Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV:
GAP) (“the Company” or “GAP”) reports its consolidated results for
the third quarter ended September 30, 2023 (3Q23).
Figures
are unaudited and prepared in accordance with International
Financial Reporting Standards (“IFRS”) as issued by the
International Accounting Standards Board (“IASB”).
Summary of Results 3Q23 vs. 3Q22
- The sum of aeronautical and
non-aeronautical services revenues increased by
Ps. 549.4 million, or 9.5%. Total revenues
increased by Ps. 640.9 million, or 9.4%.
- Cost of services increased
by Ps. 202.3 million, or 20.6%.
- Income from operations
increased by Ps. 152.7 million, or 4.4%.
- EBITDA increased by Ps.
184.8 million, or 4.5%, an increase from Ps. 4,085.0
million in 3Q22 to Ps. 4,269.9 million in 3Q23. EBITDA margin
(excluding the effects of IFRIC-12) went from 70.7% in 3Q22 to
67.5% in 3Q23.
- Comprehensive income
decreased by Ps. 105.3 million, or 4.0%, from Ps. 2,656.7
million in 3Q22 to Ps. 2,551.4 million in 3Q23.
Company’s Financial
Position:3Q23 results were positive compared to 3Q22, with
an increase in aeronautical and non-aeronautical revenues, despite
the 15.7% appreciation of the peso versus the U.S. dollar in the
quarter, generating positive net cash flow from operating
activities, which amounted to Ps. 4,115.9 million. The Company
reported a financial position of cash and cash equivalents as of
September 30, 2023, of Ps. 14,454.1 million. During 3Q23, the
Company drawdown two credit lines for a combined total amount of
US$70.0 million. The proceeds from these credit lines were used to
acquire 100% of the shares of a real estate company within the
Tijuana airport for USD$35.4 million and USD$30.0 million will be
used for investment commitments in the MBJ airport.
Passenger Traffic
During 3Q23, total passengers at the Company’s
14 airports increased by 1,583.4 thousand passengers, an increase
of 10.8%, compared to 3Q22.
During 3Q23, the following new routes were
opened:
Domestic:
Airline |
Departure |
Arrival |
Opening date |
Frequencies |
Viva Aerobus |
La Paz |
Mazatlan |
July 1, 2023 |
2 weekly |
Viva Aerobus |
Los Cabos |
Ciudad Juarez |
July 1, 2023 |
2 weekly |
Viva Aerobus |
Los Cabos |
Queretaro |
July 2, 2023 |
3 weekly |
Viva Aerobus |
Los Cabos |
Torreon |
July 3, 2023 |
2 weekly |
Volaris |
Los Cabos |
Queretaro |
July 10, 2023 |
4 weekly |
Volaris |
Mexicali |
Chihuahua |
July 10, 2023 |
3 weekly |
Volaris |
Mexicali |
Hermosillo |
July 10, 2023 |
2 weekly |
Volaris |
Hermosillo |
Mexicali |
July 10, 2023 |
2 weekly |
Volaris |
Guanajuato |
Ciudad Obregon |
July 10, 2023 |
3 weekly |
Volaris |
Guanajuato |
Culiacan |
July 10, 2023 |
3 weekly |
Volaris |
Hermosillo |
Guanajuato |
July 10, 2023 |
2 weekly |
Volaris |
Guanajuato |
Los Mochis |
July 10, 2023 |
2 weekly |
Volaris |
Guanajuato |
Torreon |
July 10, 2023 |
3 weekly |
Volaris |
Guanajuato |
Tuxtla Gutierrez |
July 10, 2023 |
3 weekly |
Volaris |
Tijuana |
Villahermosa |
July 10, 2023 |
2 weekly |
Volaris |
Mexicali |
Ciudad Juarez |
July 10, 2023 |
2 weekly |
Volaris |
Guadalajara |
Loreto |
July 11, 2023 |
2 weekly |
Volaris |
Mexicali |
Oaxaca |
July 11, 2023 |
2 weekly |
Volaris |
Mexicali |
Queretaro |
July 11, 2023 |
2 weekly |
Volaris |
Guanajuato |
La Paz |
July 11, 2023 |
2 weekly |
Volaris |
La Paz |
Guanajuato |
July 11, 2023 |
2 weekly |
Volaris |
Los Mochis |
Guanajuato |
July 11, 2023 |
2 weekly |
Note: Frequencies can vary without prior notice. |
Airline |
Departure |
Arrival |
Opening date |
Frequencies |
Volaris |
Guanajuato |
Oaxaca |
July 11, 2023 |
2 weekly |
Volaris |
Guanajuato |
Veracruz |
July 11, 2023 |
2 weekly |
Volaris |
Mexicali |
Los Mochis |
July 12, 2023 |
2 weekly |
Volaris |
Los Mochis |
Mexicali |
July 12, 2023 |
2 weekly |
Volaris |
Mexicali |
Tuxtla Gutierrez |
July 12, 2023 |
2 weekly |
Volaris |
Hermosillo |
Cancun |
July 13, 2023 |
2 weekly |
Volaris |
Hermosillo |
Ciudad Juarez |
July 13, 2023 |
2 weekly |
Volaris |
Los Cabos |
Mexicali |
July 13, 2023 |
2 weekly |
Volaris |
Mexicali |
Los Cabos |
July 13, 2023 |
2 weekly |
Volaris |
Mexicali |
Puerto Vallarta |
July 13, 2023 |
2 weekly |
Volaris |
Puerto Vallarta |
Mexicali |
July 13, 2023 |
2 weekly |
Volaris |
Guadalajara |
Cozumel |
July 13, 2023 |
2 weekly |
Volaris |
Guadalajara |
Huatulco |
July 13, 2023 |
2 weekly |
Volaris |
La Paz |
Monterrey |
July 13, 2023 |
2 weekly |
Volaris |
Guanajuato |
Acapulco |
July 13, 2023 |
2 weekly |
Volaris |
Guanajuato |
Mazatlan |
July 13, 2023 |
2 weekly |
Volaris |
Guanajuato |
Zihuatanejo |
July 13, 2023 |
2 weekly |
Volaris |
Guanajuato |
Hermosillo |
July 13, 2023 |
2 weekly |
Volaris |
Hermosillo |
Culiacan |
July 13, 2023 |
2 weekly |
Volaris |
Puerto Vallarta |
Culiacan |
July 13, 2023 |
2 weekly |
Viva Aerobus |
Hermosillo |
Felipe Angeles |
July 14, 2023 |
4 weekly |
Volaris |
Guadalajara |
Villahermosa |
September 22, 2023 |
1 weekly |
Note: Frequencies can vary without prior notice. |
Domestic Terminal Passengers – 14
airports (in thousands):
Airport |
3Q22 |
3Q23 |
Change |
9M22 |
9M23 |
Change |
Guadalajara |
2,935.2 |
3,261.8 |
11.1% |
7,969.3 |
9,395.0 |
17.9% |
Tijuana * |
2,151.2 |
2,448.3 |
13.8% |
5,973.1 |
6,751.6 |
13.0% |
Los Cabos |
725.5 |
832.5 |
14.8% |
1,869.8 |
2,244.2 |
20.0% |
Puerto Vallarta |
753.4 |
799.5 |
6.1% |
1,944.0 |
2,197.1 |
13.0% |
Montego Bay |
0.0 |
0.0 |
0.0% |
0.0 |
0.0 |
N/A |
Guanajuato |
491.5 |
662.9 |
34.9% |
1,300.7 |
1,729.5 |
33.0% |
Hermosillo |
479.0 |
556.8 |
16.2% |
1,343.6 |
1,552.4 |
15.5% |
Kingston |
0.5 |
0.7 |
43.8% |
1.0 |
1.3 |
35.8% |
Mexicali |
327.8 |
447.6 |
36.5% |
918.7 |
1,174.8 |
27.9% |
Morelia |
160.8 |
221.1 |
37.5% |
474.3 |
609.1 |
28.4% |
La Paz |
274.0 |
