Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV:
GAP) (“the Company” or “GAP”) reported its consolidated results for
the second quarter ended June 30, 2021 (2Q21) (at the end of this
report, tables are presented of passenger traffic and consolidated
results for 2021 compared to 2019, in order to illustrate the
recovery of our financial results and their trend). Figures are
unaudited and have been prepared in accordance with International
Financial Reporting Standards (“IFRS”) as issued by the
International Accounting Standards Board (“IASB”).
COVID-19 Impact
During the first half of the year (1H21),
passenger traffic increased 37.8% compared to 1H20 and decreased
23.4% as compared to 1H19, demonstrating a better-than-expected
recovery, despite continuing restrictions on international travel.
The United States Government expanded the requirement for negative
COVID-19 testing for all air passengers entering the United States
beginning January 26, 2021. Additionally, as of January 7, 2021,
there were similar testing requirements for air passengers
traveling to Canada, and subsequently, the Canadian Government
suspended flights with Mexico and the Caribbean until July 5, 2021,
directly affecting the recovery of passenger traffic levels at our
Puerto Vallarta, Montego Bay and Kingston airports.
Company measures during
2Q21:
- The Company continued supporting
airlines and commercial clients. For commercial contracts, the
Company granted discounts on guaranteed minimum rent amounts in
accordance with the percentage decrease in passenger traffic at
each airport as compared to 2Q19, while maintaining our percentage
of participation in revenues. With regards our support to the
airlines, the Company continued its incentive program in accordance
with the reactivation of routes and frequencies that were held
prior to the pandemic.
- The control measures for our cost
of services were maintained throughout some expense line items and
primarily at our airports that have experienced a slower recovery.
However, as a result of the increase in passenger traffic during
2Q21, we have freed certain restrictions particularly on personnel,
maintenance, security, and cleaning services, among others.
Impact of COVID-19 on the Company’s
Financial Position:
During 2Q21, results were significantly better
as compared to 2Q20, with an increase in revenues in 2Q21 of 345.4%
and an increase in cost of services of 8.5%, the Company generated
positive EBITDA of Ps. 2,797.1 million.
In 2Q21, operating activities continued
generating positive cash flow. The Company reported a financial
position of cash and cash equivalents as of June 30, 2021, of Ps.
15,503.0 million (1.6% lower than the 2Q20 balance). During 2Q21,
the Company issued long-term bond certificates (Certificados
Bursátiles) for Ps. 4,500.0 million. The proceeds were used to pay
off the Ps. 1,000.0 million debt contracted for working capital in
2Q20 with Scotiabank, the Ps. 1,500.0 million maturity payment for
the “GAP16” certificate (which was paid on July 2, 2021), and the
remainder will be used for committed investments at our Mexican
airports. Additionally, cash flow from operating activities was
used to pay off the Ps. 1,000.0 million debt contracted for working
capital in May 2020 with BBVA. Additionally, a payment of Ps.
3.8230950615 per share outstanding was made as a capital reduction
and Ps. 872.9 million in share repurchases were made during
2Q21.
In 2Q21, the Company performed an assessment of
the portfolio risk of our airlines and commercial clients in terms
of liquidity. As a result, during this quarter it was not necessary
to recognize the reserve provision for expected credit losses due
to growth and recovery of our main airlines and commercial
clients.
During 2Q21, the Company continued evaluating
the possible adverse impacts of the pandemic on its financial
condition and operating results. The Company also reviewed key
indicators and impairment tests of significant long-term assets,
expected credit losses and recovery of assets due to deferred
taxes. In this evaluation, the Company reviewed financial results
for the short, medium, and long term, concluding that a significant
deterioration of the Company’s assets is not expected. As such, the
Company does not foresee a business interruption or closing
operations at any of its airports. However, the Company cannot
ensure that the negative effect of the pandemic will continue
decreasing in the coming quarter, nor can it ensure that local and
global economic conditions will improve. The Company can also not
predict the availability of financing, or what general credit
conditions will be.
The Company will continue to monitor the
pandemic’s adverse effects on the results of operations, including
the monitoring of key indicators, impairment tests, projections,
budgets, fair values, future cash flow related to the recovery of
significant financial and non-financial assets, as well as possible
contingencies. The Company will continue informing the market in a
timely manner regarding future material updates on airport
operations and the measures adopted for preserving liquidity and
ensuring business continuity.
Summary of Results 2Q21 vs.
2Q20 (and 2Q19 for purposes of illustrating the
recovery trend):
- The sum of aeronautical and
non-aeronautical services revenues increased by Ps. 3,051.2
million, or 345.4% (Ps. 399.7 million, or 11.3%, as
compared to 2Q19). Total revenues increased by Ps. 3,410.7 million,
or 229.7% (Ps. 1,238.3 million, or 33.9%, as compared to
2Q19).
- Cost of services increased
by Ps. 52.1 million, or 8.1% (as compared to 2Q19, cost of
services decreased Ps. 9.7 million, or 1.4%).
- Income from operations
increased by Ps. 2,655.4 million, or 720.3% (Ps. 287.7
million, or 14.4%, as compared to 2Q19).
- EBITDA increased by Ps.
2,660.6 million, or 1,948.8% (Ps. 372.2 million, or 15.3%,
as compared to 2Q19), going from Ps. 136.5 million in 2Q20 to Ps.
2,797.1 million in 2Q21. EBITDA margin (excluding the effects of
IFRIC 12) increased from 15.6% in 2Q20 to 71.2% in 2Q21 (EBITDA
margin (excluding the effects of IFRIC 12) was 68.8% in 2Q19).
- Net comprehensive income
increased Ps. 2,247.0 million, or 237.5% (Ps. 228.7
million, or 18.8%, as compared to 2Q19), from a loss of Ps. 946.0
million in 2Q20 to an income of Ps. 1,300.9 million in 2Q21.
Passenger Traffic
During 2Q21, total passengers at the Company’s
14 airports increased by 9,373.9 thousand passengers, an increase
of 562.6%, compared to 2Q20 (as compared to 2Q19, total passengers
decreased by 1,169.3 thousand, or 9.6%).
During 2Q21, the following new routes were
opened:
National:
|
Airline |
Departure |
Arrival |
Opening date |
Frequencies |
|
Aeromar |
La Paz |
Mazatlán |
June 17, 2021 |
2 weekly frequencies |
|
Volaris |
Méxicali |
Cancún |
June 18, 2021 |
2 weekly frequencies |
Note: Frequencies can vary without prior
notice.
International:
|
Airline |
Departure |
Arrival |
Opening date |
Frequencies |
|
United |
Guanajuato |
Chicago O’Hare |
June 3, 2021 |
7 weekly frequencies |
|
American Airlines |
Hermosillo |
Dallas Fort Worth |
June 3, 2021 |
7 weekly frequencies |
|
JetBlue |
Los Cabos |
Los Ángeles |
June 17, 2021 |
6 weekly frequencies |
|
JetBlue |
Los Cabos |
Nueva York (JFK) |
June 17, 2021 |
5 weekly frequencies |
Note: Frequencies can vary without prior
notice.
