Presentación de PowerPoint

Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Investment Highlights
Page 2
Key value
drivers
• Long-term concession investments in attractive locations in
Mexico
• Established regulatory framework
• Track record of consistent passenger growth
• Balanced mix of international and domestic traffic
• Successful, market leading commercial business strategy
• Strong cash flow profile and solid balance sheet
• Robust corporate governance and board of directors with
experienced management
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Focus on Corporate Social Responsibility
Page 3
Sustainability
is a
key strategy in
our business
model
• Member of Dow Jones and Bolsa Mexicana de Valores
sustainability indices
• Active participant of United Nations Global Compact, in Mexico
and internationally
• Certified by CEMEFI as Socially Responsible Company (6th year)
• Airports’ Environmental Management Systems certified under
ISO 14001
• Environmental Compliance certification from Mexican
Environmental Protection Agency
• Focus on quality of life for employees and community
relations
• Strict standards of corporate governance and business ethics
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Airport operations in attractive locations in Mexico and the Caribbean
Page 4
Geographical
presence
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Cancún: Close to major U.S. destinations
Page 5
Illustrative
flight times
from various
destinations
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Private airports / airport groups listed on global stock exchanges
Page 6
ASUR and GAP are the only Latin American
Airport Groups listed on NYSE
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Ownership overview
Page 7
FCHP & ADO
Dual Till
System
Regulated +
Non Regulated
Revenues
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Established regulatory framework with a track record of rate setting precedents
Page 8
Note: 2013 Revenues per PAX, expressed In nominal pesos as of Dec 2013; passenger traffic excludes transit and general aviation passengers
ASUR adjusts specific tariffs / prices once every six months using the Mexican producer price index, excluding petroleum). During 2013 the
index was practically 0%
Visibility of capital expenditure requirements through 2018
MDP investment commitments
Financial
Information
Strategic
Matters
(expressed in December 2012 Million Pesos)
11,478M
pesos
invested
1999-2013
3,000
2,500
2,000
1,500
1,000
Company
Overview
Regulation
Operational Commercial
Information
Revenues
500
Page 9
0
• Visibility on capital expenditure requirements, as maximum rate negotiated along
with Master Development Plan (MDP) is a function of programmed capex
• Key projects completed:
 1999: Government capex backlog
 2005: 9/11 security standards
 2006-2007:Terminal 3 and second
runway in CUN
 2011: Passenger flow separation in CUN
 2011-2013: Terminal building expansion:
HUX, MID, OAX and VSA
1 Committed
• Key future projects:
 New Terminal 4 in CUN
 Terminal 2 & 3 expansion in CUN
 Terminal building expansion VER
 Required works for Airport Certification
(9 airports)
investments from May 1999 to Dec 2000
pesos have been paid each year (anticipated) – Terminal 3 Cancún Airport
Note: Committed investments according to Master Development Plan, expressed in million pesos as of December 2012 based on the
Mexican construction price index in accordance with the terms of the Master Development Plan.
2 139.6 million
ASUR’s airports are among the most frequented in Mexico
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Mexican Airports by PAX
(thousand PAX)
1
Page 10
According to the Communications and Transport Ministry’s website
Source: Company financials, AICM website: Note: Selected airport sample includes ASUR, GAP, OMA and OHL concessions and the Mexico City airport; PAX traffic excludes transit and general aviation PAX
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Revenue and passenger breakdown
Page 11
2013 Revenue per PAX:
Ps.231
2013 Revenues
Ps.4,859M
by business
Non-aeronautical 37%
Commercial
by airport
Regulated
66%
Villahermosa
Other 10.6%
3.4%
Merida
34%
5.2%
Cancun
80.8%
Aeronautical 63%
2013 PAX
21.1M
by type
by airport
Other 13.2%
Villahermosa
4.8%
Domestic
Merida
44%
6.2%
International
Cancun
75.7%
56%
Source: Company filings; Note: Non-aeronautical revenues are derived from leasing of space in airports to airlines, restaurants, retailers and other commercial tenants and access fees collected from
third parties providing complementary services (such as catering, handling, and ground transport). Commercial revenues are all non-aeronautical and include revenues related to retail (duty free & duty
paid), food & beverages, advertising, banking & foreign exchange, car rental, car parking, ground transport, teleservices and others. Revenues from Construction Services are not included. PAX traffic
excludes transit and general aviation.
