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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, 2007
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.
Mexico
Telephone: + 52 55 5284 0449
Fax: +52 55 5284 0407
 
  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.
  None
 N/A
  Series B Shares, without par value: 277,050,000
 Series BB Shares, without par value: 22,950,000
 Yes þ No o
 Yes o No þ
 Yes þ No o
  Large accelerated filerþ
    
    Accelerated filero
    
    Non-accelerated filer o
 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
    
    
    5Risk Factors
    
    
    6Forward Looking Statements
    
    
    23Item 4. Information on the Company
    
    
    23History and Development of the Company
    
    
    23Business Overview
    
    
    28Regulatory Framework
    
    
    42Organizational Structure
    
    
    58Property, Plant, And Equipment
    
    
    58Item 4A.
Unresolved Staff Comments
    
    
    59Item 5. Operating and Financial Review and Prospects
    
    
    59Item 6. Directors, Senior Management and Employees
    
    
    85Item 7. Major Shareholders and Related Party Transactions
    
    
    95Major Shareholders
    
    
    95Related Party Transactions
    
    
    97Item 8. Financial Information
    
    
    98Dividends
    
    
    98Item 9. The Offer and Listing
    
    
    100Trading on the Mexican Stock Exchange
    
    
    101Item 10. Additional Information
    
    
    102Material Contracts
    
    
    117Exchange Controls
    
    
    117Taxation
    
    
    118Documents On Display
    
    
    122Item 11. Quantitative and Qualitative Disclosures About Market Risk
    
    
    123Item 12. Description of Securities Other Than Equity Securities
    
    
    123Item 13. Defaults, Dividend Arrearages and Delinquencies
    
    
    124Item 14. Material Modifications to the Rights of Security Holders and Use of
Proceeds
    
    
    124Item 15. Controls and Procedures
    
    
    124Item 16. Reserved
    
    
    125Item 16A. Audit Committee Financial Expert
    
    
    125Item 16B. Code of Ethics
    
    
    125Item 16C. Principal Accountant Fees and Services
    
    
    125Item 16D. Exemptions from the Listing Standards for Audit Committees
    
    
    126Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
    
    
    126Item 17. Financial Statements
    
    
    127Item 18. Financial Statements
    
    
    127Item 19. Exhibits
    
    
    128Exhibit 4.6Exhibit 12.1Exhibit 12.2Exhibit 13.1
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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
 Banco de Mexico




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2




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Year ended December 31,2003
    
    
    2004
    
    
    2005
    
    
    2006
    
    
    2007(in thousands of constant Mexican pesos as of December 31, 2007)(1)


(thousands of 
dollars)(2)Income statement data:Mexican FRS:Revenues:Aeronautical services(3)
    
    Ps.
    1,368,180
    
    
    Ps.
    1,662,873
    
    
    Ps.
    1,577,295
    
    
    Ps.
    1,647,594
    
    
    Ps.
    1,890,950
    
    
    $
    173,232Non-aeronautical services(4)
    
    
    352,969
    
    
    
    541,582
    
    
    
    650,889
    
    
    
    675,530
    
    
    
    894,941
    
    
    
    81,987Total revenues
    
    
    1,721,149
    
    
    
    2,204,455
    
    
    
    2,228,184
    
    
    
    2,323,124
    
    
    
    2,785,891
    
    
    
    255,219Operating expenses:Cost of services
    
    
    (433,895
    )
    
    
    (521,383
    )
    
    
    (602,436
    )
    
    
    (665,275
    )
    
    
    (743,642
    )
    
    
    (68,126
    )General and administrative expenses
    
    
    (142,010
    )
    
    
    (117,984
    )
    
    
    (110,907
    )
    
    
    (101,156
    )
    
    
    (104,019
    )
    
    
    (9,529
    )Technical assistance fee(5)
    
    
    (54,129
    )
    
    
    (74,697
    )
    
    
    (71,721
    )
    
    
    (73,707
    )
    
    
    (91,945
    )
    
    
    (8,423
    )Government Concession fee(6)
    
    
    (86,027
    )
    
    
    (110,181
    )
    
    
    (111,409
    )
    
    
    (116,007
    )
    
    
    (139,294
    )
    
    
    (12,761
    )Depreciation and amortization
    
    
    (416,166
    )
    
    
    (445,746
    )
    
    
    (468,653
    )
    
    
    (506,124
    )
    
    
    (540,821
    )
    
    
    (49,545
    )Net comprehensive financing
    
    
    28,415
    
    
    
    (32,026
    )
    
    
    24,558
    
    
    
    15,786
    
    
    
    15,144
    
    
    
    1,387Non-ordinary items(7)
    
    
    (21,029
    )
    
    
    (19,762
    )
    
    
    (9,678
    )
    
    
    (16,242
    )
    
    
    (2,385
    )
    
    
    (218
    )Income before taxes
    
    
    596,308
    
    
    
    882,676
    
    
    
    877,938
    
    
    
    860,399
    
    
    
    1,178,929
    
    
    
    108,004Provision for income taxes
    
    
    (272,186
    )
    
    
    (205,498
    )
    
    
    (269,893
    )
    
    
    (312,432
    )
    
    
    (656,568
    )
    
    
    (60,149
    )Net income
    
    
    324,122
    
    
    
    677,178
    
    
    
    608,045
    
    
    
    547,967
    
    
    
    522,361
    
    
    
    47,855Basic and diluted earnings per share(10)
    
    
    1.08
    
    
    
    2.26
    
    
    
    2.03
    
    
    
    1.83
    
    
    
    1.74
    
    
    
    0.16Basic and diluted earnings per ADS
(unaudited)(8)
    
    
    10.80
    
    
    
    22.57
    
    
    
    20.27
    
    
    
    18.27
    
    
    
    17.41
    
    
    
    1.60U.S. GAAP:Revenues
    
    
    1,721,149
    
    
    
    2,204,455
    
    
    
    2,228,184
    
    
    
    2,319,110
    
    
    
    2,771,216
    
    
    
    253,874Operating income
    
    
    674,877
    
    
    
    937,944
    
    
    
    819,554
    
    
    
    862,234
    
    
    
    1,253,490
    
    
    
    114,834Net income
    
    
    316,184
    
    
    
    277,195
    
    
    
    487,938
    
    
    
    431,597
    
    
    
    257,274
    
    
    
    23,569Basic and diluted earnings per share(10)
    
    
    1.05
    
    
    
    0.92
    
    
    
    1.63
    
    
    
    1.44
    
    
    
    0.86
    
    
    
    0.08Basic and diluted earnings per ADS
(unaudited)(8)
    
    
    10.54
    
    
    
    9.24
    
    
    
    16.26
    
    
    
    14.39
    
    
    
    8.58
    
    
    
    0.79Dividends per share(9)
    
    
    0.61
    
    
    
    0.65
    
    
    
    0.69
    
    
    
    0.73
    
    
    
    0.77
    
    
    
    0.07Other Operating Data (Unaudited):Total passengers (thousands of passengers)
    
    
    12,190.0
    
    
    
    13,897.1
    
    
    
    13,321.3
    
    
    
    13,779.9
    
    
    
    16,238.8
    
    
    
    16,238.8Total air traffic movements (thousands of
movements)
    
    
    198.0
    
    
    
    219.8
    
    
    
    209.9
    
    
    
    220.5
    
    
    
    262.3
    
    
    
    262.3Total revenues per passenger (in pesos or
dollars)
    
    
    141.2
    
    
    
    158.6
    
    
    
    167.3
    
    
    
    168.6
    
    
    
    171.6
    
    
    
    15.7
  3




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As of and for the year ended December 31,2003
    
    
    2004
    
    
    2005
    
    
    2006
    
    
    2007(in thousands of constant Mexican pesos as of December 31, 2007)(1)
    

(thousands of 
dollars)(2)Balance Sheet Data:Mexican FRS:Cash and marketable securities
    
    Ps.
    833,644
    
    
    Ps.
    1,297,829
    
    
    Ps.
    1,655,728
    
    
    Ps.
    1,288,353
    
    
    Ps.
    1,925,697
    
    
    $
    176,415Total current assets
    
    
    1,199,094
    
    
    
    1,601,012
    
    
    
    2,006,628
    
    
    
    1,702,364
    
    
    
    2,533,610
    
    
    
    232,107Airport concessions, net
    
    
    9,017,278
    
    
    
    8,759,145
    
    
    
    8,501,010
    
    
    
    8,242,778
    
    
    
    8,037,900
    
    
    
    736,361Rights to use airport facilities, net
    
    
    2,476,682
    
    
    
    2,396,700
    
    
    
    2,265,447
    
    
    
    2,246,711
    
    
    
    2,189,975
    
    
    
    200,626Total assets
    
    
    14,061,646
    
    
    
    14,564,007
    
    
    
    15,183,527
    
    
    
    15,503,054
    
    
    
    16,676,081
    
    
    
    1,527,715Current liabilities
    
    
    182,995
    
    
    
    213,897
    
    
    
    380,966
    
    
    
    254,564
    
    
    
    317,002
    
    
    
    29,041Total liabilities
    
    
    744,971
    
    
    
    812,426
    
    
    
    1,120,341
    
    
    
    1,199,766
    
    
    
    2,170,554
    
    
    
    198,847Capital Stock
    
    
    12,799,204
    
    
    
    12,799,204
    
    
    
    12,799,204
    
    
    
    12,799,204
    
    
    
    12,799,204
    
    
    
    1,172,550Net equity/stockholders equity
    
    
    13,316,675
    
    
    
    13,751,581
    
    
    
    14,063,186
    
    
    
    14,303,288
    
    
    
    14,505,527
    
    
    
    1,328,868U.S. GAAP:Cash and cash equivalents
    
    
    508,760
    
    
    
    1,062,128
    
    
    
    1,159,233
    
    
    
    859,857
    
    
    
    1,870,675
    
    
    
    171,375Total current assets
    
    
    1,199,093
    
    
    
    1,601,012
    
    
    
    2,054,071
    
    
    
    1,727,121
    
    
    
    2,542,644
    
    
    
    232,935Airport concessions, net
    
    
    216,422
    
    
    
    154,610
    
    
    
    92,810
    
    
    
    30,916
    
    
    
    22,376
    
    
    
    2,050Rights to use airport facilities
    
    
    1,945,431
    
    
    
    1,884,085
    
    
    
    1,770,376
    
    
    
    1,717,356
    
    
    
    1,671,325
    
    
    
    153,112Total assets
    
    
    7,614,446
    
    
    
    7,727,788
    
    
    
    8,182,141
    
    
    
    8,273,993
    
    
    
    8,579,690
    
    
    
    785,995Total liabilities
    
    
    180,311
    
    
    
    213,613
    
    
    
    387,534
    
    
    
    266,370
    
    
    
    546,042
    
    
    
    50,023Capital Stock
    
    
    6,989,281
    
    
    
    6,989,281
    
    
    
    6,989,281
    
    
    
    6,989,281
    
    
    
    6,989,281
    
    
    
    640,296Net equity/stockholders equity
    
    
    7,434,135
    
    
    
    7,514,175
    
    
    
    7,794,607
    
    
    
    8,007,623
    
    
    
    8,033,648
    
    
    
    735,972Statement of Changes in Financial
Position:Mexican FRS:Resources provided by operating
activities
    
    
    770,519
    
    
    
    1,252,649
    
    
    
    1,336,897
    
    
    
    1,070,404
    
    
    
    1,622,626
    
    
    
    148,651Resources used in financing
activities
    
    
    (150,595
    )
    
    
    (242,273
    )
    
    
    (296,442
    )
    
    
    (307,865
    )
    
    
    (320,122
    )
    
    
    (29,327
    )Resources used in investing
activities
    
    
    (392,512
    )
    
    
    (546,189
    )
    
    
    (682,558
    )
    
    
    (1,129,915
    )
    
    
    (665,160
    )
    
    
    (60,936
    )Increase (decrease) in cash and

marketable securities
    
    
    227,412
    
    
    
    464,187
    
    
    
    357,897
    
    
    
    (367,376
    )
    
    
    637,344
    
    
    
    58,388Cash Flow Data:U.S. GAAP:Cash flow provided by operating
activities
    
    
    853,796
    
    
    
    1,173,908
    
    
    
    1,300,549
    
    
    
    1,082,433
    
    
    
    1,726,341
    
    
    
    158,152Cash flow used in financing
activities
    
    
    (277,325
    )
    
    
    (269,187
    )
    
    
    (296,442
    )
    
    
    (307,865
    )
    
    
    (320,122
    )
    
    
    (29,327
    )Cash flow used in investing
activities
    
    
    (650,401
    )
    
    
    (367,168
    )
    
    
    (872,745
    )
    
    
    (1,028,787
    )
    
    
    (364,250
    )
    
    
    (33,369
    )Effect of inflation on cash and 
cash
equivalents
    
    
    46,118
    
    
    
    15,818
    
    
    
    (34,259
    )
    
    
    (45,157
    )
    
    
    (31,151
    )
    
    
    (2,854
    )Increase (decrease) in cash and 
cash
equivalents
    
    
    (27,813
    )
    
    
    553,371
    
    
    
    97,103
    
    
    
    (299,376
    )
    
    
    1,010,818
    
    
    
    92,602
 
 (1)
    
    Per share peso amounts are expressed in pesos (not thousands of pesos).(2)
    
    Translated into dollars at the rate of Ps. 10.9157 per U.S. dollar, the Mexican Central
Bank exchange rate for Mexican pesos at January 2, 2008. Per share 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)
    
    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.  4




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EXCHANGE RATES
  Exchange RateYear Ended December 31,
    
    High
    
    
    Low
    
    
    Period End
    
    
    Average(1)2003
    
    
    11.41
    
    
    
    10.11
    
    
    
    11.24
    
    
    
    10.852004
    
    
    11.64
    
    
    
    10.81
    
    
    
    11.15
    
    
    
    11.312005
    
    
    11.41
    
    
    
    10.41
    
    
    
    10.63
    
    
    
    10.892006
    
    
    11.46
    
    
    
    10.43
    
    
    
    10.80
    
    
    
    10.902007
    
    
    11.27
    
    
    
    10.66
    
    
    
    10.92
    
    
    
    10.93December 2007
    
    
    10.94
    
    
    
    10.80
    
    
    
    10.92
    
    
    
    10.862008January 2008
    
    
    10.98
    
    
    
    10.83
    
    
    
    10.83
    
    
    
    10.91February 2008
    
    
    10.83
    
    
    
    10.68
    
    
    
    10.72
    
    
    
    10.77March 2008
    
    
    10.85
    
    
    
    10.65
    
    
    
    10.68
    
    
    
    10.73April 2008
    
    
    10.60
    
    
    
    10.45
    
    
    
    10.51
    
    
    
    10.52May 2008
    
    
    10.57
    
    
    
