Grupo Aeroportuario Del Pacifico Sab De Cv Class B · BMV:GAP/B
Grupo Aeroportuario Del Pacifico Sab De Cv Class B — Investor Day (February 2011)
74 slides from Grupo Aeroportuario Del Pacifico Sab De Cv Class B's investor day presentation, February 2011
Slide 1: Corporate Presentation GAP DAY 2011
C Corporate Presentation P i GAP DAY 2011
Slide 2: Welcome Address and Strategic Overview
Welcome Address and Strategic O Overview i Mr. Fernando Bosque Mohino CEO
Slide 3: Strategic Overview
STRATEGIC OVERVIEW ¾ Mexico ‐ a growing economy; ¾ Airline Ai li industry i d t update; d t ¾ Aeronautical and Non‐Aeronautical businesses; ¾ CAPEX and cost‐control focus ‐ as a vehicle to increase profitabilty and strengthen g margins; g ¾ Businesses strategy: GAP only will participate in businesse
Slide 4: Commercial Strategies
COMMERCIAL STRATEGIES Mr. Raul Revuelta Musalem Commercial Officer
Slide 5: Historic Revenue Mix
Historic Revenue Mix: During 2010, Aeronautical Revenues increased 16.6% and Non Aeronautical Revenues increased 4.3% 100% 90% 80% 70% 60% 81.4% 80.9% 79.1% 77.7% 79.6% 79.3% 82.4% 81.5% 85.0% 90.2% 88.6% 91 9% 91.9% 50% 40% 30% 20% 10% 19.1% 20.9% 22.3% 20.4% 20.7% 17.6% 18.5% 18.6% 15.0% 9.8% 11.4
Slide 6: Historic Passengers
Historic Passengers: During 2010, total passengers rose by 4.9%, an increase of 936.6 thousand passengers compared to 2009 25.00 23.57 22.25 21.00 20.51 20.22 19.14 19.29 17.52 17.00 16.24 16.39 16.15 16.44 ons 15.29 Millio 13.00 9.00 5.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Slide 7: 2010-2011 Traffic, Max. Tariff and Revenues
2010‐2011 Traffic, Max. Tariff and Revenues Pax Airport Domestic International Total % chg 2010/2009 2009 2010 2009 2010 2009 2010 Nal Int Tot Aguascalientes 218,290 221,280 66,249 72,845 284,539 294,125 1.4% 10.0% 3.4% Guanajuato 527,767 509,801 358,363 344,027 886,130 853,828 -3.4% -4.0% -3.6% Gua
Slide 8: 2010-2011 Traffic, Max. Tariff and Revenues
2010‐2011 Traffic, Max. Tariff and Revenues Pax Airport Total Increas e 2009 2010 (decreas e) Place of growth Aguas calientes 284,539 294,125 9,586 7 Guanajuato 886,130 853,828 -32,302 11 Guadalajara 6,453,385 6,953,861 500,476 1 H Herm os ill illo 1 174 372 1,174,372 1 138 308 1,138,308 -36,064 36
Slide 9: 2010-2011 Traffic, Max. Tariff and Revenues
2010‐2011 Traffic, Max. Tariff and Revenues TOTAL REVENUES % Increase Place of Airport 2009 2010 change (decreas e) growth Aguascalientes g 35,993,341.6 38,707,228.0 8% 2,713,886.44 9.00 Guanajuato (Bajio) 122,380,680.4 130,047,679.6 6% 7,666,999.17 7.00 Guadalajara 884,694,127.4 1,067,094,370.8 21%
Slide 10: Recent Evolution of Commercial Revenues: 4.1% Growth in 2010
Recent Evolution of Commercial Revenues: 4.1% Growth in 2010 25.00 21.07 20.00 15.00 Milllions 2009 vs 2010 10.00 6.16 5.00 4.23 3.82 1.27 0.50 ‐ ‐0.84 ‐1.14 ‐1.21 ‐1.38 1 38 ‐1.75 ‐5.00 * Include: Financial Services (Banks, ATM, Money Exchange), Internet and Telephones.
