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Corporate Presentation January 2016

Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

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Page 1: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Corporate Presentation

January 2016

Page 2: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Diversified Portfolio of Airports

Public Float

85%

Aeropuertos Mexicanos del Pacífico

15%

Corporación Mexicana

de Aeropuertos (CMA)

66.6%

AENA

Internacional

33.4%

GAP-at-a-GlanceRelevant Information

Airport Geographic Presence in México

Shareholder Structure

> Grupo Aeroportuario del Pacífico, S.A.B. de C.V. is a holding

company that operates 12 airports throughout Mexico’s Pacific

region. The concession was granted for a 50-year period and will

expire in 2049.

• In addition, in April 2015 GAP acquired “DCA” (Spanish

company), which has a majority stake in MBJ Airports Limited.

• GAP’s shares are listed on the NYSE under ticker symbol “PAC”

and on the Mexican Stock Exchange under ticker symbol “GAP”.

• S&P (mxAAA/stable/mxA-1+) and Moody’s (Aaa.mx/stable/Baa1)

2014 Profitability:

• EBITDA of Ps. 3,690 mm (+13.3%), EBITDA Margin of 70.1%

• 2014 dividends paid were Ps. 3,100 mc

Page 2

Mexicali

Tijuana

Hermosillo

Los Mochis

La Paz

Los Cabos

AguascalientesGuanajuatoPuerto VallartaGuadalajaraMorelia

Manzanillo

Jamaica

Guadalajara36%

Tijuana18%

Los Cabos13%

Puerto Vallarta13%

Guanajuato5%

Hermosillo5%

Others10%

Passenger share by Airport 2015

Page 3: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Shareholder Structure

AENA

33.3%CMA66.6%

AMP(Strategic Partner)

Total Shares: 561,000,000Series BB (AMP): 84,150,000 Series B (Free Float): 476,850,000

GAP’s BOARD members:

6 Independent members4 from Control Group1 from Grupo Mexico

11 total members

Ind

ep

en

de

nt

m

em

be

rs 5

5%

Audit Committee:•Fully Independent•International level compliance

Page 3

Resolution of GM vs GAP by-laws dispute

• Mexican Supreme Court issued an amparo ruling, in favor of the Company

• Resolution: GAP's by-laws, ten and twelve, were upheld and continue to be in force.

• Grupo Mexico will have to sell the excess of shares through a public offer according to GAP´s bylaws, which may in turn provide more liquidity to the stock

• In terms of the proceedings, the Mexican Supreme Court has already issued a written resolution. We are just awaiting the Higher Court of Mexico City to issue the official resolution.

Treasury35,424,453

6.3%

AMP Serie BB84,150,000

15.0% AMP Serie B13,519,900

2.4%ADRs Float61,967,550

11.0%Other top 9 holders

115,794,678 20.6%

BMV Float151,699,270

27.0%

GMexico56,100,000

10.0%

GMexico: Excess of shares

42,344,149 7.5%

No Voting PowerCannot be represented in any

shareholders meeting

Page 4: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Industry Outlook in Mexico

*Source: SCT, SST, DGAC, DDE. Information provided by air carriers Note: Information as of September, 2015

*Source: Volaris Corporate presentation December 2015

Page 4

Source: ICFNote: E = Expected, P = Projected based on the elasticity factorSource: DGAC, FMI World Outlook April 2015

Passenger Traffic & GDP Correlation in Mexico

-15%

-10%

-5%

0%

5%

10%

2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016P 2017P 2018P 2019P 2020P

PIB TráficoTRAFFICGDP

297

324

345330 324

273

229

257

279

305 308

100

150

200

250

300

350

400

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*

Mexican fleet / Schedule ServiceNumber of aircrafts

Penetration Level0.3 flights per capita annually in Mexico.The U.S. and Canada report annual flight

per capita rates of 2.2 and 2.6, respectively

*Source: Scotiabank, Mexican Airports report, May 2015

Page 5: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

2nd Largest Airport Group in terms of Passenger Traffic

11M15: Mexican Airport Groups

Page 5

AICM (Mexico City Airport)• The development of the new Mexico City Airport has begun. However, this is a long-

term project that won’t solve MEX capacity constraints for at least 5 years.• Hub operations depend on capacity to grow in high density routes.

