Grupo Aeroportuario Del Pacifico Sab De Cv Class B · BMV:GAP/B

Grupo Aeroportuario Del Pacifico Sab De Cv Class B — Investor Presentation (January 2020)

43 slides from Grupo Aeroportuario Del Pacifico Sab De Cv Class B's investor presentation, January 2020

  1. Slide 1: Corporate Presentation January 2020

    CORPORATE PRESENTATION JANUARY 2020 1

  2. Slide 2: 13 Airports key figures

    13 Airports 12.7 MXP Revenues1 14.7% increase vs 2017 332 Destinations 8.8 MXP EBITDA 14.1% increase vs 2017 35 69.5% EBITDA margin1 Airlines 5.1 MXP 44.9 Net income 8.6% increase vs 2017 Passengers 10.4% increase vs 2017 2.5 MXP 1,337 CAPEX Employees 1 Excluding IFRIC12 2

  3. Slide 3: Passengers (thousands) by airport

    1,139 1,744 345 7,835 4,483 926 5,249 869 2,339 4,767 14,352 173 Passengers (thousands) 730 * GAP began operations on October 10th, 2019 3

  4. Slide 4: Ownership and share structure

    Controladora Mexicana de Aeropuertos (CMA) AENA 66.7% 33.3% Aeropuertos Mexicanos del Pacífico Public Float (AMP) 15% 85% 12 Mexican airports & PAC Kingston MBJ Airports Limited Airport Limited 74.5% ’ 100.0% Series BB (AMP): 84,150,000 6 independent Series B (Public Float): 441,425,547 4 appointed

  5. Slide 5: Revenue and traffic breakdown

    16% Others 4% 77% 12% 58% Other 25% MXP Puerto 29% Domestic Vallarta Guadajalara VFR 45% Leisure 15% 26% 13% Los Cabos Business Tijuana 42% 23% 15% International USD Montego Bay 1 Excluding IFRIC12 5

  6. Slide 6: Market Share

    Airport Passengers Passenger growth Groups 2019 (millions) vs 2018 AICM* 50.3 5.5% Market GAP 43.6 7.7% Share ASUR 34.2 2.8% OMA ASA/Others* 23.2 3.3 7.4% 8.7% 2019 TOTAL 154.5 3.6% Source: GAP, AICM (estimated), OMA, ASUR *Estimated figures ASUR Airports do not include general aviation passengers 6

  7. Slide 7: 5 of top 10 airports in Mexico operated by GAP

    5 of top 10 Airports in Mexico are operated by GAP Source: GAP, AICM (estimated), OMA, ASUR. *Cancun and Merida airports do not include general aviation passengers. 7

  8. Slide 8: Passengers by airport 2019

    Airport Passengers Growth vs 2018 Guadalajara 14,846,329 3.4% Tijuana 8,925,873 13.9% Los Cabos 5,609,122 6.9% Puerto Vallarta 5,051,855 6.0% Montego Bay 4,707,745 5.0% Guanajuato 2,755,807 17.8% Hermosillo 1,874,059 7.5% Mexicali 1,198,808 5.3% La Paz 1,008,136 8.8% Morelia 897,754 23.0% Aguascalie

  9. Slide 9: Airline passengers and load factor

    Load Factor Airline Pax 2018 Pax 2019 Change % 2018 2019 Volaris 15,827,384 18,758,554 2,931,170 18.5% 83.5% 86.0% Aeromexico 6,195,101 5,534,349 - 660,752 -10.7% 79.9% 78.7% VivaAerobus 4,470,404 5,556,563 1,086,159 24.3% 84.9% 85.4% Interjet 4,455,603 4,156,006 - 299,597 -6.7% 76.5% 79.5% American

