##### Table of Contents



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, 2010
 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  4th Floor
Bosques de las Lomas
05120 México, D.F.
Mexico
 
 Adolfo Castro Rivas
CFO and Head of Investor Relations
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Bosque de Alisos No. 47A  4 th Floor
Bosques de las Lomas
05120 México, D.F.
México
Telephone: + 52 55 5284 0408
Fax: +52 55 5284 0454
 
 
 Securities registered or to be registered pursuant to Section 12(b) of the Act:
 Title of each class:
    
    Name of each exchange
on which registeredSeries B Shares, without par value, or shares
    
    New York Stock Exchange, Inc.*American Depositary Shares, as evidenced by American Depositary Receipts, or ADSs,
each representing ten shares
    
    New York Stock Exchange, Inc.
 *
    
    Not for trading, but only in connection with the registration of American Depositary Shares,
pursuant to the requirements of the Securities and Exchange Commission.
 None
 N/A
  Series B Shares, without par value: 277,050,000
Series BB Shares, without par value: 22,950,000
  YesþNoo
 Yes o No þ
 Yes þ No o
 Yes þ No o
  Large accelerated filer þ
    
    Accelerated filer o
    
    Non-accelerated filer o
 U.S. GAAP o IFRS o Other þ
 Item 17 o Item 18 þ
 Yes o No þ




---



##### 



Item 1. Identity of Directors, Senior Management and Advisers
    
    
    1Item 2. Offer Statistics and Expected Timetable
    
    
    1Item 3. Key Information
    
    
    1Selected Financial Data
    
    
    1Exchange Rates
    
    
    6Risk Factors
    
    
    7Forward Looking Statements
    
    
    29Item 4. Information on the Company
    
    
    29History and Development of the Company
    
    
    29Business Overview
    
    
    34Regulatory Framework
    
    
    51Organizational Structure
    
    
    69Property, Plant, And Equipment
    
    
    69Item 5. Operating and Financial Review and Prospects
    
    
    70Item 6. Directors, Senior Management and Employees
    
    
    112Item 7. Major Shareholders and Related Party Transactions
    
    
    120Major Shareholders
    
    
    120Related Party Transactions
    
    
    122Item 8. Financial Information
    
    
    124Dividends
    
    
    124Item 9. The Offer and Listing
    
    
    126Trading on the Mexican Stock Exchange
    
    
    127Item 10. Additional Information
    
    
    128Material Contracts
    
    
    142Exchange Controls
    
    
    143Taxation
    
    
    143Documents On Display
    
    
    148Item 11. Quantitative and Qualitative Disclosures About Market Risk
    
    
    149Item 12. Description of Securities Other Than Equity Securities
    
    
    150Item 13. Defaults, Dividend Arrearages and Delinquencies
    
    
    157Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
    
    
    157Item 15. Controls and Procedures
    
    
    157Item 16. Reserved
    
    
    158Item 16A. Audit Committee Financial Expert
    
    
    158Item 16B. Code of Ethics
    
    
    158Item 16C. Principal Accountant Fees and Services
    
    
    158Item 16D. Exemptions from the Listing Standards for Audit Committees
    
    
    159Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
    
    
    159Item 16F. Change in Registrants Certifying Accountant
    
    
    160Item 16G. Corporate Governance
    
    
    160Item 17. Financial Statements
    
    
    164Item 18. Financial Statements
    
    
    164Item 19. Exhibits
    
    
    165Exhibit 8.1Exhibit 12.1Exhibit 12.2Exhibit 13.1Exhibit 15.1
   i




---



##### Table of Contents



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 Información Financiera
   índice
nacional de precios al consumidor




---



##### Table of Contents



2




---



##### Table of Contents



2006
    
    
    2007
    
    
    2008
    
    
    2009
    
    
    2010(thousands of constant Mexican
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (thousands ofpesos as of December 31, 2007)(1)
    
    
    (thousands of nominal Mexican pesos)(1)
    
    
    dollars)(2)Income statement data:Mexican NIF:Revenues:Aeronautical services(3)
    
    Ps.
    1,647,594
    
    
    Ps.
    1,890,950
    
    
    Ps.
    2,101,879
    
    
    Ps.
    2,042,647
    
    
    Ps.
    2,283,164
    
    
    $
    186,327Non-aeronautical services(4)
    
    
    675,530
    
    
    
    894,941
    
    
    
    1,066,828
    
    
    
    1,088,537
    
    
    
    1,211,072
    
    
    
    98,835Construction services(13)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    741,236
    
    
    
    60,492Total revenues
    
    
    2,323,124
    
    
    
    2,785,891
    
    
    
    3,168,707
    
    
    
    3,131,184
    
    
    
    4,235,472
    
    
    
    345,654Operating expenses:Cost of services
    
    
    (665,275
    )
    
    
    (743,642
    )
    
    
    (810,101
    )
    
    
    (788,562
    )
    
    
    (948,730
    )
    
    
    (77,425
    )Construction expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (741,236
    )
    
    
    (60,492
    )General and administrative expenses
    
    
    (101,156
    )
    
    
    (104,019
    )
    
    
    (114,159
    )
    
    
    (121,708
    )
    
    
    (164,506
    )
    
    
    (13,425
    )Technical assistance fee(5)
    
    
    (73,707
    )
    
    
    (91,945
    )
    
    
    (104,485
    )
    
    
    (103,518
    )
    
    
    (110,712
    )
    
    
    (9,035
    )Government Concession fee(6)
    
    
    (116,007
    )
    
    
    (139,294
    )
    
    
    (154,752
    )
    
    
    (150,559
    )
    
    
    (166,752
    )
    
    
    (13,608
    )Depreciation and amortization(13)
    
    
    (506,124
    )
    
    
    (540,821
    )
    
    
    (601,513
    )
    
    
    (629,507
    )
    
    
    (379,210
    )
    
    
    (30,947
    )Net comprehensive financing
    
    
    15,786
    
    
    
    15,144
    
    
    
    174,272
    
    
    
    20,156
    
    
    
    26,619
    
    
    
    2,172Non-ordinary items(7)
    
    
    (16,242
    )
    
    
    (2,385
    )
    
    
    (9,734
    )
    
    
    (15,384
    )
    
    
    (804
    )
    
    
    (66
    )Income before taxes(13)
    
    
    860,399
    
    
    
    1,178,929
    
    
    
    1,548,235
    
    
    
    1,342,102
    
    
    
    1,750,141
    
    
    
    142,828Provision for taxes
    
    
    (312,432
    )
    
    
    (656,568
    )
    
    
    (498,766
    )
    
    
    (544,692
    )
    
    
    (474,998
    )
    
    
    (38,764
    )Net income
    
    
    547,967
    
    
    
    522,361
    
    
    
    1,049,469
    
    
    
    797,410
    
    
    
    1,275,143
    
    
    
    104,064Basic and diluted earnings per share(10)
    
    
    1.83
    
    
    
    1.74
    
    
    
    3.50
    
    
    
    2.66
    
    
    
    4.25
    
    
    
    0.35Basic and diluted earnings per ADS
(unaudited)(8)
    
    
    18.27
    
    
    
    17.41
    
    
    
    34.98
    
    
    
    26.58
    
    
    
    42.50
    
    
    
    3.47U.S. GAAP:Revenues
    
    
    2,319,110
    
    
    
    2,771,216
    
    
    
    3,174,893
    
    
    
    3,137,370
    
    
    
    3,500,409
    
    
    
    285,666Operating income
    
    
    862,234
    
    
    
    1,253,490
    
    
    
    1,587,205
    
    
    
    1,543,809
    
    
    
    1,668,879
    
    
    
    136,196Net income
    
    
    431,597
    
    
    
    257,274
    
    
    
    1,219,609
    
    
    
    919,236
    
    
    
    1,251,037
    
    
    
    102,096Basic and diluted earnings per share(10)
    
    
    1.44
    
    
    
    0.86
    
    
    
    4.07
    
    
    
    3.06
    
    
    
    4.17
    
    
    
    0.34Basic and diluted earnings per ADS
(unaudited)(8)
    
    
    14.39
    
    
    
    8.58
    
    
    
    40.65
    
    
    
    30.64
    
    
    
    41.70
    
    
    
    3.40Dividends per share(9)
    
    
    0.73
    
    
    
    0.77
    
    
    
    2.00
    
    
    
    6.28
    
    
    
    2.50
    
    
    
    0.20Other Operating Data (Unaudited):Total passengers (thousands of passengers)
    
    
    13,779.9
    
    
    
    16,238.8
    
    
    
    17,752.4
    
    
    
    15,535.6
    
    
    
    16,715.1Total air traffic movements (thousands of
movements)
    
    
    220.5
    
    
    
    262.3
    
    
    
    270.1
    
    
    
    246.5
    
    
    
    256.1Total revenues per passenger (in pesos or
dollars)
    
    Ps.
    168.6
    
    
    Ps.
    171.6
    
    
    Ps.
    178.5
    
    
    Ps.
    201.5
    
    
    Ps.
    253.4
    
    
    $
    20.7
  3




---



##### Table of Contents



As of and for the year ended December 31,2006
    
    
    2007
    
    
    2008
    
    
    2009
    
    
    2010(thousands of constant Mexican
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (thousands ofpesos as of December 31, 2007)(1)
    
    
    (thousands of nominal Mexican pesos)(1)
    
    
    dollars)(2)Balance Sheet Data:Mexican NIF:Cash and cash equivalents
    
    Ps.
    1,288,353
    
    
    Ps.
    1,925,697
    
    
    Ps.
    1,733,512
    
    
    Ps.
    961,404
    
    
    Ps.
    1,442,879
    
    
    $
    117,752Total current assets
    
    
    1,702,364
    
    
    
    2,415,241
    
    
    
    2,793,941
    
    
    
    2,083,163
    
    
    
    2,669,488
    
    
    
    217,855Airport concessions, net(13)
    
    
    8,242,778
    
    
    
    8,037,900
    
    
    
    7,833,022
    
    
    
    7,628,144
    
    
    
    14,945,330
    
    
    
    1,219,678Rights to use airport facilities,
net(13)
    
    
    2,246,711
    
    
    
    2,189,975
    
    
    
    2,123,865
    
    
    
    2,057,476
    
    
    
    
    
    
    
    Total assets
    
    
    15,503,054
    
    
    
    16,676,081
    
    
    
    17,374,594
    
    
    
    16,695,708
    
    
    
    18,213,915
    
    
    
    1,486,426Current liabilities
    
    
    254,564
    
    
    
    317,002
    
    
    
    621,570
    
    
    
    399,482
    
    
    
    496,660
    
    
    
    40,532Total liabilities
    
    
    1,199,766
    
    
    
    2,170,554
    
    
    
    2,419,598
    
    
    
    2,838,013
    
    
    
    3,418,458
    
    
    
    278,978Capital Stock
    
    
    12,799,204
    
    
    
    12,799,204
    
    
    
    12,799,204
    
    
    
    12,799,204
    
    
    
    12,799,204
    
    
    
    1,044,535Net equity/stockholders equity
    
    
    14,303,288
    
    
    
    14,505,527
    
    
    
    14,954,996
    
    
    
    13,857,695
    
    
    
    14,795,457
    
    
    
    1,207,447U.S. GAAP:Cash and cash equivalents
    
    
    859,857
    
    
    
    1,870,675
    
    
    
    1,733,512
    
    
    
    876,922
    
    
    
    1,442,879
    
    
    
    117,752Total current assets
    
    
    1,727,121
    
    
    
    2,542,644
    
    
    
    2,927,037
    
    
    
    2,125,101
    
    
    
    2,493,686
    
    
    
    203,508Airport concessions, net
    
    
    30,916
    
    
    
    22,376
    
    
    
    13,776
    
    
    
    5,237
    
    
    
    0
    
    
    
    0Rights to use airport facilities
    
    
    1,717,356
    
    
    
    1,671,325
    
    
    
    1,615,667
    
    
    
    1,560,081
    
    
    
    1,510,751
    
    
    
    123,291Total assets
    
    
    8,273,993
    
    
    
    8,579,690
    
    
    
    9,709,366
    
    
    
    8,907,632
    
    
    
    9,765,130
    
    
    
    796,926Total liabilities
    
    
    266,370
    
    
    
    546,042
    
    
    
    1,056,109
    
    
    
    1,219,139
    
    
    
    1,575,600
    
    
    
    128,584Capital Stock
    
    
    6,989,281
    
    
    
    6,989,281
    
    
    
    6,989,281
    
    
    
    6,989,281
    
    
    
    6,989,281
    
    
    
    570,391Net equity/stockholders equity
    
    
    8,007,623
    
    
    
    8,033,648
    
    
    
    8,653,257
    
    
    
    7,688,493
    
    
    
    8,189,530
    
    
    
    668,342Statement of Changes in Financial
Position:(11)Mexican NIF:Resources provided by operating
activities
    
    
    1,070,404
    
    
    
    1,622,626Resources used in financing activities
    
    
    (307,865
    )
    
    
    (320,122
    )Resources used in investing activities
    
    
    (1,129,915
    )
    
    
    (665,160
    )Increase (decrease) in cash and
marketable securities
    
    
    (367,376
    )
    
    
    637,344Cash Flow Data:(11)Mexican NIF:Cash flow provided by operating
activities
    
    
    
    
    
    
    
    
    
    
    1,555,172
    
    
    
    1,366,096
    
    
    
    1,847,276
    
    
    
    150,755Cash flow used in financing activities
    
    
    
    
    
    
    
    
    
    
    (951,264
    )
    
    
    (1,529,675
    )
    
    
    (700,341
    )
    
    
    (57,154
    )Cash flow used in investing activities
    
    
    
    
    
    
    
    
    
    
    (796,093
    )
    
    
    (608,529
    )
    
    
    (665,460
    )
    
    
    (54,308
    )(Decrease) Increase in cash and cash
equivalents
    
    
    
    
    
    
    
    
    
    
    (192,185
    )
    
    
    (722,108
    )
    
    
    481,475
    
    
    
    39,293U.S. GAAP:Cash flow provided by operating
activities(12)
    
    
    993,150
    
    
    
    1,637,468
    
    
    
    1,343,587
    
    
    
    1,243,102
    
    
    
    1,697,926
    
    
    
    138,567Cash flow used in financing
activities(12)
    
    
    (218,582
    )
    
    
    (231,249
    )
    
    
    (600,000
    )
    
    
    (1,338,545
    )
    
    
    (404,621
    )
    
    
    (33,021
    )Cash flow used in investing activities
    
    
    (1,028,787
    )
    
    
    (364,250
    )
    
    
    (880,750
    )
    
    
    (761,147
    )
    
    
    (727,348
    )
    
    
    (59,358
    )Effect of inflation on cash and cash
equivalents
    
    
    (45,157
    )
    
    
    (31,151
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (Decrease) Increase in cash and cash
equivalents
    
    
    (299,376
    )
    
    
    1,010,818
    
    
    
    (137,163
    )
    
    
    (856,590
    )
    
    
    565,957
    
    
    
    46,187
 
 (1)
    
    Except for operating data. Per share and per passenger peso amounts are expressed
in pesos (not thousands of pesos).(2)
    
    Except for operating data. Translated into dollars at the rate of Ps. 12.2535 per
U.S. dollar, the Federal Reserve Board exchange rate for Mexican pesos at January 3, 2011.
Per share and per passenger dollar amounts are expressed in dollars (not thousands of
dollars).(3)
    
    Revenues from aeronautical services include those earned from passenger charges,
landing charges, aircraft parking charges, charges for airport security services and
charges for use of passenger walkways.  4




---



##### Table of Contents



(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 regulated revenues from the use of
public domain assets pursuant to the terms of its concession.(7)
    
    Non-ordinary items refer to restructuring and contract termination fees, personnel
restructuring costs, insurance claims and loss on natural disasters. On January 1, 2007,
we adopted Mexican NIF 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 selected data for 2006 and 2005 have been
reclassified to conform to NIF B-3.(8)
    
    Based on the ratio of 10 Series B shares per ADS.(9)
    
    Income tax was payable on the dividends because the distribution was not made from
our after-tax earnings account.(10)
    
    Shares outstanding for all periods presented were 300,000,000.(11)
    
    In 2008, we adopted Mexican NIF B-2 Cash-Flow which requires us to present a
statement of cash flows in place of a statement of changes in financial position. The
statement of cash flows classifies cash receipts and payments according to whether they
stem from operating, investing or financing activities.(12)
    
    We have reclassified certain amounts in prior periods relating to tax on
dividends from financing activities to operating activities.(13)
    
    In 2010 we adopted Mexican Interpretacion de Norma de Informacion Financiera17,
orINIF 17, Service Concession Contracts, which provides that an operator of a service
concession that is required to make capital improvements to concessioned assets, such as
us, is deemed to provide construction or upgrade services. As a result, we are required to
account for the revenues and expenses relating to those services. In our case, because we
hire a third party to provide construction and upgrade services, our revenues relating to
construction or upgrade services are equal to our expenses for those services. In addition,
under INIF 17, all infrastructure to which an operator of a service concession is given
access by the grantor of the concession service agreement and the upgrades to that
infrastructure made by the operator are recognized as an intangible asset. These assets are
amortized over the concession period. As a result, ASUR was required to reclassify all of
its rights under fixed assets (including Rights to use Airport Facilities, net under
Airport Concessions, net and to modify amortization rates in accordance with the
remaining period of the concession, using the straight line method, for those fixed assets
constructed or acquired in the past. Previously we amortized fixed assets based on the
estimated remaining useful life of the particular asset. As a result of this
reclassification, Depreciation and amortization decreased because of an extension in the
useful life of fixed assets, and income taxes increased as a result of an increase in our
asset base, which is a factor in the calculation of the IETU.  5




---



##### Table of Contents



Exchange Rates
  Exchange RateYear Ended December 31,
    
    High
    
    
    Low
    
    
    Period End
    
    
    Average(1)2005
    
    
    11.41
    
    
    
    10.41
    
    
    
    10.63
    
    
    
    10.892006
    
    
    11.46
    
    
    
    10.43
    
    
    
    10.80
    
    
    
    10.912007
    
    
    11.27
    
    
    
    10.67
    
    
    
    10.92
    
    
    
    10.932008
    
    
    13.94
    
    
    
    9.92
    
    
    
    13.83
    
    
    
    11.212009
    
    
    15.41
    
    
    
    12.63
    
    
    
    13.06
    
    
    
    13.502010
    
    
    13.19
    
    
    
    12.16
    
    
    
    12.38
    
    
    
    12.62December 2010
    
    
    12.47
    
    
    
    12.33
    
    
    
    12.38
    
    
    
    12.392011January 2011
    
    
    12.25
    
    
    
    12.04
    
    
    
    12.15
    
    
    
    12.13February 2011
    
    
    12.18
    
    
    
    11.97
    
    
    
    12.11
    
    
    
    12.06March 2011
    
    
    12.11
    
    
    
    11.92
    
    
    
    11.92
    
    
    
    12.00April 2011
    
    
    11.85
    
    
    
    11.52
    
    
    
    11.52
    
    
    
    11.71
 
 (1)
    
    Average of month-end rates or daily rates, as applicable.Source:
    
    Federal Reserve Bank of New York noon buying rate (2005-2008); Federal Reserve Board H.10
Weekly Release (2009-2011).    6




---



##### Table of Contents



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.
    7




---



##### Table of Contents



The effects of oil spills could adversely affect our business.
    Our business could be adversely affected by a downturn in the U.S. economy.
   8




---



##### Table of Contents



Fluctuations in international petroleum prices could reduce demand for air travel.
  The loss of one or more of our key customers could result in a loss of a significant amount of our
revenues.
      9




---



##### Table of Contents



The adoption of IFRS may result in changes to our results of operations, balance sheet and
statement of cash flows.
  Comisión Nacional Bancaria y de Valores
    10




---



##### Table of Contents



The FAA could downgrade Mexicos air safety rating again, which could result in a decrease in air
traffic between the United States and our airports.
   Our business is highly dependent upon revenues from Cancún International Airport.
   11




---



##### Table of Contents



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.
   12




---



##### Table of Contents



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.
   13




---



##### Table of Contents



Our business is highly dependent upon the operations of Mexico City Area Airports.
   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.
   14




---



##### Table of Contents



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 100% interest in Inversiones y
Tecnicas Aeroportuarias, S.A. de C.V., or ITA, has a significant influence as a stockholder and
over our management, and his interests may differ from those of other stockholders.
    15




---



##### Table of Contents



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.
  We are exposed to risk related to construction projects.
   16




---



##### Table of Contents



We are exposed to risks inherent to the operation of airports.
  Our insurance policies may not provide sufficient coverage against all liabilities.
  Risks Related to the Regulation of Our Business
 The price regulatory system applicable to our airports imposes maximum rates for each airport.
 The price regulatory system does not guarantee that our consolidated results of operations,
or that the results of operations of any airport, will be profitable.
   17




---



##### Table of Contents



Our results of operations may be adversely affected by required efficiency adjustments to
our maximum rates.
  Our maximum rates and investment commitments will be adjusted if a concession is granted to
construct the Mayan Riviera airport.
   18




---



##### Table of Contents



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.
   19




---



##### Table of Contents



Our concessions may be terminated under various circumstances, some of which are beyond our
control.
  rescate rescate rescate rescate
 requisa daños y perjuicios valor
real daños perjuicios
 rescate
  20




---



##### Table of Contents



The Mexican government could grant new concessions that compete with our airports, including the
Cancún International Airport.
     21




---



##### Table of Contents



We provide a public service regulated by the Mexican government and our flexibility in managing our
aeronautical activities is limited by the regulatory environment in which we operate.
  We cannot predict how the regulations governing our business will be applied.
   If we exceed the maximum rate at any airport at the end of any year, we could be subject to
sanctions.
   22




---



##### 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.
   23




---



##### Table of Contents



Economic developments in Mexico may adversely affect our business and results of operations.
  Mexico has experienced adverse economic conditions.
     24




---



##### Table of Contents



Tasa de Interés Interbancaria de Equilibrio
  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.
   25




---



##### 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.
   26




---



##### Table of Contents



It may be difficult to enforce civil liabilities against us or our directors, officers and
controlling persons.
 (domicilio
social)
 The protections afforded to minority shareholders in Mexico are different from those in the United
States.
  Risks Related to Our ADSs
 You may not be entitled to participate in future preemptive rights offerings.
     27




---



##### Table of Contents



Holders of ADSs are not entitled to attend shareholders meetings, and they may only vote through
the depositary.
  Future sales of shares by us and our stockholders may depress the price of our Series B shares and
ADSs.
    28




---



##### Table of Contents



Forward Looking Statements
  
    
    projections of operating revenues, operating income, net income (loss), net
income (loss) per share, capital expenditures, dividends, capital structure or other financial
items or ratios,
 
    
    statements of our plans, objectives or goals,
 
    
    statements about our future economic performance or that of Mexico or other
countries in which we operate, and
 
    
    statements of assumptions underlying such statements.
    
 Item 4.
    