Operational Information: Passengers

Mexican AirportGroups

Total Passengers11M15

AICM 34,904,918

GAP 24,855,059

ASUR 23,776,040

OMA 15,416,732

35.3%

25.1%

24.0%

15.6%

Participación por Grupo Aeroportuario

Page 6: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

GAP Network’s Key Players

2015: Passenger Share by Airline

Page 6

Future strategies

Volaris: focusing on international routes, mostly from GAP AirportsInterjet: increasing capacity (+15% in 4Q15 in Tijuana)Aeromexico: focusing on international growth to the United States and Canada from its Mexico City HUB

Fleet deliveries

Aeromexico: replacing older 737’s with 737-800; regional jets are still being reduced, but at a slower pace than we expected 18 months agoVolaris: will receive new planes with 220-seat configuration (Airbus 321) Interjet: will receive regional 93-seats aircraftNew players: Aeromar, TAR & Aerocalafia will replace Aeromexico´s regional fleet

Operational Information: Passengers

35.1%

20.3%

11.3%

6.3%

5.8%

5.0%

4.3%

2.9%

Westjet 1.4%

Southwest 1.1%

Magnicharters 1.0%

Sunwing 0.8% AereoCalafia 0.8%

Others 4.1%

Page 7: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Traffic Evolution

Page 7

The amount of seats available through GAP’s network reached 34.8 million during 2015 (79.4% of load factor)

Operational Information: Passengers

1.00

2.00

3.00

4.00

Mill

ion

s

Available Seats 2014 vs 2015

2014 2015

Airports 2014 Change '13 2015 Change '14

Guadalajara 8,733,467 7.2% 9,790,835 12.1%

Tijuana 4,387,768 2.8% 4,870,506 11.0%

Los Cabos 3,285,140 -3.0% 3,652,921 11.2%

Puerto Vallarta 3,127,390 17.1% 3,593,496 14.9%

Guanajuato 1,222,138 22.4% 1,492,087 22.1%

Hermosillo 1,326,242 -0.3% 1,349,297 1.7%

La Paz 672,942 12.1% 682,382 1.4%

Aguascalientes 540,473 18.3% 633,068 17.1%

Mexicali 507,174 2.2% 595,627 17.4%

Morelia 476,053 12.0% 478,481 0.5%

Los Mochis 228,597 16.2% 290,861 27.2%

Manzanillo 211,311 9.3% 194,414 -8.0%

Total 24,718,695 6.7% 27,623,975 11.8%

Airports 2014 Change '13 2015 Change '14

Guadalajara 8,733,467 7.2% 9,790,835 12.1%

Tijuana 4,387,768 2.8% 4,870,506 11.0%

Los Cabos 3,285,140 -3.0% 3,652,921 11.2%

Puerto Vallarta 3,127,390 17.1% 3,593,496 14.9%

Guanajuato 1,222,138 22.4% 1,492,087 22.1%

Hermosillo 1,326,242 -0.3% 1,349,297 1.7%

La Paz 672,942 12.1% 682,382 1.4%

Aguascalientes 540,473 18.3% 633,068 17.1%

Mexicali 507,174 2.2% 595,627 17.4%

Morelia 476,053 12.0% 478,481 0.5%

Los Mochis 228,597 16.2% 290,861 27.2%

Manzanillo 211,311 9.3% 194,414 -8.0%

Total 24,718,695 6.7% 27,623,975 11.8%

Most domestic seats for the second half

of the year were offered at the end of

the 2Q15

Page 8: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Key events:• 2006 – 2007 – Low-Cost Carrier Effect / Price Wars • 2008 – 2009 – Exit of 8 airlines, economic downturn and AH1N1 crisis • 2010 – 2011 – Mexicana Airlines ceases operations• 2012 – 2014 – Traffic Recovery, surpassing 2008 numbers• 2015 – Traffic reached highest numbers in Gap´s history

