Pacific Airport Group 6-K, filed Oct 28, 2021
Pacific Airport Group (PAC)
About this 6-K
Pacific Airport Group filed this 6-K on October 28, 2021.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE
ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2021
Commission File Number: 001-32751
GRUPO AEROPORTUARIO DEL PACÍFICO S.A.B. DE C.V.
(PACIFIC AIRPORT GROUP)
(Translation of registrant's name into English)
México
(Jurisdiction of incorporation or organization)
Avenida Mariano Otero No. 1249-B
Torre Pacifico, Piso 6
Col. Rinconada del Bosque
44530 Guadalajara, Jalisco, México
(Address of principal executive office)
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):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
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):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Grupo Aeroportuario del Pacifico Announces Results for the Third Quarter of 2021
GUADALAJARA, Mexico, Oct. 27, 2021 (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, 2021 (3Q21) (at the end of this report, tables are presented comparing passenger traffic and consolidated results for 2021 compared to 2019, in order to illustrate the recovery of these metrics and their trend). Figures are unaudited and have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
COVID-19 Impact
During the nine months ended September 30, 2021 (9M21), passenger traffic increased 57.9% as compared to the same period of 2020 and decreased 16.1% as compared to 2019, demonstrating a better-than-expected recovery, despite continuing restrictions on international travel. The Canadian Government reopened non-essential flights beginning on September 7 for passengers meeting certain eligibility requirements including being fully vaccinated and presenting a negative COVID-19 PCR test. For its part, the United States Government announced that beginning in November it would begin gradually reopening land-border crossings to fully vaccinated individuals, this could bring a positive result for the Tijuana airport.
Company measures during 3Q21:
- The Company continued supporting commercial clients during the quarter
by granting discounts on guaranteed minimum rent amounts in accordance with the percentage decrease in passenger traffic at each airport
as compared to 3Q19, while maintaining our revenue share. With regards to support for the airlines, the Company continued its incentive
program in accordance with the reactivation of routes and frequencies that were held prior to the pandemic.
- Operating cost control measures were maintained; however, because of the
trend in passenger traffic during 3Q21, we have gradually increased certain costs such as maintenance, security, personnel, cleaning
services, among others related with the quality and passenger experience.
Impact of COVID-19 on the Company’s Financial Position:
During 3Q21, results were significantly better as compared to 3Q20. The Company generated positive EBITDA of Ps. 3,098.4 million as a result of a 72.5% increase in total revenues and an increase in cost of services of 16.8%.
In 3Q21, operating activities continued generating positive cash flow. The Company reported a financial position of cash and cash equivalents as of September 30, 2021, of Ps. 10,650.8 million (30.0% lower than the 3Q20 balance). During 3Q21, the Company made a capital reduction payment of Ps. 7.80 per share outstanding for a total of Ps. 4,014.7 million and a maturity payment on the “GAP16” debt securities of Ps. 1,500.0 million from the proceeds of the issuance of debt securities during 2Q21. Additionally, Ps. 1,151.3 million in share repurchases were made during 3Q21.
In 3Q21, the Company performed an assessment of the portfolio risk of our airlines and commercial clients in terms of liquidity. Because of this assessment, the Company recognized a reserve provision of Ps. 11.6 million for expected credit losses in costs of operation.
During 3Q21, the Company continued evaluating the possible adverse impacts of the pandemic on its financial condition and operating results. The Company also reviewed key indicators and impairment tests of significant long-term assets, expected credit losses and recovery of assets due to deferred taxes. In this evaluation, the Company reviewed financial results for the short, medium, and long term, concluding that a significant deterioration of the Company’s assets is not expected. As such, the Company does not foresee a business interruption or closing operations at any of its airports. However, the Company cannot ensure that the negative effect of the pandemic will continue decreasing in the coming quarter, nor can it ensure that local and global economic conditions will improve. The Company can also not predict the availability of financing, or what general credit conditions will be. The Company will continue to monitor the pandemic’s adverse effects on the results of operations and will continue informing the market in a timely manner regarding future material updates on airport operations and the measures adopted for preserving liquidity and ensuring business continuity.
Summary of Results 3Q21 vs. 3Q20 (and 3Q19 for purposes of illustrating the recovery trend):
- The sum of aeronautical and non-aeronautical services revenues increased
by Ps. 2,382.9 million, or 120.9% (Ps. 835.8 million, or 23.8%, as compared to 3Q19). Total revenues increased by Ps. 2,224.7
million, or 72.5% (Ps. 977.4 million, or 22.6%, as compared to 3Q19).
- Cost of services increased by Ps. 109.1 million, or 16.8% (cost
of services increased Ps. 89.0 million, or 13.3%, as compared to 3Q19).
- Income from operations increased by Ps. 1,994.2 million, or 340.2% (Ps.
578.0 million, or 28.9%, as compared to 3Q19).
- EBITDA increased by Ps. 2,005.2 million, or 183.4% (Ps. 656.4
million, or 26.9%, as compared to 3Q19), going from Ps. 1,093.2 million in 3Q20 to Ps. 3,098.4 million in 3Q21. EBITDA margin (excluding
the effects of IFRIC-12) increased from 55.6% in 3Q20 to 71.3% in 3Q21 (EBITDA margin (excluding the effects of IFRIC-12) was 69.5%
in 3Q19).
- Net comprehensive income increased Ps. 1,743.0 million, or 641.5% (Ps.
558.7 million, or 38.4%, as compared to 3Q19), from Ps. 271.7 million in 3Q20 to Ps. 2,014.7 million in 3Q21.
Passenger Traffic
During 3Q21, total passengers at the Company’s 14 airports increased by 6,010.9 thousand passengers, an increase of 105.1%, compared to 3Q20 (total passengers decreased by 133.9 thousand passengers, or 1.1%, as compared to 3Q19). During 3Q21, the following new routes were opened:
National:
| Airline | Departure | Arrival | Opening date | Frequencies |
| Aeromar | Aguascalientes | Monterrey | July 1, 2021 | 2 weekly frequencies |
| Aeromar | La Paz | Mazatlán | July 2, 2021 | 3 weekly frequencies |
Note: Frequencies can vary without prior notice.
International:
| Airline | Departure | Arrival | Opening date | Frequencies |
| Spirit | Puerto Vallarta | Dallas Fort Worth | July 1, 2021 | 3 weekly frequencies |
| Spirit | Puerto Vallarta | Houston | July 1, 2021 | 3 weekly frequencies |
| Spirit | Puerto Vallarta | Los Ángeles | July 1, 2021 | 7 weekly frequencies |
Note: Frequencies can vary without prior notice.
Domestic Terminal Passengers – 14 airports (in thousands):
| Airport | 3Q20 | 3Q21 | Change | 9M20 | 9M21 | Change | ||
| Guadalajara | 1,260.0 | 2,246.8 | 78.3 | % | 3,990.3 | 5,998.2 | 50.3 | % |
| Tijuana * | 1,211.0 | 1,837.2 | 51.7 | % | 3,091.3 | 5,021.2 | 62.4 | % |
| Los Cabos | 305.8 | 558.0 | 82.5 | % | 784.6 | 1,445.4 | 84.2 | % |
| Puerto Vallarta | 230.7 | 540.6 | 134.3 | % | 632.5 | 1,294.2 | 104.6 | % |
| Guanajuato | 241.5 | 401.8 | 66.4 | % | 722.0 | 1,082.7 | 50.0 | % |
| Montego Bay | 0.0 | 0.0 | 0.0 | % | 1.0 | 0.0 | (100.0 | %) |
| Hermosillo | 194.5 | 390.0 | 100.5 | % | 649.1 | 1,008.3 | 55.4 | % |
| Mexicali | 151.7 | 300.9 | 98.4 | % | 475.5 | 764.1 | 60.7 | % |
| Morelia | 97.3 | 138.4 | 42.3 | % | 269.2 | 394.1 | 46.4 | % |
| La Paz | 127.1 | 237.4 | 86.8 | % | 374.1 | 635.1 | 69.7 | % |
| Aguascalientes | 87.7 | 162.3 | 85.1 | % | 245.3 | 404.7 | 65.0 | % |
| Kingston | 0.0 | 0.3 | 100.0 | % | 1.3 | 1.0 | (26.5 | %) |
| Los Mochis | 38.3 | 89.4 | 133.6 | % | 135.7 | 252.0 | 85.8 | % |
| Manzanillo | 9.2 | 20.8 | 126.7 | % | 34.3 | 61.0 | 78.1 | % |
| Total | 3,954.7 | 6,924.0 | 75.1 | % | 11,406.2 | 18,362.1 | 61.0 | % |
*CBX users are classified as international passengers.
International Terminal Passengers – 14 airports (in thousands):
| Airport | 3Q20 | 3Q21 | Change | 9M20 | 9M21 | Change | ||
| Guadalajara | 528.4 | 1,098.9 | 108.0 | % | 1,646.2 | 2,643.2 | 60.6 | % |
| Tijuana * | 382.1 | 738.5 | 93.3 | % | 1,207.1 | 1,901.1 | 57.5 | % |
| Los Cabos | 284.2 | 944.3 | 232.3 | % | 1,259.4 | 2,462.1 | 95.5 | % |
| Puerto Vallarta | 118.5 | 529.7 | 347.1 | % | 1,229.8 | 1,457.9 | 18.5 | % |
| Guanajuato | 68.7 | 198.5 | 189.2 | % | 233.8 | 447.3 | 91.4 | % |
| Montego Bay | 174.5 | 799.0 | 357.9 | % | 1,324.1 | 1,760.6 | 33.0 | % |
| Hermosillo | 8.1 | 30.7 | 280.7 | % | 28.7 | 76.6 | 166.5 | % |
| Mexicali | 0.3 | 1.8 | 419.0 | % | 1.6 | 3.6 | 120.1 | % |
| Morelia | 53.2 | 116.1 | 118.1 | % | 162.1 | 292.9 | 80.7 | % |
| La Paz | 0.9 | 5.4 | 483.7 | % | 4.7 | 13.7 | 191.7 | % |
| Aguascalientes | 22.6 | 63.4 | 180.2 | % | 77.9 | 152.0 | 95.0 | % |
| Kingston | 119.3 | 268.0 | 124.7 | % | 494.4 | 566.8 | 14.6 | % |
| Los Mochis | 0.3 | 3.1 | 874.1 | % | 1.6 | 7.1 | 329.7 | % |
| Manzanillo | 3.0 | 8.2 | 170.5 | % | 32.6 | 29.7 | (8.9 | %) |
| Total | 1,764.2 | 4,805.8 | 172.4 | % | 7,704.1 | 11,814.5 | 53.4 | % |
*CBX users are classified as international passengers.
