ASUR Q1 2014 Passenger Traffic Up 6.16% YOY

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Grupo Aeroportuario del Sureste, S.A.B. de C.V.
ASR
, (ASUR) the first privatized airport group in Mexico and operator of Cancun Airport and eight other airports in southeast Mexico, as well as a 50% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Munoz Marin International Airport in San Juan, Puerto Rico, today announced results for the three-month period ended March 31, 2014. 1Q14 Highlights1: EBITDA2 increased by 3.68% to Ps.951.03 million Total passenger traffic was up 6.16% Total revenues increased by 0.63%, reflecting increases of 3.04% in aeronautical revenues and 11.32% in non-aeronautical revenues, partially offset by a decline of 76.65% in construction services revenues Commercial revenues per passenger increased by 5.00% to Ps.77.95 Operating profit increased by 2.93% EBITDA margin rose to 68.76% from 66.74% in 1Q13. Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS) and represent comparisons between the three-month period ended March 31, 2014, and the equivalent three-month period ended March 31, 2013. Results are expressed in pesos. Tables state figures in thousands of pesos, unless otherwise noted. Passenger figures exclude transit and general aviation passengers. Commercial revenues include revenues from non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1.00 = Ps.13.0549. EBITDA means net income before: provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies. Passenger Traffic For the first quarter of 2014, total passenger traffic increased year-over-year by 6.16%. Domestic passenger traffic rose by 4.85% while international passenger traffic increased by 6.90%. The 4.85% growth in domestic passenger traffic was driven by increases at Minatitlan, Merida,Villahermosa, Cancun, Veracruz, Tapachula and Oaxaca. The 6.90% growth in international passenger traffic resulted mainly from an increase of 6.54% in international traffic at the Cancun airport. It should be noted that during 2013 Holy Week fell in March while in 2014 it fell in April. Table I: Domestic Passengers (in thousands) Airport 1Q13 1Q14 % Change Cancun 1,011.3 1,026.0 1.45 Cozumel 20.7 15.4 (25.60) Huatulco 91.3 87.5 (4.16) Merida 270.8 301.9 11.48 Minatitlan 32.0 52.1 62.81 Oaxaca 102.0 106.8 4.71 Tapachula 35.3 40.7 15.30 Veracruz 209.8 222.8 6.20 Villahermosa 215.9 232.2 7.55 TOTAL 1,989.1 2,085.5 4.85 Note: Passenger figures exclude transit and general aviation passengers. II: International Passengers (in thousands) Airport 1Q13 1Q14 % Change Cancun 3,275.2 3,489.5 6.54 Cozumel 130.6 152.5 16.77 Huatulco 55.0 61.6 12.00 Merida 31.6 31.1 (1.58) Minatitlan 1.6 1.9 18.75 Oaxaca 15.0 16.3 8.67 Tapachula 1.9 3.1 63.16 Veracruz 22.7 20.4 (10.13) Villahermosa 12.8 14.9 16.41 TOTAL 3,546.4 3,791.2 6.90 Note: Passenger figures exclude transit and general aviation passengers. Table III: Total Passengers (in thousands) Airport 1Q13 1Q14 % Change Cancun 4,286.5 4,515.6 5.34 Cozumel 151.3 167.8 10.91 Huatulco 146.3 149.1 1.91 Merida 302.4 333.0 10.12 Minatitlan 33.6 54.0 60.71 Oaxaca 117.0 123.1 5.21 Tapachula 37.2 43.8 17.74 Veracruz 232.5 243.3 4.65 Villahermosa 228.7 247.1 8.05 TOTAL 5,535.5 5,876.6 6.16 Note: Passenger figures exclude transit and general aviation passengers. Consolidated Results for 1Q14 In July 2012, the Puerto Rico Ports Authority granted Aerostar, ASUR's joint venture with Highstar Capital IV and its affiliated funds, a 40-year concession to operate the Luis Munoz Marin International Airport in Puerto Rico ("SJU") under the United States FAA's Airport Privatization Pilot Program. On February 27, 2013, the transaction was consummated and Aerostar began operating the SJU Airport. During 1Q13, our Cancun airport subsidiary made a US$118.00 million capital contribution to Aerostar corresponding to its 50% membership interest in Aerostar. ASUR accounts for its ownership stake in Aerostar through the equity method, in accordance with IFRS. In addition, ASUR made a US$100.00 million subordinated shareholder loan to Aerostar in 1Q13. Total revenues for 1Q14 increased year-over-year by 0.63% to Ps.1,383.14 million. This was mainly due to increases of: 3.04% in revenues from aeronautical services, mainly as a result of the 6.16% increase in