6-K
Pacific Airport Group (PAC)
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 2023
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 [ ]
Grupo Aeroportuario del Pacifico Announces Results for the ThirdQuarter of 2023
GUADALAJARA, Mexico, Oct. 23, 2023 (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 third quarter ended September 30, 2023 (3Q23). Figures are unaudited and prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
Summary of Results 3Q23 vs. 3Q22
The sum of aeronautical and non-aeronautical services revenues increased by Ps.549.4 million, or 9.5%. Total revenues increased by Ps. 640.9 million, or 9.4%.
Cost of services increased by Ps. 202.3 million, or 20.6%.
Income from operations increased by Ps. 152.7 million, or 4.4%.
EBITDA increased by Ps. 184.8 million, or 4.5%, an increase from Ps. 4,085.0 million in 3Q22 to Ps. 4,269.9 million in 3Q23. EBITDA margin (excluding the effects of IFRIC-12) went from 70.7% in 3Q22 to 67.5% in 3Q23.
Comprehensive income decreased by Ps. 105.3 million, or 4.0%, from Ps. 2,656.7 million in 3Q22 to Ps. 2,551.4 million in 3Q23.
**Company’s Financial Position:**3Q23 results were positive compared to 3Q22, with an increase in aeronautical and non-aeronautical revenues, despite the 15.7% appreciation of the peso versus the U.S. dollar in the quarter, generating positive net cash flow from operating activities, which amounted to Ps. 4,115.9 million. The Company reported a financial position of cash and cash equivalents as of September 30, 2023, of Ps. 14,454.1 million. During 3Q23, the Company drawdown two credit lines for a combined total amount of US$70.0 million. The proceeds from these credit lines were used to acquire 100% of the shares of a real estate company within the Tijuana airport for USD$35.4 million and USD$30.0 million will be used for investment commitments in the MBJ airport.
Passenger Traffic
During 3Q23, total passengers at the Company’s 14 airports increased by 1,583.4 thousand passengers, an increase of 10.8%, compared to 3Q22.
During 3Q23, the following new routes were opened:
Domestic:
| Airline | Departure | Arrival | Opening date | Frequencies |
|---|---|---|---|---|
| Viva<br> Aerobus | La<br> Paz | Mazatlan | July<br> 1, 2023 | 2<br> weekly |
| Viva<br> Aerobus | Los<br> Cabos | Ciudad<br> Juarez | July<br> 1, 2023 | 2<br> weekly |
| Viva<br> Aerobus | Los<br> Cabos | Queretaro | July<br> 2, 2023 | 3<br> weekly |
| Viva<br> Aerobus | Los<br> Cabos | Torreon | July<br> 3, 2023 | 2<br> weekly |
| Volaris | Los<br> Cabos | Queretaro | July<br> 10, 2023 | 4<br> weekly |
| Volaris | Mexicali | Chihuahua | July<br> 10, 2023 | 3<br> weekly |
| Volaris | Mexicali | Hermosillo | July<br> 10, 2023 | 2<br> weekly |
| Volaris | Hermosillo | Mexicali | July<br> 10, 2023 | 2<br> weekly |
| Volaris | Guanajuato | Ciudad<br> Obregon | July<br> 10, 2023 | 3<br> weekly |
| Volaris | Guanajuato | Culiacan | July<br> 10, 2023 | 3<br> weekly |
| Volaris | Hermosillo | Guanajuato | July<br> 10, 2023 | 2<br> weekly |
| Volaris | Guanajuato | Los<br> Mochis | July<br> 10, 2023 | 2<br> weekly |
| Volaris | Guanajuato | Torreon | July<br> 10, 2023 | 3<br> weekly |
| Volaris | Guanajuato | Tuxtla<br> Gutierrez | July<br> 10, 2023 | 3<br> weekly |
| Volaris | Tijuana | Villahermosa | July<br> 10, 2023 | 2<br> weekly |
| Volaris | Mexicali | Ciudad<br> Juarez | July<br> 10, 2023 | 2<br> weekly |
| Volaris | Guadalajara | Loreto | July<br> 11, 2023 | 2<br> weekly |
| Volaris | Mexicali | Oaxaca | July<br> 11, 2023 | 2<br> weekly |
| Volaris | Mexicali | Queretaro | July<br> 11, 2023 | 2<br> weekly |
| Volaris | Guanajuato | La<br> Paz | July<br> 11, 2023 | 2<br> weekly |
| Volaris | La<br> Paz | Guanajuato | July<br> 11, 2023 | 2<br> weekly |
| Volaris | Los<br> Mochis | Guanajuato | July<br> 11, 2023 | 2<br> weekly |
| ^Note: Frequencies can vary without prior notice.^ | ||||
| Airline | Departure | Arrival | Opening date | Frequencies |
| --- | --- | --- | --- | --- |
| Volaris | Guanajuato | Oaxaca | July<br> 11, 2023 | 2<br> weekly |
| Volaris | Guanajuato | Veracruz | July<br> 11, 2023 | 2<br> weekly |
| Volaris | Mexicali | Los<br> Mochis | July<br> 12, 2023 | 2<br> weekly |
| Volaris | Los<br> Mochis | Mexicali | July<br> 12, 2023 | 2<br> weekly |
| Volaris | Mexicali | Tuxtla<br> Gutierrez | July<br> 12, 2023 | 2<br> weekly |
| Volaris | Hermosillo | Cancun | July<br> 13, 2023 | 2<br> weekly |
| Volaris | Hermosillo | Ciudad<br> Juarez | July<br> 13, 2023 | 2<br> weekly |
| Volaris | Los<br> Cabos | Mexicali | July<br> 13, 2023 | 2<br> weekly |
| Volaris | Mexicali | Los<br> Cabos | July<br> 13, 2023 | 2<br> weekly |
| Volaris | Mexicali | Puerto<br> Vallarta | July<br> 13, 2023 | 2<br> weekly |
| Volaris | Puerto<br> Vallarta | Mexicali | July<br> 13, 2023 | 2<br> weekly |
| Volaris | Guadalajara | Cozumel | July<br> 13, 2023 | 2<br> weekly |
| Volaris | Guadalajara | Huatulco | July<br> 13, 2023 | 2<br> weekly |
| Volaris | La<br> Paz | Monterrey | July<br> 13, 2023 | 2<br> weekly |
| Volaris | Guanajuato | Acapulco | July<br> 13, 2023 | 2<br> weekly |
| Volaris | Guanajuato | Mazatlan | July<br> 13, 2023 | 2<br> weekly |
| Volaris | Guanajuato | Zihuatanejo | July<br> 13, 2023 | 2<br> weekly |
| Volaris | Guanajuato | Hermosillo | July<br> 13, 2023 | 2<br> weekly |
| Volaris | Hermosillo | Culiacan | July<br> 13, 2023 | 2<br> weekly |
| Volaris | Puerto<br> Vallarta | Culiacan | July<br> 13, 2023 | 2<br> weekly |
| Viva<br> Aerobus | Hermosillo | Felipe<br> Angeles | July<br> 14, 2023 | 4<br> weekly |
| Volaris | Guadalajara | Villahermosa | September<br> 22, 2023 | 1<br> weekly |
| ^Note: Frequencies can vary without prior notice.^ |
Domestic Terminal Passengers – 14 airports (in thousands):
| Airport | 3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change |
|---|---|---|---|---|---|---|
| Guadalajara | 2,935.2 | 3,261.8 | 11.1% | 7,969.3 | 9,395.0 | 17.9% |
| Tijuana * | 2,151.2 | 2,448.3 | 13.8% | 5,973.1 | 6,751.6 | 13.0% |
| Los Cabos | 725.5 | 832.5 | 14.8% | 1,869.8 | 2,244.2 | 20.0% |
| Puerto Vallarta | 753.4 | 799.5 | 6.1% | 1,944.0 | 2,197.1 | 13.0% |
| Montego Bay | 0.0 | 0.0 | 0.0% | 0.0 | 0.0 | N/A |
| Guanajuato | 491.5 | 662.9 | 34.9% | 1,300.7 | 1,729.5 | 33.0% |
| Hermosillo | 479.0 | 556.8 | 16.2% | 1,343.6 | 1,552.4 | 15.5% |
