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 July 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 Second Quarter
of 2023
GUADALAJARA, Mexico, July 24, 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 second quarter ended June 30,
2023 (2Q23). 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 2Q23 vs. 2Q22
- The sum of aeronautical and non-aeronautical services revenues increased by Ps.
855.6 million, or 15.2%. Total revenues increased by Ps. 1,749.6 million, or 26.5%.
- Cost of services increased by Ps. 134.1 million, or 14.9%.
- Income from operations increased by Ps. 437.0 million, or 12.4%.
- EBITDA increased by Ps. 495.1 million, or 12.1%, an increase from Ps. 4,081.7 million
in 2Q22 to Ps. 4,576.8 million in 2Q23. EBITDA margin (excluding the effects of IFRIC-12) went from 72.4% in 2Q22 to 70.4% in 2Q23.
- Comprehensive income decreased by Ps. 197.1 million, or 8.8%, from an income of Ps. 2,249.2
million in 2Q22 to an income of Ps. 2,052.0 million in 2Q23.
Company’s Financial Position:
2Q23 results were positive compared to 2Q22, with an increase
in aeronautical and non-aeronautical revenues, despite the 11.6% appreciation of the peso versus the U.S. dollar in the quarter, generating
positive net cash flow from operating activities, which amounted to Ps. 2,516.1 million. The Company reported a financial position of
cash and cash equivalents as of June 30, 2023, of Ps. 14,920.9 million. During 2Q23, the Company paid the first installment of the dividend
approved at the Annual General Shareholders' Meeting held on April 13, 2023 for Ps. 1,874.6 million. It also made the payment of the bond
certificate "GAP 20-2" for Ps. 602.0 million.
Passenger Traffic
During 2Q23, total passengers at the Company’s 14 airports increased by 1,792.4 thousand passengers, an increase
of 12.7%, compared to 2Q22.
During 2Q23, the following new routes were opened:
Domestic: |
|
|
|
|
Airline |
Departure |
Arrival |
Opening date |
Frequencies |
Viva Aerobus |
Los Cabos |
Toluca |
May 18,2023 |
1 daily |
Volaris |
Guadalajara |
Puerto Vallarta |
June 01, 2023 |
1 daily |
Volaris |
Puerto Vallarta |
Guadalajara |
June 01, 2023 |
1 daily |
Viva Aerobus |
Mexicali |
Monterrey |
June 01, 2023 |
1 daily |
Note:
Frequencies can vary without prior notice. |
|
|
|
|
|
International |
|
|
|
|
Airline |
Departure |
Arrival |
Opening date |
Frequencies |
Spirit |
Los Cabos |
Dallas Fort-Worth |
May 5, 2023 |
3 weekly |
Spirit |
Los Cabos |
Houston |
May 7, 2023 |
3 weekly |
Frontier |
Montego Bay |
Dallas Fort-Worth |
May 22, 2023 |
3 weekly |
JetBlue |
Puerto Vallarta |
Los Angeles |
June 27, 2023 |
1 daily |
Note:
Frequencies can vary without prior notice. |
Domestic Terminal Passengers –
14 airports (in thousands): |
|
Airport |
2Q22 |
2Q23 |
Change |
6M22 |
6M23 |
Change |
|
Guadalajara |
2,673.7 |
3,174.4 |
18.7 |
% |
5,034.1 |
6,133.2 |
21.8 |
% |
|
Tijuana * |
2,001.0 |
2,236.9 |
11.8 |
% |
3,821.9 |
4,303.3 |
12.6 |
% |
|
Los Cabos |
631.5 |
741.1 |
17.3 |
% |
1,144.4 |
1,411.7 |
23.4 |
% |
|
Puerto Vallarta |
691.9 |
758.0 |
9.6 |
% |
1,190.7 |
1,397.6 |
17.4 |
% |
|
Montego Bay |
0.0 |
0.0 |
0.0 |
% |
0.0 |
0.0 |
0.0 |
% |
|
Guanajuato |
426.9 |
559.3 |
31.0 |
% |
809.2 |
1,066.6 |
31.8 |
% |
|
Hermosillo |
481.3 |
521.6 |
8.4 |
% |
864.5 |
995.6 |
15.2 |
% |
|
Kingston |
0.3 |
0.4 |
38.5 |
% |
0.5 |
0.6 |
27.4 |
% |
|
Mexicali |
300.7 |
380.6 |
26.6 |
% |
590.8 |
727.2 |
23.1 |
% |
|
Morelia |
165.9 |
201.2 |
21.3 |
% |
313.5 |
388.0 |
23.8 |
% |
|
La Paz |
274.5 |
284.0 |
3.5 |
% |
512.7 |
510.6 |
(0.4 |
%) |
|
Aguascalientes |
195.6 |
156.4 |
(20.0 |
%) |
353.5 |
307.0 |
(13.2 |
%) |
|
Los Mochis |
107.9 |
118.8 |
10.0 |
% |
204.0 |
213.1 |
4.4 |
% |
|
Manzanillo |
24.5 |
25.7 |
4.9 |
% |
48.5 |
52.8 |
8.8 |
% |
|
Total |
7,975.7 |
9,158.3 |
14.8 |
% |
14,888.3 |
17,507.3 |
17.6 |
% |
|
*Cross Border Xpress (CBX) users are classified as international passengers. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Terminal Passengers
– 14 airports (in thousands): |
|
|
|
|
|
Airport |
2Q22 |
2Q23 |
Change |
6M22 |
6M23 |
Change |
|
Guadalajara |
1,097.7 |
1,290.6 |
17.6 |
% |
2,067.6 |
2,506.7 |
21.2 |
% |
|
Tijuana * |
1,026.6 |
1,113.0 |
8.4 |
% |
1,949.8 |
2,160.6 |
10.8 |
% |
|
Los Cabos |
1,184.6 |
1,222.3 |
3.2 |
% |
2,309.4 |
2,603.5 |
12.7 |
% |
|
Puerto Vallarta |
873.8 |
886.7 |
1.5 |
% |
1,934.8 |
2,264.8 |
17.1 |
% |
|
Montego Bay |
1,160.9 |
1,305.9 |
12.5 |
% |
2,089.0 |
2,656.8 |
27.2 |
% |
|
Guanajuato |
181.7 |
210.7 |
16.0 |
% |
357.2 |
418.1 |
17.1 |
% |
|
Hermosillo |
19.9 |
17.6 |
(11.1 |
%) |
38.5 |
36.7 |
(4.5 |
%) |
|
Kingston |
362.3 |
435.4 |
20.2 |
% |
630.6 |
829.5 |
31.5 |
% |
|
Mexicali |
1.7 |
2.0 |
15.0 |
% |
2.9 |
3.5 |
20.7 |
% |
|
Morelia |
117.2 |
143.3 |
22.3 |
% |
233.5 |
294.9 |
26.3 |
% |
|
La Paz |
6.3 |
4.0 |
(36.1 |
%) |
13.8 |
7.7 |
(44.0 |
%) |
|
Aguascalientes |
57.9 |
72.6 |
25.5 |
% |
105.0 |
132.8 |
26.5 |
% |
|
Los Mochis |
2.0 |
1.7 |
(12.0 |
%) |
3.7 |
3.5 |
(5.8 |
%) |
|
Manzanillo |
15.5 |
11.9 |
(23.6 |
%) |
41.2 |
42.7 |
3.6 |
% |
|
Total |
6,108.1 |
6,717.8 |
10.0 |
% |
11,777.0 |
13,961.9 |
18.6 |
% |
|
*CBX users are classified as international passengers. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Terminal Passengers –
14 airports (in thousands): |
|
Airport |
2Q22 |
2Q23 |
Change |
6M22 |
6M23 |
Change |
|
Guadalajara |
3,771.4 |
4,465.0 |
18.4 |
% |
7,101.7 |
8,639.9 |
21.7 |
% |
|
Tijuana * |
3,027.6 |
3,349.9 |
10.6 |
% |
5,771.7 |
6,463.9 |
12.0 |
% |
|
Los Cabos |
1,816.1 |
1,963.4 |
8.1 |
% |
3,453.7 |
4,015.2 |
16.3 |
% |
|
Puerto Vallarta |
1,565.7 |
1,644.7 |
5.0 |
% |
3,125.5 |
3,662.4 |
17.2 |
% |
|
Montego Bay |
1,160.9 |
1,305.9 |
12.5 |
% |
2,089.0 |
2,656.8 |
27.2 |
% |
|
Guanajuato |
608.5 |
770.1 |
26.5 |
% |
1,166.4 |
1,484.7 |
27.3 |
% |
|
Hermosillo |
501.2 |
539.2 |
