ASR

Business Context and Reporting Period

Company: Southeast Airport Group (Grupo Aeroportuario del Sureste, S.A.B. de C.V.)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: April 6, 2011
Reporting Period: March 2011 (compared to March 2010)
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: 1,690,210 in March 2011, a decrease of 2.3% compared to 1,730,627 in March 2010.
• Domestic Traffic: 539,486 passengers, down 7.1% year-over-year.
• International Traffic: 1,150,724 passengers, up 0.1% year-over-year.

Financial Metrics:

The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on passenger traffic statistics.

Material Changes Versus Prior Period

Overall Trend: Total traffic declined slightly, driven primarily by a significant drop in domestic travel, while international traffic remained relatively flat.
Notable Airport Variations:

• Declines: Oaxaca (-35.2%), Minatitlan (-20.7%), and Tapachula (-15.3%) saw the largest percentage drops in total traffic. Cancun, the largest hub, declined 1.5%.
• Growth: Villahermosa (+7.0%), Cozumel (+2.7%), and Tapachula International (+129.0%) experienced growth.

Seasonal Context: The filing notes a calendar shift in Holy Week. In 2010, Monday through Wednesday of Holy Week fell in March, whereas in 2011, these days fell in April, likely impacting the year-over-year comparison.

Guidance, Outlook, and Risks

Management Commentary: Management highlighted the impact of the Holy Week calendar shift on the March 2011 figures compared to the prior year.
Guidance and Outlook: The filing text does not provide specific financial guidance or future outlook projections.
Risks and Contingencies: No specific risks or contingencies were detailed in this specific traffic report, though the variance in traffic suggests sensitivity to seasonal travel patterns and regional economic factors.

Key Facts for Investor Verification

• Verify the impact of the Holy Week calendar shift on Q1 2011 total revenue and traffic trends.
• Investigate the causes behind the sharp declines in Oaxaca (-35.2%) and Minatitlan (-20.7%) traffic.
• Confirm if the flat international traffic growth (0.1%) aligns with broader global travel trends for the period.
• Review subsequent filings for Q1 2011 financial results (revenue and earnings) as they are not included in this 6-K.