EX-99.1 2 y85803exv99w1.htm EX-99.1 exv99w1
INDEX TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
         
       
 
       
Condensed consolidated balance sheets at June 30, 2010 and June 30, 2009 (unaudited)
    F-3  
Condensed consolidated statements of income for the six months ended June 30, 2010 and 2009 (unaudited)
    F-4  
Condensed consolidated statements of changes in stockholders’ equity for the six months ended June 30, 2010 and 2009 (unaudited)
    F-5  
Condensed consolidated statements of cash flows for the six months ended June 30, 2010 and 2009 (unaudited)
    F-6  
Notes to condensed consolidated financial statements for the six months ended June 30, 2010 and 2009 (unaudited)
    F-7  

F-1


 

Grupo Aeroportuario del Sureste, S.A.B. de C.V. (and subsidiaries)
Unaudited Interim Condensed Consolidated Balance Sheets
At June 30, 2010 and 2009
(Thousands of U.S. dollars ($) and thousands of nominal Mexican pesos (Ps.) as of June 30, 2010)

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GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. AND SUBSIDIARIES
(SOUTHEAST AIRPORT GROUP)
UNAUDITED INTERIM CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of Mexican Pesos, as explained in Note 2)
                 
    June 30,     December 31,  
    2010     2009  
    (UNAUDITED)     (AUDITED)  
ASSETS
               
Current assets:
               
Cash and cash equivalents
  Ps. 590,693     Ps. 961,404  
Trade and other receivables, net
    384,615       375,165  
Recoverable taxes and other current assets
    1,048,915       746,594  
 
           
 
               
Total current assets
    2,024,223       2,083,163  
 
               
Land, machinery, furniture and equipment, net (Note 3)
    304,022       980,851  
Airport concessions, net (Note 3)
    14,646,907       7,628,144  
Rights to use airport facilities, net (Note 3)
            2,057,476  
Improvements to concessioned assets, net (Note 4)
            3,658,731  
Recoverable asset tax
    96,006       96,006  
Deferred employees’ statutory profit sharing
    2,421       2,421  
Deferred flat rate business tax
    188,985       188,916  
 
           
 
Total assets
  Ps. 17,262,564     Ps. 16,695,708  
 
           
 
               
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
Current liabilities:
               
Trade accounts payable
  Ps. 20,906     Ps. 8,145  
Bank loans (Note 5)
    96,962       222,517  
Accrued expenses and other payables
    450,314       168,820  
 
           
 
Total current liabilities
    568,182       399,482  
 
               
Bank loans (Note 5)
    90,642       329,836  
Seniority premiums
    10,483       9,659  
Deferred income tax (Note 8)
    1,518,725       1,372,504  
Deferred flat rate business tax
    766,401       726,532  
 
           
 
               
Total liabilities
    2,954,433       2,838,013  
 
           
 
               
Stockholders’ equity (Note 7):
               
Capital stock
    12,799,204       12,799,204  
Legal reserve
    287,117       246,517  
Retained earnings
    1,221,810       811,974  
 
           
 
               
Total stockholders’ equity
    14,308,131       13,857,695  
 
           
 
               
Commitments and contingencies (Note 10)
               
 
               
Total liabilities and stockholders’ equity
  Ps. 17,262,564     Ps. 16,695,708  
 
           
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
 
Adolfo Castro Rivas
Chief Financial and Strategic Planning Officer
Grupo Aeroportuario del Sureste, S. A. B. de C. V.

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GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. AND SUBSIDIARIES
(SOUTHEAST AIRPORT GROUP)
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of Mexican Pesos, as explained in Note 2, except earnings per share amounts)
                 
    Six-Months Ended June 30,  
    2010     2009  
    (UNAUDITED)     (UNAUDITED)  
REVENUES:
               
Aeronautical services
  Ps. 1,227,427     Ps. 1,083,561  
Non-aeronautical services
    641,977       579,505  
Construction services
    217,667          
 
           
 
               
Total revenues
    2,087,071       1,663,066  
 
           
 
               
OPERATING EXPENSES:
               
Cost of services, excluding depreciation and amortization
    405,393       386,544  
Cost of construction
    217,667          
Technical assistance fee
    64,779       57,193  
Government concession fee
    89,843       78,632  
General and administrative expenses
    78,590       54,039  
Depreciation and amortization
    178,534       315,941  
 
           
 
