Titulo de Presentación

Transcription

P UERTO R ICO P ROJECTS
C ONFERENCE
Potential Projects for PublicPrivate Partnerships
By: Alvaro Pilar Vilagrán
Executive Director
Puerto Rico Ports Authority
A w i n d o w t o aAnwindow
Isla
nd of
to an Island of opportunities
opportunities
PUERTO RICO PROJECTS CONFERENCE
1
Asset Overview
Isla Grande
Dry Dock
Port Facility Opportunities
Pier 3
Luis Muñoz
Marin Int’l
Airport
Aviation Opportunity
A window to an Island of opportunities
2
Agenda
1. Isla Grande Dry Dock Development
2. Development of Pier 3 in San Juan
3. Luis Muñoz Marin International Airport
3
Isla Grande Dry Dock Development (“IGDD”)
OBJECTIVE
• Finance, design and rebuild the Isla Grande Dry Dock into a leading maritimeindustrial center for shipyard repairs, ship reconstruction, remanufacture, and
dry-docking afloat services to the local and international maritime community
BACKGROUND
• The Isla Grande Dry Dock (“IGDD”) is located between Piers 15 and 16 in the Isla
Grande area in the city of San Juan
• The facility dates back to the 1930’s when it was used by the U.S. Navy and since
early 2000 the facility has been inactive
• While subject to maintenance and repairs, many systems have reached the end
of their life cycle and major overhaul is needed to continue operations
• The Authority’s goal is to refurbish the IGDD to service commercial vessels from
the Caribbean and the Western Atlantic and to support the growing needs of
passenger and cargo ships arriving in Puerto Rico
PROJECT
DESCRIPTION
• Establish a public-private partnership to rehabilitate and operate the Isla Grande
Dry Dock
• Uses include maintenance and reparation of various sized vessels and activity
currently not carried out in Puerto Rico that could capture part of the Panama
Canal traffic
• Upon completion the IGDD will be a one-stop-shop facility with competitive
pricing that would make Puerto Rico a leader in the region for shipyard services
4
Isla Grande Dry Dock Area
IGDD
• Located between Piers 15 and 16 in San
Juan, the IGDD is a large dry dock system
with gates and water pumps
• The IGDD facilities are approximately 600
feet long, 102 feet wide and 26 feet deep
and includes area for parking and space
for machine shops
• The dry dock is a crucial element for
Puerto Rico to maintain its leadership in
the maritime industry in the region.
• A comprehensive modern dry dock is
necessary to be able to attract new
business to the Island
• The new facility also intends to capture in
addition to local clients clients from the
region
5
Isla Grande Volume and Economic Base
VOLUME /
ECONOMIC
BASE
• In the last five fiscal years, the Port of San Juan received on average 554
cruise ships, 1.4 million passengers and 2,340 cargo ships moving 9.4 million
short tons of cargo
• The Caribbean region is critically lacking a leading maritime-industrial center
• Some ports provide certain services
• Limited competition in the region
• Repairs are costly and time consuming for the cruise and shipping
industry serving the region
• Puerto Rico has the high skilled labor force, strategic location, natural
resources, parts and inventory and the support of local industries to enhance
the economic competitiveness
• The rehabilitation of IGDD will allow 20 to 30 vessels per year to conduct
maintenance and repair services in Puerto Rico
6
Isla Grande Rehabilitation Costs
• Construction costs for the rehabilitation of Isla Grande Dry Dock consists primarily of repairs to
existing equipment and expansion and modernization of the facilities
Sources
$ MM
Uses
$ MM*
Private Investment
$10
Repairs
$4
Total
$10
Expansion
$3
Modernization
$3
Total
$10
* Estimated
7
Isla Grande Development Status and Schedule
•
•
Project design and construction can be completed in a short period of time
As a retrofit of an existing facility within an area already urbanized for over a
century, no environmental impacts are foreseen
–
PRPA has nevertheless initiated consultation with pertinent government agencies to ensure no
adverse environmental impact as a result of the rehabilitation
Project Schedule
Timing
Approvals & Studies
Status
Legislative Approvals
Received
Construction drawings
3 months
State & Local Planning
Received
Bid process
2 months
Construction and renovation
13 months
Total Project Completion
18 months
Technical Feasibility
N/A
Environmental Site Assessment
Pending
Construction Drawings, Specs and
Budget
Pending
8
San Juan Port Cargo Volume
• Stable cargo volume and varying vessel movement because of
larger size of vessels
9
Isla Grande Dry Dock Service Details
Maintenance and Repairs Provided
Type
Isla Grande
Dominican Republic
(Ciramar)

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







Mechanical
Electrical
Hydraulics
Pneumatic
Machine Shops
Logistical Support
Project Management
Curacao
Curacao Drydock
Company, Inc.