    10.31
    
    
    
    10.33
    
    
    
    10.43
 
 (1)
    
    Average of month-end rates or daily rates, as applicable.Source:  Federal Reserve noon buying rate.      5




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RISK FACTORS
 Risks Related to Our Operations
 Hurricanes and other natural disasters have adversely affected our business in the past and could
do so again in the future.
    Increases in international petroleum prices could reduce demand for air travel.
   6




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Our business could be adversely affected by a downturn in the U.S. economy.
  The loss of one or more of our key customers could result in a loss of a significant amount of our
revenues.
   Our business is highly dependent upon revenues from Cancun International Airport.
   7




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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.
    8




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International events could have a negative impact on international air travel and our business.
   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.
    9




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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.
   10




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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.
   11




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We are exposed to risk related to construction projects.
  We are exposed to risks inherent to the operation of airports.
  Our insurance policies may not provide sufficient coverage against all liabilities.
   12




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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.
   13




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Our maximum rates and annual efficiency adjustments will be renegotiated in 2008.
  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
 Changes to Mexican laws, regulations and decrees applicable to us could have a material
adverse impact on our results of operations.
   14




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Our concessions may be terminated under various circumstances, some of which are beyond our
control.
 various terms of our concessions, the Mexican
Airport Law or its regulations, see Item 4. Information on the CompanyRegulatory
 rescate rescate rescate rescate
 requisa daños y perjuicios valor real daños perjuicios
  15




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rescate
 The Mexican government could grant new concessions that compete with our airports, including the
Cancun International Airport.
 ,
 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.
   16




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##### Table of Contents



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.
     17




---



##### Table of Contents



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.
     Economic developments in Mexico may adversely affect our business and results of operations.
   18




---



##### Table of Contents



Mexico has experienced adverse economic conditions.
     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.
   19




---



##### Table of Contents



Developments in other countries may affect the prices of securities issued by Mexican companies.
   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.
   20




---



##### 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.
   21




---



##### Table of Contents



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.
   22




---



##### 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
  23




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##### Table of Contents



Investment by ITA
       
    
    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.
  24




---



##### Table of Contents



,
  25




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##### Table of Contents



Master Development Programs
   26




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##### Table of Contents



Committed Investments
 Year ended December 31,2004
    
    
    2005
    
    
    2006
    
    
    2007
    
    
    2008
    
    
    Total(thousands of pesos)(1)Cancun(2)
    
    Ps.
    345,651
    
    
    Ps.
    544,052
    
    
    Ps.
    818,764
    
    
    Ps.
    509,244
    
    
    Ps.
    490,081
    
    
    Ps.
    2,707,792Mérida
    
    
    25,915
    
    
    
    28,513
    
    
    
    47,596
    
    
    
    32,091
    
    
    
    2,388
    
    
    
    136,503Cozumel
    
    
    10,905
    
    
    
    70,984
    
    
    
    12,802
    
    
    
    16,751
    
    
    
    11,142
    
    
    
    122,584Villahermosa
    
    
    48,781
    
    
    
    65,446
    
    
    
    6,544
    
    
    
    12,236
    
    
    
    1,340
    
    
    
    134,347Oaxaca
    
    
    22,125
    
    
    
    21,763
    
    
    
    10,554
    
    
    
    6,816
    
    
    
    4,969
    
    
    
    66,227Veracruz
    
    
    25,890
    
    
    
    21,904
    
    
    
    11,953
    
    
    
    11,529
    
    
    
    1,540
    
    
    
    72,816Huatulco
    
    
    10,105
    
    
    
    5,608
    
    
    
    4,106
    
    
    
    7,013
    
    
    
    54,084
    
    
    
    80,916Tapachula
    
    
    20,787
    
    
    
    4,576
    
    
    
    9,484
    
    
    
    8,395
    
    
    
    825
    
    
    
    44,067Minatitlan
    
    
    10,864
    
    
    
    6,334
    
    
    
    4,978
    
    
    
    2,081
    
    
    
    3,151
    
    
    
    27,408Total
    
    Ps.
    521,023
    
    
    Ps.
    769,180
    
    
    Ps.
    926,781
    
    
    Ps.
    606,156
    
    
    Ps.
    569,520
    
    
    Ps.
    3,392,660
 
 (1)
    
    Expressed in adjusted pesos as of December 31, 2007 based on the Mexican construction price
index in accordance with the terms of our master development plan.(2)
    
    The master development plan for Cancun airport was modified in the fourth quarter of 2005 to
reflect our decision to build a new terminal rather than implement extensive expansion and
remodeling of existing terminals, and to reflect an accelerated timetable for the construction
of a second runway once the necessary land to construct it was received from the government.
The Ministry of Communications and Transportation approved the modified plan and recognized a
decrease of Ps. 123 million in investments as of December 31, 2007.  Capital Expenditures
 Year ended December 31,
    
    (thousands of pesos)(1)2005(2)
    
    Ps.
    741,8872006
    
    
    1,129,9152007
    
    
    665,160
 
 (1)
    
    Expressed in constant pesos with purchasing power as of December 31, 2007.(2)
    
    Does not include the Ps. 50.1 million in connection with the re-opening of Terminal 1 at the
Cancun airport.    27




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##### Table of Contents



BUSINESS OVERVIEW
       28




---



##### Table of Contents



Aeronautical Services
  2005
    
    
    2006
    
    
    2007(thousands of pesos)Revenues:Aeronautical Services
    
    Ps.
    1,577,295
    
    
    Ps.
    1,647,594
    
    
    Ps.
    1,890,950Non-Aeronautical Services
    
    
    650,889
    
    
    
    675,530
    
    
    
    894,941Total
    
    Ps.
    2,228,184
    
    
    Ps.
    2,323,124
    
    
    Ps.
    2,785,891
   Passenger Charges
  Aircraft Landing and Parking Charges, Passenger Walkway Charges and Airport Security Charges
   29




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##### Table of Contents



Non-aeronautical Services
 General
   Commercial Activities
     30




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##### Table of Contents



Access Charges
     31




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##### Table of Contents



Automobile Parking and Ground Transport
   Airport Security
 Dirección General de Aeronáutica Civil
   
    
    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.
  32




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##### Table of Contents



Fuel
  Our Airports
    Passengers by Flight Origin or Destination (1)
 Percentage ofRegion
    
    2003
    
    
    2004
    
    
    2005
    
    
    2006
    
    
    2007
    
    
    Total 2007Mexico(2)
    
    
    5,309
    
    
    
    5,620
    
    
    
    5,493
    
    
    
    6,016
    
    
    
    7,489
    
    
    
    46.1
    %United States
    
    
    4,925
    
    
    
    5,928
    
    
    
    5,580
    
    
    
    5,301
    
    
    
    6,038
    
    
    
    37.2
    %Europe
    
    
    985
    
    
    
    1,265
    
    
    
    1,201
    
    
    
    1,354
    
    
    
    1,363
    
    
    
    8.4
    %Canada
    
    
    712
    
    
    
    805
    
    
    
    767
    
    
    
    851
    
    
    
    1,003
    
    
    
    6.2
    %Latin America
    
    
    256
    
    
    
    279
    
    
    
    280
    
    
    
    255
    
    
    
    342
    
    
    
    2.1
    %Asia and others
    
    
    3
    
    
    
    0
    
    
    
    0
    
    
    
    3
    
    
    
    4
    
    
    
    0.0
    %Total
    
    
    12,190
    
    
    
    13,897
    
    
    
    13,321
    
    
    
    13,780
    
    
    
    16,239
    
    
    
    100
    %
 
 (1)
    
    Figures exclude passengers in transit and private aviation passengers.(2)
    
    Figures include domestic flights taken by international passengers; in 2007, such flights
accounted for 44.2%.   33




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##### Table of Contents



Airport
Traffic
 Year ended December 31,2003
    
    
    2004
    
    
    2005
    
    
    2006
    
    
    2007Passengers:Total
    
    
    12,190.0
    
    
    
    13,897.3
    
    
    
    13,321.3
    
    
    
    13,779.9
    
    
    
    16,238.8Air traffic movements:(1)Total
    
    
    198.0
    
    
    
    219.9
    
    
    
    209.9
    
    
    
    220.5
    
    
    
    262.3
 
 (1)
    
    Includes landings and departures, in thousands. Air traffic movement data include the Cancun
charter terminal for all periods, because ASUR earned landing fees from all landings
regardless of the terminal used.  Passenger Traffic
 Year ended December 31,2003
    
    
    2004
    
    
    2005
    
    
    2006
    
    
    2007Cancun
    
    
    8,684.2
    
    
    
    10,010.7
    
    
    
    9,301.5
    
    
    
    9,728.1
    
    
    
    11,340.0Merida
    
    
    899.6
    
    
    
    931.1
    
    
    
    1,021.9
    
    
    
    1,007.2
    
    
    
    1,267.5Cozumel
    
    
    455.8
    
    
    
    584.4
    
    
    
    486.6
    
    
    
    370.7
    
    
    
    511.1Villahermosa
    
    
    599.7
    
    
    
    673.3
    
    
    
    717.4
    
    
    
    725.0
    
    
    
    853.8Oaxaca
    
    
    461.0
    
    
    
    543.2
    
    
    
    563.7
    
    
    
    495.6
    
    
    
    514.1Veracruz
    
    
    514.6
    
    
    
    563.5
    
    
    
    579.4
    
    
    
    718.0
    
    
    
    976.6Huatulco
    
    
    259.4
    
    
    
    270.8
    
    
    
    312.0
    
    
    
    375.3
    
    
    
    375.9Tapachula
    
    
    184.8
    
    
    
    193.8
    
    
    
    192.3
    
    
    
    188.1
    
    
    
    210.9Minatitlan
    
    
    130.9
    
    
    
    126.5
    
    
    
    146.5
    
    
    
    171.9
    
    
    
    188.9Total
    
    
    12,190.0
    
    
    
    13,897.3
    
    
    
    13,321.3
    
    
    
    13,779.9
    
    
    
    16,238.8
 Air Traffic Movements by Airport (1)
 Year ended December 31,2003
    
    
    2004
    
    
    2005
    
    
    2006
    
    
    2007Cancun
    
    
    87,347
    
    
    
    97,575
    
    
    
    93,761
    
    
    
    97,228
    
    
    
    114,067Merida
    
    
    24,213
    
    
    
    26,534
    
    
    
    25,449
    
    
    
    27,610
    
    
    
    34,686Cozumel
    
    
    12,813
    
    
    
    14,355
    
    
    
    13,381
    
    
    
    12,122
    
    
    
    13,801Villahermosa
    
    
    20,299
    
    
    
    22,267
    
    
    
    19,892
    
    
    
    21,098
    
    
    
    27,351Oaxaca
    
    
    15,111
    
    
    
    17,502
    
    
    
    17,796
    
    
    
    16,148
    
    
    
    15,578Veracruz
    
    
    19,737
    
    
    
    22,228
    
    
    
    20,520
    
    
    
    24,905
    
    
    
    32,308Huatulco
    
    
    5,461
    
    
    
    6,152
    
    
    
    6,996
    
    
    
    7,179
    
    
    
    7,041Tapachula
    
    
    7,658
    
    
    
    7,686
    
    
    
    6,169
    
    
    
    6,621
    
    
    
    7,441Minatitlan
    
    
    5,362
    
    
    
    5,598
    
    
    
    5,937
    
    
    
    7,625
    
    
    
    9,999Total
    
    
    198,001
    
    
    
    219,897
    
    
    
    209,901
    
    
    
    220,536
    
    
    
    262,272
 
 (1)
    
    Includes departures and landings.  34




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##### Table of Contents



Air Traffic Movements by Aviation Category
 Year ended December 31,2003
    
    
    2004
    
    
    2005
    
    
    2006
    
    
    2007Commercial Aviation
    
    
    143,788
    
    
    
    162,596
    
    
    
    157,686
    
    
    
    168,711
    
    
    
    203,513Charter Aviation
    
    
    22,535
    
    
    
    23,061
    
    
    
    20,004
    
    
    
    17,747
    
    
    
    19,958General Aviation(1)
    
    
    31,678
    
    
    
    34,240
    
    
    
    32,211
    
    
    
    34,078
    
    
    
    38,801Total
    
    
    198,001
    
    
    
    219,897
    
    
    
    209,901
    
    
    
    220,536
    
    
    
    262,272
 
 (1)
    
    General aviation generally consists of small private aircraft. Cancun International Airport
       35




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36




---



##### Table of Contents



Merida International Airport
        37




---



##### Table of Contents



Cozumel International Airport
     Villahermosa International Airport
      38




---



##### Table of Contents



Oaxaca International Airport
    Veracruz International Airport
    Huatulco International Airport
   39




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##### Table of Contents



Tapachula International Airport
 ,
  Minatitlan Airport
    Principal Air Traffic Customers
    40




---



##### Table of Contents



Principal Air Traffic Customers
 Percentage of ASUR RevenuesYear ended December 31,2005
    
    
    2006
    
    
    2007CustomerCompania Mexicana de Aviacion, S.A. de C.V. (Mexicana)
    
    
    10.4
    %
    
    
    9.1
    %
    
    
    7.1
    %Aerovias de Mexico, S.A. de C.V. (Aeromexico)
    
    
    5.1
    %
    
    
    5.9
    %
    
    
    4.9
    %American Airlines
    
    
    6.1
    %
    
    
    5.8
    %
    
    
    4.7
    %Continental Airlines
    
    
    5.1
    %
    
    
    4.7
    %
    
    
    4.5
    %Consorcio Aviacsa, S.A. de C.V.
    
    
    4.3
    %
    
    
    4.2
    %
    
    
    3.9
    %Aerovias Caribe, S.A. de C.V. (Click)
    
    
    3.3
    %
    
    
    3.5
    %
    
    
    3.6
    %USA Airways Inc.
    
    
    3.4
    %
    
    
    3.0
    %
    
    
    3.0
    %Delta Airlines Inc.
    
    
    2.0
    %
    
    
    2.4
    %
    
    
    2.5
    %Aviation Support S.A. de C.V.
    
    
    2.2
    %
    
    
    2.9
    %
    
    
    2.4
    %Aviacion Comercial Especializada S.A. de C.V.
    
    
    3.8
    %
    
    
    3.0
    %
    
    
    2.1
    %Petroservicios de Mexico, S.A. de C.V.
    