303.6 |
10.8% |
786.7 |
814.2 |
3.5% |
Aguascalientes |
171.2 |
171.6 |
0.2% |
524.8 |
478.6 |
(8.8%) |
Los Mochis |
103.4 |
123.1 |
19.0% |
307.5 |
336.2 |
9.4% |
Manzanillo |
25.5 |
27.3 |
7.0% |
74.0 |
80.1 |
8.2% |
Total |
8,599.1 |
9,856.8 |
14.6% |
23,487.4 |
27,364.0 |
16.5% |
*Cross Border
Xpress (CBX) users are classified as international passengers. |
International Terminal Passengers – 14
airports (in thousands):
Airport |
3Q22 |
3Q23 |
Change |
9M22 |
9M23 |
Change |
Guadalajara |
1,165.2 |
1,342.2 |
15.2% |
3,232.8 |
3,848.9 |
19.1% |
Tijuana * |
1,113.5 |
1,093.9 |
(1.8%) |
3,063.3 |
3,254.5 |
6.2% |
Los Cabos |
1,001.1 |
999.6 |
(0.1%) |
3,310.4 |
3,603.1 |
8.8% |
Puerto Vallarta |
652.8 |
599.0 |
(8.2%) |
2,587.6 |
2,863.8 |
10.7% |
Montego Bay |
1,136.8 |
1,306.4 |
14.9% |
3,225.8 |
3,963.2 |
22.9% |
Guanajuato |
210.5 |
227.4 |
8.0% |
567.7 |
645.5 |
13.7% |
Hermosillo |
20.1 |
18.3 |
(8.7%) |
58.5 |
55.0 |
(6.0%) |
Kingston |
497.8 |
509.4 |
2.3% |
1,128.4 |
1,338.9 |
18.7% |
Mexicali |
1.7 |
1.8 |
4.6% |
4.6 |
5.3 |
14.7% |
Morelia |
130.7 |
149.2 |
14.2% |
364.2 |
444.0 |
21.9% |
La Paz |
5.4 |
2.6 |
(51.4%) |
19.2 |
10.3 |
(46.0%) |
Aguascalientes |
65.2 |
81.5 |
25.0% |
170.2 |
214.3 |
25.9% |
Los Mochis |
2.1 |
1.9 |
(10.8%) |
5.8 |
5.4 |
(7.6%) |
Manzanillo |
11.1 |
6.5 |
(41.5%) |
52.3 |
49.1 |
(6.0%) |
Total |
6,013.9 |
6,339.7 |
5.4% |
17,790.9 |
20,301.6 |
14.1% |
*CBX users are classified as international passengers. |
Total Terminal Passengers – 14
airports (in thousands):
Airport |
3Q22 |
3Q23 |
Change |
9M22 |
9M23 |
Change |
Guadalajara |
4,100.4 |
4,604.0 |
12.3% |
11,202.1 |
13,243.9 |
18.2% |
Tijuana * |
3,264.7 |
3,542.2 |
8.5% |
9,036.4 |
10,006.1 |
10.7% |
Los Cabos |
1,726.5 |
1,832.1 |
6.1% |
5,180.3 |
5,847.3 |
12.9% |
Puerto Vallarta |
1,406.2 |
1,398.5 |
(0.5%) |
4,531.7 |
5,060.9 |
11.7% |
Montego Bay |
1,136.8 |
1,306.4 |
14.9% |
3,225.8 |
3,963.2 |
22.9% |
Guanajuato |
702.0 |
890.2 |
26.8% |
1,868.4 |
2,375.0 |
27.1% |
Hermosillo |
499.1 |
575.2 |
15.2% |
1,402.1 |
1,607.5 |
14.6% |
Kingston |
498.3 |
510.1 |
2.4% |
1,129.4 |
1,340.3 |
18.7% |
Mexicali |
329.5 |
449.4 |
36.4% |
923.3 |
1,180.1 |
27.8% |
Morelia |
291.5 |
370.2 |
27.0% |
838.5 |
1,053.1 |
25.6% |
La Paz |
279.4 |
306.2 |
9.6% |
805.9 |
824.5 |
2.3% |
Aguascalientes |
236.4 |
253.1 |
7.0% |
695.0 |
692.9 |
(0.3%) |
Los Mochis |
105.5 |
125.0 |
18.4% |
313.3 |
341.6 |
9.0% |
Manzanillo |
36.6 |
33.8 |
(7.7%) |
126.3 |
129.2 |
2.3% |
Total |
14,613.0 |
16,196.5 |
10.8% |
41,278.3 |
47,665.6 |
15.5% |
*CBX users are classified as international passengers. |
CBX Users (in thousands):
Airport |
3Q22 |
3Q23 |
Change |
9M22 |
9M23 |
Change |
Tijuana |
1,103.9 |
1,084.2 |
(1.8%) |
3,038.5 |
3,226.9 |
6.2% |
|
|
|
|
|
|
|
Consolidated Results for the Third Quarter of
2023 (in thousands of
pesos):
|
3Q22 |
3Q23 |
Change |
Revenues |
|
|
|
Aeronautical services |
4,449,504 |
4,812,288 |
8.2% |
Non-aeronautical services |
1,329,793 |
1,516,381 |
14.0% |
Improvements to concession assets (IFRIC-12) |
972,743 |
1,064,286 |
9.4% |
Total revenues |
6,752,040 |
7,392,955 |
9.5% |
|
|
|
|
Operating costs |
|
|
|
Costs of services: |
980,978 |
1,183,268 |
20.6% |
Employee costs |
357,283 |
440,836 |
23.4% |
Maintenance |
147,757 |
171,063 |
15.8% |
Safety, security & insurance |
146,102 |
180,066 |
23.2% |
Utilities |
136,726 |
141,334 |
3.4% |
Other operating expenses |
193,110 |
249,969 |
29.4% |
|
|
|
|
Technical assistance fees |
189,598 |
209,109 |
10.3% |
Concession taxes |
525,291 |
671,398 |
27.8% |
Depreciation and amortization |
587,686 |
619,755 |
5.5% |
Cost of improvements to concession assets (IFRIC-12) |
972,743 |
1,064,286 |
9.4% |
Other (income) |
(1,610) |
(4,959) |
208.0% |
Total operating costs |
3,254,686 |
3,742,857 |
15.0% |
Income from operations |
3,497,354 |
3,650,098 |
4.4% |
Financial Result |
(227,340) |
(544,187) |
139.4% |
Income before income
taxes |
3,270,014 |
3,105,911 |
(5.0%) |
Income taxes |
(607,303) |
(727,051) |
19.7% |
Net income |
2,662,711 |
2,378,860 |
(10.7%) |
Currency translation effect |
(7,235) |
158,864 |
(2295.8%) |
Cash flow hedges, net of income tax |
1,152 |
13,398 |
1063.0% |
Remeasurements of employee benefit – net income tax |
106 |
318 |
200.0% |
Comprehensive income |
2,656,734 |
2,551,440 |
(4.0%) |
Non-controlling interest |
(58,841) |
(52,302) |
(11.1%) |
Comprehensive income attributable to controlling
interest |
2,597,893 |
2,499,138 |
(3.8%) |
|
|
|
|
|
|
|
|
|
3Q22 |
3Q23 |
Change |
EBITDA |
4,085,040 |
4,269,853 |
4.5% |
Comprehensive income |
2,656,734 |
2,551,440 |
(4.0%) |
Comprehensive income per share (pesos) |
5.2245 |
5.0496 |
(3.3%) |
Comprehensive income per ADS (US dollars) |
3.0015 |
2.9010 |
(3.3%) |
|
|
|
|
Operating income margin |
51.8% |
49.4% |
(4.7%) |
Operating income margin (excluding IFRIC-12) |
60.5% |
57.7% |
(4.7%) |
EBITDA margin |
60.5% |
57.8% |
(4.5%) |
EBITDA margin (excluding IFRIC-12) |
70.7% |
67.5% |
(4.5%) |
Costs of services and improvements / total revenues |
28.9% |
30.4% |
5.1% |
Cost of services / total revenues (excluding IFRIC-12) |
17.0% |
18.7% |
10.2% |
|
|
|
|
- Net income and comprehensive income per share for 3Q23 and 3Q22
were calculated based on 505,277,464 shares outstanding as of
September 30, 2023 and September 30, 2022, respectively. U.S.
dollar figures presented were converted from pesos to U.S. dollars
at a rate of Ps. 17.4064 per U.S. dollar (the noon buying rate on
September 29, 2023, 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. 17.0601 per U.S. dollar
for the three months ended September 30, 2023 was used. |
Revenues (3Q23 vs. 3Q22)
- Aeronautical services
revenues increased by Ps. 362.8 million, or 8.2%.
