Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F
[ X ] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
GUADALAJARA, Mexico, Oct. 21, 2022 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:
PAC; BMV: GAP) (“the Company” or “GAP”) reported its consolidated results for the third quarter ended September
30, 2022 (3Q22) (tables are presented at the end of this report comparing passenger traffic and consolidated results for 2022 to 2019,
in order to illustrate the recovery and trend of these metrics). Figures are unaudited and have been prepared in accordance with
International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
During 3Q22, results were significantly better as compared to 3Q21 because of a 27.6% increase in total revenues. The
Company generated positive EBITDA of Ps. 4,085.0 million, an increase of 31.8% as compared to 3Q21.
In 3Q22, operating activities continued generating positive cash flow of Ps. 3,748.6 million. The Company reported
a financial position of cash and cash equivalents as of September 30, 2022, of Ps. 16,157.6 million (51.7% higher than the balance as
of September 30, 2021). During 3Q22, the Company issued Ps. 2,757.6 million in long-term debt securities (Certificados Bursátiles)
to finance the committed investments for our Mexican airports and to pay our “GAP 17-2” debt securities that will mature on
November 3. Additionally, Ps. 924.3 million in share repurchases were made during the 3Q22.
Passenger Traffic
During 3Q22, total passengers at the Company’s 14 airports increased by 2,885.8 thousand passengers, an increase
of 24.6%, compared to 3Q21 (as compared to 3Q19, total passengers increased by 2,750.4 thousand passengers, or 23.2%).
During 3Q22, the following new routes were opened:
Domestic:
Airline |
Departure |
Arrival |
Opening
date |
Frequencies |
Volaris |
Guadalajara |
Toluca |
July
1, 2022 |
7
weekly |
Volaris |
Puerto
Vallarta |
Toluca |
July
1, 2022 |
7
weekly |
Volaris |
Los
Cabos |
Toluca |
July
1, 2022 |
7
weekly |
Volaris |
Tijuana |
Toluca |
July
1, 2022 |
7
weekly |
Volaris |
Tijuana |
Puerto
Escondido |
July
1, 2022 |
2
weekly |
Aeromexico |
Guadalajara |
Felipe
Angeles |
August
15, 2022 |
3
weekly |
Volaris |
Mexicali |
Felipe
Angeles |
August
15, 2022 |
7
weekly |
Aeromar |
Aguascalientes |
Mexico
City |
September
5, 2022 |
7
weekly |
Calafia |
La
Paz |
Puerto
Peñasco |
September
5, 2022 |
2
weekly |
Calafia |
La
Paz |
Chihuahua |
September
6, 2022 |
3
weekly |
Volaris |
Guadalajara |
Felipe
Angeles |
September
15, 2022 |
7
weekly |
Volaris |
La
Paz |
Felipe
Angeles |
September
15, 2022 |
3
weekly |
Volaris |
Puerto
Vallarta |
Felipe
Angeles |
September
15, 2022 |
7
weekly |
Volaris |
Los
Cabos |
Felipe
Angeles |
September
16, 2022 |
4
weekly |
Aeromexico |
Morelia |
Mexico
City |
September
19, 2022 |
14
weekly |
|
|
|
|
|
Note: Frequencies can vary without prior notice.
International:
Airline |
Departure |
Arrival |
Opening
date |
Frequencies |
Iberojet |
Los
Cabos |
Madrid |
July
18, 2022 |
1
weekly |
Note: Frequencies can vary without prior notice.
Domestic Terminal Passengers – 14 airports (in thousands):
Airport |
3Q21 |
3Q22 |
Change |
9M21 |
9M22 |
Change |
Guadalajara |
2,246.8 |
2,935.3 |
30.6% |
5,998.2 |
7,969.4 |
32.9% |
Tijuana * |
1,837.2 |
2,151.2 |
17.1% |
5,021.2 |
5,973.1 |
19.0% |
Los Cabos |
558.0 |
725.5 |
30.0% |
1,445.4 |
1,869.8 |
29.4% |
Puerto Vallarta |
540.6 |
753.4 |
39.4% |
1,294.2 |
1,944.0 |
50.2% |
Montego Bay |
0.0 |
0.0 |
0.0% |
0.0 |
0.0 |
N/A |
Guanajuato |
401.8 |
491.5 |
22.3% |
1,082.7 |
1,300.7 |
20.1% |
Hermosillo |
389.8 |
479.0 |
22.9% |
1,008.3 |
1,343.6 |
33.2% |
Kingston |
0.3 |
0.5 |
96.2% |
1.0 |
1.0 |
1.5% |
Mexicali |
300.9 |
327.8 |
8.9% |
764.1 |
918.7 |
20.2% |
Morelia |
138.4 |
160.8 |
16.2% |
394.1 |
474.3 |
20.4% |
La Paz |
237.2 |
274.0 |
15.5% |
634.9 |
786.7 |
23.9% |
Aguascalientes |
162.3 |
171.2 |
5.5% |
404.7 |
524.8 |
29.7% |
Los Mochis |
89.4 |
103.4 |
15.7% |
252.0 |
307.5 |
22.0% |
Manzanillo |
20.8 |
25.5 |
22.6% |
61.0 |
74.0 |
21.2% |
Total |
6,923.6 |
8,599.2 |
24.2% |
18,361.9 |
23,487.5 |
27.9% |
*Cross Border Xpress (CBX) users are classified as international passengers.
International Terminal Passengers – 14 airports (in thousands):
Airport |
3Q21 |
3Q22 |
Change |
9M21 |
9M22 |
Change |
Guadalajara |
1,098.9 |
1,165.2 |
6.0% |
2,643.2 |
3,232.8 |
22.3% |
Tijuana * |
738.5 |
1,113.5 |
50.8% |
1,901.1 |
3,063.3 |
61.1% |
Los Cabos |
944.3 |
1,001.1 |
6.0% |
2,462.1 |
3,310.5 |
34.5% |
Puerto Vallarta |
529.7 |
653.0 |
23.3% |
1,457.9 |
2,587.6 |
77.5% |
Montego Bay |
799.6 |
1,136.8 |
42.2% |
1,761.0 |
3,225.8 |
83.2% |
Guanajuato |
198.5 |
210.5 |
6.0% |
447.3 |
567.7 |
26.9% |
Hermosillo |
30.7 |
20.1 |
(34.8%) |
76.6 |
58.5 |
(23.6%) |
Kingston |
266.2 |
498.3 |
87.2% |
565.0 |
1,128.4 |
99.7% |
Mexicali |
1.8 |
1.7 |
(4.2%) |
3.6 |
4.6 |
28.1% |
Morelia |
116.1 |
130.7 |
12.6% |
292.9 |
364.2 |
24.3% |
La Paz |
5.4 |
5.4 |
(0.6%) |
13.7 |
19.2 |
39.9% |
Aguascalientes |
63.4 |
65.2 |
2.9% |
152.0 |
170.2 |
12.0% |
Los Mochis |
3.1 |
2.1 |
(32.8%) |
7.1 |
5.8 |
(18.0%) |
Manzanillo |
8.2 |
11.1 |
35.0% |
29.7 |
52.3 |
76.1% |
Total |
4,804.5 |
6,014.7 |
25.2% |
11,813.1 |
17,790.9 |
50.6% |
*CBX users are classified as international passengers.
Total Terminal Passengers – 14 airports (in thousands):
Airport |
3Q21 |
3Q22 |
Change |
9M21 |
9M22 |
Change |
Guadalajara |
3,345.7 |
4,100.5 |
22.6% |
8,641.5 |
11,202.2 |
29.6% |
Tijuana * |
2,575.7 |
3,264.7 |
26.7% |
6,922.3 |
9,036.4 |
30.5% |
Los Cabos |
1,502.3 |
1,726.5 |
14.9% |
3,907.5 |
5,180.3 |
32.6% |
Puerto Vallarta |
1,070.3 |
1,406.4 |
31.4% |
2,752.1 |
4,531.7 |
64.7% |
Montego Bay |
799.6 |
1,136.8 |
42.2% |
1,761.0 |
3,225.8 |
83.2% |
Guanajuato |
600.3 |
702.0 |
16.9% |
1,530.0 |
1,868.4 |
22.1% |
Hermosillo |
420.6 |
499.1 |
18.7% |
1,084.9 |
1,402.1 |
29.2% |
Kingston |
266.4 |
498.9 |
87.2% |
565.9 |
1,129.4 |
99.6% |
Mexicali |
302.7 |
329.5 |
8.8% |
767.8 |
923.3 |
20.3% |
Morelia |
254.5 |
291.5 |
14.6% |
687.0 |
838.5 |
22.1% |
La Paz |
242.6 |
279.4 |
15.2% |
648.6 |
805.9 |
24.3% |
Aguascalientes |
225.7 |
236.4 |
4.7% |
556.7 |
695.0 |
24.8% |
Los Mochis |
92.5 |
105.5 |
14.0% |
259.1 |
313.3 |
20.9% |
Manzanillo |
29.0 |
36.6 |
26.1% |
90.7 |
126.3 |
39.2% |
Total |
11,728.1 |
14,613.9 |
24.6% |
30,175.0 |
41,278.4 |
36.8% |
*CBX users are classified as international passengers.