Slide 11: Commercial Revenues by Business Unit and Airport 2010
Recent Evolution of Commercial Revenues: GAP’s 4 main airports represented 86% of commercial revenues. Revenues by Business Unit 2010 Commercial Revenues Share 2010 Advertising Services * 5% 3% Other Revenues 5% OTHERS Ground Transportation 14% 6% Parking 22% TIJUANA GUADALAJARA Off‐Terminal Revenue
Slide 12: Accumulated Passengers in February 2011
Accumulated Passengers in February 2011: During 2011 GAP had 1.0% lower total passengers reflecting a decrease of 33.7 thousand passengers vs. 2010 P P Pax Per Ai Airportt Airport Domestic International Total Chg % 2011/2010 2010 2011 2010 2011 2010 2011 Nal Int Tot Guadalajara 691,803 704,888 384,6
Slide 13: Airport Overview (GDL, TIJ, SJD & PVR)
Airport Overview (GDL, TIJ, SJD & PVR)
Slide 14: 2010 Traffic Overview
2010 Traffic Overview: 79% of GAP’s passengers were transported in 4 airports GAP ´s Airports Share Passengers Traffic Composition Guanajuato 4% Others 11% Hermosillo 6% Guadalajara 34% International Puerto Vallarta Traffic 13% 35% Domestic Traffic Los Cabos Tijuana 65% 14% 18% Page 14
Slide 15: Guadalajara weekly departures and catchment area
Guadalajara has 745 weekly departures to 18 Mexican and 13 U.S. destinations, as well as to Panama City, Panama Guadalajara Catchment Area Area Population (000) Guadalajara Metro 4,375 Surrounding region Approx. 12,000 Total 16,375 Guadalajara Metro’s “middle class and higher” population – which can
Slide 16: Tijuana weekly departures
Tijuana has 322 weekly departures to 22 Mexican and 2 Asian destinations Tijuana is Mexico´s 6th largest city city, and one of the fastest growing in the country. GAP Airports Source: OAG Advanced May 2011 Page 16
Slide 17: Los Cabos weekly scheduled departures
Los Cabos has 222 weekly scheduled departures to 6 Mexican, 17 U.S. and 6 Canadian destinations Los Cabos is very popular with ith U U.S. S and dCCanadian di visitors Charter Charter destinations shown are from an GAP Airports winter 2010/2011 Source: OAG February 2011 Page 17
Slide 18: Puerto Vallarta weekly departures
Puerto Vallarta has 284 weekly departures to 10 Mexican, 19 U.S. and 14 Canadian destinations Puerto Vallarta is one of the top tourist destinations of the U.S. and Canada with several nonstop flights. Charter GAP Airports Source: OAG February 2011 Page 18
Slide 19: Overview of Main Carriers
Overview of Main Carriers aK Grupo Aeroportuario del Pacifico
Slide 20: Total Passenger Share
Total Passenger Share: Total traffic dominated by Volaris & Aeromexico Group 2010 Total Passenger Share United Airlines West Jet Delta 1.34% 1.18% 1.94% Mexicana Link OTROS 2.04% 6.19% 3 40% 3.40% 3.67% 3.87% 22.83% 4.27% 11.65% Volaris 22.8% 4.49% Aeromexico Group 22.5% 6.71% Grupo Mexicana 12.1% 1
Slide 21: Domestic Traffic Share 2010
Domestic Traffic was dominated by Volaris and Aeromexico Group 2010 Domestic Traffic TRANSPORTES AEROMAR MAGNICHARTERS 0.92% 1.36% MEXICANA LINK OTHERS 3.04% 0.44% 3.64% 4.72% 31.31% % 11.37% Volaris 31.31% Aeromexico Group 30.70% 12.50% Interjet 12.50% 15.62% Grupo Mexicana 11.40% 15.08% VivaAerobu
Slide 22: International Traffic Share 2010
International Traffic dominated by Continental Airlines 2010 International Traffic AEROMEXICO CONNECT 1.92% OTHERS 11.83% AMERICAN EAGLE 12.86% 2.09% 3.38% 3.84% 12.42% 5.26% 5.55% 12 23% 12.23% 7.03% 10.51% 11.09% Page 22
Slide 23: Mexicana Effect
Mexicana Effect del Pacifico
Slide 24: Grupo Mexicana passengers in GAP's network, first half 2010