GAP´s Passenger Traffic History…

Page 8

Operational Information: Passengers

Traffic Composition 2015…

Domestic65.4%

International34.6%

11.2 11.4 11.5 12.5

15.7 14.612.7 13.2 13.1 14.0

15.4 16.218.1

5.36.1

7.68.0

7.87.6

6.67.0 7.2

7.3

7.88.5

9.6

16.417.5

19.1

20.5

23.622.3

19.320.2 20.2

21.3

23.224.7

27.6

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Mill

ion

s

International Domestic

11

.8%

CAGR ' 06 vs 15: 4.42%

Page 9: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

GAP

Strategy Focus

Page 10: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Diversified

Portfolio of

Airports

Regulatory

Framework

Non-

Aeronautical

Revenues

Operating

Efficiency

Financial

Strategy

Investments

Balanced mix of tourist and city airports in Mexico

Modern infrastructure with the capacity for future

growth

New Airport in the Caribbean

Transparent “dual-till” system for 50

years of concession.

Regulated rates through 2019

(Mexico and Jamaica)

Commercial revenues have grown

136.5% between 2006 and 2014

Business lines operated by GAP grew

101.4% between 2010 and 2014

In 2014, GAP reduced its service cost per

passenger from MXP 48.7 to MXP 46.6

Operating leverage at airports brings

substantial financial cost efficiency

GAP´s commitment with the SCT entails

MXP 5.5 billion in CAPEX for 2015- 2019

Additional investments will increase the

commercial revenues from new projects

Long-term bond in the Mexican Debt Market to fulfill

CAPEX requirements

Montego Bay acquisition 100% debt (L+105bps)

Low leverage. Net debt/EBITDA ratio 0.8 x 2015E

Strengths

Page 10

Page 11: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Focus on Maximizing Shareholder Returns

In millions of MXN pesos / * Amounts shown here correspond to the following yearThe Stock price avg for 2014 correspond to April 20th 2015

2014 – Total distribution approved on Apr 21, 2015, to be paid as follows:• Ps. 1,409 mm already paid on May 15, 2015; • Ps. 957 mm already paid on Aug 21, 2015;• Ps. 789 mm already paid on November 4, 2015;

Page 11

Net Income of each year $ 1,541 $ 1,199 $ 1,500 $ 1,484 $ 1,649 $ 1,992 $ 2,105

Dividends Paid * $ 1,200 $ 1,000 $ 1,035 $ 1,130 $ 1,210 $ 1,590 $ 1,746

Equity Distribution Paid * $ - $ - $ - $ 870 $ - $ 1,510 $ 1,409

Total Distribution paid $ 1,200 $ 1,000 $ 1,035 $ 2,000 $ 1,210 $ 3,100 $ 3,155

Payout ratio 78% 83% 69% 135% 73% 156% 150%

Outstanding shares (millions) * 561 547 531 531 527 526 526

Stock price avg (in Pesos) * $ 32.4 $ 43.6 $ 46.4 $ 54.5 $ 70.1 $ 84.2 $ 100.2

Dividend Yield * 6.6% 4.2% 4.2% 6.9% 3.3% 7.0% 6.0%

2014MEXNIF

Accounting basis2008 2009 2010 2011 2012 2013

Page 12: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

12

Focus on Increasing Revenues

Passenger Traffic

Sales per departing passenger

(SPE)

Commercial contracts

Non-aeronautical

revenues

Air service developmentWorking together with the main carriers

Looking for the best operationA balanced range of products and prices

Guaranteed leasesRoyalty feesOne-time fees

Business lines operated by GAP

Aeronautical revenues

Aircraft and passenger fees

Page 12

Page 13: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Focus on Expansions

Page 13

Montego Bay

Convenience Stores

VIP Lounges

Advertising

Parking Lots

Hotels & Offices

CreatingValue

Page 14: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Focus on Profitability

Page 14

23.15

27.40

17.65

22.82

28.2526.51

41.2739.16

52.02

-

10

20

30

40

50

60

2006 2007 2008 2009 2010 2011 2012 2013 2014

Bill

ion

s

STOCK MARKET CAPITALIZATION GAP continues generating constant growth, despite being in

a mature industry, but with a great opportunity of growth in

future years.

CAGR ' 06 vs 14: 10.65%

*Figures include the recognition of a gain in the fair value of theacquisition of DCA and MBJ, which generated one-time other incomeof Ps. 161.9 million.