               
Total cost and operating expenses
    1,034,806       892,349  
 
           
 
               
COMPREHENSIVE FINANCING RESULT:
               
Interest income, net
    7,993       38,247  
Exchange gains (losses), net
    7,779       (16,865 )
Loss on valuation of derivative financial instruments (Note 6)
    (2,340 )      
 
           
 
Net comprehensive financing income
    13,432       21,382  
 
           
 
               
Non ordinary items
    676       12,444  
 
           
 
               
Income before taxes
    1,065,021       779,655  
 
               
Provisions for (Note 8) :
               
Asset tax
          18,416  
Income tax
    272,151       209,483  
Flat rate business tax
    17,739       84,590  
 
           
 
               
Net income
  Ps. 775,131     Ps. 467,166  
 
           
 
               
Earnings per share expressed in Mexican pesos (Note 7)
  Ps. 2.58     Ps. 1.56  
 
           
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
 
Adolfo Castro Rivas
Chief Financial and Strategic Planning Officer
Grupo Aeroportuario del Sureste, S. A. B. de C. V.

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GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. AND SUBSIDIARIES
(SOUTHEAST AIRPORT GROUP)
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CHANGES
IN STOCKHOLDERS’ EQUITY
(Expressed in thousands of Mexican Pesos, as explained in Note 2)
                                 
                            Total  
    Capital     Legal     Retained     stockholders’  
    stock     reserve     earnings     equity  
Balance at December 31, 2008
  Ps. 12,799,204     Ps. 194,044     Ps. 1,961,748     Ps. 14,954,996  
 
                               
Transfer to legal reserve
            52,473       (52,473 )        
Dividends paid (Note 7)
                    (1,884,000 )     (1,884,000 )
Income tax paid on dividends (Note 7)
                    (10,711 )     (10,711 )
Comprehensive income of the year
                    797,410       797,410  
 
                       
 
                               
Balance at December 31, 2009
    12,799,204       246,517       811,974       13,857,695  
 
                               
Transfer to legal reserve
            40,600       (40,600 )        
Dividends paid (Note 7)
                    (750,000 )     (750,000 )
 
                               
Recognition of INIF 17
“service concession contracts” (see note 2)
                    425,305       425,305  
 
                               
Comprehensive income of the period
                    775,131       775,131  
 
                       
 
                               
Balance at June 30, 2010
  Ps. 12,799,204     Ps. 287,117     Ps. 1,221,810     Ps. 14,308,131  
 
                       
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
 
Adolfo Castro Rivas
Chief Financial and Strategic Planning Officer
Grupo Aeroportuario del Sureste, S. A. B. de C. V.

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GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. AND SUBSIDIARIES
(SOUTHEAST AIRPORT GROUP)
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
(Expressed in thousands of Mexican Pesos, as explained in Note 2)
                 
    Six-Months Ended June 30,  
    2010     2009  
    (UNAUDITED)     (UNAUDITED)  
Operating activities:
               
 
               
Income before taxes
  Ps. 1,065,021     Ps. 779,655  
 
               
Adjustments to reconcile income before income taxes to net cash provided by operating activities:
               
Depreciation and amortization
    178,534       315,941  
Loss on disposal of fix assets
    16,908        
Interest income
    (5,654 )     (49,218 )
Trade receivables
    (9,450 )     208,431  
Recoverable taxes and other current assets
    (6,601 )     144,184  
Income taxes paid
    (5,146 )     (155,862 )
Trade accounts payable, accrued expenses and other payables
    17,047       (431,144 )
 
           
Net cash flow provided by operating activities
    1,250,659       811,987  
 
           
 
               
Investing activities:
               
Purchase of and improvements to concessioned assets, land, machinery, furniture and equipment
    (217,667 )     (146,267 )
Interest income
    5,654       49,218  
 
           
Net cash flow used in investing activities
    (212,013 )     (97,049 )
 
           
 
               
Financing activities:
               
Bank loans proceeds (payments)
    (363,637 )     600,000  
Dividends paid
    (750,000 )     (1,884,000 )
Tax on dividends paid
    (295,720 )     (191,130 )
 
           
Net cash flow used in financing activities
    (1,409,357 )     (1,475,130 )
 
           
 
               
Decrease in cash and marketable securities
    (370,711 )     (760,192 )
Cash and cash equivalents, beginning of period
    961,404       1,733,512  
 
           
Cash and cash equivalents, end of period
  Ps. 590,693     Ps. 973,320  
 
           
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
 
Adolfo Castro Rivas
Chief Financial and Strategic Planning Officer
Grupo Aeroportuario del Sureste, S. A. B. de C. V.