|
Domestic Terminal Passengers – 14 airports
(in thousands): |
|
Airport |
2Q20 |
2Q21 |
Change |
6M20 |
6M21 |
Change |
|
Guadalajara |
393.8 |
2,177.8 |
453.0% |
2,730.3 |
3,751.4 |
37.4% |
|
Tijuana * |
460.3 |
1,773.3 |
285.3% |
1,880.3 |
3,184.1 |
69.3% |
|
Los Cabos |
76.1 |
520.5 |
584.0% |
478.8 |
887.4 |
85.3% |
|
Puerto Vallarta |
34.0 |
453.1 |
1233.5% |
401.8 |
753.5 |
87.6% |
|
Guanajuato |
55.9 |
394.9 |
606.6% |
480.5 |
680.9 |
41.7% |
|
Montego Bay |
0.0 |
0.0 |
0.0% |
1.0 |
0.0 |
(100.0%) |
|
Hermosillo |
58.5 |
360.8 |
517.2% |
454.6 |
618.4 |
36.0% |
|
Mexicali |
46.9 |
273.0 |
481.5% |
323.9 |
463.2 |
43.0% |
|
Morelia |
46.1 |
145.8 |
216.2% |
171.9 |
255.7 |
48.7% |
|
La Paz |
33.5 |
228.5 |
582.2% |
247.0 |
397.7 |
61.0% |
|
Aguascalientes |
20.0 |
144.6 |
622.4% |
157.6 |
242.4 |
53.8% |
|
Kingston |
0.0 |
0.7 |
3204.8% |
1.3 |
0.7 |
(46.6%) |
|
Los Mochis |
10.6 |
91.7 |
763.9% |
97.4 |
162.6 |
66.9% |
|
Manzanillo |
1.9 |
23.1 |
1105.9% |
25.1 |
40.3 |
60.4% |
|
Total |
1,237.6 |
6,587.9 |
432.3% |
7,451.5 |
11,438.1 |
53.5% |
| *CBX users are
classified as international passengers. |
| |
|
|
|
|
|
|
|
International Terminal Passengers – 14 airports
(in thousands): |
|
Airport |
2Q20 |
2Q21 |
Change |
6M20 |
6M21 |
Change |
|
Guadalajara |
159.9 |
949.3 |
493.7% |
1,117.7 |
1,544.3 |
38.2% |
|
Tijuana * |
140.7 |
737.8 |
424.4% |
825.0 |
1,162.6 |
40.9% |
|
Los Cabos |
28.2 |
983.4 |
3392.3% |
975.2 |
1,517.8 |
55.6% |
|
Puerto Vallarta |
25.0 |
575.8 |
2201.1% |
1,111.3 |
928.2 |
(16.5%) |
|
Guanajuato |
16.9 |
163.4 |
867.5% |
165.1 |
248.8 |
50.7% |
|
Montego Bay |
16.7 |
656.8 |
3832.9% |
1,149.6 |
961.5 |
(16.4%) |
|
Hermosillo |
1.9 |
25.9 |
1286.7% |
20.6 |
45.8 |
121.8% |
|
Mexicali |
0.1 |
1.1 |
1108.6% |
1.3 |
1.8 |
39.9% |
|
Morelia |
9.3 |
101.8 |
996.6% |
108.9 |
176.9 |
62.4% |
|
La Paz |
0.4 |
4.3 |
871.7% |
3.8 |
8.3 |
119.9% |
|
Aguascalientes |
6.9 |
54.6 |
696.6% |
55.3 |
88.6 |
60.2% |
|
Kingston |
21.6 |
183.4 |
749.1% |
375.1 |
298.8 |
(20.3%) |
|
Los Mochis |
0.1 |
2.4 |
3542.4% |
1.3 |
4.0 |
198.6% |
|
Manzanillo |
1.1 |
12.1 |
1031.6% |
29.5 |
21.5 |
(27.3%) |
|
Total |
428.6 |
4,452.2 |
938.7% |
5,939.9 |
7,008.7 |
18.0% |
| *CBX users are classified as international
passengers. |
| |
|
|
|
|
|
|
|
Total Terminal Passengers – 14 airports (in
thousands): |
|
Airport |
2Q20 |
2Q21 |
Change |
6M20 |
6M21 |
Change |
|
Guadalajara |
553.7 |
3,127.2 |
464.8% |
3,848.1 |
5,295.7 |
37.6% |
|
Tijuana * |
600.9 |
2,511.1 |
317.9% |
2,705.3 |
4,346.6 |
60.7% |
|
Los Cabos |
104.3 |
1,503.9 |
1342.5% |
1,454.0 |
2,405.1 |
65.4% |
|
Puerto Vallarta |
59.0 |
1,028.9 |
1643.8% |
1,513.1 |
1,681.8 |
11.1% |
|
Guanajuato |
72.8 |
558.3 |
667.2% |
645.6 |
929.7 |
44.0% |
|
Montego Bay |
16.7 |
656.8 |
3832.9% |
1,150.6 |
961.5 |
(16.4%) |
|
Hermosillo |
60.3 |
386.8 |
541.1% |
475.2 |
664.2 |
39.8% |
|
Mexicali |
47.0 |
274.1 |
482.8% |
325.2 |
465.0 |
43.0% |
|
Morelia |
55.4 |
247.6 |
347.0% |
280.8 |
432.5 |
54.0% |
|
La Paz |
33.9 |
232.9 |
586.0% |
250.8 |
406.0 |
61.9% |
|
Aguascalientes |
26.9 |
199.3 |
641.3% |
212.9 |
330.9 |
55.4% |
|
Kingston |
21.6 |
184.1 |
751.5% |
376.4 |
299.5 |
(20.4%) |
|
Los Mochis |
10.7 |
94.1 |
781.0% |
98.7 |
166.6 |
68.7% |
|
Manzanillo |
3.0 |
35.2 |
1079.4% |
54.6 |
61.7 |
13.0% |
|
Total |
1,666.2 |
11,040.1 |
562.6% |
13,391.4 |
18,446.9 |
37.8% |
| *CBX users are classified as international
passengers. |
| |
|
|
|
|
|
|
| CBX
(thousands) |
|
|
|
|
|
Table 5 |
|
Airport |
2Q20 |
2Q21 |
Change |
6M20 |
6M21 |
Change |
|
Tijuana |
140.4 |
731.6 |
421.1% |
817.7 |
1,152.6 |
41.0% |
Consolidated Results for the Second
Quarter of 2021 (in thousands of
pesos):
|
|
2Q20 |
2Q21 |
Change |
|
Revenues |
|
|
|
|
Aeronautical services |
551,875 |
3,023,604 |
447.9% |
|
Non-aeronautical services |
331,641 |
911,151 |
174.7% |
|
Improvements to concession assets (IFRIC 12) |
601,542 |
960,983 |
59.8% |
|
Total revenues |
1,485,058 |
4,895,738 |
229.7% |
|
|
|
|
|
|
Operating costs |
|
|
|
|
Costs of services: |
643,554 |
695,644 |
8.1% |
|
Employee costs |
239,260 |
289,828 |
21.1% |
|
Maintenance |
97,402 |
109,037 |
11.9% |
|
Safety, security & insurance |
104,079 |
124,605 |
19.7% |
|
Utilities |
79,692 |
95,591 |
20.0% |
|
Other operating expenses |
123,121 |
76,583 |
(37.8%) |
|
|
|
|
|
|
Technical assistance fees |
8,777 |
135,441 |
1443.1% |
|
Concession taxes |
94,721 |
303,817 |
220.7% |
|
Depreciation and amortization |
505,174 |
510,380 |
1.0% |
|
Cost of improvements to concession assets (IFRIC 12) |
601,542 |
960,983 |
59.8% |
|
Other (income) expense |
(58) |
2,712 |
4775.9% |
|
Total operating costs |
1,853,710 |
2,608,977 |
40.7% |
|
(Loss) income from operations |
(368,651) |
2,286,761 |
720.3% |
|
|
|
|
|
|
Financial Result |
(311,089) |
(406,199) |
30.6% |
|
Share of loss of associates |
(83) |
- |
100.0% |
|
(Loss) income before income taxes |
(679,823) |
1,880,562 |
376.6% |
|
Income taxes |
97,616 |
(456,589) |
(567.7%) |
|
Net (loss) income |
(582,207) |
1,423,973 |
344.6% |
|
Currency translation effect |
(66,233) |
(146,953) |
121.9% |
|
Cash flow hedges, net of income tax |
(287,997) |
23,233 |
108.1% |
|
Remeasurements of employee benefit – net income tax |
(9,558) |
735 |
107.7% |
|
Comprehensive (loss) income |
(945,995) |
1,300,988 |
237.5% |
|
Non-controlling interest |
29,645 |
13,545 |
(54.3%) |
|
Comprehensive (loss) income attributable to controlling
interest |
(916,350) |
1,314,533 |
243.5% |
|
|
|
|
|
|
|
|
|
|
|
|
2Q20 |
2Q21 |
Change |
|
EBITDA |
136,523 |
2,797,141 |
1948.8% |
|
Comprehensive (loss) income |
(945,994.96 |
1,300,988 |
237.5% |
|
Comprehensive (loss) income per share (pesos) |
(1.69 |
2.5018 |
248.4% |
|
Comprehensive (loss) income per ADS (US dollars) |
(0.73 |
1.2568 |
272.0% |
|
|
|
|
|
|
Operating (loss) income margin |
(24.8%) |
46.7% |
288.2% |
|
Operating (loss) income margin (excluding IFRIC 12) |
(41.7%) |
58.1% |
239.3% |
|
EBITDA margin |
9.2% |
57.1% |
521.5% |
|
EBITDA margin (excluding IFRIC 12) |
15.6% |
71.2% |
357.6% |
|
Costs of services and improvements / total revenues |
83.8% |
33.8% |
(59.6%) |
|
Cost of services / total revenues (excluding IFRIC 12) |
72.8% |
17.7% |
(75.7%) |
|
|
|
|
|
- Net (loss) income and comprehensive (loss)
income per share for 2Q21 were calculated based on 520,024,505
shares outstanding as of June 30, 2021, and for 2Q20 were
calculated based on 525,525,547 shares outstanding as of June 30,
2020. U.S. dollar figures presented were converted from pesos to
U.S. dollars at a rate of Ps. 19.9060 per U.S. dollar (the noon
buying rate on June 30, 2021, as published by the U.S. Federal
Reserve Board).- For purposes of the consolidation of the Montego
Bay and Kingston airports, the average three-month exchange rate of
Ps. 20.0503 per U.S. dollar for the three months ended June 30,
2021, was used.
Revenues (2Q21 vs. 2Q20)
- Aeronautical services
revenues increased by Ps. 2,471.7 million, or 447.9%.
- Non-aeronautical services
revenues increased by Ps. 579.5 million, or 174.7%.
- Revenues from improvements
to concession assets increased by Ps. 359.4 million, or
59.8%.
- Total revenues increased by
Ps. 3,410.7 million, or 229.7%.
- The change in aeronautical
services revenues was composed primarily of the following
factors:
- Revenues at the Company’s Mexican
airports increased by Ps. 2,201.1 million or 481.6% compared to
2Q20, mainly as a result of the 526.5% increase in passenger
traffic. As international passenger traffic accelerates and
business passenger traffic recovers, the Company expects to be
closer to recovering pre-pandemic revenue levels.
- Revenues from the Montego
Bay airport increased by Ps. 197.5 million, or 393.3%,
compared to 2Q20. This was mainly due to the 3,832.9% increase in
passenger traffic. The passenger traffic increase was partially
offset by the 14.2% appreciation of the peso versus the U.S. dollar
during 2Q21, which went from an average exchange rate of Ps.
23.3631 in 2Q20 to Ps. 20.0503 in 2Q21.
