ASR

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: September 2002 (specifically the 28-day period from August 28 through September 24, 2002)
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: 654,766 passengers for the 28-day period in 2002, representing a 6.7% increase compared to the same period in 2001 (613,768 passengers).
• Exclusions: Figures exclude transit and general aviation passengers.

Financial Metrics:

• Revenue, Profit, Cash Flow, Margins, Debt, Liquidity: The filing text does not provide clear values for these financial metrics. This report focuses exclusively on operational passenger traffic data.

Material Changes Versus Prior Period

Overall Trend: Total traffic increased by 6.7% year-over-year, driven primarily by strong performance in key tourist destinations.
Weekly Volatility: Traffic fluctuated significantly throughout the month:

• Week 1 (Aug 28 - Sep 3): Decreased 1.8%
• Week 2 (Sep 4 - Sep 10): Decreased 1.6%
• Week 3 (Sep 11 - Sep 17): Increased 28.2%
• Week 4 (Sep 18 - Sep 24): Increased 7.5%

Airport-Specific Changes:

• Increases: Cancun (+10.9%), Veracruz (+12.3%), Merida (+3.4%), Oaxaca (+3.8%).
• Decreases: Cozumel (-21.4%), Tapachula (-14.2%), Minatitlan (-6.4%), Huatulco (-5.9%), Villahermosa (-3.5%).

Guidance, Outlook, and Management Commentary

Management Commentary:

• Reporting Frequency: Due to the ongoing situation following the September 11, 2001 events in the U.S., management is publishing monthly passenger traffic figures to keep investors informed. They expect to return to normal quarterly reporting once the situation normalizes.
• Operational Context: The significant week-over-week variance (specifically the 28.2% jump in the third week) reflects the volatility in travel patterns during this period.

Risks and Contingencies:

• The filing explicitly cites the "current situation following the events of September 11, 2001" as a material factor influencing reporting practices and likely impacting traffic volatility.

Guidance: No specific financial guidance or forward-looking revenue projections were provided in this text.

Key Facts for Investor Verification

• Traffic Recovery: Verify if the 6.7% total increase is sustainable or if it is skewed by the specific 28-day comparison window used.
• Regional Divergence: Investigate the reasons for the sharp decline (-21.4%) at Cozumel and Tapachula (-14.2%) versus the growth at Cancun (+10.9%) and Veracruz (+12.3%).
• Financial Impact: Confirm how the operational traffic changes translate to revenue, given that this filing does not disclose financial results.
• Reporting Normalization: Monitor future filings to determine when the company reverts to quarterly reporting, which may indicate management's view on market stability.