Presentación de PowerPoint

Transcription

Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Investment Highlights
Page 2
Key value
drivers
• 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
Company
Overview
Regulation
Information
Revenues
Financial
Information
Strategic
Matters
50 year airport concessions from November 1998 in attractive locations in Mexico
Page 3
Geographical
presence
Company
Overview
Regulation
Information
Revenues
Financial
Information
Strategic
Matters
Cancún: Close to major U.S. destinations
Page 4
Illustrative
flight times
from various
destinations
Company
Overview
Regulation
Information
Revenues
Financial
Information
Strategic
Matters
Private airports / airport groups listed on global stock exchanges
Page 5
ASUR and GAP are the only Latin American
Airport Groups listed on NYSE
Company
Overview
Regulation
Information
Revenues
Financial
Information
Strategic
Matters
Ownership overview
Page 6
FCHP & ADO
Strategic
Matters
Regulated +
Non Regulated
Revenues
Company
Overview
Regulation
Information
Revenues
Dual Till
System
Financial
Information
Established regulatory framework with a track record of rate setting precedents
Page 7
Note: 2011 Revenues per PAX, expressed In nominal pesos as of Dec 2011; passenger traffic excludes transit and general aviation passengers
Visibility of capital expenditure requirements through 2013
Company
Overview
Regulation
Information
Revenues
Financial
Information
Strategic
Matters
MDP investment commitments
Page 8
9,902M
invested
1999-2011
(expressed in June 2012 Million Pesos)
1,318
1,209
1,015
677
496
269
2000 1 2001
855
2002
1,038 1,047 1,109 1,012
699
626
170
2003
242 2
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
• Visibility on capital expenditure requirements, as maximum rate negotiated along
with Master Development Plan (MDP) is a function of programmed capex
• Key projects completed:
• Key future projects:
 1999: Government capex backlog
 Terminal building expansion in Huatulco, Mérida,
Oaxaca, Veracruz and Villahermosa
 2005: 9/11 security standards
 2006-2007:Terminal 3 and second runway in Cancun  Relocation of the General Aviation Apron in Cancun
 Passenger flow separation in Cancun
 Runway expansion in Huatulco
 Taxiway expansion in Veracruz
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
ASUR’s airports are among the most frequented in Mexico
Strategic
Matters
Mexican Airports by PAX
(thousand PAX)
Regulation
Information
Revenues
Financial
Information
Airport
Company
Overview
2011
All of Mexico 1
1
Page 9
Int PAX
Dom PAX
Total PAX
Total PAX
06-11 CAGR
10,083
7,457
17,540
4.90%
7,152
13,055
20,208
-0.30%
1,784
9,988
11,773
0.00%
28,904
53,155
82,058
2.20%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Pax (‘000s)
2010
2011
Mexico City
24,131
Cancún
12,439
Guadalajara
6,954
Monterrey
5,380
Tijuana
3,650
Los Cabos
2,746
Puerto Vallarta 2,735
Toluca
2,271
Mérida
1,136
Hermosillo
1,138
Culiacán
1,060
Veracruz
834
Guanajuato
854
Villahermosa
729
Chihuahua
828
Mazatlán
756
Ciudad Juárez
634
Acapulco
737
Zihuatanejo
497
Huatulco
386
26,369
13,023
7,202
5,583
3,501
2,807
2,536
1,689
1,226
1,201
1,071
867
854
851
782
722
673
596
481
460
Var %
11 vs. 10
9.3%
4.7%
3.6%
3.8%
-4.1%
2.2%
-7.3%
-25.6%
7.9%
5.5%
1.0%
4.0%
0.0%
16.8%
-5.6%
-4.4%
6.2%
-19.1%
-3.2%
19.2%
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
Company
Overview
Regulation
Information
Revenues
Financial
Information
Strategic
Matters
Revenue and passenger breakdown
Page 10
2011 Revenue per PAX:
Ps.220
2011 Revenues
Ps.3,859M
by business
Non-aeronautical 35%
Commercial
31%
by airport
Regulated
69%
Other 11.3%
Villahermosa
3.6%
Merida
5.8%
Cancun
79.3%
Aeronautical 65%
2011 PAX
17.5M
by type
by airport
Other 13.8%
Veracruz
4.9%
Domestic
43%
Merida
7.0%
International
Cancun
74.2%
57%
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.
