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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 20-F
 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 for the fiscal year ended December 31, 2008
Commission File Number 1-15132
 Grupo Aeroportuario del Sureste, S.A.B. de C.V.
  Southeast Airport Group
    
    United Mexican States(Translation of registrants name into English)
    
    (Jurisdiction of incorporation or organization)
 
 Bosque de Alisos No. 47A  4 th Floor
Bosques de las Lomas
05120 México, D.F.
Mexico
 
 Adolfo Castro Rivas
CFO and Head of Investor Relations
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Bosque de Alisos No. 47A  4 th Floor
Bosques de las Lomas
05120 México, D.F.
México
Telephone: + 52 55 5284 0408
Fax: +52 55 5284 0454
 
  Title of each class:
    
    Name of each exchange
on which registeredSeries B Shares, without par value, or shares
    
    New York Stock Exchange, Inc.*American Depositary Shares, as evidenced by American Depositary Receipts, or ADSs,
each representing ten shares
    
    New York Stock Exchange, Inc.
 *
    
    Not for trading, but only in connection with the registration of American Depositary Shares,
pursuant to the requirements of the Securities and Exchange Commission. None
 N/A
  Series B Shares, without par value: 277,050,000
 Series BB Shares, without par value: 22,950,000
 YesoNoþ
 Yes o No þ
 YesþNoo
 YesþNoo
  Large accelerated filerþ
    
    Accelerated filero
    
    Non-accelerated filero
 U.S. GAAP o IFRS o Other þ
 Item 17 o Item 18 þ
 Yes o No þ




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Item 1. Identity of Directors, Senior Management and Advisers
    
    
    1Item 2. Offer Statistics and Expected Timetable
    
    
    1Item 3. Key Information
    
    
    1Selected Financial Data
    
    
    1Exchange Rates
    
    
    6Risk Factors
    
    
    7Forward Looking Statements
    
    
    26Item 4. Information on the Company
    
    
    26History and Development of the Company
    
    
    26Business Overview
    
    
    32Regulatory Framework
    
    
    48Organizational Structure
    
    
    66Property, Plant, And Equipment
    
    
    66Item 4A. Unresolved Staff Comments
    
    
    67Item 5. Operating and Financial Review and Prospects
    
    
    67Item 6. Directors, Senior Management and Employees
    
    
    96Item 7. Major Shareholders and Related Party Transactions
    
    
    103Major Shareholders
    
    
    103Related Party Transactions
    
    
    105Item 8. Financial Information
    
    
    106Dividends
    
    
    106Item 9. The Offer and Listing
    
    
    108Trading on the Mexican Stock Exchange
    
    
    109Item 10. Additional Information
    
    
    110Material Contracts
    
    
    126Exchange Controls
    
    
    126Taxation
    
    
    127Documents On Display
    
    
    131
  i




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Item 11. Quantitative and Qualitative Disclosures About Market Risk
    
    
    132Item 12. Description of Securities Other Than Equity Securities
    
    
    132Item 13. Defaults, Dividend Arrearages and Delinquencies
    
    
    133Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
    
    
    133Item 15. Controls and Procedures
    
    
    133Item 16. Reserved
    
    
    134Item 16A. Audit Committee Financial Expert
    
    
    134Item 16B. Code of Ethics
    
    
    134Item 16C. Principal Accountant Fees and Services
    
    
    134Item 16D. Exemptions from the Listing Standards for Audit Committees
    
    
    135Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
    
    
    135Item 17. Financial Statements
    
    
    140Item 18. Financial Statements
    
    
    140Item 19. Exhibits
    
    
    141Exhibit 8.1Exhibit 12.1Exhibit 12.2Exhibit 13.1
   ii




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PART I
 
 Item 1. Identity of Directors, Senior Management and Advisers
  
 Item 2. Offer Statistics and Expected Timetable
  
 Item 3. Key Information
 
 SELECTED FINANCIAL DATA
 Normas de Informacion Financiera
   índice
nacional de precios al consumidor




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2




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Year ended December 31,2004
    
    
    2005
    
    
    2006
    
    
    2007

    
    
    
    2008(thousands ofnominalMexican
    
    
    (thousands of(thousands of constant Mexican pesos as of December 31, 2007)(1)
    
    
    pesos)(1)
    
    
    dollars)(2)Income statement data:Mexican FRS:Revenues:Aeronautical services(3)
    
    Ps.
    1,662,873
    
    
    Ps.
    1,577,295
    
    
    Ps.
    1,647,594
    
    
    Ps.
    1,890,950
    
    
    Ps.
    2,101,879
    
    
    $
    152,515Non-aeronautical services(4)
    
    
    541,582
    
    
    
    650,889
    
    
    
    675,530
    
    
    
    894,941
    
    
    
    1,066,828
    
    
    
    77,410Total revenues
    
    
    2,204,455
    
    
    
    2,228,184
    
    
    
    2,323,124
    
    
    
    2,785,891
    
    
    
    3,168,707
    
    
    $
    229,925Operating expenses:Cost of services
    
    
    (521,383
    )
    
    
    (602,436
    )
    
    
    (665,275
    )
    
    
    (743,642
    )
    
    
    (810,101
    )
    
    
    (58,782
    )General and administrative expenses
    
    
    (117,984
    )
    
    
    (110,907
    )
    
    
    (101,156
    )
    
    
    (104,019
    )
    
    
    (114,159
    )
    
    
    (8,283
    )Technical assistance fee(5)
    
    
    (74,697
    )
    
    
    (71,721
    )
    
    
    (73,707
    )
    
    
    (91,945
    )
    
    
    (104,485
    )
    
    
    (7,582
    )Government Concession fee(6)
    
    
    (110,181
    )
    
    
    (111,409
    )
    
    
    (116,007
    )
    
    
    (139,294
    )
    
    
    (154,752
    )
    
    
    (11,229
    )Depreciation and amortization
    
    
    (445,746
    )
    
    
    (468,653
    )
    
    
    (506,124
    )
    
    
    (540,821
    )
    
    
    (601,513
    )
    
    
    (43,646
    )Net comprehensive financing
    
    
    (32,026
    )
    
    
    24,558
    
    
    
    15,786
    
    
    
    15,144
    
    
    
    174,272
    
    
    
    12,645Non-ordinary items(7)
    
    
    (19,762
    )
    
    
    (9,678
    )
    
    
    (16,242
    )
    
    
    (2,385
    )
    
    
    (9,734
    )
    
    
    (706
    )Income before taxes
    
    
    882,676
    
    
    
    877,938
    
    
    
    860,399
    
    
    
    1,178,929
    
    
    
    1,548,235
    
    
    
    112,342Provision for income taxes
    
    
    (205,498
    )
    
    
    (269,893
    )
    
    
    (312,432
    )
    
    
    (656,568
    )
    
    
    (498,766
    )
    
    
    (36,191
    )Net income
    
    
    677,178
    
    
    
    608,045
    
    
    
    547,967
    
    
    
    522,361
    
    
    
    1,049,469
    
    
    
    76,151Basic and diluted earnings per share(10)
    
    
    2.26
    
    
    
    2.03
    
    
    
    1.83
    
    
    
    1.74
    
    
    
    3.50
    
    
    
    0.25Basic and diluted earnings per ADS
(unaudited)(8)
    
    
    22.57
    
    
    
    20.27
    
    
    
    18.27
    
    
    
    17.41
    
    
    
    34.98
    
    
    
    2.54U.S. GAAP:Revenues
    
    
    2,204,455
    
    
    
    2,228,184
    
    
    
    2,319,110
    
    
    
    2,771,216
    
    
    
    3,174,893
    
    
    
    230,374Operating income
    
    
    937,944
    
    
    
    819,554
    
    
    
    862,234
    
    
    
    1,253,490
    
    
    
    1,587,205
    
    
    
    115,169Net income
    
    
    277,195
    
    
    
    487,938
    
    
    
    431,597
    
    
    
    257,274
    
    
    
    1,219,609
    
    
    
    88,496Basic and diluted earnings per share(10)
    
    
    0.92
    
    
    
    1.63
    
    
    
    1.44
    
    
    
    0.86
    
    
    
    4.07
    
    
    
    0.29Basic and diluted earnings per ADS
(unaudited)(8)
    
    
    9.24
    
    
    
    16.26
    
    
    
    14.39
    
    
    
    8.58
    
    
    
    40.65
    
    
    
    2.95Dividends per share(9)
    
    
    0.65
    
    
    
    0.69
    
    
    
    0.73
    
    
    
    0.77
    
    
    
    2.00
    
    
    
    0.15Other Operating Data (Unaudited):Total passengers (thousands of passengers)
    
    
    13,897.1
    
    
    
    13,321.3
    
    
    
    13,779.9
    
    
    
    16,238.8
    
    
    
    17,752.4
    
    
    
    17,752.4Total air traffic movements (thousands of
movements)
    
    
    219.8
    
    
    
    209.9
    
    
    
    220.5
    
    
    
    262.3
    
    
    
    270.1
    
    
    
    270.1Total revenues per passenger (in pesos or dollars)
    
    Ps.
    158.6
    
    
    Ps.
    167.3
    
    
    Ps.
    168.6
    
    
    Ps.
    171.6
    
    
    Ps.
    178.5
    
    
    $
    13.0
  3




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As of and for the year ended December 31,2004
    
    
    2005
    
    
    2006
    
    
    2007

    
    
    2008(thousands ofnominalMexican
    
    
    (thousands of(thousands of constant Mexican pesos as of December 31, 2007)(1)
    
    
    pesos)(1)
    
    
    dollars)(2)Balance Sheet Data:Mexican FRS:Cash and marketable securities
    
    Ps.
    1,297,829
    
    
    Ps.
    1,655,728
    
    
    Ps.
    1,288,353
    
    
    Ps.
    1,925,697
    
    
    Ps.
    1,733,512
    
    
    $
    125,785Total current assets
    
    
    1,601,012
    
    
    
    2,006,628
    
    
    
    1,702,364
    
    
    
    2,415,241
    
    
    
    2,793,941
    
    
    
    202,731Airport concessions, net
    
    
    8,759,145
    
    
    
    8,501,010
    
    
    
    8,242,778
    
    
    
    8,037,900
    
    
    
    7,833,022
    
    
    
    568,372Rights to use airport facilities, net
    
    
    2,396,700
    
    
    
    2,265,447
    
    
    
    2,246,711
    
    
    
    2,189,975
    
    
    
    2,123,865
    
    
    
    154,110Total assets
    
    
    14,564,007
    
    
    
    15,183,527
    
    
    
    15,503,054
    
    
    
    16,676,081
    
    
    
    17,374,594
    
    
    
    1,260,719Current liabilities
    
    
    213,897
    
    
    
    380,966
    
    
    
    254,564
    
    
    
    317,002
    
    
    
    621,570
    
    
    
    45,102Total liabilities
    
    
    812,426
    
    
    
    1,120,341
    
    
    
    1,199,766
    
    
    
    2,170,554
    
    
    
    2,419,598
    
    
    
    175,569Capital Stock
    
    
    12,799,204
    
    
    
    12,799,204
    
    
    
    12,799,204
    
    
    
    12,799,204
    
    
    
    12,799,204
    
    
    
    9228,724Net equity/stockholders equity
    
    
    13,751,581
    
    
    
    14,063,186
    
    
    
    14,303,288
    
    
    
    14,505,527
    
    
    
    14,954,996
    
    
    
    1,081,150U.S. GAAP:Cash and cash equivalents
    
    
    1,062,128
    
    
    
    1,159,233
    
    
    
    859,857
    
    
    
    1,870,675
    
    
    
    1,733,512
    
    
    
    125,785Total current assets
    
    
    1,601,012
    
    
    
    2,054,071
    
    
    
    1,727,121
    
    
    
    2,542,644
    
    
    
    2,927,037
    
    
    
    212,389Airport concessions, net
    
    
    154,610
    
    
    
    92,810
    
    
    
    30,916
    
    
    
    22,376
    
    
    
    13,776
    
    
    
    1,000Rights to use airport facilities
    
    
    1,884,085
    
    
    
    1,770,376
    
    
    
    1,717,356
    
    
    
    1,671,325
    
    
    
    1,615,667
    
    
    
    117,234Total assets
    
    
    7,727,788
    
    
    
    8,182,141
    
    
    
    8,273,993
    
    
    
    8,579,690
    
    
    
    9,709,366
    
    
    
    704,522Total liabilities
    
    
    213,613
    
    
    
    387,534
    
    
    
    266,370
    
    
    
    546,042
    
    
    
    1,056,109
    
    
    
    76,632Capital Stock
    
    
    6,989,281
    
    
    
    6,989,281
    
    
    
    6,989,281
    
    
    
    6,989,281
    
    
    
    6,989,281
    
    
    
    507,150Net equity/stockholders equity
    
    
    7,514,175
    
    
    
    7,794,607
    
    
    
    8,007,623
    
    
    
    8,033,648
    
    
    
    8,653,257
    
    
    
    627,889Statement of Changes in Financial
Position:(11)Mexican FRS:Resources provided by operating
activities
    
    
    1,252,649
    
    
    
    1,336,897
    
    
    
    1,070,404
    
    
    
    1,622,626Resources used in financing
activities
    
    
    (242,273
    )
    
    
    (296,442
    )
    
    
    (307,865
    )
    
    
    (320,122
    )Resources used in investing
activities
    
    
    (546,189
    )
    
    
    (682,558
    )
    
    
    (1,129,915
    )
    
    
    (665,160
    )Increase (decrease) in cash and
marketable securities
    
    
    464,187
    
    
    
    357,897
    
    
    
    (367,376
    )
    
    
    637,344Cash Flow Data:(11)Mexican FRS:Cash flow provided by operating
activities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,555,170
    
    
    
    112,845Cash flow used in financing
activities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (951,262
    )
    
    
    (69,025
    )Cash flow used in investing
activities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (796,093
    )
    
    
    (57,765
   )Increase (decrease) in cash and
marketable securities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (192,185
    )
    
    
    (13,945
    )U.S. GAAP:Cash flow provided by operating
activities
    
    
    1,173,908
    
    
    
    1,300,549
    
    
    
    1,082,433
    
    
    
    1,726,341
    
    
    
    1,694,849
    
    
    
    122,980Cash flow used in financing
activities
    
    
    (269,187
    )
    
    
    (296,442
    )
    
    
    (307,865
    )
    
    
    (320,122
    )
    
    
    (951,262
    )
    
    
    (69,025
    )Cash flow used in investing
activities
    
    
    (367,168
    )
    
    
    (872,745
    )
    
    
    (1,028,787
    )
    
    
    (364,250
    )
    
    
    (880,750
    )
    
    
    (63,908
    )Effect of inflation on cash and cash
equivalents
    
    
    15,818
    
    
    
    (34,259
    )
    
    
    (45,157
    )
    
    
    (31,151
    )
    
    
    
    
    
    
    Increase (decrease) in cash and cash
equivalents
    
    
    553,371
    
    
    
    97,103
    
    
    
    (299,376
    )
    
    
    1,010,818
    
    
    
    (137,163
    )
    
    
    (9,953
    )
 
 (1)
    
    Except for operating data. Per share and per passenger peso amounts are expressed in
pesos (not thousands of pesos).(2)
    
    Except for operating data. Translated into dollars at the rate of Ps. 13.7815 per U.S.
dollar, the Federal Reserve Board exchange rate for Mexican pesos at January 2, 2009. Per
share and per passenger dollar amounts are expressed in dollars (not thousands of dollars).(3)
    
    Revenues from aeronautical services include those earned from passenger charges,
landing charges, aircraft parking charges, charges for airport security services and
charges for use of passenger walkways.  4




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(4)
    
    Revenues from non-aeronautical services are earned from the leasing of space in our
airports, access fees collected from third parties providing services at our airports and
miscellaneous other sources.(5)
    
    Since April 19, 1999, we have paid ITA a technical assistance fee under the technical
assistance agreement entered into in connection with the purchase by Inversiones y Tecnicas
Aeroportuarias, S.A. de C.V. (ITA) of its Series BB shares. This fee is described in
Item 7. Major Shareholders and Related Party TransactionsRelated Party
TransactionsArrangements with ITA.(6)
    
    Each of our subsidiary concession holders is required to pay a concession fee to the
Mexican government under the Mexican Federal Duties Law. The concession fee is currently
5% of each concession holders gross annual revenues from the use of public domain assets
pursuant to the terms of its concession.(7)
    
    Non-ordinary items refers to restructuring and contract termination fees and loss on
natural disasters. On January 1, 2007, we adopted Mexican FRS B-3,Statement of Income
which incorporates, among other things, a new approach to classifying income and expenses
as ordinary and non-ordinary, eliminates special and extraordinary items and establishes
employees profit sharing as an ordinary expense and not as tax. Accordingly, our financial
statements for 2006 and 2005 have also been reclassified to conform the current year
presentation. Such reclassifications consisted of 1) Ps. 16,242 and Ps. 9,678,
respectively, reclassified from extraordinary items to non-ordinary items, and 2) Ps. 3,904
and Ps. 2,557, respectively, reclassified from provision for income taxes and employees
statutory profit sharing to general and administrative expenses.(8)
    
    Based on the ratio of 10 Series B shares per ADS.(9)
    
    Income tax was payable on the dividends because the distribution was not made from our
after-tax earnings account.(10)
    
    Shares outstanding for all periods presented were 300,000,000.(11)
    
    In 2008, we adopted Mexican FRS B-2 Cash-Flow which requires us to present a
statement of cash flows in place of a statement of changes in financial position. The
statement of cash flows classifies cash receipts and payments according to whether they
stem from operating, investing or financing activities.  5




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EXCHANGE RATES
  Exchange RateYear Ended December 31,
    
    High
    
    
    Low
    
    
    Period End
    
    
    Average(1)2004
    
    
    11.64
    
    
    
    10.81
    
    
    
    11.15
    
    
    
    11.312005
    
    
    11.41
    
    
    
    10.41
    
    
    
    10.63
    
    
    
    10.892006
    
    
    11.46
    
    
    
    10.43
    
    
    
    10.80
    
    
    
    10.912007
    
    
    11.27
    
    
    
    10.67
    
    
    
    10.92
    
    
    
    10.932008
    
    
    13.94
    
    
    
    9.92
    
    
    
    13.83
    
    
    
    11.21December 2008
    
    
    13.83
    
    
    
    13.09
    
    
    
    13.83
    
    
    
    13.422009January 2009
    
    
    14.33
    
    
    
    13.33
    
    
    
    14.33
    
    
    
    13.88February 2009
    
    
    15.09
    
    
    
    14.13
    
    
    
    15.09
    
    
    
    14.61March 2009
    
    
    15.59
    
    
    
    14.02
    
    
    
    14.21
    
    
    
    14.69April 2009
    
    
    13.89
    
    
    
    13.05
    
    
    
    13.80
    
    
    
    13.39May 2009
    
    
    13.82
    
    
    
    12.88
    
    
    
    13.18
    
    
    
    13.19
 
 (1)
    
    Average of month-end rates or daily rates, as applicable.Source:
    
    Federal Reserve Bank of New York noon buying rate (2004-2008); Federal Reserve Board H.10
Weekly Release (2009).    6




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RISK FACTORS
 Risks Related to Our Operations
 Hurricanes, epidemics and other natural disasters have adversely affected our business in the past
and could do so again in the future.
 The recent outbreak of Influenza A/H1N1 in Mexico has, and will continue to adversely affect
our business.
  We have experienced hurricanes in the past, and may experience hurricanes in the future.
   7




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Our business could be adversely affected by a downturn in the U.S. economy.
  Fluctuations in international petroleum prices could reduce demand for air travel.
   8




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The loss of one or more of our key customers could result in a loss of a significant amount of our
revenues.
     9




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Our business is highly dependent upon revenues from Cancún International Airport.
  The September 11, 2001 terrorist attacks had a severe impact on the international air travel
industry and adversely affected our business. Similar events may do so again in the future.
 The events of September 11, 2001 resulted in a significant decline in passenger traffic
worldwide and future terrorist attacks could result in similar declines.
  Security enhancements have resulted in increased costs and may expose us to greater
liability.
 incur significant
  10




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International events could have a negative impact on international air travel and our business.
    11




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Our revenues are highly dependent on levels of air traffic, which depend in part on factors beyond
our control.
  Our business is highly dependent upon the operations of Mexico City Area Airports.
    12




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Competition from other tourist destinations could adversely affect our business.
  Revenues from passenger charges are not secured, and we may not be able to collect amounts invoiced
in the event of the insolvency of one of its principal airline customers.
  If a change in relations with our labor force should occur, such a change could have an adverse
impact on our results of operations.
  The operations of our airports may be disrupted due to the actions of third parties beyond our
control.
  Fernando Chico Pardo, through his own investment vehicles and his 51% interest in Inversiones y
Tecnicas Aeroportuarias, S.A. de C.V., or ITA, has a significant influence as a shareholder and
over our management, and his interests may differ from those of other stockholders.
   13




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Some of our board members and stockholders have business relationships that may generate conflicts
of interest.
  Our operations are at greater risk of disruption due to the dependence of most of our airports on a
single commercial runway.
   14




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##### Table of Contents



We are exposed to risk related to construction projects.
   We are exposed to risks inherent to the operation of airports.
   15




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##### Table of Contents



Our insurance policies may not provide sufficient coverage against all liabilities.
  Risks Related to the Regulation of Our Business
 The price regulatory system applicable to our airports imposes maximum rates for each airport.
 The price regulatory system does not guarantee that our consolidated results of operations, or
that the results of operations of any airport, will be profitable.
   Our results of operations may be adversely affected by required efficiency adjustments to
our maximum rates.
   16




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##### Table of Contents



Our maximum rates and investment commitments will be adjusted if a concession is granted to
construct the Mayan Riviera airport.
  The regulatory framework we are subject to could be changed in a way that adversely affects us due
to a report issued by the Chairman of the Mexican Competition Commission.
 Comisión Federal de
Competencia Comision Federal de Servicios Aeroportuarios Secretaria de Comunicaciones y Transporte
  17




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##### Table of Contents



Changes to Mexican laws, regulations and decrees applicable to us could have a material
adverse impact on our results of operations.
  Our concessions may be terminated under various circumstances, some of which are beyond our
control.
  rescate rescate rescate rescate
  18




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##### Table of Contents



requisa daños y perjuicios valor
real daños perjuicios
 rescate
 The Mexican government could grant new concessions that compete with our airports, including the
Cancún International Airport.
 ,
  19




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##### Table of Contents



We provide a public service regulated by the Mexican government and our flexibility in managing our
aeronautical activities is limited by the regulatory environment in which we operate.
  We cannot predict how the regulations governing our business will be applied.
   If we exceed the maximum rate at any airport at the end of any year, we could be subject to
sanctions.
   20




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Depreciation of the peso may cause us to exceed our maximum rates.
  Risks Related to Mexico
 Appreciation, depreciation or fluctuation of the peso relative to the U.S. dollar could adversely
affect our results of operations and financial condition.
   21




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Economic developments in Mexico may adversely affect our business and results of operations.
  Mexico has experienced adverse economic conditions.
     22




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##### Table of Contents



Tasa de Intereses Interbancaria de Equilibiro
  Political conditions in Mexico could materially and adversely affect Mexican economic policy and,
in turn, our operations.
  Increased environmental regulation and enforcement in Mexico may affect us.
  Developments in other countries may affect the prices of securities issued by Mexican companies.
   23




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##### Table of Contents



Corporate disclosure.
   Mexican law and our bylaws restrict the ability of non-Mexican shareholders to invoke the
protection of their governments with respect to their rights as shareholders.
   24




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##### Table of Contents



It may be difficult to enforce civil liabilities against us or our directors, officers and
controlling persons.
 (domicilio
social)
 The protections afforded to minority shareholders in Mexico are different from those in the United
States.
  Risks Related to Our ADSs
 You may not be entitled to participate in future preemptive rights offerings.
    Holders of ADSs are not entitled to attend shareholders meetings, and they may only vote through
the depositary.
   25




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##### Table of Contents



FORWARD LOOKING STATEMENTS
  
    
    projections of operating revenues, net income (loss), net income (loss) per share, capital
expenditures, dividends, capital structure or other financial items or ratios,
    
    statements of our plans, objectives or goals,
    
    statements about our future economic performance or that of Mexico or other countries in
which we operate, and
    
    statements of assumptions underlying such statements.
    