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GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. AND SUBSIDIARIES
(SOUTHEAST AIRPORT GROUP)
NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of Mexican Pesos, as explained in Note 2,
except number of share and share amounts)
1. Company history and operations
Grupo Aeroportuario del Sureste, S. A. B. de C. V. (“ASUR”), a Mexican company, was incorporated in April 1998, as a wholly-owned entity of the Mexican federal government to operate, maintain and develop nine airports in the Southeast region of Mexico. The nine airports are located in the following cities: Cancún, Cozumel, Mérida, Huatulco, Oaxaca, Veracruz, Villahermosa, Tapachula and Minatitlán. ASUR and its subsidiaries are collectively referred to as the “Company”.
Notwithstanding the Company’s rights to operate, maintain and develop the nine airports, pursuant to the Mexican General Law of National Assets, all the permanent fixed assets located in the airports are property of the Mexican federal goverment. Upon expiration of the Company’s concessions, these assets, including any improvements made during the term of the concessions, automatically revert to the Mexican federal government.
2. Basis of preparation
The information included in the interim condensed consolidated financial statements is unaudited but reflects all adjustments (consisting only of normal recurring adjustments), which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results of these interim periods are not necessarily indicative of results for the entire year. The unaudited interim consolidated financial statements are prepared in accordance with NIF B-9 “Financial Information at Interim Dates” and should be read in conjunction with the audited consolidated financial statements and notes as of December 31, 2009. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by Mexican Financial Reporting Standards (NIFs).
The accompanying unaudited interim consolidated financial statements have been prepared to comply with the Mexican Financial Reporting Standards.
New Mexican Financial Reporting Standards:
The following Mexican Financial Reporting Standards (NIFs) and Interpretations to the Financial Reporting Standards (INIFs) issued by the Mexican Financial Reporting Standards Board (CINIF), went into effect on January 1, 2010. The company believes that these NIFs and INIFs will not have a significant impact on the Company’s financial information with the exception of INIF 17, which

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addresses the accounting standards to be applied to concession contracts, and whose effects are explained below.
NIF B-5 “Financial Information by Segments”. This new standard establishes the general standards for disclosure of financial information by segments, allows the user of such information to analyze the entity from the same perspective as management and allows presentation of information by segments consistent with the financial statements. This standard supersedes NIF B-5 Financial Information by Segment, which will be effective until December 31, 2010.
NIF B-9 “Financial Information at Interim Dates”. This new standard establishes standards for determination and submission of financial information at interim dates for external use and where required, submissions of the statements of changes in stockholders’ equity and of cash flows, which statements are not required by NIF B-9 Financial Information at interim dates, effective until December 31, 2010.
NIF C-1 “Cash and cash equivalents”. This new standard establishes standards for accounting treatment and disclosure of cash, restricted cash and available for sale investments. It also introduces new terminology to make it consistent with other NIFs previously issued. This standard supersedes Statement C-1, Cash without effect, which was effective up to December 31, 2009.
INIF 17 “Service concession contracts”. This new standard arises from the need to provide clarification in regards to the accounting treatment to be followed for services concession contracts, through which government grant, predominantly to private sector entities, a concession to provide services that are considered public in nature. NIF 17 incorporates into NIF C-3 the accounting treatment for the present value of the recognition of a long term receivable, and additionally, it modifies NIF D-7 to allow the recognition of executed and approved work to be collected or work to be approved as a non-current asset.
The principal effects of INIF 17 on the consolidated balance sheet and consolidated income statement are the following recognition:
a) Revenue and cost recognition.
Under INIF 17, an operator of a service concession that is required to make capital improvements to concessioned assets, such as the Company, is deemed to provide construction or upgrade services. As a result, the Company is required to account for the revenues and expenses relating to those services. Since the Company hires a third party to provide construction and upgrade services, the revenues relating to those services are equal to their expenses.
b) Intangible assets recognition and amortization rates.
Under INIF 17, all infrastructure to which an operator of a service concession is given access by the grantor of the concession service agreement and the upgrades to that infrastructure made by the operator are recognized as an intangible asset. These assets are amortized over the concession period. As a result, the Company is required to include all fixed assets under “airport concessions” and to

