1 quarterly 2016

Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Safe Harbor Statement
Page 2
Some of the statements contained in this presentation discuss
future expectations or state other forward-looking information.
Those statements are subject to risks identified in this press
release and in ASUR’s filings with the SEC. Actual developments
could differ significantly from those contemplated in these
forward-looking statements. The forward-looking information is
based on various factors and was derived using numerous
assumptions. Our forward-looking statements speak only as of
the date they are made and, except as may be required by
applicable law, we do not have an obligation to update or revise
them, whether as a result of new information, future or
otherwise.
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Management Team
Page 3
Long Serving
Experienced
Management
Fernando Chico Pardo
Adolfo Castro Rivas
Chairman of the Board of Directors
Chief Executive and Financial Officer
Head of Investor Relations
with company since 2005
with company since 2000
Claudio Góngora Morales
Alejandro Pantoja López
General Counsel
Chief Infrastructure Officer
with company since 1999
with company since 2001
Agustín Arellano Rodríguez
Manuel Gutiérrez Sola
Director of International Projects
Chief Commercial Officer
with company since 2010
with company since 2000
Carlos Trueba Coll
Héctor Navarrete Muñoz
General Director of Cancún Airport
General Director of Regional Airports
with company since 1998
with company since 1999
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Investment Highlights
Page 4
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
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Focus on Corporate Social Responsibility
Page 5
Sustainability
is a
key strategy in
our business
model
• 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
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Airport operations in attractive locations in Mexico and the Caribbean
Page 6
Geographical
presence
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Cancún: Close to major U.S. destinations
Page 7
Illustrative
flight times
from various
destinations
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Private airports / airport groups listed on global stock exchanges
Page 8
ASUR and GAP are the only Latin American
Airport Groups listed on NYSE
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Ownership overview
Page 9
FCHP & ADO
Dual Till
System
Regulated +
Non Regulated
Revenues
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Established regulatory framework with a track record of rate setting precedents
Page 10
Note: 2015 Revenues per PAX, expressed In nominal pesos as of Dec 2015; passenger traffic excludes transit and general aviation passengers
ASUR adjusts specific tariffs / prices once every six months using the Mexican producer price index, excluding petroleum).
Visibility of capital expenditure requirements through 2018
MDP investment commitments
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
(expressed in December 2015 Million Pesos)
Page 11
16,873
million pesos
invested
1999-2015
3,000
2,500
2,000
1,500
1,000
2016 -2017
Construction
of Terminal 4
in Cancún
500
0
• Visibility on capital expenditure requirements, as maximum rate negotiated along
with Master Development Plan (MDP) is a function of programmed capex
• 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
1 Committed
• 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)
investments from May 1999 to Dec 2000
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 2015 based on the
Mexican construction price index in accordance with the terms of the Master Development Plan.
2 151
ASUR’s airports are among the most frequented in Mexico
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Mexican Airports by PAX
(thousand PAX)
Page 12
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
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Revenue and passenger breakdown
Page 13
2015 Revenue per PAX:
Ps.245
2015 Revenues
Ps.6,414M
by business
Non-aeronautical 39%
Commercial
by airport
Regulated
64%
Villahermosa Other 11.1%
3.6%
Merida
36%
5.4%
Cancun
80.0%
Aeronautical 61%
2015 PAX
26.1M
by type
by airport
Other 13.8%
Villahermosa
4.9%
Domestic
Merida
45%
6.3%
International
Cancun
75.0%
55%
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.
