Investment Highlights

Transcription

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2 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 2

3 Airport operations in attractive locations in Mexico and the Caribbean Geographical presence Page 3

4 Cancún: Close to major U.S. destinations Illustrative flight times from various destinations Page 4

5 Private airports / airport groups listed on global stock exchanges ASUR and GAP are the only Latin American Airport Groups listed on NYSE Page 5

6 Ownership overview FCHP & ADO Page 6

7 Established regulatory framework with a track record of rate setting precedents Dual Till System Regulated + Non Regulated Page 7 Note: 2012 per PAX, expressed In nominal pesos as of Dec 2012; passenger traffic excludes transit and general aviation passengers

8 Visibility of capital expenditure requirements through ,902M invested , ,015 MDP investment commitments (expressed in June 2012 Million Pesos) 1, ,038 1,047 1,109 1, Page 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 Key future projects: Terminal building expansion in HUX, MID, OAX, VER and VSA Relocation of the General Aviation Apron in CUN Passenger flow separation in CUN Runway expansion in HUX Taxiway expansion in VER 1 Committed investments from May 1999 to Dec million pesos have been paid each year (anticipated) Terminal 3 & Second Runway Cancún Airport Note: Committed investments according to Master Development Plan, expressed in million pesos as of June 2012 based on the Mexican construction price index in accordance with the terms of the Master Development Plan; ;2012 & 2013 Estimated

9 ASUR s airports are among the most frequented in Mexico 2012 Int PAX Dom PAX Total PAX Total PAX CAGR 10,609 8,637 19, % 7,313 13,975 21, % 1,825 10,769 12, % All of Mexico 1 29,572 56,719 86, % Mexican Airports by PAX (thousand PAX) Airport Pax ( 000s) Var % vs AICM Mexico City 26,365 29, % 2 ASUR Cancun 13,022 14, % 3 GAP Guadalajara 7,155 7, % 4 OMA Monterrey 5,583 6, % 5 GAP Tijuana 3,488 3, % 6 GAP Los Cabos 2,754 2, % 7 GAP Puerto Vallarta 2,482 2, % 8 ASUR Merida 1,226 1, % 9 GAP Hermosillo 1,142 1, % 10 OMA Culiacan 1,071 1, % 11 ASUR Villahermosa % 12 TLC Toluca 1, % 13 GAP Bajio % 14 ASUR Veracruz % 15 OMA Chihuahua % 16 OMA Cd. Juarez % 17 OMA Mazatlan % 18 OMA Tampico % 19 OMA Acapulco % 20 GAP Mexicali % 21 ASUR Oaxaca % 22 ASUR Huatulco % 23 GAP La Paz % 24 ASUR Cozumel % 25 OMA Zihuatanejo % Rank 2012 Group Page 9 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

10 Revenue and passenger breakdown Page Ps.4,457M 2012 PAX 19.2M by business Non-aeronautical 36% 32% by type Domestic 45% Regulated 67% Aeronautical 64% International 55% 2012 Revenue per PAX: Ps.232 by airport Villahermosa 3.6% Merida 5.3% by airport Other 13.5% Villahermosa Merida 6.4% Cancun 75.1% 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. 5.0% Other 10.9% Cancun 80.2%

11 ASUR traffic evolution Page CAGR: 5.8% Domestic International Cancun Airport YOY Growth (%) (5.9) (1.8) (2.2) (4.1) (12.5) Source: ASA from ASUR management thereafter Note: Transit and general aviation excluded M12 CAGR (INT L): 6.6% CAGR (DOM): 4.9% CAGR (Cancun): 7.4% 2M13

12 ASUR has a balanced mix of domestic and international traffic Passenger traffic by Origin Destination (million PAX) Region % Change 12 vs. 11 % of total CAGR Mexico USA (0.2) Europe Canada Latin America Asia & Others ASUR Note: % of total refers to 2012 figure Note: Excludes transit and general aviation; Page 12

13 Historically, traffic has recovered and grown after exogenous events 25 Passenger traffic during last 12- months at each specific date (million PAX) Note: Excludes transit and general aviation passengers feb-00 Sep. '01: 9/11 Sep. '08: Crisis Oct. '05: Hurricane Wilma Jul. '05: Hurricane Emily May '09: AH1N1 ago-00 feb-01 ago-01 feb-02 ago-02 feb-03 ago-03 feb-04 ago-04 feb-05 ago-05 feb-06 ago-06 feb-07 ago-07 feb-08 ago-08 feb-09 ago-09 feb-10 ago-10 feb-11 ago-11 feb-12 Domestic International Total ago-12 feb M 10.73M 8.75M EVENT Sep 01: 9/11 Oct 05: H. Wilma RECOVERY AFTER 13 months 16 months Type of PAX Historical Max. (%) Feb13 vs. Hist. Max Domestic Feb % International Feb % Page 13 May 09: H1N1 26 months TOTAL Feb %

14 After 4.5 years, Mexico hasn t recovered the level of Airplanes Available Page Industry Estimates: 290 available airplanes Source: Available Airplanes jun sep-08 dic-08 mar-09 jun-09 sep-09 dic-09 mar-10 jun-10 sep-10 dic-10 Available airplanes Available Airplanes in Mexico mar-11 jun-11 sep-11 dic-11 mar-12 jun (155) Lost airplanes - Suspended Airlines sep-12 New airplanes - Existing airlines dic Lost vs. New Airplanes a) Existing Airlines jun-08 ene-13 New Airplanes Var. % INTERJET % VOLARIS % AEROMEXICO % VIVAAEROBUS % AEROMAR % MAGNICHARTERS % GLOBAL AIR 4 2 (2) (50)% Subtotal % b) Suspended Airlines jun-08 ene-13 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)