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

10
Isla Grande Estimated First Year Revenues
• Commercial vessels require dry docking services at least 3 times every 5 years with a maximum
gap of less than 3 years between visits for routine maintenance and certification processes
• A typical commercial vessel spends on average $200,000 to $500,000 per visit to a dry dock with
occasional repairs surpassing $1 million
• Due to the known demand of the IGDD, 20 vessels per year will maintain busy dock operation
• Based on the rates described above, direct revenue generation for IGDD ranges between $4
million to $10.5 million year
IGDD Estimated Revenues ($’000s)
Cost of Service
20 Vessels
25 Vessels
30 Vessels
$200,000
$4,000
$5,000
$6,000
$100,000
6,000
7,500
9,000
$300,000
8,000
10,000
12,000
$500,000
10,000
12,500
15,000
$350,000 (Average)
7,000
8,750
10,500
11
Isla Grande Investment Highlights
 IGDD will allow Puerto Rico to cope with current demand and potentially increase
transit to the San Juan Bay
 Operators of cruise and cargo vessels are guaranteed on-site services, avoiding
unnecessary costs of towing a damaged vessel to a far-away facility
 Large demand for dry-docking services in Puerto Rico and the region
 Most of demand is currently being serviced by other ports in the Caribbean on
an individual basis
 Caribbean Region lacks a full service dry-docking facility and high barriers to entry
gives IGDD a strategic economic edge
 Puerto Rico has the requisite skill and unskilled labor, natural resources and
industry support to develop the project
 A retrofit of an existing dry dock site means less permitting and land use studies
 A new nautical tourism law will be approved by the government that will increase
maritime traffic in San Juan
12
Isla Grande Information Availability
• Engineering reports in process
• Demand studies in process
• Legal reviews
• Key contacts
• Management forecasts in process
• Insurance reports in process
• Environmental studies in process
13
Agenda
14
Development of Pier 3 in San Juan (“Pier 3”)
OBJECTIVE
• Promote docking of mega-cruises such as the Genesis and maximize the
commercial activity at the pier in the Old San Juan area
BACKGROUND
• The Port of Old San Juan for the past 5 years has received an average of 554
cruise ships and handled approximately 1.3 million passengers a year and is one
of the busiest cruise terminals in the Caribbean
• The cruise terminals are in an area facing capacity constraint and have limited
access for the new generation of mega cruise ships
• Old San Juan (“OSJ”) currently handles cruise ships from Piers 1, 3 and 4 with
additional facilities further inland at the Navy Frontier pier and Pan American
Dock I and II
• The development will be an upgrade of an existing pier which was last
reconstructed in 2006 to replace an obsolete facility built in the early 1900’s
• Since 2006, the pier has handled approximately 1 million passengers
PROJECT
DESCRIPTION
• The project entails upgrading the existing Pier 3 to accommodate the next
generation of cruise ships – including dredging, renovating the platform
(widening and lengthening); installing new piles, bumpers and security booths;
and reinforcing the existing structure
• Additional development includes a commercial area of more than 100,000 square
feet and vehicle parking with 300 spaces
15
Pier 3 Development Area
Pier 3
Pier 3
• Pier 3 is located at the passenger port /
pier zone of Old San Juan and is walking
distance to historic Old Town
• Upon completion, Pier 3 will include a