Strategic
Matters
ASUR traffic evolution
1990 – 2015
CAGR: 6.4%
Company
Overview
Page 14
20 .0
15 .0
10 .0
5.0
CAGR ’90–’15 (INT’L):
Source: ASA from 1990-1998. ASUR management thereafter
Note: Transit and general aviation excluded
CAGR ’90–’15 (DOM):
CAGR ’90–’15 (Cancun):
3M16
3M15
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
0.0
1990
Regulation
Operational Commercial
Information
Revenues
Financial
Information
25 .0
7.1%
5.6%
7.8%
ASUR has a balanced mix of domestic and international traffic
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Passenger traffic by Origin – Destination
(million PAX)
Page 15
Region
99
00
01
02
03
04
05
06
07
08
09
10
11
12
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 10.7 12.1
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
7.6
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
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
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
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
ASUR
1 Note:
14
15
13.1
46.1
5.6
8.8
15.6
33.8
4.9
1.7
1.7
(0.8)
6.5
5.9
1.8
1.9
2.0
5.9
7.6
12.7
0.9
1.1
1.3
1.6
23.8
6.0
7.1
0.0
0.0
0.0
0.0
NA
0.0
NA
12.9
100
5.8
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 23.2 26.1
% of total refers to 2015 figure
Note: Excludes transit and general aviation;
%
% of
% CAGR
Change total
99-15
1
15 vs. 14 2015
26.7 M
Passenger
traffic during
last 12months at
each specific
date (million
PAX)
14.7 M
12.0 M
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Historically, traffic has recovered and grown after exogenous events
Page 16
EVENT
RECOVERY AFTER
Type of PAX Historical Max. (%) Mar 16 vs. Hist. Max
Sep ‘01: 9/11
13 months
Domestic
Mar’16
Oct ‘05: H. Wilma
16 months
International
Mar’16
May ‘09: H1N1
26 months
TOTAL
Mar’16
0.0%
0.0%
0.0%
Available Airplanes in Mexico
2016 Industry
Estimates:
335 available
airplanes
400
350
300
146
307
298
Available airplanes
Operational Commercial
Information
Revenues
250
0
200
-30
150
-60
-90
100
(155)
Company
Overview
Regulation
50
Page 17
90
30
Jun-08
jun-08 dic-15
120
60
0
a) Existing Airlines
150
Sep-10
Dec-15
Lost vs. New Airplanes
Financial
Information
Strategic
Matters
After 6.5 years, Mexico hasn’t recovered the level of Airplanes Available
Subtotal
-150
-180
Lost airplanes - suspended airlines
New airplanes - existing airlines
11
17
94
7
14
5
0
4
60
56
125
21
16
12
7
1
49
39
31
14
2
7
7
(3)
152 298 146
b) Suspended Airlines
jun-08 dic-15
-120
Available airlpanes
Source:
www.airfleets.net
www.aerotransport.org
INTERJET
VOLARIS
AEROMEXICO
VIVAAEROBUS
AEROMAR
MAGNICHARTERS
TAR
GLOBAL AIR
New
Var. %
Airplanes
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)
445%
229%
33%
200%
14%
140%
100%
(75)%
96%
Successful commercial strategy
2015 commercial revenue per PAX
Commercial revenues per passenger per quarter evolution
vs. peers (US$/PAX) – converted at an average
FX of PS. 17.2487/US$ for Mexican Airports
(Pesos / Passenger in Mexican pesos as of date reported)
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Nominal CAGR 2000 – 2015: 22.9%
(Mexican CPI CAGR 2000-2015: 4.2%)
Page 18
Selected Int
1
ASUR
GAP
OMA
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 (Revenues from Cargo are excluded); 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 an average FX of Ps.17.2487/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 2015 figures
Track record of consistent revenue growth and profitability
Not including Revenues from Construction Services
1999 – 2015 Revenues
Operational Commercial
Information
Revenues
2010 - 2015 EBITDA margin calculated without Revenues from
Construction Services for comparability with previous periods
Growth rates: ’99 – ’15 CAGR (%)
Regulation
Passenger traffic
Total revenues
EBITDA
Net income
Company
Overview
Page 19
EBITDA & EBITDA Margin (Ps. Mm)
CAGR ’06–’15: 14.7%
Financial
Information
Strategic
Matters
Total Revenues CAGR 1999 – 2015: 13.1%
Mexican CPI
Figures for 2010, 2011, 2012, 2013, 2014 & 2015 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
5.8%
13.1%
15.1%
20.5%
4.5%
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
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
ASUR has positively differentiated itself…
Page 20
ACI has
named
Cancun as the
best airport in
Latin America
for 4
consecutive
years
Revenue per PAX in 2015
ASUR
GAP
CAGR in Revenues 2006 – 2015 (%)
OMA
CAGR in PAX Traffic 2006 – 2015 (%)
ASUR
GAP
OMA
CAGR in EBITDA 2006 – 2015 (%)
ASUR
GAP
OMA
NOTES:
1. Revenues from Construction services are excluded for ASUR, GAP & OMA.
2. ASUR figures exclude participation of 2015 EBITDA from San Juan Airport Operations (Puerto Rico).
3. GAP figures exclude 2015 revenues of $983.2 million pesos (equivalent to $35.59 pesos/pax) from Montego Bay Airport Operations & exclude 2015
EBITDA of $561.9 million pesos from Montego Bay Airport Operations.
