Adolfo Castro Chief Financial Officer July 2009 Company overview - - PowerPoint PPT Presentation

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Adolfo Castro Chief Financial Officer July 2009 Company overview - - PowerPoint PPT Presentation

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Adolfo Castro Chief Financial Officer July 2009 Company overview ASUR is mation tact Company with a 50 year concession period Company with a 50 year concession period Inform Con that operates 9 airports in the southeast

slide-1
SLIDE 1

Adolfo Castro

Chief Financial Officer

July 2009

slide-2
SLIDE 2

Company overview

tact mation

ASUR is …

  • Company with a 50 year concession period

Con Inform gic ers

  • Company with a 50‐year concession period

that operates 9 airports in the southeast region of Mexico

  • The first listed airport group in Mexico &

Strate Matte al ion

Americas

  • World‐class company receiving technical

assistance from the strategic partner

Financia Informati al

  • n

Historical Key Achievements Historical Key Achievements

Operationa Informatio

  • Passenger growth
  • Solid financial position (strong cash flow, debt‐free)
  • Aggressive & successful commercial strategy
  • Compliance with the Investment Programme
  • Passenger growth
  • Solid financial position (strong cash flow, debt‐free)
  • Aggressive & successful commercial strategy
  • Compliance with the Investment Programme

Company Overview

Compliance with the Investment Programme

  • Quality assurance in installations and services – “the best and the cheapest”
  • Long‐term vision

Compliance with the Investment Programme

  • Quality assurance in installations and services – “the best and the cheapest”
  • Long‐term vision
slide-3
SLIDE 3

Investor friendly Corporate Governance

tact mation Con Inform gic ers Strate Matte al ion

Corporate Governance Structure in ASUR

Landing at Villahermosa Airport

Financia Informati al

  • n

Corporate Governance Structure in ASUR

Company Shareholders

Board of Directors

  • 69.8% free float
  • Majority of Independent Board Members
  • Four committees mainly led by Board Members

Operationa Informatio Audit Committee Nominations & Compensations Committee Operations Committee Acquisitions and Contracts

  • Four committees mainly led by Board Members
  • Compliance with Sarbanes‐Oxley requirements
  • Transparency in decision making
  • We have received recognition on several occasions

Company Overview Executive Management Committee Committee

  • We have received recognition on several occasions

for excellence in Corporate Governance practices

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SLIDE 4

Peers Some of the private airports / airport groups Some of the private airports / airport groups

tact mation

Some of the private airports / airport groups in the world listed on stock exchanges Some of the private airports / airport groups in the world listed on stock exchanges

Con Inform gic ers Beijing Airport BAA

UK Li t d L d SE

Copenhagen Airports

Denmark Listed on Copenhagen SE

Frankfurt Airport

Germany Listed on Frankfurt SE

Strate Matte al ion Beijing Airport

China Listed on Hong Kong SE

Guangzhou Airport

China Listed on Hong Kong SE

Vienna Airport

Austria Listed on Frankfurt SE Listed on London SE

Ljubljana Airport

Slovenia Listed on Ljubljana SE

TAV Airports Hold

Turkey Listed on Istanbul SE

OMA

Mexico

BMV, NASDAQ

GAP

Mexico

BMV, NYSE

Financia Informati al

  • n

Hainan Meilan

China Listed on Hong Kong SE Listed on Ljubljana SE

Thailand Airports

Thailand Listed on Thailand SE

Operationa Informatio Auckland Airport Macquarie Airports

Australia Listed on Australian SE

Listed on NYSE & BMV

Company Overview Auckland Airport

New Zealand Listed on New Zealand SE

ASUR and GAP are the only Airport Groups listed on NYSE

slide-5
SLIDE 5

OPERATIONAL INFORMATION

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SLIDE 6

Passenger Growth

Compounded Annual Growth Rate for the 1990‐2008 period: Compounded Annual Growth Rate for the 1990‐2008 period:

20 tact mation

6.6% total (7.9% international & 5.3% domestic) 6.6% total (7.9% international & 5.3% domestic)

* Transit and General Aviation excluded

16 18

Domestic International

Con Inform gic ers 10 12 14 Strate Matte al

  • n

6 8 10 Financia Informati al n 2 4 Operationa Information

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08

Company Overview

(4.1) 14.0 10.9 (2.2) (1.8) 7.7 5.6 17.8 9.3 % of change YOY:

