Grupo Aeroportuario del Pacifico Announces Results for the First Quarter of 2024
GUADALAJARA, Mexico, April 22, 2024 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reports its consolidated results for the first quarter ended March 31, 2024 (1Q24). *Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”)* as issued by the International Accounting Standards Board (“IASB”).*Summary of Results 1Q24 vs. 1Q23*
· The sum of* aeronautical and non-aeronautical services revenues increased by Ps. 156.9 million, or 2.4%. *Total revenues increased by Ps. 155.0 million, or 1.9%.
· *Cost of services increased by Ps. 105.3 million, or 10.9%*.
· *Income from operations decreased by Ps. 92.1 million, or 2.3%*.
· *EBITDA decreased by Ps. 47.2 million, or 1.0%*, a decrease from Ps. 4,696.1 million in 1Q23 to Ps. 4,648.9 million in 1Q24. EBITDA margin (excluding the effects of IFRIC-12) went from 72.3% in 1Q23 to 69.8% in 1Q24.
· *Comprehensive income increased by Ps. 14.3 million, or 0.7%*, from an income of Ps. 2,149.9 million in 1Q23 to an income of Ps. 2,164.2 million in 1Q24.*Company’s Financial Position:*
In 1Q24, the generation of positive net cash flow from operating activities continued for Ps. 4,534.4 million. The Company reported a financial position of cash and cash equivalents as of March 31, 2024, of Ps. 11,541.6 million. In 1Q24, the Company issued long-term bond certificates worth Ps. 3,000.0 million. The proceeds were used to pay the bond certificate “GAP 19” which matured on March 22, 2024.
*Passenger Traffic*
During 1Q24, total passengers at the Company’s 14 airports increased by 16.4 thousand passengers, an increase of 0.1%, compared to 1Q23.
During 1Q23, the following new routes were opened:
*Domestic:*
*Airline* *Departure* *Arrival* *Opening date* *Frequencies*
Aeromexico Morelia Felipe Angeles January 8, 2024 1 daily
Viva Aerobus Puerto Vallarta Felipe Angeles March 14, 2024 3 weekly
Note: Frequencies can vary without prior notice.
*International:*
*Airline* *Departure* *Arrival* *Opening date* *Frequencies*
Aeromexico Guadalajara Atlanta January 8, 2024 1 daily
American Tijuana Phoenix February 15, 2024 1 daily
Southwest Los Cabos St. Louis March 9, 2024 1 weekly
Frontier Montego Bay Cleveland March 9, 2024 3 weekly
Aeromexico Guanajuato Atlanta March 14, 2024 1 daily
Aeromexico Guadalajara Detroit March 14, 2024 1 daily
Note: Frequencies can vary without prior notice.
*Domestic Terminal Passengers – 14 airports (in thousands):*
*Airport* *1Q23* *1Q24* *Change*
Guadalajara 2,958.8 2,671.7 (9.7 %)
Tijuana * 2,066.4 1,985.6 (3.9 %)
Los Cabos 670.6 637.7 (4.9 %)
Puerto Vallarta 639.7 574.8 (10.1 %)
Montego Bay 0.0 0.0 0.0 %
Guanajuato 507.3 484.0 (4.6 %)
Hermosillo 474.0 457.5 (3.5 %)
Kingston 0.2 0.6 215.9 %
Mexicali 346.6 288.3 (16.8 %)
Morelia 186.8 146.2 (21.7 %)
La Paz 226.6 271.4 19.8 %
Aguascalientes 150.6 142.3 (5.5 %)
Los Mochis 94.3 126.2 33.8 %
Manzanillo 27.1 35.9 32.7 %
*Total* *8,348.9* *7,822.2* *(6.3* *%)*
*Cross Border Xpress (CBX) users are classified as international passengers.