- Revenues from the Kingston
airport increased by Ps. 73.0 million, or 163.5% compared
to 2Q20, mainly due to a 751.5% increase in passenger traffic. The
appreciation of the peso versus the dollar partially offset the
increase in passenger traffic.
- The change in
non-aeronautical services revenues was composed
primarily of the following factors:
- Revenues from the Company’s
Mexican airports increased by Ps. 511.2 million,
or 204.5%, compared to 2Q20. Revenues from businesses operated by
third parties increased by Ps. 368.3 million. This was mainly due
to an increase in revenues from food and beverage, duty-free
stores, car rentals, retail, and time shares, which jointly
increased by Ps. 318.1 million, or 239.6%. Revenues from businesses
operated directly by the Company increased by Ps. 128.1 million, or
176.6%, while the recovery of costs increased by Ps. 14.7 million,
or 62.0%.
- Revenues from the Montego
Bay airport increased by Ps. 57.8 million, or 99.6%,
compared to 2Q20. Revenues in U.S. dollars increased by US$ 3.3
million, or 132.6%. However, the 14.2% appreciation of the peso
versus the dollar partially offset the revenue increase in
2Q21.
- Revenues from the Kingston
airport declined by Ps. 10.6 million, or 44.7%, compared
to 2Q20. Revenues in U.S. dollars decreased by US$ 0.7 million, or
68.7%.
|
|
2Q20 |
2Q21 |
Change |
|
Businesses operated by third parties: |
|
|
|
|
Duty-free |
25,647 |
141,096 |
450.1% |
|
Food and beverage |
32,575 |
122,340 |
275.6% |
|
Retail |
36,812 |
100,186 |
172.2% |
|
Car rentals |
46,340 |
94,946 |
104.9% |
|
Leasing of space |
49,487 |
61,215 |
23.7% |
|
Time shares |
1,085 |
49,656 |
4475.7% |
|
Ground transportation |
12,414 |
34,431 |
177.4% |
|
Communications and financial services |
5,820 |
22,524 |
287.0% |
|
Other commercial revenues |
13,548 |
31,427 |
132.0% |
|
Total |
223,727 |
657,820 |
194.0% |
|
|
|
|
|
|
Businesses operated directly by us: |
|
|
|
|
Car parking |
23,130 |
97,921 |
323.4% |
|
VIP lounges |
19,401 |
52,638 |
171.3% |
|
Advertising |
23,739 |
11,414 |
(51.9%) |
|
Convenience stores |
8,542 |
43,852 |
413.4% |
|
Total |
74,811 |
205,826 |
175.1% |
|
Recovery of costs |
33,103 |
47,503 |
43.5% |
|
Total Non-aeronautical Revenues |
331,641 |
911,151 |
174.7% |
|
|
|
|
|
Figures expressed in thousands of Mexican
pesos.
- Revenues from improvements
to concession assets1Revenues from improvements to
concession assets (IFRIC-12) increased by Ps. 359.4 million, or
59.8%, compared to 2Q20, mainly in:
- The Company’s Mexican airports,
which increased by Ps. 401.3 million, or 74.6%, as a result of the
increase in committed investments in the Master Development Program
for the 2020-2024 period.
- Improvements to concession assets
at the Montego Bay airport decreased Ps. 41.8 million, or 66.0%.
During 2Q21, no investments in improvements to concession assets
were made at the Kingston airport.
________________________[1] Revenues from
improvements to concession assets are recognized in accordance with
International Financial Reporting Interpretation Committee 12
“Service Concession Arrangements” (IFRIC 12), but this recognition
does not have a cash impact or an impact on the Company’s operating
results. Amounts included as a result of the recognition of IFRIC
12 are related to construction of infrastructure in each quarter to
which the Company has committed in accordance with the Company’s
Master Development Programs in Mexico and Capital Development
Program in Jamaica. All margins and ratios calculated using “Total
Revenues” include revenues from improvements to concession assets
(IFRIC 12), and, consequently, such margins and ratios may not be
comparable to other ratios and margins, such as EBITDA margin,
operating margin or other similar ratios that are calculated based
on those results of the Company that do have a cash impact.
Total operating costs
increased by Ps. 755.3 million, or 40.7%, compared
to 2Q20, mainly due to a Ps. 359.4 million, or 59.8%, increase in
the cost of improvements to the concession assets (IFRIC-12), a Ps.
335.8 million, or 324.4%, increase in concession taxes and
technical assistance fees, and a Ps. 52.1 million, or 8.1% increase
in cost of services (excluding the cost of improvements to
concession assets, operating costs increased Ps. 395.8 million, or
31.6%). Total operating costs increase was composed
primarily of the following factors:
Mexican Airports:
- Operating costs increased
by Ps. 726.2 million, or 50.2%, compared to 2Q20,
primarily due to a Ps. 401.3 million, or 74.6%, increase in the
cost of improvements to the concession assets (IFRIC-12)
(excluding this cost, operating costs increased by Ps.
324.9 million or 35.8%), a Ps. 261.6 million, or 593.6%,
increase in technical assistance fees and concession taxes, a Ps.
45.2 million, or 9.1%, increase in cost of services and a Ps. 20.3
million, or 5.6%, increase in depreciation and amortization.
The change in the cost of services during 2Q21
was mainly due to:
- Employee costs
increased Ps. 53.2 million, or 28.5%, compared to 2Q20, mainly due
to the recognition of labor provisions in accordance with the
reform to the Labor Law in Mexico and the hiring of additional
personnel as required for airport operations.
- Safety, security, and
insurance costs increased Ps. 21.9 million, or 32.8%,
compared to 2Q20, mainly due to an increase in the number of
security staff as compared to 2Q20 when the partial closure of some
operating areas reduced the need for personnel.
- Maintenance costs
increased by Ps. 12.7 million, or 16.7%, compared to
2Q20.
- Other operating
expenses decreased by Ps. 49.5 million or 44.0%, compared
to 2Q20, mainly due to a Ps. 67.5 million decrease in the allowance
for credit losses and the cost of sanitation supplies, purchase of
supplies and donations to the medical sector for the prevention of
COVID-19. This decrease was partially offset by a Ps. 18.0 million
increase in the cost of sales in VIP lounges and convenience
stores, FBO services and travel expenses.
Montego Bay Airport:
- Operating costs decreased
by Ps. 25.7 million, or 8.3%, compared to 2Q20, mainly due
to a Ps. 41.8 million, or 66.0%, decrease in cost of improvements
to the concession assets (IFRIC-12), a Ps. 15.1 million, or 11.0%,
decrease in depreciation and amortization and the 14.2%
appreciation of the Mexican peso against the U.S. dollar. However,
this decrease was partially offset by an increase in concession
taxes of Ps. 25.5 million, or 161.1%. Operating costs in U.S.
dollars declined by US$ 0.3 million.
Kingston Airport:
- Operating costs increased
by Ps. 54.8 million, or 55.2%, compared to 2Q20, mainly
due to a Ps. 48.7 million, or 111.6% increase in concession taxes,
and a Ps. 6.2 million, or 11.7% increase in the cost of services.
Operating costs in U.S. dollars increased by US$ 3.1 million.
Operating margin for 2Q21 went
from a negative margin of 24.8% in 2Q20 to a positive margin of
46.7% in 2Q21. Excluding the effects of IFRIC-12, operating margin
went from a negative margin of 41.7% to a positive margin of 58.1%
in 2Q21. Operating income increased Ps. 2,655.4 million, or 720.3%,
compared to 2Q20.
EBITDA margin went from 9.2% in
2Q20 to 57.1% in 2Q21. Excluding the effects of IFRIC-12, EBITDA
margin went from 15.6% in 2Q20 to 71.2% in 2Q21. The
nominal value of EBITDA was Ps. 2,797.1 million in 2Q21,
compared to Ps. 136.5 million in 2Q20.
Financial cost increased by
Ps. 95.1 million, from a net expense of Ps. 311.1
million in 2Q20 to a net expense of Ps. 406.2 million in 2Q21. This
increase was mainly the result of:
- Foreign exchange rate
fluctuations, which went from an expense of Ps. 49.3
million in 2Q20 to an expense of Ps. 102.1 million in 2Q21. This
generated an increase in the foreign exchange loss of Ps.
52.7 million. The currency translation effect increased
Ps. 80.7 million, compared to 2Q20.
- An increase in interest
expenses of Ps. 53.6 million, or 15.0%, compared to 2Q20,
mainly due to higher debt as a result of the issuance of long-term
bonds and bank loans disbursed during 2020.
- Interest income increased
by Ps. 11.3 million, or 11.7%, compared to 2Q20, mainly
due to an increase in the average balance of cash and cash
equivalents during 2Q21 as compared to 2Q20.
In 2Q21, comprehensive income increased
by Ps. 2,247.0 million, or 237.5%, compared to 2Q20. This
increase was mainly due to the Ps. 2,560.4 million increase in
profit before taxes derived from the significant increase in
passenger traffic, as well as the Ps. 311.2 million increase in the
cash flow hedge reserve. This increase was partially offset by an
increase in income taxes of Ps. 554.2 million.
During 2Q21, net income increased by Ps.
2,006.2 million, or 344.6%, compared to 2Q20. Income taxes
increased by Ps. 633.7 million and were partially offset by a
Ps.79.6 million increase in the benefit for deferred taxes, mainly
due to a higher inflation rate, that went from deflation of 0.62%
in 2Q20 to inflation of 1.01% in 2Q21.