 Item 4. Information on the Company
 
 HISTORY AND DEVELOPMENT OF THE COMPANY
 sociedad anónima
bursátil de capital variable a
  26




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##### Table of Contents



Investment by ITA
       27




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##### Table of Contents




    
    45,000,000 Series BB shares representing 15% of our outstanding capital stock (as of the
date hereof, Series BB shares represent 7.65% of our outstanding capital stock following the
conversion described above),
    
    three options to subscribe for newly issued Series B shares, all of which have expired
unexercised, and
    
    the right and obligation to enter into various agreements with us and the Mexican
government, including a participation agreement, a technical assistance agreement and a
shareholders agreement under terms established during the public bidding process. These
agreements are described in greater detail under Item 7. Major Shareholders and Related Party
TransactionsRelated Party Transactions.
     28




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,
      29




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##### Table of Contents



Master Development Programs
   Committed Investments
 Committed InvestmentsYear ended December 31,Airport

    
    2009
    
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    Totals(millions of constant pesos as of December 31, 2008)(1)Cancún
    
    Ps.
    582.0
    (2)
    
    Ps.
    625.0
    (2)
    
    Ps.
    424.5
    (2)
    
    Ps.
    447.6
    (2)
    
    Ps.
    334.6
    (2)
    
    Ps.
    2,413.7
    (2)Cozumel
    
    
    17.5
    
    
    
    42.1
    
    
    
    14.2
    
    
    
    33.7
    
    
    
    10.2
    
    
    
    117.7Huatulco
    
    
    52.9
    
    
    
    151.0
    
    
    
    70.4
    
    
    
    59.3
    
    
    
    9.8
    
    
    
    343.4Mérida
    
    
    80.8
    
    
    
    128.2
    
    
    
    72.8
    
    
    
    16.3
    
    
    
    6.1
    
    
    
    304.2Minatitlán
    
    
    20.6
    
    
    
    24.9
    
    
    
    6.6
    
    
    
    3.6
    
    
    
    3.8
    
    
    
    59.5Oaxaca
    
    
    48.1
    
    
    
    139.0
    
    
    
    62.0
    
    
    
    42.5
    
    
    
    17.8
    
    
    
    309.4Tapachula
    
    
    7.6
    
    
    
    5.7
    
    
    
    4.7
    
    
    
    2.5
    
    
    
    39.7
    
    
    
    60.2Veracruz
    
    
    48.1
    
    
    
    310.1
    
    
    
    248.0
    
    
    
    119.0
    
    
    
    67.6
    
    
    
    792.8Villahermosa
    
    
    45.9
    
    
    
    163.6
    
    
    
    81.4
    
    
    
    6.6
    
    
    
    34.8
    
    
    
    332.3Total
    
    Ps.
    903.5
    
    
    Ps.
    1,589.6
    
    
    Ps.
    984.6
    
    
    Ps
    .    731.1
    
    
    Ps.
    524.4
    
    
    Ps.
    4,733.2
 
 (1)
    
    Based on the Mexican construction price index in accordance with the terms of our master
development plan.(2)
    
    Prior to December 31, 2008, we invested a total of Ps. 1,667.7 million in the construction of
Terminal 3 and the construction of the second runway at Cancún airport. As a result, the
Ministry of Communications has applied Ps. 1,054.8 million of this amount to the satisfaction
of our committed investments at Cancún airport for 2009 through 2013, of which approximately
Ps. 211 million was allocated to each calendar year. The amounts reflected above are the
total amount of committed investments, and do not include deductions for these amounts.  30




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##### Table of Contents



Committed Investments
    
    
    Indicative InvestmentsJanuary 1, 2009 
    
    
    January 1, 2014 
    
    
    January 1, 2019 Airport
    
    December 31, 2013
    
    
    December 31, 2018
    
    
    December 31, 2023(millions of constant pesos as of December 31, 2008)(1)Cancún
    
    Ps.
    2,413.7
    (2)
    
    Ps.
    1,207.5
    (2)
    
    Ps.
    793.9Cozumel
    
    
    117.7
    
    
    
    121.5
    
    
    
    89.6Huatulco
    
    
    343.4
    
    
    
    71.9
    
    
    
    48.1Mérida
    
    
    304.2
    
    
    
    125.5
    
    
    
    82.5Minatitlán
    
    
    59.5
    
    
    
    59.8
    
    
    
    36.7Oaxaca
    
    
    309.4
    
    
    
    67.1
    
    
    
    85.1Tapachula
    
    
    60.2
    
    
    
    42.0
    
    
    
    20.5Veracruz
    
    
    792.8
    
    
    
    136.5
    
    
    
    170.1Villahermosa
    
    
    332.3
    
    
    
    257.3
    
    
    
    56.1Total
    
    Ps.
    4,733.2
    
    
    Ps.
    2,089.1
    
    
    Ps.
    1,382.6
 
 (1)
    
    Based on the Mexican construction price index in accordance with the terms of our master
development plan.(2)
    
    Prior to December 31, 2008, we invested a total of Ps. 1,667.7 million in the construction of
Terminal 3 and the construction of the second runway at Cancún airport. As a result, the
Ministry of Communications has applied Ps. 1,054.8 million of this amount to the satisfaction
of our committed investments at Cancún airport for 2009 through
2013, and Ps. 612.9 million to the
satisfaction of our indicative investments for 2014 through 2018. The amounts reflected above
are the total amount of committed and indicative investments, and do not include deductions
for these amounts.  Capital Expenditures
 Year ended December 31,
    
    (thousands of pesos)2006
    
    
    1,129,915
    (1)2007
    
    
    665,160
    (1)2008
    
    
    935,772
    (2)
 
 (1)
    
    Expressed in constant pesos as of December 31, 2007.(2)
    
    Expressed in nominal pesos.    31




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BUSINESS OVERVIEW
       32




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##### Table of Contents



Aeronautical Services
  2006
    
    
    2007
    
    
    2008(thousands of constant pesos as of December 31,
    
    
    (thousands of nominal2007)
    
    
    pesos)Revenues:Aeronautical Services
    
    Ps.
    1,647,594
    
    
    Ps.
    1,890,950
    
    
    Ps.
    2,101,879Non-Aeronautical Services
    
    
    675,530
    
    
    
    894,941
    
    
    
    1,066,828Total
    
    Ps.
    2,323,124
    
    
    Ps.
    2,785,891
    
    
    Ps.
    3,168,707
   Passenger Charges
  Aircraft Landing and Parking Charges, Passenger Walkway Charges and Airport Security Charges
   33




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Non-aeronautical Services
 General
   Commercial Activities
     34




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Access Charges
    35




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Automobile Parking and Ground Transport
   Airport Security
 Dirección General de Aeronáutica Civil
   36




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##### Table of Contents




    
    increasing and improving the security training of airport personnel,
 
    
    increasing the supervision and responsibilities of both our security personnel and
airline security personnel that operate in our airports,
 
    
    issuing new electronic identification cards to airport personnel,
 
    
    reinforcing control of different access areas of our airports, and
 
    
    physically changing the access points to several of the restricted areas of our
airports.
  Fuel
  Our Airports
    37




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##### Table of Contents



Passengers by Flight Origin or Destination (1)
 Percentage ofRegion
    
    2004
    
    
    2005
    
    
    2006
    
    
    2007
    
    
    2008
    
    
    Total 2008Mexico(2)
    
    
    5,620
    
    
    
    5,493
    
    
    
    6,016
    
    
    
    7,489
    
    
    
    8,064
    
    
    
    45.4
    %United States
    
    
    5,928
    
    
    
    5,580
    
    
    
    5,301
    
    
    
    6,038
    
    
    
    6,526
    
    
    
    36.8
    %Europe
    
    
    1,265
    
    
    
    1,201
    
    
    
    1,354
    
    
    
    1,363
    
    
    
    1,474
    
    
    
    8.3
    %Canada
    
    
    805
    
    
    
    767
    
    
    
    851
    
    
    
    1,003
    
    
    
    1,268
    
    
    
    7.1
    %Latin America
    
    
    279
    
    
    
    280
    
    
    
    255
    
    
    
    342
    
    
    
    418
    
    
    
    2.4
    %Asia and others
    
    
    0
    
    
    
    0
    
    
    
    3
    
    
    
    4
    
    
    
    2
    
    
    
    0.0
    %Total
    
    
    13,897
    
    
    
    13,321
    
    
    
    13,780
    
    
    
    16,239
    
    
    
    17,752
    
    
    
    100
    %
 
 (1)
    
    Figures exclude passengers in transit and private aviation passengers.(2)
    
    Figures include domestic flights taken by international passengers; in 2008, such flights
accounted for 2.2% of all flights traveling within Mexico to our airports.   Airport Traffic
 Year ended December 31,2004
    
    
    2005
    
    
    2006
    
    
    2007
    
    
    2008Passengers:Total
    
    
    13,897.3
    
    
    
    13,321.3
    
    
    
    13,779.9
    
    
    
    16,238.8
    
    
    
    17,752.4Air traffic movements:(1)Total
    
    
    219.9
    
    
    
    209.9
    
    
    
    220.5
    
    
    
    262.3
    
    
    
    270.1
 
 (1)
    
    Includes landings and departures. Air traffic movement data include the Cancún
charter terminal for all periods, because ASUR earned landing fees from all landings
regardless of the terminal used.  Passenger Traffic
 Year ended December 31,2004
    
    
    2005
    
    
    2006
    
    
    2007
    
    
    2008Cancún
    
    
    10,010.7
    
    
    
    9,301.5
    
    
    
    9,728.1
    
    
    
    11,340.0
    
    
    
    12,646.5Mérida
    
    
    931.1
    
    
    
    1,021.9
    
    
    
    1,007.2
    
    
    
    1,267.5
    
    
    
    1,280.8Cozumel
    
    
    584.4
    
    
    
    486.6
    
    
    
    370.7
    
    
    
    511.1
    
    
    
    525.4Villahermosa
    
    
    673.3
    
    
    
    717.4
    
    
    
    725.0
    
    
    
    853.8
    
    
    
    959.0Oaxaca
    
    
    543.2
    
    
    
    563.7
    
    
    
    495.6
    
    
    
    514.1
    
    
    
    594.4Veracruz
    
    
    563.5
    
    
    
    579.4
    
    
    
    718.0
    
    
    
    976.6
    
    
    
    981.1Huatulco
    
    
    270.8
    
    
    
    312.0
    
    
    
    375.3
    
    
    
    375.9
    
    
    
    366.0Tapachula
    
    
    193.8
    
    
    
    192.3
    
    
    
    188.1
    
    
    
    210.9
    
    
    
    240.1Minatitlán
    
    
    126.5
    
    
    
    146.5
    
    
    
    171.9
    
    
    
    188.9
    
    
    
    159.0Total
    
    
    13,897.3
    
    
    
    13,321.3
    
    
    
    13,779.9
    
    
    
    16,238.8
    
    
    
    17,752.4
  38




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Air Traffic Movements by Airport (1)
 Year ended December 31,2004
    
    
    2005
    
    
    2006
    
    
    2007
    
    
    2008Cancún
    
    
    97,575
    
    
    
    93,761
    
    
    
    97,228
    
    
    
    114,067
    
    
    
    121,397Mérida
    
    
    26,534
    
    
    
    25,449
    
    
    
    27,610
    
    
    
    34,686
    
    
    
    33,207Cozumel
    
    
    14,355
    
    
    
    13,381
    
    
    
    12,122
    
    
    
    13,801
    
    
    
    16,283Villahermosa
    
    
    22,267
    
    
    
    19,892
    
    
    
    21,098
    
    
    
    27,351
    
    
    
    25,295Oaxaca
    
    
    17,502
    
    
    
    17,796
    
    
    
    16,148
    
    
    
    15,578
    
    
    
    17,866Veracruz
    
    
    22,228
    
    
    
    20,520
    
    
    
    24,905
    
    
    
    32,308
    
    
    
    31,243Huatulco
    
    
    6,152
    
    
    
    6,996
    
    
    
    7,179
    
    
    
    7,041
    
    
    
    6,978Tapachula
    
    
    7,686
    
    
    
    6,169
    
    
    
    6,621
    
    
    
    7,441
    
    
    
    9,765Minatitlán
    
    
    5,598
    
    
    
    5,937
    
    
    
    7,625
    
    
    
    9,999
    
    
    
    8,050Total
    
    
    219,897
    
    
    
    209,901
    
    
    
    220,536
    
    
    
    262,272
    
    
    
    270,084
 
 (1)
    
    Includes departures and landings.  Air Traffic Movements by Aviation Category
 Year ended December 31,2004
    
    
    2005
    
    
    2006
    
    
    2007
    
    
    2008Commercial Aviation
    
    
    162,596
    
    
    
    157,686
    
    
    
    168,711
    
    
    
    203,513
    
    
    
    210,248Charter Aviation
    
    
    23,061
    
    
    
    20,004
    
    
    
    17,747
    
    
    
    19,958
    
    
    
    17,341General Aviation(1)
    
    
    34,240
    
    
    
    32,211
    
    
    
    34,078
    
    
    
    38,801
    
    
    
    42,495Total
    
    
    219,897
    
    
    
    209,901
    
    
    
    220,536
    
    
    
    262,272
    
    
    
    270,084
 
 (1)
    
    General aviation generally consists of small private aircraft. Cancún International Airport
    39




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40




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Mérida International Airport
    41




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Cozumel International Airport
     42




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Villahermosa International Airport
     Oaxaca International Airport
     43




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Veracruz International Airport
    Huatulco International Airport
   Tapachula International Airport
 ,
  44




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##### Table of Contents



Minatitlán Airport
    Other Properties
  1.
    
    Present a master development plan for the land (which we have already completed);2.
    
    Submit architectural plans for the development by May 15, 2009 (extended to May 15,
2010 by FONATUR);3.
    
    Apply for the relevant environmental permits within 90 days of the submission of
architectural plans;4.
    
    Begin construction within 90 days of approval of the environmental permits; and5.
    
    Begin operations of the hotel within 975 days of beginning construction.
  45




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Principal Air Traffic Customers
     Principal Air Traffic Customers
 Percentage of ASUR RevenuesYear ended December 31,2006
    
    
    2007
    
    
    2008CustomerAerovías Caribe, S.A. de C.V. (Click)
    
    
    3.5
    %
    
    
    3.6
    %
    
    
    5.2
    %Compania
Mexicana de Aviacion, S.A. de C.V. (Mexicana)
    
    
    9.1
    %
    
    
    7.1
    %
    
    
    5.0
    %AMR Corp. (American Airlines)
    
    
    5.8
    %
    
    
    4.7
    %
    
    
    4.7
    %Continental Airlines, Inc.
    
    
    4.7
    %
    
    
    4.5
    %
    
    
    4.5
    %Aerovías de Mexico, S.A. de C.V. (Aeromexico)
    
    
    5.9
    %
    
    
    4.9
    %
    
    
    4.0
    %Consorcio Aviaxsa, S.A. de C.V.
    
    
    4.2
    %
    
    
    3.9
    %
    
    
    3.2
    %US Airways Group, Inc.
    
    
    3.0
    %
    
    
    3.0
    %
    
    
    3.0
    %Aviation Support S.A. de C.V.
    
    
    2.9
    %
    
    
    2.4
    %
    
    
    2.9
    %Delta Air Lines, Inc.
    
    
    2.4
    %
    
    
    2.5
    %
    
    
    2.4
    %Aviacion Comercial Especializada S.A. de C.V.
    
    
    3.0
    %
    
    
    2.1
    %
    
    
    2.0
    %Air Canada
    
    
    0.8
    %
    
    
    0.8
    %
    
    
    0.9
    %Other
    
    
    55.0
    %
    
    
    60.8
    %
    
    
    62.2
    %Total
    
     
    100.0
    %
    
     
    100.0
    %
    
     
    100.0
    %
  46




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Seasonality
  Competition
     47




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##### Table of Contents



REGULATORY FRAMEWORK
 Sources of Regulation
  
    
    the Mexican Airport Law, enacted December 22, 1995,
 
    
    the regulations to the Mexican Airport Law, enacted February 17, 2000,
 
    
    the Mexican Communications Law, enacted February 19, 1940,
 
    
    the Mexican Civil Aviation Law, enacted May 12, 1995,
 
    
    the Mexican Federal Duties Law, enacted December 31, 1981,
 
    
    the Mexican National Assets Law, enacted May 20, 2004, and
 
    
    the concessions that entitle our subsidiaries to operate our nine airports, which were
granted in 1998 and amended in 1999.
    48




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##### Table of Contents



Role of the Ministry of Communications and Transportation
  
    
    grant, modify and revoke concessions for the operation of airports,
 
    
    establish air transit rules and rules regulating take-off and landing schedules
through the Mexican air traffic control authority,
 
    
    take all necessary action to create an efficient, competitive and non-discriminatory
market for airport-related services,
 
    
    approve any transaction or transactions that directly or indirectly may result in a
change of control of a concession holder,
 
    
    approve the master development plans prepared by each concession holder every five
years,
  49




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##### Table of Contents




    
    determine each airports maximum rates,
 
    
    approve any agreements entered into between a concession holder and a third party
providing airport or complementary services at its airport,
 
    
    establish safety regulations,
 
    
    monitor airport facilities to determine their compliance with the Mexican Airport
Law, other applicable laws and the terms of the concessions, and
 
    
    impose penalties for failure to observe and perform the rules under the Mexican
Airport Law, the Mexican Airport Law regulations and the concessions.
  New Regulatory Agency
  Scope of Concessions and General Obligations of Concession Holders
    50




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Classification of Services Provided at Airports
  
    
    Airport Services.Airport services may be rendered only by the holder of a
concession or a third party that has entered into an agreement with the concession
holder to provide such services. These services include: the use of airport runways,
taxiways and aprons for landing, aircraft parking and departure, the use of hangars,
passenger walkways, transport buses and automobile parking facilities, the provision
of airport security services, rescue and firefighting services, ground traffic control,
lighting and visual aids, the general use of terminal space and other infrastructure
by aircraft, passengers and cargo, and the provision of access to an airport to third
parties providing complementary services (as defined in the Mexican Airport Law) and
third parties providing permanent ground transport services (such as taxis).
 
    
    Complementary Services.Complementary services may be rendered by an airline, by
the airport operator or by a third party under agreements with airlines or the airport
operator. These services include: ramp and handling services, passenger check-in,
and aircraft security, catering, cleaning, maintenance, repair and fuel supply and
related activities that provide support to air carriers.
 
    
    Commercial Services.Commercial services involve services that are not considered
essential to the operation of an airport or aircraft, and include: the leasing of
space to retailers, restaurants and banks and advertising.
   force majeure force majeure force majeure
  52




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Master Development Plans
   
    
    airport growth and development expectancies,
 
    
    fifteen-year projections for air traffic demand (including passenger, cargo and
operations),
 
    
    construction, conservation, maintenance, expansion and modernization programs for
infrastructure, facilities and equipment,
 
    
    five-year detailed investment program and planned major investments for the
following ten years,
 
    
    probable sources of financing,
 
    
    descriptive airport plans, and
 
    
    environmental protection measures.
   53




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Committed Investments
 Committed InvestmentsYear ended December 31,Airport
    
    2009
    
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    Totals(millions of constant pesos as of December 31, 2008)(1)Cancún
    
    Ps.
    582.0
    (2)
    
    Ps.
    625.0
    (2)
    
    Ps.
    424.5
    (2)
    
    Ps.
    447.6
    (2)
    
    Ps.
    334.6
    (2)
    
    Ps.
    2,413.7
    (2)Cozumel
    
    
    17.5
    
    
    
    42.1
    
    
    
    14.2
    
    
    
    33.7
    
    
    
    10.2
    
    
    
    117.7Huatulco
    
    
    52.9
    
    
    
    151.0
    
    
    
    70.4
    
    
    
    59.3
    
    
    
    9.8
    
    
    
    343.4Mérida
    
    
    80.8
    
    
    
    128.2
    
    
    
    72.8
    
    
    
    16.3
    
    
    
    6.1
    
    
    
    304.2Minatitlán
    
    
    20.6
    
    
    
    24.9
    
    
    
    6.6
    
    
    
    3.6
    
    
    
    3.8
    
    
    
    59.5Oaxaca
    
    
    48.1
    
    
    
    139.0
    
    
    
    62.0
    
    
    
    42.5
    
    
    
    17.8
    
    
    
    309.4Tapachula
    
    
    7.6
    
    
    
    5.7
    
    
    
    4.7
    
    
    
    2.5
    
    
    
    39.7
    
    
    
    60.2Veracruz
    
    
    48.1
    
    
    
    310.1
    
    
    
    248.0
    
    
    
    119.0
    
    
    
    67.6
    
    
    
    792.8Villahermosa
    
    
    45.9
    
    
    
    163.6
    
    
    
    81.4
    
    
    
    6.6
    
    
    
    34.8
    
    
    
    332.3Total
    
    Ps.
    903.5
    
    
    Ps.
    1,589.6
    
    
    Ps.
    984.6
    
    
    Ps.
    731.1
    
    
    Ps.
    524.4
    
    
    Ps.
    4,733.2
 
 (1)
    
    Based on the Mexican construction price index in accordance with the terms of our master
development plan.(2)
    
    Prior to December 31, 2008, we invested a total of Ps. 1,667.7 million in the construction of
Terminal 3 and the construction of the second runway at Cancún airport. As a result, the
Ministry of Communications has applied Ps. 1,054.8 million of this amount to the satisfaction
of our committed investments at Cancún airport for 2009 through 2013, of which approximately
Ps. 211 million was allocated to each calendar year. The amounts reflected above are the
total amount of committed investments, and do not include deductions for these amounts.  54




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Committed Investments
    
    
    Indicative InvestmentsJanuary 1, 2009 
    
    
    January 1, 2014 
    
    
    January 1, 2019 Airport
    
    December 31, 2013
    
    
    December 31, 2018
    
    
    December 31, 2023(millions of constant pesos as of December 31, 2008)(1)Cancún
    
    Ps.
    2,413.7
    (2)
    
    Ps.
    1,207.5
    (2)
    
    Ps.
    793.9Cozumel
    
    
    117.7
    
    
    
    121.5
    
    
    
    89.6Huatulco
    
    
    343.4
    
    
    
    71.9
    
    
    
    48.1Mérida
    
    
    304.2
    
    
    
    125.5
    
    
    
    82.5Minatitlán
    
    
    59.5
    
    
    
    59.8
    
    
    
    36.7Oaxaca
    
    
    309.4
    
    
    
    67.1
    
    
    
    85.1Tapachula
    
    
    60.2
    
    
    
    42.0
    
    
    
    20.5Veracruz
    
    
    792.8
    
    
    
    136.5
    
    
    
    170.1Villahermosa
    
    
    332.3
    
    
    
    257.3
    
    
    
    56.1Total
    
    Ps.
    4,733.2
    
    
    Ps.
    2,089.1
    
    
    Ps.
    1,382.6
 
 (1)
    
    Based on the Mexican construction price index in accordance with the terms of our master
development plan.(2)
    
    Prior to December 31, 2008, we invested a total of Ps. 1,667.7 million in the construction of
Terminal 3 and the construction of the second runway at Cancún airport. As a result, the
Ministry of Communications has applied Ps. 1,054.8 million of this amount to the satisfaction
of our committed investments at Cancún airport for 2009 through
2013, and Ps. 612.9 million to the
satisfaction of our indicative investments for 2014 through 2018. The amounts reflected above
are the total amount of committed and indicative investments, and do not include deductions
for these amounts.  Price Regulation
   55




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Regulated Revenues
   
    
    revenues from airport services (as defined under the Mexican Airport Law), other
than automobile parking, and
 
    
    access fees earned from third parties providing complementary services, other than
those related to the establishment of administrative quarters that the Ministry of
Communications and Transportation determines to be non-essential.
   Current Maximum Rates
   56




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Maximum Rates(1)(2)Year ended December 31,2009
    
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013Cancún
    
    Ps.
    134.03
    
    
    Ps.
    133.09
    
    
    Ps.
    132.16
    
    
    Ps.
    131.23
    
    
    Ps.
    130.32Mérida
    
    
    125.04
    
    
    
    124.17
    
    
    
    123.29
    
    
    
    122.42
    
    
    
    121.58Cozumel
    
    
    185.88
    
    
    
    184.58
    
    
    
    183.29
    
    
    
    182.00
    
    
    
    180.73Villahermosa
    
    
    117.07
    
    
    
    116.26
    
    
    
    115.44
    
    
    
    114.63
    
    
    
    113.83Oaxaca
    
    
    132.76
    
    
    
    131.83
    
    
    
    130.91
    
    
    
    130.00
    
    
    
    129.08Veracruz
    
    
    112.06
    
    
    
    111.27
    
    
    
    110.49
    
    
    
    109.72
    
    
    
    108.95Huatulco
    
    
    120.71
    
    
    
    119.86
    
    
    
    119.02
    
    
    
    118.19
    
    
    
    117.36Tapachula
    
    
    246.22
    
    
    
    244.50
    
    
    
    242.79
    
    
    
    241.09
    
    
    
    239.41Minatitlán
    
    
    214.38
    
    
    
    212.88
    
    
    
    211.39
    
    
    
    209.91
    
    
    
    208.44
 
 (1)
    
    Expressed in adjusted pesos as of December 31, 2008 based on the Mexican producer price index
(excluding petroleum).(2)
    
    Our concessions provide that each airports maximum rate may be adjusted annually to take
account of projected improvements in efficiency. For the five-year period ending December 31,
2013, the maximum rates applicable to our airports reflect a projected annual efficiency
improvement of 0.70%. Methodology For Determining Future Maximum Rates
  
    
    Projections for the fifteen-year period of workload units (each of which is
equivalent to one passenger or 100 kilograms (220 pounds) of cargo), operating costs
and expenses (excluding amortization and depreciation) related to services subject to
price regulation.
 
