 

EBITDA

240,586

84,340

(64.94)

1,086,214

1,024,097

(5.72)

Cozumel

 

 

 

 

 

 

Aeronautical Revenues

13,114

3,315

(74.72)

62,717

56,611

(9.74)

Non-aeronautical Revenues

3,505

1,730

(50.64)

18,848

17,735

(5.91)

 

Operating Profit

1,102

(8,737)

(892.83)

14,918

11,251

(24.58)

 

EBITDA

6,366

(3,342)

(152.50)

35,976

32,784

(8.87)

Merida

 

 

 

 

 

 

Aeronautical Revenues

21,522

27,998

30.09

88,065

96,882

10.01

Non-aeronautical Revenues

9,106

9,394

3.16

33,031

35,110

6.29

 

Operating Profit

5,763

8,596

49.16

14,811

18,734

26.49

 

EBITDA

14,705

18,112

23.17

50,581

56,486

11.67

Villahermosa

 

 

 

 

 

 

Aeronautical Revenues

15,711

19,338

23.09

62,185

67,986

9.33

Non-aeronautical Revenues

4,624

5,719

23.68

17,749

20,613

16.14

 

Operating Profit

5,133

9,597

86.97

20,492

25,902

26.40

 

EBITDA

10,431

15,153

45.27

41,686

48,156

15.52

Others

 

 

 

 

 

 

Aeronautical Revenues

43,631

46,983

7.68

161,063

182,484

13.30

Non-aeronautical Revenues

8,856

11,326

27.89

37,442

40,195

7.35

 

Operating Profit

(5,172)

(446)

91.38

(7,704)

(6,292)

18.33

 

EBITDA

12,738

19,112

50.04

63,933

71,946

12.53

TOTAL

 

 

 

 

 

 

Aeronautical Revenues

357,076

227,363

(36.33)

1,530,620

1,460,936

(4.55)

Non-aeronautical Revenues

124,139

97,107

(21.78)

511,211

602,872

17.93

Operating Profit

180,311

24,316

(86.51)

865,527

799,389

(7.64)

EBITDA

284,826

133,375

(53.17)

1,278,390

1,233,469

(3.51)

ASUR 4Q05, Page 13 of 16  



Grupo Aeroportuario del Sureste, S.A. de C.V.  
    Consolidated Balance Sheet as of December 31 st, 2005 and 2004      Thousands of Mexican pesos in purchasing power as of December 31 st, 2005 
     
     
     
     


	 

	


	 I t e m 
    
	 
	
	
      December 2004 
      
	 
	
	
      December 2005 
      
	 
	
	
      Variation 
	  
	 
	
	
      % 
	  


	 

	


	
                                                  A s s e t s 
	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	


	
Current Assets 
	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	


	
        Cash and cash equivalents 
	
	 
	
	
1,184,241 
	
	 
	
	
1,533,583 
	
	 
	
	
349,342 
	
	 
	
	
29.50 
	


	
        Trade receivables, net 
	
	 
	
	
219,371 
	
	 
	
	
162,814 
	
	 
	
	
(56,557) 
	
	 
	
	
(25.78) 
	


	
        Recoverable taxes and other current assets 
	
	 
	
	
32,168 
	
	 
	
	
128,713 
	
	 
	
	
96,545 
	
	 
	
	
300.13 
	


	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	

	


	
Total Current Assets 
	
	 
	
	
1,435,780 
	
	 
	
	
1,825,110 
	
	 
	
	
389,330 
	
	 
	
	
27.12 
	


	 

	
     
     
     
     
     
     
     
     


	
Fixed Assets 
	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	


	
        Machinery, furniture and equipment, net 
	
	 
	
	
91,970 
	
	 
	
	
237,004 
	
	 
	
	
145,034 
	
	 
	
	
157.70 
	


	
        Rights to use airport facilities, net 
	
	 
	
	
2,219,893 
	
	 
	
	
2,098,322 
	
	 
	