- Non-aeronautical services
revenues increased by Ps. 186.6 million, or 14.0%.
- Revenues from improvements
to concession assets increased by Ps. 91.5 million, or
9.4%.
- Total revenues increased by
Ps. 640.9 million, or 9.5%.
- The change in aeronautical
services revenues was primarily due to the following
factors:
- Revenues at our Mexican
airports increased by Ps. 393.1 million, or 10.6%,
compared to 3Q22, mainly due to the 10.8% increase in passenger
traffic and the 99.0% compliance with the maximum tariffs.
- Revenues from Jamaican
airports decreased by Ps. 30.3 million, or 4.1%, compared
to 3Q22. This was mainly due to the 15.7% appreciation of the peso
versus the U.S. dollar, compared to 3Q22, which went from an
average exchange rate of Ps. 20.2403 in 3Q22 to Ps. 17.0601 in
3Q23, which represented a decrease in revenues in pesos. Revenues
in U.S. dollars increased by USD$2.8 million or 24.6%. Passenger
traffic increased by 11.1%.
- The change in
non-aeronautical services revenues was primarily
driven by the following factors:
- Revenues at our Mexican
airports increased by Ps. 174.2 million, or 16.0%,
compared to 3Q22. Revenues from businesses operated by third
parties increased by Ps. 66.6 million, or 9.4%, mainly due to the
passenger traffic recovery, the opening of new commercial spaces,
and the renegotiation of contract conditions. The business lines
that grew the most were food and beverage, retail, car rentals, and
leasing of space, all of which increased by Ps. 92.9 million, or
20.2%, offset by a decrease in revenues from duty-free stores and
time-shares by Ps. 20.4 million, combined, given that these
contracts are in U.S. dollars and the peso appreciated by 15.7%.
Revenues from businesses operated directly by us increased by Ps.
107.6 million, or 29.3%.
- Revenues from the
Jamaican airports increased by
Ps. 12.4 million, or 5.1%, compared to 3Q22. The business line that
grew the most was duty-free stores, advertising, and financial
services, which increased by Ps. 17.5 million, or 17.5%. These
revenues were offset by a decrease in retail and other commercial
revenues by Ps. 6.5 million. Revenues in U.S. dollars increased by
US$ 2.9 million, or 24.7%, offset by an appreciation of the peso by
15.7% against the U.S. dollar compared to 3Q22.
|
3Q22 |
3Q23 |
Change |
Businesses operated by third
parties: |
|
|
|
Food and beverage |
203,903 |
249,671 |
22.4% |
Duty-free |
194,142 |
193,804 |
(0.2%) |
Retail |
154,788 |
175,933 |
13.7% |
Car rentals |
136,692 |
144,939 |
6.0% |
Leasing of space |
82,646 |
97,178 |
17.6% |
Time shares |
59,598 |
50,202 |
(15.8%) |
Ground transportation |
41,213 |
33,902 |
(17.7%) |
Communications and financial
services |
27,200 |
28,734 |
5.6% |
Other commercial revenues |
29,440 |
24,526 |
(16.7%) |
Total |
929,624 |
998,888 |
7.5% |
|
|
|
|
Businesses operated directly
by us: |
|
|
|
Car parking |
142,543 |
186,944 |
31.1% |
VIP lounges |
94,392 |
105,870 |
12.2% |
Convenience stores |
86,073 |
128,147 |
48.9% |
Advertising |
20,344 |
41,696 |
105.0% |
Total |
343,353 |
462,657 |
34.7% |
Recovery of costs |
56,816 |
54,835 |
(3.5%) |
Total Non-aeronautical Revenues |
1,329,793 |
1,516,381 |
14.0% |
|
Figures expressed
in thousands of Mexican pesos. |
- Revenues from improvements
to concession assets 1Revenues from improvements to
concession assets (IFRIC-12) increased by Ps. 91.5 million, or
9.4%, compared to 3Q22. The change was composed of:
- Improvements to concession assets
at the Company’s Mexican airports, which increased by Ps. 81.4
million, or 8.5%, due to increased investments under the Master
Development Program for 2020-2024 period.
- Improvements to concession assets
at the Company’s Jamaican airports, which increased Ps. 10.1
million, or 59.2%.
_____________________________1 Revenues from
improvements to concession assets are recognized in accordance with
International Financial Reporting Interpretation Committee 12
“Service Concession Arrangements” (IFRIC 12). However, this
recognition does not have a cash impact or 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. This is in accordance
with the Company’s Master Development Programs in Mexico and
Capital Development Programs 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.
Total operating costs
increased by Ps. 488.2 million, or 15.0%, compared
to 3Q22, mainly due to the increase from costs of improvements to
concession assets (IFRIC-12) by Ps. 91.5 million, a combined
increase of Ps. 165.6 million, or 23.2%, in concession taxes and
technical assistance fees, an increase in the cost of services of
Ps. 202.3 million, or 20.6%, and a Ps. 32.1 million, or 5.5%,
increase in depreciation and amortization (excluding the
cost of improvements to concession assets (IFRIC-12), operating
costs increased Ps. 396.6 million, or 17.4%).
This increase in total operating costs was
primarily due to the following factors:
Mexican airports:
- Operating costs increased
by Ps. 352.3 million, or 13.5%, compared to 3Q22,
primarily due to a Ps. 81.4 million, or 8.5%, increase in the cost
of improvements to the concession assets (IFRIC-12), Ps. 196.7
million, or 25.2%, increase in the cost of services, a combined Ps.
40.1 million, or 9.6%, increase in technical assistance fees and
concession taxes, and a Ps. 39.5 million, or 8.6%, increase in
depreciation and amortization (excluding the cost of
improvements to the concession assets, operating costs increased by
Ps. 270.8 million or 16.4%).
The change in the cost of services during 3Q23
was mainly due to:
- Employee costs
increased Ps. 81.6 million, or 26.6%, compared to 3Q22, mainly due
to the hiring of 317 additional personnel during the last quarter
of 2022 and during the first nine months of 2023, mainly for the
operation of business lines operated directly by us, as well as the
adjustments in salaries and changes in Labor Law.
- Other operating
expenses increased Ps. 59.6 million, or 36.5%, compared to
3Q22, mainly due to a combined increase of Ps. 53.1 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, as
well as the increase in FBO services, professional fees, and travel
expenses.
- Safety, security, and
insurance costs increased Ps. 25.5 million, or 23.8%,
compared to 3Q22, mainly due to an increase in the number of
security staff, minimum wages and changes in Labor Law, and the
opening of additional operational areas.
- Utilities costs
increased by Ps. 15.2 million, or 17.5%.
Jamaican Airports:
- Operating costs increased
by Ps. 135.9 million, or 21.1%, compared to 3Q22, mainly
due to a Ps. 125.5 million, or 42.3%, increase in concession taxes,
an increase in the cost of improvements to concession assets
(IFRIC-12) by Ps.10.1 million, or 59.2%, and an increase in the
cost of services by Ps. 5.6 million, or 2.8%, offset by the
decrease in the depreciation and amortization by Ps. 7.4 million,
or 5.8%.
Operating income margin went
from 51.8% in 3Q22 to 49.4% in 3Q23. Excluding the effects of
IFRIC-12, the operating income margin went from 60.5% in 3Q22 to
57.7% in 3Q23. Income from operations increased by Ps. 152.7
million, or 4.4%, compared to 3Q22.
