COMMERCIAL REVENUES ASUR March/April 2005

COMMERCIAL REVENUES ASUR March/April 2005 Starring role for duty free as ASUR posts sharp rise in commercial revenues By Martin Moodie Grupo Aeroportuario del Sureste (ASUR) is a Mexican airport operator with concessions to operate, maintain and develop the airports of Cancún, Merida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlán in the southeast of the country. The company is listed both on the Mexican Bolsa and on the NYSE in the US. Its recently-published annual results underline the company s increasing focus on commercial revenues especially retail and food & beverage. The Moodie Report looks at the results in detail. Table 1: International passenger numbers 2004 vs 2003 Airport 2004 2003 Change Cancún 7,764,7000 6,524,900 +19.0% Cozumel 489,700 364,300 +34.4% Huatulco 29,800 26,700 +11.5% Merida 119,800 97,100 +23.4% Minatitlán 2,600 2,400 +9.5% Oaxaca 48,000 29,000 +65.2% Tapachula 3,800 2,400 +58.3% Veracruz 55,800 53,200 +4.9% Villahermosa 39,600 29,900 +32.4% Total 8,553,700 7,129,900 +20.0% Note: Figures exclude transit and general aviation passengers. Grupo Aeroportuario del Sureste (ASUR), the first privatised airport group in Mexico and operator of Cancún Airport and eight others in the southeast of the country, posted strong results for the final quarter of 2004 and for the full year. And the duty free shops (run variously by Dufry and Aldeasa) contributed an outstanding performance. Dufry runs three departure stores at Cancún s Quintana Roo ASA Airport and three more at its charter airport. Aldeasa has stores in Cancún, Cozumel and Mérida airports. For the fourth quarter total passenger traffic increased year-over-year by +12.0%, with international passenger traffic rising by +18.1%. The sharp Q4 hike resulted mainly from the +41.1% and +16.9% growth in international traffic at Cozumel and Cancún airports, respectively. Total, domestic and international passenger traffic for the fiscal year ended December 31 increased by +14%, +5.60% and +19.97%, respectively. 100 The Moodie Report

March/April 2005 COMMERCIAL REVENUES ASUR ASUR weekly share price average volume September 17 2004 to 14 March 2005 Volume of shares traded 200,000 150,000 100,000 50,000 0 Table 2: Total passenger traffic February 2005 vs February 2004 February February Airport 2005 2004 Change Cancún 916,411 869,213 +5.4% Cozumel 60,834 55,727 +9.2% Huatulco 27,703 21,957 +26.2% Merida 73,683 71,022 +3.7% Minatitlan 9,443 10,142 6.9% Oaxaca 47,030 43,783 +7.4% Tapachula 15,037 14,898 +0.9% Veracruz 45,999 39,352 +16.9% Villahermosa 53,785 49,541 +8.6% Total 1,249,925 1,175,635 +6.3% Note: It should be noted that February 2005 had 28 days while February 2004 had 29 days. Transit and general aviation passengers are excluded. 17 Sep 20 Sep 27 Sep 4 Oct 11 Oct 18 Oct 25 Oct 1 Nov 8 Nov 15 Nov 22 Nov 29 Nov 6 Dec 13 Dec 20 Dec 27 Dec 3 Jan 10 Jan 18 Jan 24 Jan 31 Jan 7 Feb 14 Feb 22 Feb 28 Feb 7 Mar 14 Mar Note: Based on weekly high on the NYSE Source: The Moodie Report ASUR weekly share price movement September 17 2004 to 14 March 2005 35 Total revenues for the fourth quarter increased year-onyear by +27.7% to MXN465.69 million (US$1= MXN11.176). This result was driven by a +23.2% rise in aeronautical revenues (largely based on the passenger traffic increase) and, encouragingly, a +42.6% hike in revenues from non-aeronautical services. The latter, said ASUR, was driven mainly by a +62.8% increase in commercial Share price (US$) 30 25 20 17 Sep 20 Sep 27 Sep 4 Oct 11 Oct 18 Oct 25 Oct 1 Nov 8 Nov 15 Nov 22 Nov 29 Nov 6 Dec 13 Dec 20 Dec 27 Dec 3 Jan 10 Jan 18 Jan 24 Jan 31 Jan 7 Feb 14 Feb 22 Feb 28 Feb 7 Mar 14 Mar ASUR classifies duty free, car rental, retail, banking and currency exchange, advertising, teleservices, non-permanent ground transportation, food & beverage and parking lots as commercial The fine commercial revenue performance was driven by: A +40.2% Q4 increase in duty free revenues, primarily as a result of the growth in international passenger traffic and improved product mix. An increase of +83.1% in food & beverage revenues, primarily resulting from ASUR s direct operation of a restaurant and a snack bar which were taken over from a former concession holder in May 2004. The increase also reflects a number of new food and beverage openings. Note: Based on weekly high on the NYSE Source: The Moodie Report A +259.9% increase in other retail revenues, mainly as a result of growth in international passenger traffic, revenues from the direct operation of three The Moodie Report 101