Consolidated Results for the First Six
Months of 2021 (in thousands of
pesos):
|
|
6M20 |
6M21 |
Change |
|
Revenues |
|
|
|
|
Aeronautical services |
3,675,657 |
5,096,371 |
38.7% |
|
Non-aeronautical services |
1,353,482 |
1,547,138 |
14.3% |
|
Improvements to concession assets (IFRIC 12) |
1,424,757 |
1,890,226 |
32.7% |
|
Total revenues |
6,453,897 |
8,533,734 |
32.2% |
|
|
|
|
|
|
Operating costs |
|
|
|
|
Costs of services: |
1,380,112 |
1,348,342 |
(2.3%) |
|
Employee costs |
486,466 |
533,462 |
9.7% |
|
Maintenance |
211,805 |
203,476 |
(3.9%) |
|
Safety, security & insurance |
229,405 |
248,431 |
8.3% |
|
Utilities |
171,319 |
172,764 |
0.8% |
|
Other operating expenses |
281,117 |
190,209 |
(32.3%) |
|
|
|
|
|
|
Technical assistance fees |
141,041 |
223,798 |
58.7% |
|
Concession taxes |
538,427 |
517,657 |
(3.9%) |
|
Depreciation and amortization |
987,231 |
1,013,125 |
2.6% |
|
Cost of improvements to concession assets (IFRIC 12) |
1,424,757 |
1,890,226 |
32.7% |
|
Other expense (income) |
9,022 |
(637) |
(107.1%) |
|
Total operating costs |
4,480,591 |
4,992,510 |
11.4% |
|
Income from operations |
1,973,307 |
3,541,224 |
79.5% |
|
|
|
|
|
|
Financial Result |
(326,183) |
(485,503) |
48.8% |
|
Share of loss of associates |
3 |
1 |
66.7% |
|
Income before income taxes |
1,647,127 |
3,055,722 |
85.5% |
|
Income taxes |
(421,271) |
(594,170) |
41.0% |
|
Net income |
1,225,856 |
2,461,552 |
100.8% |
|
Currency translation effect |
1,351,131 |
(85,224) |
(106.3%) |
|
Cash flow hedges, net of income tax |
(348,105) |
240,027 |
169.0% |
|
Remeasurements of employee benefit – net income tax |
(9,705) |
1,837 |
118.9% |
|
Comprehensive income |
2,219,177 |
2,618,192 |
18.0% |
|
Non-controlling interest |
(164,109) |
650 |
100.4% |
|
Comprehensive income attributable to controlling
interest |
2,055,068 |
2,618,842 |
27.4% |
|
|
|
|
|
|
|
|
|
|
|
|
6M20 |
6M21 |
Change |
|
EBITDA |
2,960,536 |
4,554,349 |
53.8% |
|
Comprehensive income |
2,219,176 |
2,618,192 |
18.0% |
|
Comprehensive income per share (pesos) |
3.9558 |
5.0347 |
27.3% |
|
Comprehensive income per ADS (US dollars) |
1.7138 |
2.5293 |
19.2% |
|
|
|
|
|
|
Operating income margin |
30.6% |
41.5% |
35.7% |
|
Operating income margin (excluding IFRIC 12) |
39.3% |
53.3% |
35.5% |
|
EBITDA margin |
45.9% |
53.4% |
16.3% |
|
EBITDA margin (excluding IFRIC 12) |
58.9% |
68.6% |
16.5% |
|
Costs of services and improvements / total revenues |
43.5% |
38.0% |
(12.7%) |
|
Cost of services / total revenues (excluding IFRIC 12) |
27.4% |
20.3% |
(26.0%) |
|
|
|
|
|
- Net income and comprehensive income per share
for 1H21 were calculated based on 520,024,505 shares outstanding
and for 1H20 were calculated based on 525,525,547 shares
outstanding. U.S. dollar figures presented were converted from
pesos to U.S. dollars at a rate of Ps. 19.9060 per U.S. dollar (the
noon buying rate on June 30, 2021, as published by the U.S. Federal
Reserve Board).- For purposes of the consolidation of the Montego
Bay and Kingston airports, the average exchange rate of Ps. 19.8027
per U.S. dollar for the six months ended June 30, 2021, was
used.
Revenues (1H21 vs. 1H20)
- Aeronautical services
revenues increased by Ps. 1,420.7 million, or 38.7%.
- Non-aeronautical services
revenues increased by Ps. 193.7 million, or 14.3%.
- Revenues from improvements
to concession assets increased by Ps. 465.5 million, or
32.7%.
- Total revenues increased by
Ps. 2,079.8 million, or 32.2%.
- The change in aeronautical
services revenues was composed of the following factors:
- Revenues at the Company’s
Mexican airports increased by Ps. 1,529.8 million
or 51.3% compared to 1H20, mainly as a result of the 44.9% increase
in passenger traffic and the increase in the maximum tariffs
applicable for 2021 as a result of the Extraordinary Review Process
of our Master Development Program.
- Revenues from the Montego
Bay airport decreased by Ps. 123.6 million, or 24.4%,
compared to 1H20. This was mainly due to the 16.4% decrease in
passenger traffic and the 6.6% appreciation of the peso versus the
U.S. dollar during 1H21, which went from an average exchange rate
of Ps. 21.6091 in 1H20 to Ps. 20.1847 in 1H21.
- Revenues from the Kingston
airport increased by Ps. 14.4 million, or 7.8% compared to
1H20, mainly due to an increase in tariffs beginning in April 2020
and partially offset by a 20.4% decrease in passenger traffic and
the 6.6% appreciation of the peso versus the dollar.
- The change in
non-aeronautical services revenues was composed
primarily of the following factors:
- Revenues from the Company’s
Mexican airports increased by Ps. 218.6 million,
or 20.3%, compared to 1H20. Revenues from businesses operated by
third parties increased by Ps. 193.3 million, or 27.9%. This was
mainly due to an increase in revenues from duty-free stores, food
and beverage, time shares, retail, car rentals and other commercial
revenues, which jointly increased by Ps. 176.7 million, or 32.3%.
Revenues from businesses operated directly by the Company increased
by Ps. 27.6 million, or 9.0%. This increase was primarily due to a
Ps. 67.1 million increase in revenue from parking and was partially
offset by a Ps. 49.7 million decrease in combined revenues from
publicity and VIP lounges. The recovery of costs decreased by Ps.
2.4 million, or 3.3%.
- Revenues from the Montego
Bay airport decreased by Ps. 10.6 million, or 5.2%,
compared to 1H20. Revenues in U.S. dollars increased by US$ 0.2
million, or 1.5%. However, the 6.6% appreciation of the peso versus
the dollar offset the revenue increase.
- Revenues from the Kingston
airport declined by Ps. 14.2 million, or 18.8%, compared
to 1H20. Revenues in U.S. dollars decreased by US$ 0.5 million, or
13.1%. The 6.6% appreciation of the peso versus the dollar further
contributed to the decrease.
|
|
6M20 |
6M21 |
Change |
|
Businesses operated by third parties: |
|
|
|
|
Duty-free |
177,674 |
222,438 |
25.2% |
|
Food and beverage |
177,321 |
203,829 |
14.9% |
|
Retail |
143,233 |
165,662 |
15.7% |
|
Car rentals |
156,716 |
175,653 |
12.1% |
|
Leasing of space |
105,197 |
110,244 |
4.8% |
|
Time shares |
53,543 |
80,020 |
49.4% |
|
Ground transportation |
50,674 |
61,072 |
20.5% |
|
Communications and financial services |
36,927 |
38,875 |
5.3% |
|
Other commercial revenues |
39,064 |
58,321 |
49.3% |
|
Total |
940,349 |
1,116,116 |
18.7% |
|
|
|
|
|
|
Businesses operated directly by us: |
|
|
|
|
Car parking |
101,234 |
167,265 |
65.2% |
|
VIP lounges |
100,687 |
84,410 |
(16.2%) |
|
Advertising |
57,673 |
21,857 |
(62.1%) |
|
Convenience stores |
58,812 |
69,045 |
17.4% |
|
Total |
318,406 |
342,577 |
7.6% |
|
Recovery of costs |
94,727 |
88,445 |
(6.6%) |
|
Total Non-aeronautical Revenues |
1,353,482 |
1,547,138 |
14.3% |
|
|
|
|
|
Figures expressed in thousands of Mexican
pesos.
- Revenues from improvements
to concession assets2Revenues from improvements to
concession assets (IFRIC-12) increased by Ps. 465.5 million, or
32.7%, compared to 1H20, mainly in:
- The Company’s Mexican airports,
which increased by Ps. 503.6 million, or 37.4%, as a result of the
increase in committed investments in the Master Development Program
for the 2020-2024 period.
- Improvements to concession assets
at the Montego Bay airport decreased Ps. 38.1 million, or 48.0%.
During 1H21, no investments in improvements to concession assets
were made at the Kingston airport.
________________________[1] Revenues from
improvements to concession assets are recognized in accordance with
International Financial Reporting Interpretation Committee 12
“Service Concession Arrangements” (IFRIC 12), but this recognition
does not have a cash impact or an impact on the Company’s operating
results. Amounts included as a result of the recognition of IFRIC
12 are related to construction of infrastructure in each quarter to
which the Company has committed in accordance with the Company’s
Master Development Programs in Mexico and Capital Development
Program in Jamaica. All margins and ratios calculated using “Total
Revenues” include revenues from improvements to concession assets
(IFRIC 12), and, consequently, such margins and ratios may not be
comparable to other ratios and margins, such as EBITDA margin,
operating margin or other similar ratios that are calculated based
on those results of the Company that do have a cash impact.