commercial area, vehicle parking and a
shopping center for cruise passengers
• Pier 3 will increase the capacity to handle
the next generation of mega ships (40%
larger and capacity of 6,300 passengers
and 2,100 crew)
• Queen Mary, RCCC (Oasis and
Allure), Cristal, Mediterranean
Shipping Company, Disney
• The development of Pier 3 is a part of the
Authority’s master plan to centralize cruise
passenger traffic
16
Pier 3 Post Completion
Pier 3
17
Total San Juan Port Passenger Volume
• Stable cruise passenger numbers and vessel movements
18
Pier 3 Volume and Economic Base
VOLUME /
ECONOMIC
BASE
• PRPA has an understanding with Royal Caribbean Cruise Lines (“RCCL”) to
bring its new Genesis class cruise ships to San Juan if we developed this
project
• The Authority estimates the upgraded facility will handle more than 500,000
passengers annually
• Commercial development including a shopping center and parking is further
expected to promote revenue generation and growth for the facility
Old San Juan Passenger Volume by Pier (Fiscal Year Ending June 30th)
Location
2005
Pier 1
89,464
Pier 3
0
Pier 4
791,463
Pan American 500,423
Navy Frontier
N/A
Total
1,381,350
2006
2007
2008
2009
121,261
3,355
787,017
386,988
N/A
1,298,621
70,255
172,804
841,703
289,987
N/A
1,374,749
25,961
434,020
722,587
312,334
1,951
1,496,853
53,649
361,112
484,265
337,095
N/A
1,236,121
Economic Base
Sources of Revenue
Passenger Fees
Docking Fees
Parking
Structure
Included in cruise ticket price
Included in cruise ticket price
Revenues from cruise
passengers and car rental
agencies
Rent from Retail Stores
Monthly rent based on $ per
square foot
Other (potential profit sharing) Profit sharing mechanisms
19
Pier 3 Commerciability Metrics
METRICS
• Old San Juan is the premiere tourist location for Puerto Rico, with over 1.2
million tourists traveling by cruise ship
• San Juan Bay is almost entirely protected by land making it the only
harbor in the north coast of Puerto Rico with protection from inclement
weather
• Average expenditure per passenger in Puerto Rico in 2006 was $91
Caribbean Cruise Passengers by Volume
Total Passengers (mm)
Rank*
Port
2007
2008*
1
Miami (FL)
1.9
1.6
2
U.S. Virgin Islands
1.9
1.4
2
San Juan (PR)
1.4
1.2
3
Saint Maarten
1.4
1.0
4
Antigua
0.7
0.5
Source: PR Tourism Company
* Estimated
View from cruise ship moored at Pier 4 showing
proximity to Old San Juan
20
Pier 3 Greenfield Development
DEVELOPMENT
• The development of Pier 3 will allow mega cruises to dock at San Juan
• The Authority intends to enter into a long-term ([50+] years) concession for
the Design / Build / Finance / Operate / Maintain (DBFOM) of the pier,
adjacent commercial space and parking facility
• A concession may provide more efficient operations while expanding
capacity for capital improvements
• Significant revenue generation opportunities through:
• Passenger and docking fees
• Parking revenues
• Rent and potential profit sharing from retail stores
COSTS
• The Authority anticipates approximately $80 million of private investment to
complete the project
21
Pier 3 Approvals and Assessments
•
A large set of studies, permits and acquisition assessments have been completed
Studies & Design
%
Completion
Technical Feasibility
100%
Financial Feasibility
In Process
Environmental Site Assessment
100%
Permits & Approvals1
Status
U.S. Army Corps of Engineers
Received
State Historic Preservation Office
Received
United States Fish and Wildlife
Service
Received
Engineering Design
In Process
Environmental Quality Board
Received2
Construction Drawings, Specs and
