Potential Projects for Public- Private Partnerships
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- Baldric Spencer
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1 PUERTO RICO PROJECTS CONFERENCE Potential Projects for Public- Private Partnerships By: Alvaro Pilar Vilagrán Executive Director Puerto Rico Ports Authority A w i n d o w t o a n I s l a n d o f o p p o r t u n i t i e s PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 1
2 Asset Overview Isla Grande Dry Dock Pier 3 Luis Muñoz Marin Int l Airport Port Facility Opportunities Aviation Opportunity PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 2
3 Agenda 1. Isla Grande Dry Dock Development 2. Development of Pier 3 in San Juan 3. Luis Muñoz Marin International Airport PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 3
4 Isla Grande Dry Dock Development ( IGDD ) OBJECTIVE BACKGROUND PROJECT DESCRIPTION Finance, design and rebuild the Isla Grande Dry Dock into a leading maritimeindustrial center for shipyard repairs, ship reconstruction, remanufacture, and dry-docking afloat services to the local and international maritime community The Isla Grande Dry Dock ( IGDD ) is located between Piers 15 and 16 in the Isla Grande area in the city of San Juan The facility dates back to the 1930 s when it was used by the U.S. Navy and since early 2000 the facility has been inactive While subject to maintenance and repairs, many systems have reached the end of their life cycle and major overhaul is needed to continue operations The Authority s goal is to refurbish the IGDD to service commercial vessels from the Caribbean and the Western Atlantic and to support the growing needs of passenger and cargo ships arriving in Puerto Rico Establish a public-private partnership to rehabilitate and operate the Isla Grande Dry Dock Uses include maintenance and reparation of various sized vessels and activity currently not carried out in Puerto Rico that could capture part of the Panama Canal traffic Upon completion the IGDD will be a one-stop-shop facility with competitive pricing that would make Puerto Rico a leader in the region for shipyard services PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 4
5 Isla Grande Dry Dock Area IGDD Located between Piers 15 and 16 in San Juan, the IGDD is a large dry dock system with gates and water pumps The IGDD facilities are approximately 600 feet long, 102 feet wide and 26 feet deep and includes area for parking and space for machine shops The dry dock is a crucial element for Puerto Rico to maintain its leadership in the maritime industry in the region. A comprehensive modern dry dock is necessary to be able to attract new business to the Island The new facility also intends to capture in addition to local clients clients from the region PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 5
6 Isla Grande Volume and Economic Base VOLUME / ECONOMIC BASE In the last five fiscal years, the Port of San Juan received on average 554 cruise ships, 1.4 million passengers and 2,340 cargo ships moving 9.4 million short tons of cargo The Caribbean region is critically lacking a leading maritime-industrial center Some ports provide certain services Limited competition in the region Repairs are costly and time consuming for the cruise and shipping industry serving the region Puerto Rico has the high skilled labor force, strategic location, natural resources, parts and inventory and the support of local industries to enhance the economic competitiveness The rehabilitation of IGDD will allow 20 to 30 vessels per year to conduct maintenance and repair services in Puerto Rico PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 6
7 Isla Grande Rehabilitation Costs Construction costs for the rehabilitation of Isla Grande Dry Dock consists primarily of repairs to existing equipment and expansion and modernization of the facilities Sources $ MM Uses $ MM* Private Investment $10 Total $10 Repairs $ 4 Expansion $ 3 Modernization $ 3 Total $10 * Estimated PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 7
8 Isla Grande Development Status and Schedule Project design and construction can be completed in a short period of time As a retrofit of an existing facility within an area already urbanized for over a century, no environmental impacts are foreseen PRPA has nevertheless initiated consultation with pertinent government agencies to ensure no adverse environmental impact as a result of the rehabilitation Approvals & Studies Status Project Schedule Timing Legislative Approvals Received Construction drawings 3 months State & Local Planning Received Bid process 2 months Technical Feasibility N/A Construction and renovation 13 months Environmental Site Assessment Pending Total Project Completion 18 months Construction Drawings, Specs and Budget Pending PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 8
