Aeropuerto Internacional de Tocumen, S.A. / Annual …tocumenpanama.aero/transparencia/data_21-05-2018-updates/Otros/p… · representing a 1.5 percent growth, compared to the year

Aeropuerto Internacional de Tocumen, S.A. / Annual Report 2017

ANNUAL REPORT 2017 Aeropuerto Internacional de Tocumen S.A.

CONTENTS

2

Aeropuerto Internacional de Tocumen S.A. ANNUAL REPORT 2017 3

President of the Republic of Panama ....................................................................... 5

Board of Directors of Aeropuerto Internacional de Tocumen, S. A ...................... 6

Message of the General Manager ..............................................................................8

Vision, Mission, Strategic Objectives and Values .................................................10

Organizational Structure ..........................................................................................12

Work Team ................................................................................................................13

Connectivity ..............................................................................................................14

Competiveness ..........................................................................................................20

Growth .......................................................................................................................24

Services ......................................................................................................................48

Sustainability .............................................................................................................56

Safety ..........................................................................................................................64

Financial Statements ................................................................................................68

Statistics ....................................................................................................................73



His ExcellencyJuan Carlos Varela RodríguezPresident of the Republic of Panama


BOARDof Directors

Aeropuerto Internacional de Tocumen S.A. ANNUAL REPORT 2017

Dulcidio De la Guardia Director - Chairman

Eduardo ValleDirector – Secretary

Gustavo Him Director–Treasurer

Vidalia de CasadoDirector–Airlines’ Representative

Rigoberto Lee Director–Workers’Representative

Federico HumbertDirector– Comptroller General of the Republic

Alfredo Fonseca MoraDirector-Civil Aviation

///////// ///////// ////////

Members

//////// //////// ///////

////////Marietta JaénDirector–Deputy Chairman

/////////

Carlos A. DuboyDirector–General Manager

///////

7


The administration of the 5 international airports, under the management of Aeropuerto Internacional de Tocumen, S.A. throughout 2017, has required significant investments in construction, equipment, rehabilitation and maintenance of the existing infrastructure, to modernize and expand our capacity, in addition to the recruitment and training of qualified personnel to meet the demand for services and the great increase in passengers, which the aeronautical industry has been experiencing every year in Panama.

Our quantitative performance indicators show that the 27 commercial airlines that operate in the Tocumen International Airport reached a record growth

in the number of passengers mobilized, going from 14.7 million in 2016 to 15.6 million in 2017, demonstrating that the aviation industry is a driver of economic, tourism and social growth in Panama.

Tocumen International Airport registered 145,914 operations from January to December 2017, representing a 1.5 percent growth, compared to the year 2016, with 145,245 operations.

We receive an average of 5,900 weekly flights, and today some 84 air connections are made

Carlos A. DuboyGeneral Manager

Aeropuerto Internacional de Tocumen, S.A.

MESSAGEGeneral Manager

8

Competiveness and Connectivity, key for the airline industry in Panama


to 35 countries in America and Europe.

We have maintained a continuous improvement process to achieve traveler satisfaction in each of the details that make up the chain of customer service; reaffirming our excellence commitment in the services we offer in our airport network, moving towards facilities where the experience is fast: with self-service options, which eliminate obstacles in all stages of the process, from boarding to take-off, and in which responsibility is shared with the airlines and entities stationed at the terminal.

We have promoted integrity, transparency and good practices in or public procurement process, as well as in the new concessions granted during our administration.

In that sense, now the airport hub generates a wide range of economic activity for the country, representing 5% of the GDP. The finances of the terminal improved thanks to more air frequencies, the arrival of new

airlines and new commercial concessions, which allowed us to contribute to the State in 2017 an estimated 106 million dollars*.

We started the first phase of the logistics area of 18 hectares, on the premises of the cargo terminal. The project will provide users with an efficient operating complex under the free zone regime, allowing added value logistical and industrial activities.

As part of the works aligned with the Reinforcement Plan and actions that will be executed in the short, medium and long term, in order to increase the reliability of the energy distribution service, we closed the year 2017 with a 43% progress in the strengthening of the electrical system, in order to comply efficiently and with greater capacity with the demand growth, ensuring a safe system for air operations registered by the terminal and the future building, adding 20 new boarding bridges

The extension along the north track (03 left) of the Tocumen International Airport, involved the reform of the

9

pavement, improving air operation, operational safety and offering greater load / passenger capacity to aircraft, which meet the demand for flights to and from the air terminal.

We move forward with the construction of 3 aircraft fuel storage, with a one million gallon capacity each; this adds 4.4 million gallons of jet fuel to the current capacity, and allows us to secure our reserves for seven days.

Panama’s privileged geographical position, as a meeting point between the Americas and the whole world, has always kept us as a key figure in air transportation; we closed 2017 with 83% progress in the Terminal 2 Expansion Project, whose modern and extensive facilities we have foreseen will begin operations at the end of the year 2018.

The aeronautical analysis company, Official Airline Guide of London, rated Tocumen International Airport as the most punctual in Latin America. Likewise, we are in the second position in the global ranking of medium-sized airports, next only to the English city of Birmingham.

We continue to strengthen the competiveness of our “strategic asset”, while we trace the route for the incorporation of new operators and face this growth, improve quality, capacity and safety of our structures through first world facilities and an excellent team committed to reach the goals presented by the administration of Tocumen International Airport..

* Preliminary financial data prior to external auditors review.


VISION, MISSION,Strategic Objectives and Values


Vision“Airport services leader in the region and driver of Panama’s growth”

Mission“Manage a network of safe and efficient airports with a dynamic culture, offering world-class infrastructure and services.”

Strategic Objectives1. Ensure financial sustainability for the benefit of our country

2. Provide efficient and state-of-the-art infrastructure

3. Offer competitive products and outstanding services

4. Improve processes, incorporating/implementing technology and innovation

5. Increase productivity and the well-being of our human capital

Values1. Excellency

2. Responsibility

3. Transparency

4. Reliability

5. Honesty

11


ORGANIZATIONALStructure

Vice PresidencyVice PresidencyVice PresidencyVice PresidencyVice PresidencyVice PresidencyVice PresidencyVice Presidency

for Engineering and Program Managementfor Operations for Finance and

Administration for Human Resources for Commercial Services

for Maintenancefor Technologyfor Airport Services

Board of Directors

for Planning and Strategy

General Manager

Vice Presidency

Vice Presidency

General Council

Section

Public Relations and Communication

Departament

Internal Audits

12


Ricardo MorganVice President for Maintenance

Vice Presidency for Operations

Staff

Vilma De Luca Vice President for General Council

Temistocles RosasVice President for Finance and Administration

Ricardo QuinteroVice President forTechnology

Carmen de PagésVice President for Planning and Strategy

Franklin CarrilloVice President for Commercial Services

Carlos RodríguezVice President for Airport Services

Jairo TrianaVice President for Engineering and Program Management

Dalys GonzálesVice President for Human Resources

Claudio DutaryTocumen International Airport Operations Manager

Rosa MuñozRegional Airports Operations Manager

Bolívar CastilloProtection and Airport Security Manager

13

Vice Presidencies


CONNECTIVITYOur Strength


Panama’s privileged geographical position favors commerce and business tremendously. Located southeast of Central America, it borders the Caribbean Sea to the north, the Pacific Ocean to the south, Colombia to the east, and Costa Rica to the west. It is consists of 10 provinces, 79 municipalities, 5 indigenous regions and 640 corregimientos. This small but thriving country is located on an isthmus that joins the Americas.

This positions Panama as a service center of high global importance with extremely favorable logistics conditions for trade; having a strategic position as a meeting point and mandatory transit area in the region; becoming a strong point for interaction between our continents and the rest of the world.

Its conditions as a logistics cluster are framed having as focal point activities such as those described below:(1) The Panama Canal, created more than a century ago to unite the Pacific Ocean with the Caribbean Sea, which handles great traffic of the world’s merchant marine. Operations in Tocumen International Airport

In 2017 we reaffirm the fact that Panama has one of

the most advanced airport infrastructures in Latin

America, and our airport is ranked as the third best airport

in the region

15


Arrival of passengers at Scarlett Martínez International Airport in Río Hato

16

2012 2013 2014 2015 2016 2017 2018P 2019P 2020P 2021P 2022P 2023P 2024P 2025P

25,000,000

20,000,000

15,000,000

10,000,000

5,000,000

0

10.17 11.59 12.86 13.63 14.74 15.62 15.99 16.86 17.87 18.90 19.99 21.14 22.29 23.38

Commuting passengers P(Projected)

Graph 1.0 – Passenger historical movement and projection

Origin / destination passengers

bringing extraordinary dividends to Panama; (2) its tourism potential with beautiful exclusive beach resorts facing the Pacific Ocean and the Caribbean Sea side with beautiful soft sand beaches and turquoise blue sea; (3) the Colon Free Zone, strengthened by the Panama Canal, has driven many multinational companies to choose Panama for their headquarters or head office due to the high concentration of trade in the region,and (4) its banking systemhas increased its potential throughout the years making it one of the most important financial centers.

In 2017 we reaffirm the fact that Panama has one of the most advanced airport infrastructures in Latin America, our airport is ranked as the third best airport in Latin America; and continues to be a connection hub for North America, South America as well as other destinations around the world. The most important airlines in the region operate in the airport and we are adding new airlines as well as destinations

Tocumen Airport is in an unprecedented expansion

process; considering the increase in passenger demand forecasts (Graph 1.0). To meet this demand, the construction project of the South Terminal, as it was initially called, or new Terminal 2 (T2) is being executed.

In 2017 the Tocumen International Airport connected our country with 84 destinations in more than 35 countries in North, South and Central America, the Caribbean and Europe, generating in fiscal year 2017 approximately 146,000 registered operations between, passenger and cargo airlines. Enrique Malek International Airport, benefits from connectivity to and from the Tocumen International Airport, favoring the connection to international flights

The rest of the regional airports, as they are known, have increased passenger movement in 2017. In the case of Scarlett Martínez International Airport, its high season is during the months of November, December, January and February; and it has been favored with the arrival of charter flights of the Canadian airline Sunwing.


5. ENRIQUE MALEK INTERNATIONAL AIRPORT

4. SCARLETT MARTINEZINTERNATIONAL AIRPORT

3. ENRIQUE JIMÉNEZ INTERNATIONAL AIRPORT

2. PANAMA PACIFICOINTERNATIONAL AIRPORT

1. TOCUMEN INTERNATIONAL AIRPORT

Bocas del toro

Chiriquí

Veraguas

Los Santos

Herrera

Coclé

Colón

Panamá

Darién

Guna yala

Ngäbe-Buglé

Madugandí

EmberáWounaan

EmberáWounaan

Wargandí

Paso Canoa David

SantiagoDivisa

Las Tablas

Chitré

Penonomé

Chorrera

Tocumen

Chepo

Cartí

Cañita

Tortí

Aguafría

Metetí

Yaviza

Canglón

Portobelo

Tortí

Pedasí

San Félix

Almirante

ChiriquíGrande

Ocú

Panamá Oeste

REGIONAL AIRPORTS LOCATION

17

The Panama Pacifico International Airport registered an increase in passenger movement, which is attributed to the operations of the new low-cost airline WINGO, which began operations at the end of the year 2016.

Regarding connectivity, we must mention that in 2014 Tocumen International Airport took on the operation of four (4) regional airports distributed throughout the Republic of Panama: Panama Pacifico International Airport, located in the province from West Panama; the Enrique Jiménez International Airport, located in the province of Colón; the Enrique Malek International Airport, located in the province of Chiriquí and the Scarlett Martínez International Airport, located in the province of Coclé.


We connect our country with 84 destinations in more than 35 countries

18

Enrique Malek International Airport in David.

Wingo airlines operations at Panama Pacifico International Airport. Inauguration of the new destination from Tocumen International Airport: “Denver” in the United States.

Inauguration of the new destination from the Tocumen International Airport: “Mendoza” in Argentina.


Number of Daily Frequencies

Tocumen International Airport is classified as the best airport in Central America and the Caribbean; and as the third best airport in Latin America; During 2017, an average of 400 daily operations were carried out; it connected 84 destinations creating the largest international network in Latin America with 74 routes of one or more daily frequencies. These figures strengthen and validate our connectivity.

Number of Destinations per Country

19

58

53

51

46

45

43

26

15

13

12

12

9

8

Source: Each airport web page (2017 data).

PANAMÁ

MÉXICO

SAO PAULO

LIMA

BOGOTÁ

BUENOS AIRES

SANTIAGO DE CHILE

RIO DE JANEIRO

MONTEVIDEO

MEDELLIN

CARTAGENA

QUITO

CALI

SAN JOSÉ

84

Source: Vice Presidency for Planning and Strategy, statistics(2017 data)

5

5

10

3011

9

6

12

14

34


COMPETITIVENESSOur Strategy


Tocumen International Airport is key to Panama’s air connectivity, as it reaffirms its competitiveness and that of the country, attracting foreign investment; and overall, for companies looking for competitive markets to do business, promoting tourism and adding value to the country as an international connection center.

Its importance is such that, according to the International Civil Aviation Organization (ICAO), it is the only airport in Central America that has two airstrips at sea level, with 34 boarding gates, 6 remote positions, and a capacity to move more of 15 million passengers per year.

Tocumen International Airport is the main and largest airport infrastructure in the country and the most advanced in Latin America, our services together the strategy of the Panamanian airline, Copa Airlines, has positioned it as the “Hub of the Americas”. Passenger movement forecasts show us a sustained increase in passengers,

Tocumen International Airport is key to Panama’s

air connectivity

21

Preparation of a an aircraft of the panamanian airline COPA


so we bet on an orderly planning and a continuous expansion development program; what represents for the administration the challenge of staying competitive and sustainable, at the level of the region and the world. The expansion of our operational capacity through the construction of a new infrastructure is one of the fundamental links of our modernization program, which will add a terminal with an overall surface of 116,000 square meters, 8 remote positions, 20 boarding and disembarking gates.

For revenue diversification purposes, approximately 8,000 square meters will be allocated for commercial spaces and Duty Free stores; a 3,000-meter VIP area, a food court and a varied food offer. According to feasibility studies, once this expansion is completed, the airport will be ready immediately y to transport more than 21 million passengers per year; a result that will allow Tocumen International Airport to consolidate its leading and competitive position in the Central American region.

Commercial Services Offer The commercial offer at Tocumen International has remained in the main business categories in the International area:

• Duty Free• Chocolate• Clothing shops• Accessories • Food and drinks

To complement our offer for our passengers; and with the main objective of providing a better experience meeting their needs during their transit through our airport, bidding processes were carried out to expand our commercial offer, adding new premises in the following categories: VIP room, coffee shop, bar, jewelry, among others.

In the category of casual clothing, the participation of important brands was also obtained, with new stores at the beginning of 2018.

Among Tocumen International Airport services offer, two types of “Non-Aeronautical Services” and “Aeronautical Services” stand out.

22

We expanded our offer and new stores will be opening in 2018.

Opening of the restaurant Subway on the airside


Non-Aeronautical Services:• Service for VIP passengers • VIPLounge• Car leasing• Transportation

Among the Aeronautical Services we have a wide offer:• Groundhandling service for aircraft • Aircraft power services• Cargo and courier• Aircraft cleaning• FBOs (Fixed Base Operator)• Aircraft fuel dispatch service

In this last item, we can highlight that in 2017 we tendered the aircraft fuel dispatching service. In the month of August the international company CLH Aviación, S.A., was awarded to offer sale, transportation and distribution of fuel, lubricants for the aircrafts that operating in Tocumen International Airport, as well as in the regional airports under our administration.

The concession will have a 10-year term and during the term of this contract, the company will pay the Tocumen International Airport a 0.05525 cents per gallon

commission for the fuel dispatched, it is estimated that CLH Aviación will start operations in the month of July 2018.

CLH Aviación, S.A. is a company created in 1997, and is present in most Spanish airports of the Iberian Peninsula and the Balearic Islands offering storage, distribution and on board aircraft fuel and aviation lubricants dispatching.

Additionally, CLH Aviación, S.A., manages, advises and provides technical assistance for the installation and maintenance of distribution networks of different types of aviation fuels. It currently manages 5 hydrant networks in airports in Spain. The company also provides fuel infrastructure management services outside airport premises, including the management of documentation and fiscal controls associated with these facilities.

We expanded our service offer in both areas: “Aeronautical” and “Non-aeronautical”

23

Tender for aircraft fuel dispatch concession.


GROWTHOur development


The accelerated and sustained growth in passenger a movement in recent years has led Tocumen International Airport to create a strategy embodied in a Master Development Plan for the next twenty years. This strategy of transforming and modernizing the airport has led us to define two strategic business axes.

Business Axis 1 - Airport City

Conceived to meet passenger and commercial airlines demands, it will complement the expansion program through strategic planning, transformation and urban planning of the of Tocumen International Airport grounds.

Tocumen International Airport Expansion Program New Terminal 2 Project (T2)

The new Passenger Terminal building “Terminal 2”, has an approximate surface of 116,000 square meters, developed mainly on two levels, for departures and

The strategy of transforming and

modernizing the airport, has led us to define two strategic business axes

25

Progress in the construction of the building that connects Terminals 1 and 2


arrivals. It has a length of 650

meters and a width of 170 meters at

the widest part and 23 meters in the

narrowest part towards its north and

south ends. It has an emblematic

design created by the famous

architecture studio of Sir Norman

Foster & Partners, from England.

