Santander Conference Acapulco. January 2007

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Transcription:

Santander Conference Acapulco January 2007

Post-IPO Shareholder Ownership IPO on November 29, 2006; 47% free float Aeroinvest* 74.5% 25.5% SETA Public Float B Shares (Mexico) 50% ADSs 50% 36.0%* 16.7% 47.3% * Aeroinvest is a 100% owned subsidiary of Empresas ICA. Ownership share reflects an additional 0.7% acquired in the IPO. Note: distribution after exercise of underwriters overallotment option 1

Strong Strategic Partners and Management Depth OMA has an experienced management team formed by key executives from ICA and ADP Founded in 1947 NYSE/BMV listed since 1992 Founded in 1946 Listed on Paris Bourse since June 2006 Market capitalization of US$1.6 bn* Market capitalization of 5.7 bn* US$1.7 bn Revenues in 2005 1.9 bn revenues in 2005 Empresas ICA is the largest engineering, procurement and construction company in Mexico Europe s second largest airport group Operates Paris-Charles de Gaulle, Orly, and Le Bourget airports Expertise in infrastructure operations under concessions such as: toll roads parking lots ports municipal services (water and waste management) 78.7 mm passengers in 2005 461 airlines Europe s largest airport group for air cargo and mail 2.1 mm tons of freight and mail handled in 2005 * As of January 08, 2007. Exchange rate Ps$10.9705/USD 2

Company Overview Chihuahua Airport

Company Overview OMA operates a diversified portfolio of 13 airports distributed throughout Northern and Central Mexico Incorporated in 1998, privatized in 2000, IPO in 11/06. 2006 Terminal Passengers: 11.8 million Domestic 79% International 21% LTM Revenues: US$130 mm Metropolitan 45%* Tourist 21%* Regional & Border 34%* Aeronautical 81% Monterrey Acapulco Mazatlan Zihuatanejo Chihuahua Culiacan Durango Zacatecas San Luis Potosi Torreon Tampico Reynosa Cd. Juarez Non-aeronautical 19% LTM EBITDA: US$67 million 51.5% EBITDA margin Employees: 930 * Share in total passenger traffic in 2006 Note: LTM financials as of June 30, 2006. 4

Monterrey International Airport Monterrey International Airport has become a significant base of operations for numerous airlines, serving major destinations in Mexico, U.S., and Europe Destinations Las Vegas Los Ángeles Tijuana Chicago Madrid 4.7 million terminal passengers in 2006 Cd. Juárez Dallas Atlanta 29 routes Hermosillo Culiacán Chihuahua Piedras Negras Torreón Houston San Antonio Monterrey Monterrey-Mexico City is the busiest route in Mexico, with 1.9 million passengers in 2006 Tampico San Luis Potosí Guadalajara Bajío Veracruz Morelia Querétaro Toluca México Puebla Villahermosa Cancún US$53 mm in revenues 2005 (43% of OMA s total) 17 airlines, 4 based in Monterrey 5

Balanced Airport Portfolio OMA s airport portfolio is diversified in terms of geography, type of travel, and type of airline customer Passengers by Airport* Passenger Mix* Regional & Border Cities 34% Metropolitan Area 45% International 21% Tourist Destinations 21% Domestic 79% Passengers by Airline* New Airlines 10% Foreign Airlines 16% * Based on 2006 Terminal Passenger Traffic (11.8 million) Domestic Airlines 74% 6

Diversified Customer Base No airline represents more than 25% of traffic or aeronautical revenues Domestic Airlines International Airlines New Airlines 7

Business Strategy Culiacan Airport

Business Strategy Capitalize on favorable industry dynamics Execute initiatives to grow non-aeronautical revenues Execute investment program to accommodate expected growth 9

Favorable Industry Dynamics Air passenger traffic in Mexico is growing more rapidly than in previous years, fueled in part by new airlines Air Travel Penetration (2005) (Commercial passengers/ total population) 5.0 4.0 3.4x 4.4x Terminal Passenger Growth 11.2% 3.0 2.5x 2.0 4.0% 4.0% 1.0 0.7x 0.0 Mexico U.S. U.K. Spain Key Growth Drivers Mexican Industry 01'-05' CAGR OMA '01-'05 CAGR OMA '06 vs '05 International Traffic: Mexico - U.S. bilateral agreement (2006) Increased from 2 to 3 the number of carriers from each country eligible to operate certain routes Domestic Traffic: entry of new airlines (2006) Five new airlines: four already operating (Alma, Avolar, Interjet, Volaris, and Viva Aerobus - based in Monterrey Sources: Prospectus, SCT, Wall Street Research, Department of Transport website (U.K.) and Aeropuertos Españoles y Navegación Aérea website (Spain) 10