2,023

2,337 2,239 2,134

2,441 2,597

2,939

3,256

3,690

4,517

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E*

Mill

ion

s

EBITDA

CAGR ' 06 vs 15E: 9.34%

66.10%

67.20%68.0%

70.1%

72.8%

62.00%

64.00%

66.00%

68.00%

70.00%

72.00%

74.00%

2011 2012 2013 2014 2015E*

EBITDA MARGIN

Bill

ion

s o

f M

exic

an

Pes

os

Page 15: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Focus on Strengthening Infrastructure

MDP Authorized for 2015-2019 period

Page 15

Major investments by concept:

• Capacity and quality projects - MXP 3,300 million• International Civil Aviation Organization (“ICAO”)

compliance projects - MXP 140 million• Environmental projects - MXP 889 million• Equipment - MXP 802 million

YEAR Million MXP

2015 1,412$

2016 1,843$

2017 1,158$

2018 759$

2019 307$

TOTAL 5,479$

Expressed in constant pesos as of December 31, 2012

Page 16: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Focus on Leverage Strategy

Page 16

August 2014 – initiation of strategy to launch bond program in

the Mexican markets

The bond program aims to increase maturities:

Refinancing outstanding bank debt for Ps. 1.7 billion

and Ps. 0.9 billion CAPEX contain in the MDP for 2015.

Acquisition of DCA (MBJ Airport) financing complete

(Long Term Debt: Libor + 99 - 105 bps)

Still a healthy leverage level for GAP…

Net Debt-to-EBITDA ratio: Dec15E = 0.8x

For 2016 to 2019, the company will continue issuing debt to finance its CAPEX

Page 17: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

RevenueDevelopment

Page 18: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

History Revenue

Page 18

Evolution of Commercial Revenues

2015E: Aeronautical

revenue will increase

18.11% vs 2014

8.1

%

9.8

%

11

.4%

15

.0%

17

.6%

18

.5%

18

.6%

19

.1%

20

.9%

22

.3%

20

.4%

21

.1%

23

.1%

24

.5%

25

.4%

25

.3%

91

.9%

90

.2%

88

.6%

85

.0%

82

.4%

81

.5%

81

.4%

80

.9%

79

.1%

77

.7%

79

.6%

78

.9%

76

.9%

75

.5%

74

.6%

74

.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

NON AERONAUTICAL REVENUE AERONAUTICAL REVENUE

110.8147.3 161.0

254.0

358.7

449.0511.4

627.6702.9 707.4

738.1784.0

936.2

1,076.1

1,184.3

1,433.1

14.0

214.0

414.0

614.0

814.0

1,014.0

1,214.0

1,414.0

1,614.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

Mill

ion

s

CAGR '00 vs 15E: 17.4%

21

.0%

Page 19: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Page 19

Commercial Revenue per Passenger 9M14 vs 9M15

In Mexican Pesos

GAP’s Commercial Revenue

Per Passenger

$6.8$9.1

$10.5

$15.4

$20.5

$23.5$24.9

$26.6

$31.6

$36.7 $36.5$38.8

$44.0$46.4

$47.9

$52.6

-

10.00

20.00

30.00

40.00

50.00

60.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

CAGR '00 vs 15E: 13.7%

16.5

26.03

26.27

29.54

30.87

36.04

38.04

43.64

46.68

47.5

52.53

64.41

99.2

101.43

17.42

20.45

26.21

28.34

27.99

33.16

32.08

41.88

45.83

39.07

48.39

56.76

84.7

89.52

LOS MOCHIS

LA PAZ

MEXICALI

MANZANILLO

MORELIA

TIJUANA

HERMOSILLO

AGUASCALIENTES

GUADALAJARA

GUANAJUATO

MEXICAN AIRPORTS (AVG)

PUERTO VALLARTA

MONTEGO BAY

LOS CABOS

Page 20: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Commercial Revenue growth per Line 9M15

In thousands of Mexican PesosU.S. dollar figures were converted from pesos to U.S. dollars at a rate of Ps. 15.5486 per U.S. dollar (average exchange rate for the nine months ended September 30, 2015)