CBX Users (in thousands):
Airport |
3Q21 |
3Q22 |
Change |
9M21 |
9M22 |
Change |
Tijuana |
725.5 |
1,103.9 |
52.1% |
1,878.2 |
3,038.5 |
61.8% |
Consolidated Results for the Third Quarter of 2022 (in thousands of pesos):
|
3Q21 |
3Q22 |
Change |
Revenues |
|
|
|
Aeronautical
services |
3,316,240 |
4,449,504 |
34.2% |
Non-aeronautical
services |
1,037,416 |
1,329,793 |
28.2% |
Improvements
to concession assets (IFRIC-12) |
939,145 |
972,743 |
3.6% |
Total revenues |
5,292,801 |
6,752,040 |
27.6% |
|
|
|
|
Operating costs |
|
|
|
Costs
of services: |
759,323 |
980,978 |
29.2% |
Employee
costs |
276,236 |
357,283 |
29.3% |
Maintenance |
136,477 |
147,757 |
8.3% |
Safety,
security & insurance |
124,716 |
146,102 |
17.1% |
Utilities |
111,739 |
136,726 |
22.4% |
Other
operating expenses |
110,155 |
193,110 |
75.3% |
|
|
|
|
Technical
assistance fees |
146,706 |
189,598 |
29.2% |
Concession
taxes |
353,984 |
525,291 |
48.4% |
Depreciation
and amortization |
518,005 |
587,686 |
13.5% |
Cost
of improvements to concession assets (IFRIC-12) |
939,145 |
972,743 |
3.6% |
Other
(income) |
(4,735) |
(1,610) |
(66.0%) |
Total operating costs |
2,712,428 |
3,254,686 |
20.0% |
Income from operations |
2,580,373 |
3,497,354 |
35.5% |
Financial
Result |
(214,047) |
(227,340) |
6.2% |
Income before income
taxes |
2,366,325 |
3,270,014 |
38.2% |
Income
taxes |
(586,599) |
(607,303) |
3.5% |
Net income |
1,779,726 |
2,662,711 |
49.6% |
Currency
translation effect |
60,978 |
(7,235) |
(111.9%) |
Cash
flow hedges, net of income tax |
164,213 |
1,152 |
(99.3%) |
Remeasurements
of employee benefit – net income tax |
9,777 |
106 |
(98.9%) |
Comprehensive income |
2,014,694 |
2,656,734 |
31.9% |
Non-controlling
interest |
(45,769) |
(58,841) |
28.6% |
Comprehensive income
attributable to controlling interest |
1,968,925 |
2,597,893 |
31.9% |
|
|
|
|
|
|
|
|
|
3Q21 |
3Q22 |
Change |
EBITDA |
3,098,378 |
4,085,040 |
31.8% |
Comprehensive income |
2,014,694 |
2,656,734 |
31.9% |
Comprehensive income per share
(pesos) |
3.8742 |
5.2245 |
34.9% |
Comprehensive income per ADS
(US dollars) |
1.9260 |
2.5973 |
34.9% |
|
|
|
|
Operating income margin |
48.8% |
51.8% |
6.2% |
Operating income margin (excluding
IFRIC-12) |
59.3% |
60.5% |
2.1% |
EBITDA margin |
58.5% |
60.5% |
3.4% |
EBITDA margin (excluding IFRIC-12) |
71.3% |
70.7% |
(0.8%) |
Costs of services and improvements
/ total revenues |
32.1% |
28.9% |
(9.8%) |
Cost of services / total revenues
(excluding IFRIC-12) |
17.4% |
17.0% |
(2.7%) |
|
|
|
|
- Net income and comprehensive income per share for 3Q22 were calculated based on 505,277,464 shares outstanding
as of September 30, 2022 and for 3Q21 were calculated based on 514,705,326 shares outstanding as of September 30, 2021. U.S. dollar figures
presented were converted from pesos to U.S. dollars at a rate of Ps. 20.1150 per U.S. dollar (the noon buying rate on September 30, 2022,
as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of our Jamaican airports, the average
three-month exchange rate of Ps. 20.2403 per U.S. dollar for the three months ended September 30, 2022 was used.
Revenues (3Q22 vs. 3Q21)
- Aeronautical services revenues increased by Ps. 1,133.3 million, or 34.2%.
- Non-aeronautical services revenues increased by Ps. 292.4 million, or 28.2%.
- Revenues from improvements to concession assets increased by Ps. 33.6 million, or 3.6%.
- Total revenues increased by Ps. 1,459.2 million, or 27.6%.
- The change in aeronautical services revenues was composed primarily of the following
factors:
- Revenues at our Mexican airports increased by Ps. 857.1 million or 30.0% compared to
3Q21, mainly due to the 21.7% increase in passenger traffic and the adjustment in maximum rates as a result of inflation.
- Revenues from the Montego Bay airport increased by Ps. 134.3 million, or 43.6%, compared
to 3Q21. This was mainly due to the 42.2% increase in passenger traffic. During 3Q22, there was a 1.2% depreciation of the peso versus
the U.S. dollar, which went from an average exchange rate of Ps. 20.0092 in 3Q21 to Ps. 20.2403 in 3Q22.
- Revenues from the Kingston airport increased by Ps. 141.9 million, or 91.2% compared
to 3Q21, mainly due to an 87.2% increase in passenger traffic.
- The change in non-aeronautical services revenues was composed primarily of the following
factors:
- Revenues at our Mexican airports increased by Ps. 218.6 million, or 25.2%, compared to
3Q21. Revenues from businesses operated by third parties increased by Ps. 109.9 million, or 18.3%. Mainly due to the recovery of passenger
traffic. The business lines that increased the most were food and beverage, retail, car rentals, duty-free stores, time shares and ground
transportation, which jointly increased by Ps. 92.5 million, or 18.1%. Revenues from businesses operated directly by us increased by Ps.
103.0 million, or 44.5%, while the recovery of costs increased by Ps. 5.7 million, or 15.7%.
- Revenues from the Montego Bay airport increased by Ps. 58.2 million, or 46.7%, compared
to 3Q21. Revenues in U.S. dollars increased US$ 2.8 million, or 50.0%.
- Revenues from the Kingston airport increased by Ps. 15.6 million, or 34.1%, compared
to 3Q21. Revenues in U.S. dollars increased US$ 0.7 million, or 30.1%.
|
3Q21 |
3Q22 |
Change |
Businesses operated by third
parties: |
|
|
|
Duty-free |
153,166 |
194,142 |
26.8% |
Food and beverage |
163,585 |
203,903 |
24.6% |
Retail |
119,901 |
154,788 |
29.1% |
Car rentals |
112,400 |
136,692 |
21.6% |
Leasing of space |
65,596 |
82,646 |
26.0% |
Time shares |
54,657 |
59,598 |
9.0% |
Ground transportation |
36,733 |
41,213 |
12.2% |
Communications and financial
services |
22,325 |
27,200 |
21.8% |
Other commercial revenues |
24,357 |
29,440 |
20.9% |
Total |
752,719 |
929,623 |
23.5% |
|
|
|
|
Businesses operated directly
by us: |
|
|
|
Car parking |
106,057 |
142,543 |
34.4% |
VIP lounges |
60,774 |
94,392 |
55.3% |
Advertising |
11,813 |
20,344 |
72.2% |
Convenience stores |
59,391 |
86,073 |
44.9% |
Total |
238,034 |
343,353 |
44.2% |
Recovery of costs |
46,662 |
56,815 |
21.8% |
Total
Non-aeronautical Revenues |
1,037,415 |
1,329,793 |
28.2% |
Figures expressed in thousands of Mexican pesos.
- Revenues from improvements to concession assets1
Revenues from improvements
to concession assets (IFRIC-12) increased by Ps. 33.6 million, or 3.6%, compared to 3Q21. The change was composed primarily of:
- The Company’s Mexican airports, which increased by Ps. 31.2 million, or 3.4%, as a result of the
increase in committed investments in the Master Development Program for the 2020-2024 period.
- Improvements to concession assets at the Montego Bay airport increased Ps. 2.4 million, or 16.5%. During
3Q22, no improvements to concession assets were made at the Kingston airport.
Total operating costs increased by Ps. 542.3 million, or 20.0%, compared to 3Q21, mainly due to a
combined increase of Ps. 214.2 million, or 42.8%, in concession taxes and technical assistance fees, a Ps. 221.7 million, or 29.2%, increase
in cost of services, a Ps. 69.7 million, or 13.5%, increase in depreciation and amortization and a Ps. 33.6 million, or 3.6% increase
in the cost of improvements to the concession assets (IFRIC-12), (excluding the cost of improvements to concession assets, operating
costs increased Ps. 508.7 million, or 28.7%).
This increase in total operating costs was composed primarily of the following factors:
Mexican
Airports:
- Operating costs increased by Ps. 370.4 million, or 16.5%, compared to 3Q21, primarily
due to a Ps. 187.9 million, or 31.8%, increase in cost of services, a combined Ps. 90.1 million, or 27.5%, increase in technical assistance
fees and concession taxes, a Ps. 63.3 million, or 15.9%, increase in depreciation and amortization, and a Ps. 31.2 million, or 3.4%, increase
in the cost of improvements to the concession assets (IFRIC-12), (excluding the cost of improvements to the concession assets
(IFRIC-12), operating costs increased by Ps. 339.3 million or 25.8%).
The change in the cost of services during 3Q22 was mainly due to:
- Employee costs increased Ps. 78.3 million, or 34.3%, compared to 3Q21, mainly due to
the hiring of additional personnel as required for airport operations due to the recovery of passenger traffic.
- Safety, security and insurance costs increased Ps. 16.2 million, or 17.9%, compared to
3Q21, mainly due to an increase in the number of security staff and the opening of operational areas.
- Utility costs increased Ps. 11.2 million, or 14.8%, compared with 3Q21, primarily because
of the increase in the consumption of electricity due to the opening of new operational areas, fuels and the increase in the cost of water.
