Grupo Aeroportuario Del Pacifico Sab De Cv Class B · BMV:GAP/B
Grupo Aeroportuario Del Pacifico Sab De Cv Class B — Investor Presentation (August 2015)
48 slides from Grupo Aeroportuario Del Pacifico Sab De Cv Class B's investor presentation, August 2015
Slide 1: Corporate Presentation August 2015
Corporate Presentation August 2015
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 AMP (Strategic Partner) GMexico Treasury 112,520,539 35,424,453 AENA 6.3% CMA 33.3% Excess of Shares 66.6% GMexico 56,428,545 AMP BB 56,091,994 10.1% 84,150,000 15.0% AMP B 10.0% 13,519,900 2.4% ADRs Float BMV Float 57,110,050 137,398,749 24.5% 10.2% Total Shares: 561,000,000 O
Slide 4: Industry Outlook in Mexico
Industry Outlook in Mexico Mexican fleet / Schedule Service Number of aircrafts 400 345 350 324 330 324 318 305 297 300 273 279 257 250 229 200 150 100 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* *Source: SCT, SST, DGAC, DOE. Information provided by air carriers Note: Information as of J
Slide 5: Operational Information: Passengers - 2nd Largest Airport Group
Operational Information: Passengers 2nd Largest Airport Group in terms of Passenger Traffic Participación por Grupo Aeroportuario 1H15: Mexican Airport Groups 15.2% Mexican Airport Total Passengers Groups 1H2015 AICM 18,077,875 34.4% GAP 13,287,445 ASUR 13,181,962 25.1% OMA 7,973,761 25.3% AICM (M
Slide 6: GAP Network's Key Players
Operational Information: Passengers GAP Network’s Key Players 1H15: Passenger Share by Airline Future strategies Magnicharters 0.9% Frontier 0.7% AirTransat 0.9% Volaris: focusing on international routes, mostly from Others 5.2% Sunwing 1.2% GAP Airports Westjet 1.7% Interjet: increasing capacity (
Slide 7: Operational Information: Passengers Traffic Evolution
Operational Information: Passengers Traffic Evolution Airports 2014 Change '13 1H15 Change 1H14 Guadalajara 8,733,467 7.2% 4,590,749 9.6% Most domestic seats Tijuana 4,387,768 2.8% 2,191,241 0.6% for the second half Los Cabos 3,285,140 -3.0% 1,842,608 -5.3% of the year were Puerto Vallarta 3,127,390
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 2015E … International Domestic 30.0 9.2% 27.0 25.0 24.7 23.6 23.2 22.3 International 21.3 9.4 20.5 20.2 20.2 34.7% 19.3 8.5 Millions 20.0 19.1 7.8 7.8 Domestic 17.5 7.6 16.4 7.3 65.3% 8.0 7.0
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: Focus on Expansions
Focus on Expansions Montego Bay Hotels & Offices Convenience Stores Parking Lots VIP Lounges Advertising Page 13
Slide 14: Focus on Profitability
Focus on Profitability EBITDA EBITDA MARGIN 5,000 71.00% 70.1% 70.0% 4,500 CAGR ' 06 vs 15E: 4,304 70.00% 4,000 8.75% 3,690 3,500 3,256 69.00% 2,939 68.0% Millions 3,000 2,597 68.00% 2,337 2,441 2,500 2,239 67.20% 2,023 2,134 2,000 67.00% 66.10% 1,500 66.00% 1,000 500 65.00% - 64.00% 2006 2007 2008
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% 74.8% 74.6% 80% 70% 60% 2015E: Aeronautical revenue will increase 50% 16.5% vs 2014 40% 30% 20% 25.4% 25.2% 24.5% 23.1% 22.3% 21.1% 20.9% 20.4% 19.1% 18.6% 18.5% 17.6% 15.0% 11.4% 10% 8.1% 9.