    
    2.1
    %
    
    
    0.5
    %
    
    
    0.5
    %Other
    
    
    52.2
    %
    
    
    55.0
    %
    
    
    60.8
    %Total
    
    
    100
    %
    
    
    100.
    %
    
    
    100.
    %
 Seasonality
  Competition
   41




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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.
   42




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##### Table of Contents



43




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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,
    
    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
   44




---



##### Table of Contents



Scope of Concessions and General Obligations of Concession Holders
         45




---



##### Table of Contents



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.
   46




---



##### Table of Contents



force majeure force majeure force majeure
  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.
  47




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##### Table of Contents



Committed Investments
 Year ended December 31,2004
    
    
    2005
    
    
    2006
    
    
    2007
    
    
    2008
    
    
    Total(thousands of pesos)(1)Cancun(2)
    
    Ps.
    345,651
    
    
    Ps.
    544,052
    
    
    Ps.
    818,764
    
    
    Ps.
    509,244
    
    
    Ps.
    490,081
    
    
    Ps.
    2,707,792Mérida
    
    
    25,915
    
    
    
    28,513
    
    
    
    47,596
    
    
    
    32,091
    
    
    
    2,388
    
    
    
    136,503Cozumel
    
    
    10,905
    
    
    
    70,984
    
    
    
    12,802
    
    
    
    16,751
    
    
    
    11,142
    
    
    
    122,584Villahermosa
    
    
    48,781
    
    
    
    65,446
    
    
    
    6,544
    
    
    
    12,236
    
    
    
    1,340
    
    
    
    134,347Oaxaca
    
    
    22,125
    
    
    
    21,763
    
    
    
    10,554
    
    
    
    6,816
    
    
    
    4,969
    
    
    
    66,227Veracruz
    
    
    25,890
    
    
    
    21,904
    
    
    
    11,953
    
    
    
    11,529
    
    
    
    1,540
    
    
    
    72,816Huatulco
    
    
    10,105
    
    
    
    5,608
    
    
    
    4,106
    
    
    
    7,013
    
    
    
    54,084
    
    
    
    80,916Tapachula
    
    
    20,787
    
    
    
    4,576
    
    
    
    9,484
    
    
    
    8,395
    
    
    
    825
    
    
    
    44,067Minatitlan
    
    
    10,864
    
    
    
    6,334
    
    
    
    4,978
    
    
    
    2,081
    
    
    
    3,151
    
    
    
    27,408Total
    
    Ps.
    521,023
    
    
    Ps.
    769,180
    
    
    Ps.
    926,781
    
    
    Ps.
    606,156
    
    
    Ps.
    569,520
    
    
    Ps.
    3,392,660
 
 (1)
    
    Expressed in constant pesos with purchasing power as of December 31, 2007 based on the
Mexican construction price index in accordance with the terms of our master development plan.(2)
    
    The master development plan for Cancun airport was modified in the fourth quarter of 2005 to
reflect our decision to build a new terminal rather than implement extensive expansion and
remodeling of existing terminals, and to reflect an accelerated timetable for the construction
of a second runway once the necessary land was received from the government. The Ministry of
Communications and Transportation approved the modified plan and recognized a decrease of Ps.
123 million in investments as of December 31, 2007.  48




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##### Table of Contents



Price Regulation
  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.
    49




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##### Table of Contents



Current Maximum Rates
   Maximum Rates(1)(2)Year ended December 31,2004
    
    
    2005
    
    
    2006
    
    
    2007
    
    
    2008Cancun
    
    Ps.
    129.96
    
    
    Ps.
    128.98
    
    
    Ps.
    128.02
    
    
    Ps.
    127.05
    
    
    Ps.
    126.10Merida
    
    
    97.94
    
    
    
    97.21
    
    
    
    96.49
    
    
    
    95.76
    
    
    
    95.04Cozumel
    
    
    139.43
    
    
    
    138.38
    
    
    
    137.36
    
    
    
    136.32
    
    
    
    135.30Villahermosa
    
    
    113.47
    
    
    
    112.62
    
    
    
    111.78
    
    
    
    110.93
    
    
    
    110.11Oaxaca
    
    
    119.64
    
    
    
    118.74
    
    
    
    117.86
    
    
    
    116.96
    
    
    
    116.09Veracruz
    
    
    101.63
    
    
    
    100.86
    
    
    
    100.11
    
    
    
    99.35
    
    
    
    98.61Huatulco
    
    
    114.94
    
    
    
    114.09
    
    
    
    113.23
    
    
    
    112.37
    
    
    
    111.54Tapachula
    
    
    142.93
    
    
    
    141.86
    
    
    
    140.81
    
    
    
    139.75
    
    
    
    138.71Minatitlan
    
    
    121.83
    
    
    
    120.91
    
    
    
    120.01
    
    
    
    119.10
    
    
    
    118.21
 
 (1)
    
    Expressed in adjusted pesos as of December 31, 2007 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,
2008, the maximum rates applicable to our airports reflect a projected annual efficiency
improvement of .75%. Methodology For Determining Future Maximum Rates
  
    
    Projections for the fifteen-year period of work load 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.
  50




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##### Table of Contents



Ps. Ps.
  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.
  51




---



##### 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 work load 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 work load 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
     52




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##### Table of Contents



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.
   Penalties and Termination and Revocation of Concessions and Concession Assets
 Ps. Ps.
  
    
    expiration of its term,
 
    
    surrender by the concession holder,
 
    
    revocation of the concession by the Ministry of Communications and Transportation,
  53




---



##### Table of Contents




    
    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.
     
    
    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,
  54




---



##### Table of Contents




    
    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,
 
    
    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
  55




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##### Table of Contents



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,
    
    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.
  56




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##### Table of Contents



Environmental Matters
   Procuraduria Federal de Proteccion Ambiental
  57




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ORGANIZATIONAL STRUCTURE
  Subsidiary
    
    Ownership InterestAeropuerto de Cancun, S.A. de C.V.
    
    
    99.99
    %Aeropuerto de Cozumel, S.A. de C.V.(1)
    
    
    99.99
    %Aeropuerto de Merida, 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 Minatitlan, 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 Cancun, S.A. de C.V., has an 18.1% equity participation in
this airport.(2)
    
    As of January 2005, Aeropuerto de Cancun, S.A. de C.V., has a 24.2% equity participation in
this airport.(3)
    
    As of January 2005, Aeropuerto de Cancun, S.A. de C.V., has an 8.9% equity participation in
this airport.(4)
    
    As of January 2005, Aeropuerto de Cancun, S.A. de C.V., has a 30.0% equity participation in
this airport.(5)
    
    As of October 2007, Aeropuerto de Cancun, S.A. de C.V., has a 23.4% equity participation in
this airport.  
 PROPERTY, PLANT AND EQUIPMENT
    58




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##### Table of Contents



Item 4A. Unresolved Staff Comments
  
 Item 5. Operating and Financial Review and Prospects
   Overview
    59




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##### Table of Contents



Recent Developments
 Opening of Terminal 3 at Cancun Airport
  Report of the Federal Competition Commission on Mexicos Airports
 Comisión Federal de
Competencia
 
    
    Make economic efficiency a basis of tariff regulation for new concessions;
    
    Include commercial services income as one of the factors in determining tariffs for
new concessions;
    
    Strengthen the independence of the regulatory agency, and increase the transparency
of airport regulation;
    
    Promote greater efficiency in scheduling at saturated airports;
    
    Promote greater competition between airports;
    
    Eliminate Aeropuertos y Servicios Auxiliares (ASA) role as exclusive fuel service
provider;
    
    Eliminate barriers to entry for taxi providers at airports; and
    
    Be mindful of vertical integration among airports and airlines.
  60




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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 Cancun Airport
  Passenger Traffic Volume and Composition
   61




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Classification of Revenues and Price Regulation
    62




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Year ended December 31,2005
    
    
    2006
    
    
    2007(thousands of constant pesos as of December 31, 2007, except percentages)Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentRegulated Revenues:Airport Services(1)
    
    
    1,661,967
    
    
    
    74.6
    %
    
    
    1,734,473
    
    
    
    74.7
    %
    
    
    1,991,745
    
    
    
    71.5
    %Non-regulated Revenues:Access fees from non-permanent
ground transportation
    
    
    8,039
    
    
    
    0.4
    %
    
    
    9,022
    
    
    
    0.4
    %
    
    
    12,053
    
    
    
    0.4
    %Car parking and related access fees
    
    
    35,320
    
    
    
    1.6
    %
    
    
    39,128
    
    
    
    1.7
    %
    
    
    47,557
    
    
    
    1.7
    %Other fees
    
    
    3,298
    
    
    
    0.1
    %
    
    
    2,451
    
    
    
    0.1
    %
    
    
    4,198
    
    
    
    0.2
    %Complementary Services(1)
    
    
    0
    
    
    
    0.0
    %
    
    
    0
    
    
    
    0.0
    %
    
    
    0
    
    
    
    0.0
    %Commercial Services
    
    
    496,741
    
    
    
    22.3
    %
    
    
    513,140
    
    
    
    22.1
    %
    
    
    684,794
    
    
    
    24.6
    %Other Services
    
    
    22,819
    
    
    
    1.0
    %
    
    
    24,910
    
    
    
    1.0
    %
    
    
    45,544
    
    
    
    1.6
    %Total
    
    
    2,228,184
    
    
    
    100.0
    %
    
    
    2,323,124
    
    
    
    100.0
    %
    
    
    2,785,891
    
    
    
    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
   63




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Aeronautical Revenue
 Year ended December 31,2005
    
    
    2006
    
    
    2007Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent(millions of constant pesos as of December 31, 2007, except percentages and workload unit data)Aeronautical Revenue:Passenger charges
    
    
    1,262.3
    
    
    
    80.0
    %
    
    
    1,267.6
    
    
    
    76.9
    %
    
    
    1,449.8
    
    
    
    76.7
    %Landing charges
    
    
    126.0
    
    
    
    8.0
    %
    
    
    122.0
    
    
    
    7.4
    %
    
    
    133.9
    
    
    
    7.1
    %Aircraft parking charges
    
    
    140.5
    
    
    
    8.9
    %
    
    
    203.2
    
    
    
    12.3
    %
    
    
    248.3
    
    
    
    13.1
    %Airport security charges
    
    
    23.9
    
    
    
    1.5
    %
    
    
    23.6
    
    
    
    1.5
    %
    
    
    26.8
    
    
    
    1.4
    %Passenger walkway charges
    
    
    24.6
    
    
    
    1.6
    %
    
    
    31.2
    
    
    
    1.9
    %
    
    
    32.2
    
    
    
    1.7
    %Total Aeronautical Revenue
    
    
    1,577.3
    
    
    
    100.0
    %
    
    
    1,647.6
    
    
    
    100.0
    %
    
    
    1,891.0
    
    
    
    100.0
    %Other Information:Total workload units(1)
    
    
    13.8
    
    
    
    
    
    
    
    14.3
    
    
    
    
    
    
    
    16.7Total aeronautical revenue per 
workload unit
    
    
    114.3
    
    
    
    
    
    
    
    115.2
    
    
    
    
    
    
    
    113.2Change in aeronautical revenue
    
    
    (5.1
    %)
    
    
    
    
    
    
    4.5
    %
    
    
    
    
    
    
    14.8
    %Change in total aeronautical
revenues per workload unit(2)
    
    
    (1.7
    %)
    
    
    
    
    
    
    0.8
    %
    
    
    
    
    
    
    (1.7
    %)
 
 (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.    64




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##### Table of Contents



Passengers Paying Passenger Charges
 Year ended December 31,% change
    
    
    
    
    
    
    % changeAirport
    
    2005
    
    
    2006
    
    
    2005-2006
    
    
    2007
    
    
    2006-2007(in thousands, except percentages)Cancún
    
    
    4,615.3
    
    
    
    4,820.2
    
    
    
    4.4
    %
    
    
    5,630.9
    
    
    
    16.8
    %Mérida
    
    
    485.6
    
    
    
    490.0
    
    
    
    0.9
    %
    
    
    623.1
    
    
    
    27.2
    %Cozumel(1)
    
    
    243.7
    
    
    
    182.3
    
    
    
    (25.2
    %)
    
    
    253.9
    
    
    
    39.3
    %Villahermosa
    
    
    359.6
    
    
    
    359.7
    
    
    
    0.0
    %
    
    
    426.9
    
    
    
    18.7
    %Other
    
    
    907.7
    
    
    
    977.2
    
    
    
    7.7
    %
    
    
    1,137.6
    
    
    
    16.4
    %Total
    
    
    6,611.9
    
    
    
    6,829.4
    
    
    
    3.3
    %
    
    
    8,072.4
    
    
    
    18.2
    %
 (1)
    
    The decrease in 2006 reflected the decrease in passenger volume due to Hurricane Wilma,
which recovered strongly in 2007.  Non-Aeronautical Revenue
   65




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Non-aeronautical Revenue
 Year ended December 31,2005
    
    
    2006
    
    
    2007Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent(millions of constant pesos as of December 31, 2007, except percentages and passenger data)Non-aeronautical Services:Commercial
    
    
    501.8
    
    
    
    77.1
    %
    
    
    522.2
    
    
    
    77.3
    %
    
    
    687.4
    
    
    
    76.8
    %Leasing of space
    
    
    490.6
    
    
    
    75.4
    %
    
    
    511.9
    
    
    
    75.8
    %
    
    
    673.3
    
    
    
    75.2
    %Access fee
    
    
    8.0
    
    
    
    1.2
    %
    
    
    9.0
    
    
    
    1.3
    %
    
    
    12.1
    
    
    
    1.4
    %Other
    
    
    3.2
    
    
    
    0.5
    %
    
    
    1.3
    
    
    
    0.2
    %
    
    
    2.0
    
    
    
    0.2
    %Non Commercial
    
    
    149.1
    
    
    
    22.9
    %
    
    
    153.3
    
    
    
    22.7
    %
    
    
    207.5
    
    
    
    23.2
    %Leasing of space
    
    
    61.5
    
    
    
    9.5
    %
    
    
    53.6
    
    
    
    7.9
    %
    
    
    58.1
    
    
    
    6.5
    %Access fee
    
    
    63.2
    
    
    
    9.7
    %
    
    
    64.8
    
    
    
    9.6
    %
    
    
    79.7
    
    
    
    8.9
    %Other
    
    
    24.4
    
    
    
    3.7
    %
    
    
    34.9
    
    
    
    5.2
    %
    
    
    69.7
    
    
    
    7.8
    %Total Non-aeronautical Revenue
    
    
    650.9
    
    
    
    100.0
    %
    
    
    675.5
    
    
    
    100.0
    %
    
    
    894.9
    
    
    
    100.0
    %Other Information:Total terminal passengers(1)
    
    
    13.3
    
    
    
    
    
    
    
    13.8
    
    
    
    
    
    
    
    16.2Non-aeronautical revenue per
terminal passenger
    
    Ps.
    48.94
    
    
    
    
    
    
    Ps.
    48.95
    
    
    
    
    
    
    Ps.
    55.2Change in non-aeronautical
revenue
    
    
    20.2
    %
    
    
    
    
    
    
    3.8
    %
    
    
    
    
    