- Other operating expenses increased Ps. 79.6 million, or 95.1%, compared to 3Q21, mainly
due to a combined increase of Ps. 71.6 million in the cost of goods and services for our VIP lounges and convenience stores due to the
increase in sales of these business lines, FBO services, professional fees, allowance for credit losses and travel expenses.
Montego Bay Airport:
- Operating costs increased by Ps. 61.0 million, or 22.2%, compared to 3Q21, mainly due
to a Ps. 27.6 million, or 55.4%, increase in concession taxes, a Ps. 20.1 million, or 20.9%, increase in the cost of services, a Ps. 5.8
million, or 4.9%, increase in depreciation and amortization and a Ps. 2.4 million, or 16.5%, increase in the cost of improvements to concession
assets (IFRIC-12).
Kingston Airport:
- Operating costs increased by Ps. 110.8 million, or 56.1%, compared to 3Q21, mainly due
to a Ps. 96.5 million, or 78.5%, increase in concession taxes, and a Ps. 13.7 million, or 19.0%, increase in the cost of services.
Operating margin went from 48.8% in 3Q21 to 51.8% in 3Q22. Excluding the effects of IFRIC-12, operating
margin went from 59.3% in 3Q21 to 60.5% in 3Q22. Operating income increased Ps. 917.0 million, or 35.5%, compared to 3Q21.
EBITDA margin went from 58.5% in 3Q21 to 60.5% in 3Q22. Excluding the effects of IFRIC-12, EBITDA
margin went from 71.3% in 3Q21 to 70.7% in 3Q22. The nominal value of EBITDA increased Ps. 986.7 million, or 31.8%, compared
to 3Q21.
Financial cost increased by Ps. 13.3 million, or 6.2%, from a net expense of Ps.
214.0 million in 3Q21 to a net expense of Ps. 227.3 million in 3Q22. This change was mainly the result of:
- Foreign exchange rate fluctuations, which went from an income of Ps. 87.6 million in
3Q21 to income of Ps. 208.1 million in 3Q22. This generated an increase in the foreign exchange gain of Ps. 120.5 million.
Currency translation effect income decreased Ps. 68.2 million, compared to 3Q21.
- Interest expenses increased by Ps. 236.3 million, or 58.5%, compared to 3Q21, mainly
due to higher debt as a result of the issuance of long-term debt securities and the increase in interest rates.
- Interest income increased by Ps. 102.5 million, or 100.4%, compared to 3Q21, mainly due
to an increase in the reference interest rates.
In 3Q22, comprehensive income increased Ps. 642.0 million, or 31.9%, compared to 3Q21. This increase
was mainly due to a Ps. 903.7 million increase in profit before taxes derived from the increase in passenger traffic. This increase was
partially offset by an increase in income taxes of Ps. 20.7 million, a Ps. 68.2 million decrease in currency translation effect income
and a Ps. 163.1 million decrease in cash flow hedges.
During 3Q22, net income increased by Ps. 883.0 million, or 49.6%, compared to 3Q21. Income taxes increased
by Ps. 161.9 million and were partially offset by a Ps. 141.2 million increase in the benefit for deferred taxes, mainly due an increase
in the inflation rate, from 1.5% in 3Q21 to 2.2% in 3Q22.
Consolidated Results for the Nine Months of 2022 (in thousands of pesos):
|
9M21 |
9M22 |
Change |
Revenues |
|
|
|
Aeronautical
services |
8,412,610 |
12,626,702 |
50.1% |
Non-aeronautical
services |
2,584,554 |
3,815,830 |
47.6% |
Improvements
to concession assets (IFRIC-12) |
2,829,371 |
2,932,191 |
3.6% |
Total revenues |
13,826,535 |
19,374,723 |
40.1% |
|
|
|
|
Operating costs |
|
|
|
Costs
of services: |
2,107,665 |
2,634,969 |
25.0% |
Employee
costs |
809,698 |
996,556 |
23.1% |
Maintenance |
339,953 |
434,004 |
27.7% |
Safety,
security & insurance |
373,147 |
408,919 |
9.6% |
Utilities |
284,503 |
352,376 |
23.9% |
Other
operating expenses |
300,364 |
443,114 |
47.5% |
|
|
|
|
Technical
assistance fees |
370,504 |
553,970 |
49.5% |
Concession
taxes |
871,641 |
1,398,515 |
60.4% |
Depreciation
and amortization |
1,531,129 |
1,715,333 |
12.0% |
Cost
of improvements to concession assets (IFRIC-12) |
2,829,371 |
2,932,191 |
3.6% |
Other
(income) |
(5,372) |
(20,082) |
273.8% |
Total operating costs |
7,704,938 |
9,214,895 |
19.6% |
Income from operations |
6,121,597 |
10,159,828 |
66.0% |
Financial
Result |
(699,551) |
(788,404) |
12.7% |
Income before income
taxes |
5,422,049 |
9,371,424 |
72.8% |
Income
taxes |
(1,180,768) |
(2,016,627) |
70.8% |
Net income |
4,241,281 |
7,354,797 |
73.4% |
Currency
translation effect |
(24,246) |
(346,786) |
1330.3% |
Cash
flow hedges, net of income tax |
404,240 |
138,539 |
(65.7%) |
Remeasurements
of employee benefit – net income tax |
11,614 |
311 |
97.3% |
Comprehensive income |
4,632,889 |
7,146,861 |
54.3% |
Non-controlling
interest |
(45,120) |
(129,498) |
187.0% |
Comprehensive
income attributable to controlling interest |
4,587,769 |
7,017,363 |
53.0% |
|
|
|
|
|
9M21 |
9M22 |
Change |
EBITDA |
7,652,727 |
11,875,161 |
55.2% |
Comprehensive income |
4,632,889 |
7,146,861 |
54.3% |
Comprehensive income per share
(pesos) |
8.9090 |
14.0545 |
57.8% |
Comprehensive income per ADS
(US dollars) |
4.4290 |
6.9871 |
57.8% |
|
|
|
|
Operating income margin |
44.3% |
52.4% |
18.4% |
Operating income margin (excluding
IFRIC-12) |
55.7% |
61.8% |
11.0% |
EBITDA margin |
55.3% |
61.3% |
10.7% |
EBITDA margin (excluding IFRIC-12) |
69.6% |
72.2% |
3.8% |
Costs of services and improvements
/ total revenues |
35.7% |
28.7% |
(19.5%) |
Cost of services / total revenues
(excluding IFRIC-12) |
19.2% |
16.0% |
(16.4%) |
|
|
|
|
- Net income and comprehensive income per share for period ended September 30, 2022 were calculated based on 505,277,464
shares outstanding as of that date and for the period ended September 30, 2021 were calculated based on 514,705,326 shares outstanding
as of that date. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 20.1150 per U.S. dollar (the
noon buying rate on September 30, 2022, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation
of our Jamaican airports, the average exchange rate of Ps. 20.2682 per U.S. dollar for the nine months ended September 30, 2022 was used.
Revenues (9M22 vs. 9M21)
- Aeronautical services revenues increased by Ps. 4,214.1 million, or 50.1%.
- Non-aeronautical services revenues increased by Ps. 1,231.3 million, or 47.6%.
- Revenues from improvements to concession assets increased by Ps. 102.8 million, or 3.6%.
- Total revenues increased by Ps. 5,548.2 million, or 40.1%.
- The change in aeronautical services revenues was composed primarily of the following
factors:
- Revenues at our Mexican airports increased by Ps. 3,287.6 million or 44.6% compared to
9M21, mainly due to the 32.6% increase in passenger traffic and the adjustment in maximum rates as a result of inflation.
- Revenues from the Montego Bay airport increased by Ps. 585.7 million, or 84.8%, compared
to 9M21. This was mainly due to the 83.2% increase in passenger traffic.
- Revenues from the Kingston airport increased by Ps. 340.8 million, or 95.9% compared
to 9M21, mainly due to a 99.6% increase in passenger traffic.
- The change in non-aeronautical services revenues was composed primarily of the following
factors:
- Revenues at our Mexican airports increased by Ps. 981.7 million, or 45.5%, compared to
9M21. Revenues from businesses operated by third parties increased by Ps. 602.5 million, or 40.5%. This was mainly due to the recovery
of passenger traffic. The business lines that increased the most were food and beverage, retail, car rentals, duty-free stores, time shares
and other revenues, which jointly increased by Ps. 539.1 million, or 44.9%. Revenues from businesses operated directly by us increased
by Ps. 361.6 million, or 63.9%, while the recovery of costs increased by Ps. 17.6 million, or 16.5%.
- Revenues from the Montego Bay airport increased by Ps. 196.4 million, or 61.8%, compared
to 9M21. Revenues in U.S. dollars increased US$ 9.6 million, or 60.7%.