    
    Projections for the fifteen-year period of capital expenditures related to regulated
services, based on air traffic forecasts and quality of standards for services to be
derived from the master development plans.
 
    
    Reference values, which were established in the concessions and are designed to
reflect the net present value of the regulated revenues minus the corresponding
regulated operating costs and expenses (excluding amortization and depreciation), and
capital expenditures related to the provision of regulated services plus a terminal
value.
 
    
    A discount rate to be determined by the Ministry of Communications and
Transportation. The concessions provide that the discount rate shall reflect the cost
of capital to Mexican and international companies in the airport industry (on a pre-tax
basis), as well as Mexican economic conditions. The concessions provide that the
discount rate shall be at least equal to the average yield of long-term Mexican
government debt securities quoted in the international markets during the prior twenty
four months plus a risk premium to be determined by the Ministry of Communications and
Transportation based on the inherent risk of the airport business in Mexico.
  57




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Special Adjustments to Maximum Rates
  
    
    Change in law or natural disasters.A concession holder may request an adjustment
in its maximum rates if a change in law with respect to quality standards or safety and
environmental protection results in operating costs or capital expenditures that were
not contemplated when its maximum rates were determined. In addition, a
concession holder may also request an adjustment in its maximum rates if a natural
disaster affects demand or requires unanticipated capital expenditures. There can be no
assurance that any request on these grounds would be approved, or that we would make
such a request.
  58




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##### Table of Contents




    
    Macroeconomic conditions.A concession holder may also request an adjustment in its
maximum rates if, as a result of a decrease of at least 5% in Mexican gross domestic
product in a 12-month period, the workload units processed in the concession holders
airport are less than that projected when its maximum rates were determined. To grant
an adjustment under these circumstances, the Ministry of Communications and
Transportation must have already allowed the concession holder to decrease its
projected capital improvements as a result of the decline in passenger traffic volume.
There can be no assurance that any request on these grounds would be approved, or that
we would make such a request.
 
    
    Increase in concession fee under Mexican Federal Duties Law.An increase in duty
payable by a concession holder under the Mexican Federal Duties Law entitles the
concession holder to request an adjustment in its maximum rates. There can be no
assurance that any request on these grounds would be approved.
 
    
    Failure to make required investments or improvements.The Ministry of
Communications and Transportation annually is required to review each concession
holders compliance with its master development plan (including the provision of
services and the making of capital investments). If a concession holder fails to
satisfy any of the investment commitments contained in its master development plan, the
Ministry of Communications and Transportation is entitled to decrease the concession
holders maximum rates and assess penalties.
 
    
    Excess revenues.In the event that revenues subject to price regulation per
workload unit in any year exceed the applicable maximum rate, the maximum rate for the
following year will be decreased to compensate airport users for overpayment in the
previous year. Under these circumstances, the Ministry of Communications and
Transportation is also entitled to assess penalties against the concession holder.
  Ownership Commitments and Restrictions
   59




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Reporting, Information and Consent Requirements
   
    
    if a person acquires 35% or more of the shares of a concession holder,
 
    
    if a person has the ability to control the outcome of meetings of the stockholders
of a concession holder,
 
    
    if a person has the ability to appoint a majority of the members of the board of
directors of a concession holder, and
 
    
    if a person by any other means acquires control of an airport.
    60




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##### Table of Contents



Penalties and Termination and Revocation of Concessions and Concession Assets
   
    
    expiration of its term,
 
    
    surrender by the concession holder,
 
    
    revocation of the concession by the Ministry of Communications and Transportation,
 
    
    reversion (rescate) of the Mexican government-owned assets that are the subject of
the concession (principally real estate, improvements and other infrastructure),
 
    
    inability to achieve the purpose of the concession, except in the event of force
majeure, or
 
    
    dissolution, liquidation or bankruptcy of the concession holder.
     61




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##### Table of Contents




    
    the failure by a concession holder to begin operating, maintaining and developing an
airport pursuant to the terms established in the concession,
 
    
    the failure by a concession holder to maintain insurance as required under the
Mexican Airport Law,
 
    
    the assignment, encumbrance, transfer or sale of a concession, any of the rights
thereunder or the assets underlying the concession in violation of the Mexican Airport
Law,
 
    
    any alteration of the nature or condition of an airports facilities without the
authorization of the Ministry of Communications and Transportation,
 
    
    consent to the use, or without the approval of air traffic control authorities, of
an airport by any aircraft that does not comply with the requirements of the Mexican
Civil Aviation Law, that has not been authorized by the Mexican air traffic control
authority, or that is involved in the commission of a felony,
 
    
    knowingly appointing or maintaining a chief executive officer or board member of a
concession holder that is not qualified to perform his functions under the law as a
result of having violated criminal laws,
 
    
    a violation of the safety regulations established in the Mexican Airport Law and
other applicable laws,
 
    
    a total or partial interruption of the operation of an airport or its airport or
complementary services without justified cause,
 
    
    the failure of ASUR to own at least 51% of the capital stock of its subsidiary
concession holders,
 
    
    the failure to maintain the airports facilities,
 
    
    the provision of unauthorized services,
 
    
    the failure to indemnify a third party for damages caused by the provision of
services by the concession holder or a third-party service provider,
 
    
    charging prices higher than those registered with the Ministry of Communications and
Transportation for regulated services or exceeding the applicable maximum rate,
  62




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
    
    any act or omission that impedes the ability of other service providers or
authorities to carry out their functions within the airport, or
 
    
    any other failure to comply with the Mexican Airport Law, its regulations and the
terms of a concession.
  rescate
 requisa daños y perjuicios valor real daños perjuicios
 Grants of New Concessions
  
    
    parties who hold permits to operate civil aerodromes and intend to transform the
aerodrome into an airport so long as (i) the proposed change is consistent with the
national airport development programs and policies, (ii) the civil aerodrome has been
in continuous operation for the previous five years and (iii) the permit holder complies
with all requirements of the concession,
  63




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##### Table of Contents




    
    current concession holders when necessary to meet increased demand so long as (i) a
new airport is necessary to increase existing capacity, (ii) the operation of both
airports by a single concession holder is more efficient than other options, and (iii)
the concession holder complies with all requirements of the concession,
 
    
    current concession holders when it is in the public interest for their airport to be
relocated,
 
    
    entities in the federal public administration, and
 
    
    commercial entities in which local or municipal governments have a majority equity
interest if the entities corporate purpose is to manage, operate, develop and/or
construct airports.
 Environmental Matters
   64




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Procuraduria Federal de Proteccion Ambiental
  65




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ORGANIZATIONAL STRUCTURE
  Subsidiary
    
    Ownership InterestAeropuerto de Cancún, S.A. de C.V.
    
    
    99.99
    %Aeropuerto de Cozumel, S.A. de C.V.(1)
    
    
    99.99
    %Aeropuerto de Mérida, S.A. de C.V.
    
    
    99.99
    %Aeropuerto de Huatulco, S.A. de C.V.(2)
    
    
    99.99
    %Aeropuerto de Oaxaca, S.A. de C.V.
    
    
    99.99
    %Aeropuerto de Veracruz, S.A. de C.V.(3)
    
    
    99.99
    %Aeropuerto de Villahermosa, S.A. de C.V.
    
    
    99.99
    %Aeropuerto de Tapachula, S.A. de C.V.(4)
    
    
    99.99
    %Aeropuerto de Minatitlán, S.A. de C.V.(5)
    
    
    99.99
    %Servicios Aeroportuarios del Sureste, S.A. de C.V.
    
    
    99.99
    %RH Asur, S.A. de C.V.
    
    
    99.99
    %
 (1)
    
    As of January 2005, Aeropuerto de Cancún, S.A. de C.V., has an 18.1% equity participation in
this airport.(2)
    
    As of January 2005, Aeropuerto de Cancún, S.A. de C.V., has a 24.2% equity participation in
this airport.(3)
    
    As of January 2005, Aeropuerto de Cancún, S.A. de C.V., has an 8.9% equity participation in
this airport.(4)
    
    As of January 2005, Aeropuerto de Cancún, S.A. de C.V., has a 30.0% equity participation in
this airport.(5)
    
    As of October 2007, Aeropuerto de Cancún, S.A. de C.V., has a 23.4% equity participation in
this airport.  
 PROPERTY, PLANT AND EQUIPMENT
   66




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Item 4A. Unresolved Staff Comments
  
 Item 5. Operating and Financial Review and Prospects
   Overview
    67




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##### Table of Contents



Recent Developments
 Influenza H1N1
   Economic Downturn
   68




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##### Table of Contents



Depreciation in the Peso
   69




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##### Table of Contents



Master Development Plans and Maximum Rates
  Opening of Terminal 3 at Cancún Airport
   70




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##### Table of Contents



Mayan Riviera Airport Bidding Process
  Mayan Riviera Convention and Exhibition Center and Light Rail
  New Runway 2 at Cancún Airport
  Huatulco Development Project
  AVIACSA Operations Suspended
   71




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Passenger Traffic Volume and Composition
    Classification of Revenues and Price Regulation
   72




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Year ended December 31,2006
    
    
    2007
    
    
    2008(millions of constant pesos as of December 31, 2007, except percentages)
    
    
    (thousands of nominal pesos)Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentRegulated Revenues:Airport Services(1)
    
    
    1,734.4
    
    
    
    74.7
    %
    
    
    1,991.7
    
    
    
    71.5
    %
    
    
    2,211.2
    
    
    
    69.8
    %Non-regulated Revenues:Access fees from non-permanent
ground transportation
    
    
    9.0
    
    
    
    0.4
    %
    
    
    12.1
    
    
    
    0.4
    %
    
    
    14.7
    
    
    
    0.5
    %Car parking and related access fees
    
    
    39.1
    
    
    
    1.7
    %
    
    
    47.6
    
    
    
    1.7
    %
    
    
    48.4
    
    
    
    1.5
    %Other fees
    
    
    2.4
    
    
    
    0.1
    %
    
    
    4.2
    
    
    
    0.2
    %
    
    
    3.2
    
    
    
    0.1
    %Complementary Services(1)
    
    
    0
    
    
    
    0.0
    %
    
    
    0
    
    
    
    0.0
    %
    
    
    0
    
    
    
    0.0
    %Commercial Services
    
    
    513.1
    
    
    
    22.1
    %
    
    
    684.8
    
    
    
    24.6
    %
    
    
    841.0
    
    
    
    26.5
    %Other Services
    
    
    24.9
    
    
    
    1.0
    %
    
    
    45.6
    
    
    
    1.6
    %
    
    
    50.2
    
    
    
    1.6
    %Total
    
    
    2,323.1
    
    
    
    100.0
    %
    
    
    2,785.9
    
    
    
    100.0
    %
    
    
    3,168.7
    
    
    
    100.0
    %
 
 (1)
    
    Includes access fees charged to third parties providing complementary services in our
airports, which are classified as non-aeronautical revenues for financial reporting purposes. Aeronautical Revenue
   73




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Aeronautical Revenue
 Year ended December 31,2006
    
    
    2007
    
    
    2008(millions of constant pesos as of December 31, 2007, exceptpercentages and workload unit data)
    
    
    (millions of nominal pesos)Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentAeronautical Revenue:Passenger charges
    
    
    1,267.6
    
    
    
    76.9
    %
    
    
    1,449.8
    
    
    
    76.7
    %
    
    
    1,633.2
    
    
    
    77.7
    %Landing charges
    
    
    122.0
    
    
    
    7.4
    %
    
    
    133.9
    
    
    
    7.1
    %
    
    
    140.5
    
    
    
    6.7
    %Aircraft parking charges
    
    
    203.2
    
    
    
    12.3
    %
    
    
    248.3
    
    
    
    13.1
    %
    
    
    264.9
    
    
    
    12.6
    %Airport security charges
    
    
    23.6
    
    
    
    1.5
    %
    
    
    26.8
    
    
    
    1.4
    %
    
    
    29.4
    
    
    
    1.4
    %Passenger walkway charges
    
    
    31.2
    
    
    
    1.9
    %
    
    
    32.2
    
    
    
    1.7
    %
    
    
    33.9
    
    
    
    1.6
    %Total Aeronautical Revenue
    
    
    1,647.6
    
    
    
    100.0
    %
    
    
    1,891.0
    
    
    
    100.0
    %
    
    
    2,101.9
    
    
    
    100.0
    %Other Information:Total workload units(1)
    
    
    14.3
    
    
    
    
    
    
    
    16.7
    
    
    
    
    
    
    
    18.2Total aeronautical revenue per workload unit
    
    
    115.2
    
    
    
    
    
    
    
    113.2
    
    
    
    
    
    
    
    115.5Change in aeronautical revenue
    
    
    4.5
    %
    
    
    
    
    
    
    14.8
    %
    
    
    
    
    
    
    11.2
    %Change in total aeronautical
revenues per workload unit(2)
    
    
    0.8
    %
    
    
    
    
    
    
    (1.7
    %)
    
    
    
    
    
    
    2.0
    %
 
 (1)
    
    In millions. Under the regulation applicable to our aeronautical revenues, a workload unit
is equivalent to one terminal passenger or 100 kilograms (220 pounds) of cargo.(2)
    
    In each case, as compared to previous year.   74




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Passengers Paying Passenger Charges
 Year ended December 31,% change
    
    
    
    
    
    
    % changeAirport
    
    2006
    
    
    2007
    
    
    2006-2007
    
    
    2008
    
    
    2007-2008(in thousands, except percentages)Cancún
    
    
    4,820.2
    
    
    
    5,630.9
    
    
    
    16.8
    %
    
    
    6,276.4
    
    
    
    11.5
    %Mérida
    
    
    490.0
    
    
    
    623.1
    
    
    
    27.2
    %
    
    
    627.8
    
    
    
    0.8
    %Cozumel(1)
    
    
    182.3
    
    
    
    253.9
    
    
    
    39.3
    %
    
    
    261.0
    
    
    
    2.8
    %Villahermosa
    
    
    359.7
    
    
    
    426.9
    
    
    
    18.7
    %
    
    
    479.6
    
    
    
    12.3
    %Other
    
    
    977.2
    
    
    
    1,137.6
    
    
    
    16.4
    %
    
    
    1,176.8
    
    
    
    3.4
    %Total
    
    
    6,829.4
    
    
    
    8,072.4
    
    
    
    18.2
    %
    
    
    8,821.6
    
    
    
    9.3
    %
 
 (1)
    
    The decrease in 2006 reflected the decrease in passenger volume due to Hurricane Wilma, which
recovered strongly in 2007.   75




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##### Table of Contents



Non-Aeronautical Revenue
   Non-aeronautical Revenue
 Year ended December 31,2006
    
    
    2007
    
    
    2008(millions of constant pesos as of December 31, 2007, exceptpercentages and passenger data)
    
    
    (millions of nominal pesos)Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentNon-aeronautical Services:Commercial
    
    
    522.2
    
    
    
    77.3
    %
    
    
    687.4
    
    
    
    76.8
    %
    
    
    841.2
    
    
    
    78.9
    %Leasing of space
    
    
    511.9
    
    
    
    75.8
    %
    
    
    673.3
    
    
    
    75.2
    %
    
    
    824.8
    
    
    
    77.3
    %Access fee
    
    
    9.0
    
    
    
    1.3
    %
    
    
    12.1
    
    
    
    1.4
    %
    
    
    14.7
    
    
    
    1.4
    %Other
    
    
    1.3
    
    
    
    0.2
    %
    
    
    2.0
    
    
    
    0.2
    %
    
    
    1.7
    
    
    
    0.2
    %Non Commercial
    
    
    153.3
    
    
    
    22.7
    %
    
    
    207.5
    
    
    
    23.2
    %
    
    
    225.6
    
    
    
    21.1
    %Leasing of space
    
    
    53.6
    
    
    
    7.9
    %
    
    
    58.1
    
    
    
    6.5
    %
    
    
    61.8
    
    
    
    5.8
    %Access fee
    
    
    64.8
    
    
    
    9.6
    %
    
    
    79.7
    
    
    
    8.9
    %
    
    
    82.6
    
    
    
    7.7
    %Other
    
    
    34.9
    
    
    
    5.2
    %
    
    
    69.7
    
    
    
    7.8
    %
    
    
    81.2
    
    
    
    7.6
    %Total Non-aeronautical Revenue
    
    
    675.5
    
    
    
    100.0
    %
    
    
    894.9
    
    
    
    100.0
    %
    
    
    1,066.8
    
    
    
    100.0
    %Other Information:Total terminal passengers(1)
    
    
    13.8
    
    
    
    
    
    
    
    16.2
    
    
    
    
    
    
    
    17.8Non-aeronautical revenue per
terminal passenger(3)
    
    Ps.
    48.9
    
    
    
    
    
    
    Ps.
    55.2
    
    
    
    
    
    
    Ps.
    59.9Change in non-aeronautical
revenue
    
    
    3.8
    %
    
    
    
    
    
    
    32.5
    %
    
    
    
    
    
    
    19.2
    %Change in total non-aeronautical
revenue per terminal passenger(2)
    
    
    0.02
    %
    
    
    
    
    
    
    12.9
    %
    
    
    
    
    
    
    8.5
    %
 
 (1)
    
    In millions.(2)
    
    In each case, as compared to previous year.(3)
    
    Revenue per passenger amounts are expressed in pesos (not millions of pesos).  76




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Operating Costs
  Operating Costs
 Year ended December 31,2006
    
    
    2007
    
    
    2008(millions of constant pesos as of December 31, 2007, exceptpercentages and workload data)
    
    
    (millions of nominal pesos)Amount
    
    
    Amount
    
    
    % change
    
    
    Amount
    
    
    % changeOperating Costs:Cost of services:Employee costs
    
    
    222.3
    
    
    
    239.6
    
    
    
    7.8
    %
    
    
    276.6
    
    
    
    15.4
    %Maintenance
    
    
    107.1
    
    
    
    118.3
    
    
    
    10.5
    %
    
    
    146.1
    
    
    
    23.5
    %Safety, security and
insurance
    
    
    98.5
    
    
    
    107.4
    
    
    
    9.0
    %
    
    
    111.3
    
    
    
    3.6
    %Utilities
    
    
    62.8
    
    
    
    79.1
    
    
    
    26.0
    %
    
    
    98.0
    
    
    
    23.9
    %Other
    
    
    174.6
    
    
    
    199.2
    
    
    
    14.1
    %
    
    
    178.1
    
    
    
    (10.6
    %)Total cost of services
    
    
    665.3
    
    
    
    743.6
    
    
    
    11.8
    %
    
    
    810.1
    
    
    
    8.9
    %General and administrative expenses
    
    
    101.2
    
    
    
    104.0
    
    
    
    2.8
    %
    
    
    114.2
    
    
    
    9.8
    %Technical assistance fee
    
    
    73.7
    
    
    
    91.9
    
    
    
    24.7
    %
    
    
    104.5
    
    
    
    13.7
    %Government concession fee
    
    
    116.0
    
    
    
    139.3
    
    
    
    20.0
    %
    
    
    154.8
    
    
    
    11.1
    %Depreciation and amortization:Depreciation(1)
    
    
    231.8
    
    
    
    288.0
    
    
    
    24.2
    %
    
    
    379.2
    
    
    
    31.7
    %Amortization(2)
    
    
    274.3
    
    
    
    252.8
    
    
    
    (7.8
    %)
    
    
    222.3
    
    
    
    (12.1
    %)Total depreciation and amortization
    
    
    506.1
    
    
    
    540.8
    
    
    
    6.9
    %
    
    
    601.5
    
    
    
    11.2
    %Total operating costs
    
    
    1,462.3
    
    
    
    1,619.6
    
    
    
    10.8
    %
    
    
    1,785.1
    
    
    
    10.2
    %Other Information:Total workload units(3)
    
    
    14,252.9
    
    
    
    16,654.2
    
    
    
    16.8
    %
    
    
    18,208.4
    
    
    
    9.3
    %Cost of services per workload unit(5)
    
    Ps.
    46.7
    
    
    Ps.
    44.6
    
    
    
    (4.5
    %)
    
    Ps.
    44.5
    
    
    
    (0.2
    %)Cost of services margin(4)
    
    
    28.6
    %
    
    
    26.7
    %
    
    
    (6.8
    %)
    
    
    25.6
    %
    
    
    (4.2
    %)
 
 (1)
    
    Reflects depreciation of fixed assets.(2)
    
    Reflects amortization of our concessions and recovered long-term leases (long-term
third-party leases granted by our predecessor to operate commercial areas in our airports).(3)
    
    In thousands. Under the regulation applicable to our aeronautical revenues, a workload unit
is equivalent to one terminal passenger or 100 kilograms (220 pounds) of cargo.(4)
    
    Cost of services divided by total revenues, expressed as a percentage.(5)
    
    Cost of services per workload unit are expressed in pesos (not millions of pesos). Cost of Services
  Technical Assistance Fee and Government Concession Fee
   77




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Depreciation and Amortization
  Taxation
 Indice Nacional de Precios al
Consumidor
 Impuesto Empresarial a Tasa Única
  78




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##### Table of Contents



Employee Statutory Profit Sharing
  Effects of Devaluation and Inflation
  
    
    the percentage that the Mexican peso depreciated or appreciated against the U.S.
dollar;
 
    
    the Mexican inflation rate;
 
    
    the U.S. inflation rate; and
 
    
    the percentage that the Mexican gross domestic product, or GDP, changed as compared
to the previous period.
 Year ended December 31,2006
    
    
    2007
    
    
    2008Depreciation (appreciation) of the Mexican Peso as
compared to the U.S. dollar(1)
    
    
    1.7%
    
    
    
    0.96%
    
    
    
    26.7%Mexican inflation rate(2)
    
    
    4.1%
    
    
    
    3.8%
    
    
    
    6.5%U.S. inflation rate(3)
    
    
    2.5%
    
    
    
    4.1%
    
    
    
    0.1%Increase in Mexican gross domestic product(4)
    
    
    4.8%
    
    
    
    3.3%
    
    
    
    1.3%
 
 (1)
    
    Based on changes in the rates for calculating foreign exchange liabilities, as reported by
Banco de Mexico, the Mexican Central Bank, at the end of each period, which were as follows:
Ps. 10.8116 per U.S. dollar as of December 31, 2006, Ps. 10.9157 per U.S. dollar as of
December 31, 2007 and Ps. 13.8325 per U.S. dollar as of December 31, 2008.(2)
    
    Based on changes in the Mexican consumer price index from the previous period, as reported by
the Banco de Mexico. The Mexican consumer price index at year end was: 121.0150 in 2006,
125.5640 in 2007 and 133.7610 in 2008.(3)
    
    As reported by the U.S. Department of Labor, Bureau of Statistics.(4)
    
    In real terms, as reported by the Mexican National Statistical, Geographic and Information
Institute (INEGI) as of February 20, 2009.  79




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##### Table of Contents




    
    Depreciation and amortization expense.Until December 31, 2007, we restated our
non-monetary assets to give effect to inflation. The restatement of these assets in
periods of high inflation increased the carrying value of these assets in pesos, which
in turn increased the related depreciation expense and risk of impairments. In 2008, we
ceased recognizing the effects of inflation, and accordingly, the carrying value of the
assets no longer increased; however, depreciation expense related to those restated
assets was still being recognized during 2008. Our airport concessions are being
amortized on a straight-line basis over the life of the concession.
 