    
    32.5
    %Change in total non-aeronautical
revenue per terminal passenger(2)
    
    
    25.8
    %
    
    
    
    
    
    
    0.02
    %
    
    
    
    
    
    
    12.8
    %
 
 (1)
    
    In millions.(2)
    
    In each case, as compared to previous year.  66




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Operating Costs
  Operating Costs
 Year ended December 31,2005
    
    
    2006
    
    
    2007Amount
    
    
    Amount
    
    
    % change
    
    
    Amount
    
    
    % change(millions of constant pesos as of December 31, 2007, except percentages)Operating Costs:Cost of services:Employee costs
    
    
    253.4
    
    
    
    279.7
    
    
    
    10.4
    %
    
    
    306.9
    
    
    
    9.7
    %Maintenance
    
    
    105.5
    
    
    
    107.8
    
    
    
    2.2
    %
    
    
    118.8
    
    
    
    10.2
    %Safety, security and
insurance
    
    
    73.7
    
    
    
    99.2
    
    
    
    34.6
    %
    
    
    107.6
    
    
    
    8.5
    %Utilities
    
    
    59.2
    
    
    
    64.8
    
    
    
    9.5
    %
    
    
    80.9
    
    
    
    24.8
    %Other
    
    
    221.5
    
    
    
    215.0
    
    
    
    (2.9
    %)
    
    
    233.5
    
    
    
    8.6
    %Total cost of services
    
    
    713.3
    
    
    
    766.5
    
    
    
    7.5
    %
    
    
    847.8
    
    
    
    10.6
    %Technical assistance fee
    
    
    71.7
    
    
    
    73.7
    
    
    
    2.8
    %
    
    
    91.9
    
    
    
    24.7
    %Government concession fee
    
    
    111.4
    
    
    
    116.0
    
    
    
    4.1
    %
    
    
    139.3
    
    
    
    20.0
    %Depreciation and amortization:Depreciation(1)
    
    
    183.9
    
    
    
    231.8
    
    
    
    26.0
    %
    
    
    288.0
    
    
    
    24.2
    %Amortization(2)
    
    
    284.8
    
    
    
    274.3
    
    
    
    (3.7
    %)
    
    
    252.8
    
    
    
    (7.8
    %)Total depreciation and amortization
    
    
    468.7
    
    
    
    506.1
    
    
    
    8.0
    %
    
    
    540.8
    
    
    
    6.9
    %Total operating
costs
    
    
    1,365.1
    
    
    
    1,462.3
    
    
    
    7.1
    %
    
    
    1,619.7
    
    
    
    10.8
    %Other Information:Total workload units(3)
    
    
    13,788.3
    
    
    
    14,252.9
    
    
    
    3.4
    %
    
    
    16,654.2
    
    
    
    16.8
    %Cost of services per workload unit
    
    
    51.7
    
    
    
    53.8
    
    
    
    4.1
    %
    
    
    50.9
    
    
    
    (5.4
    %)Cost of services margin(4)
    
    
    32.0
    %
    
    
    33.0
    %
    
    
    3.1
    %
    
    
    30.4
    %
    
    
    (7.8
    %)
 
 (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. Cost of Services
  Technical Assistance Fee and Government Concession Fee
   67




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##### Table of Contents



Depreciation and Amortization
  Taxation
 Ps. Ps. Ps.
 Impuesto Empresarial a Tasa Única
  68




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##### Table of Contents



Ps. Ps. Ps.
  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 31,2005
    
    
    2006
    
    
    2007Depreciation (appreciation) of the Mexican Peso as
compared to 
the U.S. dollar(1)
    
    
    (4.6
    %)
    
    
    1.7
    %
    
    
    0.96
    %Mexican inflation rate(2)
    
    
    3.3
    %
    
    
    4.1
    %
    
    
    3.76
    %U.S. inflation rate(3)
    
    
    3.4
    %
    
    
    2.5
    %
    
    
    4.1
    %Increase in Mexican gross domestic product(4)
    
    
    3.0
    %
    
    
    4.8
    %
    
    
    3.3
    %
 
 (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. 10.6344 per U.S. dollar as of December 31, 2005, Ps. 10.8116 per U.S. dollar as of
December 31, 2006 and Ps. 10.9157 per U.S. dollar as of December 31, 2007.(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: 116.3010 in 2005,
121.0150 in 2006 and 125.5640 in 2007.(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, 19, 2008.  69




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##### Table of Contents




    
    Depreciation and amortization expense.We restate our non-monetary assets to give
effect to inflation. The restatement of these assets in periods of high inflation
increases the carrying value of these assets in pesos, which in turn increases the
related depreciation expense and risk of impairments. Our airport concessions are
being amortized on a straight-line basis over the life of the concession and rights
acquired.
    
    Passenger charges.Passenger charges for international passengers are currently
denominated in dollars, while passenger charges for domestic passengers are denominated
in pesos. Because Mexican FRS requires Mexican companies to restate their results of
operations in prior periods in constant pesos as of the most recent balance sheet date,
when the rate of inflation in a period exceeds the depreciation of the peso as compared
to the dollar for that period, the peso value of dollar-denominated or dollar-linked
revenues in the prior period will be higher than those of the current period. This
effect may occur despite the fact that the amount of such revenues in dollar terms may
have been greater in the current period.
    
    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 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.
   70




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##### Table of Contents



Year Ended December 31,2005
    
    
    2006
    
    
    2007Airport Operating Results(millions of constant pesos as of December 31, 2007)Cancun:Revenues:Aeronautical services
    
    Ps.
    1,144.8
    
    
    Ps.
    1,210.0
    
    
    Ps.
    1,370.4Non-aeronautical services
    
    
    524.6
    
    
    
    547.1
    
    
    
    737.7Total revenues
    
    
    1,669.4
    
    
    
    1,757.1
    
    
    
    2,108.1Net operating income
    
    
    809.5
    
    
    
    840.9
    
    
    
    667.3
    (1)Merida:Revenues:Aeronautical services
    
    
    104.6
    
    
    
    101.8
    
    
    
    124.5Non-aeronautical services
    
    
    37.9
    
    
    
    39.9
    
    
    
    47.6Total revenues
    
    
    142.5
    
    
    
    141.7
    
    
    
    172.1Net operating income
    
    
    20.2
    
    
    
    14.7
    
    
    
    22.8
    (1)Villahermosa:Revenues:Aeronautical Services
    
    
    73.5
    
    
    
    77.6
    
    
    
    91.0Non Aeronautical Services
    
    
    22.2
    
    
    
    23.0
    
    
    
    27.5Other
    
    
    
    
    
    
    
    
    
    
    12.5Total revenues
    
    
    95.7
    
    
    
    100.6
    
    
    
    131.0Net operating income
    
    
    27.9
    
    
    
    17.0
    
    
    
    42.7
    (1)Other:(3)Revenues:Aeronautical services
    
    
    254.4
    
    
    
    258.2
    
    
    
    305.1Non-aeronautical services
    
    
    66.2
    
    
    
    65.5
    
    
    
    69.6Total revenues
    
    
    320.6
    
    
    
    323.7
    
    
    
    374.7Net operating (loss) income
    
    
    5.5
    
    
    
    (11.7
    )(2)
    
    
    433.4
    (1)Total:Revenues:Aeronautical services
    
    
    1,577.3
    
    
    
    1,647.6
    
    
    
    1,891.0Non-aeronautical services
    
    
    650.9
    
    
    
    675.5
    
    
    
    894.9Total revenues
    
    
    2,228.2
    
    
    
    2,323.1
    
    
    
    2,785.9Net operating income
    
    
    863.1
    
    
    
    860.9
    
    
    
    1,166.2
    (1)
 
 (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, which
recovered strongly in 2007.(3)
    
    Reflects the results of operations of our parent holding company, or administrative services
company, our airports located in Veracruz, Minatitlan, Oaxaca, Huatulco, Tapachula and Cozumel
and consolidation adjustments.  71




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##### Table of Contents



Summary Historical Results of Operations
  Consolidated Operating Results
 Year Ended December 31,2005
    
    
    2006
    
    
    2007(thousands of constant pesos as of December 31, 2007)Revenues:Aeronautical services
    
    Ps.
    1,577,295
    
    
    Ps.
    1,647,594
    
    
    Ps.
    1,890,950Non-aeronautical services
    
    
    650,889
    
    
    
    675,530
    
    
    
    894,941Total revenues
    
    
    2,228,184
    
    
    
    2,323,124
    
    
    
    2,785,891Operating Expenses:Cost of services
    
    
    (602,436
    )
    
    
    (665,275
    )
    
    
    (743,642
    )General and administrative expenses
    
    
    (110,907
    )
    
    
    (101,156
    )
    
    
    (104,019
    )Technical assistance fee(1)
    
    
    (71,721
    )
    
    
    (73,707
    )
    
    
    (91,945
    )Government Concession fee(2)
    
    
    (111,409
    )
    
    
    (116,007
    )
    
    
    (139,294
    )Depreciation and amortization
    
    
    (468,653
    )
    
    
    (506,124
    )
    
    
    (540,821
    )Total operating expenses
    
    
    (1,365,126
    )
    
    
    (1,462,269
    )
    
    
    (1,619,721
    )Net operating income
    
    
    863,058
    
    
    
    860,855
    
    
    
    1,166,170Comprehensive Financing Result :Interest income, net
    
    
    110,699
    
    
    
    103,322
    
    
    
    106,482Exchange (losses) gains, net
    
    
    (17,417
    )
    
    
    4,106
    
    
    
    1,612Loss from monetary position
    
    
    (68,724
    )
    
    
    (91,642
    )
    
    
    (92,950
    )Net comprehensive financing income
    
    
    24,558
    
    
    
    15,786
    
    
    
    15,144Non ordinary items(3)
    
    
    (9,678
    )
    
    
    (16,242
    )
    
    
    (2,385
    )Income before taxes
    
    
    877,938
    
    
    
    860,399
    
    
    
    1,178,929Provision for taxes
    
    
    (269,893
    )
    
    
    (312,432
    )
    
    
    (656,568
    )Net income
    
    
    608,045
    
    
    
    547,967
    
    
    
    522,361Other Operating Data (Unaudited):Operating margin(4)
    
    
    38.7
    %
    
    
    37.1
    %
    
    
    41.9
    %Net margin(5)
    
    
    27.3
    %
    
    
    23.6
    %
    
    
    18.8
    %
 
 (1)
    
    We are required to pay ITA a technical assistance fee based on the technical assistance
agreement. This fee is described in Item 4. Information on the CompanyHistory and
Development of the CompanyInvestment by ITA.(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.(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 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.(4)
    
    Operating income divided by total revenues, expressed as a percentage.(5)
    
    Net income divided by total revenues, expressed as a percentage.  72




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##### Table of Contents



Results of operations for the year ended December 31, 2007 compared to the year ended December 31,
2006
 Revenues
 Ps. Ps.
 Ps. Ps. Ps. Ps.
 Ps. Ps. Ps. Ps.
 Ps. Ps. Ps. Ps.
 Operating Expenses and Operating Income
 Ps. Ps.
  73




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##### Table of Contents



Ps. Ps. Ps. Ps.
 Ps. Ps.
 Ps. Ps. Ps. Ps.
 Ps. Ps.
 Ps. Ps.
 Ps. Ps. Ps. Ps.
 Comprehensive Financing Result
 Ps. Ps.
  74




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##### Table of Contents



Income Taxes, Asset Tax and deferred flat rate business tax
 Ps. Ps. Ps.
 Net Income
 Ps. Ps. in deferred fixed rate company taxes due to the tax reforms
discussed in Operating and Financial Review and ProspectsTaxes.
 Results of operations for the year ended December 31, 2006 compared to the year ended December 31,
2005
 Revenues
 Ps. Ps.
 Ps. Ps. Ps. Ps.
 Ps. Ps. Ps.
  75




---



##### Table of Contents



Ps. Ps. Ps. Ps.
 Operating Expenses and Operating Income
 Ps. Ps.
 Ps. Ps.
 Ps. Ps.
 Ps. Ps. Ps. Ps.
 Ps. Ps.
 Ps. Ps.
 Ps. Ps. Ps. Ps.
  76




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##### Table of Contents



Comprehensive Financing Result
 Ps. Ps.
 Income Taxes and Asset Tax
 Ps. Ps.
 Net Income
 Ps. Ps.
 Liquidity and Capital Resources
 Ps. Ps. Ps. Ps.
 Ps. Ps. Ps. Ps. Ps.
 Ps. Ps. Ps. Ps. Ps.
 Ps. Ps. Ps. Ps. Ps.
  77




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##### Table of Contents



Committed Investments
 Year ended December 31,2004
    
    
    2005
    
    
    2006
    
    
    2007
    
    
    2008
    
    
    Total(thousands of pesos)(1)Cancun(2)
    
    Ps.
    345,651
    
    
    Ps.
    544,052
    
    
    Ps.
    818,764
    
    
    Ps.
    509,244
    
    
    Ps.
    490,081
    
    
    Ps.
    2,707,792Mérida
    
    
    25,915
    
    
    
    28,513
    
    
    
    47,596
    
    
    
    32,091
    
    
    
    2,388
    
    
    
    136,503Cozumel
    
    
    10,905
    
    
    
    70,984
    
    
    
    12,802
    
    
    
    16,751
    
    
    
    11,142
    
    
    
    122,584Villahermosa
    
    
    48,781
    
    
    
    65,446
    
    
    
    6,544
    
    
    
    12,236
    
    
    
    1,340
    
    
    
    134,347Oaxaca
    
    
    22,125
    
    
    
    21,763
    
    
    
    10,554
    
    
    
    6,816
    
    
    
    4,969
    
    
    
    66,227Veracruz
    
    
    25,890
    
    
    
    21,904
    
    
    
    11,953
    
    
    
    11,529
    
    
    
    1,540
    
    
    
    72,816Huatulco
    
    
    10,105
    
    
    
    5,608
    
    
    
    4,106
    
    
    
    7,013
    
    
    
    54,084
    
    
    
    80,916Tapachula
    
    
    20,787
    
    
    
    4,576
    
    
    
    9,484
    
    
    
    8,395
    
    
    
    825
    
    
    
    44,067Minatitlan
    
    
    10,864
    
    
    
    6,334
    
    
    
    4,978
    
    
    
    2,081
    
    
    
    3,151
    
    
    
    27,408Total
    
    Ps.
    521,023
    
    
    Ps.
    769,180
    
    
    Ps.
    926,781
    
    
    Ps.
    606,156
    
    
    Ps.
    569,520
    
    
    Ps.
    3,392,660
 
 (1)
    
    Expressed in constant pesos with purchasing power as of December 31, 2007 based on the
Mexican construction price index in accordance with the terms of our master development plan.(2)
    