*International passengers (thousands)*
*Airport* *1Q23* *1Q24* *Change*
Guadalajara 1,216.1 1,490.1 22.5 %
Tijuana * 1,047.6 952.4 (9.1 %)
Los Cabos 1,381.2 1,407.9 1.9 %
Puerto Vallarta 1,378.1 1,543.9 12.0 %
Montego Bay 1,351.0 1,457.4 7.9 %
Guanajuato 207.4 247.1 19.1 %
Hermosillo 19.1 23.3 22.2 %
Kingston 394.1 391.4 (0.7 %)
Mexicali 1.5 1.6 6.5 %
Morelia 151.5 157.2 3.7 %
La Paz 3.7 3.2 (12.6 %)
Aguascalientes 60.2 69.5 15.4 %
Los Mochis 1.8 2.0 13.6 %
Manzanillo 30.8 40.3 30.8 %
*Total* *7,244.1* *7,787.3* *7.5* *%*
*CBX users are classified as international passengers.
*Total Terminal Passengers **– 14 airports** (in thousands):*
*Airport* *1Q23* *1Q24* *Change*
Guadalajara 4,174.9 4,161.8 (0.3 %)
Tijuana * 3,114.0 2,938.0 (5.7 %)
Los Cabos 2,051.8 2,045.6 (0.3 %)
Puerto Vallarta 2,017.8 2,118.7 5.0 %
Montego Bay 1,351.0 1,457.4 7.9 %
Guanajuato 714.7 731.0 2.3 %
Hermosillo 493.1 480.8 (2.5 %)
Kingston 394.3 392.0 (0.6 %)
Mexicali 348.1 289.9 (16.7 %)
Morelia 338.3 303.4 (10.3 %)
La Paz 230.3 274.6 19.2 %
Aguascalientes 210.8 211.8 0.5 %
Los Mochis 96.1 128.2 33.4 %
Manzanillo 57.9 76.2 31.7 %
*Total* *15,593.0* *15,609.4* *0.1* *%*
*CBX users are classified as international passengers.
*CBX Users (in thousands):*
*Airport* *1Q23* *1Q24* *Change*
Tijuana 1,039.4 941.8 (9.4 %)
*Consolidated Results for the First Quarter of 2024**(in thousands of pesos)**:* *1Q23* *1Q24* *Change*
*Revenues*
Aeronautical services 5,028,675 4,962,102 (1.3 %)
Non-aeronautical services 1,470,883 1,694,405 15.2 %
Improvements to concession assets (IFRIC-12) 1,840,362 1,838,461 (0.1 %)
*Total revenues* *8,339,920* *8,494,968* *1.9* *%*
*Operating costs*
Costs of services: *966,638* *1,071,927* *10.9* *%*
Employee costs 396,934 459,161 15.7 %
Maintenance 145,667 161,797 11.1 %
Safety, security & insurance 167,478 182,220 8.8 %
Utilities 104,251 105,972 1.7 %
Business operated directly by us 49,160 73,611 49.7 %
Other operating expenses 103,148 89,166 (13.6 %)
Technical assistance fees 222,238 224,362 1.0 %
Concession taxes 609,394 714,616 17.3 %
Depreciation and amortization 618,071 662,948 7.3 %
Cost of improvements to concession assets (IFRIC-12) 1,840,362 1,838,461 (0.1 %)
Other (income) 5,144 (3,350 ) (165.1 %)
*Total operating costs* *4,261,847* *4,508,964* *5.8* *%*
*Income from operations* *4,078,073* *3,986,004* *(2.3* *%)*
Financial Result (674,299 ) (593,735 ) (11.9 %)
*Income before income taxes* *3,403,773* *3,392,270* *(0.3* *%)*
Income taxes (838,542 ) (921,550 ) 9.9 %
*Net income* *2,565,232* *2,470,720* *(3.7* *%)*
Currency translation effect (432,775 ) (291,272 ) (32.7 %)
Cash flow hedges, net of income tax 17,173 (15,239 ) (188.7 %)
Remeasurements of employee benefit – net income tax 281 (47 ) (116.7 %)
*Comprehensive income* *2,149,911* *2,164,162* *0.7* *%*
Non-controlling interest (3,861 ) (31,717 ) 721.4 %
*Comprehensive income attributable to controlling interest* *2,146,050* *2,132,445* *(0.6* *%)* *1Q23* *1Q24* *Change*
EBITDA 4,696,144 4,648,952 (1.0 %)
Comprehensive income 2,149,911 2,164,162 0.7 %
Comprehensive income per share (pesos) 4.2279 4.2831 1.3 %
Comprehensive income per ADS (US dollars) 2.5535 2.5868 1.3 %
Operating income margin 48.9 % 46.9 % (4.0 %)
Operating income margin (excluding IFRIC-12) 62.7 % 59.9 % (4.6 %)
EBITDA margin 56.3 % 54.7 % (2.8 %)
EBITDA margin (excluding IFRIC-12) 72.3 % 69.8 % (3.3 %)
Costs of services and improvements / total revenues 33.7 % 34.3 % 1.8 %
Cost of services / total revenues (excluding IFRIC-12) 14.9 % 16.1 % 8.3 %
- Net income and comprehensive income per share for 1Q24 and 1Q23 were calculated based on 505,277,464 shares outstanding as of March 31, 2024, and March 31, 2023, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 16.5574 per U.S. dollar (the noon buying rate on March 31, 2024, 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. 16.9977 per U.S. dollar for the three months ended March 31, 2024, was used.