15 Successful commercial strategy Page commercial revenue per PAX vs. peers (US$/PAX) Selected Int ASUR GAP OMA Nominal CAGR : 24.6% (Mexican CPI CAGR : 4.4%) revenues per passenger per quarter evolution (Ps. / passenger in Mexican pesos as of date reported) International average 2010 includes figures for Fraport, TAV Airports, Copenhagen Airports, Vienna Airport, Aeroports do Paris and Zurich Airport; Note: OMA commercial revenues include parking, advertising, leasing, retail stores, car rental, food & beverage, communications, financial services, ground transportation and time-sharing; GAP commercial revenues include parking, leasing, retail stores, food & beverage, car rentals, time-share, duty free, advertising, communications, financial services and ground transportation; Fraport commercial revenues include real estate, retail, parking, energy supply, advertising and rents; TAV Airports commercial revenues include catering and duty free; Copenhagen Airports commercial revenues include shopping centers, car parking, rents, hotel operations and other services; Vienna Airport commercial revenues include parking, rentals, advertising, shopping and gastronomy; Aeroports do Paris commercial revenues include retail stores, duty free, rentals, car parking, industrial services, shops, bars, restaurants, leasing and rentals; Zurich Airport commercial revenues include retail stores, duty free,advertising, car rentals, ground transportation, financial services, food & beverage, rentals and leasing; Converted to US$ at 2012 average FX of Ps /US$, 1.39 EUR/US$ and 0.92 US$/CHF 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 2012 figures

16 Track record of consistent revenue growth and profitability Page Aeronautical Non-Aeronautical Construction ,467 1,159 1,164 1, , ,239 1,976 2, ,155 1,481 1,457 1,588 2, ,169 3,131 1,067 1,089 1,891 2,102 2,043 4,573 4, , ,361 2,283 2,498 5, Figures for 2010, 2011 & 2012 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 Total CAGR : 13.1% Not including from Construction Services 663 1,608 2, ,476 2, ,985 1,967 2, , % 1, EBITDA & EBITDA Margin (Ps. Mm) CAGR 06 12: 14.3% 58.8% 61.3% 62.7% 62.8% 60.2% 64.1% EBITDA margin calculated without from Construction Services for comparability with previous periods Growth rates: CAGR (%) Passenger traffic 4.7% Total revenues 13.1% EBITDA 14.9% Net income 22.6% Mexican CPI 4.7% 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

17 ASUR has positively differentiated itself ACI named Cancun the best airport in Latin America in 2012 (4 th year in a row) Revenue per PAX in CAGR in (%) 12.2% 9.6% 6.9% The 1 st column for each airport group excludes from Construction Services; the 2 nd column includes these revenues. CAGR in PAX Traffic (%) CAGR in EBITDA (%) Page % 0.6% 1.1% 2.7% Mexico Aggregate 14.3% 7.0% 9.3%

18 Operating leverage as passenger traffic recovers Highlights EBITDA margins have increased despite major exogenous events such as the H1N1 outbreak, significant increase in crude oil prices and the global financial crisis have grown at a faster rate than total costs and PAX traffic Growth rates: CAGR (%) Passenger traffic 5.7% Cost of services 7.4% 12.2% Administrative services 10.9% EBITDA 14.3% Total costs 5.4% Net Income 25.6% Mexican inflation (CPI) 4.3% Mexican GDP growth 1.9% Page operating cost breakdown (%) 51% 21% 11% 9% 8% Costs of services D&A Concession fee Administrative services Technical assistance 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 1 Note: revenue per passenger figures does not include construction revenue Revenue and cost per PAX comparison (Ps./PAX) Cost of Services Administrative Q'06 2Q'06 3Q'06 4Q'06 1Q'07 2Q'07 3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 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

19 Profitability indicators EBITDA CAPEX (Ps. million) 229 1,042 1,049 1,290 1,321 1,718 2,300 Net income Retained earnings Dividends paid Ps per share 444 Ps per share 150 Ps per share 168 Ps per share 186 Ps per share 205 Dividends evolution Net Income, retained earnings and dividends evolution (Ps. thousands) 1 Ps per share 225 Ps per share 600 Ps per share 1,884 Ps per share 750 Ps per share 900 Ps per share 1,080 Page 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; 3 Note: 2012 dividend pending to be presented and approved by the Annual General Shareholders Meeting Note: 2010, 2011 & 2012 figures reflect the adoption of INIF 17 2

20 Robust corporate governance and board of directors Page 20 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 Chairman of Grupo Bimbo X X Ricardo Guajardo Touche 1 Former president of BBVA Bancomer X X X Francisco Garza Zambrano 1 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 CEO of Copenhagen Airports International A/S 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

21 Experienced management team Long Serving Management Fernando Chico Pardo President with company since 2005 Adolfo Castro Rivas Chief Executive and Officer Head of Investor Relations with company since 2000 Claudio Góngora Morales General Counsel with company since 1999 Carlos Trueba Coll General Director of Cancún Airport Agustín Arellano R. Chief Infrastructure Officer with company since 2010 (experience in the industry for 35 years) Manuel Gutiérrez Sola Chief Officer with company since 2000 Héctor Navarrete Muñoz General Director of Regional Airports with company since 1998 with company since 1999 Page 21

22 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 22

23 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 (8.4M PAX during 2012) February 27 th 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, 113M 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 23