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modify amortization rates in accordance with the remaining period of the concession, using the straight line method.
The total effect in the balance sheet and the income statement are shown as follows:
         
Balance sheet
       
Assets:
       
Land, machinery, furniture and equipment, net
  Ps. (707,247 )
Airport concessions, net
    7,121,201  
Improvements to concessioned assets, net
    (3,696,369 )
Rights to use airport facilities, net
    (2,024,615 )
 
       
Liabilities and stockholders’ equity:
       
Deferred income tax
    (165,081 )
Retained earnings
    (527,889 )
 
       
Income statement
       
Revenues:
       
Construction services
  Ps. 217,667  
Cost and expenses:
       
Cost of construction
    (217,667 )
Depreciation and amortization
    132,005  
Deferred taxes
    (29,421 )
Adoption of IFRS
All Mexican issuers are required to adopt International Financial Reporting Standards, or IFRS, as their accounting standard, no later than fiscal years beginning on or after January 1, 2012. The Company intends to adopt IFRS as their accounting standard for the fiscal year beginning January 1, 2011. The Company is currently evaluating the impact that the adoption of IFRS may have on the results of the operations, balance sheet, and statement of cash flows.
Authorization of unaudited interim consolidated financial statements
The unaudited interim condensed consolidated financial statements were authorized for publication on August 2, 2010, by the Company’s Audit Committee.

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3. Airport concessions and rights to use airport facilities
As of June 30, 2010 and December 31, 2009, the airport concessions and rights to use airport facilities consist of the following:
                 
    June 30,     December 31,  
    2010     2009  
Airport concessions
  Ps. 9,814,814     Ps. 9,814,814  
Other rights acquired
    493,635       493,635  
Others
    1,311       1,311  
Right to use airport facilities
    2,917,671          
Improvements to concessioned assets
    4,972,856          
 
    (*) 1,008,950          
Less: accumulated amortization
    (4,562,330 )     (2,681,616 )
 
           
 
               
Airport concessions
    14,646,907     Ps. 7,628,144  
 
           
 
               
Rights to use airport facilities
    2,911,141     Ps. 2,911,141  
Other rights acquired
    62,510       62,510  
Others – write off
    (55,980 )     (28,714 )
Less: accumulated amortization
    (893,056 )     (887,461 )
Reclassification to airport concessions (see note 2)
    (2,024,615 )        
 
           
 
               
Rights to use airport facilities
  Ps.     Ps. 2,057,476  
 
           
Total amortization expense for the period ended June 30, 2010 and 2009, was Ps.169,951 and Ps.130,441,respectively.
 
(*)   As a result of the INIF 17 adoption, the Company reclassified to airport concessions a total of Ps.1,008,950. At June 30, 2010, the net balance of land, machinery, furniture and equipment of Ps.304,022 corresponds to non-concessioned assets.
4. Improvements to concessioned assets
The improvements to concessioned assets as of June 30, 2010 and December 31, 2009, were comprised of the following:
                 
    June 30     December 31  
    2010     2009  
Buildings
  Ps. 1,682,542     Ps. 1,679,080  
Air side
    1,728,193       1,577,878  
Land side
    340,525       339,856  
Technical installations
    325,706       308,701  
Machinery and equipment
    263,414       263,271  
Security equipment
    279,181       278,482  
IT equipment
    308,058       306,212  
Others
    45,237       44,862  
 
           
Total
    4,972,856       4,798,342  
 
           

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    June 30     December 31  
    2010     2009  
Less: accumulated depreciation
    (1,276,487 )     (1,139,611 )
 
           
Reclassification to airport concessions (see note 2)
    (3,696,369 )        
 
           
Total
  Ps.     Ps. 3,658,731  
 
           
Total depreciation expense for the period ended June 30, 2009, was Ps. 146,902.
5. Bank Loans
In May 2009, Aeropuerto de Cancun, S. A. C. V. (subsidiary) executed three term credit facilities, consisting of a Ps. 250 million three-year term credit facility from each of IXE Banco, Banco Santander and BBVA Bancomer. The facilities each have 11 equal amortizations of principal, are denominated in pesos, and charge interest at a rate based on the Tasa de Interés Intercambiaria de Equilibrio, or Interbank Equilibrium Interest Rate (“TIIE”) plus 1.75% to 2.00%. The proceeds of these credit facilities can be used for general corporate purposes, or to fund capital expenditures associated with our master development programs. During the six-month period ended June 30, 2010 the Company made amortization payments of Ps.363,637 in respect of these credit facilities. As of June 30, 2010, the loan balances are as shown in the next page:
                                         