Apron & Contact Stand Veracruz Airport

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SLIDE 7

Last twelve months passenger traffic l l h ffi l l h ffi

tact mation

ASR ADS vs. last twelve months passenger traffic ASR ADS vs. last twelve months passenger traffic

Con Inform gic ers

59.0 17.0 18.0

Strate Matte al

  • n

49.0 15 0 16.0 17.0 Last 12 months PAX traffic

Financia Informati al n

29.0 39.0 13 0 14.0 15.0 ADS ‐ closing price

  • f the month

Operationa Information

9 0 19.0 11 0 12.0 13.0

2004 2005 2006 2007 2008

Company Overview

9.0 11.0

2000‐09 2000‐11 2001‐01 2001‐03 2001‐05 2001‐07 2001‐09 2001‐11 2002‐01 2002‐03 2002‐05 2002‐07 2002‐09 2002‐11 2003‐01 2003‐03 2003‐05 2003‐07 2003‐09 2003‐11 2004‐01 2004‐03 2004‐05 2004‐07 2004‐09 2004‐11 2005‐01 2005‐03 2005‐05 2005‐07 2005‐09 2005‐11 2006‐01 2006‐03 2006‐05 2006‐07 2006‐09 2006‐11 2007‐01 2007‐03 2007‐05 2007‐07 2007‐09 2007‐11 2008‐01 2008‐03 2008‐05 2008‐07 2008‐09 2008‐11 2009‐01 2009‐03 2009‐05

Apron & Contact Stand Cancun Airport

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SLIDE 8

Impact of a decrease in air fares?

tact mation

10 6 11.6 12.6 13.6

CANCUN

0 5 0.6 0.6 0.7 0.7

COZUMEL

0.4 0.4 0.4 0.4

HUATULCO

Con Inform gic ers

6.6 7.6 8.6 9.6 10.6

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

0.3 0.3 0.4 0.4 0.5 0.5

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

0.3 0.3 0.3 0.3 0.3

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

Strate Matte al

  • n

1.2 1.3 1.4 1.5

MERIDA

0 2 0.2 0.2 0.2 0.2 0.2

MINATITLAN

0.5 0.6 0.6 0.7

OAXACA

Financia Informati al n

0.9 1.0 1.1

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

0.1 0.1 0.1 0.2

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

0.4 0.5

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

TAPACHULA VERACRUZ VILLAHERMOSA

+400

Operationa Information

0.2 0.2 0.2 0.3 0.3 0.3 0.3

TAPACHULA

0.6 0.7 0.8 0.9 1.0 1.1 1.2

VERACRUZ

0.6 0.7 0.8 0.9 1.0 1.1

VILLAHERMOSA

+450 +200

Company Overview

0.2 0.2

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

0.5 0.6

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

0.5

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

+450 +200

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SLIDE 9

Impact of a decrease in air fares?

International

tact mation

8 100 8,600 9,100 9,600 10,100

CANCUN

450 500 550

COZUMEL

65 75 85 95

HUATULCO

Con Inform gic ers

5,600 6,100 6,600 7,100 7,600 8,100

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

250 300 350 400

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

25 35 45 55 65

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

Strate Matte al

  • n

121 131 141 151 161 171

MERIDA

3 2 3.7 4.2 4.7 5.2

MINATITLAN

40 50 60 70 80

OAXACA

Financia Informati al n

91 101 111 121

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

2.2 2.7 3.2

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

20 30 40

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

TAPACHULA VERACRUZ VILLAHERMOSA

Operationa Information

2.4 2.9 3.4 3.9 4.4 4.9 5.4 5.9

TAPACHULA

57 62 67 72 77

VERACRUZ

19 24 29 34 39 44 49 54 59

VILLAHERMOSA

Company Overview

1.9 2.4

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

52

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

14 19

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

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SLIDE 10

Impact of a decrease in air fares?

