SANTANDER- 8th Annual, Latin America, Cement, Construction and Infrastructure Conference May, 2008

Transcription

1 SANTANDER- 8th Annual, Latin America, Cement, Construction and Infrastructure Conference May, 2008

2 Company Overview Airport group that operates and manages 13 airports throughout Northern and Central Mexico Diversified in terms of geography and type of passengers CJS CUU TRC Tourist 23% CUL DGO MTY REX Regional 26% MZT ZCL SLP TAM Border 8% Met ropolit an 43% ZIH ACA * Based on 1Q07 Total Passenger Traffic (3.8 million) 2

3 1Q 08 Achievements Passenger traffic: % Revenues: +11.9% Costs and expenses per passenger: -3.7% Adjusted EBITDA margin: 57.5% Capital expenditures: Ps. 597 million Strong cash flow: Ps. 1,558 million 3

4 Connectivity Diversified customer base LCCs airlines continue opening new routes 4 new routes opened in 1Q08 opened by 2 airlines TIJ CUL DGO MTY ZCL AGU GDL TLC CVJ PBC ACA TGZ TAP 4

5 Strong traffic growth Traffic growth is generated by domestic traffic Passenger traffic grew 11.5% in 1Q08 Mix: 79% domestic; 21% international 14,213 10,599 9,739 8,853 2,480 2,171 1,871 6,982 7,569 8,119 11,784 2,525 9,258 2,472 11, % 3,360 3, % Compounded Annual Growth Rate for the period: 13.9% Domestic traffic and 7.2% International traffic 2,550 2, Q07 1Q08 Domestic International 5

6 Total passenger distribution New carriers (Interjet, Volaris, Avolar, VivaAerobus, and Alma) contributed 31% of our total passenger traffic in 1Q08. They continue developing a new market. 1Q07 1Q08 Low cost carriers 19% General Av iation 2% 9.7% Low cost carriers 31% 25.4% Traditional airlines 79% General Av iation 2% Traditional airlines 67% * Based on 1Q07 Total Passenger Traffic (3.8 million) 6

7 Total revenues Total revenues grew 11.9% in 1Q08 and 12.3% in 2007 Mix: 82% aeronautical; 18% non aeronautical 12.0% Compounded Annual Growth Rate for the period Revenues 1Q08 by airport 1,897 1, ,480 1, , % 1,550 1,371 1,192 1,006 1, Q07 1Q08 Aeronautical Non-aeronautical Ciudad Juárez 6% Other 14% Zihuat anejo 7% Chihuahua 6% Mazatlán 8% Culiacán 8% Acapulco 10% Mont errey 41% Annual data and 1Q07 in million pesos of purchasing power of December 31, Q08 in nominal pesos. 7

8 Aeronautical revenue composition Aeronautical revenue increased 12.3% in 1Q08 Aeronautical revenue/passenger was Ps in 1Q08 Ps * Ps * +3.4% 27% +1.0% 24% 25% 21% Airport and complementary services International TUA Domestic TUA 49% +22.7% 54% 4Q06 4Q07 1Q07 in million pesos of purchasing power of December 31, Q08 in nominal pesos. 8

9 Non aeronautical revenues Non-aeronautical revenues increased 10.5% in 1Q08 Main increases Parking: +13.7% Restaurants: +25.4% Advertising +10.2% Retailers: +10.2% Car Rentals +9.2% Main decreases Duty Free: -6.7% OMA Carga 3% Duty Free 4% Other 21% Ret ailers 9% Restaurants 9% Car Rentals 8% Parking 27% Advert ising 10% Ot her leases* 9% * Includes leasing of space in our airports to airlines and complementary service providers (VIP lounges and other similar non-essential activities) 9

10 Operating costs and expenses Cost and G&A per passenger on a declining trend Cost and G&A per passenger (Ps.) CAGR -8.3% -3.7% Total cost and expenses increased 9.6% in 1Q08 Cost of services grew 1.4% G&A increased 17.8% Q07 1Q08 10