9 San Juan Port Cargo Volume Stable cargo volume and varying vessel movement because of larger size of vessels PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 9
10 Isla Grande Dry Dock Service Details Maintenance and Repairs Provided Type Isla Grande Dominican Republic (Ciramar) Curacao Curacao Drydock Company, Inc. Mechanical Electrical Hydraulics Pneumatic Machine Shops Logistical Support Project Management PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 10
11 Isla Grande Estimated First Year Revenues Commercial vessels require dry docking services at least 3 times every 5 years with a maximum gap of less than 3 years between visits for routine maintenance and certification processes A typical commercial vessel spends on average $200,000 to $500,000 per visit to a dry dock with occasional repairs surpassing $1 million Due to the known demand of the IGDD, 20 vessels per year will maintain busy dock operation Based on the rates described above, direct revenue generation for IGDD ranges between $4 million to $10.5 million year IGDD Estimated Revenues ($ 000s) Cost of Service 20 Vessels 25 Vessels 30 Vessels $200,000 $4,000 $5,000 $6,000 $100,000 6,000 7,500 9,000 $300,000 8,000 10,000 12,000 $500,000 10,000 12,500 15,000 $350,000 (Average) 7,000 8,750 10,500 PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 11
12 Isla Grande Investment Highlights IGDD will allow Puerto Rico to cope with current demand and potentially increase transit to the San Juan Bay Operators of cruise and cargo vessels are guaranteed on-site services, avoiding unnecessary costs of towing a damaged vessel to a far-away facility Large demand for dry-docking services in Puerto Rico and the region Most of demand is currently being serviced by other ports in the Caribbean on an individual basis Caribbean Region lacks a full service dry-docking facility and high barriers to entry gives IGDD a strategic economic edge Puerto Rico has the requisite skill and unskilled labor, natural resources and industry support to develop the project A retrofit of an existing dry dock site means less permitting and land use studies A new nautical tourism law will be approved by the government that will increase maritime traffic in San Juan PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 12
13 Isla Grande Information Availability Engineering reports in process Demand studies in process Legal reviews Key contacts Management forecasts in process Insurance reports in process Environmental studies in process PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 13
14 Agenda 1. Isla Grande Dry Dock Development 2. Development of Pier 3 in San Juan 3. Luis Muñoz Marin International Airport PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 14
15 Development of Pier 3 in San Juan ( Pier 3 ) OBJECTIVE Promote docking of mega-cruises such as the Genesis and maximize the commercial activity at the pier in the Old San Juan area BACKGROUND The Port of Old San Juan for the past 5 years has received an average of 554 cruise ships and handled approximately 1.3 million passengers a year and is one of the busiest cruise terminals in the Caribbean PROJECT DESCRIPTION The cruise terminals are in an area facing capacity constraint and have limited access for the new generation of mega cruise ships Old San Juan ( OSJ ) currently handles cruise ships from Piers 1, 3 and 4 with additional facilities further inland at the Navy Frontier pier and Pan American Dock I and II The development will be an upgrade of an existing pier which was last reconstructed in 2006 to replace an obsolete facility built in the early 1900 s Since 2006, the pier has handled approximately 1 million passengers The project entails upgrading the existing Pier 3 to accommodate the next generation of cruise ships including dredging, renovating the platform (widening and lengthening); installing new piles, bumpers and security booths; and reinforcing the existing structure Additional development includes a commercial area of more than 100,000 square feet and vehicle parking with 300 spaces PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 15
16 Pier 3 Development Area Pier 3 Pier 3 Pier 3 is located at the passenger port / pier zone of Old San Juan and is walking distance to historic Old Town Upon completion, Pier 3 will include a commercial area, vehicle parking and a shopping center for cruise passengers Pier 3 will increase the capacity to handle the next generation of mega ships (40% larger and capacity of 6,300 passengers and 2,100 crew) Queen Mary, RCCC (Oasis and Allure), Cristal, Mediterranean Shipping Company, Disney The development of Pier 3 is a part of the Authority s master plan to centralize cruise passenger traffic PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 16
17 Pier 3 Post Completion Pier 3 PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 17
18 Total San Juan Port Passenger Volume Stable cruise passenger numbers and vessel movements PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 18
