Business Context and Reporting Period
Company: Southeast Airport Group (Grupo Aeroportuario del Sureste, S.A. de C.V.)
Filing Type: Form 6-K (Current Report)
Date: April 12, 2004
Reporting Period: March 2004 (31-day period compared to March 2003)
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
Passenger Traffic: Total passenger traffic for March 2004 was 1,288,311, representing a 9.0% increase compared to 1,181,800 in March 2003. Transit and general aviation passengers are excluded from these figures.
| Airport | March 2003 | March 2004 | % Change |
|---|---|---|---|
| Cancun | 871,914 | 943,963 | 8.3% |
| Cozumel | 54,224 | 61,304 | 13.1% |
| Huatulco | 22,875 | 23,746 | 3.8% |
| Merida | 72,983 | 79,007 | 8.3% |
| Minatitlan | 11,871 | 11,320 | -4.6% |
| Oaxaca | 41,076 | 52,428 | 27.6% |
| Tapachula | 15,437 | 16,735 | 8.4% |
| Veracruz | 44,551 | 43,981 | -1.3% |
| Villahermosa | 46,869 | 55,827 | 19.1% |
| ASUR Total | 1,181,800 | 1,288,311 | 9.0% |
Financial Data: The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes and Contextual Factors
- Seasonal Variance: In 2003, the Easter Week vacation period occurred in March. In 2004, both Easter Week and Holy Week occurred in April, which may impact year-over-year comparisons.
- Geopolitical Impact: Passenger traffic comparisons reflect the beginning of the war in Iraq at the end of March 2003, which may have suppressed traffic in the prior period.
- Performance Highlights: Oaxaca (27.6% growth) and Villahermosa (19.1% growth) showed the strongest increases. Minatitlan and Veracruz experienced slight declines.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide specific financial guidance or forward-looking statements regarding future periods beyond the March 2004 data.
Risks and Contingencies: The filing notes historical volatility factors such as the timing of religious holidays (Easter/Holy Week) and geopolitical events (Iraq War) as material influences on traffic comparisons. No new specific risks or contingencies were disclosed in this report.
Investor Verification Checklist
- Verify the impact of the shifted Easter/Holy Week holiday schedule on April 2004 traffic figures.
- Confirm whether the 9.0% traffic growth translates to proportional revenue growth given the exclusion of transit and general aviation passengers.
- Review subsequent filings for April 2004 data to assess the full impact of the holiday shift.
- Investigate the specific operational reasons for declines at Minatitlan and Veracruz airports.