EBITDA margin went from 60.5%
in 3Q22 to 57.8% in 3Q23. Excluding the effects of IFRIC-12, EBITDA
margin went from 70.7% in 3Q22 to 67.5% in 3Q23. The
nominal value of EBITDA increased by Ps. 184.8
million, or 4.5%, compared to 3Q22.
Financial result increased by Ps. 316.9
million, or 139.4%, from a net expense of Ps. 227.3
million in 3Q22 to a net expense of Ps. 544.2 million in 3Q23. This
change was mainly the result of:
- Foreign exchange rate
fluctuations, which went from an income of Ps. 208.1
million in 3Q22 to an income of Ps. 170.3 million in 3Q23.
This generated a foreign exchange loss of Ps. 37.9
million. This was mainly due to the appreciation of the
peso. The currency translation effect income increased Ps. 166.1
million, compared to 3Q22.
- Interest expenses increased
by Ps. 413.4 million, or 64.6%, compared to 3Q22, mainly
due to higher debt as a result of the issuance of long-term debt
securities and the drawdown of credit lines, as well as the
increase in interest rates.
- Interest income increased
by Ps. 134.4 million, or 65.2%, compared to 3Q22, mainly
due to an increase in the reference interest rates.
In 3Q23, comprehensive
income decreased by Ps. 105.3 million, or 4.0%, compared
to 3Q22. Income before taxes decreased by Ps. 164.1 million, mainly
due to the increase in the financial result of Ps. 316.9 million
and the decrease in revenues in dollars due to the appreciation of
the peso by 15.7%, an effect offset by the increase in income from
the currency translation effect in Ps. 166.1 million.
During 3Q23, net income decreased by Ps.
283.9 million, or 10.7%, compared to 3Q22. Taxes for the
period increased by Ps. 119.7 million, income taxes increased by
Ps. 3.3 million and the benefit for deferred taxes decreased by Ps.
116.4 million, mainly due to a decrease in the inflation rate, from
2.2% in 3Q22 to 1.4% in 3Q23.
Consolidated Results for the Nine Months
(in thousands of pesos):
|
9M22 |
9M23 |
Change |
Revenues |
|
|
|
Aeronautical services |
12,626,702 |
14,780,643 |
17.1% |
Non-aeronautical services |
3,815,830 |
4,544,249 |
19.1% |
Improvements to concession assets (IFRIC-12) |
2,932,191 |
4,767,624 |
62.6% |
Total revenues |
19,374,723 |
24,092,515 |
24.4% |
|
|
|
|
Operating costs |
|
|
|
Costs of services: |
2,634,969 |
3,184,434 |
20.9% |
Employee costs |
996,556 |
1,273,009 |
27.7% |
Maintenance |
434,004 |
478,061 |
10.2% |
Safety, security & insurance |
408,919 |
503,020 |
23.0% |
Utilities |
352,376 |
363,997 |
3.3% |
Other operating expenses |
443,114 |
566,347 |
27.8% |
|
|
|
|
Technical assistance fees |
553,970 |
651,826 |
17.7% |
Concession taxes |
1,398,515 |
1,938,019 |
38.6% |
Depreciation and amortization |
1,715,333 |
1,858,980 |
8.4% |
Cost of improvements to concession assets (IFRIC-12) |
2,932,191 |
4,767,624 |
62.6% |
Other (income) |
(20,082) |
7,837 |
(139.0%) |
Total operating costs |
9,214,895 |
12,408,721 |
34.7% |
Income from operations |
10,159,828 |
11,683,794 |
15.0% |
Financial Result |
(788,405) |
(1,726,623) |
119.0% |
Income before income
taxes |
9,371,424 |
9,957,171 |
6.3% |
Income taxes |
(2,016,627) |
(2,524,654) |
25.2% |
Net income |
7,354,796 |
7,432,517 |
1.1% |
Currency translation effect |
(346,786) |
(655,718) |
89.1% |
Cash flow hedges, net of income tax |
138,539 |
(24,353) |
(117.6%) |
Remeasurements of employee benefit – net income tax |
311 |
917 |
194.9% |
Comprehensive income |
7,146,860 |
6,753,363 |
(5.5%) |
Non-controlling interest |
(129,498) |
(60,519) |
(53.3%) |
Comprehensive income attributable to controlling
interest |
7,017,362 |
6,692,844 |
(4.6%) |
|
|
|
|
|
|
|
|
|
9M22 |
9M23 |
Change |
EBITDA |
11,875,161 |
13,542,775 |
14.0% |
Comprehensive income |
7,146,860 |
6,753,363 |
(5.5%) |
Comprehensive income per share (pesos) |
14.0545 |
13.3657 |
(4.9%) |
Comprehensive income per ADS (US dollars) |
8.0743 |
7.6786 |
(4.9%) |
|
|
|
|
Operating income margin |
52.4% |
48.5% |
(7.5%) |
Operating income margin (excluding IFRIC-12) |
61.8% |
60.5% |
(2.2%) |
EBITDA margin |
61.3% |
56.2% |
(8.3%) |
EBITDA margin (excluding IFRIC-12) |
72.2% |
70.1% |
(3.0%) |
Costs of services and improvements / total revenues |
28.7% |
33.0% |
14.9% |
Cost of services / total revenues (excluding IFRIC-12) |
16.0% |
16.5% |
2.8% |
|
|
|
|
- Net income and comprehensive income per share for 9M23 and 9M22
were calculated based on 505,277,464 shares outstanding as of
September 30, 2023. U.S. dollar figures presented were converted
from pesos to U.S. dollars at a rate of Ps. 17.4064 per U.S. dollar
(the noon buying rate on September 29, 2023, as published by the
U.S. Federal Reserve Board). |
- For purposes of the consolidation of the airports in Jamaica, the
average nine-month exchange rate of Ps. 17.8282 per U.S. dollar for
the nine months ended September 30, 2023, was used. |
Revenues (9M23 vs. 9M22)
- Aeronautical services
revenues increased by Ps. 2,153.9 million, or 17.1%.
- Non-aeronautical services
revenues increased by Ps. 728.4 million, or 19.1%.
- Revenues from improvements
to concession assets increased by Ps. 1,835.4 million, or
62.6%.
- Total revenues increased by
Ps. 4,717.8 million, or 24.4%.
- The change in aeronautical
services revenues was composed primarily of the following
factors:
- Revenues at our Mexican
airports increased by Ps. 1,975.8 million, or 18.5%,
compared to 9M22, mainly due to the 14.7% increase in passenger
traffic, as well as 99.0% compliance with the maximum tariffs.
- Revenues from Jamaican
airports increased by Ps. 178.1 million, or 9.0%, compared
to 9M22. This was mainly due to the 21.8% increase in passenger
traffic but offset by the appreciation of the peso against the U.S.
dollar compared to 9M22 of 12.0%, which went from an average
exchange rate of Ps. 20.2682 in 9M22 to Ps. 17.8282 in 9M23, which
represented a decrease in revenues in pesos.
- The change in
non-aeronautical services revenues was composed
primarily of the following factors :
- Revenues at our Mexican
airports increased by Ps. 640.8 million, or 20.4%,
compared to 9M22. Revenues from businesses operated directly by us
increased by Ps. 335.0 million, or 36.1%, while the recovery of
costs increased by Ps. 4.8 million, or 3.9%. Revenues from
businesses operated by third parties increased by Ps. 301.0
million, or 14.4%. This was mainly due to the recovery of passenger
traffic, the opening of new commercial spaces, and the
renegotiation of existing contracts. The business lines that
increased the most were food and beverage, retail, leasing of
space, and car rentals, which jointly increased by Ps. 296.5
million, or 22.3%. Commercial revenues in U.S. dollars represent
25% of non-aeronautical revenues, therefore the appreciation of the
peso during 9M23 affected that revenue by approximately 3.3%.