Page 20

54%

46%

NON - AERONAUTICAL REVENUE

USD

MXN

75%

25%

TOTAL REVENUES

USD

MXN

Business operated by a

third party71.2%

Business operated

directly 28.8%

COMMERCIAL REVENUES

9M14 9M15 Change

Leasing of space 87,063 99,223 14.0%

Car rentals 80,036 112,297 40.3%

Food and beverage operations 88,340 139,835 58.3%

Retail operations 79,063 144,725 83.1%

Duty free operations 89,946 113,778 26.5%

Timeshares 83,687 104,036 24.3%

Ground transportation 47,236 58,359 23.5%

Communications and Financial services 22,939 30,723 33.9%

Other commercial revenues 18,933 135,485 615.6%

Total 597,244 938,460 57.1%

Businesses operated directly

Car parking charges 174,450 186,100 6.7%

Advertising 73,669 88,521 20.2%

VIP Lounges 28,810 45,089 56.5%

Convenience stores 28,106 60,112 113.9%

Total 305,035 379,822 24.5%

Recovery of costs 120,044 132,843 10.7%

Total Non-aeronautical Revenue 1,022,323 1,451,125 41.9%

Page 21: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Page 21

Notes: Information as of the end of each year, expressed in constant pesos as of Dec 31, 2012.

Efficiency factor for each of the 2015-2019 years is 70 basis points.

New Maximum Rates – Aeronautical Revenues

2.0% average growth in real terms over 2014

Airports 2015

Aguascalientes 139.3$

Guanajuato 160.6$

Guadalajara 137.6$

Hermosillo 129.5$

La Paz 150.3$

Los Mochis 146.4$

Morelia 167.1$

Mexicali 126.4$

Puerto Vallarta 177.9$

Los Cabos 184.1$

Tijuana 129.2$

Manzanillo 160.9$

Page 22: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Advertising

Directly-Operated Business Line Revenues and Margins

In millions of Mexican Pesos

Page 22

Key

drivers:

Expanding

Redefining

MaximizingAeromarket(Convenience stores)VIP Lounges

$76 $87

$100

$118

$-

$20

$40

$60

$80

$100

$120

$140

2012 2013 2014 2015E

Advertising

$10

$24

$38

$62

$-

$20

$40

$60

$80

2012 2013 2014 2015E

VIP Lounges

2015E EBITDA: 57.9%

$1

$16

$40

$79

$-

$20

$40

$60

$80

$100

2012 2013 2014 2015E

Aeromarket2015E EBITDA: 39.9%

2015E EBITDA: 79.1%

$194

$221 $230

$239

$160

$180

$200

$220

$240

$260

2012 2013 2014 2015E

ParkingParking

2015E EBITDA: 84.9%

Page 23: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Increasing loyalty to our customers by adding new services in Los Cabos

Opening of new lounges reaching a total of 8 VIP Lounges at the end of 2015

Redesign of the Hermosillo and Puerto Vallarta lounges

Redefining Opening of stores in Guadalajara and Hermosillo, we are expecting

19 convenience stores by the end of the year

Defining the future operational model for 2016 and beyond: third party operating the brand on behalf of GAP (GAP still be investing CAPEX and recognizing revenues) vs our current scheme.

Convenience Store

Expansion of

Advertising

Maximizing Introduction of Digital Signage at Guadalajara and Tijuana

Going local

Increase in corporate accounts

Page 23

Directly-Operated Business LinesStrategies

Advertising

Page 24: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Page 24

Directly-Operated Business LinesStrategies

• At Guadalajara we restructured car parking rates in order to be more competitive

Page 25: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Financial

Highlights

Page 26: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

EBITDA Strength = Cost Efficiency

• Growth in passenger traffic, commercial revenue strategies and continued cost control, will allow us to maintain double digit EBITDA growth in 2015.

Page 26

In Mexican Pesos

48.84

49.80

48.72

46.6546.84

45.00

46.00

47.00

48.00

49.00

50.00

51.00

2011 2012 2013 2014 2015E

COST OF SERVICE PER PAX

0.4

1%

*Figures include the recognition of a gain in the fair value of theacquisition of DCA and MBJ, which generated one-time other incomeof Ps. 161.9 million.