*Revenues (1Q24 vs. 1Q23)*
· *Aeronautical services revenues decreased by Ps. 66.6 million, or 1.3%.*
· *Non-aeronautical services revenues increased by Ps. 223.5 million, or 15.2%.*
· *Revenues from improvements to concession assets decreased by Ps. 1.9 million, or 0.1%.*
· *Total revenues increased by Ps. 155.0 million, or 1.9%.*
· The change in* aeronautical services revenues *was primarily due to the following factors:
1. Revenues at our *Mexican airports* decreased by Ps. 68.4 million or 1.6% compared to 1Q23, mainly due to the 0.6% decrease in passenger traffic, and the compliance with the maximum tariffs of only 97%.
2. Revenues from *Jamaican airports* increased by Ps. 1.8 million, or 0.2%, compared to 1Q23. This was mainly due to the 6.0% increase in passenger traffic. During 1Q24, there was a 9.1% appreciation of the peso versus the U.S. dollar, compared to 1Q23, which went from an average exchange rate of Ps. 18.7020 in 1Q23 to Ps. 16.9977 in 1Q24, which represented a decrease in revenues in pesos.
· The change in* non-aeronautical services revenues *was primarily driven by the following factors:
1. Revenues at our *Mexican airports *increased by Ps. 226.3 million, or 18.6%, compared to 1Q23. Revenues from businesses operated by third parties increased by Ps. 154.2 million, or 19.6%, mainly due to the opening of new commercial spaces, and the renegotiation of contract conditions. The business lines that grew the most were food and beverages, car rentals, retail, and leasing of space, all of which increased by Ps. 127.5 million, or 24.8%. Revenues from businesses operated directly by us increased by Ps. 71.3 million, or 18.5%, while the recovery of costs increased by Ps. 0.7 million, or 1.6%.
2. Revenues from the *Jamaican* *airports* decreased by Ps. 2.7 million, or 1.1%, compared to 1Q23, due to the peso appreciation. Revenues in U.S. dollars increased by US$ 1.2 million, or 8.8%. *1Q23* *1Q24* *Change*
Businesses operated by third parties:
Food and beverage 238,448 297,367 24.7 %
Duty-free 143,408 198,598 38.5 %
Retail 194,585 184,653 (5.1 %)
Car rentals 171,134 181,852 6.3 %
Leasing of space 43,711 84,472 93.3 %
Time shares 85,020 86,473 1.7 %
Other commercial revenues 57,364 55,380 (3.5 %)
Ground transportation 50,721 46,846 (7.6 %)
Communications and financial services 29,613 26,519 (10.4 %)
*Total* *1,014,003* *1,162,159* *14.6* *%*
Businesses operated directly by us:
Car parking 166,757 177,376 6.4 %
Convenience stores 98,220 147,914 50.6 %
VIP lounges 106,045 111,079 4.7 %
Advertising 26,628 35,407 33.0 %
*Total* *397,650* *471,776* *18.6* *%*
Recovery of costs 59,230 60,468 2.1 %
*Total Non-aeronautical Revenues* *1,470,883* *1,694,405* *15.2* *%*
Figures expressed in thousands of Mexican pesos.