The new passenger terminal will

have the capacity to serve aircrafts

in 20 contact positions and 8 in

remote positions, taxiways, parking

platforms and aircraft circulation,

adding a pavement surface of more

than 250,000 square meters.

In order to meet security

requirements, a One Stop Security

(OSS) for its acronym in English,

will be implemented, which will help

control passengers in transfers

before they access their next flight.

It will have state-of-the-art special

technology systems, among which

stand out the baggage handling

system (BHS), CCTV (closed circuit

television), Access Control, Fire

System, Building Management

System (BMS), Passenger

Information Systems, among others.

For air conditioning production, a

specific building has been built for

chilled water production to serve

the terminal’s air conditioning

production.

The Riverclack roof system (metallic

roof system), in bronze-colored pre-

molded aluminum sheet, will have

overhead lighting by means of

skylights distributed throughout the

roof that, added to its special design

glazed facade, it will provide good

and efficient natural lighting during

many hours of the day, collaborating

substantially to energy savings.

To achieve a true functional

integration between both terminals,

there will be a connector building

that will join them physically, its

equidistant location is strategic both

for the distribution of facilities and

for the flow of personnel working at

the airport.

During 2017, design and

construction production was

centralized in different work fronts,

26

Aerial view of the new Terminal 2 under construction.

Works of floor finishes in the newTerminal 2


being the most relevant:

• Roof cover

• Curtain wall

• Finishes (includes walls, floors

and coverings)

• Facilities: air conditioning,

air extraction and renewal

system, fire protection system,

supply and distribution

of drinking water, special

CCTV systems (closed

circuit television), data and

communications network,

electricity supply and

distribution, lighting system)

• Baggage handling system

• Access control system

• Security systems

• Boarding bridges

• Platform for parking and

circulation of aircraft

• Aircraft fuel distribution and

supply system.

Project Advance Project:

December 2016:Financial 68.21 percent. Physical 58.29 percent - Difference 9.92 percent.

The new passenger terminal will have

the capacity to serve aircrafts in 20 contact

positions and 8 in remote positions

27

December 2017:Financial 88.06 percent. Physical 82.34 percent - Difference 5.72 percent.

Aerial view of the new remote aircraft parking platform.

ANNUAL REPORT 2017 Aeropuerto Internacional de Tocumen S.A.28

Investment Plan projects to expand capacity

1. Design and reconstruction of

pavements, lighting, signaling,

drainage and marking of taxiway

H and threshold of runway 03L

of Tocumen International Airport.

In order to solve the advanced

deterioration in of H Street

and Threshold 03L, Threshold

03L and H Street H are being

reconstructed.

The purpose of the design

is to provide a pavement

with a lifespan according to

Panamanian international and

national standards for at least

20 years (with an adequate

maintenance plan).

Threshold 03L is a key piece

in the operation of the airport

maneuvering area and the

antiquity of the pavement (track

built in the 50s), which require a

greater actions; that is the origin

for carrying out reconstruction

tasks. Additionally, the threshold

should provide a surface

resistant to aircrafts jet and

possible fuel spills as well as

a structural capacity against

the torsional forces induced by

the pivoting movements of the

aircraft, either when accessing

threshold H or by maneuvers that

oblige to perform a backtrack on

track.

The variety of pavement sections

in zone H, the difference in age

of these pavements and the

advanced state of deterioration

in almost half of these pavements

justify the replacement of the

entire H access area and the

construction of new quality

pavement, which guarantees

the continued operation of said

access for the next years. The

use of a pavement with hydraulic

concrete was implemented and

includes the demolition and

reconstruction of existing ones

up to (include) the subgrade

that must be repaired with the

removal of existing material and

the replacement with another

Works of reconstruction of pavements in Taxiway H.

View of the construction works of the new pavement in taxiway


With regards to the planning, it is foreseen to implement

civil underground electrical and communication

infrastructures for future developments

29

of high quality; additionally, the

disposal of surface drainage

systems and sub-drains in such

a way that the possible sub-base

losses are corrected either by the

ascent of the water table or by

lateral or superficial infiltrations

(through the pavement joints).

During the project execution,

there was a need to add activities

as part of the construction of

communication and electricity

vignettes by ENSA and future

fuel passes on the GOLF Street.

The execution of the project was

affected by the rainy season, as

well as for operational reasons

and delays in the construction

permit process, for which the

additional time to extend the

project in March 2018 has been

approved. The project presents

an advance from construction to

December 2017 of 97 percent.

2. Design, construction and

refurbishment of screed of the

runway 03L-21R of Tocumen

International Airport. This project

was completed in the month of

May 2017 and will improve the

airport infrastructure allowing

us to provide safer services to

airlines.

Design and construction of

aircraft platform parking in

the area near the Rescue

and Firefighting Station (SEI).

Due to the increase of E-code

aircrafts that transit through the

airport, both commercial and

cargo, generates the need to

provide Tocumen International

Airport with an aircraft parking

platform with capacity for 4 key

aircraft C type B-737-800 a (1)

position type E (B-747-400 and

a C type B-737-800), it has an

approximately rectangular shape

with an area of 17,449.43 square

meters, with an 0.8 percent

average descending slope with

an area of 17,449.43 square

meters, with a 0.8 percent

average descending slope in the

direction of the current platform

to L Street and almost zero

transversal slope composed of

rigid and flexible pavement.

Construction of parking platform for 4 type C and E aircrafts


For the construction of the

parking platform, it is necessary to

relocate the existing systems and

infrastructures in the execution area.

Among the relocated infrastructures

are the fuel line, communication and

electrical ducts, drinking water lines

that supply the airport’s reserve

tank, as well as the fuel dealer’s fire-

fighting line (ASIG) among others

not included in the conceptual plans

of the projects and found during the

execution of the same.

For the relocation of the existing

fuel line, the “Hot Tapping” hot-

plug method was used in order to

keep the operational fuel line and

not interrupt the aircraft fuel supply

during the execution of this activity.

In view of the future planning of

the projects, it is foreseen that civil

and underground communications

infrastructure will be installed for

future infrastructure development

at the airport, the future cargo area,

the new fuel storage facility, the

future free trade zone and require

an increase in electric power from

outside the Airport and supplying a

complete section of fiber optic, to

avoid cuts and splices, otherwise

there will be transmission properties

failures which would cause

communications problem in various

Airport areas. Activities have

been added to the project such as

the construction of electrical and

communication viaducts to the

Cargo Terminal area, viaducts from

the SEI (Rescue and Fire Extinction)

to the fuel tanks, future fuel passes

in ECHO Street and supply and

installation of fiber optic.

The initial activities of the project

involve earth movements and

relocation of existing systems, which

have been affected by the extensive

rainy season so the progress of the

project has been delayed.

During the year 2017, the project

reached 57 percent progress;

whose design and construction

was centralized in different work

fronts, the most relevant being the

following:

Infrastructure relocation work.

Construction of parking lots for “Code E” aircrafts”

The parking platform for “Code E” aircrafts has an approximate surface of 17,449 square meters


Terminal 2 will have a large parking lot whose Phase 1 is

under construction

31

• Demolition and construction of

potable water line that supplies

the reserve tank

• Demolition and construction of

potable water line for firefighting

for the fuel contractor

• Construction of electrical

viaducts and communication to

the Cargo Terminal

• Construction of electrical

viaducts and communication

within the platform area

• Construction of future fuel

passes

• Land conformation

• Construction of base structure

for the platform pavement

• Pouring of concrete

4. Design and Construction of Wiring Systems and New Electrical Substation. One

of the priorities of Tocumen

International Airport is its

electrical supply so operations

are continuous and efficient; in

the current context of expansion

and renovation, the necessary

measures have been taken

to improve energization of the

area.

Due to the current demand and

foreseeing future projections

of the electric power supply

required by Tocumen

International Airport as well

as increasing the quality and

reliability of the electrical supply

for the facilities, it was decided

to energize the infrastructure

from the high voltage network

(115 KV).

This includes:

• The construction of a hitch and

a high voltage (AT) connection

line from the Tocumen-ENSA

substation to the new high-

medium voltage substation

located within the airport

facilities

Construction work of the platform in Terminal 2.


• The construction of an

encapsulated electrical type

GIS substation capable of

being extended in stages up

to a maximum expansion of

130 MW (Airport Substation)

with the transformer equipment

corresponding to the first

stage (approximately42.5

MW), including the control and

maneuver equipment required

in the tender document.

• The “reinforcement” of the

Airport substation with the

design and layout of at least two

underground 13.2 KV medium

voltage lines from the current

ENC TOC-6 TOC-7 hitch point

to the medium voltage busbar of

the new substation.

• The implementation,

programming and

implementation of a SCADA

type Control and Management

System (Supervisory Control

and Data Acquisition) that

allows the safe exploitation and

management of the electrical

distribution system in a reliable

manner.

With this project it will be

possible to comply with in an

efficient and reliable manner

the growing demand for

electric supply expected to be

experienced by the electrical

distribution system at Tocumen

International Airport, providing

users and customers with

a quality service in a HUB

infrastructure conceived to be

the leader of the region. The

progress reached to December

2017 is 44 percent.

5. Construction of Phase I of parking lots in Terminal 2 of Tocumen International Airport. Among the advantages offered

by the new Terminal 2 is a large

parking lot whose Phase 1 is

under construction and presents

a 4 percent progress.

6. Design and construction of backup generators for the electrical support for Tocumen International Airport expansion. Centralized back

up isproposed with generators,

View of the water cooling plant and sub electric station

: Infrastructure for the control of systems installed in Terminal 2


The expansion program includes the design and

construction of electric backup generators

for efficient terminal operation

33

through its direct link with the

new airport substation (115

kV), the rational support of

the different medium voltage

substations (13.8 kV) that are

distributed throughout the

expansion plan and energized

by a philosophy of rings from the

airport substation (115 kV). This

Project, as of December 2017,

presented 38 percent progress.

7. Construction of Phase II of parking lots in Terminal 2 (T2). This phase of the parking

lots expansion is part of the

facilities of new Terminal 2 that

is in execution. The project has

4 percent progress and is under

review jointly by the Parking

Section, Security (AVSEC),

foreseeing the channeling of the

infrastructure.

8. Study, design and construction of S4 Street and extension of L1 Street.

Tocumen International Airport

requires a double system of

taxi lines to achieve optimum

functionality between the

platforms of the Terminals1

and 2, which allows the aircraft

flow to enter and exit. The

construction of an access (S4),

which is located near the new

platform will allow simultaneous

movement in both directions.

By December 2017 the project

presents 38 percent progress.

9. Design and Construction of the definitive CellPhone Parking at Tocumen International Airport. Derived

from the expansion program

is in execution; with the main

purpose of providing the user

with a better service, this is the

idea of creating a temporary

free parking lot which is used

to offer a waiting area for the

general public who are picking

up passengers.

This parking space has a 5,375

square meter area, developed

in the boulevard area. This

project aims to reduce

congestion at the entrance of Electric backup generators


98%Progress in the of construction of the new waste treatment plant

34

Terminal 1, preventing cars from

traveling continuously through

the airport or waiting on the

shoulders of the roads near the

airport. Once the passenger’s

flight lands, they can pick up

their luggage and call the person

waiting for them in the parking

lot.

The new CellPhone Parking is

a free service and is designed

for short waiting periods, both

for passengers who are arriving

or departing, this spacing will

consist of 118 parking places,

out of which 5 are intended for

people with reduced mobility,

perfectly signalized to flow

according to the waiting time in

this area.

This project in addition to

providing service to the

passenger, will contribute

with the AITSA’s material

resources and the environment

since the lighting system to

be used is sustainable and

ecological. The overall energy

consumption will therefore

decrease waste emissions. This

approach creates a tendency to

achieve more rational energy

consumption.

The project as of December

2017 presented 98 percent

progress and the construction

included the following:

• Earth movement and uprooting

• Excavation and filling

• Drainage and viaduct system

• Asphalt

• Paint, signs, stops, laces and

buoys

• Luminaires

10. New Waste Treatment Plant.

This new plant located in the

cargo area has an approximate

area of 1,215.00 square meters,

developed mainly in the cargo

area, which will have top

technology for the processing of

international waste.

During the first months of 2015

through ICAO, the waste treatment

plant project is being put out to

tender. This tender consists of

0487

New waste treatment plant.

The new parking lot (Cell Phone Parking) will have 118 spaces to park.


The new waste plant with modern technology

for the treatment of gases,

will have an ability to incinerate up to

700 kg/hour

the design, construction and

administration (one year), where in

addition to the final treatment, it is

necessary to collect waste on the

platform.

The most significant data of the

applied technology for the treatment

of waste.

• The plant complies with the

International Health Regulations

to avoid possible epidemiological

risks

• It will be the most modern plant

in the world with a capacity to

treat up to 700 kg / h of waste

from international flights, putting

Tocumen International Airport at

the forefront of all Latin America.

The gas treatment system meets

the most important criteria

guaranteeing NO atmospheric

pollution. For this it has a

continuous monitoring system

• The secret of the plant is not

to burn waste, but to treat

gases that emanate from the

combustion, inside a closed

circuit, by means of heat and

with the contribution of chemical

elements, such as urea, etc. ...,

that make the gases expelled

into the atmosphere harmless

(zero pollution).

• Waste collection will be carried

out by trained personnel. This

personnel will not come in direct

contact with the residue, since

such waste will be deposited

by the personnel hired for this

purpose by each company in

standardized bags and inside

containers located at the foot of

platform

• The project in question has

generated between 40 and 50

jobs during the construction

period

During the exploitation period

between 6 and 10 positions were

created, between direct and indirect.

During the year 2017, the design

and construction production was

centralized in different work fronts,

being the most relevant:

Services to the airlines will be favored with the implementation of the new residual waste plant


• Foundations

• External walls

• Ceiling

• Finishes

• Potable and sanitary water

system

• Electrical and

telecommunications

system

• Gas system

• Waste treatment system for

waste and gas treatment.

• Parking lot.

• Perimeter fence

Progress to December 2017:

Physical 95 percent.

Terminal 1 improvement projects

1. Project of three fuel tanks.The design, construction and

installation of three (3) new

storage tanks for aircraft fuel,

will have a capacity of 25,000

BBL per tank. These new tanks

are being built on an area

of 4,979 square meters, the

integration of the existing fuel

tank system (Fuel Farm) such

as water and oil separator,

loading and unloading filtration

system, tank cooling system

and tank measurement system

will be integrated

The project included 33,000

cubic meters of earth and

landfill movements in order to

strengthen the stability of the

soil where the new tanks will be

built.

With the construction of this

project, it will be possible to

comply with the fuel demand for

the aircrafts using “Terminals 1

and 2”. Additionally, Tocumen

International Airport may

have a fuel backup for a more

days, improving the service to

airlines.

At the end of 2017, the project

reached 26 percent progress and

the following tasks were carried out:

• Movement for perimeter

fencing

• Excavation and filling of the

area

• Adaptation of the material

collection center

The design, construction and installation of three newstorage tanks for aircraft fuelwill have a capacity of 25,000 BBL (oil barrels) each

Progress in the construction work of three fuel storage tanks.


2. Study, design, construction of the re-fencing of the Tocumen International Airport. This project consists of

replacing the perimeter fence;

the project will be executed

in phases and includes the

construction of a new cyclone

fence due to the deterioration

it presented. The state it was in

represented a risk and danger

to airport security. The initial

phase extends from the access

point to the employee parking

lot and to the old cargo entrance

with 87 percent progress by the

end of 2017.

3. Refurbishment of the street in front of Gate 15. Due to

the considerable deterioration

of the access road to Gate 15

(formerVía Domingo Díaz),

where tank trucks with fuel to

supply airport tanks regularly

enter, defined the prompt

execution of this project that

has been completed in 2017.

4. Rehabilitation and repair of bathrooms in the cargo area.

This project, included in the

improvement plan for airport

administration facilities, and

included the rehabilitation

and repair of the toilets in the

cargo area. It provided a better

environment to users in the

area and was completed during

2017.

5. Remodeling and expansion of

Gate 15. During 2017, we

completed this project, which

has improved the conditions

and facilities at Gate 15 that

operates 24 hours

6. Vehicle rearrangement in the

cargo terminal. This project was

completed in 2017, increasing

the number of parking lots

and facilitating the circulation

for users, administrative staff,

customers and concessionaires

in the area.

7. The adaptation of the parking

area for employees and officials.

Located on the north side of

the passenger terminal, was

completed in 2017, providing

We have identified and initiated the development

of key projects to improve infrastructure conditions in

Terminal 1

Rehabilitation of the Gate 15 that provides access to the trucks that supply fuel to the terminal.


facilities to our employees and

officials of the institutions with

offices in the airport facilities.

8. Study, design, development of plans and remodeling of health services, located on satellites A and B. The

project included the upgrading

of sanitary facilities in the area

and was completed in 2017 to

benefit users.

9. Design and construction of roof cover for pedestrian crossings and waiting area for transportation; as well as the replacement of parking decks at level 100. This project

reached a 52 percent progress

and the objective is to provide

better facilities for tourism

transport services.

10. Improvements to the facilities of the Rescue and Firefighting Station (SEI). During 2017,

this project was completed to

provide adequate facilities for

the firefighting system.