Total Terminal Passengers – 14 airports (in thousands):
| Airport | 3Q20 | 3Q21 | Change | 9M20 | 9M21 | Change | ||
| Guadalajara | 1,788.4 | 3,345.7 | 87.1 | % | 5,636.5 | 8,641.5 | 53.3 | % |
| Tijuana * | 1,593.1 | 2,575.7 | 61.7 | % | 4,298.4 | 6,922.3 | 61.0 | % |
| Los Cabos | 590.0 | 1,502.3 | 154.6 | % | 2,044.0 | 3,907.5 | 91.2 | % |
| Puerto Vallarta | 349.2 | 1,070.3 | 206.5 | % | 1,862.3 | 2,752.1 | 47.8 | % |
| Guanajuato | 310.1 | 600.3 | 93.6 | % | 955.8 | 1,530.0 | 60.1 | % |
| Montego Bay | 174.5 | 799.0 | 357.9 | % | 1,325.1 | 1,760.6 | 32.9 | % |
| Hermosillo | 202.5 | 420.7 | 107.7 | % | 677.8 | 1,084.9 | 60.1 | % |
| Mexicali | 152.0 | 302.7 | 99.2 | % | 477.2 | 767.8 | 60.9 | % |
| Morelia | 150.5 | 254.5 | 69.1 | % | 431.3 | 687.0 | 59.3 | % |
| La Paz | 128.0 | 242.8 | 89.7 | % | 378.8 | 648.8 | 71.3 | % |
| Aguascalientes | 110.3 | 225.7 | 104.6 | % | 323.2 | 556.7 | 72.2 | % |
| Kingston | 119.3 | 268.3 | 124.9 | % | 495.7 | 567.7 | 14.5 | % |
| Los Mochis | 38.6 | 92.5 | 139.7 | % | 137.3 | 259.1 | 88.7 | % |
| Manzanillo | 12.2 | 29.0 | 137.6 | % | 66.8 | 90.7 | 35.7 | % |
| Total | 5,718.9 | 11,729.8 | 105.1 | % | 19,110.2 | 30,176.6 | 57.9 | % |
*CBX users are classified as international passengers.
CBX Users (in thousands):
| Airport | 3Q20 | 3Q21 | Change | 9M20 | 9M21 | Change | ||
| Tijuana | 380.3 | 725.5 | 90.8 | % | 1,198.0 | 1,878.2 | 56.8 | % |
Consolidated Results for the Third Quarter of 2021 (in thousands of pesos):
| 3Q20 | 3Q21 | Change | ||||
| Revenues | ||||||
| Aeronautical services | 1,526,645 | 3,316,240 | 117.2 | % | ||
| Non-aeronautical services | 444,126 | 1,037,416 | 133.6 | % | ||
| Improvements to concession assets (IFRIC-12) | 1,097,300 | 939,145 | (14.4 | %) | ||
| Total revenues | 3,068,071 | 5,292,801 | 72.5 | % | ||
| Operating costs | ||||||
| Costs of services: | 650,245 | 759,323 | 16.8 | % | ||
| Employee costs | 248,704 | 276,236 | 11.1 | % | ||
| Maintenance | 83,742 | 136,477 | 63.0 | % | ||
| Safety, security & insurance | 108,553 | 124,716 | 14.9 | % | ||
| Utilities | 101,137 | 111,739 | 10.5 | % | ||
| Other operating expenses | 108,109 | 110,155 | 1.9 | % | ||
| Technical assistance fees | 58,254 | 146,706 | 151.8 | % | ||
| Concession taxes | 176,469 | 353,984 | 100.6 | % | ||
| Depreciation and amortization | 506,982 | 518,005 | 2.2 | % | ||
| Cost of improvements to concession assets (IFRIC-12) | 1,097,300 | 939,145 | (14.4 | %) | ||
| Other (income) | (7,387 | ) | (4,735 | ) | (35.9 | %) |
| Total operating costs | 2,481,863 | 2,712,428 | 9.3 | % | ||
| Income from operations | 586,209 | 2,580,373 | 340.2 | % | ||
| Financial Result | (241,200 | ) | (214,047 | ) | (11.3 | %) |
| Income before income taxes | 345,009 | 2,366,325 | 585.9 | % | ||
| Income taxes | 7,432 | (586,599 | ) | 7992.9 | % | |
| Net income | 352,441 | 1,779,726 | 405.0 | % | ||
| Currency translation effect | (127,539 | ) | 60,978 | (147.8 | %) | |
| Cash flow hedges, net of income tax | 58,447 | 164,213 | 181.0 | % | ||
| Remeasurements of employee benefit – net income tax | (11,633 | ) | 9,777 | 184.0 | % | |
| Comprehensive income | 271,716 | 2,014,694 | 641.5 | % | ||
| Non-controlling interest | 55,306 | (45,769 | ) | (182.8 | %) | |
| Comprehensive income attributable to controlling interest | 327,021 | 1,968,925 | 502.1 | % | ||
| 3Q20 | 3Q21 | Change | ||||
| EBITDA | 1,093,190 | 3,098,378 | 183.4 | % | ||
| Comprehensive income | 271,716 | 2,014,694 | 641.5 | % | ||
| Comprehensive income per share (pesos) | 0.5170 | 3.9143 | 657.1 | % | ||
| Comprehensive income per ADS (US dollars) | 0.2514 | 1.9036 | 657.1 | % | ||
| Operating income margin | 19.1 | % | 48.8 | % | 155.2 | % |
| Operating income margin (excluding IFRIC-12) | 29.7 | % | 59.3 | % | 99.3 | % |
| EBITDA margin | 35.6 | % | 58.5 | % | 64.3 | % |
| EBITDA margin (excluding IFRIC-12) | 55.6 | % | 71.3 | % | 28.2 | % |
| Costs of services and improvements / total revenues | 57.0 | % | 32.1 | % | (43.7 | %) |
| Cost of services / total revenues (excluding IFRIC-12) | 33.0 | % | 17.4 | % | (47.1 | %) |
- Net income and comprehensive income per share for 3Q21 were calculated based
on 514,705,326 shares outstanding as of September 30, 2021, and for 3Q20 were calculated based on 525,575,547 shares outstanding as of
September 30, 2020. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 20.5620 per U.S. dollar
(the noon buying rate on September 30, 2021, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation
of the Montego Bay and Kingston airports, the average three-month exchange rate of Ps. 20.0092 per U.S. dollar for the three months ended
September 30, 2021, was used.
Revenues (3Q21 vs. 3Q20)
- Aeronautical services revenues increased by Ps. 1,789.6 million, or 117.2%.
- Non-aeronautical services revenues increased by Ps. 593.3 million, or 133.6%.
- Revenues from improvements to concession assets decreased by Ps. 158.2 million, or 14.4%.
- Total revenues increased by Ps. 2,224.7 million, or 72.5%.
- The change in aeronautical services revenues was composed primarily
of the following factors:
- Revenues at the Company’s Mexican airports increased by Ps.
1,497.6 million or 110.5% compared to 3Q20, mainly as a result of the 96.5% increase in passenger traffic and the adjustment in maximum
rates.
- Revenues from the Montego Bay airport increased by Ps. 225.5 million,
or 274.5%, compared to 3Q20. This was mainly due to the 357.9% increase in passenger traffic. The passenger traffic increase was partially
offset by the 9.5% appreciation of the peso versus the U.S. dollar during 3Q21, which went from an average exchange rate of Ps. 22.1055
in 3Q20 to Ps. 20.0092 in 3Q21.
- Revenues from the Kingston airport increased by Ps. 66.4 million,
or 74.4% compared to 3Q20, mainly due to a 124.9% increase in passenger traffic. The appreciation of the peso versus the dollar partially
offset the increase in passenger traffic.
- Revenues at the Company’s Mexican airports increased by Ps.
1,497.6 million or 110.5% compared to 3Q20, mainly as a result of the 96.5% increase in passenger traffic and the adjustment in maximum
rates.
- The change in non-aeronautical services revenues was composed primarily
of the following factors :
- The Company’s revenues from the Mexican airports increased
by Ps. 499.2 million, or 135.7%, compared to 3Q20. Revenues from businesses operated by third parties increased by Ps. 353.7 million.
This was mainly due to the recovery of passenger traffic that resulted in the gradual phase-out of discounts to our tenants. The business
lines that increased the most were food and beverage, duty-free stores, retail, car rentals, time shares and ground transportation, which
jointly increased by Ps. 329.3 million, or 180.0%. Revenues from businesses operated directly by the Company increased by Ps. 137.0 million,
or 145.0%, while the recovery of costs increased by Ps. 8.4 million, or 30.2%.
- Revenues from the Montego Bay airport increased by Ps. 72.4 million,
or 138.8%, compared to 3Q20. Revenues in U.S. dollars increased by US$ 3.9 million, or 163.8%. However, the 9.5% appreciation of the
peso versus the dollar partially offset the revenue increase in 3Q21.
- Revenues from the Kingston airport increased by Ps. 21.7 million,
or 89.8%, compared to 3Q20. Revenues in U.S. dollars increased by US$ 1.2 million, or 109.7%.
- The Company’s revenues from the Mexican airports increased
by Ps. 499.2 million, or 135.7%, compared to 3Q20. Revenues from businesses operated by third parties increased by Ps. 353.7 million.