| Kingston | 0.5 | 0.7 | 43.8% | 1.0 | 1.3 | 35.8% |
| Mexicali | 327.8 | 447.6 | 36.5% | 918.7 | 1,174.8 | 27.9% |
| Morelia | 160.8 | 221.1 | 37.5% | 474.3 | 609.1 | 28.4% |
| La Paz | 274.0 | 303.6 | 10.8% | 786.7 | 814.2 | 3.5% |
| Aguascalientes | 171.2 | 171.6 | 0.2% | 524.8 | 478.6 | (8.8%) |
| Los Mochis | 103.4 | 123.1 | 19.0% | 307.5 | 336.2 | 9.4% |
| Manzanillo | 25.5 | 27.3 | 7.0% | 74.0 | 80.1 | 8.2% |
| Total | 8,599.1 | 9,856.8 | 14.6% | 23,487.4 | 27,364.0 | 16.5% |
| ^*Cross Border Xpress (CBX) users are classified as international passengers.^ |
International Terminal Passengers – 14 airports (in thousands) :
| Airport | 3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change |
|---|---|---|---|---|---|---|
| Guadalajara | 1,165.2 | 1,342.2 | 15.2% | 3,232.8 | 3,848.9 | 19.1% |
| Tijuana * | 1,113.5 | 1,093.9 | (1.8%) | 3,063.3 | 3,254.5 | 6.2% |
| Los Cabos | 1,001.1 | 999.6 | (0.1%) | 3,310.4 | 3,603.1 | 8.8% |
| Puerto Vallarta | 652.8 | 599.0 | (8.2%) | 2,587.6 | 2,863.8 | 10.7% |
| Montego Bay | 1,136.8 | 1,306.4 | 14.9% | 3,225.8 | 3,963.2 | 22.9% |
| Guanajuato | 210.5 | 227.4 | 8.0% | 567.7 | 645.5 | 13.7% |
| Hermosillo | 20.1 | 18.3 | (8.7%) | 58.5 | 55.0 | (6.0%) |
| Kingston | 497.8 | 509.4 | 2.3% | 1,128.4 | 1,338.9 | 18.7% |
| Mexicali | 1.7 | 1.8 | 4.6% | 4.6 | 5.3 | 14.7% |
| Morelia | 130.7 | 149.2 | 14.2% | 364.2 | 444.0 | 21.9% |
| La Paz | 5.4 | 2.6 | (51.4%) | 19.2 | 10.3 | (46.0%) |
| Aguascalientes | 65.2 | 81.5 | 25.0% | 170.2 | 214.3 | 25.9% |
| Los Mochis | 2.1 | 1.9 | (10.8%) | 5.8 | 5.4 | (7.6%) |
| Manzanillo | 11.1 | 6.5 | (41.5%) | 52.3 | 49.1 | (6.0%) |
| Total | 6,013.9 | 6,339.7 | 5.4% | 17,790.9 | 20,301.6 | 14.1% |
| ^*CBX users are classified as international passengers.^ |
Total Terminal Passengers – 14 airports (in thousands):
| Airport | 3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change |
|---|---|---|---|---|---|---|
| Guadalajara | 4,100.4 | 4,604.0 | 12.3% | 11,202.1 | 13,243.9 | 18.2% |
| Tijuana * | 3,264.7 | 3,542.2 | 8.5% | 9,036.4 | 10,006.1 | 10.7% |
| Los Cabos | 1,726.5 | 1,832.1 | 6.1% | 5,180.3 | 5,847.3 | 12.9% |
| Puerto Vallarta | 1,406.2 | 1,398.5 | (0.5%) | 4,531.7 | 5,060.9 | 11.7% |
| Montego Bay | 1,136.8 | 1,306.4 | 14.9% | 3,225.8 | 3,963.2 | 22.9% |
| Guanajuato | 702.0 | 890.2 | 26.8% | 1,868.4 | 2,375.0 | 27.1% |
| Hermosillo | 499.1 | 575.2 | 15.2% | 1,402.1 | 1,607.5 | 14.6% |
| Kingston | 498.3 | 510.1 | 2.4% | 1,129.4 | 1,340.3 | 18.7% |
| Mexicali | 329.5 | 449.4 | 36.4% | 923.3 | 1,180.1 | 27.8% |
| Morelia | 291.5 | 370.2 | 27.0% | 838.5 | 1,053.1 | 25.6% |
| La Paz | 279.4 | 306.2 | 9.6% | 805.9 | 824.5 | 2.3% |
| Aguascalientes | 236.4 | 253.1 | 7.0% | 695.0 | 692.9 | (0.3%) |
| Los Mochis | 105.5 | 125.0 | 18.4% | 313.3 | 341.6 | 9.0% |
| Manzanillo | 36.6 | 33.8 | (7.7%) | 126.3 | 129.2 | 2.3% |
| Total | 14,613.0 | 16,196.5 | 10.8% | 41,278.3 | 47,665.6 | 15.5% |
| ^*CBX users are classified as international passengers.^ |
CBX Users (in thousands):
| Airport | 3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change |
|---|---|---|---|---|---|---|
| Tijuana | 1,103.9 | 1,084.2 | (1.8%) | 3,038.5 | 3,226.9 | 6.2% |
Consolidated Results for the Third Quarter of 2023 (in thousands of pesos) :
| **** | 3Q22 | 3Q23 | Change |
|---|---|---|---|
| Revenues | |||
| Aeronautical<br> services | 4,449,504 | 4,812,288 | 8.2% |
| Non-aeronautical<br> services | 1,329,793 | 1,516,381 | 14.0% |
| Improvements<br> to concession assets (IFRIC-12) | 972,743 | 1,064,286 | 9.4% |
| Total revenues | 6,752,040 | 7,392,955 | 9.5% |
| Operating costs | |||
| Costs<br> of services: | 980,978 | 1,183,268 | 20.6% |
| Employee<br> costs | 357,283 | 440,836 | 23.4% |
| Maintenance | 147,757 | 171,063 | 15.8% |
| Safety,<br> security & insurance | 146,102 | 180,066 | 23.2% |
| Utilities | 136,726 | 141,334 | 3.4% |
| Other<br> operating expenses | 193,110 | 249,969 | 29.4% |
| Technical<br> assistance fees | 189,598 | 209,109 | 10.3% |
| Concession<br> taxes | 525,291 | 671,398 | 27.8% |
| Depreciation<br> and amortization | 587,686 | 619,755 | 5.5% |
| Cost<br> of improvements to concession assets (IFRIC-12) | 972,743 | 1,064,286 | 9.4% |
| Other<br> (income) | (1,610) | (4,959) | 208.0% |
| Total operating costs | 3,254,686 | 3,742,857 | 15.0% |
| Income from operations | 3,497,354 | 3,650,098 | 4.4% |
| Financial<br> Result | (227,340) | (544,187) | 139.4% |
| Income before income taxes | 3,270,014 | 3,105,911 | (5.0%) |
| Income<br> taxes | (607,303) | (727,051) | 19.7% |
| Net income | 2,662,711 | 2,378,860 | (10.7%) |
| Currency<br> translation effect | (7,235) | 158,864 | (2295.8%) |
| Cash<br> flow hedges, net of income tax | 1,152 | 13,398 | 1063.0% |
| Remeasurements<br> of employee benefit – net income tax | 106 | 318 | 200.0% |
| Comprehensive income | 2,656,734 | 2,551,440 | (4.0%) |
| Non-controlling<br> interest | (58,841) | (52,302) | (11.1%) |
| Comprehensive income attributable to controlling interest | 2,597,893 | 2,499,138 | (3.8%) |
| **** | 3Q22 | 3Q23 | Change |
| EBITDA | 4,085,040 | 4,269,853 | 4.5% |
| Comprehensive<br> income | 2,656,734 | 2,551,440 | (4.0%) |
| Comprehensive<br> income per share (pesos) | 5.2245 | 5.0496 | (3.3%) |
| Comprehensive<br> income per ADS (US dollars) | 3.0015 | 2.9010 | (3.3%) |
| Operating<br> income margin | 51.8% | 49.4% | (4.7%) |
| Operating<br> income margin (excluding IFRIC-12) | 60.5% | 57.7% | (4.7%) |
| EBITDA<br> margin | 60.5% | 57.8% | (4.5%) |
| EBITDA<br> margin (excluding IFRIC-12) | 70.7% | 67.5% | (4.5%) |
| Costs<br> of services and improvements / total revenues | 28.9% | 30.4% | 5.1% |
| Cost<br> of services / total revenues (excluding IFRIC-12) | 17.0% | 18.7% | 10.2% |
| ^- Net income and comprehensive income per share for 3Q23 and 3Q22 were calculated based on 505,277,464 shares outstanding as of September 30, 2023 and September 30, 2022, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 17.4064 per U.S. dollar (the noon buying rate on September 29, 2023, as published by the U.S. Federal Reserve Board).^ | |||
| ^- For purposes of the consolidation of our Jamaican airports, the average three-month exchange rate of Ps. 17.0601 per U.S. dollar for the three months ended September 30, 2023 was used.^ |
Revenues (3Q23 vs. 3Q22)
Aeronautical services revenues increased by Ps. 362.8 million, or 8.2%.