19 Pier 3 Volume and Economic Base VOLUME / ECONOMIC BASE PRPA has an understanding with Royal Caribbean Cruise Lines ( RCCL ) to bring its new Genesis class cruise ships to San Juan if we developed this project The Authority estimates the upgraded facility will handle more than 500,000 passengers annually Commercial development including a shopping center and parking is further expected to promote revenue generation and growth for the facility Old San Juan Passenger Volume by Pier (Fiscal Year Ending June 30 th ) Location Pier 1 89, ,261 70,255 25,961 53,649 Pier 3 0 3, , , ,112 Pier 4 791, , , , ,265 Pan American 500, , , , ,095 Navy Frontier N/A N/A N/A 1,951 N/A Total 1,381,350 1,298,621 1,374,749 1,496,853 1,236,121 Economic Base Sources of Revenue Passenger Fees Docking Fees Parking Rent from Retail Stores Other (potential profit sharing) Structure Included in cruise ticket price Included in cruise ticket price Revenues from cruise passengers and car rental agencies Monthly rent based on $ per square foot Profit sharing mechanisms PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 19
20 Pier 3 Commerciability Metrics METRICS Old San Juan is the premiere tourist location for Puerto Rico, with over 1.2 million tourists traveling by cruise ship San Juan Bay is almost entirely protected by land making it the only harbor in the north coast of Puerto Rico with protection from inclement weather Average expenditure per passenger in Puerto Rico in 2006 was $91 Caribbean Cruise Passengers by Volume Source: PR Tourism Company * Estimated Total Passengers (mm) Rank* Port * 1 Miami (FL) U.S. Virgin Islands San Juan (PR) Saint Maarten Antigua View from cruise ship moored at Pier 4 showing proximity to Old San Juan PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 20
21 Pier 3 Greenfield Development DEVELOPMENT COSTS The development of Pier 3 will allow mega cruises to dock at San Juan The Authority intends to enter into a long-term ([50+] years) concession for the Design / Build / Finance / Operate / Maintain (DBFOM) of the pier, adjacent commercial space and parking facility A concession may provide more efficient operations while expanding capacity for capital improvements Significant revenue generation opportunities through: Passenger and docking fees Parking revenues Rent and potential profit sharing from retail stores The Authority anticipates approximately $80 million of private investment to complete the project PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 21
22 Pier 3 Approvals and Assessments A large set of studies, permits and acquisition assessments have been completed Studies & Design % Completion Technical Feasibility 100% Financial Feasibility In Process Environmental Site Assessment 100% Engineering Design Construction Drawings, Specs and Costs In Process In Process Permits & Approvals 1 U.S. Army Corps of Engineers State Historic Preservation Office United States Fish and Wildlife Service Status Received Received Received Environmental Quality Board Received 2 Legislative Approvals State & Local Planning Received Received 1. Detailed documentation of permit and environmental approval documentation can be provided upon request 2. Endorsed in July 2005 but case must be reopened PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 22
23 Pier 3 Construction Costs Construction costs for the platform (widening and lengthening), installing new piles, security booths and bumpers and reinforcing the existing structure Development costs for commercial area and parking facility would include construction costs to design and build a 100,000 square feet commercial space and 300 parking spaces Sources $ MM Uses $ MM* Private Investment $ 80 Total $ 80 Upgrading Pier $ 32.0 Installing Bumpers and Dolphins $ 1.6 Installing Security Booths $ 2.4 Commercial Development $ 24.0 Parking Facility $ 20.0 Total $ 80.0 * Estimated PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 23
24 Pier 3 Estimated First Year Revenues in $ millions Passenger $5.30 Parking & Retail $4.30 Dockage $1.90 PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 24
25 Pier 3 Investment Highlights Old San Juan is one of the busiest passenger ports in the United States and is the hub of cruise traffic in the Caribbean and is crucial to local, regional and national economic and security interest Demonstrated historic passenger volume growth trend Available land and existing facility reduces construction and permitting risk Proximity to the premiere tourist attraction of Old San Juan promotes economic development in the area The better and quicker that port facilities can process passengers, the more time passengers will have to spend visiting the sites and sponsoring local businesses The development project includes providing new and larger entrance and security pavilion to maximize efficient passenger handling Upgrades would double the amount of passenger handling capacity per year Proximity of Luis Muñoz Marin International Airport to the pier Best port facility in the Caribbean Airlift PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 25