This was mainly due to the recovery of passenger traffic that resulted in the gradual phase-out of discounts to our tenants. The business
lines that increased the most were food and beverage, duty-free stores, retail, car rentals, time shares and ground transportation, which
jointly increased by Ps. 329.3 million, or 180.0%. Revenues from businesses operated directly by the Company increased by Ps. 137.0 million,
or 145.0%, while the recovery of costs increased by Ps. 8.4 million, or 30.2%.
| 3Q20 | 3Q21 | Change | ||
| Businesses operated by third parties: | ||||
| Duty-free | 54,116 | 153,167 | 183.0 | % |
| Food and beverage | 44,320 | 163,585 | 269.1 | % |
| Retail | 43,445 | 119,901 | 176.0 | % |
| Car rentals | 51,512 | 112,400 | 118.2 | % |
| Leasing of space | 48,312 | 65,596 | 35.8 | % |
| Time shares | 20,612 | 54,657 | 165.2 | % |
| Ground transportation | 18,720 | 36,733 | 96.2 | % |
| Communications and financial services | 11,082 | 22,325 | 101.4 | % |
| Other commercial revenues | 16,612 | 24,357 | 46.6 | % |
| Total | 308,731 | 752,719 | 143.8 | % |
| Businesses operated directly by us: | ||||
| Car parking | 58,820 | 106,057 | 80.3 | % |
| VIP lounges | 11,887 | 60,774 | 411.3 | % |
| Advertising | 9,432 | 11,813 | 25.2 | % |
| Convenience stores | 18,017 | 59,391 | 229.6 | % |
| Total | 98,156 | 238,034 | 142.5 | % |
| Recovery of costs | 37,239 | 46,661 | 25.3 | % |
| Total Non-aeronautical Revenues | 444,126 | 1,037,416 | 133.6 | % |
Figures expressed in thousands of Mexican pesos.
- Revenues from improvements to concession assets1
Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 158.2 million, or 14.4%, compared to 3Q20, mainly in:
- The Company’s Mexican airports, which decreased by Ps. 151.8 million,
or 14.1%, as a result of the adjustment in committed investments in the Master Development Program for the 2020-2024 period.
- Improvements to concession assets at the Montego Bay airport decreased
Ps. 6.4 million, or 30.1%. During 3Q21, no investments in improvements to concession assets were made at the Kingston airport.
________________________
[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.
Total operating costs increased by Ps. 230.6 million, or 9.3%, compared to 3Q20,
mainly due to a Ps. 266.0 million, or 113.3%, increase in concession taxes and technical assistance fees, and a Ps. 109.1 million, or
16.8% increase in cost of services. This increase was partially offset by a Ps. 158.2 million, or 14.4%, decrease in the cost of improvements
to the concession assets (IFRIC-12). Excluding the cost of improvements to concession assets, operating costs increased Ps. 388.8
million, or 28.1%. This was composed primarily of the following factors:
Mexican Airports:
- Operating costs increased by Ps. 173.5 million, or 8.4%, compared
to 3Q20, primarily due to a combined Ps. 184.1 million, or 127.9%, increase in technical assistance fees and concession taxes, a Ps.
115.4 million, or 24.3%, increase in cost of services and a Ps. 23.6 million, or 6.3%, increase in depreciation and amortization. This
increase was partially offset by a Ps. 151.8 million, or 14.1%, decrease in the cost of improvements to the concession assets (IFRIC-12).
Excluding this cost, operating costs increased by Ps. 325.3 million or 32.9%.
The increase in the cost of services during 3Q21 was mainly due to:
- Maintenance costs increased by Ps. 51.4 million, or 83.5%, compared to 3Q20.
- Employee costs increased Ps. 24.1 million, or 11.8%, compared to 3Q20, mainly due to the recognition of labor provisions in accordance with the Labor Reform Law and the hiring of additional personnel as required for airport operations due to the recovery of passenger traffic.
- Safety, security and insurance costs increased Ps. 23.9 million, or 35.7%, compared to 3Q20, mainly due to an increase in the number of security staff as compared to 3Q20 when the partial closure of some operating areas reduced the need for personnel.
- Utilities increased by Ps. 12.3 million or 19.4%, compared to 3Q20.
Montego Bay Airport:
- Operating costs increased by Ps. 18.7 million, or 7.3%, compared
to 3Q20, mainly due to a Ps. 36.8 million, or 281.1%, increase in concession taxes. The increase was partially offset by a Ps. 6.3 million,
or 30.1%, decrease in cost of improvements to the concession assets (IFRIC-12), a Ps. 12.9 million, or 9.8%, decrease in depreciation
and amortization as a result of the 9.5% appreciation of the Mexican peso against the U.S. dollar.
Kingston Airport:
- Operating costs increased by Ps. 38.4 million, or 24.1% compared
to 3Q20, mainly due to a Ps. 45.1 million, or 58.0%, increase in concession taxes and was partially offset by a Ps. 6.9 million, or 8.7%,
decrease in the cost of services.
Operating margin went from 19.1% in 3Q20 to 48.8% in 3Q21. Excluding the effects of IFRIC-12, operating margin went from 29.7% to 59.3% in 3Q21. Operating income increased Ps. 1,994.2 million, or 340.2%, compared to 3Q20.
EBITDA margin went from 35.6% in 3Q20 to 58.5% in 3Q21. Excluding the effects of IFRIC-12, EBITDA margin went from 55.6% in 3Q20 to 71.3% in 3Q21. The nominal value of EBITDA increased Ps. 2,005.2 million, or 183.4%, compared to 3Q20.
Financial cost decreased by Ps. 27.2 million, or 11.3%, from a net expense of Ps. 241.2 million in 3Q20 to a net expense of Ps. 214.0 million in 3Q21. This decrease was mainly the result of:
- Foreign exchange rate fluctuations, which went from income of Ps.
12.4 million in 3Q20 to income of Ps. 87.6 million in 3Q21. This generated an increase in the foreign exchange gain of Ps. 75.2 million.
The currency translation effect income increased Ps. 188.5 million, compared to 3Q20.
- An increase in interest expenses of Ps. 22.5 million, or 5.9%, compared
to 3Q20, mainly due to higher debt as a result of the issuance of long-term bonds.
- Interest income decreased by Ps. 25.5 million, or 20.1%, compared
to 3Q20, mainly due to a decrease in the average balance of cash and cash equivalents during 3Q21 as compared to 3Q20.
In 3Q21, comprehensive income increased Ps. 1,743.0 million, or 641.5%, compared to 3Q20. This increase was mainly due to the Ps. 2,021.3 million increase in profit before taxes derived from the significant increase in passenger traffic, as well as the Ps. 188.5 million increase in currency translation effect. This increase was partially offset by an increase in income taxes of Ps. 594.0 million.
During 3Q21, net income increased by Ps. 1,427.3 million, or 405.0%, compared to 3Q20. Income taxes increased by Ps. 487.7 million and the benefit for deferred taxes decreased by Ps. 106.3 million, mainly due to the application of tax losses in Ps. 62.9 million and a decrease in the inflation rate, that went from 1.7% in 3Q20 to 1.5% in 3Q21.
Consolidated Results for the First Nine Months of 2021 (in thousands of pesos):
| 9M20 | 9M21 | Change | ||||
| Revenues | ||||||
| Aeronautical services | 5,202,303 | 8,412,610 | 61.7 | % | ||
| Non-aeronautical services | 1,797,608 | 2,584,554 | 43.8 | % | ||
| Improvements to concession assets (IFRIC-12) | 2,522,058 | 2,829,371 | 12.2 | % | ||
| Total revenues | 9,521,968 | 13,826,535 | 45.2 | % | ||
| Operating costs | ||||||
| Costs of services: | 2,030,357 | 2,107,665 | 3.8 | % | ||
| Employee costs | 735,170 | 809,698 | 10.1 | % | ||
| Maintenance | 295,547 | 339,953 | 15.0 | % | ||
| Safety, security & insurance | 337,958 | 373,147 | 10.4 | % | ||
| Utilities | 272,456 | 284,503 | 4.4 | % | ||
| Other operating expenses | 389,226 | 300,364 | (22.8 | %) | ||
| Technical assistance fees | 199,296 | 370,504 | 85.9 | % | ||
| Concession taxes | 714,896 | 871,641 | 21.9 | % | ||
| Depreciation and amortization | 1,494,213 | 1,531,129 | 2.5 | % | ||
| Cost of improvements to concession assets (IFRIC 12) | 2,522,058 | 2,829,371 | 12.2 | % | ||
| Other expense (income) | 1,635 | (5,372 | ) | (428.5 | %) | |
| Total operating costs | 6,962,454 | 7,704,938 | 10.7 | % | ||
| Income from operations | 2,559,514 | 6,121,597 | 139.2 | % | ||
| Financial Result | (567,380 | ) | (699,548 | ) | 23.3 | % |
| Income before income taxes | 1,992,134 | 5,422,049 | 172.2 | % | ||
| Income taxes | (413,839 | ) | (1,180,768 | ) | 185.3 | % |
| Net income | 1,578,295 | 4,241,281 | 168.7 | % | ||
| Currency translation effect | 1,223,592 | (24,246 | ) | (102.0 | %) | |
| Cash flow hedges, net of income tax | (289,658 | ) | 404,240 | 239.6 | % | |
| Remeasurements of employee benefit – net income tax | (21,338 | ) | 11,614 | 154.4 | % | |
| Comprehensive income | 2,490,891 | 4,632,889 | 86.0 | % | ||
| Non-controlling interest | (108,803 | ) | (45,120 | ) | 58.5 | % |
| Comprehensive income attributable to controlling interest | 2,382,088 | 4,587,769 | 92.6 | % | ||
| 9M20 | 9M21 | Change | ||||
| EBITDA | 4,053,727 | 7,652,727 | 88.8 | % | ||
| Comprehensive income | 2,490,891 | 4,632,889 | 86.0 | % | ||
| Comprehensive income per share (pesos) | 4.7394 | 9.0011 | 89.9 | % | ||
| Comprehensive income per ADS (US dollars) | 2.3049 | 4.3775 | 89.9 | % | ||
| Operating income margin | 26.9 | % | 44.3 | % | 64.7 | % |
| Operating income margin (excluding IFRIC-12) | 36.7 | % | 55.7 | % | 51.8 | % |
| EBITDA margin | 42.6 | % | 55.3 | % | 30.0 | % |
| EBITDA margin (excluding IFRIC-12) | 57.9 | % | 69.6 | % | 20.2 | % |
| Costs of services and improvements / total revenues | 47.8 | % | 35.7 | % | (25.3 | %) |
| Cost of services / total revenues (excluding IFRIC-12) | 29.0 | % | 19.2 | % | (33.9 | %) |
- Net income and comprehensive income per share for the nine-month period ended
September 30, 2021, were calculated based on 514,705,326 shares outstanding as of September 30, 2021, and for the nine-month period ended
September 30, 2020, were calculated based on 525,575,547 shares outstanding as of September 30, 2020. U.S. dollar figures presented were
converted from pesos to U.S. dollars at a rate of Ps. 20.5620 per U.S. dollar (the noon buying rate on September 30, 2021, as published
by the U.S. Federal Reserve Board).
