Investment Highlights Long-term concession investments in attractive - - PowerPoint PPT Presentation

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

Financial Information Commercial Revenues Operational Information Regulation Company Overview Strategic Matters

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

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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

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ASUR and GAP are the only Latin American Airport Groups listed on NYSE

Ownership overview

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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 Financial Information Commercial Revenues Operational Information Regulation Company Overview Strategic Matters

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Dual Till System

Regulated + Non Regulated Revenues

1,318 496 269 170 677 1,015 1,209 855 699 1,038 1,047 1,109 1,012 626

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

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Mexican Airports by PAX (thousand PAX)

2010 2011

1 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)

Airport

Var % 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%

9.3

3.4 17.8 9.3

(12.5) 7.6

4.9 YOY 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 5.5 6.4 2.6 2.8 3.1 3.5 3.6 4.0 4.1 5.0 5.4 5.9 6.8 6.6 6.4 7.1 8.6 8.1 8.0 9.1 10.1 8.8 9.8 10.1 7.9 8.2

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 16.2 17.8 15.5 16.7 17.5 13.4 14.6

3.0 3.4 3.9 4.3 4.4 4.8 5.1 5.9 6.2 7.0 7.7 7.6 7.7 8.7 10.0 9.3 9.7 11.3 12.6 11.2 12.4 13.0

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 Financial Information Commercial Revenues Operational Information Regulation Company Overview Strategic Matters

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Passenger traffic by Origin – Destination (million PAX)

2 4 6 8 10 12 14 16 18 20

mar-00 ago-00 ene-01 jun-01 nov-01 abr-02 sep-02 feb-03 jul-03 dic-03 may-04

• ct-04

mar-05 ago-05 ene-06 jun-06 nov-06 abr-07 sep-07 feb-08 jul-08 dic-08 may-09

• ct-09

mar-10 ago-10 ene-11 jun-11 nov-11 abr-12 sep-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

Note: Excludes transit and general aviation passengers

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

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2014 Industry Estimates: 304 available airplanes

• 200
• 160
• 120
• 80
• 40

40 80 50 100 150 200 250 300 350 jun-08

• ct-08

feb-09 jun-09

• ct-09

feb-10 jun-10

• ct-10

feb-11 jun-11

• ct-11

feb-12 jun-12

Lost vs. New Airplanes Available Airplanes

Available airplanes Lost airplanes - Suspended Airlines New airplanes - Existing airlines (155) 72

307 224

Available Airplanes in Mexico

jun-08 jun-12

New Airplanes

• Var. %

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-12

Lost Airplanes

MEXICANA 78 (78) ALMA 15 (15) AEROCALIFORNIA 22 (22) AVOLAR 8 (8) ALADIA 3 (3) AVIACSA 26 (26) NOVA AIR 3 (3)

Subtotal 155

(155) a) Existing Airlines b) Suspended Airlines

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

10

4.9

2.8 3.4

Selected Int ASUR GAP OMA

8.1 10.1 7.5 12.5 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 60.6 55.9 61.3 60.1 63.8 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)

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

• perations 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%)

1,317 1,707 1,985 1,967 2,104 2,477

58.8% 61.3% 62.7% 62.8% 60.2% 64.2%

2006 2007 2008 2009 2010 2011

Track record of consistent revenue growth and profitability

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

759 989 989 1,001 1,155 1,481 1,457 1,588 1,891 2,102 2,043 2,283 2,498 137 171 176 239 311 495 607 651 895 1,067 1,089 1,211 1,361 741 714

897 1,159 1,164 1,241 1,467 1,976 2,064 2,239 2,786 3,169 3,131 4,235 4,573

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

220

193 209

261

244 237

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…

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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 42 52 47 37 45 46 53 37 39 50 60 39 58 53 57 39 52 49 59 44 50 54 59 44 49 7 6 7 8 6 6 7 7 5 6 6 8 6 8 8 10 8 9 10 12 8 9 10 11 8 10

152 157 161 167 161 167 175 172 173 175 175 193 203 201 198 205 207 210 208 212 217 218 217 229 234 234

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

• utbreak, 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 fee Administrative services Technical assistance

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

229 1,042 1,049 1,290 1,321 1,719

2006 2007 2008 2009 2010 2011

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 income Retained earnings Dividends paid

• Ps. 1.48 pershare
• Ps. 0.50 per share
• Ps. 0.56 per share
• Ps. 0.62 per share
• Ps. 0.68 per share
• Ps. 0.75 per share
• Ps. 2.00 per share
• Ps. 2.50 per share
• Ps. 3.00 per share
• Ps. 6.28

per share

• Ps. 3.60 per share

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

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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

• wned by

ASUR (50%) & Highstar (50%)

LMM