Non-aeronautical services revenues increased by Ps. 186.6 million, or 14.0%.
Revenues from improvements to concession assets increased by Ps. 91.5 million, or 9.4%.
Total revenues increased by Ps. 640.9 million, or 9.5%.
The change in aeronautical services revenues was primarily due to the following factors:
- Revenues at our Mexican airports increased by Ps. 393.1 million, or 10.6%, compared to 3Q22, mainly due to the 10.8% increase in passenger traffic and the 99.0% compliance with the maximum tariffs.
- Revenues from Jamaican airports decreased by Ps. 30.3 million, or 4.1%, compared to 3Q22. This was mainly due to the 15.7% appreciation of the peso versus the U.S. dollar, compared to 3Q22, which went from an average exchange rate of Ps. 20.2403 in 3Q22 to Ps. 17.0601 in 3Q23, which represented a decrease in revenues in pesos. Revenues in U.S. dollars increased by USD$2.8 million or 24.6%. Passenger traffic increased by 11.1%.
The change in non-aeronautical services revenues was primarily driven by the following factors:
- Revenues at our Mexican airports increased by Ps. 174.2 million, or 16.0%, compared to 3Q22. Revenues from businesses operated by third parties increased by Ps. 66.6 million, or 9.4%, mainly due to the passenger traffic recovery, the opening of new commercial spaces, and the renegotiation of contract conditions. The business lines that grew the most were food and beverage, retail, car rentals, and leasing of space, all of which increased by Ps. 92.9 million, or 20.2%, offset by a decrease in revenues from duty-free stores and time-shares by Ps. 20.4 million, combined, given that these contracts are in U.S. dollars and the peso appreciated by 15.7%. Revenues from businesses operated directly by us increased by Ps. 107.6 million, or 29.3%.
- Revenues from the Jamaican airports increased by Ps. 12.4 million, or 5.1%, compared to 3Q22. The business line that grew the most was duty-free stores, advertising, and financial services, which increased by Ps. 17.5 million, or 17.5%. These revenues were offset by a decrease in retail and other commercial revenues by Ps. 6.5 million. Revenues in U.S. dollars increased by US$ 2.9 million, or 24.7%, offset by an appreciation of the peso by 15.7% against the U.S. dollar compared to 3Q22.
| **** | 3Q22 | 3Q23 | Change |
|---|---|---|---|
| Businesses operated by third parties: | |||
| Food and beverage | 203,903 | 249,671 | 22.4% |
| Duty-free | 194,142 | 193,804 | (0.2%) |
| Retail | 154,788 | 175,933 | 13.7% |
| Car rentals | 136,692 | 144,939 | 6.0% |
| Leasing of space | 82,646 | 97,178 | 17.6% |
| Time shares | 59,598 | 50,202 | (15.8%) |
| Ground transportation | 41,213 | 33,902 | (17.7%) |
| Communications and financial services | 27,200 | 28,734 | 5.6% |
| Other commercial revenues | 29,440 | 24,526 | (16.7%) |
| Total | 929,624 | 998,888 | 7.5% |
| Businesses operated directly by us: | |||
| Car parking | 142,543 | 186,944 | 31.1% |
| VIP lounges | 94,392 | 105,870 | 12.2% |
| Convenience stores | 86,073 | 128,147 | 48.9% |
| Advertising | 20,344 | 41,696 | 105.0% |
| Total | 343,353 | 462,657 | 34.7% |
| Recovery of costs | 56,816 | 54,835 | (3.5%) |
| Total Non-aeronautical Revenues | 1,329,793 | 1,516,381 | 14.0% |
| ^Figures expressed in thousands of Mexican pesos.^ |
Revenues from improvements to concession assets ^1^Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 91.5 million, or 9.4%, compared to 3Q22. The change was composed of:
- Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 81.4 million, or 8.5%, due to increased investments under the Master Development Program for 2020-2024 period.
- Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 10.1 million, or 59.2%.
^_____________________________1 Revenues from improvements to concession assets are recognized in accordancewith 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 recognitionof IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance withthe Company’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculatedusing “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such marginsand ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that arecalculated based on those results of the Company that do have a cash impact.^
Total operating costs increased by Ps. 488.2 million, or 15.0%, compared to 3Q22, mainly due to the increase from costs of improvements to concession assets (IFRIC-12) by Ps. 91.5 million, a combined increase of Ps. 165.6 million, or 23.2%, in concession taxes and technical assistance fees, an increase in the cost of services of Ps. 202.3 million, or 20.6%, and a Ps. 32.1 million, or 5.5%, increase in depreciation and amortization (excluding the cost of improvements to concessionassets (IFRIC-12), operating costs increased Ps. 396.6 million, or 17.4%).
This increase in total operating costs was primarily due to the following factors:
Mexican airports:
- Operating costs increased by Ps. 352.3 million, or 13.5%, compared to 3Q22, primarily due to a Ps. 81.4 million, or 8.5%, increase in the cost of improvements to the concession assets (IFRIC-12), Ps. 196.7 million, or 25.2%, increase in the cost of services, a combined Ps. 40.1 million, or 9.6%, increase in technical assistance fees and concession taxes, and a Ps. 39.5 million, or 8.6%, increase in depreciation and amortization (excluding the cost of improvements to the concession assets,operating costs increased by Ps. 270.8 million or 16.4%).
The change in the cost of services during 3Q23 was mainly due to:
- Employee costs increased Ps. 81.6 million, or 26.6%, compared to 3Q22, mainly due to the hiring of 317 additional personnel during the last quarter of 2022 and during the first nine months of 2023, mainly for the operation of business lines operated directly by us, as well as the adjustments in salaries and changes in Labor Law.
- Other operating expenses increased Ps. 59.6 million, or 36.5%, compared to 3Q22, mainly due to a combined increase of Ps. 53.1 million in the cost of goods and services for our VIP lounges and convenience stores, due to the increase in sales of these business lines, as well as the increase in FBO services, professional fees, and travel expenses.
- Safety, security, and insurance costs increased Ps. 25.5 million, or 23.8%, compared to 3Q22, mainly due to an increase in the number of security staff, minimum wages and changes in Labor Law, and the opening of additional operational areas.
- Utilities costs increased by Ps. 15.2 million, or 17.5%.
Jamaican Airports:
- Operating costs increased by Ps. 135.9 million, or 21.1%, compared to 3Q22, mainly due to a Ps. 125.5 million, or 42.3%, increase in concession taxes, an increase in the cost of improvements to concession assets (IFRIC-12) by Ps.10.1 million, or 59.2%, and an increase in the cost of services by Ps. 5.6 million, or 2.8%, offset by the decrease in the depreciation and amortization by Ps. 7.4 million, or 5.8%.
Operating income margin went from 51.8% in 3Q22 to 49.4% in 3Q23. Excluding the effects of IFRIC-12, the operating income margin went from 60.5% in 3Q22 to 57.7% in 3Q23. Income from operations increased by Ps. 152.7 million, or 4.4%, compared to 3Q22.
EBITDA margin went from 60.5% in 3Q22 to 57.8% in 3Q23. Excluding the effects of IFRIC-12, EBITDA margin went from 70.7% in 3Q22 to 67.5% in 3Q23. The nominal value of EBITDA increased by Ps. 184.8 million,or 4.5%, compared to 3Q22.
Financial result increased by Ps. 316.9 million, or 139.4%, from a net expense of Ps. 227.3 million in 3Q22 to a net expense of Ps. 544.2 million in 3Q23. This change was mainly the result of:
- Foreign exchange rate fluctuations, which went from an income of Ps. 208.1 million in 3Q22 to an income of Ps. 170.3 million in 3Q23. This generated a foreign exchange loss of Ps. 37.9 million. This was mainly due to the appreciation of the peso. The currency translation effect income increased Ps. 166.1 million, compared to 3Q22.
