Grupo Aeroportuario Del Pacifico Sab De Cv Class B · BMV:GAP/B
Grupo Aeroportuario Del Pacifico Sab De Cv Class B — Investor Presentation (January 2016)
47 slides from Grupo Aeroportuario Del Pacifico Sab De Cv Class B's investor presentation, January 2016
Slide 1: Corporate Presentation January 2016
Corporate Presentation January 2016
Slide 2: GAP-at-a-Glance
GAP-at-a-Glance Relevant Information Shareholder Structure > Grupo Aeroportuario del Pacífico, S.A.B. de C.V. is a holding company that operates 12 airports throughout Mexico’s Pacific Corporación Mexicana AENA de Aeropuertos (CMA) Internacional region. The concession was granted for a 50-year perio
Slide 3: Shareholder Structure
Shareholder Structure No Voting Power AMP Cannot be represented in any (Strategic Partner) shareholders meeting Treasury 35,424,453 AENA 6.3% CMA 33.3% GMexico: Excess 66.6% GMexico of shares 56,100,000 42,344,149 AMP Serie BB 10.0% 7.5% 84,150,000 15.0% AMP Serie B 13,519,900 BMV Float ADRs Float 2
Slide 4: Industry Outlook in Mexico
Industry Outlook in Mexico Mexican fleet / Schedule Service Number of aircrafts 400 345 350 324 330 324 305 308 297 300 273 279 257 250 229 200 150 100 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* *Source: SCT, SST, DGAC, DDE. Information provided by air carriers Note: Information as of S
Slide 5: Operational Information: Passengers
Operational Information: Passengers 2nd Largest Airport Group in terms of Passenger Traffic Participación por Grupo 11M15: Mexican Aeroportuario Airport Groups 15.6% Mexican Airport Total Passengers Groups 11M15 AICM 34,904,918 35.3% GAP 24,855,059 ASUR 23,776,040 24.0% OMA 15,416,732 25.1% AICM (
Slide 6: GAP Network's Key Players
Operational Information: Passengers GAP Network’s Key Players 2015: Passenger Share by Airline Future strategies Sunwing 0.8% AereoCalafia 0.8% Magnicharters 1.0% Others 4.1% Volaris: focusing on international routes, mostly from Southwest 1.1% Westjet 1.4% GAP Airports 2.9% Interjet: increasing ca
Slide 7: Traffic Evolution
Operational Information: Passengers Traffic Evolution Airports Airports 2014 2014 Change Change'13 '13 2015 2015 Change Change'14 '14 Guadalajara Guadalajara 8,733,467 8,733,467 7.2% 7.2% 9,790,835 9,790,835 12.1% 12.1% Tijuana Tijuana 4,387,768 4,387,768 2.8% 2.8% 4,870,506 4,870,506 11.0% 11.0% Lo
Slide 8: GAP's Passenger Traffic History
50.0 Operational Information: Passengers 45.0 40.0 GAP´s Passenger Traffic History… 35.0 Traffic Composition 2015 … CAGR ' 06 vs 15: 11.8% 30.0 4.42% International Domestic 27.6 25.0 24.7 23.6 23.2 22.3 9.6 International 21.3 34.6% 20.5 20.2 20.2 8.5 Millions 20.0 19.1 19.3 7.8 7.8 Domestic 17.5 7.6
Slide 9: GAP Strategy Focus
GAP Strategy Focus
Slide 10: Strengths
Strengths Diversified Balanced mix of tourist and city airports in Mexico Modern infrastructure with the capacity for future Portfolio of growth Airports New Airport in the Caribbean Operating Regulatory Efficiency Framework In 2014, GAP reduced its service cost per Transparent “dual-till”
Slide 11: Focus on Maximizing Shareholder Returns
Focus on Maximizing Shareholder Returns MEXNIF 2008 2009 2010 2011 2012 2013 2014 Accounting basis Net Income of each year $ 1,541 $ 1,199 $ 1,500 $ 1,484 $ 1,649 $ 1,992 $ 2,105 Dividends Paid * $ 1,200 $ 1,000 $ 1,035 $ 1,130 $ 1,210 $ 1,590 $ 1,746 Equity Distribution Paid * $ - $ - $ - $ 870 $ -