4. OMA figures exclude 2015 revenues of $229.4 million pesos (equivalent to $13.55 pesos/pax) from NH Hotel (Mexico City Airport) & Hilton Garden
Inn Hotel (Monterrey Airport).
Revenue and cost per PAX comparison (Ps./PAX)
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Revenues have grown at a faster rate than
total costs and PAX traffic
Page 21
NOTE: Total Revenue per passenger does not include revenues from construction services. Controllable expenses per passenger exclude: D&A, Concession Fee, Technical Assistance and Cost of Sales
from Direct Commercial Operation. 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
2015 operating cost breakdown (%)
Growth rates: ’06 – ’15 CAGR (%)
Passenger traffic
7.4% Cost of services
6.6%
Revenues
12.4% Administrative services
8.1%
EBITDA
14.7% Total costs
5.8%
Net Income
20.9% Mexican inflation (CPI)
4.0%
Mexican GDP growth
2.1%
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; PAX traffic excludes Transit and G.A. PAX.
Strategic
Matters
Dividends evolution
1999 - 2015
EBITDA – CAPEX
(Ps. thousands) 1
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
(Ps. million)
Net Income, retained earnings and dividends evolution
Page 22
2
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, 2014 & 2015 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.
3 Note: 5.61 pesos per share approved by the Annual General Shareholders Meeting on April 26th, 2016 and to be paid on June 15th, 2016. April 26th, 2016
33
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Robust corporate governance and board of directors
Board of
Directors
High
Corporate
Governance
Standards
Fernando Chico Pardo
Founder and President of Promecap
José Antonio Pérez Antón
CEO of Grupo ADO
Roberto Servitje Sendra1
Former Chairman of Grupo Bimbo
Ricardo Guajardo Touche1
Former president of BBVA Bancomer
Francisco Garza Zambrano1
Former President of CEMEX North America
1
Guillermo Ortiz Martinez
Former Governor of Mexico Central Bank for 12 yrs.
1
Rasmus Christiansen
Former CEO of Copenhagen Airports International
Luis Chico Pardo
Regulation
Former economist at the Bank of Mexico
Aurelio Pérez Alonso
Deputy Chief Executive Officer of Grupo ADO
Company
Overview
•
Page 23
1 Five out
Acq. &
Audit
Operations Nom & Comp
Contracts
Committee Committee Committee
Committee
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
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
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
What’s Next?
Page 24
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
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
ASUR: International Presence in Puerto Rico
Page 25
Aerostar:
Limited liability
company
owned by
ASUR (50%) &
Highstar (50%)
LMM
• Luis Munoz Marin International Airport, in San Juan Puerto
Rico (8.8M PAX during 2015)
• 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
Aerostar Financial Information 2014 & 2015
Company
Overview
Regulation
Operational Commercial
Information
Revenues
Financial
Information
Strategic
Matters
Condensed Statement of Comprehensive Loss
Page 26
Aerostar
Total income:
$2,049,611
(thousands of
Mexican pesos)
LMM
(thousands of Mexican pesos)
2015
Total income (*)
$
Operating costs and expenses
Comprehensive financing loss - Net
Contingencies
Deferred income taxes
2,049,611
(1,456,915)
(444,726)
0
(46,124)
2014
$
1,600,561
(1,168,731)
(319,514)
(1,257)
(38,162)
Net profit for the period
101,846
72,897
ASUR - 50% Participation
50,923
36,449
(*)
Under IFRS, PFC income is shown in the total income line, while under US GAAP it is shown in the other income line.