    Information on the Company
 
 History and Development of the Company
 sociedad anónima
bursátil de capital variable a
  29




---



##### 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 below),
 
    
    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.
   30




---



##### Table of Contents



,
    31




---



##### Table of Contents



32




---



##### Table of Contents



Master Development Programs
   Committed Investments
 Committed InvestmentsYear ended December 31,Airport
    
    2009
    
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    Totals(millions of constant pesos as of December 31, 2010)(1)Cancún
    
    Ps.
    604.2
    (2)
    
    Ps.
    648.8
    (2)
    
    Ps.
    440.7
    (2)
    
    Ps.
    464.6
    (2)
    
    Ps.
    347.3
    (2)
    
    Ps.
    2,505.6
    (2)Cozumel
    
    
    18.2
    
    
    
    43.7
    
    
    
    14.7
    
    
    
    35.0
    
    
    
    10.6
    
    
    
    122.2Huatulco
    
    
    54.9
    
    
    
    156.7
    
    
    
    73.1
    
    
    
    61.6
    
    
    
    10.2
    
    
    
    356.5Mérida
    
    
    83.9
    
    
    
    133.1
    
    
    
    75.6
    
    
    
    16.9
    
    
    
    6.3
    
    
    
    315.8Minatitlán
    
    
    21.4
    
    
    
    25.8
    
    
    
    6.9
    
    
    
    3.7
    
    
    
    3.9
    
    
    
    61.7Oaxaca
    
    
    49.9
    
    
    
    144.3
    
    
    
    64.4
    
    
    
    44.1
    
    
    
    18.5
    
    
    
    321.2Tapachula
    
    
    7.9
    
    
    
    5.9
    
    
    
    4.9
    
    
    
    2.6
    
    
    
    41.2
    
    
    
    62.5Veracruz
    
    
    49.9
    
    
    
    321.9
    
    
    
    257.4
    
    
    
    123.5
    
    
    
    70.2
    
    
    
    822.9Villahermosa
    
    
    47.6
    
    
    
    169.8
    
    
    
    84.5
    
    
    
    6.9
    
    
    
    36.1
    
    
    
    344.9Total
    
    Ps.
    937.9
    
    
    Ps.
    1,650.0
    
    
    Ps.
    1,022.2
    
    
    Ps.
    758.9
    
    
    Ps.
    544.3
    
    
    Ps.
    4,913.3
 
 (1)
    
    Based on the Mexican construction price index in accordance with the terms of our master
development plan.(2)
    
    Prior to December 31, 2008, we invested a total of Ps. 1,667.7 million in the construction of
Terminal 3 and the construction of the second runway at Cancún International Airport. As a
result, the Ministry of Communications has applied Ps. 1,054.8 million of this amount to the
satisfaction of our committed investments at Cancún International Airport for 2009 through
2013, of which approximately Ps. 211 million was allocated to each calendar year. The amounts
reflected above are the total amount of committed investments, and do not include deductions
for these amounts.  33




---



##### Table of Contents



Committed Investments
    
    
    Indicative InvestmentsJanuary 1, 2009 
    
    
    January 1, 2014 
    
    
    January 1, 2019 Airport
    
    December 31, 2013
    
    
    December 31, 2018
    
    
    December 31, 2023(millions of constant pesos as of December 31, 2010)(1)Cancún
    
    Ps.
    2,505.6
    (2)
    
    Ps.
    1,253.5
    (2)
    
    Ps.
    824.1Cozumel
    
    
    122.2
    
    
    
    126.1
    
    
    
    93.0Huatulco
    
    
    356.5
    
    
    
    74.6
    
    
    
    49.9Mérida
    
    
    315.8
    
    
    
    130.3
    
    
    
    85.6Minatitlán
    
    
    61.8
    
    
    
    62.1
    
    
    
    38.1Oaxaca
    
    
    321.2
    
    
    
    69.7
    
    
    
    88.3Tapachula
    
    
    62.5
    
    
    
    43.6
    
    
    
    21.3Veracruz
    
    
    823.0
    
    
    
    141.7
    
    
    
    176.6Villahermosa
    
    
    344.9
    
    
    
    267.1
    
    
    
    58.2Total
    
    Ps.
    4,913.5
    
    
    Ps.
    2,168.7
    
    
    Ps.
    1,435.1
 
 (1)
    
    Based on the Mexican construction price index in accordance with the terms of our master
development plan.(2)
    
    Prior to December 31, 2008, we invested a total of Ps. 1,667.7 million in the construction of
Terminal 3 and the construction of the second runway at Cancún International Airport. As a
result, the Ministry of Communications has applied Ps. 1,054.8 million of this amount to the
satisfaction of our committed investments at Cancún International Airport for 2009 through
2013, and Ps. 612.9 million to the satisfaction of our indicative investments for 2014 through
2018. The amounts reflected above are the total amount of committed and indicative
investments, and do not include deductions for these amounts. 
 BUSINESS OVERVIEW
 Dirección General de Aeronáutica Civil
   34




---



##### Table of Contents



Year Ended December 31,2008
    
    
    2009
    
    
    2010(thousands of nominal pesos)Revenues:Aeronautical Services
    
    Ps.
    2,101,879
    
    
    Ps.
    2,042,647
    
    
    Ps.
    2,283,164Non-Aeronautical Services
    
    
    1,066,828
    
    
    
    1,088,537
    
    
    
    1,211,072Construction Services(1)
    
    
    
    
    
    
    
    
    
    
    741,236Total
    
    Ps.
    3,168,707
    
    
    Ps.
    3,131,184
    
    
    Ps.
    4,235,472
 
 (1)
    
    In 2010 we adopted Mexican INIF 17, Service Concession Contracts, which provides that
an operator of a service concession that is required to make capital improvements to
concessioned assets, such as us, is deemed to provide construction or upgrade services. As a
result, we are required to account for the revenues and expenses relating to those services.
In our case, because we hire a third party to provide construction and upgrade services, our
revenues relating to construction or upgrade services are equal to our expenses for those
services. Aeronautical Services
    35




---



##### Table of Contents



Passenger Charges
  Aircraft Landing and Parking Charges, Passenger Walkway Charges and Airport Security Charges
  Non-aeronautical Services
 General
   36




---



##### Table of Contents



Commercial Activities
     37




---



##### Table of Contents



Access Charges
     38




---



##### 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.
  39




---



##### Table of Contents



Fuel
  Construction Services
  Our Airports
    40




---



##### Table of Contents



Passengers by Flight Origin or Destination (1)
 Year Ended December 31,Percentage ofRegion
    
    2006
    
    
    2007
    
    
    2008
    
    
    2009
    
    
    2010
    
    
    Total 2010Mexico(2)
    
    
    6,016
    
    
    
    7,489
    
    
    
    8,064
    
    
    
    7,033
    
    
    
    7,245
    
    
    
    43.4
    %United States
    
    
    5,301
    
    
    
    6,038
    
    
    
    6,526
    
    
    
    5,816
    
    
    
    6,197
    
    
    
    37.1
    %Canada
    
    
    851
    
    
    
    1,003
    
    
    
    1,268
    
    
    
    1,307
    
    
    
    1,545
    
    
    
    9.2
    %Europe
    
    
    1,354
    
    
    
    1,363
    
    
    
    1,474
    
    
    
    1,038
    
    
    
    1,202
    
    
    
    7.2
    %Latin America
    
    
    255
    
    
    
    342
    
    
    
    418
    
    
    
    339
    
    
    
    525
    
    
    
    3.1
    %Asia and others
    
    
    3
    
    
    
    4
    
    
    
    2
    
    
    
    3
    
    
    
    1
    
    
    
    0.0
    %Total
    
    
    13,780
    
    
    
    16,239
    
    
    
    17,752
    
    
    
    15,536
    
    
    
    16,715
    
    
    
    100.0
    %
 
 (1)
    
    Figures exclude passengers in transit and private aviation passengers.(2)
    
    Figures include domestic flights taken by international passengers; in 2010, such flights
accounted for 4.9% of all flights traveling within Mexico to our airports.   Airport Traffic
 Year ended December 31,2006
    
    
    2007
    
    
    2008
    
    
    2009
    
    
    2010Passengers:Total
    
    
    13,779.9
    
    
    
    16,238.8
    
    
    
    17,752.4
    
    
    
    15,535.8
    
    
    
    16,715.3Air traffic movements:(1)Total
    
    
    220.5
    
    
    
    262.3
    
    
    
    270.1
    
    
    
    246.5
    
    
    
    256.1
 
 (1)
    
    Includes landings and departures. Air traffic movement data include the Cancún
charter terminal for all periods because ASUR earns landing fees from all landings
regardless of the terminal used.  Passenger Traffic
 Year ended December 31,2006
    
    
    2007
    
    
    2008
    
    
    2009
    
    
    2010Cancún
    
    
    9,728.1
    
    
    
    11,340.0
    
    
    
    12,646.5
    
    
    
    11,174.9
    
    
    
    12,439.3Mérida
    
    
    1,007.2
    
    
    
    1,267.5
    
    
    
    1,280.8
    
    
    
    1,058.6
    
    
    
    1,135.7Cozumel
    
    
    370.7
    
    
    
    511.1
    
    
    
    525.4
    
    
    
    435.7
    
    
    
    438.8Villahermosa
    
    
    725.0
    
    
    
    853.8
    
    
    
    959.0
    
    
    
    766.4
    
    
    
    728.8Oaxaca
    
    
    495.6
    
    
    
    514.1
    
    
    
    594.4
    
    
    
    523.1
    
    
    
    446.7Veracruz
    
    
    718.0
    
    
    
    976.6
    
    
    
    981.1
    
    
    
    852.6
    
    
    
    834.2Huatulco
    
    
    375.3
    
    
    
    375.9
    
    
    
    366.0
    
    
    
    388.1
    
    
    
    385.6Tapachula
    
    
    188.1
    
    
    
    210.9
    
    
    
    240.1
    
    
    
    190.4
    
    
    
    185.2Minatitlán
    
    
    171.9
    
    
    
    188.9
    
    
    
    159.0
    
    
    
    146.0
    
    
    
    121.0Total
    
    
    13,779.9
    
    
    
    16,238.8
    
    
    
    17,752.4
    
    
    
    15,535.8
    
    
    
    16,715.3
  41




---



##### Table of Contents



Air Traffic Movements by Airport (1)
 Year ended December 31,2006
    
    
    2007
    
    
    2008
    
    
    2009
    
    
    2010Cancún
    
    
    97,228
    
    
    
    114,067
    
    
    
    121,397
    
    
    
    110,937
    
    
    
    119,826Mérida
    
    
    27,610
    
    
    
    34,686
    
    
    
    33,207
    
    
    
    28,551
    
    
    
    30,838Cozumel
    
    
    12,122
    
    
    
    13,801
    
    
    
    16,283
    
    
    
    16,269
    
    
    
    15,339Villahermosa
    
    
    21,098
    
    
    
    27,351
    
    
    
    25,295
    
    
    
    20,541
    
    
    
    19,723Oaxaca
    
    
    16,148
    
    
    
    15,578
    
    
    
    17,866
    
    
    
    17,188
    
    
    
    15,762Veracruz
    
    
    24,905
    
    
    
    32,308
    
    
    
    31,243
    
    
    
    30,708
    
    
    
    32,849Huatulco
    
    
    7,179
    
    
    
    7,041
    
    
    
    6,978
    
    
    
    6,954
    
    
    
    6,798Tapachula
    
    
    6,621
    
    
    
    7,441
    
    
    
    9,765
    
    
    
    8,431
    
    
    
    7,993Minatitlán
    
    
    7,625
    
    
    
    9,999
    
    
    
    8,050
    
    
    
    6,910
    
    
    
    6,994Total
    
    
    220,536
    
    
    
    262,272
    
    
    
    270,084
    
    
    
    246,489
    
    
    
    256,122
 
 (1)
    
    Includes departures and landings.  Air Traffic Movements by Aviation Category
 Year ended December 31,2006
    
    
    2007
    
    
    2008
    
    
    2009
    
    
    2010Commercial Aviation
    
    
    168,711
    
    
    
    203,513
    
    
    
    210,248
    
    
    
    193,214
    
    
    
    203,167Charter Aviation
    
    
    17,747
    
    
    
    19,958
    
    
    
    17,341
    
    
    
    13,421
    
    
    
    10,517General Aviation(1)
    
    
    34,078
    
    
    
    38,801
    
    
    
    42,495
    
    
    
    39,854
    
    
    
    42,438Total
    
    
    220,536
    
    
    
    262,272
    
    
    
    270,084
    
    
    
    246,489
    
    
    
    256,122
 
 (1)
    
    General aviation generally consists of small private aircraft. Cancún International Airport
 Dirección General de Aeronáutica
Civil
  42




---



##### Table of Contents



43




---



##### Table of Contents



Mérida International Airport
   44




---



##### Table of Contents



Cozumel International Airport
   45




---



##### Table of Contents



Villahermosa International Airport
     Oaxaca International Airport
   46




---



##### Table of Contents



Veracruz International Airport
    Huatulco International Airport
   47




---



##### Table of Contents



Tapachula International Airport
 ,
  Minatitlán International Airport
   Other Properties
  1.
    
    Present a master development plan for the land (which we have already completed);
  48




---



##### Table of Contents



2.
    
    Submit architectural plans for the development by May 15, 2009 (extended to May 15,
2012 by FONATUR);3.
    
    Apply for the relevant environmental permits within 90 days of the submission of
architectural plans;4.
    
    Begin construction within 90 days of issuance of the environmental permits; and5.
    
    Begin operations of the hotel within 975 days of beginning construction.
  Principal Air Traffic Customers
     49




---



##### Table of Contents



Principal Air Traffic Customers
 Percentage of ASUR RevenuesYear ended December 31,2008
    
    
    2009
    
    
    2010CustomerAerovías Caribe, S.A. de C.V. (Click)(1)
    
    
    5.2
    %
    
    
    6.0
    %
    
    
    2.9
    %Continental Airlines, Inc.
    
    
    4.5
    %
    
    
    5.8
    %
    
    
    4.9
    %AMR Corp. (American Airlines)
    
    
    4.7
    %
    
    
    5.0
    %
    
    
    4.4
    %Compania Mexicana de Aviacion, S.A. de C.V. (Mexicana)(1)
    
    
    5.0
    %
    
    
    4.3
    %
    
    
    1.3
    %Aerovías de Mexico, S.A. de C.V. (Aeromexico)
    
    
    4.0
    %
    
    
    3.9
    %
    
    
    4.0
    %Aviation Support S.A. de C.V.
    
    
    2.9
    %
    
    
    3.2
    %
    
    
    3.1
    %Delta Air Lines, Inc.
    
    
    2.4
    %
    
    
    3.1
    %
    
    
    3.4
    %US Airways Group, Inc.
    
    
    3.0
    %
    
    
    3.1
    %
    
    
    2.8
    %Aviacion Comercial Especializada S.A. de C.V.
    
    
    2.0
    %
    
    
    2.4
    %
    
    
    1.7
    %Consorcio Aviaxsa, S.A. de C.V.(2)
    
    
    3.2
    %
    
    
    1.4
    %
    
    
    0.1
    %Air Canada
    
    
    0.9
    %
    
    
    1.0
    %
    
    
    0.9
    %Other
    
    
    62.2
    %
    
    
    60.8
    %
    
    
    70.5
    %Total
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %
 
 (1)
    
    Mexicana and Click ceased operations on August 28, 2010. See Item 5Operating and Financial
Review and ProspectsRecent DevelopmentsMexicana Operations Suspended.(2)
    
    Aviaxsa was ordered to stop operating by the Mexican government on June 1, 2009. See Item
5Operating and Financial Review and ProspectsRecent DevelopmentsAVIACSA Operations
Suspended. Seasonality
  Competition
   50




---



##### 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,
  51




---



##### Table of Contents




    
    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.
      52




---



##### 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
   53




---



##### Table of Contents



Scope of Concessions and General Obligations of Concession Holders
        54




---



##### 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.
  55




---



##### 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),
  56




---



##### Table of Contents




    
    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.
      57




---



##### Table of Contents



Committed Investments
 Committed InvestmentsYear ended December 31,Airport
    
    2009
    
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    Totals(millions of constant pesos as of December 31, 2010)(1)Cancún
    
    Ps.
    604.2
    (2)
    
    Ps.
    648.8
    (2)
    
    Ps.
    440.7
    (2)
    
    Ps.
    464.6
    (2)
    
    Ps.
    347.3
    (2)
    
    Ps.
    2,505.6
    (2)Cozumel
    
    
    18.2
    
    
    
    43.7
    
    
    
    14.7
    
    
    
    35.0
    
    
    
    10.6
    
    
    
    122.2Huatulco
    
    
    54.9
    
    
    
    156.7
    
    
    
    73.1
    
    
    
    61.6
    
    
    
    10.2
    
    
    
    356.5Mérida
    
    
    83.9
    
    
    
    133.1
    
    
    
    75.6
    
    
    
    16.9
    
    
    
    6.3
    
    
    
    315.8Minatitlán
    
    
    21.4
    
    
    
    25.8
    
    
    
    6.9
    
    
    
    3.7
    
    
    
    3.9
    
    
    
    61.7Oaxaca
    
    
    49.9
    
    
    
    144.3
    
    
    
    64.4
    
    
    
    44.1
    
    
    
    18.5
    
    
    
    321.2Tapachula
    
    
    7.9
    
    
    
    5.9
    
    
    
    4.9
    
    
    
    2.6
    
    
    
    41.2
    
    
    
    62.5Veracruz
    
    
    49.9
    
    
    
    321.9
    
    
    
    257.4
    
    
    
    123.5
    
    
    
    70.2
    
    
    
    822.9Villahermosa
    
    
    47.6
    
    
    
    169.8
    
    
    
    84.5
    
    
    
    6.9
    
    
    
    36.1
    
    
    
    344.9Total
    
    Ps.
    937.9
    
    
    Ps.
    1,650.0
    
    
    Ps.
    1,022.2
    
    
    Ps.
    758.9
    
    
    Ps.
    544.3
    
    
    Ps.
    4,913.3
 
 (1)
    
    Based on the Mexican construction price index in accordance with the terms of our master
development plan.(2)
    
    Prior to December 31, 2008, we invested a total of Ps. 1,667.7 million in the construction of
Terminal 3 and the construction of the second runway at Cancún airport. As a result, the
Ministry of Communications has applied Ps. 1,054.8 million of this amount to the satisfaction
of our committed investments at Cancún airport for 2009 through 2013, of which approximately
Ps. 211 million was allocated to each calendar year. The amounts reflected above are the
total amount of committed investments, and do not include deductions for these amounts.  Committed Investments
    
    
    Indicative InvestmentsJanuary 1, 2009 
    
    
    January 1, 2014 
    
    
    January 1, 2019 Airport
    
    December 31, 2013
    
    
    December 31, 2018
    
    
    December 31, 2023(millions of constant pesos as of December 31, 2010])(1)Cancún
    
    Ps.
    2,505.6
    (2)
    
    Ps.
    1,253.5
    (2)
    
    Ps.
    824.1Cozumel
    
    
    122.2
    
    
    
    126.1
    
    
    
    93.0Huatulco
    
    
    356.5
    
    
    
    74.6
    
    
    
    49.9Mérida
    
    
    315.8
    
    
    
    130.3
    
    
    
    85.6Minatitlán
    
    
    61.8
    
    
    
    62.1
    
    
    
    38.1Oaxaca
    
    
    321.2
    
    
    
    69.7
    
    
    
    88.3Tapachula
    
    
    62.5
    
    
    
    43.6
    
    
    
    21.3Veracruz
    
    
    823.0
    
    
    
    141.7
    
    
    
    176.6Villahermosa
    
    
    344.9
    
    
    
    267.1
    
    
    
    58.2Total
    
    Ps.
    4,913.5
    
    
    Ps.
    2,168.7
    
    
    Ps.
    1,435.1
 
 (1)
    
    Based on the Mexican construction price index in accordance with the terms of our master
development plan.(2)
    
    Prior to December 31, 2008, we invested a total of Ps. 1,667.7 million in the construction of
Terminal 3 and the construction of the second runway at Cancún airport. As a result, the
Ministry of Communications has applied Ps. 1,054.8 million of this amount to the satisfaction
of our committed investments at Cancún airport for 2009 through 2013, and Ps. 612.9 million to
the satisfaction of our indicative investments for 2014 through 2018. The amounts reflected
above are the total amount of committed and indicative investments, and do not include
deductions for these amounts.   58




---



##### 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.
    59




---



##### Table of Contents



Current Maximum Rates
   Maximum Rates(1)(2)Year ended December 31,2009
    
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013Cancún
    
    Ps.
    142.70
    
    
    Ps.
    141.70
    
    
    Ps.
    140.71
    
    
    Ps.
    139.72
    
    
    Ps.
    138.74Mérida
    
    
    133.13
    
    
    
    132.20
    
    
    
    131.26
    
    
    
    130.34
    
    
    
    129.44Cozumel
    
    
    197.90
    
    
    
    196.51
    
    
    
    195.15
    
    
    
    193.77
    
    
    
    192.42Villahermosa
    
    
    124.64
    
    
    
    123.78
    
    
    
    122.91
    
    
    
    122.04
    
    
    
    121.20Oaxaca
    
    
    141.34
    
    
    
    140.35
    
    
    
    139.38
    
    
    
    138.41
    
    
    
    137.43Veracruz
    
    
    119.31
    
    
    
    118.46
    
    
    
    117.64
    
    
    
    116.81
    
    
    
    116.00Huatulco
    
    
    128.51
    
    
    
    127.62
    
    
    
    126.72
    
    
    
    125.83
    
    
    
    124.95Tapachula
    
    
    262.14
    
    
    
    260.32
    
    
    
    258.49
    
    
    
    256.68
    
    
    
    254.90Minatitlán
    
    
    228.25
    
    
    
    226.65
    
    
    
    225.06
    
    
    
    223.49
    
    
    
    221.92
 
 (1)
    
    Expressed in adjusted pesos as of December 31, 2010 based on the Mexican producer price index
(excluding petroleum).(2)
    
    Our concessions provide that each airports maximum rate may be adjusted annually to take
account of projected improvements in efficiency. For the five-year period ending December 31,
2013, the maximum rates applicable to our airports reflect a projected annual efficiency
improvement of 0.70%. Methodology For Determining Future Maximum Rates
  
    
    Projections for the fifteen-year period of workload units (each of which is
equivalent to one passenger or 100 kilograms (220 pounds) of cargo), operating costs and
expenses (excluding amortization and depreciation) related to services subject to price
regulation.
 
    
    Projections for the fifteen-year period of capital expenditures related to
regulated services, based on air traffic forecasts and quality of standards for services to be
derived from the master development plans.
 
    
    Reference values, which were established in the concessions and are designed to
reflect the net present value of the regulated revenues minus the corresponding regulated
operating costs and expenses (excluding amortization and depreciation), and capital
expenditures related to the provision of regulated services plus a terminal value.
 
    
    A discount rate to be determined by the Ministry of Communications and
Transportation. The concessions provide that the discount rate shall reflect the cost of
capital to Mexican and international companies in the airport industry (on a pre-tax basis),
as well as Mexican economic conditions. The concessions provide that the discount rate shall
be at least equal to the average yield of long-term Mexican government debt securities quoted
in the international markets during the prior twenty four months plus a risk premium to be
determined by the Ministry of Communications and Transportation based on the inherent risk of
the airport business in Mexico.
  60




---



##### Table of Contents



61




---



##### Table of Contents



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.
 
    
    Macroeconomic conditions.A concession holder may also request an adjustment
in its maximum rates if, as a result of a decrease of at least 5% in Mexican gross domestic
product in a 12-month period, the workload units processed in the concession holders airport
are less than that projected when its maximum rates were determined. To grant an adjustment
under these circumstances, the Ministry of Communications and Transportation must have already
allowed the concession holder to decrease its projected capital improvements as a result of
the decline in passenger traffic volume. There can be no assurance that any request on these
grounds would be approved, or that we would make such a request.
 
    
    Increase in concession fee under Mexican Federal Duties Law.An increase in
duty payable by a concession holder under the Mexican Federal Duties Law entitles the
concession holder to request an adjustment in its maximum rates. There can be no assurance
that any request on these grounds would be approved.
 
    
    Failure to make required investments or improvements.The Ministry of
Communications and Transportation annually is required to review each concession holders
compliance with its master development plan (including the provision of services and the
making of capital investments). If a concession holder fails to satisfy any of the investment
commitments contained in its master development plan, the Ministry of Communications and
Transportation is entitled to decrease the concession holders maximum rates and assess
penalties.
 
    
    Excess revenues.In the event that revenues subject to price regulation per
workload unit in any year exceed the applicable maximum rate, the maximum rate for the
following year will be decreased to compensate airport users for overpayment in the previous
year. Under these circumstances, the Ministry of Communications and Transportation is also
entitled to assess penalties against the concession holder.
  62




---



##### Table of Contents



Ownership Commitments and Restrictions
    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.
  63




---



##### Table of Contents



Penalties and Termination and Revocation of Concessions and Concession Assets
   
    
    expiration of its term,
 
    
    surrender by the concession holder,
 
    
    revocation of the concession by the Ministry of Communications and
Transportation,
 
    
    reversion (rescate) of the Mexican government-owned assets that are the subject
of the concession (principally real estate, improvements and other infrastructure),
 
    
    inability to achieve the purpose of the concession, except in the event of
force majeure, or
 
    
    dissolution, liquidation or bankruptcy of the concession holder.
    64




---



##### Table of Contents




    
    the failure by a concession holder to begin operating, maintaining and
developing an airport pursuant to the terms established in the concession,
 
    
    the failure by a concession holder to maintain insurance as required under the
Mexican Airport Law,
 
    
    the assignment, encumbrance, transfer or sale of a concession, any of the
rights thereunder or the assets underlying the concession in violation of the Mexican Airport
Law,
 
    
    any alteration of the nature or condition of an airports facilities without
the authorization of the Ministry of Communications and Transportation,
 
    
    consent to the use, or without the approval of air traffic control authorities,
of an airport by any aircraft that does not comply with the requirements of the Mexican Civil
Aviation Law, that has not been authorized by the Mexican air traffic control authority, or
that is involved in the commission of a felony,
 
    
    knowingly appointing or maintaining a chief executive officer or board member
of a concession holder that is not qualified to perform his functions under the law as a
result of having violated criminal laws,
 
    
    a violation of the safety regulations established in the Mexican Airport Law
and other applicable laws,
 
    
    a total or partial interruption of the operation of an airport or its airport
or complementary services without justified cause,
 
    
    the failure of ASUR to own at least 51% of the capital stock of its subsidiary
concession holders,
  65




---



##### Table of Contents




    
    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
 requisa daños y perjuicios valor real daños perjuicios
  66




---



##### Table of Contents



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.
  67




---



##### Table of Contents



Environmental Matters
   Procuraduria Federal de Proteccion Ambiental
  68




---



##### Table of Contents



Organizational Structure
  Subsidiary
    
    Ownership InterestAeropuerto de Cancún, S.A. de C.V.
    