- Revenues from the Jamaican
airports increased by Ps. 87.6 million, or 13.0%, compared
to 9M22. The business lines that increased the most were duty-free
stores, retail, food and beverage, advertising, parking lots, and
leasing of space, which jointly increased by Ps. 105.0 million, or
18.5%. These revenues were offset by a decrease in other commercial
revenues by Ps. 17.8 million. Revenues in U.S. dollars increased by
US$9.5 million, or 28.5%.
|
9M22 |
9M23 |
Change |
Businesses operated by third parties: |
|
|
|
Food and beverage |
577,652 |
748,361 |
29.6% |
Duty-free |
535,938 |
583,824 |
8.9% |
Retail |
451,440 |
531,703 |
17.8% |
Car rentals |
398,902 |
427,802 |
7.2% |
Leasing of space |
225,799 |
270,513 |
19.8% |
Time shares |
178,968 |
166,585 |
(6.9%) |
Ground transportation |
126,464 |
132,307 |
4.6% |
Communications and financial services |
78,151 |
88,240 |
12.9% |
Other commercial revenues |
125,793 |
112,188 |
(10.8%) |
Total |
2,699,108 |
3,061,523 |
13.4% |
|
|
|
|
Businesses operated directly by us: |
|
|
|
Car parking |
394,652 |
528,005 |
33.8% |
VIP lounges |
269,458 |
319,848 |
18.7% |
Advertising |
229,063 |
359,901 |
57.1% |
Convenience stores |
57,585 |
105,815 |
83.8% |
Total |
950,758 |
1,313,568 |
38.2% |
Recovery of costs |
165,964 |
169,157 |
1.9% |
Total Non-aeronautical
Revenues |
3,815,830 |
4,544,249 |
19.1% |
|
|
|
|
Figures expressed in thousands of Mexican pesos. |
- Revenues from improvements
to concession assets2 Revenues from improvements to
concession assets (IFRIC-12) increased by Ps. 1,835.4 million, or
62.6%, compared to 9M22. The change was composed primarily of:
- The Company’s Mexican airports,
which increased by Ps. 1,820.7 million, or 63.6%, due to increased
investments under the Master Development Program for 2020-2024
period.
- Improvements to concession assets
at the Company’s Jamaican airports, which increased Ps. 14.7
million, or 21.0%.
_____________________________[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.
Total operating costs
increased by Ps. 3,193.8 million, or 34.7%,
compared to 9M22, mainly due to a Ps. 1,835.4 million, or 62.6%
increase in the cost of improvements to the concession assets
(IFRIC-12), a combined Ps. 637.4 million, or 32.6%, increase in
concession taxes and technical assistance fees, a Ps. 549.5
million, or 20.9%, increase in cost of services, and a Ps. 143.6
million, or 8.4%, increase in depreciation and amortization
(excluding the cost of improvements to concession assets,
operating costs increased Ps. 1,358.4 million, or
21.6%).
This increase in total operating costs was
composed primarily of the following factors:
Mexican Airports:
- Operating costs increased
by Ps. 2,759.4 million, or 36.9%, compared to 9M22,
primarily due to a Ps. 1,820.7 million, or 63.6%, increase in the
cost of improvements to the concession assets (IFRIC-12), a Ps.
570.4 million, or 27.6%, increase in cost of services, a combined
Ps. 210.9 million, or 17.4%, increase in technical assistance fees
and concession taxes, a Ps. 145.0 million, or 10.8%, increase in
depreciation and amortization, (excluding the cost of
improvements to the concession assets, operating costs increased by
Ps. 938.7 million or 20.4%).
The change in the cost of services during 9M23
was mainly due to:
- Employee costs
increased Ps. 279.8 million, or 33.3%, compared to 9M22, mainly due
to the hiring of additional personnel as well as the adjustments in
salaries and changes in Labor Law.
- Other operating
expenses increased Ps. 126.8 million, or 33.7%, compared
to 9M22, mainly due to a combined increase of Ps. 112.4 million in
the cost of goods and services for our VIP lounges and convenience
stores, due to the increase in the operation and revenues from
these business lines, as well as FBO services, the allowance for
credit losses, and travel expenses.
- Safety, security and
insurance costs increased Ps. 86.0 million, or 28.7%,
compared to 9M22, mainly due to an increase in the number of
security staff, increase in minimum wages, changes in Labor Law and
the opening of additional operational areas.
- Utilities
increased by Ps. 44.2 million, or 21.2%, compared to 9M22.
Jamaican Airports:
- Operating costs increased
by Ps. 434.4 million, or 24.9%, compared to 9M22, mainly
due to a Ps. 426.5 million, or 57.7%, increase in concession taxes,
a Ps. 14.7 million or 21.0%, increase in cost of improvements to
concession assets (IFRIC-12), offset by the decrease in cost of
services by Ps. 20.9 million, or 3.7%, and the depreciation and
amortization by Ps. 1.4 million, or 0.4%, mainly due to the
appreciation of the peso by 12.0%, which represented a decrease in
the cost in pesos.
Operating margin went from
52.4% in 9M22 to 48.5% in 9M23. Excluding the effects of IFRIC-12,
operating margin went from 61.8% in 9M22 to 60.5% in 9M23.
Operating income increased Ps. 1,524.0 million, or 15.0%, compared
to 9M22.
EBITDA margin went from 61.3%
in 9M22 to 56.2% in 9M23. Excluding the effects of IFRIC-12, EBITDA
margin went from 72.2% in 9M22 to 70.1% in 9M23. The
nominal value of EBITDA increased Ps. 1,667.6
million, or 14.0%, compared to 9M22.
Financial cost increased by Ps. 938.2
million, or 119.0%, from a net expense of Ps. 788.4
million in 9M22 to a net expense of Ps. 1,726.6 million in 9M23.
This change was mainly the result of:
- Foreign exchange rate
fluctuation, which went from an income of Ps. 342.0
million in 9M22 to a loss of Ps. 186.3 million in 9M23. This
generated an increase in the foreign exchange loss of Ps.
528.3 million, due to the peso appreciation. Currency
translation effect expense increased Ps. 308.9 million, compared to
9M22.
- Interest expenses increased
by Ps. 942.9 million, or 55.4%, compared to 9M22, mainly
due to the increase in debt due to the issuance of bond
certificates and the contracting of bank loans, as well as the
substantial increase in interest rates.
- Interest income increased
by Ps. 533.0 million, or 92.6%, compared to 9M22, mainly
due to an increase in the reference interest rates.
In 9M23, comprehensive income decreased
by Ps. 393.5 million, or 5.5%, compared to 9M22. Income
before taxes increased by Ps. 585.7 million, mainly due to the
increase in traffic and the commercial strategy. This growth
generated an increase in income taxes of Ps. 508.0 million.
However, net and comprehensive income decreased mainly due to the
decrease of the effect of foreign currency translation in Ps. 308.9
million, and a decrease in cash flow hedges for Ps. 162.9
million.
During 9M23, net income increased by Ps.
77.7 million, or 1.1%, compared to 9M22. Taxes for the
period increased by Ps. 508.0 million, income taxes increased by
Ps. 157.2 million, and the benefit for deferred taxes decreased by
Ps. 350.8 million, mainly due to a decrease in the inflation rate,
from 6.2% in 9M22 to 2.9% in 9M23.
Statement of Financial Position
Total assets as of September 30, 2023 increased
by Ps. 7,143.0 million compared to September 30, 2022, primarily
due to the following items: (i) a Ps. 8,620.7 million increase in
net improvements to concession assets; (ii) a Ps. 194.8 million
increase in account receivables; and (iii) a Ps. 140.7 million
combined increase in net machinery, equipment, and leasehold
improvements, and advances to suppliers. This increase was
partially offset by a decrease of: (i) Ps. 1,703.5 million in cash
and cash equivalents, among others.
Total liabilities as of September 30, 2023,
increased by Ps. 6,190.2 million compared to September 30, 2022.
This increase was primarily due to the following items: (i)
issuance of Ps. 2,498.0 million (net) in long-term debt securities,
and (ii) Ps. 4,403.5 million in bank loans. This increase was
partially offset by decrease of: (i) Ps. 663.5 million in accounts
payable, and (ii) Ps. 164.6 million deferred taxes, among
others.