passenger traffic; 11.32% in revenues from non-aeronautical services, principally reflecting the 11.44% increase in commercial revenues detailed below. These increases were partially offset by the 76.65% decline in revenues from construction services that resulted from lower capital expenditures and other investments in concessioned assets during the period. ASUR classifies commercial revenues as those derived from the following activities: duty-free stores, car rentals, retail operations, banking and currency exchange services, advertising, teleservices, non-permanent ground transportation, food and beverage, and parking lot fees. Commercial revenues increased by 11.44% year-over-year during 1Q14, principally due to the 6.16% increase in total passenger traffic. There were increases in revenues from the following activities: 14.23% in retail operations; 12.87% in food and beverage; 5.36% in duty-free stores; 5.24% in advertising; 17.62% in car rental revenues; 19.68% in other revenue; 9.93% in ground transportation; 18.62% in banking and currency exchange services; 12.40% in parking lot fees; and 3.38% in teleservices. Retail and Other Commercial Space Opened since March 31, 2013 Business Name Type Opening Date Cancun Tequileria Duty Free May 2013 Farmacias (4) Retail June 2013 NI Digital Teleservices October 2013 Convenience Stores (3 in T1) Convenience Store November 2013 Entretenimiento A Tu Alcance (4 in T1) Food & Beverage November 2013 Servicios Turisticos Tourism Booth November 2013 MAC T3 Retail December 2013 MOBO (2 in T2) Retail November 2013 Dufry T1 Retail December 2013 Island Cabo (2 in T1) Retail December 2013 Sunglass Hut Retail December 2013 Oakley Retail January 2014 Secure Wrap Retail February 2014 Sunglass Hut Retail March 2014 Blanc Du Nil Retail March 2014 Merida National Retail December 2013 Abito Retail March 2014 Veracruz Sunglass Hut Retail February 2014 Villahermosa National Car Rentals December 2013 Oaxaca Rentame Car Rentals December 2013 Sunglass Hut Retail March 2014 Huatulco Sunglass Hut Retail March 2014 Minatitlan Sunglass Hut Retail March 2014 Table IV: Commercial Revenues per Passenger for 1Q14 1Q13 1Q14 % Change Total Passengers ('000) 5,583 5,926 6.14 Total Commercial Revenues 414,496 461,922 11.44 Commercial revenues from direct operations (1) 91,463 108,340 18.45 Commercial revenues excluding direct operations 323,033 353,582 9.46 1Q13 1Q14 % Change Total Commercial Revenue per Passenger 74.24 77.95 5.00 Commercial revenue from direct operations per passenger (1) 16.38 18.28 11.60 Commercial revenue per passenger (excluding direct operations) 57.86 57.67 3.13 Note: For purposes of this table, approximately 47,700 and 48,900 transit and general aviation passengers are included in 1Q13 and 1Q14, respectively. (1) Revenues from direct commercial operations represent ASUR's operation of convenience stores in airports and the direct sale of advertising space. Construction revenues and expenses. ASUR is required by IFRIC 12 to include in its income statement an income line reflecting the income from construction or improvements to concessioned assets made during the period. During 1Q14, ASUR recognized Ps.21.11 million in revenues from "Construction Services", a 76.65% year-on-year decrease, because of lower capital expenditures in concessioned assets. The same amount is recognized under the expense line "Construction Costs" because ASUR hires third parties to provide construction services. Because equal amounts of Construction Revenues and Construction Expenses have been included in ASUR's income statement as a result of the application of IFRIC 12, the decline in Construction Revenues in 1Q14 did not result in a proportionate decrease in the EBITDA Margin, which is equal to EBITDA divided by total revenues. Total operating costs and expenses for 1Q14 declined 2.71% year-over-year. This was primarily due to the following declines: 76.65% in construction costs, reflecting lower levels of capital improvements made to concessioned assets during the period; and 8.06% in administrative expenses, reflecting higher expenses in 1Q13, principally professional fees and travel expenses related to the SJU privatization project, as well as the preparation of the Master Development Plan. These declines were partially offset