    
    99.99
    %Aeropuerto de Cozumel, S.A. de C.V.(1)
    
    
    99.99
    %Aeropuerto de Mérida, S.A. de C.V.
    
    
    99.99
    %Aeropuerto de Huatulco, S.A. de C.V.(2)
    
    
    99.99
    %Aeropuerto de Oaxaca, S.A. de C.V.
    
    
    99.99
    %Aeropuerto de Veracruz, S.A. de C.V.(3)
    
    
    99.99
    %Aeropuerto de Villahermosa, S.A. de C.V.
    
    
    99.99
    %Aeropuerto de Tapachula, S.A. de C.V.(4)
    
    
    99.99
    %Aeropuerto de Minatitlán, S.A. de C.V.(5)
    
    
    99.99
    %Servicios Aeroportuarios del Sureste, S.A. de C.V.
    
    
    99.99
    %RH Asur, S.A. de C.V.
    
    
    99.99
    %
 (1)
    
    As of January 2005, Aeropuerto de Cancún, S.A. de C.V., has an 18.1% equity participation
in this airport.(2)
    
    As of January 2005, Aeropuerto de Cancún, S.A. de C.V., has a 24.2% equity participation in
this airport.(3)
    
    As of January 2005, Aeropuerto de Cancún, S.A. de C.V., has an 8.9% equity participation in
this airport.(4)
    
    As of January 2005, Aeropuerto de Cancún, S.A. de C.V., has a 30.0% equity participation in
this airport.(5)
    
    As of October 2007, Aeropuerto de Cancún, S.A. de C.V., has a 23.4% equity participation in
this airport.  
 PROPERTY, PLANT AND EQUIPMENT
   69




---



##### Table of Contents



Item 4A.
    
    Unresolved Staff Comments
  
 Item 5.
    
    Operating and Financial Review and Prospects
  Normas de Informacion Financiera
 Overview
    70




---



##### Table of Contents



Recent Developments
 Mexicana Operations Suspended
 concurso mercantil concurso mercantil
 Economic Downturn and Recovery
   71




---



##### Table of Contents



72




---



##### Table of Contents



Mayan Riviera Airport Bidding Process
  Adoption of INIF 17
 Consejo
Mexicano para la Investigación y Desarrollo de Normas de Información Financiera, A.C.
  
    
    New category of revenues and cost. Under INIF 17, an operator of a service concession
that is required to make capital improvements to concessioned assets, such as us, is deemed
to provide construction or upgrade services. As a result, the operator is required to
account for the revenues and expenses relating to those services. In our case, because we
hire a third party to provide construction and upgrade services, our revenues relating to
construction or upgrade services are equal to our expenses for those services. Revenues
related to construction and upgrade services are presented in a new category of revenues
called Construction services and expenses related to construction and upgrade services
are presented in a new category of expenses called Costs of construction.
 
    
    Intangible assets and change in amortization rates. Under INIF 17, all infrastructure to
which an operator of a service concession is given access by the grantor of the concession
service agreement and the upgrades to that infrastructure made by the operator are
recognized as an intangible asset. These assets are amortized over the concession period.
As a result, we are required to include all fixed assets and subsequent capital
expenditures under Airport Concessions, net and to modify amortization rates in
accordance with the remaining period of the concession, using the straight line method
for those fixed assets constructed or acquired in the past. Previously we amortized fixed
assets based on the estimated remaining useful life of the particular asset.
  73




---



##### Table of Contents



ASUR to adopt IFRS beginning in 2012
  Master Development Plans and Maximum Rates
  Fluctuation in the Peso
   74




---



##### Table of Contents



Mayan Riviera Convention and Exhibition Center and Light Rail
  Huatulco Development Project
   75




---



##### Table of Contents



AVIACSA Operations Suspended
  Passenger Traffic Volume and Composition
      76




---



##### Table of Contents



Classification of Revenues and Price Regulation
    77




---



##### Table of Contents



Year ended December 31,2008
    
    
    2009
    
    
    2010(millions of pesos)Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentRegulated Revenues:Airport Services(1)
    
    
    2,211.2
    
    
    
    69.8
    %
    
    
    2,150.5
    
    
    
    68.7
    %
    
    
    2,399.2
    
    
    
    56.6
    %Non-regulated Revenues:Access fees
from non-permanent ground transportation
    
    
    14.7
    
    
    
    0.5
    %
    
    
    15.1
    
    
    
    0.5
    %
    
    
    17.0
    
    
    
    0.4
    %Car parking and related access fees
    
    
    48.4
    
    
    
    1.5
    %
    
    
    45.1
    
    
    
    1.4
    %
    
    
    43.6
    
    
    
    1.0
    %Other fees
    
    
    3.2
    
    
    
    0.1
    %
    
    
    3.9
    
    
    
    0.1
    %
    
    
    2.9
    
    
    
    0.1
    %Commercial Services
    
    
    841.0
    
    
    
    26.5
    %
    
    
    881.6
    
    
    
    28.2
    %
    
    
    981.1
    
    
    
    23.2
    %Other Services
    
    
    50.2
    
    
    
    1.6
    %
    
    
    35.0
    
    
    
    1.1
    %
    
    
    50.5
    
    
    
    1.2
    %Other Revenues:Construction Services(2)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    741.2
    
    
    
    17.5
    %Total
    
    
    3,168.7
    
    
    
    100.0
    %
    
    
    3,131.2
    
    
    
    100.0
    %
    
    
    4,235.5
    
    
    
    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.(2)
    
    In 2010 we adopted Mexican Interpretación de Norma de Informacion Financiera17, orINIF 17,
Service Concession Contracts, which provides that an operator of a service concession that
is required to make capital improvements to concessioned assets, such as us, is deemed to
provide construction or upgrade services. As a result, we are required to account for the
revenues and expenses relating to those services. In our case, because we hire a third party
to provide construction and upgrade services, our revenues relating to construction or upgrade
services are equal to our expenses for those services. Aeronautical Revenue
   78




---



##### Table of Contents



Aeronautical Revenue
 Year ended December 31,2008
    
    
    2009
    
    
    2010(millions of pesos)Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentAeronautical Revenue:Passenger charges
    
    
    1,633.2
    
    
    
    77.7
    %
    
    
    1,616.5
    
    
    
    79.1
    %
    
    
    1,789.8
    
    
    
    78.4
    %Landing charges
    
    
    140.5
    
    
    
    6.7
    %
    
    
    124.6
    
    
    
    6.1
    %
    
    
    152.6
    
    
    
    6.7
    %Aircraft parking charges
    
    
    264.9
    
    
    
    12.6
    %
    
    
    242.8
    
    
    
    11.9
    %
    
    
    272.7
    
    
    
    11.9
    %Airport security charges
    
    
    29.4
    
    
    
    1.4
    %
    
    
    27.7
    
    
    
    1.4
    %
    
    
    30.9
    
    
    
    1.4
    %Passenger walkway charges
    
    
    33.9
    
    
    
    1.6
    %
    
    
    31.0
    
    
    
    1.5
    %
    
    
    37.2
    
    
    
    1.6
    %Total Aeronautical Revenue
    
    
    2,101.9
    
    
    
    100.0
    %
    
    
    2,042.6
    
    
    
    100.0
    %
    
    
    2,283.2
    
    
    
    100.0
    %
 Amount
    
    
    Change(1)
    
    
    Amount
    
    
    Change(1)
    
    
    Amount
    
    
    Change(1)Other Information:Total workload units(2)
    
    
    18.2
    
    
    
    9.0
    %
    
    
    16.0
    
    
    
    (12.1
    %)
    
    
    17.3
    
    
    
    8.1
    %Aeronautical revenue
    
    
    2,101.9
    
    
    
    11.2
    %
    
    
    2,042.6
    
    
    
    (2.8
    %)
    
    
    2,283.2
    
    
    
    11.8
    %Aeronautical revenue per workload unit(3)
    
    
    115.4
    
    
    
    2.0
    %
    
    
    127.7
    
    
    
    10.6
    %
    
    
    132.0
    
    
    
    3.4
    %
 
 (1)
    
    As compared to the previous year.(2)
    
    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.(3)
    
    Aeronautical revenues per workload unit are expressed in pesos (not millions of pesos).     79




---



##### Table of Contents



Passengers Paying Passenger Charges
 Year ended December 31,% change
    
    

    
    
    
    
    % changeAirport
    
    2008
    
    
    2009
    
    
    2008-2009
    
    
    2010
    
    
    2009-2010(in thousands, except percentages)Cancún
    
    
    6,276.4
    
    
    
    5,527.9
    
    
    
    (11.9
    %)
    
    
    6,117.6
    
    
    
    10.7
    %Mérida
    
    
    627.8
    
    
    
    513.4
    
    
    
    (18.2
    %)
    
    
    552.8
    
    
    
    7.7
    %Villahermosa
    
    
    479.6
    
    
    
    381.7
    
    
    
    (20.4
    %)
    
    
    363.1
    
    
    
    (4.9
    %)Other
    
    
    1,437.8
    
    
    
    1,258.3
    
    
    
    (12.5
    %)
    
    
    1,185.3
    
    
    
    (5.8
    %)Total
    
    
    8,821.6
    
    
    
    7,681.3
    
    
    
    (12.9
    %)
    
    
    8,218.8
    
    
    
    7.0
    %
  Non-Aeronautical Revenue
    80




---



##### Table of Contents



Non-aeronautical Revenue
 Year ended December 31,2008
    
    
    2009
    
    
    2010(millions of nominal pesos)Amount(1)
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentNon-aeronautical Services:Commercial
    
    
    841.2
    
    
    
    78.9
    %
    
    
    884.6
    
    
    
    81.3
    %
    
    
    985.8
    
    
    
    81.4
    %Leasing of space
    
    
    824.8
    
    
    
    77.3
    %
    
    
    867.9
    
    
    
    79.7
    %
    
    
    967.4
    
    
    
    79.9
    %Access fee
    
    
    14.7
    
    
    
    1.4
    %
    
    
    15.1
    
    
    
    1.4
    %
    
    
    17.0
    
    
    
    1.4
    %Other
    
    
    1.7
    
    
    
    0.2
    %
    
    
    1.6
    
    
    
    0.1
    %
    
    
    1.4
    
    
    
    0.1
    %Non Commercial
    
    
    225.6
    
    
    
    21.1
    %
    
    
    204.0
    
    
    
    18.7
    %
    
    
    225.3
    
    
    
    18.6
    %Leasing of space
    
    
    61.8
    
    
    
    5.8
    %
    
    
    65.8
    
    
    
    6.0
    %
    
    
    67.5
    
    
    
    5.6
    %Access fee
    
    
    82.6
    
    
    
    7.7
    %
    
    
    75.9
    
    
    
    7.0
    %
    
    
    77.2
    
    
    
    6.4
    %Other
    
    
    81.2
    
    
    
    7.6
    %
    
    
    62.3
    
    
    
    5.7
    %
    
    
    80.6
    
    
    
    6.7
    %Total Non-aeronautical Revenue
    
    
    1,066.8
    
    
    
    100.0
    %
    
    
    1,088.6
    
    
    
    100.0
    %
    
    
    1,211.1
    
    
    
    100.0
    %Amount
    
    
    Change(1)
        
    Amount
        
    Change(1)
        
    Amount
        
    Change(1)Other Information:Total terminal passengers(2)
    
    
    17.8
    
    
    
    9.9
    %
    
    
    15.5
    
    
    
    (12.9
    %)
    
    
    16.7
    
    
    
    7.7
    %Change in non-aeronautical
revenue
    
    
    171.9
    
    
    
    (19.2
    %)
    
    
    21.8
    
    
    
    2.0
    %
    
    
    122.5
    
    
    
    11.3
    %Non-aeronautical revenue per
terminal passenger(3)
    
    
    59.9
    
    
    
    8.5
    %
    
    
    70.2
    
    
    
    17.2
    %
    
    
    72.5
    
    
    
    3.3
    %
 
 (1)
    
    As compared to previous year.(2)
    
    Excludes transit and general aviation passengers.(3)
    
    Revenue per passenger amounts are expressed in pesos (not millions of pesos).   81




---



##### Table of Contents



Year ended December 31,2008
    
    
    2009
    
    
    2010(millions of pesos)Amount
    
    
    Change
    
    
    Amount
    
    
    Change
    
    
    Amount
    
    
    ChangeCommercial Revenues:Duty-Free Shops
    
    
    244.3
    
    
    
    35.0
    %
    
    
    251.9
    
    
    
    3.1
    %
    
    
    273.5
    
    
    
    8.6
    %Food and Beverage
    
    
    145.6
    
    
    
    10.1
    %
    
    
    143.1
    
    
    
    (1.7
    %)
    
    
    160.1
    
    
    
    11.9
    %Retail Stores
    
    
    250.8
    
    
    
    23.5
    %
    
    
    269.6
    
    
    
    7.5
    %
    
    
    302.8
    
    
    
    12.3
    %Advertising Revenues
    
    
    64.5
    
    
    
    21.7
    %
    
    
    57.5
    
    
    
    (10.9
    %)
    
    
    60.6
    
    
    
    5.4
    %Parking Lots
    
    
    48.4
    
    
    
    1.7
    %
    
    
    44.9
    
    
    
    (7.2
    %)
    
    
    43.6
    
    
    
    (2.9
    %)Car Rental Companies
    
    
    55.1
    
    
    
    10.6
    %
    
    
    77.0
    
    
    
    39.7
    %
    
    
    85.4
    
    
    
    10.9
    %Banking and Currency Exchange
services
    
    
    19.7
    
    
    
    27.9
    %
    
    
    20.3
    
    
    
    3.0
    %
    
    
    33.2
    
    
    
    63.5
    %Teleservices
    
    
    8.6
    
    
    
    10.3
    %
    
    
    8.4
    
    
    
    (2.3
    %)
    
    
    6.2
    
    
    
    (26.2
    %)Ground Transportation
    
    
    16.5
    
    
    
    20.4
    %
    
    
    16.6
    
    
    
    0.6
    %
    
    
    18.3
    
    
    
    10.2
    %Other Services
    
    
    50.8
    
    
    
    23.9
    %
    
    
    52.6
    
    
    
    3.5
    %
    
    
    58.0
    
    
    
    10.3
    %Total
    
    
    904.3
    
    
    
    21.5
    %
    
    
    941.9
    
    
    
    4.2
    %
    
    
    1,041.7
    
    
    
    10.6
    %
 Construction Services Revenue
  Operating Costs
   82




---



##### Table of Contents



Operating Costs
 Year ended December 31,2008
    
    
    2009
    
    
    2010(millions of pesos)Amount
    
    
    Amount
    
    
    % Change
    
    
    Amount
    
    
    % ChangeOperating Costs:Cost of services:Employee costs
    
    
    276.6
    
    
    
    261.5
    
    
    
    (5.5
    %)
    
    
    253.2
    
    
    
    (3.2
    %)Maintenance
    
    
    146.1
    
    
    
    138.0
    
    
    
    (5.5
    %)
    
    
    146.2
    
    
    
    5.9
    %Safety, security and
insurance
    
    
    111.3
    
    
    
    109.2
    
    
    
    (1.9
    %)
    
    
    113.9
    
    
    
    4.3
    %Utilities
    
    
    98.0
    
    
    
    72.3
    
    
    
    (26.2
    %)
    
    
    84.2
    
    
    
    16.5
    %Other
    
    
    178.1
    
    
    
    207.6
    
    
    
    16.6
    %
    
    
    351.2
    
    
    
    69.2
    %Total cost of services
    
    
    810.1
    
    
    
    788.6
    
    
    
    (2.7
    %)
    
    
    948.7
    
    
    
    20.3
    %Costs of construction
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    741.2
    
    
    
    100.0
    %General and administrative expenses
    
    
    114.1
    
    
    
    121.7
    
    
    
    6.7
    %
    
    
    164.5
    
    
    
    35.2
    %Technical assistance fee
    
    
    104.5
    
    
    
    103.5
    
    
    
    (1.0
    %)
    
    
    110.7
    
    
    
    7.0
    %Government concession fee
    
    
    154.8
    
    
    
    150.6
    
    
    
    (2.7
    %)
    
    
    166.8
    
    
    
    10.8
    %Depreciation and amortization:Depreciation(1)
    
    
    379.2
    
    
    
    412.7
    
    
    
    8.8
    %
    
    
    174.2
    
    
    
    (57.8
    %)Amortization(2)
    
    
    222.3
    
    
    
    216.8
    
    
    
    (2.5
    %)
    
    
    205.0
    
    
    
    (5.4
    %)Total depreciation and amortization
    
    
    601.5
    
    
    
    629.5
    
    
    
    4.7
    %
    
    
    379.2
    
    
    
    (39.8
    %)Total operating costs
    
    
    1,785.0
    
    
    
    1,793.9
    
    
    
    0.5
    %
    
    
    2,511.1
    
    
    
    40.0
    %Other Information:Total workload units(3)
    
    
    18,208.4
    
    
    
    15,993.4
    
    
    
    (12.2
    %)
    
    
    17,303.6
    
    
    
    8.2
    %Cost of services per workload unit(4)
    
    
    44.5
    
    
    
    49.3
    
    
    
    10.8
    %
    
    
    54.8
    
    
    
    11.2
    %Cost of services margin(5)
    
    
    25.6
    %
    
    
    24.9
    %
    
    
    (2.7
    %)
    
    
    22.4
    %
    
    
    (10.0
    %)
 
 (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 per workload unit are expressed in pesos (not millions of pesos).(5)
    
    Cost of services divided by total revenues, expressed as a percentage. Cost of Services
  Technical Assistance Fee and Government Concession Fee
   83




---



##### Table of Contents



Depreciation and Amortization
   Costs of Construction
  Employee Statutory Profit Sharing
   84




---



##### Table of Contents



Taxation
 Impuesto Empresarial a Tasa Única
 Indice Nacional de
Precios al Consumidor
     85




---



##### Table of Contents



Tax Provisions
 Year ended December 31,2008
    
    
    2009
    
    
    2010(millions of pesos)Current Income Tax
    
    
    408.5
    
    
    
    88.2
    
    
    
    447.9Deferred Income Tax
    
    
    (59.0
    )
    
    
    232.1
    
    
    
    (19.9
    )Total Income Tax
    
    
    349.6
    
    
    
    320.3
    
    
    
    428.0Current IETU Tax
    
    
    78.2
    
    
    
    126.1
    
    
    
    5.0Deferred IETU Tax
    
    
    10.9
    
    
    
    37.6
    
    
    
    30.5Total IETU Tax
    
    
    89.1
    
    
    
    163.7
    
    
    
    35.5Current Asset Tax
    
    
    60.1
    
    
    
    60.7
    
    
    
    11.5Total Asset Tax
    
    
    60.1
    
    
    
    60.7
    
    
    
    11.5Total tax provisions
    
    
    498.7
    
    
    
    544.7
    
    
    
    475.0
    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.
  86




---



##### Table of Contents



Year ended December 31,2008
    
    
    2009
    
    
    2010Depreciation (appreciation) of the Mexican Peso as
compared to the U.S. dollar(1)
    
    
    26.7
    %
    
    
    (5.5
    %)
    
    
    (5.5
    %)Mexican inflation rate(2)
    
    
    6.5
    %
    
    
    3.6
    %
    
    
    4.4
    %U.S. inflation rate(3)
    
    
    0.1
    %
    
    
    2.7
    %
    
    
    1.5
    %Increase in Mexican gross domestic product(4)
    
    
    1.3
    %
    
    
    (6.5
    %)
    
    
    5.5
    %
 
 (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. 13.8325 per U.S. dollar as of December 31, 2008, Ps. 13.0659 per U.S. dollar as of
December 31, 2009 and Ps. 12.3496 per U.S. dollar as of December 31, 2010.(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 92.2407 in 2008,
95.5370 in 2009 and 99.7421 in 2010.(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 21, 2011.  
    
    Depreciation and amortization expense.Until December 31, 2007, we restated our
non-monetary assets to give effect to inflation. The restatement of these assets in periods
of high inflation increased the carrying value of these assets in pesos, which in turn
increased the related depreciation expense and risk of impairments. In 2008, we ceased
recognizing the effects of inflation, and accordingly, the carrying value of the assets no
longer increased; however, depreciation expense related to those restated assets was still
being recognized during 2008 and will continue to be recognized going forward.
 
    
    Passenger charges.Passenger charges for international passengers are currently
denominated in dollars, while passenger charges for domestic passengers are denominated in
pesos. Therefore, our passenger charges, which are stated herein in pesos, will be affected
by a depreciation or appreciation in the value of the peso as compared to the dollar.
 