11. Design and construction of the solid waste maintenance office. We completed this

project in 2017, providing

a space for the personnel

responsible for cleaning in the

compactors area

12. Remodeling of scanner area 1 and 2 (x-rays), warehouses 1, 2 and 3 North Dock and parking lot of the SEI. Tocumen

International Airport, within

its improvements, decided to

integrate three (3) needs in

remodeling and improvements

of its infrastructures; and create

a project to solve them.

In scanner areas 1 and 2, the

lack of protection from the

weather and sun presents

the need to install a cover

in the area of Scanner 1.

This protection consisted

in the installation of blinds

(louvers) and repairing them

for employees and equipment

protection. It was also proposed

to repair the service street,

since the inspection chambers

Remodeling of bathrooms in the Cargo Terminal.

We implemented the vehicle rearrangement in the Cargo Terminal to facilitate the circulation in the area


We are executing key projects to improve the infrastructure of

Terminal 1, inaugurated in the year

1978

39

that this area are evidently not

leveled.

On the other hand, the lack of

cove for the fire trucks, in the

SEI promotes the request for

the construction of a covered

parking lot for vehicle protection.

It also includes the remodeling

of warehouses 1, 2 and 3,

located on the North Dock

platform, with the purpose of

conditioning these spaces to

be more efficient, thus solving

a condensation problem. By

December 2017, the project

had 35 percent progress and

includes the following works:

• Demolition and removal.

• Civil work.

• Electrical and special

systems.

• Air conditioning system.

• Finishes (door, paint and

cleaning)

13. Design and construction of the cargo elevator of the North Dock. The project is

carried out to meet the need

to adapt the merchandise

provision area located in the

warehouse building at the

North Dock of the Passenger

Terminal; and will be used to

handle the merchandise of the

different stores in Terminal 1.

By December 2017, the project

presented 24 percent progress

14. Design and construction of offices for theTocumen Airport Workers Trade Union (UTAP). The project is

conceived to provide workers

an office, and it had 99 percent

progress to December 2017.

15. Remodeling of bathrooms. The project has 16 bathrooms

in total (8 in the public area

and 8 in the platform area

on the air side). Among the

improvements of the passenger

and employee bathrooms. The

bathrooms were included in

the infrastructure improvement

plan. Thisprojectreached

View of Terminal 1 that started operations on August 15, 1978


23 percentprogress as of

December 2017.

16. Reordering of exit security points (checkpoint) and screens in the Customs area. To improve the transit

of passengers in the security

control spaces towards the air

side of Terminal 1, providing

more comfort and flow, avoiding

stagnation and delays, this

project was completed in 2017.

17. Remodeling of the Customs Authority offices in airport facilities. At the request of the

National Customs Authority,

Tocumen International

Airport included among its

improvements these offices so

that Customs personnel perform

their functions efficiently and

comfortably, the project as of

December 2017, shows 98

percent progress

18. Design and remodeling of the immigration and customs sector at level 100 of Terminal 1. The project covers the need to

expand the area for immigration

and customs counters; as well

as adding a new carousel is

for the handling of suitcases

and improving the aesthetics

of the area in order to increase

passenger flow and comfort.

This project has 91 percent

progress by the end of 2017.

19. Remodeling of the wildlife and environment control office. This project relocates the office

in Warehouse 30 in the North

Dock in Terminal 1, in order

to improve the conditions for

their administrative personnel

functions- It has reached 96

percent progress to December

2017.

20. Prolongation of Lima Street and the Platform Expansion.

Aircraft movements through the taxiways

Displacement of aircrafts on the platform.


The infrastructure improvement projects include taxiways and

platform expansion with the objective of improving

the aircraft mobilization

41

The objective is to provide

AITSA with a taxiway that is

fully functional and integrated

with the set of taxiways and

able to withstand the expected

loads of the traffic coming

from the threshold 03R. It is

connected with the platform

at an approximate 30º angle

at the southeast corner.

Simultaneously and coming

from the threshold 21L, L

Street is joined in the same

way but by the vertex northwest

of the platform (passing G

Street ). Finally, the only quick

exit of runway 03R-21L (Q)

is connected to the platform

approximately one third of the

longitudinal development of the

platform (taken from the north).

All paved areas, both resistant

and non-resistant, are made

of concrete slabs.The drains

of the strips associated with

the taxiways and platforms are

of superficial type (open-air

channel). The current surface

aeronautical lighting consists of

high taxiway edge lights (blue)

and green taxiway center lights,

supplemented by vertical signs

(panels) indicating locations

and directions. These elements

are electrically powered from

CCR housed in the regulators

chamber next to the SEI

building and the corresponding

underground ducts.

The construction of the natural

extension of L Street allows

aircraft circulation from G (which

in theory should be a connecting

a street between tracks) to L and

threshold 03R without the need

to occupy the inner taxiways of

the platform. They discharge

the same and the operation is

favored.

Among the works contemplated

for the execution of this project

are earth movements, drainage,

pavement construction,

channeling, lighting, electrical

and communication viaducts

works, among others.Lima taxiway construction work.


We have included regional airports in the infrastructure improvement plans

42

The progress of the works

has been affected by the rainy

season, taking into account that

the first activities to be carried

out are those of earth moving

and the cancellations of work

for operational reasons.

During 2017, work was carried

out on the formation of land and

earth movements, drainage,

construction of viaducts,

placement of BGTC and asphalt

cover. The project has 35

percent progress to December

2017

21.Temporary parking of the Cargo Terminal. This project

is completed in 2017, providing

more adequate spaces to park

the vehicles of area users,

including trucks.

Improvement projects at Regional Airports: Panama Pacifico International Airport

The following projects stand out

to improve services at regional

airports:

1. Contract for cleaning and

maintenance of green areas.

2. Rehabilitation of the south west

fencing.

3. Acquisition and installation of

air conditioning motors for the

passenger terminal.

4. Tender for the security

checkpoint project.

5. Acquisition of two operational

vehicles.

6. Acquisition and start-up of the

new radio system

7. Development of the Master

Plan

8. Cartographic, topographic and

approximation survey.

9. Project for the installation of

new electric track lights wiring.

Enrique Malek International Airport1. Contract for cleaning and

Panama Pacifico International Airport facilities

Exterior view of Panama Pacifico Airport


Increased frequencies in the operations of low-cost airlines

has been notorious. From regional airports flights are offered to Bogotá, Cali, and Medellin in Colombia and to

San José in Costa Rica

43

maintenance of green areas.

2. Cleaning of the plant area in the

approximation of threshold 04

and 22.

3. Construction contract for the

perimeter fence.

4. Tender to adapt the main

platform.

5. Tender for the project for

security checkpoints.

6. Acquisition and installation

of the runway end identifier

lights (REIL) to improve airport

security and provide more

reliability to our users.

7. Acquisition oftwo operational

vehicles

8. Acquisition and implementation

of the new radio system.

Enrique Jiménez International Airport

1 Contract for cleaning and

maintenance of green areas

2. Start-up of the air conditioning

system.


vehicles.


of the new radio system.

Scarlett Martínez International Airport

1. Installation of the landing

system by instrument ILS

(Instrument Landing System,

for its acronym in English).


vehicles.


of the new radio system

Improvements in regional airports operations

In the regional airports, the

aerodromes temporary certification

and implementation process and

update before the Civil Aviation

Authority (CAA) was performed,

Enrique Malek International Airport, David, Chiriqui.


improving significantly the operation

of the operational areas, the

preparation and updating of the

operations, emergency and safety

manuals under the regulations of the

Civil Aviation Organization (ICAO)

and the permanent certification of

the Panama Pacifico International

Airport began.

The increase in operating

frequencies of the low-cost airline

WINGO has been notorious. From

the Panama Pacifico Airport, the

airline offers flights to Bogotá, Cali,

and Medellin in Colombia and to the

city of San José in Costa Rica.

The maintenance and adaptation

process of strips and operational

areas of regional airports begins,

including the analysis and study

of platform, taxiway and runway

surfaces.

We took care of the runways

approach area at the international

airports of David, Río Hato and

Panamá Pacifico and we also

increased the technical staff to

support the operation of these

airports, in compliance with

national and international operating

regulations, in the areas of Rescue

and Firefighting Station (SEI),

AVSEC (aviation security) and

operations.

Joint night surveillance processes

were implemented in airports to

minimize risks and improve security

in the operational area. A highly

relevant fact at the Enrique Jiménez

International Airport, in the province

of Colón, is that the company

TAECA began operations during the

last quarter of the year. It should be

noted that it is the first cargo airline

operating at this airport since the

remodeling works in 2013.

44

Inaugural flight of the airline TAECA at Enrique Jimenez International Airport in Colon.

Scarlett Martínez International Airport


Business axis 2 - Tocumen International Airport Multimodal Zone

The project of Tocumen International

Airport Multimodal Zone aims to

strengthen the Airport’s strategy

to modernize the Cargo Terminal,

optimizing the services inherent to

this area, establishing the first state

free zone located within the grounds

of the Airport called Tocumen

International Airport Logistics Zone;

and that it is also the first airport free

zone in the region.

The investment approved by the

Board of Directors for this project

is B / .11.7 million balboas for the

urbanization of the area and the

construction of the access roads,

treatment plant, internal roads,

lighting, fencing and security booths,

among others. . This initiative also

aims to contribute to the growth of

the Tocumen International Airport,

making it an important player in the

country’s logistics strategy.

On the other hand, with this

development the growth

45

opportunities in different sectors of

the economy will generate a series

of direct and indirect jobs, which will

result in the medium and long term

in the socioeconomic development

of the country impacting around 269

million balboas in the GDP.

The Logistics Zone will operate

under the Free Zone regime,

favoring logistics and industrial

added value activities, mainly with

the handling of perishable products,

pharmaceuticals with uninterrupted

cold chains, electronic commerce

(e-commerce) and spare parts. It

will provide savings in transport

costs and time of at least thirty-three

percent (33%), optimize the supply

chain, generate economies of scale,

and work through a single window

to expedite the procedures of air

cargo service achieving greater

operational efficiency.

The surface of the first phase is

180,000 square meters with the

possibility of expanding to more

than 350,000 square meters of

urbanized plots for the development

of logistics warehouses with wide

The project of the Tocumen International Airport

Multimodal Zone aims to strengthen the airport’s

strategy to modernize the Cargo Terminal and develop

the first airport Free Trade Zone

Perspective of the Tocumen International Airport Multimodal Zone.


roads, maneuvering spaces and

facilities for storage, consolidation

and distribution; an administrative

structure dedicated under its own

internal regulations. It is important

to point out that the users of this

Logistics Zone will enjoy the

fiscal, migratory and labor benefits

indicated by Law 32 of April 5, 2011;

In addition, the companies that

are established in the area will be

covered by the Investment Stability

Law (Law 54 of July 22, 1998) and

the business stability regime that

provides corporate stability in the

face of changes in government and

protection of intellectual. Property

rights.

• Carry out the official kick off of

Tocumen Airport Logistics Zone

project in the monthly session

of the Logistics Cabinet in

April carried out in the Yellow

House of the Presidency of the

Republic.

• Develop and sign, in conjunction

with the National Customs

Authority, Resolution No. 435,

which establishes the internal

procedure for the exercise of

oversight, supervision, and

control functions in the area

known as the Logistics Zone

of the Tocumen International

Airport.

• Develop and sign Resolution

018-JD 17 through which the

Regulation for Access to the

Free Trade Zone is adopted.

• Contract the project

management firm to develop

the design of the Logistics

Zone; as well as the preparation

of reference terms for the

urbanization of the area.

• Present and promote the

project in various international

forums and venues, such as

Expocomer, Expo Logística,

as well as in university forums

held at the Technological

University (UTP), Santa María

La Antigua University (USMA),

and Interamerican University of

Panama (UIP). We received the

visit of master’s degree students

46

Cargo mobilization in a cargo aircraft from the Cargo Terminal.

Signature of the Customs resolution by which the Logistics Zone internal control procedure.


from American universities such

as the Massachusetts Institute

of Technology and the University

of Southern Louisiana.

• Start the promotion of the

project and develop articles

about the project for mass

media such as La Prensa,

magazines and supplements

such as: Martes Financiero,

Capital Financiero, SUMMA,

Inversiones y Negocios, and

Mundo Social.

47

Tocumen International Airport Logistics Zone will

operate under the Free Zone regime favoring the added

value logistics and industrial activities

Consolidation

Light Manufacture

Labeling

Cold Chain

Value Added Activities


SERVICEOur Challenge


In this area, the Tocumen International Airport team has made great achievements, as detailed below:

• Opening of the second immigration entrance, located in the northern area, providing greater comfortin the entrance of passengers.

• Remodeling of customs offices.• Improvement of the carousel

infrastructure of for the baggage handling system.

• We continue working the on signals to give better guidance to our users.

• Improvement of the water sources system with special bottle filling.

• We increased the number of machines for parking fee collection.

• We improved incident reporting services.

• We updated the image of the Passenger Services Department, providing the staff with a uniforms with

49

We continue working on the signaling of

Terminal 1, facilitating orientation to

passengers during the transfer between flights

Signaling installed in front of airlines counters in level 200


striking colors to facilitate recognition and help passengers notice.

• We implemented the planning of services, including the statistical analysis of the passenger immigration data.

• We created the post of terminal coordinator position to deal with cases with authority 24 hours a day.

Improvements to the Aviation Service

At the end of 2017, we were able to complete 37 percent of the agreed actions for the implementation of the Airport Collaborative Decision Making (A-CDM), including the training of personnel necessary for this purpose, as well as the revision of the Memorandum of Understanding between AITSA, Copa Airlines and the Civil Aviation Authority. Additionally, selected personnel from Operations Management and carried out an internship in the Airports of Barcelona and Madrid, with the objective of learning about the A-CDM implementation process in these airports

We obtained the ISAGO IATA (Safety Audit for Ground Operator) certification for 4 of the 7 management companies operating at Tocumen International Airport(BLAS,Girag,CopaAirlinesandAircraft Services).

We completed the civil works and operation tests of the International Waste Treatment Plant (incinerator) and we are waiting for the issuance of the corresponding permits for its start-up in 2018.

We progressed by 21 percent the actions to obtain Tocumen International Airport’s Certification, among which we can mention the creation of the certification team, publication of the tender and award of the required planimetry

We successfully implemented the new Operational Safety Program (SMS) under the guidance of the Civil Aviation Organization (ICAO) through experts in the field. We trained a large team in safety issues and developed the Operational Safety Manuals (SMS) for both Tocumen International Airport and the Regional Airports.

50

Supply operations to aircrafts in Terminal 1

Boarding operations in Terminal 1


We completed 90 percent of the actions for the implementation of the new rating for support of auxiliary systems of boarding bridges, which is expected to be implemented and of mandatory requirement by June 2018.

We made technical visits to Los Angeles, Chicago and New York airports with the objective of knowing about the bridge control processes, to implement them at Tocumen International Airport in the first quarter of 2019.

Infrastructure Improvements

It has been a year of significant challenges in relation to the maintenance of infrastructure, however, the challenges have been faced with immediate measures to ensure better reliability and operation of the systems that support airport operation.

All this has been possible, by hiring technical staff suitable to strengthen the different areas and sections of the maintenance area.

In terms of maintenance, an

investment matrix has been approved to update the different systems, and change the reactive to events maintenance model to a preventive and planned system. Task that has not been easy, because the terminal operates in a structure of more than 40 years of construction, with different systems, different years of manufacture and different standards.The final result of the effort, have been 36 maintenance projects developed, with 16 already published, and 10 in execution. Direct hiring was reduced at its ultimate expression.

Below is a detail of the projects executed during the year 2017 in infrastructure for Terminal 1 and Regional Airports: • Acquisition of 26 water sources

(22 installed)• Painting of Terminal 1 building.• Gray wall painting on platform

area• Signaling in the tax-free

shopping area (Duty Free)• Horizontal signaling on bridge

s of level 100 and level 200• Repairs of roadways in the

external area of the terminal.• Waterproofing roof slabs for

51

We train a large team on safety issues and develop Operational Safety (SMS)

manuals, both for the Tocumen International

Airport and for the Regional Airports

Participants of the operational safety program(SMS)


leaks • Repair of walls hit by suitcases

and agency transport carts in terminal corridors and merchandise aisles

• Works of friction measurement, horizontal signaling and rubber removal on runway 03L

• Implementation of pavement management system

• New platform signaling • Cleaning and concrete coating

of runway drains.• Installation of air curtains for

Terminal 1 • Preventive maintenance to

water treatment plants in regional airports.

Panamá Pacífico International Airport • Expansion of the waiting area

of the terminal.• Exterior painting of passenger

terminal and administrative buildings.

• Painting of internal walls.• Repair of inoperative toilets in

the passenger terminal.• Affected gypsum ceiling

repairs.

• Public parking signaling • Track signaling project.

Enrique Malek International Airport

• Exterior infrastructure painting maintenance.