7.6 |
% |
903.0 |
1,032.3 |
14.3 |
% |
|
Kingston |
362.6 |
435.8 |
20.2 |
% |
631.0 |
830.1 |
31.5 |
% |
|
Mexicali |
302.4 |
382.6 |
26.5 |
% |
593.7 |
730.7 |
23.1 |
% |
|
Morelia |
283.2 |
344.6 |
21.7 |
% |
547.1 |
682.9 |
24.8 |
% |
|
La Paz |
280.8 |
288.0 |
2.6 |
% |
526.5 |
518.3 |
(1.6 |
%) |
|
Aguascalientes |
253.4 |
229.0 |
(9.6 |
%) |
458.5 |
439.8 |
(4.1 |
%) |
|
Los Mochis |
109.9 |
120.5 |
9.6 |
% |
207.7 |
216.6 |
4.3 |
% |
|
Manzanillo |
40.1 |
37.6 |
(6.2 |
%) |
89.7 |
95.4 |
6.4 |
% |
|
Total |
14,083.7 |
15,876.1 |
12.7 |
% |
26,665.3 |
31,469.1 |
18.0 |
% |
|
*CBX users are classified as international passengers. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CBX Users (in thousands): |
|
|
|
|
|
|
|
Airport |
2Q22 |
2Q23 |
Change |
6M22 |
6M23 |
Change |
|
Tijuana |
1,017.2 |
1,103.3 |
8.5 |
% |
1,934.6 |
2,142.7 |
10.8 |
% |
|
|
|
|
|
|
|
|
|
Consolidated Results for the Second Quarter of 2023 (in thousands of pesos):
|
|
|
|
|
|
|
|
|
2Q22 |
2Q23 |
Change |
|
|
Revenues |
|
|
|
|
|
Aeronautical
services |
4,322,965 |
|
4,939,681 |
|
14.3 |
% |
|
|
Non-aeronautical
services |
1,318,125 |
|
1,556,984 |
|
18.1 |
% |
|
|
Improvements
to concession assets (IFRIC-12) |
968,994 |
|
1,862,976 |
|
92.3 |
% |
|
|
Total revenues |
6,610,084 |
|
8,359,641 |
|
26.5 |
% |
|
|
|
|
|
|
|
|
Operating costs |
|
|
|
|
|
Costs
of services: |
900,467 |
|
1,034,528 |
|
14.9 |
% |
|
|
Employee
costs |
350,755 |
|
435,239 |
|
24.1 |
% |
|
|
Maintenance |
161,217 |
|
161,331 |
|
0.1 |
% |
|
|
Safety,
security & insurance |
136,643 |
|
155,476 |
|
13.8 |
% |
|
|
Utilities |
119,569 |
|
118,412 |
|
(1.0 |
%) |
|
|
Other
operating expenses |
132,283 |
|
164,070 |
|
24.0 |
% |
|
|
|
|
|
|
|
|
Technical
assistance fees |
190,226 |
|
220,479 |
|
15.9 |
% |
|
|
Concession
taxes |
473,457 |
|
657,228 |
|
38.8 |
% |
|
|
Depreciation
and amortization |
563,114 |
|
621,155 |
|
10.3 |
% |
|
|
Cost
of improvements to concession assets (IFRIC-12) |
968,994 |
|
1,862,976 |
|
92.3 |
% |
|
|
Other
(income) |
(4,761 |
) |
7,652 |
|
(260.7 |
%) |
|
|
Total operating
costs |
3,091,497 |
|
4,404,018 |
|
42.5 |
% |
|
|
Income from operations |
3,518,587 |
|
3,955,623 |
|
12.4 |
% |
|
|
Financial
Result |
(288,117 |
) |
(508,135 |
) |
76.4 |
% |
|
|
Income before
income taxes |
3,230,470 |
|
3,447,488 |
|
6.7 |
% |
|
|
Income
taxes |
(865,835 |
) |
(959,062 |
) |
10.8 |
% |
|
|
Net income |
2,364,635 |
|
2,488,426 |
|
5.2 |
% |
|
|
Currency
translation effect |
(161,220 |
) |
(381,807 |
) |
136.8 |
% |
|
|
Cash
flow hedges, net of income tax |
45,635 |
|
(54,924 |
) |
(220.4 |
%) |
|
|
Remeasurements
of employee benefit – net income tax |
103 |
|
318 |
|
208.7 |
% |
|
|
Comprehensive
income |
2,249,153 |
|
2,052,013 |
|
(8.8 |
%) |
|
|
Non-controlling
interest |
(51,631 |
) |
(4,355 |
) |
(91.6 |
%) |
|
|
Comprehensive
income attributable to controlling interest |
2,197,522 |
|
2,047,657 |
|
(6.8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q22 |
2Q23 |
Change |
|
|
EBITDA |
4,081,701 |
|
4,576,778 |
|
12.1 |
% |
|
|
Comprehensive income |
2,249,153 |
|
2,052,013 |
|
(8.8 |
%) |
|
|
Comprehensive income
per share (pesos) |
4.4230 |
|
4.0612 |
|
(8.2 |
%) |
|
|
Comprehensive income
per ADS (US dollars) |
2.5799 |
|
2.3689 |
|
(8.2 |
%) |
|
|
|
|
|
|
|
|
Operating income
margin |
53.2 |
% |
47.3 |
% |
(11.1 |
%) |
|
|
Operating income
margin (excluding IFRIC-12) |
62.4 |
% |
60.9 |
% |
(2.4 |
%) |
|
|
EBITDA margin |
61.7 |
% |
54.7 |
% |
(11.3 |
%) |
|
|
EBITDA margin (excluding
IFRIC-12) |
72.4 |
% |
70.4 |
% |
(2.6 |
%) |
|
|
Costs of services
and improvements / total revenues |
28.3 |
% |
34.7 |
% |
22.6 |
% |
|
|
Cost of services
/ total revenues (excluding IFRIC-12) |
16.0 |
% |
15.9 |
% |
(0.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Net income and comprehensive income per share for 2Q23 were calculated based on 505,277,464 shares outstanding as
of June 30, 2023 and for 2Q22 were calculated based on 508,510,018 shares outstanding as of June 30, 2022. U.S. dollar figures presented
were converted from pesos to U.S. dollars at a rate of Ps. 17.1439 per U.S. dollar (the noon buying rate on June 30, 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. 17.7225 per U.S. dollar for the three months ended June 30, 2023 was used.
Revenues (2Q23 vs. 2Q22)
- Aeronautical services revenues increased by Ps. 616.7 million, or 14.3%.
- Non-aeronautical services revenues increased by Ps. 238.9 million, or 18.1%.
- Revenues from improvements to concession assets increased by Ps. 894.0 million, or 92.3%.
- Total revenues increased by Ps. 1,749.6 million, or 26.5%.
- The change in aeronautical services revenues was primarily due to the following factors:
- Revenues at our Mexican airports increased by Ps. 588.7 million, or 16.1%, compared to
2Q22, mainly due to the 12.5% increase in passenger traffic and the 99.0% compliance with the maximum tariffs.
- Revenues from Jamaican airports increased by Ps. 28.0 million, or 4.2%, compared to 2Q22.
This was mainly due to the 14.3% increase in passenger traffic. During 2Q23, there was an 11.6% appreciation of the peso versus the U.S.
dollar, compared to 2Q22, which went from an average exchange rate of Ps. 20.0414 in 2Q22 to Ps. 17.7225 in 2Q23, which represented a
decrease in revenues in pesos.
- The change in non-aeronautical services revenues was primarily driven by the following
factors:
- Revenues at our Mexican airports increased by Ps. 215.3 million, or 19.8%, compared to
2Q22. Revenues from businesses operated by third parties increased by Ps. 103.2 million, or 14.3%, 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, leasing of space, ground transportation, and duty-free stores, all of which increased by Ps. 97.2
million, or 16.0%. Revenues from businesses operated directly by us increased by Ps. 111.0 million, or 34.3%.