    The master development plan for Cancun airport was modified on December of 2007 to reflect
our decision to build a new terminal rather than implement extensive expansion and remodeling
of existing terminals and to reflect an accelerated timetable for the construction of a second
runway. The Ministry of Communications and Transportation approved the modified plan and
recognized a decrease of Ps. 123 million in investments as of December 31, 2007.  Capital Expenditures
 Year ended December 31,
    
    (thousands of pesos)(1)2005(2)
    
    Ps.
    741,8872006
    
    
    1,129,9152007
    
    
    665,160
 
 (1)
    
    Expressed in constant pesos with purchasing power as of December 31, 2007.(2)
    
    Does not include the Ps. 50.1 million in connection with the repair of Terminal 1 at the Cancun
airport.   78




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##### Table of Contents



Critical Accounting Policies
  Revenue Recognition
       79




---



##### Table of Contents



Allowance for Doubtful Accounts
  Valuation of Rights to Use Airport Facilities and Airport Concessions
  Deferred Income Tax, Employees Statutory Profit Sharing, Flat Rate Business Tax and Asset Tax
   80




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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
 Statement of Cash Flows Statement for Changes in the Financial
Position
 Effects of Inflation Recognition of the Effect
of Inflation in Financial Information
  81




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##### Table of Contents



Translation of Foreign Currencies Foreign
Currency Transactions and Translation of Financial Statements of Foreign Operations
 Benefits to Employees Labor
Obligations
 Income Taxes Accounting for income
tax, asset tax and employees profit sharing
 Effects of the Flat Rate Business Tax Ps. Ps. Ps.
  82




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##### Table of Contents



Differences between Mexican FRS and U.S. GAAP
 Ps. Ps. Ps.
  New U.S. Accounting Standards
  Non Controlling Interests in Consolidated
Financial Statements
  Business Combinations
    83




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##### Table of Contents



Fair
Value Measurements Disclosures about Fair Value of Financial Instruments
 Fair Value Measurements
 Disclosures about Derivative Instruments and
Hedging Activities, an amendment of FASB Statement No. 133
 Off-balance sheet arrangements
  Tabular disclosure of contractual obligations
 Payments due by period (in millions of pesos)Less than 1
    
    
    
    
    
    
    
    
    
    
    More thanContractual Obligations
    
    Total
    
    
    year
    
    
    1-3 years
    
    
    3-5 years
    
    
    5 yearsMaster Development Plan
    
    Ps.
    570
    
    
    Ps.
    570
    
    
    Ps.
    
    
    
    Ps.
    
    
    
    Ps.Purchase ObligationsOperating Lease Obligations
    
    
    9
    
    
    
    8
    
    
    
    1Technical Assistance Agreement(1)
    
    
    92
    
    
    
    92Total
    
    Ps.
    671
    
    
    Ps.
    670
    
    
    Ps.
    1
    
    
    Ps.
    
    
    
    Ps.
 
 (1)
    
    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).   84




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##### Table of Contents



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 Touche(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(3)
    
    Director
    
    April 25, 2008Rasmus Christiansen(2)
    
    Director
    
    April 27, 2007
 
 (1)
    
    Elected by ITA as holder of Series BB shares, with Federico Chavez 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.
  85




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##### Table of Contents



Ricardo Guajardo Touche.
 Francisco Garza Zambrano
 George Vojta.
 Roberto Servitje Sendra.
 Luis Chico Pardo.
 Rasmus Christiansen
  86




---



##### Table of Contents



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 Cancun 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.
 Adolfo Castro Rivas.
 Gabriel Gurmendez Armand-Ugon.
  87




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##### Table of Contents



Hector Navarrete Muñoz.
 Claudio Gongora Morales.
 Manuel Gutierrez Sola.
 Share Ownership of Directors and Senior Management
  Compensation of Directors and Senior Management
   Committees
   88




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##### Table of Contents



89




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##### Table of Contents



NYSE Corporate Governance Comparison
 Codigo de Mejores Practicas Corporativas
  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 five are independent
under the Sarbanes-Oxley Act of 2002 and
as qualified by our shareholders as
provided in the Mexican Securities Market
Law.
  90




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##### Table of Contents



NYSE Standards
    
    Our Corporate Governance PracticeThe 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.Executive 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 president
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.     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,
  91




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NYSE Standards
    
    Our Corporate Governance Practice     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 regular 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.
We 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.
  92




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NYSE Standards
    
    Our Corporate Governance PracticeThe 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.
  93




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##### Table of Contents



Employees
  As of December 31,
    
    
    As of December 31,
    
    
    As of December 31,2005
    
    
    2006
    
    
    2007Administrative
Employees(1)Servicios Aeroportuarios
del Sureste, S.A. de C.V.
    
    
    72
    
    
    
    86
    
    
    
    84Cancun Airport
    
    
    149
    
    
    
    193
    
    
    
    210Cozumel Airport
    
    
    19
    
    
    
    19
    
    
    
    21Huatulco Airport
    
    
    18
    
    
    
    19
    
    
    
    19Merida Airport
    
    
    44
    
    
    
    43
    
    
    
    47Minatitlan Airport
    
    
    18
    
    
    
    18
    
    
    
    19Oaxaca Airport
    
    
    20
    
    
    
    22
    
    
    
    24Tapachula Airport
    
    
    21
    
    
    
    21
    
    
    
    23Veracruz Airport
    
    
    25
    
    
    
    25
    
    
    
    26Villahermosa Airport
    
    
    21
    
    
    
    23
    
    
    
    24Total Administrative
Employees
    
    
    407
    
    
    
    469
    
    
    
    497Unionized Employees(2)Cancun Airport
    
    
    112
    
    
    
    116
    
    
    
    122Cozumel Airport
    
    
    25
    
    
    
    25
    
    
    
    25Huatulco Airport
    
    
    19
    
    
    
    19
    
    
    
    19Merida Airport
    
    
    45
    
    
    
    45
    
    
    
    45Minatitlan Airport
    
    
    16
    
    
    
    16
    
    
    
    16Oaxaca Airport
    
    
    22
    
    
    
    19
    
    
    
    21Tapachula Airport
    
    
    16
    
    
    
    16
    
    
    
    16Veracruz Airport
    
    
    24
    
    
    
    26
    
    
    
    27Villahermosa Airport
    
    
    27
    
    
    
    29
    
    
    
    29Total Union Employees
    
    
    306
    
    
    
    311
    
    
    
    320
 
 (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.      94




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Item 7. Major Shareholders and Related Party Transactions
 
 MAJOR SHAREHOLDERS
 Tender Offer by Fernando Chico Pardo
       95




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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)
    
    
    51,151,535
    
    
    
    
    
    
    
    17.05
    %
    
    
    ITA, through Bancomext (1) (2)(3)(4)
    
    
    
    
    
    
    22,950,000
    
    
    
    
    
    
    
    7.65
    %Agrupación Aeroportuaria Internacional, S.A.
de C.V.(1)(2)(4)(5)
    
    
    22,050,000
    
    
    
    
    
    
    
    7.35
    %
    
    
    Public(6)
    
    
    203,848,465
    
    
    
    
    
    
    
    67.95
    %
    
    
    
 
 (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.(6)
    
    To the knowledge of the Company and based on information contained in public reports, from
June 25, 2007 until June 6, 2008, Agrupación Aeroportuaria Internacional II, S.A. de C.V., a
company indirectly controlled and owned by Fernando Chico Pardo purchased 15,243,600 Series
B shares, which represent 5.08% of ASURs outstanding capital stock. ITA Trust and Shareholders Amended Agreement
    96




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##### Table of Contents



RELATED PARTY TRANSACTIONS
 Arrangements with ITA
    97




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##### Table of Contents



Arrangements with Entities Controlled by Fernando Chico Pardo
   
 Item 8. Financial Information
  Legal Proceedings
   predial
  
 DIVIDENDS
   98




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99




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Item 9. The Offer and Listing
 Stock Price History
   Years ended
    
    U.S.$ per ADR(1)
    
    
    Pesos per Series B ShareDecember 31,
    
    Low
    
    
    High
    
    
    Low
    
    
    High2003
    
    
    15.95
    
    
    
    17.60
    
    
    
    18.50
    
    
    
    19.702004
    
    
    18.58
    
    
    
    27.05
    
    
    
    17.38
    
    
    
    30.152005
    
    
    24.35
    
    
    
    41.79
    
    
    
    28.10
    
    
    
    45.002006First Quarter
    
    
    28.93
    
    
    
    35.19
    
    
    
    30.56
    
    
    
    37.00Second Quarter
    
    
    30.60
    
    
    
    39.66
    
    
    
    35.00
    
    
    
    43.80Third Quarter
    
    
    30.40
    
    
    
    38.37
    
    
    
    29.00
    
    
    
    42.50Fourth Quarter
    
    
    36.85
    
    
    
    45.16
    
    
    
    39.90
    
    
    
    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
    
    
    
    67.17
 U.S.$ per ADR(1)
    
    
    Pesos per Series B ShareLow
    
    
    High
    
    
    Low
    
    
    HighMonthly PricesDecember 2007
    
    
    56.77
    
    
    
    62.60
    
    
    
    61.80
    
    
    
    67.16January 2008
    
    
    51.58
    
    
    
    62.89
    
    
    
    57.07
    
    
    
    68.30February 2008
    
    
    51.25
    
    
    
    56.15
    
    
    
    55.30
    
    
    
    60.40March 2008
    
    
    49.35
    
    
    
    57.16
    
    
    
    53.00
    
    
    
    61.00April 2008
    
    
    55.27
    
    
    
    63.54
    
    
    
    58.36
    
    
    
    67.38May 2008
    
    
    47.42
    
    
    
    57.35
    
    
    
    49.10
    
    
    
    61.00June 2008
(2)
    
    
    49.72
    
    
    
    51.99
    
    
    
    51.34
    
    
    
    53.34
 (1)
    
    10 Series B shares per ADR.(2)
    
    Through June 18, 2008.   100




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TRADING ON THE MEXICAN STOCK EXCHANGE
       101




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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;
 
    
    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.
  102




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Directors
    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,
  103




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##### Table of Contents




    
    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,
 
    
    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),
  104




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
    
    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.
 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.
  105




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Voting Rights and Stockholders Meetings
    
    
    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.
   106




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Quorums
    107




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##### Table of Contents




    
    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,
 
    
    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
 ,
  108




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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,
 
    
    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
   109




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Registration and Transfer
   
    
    Except with the prior authorization by the Ministry of Communications and
Transportation, ITA is 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.
  110




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
    
    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.
  
    
    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,
  111




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
    
    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.
  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.
  112




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##### Table of Contents




    
    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.
 
    
    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
    113




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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.
  114




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##### Table of Contents



Ownership of Capital Stock by Subsidiaries
  Liquidation
  Other Provisions
 Liabilities of the members of the Board of Directors
     115




---



##### Table of Contents



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.
   116




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##### Table of Contents



Duration
  Stockholders Conflict of Interest
  Directors Conflict of Interest
  
 MATERIAL CONTRACTS
    
 EXCHANGE CONTROLS
   117




---



##### Table of Contents



TAXATION
       118




---



##### Table of Contents



Taxation of Dividends
 Mexican Tax Considerations
  U.S. Federal Income Tax Considerations
     119




---



##### Table of Contents



Taxation of Dispositions of Shares or ADSs
 Mexican Tax Considerations
     U.S. Tax Considerations
    120




---



##### Table of Contents



Other Mexican Taxes
  U.S. Backup Withholding Tax and Information Reporting Requirements
   121




---



##### Table of Contents



DOCUMENTS ON DISPLAY
   122




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##### Table of Contents



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
   123




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##### Table of Contents



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
      124




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##### Table of Contents



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 31,2006
    
    
    2007(thousands of pesos)Audit fees
    
    
    5,467
    
    
    
    8,725Audit-related fees
    
    
    
    
    
    
    Tax fees
    
    
    38
    
    
    
    187Other fees
    
    
    4,446
    
    
    
    37Total fees
    
    
    9,951
    
    
    
    9,286
    125




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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
  (c) 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
    
    
    share in Pesos
    
    
    programs
    
    
    the plans or programs2006January 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    February 1-28
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    March 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    April 1-30
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    May 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    June 1-30
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    July 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    August 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    September 1-30
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    October 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    November 1-30
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    December 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2006 Total
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2007January 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    February 1-28
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    March 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    April 1-30
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    May 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    June 1-30
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    July 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    August 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    September 1-30
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    October 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    November 1-30
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    December 1-31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2007 Total
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
   126




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##### Table of Contents



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, 2006 and 2007
    
    
    F-3Consolidated Statements of Income for the Years Ended December 31, 2005, 2006 and 2007
    
    
    F-4Consolidated Statements of Changes in Stockholders Equity for the Years Ended December 31, 2005, 2006 and 2007
    
    
    F-5Consolidated Statements of Changes in Financial Position for the Years Ended December 31, 2005, 2006 and 2007
    
    
    F-6Notes to Consolidated Financial Statements
    
    
    F-7
  127




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##### Table of Contents



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 Cancun 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 Cancun, S.A. de C.V., Aeropuerto de Cozumel, S.A. de C.V.,
Aeropuerto de Huatulco, S.A. de C.V., Aeropuerto de Merida,
S.A. de C.V., Aeropuerto de Minatitlan, 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 Cancun, S.A. de C.V., Aeropuerto de Cozumel,
S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V., Aeropuerto
de Merida, S.A. de C.V., Aeropuerto de Minatitlan, 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).
  128




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##### Table of Contents



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 Cancun, S.A. de C.V., Aeropuerto de Cozumel,
S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V., Aeropuerto de Merida, S.A. de
C.V., Aeropuerto de Minatitlan, 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 Cancun, S.A. de
C.V., Aeropuerto de Cozumel, S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V.,
Aeropuerto de Merida, S.A. de C.V., Aeropuerto de Minatitlan, 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 Cancun, S.A. de C.V., Aeropuerto de Cozumel,
S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V., Aeropuerto de Merida, S.A. de
C.V., Aeropuerto de Minatitlan, 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.8.1
    
    
    List of subsidiaries of the Company (incorporated by reference to our registration
statement on Form F-1 (File No. 333-12486) filed on September 7, 2000).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.
  129




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GRUPO AEROPORTUARIO DEL SURESTE,  S. A. B. DE C. V. AND SUBSIDIARIES
 CONSOLIDATED AUDITED FINANCIAL STATEMENTS
 DECEMBER 31, 2005, 2006 AND 2007
  F-1




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##### Table of Contents



GRUPO AEROPORTUARIO DEL SURESTE,  S. A. B. DE C. V. AND SUBSIDIARIES
 CONSOLIDATED AUDITED FINANCIAL STATEMENTS
 DECEMBER 31, 2005, 2006 AND 2007
 INDEX
 Contents
    