26 Pier 3 Information Availability Engineering reports in process Demand studies in process Legal reviews Key contracts Labor agreements Management forecasts in process Insurance reports in process Environmental studies PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 26
27 Agenda 1. Isla Grande Dry Dock Development 2. Development of Pier 3 in San Juan 3. Luis Muñoz Marin International Airport PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 27
28 Executive Summary OBJECTIVE BACKGROUND P3 Partnership Long-term concession of the Luis Muñoz Marin International Airport ( LMM ) to a private developer for the operation, maintenance, facilities and commercial development of the Airport (including parking and cargo facilities) LMM is the main commercial airport in Puerto Rico with the largest number of passengers and cargo activity in the Caribbean serving more than 8 million passengers and 445 million short tons of cargo Owned by the Puerto Rico Ports Authority ( PRPA ) and operated by an Executive Director and a Board of Directors On June 8, 2009, the Commonwealth of Puerto Rico (the Commonwealth ) enacted legislation that authorized P3s for projects across multiple classes of infrastructure The Authority has submitted a preliminary application to the FAA that would enable PRPA to enter into a P3 partnership and would exempt LMM and the private partners from: repayment of federal grants, return of property acquired with federal funds, and the use of proceeds from the airport s sale or lease to be used exclusively for airport purposes PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 28
29 Luís Muñoz Marín International Airport Area LMM is located on about 1,600 acres of land and approximately 6 miles east of downtown San Juan in the Carolina region The airport serves the capital of San Juan and is the primary gateway to international destinations and the continental U.S. The Airport offers rapid access to San Juan through the Teodoro Moscoso Bridge San Juan With a population of over 400,000 (1), San Juan is the island s financial, cultural and tourism center The Greater San Juan Metropolitan Area is home to about 2 million people and represents half of Puerto Rico s population (2) Puerto Rico Population: 4.0 million GDP: $77.4 billion ($19,600 per capita) U.S. territory (1) U.S. Census Bureau: 2000 Census (2) Puerto Rico Tourism Company 2007 PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 29
30 Luís Muñoz Marín International Airport Runway Specifications Primary Runway 10,000 by 200 ft (rebuilt in 1974) 8/26 Runs parallel to the Atlantic Secondary Runway 8,000 by 150 ft (Re-opened in Feb 2008) 10/28 Runs parallel to PR Hwy Rte 26 LMM is the busiest airport in the Caribbean based on passenger movement and one of the most modern in amenities and security The Airport has two runways of 10,000 ft and 8,016 ft each Runways have instrument landing and VASI visual glide slope approach indicator systems LMM currently has four concourses with 36 gates of which 17 are used by American Airlines, LMM s largest carrier In addition to international and U.S. mainland routes, LMM also serves other local destination such as Aguadilla, Culebra, Mayaguez, Ponce and Vieques Construction of the new Terminal A is currently underway with an expected completion in late 2009 / early 2010 The new terminal, with an additional 7 gates, will serve expanded Delta and US Airways operations at the airport PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 30
31 LMM Main Terminal With two runways and 36 gates, the facility can host more than 16 million passengers and a vehicle parking with 5,000 parking spaces LMM currently has one main terminal building with four concourses The new terminal building will have one concourse The landside area of the main terminal building is divided into three distinct ticket counter areas: 1. American Airlines 2. Continental Airlines & Delta Airlines 3. all other airlines The four concourses in the main terminal is represented as follows by the major airlines: American Airlines: Concourse D & E Continental and JetBlue: Concourse C All other airlines: Concourse B Concourse A is currently under construction and is slated to open in early 2010 The concourse will be used by US Airways and Delta PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 31
32 Historical Passenger Volume LMM is classified by the FAA as a medium hub facility based on its percentage of nationwide enplanement LMM is currently ranked 41 st nationwide Approximately 4.6 million enplanements for CY2008 and 4.1 million enplanement for FY2009 (year ending June 30 th ) * 2009 figures based on fiscal year ending June 30 th. All other figures based on calendar year ending December 31 st. PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 32