- Revenues from the Jamaican airports increased by Ps. 23.5 million, or
10.2%, compared to 2Q22. The business lines that grew the most were duty-free stores, leasing of space, retail, food and beverage, and
financial services, all of which increased by Ps. 20.9 million, or 11.9%. Revenues in U.S. dollars increased by US$ 2.8 million, or 24.6%,
offset by an appreciation of the peso by 11.6% against the dollar compared to 2Q22.
|
2Q22 |
2Q23 |
Change |
|
Businesses operated by third parties: |
|
|
|
|
Food
and beverage |
204,591 |
260,242 |
27.2 |
% |
|
Duty-free |
179,811 |
195,434 |
8.7 |
% |
|
Retail |
162,207 |
184,636 |
13.8 |
% |
|
Car rentals |
132,392 |
139,456 |
5.3 |
% |
|
Leasing of space |
77,943 |
88,315 |
13.3 |
% |
|
Time shares |
58,189 |
59,020 |
1.4 |
% |
|
Ground transportation |
42,791 |
47,684 |
11.4 |
% |
|
Communications and financial services |
25,473 |
29,893 |
17.4 |
% |
|
Other commercial revenues |
47,831 |
43,951 |
(8.1 |
%) |
|
Total |
931,227 |
1,048,631 |
12.6 |
% |
|
|
|
|
|
|
Businesses operated directly by us: |
|
|
|
|
Car parking |
136,589 |
174,304 |
27.6 |
% |
|
VIP lounges |
94,632 |
107,932 |
14.1 |
% |
|
Convenience stores |
77,973 |
133,534 |
71.3 |
% |
|
Advertising |
21,927 |
37,490 |
71.0 |
% |
|
Total |
331,120 |
453,261 |
36.9 |
% |
|
Recovery of costs |
55,778 |
55,090 |
(1.2 |
%) |
|
Total Non-aeronautical
Revenues |
1,318,125 |
1,556,984 |
18.1 |
% |
|
|
|
|
|
|
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. 894.0 million, or 92.3%, compared to 2Q22. The change was composed of:
- Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 872.5
million, or 91.8%, 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. 21.4 million,
or 117.4%.
___________________________
1 Revenues from improvements to concession assets are recognized in accordance with International
Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does
not have a cash impact or impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12
are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company’s
Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using “Total
Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not
be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on
those results of the Company that do have a cash impact.
Total operating costs increased by Ps. 1,312.5 million, or 42.5%, compared to 2Q22,
mainly due to the increase from costs of improvements to concession assets (IFRIC-12) by Ps. 894.0 million, a combined increase of Ps.
214.0 million, or 32.2%, in concession taxes and technical assistance fees, an increase in the cost of services of Ps. 134.1 million,
or 14.9%, and a Ps. 58.0 million, or 10.3%, increase in depreciation and amortization (excluding the cost of improvements to concession
assets (IFRIC-12), operating costs increased Ps. 418.5 million, or 19.7%).
This increase in total operating costs was primarily due to the following factors:
Mexican
airports:
- Operating costs increased by Ps. 1,150.6 million, or 45.6%, compared to 2Q22, primarily
due to a Ps. 872.5 million, or 91.8%, increase in the cost of improvements to the concession assets (IFRIC-12), Ps. 149.9 million, or
20.8%, increase in the cost of services, a combined Ps. 65.3 million, or 15.7%, increase in technical assistance fees and concession taxes,
and a Ps. 53.8 million, or 12.2%, increase in depreciation and amortization (excluding the cost of improvements to the concession
assets, operating costs increased by Ps. 278.1 million or 17.7%).
The change in the cost of services at our Mexican airports during 2Q23 was mainly due to:
- Employee costs increased Ps. 87.9 million, or 29.7%, compared to 2Q22, mainly due to
the hiring of 354 additional personnel during the second half of 2022 and during 6M23, 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. 24.4 million, or 20.6%, compared to 2Q22, mainly
due to a combined increase of Ps. 20.1 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, the increase in FBO services, professional fees, and travel expenses.
- Safety, security, and insurance costs increased Ps. 23.7 million, or 23.5%, compared
to 2Q22, 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. 12.2 million, or 17.1%.
Jamaican Airports:
- Operating costs increased by Ps. 161.9 million, or 28.6%, compared to 2Q22, mainly due
to a Ps. 148.7 million, or 60.2%, increase in concession taxes, an increase in the cost of improvements to concession assets (IFRIC-12)
by Ps.21.5 million, or 117.4%, offset by the decrease in the cost of services by Ps. 15.8 million, or 8.8%.
Operating income margin went from 53.2% in 2Q22 to 47.3% in 2Q23. Excluding the effects of IFRIC-12,
the operating income margin went from 62.4% in 2Q22 to 60.9% in 2Q23. Income from operations increased by Ps. 437.0 million, or 12.4%,
compared to 2Q22.
EBITDA margin went from 61.7% in 2Q22 to 54.7% in 2Q23. Excluding the effects of IFRIC-12, EBITDA
margin went from 72.4% in 2Q22 to 70.4% in 2Q23. The nominal value of EBITDA increased by Ps. 495.1 million,
or 12.1%, compared to 2Q22.
Financial result increased by Ps. 220.0 million, or 76.4%, from a net expense of Ps. 288.1 million
in 2Q22 to a net expense of Ps. 508.1 million in 2Q23. This change was mainly the result of:
- Foreign exchange rate fluctuations, which went from an income of Ps. 81.2 million in
2Q22 to a loss of Ps. 189.5 million in 2Q23. This generated a foreign exchange loss of Ps. 270.7 million. This was mainly
due to the appreciation of the peso. The currency translation effect expense increased Ps. 220.6 million, compared to 2Q22.
- Interest expenses increased by Ps. 194.1 million, or 32.9%, compared to 2Q22, 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. 244.8 million, or 109.6%, compared to 2Q22, mainly due
to an increase in the reference interest rates.
In 2Q23, comprehensive income decreased by Ps. 197.1 million, or 8.8%, compared to
2Q22. Income before taxes increased by Ps. 217.0 million, mainly due to the increase in traffic and the commercial strategy. This growth
generated an increase in income taxes of Ps. 93.2 million. However, net and comprehensive income decreased mainly due to the decrease
of the effect of foreign currency translation in Ps. 220.6 million, and a decrease in cash flow hedges for Ps. 100.6 million.
During 2Q23, net income increased by Ps. 123.8 million, or 5.2%, compared to 2Q22. Taxes for the period
increased by Ps. 93.2 million, income taxes decreased by Ps. 65.1 million and the benefit for deferred taxes decreased by Ps. 158.3 million,
mainly due to a decrease in the inflation rate, from 1.5% in 2Q22 to 0.2% in 2Q23.
|
Consolidated Results for the Six Months of
2023 (in thousands of pesos): |
|
|
|
|
|
|
6M22 |
6M23 |
Change |
|
|
Revenues |
|
|
|
|
|
Aeronautical
services |
8,177,197 |
|
9,968,355 |
|
21.9 |
% |
|
|
Non-aeronautical
services |
2,486,037 |
|
3,027,867 |
|
21.8 |
% |
|
|
Improvements
to concession assets (IFRIC-12) |
1,959,448 |
|
3,703,338 |
|
89.0 |
% |
|
|
Total revenues |
12,622,682 |
|
16,699,561 |
|
32.3 |
% |
|
|
|
|
|
|
|
|
Operating costs |
|
|
|
|
|
Costs
of services: |
1,653,991 |
|
2,001,166 |
|
21.0 |
% |
|
|
Employee
costs |
639,273 |
|
832,173 |
|
30.2 |
% |
|
|
Maintenance |
286,247 |
|
306,998 |
|
7.2 |
% |
|
|
Safety,
security & insurance |
262,817 |
|
322,954 |
|
22.9 |
% |
|
|
Utilities |
215,650 |
|
222,663 |
|
3.3 |
% |
|
|
Other
operating expenses |
250,004 |
|
316,378 |
|
26.5 |
% |
|
|
|
|
|
|
|
|
Technical
assistance fees |
364,372 |
|
442,717 |
|
21.5 |
% |
|
|
Concession
taxes |
873,223 |
|
1,266,621 |
|
45.1 |
% |
|
|
Depreciation
and amortization |
1,127,647 |
|
1,239,226 |
|
9.9 |
% |
|
|
Cost
of improvements to concession assets (IFRIC-12) |
1,959,448 |
|
3,703,338 |
|
89.0 |
% |
|
|
Other
(income) |
(18,473 |
) |
12,796 |
|
(169.3 |
%) |
|
|
Total operating
costs |
5,960,209 |
|
8,665,865 |
|
45.4 |
% |
|
|
Income from operations |
6,662,473 |
|
8,033,696 |
|
20.6 |
% |
|
|
Financial
Result |
(561,063 |
) |
(1,182,435 |
) |
110.7 |
% |
|
|
Income before
income taxes |
6,101,411 |
|
6,851,261 |
|
12.3 |
% |
|
|
Income
taxes |
(1,409,324 |
) |
(1,797,604 |
) |
27.6 |
% |
|
|
Net income |
4,692,087 |
|
5,053,657 |
|
7.7 |
% |
|
|
Currency
translation effect |
(339,551 |
) |
(814,582 |
) |
139.9 |
% |
|
|
Cash
flow hedges, net of income tax |
137,387 |
|
(37,751 |
) |
(127.5 |
%) |
|
|
Remeasurements
of employee benefit – net income tax |
205 |
|
599 |
|
(192.2 |
%) |
|
|
Comprehensive
income |
4,490,128 |
|
4,201,923 |
|
(6.4 |
%) |
|
|
Non-controlling
interest |
(70,658 |
) |
(8,217 |
) |
(88.4 |
%) |
|
|
Comprehensive
income attributable to controlling interest |
4,419,471 |
|
4,193,706 |
|
(5.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6M22 |
6M23 |
Change |
|
|
EBITDA |
7,790,121 |
|
9,272,922 |
|
19.0 |
% |
|
|
Comprehensive income |
4,490,128 |
|
4,201,923 |
|
(6.4 |
%) |
|
|
Comprehensive income
per share (pesos) |
8.8300 |
|
8.3161 |
|
(5.8 |
%) |
|
|
Comprehensive income
per ADS (US dollars) |
5.1505 |
|
4.8507 |
|
(5.8 |
%) |
|
|
|
|
|
|
|
|
Operating income
margin |
52.8 |
% |
48.1 |
% |
(8.9 |
%) |
|
|
Operating income
margin (excluding IFRIC-12) |
62.5 |
% |
61.8 |
% |
(1.1 |
%) |
|
|
EBITDA margin |
61.7 |
% |
55.5 |
% |
(10.0 |
%) |
|
|
EBITDA margin (excluding
IFRIC-12) |
73.1 |
% |
71.4 |
% |
(2.3 |
%) |
|
|
Costs of services
and improvements / total revenues |
28.6 |
% |
34.2 |
% |
19.3 |
% |
|
|
Cost of services
/ total revenues (excluding IFRIC-12) |
15.5 |
% |
15.4 |
% |
(0.7 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Net income and comprehensive income per share for 6M23 were calculated based on 505,277,464 shares outstanding as of June 30, 2023,
and for 6M22 were calculated based on 508,510,018 shares outstanding as of June 30, 2022. U.S. dollar figures presented were converted
from pesos to U.S. dollars at a rate of Ps. 17.1439 per U.S. dollar (the noon buying rate on June 30, 2023, as published by the U.S. Federal
Reserve Board).