· *Revenues from improvements to concession assets* ^1
Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 1.9 million, or 0.1%, compared to 1Q23. The change was composed of :
1. Improvements to concession assets at the Company’s Mexican airports, which decreased by Ps. 40.1 million, or 2.2%, in accordance with investments under the Master Development Program for the 2020-2024 period.
2. Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 38.2 million, or 213.4%.*_____________________________
*^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. 247.1 million, or 5.8%,* compared to 1Q23, mainly due to the increase in concession taxes and technical assistance fees, which jointly increased by Ps. 107.3 million, or 12.9%, as well as an increase in the cost of services of Ps. 105.3 million, or 10.9%, and a Ps. 44.9 million, or 7.3%, increase in depreciation and amortization *(excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 249.0 million, or 10.3%).*
This increase in total operating costs was primarily due to the following factors:
*Mexican airports: *
· Operating costs *increased by Ps. 135.9 million, or 3.8%,* compared to 1Q23, primarily due to an increase in the cost of services by Ps. 88.3 million, or 11.1%, a combined Ps. 41.3 million, or 8.5%, increase in technical assistance fees and concession taxes, increase in depreciation and amortization by Ps. 53.9 million, or 11.0%, offset by a decrease in the cost of improvements to the concession assets (IFRIC-12) by Ps. 40.1 million, or 2.2%, *(excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 175.9 million or 9.9%)*.The change in the cost of services at our Mexican airports during 1Q24 was mainly due to:
· *Employee costs* increased Ps. 60.7 million, or 17.5%, compared to 1Q23, mainly due to the hiring of 317 additional personnel during 2023 and 1Q24, as well as the adjustments in salaries and cost related to changes in Labor Law.
· *Cost of business operated directly by us* increased by Ps. 24.5 million or 49.7%, compared to 1Q23, derived from increased operations and income in VIP lounges and convenience stores.
· *Maintenance costs* increased by Ps. 12.9 million, or 11.4%, compared to 1Q23, mainly due to the expansion of the terminal and airfield.
· These increases were offset by a decrease in* other operating expenses *by Ps. 25.8 million, or 115.2%, compared to 1Q23, mainly due to a combined decrease of Ps. 25.1 million in the allowance for credit losses and travel expenses.
*Jamaican Airport:*
· *Operating costs increased by Ps. 111.2 million, or 16.6%,* compared to 1Q23, mainly due to a Ps. 66.0 million, or 19.0%, increase in concession taxes, increase in the cost of improvements to concession assets (IFRIC-12) by Ps.38.2 million, or 213.4%, and the increase in cost of services by Ps. 17.0 million, or 9.8%.*Operating income margin* went from 48.9% in 1Q23 to 46.9% in 1Q24. Excluding the effects of IFRIC-12, the operating income margin went from 62.7% in 1Q23 to 59.9% in 1Q24. Income from operations decreased by Ps. 92.1 million, or 2.3%, compared to 1Q23.
*EBITDA margin *went from 56.3% in 1Q23 to 54.7% in 1Q24. Excluding the effects of IFRIC-12, EBITDA margin went from 72.3% in 1Q23 to 69.8% in 1Q24. *The nominal value of EBITDA decreased by Ps. 47.2 million, or 1.0%, *compared to 1Q23.
*Financial results* decreased by *Ps. 80.6 million, or 11.9%, *from a net expense of Ps. 674.3 million in 1Q23 to a net expense of Ps. 593.7 million in 1Q24. This change was mainly the result of:
· *Foreign exchange rate fluctuations, *which went from a loss of Ps. 166.9 million in 1Q23 to an income of Ps. 28.9 million in 1Q24. *This generated a foreign exchange gain of Ps. 195.9 million. *This was mainly due to the appreciation of the peso. Currency translation effect loss decreased Ps. 141.4 million, compared to 1Q23.
· *Interest expenses increased by Ps. 80.1 million, or 9.9%, *compared to 1Q23, mainly due to higher debt as a result of the issuance of long-term debt securities and the drawdown of credit lines.
