presentación de powerpoint - asur...0 500 1,000 1,500 2,000 2,500 3,000 visibility of capital...

Investment Highlights

• 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

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Key valuedrivers

Focus on Corporate Social Responsibility

• Member of Dow Jones and Bolsa Mexicana de Valoressustainability indices

• Active participant of United Nations Global Compact, in Mexico and internationally

• Certified by CEMEFI as Socially Responsible Company (6th year)

• Airports’ Environmental Management Systems certified under ISO 14001

• 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

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Sustainability is a

key strategy in our business

model

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Airport operations in attractive locations in Mexico and the Caribbean

Geographical presence

Cancún: Close to major U.S. destinations

Illustrative flight times

from various destinations

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Private airports / airport groups listed on global stock exchangesFi

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ASUR and GAP are the only Latin American Airport Groups listed on NYSE

Ownership overviewFi

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Established regulatory framework with a track record of rate setting precedents

Note: 2013 Revenues per PAX, expressed In nominal pesos as of Dec 2013; passenger traffic excludes transit and general aviation passengers

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System

Regulated + Non Regulated

Revenues

ASUR adjusts specific tariffs / prices once every six months using the Mexican producer price index, excluding petroleum). During 2013 the index was practically 0%

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Visibility of capital expenditure requirements through 2018

1 Committed investments from May 1999 to Dec 20002 139.6 million pesos have been paid each year (anticipated) – Terminal 3 Cancún AirportNote: Committed investments according to Master Development Plan, expressed in million pesos as of December 2012 based on the

Mexican construction price index in accordance with the terms of the Master Development Plan.

• Key projects completed:

1999: Government capex backlog

2005: 9/11 security standards

2006-2007:Terminal 3 and second

runway in CUN

2011: Passenger flow separation in CUN

2011-2013: Terminal building expansion:

HUX, MID, OAX and VSA

• Key future projects:

New Terminal 4 in CUN

Terminal 2 & 3 expansion in CUN

Terminal building expansion VER

Required works for Airport Certification

(9 airports)

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ters 11,478M

pesos invested

1999-2013

• Visibility on capital expenditure requirements, as maximum rate negotiated along

with Master Development Plan (MDP) is a function of programmed capex

MDP investment commitments (expressed in December 2012 Million Pesos)

ASUR’s airports are among the most frequented in MexicoFi

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Mexican Airports by PAX(thousand PAX)

1 According to the Communications and Transport Ministry’s website

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

Revenue and passenger breakdown

by business by airport

Ps.4,859M

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). Commercial 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. Revenues from Construction Services are not included. PAX traffic excludes transit and general aviation.

by airportby type

Cancun

75.7%

Merida

6.2%

Villahermosa

4.8%

Other 13.2%

Aeronautical 63%

Non-aeronautical 37%

Cancun

80.8%

Merida

5.2%

Villahermosa

3.4%Other 10.6%

International

56%

Domestic

44%

Regulated

66%Commercial

34%

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2013 Revenues

21.1M2013 PAX

2013 Revenue per PAX:Ps.231

0.0

5.0

10 .0

15 .0

20 .0

1990

199

1

1992

19

93

19

94

1995

19

96

1997

19

98

1999

20

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2001

20

02

2003

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2005

20

06

2007

20

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20

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2010

20

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2012

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9M13

9M

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ASUR traffic evolution

CAGR ’90–’13 (INT’L): 6.8%CAGR ’90–’13 (DOM): 5.0%Source: ASA from 1990-1998. ASUR management thereafter

Note: Transit and general aviation excludedCAGR ’90–’13 (Cancun): 7.5%

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CAGR: 5.9%

ASUR has a balanced mix of domestic and international traffic

1 Note: % of total refers to 2012 figureNote: Excludes transit and general aviation;

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Passenger traffic by Origin – Destination(million PAX)

Region 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13% Change 13 vs. 12

% of total 2013 1

CAGR 99-13

Mexico 5.0 5.0 4.9 4.8 5.3 5.6 5.5 5.9 7.4 8.1 7.0 7.2 7.7 8.9 9.7 8.7 46.1 4.8

USA 4.1 4.6 4.5 4.4 4.9 5.9 5.6 5.3 6.0 6.5 5.9 6.2 6.2 6.2 6.8 10.2 32.3 3.7

Europe 0.7 0.9 0.9 0.8 1.0 1.3 1.2 1.3 1.4 1.5 1.0 1.2 1.3 1.5 1.7 12.4 8.0 6.7

Canada 0.3 0.4 0.5 0.6 0.7 0.8 0.8 0.8 1.0 1.3 1.3 1.5 1.7 1.8 1.8 0.7 8.5 13.7

Latin America 0.5 0.5 0.5 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.3 0.5 0.6 0.9 1.1 27.0 5.1 5.4