- For purposes of the consolidation of the airports in Jamaica, the average six-month exchange rate of Ps. 18.2123
per U.S. dollar for the six months ended June 30, 2023, was used.
Revenues (6M23 vs. 6M22)
- Aeronautical services revenues increased by Ps. 1,791.2 million, or 21.9%.
- Non-aeronautical services revenues increased by Ps. 541.8 million, or 21.8%.
- Revenues from improvements to concession assets increased by Ps. 1,743.9 million, or 89.0%.
- Total revenues increased by Ps. 4,076.9 million, or 32.3%.
- The change in aeronautical services revenues was composed primarily of the following
factors:
- Revenues at our Mexican airports increased by Ps. 1,582.8 million, or 22.8%, compared
to 6M22, mainly due to the 17.1% increase in passenger traffic, as well as 99.0% compliance with the maximum tariffs and the inflation
by 0.9%.
- Revenues from Jamaican airports increased by Ps. 208.4 million, or 16.9%, compared to
6M22. This was mainly due to the 28.2% increase in passenger traffic but offset by an appreciation of the peso against the dollar compared
to 6M22 of 10.2%, which went from an average exchange rate of Ps. 20.8022 in 6M22 to Ps. 18.2123 in 6M23, 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. 466.6 million, or 22.7%, compared to
6M22. Revenues from businesses operated by third parties increased by Ps. 234.4 million, or 17.0%. 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, car rentals, ground transportation, and duty-free stores, which jointly increased
by Ps. 226.2 million, or 19.7%. Revenues from businesses operated directly by us increased by Ps. 226.1 million, or 38.1%, while the recovery
of costs increased by Ps. 6.2 million, or 7.5%. Commercial revenues in U.S. dollars represent 26% of non-aeronautical revenues, therefore
the appreciation of the peso during 6M23 affected that revenue by approximately 2.6%.
- Revenues from the Jamaican airports increased by Ps. 75.2 million, or 17.5%, compared
to 6M22. The business lines that increased the most were duty-free stores, retail, food and beverage, and leasing of space, which jointly
increased by Ps. 68.6 million, or 21.8%. Revenues in U.S. dollars increased by US$ 6.5 million, or 36.9%.
|
|
6M22 |
6M23 |
Change |
|
|
Businesses operated by third parties: |
|
|
|
|
|
Food
and beverage |
373,749 |
498,691 |
33.4 |
% |
|
|
Duty-free |
341,795 |
390,019 |
14.1 |
% |
|
|
Retail |
296,652 |
355,770 |
19.9 |
% |
|
|
Car rentals |
262,211 |
282,864 |
7.9 |
% |
|
|
Leasing of space |
143,152 |
173,334 |
21.1 |
% |
|
|
Time shares |
119,370 |
116,383 |
(2.5 |
%) |
|
|
Ground transportation |
85,251 |
98,405 |
15.4 |
% |
|
|
Communications and financial services |
50,951 |
59,506 |
16.8 |
% |
|
|
Other commercial revenues |
96,352 |
87,662 |
(9.0 |
%) |
|
|
Total |
1,769,484 |
2,062,635 |
16.6 |
% |
|
|
|
|
|
|
|
|
Businesses operated directly by us: |
|
|
|
|
|
Car parking |
252,109 |
341,061 |
35.3 |
% |
|
|
VIP lounges |
175,067 |
213,978 |
22.2 |
% |
|
|
Advertising |
142,990 |
231,754 |
62.1 |
% |
|
|
Convenience stores |
37,240 |
64,119 |
72.2 |
% |
|
|
Total |
607,406 |
850,911 |
40.1 |
% |
|
|
Recovery of costs |
109,148 |
114,321 |
4.7 |
% |
|
|
Total Non-aeronautical
Revenues |
2,486,038 |
3,027,867 |
21.8 |
% |
|
|
|
|
|
|
|
Figures expressed in thousands of Mexican pesos.
- Revenues from improvements to concession assets2
Revenues from improvements
to concession assets (IFRIC12) increased by Ps. 1,743.9 million, or 89.0%, compared to 6M22. The change was composed primarily of:
- The Company’s Mexican airports, which increased by Ps. 1,739.3 million, or 91.2%, 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. 4.6 million,
or 8.7%.
_____________________________
[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. 2,705.7 million, or 45.4%, compared to 6M22,
mainly due to a Ps. 1,743.9 million, or 89.0% increase in the cost of improvements to the concession assets (IFRIC12), a combined Ps.
471.7 million, or 38.1%, increase in concession taxes and technical assistance fees, a Ps. 347.2 million, or 21.0%, increase in cost of
services, and a Ps. 111.6 million, or 9.9%, increase in depreciation and amortization (excluding the cost of improvements to concession
assets, operating costs increased Ps. 961.8 million, or 24.0%).
This increase in total operating costs was composed primarily of the following factors:
Mexican
Airports:
- Operating costs increased by Ps. 2,407.2 million, or 49.5%, compared to 6M22, primarily
due to a Ps. 1,739.3 million, or 91.2%, increase in the cost of improvements to the concession assets (IFRIC12), a Ps. 373.7 million,
or 29.0%, increase in cost of services, a combined Ps. 170.7 million, or 21.5%, increase in technical assistance fees and concession taxes,
a Ps. 105.5 million, or 12.0%, increase in depreciation and amortization, (excluding the cost of improvements to the concession
assets, operating costs increased by Ps. 667.9 million or 22.6%).
The change in the cost of services during 6M23 was mainly due to:
- Employee costs increased Ps. 198.2 million, or 37.1%, compared to 6M22, mainly due to
the hiring of 174 additional personnel during 2022 and 180 during 6M23, as well as the adjustments in salaries and changes in Labor Law.
- Other operating expenses increased Ps. 67.2 million, or 31.5%, compared to 6M22, mainly
due to a combined increase of Ps. 66.7 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, FBO services, the allowance for credit losses, and travel expenses.
- Safety, security and insurance costs increased Ps. 60.5 million, or 31.4%, compared to
6M22, 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. 28.9 million, or 23.9%, compared to 6M22.
Jamaican Airports:
- Operating costs increased by Ps. 298.5 million, or 27.2%, compared to 6M22, mainly due
to a Ps. 301.0 million, or 68.0%, increase in concession taxes, Ps. 6.0 million, or 2.4%, increase in depreciation and amortization, Ps.
4.6 million, or 8.7%, in the cost of improvements to concession assets (IFRIC-12) offset by the decrease in cost of services by Ps. 26.5
million, or 7.3%, mainly due to the appreciation of the peso by 10.2%, which represented a decrease in the cost in pesos.
Operating margin went from 52.8% in 6M22 to 48.1% in 6M23. Excluding the effects of IFRIC-12, operating
margin went from 62.5% in 6M22 to 61.8% in 6M23. Operating income increased Ps. 1,371.2 million, or 20.6%, compared to 6M22.