    
    Passenger charges.Passenger charges for international passengers are currently
denominated in dollars, while passenger charges for domestic passengers are denominated
in pesos. Therefore, our passenger charges, which are stated herein in pesos, will be
affected by a depreciation or appreciation in the value of the peso as compared to the
dollar.
 
    
    Comprehensive financing result (cost).As required by Mexican FRS, our
comprehensive financing cost reflects gains or losses from foreign exchange, gains or
losses from monetary position (until January 1, 2008) and gains and losses from
interest. As a result, it is impacted by both inflation and currency depreciation.
 
    
    Maximum rates in pesos.Our tariffs for the services we provide to international
flights or international passengers are denominated in U.S. dollars, but are generally
paid in Mexican pesos based on the average exchange rate for the month prior to each
flight. We generally collect passenger charges from airlines 60-115 days following the
date of each flight. We intend to charge prices that are as close as possible to the
maximum rates that we can charge. Since we are usually only entitled to adjust our
specific prices once every six months (or earlier upon a cumulative increase of 5% in
the Mexican producer price index, excluding petroleum), a depreciation of the peso as
compared to the dollar, particularly late in the year, could cause us to exceed the
maximum rates at one or more of our airports, possibly leading to the termination of
one of our concessions. In the event that any one of our concessions is terminated,
our other concessions may also be terminated. In addition, if the peso appreciates as
compared to the dollar we may underestimate the specific prices we can charge for
regulated services and be unable to adjust our prices upwards to maximize our regulated
revenues.
   80




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##### Table of Contents



Operating Results by Airport
  Year Ended December 31,2006
    
    
    2007
    
    
    2008Airport Operating Results(millions of constant pesos as of December 31, 2007)
    
    
    (millions of nominal pesos)Cancún:Revenues:Aeronautical services
    
    Ps.
    1,210.0
    
    
    Ps.
    1,370.4
    
    
    Ps.
    1,551.8Non-aeronautical services
    
    
    547.1
    
    
    
    737.7
    
    
    
    891.5Total revenues
    
    
    1,757.1
    
    
    
    2,108.1
    
    
    
    2,443.3Net operating income
    
    
    840.9
    
    
    
    667.3
    (1)
    
    
    356.2Mérida:Revenues:Aeronautical services
    
    
    101.8
    
    
    
    124.5
    
    
    
    127.6Non-aeronautical services
    
    
    39.9
    
    
    
    47.6
    
    
    
    51.8Total revenues
    
    
    141.7
    
    
    
    172.1
    
    
    
    179.4Net operating income
    
    
    14.7
    
    
    
    22.8
    (1)
    
    
    2.5Villahermosa:Revenues:Aeronautical Services
    
    
    77.6
    
    
    
    91.0
    
    
    
    106.5Non Aeronautical Services
    
    
    23.0
    
    
    
    27.5
    
    
    
    33.4Other
    
    
    
    
    
    
    12.5Total revenues
    
    
    100.6
    
    
    
    131.0
    
    
    
    139.9Net operating income
    
    
    17.0
    
    
    
    42.7
    (1)
    
    
    27.6Other:(3)Revenues:Aeronautical services
    
    
    258.2
    
    
    
    305.1
    
    
    
    316.0Non-aeronautical services
    
    
    65.5
    
    
    
    69.6
    
    
    
    90.2Total revenues
    
    
    323.7
    
    
    
    374.7
    
    
    
    406.1Net operating (loss) income
    
    
    (11.7
    )(2)
    
    
    433.4
    (1)
    
    
    997.4Total:Revenues:Aeronautical services
    
    
    1,647.6
    
    
    
    1,891.0
    
    
    
    2,101.9Non-aeronautical services
    
    
    675.5
    
    
    
    894.9
    
    
    
    1,066.8Total revenues
    
    
    2,323.1
    
    
    
    2,785.9
    
    
    
    3,168.7Net operating income
    
    
    860.9
    
    
    
    1,166.2
    (1)
    
    
    1,383.7
 
 (1)
    
    Reflects the results of intercompany transactions between us and our subsidiaries and among
our subsidiaries. During the third quarter of 2007, we and our subsidiaries entered into an
intercompany agreement that enables us to recognize results by considering our subsidiaries as
one economic unit, and allows us to make corporate charges and credits to and from our
subsidiaries for the purpose of establishing sufficient cash flow at each subsidiary to
support such subsidiarys respective obligations. The implementation of this strategy affects
operating income results reported by individual airports but does not affect our consolidated
results.(2)
    
    The loss in 2006 reflects the decrease in passenger volume due to Hurricane Wilma. Passenger
volume recovered strongly in 2007.(3)
    
    Reflects the results of operations of our parent holding company, our administrative services
company, our airports located in Veracruz, Minatitlán, Oaxaca, Huatulco, Tapachula and Cozumel
and consolidation adjustments. 
  81




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Summary Historical Results of Operations
  Consolidated Operating Results
 Year Ended December 31,2006
    
    
    2007
    
    
    2008(thousands of constant pesos as of December 31, 2007)
    
    
    (thousands of nominal pesos)Revenues:Aeronautical services
    
    Ps.
    1,647,594
    
    
    Ps.
    1,890,950
    
    
    Ps.
    2,101,879Non-aeronautical services
    
    
    675,530
    
    
    
    894,941
    
    
    
    1,066,828Total revenues
    
    
    2,323,124
    
    
    
    2,785,891
    
    
    
    3,168,707Operating Expenses:Cost of services
    
    
    (665,275
    )
    
    
    (743,642
    )
    
    
    (810,101
    )General and administrative expenses
    
    
    (101,156
    )
    
    
    (104,019
    )
    
    
    (114,159
    )Technical assistance fee(1)
    
    
    (73,707
    )
    
    
    (91,945
    )
    
    
    (104,485
    )Government Concession fee(2)
    
    
    (116,007
    )
    
    
    (139,294
    )
    
    
    (154,752
    )Depreciation and amortization
    
    
    (506,124
    )
    
    
    (540,821
    )
    
    
    (601,513
    )Total operating expenses
    
    
    (1,462,269
    )
    
    
    (1,619,721
    )
    
    
    (1,785,010
    )Net operating income
    
    
    860,855
    
    
    
    1,166,170
    
    
    
    1,383,697Comprehensive Financing Result :Interest income, net
    
    
    103,322
    
    
    
    106,482
    
    
    
    137,454Exchange (losses) gains, net
    
    
    4,106
    
    
    
    1,612
    
    
    
    36,818Loss from monetary position
    
    
    (91,642
    )
    
    
    (92,950
    )
    
    
    0Net comprehensive financing income
    
    
    15,786
    
    
    
    15,144
    
    
    
    174,272Non ordinary items(3)
    
    
    (16,242
    )
    
    
    (2,385
    )
    
    
    (9,734
    )Income before taxes
    
    
    860,399
    
    
    
    1,178,929
    
    
    
    1,548,235Provision for taxes
    
    
    (312,432
    )
    
    
    (656,568
    )
    
    
    (498,766
    )Net income
    
    
    547,967
    
    
    
    522,361
    
    
    
    1,049,469Other Operating Data (Unaudited):Operating margin(4)
    
    
    37.1
    %
    
    
    41.9
    %
    
    
    43.7
    %Net margin(5)
    
    
    23.6
    %
    
    
    18.8
    %
    
    
    33.1
    %
 
 (1)
    
    We are required to pay ITA a technical assistance fee based on the technical assistance
agreement. This fee is described in Operating Costs Technical Assistance Fee and Government
Concession Fee.(2)
    
    Each of our subsidiary concession holders is required to pay a concession fee to the Mexican
government under the Mexican Federal Duties Law. The concession fee is currently 5% of each
concession holders gross annual revenues from the use of public domain assets pursuant to the
terms of its concession. This fee is described in Operating Costs Technical Assistance Fee
and Government Concession Fee.(3)
    
    Non-ordinary items refers to restructuring and contract termination fees and loss on natural
disasters. On January 1, 2007, we adopted Mexican FRS B-3, Statement of Income, which
incorporates, among other things, a new approach to classifying income and expenses as
ordinary and non-ordinary, eliminates special and extraordinary items and establishes
employees profit sharing as an ordinary expense and not as tax. Accordingly, our financial
statements for 2006 have also been reclassified to conform to the current year presentation.
Such reclassifications consisted of 1) Ps. 16,242 reclassified from extraordinary items to
non-ordinary items, and 2) Ps. 3,904 reclassified from provision for income taxes and
employees statutory profit sharing to general and administrative expenses.(4)
    
    Operating income divided by total revenues, expressed as a percentage.(5)
    
    Net income divided by total revenues, expressed as a percentage.  82




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##### Table of Contents



Results of operations for the year ended December 31, 2008 compared to the year ended December 31,
2007
 Revenues
     Operating Expenses and Operating Income
   83




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##### Table of Contents



Comprehensive Financing Result
   84




---



##### Table of Contents



Income Taxes, Asset Tax and deferred flat rate business tax
  Net Income
  Results of operations for the year ended December 31, 2007 compared to the year ended December 31,
2006
 Revenues
     85




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##### Table of Contents



Operating Expenses and Operating Income
        86




---



##### Table of Contents



Comprehensive Financing Result
  Income Taxes, Asset Tax and deferred flat rate business tax
  Net Income
  Liquidity and Capital Resources
 Sources of Liquidity
   87




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##### Table of Contents



Cash Flows
    Indebtedness
 Tasa de Interes
Intercambiaria de Equilibria
  Capital Expenditures
   88




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##### Table of Contents



Capital Expenditures
 Year ended December 31,
    
    (thousands of pesos)2006
    
    
    1,129,915
    (1)2007
    
    
    665,160
    (1)2008
    
    
    935,772
    (2)
 
 (1)
    
    Expressed in constant pesos as of December 31, 2008.(2)
    
    Expressed in nominal pesos.  Critical Accounting Policies
  Revenue Recognition
   89




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##### Table of Contents



Allowance for Doubtful Accounts
   90




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##### Table of Contents



Valuation of Rights to Use Airport Facilities and Airport Concessions
  Deferred Income Tax, Employees Statutory Profit Sharing, Flat Rate Business Tax, Asset Tax and
Dividend Tax
   91




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##### Table of Contents



Contingent Liabilities
  Recently Issued Accounting Standards
 Consejo Mexicano para la Investigación y Desarollo de Normas de Información
Financiera
 
    
    FRS B-7, Business Acquisitions, supersedes bulletin B-7, Business Acquisitions, which
was effective up to December 31, 2008, and establishes the general standards for valuing
and disclosing the initial recognition of net assets acquired in a business acquisition on
the acquisition date, as well as any related non-controlling participation, goodwill and
purchase gain.
 
    
    FRS B-8, Consolidated and Combined Financial Statements, supersedes Bulletin B-8,
Consolidated and Combined Financial Statements and Valuation of Permanent Share
Investments, which was effective up to December 31, 2008, and establishes the general
standards for the preparation and presentation of the consolidated and combined financial
statements; as well as for the disclosures accompanying such financial statements.
 
    
    FRS C-7, Investment in Associates and other Permanent Investments, establishes the
standards for the accounting recognition of investments in associates, as well as other
permanent investments that do not involve control, joint control or significant influence.
 
    
    FRS C-8, Intangible Assets, supersedes Bulletin C-8, Intangible Assets, which was
effective until December 31, 2008, and establishes the valuation, presentation and
disclosure rules for the initial and subsequent recognition of intangible assets acquired
individually or through a business acquisition, or internally generated during the normal
course of an entitys operation.
 
    
    FRS D-8, Shared Based Payments,supersedes the supplemental application in Mexico of
IFRS 2, Shared Based Payments, and establishes the standards for recognition of shared
based payments in financial statements.
 
    
    IFRS 14, Contracts for Construction, Sale and Rendering of Services Related to Real
Estate, is an interpretation of Bulletin D-7, Contracts for Construction and Manufacturing
of Certain Capital Goods, and relates to the recognition of income and associated costs and
expenditures arising from contracts for construction, sale and rendering of services
related to real estate. This interpretation will be effective from January 1, 2010 for
any entity that executes contracts for construction, sale and rendering of services related
to real estate. Early adoption is allowed.
  92




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Differences between Mexican FRS and U.S. GAAP
   New U.S. Accounting Standards
  
    
    In December 2007, the Financial Accounting Standards Board, or FASB published SFAS
No. 160, Non Controlling Interests in Consolidated Financial Statements, which is an
amendment of ARB No. 51. This statement addresses the reporting of minority interests in
the results of the parent and provides direction for the recording of such interests in the
financial statements. It also provides guidance for the recording of various transactions
related to the minority interests, as well as certain disclosure requirements. SFAS No. 160
will be effective for fiscal years, and interim periods beginning after December 15, 2008;
earlier adoption is prohibited and shall be applied prospectively. The presentation and
disclosure requirements shall be applied retrospectively for all periods presented.
 
    
    In December 2007, the FASB published SFAS No. 141-R, which replaces SFAS No. 141,
Business Combinations. This statement improves the reporting of information about a
business combination and its effects. This statement establishes principles and
requirements for how the acquirer will recognize and measure the identifiable assets
acquired, the liabilities assumed, and any non-controlling interest in the acquisition.
Also, the statement determines the recognition and measurement of goodwill acquired in the
business combination or a gain from a bargain purchase, and finally, determines the
disclosure requirements to enable users of the financial statements to evaluate the nature
and financial effects of the business combination. SFAS No. 141-R will be effective for
all business combinations with an acquisition date on or after the beginning of the first
annual reporting period after December 15, 2008; earlier adoption is prohibited.
  93




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
    
    In February 2008, the FASB issued FASB Staff Position No. FAS 157-2 (FSP FAS 157-2)
Effective Date of FASB Statement No. 157, which delays the effective date of FASB
Statement No. 157, Fair Value Measurements, for nonfinancial assets and nonfinancial
liabilities, except for items that are recognized or disclosed at fair value in the
financial statements on a recurring basis (at least annually). FSP FAS 157-2 will be
effective for financial statements issued for fiscal years beginning after November 15, 2008
and interim periods within those fiscal years.
 
    
    On March 19, 2008 the FASB issued SFAS No. 161, Disclosures about Derivative Instruments
and Hedging Activities. The new standard is intended to improve financial reporting about
derivative instruments and hedging activities by requiring enhanced disclosures to enable
investors to better understand their effects on an entitys financial position, financial
performance and cash flows. SFAS No. 161 will be effective for financial statements issued
for fiscal years and interim periods beginning after November 15, 2008.
 
    
    In April 2008, the FASB issued FASB Staff Position No. FAS 142-3 (FSP FAS 142-3),
Determination of the Useful Life of Intangible Assets. FSP FAS No. 142-3 amends the
factors that should be considered in developing renewal or extension assumptions used to
determine the useful life of a recognized intangible asset under SFAS No. 142, Goodwill and
Other Intangible Assets. FSP FAS No. 142-3 also requires expanded disclosure related to
the determination of intangible asset useful lives. FSP FAS No. 142-3 will be effective
for financial statements issued for fiscal years beginning after December 15, 2008, and
interim periods within those fiscal years.
 
    
    In May 2008, the FASB issued SFAS No. 162, The Hierarchy of Generally Accepted
Accounting Principles. This statement identifies the sources of accounting principles and
the framework for selecting the principles to be used in the preparation of financial
statements that are presented in conformity with U.S. GAAP. SFAS No. 162 will be
effective 60 days following the SECs approval of the Public Company Accounting Oversight
Board amendments to AU Section 411, The Meaning of Present Fairly in Conformity With
Generally Accepted Accounting Principles.
 
    
    In May 2008, the FASB issued SFAS No. 163, Accounting for Financial Guarantee Insurance
Contract  an interpretation of FASB Statement No. 60. This statement requires that an
insurance enterprise recognize a claim liability prior to an event of default when there is
evidence that credit deterioration has occurred in an insured financial obligation. This
statement also requires expanded disclosure about financial guarantee insurance contracts.
SFAS No. 163 will be effective for financial statements issued for fiscal years beginning
after December 15, 2008, and interim periods within those fiscal years.
 
    
    In May 2008, the FASB issued FASB Staff Position No. APB 14-1 (FSP ASB 14-1),
Accounting for Convertible Debt Instruments That May Be Settled In Cash Upon Conversion
(Including Partial Cash Settlement). FSP APB 14-1 changes the accounting treatment for
convertible debt instruments that require or permit partial cash settlement upon
conversion. The accounting changes require issuers to separate convertible debt instruments
into two components: a non-convertible bond and a conversion option. The
separation of the conversion option creates an original issue discount in the bond component
which is to be amortized as interest expense over the term of the instrument using the
interest method, resulting in an increase to interest expense and a decrease in net income
and earnings per share.
  94




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
    
    On November 12, 2008, FASB issued FAS No. 104-e and FIN 46(R)-e, Disclosures about
Transfers of Financial Assets and Interests in Variable Interest Entities. Enhanced
disclosures pursuant to FAS No. 104-e and FIN 46(R)-e will be required of all public
entities effective for periods ending after December 15, 2008.
 
    
    In December 2008 the FASB approved FASB Staff Position No. FAS 132(R)-1 (FSP FAS
132(R)-1), Employers Disclosures about Pensions and Other Postretirement Benefits, which
provides guidance on an employers disclosures about plan assets of a defined benefit
pension or other postretirement plan. FSP FAS 132(R)-1 also includes a technical amendment
to SFAS 132(R) that requires a nonpublic entity to disclose net periodic benefit cost for
each annual period for which a statement of income is presented. The disclosures about plan
assets required by this FSP FAS 132(R)-1 will be effective for financial statements issued
for fiscal years beginning after December 15, 2009.
 Off-balance sheet arrangements
  Tabular disclosure of contractual obligations
  Payments due by period(in millions of nominal pesos)MoreLess than 1
    
    
    
    
    
    
    
    
    
    
    than 5Contractual Obligations
    
    Total
    
    
    year
    
    
    1-3 years
    
    
    3-5 years
    
    
    yearsMaster Development Plans(1)
    
    Ps.
    4,733.2
    
    
    Ps.
    903.5
    
    
    Ps.
    3,305.3
    
    
    Ps.
    524.4
    
    
    Ps.
    Purchase Obligations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Operating Lease Obligations
    
    
    1
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    Technical Assistance Agreement(2)
    
    
    104
    
    
    
    104
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    Ps.
    4,838.2
    
    
    Ps.
    1,088.5
    
    
    Ps.
    3,305.3
    
    
    Ps.
    524.4
    
    
    Ps.
    
 
 (1)
    
    The master development plans, which contain the investment commitments for our airports have
been approved for each year through December 31, 2013. The plans also contain indicative
investments for calendar years 2014 through 2023, but these amounts are not binding on us.(2)
    
    Reflects fixed minimum amount due under the Technical Assistance Agreement. Actual amount to
be paid in any year may be higher because technical assistance fees are calculated as the
greater of a fixed dollar amount (subject to certain adjustments) and 5% of our annual
consolidated earnings before comprehensive financing cost, income taxes and depreciation and
amortization (determined in accordance with Mexican FRS and calculated prior to deducting the
technical assistance fee).  95




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Item 6. Directors, Senior Management and Employees
 Directors
    Name
    
    Title
    
    Director SinceFernando Chico Pardo(1)
    
    Director and Chairman (also Chief Executive Officer)
    
    April 28, 2005Ricardo Guajardo Touché(3)
    
    Director
    
    February 28, 2001Francisco Garza Zambrano(3)
    
    Director
    
    February 28, 2001George J. Vojta(3)
    
    Director
    
    April 28, 2003Roberto Servitje Sendra(3)
    
    Director
    
    April 25, 2008Luis Chico Pardo
    
    Director
    
    April 25, 2008Rasmus Christiansen(2)
    
    Director
    
    April 27, 2007
 
 (1)
    
    Elected by ITA as holder of Series BB shares, with Federico Chávez Peón Mijares as
Alternate.(2)
    
    Elected by ITA as holder of Series BB shares, with Mikael Sjørslev as Alternate.(3)
    
    Independent Director. Fernando Chico Pardo.
  96




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Ricardo Guajardo Touché.
 Francisco Garza Zambrano
 George Vojta.
 Roberto Servitje Sendra.
 Luis Chico Pardo.
  97




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Rasmus Christiansen
 Senior Management
    Name
    
    Principal Occupation
    
    Executive Officer sinceFernando Chico Pardo*
    
    Chief Executive Officer
    
    January 19, 2007Adolfo Castro Rivas*
    
    Director of Finance (Chief Financial Officer)
    
    January 24, 2000Gabriel Gurmendez Armand-Ugon
    
    Director of Cancún Airport
    
    November 20, 2004Hector Navarrete Muñoz
    
    Regional Director of Operations
    
    January 15, 2003Claudio Gongora Morales
    
    General Counsel
    
    April 19, 1999Manuel Gutierrez Sola
    
    Chief Commercial Officer
    
    August 7, 2003
 
 *
    
    Appointed by ITA, as holder of Series BB shares. Fernando Chico Pardo.
  98




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##### Table of Contents



Adolfo Castro Rivas.
 Gabriel Gurmendez Armand-Ugon.
 Hector Navarrete Muñoz.
 Claudio Gongora Morales.
 Manuel Gutierrez Sola.
 Share Ownership of Directors and Senior Management
  Compensation of Directors and Senior Management
   99




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Committees
     100




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Employees
  As of December 31,
    
    
    As of December 31,
    
    
    As of December 31,2006
    
    
    2007
    
    
    2008Administrative
Employees(1)Servicios
Aeroportuarios del Sureste, S.A. de C.V.
    
