Company Overview. Regulation. Operational. Information. Commercial Revenues. Financial. Information. Strategic Matters. International.
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- Tracy Townsend
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2 Some of the statements contained in this presentation discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR s filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forwardlooking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise. Page 2
3 Long Serving Experienced Management Fernando Chico Pardo Chairman of the Board of Directors with company since 2005 Claudio Góngora Morales General Counsel with company since 1999 Carlos Trueba Coll General Director of Cancún Airport with company since 1998 Adolfo Castro Rivas Chief Executive and Officer Head of Investor Relations with company since 2000 Alejandro Pantoja López Chief Infrastructure Officer with company since 2001 Manuel Gutiérrez Sola Chief Officer with company since 2000 Héctor Navarrete Muñoz General Director of Regional Airports Page 3 with company since 1999
4 Key value drivers Long-term concession investments in attractive locations in Mexico, the Caribbean and South America 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 Page 4
5 Sustainability is a key strategy in our business model Member of Bolsa Mexicana de Valores sustainability index Active participant of United Nations Global Compact, in Mexico and internationally Certified by CEMEFI as Socially Responsible (11 th year) Airports Environmental Management Systems certified under ISO 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 Page 5
6 Geographical presence Page 6 Source: ASUR Filings
7 Illustrative flight times from various destinations Page 7
8 ASUR and GAP are the only Latin American Airport Groups listed on NYSE Page 8
9 FCHP & ADO Page 9 * 32,945,080 shares with voting rights and delegated voting rights, as of February 06, 2018
10 Dual Till System Regulated + Non Regulated Page 10 Note: 2017 per PAX, expressed In nominal pesos as of Dec 2017; 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). Otherwise stated, figures from operations in Puerto Rico and Colombia are excluded.
11 0 Page 11 MDP Committed Investments : 23,502 million pesos : 11,758 million pesos 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Visibility on capital expenditure requirements, as maximum rate negotiated along with Master Development Plan (MDP) is a function of programmed CAPEX 1999: Government CAPEX backlog 2005: 9/11 security standards :Terminal 3 and second runway in CUN 2011: Passenger flow separation in CUN Required works for Airport Certification (9 airports) Terminal building expansion: : HUX, MID, OAX and VSA : Terminal 2 & 3 in CUN and VER : Terminal 4 in CUN MDP Investment Commitments (expressed in December 2017 Million Pesos) Key projects completed ( ) Future Projects (main) MID: Terminal expansion (includes a complete reconfiguration) CUN: Terminal 4 expansion, parallel taxiway on runway 12L-30R, new access roads OAX & VSA: Terminal expansions ALL: Runway, Taxiways & Apron repaving + equipment renewal 1 Committed investments from May 1999 to Dec 2000; M Pesos pesos have been paid each year (anticipated) Terminal 3 Cancún Airport. Note: Committed investments according to the approved MDP, expressed in million pesos as of Dec based on the Mexican construction price index in accordance with the terms of the MDP. Otherwise stated, figures from operations in Puerto Rico and Colombia are excluded.
12 Mexican Airports by PAX (thousand PAX) Page 12 1 According to the Communications and Transport Ministry s website Source: 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
13 2017 Total Revenue per PAX: Ps Ps.9,029M by business Non-aeronautical 41% 38% Regulated 62% by airport Villahermosa 2.9% Merida 5.5% Other 10.1% Cancun 81.6% 2017 PAX 31.1M by type Domestic 46.1% Aeronautical 59% 53.9% by airport Other 13.0% Villahermosa 4.1% Merida 6.9% Cancun 76.0% Page 13 Source: 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). 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. from Construction Services are not included. PAX traffic excludes transit and general aviation. Otherwise stated, figures from operations in Puerto Rico and Colombia are excluded.
14 TOTAL PAX CAGR: 6.6% Page 14 Source: ASA from ASUR management thereafter Note: Transit and general aviation excluded Otherwise stated, figures from operations in Puerto Rico and Colombia are excluded. CAGR (INT L): 7.0% CAGR (DOM): 6.1% CAGR (Cancun): 7.9%
15 Passenger traffic by Origin Destination (million PAX) Region % Change 17 vs. 16 % of total % CAGR Mexico USA Europe Canada Latin America Asia & Others NA 0.0 NA ASUR Page 15 1 Note: % of total refers to 2017 figure Note: Excludes transit and general aviation; Otherwise stated, figures from operations in Puerto Rico and Colombia are excluded.