- Revenues from the Kingston airport increased by Ps. 53.1 million, or 49.5%, compared
to 9M21. Revenues in U.S. dollars increased US$ 2.6 million, or 48.5%.
|
9M21 |
9M22 |
Change |
Businesses operated by third
parties: |
|
|
|
Duty-free |
375,606 |
535,938 |
42.7% |
Food and beverage |
367,414 |
577,652 |
57.2% |
Retail |
285,563 |
451,440 |
58.1% |
Car rentals |
288,053 |
398,902 |
38.5% |
Leasing of space |
175,840 |
225,799 |
28.4% |
Time shares |
134,677 |
178,968 |
32.9% |
Ground transportation |
97,805 |
126,464 |
29.3% |
Communications and financial
services |
61,200 |
78,151 |
27.7% |
Other commercial revenues |
82,678 |
125,793 |
52.1% |
Total |
1,868,836 |
2,699,108 |
44.4% |
|
|
|
|
Businesses operated directly
by us: |
|
|
|
Car parking |
273,322 |
394,652 |
44.4% |
VIP lounges |
145,184 |
269,458 |
85.6% |
Advertising |
33,669 |
57,585 |
71.0% |
Convenience stores |
128,436 |
229,063 |
78.3% |
Total |
580,611 |
950,758 |
63.8% |
Recovery of costs |
135,107 |
165,964 |
22.8% |
Total
Non-aeronautical Revenues |
2,584,554 |
3,815,830 |
47.6% |
|
|
|
|
Figures expressed in thousands of Mexican pesos.
- Revenues from improvements to concession assets2
Revenues from improvements
to concession assets (IFRIC12) increased by Ps. 102.8 million, or 3.6%, compared to 9M21. The change was composed primarily of:
- The Company’s Mexican airports, which increased by Ps. 88.6 million, or 3.2%, as a result of the
increase in committed investments in the Master Development Program for the 2020-2024 period.
- Improvements to concession assets at the Montego Bay airport increased Ps. 14.3 million, or 25.5%. During
9M22, no improvements to concession assets were made at the Kingston airport.
Total operating costs increased by Ps. 1,510.0 million, or 19.6%, compared to 9M21, mainly due to
a combined Ps. 710.3 million, or 57.2%, increase in concession taxes and technical assistance fees, a Ps. 527.3 million, or 25.0%, increase
in cost of services, a Ps. 184.2 million, or 12.0%, increase in depreciation and amortization and a Ps. 102.8 million, or 3.6% increase
in the cost of improvements to the concession assets (IFRIC-12), (excluding the cost of improvements to concession assets, operating
costs increased Ps. 1,407.1 million, or 28.9%).
This increase in total operating costs was composed primarily of the following factors:
Mexican Airports:
- Operating costs increased by Ps. 1,064.4 million, or 16.6%, compared to 9M21, primarily
due to a combined Ps. 372.3 million, or 44.4%, increase in technical assistance fees and concession taxes, a Ps. 429.1 million, or 26.2%,
increase in cost of services, a Ps. 178.0 million, or 15.3%, increase in depreciation and amortization, and a Ps. 88.6 million, or 3.2%,
increase in the cost of improvements to the concession assets (IFRIC-12), (excluding the cost of improvements to the concession
assets (IFRIC-12), operating costs increased by Ps. 975.8 million or 26.8%).
The change in the cost of services during 9M22 was mainly due to:
- Employee costs increased Ps. 174.5 million, or 26.2%, compared to 9M21, mainly due to
the hiring of additional personnel as required for airport operations due to the recovery of passenger traffic.
- Maintenance costs increased by Ps. 66.0 million, or 23.7%, compared to 9M21.
- Safety, security and insurance costs increased Ps. 33.3 million, or 12.5%, compared to
9M21, mainly due to an increase in the number of security staff.
- Utility costs increased Ps. 23.1 million, or 12.5%, compared with 3Q21, primarily because
of the increase in the consumption of electricity due to the opening of new operational areas, fuels and the increase in the cost of water.
- Other operating expenses increased Ps. 132.2 million or 54.1%, compared to 9M21, mainly
due to a combined increase of Ps. 119.9 million in the cost of goods and services for our VIP lounges and convenience stores, FBO services,
professional fees, the allowance for credit losses and travel expenses.
Montego Bay Airport:
- Operating costs increased by Ps. 167.1 million, or 20.4%, compared to 9M21, mainly due
to a Ps. 95.8 million, or 79.8%, increase in concession taxes and a Ps. 61.7 million, or 21.9%, increase in the cost of services.
Kingston Airport:
- Operating costs increased by Ps. 278.4 million, or 58.5%, compared to 9M21, mainly due
to a Ps. 242.2 million, or 86.1%, increase in concession taxes, and a Ps. 36.4 million, or 19.6%, increase in the cost of services.
Operating margin went from 44.3% in 9M21 to 52.4% in 9M22. Excluding the effects of IFRIC-12, operating
margin went from 55.7% in 9M21 to 61.8% in 9M22. Operating income increased Ps. 4,038.2 million, or 66.0%, compared to 9M21.
EBITDA margin went from 55.3% in 9M21 to 61.3% in 9M22. Excluding the effects of IFRIC-12, EBITDA
margin went from 69.6% in 9M21 to 72.2% in 9M22. The nominal value of EBITDA increased Ps. 4,222.4 million, or 55.2%, compared
to 9M21.
Financial cost increased by Ps. 88.9 million, or 12.7%, from a net expense of Ps.
699.5 million in 9M21 to a net expense of Ps. 788.4 million in 9M22. This change was mainly the result of:
- Foreign exchange rate fluctuations, which went from income of Ps. 205.2 million in 9M21
to income of Ps. 342.0 million in 9M22. This generated an increase in the foreign exchange gain of Ps. 136.8 million.
Currency translation effect expense increased Ps. 322.5 million, compared to 9M21.
- Interest expenses increased by Ps. 489.4 million, or 40.3%, compared to 9M21, mainly
due to higher debt as a result of the issuance of long-term debt securities and the increase in interest rates.
- Interest income increased by Ps. 263.7 million, or 85.4%, compared to 9M21, mainly due
to an increase in the reference interest rates.
In 9M22, comprehensive income increased Ps. 2,514.0 million, or 54.3%, compared to 9M21. This increase
was mainly due to a Ps. 3,949.4 million increase in profit before taxes derived from the increase in passenger traffic. This increase
was partially offset by an increase in income taxes of Ps. 835.8 million and a Ps. 1,510.0 million increase in operating costs.
During 9M22, net income increased by Ps. 3,113.5 million, or 73.4%, compared to 9M21. Income taxes
increased by Ps. 1,093.5 million and were partially offset by a Ps. 257.7 million increase in the benefit for deferred taxes, mainly due
to an increase in the inflation rate, from 4.8% in 9M21 to 6.2% in 9M22.
Statement of Financial Position
Total assets as of September 30, 2022 increased by Ps. 12,362.4 million as compared to September 30, 2021, primarily
due to the following items: (i) a Ps. 5,506.7 million increase in cash and cash equivalents; (ii) a Ps. 4,028.0 million increase in improvements
to concession assets; (iii) a Ps. 2,295.1 million increase in machinery, equipment and leasehold improvements and advances to suppliers;
and (iv) a Ps. 448.4 million increase in accounts receivable from customers, among others.
Total
liabilities as of September 30, 2022 increased by Ps. 13,340.8 million compared to September 30, 2021. This increase was primarily due
to the following items: (i) issuance of Ps. 8,257.6 million in long-term debt securities, (ii) Ps. 3,675.8 million in dividends pending
payment, (iii) Ps. 699.5 million in accounts payable and iv) Ps. 213.1 million in guaranteed deposits. This increase was partially offset
by decreases of: (i) Ps. 162.5 million in bank loans and (ii) Ps. 79.8 million in derivative financial instruments, among others.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific
region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and
Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis. In February 2006,
GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange
under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns
a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018,
GAP entered into a concession agreement for the operation of the Norman Manley International Airport in Kingston, Jamaica and took control
of the operation in October 2019.
This
press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be
an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial
measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for,
the corresponding measures calculated in accordance with IFRS. |
|
This
press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on
management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial
results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans”
and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the
declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans,
the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples
of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties.
There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and
factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions
or factors could cause actual results to differ materially from current expectations. |
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and article 42 of the “Ley del Mercado de Valores”,
GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially
report suspected activities that may involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party
that is in charge of collecting these complaints, is 01 800 563 00 47. The web site is www.lineadedenuncia.com/gap. GAP’s
Audit Committee will be notified of all complaints for immediate investigation.