EBITDA margin went from 61.7% in 6M22 to 55.5% in 6M23. Excluding the effects of IFRIC-12, EBITDA
margin went from 73.1% in 6M22 to 71.4% in 6M23. The nominal value of EBITDA increased Ps. 1,482.8 million,
or 19.0%, compared to 6M22.
Financial cost increased by Ps. 621.4 million, or 110.7%, from a net expense of Ps. 561.1 million
in 6M22 to a net expense of Ps. 1,182.5 million in 6M23. This change was mainly the result of:
- Foreign exchange rate fluctuations, which went from income of Ps. 133.9 million in 6M22
to a loss of Ps. 356.5 million in 6M23. This generated an increase in the foreign exchange loss of Ps. 490.4 million,
due to the peso appreciation. Currency translation effect expense increased Ps. 475.0 million, compared to 6M22.
- Interest expenses increased by Ps. 530.9 million, or 50.1%, compared to 6M22, 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. 399.9 million, or 107.8%, compared to 6M22, mainly due
to an increase in the reference interest rates.
In 6M23, comprehensive income decreased by Ps. 288.2 million, or 6.4%, compared to 6M22. Income before
taxes increased by Ps. 749.8 million, mainly due to the increase in traffic and the commercial strategy. This growth generated an increase
in income taxes of Ps. 388.3 million. However, net and comprehensive income decreased mainly due to the decrease of the effect of foreign
currency translation in Ps. 475.0 million, and a decrease in cash flow hedges for Ps. 175.1 million.
During 6M23, net income increased by Ps. 361.6 million, or 7.7%, compared to 6M22. Taxes for the period
increased by Ps. 388.3 million, income taxes increased by Ps. 153.9 million, and the benefit for deferred taxes decreased by Ps. 234.4
million, mainly due to a decrease in the inflation rate, from 4.0% in 6M22 to 1.5% in 6M23.
Statement of Financial Position
Total assets as of June 30, 2023 increased by Ps. 9,979.9 million compared to June 30, 2022, primarily due to the following
items: (i) a Ps. 8,017.1 million increase in net improvements to concession assets; (ii) a Ps. 1,431.4 million increase in cash and cash
equivalents, (iii) a Ps. 804.1 million combined increase in net machinery, equipment, and leasehold improvements, and advances to suppliers,
and (iv) a Ps. 199.2 million increase in account receivables, among others.
Total
liabilities as of June 30, 2023 increased by Ps. 9,846.0 million compared to June 30, 2022. This increase was primarily due to the following
items: (i) issuance of Ps. 5,255.6 million (net) in long-term debt securities, (ii) Ps. 3,323.3 million in bank loans, and (iii) Ps. 1,947.9
million in dividends to be paid. This increase was partially offset by decrease of: (i) Ps. 483.3 million in accounts payable, and (ii)
Ps. 170.1 million deferred taxes, among others.
Recent events
In accordance with the results as of June 30, 2023, as well as traffic growth expectations, the Company updates the
growth guidance for the year 2023:
GUIDANCE |
2023
vs 2022 |
Passenger traffic |
10% - 12% |
Aeronautical revenues |
13% - 15% |
Non-aeronautical revenues |
16% - 18% |
Total Revenue |
14% - 16% |
EBITDA |
12% - 14% |
Margin EBITDA |
70% +- 1% |
CAPEX |
Ps. 11.9 billion |
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific
region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and
Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis. In February 2006,
GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange
under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns
a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018,
GAP entered into a concession agreement for the operation of Norman Manley International Airport in Kingston, Jamaica and took control
of the operation in October 2019.
This
press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport
to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on
non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement
to, not a substitute for, the corresponding measures calculated in accordance with IFRS.
This press release may contain forward-looking
statements. These statements are statements that are not historical facts and are based on management’s current view and estimates
of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”,
“believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate
to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends,
the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations
and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements.
Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee
that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including
general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could
cause actual results to differ materially from current expectations. |
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and article 42 of the “Ley del Mercado de Valores”,
GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially
report suspected activities that 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 |
2Q22 |
2Q23 |
Change |
6M22 |
6M23 |
Change |
|
Guadalajara |
|
|
|
|
|
|
|
Aeronautical
services |
1,091,357 |
1,350,769 |
23.8 |
% |
2,071,302 |
2,660,000 |
28.4 |
% |
|
Non-aeronautical services |
216,792 |
255,604 |
17.9 |
% |
422,229 |
497,278 |
17.8 |
% |
|
Improvements to concession
assets (IFRIC 12) |
499,974 |
828,734 |
65.8 |
% |
999,947 |
1,657,468 |
65.8 |
% |
|
Total Revenues |
1,808,122 |
2,435,108 |
34.7 |
% |
3,493,478 |
4,814,745 |
37.8 |
% |
|
Operating income |
910,971 |
1,129,369 |
24.0 |
% |
1,731,102 |
2,252,481 |
30.1 |
% |
|
EBITDA |
1,022,052 |
1,243,711 |
21.7 |
% |
1,958,926 |
2,479,273 |
26.6 |
% |
|
|
|
|
|
|
|
|
|
Tijuana |
|
|
|
|
|
|
|
Aeronautical services |
648,990 |
739,753 |
14.0 |
% |
1,195,550 |
1,419,294 |
18.7 |
% |
|
Non-aeronautical services |
132,349 |
155,897 |
17.8 |
% |
250,104 |
302,604 |
21.0 |
% |
|
Improvements to concession
assets (IFRIC 12) |
85,505 |
140,836 |
(64.7 |
%) |
171,011 |
281,673 |
64.7 |
% |
|
Total Revenues |
866,845 |
1,036,486 |
19.6 |
% |
1,616,666 |
2,003,571 |
23.9 |
% |
|
Operating income |
530,526 |
542,577 |
2.3 |
% |
984,083 |
1,084,159 |
10.2 |
% |
|
EBITDA |
615,010 |
638,273 |
3.8 |
% |
615,010 |
1,281,278 |
108.3 |
% |
|
|
|
|
|
|
|
|
|
Los Cabos |
|
|
|
|
|
|
|
Aeronautical services |
716,852 |
784,131 |
9.4 |
% |
1,346,328 |
1,607,142 |
19.4 |
% |
|
Non-aeronautical services |
282,441 |
306,352 |
8.5 |
% |
539,293 |
606,079 |
12.4 |
% |
|
Improvements to concession
assets (IFRIC 12) |
63,265 |
249,608 |
294.5 |
% |
126,531 |
499,216 |
294.5 |
% |
|
Total Revenues |
1,062,558 |
1,340,091 |
26.1 |
% |
2,012,152 |
2,712,436 |
34.8 |
% |
|
Operating income |
726,211 |
728,539 |
0.3 |
% |
1,366,159 |
1,564,602 |
14.5 |
% |
|
EBITDA |
802,926 |
810,393 |
0.9 |
% |
1,515,514 |
1,726,906 |
13.9 |
% |
|
|
|
|
|
|
|
|
|
Puerto Vallarta |
|
|
|
|
|
|
|
Aeronautical services |
581,969 |
653,046 |
12.2 |
% |
1,178,108 |
1,457,307 |
23.7 |
% |
|
Non-aeronautical services |
145,901 |
154,164 |
5.7 |
% |
273,835 |