- For purposes of the consolidation of the Montego Bay and Kingston airports, the
average nine-month exchange rate of Ps. 20.1262 per U.S. dollar for the nine months ended September 30, 2021, was used.
Revenues (9M21 vs 9M20)
- Aeronautical services revenues increased by Ps. 3,210.3 million, or 61.7%.
- Non-aeronautical services revenues increased by Ps. 786.9 million, or 43.8%.
- Revenues from improvements to concession assets increased by Ps. 307.3 million, or 12.2%.
- Total revenues increased by Ps. 4,304.6 million, or 45.2%.
- The change in aeronautical services revenues was composed of the
following factors:
- Revenues at the Company’s Mexican airports increased by Ps. 3,027.4
million or 69.8% during the period from January to September 2021, mainly as a result of the 61.1% increase in passenger traffic and
the increase in the maximum rates applicable for 2021 as a result of the Extraordinary Review Process of our Master Development Program.
- Revenues from the Montego Bay airport increased by Ps. 102.1 million,
or 17.3%, compared to the same period in 2020. This was mainly due to the 32.9% increase in passenger traffic and partially offset by
the 7.6% appreciation of the peso versus the U.S. dollar during the nine months ended September 30, 2021.
- Revenues from the Kingston airport increased by Ps. 80.8 million,
or 29.4% compared to 2020, mainly due to a 14.5% increase in passenger traffic and partially offset by the 7.6% appreciation of the peso
versus the dollar during the period from January to September 2021.
- Revenues at the Company’s Mexican airports increased by Ps. 3,027.4
million or 69.8% during the period from January to September 2021, mainly as a result of the 61.1% increase in passenger traffic and
the increase in the maximum rates applicable for 2021 as a result of the Extraordinary Review Process of our Master Development Program.
- The change in non-aeronautical services revenues was composed primarily
of the following factors :
- The revenues from the Company’s Mexican airports increased
by Ps. 717.7 million, or 49.8%, compared to 2020. Revenues from businesses operated by third parties increased by Ps. 547.0 million,
or 58.2%. This was mainly due to the recovery of passenger traffic that resulted in the gradual phase-out of discounts to tenants. The
business lines that increased the most were food and beverage, duty-free stores, retail, car rentals, time shares and other commercial
income, which jointly increased by Ps. 494.7 million, or 70.1%. Revenues from businesses operated directly by the Company increased by
Ps. 164.7 million, or 41.0%. This increase was primarily due to an increase in revenue from parking, convenience stores and VIP lounges
which jointly increased Ps. 195.9 million and was partially offset by a Ps. 31.2 million decrease in revenues from publicity. The recovery
of costs increased by Ps. 6.0 million, or 6.0%.
- Revenues from the Montego Bay airport increased by Ps. 61.8 million,
or 24.2%, compared to 2020, primarily due to a 32.9% increase in passenger traffic.
- The consolidation of the Kingston airport contributed an increase
of Ps. 7.4 million, or 7.4%, to non-aeronautical services revenues as compared to 2020.
- The revenues from the Company’s Mexican airports increased
by Ps. 717.7 million, or 49.8%, compared to 2020. Revenues from businesses operated by third parties increased by Ps. 547.0 million,
or 58.2%. This was mainly due to the recovery of passenger traffic that resulted in the gradual phase-out of discounts to tenants. The
business lines that increased the most were food and beverage, duty-free stores, retail, car rentals, time shares and other commercial
income, which jointly increased by Ps. 494.7 million, or 70.1%. Revenues from businesses operated directly by the Company increased by
Ps. 164.7 million, or 41.0%. This increase was primarily due to an increase in revenue from parking, convenience stores and VIP lounges
which jointly increased Ps. 195.9 million and was partially offset by a Ps. 31.2 million decrease in revenues from publicity. The recovery
of costs increased by Ps. 6.0 million, or 6.0%.
| 9M20 | 9M21 | Change | ||
| Businesses operated by third parties: | ||||
| Duty-free | 231,790 | 375,606 | 62.0 | % |
| Food and beverage | 221,641 | 367,414 | 65.8 | % |
| Retail | 186,678 | 285,563 | 53.0 | % |
| Car rentals | 208,228 | 288,053 | 38.3 | % |
| Leasing of space | 153,509 | 175,840 | 14.5 | % |
| Time shares | 74,155 | 134,677 | 81.6 | % |
| Ground transportation | 69,393 | 97,805 | 40.9 | % |
| Communications and financial services | 48,010 | 61,200 | 27.5 | % |
| Other commercial revenues | 55,676 | 82,678 | 48.5 | % |
| Total | 1,249,080 | 1,868,836 | 49.6 | % |
| Businesses operated directly by us: | ||||
| Car parking | 160,054 | 273,322 | 70.8 | % |
| VIP lounges | 112,574 | 145,184 | 29.0 | % |
| Advertising | 67,105 | 33,669 | (49.8 | %) |
| Convenience stores | 76,829 | 128,436 | 67.2 | % |
| Total | 416,562 | 580,611 | 39.4 | % |
| Recovery of costs | 131,966 | 135,107 | 2.4 | % |
| Total Non-aeronautical Revenues | 1,797,608 | 2,584,554 | 43.8 | % |
Figures expressed in thousands of Mexican pesos.
- Revenues from improvements to concession assets2
Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 307.3 million, or 12.2%, compared to 2020, mainly in:
- The Company’s Mexican airports, which increased by Ps. 351.7 million,
or 14.5%, 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 decreased Ps. 44.4 million, or 44.3%. During the 2021 period, no investments in improvements to concession assets were made at the Kingston airport.
- The Company’s Mexican airports, which increased by Ps. 351.7 million,
or 14.5%, as a result of the increase in committed investments in the Master Development Program for the 2020-2024 period.
________________________
[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. 742.5 million, or 10.7%, compared to the same period of 2020, mainly due to a Ps. 328.0 million, or 35.9%, increase in concession taxes and technical assistance fees, Ps. 307.3 million, or 12.2%, increase in the cost of improvements to the concession assets (IFRIC-12) and Ps. 77.3 million, or 3.8%, increase in the cost of services. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 435.2 million, or 9.8%. This was composed primarily of the following factors:
Mexican Airports:
- Operating costs increased by Ps. 889.9 million, or 16.1%, compared to the same period of 2020,
primarily due to a Ps. 354.3 million, or 72.8%, increase in concession taxes and technical assistance fees, a Ps. 351.7 million, or 14.5%,
increase in the cost of improvements to the concession assets (IFRIC-12), a Ps. 59.0 million, or 5.4%, increase in depreciation and amortization
and a Ps. 128.4 million, or 8.5%, increase in the cost of services.
The cost of services was mainly comprised of the following:
- Employee costs increased Ps. 82.6 million, or 14.2%, compared to the same period of 2020, mainly due to the recognition of labor provisions in accordance with the Labor Reform Law and the hiring of additional personnel as required for airport operations.
- Maintenance costs increased by Ps. 54.1 million, or 24.1%, as a result of the increase in essential maintenance required as a result of the increase in passenger traffic.
- Safety, security and insurance costs increased Ps. 47.3 million, or 21.5%, compared to the same period of 2020.
- Utilities increased by Ps. 10.2 million or 5.9%, compared to the same period of 2020.
- These increases were partially offset by a decrease in Other operating expenses of Ps. 65.8 million or 21.2%, compared to the same period of 2020, mainly due to a Ps. 85.1 million combined decrease in the allowance for credit losses, sanitation supplies, the purchase of supplies and donations to the medical sector for the prevention of COVID-19, professional services, and publicity. This decrease was partially offset by a combined increase of Ps. 24.1 million in the cost of goods and services for our VIP lounges and convenience stores, FBO services, among others.
Montego Bay Airport:
- Operating costs decreased by Ps. 159.1 million, or 16.2%, compared to the same period of 2020,
mainly due to a Ps. 72.1 million, or 37.5%, decrease in concession taxes, a Ps. 44.4 million, or 44.3%, decrease in the cost of improvements
to concession assets (IFRIC-12), a Ps. 23.0 million, or 6.0%, decrease in depreciation and amortization and a Ps. 17.2 million, or 5.8%,
decrease in the cost of services.
Kingston Airport:
- The consolidation of the airport generated an increase in operating costs of Ps. 12.7 million during
the January to September period of 2021, mainly due to a Ps. 45.8 million, or 19.4%, increase in concession taxes and partially offset
by a Ps. 33.8 million, or 15.4%, decrease in the cost of services, primarily as a result of a Ps. 23.0 million, or 50.5%, decrease in
other operating expenses in the allowance for credit losses.
Operating margin went from 26.9% in the period from January to September 2020 to 44.3% in the same period of 2021. Excluding the effects of IFRIC-12, operating margin went from 36.7% in the 2020 period to 55.7% in the same period of 2021. Operating income increased Ps. 3,562.1 million, or 139.2%, compared to the 2020 period.
EBITDA margin increased 1,270 basis points from 42.6% in the January to September 2020 period to 55.3% in the same period of 2021. Excluding the effects of IFRIC-12, EBITDA margin increased 1,170 basis points from 57.9% in the 2020 period to 69.6% in the 2021 period. The nominal value of EBITDA was Ps. 7,652.7 million from January to September 2021 compared to Ps. 4,053.7 million during the same period of 2020, an increase of 88.8%.