    
    Comprehensive financing result.As required by Mexican NIF, our comprehensive financing
reflects gains or losses from foreign exchange, and gains and losses from interest earned or
expensed. As a result, it is impacted by both inflation and currency depreciation.
  87




---



##### Table of Contents




    
    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.
   88




---



##### Table of Contents



Operating Results by Airport
  Operating Results
 Year Ended December 31,2008
    
    
    2009
    
    
    2010Airport
    
    
    
    
    
    
    Airport
    
    
    
    
    
    
    AirportOperating
    
    
    Per Workload
    
    
    Operating
    
    
    Per Workload
    
    
    Operating
    
    
    Per WorkloadResults
    
    
    Unit(1)
    
    
    Results
    
    
    Unit(1)
    
    
    Results
    
    
    Unit(1)(millions of
    
    
    
    
    
    
    (millions of
    
    
    
    
    
    
    (millions ofpesos)
    
    
    (pesos)
    
    
    pesos)
    
    
    (pesos)
    
    
    pesos)
    
    
    (pesos)Cancún(2):Revenues before solidarity agreement:Aeronautical services
    
    
    1,551.8
    
    
    
    120.9
    
    
    
    1,495.2
    
    
    
    131.7
    
    
    
    1,689.2
    
    
    
    133.0Non-aeronautical services
    
    
    898.1
    
    
    
    70.0
    
    
    
    926.6
    
    
    
    81.6
    
    
    
    1,056.2
    
    
    
    83.2Construction services
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    206.8
    
    
    
    16.3Total revenues before solidarity
agreement
    
    
    2,449.9
    
    
    
    190.9
    
    
    
    2,421.8
    
    
    
    213.3
    
    
    
    2,952.2
    
    
    
    232.5Expenses before solidarity
agreement
    
    
    (1,965.3
    )
    
    
    (153.1
    )
    
    
    (1,271.3
    )
    
    
    (112.0
    )
    
    
    (1,432.2
    )
    
    
    (112.8
    )Net operating income before
solidarity agreement
    
    
    484.6
    
    
    
    37.8
    
    
    
    1,150.5
    
    
    
    101.3
    
    
    
    1,520.0
    
    
    
    119.7Solidarity agreement revenues
    
    
    0.0
    
    
    
    0.0
    
    
    
    0.0
    
    
    
    0.0
    
    
    
    0.0
    
    
    
    0.0Solidarity agreement expenses
    
    
    (128.4
    )
    
    
    (10.0
    )
    
    
    (117.4
    )
    
    
    (10.3
    )
    
    
    (207.9
    )
    
    
    (16.4
    )Net operating income after
solidarity agreement
    
    
    356.2
    
    
    
    27.8
    
    
    
    1,033.1
    
    
    
    91.0
    
    
    
    1,312.1
    
    
    
    103.3Mérida:Revenues before solidarity agreement:Aeronautical services
    
    
    127.6
    
    
    
    89.0
    
    
    
    132.8
    
    
    
    107.7
    
    
    
    157.2
    
    
    
    120.9Non-aeronautical services
    
    
    51.0
    
    
    
    35.6
    
    
    
    49.3
    
    
    
    40.0
    
    
    
    46.7
    
    
    
    35.9Construction services
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    138.8
    
    
    
    106.8Other (3)
    
    
    1.8
    
    
    
    1.3
    
    
    
    4.7
    
    
    
    3.8
    
    
    
    
    
    
    
    Total revenues before solidarity
agreement
    
    
    180.4
    
    
    
    125.9
    
    
    
    186.8
    
    
    
    151.5
    
    
    
    342.7
    
    
    
    263.6Expenses before solidarity
agreement
    
    
    (167.8
    )
    
    
    (117.2
    )
    
    
    (151.6
    )
    
    
    (123.0
    )
    
    
    (302.5
    )
    
    
    (232.7
    )Net operating income before
solidarity agreement
    
    
    12.6
    
    
    
    8.7
    
    
    
    35.2
    
    
    
    28.5
    
    
    
    40.2
    
    
    
    30.9Solidarity agreement revenues
    
    
    0.0
    
    
    
    0.0
    
    
    
    0.0
    
    
    
    0.0
    
    
    
    27.2
    
    
    
    20.9Solidarity agreement expenses
    
    
    (10.1
    )
    
    
    (7.0
    )
    
    
    (9.3
    )
    
    
    (7.5
    )
    
    
    (5.8
    )
    
    
    (4.4
    )Net operating income after
solidarity agreement
    
    
    2.5
    
    
    
    1.7
    
    
    
    25.9
    
    
    
    21.0
    
    
    
    61.6
    
    
    
    47.4Villahermosa:Revenues before solidarity agreement:Aeronautical services
    
    
    106.5
    
    
    
    106.9
    
    
    
    88.3
    
    
    
    110.7
    
    
    
    85.3
    
    
    
    106.6Non-aeronautical services
    
    
    33.4
    
    
    
    33.5
    
    
    
    31.0
    
    
    
    38.8
    
    
    
    29.6
    
    
    
    37.0Construction services
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    129.8
    
    
    
    162.3Total revenues before solidarity
agreement
    
    
    139.9
    
    
    
    140.4
    
    
    
    119.3
    
    
    
    149.5
    
    
    
    244.7
    
    
    
    305.9Expenses before solidarity
agreement
    
    
    (105.2
    )
    
    
    (105.6
    )
    
    
    (101.7
    )
    
    
    (127.4
    )
    
    
    (231.3
    )
    
    
    (289.1
    )Net operating income before
solidarity agreement
    
    
    34.7
    
    
    
    34.8
    
    
    
    17.6
    
    
    
    22.1
    
    
    
    13.4
    
    
    
    16.8Solidarity agreement revenues
    
    
    0.0
    
    
    
    0.0
    
    
    
    0.0
    
    
    
    0.0
    
    
    
    17.2
    
    
    
    21.5Solidarity agreement expenses
    
    
    (7.1
    )
    
    
    (7.1
    )
    
    
    (6.6
    )
    
    
    (8.3
    )
    
    
    (3.4
    )
    
    
    (4.3
    )Net operating income after
solidarity agreement
    
    
    27.6
    
    
    
    27.7
    
    
    
    11.0
    
    
    
    13.8
    
    
    
    27.2
    
    
    
    34.0
  89




---



##### Table of Contents



Year Ended December 31,2008
    
    
    2009
    
    
    2010Airport
    
    
    
    
    
    
    Airport
    
    
    
    
    
    
    AirportOperating
    
    
    Per Workload
    
    
    Operating
    
    
    Per Workload
    
    
    Operating
    
    
    Per WorkloadResults
    
    
    Unit(1)
    
    
    Results
    
    
    Unit(1)
    
    
    Results
    
    
    Unit(1)(millions of
    
    
    
    
    
    
    (millions of
    
    
    
    
    
    
    (millions ofpesos)
    
    
    (pesos)
    
    
    pesos)
    
    
    (pesos)
    
    
    pesos)
    
    
    (pesos)Other Airports:(4)Revenues before solidarity agreement:Aeronautical services
    
    
    316.0
    
    
    
    107.2
    
    
    
    326.3
    
    
    
    125.2
    
    
    
    351.5
    
    
    
    140.6Non-aeronautical services
    
    
    84.3
    
    
    
    28.6
    
    
    
    81.7
    
    
    
    31.3
    
    
    
    78.6
    
    
    
    31.5Construction services
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    265.8
    
    
    
    106.3Other(3)
    
    
    3.4
    
    
    
    1.2
    
    
    
    5.5
    
    
    
    2.1
    
    
    
    0.0
    
    
    
    0.0Total revenues before solidarity
agreement
    
    
    403.7
    
    
    
    136.9
    
    
    
    413.5
    
    
    
    158.6
    
    
    
    695.9
    
    
    
    278.4Expenses before solidarity
agreement
    
    
    (410.0
    )
    
    
    (139.1
    )
    
    
    (400.8
    )
    
    
    (153.8
    )
    
    
    (659.7
    )
    
    
    (263.9
    )Net operating income (loss)
before solidarity agreement
    
    
    (6.3
    )
    
    
    (2.1
    )
    
    
    12.7
    
    
    
    4.8
    
    
    
    36.2
    
    
    
    14.5Solidarity agreement revenues
    
    
    11.5
    
    
    
    3.9
    
    
    
    72.4
    
    
    
    27.8
    
    
    
    83.0
    
    
    
    33.2Solidarity agreement expenses
    
    
    (16.5
    )
    
    
    (5.6
    )
    
    
    (15.5
    )
    
    
    (5.9
    )
    
    
    (16.2
    )
    
    
    (6.5
    )Net operating (loss) income
after solidarity agreement
    
    
    (11.3
    )
    
    
    (3.8
    )
    
    
    69.6
    
    
    
    26.7
    
    
    
    103.0
    
    
    
    41.2Holding & Service Companies:(5)Revenues before solidarity agreement:Other (3)
    
    
    1,398.1
    
    
    
    N.A.
    
    
    
    653.1
    
    
    
    N.A.
    
    
    
    690.4
    
    
    
    N.A.Total revenues before solidarity
agreement
    
    
    1,398.1
    
    
    
    N.A.
    
    
    
    653.1
    
    
    
    N.A.
    
    
    
    690.4
    
    
    
    N.A.Expenses before solidarity
agreement
    
    
    (540.0
    )
    
    
    N.A.
    
    
    
    (531.8
    )
    
    
    N.A.
    
    
    
    (575.7
    )
    
    
    N.A.Net operating income before
solidarity agreement
    
    
    858.1
    
    
    
    N.A.
    
    
    
    121.3
    
    
    
    N.A.
    
    
    
    114.7
    
    
    
    N.A.Solidarity agreement revenues
    
    
    162.1
    
    
    
    N.A.
    
    
    
    148.8
    
    
    
    N.A.
    
    
    
    233.3
    
    
    
    N.A.Solidarity agreement expenses
    
    
    (11.5
    )
    
    
    N.A.
    
    
    
    (72.4
    )
    
    
    N.A.
    
    
    
    (127.5
    )
    
    
    N.A.Net operating income after
solidarity agreement
    
    
    1,008.7
    
    
    
    N.A.
    
    
    
    197.7
    
    
    
    N.A.
    
    
    
    220.5
    
    
    
    N.A.Consolidation Adjustment(6):Total Revenues
    
    
    (1,576.9
    )
    
    
    N.A.
    
    
    
    (884.5
    )
    
    
    N.A.
    
    
    
    (1,051.1
    )
    
    
    N.A.Expenses
    
    
    1,576.9
    
    
    
    N.A.
    
    
    
    884.5
    
    
    
    N.A.
    
    
    
    1,051.1
    
    
    
    N.A.Total:Revenues:Aeronautical services
    
    
    2,101.9
    
    
    
    115.4
    
    
    
    2,042.6
    
    
    
    127.7
    
    
    
    2,283.2
    
    
    
    132.0Non-aeronautical services
    
    
    1,066.8
    
    
    
    58.6
    
    
    
    1,088.6
    
    
    
    68.1
    
    
    
    1,211.1
    
    
    
    70.0Construction services
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    741.2
    
    
    
    42.8Total revenues
    
    
    3,168.7
    
    
    
    174.0
    
    
    
    3,131.2
    
    
    
    195.8
    
    
    
    4,235.5
    
    
    
    244.8Expenses
    
    
    (1,785.0
    )
    
    
    (98.0
    )
    
    
    (1,793.9
    )
    
    
    (112.2
    )
    
    
    (2,511.1
    )
    
    
    (145.1
    )Net operating income
    
    
    1,383.7
    
    
    
    76.0
    
    
    
    1,337.3
    
    
    
    83.6
    
    
    
    1,724.4
    
    
    
    99.7
  90




---



##### Table of Contents



(1)
    
    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)
    
    Reflects the results of operations of our Cancun airport and two Cancun airport
services subsidiaries on a consolidated basis.(3)
    
    Reflects revenues under intercompany agreements (other than the solidarity
agreement) which are eliminated in the consolidation adjustment.(4)
    
    Reflects the results of operations of our airports located in Veracruz,
Minatitlán, Oaxaca, Huatulco, Tapachula and Cozumel.(5)
    
    Reflects the results of operations of our parent holding company and our
services subsidiaries. Because none of these entities hold the concessions for our
airports, we do not report workload unit data for these entities.(6)
    
    The consolidation adjustment affects our consolidated net income by eliminating
both revenues and expenses from intercompany transactions from all segments. The
consolidation adjustment does not affect net income.   91




---



##### Table of Contents



Summary Historical Results of Operations
  Consolidated Operating Results
 Year Ended December 31,2008
    
    
    2009
    
    
    2010(thousands of nominal pesos)Revenues:Aeronautical services
    
    Ps.
    2,101,879
    
    
    Ps.
    2,042,647
    
    
    Ps.
    2,283,164Non-aeronautical services
    
    
    1,066,828
    
    
    
    1,088,537
    
    
    
    1,211,072Construction services
    
    
    
    
    
    
    
    
    
    
    741,236Total revenues
    
    
    3,168,707
    
    
    
    3,131,184
    
    
    
    4,235,472Operating Expenses:Cost of services
    
    
    (810,101
    )
    
    
    (788,562
    )
    
    
    (948,730
    )General and administrative expenses
    
    
    (114,159
    )
    
    
    (121,708
    )
    
    
    (164,506
    )Costs of construction
    
    
    
    
    
    
    
    
    
    
    (741,236
    )Technical assistance fee(1)
    
    
    (104,485
    )
    
    
    (103,518
    )
    
    
    (110,712
    )Government concession fee(2)
    
    
    (154,752
    )
    
    
    (150,559
    )
    
    
    (166,752
    )Depreciation and amortization
    
    
    (601,513
    )
    
    
    (629,507
    )
    
    
    (379,210
    )Total operating expenses
    
    
    (1,785,010
    )
    
    
    (1,793,854
    )
    
    
    (2,511,146
    )Net operating income
    
    
    1,383,697
    
    
    
    1,337,330
    
    
    
    1,724,326Comprehensive Financing Result:Interest income, net
    
    
    137,454
    
    
    
    43,841
    
    
    
    14,570Exchange gains (losses), net
    
    
    36,818
    
    
    
    (21,122
    )
    
    
    12,749Loss from valuation effects on
derivative instruments
    
    
    
    
    
    
    (2,563
    )
    
    
    (700
    )Net comprehensive financing income
    
    
    174,272
    
    
    
    20,156
    
    
    
    26,619Non ordinary items(3)
    
    
    (9,734
    )
    
    
    (15,384
    )
    
    
    (804
    )Income before taxes
    
    
    1,548,235
    
    
    
    1,342,102
    
    
    
    1,750,141Provisions for taxes
    
    
    (498,766
    )
    
    
    (544,692
    )
    
    
    (474,998
    )Net income
    
    
    1,049,469
    
    
    
    797,410
    
    
    
    1,275,143Other Operating Data (Unaudited):Operating margin(4)
    
    
    43.7
    %
    
    
    42.7
    %
    
    
    40.7
    %Net margin(5)
    
    
    33.1
    %
    
    
    25.5
    %
    
    
    30.1
    %
 
 (1)
    
    We are required to pay ITA a technical assistance fee based on the technical assistance
agreement. This fee is described in Operating Costs Technical Assistance Fee and
Government Concession Fee.(2)
    
    Each of our subsidiary concession holders is required to pay a concession fee to the Mexican
government under the Mexican Federal Duties Law. The concession fee is currently 5% of each
concession holders gross annual regulated revenues from the use of public domain assets pursuant to the
terms of its concession. This fee is described in Operating Costs Technical Assistance
Fee and Government Concession Fee.(3)
    
    Non-ordinary items refers to restructuring and contract termination fees.(4)
    
    Operating income divided by total revenues, expressed as a percentage.(5)
    
    Net income divided by total revenues, expressed as a percentage.  92




---



##### Table of Contents



Results of operations for the year ended December 31, 2010 compared to the year ended December
31, 2009
 Revenues
       93




---



##### Table of Contents



Revenues by Airport
      94




---



##### Table of Contents



Operating Expenses
       95




---



##### Table of Contents



Operating Expenses by Airport
       96




---



##### Table of Contents



Operating Income
  Operating Income by Airport
      Comprehensive Financing Result
   97




---



##### Table of Contents



Taxes
     Net Income
  Results of operations for the year ended December 31, 2009 compared to the year ended December 31,
2008
 Revenues
    98




---



##### Table of Contents



Revenues by Airport
   99




---



##### Table of Contents



Operating Expenses
   100




---



##### Table of Contents



Operating Expenses by Airport
    101




---



##### Table of Contents



Operating Income
  Operating Income by Airport
      102




---



##### Table of Contents



Comprehensive Financing Result
  Income Taxes, Asset Tax and deferred flat rate business tax
     Net Income
   103




---



##### Table of Contents



Liquidity and Capital Resources
 Sources of Liquidity
  Cash Flows
    Indebtedness
  Tasa de Interes Intercambiaria de Equilibrio
  104




---



##### Table of Contents



Counterparty
    
    Fair Value(1)(2)
    
    
    Nominal Amount(1)
    
    
    Expiration
    
    
    Fixed RateBanco Santander, S.A.
    
    Ps.
    1.40
    
    
    Ps.
    250.00
    
    
    May 2012
    
    
    6.37
    %BBVA Bancomer, S.A.
    
    
    1.40
    
    
    
    250.00
    
    
    May 2012
    
    
    6.33
    %BBVA Bancomer, S.A.
    
    
    .46
    
    
    
    100.00
    
    
    May 2012
    
    
    6.21
    %Total3.26
    
    
    
    600.00
 
 (1)
    
    Millions of pesos(2)
    
    As of December 31, 2010 Capital Expenditures
    105




---



##### Table of Contents



Capital Expenditures
 Year ended December 31,
    
    (thousands of pesos)2008
    
    
    935,7722009
    
    
    676,6652010
    
    
    719,904
   Critical Accounting Policies
  Revenue Recognition
    106




---



##### Table of Contents



Allowance for Doubtful Accounts
   107




---



##### Table of Contents



Valuation of Airport Concessions
  Adoption of IFRS
 Comisión Nacional Bancaria y de Valores
    108




---



##### Table of Contents



Deferred Income Tax, Employees Statutory Profit Sharing, IETU, Asset Tax and Dividend Tax
   Contingent Liabilities
   109




---



##### Table of Contents



Differences between Mexican NIF and U.S. GAAP
   Recently Issued Accounting Standards
       110




---



##### Table of Contents



111




---



##### Table of Contents



Off-balance sheet arrangements
  Tabular disclosure of contractual obligations
  Payments due by period(millions of nominal pesos)Less than 1
    
    
    
    
    
    
    
    
    
    
    More than 5Contractual Obligations
    
    Total
    
    
    year
    
    
    1-3 years
    
    
    3-5 years
    
    
    yearsMaster Development Plans(1)
    
    
    5,495.5
    
    
    
    1,022.2
    
    
    
    1,303.2
    
    
    
    867.5
    
    
    
    2,302.6Technical Assistance Agreement(2)
    
    
    149.4
    
    
    
    24.6
    
    
    
    62.4
    
    
    
    62.4
    
    
    
    Bank Loans
    
    
    890.6
    
    
    
    243.1
    
    
    
    647.5
    
    
    
    
    
    
    
    Operating Lease
    
    
    3.1
    
    
    
    0.6
    
    
    
    1.0
    
    
    
    0.9
    
    
    
    0.6Concession Fees(3)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Swaps(4)
    
    
    3.3
    
    
    
    
    
    
    
    3.3
    
    
    
    
    
    
    
    Total
    
    
    6,541.9
    
    
    
    1,290.5
    
    
    
    2,017.4
    
    
    
    930.8
    
    
    
    2,303.2
 
 (1)
    
    As of December 31, 2010, based on the Mexican Construction Price Index. The master
development plans, which contain the investment commitments for our airports have been
approved for each year through December 31, 2013. The plans also contain indicative
investments for calendar years 2014 through 2023, but these amounts are not binding on us.(2)
    
    Reflects fixed minimum amount due under the Technical Assistance Agreement. Actual amount to
be paid in any year may be higher because technical assistance fees are calculated as the
greater of U.S.$2.0 million adjusted annually for inflation against the U.S. consumer price
index (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 NIF and calculated prior to deducting the technical assistance fee).(3)
    
    Actual amount to be paid in any year is 5% of gross annual revenues.(4)
    
    Actual amount to be paid in any year varies with changes in interest rates. 
 Item 6.
    
    Directors, Senior Management and Employees
 Directors
   112




---



##### Table of Contents



Name
    
    Title
    
    Director SinceFernando Chico Pardo(1)
    
    Director and Chairman (also Chief Executive Officer)
    
    April 28, 2005Ricardo Guajardo Touché(3)
    
    Director
    
    February 28, 2001Francisco Garza Zambrano(3)
    
    Director
    
    February 28, 2001Guillermo Ortiz Martínez(3)
    
    Director
    
    April 26, 2010Roberto Servitje Sendra(3)
    
    Director
    
    April 25, 2008Luis Chico Pardo(2)(4)
    
    Director
    
    April 25, 2008Rasmus Christiansen(3)(5)
    
    Director
    
    April 27, 2007
 
 (1)
    
    Elected by ITA as holder of Series BB shares, with Federico Chávez Peón Mijares as Alternate.(2)
    
    Elected by ITA as holder of Series BB shares, with Gabriel Mizrahi Zonana as Alternate.(3)
    
    Independent Director.(4)
    
    On April 27, 2011, our stockholders approved the election of Luis Chico Pardo as a director
representing the Series BB Shares.(5)
    
    On April 27, 2011, our stockholders approved the resignation of Rasmus Christiansen as a
director representing the Series BB Shares and approved his election as an Independent Director. Fernando Chico Pardo.
 Ricardo Guajardo Touché.
  113




---



##### Table of Contents



Francisco Garza Zambrano
 Guillermo Ortiz Martínez.
 Roberto Servitje Sendra.
 Luis Chico Pardo. .
 Rasmus Christiansen
  114




---



##### 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, 2000Carlos Trueba Coll
    
    Director of Cancún Airport
    
    March 1, 2010Hector Navarrete Muñoz
    
    Regional Director of Operations
    
    January 15, 2003Claudio Gongora Morales
    
    General Counsel
    
    April 19, 1999Manuel Gutierrez Sola
    
    Chief Commercial Officer
    
    August 7, 2003Agustín Arrelano Rodríguez
    
    Director of Infrastructure and Regulation
    
    February 1, 2010
 
 *
    
    Appointed by ITA, as holder of Series BB shares. Fernando Chico Pardo.
 Adolfo Castro Rivas.
 Carlos Trueba Coll.
  115




---



##### Table of Contents



Hector Navarrete Muñoz.
 Claudio Gongora Morales.
 Manuel Gutierrez Sola.
 Agustín Arellano Rodríguez.
 Share Ownership of Directors and Senior Management
  Compensation of Directors and Senior Management
   116




---



##### Table of Contents



Committees
     117




---



##### Table of Contents



Employees
  As of December 31,
    
    
    As of December 31,
    
    
    As of December 31,2008
    
    
    2009
    
    
    2010Administrative Employees(1)Servicios Aeroportuarios del
Sureste, S.A. de C.V.
    
    
    73
    
    
    
    122
    
    
    
    131Cancún Airport
    
    
    213
    
    
    
    158
    
    
    
    189Cozumel Airport
    
    
    25
    
    
    
    25
    
    
    
    26Huatulco Airport
    
    
    19
    
    
    
    20
    
    
    
    19Mérida Airport
    
    
    48
    
    
    
    48
    
    
    
    48Minatitlán Airport
    
    
    19
    
    
    
    19
    
    
    
    19Oaxaca Airport
    
    
    23
    
    
    
    21
    
    
    
    22Tapachula Airport
    
    
    24
    
    
    
    23
    
    
    
    23Veracruz Airport
    
    
    27
    
    
    
    27
    
    
    
    30Villahermosa Airport
    
    
    28
    
    
    
    28
    
    
    
    28Total Administrative Employees
    
    
    499
    
    
    
    491
    
    
    
    535
  118




---



##### Table of Contents



As of December 31,
    
    
    As of December 31,
    
    
    As of December 31,2008
    
    
    2009
    
    
    2010Unionized Employees(2)Cancún Airport
    
    
    121
    
    
    
    120
    
    
    
    122Cozumel Airport
    
    
    35
    
    
    
    36
    
    
    
    35Huatulco Airport
    
    
    19
    
    
    
    20
    
    
    
    20Mérida Airport
    
    
    45
    
    
    
    45
    
    
    
    45Minatitlán Airport
    
    
    16
    
    
    
    16
    
    
    
    16Oaxaca Airport
    
    
    22
    
    
    
    22
    
    
    
    22Tapachula Airport
    
    
    24
    
    
    
    24
    
    
    
    24Veracruz Airport
    
    
    27
    
    
    
    27
    
    
    
    27Villahermosa Airport
    
    
    29
    
    
    
    29
    
    
    
    29Total Union Employees
    
    
    338
    
    
    
    339
    
    
    
    340
 
 (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.       119




---



##### Table of Contents



Item 7.
    
    Major Shareholders and Related Party Transactions
 
 Major Shareholders
 Tender Offer by Fernando Chico Pardo
    Acquisition of 100% of ITA by Fernando Chico Pardo
  ASUR Files Registration Statement with U.S. Securities and Exchange Commission for Secondary
Equity Offering
   120




---



##### Table of Contents



Capital Stock Structure
  Percentage of totalNumber of Shares
    
    
    share capitalIdentity of stockholder
    
    B Shares
    
    
    BB Shares
    
    
    B Shares
    
    
    BB SharesAgrupación Aeroportuaria Internacional II, S.A. de C.V.(1)(2)(4)
    
    
    53,442,587
    
    
    
    
    
    
    
    17.81
    %
    
    
    ITA, through Bancomext (1)(2)(3)(4)
    
    
    
    
    
    
    22,950,000
    
    
    
    
    
    
    
    7.65
    %Servicios de Estrategia Patrimonial, S.A. de C.V.(1)(2)(3)(4)(5)
    
    
    22,050,000
    
    
    
    
    
    
    
    7.35
    %
    
    
    Aberdeen Asset Management(1)(6)
    
    
    79,660,340
    
    
    
    
    
    
    
    26.56
    %
    
    
    Other Public(1)
    
    
    121,897,073
    
    
    
    
    
    
    
    40.63
    %
    
    
    
 
 (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) 100% of ITA, (b) 100% of
Servicios de Estrategia Patrimonial, S.A. de C.V. (formerly known as, Agrupación Aeroportuaria
Internacional, S.A. de C.V.), and (c)100% of Agrupación Aeroportuaria Internacional II, S.A.
de C.V.(3)
    
    On 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.(4)
    
    On 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.
(following a name change, now known as Servicios de Estrategia Patrimonial, S.A. de C.V.)
22,050,000 Series B shares.(5)
    
    Based on information contained in public reports, from June 2, 2008 until July 3, 2008,
Agrupación Aeroportuaria Internacional II, S.A. de C.V., a company indirectly controlled and
owned by Fernando Chico Pardo purchased 2,973,052 Series B shares, which represent 0.99% of
our outstanding capital stock.(6)
    
    Composed of 7,966,034 ADSs. Based on information contained in public reports, Aberdeen Asset
Management has the sole power to vote or direct the vote of 6,258,316 ADSs (representing
62,583,160 Series B shares) and has the sole power to dispose or direct the disposition of
1,707,718 ADSs (representing 17,077,180 Series B shares). ITA Trust
    121




---



##### Table of Contents



Related Party Transactions
 General
  Year Ended December 31,2009
    
    
    2010(millions of nominal pesos)Accounts Receivable:Compañía Méxicana de Aviación, S. A. de C. V.(1)(3)
    
    Ps.
    37.0
    
    
    Ps.
    25.6Accounts Payable:Inversiones y Técnicas Aeroportuarias, S. A. de C. V.(2)
    
    
    (23.54
    )
    
    
    (25.5
    )Promecap, S. C.(1)
    
    
    (0.5
    )
    
    
    (0.5
    )Lava Tap de Chiapas, S. A. de C. V.(1)
    
    
    (0.3
    )
    
    
    (0.3
    )Telefonos de México, S. A. de C. V.(1)
    
    
    (0.0
    )
    
    
    (0.1
    )Total Accounts Payable
    
    
    (24.34
    )
    
    
    (26.4
    )Net Receivable
    
    Ps.
    12.7
    
    
    Ps.
    (0.8
    )
 
 (1)
    
    Affiliate of key management personnel(2)
    
    Shareholder(3)
    
    In August 2010, Compañía Méxicana de Aviación, S. A. de C. V. filed for concurso
mercantilin Mexico and bankruptcy protection in the U.S. The amounts are net of a provision
of Ps. 128 million in 2010. There was no such provision set aside in 2009. As of December 31,
2010, Grupo Mexicana was no longer a Related Party of ASUR.  Year Ended December 31,2008
    
    
    2009
    
    
    2010(millions of nominal pesos)Revenues from airport services
    
    Ps.
    159.0
    
    
    Ps.
    133.1
    
    
    Ps.
    53.9Technical assistance
    
    
    (104.5
    )
    
    
    (103.5
    )
    
    
    (110.7
    )Administrative services
    
    
    (5.2
    )
    
    
    (6.4
    )
    
    
    (5.8
    )Leases
    
    
    (2.7
    )
    
    
    (3.2
    )
    
    
    (3.0
    )Telephone services and network connections
    
    
    (7.0
    )
    
    
    (3.8
    )
    
    
    (4.3
    )Cleaning services
    
    
    (10.2
    )
    
    
    (9.7
    )
    
    
    (10.1
    )Investment (transport equipment)
    
    
    
    
    
    
    (6.4
    )
    
    
    (0.2
    )Others
    
    
    (4.4
    )
    
    
    (2.5
    )
    
    
    (2.7
    )
 Arrangements with ITA
   122




---



##### Table of Contents



Arrangements with Entities Controlled by Fernando Chico Pardo
   Compensation to Directors and Officers
   123




---



##### Table of Contents



Item 8.
    