    Credit line     Principal     Interest     Classification  
Bank   used     amortization     payment     Current     Non current  
IXE
  Ps. 250,000     Ps. 250,000     Ps.     Ps.     Ps.    
Santander
    250,000       68,182       3,260       94,436       90,642  
BBVA
    100,000 (1)     100,000       2,526       2,526        
 
                             
 
  Ps. 600,000     Ps. 418,182     Ps. 5,786     Ps. 96,962     Ps. 90,642  
 
                             
 
(1)   Of Ps.250,000 available from this loan, the Company has drawn Ps.100,000.
Some of these loans require the Company and its subsidiaries to maintain a liquidity ratio of at least 1.25 to 1.00, an interest coverage ratio of at least 5.00 to 1.00, a ratio of liabilities from the capital made no greater than 0.75 to 1.00 and a ratio of earnings before interest, taxes, depreciation and amortization of debt of at least 2.00 a 1.00, and limit our ability to incur more than Ps.500 million of pesos of additional debt. In the event of a breach of these loans, these loans restrict the Company’s ability to pay dividends to shareholders. At June 30, 2010, the Company is in compliance with the financial ratios mentioned above.
In order to reduce the risk of adverse movements attributable to the profile of interest rates contracted for these loans, the Company entered into contracts for interest rate swaps.

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6. Derivative financial instruments
With the goal of reducing the risk attributable to adverse movements in interest rates on long term bank loans contracted and other interest-bearing liabilities recognized in the balance sheet, the Company has entered into derivative financial instruments that convert its interest payment profile from variable rate to fixed rate. With the Company enters into derivative financial instruments only with well known and highly liquid institutions and there have been limits established for each institution. The Company’s policy is not to enter into derivatives for speculative purposes.
The Company recognizes in the balance sheet all assets and liabilities arising from operations with derivative financial instruments at fair value. The fair value is determined on the basis of recognized market prices and, when they are not listed in a market, the market value is determined based on generally accepted valuation techniques.
The following table presents the Company ´s contracts for interest rate swaps as of June 30, 2010:
                                             
                                Rate  
    Fair     Amount     Date     Receiving        
Institution   Value     Notional     Beginning   Expiring     (TIIE)     Paid  
Banco Santander, S.A.
  Ps. 2,091     Ps. 250,000     31-Ago-09   14-May-12     5.05 %     6.37 %
BBVA Bancomer, S.A.
    2,117       250,000     18-Ago-09   21-May-12     5.06 %     6.33 %
BBVA Bancomer, S.A.
    695       100,000     31-Jul-09   25-May-12     4.92 %     6.21 %
 
                                       
 
  Ps. 4,903     Ps. 600,000                              
 
                                       
7. Stockholders’ equity
At June 30, 2010, the historical value and the actualization effect of stockholders equity are integrated as shown below:
                         
    Value  
       Item   Historical     Actualized     Total  
Capital stock
  Ps. 7,767,276     Ps. 5,031,928     Ps. 12,799,204  
Legal reserve
    264,092       23,025       287,117  
Retained earnings
    2,159,027       (937,217 )     1,221,810  
 
                 
 
                       
Total
  Ps. 10,190,395     Ps. 4,117,736     Ps. 14,308,131  
 
                 

F-12


 

Dividends
At the April 26, 2010 general stockholders’ meeting, the Company’s stockholders decided to pay net dividends after income tax of Ps.750,000 (nominal), or Ps.2.50 (nominal) per share, which gave rise to an income tax on dividends of Ps.295,720 (nominal), since those dividends were not from the Company’s After-tax Earnings Account. The Company recognized a favorable tax balance in the Balance Sheet of Ps.295,720 since the tax may be offset against the Income Tax (ISR) incurred in the following two years, as established in the tax regime currently in effect.
At the April 23, 2009 general stockholders’ meeting, the Company’s stockholders agreed to pay net dividends after income tax of Ps.1,884,000 (nominal), or Ps.6.28 (nominal) per share, which gave rise to an income tax on dividends of Ps.191,130 (nominal), since those dividends were not from the Company’s After-tax Earnings Account. The Company recognized a favorable tax balance in the Balance Sheet of Ps.180,419 since the tax may be offset against the Income Tax (ISR) incurred in the following two years, as established in the tax regime currently in effect.
Earnings per share
The weighted average shares outstanding for calculating both basic and diluted earnings per share was 300 million shares at June 30, 2010 and 2009.
Earnings per share for the six-month period ended June 30, 2010 and 2009, are presented as follows:
                 