Financial cost increased by Ps. 132.2 million, from a net expense of Ps. 567.4 million during the period from January to September 2020 to a net expense of Ps. 699.6 million during the same period of 2021. This increase was mainly the result of:
- Foreign exchange rate fluctuations went from income of Ps. 199.5 million during the period from
January to September 2020 to income of Ps. 205.2 million during the same period of 2021. This generated an increase in the foreign
exchange gain of Ps. 5.7 million. Currency translation effect income also decreased by 1,247.8 million as compared to the
2020 period due to the fact that the exchange rate as of September 30, 2020, closed at Ps. 22.4573 as compared to Ps. 20.3060 as of September
30, 2021, an appreciation by the peso of 9.6%.
- An increase in interest expense of Ps. 94.8 million, or 8.6%, compared to the 2020 period, mainly
due to higher debt as a result of the issuance of long-term bonds issued during 2021.
- Interest income decreased by Ps. 43.1 million, or 12.7%, compared to the 2020 period, mainly due to a decrease in the average balance of cash and cash equivalents during the 2021 period.
Comprehensive income increased Ps. 2,142.0 million, or 86.0% compared to the 2020 period. This increase was mainly due to a Ps. 3,429.9 million increase in profit before taxes and a Ps. 693.9 million increase in the cash flow hedge reserve. This increase was partially offset by a Ps. 1,247.8 million decrease in currency translation effect.
Net income increased Ps. 2,663.0 million, or 168.7% during the nine months ended September 30, 2021. Income taxes increased by Ps. 766.9 million, or 185.3%, as a result of a Ps. 819.8 million increase in current income taxes and a Ps. 52.9 million increase in the benefit for deferred taxes, mainly due to the application of tax losses of Ps. 142.2 million and partially offset by an increase in the inflation rate, that went from 2.1% in the 2020 period to 4.9% during the same period of 2021.
Statement of Financial Position
Total assets as of September 30, 2021, decreased by Ps. 3,085.9 million as compared
to September 30, 2020, primarily due to the following items: (i) a Ps. 4,569.6 million decrease in cash and cash equivalents and ii)
a Ps. 784.3 million decrease in the value of concession assets (due to the valuation of the Jamaica concessions in U.S. dollars and the
appreciation of the peso). These decreases were partially offset by increases of: i) Ps. 1,042.4 million in improvements to concession
assets; (ii) Ps. 948.3 million in machinery, equipment and leasehold improvements and advances to suppliers; and (iii) Ps. 241.5 million
in other current assets, among others.
Total liabilities as of September 30,
2021, increased by Ps. 965.8 million compared to September 30, 2020. This increase was primarily due to the following items: (i) Long-term
bonds (net) of Ps. 3,000.0 million; (ii) income taxes of Ps. 841.0 million and (iii) concession taxes of Ps. 154.3 million. This was
partially offset by decreases of: (i) Ps. 2,000.0 million in bank loans, (ii) Ps. 590.5 million in derivative financial instruments and
(iii) Ps. 170.2 million in deferred taxes, among others.
Recent Events
- On October 15, 2021, the Company successfully issued in Mexico 25 million
long-term debt securities (Certificados Bursátiles) for a total Ps. 2,500.0 million, in accordance with the following terms:
i) Ps. 1,500.0 million of these securities have a variable interest rate of TIIE-28 plus 25 basis points, and the principal payment will
be made on October 9, 2026; and ii) Ps. 1,000.0 million have a fixed interest rate of 7.91% with the principal payment due on April 28,
2028.
- As of the date of this report, the Company has repurchased 11,252,916 shares
at an average price of Ps. 218.45 per share, for a total of Ps. 2,458.2 million.
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 | 3Q20 | 3Q21 | Change | 9M20 | 9M21 | Change | ||||
| Guadalajara | ||||||||||
| Aeronautical services | 511,304 | 936,476 | 83.2 | % | 1,486,854 | 2,364,802 | 59.0 | % | ||
| Non-aeronautical services | 124,227 | 216,335 | 74.1 | % | 426,618 | 588,628 | 38.0 | % | ||
| Improvements to concession assets (IFRIC 12) | 345,253 | 281,771 | (18.4 | %) | 776,820 | 845,313 | 8.8 | % | ||
| Total Revenues | 980,784 | 1,434,583 | 46.3 | % | 2,690,291 | 3,798,741 | 41.2 | % | ||
| Operating income | 328,999 | 742,786 | 125.8 | % | 996,014 | 1,887,733 | 89.5 | % | ||
| EBITDA | 421,434 | 839,895 | 99.3 | % | 1,271,400 | 2,180,329 | 71.5 | % | ||
| Tijuana | ||||||||||
| Aeronautical services | 297,610 | 511,009 | 71.7 | % | 806,134 | 1,345,821 | 66.9 | % | ||
| Non-aeronautical services | 70,597 | 114,533 | 62.2 | % | 233,815 | 315,577 | 35.0 | % | ||
| Improvements to concession assets (IFRIC 12) | 191,013 | 407,033 | 113.1 | % | 429,779 | 1,221,098 | 184.1 | % | ||
| Total Revenues | 559,219 | 1,032,575 | 84.6 | % | 1,469,729 | 2,882,497 | 96.1 | % | ||
| Operating income | 191,116 | 394,096 | 106.2 | % | 496,414 | 1,038,858 | 109.3 | % | ||
| EBITDA | 255,741 | 456,547 | 78.5 | % | 685,116 | 1,230,993 | 79.7 | % | ||
| Los Cabos | ||||||||||
| Aeronautical services | 194,119 | 540,223 | 178.3 | % | 668,924 | 1,403,875 | 109.9 | % | ||
| Non-aeronautical services | 76,355 | 257,178 | 236.8 | % | 329,332 | 603,269 | 83.2 | % | ||
| Improvements to concession assets (IFRIC 12) | 216,466 | 111,408 | (48.5 | %) | 487,049 | 334,223 | (31.4 | %) | ||
| Total Revenues | 486,940 | 908,809 | 86.6 | % | 1,485,305 | 2,341,367 | 57.6 | % | ||
| Operating income | 107,858 | 548,226 | 408.3 | % | 500,133 | 1,367,260 | 173.4 | % | ||
| EBITDA | 175,129 | 615,771 | 251.6 | % | 699,397 | 1,561,092 | 123.2 | % | ||
| Puerto Vallarta | ||||||||||
| Aeronautical services | 103,106 | 338,057 | 227.9 | % | 587,644 | 893,818 | 52.1 | % | ||
| Non-aeronautical services | 34,450 | 108,579 | 215.2 | % | 205,160 | 284,093 | 38.5 | % | ||
| Improvements to concession assets (IFRIC 12) | 151,609 | 77,817 | (48.7 | %) | 341,120 | 233,450 | (31.6 | %) | ||
| Total Revenues | 289,165 | 524,452 | 81.4 | % | 1,133,923 | 1,411,361 | 24.5 | % | ||
| Operating income | 29,003 | 270,060 | 831.1 | % | 416,505 | 723,078 | 73.6 | % | ||
| EBITDA | 71,792 | 313,466 | 336.6 | % | 541,774 | 855,602 | 57.9 | % | ||
| Montego Bay | ||||||||||
| Aeronautical services | 82,213 | 307,859 | 274.5 | % | 589,003 | 691,064 | 17.3 | % | ||
| Non-aeronautical services | 52,190 | 124,623 | 138.8 | % | 255,863 | 317,675 | 24.2 | % | ||
| Improvements to concession assets (IFRIC 12) | 20,996 | 14,669 | (30.1 | %) | 100,373 | 55,942 | (44.3 | %) | ||
| Total Revenues | 155,399 | 447,151 | 187.7 | % | 945,239 | 1,064,680 | 12.6 | % | ||
| Operating (loss) income | (100,017 | ) | 173,069 | 273.0 | % | (32,927 | ) | 245,554 | 845.8 | % |
| EBITDA | 31,336 | 291,557 | 830.4 | % | 351,970 | 607,449 | 72.6 | % | ||
Exhibit A: Operating results by airport (in thousands of pesos): (continued)
| Airport | 3Q20 | 3Q21 | Change | 9M20 | 9M21 | Change | ||||
| Guanajuato | ||||||||||
| Aeronautical services | 74,120 | 164,660 | 122.2 | % | 237,834 | 413,189 | 73.7 | % | ||
| Non-aeronautical services | 20,484 | 38,165 | 86.3 | % | 84,437 | 100,736 | 19.3 | % | ||
| Improvements to concession assets (IFRIC 12) | 43,293 | 3,094 | (92.9 | %) | 97,408 | 9,281 | (90.5 | %) | ||
| Total Revenues | 137,897 | 205,919 | 49.3 | % | 419,679 | 523,205 | 24.7 | % | ||
| Operating (loss) income | 36,915 | 120,450 | 226.3 | % | 150,895 | 306,508 | 103.1 | % | ||
| EBITDA | 55,214 | 139,476 | 152.6 | % | 204,707 | 362,832 | 77.2 | % | ||