16 33.2 M Passenger traffic during last 12- months at each specific date (million PAX) 17.4 M 15.8 M EVENT Sep 01: 9/11 RECOVERY AFTER 13 months Type of PAX Historical Max. (%) Dec 18 vs. Hist. Max Domestic Dec % Oct 05: H. Wilma 16 months Dec % May 09: H1N1 26 months TOTAL Dec % Page 16 Otherwise stated, figures from operations in Puerto Rico and Colombia are excluded.
17 Available airplanes Available Airplanes in Mexico Page Industry Estimates: 404 available airplanes Source: (155) Jun-08 Sep-10 Dec (40) (80) (120) (160) (200) Available airplanes New airplanes - existing airlines Lost airplanes - suspended airlines Lost vs. New Airplanes a) Existing Airlines jun-08 dic-17 New Airplanes Var. % INTERJET % VOLARIS % AEROMEXICO % VIVAAEROBUS % AEROMAR % MAGNICHARTERS % TAR % GLOBAL AIR 4 1 (3) (75)% Subtotal % b) Suspended Airlines jun-08 dic-17 Lost Airplanes MEXICANA 78 0 (78) ALMA 15 0 (15) AEROCALIFORNIA 22 0 (22) AVOLAR 8 0 (8) ALADIA 3 0 (3) AVIACSA 26 0 (26) NOVA AIR 3 0 (3) Subtotal (155) 34 11%
18 Nominal CAGR : 22.9%; (Mexican CPI CAGR : 4.3%) 2017 commercial revenue per PAX vs. peers (US$/PAX) converted at a 2017 average FX of PS /US$ for Mexican Airports revenues per passenger per quarter evolution (Pesos / Passenger in Mexican pesos as of date reported) Non Regulated as % of Total (excluding from Construction Services) Selected Int Page 18 ASUR GAP OMA 1 average includes figures for Fraport, TAV Airports, Copenhagen Airports, Vienna Airport, Aeroports do Paris and Zurich Airport; Note: OMA commercial revenues exclude revenues from Cargo; GAP commercial exclude revenues from Montego Bay operations; Amounts converted to US$ at a 2017 average FX of Ps /US$ (banxico.org.mx), where applicable; Note: revenue per passenger recorded in 3Q 05 reflects a one time payment from Dufry Mexico of Ps.39.5mm; 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. Passenger traffic excludes transit and general aviation; revenue per passenger CAGR based on full year 2000 and full year 2017 figures Otherwise stated, figures from operations in Puerto Rico and Colombia are excluded.
19 Page 19 Total CAGR : 13.7% (Not including from Construction Services) Figures for 2010, 2011, 2012, 2013, 2014, 2015, 2016 & 2017 reflect adoption of MIFRS-17 Note: From 1999 to 2007 figures in nominal Mexican pesos adjusted for inflation as of Dec. 31 st of each year EBITDA & EBITDA Margin (Ps. Mm) CAGR 06 17: 15.7% EBITDA means net income before: provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost and D&A. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP or IFRS and may be calculated differently by different companies EBITDA margin calculated w/o Rev. from Constr. Serv. for comparability with previous periods. Growth rates: CAGR (%) Passenger traffic 6.1% Total revenues 13.7% EBITDA 15.6% Net income 21.0% Mexican CPI 4.5% Source for Mexican CPI: Inegi; Note: CAGRs calculated in Mexican peso terms; from Construction Serv. not included; PAX figures exclude PAX in transit or general aviation. Otherwise stated, figures from operations in PR and Colombia are excluded.
20 Revenue per PAX in 2017 CAGR in (%) ACI has named Cancun as the best airport in Latin America for 4 consecutive years ASUR GAP OMA CAGR in PAX Traffic (%) ASUR GAP OMA CAGR in EBITDA (%) ASUR GAP OMA Page 20 NOTES: 1. from Construction services are excluded for ASUR, GAP & OMA. 2. ASUR figures exclude 2017 PAX, revenues & EBITDA from its participation in San Juan Airport Operations (Puerto Rico) & Airplan (Colombia) 3. GAP figures exclude 2017 PAX, revenues & EBITDA from Montego Bay Airport Operations. 4. OMA figures exclude 2017 revenues & EBITDA from NH Hotel (Mexico City Airport), Hilton Garden Inn Hotel (Monterrey Airport) & Aero Industrial Park.
