presentación de powerpoint - asur · with master development plan (mdp) is a function of...

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

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50 year airport concessions from November 1998 in attractive locations in Mexico

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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FCHP & ADO

Established regulatory framework with a track record of rate setting precedents

Note: 2011 Revenues per PAX, expressed In nominal pesos as of Dec 2011; passenger traffic excludes transit and general aviation passengers

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Dual Till System

Regulated +

Non Regulated Revenues

1,318

496269

170

677

1,0151,209

855699

1,038 1,047 1,1091,012

626

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

242 2

Visibility of capital expenditure requirements through 2013

1 Committed investments from May 1999 to Dec 2000 2 242 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

• Key projects completed: 1999: Government capex backlog 2005: 9/11 security standards 2006-2007:Terminal 3 and second runway in Cancun

• Key future projects: Terminal building expansion in Huatulco, Mérida,

Oaxaca, Veracruz and Villahermosa Relocation of the General Aviation Apron in Cancun Passenger flow separation in Cancun Runway expansion in Huatulco Taxiway expansion in Veracruz

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9,902M invested

1999-2011

• 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 June 2012 Million Pesos)

1

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

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Mexican Airports by PAX (thousand PAX)

2010 20111 Mexico City 24,131 26,369 9.3% 2 Cancún 12,439 13,023 4.7% 3 Guadalajara 6,954 7,202 3.6% 4 Monterrey 5,380 5,583 3.8% 5 Tijuana 3,650 3,501 -4.1%6 Los Cabos 2,746 2,807 2.2% 7 Puerto Vallarta 2,735 2,536 -7.3%8 Toluca 2,271 1,689 -25.6%9 Mérida 1,136 1,226 7.9%

10 Hermosillo 1,138 1,201 5.5% 11 Culiacán 1,060 1,071 1.0% 12 Veracruz 834 867 4.0% 13 Guanajuato 854 854 0.0% 14 Villahermosa 729 851 16.8% 15 Chihuahua 828 782 -5.6%16 Mazatlán 756 722 -4.4%17 Ciudad Juárez 634 673 6.2% 18 Acapulco 737 596 -19.1%19 Zihuatanejo 497 481 -3.2%20 Huatulco 386 460 19.2%

Pax (‘000s)AirportVar %

11 vs. 10

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

Int PAX Dom PAX Total PAX

10,083 7,457 17,540 4.90%

7,152 13,055 20,208 -0.30%

1,784 9,988 11,773 0.00%

All of Mexico 1 28,904 53,155 82,058 2.20%

2011 Total PAX 06-11 CAGR

Revenue and passenger breakdown

by business by airport

Ps.3,859M

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

74.2% Merida

7.0%

Veracruz

4.9%

Other 13.8%

Aeronautical 65%

Non-aeronautical 35%

Cancun

79.3%

Merida

5.8%

Villahermosa

3.6%

Other 11.3%

International

57%

Domestic

43%

Regulated

69% Commercial

31%

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2011 Revenues

17.5M 2011 PAX

2011 Revenue per PAX: Ps.220

ASUR traffic evolution

CAGR ’90–’11 (INT’L): 6.7% CAGR ’90–’11 (DOM): 4.4% Source: ASA from 1990-1998. ASUR management thereafter

Note: Transit and general aviation excluded CAGR ’90–’11 (Cancun): 7.2%

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1990 – 2011 CAGR: 5.6%

9.33.4 17.8 9.3 (12.5) 7.6 4.9YOY 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

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

5.56.4

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

7.9

8.25.

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

.213

.913

.3 13.8

16.2 17

.815

.5 16.7 17

.513

.4 14.6

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

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

9M11

9M12

Domestic International Cancun Airport

ASUR has a balanced mix of domestic and international traffic

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

% of total 2011 1

CAGR 99-11

Avg. GDP 99-10

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 6.2 43.9 3.6 2.4

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 (0.1) 35.3 3.5 2.1

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 10.2 7.6 5.7 1.8

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 10.9 9.8 15.8 2.5

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 17.5 3.5 1.4 3.0

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 0.0 8.1

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 4.9 100 4.3 3.7

1 Note: % of total refers to 2011 figure Note: Excludes transit and general aviation; Source for real GDP growth estimates: International Monetary Fund – average annual real GDP growth from 1999-2010

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Passenger traffic by Origin – Destination (million PAX)

0

2

4

6

8

10

12

14

16

18

20

mar

-00

ago-

00en

e-01

jun-

01no

v-01

abr-

02se

p-02

feb-

03ju

l-03

dic-

03m

ay-0

4oc

t-04

mar

-05

ago-

05en

e-06

jun-

06no

v-06

abr-

07se

p-07

feb-

08ju

l-08

dic-

08m

ay-0

9oc

t-09

mar

-10

ago-

10en

e-11

jun-

11no

v-11

abr-

12se

p-12

Domestic International Total

Oct. '05: Hurricane Wilma

May '09: AH1N1

Jul. '05: Hurricane Emily

Sep. '08: Financial Crisis

Sep. '01: 9/11

Historically, traffic has recovered and grown after exogenous events

Not

e: E

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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. (%) Aug 12 vs. Hist. Max Domestic Sep’12 0.0% International Sep ’12 0.0% TOTAL Sep ’12 0.0%

8.4M 10.4M

18.8M

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Passenger traffic

during last 12-months

at each specific date (million PAX)

After 4 years, Mexico hasn’t recovered the level of Airplanes Available Fi

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2014 Industry Estimates:

304 available

airplanes

-200

-160

-120

-80

-40

0

40

80

0

50

100

150

200

250

300

350

jun-0

8

oct-0

8

feb-0

9

jun-0

9

oct-0

9

feb-1

0

jun-1

0

oct-1

0

feb-1

1

jun-1

1

oct-1

1

feb-1

2

jun-1

2

Lost vs. New

Airplanes

Avail

able

Airp

lanes

Available airplanesLost airplanes - Suspended AirlinesNew airplanes - Existing airlines

(155)

72307

224

Available Airplanes in Mexico

jun-08 jun-12New

AirplanesVar. %

INTERJET 11 35 24 218%

VOLARIS 17 36 19 112%

AEROMEXICO 94 109 15 16%

VIVAAEROBUS 7 18 11 157%

AEROMAR 14 16 2 14%

MAGNICHARTERS 5 8 3 60%

GLOBAL AIR 4 2 (2) (50)%

Subtotal 152 224 72 47%

jun-08 jun-12Lost

AirplanesMEXICANA 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

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

http://www.airfleets.net/

http://www.aerotransport.org/

10

4.9

2.83.4

Selected Int ASUR GAP OMA

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 74

.6

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 12

Successful commercial strategy

2011 commercial revenue per PAX vs. peers (US$/PAX)

1 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 2011 average FX of Ps.12.35/US$, 1.39 EUR/US$ and 0.92 US$/CHF 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 2011 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 – 2011: 22.1% (Mexican CPI CAGR 2000-2010: 4.4%)

1,3171,707

1,985 1,967 2,1042,477

58.8%

61.3%62.7% 62.8%

60.2%

64.2%

57%

59%

61%

63%

65%

67%

69%

0

500

1000

1500

2000

2500

3000

2006 2007 2008 2009 2010 2011

Track record of consistent revenue growth and profitability Fi

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Total Revenues CAGR 1999 – 2011: 12.9% Not including Revenues from Construction Services

759989 989 1,001 1,155

1,481 1,457 1,5881,891 2,102 2,043

2,283 2,498

137171 176 239

311

495 607651

895

1,067 1,089

1,211

1,361

741

714

8971,159 1,164 1,241

1,467

1,976 2,0642,239

2,786

3,169 3,131

4,2354,573

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

Aeronautical Non-Aeronautical Construction

Growth rates: ’99 – ’11 CAGR (%)

Passenger traffic 4.3% Total revenues 12.9% EBITDA 14.6% Net income 21.9% Mexican CPI 4.8%

EBITDA & EBITDA Margin (Ps. Mm)

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

CAGR ’06–’11: 13.5%

1999 – 2011 Revenues

Figures for 2010 & 2011 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

220193

209

261244 237

11.5%

5.9%

8.7%

4.9%

-0.3% 0.0%

2.2%

13.5%

5.8%7.2%

ASUR has positively differentiated itself… Fi

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ACI named Cancun the best airport

in Latin America

and 3rd worldwide in its range

in 2011

CAGR in Revenues 2006 – 2011 (%)

CAGR in EBITDA 2006 – 2011 (%)

Revenue per PAX in 2011

CAGR in PAX Traffic 2006 – 2011 (%)

Mexico Aggregate

The first column for each airport group excludes Revenues from Construction Services; the second column includes these revenues.

41 4252 47

37 45 46 5337 39

5060

3958 53 57

3952 49

5944 50 54 5944 49

7 67 8

6 6 7 75 6

68

68 8 10

89 10

128 9 10 118 10

152

157

161 167

161 167 175

172

173

175

175 19

3 203

201

198 205

207

210

208

212

217

218

217 22

923

423

4

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

Cost of Services Administrative Revenues

Operating leverage as passenger traffic recovers

Highlights

2011 operating cost breakdown (%)

Growth rates: ’06 – ’11 CAGR (%)

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

• EBITDA margins have increased despite major exogenous events such as the H1N1 outbreak, significant increase in crude oil prices and the global financial crisis

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 4.9% Cost of services 7.1% Revenues 11.5% Administrative services 11.5% EBITDA 13.5% Total costs 4.6% Net Income 24.7% Mexican inflation (CPI) 4.4% Mexican GDP growth 2.2%

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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51%

22%

10%

10% 7%

Costs of services D&A Concession feeAdministrative services Technical assistance

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

229

1,042

1,049 1,2

90

1,321

1,719

2006 2007 2008 2009 2010 2011

0 0 444

150

168

186

205

225

600

1,884

750

900

1,080

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

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

.28pe

r sha

re

Ps. 3

.60pe

r sha

re

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; 2 Note: 2010 & 2011 figures reflect the adoption of INIF 17 3 Note: 2011 dividend approved by the Annual General Shareholders’ Meeting and paid in May 17th, 2012

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Dividends evolution 1999 - 2011

EBITDA – CAPEX (Ps. million)

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

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 years 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 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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Long Serving 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

Agustín Arellano R. Chief Infrastructure Officer with company since 2010 (experience in the industry for 35 years)

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 (8.5M PAX / yr)

• July 24th: Aerostar signed a lease agreement with the Puerto Rico Ports Authority: ‐ Term of 40 years

‐ Upfront payment of $615M USD (to be funded by a mixture of debt financing incurred by Aerostar and equity contributions by each of ASUR and Highstar Capital)

‐ Regardless of the PAX traffic, 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)

‐ Capital Improvement projects: $34M USD

• Next Steps: Application for a Operating Certificate by FAA

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Aerosatar: Limited liability

company owned by

ASUR (50%) & Highstar (50%)

LMM

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