| Hermosillo | ||||||||||
| Aeronautical services | 39,962 | 91,901 | 130.0 | % | 140,245 | 234,903 | 67.5 | % | ||
| Non-aeronautical services | 11,473 | 17,851 | 55.6 | % | 47,283 | 53,613 | 13.4 | % | ||
| Improvements to concession assets (IFRIC 12) | 5,796 | 4,341 | (25.1 | %) | 13,042 | 13,024 | (0.1 | %) | ||
| Total Revenues | 57,231 | 114,093 | 99.4 | % | 200,570 | 301,539 | 50.3 | % | ||
| Operating (loss) income | (2,351 | ) | 32,619 | 1487.3 | % | 29,441 | 102,965 | 249.7 | % | |
| EBITDA | 16,829 | 51,321 | 205.0 | % | 86,552 | 160,427 | 85.4 | % | ||
| Others (1) | ||||||||||
| Aeronautical services | 224,212 | 426,055 | 90.0 | % | 685,664 | 1,065,138 | 55.3 | % | ||
| Non-aeronautical services | 54,350 | 99,456 | 83.0 | % | 215,101 | 257,858 | 19.9 | % | ||
| Improvements to concession assets (IFRIC 12) | 122,874 | 39,014 | (68.2 | %) | 276,465 | 117,041 | (57.7 | %) | ||
| Total Revenues | 401,435 | 564,525 | 40.6 | % | 1,177,230 | 1,440,038 | 22.3 | % | ||
| Operating (loss) income | (44,549 | ) | 54,564 | 222.5 | % | (60,111 | ) | 189,062 | 414.5 | % |
| EBITDA | 16,096 | 128,777 | 700.0 | % | 118,860 | 393,287 | 230.9 | % | ||
| Total | ||||||||||
| Aeronautical services | 1,526,645 | 3,316,240 | 117.2 | % | 5,202,303 | 8,412,610 | 61.7 | % | ||
| Non-aeronautical services | 444,126 | 976,722 | 119.9 | % | 1,797,608 | 2,521,447 | 40.3 | % | ||
| Improvements to concession assets (IFRIC 12) | 1,097,300 | 939,145 | (14.4 | %) | 2,522,058 | 2,829,371 | 12.2 | % | ||
| Total Revenues | 3,068,071 | 5,232,106 | 70.5 | % | 9,521,969 | 13,763,428 | 44.5 | % | ||
| Operating income | 546,974 | 2,335,870 | 327.1 | % | 2,496,364 | 5,861,017 | 134.8 | % | ||
| EBITDA | 1,043,572 | 2,836,810 | 171.8 | % | 3,959,777 | 7,352,009 | 85.7 | % | ||
(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):
| 2020 | 2021 | Change | % | |||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 15,220,432 | 10,650,840 | (4,569,592 | ) | (30.0 | %) | ||
| Trade accounts receivable - Net | 1,337,069 | 1,419,022 | 1,419,022 | 6.1 | % | |||
| Other current assets | 955,218 | 1,196,699 | 1,196,699 | 25.3 | % | |||
| Total current assets | 17,512,719 | 13,266,561 | (4,246,157 | ) | (24.2 | %) | ||
| Advanced payments to suppliers | 395,746 | 879,342 | 483,596 | 122.2 | % | |||
| Machinery, equipment and improvements to leased buildings - Net | 2,077,750 | 2,542,454 | 464,704 | 22.4 | % | |||
| Improvements to concession assets - Net | 13,453,827 | 14,496,214 | 1,042,387 | 7.7 | % | |||
| Airport concessions - Net | 11,171,190 | 10,386,868 | (784,322 | ) | (7.0 | %) | ||
| Rights to use airport facilities - Net | 1,300,151 | 1,226,755 | (73,396 | ) | (5.6 | %) | ||
| Deferred income taxes - Net | 6,017,493 | 6,114,888 | 97,395 | 1.6 | % | |||
| Other non-current assets | 256,914 | 186,772 | (70,143 | ) | (27.3 | %) | ||
| Total assets | 52,185,790 | 49,099,854 | (3,085,936 | ) | (5.9 | %) | ||
| Liabilities | ||||||||
| Current liabilities | 8,433,190 | 4,338,720 | (4,094,470 | ) | (48.6 | %) | ||
| Long-term liabilities | 20,592,268 | 25,652,501 | 5,060,233 | 24.6 | % | |||
| Total liabilities | 29,025,458 | 29,991,221 | 965,763 | 3.3 | % | |||
| Stockholders' Equity | ||||||||
| Common stock | 6,185,082 | 170,381 | (6,014,701 | ) | (97.2 | %) | ||
| Legal reserve | 1,592,551 | 1,592,551 | - | 0.0 | % | |||
| Net income | 1,608,717 | 4,217,345 | 2,608,628 | 162.2 | % | |||
| Retained earnings | 9,940,035 | 7,927,599 | (2,012,436 | ) | (20.2 | %) | ||
| Reserve for share repurchase | 3,283,374 | 5,531,293 | 2,247,919 | 68.5 | % | |||
| Repurchased shares | (1,733,374 | ) | (2,362,339 | ) | (628,965 | ) | 36.3 | % |
| Foreign currency translation reserve | 1,610,358 | 992,017 | (618,341 | ) | (38.4 | %) | ||
| Remeasurements of employee benefit – Net | (14,732 | ) | 1,562 | 16,294 | 110.6 | % | ||
| Cash flow hedges- Net | (461,752 | ) | (66,867 | ) | 394,885 | 85.5 | % | |
| Total controlling interest | 22,010,259 | 18,003,541 | (4,006,717 | ) | (18.2 | %) | ||
| Non-controlling interest | 1,150,073 | 1,105,092 | (44,981 | ) | (3.9 | %) | ||
| Total stockholder's equity | 23,160,332 | 19,108,633 | (4,051,698 | ) | (17.5 | %) | ||
| Total liabilities and stockholders' equity | 52,185,790 | 49,099,854 | (3,085,936 | ) | (5.9 | %) | ||
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):
| 3Q20 | 3Q21 | Change | 9M20 | 9M21 | Change | |||||||
| Cash flows from operating activities: | ||||||||||||
| Consolidated net income | 352,441 | 1,779,726 | 405.0 | % | 1,578,295 | 4,241,281 | 168.7 | % | ||||
| Postemployment benefit costs | 13,640 | (3,302 | ) | (124.2 | %) | 20,306 | 13,368 |
(34.2 | %) | |||
| Allowance expected credit loss | 26,026 | 11,570 | (55.5 | %) | 113,076 | 32,641 | (71.1 | %) | ||||
| Depreciation and amortization | 506,982 | 518,005 | 2.2 | % | 1,494,213 | 1,531,129 | 2.5 | % | ||||
| (Gain) loss on sale of machinery, equipment and improvements to leased assets | (1,780 | ) | (2,693 | ) | 51.3 | % | (15,979 | ) | (1,358 | ) | (91.5 | %) |
| Interest expense | 409,472 | 427,527 | 4.4 | % | 1,035,733 | 1,228,317 | 18.6 | % | ||||
| Provisions | 885 | 1,994 | 125.3 | % | (457 | ) | (3,683 | ) | 705.9 | % | ||
| Income tax expense | (7,432 | ) | 586,599 | 7992.9 | % | 413,839 | 1,180,768 | 185.3 | % | |||
| Unrealized exchange loss | (140,455 | ) | 44,736 | 131.9 | % | 512,265 | (19,103 | ) | (103.7 | %) | ||
| Net (gain) loss on derivative financial instruments | (10,579 | ) | - | (100.0 | %) | 48,175 | - | (100.0 | %) | |||
| 1,149,199 | 3,364,162 | 192.7 | % | 5,199,466 | 8,203,361 | 57.8 | % | |||||
| Changes in working capital: | ||||||||||||
| (Increase) decrease in | ||||||||||||
| Trade accounts receivable | (300,072 | ) | 133,056 | 144.3 | % | 82,272 | (183,864 | ) | (323.5 | %) | ||
| Recoverable tax on assets and other assets | (167,127 | ) | (33,545 | ) | (79.9 | %) | (625,184 | ) | (108,855 | ) | (82.6 | %) |
| (Decrease) increase | ||||||||||||
| Concession taxes payable | 16,128 | (3,532 | ) | (121.9 | %) | (360,201 | ) | 57,206 | 115.9 | % | ||
| Accounts payable | (321,158 | ) | 100,933 | 131.4 | % | (664,482 | ) | 317,548 | 147.8 | % | ||
| Cash generated by operating activities | 376,970 | 3,561,072 | 844.7 | % | 3,631,872 | 8,285,395 | 128.1 | % | ||||
| Income taxes paid | (213,213 | ) | (329,375 | ) | 54.5 | % | (842,569 | ) | (714,474 | ) | (15.2 | %) |
| Net cash flows provided by operating activities | 163,757 | 3,231,697 | 1873.5 | % | 2,789,303 | 7,570,921 | 171.4 | % | ||||
| Cash flows from investing activities: | ||||||||||||
| Machinery, equipment and improvements to concession assets | (1,017,214 | ) | (1,120,965 | ) | 10.2 | % | (2,261,509 | ) | (2,799,980 | ) | 23.8 | % |
| Cash flows from sales of machinery and equipment | 2,993 | 42 | (98.6 | %) | 3,185 | 2,988 | (6.2 | %) | ||||
| Other investment activities | (9,114 | ) | 12,389 | 235.9 | % | (64,116 | ) | (11,983 | ) | (81.3 | %) | |
| Net cash used by investment activities | (1,023,335 | ) | (1,108,534 | ) | 8.3 | % | (2,322,439 | ) | (2,808,975 | ) | 20.9 | % |
| Cash flows from financing activities: | ||||||||||||
| Capital distribution | - | (4,014,701 | ) | 100.0 | % | - | (6,014,701 | ) | 100.0 | % | ||
| Debt securities | - | - | 0.0 | % | 7,200,000 | 4,500,000 | (37.5 | %) | ||||
| Payment from Debt securities | - | (1,500,000 | ) | 100.0 | % | (2,200,000 | ) | (1,500,000 | ) | (31.8 | %) | |
| Bank loans | - | - | 0.0 | % | - | (5,860,151 | ) | 100.0 | % | |||
| Repurchase of shares | - | (1,151,265 | ) | 100.0 | % | - | (2,362,339 | ) | 100.0 | % | ||