Company
Overview
Page 11
International
Cancun Airport
5.6
6.2
7.4
7.8
8.5
8.0
8.3
9.4
9.8
10.6
11.4
11.2
11.0
12.2
13.9
13.3
13.8
10.1
8.6
5.0
3.1
2.6
3.0
2.8
3.4
3.9
3.5
4.3
3.6
4.4
4.0 4.1
4.8
5.1
5.9
5.4
6.2
5.9
7.0
6.8 6.6
6.4
7.7
7.6
7.1
10.0
8.7
8.1
9.3
10.1
9.8
9.1
8.8
12.6
8.0
11.3
12.4
13.0
13.4
14.6
Domestic
16.2
17.8
15.5
16.7
17.5
1990 – 2011
CAGR: 5.6%
11.2
8.2
9.7
7.9
7.7
5.5
6.4
7.7 (1.8) (2.2) 10.9 14.0 (4.1) 3.4 17.8 9.3 (12.5) 7.6
Source: ASA from 1990-1998. ASUR management thereafter
Note: Transit and general aviation excluded
4.9
CAGR ’90–’11 (INT’L):
CAGR ’90–’11 (DOM):
CAGR ’90–’11 (Cancun):
9M12
9M11
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
8.4
2001
9.0 (5.9) 3.8 13.3 4.3
2000
1999
1997
1996
1995
1994
1993
1992
10.7 19.4 5.4
1998
YOY Growth (%)
1991
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
1990
Regulation
Information
Revenues
Financial
Information
Strategic
Matters
ASUR traffic evolution
9.3
6.7%
4.4%
7.2%
ASUR has a balanced mix of domestic and international traffic
Company
Overview
Regulation
Information
Revenues
Financial
Information
Strategic
Matters
Passenger traffic by Origin – Destination
(million PAX)
Page 12
Region
% Change % of total
11 vs. 10 2011 1
CAGR
99-11
Avg. GDP
99-10
43.9
3.6
2.4
(0.1)
35.3
3.5
2.1
1.3
10.2
7.6
5.7
1.8
1.5
1.7
10.9
9.8
15.8
2.5
0.3
0.5
0.6
17.5
3.5
1.4
3.0
0.0
0.0
0.0
0.0
0.0
0.0
8.1
4.9
100
4.3
3.7
00
01
02
03
04
05
06
07
08
09
10
11
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
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
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
Canada
0.3 0.4
0.5
0.6
0.7
0.8
0.8
0.8
1.0
1.3
1.3
Latin America
0.5 0.5
0.5
0.3
0.3
0.3
0.3
0.3
0.3
0.4
Asia & Others
0.0 0.0
0.0
0.0
0.0
0.0
0.0 0.0
0.0
0.0
ASUR
99
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
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
Historically, traffic has recovered and grown after exogenous events
Company
Overview
Page 13
Sep. '08: Financial Crisis
18
May '09: AH1N1
18.8M
Oct. '05: Hurricane Wilma
16
Jul. '05: Hurricane Emily
14
Note: Excludes transit and general aviation passengers
Passenger
traffic
during last
12-months
at each
specific date
(million PAX)
12
Sep. '01: 9/11
10.4M
8.4M
10
8
6
4
2
0
mar-00
ago-00
ene-01
jun-01
nov-01
abr-02
sep-02
feb-03
jul-03
dic-03
may-04
oct-04
mar-05
ago-05
ene-06
jun-06
nov-06
abr-07
sep-07
feb-08
jul-08
dic-08
may-09
oct-09
mar-10
ago-10
ene-11
jun-11
nov-11
abr-12
sep-12
Regulation
Information
Revenues
Financial
Information
Strategic
Matters
20
Domestic
EVENT
RECOVERY AFTER
13 months
Sep ‘01: 9/11
16 months
Oct ‘05: H. Wilma
26 months
May ‘09: H1N1
International
Total
Type of PAX Historical Max. (%) Aug 12 vs. Hist. Max
Domestic
International
TOTAL
Sep’12
Sep ’12
Sep ’12
0.0%
0.0%
0.0%
Available Airplanes in Mexico
2014 Industry
Estimates:
304 available
airplanes
72
300
40
Available Airplanes
Information
Revenues
0
224
200
150
-40
-80
100
-120
(155)
50
jun-12
feb-12
oct-11
jun-11
feb-11
oct-10
feb-10
jun-10
oct-09
jun-09
feb-09
INTERJET
VOLARIS
AEROMEXICO
VIVAAEROBUS
AEROMAR
MAGNICHARTERS
GLOBAL AIR
Subtotal
Available airplanes
Lost airplanes - Suspended Airlines
New airplanes - Existing airlines
jun-08
jun-12
New
Airplanes
11
17
94
7
14
5
4
35
36
109
18
16
8
2
24
19
15
11
2
3
(2)
(50)%
72
47%
152 224
b) Suspended Airlines
jun-08
jun-12
Lost
Airplanes
MEXICANA
ALMA
AEROCALIFORNIA
AVOLAR
ALADIA
AVIACSA
NOVA AIR
78
15
22
8
3
26
3
0
0
0
0
0
0
0
(78)
(15)
(22)
(8)
(3)
(26)
(3)
Subtotal
155
0
(155)
-160
-200
jun-08
0
Source:
www.airfleets.net
www.aerotransport.org
a) Existing Airlines
80
250
Regulation
Company
Overview
Page 14
307
Lost vs. New Airplanes
Financial
Information
350