Slide 12: Focus on Increasing Revenues
Focus on Increasing Revenues Business lines operated by GAP Sales per Non- Passenger departing Commercial aeronautical Traffic passenger contracts revenues (SPE) Aircraft and passenger fees Aeronautical revenues Air service development Looking for the best Guaranteed leases Working together with ope
Slide 13: Creating Value
Focus on Expansions Montego Bay Hotels & Offices Creating Convenience Stores Parking Lots Value VIP Lounges Advertising Page 13
Slide 14: Focus on Profitability
Focus on Profitability EBITDA EBITDA MARGIN 5,000 4,517 74.00% 4,500 CAGR ' 06 vs 15E: 72.8% 4,000 9.34% 3,690 72.00% 3,500 3,256 70.1% 2,939 70.00% Millions 3,000 2,597 2,337 2,441 68.0% 2,500 2,239 2,134 2,023 68.00% 67.20% 2,000 66.10% 1,500 66.00% 1,000 64.00% 500 - 62.00% 2006 2007 2008 2009 20
Slide 15: Focus on Strengthening Infrastructure
Focus on Strengthening Infrastructure MDP Authorized for 2015-2019 period Major investments by concept: YEAR Million MXP • Capacity and quality projects - MXP 3,300 million 2015 $ 1,412 • International Civil Aviation Organization (“ICAO”) compliance projects - MXP 140 million 2016 $ 1,843 • Enviro
Slide 16: Focus on Leverage Strategy
Focus on Leverage Strategy August 2014 – initiation of strategy to launch bond program in the Mexican markets The bond program aims to increase maturities: Refinancing outstanding bank debt for Ps. 1.7 billion and Ps. 0.9 billion CAPEX contain in the MDP for 2015. Acquisition of DCA (MBJ Airport) fi
Slide 17: Revenue Development
Revenue Development
Slide 18: History Revenue
History Revenue 91.9% 90.2% 100% 88.6% 85.0% 82.4% 81.5% 81.4% 80.9% 79.6% 90% 79.1% 78.9% 77.7% 76.9% 75.5% 74.7% 74.6% 80% 70% 2015E: Aeronautical 60% revenue will increase 50% 18.11% vs 2014 40% 30% 20% 25.4% 25.3% 24.5% 23.1% 22.3% 21.1% 20.9% 20.4% 19.1% 18.6% 18.5% 17.6% 11.4% 15.0% 10% 8.1% 9
Slide 19: Commercial Revenue per Passenger 9M14 vs 9M15
Commercial Revenue per Passenger 9M14 vs 9M15 LO S C A BO S 89.52 101.43 MO N T EG O BAY 84.7 99.2 PUE RTO VA LLA RTA 56.76 64.41 ME X I C A N 48.39 52.53 A I RPO RT S (AVG ) G UA N A JUATO 39.07 47.5 G UA DA LA JA RA 45.83 46.68 AG UA SCA LI E NT ES 41.88 43.64 GAP’s Commercial Revenue HE RMO SI LL
Slide 20: Commercial Revenue growth per Line 9M15
Commercial Revenue growth per Line 9M15 COMMERCIAL REVENUES 9M14 9M15 Change Business Leasing of space 87,063 99,223 14.0% operated Car rentals 80,036 112,297 40.3% directly 28.8% Business Food and beverage operations 88,340 139,835 58.3% operated by a Retail operations 79,063 144,725 83.1% third pa
Slide 21: New Maximum Rates – Aeronautical Revenues
New Maximum Rates – Aeronautical Revenues Airports 2015 Aguascalientes $ 139.3 Guanajuato $ 160.6 Guadalajara $ 137.6 Hermosillo $ 129.5 La Paz $ 150.3 2.0% average growth in real terms over 2014 Los Mochis $ 146.4 Morelia $ 167.1 Mexicali $ 126.4 Puerto Vallarta $ 177.9 Los Cabos $ 184.1 Tijuana $
Slide 22: Directly-Operated Business Line Revenues and Margins