· *Interest income decreased by Ps. 35.2 million, or 11.6%, *compared to 1Q23, mainly due to a decrease in the cash and cash equivalents average balance.*In **1Q24, comprehensive income increased by Ps. 14.3 million, or 0.7%,* compared to 1Q23. Income before taxes decreased by Ps. 11.5 million, mainly due to the increase in cost of operation by Ps. 247.1 million, offset by a revenue increase of Ps. 155.0 million. Net and comprehensive income increased mainly due to the decrease of the effect of foreign currency translation by Ps. 141.4 million, offset by an increase in cash flow hedges by Ps. 32.4 million.
*During 1Q24, net income decreased by Ps. 94.5 million, or 3.7%*, compared to 1Q23. Income taxes increased by Ps. 60.3 million and the benefit for deferred taxes decreased by Ps. 22.7 million, mainly due to a decrease in the inflation rate, from 1.7% in 1Q23 to 1.4% in 1Q24.
*Statement of Financial Position*
Total assets as of March 31, 2024 increased by Ps. 907.3 million compared to March 31, 2023, primarily due to the following items: (i) an increase of Ps. 6,795.5 million in net improvements to concession assets, (ii) a Ps. 890.7 million increase in other current assets, (iii) a Ps. 330.0 million increase in trade accounts receivable, and iv) a Ps. 178.5 million combined increase in net machinery, equipment and leasehold improvements, and advances to suppliers. This increase was partially offset by a decrease of Ps. 7,349.3 million in cash and cash equivalents.
Total liabilities as of March 31, 2024, decreased by Ps. 223.6 million compared to March 31, 2023. This decrease was primarily due to the following items: (i) issuance of Ps. 602.0 million (net) in long-term debt securities, (ii) a decrease of Ps. 392.1 million in income taxes payable, and (iii) Ps. 312.7 million in accounts payable. This decrease was partially offset by an increase of (i) Ps. 667.0 million in bank loans, (ii) Ps. 502.5 in concession taxes payable, among others.
*Adoption of accounting criteria*
On November 13, 2023, a Decree was published that modifies the Mexican Federal Duties Law, establishing that as of January 1, 2024, the concession fee that concession holders must pay for the use of federal airports, was increased from 5% to 9% of their total revenues derived from such use concessioned in Mexico.
Following the Tariff Regulation, payments in favor of the government over those included in the last tariff review will be added to the Reference Value of the next review of the Maximum Tariff.
Therefore, the amount of the 4% excess over aeronautical revenues paid to the government during fiscal year 2024 will be recognized as an intangible asset under IAS 38, beginning its amortization from January 2025 and until the end of the concession period.
The amount recognized as intangible assets during 1Q24 amounts to Ps. 175.5 million, which corresponds to 4.0% of the aeronautical revenues of our airports in Mexico.
*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 several risks and uncertainties. There is no guarantee that the expected events, trends, or results will 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* *1Q23* *1Q24* *Change*
*Guadalajara*
Aeronautical services 1,309,231 1,296,610 (1.0 %)
Non-aeronautical services 241,673 310,291 28.4 %
Improvements to concession assets (IFRIC 12) 828,734 804,610 (2.9 %)
*Total Revenues* *2,379,639* *2,411,511* *1.3* *%*
Operating income 1,123,114 1,251,823 11.5 %
*EBITDA* *1,235,564* *1,376,361* 11.4 %