by the following increases: 19.91% in cost of services, principally due to the reopening of Terminal 1 at Cancun Airport in November 2013, as well as the higher cost of sales derived from the increase in sales at convenience stores directly operated by ASUR. Comparisons also reflect the reimbursement to ASUR in 1Q13 of fees previously paid to third parties in connection with the Company's participation in the SJU privatization project; 3.64% in the technical assistance fee paid to ITA, reflecting the increase in EBITDA for the quarter (a factor in the calculation of the fee); 4.59% in concession fees paid to the Mexican government, mainly due to an increase in regulated revenues (a factor in the calculation of the fee); and 9.59% in depreciation and amortization, resulting mainly from capitalized investments. Table V: Operating Costs and Expenses for 1Q14 1Q13 1Q14 % Change Cost of Services 216,949 260,138 19.91 Construction Costs 90,427 21,113 (76.65) Administrative 42,461 39,038 (8.06) Technical Assistance 48,322 50,080 3.64 Concession Fees 59,032 61,739 4.59 Depreciation and Amortization 103,145 113,035 9.59 TOTAL 560,336 545,142 (2.71) Operating margin for the quarter was 60.59% compared to 59.23% in 1Q13, reflecting an increase of 0.63% in revenues and a decline of 2.71% in expenses during the period. Comprehensive Financing Gain (Loss) for 1Q14 was a Ps.2.50 million gain, compared to a Ps.46.19 million gain in 1Q13. The decrease in the gain was principally due to the impact of the 0.22% appreciation of the Mexican peso against the U.S. dollar on ASUR's foreign currency net liability position as compared to a 4.66% appreciation in 1Q13. Interest expenses increased by Ps.2.97 million, reflecting a higher loan balance in 1Q14, while interest income decreased by Ps.8.92 million during the period due to the decline in income from short-term investments resulting from the lower cash balance during the period as a result of the dividend payment in December 2013. Table VI: Comprehensive Financing Result (Cost) 1Q13 1Q14 Change % Change Interest income 31,298 22,382 (8,916) (28.49) Interest expenses (16,508) (19,483) (2,974) 18.02 (Loss) gains on valuation of Derivatives -- -- -- -- Foreign exchange gain (loss), net 31,401 (401) (31,803) (101.28) Total 46,191 2,498 (43,693) (94.59) Income (loss) from Equity Investment in Joint Venture. During 1Q14 our equity in the income of Aerostar, our joint venture with Highstar Capital IV and its affiliated funds, was a net gain of Ps.10.55 million. In addition, ASUR recorded a Ps.3.26 million loss in stockholders' equity resulting from the translation effect of Aerostar's financial statements (which are denominated in U.S. dollars), in connection with the valuation of the capital stock derived from the appreciation of the peso against the U.S. dollar in 1Q14. During 1Q14 total passenger traffic at the SJU airport was 2,158,361. Income Taxes. On January 1, 2014, a comprehensive Income Tax Law reform package entered into effect, repealing the IETU tax and causing the cancellation of deferred IETU. As a result, ASUR completed a financial valuation of its subsidiaries that were subject to this tax and now must recognize a deferred income tax. Income taxes for 1Q14 declined by Ps.35.04 million, or 13.92% year-over-year, principally due to the following factors: A Ps.6.90 million decline in IETU as a result of the repeal of the IETU Law starting on January 1, 2014; A Ps.27.42 million decrease in the provision for income taxes, reflecting the decline in taxable income; A Ps.5.65 million increase in deferred income taxes resulting from the recognition of the effects of inflation in the residual value of assets at the Veracruz and Villahermosa airports as a result of the repeal of the IETU Law and the increase in the applicable tax rate to 30% from 28% according to the new provisions of the Income Tax Law; and A Ps.5.92 million decrease in deferred IETU principally due to the repeal of the IETU Law. Net income for 1Q14 increased by 30.37% to Ps.634.38 million from Ps.486.61 million in 1Q13. Earnings per common share for the quarter were Ps. 2.1146, or earnings per ADS (EPADS) of US$1.6198 (one ADS represents ten series B common shares). This compares with earnings per share of Ps.1.6220, or EPADS of US$1.2425, for