    Financial Information
  Legal Proceedings
   predial
  
 Dividends
     124




---



##### Table of Contents



125




---



##### Table of Contents



Item 9.
    
    The Offer and Listing
 Stock Price History
   U.S.$ per ADR(1)
    
    
    Pesos per Series B ShareYears ended December 31,
    
    Low
    
    
    High
    
    
    Low
    
    
    High2006
    
    
    28.93
    
    
    
    45.16
    
    
    
    29.00
    
    
    
    49.292007
    
    
    41.07
    
    
    
    62.79
    
    
    
    54.19
    
    
    
    67.172008
    
    
    24.96
    
    
    
    63.54
    
    
    
    33.75
    
    
    
    68.302009First Quarter
    
    
    24.55
    
    
    
    42.14
    
    
    
    36.11
    
    
    
    55.94Second Quarter
    
    
    27.00
    
    
    
    40.99
    
    
    
    37.96
    
    
    
    53.90Third Quarter
    
    
    35.22
    
    
    
    45.50
    
    
    
    47.69
    
    
    
    59.40Fourth Quarter
    
    
    40.66
    
    
    
    56.27
    
    
    
    53.75
    
    
    
    75.002010First Quarter
    
    
    47.16
    
    
    
    57.33
    
    
    
    62.3
    
    
    
    73.15Second Quarter
    
    
    45.54
    
    
    
    58.07
    
    
    
    59.01
    
    
    
    70.40Third Quarter
    
    
    41.53
    
    
    
    54.36
    
    
    
    54.75
    
    
    
    68.92Fourth Quarter
    
    
    46.85
    
    
    
    56.45
    
    
    
    58.30
    
    
    
    69.99
  126




---



##### Table of Contents



U.S.$ per ADR(1)
    
    
    Pesos per Series B ShareLow
    
    
    High
    
    
    Low
    
    
    HighMonthly PricesDecember 2010
    
    
    52.71
    
    
    
    56.45
    
    
    
    65.37
    
    
    
    69.99January 2011
    
    
    51.87
    
    
    
    59.12
    
    
    
    63.31
    
    
    
    72.14February 2011
    
    
    52.03
    
    
    
    55.25
    
    
    
    62.90
    
    
    
    66.59March 2011
    
    
    53.29
    
    
    
    58.77
    
    
    
    64.23
    
    
    
    69.99April 2011
    
    
    56.41
    
    
    
    59.20
    
    
    
    66.30
    
    
    
    69.90May 2011(2)
    
    
    59.12
    
    
    
    59.20
    
    
    
    67.94
    
    
    
    68.44
 (1)
    
    10 Series B shares per ADR.(2)
    
    Through May 3, 2011.  
 TRADING ON THE MEXICAN STOCK EXCHANGE
      127




---



##### Table of Contents



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;
  128




---



##### Table of Contents




    
    to issue any unsubscribed shares of our capital stock to be kept in our
treasury in order to be delivered upon subscription thereof, as well as to execute option
agreements that grant to third parties the right to subscribe and pay for our shares;
 
    
    to hold, possess, sell, transfer, dispose of or lease any assets, or real or
personal property that may be necessary or convenient to carry out our corporate purposes; and
 
    
    generally, to carry out and perform all actions, agreements and related,
incidental or ancillary transactions in furtherance of the above-mentioned purposes.
 Directors
     129




---



##### Table of Contents



Authority of the Board of Directors
  
    
    to participate in our strategic planning decisions,
    
    to authorize changes in our policies regarding financial structure, products,
market development and organization,
 
    
    to oversee compliance with general corporate practices, our bylaws and the
minority rights set forth thereunder,
 
    
    to call for stockholders meetings and act on their resolutions,
 
    
    to create special committees and grant them the powers and authority it sees
fit, provided that said committees will not be vested with the authorities which by law or
under our bylaws are expressly reserved for the stockholders or the board of directors,
 
    
    to determine how to vote the shares held by us in our subsidiaries,
 
    
    to appoint our chief executive officer from among the candidates proposed by
the members of the Board of Directors appointed by the Series BB shareholders, and to appoint
those officers other than those designated by the Series BB directors or the Operating
Committee, and
 
    
    to approve, upon proposal by the Operating Committee: (i) our annual budget and
that of our subsidiaries; and (ii) the master development plan and any amendments thereto for
each of the airports to be submitted to the Ministry of Communications and Transportation.
   
    
    approval of our financial statements and those of our subsidiaries and their
submission to the stockholders meeting,
 
    
    approval of the five-year master development plans for each of the airports
operated by our subsidiaries,
 
    
    annual approval of the business plan and the investment budget,
 
    
    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,
  130




---



##### Table of Contents




    
    incurrence of any indebtedness, whether by means of direct loans or financial
leases, in an amount greater than the lower of (i) U.S.$5.0 million, or (ii) 5% of the
consolidated assets of the Company, but which does not exceed 20% of the consolidated assets
of the Company,
 
    
    determine the manner in which the company shall vote its shares at the
shareholders meeting of its subsidiaries, taking into consideration the proposal of the
Operating Committee,
 
    
    proposal to increase our capital or that of our subsidiaries,
 
    
    approval of any sale of shares of the capital stock of our subsidiaries,
 
    
    approval of any purchase or sale of shares or interests in any company, except
for: (a) the acquisition of shares and/or securities issued by investment companies, and (b)
the acquisition of securities through investment companies (mutual funds),
 
    
    approval or amendment of our management structure,
 
    
    creation of new committees, delegation of powers to the same and changes to the
powers of any existing committee,
 
    
    approval of our dividend policy and the application of the Companys profits
and its submission to the stockholders meeting, and
 
    
    appointment of the chief executive officer from among the candidates proposed
by the members of the board of directors appointed by the Series BB shareholders.
 Powers of Series BB Directors
  
    
    present to the board of directors the name or names of candidates for appointment as chief executive officer,
    
    remove the chief executive officer,
    
    appoint and remove half of our executive officers,
    
    appoint two members of the Operating Committee and their substitutes, and at least one member of the Acquisitions and Contracts Committee and his or her substitute, and
    
    determine the composition of the Operating Committee.
  131




---



##### Table of Contents



Our Capital Stock
  Capital Stock
 Authorized
    
    
    Issued and outstandingFixed capital stock:Series B shares
    
    
    277,050,000
    *
    
    
    277,050,000
    *Series BB shares
    
    
    22,950,000
    *
    
    
    22,950,000
    *Variable capital stock:Series B shares
    
    
    
    
    
    
    Series BB shares
    
    
    
    
    
    
    
 
 *
    
    After giving effect to the conversion by ITA of 22,050,000 Series BB shares into
22,050,000 Series B shares in June 2007.   
    
    Series B. Series B shares currently represent 92.35% of our capital. Series B
shares may be held by any Mexican or foreign natural person, company or entity.
 
    
    Series BB. Series BB shares currently represent 7.65% of our capital. Series
BB shares may be held by any Mexican or foreign natural person, company or entity.
  Voting Rights and Stockholders Meetings
 Ley del Mercado de Valores
  132




---



##### Table of Contents




    
    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.
     133




---



##### Table of Contents



Quorums
    
    
    any amendment to our bylaws which: (i) changes or eliminates the
authorities of our committees; or (ii) changes or eliminates 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,
  134




---



##### Table of Contents




    
    early 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
 Ley General de Sociedades Mercantiles
 Special Voting Rights of BB Shares
   135




---



##### Table of Contents



Dividends and Distributions
  Registration and Transfer
 Registro Nacional de Valores Ley del Mercado de Valores Comisión Nacional Bancaria y de Valores valor contable unidades de inversion
   136




---



##### Table of Contents



Transfer and Conversion of Series BB Shares
  
    
    Except with the prior authorization by the Mexican Ministry of
Communications and Transportation, ITA was required to retain its
interest in the Series BB shares through December 18, 2008.
    
    After December 18, 2008, ITA may sell in any year up to 20% of its
interest in the Series BB shares.
    
    If ITA owns Series BB shares that represent less than 7.65% of our
capital stock after December 18, 2013, those remaining Series BB
shares must be converted into freely transferable Series B shares.
    
    If ITA owns Series BB shares representing at least 7.65% of our
capital stock after December 18, 2013, those Series BB shares may be
converted into Series B shares, provided the holders of at least 51%
of Series B shares (other than shares held by ITA and any of its
related persons) approve such conversion and vote against renewal of
the technical assistance agreement.
 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,
 Any amendment to the above provisions requires the vote of shares representing 85% of our
capital stock.
 
    
    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.
  137




---



##### Table of Contents



Change of Control and Tender Offer Procedures
  
    
    The offer must include both of our series of shares, and the consideration
offered per share must be the same, regardless of the class or type of share.
 
    
    If the offeror intends to obtain control of the company, the offer must be for
100% of our capital stock, and if the offer does not imply obtaining control, then the offer
must be for at least 10% of our capital stock.
 
    
    The offer must indicate the maximum number of shares it covers and, if
applicable, the minimum number of shares on which the offer is conditioned.
 
    
    The offer may not provide any consideration that implies a bonus or higher
price to the amount of the offer in favor of any person or group of persons related to the
offeree (not including agreements that have been approved by our board of directors of the
company, taking into account the opinion of our Auditing Committee, and have been disclosed to
the investing public).
   
    
    The offeror must inform us, through the board of directors, of the terms and
conditions of the offer it intends to make by sending a notice to our board of directors.
 
    
    Immediately after it receives the notice, our board of directors must provide
to the Mexican Stock Exchange a notice of applicable legal provisions, and make it available
to all our shareholders.
 
    
    Our board of directors must prepare, considering the opinion of the Audit
Committee, its opinion with regard to the price or consideration offered, any other terms and
conditions of the offer and conflicts of interest, if any, that each member of the board of
directors may have with respect to the offer. This opinion may include the opinion of an
independent expert retained by our board.
  138




---



##### Table of Contents




    
    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
    139




---



##### Table of Contents



Ley General de
Títulos y Operaciones de Crédito
  Ownership of Capital Stock by Subsidiaries
 sociedades de inversion
 Liquidation
  Other Provisions
 Liabilities of the Members of the Board of Directors
    140




---



##### 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.
  141




---



##### Table of Contents



Duration
  Stockholders Conflict of Interest
  Directors Conflict of Interest
  
 MATERIAL CONTRACTS
     142




---



##### Table of Contents



Exchange Controls
  
 Taxation
       143




---



##### Table of Contents



Taxation of Dividends
 Mexican Tax Considerations
  U.S. Federal Income Tax Considerations
    144




---



##### Table of Contents



Taxation of Dispositions of Shares or ADSs
 Mexican Tax Considerations
    145




---



##### Table of Contents



U.S. Tax Considerations
     146




---



##### Table of Contents



Other Mexican Taxes
  U.S. Backup Withholding Tax and Information Reporting Requirements
  U.S. Tax Consequences for Non-U.S. holders
 Distributions
  Dispositions
  Information reporting and backup withholding
   147




---



##### Table of Contents



Documents On Display
   148




---



##### Table of Contents



Item 11. Quantitative and Qualitative Disclosures About Market Risk
 Market Risk
  Foreign Currency Exchange Rate Risk
      149




---



##### Table of Contents



Interest Rate Risk
 Tasa de
Interés Intercambiaria de Equilibrio
 
 Item 12. Description of Securities Other Than Equity Securities
 A. DEBT SECURITIES
  B. WARRANTS AND RIGHTS
  C. OTHER SECURITIES
  D. AMERICAN DEPOSITARY SHARES
  American Depositary Shares
   150




---



##### Table of Contents



Persons depositing or withdrawing shares orADS holders must pay:
    
    For:$5.00 (or less) per 100 ADSs
(or portion of 100 ADSs)
    
    Issuance of ADSs, including issuances
resulting from a distribution of shares or
rights or other propertyCancellation of ADSs for the purpose of
withdrawal, including if the deposit
agreement terminatesA fee equivalent to the fee
that would be payable if
securities distributed to you
had been shares and the
shares had been deposited for
issuance of ADSs
    
    Distribution of securities distributed to
holders of deposited securities which are
distributed by the depositary to ADS
holdersRegistration or transfer fees
    
    Transfer and registration of shares on our
share register to or from the name of the
depositary or its agent when you deposit or
withdraw sharesExpenses of the depositary
    
    Converting foreign currency to U.S. dollarsAny charges incurred by the
depositary or its agents for
servicing the deposited
securities
    
    As necessaryTaxes and other governmental
charges the depositary or the
custodian has to pay on any
ADS or share underlying an
ADS, for example, stock
transfer taxes, stamp duty or
withholding taxes
    
    As necessary
  151




---



##### Table of Contents



Dividends and Other Distributions
  
    
    Cash. The depositary will convert any cash dividend or other cash distribution we
pay on the Series B shares into U.S. dollars, if it can do so on a reasonable basis
and can transfer the U.S. dollars to the United States. If that is not possible or if
any government approval is needed and cannot be obtained, the deposit agreement
allows the depositary to distribute the foreign currency only to those ADS holders to
the extent permissible to do so. It will hold the foreign currency it cannot convert
for the account of the ADS holders who have not been paid. It will not invest the
foreign currency and will not be liable for any interest.
 Before making a distribution, the depositary will deduct any withholding taxes that
must be paid. It will distribute only whole U.S. dollars and cents and will round
fractional cents to the nearest whole cent. If the exchange rates fluctuate during a
time when the depositary cannot convert the foreign currency, you may lose some or all
of the value of the distribution.
 
    
    Shares. The depositary may distribute additional ADSs representing any shares we
distribute as a dividend or free distribution. The depositary will only distribute
whole ADSs. It will try to sell shares that would require it to deliver fractions of
ADSs and distribute the net proceeds in the same way as it does with cash. If the
depositary does not distribute additional ADSs, the outstanding ADSs will also
represent the new shares.
 
    
    Rights to purchase additional shares. If we offer holders of our securities any
rights to subscribe for additional shares or any other rights, the depositary may,
after consultation with us, make these rights available to you (including by any
means of warrants or otherwise, if the depositary determines it is feasible and
lawful to do so) or sell the rights and distribute the proceeds in the same way as it
does with cash.
 The depositary will not offer rights to holders unless both the rights and the
securities to which such rights relate are either exempt from registration under the
Securities Act or are registered under the provisions of the Securities Act.
  152




---



##### Table of Contents




    
    Other Distributions. The depositary will send to you anything else we distribute
on deposited securities, in proportion to the number of ADSs you hold, by any means
it
deems equitable and practicable; provided, however, if it determines the distribution
cannot be made proportionately among the holders, or if the distribution is otherwise
not feasible, the depositary may adopt such method as it may deem equitable and
practicable, including the sale of such property and the distribution of the net
proceeds thereof in the same manner as cash distributions.
  Deposit and Withdrawal
  Voting Rights
    Fees and Expenses
   153




---



##### Table of Contents



Payment of Taxes
  Reclassifications, Recapitalizations and Mergers
  Amendment and Termination
   pro rata
  154




---



##### Table of Contents



Limitations on Obligations and Liability
  
    
    are only obligated to take the actions specifically set forth in the deposit
agreement with good faith using reasonable efforts;
 
    
    are not liable if it is prevented or delayed by law or circumstances beyond its
control from performing its obligations under the deposit agreement;
 
    
    are not liable if it exercises discretion permitted under the deposit agreement;
 
    
    have no obligation to become involved in a lawsuit or other proceeding related to
the ADSs or the deposit agreement unless it receives an indemnity satisfactory to it;
and
 
    
    may rely upon any advice or information from any person it believes in good faith
to be competent to give such advice or information.
  Requirements for Depositary Actions
  
    
    payment of stock transfer or other taxes or other governmental charges and
transfer or registration fees charged by third parties for the transfer of any Series
B shares or other deposited securities;
 
    
    satisfactory proof of the identity and genuineness of any signature or other
information it deems necessary; and
 
    
    compliance with regulations it may establish, from time to time, consistent with
the deposit agreement, including presentation of transfer documents.
   155




---



##### Table of Contents



Your Right to Receive the Series B Shares Underlying your ADSs
  
    
    when the depositary has closed its transfer books or we have closed our transfer
books;
 
    
    when you owe money to pay fees, taxes and similar charges; or
 
    
    when it is deemed necessary or advisable by us or the depositary, for any reason,
at any time, to prohibit withdrawals in order to comply with any laws, governmental
regulations or requirements of any securities exchange that apply to ADSs or to the
withdrawal of Series B shares or other deposited securities.
  Fees payable by the depositary
    156




---



##### 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
  Managements Annual Report on Internal Controls Over Financial Reporting
     157




---



##### 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 31,2009
    
    
    2010(thousands of nominal pesos)Audit fees
    
    
    8,512
    
    
    
    12,345Audit-related fees
    
    
    
    
    
    
    Tax fees
    
    
    
    
    
    
    Total fees
    
    Ps.
    8,512
    
    
    Ps.
    12,345
  158




---



##### Table of Contents



Audit Committee Pre-Approval Policies and Procedures
  
 Item 16D. Exemptions from the Listing Standards for Audit Committees
  
 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
  (a) Total
    
    
    
    
    
    
    (c) Total number of sharesnumber of
    
    
    (b) Average
    
    
    purchased as part of
    
    
    (d) Maximum number of sharesshares
    
    
    price paid per
    
    
    publicly announced plans or
    
    
    that may yet be purchased underpurchased(1)
    
    
    share in Pesos
    
    
    programs
    
    
    the plans or programs2009January 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
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2009 Total
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2010January 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
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2010 Total
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
 
 (1)
    
    Series B shares or number of Series B shares resulting from purchase of ADSs.  159




---



##### Table of Contents



Item 16F. Change in Registrants Certifying Accountant.
  
 Item 16G. Corporate Governance
 Código de Mejores Prácticas 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
four are independent under the Sarbanes-Oxley Act
of 2002 and as qualified by our shareholders as
provided in the Mexican Securities Market Law.
  160




---



##### 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 Chairman are independent.     The Chairman of the Audit Committee is
appointed and/or removed exclusively by the
general shareholders meeting.     Our Audit Committee operates pursuant to
provisions in the Mexican Securities Market Law
and our bylaws.     Our Audit Committee submits an annual
report regarding its activities to our Board of
Directors.
  161




---



##### Table of Contents



NYSE Standards
    
    Our Corporate Governance Practice     The duties of our Audit Committee include,
among others, the following:     overseeing of our internal auditing and
controls systems,     appointing and removing, and supervising
our external auditor and establishing the scope of
the external auditors duties and
responsibilities,     ensuring compliance with our bylaws by
officers and directors of the company and its
subsidiaries,     making recommendations to the Nomination
and Compensation Committee with respect to the
removal of directors and officers for violations
of the bylaws or any other applicable legal
provision,     overseeing compliance with the corporate
governance provisions as set forth in the General
Law of Business Companies (Ley General de
Sociedades Mercantiles), and the Mexican
Securities Market Law and protection of minority
shareholder rights,     overseeing related-party transactions, and     preparing certain periodic reports for the
board of directors pursuant to the Mexican
Securities Market Law and our bylaws.Nominating/corporate
governance and
compensation
committee.
Nominating/corporate
governance committee
of independent
directors and
compensation
committee of independent directors are required. Compensation
committee must
approve executive
officer compensation.
Each committee must
have a charter
specifying the
purpose, duties and
evaluation procedures
of the committee.
§303A.04 and §303A.05
    
    Pursuant to the Mexican Securities Market Law, we
are required to have a committee that performs
corporate governance functions (comite de
practicas societarias). The board has vested all
such functions and responsibilities in our Audit
Committee.
The duties of our Audit Committee with regard to
corporate practices are, among others, the
following:     evaluating the performance of relevant
officers,      reviewing related-party transactions, and
  162




---



##### Table of Contents



NYSE Standards
    
    Our Corporate Governance Practice     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. The duties of our
Nomination and Compensation Committee include,
among others, the following:     proposing individuals to serve as
directors at the shareholders meeting,     proposing individuals to serve as officers
to the Board of Directors,     proposing compensation for directors and
officers at the shareholders meeting or to the
Board of Directors, as applicable,     proposing for consideration at the
shareholders meeting the removal of members of
the Board of Directors and officers, and     submitting an annual report on its
activities to the Board of Directors and the
shareholders.The Nomination and Compensation Committee is
currently composed of three members who are
appointed by the shareholders at the shareholders
meeting. Pursuant to our bylaws, at least one
member is appointed by the Series B shareholders
and at least one member is appointed by the Series
BB shareholders. Our Nomination and Compensation
Committee is not required to be composed of
independent directors.Equity compensation
plans. Equity
compensation plans
require shareholder
approval, subject to
limited exemptions.
§303A.08
    
    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.09 and §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.
  163




---



##### 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, 2009 and 2010
    
    
    F-3Consolidated Statements of Income for the Years Ended December 31, 2008, 2009 and 2010
    
    
    F-4Consolidated Statements of Changes in Stockholders Equity for the Years Ended December 31, 2008, 2009 and 2010
    
    
    F-5Consolidated Statements of Cash Flows for the Years Ended December 31, 2008, 2009 and 2010
    
    
    F-6Notes to Consolidated Financial Statements
    
    
    F-7
  164




---



##### 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).3.3
    
    
    Form of Underwriting Agreement among the Company, J.P. Morgan Securities Inc. and
Macquarie Capital (USA) Inc. as the underwriters and J.P. Morgan Securities Inc.
and Macquarie Capital (USA) Inc. as representatives of the underwriters
(incorporated by reference as Exhibit 1 to our registration statement on Form F-3
ASR (File No. 333-168486) filed on August 3, 2010).4.1
    
    
    Amended and Restated Cancún Airport Concession Agreement and annexes thereto,
together with an English translation and a schedule highlighting the differences
between this concession and the Companys other concessions (incorporated by
reference to our registration statement on Form F-1 (File No. 333-12486) filed on
September 7, 2000).4.2
    