98.6 99.2 100.6

110.7

120.7128.5

138.1 140.5

149.3

165.8

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E*

EBITDA PER PASSENGER

CAGR '06 vs 15E: 5.3%

2,023

2,337 2,239 2,134

2,441 2,597

2,939

3,256

3,690

4,517

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E*

Mill

ion

s

EBITDA

CAGR ' 06 vs 15E: 9.34%

Page 27: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Page 27

Financial Results: 9M14 VS 9M15

• Solid growth in total revenues: Driven mainly by a 24.2% increase in traffic and 40.2% growth in aeronautical and non aeronautical services due to mainly the acquisition of Montego Bay

• EBITDA growth 47.2% with a 72.9% margin.

Includes Montego Bay Airport

Income Statement Condensed(Thousands of pesos)

9M14 9M15 Change

Aeronautical & Non Aeronautical

revenues3,978,945 5,580,040 40.2%

EBITDA 2,764,292 4,067,917 47.2%

Net income and comprehensive

income1,615,130 2,312,725 43.2%

Key indicators 9M14 9M15

EBITDA MARGIN * 69.5% 72.9%

NET INCOME MARGIN* 40.6% 41.4%

OPERATING INCOME MARGIN* 52.7% 56.6%

THOUSAND OF PASSENGERS 18,647 23,163

REVENUE PER PASSENGER 213.4$ 240.9$

EBITDA PER PASSENGER 148.2$ 175.6$

CASH FLOW BY OPERATING

ACTIVITIES (thousand of pesos)3,445,653$ 4,459,396$

*Excluding IFRIC 12

Figures include the recognition of a gain in the fair value of theacquisition of DCA and MBJ, which generated one-time other incomeof Ps. 161.9 million.

Page 28: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

• Long-term bond certificate of Ps. 2.6 billion was constituted on February 20, 2015; the average annual interest cost of the issuance was 5.58%. The company will issue a short-term bond for approximately Ps. 1.0 billion during the first quarter 2016. From 2016 to 2019, GAP expects to continue issuing bonds to finance CAPEX.

• Acquisition of DCA (MBJ Airport) financing complete, bridge loan Libor + 70 bps (long- term financing: Libor + 99 - 105 bps already contracted).

• We expect to have a Net Debt-to-EBITDA ratio of 0.8x at the end of 2015 (including the DCA Acquisition), maintaining GAP´s low leverage level.

• At the end of 2015, GAP will have a WACC of approximately 7.2%, instead of 8.1% at the end of 2014.

Dividend and Capital Reimbursement Policy:

• Pay all the excess cash above a minimum “cash balance” (two months of OPEX)

• Dividend payment, or capital reimbursement, will take into account “the most efficient fiscal practice”. (2015 – Increasing 10% over previous year)

Page 28

Leverage Strategy and Dividend Policy

Page 29: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Infrastructure Overview

Page 30: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

* CAPEX figures expressed in thousand of pesos as of December 2012

Page 30

CAPEX 2015-2019• January 1st marked the beginning of the 4th period in the 50-year concession

• A new Master Development Plan (“PMD”) was approved by the authorities, which represents a 60% increase compared to the previous period

The PMD will be focused on:•Increasing capacity in terminals due to traffic forecasts•Additional capacity and maintenance needed•Investment commitments•Capacity and quality projects – MXP 3,300 million aprox•ICAO compliance projects – MXP 140 million aprox•Environmental projects – MXP 889 million aprox•Equipment – MXP 802 million aprox

AIRPORT TOTAL

Guadalajara (GDL) 1,358,960

Tijuana (TIJ) 1,121,045

Los Cabos (SJD) 1,035,119

Puerto Vallarta (PVR) 360,561

Hermosillo (HMO) 386,123

Guanajuato (BJX) 269,700

Morelia (MLM) 216,235

Aguascalientes (AGU) 190,764

Mexicali (MXL) 187,369

La Paz (LAP) 185,953

Los Mochis (LMM) 85,922

Manzanillo (ZLO) 80,865

Total 5,478,614

Page 31: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Recent Projects - Guadalajara

Terminal Building Expansion: we have initiated an expansion of the entire terminal, combining Terminal 2 with a waiting

area in order to increase the number of gates and passenger services. In addition, the waiting area at Terminal 1 will be

expanded with remote boarding and three walkways. Other services to be expanded as well as the check-in areas,

baggage claim and commercial services.

Page 31

Page 32: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Page 32

Tijuana: Cross Border FacilityThe connecting bridge was installed in February 2015 – CBX initiated operations on December 9th, 2015.