    PageReport of Independent Registered Public Accounting Firm
    
    F  1 and 2Consolidated financial statements:Consolidated balance sheets
    
    F  3Consolidated statements of income
    
    F  4Consolidated statements of changes in stockholders equity
    
    F  5Consolidated statements of changes in financial position
    
    F  6Notes to the consolidated financial statements
    
    F  7  45
  F-2




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##### Table of Contents



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




---



##### Table of Contents



F-2




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##### Table of Contents



GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. AND SUBSIDIARIES
(SOUTHEAST AIRPORT GROUP)
 
 CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2006 AND 2007
 2006
    
    
    2007ASSETSCurrent assets:Cash and marketable securities
    
    Ps.
    1,288,353
    
    
    Ps.
    1,925,697Trade and other receivables, net (Note 3)
    
    
    244,395
    
    
    
    279,415Recoverable taxes and other current assets
    
    
    169,616
    
    
    
    328,498Total current assets
    
    
    1,702,364
    
    
    
    2,533,610Improvements to concessioned assets, land, machinery, furniture and
equipment, net of accumulated depreciation of Ps. 554,668
and Ps. 811,736, respectively (Note 4)
    
    
    3,267,744
    
    
    
    3,670,223Direct commercial operations rights, net of
accumulated amortization of Ps.43,018 and Ps.59,400, respectively
    
    
    43,457
    
    
    
    26,931Airport concessions, net of accumulated amortization of
Ps.2,066,983 and Ps.2,271,861, respectively (Notes 5 and 6)
    
    
    8,242,778
    
    
    
    8,037,900Rights to use airport facilities, net of accumulated
amortization of Ps.710,812 and Ps.767,736,
respectively (Notes 5 and 6)
    
    
    2,246,711
    
    
    
    2,189,975Deferred Flat Rate Business Tax  Asset (Note 11)
    
    
    
    
    
    
    217,442Total assets
    
    Ps.
    15,503,054
    
    
    Ps.
    16,676,081LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Trade accounts payable
    
    Ps.
    6,479
    
    
    Ps.
    17,073Accrued expenses and other payables (Note 7)
    
    
    248,085
    
    
    
    299,929Total current liabilities
    
    
    254,564
    
    
    
    317,002Seniority premiums
    
    
    7,793
    
    
    
    8,494Deferred income tax and employees statutory profit
Sharing (Note 11)
    
    
    937,409
    
    
    
    1,138,475Deferred Flat Rate Business Tax  Liability (Note 11)
    
    
    
    
    
    
    706,583Total liabilities
    
    
    1,199,766
    
    
    
    2,170,554Commitments and contingencies (Note 14)Stockholders equity (Note 8):Capital stock
    
    
    12,799,204
    
    
    
    12,799,204Legal reserve
    
    
    140,786
    
    
    
    167,926Reserve for repurchase of stock
    
    
    808,964
    
    
    
    Retained earnings
    
    
    554,334
    
    
    
    1,538,397Total stockholders equity
    
    
    14,303,288
    
    
    
    14,505,527Total liabilities and stockholders equity
    
    Ps.
    15,503,054
    
    
    Ps.
    16,676,081
  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, 2005, 2006 AND 2007
 
 For the yearsended December 31,2005
    
    
    2006
    
    
    2007REVENUES:Aeronautical services
    
    Ps.
    1,577,295
    
    
    Ps.
    1,647,594
    
    
    Ps.
    1,890,950Non-aeronautical services
    
    
    650,889
    
    
    
    675,530
    
    
    
    894,941Total revenues
    
    
    2,228,184
    
    
    
    2,323,124
    
    
    
    2,785,891OPERATING EXPENSES:Cost of services, excluding depreciation and amortization
    
    
    602,436
    
    
    
    665,275
    
    
    
    743,642Technical assistance fee
    
    
    71,721
    
    
    
    73,707
    
    
    
    91,945Government concession fee
    
    
    111,409
    
    
    
    116,007
    
    
    
    139,294General and administrative expenses
    
    
    110,907
    
    
    
    101,156
    
    
    
    104,019Depreciation and amortization
    
    
    468,653
    
    
    
    506,124
    
    
    
    540,8211,365,126
    
    
    
    1,462,269
    
    
    
    1,619,721COMPREHENSIVE FINANCING RESULT:Interest income, net
    
    
    110,699
    
    
    
    103,322
    
    
    
    106,482Exchange (losses) gains, net
    
    
    (17,417
    )
    
    
    4,106
    
    
    
    1,612Loss from monetary position
    
    
    (68,724
    )
    
    
    (91,642
    )
    
    
    (92,950
    )Net comprehensive financing income
    
    
    24,558
    
    
    
    15,786
    
    
    
    15,144Non ordinary items, net of deferred income
Ps. 3,904 and Ps.2,557 in 2005 and 2006,
respectively (Note 1)
    
    
    (9,678
    )
    
    
    (16,242
    )
    
    
    (2,385
    )Income before taxes
    
    
    877,938
    
    
    
    860,399
    
    
    
    1,178,929Provisions for (Note 11):Asset tax
    
    
    23,349
    
    
    
    44,935
    
    
    
    21,899Income tax
    
    
    246,544
    
    
    
    267,497
    
    
    
    145,528Deferred flat rate business tax
    
    
    
    
    
    
    
    
    
    
    489,141Net income
    
    Ps.
    608,045
    
    
    Ps.
    547,967
    
    
    Ps.
    522,361Earnings per share (Note 8)
    
    Ps.
    2.03
    
    
    Ps.
    1.83
    
    
    Ps.
    1.74
  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, 2005, 2006 AND 2007
  Reserve for
    
    
    
    
    
    
    TotalCapital
    
    
    Legal
    
    
    repurchase
    
    
    Retained
    
    
    stockholdersstock
    
    
    reserve
    
    
    of stock
    
    
    earnings
    
    
    equityBalance at December 31, 2004
    
    Ps.
    12,799,204
    
    
    Ps.
    76,845
    
    
    Ps.
    178,411
    
    
    Ps.
    697,123
    
    
    Ps.
    13,751,583Transfer to legal reserve
    
    
    
    
    
    
    33,860
    
    
    
    
    
    
    
    (33,860
    )
    
    
    Transfer to reserve for repurchase
of stock
    
    
    
    
    
    
    
    
    
    
    366,821
    
    
    
    (366,821
    )
    
    
    Dividends paid
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (207,507
    )
    
    
    (207,507
    )Income tax paid on dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (88,935
    )
    
    
    (88,935
    )Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    608,045
    
    
    
    608,045Balance at December 31, 2005
    
    
    12,799,204
    
    
    
    110,705
    
    
    
    545,232
    
    
    
    608,045
    
    
    
    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
    
    Ps.
    12,799,204
    
    
    Ps.
    167,926
    
    
    Ps.
    
    
    
    Ps.
    1,538,397
    
    
    Ps.
    14,505,527
  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 STATEMENTS OF CHANGES IN FINANCIAL POSITION
 FOR THE YEARS ENDED DECEMBER 31, 2005, 2006 AND 2007
  For the yearsended December 31,2005
    
    
    2006
    
    
    2007Operating activities:Net income
    
    Ps.
    608,045
    
    
    Ps.
    547,967
    
    
    Ps.
    522,361Adjustments to reconcile net income to
resources provided by (used in)
operating activities:Depreciation and amortization
    
    
    468,653
    
    
    
    506,124
    
    
    
    540,821Deferred income tax
    
    
    230,731
    
    
    
    267,497
    
    
    
    80,890Deferred flat rate business tax
    
    
    
    
    
    
    
    
    
    
    489,141Changes in operating assets and liabilities:Trade receivables
    
    
    61,061
    
    
    
    (68,614
    )
    
    
    (35,020
    )Recoverable taxes and other current assets
    
    
    (108,780
    )
    
    
    5,503
    
    
    
    (44,258
    )Recoverable asset tax
    
    
    (107,773
    )
    
    
    (80,979
    )Trade accounts payable, accrued expenses
and other payables
    
    
    184,960
    
    
    
    (107,094
    )
    
    
    68,691Resources provided by operating activities
    
    
    1,336,897
    
    
    
    1,070,404
    
    
    
    1,622,626Financing activities:Dividends paid
    
    
    (207,507
    )
    
    
    (218,582
    )
    
    
    (231,249
    )Tax on dividends paid
    
    
    (88,935
    )
    
    
    (89,283
    )
    
    
    (88,873
    )Resources used in financing activities
    
    
    (296,442
    )
    
    
    (307,865
    )
    
    
    (320,122
    )Investing activities:Purchase of improvements to concessioned assets,
land, machinery, furniture and equipment
    
    
    (682,558
    )
    
    
    (1,129,915
    )
    
    
    (665,160
    )Resources used in investing activities
    
    
    (682,558
    )
    
    
    (1,129,915
    )
    
    
    (665,160
    )Increase in cash and marketable
securities
    
    
    357,897
    
    
    
    (367,376
    )
    
    
    637,344Cash and marketable securities, beginning
of period
    
    
    1,297,829
    
    
    
    1,655,729
    
    
    
    1,288,353Cash and marketable securities, end of
period
    
    Ps
    1,655,726
    
    
    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-6




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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-7




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##### Table of Contents



(Ley del
Mercado de Valores)
       F-8




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##### Table of Contents



2005
    
    
    2006
    
    
    2007Terminal 1 building write-off (reversal)
    
    Ps.
    59,344
    
    
    Ps.
    (50,369
    )
    
    Ps.
    Restoration costs
    
    
    108,540
    
    
    
    62,296
    
    
    
    2,385Insurance deductible
    
    
    3,887
    
    
    
    
    
    
    
    Other expenses
    
    
    7,602
    
    
    
    
    
    
    
    Other losses for natural disasters in other airports
    
    
    1,299
    
    
    
    1,579
    
    
    
    Insurance recovery
    
    
    (167,885
    )
    
    
    (3,633
    )
    
    
    Deferred taxes
    
    
    (3,108
    )
    
    
    (2,557
    )
    
    
    Net loss on natural disasters
    
    
    9,678
    
    
    
    7,316
    
    
    
    2,385Restructuring and contract termination fees
    
    
    
    
    
    
    8,926
    
    
    
    Net non ordinary items
    
    Ps.
    9,678
    
    
    Ps.
    16,242
    
    
    Ps.
    2,385
 2. Summary of significant Mexican FRS accounting policies
    F-9




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##### Table of Contents



a) Basis of presentation
  Subsidiary
    
    Ownership interest (direct and indirect)2006
    
    
    2007Aeropuerto 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
    %Servicios Aeroportuarios del Sureste, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %
   b) Recognition of the effects of inflation
  
    
    The consolidated statements of income and changes in stockholders
equity were restated applying Mexican National Consumer Price
Index (Mexican CPI) factors from the periods in which the
transactions occurred. The consolidated financial statements of
the Company for the years ended December 31, 2005 and 2006, have
been restated for comparability purposes to December 31, 2007
purchasing power, by applying the restatement factors of 1.080
and 1.038, respectively.
    
    The consolidated statements of changes in financial position
present, in constant pesos, the resources provided by or used in
operating, financing and investing activities.
  F-10




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##### Table of Contents



Restatement of non-monetary assets:
   Restatement of stockholders equity:
  Loss from monetary position:
  c) Cash and marketable securities
  d) Derivatives
  e) Improvements to concessioned assets, land, machinery, furniture and equipment, net
  YearsImprovements to concessioned assets
    
    
    10-50Machinery and equipment
    
    
    10Office furniture and equipment
    
    
    10Computer equipment
    
    
    3Automotive equipment
    
    
    4Other
    
    various
  F-11




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##### Table of Contents



f) Rights to use airport facilities, environmental liabilities and airport concessions
    g) Review of the book value of long  lived assets
    F-12




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##### Table of Contents



h) Seniority premiums and employee severance pay
   i) Revenue recognition
       F-13




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##### Table of Contents



Year endedDecember 31,2005
    
    
    2006
    
    
    2007Regulated services:Airport services
    
    Ps.
    1,661,967
    
    
    Ps.
    1,734,473
    
    
    Ps.
    1,991,745Non-regulated services:Airport services:Access fees from non-permanent
ground transportation
    
    
    8,039
    
    
    
    9,022
    
    
    
    12,053Car parking lots and related access fees
    
    
    35,320
    
    
    
    39,128
    
    
    
    47,557Other access fees
    
    
    3,298
    
    
    
    2,451
    
    
    
    4,198Commercial services
    
    
    496,741
    
    
    
    513,140
    
    
    
    684,794Other services
    
    
    22,819
    
    
    
    24,910
    
    
    
    45,544Total non-regulated services
    
    
    566,217
    
    
    
    588,651
    
    
    
    794,146Ps.
    2,228,184
    
    
    Ps.
    2,323,124
    
    
    Ps.
    2,785,891
 ) Transactions in foreign currency and exchange rate differences
  k) Deferred income tax, employees statutory profit sharing deferred flat rate business tax and tax
on dividends
    F-14




---



##### Table of Contents



l) Comprehensive income
  m) Earnings per share
   n) Concentrations
     F-15




---



##### Table of Contents



o) Recently issued accounting standards
  Statement of Cash Flows" Statement for Changes in the
Financial Position
 Effects of Inflation Recognition of
the Effect of Inflation in Financial Information
 Translation of Foreign Currencies" Foreign Currency Transactions and Translation of Financial Statements of Foreign Operations
  F-16




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##### Table of Contents



Benefits to Employees" Labor
Obligations
 Income Taxes" Accounting for
income tax, asset tax and employees profit sharing"
 Effects of the Flat Rate Business Tax"
  F-17




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##### Table of Contents



3. Trade receivables, net
  December 31,2006
    
    
    2007Trade receivables
    
    Ps.
    244,695
    
    
    Ps.
    280,350Less: allowance for doubtful accounts
    
    
    (300
    )
    
    
    (935
    )Net
    
    Ps.
    244,395
    
    
    Ps.
    279,415
  December 31,2005
    
    
    2006
    
    
    2007Balance at the beginning of the period
    
    Ps.
    (6,400
    )
    
    Ps.
    (10,522
    )
    
    Ps.
    (300
    )Increases, applications and
cancellations, net
    
    
    (4,328
    )
    
    
    9,530
    
    
    
    (646
    )Effects of inflation
    
    
    206
    
    
    
    692
    
    
    
    11Balance at the end of the period
    
    Ps.
    (10,522
    )
    
    Ps.
    (300
    )
    
    Ps.
    (935
    )
 4. Improvements to concessioned assets, land, machinery, furniture and equipment
  December 31,2006
    
    
    2007Machinery and equipment
    
    Ps.
    85,203
    
    
    Ps.
    100,006Office furniture and equipment
    
    
    98,227
    
    
    
    121,286Automotive equipment
    
    
    165,686
    
    
    
    173,464Improvements to concessioned assets (a)
    
    
    2,521,554
    
    
    
    3,706,024Others
    
    
    4,068
    
    
    
    4,7292,874,738
    
    
    
    4,105,509Less: accumulated depreciation
    
    
    (554,668
    )
    
    
    (811,736
    )Total
    
    
    2,320,070
    
    
    
    3,293,773Land
    
    
    117,800
    
    
    
    117,800Construction in progress (b)
    
    
    751,117
    
    
    
    221,626Advances to contractors
    
    
    78,757
    
    
    
    37,024Net
    
    Ps.
    3,267,744
    
    
    Ps.
    3,670,223
  F-18




---



##### Table of Contents



(a)
    
    Improvements to concessioned assets as of December 31, 2006 and 2007, were comprised of the
following:
 December 31,2006
    
    
    2007Buildings
    
    Ps.
    877,466
    
    
    Ps.
    1,503,367Air side
    
    
    729,662
    
    
    
    884,848Land side
    
    
    196,928
    
    
    
    292,365Technical installations
    
    
    231,718
    
    
    
    281,007Machinery and equipment
    
    
    64,817
    
    
    
    218,244Security equipment
    
    
    228,434
    
    
    
    249,018IT equipment
    
    
    168,861
    
    
    
    245,316Others
    
    
    23,668
    
    
    
    31,859Total
    
    Ps.
    2,521,554
    
    
    Ps.
    3,706,024
  5. Airport concessions
  Remainingestimateduseful life(years)Acquisition cost
allocated to:
    
    Ps.
    12,710,426.Rights to use airport facilities:Runways, taxiways, and aprons
    
    Ps.
    1,582,491
    
    
    
    39-40Buildings
    
    
    511,858
    
    
    
    15-41Other infrastructure
    
    
    132,067
    
    
    
    22Land
    
    
    684,725
    
    
    
    412,911,141Environmental liabilities
    
    
    (15,529
    )Airport concessions
    
    
    9,814,814
    
    
    
    41Total
    
    Ps.
    12,710,426
  F-19




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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 14).
    