    
    Participation Agreement among the Company, the Mexican Federal Government through
the Ministry of Communications and Transportation, Nacional Financiera, S.N.C.
(NAFIN), Servicios Aeroportuarios del Sureste, S.A. de C.V., Aeropuerto de
Cancún, S.A. de C.V., Aeropuerto de Cozumel, S.A. de C.V., Aeropuerto de Huatulco,
S.A. de C.V., Aeropuerto de Mérida, S.A. de C.V., Aeropuerto de Minatitlán, S.A.
de C.V., Aeropuerto de Oaxaca, S.A. de C.V., Aeropuerto de Tapachula, S.A. de
C.V., Aeropuerto de Veracruz, S.A. de C.V., Aeropuerto de Villahermosa, S.A. de
C.V., Triturados Basalticos y Derivados, S.A. de C.V., Copenhagen Airports, Cintra
Concesiones de Infraestructuras de Transporte, S.A., Groupe GTM, S.A., Inversiones
y Tecnicas Aeroportuarias, S.A. de C.V. (ITA), Banco Nacional de Comercio
Exterior, S.N.C. (Bancomext) and ASA, together with an English translation
(incorporated by reference to our registration statement on Form F-1 (File No.
333-12486) filed on September 7, 2000).4.3
    
    
    Amendment to the Participation Agreement, the Shareholders Agreement and the
Technical Assistance Agreement among the Mexican Federal Government through the
Ministry of Communications and Transportation, NAFIN, Bancomext, the Company,
Servicios Aeroportuario del Sureste, S.A. de C.V., Aeropuerto de Cancún, S.A. de
C.V., Aeropuerto de Cozumel, S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V.,
Aeropuerto de Mérida, S.A. de C.V., Aeropuerto de Minatitlán, S.A. de C.V.,
Aeropuerto de Oaxaca, S.A. de C.V., Aeropuerto de Tapachula, S.A. de C.V.,
Aeropuerto de Veracruz, S.A. de C.V. and Aeropuerto de Villahermosa, S.A. de C.V.;
ITA, Triturados Basalticos y Derivados, S.A. de C.V., Copenhagen Airports, Cintra
Concesiones de Infraestructura de Transporte, S.A. de C.V. and Groupe GTM, S.A.
(incorporated by reference to our registration statement on Form F-1 (File No.
333-12486) filed on September 7, 2000).
  165




---



##### 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 Cancún, S.A. de C.V., Aeropuerto de Cozumel,
S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V., Aeropuerto de Mérida, S.A. de
C.V., Aeropuerto de Minatitlán, S.A. de C.V., Aeropuerto de Oaxaca, S.A. de C.V.,
Aeropuerto de Tapachula, S.A. de C.V., Aeropuerto de Veracruz, S.A. de C.V.,
Aeropuerto de Villahermosa, S.A. de C.V., Triturados Basalticos y Derivados, S.A.
de C.V., Copenhagen Airports, Cintra Concesiones de Infraestructuras de
Transporte, S.A., Groupe GTM, S.A., ITA, Bancomext, ASA and Fernando Chico Pardo,
English translation (incorporated by reference to our Form 20-F/A filed on July
31, 2007).4.5
    
    
    Technical Assistance and Transfer of Technology Agreement among the Company,
Servicios Aeroportuarios del Sureste, S.A. de C.V., Aeropuerto de Cancún, S.A. de
C.V., Aeropuerto de Cozumel, S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V.,
Aeropuerto de Mérida, S.A. de C.V., Aeropuerto de Minatitlán, S.A. de C.V.,
Aeropuerto de Oaxaca, S.A. de C.V., Aeropuerto de Tapachula, S.A. de C.V.,
Aeropuerto de Veracruz, S.A. de C.V., Aeropuerto de Villahermosa, S.A. de C.V.,
Triturados Basalticos y Derivados, S.A. de C.V., Copenhagen Airports, Cintra
Concesiones de Infraestructuras de Transporte, S.A., VINCI, S.A. and ITA, together
with an English translation (incorporated by reference to our registration
statement on Form F-1 (File No. 333-12486) filed on September 7, 2000).4.6
    
    
    Amendment, dated January 1, 2008 to the Technical Assistance and Transfer of
Technology Agreement among the Company, Grupo Servicios Aeroportuarios del
Sureste, S.A. de C.V., Aeropuerto de Cancún, S.A. de C.V., Aeropuerto de Cozumel,
S.A. de C.V., Aeropuerto de Huatulco, S.A. de C.V., Aeropuerto de Mérida, S.A. de
C.V., Aeropuerto de Minatitlán, S.A. de C.V., Aeropuerto de Oaxaca, S.A. de C.V.,
Aeropuerto de Tapachula, S.A. de C.V., Aeropuerto de Veracruz, S.A. de C.V.,
Aeropuerto de Villahermosa, S.A. de C.V., Copenhagen Airports, Fernando Gerardo
Chico Pardo and ITA (incorporated by reference to our Form 20-F filed on July 20,
2008).8.1
    
    
    List of material subsidiaries of the Company.11.1
    
    
    Code of Ethics (incorporated by reference to our Form 20-F filed on June 16, 2004).12.1
    
    
    Certification of Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.12.2
    
    
    Certification of Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.13.1
    
    
    Certifications of Chief Financial Officer and Chief Executive Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.15.1
    
    
    Consent of PricewaterhouseCoopers, S.C.
  166




---



##### 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   167




---



##### Table of Contents



GRUPO AEROPORTUARIO DEL SURESTE,
 S. A. B. DE C. V. AND SUBSIDIARIES
 CONSOLIDATED AUDITED FINANCIAL STATEMENTS
 DECEMBER 31, 2008, 2009 AND 2010




---



##### Table of Contents



GRUPO AEROPORTUARIO DEL SURESTE,  S. A. B. DE C. V. AND SUBSIDIARIES
 CONSOLIDATED AUDITED FINANCIAL STATEMENTS
 DECEMBER 31, 2008, 2009 AND 2010
 INDEX
 Contents
    
    PageReport of Independent Registered Public Accounting Firm
    
    F - 1 and 2Financial statements:Consolidated balance sheets
    
    
    F - 3Consolidated statements of income
    
    
    F - 4Consolidated statements of changes in stockholders equity
    
    
    F - 5Consolidated statements of cash flows
    
    
    F - 6Notes to the consolidated financial statements
    
    F - 7 to -65




---



##### Table of Contents



Internal Control  Integrated Framework




---



##### Table of Contents



F - 2




---



##### Table of Contents



GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. AND SUBSIDIARIES
(SOUTHEAST AIRPORT GROUP)
 
 CONSOLIDATED BALANCE SHEETS
 (Notes 1, 2 and 3)
  2009
    
    
    2010ASSETSCurrent assets:Cash and cash equivalents
    
    Ps.
    961,404
    
    
    Ps.
    1,442,879Accounts receivable  Net (Note 4)
    
    
    375,165
    
    
    
    389,960Recoverable taxes and other current assets  Net
    
    
    746,594
    
    
    
    836,649Total current assets
    
    
    2,083,163
    
    
    
    2,669,488Land, machinery and furniture (Note 5)
    
    
    980,851
    
    
    
    305,629Intangible asset  Airport concessions  Net (Notes 6 and 7)
    
    
    7,628,144
    
    
    
    14,945,330Rights to use airport facilities  Net (Notes 6 and 7)
    
    
    2,057,476
    
    
    
    Improvements to concessioned assets  Net (Note 8)
    
    
    3,658,731
    
    
    
    Recoverable asset tax
    
    
    96,006
    
    
    
    84,544Deferred income tax and employees statutory profit sharing (Note 14)
    
    
    2,421
    
    
    
    2,905Deferred flat tax (Note 14)
    
    
    188,916
    
    
    
    206,019Total assets
    
    Ps.
    16,695,708
    
    
    Ps.
    18,213,915LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Trade accounts payable
    
    Ps.
    8,145
    
    
    Ps.
    10,738Bank loans (Note 10)
    
    
    222,517
    
    
    
    243,102Accrued expenses and other accounts payable (Note 9)
    
    
    168,820
    
    
    
    242,820Total current liabilities
    
    
    399,482
    
    
    
    496,660LONG-TERM LIABILITIES:Bank loans (Note 10)
    
    
    329,836
    
    
    
    647,503Deferred income tax (Note 14)
    
    
    1,372,504
    
    
    
    1,461,089Deferred flat tax (Note 14)
    
    
    726,532
    
    
    
    801,389Seniority premiums and personnel severance pay (Note 3i)
    
    
    9,659
    
    
    
    11,817Total liabilities
    
    
    2,838,013
    
    
    
    3,418,458Stockholders equity (Note 11):Capital stock
    
    
    12,799,204
    
    
    
    12,799,204Legal reserve
    
    
    246,517
    
    
    
    287,117Retained earnings
    
    
    811,974
    
    
    
    1,709,136Total stockholders equity
    
    
    13,857,695
    
    
    
    14,795,457Commitments and contingencies (Note 17)Subsequent event (Note 19)Total liabilities and stockholders equity
    
    Ps.
    16,695,708
    
    
    Ps.
    18,213,915
  
 
  F - 3




---



##### 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, 2008, 2009 AND 2010
  For the yearsended December 31,2008
    
    
    2009
    
    
    2010REVENUES:Aeronautical services
    
    Ps.
    2,101,879
    
    
    Ps.
    2,042,647
    
    
    Ps.
    2,283,164Non-aeronautical services
    
    
    1,066,828
    
    
    
    1,088,537
    
    
    
    1,211,072Construction services (Notes 6 and 7)
    
    
    
    
    
    
    
    
    
    
    741,236Total revenues
    
    
    3,168,707
    
    
    
    3,131,184
    
    
    
    4,235,472OPERATING COSTS AND EXPENSES:Cost of services
    
    
    810,101
    
    
    
    788,562
    
    
    
    948,730Cost of construction
    
    
    
    
    
    
    
    
    
    
    741,236Technical assistance fee (Notes 6 and 7)
    
    
    104,485
    
    
    
    103,518
    
    
    
    110,712Government concession fee
    
    
    154,752
    
    
    
    150,559
    
    
    
    166,752General and administrative expenses
    
    
    114,159
    
    
    
    121,708
    
    
    
    164,506Depreciation and amortization
    
    
    601,513
    
    
    
    629,507
    
    
    
    379,210Total cost and operating expenses
    
    
    1,785,010
    
    
    
    1,793,854
    
    
    
    2,511,146COMPREHENSIVE FINANCING RESULT:Interest receivable
    
    
    139,680
    
    
    
    68,136
    
    
    
    54,444Interest payable
    
    
    (2,226
    )
    
    
    (24,295
    )
    
    
    (39,874
    )Exchange gains (losses), net
    
    
    36,818
    
    
    
    (21,122
    )
    
    
    12,749Loss on valuation of derivative financial instruments
(Note 3c)
    
    
    
    
    
    
    (2,563
    )
    
    
    (700
    )Net comprehensive financing income
    
    
    174,272
    
    
    
    20,156
    
    
    
    26,619Non ordinary items
    
    
    (9,734
    )
    
    
    (15,384
    )
    
    
    (804
    )Income before taxes on profits
    
    
    1,548,235
    
    
    
    1,342,102
    
    
    
    1,750,141Taxes on profits (Note 14):Asset tax
    
    
    60,091
    
    
    
    60,654
    
    
    
    11,462Income tax
    
    
    349,571
    
    
    
    320,331
    
    
    
    427,992Flat tax
    
    
    89,104
    
    
    
    163,707
    
    
    
    35,544Net income for the year
    
    Ps.
    1,049,469
    
    
    Ps.
    797,410
    
    
    Ps.
    1,275,143Earnings per share expressed in Mexican pesos (Note 11)
    
    Ps.
    3.50
    
    
    Ps.
    2.66
    
    
    Ps.
    4.25
  
 
  F - 4




---



##### 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
(Note 11)
  TotalCapital
    
    
    Legal
    
    
    Retained
    
    
    stockholdersstock
    
    
    reserve
    
    
    earnings
    
    
    equityBalance at January 1, 2008
    
    Ps.
    12,799,204
    
    
    Ps.
    167,926
    
    
    Ps.
    1,538,397
    
    
    Ps.
    14,505,527Transfer to legal reserve
    
    
    
    
    
    
    26,118
    
    
    
    (26,118
    )
    
    
    Dividends paid
    
    
    
    
    
    
    
    
    
    
    (600,000
    )
    
    
    (600,000
    )Comprehensive income
    
    
    
    
    
    
    
    
    
    
    1,049,469
    
    
    
    1,049,469Balance at December 31, 2008
    
    
    12,799,204
    
    
    
    194,044
    
    
    
    1,961,748
    
    
    
    14,954,996Transfer to legal reserve
    
    
    
    
    
    
    52,473
    
    
    
    (52,473
    )
    
    
    Dividends paid
    
    
    
    
    
    
    
    
    
    
    (1,884,000
    )
    
    
    (1,884,000
    )Income tax paid on dividends
    
    
    
    
    
    
    
    
    
    
    (10,711
    )
    
    
    (10,711
    )Comprehensive income
    
    
    
    
    
    
    
    
    
    
    797,410
    
    
    
    797,410Balance at December 31, 2009
    
    
    12,799,204
    
    
    
    246,517
    
    
    
    811,974
    
    
    
    13,857,695Recognition of IMFRS-17service concession contracts (Note 11)
    
    
    
    
    
    
    
    
    
    
    412,619
    
    
    
    412,619Transfer to legal reserve
    
    
    
    
    
    
    40,600
    
    
    
    (40,600
    )
    
    
    Dividends paid
    
    
    
    
    
    
    
    
    
    
    (750,000
    )
    
    
    (750,000
    )Comprehensive income
    
    
    
    
    
    
    
    
    
    
    1,275,143
    
    
    
    1,275,143Balance at December 31, 2010
    
    Ps.
    12,799,204
    
    
    Ps.
    287,117
    
    
    Ps.
    1,709,136
    
    
    Ps.
    14,795,457
  
 
  F - 5




---



##### Table of Contents



GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. AND SUBSIDIARIES
(SOUTHEAST AIRPORT GROUP)
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED ON DECEMBER 31, 2008, 2009 AND 2010
  For the yearended December 31,2008
    
    
    2009
    
    
    2010Operating activities:Income before taxes on profits
    
    Ps.
    1,548,235
    
    
    Ps.
    1,342,102
    
    
    Ps.
    1,750,141Items related to investing activities:Depreciation and amortization
    
    
    601,513
    
    
    
    629,507
    
    
    
    379,210Deferred employees statutory profit sharing (Note 14)
    
    
    (37,496
    )
    
    
    (2,421
    )
    
    
    (484
    )Interest income
    
    
    (139,679
    )
    
    
    (68,136
    )
    
    
    (54,444
    )Variation in operating assets and liabilities:Accounts receivable
    
    
    (81,785
    )
    
    
    (13,965
    )
    
    
    (14,795
    )Recoverable taxes and other current assets
    
    
    (137,836
    )
    
    
    189,032
    
    
    
    (24,986
    )Taxes on profits paid
    
    
    (178,966
    )
    
    
    (259,302
    )
    
    
    (222,206
    )Trade accounts payable, accrued expenses
and other payables
    
    
    (18,814
    )
    
    
    (440,010
    )
    
    
    34,840Cancellation of income tax on dividends
    
    
    
    
    
    
    (10,711
    )
    
    
    Net cash flow provided by operating activities
    
    
    1,555,172
    
    
    
    1,366,096
    
    
    
    1,847,276Investing activities:Improvements to concessioned assets and acquisition,
of furniture and equipment
    
    
    (935,772
    )
    
    
    (676,665
    )
    
    
    (719,904
    )Interest income
    
    
    139,679
    
    
    
    68,136
    
    
    
    54,444Net cash flow from investing activities
    
    
    (796,093
    )
    
    
    (608,529
    )
    
    
    (665,460
    )Surplus cash to be applied to financing activities:Financing activities:Bank loans received (Note 10)
    
    
    
    
    
    
    600,000
    
    
    
    920,000Bank loans paid (Note 10)
    
    
    
    
    
    
    (54,545
    )
    
    
    (574,621
    )Dividends paid
    
    
    (600,000
    )
    
    
    (1,884,000
    )
    
    
    (750,000
    )Income tax on dividends paid
    
    
    (351,264
    )
    
    
    (191,130
    )
    
    
    (295,720
    )Net cash flows used in financing activities
    
    
    (951,264
    )
    
    
    (1,529,675
    )
    
    
    (700,341
    )(Decrease) increase in cash and cash equivalents
    
    
    (192,185
    )
    
    
    (772,108
    )
    
    
    481,475Cash and cash equivalents, beginning of period
    
    
    1,925,697
    
    
    
    1,733,512
    
    
    
    961404Cash and cash equivalents, end of period
    
    Ps.
    1,733,512
    
    
    Ps.
    961,404
    
    
    Ps.
    1,442,879
  
 
  F - 6




---



##### Table of Contents



GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. AND SUBSIDIARIES
(SOUTHEAST AIRPORT GROUP)
 
 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2010 AND 2009
 
 NOTE 1  COMPANY HISTORY AND OPERATIONS:
      F - 7




---



##### Table of Contents



NOTE 2  BASIS FOR PREPARATION:
 Basis
   F - 8




---



##### Table of Contents



Effects of inflation on the financial information
   December 31,2009
    
    
    2010For the year
    
    
    3.57
    %
    
    
    4.40
    %Accumulated in the three last years
    
    
    14.48
    %
    
    
    15.19
    %
 
 CurrencyType
    
    2009
    
    2010Local posting
    
    Mexican peso
    
    Mexican pesoFunctional
    
    Mexican peso
    
    Mexican pesoReporting
    
    Mexican peso
    
    Mexican peso
   F - 9




---



##### Table of Contents



New Mexican Financial Reporting Standards effective January 1, 2010
           F - 10




---



##### Table of Contents



IMFRS-19 Changes resulting from the adoption of International Financial Reporting Standards
(IFRS): (the amounts included in this note have not been audited)
      Authorization of the consolidated financial statements:
  NOTE 3  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
    F - 11




---



##### Table of Contents



a) Consolidation:
  Ownership interest (%)Subsidiary
    
    2009
    
    
    2010Aeropuerto de Cancún, S. A. de C. V. (1)
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Cozumel, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Mérida, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Huatulco, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Oaxaca, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Veracruz, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Villahermosa, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Tapachula, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Aeropuerto de Minatitlán, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %RH Asur, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %Servicios Aeroportuarios del Sureste, S. A. de C. V.
    
    
    99.99
    %
    
    
    99.99
    %
 (1)
    
    Holding entity that consolidates subsidiaries Caribbean Logistics, S. A. de C.V.,
Cancun Aiport Services, S. A. de C.V., Asur FBO, S. A. de C.V., and Cargo RF, S. A. de C. V.
   b) Cash and cash equivalents:
   F - 12




---



##### Table of Contents



c) Derivative financial instruments:
    Fair
    
    
    Notional
    
    
    Date
    
    RateInstitution
    
    Value
    
    
    amount
    
    
    Beginning
    
    Expiring
    
    Variable
    
    
    Fixed2009
    
    
    2010
    
    
    
    
    
    
    
    
    
    
    (TIIE)Banco Santander, S.A.
    
    Ps.
    1,105
    
    
    Ps.
    1,404
    
    
    Ps.
    250,000
    
    
    31-Aug-09
    
    14-May-12
    
    
    6.38
    %
    
    
    6.37
    %BBVA Bancomer, S.A.
    
    
    1,199
    
    
    
    1,404
    
    
    
    250,000
    
    
    18-Aug-09
    
    21-May-12
    
    
    6.40
    %
    
    
    6.33
    %BBVA Bancomer, S.A.
    
    
    259
    
    
    
    455
    
    
    
    100,000
    
    
    31-Jul-09
    
    25-May-12
    
    
    6.40
    %
    
    
    6.21
    %Ps.
    2,563
    
    
    Ps.
    3,263
    
    
    Ps.
    600,000
    F - 13




---



##### Table of Contents



d) Embedded derivative instruments covered by the lease and derivative financial instrument
agreement:
  e) Land, furniture and equipment, net:
   YearsMachinery and equipment
    
    
    10Automotive equipment
    
    
    4Other
    
    Various
  f) Intangible assets.- airport concessions, rights to use airport facilities, improvements to
concessioned assets:
   F - 14




---



##### Table of Contents



g) Review of the book value of intangible assets:
  h) Liability provisions:
   F - 15




---



##### Table of Contents



i) Seniority premiums and employee severance pay:
      j) Stockholders Equity:
  k) Revenue recognition:
    F - 16




---



##### Table of Contents



F - 17




---



##### Table of Contents



Year endedDecember 31,2008
    
    
    2009
    
    
    2010Regulated services:Airport services
    
    Ps.
    2,211,226
    
    
    Ps.
    2,150,540
    
    
    Ps.
    2,399,227Non-regulated services:Airport services:Access fees from non-permanent
ground transportation
    
    
    14,679
    
    
    
    15,079
    
    
    
    17,029Car parking lots and related access fees
    
    
    48,431
    
    
    
    44,881
    
    
    
    43,609Other access fees
    
    
    3,227
    
    
    
    3,873
    
    
    
    2,945Commercial services
    
    
    840,984
    
    
    
    881,651
    
    
    
    980,954Other services
    
    
    50,160
    
    
    
    35,160
    
    
    
    50,472Total non-regulated services
    
    
    957,481
    
    
    
    980,644
    
    
    
    1,095,009Construction services
    
    
    
    
    
    
    
    
    
    
    741,236Ps.
    3,168,707
    
    
    Ps.
    3,131,184
    
    
    Ps.
    4,235,472
  l) Deferred Employees Statutory Profit Sharing (ESPS):
   m) Deferred income tax, deferred flat tax and tax on dividends:
   F - 18




---



##### Table of Contents



n) Comprehensive income:
  o) Foreign currency operations and exchange income (loss):
  p) Earnings per share:
  q) Concentrations:
    F - 19




---



##### Table of Contents



r) Segment reporting:
    s) Recently issued accounting standards:
      F - 20




---



##### Table of Contents



NOTE 4  TRADE RECEIVABLES, NET:
  December 31,2009
    
    
    2010Trade receivables
    
    Ps.
    383,473
    
    
    Ps.
    523,096Less: allowance for doubtful accounts
    
    
    (8,308
    )
    
    
    (133,136
    )Total accounts receivable
    
    Ps.
    375,165
    
    
    Ps.
    389,960
   F - 21




---



##### Table of Contents



NOTE 5  LAND FURNITURE AND EQUIPMENT:
   December 31,
    
    
    Depreciation2009
    
    
    2010
    
    
    rateMachinery and equipment
    
    Ps.
    156,455
    
    
    Ps.
    184,833
    
    
    
    10
    %Office furniture and equipment
    
    
    138,280
    
    
    
    154,343
    
    
    
    10
    %Automotive equipment
    
    
    173,784
    
    
    
    183,171
    
    
    
    25
    %Others
    
    
    7,361
    
    
    
    9,710
    
    
    other475,880
    
    
    
    532,057Less: accumulated depreciation
    
    
    (286,192
    )
    
    
    (217,782
    )Total
    
    
    189,688
    
    
    
    314,275Land
    
    
    444,496
    
    
    
    444,496Construction in progress (a)
    
    
    162,378
    
    
    
    601,491Advances to contractors
    
    
    184,289
    
    
    
    128,877980,851
    
    
    
    1,489,139Reclassification to airport concessions
(see Note 6)
    
    
    
    
    
    
    (1,183,510
    )Total machinery, furniture and equipment
    
    Ps.
    980,851
    
    
    Ps.
    305,629
  F - 22




---



##### Table of Contents



Reclassification of airport machinery and equipment,
net of accumulated depreciation, as of January 1, 2010 (*)
    
    Ps.
    (674,290
    )Effect of recognition of IMFRS-17 on retained
earnings (see note 11)
    
    
    (68,834
    )Depreciation 2010
    
    
    9,499Increase of construction in progress
and advances to contractors in 2010
    
    
    (449,885
    )Reclassification to airport concessions
    
    Ps.
    (1,183,510
    )
 (*)
    
    Includes Ps.345,457 of construction in progress and advances to contractors.  Machinery, furniture and equipment, net
    
    Ps.
    11,903Land (see note 17 c.)
    
