Business Context and Reporting Period
Company: Southeast Airport Group (Grupo Aeroportuario del Sureste, S.A. de C.V.)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: May 5, 2005
Reporting Period: April 2005 (30-day period from April 1 to April 30)
Business Overview: ASUR operates concessions for nine airports in southeast Mexico, including Cancun, Merida, and Cozumel. The company is listed on the NYSE (ASR) and the Mexican Bolsa (ASUR).
Key Financial and Operational Metrics
Operational Performance (Passenger Traffic):
Total passenger traffic for April 2005 was 1,290,539, representing a 4.3% increase compared to 1,237,057 in April 2004. Transit and general aviation passengers are excluded from these figures.
| Airport | April 2004 | April 2005 | % Change |
|---|---|---|---|
| Cancun | 908,040 | 957,836 | 5.5% |
| Cozumel | 52,733 | 59,340 | 12.5% |
| Veracruz | 41,248 | 45,537 | 10.4% |
| Minatitlan | 10,598 | 11,563 | 9.1% |
| Huatulco | 25,628 | 24,246 | (5.4%) |
| Merida | 80,033 | 77,377 | (3.3%) |
| Villahermosa | 57,403 | 55,647 | (3.1%) |
| Oaxaca | 43,806 | 43,149 | (1.5%) |
| Tapachula | 17,568 | 15,844 | (9.8%) |
Financial Metrics: The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity for this period.
Material Changes and Seasonal Context
Year-Over-Year Comparison: While total traffic increased by 4.3%, performance varied significantly by location. Cancun, Cozumel, Veracruz, and Minatitlan drove the growth, whereas Tapachula, Huatulco, and Merida experienced declines.
Seasonal Variance: Management noted a significant calendar shift affecting comparability. In 2004, the Holy Week and Easter Week vacation periods occurred in April. In 2005, Holy Week and four days of Easter Week occurred in March, potentially shifting passenger volume from April to the prior month.
Guidance, Outlook, and Risks
Management Commentary: The filing focuses solely on the announcement of April 2005 traffic figures and the explanation of the Easter holiday shift. No forward-looking guidance, financial outlook, or specific risk factors were disclosed in this document.
Unusual Items: The shift in the Easter holiday schedule is the primary unusual item noted, serving as a contextual factor for the year-over-year comparison.
Key Facts for Investor Verification
- Verify the impact of the March 2005 Easter holiday on Q1 2005 total traffic to assess the full quarterly performance.
- Confirm whether the decline in traffic at Tapachula (-9.8%) and Huatulco (-5.4%) is seasonal or indicative of longer-term trends.
- Review subsequent filings for financial results (revenue and earnings) corresponding to the April 2005 operational data, as this filing contains no financial statements.
- Monitor the performance of Cancun, which accounts for the majority of total traffic (approx. 74% of the total).