	
(121,571) 
	
	 
	
	
(5.48) 
	


	
        Improvements to use airport facilities, net 
	
	 
	
	
1,222,497 
	
	 
	
	
1,517,524 
	
	 
	
	
295,027 
	
	 
	
	
24.13 
	


	
        Constructions in process 
	
	 
	
	
267,303 
	
	 
	
	
218,227 
	
	 
	
	
(49,076) 
	
	 
	
	
(18.36) 
	


	
        Others 
	
	 
	
	
21,840 
	
	 
	
	
204,894 
	
	 
	
	
183,054 
	
	 
	
	
838.16 
	


	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	

	


	
Total Fixed Assets 
	
	 
	
	
3,823,503 
	
	 
	
	
4,275,971 
	
	 
	
	
452,468 
	
	 
	
	
11.83 
	


	 

	


	
Defferred Assets 
	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	


	
        Airports concessions, net 
	
	 
	
	
8,112,972 
	
	 
	
	
7,873,881 
	
	 
	
	
(239,091) 
	
	 
	
	
(2.95) 
	


	
        Defferred income taxes 
	
	 
	
	
- 
	
	 
	
	
      -  
      
	 
	
	
- 
	
	 
	
	
- 
	


	
        Other 
	
	 
	
	
117,348 
	
	 
	
	
88,460 
	
	 
	
	
(28,888) 
	
	 
	
	
(24.62) 
	


	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	

	


	
Total Defferred Assets 
	
	 
	
	
8,230,320 
	
	 
	
	
7,962,341 
	
	 
	
	
(267,979) 
	
	 
	
	
(3.26) 
	


	 

	


	
                                              Total Assets 
	
	 
	
	
13,489,603 
	
	 
	
	
14,063,422 
	
	 
	
	
573,819 
	
	 
	
	
4.26 
	


	 

	
     
     
     
     
     
     
     
     


	
                    Liabilities and Stockholder's Equity 
	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	


	
Current Liabilities 
	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	


	
        Trade accounts payable 
	
	 
	
	
11,366 
	
	 
	
	
21,945 
	
	 
	
	
10,579 
	
	 
	
	
93.08 
	


	
        Notes payable 
	
	 
	
	
- 
	
	 
	
	
- 
	
	 
	
	
- 
	
	 
	
	
- 
	


	
        Accrued expenses and others payables 
	
	 
	
	
171,839 
	
	 
	
	
318,146 
	
	 
	
	
146,306 
	
	 
	
	
85.15 
	


	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	

	


	
Total Current Liabilities 
	
	 
	
	
183,205 
	
	 
	
	
340,091 
	
	 
	
	
156,885 
	
	 
	
	
85.64 
	


	 

	
     
     
     
     
     
     
     
     


	
Long term liabilities 
	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	


	
        Other 
	
	 
	
	
14,913 
	
	 
	
	
12,772 
	
	 
	
	
(2,141) 
	
	 
	
	
(14.36) 
	


	
        Defferred income taxes 
	
	 
	
	
515,125 
	
	 
	
	
641,042 
	
	 
	
	
125,917 
	
	 
	
	
24.44 
	


	
        Defferred employees profit sharing 
	
	 
	
	
38,744 
	
	 
	
	
37,496 
	
	 
	
	
(1,248) 
	
	 
	
	
(3.23) 
	


	
        Labor Obligations 
	
	 
	
	
505 
	
	 
	
	
6,293 
	
	 
	
	
5,788 
	
	 
	
	
1,146.14 
	


	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	

	


	
Total long term liabilities 
	
	 
	
	
569,287 
	
	 
	
	
697,603 
	
	 
	
	
128,316 
	
	 
	
	
22.54 
	


	 

	
     
     
     
     
     
     
     
     


	
Total Liabilities 
	
	 
	
	
752,492 
	
	 
	
	
1,037,694 
	
	 
	
	
285,202 
	
	 
	
