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: January 13, 2004
Context: ASUR operates nine airports in southeastern Mexico (including Cancun, Merida, and Cozumel). This filing announces regulatory approval from the Mexican Ministry of Communications and Transportation regarding the Master Development Program, efficiency factors, and maximum tariffs for the 2004-2008 period.
Key Financial Metrics and Regulatory Data
Revenue/Profit/Cash Flow: The filing text does not provide specific revenue, profit, cash flow, or margin figures for the reporting period.
Debt/Liquidity: The filing text does not provide specific debt or liquidity metrics.
Approved Master Development Program (Investment)
Values in Millions of Pesos (as of Dec 31, 2002)
| Airport | 2004-2008 (Committed) | 2009-2013 (Indicative) | 2014-2018 (Indicative) |
|---|---|---|---|
| Cancun | 895 | 901 | 589 |
| Cozumel | 86 | 28 | 40 |
| Huatulco | 54 | 16 | 39 |
| Merida | 96 | 78 | 18 |
| Minatitlan | 19 | 25 | 13 |
| Oaxaca | 47 | 38 | 23 |
| Tapachula | 31 | 28 | 13 |
| Veracruz | 51 | 50 | 25 |
| Villahermosa | 84 | 50 | 24 |
| Total | 1,363 | 1,214 | 784 |
Maximum Tariffs per Unit of Traffic (2004)
Values in Pesos (as of Dec 31, 2002)
- Cancun: 99.56
- Cozumel: 106.82
- Huatulco: 88.06
- Merida: 75.03
- Minatitlan: 93.33
- Oaxaca: 91.65
- Tapachula: 109.50
- Veracruz: 77.85
- Villahermosa: 86.93
Material Changes and Outlook
Regulatory Approval: The Ministry approved the Master Development Program for 2004-2008, the applicable efficiency factor, and 2004 maximum tariffs.
Efficiency Factor: For the five-year period ending December 31, 2008, maximum rates will be reduced annually by an efficiency factor of 0.75% in real terms to account for projected efficiency improvements.
Management Commentary: The company is currently evaluating the approved figures. No specific financial guidance or outlook regarding earnings was provided in this text.
Investor Verification Checklist
- Verify the impact of the 0.75% annual real-term tariff reduction on future revenue projections.
- Confirm the company's capital expenditure plans against the approved 1,363 million peso committed investment for 2004-2008.
- Review subsequent filings for the company's formal evaluation of the approved tariff figures.
- Monitor traffic volume trends at key airports (Cancun, Merida) to assess the ability to meet development program targets.