    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.
 6. Other rights acquired
     F-20




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##### Table of Contents



Remaining estimateduseful lives2007
    
    
    (years)Acquisition
cost allocated to:
    
    Ps.
    556,145Rights to use:Buildings
    
    Ps.
    59,694
    
    
    
    19-42Other infrastructure
    
    
    2,816
    
    
    
    4-0962,510Airport concessions
    
    
    493,635
    
    
    
    0.5-2Total
    
    Ps.
    556,145
      F-21




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##### Table of Contents



7. Accrued expenses and other payables
  December 31,2006
    
    
    2007Taxes payable
    
    Ps.
    32,970
    
    
    Ps.
    96,880Concession fees
    
    
    27,044
    
    
    
    46,337Due To Shareholder  ITA
    
    
    44,315
    
    
    
    63,126Due to Supplier  Provetecnia, S.A.
de C.V.
    
    
    10,537
    
    
    
    Provision for restoration costs, net
    
    
    17,933
    
    
    
    Other accruals
    
    
    115,286
    
    
    
    93,586Total
    
    Ps.
    248,085
    
    
    Ps.
    299,929
 8. Stockholders equity
   Nominal
    
    
    
    
    
    
    Restatedvalue
    
    
    Restatement
    
    
    valueCapital stock:Fixed
    
    Ps.
    7,767,276
    
    
    Ps.
    5,031,928
    
    
    Ps.
    12,799,204
    F-22




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##### Table of Contents



Stock Options
  Dividends
       Earnings per share
  2005
    
    
    2006
    
    
    2007Income from continuing operations
    
    Ps.
    2.96
    
    
    Ps.
    2.92
    
    
    Ps.
    3.94Non ordinary items
    
    Ps.
    (0.03
    )
    
    Ps.
    (0.05
    )
    
    Ps.
    (0.01
    )Net income
    
    Ps.
    2.03
    
    
    Ps.
    1.83
    
    
    Ps.
    1.74
  F-23




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##### Table of Contents



9. Rentals under operating leases
  Period ending December 31:2008
    
    Ps.
    450,3642009
    
    
    479,8002010
    
    
    442,5572011
    
    
    411,7242012
    
    
    434,160Thereafter
    
    
    2,458,579Total
    
    Ps.
    4,677,184
 10. Foreign currency balances and transactions
  Foreign currency
    
    
    Period endamounts
    
    
    exchange rate
    
    
    Mexican pesos(thousands)
    
    
    
    
    
    
    (thousands)December 31, 2006Assets:Cash and marketable securities
    
    US$
    9,441
    
    
    Ps.
    10.8116
    
    
    Ps.
    102,074Prepaids
    
    
    1,445
    
    
    
    10.8116
    
    
    
    15,622Deposits
    
    
    41
    
    
    
    10.8116
    
    
    
    438Clients
    
    
    2,597
    
    
    
    10.8116
    
    
    
    28,086Liabilities:Accrued expenses and
other
payables
    
    US$
    3,459
    
    
    
    10.8116
    
    
    
    37,393Deposits
    
    
    1,018
    
    
    
    10.8116
    
    
    
    11,007
 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
    
    
    
    10.9157
    
    
    
    17,716Deposits
    
    
    960
    
    
    
    10.9157
    
    
    
    10,481
  F-24




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##### Table of Contents



Foreign currency
    
    
    Averageamounts
    
    
    exchange rate
    
    
    Mexican pesos(thousands)
    
    
    
    
    
    
    (thousands)Year ended December 31, 2005Income statement:Technical assistance fees and
related costs
    
    US$
    2,311
    
    
    Ps.
    10.84
    
    
    Ps.
    25,051Professional services expenses
    
    
    1,916
    
    
    
    12.58
    
    
    
    24,105Other
    
    
    38
    
    
    
    11.02
    
    
    
    419Year 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
    
    
    
    46,083
  11. Income tax, asset tax and flat rate business tax (IETU)
      F-25




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##### Table of Contents



For the yearsended December 31,2005
    
    
    2006
    
    
    2007Current Income tax
    
    Ps.
    
    
    
    Ps.
    
    
    
    Ps.
    64,638Deferred Income tax
    
    
    243,436
    
    
    
    264,940
    
    
    
    230,931Cancellation of income tax from
prior periods
    
    
    
    
    
    
    
    
    
    
    (150,041
    )Income tax-deferred accounted for
in non ordinary items
    
    
    3,108
    
    
    
    2,557Provision for income tax
    
    Ps.
    246,544
    
    
    Ps.
    267,497
    
    
    Ps.
    145,528
  For the yearsended December 31,2005
    
    
    2006
    
    
    2007Income before statutory
income tax
    
    Ps.
    877,938
    
    
    Ps.
    860,399
    
    
    Ps.
    1,178,929Statutory income tax rate
    
    
    30
    %
    
    
    29
    %
    
    
    28
    %Income tax to statutory rate
    
    
    263,381
    
    
    
    249,516
    
    
    
    330,100Nondeductible expenses and
other permanent differences
    
    
    (15,091
    )
    
    
    (5,274
    )
    
    
    (41,221
    )Nontaxable income
    
    
    
    
    
    
    (4,367
    )
    
    
    (8,567
    )Net difference between the gain
or loss on net monetary position
and the inflationary component
determined for tax purposes
    
    
    15,813
    
    
    
    26,766
    
    
    
    33,698Valuation allowance
    
    
    
    
    
    
    9,460
    
    
    
    (18,441
    )Cancelation of deferred income tax
    
    
    
    
    
    
    
    
    
    
    (150,041
    )Change in tax rate
    
    
    (17,559
    )
    
    
    (8,604
    )Provision for income tax
    
    Ps.
    246,544
    
    
    Ps.
    267,497
    
    
    Ps.
    145,528Effective tax rate
    
    
    26
    %
    
    
    31
    %
    
    
    12
    %
  F-26




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##### Table of Contents



December 31,2006
    
    
    2007Deferred income taxDeferred asset tax:Tax loss carryforwards
    
    Ps.
    736,007
    
    
    Ps.
    756,050Other
    
    
    33,031
    
    
    
    27,418Cancellation of deferred income tax from prior periods
    
    
    
    
    
    
    150,041Valuation allowance
    
    
    (87,662
    )
    
    
    (58,211
    )681,376
    
    
    
    875,298Deferred tax liabilities:Airport concessions, rights to use
airport facilities and machinery furniture

and equipment
    
    
    (2,169,753
    )
    
    
    (2,461,726
    )Other
    
    
    (5,197
    )
    
    
    (6,465
    )(2,174,950
    )
    
    
    (2,468,191
    )Net deferred tax liabilities before recoverable asset tax
    
    
    (1,493,574
    )
    
    
    (1,592,893
    )Recoverable asset tax, net of valuation allowance
of Ps. 233,975 and Ps. 114,624, respectively
    
    
    595,072
    
    
    
    491,914Net deferred tax liabilities
    
    Ps.
    (898,502
    )
    
    Ps.
    (1,100,979
    )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
    
    Ps.
    (38,907
    )
    
    Ps.
    (37,496
    )Net deferred income tax and employees
statutory profit sharing liabilities
    
    Ps.
    (937,409
    )
    
    Ps.
    (1,138,475
    )
   F-27




---



##### Table of Contents



st
    2007Deferred IETU tax liability:Airport concessions, rights to use
airport facilities and machinery furniture
and equipment
    
    $
    4,051,076Others
    
    
    (13,454
    )4,037,621IETU tax applicable rate
    
    
    17.5
    %Deferred IETU tax liability
    
    $
    706,583Tax credit by:Fixed assets, acquired from 1998 to August 31, 2007
    
    $
    217,442Deferred IETU tax in the period
    
    $
    489,141
  F-28




---



##### Table of Contents



12. Technical assistance agreement
   
   13. Related party transactions
     F-29




---



##### Table of Contents



December 31,2007
    
    
    2006Accounts receivable:Compañía Méxicana de Aviación, S. A. de C. V.
(Key management personnel )
    
    Ps.
    52,350
    
    
    Ps.
    50,591Accounts payable:Inversiones y Técnicas Aeroportuarias, S. A. de C. V.
(Shareholder )
    
    Ps.
    (63,120
    )
    
    Ps.
    (44,316
    )Promecap, S. C. (Key management personnel )
    
    
    (825
    )Lava Tap de Chiapas, S. A. de C. V. (Key management
personnel )
    
    
    (248
    )
    
    
    (184
    )Telefonos de México, S. A. de C. V. (Key management
personnel )
    
    
    (48
    )
    
    
    (224
    )Mexicana de Aviación S. A. de C. V. (Key management
personnel )
    
    
    (47
    )
    
    
    (150
    )Grupo Posadas, S. A. de C. V. (Key management
personnel)
    
    
    (44
    )
    
    
    (9
    )Gafapa, S. A. de C. V. (Key management
personnel)
    
    
    
    
    
    
    (377
    )Copenhaguen Airport A/S (Shareholder)
    
    
    
    
    
    
    (1,047
    )(64,332
    )
    
    
    (46,307
    )Net
    
    Ps.
    (11,982
    )
    
    Ps.
    4,284
  2007
    
    
    2006Revenues from airport services
    
    Ps.
    198,787
    
    
    Ps.
    214,316Technical assistance
    
    
    (91,945
    )
    
    
    (73,707
    )Administrative services
    
    
    (5,782
    )
    
    
    (4,435
    )Leases
    
    
    (2,457
    )
    
    
    (2,480
    )Telephone services and network connections
    
    
    (5,737
    )
    
    
    (3,395
    )Cleaning services
    
    
    (5,263
    )
    
    
    (5,338
    )Others
    
    
    (3,003
    )
    
    
    (1,911
    )
  F-30




---



##### Table of Contents



2007
    
    
    2006Compensation to key personnel
    
    Ps.
    16,500
    
    
    Ps.
    17,766Compensation to Board of Directors and Committees
    
    
    5,052
    
    
    
    5,379
 14. Commitments and contingencies
 Commitments
    Period
    
    Amount (1)2008
    
    Ps.
    569,521
 (1)
    
    Expressed in thousands of pesos in purchasing power as of December 31, 2007
applying Mexican National Construction Price Index factors according with the MDPs terms.  Contingencies
 a)
    
    The operations of the Company are subject to Mexican federal and state laws and regulations
relating to the protection of the environment. Under these laws, regulations have been issued
concerning water and air pollution, environmental impact studies, noise control and hazardous
wastes. The Ministry of the Environment, Natural Resources and Fishing can bring
administrative, civil and criminal proceedings against Companies that violate environmental
laws and has the power to close non-complying facilities.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.
  F - 31




---



##### Table of Contents



c)
    
    The Huatulco municipal government has instigated 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 in the
municipality of Benito Juárez, where Cancún Airport is located 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).
  15. Segment information
  Year ended
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    ConsolidationDecember 31, 2005
    
    Cancun
    
    
    Villahermosa
    
    
    Mérida
    
    
    Servicios
    
    
    Other
    
    
    Adjustments
    
    TotalTotal revenues
    
    Ps.
    1,669,341
    
    
    Ps.
    95,655
    
    
    Ps
    142,565
    
    
    Ps.
    193,628
    
    
    Ps.
    339,999
    
    
    
    (Ps.213,004
    )
    
    Ps.
    2,228,184Operating
income (loss)
    
    
    809,512
    
    
    
    27,965
    
    
    
    20,226
    
    
    
    (2,590
    )
    
    
    220,949
    
    
    
    (213,004
    )
    
    
    863,058Total assets
    
    
    10,509,571
    
    
    
    794,595
    
    
    
    1,130,047
    
    
    
    32,388
    
    
    
    17,247,234
    
    
    
    (14,530,309
    )
    
    
    15,183,526Capital
expenditures
    
    
    491,566
    
    
    
    70,771
    
    
    
    25,564
    
    
    
    5,290
    
    
    
    89,367
    
    
    
    
    
    
    
    682,558Depreciation and
amortization
    
    
    296,150
    
    
    
    24,026
    
    
    
    40,760
    
    
    
    2,369
    
    
    
    105,348
    
    
    
    
    
    
    
    468,653
 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
    
    
    
    0
    
    
    
    1,129,915Depreciation and
amortization
    
    
    323,673
    
    
    
    29,062
    
    
    
    39,027
    
    
    
    2,417
    
    
    
    111,945
    
    
    
    0
    
    
    
    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
  F-32




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##### Table of Contents



16. Differences between Mexican Financial Reporting Standards and US GAAP
   For the year ended December 31,2005
    
    
    2006
    
    
    2007Reconciliation of net income:Net income as reported under
Mexican FRS
    
    Ps.
    608,045
    
    
    Ps.
    547,967
    
    
    Ps.
    522,361US GAAP adjustments:(A) Amortization of airport concessions
    
    
    196,336
    
    
    