Total operating costs increased by Ps.
511.9 million, or 11.4%, compared to 1H20, mainly due to a
Ps. 465.5 million, or 32.7%, increase in the cost of improvements
to the concession assets (IFRIC-12) and a Ps. 61.9 million, or
8.3%, increase in concession taxes and technical assistance fees.
This increase was partially offset by a Ps. 31.8 million, or 2.3%
decrease in cost of services (excluding the cost of
improvements to concession assets, operating costs increased Ps.
46.5 million, or 1.5%). Operating costs was composed
primarily of the following factors:
Mexican Airports:
- Operating costs
increased by Ps. 715.4 million, or 20.7%, compared
to 1H20, primarily due to a Ps. 503.6 million, or 37.4%, increase
in the cost of improvements to the concession assets (IFRIC-12), a
Ps. 170.2 million, or 33.1%, increase in technical assistance fees
and concession taxes as a result of the increase in revenues, a Ps.
35.4 million, or 4.9%, increase in depreciation and amortization
and a Ps. 13.0 million, or 1.3%, increase in the cost of
services.
The cost of services during 1H21 was mainly
comprised of the following:
- Employee costs
increased Ps. 58.5 million, or 15.5%, compared to 1H20, mainly due
to the recognition of labor provisions in accordance with the
reform to the Labor Law in Mexico and the hiring of additional
personnel as required for airport operations.
- Safety, security, and
insurance costs increased Ps. 23.4 million, or 15.3%,
compared to 1H20.
- Other operating
expenses decreased by Ps. 69.5 million or 30.2%, compared
to 1H20, mainly due to a Ps. 72.1 million, or 91.4%, decrease in
the allowance for credit losses, professional fees, publicity,
sanitation supplies, and the decrease in the purchase of supplies
and donations to the medical sector for the prevention of
COVID-19.
Montego Bay Airport:
- Operating costs decreased
by Ps. 177.7 million, or 24.6% compared to 1H20, mainly
due to a Ps. 108.9 million, or 60.8%, decrease in concession taxes,
a Ps. 17.7 million, or 8.7%, decrease in the cost of services, a
Ps. 38.1 million, or 48.0%, decrease in the cost of improvements to
concession assets (IFRIC-12), and a Ps. 10.1 million, or 4.0%,
decrease in depreciation and amortization. Operating costs in U.S.
dollars declined by US$ 9.2 million.
Kingston Airport:
- Operating costs decreased
by Ps. 25.7 million, or 8.5% compared to 1H20, mainly due
to a Ps. 26.9 million, or 19.1%, decrease in the cost of services.
Operating costs in U.S. dollars decreased by US$ 1.3 million.
Operating margin went from
30.6% in 1H20 to 41.5% in 1H21. Excluding the effects of IFRIC-12,
operating margin went from 39.3% to 53.3% in 1H21. Operating income
increased Ps. 1,567.9 million, or 79.5%, compared to 1H20.
EBITDA margin increased 750 basis points from
45.9% in 1H20 to 53.4% in 1H21. Excluding the effects of IFRIC-12,
EBITDA margin increased 970 basis points from 58.9% in 1H20 to
68.6% in 1H21. The nominal value of EBITDA was Ps. 4,554.3
million in 1H21 compared to Ps. 2,960.5 million in 1H20,
an increase of 53.8%. Financial cost increased by
Ps. 159.3 million, from a net expense of Ps. 326.2
million in 1H20 to a net expense of Ps. 485.5 million in 1H21. This
increase was mainly the result of:
- Foreign exchange rate
fluctuations went from an income of Ps. 187.1 million in
1H20 to an income of Ps. 117.5 million in 1H21. This
generated a decrease in the foreign exchange gain of Ps.
69.6 million. Currency translation effect income also
decreased by Ps. 1,436.4 million as compared to 1H20, due to the
fact that the exchange rate for 1H20 closed at Ps. 22.9715 and for
1H21 it closed at Ps. 19.8027, an appreciation by the peso of
13.8%.
- An increase in interest
expense of Ps. 92.3 million, or 13.1%, compared to 1H20,
mainly due to higher debt as a result of the issuance of long-term
bonds issued during 2021.
- Interest income increased
by Ps. 2.6 million, or 1.4%, compared to 1H20, mainly due
to an increase in the average balance of cash and cash equivalents
during 1H21.
In 1H21, comprehensive income increased
Ps. 399.0 million, or 18.0% compared to 1H20. This
increase was mainly due to the Ps. 1,408.6 million increase in
profit before taxes and the Ps. 588.1 million increase in the cash
flow hedge reserve. This increase was partially offset by a Ps.
1,436.4 million decrease in currency translation effect.
During 1H21, net income
increased Ps. 1,235.7 million, or 100.8% compared to 1H20.
Income taxes increased by Ps. 172.9 million, or 41.0%, as a result
of a Ps. 332.1 million increase in current income taxes and were
partially offset by a Ps. 159.2 million increase in the benefit for
deferred taxes, mainly due to a higher inflation rate, that went
from 0.6% in 1H20 to 3.4% in 1H21.
Statement of Financial
Position
Total assets as of June 30, 2021, increased by
Ps. 1,435.0 million as compared to June 30, 2020, primarily due to
the following items: (i) improvements to concession assets of Ps.
1,026.5 million; (ii) machinery, equipment and leasehold
improvements and advances to suppliers of Ps. 729.7 million; (iii)
trade accounts receivable of Ps. 494.4 million and (iv) other
current assets of Ps. 394.3 million. This was partially offset by a
Ps. 1,022.6 million decrease in the value of concession assets (due
to the valuation of the Jamaica concessions in U.S. dollars and the
appreciation of the peso), among others.
Total liabilities as of June 30, 2021, increased
by Ps. 2,063.7 million compared to June 30, 2020. This increase was
primarily due to the following items: (i) issuance of Ps. 4,500.0
million in long-term bonds and (ii) concession taxes of Ps. 190.8
million. This was partially offset by decreases of: (i) Ps. 2,000.0
million in bank loans, (ii) Ps. 590.2 million in derivative
financial instruments and (iii) Ps. 227.1 million in deferred
taxes, among others.
Recent Events
On July 2, 2021, the Ps. 1,500.0 million
maturity payment was made on “GAP16” debt securities with the
proceeds obtained from the issuance on May 7, 2021.
From March 1st, 2021, and as of the date of this
report, the Company has repurchased 8,721,192 shares at an average
price of Ps. 217.00 per share, for a total of Ps. 1,892.4
million.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V.
(GAP) operates 12 airports throughout Mexico’s Pacific region,
including the major cities of Guadalajara and Tijuana, the four
tourist destinations of Puerto Vallarta, Los Cabos, La Paz, and
Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato,
Morelia, Aguascalientes, Mexicali, and Los Mochis. In February
2006, GAP’s shares were listed on the New York Stock Exchange under
the ticker symbol “PAC” and on the Mexican Stock Exchange under the
ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo
de Concesiones Aeroportuarias, S.L., which owns a majority stake in
MBJ Airports Limited, a company operating Sangster International
Airport in Montego Bay, Jamaica. In October 2018, GAP entered into
a concession agreement for the operation of the Norman Manley
International Airport in Kingston, Jamaica and took control of the
operation in October 2019.