    June 30,     June 30,  
    2010     2009  
 
  Ps. 2.58     Ps. 1.56  
 
           
8. Income tax, asset tax and flat rate business tax (IETU for its initials in Spanish)
For the six month periods ended June 30, 2010 and 2009, the income tax provision was composed as follows:
                 
    June 30,     June 30,  
    2010     2009  
Current income tax
  Ps. 234,383     Ps. 138,211  
Deferred income tax
    37,768       71,272  
 
           
 
               
Provision for income tax
  Ps. 272,151     Ps. 209,483  
 
           

F-13


 

The income tax effects of temporary differences that give rise to significant deferred income tax assets and liabilities, are as follows:
                 
    June 30,     December 31,  
    2010     2009  
Deferred income tax
               
Deferred asset tax:
               
Tax loss carryforwards
  Ps. 761     Ps. 42,939  
Other
    100,946       64,304  
 
           
 
    101,707       107,243  
 
               
Deferred tax liabilities:
               
Airport concessions, rights to use airport facilities and machinery furniture and equipment
    (1,957,645 )     (1,870,874 )
Other
    (56,318 )     (2,404 )
 
           
 
               
 
    (2,013,963 )     (1,873,278 )
 
           
 
               
Net deferred tax liabilities before recoverable asset tax
    (1,912,256 )     (1,766,035 )
Recoverable asset tax
    393,531       393,531  
 
           
 
               
Net deferred tax liabilities
  Ps. (1,518,725 )   Ps. (1,372,504 )
 
           
     The reconciliation between the statutory and effective tax rates is shown below:
                 
    For the periods  
    ended June 30,  
    2010     2009  
Income before statutory income tax
  Ps. 1,065,021     Ps. 779,655  
 
               
Less: income from subsidiaries subject to IETU tax
    (108,395 )     (477 )
 
           
Income before statutory income tax
    956,626       779,178  
 
               
Statutory income tax rate
    30 %     28 %
 
           
 
               
Income tax to statutory rate
    286,988       218,169  
 
               
Nondeductible expenses and other permanent differences
    30       61  
Net difference between the gain or loss on net monetary position and the inflationary component determined for tax purposes
    (2,505 )     (3,779 )
Discontinuation of inflation
    (15,616 )     (4,968 )
Change in tax rate
    3,254          
 
           
 
               
Income tax provision
  Ps. 272,151     Ps. 209,483  
 
           
 
               
Effective tax rate
    26 %     27 %
 
           

F-14


 

The components of IETU tax provision are as follows:
                 
    June 30,     June 30,  
    2010     2009  
Current IETU
  $ 5,146     $ 84,590  
Deferred IETU
    12,593          
 
           
 
               
Provision for IETU
  $ 17,739     $ 84,590  
 
           
9. Related party transactions
As of June 30, 2010, and 2009, the accounts receivable (payable) with related parties are as follows:
                 
    June 30,     June 30,  
    2010     2009  
Accounts receivable:
               
Compañía Méxicana de Aviación, S. A. de C. V. (Key management personnel)
  Ps. 62,247     Ps. 36,952  
 
           
 
               
Accounts payable:
               
Inversiones y Técnicas Aeroportuarias, S. A. de C. V. (Shareholder)
    (31,312 )     (21,937 )
Promecap, S. C. (Key Management personnel)
    (486 )     (510 )
Lava Tap de Chiapas, S. A. de C. V. (Key management personnel)
    (406 )     (427 )
Compañía Méxicana de Aviación, S. A. de C. V. (Key management personnel)
    (60 )      
Teléfonos de México, S. A. de C. V. (Key management personnel)
    (301 )     (106 )
 
           
 
               
 
    (32,565 )     (22,980 )
 
           
 
               
Net
  Ps. 29,682     Ps. 13,972  
 
           

F-15


 

During the six-month period ended June 30, 2010 and 2009, the following transactions with related parties were carried out:
                 