  10. Slide 10: Airport traffic growth history

    Growth Growth Growth Growth Growth Airports 2019 vs 18 18 vs 17 17 vs 16 16 vs 15 15 vs 14 Guadalajara 14,846.3 3.4% 12.1% 12.4% 16.4% 12.1% Tijuana 8,925.9 13.9% 10.3% 12.2% 30.0% 11.0% ~ 80.4% Los Cabos 5,609.1 6.9% 6.9% 15.6% 16.3% 11.2% Puerto Vallarta 5,051.9 6.0% 5.4% 11.3% 13.1% 14.9% Montego

  11. Slide 11: Airport Industry

    AIRPOR Thdustry 11

  12. Slide 12: Seats and passengers growth

    55.0 52 AVERAGE GDP 50.0 GROWTH PAX CAGR 45.0 99-19E: 2.1% 1999-2019: 5.1% 40.0 44 40 35.0 millions 36 30.0 33 25.0 28 Seats 25 20.0 24 23 Passengers 22 21 21 20 20 19 19 15.0 18 16 16 16 16 15 10.0 PAX 2012-2019: 10.8% CAGR Source: IATA AirportsIS, GAP 12

  13. Slide 13: New Mexico City airport cancellation, an opportunity for GDL

    ❑ New Mexico City airport cancellation, an opportunity for GDL ❑ Impressive infrastructure development to meet future demand and ensure a seamless connection process: ▪ Second runway ▪ New aprons ▪ New terminal building, road access and parking ❑ Outstanding domestic and international connectivity ▪

  14. Slide 14: CBX cross-border terminal passengers

    2.9 million Passengers used CBX during 2019 32.5% TIJ PAX using CBX during 2019 28.1% more passengers than in 2018 CBX benefits travelers from several regions, since this airport has more than 30 domestic connections to Mexican cities not covered Tijuana's seats offer to beach destinations* increase

  15. Slide 15: International traffic booster

    INTERNATIONAL TRAFFIC BOOSTER ❑ Building will enable migrants in transit to travel without being processed by Mexican Authorities ❑ Opens possibilities to exploit potential international routes, mainly from the US ❑ Facilitates the transit of passengers heading to Mexico and international destinatio

  16. Slide 16: Tourist destinations: Los Cabos and Puerto Vallarta

    6 0 t h o u s a n d total available hotel rooms amongst the three destinations, with the expectation to open additional 8 t h o u s a n d a d d i t i o n a l rooms in the short-mid term 8 6 % average load factor for the three airports, the highest in the Group. + 1 5 0 routes to destinations in 1 3

  17. Slide 17: Commercial Revenues

    COMMERCIAL rEeVvenueés 17

  18. Slide 18: Commercial revenue growth 2010-2019E

    16% growth in 2018 E > 3,550 2010-2019E Direct Operation 560 Third Parties 2,983 19.1% CAGR MBJ 519 2,573 2,246 474 2,000 436 1,783 333 1,676 1,448 1,184 1,185 1,076 936 920 738 784 758 706 636 574 553 990 788 530 625 650 369 426 231 300 164 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 MXP mill

  19. Slide 19: Commercial revenue by business line

    COMMERCIAL growth (7MN2ZO1F vs 7M2ZO18) Commercial revenue consolidated Commercial revenue per pax by business lines (MXP millions) 130.9 9222 tiagtt®5 DUTY FREE 344 rE 13% FSB 45% 865 706 CAR PARKING 239 CMM 19% 617 CARRENTAL 224 TM 27% S13 470 a6 VIP LOUNGES 184 TSM 33% RETAIL 225 cE] 8% OTHERS ET

  20. Slide 20: Commercial revenue per passenger

    (USD) (MXP) (MXP millions) +19% 3,550 68.6 560 2,982 6.1 519 +13% +2% 60.9 2,463 2, 990 6.0 2018 2019 E 2018 2019 E 2018 2019 E MBJ MEXICO 20

  21. Slide 21: Commercial revenue 2019E and space

    COMMERCIAL REVENUE 2019E 1st $3,550 units and new image 2nd 22.0% commercial square meters CAGR 2015-2019E 3rd commercial layouts 21