    
    293,726Ps.
    305,629
    F - 23




---



##### Table of Contents



NOTE 6  AIRPORT CONCESSIONS:
  Remaining estimateduseful life(years)2009
    
    2010Acquisition cost
    
    Ps.
    12,710,426Allocated to:Rights to use airport facilities:Runways, taxiways, and aprons
    
    Ps.
    1,582,491
    
    
    39
    
    
    38Buildings
    
    
    511,858
    
    
    13-39
    
    
    38Other infrastructure
    
    
    132,067
    
    
    20
    
    
    38Land
    
    
    684,725
    
    
    39
    
    
    382,911,141Environmental liabilities
    
    
    (15,529
    )Airport concessions
    
    
    9,814,814
    
    
    39
    
    
    38Total
    
    Ps.
    12,710,426
   F - 24




---



##### Table of Contents



December 31,2009
    
    
    2010Airport concessions
    
    Ps.
    9,814,814
    
    
    Ps.
    9,814,814Other rights acquired (See note 7)
    
    
    493,635
    
    
    
    493,635Others
    
    
    1,311
    
    
    
    1,311Right to operation direct commercial, net
of accumulated amortization
    
    
    
    
    
    
    24,950Right to use airport facilities
    
    
    
    
    
    
    2,029,088Improvements to concessioned
assets (See note 8)
    
    
    
    
    
    
    4,260,432Land, machinery, furniture and equipment
(See note 5)
    
    
    
    
    
    
    1,183,51010,309,760
    
    
    
    17,807,740Less: accumulated amortization
    
    
    (2,681,616
    )
    
    
    (2,862,410
    )Airport concession
    
    Ps.
    7,628,144
    
    
    Ps.
    14,945,330Rights to use airport facilities
    
    Ps.
    2,911,141
    
    
    Ps.
    2,911,141Other rights acquired (See note 7)
    
    
    62,510
    
    
    
    62,510Others  write off
    
    
    (28,714
    )
    
    
    (29,681
    )Less: accumulated amortization
    
    
    (887,461
    )
    
    
    (914,882
    )Reclassification to airport concessions
    
    
    
    
    
    
    (2,029,088
    )Rights to use airport facilities
    
    Ps.
    2,057,476
    
    
    Ps.
    
   
    
    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 18).
  F - 25




---



##### Table of Contents




    
    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 laws and
regulations, and is subject to statutory oversight by the
Ministry of Communications and Transportation. The concession
fee is shown in the consolidated statement of income under
operating expenses.
    
    The concession holder must pay a concession fee
(currently 5% of each concession holders gross annual
regulated revenues) from the use of public domain assets
pursuant to the terms of its concessions as required by
applicable law. The concession fees are included in the
operating cost and expenses in the consolidated statements of
income.
    
    Fuel services and fuel 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.
 NOTE 7  OTHER RIGHTS ACQUIRED:
     F - 26




---



##### Table of Contents



Remainingestimateduseful livesas
of December 31, 2009(years)Acquisition cost
    
    Ps.
    556,145Allocated to:Rights to use:Buildings
    
    Ps.
    59,694
    
    
    17-39Other infrastructure
    
    
    2,816
    
    
    262,510Airport concessions
    
    
    493,635
    
    
    2Total
    
    Ps.
    556,145
    F - 27




---



##### Table of Contents



NOTE 8  IMPROVEMENTS TO CONCESSIONED ASSETS:
  December 31,2009
    
    
    2010Buildings
    
    Ps.
    1,679,080
    
    
    Ps.
    1,680,827Air side (a)
    
    
    1,577,878
    
    
    
    1,803,901Land side
    
    
    339,856
    
    
    
    346,237Technical installations
    
    
    308,701
    
    
    
    328,579Machinery and equipment
    
    
    263,271
    
    
    
    269,557Security equipment
    
    
    278,482
    
    
    
    282,948IT equipment
    
    
    306,212
    
    
    
    314,387Others
    
    
    44,862
    
    
    
    69,760Total
    
    
    4,798,342
    
    
    
    5,096,196Less: accumulated depreciation
    
    
    (1,139,611
    )
    
    
    (835,764
    )Reclassification to airport concessions
(see note 6)
    
    
    
    
    
    
    (4,260,432
    )Total
    
    Ps.
    3,658,731
    
    
    Ps.
    
  Reclassification of airports improvement to concessioned
Assets, net of accumulated depreciation as of
January 1, 2010
    
    Ps.
    (3,658,731
    )Effect of recognition IMFRS-17 on retained
earnings (See note 11)
    
    
    (412,559
    )Annual depreciation for 2010
    
    
    108,295Increase in improvements during 2010
    
    
    (297,437
    )Reclassification to airport concessions
    
    Ps.
    (4,260,432
    )
 (a)
    
    As of December 31, 2009, the Company completed and capitalized Ps.706,692 related to the
projects involving runway 2 and the control tower that was under construction at the Cancun
Airport, considered in the Master Development Plan.  F - 28




---



##### Table of Contents



Amount ofqualifying
    
    
    RIF capitalized in
    
    
    Annualized rate ofAsset type
    
    assets
    
    
    the year
    
    
    capitalizationImprovements to
concessioned assets
    
    Ps.
    130,142
    
    
    Ps.
    4,798
    
    
    
    2.74
    %Works in progress
    
    
    98,481
    
    
    
    3,100
    
    
    
    2.74
    %Total RIF capitalized
    
    Ps.
    228,623
    
    
    Ps.
    7,898
  Amount ofqualifying
    
    
    RIF capitalized in
    
    
    Annualized rate ofAsset type
    
    assets
    
    
    the year
    
    
    capitalizationImprovements to
concessioned assets
    
    Ps.
    32,802
    
    
    Ps.
    783
    
    
    
    2.43
    %Works in progress
    
    
    191,050
    
    
    
    4,233
    
    
    
    2.43
    %Total RIF capitalized
    
    Ps.
    223,852
    
    
    Ps.
    5,016
 NOTE 9  ACCRUED EXPENSES AND OTHER PAYABLES:
  December 31,2009
    
    
    2010Taxes payable
    
    Ps.
    39,610
    
    
    Ps.
    71,698Concession fees
    
    
    24,501
    
    
    
    40,750Due to Shareholder  ITA
    
    
    23,443
    
    
    
    24,577Other accruals
    
    
    81,266
    
    
    
    105,795Total
    
    Ps.
    168,820
    
    
    Ps.
    242,820
  F - 29




---



##### Table of Contents



NOTE 10  BANK LOANS:
   Credit line
    
    
    Amortization
    
    
    Commissions &
    
    
    TermBank
    
    amount drawn
    
    
    principal
    
    
    interest - Net
    
    
    Short
    
    
    LongIxe Banco, S. A.
    
    Ps.
    250,000
    
    
    Ps.
    (22,727
    )
    
    Ps.
    1,379
    
    
    Ps.
    92,288
    
    
    Ps.
    136,364Banco Santander,
S. A.
    
    
    250,000
    
    
    
    (22,727
    )
    
    
    3,725
    
    
    
    93,529
    
    
    
    137,469BBVA Bancomer,
S. A.
    
    
    100,000
    
    
    
    (9,091
    )
    
    
    1,794
    
    
    
    36,700
    
    
    
    56,003Ps.
    600,000
    
    
    Ps.
    (54,545
    )
    
    Ps.
    6,898
    
    
    Ps.
    222,517
    
    
    Ps.
    329,836
  Financial obligations
   F - 30




---



##### Table of Contents



Credit line
    
    
    Amortization
    
    
    Commissions &
    
    
    TermBank
    
    amount drawn
    
    
    principal
    
    
    interest - Net
    
    
    Short
    
    
    LongBBVA Bancomer,
S. A.
    
    Ps.
    350,000
    
    
    Ps.
    (29,166
    )
    
    Ps.
    (945
    )
    
    Ps.
    115,719
    
    
    Ps.
    204,170Banco Nacional de
México, S. A.
    
    
    570,000
    
    
    
    
    
    
    
    716
    
    
    
    127,383
    
    
    
    443,333Ps.
    920,000
    

    
    Ps.
    (29,166
    )
    
    Ps.
    (229
    )
    
    Ps.
    243,102
    
    
    Ps.
    647,503
 Financial obligations
       F - 31




---



##### Table of Contents



NOTE 11  STOCKHOLDERS EQUITY:
  Numberof shares
    
    
    Description
    
    Amount277,050,000
    
    
    Series B
    
    Ps.
    7,173,07922,950,000
    
    
    Series BB
    
    
    594,197300,000,000
    
    
    Minimum capital
    
    
    7,767,276Accumulated restatement effect
    
    
    5,031,928Capital stock at December 31, 2010
    
    Ps.
    12,799,204
  ValueItem
    
    Historical
    
    
    Restated
    
    
    TotalFixed capital stock
    
    Ps.
    7,767,276
    
    
    Ps.
    5,031,928
    
    
    Ps.
    12,799,204Legal reserve
    
    
    264,092
    
    
    
    23,025
    
    
    
    287,117Retained earnings
    
    
    2,692,617
    
    
    
    (983,481
    )
    
    
    1,709,136Total
    
    Ps.
    10,723,985
    
    
    Ps.
    4,071,472
    
    
    Ps.
    14,795,457
   F - 32




---



##### Table of Contents



Dividends
        F - 33




---



##### Table of Contents



Accumulated depreciation of machinery and equipment (See note 5)
    
    Ps.
    68,834Accumulated depreciation of improvement of concessioned
assets (See note 8)
    
    
    412,560Accumulated depreciation of rights to use concessioned assets
    
    
    66,885Deferred income tax (See note 14)
    
    
    (108,454
    )Deferred flat rate tax (See note 14)
    
    
    (27,206
    )Ps.
    412,619
 NOTE 12  RENTALS UNDER OPERATING LEASES:
  Year ending December 31:2011
    
    Ps.
    575,1252012
    
    
    543,6872013
    
    
    490,7232014
    
    
    483,2472015
    
    
    448,4112016 and 2017
    
    
    595,509Total
    
    Ps.
    3,136,702
  F - 34




---



##### Table of Contents



NOTE 13  FOREIGN CURRENCY BALANCES AND TRANSACTIONS:
  Foreign currency
    
    
    Period endamounts
    
    
    Exchange rate
    
    
    Mexican pesos(thousands)
    
    
    
    
    
    
    (thousands)December 31, 2009Assets:Cash and
cash equivalents
    
    US$
    8,388
    
    
    Ps.
    13.0659
    
    
    Ps.
    109,597Prepaid advances
    
    
    1,546
    
    
    
    13.0659
    
    
    
    20,200Deposits
    
    
    36
    
    
    
    13.0659
    
    
    
    470Clients
    
    
    4,032
    
    
    
    13.0659
    
    
    
    52,682Liabilities:Accrued expenses and other
balances payables
    
    US$
    325
    
    
    Ps.
    13.0659
    
    
    Ps.
    4,246Deposits
    
    
    1,212
    
    
    
    13.0659
    
    
    
    15,836Net long position
    
    US$
    12,465
    
    
    
    
    
    
    Ps.
    162,867
 Foreign currency
    
    
    Period endamounts
    
    
    Exchange rate
    
    
    Mexican pesos(thousands)
    
    
    
    
    
    
    (thousands)December 31, 2010Assets:Cash and
cash equivalents
    
    US$
    11,740
    
    
    Ps.
    12.3496
    
    
    Ps.
    144,985Prepaid advances
    
    
    1,489
    
    
    
    12.3496
    
    
    
    1,013Deposits
    
    
    82
    
    
    
    12.3496
    
    
    
    45,805Clients
    
    
    3,709
    
    
    
    12.3496
    
    
    
    18,389Liabilities:Accrued expenses and other
balances payables
    
    US$
    430
    
    
    Ps.
    12.3496
    
    
    Ps.
    5,310Deposits
    
    
    1,636
    
    
    
    12.3496
    
    
    
    20,204Net long position
    
    US$
    14,954
    
    
    
    
    
    
    Ps.
    184,678
  F - 35




---



##### Table of Contents



Foreign currency
    
    
    Averageamounts
    
    
    exchange rate
    
    
    Mexican pesos(thousands)
    
    
    
    
    
    
    (thousands)Year ended December 31, 2008:Statement of income:Professional services expenses
    
    US$
    1,825
    
    
    Ps.
    11.3972
    
    
    Ps.
    20,800Other
    
    
    3,025
    
    
    
    11.3682
    
    
    
    34,389Year ended December 31, 2009:Statement of income:Professional services expenses
    
    US$
    2,184
    
    
    Ps.
    13.2230
    
    
    Ps.
    28,879Other
    
    
    3,877
    
    
    
    13.3330
    
    
    
    51,692Year ended December 31, 2010:Income statement:Professional services expenses
    
    US$
    1,851
    
    
    Ps.
    12.2950
    
    
    Ps.
    22,758Other
    
    
    4,460
    
    
    
    12.5823
    
    
    
    56,117
   F - 36




---



##### Table of Contents



NOTE 14  INCOME TAX, ASSET TAX AND FLAT TAX:
       For the yearsended December 31,2008
    
    
    2009
    
    
    2010Current income tax
    
    Ps.
    408,536
    
    
    Ps.
    88,224
    
    
    Ps.
    447,861Deferred income tax
    
    
    (58,965
    )
    
    
    232,107
    
    
    
    (19,869
    )Provision for income tax
    
    Ps.
    349,571
    
    
    Ps.
    320,331
    
    
    Ps.
    427,992
  F - 37




---



##### Table of Contents



For the yearsended December 31,2008
    
    
    2009
    
    
    2010Income before statutory
income tax
    
    Ps.
    1,548,235
    
    
    Ps.
    1,342,102
    
    
    Ps.
    1,750,141Less: income from subsidiaries
subject to flat tax
    
    
    (25,154
    )
    
    
    (134,689
    )
    
    
    (204,334
    )Income before statutory
income tax
    
    
    1,523,081
    
    
    
    1,207,413
    
    
    
    1,545,807Statutory income tax rate
    
    
    28
    %
    
    
    28
    %
    
    
    30
    %Income tax to statutory rate
    
    
    426,463
    
    
    
    338,076
    
    
    
    463,742Nondeductible expenses and
other permanent differences
    
    
    (10,768
    )
    
    
    132
    
    
    
    Nontaxable income
    
    
    (6,410
    )
    
    
    
    
    
    
    Annual adjustment for inflation
    
    
    (28,278
    )
    
    
    (5,565
    )
    
    
    (7,512
    )Discontinuation of inflation
    
    
    (31,436
    )
    
    
    (23,871
    )
    
    
    (29,697
    )Change in book and tax
depreciation rates
    
    
    
    
    
    
    
    
    
    
    1,459Change in tax rate
    
    
    
    
    
    
    11,559
    
    
    
    Income tax provision
    
    Ps.
    349,571
    
    
    Ps.
    320,331
    
    
    Ps.
    427,992Effective income tax rate
    
    
    23
    %
    
    
    27
    %
    
    
    28
    %
  F - 38




---



##### Table of Contents



December 31,2009
    
    
    2010Deferred asset tax:Tax loss carry-forwards
    
    Ps.
    42,939
    
    
    Ps.
    Other
    
    
    64,304
    
    
    
    84,064Recoverable asset tax
    
    
    393,531
    
    
    
    393,531500,774
    
    
    
    477,595Deferred tax liabilities:Airport concessions, rights to use
airport facilities and machinery furniture
and equipment
    
    
    (1,870,874
    )
    
    
    (1,890,590
    )Other
    
    
    (2,404
    )
    
    
    (48,094
    )(1,873,278
    )
    
    
    (1,938,684
    )Net deferred tax liabilities
    
    Ps.
    (1,372,504
    )
    
    Ps.
    (1,461,089
    )
     F - 39




---



##### Table of Contents



F - 40




---



##### Table of Contents



December 31,2008
    
    
    2009
    
    
    2010Current flat tax
    
    Ps.
    78,225
    
    
    Ps.
    126,111
    
    
    Ps.
    4,996Deferred flat tax
    
    
    10,879
    
    
    
    37,596
    
    
    
    30,548Provision for flat tax
    
    Ps.
    89,104
    
    
    Ps.
    163,707
    
    
    Ps.
    35,544
  December 31,2009
    
    
    2010Deferred flat tax liability:Airport concessions, rights to use
airport facilities, improvements to concessions asset
and machinery furniture and equipment
    
    Ps.
    4,039,110
    
    
    Ps.
    4,513,589Trade receivable
    
    
    127,929
    
    
    
    106,534Others
    
    
    (15,428
    )
    
    
    (40,757
    )4,151,611
    
    
    
    4,579,366Applicable flat tax rate
    
    
    17.5
    %
    
    
    17.5
    %Deferred flat tax liability
    
    Ps.
    726,532
    
    
    Ps.
    801,389Tax credit by:Airport concessions, rights to use
airport facilities, improvements to concessions asset
and machinery furniture and equipment
    
    Ps.
    174,682
    
    
    Ps.
    175,454Excess deductions on taxable income
    
    
    14,234
    
    
    
    30,565Deferred flat tax asset
    
    
    188,916
    
    
    
    206,019Deferred flat tax liability net
    
    Ps.
    537,616
    
    
    Ps.
    595,370
   F - 41




---



##### Table of Contents



NOTE 15  TECHNICAL ASSISTANCE AGREEMENT:
    st
  NOTE 16  RELATED PARTY TRANSACTIONS:
    F - 42




---



##### Table of Contents



December 31,2009
    
    
    2010Accounts receivable:Compañía Méxicana de Aviación, S. A. de C. V.
(Key management personnel)
    
    Ps.
    36,956
    
    
    Ps.
    25,631Accounts payable:Inversiones y Técnicas Aeroportuarias, S. A. de C. V.
(Shareholder)
    
    Ps.
    (23,443
    )
    
    Ps.
    (25,481
    )Promecap, S. C. (Key Management personnel)
    
    
    (488
    )
    
    
    (466
    )Lava Tap de Chiapas, S. A. de C. V. (Key management
Personnel)
    
    
    (292
    )
    
    
    (316
    )Teléfonos de México, S. A. de C. V. (Key management
Personnel)
    
    
    (20
    )
    
    
    (150
    )(24,243
    )
    
    
    (26,413
    )Net
    
    Ps.
    12,713
    
    
    Ps.
    (782
    )
  F - 43




---



##### Table of Contents



2008
    
    
    2009
    
    
    2010Revenues from airport services
    
    Ps.
    159,014
    
    
    Ps.
    133,136
    
    
    Ps.
    53,892Technical assistance
    
    
    (104,485
    )
    
    
    (103,518
    )
    
    
    (110,712
    )Administrative services
    
    
    (5,181
    )
    
    
    (6,408
    )
    
    
    (5,763
    )Leases
    
    
    (2,617
    )
    
    
    (3,212
    )
    
    
    (3,001
    )Telephone services and network connections
    
    
    (6,931
    )
    
    
    (3,754
    )
    
    
    (4,295
    )Cleaning services
    
    
    (10,224
    )
    
    
    (9,662
    )
    
    
    (10,129
    )Investment (transport equipment)
    
    
    
    
    
    
    (6,392
    )
    
    
    (181
    )Others
    
    
    (4,354
    )
    
    
    (2,461
    )
    
    
    (2,709
    )
  2009
    
    
    2010Compensation to key personnel
    
    Ps.
    23,756
    
    
    Ps.
    20,836Compensation to Board of Directors and Committees
    
    
    7,401
    
    
    
    5,820
 NOTE 17  COMMITMENTS AND CONTINGENCIES:
 Commitments
 a)
    
    The Company leases office space under an operating lease agreement with an extension of an
additional 60 months, which started on May 21, 2010. The monthly lease fee is US$19,653.
 Rental expense was approximately Ps.2,617, Ps.3,212 and Ps.3,123 for the years ended December 31,
2008, 2009 and 2010, respectively.
 b)
    
    On March 31, 2009, the Company received the approval of the Ministry of Communications and
Transportation for its Master Development Plan (MDP) for each of the nine airports for the
period from 2009 through 2013. Based on the MDPs presented, the Company has agreed to make
total improvements in those years. The commitments are the follows:
 Period
    
    Amount2011
    
    Ps.
    975,2272012
    
    
    724,1402013
    
    
    519,408Ps.
    2,218,775
    (1)
 
 (1)
    
    Expressed in pesos adjusted to December 31, 2010 purchasing power, applying
Mexican National Construction Price Index factors according to the MDP terms.  F - 44




---



##### Table of Contents



c)
    
    In accordance with the terms for the purchase of the land in Huatulco in October 2008, the
Company is required to build 450 hotel rooms within four years. To this end, the Company
intends to enter into agreements with third parties, in order to honor the commitment assumed
with FONATUR. On February 26, 2009, the Company delivered its proposal for a Comprehensive
Tourism Plan related to this project to FONATUR, and as of that date said proposal is pending
approval. In the event the committed percentage of completion is not duly met for the
different stages of the project or if the assumed requirements are not satisfied, the Company
could be subject to penalties, including a fine of up to 6.5% of the amount paid for the land
or Ps.17,200, and to possible expropriation by FONATUR of the land in question.
 Contingencies
 a)
    
    The Companys operations are subject to Mexican federal and state laws.
 b)
    
    At present, two labor-law claims have been filed against the Company mainly relating to
involuntary terminations. Should those claims result in a negative ruling, they would not have
significant effects for the Company. The Company is currently in the judicial process and no
ruling has been handed down at the date of this report. The total amount of these claims is
approximately Ps. 2 million. At December 31, 2010, the Company has not established a provision
for this item.
 c)
    
    The Companys tax returns are regularly reviewed by the Mexican tax authorities. The
Companys 2006 and 2007 tax years for the Cancun airport are currently under the tax
authoritys review.
 d)
    
    The Huatulco municipal government has initiated legal procedures against the Company to claim
payment of the property tax of the land where the airport is located. The Company believes
that there are no legal grounds for the suit, as has been the case in other Group airports
where the Company was handed down a favorable ruling concerning the payment of the tax in
question (although the municipality has since taken legal action to file a request for a
motion for reconsideration). Management believes that any liabilities relating to these
claims are not likely to have a material adverse effect on the Companys consolidated
financial position or the results of its operations and consolidated cash flows. At December
31, 2010, the Company has set up a reserve in this regard.
 e)
    
    The Mexican Department of Civil Aviation (DGAC) has filed twelve administrative lawsuits
against the Company based on a series of audits carried out from 2004 to 2006. The Company has
begun counter-proceedings, as it considers that these lawsuits are invalid due to the
inappropriateness of procedures followed by the DGAC. In the case of Aeropuerto de
inappropriateness of procedures followed by the DGAC. In the case of Aeropuerto de
Cozumel, S.A. de C.V., the authorities declared the expiration of the verification procedure.
Since these lawsuits make no reference to the number of observations that have not been resolved
or to the possible penalties that might be applied, it is not possible to estimate the potential
effects on the consolidated financial position, results of operations or cash flows of the
Company.
  F - 45




---



##### Table of Contents



NOTE 18  SEGMENT INFORMATION:
  Year ended
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Consolidation
    
    
    ConsolidationDecember 31, 2008
    
    Cancun
    
    
    Villahermosa
    
    
    Mérida
    
    
    Servicios
    
    
    Other
    
    
    Adjustments
    
    
    TotalTotal revenues
    
    Ps.
    2,449,918
    
    
    Ps.
    139,899
    
    
    Ps.
    178,616
    
    
    Ps.
    421,034
    
    
    Ps.
    1,544,649
    
    
    Ps.
    (1,565,409
    )
    
    Ps.
    3,168,707Operating income (loss)
    
    
    356,192
    
    
    
    27,590
    
    
    
    2,549
    
    
    
    (19,307
    )
    
    
    1,016,673
    
    
    
    
    
    
    
    1,383,697Total assets
    
    
    10,746,482
    
    
    
    924,198
    
    
    
    1,252,538
    
    
    
    43,942
    
    
    
    19,434,765
    
    
    
    (15,027,331
    )
    
    
    17,374,594Capital expenditures
    
    
    497,988
    
    
    
    9,127
    
    
    
    15,877
    
    
    
    1,025
    
    
    
    411,755
    
    
    
    935,772Depreciation and
amortization
    
    
    390,589
    
    
    
    32,366
    
    
    
    46,997
    
    
    
    1,830
    
    
    
    129,731
    
    
    
    601,513
 Year ended
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Consolidation
    
    
    ConsolidationDecember 31, 2009
    
    Cancun
    
    
    Villahermosa
    
    
    Mérida
    
    
    Servicios
    
    
    Other
    
    
    Adjustments
    
    
    TotalTotal revenues
    
    Ps.
    2,421,840
    
    
    Ps.
    119,345
    
    
    Ps.
    182,177
    
    
    Ps.
    424,469
    
    
    Ps.
    868,616
    
    
    Ps.
    (885,263
    )
    
    Ps.
    3,131,184Operating income (loss)
    
    
    1,033,075
    
    
    
    10,989
    
    
    
    25,909
    
    
    
    7,250
    
    
    
    260,107
    
    
    
    
    
    
    
    1,337,330Total assets
    
    
    11,521,533
    
    
    
    879,072
    
    
    
    1,247,460
    
    
    
    31,864
    
    
    
    17,635,881
    
    
    
    (14,620,102
    )
    
    
    16,695,708Capital expenditures
    
    
    357,343
    
    
    
    46,121
    
    
    
    72,792
    
    
    
    336
    
    
    