    June 30,   June 30,
    2010   2009
Revenues from airport services
  Ps. 84,952     Ps. 75,006  
Technical assistance
    (64,779 )     (57,193 )
Administrative services
    (2,893 )     (3,422 )
Leases
    (1,516 )     (1,664 )
Telephone services and network connections
    (2,177 )     (1,802 )
Cleaning services
    (4,972 )     (5,430 )
Others
  Ps. (1,704 )   Ps. (802 )
During the six-month period ended June 30, 2010 and, 2009, the Company provided the following benefits to key Management Personnel, the Board of Directors and the different Committees of the Board of Directors:
                 
    June 30,   June 30,
    2010   2009
Compensation to key personnel
  Ps. 11,106     Ps. 15,249  
Compensation to Board of Directors and Committees
    2,704       4,549  
10. Commitments and contingencies
Commitments:
a)   In May 2010, the Company entered into a new 60-month operating lease with a related party for its corporate offices with monthly payments of US$19,653 (US$17,832 in June 2009).
 
    Rental expense was approximately Ps.1,516 and Ps.3,212 for the six-month period ended June 30, 2010 and the year ended December 31, 2009, respectively.
b)   On March 31, 2009, the Company received the approval of the Ministry of Communications and Transportation for its Master Development Plan (“MDP”) for each of the nine airports for the period from 2009 through 2013. Based on the MDPs presented, the Company has agreed to make total improvements from 2009 through 2013. The commitments are the follows:
         
Period   Amount (1)  
2010
  Ps. 1,574,561  
2011
    975,208  
2012
    724,052  
2013
    519,395  
 
     
 
       
 
  Ps. 3,793,216  
 
     

F-16


 

    Expressed in thousands of pesos of December 31, 2009 purchasing power applying Mexican National Construction Price Index factors according to the MDP’s terms.
c)   In accordance with the terms for the purchase of the land in Huatulco in October 2008, the Company is required to build 450 hotel rooms within four years. To this end, the Company intends to enter into agreements with third parties, in order to honor the commitment assumed with FONATUR. On February 26, 2009, the Company delivered its proposal for a Comprehensive Tourism Plan related to this project to FONATUR, and as of that date said proposal is pending approval.
Contingencies:
a)   The operations of the Company are subject to Mexican federal and state laws.
b)   At present, there are two labor-law claims against the Company mainly relating to involuntary terminations. The Company is contesting these claims through the judicial process and no ruling has been issued at the date of this report. The total amount of these claims is approximately Ps. 2,000.
c)   The Huatulco municipal government has initiated legal procedures against the Company to claim payment of the property tax of the land where the airport is located. The Company believes that there is no legal ground for the proceedings, as was the case for another airport of the group. A favorable ruling for the Company was obtained concerning the payment of the tax in question although the municipality has since taken legal action to request the revocation of this ruling.
    Management does not believe that any liabilities relating to these claims are likely to have a material adverse effect on the Company’s consolidated financial position or the results of its operations.
11. Segment information
                                                         
Six-month period ended                                                   Consolidation  
June 30, 2009   Cancún     Villahermosa     Mérida     Servicios     Other     Adjustments     Total  
Total revenues
  Ps. 1,319,419     Ps. 58,452     Ps. 82,887     Ps. 216,576     Ps. 514,246     Ps. (528,514 )   Ps. 1,663,066  
Operating income (loss)
    539,927       (4,616 )     (3,743 )     3,584       235,565               770,717  
Total assets
    11,200,726       887,481       1,229,407       30,661       17,109,084       (14,178,132 )     16,279,227  
Capital expenditures
    132,277       1,501       5,472       319       6,698               146,267  
Depreciation and amortization
    202,385       16,817       24,284       887       71,568               315,941  
 
                                         
                                                         
Six-month period ended                                                   Consolidation  
June 30, 2010   Cancún     Villahermosa     Mérida     Servicios     Other     Adjustments     Total  
Total revenues
  Ps. 1,541,993     Ps. 67,221     Ps. 192,918     Ps. 222,906     Ps. 499,126     Ps. (437,093 )   Ps. 2,087,071  
Operating income
    818,368       12,560       31,879       3,450       186,008               1,052,265  
Total assets
    11,676,914       937,158       1,324,184       32,621       17,624,089       (14,332,402 )     17,262,564  
Capital expenditures
    62,359       11,038       82,057       394       61,819               217,667  
Amortization
    125,953       9,269       13,433       2,268       27,611               178,534  
 
                                         

F-17