Company
Overview
Page 12
20 .0
15 .0
10 .0
5.0
CAGR ’90–’13 (INT’L):
Source: ASA from 1990-1998. ASUR management thereafter
Note: Transit and general aviation excluded
CAGR ’90–’13 (DOM):
CAGR ’90–’13 (Cancun):
9M14
9M13
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
0.0
1991
1990 – 2013
CAGR: 5.9%
1990
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
ASUR traffic evolution
6.8%
5.0%
7.5%
ASUR has a balanced mix of domestic and international traffic
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Passenger traffic by Origin – Destination
(million PAX)
Page 13
Region
% Change % of total
13 vs. 12 2013 1
CAGR
99-13
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
Mexico
5.0
5.0
4.9
4.8
5.3
5.6
5.5
5.9
7.4
8.1
7.0
7.2
7.7
8.9
9.7
8.7
46.1
4.8
USA
4.1
4.6
4.5
4.4
4.9
5.9
5.6
5.3
6.0
6.5
5.9
6.2
6.2
6.2
6.8
10.2
32.3
3.7
Europe
0.7
0.9
0.9
0.8
1.0
1.3
1.2
1.3
1.4
1.5
1.0
1.2
1.3
1.5
1.7
12.4
8.0
6.7
Canada
0.3
0.4
0.5
0.6
0.7
0.8
0.8
0.8
1.0
1.3
1.3
1.5
1.7
1.8
1.8
0.7
8.5
13.7
Latin America
0.5
0.5
0.5
0.3
0.3
0.3
0.3
0.3
0.3
0.4
0.3
0.5
0.6
0.9
1.1
27.0
5.1
5.4
Asia & Others
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(33.0)
0.0
4.1
9.5
100
5.0
ASUR
1 Note:
10.6 11.4 11.3 10.9 12.2 13.9 13.4 13.6 16.1 17.8 15.5 16.7 17.5 19.2 21.1
% of total refers to 2012 figure
Note: Excludes transit and general aviation;
22.45M
Passenger
traffic during
last 12months at
each specific
date (million
PAX)
12.49M
9.96 M
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Historically, traffic has recovered and grown after exogenous events
Page 14
EVENT
RECOVERY AFTER
Type of PAX Historical Max. (%) Sep 14 vs. Hist. Max
Sep ‘01: 9/11
13 months
Domestic
Sep’14
Oct ‘05: H. Wilma
16 months
International
Sep’14
May ‘09: H1N1
26 months
TOTAL
Sep’14
0.0%
0.0%
0.0%
Available Airplanes in Mexico
2014 Industry
Estimates:
294 available
airplanes
350
104
307
300
256
-40
150
-80
100
-120
(155)
oct-13
jun-13
oct-12
jun-12
oct-11
feb-12
jun-11
oct-10
feb-11
jun-10
oct-09
feb-10
jun-09
oct-08
feb-09
jun-08
0
-160
feb-13
Available Airplanes
Operational Commercial
Information
Revenues
200
50
Regulation
Company
Overview
40
0
Available airplanes
Page 15
jun-08 dic-13
80
250
Lost airplanes - Suspended Airlines
Source:
www.airfleets.net
www.aerotransport.org
a) Existing Airlines
Lost vs. New Airplanes
Financial
Information
Strategic
Matters
After 4.5 years, Mexico hasn’t recovered the level of Airplanes Available
New airplanes - Existing airlines
-200
INTERJET
VOLARIS
AEROMEXICO
VIVAAEROBUS
AEROMAR
MAGNICHARTERS
GLOBAL AIR
Subtotal
11
17
94
7
14
5
4
45
44
118
18
19
10
2
New
Var. %
Airplanes
34
27
24
11
5
5
(2)
152 256 104
b) Suspended Airlines
jun-08 dic-13
Lost
Airplanes
MEXICANA
ALMA
AEROCALIFORNIA
AVOLAR
ALADIA
AVIACSA
NOVA AIR
78
15
22
8
3
26
3
0
0
0
0
0
0
0
(78)
(15)
(22)
(8)
(3)
(26)
(3)
Subtotal
155
0
(155)
309%
159%
26%
157%
36%
100%
(50)%
68%
Successful commercial strategy
Strategic
Matters
Nominal CAGR 2000 – 2013: 23.5%
(Mexican CPI CAGR 2000-2013: 4.3%)
2013 commercial revenue per PAX
Commercial revenues per passenger per quarter evolution
(Ps. / passenger in Mexican pesos as of date reported)
Regulation
Operational Commercial
Information
Revenues
Financial
Information
vs. peers (US$/PAX)
Page 16
3Q'14
1Q'14
3Q'13
1Q'13
3Q'12
1Q'12
3Q'11
1Q'11
3Q'10
1Q'10
3Q'09
1Q'09
3Q'08
1Q'08
3Q'07
1Q'07
3Q'06
1Q'06
3Q'05
1Q'05
3Q'04
1Q'04
3Q'03
1Q'03
3Q'02
1Q'02
3Q'01
OMA
1Q'01
GAP
3Q'00
1
ASUR
1Q'00
Company
Overview
Selected Int
International average includes figures for Fraport, TAV Airports, Copenhagen Airports, Vienna Airport, Aeroports do Paris and Zurich Airport; Note: OMA commercial revenues include parking, advertising, leasing, retail stores, car
rental, food & beverage, communications, financial services, ground transportation and time-sharing; GAP commercial revenues include parking, leasing, retail stores, food & beverage, car rentals, time-share, duty free, advertising,
communications, financial services and ground transportation; Fraport commercial revenues include real estate, retail, parking, energy supply, advertising and rents; TAV Airports commercial revenues include catering and duty