312,396 |
14.1 |
% |
|
Improvements to concession
assets (IFRIC 12) |
199,303 |
403,557 |
102.5 |
% |
398,606 |
807,114 |
102.5 |
% |
|
Total Revenues |
927,173 |
1,210,767 |
30.6 |
% |
1,850,548 |
2,576,817 |
39.2 |
% |
|
Operating income |
537,447 |
524,200 |
(2.5 |
%) |
1,094,742 |
1,242,447 |
13.5 |
% |
|
EBITDA |
587,085 |
577,211 |
(1.7 |
%) |
1,190,105 |
1,352,465 |
13.6 |
% |
|
|
|
|
|
|
|
|
|
Montego Bay |
|
|
|
|
|
|
|
Aeronautical services |
447,794 |
451,848 |
0.9 |
% |
834,615 |
956,994 |
14.7 |
% |
|
Non-aeronautical services |
177,388 |
199,883 |
12.7 |
% |
331,340 |
398,583 |
20.3 |
% |
|
Improvements to concession
assets (IFRIC 12) |
18,299 |
39,852 |
117.8 |
% |
53,106 |
55,041 |
3.6 |
% |
|
Total Revenues |
643,481 |
691,583 |
7.5 |
% |
1,219,062 |
1,410,618 |
15.7 |
% |
|
Operating income |
313,902 |
226,072 |
(28.0 |
%) |
558,297 |
536,691 |
(3.9 |
%) |
|
EBITDA |
433,339 |
345,161 |
(20.3 |
%) |
801,256 |
776,096 |
(3.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit A: Operating results by airport (in thousands of pesos): |
|
|
Airport |
2Q22 |
2Q23 |
Change |
6M22 |
6M23 |
Change |
|
Guanajuato |
|
|
|
|
|
|
|
Aeronautical services |
178,794 |
229,118 |
28.1 |
% |
339,014 |
443,007 |
30.7 |
% |
|
Non-aeronautical services |
36,530 |
47,585 |
30.3 |
% |
73,570 |
89,476 |
21.6 |
% |
|
Improvements to concession
assets (IFRIC 12) |
10,647 |
70,722 |
677.3 |
% |
21,294 |
141,445 |
564.3 |
% |
|
Total Revenues |
225,971 |
347,425 |
53.7 |
% |
433,878 |
673,928 |
55.3 |
% |
|
Operating income |
137,343 |
183,794 |
33.8 |
% |
265,810 |
358,990 |
35.1 |
% |
|
EBITDA |
158,241 |
205,235 |
29.7 |
% |
306,696 |
403,252 |
31.5 |
% |
|
|
|
|
|
|
|
|
|
Hermosillo |
|
|
|
|
|
|
|
Aeronautical services |
117,613 |
126,924 |
7.9 |
% |
210,503 |
243,509 |
15.7 |
% |
|
Non-aeronautical services |
20,277 |
22,341 |
10.2 |
% |
35,922 |
42,770 |
19.1 |
% |
|
Improvements to concession
assets (IFRIC 12) |
16,897 |
14,439 |
(14.5 |
%) |
33,793 |
28,879 |
(14.5 |
%) |
|
Total Revenues |
154,787 |
163,704 |
5.8 |
% |
280,219 |
315,158 |
12.5 |
% |
|
Operating income |
73,020 |
77,891 |
6.7 |
% |
127,608 |
145,821 |
14.3 |
% |
|
EBITDA |
95,217 |
102,801 |
8.0 |
% |
170,926 |
102,801 |
(39.9 |
%) |
|
|
|
|
|
|
|
|
|
Others (1) |
|
|
|
|
|
|
|
Aeronautical services |
539,595 |
604,093 |
12.0 |
% |
1,001,775 |
1,181,102 |
17.9 |
% |
|
Non-aeronautical services |
102,952 |
108,619 |
5.5 |
% |
196,756 |
215,283 |
9.4 |
% |
|
Improvements to concession
assets (IFRIC 12) |
75,104 |
115,227 |
53.4 |
% |
155,159 |
232,504 |
49.8 |
% |
|
Total Revenues |
717,651 |
827,940 |
15.4 |
% |
1,353,692 |
1,628,890 |
20.3 |
% |
|
Operating income |
186,228 |
185,435 |
(0.4 |
%) |
342,672 |
377,180 |
10.1 |
% |
|
EBITDA |
258,707 |
266,545 |
3.0 |
% |
485,079 |
541,238 |
11.6 |
% |
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
Aeronautical services |
4,322,963 |
4,939,681 |
14.3 |
% |
8,177,196 |
9,968,355 |
21.9 |
% |
|
Non-aeronautical services |
1,114,629 |
1,250,446 |
12.2 |
% |
2,123,050 |
2,464,468 |
16.1 |
% |
|
Improvements to concession
assets (IFRIC 12) |
968,994 |
1,862,976 |
92.3 |
% |
1,959,448 |
3,703,338 |
89.0 |
% |
|
Total Revenues |
6,406,585 |
8,053,102 |
25.7 |
% |
6,406,585 |
16,136,162 |
151.9 |
% |
|
Operating income |
3,415,645 |
3,597,874 |
5.3 |
% |
6,470,471 |
7,562,371 |
16.9 |
% |
|
EBITDA |
3,972,578 |
4,189,330 |
5.5 |
% |
7,571,004 |
8,663,310 |
14.4 |
% |
|
|
|
|
|
|
|
|
|
(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 June 30 (in thousands of pesos): |
|
|
|
2022 |
|
2023 |
|
Change |
% |
|
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash
and cash equivalents |
13,489,562 |
|
14,920,952 |
|
1,431,390 |
|
10.6 |
% |
|
|
Trade accounts receivable
- Net |
1,964,410 |
|
2,163,559 |
|
199,150 |
|
10.1 |
% |
|
|
Other current assets |
696,457 |
|
761,775 |
|
65,318 |
|
9.4 |
% |
|
|
Total current assets |
16,150,429 |
|
17,846,286 |
|
1,695,858 |
|
10.5 |
% |
|
|
|
|
|
|
|
|
|
Advanced payments to suppliers |
1,619,117 |
|
2,262,121 |
|
643,004 |
|
39.7 |
% |
|
|
Machinery, equipment and improvements
to leased buildings - Net |
3,586,973 |
|
3,748,101 |
|
161,128 |
|
4.5 |
% |
|
|
Improvements to concession
assets - Net |
17,098,809 |
|
25,115,894 |
|
8,017,085 |
|
46.9 |
% |
|
|
Airport concessions - Net |
10,000,663 |
|
9,032,955 |
|
(967,708 |
) |
(9.7 |
%) |
|
|
Rights to use airport facilities
- Net |
1,171,708 |
|
1,098,311 |
|
(73,397 |
) |
(6.3 |
%) |
|
|
Deferred income taxes - Net |
6,469,200 |
|
6,936,249 |
|
467,049 |
|
7.2 |
% |
|
|
Other non-current assets |
555,287 |
|
592,131 |
|
36,844 |
|
6.6 |
% |
|
|
Total assets |
56,652,186 |
|
66,632,048 |
|
9,979,862 |
|
17.6 |
% |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Current liabilities |
10,301,328 |
|
15,917,020 |
|
5,615,692 |
|
54.5 |
% |
|
|
Long-term liabilities |
29,953,067 |
|
34,183,379 |
|
4,230,313 |
|
14.1 |
% |
|
|
Total liabilities |
40,254,394 |
|
50,100,399 |
|
9,846,005 |
|
24.5 |
% |
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
Common stock |
8,197,536 |
|
8,197,536 |
|
- |
|
0.0 |
% |
|
|
Legal reserve |
34,076 |
|
478,185 |
|
444,109 |
|
1303.3 |
% |
|
|
Net income |
4,607,230 |
|
4,971,095 |
|
363,865 |
|
7.9 |
% |
|
|
Retained earnings |
136,704 |
|
244,657 |
|
107,953 |
|
79.0 |
% |
|
|
Reserve for share repurchase |
2,499,473 |
|
1,500,000 |
|
(999,473 |
) |
(40.0 |
%) |
|
|
Repurchased shares |
(1,075,703 |
) |
- |
|
1,075,703 |
|
(100.0 |
%) |
|
|
Foreign currency translation
reserve |
708,882 |
|
(164,704 |
) |
(873,586 |
) |
(123.2 |
%) |
|
|
Remeasurements of employee
benefit – Net |
5,416 |
|
14,613 |
|
9,197 |
|
(169.8 |
%) |
|
|
Cash flow hedges- Net |
167,051 |
|
92,871 |
|
(74,180 |
) |
44.4 |
% |
|
|
Total controlling interest |
15,280,665 |
|
15,334,253 |
|
53,588 |
|
0.4 |
% |
|
|
Non-controlling interest |
1,117,126 |
|
1,197,396 |
|
80,269 |
|
7.2 |
% |
|
|
Total stockholder's equity |
16,397,791 |
|
16,531,649 |
|
133,857 |
|
0.8 |
% |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders'
equity |
56,652,186 |
|
66,632,048 |
|
9,979,862 |
|
17.6 |
% |
|
|
|
|
|
|
|
|
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): |
|
|
|
2Q22 |
2Q23 |
Change |
6M22 |
6M23 |
Change |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
Consolidated
net income |
2,364,636 |
|
2,488,426 |
|
5.2 |
% |
4,692,089 |
|
5,053,657 |
|
7.7 |
% |
|
|
|
|
|
|
|
|
|
Postemployment
benefit costs |
8,527 |
|
11,236 |
|
31.8 |
% |
17,132 |
|
22,450 |
|
31.0 |
% |
|
Allowance
expected credit loss |
(2,161 |
) |
(10,478 |
) |
384.9 |
% |
(3,845 |
) |
6,397 |
|
(266.4 |
%) |
|
Depreciation
and amortization |
563,114 |
|
621,155 |
|
10.3 |
% |
1,127,647 |
|
1,239,226 |
|
9.9 |
% |
|
Loss
on sale of machinery, equipment and improvements to leased assets |
2,069 |
|
674 |
|
67.4 |
% |
2,359 |
|
684 |
|
(71.0 |
%) |
|
Interest
expense |
568,881 |
|
990,273 |
|
74.1 |
% |
1,044,288 |
|
1,810,604 |
|
73.4 |
% |
|
Provisions |
5,052 |
|
6,079 |
|
20.3 |
% |
12,539 |