	
37.90 
	


	 

	
     
     
     
     
     
     
     
     


	
                                      Stockholder's Equity 
	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	
	 
	
	 

	


	
        Capital stock 
	
	 
	
	
11,854,992 
	
	 
	
	
11,854,992 
	
	 
	
	
- 
	
	 
	
	
- 
	


	
        Legal Reserve 
	
	 
	
	
71,176 
	
	 
	
	
102,536 
	
	 
	
	
31,360 
	
	 
	
	
44.06 
	


	
        Share repurchase reserve 
	
	 
	
	
165,249 
	
	 
	
	
505,011 
	
	 
	
	
339,762 
	
	 
	
	
205.61 
	


	
        Net Income for the period 
	
	 
	
	
627,221 
	
	 
	
	
563,189 
	
	 
	
	
(64,032) 
	
	 
	
	
(10.21) 
	


	
        Retained earnings 
	
	 
	
	
18,473 
	
	 
	
	
- 
	
	 
	
	
(18,473) 
	
	 
	
	
(100.00) 
	


	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	

	


	
        Total stockholderps Equity 
	
	 
	
	
12,737,111 
	
	 
	
	
13,025,728 
	
	 
	
	
288,617 
	
	 
	
	
2.27 
	


	 

	
     
     
     
     
     
     
     
     


	
                         Total Liabilities ans Stockholder's Equity 
      
	 
	
	
13,489,603 
	
	 
	
	
14,063,422 
	
	 
	
	
573,819 
	
	 
	
	
4.26 
	


	
	
	
	
	
	
	
	
	
      	
	
	
	
	
	
	
	

	



 


ASUR 4Q05, Page 14 of 16  

 

ASUR 4Q05, Page 15 of 16 



ASUR 4Q05, Page 16 of 16 



 

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



Date: February 22, 2006

 

 

 

 

 



> Yes       No  x  

---

---

---

---

---

---

---

---

---

---

---

---

| GRUPO AEROPORTUARIO DEL SURESTE S.A. DE C.V.
      (SOUTHEAST AIRPORT GROUP) |
| --- |
|  |
| (Translation of Registrant’s Name Into English) |

| México |
| --- |
|  |
| (Jurisdiction of incorporation or organization) |

| Bosque de Alisos No. 474 — 4th Floor
      Bosques de las Lomas
      05120 México, D.F. |
| --- |
|  |
| (Address of principal executive offices) |

|  
      In Mexico :
       
      ASUR
      Lic. Adolfo Castro
      (52) 55-5284-0408
      <p
style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>acastro@asur.com.mx
       
        |  
       
      
      
        |  
       In U.S. 
       
      Breakstone Group
      Susan Borinelli/Michael Fehle
      (646) 452-2333 / 2336
      <p
style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>sborinelli@breakstone-group.com
      mfehle@breakstone-group.com |
| --- | --- | --- |

| Airport | 4Q04 | 4Q05 | % Change | FY04 | FY05 | % Change |
| --- | --- | --- | --- | --- | --- | --- |
| Cancún | 518.1 | 368.9 | (28.80) | 2,246.0 | 2,004.0 | (10.77) |
| Cozumel | 26.0 | 10.9 | (58.08) | 94.8 | 73.5 | (22.47) |
| Huatulco | 53.5 | 69.2 | 29.35 | 241.0 | 258.4 | 7.22 |
| Mérida | 209.7 | 237.3 | 13.16 | 811.3 | 873.8 | 7.70 |
| Minatitlán | 31.3 | 40.6 | 29.71 | 123.8 | 143.2 | 15.67 |
| Oaxaca | 130.4 | 134.2 | 2.91 | 495.3 | 496.8 | 0.30 |
| Tapachula | 47.0 | 51.6 | 9.79 | 189.8 | 187.1 | (1.42) |
| Veracruz | 139.8 | 141.3 | 1.07 | 507.7 | 517.2 | 1.87 |
| Villahermosa | 165.3 | 178.7 | 8.11 | 633.7 | 674.9 | 6.50 |
| TOTAL | 1,321.1 | 1,232.7 | (6.69) | 5,343.4 | 5,228.9 | (2.14) |
|   | Note: | Passenger figures exclude transit and general aviation passengers. |   |
|  |  |  |  |  |  |  |  |  |  |