Slide 19: Commercial Revenue per Passenger 1H14 vs 1H15
Commercial Revenue per Passenger 1H14 vs 1H15 LO S C A BO S 92.01 98.12 MO N T EG O BAY 61.4 78.33 PUE RTO VA LLA RTA 52.63 61.14 ME X I C A N 49.05 52.95 A I RPO RT S (AVG ) G UA N A JUATO 39.48 50.17 G UA DA LA JA RA 46.53 48.28 AG UA SCA LI E NT ES 43.12 44.02 GAP’s Commercial Revenue HE RMO SI L
Slide 20: Commercial Revenue growth per Line 1H15
Commercial Revenue growth per Line 1H15 1H14 1H15 Change COMMERCIAL REVENUES Leasing of space 58,708 65,771 12.0% Business Car rentals 54,768 72,421 32.2% operated Food and beverage operations 60,747 95,610 57.4% directly 28% Business Retail operations 52,979 94,615 78.6% operated by a Duty free ope
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 Parking 84.9% 2015E EBITDA: 2015EAdvertising EBITDA: 76.1% $260 $140 $117 $239 $120 $240 $220 $221 $230 $100 $80 $76 $87 $100 Key $200 $194 $60 $40 drivers: $180 $20 $160 2012 2013 2014 2015E $- Expanding 2012 2013 2014 2015E
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 Aguascalientes and Guanajuato lounges reaching a total of 9 VIP Lounges at the end of 2015 Redesign of the Hermosillo and Puerto Vallarta lounges Redefini
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 EBITDA PER PASSENGER 51.00 180.0 CAGR '06 vs 15E: 4.9% 159.5 50.00 49.80 160.0 149.3 138.1 140.5 48.84 48.72 140.0 49.00 128.5 120.7 1.76% 120.0 110.7 48.00 47.47 99.2 100.6 98.6 100.0 47.00 46.65 80.0 46.00 60.0 45.00 2011 2012 2013 2014 201
Slide 27: Financial Results: 1H14 vs 1H15
Financial Results: 1H14 VS 1H15 Includes Montego Bay Airport Income Statement Condensed 1H14 1H15 Change (Thousands of pesos) Aeronautical & Non Aeronautical 2,687,482 3,671,208 36.6% revenues EBITDA 1,888,930 2,575,073 36.3% Net income and comprehensive 1,080,923 1,316,029 21.8% 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 last quarter 2015. 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 Page 31
Slide 32: Tijuana: Cross Border Facility
Tijuana: Cross Border Facility The connecting bridge was installed in February 2015 - U.S. facilities are on schedule to be completed by October 2015. We expect to initiate operations during Dec 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: 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 39: Attractive Traffic Mix: Largest Gateway to Jamaica
Attractive Traffic Mix: Largest Gateway to Jamaica Keys Takeaways • Main airport in Jamaica – MBJ serving 3.6m PAX vs. Kingston serving 1.5m PAX • Mainly international passengers (>97% of overall traffic) • Almost exclusively origin & destination traffic • Over 71% of all visitors to Jamaica arrive
Slide 40: Traffic Performance and Aeronautical Revenues
Traffic Performance and Aeronautical Revenues Total Passengers MBJ 4.5 CAGR '03 vs 15E: 1.45% 4.0 3.9 3.6 3.5 3.4 3.4 3.5 3.5 3.3 3.4 3.3 3.3 3.3 3.2 3.1 3.0 2.5 Millions 2.0 1.5 1.0 0.5 0.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E Aeronautical Revenue 1,000 908 900 800 CAGR
Slide 41: Non-Aeronautical Revenue
Non – Aeronautical Revenue Non Aeronautical Revenue 350 332 CAGR '06 vs 15E: 300 9.0% 271 259 246 250 223 222 Millions MXP 220 200 182 140 146 150 100 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 41
Slide 42: 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 43: Adding Value
ADDING VALUE %
Slide 44: GAP's Tourist Airports – 2015E
GAP’s Tourist Airports – 2015E PASSENGERS TOTAL REVENUES 4.0 3.9 1,400.0 3.8 1,239.9 3.6 3.6 1,200.0 3.6 1,092.7 923.7 Millions of MXP 3.4 1,000.0 Millions 3.2 800.0 3.0 600.0 2.8 400.0 2.6 200.0 2.4 Puerto Vallarta Los Cabos Montego Bay 0.0 Puerto Vallarta Los Cabos Montego Bay EBITDA 74% 800.0 74%
Slide 45: 2015 Guidance – Adding MBJ
2015 Guidance – Adding MBJ GUIDANCE Traffic 23% - 25% Total Revenues 38% - 40% EBITDA 35% - 37% EBITDA Margin 68% - 69% Total CAPEX Ps. 1,540 million Page 45
Slide 46: Consolidating Strengths - 2015E
Consolidating Strengths - 2015E PASSENGERS TOTAL REVENUES 32.0 8,000.0 30.9 7,350 24.8% 7,000.0 39.6% 29.0 Millions of MXP Millions 6,000.0 26.0 24.7 5,264 5,000.0 23.0 4,000.0 20.0 2014 2015E 3,000.0 2014 2015E EBITDA 5,500 5,000 5,000 Milions of MXP 35.5% 4,500 4,000 3,690 3,500 3,000 2014 2015E P
Slide 47: 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 47
Slide 48: 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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