Exhibit A: Operating results by airport (in thousands of pesos):
Airport |
3Q21 |
3Q22 |
Change |
9M21 |
9M22 |
Change |
Guadalajara |
|
|
|
|
|
|
Aeronautical
services |
936,476 |
1,225,545 |
30.9% |
2,364,802 |
3,296,847 |
39.4% |
Non-aeronautical
services |
216,335 |
222,509 |
2.9% |
588,628 |
644,738 |
9.5% |
Improvements
to concession assets (IFRIC 12) |
281,771 |
499,974 |
77.4% |
845,313 |
1,499,921 |
77.4% |
Total
Revenues |
1,434,583 |
1,948,028 |
35.8% |
3,798,742 |
5,441,506 |
43.2% |
Operating
income |
742,786 |
1,068,333 |
43.8% |
1,887,733 |
2,799,435 |
48.3% |
EBITDA |
839,895 |
1,170,722 |
39.4% |
2,180,329 |
3,129,648 |
43.5% |
|
|
|
|
|
|
|
Tijuana |
|
|
|
|
|
|
Aeronautical
services |
511,009 |
698,222 |
36.6% |
1,345,821 |
1,893,773 |
40.7% |
Non-aeronautical
services |
114,533 |
139,450 |
21.8% |
315,577 |
389,554 |
23.4% |
Improvements
to concession assets (IFRIC 12) |
407,033 |
85,505 |
(79.0%) |
1,221,098 |
256,516 |
(79.0%) |
Total
Revenues |
1,032,575 |
923,178 |
(10.6%) |
2,882,497 |
2,539,843 |
(11.9%) |
Operating
income |
394,096 |
574,981 |
45.9% |
1,038,859 |
1,559,064 |
50.1% |
EBITDA |
456,547 |
664,549 |
45.6% |
1,230,993 |
1,807,050 |
46.8% |
|
|
|
|
|
|
|
Los Cabos |
|
|
|
|
|
|
Aeronautical
services |
540,223 |
654,908 |
21.2% |
1,403,833 |
2,001,237 |
42.6% |
Non-aeronautical
services |
257,178 |
271,777 |
5.7% |
603,312 |
811,070 |
34.4% |
Improvements
to concession assets (IFRIC 12) |
111,408 |
63,265 |
(43.2%) |
334,223 |
189,796 |
(43.2%) |
Total
Revenues |
908,809 |
989,951 |
8.9% |
2,341,367 |
3,002,103 |
28.2% |
Operating
income |
548,226 |
645,831 |
17.8% |
1,367,260 |
2,011,990 |
47.2% |
EBITDA |
615,771 |
721,192 |
17.1% |
1,561,092 |
2,236,706 |
43.3% |
|
|
|
|
|
|
|
Puerto Vallarta |
|
|
|
|
|
|
Aeronautical
services |
338,057 |
484,214 |
43.2% |
893,818 |
1,662,321 |
86.0% |
Non-aeronautical
services |
108,579 |
125,788 |
15.8% |
284,093 |
399,623 |
40.7% |
Improvements
to concession assets (IFRIC 12) |
77,817 |
199,303 |
156.1% |
233,450 |
597,909 |
156.1% |
Total
Revenues |
524,452 |
809,305 |
54.3% |
1,411,361 |
2,659,853 |
88.5% |
Operating
income |
270,060 |
382,370 |
41.6% |
723,078 |
1,477,112 |
104.3% |
EBITDA |
313,466 |
430,801 |
37.4% |
855,602 |
1,620,906 |
89.4% |
|
|
|
|
|
|
|
Montego Bay |
|
|
|
|
|
|
Aeronautical
services |
307,859 |
442,173 |
43.6% |
691,064 |
1,276,788 |
84.8% |
Non-aeronautical
services |
124,623 |
182,776 |
46.7% |
317,675 |
514,116 |
61.8% |
Improvements
to concession assets (IFRIC 12) |
14,669 |
17,096 |
16.5% |
55,942 |
70,202 |
25.5% |
Total
Revenues |
447,151 |
642,046 |
43.6% |
1,064,680 |
1,861,107 |
74.8% |
Operating
income |
173,069 |
392,948 |
127.0% |
245,554 |
951,245 |
287.4% |
EBITDA |
291,557 |
491,828 |
68.7% |
607,449 |
1,293,084 |
112.9% |
|
|
|
|
|
|
|
Exhibit A: Operating results by airport (in thousands of pesos): (continued)
Airport |
3Q21 |
3Q22 |
Change |
9M21 |
9M22 |
Change |
Guanajuato |
|
|
|
|
|
|
Aeronautical
services |
164,660 |
209,488 |
27.2% |
413,189 |
548,502 |
32.7% |
Non-aeronautical
services |
38,165 |
39,735 |
4.1% |
100,736 |
113,305 |
12.5% |
Improvements
to concession assets (IFRIC 12) |
3,094 |
10,647 |
244.2% |
9,281 |
31,941 |
244.2% |
Total
Revenues |
205,919 |
259,869 |
26.2% |
523,205 |
693,748 |
32.6% |
Operating
income |
120,450 |
172,122 |
42.9% |
306,508 |
437,932 |
42.9% |
EBITDA |
139,476 |
191,568 |
37.3% |
362,832 |
498,264 |
37.3% |
|
|
|
|
|
|
|
Hermosillo |
|
|
|
|
|
|
Aeronautical
services |
91,901 |
118,428 |
28.9% |
234,903 |
328,931 |
40.0% |
Non-aeronautical
services |
17,851 |
20,047 |
12.3% |
53,613 |
55,968 |
4.4% |
Improvements
to concession assets (IFRIC 12) |
4,341 |
16,897 |
289.2% |
13,024 |
50,690 |
289.2% |
Total
Revenues |
114,093 |
155,371 |
36.2% |
301,539 |
435,590 |
44.5% |
Operating
income |
32,619 |
70,406 |
115.8% |
102,965 |
198,014 |
92.3% |
EBITDA |
51,321 |
91,113 |
77.5% |
160,427 |
262,040 |
63.3% |
|
|
|
|
|
|
|
Others (1) |
|
|
|
|
|
|
Aeronautical
services |
426,055 |
616,526 |
44.7% |
1,065,181 |
1,618,301 |
51.9% |
Non-aeronautical
services |
99,456 |
112,988 |
13.6% |
257,815 |
309,744 |
20.1% |
Improvements
to concession assets (IFRIC 12) |
39,014 |
80,056 |
105.2% |
117,041 |
235,217 |
101.0% |
Total
Revenues |
564,525 |
809,570 |
43.4% |
1,440,038 |
2,163,263 |
50.2% |
Operating
income |
54,564 |
188,146 |
244.8% |
189,062 |
530,818 |
180.8% |
EBITDA |
128,777 |
256,452 |
99.1% |
393,287 |
741,532 |
88.5% |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
Aeronautical
services |
3,316,240 |
4,449,504 |
34.2% |
8,412,610 |
12,626,701 |
50.1% |
Non-aeronautical
services |
976,722 |
1,115,070 |
14.2% |
2,521,447 |
3,238,120 |
28.4% |
Improvements
to concession assets (IFRIC 12) |
939,145 |
972,743 |
3.6% |
2,829,371 |
2,932,191 |
3.6% |
Total
Revenues |
5,232,106 |
6,537,318 |
24.9% |
13,763,428 |
18,797,013 |
36.6% |
Operating
income |
2,335,870 |
3,495,137 |
49.6% |
5,861,017 |
9,965,609 |
70.0% |
EBITDA |
2,836,810 |
4,018,225 |
41.6% |
7,352,009 |
11,589,230 |
57.6% |
|
|
|
|
|
|
|
(1) Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia
and Kingston airports.
Exhibit B: Consolidated statement of financial position as of September 30 (in thousands of pesos):
|
2021 |
2022 |
Change |
% |
Assets |
|
|
|
|
Current
assets |
|
|
|
|
Cash
and cash equivalents |
10,650,840 |
16,157,567 |
5,506,727 |
51.7% |
Trade
accounts receivable - Net |
1,419,022 |
1,867,442 |
448,420 |
31.6% |
Other
current assets |
1,196,699 |
751,617 |
(445,082) |
(37.2%) |
Total
current assets |
13,266,561 |
18,776,626 |
5,510,065 |
41.5% |
|
|
|
|
|
Advanced
payments to suppliers |
879,342 |
2,009,155 |
1,129,813 |
128.5% |
Machinery,
equipment and improvements to leased buildings - Net |
2,542,454 |
3,707,712 |
1,165,258 |
45.8% |
Improvements
to concession assets - Net |
14,496,214 |
18,524,228 |
4,028,014 |
27.8% |
Airport
concessions - Net |
10,386,868 |
9,950,067 |
(436,801) |
(4.2%) |
Rights
to use airport facilities - Net |
1,226,755 |
1,153,359 |
(73,396) |
(6.0%) |
Deferred
income taxes - Net |
6,114,888 |
6,668,207 |
553,319 |
9.0% |
Other
non-current assets |
186,772 |
672,900 |
486,128 |
260.3% |
Total
assets |
49,099,854 |
61,462,254 |
12,362,400 |
25.2% |
|
|
|
|
|
Liabilities |
|
|
|
|
Current
liabilities |
4,338,720 |
10,397,308 |
6,058,588 |
139.6% |
Long-term
liabilities |
25,652,501 |
32,934,715 |
7,282,214 |
28.4% |
Total
liabilities |
29,991,221 |
43,332,023 |
13,340,802 |
44.5% |
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
Common
stock |
170,381 |
8,197,536 |
8,027,155 |
4711.3% |
Legal
reserve |
1,592,551 |
34,076 |
(1,558,475) |
(97.9%) |
Net income |
4,217,345 |
7,225,111 |
3,007,766 |
71.3% |
Retained
earnings |
7,927,599 |
136,704 |
(7,790,895) |
(98.3%) |
Reserve
for share repurchase |
5,531,293 |
2,499,473 |
(3,031,820) |
(54.8%) |
Repurchased
shares |
(2,362,339) |
(1,999,987) |
362,353 |
(15.3%) |
Foreign
currency translation reserve |
992,017 |
687,735 |
(304,282) |
(30.7%) |
Remeasurements
of employee benefit – Net |
1,562 |
5,522 |
3,960 |
(253.5%) |
Cash
flow hedges- Net |
(66,867) |
168,095 |
234,962 |
351.4% |
Total
controlling interest |
18,003,541 |
16,954,264 |
(1,049,276) |
(5.8%) |
Non-controlling
interest |
1,105,092 |
1,175,967 |
70,875 |
6.4% |
Total
stockholder's equity |
19,108,634 |
18,130,231 |
(978,401) |
(5.1%) |
|
|
|
|
|
Total
liabilities and stockholders' equity |
49,099,854 |
61,462,254 |
12,362,400 |
25.2% |
|
|
|
|
|
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport
Group Limited (“Vantage”).