| Airport | 4Q04 | 4Q05 | % Change | FY04 | FY05 | %Change |
| --- | --- | --- | --- | --- | --- | --- |
| Cancún | 1,713.7 | 783.5 | (54.28) | 7,764.7 | 7,297.5 | (6.02) |
| Cozumel | 87.6 | 18.0 | (79.45) | 489.7 | 413.1 | (15.64) |
| Huatulco | 7.0 | 8.2 | 17.14 | 29.8 | 53.6 | 79.87 |
| Mérida | 26.9 | 52.4 | 94.80 | 119.8 | 148.1 | 23.62 |
| Minatitlán | 0.6 | 0.8 | 33.33 | 2.6 | 3.3 | 26.92 |
| Oaxaca | 14.5 | 17.4 | 20.00 | 48.0 | 66.9 | 39.38 |
| Tapachula | 1.0 | 1.1 | 10.00 | 3.8 | 5.2 | 36.84 |
| Veracruz | 14.1 | 14.5 | 2.84 | 55.8 | 62.2 | 11.47 |
| Villahermosa | 10.4 | 11.1 | 6.73 | 39.6 | 42.5 | 7.32 |
| TOTAL | 1,875.8 | 907.0 | (51.65) | 8,553.8 | 8,092.4 | (5.39) |
|   | Note: | Passenger figures exclude transit and general aviation passengers. |   |
|  |  |  |  |  |  |  |  |  |  |

| Airport | 4Q04 | 4Q05 | % Change | FY04 | FY05 | %Change |
| --- | --- | --- | --- | --- | --- | --- |
| Cancún | 2,231.8 | 1,152.4 | (48.36) | 10,010.7 | 9,301.5 | (7.08) |
| Cozumel | 113.6 | 28.9 | (74.56) | 584.5 | 486.6 | (16.75) |
| Huatulco | 60.5 | 77.4 | 27.93 | 270.8 | 312.0 | 15.21 |
| Mérida | 236.6 | 289.7 | 22.44 | 931.1 | 1,021.9 | 9.75 |
| Minatitlán | 31.9 | 41.4 | 29.78 | 126.4 | 146.5 | 15.90 |
| Oaxaca | 144.9 | 151.6 | 4.62 | 543.3 | 563.7 | 3.75 |
| Tapachula | 48.0 | 52.7 | 9.79 | 193.6 | 192.3 | (0.67) |
| Veracruz | 153.9 | 155.8 | 1.23 | 563.5 | 579.4 | 2.82 |
| Villahermosa | 175.7 | 189.8 | 8.03 | 673.3 | 717.4 | 6.55 |
| TOTAL | 3,196.9 | 2,139.7 | (33.07) | 13,897.2 | 13,321.3 | (4.14) |
|   | Note: | Passenger figures exclude transit and general aviation passengers. |   |
|  |  |  |  |  |  |  |  |  |  |

|  |   |   A decrease of 36.33% in revenues from aeronautical services, principally as a result of the above-mentioned decline in passenger traffic. |
| --- | --- | --- |
|  |   |   A decline of 21.78% in revenues from non-aeronautical services, principally as a result of the 26.28% decline in commercial revenues, which were also negatively impacted by Hurricane Wilma. |