oct-08
Strategic
Matters
After 4 years, Mexico hasn’t recovered the level of Airplanes Available
Var. %
218%
112%
16%
157%
14%
60%
Nominal CAGR 2000 – 2011: 22.1%
(Mexican CPI CAGR 2000-2010: 4.4%)
50.0
Selected Int
1
20.0
10.0
ASUR
GAP
OMA
0.0
21.2
30.0
17.0
2.8
3.4
31.5
40.0
34.9
34.8
34.9
4.9
55.9
44.1
60.0
46.3
50.6
49.3
57.9
60.6
61.3
70.0
45.9
48.6
10
60.1
80.0
63.8
64.4 66.2 72.4
74.6
(Ps. / passenger in Mexican pesos as of date reported)
vs. peers (US$/PAX)
8.1
10.1
7.5
12.5
Regulation
Company
Overview
Page 15
Commercial revenues per passenger per quarter evolution
2011 commercial revenue per PAX
Information
Revenues
Financial
Information
Strategic
Matters
Successful commercial strategy
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 12
1 International average 2010 includes figures for Fraport, TAV Airports, Copenhagen Airports, Vienna Airport, Aeroports do Paris and Zurich Airport; Note: OMA commercial revenues include parking, advertising, leasing, retail stores, car rental, food & beverage,
communications, financial services, ground transportation and time-sharing; GAP commercial revenues include parking, leasing, retail stores, food & beverage, car rentals, time-share, duty free, advertising, communications, financial services and ground transportation;
Fraport commercial revenues include real estate, retail, parking, energy supply, advertising and rents; TAV Airports commercial revenues include catering and duty free; Copenhagen Airports commercial revenues include shopping centers, car parking, rents, hotel
operations and other services; Vienna Airport commercial revenues include parking, rentals, advertising, shopping and gastronomy; Aeroports do Paris commercial revenues include retail stores, duty free, rentals, car parking, industrial services, shops, bars, restaurants,
leasing and rentals; Zurich Airport commercial revenues include retail stores, duty free,advertising, car rentals, ground transportation, financial services, food & beverage, rentals and leasing; Converted to US$ 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
Total Revenues CAGR 1999 – 2011: 12.9%
Not including Revenues from Construction Services
Aeronautical
Non-Aeronautical
Construction
CAGR ’06–’11: 13.5%
3000
2500
4,573
4,235
2000
1500
714
Information
Revenues
Regulation
Company
Overview
Page 16
EBITDA & EBITDA Margin (Ps. Mm)
1999 – 2011 Revenues
Financial
Information
Strategic
Matters
Track record of consistent revenue growth and profitability
1,317
1,707
61.3%
1,985 1,967 2,104
62.7% 62.8%
1000
58.8%
741
3,169 3,131
2,786
1,976 2,064
897
1,159 1,164 1,241
171
1,467
989
607
239
989
1,001 1,155
1,211
1,067 1,089
895
2000
2001
2002
2003
2005
2006
61%
Growth rates: ’99 – ’11 CAGR (%)
2,102 2,043 2,283
1,891
2007
60.2%
2006
2007
2008
2009
2010
2011
2010 EBITDA margin calculated without Revenues from
Construction Services for comparability with previous periods
2,498
Total revenues
EBITDA
Net income
2004
63%
57%
Mexican CPI
1999
65%
59%
Passenger traffic
1,481 1,457 1,588
64.2%
0
1,361
69%
67%
500
651
311
176
137
759
495
2,239
2,477
2008
2009
2010
2011
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
4.3%
12.9%
14.6%
21.9%
4.8%
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
Company
Overview
Regulation
Information
Revenues
Financial
Information
Strategic
Matters
ASUR has positively differentiated itself…
Page 17
ACI named
Cancun the
best airport
in Latin
America
and 3rd
worldwide
in its range
in 2011
Revenue per PAX in 2011
CAGR in Revenues 2006 – 2011 (%)
11.5%
261
244
220
237
8.7%
209
193
5.9%
The first column for each airport group excludes Revenues from
Construction Services; the second column includes these revenues.
