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)
Reporting Period: Month of January 2003 (Announcement Date: January 7, 2003)
Subject: Total passenger traffic for December 2002 compared to the equivalent 28-day period in December 2001/January 2002.
Key Financial and Operational Metrics
This filing reports operational passenger traffic data rather than financial statements (revenue, profit, cash flow, or debt). The filing does not provide clear values for financial metrics.
| Metric | December 2001 | December 2002 | % Change |
|---|---|---|---|
| Total Passenger Traffic (ASUR) | 743,299 | 848,714 | 14.2% |
| Cancun | 495,550 | 587,719 | 18.6% |
| Cozumel | 29,289 | 28,342 | (3.2%) |
| Merida | 65,315 | 69,997 | 7.2% |
| Oaxaca | 31,943 | 36,060 | 12.9% |
| Veracruz | 35,082 | 37,838 | 7.9% |
Note: Transit and general aviation passengers are excluded from these figures.
Material Changes Versus Prior Period
- Overall Growth: Total passenger traffic increased by 14.2% year-over-year.
- Weekly Performance: Growth was consistent across all four weeks of the reporting period:
- Dec 4-10: +17.3%
- Dec 11-17: +11.8%
- Dec 18-24: +14.7%
- Dec 25-31: +13.3%
- Key Drivers: Cancun was the primary driver of growth with an 18.6% increase. Oaxaca (12.9%) and Minatitlan (11.1%) also showed strong double-digit growth.
- Declines: Cozumel was the only major airport to report a decline (-3.2%), with significant drops in the final week of the period (-9.5%).
Guidance, Outlook, and Management Commentary
- Reporting Frequency: Due to the post-September 11, 2001, environment, management is publishing monthly passenger traffic figures to keep investors informed. They expect to return to normal quarterly reporting once the situation normalizes.
- Outlook: The filing does not provide specific financial guidance or future traffic forecasts beyond the expectation of returning to quarterly reporting.
- Risks/Contingencies: The filing explicitly references the "current situation following the events of September 11, 2001, in the U.S." as the context for the enhanced reporting frequency, implying ongoing volatility in the aviation sector.
Important Facts for Investor Verification
- Operational vs. Financial: Verify that this filing contains only passenger traffic counts and no revenue, earnings, or balance sheet data.
- Comparison Period: Confirm that the year-over-year comparison uses a 28-day period (Dec 4-31, 2002 vs. Dec 5, 2001-Jan 1, 2002) rather than a full calendar month.
- Exclusions: Note that transit and general aviation passengers are excluded from the reported totals.
- Cozumel Performance: Investigate the specific reasons for Cozumel's decline (-3.2%) amidst overall group growth.
- ADS Ratio: Confirm the conversion rate of one American Depositary Share (ADS) representing ten (10) Series B shares for valuation purposes.