Costs
In Process
Legislative Approvals
Received
State & Local Planning
Received
1. Detailed documentation of permit and environmental approval
documentation can be provided upon request
2. Endorsed in July 2005 but case must be reopened
22
Pier 3 Construction Costs
• Construction costs for the platform (widening and lengthening), installing new piles, security
booths and bumpers and reinforcing the existing structure
• Development costs for commercial area and parking facility would include construction costs to
design and build a 100,000 square feet commercial space and 300 parking spaces
Sources
$ MM
Uses
$ MM*
Private Investment
$ 80
Upgrading Pier
$ 32.0
Total
$ 80
Installing Bumpers and Dolphins
$ 1.6
Installing Security Booths
$ 2.4
Commercial Development
$ 24.0
Parking Facility
$ 20.0
Total
$ 80.0
* Estimated
23
Pier 3 Estimated First Year Revenues
in $ millions
Passenger
$5.30
Parking &
Retail
Dockage
$4.30
$1.90
24
Pier 3 Investment Highlights
 Old San Juan is one of the busiest passenger ports in the United States and is the
hub of cruise traffic in the Caribbean and is crucial to local, regional and national
economic and security interest
 Demonstrated historic passenger volume growth trend
 Available land and existing facility reduces construction and permitting risk
 Proximity to the premiere tourist attraction of Old San Juan promotes economic
development in the area
 The better and quicker that port facilities can process passengers, the more
time passengers will have to spend visiting the sites and sponsoring local
businesses
 The development project includes providing new and larger entrance and security
pavilion to maximize efficient passenger handling
 Upgrades would double the amount of passenger handling capacity per year
 Proximity of Luis Muñoz Marin International Airport to the pier
 Best port facility in the Caribbean
 Airlift
25
Pier 3 Information Availability
• Engineering reports in process
• Demand studies in process
• Legal reviews
• Key contracts
• Labor agreements
• Management forecasts in process
• Insurance reports in process
• Environmental studies
26
Agenda
27
Executive Summary
OBJECTIVE
• Long-term concession of the Luis Muñoz Marin International Airport (“LMM”) to a
private developer for the operation, maintenance, facilities and commercial
development of the Airport (including parking and cargo facilities)
BACKGROUND
• LMM is the main commercial airport in Puerto Rico with the largest number of
passengers and cargo activity in the Caribbean serving more than 8 million
passengers and 445 million short tons of cargo
• Owned by the Puerto Rico Ports Authority (“PRPA”) and operated by an Executive
Director and a Board of Directors
• On June 8, 2009, the Commonwealth of Puerto Rico (the “Commonwealth”) enacted
legislation that authorized P3s for projects across multiple classes of infrastructure
P3 Partnership
• The Authority has submitted a preliminary application to the FAA that would enable
PRPA to enter into a P3 partnership and would exempt LMM and the private partners
from:
• repayment of federal grants,
• return of property acquired with federal funds,
• and the use of proceeds from the airport’s sale or lease to be used exclusively
for airport purposes
28
Luís Muñoz Marín International Airport Area
• LMM is located on about 1,600 acres of land
and approximately 6 miles east of downtown
San Juan in the Carolina region
• The airport serves the capital of San Juan and
is the primary gateway to international
destinations and the continental U.S.