Page 33: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Page 33

Guadalajara: Investment approx. US$ 35 million (21,000 m2)

Future Projects (2015-2017)

Page 34: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Page 34

• Refurbish and increase departure capacity• 4 additional apron positions, plus a new lounge for bus operations• New building for quality lodging and business services• New aircraft rescue and fire fighting installation and equipment • Cross Border facility will come into operation at the end of 2015

Future Projects (2015-2017)

Tijuana: Investment approx. US$ 30 million (15,000 m2)

Page 35: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Page 35

Hermosillo: Investment approx. US$ 10 million (4,500 m2)

Future Projects (2015-2017)

Page 36: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

DCA ACQUISITIONMONTEGO BAY, JAMAICA

Page 37: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

DCA Acquisition

DCA

(Spain)

100% Shares

74.5%

MBJ Airport, Jamaica

Concession: Until March 2033

14.7%

SCL, Chile

Ends in September 2015

Page 37

Page 38: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Robust and Clear-cut Regulatory Framework

Page 38

Key takeaways Comments

Period Until 2033 30 year contract expiring 2033

Tariffs Reviewed every 5 years- New tariffs applicable from April 2015 until 2020

- The mix of the Aeronautical revenues increased 50%

Concession Fee WLU's tariff + Additional Fee

- WLU fee USD2.71 for each (adjusted annually by US CPI)

- An Additional Concession Fee calculated yearly = 45% of the

Excess Revenue, when this exceeds the "base case" revenue

established at the beggining of the concession. Triggered in

2016.

- The average rate of the sum of both fees will be roughly 21%

and 23% over total revenues in the Concession period.

CAPEX Investment required

- Maintenance of tangible concession assets

- Investment amount of USD 7 mm avg yearly 2015-2020 (Total

USD 35 mm)

- Current PMD's Analysis covers until 2028

TerminationConclusion of the Concession

Agreement

- Termination by Owner

- Termination by Concessionaire

- Termination payment and compensation

OPEX

Costs of Services and

Concession Fee60% In US Dollar

40% In Jamaican Dollar

Page 39: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Increasing Hotel Capacity

(1) Agency of the Government of Jamaica’s Ministry of Industry, Investment and Commerce that promotes business opportunities for export and investment to the local and international private sector.

Hotel Infrastructure in Montego Bay, Negril and Ocho Rios has grown 3.2% in 2014 vs 2013, approaching more than 16,000 rooms in 2014… occupancy rate is on the rise as well...

Note: In 2013, hotel room capacity decreased by 8%. The Jamaican Tourist Board noted that this was in large part due to a number of hotels that changed ownership and underwent extensive refurbishment, during which they were closed. Most of these hotels re-opened for business in 2014.

2015 – hotel capacity : 17,983 rooms 70% average occupancy rate

Jamaica Tourist Board (“JTB”) and its stakeholders are pursuing the development of 5,000 new hotel rooms

16,641

17,295 17,395

16,081

16,603

63.0%

61.9%

63.7%

68.8%

69.1%

58.0%

60.0%

62.0%

64.0%

66.0%

68.0%

70.0%

12,000

13,000

14,000

15,000

16,000

17,000

18,000

2010 2011 2012 2013 2014

Average Rooms Occupancy Rate

No Timeline For: Rooms

China Habour; 3 Hotels and Casino 2,500

Melia Braco Expansion 250

Karisma Continuing 2,800

NORTH COAST HOTELS

ACCOMMODATION NATURE OF PROJECT 2015 2016 2017-2020

Bahia Principe Expansion 455

Melia Braco Renovation 225

Moon Palace Renovation 700

Breathless New 150

Royalton White Sands Expansion 282

Azul Seven New 145

Royalton Negril New 800

Breezes Mobay Renovation 124

Azul Sensatori (Karisma) New 1,200

Royal Decameron Expansion 150

Riu 500

Ending Inventory 17,983 19,484 21,334

Page 39

Page 40: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Attractive Traffic Mix: Largest Gateway to Jamaica

Keys Takeaways• Main airport in Jamaica

– MBJ serving 3.6m PAX vs. Kingston serving 1.5m PAX

• Mainly international passengers (>97% of overall traffic)

• Almost exclusively origin & destination traffic

• Over 71% of all visitors to Jamaica arrive through MBJ

• Jamaica is the largest English-speaking Caribbean island

• Tourism driven by wealthy developed countries (Canada, US and the UK)

– Weddings and small groups

– Large convention center within 15 minutes of the airport

(1) Includes business and combined business/vacation. (2) Data based on customer surveys and rebased to represent 100%. (3) Includes Int'l Arriving + Departing Pax.