the same period last year. This increase resulted principally from the Ps.10.55 million gain in 1Q14 corresponding to our equity participation in Aerostar, our joint venture to operate SJU Airport, compared to the Ps.122.05 million loss reported in 1Q13, as well as the 0.63% increase in ASUR's revenues and the 2.71% reduction in expenses during the first quarter of 2014. Table VII: Summary of Consolidated Results for 1Q14 1Q13 1Q14 % Change Total Revenues 1,374,508 1,383,136 0.63 Aeronautical Services 814,423 839,222 3.04 Non-Aeronautical Services 469,658 522,801 11.32 Commercial Revenues 414,496 461,923 11.44 Construction Services 90,427 21,113 (76.65) Operating Profit 814,172 837,993 2.93 Operating Margin % 59.23% 60.59% 2.29% EBITDA 917,317 951,029 3.68 EBITDA Margin % 66.74% 68.76% 3.03% Net Income 486,607 634,376 30.37 Earnings per Share 1.6220 2.1146 30.37 Earnings per ADS in US$ 1.2425 1.6198 30.37 Note: U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.13.0549. Tariff Regulation The Mexican Ministry of Communications and Transportation regulates the majority of ASUR's activities by setting maximum rates, which represent the maximum possible revenues allowed per traffic unit at each airport. ASUR's regulated revenues for 1Q14 were Ps.1,032.51 million, resulting in an annual average tariff per workload unit of Ps.171.67. ASUR's regulated revenues accounted for approximately 74.65% of total income for the period. The Mexican Ministry of Communications and Transportation reviews compliance with the maximum rates on an annual basis at the close of each year. Balance Sheet On March 31, 2014, airport concessions represented 71.96% of the Company's total assets, with current assets representing 13.89% and other assets representing 14.15%. Cash and cash equivalents on March 31, 2014, were Ps.1,603.41 million, a 27.30% increase from the Ps.1,259.56 million in cash and cash equivalents recorded on December 31, 2013. Shareholders' equity at the close of 1Q14 was Ps.16,915.33 million and total liabilities were Ps.4,903.80 million, representing 77.52% and 22.47% of total assets, respectively. Deferred liabilities represented 33.52% of the Company's total liabilities. Total bank debt at March 31, 2014 was Ps.2,811.82 million, including Ps.6.10 million in accrued interest and commissions. In September of 2011, our Veracruz airport subsidiary entered into a three-year credit agreement of Ps.50.00 million. The terms include a floating interest rate equal to TIIE plus 0.75% and quarterly principal payments. During 1Q14, ASUR made aggregate principal payments of Ps.5.5 million in connection with this credit agreement. In the fourth quarter of 2011, our Cancun airport subsidiary obtained authorization for two new bank loans from Banamex and BBVA Bancomer of US$300.00 million and Ps.1,500.00 million, respectively. On February 15, 2013, our Cancun airport subsidiary executed an agreement for bank loans of US$107.50 million from each of BBVA Bancomer and Merrill Lynch, for a total of U.S.$215.00 million. The loans have a five-year term, amortize in four semi-annual payments of 2.5% of the aggregate amount of the loans beginning on February 15, 2016 and a final payment of the aggregate principal amount of the loans outstanding on the maturity date, which is February 15, 2018. The loans are denominated in U.S. dollars and charge interest at a rate equal to three-month LIBOR plus 1.99%. Proceeds from the loans were used to finance ASUR's capital contribution and subordinated shareholder loan to Aerostar. These loans are guaranteed by Grupo Aerportuario del Sureste, S.A.B. de C.V. In connection with these loans, BBVA Bancomer's authorization for bank loans as described above was drawn down by US$107.50 million during 1Q13. While the BBVA Bancomer and Merrill Lynch facility is outstanding, ASUR and its subsidiaries are not permitted to make any fundamental change to its corporate structure, or create any liens upon any of its property or sell any assets that exceed more than 10% of ASUR's consolidated total assets. Additionally, the credit facility requires that ASUR and its subsidiaries maintain a consolidated leverage ratio equal to or less than 3.50:1.00 and a consolidated interest coverage ratio equal to or less than 3.00:1.00 as of the last day