33 Passenger Volume by Airline As of FY2009, there are 25 airlines serving LMM, as well as private charters and air taxis American Airlines and American Eagle represents approximately 45% of total enplanement Enplanement Market Share of Top 10 Airlines for FY2009 * Includes: Vieques, USA Jet, Miami Air International, Sun Country, Casino Express, Pace, North American, Ryan International, Allegiant Air, Spirit, Privates and Air Taxis, Iberia, Copa, Liat, Air Canada, Planet Airways, Cape Air PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 33
34 Passenger Origination and Destination The largest market served by LMM is Florida due to its proximity to Puerto Rico and being the largest hub in the area for other domestic destinations not served directly by LMM Internationally, the Dominican Republic is the largest Origination and Destination ( O&D ) location for LMM FY 2009 Top 10 Domestic O&D Markets 2009* Top 10 Int l O&D Markets Source: Puerto Rico Ports Authority January to April 2009 figures Source: Research and Innovative Technology Administration Bureau of Transportation Statistics PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 34
35 Aviation Services In addition to commercial passenger flights, LMM provides cargo, charter and general aviation services as well Air Cargo LMM has the largest air cargo operations in Puerto Rico and demand forecasts project 950 million short tons by 2024 The airport currently serves 14 air cargo services and cargo facilities are located near the secondary runway Freight is carried primarily by package carriers such as FedEx, United Parcel Service (UPS) and the U.S. Postal Service (USPS) as well as through commercial flights Charter Flights Charter flights originating mainly from international destinations comprise a significant portion of LMM passengers General Aviation LMM also serves as a General Aviation facility through its Fixed Base Operations ( FBO ) PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 35
36 LMM Airlines and Destination Served Concourse B (12 Gates) Airlines Air Canada Air Sunshine AirTran Airways Cape Air Delta Air Lines LIAT Northwest Airlines United Airlines US Airways Vieques Air Link Destinations Montréal-Trudeau, Toronto-Pearson [seasonal] St. Croix, St. Thomas, Tortola, Vieques, Virgin Gorda Atlanta, Baltimore, Orlando Mayagüez, Ponce, St. Croix, St. Thomas, Tortola, Vieques Atlanta, New York-JFK Antigua, Dominica, St.Vincent Detroit, Memphis, Minneapolis/St. Paul [all seasonal] Chicago-O'Hare, Washington-Dulles Boston, Charlotte, Philadelphia Vieques Concourse C (9 Gates) Airlines Continental Airlines Copa Airlines Iberia Airlines Insel Air JetBlue Airways PAWA Dominicana Spirit Airlines Virgin Atlantic Airways Destinations Cleveland [seasonal], Houston- Intercontinental, Newark Panama City Madrid Curacao, St. Maarten Boston, Fort Lauderdale, New York-JFK, Orlando, Santo Domingo, Washington- Dulles [seasonal] Santo Domingo, Santiago de los Caballeros Fort Lauderdale, Orlando London-Gatwick [seasonal] PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 36
37 LMM Airlines and Destination Served (Cont.) Concourse D & E (22 Gates Total) Airlines American Airlines American Eagle Air Charters Destinations Baltimore, Boston, Caracas, Chicago-O'Hare, Dallas/Fort Worth, Hartford, Los Angeles, Miami, New York-JFK, Philadelphia, Santo Domingo, Tampa, Washington-Dulles Anguilla, Antigua, Barbados, Beef Island, Dominica, Fort-de-France, Grenada [seasonal], La Romana, Nevis [seasonal], Pointe-a-Pitre, Port of Spain, Puerto Plata, Punta Cana, Santiago de los Caballeros, Santo Domingo, St. Croix, St. Kitts, St. Lucia, St. Maarten, St. Thomas Airlines Destinations Airlines Destination Air France Guadeloupe Ryan Air Atlanta, Chicago-O Hare, Miami, Milwaukee, Orlando, Tampa Allegiant Air Las Vegas TACA Costa Rica San Jose de Costa Rica Avianca Bogota Skyservice Toronto, Montreal Condor Frankfurt Sun Country Airlines Minneapolis / St. Paul Expressjet Punta Cana, Santo Domingo-Las Americas Thomson Airways London-Gatwick, Manchester Mexicana Mexico City USA 3000 Airlines Punta Cana Miami Air Varies, depends on tour operator USA Jet Airlines Punta Cana, Santo Domingo-Las Americas Omni Air International Varies, depends on tour operator PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 37
38 LMM Cargo Movements In FY2009, LMM handled over 200,000 short tons of cargo which was is a 33% increase since 1988 Source: Puerto Rico Ports Authority PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 38
39 LMM General Aviation LMM served over 4,000 general aviation flights in FY2009 representing a 25% y-o-y increase FY2009: 4,552 FY2008: 3,393 FY2007: 3,858 The facility serves seven Fixed Base Operators ( FBO ) operators FBO Operators Rome Internacional MN Aviation Airport Aviation Service FBO Operators (cont.) Fortune Group Lineas Aereas Puertorriquenas Professional Aircraft Service G.M.D PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 39