Exhibit C: Consolidated statement of cash flows (in thousands of pesos):
|
3Q21 |
3Q22 |
Change |
9M21 |
9M22 |
Change |
Cash flows from operating
activities: |
|
|
|
|
|
|
Consolidated net income |
1,779,726 |
2,662,711 |
49.6% |
4,241,281 |
7,354,797 |
73.4% |
|
|
|
|
|
|
|
Postemployment
benefit costs |
(3,302) |
8,790 |
(366.2%) |
13,368 |
25,922 |
93.9% |
Allowance
expected credit loss |
11,570 |
29,656 |
156.3% |
32,641 |
25,811 |
(20.9%) |
Depreciation
and amortization |
518,005 |
587,686 |
13.5% |
1,531,129 |
1,715,333 |
12.0% |
Loss
on sale of machinery, equipment and improvements to leased assets |
(2,693) |
1,513 |
156.2% |
(1,358) |
3,872 |
(385.1%) |
Interest
expense |
427,527 |
613,935 |
43.6% |
1,228,317 |
1,658,223 |
35.0% |
Provisions |
1,994 |
5,084 |
155.0% |
(3,683) |
17,463 |
(574.2%) |
Income
tax expense |
586,599 |
607,303 |
3.5% |
1,180,768 |
2,016,627 |
70.8% |
Unrealized
exchange loss |
44,736 |
(107,973) |
(341.4%) |
(19,103) |
(289,485) |
1415.4% |
Net (gain)
on derivative financial instruments |
- |
- |
0.0% |
- |
(6,933) |
100.0% |
|
3,364,168 |
4,408,705 |
31.0% |
8,203,361 |
12,521,629 |
52.6% |
Changes in working
capital: |
|
|
|
|
|
|
Decrease (increase) in |
|
|
|
|
|
|
Trade
accounts receivable |
133,056 |
71,419 |
(46.3%) |
(183,864) |
(179,225) |
(2.5%) |
Recoverable
tax on assets and other assets |
(33,545) |
(142,941) |
326.1% |
(108,855) |
296,101 |
(372.0%) |
(Decrease) increase |
|
|
|
|
|
|
Concession
taxes payable |
(3,532) |
(78,125) |
2111.9% |
57,206 |
(116,187) |
(303.1%) |
Accounts
payable |
100,933 |
308,718 |
205.9% |
317,548 |
245,002 |
(22.8%) |
Cash
generated by operating activities |
3,561,080 |
4,567,776 |
28.3% |
8,285,396 |
12,767,319 |
54.1% |
Income
taxes paid |
(329,375) |
(821,292) |
149.3% |
(714,474) |
(3,584,700) |
401.7% |
Net
cash flows provided by operating activities |
3,231,705 |
3,746,484 |
15.9% |
7,570,922 |
9,182,619 |
21.3% |
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
Machinery,
equipment and improvements to concession assets |
(1,120,965) |
(2,396,581) |
113.8% |
(2,799,980) |
(5,492,216) |
96.2% |
Cash
flows from sales of machinery and equipment |
42 |
1,621 |
3759.5% |
2,988 |
1,904 |
(36.3%) |
Other
investment activities |
12,389 |
(53,358) |
(530.7%) |
(11,983) |
(81,577) |
580.8% |
Net
cash used by investment activities |
(1,108,534) |
(2,448,318) |
120.9% |
(2,808,975) |
(5,571,889) |
98.4% |
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
Dividends
declared and paid |
- |
- |
0.0% |
- |
(3,675,745) |
(100.0%) |
Dividends
declared and paid non-controlling interest |
- |
- |
0.0% |
- |
(155,052) |
(100.0%) |
Capital
Reduction |
(4,014,701) |
- |
(100.0%) |
(6,014,701) |
- |
100.0% |
Bond
certificates issued |
- |
2,757,588 |
100.0% |
4,500,000 |
7,757,588 |
72.4% |
Bond
certificates paid |
(1,500,000) |
- |
(100.0%) |
(1,500,000) |
(1,500,000) |
0.0% |
Bank
loans paid |
- |
- |
0.0% |
(5,860,151) |
(3,959,077) |
(32.4%) |
Banks
loans |
- |
- |
- |
3,779,413 |
3,872,783 |
2.5% |
Repurchase
of shares |
(1,151,265) |
(924,284) |
(19.7%) |
(2,362,339) |
(1,999,987) |
(15.3%) |
Interest
paid |
(349,100) |
(583,027) |
67.0% |
(1,121,336) |
(1,524,509) |
36.0% |
Interest
paid on lease |
(401) |
(1,403) |
249.9% |
(1,340) |
(4,065) |
203.2% |
Payments
of obligations for leasing |
(2,994) |
(4,221) |
41.0% |
(9,039) |
(11,923) |
31.9% |
Net
cash flows used in financing activities |
(7,018,461) |
1,244,653 |
(117.7%) |
(8,589,493) |
(1,199,987) |
(86.0%) |
|
|
|
|
|
|
|
Effects
of exchange rate changes on cash held |
43,150 |
125,186 |
190.1% |
33,839 |
413,947 |
1123.3% |
Net
(decrease) increase in cash and cash equivalents |
(4,852,148) |
2,668,005 |
(155.0%) |
(3,793,708) |
2,824,691 |
(174.5%) |
Cash
and cash equivalents at beginning of the period |
15,502,987 |
13,489,562 |
(13.0%) |
14,444,549 |
13,332,877 |
(7.7%) |
Cash
and cash equivalents at the end of the period |
10,650,840 |
16,157,567 |
51.7% |
10,650,840 |
16,157,567 |
51.7% |
|
|
|
|
|
|
|
Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands
of pesos):
|
3Q21 |
3Q22 |
Change |
9M21 |
9M22 |
Change |
Revenues |
|
|
|
|
|
|
Aeronautical
services |
3,316,240 |
4,449,504 |
34.2% |
8,412,610 |
12,626,702 |
50.1% |
Non-aeronautical
services |
1,037,416 |
1,329,793 |
28.2% |
2,584,554 |
3,815,830 |
47.6% |
Improvements
to concession assets (IFRIC-12) |
939,145 |
972,743 |
3.6% |
2,829,371 |
2,932,191 |
3.6% |
Total revenues |
5,292,801 |
6,752,040 |
27.6% |
13,826,535 |
19,374,723 |
40.1% |
|
|
|
|
|
|
|
Operating costs |
|
|
|
|
|
|
Costs
of services: |
759,323 |
980,978 |
29.2% |
2,107,665 |
2,634,969 |
25.0% |
Employee
costs |
276,236 |
357,283 |
29.3% |
809,698 |
996,556 |
23.1% |
Maintenance |
136,477 |
147,757 |
8.3% |
339,953 |
434,004 |
27.7% |
Safety,
security & insurance |
124,716 |
146,102 |
17.1% |
373,147 |
408,919 |
9.6% |
Utilities |
111,739 |
136,726 |
22.4% |
284,503 |
352,376 |
23.9% |
Other
operating expenses |
110,155 |
193,110 |
75.3% |
300,364 |
443,114 |
47.5% |
|
|
|
|
|
|
|
Technical
assistance fees |
146,706 |
189,598 |
29.2% |
370,504 |
553,970 |
49.5% |
Concession
taxes |
353,984 |
525,291 |
48.4% |
871,641 |
1,398,515 |
60.4% |
Depreciation
and amortization |
518,005 |
587,686 |
13.5% |
1,531,129 |
1,715,333 |
12.0% |
Cost
of improvements to concession assets (IFRIC-12) |
939,145 |
972,743 |
3.6% |
2,829,371 |
2,932,191 |
3.6% |
Other
(income) |
(4,735) |
(1,610) |
(66.0%) |
(5,372) |
(20,082) |
273.8% |
Total operating costs |
2,712,428 |
3,254,686 |
20.0% |
7,704,938 |
9,214,895 |
19.6% |
Income from operations |
2,580,373 |
3,497,354 |
35.5% |
6,121,597 |
10,159,828 |
66.0% |
Financial
Result |
(214,047) |
(227,340) |
6.2% |
(699,551) |
(788,404) |
12.7% |
Income before income
taxes |
2,366,325 |
3,270,014 |
38.2% |
5,422,049 |
9,371,424 |
72.8% |
Income
taxes |
(586,599) |
(607,303) |
3.5% |
(1,180,768) |
(2,016,627) |
70.8% |
Net income |
1,779,726 |
2,662,711 |
49.6% |
4,241,281 |
7,354,797 |
73.4% |
Currency
translation effect |
60,978 |
(7,235) |
(111.9%) |
(24,246) |
(346,786) |
1330.3% |
Cash
flow hedges, net of income tax |
164,213 |
1,152 |
(99.3%) |
404,240 |
138,539 |
(65.7%) |
Remeasurements
of employee benefit – net income tax |
9,777 |
106 |
(98.9%) |
11,614 |
311 |
97.3% |
Comprehensive income |
2,014,694 |
2,656,734 |
31.9% |
4,632,889 |
7,146,861 |
54.3% |
Non-controlling
interest |
(45,769) |
(58,841) |
28.6% |
(45,120) |
(129,498) |
187.0% |
Comprehensive income
attributable to controlling interest |
1,968,925 |
2,597,893 |
31.9% |
4,587,769 |
7,017,363 |
53.0% |
|
|
|
|
|
|
|
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport
Group Limited (“Vantage”).