  22. Slide 22: Commercial square meters by airport

    AIRPORT SQM Guadalajara 10,119 Los Cabos 5,116 Puerto Vallarta 4,604 Tijuana 3,467 Hermosillo 1,107 Guanajuato 968 Mexicali 382 La Paz 347 Aguascalientes 339 Los Mochis 190 Morelia 150 Manzanillo 46 Total 26,833* *F&B, Retail, Car Rental and Duty Free 22

  23. Slide 23: Commercial renovations: Tijuana

    COMMERCIAL RENOVATIONS Tijuana 23

  24. Slide 24: Commercial renovations: Guadalajara

    COMMERCIAL RENOVATIONS Guadalajara 24

  25. Slide 25: Airport Infrastructure & Tariffs

    AIRPORT INFRASTRUCTURE & tariffs 25

  26. Slide 26: Committed investments by airport 2020-2024

    Airport 2020 2021 2022 2023 2024 TOTAL Guadalajara 2,309,223 2,083,147 2,627,989 2,125,263 779,138 9,924,760 Tijuana 1,043,430 1,016,012 943,917 108,652 42,104 3,154,115 Los Cabos 991,503 781,576 519,091 127,043 63,723 2,482,938 Puerto Vallarta 1,200,632 1,294,890 761,673 98,598 35,586 3,391,378 Gua

  27. Slide 27: Investment commitments (millions of pesos)

    * Figures expressed in millions of pesos with acquisition power as of December 31, 2017. 27

  28. Slide 28: Committed CAPEX 2020-2024 Mexico

    INVESTMENTS COMMITTED CAPEX 2020-2024 /V| on leg O Ba 4 Million of U.S. dollars 10% Infrastructure Improvements 419 34.0 21.9 13.0 ° : pop Airfield | 09 —_— 8 2020 2021 2022 2023 2024 f° hea . Total CAPEX USD$111.7 ——e 82 73% Terminal Building ° 3% ICAO Normativity 28

  29. Slide 29: Committed CAPEX 2020-2024

    INVESTMENTS COMMITTED CAPEX 2020-2024 Ki nN 19s Ton Million of U.S. dollars 34.9 32.9 32% ° 28.9 Pavement Rehabilitation 87 re 9% ——_ _ Equipment 16.2 renotavion 12.5 8.9 me oy a 9% 2020 2021 2022 2023 2024 Terminal Building 50.8 Total CAPEX USD $101.4 —_ 50% Airfield | L. 2.0 2% Enviromental Normat

  30. Slide 30: Maximum tariffs per passenger Mexico

    Airport 2020 2021 2022 2023 2024 Guadalajara 196.00 194.63 193.27 191.92 190.58 Tijuana 161.17 160.04 158.92 157.81 156.71 Los Cabos 284.25 282.26 280.29 278.33 276.38 Puerto Vallarta 279.61 277.65 275.71 273.78 271.86 Guanajuato 220.80 219.25 217.72 216.20 214.69 Hermosillo 169.11 167.93 166.75 165

  31. Slide 31: Tariffs Montego Bay and Kingston

    Airport 2020 2021 2022 2023 2024 Montego Bay 15.71 15.89 16.09 16.28 16.47 Kingston 22.47 24.06 25.72 27.51 29.41 * Figures expressed in USD 31

  32. Slide 32: Financial Highlights

    FINANCIAL HIGHLIGHTS 32

  33. Slide 33: Revenues and EBITDA history

    14 5,264 14 2,243 1 *15 7,556 *15 2,873 *1 16 9,431 16 3,354 1 17 11,053 17 4,731 1 18 18 1 12,683 5,139 08 3,490 0808 1,541 64% 08 541 08 2,238 3,490 08 085.8% 1,541 0 09 3,266 0909 1,199 092,134 3,266 65% 09 09 542 4.5% 09 1,199 0 10 3,716 1010 1,500 10 2,441 3,716 66% 10 10 935 105.6% 1,500 1 11

