ASR

Business Context and Reporting Period

Company: Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR)

Filing Type: Form 6-K (Report of Foreign Private Issuer)

Reporting Period: Third quarter and nine months ended September 30, 2014.

Business Overview: ASUR is the first privatized airport group in Mexico, operating nine airports in southeast Mexico (including Cancún) and holding a 50% joint venture stake in Aerostar Airport Holdings, LLC, which operates the Luis Muñoz Marín International Airport in San Juan, Puerto Rico.

Key Financial Metrics

Third Quarter 2014 (3Q14)

• Total Revenues: Ps.1,469.94 million (up 12.22% YoY).
• EBITDA: Ps.879.90 million (up 9.23% YoY); Margin: 59.86%.
• Operating Profit: Ps.765.90 million (up 9.42% YoY); Margin: 52.10%.
• Net Income: Ps.581.37 million (up 13.80% YoY).
• Earnings Per Share (EPS): Ps.1.9379 (US$1.4427 per ADS).
• Passenger Traffic: 5.76 million total (up 8.94% YoY).
• Commercial Revenue per Passenger: Ps.71.44 (up 0.27% YoY).

Nine Months 2014 (9M14)

• Total Revenues: Ps.4,193.71 million (up 5.69% YoY).
• EBITDA: Ps.2,704.71 million (up 7.01% YoY); Margin: 64.49%.
• Operating Profit: Ps.2,364.95 million (up 6.74% YoY); Margin: 56.39%.
• Net Income: Ps.1,770.49 million (up 7.17% YoY).
• Earnings Per Share (EPS): Ps.5.9016 (US$4.3934 per ADS).
• Passenger Traffic: 17.39 million total (up 8.54% YoY).

Liquidity and Balance Sheet (as of Sept 30, 2014)

• Cash and Cash Equivalents: Ps.3,099.32 million (up 146.06% from Dec 31, 2013).
• Total Bank Debt: Ps.2,886.00 million.
• Shareholders' Equity: Ps.18,093.63 million (78.51% of total assets).
• Total Liabilities: Ps.4,952.01 million (21.49% of total assets).
• Capital Expenditures: Ps.235.04 million in 3Q14; Ps.320.43 million in 9M14.

Material Changes vs. Prior Period

• Revenue Growth Drivers: 3Q14 revenue growth was driven by an 8.57% increase in aeronautical revenues (linked to traffic growth) and a 48.69% surge in construction services revenues due to higher capital expenditures. Non-aeronautical revenues rose 9.16%.
• Cost Increases: Total operating costs rose 15.44% in 3Q14, primarily due to a 48.69% increase in construction costs and an 8.82% rise in cost of services (maintenance, security, energy) following the reopening of Cancún Terminal 1.
• Joint Venture Impact: ASUR recorded a Ps.21.31 million gain from its equity in Aerostar (San Juan airport) in 3Q14, compared to a negligible gain in 3Q13. For 9M14, the gain was Ps.53.75 million, contrasting with a Ps.94.92 million loss in 9M13 due to one-off privatization costs.
• Foreign Exchange: A Ps.21.73 million financing loss in 3Q14 was attributed to a 3.56% depreciation of the Mexican peso against the U.S. dollar. In 9M14, the financing loss improved to Ps.8.22 million due to a lower peso depreciation rate (2.67%) compared to the prior year.
• Tax Reform: Income taxes declined 3.97% in 3Q14 due to the repeal of the IETU tax on January 1, 2014, offset partially by new income tax provisions for Veracruz and Villahermosa airports.

Outlook, Risks, and Commentary

• Traffic Trends: International passenger traffic grew 9.88% in 3Q14, driven largely by a 9.94% increase at Cancún. Domestic traffic grew 8.04%.
• Commercial Expansion: ASUR opened numerous new retail and F&B outlets across its network since late 2013, including duty-free, car rentals, and convenience stores, contributing to commercial revenue growth.
• Regulatory Environment: Regulated revenues accounted for 67.41% of total income in 9M14. The Mexican Ministry of Communications and Transportation sets maximum rates per traffic unit, reviewed annually.
• Forward-Looking Statements: The filing includes standard disclaimers that future expectations are subject to risks and assumptions, and actual results may differ.
• Unusual Items: The 9M13 results included significant one-off costs related to the San Juan airport privatization bidding process, which distorted year-over-year comparisons for the joint venture income.

Investor Verification Checklist

• Verify the sustainability of the 48.69% increase in construction services revenue, as this is tied to specific capital expenditure cycles and IFRIC 12 accounting treatment.
• Monitor the impact of Mexican peso volatility on financing costs and the translation of Aerostar's U.S. dollar-denominated results.
• Assess the long-term growth trajectory of international traffic at Cancún, which remains the primary driver of overall volume.
• Review the regulatory review process for maximum tariff rates to ensure future revenue caps align with inflation and operational cost increases.
• Confirm the timeline and financial impact of the new commercial spaces opened in late 2013 and 2014 on per-passenger revenue metrics.