|   | • | A 16.53% decline in food and beverage revenues, |
| --- | --- | --- |
|   |   |   |
|   | • | A 39.51% decline in retail revenues, |
|   |   |   |
|   | • | A 41.75% decline in revenue from car rental companies, and |
|   |   |   |
|   | • | A 34.66% decline from revenue from banking and currency exchange services. |
|   |   |   |
| This was partially offset by: |
|   | • | A 19.05% increase in advertising revenues, as a result of advertising space being sold directly by ASUR, previously sold by a third party, <FONT size=2
face="sans-serif">and |
|   |   |   |
|   | • | A 12.95% increase in parking lots revenue due to a tariff adjustment and higher demand, mainly at the Villahermosa airport. |
|   |   |   |
| Total operating costs and expenses for 4Q05 declined year-over-year by 0.25%, primarily as a result of: |
|   |   |   |
|   | • | A 32.57% decline in concession fees mainly due to lower revenues, |
|   |   |   |
|   | • | A 49.73% decline in the cost of technical assistance, principally as a result of the decline in EBITDA (a basis for the calculation of the fee), and |
|   |   |   |
|   | • |   A 4.45% decline in expenses for administrative services, reflecting lower professional fees paid to consultants during the period. |
|   |   |   |
| These declines were partially offset by: |
|   |   |   |
|   | • | A 9.07% increase in costs of services mainly as a result of an increase in maintenance expenses as well as expenses associated with the evaluation of new projects. |
|   |   |   |
|   | • | A 4.35% increase in depreciation and amortization, resulting from the capitalization of investments in fixed assets and improvements made to concession assets. |

| Table IV: Summary of Consolidated Results for 4Q05 |   |
| --- | --- |
|   | 4Q04 | 4Q05 | % 
      Change |   |
| Total Revenues | 481,215 | 324,470 | (32.57) |   |
| Aeronautical Services | 357,076 | 227,363 | (36.33) |   |
| Non-Aeronautical Services | 124,139 | 97,107 | (21.78) |   |
| Commercial Revenues | 104,276 | 76,873 | (26.28) |   |
| Operating Income | 180,311 | 24,316 | (86.51) |   |
| Operating Margin % | 37.47% | 7.49% | (80.00) |   |
| EBITDA | 284,826 | 133,375 | (53.17) |   |
| EBITDA Margin % | 59.19% | 41.11% | (30.55) |   |
| Net Income | 201,082 | 6,157 | (96.94) |   |
| Net Income per Share | 0.6703 | 0.0205 | (96.94) |   |
| Net Income per ADS | 0.6303 | 0.0193 | (96.94) |   |
|   | Note: | Figures are shown in thousands of constant Mexican pesos as of December 31, 2005. U.S. dollar |
|   | figures are calculated at the exchange rate of US$1 = Ps. 10.6344. |   |
|  |  |  |  |  |  |  |  |  |  |  |

|   | 4Q04 | 4Q05 | % 
      Change |
| --- | --- | --- | --- |
| Total Passengers (‘000) | 3,284 | 2,203 | (32.92) |
| Total Commercial Revenues | 104,276 | 76,873 | (26.28) |
| Commercial revenues from direct operations | 15,522 | 15,999 | 3.07 |
| Commercial revenues excluding direct operations | 88,754 | 60,874 | (31.41) |

|   |   |   |   |
| --- | --- | --- | --- |
| Total Commercial Revenue per Passenger | 31.76 | 34.90 | 9.89 |
| Commercial revenue from direct operations per passenger | 4.73 | 7.26 | 53.81 |
| Commercial revenue per passenger (excluding direct operations) | 27.03 | 27.63 | 2.26 |

|   | Table VI: | Operating Costs and Expenses for 4Q05 |   |
| --- | --- | --- | --- |
|   |   | 4Q04 | 4Q05 | % Chg. |
|   | Costs of Services | 129,270 | 140,989 | 9.07 |
|   | Administrative | 27,029 | 25,825 | (4.45) |
|   | Technical Assistance | 16,029 | 8,057 | (49.73) |
|   | Concession Fees | 24,061 | 16,224 | (32.57) |
|   | Depreciation and Amortization | 104,515 | 109,059 | 4.35 |
|   | TOTAL | 300,904 | 300,154 | (0.25) |
|   | Note: Figures are shown in thousands of constant Mexican pesos as of December 31, 2005. |   |
|  |  |  |  |  |  |  |  |  |  |