    196,336
    
    
    
    196,336(A) Amortization of rights to use airport facilities
    
    
    17,546
    
    
    
    15,880
    
    
    
    10,594(B) Amortization of Terminal 1 building write-off reversal
    
    
    
    
    
    
    (50,162
    )
    
    
    109(C) Contract termination fee on leasehold agreement
    
    
    16,466
    
    
    
    15,893
    
    
    
    16,526(D) Concession fee on lease hold agreement, net of
inflation effects
    
    
    
    
    
    
    (4,014
    )
    
    
    (14,531
    )(E) Tax on dividends, net
    
    
    (88,935
    )
    
    
    (89,283
    )
    
    
    (88,873
    )(F) Deferred employees statutory profit sharing,
net of inflation effects
    
    
    (260,273
    )
    
    
    (153,754
    )
    
    
    (120,593
    )(G) Deferred income taxes, net of
inflation effects
    
    
    (1,247
    )
    
    
    (47,266
    )
    
    
    (662,816
    )(H) Deferred flat rate business tax, net of
inflation effects
    
    
    
    
    
    
    
    
    
    
    398,161Total US GAAP adjustments
    
    
    (120,107
    )
    
    
    (116,370
    )
    
    
    (265,087
    )Net income under US GAAP
    
    Ps.
    487,938
    
    
    Ps.
    431,597
    
    
    Ps.
    257,274Basic and diluted earnings per share
    
    Ps.
    1.63
    
    
    Ps.
    1.44
    
    
    Ps.
    0.86
  F-33




---



##### Table of Contents



As of December 31,2006
    
    
    2007Reconciliation of stockholders equity:Total stockholders equity reported under
Mexican FRS
    
    Ps.
    14,303,288
    
    
    Ps.
    14,505,527US GAAP adjustments:(A) Airport concessions
    
    
    (8,211,864
    )
    
    
    (8,015,528
    )(A) Rights to use airport facilities
    
    
    (479,190
    )
    
    
    (468,596
    )(B) Terminal 1 write-off reversal
    
    
    (50,162
    )
    
    
    (50,053
    )(C) Contract termination fee on leasehold agreement
    
    
    (43,457
    )
    
    
    (26,931
    )(D) Concession fee on lease hold agreement
    
    
    (4,014
    )
    
    
    (18,545
    )(F) Deferred employees statutory profit
sharing
    
    
    137,908
    
    
    
    17,315(G) Deferred income taxes
    
    
    2,355,114
    
    
    
    1,692,298(H) Deferred flat rate business tax
    
    
    
    
    
    
    398,161Total US GAAP adjustments
    
    
    (6,295,665
    )
    
    
    (6,471,879
    )Total stockholders equity under US GAAP
    
    Ps.
    8,007,623
    
    
    Ps.
    8,033,648
  Balance at December 31, 2005
    
    Ps.
    7,794,608Net income
    
    
    431,597Dividends declared
    
    
    (218,582
    )Balance at December 31, 2006
    
    
    8,007,623Net income
    
    
    257,274Dividends declared
    
    
    (231,249
    )Balance at December 31, 2007
    
    Ps.
    8,033,648
  F-34




---



##### Table of Contents



As of December 31,2006
    
    
    2007AssetsCurrent assets:Cash and cash equivalents
    
    Ps.
    859,857
    
    
    Ps.
    1,870,675Other current assets
    
    
    842,507
    
    
    
    662,934Current deferred income tax asset
    
    
    24,757
    
    
    
    5,533Current deferred IETU asset
    
    
    
    
    
    
    3,502Total current assets
    
    
    1,727,121
    
    
    
    2,542,644Improvements to concessioned assets, land,
machinery, furniture and equipment  net
    
    
    3,267,744
    
    
    
    3,670,223Airport concessions  net
    
    
    30,916
    
    
    
    22,376Rights to use airport facilities  net
    
    
    1,717,356
    
    
    
    1,671,325Noncurrent deferred employees statutory profit
sharing
    
    
    99,001
    
    
    
    Noncurrent deferred income taxes
    
    
    1,431,855
    
    
    
    673,122Total assets
    
    Ps.
    8,273,993
    
    
    Ps.
    8,579,690Liabilities and Stockholders EquityOther liabilities
    
    Ps.
    258,580
    
    
    Ps.
    335,549Seniority premiums
    
    
    7,790
    
    
    
    8,494Deferred employees statutory profit
sharing liability
    
    
    
    
    
    
    20,181Deferred income taxes liability
    
    
    
    
    
    
    87,336Deferred flat rate business tax liability
    
    
    
    
    
    
    94,482Total liabilities
    
    
    266,370
    
    
    
    546,042Total stockholders equity
    
    
    8,007,623
    
    
    
    8,033,648Total liabilities and stockholders equity
    
    Ps.
    8,273,993
    
    
    Ps.
    8,579,690
  F-35




---



##### Table of Contents



For the years endedDecember 31,2005
    
    
    2006
    
    
    2007Net revenues
    
    Ps.
    2,228,184
    
    
    Ps.
    2,319,110
    
    
    Ps.
    2,771,216Cost of services (1)
    
    
    (839,369
    )
    
    
    (814,046
    )
    
    
    (862,827
    )General and administrative
expenses (1)
    
    
    (134,248
    )
    
    
    (106,138
    )
    
    
    (104,019
    )Depreciation and amortization
    
    
    (238,306
    )
    
    
    (277,808
    )
    
    
    (317,256
    )Other expenses
    
    
    (196,707
    )
    
    
    (258,884
    )
    
    
    (233,624
    )Operating expenses
    
    
    (1,408,630
    )
    
    
    (1,456,876
    )
    
    
    (1,517,726
    )Operating income
    
    
    819,554
    
    
    
    862,234
    
    
    
    1,253,490Net comprehensive financing income
    
    
    23,677
    
    
    
    15,786
    
    
    
    14,367Income tax expense (2)
    
    
    (355,293
    )
    
    
    (446,423
    )
    
    
    (1,010,583
    )Net income
    
    Ps.
    487,938
    
    
    Ps.
    431,597
    
    
    Ps.
    257,274
 (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
   (B) Terminal 1 building write-off reversal
    F-36




---



##### Table of Contents



(C) Contract termination fee on leasehold agreements
 Accounting for Costs Associated with
Exit or Disposal Activities
 (D) Concession fee on leasehold agreement
    (E) Tax on dividends
   (F) Deferred Employees Statutory Profit Sharing (PTU)
    F-37




---



##### Table of Contents



December 31,2006
    
    
    2007Deferred PTU asset:Fixed assets
    
    Ps.
    97,910
    
    
    Ps.
    Other
    
    
    15,901
    
    
    
    12,484Less: Valuation allowance
    
    
    (12,953
    )
    
    
    (1,474
    )100,858
    
    
    
    11,010Deferred PTU liability:Fixed assets
    
    Ps.
    
    

        Ps.

    (27,028
    )Other
    
    
    (1,857
    )
    
    
    (4,163
    )Net deferred PTU
asset (liability) under US GAAP
    
    
    99,001
    
    
    
    (20,181
    )Net deferred PTU tax liability under Mexican
FRS
    
    
    38,907
    
    
    
    (37,496
    )Net deferred PTU US GAAP adjustments
    
    Ps.
    137,908
    
    
    Ps.
    17,315
  F-38




---



##### Table of Contents



(G) Deferred income taxes
     F-39




---



##### Table of Contents



As of December 31,2006
    
    
    2007Current deferred income asset tax:Accrued liabilities
    
    Ps.
    23,992
    
    
    Ps.
    23,436Prepaids and other current assets
    
    
    6,966
    
    
    
    30,958
    
    
    
    23,436Less: Current valuation allowance
    
    
    (2,911
    )
    
    
    (17,903
    )Current deferred asset tax
    
    
    28,047
    
    
    
    5,533Current deferred income tax liability:Inventories
    
    
    (3,290
    )
    
    
    (3,171
    )Prepaids and other current assets
    
    
    
    
    
    
    (5,717
    )Current deferred tax liability
    
    
    (3,290
    )
    
    
    (8,888
    )Net current deferred income asset tax (liability)
    
    Ps.
    24,757
    
    
    Ps.
    (3,355
    )Noncurrent deferred income asset tax:Tax paid on dividends
    
    Ps.
    89,283
    
    
    Ps.
    88,873Tax loss carryforwards
    
    
    736,007
    
    
    
    756,050Fixed assets
    
    
    289,503
    
    
    
    11,5201,114,793
    
    
    
    856,443Less: Noncurrent valuation allowance
    
    
    (276,173
    )
    
    
    (675,235
    )Noncurrent deferred asset tax
    
    
    838,620
    
    
    
    181,208Noncurrent deferred income tax liability:Fixed assets
    
    
    
    
    
    
    (75,679
    )Other deferred assets
    
    
    (1,837
    )
    
    
    (2,769
    )Non current deferred tax liability
    
    
    (1,837
    )
    
    
    (78,448
    )Net noncurrent deferred asset tax
    
    
    836,783
    
    
    
    102,760Total net deferred asset tax
    
    
    861,540
    
    
    
    99,405Recoverable asset tax
    
    
    595,072
    
    
    
    491,914Net deferred income asset tax under US GAAP
    
    
    1,456,612
    
    
    
    591,319Net deferred income tax liability under Mexican FRS
    
    
    898,502
    
    
    
    1,100,979Net deferred income tax US GAAP adjustments
to the net deferred income tax liability
    
    Ps.
    2,355,114
    
    
    Ps.
    1,692,298
  F-40




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##### Table of Contents



(H) Deferred flat rate business tax
   As of December 31,2007Deferred IETU tax asset:Accrued liabilities
    
    Ps.
    3,502Deferred IETU liability:Fixed assets (acquired between 1998 and 2007)
    
    Ps.
    (93,083
    )Other
    
    
    (1,399
    )(94,482
    )Net deferred IETU tax liability under US GAAP
    
    Ps.
    (90,980
    )Net deferred IETU tax liability under Mexican
FRS
    
    
    (    489,141
    )Net deferred IETU US GAAP adjustments
    
    Ps.
    398,161
  F-41




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##### Table of Contents



(I) Cash and marketable securities
   (J) Restructure, contract termination fees and loss on natural disaster
  (K) Supplemental Cash Flow Information
   F-42




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For the years endedDecember 31,2005
    
    
    2006
    
    
    2007Operating activities:Net income under US GAAP
    
    Ps.
    487,938
    
    
    Ps.
    431,597
    
    
    Ps.
    257,274Adjustments to reconcile net income to
cash flows provided by operating activities:Loss from monetary position
    
    
    68,724
    
    
    
    91,642
    
    
    
    92,950Asset tax, tax on dividends and deferred
income taxes
    
    
    355,292
    
    
    
    446,423
    
    
    
    919,603Deferred employees statutory profit sharing
    
    
    260,273
    
    
    
    153,754
    
    
    
    119,185Deferred flat rate business tax
    
    
    
    
    
    
    
    
    
    
    90,980Depreciation and amortization
    
    
    238,306
    
    
    
    277,808
    
    
    
    317,255Other provisions
    
    
    197,118
    
    
    
    62,245
    
    
    
    63,127Terminal 1 Building write off
    
    
    59,343
    
    
    
    
    
    
    
    Restoration cost for natural disasters
    
    
    108,540
    
    
    
    62,296
    
    
    
    2,385Insurance proceeds
    
    
    (163,998
    )
    
    
    (3,633
    )
    
    
    Changes in operating assets and liabilities:Trade receivables
    
    
    72,070
    
    
    
    (75,461
    )
    
    
    (43,874
    )Recoverable taxes and other current assets
    
    
    (218,520
    )
    
    
    (182,670
    )
    
    
    (198,045
    )Trade accounts payable
    
    
    11,817
    
    
    
    (16,291
    )
    
    
    23,209Accrued expenses and other payables
    
    
    (176,354
    )
    
    
    (165,277
    )
    
    
    82,292Cash flows provided by operating activities
    
    
    1,300,549
    
    
    
    1,082,433
    
    
    
    1,726,341Investing activities:Short-term investments
    
    
    (416,891
    )
    
    
    (354,112
    )
    
    
    409,012Purchases of short  term investments
    
    
    129,851
    
    
    
    402,772
    
    
    
    (51,062
    )Proceeds from short  term investmentsPurchase of other rights and machinery
furniture and equipment
    
    
    (643,649
    )
    
    
    (1,034,232
    )
    
    
    (722,200
    )Insurance proceeds
    
    
    116,494
    
    
    
    51,137
    
    
    
    Restorations payments
    
    
    (58,550
    )
    
    
    (94,352
    )
    
    
    Cash flows used in investing
activities
    
    
    (872,745
    )
    
    
    (1,028,787
    )
    
    
    (364,250
    )Financing activities:Payments of tax on dividends
    
    
    (88,935
    )
    
    
    (89,283
    )
    
    
    (88,873
    )Payment of dividends
    
    
    (207,507
    )
    
    
    (218,582
    )
    
    
    (231,249
    )Cash flows used in financing activities
    
    
    (296,442
    )
    
    
    (307,865
    )
    
    
    (320,122
    )Effects of inflation on cash and cash equivalents
    
    
    (34,259
    )
    
    
    (45,157
    )
    
    
    (31,151
    )Increase (decrease) in cash and cash equivalents
    
    
    97,103
    
    
    
    (299,376
    )
    
    
    1,010,818Cash and cash equivalents at beginning of period
    
    
    1,062,130
    
    
    
    1,159,233
    
    
    
    859,857Cash and cash equivalents at end of period
    
    Ps.
    1,159,233
    
    
    Ps.
    859,857
    
    
    Ps.
    1,870,675Supplemental cash disclosures:Asset tax and tax paid on dividends
    
    Ps.
    235,523
    
    
    Ps.
    219,625
    
    
    Ps.
    170,760
  F-43




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##### Table of Contents



(L) Recently Issued Accounting Standards
  Non Controlling Interests in Consolidated
Financial Statements
  Business Combinations"
    F-44




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##### Table of Contents



Fair
Value Measurements" Disclosures about Fair Value of Financial Instruments"
 Fair Value Measurements"
 Disclosures about Derivative Instruments and
Hedging Activities, an amendment of FASB Statement No. 133
 
  F-45




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##### Table of Contents



SIGNATURES
  Grupo Aeroportuario del Sureste, S.A.B. de C.V.By:

/s/ Adolfo Castro RivasName:
    Adolfo Castro RivasTitle:
    Chief Financial Officer




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##### Table of Contents



EXHIBIT INDEX
 ExhibitNumber
    
    Description4.6
    
    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 Cancun, S.A. de C.V., Aeropuerto de Cozumel,
S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V., Aeropuerto de Merida, S.A. de
C.V., Aeropuerto de Minatitlan, 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.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.