| Interest paid | (379,636 | ) | (349,100 | ) | (8.0 | %) | (988,052 | ) | (1,121,336 | ) | 13.5 | % |
| Bank loans | 654,396 | - | (100.0 | %) | 2,805,660 | 3,779,413 | 34.7 | % | ||||
| Interest paid on lease | (626 | ) | (401 | ) | (35.9 | %) | (2,018 | ) | (1,340 | ) | (33.6 | %) |
| Payments of obligations for leasing | (3,133 | ) | (2,994 | ) | (4.4 | %) | (9,949 | ) | (9,039 | ) | (9.1 | %) |
| Net cash flows used in financing activities | 271,001 | (7,018,461 | ) | (2689.8 | %) | 6,805,641 | (8,589,493 | ) | (226.2 | %) | ||
| Effects of exchange rate changes on cash held | 60,180 | 43,150 | (28.3 | %) | 447,735 | 33,839 | (92.4 | %) | ||||
| Net increase in cash and cash equivalents | (528,397 | ) | (4,852,148 | ) | 818.3 | % | 7,720,239 | (3,793,708 | ) | (149.1 | %) | |
| Cash and cash equivalents at beginning of the period | 15,748,829 | 15,502,987 | (1.6 | %) | 7,500,193 | 14,444,549 | 92.6 | % | ||||
| Cash and cash equivalents at the end of the period | 15,220,432 | 10,650,840 | (30.0 | %) | 15,220,432 | 10,650,840 | (30.0 | %) | ||||
Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):
| 3Q20 | 3Q21 | Change | 9M20 | 9M21 | Change | |||||||
| Revenues | ||||||||||||
| Aeronautical services | 1,526,645 | 3,316,240 | 117.2 | % | 5,202,303 | 8,412,610 | 61.7 | % | ||||
| Non-aeronautical services | 444,126 | 1,037,416 | 133.6 | % | 1,797,608 | 2,584,554 | 43.8 | % | ||||
| Improvements to concession assets (IFRIC 12) | 1,097,300 | 939,145 | (14.4 | %) | 2,522,058 | 2,829,371 | 12.2 | % | ||||
| Total revenues | 3,068,071 | 5,292,801 | 72.5 | % | 9,521,968 | 13,826,535 | 45.2 | % | ||||
| Operating costs | ||||||||||||
| Costs of services: | 650,245 | 759,323 | 16.8 | % | 2,030,357 | 2,107,665 | 3.8 | % | ||||
| Employee costs | 248,704 | 276,236 | 11.1 | % | 735,170 | 809,698 | 10.1 | % | ||||
| Maintenance | 83,742 | 136,477 | 63.0 | % | 295,547 | 339,953 | 15.0 | % | ||||
| Safety, security & insurance | 108,553 | 124,716 | 14.9 | % | 337,958 | 373,147 | 10.4 | % | ||||
| Utilities | 101,137 | 111,739 | 10.5 | % | 272,456 | 284,503 | 4.4 | % | ||||
| Other operating expenses | 108,109 | 110,155 | 1.9 | % | 389,226 | 300,364 | (22.8 | %) | ||||
| Technical assistance fees | 58,254 | 146,706 | 151.8 | % | 199,296 | 370,504 | 85.9 | % | ||||
| Concession taxes | 176,469 | 353,984 | 100.6 | % | 714,896 | 871,641 | 21.9 | % | ||||
| Depreciation and amortization | 506,982 | 518,005 | 2.2 | % | 1,494,213 | 1,531,129 | 2.5 | % | ||||
| Cost of improvements to concession assets (IFRIC 12) | 1,097,300 | 939,145 | (14.4 | %) | 2,522,058 | 2,829,371 | 12.2 | % | ||||
| Other (income) | (7,387 | ) | (4,735 | ) | (35.9 | %) | 1,635 | (5,372 | ) | (428.5 | %) | |
| Total operating costs | 2,481,863 | 2,712,428 | 9.3 | % | 6,962,454 | 7,704,938 | 10.7 | % | ||||
| Income from operations | 586,209 | 2,580,373 | 340.2 | % | 2,559,514 | 6,121,597 | 139.2 | % | ||||
| Financial Result | (241,200 | ) | (214,047 | ) | (11.3 | %) | (567,380 | ) | (699,548 | ) | 23.3 | % |
| Income before income taxes | 345,009 | 2,366,325 | 585.9 | % | 1,992,134 | 5,422,049 | 172.2 | % | ||||
| Income taxes | 7,432 | (586,599 | ) | 7992.9 | % | (413,839 | ) | (1,180,768 | ) | 185.3 | % | |
| Net income | 352,441 | 1,779,726 | 405.0 | % | 1,578,295 | 4,241,281 | 168.7 | % | ||||
| Currency translation effect | (127,539 | ) | 60,978 | (147.8 | %) | 1,223,592 | (24,246 | ) | (102.0 | %) | ||
| Cash flow hedges, net of income tax | 58,447 | 164,213 | 181.0 | % | (289,658 | ) | 404,240 | 239.6 | % | |||
| Remeasurements of employee benefit – net income tax | (11,633 | ) | 9,777 | 184.0 | % | (21,338 | ) | 11,614 | 154.4 | % | ||
| Comprehensive income | 271,716 | 2,014,694 | 641.5 | % | 2,490,891 | 4,632,889 | 86.0 | % | ||||
| Non-controlling interest | 55,306 | (45,769 | ) | (182.8 | %) | (108,803 | ) | (45,120 | ) | 58.5 | % | |
| Comprehensive income attributable to controlling interest | 327,021 | 1,968,925 | 502.1 | % | 2,382,088 | 4,587,769 | 92.6 | % | ||||
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 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, 2020 | 6,185,082 | 1,592,551 | 3,283,374 | (1,733,374 | ) | 9,940,035 | 360,504 | 19,628,172 | 1,041,271 | 20,669,443 | |||||||
| Comprehensive income: | |||||||||||||||||
| Net income | - | - | - | - | 1,608,717 | - | 1,608,717 | (30,423 | ) | 1,578,296 | |||||||
| Foreign currency translation reserve | - | - | - | - | - | 1,084,366 | 1,084,366 | 139,226 | 1,223,592 | ||||||||
| Remeasurements of employee benefit – Net | - | - | - | - | - | (21,338 | ) | (21,338 | ) | - | (21,338 | ) | |||||
| Reserve for cash flow hedges – Net of income tax | - | - | - | - | - | (289,658 | ) | (289,658 | ) | - | (289,658 | ) | |||||
| Balance as of September 30, 2020 | 6,185,082 | 1,592,551 | 3,283,374 | (1,733,374 | ) | 11,548,752 | 1,133,875 | 22,010,259 | 1,150,073 | 23,160,332 | |||||||
| 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 | ) | |||||
| Repurchased shares cancellation | - | - | (1,733,374 | ) | 1,733,374 | - | - | - | - | - | |||||||
| Reserve for share repurchase | - | - | 3,981,292 | - | (3,981,292 | ) | - | - | - | - | |||||||
| Repurchased share | - | - | - | (2,362,339 | ) | - | - | (2,362,339 | ) | - | (2,362,339 | ) | |||||
| Comprehensive income: | - | - | - | - | - | - | - | - | - | ||||||||
| Net income | - | - | - | - | 4,217,345 | - | 4,217,345 | 23,936 | 4,241,282 | ||||||||
| 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 | 18,003,541 | 1,105,092 | 19,108,633 | |||||||
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:
| 3Q20 | 3Q21 | Change | 9M20 | 9M21 | Change | |||
| Total passengers | 5,718.9 | 11,729.8 | 105.1 | % | 19,110.2 | 30,176.6 | 57.9 | % |
| Total cargo volume (in WLUs) | 534.7 | 655.6 | 22.6 | % | 1,549.6 | 2,012.1 | 29.8 | % |
| Total WLUs | 6,253.6 | 12,385.3 | 98.1 | % | 20,659.8 | 32,188.8 | 55.8 | % |
| Aeronautical & non aeronautical services per passenger (pesos) | 344.6 | 371.2 | 7.7 | % | 366.3 | 364.4 | (0.5 | %) |
| Aeronautical services per WLU (pesos) | 244.1 | 267.8 | 9.7 | % | 251.8 | 261.4 | 3.8 | % |
| Non aeronautical services per passenger (pesos) | 77.7 | 88.4 | 13.9 | % | 94.1 | 85.6 | (8.9 | %) |
| Cost of services per WLU (pesos) | 104.0 | 61.3 | (41.0 | %) | 98.3 | 65.5 | (33.4 | %) |
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 | 3Q21 | Change | 9M19 | 9M21 | Change | ||
| Guadalajara | 2,671.4 | 2,246.8 | (15.9 | %) | 7,765.8 | 5,998.2 | (22.8 | %) |
| Tijuana * | 1,556.2 | 1,837.2 | 18.1 | % | 4,451.1 | 5,021.2 | 12.8 | % |
| Los Cabos | 562.2 | 558.0 | (0.7 | %) | 1,447.7 | 1,445.4 | (0.2 | %) |
| Puerto Vallarta | 539.9 | 540.6 | 0.1 | % | 1,371.2 | 1,294.2 | (5.6 | %) |
| Guanajuato | 528.0 | 401.8 | (23.9 | %) | 1,522.3 | 1,082.7 | (28.9 | %) |
| Montego Bay | 2.7 | 0.0 | (100.0 | %) | 6.9 | 0.0 | (100.0 | %) |
| Hermosillo | 455.7 | 390.0 | (14.4 | %) | 1,315.7 | 1,008.3 | (23.4 | %) |
| Mexicali | 301.7 | 300.9 | (0.3 | %) | 871.1 | 764.1 | (12.3 | %) |
| Morelia | 116.9 | 138.4 | 18.4 | % | 342.8 | 394.1 | 15.0 | % |
| La Paz | 274.0 | 237.4 | (13.4 | %) | 740.4 | 635.1 | (14.2 | %) |
| Aguascalientes | 160.4 | 162.3 | 1.2 | % | 465.6 | 404.7 | (13.1 | %) |
| Kingston | 0.0 | 0.3 | N/A | 0.0 | 1.0 | N/A | ||
| Los Mochis | 95.6 | 89.4 | (6.5 | %) | 282.8 | 252.0 | (10.9 | %) |
| Manzanillo | 21.3 | 20.8 | (2.1 | %) | 70.5 | 61.0 | (13.4 | %) |
| Total | 7,286.1 | 6,924.0 | (5.0 | %) | 20,653.8 | 18,362.1 | (11.1 | %) |
*CBX users are classified as international passengers.