free; Copenhagen Airports commercial revenues include shopping centers, car parking, rents, hotel operations and other services; Vienna Airport commercial revenues include parking, rentals, advertising, shopping and
gastronomy; Aeroports do Paris commercial revenues include retail stores, duty free, rentals, car parking, industrial services, shops, bars, restaurants, leasing and rentals; Zurich Airport commercial revenues include retail stores,
duty free,advertising, car rentals, ground transportation, financial services, food & beverage, rentals and leasing; Converted to US$ at 2013 average FX of Ps.13.0843/US$, where applicable; Note: Commercial revenue per
passenger recorded in 3Q’05 reflects a one time payment from Dufry Mexico of Ps.39.5mm; Commercial revenue recorded in 4Q’06 reflects a one time payment of Ps.19.1mm from Aldeasa for a new concession contract at
Terminal 3 in Cancun International. Passenger traffic excludes transit and general aviation; Commercial revenue per passenger CAGR based on full year 2000 and full year 2013 figures
Track record of consistent revenue growth and profitability
Not including Revenues from Construction Services
1999 – 2013 Revenues
Operational Commercial
Information
Revenues
2010 - 2013 EBITDA margin calculated without Revenues from
Construction Services for comparability with previous periods
Growth rates: ’99 – ’13 CAGR (%)
Regulation
Passenger traffic
Total revenues
EBITDA
Net income
Company
Overview
Page 17
EBITDA & EBITDA Margin (Ps. Mm)
CAGR ’06–’13: 14.0%
Financial
Information
Strategic
Matters
Total Revenues CAGR 1999 – 2013: 12.8%
Mexican CPI
Figures for 2010, 2011, 2012 & 2013 reflect adoption of MIFRS-17
Note: From 1999 to 2007 figures in nominal Mexican pesos adjusted for inflation as of Dec. 31st of each year
5.0%
12.8%
14.7%
21.7%
4.6%
Source for Mexican CPI: IMF; Note: CAGRs calculated in Mexican peso
terms; Revenues from Construction Services not included; passenger
figures exclude passengers in transit or general aviation
ACI has
named
Cancun as the
best airport in
Latin America
for 4
consecutive
years
Revenue per PAX in 2013
ASUR
GAP
CAGR in Revenues 2006 – 2013 (%)
OMA
ASUR
GAP
OMA
Excludes Revenues from Construction Services;
OMA figures include revenues of $13.28 pesos/pax from NH Hotel
(Mexico City Airport).
CAGR in PAX Traffic 2006 – 2013 (%)
CAGR in EBITDA 2006 – 2013 (%)
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
ASUR has positively differentiated itself…
Page 18
ASUR
GAP
OMA
Revenue and cost per PAX comparison (Ps./PAX)
NOTE: 3Q’10: Does not reflect the Ps.128.0 million increase in the reserve for doubtful accounts resulting from the bankruptcy announced by Grupo Mexicana de Aviación
2013 operating cost breakdown (%)
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Revenues have grown at a faster rate than
total costs and PAX traffic
Page 19
Growth rates: ’06 – ’13 CAGR (%)
Passenger traffic
6.3% Cost of services
Revenues
11.7% Administrative services
9.0%
EBITDA
14.0% Total costs
5.1%
Net Income
23.4% Mexican inflation (CPI)
4.2%
Mexican GDP growth
Note: growth rates in Mexican peso terms; Mexican inflation growth rate calculated as the %
change in CPI indexed to 2006; total costs include concession fee, technical assistance,
administrative services, costs of services and D&A; passenger traffic excludes transit and general
aviation passengers 1Note: revenue per passenger figures does not include construction revenue
6.5%
1.8%
Strategic
Matters
EBITDA – CAPEX
(Ps. million)
Net Income, retained earnings and dividends evolution
(Ps. thousands) 1
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Dividends evolution
1999 - 2012
Page 20
2
1 Note:
Figures in nominal Mexican pesos for the respective year; for illustrative purposes, dividend in each year in the chart above relates to the dividend paid in nominal
pesos in the year thereafter, i.e. dividend shown in year (x) in the chart above is actually the dividend paid in year (x+1) according to ASUR financial statements;