Domestic

tact mation

3 000 3,500 4,000

CANCUN

140 160 180

COZUMEL

290 310 330

HUATULCO

Con Inform gic ers

1,500 2,000 2,500 3,000

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

60 80 100 120

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

210 230 250 270

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

Strate Matte al

  • n

1,000 1,050 1,100 1,150 1,200 1,250 1,300

MERIDA

150 160 170 180 190 200

MINATITLAN

460 480 500 520 540 560 580

OAXACA

Financia Informati al n

800 850 900 950 ,

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

120 130 140 150

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

400 420 440 460

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

TAPACHULA VERACRUZ VILLAHERMOSA

+400

Operationa Information

180 200 220 240 260 280 300

TAPACHULA

500 600 700 800 900 1,000 1,100

VERACRUZ

600 650 700 750 800 850 900 950 1,000

VILLAHERMOSA

+450 +200

Company Overview

160 180

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

400 500

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

500 550

Dic-99 Jun-00 Dic-00 Jun-01 Dic-01 Jun-02 Dic-02 Jun-03 Dic-03 Jun-04 Dic-04 Jun-05 Dic-05 Jun-06 Dic-06 Jun-07 Dic-07 Jun-08 Dic-08 Jun-09

+450 +200

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SLIDE 11

Passenger mix North America represents North America represents

tact mation

North America represents 89.3% of ASUR’s passenger traffic … North America represents 89.3% of ASUR’s passenger traffic …

Con Inform gic ers

Passenger traffic by Origin – Destination

Strate Matte al

  • n

Region 99 00 01 02 03 04 05 06 07 08

% Change 08 vs. 07 % of total 2008 CARG 99‐08

Mexico 5 0 5 0 4 9 4 8 5 3 5 6 5 5 5 9 7 4 8 1 9 0 45 4 5 4

(million PAX)

Financia Informati al n Mexico 5.0 5.0 4.9 4.8 5.3 5.6 5.5 5.9 7.4 8.1 9.0 45.4 5.4 USA 4.1 4.6 4.5 4.4 4.9 5.9 5.6 5.3 6.0 6.5 8.8 36.8 5.2 Europe 0.7 0.9 0.9 0.8 1.0 1.3 1.2 1.3 1.4 1.5 5.3 8.3 9.5 Canada 0.3 0.4 0.5 0.6 0.7 0.8 0.8 0.8 1.0 1.3 26.8 7.1 17.9 Operationa Information Canada 0.3 0.4 0.5 0.6 0.7 0.8 0.8 0.8 1.0 1.3 26.8 7.1 17.9 Latin America (ex. Mexico) 0.5 0.5 0.5 0.3 0.3 0.3 0.3 0.3 0.3 0.4 39.3 2.4 ‐2.8 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 10.6 11.4 11.3 10.9 12.2 13.9 13.4 13.6 16.1 17.8 10.2 100 5.9 Company Overview ASUR 10.6 11.4 11.3 10.9 12.2 13.9 13.4 13.6 16.1 17.8 10.2 100 5.9

Departure Veracruz Airport

slide-12
SLIDE 12

FINANCIAL INFORMATION

slide-13
SLIDE 13

Key Performance Indicators

Accumulated Annual Growth Rate 8 years (1999‐2007)

tact mation

Passenger Traffic

5.2 %

Total Revenues

10.0 %

EBITDA

11.6 %

Con Inform gic ers

Net Income

11.6 %

Average EBITDA Margin

58.6 %

Strate Matte al

  • n

CONCEPT 2008 2007

DIF % Passengers (Thousand) ** 17 752 3 16 238 8 9 3

Financial Information Highlights

Financia Informati al n

Passengers (Thousand) 17,752.3 16,238.8 9.3 Non commercial revenues 2,264.3 2,041.5 10.9 Commercial revenues 904.4 744.4 21.5 Total revenues 3,168.7 2,785.9 13.7

Operationa Information

, , Commercial vs. total % 28.5 26.7 6.7 Commercial Revenues per PAX USD 3.6 3.2 11.4 EBITDA 1,985.2 1,707.0 16.3

Company Overview

Aircraft Rescue and Fire Fighting Team Veracruz Airport

EBITDA margin % 62.7 61.3 2.3

Million pesos, as of December 31th, 2007 for 2007 Nominal pesos for 2008

1 $US=Ps 13.8325 ** Excluding passengers in transit and general aviation

slide-14
SLIDE 14

The passenger experience

Successful Commercial Strategy

tact mation

gy

CARG 2001‐2008: 21.2%

4.6 4.6 4.8 4

5.0 6.0

Con Inform gic ers

commercial revenues per passenger by quarter ‐ (usd)