CAGR in PAX Traffic 2006 – 2011 (%)
CAGR in EBITDA 2006 – 2011 (%)
13.5%
4.9%
2.2%
-0.3%
0.0%
Mexico
Aggregate
5.8%
7.2%
Operating leverage as passenger traffic recovers
Strategic
Matters
Revenues have grown at a faster rate than
total costs and PAX traffic
Page 18
•
Growth rates: ’06 – ’11 CAGR (%)
EBITDA margins have increased despite
major exogenous events such as the H1N1
outbreak, significant increase in crude oil
prices and the global financial crisis
Passenger traffic
Revenues
EBITDA
Net Income
4.9%
11.5%
13.5%
24.7%
Cost of services
Administrative services
Total costs
Mexican inflation (CPI)
Mexican GDP growth
2011 operating cost breakdown (%)
Revenue and cost per PAX comparison (Ps./PAX)
Concession fee
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
Administrative
Revenues
41 7 152
42 6
157
52 7 161
47 8
167
37 6
161
45 6
167
46 7
175
53 7 172
37 5
173
39 6
175
50 6
175
60 8
193
39 6
203
58 8
201
53 8
198
57 10
205
39 8
207
52 9
210
49 10
208
59 12
212
44 8
217
50 9
218
54 10
217
59 11
229
44 8
234
49 10
234
D&A
Technical assistance
10%
10%
7%
22%
51%
Cost of Services
Costs of services
Administrative services
7.1%
11.5%
4.6%
4.4%
2.2%
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
Company
Overview
Regulation
Information
Revenues
Financial
Information
Highlights
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
Dividends evolution
1999 - 2011
(Ps. thousands) 1
2006
Ps. 6.28
Ps. 3.60 per share
1,080
Ps. 3.00 per share
900
750
Ps. 2.50 per share
per share
1,884
Ps. 2.00 per share
600
Ps. 0.75 per share
225
205 Ps. 0.68 per share
444
0
2011
2010
Ps. 1.48 per share
2009
Net income
Retained earnings
Dividends paid
0
2008
1,321
1,049
2007
1,290
1,042
1,719
(Ps. million)
229
Regulation
Company
Overview
Page 19
Net Income, retained earnings and dividends evolution
EBITDA – CAPEX
Information
Revenues
Financial
Information
Strategic
Matters
Profitability indicators
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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
Information
Revenues
Financial
Information
Strategic
Matters
Robust corporate governance and board of directors
Board of
Audit Operations Nom & Comp Acq. &
Contracts
Directors Committee Committee Committee Committee
High
Corporate
Governance
Standards
Fernando Chico Pardo
X
X
X
José Antonio Pérez Antón
CEO of Grupo ADO
X
X
X
Roberto Servitje Sendra1
Chairman of Grupo Bimbo
X
Ricardo Guajardo Touche1
Former president of BBVA Bancomer
X
X
Francisco Garza Zambrano1
President of CEMEX North America
X
X
Guillermo Ortiz Martinez1
X
X
Founder and president of Promecap
Former Governor of Mexico Central Bank for 12 years
1
Rasmus Christiansen
X
Luis Chico Pardo
X
Aurelio Pérez Alonso
X
CEO of Copenhagen Airports International A/S
Regulation
Former economist at the Bank of Mexico
Deputy Chief Executive Officer of Grupo ADO
Company
Overview
•
Page 20
X
X
1 Five out of nine board members are independent
X
X
X
X
• Sarbanes-Oxley compliant
• Four committees led by board members
• Audit committee comprised of 3 independent members of the board of directors
Strategic
Matters
Experienced management team
Long Serving
Management
Fernando Chico Pardo
President
Company
Overview
Regulation
Information
Revenues
Financial
Information
with company since 2005
Page 21
Adolfo Castro Rivas
Agustín Arellano R.
(experience in the industry for 35 years)
Claudio Góngora Morales
Manuel Gutiérrez Sola
Carlos Trueba Coll
Héctor Navarrete Muñoz
Chief Executive and Financial Officer
Head of Investor Relations
General Counsel
General Director of Cancún Airport
Chief Infrastructure Officer
Chief Commercial Officer
General Director of Regional Airports
Company
Overview
Regulation
Information
Revenues
Financial
Information
Strategic
Matters
What’s Next?
Page 22
Short & Long
Term
Objectives
• Further develop our commercial business
• Improve our passenger volumes
• World Class service – ASQ Program
• Improve capital structure
• Monitor new business opportunities
Company
Overview
Regulation
Information
Revenues
Financial
Information
Strategic
Matters
ASUR: International Presence in Puerto Rico
Page 23
Aerosatar:
Limited liability
company
owned by
ASUR (50%) &
Highstar (50%)
LMM
• 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

Presentación de PowerPoint

Transcription

Similar documents

Descargar