Note: 2010, 2011 2012 & 2013 figures reflect the adoption of INIF 17
2 Note: 4.00 pesos per share paid in May 2013; 4.40 pesos per share paid in December 2013.
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Robust corporate governance and board of directors
Board of
Directors
High
Corporate
Governance
Standards
Fernando Chico Pardo
Founder and president of Promecap
José Antonio Pérez Antón
CEO of Grupo ADO
Roberto Servitje Sendra1
Former Chairman of Grupo Bimbo
Ricardo Guajardo Touche1
Former president of BBVA Bancomer
Francisco Garza Zambrano1
Former President of CEMEX North America
1
Guillermo Ortiz Martinez
Former Governor of Mexico Central Bank for 12 yrs.
1
Rasmus Christiansen
Former CEO of Copenhagen Airports International
Luis Chico Pardo
Regulation
Former economist at the Bank of Mexico
Aurelio Pérez Alonso
Deputy Chief Executive Officer of Grupo ADO
Company
Overview
•
Page 21
1 Five out
Acq. &
Audit
Operations Nom & Comp
Contracts
Committee Committee Committee
Committee
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
of nine board members are independent
• Sarbanes-Oxley compliant
• Four committees led by board members
• Audit committee comprised of 3 independent members of the board of directors
Strategic
Matters
Experienced management team
Long Serving
Management
Fernando Chico Pardo
President
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
with company since 2005
Page 22
Adolfo Castro Rivas
Alejandro Pantoja López
Chief Executive and Financial Officer
Head of Investor Relations
Chief Infrastructure Officer
with company since 2000
with company since 2001
Claudio Góngora Morales
Manuel Gutiérrez Sola
General Counsel
Chief Commercial Officer
with company since 1999
with company since 2000
Carlos Trueba Coll
Héctor Navarrete Muñoz
General Director of Cancún Airport
General Director of Regional Airports
with company since 1998
with company since 1999
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
What’s Next?
Page 23
Short & Long
Term
Objectives
• Further develop our commercial business
• Improve our passenger volumes
• World Class service – ASQ Program
• Improve capital structure
• Monitor new business opportunities
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
ASUR: International Presence in Puerto Rico
Page 24
Aerostar:
Limited liability
company
owned by
ASUR (50%) &
Highstar (50%)
LMM
• Luis Munoz Marin International Airport, in San Juan Puerto
Rico (8.3M PAX during 2013)
• Feb 27th, 2013 initiated with the operation of the airport:
Term of 40 years
Upfront payment of $615M USD
Equity contributions by each of ASUR and Highstar Capital, 118M
USD, Subordinated debt from ASUR 100M USD), project risk
350M USD.(preliminary figures)
Airlines serving LMM will collectively make aggregate payments
of $62M USD/yr for the first five years; years 6-40 the payment
will be increased annually by the U.S. CPI
Revenue-sharing payments to PRPA: fixed at $2.5M USD first five
years; 5% of gross airport revenues (years 6-30); 10% of gross
airport revenues (years 31-40)
Minimal Capital Improvement projects: $34M USD
Consolidation: Equity method
Aerostar Financial Information 2013
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Condensed Statement of Comprehensive Loss
Page 25
Aerostar
Total income:
$1,197,390
(thousands of
Mexican pesos)
LMM
Period from February 27 to December 31, 2013 - (thousands of Mexican pesos)
Total income (*)
Operating costs and expenses (**)
Comprehensive financing loss - Net
Contingencies
Deferred income taxes
$
Net loss for the period
(286,904)
Effect for foreign currency conversion
Comprehensive loss
1,197,390
(1,180,100)
(270,307)
1,767
(35,654)
72,815
$
(214,089)
(*)
Cash and cash equivalents include $81,316, which corresponds to the amount received by Aerostar for “Passenger Facility Charges
(PFC)”, and its use is restricted to fund investments in SJU’s infrastructure authorized by the FAA. Under IFRS, PFC income is shown in
the total income line, while under US GAAP it is shown in the other income line.
The joint venture started operating on February 27, 2013, and therefore, the 2013 statement of income amounts above only reflect
operations for 10 months.
(**)
Operating costs and expenses incurred in the 10-month period include $324,551 (USD$25,475) for start-up costs and expenses,
such as competitive bidding expenses and other one-time payments.
The Aerostar business cycle is subject to seasonal fluctuations. In general, demand increases in the summer months and in the winter
holiday season.