• Horizontal signposting of temporary runway

• Deep cleaning of roof and channels

• Runway signaling Project

Equipment Administration and Maintenance Tocumen International Airport In terms of equipment maintenance

we have that among the most

important challenges is what

concerns the reliability of the

electrical system. It should be

noted that this has been the case

for all customers of the country´s

electricity network; and especially,

for the Tocumen International

Airport. The continuity of the

electrical service of this important

installation has been affected by

three types of events

1. National blackouts (Completeor

Partial)

Operations of the German airline Lufthansa

Operations of American Airlines


Installation of a 225 kva UPS in the power plant, which

will provide uninterrupted support to the critical areas

such as the control tower, critical communication

systems, etc.

a. March 17, 2017: An event

occurs in the National System

for the damage of two current

transformers (CT) in 115kV,

one of phase B, associated with

switch 11B42 and another of

phase C, associated with switch

11ª42; both in the Panama

Substation I of ETESA.

b. March 21, 2017: An event

occurs in the National System

for the damage of another

current transformer (CT) of

115kV, of phase C, associated

with switch 11B12 in the

Substation Panama I of ETESA

2. Localized blackouts (Failure in

the Distributor Network)

a. Oct.30, 2017: there is a failure

in the primary measurement of

Harinas del Istmo, customer

connected to the ENSA network

and one of the airport circuits

and half of the terminal has a

blackout.

b. Nov. 18, 2017: A fault occurs

in a lightning conductor of the

TOC-10 that runs up on the

same posts of the TOC-7 and

affects the latter leaving half of

the terminal without electricity.

c. Nov. 19, 2017:A fault occurs in

a lightning conductor of TOC-

10 that runs up on the same

posts of the TOC-7 and affects

the latter leaving half of the

terminal without electricity.

3. Power outages in the AITSA

network.

a. Sep. 18, 2017:A fault occurs in

the transfer switch of Substation

8 owned by the Tocumen

International Airport. This

blackout lasted about 4 hours

and was the most affected

throughout the year.

Following the blackout of September

18, 2017, the Airport Administration

initiates an immediate action plan

to prevent similar situations from

recurring. The plan consisted of the

signing of a collaboration contract

with the distribution Company and

the hiring of a consultant in power

system that leads the improvements

in Terminal 1 and the commissioning

of the new Terminal 2.The immediate improvements to be made in Terminal 1 include:

• Carry out protection coordination and secondary

Control Tower located in Terminal 1


injection study to verify the new settings.

• Review of the SF6 pressure of all switches similar to those failed and remove those that leaked.

• Replacement of the Power Transformers of Substation 2A and 2B.

• Replacement of transfer switch and transformer of Substation No. 8.

• Installation of medium voltage fuses in the transfer switches.

• Installation of automatic transfer scheme and implementation of automatic circuit reclosing in circuits owned by ENSA.

These works started in November 2017 and are scheduled to be completed by the end of March 2018, after which the new 115kV substation should be in service and will greatly improve the reliability of the electricity supply of this important installation.

Other maintenance projects include:

• Implementation of a new cooling plant (chilled water)

with a capacity of 500 tons, which will provide more cooling capacity to Terminal 1 (T1).

• Installation of a 225 kva UPS in the power plant, which will provide uninterrupted support to critical areas such as the control tower, critical communications systems, telephone switchboard, elevators and lighting, among others.

• Maintenance of the electric power generation plants of the Tocumen International Airport.

• Maintenance of cooling towers.

54

We work on a plan to improve the electrical system

Coordination of works to restore electric power on September 18, 2017.



SUSTAINABILITYOurresponsibility


Tocumen International Airport seeks to safeguard

its competitiveness and sustainability to stay in the

coming years

The sustained increase in the passenger movement in recent years at Tocumen International Airport leads us to develop opportunities to improve and continue to carry out strategic planning to strengthen the business and keep us sustainable in the coming years.

Trying to safeguard its competiveness and sustainability, Tocumen International Airport maintains commitments with its various interest groups:

1. Employees: Commitment to the welfare, training, motivation, development and professional and personal growth of human capital.

2. Communities:Commitment to social development through active participation in support of the growth of the adjacent community.

3. Environment: Commitment to the development of capacities for the implementation of an environmentally sustainable operational management.

57

Signing of the ANCON-AITSA Agreement for the conservation of the environment through the Zero-Trash campaign


4. Customers: Commitment with Providing maximum satisfaction to the customer experience through our services and infrastructure.

5. Suppliers: Commitment to the achievement of maximum common benefit generating the highest levels of trust and mutual benefit.

6. Bondholders: Commitment to the fulfillment of our obligations to each one who trusted us.

7. State: Commitment to creating value in a sustainable way, guaranteeing greater contributions to the country.

Measures with the environment, mitigation and prevention actions

Tocumen International Airport continues with the Guardians of the Environment Project at Nuevo Belén School, with this Project children of 5th and 6th grade are instructed on the importance of recycling and maintaining a clean community.

We improved the measures of protection with the environment, automating the dispersion equipment for the protection of the personnel and it avoids to leave remains of cartridges and rods in the ground and green areas.

Professional development of workers, Training Programs and Development of Special Programs

Year 2017 represented great challenges in terms of Airport Sustainability, all of them aimed at improving our operational efficiency, increasing and improving services aimed at the welfare of workers; as well as contributing to the levels of Competitiveness of our Company and generating a friendly and stimulating work environment.

The coverage of services, medical, dentist, social assistance and even fairs was improved and improved the offer to our fellow workers. This year we led a large and complex logistics operation for the delivery of complete uniforms, in addition, equipment and safety

58

We participate in Corporate Social Responsibility activities, visiting Hogar Bolívar.

Tocumen International Airport annually supports the Pink Ribbon campaign.


Occupational tools for all our personnel.

Through the Department of Development and Labor Welfare (SISO) we improve accident prevention actions and risk conditions, visiting all the airports managed by the corporation Tocumen International Airport, S.A. and identifying situations that should be improved. On the other hand, operations performed at random in order to identify harmful practices for work safety were increased in all airports, alcohol testing, protective equipment and security were carried out monthly.

All our actions derived the operational plan that is harmonized with the strategic plan of the Company. The transformation of the system of archiving and documentation of human resources is a fact. The evaluation of our payroll process allowed us to call the attention of management about the level of vulnerability and risk of this section where the process to work has a very high components,

manual work; in addition, there is no manual of systems and procedures for human resources, so we rely on technical staff of the Vice President of Planning and Strategy to start the lifting of the most important manual for the operation of the Company.

Given the above, we evaluated the situation in human resources from the administrative perspective and presented to the General Management, an alternative for the establishment of a comprehensive program for Human Resources management, which included spreadsheets, with three options evaluated at the technical level.

A Strategic Training Plan was prepared with a holistic vision aimed at optimizing resources, making financial allocations to training that would generate value to the Company and strengthen the capabilities of our workers, with emphasis on operational areas.

We deliver a succession plan, not only as part of a commitment, but as an instrument for stimulate and value the talent of our human

59

Operations were perfomed monthly in order

to identify harmful practices for work safety in all airports,

alcohol testing, carry protective equipment and

safety

We award workers for their punctuality


Activities made from January to December 2017

60

resources and guarantee a strategic internal mobilization.

During 2017, we began a restructuring of the Vice Presidency of Human Resources Officers, established controls, which did not exist before, and initiated the establishment of procedures that guarantee transparency and traceability in each of the actions, and interventions by the Human Resources Officers. In the same way, we face the difficult commitment to comply with the provisions of the recent collective agreement and we were responsible for adapting to the new organizational structure, coordinating the reclassification process, preparing all the addendums to make the adjustments effective and reviewing all the process.

We have accompanied all the actions linked to the ORAT process, from human resources planning, costing and contracting. Finally, we initiate administrative adjustments to correct distortions that could be impacting the company´s resources,

in terms of overtime and recharges, as well as a campaign in the mass mail of responsibilities derived from the Labor Code, the Internal Regulation and the Collective Convention. Like we started a campaign to encourage ethical values.

Development of Special Programs

Different types of activities were developed in workers´ favor, among the activities carried out we have the product fairs, vaccination campaigns, training that leads to different types of seminars and courses to strengthen the skills of each of our workers, as shown in the next chart:

Transport Services

Dental ServicesGeneral Medicine CareSpeech TherapySISO Inductions

Protection Equipment DeliveredSISO Interventions made

Job Welfare Inductions

Fairs MadeBeneficiaries of the FairsDelivery of Uniforms

Psychological AttentionAttention to Social Cases Alcohol Metrics Performed

First attentionFollow upJob accidents

Diplomatic LoungePassengers ServiceFirefightersEmergency ClinicsTechnologySecurityParkingIncome-TreasuryAdministrativeMaintenanceOperationsWarehouseProject

1300 daily x monthly

2,6956,7731,179

363 persons

8,67286

205113

363 persons

165,305

2148

3094035

63519

8585261

74162981

195918


Amount of training hours

Vice Presidencies HoursGeneral Management 262Legal Assessment 438Airport Operations 1800Regional Airport Operations 164Safety Protection 1915Project Engineering 473Maintenance 588Commercial 112Marketing 192Airport Services 195Administration and Finance 1147Technology and Innovation 188Human Resources 853Planning 285Internal Audit 126Total 8738

Training Hour Porcentage of perAdministrative Unit

22%Safety

Protection

2%Regional Airports

Operations

21%Airport

Operations VP

5%Legal Assessment

VP

3%General

Management

2%Intern Audit

3%Planning VP

10%Human

Resources VP

2%Technology and Innovation VP

13%Administration

and Finance

2%Airport

Services VP

2%Marketing VP

1%Commercial VP 7%

Maintenance VP

5%Project

Engineering VP

61

We implement training programs for staff

Training Programs

Tocumen International Airport ensuring the continuous improvement of each of the workers, we are committed to training all the workers of each of the Vice Presidencies, providing courses at the national level and mostly at the international level, this with a view

to improve the capabilities of our human resource, below there is a graph that shows the number of hours, Social Responsibility Program (SRP) and its commitments:


Corporate Social Responsibility Programs (CSR)

Tocumen International Airport, S.A. over the years, has carried out different activities in favor of the communities surrounding the Airport, as well as the different non-profit foundations, a goal of the year 2017 was to properly define the human resource that will be in charge of properly managing all activities related to the Corporate Social Responsibility of the Tocumen International Airport, among the activities carried out we have the following:

Signature of ANCON-AITSA Agreement

On September 17, 2017, an agreement was signed between the Association for the Conservation of Nature (ANCON) and Tocumen International Airport, to coordinate actions aimed at the conservation of nature and protection of the environment in regions and areas of common interest, putting into practice support plans

as part of the zero waste project – change your neighborhood.

Donation to the Holy Spirit Parish

With the pretensions of expanding the parish to receive the pilgrims who will attend World Youth Day 2019, a donation was made to continue with the remodeling Works of the Parish Headquarters in the 24 de Diciembre corregimientoand to welcome the attendees to said meeting.

62

We collaborate with Nuevo Belén Shool established in the Tocumen community.

As a benefit for the collaborators, scholarships are awarded to employees´ children.



SAFETYOur commitment


Interms of safety, during the year 2017, Tocumen International Airport achieved important achievements, among which we can list:

1. Strengthening and reinforcement with personnel in each of the teams to cover all assigned areas.

2. Implementation of secondary inspections complying with the Rules of Annex 17 regarding the relative measures of passengers and their hand luggage.

3. Manpower management, using data analysis to anticipate operations at critical hours and distribution of units according to need.

4. Improvement of Airport Security at the Tocumen International Airport level, by closing the findings found in the teams by the quality control auditors.

We implemented the secondary inspections

complying with the standards established in Annex 17

regarding safety measures for passengers and their

luggage

65

We strengthen operations by implementing effective security measures.


5. Implementation of the new measures managed with the Ministry of Health, in order to eliminate unnecessary controls for MRX operators from May 2017, representing a decrease in expenditure of USD 23,927.88, guaranteeing even the conditions of employees.

6. Reduction of overtime and travel expenses (transportation and food) of the different work teams.

7. Open calls for the selection of coordinators and supervisors, through a competition evaluating work trajectory, performance and requirements. Ensuring first training and understanding to fully exercise the position.

8. Provision and regulation of the use of the new uniform of the operating personnel.

66

We ensure the training of our staff training to improve our services.

Operations on the air side are constantly monitored


3922


FINANCIALResults


Total Historic Income(in millions of USD)

69

2013 2014 2015 2016 2017

250,000,000

200,000,000

150,000,000

100,000,000

50,000,000

0

153.5166.0

188.5

232.2

84.6

68.974.3

91.8

89.9

98.6

101.2

131.0

95.7

137.9

233.6

Aeronautical Revenues Non-Aeronautical Revenues Total Income

EBITDA(in millions of USD)

2013 2014 2015 2016 2017

180,000,000

160,000,000

140,000,000

120,000,000

100,000,000

80,000,000

60,000,000

40,000,000

20,000,000

0

78.3

59.0

115.4

154.4

132.8

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) acronimo de inglés que significa ganancias antes de intereses, impuestos, depreciaciones y amortizaciones


Monthly Income(in millions of USD)

30,000,000

25,000,000

20,000,000

15,000,000

10,000,000

5,000,000

0

17.1

January February March April May June July August September October November December

19.3918.4

20.4618.65

18.618.48

19.8220.37

15.0

19.89

15.6

19.6

14.514.8 14.3 14.8 14.2

18.81 2015: 188.5 M

2016: 232.2 M

2017: 233.6 M

20.4

17.1

20.4

16.1

19.59

16.1

18.3

13.9

18.99

23.5

15.4 15.5

18.4618.7 20.65

24.4

24.0

70

Total Expenses(in millions of USD)

120,000,000

100,000,000

80,000,000

60,000,000

40,000,000

20,000,000

0 2013 2014 2015 2016 2017

106.1

88.8794.76

118.81102.21

-3.6%62.5%

-13.0%6.6%

17.3%

Operations Expenses Cumulative Distribution(in millions of USD)

100,000,000

80,000,000

60,000,000

40,000,000

20,000,000

0

94.6

2013 2014 2015 2016 2017

87.7

73.0

25.4%

Personnel Expenses General and Administration Expenses

76.4

18.2 19.8

68.0

66.4%-7.2%

-16.8%

49.7

23.3

50.7

27.1

77.8

6.5%

93.2

64.8

36.0


2015: 88.9 M

2016: 94.8 M

2017: 118.8 M

January February March April May June July August September October November December

6.0

4.65.2

6.4

4.74.8

7.6

6.44.7

8.5

4.46.5

8.8

6.25.6

8.8

14.1

6.06.9

10.16.6

7.4

5.844.5

11.0

6.26.9

8.1

8.38.7

11.9

7.68.3

26.1

18.4

20.2

30,000,000

25,000,000

20,000,000

15,000,000

10,000,000

5,000,000

0

Total Monthly Expenses (in millions of USD)

71

160,000,000

140,000,000

120,000,000

100,000,000

80,000,000

60,000,000

40,000,000

20,000,000

0 2013 2014 2015 2016 2017

47.5

99.6

137.4

114.7

63.8

Results of Operating Activities(in millions of USD)

150,000,000

130,000,000

110,000,000

90,000,000

70,000,000

50,000,000

30,000,000

10,000,000

-10,000,000 2013 2014 2015 2016 2017

16.4

10.9 10.6

12.913.7

Cost per Embarked Passenger (CEP)(in USD per passenger)

18.0016.0014.0012.0010.008.006.004.002.000.00

Operations Expenses Cost per Embarked Passenger (CEP)


Gross Sales per Embarked Passenger(in USD per Passenger)

Operative Margin

Net Profit(in millions of USD)

700,000,000.00

600,000,000.00

500,000,000.00

400,000.000.00

300,000,000.00

200,000,000.00

100,000,000.00

-2013 2014 2015 2016 2017

50.47 49.46

42.70

35.30

60.00

50.00

40.00

30.00

20.00

10.00

-

33.16

90,000,000

80,000,000

70,000,000

60,000,000

50,000,000

40,000,000

30,000,000

20,000,000

10,000,000

0 2013 2014 2015 2016 2017

20.20

58.2

33.4

65.1%

-49.1%

74.6%

45.3%

-23.0%

84.6

65.2

70%

60%

50%

40%

30%

20%

10%

0% 2013 2014 2015 2016 2017

400,000,000

350,000,000

300,000,000

250,000,000

200,000,000

150,000,000

100,000,000

50,000,000

0

31%

38%

53%59%

49%

47.5

153.5

63.8

166.0

99.6

188.5

137.4

232.2

114.7

233.6

Total Income Operations Activities Results Operative Margin

293.3 M 316.7 M 286.6 M 259.2 M 258.6 M

For Financial Statements please refer to the Financial Information section in our web site www.tocumenpanama.aero


INDICATORSSummary


TOCUMEN PASSENGERS STATISTICSTOCUMEN Passengers Statistics 76Movement of Registered Passengers at Tocumen International Airport 77Movement of Passengers per month 78Movement of Passengers per Day 79Movement of Passengers per Month / per Boarding Bridge 80Movement of Passengers per Hour / per Bridge Location 81Movement of Passengers per Airline 83Movement of Passengers per Airline per Month 85Movement of Passengers per Region and City 87 Growth of Passengers per Region 89

TOCUMEN INTERNATIONAL AIRPORT STATISTICS INDICATORS SUMMARY

74

OPERATIONS STATISTICSOperations Statistics 90Total Operations 91Commercial and Cargo Operations per Week Day 92Aircraft Operations 93Commercial Aircrafts Operations per Airline 94Commercial Aircrafts Operations per Month - Hour 95Commercial Aircrafts Operations per Boarding Zone Hour 96Operations per Location of Boarding Bridges / Month 97Operations per Location of Boarding Bridges / Day 98Operations per Airline and Location of Boarding Bridges 99Direct destinations to adn from Tocumen International Airport 100Commercial Operations 101Monthly, weekly and daily average of passengers per airline Year 2017 102Operations Origins and Destinations Offered by Passenger’s Airlines 103