Exhibit E: Consolidated stockholders’ equity (in thousands of pesos):
|
Common
Stock |
Legal
Reseve |
Reserve
for Share Repurchase |
Repurchased
Shares |
Retained
Earnings |
Other
comprehensive income |
Total
controlling interest |
Non-controlling
interest |
Total
Stockholders' Equity |
Balance as of January
1, 2021 |
6,185,082 |
1,592,551 |
3,283,374 |
(1,733,374) |
11,908,891 |
556,287 |
21,792,811 |
1,059,972 |
22,852,783 |
Capital
reduction |
(6,014,701) |
- |
- |
- |
- |
- |
(6,014,701) |
- |
(6,014,701) |
Reserve
for share purchase |
- |
- |
3,981,292 |
- |
(3,981,292) |
- |
- |
- |
- |
Repurchased
share cancellation |
- |
- |
(1,733,374) |
1,733,374 |
- |
- |
- |
- |
- |
Repurchased
share |
- |
- |
- |
(2,362,339) |
- |
- |
(2,362,339) |
- |
(2,362,339) |
Comprehensive
income: |
|
|
|
|
|
|
|
|
|
Net income |
- |
- |
- |
- |
4,217,345 |
- |
4,217,345 |
23,936 |
4,241,281 |
Foreign
currency translation reserve |
- |
- |
- |
- |
- |
(45,430) |
(45,430) |
21,184 |
(24,246) |
Remeasurements
of employee benefit – Net |
- |
- |
- |
- |
- |
11,614 |
11,614 |
- |
11,614 |
Reserve
for cash flow hedges – Net of income tax |
- |
- |
- |
- |
- |
404,240 |
404,240 |
- |
404,240 |
Balance as of September
30, 2021 |
170,381 |
1,592,551 |
5,531,293 |
(2,362,339) |
12,144,944 |
926,711 |
18,003,539 |
1,105,092 |
19,108,632 |
|
|
|
|
|
|
|
|
|
|
Balance as of January
1, 2022 |
170,381 |
1,592,551 |
5,531,292 |
(3,000,037) |
13,925,091 |
1,069,102 |
19,288,380 |
1,140,220 |
20,428,600 |
Legal
reserve cancellation |
- |
(1,558,475) |
- |
- |
1,558,475 |
- |
- |
- |
- |
Capitalization
of retained earnings |
8,027,155 |
- |
- |
- |
(8,027,155) |
- |
- |
- |
- |
Dividends
declared |
- |
- |
- |
- |
(7,351,490) |
- |
(7,351,490) |
- |
(7,351,490) |
Cancellation
repurchased shares |
- |
- |
(3,000,037) |
3,000,037 |
- |
- |
- |
- |
- |
Reserve
for share purchase |
- |
- |
(31,782) |
- |
31,782 |
- |
- |
- |
- |
Dividends
declared non-controlling interest |
- |
- |
- |
- |
- |
- |
- |
(93,751) |
(93,751) |
Repurchased
share |
- |
- |
- |
(1,999,987) |
- |
- |
(1,999,987) |
- |
(1,999,987) |
Comprehensive
income: |
|
|
|
|
|
|
|
|
|
Net income |
- |
- |
- |
- |
7,225,111 |
- |
7,225,111 |
129,685 |
7,354,796 |
Foreign
currency translation reserve |
- |
- |
- |
- |
- |
(346,599) |
(346,599) |
(187) |
(346,786) |
Remeasurements
of employee benefit – Net |
- |
- |
- |
- |
- |
311 |
311 |
- |
311 |
Reserve
for cash flow hedges – Net of income tax |
- |
- |
- |
- |
- |
138,539 |
138,539 |
- |
138,539 |
Balance as of September
30, 2022 |
8,197,536 |
34,076 |
2,499,473 |
(1,999,987) |
7,361,815 |
861,353 |
16,954,264 |
1,175,967 |
18,130,231 |
|
|
|
|
|
|
|
|
|
|
For presentation purposes, the 25.5% stake in Desarrollo de Concesiones Aeroportuarias, S.L. (“DCA”)
held by Vantage appears in the Stockholders’ Equity of the Company as a non-controlling interest.
As a part of the adoption of IFRS, the effects of inflation on common stock recognized pursuant to Mexican Financial
Reporting Standards (MFRS) through December 31, 2007 were reclassified as retained earnings because accumulated inflation recognized under
MFRS is not considered hyperinflationary according to IFRS. For Mexican legal and tax purposes, Grupo Aeroportuario del Pacífico,
S.A.B. de C.V., as an individual entity, will continue preparing separate financial information under MFRS. Therefore, for any transaction
between the Company and its shareholders related to stockholders’ equity, the Company must take into consideration the accounting
balances prepared under MFRS as an individual entity and determine the tax impact under tax laws applicable in Mexico, which requires
the use of MFRS. For purposes of reporting to stock exchanges, the consolidated financial statements will continue being prepared in accordance
with IFRS, as issued by the IASB.
Exhibit F: Other operating data:
|
3Q21 |
3Q22 |
Change |
2021 |
2022 |
Change |
Total passengers |
11,729.8 |
14,613.9 |
24.6% |
30,176.6 |
41,278.4 |
36.8% |
Total cargo volume (in WLUs) |
655.6 |
613.0 |
(6.5%) |
2,012.1 |
1,916.6 |
(4.7%) |
Total WLUs |
12,385.3 |
15,226.9 |
22.9% |
32,188.8 |
43,195.0 |
34.2% |
|
|
|
|
|
|
|
Aeronautical & non aeronautical
services per passenger (pesos) |
371.2 |
395.5 |
6.5% |
364.4 |
398.3 |
9.3% |
Aeronautical services per
WLU (pesos) |
267.8 |
292.2 |
9.1% |
261.4 |
292.3 |
11.8% |
Non aeronautical services
per passenger (pesos) |
88.4 |
91.0 |
2.9% |
85.6 |
92.4 |
7.9% |
Cost of services per WLU (pesos) |
61.3 |
64.4 |
5.1% |
65.5 |
61.0 |
(6.8%) |
|
|
|
|
|
|
|
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).
Passenger Traffic and Consolidated Results compared to the same periods of 2019:
Domestic Terminal Passengers – 14 airports (in thousands):
Airport |
3Q19 |
3Q22 |
Change |
9M19 |
9M22 |
Change |
Guadalajara |
2,671.4 |
2,935.3 |
9.9% |
7,765.8 |
7,969.4 |
2.6% |
Tijuana * |
1,556.2 |
2,151.2 |
38.2% |
4,451.1 |
5,973.1 |
34.2% |
Los Cabos |
562.2 |
725.5 |
29.0% |
1,371.2 |
1,869.8 |
36.4% |
Puerto Vallarta |
539.9 |
753.4 |
39.5% |
1,447.7 |
1,944.0 |
34.3% |
Montego Bay |
2.7 |
0.0 |
(100.0%) |
6.9 |
0.0 |
(100.0%) |
Guanajuato |
528.0 |
491.5 |
(6.9%) |
1,522.3 |
1,300.7 |
(14.6%) |
Hermosillo |
455.7 |
479.0 |
5.1% |
1,315.7 |
1,343.6 |
2.1% |
Kingston |
0.0 |
0.5 |
N/A |
0.0 |
1.0 |
N/A |
Mexicali |
301.7 |
327.8 |
8.6% |
871.1 |
918.7 |
5.5% |
Morelia |
116.9 |
160.8 |
37.6% |
342.8 |
474.3 |
38.4% |
La Paz |
274.0 |
274.0 |
0.0% |
740.4 |
786.7 |
6.3% |
Aguascalientes |
160.4 |
171.2 |
6.8% |
465.6 |
524.8 |
12.7% |
Los Mochis |
95.6 |
103.4 |
8.2% |
282.8 |
307.5 |
8.7% |
Manzanillo |
21.3 |
25.5 |
20.0% |
70.5 |
74.0 |
5.0% |
Total |
7,286.1 |
8,599.2 |
18.0% |
20,653.8 |
23,487.5 |
13.7% |
*CBX users are classified as international passengers.
International Terminal Passengers – 14 airports (in thousands):
Airport |
3Q19 |
3Q22 |
Change |
9M19 |
9M22 |
Change |
Guadalajara |
1,157.8 |
1,165.2 |
0.6% |
3,234.5 |
3,232.8 |
(0.1%) |
Tijuana * |
741.9 |
1,113.5 |
50.1% |
2,136.1 |
3,063.3 |
43.4% |
Los Cabos |
745.4 |
1,001.1 |
34.3% |
2,764.7 |
3,310.5 |
19.7% |
Puerto Vallarta |
447.6 |
653.0 |
45.9% |
2,418.2 |
2,587.6 |
7.0% |
Montego Bay |
1,098.9 |
1,136.8 |
3.5% |
3,615.3 |
3,225.8 |
(10.8%) |
Guanajuato |
183.0 |
210.5 |
15.0% |
528.2 |
567.7 |
7.5% |
Hermosillo |
17.2 |
20.1 |
16.9% |
51.7 |
58.5 |
13.3% |
Kingston |
0.0 |
498.3 |
N/A |
0.0 |
1,128.4 |
N/A |
Mexicali |
1.8 |
1.7 |
(1.1%) |
5.1 |
4.6 |
(8.7%) |
Morelia |
105.8 |
130.7 |
23.5% |
312.9 |
364.2 |
16.4% |
La Paz |
2.8 |
5.4 |
94.9% |
9.4 |
19.2 |
103.9% |
Aguascalientes |
65.0 |
65.2 |
0.3% |
164.4 |
170.2 |
3.6% |
Los Mochis |
1.9 |
2.1 |
8.9% |
5.4 |
5.8 |
7.2% |
Manzanillo |
8.4 |
11.1 |
31.3% |
60.8 |
52.3 |
(14.0%) |
Total |
4,577.4 |
6,014.7 |
31.4% |
15,306.5 |
17,790.9 |
16.2% |
*CBX users are classified as international passengers.