During the first half of 2010, Grupo Mexicana transported 1.8 million passengers in GAP´s network PASSENGERS TRANSPORTED BY GRUPO MEXICANA LOS MOCHIS PASSENGER SHARE OF GRUPO MEXICANA IN GAP´S AIRPORTS LA PAZ 22 767 22,767 BAJÍO 1% 42,095 57,500 MANZANILLO MXL 68.13% MORELIA 2% 3% 17,898 71,509 MLM
Slide 25: Grupo Mexicana passengers by route type
During the first half of 2010, Grupo Mexicana transported 1.8 million passengers in GAP´s network 100.00% 90 00% 90.00% 22.54% 80.00% 40.06% 45.53% 70.00% PASSENGER ANALYSIS FROM JAN ‐JUN 10 70.24% EXCLUSIVE 403,384 21.58% 60.00% 83.79% 85.90% 84.04% DOMINATED 344,680 18.44% 50.00% PARTICIPATED 1,12
Slide 26: Recovery of lost seats by 2010 year-end
By 2010 Year‐End, GAP recovered nearly 37% of lost seats and the impact was softened by several factors. These include: • Increase and opening of routes by diverse airlines in domestic flights. • Aeromexico started operations in Mexicali and increased frequencies in MEX‐GDL • VivaAerobus increased f
Slide 27: Mexican Carriers Current Fleet
Mexican Carriers Current Fleet: if fleet expansion plans continue, GAP expects recovery of approximately 60% of Mexicana´s lost seats in 2H11 Current Fleet December 2010 Order Airline Regional Subsidiary Model Series Active Parked Total Backlog Mexicana A320-200 - 15 15 4 A319-100 - 4 4 - 767-300 -
Slide 28: Volaris
VOLARIS Current Destinations from GAP Airports Current Active Fleet and Orders to from GAP Airports March 2011 December 2010 Origin Destination Weekly 40 26 Aircraft 18 Aircraft Freq. mber of Aircrafft Guadalajara Mexico Guadalajara, Tijuana 195 City, Culiacan etc. Guadalajara Tijuana, Toluca etc. 1
Slide 29: Aeromexico
AEROMEXICO Current Destinations from GAP Airports Current Active Fleet and Orders to from GAP Airports March 2011 December 2010 Origin Destination Weekly 100 84 Aircraft 22 Aircraft Freq. Mexico City, Monterrey, ber of Aircraft Guadalajara 301 777-200 Puerto Vallarta, etc. 80 767-200 190-100 Mexico
Slide 30: VivaAerobus
VIVAAEROBUS Current Destinations from GAP Airports Current Active Fleet and Orders to from GAP Airports March 2011 December 2010 Origin Destination Weekly 16 11 Aircraft No current Freq. 14 orders Number of Aircrafft Guadalajara Mexico City City, Monterrey etc etc. 57 Tijuana Culiacan, Monterrey, et
Slide 31: American Airlines
AMERICAN AIRLINES Current Destinations in Mexico Current Active Fleet and Orders to Mexico March 2011 December 2010 Destination Main Hub (s) Weekly Freq. 800 690 Aircraft 56 Aircraft 700 craft Miami, Dallas, New York, ERJ-135LR Cancun 85 ERJ-140LR Chicago 600 Number of Airc MD 83 MD-83 Mexico City M
Slide 32: Alaska Airlines
ALASKA AIRLINES Current Destinations in Mexico March 2011 Current Active Fleet and Orders to Mexico December 2010 Weekly Destination Main Hub (s) Freq. 180 Los Angeles, San 154 Aircraft 21 Aircraft Los Cabos Diego San Francisco Diego, Francisco, 37 160 mber of Aircraftt Seattle 737-900 140 737-700 L
Slide 33: Continental
CONTINENTAL Current Destinations in Mexico Current Active Fleet and Orders to Mexico March 2011 December 2010 Weekly Destination Main Hub (s) Freq. 514 Aircraft 53 Aircraft 600 Houston, Newark, Cancun 81 aft Cleveland etc. 500 737 700 737-700 mber of Aircra 737-500 Mexico City Houston, Newark 69 757
Slide 34: WestJet
WESTJET Current Active Fleet and Orders to Mexico Current Destinations in Mexico December 2010 March 2011 Weekly 100 78 Aircraft 38 Aircraft Destination Main Hub (s) Freq. umber of Aircrraft Cancun Toronto, Calgary, 42 80 Vancouver etc. 737-800 Puerto Vallarta Vancouver, Calgary etc. 23 60 Los Cabos
Slide 35: What to expect from the airlines?