Page 40

Canada19%

Caribbean0%

Europe8% Great Britain

4%

Jamaica1%

OTHER1%

United States67%

2015 Market Share by Region(Jan - Dec 2015)

American22.9%

Delta12.8%

Jetblue9.6%

Southwest Airlines9.5%

West Jet5.7%

Thomson Airways5.6%

Sunwing5.4%

United Airlines4.7%

Air Canada4.4%

Caribbean Airlines4.1%

Others15.2%

American

Delta

Jetblue

SouthwestAirlines

West Jet

ThomsonAirways

Sunwing

United Airlines

Air Canada

CaribbeanAirlines

Others

2015 Top Ten Airlines + Others Market Share

Page 41: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Traffic Performance and Aeronautical Revenues

Page 41

A significant increase is expected for 2015; in November 2014, the Jamaica Airport Authority (“AAJ”) approved regulated tariffs for April 2015 to December 2019 --- these are updated annually to account for U.S. inflation. Additionally, there is in an exchange rate benefit in 2015 of 14%.

Mill

ion

sM

XP

256 267 288

392 402 403 438 452

514

932

-

100

200

300

400

500

600

700

800

900

1,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 E

Aeronautical Revenue

CAGR '06 vs 15E: 13.8%

3.3 3.33.1

3.4 3.5 3.43.2 3.3 3.3 3.4

3.53.6

3.7

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Mill

ion

s

Total Passengers MBJCAGR '03 vs 15: 1.16%

Page 42: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Non – Aeronautical Revenue

Page 42

Mill

ion

sM

XP

There is in an exchange rate benefit in 2015 of 14% over 2014.

140 146

182

223 220 222 246

259 271

344

-

50

100

150

200

250

300

350

400

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 E

Non Aeronautical Revenue

CAGR '06 vs 15E: 9.4%

Page 43: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

ADDING VALUE

Page 44: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

GAP’s Tourist Airports – 2015E

Page 44

934.5

1,119.4

1,275.9

0.0

200.0

400.0

600.0

800.0

1,000.0

1,200.0

1,400.0

Puerto Vallarta Los Cabos Montego Bay

Mill

ion

s o

f M

XP

TOTAL REVENUES

701.9

830.0762.8

0.0

200.0

400.0

600.0

800.0

Puerto Vallarta Los Cabos Montego Bay

Mill

ion

s o

f M

XP

EBITDA

75%

74%60%

3.6 3.6

3.7

2.4

2.6

2.8

3.0

3.2

3.4

3.6

3.8

4.0

Puerto Vallarta Los Cabos Montego Bay

Mill

ion

s

PASSENGERS

Page 45: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

Consolidating Strengths - 2015E

Page 45

3,690

5,280

3,000

3,500

4,000

4,500

5,000

5,500

Mili

on

s o

f M

XP

EBITDA

2014 2015E

43

.1%

5,264

7,480

3,000.0

4,000.0

5,000.0

6,000.0

7,000.0

8,000.0

Mill

ion

s o

f M

XP

TOTAL REVENUES

2014 2015E

42

.1%

24.7

31.4

20.0

23.0

26.0

29.0

32.0

Mill

ion

s

PASSENGERS

2014 2015

26

.9%

Page 46: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

2

Fundamentals of GAP

Highly diversified portfolio of airports

Constant passenger traffic growth rate

Solid aeronautical revenue base

Expansion of directly-operated businesses & increase in commercial revenue sources

Healthy financial structure

Reliable legal framework for the industry

Page 46

Page 47: Presentación de PowerPoint€¦ · Corporate Presentation January 2016. Diversified Portfolio of Airports Public Float 85% Aeropuertos Mexicanos del Pacífico 15% Corporación Mexicana

This document may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s currentview and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “believes”,“estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regardingthe declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of futureoperations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statementsreflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or resultswill actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, andoperating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.