|
11,904 |
|
(5.1 |
%) |
|
Income
tax expense |
865,835 |
|
959,062 |
|
10.8 |
% |
1,409,324 |
|
1,797,604 |
|
27.6 |
% |
|
Unrealized
exchange loss |
(57,193 |
) |
(163,141 |
) |
185.2 |
% |
(181,512 |
) |
(327,129 |
) |
80.2 |
% |
|
Net
(gain) on derivative financial instruments |
(172 |
) |
- |
|
(100.0 |
%) |
(6,937 |
) |
- |
|
(100.0 |
%) |
|
|
4,318,588 |
|
4,903,286 |
|
13.5 |
% |
8,113,085 |
|
9,615,397 |
|
18.5 |
% |
|
Changes in working
capital: |
|
|
|
|
|
|
|
(Increase) decrease
in |
|
|
|
|
|
|
|
Trade
accounts receivable |
(129,179 |
) |
(42,086 |
) |
(67.4 |
%) |
(250,644 |
) |
164,377 |
|
(165.6 |
%) |
|
Recoverable
tax on assets and other assets |
313,306 |
|
(297,851 |
) |
(195.1 |
%) |
439,041 |
|
(192,452 |
) |
(143.8 |
%) |
|
Increase (decrease) |
|
|
|
|
|
|
|
Concession
taxes payable |
(572 |
) |
121,674 |
|
(21371.7 |
%) |
(38,062 |
) |
116,165 |
|
(405.2 |
%) |
|
Accounts
payable |
129,053 |
|
(484,204 |
) |
(475.2 |
%) |
(63,716 |
) |
(361,662 |
) |
467.6 |
% |
|
Cash
generated by operating activities |
4,631,196 |
|
4,200,819 |
|
(9.3 |
%) |
8,199,705 |
|
9,341,825 |
|
13.9 |
% |
|
Income
taxes paid |
(1,363,552 |
) |
(1,684,760 |
) |
23.6 |
% |
(2,763,408 |
) |
(2,780,052 |
) |
0.6 |
% |
|
Net
cash flows provided by operating activities |
3,267,644 |
|
2,516,059 |
|
(23.0 |
%) |
5,436,297 |
|
6,561,773 |
|
20.7 |
% |
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
Machinery,
equipment and improvements to concession assets |
(1,978,035 |
) |
(2,757,380 |
) |
39.4 |
% |
(3,095,635 |
) |
(5,634,368 |
) |
82.0 |
% |
|
Cash
flows from sales of machinery and equipment |
176 |
|
273 |
|
55.1 |
% |
283 |
|
841 |
|
197.2 |
% |
|
Other
investment activities |
(5,545 |
) |
4,476 |
|
(180.7 |
%) |
(28,219 |
) |
15,967 |
|
(156.6 |
%) |
|
Net
cash used by investment activities |
(1,983,404 |
) |
(2,752,631 |
) |
38.8 |
% |
(3,123,570 |
) |
(5,617,560 |
) |
79.8 |
% |
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
Dividends
declared and paid |
(3,675,745 |
) |
(1,874,579 |
) |
(49.0 |
%) |
(3,675,745 |
) |
(1,874,579 |
) |
49.0 |
% |
|
Dividends
declared and paid non-controlling interest |
(155,159 |
) |
- |
|
(100.0 |
%) |
(155,159 |
) |
- |
|
100.0 |
% |
|
Bond
certificates issued |
- |
|
- |
|
0.0 |
% |
5,000,000 |
|
5,400,000 |
|
8.0 |
% |
|
Bond
certificates paid |
- |
|
(602,000 |
) |
100.0 |
% |
(1,500,000 |
) |
(602,000 |
) |
59.9 |
% |
|
Bank
loans paid |
(81,129 |
) |
(72,849 |
) |
(10.2 |
%) |
(3,959,132 |
) |
(72,849 |
) |
(98.2 |
%) |
|
Banks
loans |
- |
|
- |
|
0.0 |
% |
3,872,783 |
|
1,000,000 |
|
(74.2 |
%) |
|
Repurchase
of shares |
(576,230 |
) |
- |
|
(100.0 |
%) |
(1,075,703 |
) |
- |
|
(100.0 |
%) |
|
Interest
paid |
(581,227 |
) |
(900,997 |
) |
55.0 |
% |
(941,482 |
) |
(1,675,270 |
) |
77.9 |
% |
|
Interest
paid on lease |
(1,468 |
) |
(1,169 |
) |
(20.4 |
%) |
(2,661 |
) |
(2,417 |
) |
(9.2 |
%) |
|
Payments
of obligations for leasing |
(4,217 |
) |
(4,161 |
) |
(1.3 |
%) |
(7,704 |
) |
(8,324 |
) |
8.1 |
% |
|
Net
cash flows used in financing activities |
(5,075,175 |
) |
(3,455,755 |
) |
(31.9 |
%) |
(2,444,803 |
) |
2,164,561 |
|
(188.5 |
%) |
|
|
|
|
|
|
|
|
|
Effects
of exchange rate changes on cash held |
380,609 |
|
(277,594 |
) |
(172.9 |
%) |
288,762 |
|
(559,286 |
) |
(293.7 |
%) |
|
Net
increase (decrease) in cash and cash equivalents |
(3,410,326 |
) |
(3,969,921 |
) |
16.4 |
% |
156,685 |
|
2,549,488 |
|
1527.1 |
% |
|
Cash
and cash equivalents at beginning of the period |
16,899,887 |
|
18,890,873 |
|
11.8 |
% |
13,332,877 |
|
12,371,464 |
|
(7.2 |
%) |
|
Cash
and cash equivalents at the end of the period |
13,489,562 |
|
14,920,952 |
|
10.6 |
% |
13,489,562 |
|
14,920,952 |
|
10.6 |
% |
|
|
|
|
|
|
|
|
|
Exhibit D: Consolidated statements
of profit or loss and other comprehensive income (in thousands of pesos): |
|
|
|
|
2Q22 |
2Q23 |
Change |
6M22 |
6M23 |
Change |
|
|
Revenues |
|
|
|
|
|
|
|
|
Aeronautical
services |
4,322,965 |
|
4,939,681 |
|
14.3 |
% |
8,177,197 |
|
9,968,355 |
|
21.9 |
% |
|
|
Non-aeronautical
services |
1,318,125 |
|
1,556,984 |
|
18.1 |
% |
2,486,037 |
|
3,027,867 |
|
21.8 |
% |
|
|
Improvements
to concession assets (IFRIC-12) |
968,994 |
|
1,862,976 |
|
92.3 |
% |
1,959,448 |
|
3,703,338 |
|
89.0 |
% |
|
|
Total revenues |
6,610,084 |
|
8,359,641 |
|
26.5 |
% |
12,622,682 |
|
16,699,561 |
|
32.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating costs |
|
|
|
|
|
|
|
|
Costs
of services: |
900,467 |
|
1,034,528 |
|
14.9 |
% |
1,653,991 |
|
2,001,166 |
|
21.0 |
% |
|
|
Employee
costs |
350,755 |
|
435,239 |
|
24.1 |
% |
639,273 |
|
832,173 |
|
30.2 |
% |
|
|
Maintenance |
161,217 |
|
161,331 |
|
0.1 |
% |
286,247 |
|
306,998 |
|
7.2 |
% |
|
|
Safety,
security & insurance |
136,643 |
|
155,476 |
|
13.8 |
% |
262,817 |
|
322,954 |
|
22.9 |
% |
|
|
Utilities |
119,569 |
|
118,412 |
|
(1.0 |
%) |
215,650 |
|
222,663 |
|
3.3 |
% |
|
|
Other
operating expenses |
132,283 |
|
164,070 |
|
24.0 |
% |
250,004 |
|
316,378 |
|
26.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Technical
assistance fees |
190,226 |
|
220,479 |
|
15.9 |
% |
364,372 |
|
442,717 |
|
21.5 |
% |
|
|
Concession
taxes |
473,457 |
|
657,228 |
|
38.8 |
% |
873,223 |
|
1,266,621 |
|
45.1 |
% |
|
|
Depreciation
and amortization |
563,114 |
|
621,155 |
|
10.3 |
% |
1,127,647 |
|
1,239,226 |
|
9.9 |
% |
|
|
Cost
of improvements to concession assets (IFRIC-12) |
968,994 |
|
1,862,976 |
|
92.3 |
% |
1,959,448 |
|
3,703,338 |
|
89.0 |
% |
|
|
Other
(income) |
(4,761 |
) |
7,652 |
|
(260.7 |
%) |
(18,473 |
) |
12,796 |
|
(169.3 |
%) |
|
|
Total operating
costs |
3,091,497 |
|
4,404,018 |
|
42.5 |
% |
5,960,209 |
|
8,665,865 |
|
45.4 |
% |
|
|
Income from operations |
3,518,587 |
|
3,955,623 |
|
12.4 |
% |
6,662,473 |
|
8,033,696 |
|
20.6 |
% |
|
|
Financial
Result |
(288,117 |
) |
(508,135 |
) |
76.4 |
% |
(561,063 |
) |
(1,182,435 |
) |
110.7 |
% |
|
|
Income before
income taxes |
3,230,470 |
|
3,447,488 |
|
6.7 |
% |
6,101,411 |
|
6,851,261 |
|
12.3 |
% |
|
|
Income
taxes |
(865,835 |
) |
(959,062 |
) |
10.8 |
% |
(1,409,324 |
) |
(1,797,604 |
) |
27.6 |
% |
|
|
Net income |
2,364,635 |
|
2,488,426 |
|
5.2 |
% |
4,692,087 |
|
5,053,657 |
|
7.7 |
% |
|
|
Currency
translation effect |
(161,220 |
) |
(381,807 |
) |
136.8 |
% |
(339,551 |
) |
(814,582 |
) |
139.9 |
% |
|
|
Cash
flow hedges, net of income tax |
45,635 |
|
(54,924 |
) |
(220.4 |
%) |
137,387 |
|
(37,751 |
) |
(127.5 |
%) |
|
|
Remeasurements
of employee benefit – net income tax |
103 |
|
318 |
|
208.7 |
% |
205 |
|
599 |
|
(192.2 |
%) |
|
|
Comprehensive
income |
2,249,153 |
|
2,052,013 |
|
(8.8 |
%) |
4,490,128 |
|
4,201,923 |
|
(6.4 |
%) |
|
|
Non-controlling
interest |
(51,631 |
) |
(4,355 |
) |
(91.6 |
%) |
(70,658 |
) |
(8,217 |
) |
(88.4 |
%) |
|
|
Comprehensive
income attributable to controlling interest |
2,197,522 |
|
2,047,657 |
|
(6.8 |
%) |
4,419,471 |
|
4,193,706 |
|
(5.1 |
%) |
|
|
|
|
|
|
|
|
|
|
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”).