|
This press release contains references to EBITDA, a financial
performance measure not recognized under IFRS, and which does not
purport to be an alternative to IFRS measures of operating
performance or liquidity. We caution investors not to place undue
reliance on non-GAAP financial measures such as EBITDA, as these
have limitations as analytical tools and should be considered as a
supplement to, not a substitute for, the corresponding measures
calculated in accordance with IFRS. |
|
|
|
This press release may contain forward-looking statements. These
statements are statements that are not historical facts and are
based on management’s current view and estimates of future economic
circumstances, industry conditions, company performance and
financial results. The words “anticipates”, “believes”,
“estimates”, “expects”, “plans” and similar expressions, as they
relate to the company, are intended to identify forward-looking
statements. Statements regarding the declaration or payment of
dividends, the implementation of principal operating and financing
strategies and capital expenditure plans, the direction of future
operations and the factors or trends affecting financial condition,
liquidity or results of operations are examples of forward-looking
statements. Such statements reflect the current views of management
and are subject to a number of risks and uncertainties. There is no
guarantee that the expected events, trends, or results will 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 |
2Q20 |
2Q21 |
Change |
6M20 |
6M21 |
Change |
|
Guadalajara |
|
|
|
|
|
|
|
Aeronautical services |
170,144 |
801,607 |
371.1% |
975,551 |
1,428,326 |
46.4% |
|
Non-aeronautical services |
83,201 |
210,343 |
152.8% |
302,391 |
372,292 |
23.1% |
|
Improvements to concession assets (IFRIC 12) |
172,627 |
281,771 |
63.2% |
431,567 |
563,542 |
30.6% |
|
Total Revenues |
425,972 |
1,293,721 |
203.7% |
1,709,507 |
2,364,159 |
38.3% |
|
Operating (loss) income |
(12,121) |
663,821 |
5576.7% |
667,015 |
1,144,946 |
71.7% |
|
EBITDA |
79,807 |
756,372 |
847.7% |
849,966 |
1,340,433 |
57.7% |
|
|
|
|
|
|
|
|
|
Tijuana |
|
|
|
|
|
|
|
Aeronautical services |
128,227 |
502,450 |
291.8% |
508,525 |
834,812 |
64.2% |
|
Non-aeronautical services |
46,017 |
114,282 |
148.4% |
163,218 |
201,045 |
23.2% |
|
Improvements to concession assets (IFRIC 12) |
95,507 |
408,844 |
328.1% |
238,766 |
814,066 |
240.9% |
|
Total Revenues |
269,750 |
1,025,577 |
280.2% |
910,509 |
1,849,922 |
103.2% |
|
Operating income |
1,084 |
413,895 |
38089.0% |
305,299 |
644,762 |
111.2% |
|
EBITDA |
62,999 |
475,112 |
654.2% |
429,375 |
774,446 |
80.4% |
|
|
|
|
|
|
|
|
|
Los Cabos |
|
|
|
|
|
|
|
Aeronautical services |
44,404 |
539,396 |
1114.7% |
474,805 |
863,652 |
81.9% |
|
Non-aeronautical services |
37,445 |
217,022 |
479.6% |
252,977 |
346,090 |
36.8% |
|
Improvements to concession assets (IFRIC 12) |
108,233 |
124,067 |
14.6% |
270,583 |
222,815 |
(17.7%) |
|
Total Revenues |
190,082 |
880,484 |
363.2% |
998,365 |
1,432,558 |
43.5% |
|
Operating (loss) income |
(58,947) |
548,325 |
1030.2% |
392,276 |
819,034 |
108.8% |
|
EBITDA |
7,720 |
610,502 |
7807.6% |
524,268 |
945,321 |
80.3% |
|
|
|
|
|
|
|
|
|
Puerto Vallarta |
|
|
|
|
|
|
|
Aeronautical services |
29,989 |
329,995 |
1000.4% |
484,538 |
555,761 |
14.7% |
|
Non-aeronautical services |
29,183 |
106,473 |
264.8% |
170,709 |
175,514 |
2.8% |
|
Improvements to concession assets (IFRIC 12) |
75,804 |
78,275 |
3.3% |
189,511 |
155,633 |
(17.9%) |
|
Total Revenues |
134,976 |
514,743 |
281.4% |
844,758 |
886,909 |
5.0% |
|
Operating (loss) income |
(49,519) |
289,658 |
684.9% |
387,502 |
453,018 |
16.9% |
|
EBITDA |
(7,701) |
332,049 |
4411.6% |
469,982 |
542,136 |
15.4% |
|
|
|
|
|
|
|
|
|
Montego Bay |
|
|
|
|
|
|
|
Aeronautical services |
50,229 |
247,781 |
393.3% |
506,791 |
383,205 |
(24.4%) |
|
Non-aeronautical services |
58,020 |
115,814 |
99.6% |
203,673 |
193,051 |
(5.2%) |
|
Improvements to concession assets (IFRIC 12) |
63,390 |
21,577 |
(66.0%) |
79,377 |
41,273 |
(48.0%) |
|
Total Revenues |
171,639 |
385,172 |
124.4% |
789,841 |
617,529 |
(21.8%) |
|
Operating (loss) income |
(136,422) |
102,791 |
175.3% |
67,090 |
72,485 |
8.0% |
|
EBITDA |
517 |
224,576 |
43305.5% |
320,634 |
315,892 |
(1.5%) |
|
|
|
|
|
|
|
|
Exhibit A: Operating results by airport
(in thousands of pesos): (continued)
|
Airport |
2Q20 |
2Q21 |
Change |
6M20 |
6M21 |
Change |
|
Guanajuato |
|
|
|
|
|
|
|
Aeronautical services |
21,967 |
148,653 |
576.7% |
163,714 |
248,529 |
51.8% |
|
Non-aeronautical services |
16,977 |
36,051 |
112.4% |
63,953 |
62,570 |
(2.2%) |
|
Improvements to concession assets (IFRIC 12) |
21,646 |
3,094 |
(85.7%) |
54,116 |
6,187 |
(88.6%) |
|
Total Revenues |
60,590 |
187,798 |
210.0% |
281,783 |
317,287 |
12.6% |
|
Operating (loss) income |
(8,907) |
116,878 |
1412.2% |
113,980 |
186,058 |
63.2% |
|
EBITDA |
9,224 |
135,633 |
1370.4% |
149,494 |
223,356 |
49.4% |
|
|
|
|
|
|
|
|
|
Hermosillo |
|
|
|
|
|
|
|
Aeronautical services |
17,314 |
82,214 |
374.8% |
100,283 |
143,002 |
42.6% |
|
Non-aeronautical services |
11,519 |
19,910 |
72.8% |
35,810 |
35,761 |
(0.1%) |
|
Improvements to concession assets (IFRIC 12) |
2,898 |
4,341 |
49.8% |
7,246 |
8,682 |
19.8% |
|
Total Revenues |
31,731 |
106,465 |
235.5% |
143,339 |
187,446 |
30.8% |
|
Operating (loss) income |
(15,892) |
47,961 |
401.8% |
31,792 |
70,345 |
121.3% |
|
EBITDA |
3,022 |
66,432 |
2098.3% |
69,723 |
109,106 |
56.5% |
|
|
|
|
|
|
|
|
|
Others (1) |
|
|
|
|
|
|
|
Aeronautical services |
89,602 |
371,509 |
314.6% |
461,452 |
639,084 |
38.5% |
|
Non-aeronautical services |
49,280 |
89,727 |
82.1% |
160,751 |
158,402 |
(1.5%) |
|
Improvements to concession assets (IFRIC 12) |
61,437 |
39,014 |
(36.5%) |
153,592 |
78,027 |
(49.2%) |
|
Total Revenues |
200,319 |
500,250 |
149.7% |
775,795 |
875,513 |
12.9% |
|
Operating (loss) income |
(96,136) |
118,958 |
223.7% |
(15,563) |
134,498 |
964.2% |
|
EBITDA |
(36,625) |
182,761 |
599.0% |
102,764 |
264,510 |
157.4% |
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
Aeronautical services |
551,875 |
3,023,604 |
447.9% |
3,675,657 |
5,096,371 |
38.7% |
|
Non-aeronautical services |
331,641 |
909,622 |
174.3% |
1,353,482 |
1,544,725 |
14.1% |
|
Improvements to concession assets (IFRIC 12) |
601,542 |
960,983 |
59.8% |
1,424,757 |
1,890,226 |
32.7% |
|
Total Revenues |
1,485,058 |
4,894,209 |
229.6% |
6,453,898 |
8,531,322 |
32.2% |
|
Operating (loss) income |
(376,860) |
2,302,287 |
710.9% |
1,949,390 |
3,525,147 |
80.8% |
|
EBITDA |
118,965 |
2,783,437 |
2239.7% |
2,916,205 |
4,515,200 |
54.8% |
|
|
|
|
|
|
|
|
(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):
|
|
2020 |
2021 |
Change |
% |
|
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
15,748,829 |
15,502,987 |
(245,842) |
(1.6%) |
|
Trade accounts receivable - Net |
1,060,950 |
1,555,349 |
494,399 |
46.6% |
|
Other current assets |
821,097 |
1,215,368 |
394,271 |
48.0% |
|
Total current assets |
17,630,876 |
18,273,704 |
642,828 |
3.6% |
|
|
|
|
|
|
|
Advanced payments to suppliers |
367,078 |
627,829 |
260,751 |
71.0% |
|
Machinery, equipment and improvements to leased buildings -
Net |
1,999,903 |
2,468,753 |
468,850 |
23.4% |
|
Improvements to concession assets - Net |
12,978,449 |
14,004,941 |
1,026,492 |
7.9% |
|
Airport concessions - Net |