of each fiscal quarter. If ASUR fails to comply with these covenants, this facility restricts its ability to pay dividends to its shareholders. Additionally, failure to comply with these covenants would result in all amounts owed under the facility to become due and payable immediately. As of the date of this report, ASUR was in compliance with those covenants. ASUR's Cancun airport subsidiary and its joint venture partner Highstar Capital IV and its affiliated funds pledged their share ownership in Aerostar as collateral for US$350.00 million in senior secured notes issued by, and a US$60.00 million credit facility obtained by, Aerostar. Capital Expenditures During 1Q14, ASUR made investments of Ps.36.77 million as part of ASUR's ongoing plan to modernize its airports pursuant to its master development plans. 1Q14 Earnings Conference Call Day: Thursday, April 24, 2014 Time: 10:00 AM US ET; 9:00 AM Mexico City time Dial-in number: 1-888-240-9314 (US & Canada) and 1-913-312-1513 (International & Mexico) Access Code: 8837291 Please dial in 10 minutes before the scheduled start time. Replay: Thursday, April 24, 2014 at 1:00 PM US ET, ending at midnight US ET on Thursday, May 1, 2014. Dial-in number: 1-877-870-5176 (US & Canada); 1-858-384-5517 (International & Mexico). Access Code: 8837291 Analyst Coverage In accordance with Mexican Stock Exchange Internal Rules article 4.033.01 ASUR informs that the stock is covered by the following broker-dealers: Actinver Casa de Bolsa, Barclays, BBVA Bancomer, Bofa Merril Lynch, Citi Investment Research, Credit Suisse, Deutsche Bank, Grupo Bursatil Mexicano, Grupo Financiero Interacciones, Grupo Financiero Monex, HSBC, Intercam Casa de Bolsa, Itau BBA, INVEX, JP Morgan, Morgan Stanley, Morningstar, Santander Investment, Scotia Capital, UBS Casa de Bolsa, Vector. Please note that any opinions, estimates or forecasts regarding the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein. About ASUR: Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a Mexican airport operator with concessions to operate, maintain and develop the airports of Cancun, Merida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan in the southeast of Mexico, as well as a 50% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Munoz Marin International Airport of Puerto Rico. The Company is listed both on the NYSE in the U.S., where it trades under the symbol ASR, and on the Mexican Bolsa, where it trades under the symbol ASUR. One ADS represents ten (10) series B shares. Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR's filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise. Grupo Aeroportuario del Sureste, S.A.B. de C.V. Operating Results per Airport Thousands of Mexican pesos Item 1Q 2013 1Q 2013 Per Workload Unit 1Q 2014 1Q 2014 Per Workload Unit 3M 2013 3M 2013 Per Workload Unit 3M 2014 3M 2014 Per Workload Unit Cancun (1) Aeronautical Revenues 629,920 144.4 635,747 138.7 629,920 144.4 635,747 138.7 Non-Aeronautical Revenues 425,033 97.4 472,010 103.0 425,033 97.4 472,010 103.0 Construction Services 39,364 9.0 15,245 3.3 39,364 9.0 15,245 3.3 Total Revenues 1,094,318 250.8 1,123,003 245.1 1,094,317 250.8 1,123,003 245.1 Operating Profit 694,351 159.1 692,859 151.2 694,351 159.1 692,859 151.2 EBITDA 759,070 174.0 762,746 166.5 759,070 174.0 762,746 166.5 Merida Aeronautical Revenues 44,486 128.2 52,075 137.4 44,486 128.2 52,075 137.4 Non-Aeronautical Revenues 13,563 39.1 14,757 38.9 13,563 39.1 14,757 38.9 Construction Services 26 0.1 - - 26 0.1 - - Other (2) 6.60 - 8 - 7 - 8 - Total Revenues 58,082 167.4 66,840 176.4 58,082 167.4 66,840 176.4 Operating Profit 15,644 45.1 22,049 58.2 15,644 45.1 22,049 58.2 EBITDA 24,431 70.4 30,858 81.4 24,431 70.4 30,858 81.4 Villahermosa Aeronautical Revenues 28,657 120.4 32,118 125.0 28,657 120.4 32,118 125.0 Non-Aeronautical Revenues 9,196 38.6 11,242 43.7 9,196 38.6 11,242 43.7 Construction Services (1,016) (4.3) 2,145 8.3 (1,016) (4.3) 2,145 8.3 Other (2) 18.59 0.1 20 0.1 19 0.1 20 0.1 Total Revenues 36,855 154.9 45,525 177.1 36,856 154.9 45,525 177.1 Operating Profit 11,799 49.6 16,217 63.1 11,799 49.6 16,217 63.1 EBITDA 17,605 74.0 22,504 87.6 17,605 74.0 22,504 87.6 Other Airports (3) Aeronautical Revenues 111,360 152.3 119,282 149.7 111,360 152.3 119,282 149.7 Non-Aeronautical