presentación de powerpoint · • robust corporate governance and board of directors with...

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 value drivers

Focus on Corporate Social Responsibility

• 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 (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 exchanges Fi

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

Ownership overview Fi

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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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Dual Till 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%

1,307

491267 169

6711,0061,199

848 6931,023

1,467

918 767 652

1,243

2,862

1,648

1,005

2680

00

00

00

00

00

00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

140 2

Visibility of capital expenditure requirements through 2018

1 Committed investments from May 1999 to Dec 2000 2 139.6 million 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 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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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)

1

Int PAX Dom PAX Total PAX

11,705 9,375 21,080 6.3%

7,803 15,370 23,174 1.8%

1,833 11,459 13,292 1.7%

All of Mexico 1 32,215 60,926 93,141 3.1%

2013 Total PAX 06-13 CAGR

2012 20131 AICM Mexico City 29,481 31,532 7.0% 2 ASUR Cancun 14,463 15,962 10.4% 3 GAP Guadalajara 7,419 8,105 9.2% 4 OMA Monterrey 6,106 6,418 5.1% 5 GAP Tijuana 3,751 4,255 13.5% 6 GAP Los Cabos 2,801 3,234 15.5% 7 GAP Puerto Vallarta 2,409 2,591 7.6% 8 ASUR Merida 1,278 1,316 3.0% 9 GAP Hermosillo 1,222 1,276 4.4%

10 OMA Culiacan 1,168 1,252 7.2% 11 TLC Toluca 987 1,161 17.6% 12 ASUR Villahermosa 998 1,014 1.6% 13 ASUR Veracruz 927 1,011 9.0% 14 GAP Bajio 930 976 4.9% 15 OMA Chihuahua 855 886 3.6% 16 TGZ Tuxtla Gtz 787 855 8.7% 17 OMA Mazatlan 669 731 9.2% 18 OMA Cd. Juarez 699 703 0.5% 19 OMA Acapulco 547 617 12.8% 20 OMA Tampico 595 609 2.4% 21 ASA Cd. del Carmen 587 549 -6.5%22 GAP La Paz 482 531 10.2% 23 ASUR Oaxaca 491 510 4.0% 24 GAP Mexicali 513 488 -4.9%25 ASUR Huatulco 486 485 -0.3%

Gro

up

Rank

20

13 Airport Pax (‘000s) Var % 13 vs. 12

ASUR’s airports are among the most frequented in Mexico Fi

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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 airport by 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

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2013 Revenues

21.1M 2013 PAX

2013 Revenue per PAX: Ps.231

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 excluded CAGR ’90–’13 (Cancun): 7.5%

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1990 – 2013 CAGR: 5.9%

YOY Growth (%) 10.7 19.4 5.4 (4.1)9.0 (5.9) 3.8 13.3 4.3 8.4 7.7 (1.8) (2.2) 10.9 14.0

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 11

4.9 9.7

06 07 08 09 10

3.4 17.8 9.3 (12.5) 7.6

14

6.2

13

9.5

12

3.0 3.4 4.3 4.3 4.9 4.0 4.2 4.4 4.4 4.7 4.7 4.6 4.6 5.1 5.3 5.2 5.8 7.2 7.7 6.7 6.9 7.5 8.6 9.4 2.0 2.1

2.62.8

3.1 3.53.6

4.0 4.1

5.0 5.45.9

6.8 6.6 6.4

7.1

8.68.1

8.0

9.1

10.1

8.8

9.810.1

10.6

11.7

3.5 3.8

5.6 6.

2 7.4 7.8 8.

58.

0 8.3 9.

4 9.8 10

.6 11.4

11.2

11.0 12

.2 13.9

13.3 13

.816

.2 17.8

15.5 16

.7 17.5 19

.2 21.1

5.5 5.9

3.0 3.43.9 4.3 4.4 4.8 5.1

5.9 6.27.0

7.7 7.6 7.78.7

10.09.3 9.7

11.3

12.6

11.2

12.413.0

14.5

16.0

0.0

5.0

10 .0

15 .0

20 .0

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

3M13

3M14

Domestic International Cancun Airport

ASUR has a balanced mix of domestic and international traffic

1 Note: % of total refers to 2012 figure Note: 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

Not

e: E

xclu

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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. (%) Mar 14 vs. Hist. Max

Domestic Feb’14 -0.09% International Mar’14 0.0% TOTAL Mar’14 0.0%

9.5 M 11.9M

21.4M

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Passenger traffic during

last 12-months at

each specific date (million

PAX)

0

5

10

15

20

25

mar

-00

sep-

00

mar

-01

sep-

01

mar

-02

sep-

02

mar

-03

sep-

03

mar

-04

sep-

04

mar

-05

sep-

05

mar

-06

sep-

06

mar

-07

sep-

07

mar

-08

sep-

08

mar

-09

sep-

09

mar

-10

sep-

10

mar

-11

sep-

11

mar

-12

sep-

12

mar

-13

sep-

13

mar

-14

Domestic International Total

Oct. '05: Hurricane Wilma

May '09: AH1N1

Jul. '05: Hurricane Emily

Sep. '08: Financial Crisis

Sep. '01: 9/11

-200

-160

-120

-80

-40

0

40

80

0

50

100

150

200

250

300

350

jun-

08

oct-

08

feb-

09

jun-

09

oct-

09

feb-

10

jun-

10

oct-

10

feb-

11

jun-

11

oct-

11

feb-

12

jun-

12

oct-

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feb-

13

jun-

13

oct-

13

Lost vs. New

AirplanesAvai

labl

e Ai

rpla

nes

Available airplanesLost airplanes - Suspended AirlinesNew airplanes - Existing airlines

(155)

