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: Month of July 2002 (specifically the 28-day period from July 3 through July 30, 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
Passenger Traffic: Total passenger traffic for the reporting period was 1,018,693, representing a 2.0% decrease compared to the equivalent 28-day period in July 2001 (1,039,149). Transit and general aviation passengers are excluded from these figures.
| Airport | July 2001 | July 2002 | % Change |
|---|---|---|---|
| Cancun | 706,504 | 720,498 | 2.0% |
| Cozumel | 61,019 | 51,006 | (16.4%) |
| Huatulco | 30,026 | 26,288 | (12.4%) |
| Merida | 86,692 | 79,323 | (8.5%) |
| Minatitlan | 10,687 | 9,826 | (8.1%) |
| Oaxaca | 37,713 | 35,663 | (5.4%) |
| Tapachula | 17,158 | 14,838 | (13.5%) |
| Veracruz | 45,100 | 40,360 | (10.5%) |
| Villahermosa | 44,250 | 40,891 | (7.6%) |
| ASUR Total | 1,039,149 | 1,018,693 | (2.0%) |
Financial Data: The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on operational passenger traffic statistics.
Material Changes Versus Prior Period
- Overall Trend: Total traffic declined 2.0% year-over-year.
- Performance by Airport: Cancun was the only airport to report growth (+2.0%). All other eight airports experienced declines ranging from 5.4% (Oaxaca) to 16.4% (Cozumel).
- Weekly Volatility: Traffic declines varied by week within the month:
- July 3-9: Decreased 1.0%
- July 10-16: Decreased 5.0%
- July 17-23: Decreased 1.3%
- July 24-30: Decreased 0.6%
Guidance, Outlook, and Management Commentary
Management Commentary: ASUR management attributes the current reporting environment to the situation following the September 11, 2001, events in the U.S. The company is making an "extraordinary effort" to publish monthly passenger traffic figures to keep investors informed during this period of uncertainty.
Outlook: Management expects to return to normal quarterly reporting procedures once the situation has normalized. No specific financial guidance or revenue forecasts were provided in this filing.
Risks and Contingencies: The filing implicitly highlights the risk of continued volatility in air travel demand due to the post-9/11 environment, evidenced by the decision to increase reporting frequency.
Key Facts for Investor Verification
- Reporting Frequency: Verify if the company has reverted to quarterly reporting or if monthly updates continue beyond this filing.
- Cancun Performance: Investigate the drivers behind Cancun's 2.0% growth while all other airports declined significantly.
- Financial Impact: Determine the correlation between the 2.0% drop in passenger traffic and the company's actual revenue and EBITDA for the quarter, as this filing contains no financial statements.
- Cozumel Decline: Assess the specific reasons for Cozumel's sharp 16.4% decline compared to other regional airports.