9 3.2 3.1 3.1 3.4 4.3 3.4 3.3 3.4 3.3 4.3 3.2 3.9 4 4 4.3 4.4 4.2 4.3

4.0

Strate Matte al

  • n

.4 .4 1.5 1.6 1.7 1.8 1.8 1.9 2.1 2.2 2.9 3

2.0 3.0

Financia Informati al n

0.9 0.9 0.9 1. 1. 1

1.0

Operationa Information

0.0

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09

Company Overview

Commercial Area at Terminal 3, Cancun International Airport USD as of Mar 31. 2009

1 $US=Ps 14.1517

slide-15
SLIDE 15

M D l P 2009 2013 M D l P 2009 2013

Investment programme

Master Development Programme 2009 ‐ 2013 Master Development Programme 2009 ‐ 2013

tact mation Con Inform gic ers

113 111

100 120 Million USD

Strate Matte al

  • n

58 82 63 69

60 80

Financia Informati al n

50 23 36 26 3232 22 51 37

40 60

Operationa Information

20 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

15*

Company Overview

1 2 2 2 2 2 2 2 2 2 2 2 2 2 2

*MDP 2009‐2013: 15 million USD have been paid for each year ** Exchange Rate used for the 2009‐2013 period: 14.3317 pesos = 1 USD

slide-16
SLIDE 16

Financial information

Dollars in millions as of December 31, 2008 tact mation

2008 2007 2006 2005 2004

PROFIT & LOSS STATEMENT

Total Revenues

229 201 168 161 159

Commercial Revenues***

65 54 41 39 33

Con Inform gic ers Operating Profit

100 84 62 62 68

Profit before taxes

112 85 62 62 68

Net Profit

76 38 40 44 49

Net Profit per ADS in USD

2.53 1.26 1.32 1.47 1.63

Strate Matte al

  • n

BALANCE SHEET

Current Assets

210 183 123 145 116

Total Assets

1,256 1,206 1,121 1,098 1,053

Total Liabilities

175 157 87 81 59

Sharehoders equity

1,081 1,049 1,034 1,017 994

Financia Informati al n

CASH FLOW

Cash at the Beggining of the year

139 93 120 94 60

Operating Cash Flow

113 117 77 96 91

Investments

(58) (48) (82) (49) (39)

Operationa Information Cash at the End of the year

125 139 93 120 94

OTHERS

Passengers (millions)*

17.75 16.24 13.78 13.32 13.90

EBITDA**

144 123 99 96 100

Company Overview

Exchange Rate: 13.8325 pesos per USD *Excludes Transit and General Aviation **Net Income before provision for taxes, deferred taxes, deferred employees profit sharing, non‐ordinary items, comprehensive financing cost and depreciation and amortization ***ASUR classifies commercial revenues as those derived from the following activities: duty‐free services, car rental, retail, banking and currency exchange, advertising, teleservices, non permanent ground transportation, food and beverage and parking lots

Taxiway Villahermosa Airport

slide-17
SLIDE 17

STRATEGIC MATTERS

slide-18
SLIDE 18

h ’ ? h ’ ? Financial Information Highlights What’s next? What’s next?

tact mation Con Inform gic ers

  • Maximum Tariff Renegotiation Process
  • Continue improving Commercial Revenues
  • Obtain the concession for the RM airport

Strate Matte al

  • n

Obtain the concession for the RM airport

  • Expand the traffic growth opportunities
  • Continue with the study of business opportunities

Financia Informati al n

  • World Class service – ASQ Programme
  • Analysis of the Equity Structure

Operationa Information Company Overview

Boarding Lounge Huatulco Airport

slide-19
SLIDE 19

Contact information

tact mation Con Inform gic ers Strate Matte al

  • n

Financia Informati al n Operationa Information

ADOLFO CASTRO

CFO

SUSAN BORINELLI

BREAKSTONE & RUTH

Company Overview

CFO

+(52) 55 52‐84‐04‐08 acastro@asur.com.mx

BREAKSTONE & RUTH

+(646)452‐2333 sborinelli@breakstoneruth.com