104307

256

jun-08 dic-13 New Airplanes

Var. %

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-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 0 (155)

a) Existing Airlines

b) Suspended Airlines

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

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Estimates: 294 available

airplanes

Available Airplanes in Mexico

Source: www.airfleets.net www.aerotransport.org

http://www.airfleets.net/

http://www.aerotransport.org/

8.1 10.1

7.512

.5 17.0

21.2

31.5

44.1

34.9

34.8

46.3

34.9

50.6

45.9

49.3

48.6

57.9 60

.655

.961

.360

.163

.8 66.2

64.4

72.4 75

.167

.874

.171

.375.4

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

1Q'0

02Q

'00

3Q'0

04Q

'00

1Q'0

12Q

'01

3Q'0

14Q

'01

1Q'0

22Q

'02

3Q'0

24Q

'02

1Q'0

32Q

'03

3Q'0

34Q

'03

1Q'0

42Q

'04

3Q'0

44Q

'04

1Q'0

52Q

'05

3Q'0

54Q

'05

1Q'0

62Q

'06

3Q'0

64Q

'06

1Q'0

72Q

'07

3Q'0

74Q

'07

1Q'0

82Q

'08

3Q'0

84Q

'08

1Q'0

92Q

'09

3Q'0

94Q

'09

1Q'1

02Q

'10

3Q'1

04Q

'10

1Q'1

12Q

'11

3Q'1

14Q

'11

1Q'1

22Q

'12

3Q'1

24Q

'12

1Q'1

32Q

'13

3Q'1

34Q

'13

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

10

5.7

3.54.3

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

1

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%)

759 989 989 1,001 1,1551,481 1,457 1,588

1,891 2,102 2,043 2,283 2,4982,849 3,077

137171 176 239

311

495 607651

8951,067 1,089

1,2111,361

1,6081,783741

714

663

587

8971,1591,1641,241

1,467

1,9762,0642,239

2,7863,1693,131

4,2354,573

5,1205,446

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Aeronautical Non-Aeronautical Construction

1,3171,707 1,985 1,967 2,104

2,4762,931 3,289

58.8%61.3%

62.7% 62.8%

60.2%

64.1%65.8%

67.7%

0

0

0

0

0

0

0

0

2006 2007 2008 2009 2010 2011 2012 2013

Track record of consistent revenue growth and profitability Fi

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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

231

207

231

14.0%

7.6%9.5%

6.3%

1.8% 1.7%

3.4%

11.7%

7.3%

9.5%

ASUR has positively differentiated itself… Fi

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named 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 (%)

Mexico Aggregate

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

41 4252 47

37 45 46 5337 39

5060

3958 53 57

3952 49

5944 50 55 5944 49 53 60

3948 47

557 67 8

6 6 7 75 6

68

68 8 10

89 10

128 9 10 118 10 10 10

89 8

9

152

157

161

167

161

167

175

172

173

175

175 193

203

201

198

205

207

210

208

212

217

218

217 229

234

234

225

232

230

227

234

0

0

40

0

0

0

0

0

0

1Q'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

1Q'13

2Q'13

3Q'13

4Q'13

Cost of Services Administrative Revenues

50%

21%

11% 9% 9%

Costs of services D&A Concession feeAdministrative services Technical assistance

Operating leverage as passenger traffic recovers

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

444

150

168

186

205

225

600

1,88

4

750 90

0 1,08

0

2,52

0

-

500.0

1,000.0

1,500.0

2,000.0

2,500.0

3,000.0

3,500.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Net incomeRetained earningsDividends paid

Ps. 1

.48pe

rsha

re

Ps. 0

.50pe

r sha

re

Ps. 0

.56pe

r sha

re

Ps. 0

.62pe

r sha

re

Ps. 0

.68pe

r sha

re

Ps. 0

.75pe

r sha

re

Ps. 2

.00pe

r sha

re

Ps. 2

.50pe

r sha

re

Ps. 3

.00pe

r sha

re

Ps. 6

.28 pe

r sha

re

Ps. 3

.60pe

r sha

re

Ps. 8

.40pe

r sha

re

229

1,042

1,049 1,2

901,3

211,7

182,3

002,6

74

2006 2007 2008 2009 2010 2011 2012 2013

Profitability indicators

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 evolution 1999 - 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 X

José Antonio Pérez Antón CEO of Grupo ADO X X X

Roberto Servitje Sendra1 Chairman of Grupo Bimbo X X

Ricardo Guajardo Touche1

Former president of BBVA Bancomer X X X Francisco Garza Zambrano1

President of CEMEX North America X X Guillermo Ortiz Martinez1

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 X Aurelio Pérez Alonso

Deputy Chief Executive Officer of Grupo ADO 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

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High Corporate

Governance Standards

Experienced management team Fi

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Management Fernando Chico Pardo President with company since 2005

Adolfo Castro Rivas Chief Executive and Financial Officer Head of Investor Relations with company since 2000

Alejandro Pantoja López Chief Infrastructure Officer with company since 2001

Claudio Góngora Morales General Counsel with company since 1999

Manuel Gutiérrez Sola Chief Commercial Officer with company since 2000

Carlos Trueba Coll General Director of Cancún Airport with company since 1998

Héctor Navarrete Muñoz General Director of Regional Airports with company since 1999

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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Short & Long Term

Objectives

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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Aerostar: Limited liability

company owned by

ASUR (50%) & Highstar (50%)

LMM

Aerostar Financial Information 2013 Fi

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Total income: $1,197,390

(thousands of Mexican pesos)

LMM

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

Total income (*) $ 1,197,390Operating costs and expenses (**) (1,180,100)Comprehensive financing loss - Net (270,307)Contingencies 1,767Deferred 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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