*Tijuana*
Aeronautical services 679,541 638,488 (6.0 %)
Non-aeronautical services 146,707 153,154 4.4 %
Improvements to concession assets (IFRIC 12) 140,836 111,317 (21.0 %)
*Total Revenues* *967,086* *902,959* *(6.6* *%)*
Operating income 541,582 493,687 (8.8 %)
*EBITDA* *643,005* *606,215* *(5.7* *%)*
*Los Cabos*
Aeronautical services 823,011 782,723 (4.9 %)
Non-aeronautical services 299,726 318,043 6.1 %
Improvements to concession assets (IFRIC 12) 249,608 199,042 (20.3 %)
*Total Revenues* *1,372,345* *1,299,808* *(5.3* *%)*
Operating income 836,063 835,764 (0.0 %)
*EBITDA* *916,513* *925,562* *1.0* *%*
*Puerto Vallarta*
Aeronautical services 804,261 832,001 3.4 %
Non-aeronautical services 158,232 168,077 6.2 %
Improvements to concession assets (IFRIC 12) 403,557 495,636 22.8 %
*Total Revenues* *1,366,050* *1,495,714* *9.5* *%*
Operating income 718,248 801,667 11.6 %
*EBITDA* *775,255* *856,359* *10.5* *%*
*Montego Bay*
Aeronautical services 505,146 514,255 1.8 %
Non-aeronautical services 198,700 198,918 0.1 %
Improvements to concession assets (IFRIC 12) 15,189 40,727 168.1 %
*Total Revenues* *719,036* *753,901* *4.8* *%*
Operating income 310,621 290,898 (6.3 %)
*EBITDA* *430,936* *360,705* *(16.3* *%)*
*Exhibit A: Operating results by airport **(in thousands of pesos):*
*Airport* *1Q23* *1Q24* *Change*
*Guanajuato*
Aeronautical services 213,890 218,379 2.1 %
Non-aeronautical services 41,891 45,946 9.7 %
Improvements to concession assets (IFRIC 12) 70,722 74,050 4.7 %
*Total Revenues* *326,503* *338,376* *3.6* *%*
Operating income 175,196 200,174 14.3 %
*EBITDA* *198,017* *221,581* *11.9* *%*
*Hermosillo*
Aeronautical services 116,585 117,713 1.0 %
Non-aeronautical services 20,429 27,981 37.0 %
Improvements to concession assets (IFRIC 12) 14,439 21,439 48.5 %
*Total Revenues* *151,454* *167,133* *10.4* *%*
Operating income 67,930 85,314 25.6 %
*EBITDA* *92,087* *110,620* *20.1* *%*
*Others*(1)
Aeronautical services 577,009 561,614 (2.7 %)
Non-aeronautical services 106,664 106,220 (0.4 %)
Improvements to concession assets (IFRIC 12) 117,658 91,640 (22.1 %)
*Total Revenues* *801,331* *759,473* *(5.2* *%)*
Operating income 191,745 34,754 (81.9 %)
*EBITDA* *274,692* *183,157* *(33.3* *%)*
*Total*
Aeronautical services 5,028,675 4,961,782 (1.3 %)
Non-aeronautical services 1,214,023 1,328,631 9.4 %
Improvements to concession assets (IFRIC 12) 1,840,743 1,838,461 (0.1 %)
*Total Revenues* *8,083,439* *8,128,874* *0.6* *%*
Operating income 3,964,495 3,994,081 0.7 %
*EBITDA* *4,566,072* *4,640,559* *1.6* *%*
(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 March 31 **(in thousands of pesos)**:*
*2023* *2024* *Change* *%*
*Assets*
Current assets
Cash and cash equivalents 18,890,873 11,541,623 (7,349,250 ) (38.9 %)
Trade accounts receivable - Net 2,126,433 2,456,388 329,955 15.5 %
Other current assets 669,219 1,559,962 890,743 133.1 %
*Total current assets* *21,686,525* *15,557,973* *(6,128,552* *)* *(28.3* *%)*
Advanced payments to suppliers 2,553,050 2,089,017 (464,033 ) (18.2 %)
Machinery, equipment and improvements to leased buildings - Net 3,794,895 4,437,406 642,511 16.9 %
Improvements to concession assets - Net 22,497,261 29,292,757 6,795,496 30.2 %
Airport concessions - Net 9,330,491 8,808,159 (522,332 ) (5.6 %)
Rights to use airport facilities - Net 1,116,660 1,043,264 (73,396 ) (6.6 %)
Deferred income taxes - Net 6,966,918 7,358,626 391,708 5.6 %
Other non-current assets 613,683 879,544 265,861 43.3 %