Revenues 21,866 29.9 24,791 31.1 21,866 29.9 24,791 31.1 Construction Services 52,052 71.2 3,722 4.7 52,053 71.2 3,722 4.7 Other (2) 53.78 0.1 69 0.1 53 0.1 69 0.1 Total Revenues 185,332 253.5 147,864 185.5 185,332 253.5 147,864 185.5 Operating Profit 38,386 52.5 40,067 50.3 38,386 52.5 40,067 50.3 EBITDA 61,721 84.4 67,412 84.6 61,723 84.4 67,412 84.6 Holding & Service Companies (4) Construction Services - n/a - n/a - n/a - n/a Other (2) 219,842 n/a 244,913 n/a 219,842 n/a 244,913 n/a Total Revenues 219,842 n/a 244,913 n/a 219,842 n/a 244,913 n/a Operating Profit 53,992 n/a 66,801 n/a 53,992 n/a 66,801 n/a EBITDA 54,489 n/a 67,508 n/a 54,488 n/a 67,508 n/a Consolidation Adjustment Consolidation Adjustment (219,921) n/a (245,010) n/a (219,921) n/a (245,010) n/a Group Aeronautical Revenues 814,423 143.4 839,222 139.5 814,423 143.4 839,222 139.5 Non-Aeronautical Revenues 469,658 82.7 522,801 86.9 469,658 82.7 522,801 86.9 Construction Services 90,427 15.9 21,113 3.5 90,427 15.9 21,113 3.5 Total Revenues 1,374,508 242.0 1,383,136 229.9 1,374,508 242.0 1,383,136 229.9 Operating Profit 814,172 143.4 837,993 139.3 814,172 143.4 837,993 139.3 EBITDA 917,317 161.5 951,029 158.1 917,317 161.5 951,029 158.1 (1)Reflects the results of operations of Cancun Airport and two Cancun Airport Services subsidiaries on a consolidated basis. (2) Reflects revenues under intercompany agreements which are eliminated in the consolidation adjustment. (3) Reflects the results of operations of our airports located in Cozumel, Huatulco, Minatitlan, Oaxaca, Tapachula and Veracruz. (4) 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 theses entities. Grupo Aeroportuario del Sureste, S.A.B. de C.V. Consolidated Statement of Income from January 1 to March 31, 2014 and 2013 Thousands of Mexican pesos I t e m Cumulative Cumulative % Change 1Q 1Q % 2013 2014 % 2013 2014 Change Revenues Aeronautical Services 814,423 839,222 3.04 814,423 839,222 3.04 Non-Aeronautical Services 469,658 522,801 11.32 469,658 522,801 11.32 Construction Services 90,427 21,113 (76.65) 90,427 21,113 (76.65) Total Revenues 1,374,508 1,383,136 0.63 1,374,508 1,383,136 0.63 Operating Expenses Cost of Services 216,949 260,138 19.91 216,949 260,138 19.91 Cost of Construction 90,427 21,113 (76.65) 90,427 21,113 (76.65) General and Administrative Expenses 42,461 39,038 (8.06) 42,461 39,038 (8.06) Technical Assistance 48,322 50,080 3.64 48,322 50,080 3.64 Concession Fee 59,032 61,739 4.59 59,032 61,739 4.59 Depreciation and Amortization 103,145 113,035 9.59 103,145 113,035 9.59 Total Operating Expenses 560,336 545,142 (2.71) 560,336 545,142 (2.71) Operating Income 814,172 837,993 2.93 814,172 837,993 2.93 Comprehensive Financing Cost 46,191 2,498 (94.59) 46,191 2,498 (94.59) Participation in the Results of Associates (122,054) 10,551 (108.64) (122,054) 10,551 (108.64) Non-Ordinary Item Non-Ordinary Item - - - - - - Income Before Income Taxes 738,308 851,042 15.27 738,308 851,042 15.27 Provision for IETU 6,992 116 (98.36) 6,992 116 (98.36) Provision for Income Tax 263,227 235,804 (10.42) 263,227 235,804 (10.42) Provision for Asset Tax 2,866 2,395 (16.44) 2,866 2,395 (16.44) Deferred Income Taxes (27,301) (21,647) (20.71) (27,301) (21,647) (20.71) Deferred IETU 5,918 - (100.00) 5,918 - (100.00) Net Income for the Year 486,607 634,376 30.37 486,607 634,376 30.37 Earnings per Share 1.6220 2.1146 30.37 1.6220 2.1146 30.37 Earnings per American Depositary Share (in U.S. Dollars) 1.2425 1.6198 30.37 1.2425 1.6198 30.37 Exchange Rate per U.S. Dollar Ps. 13.0549 Grupo Aeroportuario del Sureste, S.A.B. de C.V. Consolidated Balance Sheet as of March 31, 2014 and 2013 Thousands of Mexican pesos I t e m March 2014 December 2013 Change % Change A s s e t s Current Assets Cash and Cash Equivalents 1,603,406 1,259,562 343,844 27.30 Trade Receivables, net 543,956 467,410 76,546 16.38 Recoverable Taxes and Other Current Assets 883,921 827,142 56,779 6.86 Total Current Assets 3,031,283 2,554,114 477,169 18.68 Non Current Assets Machinery, Furniture and Equipment, net 322,725 322,072 653 0.20 Airports Concessions, net 15,700,782 15,790,796 (90,014) (0.57) Investment in Associates 1,408,251 1,400,957 7,294 0.52 Loans to Associate Companies 1,356,097 1,348,555 7,542 0.56 Total Assets 21,819,136 21,416,494 402,642 1.88 