Recent events
On September 3, 2023, the Company made the
second and final drawdown for US$30.0 million in its subsidiary MBJ
Airports Limited (MBJA) of the credit line for US$60.0 million, the
loan has a five year term, with a monthly interest rate of SOFR
plus 310 basis points and payment of 10% of principal in month 54,
and the 90% at maturity.
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 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 involve criminal conduct or violations.
The telephone number in Mexico, facilitated by a third party
responsible for collecting these complaints, is 800 04 ETICA
(38422) or WhatsApp +52 55 6538 5504. The website is
www.lineadedenunciagap.com or by email at
denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be
notified of all complaints for immediate investigation.
Exhibit A: Operating results by airport
(in thousands of pesos):
Airport |
3Q22 |
3Q23 |
Change |
9M22 |
9M23 |
Change |
Guadalajara |
|
|
|
|
|
|
Aeronautical services |
1,225,545 |
1,384,710 |
13.0% |
3,296,847 |
4,044,710 |
22.7% |
Non-aeronautical services |
222,509 |
263,082 |
18.2% |
644,738 |
760,360 |
17.9% |
Improvements to concession assets (IFRIC 12) |
499,974 |
42,989 |
(91.4%) |
1,499,921 |
1,700,457 |
13.4% |
Total Revenues |
1,948,028 |
1,690,782 |
(13.2%) |
5,441,506 |
6,505,526 |
19.6% |
Operating income |
1,068,333 |
1,250,818 |
17.1% |
2,799,435 |
3,503,297 |
25.1% |
EBITDA |
1,170,722 |
1,365,126 |
16.6% |
3,129,648 |
3,844,398 |
22.8% |
|
|
|
|
|
|
|
Tijuana |
|
|
|
|
|
|
Aeronautical services |
698,222 |
784,504 |
12.4% |
1,893,773 |
2,203,798 |
16.4% |
Non-aeronautical services |
139,450 |
166,714 |
19.6% |
389,554 |
469,318 |
20.5% |
Improvements to concession assets (IFRIC 12) |
85,505 |
140,836 |
64.7% |
256,516 |
422,509 |
64.7% |
Total Revenues |
923,179 |
1,092,054 |
18.3% |
2,539,844 |
3,095,625 |
21.9% |
Operating income |
574,981 |
634,623 |
10.4% |
1,559,064 |
1,718,782 |
10.2% |
EBITDA |
664,549 |
735,933 |
10.7% |
1,807,050 |
2,017,211 |
11.6% |
|
|
|
|
|
|
|
Los Cabos |
|
|
|
|
|
|
Aeronautical services |
654,908 |
680,673 |
3.9% |
2,001,237 |
2,287,815 |
14.3% |
Non-aeronautical services |
271,777 |
261,808 |
(3.7%) |
811,070 |
867,887 |
7.0% |
Improvements to concession assets (IFRIC 12) |
63,265 |
249,608 |
294.5% |
189,796 |
748,823 |
294.5% |
Total Revenues |
989,951 |
1,192,089 |
20.4% |
3,002,103 |
3,904,525 |
30.1% |
Operating income |
645,831 |
635,646 |
(1.6%) |
2,011,990 |
2,200,249 |
9.4% |
EBITDA |
721,192 |
717,482 |
(0.5%) |
2,236,706 |
2,444,388 |
9.3% |
|
|
|
|
|
|
|
Puerto Vallarta |
|
|
|
|
|
|
Aeronautical services |
484,214 |
463,874 |
(4.2%) |
1,662,321 |
1,921,180 |
15.6% |
Non-aeronautical services |
125,788 |
119,673 |
(4.9%) |
399,623 |
432,069 |
8.1% |
Improvements to concession assets (IFRIC 12) |
199,303 |
403,557 |
102.5% |
597,909 |
1,210,671 |
102.5% |
Total Revenues |
809,305 |
987,104 |
22.0% |
2,659,853 |
3,563,921 |
34.0% |
Operating income |
382,371 |
409,130 |
7.0% |
1,477,112 |
1,651,577 |
11.8% |
EBITDA |
430,801 |
463,400 |
7.6% |
1,620,906 |
1,815,864 |
12.0% |
|
|
|
|
|
|
|
Montego Bay |
|
|
|
|
|
|
Aeronautical services |
442,173 |
433,702 |
(1.9%) |
1,276,788 |
1,390,696 |
8.9% |
Non-aeronautical services |
182,776 |
199,151 |
9.0% |
514,116 |
597,734 |
16.3% |
Improvements to concession assets (IFRIC 12) |
17,096 |
23,988 |
40.3% |
70,202 |
79,029 |
12.6% |
Total Revenues |
642,047 |
656,841 |
2.3% |
1,861,108 |
2,067,459 |
11.1% |
Operating income |
392,948 |
176,139 |
(55.2%) |
951,245 |
712,829 |
(25.1%) |
EBITDA |
491,828 |
289,301 |
(41.2%) |
1,293,084 |
1,065,396 |
(17.6%) |
Exhibit A: Operating results by airport
(in thousands of pesos):
Airport |
3Q22 |
3Q23 |
Change |
9M22 |
9M23 |
Change |
Guanajuato |
|
|
|
|
|
|
Aeronautical services |
209,488 |
263,732 |
25.9% |
548,502 |
706,740 |
28.8% |
Non-aeronautical services |
39,735 |
46,316 |
16.6% |
113,305 |
135,793 |
19.8% |
Improvements to concession assets (IFRIC 12) |
10,647 |
70,722 |
564.3% |
31,941 |
212,167 |
564.3% |
Total Revenues |
259,869 |
380,771 |
46.5% |
693,748 |
1,054,699 |
52.0% |
Operating income |
172,122 |
221,187 |
28.5% |
437,932 |
580,177 |
32.5% |
EBITDA |
191,568 |
243,150 |
26.9% |
498,264 |
646,402 |
29.7% |
|
|
|
|
|
|
|
Hermosillo |
|
|
|
|
|
|
Aeronautical services |
118,428 |
139,364 |
17.7% |
328,931 |
382,873 |
16.4% |
Non-aeronautical services |
20,047 |
25,324 |
26.3% |
55,968 |
68,093 |
21.7% |
Improvements to concession assets (IFRIC 12) |
16,897 |
14,439 |
(14.5%) |
50,690 |
43,318 |
(14.5%) |
Total Revenues |
155,371 |
179,127 |
15.3% |
435,590 |
494,285 |
13.5% |
Operating income |
70,406 |
84,897 |
20.6% |
198,014 |
230,718 |
16.5% |
EBITDA |
91,113 |
109,893 |
20.6% |
262,040 |
304,785 |
16.3% |
|
|
|
|
|
|
|
Others (1) |
|
|
|
|
|
|
Aeronautical services |
616,526 |
661,729 |
7.3% |
1,618,301 |
1,842,831 |
13.9% |
Non-aeronautical services |
112,988 |
112,098 |
(0.8%) |
309,744 |
327,381 |
5.7% |
Improvements to concession assets (IFRIC 12) |
80,056 |
118,145 |
47.6% |
235,216 |
350,649 |
49.1% |
Total Revenues |
809,570 |
891,974 |
10.2% |
2,163,262 |
2,520,862 |
16.5% |
Operating income |
188,146 |
235,321 |
25.1% |
530,818 |
612,501 |
15.4% |
EBITDA |
256,451 |
317,324 |
23.7% |
741,531 |
858,562 |
15.8% |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
Aeronautical services |
4,449,504 |
4,812,288 |
8.2% |
12,626,701 |
14,780,643 |
17.1% |
Non-aeronautical services |
1,115,070 |
1,194,167 |
7.1% |
3,238,120 |
3,658,636 |
13.0% |
Improvements to concession assets (IFRIC 12) |
972,743 |
1,064,286 |
9.4% |
2,932,191 |
4,767,624 |
62.6% |
Total Revenues |
6,537,317 |
7,070,741 |
8.2% |
18,797,013 |
23,206,903 |
23.5% |
Operating income |
3,495,136 |
3,647,759 |
4.4% |
9,965,609 |
11,210,130 |
12.5% |
EBITDA |
4,018,225 |
4,241,607 |