What to expect from the airlines? •Volaris: •Relevant growth to ethnic markets mainly in Guadalajara, Morelia and Guanajuato (Los Angeles, Oakland, San José, Sacramento, Fresno and Chicago) •Growth in mature domestic markets to La Paz,Paz Mexicali and Tijuana •Aeromexico •Regional jets (Aeromexico C
Slide 36: What to expect from the airlines? U.S. and Canadian carriers
What to expect from the airlines? •U.S. Carriers •American Airlines, Delta Airlines, US Airways and Continental Airlines have increased their available seats to channel Mexicana´s unattended demand through their international hubs in Dallas, Dallas Atlanta, Atlanta Phoenix and Houston. Houston •Amer
Slide 37: General Strategies 2011
General Strategies 2011 del Pacifico AK Asrceneeris
Slide 38: Aeronautical Revenues Strategies
Aeronautical Revenues To Recover: Recovery of Mexicana’s lost seats: GAP has been working very closely with domestic and international airlines Available to recover Mexicana Mexicana’ss routes. routes We expect to continue to recover the remaining lost seats and are currently focusing our efforts
Slide 39: Commercial Development Strategies for 2011
Commercial Development Strategies for 2011 Redesign ¾ Launch of a dedicated F&B area in Guadalajara (during the second half Food and 2011), that includes redesign of two restaurants as well as a four‐brand food beverage court. areas ¾ Conducting research to understand consumer behavior and take exis
Slide 40: Commercial Development Strategies for 2011
Commercial Development Strategies for 2011 Expansion of ¾ Introduction of second-tier low cost car rental services to attract the Car rental market spilled by major brands. services ¾ L Low-costt rentt a car services i will ill b be llocated t d iin a diff differentt d dedicated di t d area, protect
Slide 41: Hotel in Guadalajara and Ground Transportation in Tijuana
Commercial Development Strategies for 2011 Hotel in Guadalajara Airport Ground Transportation in Tijuana Airport Page 41
Slide 42: Off-Terminal Business
Commercial Development Strategies for 2011 Off – Terminal Business Page 42
Slide 43: Business VIP Lounge
Commercial Development Strategies for 2011 Business VIP Lounge Page 43
Slide 44: 2011 Traffic and Revenue Guidance
2011 Traffic and Revenue Guidance ¾ TRAFFIC Estimated increase of between 3% to 4% 4%. ¾ AERONAUTICAL REVENUES Estimated increase of between 4.5% to 5.5%. ¾ NON‐AERONAUTICAL REVENUES Estimated increase of between 5.5% to 6.5% ¾ TOTAL REVENUES Estimated increase of between 5% to 6% Pag. 44
Slide 45: Financials and Benchmarking
FINANCIALS AND BENCHMARKING Mr. Rodrigo Guzmán Perera CFO
Slide 46: 2010 Guidance Review and FY10 Results
2010 GUIDANCE REVIEW AND FY10 RESULTS
Slide 47: 2010 Guidance and FY results
2010 Guidance and FY results Concept Guidance FY10 Result Traffic growth between 2.5 to 4% 4.9% growth above GAP expectations A Aeronautical ti l RRevenue growth th bbetween t 13 tto 16% 16 6% growth 16.6% th above b GAP expectations t ti Commercial Revenue growth between 3.5 to 5% 4.1% growth in li
Slide 48: 2010 Guidance and FY results
2010 Guidance and FY results (Unadited, thousand pesos) Increase 12M09 12M10 (decrease) Change Aeronaut ical S erv ices 2,537,262 2,957,763 420,501 16.6% Non aeronaut ical serv ices 728,978 758,803 29,825 4.1% T otal Operational Revenues 3,266,240 3,716,567 450,327 13.8% Improv ement s t o concessio
Slide 49: 2010 Balance Sheet
2010 Balance Sheet (Unaudited, thousand pesos) 2009 2010 Change % Assets Current Assets Cash and Cash Equiv alents 2,173,586 2,348,807 175,221 8.1% Financial inv estments held for trading purposes 279,621 233,915 - 45,706 -16.3% Trade accounts receiv able 453,856 296,146 - 157,710 -34.7% Other Accou
Slide 50: Passenger Charges Collection Agreement, Cash Generation and Dividend Policy
PASSENGER CHARGES COLLECTION AGREEMENT, CASH GENERATION AND DIVIDEND POLICY
Slide 51: Passenger Charges Collection and Cash Generation
Passenger Charges Collection and Cash Generation Page 51
Slide 52: Passenger Charges Collection renewal and Grupo Mexicana receivables