Liabilities and Stockholders' Equity Current Liabilities Trade Accounts Payable 11,499 9,997 1,502 15.02 Bank Loans 18,205 41,804 (23,599) (56.45) Accrued Expenses and Others Payables 436,654 616,167 (179,513) (29.13) Total Current Liabilities 466,357 667,968 (201,611) (30.18) Long Term Liabilities Bank Loans 2,793,612 2,799,058 (5,446) (0.19) Deferred Income Taxes 1,636,747 1,658,395 (21,648) (1.31) Deferred Flat Rate Business Tax 0 - 0 - Labor Obligations 7,086 6,857 229 3.33 Total Long Term Liabilities 4,437,445 4,464,310 (26,865) (0.60) Total Liabilities 4,903,802 5,132,278 (228,476) (4.45) Stockholders' Equity Capital Stock 7,767,276 7,767,276 0 0.00 Legal Reserve 517,504 517,504 (0) (0.00) Share Repurchase Reserve - - - - Net Income for the Period 634,376 2,296,873 (1,662,497) (72.38) Cumulative Effect of Conversion of Foreign Currency 33,150 36,407 (3,257) (8.95) IFRS Conversion Adjustment 5,045,078 5,045,078 0 0.00 Retained Earnings 2,917,951 621,078 2,296,872 369.82 Total Stockholders' Equity 16,915,334 16,284,216 631,118 3.88 Total Liabilities and Stockholders' Equity 21,819,136 21,416,494 402,642 1.88 Grupo Aeroportuario del Sureste, S.A.B. de C.V. Consolidated Statement of Cash flow as of March 31, 2014 and 2013 Thousands of Mexican pesos Related Cumulative Cumulative % 1Q 1Q % 2013 2014 Change 2013 2014 Change Operating Activities Income Before Income Taxes 738,308 851,042 15 738,308 851,042 15 Items Related with Investing Activities: Depreciation and Amortization 103,145 113,035 10 103,145 113,035 10 Participation in the Results of Associates 122,054 (10,551) 122,054 (10,551) Loss on Disposal of Fixed Assets - - Interest Income (31,298) (22,382) (28) (31,298) (22,382) (28) Financial Derivative Instruments - Provisions - - - - Sub-Total 932,209 931,145 (0) 932,209 931,145 (0) Increase in Trade Receivables (60,649) (76,546) 26 (60,649) (76,546) 26 Decrease in Recoverable Taxes and other Current Assets (251,343) (353,865) 41 (251,342) (353,865) 41 Other Deferred Assets - - - - Income Tax Paid (59,456) (210,684) 254 (59,456) (210,684) 254 Income Tax on Dividends - - - - Trade Accounts Payable 73,392 73,145 (0) 73,392 73,145 (0) Accrued Expenses and Others Payables - - - - Long Term Liabilities - - - - Net Cash Flow Provided by Operating Activities 634,154 363,195 (43) 634,154 363,195 (43) Investing Activities Investments in Associates (1,508,002) - (100) (1,508,002) (100) Loans granted to Associates (3,399,330) - (100) (3,399,330) (100) Loans repaid by Associates 2,163,210 - (100) 2,163,210 (100) Investments in Machinery, Furniture and Equipment, net (90,981) (36,177) (60) (90,981) (36,177) (60) Investments in Rights to Use Airport Facilities - - - - Investments in Construction in Process - - - - Investments in Others - - - - Interest Income 31,298 22,382 (28) 31,298 22,382 (28) Net Cash Flow Provided by Investing Activities (2,803,805) (13,795) (100) (2,803,805) (13,795) (100) Excess Cash to Use in Financing Activities: (2,169,651) 349,400 (116) (2,169,651) 349,400 (116) Bank Loans 2,565,169 (5,556) (100) 2,565,169 (5,556) (100) Dividends Paid - - - - Tax on Dividends Paid - 0 - - 0 - Net Cash Flow Provided by Financing Activities 2,565,169 (5,556) (100) 2,565,169 (5,556) (100) Net Increase in Cash and Cash Equivalents 395,518 343,844 (13) 395,518 343,844 (13) Cash and Cash Equivalents at Beginning of Period 2,265,427 1,259,562 (44) 2,265,427 1,259,562 (44) Cash and Cash Equivalents at the End of Period 2,660,945 1,603,406 (40) 2,660,945 1,603,406 (40) Grupo Aeroportuario del Sureste, S.A.B. de C.V. Consolidated Statement of Income from January 1 to March 31, 2014 and 2013 Thousands of Mexican pesos I t e m Cumulative Cumulative 1Q 1Q 2013 2014 2013 2014 Mexican NIF Transition Effects IFRS Mexican NIF Transition Effects IFRS Mexican NIF Transition effects IFRS Mexican NIF Transition effects IFRS Revenues Aeronautical Services 814,423 814,423 839,222 839,222 814,423 814,423 839,222 839,222 Non-Aeronautical Services 469,658 469,658 522,801 522,801 469,658 469,658 522,801 522,801 Construction Services 90,427 90,427 21,113 21,113 90,427 90,427 21,113 21,113 Total Revenues 1,374,508 - 1,374,508 1,383,136 - 1,383,136 1,374,508 - 1,374,508 1,383,136 - 1,383,136 Operating Expenses Cost of Services 216,141 808 216,949 259,654 484 260,138 