• The Airport offers rapid access to San Juan
through the Teodoro Moscoso Bridge
San Juan
• With a population of over 400,000(1), San
Juan is the island’s financial, cultural and
tourism center
• The Greater San Juan Metropolitan Area is
home to about 2 million people and
represents half of Puerto Rico’s population(2)
Puerto Rico
• Population: 4.0 million
• GDP: $77.4 billion ($19,600 per capita)
• U.S. territory
(1) U.S. Census Bureau: 2000 Census
(2) Puerto Rico Tourism Company 2007
29
Luís Muñoz Marín International Airport
Runway Specifications
Primary Runway
8/26
Secondary Runway
10/28
10,000 by 200 ft (rebuilt in 1974)
Runs parallel to the Atlantic
8,000 by 150 ft (Re-opened in Feb 2008)
Runs parallel to PR Hwy Rte 26
• LMM is the busiest airport in the Caribbean
based on passenger movement and one of the
most modern in amenities and security
• The Airport has two runways of 10,000 ft and
8,016 ft each
• Runways have instrument landing and
VASI visual glide slope approach indicator
systems
• LMM currently has four concourses with 36
gates of which 17 are used by American Airlines,
LMM’s largest carrier
• In addition to international and U.S. mainland
routes, LMM also serves other local destination
such as Aguadilla, Culebra, Mayaguez, Ponce
and Vieques
• Construction of the new Terminal A is currently
underway with an expected completion in late
2009 / early 2010
• The new terminal, with an additional 7 gates,
will serve expanded Delta and US Airways
operations at the airport
30
LMM Main Terminal
• With two runways and 36 gates, the facility can
host more than 16 million passengers and a
vehicle parking with 5,000 parking spaces
• LMM currently has one main terminal building
with four concourses
• The new terminal building will have one
concourse
• The landside area of the main terminal building
is divided into three distinct ticket counter
areas:
1. American Airlines
2. Continental Airlines & Delta Airlines
3. all other airlines
• The four concourses in the main terminal is
represented as follows by the major airlines:
• American Airlines: Concourse D & E
• Continental and JetBlue: Concourse C
• All other airlines: Concourse B
• Concourse A is currently under construction and
is slated to open in early 2010
• The concourse will be used by US Airways
and Delta
31
Historical Passenger Volume
• LMM is classified by the FAA as a medium hub facility based on its percentage of nationwide enplanement
• LMM is currently ranked 41st nationwide
• Approximately 4.6 million enplanements for CY2008 and 4.1 million enplanement for FY2009 (year ending
June 30th)
* 2009 figures based on fiscal year ending June 30th. All other figures based on calendar year ending December 31st.
32
Passenger Volume by Airline
• As of FY2009, there are 25 airlines serving LMM, as well as private charters and air taxis
• American Airlines and American Eagle represents approximately 45% of total enplanement
Enplanement Market Share of Top 10 Airlines for FY2009
* Includes: Vieques, USA Jet, Miami Air International, Sun Country, Casino Express, Pace, North American, Ryan
International, Allegiant Air, Spirit, Privates and Air Taxis, Iberia, Copa, Liat, Air Canada, Planet Airways, Cape Air
33
Passenger Origination and Destination
• The largest market served by LMM is Florida due to its proximity to Puerto Rico and being the largest hub in
the area for other domestic destinations not served directly by LMM
• Internationally, the Dominican Republic is the largest Origination and Destination (“O&D”) location for LMM
FY 2009 Top 10 Domestic O&D Markets
•Source: Puerto Rico Ports Authority
2009* Top 10 Int’l O&D Markets
•January to April 2009 figures
•Source: Research and Innovative Technology Administration Bureau of
Transportation Statistics
34
Aviation Services
• In addition to commercial passenger flights, LMM provides cargo, charter and
general aviation services as well
Air Cargo
• LMM has the largest air cargo operations in Puerto Rico and demand forecasts
project 950 million short tons by 2024
• The airport currently serves 14 air cargo services and cargo facilities are located
near the secondary runway
• Freight is carried primarily by package carriers such as FedEx, United Parcel Service
(UPS) and the U.S. Postal Service (USPS) as well as through commercial flights
Charter Flights
• Charter flights originating mainly from international destinations comprise a
significant portion of LMM passengers
General Aviation
• LMM also serves as a General Aviation facility through its Fixed Base Operations
(“FBO”)
35
LMM Airlines and Destination Served
Concourse B (12 Gates)
Concourse C (9 Gates)
Airlines
Destinations
Airlines
Destinations
Air Canada
Montréal-Trudeau, Toronto-Pearson
[seasonal]
Continental
Airlines
Cleveland [seasonal], HoustonIntercontinental, Newark
Air Sunshine
St. Croix, St. Thomas, Tortola, Vieques,
Virgin Gorda
Copa Airlines
Panama City
Iberia Airlines
Madrid
AirTran Airways
Atlanta, Baltimore, Orlando
Insel Air
Curacao, St. Maarten
Cape Air
Mayagüez, Ponce, St. Croix, St. Thomas,
Tortola, Vieques
JetBlue Airways
Delta Air Lines
Atlanta, New York-JFK
Boston, Fort Lauderdale, New York-JFK,
Orlando, Santo Domingo, WashingtonDulles [seasonal]
LIAT
Antigua, Dominica, St.Vincent
PAWA Dominicana
Santo Domingo, Santiago de los Caballeros
Spirit Airlines
Fort Lauderdale, Orlando
Virgin Atlantic
Airways
London-Gatwick [seasonal]
Northwest Airlines Detroit, Memphis, Minneapolis/St. Paul [all
seasonal]
United Airlines
Chicago-O'Hare, Washington-Dulles
US Airways
Boston, Charlotte, Philadelphia
Vieques Air Link
Vieques
36
LMM Airlines and Destination Served (Cont.)
