UBS CEO Conference February 2006

Transcription

1 UBS CEO Conference February

2 Contents Company Overview Strategic Partner Key Perfomance Revenues Historical Pax Traffic Strategy Master Development Program Financial Highligths Peers 2

3 Company Overview ASUR is Company with a 50-year concession period that operates 9 airports in the southeast region of Mexico The only listed airport group in Mexico & Americas World-class company receiving technical assistance from the strategic partner. Historical Key Achievements Passenger growth Solid financial position (strong cash flow, debt-free) Aggressive & successful commercial strategy Compliance with the Investment Programme Quality improvement in installations and services the best and the cheapest Long-term vision 3

4 Strategic Partner Two Players, One Vision ASUR Shareholdings Strategic Partner 15% BMV & NYSE 85% Note: CPH and Fernando Chico own 5% from BMV and NYSE. 7 Board { Members Five Independent from the 85% Francisco Garza Zambrano George Vojta Valentín Diez Gastón Azcarraga Ricardo Guajardo Two from the Strategic Partner Fernando Chico Pardo Kjeld Binger TWO PLAYERS Copenhagen Airports A/S The biggest airport in Scandinavia 19 million PAX Voted Best Airport in the World by passengers on several occasions Among the most inexpensive European airports in terms of cost of services Investments in airports in UK, China and Mexico Fernando Chico Pardo Prominent Mexican businessman and head of investment banking and financial consulting firm, Promecap S.C. Board member of important companies, such as: Grupo Carso, Grupo Financiero Inbursa, Grupo Posadas and the United Nations Pensions Fund ONE VISION 4 TO CREATE THE BEST AIRPORTS IN THE WORLD, OFFERING WORLD-CLASS SERVICES TO PASSENGERS AND EFFICIENT SERVICES TO USERS

5 Key Performance Key Performance Indicators over the last 5 years Accumulated Annual Growth Rate 5 yrs ( ): Passenger traffic 3.85 % Total Revenues 9.37 % EBITDA % Net Income % Average EBITDA margin % ( ) 5

6 Revenues Duall till system = Regulated Revenue + Commercial Revenues Regulated Revenues To avoid monopolistic practices, the Federal Government, through the SCT, regulates the Maximum Tariff that the airports in Mexico can collect. It is a maximum amount in pesos expressed by work load unit, were one pax or 100kg of cargo is equal to a work load unit. Every 5 years ASUR agrees investments with the SCT (MDP), and accordingly, the maximum tariff is settled. On December 2003, the maximum rate for each one of the concessions was agreed for the period Revenues in ASUR are composed of: Efficiency factor was settled at 0.75% per year. 6 Regulated revenues principally are composed of: a) Operations: Charges to airlines: landing, apron, overnight parking Regulated Revenues Aeronautical Non- Aeronautical b) Passengers: Domestic & International TUA Security Services Fixed: Complementary Services Percentage of: airport services, catering, ramp services, offices.

7 Revenues Duall till system = Regulated Revenue + Commercial Revenues Revenues in ASUR are composed of: Non Regulated Revenues Non-regulated revenues do not have any limit in terms of a threshold imposed by the Government. Consequently ASUR has the opportunity to increase these revenues. Non-regulated revenues are composed of: 9 Commercial Business Lines Retail Duty Free & Duty Paid Food & Beverages Advertising Banking & Foreign Exchange Car Rental Car Parking Ground Transportation Teleservices Other 7

8 February Pax Traffic Domestic YoY Domestic pax increase 2.1%, including the decrease in Cancun by the same percentage. Airport February 2005 February 2006 % Change Cancún 131, ,290 (2.1) Cozumel 7,084 4,068 (42.6) Huatulco 16,537 22, Merida 62,174 65, Minatitlan 9,271 13, Oaxaca 41,993 41,004 (2.4) Tapachula 14,671 13,722 (6.5) Veracruz 41,442 41,011 (1.0) Villahermosa 50,686 52, Total Domestic 374, , Source: ASA, ASUR 8

9 February Pax Traffic International YoY Domestic pax decrease 24.8%, principally as a result of the decrease in Cancun by almost the same percentage. International Airport February 2005 February 2006 % Change Cancun 785, ,524 (24.2) Cozumel 53,750 22,870 (57.5) Huatulco 11,166 12, Merida 11,509 11, Minatitlan Oaxaca 5,037 6, Tapachula (17.8) Veracruz 4,557 5, Villahermosa 3,099 2,936 (5.3) Total International 875, ,122 (24.8) Source: ASA, ASUR 9