    
    86
    
    
    
    84
    
    
    
    73Cancún Airport
    
    
    193
    
    
    
    210
    
    
    
    213Cozumel Airport
    
    
    19
    
    
    
    21
    
    
    
    25Huatulco Airport
    
    
    19
    
    
    
    19
    
    
    
    19Mérida Airport
    
    
    43
    
    
    
    47
    
    
    
    48Minatitlán Airport
    
    
    18
    
    
    
    19
    
    
    
    19Oaxaca Airport
    
    
    22
    
    
    
    24
    
    
    
    23Tapachula Airport
    
    
    21
    
    
    
    23
    
    
    
    24Veracruz Airport
    
    
    25
    
    
    
    26
    
    
    
    27Villahermosa Airport
    
    
    23
    
    
    
    24
    
    
    
    28Total Administrative
Employees
    
    
    469
    
    
    
    497
    
    
    
    499
  101




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As of December 31,
    
    
    As of December 31,
    
    
    As of December 31,2006
    
    
    2007
    
    
    2008Unionized Employees(2)Cancún Airport
    
    
    116
    
    
    
    122
    
    
    
    121Cozumel Airport
    
    
    25
    
    
    
    25
    
    
    
    35Huatulco Airport
    
    
    19
    
    
    
    19
    
    
    
    19Mérida Airport
    
    
    45
    
    
    
    45
    
    
    
    45Minatitlán Airport
    
    
    16
    
    
    
    16
    
    
    
    16Oaxaca Airport
    
    
    19
    
    
    
    21
    
    
    
    22Tapachula Airport
    
    
    16
    
    
    
    16
    
    
    
    24Veracruz Airport
    
    
    26
    
    
    
    27
    
    
    
    27Villahermosa Airport
    
    
    29
    
    
    
    29
    
    
    
    29Total Union Employees
    
    
    311
    
    
    
    320
    
    
    
    338
 
 (1)
    
    In April 2008, we transferred all of the non-unionized administrative employees employed by our
airport operating subsidiaries to Servicios Aeroportuarios del Sureste, S.A. de C.V., a
wholly-owned subsidiary.(2)
    
    In April 2008, we transferred all of our unionized personnel from our airport operating
subsidiaries to RH Asur, S.A. de C.V., a wholly-owned subsidiary.       102




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Item 7. Major Shareholders and Related Party Transactions
 
 MAJOR SHAREHOLDERS
 Tender Offer by Fernando Chico Pardo
    Capital Stock Structure
  Percentage of totalNumber of Shares
    
    
    share capitalIdentity of stockholder
    
    B Shares
    
    
    BB Shares
    
    
    B Shares(3)
    
    
    BB SharesAgrupación Aeroportuaria Internacional II, S.A.
de C.V.(2)(6)
    
    
    54,124,587
    
    
    
    
    
    
    
    18.04
    %
    
    
    ITA, through Bancomext (1)(2)(3)(4)(7)
    
    
    
    
    
    
    22,950,000
    
    
    
    
    
    
    
    7.65
    %Agrupación Aeroportuaria Internacional, S.A. de
C.V.(1)(2)(4)(5)
    
    
    22,050,000
    
    
    
    
    
    
    
    7.35
    %
    
    
    Macquarie Airports,through JMEX B.V.(7)(8)(9)
    
    
    24,132,810
    
    
    
    
    
    
    
    8.04
    %
    
    
    The Bank of Nova Scotia(7)(9)
    
    
    23,841,418
    
    
    
    
    
    
    
    7.95
    %
    
    
    Aberdeen Asset Management(10)
    
    
    56,730,160
    
    
    
    
    
    
    
    18.91
    %
    
    
    Other Public
    
    
    96,171,025
    
    
    
    
    
    
    
    32.06
    %
    
    
    
 
 (1)
    
    Pursuant to the Share Registry Book of ASUR, the shareholders that formally appear registered
as such are (a) Indeval, as depositary of 255,000,000 Series B shares, (b) Bancomext, as
holder of 22,050,000 Series B shares, and (c) Bancomext, as holder of 22,950,000 Series BB
shares.(2)
    
    Our CEO Fernando Chico Pardo owns, directly or indirectly, (a) 51% of ITA, (b) 100% of
Agrupación Aeroportuaria Internacional, S.A. de C.V., and (c) 100% of Agrupación Aeroportuaria
Internacional II, S.A. de C.V.(3)
    
    Copenhagen Airports owns 49% of the capital stock of ITA .(4)
    
    Through the letter of instructions dated June 18, 2007, Bancomext, as trustee of the trust
created under Trust Agreement dated December 18, 1998 and holder of 45,000,000 Series BB
shares, informed ASUR of its decision to convert 22,050,000 Series BB shares into 22,050,000
Series B shares.(5)
    
    Through the letter of instructions dated July 25, 2007, ITA, as beneficiary of the trust
created under Trust Agreement dated December 18, 1998 and holder of 45,000,000 Series BB
shares, instructed Bancomext to release from the trust and physically deliver to Agrupación
Aeroportuaria Internacional, S.A. de C.V 22,050,000 Series B shares.  103




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(6)
    
    To our knowledge and based on information contained in public
reports, from June 2, 2008
until July 3, 2008, Agrupación Aeroportuaria Internacional II, S.A. de C.V., a company
indirectly controlled and owned by Fernando Chico Pardo purchased 2,973,052 Series B shares,
which represent 0.99% of our outstanding capital stock.(7)
    
    Macquairie Airports indirectly holds 53.7% of the equity of Copenhagen Airports.(8)
    
    On August 19, 2008, Macquairie Airports disclosed that its subsidiary JMEX B.V. had acquired
15,519,950 Series B Shares, which represent 5.17% of ASURs outstanding capital stock,
consisting of 2,914,900 Series B shares and 1,010,645 ADSs (representing an aggregate of
10,106,450 Series B shares) that were acquired pursuant to a non-discretionary stock
purchase program and 92,600 Series B shares and 240,600 ADSs (representing an aggregate of
2,406,000 Series B shares) that were acquired in open market transactions. To our
knowledge, and based on information contained in public reports, from August 19, 2008 until
December 22, 2008, Macquairie Airports acquired through its subsidiary JMEX B.V. an additional
8,612,860 Series B shares which represent 2.87% of our outstanding capital stock, consisting
of 632,000 Series B shares and 798,176 ADSs (representing an aggregate of 7,981,760 Series
B shares).(9)
    
    On August 19, 2008, Macquairie Airports disclosed that it had entered into cash-settled
equity swaps with Morgan Stanley & Co. International PLC and/or Morgan Stanley Capital
Services, Inc. giving it economic exposure to 23,841,418 Series B shares, or 7.95% of our
outstanding capital stock. Effective December 22, 2008, Macquairie Airports terminated the
swaps with Morgan Stanley & Co. International plc and/or Morgan Stanley Capital Services, Inc
and entered into a new cash-settled equity swap with The Bank of Nova Scotia as counterparty.
The Nova Scotia swap represents economic exposure to 23,841,418 Series B shares, or 7.95% of
our outstanding capital stock. Based on information contained in public reports, Macquaire
Airports is not permitted to exercise any voting, investment or dispositive control in respect
of these shares.(10)
    
    Composed of 5,673,160 ADSs. Based on information contained in public reports, Aberdeen Asset
Management has the sole power to vote or direct the vote of 3,829,635 ADSs (representing
38,296,350 Series B shares) and has the sole power to dispose or direct the disposition of
1,843,381ADSs (representing 18,433,810 Series B shares). To our knowledge and based on
information contained in public reports, Aberdeen Asset Management did not purchase any shares
in 2008. ITA Trust and Shareholders Amended Agreement
     104




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RELATED PARTY TRANSACTIONS
 Arrangements with ITA
    105




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##### Table of Contents



Arrangements with Entities Controlled by Fernando Chico Pardo
   
 Item 8. Financial Information
  Legal Proceedings
   predial
  
 DIVIDENDS
   106




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107




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Item 9. The Offer and Listing
 Stock Price History
   U.S.$ per ADR(1)
    
    
    Pesos per Series B ShareYears ended December 31,
    
    Low
    
    
    High
    
    
    Low
    
    
    High2004
    
    
    18.58
    
    
    
    27.05
    
    
    
    17.38
    
    
    
    30.152005
    
    
    24.35
    
    
    
    41.79
    
    
    
    28.10
    
    
    
    45.002006
    
    
    28.93
    
    
    
    45.16
    
    
    
    29.00
    
    
    
    49.292007First Quarter
    
    
    41.07
    
    
    
    49.41
    
    
    
    45.80
    
    
    
    54.50Second Quarter
    
    
    47.26
    
    
    
    55.64
    
    
    
    52.00
    
    
    
    59.99Third Quarter
    
    
    42.18
    
    
    
    56.17
    
    
    
    47.09
    
    
    
    59.60Fourth Quarter
    
    
    49.51
    
    
    
    62.79
    
    
    
    54.19
    
    
    
    67.172008First Quarter
    
    
    49.35
    
    
    
    62.89
    
    
    
    53.00
    
    
    
    68.30Second Quarter
    
    
    47.42
    
    
    
    63.54
    
    
    
    49.10
    
    
    
    67.38Third Quarter
    
    
    43.57
    
    
    
    52.59
    
    
    
    45.41
    
    
    
    55.62Fourth Quarter
    
    
    24.96
    
    
    
    49.93
    
    
    
    33.75
    
    
    
    54.68
  108




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##### Table of Contents



U.S.$ per ADR(1)
    
    
    Pesos per Series B ShareLow
    
    
    High
    
    
    Low
    
    
    HighMonthly PricesDecember 2008
    
    
    37.34
    
    
    
    39.14
    
    
    
    47.20
    
    
    
    53.86January 2009
    
    
    25.71
    
    
    
    42.14
    
    
    
    36.21
    
    
    
    55.94February 2009
    
    
    28.21
    
    
    
    32.67
    
    
    
    40.82
    
    
    
    47.13March 2009
    
    
    24.55
    
    
    
    31.23
    
    
    
    36.11
    
    
    
    44.99April 2009
    
    
    27.00
    
    
    
    36.44
    
    
    
    37.96
    
    
    
    48.00May 2009
    
    
    28.70
    
    
    
    35.25
    
    
    
    38.16
    
    
    
    49.60June 2009(2)
    
    
    34.86
    
    
    
    38.89
    
    
    
    45.40
    
    
    
    51.60
 (1)
    
    10 Series B shares per ADR.(2)
    
    Through June 5, 2009.Sources: Mexican Stock Exchange and the New York Stock Exchange. 
 TRADING ON THE MEXICAN STOCK EXCHANGE
      109




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Item 10. Additional Information
 Bylaws
 estatutos sociales
 Ley General de Sociedades Mercantiles
 Purposes
  
    
    to acquire shares, ownership or other interests in companies engaged in the
management, operation, including providing airport, complementary and commercial
services, construction and/or use of civil aerodromes and in accordance with the
Mexican Airport Law and its regulations, as well as to hold capital stock in companies
that provide any other type of services and to vote the shares of any such companies;
to sell, transfer or dispose of any such shares or ownership interests or other
securities allowed by law;
 
    
    to receive and to provide the services as required to carry out our corporate
purposes, including, without limitation, technical consulting services in the
industrial, administrative, accounting, marketing or finance fields, in connection with
the management, operation, construction and/or utilization of airports;
 
    
    to request and obtain concessions and permits for the management, operation,
construction and/or utilization of airports, as well as for providing any other
services necessary for the use of such airports and for carrying out any activity which
supports and is related with such purpose;
 
    
    to obtain, acquire, use, license or dispose of all types of patents, certificates of
invention, registered trademarks, trade names, copyright or rights with regard thereto,
whether in Mexico or abroad;
 
    
    to obtain all types of loans or credits, with or without specific guarantee, and to
grant loans, in each case, in the ordinary course of business of the Company;
  110




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##### Table of Contents




    
    to grant any kind of guaranty and security on issued negotiable instruments or
obligations assumed by the Company or by companies in which the Company may hold
ownership interests, in each case, in the ordinary course of business of the Company;
 
    
    to issue any unsubscribed shares of our capital stock to be kept in our treasury in
order to be delivered upon subscription thereof, as well as to execute option
agreements that grant to third parties the right to subscribe and pay for our shares;
 
    
    to hold, possess, sell, transfer, dispose of or lease any assets, or real or
personal property that may be necessary or convenient to carry out our corporate
purposes; and
 
    
    generally, to carry out and perform all actions, agreements and related, incidental
or ancillary transactions in furtherance of the above-mentioned purposes.
 Directors
     111




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Authority of the Board of Directors
  
    
    to participate in our strategic planning decisions,
 
    
    to authorize changes in our policies regarding financial structure, products, market
development and organization,
 
    
    to oversee compliance with general corporate practices, our bylaws and the minority
rights set forth thereunder,
 
    
    to call for stockholders meetings and act on their resolutions,
 
    
    to create special committees and grant them the powers and authority it sees fit,
provided that said committees will not be vested with the authorities which by law or
under our bylaws are expressly reserved for the stockholders or the board of directors,
 
    
    to determine how to vote the shares held by us in our subsidiaries,
 
    
    to appoint our chief executive officer from among the candidates proposed by the
members of the Board of Directors appointed by the Series BB shareholders, and to
appoint those officers other than those designated by the Series BB directors or the
Operating Committee, and
 
    
    to approve, upon proposal by the Operating Committee: (i) our annual budget and that
of our subsidiaries; and (ii) the master development plan and any amendments thereto
for each of the airports to be submitted to the Ministry of Communications and
Transportation.
   
    
    approval of our financial statements and those of our subsidiaries and their
submission to the stockholders meeting,
 
    
    approval of the five-year master development plans for each of the airports operated
by our subsidiaries,
 
    
    annual approval of the business plan and the investment budget,
  112




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##### Table of Contents




    
    approval of capital investments not considered in the approved annual budget for
each fiscal year,
 
    
    approval of any sale of assets having, individually or jointly, a value exceeding
the lower of (i) U.S.$5.0 million, or (ii) 5% of the consolidated assets of the
Company, but which does not exceed 20% of the consolidated assets of the Company,
 
    
    incurrence of any indebtedness, whether by means of direct loans or financial
leases, in an amount greater than the lower of (i) U.S.$5.0 million, or (ii) 5% of the
consolidated assets of the Company, but which does not exceed 20% of the consolidated
assets of the Company,
 
    
    determine the manner in which the company shall vote its shares at the shareholders
meeting of its subsidiaries, taking into consideration the proposal of the Operating
Committee,
 
    
    proposal to increase our capital or that of our subsidiaries,
 
    
    approval of any sale of shares of the capital stock of our subsidiaries,
 
    
    approval of any purchase or sale of shares or interests in any company, except for:
(a) the acquisition of shares and/or securities issued by investment companies, and (b)
the acquisition of securities through investment companies (mutual funds),
 
    
    approval or amendment of our management structure,
 
    
    creation of new committees, delegation of powers to the same and changes to the
powers of any existing committee,
 
    
    approval of our dividend policy and the application of the Companys profits and its
submission to the stockholders meeting, and
 
    
    appointment of the chief executive officer from among the candidates proposed by the
members of the board of directors appointed by the Series BB shareholders.
 Powers of Series BB Directors
  
    
    present to the board of directors the name or names of candidates for appointment as
chief executive officer,
 
    
    remove the chief executive officer,
 
    
    appoint and remove half of our executive officers,
 
    
    appoint two members of the Operating Committee and their substitutes, and at least
one member of the Acquisitions and Contracts Committee and his or her substitute, and
 
    
    determine the composition of the Operating Committee.
  113




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Our Capital Stock
  Capital Stock
 Authorized
    
    
    Issued and outstandingFixed capital stock:Series B shares
    
    
    277,050,000
    *
    
    
    277,050,000
    *Series BB shares
    
    
    22,950,000
    *
    
    
    22,950,000
    *Variable capital stock:Series B shares
    
    
    
    
    
    
    Series BB shares
    
    
    
    
    
    
    
 
 *
    
    After giving effect to the conversion by ITA of 22,050,000 Series BB shares into
22,050,000 Series B shares in June 2007.   
    
    Series B. Series B shares currently represent 92.35% of our capital. Series B
 shares may be held by any Mexican or foreign natural person, company or entity.
 
    
    Series BB. Series BB shares currently represent 7.65% of our capital. Series BB
 shares may be held by any Mexican or foreign natural person, company or entity.
  Voting Rights and Stockholders Meetings
    114




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
    
    extension of a companys duration or voluntary dissolution,
 
    
    an increase or decrease in a companys minimum fixed capital,
 
    
    change in corporate purpose or nationality,
 
    
    any transformation, merger or spin-off involving the company,
 
    
    any stock redemption or issuance of preferred stock or bonds,
 
    
    the cancellation of the listing of our shares with the National Registry of
Securities or on any stock exchange,
 
    
    amendments to a companys bylaws, and
 
    
    any other matters for which applicable Mexican law or the bylaws specifically
require an extraordinary meeting.
     115




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Quorums
    
    
    any amendment to our bylaws which: (i) changes or deletes the authorities of our
committees; or (ii) changes or deletes the rights of minority stockholders,
    
    any actions resulting in the cancellation of the concessions granted to us or our
subsidiaries by the Mexican government or any assignment of rights arising therefrom,
    
    termination of the participation agreement that was entered into by ITA and the
Mexican government in connection with the Mexican governments sale of the Series BB
 shares to ITA,
  116




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
    
    a merger by us with an entity the business of which is not related to the business
of us or our subsidiaries, and
    
    a spin-off, dissolution or liquidation of ASUR.
  
    
    the amendment of the restrictions on ownership of shares of our capital stock
requires the vote of holders of 85% of our capital stock;
    
    a delisting of our shares requires the vote of holders of 95% of our capital stock;
and
    
    the amendment of the provisions in our bylaws requiring that a stockholder seeking
to obtain control carry out a tender offer requires the vote of holders of 85% of our
capital stock.
 Right of Withdrawal
 ,
 Veto Rights of Holders of Series BB Shares
  
    
    approval of our financial statements,
    
    liquidation or dissolution,
    
    capital increases or decreases,
    
    declaration and payment of dividends,
    
    amendment to our bylaws,
  117




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
    
    mergers, spin-offs or share-splits,
    
    grant or amendment of special rights to series of shares, and
    
    any decision amending or nullifying a resolution validly taken by the board of
directors with respect to (i) presentation to the Board of Directors of the name or
names of the candidates for appointment as Chief Executive Officer of the Company,
(ii) removal of the Chief Executive Officer of the Company, (iii) appointment and
removal of half of the first-level management officers in accordance with the Technical
Assistance Agreement, (iv) appointment of two members of our Operating Committee and
their substitutes and at least one member of the Acquisitions and Contracts Committee
and his or her substitute, and (v) appointment of the members of the Operating
Committee whose appointment requires the consent of the holders of the Series BB
 shares.
 Dividends and Distributions
  Registration and Transfer
 valor contable unidades de inversion
  118




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
    
    Except with the prior authorization by the Ministry of Communications and
Transportation, ITA was required to retain its interest in the Series BB shares through
December 18, 2008.
 
    
    After December 18, 2008, ITA may sell in any year up to 20% of its interest in the
Series BB shares.
 
    
    If ITA owns Series BB shares that represent less than 7.65% of our capital stock
after December 18, 2013, those remaining Series BB shares must be converted into freely
transferable Series B shares.
 
    
    If ITA owns Series BB shares representing at least 7.65% of our capital stock after
December 18, 2013, those Series BB shares may be converted into Series B shares,
provided the holders of at least 51% of Series B shares (other than shares held by ITA
and any of its related persons) approve such conversion and vote against renewal of
the technical assistance agreement.
  
    
    persons that have control or significant influence in an entity that forms part of
the corporate group or consortium to which the company belongs, as well as the
directors, managers or relevant officers of the entities that form part of such group
or consortium,
 
    
    persons that have executive authority in an entity that forms part of a corporate
group or consortium to which the company belongs,
 
    
    the spouse, common-law spouse, blood or civil-law relatives up to the fourth degree
or in-laws up to the third degree, of any individuals that fall into any of the
categories described above, as well as the partners, owners and co-owners of the
entities mentioned above with whom they have a business relationship,
 
    
    entities that are part of the corporate group or consortium to which the company
belongs,
 
    
    entities over which any of the persons referred to in the first three bullets above
exercise control or significant influence,
 
    
    in the case of ASUR, ITA, and
 
    
    in the case of ITA, its stockholders and their related persons.
  119




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
    
    directly or indirectly impose decisions in general shareholders or owners meetings
or any equivalent body or appoint or remove the majority of board members or managers
of an entity,
 
    
    hold the rights that directly or indirectly allow the voting of over 50% of the
capital of an entity, or
 
    
    directly or indirectly direct the management, strategy or principal policies of an
entity, whether through the ownership of securities, under contract or otherwise.
 Stockholder Ownership Restrictions and Antitakeover Protection
 Ownership Restrictions
  
    
    subject to the tender offer procedures described below, holders of Series B shares,
either individually or together with their related persons, will have no ownership
limitation whatsoever with regard to the shares representing such series;
 
    
    Series BB shares may represent no more than 15% of our outstanding capital stock;
 
    
    subject to the tender offer procedures described below, holders of Series BB shares,
either individually or together with their related persons, may also own Series B
 shares without limitation,
  
    
    no more than 5% of our outstanding capital stock may be owned by air carriers; and
 
    
    foreign governments acting in a sovereign capacity may not directly or indirectly
own any portion of our capital stock.
   120




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Change of Control and Tender Offer Procedures
  
    
    The offer must include both of our series of shares, and the consideration offered
per share must be the same, regardless of the class or type of share.
 
    
    If the offeror intends to obtain control of the company, the offer must be for 100%
of our capital stock, and if the offer does not imply obtaining control, then the offer
must be for at least 10% of our capital stock.
 
    
    The offer must indicate the maximum number of shares it covers and, if applicable,
the minimum number of shares on which the offer is conditioned.
 
    
    The offer may not provide any consideration that implies a bonus or higher price to
the amount of the offer in favor of any person or group of persons related to the
offeree (not including agreements that have been approved by our board of directors of
the company, taking into account the opinion of our Auditing Committee, and have been
disclosed to the investing public).
   
    
    The offeror must inform us, through the board of directors, of the terms and
conditions of the offer it intends to make by sending a notice to our board of
directors.
 
    
    Immediately after it receives the notice, our board of directors must provide to the
Mexican Stock Exchange a notice of applicable legal provisions, and make it available
to all our shareholders.
 
    
    Our board of directors must prepare, considering the opinion of the Audit Committee,
its opinion with regard to the price or consideration offered, any other terms and
conditions of the offer and conflicts of interest, if any, that each member of the
board of directors may have with respect to the offer. This opinion may include the
opinion of an independent expert retained by our board.
 
    
    Our board of directors will provide this opinion to the investing public through the
Mexican Stock Exchange within three months after receipt of the offer notice, at the
latest.
 
    
    The members of our board of directors and our chief executive officer of the company
must disclose to the investing public, along with the opinions mentioned above, as
applicable, the decision they will take in connection with their own shares.
  121




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
    
    If our board approves the terms and conditions of any offer, the offeror must obtain
prior authorization from the Ministry of Communications and Transportation for the
change of control prior to the commencing the public offer. See Item 4. Information
on the CompanyRegulatory FrameworkReporting, Information and Consent Requirements.
 
    
    For purposes of the preceding item exclusively, and in accordance with the
provisions of Article 23 of the Mexican Airport Law, a person or group of persons
shall be deemed to have control when it owns 35% or more of the capital stock of
the company, has control of the general shareholders meetings, or is able to
appoint the majority of the members in charge of management or otherwise control
the company.
 
    
    If the holders of the Series BB shares express their interest in accepting an offer
(which does not imply any obligation on their part to participate in such offer), the
launching of the offer shall be conditioned upon obtaining prior authorizations from
the Ministry of Communications and Transportation, including those relating to the
transfer of the Series BB shares and the replacement of ITA in its capacity as
strategic partner under the technical assistance and participation agreements.
 Changes in Capital Stock
     122




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Share Repurchases
  
    
    The acquisition is carried out in the Mexican Stock Exchange.
 
    
    The acquisition and sale on the Mexican Stock Exchange is made at market price
(except when dealing with public offerings or auctions authorized by the National
Banking and Securities Commission).
 
    
    If the acquisition is charged against working capital, the shares may be kept by us
without need of making a reduction of capital stock. Otherwise, if the acquisition is
charged against the capital stock, the shares will be converted into unsubscribed
 shares kept in our treasury, without need of a resolution by the shareholders meeting.
 
    
    The company must announce the amount of the subscribed and paid-in capital when the
amount of the authorized capital represented by the issued and unsubscribed shares is
publicly announced.
 
    
    The general ordinary shareholders meeting will expressly determine for each fiscal
year the maximum amount of resources that we may use to purchase our own shares or
negotiable instruments that represent such shares, with the only limitation that the
sum or total of the resources that may be used for such purpose may not exceed, at any
time, the total balance of the net profits of the company, including retained profits.
 
    
    We are up to date in the payment of the obligations derived from debt instruments
issued and registered in the National Securities Registry that we may have issued.
 