11,426,767 |
10,404,130 |
(1,022,637) |
(8.9%) |
|
Rights to use airport facilities - Net |
1,318,500 |
1,245,103 |
(73,397) |
(5.6%) |
|
Deferred income taxes |
5,855,337 |
6,043,134 |
187,797 |
3.2% |
|
Other non-current assets |
212,791 |
157,094 |
(55,697) |
(26.2%) |
|
Total assets |
51,789,700 |
53,224,688 |
1,434,988 |
2.8% |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Current liabilities |
6,079,799 |
5,390,130 |
(689,669) |
(11.3%) |
|
Long-term liabilities |
22,821,284 |
25,574,660 |
2,753,376 |
12.1% |
|
Total liabilities |
28,901,083 |
30,964,790 |
2,063,707 |
7.1% |
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
Common stock |
6,185,082 |
4,185,082 |
(2,000,000) |
(32.3%) |
|
Legal reserve |
1,592,551 |
1,592,551 |
- |
0.0% |
|
Net income |
1,227,550 |
2,463,307 |
1,235,757 |
100.7% |
|
Retained earnings |
9,940,035 |
9,927,597 |
(12,438) |
(0.1%) |
|
Reserve for share repurchase |
3,283,374 |
5,264,666 |
1,981,292 |
60.3% |
|
Repurchased shares |
(1,733,374) |
(2,944,448) |
(1,211,074) |
69.9% |
|
Foreign currency translation reserve |
1,711,320 |
951,116 |
(760,204) |
(44.4%) |
|
Remeasurements of employee benefit – Net |
(3,099) |
(8,215) |
(5,116) |
165.1% |
|
Cash flow hedges- Net |
(520,200) |
(231,080) |
289,120 |
(55.6%) |
|
Total controlling interest |
21,683,239 |
21,200,576 |
(482,663) |
(2.2%) |
|
Non-controlling interest |
1,205,379 |
1,059,323 |
(146,056) |
(12.1%) |
|
Total stockholder's equity |
22,888,618 |
22,259,899 |
(628,719) |
(2.7%) |
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
51,789,700 |
53,224,688 |
1,434,988 |
2.8% |
|
|
|
|
|
|
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):
|
|
2Q20 |
2Q21 |
Change |
6M20 |
6M21 |
Change |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Consolidated net (loss) income |
(582,208) |
1,423,973 |
344.6% |
1,225,855 |
2,461,552 |
100.8% |
|
|
|
|
|
|
|
|
|
Postemployment benefit costs |
2,048 |
7,771 |
279.4% |
6,666 |
16,671 |
150.1% |
|
Allowance expected credit loss |
41,084 |
(2,455) |
(106.0%) |
87,051 |
21,070 |
(75.8%) |
|
Depreciation and amortization |
505,174 |
510,380 |
1.0% |
987,231 |
1,013,125 |
2.6% |
|
(Gain) loss on sale of machinery, equipment and improvements to
leased assets |
(11,147) |
739 |
106.6% |
(14,199) |
1,335 |
109.4% |
|
Interest expense |
312,080 |
419,651 |
34.5% |
626,261 |
800,790 |
27.9% |
|
Share of profit of associate |
89 |
- |
(100.0%) |
3 |
(1) |
(133.3%) |
|
Provisions |
885 |
6,635 |
649.7% |
(1,345) |
(5,677) |
322.1% |
|
Income tax expense |
(97,616) |
456,589 |
567.7% |
421,271 |
594,170 |
41.0% |
|
Unrealized exchange loss |
(111,964) |
(226,877) |
102.6% |
652,719 |
(63,839) |
(109.8%) |
|
Net loss on derivative financial instruments |
30,312 |
- |
(100.0%) |
58,754 |
- |
(100.0%) |
|
|
88,737 |
2,596,406 |
2826.0% |
4,050,266 |
4,839,196 |
19.5% |
|
Changes in working capital: |
|
|
|
|
|
|
|
(Increase) decrease in |
|
|
|
|
|
|
|
Trade accounts receivable |
711,733 |
(243,232) |
(134.2%) |
382,344 |
(316,920) |
(182.9%) |
|
Recoverable tax on assets and other assets |
(617,650) |
(18,877) |
(96.9%) |
(458,057) |
(75,310) |
(83.6%) |
|
(Decrease) increase |
|
|
|
|
|
|
|
Concession taxes payable |
(411,611) |
103,830 |
125.2% |
(376,329) |
60,738 |
116.1% |
|
Accounts payable |
(565,673) |
174,976 |
130.9% |
(343,322) |
216,618 |
163.1% |
|
Cash (used) generated by operating activities |
(794,463) |
2,613,101 |
428.9% |
3,254,903 |
4,724,322 |
45.1% |
|
Income taxes paid |
(152,568) |
(82,750) |
(45.8%) |
(629,357) |
(385,099) |
(38.8%) |
|
Net cash flows provided by operating
activities |
(947,031) |
2,530,351 |
367.2% |
2,625,546 |
4,339,223 |
65.3% |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Machinery, equipment and improvements to concession assets |
(606,257) |
(849,081) |
40.1% |
(1,244,295) |
(1,679,015) |
34.9% |
|
Cash flows from sales of machinery and equipment |
28 |
2,296 |
8100.0% |
193 |
2,947 |
1426.9% |
|
Other investment activities |
(40,617) |
(27,577) |
(32.1%) |
(55,001) |
(24,372) |
(55.7%) |
|
Net cash used by investment activities |
(646,847) |
(874,362) |
35.2% |
(1,299,104) |
(1,700,441) |
30.9% |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Capital distribution |
- |
(2,000,000) |
100.0% |
- |
(2,000,000) |
100.0% |
|
Debt securities |
4,200,000 |
4,500,000 |
7.1% |
7,200,000 |
4,500,000 |
(37.5%) |
|
Payment from Debt securities |
- |
- |
0.0% |
(2,200,000) |
- |
(100.0%) |
|
Bank loans |
- |
(2,080,739) |
100.0% |
- |
(5,860,151) |
100.0% |
|
Repurchase of shares |
- |
(872,890) |
100.0% |
- |
(1,211,074) |
100.0% |
|
Interest paid |
(257,118) |
(433,039) |
68.4% |
(608,416) |
(772,236) |
26.9% |
|
Bank loans |
2,151,264 |
- |
(100.0%) |
2,151,264 |
3,779,413 |
75.7% |
|
Interest paid on lease |
(675) |
(438) |
(35.1%) |
(1,392) |
(940) |
(32.5%) |
|
Payments of obligations for leasing |
(3,163) |
(2,985) |
(5.6%) |
(6,815) |
(6,045) |
(11.3%) |
|
Net cash flows used in financing activities |
6,090,308 |
(890,091) |
(114.6%) |
6,534,640 |
(1,571,033) |
(124.0%) |
|
|
|
|
|
|
|
|
|
Effects of exchange rate changes on cash held |
278,509 |
8,698 |
(96.9%) |
387,554 |
(9,311) |
(102.4%) |
|
Net increase in cash and cash equivalents |
4,774,939 |
774,596 |
(83.8%) |
8,248,636 |
1,058,438 |
(87.2%) |
|
Cash and cash equivalents at beginning of
year |
10,973,890 |
14,728,391 |
34.2% |
7,500,193 |
14,444,549 |
92.6% |
|
Cash and cash equivalents at the end of year |
15,748,829 |
15,502,987 |
(1.6%) |
15,748,829 |
15,502,987 |
(1.6%) |
|
|
|
|
|
|
|
|
Exhibit D: Consolidated statements of profit or loss and
other comprehensive income (in thousands of
pesos):
|
|
2Q20 |
2Q21 |
Change |
6M20 |
6M21 |
Change |
|
Revenues |
|
|
|
|
|
|
|
Aeronautical services |
551,875 |
3,023,604 |
447.9% |
3,675,657 |
5,096,371 |
38.7% |
|
Non-aeronautical services |
331,641 |
911,151 |
174.7% |
1,353,482 |
1,547,138 |
14.3% |
|
Improvements to concession assets (IFRIC 12) |
601,542 |
960,983 |
59.8% |
1,424,757 |
1,890,226 |
32.7% |
|
Total revenues |
1,485,058 |
4,895,738 |
229.7% |
6,453,897 |
8,533,734 |
32.2% |
|
|
|
|
|
|
|
|
|
Operating costs |
|
|
|
|
|
|
|
Costs of services: |
643,554 |
695,644 |
8.1% |
1,380,112 |
1,348,342 |
(2.3%) |
|
Employee costs |
239,260 |
289,828 |
21.1% |
486,466 |
533,462 |
9.7% |
|
Maintenance |
97,402 |
109,037 |
11.9% |
211,805 |
203,476 |
(3.9%) |
|
Safety, security & insurance |
104,079 |
124,605 |
19.7% |
229,405 |
248,431 |
8.3% |
|
Utilities |
79,692 |
95,591 |
20.0% |
171,319 |
172,764 |
0.8% |
|
Other operating expenses |
123,121 |
76,583 |
(37.8%) |
281,117 |
190,209 |
(32.3%) |
|
|
|
|
|
|
|
|
|
Technical assistance fees |
8,777 |
135,441 |
1443.1% |
141,041 |
223,798 |
58.7% |
|
Concession taxes |
94,721 |
303,817 |
220.7% |
538,427 |
517,657 |
(3.9%) |
|
Depreciation and amortization |
505,174 |
510,380 |
1.0% |
987,231 |
1,013,125 |
2.6% |
|
Cost of improvements to concession assets (IFRIC 12) |
601,542 |
960,983 |
59.8% |
1,424,757 |
1,890,226 |
32.7% |
|
Other (income) expense |
(58) |
2,712 |
4775.9% |
9,022 |
(637) |
(107.1%) |
|
Total operating costs |
1,853,710 |
2,608,977 |
40.7% |
4,480,591 |
4,992,510 |
11.4% |
|
(Loss) income from operations |
(368,651) |
2,286,761 |
720.3% |
1,973,307 |
3,541,224 |
79.5% |
|
|
|
|
|
|
|
|
|
Financial Result |
(311,089) |
(406,199) |
30.6% |
(326,183) |
(485,503) |