216,141 808 216,949 259,654 484 260,138 Cost of Construction 90,427 90,427 21,113 21,113 90,427 90,427 21,113 21,113 General and Administrative Expenses 252,960 252,960 263,891 263,891 252,960 252,960 263,891 263,891 Total Operating Expenses 559,528 808 560,336 544,658 484 545,142 559,528 808 560,336 544,658 484 545,142 Operating Income 814,980 (808) 814,172 838,477 (484) 837,993 814,980 (808) 814,172 838,477 (484) 837,993 Comprehensive Financing Cost Interest Receivable 31,298 31,298 22,382 22,382 31,298 31,298 22,382 22,382 Interest Payable (16,509) (16,509) (19,483) (19,483) (16,509) (16,509) (19,483) (19,483) Exchange (Losses) Gains, net 31,401 31,401 (401) (401) 31,401 31,401 (401) (401) Loss (gains) on Valuation of Derivative - 0 - - - Financial Instruments - - - - 0 - - - Participation in the Results of Associates (122,054) (122,054) 10,551 10,551 (122,054) (122,054) 10,551 10,551 Non-Ordinary Item Non-Ordinary Item 8 (8) 0 5 (5) - 8 (8) 0 5 (5) - Income Before Income Taxes 739,108 (800) 738,308 851,521 (479) 851,042 739,108 (800) 738,308 851,521 (479) 851,042 Provision for IETU 6,992 6,992 116 116 6,992 6,992 116 116 Provision for Income Tax 263,227 - 263,227 (51,344) 287,148 235,804 263,227 - 263,227 (51,344) 287,148 235,804 Provision for Asset Tax 2,866 2,866 2,395 2,395 2,866 2,866 2,395 2,395 Deferred Income Taxes (27,301) (27,301) (21,647) (21,647) (27,301) (27,301) (21,647) (21,647) Deferred IETU 5,860 58 5,918 - - 5,860 58 5,918 - - Net Income for the Year 487,465 (858) 486,607 922,003 (287,627) 634,376 487,465 (858) 486,607 922,003 (287,627) 634,376 Earnings per share 1.62 (0.00) 1.62 3.07 (0.96) 2.11 1.62 (0.00) 1.62 3.07 (0.96) 2.11 Earnings per American Depositary Share (in U.S. Dollars) 1.24 (0.00) 1.24 2.35 (0.73) 1.62 1.24 (0.00) 1.24 2.35 (0.73) 1.62 Exchange Rate per U.S. Dollar Ps. 13.0549 Grupo Aeroportuario del Sureste, S.A.B. de C.V. Consolidated Balance Sheet as of March 31, 2014 and 2013 Thousands of Mexican pesos I t e m March 2014 December 2013 Mexican NIF Transition effects IFRS Mexican NIF Transition effects IFRS A s s e t s Current Assets Cash and Cash Equivalents 1,603,406 1,603,406 1,259,562 1,259,562 Trade Receivables, net 543,956 543,956 467,410 467,410 Recoverable Taxes and Other Current Assets 886,614 (2,693) 883,921 542,628 284,514 827,142 Total Current Assets 3,033,976 (2,693) 3,031,283 2,269,600 284,514 2,554,114 Non Current Assets Machinery, Furniture and Equipment, net 322,725 322,725 322,072 322,072 Airports Concessions, net 15,700,782 15,700,782 15,790,796 15,790,796 Investment in Associated 1,408,251 1,408,251 1,400,957 1,400,957 Deferred Employees' Statutory Profit Sharing - - - - Loans To Associates 1,356,097 1,356,097 1,348,555 1,348,555 Total Non Current Assets 18,787,854 - 18,787,854 18,862,380 - 18,862,380 Total Assets 21,821,829 (2,693) 21,819,136 21,131,980 284,514 21,416,494 Liabilities and Stockholders' Equity Current Liabilities Trade Accounts Payable 11,499 11,499 9,997 9,997 Bank Loans 18,205 18,205 41,804 41,804 Accrued Expenses and Others Payables 408,860 27,794 436,654 589,180 26,987 616,167 Total Current Liabilities 438,563 27,794 466,357 640,981 26,987 667,968 Long Term Liabilities Bank Loans 2,793,612 2,793,612 2,799,058 2,799,058 Deferred Income Taxes 1,636,747 1,636,747 1,658,395 1,658,395 Deferred Flat Rate Business Tax 0 0 - - Labor Obligations 16,632 (9,546) 7,086 16,019 (9,162) 6,857 Total Long Term Liabilities 4,446,991 (9,546) 4,437,445 4,473,472 (9,162) 4,464,310 Total Liabilities 4,885,554 18,248 4,903,802 5,114,453 17,825 5,132,278 Stockholders' Equity Capital Stock 12,799,204 (5,031,928) 7,767,276 12,799,204 (5,031,928) 7,767,276 Legal Reserve 535,118 (17,614) 517,504 535,118 (17,614) 517,504 Share Repurchase Reserve - - - - Net Income for the Period 922,003 (287,627) 634,376 2,018,292 278,581 2,296,873 Cumulative Effect of Conversion of Foreign Currency 33,150 33,150 36,407 36,407 IFRS Conversion Adjustment - 5,045,078 5,045,078 - 5,045,078 5,045,078 Retained Earnings 2,646,800 271,150 2,917,951 628,506 (7,428) 621,078 Total Stockholders' Equity 16,936,275 (20,941) 16,915,334 16,017,527 266,689 16,284,216 Total Liabilities and Stockholders' Equity 21,821,829 (2,693) 21,819,136 21,131,980 284,514 21,416,494
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