Pacific Airports Group

active

In August 1999, the Mexican Federal government sold a 15% stake of Grupo Aerportuario del Pacifico (GAP) to Aeropuertos Mexicanos del Pacifico (AMP) for US$ 264 million. GAP was incorporated as a wholly-owned entity of the federal government in 1998 and was granted a 50 year concession contract to operate, maintain and upgrade twelve airports in the southern region of Mexico (Aguascalientes, Guanajuato, Guadalajara, Hermosillo, La Paz, Los Mochis, Morelia, Mexicali, Puerto Vallarta, Los Cabos, Tijuana, and Mazanillo). The twelve airports accounted for 60% of domestic passengers and 40% international passengers in 2005. In 1999, AMP consortium was formed by Union Ferrosa's subsidiary Inversora del Noroeste (32%), Dragados Group (part of ACS Group) (28%), Spanish airport operator AENA (25%) and Mexican Grupo Angeles (15%). The government kept the remaining 85% stake in GAP, which was planned to be divested through an initial public offering in NYSE and Mexican Stock Exchange in early 2006. Under the privatization scheme, AMP was ensured the control of GAP through a 15 year technical-assistance agreement which granted to AMP the management and consulting services to GACN in exchange for a fee. The technical-assistance agreement could be renewed for another 15 year. The AMP consortium started operating the airports in December 1999. Under GAP’s concession contract, the company was required to submit an updated master development plan for approval by the Secretary of communications and Transportation (STC) every five years. Each master development plan covered a fifteen-year period and includes investment commitments for the regulated part of our business (including certain capital expenditures and improvements) for the succeeding five-year period and investment projections for the regulated part of our business (including certain capital expenditures and improvements) for the remaining ten years. Once approved by the STC, these commitments became binding obligations under the terms of our concessions. Committed investments were minimum requirements. In February 2006, the Mexican government sold 85% of their stake in GAP in an IPO on the NYSE and the Mexican Stock Exchange with a value of approximately US $1 billion. Approximately 2/3 of the shares were available for American investors and 1/3 of the shares were sold domestically. With the Mexican government’s sale of 85% of their stake in GAP, the concession is now 100% private. In September 2007, Abertis Infraestructuras SA acquired for US $381 million ACS's airport concession arm DCA which owned 33% of the Aeropuertos Mexicanos del Pacifico (AMP) which in turn owned a 15% stake in Grupo Aeroportuario del Pacifico. At that time, the other partners of Abertis in AMP were the Mexican company Corporacion Mexicana de Aeropuertos (CMA) and the Spanish company AENA (each with a 33% stake in AMP). In May 2011, Pacific Airports Group filed a statement with Mexico's Bolsa de Valores indicating that it closed a P1.58 billion corporate debt facility of which P1.02 billion (US $85.7 million) was used to finance capital improvements at the following airports: Guadalajara (P238.06 million), Guanajuato (Ps63.87 million), Hermosillo (P39.99 million), Los Cabos (P446.53 million) and Puerto Vallarta (P235.52 million). In December 2014, Abertis sold its stake in the project to Controladora Mexicana de Aeropuertos for US$ 222 million. http://www.aeropuertosgap.com.mx/ Add US$85.7 million of additional investmetn in physical assets in 2011 and number of runways 12 after the first semester 2011 data upload. taken from their 2006 IPO roadshow for 85% of the share 2000 2001 2002 2003 2004 2005 Peso millon 557 239 504 313 723 798 IMF Exchange rate 9.5 9.3 9.7 10.8 11.3 10.9 US mill 58.6 25.7 52.0 29.0 64.0 73.2