    
    The shares of the company and the negotiable instruments that represent such shares
that belong to us or, if any, the shares issued and not subscribed that are kept in the
treasury, may be placed among the investing public without requiring a resolution from
the shareholders meeting or the board of directors. For the purposes of this
paragraph, the provisions of Article 132 of the General Law of Business Entities will
not apply.
   123




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Ownership of Capital Stock by Subsidiaries
  Liquidation
  Other Provisions
 Liabilities of the members of the Board of Directors
      124




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Information to Stockholders
  
    
    the report prepared by the Audit Committee,
 
    
    the report prepared by our Chief Executive Officer pursuant to the Mexican General
Law on Business Corporations which includes (i) a report of the directors on the
operations of the company during the preceding year, as well as on the policies
followed by the directors and on the principal existing projects, (ii) a statement of
the financial condition of the company at the end of the fiscal year, (iii) a statement
showing the results of operations of the company during the preceding year, as well as
changes in the companys financial condition and capital stock during the preceding
year, and (iv) notes which are required to complete or clarify the above mentioned
information,
 
    
    the Boards opinion on the report prepared by our Chief Executive Officer as set
forth above, and
 
    
    a report explaining the principal accounting and information policies and criteria
followed in the preparation of the financial information.
  Duration
   125




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Stockholders Conflict of Interest
  Directors Conflict of Interest
  
 MATERIAL CONTRACTS
    
 EXCHANGE CONTROLS
   126




---



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TAXATION
      Taxation of Dividends
 Mexican Tax Considerations
   127




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U.S. Federal Income Tax Considerations
    Taxation of Dispositions of Shares or ADSs
 Mexican Tax Considerations
    128




---



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U.S. Tax Considerations
    129




---



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Other Mexican Taxes
  U.S. Backup Withholding Tax and Information Reporting Requirements
   130




---



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DOCUMENTS ON DISPLAY
   131




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Item 11. Quantitative and Qualitative Disclosures About Market Risk
 Market Risk
  Foreign Currency Exchange Rate Risk
     
 Item 12. Description of Securities Other Than Equity Securities
   132




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PART II
 
 Item 13. Defaults, Dividend Arrearages and Delinquencies
  
 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
  
 Item 15. Controls and Procedures
       133




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Changes in Internal Control Over Financial Reporting
  
 Item 16. [Reserved]
 
 Item 16A. Audit Committee Financial Expert
  
 Item 16B. Code of Ethics
  
 Item 16C. Principal Accountant Fees and Services
 Audit and Non-Audit Fees
  Year ended December 31,2007
    
    
    2008(thousands of nominal pesos)Audit fees
    
    
    8,762
    
    
    
    9,393Audit-related fees
    
    
    
    
    
    
    Tax fees
    
    
    187
    
    
    
    311Total fees
    
    Ps.
    8,949
    
    
    Ps.
    9,704
    134




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##### Table of Contents



Audit Committee Pre-Approval Policies and Procedures
  
 Item 16D. Exemptions from the Listing Standards for Audit Committees
  
 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
  (a) Total
    
    
    
    
    
    
    (c) Total number of sharesnumber of
    
    
    (b) Average
    
    
    purchased as part of
    
    
    (d) Maximum number of sharesshares
    
    
    price paid per
    
    
    publicly announced plans or
    
    
    that may yet be purchased underpurchased(1)
    
    
    share in Pesos
    
    
    programs
    
    
    the plans or programs2007January 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    February 1-28
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    March 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    April 1-30
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    May 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    June 1-30
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    July 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    August 1-31
    
    
    7,051,000
    
    
    Ps.
    50.39
    
    
    
    
    
    
    
    September 1-30
    
    
    1,707,200
    
    
    Ps.
    53.47
    
    
    
    
    
    
    
    October 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    November 1-30
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    December 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2007 Total
    
    
    8,758,200
    
    
    Ps.
    50.99
    
    
    
    
    
    
    
    2008January 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    February 1-29
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    March 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    April 1-30
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    May 1-31
    
    
    5,957,800
    
    
    Ps.
    52.07
    
    
    
    
    
    
    
    June 1-30
    
    
    2,525,122
    
    
    Ps.
    52.16
    
    
    
    
    
    
    
    July 1-31
    
    
    447,930
    
    
    Ps.
    52.38
    
    
    
    
    
    
    
    August 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    September 1-30
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    October 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    November 1-30
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    December 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2008 Total
    
    
    8,930,852
    
    
    Ps.
    52.11
    
    
    
    
    
    
    
    
 
 (1)
    
    Series B shares or number of Series B shares resulting from purchase of ADSs.  135




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Item 16F. Change in Registrants Certifying Accountant
  Item 16G. Corporate Governance
   NYSE Standards
    
    Our Corporate Governance PracticeDirector Independence.
Majority of board of
directors must be
independent. §303A.01
    
    Pursuant to the Mexican Securities Market
Law, we are required to have a board of
directors composed of a maximum of
twenty-one members, 25% of whom must be
independent. Stockholders are required to
make a determination as to the
independence of our directors. Our bylaws
provide that our Board of Directors must
be composed of such odd number of members
as determined by our shareholders at the
annual meeting, which shall not be less
than seven and shall be subject to the
maximum limit set forth by the Mexican
Securities Market Law. Currently, our
board has seven members, of which four are
independent under the Sarbanes-Oxley Act
of 2002 and as qualified by our
shareholders as provided in the Mexican
Securities Market Law.The definition of independence applicable
to us pursuant to the Mexican Securities
Market Law differs in certain respects
from the definition applicable to U.S.
issuers under the NYSE rules.
  136




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NYSE Standards
    
    Our Corporate Governance PracticeExecutive Sessions.
Non-management directors must
meet regularly in executive
sessions without management.
Independent directors should
meet alone in an executive
session at least once a year.
§303A.03
    
    Our non-management and independent
directors are not required to meet in
executive sessions and generally do not do
so. Executive sessions are not expressly
recommended by the Mexican Code of Best
Corporate Practices.
None of our members of management are
members of our Board of Directors nor our
other committees, except for our CEO, who
is a member of the Board of Directors, the
Operating Committee, the Acquisitions and
Contracts Committee and the Nominations
and Compensation Committee.Audit committee. Audit
committee satisfying the
independence and other
requirements of Rule 10A-3
under the Exchange Act and
the more stringent
requirements under the NYSE
standards is required.
§§303A.06, 303A.07
    
    We are in compliance with the independence
requirements of Rule 10A-3, but the
members of our Audit Committee are not
required to satisfy the NYSE independence
and other audit committee standards that
are not prescribed by Rule 10A-3.
The principal
characteristics of our Audit
Committee are as follows:    Our Audit Committee is composed of
three members, all of whom are members of
our board of directors.    All of the members of our Audit
Committee and the committees Chairman are
independent.    The Chairman of the Audit
Committee is appointed and/or removed
exclusively by the general shareholders
meeting.    Our Audit Committee operates
pursuant to provisions in the Mexican
Securities Market Law and our bylaws.    Our Audit Committee submits an
annual report regarding its activities to
our Board of Directors.
  137




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NYSE Standards
    
    Our Corporate Governance Practice    The duties of our Audit Committee
include, among others, the following:    overseeing of our internal auditing and
controls systems,    appointing and removing, and supervising
our external auditor and establishing the
scope of the external auditors duties and
responsibilities,    ensuring compliance with our bylaws by
officers and directors of the company and
its subsidiaries,    making recommendations to the Nomination
and Compensation Committee with respect to
the removal of directors and officers for
violations of the bylaws or any other
applicable legal provision,    overseeing compliance with the corporate
governance provisions as set forth in the
General Law of Business Companies (Ley
General de Sociedades Mercantiles), and
the Mexican Securities Market Law and
protection of minority shareholder rights,    overseeing related-party transactions,
and    preparing certain periodic reports for
the board of directors pursuant to the
Mexican Securities Market Law and our
bylaws.Nominating/corporate
governance and compensation
committee.
Nominating/corporate
governance committee of
independent directors and
compensation committee of
independent directors are
required. Compensation
committee must approve
executive officer
compensation. Each
committee must have a
charter specifying the
purpose, duties and
evaluation procedures of the
committee. §303A.04 and
§303A.05
    
    Pursuant to the Mexican Securities Market
Law, we are required to have a committee
that performs corporate governance
functions (comite de practicas
societarias). The board has vested all
such functions and responsibilities in our
Audit Committee.
The duties of our Audit Committee with
regard to corporate practices are, among
others, the following:    evaluating the performance of relevant
officers,    reviewing related-party transactions, and    determining the total compensation
package of the chief executive officer.
  138




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NYSE Standards
    
    Our Corporate Governance PracticeWe are not required to have a nominating
or a compensation committee, but the
Mexican Code of Best Corporate Practices
recommends that companies have an
evaluation and compensation committee.
Our bylaws provide for a Nominations and
Compensation Committee, which we believe
carries out the principal duties of an
evaluation and compensation committee and
a nominating/corporate governance
committee. The duties of our Nomination
and Compensation Committee include, among
others, the following:    proposing individuals to serve as
directors at the shareholders meeting,    proposing individuals to serve as
officers to the Board of Directors,    proposing compensation for
directors and officers at the
shareholders meeting or to the Board of
Directors, as applicable,    proposing for consideration at the
shareholders meeting the removal of
members of the Board of Directors and
officers, and    submitting an annual report on its
activities to the Board of Directors and
the shareholders.The Nomination and Compensation Committee
is currently composed of three members who
are appointed by the shareholders at the
shareholders meeting. Pursuant to our
bylaws, at least one member is appointed
by the Series B shareholders and at least
one member is appointed by the Series BB
shareholders. Our Nomination and
Compensation Committee is not required to
be composed of independent directors.Equity compensation plans.
Equity compensation plans
require shareholder approval,
subject to limited
exemptions.
    
    Shareholder approval is not expressly
required under our bylaws for the adoption
and amendment of an equity-compensation
plan. No equity-compensation plans have
been approved by our shareholders.Code of Ethics. Corporate
governance guidelines and a
code of business conduct and
ethics is required, with
disclosure of any waiver for
directors or executive
officers. §303A.10
    
    We have adopted a code of ethics
applicable to all of our directors and
executive officers, which is available to
you free of charge upon request and at
www.asur.com.mx. We are required by Item
16B of Form 20-F to disclose any waivers
granted to our chief executive officer,
chief financial officer and persons
performing similar functions, as well as
to our other officers/employees.
  139




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PART III
 
 Item 17. Financial Statements
  
 Item 18. Financial Statements
  Consolidated Financial Statements for Grupo Aeroportuario del Sureste, S.A.B. de C.V. and Subsidiaries
 PageReport of Independent Registered Public Accounting Firm
    
    
    F-1Consolidated Balance Sheets as of December 31, 2007 and 2008
    
    
    F-3Consolidated Statements of Income for the Years Ended December 31, 2006, 2007 and 2008 F-4Consolidated Statements of Changes in Stockholders Equity for the Years Ended December 31, 2006, 2007 and 2008
    
    
    F-5Consolidated Statements of Changes in Financial Position for the Years Ended December 31, 2006 and 2007
    
    
    F-6Consolidated Statements of Cash Flow for the Year Ended December 31, 2008
    
    
    F-7Notes to Consolidated Financial Statements
    
    
    F-8
  140




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Item 19. Exhibits
  Exhibit No.
    
    Description1.1
    
    
    An English translation of the Amended and Restated Bylaws (Estatutos Sociales) of
the Company (incorporated by reference to our Form 20-F/A filed on July 31, 2007).2.1
    
    
    Deposit Agreement among the Company, The Bank of New York and all registered
holders from time to time of any American Depositary Receipts, including the form
of American Depositary Receipt (incorporated by reference to our registration
statement on Form F-1 (File No. 333-12486) filed on September 7, 2000).3.1
    
    
    Trust Agreement among the Company, ITA and Bancomext, together with an English
translation (incorporated by reference to our registration statement on Form F-1
(File No. 333-12486) filed on September 7, 2000).3.2
    
    
    Amendment dated May 15, 2007 to the Trust Agreement dated November 18, 1998 among
the Company, ITA and Bancomext, English translation (incorporated by reference to
our Form 20-F/A filed on July 31, 2007).4.1
    
    
    Amended and Restated Cancún Airport Concession Agreement and annexes thereto,
together with an English translation and a schedule highlighting the differences
between this concession and the Companys other concessions (incorporated by
reference to our registration statement on Form F-1 (File No. 333-12486) filed on
September 7, 2000).4.2
    
    
    Participation Agreement among the Company, the Mexican Federal Government through
the Ministry of Communications and Transportation, Nacional Financiera, S.N.C.
(NAFIN), Servicios Aeroportuarios del Sureste, S.A. de C.V., Aeropuerto de
Cancún, S.A. de C.V., Aeropuerto de Cozumel, S.A. de C.V., Aeropuerto de Huatulco,
S.A. de C.V., Aeropuerto de Mérida, S.A. de C.V., Aeropuerto de Minatitlán, S.A.
de C.V., Aeropuerto de Oaxaca, S.A. de C.V., Aeropuerto de Tapachula, S.A. de
C.V., Aeropuerto de Veracruz, S.A. de C.V., Aeropuerto de Villahermosa, S.A. de
C.V., Triturados Basalticos y Derivados, S.A. de C.V., Copenhagen Airports, Cintra
Concesiones de Infraestructuras de Transporte, S.A., Groupe GTM, S.A., Inversiones
y Tecnicas Aeroportuarias, S.A. de C.V. (ITA), Banco Nacional de Comercio
Exterior, S.N.C. (Bancomext) and ASA, together with an English translation
(incorporated by reference to our registration statement on Form F-1 (File No.
333-12486) filed on September 7, 2000).4.3
    
    
    Amendment to the Participation Agreement, the Shareholders Agreement and the
Technical Assistance Agreement among the Mexican Federal Government through the
Ministry of Communications and Transportation, NAFIN, Bancomext, the Company,
Servicios Aeroportuario del Sureste, S.A. de C.V., Aeropuerto de Cancún, S.A. de
C.V., Aeropuerto de Cozumel, S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V.,
Aeropuerto de Mérida, S.A. de C.V., Aeropuerto de Minatitlán, S.A. de C.V.,
Aeropuerto de Oaxaca, S.A. de C.V., Aeropuerto de Tapachula, S.A. de C.V.,
Aeropuerto de Veracruz, S.A. de C.V. and Aeropuerto de Villahermosa, S.A. de C.V.;
ITA, Triturados Basalticos y Derivados, S.A. de C.V., Copenhagen Airports, Cintra
Concesiones de Infraestructura de Transporte, S.A. de C.V. and Groupe GTM, S.A.
(incorporated by reference to our registration statement on Form F-1 (File No.
333-12486) filed on September 7, 2000).
  141




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Exhibit No.
    
    Description4.4
    
    
    Second Amendment dated April 30, 2007 to the Participation Agreement dated
December 18, 1998 among the Company, the Mexican Federal Government through the
Ministry of Communications and Transportation, NAFIN, Servicios Aeroportuarios del
Sureste, S.A. de C.V., Aeropuerto de Cancún, S.A. de C.V., Aeropuerto de Cozumel,
S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V., Aeropuerto de Mérida, S.A. de
C.V., Aeropuerto de Minatitlán, S.A. de C.V., Aeropuerto de Oaxaca, S.A. de C.V.,
Aeropuerto de Tapachula, S.A. de C.V., Aeropuerto de Veracruz, S.A. de C.V.,
Aeropuerto de Villahermosa, S.A. de C.V., Triturados Basalticos y Derivados, S.A.
de C.V., Copenhagen Airports, Cintra Concesiones de Infraestructuras de
Transporte, S.A., Groupe GTM, S.A., ITA, Bancomext, ASA and Fernando Chico Pardo,
English translation (incorporated by reference to our Form 20-F/A filed on July
31, 2007).4.5
    
    
    Technical Assistance and Transfer of Technology Agreement among the Company,
Servicios Aeroportuarios del Sureste, S.A. de C.V., Aeropuerto de Cancún, S.A. de
C.V., Aeropuerto de Cozumel, S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V.,
Aeropuerto de Mérida, S.A. de C.V., Aeropuerto de Minatitlán, S.A. de C.V.,
Aeropuerto de Oaxaca, S.A. de C.V., Aeropuerto de Tapachula, S.A. de C.V.,
Aeropuerto de Veracruz, S.A. de C.V., Aeropuerto de Villahermosa, S.A. de C.V.,
Triturados Basalticos y Derivados, S.A. de C.V., Copenhagen Airports, Cintra
Concesiones de Infraestructuras de Transporte, S.A., VINCI, S.A. and ITA, together
with an English translation (incorporated by reference to our registration
statement on Form F-1 (File No. 333-12486) filed on September 7, 2000).4.6
    
    
    Amendment, dated January 1, 2008 to the Technical Assistance and Transfer of
Technology Agreement among the Company, Grupo Servicios Aeroportuarios del
Sureste, S.A. de C.V., Aeropuerto de Cancún, S.A. de C.V., Aeropuerto de Cozumel,
S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V., Aeropuerto de Mérida, S.A. de
C.V., Aeropuerto de Minatitlán, S.A. de C.V., Aeropuerto de Oaxaca, S.A. de C.V.,
Aeropuerto de Tapachula, S.A. de C.V., Aeropuerto de Veracruz, S.A. de C.V.,
Aeropuerto de Villahermosa, S.A. de C.V., Copenhagen Airports, Fernando Gerardo
Chico Pardo and ITA (incorporated by reference to our Form 20-F filed on July 20,
2008).8.1
    
    

List
of material subsidiaries of the Company.11.1
    
    
    Code of Ethics (incorporated by reference to our Form 20-F filed on June 16, 2004).12.1
    
    
    Certification of Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.12.2
    
    
    Certification of Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.13.1
    
    
    Certifications of Chief Financial Officer and Chief Executive Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
  142




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SIGNATURES
  Grupo Aeroportuario del Sureste, S.A.B. de C.V.By:
    /s/ Adolfo Castro RivasName:
    Adolfo Castro RivasTitle:
    Chief Financial Officer   143




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GRUPO AEROPORTUARIO DEL SURESTE,  S. A. B. DE C. V. AND SUBSIDIARIES
 CONSOLIDATED AUDITED FINANCIAL STATEMENTS
 DECEMBER 31, 2006, 2007 AND 2008




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##### 



GRUPO AEROPORTUARIO DEL SURESTE,  S. A. B. DE C. V. AND SUBSIDIARIES
 CONSOLIDATED AUDITED FINANCIAL STATEMENTS
 DECEMBER 31, 2006, 2007 AND 2008
 INDEX
 Contents
    
    PageReport of Independent Public Accountant
    
    F - 1 and 2Consolidated financial statements:Consolidated balance sheets
    
    F - 3Consolidated statements of income
    
    F - 4Consolidated statements of changes in stockholders equity
    
    F - 5Consolidated statement of cash flow
    
    F - 6Consolidated statement of changes in financial position
    
    F - 7Notes to the consolidated financial statements
    
    F - 8 - 50




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Report of Independent Registered Public Accounting Firm
  Internal
Control  Integrated Framework
  F - 1




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st
       F - 2




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GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. AND SUBSIDIARIES
(SOUTHEAST AIRPORT GROUP)
 
 CONSOLIDATED BALANCE SHEETS
 AS OF DECEMBER 31, 2007 AND 2008
 2007
    
    
    2008ASSETSCurrent assets:Cash and marketable securities
    
    Ps.
    1,925,697
    
    
    Ps.
    1,733,512Trade and other receivables, net (Note 4)
    
    
    279,415
    
    
    
    361,200Recoverable taxes and other current assets
    
    
    328,498
    
    
    
    699,229Total current assets
    
    
    2,533,610
    
    
    
    2,793,941Land, machinery, furniture and equipment, net (Note 5)
    
    
    541,604
    
    
    
    1,080,812Direct commercial operations rights, net of
accumulated amortization of Ps. 59,401 and Ps.75,566 , respectively
    
    
    26,931
    
    
    
    10,766Airport concessions, net of accumulated amortization of
Ps. 2,271,861 and Ps. 2,476,739, respectively (Notes 6 and 7)
    
    
    8,037,900
    
    
    
    7,833,022Rights to use airport facilities, net of accumulated
amortization of Ps. 767,736 and Ps. 822,373,
respectively (Notes 6 and 7)
    
    
    2,189,975
    
    
    
    2,123,865Improvements to concessioned assets, net (Note 8)
    
    
    3,128,619
    
    
    
    3,225,390Recoverable asset tax
    
    
    
    
    
    
    107,469Deferred flat rate business tax (Note 13)
    
    
    217,442
    
    
    
    199,329Total assets
    
    Ps.
    16,676,081
    
    
    Ps.
    17,374,594LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Trade accounts payable
    
    Ps.
    17,073
    
    
    Ps.
    10,022Accrued expenses and other payables (Note 9)
    
    
    299,929
    
    
    
    611,548Total current liabilities
    
    
    317,002
    
    
    
    621,570Seniority premiums
    
    
    8,494
    
    
    
    7,473Deferred income tax and employees statutory profit
sharing (Note 13)
    
    
    1,138,475
    
    
    
    1,091,206Deferred flat rate business tax (Note 13)
    
    
    706,583
    
    
    
    699,349Total liabilities
    
    
    2,170,554
    
    
    
    2,419,598Commitments and contingencies (Note 16)Stockholders equity (Note 10):Capital stock
    
    
    12,799,204
    
    
    
    12,799,204Legal reserve
    
    
    167,926
    
    
    
    194,044Reserve for repurchase of stock
    
    
    
    
    
    
    Retained earnings
    
    
    1,538,397
    
    
    
    1,961,748Total stockholders equity
    
    
    14,505,527
    
    
    
    14,954,996Total liabilities and stockholders equity
    
    Ps.
    16,676,081
    
    
    Ps.
    17,374,594
  C.P.A. Adolfo Castro RivasChief Financial and Strategic Planning OfficerGrupo Aeroportuario del Sureste, S. A. B. de C. V.
  F - 3




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##### Table of Contents



GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. AND SUBSIDIARIES
(SOUTHEAST AIRPORT GROUP)
 
 CONSOLIDATED STATEMENTS OF INCOME
 FOR THE YEARS ENDED DECEMBER 31, 2006, 2007 AND 2008
  For the yearsended December 31,2006
    
    
    2007
    
    
    2008REVENUES:Aeronautical services
    
    Ps.
    1,647,594
    
    
    Ps.
    1,890,950
    
    
    Ps.
    2,101,879Non-aeronautical services
    
    
    675,530
    
    
    
    894,941
    
    
    
    1,066,828Total revenues
    
    
    2,323,124
    
    
    
    2,785,891
    
    
    
    3,168,707OPERATING EXPENSES:Cost of services, excluding depreciation and amortization
    
    
    665,275
    
    
    
    743,642
    
    
    
    810,101Technical assistance fee
    
    
    73,707
    
    
    
    91,945
    
    
    
    104,485Government concession fee
    
    
    116,007
    
    
    
    139,294
    
    
    
    154,752General and administrative expenses
    
    
    101,156
    
    
    
    104,019
    
    
    
    114,159Depreciation and amortization
    
    
    506,124
    
    
    
    540,821
    
    
    
    601,513Total cost and operating expenses
    
    
    1,462,269
    
    
    
    1,619,721
    
    
    
    1,785,010COMPREHENSIVE FINANCING RESULT:Interest income, net
    
    
    103,322
    
    
    
    106,482
    
    
    
    137,454Exchange gains, net
    
    
    4,106
    
    
    
    1,612
    
    
    
    36,818Loss from monetary position
    
    
    (91,642
    )
    
    
    (92,950
    )
    
    
    Net comprehensive financing income
    
    
    15,786
    
    
    
    15,144
    
    
    
    174,272Non ordinary items, net of deferred income of
Ps. 2,557 in 2006 (Note 1)
    
    
    (16,242
    )
    
    
    (2,385
    )
    
    
    (9,734
    )Income before taxes
    
    
    860,399
    
    
    
    1,178,929
    
    
    
    1,548,235Provisions for (Note 13):Asset tax
    
    
    44,935
    
    
    
    21,899
    
    
    
    60,091Income tax
    
    
    267,497
    
    
    
    145,528
    
    
    
    349,571Flat rate business tax
    
    
    
    
    
    
    489,141
    
    
    
    89,104Net income
    
    Ps.
    547,967
    
    
    Ps.
    522,361
    
    
    Ps.
    1,049,469Earnings per share (Note 10)
    
    Ps.
    1.83
    
    
    Ps.
    1.74
    
    
    Ps.
    3.50
  C.P.A. Adolfo Castro RivasChief Financial and Strategic Planning OfficerGrupo Aeroportuario del Sureste, S. A. B. de C. V.
  F - 4




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##### Table of Contents



GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. AND SUBSIDIARIES
(SOUTHEAST AIRPORT GROUP)
 
 CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY
 FOR THE YEARS ENDED ON DECEMBER 31, 2006, 2007 AND 2008
  Reserve for
    
    
    
    
    
    
    TotalCapital
    
    
    Legal
    
    
    repurchase
    
    
    Retained
    
    
    stockholdersstock
    
    
    reserve
    
    
    of stock
    
    
    earnings
    
    
    equityBalance at December 31, 2005
    
    Ps.
    12,799,204
    
    
    Ps.
    110,705
    
    
    Ps.
    545,232
    
    
    Ps.
    608,045
    
    
    Ps.
    14,063,186Transfer to legal reserve
    
    
    
    
    
    
    30,081
    
    
    
    
    
    
    
    (30,081
    )
    
    
    Transfer to reserve for repurchase
of stock
    
    
    
    
    
    
    
    
    
    
    263,732
    
    
    
    (263,732
    )
    
    
    Dividends paid
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (218,582
    )
    
    
    (218,582
    )Income tax paid on dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (89,283
    )
    
    
    (89,283
    )Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    547,967
    
    
    
    547,967Balance at December 31, 2006
    
    
    12,799,204
    
    
    
    140,786
    
    
    
    808,964
    
    
    
    554,334
    
    
    
    14,303,288Transfer to legal reserve
    
    
    
    
    
    
    27,140
    
    
    
    
    
    
    
    (27,140
    )
    
    
    Transfer to reserve for repurchase
of stock
    
    
    
    
    
    
    
    
    
    
    194,464
    
    
    
    (194,464
    )
    
    
    Reserve for repurchase of
stock cancellation
    
    
    
    
    
    
    
    
    
    
    (1,003,428
    )
    
    
    1,003,428
    
    
    
    Dividends paid
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (231,249
    )
    
    
    (231,249
    )Income tax paid on dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (88,873
    )
    
    
    (88,873
    )Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    522,361
    
    
    
    522,361Balance at December 31, 2007
    
    
    12,799,204
    
    
    
    167,926
    
    
    
    
    
    
    
    1,538,397
    
    
    
    14,505,527Transfer to legal reserve
    
    
    
    
    
    
    26,118
    
    
    
    
    
    
    
    (26,118
    )
    
    
    Dividends paid
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (600,000
    )
    
    
    (600,000
    )Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,049,469
    
    
    
    1,049,469Balance at December 31, 2008
    
    Ps.
    12,799,204
    
    
    Ps.
    194,044
    
    
    Ps.
    