5.6% |
11,589,230 |
12,997,005 |
12.1% |
|
|
|
|
|
|
|
(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):
|
2022 |
2023 |
Change |
% |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
16,157,567 |
14,454,072 |
(1,703,495) |
(10.5%) |
Trade accounts receivable - Net |
1,867,442 |
2,062,286 |
194,844 |
10.4% |
Other current assets |
751,617 |
1,328,135 |
576,518 |
76.7% |
Total current assets |
18,776,626 |
17,844,493 |
(932,133) |
(5.0%) |
|
|
|
|
|
Advanced payments to suppliers |
2,009,155 |
2,058,763 |
49,608 |
2.5% |
Machinery, equipment and improvements to leased buildings -
Net |
3,707,712 |
3,798,780 |
91,068 |
2.5% |
Improvements to concession assets - Net |
18,524,228 |
27,144,891 |
8,620,663 |
46.5% |
Airport concessions - Net |
9,950,067 |
9,023,473 |
(926,594) |
(9.3%) |
Rights to use airport facilities - Net |
1,153,359 |
1,079,962 |
(73,397) |
(6.4%) |
Deferred income taxes - Net |
6,668,207 |
7,053,371 |
385,164 |
5.8% |
Other non-current assets |
672,900 |
601,549 |
(71,351) |
(10.6%) |
Total assets |
61,462,255 |
68,605,282 |
7,143,027 |
11.6% |
|
|
|
|
|
Liabilities |
|
|
|
|
Current liabilities |
10,397,308 |
14,617,581 |
4,220,274 |
40.6% |
Long-term liabilities |
32,934,715 |
34,904,611 |
1,969,896 |
6.0% |
Total liabilities |
43,332,023 |
49,522,193 |
6,190,170 |
14.3% |
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
Common stock |
8,197,536 |
8,197,536 |
- |
0.0% |
Legal reserve |
34,076 |
478,185 |
444,109 |
1303.3% |
Net income |
7,225,111 |
7,317,424 |
92,313 |
1.3% |
Retained earnings |
136,704 |
244,656 |
107,952 |
79.0% |
Reserve for share repurchase |
2,499,473 |
1,500,000 |
(999,473) |
(40.0%) |
Repurchased shares |
(1,999,987) |
- |
1,999,987 |
(100.0%) |
Foreign currency translation reserve |
687,735 |
(25,610) |
(713,345) |
(103.7%) |
Remeasurements of employee benefit – Net |
5,522 |
14,931 |
9,409 |
170.4% |
Cash flow hedges- Net |
168,095 |
106,269 |
(61,826) |
-36.8 |
Total controlling interest |
16,954,265 |
17,833,391 |
879,126 |
5.2% |
Non-controlling interest |
1,175,967 |
1,249,698 |
73,731 |
6.3% |
Total stockholder's equity |
18,130,232 |
19,083,089 |
952,857 |
5.3% |
|
|
|
|
|
Total liabilities and stockholders' equity |
61,462,255 |
68,605,282 |
7,143,027 |
11.6% |
|
|
|
|
|
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):
|
3Q22 |
3Q23 |
Change |
9M22 |
9M23 |
Change |
Cash flows from operating activities: |
|
|
|
|
|
|
Consolidated net income |
2,662,711 |
2,378,860 |
(10.7%) |
7,354,797 |
7,432,517 |
1.1% |
|
|
|
|
|
|
|
Postemployment benefit costs |
8,790 |
11,236 |
27.8% |
25,922 |
33,687 |
30.0% |
Allowance expected credit loss |
29,656 |
21,969 |
(25.9%) |
25,811 |
28,365 |
9.9% |
Depreciation and amortization |
587,686 |
619,755 |
5.5% |
1,715,333 |
1,858,980 |
8.4% |
Loss on sale of machinery, equipment and improvements to leased
assets |
1,513 |
(535) |
(135.4%) |
3,872 |
149 |
(96.2%) |
Interest expense |
613,935 |
986,029 |
60.6% |
1,658,223 |
2,796,634 |
68.7% |
Provisions |
5,084 |
6,171 |
21.4% |
17,463 |
18,076 |
3.5% |
Income tax expense |
607,303 |
727,051 |
19.7% |
2,016,627 |
2,524,654 |
25.2% |
Unrealized exchange loss |
(107,973) |
43,389 |
(140.2%) |
(289,485) |
(283,740) |
(2.0%) |
Net (gain) on derivative financial instruments |
- |
- |
- |
(6,933) |
- |
(100.0%) |
|
4,408,705 |
4,793,925 |
8.7% |
12,521,629 |
14,409,322 |
15.1% |
Changes in working capital: |
|
|
|
|
|
|
(Increase) decrease in |
|
|
|
|
|
|
Trade accounts receivable |
71,419 |
87,770 |
22.9% |
(179,225) |
252,147 |
(240.7%) |
Recoverable tax on assets and other assets |
(142,941) |
(20,127) |
(85.9%) |
296,101 |
(212,579) |
(171.8%) |
Increase (decrease) |
|
|
|
|
|
|
Concession taxes payable |
(78,125) |
51,630 |
(166.1%) |
(116,187) |
167,794 |
(244.4%) |
Accounts payable |
308,718 |
244,821 |
(20.7%) |
245,002 |
(116,841) |
(147.7%) |
Cash generated by
operating activities |
4,567,776 |
5,158,019 |
12.9% |
12,767,319 |
14,499,843 |
13.6% |
Income taxes paid |
(821,292) |
(839,157) |
2.2% |
(3,584,700) |
(3,619,209) |
1.0% |
Net cash flows provided by operating
activities |
3,746,484 |
4,318,862 |
15.3% |
9,182,619 |
10,880,634 |
18.5% |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Machinery, equipment and improvements to concession assets |
(2,396,581) |
(2,008,933) |
(16.2%) |
(5,492,216) |
(7,643,301) |
39.2% |
Cash flows from sales of machinery and equipment |
1,621 |
951 |
(41.3%) |
1,904 |
1,793 |
(5.8%) |
Other investment activities |
(53,358) |
(51,418) |
(3.6%) |
(81,577) |
(35,451) |
(56.5%) |
Business acquisition |
- |
(614,792) |
100.0% |
- |
(614,792) |
100.0% |
Net cash used by investment activities |
(2,448,318) |
(2,674,192) |
9.2% |
(5,571,889) |
(8,291,751) |
48.8% |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Dividends declared and paid |
- |
(1,874,579) |
100.0% |
(3,675,745) |
(3,749,159) |
2.0% |
Dividends declared and paid non-controlling interest |
- |
- |
0.0% |
(155,052) |
- |
100.0% |
Bond certificates issued |
2,757,588 |
- |
(100.0%) |
7,757,588 |
5,400,000 |
(30.4%) |
Bond certificates paid |
- |
- |
0.0% |
(1,500,000) |
(602,000) |
(59.9%) |
Bank loans paid |
- |
1,536 |
100.0% |
(3,959,077) |
(71,313) |
(98.2%) |
Banks loans |
- |
1,221,118 |
100.0% |
3,872,783 |
2,221,118 |
(42.6%) |
Repurchase of shares |
(924,284) |
- |
(100.0%) |
(1,999,987) |
- |
(100.0%) |
Interest paid |
(583,027) |
(1,352,659) |
132.0% |
(1,524,509) |
(3,027,929) |
98.6% |
Interest paid on lease |
(1,403) |
(1,239) |
(11.7%) |
(4,065) |
(3,657) |
(10.0%) |
Payments of obligations for leasing |
(4,221) |
(4,740) |
12.3% |
(11,924) |
(13,064) |
9.6% |
Net cash flows used in financing activities |
1,244,653 |
(2,010,563) |
(261.5%) |
(1,199,988) |
153,998 |
(112.8%) |
|
|
|
|
|
|
|
Effects of exchange rate changes on cash held |
125,186 |
(100,987) |