21 Revenue and cost per PAX comparison (Nominal Pesos / PAX) have grown at a faster rate than total costs and PAX traffic NOTE: Total Revenue per passenger does not include revenues from construction services. Controllable expenses per passenger exclude: D&A, Concession Fee, Technical Assistance and Cost of Sales from Direct Operation. 3Q 10: Does not reflect the Ps million increase in the reserve for doubtful accounts resulting from the bankruptcy announced by Grupo Mexicana de Aviación 2017 operating cost breakdown (%) Growth rates: CAGR (%) 2017 OPEX does not include US$240.0 million impairment in long-term assets as a result of the impact of Hurricane Maria, in Puerto Rico, as well as the recognition of Ps.98.8 million in amortization of the intangible asset resulting from the valuation of the investment in Aerostar Passenger traffic 7.7% Cost of services 8.2% 13.5% Administrative services 7.0% EBITDA 15.7% Total costs 7.8% Net Income 21.6% Mexican inflation (CPI) 4.2% Mexican GDP growth 2.1% 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; PAX traffic excludes Transit and G.A. PAX. Otherwise stated, figures from operations in Puerto Rico and Colombia are excluded. Page 21
22 Dividends evolution EBITDA CAPEX (Ps. million) Net Income, retained earnings and dividends evolution (Ps. thousands) 1 Net income Retained earnings Dividends paid Page 22 Note: Retained Earnings for the years 2010, , 2013, 2014, 2015, 2016 & 2017 reflect the adoption of IFRS. 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; 2 Note: 4.00 pesos per share paid in May 2013; 4.40 pesos per share paid in December Note: 6.78 pesos per share approved by the Annual General Shareholders Meeting on April 26th, 2018 and paid on June 18th, Otherwise stated, figures from operations in Puerto Rico and Colombia are excluded.
23 Page 23 High Corporate Governance Standards Five out of nine board members are independent 1 Board of Directors Audit Committee Operations Committee Nominations & Compensations Committee Acquisitions & Contracts Committee Fernando Chico Pardo Founder and President of Promecap X X X X José Antonio Pérez Antón CEO of Grupo ADO X X X Roberto Servitje Sendra 1 Former Chairman of Grupo Bimbo X X Ricardo Guajardo Touche 1 Former president of BBVA Bancomer X X X Francisco Garza Zambrano 1 Former President of CEMEX North America X X Guillermo Ortiz Martinez 1 Former Governor of Mexico Central Bank for 12 yrs. X X Rasmus Christiansen 1 Former CEO of Copenhagen Airports X X X Luis Chico Pardo Former economist at the Bank of Mexico X Aurelio Pérez Alonso Deputy Chief Executive Officer of Grupo ADO X X Sarbanes-Oxley compliant Four committees led by board members Audit committee comprised of 3 independent members of the board of directors
24 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 Page 24
25 Puerto Rico & Colombia Page 25 Country: Puerto Rico (US) Start of Operations: Feb 27 th, 2013 Ownership: ASUR, 60% PSP Investments, 40% Airports: SJU: Luis Muñoz Marin (SAN JUAN) Country: Colombia Start of Operations: Oct 19 th, 2017 Ownership: ASUR, % Airports: MDE: José María Córdova (RIONEGRO) EOH: Olaya Herrera (MEDELLÍN) MTR: Los Garzones (MONTERÍA) UIB: El Caraño (QUIBDÓ) APO: Antonio Roldan B. (CAREPA) CZU: Las Brujas (COROZAL)
26 5 years of successful operation in San Juan, Puerto Rico Luis Munoz Marin Airport (SJU), in San Juan Puerto Rico (8.4M PAX during 2017) is the largest and busiest airport in the Caribbean. Feb 27 th, 2013 initiated with the operation of the airport: Term of 40 years Upfront payment of $615M USD 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 up to may 2017 May 26 th, 2017: ASUR increases its participation to 60%. Jun 1 st, 2017: ASUR begins consolidating its operations in Aerostar line by line. Page 26
27 the development of new routes and expansion of services to existing destinations September 21, 2017: Hurricane Maria hits Puerto Rico. Summary of Passenger Traffic PAX traffic during last 12-months (at each specific date) Page 27 dic.-18, 8.4 dic.-18 oct.-18 jun.-18 ago.-18 abr.-18 dic.-17, 8.4 dic.-17 feb.-18 oct.-17 jun.-17 ago.-17 abr.-17 dic.-16 oct.-16 jun.-16 ago.-16 abr.-16 dic.-15 feb.-16 oct.-15 jun.-15 ago.-15 feb.-17 dic.-16, 9.0 Source of PAX Figures from Feb 13: ASUR filings abr.-15 dic.-14 feb.-15 oct.-14 jun.-14 ago.-14 abr dic feb.-14 The decline in passenger traffic at San Juan Airport reflects the impact of Hurricane Maria, which hit the island on September 21, Passenger figures include transit and general aviation passengers. 7.5 oct.-13 ago.-13 Million PAX 8.0 ago.-17, feb.-13, 8.5 Aerostar works closely with the airlines and the Puerto Rico Tourism in jun.-13 SJU is served by a strong and diverse group of 35 airlines abr M Approximately 83% of enplanements are origin and destination ( O&D ) dic.-12 SJU accounts for over 93% of Puerto Rican passenger traffic feb.-13 Total Passenger Traffic 2018:
28 AEROSTAR: Main Data Aerostar Total for 9M 18: $2,166,832 (thousands of Mexican pesos, excluding Construction ) Page 28 In May 2017, ASUR increased its share ownership in Aerostar to 60% from its prior 50% ownership. Accordingly, consolidated results as presented above reflect line by line consolidation of Aerostar results starting in June 1, 2017, while prior to that, Aerostar s results were accounted for by the equity method. Figures presented in the table above compare the stand-alone results of Aerostar for the nine-month period ended September 30, 2018 (in which Aerostar was consolidated with ASUR) against the nine-month period ended September 30, 2017 (in which Aerostar was only consolidated with ASUR for the month of June).
