<SEC-DOCUMENT>0000903423-17-000568.txt : 20171012
<SEC-HEADER>0000903423-17-000568.hdr.sgml : 20171012
<ACCEPTANCE-DATETIME>20170905102820
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ACCESSION NUMBER:		0000903423-17-000568
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170905

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOUTHEAST AIRPORT GROUP
		CENTRAL INDEX KEY:			0001123452
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRPORTS, FLYING FIELDS & AIRPORT TERMINAL SERVICES [4581]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		BOSQUE DE ALISOS NO. 47A - 4TH FL
		CITY:			BOSQUES DE LAS LOMAS
		STATE:			O5
		ZIP:			05120 DF
		BUSINESS PHONE:		011525552840400

	MAIL ADDRESS:	
		STREET 1:		BOSQUE DE ALISOS NO. 47A - 4TH FL
		CITY:			BOSQUES DE LAS LOMAS
		STATE:			O5
		ZIP:			05120 DF
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>GRUPO AEROPORTUARIO DEL SURESTE S.A.B. DE C.V.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 264.25pt">September 5, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 264.25pt; text-indent: -264.25pt"><FONT STYLE="text-transform: uppercase">VIA
EDGAR TRANSMISSION</FONT></P>

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        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ms. Lyn Shenk</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Branch Chief &ndash; Office of Transportation and Leisure</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Securities and Exchange Commission</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">100 F Street NE</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549-3561</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.75pt; padding-bottom: 0.1in; padding-left: 5.75pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Dear Ms. Shenk:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">By letter dated August 25, 2017, the staff
of the Securities and Exchange Commission (the &ldquo;<U>Staff</U>&rdquo;) provided certain comments on the annual report on Form
20-F filed on April 28, 2017 (the &ldquo;<U>20-F</U>&rdquo;), and the current report on Form 6-K filed on July 21, 2017 (the &ldquo;<U>Current
Report</U>&rdquo;) by the Southeast Airport Group (Grupo Aeroportuario del Sureste, S.A.B. de C.V. or the &ldquo;<U>Company</U>&rdquo;).
The Company is submitting via EDGAR responses to the Staff&rsquo;s comments.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">For convenience, we have reproduced in
italics below the Staff&rsquo;s comments and have provided the Company&rsquo;s responses immediately below the comments.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><I><U>Form 6-K filed on July 21, 2017</U></I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><I>We note that you present several non-IFRS measures such as EBITDA, EBITDA margin, adjusted EBITDA margin, and adjusted operating
margin however, you do not provide reconciliations to the most directly comparable IFRS measure. Please revise your disclosure
accordingly. Please refer to item 100(a)(2) of Regulation G for guidance.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Response</U>: We did not provide reconciliations to the
most directly comparable IFRS measure in our Current Report because Regulation G does not apply to materials furnished by foreign
private issuers on Form 6-K. <I>See </I>Note 2 to Regulation G. Furthermore, in the SEC Division of Corporation Finance Financial
Reporting Manual, Section 8140 (last updated Dec. 31, 2011), the Commission said, &ldquo;Regulation G will not apply to disclosures
made by or on behalf of the FPI notwithstanding the existence of one or more of the following circumstances: . . . [a]fter disclosure
of the information outside the U.S., the information is included in a submission on Form 6-K.&rdquo;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Given that the information in the Current Report was furnished
on Form 6-K in the United States and was also furnished in Mexico, we did not provide reconciliations for non-GAAP measures pursuant
to Regulation G.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD><I>It appears that your calculation of EBITDA contains adjustments for items other than interest, taxes, depreciation and amortization
such as profit sharing and non-ordinary items. Please revise to ensure that measures calculated differently from EBITDA are not
characterized as EBITDA. Please refer to Question 103.01 of the updated Compliance and Disclosure Interpretations issued on May
17, 2016 for further guidance.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Response</U>: The requirements set forth in Item 10(e)
of Regulation S-K do not apply to materials furnished by foreign private issuers on Form 6-K. In the SEC Division of Corporation
Finance, Financial Reporting Manual, Section 8140 (last updated Dec. 31, 2011), the Commission said, &ldquo;FPIs are subject to
S-K 10(e) requirements with respect to use of non-GAAP measures in <I>filings</I> on Form 20-F or 1933 Act registration statements<I>.</I>&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">In addition, in SEC Release No. 47226 (Jan. 22, 2003), footnote
39, the Commission said, &ldquo;Item 10 of Regulation S-K will not apply to materials submitted to the Commission on Form 6-K.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">As the information in our Current Report was furnished through
Form 6-K, the requirements of Item 10 regarding calculation of EBITDA do not apply under these circumstances.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD><I>We note that you present the stand alone results of Aerostar for the three and six month period ended June 30, 2017. As
these are not your results and they are not consolidated into your results please revise your disclosure to clear state this and
to make a clear distinction between the results that you consolidate and those that you don&rsquo;t. Additionally, please revise
your discussion of the &ldquo;Review of Puerto Rico Operations&rdquo; to only discuss those results that you consolidate.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>Response</U>: In future filings, we will revise to clearly state
which results are consolidated and which results are not. In future filings, we will only discuss consolidated results. We note
that in the Current Report, we included a note explaining that the stand alone results of Aerostar for the three and six-month
period ended June 30, 2017 were included in order to provide a better understanding of the performance of the LMM Airport.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: center">*****</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">As requested by the Staff, we acknowledge that:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Company is responsible for the adequacy and accuracy of the disclosure in its filings;</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action
with respect to the filing; and</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the
federal securities laws of the United States.</TD></TR></TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If you have any questions or require any additional
information with respect to the above, please do not hesitate to contact our U.S. counsel, Jorge Juantorena or Adam Brenneman at
Cleary Gottlieb Steen &amp; Hamilton LLP at (212) 225-2758 (Mr. Juantorena) or (212) 225-2704 (Mr. Brenneman).</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">[<I>signature page follows</I>]</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Sincerely,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.5in 0 0 3.25in"><U>/S/Adolfo Castro Rivas_____________</U><BR>
Lic. Adolfo Castro Rivas<BR>
Chief Executive Officer and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Chief Financial Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">cc:</TD><TD>Jorge U. Juantorena</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Adam J. Brenneman</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 54.15pt; text-indent: 0pt"><I>Cleary Gottlieb Steen &amp; Hamilton
LLP </I></P>

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