  34. Slide 34: 9M19 income statement

    9M18 9M19 % Change Revenues Aeronautical services 7,036,147 7,776,615 10.5% Non-aeronautical services 2,332,365 2,808,953 20.4% Sum of aeronautical and non-aeronautical services 9,368,512 10,585,568 13.0% Improvements to concession assets (IFRIC 12) 1,014,446 1,066,398 5.1% Total revenues 10,382,958

  35. Slide 35: Per passenger trends

    TREND per Pax AERO REVENUE PER PAX (MXP) 211 217 __& 193. 208 14g 152 158 156 159 fill | 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E EBITDA PER PAX (MXP) 202 190 196 172 180 149 tio 221 129 138 141 T| | | | | 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E NON

  36. Slide 36: Mexico and Jamaica results

    (millions of USD): Mexico Jamaica 9M19 % in USD Pesos Total Revenue (1) 40 89 129 21% 2,481 Total Expenses 29 46 76 37% 1,455 EBITDA 11 42 53 14% 1,026 (1) Excluding the effects of IFRIC12 36

  37. Slide 37: Debt profile and credit ratings

    Standard & Poor’s Floating Fixed Floating Fixed 76% 24% 49% 51% mxAAA Debt Debt / National scale Issued in March 2019 $13,535 $16,728 Moody’s Aaa.mx / National scale A3 / Global scale Issued in March 2019 MXP USD 66% USD MXP Debt 34% 72% 28% Debt $13,535 $16,728 Figures in MXP millions 0.8x Net debt

  38. Slide 38: Debt instruments and maturities

    Amount Currency Ints Rate Spread Amortization Maturity (millions) Floating bond “GAP15” MXP $2,200 TIIE 28 0.24% Bullet Feb-2020 Floating bond “GAP16” MXP $1,500 TIIE 28 0.49% Bullet Jul-2021 SWAP fix “GAP17” MXP $1,500 7.70% n/a Bullet Mar-2022 Floating bond “GAP17-2” MXP $2,300 TIIE 28 0.44% Bulle

  39. Slide 39: Cash and debt position

    USD 191* USD 33* U.S. dollars (Figures expressed in thousands of Mexican pesos) *Exchange rate of $19.6363 per U.S. dollar on September 30, 2019 39

  40. Slide 40: Maintain healthy financial levels

    Maintain healthy financial levels Net debt to EBITDA: below 2.5x Potential expansions leveraged Capital Structure: 50 / 50 Leveraging CAPEX USD 191* WACC: below 8.0% Compliant debt covenants Interest coverage: above 5x Sustain debt ratings FFO/debt ratio above 40% Improving WACC Distribution Policy:

  41. Slide 41: Distribution policy and dividend yield

    - Pay all excess of cash above a minimum cash balance (two months of OPEX + the debt service) - Dividend payment 9.0% or capital reimbursement, will take into account the most efficient tax7,000 practice 6,018 ** 8.0% 6,000 7.9% 7.5% 5,256 7.2% 7.0% 6.8% 4,756 5,000 Payout ratio 2018 6.0% 3,889 4,00

  42. Slide 42: Potential international opportunities

    Country La Aurora International Airport (Guatemala) - Pax: 2.8 million Regulatory Framework - Request for Proposal (“RFP”) hasn’t been published yet Passenger traffic Grantley Adams International Airport (Barbados) Investment amount - Pax: 2.1 million - Request for Proposal (“RFP”) hasn’t been publi

  43. Slide 43: Investor Relations Contact

    INVESTOR RELATIONS CONTACT: Gisela Murillo Herrera Investor Relations gmurillo@aeropuertosgap.com.mx +(52) 33 3880 1100 ext. 20294 Alejandra Soto Ayech IR & Financial Planning asoto@aeropuertosgap.com.mx Saúl Villarreal García Chief Financial Officer svillarreal@aeropuertosgap.com.mx CORPORATE HEADQ

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