REGIONAL AIRPORTS STATISTICS Movement of Passengers in Regional Airports 117Movements of Operations in Regional Airpots 119

CARGO STATISTICS 105Total Monthly Movement of Cargo 106Cargo Management Record 107Cargo in Transit Movement Record 108Cargo and Mail Movement Origin/Destination 2017 vs 2016 109Cargo Movement Origin/Destination per Operator Type 110Cargo Movement per region Origin/Destination 112Cargo Movement per Company Origin/Destination 113Cargo Movement Origin/Destination Share Chart 114


2009 2010 2011 2012 2013 2014 2015 2016 2017

Airlines in OperationPassengers FlightsCargo FlightsEmbarked PassengersDisembarked PassengersPassengers in TransitTotal PassengersTotal Cargo and Mail (Tons)Gross Sales (US $ Millions)Sales/Passengers(US $/Passenger)

31 29 27 36 37 39 41 40 40 70,454 73,401 83,306 100,018 111,144 121,777 129,722 132,928 133,125 7,654 8,014 7,809 7,966 8,321 7,891 7,299 7,386 7,462 1,356,421 1,413,966 1,557,705 1,806,308 1,917,311 2,034,262 2,143,591 2,347,241 2,174,801 1,474,449 1,558,821 1,713,674 1,855,763 1,972,750 2,132,878 2,202,185 2,222,389 2,282,632 3,701,057 4,032,244 5,000,080 6,512,799 7,696,620 8,615,027 9,088,897 10,172,307 11,158,632 6,531,927 7,005,031 8,271,459 10,174,870 11,586,681 12,782,167 13,434,673 14,741,937 15,616,065

83,894 98,924 110,946 116,332 110,186 110,789 94,721 110,364 113,228

150.4 171.1 222.2 266.2 293.3 316.7 286.6 259.2 258.6

45.93 49.12 53.79 52.13 50.47 49.46 42.7 35.3 33.16

2009 2010 2011 2012 2013 2014 2015 2016 2017

18

16

14

12

10

8

6

4

2

0

Historic of Passengers in Millions

6.57.0

8.310.2

11.612.8

13.414.7

Total pax Linear trend (total pax)

Indicators

Indicators Summary

75

15.6

Years

ANNUAL REPORT 2017 Aeropuerto Internacional de Tocumen S.A. 73

PASSENGERSResults


Tocumen International Airport registered a total of 15,616,065 passengers in 2017, this represented a 5.9% growth in passengers traffic compared to the previous year. This growth translates into a figure of 874,128 passengers more than last year.

Table 1Movement of Registered Passengers at Tocumen International Airport

TotalEmbarkedDisembarkedTransit

14,741,937 15,616,065 874,128 5.9% 2,222,389 2,174,801 -47,588 -2.1% 2,347,241 2,282,632 -64,609 -2.8%10,172,307 11,158,632 986,325 9.7%

2016 2017 Absolute RelativePassenger Type Passengers Growth

Chart 1 shows the behavior of passenger traffic by type, which reflects a moderate but continuous growth in passengers in transit who had 69% participation in 2016 and 71% in 2017, on the other hand it is observed that the participation of passengers embarked and disembarked in 2017 decreased 1%.

2016 2017

69%

16%15%

71%

15%14%

Embarked Desembarked Transit

77


Total Embarked Disembarked Transit

Passengers

YEAR 2016 YEAR 2017Month

Total

January

February

March

April

May

June

July

August

September

October

November

December

TOTAL

Total Relative Growth 2015 vs 2016 Total Relative Growth 2016 vs 2017


9.73% 3.68% 6.59% 11.92% 5.93% -2.14% -2.75% 9.70%

The table in reference, makes a comparison of the monthly behavior by type of passenger for the years 2016 and 2017. In the lower part there is a comparison of the relative growth 2015 vs 2016 and 2016 vs 2017 by type of passenger; relative growth 2016 was 9.73% while relative growth 2017 was 5.93%.

Table 2Movement of Passengers per month

14,741,937

1,303,426

1,134,770

1,172,352

1,092,054

1,114,575

1,185,675

1,402,701

1,327,024

1,192,540

1,261,504

1,211,557

1,343,759

2,222,389 2,347,241 10,172,307

201,854 214,523 887,049

198,957 204,053 731,760

172,043 197,300 803,009

161,534 169,871 760,649

152,883 173,370 788,322

162,552 184,275 838,848

201,631 215,401 985,669

183,129 195,395 948,500

182,450 185,791 824,299

201,828 191,566 868,110

192,775 212,110 806,672

210,753 203,586 929,420

15,616,065

1,384,999

1,160,173

1,238,165

1,231,828

1,237,592

1,293,752

1,458,204

1,415,032

1,244,025

1,303,717

1,271,410

1,377,168

2,174,801 2,282,632 11,158,632

203,596 215,124 966,279

189,423 89,448 781,302

184,985 205,516 847,664

179,438 181,421 870,969

163,209 175,548 898,835

172,424 180,635 940,693

177,393 198,048 1,082,763

181,200 191,615 1,042,217

177,712 187,672 878,641

174,757 171,387 957,573

172,980 193,420 905,010

197,684 192,798 986,686

78


Table 3 shows the movement of passengers per day of the week in 2017, we can see that the largest movement of passengers occurred on Saturday and Sunday with a total of 2,277,488 and 2,375,986 respectively. We can see in the following chart the movement per wee day in millions.


Total Passengers per WeekdayDÍA

Total

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

15,616,065

2,254,986

2,141,482

2,151,328

2,158,159

2,256,636

2,277,488

2,375,986

2,174,801 2,282,632 11,158,632

309,073 354,464 1,591,449

277,805 309,960 1,553,717

285,762 315,426 1,550,140

301,350 317,138 1,539,671

337,495 328,007 1,591,134

312,413 296,452 1,668,623

350,903 361,185 1,663,898

Table 3Movement of Passengers per Day

2.50

2.00

1.50

1.00

0.50

0.00

0.35

1.59

0.31

0.31

0.28

1.55

0.32

0.29

1.55

0.32

0.30

1.54

0.33

0.34

1.59

0.30

0.31

1.67

0.36

0.35

1.66

2.382.282.262.162.152.14

2.25

Monday Tuesday Wednesday Thursday Friday Saturday Sunday

Embarked Disembarked Transit Total

Graph 2Total Passengers per Week Day in Millions

79


Table 4Movement of Passengers per Month / per Boarding Bridge

Monthly Movement of Passengers per Boarding ZoneMONTH

Total

January

February

March

April

May

June

July

August

September

October

November

December

TOTAL Posiciones Hangar Satélite A Satélite B Área Central Muelle Norte No Terminal de Remotas Especificadas Carga

15,616,0651,384,9991,160,1731,238,1651,231,8281,237,5921,293,7521,458,2041,415,0321,244,0251,303,7171,271,4101,377,168

193,854 46,282 3,197,001 3,476,214 2,774,436 5,068,258 846,979 13,041 45,987 138 278,140 327,860 255,487 439,250 37,487 650 33,543 673 225,635 277,653 213,562 368,436 40,565 106 15,542 1904 244,984 280,780 226,624 384,929 83,029 373 11,570 5,014 258,742 268,839 222,883 390,724 71,856 2,200 10,391 4178 253,094 290,047 218,448 384,327 73,889 3,218 11,564 4,703 254,615 281,657 231,085 429,735 79,344 1,049 12,311 5148 301,249 319,886 255,402 486,497 77,233 478 11,787 5,191 280,312 312,687 249,889 457,796 96,204 1,166 9,172 5848 255,654 257,899 225,224 408,367 80,227 1,634 9,222 2,623 281,556 288,546 224,391 431,458 64,317 1,604 9,974 3324 278,821 272,979 209,869 428,606 67,606 231 12,791 7,538 284,199 297,381 241,572 458,133 75,222 332

In Table 4 we see in detail the monthly movement of passengers for each boarding and disembarking area at the Tocumen International Airport. We can see that the largest passenger movement occurred in the North Pier in the month of July where 486,497 passengers traveled.In Graph 3 Table 4 the monthly graphical movement and in Graph 4 Table 4 we see the annual movement by boarding zone.

6,000,000

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

0Remote Hangar Sattelite A Sattelite B Central Area North Bay Not CargoPositions Specified Terminal

193,85446,282

3,197,0013,476,214

2,774,436

5,068,258

846,97913,041

Annual Movement of Passengers per Boarding Zone

550,000

450,000

350,000

250,000

150,000

50,000

-50,000 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec

Remote Position Hangar Sattelite A Sattelite B Central Area North Bay Not Specified Cargo Terminal

Monthly Movement of Passengers per Boarding Zone

80


Movement of Passangers per Hour / Boarding Zone Hour

Remote Positions Hangar Sattelite A Sattelite B Central Area North Bay Not Specified Cargo TerminalTOTAL

Total 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:0010:0011:0012:0013:0014:0015:0016:0017:0018:0019:0020:0021:0022:0023:0000:00

Weekly Average

Monthly Average

15,616,06524,15425,51212,42812,135

243,444967,579904,180745,646

1,095,9111,141,534

491,751958,936618,532963,376874,484

1,345,978873,716836,303

1,429,598594,735

1,006,862326,54262,31960,410

300,3091,301,339

193,854 46,282 3,197,001 3,476,214 2,774,436 5,068,258 846,979 13,041 75 70 1,500 2,455 9,841 9,295 869 49 0 0 304 4,932 9,364 10,644 268 0 0 0 771 2,004 7,184 1,526 943 0 0 0 649 2,067 6,675 2,744 0 0 483 594 48,069 76,440 26,701 86,581 4,576 0 7,896 3,238 234,704 254,323 106,066 339,202 22,013 137 5,287 1,912 218,911 198,297 136,071 297,401 46,075 226 7,931 1,568 173,920 161,583 92,555 281,128 26,533 428 13,864 1,722 234,295 207,404 223,116 370,224 44,645 641 13,547 1,854 236,808 230,017 229,973 371,614 57,099 622 5,052 3,749 122,510 117,288 68,509 156,032 18,207 404 16,018 5,835 170,741 250,884 160,928 318,494 35,288 748 8,208 1,705 105,646 163,832 119,046 183,296 36,617 182 14,789 3,758 203,445 192,660 166,075 287,381 94,501 767 6,866 1,642 163,705 225,562 200,813 243,377 31,262 1,257 25,460 1,194 274,708 259,620 287,973 405,072 90,484 1,467 18,999 1,558 161,689 194,311 158,744 250,958 86,729 728 8,062 1,510 182,092 198,362 110,440 287,915 46,800 1,122 15,070 3,273 289,569 257,575 307,835 467,954 86,969 1,353 5,130 2,476 89,878 108,552 165,797 174,032 48,612 258 14,612 6,219 213,814 247,025 120,266 356,670 47,159 1,097 6,081 1,997 59,091 82,308 42,472 117,699 15,744 1,150 221 408 5,517 15,203 9,119 28,894 2,662 295 203 0 4,665 23,510 8,873 20,125 2,924 110 3,728 890 61,481 66,850 53,355 97,467 16,288 251 16,155 3,857 266,417 289,685 231,203 422,355 70,582 1,087

Table 5Movement of Passengers per Hour / per Bridge Location

In this Table you can see the annual behavior per hour and boarding area, being 19:00 the hour of highest movement of passengers, followed by 16:00 and third is 10:00 a.m. The behavior with the highest passenger traffic in 2016 remains the same as in 2015 being 19:00, 16:00 and 10:00 peak hours.

81


Total Passenger Movements per Hour (in millions)

1,600,000

1,400,000

1,200,000

1,000,000

800,000

600,000

400,000

200,000

00.02

1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00 00:00

0.03 0.01

0.24

0.970.90

0.75

1.1

0.49

1.0

0.62

0.960.87

1.3

0.87 0.84

1.4

O.59

0.33

0.06

1.01

Movement of Passengers per Boarding Area and Hour550,000

450,000

350,000

250,000

150,000

50,000

-50.000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Remote Position Hangar Sattelite A Sattelite B Central Area North Bay Not Specified

82

0.01

1.1

0.06


Total Disembarked Transit EmbarkedAirlines

Movement of Passengers per Airline

2016 2017Total Disembarked Transit Embarked

Share % Growth

Total CopaAero RepúblicaUnitedAmericanAviancaKLMIberiaSanta BárbaraDeltaLacsaTacaAir FranceConviasaAerogalSpiritAviorAruba AirVenezolanaAir EruopaTameTap PortugalCondorAeropostalAir CanadaLaserAeromexicoLufthansaTurkishEstelar Turpial

14,741,93710,404,2011,847,305

363,429245,84998,006

234,980160,62189,82696,090

110,47580,289

167,36235,609

183,24040,95467,8077,439

105,6905,765

015,7234,3066,301

31,05696,78062,254

156,45424,126

00

100% 5.93% 72.8% 9.3% 12.05% 1.85% 2.2% -5.6% 1.46% -7.23% 0.2% -72.4% 1.57% 4.43% 1.1% 10.1% 0.20% -65.76% 0.6% 3.9% 0.75% 5.58% 0.4% -27.0% 1.18% 10.04% 0.1% -43.3% 1.53% 30.73% 0.3% 8.9% 0.29% -32.46% 0.0% 0.60% -11.94% 0.0% 0.02% 0.00% 0.0% 0.00% -100.00% 0.1% 207.1% 0.27% 33.60% 0.6% -3.6% 0.42% 5.49% 1.0% -2.1% 0.13% -14.29% 0.0% 0.00%

Table 6Movement of Passengers per Airline

Table 6 shows the share by company in the movement of passengers, Copa Airlines leads with 72.8% share and 12.05% its subsidiary Aerorepublica to mobilize 11.3 and 1.8 million passengers in 2017, showing a growth of 9.3% and 1.85% compared to 2016.

2,347,241 10,172,307 2,222,389 1,006,775 8,414,505 982,921 280,992 1,286,209 280,104 180,892 65,251 117,286 121,012 2091 122,746 46,252 7,389 44,365 53,475 130340 51,165 59,880 36,408 64,333 48,405 2,034 39,387 45,917 255 49,918 46,569 21065 42,841 36,490 8542 35,257 46,386 74,755 46,221 18,199 2 17,408 78,153 25489 79,598 19,804 0 21,150 37,846 0 29,961 2,854 57 4,528 60,263 263 45,164 2,529 0 3,236 0 0 0 2,551 10,326 2,846 1,787 950 1,569 3,403 0 2,898 12,702 5,731 12,623 55,750 57 40,973 24,203 12,607 25,444 48,926 56182 51,346 5,226 11,799 7,101 0 0 0 0 0 0

15,616,06511,370,3701,881,534

342,962228,07827,072

245,383176,79730,75499,800

116,64158,637

184,16120,181

239,54244,60545,799

093,073

03,614

00

19,35341,49093,28565,672

153,23620,678

00

2,282,632 11,158,632 2,174,801 1,057,986 9,271,471 1,040,913 235,174 1,421,669 224,691 172,606 71,538 98,818 112,627 2447 113,004 11,627 3,468 11,977 55,719 132832 56,832 69,381 32,848 74,568 14,766 374 15,614 48,687 0 51,113 50,535 16704 49,402 27,048 5461 26,128 51,326 82,851 49,984 11,555 0 8,626 101,206 35690 102,646 21,544 0 23,061 22,255 0 23,544 0 0 0 50,876 0 42,197 0 0 0 1,980 0 1,634 0 0 0 0 0 0 12,444 21 6,888 15,935 7,989 17,566 49,761 1254 42,270 28,915 9,058 27,699 44,445 61775 47,016 7,292 1,182 12,204 2,460 0 1,474 4,482 0 4,932

83


250.0%

200.0%

150.0%

100.0%

50.0%

0.0%

-50.0%

-100.0%

Growth per Airline 2017 vs 2016

Copa

Aero RepúblicaUnited

American

Avianca

KLM Iberia

Santa BárbaraDelta Lacsa Taca

Air France

Conviasa

AerogalAvio

rSpirit

Air Canada

Laser

Aeromexico

Aeropostal

Venezolana

Lufthansa

Turkish

The Chart shows a comparison in the movement of regular airlines passengers in 2017 with respect to 2016. Airlines such as United, American, Avianca, Santa Barbara, Taca, Conviasa, Venezuelan, Turkish decreased in 2017 while Copa, Aerorepublica, KLM, Iberia, Airfrance, Aerogal, Air Canda, Spirit, Aeropostal recorded a growth in passenger movement in 2017.