- Interest expenses increased by Ps. 413.4 million, or 64.6%, compared to 3Q22, mainly due to higher debt as a result of the issuance of long-term debt securities and the drawdown of credit lines, as well as the increase in interest rates.
- Interest income increased by Ps. 134.4 million, or 65.2%, compared to 3Q22, mainly due to an increase in the reference interest rates.
In 3Q23, comprehensive income decreased by Ps. 105.3 million, or 4.0%, compared to 3Q22. Income before taxes decreased by Ps. 164.1 million, mainly due to the increase in the financial result of Ps. 316.9 million and the decrease in revenues in dollars due to the appreciation of the peso by 15.7%, an effect offset by the increase in income from the currency translation effect in Ps. 166.1 million.
During 3Q23, net income decreased by Ps. 283.9 million, or 10.7%, compared to 3Q22. Taxes for the period increased by Ps. 119.7 million, income taxes increased by Ps. 3.3 million and the benefit for deferred taxes decreased by Ps. 116.4 million, mainly due to a decrease in the inflation rate, from 2.2% in 3Q22 to 1.4% in 3Q23.
Consolidated Results for the Nine Months (in thousands of pesos) :
| **** | 9M22 | 9M23 | Change |
|---|---|---|---|
| Revenues | |||
| Aeronautical<br> services | 12,626,702 | 14,780,643 | 17.1% |
| Non-aeronautical<br> services | 3,815,830 | 4,544,249 | 19.1% |
| Improvements<br> to concession assets (IFRIC-12) | 2,932,191 | 4,767,624 | 62.6% |
| Total revenues | 19,374,723 | 24,092,515 | 24.4% |
| Operating costs | |||
| Costs<br> of services: | 2,634,969 | 3,184,434 | 20.9% |
| Employee<br> costs | 996,556 | 1,273,009 | 27.7% |
| Maintenance | 434,004 | 478,061 | 10.2% |
| Safety,<br> security & insurance | 408,919 | 503,020 | 23.0% |
| Utilities | 352,376 | 363,997 | 3.3% |
| Other<br> operating expenses | 443,114 | 566,347 | 27.8% |
| Technical<br> assistance fees | 553,970 | 651,826 | 17.7% |
| Concession<br> taxes | 1,398,515 | 1,938,019 | 38.6% |
| Depreciation<br> and amortization | 1,715,333 | 1,858,980 | 8.4% |
| Cost<br> of improvements to concession assets (IFRIC-12) | 2,932,191 | 4,767,624 | 62.6% |
| Other<br> (income) | (20,082) | 7,837 | (139.0%) |
| Total operating costs | 9,214,895 | 12,408,721 | 34.7% |
| Income from operations | 10,159,828 | 11,683,794 | 15.0% |
| Financial<br> Result | (788,405) | (1,726,623) | 119.0% |
| Income before income taxes | 9,371,424 | 9,957,171 | 6.3% |
| Income<br> taxes | (2,016,627) | (2,524,654) | 25.2% |
| Net income | 7,354,796 | 7,432,517 | 1.1% |
| Currency<br> translation effect | (346,786) | (655,718) | 89.1% |
| Cash<br> flow hedges, net of income tax | 138,539 | (24,353) | (117.6%) |
| Remeasurements<br> of employee benefit – net income tax | 311 | 917 | 194.9% |
| Comprehensive income | 7,146,860 | 6,753,363 | (5.5%) |
| Non-controlling<br> interest | (129,498) | (60,519) | (53.3%) |
| Comprehensive income attributable to controlling interest | 7,017,362 | 6,692,844 | (4.6%) |
| **** | 9M22 | 9M23 | Change |
| EBITDA | 11,875,161 | 13,542,775 | 14.0% |
| Comprehensive<br> income | 7,146,860 | 6,753,363 | (5.5%) |
| Comprehensive<br> income per share (pesos) | 14.0545 | 13.3657 | (4.9%) |
| Comprehensive<br> income per ADS (US dollars) | 8.0743 | 7.6786 | (4.9%) |
| Operating<br> income margin | 52.4% | 48.5% | (7.5%) |
| Operating<br> income margin (excluding IFRIC-12) | 61.8% | 60.5% | (2.2%) |
| EBITDA<br> margin | 61.3% | 56.2% | (8.3%) |
| EBITDA<br> margin (excluding IFRIC-12) | 72.2% | 70.1% | (3.0%) |
| Costs<br> of services and improvements / total revenues | 28.7% | 33.0% | 14.9% |
| Cost<br> of services / total revenues (excluding IFRIC-12) | 16.0% | 16.5% | 2.8% |
| ^- Net income and comprehensive income per share for 9M23 and 9M22 were calculated based on 505,277,464 shares outstanding as of September 30, 2023. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 17.4064 per U.S. dollar (the noon buying rate on September 29, 2023, as published by the U.S. Federal Reserve Board).^ | |||
| ^- For purposes of the consolidation of the airports in Jamaica, the average nine-month exchange rate of Ps. 17.8282 per U.S. dollar for the nine months ended September 30, 2023, was used.^ |
Revenues (9M23 vs. 9M22)
Aeronautical services revenues increased by Ps. 2,153.9 million, or 17.1%.
Non-aeronautical services revenues increased by Ps. 728.4 million, or 19.1%.
Revenues from improvements to concession assets increased by Ps. 1,835.4 million, or 62.6%.
Total revenues increased by Ps. 4,717.8 million, or 24.4%.
The change in aeronautical services revenues was composed primarily of the following factors:
- Revenues at our Mexican airports increased by Ps. 1,975.8 million, or 18.5%, compared to 9M22, mainly due to the 14.7% increase in passenger traffic, as well as 99.0% compliance with the maximum tariffs.
- Revenues from Jamaican airports increased by Ps. 178.1 million, or 9.0%, compared to 9M22. This was mainly due to the 21.8% increase in passenger traffic but offset by the appreciation of the peso against the U.S. dollar compared to 9M22 of 12.0%, which went from an average exchange rate of Ps. 20.2682 in 9M22 to Ps. 17.8282 in 9M23, which represented a decrease in revenues in pesos.
The change in non-aeronautical services revenues was composed primarily of the following factors :
- Revenues at our Mexican airports increased by Ps. 640.8 million, or 20.4%, compared to 9M22. Revenues from businesses operated directly by us increased by Ps. 335.0 million, or 36.1%, while the recovery of costs increased by Ps. 4.8 million, or 3.9%. Revenues from businesses operated by third parties increased by Ps. 301.0 million, or 14.4%. This was mainly due to the recovery of passenger traffic, the opening of new commercial spaces, and the renegotiation of existing contracts. The business lines that increased the most were food and beverage, retail, leasing of space, and car rentals, which jointly increased by Ps. 296.5 million, or 22.3%. Commercial revenues in U.S. dollars represent 25% of non-aeronautical revenues, therefore the appreciation of the peso during 9M23 affected that revenue by approximately 3.3%.
- Revenues from the Jamaican airports increased by Ps. 87.6 million, or 13.0%, compared to 9M22. The business lines that increased the most were duty-free stores, retail, food and beverage, advertising, parking lots, and leasing of space, which jointly increased by Ps. 105.0 million, or 18.5%. These revenues were offset by a decrease in other commercial revenues by Ps. 17.8 million. Revenues in U.S. dollars increased by US$9.5 million, or 28.5%.
| **** | 9M22 | 9M23 | Change |
|---|---|---|---|
| Businesses operated by<br> third parties: | |||
| Food and beverage | 577,652 | 748,361 | 29.6% |
| Duty-free | 535,938 | 583,824 | 8.9% |
| Retail | 451,440 | 531,703 | 17.8% |
| Car rentals | 398,902 | 427,802 | 7.2% |
| Leasing of space | 225,799 | 270,513 | 19.8% |
| Time shares | 178,968 | 166,585 | (6.9%) |
| Ground transportation | 126,464 | 132,307 | 4.6% |
| Communications and financial<br> services | 78,151 | 88,240 | 12.9% |
| Other commercial revenues | 125,793 | 112,188 | (10.8%) |
| Total | 2,699,108 | 3,061,523 | 13.4% |
| Businesses operated directly<br> by us: | |||
| Car parking | 394,652 | 528,005 | 33.8% |
| VIP lounges | 269,458 | 319,848 | 18.7% |
| Advertising | 229,063 | 359,901 | 57.1% |
| Convenience stores | 57,585 | 105,815 | 83.8% |
| Total | 950,758 | 1,313,568 | 38.2% |
| Recovery of costs | 165,964 | 169,157 | 1.9% |
| Total Non-aeronautical Revenues | 3,815,830 | 4,544,249 | 19.1% |
| ^Figures expressed in thousands of Mexican pesos.^ |
Revenues from improvements to concession assets^2^ Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 1,835.4 million, or 62.6%, compared to 9M22. The change was composed primarily of:
- The Company’s Mexican airports, which increased by Ps. 1,820.7 million, or 63.6%, due to increased investments under the Master Development Program for 2020-2024 period.
- Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 14.7 million, or 21.0%.
_____________________________ ^[2] Revenues from improvements to concession assets are recognized in accordance with InternationalFinancial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12), but this recognition does nothave a cash impact or an impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12are related to construction of infrastructure in each quarter to which the Company has committed in accordance with the Company’sMaster Development Programs in Mexico and Capital Development Program in Jamaica. All margins and ratios calculated using “TotalRevenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may notbe comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based onthose results of the Company that do have a cash impact.^
Total operating costs increased by Ps. 3,193.8 million, or 34.7%, compared to 9M22, mainly due to a Ps. 1,835.4 million, or 62.6% increase in the cost of improvements to the concession assets (IFRIC-12), a combined Ps. 637.4 million, or 32.6%, increase in concession taxes and technical assistance fees, a Ps. 549.5 million, or 20.9%, increase in cost of services, and a Ps. 143.6 million, or 8.4%, increase in depreciation and amortization (excluding the cost of improvements to concessionassets, operating costs increased Ps. 1,358.4 million, or 21.6%).
This increase in total operating costs was composed primarily of the following factors:
Mexican Airports:
- Operating costs increased by Ps. 2,759.4 million, or 36.9%, compared to 9M22, primarily due to a Ps. 1,820.7 million, or 63.6%, increase in the cost of improvements to the concession assets (IFRIC-12), a Ps. 570.4 million, or 27.6%, increase in cost of services, a combined Ps. 210.9 million, or 17.4%, increase in technical assistance fees and concession taxes, a Ps. 145.0 million, or 10.8%, increase in depreciation and amortization, (excluding the cost of improvements to the concessionassets, operating costs increased by Ps. 938.7 million or 20.4%).
The change in the cost of services during 9M23 was mainly due to:
- Employee costs increased Ps. 279.8 million, or 33.3%, compared to 9M22, mainly due to the hiring of additional personnel as well as the adjustments in salaries and changes in Labor Law.
- Other operating expenses increased Ps. 126.8 million, or 33.7%, compared to 9M22, mainly due to a combined increase of Ps. 112.4 million in the cost of goods and services for our VIP lounges and convenience stores, due to the increase in the operation and revenues from these business lines, as well as FBO services, the allowance for credit losses, and travel expenses.
- Safety, security and insurance costs increased Ps. 86.0 million, or 28.7%, compared to 9M22, mainly due to an increase in the number of security staff, increase in minimum wages, changes in Labor Law and the opening of additional operational areas.
- Utilities increased by Ps. 44.2 million, or 21.2%, compared to 9M22.
Jamaican Airports:
- Operating costs increased by Ps. 434.4 million, or 24.9%, compared to 9M22, mainly due to a Ps. 426.5 million, or 57.7%, increase in concession taxes, a Ps. 14.7 million or 21.0%, increase in cost of improvements to concession assets (IFRIC-12), offset by the decrease in cost of services by Ps. 20.9 million, or 3.7%, and the depreciation and amortization by Ps. 1.4 million, or 0.4%, mainly due to the appreciation of the peso by 12.0%, which represented a decrease in the cost in pesos.
Operating margin went from 52.4% in 9M22 to 48.5% in 9M23. Excluding the effects of IFRIC-12, operating margin went from 61.8% in 9M22 to 60.5% in 9M23. Operating income increased Ps. 1,524.0 million, or 15.0%, compared to 9M22.
EBITDA margin went from 61.3% in 9M22 to 56.2% in 9M23. Excluding the effects of IFRIC-12, EBITDA margin went from 72.2% in 9M22 to 70.1% in 9M23. The nominal value of EBITDA increased Ps. 1,667.6 million, or14.0%, compared to 9M22.
Financial cost increased by Ps. 938.2 million, or 119.0%, from a net expense of Ps. 788.4 million in 9M22 to a net expense of Ps. 1,726.6 million in 9M23. This change was mainly the result of:
- Foreign exchange rate fluctuation, which went from an income of Ps. 342.0 million in 9M22 to a loss of Ps. 186.3 million in 9M23. This generated an increase in the foreign exchange loss of Ps. 528.3 million, due to the peso appreciation. Currency translation effect expense increased Ps. 308.9 million, compared to 9M22.
- Interest expenses increased by Ps. 942.9 million, or 55.4%, compared to 9M22, mainly due to the increase in debt due to the issuance of bond certificates and the contracting of bank loans, as well as the substantial increase in interest rates.
- Interest income increased by Ps. 533.0 million, or 92.6%, compared to 9M22, mainly due to an increase in the reference interest rates.
In 9M23, comprehensive income decreased by Ps. 393.5 million, or 5.5%, compared to 9M22. Income before taxes increased by Ps. 585.7 million, mainly due to the increase in traffic and the commercial strategy. This growth generated an increase in income taxes of Ps. 508.0 million. However, net and comprehensive income decreased mainly due to the decrease of the effect of foreign currency translation in Ps. 308.9 million, and a decrease in cash flow hedges for Ps. 162.9 million.
During 9M23, net income increased by Ps. 77.7 million, or 1.1%, compared to 9M22. Taxes for the period increased by Ps. 508.0 million, income taxes increased by Ps. 157.2 million, and the benefit for deferred taxes decreased by Ps. 350.8 million, mainly due to a decrease in the inflation rate, from 6.2% in 9M22 to 2.9% in 9M23.
Statement of Financial Position
Total assets as of September 30, 2023 increased by Ps. 7,143.0 million compared to September 30, 2022, primarily due to the following items: (i) a Ps. 8,620.7 million increase in net improvements to concession assets; (ii) a Ps. 194.8 million increase in account receivables; and (iii) a Ps. 140.7 million combined increase in net machinery, equipment, and leasehold improvements, and advances to suppliers. This increase was partially offset by a decrease of: (i) Ps. 1,703.5 million in cash and cash equivalents, among others.
Total liabilities as of September 30, 2023, increased by Ps. 6,190.2 million compared to September 30, 2022. This increase was primarily due to the following items: (i) issuance of Ps. 2,498.0 million (net) in long-term debt securities, and (ii) Ps. 4,403.5 million in bank loans. This increase was partially offset by decrease of: (i) Ps. 663.5 million in accounts payable, and (ii) Ps. 164.6 million deferred taxes, among others.
Recent events
On September 3, 2023, the Company made the second and final drawdown for US$30.0 million in its subsidiary MBJ Airports Limited (MBJA) of the credit line for US$60.0 million, the loan has a five year term, with a monthly interest rate of SOFR plus 310 basis points and payment of 10% of principal in month 54, and the 90% at maturity.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the operation of Norman Manley International Airport in Kingston, Jamaica and took control of the operation in October 2019.