|   | • | A 42.25% increase in duty-free revenues, principally due to payments received from Dufry Mexico. This mainly reflects payments of Ps.7.0 <FONT size=2
face="sans-serif">million in May and Ps.32.5 million in August for rent by Dufry Mexico for units it occupies in Cancun airport, as mandated by a ruling of the International Court of Arbitration in favor of ASUR; and the Ps.9.9 million payment by Aldeasa to ASUR, |
| --- | --- | --- |
|   |   |   |
|   | • | A 18.57% increase in food and beverage revenues, reflecting revenues from ASUR’s direct commercial operations, |
|   |   |   |
|   | • | A 23.58% increase in retail revenues, principally resulting from revenue from the three convenience stores formerly operated by <FONT size=2
face="sans-serif">concessionaires that have been operated by ASUR since May 2004.
      The increase in retail revenues also reflects income from the concessions granted for 16 new convenience stores at the Cancun, Cozumel, Villahermosa, Oaxaca and Minatitlan airports, |
|   |   |   |
|   | • | A 23.02% increase in revenue from parking lots resulting from the adjustment of ASUR’s tariffs, and increased use of parking lots, <FONT size=2
face="sans-serif">particularly at Villahermosa airport, and |
|   |   |   |
|   | • | A 9.49% increase in advertising revenues, as a result of advertising space being sold directly by ASUR, rather than by a third party. |
|   |   |   |
| This was partially offset by: |
|   |   |   |
|   |   |   |
|   | • | A 19.80% decrease in revenue from banking and currency exchange services, and |
|   |   |   |
|   | • | A 6.90% decline in revenue from ground transportation. |

|   | FY04 | FY05 | % Chg. |
| --- | --- | --- | --- |
| Total Revenues | 2,041,831 | 2,063,808 | 1.08 |
| Aeronautical Services | 1,530,620 | 1,460,936 | (4.55) |
| Non-Aeronautical Services | 511,211 | 602,872 | 17.93 |
| Commercial Revenues | 416,413 | 500,257 | 20.13 |
| Operating Income | 865,527 | 799,389 | (7.64) |
| Operating Margin % | 42.39% | 38.73% | (8.62) |
| EBITDA | 1,278,390 | 1,233,469 | (3.51) |
| EBITDA Margin % | 62.61% | 59.77% | (4.54) |
| Net Income | 627,221 | 563,189 | (10.21) |
| Net Income per Share | 2.0907 | 1.8773 | (10.21) |
| Net Income per ADS | 1.9660 | 1.7653 | (10.21) |

|   | FY04 | FY05 | % Chg. |
| --- | --- | --- | --- |
| Total Passengers (‘000) | 14,235 | 13,654 | (4.08) |
| Total Commercial Revenues | 416,413 | 500,257 | 20.13 |
| Commercial revenues from direct operations (1) | 46,474 | 82,402 | 77.31 |
| Commercial revenues excluding direct operations | 369,939 | 417,855 | 12.95 |

|   | FY04 | FY05 | % Chg. |
| --- | --- | --- | --- |
| Total Commercial Revenue per Passenger |   |   |   |
| Commercial revenue from direct operations per passenger(1) | 29.25 | 36.64 | 25.23 |
| Commercial revenue per passenger (excluding direct operations) | 3.26 | 6.04 | 84.97 |
| Total Commercial Revenue per Passenger | 25.99 | 30.60 | 17.78 |

|   | FY04 | FY05 | % Chg. |
| --- | --- | --- | --- |
| Costs of Services | 482,920 | 557,994 | 15.55 |
| Administrative | 109,280 | 102,725 | (6.00) |
| Technical Assistance | 69,187 | 66,430 | (3.98) |
| Concession Fees | 102,054 | 103,190 | 1.11 |
| Depreciation and Amortization | 412,863 | 434,080 | 5.14 |
| TOTAL | 1,176,304 | 1,264,419 | 7.49 |