    200,073
    
    
    
    
    
    
    
    676,665Depreciation and
amortization
    
    
    401,429
    
    
    
    33,805
    
    
    
    48,656
    
    
    
    1,686
    
    
    
    143,931
    
    
    
    
    
    
    
    629,507
 Year ended
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Consolidation
    
    
    ConsolidationDecember 31, 2010
    
    Cancun
    
    
    Villahermosa
    
    
    Mérida
    
    
    Servicios
    
    
    Other
    
    
    Adjustments
    
    
    TotalTotal revenues
    
    Ps.
    2,951,493
    
    
    Ps.
    244,673
    
    
    Ps.
    342,609
    
    
    Ps.
    454,081
    
    
    Ps.
    1,177,220
    
    
    Ps.
    (934,604
    )
    
    Ps.
    4,235,472Operating income (loss)
    
    
    1,312,712
    
    
    
    27,166
    
    
    
    61,558
    
    
    
    1,767
    
    
    
    321,123
    
    
    
    
    
    
    
    1,724,326Total assets
    
    
    12,447,673
    
    
    
    950,561
    
    
    
    1,355,470
    
    
    
    49,269
    
    
    
    18,673,170
    
    
    
    (15,262,228
    )
    
    
    18,213,915Capital expenditures
    
    
    255,017
    
    
    
    98,108
    
    
    
    132,665
    
    
    
    690
    
    
    
    233,424
    
    
    
    
    
    
    
    719,904Depreciation and
amortization
    
    
    251,605
    
    
    
    18,778
    
    
    
    28,644
    
    
    
    2,856
    
    
    
    77,327
    
    
    
    
    
    
    
    379,210
   F - 46




---



##### Table of Contents



NOTE 19  SUBSEQUENT EVENT:
   NOTE 20 DIFFERENCES BETWEEN MEXICAN FINANCIAL REPORTING STANDARDS AND US GAAP:
  Adoption of new accounting principles
   F - 47




---



##### Table of Contents



For the year ended December 31,2008
    
    
    2009
    
    
    2010Reconciliation of net income:Net income as reported under
MFRS
    
    Ps.
    1,049,469
    
    
    Ps.
    797,410
    
    
    Ps.
    1,275,143US GAAP adjustments:(A) Amortization of airport concessions (1)
    
    
    196,336
    
    
    
    196,336
    
    
    
    (A) Amortization of rights to use airport facilities (1)
    
    
    10,341
    
    
    
    10,693
    
    
    
    (B) Amortization of Terminal 1 building
write-off reversal
    
    
    109
    
    
    
    109
    
    
    
    1,157(C) Contract termination fee on leasehold
agreement
    
    
    16,165
    
    
    
    10,766
    
    
    
    (D) Concession fee on leasehold agreement, (1)
    
    
    6,186
    
    
    
    6,186
    
    
    
    (E) Effects from the recognition of IMFRS-17 (1)
    
    
    
    
    
    
    
    
    
    
    (57,022
    )(F) Tax on dividends
    
    
    
    
    
    
    (10,711
    )
    
    
    (G) Deferred employees statutory profit
sharing
    
    
    (15,895
    )
    
    
    (2,227
    )
    
    
    1,222(H) Deferred income taxes
    
    
    (36,649
    )
    
    
    (77,479
    )
    
    
    21,290(I) Deferred flat rate business tax
    
    
    (6,453
    )
    
    
    (11,847
    )
    
    
    9,247Total US GAAP adjustments
    
    
    170,140
    
    
    
    121,826
    
    
    
    (24,106
    )Net income under US GAAP
    
    Ps.
    1,219,609
    
    
    Ps.
    919,236
    
    
    Ps.
    1,251,037Basic and diluted earnings per share
    
    Ps.
    4.07
    
    
    Ps.
    3.06
    
    
    Ps.
    4.17
 (1)
    
    The 2010 adjustment is included under Intangible asset  Airport concessions as a result of
the adoption of IMFRS-17 effective on January 1, 2010 (See Note 20 (E)).  F - 48




---



##### Table of Contents



As of December 31,2009
    
    
    2010Reconciliation of stockholders equity:Total stockholders equity reported under
MFRS
    
    Ps.
    13,857,695
    
    
    Ps.
    14,795,457US GAAP adjustments:(A) Airport concessions (1)
    
    
    (7,622,856
    )
    
    
    (A) Rights to use airport facilities (1)
    
    
    (447,562
    )
    
    
    (B) Terminal 1 write-off reversal
    
    
    (49,835
    )
    
    
    (48,678
    )(C) Contract termination fee on leasehold agreement
    
    
    
    
    
    
    (D) Concession fee on leasehold agreement
    
    
    (6,173
    )
    
    
    (E) Effects of the recognition of IMFRS-17 (1)
    
    
    
    
    
    
    (8,546,232
    )(G) Deferred employees statutory profit
sharing
    
    
    (807
    )
    
    
    415(H) Deferred income taxes
    
    
    1,578,170
    
    
    
    1,599,460(I) Deferred flat rate business tax
    
    
    379,861
    
    
    
    389,108Total US GAAP adjustments
    
    
    (6,169,202
    )
    
    
    (6,605,927
    )Total stockholders equity under US GAAP
    
    Ps.
    7,688,493
    
    
    Ps.
    8,189,530
 (1)
    
    The 2010 adjustment is included under Intangible asset  Airport concessions as a result of
the adoption of IMFRS-17 effective on January 1, 2010 (See Note 20(E)).  Balance at December 31, 2008
    
    Ps.
    8,653,257Net income
    
    
    919,236Dividends declared
    
    
    (1,884,000
    )Balance at December 31, 2009
    
    
    7,688,493Net income
    
    
    1,251,037Dividends declared
    
    
    (750,000
    )Balance at December 31, 2010
    
    Ps.
    8,189,530
  F - 49




---



##### Table of Contents



As of December 31,2009
    
    
    2010AssetsCurrent assets:Cash and cash equivalents
    
    Ps.
    876,922
    
    
    Ps.
    1,442,879Other current assets
    
    
    957,561
    
    
    
    664,512Current deferred income tax
    
    
    13,303
    
    
    
    24,190Current dividend income tax
    
    
    253,191
    
    
    
    307,411Current deferred flat rate tax
    
    
    24,124
    
    
    
    54,694Total current assets
    
    
    2,125,101
    
    
    
    2,493,686Improvements to concessioned assets, land,
machinery, furniture and equipment  net
    
    
    4,639,582
    
    
    
    5,009,638Airport concessions  net
    
    
    5,237
    
    
    
    Rights to use airport facilities  net
    
    
    1,560,081
    
    
    
    1,510,751Noncurrent deferred employees statutory profit
sharing
    
    
    1,614
    
    
    
    3,320Noncurrent deferred income tax
    
    
    576,017
    
    
    
    747,735Total assets
    
    Ps.
    8,907,632
    
    
    Ps.
    9,765,130Liabilities and stockholders equityCurrent liabilities:Other liabilities
    
    Ps.
    183,140
    
    
    Ps.
    253,558Bank loans current portion
    
    
    222,517
    
    
    
    243,102Seniority premiums
    
    
    9,659
    
    
    
    11,817Total current liabilities
    
    
    415,316
    
    
    
    508,477Bank loans and financial derivatives
    
    
    329,836
    
    
    
    647,503Deferred income tax liability
    
    
    292,108
    
    
    
    185,870Deferred flat rate tax liability
    
    
    181,879
    
    
    
    233,750Total liabilities
    
    
    1,219,139
    
    
    
    1,575,600Total stockholders equity
    
    
    7,688,493
    
    
    
    8,189,530Total liabilities and stockholders equity
    
    Ps.
    8,907,632
    
    
    Ps.
    9,765,130
  F - 50




---



##### Table of Contents



For the years endedDecember 31,2008
    
    
    2009
    
    
    2010Net revenues
    
    Ps.
    3,174,893
    
    
    Ps.
    3,137,370
    
    
    Ps.
    3,500,409Cost of services (1)
    
    
    (825,997
    )
    
    
    (790,789
    )
    
    
    (947,508
    )General and administrative
expenses (1)
    
    
    (114,159
    )
    
    
    (121,708
    )
    
    
    (164,506
    )Depreciation and amortization
    
    
    (378,561
    )
    
    
    (411,603
    )
    
    
    (441,248
    )Other expenses
    
    
    (268,971
    )
    
    
    (269,461
    )
    
    
    (278,268
    )Operating expenses
    
    
    (1,587,688
    )
    
    
    (1,593,561
    )
    
    
    (1,831,530
    )Operating income
    
    
    1,587,205
    
    
    
    1,543,809
    
    
    
    1,668,879Net comprehensive financing income
    
    
    174,273
    
    
    
    20,156
    
    
    
    26,619Taxes (2)
    
    
    (541,869
    )
    
    
    (644,729
    )
    
    
    (444,461
    )Net income
    
    Ps.
    1,219,609
    
    
    Ps.
    919,236
    
    
    Ps.
    1,251,037
 (1)
    
    Exclusive of depreciation and amortization.(2)
    
    Consists of asset tax, tax on dividends, income taxes and flat rate tax.(A) Airport concessions, rights to use airport facilities and environmental liabilities    F - 51




---



##### Table of Contents



Year
    
    Concession
    
    
    Rights to use airport facilities2011
    
    
    
    
    
    
    52,2472012
    
    
    
    
    
    
    51,8482013
    
    
    
    
    
    
    51,7792014
    
    
    
    
    
    
    50,8622015
    
    
    
    
    
    
    49,690
  (B) Terminal 1 building write-off reversal
   (C) Contract termination fee on leasehold agreements
  (D) Concession fee on leasehold agreement
   F - 52




---



##### Table of Contents



(E) Effect of the Recognition of IMFRS-17
 Airport concessions, rights
to use airport facilities and environmental liabilities
 Income statement effects:Amortization of airport concessions (i)
    
    Ps.
    196,336Amortization of rights to use airport facilities (ii)
    
    
    (261
    )Concession fee on leasehold agreement (iii)
    
    
    6,173Additional depreciation and amortization under
U.S.GAAP for improvements to concessioned assets (ii)
    
    
    (259,270
    )Total effect from IMFRS-17 on Income statement
    
    Ps.
    (57,022
    )Stockholders equity effects:Airport concessions (i)
    
    Ps.
    (7,426,520
    )Rights to use airport facilities (ii)
    
    
    (447,823
    )Additional depreciation and amortization under
U.S.GAAP for improvements to concessioned assets (ii)
    
    
    (259,270
    )Recognition of IMFRS-17 in retained earnings under MFRS (iv)
    
    
    (412,619
    )Total effect from IMFRS-17 on stockholders equity
    
    Ps.
    (8,546,232
    )
 i.
    
    As described in US GAAP adjustment (A), the historical carrying value of the
concessions under US GAAP are lower than MFRS and this adjustment recognizes the
difference in the depreciation expense and carrying value of such.
  F - 53




---



##### Table of Contents



ii.
    
    As described in US GAAP adjustment (A), the carrying value of the rights to use
airport facilities was historically higher under MFRS than US GAAP. In 2010, under
MFRS, the carrying value was reclassified to Concessions and the depreciation period
extended to match the concession period. Under US GAAP, the 2010 adjustments restores
the depreciation lives to that previously used (based on the underlying concessioned
assets) and also accounts for the difference in the depreciation for the difference in
historical carrying values.iii.
    
    As described in US GAAP adjustment (D), the Company recognized the fee as
income as collected and under US GAAP, the income is recognized on a straight line
basis over the term of the agreement.iv.
    
    Upon adoption of IMFRS-17 in 2010 for MFRS, improvements to concessioned assets
were reclassified to the Concession line item and the depreciation lives extended to
coincide with the remaining concession period. Under US GAAP, the adjustment reverses
such MFRS accounting and the assets continue to be depreciated over their economic
useful life which is shorter. The adjustment to retained earnings of Ps. 412,619 as
well as adjustments of Ps. 108,454 of deferred income tax and 27,206 of deferred flat
tax have been reversed for US GAAP purposes.
 (F) Tax on dividends
   (G) Deferred Employees Statutory Profit Sharing (PTU)
   F - 54




---



##### Table of Contents



(H) Deferred income taxes
     F - 55




---



##### Table of Contents



As of December 31,2009
    
    
    2010Current deferred income tax:Accrued liabilities
    
    Ps.
    5,122
    
    
    Ps.
    7,346Tax paid on dividends
    
    
    253,191
    
    
    
    350,921Tax loss carry-forwards
    
    
    42,939
    
    
    
    Prepaid and other current liabilities
    
    
    54,340
    
    
    
    20,268Less: Current valuation allowance
    
    
    (89,098
    )
    
    
    (46,934
    )Net current deferred income tax
    
    
    266,494
    
    
    
    331,601Noncurrent deferred income tax:Tax paid on dividends
    
    
    191,130
    
    
    
    295,720Tax loss carry-forwards
    
    
    142,113
    
    
    
    146,157Others
    
    
    2,069
    
    
    
    18,158335,312
    
    
    
    460,035Less: Noncurrent valuation allowance
    
    
    (152,826
    )
    
    
    (105,831
    )Noncurrent deferred income tax asset182,486
    
    
    
    354,204Noncurrent deferred income tax liability:Fixed assets
    
    
    (290,227
    )
    
    
    (184,459
    )Other deferred assets
    
    
    (1,881
    )
    
    
    (1,411
    )Noncurrent deferred tax liability
    
    
    (292,108
    )
    
    
    (185,870
    )Net noncurrent deferred income tax asset (liability)
    
    
    (109,622
    )
    
    
    168,334Total net deferred income tax asset
    
    
    156,872
    
    
    
    499,935Recoverable asset tax
    
    
    393,531
    
    
    
    393,531Net deferred income asset tax under US GAAP
    
    
    550,403
    
    
    
    893,466Net deferred income tax liability under MFRS
    
    
    1,027,767
    
    
    
    705,994Net deferred income tax US GAAP adjustments
to the net deferred income tax liability
    
    Ps.
    1,578,170
    
    
    Ps.
    1,599,460
  F - 56




---



##### Table of Contents



(I) Deferred flat rate tax
    F - 57




---



##### Table of Contents



As of December 31,2009
    
    
    2010Deferred IETU tax asset:Accrued liabilities
    
    Ps.
    24,124
    
    
    Ps.
    54,694Deferred IETU liability:Fixed assets
    
    Ps.
    (151,597
    )
    
    Ps.
    (196,513
    )Others
    
    
    (30,282
    )
    
    
    (37,237
    )(181,879
    )
    
    
    (233,750
    )Net deferred IETU tax liability under US GAAP
    
    Ps.
    (157,755
    )
    
    Ps.
    (179,056
    )Net deferred IETU tax liability under Mexican FRS
    
    
    (537,616
    )
    
    
    (568,164
    )Net deferred IETU US GAAP adjustments
    
    Ps.
    379,861
    
    
    Ps.
    389,108
   F - 58




---



##### Table of Contents



(J) Restructure, contract termination fees and loss on natural disaster
  (K) Other liabilities
  December 31,2009
    
    
    2010Taxes payable
    
    Ps.
    39,610
    
    
    Ps.
    71,698Concession fees
    
    
    24,501
    
    
    
    40,750Due to Shareholder  ITA
    
    
    23,443
    
    
    
    24,577Other accounts payable
    
    
    81,266
    
    
    
    105,795Account payable supplier
    
    
    8,145
    
    
    
    10,738Other
    
    
    6,175
    
    
    
    Total
    
    Ps.
    183,140
    
    
    Ps.
    253,558
 (L)
    
    Supplemental Cash Flow Information
   F - 59




---



##### Table of Contents



For the years endedDecember 31,2008
    
    
    2009
    
    
    2010Operating activities:Net income under US GAAP
    
    Ps.
    1,219,609
    
    
    Ps.
    919,236
    
    
    Ps.
    1,251,037Adjustments to reconcile net income to
cash flows provided by operating activities:Allowance for doubtful accounts
    
    
    8,492
    
    
    
    7,373
    
    
    
    130,191Asset tax, tax on dividends, income tax and deferred
income taxes
    
    
    446,311
    
    
    
    469,176
    
    
    
    418,164Deferred employees statutory profit sharing
    
    
    15,895
    
    
    
    (194
    )
    
    
    (1,706
    )Deferred flat rate business tax
    
    
    95,558
    
    
    
    175,554
    
    
    
    26,297Depreciation and amortization
    
    
    378,561
    
    
    
    411,602
    
    
    
    441,248Other provisions
    
    
    23,411
    
    
    
    23,443
    
    
    
    24,577Changes in operating assets and liabilities:Trade receivables
    
    
    (134,151
    )
    
    
    (146,997
    )
    
    
    (144,987
    )Recoverable taxes and other current assets
    
    
    (618,225
    )
    
    
    44,378
    
    
    
    (155,261
    )Trade accounts payable
    
    
    274,970
    
    
    
    (471,524
    )
    
    
    1,930Payments of tax on dividends
    
    
    (351,262
    )
    
    
    (191,130
    )
    
    
    (295,720
    )Accrued expenses and other payables
    
    
    (15,582
    )
    
    
    2,185
    
    
    
    2,156Cash flows provided by operating activities
    
    
    1,343,587
    
    
    
    1,243,102
    
    
    
    1,697,926Investing activities:Proceeds from short-term investments
    
    
    55,022
    
    
    
    
    
    
    
    11,494Purchases of short-term investments
    
    
    
    
    
    
    (84,482
    )
    
    
    (18,938
    )Purchase of other rights and machinery
furniture and equipment
    
    
    (935,772
    )
    
    
    (676,665
    )
    
    
    (719,904
    )Cash flows used in investing
activities
    
    
    (880,750
    )
    
    
    (761,147
    )
    
    
    (727,348
    )Financing activities:Bank loans received
    
    
    
    
    
    
    600,000
    
    
    
    920,000Bank loans paid
    
    
    
    
    
    
    (54,545
    )
    
    
    (574,621
    )Payment of dividends
    
    
    (600,000
    )
    
    
    (1,884,000
    )
    
    
    (750,000
    )Cash flows used in financing activities
    
    
    (600,000
    )
    
    
    (1,338,545
    )
    
    
    (404,621
    )(Decrease) increase in cash and cash equivalents
    
    
    (137,163
    )
    
    
    (856,590
    )
    
    
    565,957Cash and cash equivalents at beginning of period
    
    
    1,870,675
    
    
    
    1,733,512
    
    
    
    876,922Cash and cash equivalents at end of period
    
    Ps.
    1,733,512
    
    
    Ps.
    876,922
    
    
    Ps.
    1,442,879Supplemental cash disclosures:Flat rate tax
    
    
    75,943
    
    
    
    142,685
    
    
    
    116,894Interest paid
    
    
    
    
    
    
    11,355
    
    
    
    41,451Income tax
    
    
    103,023
    
    
    
    116,617
    
    
    
    105,312
  F - 60




---



##### Table of Contents



(M) Derivative financial instruments and hedging
    December 31, 2009Derivatives not accounted for as hedges
    
    Balance Sheet
    
    
    Notional
    
    
    Carrying
    
    
    MaturityAssets:
    
    Location
    
    Amount
    
    
    Value
    
    
    DateForwards(a)
    
    Accrued expenses and  other payables
    
    US
    21.7
    
    
    Ps.
    147
    
    
    
    2010Derivatives not accounted for as hedgesLiabilities:
    
    December 31, 2009Interest Rate Swaps
    
    Bank loans
    
    Ps.
    250,000
    
    
    Ps.
    1,105
    
    
    
    2012Interest Rate Swaps
    
    Bank loans
    
    Ps.
    100,0000
    
    
    Ps.
    259
    
    
    
    2012Interest Rate Swaps
    
    Bank loans
    
    Ps.
    250,000
    
    
    Ps.
    1,199
    
    
    
    2012
  F - 61




---



##### Table of Contents



December 31, 2010Derivatives not accounted for as hedges
    
    Balance Sheet
    
    
    Notional
    
    
    Carrying
    
    
    MaturityAssets:
    
    Location
    
    Amount
    
    
    Value
    
    
    DateForwards(a)
    
    Accrued expenses and  other payables
        US
    21.7
    
    
    Ps.
    1,070
    
    
    
    2015Derivatives not accounted for as hedgesLiabilities:
    
    December 31, 2010Interest Rate Swaps
    
    Bank loans
    
    Ps.
    250,000
    
    
    Ps.
    1,408
    
    
    
    2012Interest Rate Swaps
    
    Bank loans
    
    Ps.
    100,0000
    
    
    Ps.
    409
    
    
    
    2012Interest Rate Swaps
    
    Bank loans
    
    Ps.
    250,000
    
    
    Ps.
    1,441
    
    
    
    2012
   (N) Fair Value Measurements
   F - 62




---



##### Table of Contents




    
    Level 1  Unadjusted quoted prices in active markets that are accessible at the measurement
date for identical, unrestricted assets or liabilities;
 
    
    Level 2  Inputs that are observable, either directly or indirectly, but do not qualify as
Level 1 inputs. (i.e., quoted prices for similar assets or liabilities.)
 
    
    Level 3  Prices or valuation techniques that require inputs that are both significant to
the fair value measurement and unobservable (i.e., supported by little or no market activity).
 Asset and Liabilities Measured at fair value on a Recurring Basis
 December 31, 2009Quoted
    
    
    Internal
    
    
    Internalprices in
    
    
    models
    
    
    modelsactive
    
    
    with
    
    
    withmarkets
    
    
    significant
    
    
    significantBalance as of
    
    
    for identical
    
    
    observable
    
    
    unobservableDecember 31,
    
    
    assets
    
    
    inputs
    
    
    inputs2009
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Assets:Forwards
    
    Ps.
    147
    
    
    Ps.
    
    
    
    Ps.
    147
    
    
    Ps.
    Liabilities:Derivatives
financial
instruments
    
    Ps.
    2,563
    
    
    Ps.
    
    
    
    Ps.
    2,563
    
    
    Ps.
    Total
    
    Ps.
    2,416
    
    
    Ps.
    
    
    
    Ps.
    2,416
    
    
    Ps.
    
  F - 63




---



##### Table of Contents



December 31, 2010Quoted
    
    
    Internal
    
    
    Internalprices in
    
    
    models
    
    
    modelsactive
    
    
    with
    
    
    withmarkets
    
    
    significant
    
    
    significantBalance as of
    
    
    for identical
    
    
    observable
    
    
    unobservableDecember 31,
    
    
    assets
    
    
    inputs
    
    
    inputs2010
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Assets:Forwards
    
    Ps.
    1,070
    
    
    Ps.
    
    
    
    Ps.
    1,070
    
    
    Ps.
    Liabilities:Derivatives
financial
instruments
    
    Ps.
    3,281
    
    
    Ps.
    
    
    
    Ps.
    3,281
    
    
    Ps.
    Total
    
    Ps.
    2,211
    
    
    Ps.
    
    
    
    Ps.
    2,211
    
    
    Ps.
    
    F - 64




---



##### Table of Contents



(O) Consolidated valuation and qualifying accounts
 Balance at
    
    
    
    
    
    
    
    
    
    
    Balance atbeginning
    
    
    
    
    
    
    
    
    
    
    endDescription
    
    of Year
    
    
    Additions
    
    
    Deductions
    
    
    of YearContinuing operations:Allowances for doubtful accounts:Year ended December 31, 2008
    
    Ps.
    935
    
    
    Ps.
    8,492
    
    
    Ps.
    
    
    
    Ps.
    9,427Year ended December 31, 2009
    
    
    9,427
    
    
    
    7,373
    
    
    
    (8,492
    )
    
    
    8,308Year ended December 31, 2010
    
    
    8,308
    
    
    
    130,191
    
    
    
    (5,363
    )
    
    
    133,136Continuing operations:Valuation allowances
deferred income tax:Year ended December 31, 2008(1):
    
    Ps.
    693,138
    
    
    Ps.
    
    
    
    Ps.
    (467,666
    )
    
    Ps.
    225,472Year ended December 31, 2009
    
    
    225,472
    
    
    
    16,452
    
    
    
    
    
    
    
    241,924Year ended December 31, 2010
    
    
    241,924
    
    
    
    
    
    
    
    (89,159
    )
    
    
    152,765
 (1):
    
    Principally resulting from the change in tax law in Mexico. With the introduction
of the IETU tax, certain airports began to calculate their deferred taxes on this basis rather than
the regular income tax basis which had been used prior to the change in law. Therefore, all prior
deferred tax balances, including the related valuation allowances previously established under
income tax were cancelled and deferred taxes were established under the IETU tax basis. The
resulting net effects were recognized in the income statement for the year.
 
 
  F - 65