| This press release<br> contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative<br> to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures<br> such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for,<br> the corresponding measures calculated in accordance with IFRS.<br><br>This press release may contain forward-looking statements.<br> These statements are statements that are not historical facts and are based on management’s current view and estimates of future<br> economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “believes”,<br> “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended<br> to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal<br> operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting<br> financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current<br> views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends<br> or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions,<br> industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially<br> from current expectations. |
|---|
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
Exhibit A: Operating results by airport (in thousands of pesos):
| Airport | 3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change |
|---|---|---|---|---|---|---|
| Guadalajara | ||||||
| Aeronautical<br> services | 1,225,545 | 1,384,710 | 13.0% | 3,296,847 | 4,044,710 | 22.7% |
| Non-aeronautical<br> services | 222,509 | 263,082 | 18.2% | 644,738 | 760,360 | 17.9% |
| Improvements<br> to concession assets (IFRIC 12) | 499,974 | 42,989 | (91.4%) | 1,499,921 | 1,700,457 | 13.4% |
| Total Revenues | 1,948,028 | 1,690,782 | (13.2%) | 5,441,506 | 6,505,526 | 19.6% |
| Operating<br> income | 1,068,333 | 1,250,818 | 17.1% | 2,799,435 | 3,503,297 | 25.1% |
| EBITDA | 1,170,722 | 1,365,126 | 16.6% | 3,129,648 | 3,844,398 | 22.8% |
| Tijuana | ||||||
| Aeronautical<br> services | 698,222 | 784,504 | 12.4% | 1,893,773 | 2,203,798 | 16.4% |
| Non-aeronautical<br> services | 139,450 | 166,714 | 19.6% | 389,554 | 469,318 | 20.5% |
| Improvements<br> to concession assets (IFRIC 12) | 85,505 | 140,836 | 64.7% | 256,516 | 422,509 | 64.7% |
| Total Revenues | 923,179 | 1,092,054 | 18.3% | 2,539,844 | 3,095,625 | 21.9% |
| Operating<br> income | 574,981 | 634,623 | 10.4% | 1,559,064 | 1,718,782 | 10.2% |
| EBITDA | 664,549 | 735,933 | 10.7% | 1,807,050 | 2,017,211 | 11.6% |
| Los Cabos | ||||||
| Aeronautical<br> services | 654,908 | 680,673 | 3.9% | 2,001,237 | 2,287,815 | 14.3% |
| Non-aeronautical<br> services | 271,777 | 261,808 | (3.7%) | 811,070 | 867,887 | 7.0% |
| Improvements<br> to concession assets (IFRIC 12) | 63,265 | 249,608 | 294.5% | 189,796 | 748,823 | 294.5% |
| Total Revenues | 989,951 | 1,192,089 | 20.4% | 3,002,103 | 3,904,525 | 30.1% |
| Operating<br> income | 645,831 | 635,646 | (1.6%) | 2,011,990 | 2,200,249 | 9.4% |
| EBITDA | 721,192 | 717,482 | (0.5%) | 2,236,706 | 2,444,388 | 9.3% |
| Puerto Vallarta | ||||||
| Aeronautical<br> services | 484,214 | 463,874 | (4.2%) | 1,662,321 | 1,921,180 | 15.6% |
| Non-aeronautical<br> services | 125,788 | 119,673 | (4.9%) | 399,623 | 432,069 | 8.1% |
| Improvements<br> to concession assets (IFRIC 12) | 199,303 | 403,557 | 102.5% | 597,909 | 1,210,671 | 102.5% |
| Total Revenues | 809,305 | 987,104 | 22.0% | 2,659,853 | 3,563,921 | 34.0% |
| Operating<br> income | 382,371 | 409,130 | 7.0% | 1,477,112 | 1,651,577 | 11.8% |
| EBITDA | 430,801 | 463,400 | 7.6% | 1,620,906 | 1,815,864 | 12.0% |
| Montego Bay | ||||||
| Aeronautical<br> services | 442,173 | 433,702 | (1.9%) | 1,276,788 | 1,390,696 | 8.9% |
| Non-aeronautical<br> services | 182,776 | 199,151 | 9.0% | 514,116 | 597,734 | 16.3% |
| Improvements<br> to concession assets (IFRIC 12) | 17,096 | 23,988 | 40.3% | 70,202 | 79,029 | 12.6% |
| Total Revenues | 642,047 | 656,841 | 2.3% | 1,861,108 | 2,067,459 | 11.1% |
| Operating<br> income | 392,948 | 176,139 | (55.2%) | 951,245 | 712,829 | (25.1%) |
| EBITDA | 491,828 | 289,301 | (41.2%) | 1,293,084 | 1,065,396 | (17.6%) |
Exhibit A: Operating results by airport (in thousands of pesos):
| Airport | 3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change |
|---|---|---|---|---|---|---|
| Guanajuato | ||||||
| Aeronautical<br> services | 209,488 | 263,732 | 25.9% | 548,502 | 706,740 | 28.8% |
| Non-aeronautical<br> services | 39,735 | 46,316 | 16.6% | 113,305 | 135,793 | 19.8% |
| Improvements<br> to concession assets (IFRIC 12) | 10,647 | 70,722 | 564.3% | 31,941 | 212,167 | 564.3% |
| Total Revenues | 259,869 | 380,771 | 46.5% | 693,748 | 1,054,699 | 52.0% |
| Operating<br> income | 172,122 | 221,187 | 28.5% | 437,932 | 580,177 | 32.5% |
| EBITDA | 191,568 | 243,150 | 26.9% | 498,264 | 646,402 | 29.7% |
| Hermosillo | ||||||
| Aeronautical<br> services | 118,428 | 139,364 | 17.7% | 328,931 | 382,873 | 16.4% |
| Non-aeronautical<br> services | 20,047 | 25,324 | 26.3% | 55,968 | 68,093 | 21.7% |
| Improvements<br> to concession assets (IFRIC 12) | 16,897 | 14,439 | (14.5%) | 50,690 | 43,318 | (14.5%) |
| Total Revenues | 155,371 | 179,127 | 15.3% | 435,590 | 494,285 | 13.5% |
| Operating<br> income | 70,406 | 84,897 | 20.6% | 198,014 | 230,718 | 16.5% |
| EBITDA | 91,113 | 109,893 | 20.6% | 262,040 | 304,785 | 16.3% |
| Others (1) | ||||||
| Aeronautical<br> services | 616,526 | 661,729 | 7.3% | 1,618,301 | 1,842,831 | 13.9% |
| Non-aeronautical<br> services | 112,988 | 112,098 | (0.8%) | 309,744 | 327,381 | 5.7% |
| Improvements<br> to concession assets (IFRIC 12) | 80,056 | 118,145 | 47.6% | 235,216 | 350,649 | 49.1% |
| Total Revenues | 809,570 | 891,974 | 10.2% | 2,163,262 | 2,520,862 | 16.5% |
| Operating<br> income | 188,146 | 235,321 | 25.1% | 530,818 | 612,501 | 15.4% |
| EBITDA | 256,451 | 317,324 | 23.7% | 741,531 | 858,562 | 15.8% |
| Total | ||||||
| Aeronautical<br> services | 4,449,504 | 4,812,288 | 8.2% | 12,626,701 | 14,780,643 | 17.1% |
| Non-aeronautical<br> services | 1,115,070 | 1,194,167 | 7.1% | 3,238,120 | 3,658,636 | 13.0% |
| Improvements<br> to concession assets (IFRIC 12) | 972,743 | 1,064,286 | 9.4% | 2,932,191 | 4,767,624 | 62.6% |
| Total Revenues | 6,537,317 | 7,070,741 | 8.2% | 18,797,013 | 23,206,903 | 23.5% |
| Operating<br> income | 3,495,136 | 3,647,759 | 4.4% | 9,965,609 | 11,210,130 | 12.5% |
| EBITDA | 4,018,225 | 4,241,607 | 5.6% | 11,589,230 | 12,997,005 | 12.1% |
| ^(1) Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports.^ |
Exhibit B: Consolidated statement of financial position as of September 30 (in thousands of pesos) :
| **** | 2022 | 2023 | Change | % |
|---|---|---|---|---|
| Assets | ||||
| Current<br> assets | ||||
| Cash<br> and cash equivalents | 16,157,567 | 14,454,072 | (1,703,495) | (10.5%) |
| Trade<br> accounts receivable - Net | 1,867,442 | 2,062,286 | 194,844 | 10.4% |
| Other<br> current assets | 751,617 | 1,328,135 | 576,518 | 76.7% |
| Total current assets | 18,776,626 | 17,844,493 | (932,133) | (5.0%) |
| Advanced<br> payments to suppliers | 2,009,155 | 2,058,763 | 49,608 | 2.5% |