| Impact of Hurricane Wilma |
| --- |

| 4Q05 Earnings Conference Call |
| --- |

|   | 4Q04 | 4Q05 | % Chg | FY04 | FY 05 | % Chg. |
| --- | --- | --- | --- | --- | --- | --- |
| Cancun |   |   |   |   |   |   |
| Aeronautical Revenues | 263,098 | 129,729 | (50.69) | 1,156,590 | 1,056,973 | (8.61) |
| Non-aeronautical Revenues | 98,048 | 68,938 | (29.69) | 404,141 | 489,219 | 21.05 |
|  
      Operating Profit | 173,485 | 15,306 | (91.18) | 823,010 | 749,794 | (8.90) |
|  
      EBITDA | 240,586 | 84,340 | (64.94) | 1,086,214 | 1,024,097 | (5.72) |
| Cozumel |   |   |   |   |   |   |
| Aeronautical Revenues | 13,114 | 3,315 | (74.72) | 62,717 | 56,611 | (9.74) |
| Non-aeronautical Revenues | 3,505 | 1,730 | (50.64) | 18,848 | 17,735 | (5.91) |
|  
      Operating Profit | 1,102 | (8,737) | (892.83) | 14,918 | 11,251 | (24.58) |
|  
      EBITDA | 6,366 | (3,342) | (152.50) | 35,976 | 32,784 | (8.87) |
| Merida |   |   |   |   |   |   |
| Aeronautical Revenues | 21,522 | 27,998 | 30.09 | 88,065 | 96,882 | 10.01 |
| Non-aeronautical Revenues | 9,106 | 9,394 | 3.16 | 33,031 | 35,110 | 6.29 |
|  
      Operating Profit | 5,763 | 8,596 | 49.16 | 14,811 | 18,734 | 26.49 |
|  
      EBITDA | 14,705 | 18,112 | 23.17 | 50,581 | 56,486 | 11.67 |
| Villahermosa |   |   |   |   |   |   |
| Aeronautical Revenues | 15,711 | 19,338 | 23.09 | 62,185 | 67,986 | 9.33 |
| Non-aeronautical Revenues | 4,624 | 5,719 | 23.68 | 17,749 | 20,613 | 16.14 |
|  
      Operating Profit | 5,133 | 9,597 | 86.97 | 20,492 | 25,902 | 26.40 |
|  
      EBITDA | 10,431 | 15,153 | 45.27 | 41,686 | 48,156 | 15.52 |
| Others |   |   |   |   |   |   |
| Aeronautical Revenues | 43,631 | 46,983 | 7.68 | 161,063 | 182,484 | 13.30 |
| Non-aeronautical Revenues | 8,856 | 11,326 | 27.89 | 37,442 | 40,195 | 7.35 |
|  
      Operating Profit | (5,172) | (446) | 91.38 | (7,704) | (6,292) | 18.33 |
|  
      EBITDA | 12,738 | 19,112 | 50.04 | 63,933 | 71,946 | 12.53 |
| TOTAL |   |   |   |   |   |   |
| Aeronautical Revenues | 357,076 | 227,363 | (36.33) | 1,530,620 | 1,460,936 | (4.55) |
| Non-aeronautical Revenues | 124,139 | 97,107 | (21.78) | 511,211 | 602,872 | 17.93 |
| Operating Profit | 180,311 | 24,316 | (86.51) | 865,527 | 799,389 | (7.64) |
| EBITDA | 284,826 | 133,375 | (53.17) | 1,278,390 | 1,233,469 | (3.51) |

|  | Grupo Aeroportuario del Sureste, S.A. de C.V. |
| --- | --- |
|  |   |
|  | By:   /s/ ADOLFO CASTRO RIVAS       
               Adolfo Castro Rivas
               Director of Finance |