Passenger Charges Collection renewal avoid an aggressive financial effect in the P&L related with Grupo Mexicana ¾ As of July 31st, 2010, GAP had a receivables from Compañía Mexicana de Aviacion, the biggest brand betwen the brands operated by Grupo Mexicana, of about Ps. 91.4 million but also had a
Slide 53: Cash Generation effect from the new collection agreement
Cash Generation effect from the new Passenger Charges Collection agreement (Unaudited, thousand pesos) 2009 2010 Change % Assets Current Assets C h and Cash d Cash C h Equivalents E i l t 2 173 586 2,173,586 2 348 807 2,348,807 175 221 175,221 8 1% 8.1% Financial investments held for trading purpose
Slide 54: Breakdown of Cash, uses and Dividend Policy
Breakdown of Cash and Cash equivalents, uses and Dividend Policy ¾ As of December 31, 2010, cash and cash equivalents are conformed by: (in thousands) as of December 31st 2010 Cash 1,546,745 Fund for repurchase shares 390,191 Bank loan for capex to be paid during Jan-Feb 11 224,756 Cash designated f
Slide 55: Deferred Income Taxes, Effective Tax Rate and Cash Tax
DEFERRED INCOME TAXES, EFFECTIVE TAX RATE AND CASH TAX
Slide 56: Cash Tax in GAP is 30%
CASH TAX IN GAP IS 30% ¾ Prior to 2008, in accordance with the NIF B‐10 “Inflation Effect”, all figures in the financial statements must be restated by the annual inflation. For tax purposes, the figures also need to be restated by the inflation. ¾ In January 1, 2010, certain changes in NIF B‐10 “In
Slide 57: Why GAP is the best option among Mexican airport groups
Why we believe GAP is the best option between the airport groups in Mexico...
Slide 58: The most diversified portfolio of airports
The most diversified portfolio of airports… ¾ GAP does not depend on a single airport: During 2010, Guadalajara, the largest of GAP’s airports, represented 35.5% of total revenues. Tijuana, Puerto Vallarta and Los Cabos together represented 46.6%. All five (out of 12) accounted for 82.1% of total re
Slide 59: Total Revenues vs. peers
Despite various challenges, GAP has delivered the best results among the Mexican airport groups 8 airline stop their operations. Total Revenues Three of them where based in GAP airports like Alma, AH1N1 helth crisis and The economic crisis started and the Aerocalifornia and Avolar the deepest moment
Slide 60: Cost of Service vs. peers
GAP reacts faster... Cost of Service GAP reacts faster 1,200 (In million pesos. 2003‐20007 in pesos as oof December 31st 2007, 22008 and 2009 1,000 in pessos as of the end oof each year) 800 600 400 200 0 2003 2004 2005 2006 2007 2008 2009 GAP 626 680 703 760 839 953 869 ASUR 576 639 740 795 848 924
Slide 61: Cost of Service per WLU
GAP Cost of Service per WLU´s is one of the lowest among the listed airports (In million peesos. 2003‐20007 in pesos Cost of Service per WLU´s mber 31st 2007,, 2008 and 2009 in ppesos as of the end of 70.00 60.00 each year) 50.00 40.00 30.00 as of Decem 20.00 10.00 ‐ 2003 2004 2005 2006 2007 2008 20
Slide 62: EBITDA Margin
2003‐2009 GAP EBITDA margin steadly and above 62%. EBITDA Margin 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2003 2004 2005 2006 2007 2008 2009 GAP 62.4% 63.7% 66.4% 66.5% 67.3% 64.3% 65.0% ASUR 58.4% 62.6% 59.8% 58.8% 61.3% 62.7% 62.8% OMA 42 3% 42.3% 47 1% 47.1% 49 6% 49.6% 54 4% 54.4% 56
Slide 63: Net Income and cash returned to shareholders
How has GAP has been able to return cash to shareholders each year? Net Income in absolute figures pesos as of d 2009 h year) 1,800 2007, 2008 and n pesos as of t he end of each 1 600 1,600 2003‐2007 in p 1,400 1,200 1,000 ecember 31st 2 (In m illion pesos. 2 800 600 400 200 in De 0 2003 2004 2005 2
Slide 64: Net Income Margin
Net Income Margin Net Income Margin 50.0% 45.0% 40 0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 2003 2004 2005 2006 2007 2008 2009 GAP 16 2% 16.2% 17 7% 17.7% 25 4% 25.4% 30 5% 30.5% 40 3% 40.3% 44 1% 44.1% 36 7% 36.7% ASUR 18.8% 30.7% 27.3% 23.6% 18.8% 33.1% 25.5% OMA 15.9% 23.1% 25.8% 27
Slide 65: Is GAP profitable? ROA
Is GAP profitable? ROA excluding the Concession Value (Goodwill) 16.00% 14 00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2003 2004 2005 2006 2007 2008 2009 GAP 4.89% 5.60% 9.12% 11.02% 14.16% 14.07% 10.32% ASUR 7.15% 12.83% 9.44% 7.83% 6.05% 11.00% 8.79% OMA 2.78% 4.25% 4.88% 5.79% 0.37% 5.