*Total assets* *68,559,484* *69,466,745* *907,262* *1.3* *%*
*Liabilities*
Current liabilities 6,544,763 11,730,987 5,186,224 79.2 %
Long-term liabilities 40,036,766 34,626,945 *(5,409,820* *)* *(13.5* *%)*
*Total liabilities* *46,581,528* *46,357,932* *(223,596* *)* *(0.5* *%)*
*Stockholders' Equity*
Common stock 8,197,536 8,197,536 - 0.0 %
Legal reserve 34,076 478,185 444,109 1303.3 %
Net income 2,520,701 2,432,749 (87,952 ) (3.5 %)
Retained earnings 9,187,596 8,787,568 (400,028 ) (4.4 %)
Reserve for share repurchase 2,499,473 2,500,000 527 0.0 %
Repurchased shares (1,999,987 ) - 1,999,987 (100.0 %)
Foreign currency translation reserve 183,429 (525,318 ) (708,747 ) (386.4 %)
Remeasurements of employee benefit – Net 14,295 (1,966 ) (16,261 ) (113.8 %)
Cash flow hedges- Net 147,796 45,479 (102,317 ) (69.2 %)
*Total controlling interest* *20,784,915* *21,914,233* *1,129,318* *5.4* *%*
Non-controlling interest 1,193,040 1,194,580 1,540 0.1 %
*Total stockholder's equity* *21,977,955* *23,108,813* *1,130,858* *5.1* *%*
*Total liabilities and stockholders' equity* *68,559,484* *69,466,745* *907,262* *1.3* *%*
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):* *1Q23* *1Q24* *Change*
*Cash flows from operating activities:*
Consolidated net income 2,565,232 2,470,720 (3.7 %)
Postemployment benefit costs 11,214 13,776 22.8 %
Allowance expected credit loss 16,874 (2,801 ) (116.6 %)
Depreciation and amortization 618,071 662,948 7.3 %
Loss on sale of machinery, equipment and improvements to leased assets 10 545 5350.0 %
Interest expense 820,331 996,858 21.5 %
Provisions 5,824 6,280 7.8 %
Income tax expense 838,542 921,550 9.9 %
Unrealized exchange loss (163,987 ) (83,658 ) (49.0 %) *4,712,111* *4,986,218* *5.8* *%*
*Changes in working capital:*
(Increase) decrease in
Trade accounts receivable 206,463 (211,882 ) (202.6 %)
Recoverable tax on assets and other assets 105,397 396,548 276.2 %
Increase (decrease)
Concession taxes payable (5,510 ) 149,399 (2811.4 %)
Accounts payable 122,542 (74,603 ) (160.9 %)
*Cash generated by operating activities* *5,141,003* *5,245,680* *2.0* *%*
Income taxes paid (1,095,292 ) (711,333 ) (35.1 %)
*Net cash flows provided by operating activities* *4,045,711* *4,534,347* *12.1* *%*
*Cash flows from investing activities:*
Machinery, equipment and improvements to concession assets (2,876,987 ) (1,408,085 ) (51.1 %)
Cash flows from sales of machinery and equipment 568 1,356 138.7 %
Other investment activities 11,491 (126,783 ) (1203.3 %)
*Net cash used by investment activities* *(2,864,928* *)* *(1,533,512* *)* *(46.5* *%)*
*Cash flows from financing activities:*
Bond certificates issued 5,400,000 3,000,000 (44.4 %)
Bond certificates paid - (3,000,000 ) 100.0 %
Banks loans 1,000,000.00 - (100.0 %)
Interest paid (774,273 ) (1,070,161 ) 38.2 %
Interest paid on lease (1,248 ) (1,060 ) (15.1 %)
Payments of obligations for leasing (4,161 ) (4,454 ) 7.0 %
*Net cash flows used in financing activities* *5,620,318* *(1,075,675* *)* *(119.1* *%)*
Effects of exchange rate changes on cash held (281,692 ) (438,748 ) 55.8 %
Net (decrease) in cash and cash equivalents 6,519,409 1,486,412 (77.2 %)
*Cash and cash equivalents at beginning of the period* *12,371,464* *10,055,211* *(18.7* *%)*
*Cash and cash equivalents at the end of the period* *18,890,873* *11,541,623* *(38.9* *%)*
*Exhibit D: Consolidated statements of profit or loss and other comprehensive income **(in thousands of pesos)**:* *1Q23* *1Q24* *Change*
*Revenues*