Directly-Operated Business Line Revenues and Margins Parking Advertising Advertising Parking 2015E EBITDA: 79.1% $260 2015E EBITDA: 84.9% $140 $118 $120 $239 $100 $240 $220 $221 $230 $100 $80 $76 $87 Key $200 $194 $60 $40 drivers: $180 $20 $160 2012 2013 2014 2015E $- 2012 2013 2014 2015E Expandin
Slide 23: Directly-Operated Business Lines Strategies
Directly-Operated Business Lines Strategies Expansion of Increasing loyalty to our customers by adding new services in Los Cabos Opening of new lounges reaching a total of 8 VIP Lounges at the end of 2015 Redesign of the Hermosillo and Puerto Vallarta lounges Redefining Opening of stores in
Slide 24: Directly-Operated Business Lines Strategies
Directly-Operated Business Lines Strategies • At Guadalajara we restructured car parking rates in order to be more competitive Page 24
Slide 25: Financial Highlights
Financial Highlights
Slide 26: EBITDA Strength = Cost Efficiency
EBITDA Strength = Cost Efficiency COST OF SERVICE PER PAX 51.00 50.00 49.80 EBITDA PER PASSENGER 48.84 48.72 49.00 180.0 165.8 160.0 CAGR '06 vs 15E: 5.3% 0.41% 48.00 149.3 138.1 140.5 140.0 46.84 128.5 47.00 46.65 120.7 120.0 110.7 46.00 98.6 99.2 100.6 100.0 45.00 80.0 2011 2012 2013 2014 2015E 60
Slide 27: Financial Results: 9M14 VS 9M15
Financial Results: 9M14 VS 9M15 Includes Montego Bay Airport Income Statement Condensed 9M14 9M15 Change (Thousands of pesos) Aeronautical & Non Aeronautical 3,978,945 5,580,040 40.2% revenues EBITDA 2,764,292 4,067,917 47.2% Net income and comprehensive 1,615,130 2,312,725 43.2% income Key indicato
Slide 28: Leverage Strategy and Dividend Policy
Leverage Strategy and Dividend Policy • Long-term bond certificate of Ps. 2.6 billion was constituted on February 20, 2015; the average annual interest cost of the issuance was 5.58%. The company will issue a short- term bond for approximately Ps. 1.0 billion during the first quarter 2016. From 2016
Slide 29: Infrastructure Overview
Infrastructure Overview
Slide 30: CAPEX 2015-2019
CAPEX 2015-2019 • January 1st marked the beginning of the 4th period in the 50-year concession • A new Master Development Plan (“PMD”) was approved by the authorities, which represents a 60% increase compared to the previous period AIRPORT TOTAL Guadalajara (GDL) 1,358,960 Tijuana (TIJ) 1,121,045 Lo
Slide 31: Recent Projects - Guadalajara
Recent Projects - Guadalajara Terminal Building Expansion: we have initiated an expansion of the entire terminal, combining Terminal 2 with a waiting area in order to increase the number of gates and passenger services. In addition, the waiting area at Terminal 1 will be expanded with remote boardin
Slide 32: Tijuana: Cross Border Facility
Tijuana: Cross Border Facility The connecting bridge was installed in February 2015 – CBX initiated operations on December 9th, 2015. Page 32
Slide 33: Future Projects (2015-2017) Guadalajara
Future Projects (2015-2017) Guadalajara: Investment approx. US$ 35 million (21,000 m2) Page 33
Slide 34: Future Projects (2015-2017) Tijuana
Future Projects (2015-2017) Tijuana: Investment approx. US$ 30 million (15,000 m2) • Refurbish and increase departure capacity • 4 additional apron positions, plus a new lounge for bus operations • New building for quality lodging and business services • New aircraft rescue and fire fighting install
Slide 35: Future Projects (2015-2017) Hermosillo
