Business Context and Reporting Period
This Form 6-K filing by Southeast Airport Group (ASUR) covers the month of December 2008, specifically reporting total passenger traffic for November 2008. ASUR operates nine airports in southeastern Mexico, including Cancun, Merida, and Cozumel. The data compares November 2008 figures against November 2007, excluding transit and general aviation passengers.
Key Financial and Operational Metrics
The filing provides operational traffic data rather than financial statements. Key metrics for November 2008 include:
- Total Passenger Traffic: 1,319,549 passengers, representing a 3.1% increase year-over-year.
- International Traffic: 732,510 passengers, up 12.7% year-over-year.
- Domestic Traffic: 587,039 passengers, down 6.9% year-over-year.
- Top Performer: Cancun International Airport handled 686,213 international passengers (up 14.2%) and 236,942 domestic passengers (down 8.8%), for a total increase of 7.3%.
The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes Versus Prior Period
While total traffic increased, performance varied significantly by airport and segment:
- International Growth: Driven primarily by Cancun (+14.2%), Villahermosa (+46.6%), and Tapachula (+45.2%).
- Domestic Decline: Significant drops were observed in Merida (-23.8%), Minatitlan (-26.6%), and Cozumel (-26.5%).
- Notable Increases: Villahermosa total traffic rose 19.2% and Oaxaca rose 13.2%.
- Notable Decreases: Merida total traffic fell 23.8% and Minatitlan fell 26.2%.
Outlook, Risks, and Unusual Items
The filing contains no forward-looking guidance, management commentary on future outlook, or discussion of financial risks and contingencies. One unusual item noted is that passenger traffic at Villahermosa airport during the first two weeks of November 2007 was negatively impacted by flooding in the city, which may have influenced the year-over-year comparison for that specific location.
Investor Verification Checklist
- Verify the impact of the 2007 Villahermosa flooding on the reported 19.2% growth for that airport.
- Confirm the reasons behind the significant domestic traffic declines at Merida (-23.8%) and Minatitlan (-26.6%).
- Review subsequent filings for financial data (revenue, EBITDA) as this report contains only passenger counts.
- Assess the sustainability of the 12.7% international traffic growth amidst the global economic conditions of late 2008.