84


TotalCopaAerorepúblicaUnitedKLMAerogalAmericanAirfranceIberiaLufthansaLacsaVenezolanaDeltaLaserAeroméxicoTacaAviorAirCanadaSpiritSanta BárbaraAviancaConviasaAeropostalTHYTurpial TameEstelar

CompanyJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Movement of Passengers per Month per Airline 2017 % de participaciónTotal

15,616,065 1 11,370,370 72.8% 1,881,534 12.0% 342,962 2.2% 245,383 1.6% 239,542 1.5% 228,078 1.5% 184,161 1.2% 176,797 1.1% 153,236 1.0% 116,641 0.7% 93,073 0.6% 99,800 0.6% 93,285 0.6% 65,672 0.4% 58,637 0.4% 45,799 0.3% 41,490 0.3% 44,605 0.3% 30,754 0.2% 27,072 0.2% 20,181 0.1% 19,353 0.1% 20,678 0.1% 9,414 0.1% 3,614 0.0% 3,934 0.0%

1,384,999 1,160,173 1,238,165 1,231,828 1,237,592 1,293,752 1,458,204 1,415,032 1,244,025 1,303,717 1,271,410 1,377,168 976,781 835,220 895,633 892,040 912,060 941,391 1,070,663 1,032,997 901,344 967,025 940,058 1,005,158 169,447 132,243 139,810 145,249 145,453 160,255 173,032 169,503 152,451 170,977 161,771 161,343 37,746 28,171 29,749 29,051 24,441 27,446 32,864 25,184 24,644 22,602 23,600 37,464 21,178 18,685 19,895 20,177 20,277 21,243 22,210 21,764 21,283 20,650 18,761 19,260 20,512 19,662 15,963 20,523 16,422 20,711 22,512 25,623 19,879 20,149 20,071 17,515 21,224 18,066 18,425 17,301 16,484 19,248 23,686 22,671 14,878 17,114 18,019 20,962 19,470 16,619 18,290 13,876 10,550 13,046 15,219 14,410 14,143 12,311 15,150 21,077 16,015 14,092 14,272 15,765 12,933 14,877 15,725 15,098 15,057 12,991 15,236 14,736 17,170 12,936 13,769 11,456 13,293 14,357 12,498 11,573 11,319 10,777 11,034 13,054 15,168 12,118 12,414 12,438 9,889 7,331 8,676 8,187 7,186 7,395 7,796 8,043 9,200 6,826 5,559 4,709 7,159 10,299 11,629 12,475 12,417 4,608 3,415 4,777 9,250 8,367 9,173 8,465 8,066 8,716 9,356 8,413 7,909 6,922 6,940 8,223 9,665 3,973 5,680 5,971 6,413 6,276 7,463 10,610 10,980 7,334 7,724 11,196 6,053 5,120 5,938 5,182 4,678 4,780 5,622 5,920 5,670 5,850 5,343 5,516 5,696 5,591 5,181 4,702 4,623 4,572 5,073 4,889 4,481 4,201 4,513 5,115 3,151 3,939 4,062 4,260 4,097 2,816 4,353 4,771 5,993 2,837 2,294 3,226 4,095 3,450 3,814 3,594 3,010 3,096 3,741 2,979 3,449 3,415 3,469 3,378 4,649 4,063 3,427 3,578 2,830 2,721 3,486 3,597 1,914 3,463 3,075 7,802 5,074 2,985 4,220 5,090 4,607 3,823 2,832 2,123 0 0 0 0 5,872 1,310 5,607 889 4,538 1,619 1,739 1,008 370 0 480 3,640 3,759 3,199 2,748 3,446 1,270 672 1,250 1,519 1,648 312 0 358 2,086 2,052 2,520 2,157 2,234 2,297 2,313 2,362 1,332 0 0 0 1,738 1,486 2,016 1,909 1,654 1,669 1,662 1,831 1,655 1,217 1,485 2,356 0 0 0 0 611 491 600 1,501 1,703 977 1,176 2,355 0 0 0 0 0 0 0 3,614 0 0 0 0 0 0 0 0 0 0 0 410 2,320 590 0 614

In the monthly passenger movement by airline, we highlight the highest peak in each airline. The highest peak in total occurred in the month of July 2017, We see the start of operations of 2 Turpial airlines with flights to Valencia, Venezuela in May and Estelar in August with flights to Caracas and Maracaibo. Santa Barbara suspended operations in September and Aeropostal in October 2017. In August, Tame operated Charter flights to/from Quito, Ecuador.

Table 7Movement of Passengers per Airline per Month

85


Copa

Aero República

United

Aerogal

KLM

All other Airlines

Share Percentage According to Commercial Airlines 2017

70.6%

2.2%1.5%

1.6%

12.1%

9.8%

72.8%

86


Offered Origin and Destination per

AirlineTotal % de Participación

Share % Total

2017

TOTALEUROPE AMSTERDAM PARIS MADRID FRANKFURT ISTAMBUL

SOUTH AMERICA BOGOTA SAO PAULO SANTIAGO DE CHILE LIMA MAIQUETÍA GUAYAQUIL RIO NEGRO, MEDELLÍN QUITO BUENOS AIRES CARTAGENA CALI ASUNCION MONTEVIDEO RIO DE JANEIRO SANTA CRUZ MARACAIBO VALENCIA, VENEZUELA BARRANQUILLA BRASILIA CORDOBA PORTO ALEGRE ROSARIO BELO HORIZONTE PEREIRA SAN ANDRES GUYANA BUCARAMANGA MANAOS RECIFE MENDOZA CHICLAYO *BARCELONA, VENEZUELA *ISLA MARGARITA

15,616,065 100% 772,543 4.95% 245,383 1.57% 184,161 1.18% 176,538 1.13% 153,236 0.98% 13,225 0.08% 6,588,936 42.19% 792,170 5.07% 542,675 3.48% 505,180 3.24% 490,435 3.14% 446,641 2.86% 390,516 2.50% 394,695 2.53% 359,564 2.30% 269,915 1.73% 233,723 1.50% 226,355 1.45% 223,737 1.43% 187,642 1.20% 181,539 1.16% 157,376 1.01% 137,649 0.88% 137,933 0.88% 111,204 0.71% 112,352 0.72% 106,062 0.68% 94,263 0.60% 95,308 0.61% 83,360 0.53% 81,148 0.52% 73,549 0.47% 50,367 0.32% 32,330 0.21% 31,574 0.20% 21,782 0.14% 4,317 0.03% 13,120 0.08% 97 0.00% 358 0.00%



Share %Total

2017

NORTH AMERICA MIAMI CANCUN MEXICO D.F ORLANDO NEW YORK CALIFORNIA WASHINGTON DC HOUSTON CALIFORNIA CHICAGO NEWARK TORONTO ATLANTA FT LAUDERDALE BOSTON LAS VEGAS MONTREAL GUADALAJARA TAMPA NEW ORLEANS MONTERREY DENVER *BOING FIELD *SAN JOSE DEL CABO

CENTRAL AMERICA SAN JOSE GUATEMALA MANAGUA EL SALVADOR DAVID TEGUCIGALPA SAN PEDRO SULA LIBERIA LADYVILLE PANAMA PACIFICO NO ESPECIFICADO



Share %Total

2017

CARIBBEAN HAVANA SANTO DOMINGO PUNTA CANA SAN JUAN PUERTO ESPAÑA ARUBA PORT AU PRINCE MONTEGO BAY SANTIAGO DE LOS CABALLEROS CURAZAO ST. MAARTEN KINGSTON SANTA CLARA NASSAU HOLGUIN

4,507,703 28.87% 745,262 4.77% 597,704 3.83% 524,404 3.36% 397,325 2.54% 332,532 2.13% 327,821 2.10% 211,753 1.36% 202,646 1.30% 167,991 1.08% 147,287 0.94% 140,160 0.90% 110,556 0.71% 103,358 0.66% 99,560 0.64% 96,223 0.62% 95,258 0.61% 55,321 0.35% 46,984 0.30% 42,721 0.27% 32,025 0.21% 27,454 0.18% 3,277 0.02% 24 0.00% 57 0.00%

1,826,450 11.70% 863,035 5.53% 272,911 1.75% 205,230 1.31% 200,914 1.29% 134,191 0.86% 68,753 0.44% 53,279 0.34% 14,821 5.04% 12,829 0.08% 160 0.00% 327 0.00%

1,920,433 12.30% 581,741 3.73% 394,947 2.53% 373,965 2.39% 125,838 0.81% 92,953 0.60% 85,697 0.55% 41,163 0.26% 34,746 0.56% 34,176 0.22% 33,749 0.22% 27,019 0.17% 28,738 0.18% 25,143 0.16% 25,553 0.16% 15,005 0.10%

Table 8Movement of Passengers per Region and City

87


Share of passengers per region

SOUTH AMERICA

NORTH AMERICA

CENTRAL AMERICA

CARIBBEAN

42%

29%

12%

12%

EUROPE

5%

In the chart we can see the movement of passengers by region, where the largest passenger traffic is from the South America region 42% followed by North America 29%, then the Caribbean 12%, Central america 12% and Europe 5% of the passenger traffic at the Tocumen International Airport.

88


Source: IATA

North America

4.8% Europe

8.2%Asia - Pacific

9,4%

Africa

7.5%

Latin America and Caribbean

9.3%

Middle East

6.6%

Panama

5.9%

Traffic World

7.9% Region

8.2%7.5%9.3%

9.4%5.9%6.6%4.8%7.9%

Traffic Growth

0.0% 2.0% 4.0% 6.0% 8.0% 10.0%

7.9%6.6%

5.9%9.4%

9.3%7.5%

8.2%

4.8%

Traffic Growth

WorldMiddle EastPanamaAsia - PacificLatin America and CaribbeanAfricaEuropeNorth America

Growth of Passengers per Region

North AmericaEuropeAfricaLatin America and CaribbeanAsia - PacificPanamaMiddle EastWorld

89

Table 9Traffic growth

per region (in percentage)


OPERATIONStatistics


Type 2015 2016 2017 Absolute Variation % Variation

Total Operations

Total

Commercial Airlines

Cargo

General Aviation License E

Official Mission

Airline Technical Stop

Tum-General Aviation-San

Ferry

Domestic-General Aviation

Tum-Commercial Aviation

Chargers Technical Stop

General Aviation License P

141,642 145,245 145,914 669 0.46% 129,722 132,928 133,125 197 0.15% 7,299 7,386 7,462 76 1.03% 1,645 1,632 1,699 67 4.11% 1,831 2,013 2,254 241 11.97% 22 2 0 -2 -100.00% 334 529 607 78 14.74% 321 288 215 -73 -25.35% 383 369 436 67 18.16% 77 91 116 25 27.47% 3 7 0 -7 -100.00% 5 0 0 0 -

“The total of operations includes the total of aircraft landings and takeoffs, which register a total growth of 0.46%. This growth is due in the first place to the increase in commercial airline operations, followed by cargo airlines.

Table 10Operation Statistics

91


Day 2016 2017

Commercial and Cargo Operations per Week Day

Total Commercial Cargo Total Commercial Cargo

Total

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

140,314 132,928 7,386 139,811 133,250 6,56119,763 19,258 505 19,413 18,998 41519,953 18,772 1,181 19,949 18,779 1,17019,857 18,574 1,283 20,094 18,927 1,16719,973 18,816 1,157 19,797 18,761 1,03620,530 19,354 1,176 20,252 19,226 1,02620,073 18,941 1,132 19,669 18,797 87220,165 19,213 952 20,637 19,762 875

In the operations movement per week day, we have Friday with a higher activity, mainly for cargo airlines. We add the following chart, where we can see the operation movements per week day.

21.00

20.50

20.00

19.50

19.00

18.50

18.00

17.50

19.41

Commercial and Cargo Operations in thousands

Monday Tuesday Wednesday Thursday Friday Saturday Sunday

0.42

19.00

19.95

1.17

18.78

20.09

1.17

18.93

19.80

1.04

18.76

20.25

1.03

19.23

19.67

0.87

18.80

20.64

0.88

19.76

Commercial Cargo Total

92

Table 11Commercial and Cargo Operation per Week Day


In Table No. 12 we detail the number of monthly operations (entries and departures) of commercial airlines that highlights the month of February with the highest frequency and for cargo, the month with the highest frequency of operations was December. We also see the number of operations for general aviation and other operations such as private flights, military aircrafts, official mission, etc.

Month 2017

Classification of Operations

Total Commercial Cargo General Aviation Other Operations

Total

January

February

March

April

May

June

July

August

September

October

November

December

145,91412,76511,31912,35711,83912,12712,11012,81912,68211,33312,09811,89212,573

133,125 7,462 1,699 3,628 11,731 582 151 301 10,339 565 128 287 11,122 626 202 407 10,763 582 86 408 11,038 636 119 334 11,066 620 133 291 11,764 631 136 288 11,647 655 122 258 10,362 587 136 248 11,042 673 164 219 10,712 664 162 354 11,539 641 160 233

93

Table 12Classification of Operations


Commercial Aircrafts Operations per Airline Airline

Total Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecTotal CopaAero RepúblicaUnitedAmericanKLMAerogalIberiaLacsaAir FranceAviancaSanta BárbaraDeltaTacaConviasaLufthansaAeromexicoEstelarAviorSpiritTurpialVenezolanaAir CanadaTurkishTame LaserAir EuropaAeropostal

133,12595,21120,2122,4192,132

7291,992

7341,249

61725741673475438251275274

591318152

1,10931831126

8980

226

11,732 10,339 11,122 10,766 11,038 11,065 11,763 11,647 10,361 11,042 10,712 11,538 8,326 7,291 7,875 7,591 7,813 7,972 8,486 8,352 7,443 7,918 7,796 8,348 1,774 1,592 1,664 1,634 1,660 1,654 1,801 1,796 1,566 1,702 1,630 1,739 244 194 208 204 194 194 206 172 174 186 180 263 183 170 186 182 186 178 182 188 136 185 178 178 61 56 62 60 62 60 62 62 60 62 60 62 152 156 128 168 144 172 179 204 177 186 168 158 62 55 63 62 62 60 62 62 60 64 60 62 177 146 170 172 148 60 62 62 60 70 60 62 53 48 53 52 43 49 53 52 52 48 52 62 51 12 57 13 44 14 14 8 4 6 34 55 56 60 60 58 58 42 27 0 0 0 0 62 56 66 62 62 60 64 62 60 62 58 60 73 72 64 60 60 60 62 62 60 60 60 61 50 48 54 50 44 34 28 24 26 12 12 48 39 40 44 44 42 46 42 44 43 42 38 64 56 62 60 70 62 62 62 60 74 58 62 0 0 0 0 0 0 0 12 28 26 8 29 48 52 52 54 50 54 53 52 54 50 43 25 24 24 26 24 22 26 28 19 28 26 46 0 0 0 2 16 18 18 18 16 18 18 28 83 92 88 76 108 104 104 108 106 100 72 68 28 24 26 26 26 30 26 26 26 28 26 26 24 24 28 26 26 26 26 25 26 26 26 28 0 0 0 0 0 0 0 26 0 0 0 0 82 56 64 60 62 60 72 90 86 90 86 90 0 0 0 0 0 0 0 0 0 0 0 0 26 24 28 24 28 26 26 24 20 0 0 0

The table above shows the total of commercial operations registered in 2016, where Copa leads the movements of aircrafts at the Tocumen International Airport with 91,891 operations, followed by its subsidairy Aero Republica 21,240, followed by United with 2,597 operations and American with 2,415 operations.

94

Table 13Commercial Aircrafts Operations per Airline


Hour / MonthTotal Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Commercial Aircrafts Operations per Month - Hour

Total 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:0010:0011:0012:0013:0014:0015:0016:0017:0018:0019:0020:0021:0022:0023:0000:00

Promedio operaciones diarias

133,126225198102100

2,0438,0167,9336,3399,8609,9294,9188,6385,5608,1857,500

10,9237,2136,551

11,5714,9288,3252,910

633526

365

11,732 10,339 11,122 10,766 11,038 11,065 11,764 11,647 10,361 11,042 10,712 11,538 25 10 19 17 17 17 18 43 17 26 3 13 29 6 13 15 10 15 20 3 9 8 24 46 22 13 10 14 19 9 7 1 4 2 1 12 9 35 13 2 7 6 6 3 5 2 295 274 284 282 230 231 261 48 31 34 28 45 548 483 510 498 584 562 595 850 822 847 825 892 658 625 593 603 584 604 670 749 692 737 713 705 544 464 614 545 599 571 529 519 484 484 444 542 1002 923 867 850 824 795 906 771 673 712 730 807 820 651 825 785 825 876 891 899 800 868 828 861 373 329 373 319 334 300 385 546 462 504 463 530 847 743 796 812 838 806 816 673 551 608 570 578 472 432 464 485 576 550 586 395 390 401 388 421 666 587 647 607 569 656 648 811 680 766 768 780 520 465 462 467 496 469 509 861 786 821 806 838 1232 1033 1064 1016 1058 1097 1183 631 612 669 655 673 528 448 536 537 569 569 572 753 648 699 656 698 455 425 439 415 431 411 417 706 634 680 739 799 1163 1021 1,133 1,095 1,132 1,142 1,269 801 700 772 635 708 349 309 323 328 329 390 391 579 454 446 484 546 731 699 649 596 575 558 590 797 738 777 780 835 333 287 368 360 360 362 411 85 78 80 84 102 33 59 47 67 36 28 42 71 59 60 60 71 75 44 51 40 41 40 42 49 34 36 29 45

378 369 359 359 356 369 379 376 345 356 357 372

In the Table above you can see the monthly behavior of commercial aircraft operations during daylight hours. The highest number of operations is alwasy at 19:00, but stands out with a peak of 1,242 operations at that time during the month of August. On the other hand, 1:00 is always the time of least movement of commercial aircrafts.