29 Aerostar per Passenger for 9M 18: $111.4 (Mexican pesos per passenger) AEROSTAR: In May 2017, ASUR increased its share ownership in Aerostar to 60% from its prior 50% ownership. Accordingly, consolidated results as presented above reflect line by line consolidation of Aerostar results starting in June 1, 2017, while prior to that, Aerostar s results were accounted for by the equity method. Figures presented in the table above compare the stand-alone results of Aerostar for the nine-month period ended September 30, 2018 (in which Aerostar was consolidated with ASUR) against the nine-month period ended September 30, 2017 (in which Aerostar was only consolidated with ASUR for the month of June). Consistent growth in commercial revenues from an increased number of concessions, optimized passenger flow and improved product offerings. Around $170M USD invested in modernizing terminal offerings through new concession concepts, self-operating Convenience Stores, and updated parking and car rental facilities Page 29
30 Page 30 Oct 19, 2017: ASUR begins the operation of Airplan This acquisition is an important strategic addition that allows ASUR to enter the South American market by offering airport services through six airports in Colombia: RIONEGRO - Jose Maria Cordoba MEDELLÍN - Olaya Herrera MONTERIA - Los Garzones QUIBDÓ - El Caraño CAREPA - Antonio Roldan B. COROZAL - Las Brujas Oct 19th, 2017: ASUR begins consolidating its operations in Airplan line by line. May 25, 2018: ASUR acquires the remaining 7.58% of Airplan bringing its ownership stake in the company to 100%.
31 Total Passenger Traffic 2018: 10.6M Traffic at Airplan airports accounts for 15.6% of passenger traffic in Colombia (as of Dec 2017) Airplan is the second-largest airport concession holder in Colombia, with 10.6 million passengers in 2018 September 20, 2017: Strike of local pilots at a major international carrier Summary of Passenger Traffic PAX traffic during last 12-months (at each specific date) Page 31 dic.-18 dic.-18, 10.6 oct.-18 jun.-18 ago.-18 abr.-18 dic.-17, 10.0 dic.-17 feb.-18 oct.-17 jun.-17 ago.-17 abr.-17 dic.-16 oct.-16 jun.-16 ago.-16 abr.-16 dic.-15 feb.-16 oct.-15 jun.-15 ago.-15 feb.-17 dic.-16, 10.1 Source of PAX Figures from Oct 17: ASUR filings abr.-15 dic.-14 feb.-15 oct.-14 jun.-14 ago.-14 abr.-14 dic.-13 feb.-14 oct.-13 jun ago abr.-13 Passenger figures exclude transit and general aviation passengers, as reported by ASUR. 8.0 dic.-12 Million PAX 9.0 ago.-17, feb.-13
32 AIRPLAN: Main Data Airplan Total for 9M 18: $1,224,105 (thousands of Mexican pesos, excluding Construction ) Page 32 On October 19, 2017, ASUR acquired a 92.42% ownership stake in Airplan, which operates six airports in Colombia. Therefore, ASUR began to consolidate Airplan s results on a line by line basis as of that date. The following discussion compares Airplan's independent results for the period Jan 1 and ended Sep 30, 2018 (in which Airplan was consolidated with ASUR) against the period starting Jan 1 and ended Sep 30, 2017 (in which Airplan was not consolidated with ASUR). On May 25, 2018 ASUR acquired 7.58% of the share ownership of Airplan bringing its ownership stake in the company to 100%. This transaction resulted in the recognition of Shareholders Equity in excess of the Ps.46.3 million paid for the acquisition of this additional stake in Airplan.
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