Aeronautical services 5,028,675 4,962,102 (1.3 %)
Non-aeronautical services 1,470,883 1,694,405 15.2 %
Improvements to concession assets (IFRIC-12) 1,840,362 1,838,461 (0.1 %)
*Total revenues* *8,339,920* *8,494,968* *1.9* *%*
*Operating costs*
Costs of services: *966,638* *1,071,927* *10.9* *%*
Employee costs 396,934 459,161 15.7 %
Maintenance 145,667 161,797 11.1 %
Safety, security & insurance 167,478 182,220 8.8 %
Utilities 104,251 105,972 1.7 %
Business operated directly by us 49,160 73,611 49.7 %
Other operating expenses 103,148 89,166 (13.6 %)
Technical assistance fees 222,238 224,362 1.0 %
Concession taxes 609,394 714,616 17.3 %
Depreciation and amortization 618,071 662,948 7.3 %
Cost of improvements to concession assets (IFRIC-12) 1,840,362 1,838,461 (0.1 %)
Other (income) 5,144 (3,350 ) (165.1 %)
*Total operating costs* *4,261,847* *4,508,964* *5.8* *%*
*Income from operations* *4,078,073* *3,986,004* *(2.3* *%)*
Financial Result (674,299 ) (593,735 ) (11.9 %)
*Income before income taxes* *3,403,773* *3,392,270* *(0.3* *%)*
Income taxes (838,542 ) (921,550 ) 9.9 %
*Net income* *2,565,232* *2,470,720* *(3.7* *%)*
Currency translation effect (432,775 ) (291,272 ) (32.7 %)
Cash flow hedges, net of income tax 17,173 (15,239 ) (188.7 %)
Remeasurements of employee benefit – net income tax 281 (47 ) (116.7 %)
*Comprehensive income* *2,149,911* *2,164,162* *0.7* *%*
Non-controlling interest (3,861 ) (31,717 ) 721.4 %
*Comprehensive income attributable to controlling interest* *2,146,050* *2,132,445* *(0.6* *%)*
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, 2023* *8,197,536* *34,076* *2,499,473* *(1,999,986* *)* *9,187,597* *720,171* *18,638,866* *1,189,179* *19,828,045*
Comprehensive income:
Net income - - - - 2,520,701 - *2,520,701* 44,532 *2,565,233*
Foreign currency translation reserve - - - - - (392,104 ) *(392,104* *)* (40,671 ) *(432,775* *)*
Remeasurements of employee benefit – Net - - - - - 281 *281* - *281*
Reserve for cash flow hedges – Net of income tax - - - - - 17,173 *17,173* - *17,173*
*Balance as of March 31, 2023* 8,197,536 34,076 2,499,473 (1,999,986 ) 11,708,298 345,521 *20,784,915* *1,193,040* *21,977,955*
*Balance as of January 1, 2024* *8,197,536* *478,185* *2,500,000* *-* *8,787,568* *(181,508* *)* *19,781,783* *1,162,864* *20,944,646*
Comprehensive income:
Net income - - - - 2,432,748 - *2,432,748* 37,979 *2,470,727*
Foreign currency translation reserve - - - - - (285,010 ) *(285,010* *)* (6,262 ) *(291,272* *)*
Remeasurements of employee benefit – Net - - - - - (47 ) *(47* *)* *(47* *)*
Reserve for cash flow hedges – Net of income tax - - - - - (15,239 ) *(15,239* *)* *(15,239* *)*
*Balance as of March 31, 2024* *8,197,536* *478,185* *2,500,000* *-* 11,220,316 (481,804 ) *21,914,236* *1,194,580* *23,108,815*
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 under 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 following IFRS, as issued by the IASB.*Exhibit F: Other operating data:* *1Q23* *1Q24* *Change*
Total passengers 15,593.0 15,609.4 0.1 %
Total cargo volume (in WLUs) 632.4 640.0 1.2 %
Total WLUs 16,225.4 16,249.4 0.1 %
Aeronautical & non aeronautical services per passenger (pesos) 416.8 426.4 2.3 %
Aeronautical services per WLU (pesos) 309.9 305.4 (1.5 %)
Non aeronautical services per passenger (pesos) 94.3 108.5 15.1 %
Cost of services per WLU (pesos) 59.6 66.0 10.7 %
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 Relations gmurillo@aeropuertosgap.com.mx/+52 33 3880 1100 ext. 20294