Future Projects (2015-2017) Hermosillo: Investment approx. US$ 10 million (4,500 m2) Page 35
Slide 36: DCA Acquisition Montego Bay, Jamaica
DCA ACQUISITION MONTEGO BAY, JAMAICA
Slide 37: DCA Acquisition
DCA Acquisition DCA (Spain) 100% Shares 74.5% 14.7% MBJ Airport, Jamaica SCL, Chile Concession: Until March 2033 Ends in September 2015 Page 37
Slide 38: Robust and Clear-cut Regulatory Framework
Robust and Clear-cut Regulatory Framework Key takeaways Comments Period Until 2033 30 year contract expiring 2033 - New tariffs applicable from April 2015 until 2020 Tariffs Reviewed every 5 years - The mix of the Aeronautical revenues increased 50% - WLU fee USD2.71 for each (adjusted annually by U
Slide 39: Increasing Hotel Capacity
Increasing Hotel Capacity Hotel Infrastructure in Montego Bay, Negril and Ocho Rios has grown 3.2% in 2014 vs 2013, approaching more than 16,000 rooms in 2014… occupancy rate is on the rise as well... Jamaica Tourist Board (“JTB”) and its stakeholders are Average Rooms Occupancy Rate pursuing the de
Slide 40: Attractive Traffic Mix: Largest Gateway to Jamaica
Attractive Traffic Mix: Largest Gateway to Jamaica Keys Takeaways • Main airport in Jamaica 2015 Market Share by Region – MBJ serving 3.6m PAX vs. Kingston serving 1.5m PAX (Jan - Dec 2015) • Mainly international passengers (>97% of overall traffic) • Almost exclusively origin & destination traffic
Slide 41: Traffic Performance and Aeronautical Revenues
Traffic Performance and Aeronautical Revenues Total Passengers MBJ CAGR '03 vs 15: 1.16% 4.0 3.7 3.6 3.5 3.5 3.5 3.3 3.4 3.4 3.3 3.4 3.3 3.2 3.3 3.1 3.0 2.5 Millions 2.0 1.5 1.0 0.5 0.0 Aeronautical Revenue 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1,000 932 900 800 CAGR '06 v
Slide 42: Non-Aeronautical Revenue
Non – Aeronautical Revenue Non Aeronautical Revenue 400 CAGR '06 vs 15E: 344 350 9.4% 300 271 259 Millions MXP 246 250 223 220 222 200 182 140 146 150 100 50 - 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 E There is in an exchange rate benefit in 2015 of 14% over 2014. Page 42
Slide 43: Adding Value
ADDING VALUE %
Slide 44: GAP's Tourist Airports – 2015E
GAP’s Tourist Airports – 2015E PASSENGERS 4.0 TOTAL REVENUES 3.8 3.7 1,400.0 1,275.9 3.6 3.6 3.6 1,200.0 1,119.4 3.4 934.5 Millions of MXP 1,000.0 Millions 3.2 800.0 3.0 600.0 2.8 400.0 2.6 200.0 2.4 0.0 Puerto Vallarta Los Cabos Montego Bay Puerto Vallarta Los Cabos Montego Bay EBITDA 74% 800.0 60%
Slide 45: Consolidating Strengths - 2015E
Consolidating Strengths - 2015E PASSENGERS TOTAL REVENUES 32.0 31.4 8,000.0 7,480 26.9% 42.1% 7,000.0 29.0 Millions of MXP 6,000.0 Millions 5,264 26.0 24.7 5,000.0 23.0 4,000.0 3,000.0 20.0 2014 2015E 2014 2015 EBITDA 5,500 5,280 5,000 43.1% Milions of MXP 4,500 4,000 3,690 3,500 3,000 2014 2015E Pa
Slide 46: Fundamentals of GAP
Fundamentals of GAP Highly diversified portfolio of airports Constant passenger traffic growth rate Solid aeronautical revenue base Expansion of directly-operated businesses & increase in commercial revenue sources Healthy financial structure Reliable legal framework for the industry 2 Page 46
Slide 47: Forward-looking statements
This document may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “be
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