Asia & Others 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (33.0) 0.0 4.1

ASUR 10.6 11.4 11.3 10.9 12.2 13.9 13.4 13.6 16.1 17.8 15.5 16.7 17.5 19.2 21.1 9.5 100 5.0

Historically, traffic has recovered and grown after exogenous events

EVENT RECOVERY AFTER

Sep ‘01: 9/11 13 months

Oct ‘05: H. Wilma 16 months

May ‘09: H1N1 26 months

Type of PAX Historical Max. (%) Sep 14 vs. Hist. Max

Domestic Sep’14 0.0%

International Sep’14 0.0%

TOTAL Sep’14 0.0%

9.96 M

12.49M

22.45M

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traffic during last 12-

months at each specific date (million

PAX)

-200

-160

-120

-80

-40

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40

80

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50

100

150

200

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300

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jun

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oct

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-10

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feb

-11

jun

-11

oct

-11

feb

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jun

-12

oct

-12

feb

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jun

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Lost vs. N

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Available airplanes

Lost airplanes - Suspended Airlines

New airplanes - Existing airlines

(155)

104307

256

jun-08 dic-13New

AirplanesVar. %

INTERJET 11 45 34 309%

VOLARIS 17 44 27 159%

AEROMEXICO 94 118 24 26%

VIVAAEROBUS 7 18 11 157%

AEROMAR 14 19 5 36%

MAGNICHARTERS 5 10 5 100%

GLOBAL AIR 4 2 (2) (50)%

Subtotal 152 256 104 68%

jun-08 dic-13Lost

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 0 (155)

a) Existing Airlines

b) Suspended Airlines

After 4.5 years, Mexico hasn’t recovered the level of Airplanes AvailableFi

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rs 2014 Industry Estimates:

294 available airplanes

Available Airplanes in Mexico

Source:www.airfleets.netwww.aerotransport.org

http://www.airfleets.net/

http://www.aerotransport.org/

1Q'0

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4

Selected Int ASUR GAP OMA

Successful commercial strategy

2013 commercial revenue per PAX vs. peers (US$/PAX)

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 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 2013 average FX of Ps.13.0843/US$, where applicable; Note: Commercial revenue per passenger recorded in 3Q’05 reflects a one time payment from Dufry Mexico of Ps.39.5mm; Commercial 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; Commercial revenue per passenger CAGR based on full year 2000 and full year 2013 figures

Commercial revenues per passenger per quarter evolution (Ps. / passenger in Mexican pesos as of date reported)

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Nominal CAGR 2000 – 2013: 23.5%(Mexican CPI CAGR 2000-2013: 4.3%)

Track record of consistent revenue growth and profitabilityFi

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Total Revenues CAGR 1999 – 2013: 12.8%Not including Revenues from Construction Services

Growth rates: ’99 – ’13 CAGR (%)

Passenger traffic 5.0%

Total revenues 12.8%

EBITDA 14.7%

Net income 21.7%

Mexican CPI 4.6%

EBITDA & EBITDA Margin (Ps. Mm)

2010 - 2013 EBITDA margin calculated without Revenues from Construction Services for comparability with previous periods

CAGR ’06–’13: 14.0%

1999 – 2013 Revenues

Figures for 2010, 2011, 2012 & 2013 reflect adoption of MIFRS-17 Note: From 1999 to 2007 figures in nominal Mexican pesos adjusted for inflation as of Dec. 31st of each year

Source for Mexican CPI: IMF; Note: CAGRs calculated in Mexican peso terms; Revenues from Construction Services not included; passenger figures exclude passengers in transit or general aviation

ASUR GAP OMA

ASUR GAP OMA

ASUR GAP OMA

ASUR has positively differentiated itself…Fi

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Cancun as the best airport in Latin America

for 4 consecutive

years

CAGR in Revenues 2006 – 2013 (%)

CAGR in EBITDA 2006 – 2013 (%)

Revenue per PAX in 2013

CAGR in PAX Traffic 2006 – 2013 (%)

Excludes Revenues from Construction Services; OMA figures include revenues of $13.28 pesos/pax from NH Hotel (Mexico City Airport).