Concourse D & E (22 Gates Total)
Airlines
Destinations
American Airlines
Baltimore, Boston, Caracas, Chicago-O'Hare, Dallas/Fort Worth, Hartford, Los Angeles, Miami, New York-JFK,
Philadelphia, Santo Domingo, Tampa, Washington-Dulles
American Eagle
Anguilla, Antigua, Barbados, Beef Island, Dominica, Fort-de-France, Grenada [seasonal], La Romana, Nevis
[seasonal], Pointe-a-Pitre, Port of Spain, Puerto Plata, Punta Cana, Santiago de los Caballeros, Santo
Domingo, St. Croix, St. Kitts, St. Lucia, St. Maarten, St. Thomas
Air Charters
Airlines
Destinations
Airlines
Destination
Air France
Guadeloupe
Ryan Air
Atlanta, Chicago-O’Hare, Miami,
Milwaukee, Orlando, Tampa
Allegiant Air
Las Vegas
TACA Costa Rica
San Jose de Costa Rica
Avianca
Bogota
Skyservice
Toronto, Montreal
Condor
Frankfurt
Sun Country Airlines Minneapolis / St. Paul
Expressjet
Punta Cana, Santo Domingo-Las Americas Thomson Airways
London-Gatwick, Manchester
Mexicana
Mexico City
USA 3000 Airlines
Punta Cana
Miami Air
Varies, depends on tour operator
USA Jet Airlines
Punta Cana, Santo Domingo-Las Americas
Omni Air International Varies, depends on tour operator
37
LMM Cargo Movements
• In FY2009, LMM handled over 200,000 short tons of cargo which was is a 33%
increase since 1988
Source: Puerto Rico Ports Authority
38
LMM General Aviation
• LMM served over 4,000 general aviation flights in FY2009 representing a 25% y-o-y
increase
• FY2009: 4,552
• FY2008: 3,393
• FY2007: 3,858
• The facility serves seven Fixed Base Operators (“FBO”) operators
FBO Operators
FBO Operators (cont.)
Rome Internacional
Fortune Group
MN Aviation
Lineas Aereas Puertorriquenas
Airport Aviation Service
Professional Aircraft Service
G.M.D
39
LMM Revenue Sources
• Revenues at LMM are broken into operating revenues, non-operating revenues,
federal grants and Passenger Facility Charges (“PFC”)
• Operating Revenues: terminal rentals, landing fees, cargo rental, retail store
concession, parking, rental cars, FBO revenues, apron charges, food and
beverage
• Non-Operating Revenues: fuel flowage fee, interest and penalties and other
misc. fees
• Grants and PFC
• LMM is currently authorized to impose a $4.50 PFC
• Current PFC collection and use authorization total over $570 million
40
LMM Revenue Sources (Cont.)
• On average, passenger tariffs for LMM are low compared to its peers
Revenue Streams for FY2009
41
LMM Operating Expenses
• Operating expenses for the airport mainly comprises of salaries and employee
benefits, G & A, insurance and professional services
• Non-operating expenses consists of financing costs and other related fees
FY 2008: Operating Expenses
Rent &
Maintenance
1.9%
Insurance 10.3%
General & Admin
23.7%
Salaries &
Benefits 55.0%
Professional Svcs.
