Solid financial profile

GAP has demonstrated a clear purpose and solid financial and operating results since we obtained the concession. Through innovation and excellence, the Company continues to achieve consistent revenues and growth, despite operating in a mature industry.

One of the keys to these results has been a prudent financial policy, maintaining a low level of leverage and remaining fully compliant with our established debt covenants.

Another key has been our revenue performance, both aeronautical and non-aeronautical, while improving the mix of these revenues to continue our track record of making the right decisions in the most critical situations. All of this has been reflected in the Company’s value: our stock rose from an initial public offering price of MXP 21.0 (opening price) to MXP 92.7 (closing price, as of December 31, 2014), with fluctuations according to market cycles.

Today we present a solid investment opportunity that can be summed up in the following financial strengths:

  • Solid capital structure and high cash flow generation
  • Revenue diversification
  • Optimum passenger traffic mix
  • Clear and transparent tariff regime
  • Ongoing growth in commercial revenues
  • Record two-digit growth in EBITDA
  • Strong fundamentals in historic performance and growth
  • Well-defined capital expenditures


Strategic Strengths

 

DIVERSIFIED PORTFOLIO OF AIRPORTS

  • Balanced mix of tourist and city airports.
  • Modern infrastructure with the capacity for future growth.

OPERATING EFFICIENCY

  • 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.

REGULATORY FRAMEWORK

  • Transparent “dual-till” system for 50 years of concession.
  • Regulated rates through December 31, 2019.

INVESTMENTS

  • 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.

NON-AERONAUTICAL REVENUES

  • Commercial revenues have grown 136.5% between 2006 and 2014.
  • Business lines operated by GAP grew 101.4% between 2010 and 2014.

FINANCIAL STRATEGY

  • The Company issued a long-term bond on the Mexican Debt Market to fulfill its investment commitments.
  • Low leverage. Net debt/EBITDA ratio was 0.5x, as of December 31, 2014.