Table 14Commercial Aircrafts Operations per Month - Hour


Hour / Month Commercial Aircrafts Operations per Boarding Zone - Hour

Total North Bay Satellite A Satellite B Central Area Remote Positions Not Specified Hangar Cargo TerminalTotal

1:00

2:00

3:00

4:00

5:00

6:00

7:00

8:00

9:00

10:00

11:00

12:00

13:00

14:00

15:00

16:00

17:00

18:00

19:00

20:00

21:00

22:00

23:00

00:00

133,126225198102100

2,0438,0167,9336,3399,8609,9294,9188,6385,5608,1857,500

10,9237,2136,551

11,5714,9288,3252,910

633526

44,231 28,860 28,301 19,794 2,293 9,075 405 167 81 18 27 80 1 15 1 2

81 4 41 66 0 6 0 0

14 13 16 49 0 9 0 1

24 6 19 49 0 1 0 1

709 395 683 205 5 41 4 1

2,801 2,026 2,054 840 70 201 23 1

2,540 1,937 1,678 1,152 58 545 20 3

2,319 1,538 1,289 751 119 302 13 8

3,298 2,279 1,778 1,788 187 505 17 8

3,133 2,087 1,898 2,046 160 574 18 13

1,563 1,240 1,057 721 68 230 34 5

2,855 1,603 2,011 1,455 208 446 50 10

1,616 958 1,414 1,083 89 381 15 4

2,594 1,740 1,506 1,282 148 870 32 13

2,280 1,465 1,820 1,528 68 308 16 15

3,598 2,389 2,087 1,545 290 979 13 22

2,246 1,486 1,555 708 222 977 14 5

2,358 1,580 1,519 506 92 472 12 12

4,126 2,759 2,057 1,471 187 931 31 9

1,486 792 867 1,121 65 568 23 6

3,032 1,898 1,845 823 175 492 49 11

1,027 540 693 383 75 166 17 9

278 65 183 71 3 27 3 3

172 42 204 71 3 29 0 5

96

Table 15Commercial Aircrafts Operations per Boarding Zone - Hour


ZoneTotal Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Total North BaySatellite ASatellite BCentral AreaRemote PositionsNot SpecifiedHangarCargo Terminal

133,12644,23128,86028,30119,7942,2939,075

405167

11,732 10,339 11,122 10,766 11,038 11,065 11,764 11,647 10,361 11,042 10,712 11,538 3,856 3,389 3,559 3,464 3,526 3,728 3,980 3,857 3,497 3,761 3,701 3,913 2,524 2,165 2,354 2,410 2,365 2,320 2,594 2,460 2,245 2,438 2,433 2,552 2,736 2,420 2,396 2,227 2,418 2,305 2,437 2,426 2,036 2,305 2,199 2,396 1,731 1,492 1,675 1,658 1,677 1,681 1,757 1,744 1,595 1,659 1,469 1,656 548 437 198 143 130 126 137 130 99 98 108 139 334 429 912 806 857 846 809 973 810 727 766 806 1 6 18 40 38 45 44 46 54 21 29 63 2 1 10 18 27 14 6 11 25 33 7 13

North Bay

Satellite A

Satellite B

Central Area

Remote Positions

Not Specified

Hangar

Cargo Terminal

Zone Total

33.2%

21.7%

21.3%

14.9%

1.7%

6.8%

0.3%

0.1%

33.2

21.721.3

14.9

6.81.7

0.1Porcentage per Boarding Zone

Commercial Aircrafts Operations per Boarding Zone - Month

0.3

North Bay

Satellite A

Satellite B

Central Area

Remote Positions

Not Specified

Hangar

Cargo Terminal

The previous Table shows the monthly behavior of the operation by boarding area, with the north bay registering the highest frequency of operations, the area between the boarding bridges 01 to 10. The next most frequent is Satellite A in where doors 11 to 19 are located.

97

Table 16Operations per Location of Boarding Bridges / Month


Location of Bridges Total Monday Tuesday Wednesday Thursday Friday Saturday Sunday Daily Rate

TotalNorth BaySatellite BSatellite ACentral AreaRemote PositionsNot SpecifiedHangarCargo Terminal

Commercial Aircrafts Operations per Boarding Zone - Day

1331264423128,30128,8601979422939075405167

18924 18822 18904 18757 19210 18804 19705 365 6187 6366 6367 6219 6325 6304 6463 121 4,035 3,967 4,005 3,918 4,091 4,020 4,265 78 4,148 4,107 4,059 4,016 4,153 4,110 4,267 79 2713 2870 2775 2878 2748 2830 2980 54 342 322 367 335 322 264 341 6 1410 1117 1252 1308 1477 1199 1312 25 64 53 58 58 60 57 55 1 25 20 21 25 34 20 22 0

98

Table 17Operations per Location of Boarding Bridges / Day

In the Table above, the frequency of operations per day of the week is shown acording to the boarding areas in descending order, highlighting Friday with the largest number of operations in general, and Sunday specifically the North Bay area with the largest movement of operations by area.


AirlineTotal North Bay Satellite A Satellite B Central Area Remote Positions Not Specified Hangar Cargo Terminal

TotalCopaAero RepúblicaUnitedAmericanLacsaAerogalVenezolanaTacaAviorAviancaLaserDeltaAeromexicoKLMSanta BárbaraIberiaConviasaAir FranceLufthansaSpiritAir CanadaTurkishAeropostalTameEstelarTurpial

Operations of Commercial Aircrafts per Boarding Zone and Airline

The Table above shows the annual behavior of commercial operations by airline and boarding area. It can be seen that the largest movement is on the North Bay by Copa Airlines.

133,12695,21120,2122,4192,1331,2491,9921,109

7545912578987347527294167343826175123183183112262674

152

44,231 28,860 28,301 19,794 2,293 9,075 405 167 34,570 21,472 21,542 10,644 1,362 5,244 342 35 6,864 6,953 1,874 1,146 611 2696 61 7 57 3 1 2,321 4 29 0 4 1,201 2 10 877 4 34 0 5 4 4 721 227 177 113 0 3 286 56 1,395 224 9 20 0 2 18 196 591 38 30 213 0 23 265 50 418 0 2 19 0 0 5 2 21 7 12 537 1 6 6 4 134 83 2 24 0 4 6 19 813 21 6 31 0 2 707 4 2 8 0 6 0 7 5 8 5 717 2 12 0 3 0 0 0 727 0 0 0 2 57 57 298 0 0 3 0 1 17 0 0 705 0 3 0 9 4 10 25 295 22 26 0 0 0 0 0 612 0 1 0 4 0 0 0 510 0 1 0 1 124 0 26 166 0 2 0 0 6 0 151 94 40 23 0 4 0 0 0 304 0 2 0 5 2 6 191 18 4 5 0 0 8 2 6 0 4 0 6 6 2 8 4 4 18 0 32 13 10 69 46 2 9 1 2

99

Table 18Operations per Airline and Location of Boarding Bridges


No. Direct Destination No. Direct Destination No. Direct Destination No. Direct Destination

1 SAN JOSE 2 GUATEMALA 3 MANAGUA4 EL SALVADOR5 DAVID6 TEGUCIGALPA7 SAN PEDRO SULA8 LIBERIA9 LADYVILLE

10 HAVANA11 SANTO DOMINGO12 PUNTA CANA13 SAN JUAN14 PORT SPAIN15 ARUBA16 PORT AU PRINCE17 MONTEGO BAY18 SANTIAGO DE LOS CABALLEROS19 CURAZAO20 ST. MAARTEN21 KINGSTON22 SANTA CLARA

23 NASSAU24 HOLGUIN

25 AMSTERDAM26 PARIS27 MADRID28 FRANKFURT29 ISTAMBUL

30 MIAMI31 CANCUN32 MEXICO D.F33 ORLANDO 34 NEW YORK35 LOS ANGELES, CA36 WASHINGTON DC 37 HOUSTON38 SAN FRANCISCO, CA39 CHICAGO40 NEWARK41 TORONTO42 ATLANTA43 FT LAUDERDALE44 BOSTON45 LAS VEGAS46 MONTREAL47 GUADALAJARA

48 TAMPA49 NEW ORLEANS50 MONTERREY51 DENVER (nuevo)

52 BOGOTA53 SAO PAULO54 SANTIAGO DE CHILE55 LIMA56 MAIQUETÍA57 GUAYAQUIL58 RIO NEGRO, MEDELLÍN59 QUITO60 BUENOS AIRES61 CARTAGENA 62 CALI63 ASUNCION64 MONTEVIDEO65 RIO DE JANEIRO66 SANTA CRUZ 67 MARACAIBO68 VALENCIA, VENEZUELA69 BARRANQUILLA70 BRASILIA71 CORDOBA72 PORTO ALEGRE73 ROSARIO74 BELO HORIZONTE

Table 19Direct destinations to and from Tocumen International Airport

The Tocumen International Airport allows connection to 84 cities in America, Europe and the Caribbean; in the table you can see the different direct destinations from the airport. It is worth highlighting the inclusion in 2017 of two new destinations such as: Denver in Colorado (EU) y Mendoza in Argentina.

CENTRAL AMERICA

CARIBBEAN

EUROPE

NORTH AMERICA

SOUTH AMERICA

75 PEREIRA76 SAN ANDRES77 GUYANA78 BUCARAMANGA79 MANAOS80 RECIFE81 MENDOZA (nuevo)82 CHICLAYO83 BARCELONA, VENEZUELA84 ISLA MARGARITA, VENEZUELA


Total CopaAero RepúblicaUnitedAmericanAviancaLacsaTacaConviasaDeltaKLMSanta BárbaraIberiaAerogalAir FranceSpiritAviorAruba AirVenezolanaTame CharterTap PortugalTurkishLufthansaCondorLaserAir Europa Air CanadaAeromexicoAeropostalEstelarTurpial

Commercial Operations 2017 vs 2016Airlines Year Growth

2016 2017 Absolute Relative

132,928 133,126 198 0% 91,891 95,211 3,320 4% 21,240 20,212 -1,028 -5% 2,597 2,419 -178 -7% 2,415 2,133 -282 -12% 842 257 -585 -69% 1,873 1,249 -624 -33% 1,129 754 -375 -33% 624 382 -242 -39% 748 734 -14 -2% 732 729 -3 0% 722 416 -306 -42% 710 734 24 3% 1485 1992 507 34% 588 617 29 5% 308 318 10 3% 1124 591 -533 -47% 108 0 -108 -100% 1184 1109 -75 -6% 0 26 26 +/- 100% 71 0 -71 -100% 206 311 105 +/- 100% 433 512 79 +/- 100% 36 0 -36 -100% 757 898 141 19% 26 0 -26 -100% 246 318 72 29% 738 752 14 +/- 100% 95 226 131 138% 0 74 74 +/- 100% 0 152 152 +/- 100%

The table above shows the movement of commercial operations, (entries and departures) 2017 per airline vs. 2016. Resulting in an absolute growth of 198 operations.

Table 20Commercial operations 2017 vs 2016


Company Average

Total CopaAero RepúblicaUnitedAmericanAerogalLacsaVenezolanaLaserTacaAeromexicoDeltaIberiaKLMAir FranceAviorLufthansaSanta BárbaraConviasaSpiritAir CanadaTurkishAviancaAeropostalTurpial EstelarTame CharterAruba AirTap PortugalCondorAir Europa

Monthy, weekly and daily average of passengers per airline Year 2017

11,094 2,560 365 7,934 1,831 261 1,684 389 55 202 47 7 178 41 6 166 38 5 104 24 3 92 21 3 75 17 2 63 15 2 63 14 2 61 14 2 61 14 2 61 14 2 51 12 2 49 11 2 43 10 1 35 8 1 32 7 1 27 6 1 27 6 1 26 6 1 21 5 1 19 4 1 13 3 0 6 1 0 2 1 0 0 0 0 0 0 0 0 0 0 0 0 0

Monthly Weekly Daily

The table above shows the monthly, weekly and daily averages of operations by airline in descending order. The Tocumen International Airport in 2017 operated an average of 11,094 aircraft monthly movements, 2,560 weekly and 365 daily movements.

102

Table 21Monthy, weekly and daily average of passengers per airline Year 2017


Tabla 22Operations Origins and Destinations Offered by Passenger´s Airlines

Campinas Rosario Chiclayo Mendoza OtrasNorth America Miami Cancún México Orlando Los Ángeles New York Houston Washigton Las Vegas Newark Atlanta Chicago Boston Guadalajara Toronto Ft. Lauderdale Monterrey Tampa Montreal Dallas Denver San Francisco Puebla Villahermosa New Orleans OtrasEurope Frankfurt

Lisboa Amsterdam Paris Istambul MadridCaribbean Habana Santo Domingo Punta Cana San Juan Puerto España Aruba Santiago Caballeros Puerto Príncipe Montego Bay St. Maarten Curazao Nassau Kingston Santa Clara HolguinCentral America San José Guatemala San Salvador Managua San Pedro Sula Tegucigalpa Liberia David, Panamá Belice

Total South America Bogotá Medellín Lima Caracas Santiago de Chile Cali Sao Paulo Guayaquil Quito Cartagena Buenos Aires Río de Janeiro Barranquilla Asunción Pereira Santa Cruz San Andrés Maracaibo Brasilia Montevideo Bello Horizonte Valencia Porto Alegre Córdoba Manaos Bucaramanga Cúcuta Recife Barcelona Venezuela Iquitos Georgetown Porlamar

Origin / Destination Year Growth


132,928 133,126 198 0.15%

57,759 58,640 881 1.53%

8,047 7,473 -574 -7.13%

4,175 4,173 -2 -0.05%

3,653 3,793 140 3.83%

5,288 4,447 -841 -15.90%

3,653 3,851 198 5.42%

2,843 2,828 -15 -0.53%

2,967 4,026 1059 35.69%

3,454 3,326 -128 -3.71%

3,377 3,004 -373 -11.05%

1,864 2,036 172 9.23%

1,779 1,946 167 9.39%

1,465 1,402 -63 -4.30%

1,389 1,425 36 2.59%

1,361 1,709 348 25.57%

1,096 1,085 -11 -1.00%

1,150 1,181 31 2.70%

691 757 66 9.55%

1,768 1,680 -88 -4.98%

728 926 198 27.20%

1,148 1,403 255 22.21%

588 714 126 21.43%

1,187 1,471 284 23.93%

647 730 83 12.83%

732 789 57 7.79%

462 419 -43 -9.31%

449 419 -30 -6.68%

290 0 -290 -100.00%

271 208 -63 -23.25%

434 0 -434 -100.00%

0 0 0 #¡DIV/0!

422 416 -6 -1.42%

18 12 10 +/-100%

Origin / Destination Year Growth

2016 2017 Absolute RelativeOrigin / Destination

Year Growth


0 0 0 +/-100%

253 738 485 100%

108 208 100 100%

0 37 37 100%

2 8 6 +/-100%

33,776 34,837 1,061 3.14%

5,789 5,980 191 3.30%

4,134 4,463 329 7.96%

4,360 4,370 10 0.23%

2,798 2,907 109 3.90%

2,171 2,305 134 6.17%

2,381 2,367 -14 -0.59%

1,513 1,498 -15 -0.99%

1,475 1,542 67 4.54%

734 704 -30 -4.09%

1,032 915 -117 -11.34%

743 729 -14 -1.88%

692 1,088 396 57.23%

636 728 92 14.47%

627 610 -17 -2.71%

768 837 69 8.98%

725 805 80 11.03%

434 416 -18 -4.15%

418 412 -6 -1.44%

418 417 -1 -0.24%

249 0 -249 -100.00%

36 24 -12 -33.33%

853 1,300 447 52.40%

143 0 -143 -100.00%

181 0 -181 -100.00%

418 417 -1 100%

48 3 -45 -93.75%

2,633 2,744 111 4.22%

438 512 74 +/-100%

37 -37 -100.00%

732 729 -3 -0.41%

588 615 27 4.59%

103 157 54 100%

735 731 -4 -0.54%

18,640 17,856 -784 -4.21% 4,694 4,561 -133 -2.83%

3,671 3,535 -136 -3.70%

2,945 2,887 -58 -1.97%

1,529 1,311 -218 -14.26%

1,250 1,223 -27 -2.16%

1,089 1,038 -51 -4.68%

498 464 -34 -6.83%

413 414 1 0.24%

419 418 -1 -0.24%

417 288 -129 -30.94%

420 414 -6 -1.43%

371 371 0 0.00%

418 412 -6 -1.44%

392 314 -78 100.00%

114 206 92

20,120 19,049 -1,071 -5.32% 8,569 7,889 -680 -7.94%

2,923 2,956 33 1.13%

2,593 2,205 -388 -14.96%

2,189 2,184 -5 -0.23%

729 725 -4 -0.55%

735 728 -7 -0.95%

207 210 3 1.45%

1,965 1,944 1,492 +/-100%

210 208 15 +/-100%

103


COMMERCIAL AIRLINES OPERATING AT TOCUMEN INTERNATIONAL AIRPORT

AIRLINES OPERATING CHARTER FLIGHTS TO AND FROM TOCUMEN INTERNATIONAL AIRPORT

104


CARGOResults


2017 Cargo Transit Mail

Total JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Cargo and Mail (metric tons)

Total Disem. Emb. Disem. Emb. Disem. Emb

174,09814,05715,13714,51213,88314,11514,19513,75814,00414,52216,16814,80414,942

57,832 54,417 33,478 27,393 720 258 4,217 3,808 3,166 2,797 63.819 5.884 4,510 4,047 3,709 2,819 45.443 6.782 4,725 4,638 2,783 2,311 46.551 8.691 4,610 4,648 2,622 1,948 47.328 7.534 4,251 4,596 3,040 2,156 63.625 8.537 4,769 4,483 2,599 2,272 60.517 10.932 4,727 4,102 2,516 2,345 59.041 9.654 4,927 4,341 2,408 2,255 60.545 12.225 4,997 4,828 2,552 2,094 37.019 13.767 5,544 5,447 2,695 2,197 128.606 157.052 5,092 4,542 2,814 2,297 50.543 8.01 5,465 4,935 2,575 1,901 57.31 9.129

Table 23 Total Monthly Movement of Cargo

106


Table 24 Historic of Cargo Management and Graphic

EmbarkedDisembarkedTransitMailTotal

Historic of Total Cargo Management

2013 2014 2015 2016 2017 54,775 54,235 45,396 53,778 54,417 54,952 55,936 50,574 55,486 57,832 56,261 50,441 57,348 54,403 60,870 460 619 932 1,100 979 166,448 161,231 154,250 164,767 174,098

2013 2014 2015 2016 2017

56,261

54,952

54,775

50,441

55,936

54,235

57,348

50,574

45,396

54,403

55,486

53,778

60,870

57,832

54,417

460 619 932 1,100 979

Historic Total Cargo Management

Embarked Disembarked Transit Mail

107


Mes


Historic Cargo in Transit

Table .25 Historic Cargo in Transit Movement

2013 2014 2015 2016 2017 Disem. Emb. Disem. Emb. Disem. Emb. Disem. Emb. Disem. Emb.