Benefits of the Mexico-U.S. Bilateral Agreement International traffic is expected to increase substantially due to the bilateral aviation agreement with the U.S. Increases from two each to three each, the number of Mexican and U.S. carriers eligible to operate routes between certain pairs of cities Agreement came into force in July 2006 Includes OMA s Acapulco, Mazatlan, and Zihuatanejo airports Will include Monterrey Airport by October 2007 The Agreement reinforces the trend towards open skies policy Attracts U.S. airlines to existing routes and promotes the opening of new routes Opportunity for domestic airlines to open routes to important U.S. destinations. More airlines operating certain routes will increase competition and reduce fares, which may result in increased passenger traffic Los Ángeles Salt Lake City Phoenix Las Vegas Denver Chicago New York Dallas Madrid Houston San Antonio Atlanta Monterrey Mazatlán Zihuatanejo Acapulco 11

Entry of New Airlines New airlines are rapidly expanding the market and gaining market share as a result of lower fares and the creation of new and additional routes Jan 06 Domestic Passenger Market Share Dec 06 Domestic Passenger Market Share New Airlines 3.9% New Airlines 13.4% Traditional Airlines 96.1% Traditional Airlines 86.6% New Airlines New Airlines Source: SCT and Company Information 12

New Routes Cumulative 2006 Airlines launched 20 new routes at 10 of OMA s airports MTY-VER MTY-ACA TRC-LAX TRC-LAS CJS-GDL ZCL-ACA MTY-ZCL ZIH-ATL TIJ-DGO- GDL ZIH-TLC CUU-TLC MEX-CUL- MXL CJS-TLC PBC-MTY- TIJ MZT-SLC ACA-ATL TAM-TLC ACA-JFK ACA-CUL -TIJ ACA-TLC Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 13

Nine airlines contributed new routes during 2006 Interjet Delta Viva Aerobus Magnichart er Click Azteca Avolar Mexicana Alma 0 1 2 3 4 5 6 14

Non-Aeronautical Revenue Expansion Improvement in the commercial strategy has lead to significant growth of nonaeronautical revenues and their share in total revenues Commercial Revenue / Passenger (US$) Commercial Revenue as % of Total $3 $2 $1 $1.3 $2.1 $1.8 $1.5 CAGR 01-05: 14.1% $2.2 $2.2 20% 10% 11.8% 13.8% 16.5% 18.8% 19.4% 19.4% $0 2001 2002 2003 2004 2005 LTM * 0% 2001 2002 2003 2004 2005 LTM Commercial Initiatives Operation of 100% of parking lots at its airports Bidding process and selection of high quality tenants Improvement and expansion of the commercial space Standardization of the corporate image 75% of commercial revenues comes from activities directly operated by OMA and royalty-based agreements *LTM as of June 2006 15

Non-Aeronautical Revenue Initiatives The company is implementing an integrated approach to develop additional commercial activities in its airports Retail Air Freight Real Estate OMA Plaza brand Remodel and expand commercial space Optimize mix of retailers and products Improve quality of tenants Royalty-based agreements OMA Carga Operates warehouses Cargo Operations Mail and cargo operations carried out by external carriers Attract investors to develop existing land reserves Projects include industrial parks and commercial centers No investments required by OMA 16

Composition of Non-Aeronautical Revenues Non-aeronautical revenues 19% of total revenues are headlined by parking fees, lease income from VIP lounges, and advertising Non-aeronautical Revenue Composition Other 24.2% Car parking charges 28.7% Retail operations 9.8% Food and beverage operations 7.1% Car Rental 7.1% Advertising 11.3% Leasing of space 11.4% *LTM as of June 2006 17

