MEXICO. Grupo Aeroportuario del Sureste (ASUR) the first privatized airport group in Mexico and operator of Cancun Airport and eight others in the southeast of Mexico, has 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 a stand-out performance.
Dufry runs three departure stores at Cancun’s Quintana Roo ASA Airport and three departure stores at Cancun’s Quintana Roo Charter Airport. Aldeasa has stores in Cancún, Cozumel and Mérida airports.
For the fourth quarter of 2004, total passenger traffic increased year-over-year by +11.95% with international passenger traffic rising by +18.13%.
The sharp Q4 hike in international passenger traffic resulted mainly from a +41.14% and +16.85% growth in international traffic at the Cozumel and Cancun airports, respectively.
Total, domestic and international passenger traffic for the fiscal year ended December 31, 2004 increased by +14%, +5.60% and +19.97%, respectively.
Strong fourth quarter financial performance
Total revenues for the fourth quarter increased year-on-year by +27.69% to MXN 465.69 million ((US$1=MXN11.1761).
This was driven by a +23.2% rise in aeronautical revenues (largely based on the passenger traffic increase) and, encouragingly, a +42.55% hike in revenues from non-aeronautical services. The latter, said ASUR, was driven mainly by a +62.76% increase in commercial revenues.
ASUR classifies revenues from the following activities as commercial revenues: duty free, car rental, retail, banking and currency exchange, advertising, teleservices, non-permanent ground transportation, food and beverage and parking lots.
The fine commercial revenue performance was driven by:
– A +40.22% Q4 increase in duty free revenues, “primarily as a result of the growth in international passenger traffic and improved product mix”
– An increase of +83.12% in food & beverage revenues, primarily resulting from revenues 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 in food and beverage revenues also reflects a number of new store openings
– A +259.85% increase in other retail revenues, mainly as a result of growth in international passenger traffic during the quarter, revenues from the direct operation of three convenience stores previously operated by a former concessionaire and several new store openings, the most recent of which were as follows:
Oaxaca: Airport Free Shop – October 2004
Cancun (T2: La Perfumeria – October 2004
Cancun (T2): Bijoux Terner – December 2004
Cancun (T2): Harley Davidson – December 2004
– A +1.85% increase in advertising revenues.
– A +26.11% increase in revenue from car rental companies.
During 2004, the company initiated an arbitration process with one its duty free concessionaires (Dufry Mexico) that operates in Cancun airport. ASUR said 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.
Fine full year results dominated by outstanding duty free effort
For the full year, group revenues grew +28.08% over 2003 to MXN1,975.97 million. This was based on a +21.87% 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 revenues.
The latter was broken down as follows:
– A +51.2% rise in duty free revenues, principally due to the increase in international passenger traffic
– A +76.20% 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 the Cancun, Cozumel, Oaxaca, Tapachula, Veracruz and Villahermosa airports
– A +193.15% 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 the Cancun, Huatulco and Oaxaca airports and other store openings at Cancun airport
– A +17.81% increase in revenue from banking and currency exchange services
– A +75.74% increase in revenue resulting from new contacts which ASUR has entered into with car rental companies, that provide for payments to ASUR of the greater of either a minimum guaranteed fixed fee or a fixed percentage of each rental car company’s revenues. Previous contracts provided only for a fixed fee.
– A +56.46% increase in advertising revenues.
By airport, the ASUR properties showed the following growth in non-aeronautical revenues last year:
– Cancun: +24.1%
– Cozumel: +23.0%
– Merida: +10.3%
– Villahermosa: +7.7%
– Others: +7.2%
| Airport | January 2005 passengers | Year-on-Year change % |
| Cancun | 942,722 | +14.2 |
| Cozumel | 62,219 | +38.6 |
| Huatulco | 29,892 | +31.2 |
| Merida | 74,409 | -0.4 |
| Minatitlan | 9,854 | +6.1 |
| Oaxaca | 46,969 | +11.4 |
| Tapachula | 15,974 | -4.4 |
| Veracruz | 41,654 | +8.6 |
| Villahermosa | 51,962 | +8.5 |
| ASUR total | 1,275,655 | +13.7 |
Note: Figures shown refer to the period of 1 January to 31 January inclusive. Transit and general aviation passengers are excluded.
MORE STORIES ON ASUR
ASUR announces +13.7% increase in January passenger volumes – 08/02/05
ASUR posts +9.1% increase in passenger traffic for December 2004 – 10/01/05
Cozumel stars as ASUR announces +8.2% passenger rise in November – 07/12/04