Exhibit E: Consolidated stockholders’
equity (in thousands of pesos): |
|
|
Common Stock |
Legal
Reserve |
Reserve
for Share Repurchase |
Repurchased
Shares |
Retained
Earnings |
Other
comprehensive income |
Total
controlling interest |
Non-controlling
interest |
Total
Stockholders' Equity |
Balance
as of January 1, 2022 |
170,381 |
1,592,551 |
|
5,531,292 |
|
(3,000,036 |
) |
13,925,091 |
|
1,069,102 |
|
19,288,380 |
|
1,140,220 |
|
20,428,600 |
|
Legal
Reserve cancellation |
- |
(1,558,475 |
) |
- |
|
- |
|
1,558,475 |
|
- |
|
- |
|
- |
|
- |
|
Capitalization
of retained earnings |
8,027,155 |
- |
|
- |
|
- |
|
(8,027,155 |
) |
- |
|
- |
|
- |
|
- |
|
Dividends
declared |
- |
- |
|
- |
|
- |
|
(7,351,490 |
) |
- |
|
(7,351,490 |
) |
- |
|
(7,351,490 |
) |
Repurchased
share cancellation |
- |
- |
|
(3,000,036 |
) |
3,000,036 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
Reserve
for share purchase |
- |
- |
|
(31,782 |
) |
- |
|
31,782 |
|
- |
|
- |
|
- |
|
- |
|
Dividends
declared non-controlling interest |
- |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(93,751 |
) |
(93,751 |
) |
Repurchased
share |
- |
- |
|
- |
|
-
1,075,703 |
|
- |
|
- |
|
(1,075,703 |
) |
- |
|
(1,075,703 |
) |
Comprehensive
income: |
|
|
|
|
|
|
|
|
|
Net
income |
- |
- |
|
- |
|
- |
|
4,607,229 |
|
- |
|
4,607,229 |
|
84,857 |
|
4,692,087 |
|
Foreign
currency translation reserve |
- |
- |
|
- |
|
- |
|
- |
|
(325,351 |
) |
(325,351 |
) |
(14,199 |
) |
(339,550 |
) |
Remeasurements
of employee benefit – Net |
- |
- |
|
- |
|
- |
|
- |
|
205 |
|
205 |
|
- |
|
205 |
|
Reserve
for cash flow hedges – Net of income tax |
- |
- |
|
- |
|
- |
|
- |
|
137,387 |
|
137,387 |
|
- |
|
137,387 |
|
Balance as of
June 30, 2022 |
8,197,536 |
34,076 |
|
2,499,473 |
|
(1,075,703 |
) |
4,743,933 |
|
881,343 |
|
15,280,657 |
|
1,117,127 |
|
16,397,791 |
|
|
|
|
|
|
|
|
|
|
|
Balance as of
January 1, 2023 |
8,197,536 |
34,076 |
|
2,499,473 |
|
(1,999,987 |
) |
9,187,597 |
|
720,171 |
|
18,638,867 |
|
1,189,179 |
|
19,828,046 |
|
Legal
reserve cancellation |
- |
444,109 |
|
- |
|
- |
|
(444,109 |
) |
- |
|
- |
|
- |
|
- |
|
Dividends
declared |
- |
- |
|
- |
|
- |
|
(7,498,318 |
) |
- |
|
(7,498,318 |
) |
- |
|
(7,498,318 |
) |
Cancellation
repurchased shares |
- |
- |
|
(1,999,987 |
) |
1,999,987 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
Reserve
for share purchase |
- |
- |
|
1,000,514 |
|
- |
|
(1,000,514 |
) |
- |
|
- |
|
- |
|
- |
|
Comprehensive
income: |
|
|
|
|
|
|
|
|
|
Net
income |
- |
- |
|
- |
|
- |
|
4,971,095 |
|
- |
|
4,971,095 |
|
82,560 |
|
5,053,655 |
|
Foreign
currency translation reserve |
- |
- |
|
- |
|
- |
|
- |
|
(740,239 |
) |
(740,239 |
) |
(74,343 |
) |
(814,582 |
) |
Remeasurements
of employee benefit – Net |
- |
- |
|
- |
|
- |
|
- |
|
599 |
|
599 |
|
- |
|
599 |
|
Reserve
for cash flow hedges – Net of income tax |
- |
- |
|
- |
|
- |
|
- |
|
(37,751 |
) |
(37,751 |
) |
- |
|
(37,751 |
) |
Balance as of
June 30, 2023 |
8,197,536 |
478,185 |
|
1,500,000 |
|
- |
|
5,215,751 |
|
(57,220 |
) |
15,334,253 |
|
1,197,396 |
|
16,531,649 |
|
|
|
|
|
|
|
|
|
|
|
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: |
|
|
|
|
|
|
|
2Q22 |
2Q23 |
Change |
6M22 |
6M23 |
Change |
Total
passengers |
14,083.7 |
15,876.1 |
12.7 |
% |
26,665.3 |
34,956.1 |
31.1 |
% |
Total cargo volume
(in WLUs) |
677.0 |
621.3 |
(8.2 |
%) |
1,303.6 |
1,253.7 |
(3.8 |
%) |
Total WLUs |
14,760.7 |
16,497.4 |
11.8 |
% |
27,968.9 |
36,209.8 |
29.5 |
% |
|
|
|
|
|
|
|
Aeronautical &
non aeronautical services per passenger (pesos) |
400.6 |
409.2 |
2.2 |
% |
399.9 |
371.8 |
(7.0 |
%) |
Aeronautical services
per WLU (pesos) |
292.9 |
299.4 |
2.2 |
% |
292.4 |
275.3 |
(5.8 |
%) |
Non aeronautical
services per passenger (pesos) |
93.6 |
98.1 |
4.8 |
% |
93.2 |
86.6 |
(7.1 |
%) |
Cost of services
per WLU (pesos) |
61.0 |
62.7 |
2.8 |
% |
59.1 |
55.3 |
(6.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).
Alejandra Soto, Investor Relations
and Social Responsibility Officer |
asoto@aeropuertosgap.com.mx |
Gisela Murillo, Investor Relations |
gmurillo@aeropuertosgap.com.mx/+52 33 3880 1100 ext. 20294 |
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: July 24, 2023 |
|
/s/ SAÚL VILLARREAL GARCÍA |
|
|
Saúl Villarreal García |
|
|
Chief Financial Officer |
|
|
|
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