40 LMM Revenue Sources Revenues at LMM are broken into operating revenues, non-operating revenues, federal grants and Passenger Facility Charges ( PFC ) Operating Revenues: terminal rentals, landing fees, cargo rental, retail store concession, parking, rental cars, FBO revenues, apron charges, food and beverage Non-Operating Revenues: fuel flowage fee, interest and penalties and other misc. fees Grants and PFC LMM is currently authorized to impose a $4.50 PFC Current PFC collection and use authorization total over $570 million PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 40
41 LMM Revenue Sources (Cont.) On average, passenger tariffs for LMM are low compared to its peers Revenue Streams for FY2009 PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 41
42 LMM Operating Expenses Operating expenses for the airport mainly comprises of salaries and employee benefits, G & A, insurance and professional services Non-operating expenses consists of financing costs and other related fees FY 2008: Operating Expenses Rent & Maintenance 1.9% Insurance 10.3% General & Admin 23.7% Professional Svcs. 9.1% Salaries & Benefits 55.0% PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 42
43 LMM Planned Capital Improvements Projected Capital Improvements (Fiscal Year Ending June 30 th ) ($ 000s) Total Reconstruction of Taxiway Sierra $803 $6,009 $24,041 $18,031 $ - $48,884 Improvements Runway 8-26 $ - $ - $ - $5,000 $18,000 $23,000 Extension to Taxiway Sierra $ - $10,115 $10,116 $ - $ - $20,231 Cargo Access Road & Sanitary System $3,868 $9,000 $3,912 $ - $ - $16,780 New Terminal Building A $8,382 $ - $ - $ - $ - $8,382 Security Fence & Security Access Road $500 $7,500 $ - $ - $ - $8,000 South GA Access Road & Utilities $3,991 $3,991 $ - $ - $ - $7,982 Access Control and CCTV Replacement $6,421 $ - $ - $ - $ - $6,421 Water Storage Tanks & Pump Station $ - $4,765 $1,333 $ - $ - $6,098 Expansion Midfield Taxiway (Dual) $495 $ - $ - $4,700 $ - $5,195 Kilo Apron Expansion $ - $1,272 $2,547 $1,273 $ - $5,092 Improvements to Terminal D $4,342 $ - $ - $ - $ - $4,342 Misc Repairs and Maintenance $3,290 $2,800 $320 $320 $ - $6,730 Total $32,092 $45,452 $42,269 $29,324 $18,000 $167,137 PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 43
44 LMM Historical Financials Historical Financials (Fiscal Year Ending June 30 th ) Revenues ($) 2008 Expense ($) 2008 Airport Operations Operating Expenses Landing Fees 26,383,271 Salaries and employee benefits 21,040,677 Space Rentals 53,801,027 Professional services 3,493,675 Utilities, gas sales and other 292,502 General and administrative 9,066,941 Less: uncollectible (2,550,724) Rent, repairs and maintenance 717,300 Insurance 3,934,907 Total Operating Revenue 77,926,076 Total Operating Expenses 38,253,500 Non-Operating Revenues Non-Operating Expenses Fuel flowage fees 3,101,016 Interest and other financing 7,493,917 Penalties and other fees 1,206,451 Depreciation & amortization 20,899,913 Income Available for Capital Passenger facility charges 20,960,702 Interest on restricted funds 1,310,752 Total Non-Oper. Rev & Inc. Avail. For Cap. 26,578,921 Total Non-Operating Expenses 28,393,830 Total Revenue 104,504,997 Total Expenses 66,647,330 Net Income 37,857,667 EBITDA 45,290,795 PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 44
45 LMM Historical and Projected Tariffs LMM Airport Tariff Charges (Fiscal Year Ending June 30 th ) Signatory Landing Fee $2.72 $2.58 $2.58 $3.84 Non-Signatory Landing Fee $3.40 $3.23 $3.23 $4.80 Parking $0.89 $0.89 $0.89 $0.89 Air Conditioned Space (per s/f) $45.55 $43.77 $43.77 $42.41 Non Air Conditioned Space (per s/f) $38.75 $37.20 $37.20 $36.05 Cargo Terminal Rental (per s/f) $23.65 $27.25 $27.25 $34.07 Domestic Passengers $2.30 $2.99 $2.99 $2.66 International Passengers $2.64 $4.64 $4.64 $4.64 Local Passengers $1.74 $3.67 $3.67 $1.90 International Cargo $1.40 $1.61 $1.61 $2.01 * Unaudited PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 45
46 LMM Investment Highlights Duty-free access to the U.S. and tax incentives Heavy U.S. investment in the region Strong and robust tourism industry serving the area High proportion of origination and destination traffic High capacity infrastructure on the island including well-defined interconnected network of roads, freeways, expressways and highways Significantly lower passenger fees compared to regional competitors such as the Dominican Republic, Cancun, Costa Rica, US Virgin Islands, St. Maarten, etc. Non-Aeronautical revenue generating capabilities Ability to expand concessions and enhance parking revenues Strong support from the Government Development Bank as well as the Commonwealth and the Authority to ensure a successful concession PUERTO RICO PROJECTS CONFERENCE A window to an Island of opportunities 46
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