32,461 23,801 26,767 23,674 33,871 23,477 28,483 25,920 33,478 27,393 2,288 1,737 1,224 1,869 1,729 1,563 2,045 1,877 3,166 2,797 2,735 2,194 2,184 2,170 809 678 2,304 2,147 3,709 2,819 3,228 2,615 2,693 2,623 1,935 1,716 2,375 2,211 2,783 2,311 2,460 1,906 2,127 2,027 1,779 1,859 2,564 2,330 2,622 1,948 2,674 2,165 2,383 2,228 2,169 1,889 2,461 2,260 3,040 2,156 2,642 1,983 2,076 1,762 3,557 3,265 2,377 2,116 2,599 2,272 2,689 2,085 2,239 2,026 3,665 2,050 2,368 2,183 2,516 2,345 2,617 2,145 2,042 1,806 3,572 1,866 2,269 2,053 2,408 2,255 2,706 988 2,037 1,822 3,623 2,020 2,320 2,083 2,552 2,094 2,896 1,780 2,639 1,816 4,474 2,412 2,578 2,306 2,695 2,197 2,745 1,971 2,806 2,405 2,805 1,761 2,621 2,311 2,814 2,297 2,779 2,232 2,318 1,120 3,754 2,399 2,202 2,043 2,575 1,901

108


Table 26 Monthly Movement of Cargo and Mail Origin / Destination 2017 vs 2016

Month


2016 2017 GrowthTotal Total Cargo Mail

Disem. Emb. Dis. Emb Disem. Emb. Dis. Emb Cargo Mail

110,3647,4417,2229,1049,2699,0518,2489,7759,4779,631

10,7119,377

11,058

55,486 53,778 893 207 3,993 3,405 41 2 3,495 3,706 21 0 4,823 4,243 36 2 4,682 4,544 39 4 4,547 4,457 47 0 4,023 4,099 107 19 4,646 5,079 47 3 4,721 4,712 42 2 4,934 4,649 40 8 5,151 5,007 395 158 4,840 4,506 29 2 5,631 5,371 49 7

113,2288,0948,6099,4189,3138,9199,3248,8989,3409,876

11,2779,693

10,467

57,832 54,417 720 258 2.6% 4,217 3,808 63.819 5.884 8.8% 4,510 4,047 45.443 6.782 19% 4,725 4,638 46.551 8.691 3% 4,610 4,648 47.328 7.534 0% 4,251 4,596 63.625 8.537 -1% 4,769 4,483 60.517 10.932 13% 4,727 4,102 59.041 9.654 -9% 4,927 4,341 60.545 12.225 -1.4% 4,997 4,828 37.019 13.767 2.5% 5,544 5,447 128.606 157.052 5.3% 5,092 4,542 50.543 8.01 3.4% 5,465 4,935 57.31 9.129 -5.3%

Cargo and Mail (metric Tons)

109

Cargo in Transit not included


Table 27 Movement of Cargo Origin/ Destination per Type of Operator

Month


Cargo Aircrafts Commercial AirlinesTotal Disembarked Embarked Total Disembarked Embarked

Metric Tons 2016Month


Cargo Aircrafts Commercial AirlinesMetric Tons 2017

82,7295,5765,4156,8236,9486,7856,1837,3297,1057,2198,0287,0288,289

42,063 40,666 3,010 2,566 2,623 2,792 3,625 3,198 3,522 3,426 3,427 3,357 3,081 3,102 3,501 3,828 3,554 3,551 3,711 3,508 4,138 3,891 3,633 3,396 4,238 4,051

27,6351,8651,8072,2812,3212,2662,0652,4462,3722,4122,6832,3492,769

14,316 13,319 1,024 841 893 914 1,234 1,047 1,199 1,122 1,167 1,100 1049 1016 1,192 1254 1,209 1,163 1,263 1149 1,408 1,274 1,236 1,112 1,442 1327

Total Disembarked Embarked Total Desembarked Embarked

82,2715,4066,0196,9206,7946,5866,9106,6556,8947,0438,2167,0657,762

42,785 39,485 2,871 2,536 3,162 2,857 3,417 3,503 3,446 3,348 3,378 3,208 3,503 3,407 3,537 3,118 3,702 3,193 3,645 3,398 4,202 4,014 3,796 3,269 4,128 3,634

29,9492,5942,5392,4422,4652,2632,3422,1742,3712,7862,7672,5692,638

15,032 14,918 1,334 1,260 1348 1,191 1,308 1,134 1,164 1,301 873 1,391 1266 1076 1,190 984 1,223 1,148 1,353 1432 1,339 1,427 1,296 1,273 1,337 1301

110

Passengers and Mail in transit not included.


In the year 2017, 112,220 thousand tons of cargo and mail were moved (not including cargo in transfer), according to the type of aircraft service, we observed that the largest volume was mobilized by the airlines dedicated solely to cargo transport. Commercial airlines mobilized 27% of the total cargo.

Movement of Cargo and Mail by Operator Type(in percentage)

Commercial Airlines27%

Cargo Aircrafts73%

Commercial Airlines Cargo Aircrafts

111


Table 28 Movement of Cargo and Mail Origin/Destination per Region

TotalBelizeGuatemalaManaguaSan JoséSan Pedro SulaSan SalvadorTegucigalpaOtros

Ton. ShareOrigin / Destination

Central America

27,468 24.26% 33 0.03% 8,096 7.15% 3,196 2.82% 12,427 10.97% 174 0.15% 3,232 2.85% 236 0.21% 73 0.06%

TotalAcapulcoAtlantaBostonCancunNewarkFt. LauderdaleGuadalajaraWashingtonHoustonNew YorkLas VegasLos AngelesOrlandoMemphisMexicoMiamiMonterreyMontrealChicago San FranciscoTorontoKentukyOtros

Ton. Share

North America

34,153 30.16% 112 0.10% 270 0.24% 10 0.01% 38 0.03% 122 0.11% 2 0.00% 21 0.02% 18 0.02% 514 0.45% 176 0.16% 4 0.00% 291 0.26% 89 0.08% 0 0.00% 1,410 1.25% 30,826 27.22% 2 0.00% 14 0.01% 3 0.00% 20 0.02% 58 0.05% 144 0.13% 8 0.01%

TotalAmsterdamFrankfurtIstambulMadridParis

Ton. Share

Europe

18,030 15.92% 7,321 6.47% 4,042 3.57% 19 0.02% 3,540 3.13% 3,108 2.75%

TotalArubaCurazaoKingstonLa HabanaMontego BayNassauPuerto PríncipePuerto EspañaPunta CanaSan JuanHolguinSantiago CaballeroSto. DomingoSt. MaartenVaradero/Cuba

Ton. Share

Caribbean

3,956 3.49% 39 0.03% 34 0.03% 306 0.27% 2,690 2.38% 3 0.00% 38 0.03% 17 0.01% 46 0.04% 92 0.08% 51 0.04% 8 0.01% 13 0.01% 554 0.49% 44 0.04% 21 0.02%

TotalAsunciónBarranquillaBello HorizonteBogotáBrasilia

Ton. ParticipaciónOrigen/Destino

South America

29,563 26.11% 92 0.08% 240 0.21% 6 0.01% 16,856 14.89% 6 0.01%

Ton. Share

South America

46 0.04% 113 0.10% 128 0.11% 6,927 6.12% 27 0.02% 1 0.00% 6 0.01% 25 0.02% 2,307 2.04% 606 0.54% 4 0.00% 2 0.00% 1,116 0.99% 78 0.07% 39 0.03% 11 0.01% 311 0.27% 31 0.03% 8 0.01% 54 0.05% 61 0.05% 271 0.24% 147 0.13% 0 0.00% 44 0.04% 58 0.05%

BucaramangaBuenos AiresCaliCaracasCartagenaMendozaCórdobaGeorgetownGuayaquilLimaManausMaracaiboMedellínMontevideoPereiraPorto AlegreQuitoRío de JaneiroRosarioSan AndrésSanta CruzSantiago ChileSao PauloValencia, VenezuelaLeticia, Colombia

No Especificadas

112

Origin / Destination






Table 29 Movement of Cargo Origin/Destination per Company

Total Disembarked EmbarkedCompany

Cargo and MailGrowth

TotalCOMMERCIAL AIRLINECopa/ AerorepublicaKLMIBEAir FranceLufthansaAmericanDeltaUnitedLacsaAerogalAeromexicoTacaAviancaAir CanadaTurkishCARGO Airborne ExpressVensecarDHL PanamáDHL GuatemalaUPSAerosucreTampaAmerijetAero UnionTransamSur AmericanaFedexCubana

113,22830,4069,4837,3213,5463,1084,048

98027063226536522667291648

82,82221,73013,05412,03810,1066,3576,3633,3012,6261,8542,021

483963

1,927

58,553 54,675 2.60% 15,396 15,009 10.03% 5,025 4,458 4.82% 3,869 3,452 21.13% 1,940 1,607 -11.18% 1,641 1,467 27.49% 2,080 1,968 39% 533 447 -6.21% 95 176 -17.92% 44 589 54.42% 0 265 -2.84% 1 363 40.24% 125 101 44.19% 0 67 -40.28% 0 29 -67.79% 12 4 104.04% 31 17 100% 43,157 39,666 0.11% 14,485 7,244 -0.43% 6,065 6,989 0.52% 4,720 7,318 20.63% 5,566 4,540 22.14% 3,325 3,032 11.77% 2,858 3,505 5.76% 1,940 1,361 -4.62% 1,473 1,153 25.68% 736 1,118 15.35% 923 1,098 2.89% 194 289 -88% 800 163 10.56% 71 1,855 56.30%

113



Chart of Share in the movement of cargo origin / destination

0.0% 0.5% 0.10% 0.15% 0.20% 0.25%

Porcentage of Participation in the Cargo Movement

Airborne ExpressVensecar

DHL PanamáDHL Guatemala

CopaKLM

AerosucreUPS

LufthansaIBE

TampaAir France

AmerijetTransam

Aero UnionCubana

AmericanFedex

UnitedSur Americana

AerogalDeltaLacsa

AeromexicoTaca

TurkishAvianca

Air Canada

19.2%

11.5%

10.6%

8.9%

8.4%

6.5%

5.6%

5.6%

3.6%

3.1%

2.9%

2.7%

2.3%

1.8%

1.7%

1.6%

0.9%

0.9%

0.6%

0.4%

0.3%

0.2%

0.2%

0.2%

0.1%

0.0%

0.0%

0.0%

114


AIRLINE

Table 30Cargo Aircraft Operations per Month

TotalAirborne ExpressAerolineas del CaribeAmerijetCargo LuxCubana de AviaciónDHLPanamaFedexDHL GuatemalaAerosucreSuramericanaTransamAerounionTampa CargoUnited ParcelVensecar

Average of Weekly Operations

Cargo Aircraft Operations per MonthTotal Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

7,4621052

3327318

22477951474656142563994

174802

1128

143.5

580 569 633 590 636 622 631 649 583 667 661 641 87 80 94 78 90 92 88 91 81 87 93 91 0 4 9 10 8 2 0 0 0 0 0 0 23 24 25 27 26 22 26 28 8 24 26 14 0 0 0 0 0 4 0 4 4 2 4 0 15 16 18 21 24 20 17 14 17 31 17 14 50 54 57 65 67 58 82 72 64 71 68 71 42 38 44 40 46 44 44 46 42 44 44 40 62 60 62 58 64 60 64 62 60 60 66 68 22 30 46 48 42 46 44 48 44 51 64 76 41 46 43 14 32 38 30 37 33 42 37 32 52 54 52 52 52 56 52 54 54 54 52 55 8 6 6 8 8 12 10 8 8 10 6 4 16 16 14 18 12 14 14 16 12 18 14 10 65 61 70 64 70 66 66 72 56 70 72 70 97 80 93 87 95 88 94 97 100 103 98 96 145 142.25 158.25 147.5 159 155.5 157.75 162.25 145.75 166.75 165.25 160.25

115


REGIONAL Airports


TOTALPassengers Regional Airports 2017

Enrique Malek Panamá Pacífico Scarlett Martinez Enrique Jiménez

Tocumen International Airport, S.A. Movement of Passengers in Regional Airports

Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

600,403 63,919 52,346 55,153 51,890 43,208 44,123 49,765 46,652 43,104 46,263 47,070 56,910

270,291 267,727 62,385 0 26,018 25,834 12,067 0 23,275 17,882 11,189 0 26,147 19,096 9,910 0 23,667 21,012 7,211 0 22,305 19,360 1,543 0 21,728 20,939 1,456 0 21,948 25,609 2,208 0 21,420 23,596 1,636 0 19,574 21,744 1,786 0 20,558 24,369 1,336 0 19,752 23,586 3,732 0 23,899 24,700 8,311 0

117


Movement of Passengers 2017Regional Airports

Operations 2017 Regional Airports12,000

10,000

8.000

6,000

4,000

2,000

0

7,283

Enrique Malex Panamá Pacífico Scarlett Martínez Enrique Jiménez

10,031

3,478

0

Enrique Malek

Panamá Pacífico

Scarlett Martinez270,291

62,385

267,727

118


No operations

Commercial airlines operating at regional airports

TOTALESRegional Airports Operations 2017

Enrique Malek Panamá Pacífico Scarlett Martinez Enrique Jiménez

Tocumen International Airport S.A. Movement of Operations in Regional Airports

Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

20,792 1,8841,8351,9901,8541,6281,4921,9201,7031,7311,7521,5081,495

7,283 10,031 3,478 0 652 909 323 0 566 906 363 0 659 1,059 272 0 658 975 221 0 605 821 202 0 546 746 200 0 695 817 408 0 615 862 226 0 570 824 337 0 574 772 406 0 553 682 273 0 590 658 247 0

119


LAN CHILE GROUP

DHL GROUP

120

Cargo Airlines operating at Tocumen International Airport


Glossary / Terms

Commercial airline: Organization dedicated to passenger transport on a regular basis.

Cargo airline: Organization dedicated to cargo and mail transport on a regular basis.

General Aviation Type-E Registration: Private aviation with foreign registration.

General Aviation Type-P Registration: Private Aviation with Panamanian registration.

Cargo and mail: efers to the transportation of goods and mail, including all correspondence and other items sent by a postal administration to be delivered to another.

Domestic-General aviation (GA): Private domestic aviation without distinguishing registration

EBITDA: Financial index, acronym of Earnings before Interest, Taxes, Depreciation and Amortization.

Airline technical stop: Operation of technical stop of a passenger airline aircraft.

Ferry: Flight without passengers or cargo.

Cargoaircraft technical stop: Operation of technical stop of a cargo airline aircraft.

Official mission: Government aircrafts.

Operation (flight): Refers to take-offs and landings of airplanes. Arrivals and departures will be counted separately, i.e., an arrival and a departure will be counted as two movements.

Embarked passenger: Passenger departing from Panama to other cities.

Disembarked passenger: Passenger arriving from other cities whose destination is Panama.

Transit passenger: Refers to those passengers who arrive at the airport and continue their travel on the same airline; or passengers who change airline and direct transit passengers.

Tum-Aviación Gral-San: National Air Naval Service (SENAN, per its acronym in Spanish) operations.

121


Credits:

Carmen de PagésVice President of Planning and Strategy

Alexis EspinoOrganizational Development Manager

Dagoberto MoralesInvestment Planning Manager

Ibis Alexandra PérezPlanning and Performance Specialist

Daisy LooPlanning and Performance Specialist

Sonia JaramilloPlanning and Performance Specialist

Randhal ArjonaPhotographer

Phone number: 238-2600 / 238-2700

@tocumen_aero Aeropuerto Internacional de Tocumen Panamá

www.tocumenpanama.aero

Documents

Aeropuerto Internacional de Tocumen, S.A. / Annual …tocumenpanama.aero/transparencia/data_21-05-2018-updates/Otros/p… · representing a 1.5 percent growth, compared to the year