Safe Harbor Statement

Transcription

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2 Safe Harbor Statement 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 forward-looking 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 Management Team Long Serving Experienced Management Fernando Chico Pardo Chairman of the Board of Directors with company since 2005 Adolfo Castro Rivas Chief Executive and Officer Head of Investor Relations with company since 2000 Claudio Góngora Morales General Counsel Alejandro Pantoja López Chief Infrastructure Officer with company since 1999 with company since 2001 Agustín Arellano Rodríguez Director of International Projects Manuel Gutiérrez Sola Chief Officer with company since 2010 with company since 2000 Carlos Trueba Coll General Director of Cancún Airport Héctor Navarrete Muñoz General Director of Regional Airports with company since 1998 with company since 1999 Page 3

4 Investment Highlights 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 Page 4

5 Focus on Corporate Social Responsibility Page 5 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 (6 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

6 Airport operations in attractive locations in Mexico and the Caribbean Geographical presence Page 6

7 Cancún: Close to major U.S. destinations Illustrative flight times from various destinations Page 7

8 Private airports / airport groups listed on global stock exchanges ASUR and GAP are the only Latin American Airport Groups listed on NYSE Page 8

9 Ownership overview FCHP & ADO Page 9 * Shares with voting rights and delegated voting rights, as of December 30, 2016

10 Established regulatory framework with a track record of rate setting precedents Dual Till System Regulated + Non Regulated Page 10 Note: 2016 per PAX, expressed In nominal pesos as of Dec 2016; 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).

11 Visibility of capital expenditure requirements through ,282 million pesos invested ,500 3,000 2,500 2,000 MDP investment commitments (expressed in December 2016 Million Pesos) 1, Construction of Terminal 4 in Cancún 1, 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 :Terminal 3 and second runway in CUN 2011: Passenger flow separation in CUN Terminal building expansion: : HUX, MID, OAX and VSA : Terminal 2 & 3 in CUN and VER Key future projects: New Terminal 4 in CUN Required works for Airport Certification (9 airports) 1 Committed investments from May 1999 to Dec M Pesos 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 2016 based on the Mexican construction price index in accordance with the terms of the Master Development Plan. Page 11

12 ASUR s airports are among the most frequented in Mexico Mexican Airports by PAX (thousand PAX) 1 According to the Communications and Transport Ministry s website Page 12 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

13 Revenue and passenger breakdown 2016 Revenue per PAX: Ps Ps.7,637M by business Non-aeronautical 41% 38% Regulated 62% by airport Villahermosa 3.2% Merida 5.5% Other 10.6% Cancun 80.7% Aeronautical 59% 2016 PAX 28.4M by type Domestic 46% International 54% by airport Other 13.4% Villahermosa 4.4% Merida 6.8% Cancun 75.4% Page 13 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). 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.

14 Company M16 2M17 ASUR traffic evolution CAGR: 6.4% Page 14 Source: ASA from ASUR management thereafter Note: Transit and general aviation excluded CAGR (INT L): 7.1% CAGR (DOM): 5.8% CAGR (Cancun): 7.9%

15 ASUR has a balanced mix of domestic and international traffic Passenger traffic by Origin Destination (million PAX) Region % Change 15 vs. 14 % of % CAGR total Mexico USA Europe (0.8) Canada Latin America Asia & Others NA 0.0 NA ASUR Note: % of total refers to 2015 figure Note: Excludes transit and general aviation; Page 15

16 Historically, traffic has recovered and grown after exogenous events Passenger traffic during last 12- months at each specific date (million PAX) 28.9 M 15.6 M 13.3 M EVENT RECOVERY AFTER Type of PAX Historical Max. (%) Feb 17 vs. Hist. Max Sep 01: 9/11 13 months Domestic Feb % Oct 05: H. Wilma 16 months International Feb % Page 16 May 09: H1N1 26 months TOTAL Feb %

17 Available airplanes After 8.5 years, Mexico recovered the level of Airplanes Available Page Industry Estimates: 388 available airplanes Source: Available Airplanes in Mexico (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-16 New Airplanes Var. % INTERJET % VOLARIS % AEROMEXICO % VIVAAEROBUS % AEROMAR % MAGNICHARTERS % TAR % GLOBAL AIR 4 1 (3) (75)% Subtotal % b) Suspended Airlines jun-08 dic-16 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) 25 8%