| Machinery,<br> equipment and improvements to leased buildings - Net | 3,707,712 | 3,798,780 | 91,068 | 2.5% |
| Improvements<br> to concession assets - Net | 18,524,228 | 27,144,891 | 8,620,663 | 46.5% |
| Airport<br> concessions - Net | 9,950,067 | 9,023,473 | (926,594) | (9.3%) |
| Rights<br> to use airport facilities - Net | 1,153,359 | 1,079,962 | (73,397) | (6.4%) |
| Deferred<br> income taxes - Net | 6,668,207 | 7,053,371 | 385,164 | 5.8% |
| Other<br> non-current assets | 672,900 | 601,549 | (71,351) | (10.6%) |
| Total assets | 61,462,255 | 68,605,282 | 7,143,027 | 11.6% |
| Liabilities | ||||
| Current<br> liabilities | 10,397,308 | 14,617,581 | 4,220,274 | 40.6% |
| Long-term<br> liabilities | 32,934,715 | 34,904,611 | 1,969,896 | 6.0% |
| Total liabilities | 43,332,023 | 49,522,193 | 6,190,170 | 14.3% |
| Stockholders' Equity | ||||
| Common<br> stock | 8,197,536 | 8,197,536 | - | 0.0% |
| Legal<br> reserve | 34,076 | 478,185 | 444,109 | 1303.3% |
| Net<br> income | 7,225,111 | 7,317,424 | 92,313 | 1.3% |
| Retained<br> earnings | 136,704 | 244,656 | 107,952 | 79.0% |
| Reserve<br> for share repurchase | 2,499,473 | 1,500,000 | (999,473) | (40.0%) |
| Repurchased<br> shares | (1,999,987) | - | 1,999,987 | (100.0%) |
| Foreign<br> currency translation reserve | 687,735 | (25,610) | (713,345) | (103.7%) |
| Remeasurements<br> of employee benefit – Net | 5,522 | 14,931 | 9,409 | 170.4% |
| Cash<br> flow hedges- Net | 168,095 | 106,269 | (61,826) | -36.8 |
| Total controlling interest | 16,954,265 | 17,833,391 | 879,126 | 5.2% |
| Non-controlling<br> interest | 1,175,967 | 1,249,698 | 73,731 | 6.3% |
| Total stockholder's equity | 18,130,232 | 19,083,089 | 952,857 | 5.3% |
| Total liabilities and stockholders' equity | 61,462,255 | 68,605,282 | 7,143,027 | 11.6% |
| ^The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”).^ |
Exhibit C: Consolidated statement of cash flows (in thousands of pesos):
| **** | 3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change |
|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||
| Consolidated net income | 2,662,711 | 2,378,860 | (10.7%) | 7,354,797 | 7,432,517 | 1.1% |
| Postemployment<br> benefit costs | 8,790 | 11,236 | 27.8% | 25,922 | 33,687 | 30.0% |
| Allowance<br> expected credit loss | 29,656 | 21,969 | (25.9%) | 25,811 | 28,365 | 9.9% |
| Depreciation<br> and amortization | 587,686 | 619,755 | 5.5% | 1,715,333 | 1,858,980 | 8.4% |
| Loss<br> on sale of machinery, equipment and improvements to leased assets | 1,513 | (535) | (135.4%) | 3,872 | 149 | (96.2%) |
| Interest<br> expense | 613,935 | 986,029 | 60.6% | 1,658,223 | 2,796,634 | 68.7% |
| Provisions | 5,084 | 6,171 | 21.4% | 17,463 | 18,076 | 3.5% |
| Income<br> tax expense | 607,303 | 727,051 | 19.7% | 2,016,627 | 2,524,654 | 25.2% |
| Unrealized<br> exchange loss | (107,973) | 43,389 | (140.2%) | (289,485) | (283,740) | (2.0%) |
| Net<br> (gain) on derivative financial instruments | - | - | - | (6,933) | - | (100.0%) |
| **** | 4,408,705 | 4,793,925 | 8.7% | 12,521,629 | 14,409,322 | 15.1% |
| Changes in working capital: | ||||||
| (Increase) decrease in | ||||||
| Trade<br> accounts receivable | 71,419 | 87,770 | 22.9% | (179,225) | 252,147 | (240.7%) |
| Recoverable<br> tax on assets and other assets | (142,941) | (20,127) | (85.9%) | 296,101 | (212,579) | (171.8%) |
| Increase (decrease) | ||||||
| Concession<br> taxes payable | (78,125) | 51,630 | (166.1%) | (116,187) | 167,794 | (244.4%) |
| Accounts<br> payable | 308,718 | 244,821 | (20.7%) | 245,002 | (116,841) | (147.7%) |
| Cash generated by operating activities | 4,567,776 | 5,158,019 | 12.9% | 12,767,319 | 14,499,843 | 13.6% |
| Income<br> taxes paid | (821,292) | (839,157) | 2.2% | (3,584,700) | (3,619,209) | 1.0% |
| Net cash flows provided by operating activities | 3,746,484 | 4,318,862 | 15.3% | 9,182,619 | 10,880,634 | 18.5% |
| Cash flows from investing activities: | ||||||
| Machinery,<br> equipment and improvements to concession assets | (2,396,581) | (2,008,933) | (16.2%) | (5,492,216) | (7,643,301) | 39.2% |
| Cash<br> flows from sales of machinery and equipment | 1,621 | 951 | (41.3%) | 1,904 | 1,793 | (5.8%) |
| Other<br> investment activities | (53,358) | (51,418) | (3.6%) | (81,577) | (35,451) | (56.5%) |
| Business<br> acquisition | - | (614,792) | 100.0% | - | (614,792) | 100.0% |
| Net cash used by investment activities | (2,448,318) | (2,674,192) | 9.2% | (5,571,889) | (8,291,751) | 48.8% |
| Cash flows from financing activities: | ||||||
| Dividends<br> declared and paid | - | (1,874,579) | 100.0% | (3,675,745) | (3,749,159) | 2.0% |
| Dividends<br> declared and paid non-controlling interest | - | - | 0.0% | (155,052) | - | 100.0% |
| Bond<br> certificates issued | 2,757,588 | - | (100.0%) | 7,757,588 | 5,400,000 | (30.4%) |
| Bond<br> certificates paid | - | - | 0.0% | (1,500,000) | (602,000) | (59.9%) |
| Bank<br> loans paid | - | 1,536 | 100.0% | (3,959,077) | (71,313) | (98.2%) |
| Banks<br> loans | - | 1,221,118 | 100.0% | 3,872,783 | 2,221,118 | (42.6%) |
| Repurchase<br> of shares | (924,284) | - | (100.0%) | (1,999,987) | - | (100.0%) |
| Interest<br> paid | (583,027) | (1,352,659) | 132.0% | (1,524,509) | (3,027,929) | 98.6% |
| Interest<br> paid on lease | (1,403) | (1,239) | (11.7%) | (4,065) | (3,657) | (10.0%) |
| Payments<br> of obligations for leasing | (4,221) | (4,740) | 12.3% | (11,924) | (13,064) | 9.6% |
| Net cash flows used in financing activities | 1,244,653 | (2,010,563) | (261.5%) | (1,199,988) | 153,998 | (112.8%) |
| Effects<br> of exchange rate changes on cash held | 125,186 | (100,987) | (180.7%) | 413,947 | (660,273) | (259.5%) |
| Net<br> increase (decrease) in cash and cash equivalents | 2,668,005 | (466,880) | (117.5%) | 2,824,691 | 2,082,608 | (26.3%) |
| Cash and cash equivalents at beginning of the period | 13,489,562 | 14,920,952 | 10.6% | 13,332,877 | 12,371,464 | (7.2%) |
| Cash and cash equivalents at the end of the period | 16,157,567 | 14,454,072 | (10.5%) | 16,157,567 | 14,454,072 | (10.5%) |
Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands ofpesos) :
| **** | 3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change |
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Aeronautical<br> services | 4,449,504 | 4,812,288 | 8.2% | 12,626,702 | 14,780,643 | 17.1% |
| Non-aeronautical<br> services | 1,329,793 | 1,516,381 | 14.0% | 3,815,830 | 4,544,249 | 19.1% |
| Improvements<br> to concession assets (IFRIC-12) | 972,743 | 1,064,286 | 9.4% | 2,932,191 | 4,767,624 | 62.6% |
| Total revenues | 6,752,040 | 7,392,955 | 9.5% | 19,374,723 | 24,092,515 | 24.4% |
| Operating costs | ||||||
| Costs<br> of services: | 980,978 | 1,183,268 | 20.6% | 2,634,969 | 3,184,434 | 20.9% |
| Employee<br> costs | 357,283 | 440,836 | 23.4% | 996,556 | 1,273,009 | 27.7% |
| Maintenance | 147,757 | 171,063 | 15.8% | 434,004 | 478,061 | 10.2% |
| Safety,<br> security & insurance | 146,102 | 180,066 | 23.2% | 408,919 | 503,020 | 23.0% |