9.1%
42
LMM Planned Capital Improvements
Projected Capital Improvements (Fiscal Year Ending June 30th)
($ ‘000s)
2010
2011
2012
2013
2014
Total
Reconstruction of Taxiway Sierra
$803
$6,009
$24,041
$18,031
$-
$48,884
Improvements Runway 8-26
$-
$-
$-
$5,000
$18,000
$23,000
Extension to Taxiway Sierra
$-
$10,115
$10,116
$-
$-
$20,231
Cargo Access Road & Sanitary System
$3,868
$9,000
$3,912
$-
$-
$16,780
New Terminal Building A
$8,382
$-
$-
$-
$-
$8,382
$500
$7,500
$-
$-
$-
$8,000
South GA Access Road & Utilities
$3,991
$3,991
$-
$-
$-
$7,982
Access Control and CCTV Replacement
$6,421
$-
$-
$-
$-
$6,421
$-
$4,765
$1,333
$-
$-
$6,098
$495
$-
$-
$4,700
$-
$5,195
$-
$1,272
$2,547
$1,273
$-
$5,092
Improvements to Terminal D
$4,342
$-
$-
$-
$-
$4,342
Misc Repairs and Maintenance
$3,290
$2,800
$320
$320
$-
$6,730
$32,092
$45,452
$42,269
$29,324
Security Fence & Security Access Road
Water Storage Tanks & Pump Station
Expansion Midfield Taxiway (Dual)
Kilo Apron Expansion
Total
$18,000 $167,137
43
LMM Historical Financials
Historical Financials (Fiscal Year Ending June 30th)
Revenues ($)
2008
Airport Operations
Expense ($)
2008
Operating Expenses
Landing Fees
26,383,271
Salaries and employee benefits
Space Rentals
53,801,027
Professional services
3,493,675
General and administrative
9,066,941
Utilities, gas sales and other
Less: uncollectible
292,502
(2,550,724)
Rent, repairs and maintenance
Insurance
Total Operating Revenue
77,926,076
Non-Operating Revenues
Total Operating Expenses
21,040,677
717,300
3,934,907
38,253,500
Non-Operating Expenses
Fuel flowage fees
3,101,016
Interest and other financing
7,493,917
Penalties and other fees
1,206,451
Depreciation & amortization
20,899,913
Total Non-Operating Expenses
28,393,830
Total Expenses
66,647,330
EBITDA
45,290,795
Income Available for Capital
Passenger facility charges
Interest on restricted funds
Total Non-Oper. Rev & Inc. Avail. For Cap.
Total Revenue
Net Income
20,960,702
1,310,752
26,578,921
104,504,997
37,857,667
44
LMM Historical and Projected Tariffs
LMM Airport Tariff Charges (Fiscal Year Ending June 30th)
2007
2008
2009
2010
Signatory Landing Fee
$2.72
$2.58
$2.58
$3.84
Non-Signatory Landing Fee
$3.40
$3.23
$3.23
$4.80
Parking
$0.89
$0.89
$0.89
$0.89
Air Conditioned Space (per s/f)
$45.55
$43.77
$43.77
$42.41
Non Air Conditioned Space (per s/f)
$38.75
$37.20
$37.20
$36.05
Cargo Terminal Rental (per s/f)
$23.65
$27.25
$27.25
$34.07
Domestic Passengers
$2.30
$2.99
$2.99
$2.66
International Passengers
$2.64
$4.64
$4.64
$4.64
Local Passengers
$1.74
$3.67
$3.67
$1.90
International Cargo
$1.40
$1.61
$1.61
$2.01
* Unaudited
45
LMM Investment Highlights





Duty-free access to the U.S. and tax incentives
Heavy U.S. investment in the region
Strong and robust tourism industry serving the area
High proportion of origination and destination traffic
High capacity infrastructure on the island including well-defined interconnected
network of roads, freeways, expressways and highways
 Significantly lower passenger fees compared to regional competitors such as the
Dominican Republic, Cancun, Costa Rica, US Virgin Islands, St. Maarten, etc.
 Non-Aeronautical revenue generating capabilities
 Ability to expand concessions and enhance parking revenues
 Strong support from the Government Development Bank as well as the
Commonwealth and the Authority to ensure a successful concession
46

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