Slide 66: Cost of Services, EBITDA Margin and Cash Tax Rate Guidance
Cost of Services, EBITDA Margin and Cash Tax Rate Guidance ¾COST OF SERVICES Estimated cost increase of between 7% to 9% ¾EBITDA MARGIN Estimated EBITDA margin of between 64% to 65%. In absolute terms 3 to 4% ¾NET INCOME Expected cash tax rate of 30%. Pag. 66
Slide 67: CAPEX and Final Remarks
CAPEX AND FINAL REMARKS Mr. Miguel g Aliaga g Gargollo g IRO
Slide 68: 2010-2014 Committed CAPEX Plan by Airport
2010‐2014 Committed CAPEX Plan by Airport (as of December 31, 2010) Airport 2010 2011 2012 2013 2014 Total 2010-2014 Aguascalientes 7,429,133 5,688,647 1,702,133 8,386,529 645,637 23,852,079 Guanajuato (Bajio) 15,625,511 41,630,593 44,240,679 7,624,634 3,521,655 112,643,073 Guadalajara 119,904,933 2
Slide 69: CAPEX: Main Projects 2010-2014
CAPEX: Main Projects 2010‐2014 in thousand % of pesos as of % of Airport Main Project main December 31, Committed projects 2010 GDL T erminal expansion 321,116 13% 10% GDL Rehabilitation of pavements 121,222 5% 4% GDL Equipment 100,097 4% 3% GDL Platform expansion 93,489 4% 3% GDL General Aviation T
Slide 70: 2010-2014 CAPEX Plan
2010‐2014 CAPEX Plan TOTAL COMMITTED FOR THE PERIOD = Ps. 3.25 billion 59 40 1 165 1,165 ‐ ‐ 714 611 ‐ Additional 477 288 Committed 2010 (real) 2011 2012 2013 2014 * In million pesos, as of December 31, 2010 • Committed investments must be adjusted by the Construction Price Index at the end of each
Slide 71: 2011 CAPEX Plan (MDP)
2011 CAPEX Plan (MDP) (in thousands) CONCEPT Aguascalientes Guanajuato Guadalajara Herm osillo La Paz Los Mochis Morelia Mexicali Puerto Vallarta Los Cabos Tijuana Manzanillo TOTAL Runw ays, platforms and taxi w ays 0 13,070 12,538 29,147 0 0 5,642 0 103,795 85,260 18,807 0 268,260 Expansion and reh
Slide 72: Share Evolution
Share Evolution IPO (February 2006): US$ 21, close US$ 28.26, HI: US$ 57.63 (18‐oct‐07), Market Cap US$ 3.2 billion Current: Mar 2011: US$ 40.92; Market Cap US$ 2.3 billion Cumulative Yield 81.1% (as of Feb 11) (ASUR 63.2%, OMA ‐24.7%) Performance: GAP has distributed approx. 10 dlls/ADR i
Slide 73: Thank you
We strongly believe in GAP’s ability to continue generating shareholder value Thank you
Slide 74: Disclaimer
This presentation may contain projections that are based on certain assumptions, ti i l di including assumptions ti as to t about b t GAP's GAP' capacity it to t generate t revenues and control costs. The projections were prepared on the basis of management's present knowledge and assumptions which
Grupo Aeroportuario del Pacífico (GAP) — Investor Day (February 2011) on 6ix