18 Successful commercial strategy 2016 commercial revenue per PAX vs. peers (US$/PAX) converted at a 2016 average FX of PS /US$ for Mexican Airports Nominal CAGR : 23.0% (Mexican CPI CAGR : 4.1%) revenues per passenger per quarter evolution (Pesos / Passenger in Mexican pesos as of date reported) Selected Int ASUR GAP OMA Page 18 1 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, time-sharing & Hotel-related activities ( from Cargo are excluded); GAP commercial revenues include parking, leasing, retail stores, food & beverage, car rentals, time-share, duty free, advertising, communications, financial services and ground transportation ( from Montego Bay operations are excluded); 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 a 2016 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 International. Passenger traffic excludes transit and general aviation; revenue per passenger CAGR based on full year 2000 and full year 2015 figures

19 Track record of consistent revenue growth and profitability Total CAGR : 13.4% Not including from Construction Services EBITDA & EBITDA Margin (Ps. Mm) CAGR 06 16: 15.3% EBITDA margin calculated without from Construction Services for comparability with previous periods Growth rates: CAGR (%) Passenger traffic 6.0% Total revenues 13.4% EBITDA 15.4% Net income 20.7% Mexican CPI 4.4% Page 19 Figures for 2010, 2011, 2012, 2013, 2014, 2015 & 2016 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 Source for Mexican CPI: IMF; Note: CAGRs calculated in Mexican peso terms; from Construction Services not included; passenger figures exclude passengers in transit or general aviation

20 ASUR has positively differentiated itself ACI has named Cancun as the best airport in Latin America for 4 consecutive years Revenue per PAX in 2016 ASUR GAP OMA CAGR in PAX Traffic (%) CAGR in (%) 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 revenues & participation of 2016 EBITDA from San Juan Airport Operations (Puerto Rico). 3. GAP figures exclude 2016 revenues of $1,622.0 million pesos (equivalent to $50.39 pesos/pax) & exclude 2016 EBITDA of $847.2 million pesos from Montego Bay Airport Operations. 4. OMA figures exclude 2016 revenues of $317.2 million pesos (equivalent to $16.91 pesos/pax) & exclude 2016 EBITDA of $120.4 million pesos from NH Hotel (Mexico City Airport), Hilton Garden Inn Hotel (Monterrey Airport) & Aero Industrial Park.

21 have grown at a faster rate than total costs and PAX traffic Revenue and cost per PAX comparison (Ps./PAX) 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 2016 operating cost breakdown (%) Growth rates: CAGR (%) Passenger traffic 7.5% Cost of services 7.6% 13.1% Administrative services 7.7% EBITDA 15.3% Total costs 6.7% Net Income 21.3% Mexican inflation (CPI) 3.9% Mexican GDP growth 2.1% Page 21 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.

22 Dividends evolution EBITDA CAPEX (Ps. million) Net Income, retained earnings and dividends evolution (Ps. thousands) Page 22 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, , 2013, 2014, 2015 & 2016 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 Note: 6.16 pesos per share to be approved by the Annual General Shareholders Meeting on April 26 th, 2017 and, if approved, to be paid on June 15 th, 2017.

23 Robust corporate governance and board of directors High Corporate Governance Standards Board of Directors Audit Committee Operations Committee Nom & Comp Committee Acq. & 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 International X X X Luis Chico Pardo Former economist at the Bank of Mexico Aurelio Pérez Alonso Deputy Chief Executive Officer of Grupo ADO X X X 1 Five out 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 Page 23

24 What s Next? 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 ASUR: International Presence in Puerto Rico Aerostar: Limited liability company owned by ASUR (50%) & Highstar (50%) LMM Luis Munoz Marin International Airport, in San Juan Puerto Rico (9.0M PAX during 2016) Feb 27 th, 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 Page 25

26 Aerostar 2014 & 2015 Aerostar Total income: $2,049,611 (thousands of Mexican pesos) LMM Condensed Statement of Comprehensive Loss (thousands of Mexican pesos) Total income (*) $ 2,049,611 $ 1,600,561 Operating costs and expenses (1,456,915) (1,168,731) Comprehensive financing loss - Net (444,726) (319,514) Contingencies 0 (1,257) Deferred income taxes (46,124) (38,162) Net profit for the period 101,846 72,897 ASUR - 50% Participation 50,923 36,449 (*) Under IFRS, PFC income is shown in the total income line, while under US GAAP it is shown in the other income line. Aerostar for the year 2016 pending to be released. ASUR - 50% participation on Aerostar for the year 2016: $144,248 thousands of Mexican Pesos Page 26