Grupo Aeroportuario Del Pacifico Sab De Cv Class B · BMV:GAP/B
Grupo Aeroportuario Del Pacifico Sab De Cv Class B — Investor Presentation (2013)
24 slides from Grupo Aeroportuario Del Pacifico Sab De Cv Class B's investor presentation, Jun 18, 2013
Slide 1: Financial Highlights
Financial Highlights Rodrigo Guzman Chief Financial Officer
Slide 2: GAP's Value
GAP´s VALUE: • Maintaining EBITDA Strength • Financial Strategy and Ratios
Slide 3: Maintaining EBITDA Strength
Maintaining EBITDA Strength Strict understanding of the concession business model: Aeronautical Revenue maximum efficiency: almost 100% fulfillment of Maximum Tariff each year. Aeronautical Revenue CAGR 2008-2012 = 4% Non-aeronautical revenue continually growing more than the increase in passenger
Slide 4: Maintaining EBITDA Strength
Maintaining EBITDA Strength Aeronautical Revenue , Non Aeronautical Revenue and Total Passenger growth Max. Tariff review (real 25.0% growth of 6.5%) 20.0% 15.0% % Growth 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% 2008 2009 2010 2011 IFRS 2012 IFRS Aeronautical Revenue growth GAP -1.8% -8.1% 16.6% 4
Slide 5: Maintaining EBITDA Strength
Maintaining EBITDA Strength • Cost-Control consciousness and continuous search for operational efficiencies: Since November 1, 2012 airbuses and walkways services, which were previously operated by GAP, are now operated by a third party, allowing GAP an annual reduction of Ps. 36 million for perso
Slide 6: Maintaining EBITDA Strength
Maintaining EBITDA Strength •Cost of Service CAGR 2008-2012 = 2.2% •Cost of service per pax CAGR 2008-2012 = 3.1% •Inflation 2008-2012 = 24% CostofofService Cost Service GAP / pax GAP CostCost of Service / pax/ofpax Cost of Service GAP Service GAP per Pax 1,200 52 52 52 120 50 50 50 100 1,000 Pesos
Slide 7: Maintaining EBITDA Strength
Maintaining EBITDA Strength •GAP´s EBITDA Margin has been consistently higher than ASUR´s and OMA´s •GAP´s EBITDA 2008-2012 growth has been an average of 2.4% higher than PPI + GAP´s Total Passenger Traffic growth •Inflation 2008-2012 = 24% EBITDA GROWTH vs PPI + GAP´s Pax Growth EBITDA MARGIN 20.0%
Slide 8: Maintaining EBITDA Strength
Maintaining EBITDA Strength • Los Cabos International Airport is the most profitable tourist airport in Mexico and has the highest EBITDA per pax compared to the private airports in Mexico: - SJD ROE and ROA (without concession value, only rights to use airport facilities) 2012 = 22.6% and 15.8%, re
Slide 9: Financial Strategy and Ratios
Financial Strategy and Ratios • GAP’s financial strategy has been: Speed in cash generation: The renewal of the Passenger Charges Collection Agreement produced a 46-day reduction in the receivables recovery period from 98 days in 2009 to 52 days in 2012 (a 47% reduction). Guarantee the receivabl
Slide 10: Financial Strategy and Ratios
Financial Strategy and Ratios Balanced Leverage: Since mid-2007, GAP has been leveraging its balance sheet to fund investments in the airports of Guadalajara, Puerto Vallarta, Los Cabos, Hermosillo and Guanajuato. Total Debt as of December 1, 2013 = Ps. 2.03 billion Weighted Interest Rate as of Ma
Slide 11: Page 11
All Figures under MEX GAAP (in thousands) FY08 FY09 FY10 FY11 FY12 % Chg (in thousands of pesos, except those items indicated) (payable in (payable in (payable in (payable in (payable in 2013/2012 2009) 2010) 2011) 2012) 2013) *** Receivables recovery (in days) 78 98 63 66 52 Cash and Cash equivalan