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March/April 2005 COMMERCIAL REVENUES ASUR convenience stores previously operated by a former concessionaire, and several new store openings [see table]. A +1.9% increase in advertising A +26.1% increase in revenue from car rental companies. During 2004 the company initiated an arbitration process with one of its duty free concessionaires (Dufry Mexico) which operates at Cancún Airport. ASUR said that the dispute relates to the amount paid in rent by Dufry for the units it occupies in terminal one. Arbitration proceedings are at an advanced stage, and a final decision is expected during the first quarter of 2005, it said. Full year results dominated by outstanding duty free effort For the full year group revenues grew +28.1% over 2003 to MXN1,975.97 million. This was based on a +21.9% increase in aeronautical revenues (again driven by traffic) and an outstanding +51.1% increase in non-aeronautical revenues, principally as result of a +69.4% increase in commercial The latter was broken down as follows: A +51.2% rise in duty free revenues, principally due to the increase in international passenger traffic. Important recent retail changes at ASUR airports Airport Name Month opened Cancún Cenca de Conveniencia November 2003 Cancún (T1) Cinco Soles January 2004 Cancún (T2) Pineda Covalin February 2004 Cancún (T1) Pineda Covalin March 2004 Cancún (T2) Cinco Soles March 2004 Cancún (T1) Sunglass Island August 2004 Cancún (T2) Airport Free Shop April 2004 Cancún (T2) Airport Free Shop 1 May 2004 Cancún (T2) Farmacia Payless May 2004 Cancún (T2) La Perfumeria 2 October 2004 Cancún (T2) Bijoux Terner 3 December 2004 Cancún (T2) Harley Davidson December 2004 Huatulco Articulos Selectos November 2003 Merida Airport Free Shop April 2004 Oaxaca Airport Free Shop October 2004 1 Substituted a duty free shop 2 Substituted the luxury duty free shop 3 Substituted one of the Cinco Soles stores Table 3: Summary of consolidated results 2004 vs 2003 Total revenues 1,975,976 1,542,763 +28.1% Aeronautical services 1,481,254 1,215,424 +21.9% Non-aeronautical services 494,723 327,339 +51.1% Commercial revenues 402,982 237,952 +69.4% Operating profit 837,611 527,883 +58.7% Operating margin % 42.39% 34.22% +23.9% EBITDA 1,237,158 900,916 +37.3% EBITDA margin % 62.61% 58.40% +7.2% Net income 606,992 290,527 +108.9% Earnings per share 2.0233 0.9684 +108.9% Earnings per ADS in US$ 1.8147 0.8686 +108.9% Note: Figures exclude transit and general aviation passengers. Fiscal 2004 Fiscal 2003 Change The Moodie Report 103

COMMERCIAL REVENUES ASUR March/April 2005 ASUR S commercial activities ASUR s commercial activities include the lease of areas in its airports to restaurants, airlines, banks, car rental companies, duty free stores, advertising and other related services. All concessionaires are chosen by ASUR using a process of public tender. This is reviewed according to an evaluation method (developed by shareholder Copenhagen Airports) in order to select the best offer for each business line. The evaluation model ensures that both the technical and the financial proposals put forward by the concessionaires are in line with ASUR s requirements in terms of providing integral services to the airports users. Concessionaires include: Mera Food & beverage services Aldeasa Duty free stores Dufry Duty free/retail stores Cenca Convenience store services Banamex Banking services Amex Foreign exchange services UDS/JC Decaux Advertisement services A +76.2% increase in food & beverage revenues, reflecting revenues from the restaurant and the snack bar which have been operated by ASUR since May 2004, as well as the concession revenues generated by new stores at Cancún, Cozumel, Oaxaca, Tapachula, Veracruz and Villahermosa airports. A +193.2% increase in non duty free retail revenues, principally resulting from revenue from the three convenience stores that have been operated by ASUR since May 2004. The increase in retail revenues also reflects income from the concessions granted for new convenience stores at Cancún, Huatulco and Oaxaca airports and other store openings at Cancún. A +17.8% increase in revenue from banking and currency exchange services. A +75.7% increase in revenue resulting from new contracts which ASUR has entered into with car rental companies, which provide for payments to ASUR of the greater of either a minimum guaranteed fixed fee or a fixed percentage of each company s Previous contracts provided only for a fixed fee. A +56.5% increase in advertising By airport, the ASUR properties showed the following growth in non-aeronautical revenues last year: Cancún: +24.1% Cozumel: +23.0% Merida: +10.3 Villahermosa: +7.7% Others: +7.2% Table 4: Commercial revenues 2004 vs 2003 Fiscal 2004 Fiscal 2003 Change Total passengers ('000) 14,235 12,534 +13.6% Total commercial revenues 402,982 237,952 +69.4% Commercial revenues from direct operations* 46,474 7,239 +541.5% Commercial revenues excluding direct operations 356,508 230,713 +54.5% Total commercial revenue per passenger 28.31 18.98 +49.1% Commercial revenue from direct perations per passenger* 3.26 0.58 +471.9% Commercial revenue per passenger excluding direct operations 25.04 18.41 +36.1% Note: For purposes of this table 344,200 and 337,700 transit and general aviation passengers are included for FY03 and FY04 respectively. Revenue figures are shown in thousands of constant Mexican pesos as at December 31 2004. *Revenues from direct commercial operations include a restaurant, a snack bar and three convenience stores. Revenue for 2003 only includes the concession fee from the previous concessionaire. 104 The Moodie Report