(180.7%) |
413,947 |
(660,273) |
(259.5%) |
Net increase (decrease) in cash and cash equivalents |
2,668,005 |
(466,880) |
(117.5%) |
2,824,691 |
2,082,608 |
(26.3%) |
Cash and cash equivalents at beginning of the
period |
13,489,562 |
14,920,952 |
10.6% |
13,332,877 |
12,371,464 |
(7.2%) |
Cash and cash equivalents at the end of the
period |
16,157,567 |
14,454,072 |
(10.5%) |
16,157,567 |
14,454,072 |
(10.5%) |
Exhibit D: Consolidated statements of profit or loss and
other comprehensive income (in thousands of
pesos):
|
3Q22 |
3Q23 |
Change |
9M22 |
9M23 |
Change |
Revenues |
|
|
|
|
|
|
Aeronautical services |
4,449,504 |
4,812,288 |
8.2% |
12,626,702 |
14,780,643 |
17.1% |
Non-aeronautical services |
1,329,793 |
1,516,381 |
14.0% |
3,815,830 |
4,544,249 |
19.1% |
Improvements to concession assets (IFRIC-12) |
972,743 |
1,064,286 |
9.4% |
2,932,191 |
4,767,624 |
62.6% |
Total revenues |
6,752,040 |
7,392,955 |
9.5% |
19,374,723 |
24,092,515 |
24.4% |
|
|
|
|
|
|
|
Operating costs |
|
|
|
|
|
|
Costs of services: |
980,978 |
1,183,268 |
20.6% |
2,634,969 |
3,184,434 |
20.9% |
Employee costs |
357,283 |
440,836 |
23.4% |
996,556 |
1,273,009 |
27.7% |
Maintenance |
147,757 |
171,063 |
15.8% |
434,004 |
478,061 |
10.2% |
Safety, security & insurance |
146,102 |
180,066 |
23.2% |
408,919 |
503,020 |
23.0% |
Utilities |
136,726 |
141,334 |
3.4% |
352,376 |
363,997 |
3.3% |
Other operating expenses |
193,110 |
249,969 |
29.4% |
443,114 |
566,347 |
27.8% |
|
|
|
|
|
|
|
Technical assistance fees |
189,598 |
209,109 |
10.3% |
553,970 |
651,826 |
17.7% |
Concession taxes |
525,291 |
671,398 |
27.8% |
1,398,515 |
1,938,019 |
38.6% |
Depreciation and amortization |
587,686 |
619,755 |
5.5% |
1,715,333 |
1,858,980 |
8.4% |
Cost of improvements to concession assets (IFRIC-12) |
972,743 |
1,064,286 |
9.4% |
2,932,191 |
4,767,624 |
62.6% |
Other (income) |
(1,610) |
(4,959) |
208.0% |
(20,082) |
7,837 |
(139.0%) |
Total operating costs |
3,254,686 |
3,742,857 |
15.0% |
9,214,895 |
12,408,721 |
34.7% |
Income from operations |
3,497,354 |
3,650,098 |
4.4% |
10,159,828 |
11,683,794 |
15.0% |
Financial Result |
(227,340) |
(544,187) |
139.4% |
(788,405) |
(1,726,623) |
119.0% |
Income before income
taxes |
3,270,014 |
3,105,911 |
(5.0%) |
9,371,424 |
9,957,171 |
6.3% |
Income taxes |
(607,303) |
(727,051) |
19.7% |
(2,016,627) |
(2,524,654) |
25.2% |
Net income |
2,662,711 |
2,378,860 |
(10.7%) |
7,354,796 |
7,432,517 |
1.1% |
Currency translation effect |
(7,235) |
158,864 |
(2295.8%) |
(346,786) |
(655,718) |
89.1% |
Cash flow hedges, net of income tax |
1,152 |
13,398 |
1063.0% |
138,539 |
(24,353) |
(117.6%) |
Remeasurements of employee benefit – net income tax |
106 |
318 |
200.0% |
311 |
917 |
194.9% |
Comprehensive income |
2,656,734 |
2,551,440 |
(4.0%) |
7,146,860 |
6,753,363 |
(5.5%) |
Non-controlling interest |
(58,841) |
(52,302) |
(11.1%) |
(129,498) |
(60,519) |
(53.3%) |
Comprehensive income attributable to controlling
interest |
2,597,893 |
2,499,138 |
(3.8%) |
7,017,362 |
6,692,844 |
(4.6%) |
|
|
|
|
|
|
|
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 Reserve |
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, 2022 |
170,381 |
1,592,551 |
5,531,292 |
(3,000,036) |
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) |
Repurchased share cancellation |
- |
- |
(3,000,036) |
3,000,036 |
- |
- |
- |
- |
- |
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 |
- |
7,225,111.00 |
129,685.00 |
7,354,797.00 |
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 |
16,954,265 |
1,175,967 |
18,130,239 |
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2023 |
8,197,536 |
34,076 |
2,499,473 |
(1,999,987) |
9,187,597 |
720,171 |
18,638,866 |
1,189,179 |
19,828,045 |
Legal reserve cancellation |
- |
444,109 |
- |
- |
(444,109) |
- |
- |
- |
- |
Dividends declared |
- |
- |
- |
- |
(7,498,318) |
- |
(7,498,318) |
- |
(7,498,318) |
Cancellation repurchased shares |
- |
- |
(1,999,987) |
1,999,987 |
- |
- |
- |
- |
- |
Reserve for share purchase |
- |
- |
1,000,514 |
- |
(1,000,514) |
- |
- |
- |
- |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income |
- |
- |
- |
- |
7,317,424 |
- |
7,317,424 |
115,093 |
7,432,517 |
Foreign currency translation reserve |
- |
- |
- |
- |
- |
(601,144) |
(601,144) |
(54,574) |
(655,718) |
Remeasurements of employee benefit – Net |
- |
- |
- |
- |
- |
917 |
917 |
- |
917 |
Reserve for cash flow hedges – Net of income tax |
- |
- |
- |
- |
- |
(24,353) |
(24,353) |
- |
(24,353) |
Balance as of September 30, 2023 |
8,197,536 |
478,185 |
1,500,000 |
- |
7,562,080 |
95,590 |
17,833,390 |
1,249,698 |
19,083,089 |
|
|
|
|
|
|
|
|
|
|
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 to be prepared in accordance with IFRS, as
issued by the IASB.
Exhibit F: Other operating data:
|
3Q22 |
3Q23 |
Change |
9M22 |
9M23 |
Change |
Total passengers |
14,613.1 |
16,196.5 |
10.8% |
41,278.3 |
47,665.6 |
15.5% |
Total cargo volume (in WLUs) |
613.0 |
615.3 |
0.4% |
1,916.6 |
1,869.0 |
(2.5%) |
Total WLUs |
15,226.1 |
16,811.7 |
10.4% |
43,194.9 |
49,534.6 |
14.7% |
|
|
|
|
|
|
|
Aeronautical & non aeronautical services per passenger
(pesos) |
395.5 |
390.7 |
(1.2%) |
398.3 |
405.4 |
1.8% |
Aeronautical services per WLU (pesos) |
292.2 |
286.2 |
(2.0%) |
292.3 |
298.4 |
2.1% |
Non aeronautical services per passenger (pesos) |
91.0 |
93.6 |
2.9% |
92.4 |
95.3 |
3.1% |
Cost of services per WLU (pesos) |
64.4 |
70.4 |
9.3% |
61.0 |
64.3 |
5.4% |
|
|
|
|
|
|
|
WLU = Workload
units represent passenger traffic plus cargo units (1 cargo unit =
100 kilograms of cargo). |
Alejandra Soto, Investor Relations and Social Responsibility
Officer |
asoto@aeropuertosgap.com.mx |
Gisela Murillo, Investor gmurillo@aeropuertosgap.com.mx/+52 33
3880 1100 ext. 20294 |
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