The challenge of constant growth

Since we were first awarded this concession, every five years we have created and invested in a series of commitments that take the form of a Master Development Plan (MDP), which have allowed us to improve the quality and capacity of the airports we serve, along with our revenues.

The Master Development Plan is updated every five years to review the state of the facilities and determine what upgrades are needed to continue handling the projected volume of traffic under appropriate capacity and quality conditions. To do so, concessionaires must calculate the need for new infrastructure both on the aeronautical side—to attend to income aircraft—and for passengers in the terminal building.

In virtually every five-year period, work is done on repairing and expanding building capacity and on maintaining runways. In the medium term, the largest expansion for the group will be construction of a new runway at the Guadalajara airport, since projections show that the current configuration will be saturated by around the year 2022. In coming years GAP intends to acquire the necessary land and draft the master plan, to be able to begin construction in 2020. The budget (excluding land) will be around MXP 4 billion.

  • MDP 2000-2004
    An investment of MXP 2.7 billion primarily to overhaul maintenance and upgrade runways and navigation systems, in order to guarantee passengers safety on maintain operations.
  • MDP 2005-2009
    An investment of MXP 3.7 billion in remodeling and building more functional terminals, with the size and services appropriate to the number of passengers served.
  • MDP 2010-2014
    An investment of MXP 3.6 billion to expand runways and terminals and create directy operated businesses where can provide the best service to users.
  • MDP 2015-2019
    The most recent MDP authorized by the Mexican government entails an investment of MXP 5.5 billion, the largest since we began operations, and which specifies the ambitious projects we have planned for the coming five years. The most important of these are detailed as follows.

Guadalajara International Airport

  • Increase in departure capacity with eight boarding gates and three telescoping jetways, in a building attached to the current complex of buildings.
  • Construction of a cargo apron with nine stations for large-scale aircraft (B747-800).
  • Redesign of Terminal 2 to become a waiting lounge for flights from remote international positions
Tijuana International Airport
  • Upgrade and increase lounge capacity
  • Add platform positions
  • Build a new waiting/departure area for bus operations
  • Construction of a new terminal building
  • Extend and remodel the wings of the current terminal
Hermosillo International Airport
  • Increase departure capacity with two new platform positions and telescoping walkways
  • Apply new security controls
  • Expand the current complex of buildings
Los Cabos International Airport
  • Rehabilitate Terminal 1 for domestic flights
  • Increase international departures capacity in Terminal 2
  • Expand platform capacity

MXP 5.5 billion

CAPEX committed for the next 5 years, a 60% increase vs. the previous period.

To make the current MDP attainable, on February 20, 2015 GAP placed 26 million long-term Securities Certificates (CBs) for a total of MXP 2.6 billion, under the following conditions: 11 million CBs totaling MXP 1.1 billion, at a floating rate of 24 basis points over the TIIE28, at a term of 5 years and payment of principal at maturity; and 15 million CBs totaling MXP 1.5 billion at a fixed rate of 7.08%, at a term of 10 years and principal due at maturity. Some of the proceeds will be used to pay off existing bank debt totaling MXP 1.7 billion.

The success of this placement, with demand well above the amount offered, confirms the market’s confidence in our Company, whose performance has been backed by S&P and Moody’s with an AAA rating—the highest credit rating.

The full program provides for the placement of MXP 9 billion. This means that we will access the markets gradually in keeping with the needs of our MDP. With this we will make our debt balance as efficient as possible, finance projects at competitive rates, and improve the efficiency of the Company as a whole.

MDP TOTAL INVESTMENT (MXP thousand)

By airport

AIRPORT TOTAL
Guadalajara 1,358,960
Tijuana 1,121,045
Los Cabos 1,035,119
Puerto Vallarta 360,561
Hermosillo 386,123
Guanajuato 269,700
Morelia 216,235
Aguascalientes 190,764
Mexicali 187,369
La Paz 185,953
Los Mochis 85,922
Manzanillo 80,865
TOTAL 5,478,614

By year

YEAR TOTAL
2015 1,412,233
2016 1,842,569
2017 1,157,684
2018 759,337
2019 306,792
TOTAL 5,478,614

MDP 2015 - 2019
Major investements by concept:

  • Capacity and quality projects MXP 3,300 million
  • ICAO compliance projects MXP 140 million
  • Enviromental projects MXP 889 million
  • Equipment MXP 802 million

MASTER DEVELOPMENT PLAN CAPEX
(MXP BILLION AS OF 2012)