    
    
    Ps.
    1,961,748
    
    
    Ps.
    14,954,996
  C.P.A. Adolfo Castro RivasChief Financial and Strategic Planning OfficerGrupo Aeroportuario del Sureste, S. A. B. de C. V.
  F - 5




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##### Table of Contents



GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. AND SUBSIDIARIES
(SOUTHEAST AIRPORT GROUP)
 
 CONSOLIDATED STATEMENT OF CASH FLOWS
 FOR THE YEAR ENDED DECEMBER 31, 2008
  For the yearended December 31,2008Operating activities:Income before taxes
    
    Ps.
    1,548,235Items related to investing activities:Depreciation and amortization
    
    
    601,513Cancellation of deferred employees statutory profit sharing
    
    
    (37,496
    )Interest income
    
    
    (139,679
    )Trade receivables
    
    
    (81,785
    )Recoverable taxes and other current assets
    
    
    (137,836
    )Income taxes paid
    
    
    (178,966
    )Trade accounts payable, accrued expenses
and other payables
    
    
    (18,814
    )Net cash flow provided by operating activities
    
    
    1,555,172Investing activities:Purchase of improvements to concessioned assets,
land, machinery, furniture and equipment
    
    
    (935,772
    )Interest income
    
    
    139,679Net cash flow used in investing activities
    
    
    (796,093
    )Financing activities:Dividends paid
    
    
    (600,000
    )Tax on dividends paid
    
    
    (351,264
    )Net cash flow used in financing activities
    
    
    (951,264
    )Decrease in cash and marketable
securities
    
    
    (192,185
    )Cash and marketable securities, beginning
of period
    
    
    1,925,697Cash and marketable securities, end of
period
    
    Ps.
    1,733,512
  C.P.A. Adolfo Castro RivasChief Financial and Strategic Planning OfficerGrupo Aeroportuario del Sureste, S. A. B. de C. V.
  F - 6




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##### Table of Contents



GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. AND SUBSIDIARIES
(SOUTHEAST AIRPORT GROUP)
 
 CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
 FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2007
  For the yearsended December 31,2006
    
    
    2007Operating activities:Net income
    
    Ps.
    547,967
    
    
    Ps.
    522,361Adjustments to reconcile net income to
resources provided by (used in)
operating activities:Depreciation and amortization
    
    
    506,124
    
    
    
    540,821Deferred income tax
    
    
    267,497
    
    
    
    80,890Deferred flat rate business tax
    
    
    
    
    
    
    489,141Changes in operating assets and liabilities:Trade receivables
    
    
    (68,614
    )
    
    
    (35,020
    )Recoverable taxes and other current assets
    
    
    5,503
    
    
    
    (44,258
    )Recoverable asset tax
    
    
    (80,979
    )Trade accounts payable, accrued expenses
and other payables
    
    
    (107,094
    )
    
    
    68,691Resources provided by operating activities
    
    
    1,070,404
    
    
    
    1,622,626Financing activities:Dividends paid
    
    
    (218,582
    )
    
    
    (231,249
    )Tax on dividends paid
    
    
    (89,283
    )
    
    
    (88,873
    )Resources used in financing activities
    
    
    (307,865
    )
    
    
    (320,122
    )Investing activities:Purchase of improvements to concessioned assets,
land, machinery, furniture and equipment
    
    
    (1,129,915
    )
    
    
    (665,160
    )Resources used in investing activities
    
    
    (1,129,915
    )
    
    
    (665,160
    )Increase in cash and marketable securities
    
    
    (367,376
    )
    
    
    637,344Cash and marketable securities, beginning of period
    
    
    1,655,729
    
    
    
    1,288,353Cash and marketable securities, end of period
    
    Ps.
    1,288,353
    
    
    Ps.
    1,925,697
  C.P.A. Adolfo Castro RivasChief Financial and Strategic Planning OfficerGrupo Aeroportuario del Sureste, S. A. B. de C. V.
  F - 7




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##### Table of Contents



GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. AND SUBSIDIARIES
(SOUTHEAST AIRPORT GROUP)
 
 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
  1. Formation and Description of Business
      F - 8




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##### Table of Contents



(Ley del
Mercado de Valores)
        F - 9




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##### Table of Contents



2006
    
    
    2007Terminal 1 building write-off (reversal)
    
    Ps.
    (50,369
    )
    
    Ps.
    Restoration costs
    
    
    62,296
    
    
    
    2,385Other losses for natural disasters in other airports
    
    
    1,579
    
    
    
    Insurance recovery
    
    
    (3,633
    )
    
    
    Deferred taxes
    
    
    (2,557
    )
    
    
    Net loss on natural disasters
    
    
    7,316
    
    
    
    2,385Restructuring and contract termination fees
    
    
    8,926
    
    
    
    Net non ordinary items
    
    Ps.
    16,242
    
    
    Ps.
    2,385
 2. Basis of preparation
   F - 10




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##### Table of Contents



Mexican Financial Reporting Standards B-10 Inflation Effects (MFRS B-10)
 st
  Mexican Financial Reporting Standard B-2 Cash flow statement (MFRS B-2)
  Mexican Financial Reporting Standard D-3 Employee benefits (MFRS D-3)
 st
    F - 11




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##### Table of Contents



Mexican Financial Reporting Standard D-4 Income Tax (MFRS D-4)
  IFRIC-12 Concessions (IFRIC-12):
   th th
 3. Summary of significant Mexican FRS accounting policies
   F - 12




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##### Table of Contents



a) Basis of presentation
  Ownership interest (direct and indirect)Subsidiary
    
    2007
    
    
    2008Aeropuerto de Cancún, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Cozumel, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Mérida, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Huatulco, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Oaxaca, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Veracruz, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Villahermosa, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Tapachula, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Minatitlán, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %RH Asur, S. A. de C. V. (*)
    
    
    
    
    
    
    99.99
    %Servicios Aeroportuarios del Sureste, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %
 (*)
    
    Company incorporated on February 1, 2008, with an indefinite duration and whose principal
activity is to provide professional services.   b) Cash and marketable securities
   F - 13




---



##### Table of Contents



c) Derivatives
  d) Machinery, furniture and equipment, net
   YearsMachinery and equipment
    
    10Office furniture and equipment
    
    10Computer equipment
    
    3Automotive equipment
    
    4Other
    
    Various
   e) Rights to use airport facilities, environmental liabilities and airport concessions
   F - 14




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##### Table of Contents



f) Review of the book value of long  lived assets
   g) Employees Benefits.- Seniority premiums and employee severance pay.
    F - 15




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##### Table of Contents



h) Stockholders Equity
  i) Revenue recognition
     F - 16




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##### Table of Contents



Year endedDecember 31,2006
    
    
    2007
    
    
    2008Regulated services:Airport services
    
    Ps.
    1,734,473
    
    
    Ps.
    1,991,745
    
    
    Ps.
    2,211,226Non-regulated services:Airport services:Access fees from non-permanent
ground transportation
    
    
    9,022
    
    
    
    12,053
    
    
    
    14,679Car parking lots and related access fees
    
    
    39,128
    
    
    
    47,557
    
    
    
    48,431Other access fees
    
    
    2,451
    
    
    
    4,198
    
    
    
    3,227Commercial services
    
    
    513,140
    
    
    
    684,794
    
    
    
    840,984Other services
    
    
    24,910
    
    
    
    45,544
    
    
    
    50,160Total non-regulated services
    
    
    588,651
    
    
    
    794,146
    
    
    
    957,481Ps.
    2,323,124
    
    
    Ps.
    2,785,891
    
    
    Ps.
    3,168,707
   F - 17




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##### Table of Contents



j) Transactions in foreign currency and exchange rate differences
  k) Deferred income tax, deferred flat rate business tax and tax on dividends
    l) Loss from monetary position
 st
  F - 18




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##### Table of Contents



m) Comprehensive income
  n) Earnings per share
   o) Concentrations
   p) Recently issued accounting standards
 Consejo Mexicano para la Investigación y Desarrollo de Normas
de Información Financiera (CINIF)
   F - 19




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##### Table of Contents



Consolidated and combined
financial statements
 Investment in associates and other permanent investments
 Intangible Assets
 Shared based payments
  Contracts on construction, sale and rendering of services related to real estate
 4. Trade receivables, net
  December 31,2007
    
    
    2008Trade receivables
    
    Ps.
    280,350
    
    
    Ps.
    370,627Less: allowance for doubtful accounts
    
    
    (935
    )
    
    
    (9,427
    )Net
    
    Ps.
    279,415
    
    
    Ps.
    361,200
  F - 20




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##### Table of Contents



December 31,2006
    
    
    2007
    
    
    2008Balance at the beginning of the period
    
    Ps.
    (10,522
    )
    
    Ps.
    (300
    )
    
    Ps.
    (935
    )Increases, applications and
cancellations, net
    
    
    9,530
    
    
    
    (646
    )
    
    
    (8,492
    )Effects of inflation
    
    
    692
    
    
    
    11
    
    
    
    Balance at the end of the period
    
    Ps.
    (300
    )
    
    Ps.
    (935
    )
    
    Ps.
    (9,427
    )
 5. Land, machinery, furniture and equipment
  December 31,
    
    
    Depreciation2007
    
    
    2008
    
    
    rateMachinery and equipment
    
    Ps.
    100,006
    
    
    Ps.
    132,991
    
    
    
    10
    %Office furniture and equipment
    
    
    121,286
    
    
    
    130,460
    
    
    
    10
    %Automotive equipment
    
    
    173,464
    
    
    
    175,959
    
    
    
    25
    %Others
    
    
    4,729
    
    
    
    5,603
    
    
    Other399,485
    
    
    
    445,013Less: accumulated depreciation
    
    
    (234,331
    )
    
    
    (267,129
    )Total
    
    
    165,154
    
    
    
    177,884Land (a)
    
    
    117,800
    
    
    
    437,052Construction in progress (b)
    
    
    221,626
    
    
    
    411,570Advances to contractors
    
    
    37,024
    
    
    
    54,306Net
    
    Ps.
    541,604
    
    
    Ps.
    1,080,812
  (a)
    
    In October 2008, the Company acquired, through public bid and with the authorization of the
Board of Directors, 130.3 hectares of land in Huatulco for a total of
Ps. 286,283. See acquired
commitments in Note 16d(b)
    
    At December 31, 2007
and 2008, works in progress include Ps. 104,490 and Ps. 379,820,
respectively, corresponding to the projects involving runway 2 and the control tower currently
under construction at the Cancun Airport, considered in the Master Development Plan described
in Note 16
  F - 21




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##### Table of Contents



6. Airport concessions
  Acquisition cost
    
    Ps.
    12,710,426Allocated to:Rights to use airport facilities:Runways, taxiways, and aprons
    
    Ps.
    1,582,491Buildings
    
    
    511,858Other infrastructure
    
    
    132,067Land
    
    
    684,7252,911,141Environmental liabilities
    
    
    (15,529
    )Airport concessions
    
    
    9,814,814Total
    
    Ps.
    12,710,426
   F - 22




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##### Table of Contents




    
    The concession holder should undertake the construction,
improvement or maintenance of the facilities in accordance with
its Master Development Plan and is required to update the plan
every five years (see Note 16).
    
    The concession holder may only use the airport facilities for the
purposes specified in the concession and must provide services in
accordance with all applicable law and regulations, and is subject
to statutory oversight by the Ministry of Communications and
Transportation.
    
    The concession holder must pay a concession fee (currently 5% of
each concession holders gross annual revenues) from the use of
public domain assets pursuant to the terms of its concessions as
required by applicable law.
    
    Fuel services and supply are to be provided by the Mexican Airport
and Auxiliary Services Agency.
    
    The concession holder must grant access to and the use of specific
areas of the airport to government agencies to perform their
activities inside the airports.
    
    The concession may be terminated for non-performance if the
concession holder fails to comply with certain of the obligations
imposed by the concession as established in Article 27 or for the
reasons specified in Article 26 of the Airport Law.
    
    The terms and conditions of the regulations governing the
operations of the Company may be modified by the Ministry of
Communications and Transportation.
 7. Other rights acquired
      F - 23




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##### Table of Contents



Acquisition cost
    
    Ps.
    556,145Allocated to:Rights to use:Buildings
    
    Ps.
    59,694Other infrastructure
    
    
    2,81662,510Airport concessions
    
    
    493,635Total
    
    Ps.
    556,145
      F - 24




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##### Table of Contents



8. Improvements to concessioned assets
  December 31,2007
    
    
    2008Buildings
    
    Ps.
    1,503,367
    
    
    Ps.
    1,521,324Air side
    
    
    884,848
    
    
    
    1,083,086Land side
    
    
    292,365
    
    
    
    312,122Technical installations
    
    
    281,007
    
    
    
    301,068Machinery and equipment
    
    
    218,244
    
    
    
    246,338Security equipment
    
    
    249,018
    
    
    
    272,336IT equipment
    
    
    245,316
    
    
    
    291,494Others
    
    
    31,859
    
    
    
    40,195Total
    
    
    3,706,024
    
    
    
    4,067,963Less: accumulated depreciation
    
    
    (577,405
    )
    
    
    (842,573
    )Total
    
    Ps.
    3,128,619
    
    
    Ps.
    3,225,390
  9. Accrued expenses and other payables
  December 31,2007
    
    
    2008Taxes payable
    
    Ps.
    96,880
    
    
    Ps.
    453,290Concession fees
    
    
    46,337
    
    
    
    45,421Due To Shareholder  ITA
    
    
    63,126
    
    
    
    23,411Other accruals
    
    
    93,586
    
    
    
    89,426Total
    
    Ps.
    299,929
    
    
    Ps.
    611,548
  F - 25




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##### Table of Contents



10. Stockholders equity
  Percentage overNumber
    
    
    Capital StockType of share
    
    of shares
    
    
    TotalSeries B
    
    
    277,050,000
    
    
    
    92.35
    %Series BB
    
    
    22,950,000
    
    
    
    7.65
    %Total
    
    
    300,000,000
    
    
    
    100.00
    %
  Nominal
    
    
    
    
    
    
    Restatedvalue
    
    
    Restatement
    
    
    valueCapital stock:Fixed
    
    Ps.
    7,767,276
    
    
    Ps.
    5,031,928
    
    
    Ps.
    12,799,204
     F - 26




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##### Table of Contents



Dividends
       Earnings per share
  2006
    
    
    2007
    
    
    2008Income from continuing operations
    
    Ps.
    2.92
    
    
    Ps.
    3.94
    
    
    Ps.
    5.19Non ordinary items
    
    Ps.
    (0.05
    )
    
    Ps.
    (0.01
    )
    
    Ps.
    (0.03
    )Net income
    
    Ps.
    1.83
    
    
    Ps.
    1.74
    
    
    Ps.
    3.50
  F - 27




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##### Table of Contents



11. Rentals under operating leases
  Period ending December 31:2009
    
    Ps.
    664,8522010
    
    
    546,9612011
    
    
    510,6332012
    
    
    497,6602013
    
    
    471,992Thereafter
    
    
    1,578,872Total
    
    Ps.
    4,270,970
 12. Foreign currency balances and transactions
  Foreign currency
    
    
    Period endamounts
    
    
    Exchange rate
    
    
    Mexican pesos(thousands)
    
    
    
    
    
    
    (thousands)December 31, 2007Assets:Cash and marketable securities
    
    US$
    16,403
    
    
    Ps.
    10. 9157
    
    
    Ps.
    179,050Prepaids
    
    
    1,558
    
    
    
    10. 9157
    
    
    
    17,007Deposits
    
    
    41
    
    
    
    10. 9157
    
    
    
    448Clients
    
    
    4,276
    
    
    
    10. 9157
    
    
    
    46,676Liabilities:Accrued expenses and other payables
    
    US$
    1,623
    
    
    Ps.
    10.9157
    
    
    Ps.
    17,716Deposits
    
    
    960
    
    
    
    10.9157
    
    
    
    10,481
  F - 28




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##### Table of Contents



Foreign currency
    
    
    Period endamounts
    
    
    Exchange rate
    
    
    Mexican pesos(thousands)
    
    
    
    
    
    
    (thousands)December 31, 2008Assets:Cash and marketable securities
    
    US$
    15,498
    
    
    Ps.
    13.8325
    
    
    Ps.
    214,376Prepaids
    
    
    133
    
    
    
    13.8325
    
    
    
    1,840Deposits
    
    
    36
    
    
    
    13.8325
    
    
    
    498Clients
    
    
    3,463
    
    
    
    13.8325
    
    
    
    47,902Liabilities:Accrued expenses and
other
payables
    
    US$
    489
    
    
    Ps.
    13.8325
    
    
    Ps.
    6,764Deposits
    
    
    1,369
    
    
    
    13.8325
    
    
    
    18,937
  Foreign currency
    
    
    Averageamounts
    
    
    exchange rate
    
    
    Mexican pesos(thousands)
    
    
    
    
    
    
    (thousands)Year ended December 31, 2006Income statement:Technical assistance fees and
related costs
    
    US$
    2,391
    
    
    Ps.
    10.98
    
    
    Ps.
    26,260Professional services expenses
    
    
    1,304
    
    
    
    10.86
    
    
    
    14,161Other
    
    
    876
    
    
    
    10.90
    
    
    
    9,548Year ended December 31, 2007Income statement:Technical assistance fees and
related costs
    
    US$
    2,451
    
    
    Ps.
    10.92
    
    
    Ps.
    26,777Professional services expenses
    
    
    2,198
    
    
    
    10.94
    
    
    
    24,038Other
    
    
    4,250
    
    
    
    10.84
    
    
    
    46,083Year ended December 31, 2008Income statement:Professional services expenses
    
    US$
    1,825
    
    
    Ps.
    11.40
    
    
    Ps.
    20,800Other
    
    
    3,025
    
    
    
    11.37
    
    
    
    34,389
  F - 29




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##### Table of Contents



13. Income tax, asset tax and flat rate business tax (IETU)
       F - 30




---



##### Table of Contents



For the yearsended December 31,2006
    
    
    2007
    
    
    2008Current income tax
    
    Ps.
    
    
    
    Ps.
    64,638
    
    
    Ps.
    408,536Deferred income tax
    
    
    264,940
    
    
    
    230,931
    
    
    
    (58,965
    )Cancellation of income tax from
prior periods
    
    
    
    
    
    
    (150,041
    )Income tax-deferred accounted for
non ordinary items
    
    
    2,557Provision for income tax
    
    Ps.
    267,497
    
    
    Ps.
    145,528
    
    
    Ps.
    349,571
  For the yearsended December 31,2006
    
    
    2007
    
    
    2008Income before statutory
income tax
    
    Ps.
    860,399
    
    
    Ps.
    1,178,929
    
    
    Ps.
    1,548,235Statutory income tax rate
    
    
    29
    %
    
    
    28
    %
    
    
    28
    %Income tax to statutory rate
    
    
    249,516
    
    
    
    330,100
    
    
    
    433,506Nondeductible expenses and
other permanent differences
    
    
    (5,274
    )
    
    
    (41,221
    )
    
    
    (10,768
    )Nontaxable income
    
    
    (4,367
    )
    
    
    (8,567
    )
    
    
    (6,410
    )Net difference between the gain
or loss on net monetary position
and the inflationary component
determined for tax purposes
    
    
    26,766
    
    
    
    33,698
    
    
    
    (28,278
    )Discontinuance of inflation
Accounting of B-10
    
    
    
    
    
    
    
    
    
    
    (31,436
    )Valuation allowance
    
    
    9,460
    
    
    
    (18,441
    )
    
    
    (7,043
    )Cancellation of deferred income tax
    
    
    
    
    
    
    
    
    
    
    (150,041
    )Change in tax rate
    
    
    (8,604
    )Provision for income tax
    
    Ps.
    267,497
    
    
    Ps.
    145,528
    
    
    Ps.
    349,571Effective tax rate
    
    
    31
    %
    
    
    12
    %
    
    
    23
    %
  F - 31




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##### Table of Contents



December 31,2007
    
    
    2008Deferred income taxDeferred asset tax:Tax loss carryforwards
    
    Ps.
    756,050
    
    
    Ps.
    397,968Other
    
    
    27,418
    
    
    
    12,187Cancellation of deferred income tax from prior periods
    
    
    150,041Valuation allowance
    
    
    (58,211
    )875,298
    
    
    
    410,155Deferred tax liabilities:Airport concessions, rights to use
airport facilities and machinery furniture
and equipment
    
    
    (2,461,726
    )
    
    
    (1,941,762
    )Other
    
    
    (6,465
    )
    
    
    (2,321
    )(2,468,191
    )
    
    
    (1,944,083
    )Net deferred tax liabilities before recoverable asset tax
    
    
    (1,592,893
    )
    
    
    (1,533,928
    )Recoverable asset tax, net of valuation allowance
of Ps. 114,624 and Ps.49,192, respectively
    
    
    491,914
    
    
    
    442,722Net deferred tax liabilities
    
    Ps.
    (1,100,979
    )
    
    Ps.
    (1,091,206
    )Deferred employees statutory profit sharing:Net deferred employees statutory profit sharing
liabilities recognized in respect of all the non
recurring temporary differences generated in
the year ended December 31, 2000, between the
tax and the book basis
    
    
    (37,496
    )Cancelled deferred employees statutory profit sharingNet deferred income tax and employees
statutory profit sharing liabilities
    
    Ps.
    (1,138,475
    )
    
    Ps.
    (1,091,206
    )
   F - 32




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##### Table of Contents



st
       F - 33




---



##### Table of Contents



December 312007
    
    
    2008Current IETU
    
    $
    
    
    
    $
    78,225Deferred IETU
    
    
    489,141
    
    
    
    10,879Provision for IETU
    
    $
    489,141
    
    
    $
    89,104
  December 31,2007
    
    
    2008Deferred IETU tax liability:Airport concessions, rights to use
airport facilities and machinery furniture and equipment
    
    Ps.
    4,051,076
    
    
    Ps.
    3,992,049Trade receivable
    
    
    
    
    
    
    91,718Valuation allowance
    
    
    
    
    
    
    4,291Others
    
    
    (13,455
    )
    
    
    (91,778
    )4,037,621
    
    
    
    3,996,280IETU tax applicable rate
    
    
    17.5
    %
    
    
    17.5
    %Deferred IETU tax liability
    
    Ps.
    706,583
    
    
    Ps.
    699,349Tax credit by:Fixed assets, acquired from 1998 to August 31, 2007
    
    Ps.
    217,442
    
    
    Ps.
    195,805Excess deductions on taxable income
    
    
    
    
    
    
    3,524Deferred IETU tax liability net
    
    Ps.
    489,141
    
    
    Ps.
    500,020
  F - 34




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##### Table of Contents



14. Technical assistance agreement
   st
     F - 35




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##### Table of Contents



15. Related party transactions
 
 December 31,2007
    
    
    2008Accounts receivable:Compañía Méxicana de Aviación, S. A. de C. V.
(Key management personnel)
    
    Ps.
    52,350
    
    
    Ps.
    34,296Accounts payable:Inversiones y Técnicas Aeroportuarias, S. A. de C. V.
(Shareholder)
    