Slide 12: Financial Strategy and Ratios
Financial Strategy and Ratios NET INCOME VS DIVIDENDS PAID DIVIDENDS DECLARED VS DIVIDENDS PAID (in million pesos) (in million pesos) 10,500 9,955 8,000 10,000 9,500 Deferred Taxes Ps. 2.05 billion 7,500 7,352 7,352 6,976 9,000 IFRS effects Ps 0.55 billion 7,000 6,645 8,500 8,000 G 7,879 6,500 G 7,5
Slide 13: Financial Strategy and Ratios
Financial Strategy and Ratios ROA and ROE (2008-2012) 17.0% Global Financial Crisis Mexicana Effect 16.0% 15.0% % 14.0% 13.0% 12.0% 11.0% 10.0% 2011 2012 2008 2009 2010 IFRS IFRS ROA (without concession 14.1% 10.3% 11.9% 11.1% 12.2% value) GAP ROE (without concession 16.1% 12.0% 14.5% 14.4% 15.7% va
Slide 14: Financial Strategy and Ratios
Financial Strategy and Ratios ROA, ROE AND DISCOUNT RATE 20.00% Global Financial Crisis Mexicana Effect 15.00% 10.00% % 5.00% 0.00% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 ROA without airport concession but 5% 5.6% 9.1% 11.0% 14.2% 14.1% 10.3% 11.9% 11.1% 12.2% with right to use ariport fa
Slide 15: Master Development Program: Next Negotiations
Master Development Program: Next Negotiations
Slide 16: Master Development Program: Next Negotiation
Master Development Program: Next Negotiation Page 16
Slide 17: Master Development Program: Next Negotiation
Master Development Program: Next Negotiation • The last negotiation was conducted during 2009 • The average of the UMS for the last 24 months was 5.52% 14.00% 12.00% UMS 24 10.00% months average, UMS 24 7.44% months average, 8.00% 5.52% 6.00% 4.00% Risk Risk Premium, Premium, 6.05% 5.88% 2.00% 0.00%
Slide 18: Master Development Program: Next Negotiation
Master Development Program: Next Negotiation • UMS 20 = Actually 2.39% Page 18
Slide 19: Master Development Program: Next Negotiation
Master Development Program: Next Negotiation • UMS 22 = Actually 2.83% Page 19
Slide 20: Master Development Program: Next Negotiation
Master Development Program: Next Negotiation • UMS 31 = Actually 4.18% Page 20
Slide 21: Master Development Program: Next Negotiation
Master Development Program: Next Negotiation MT = {(R.V – T.V)*(1+DR)} + CAPEX + OPEX WLU´s MT= Maximum Tariff R.V.= Reference Value T.V. = Terminal Value (2029-2048) D.R. = Discounted Rate WLU´s = Workload Units Ceteris paribus: - D.R, CAPEX and OPEX have a positive correlation with the maximum tar
Slide 22: Master Development Program: Next Negotiation
Master Development Program: Next Negotiation • The UMS profitability will impact the negotiation, but ASUR´s negotiation will not impact GAP´s, except for the discounted rate issue, due to our diversified portfolio: % of Total % of Total GAP´s Pax Asur´s Pax Guadalajara Airport 38.0% Tijuana Airport
Slide 23: Master Development Program: Next Negotiation
Master Development Program: Next Negotiation • GAP has always been working efficiently, with excess, but controlled, capacity Actual Capacity Actual Demand % of Utilization CAPEX NEEDED (AMONG OTHERS) Runways and Taxiways 39 op/hr 36 op/hr 92% -Second runway Guadalajara Platforms 46 op/hr 24 op/hr 5
Slide 24: Forward-looking statements notice
Este documento puede contener en las declaraciones ciertas estimaciones. Estas declaraciones son hechos no históricos, y se basan en la visión actual de la administración de GAP de las circunstancias económicas futuras, de las condiciones de la industria, el desempeño de la com pañía y resultados fi
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