Capital Expenditures Historical CAPEX (2001-2005) US$110 million invested since privatization in 2000 Remodeled several terminals Improved runway and access roads Enhanced commercial space Expanded parking facilities Improved utility-related infrastructure Expect to invest US$177 million over the next 5 years 2006 2010 Committed Investments (1) Master Development Plan (MDP) Expansion, modernization and maintenance plan submitted to the SCT every 5 years Main investment activities (2006-2010 MDP): Passenger Terminal B (MTY) Baggage screening equipment Runway maintenance Investments not included in the MDP: Temporary Terminal in Monterrey Parking facilities 2006 2010 Total CAPEX Distribution $80 $72 Total: US$177 million Tourist 19% $60 27 $40 $39 $36 Monterrey 41% $20 $0 36 26 19 $22 17 $8 5 17 9 9 7 5 1 2006 2007 2008 2009 2010 (2) Terminals Baggage Screening Equipment Other Regional 40% Notes: (1) Does not include non-regulated strategic investments (2) Includes runways, aprons, machinery and equipment 18

Financial Highlights Monterrey Airport 19

Solid Financial Performance OMA has improved its margins and cash flow generation Revenues (US$ mm) EBITDA (US$ mm) & EBITDA Margin (%) $160 $120 $80 $40 $130 $122 $110 $101 $25 $94 $99 $24 $12 $21 $13 $16 $89 $81 $83 $90 $98 $105 CAGR 03-05: 11.0% $80 $70 $60 $50 $40 $30 $20 $10 EBITDA CAGR 01-05: 13.3% $52 $37 $37 $42 47.3% 42.4% 39.0% 37.0% $61 49.9% $67 51.5% 60% 50% 40% $0 2001 2002 2003 2004 2005 LTM Aeronautical Non-aeronautical $0 2001 2002 2003 2004 2005 LTM EBITDA EBITDA Margin 30% CAPEX (US$ mm) Free Cash Flow (1) (US$ mm) $40 $30 $20 $10 $16 $17 $32 $23 $24 $30 $50 $40 $30 $20 $10 $20 $31 $11 $28 $34 $44 $0 2001 2002 2003 2004 2005 LTM $0 2001 2002 2003 2004 2005 LTM Note: LTM as of June 30, 2006 (1) Free Cash Flow equals funds flow from operations minus change in net working capital minus capital expenditures Source: Preliminary Prospectus or derived from the figures contained therein 20

Financial Summary OMA has delivered strong financial and operating performance 03'-05' (US$ in million) 2003 2004 2005 LTM* CAGR IH06 Total Terminal Passengers (mm) 8.9 9.7 10.5 11.1 8.6% 5.7 Total Revenues $99 $110 $122 $130 11.0 $68 (1) EBITDA 42 52 61 67 20.5 38 EBITDA Margin 42.4% 47.3% 50.0% 51.5% 8.6 55.7% Net Income 16 25 31 37 39.2 23 Net Income Margin 16.2% 22.7% 25.4% 28.5% 25.4 33.0% Cash and Equivalents $80 $107 $141 $176 32.8% $176 Total Debt 0 0 0 0 0.0 0 Stockholders Equity 591 617 648 671 4.7 671 Cash Flow From Operating Activities $43 $51 $58 $74 16.1% $47 Capex 32 23 24 30 (13.4) 12 Free Cash Flow 11 28 34 44 75.8 35 *LTM figures as of June 30,2006 (1) EBITDA after technical assistance Source: Preliminary Prospectus or derived from the figures contained therein 21

Closing Remarks Balanced airport portfolio Centered in rapid growth northern region of Mexico with Monterrey hub Strong, experienced strategic partners Business strategy for growth and profitability Take advantage of favorable industry dynamics Specific initiatives to grow non-aeronautical revenues CAPEX program to accommodate growth Solid financial performance 22

Disclaimer This presentation contains forward-looking information and statements. Forward-looking statements are statements that are not historical facts. These statements are only predictions based on our current assumptions, expectations and projections about future events. Forward-looking statements may be identified by the words believe, expect, anticipate, target, or similar expressions. While OMA's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of OMA, which could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, those discussed in our Prospectus under the caption Risk Factors. Further, if OMA s actual results are less favorable than those shown in the projections or if the assumptions used in the projections prove to be incorrect, OMA may not be able to make dividend payments in the amount forecasted, or at all. OMA undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise, nor makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied upon as a promise or representation. Management is not making and you should not infer any representation about the likely existence of any particular future set of facts or circumstances. EBITDA represents net income minus net comprehensive financing income plus income taxes, asset tax, statutory employee profit sharing and depreciation and amortization. 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 of our performance that is widely used by investors and analysts to evaluate our performance and compare it with other companies, however it may be calculated differently by different companies. Figures in constant pesos as of June 30, 2006 converted to U.S. dollars (US$) at an exchange rate of Ps.11.2865/US$1.00 23

http://ir.oma.aero