    Ps.
    (63,120
    )
    
    Ps.
    (23,441
    )Promecap, S. C. (Key Management personnel)
    
    
    (825
    )
    
    
    (601
    )Lava Tap de Chiapas, S. A. de C. V. (Key management
personnel)
    
    
    (248
    )
    
    
    (291
    )Telefonos de México, S. A. de C. V. (Key management
personnel)
    
    
    (48
    )
    
    
    (108
    )Mexicana de Aviación S. A. de C. V. (Key management
personnel)
    
    
    (47
    )Grupo Posadas, S. A. de C. V. (Key management
personnel)
    
    
    (44
    )(64,332
    )
    
    
    (24,441
    )Net
    
    Ps.
    (11,982
    )
    
    Ps.
    9,855
  2006
    
    
    2007
    
    
    2008Revenues from airport services
    
    Ps.
    214,316
    
    
    Ps.
    198,787
    
    
    Ps.
    159,014Technical assistance
    
    
    (73,707
    )
    
    
    (91,945
    )
    
    
    (104,485
    )Administrative services
    
    
    (4,435
    )
    
    
    (5,782
    )
    
    
    (5,181
    )Leases
    
    
    (2,480
    )
    
    
    (2,457
    )
    
    
    (2,617
    )Telephone services and network connections
    
    
    (3,395
    )
    
    
    (5,737
    )
    
    
    (6,931
    )Cleaning services
    
    
    (5,338
    )
    
    
    (5,263
    )
    
    
    (10,224
    )Others
    
    
    (1,911
    )
    
    
    (3,003
    )
    
    
    (4,354
    )
  2007
    
    
    2008Compensation to key personnel
    
    Ps.
    16,500
    
    
    Ps.
    20,627Compensation to Board of Directors and Committees
    
    
    5,052
    
    
    
    4,365
  F - 36




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##### Table of Contents



16. Commitments and contingencies
 Commitments
 a)
    
    In 2005, the Company entered into a new 60 month operating lease with a related party for its
corporate offices with monthly payments of US$ 17,832.Rental expense was approximately Ps. 2,480, Ps. 2,457 and Ps. 2,617 for the years ended December
31, 2006, 2007 and 2008, respectively.b)
    
    On December 30th, 2003, the Company received approval from the Mexican Ministry of
Communications and Transportation (SCT) for its Master Development Plan (PMD) for each of the
nine airports for the period between 2004 and 2008. As of December 31st, 2008, the
Company had complied with the investments required under the Master Development Plan for the
period between 2004 and 2008.c)
    
    On December 23, 2008, the Ministry of Communications and Transport (SCT) pronounced a 90-day
extension to the deadlines for approval of the Master Development Plans for the period from
2009 to 2013. At the date of this report, the SCT had not yet released the Master Development
Plans.d)
    
    In accordance with the terms of the purchase of the land in Huatulco in October 2008, the
Company is required to build 450 hotel rooms within four years. To this end, the Company
intends to enter into agreements with third parties, in order to honor the commitment assumed
with FONATUR. On February 26th, 2009, the Company delivered its proposal for an
Integral Tourism Plan in relation to this project to FONATUR, and as of this date said
proposal is pending approval.
 Contingencies
 a)
    
    The operations of the Company are subject to Mexican federal and state laws.
 b)
    
    At present, there are two labor-law claims against the Company. The Company is in the
judicial process. Moreover, no ruling has been handed down at the date of this report.
 c)
    
    The Huatulco municipal government has initiated legal proceedings against the Company to
claim payment of the property tax corresponding to the land where the airport is located. The
Company believes that there is no legal ground for the proceedings, as was the case of other
Groups airports and where a favorable ruling for the Company was obtained concerning the
payment of the tax in question (although the municipality has since taken legal action to
request the revocation of this ruling.)Additionally, the municipality of Benito Juárez, in which Cancun Airport is located, has again
requested payment of property taxes. The Company has filed an appeal against this request, since
there is a court order in the Companys favor stating that the Airport is not required to pay
property taxes.d)
    
    The Mexican Department of Civil Aviation (DGAC) has initiated twelve administrative lawsuits
against the Company based on a series of audits carried out during the years 2004 to 2006. The
Company has begun counter-proceedings, as it considers that these lawsuits are baseless due to
the inappropriate procedures followed by the DGAC. Since these lawsuits make no reference to
the number of observations that have not been resolved or to the possible penalties that might
be applied, it is not possible to estimate the potential effects on the consolidated financial
position of the Company.Management does not believe that any liabilities relating to these claims are likely to have a
material adverse effect on the Companys consolidated financial condition or results of
operations.
  F - 37




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##### Table of Contents



17. Segment information
  Year ended
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    ConsolidationDecember 31, 2006
    
    Cancun
    
    
    Villahermosa
    
    
    Mérida
    
    
    Servicios
    
    
    Other
    
    
    Adjustments
    
    
    TotalTotal revenues
    
    Ps.
    1,757,128
    
    
    Ps.
    100,655
    
    
    Ps.
    141,724
    
    
    Ps.
    196,367
    
    
    Ps.
    345,688
    
    
    Ps.
    (218,438
    )
    
    Ps.
    2,323,124Operating income (loss)
    
    
    840,902
    
    
    
    17,046
    
    
    
    14,740
    
    
    
    1,827
    
    
    
    (13,660
    )
    
    
    
    
    
    
    860,855Total assets
    
    
    10,900,449
    
    
    
    800,224
    
    
    
    1,127,506
    
    
    
    31,126
    
    
    
    17,446,455
    
    
    
    (14,802,706
    )
    
    
    15,503,054Capital expenditures
    
    
    957,590
    
    
    
    32,090
    
    
    
    43,174
    
    
    
    1,841
    
    
    
    95,220
    
    
    
    
    
    
    
    1,129,915Depreciation and
amortization
    
    
    323,673
    
    
    
    29,062
    
    
    
    39,027
    
    
    
    2,417
    
    
    
    111,945
    
    
    
    
    
    
    
    506,124
 Year ended
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    ConsolidationDecember 31, 2007
    
    Cancun
    
    
    Villahermosa
    
    
    Mérida
    
    
    Servicios
    
    
    Other
    
    
    Adjustments
    
    
    TotalTotal revenues
    
    Ps.
    2,108,081
    
    
    Ps.
    130,984
    
    
    Ps.
    172,100
    
    
    Ps.
    206,271
    
    
    Ps.
    1,003,494
    
    
    Ps.
    (835,039
    )
    
    Ps.
    2,785,891Operating income (loss)
    
    
    667,332
    
    
    
    42,657
    
    
    
    22,795
    
    
    
    3,319
    
    
    
    430,067
    
    
    
    
    
    
    
    1,166,170Total assets
    
    
    11,303,907
    
    
    
    898,475
    
    
    
    1,251,028
    
    
    
    22,383
    
    
    
    17,944,140
    
    
    
    (14,743,853
    )
    
    
    16,676,081Capital expenditures
    
    
    544,066
    
    
    
    5,679
    
    
    
    45,745
    
    
    
    1,966
    
    
    
    67,704
    
    
    
    
    
    
    
    665,160Depreciation and
amortization
    
    
    350,138
    
    
    
    29,279
    
    
    
    41,000
    
    
    
    2,208
    
    
    
    118,196
    
    
    
    
    
    
    
    540,821
 Year ended
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    ConsolidationDecember 31, 2008
    
    Cancun
    
    
    Villahermosa
    
    
    Mérida
    
    
    Servicios
    
    
    Other
    
    
    Adjustments
    
    
    TotalTotal revenues
    
    Ps.
    2,449,918
    
    
    Ps.
    139,899
    
    
    Ps.
    178,616
    
    
    Ps.
    421,034
    
    
    Ps.
    1,544,649
    
    
    Ps.
    (1,565,409
    )
    
    Ps.
    3,168,707Operating income (loss)
    
    
    356,192
    
    
    
    27,590
    
    
    
    2,549
    
    
    
    (19,307
    )
    
    
    1,016,673
    
    
    
    
    
    
    
    1,383,697Total assets
    
    
    10,746,482
    
    
    
    924,198
    
    
    
    1,252,538
    
    
    
    43,942
    
    
    
    19,434,765
    
    
    
    (15,027,331
    )
    
    
    17,374,594Capital expenditures
    
    
    497,988
    
    
    
    9,127
    
    
    
    15,877
    
    
    
    1,025
    
    
    
    411,755
    
    
    
    
    
    
    
    935,772Depreciation and
amortization
    
    
    390,589
    
    
    
    32,366
    
    
    
    46,997
    
    
    
    1,830
    
    
    
    129,731
    
    
    
    
    
    
    
    601,513
    F - 38




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##### Table of Contents



18. Differences between Mexican Financial Reporting Standards and US GAAP
      
    
    Level 1  Unadjusted quoted prices in active markets that are accessible at the measurement
date for identical, unrestricted assets or liabilities;
    
    Level 2  Inputs that are observable, either directly or indirectly, but do not qualify as Level
1 inputs. (i.e., quoted prices for similar assets or liabilities.)
    
    Level 3  Prices or valuation techniques that require inputs that are both significant to the
fair value measurement and unobservable (i.e., supported by little or no market activity).
   F - 39




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##### Table of Contents



For the year ended December 31,2006
    
    
    2007
    
    
    2008Reconciliation of net income:Net income as reported under
Mexican FRS
    
    Ps.
    547,967
    
    
    Ps.
    522,361
    
    
    Ps.
    1,049,469US GAAP adjustments:(A) Amortization of airport concessions
    
    
    196,336
    
    
    
    196,336
    
    
    
    196,336(A) Amortization of rights to use airport facilities
    
    
    15,880
    
    
    
    10,594
    
    
    
    10,341(B) Amortization of Terminal 1 building
write-off reversal
    
    
    (50,162
    )
    
    
    109
    
    
    
    109(C) Contract termination fee on leasehold agreement
    
    
    15,893
    
    
    
    16,526
    
    
    
    16,165(D) Concession fee on leasehold agreement, net of
inflation effects
    
    
    (4,014
    )
    
    
    (14,531
    )
    
    
    6,186(E) Tax on dividends, net
    
    
    (89,283
    )
    
    
    (88,873
    )(F) Deferred employees statutory profit sharing,
net of inflation effects
    
    
    (153,754
    )
    
    
    (120,593
    )
    
    
    (15,895
    )(G) Deferred income taxes, net of
inflation effects
    
    
    (47,266
    )
    
    
    (662,816
    )
    
    
    (36,649
    )(H) Deferred flat rate business tax, net of
inflation effects
    
    
    
    
    
    
    398,161
    
    
    
    (6,453
    )Total US GAAP adjustments
    
    
    (116,370
    )
    
    
    (265,087
    )
    
    
    170,140Net income under US GAAP
    
    Ps.
    431,597
    
    
    Ps.
    257,274
    
    
    Ps.
    1,219,609Basic and diluted earnings per share
    
    Ps.
    1.44
    
    
    Ps.
    0.86
    
    
    Ps.
    4.07
 As of December 31,2007
    
    
    2008Reconciliation of stockholders equity:Total stockholders equity reported under
Mexican FRS
    
    Ps.
    14,505,527
    
    
    Ps.
    14,954,996US GAAP adjustments:(A) Airport concessions
    
    
    (8,015,528
    )
    
    
    (7,819,192
    )(A) Rights to use airport facilities
    
    
    (468,596
    )
    
    
    (458,255
    )(B) Terminal 1 write-off reversal
    
    
    (50,053
    )
    
    
    (49,944
    )(C) Contract termination fee on leasehold agreement
    
    
    (26,931
    )
    
    
    (10,766
    )(D) Concession fee on lease hold agreement
    
    
    (18,545
    )
    
    
    (12,359
    )(F) Deferred employees statutory profit
sharing
    
    
    17,315
    
    
    
    1,420(G) Deferred income taxes
    
    
    1,692,298
    
    
    
    1,655,649(H) Deferred flat rate business tax
    
    
    398,161
    
    
    
    391,708Total US GAAP adjustments
    
    
    (6,471,879
    )
    
    
    (6,301,739
    )Total stockholders equity under US GAAP
    
    Ps.
    8,033,648
    
    
    Ps.
    8,653,257
  F - 40




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##### Table of Contents



Balance at December 31, 2006
    
    Ps.
    8,007,623Net income
    
    
    257,274Dividends declared
    
    
    (231,249
    )Balance at December 31, 2007
    
    
    8,033,648Net income
    
    
    1,219,609Dividends declared
    
    
    (600,000
    )Balance at December 31, 2008
    
    Ps.
    8,653,257
  As of December 31,2007
    
    
    2008AssetsCurrent assets:Cash and cash equivalents
    
    Ps.
    1,870,675
    
    
    Ps.
    1,733,512Other current assets
    
    
    662,934
    
    
    
    877,512Current deferred income tax asset
    
    
    5,533
    
    
    
    4,725Current dividend income tax asset
    
    
    
    
    
    
    290,387Current deferred flat rate business tax
    
    
    3,502
    
    
    
    20,901Total current assets
    
    
    2,542,644
    
    
    
    2,927,037Improvements to concessioned assets, land,
machinery, furniture and equipment  net
    
    
    3,670,223
    
    
    
    4,306,202Airport concessions  net
    
    
    22,376
    
    
    
    13,776Rights to use airport facilities  net
    
    
    1,671,325
    
    
    
    1,615,667Noncurrent deferred employees statutory profit
sharing
    
    
    
    
    
    
    1,420Noncurrent deferred income taxes
    
    
    673,122
    
    
    
    845,264Total assets
    
    Ps.
    8,579,690
    
    
    Ps.
    9,709,366Liabilities and Stockholders EquityCurrent liabilities:Other liabilities
    
    Ps.
    335,549
    
    
    Ps.
    633,930Seniority premiums
    
    
    8,494
    
    
    
    7,420Total current liabilities
    
    
    344,043
    
    
    
    641,350Deferred employees statutory profit sharing liability
    
    
    
    
    
    
    20,181Deferred income taxes liability
    
    
    87,336
    
    
    
    285,546Deferred flat rate business tax liability
    
    
    94,482
    
    
    
    129,213Total liabilities
    
    
    546,042
    
    
    
    1,056,109Total stockholders equity
    
    
    8,033,648
    
    
    
    8,653,257Total liabilities and stockholders equity
    
    Ps.
    8,579,690
    
    
    Ps.
    9,709,366
  F - 41




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##### Table of Contents



For the years endedDecember 31,2006
    
    
    2007
    
    
    2008Net revenues
    
    Ps.
    2,319,110
    
    
    Ps.
    2,771,216
    
    
    Ps.
    3,174,893Cost of services (1)
    
    
    (814,046
    )
    
    
    (862,827
    )
    
    
    (687,819
    )General and administrative
expenses (1)
    
    
    (106,138
    )
    
    
    (104,019
    )
    
    
    (114,159
    )Depreciation and amortization
    
    
    (277,808
    )
    
    
    (317,256
    )
    
    
    (378,561
    )Other expenses
    
    
    (258,884
    )
    
    
    (233,624
    )
    
    
    (407,149
    )Operating expenses
    
    
    (1,456,876
    )
    
    
    (1,517,726
    )
    
    
    (1,587,688
    )Operating income
    
    
    862,234
    
    
    
    1,253,490
    
    
    
    1,587,205Net comprehensive financing income
    
    
    15,786
    
    
    
    14,367
    
    
    
    174,273Income tax expense (2)
    
    
    (446,423
    )
    
    
    (1,010,583
    )
    
    
    (541,869
    )Net income
    
    Ps.
    431,597
    
    
    Ps.
    257,274
    
    
    Ps.
    1,219,609
 (1)
    
    Exclusive of depreciation and amortization.(2)
    
    Consists of asset tax, tax on dividends income taxes and flat rate business tax. (A) Airport concessions, rights to use airport facilities and environmental liabilities
    F - 42




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##### Table of Contents



(Expressed in thousands of Mexican Pesos)Year
    
    Concession
    
    
    Rights to use airport facilities2009
    
    Ps.
    204,567
    
    
    Ps.
    65,8042010
    
    
    200,321
    
    
    
    65,4652011
    
    
    196,012
    
    
    
    64,6892012
    
    
    196,012
    
    
    
    64,6842013
    
    
    196,012
    
    
    
    64,537
 (B) Terminal 1 building write-off reversal
   (C) Contract termination fee on leasehold agreements
 Accounting for Costs Associated with
Exit or Disposal Activities
 (D) Concession fee on leasehold agreement
     F - 43




---



##### Table of Contents



(E) Tax on dividends
   (F) Deferred Employees Statutory Profit Sharing (PTU)
      F - 44




---



##### Table of Contents



(G) Deferred income taxes
     As of December 31,2007
    
    
    2008Current deferred income asset tax:Accrued liabilities
    
    Ps.
    23,436
    
    
    Ps.
    5,880Tax paid on dividends
    
    
    
    
    
    
    290,387Less: Current valuation allowance
    
    
    (17,903
    )
    
    
    (1,155
    )Current deferred asset tax
    
    
    5,533
    
    
    
    295,112Current deferred income tax liability:Inventories
    
    
    (3,171
    )Prepaids and other current assets
    
    
    (5,717
    )Current deferred tax liability
    
    
    (8,888
    )Net current deferred income asset tax (liability)
    
    Ps.
    (3,355
    )
    
    Ps.
    295,112
  F - 45




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##### Table of Contents



As of December 31,2007
    
    
    2008Noncurrent deferred income asset tax:Tax paid on dividends
    
    Ps.
    88,873
    
    
    Ps.
    88,873Tax loss carryforwards
    
    
    756,050
    
    
    
    533,396Others
    
    
    
    
    
    
    4,590844,923
    
    
    
    626,859Less: Noncurrent valuation allowance
    
    
    (675,235
    )
    
    
    (224,317
    )Noncurrent deferred asset tax
    
    
    169,688
    
    
    
    402,542Noncurrent deferred income tax liability:Fixed assets
    
    
    (64,159
    )
    
    
    (283,559
    )Other deferred assets
    
    
    (2,769
    )
    
    
    (1,987
    )Noncurrent deferred tax liability
    
    
    (66,928
    )
    
    
    (285,546
    )Net noncurrent deferred asset tax
    
    
    102,760
    
    
    
    116,996Total net deferred asset tax
    
    
    99,405
    
    
    
    412,108Recoverable asset tax
    
    
    491,914
    
    
    
    442,722Net deferred income asset tax under US GAAP
    
    
    591,319
    
    
    
    854,830Net deferred income tax liability under Mexican FRS
    
    
    1,100,979
    
    
    
    800,819Net deferred income tax US GAAP adjustments
to the net deferred income tax liability
    
    Ps.
    1,692,298
    
    
    Ps.
    1,655,649
  (H) Deferred flat rate business tax
   F - 46




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##### Table of Contents



As of December 31,2007
    
    
    2008Deferred IETU tax asset:Accrued liabilities
    
    Ps.
    3,502
    
    
    Ps.
    20,901Deferred IETU liability:Fixed assets
    
    Ps.
    (93,083
    )
    
    
    (111,646
    )Others
    
    
    (1,399
    )
    
    
    (17,567
    )(94,482
    )
    
    
    (129,213
    )Net deferred IETU tax liability under US GAAP
    
    Ps.
    (90,980
    )
    
    Ps.
    (108,312
    )Net deferred IETU tax liability under Mexican
FRS
    
    
    (489,141
    )
    
    
    (500,020
    )Net deferred IETU US GAAP adjustments
    
    Ps.
    389,161
    
    
    Ps.
    391,708
 (I) Cash and cash equivalents
   (J) Restructure, contract termination fees and loss on natural disaster
   F - 47




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##### Table of Contents



(K) Supplemental Cash Flow Information
  For the years endedDecember 31,2006
    
    
    2007
    
    
    2008Operating activities:Net income under US GAAP
    
    Ps.
    431,597
    
    
    Ps.
    257,274
    
    
    Ps.
    1,219,609Adjustments to reconcile net income to
cash flows provided by operating activities:Allowance for doubtful accounts
    
    
    
    
    
    
    
    
    
    
    8,492Loss from monetary position
    
    
    91,642
    
    
    
    92,950
    
    
    
    Asset tax, tax on dividends and deferred
income taxes
    
    
    446,423
    
    
    
    919,603
    
    
    
    446,311Deferred employees statutory profit sharing
    
    
    153,754
    
    
    
    119,185
    
    
    
    15,895Deferred flat rate business tax
    
    
    
    
    
    
    90,980
    
    
    
    95,558Depreciation and amortization
    
    
    277,808
    
    
    
    317,255
    
    
    
    378,561Other provisions
    
    
    62,245
    
    
    
    63,127
    
    
    
    23,411Restoration cost for natural disasters
    
    
    62,296
    
    
    
    2,385
    
    
    
    Insurance proceeds
    
    
    (3,633
    )
    
    
    
    
    
    
    Changes in operating assets and liabilities:Trade receivables
    
    
    (75,461
    )
    
    
    (43,874
    )
    
    
    (134,151
    )Recoverable taxes and other current assets
    
    
    (182,670
    )
    
    
    (198,045
    )
    
    
    (618,225
    )Trade accounts payable
    
    
    (16,291
    )
    
    
    23,209
    
    
    
    274,970Accrued expenses and other payables
    
    
    (165,277
    )
    
    
    82,292
    
    
    
    (15,582
    )Cash flows provided by operating activities
    
    
    1,082,433
    
    
    
    1,726,341
    
    
    
    1,694,849Investing activities:Proceeds from short-term investments
    
    
    402,772
    
    
    
    409,012
    
    
    
    55,022Purchases of short-term investments
    
    
    (354,112
    )
    
    
    (51,062
    )
    
    
    Purchase of other rights and machinery
furniture and equipment
    
    
    (1,034,232
    )
    
    
    (722,200
    )
    
    
    (935,772
    )Insurance proceeds
    
    
    51,137
    
    
    
    Restorations payments
    
    
    (94,352
    )
    
    
    
    
    
    
    Cash flows used in investing
activities
    
    
    (1,028,787
    )
    
    
    (364,250
    )
    
    
    (880,750
    )Financing activities:Payments of tax on dividends
    
    
    (89,283
    )
    
    
    (88,873
    )
    
    
    (351,262
    )Payment of dividends
    
    
    (218,582
    )
    
    
    (231,249
    )
    
    
    (600,000
    )Cash flows used in financing activities
    
    
    (307,865
    )
    
    
    (320,122
    )
    
    
    (951,262
    )Effects of inflation on cash and cash equivalents
    
    
    (45,157
    )
    
    
    (31,151
    )
    
    
    Increase (decrease) in cash and cash equivalents
    
    
    (299,376
    )
    
    
    1,010,818
    
    
    
    (137,163
    )Cash and cash equivalents at beginning of period
    
    
    1,159,233
    
    
    
    859,857
    
    
    
    1,870,675Cash and cash equivalents at end of period
    
    Ps.
    859,857
    
    
    Ps.
    1,870,675
    
    
    Ps.
    1,733,512Supplemental cash disclosures:Asset tax
    
    Ps.
    130,342
    
    
    Ps.
    81,887
    
    
    Ps.
    Tax on dividends
    
    
    89,283
    
    
    
    88,873
    
    
    
    351,262Flat rate business tax
    
    
    
    
    
    
    
    
    
    
    75,943Current income tax
    
    
    
    
    
    
    
    
    
    
    103,023
  F - 48




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##### Table of Contents



(L) Recently Issued Accounting Standards
  Non
Controlling Interests in Consolidated
Financial Statements
  Business Combinations
  Disclosures about Derivative Instruments and
Hedging Activities, an amendment of FASB Statement No. 133
  F - 49




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##### Table of Contents



Disclosures about
Transfers of Financial Assets and Interests in Variable Interest Entities.
 C.P.A. Adolfo Castro RivasChief Financial and Strategic Planning OfficerGrupo Aeroportuario del Sureste, S. A. B. de C. V.
  F - 50




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##### Table of Contents



EXHIBIT INDEX
 Exhibit No.
    
    Description8.1
    
    

List
of material subsidiaries of the Company.12.1
    
    
    Certification of Chief Financial Officer pursuant to Section
302 of the Sarbanes-Oxley Act of 2002.12.2
    
    
    Certification of Chief Executive Officer pursuant to Section
302 of the Sarbanes-Oxley Act of 2002.13.1
    
    
    Certifications of Chief Financial Officer and Chief Executive
Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
  144