11 Adjusted EBITDA generation Adjusted EBITDA increased 15.1% to Ps.289 million in 1Q Q08 adjusted EBITDA margin reached 57.5% 1Q08 Adjusted EBITDA Composition Yearly Adjusted EBITDA Margin 100% 59.4% % 57.5% 42.3% 47.1% 49.6% 54.4% 56.1% % Revenues Operating costs Operating Income D&A Adjusted EBITDA * Nominal pesos 11

12 Capital Expenditures Capital investments Capital expenditures totaled Ps. 597 million in 1Q08 Include Master Development Plan and strategic investments Historical CAPEX (millions Ps.) 1Q08 CAPEX distribution Terminals 9% Other 85% Runways and Platforms 4% Machinery and equipment 2% Q08 Annual data in million pesos of purchasing power of December 31, Q08 in nominal pesos. 12

13 Temporary Terminal C expansion Temporary Terminal C expansion at the Monterrey airport Expansion- total area of 2,794 m 2 Check-in- 5 additional counters Checked luggage screening- 6 additional points for luggage screening Boarding gates- 300 additional seats, approximately 1,000 m 2 Baggage claim- 1 additional carrousel Commercial area- additional 350 m 2 space 13

14 Terminal B project Terminal B at the Monterrey airport is expected to be operating by 1Q09 2 million passengers per year capacity Approximately 2,000 m 2 of commercial areas Platform: 4 contact positions, 4 remote positions and 7 positions to regional jets Parking: 550 spaces Project Building works 14

15 Cash flow generation Our balance sheet shows a solid financial position with cash position of Ps. 1,558 million and zero debt ,757 1,558 Cash at 31/12/07 Net cash from Operations Net cash from investing activities Net cash from financing activities Cash at 31/03/08 * Million nominal pesos 15

16 Shareholders value creation Dividend policy Share repurchase program Cost and expense control Land reserves development 16

17 Strategic Plan We are concentrating on four broad initiatives. 1.- Taking action to promote the growth of air traffic at our airports (short term initiatives and medium and longer term initiatives). 2.- Acting to increase revenues. Promoting the development of nonaeronautical revenues and also developing new revenue streams beyond those that we currently have. 3.- Improving our operating efficiency, with expected improvements in both fixed and variable cost ratios. In the current environment, this takes on great urgency. 4.- Making a permanent commitment to improving satisfaction customer satisfaction (airline clients, business partners, and our shareholders) 17

18 Shareholdings as of December 31 st, 2007 Aeroinvest * Management 400 million of shares issued 74.5% SETA 25.5% Public Float ** Public Float ICA through Aeroinvest holds 51.6% (directly and indirectly) OMA holds 2,604,700 shares in treasury through repurchase program 39.2%* 16.7% 44.1%** Αεροινϖεστ ισ α ωηολλψ οωνεδ συβσιδιαρψ οφ ΙΧΑ Ινχλυδεσ 0.65% οφ σηαρεσ ιν τρεασυρψ βψ ρεπυρχηασε προγραµ οπερατιον 18

19 Grupo Aeroportuario del Centro Norte S.A.B. de C.V. Aeropuerto Internacional de Monterrey, Zona de Carga. Carretera Miguel Alemán, Km. 24 Apodaca, N.L. México tel. (+52) fax. (+52)

20 Disclaimer This presentation contains forward-looking information and statements. Forward-looking statements are statements that are not historical facts. These statements are only predictions based on our current assumptions, expectations and projections about future events. Forward-looking statements may be identified by the words believe, expect, anticipate, target, or similar expressions. While OMA's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of OMA, which could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, those discussed in our Prospectus under the caption Risk Factors. Further, if OMA s actual results are less favorable than those shown in the projections or if the assumptions used in the projections prove to be incorrect, OMA may not be able to make dividend payments in the amount forecasted, or at all. OMA undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise, nor makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied upon as a promise or representation. Management is not making and you should not infer any representation about the likely existence of any particular future set of facts or circumstances. Adjusted EBITDA represents net income minus net comprehensive financing income and other income (expenses), plus income taxes, asset tax, and depreciation and amortization. Adjusted EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance, or as an alternative to cash flow as an indicator of liquidity. Our management believes that Adjusted EBITDA provides a useful measure of our performance that is widely used by investors and analysts to evaluate our performance and compare it with other companies, however it may be calculated differently by different companies.