Total Terminal Passengers – 14 airports (in thousands):
Airport |
3Q19 |
3Q22 |
Change |
9M19 |
9M22 |
Change |
Guadalajara |
3,829.2 |
4,100.5 |
7.1% |
11,000.3 |
11,202.2 |
1.8% |
Tijuana * |
2,298.1 |
3,264.7 |
42.1% |
6,587.2 |
9,036.4 |
37.2% |
Los Cabos |
1,307.6 |
1,726.5 |
32.0% |
4,212.4 |
5,180.3 |
23.0% |
Puerto Vallarta |
987.5 |
1,406.4 |
42.4% |
3,789.4 |
4,531.7 |
19.6% |
Montego Bay |
1,101.5 |
1,136.8 |
3.2% |
3,622.2 |
3,225.8 |
(10.9%) |
Guanajuato |
711.1 |
702.0 |
(1.3%) |
2,050.5 |
1,868.4 |
(8.9%) |
Hermosillo |
472.9 |
499.1 |
5.5% |
1,367.4 |
1,402.1 |
2.5% |
Kingston |
0.0 |
498.9 |
N/A |
0.0 |
1,129.4 |
N/A |
Mexicali |
303.5 |
329.5 |
8.6% |
876.2 |
923.3 |
5.4% |
Morelia |
222.7 |
291.5 |
30.9% |
655.7 |
838.5 |
27.9% |
La Paz |
276.8 |
279.4 |
1.0% |
749.8 |
805.9 |
7.5% |
Aguascalientes |
225.4 |
236.4 |
4.9% |
630.0 |
695.0 |
10.3% |
Los Mochis |
97.6 |
105.5 |
8.2% |
288.2 |
313.3 |
8.7% |
Manzanillo |
29.7 |
36.6 |
23.2% |
131.2 |
126.3 |
(3.8%) |
Total |
11,863.5 |
14,613.9 |
23.2% |
35,960.3 |
41,278.4 |
14.8% |
*CBX users are classified as international passengers.
The Company took control of the operation of the Kingston airport on October 10, 2019, consequently no figures are
available for comparison purposes from January to September, 2019.
CBX Users (in thousands):
Airport |
3Q19 |
3Q22 |
Change |
9M19 |
9M22 |
Change |
Tijuana |
730.0 |
1,103.9 |
51.2% |
2,100.9 |
3,038.5 |
44.6% |
Consolidated Results and Other Data compared with 2019 (in thousands of pesos):
|
3Q19 |
3Q22 |
Change |
9M19 |
9M22 |
Change |
Revenues |
|
|
|
|
|
|
Aeronautical
services |
2,567,517 |
4,449,504 |
73.3% |
7,776,615 |
12,626,702 |
62.4% |
Non-aeronautical
services |
950,353 |
1,329,793 |
39.9% |
2,808,953 |
3,815,830 |
35.8% |
Improvements
to concession assets (IFRIC 12) |
797,548 |
972,743 |
22.0% |
1,066,398 |
2,932,191 |
175.0% |
Total revenues |
4,315,418 |
6,752,040 |
56.5% |
11,651,966 |
19,374,723 |
66.3% |
|
|
|
|
|
|
|
Operating costs |
|
|
|
|
|
|
Costs
of services: |
670,350 |
980,978 |
46.3% |
1,971,293 |
2,634,969 |
33.7% |
Employee
costs |
205,622 |
357,283 |
73.8% |
628,738 |
996,556 |
58.5% |
Maintenance |
141,467 |
147,757 |
4.4% |
402,269 |
434,004 |
7.9% |
Safety,
security & insurance |
105,657 |
146,102 |
38.3% |
310,100 |
408,919 |
31.9% |
Utilities |
104,375 |
136,726 |
31.0% |
269,633 |
352,376 |
30.7% |
Other
operating expenses |
113,229 |
193,110 |
70.5% |
360,553 |
443,114 |
22.9% |
|
|
|
|
|
|
|
Technical
assistance fees |
115,795 |
189,598 |
63.7% |
345,013 |
553,970 |
60.6% |
Concession
taxes |
297,308 |
525,291 |
76.7% |
915,461 |
1,398,515 |
52.8% |
Depreciation
and amortization |
439,691 |
587,686 |
33.7% |
1,287,131 |
1,715,333 |
33.3% |
Cost
of improvements to concession assets (IFRIC 12) |
797,548 |
972,743 |
22.0% |
1,066,398 |
2,932,191 |
175.0% |
Other
(income) |
(7,605) |
(1,610) |
(78.8%) |
(16,538) |
(20,082) |
21.4% |
Total operating costs |
2,313,087 |
3,254,686 |
40.7% |
5,568,758 |
9,214,895 |
65.5% |
Income from operations |
2,002,331 |
3,497,354 |
74.7% |
6,083,208 |
10,159,828 |
67.0% |
|
|
|
|
|
|
|
Financial
Result |
(168,866) |
(227,340) |
34.6% |
(487,220) |
(788,404) |
61.8% |
Income before taxes |
1,833,465 |
3,270,014 |
78.4% |
5,595,987 |
9,371,424 |
67.5% |
Income
taxes |
(470,746) |
(607,303) |
29.0% |
(1,572,146) |
(2,016,627) |
28.3% |
Net income |
1,362,719 |
2,662,711 |
95.4% |
4,023,841 |
7,354,797 |
82.8% |
Currency
translation effect |
93,377 |
(7,235) |
(107.7%) |
(46,362) |
(346,786) |
648.0% |
Cash
flow hedges, net of income tax |
- |
1,152 |
100.0% |
- |
138,539 |
100.0% |
Remeasurements
of employee benefit – net income tax |
(147) |
106 |
(172.1%) |
(440) |
311 |
(170.7%) |
Comprehensive income |
1,455,949 |
2,656,734 |
82.5% |
3,977,039 |
7,146,861 |
79.7% |
Non-controlling
interest |
(33,307) |
(58,841) |
(76.7%) |
(78,235) |
(129,498) |
(65.5%) |
Comprehensive income
attributable to controlling interest |
1,422,642 |
2,597,893 |
82.6% |
3,898,804 |
7,017,363 |
80.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q19 |
3Q22 |
Change |
9M19 |
9M22 |
Change |
EBITDA |
2,442,022 |
4,085,040 |
67.3% |
7,370,338 |
11,875,161 |
61.1% |
Comprehensive income |
1,455,949 |
2,656,734 |
82.5% |
3,977,039 |
7,146,861 |
79.7% |
Comprehensive income per share
(pesos) |
2.5953 |
5.2245 |
101.3% |
7.0892 |
14.0545 |
98.3% |
Comprehensive income per ADS
(US dollars) |
1.3511 |
2.5973 |
92.2% |
3.6906 |
6.9871 |
89.3% |
|
|
|
|
|
|
|
Operating income margin |
46.4% |
51.8% |
11.6% |
52.2% |
52.4% |
0.4% |
Operating income margin (excluding
IFRIC 12) |
56.9% |
60.5% |
6.3% |
57.6% |
61.8% |
7.3% |
EBITDA margin |
56.6% |
60.5% |
6.9% |
63.3% |
61.3% |
(3.1%) |
EBITDA margin (excluding IFRIC
12) |
69.5% |
70.7% |
1.7% |
69.6% |
72.2% |
3.7% |
Costs of services and improvements
/ total revenues |
34.0% |
28.9% |
(14.9%) |
26.1% |
28.7% |
10.2% |
Cost of services / total revenues
(excluding IFRIC 12) |
19.1% |
17.0% |
(10.9%) |
18.6% |
16.0% |
(13.9%) |
|
|
|
|
|
|
|
[1] Revenues from improvements to concession assets are recognized in accordance with International Financial
Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12), but this recognition does not have a cash
impact or an impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related
to construction of infrastructure in each quarter to which the Company has committed in accordance with the Company’s Master Development
Programs in Mexico and Capital Development Program in Jamaica. All margins and ratios calculated using “Total Revenues” include
revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other
ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the
Company that do have a cash impact.
[2] Revenues from improvements to concession assets are recognized in accordance with International Financial
Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12), but this recognition does not have a cash
impact or an impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related
to construction of infrastructure in each quarter to which the Company has committed in accordance with the Company’s Master Development
Programs in Mexico and Capital Development Program in Jamaica. All margins and ratios calculated using “Total Revenues” include
revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other
ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the
Company that do have a cash impact.
IR Contacts: |
|
|
Saúl Villarreal, Chief Financial Officer
|
|
svillarreal@aeropuertosgap.com.mx |
Alejandra Soto, IRO and Corporate Finance Director |
|
asoto@aeropuertosgap.com.mx |
Gisela Murillo, Investor Relations |
|
gmurillo@aeropuertosgap.com.mx / +52-33-3880-1100 ext.20294 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
|
|
Grupo Aeroportuario del Pacífico,
S.A.B. de C.V. |
|
|
(Registrant) |
|
|
|
|
|
|
Date: October 21, 2022 |
|
/s/ SAÚL VILLARREAL GARCÍA |
|
|
Saúl Villarreal García |
|
|
Chief Financial Officer |
|
|
|
Grupo Aeropuerto del Pac... (PK) (USOTC:GPAEF)
과거 데이터 주식 차트
부터 9월(9) 2024 으로 10월(10) 2024
Grupo Aeropuerto del Pac... (PK) (USOTC:GPAEF)
과거 데이터 주식 차트
부터 10월(10) 2023 으로 10월(10) 2024