10 February Pax Traffic Total The effect of Wilma still in Cancun, a total decrease of 21%, ASUR decrease 16.7% Total Airport February 2005 February 2006 % Change Cancun 916, ,814 (21.0) Cozumel 60,834 26,938 (55.7) Huatulco 27,703 35, Merida 73,683 77, Minatitlan 9,443 14, Oaxaca 47,030 47, Tapachula 15,037 14,023 (6.7) Veracruz 45,999 46, Villahermosa 53,785 55, ASUR Total 1,249,925 1,040,882 (16.7) 10 Source: ASA, ASUR

11 Historical Pax Traffic Compounded Annual Growth Rate for the period was 5.9% For the period the compounded Annual Growth Rate for International passenger traffic was 7.9% and 3.7% for domestic 14 Passengers in million Domestic International "01 "02 "03 "04 "05 During 2004, 84% of the domestic traffic went to or came from the Mexico City Airport, during 2005 it was just 80% 11 Source: ASA, ASUR

12 ASUR s pax traffic 2005 vs 2004 decreased by 4.1% 12 Historical Pax Traffic Passenger Traffic of the last twelve months vs. ADS s closing price of the month ADS closing price in USD Last 12 months Passengers ADS closing price of the month ADS Performance Million Passengers Historic performance Passenger Growth Million Passengers excluding general aviation and transit 2005 vs % decrease PASSENGERS millions

13 Historical Pax Traffic Since ASUR started to operate the concession, the overall turnaround cost has decreased 8% in a 6-year period During 2005, pax traffic to and from Mexico was almost equal to the USA Region 99 "00 "01 "02 "03 "04 "05 %Change 05 vs 04 %of Total 2005 CAGR Mexico (2.3) USA (5.9) Europe (6.0) Canada (4.8) Latinamerica (ex. Mexico) (9.7) Asia and Others TOTAL (4.2) International Flight TURNAROUND COST USD Cost by AirCraft $400 Domestic Flight TURNAROUND COST USD Cost by AirCraft $600 Turnaround Cost per PAX (usd) International Flight Domestic Flight $2.9 $1.4 Type of Aircraft: Load Factor: 80% = 151 PAX Includes: landing, apron, overnight parking, boarding bridges, shuttle, security, etc. $300 $200 $100 $232 $236 $238 $264 $265 $211 $209 $210 $208 $500 $400 $300 $200 $496 $505 $510 $563 $570 $447 $443 $446 $ Jan 99 Mar-99 Apr 99 Nov 99 Jun-01 Nov-03 Jan 04 Aug 04 Apr 05 Jan 99 Mar-99 Apr 99 Nov 99 Jun-01 Nov-03 Jan 04 Aug 04 Apr 05

14 Strategy for 2006 Aggressive Commercial & Investment Plans Commercial Strategy Continue improving commercial revenues Route Development Achieve new routes to our airports Investments A commitment to comply with the MDO (the highest amount ever in the concession period) Service to our Customers World class service Equity Structure Continue with analysis Bussines Oportunities Continue with the study 14

15 MDP During the fourth quarter the Mexican Government approved the MDP modification for Cancun airport to include the second runway and terminal 3 In the period, ASUR has invested $1,934.4 million pesos in its 9 airports, 9% more than MDP commitments. The investment plan represents $151 million dollars. During 2005 the second runway and a new terminal for Cancun Airport were approved by the Government, originally foreseen for , the estimated amount is $150 million dollars Million US Millions of US dollars, as of December 31st, Figures expressed in dollars were calculated at the exchange rate of pesos per US dollar. 15 *** (million of pesos as of Dec 2004)

16 Financial Highlights Our Commitment: Shareholder Value Creation Millions of US dollars, as of December 31 st, 2005 Figures expressed in dollars were calculated at a 2004 average exchange rate of pesos per US dollar. ** Excluding passengers in transit and general aviation Passengers (million) ** Regulated Revenues Commercial rev Commercial vs. Total Commercial Revenues per pax Usd EBITDA EBITDA margin

17 Peers ASUR is the only airport group on the Americas to be listed Some of the private airports / airport groups in the world listed on stock exchanges ASUR, GAP Mexico Listed on NYSE & BMV Copenhagen Airports Denmark Listed on Copenhagen SE BAA UK Listed on London SE Vienna Airport Austria Listed on Frankfurt SE Frankfurt Airport Germany Listed on Frankfurt SE Ljubljana Airport Slovenia Listed on Ljubljana SE Thailand Airports Thailand Listed on Thailand SE Beijing Airport China Listed on Hong Kong SE Guangzhou Airport China Listed on Hong Kong SE Hainan Meilan (CPH) China Listed on Hong Kong SE 17 ASUR and GAP are the only Airports Groups to be listed on NYSE Macquarie Airports Australia Listed on Australian SE Auckland Airport New Zealand Listed on New Zealand SE

18 Contact Information World Class Airports ADOLFO CASTRO CFO Ph:+(52) SUSAN BORINELLI BREAKSTONE & RUTH Ph:+(646)