| Utilities | 136,726 | 141,334 | 3.4% | 352,376 | 363,997 | 3.3% |
| Other<br> operating expenses | 193,110 | 249,969 | 29.4% | 443,114 | 566,347 | 27.8% |
| Technical<br> assistance fees | 189,598 | 209,109 | 10.3% | 553,970 | 651,826 | 17.7% |
| Concession<br> taxes | 525,291 | 671,398 | 27.8% | 1,398,515 | 1,938,019 | 38.6% |
| Depreciation<br> and amortization | 587,686 | 619,755 | 5.5% | 1,715,333 | 1,858,980 | 8.4% |
| Cost<br> of improvements to concession assets (IFRIC-12) | 972,743 | 1,064,286 | 9.4% | 2,932,191 | 4,767,624 | 62.6% |
| Other<br> (income) | (1,610) | (4,959) | 208.0% | (20,082) | 7,837 | (139.0%) |
| Total operating costs | 3,254,686 | 3,742,857 | 15.0% | 9,214,895 | 12,408,721 | 34.7% |
| Income from operations | 3,497,354 | 3,650,098 | 4.4% | 10,159,828 | 11,683,794 | 15.0% |
| Financial<br> Result | (227,340) | (544,187) | 139.4% | (788,405) | (1,726,623) | 119.0% |
| Income before income taxes | 3,270,014 | 3,105,911 | (5.0%) | 9,371,424 | 9,957,171 | 6.3% |
| Income<br> taxes | (607,303) | (727,051) | 19.7% | (2,016,627) | (2,524,654) | 25.2% |
| Net income | 2,662,711 | 2,378,860 | (10.7%) | 7,354,796 | 7,432,517 | 1.1% |
| Currency<br> translation effect | (7,235) | 158,864 | (2295.8%) | (346,786) | (655,718) | 89.1% |
| Cash<br> flow hedges, net of income tax | 1,152 | 13,398 | 1063.0% | 138,539 | (24,353) | (117.6%) |
| Remeasurements<br> of employee benefit – net income tax | 106 | 318 | 200.0% | 311 | 917 | 194.9% |
| Comprehensive income | 2,656,734 | 2,551,440 | (4.0%) | 7,146,860 | 6,753,363 | (5.5%) |
| Non-controlling<br> interest | (58,841) | (52,302) | (11.1%) | (129,498) | (60,519) | (53.3%) |
| Comprehensive income attributable to controlling interest | 2,597,893 | 2,499,138 | (3.8%) | 7,017,362 | 6,692,844 | (4.6%) |
| ^The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”).^ |
Exhibit E: Consolidated stockholders’ equity (in thousands of pesos) :
| **** | Common Stock | Legal Reserve | Reserve for Share Repurchase | Repurchased Shares | Retained Earnings | Other comprehensive income | Total controlling interest | Non-controlling interest | Total Stockholders' Equity |
|---|---|---|---|---|---|---|---|---|---|
| Balance as of January 1, 2022 | 170,381 | 1,592,551 | 5,531,292 | (3,000,036) | 13,925,091 | 1,069,102 | 19,288,380 | 1,140,220 | 20,428,600 |
| Legal<br> Reserve cancellation | - | (1,558,475) | - | - | 1,558,475 | - | - | - | - |
| Capitalization<br> of retained earnings | 8,027,155 | - | - | - | (8,027,155) | - | - | - | - |
| Dividends<br> declared | - | - | - | - | (7,351,490) | - | (7,351,490) | - | (7,351,490) |
| Repurchased<br> share cancellation | - | - | (3,000,036) | 3,000,036 | - | - | - | - | - |
| Reserve<br> for share purchase | - | - | (31,782) | - | 31,782 | - | - | - | - |
| Dividends<br> declared non-controlling interest | - | - | - | - | - | - | - | (93,751) | (93,751) |
| Repurchased<br> share | - | - | - | (1,999,987) | - | - | (1,999,987) | - | (1,999,987) |
| Comprehensive<br> income: | |||||||||
| Net<br> income | - | - | - | - | 7,225,111 | - | 7,225,111.00 | 129,685.00 | 7,354,797.00 |
| Foreign<br> currency translation reserve | - | - | - | - | - | (346,599) | (346,599) | (187) | (346,786) |
| Remeasurements<br> of employee benefit – Net | - | - | - | - | - | 311 | 311 | - | 311 |
| Reserve<br> for cash flow hedges – Net of income tax | - | - | - | - | - | 138,539 | 138,539 | - | 138,539 |
| Balance as of September 30, 2022 | 8,197,536 | 34,076 | 2,499,473 | (1,999,987) | 7,361,815 | 861,353 | 16,954,265 | 1,175,967 | 18,130,239 |
| Balance as of January 1, 2023 | 8,197,536 | 34,076 | 2,499,473 | (1,999,987) | 9,187,597 | 720,171 | 18,638,866 | 1,189,179 | 19,828,045 |
| Legal<br> reserve cancellation | - | 444,109 | - | - | (444,109) | - | - | - | - |
| Dividends<br> declared | - | - | - | - | (7,498,318) | - | (7,498,318) | - | (7,498,318) |
| Cancellation<br> repurchased shares | - | - | (1,999,987) | 1,999,987 | - | - | - | - | - |
| Reserve<br> for share purchase | - | - | 1,000,514 | - | (1,000,514) | - | - | - | - |
| Comprehensive<br> income: | |||||||||
| Net<br> income | - | - | - | - | 7,317,424 | - | 7,317,424 | 115,093 | 7,432,517 |
| Foreign<br> currency translation reserve | - | - | - | - | - | (601,144) | (601,144) | (54,574) | (655,718) |
| Remeasurements<br> of employee benefit – Net | - | - | - | - | - | 917 | 917 | - | 917 |
| Reserve<br> for cash flow hedges – Net of income tax | - | - | - | - | - | (24,353) | (24,353) | - | (24,353) |
| Balance as of September 30, 2023 | 8,197,536 | 478,185 | 1,500,000 | - | 7,562,080 | 95,590 | 17,833,390 | 1,249,698 | 19,083,089 |
| ^For presentation purposes, the 25.5% stake in Desarrollo de Concesiones Aeroportuarias, S.L. (“DCA”) held by Vantage appears in the Stockholders’ Equity of the Company as a non-controlling interest.^ |
As a part of the adoption of IFRS, the effects of inflation on common stock recognized pursuant to Mexican Financial Reporting Standards (MFRS) through December 31, 2007 were reclassified as retained earnings because accumulated inflation recognized under MFRS is not considered hyperinflationary according to IFRS. For Mexican legal and tax purposes, Grupo Aeroportuario del Pacífico, S.A.B. de C.V., as an individual entity, will continue preparing separate financial information under MFRS. Therefore, for any transaction between the Company and its shareholders related to stockholders’ equity, the Company must take into consideration the accounting balances prepared under MFRS as an individual entity and determine the tax impact under tax laws applicable in Mexico, which requires the use of MFRS. For purposes of reporting to stock exchanges, the consolidated financial statements will continue to be prepared in accordance with IFRS, as issued by the IASB.
Exhibit F: Other operating data:
| **** | 3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change |
|---|---|---|---|---|---|---|
| Total passengers | 14,613.1 | 16,196.5 | 10.8% | 41,278.3 | 47,665.6 | 15.5% |
| Total cargo volume (in<br> WLUs) | 613.0 | 615.3 | 0.4% | 1,916.6 | 1,869.0 | (2.5%) |
| Total WLUs | 15,226.1 | 16,811.7 | 10.4% | 43,194.9 | 49,534.6 | 14.7% |
| Aeronautical & non<br> aeronautical services per passenger (pesos) | 395.5 | 390.7 | (1.2%) | 398.3 | 405.4 | 1.8% |
| Aeronautical services<br> per WLU (pesos) | 292.2 | 286.2 | (2.0%) | 292.3 | 298.4 | 2.1% |
| Non aeronautical services<br> per passenger (pesos) | 91.0 | 93.6 | 2.9% | 92.4 | 95.3 | 3.1% |
| Cost of services per WLU<br> (pesos) | 64.4 | 70.4 | 9.3% | 61.0 | 64.3 | 5.4% |
| ^WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).^ | ||||||
| Alejandra<br> Soto, Investor Relations and Social Responsibility Officer | asoto@aeropuertosgap.com.mx | |||||
| --- | --- | |||||
| Gisela Murillo,<br> Investor 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 23, 2023 | /s/ SAÚL VILLARREAL GARCÍA |
| Saúl Villarreal García | |
| Chief Financial Officer |