Revenue and cost per PAX comparison (Ps./PAX)

2013 operating cost breakdown (%) Growth rates: ’06 – ’13 CAGR (%)

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 1Note: revenue per passenger figures does not include construction revenue

Passenger traffic 6.3% Cost of services 6.5%

Revenues 11.7% Administrative services 9.0%

EBITDA 14.0% Total costs 5.1%

Net Income 23.4% Mexican inflation (CPI) 4.2%

Mexican GDP growth 1.8%

NOTE: 3Q’10: Does not reflect the Ps.128.0 million increase in the reserve for doubtful accounts resulting from the bankruptcy announced by Grupo Mexicana de Aviación

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Revenues have grown at a faster rate than total costs and PAX traffic

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, 2011 2012 & 2013 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 2013.

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Dividends evolution1999 - 2012

EBITDA – CAPEX (Ps. million)

Net Income, retained earnings and dividends evolution(Ps. thousands) 1

2

Robust corporate governance and board of directors

Board of Directors

Audit Committee

Operations Committee

Nom & Comp Committee

Acq. & Contracts

Committee

Fernando Chico Pardo Founder and president of Promecap

X X X XJosé Antonio Pérez Antón

CEO of Grupo ADOX X X

Roberto Servitje Sendra1

Former Chairman of Grupo BimboX X

Ricardo Guajardo Touche1

Former president of BBVA BancomerX X X

Francisco Garza Zambrano1

Former President of CEMEX North AmericaX X

Guillermo Ortiz Martinez1

Former Governor of Mexico Central Bank for 12 yrs.X X

Rasmus Christiansen 1

Former CEO of Copenhagen Airports InternationalX X X

Luis Chico Pardo Former economist at the Bank of Mexico

XAurelio Pérez Alonso

Deputy Chief Executive Officer of Grupo ADOX 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

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Corporate Governance

Standards

Experienced management teamFi

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rs Long Serving Management

Fernando Chico PardoPresident

with company since 2005

Adolfo Castro RivasChief Executive and Financial OfficerHead of Investor Relations


Alejandro Pantoja LópezChief Infrastructure Officer


Claudio Góngora MoralesGeneral Counsel


Manuel Gutiérrez SolaChief Commercial Officer


Carlos Trueba CollGeneral Director of Cancún Airport


Héctor Navarrete MuñozGeneral Director of Regional Airports


What’s Next?

• Further develop our commercial business

• Improve our passenger volumes

• World Class service – ASQ Program

• Improve capital structure

• Monitor new business opportunities

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TermObjectives

ASUR: International Presence in Puerto Rico

• Luis Munoz Marin International Airport, in San Juan Puerto Rico (8.3M PAX during 2013)

• Feb 27th, 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

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Limited liability company

owned by ASUR (50%) &

Highstar (50%)

LMM

Aerostar Financial Information 2013Fi

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rs AerostarTotal income:

$1,197,390(thousands of

Mexican pesos)

LMM

Condensed Statement of Comprehensive LossPeriod from February 27 to December 31, 2013 - (thousands of Mexican pesos)

Total income (*) $ 1,197,390

Operating costs and expenses (**) (1,180,100)

Comprehensive financing loss - Net (270,307)

Contingencies 1,767

Deferred income taxes (35,654)

Net loss for the period (286,904)

Effect for foreign currency conversion 72,815

Comprehensive loss $ (214,089)

(*) Cash and cash equivalents include $81,316, which corresponds to the amount received by Aerostar for “Passenger Facility Charges (PFC)”, and its use is restricted to fund investments in SJU’s infrastructure authorized by the FAA. Under IFRS, PFC income is shown in the total income line, while under US GAAP it is shown in the other income line. The joint venture started operating on February 27, 2013, and therefore, the 2013 statement of income amounts above only reflect operations for 10 months.

(**) Operating costs and expenses incurred in the 10-month period include $324,551 (USD$25,475) for start-up costs and expenses, such as competitive bidding expenses and other one-time payments. The Aerostar business cycle is subject to seasonal fluctuations. In general, demand increases in the summer months and in the winter holiday season.

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