International Terminal Passengers – 14 airports (in thousands):
| Airport | 3Q19 | 3Q21 | Change | 9M19 | 9M21 | Change | ||
| Guadalajara | 1,157.8 | 1,098.9 | (5.1 | %) | 3,234.5 | 2,643.2 | (18.3 | %) |
| Tijuana * | 741.9 | 738.5 | (0.5 | %) | 2,136.1 | 1,901.1 | (11.0 | %) |
| Los Cabos | 745.4 | 944.3 | 26.7 | % | 2,764.7 | 2,462.1 | (10.9 | %) |
| Puerto Vallarta | 447.6 | 529.7 | 18.4 | % | 2,418.2 | 1,457.9 | (39.7 | %) |
| Guanajuato | 183.0 | 198.5 | 8.5 | % | 528.2 | 447.3 | (15.3 | %) |
| Montego Bay | 1,099.0 | 799.0 | (27.3 | %) | 3,615.3 | 1,760.6 | (51.3 | %) |
| Hermosillo | 17.2 | 30.7 | 79.2 | % | 51.7 | 76.6 | 48.2 | % |
| Mexicali | 1.8 | 1.8 | 3.2 | % | 5.1 | 3.6 | (28.7 | %) |
| Morelia | 105.8 | 116.1 | 9.7 | % | 312.9 | 292.9 | (6.4 | %) |
| La Paz | 2.8 | 5.4 | 96.1 | % | 9.4 | 13.7 | 45.8 | % |
| Aguascalientes | 65.0 | 63.4 | (2.5 | %) | 164.4 | 152.0 | (7.5 | %) |
| Kingston | 0.0 | 268.0 | N/A | 0.0 | 566.8 | N/A | ||
| Los Mochis | 1.9 | 3.1 | 62.2 | % | 5.4 | 7.1 | 30.7 | % |
| Manzanillo | 8.4 | 8.2 | (2.7 | %) | 60.8 | 29.7 | (51.1 | %) |
| Total | 4,577.5 | 4,805.8 | 5.0 | % | 15,306.4 | 11,814.5 | (22.8 | %) |
*CBX users are classified as international passengers.
Total Terminal Passengers – 14 airports (in thousands):
| Airport | 3Q19 | 3Q21 | Change | 9M19 | 9M21 | Change | ||
| Guadalajara | 3,829.2 | 3,345.7 | (12.6 | %) | 11,000.3 | 8,641.5 | (21.4 | %) |
| Tijuana * | 2,298.1 | 2,575.7 | 12.1 | % | 6,587.2 | 6,922.3 | 5.1 | % |
| Los Cabos | 1,307.6 | 1,502.3 | 14.9 | % | 4,212.4 | 3,907.5 | (7.2 | %) |
| Puerto Vallarta | 987.5 | 1,070.3 | 8.4 | % | 3,789.4 | 2,752.1 | (27.4 | %) |
| Guanajuato | 711.1 | 600.3 | (15.6 | %) | 2,050.5 | 1,530.0 | (25.4 | %) |
| Montego Bay | 1,101.8 | 799.0 | (27.5 | %) | 3,622.1 | 1,760.6 | (51.4 | %) |
| Hermosillo | 472.9 | 420.7 | (11.0 | %) | 1,367.4 | 1,084.9 | (20.7 | %) |
| Mexicali | 303.5 | 302.7 | (0.2 | %) | 876.2 | 767.8 | (12.4 | %) |
| Morelia | 222.7 | 254.5 | 14.3 | % | 655.7 | 687.0 | 4.8 | % |
| La Paz | 276.8 | 242.8 | (12.3 | %) | 749.8 | 648.8 | (13.5 | %) |
| Aguascalientes | 225.4 | 225.7 | 0.2 | % | 630.0 | 556.7 | (11.6 | %) |
| Kingston | 0.0 | 268.4 | N/A | 0.0 | 567.7 | N/A | ||
| Los Mochis | 97.6 | 92.5 | (5.1 | %) | 288.2 | 259.1 | (10.1 | %) |
| Manzanillo | 29.7 | 29.0 | (2.3 | %) | 131.2 | 90.7 | (30.9 | %) |
| Total | 11,863.7 | 11,729.9 | (1.1 | %) | 35,960.2 | 30,176.6 | (16.1 | %) |
*CBX users are classified as international passengers.
CBX Users (in thousands):
| Airport | 3Q19 | 3Q21 | Change | 9M19 | 9M21 | Change | ||
| Tijuana | 730.0 | 725.5 | (0.6 | %) | 2,100.9 | 1,878.2 | (10.6 | %) |
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.
Consolidated Results and Other Data compared with 2019 (in thousands of pesos):
| 3Q19 | 3Q21 | Change | 9M19 | 9M21 | Change | |||||||
| Revenues | ||||||||||||
| Aeronautical services | 2,567,517 | 3,316,240 | 29.2 | % | 7,776,615 | 8,412,610 | 8.2 | % | ||||
| Non-aeronautical services | 950,353 | 1,037,416 | 9.2 | % | 2,808,953 | 2,584,554 | (8.0 | %) | ||||
| Improvements to concession assets (IFRIC 12) | 797,548 | 939,145 | 17.8 | % | 1,066,398 | 2,829,371 | 165.3 | % | ||||
| Total revenues | 4,315,418 | 5,292,801 | 22.6 | % | 11,651,966 | 13,826,535 | 18.7 | % | ||||
| Operating costs | ||||||||||||
| Costs of services: | 670,350 | 759,323 | 13.3 | % | 1,971,293 | 2,107,665 | 6.9 | % | ||||
| Employee costs | 205,622 | 276,236 | 34.3 | % | 628,738 | 809,698 | 28.8 | % | ||||
| Maintenance | 141,467 | 136,477 | (3.5 | %) | 402,269 | 339,953 | (15.5 | %) | ||||
| Safety, security & insurance | 105,657 | 124,716 | 18.0 | % | 310,100 | 373,147 | 20.3 | % | ||||
| Utilities | 104,375 | 111,739 | 7.1 | % | 269,633 | 284,503 | 5.5 | % | ||||
| Other operating expenses | 113,229 | 110,155 | (2.7 | %) | 360,553 | 300,364 | (16.7 | %) | ||||
| Technical assistance fees | 115,795 | 146,706 | 26.7 | % | 345,013 | 370,504 | 7.4 | % | ||||
| Concession taxes | 297,308 | 353,984 | 19.1 | % | 915,461 | 871,641 | (4.8 | %) | ||||
| Depreciation and amortization | 439,691 | 518,005 | 17.8 | % | 1,287,131 | 1,531,129 | 19.0 | % | ||||
| Cost of improvements to concession assets (IFRIC 12) | 797,548 | 939,145 | 17.8 | % | 1,066,398 | 2,829,371 | 165.3 | % | ||||
| Other (income) expense | (7,605 | ) | (4,735 | ) | (37.7 | %) | (16,538 | ) | (5,372 | ) | (67.5 | %) |
| Total operating costs | 2,313,087 | 2,712,428 | 17.3 | % | 5,568,758 | 7,704,938 | 38.4 | % | ||||
| Income from operations | 2,002,331 | 2,580,373 | 28.9 | % | 6,083,209 | 6,121,597 | 0.6 | % | ||||
| Financial Result | (168,866 | ) | (214,046 | ) | 26.8 | % | (487,220 | ) | (699,548 | ) | 43.6 | % |
| Income before taxes | 1,833,465 | 2,366,325 | 29.1 | % | 5,595,988 | 5,422,049 | -3.1 | % | ||||
| Income taxes | (470,746 | ) | (586,599 | ) | 24.6 | % | (1,572,146 | ) | (1,180,768 | ) | (24.9 | %) |
| Net income | 1,362,719 | 1,779,726 | 30.6 | % | 4,023,842 | 4,241,281 | 5.4 | % | ||||
| Currency translation effect | 93,377 | 60,978 | (34.7 | %) | (46,362 | ) | (24,246 | ) | (47.7 | %) | ||
| Cash flow hedges, net of income tax | - | 164,213 | 100.0 | % | - | 404,240 | 100.0 | % | ||||
| Remeasurements of employee benefit – net income tax | (147 | ) | 9,777 | (6751.0 | %) | (440 | ) | 11,614 | (2739.5 | %) | ||
| Comprehensive income | 1,455,949 | 2,014,694 | 38.4 | % | 3,977,040 | 4,632,889 | 16.5 | % | ||||
| Non-controlling interest | (33,307 | ) | (45,769 | ) | (37.4 | %) | (78,235 | ) | (45,120 | ) | 42.3 | % |
| Comprehensive income attributable to controlling interest | 1,422,642 | 1,968,925 | 38.4 | % | 3,898,805 | 4,587,769 | 17.7 | % | ||||
| 3Q19 | 3Q21 | Change | 9M19 | 9M21 | Change | |||||||
| EBITDA | 2,442,022 | 3,098,378 | 26.9 | % | 7,370,338 | 7,652,727 | 3.8 | % | ||||
| Comprehensive income | 1,455,949 | 2,014,694 | 38.4 | % | 3,977,039 | 4,632,889 | 16.5 | % | ||||
| Comprehensive income per share (pesos) | 2.5953 | 3.9143 | 50.8 | % | 7.0892 | 9.0011 | 27.0 | % | ||||
| Comprehensive income per ADS (US dollars) | 1.3511 | 1.9036 | 40.9 | % | 3.6906 | 4.3775 | 36.4 | % | ||||
| Operating income margin | 46.4 | % | 48.8 | % | 5.1 | % | 52.2 | % | 44.3 | % | (15.2 | %) |
| Operating income margin (excluding IFRIC 12) | 56.9 | % | 59.3 | % | 4.1 | % | 57.6 | % | 55.7 | % | (3.3 | %) |
| EBITDA margin | 56.6 | % | 58.5 | % | 3.4 | % | 63.3 | % | 55.3 | % | (12.5 | %) |
| EBITDA margin (excluding IFRIC 12) | 69.5 | % | 71.3 | % | 2.5 | % | 69.6 | % | 69.6 | % | (0.1 | %) |
| Costs of services and improvements / total revenues | 34.0 | % | 32.1 | % | (5.7 | %) | 26.1 | % | 35.7 | % | 37.0 | % |
| Cost of services / total revenues (excluding IFRIC 12) | 19.1 | % | 17.4 | % | (8.5 | %) | 18.6 | % | 19.2 | % | 2.9 | % |
| IR Contacts: | |
| Saúl Villarreal, Chief Financial Officer | svillarreal@aeropuertosgap.com.mx |
| Alejandra Soto, IR and Financial Planning Manager | 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 27, 2021 | /s/ SAÚL VILLARREAL GARCÍA | |
| Saúl Villarreal García | ||
| Chief Financial Officer | ||