48.8% |
|
Share of loss of associates |
(83) |
- |
100.0% |
3 |
1 |
66.7% |
|
Income (loss) before income taxes |
(679,823) |
1,880,562 |
376.6% |
1,647,127 |
3,055,722 |
85.5% |
|
Income taxes |
97,616 |
(456,589) |
(567.7%) |
(421,271) |
(594,170) |
41.0% |
|
Net (loss) income |
(582,207) |
1,423,973 |
344.6% |
1,225,856 |
2,461,552 |
100.8% |
|
Currency translation effect |
(66,233) |
(146,953) |
121.9% |
1,351,131 |
(85,224) |
(106.3%) |
|
Cash flow hedges, net of income tax |
(287,997) |
23,233 |
108.1% |
(348,105) |
240,027 |
169.0% |
|
Remeasurements of employee benefit – net income tax |
(9,558) |
735 |
107.7% |
(9,705) |
1,837 |
118.9% |
|
Comprehensive (loss) income |
(945,995) |
1,300,988 |
237.5% |
2,219,177 |
2,618,192 |
18.0% |
|
Non-controlling interest |
29,645 |
13,545 |
(54.3%) |
(164,109) |
650 |
100.4% |
|
Comprehensive (loss) income attributable to controlling
interest |
(916,350) |
1,314,533 |
243.5% |
2,055,068 |
2,618,842 |
27.4% |
|
|
|
|
|
|
|
|
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):
|
|
CommonStock |
Legal Reseve |
Reservefor ShareRepurchase |
RepurchasedShares |
RetainedEarnings |
Othercomprehensiveincome |
Totalcontrollinginterest |
Non-controllinginterest |
TotalStockholders'Equity |
|
Balance as of January 1, 2020 |
6,185,082 |
1,592,551 |
3,283,374 |
(1,733,374) |
9,940,035 |
360,504 |
19,628,172 |
1,041,271 |
20,669,443 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
Net income |
- |
- |
- |
- |
1,227,550 |
- |
1,227,550 |
(1,695) |
1,225,855 |
|
Foreign currency translation reserve |
- |
- |
- |
- |
- |
1,185,327 |
1,185,327 |
165,804 |
1,351,131 |
|
Remeasurements of employee benefit – Net |
- |
- |
- |
- |
- |
(9,705) |
(9,705) |
- |
(9,705) |
|
Reserve for cash flow hedges – Net of income tax |
- |
- |
- |
- |
- |
(348,105) |
(348,105) |
- |
(348,105) |
|
Balance as of June 30, 2020 |
6,185,082 |
1,592,551 |
3,283,374 |
(1,733,374) |
11,167,585 |
1,188,022 |
21,683,240 |
1,205,379 |
22,888,618 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2021 |
6,185,082 |
1,592,551 |
3,283,374 |
(1,733,374) |
11,908,891 |
556,287 |
21,792,811 |
1,059,972 |
22,852,783 |
|
Reserve for share repurchase |
- |
- |
1,981,292 |
- |
(1,981,292) |
- |
- |
- |
- |
|
Capital distribution |
(2,000,000) |
- |
- |
- |
- |
- |
(2,000,000) |
- |
(2,000,000) |
|
Repurchase of share |
- |
- |
- |
(1,211,074) |
- |
- |
(1,211,074) |
- |
(1,211,074) |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
Net income |
- |
- |
- |
- |
2,463,307 |
- |
2,463,307 |
(1,756) |
2,461,552 |
|
Foreign currency translation reserve |
- |
- |
- |
- |
- |
(86,330) |
(86,330) |
1,106 |
(85,224) |
|
Remeasurements of employee benefit – Net |
- |
- |
- |
- |
- |
1,837 |
1,837 |
- |
1,837 |
|
Reserve for cash flow hedges – Net of income tax |
- |
- |
- |
- |
- |
240,027 |
240,027 |
- |
240,027 |
|
Balance as of June 30, 2021 |
4,185,082 |
1,592,551 |
5,264,666 |
(2,944,448) |
12,390,904 |
711,821 |
21,200,576 |
1,059,323 |
22,259,899 |
|
|
|
|
|
|
|
|
|
|
|
For presentation purposes, the 25.5% stake in Desarrollo de
Concesiones Aeroportuarias, S.L. (“DCA”) held by Vantage appears in
the Stockholders’ Equity of the Company as a non-controlling
interest.
As a part of the adoption of IFRS, the effects of inflation on
common stock recognized pursuant to Mexican Financial Reporting
Standards (MFRS) through December 31, 2007, were reclassified as
retained earnings because accumulated inflation recognized under
MFRS is not considered hyperinflationary according to IFRS. For
Mexican legal and tax purposes, Grupo Aeroportuario del Pacífico,
S.A.B. de C.V., as an individual entity, will continue preparing
separate financial information under MFRS. Therefore, for any
transaction between the Company and its shareholders related to
stockholders’ equity, the Company must take into consideration the
accounting balances prepared under MFRS as an individual entity and
determine the tax impact under tax laws applicable in Mexico, which
requires the use of MFRS. For purposes of reporting to stock
exchanges, the consolidated financial statements will continue
being prepared in accordance with IFRS, as issued by the IASB.
Exhibit F: Other operating data:
|
|
2Q19 |
2Q21 |
Change |
6M20 |
6M21 |
Change |
|
Total passengers |
1,666.2 |
11,040.1 |
562.6% |
13,391.4 |
18,446.9 |
37.8% |
|
Total cargo volume (in WLUs) |
462.2 |
688.7 |
49.0% |
1,015.0 |
1,356.7 |
33.7% |
|
Total WLUs |
2,128.3 |
11,728.8 |
451.1% |
14,406.4 |
19,803.5 |
37.5% |
|
|
|
|
|
|
|
|
|
Aeronautical & non aeronautical services per passenger
(pesos) |
530.3 |
356.4 |
(32.8%) |
375.6 |
360.1 |
(4.1%) |
|
Aeronautical services per WLU (pesos) |
259.3 |
257.8 |
(0.6%) |
255.1 |
257.3 |
0.9% |
|
Non aeronautical services per passenger (pesos) |
199.0 |
82.5 |
(58.5%) |
101.1 |
83.9 |
(17.0%) |
|
Cost of services per WLU (pesos) |
302.4 |
59.3 |
(80.4%) |
95.8 |
68.1 |
(28.9%) |
|
|
|
|
|
|
|
|
WLU = Workload units represent passenger traffic plus cargo
units (1 cargo unit = 100 kilograms of cargo).
Passenger Traffic and Consolidated Results for 2Q21 and
1H21 compared to the same periods of 2019:
|
Domestic Terminal Passengers – 14 airports (in
thousands): |
|
Airport |
2Q19 |
2Q21 |
Change |
6M19 |
6M21 |
Change |
|
Guadalajara |
2,674.0 |
2,177.8 |
(18.6%) |
5,094.4 |
3,751.4 |
(26.4%) |
|
Tijuana * |
1,533.7 |
1,773.3 |
15.6% |
2,894.9 |
3,184.1 |
10.0% |
|
Los Cabos |
490.9 |
520.5 |
6.0% |
885.5 |
887.4 |
0.2% |
|
Puerto Vallarta |
479.5 |
453.1 |
(5.5%) |
831.3 |
753.5 |
(9.4%) |
|
Guanajuato |
532.3 |
394.9 |
(25.8%) |
994.3 |
680.9 |
(31.5%) |
|
Montego Bay |
2.4 |
0.0 |
(100.0%) |
4.2 |
0.0 |
(100.0%) |
|
Hermosillo |
475.0 |
360.8 |
(24.0%) |
859.9 |
618.4 |
(28.1%) |
|
Mexicali |
303.4 |
273.0 |
(10.0%) |
569.4 |
463.2 |
(18.6%) |
|
Morelia |
115.7 |
145.8 |
26.0% |
225.9 |
255.7 |
13.2% |
|
La Paz |
256.3 |
228.5 |
(10.8%) |
466.4 |
397.7 |
(14.7%) |
|
Aguascalientes |
162.3 |
144.6 |
(10.9%) |
305.2 |
242.4 |
(20.6%) |
|
Kingston |
0.0 |
0.7 |
N/A |
0.0 |
0.7 |
N/A |
|
Los Mochis |
103.3 |
91.7 |
(11.3%) |
187.1 |
162.6 |
(13.1%) |
|
Manzanillo |
25.4 |
23.1 |
(8.8%) |
49.2 |
40.3 |
(18.2%) |
|
Total |
7,154.1 |
6,587.9 |
(7.9%) |
13,367.7 |
11,438.1 |
(14.4%) |
| *CBX users are
classified as international passengers. |
|
|
|
|
|
|
|
International Terminal Passengers – 14
airports (in
thousands): |
|
Airport |
2Q19 |
2Q21 |
Change |
6M19 |
6M21 |
Change |
|
Guadalajara |
1,088.6 |
949.3 |
(12.8%) |
2,076.7 |
1,544.3 |
(25.6%) |
|
Tijuana * |
736.1 |
737.8 |
0.2% |
1,394.2 |
1,162.6 |
(16.6%) |
|
Los Cabos |
963.1 |
983.4 |
2.1% |
2,019.3 |
1,517.8 |
(24.8%) |
|
Puerto Vallarta |
713.7 |
575.8 |
(19.3%) |
1,970.6 |
928.2 |
(52.9%) |
|
Guanajuato |
173.8 |
163.4 |
(6.0%) |
345.1 |
248.8 |
(27.9%) |
|
Montego Bay |
1,179.9 |
656.8 |
(44.3%) |
2,516.2 |
961.5 |
(61.8%) |
|
Hermosillo |
17.4 |
25.9 |
49.1% |
34.5 |
45.8 |
32.8% |
|
Mexicali |
1.9 |
1.1 |
(40.7%) |
3.3 |
1.8 |
(45.5%) |
|
Morelia |
105.8 |
101.8 |
(3.8%) |
207.1 |
176.9 |
(14.6%) |
|
La Paz |
3.1 |
4.3 |
41.2% |
6.6 |
8.3 |
24.9% |
|
Aguascalientes |
54.8 |
54.6 |
(0.3%) |
99.3 |
88.6 |
(10.9%) |
|
Kingston |
0.0 |
183.4 |
N/A |
0.0 |
298.8 |
N/A |
|
Los Mochis |
1.9 |
2.4 |
29.6% |
3.5 |
4.0 |
13.4% |
|
Manzanillo |
15.2 |
12.1 |
(20.3%) |
52.3 |
21.5 |
(59.0%) |
|
Total |
5,055.2 |
4,452.2 |
(11.9%) |
10,728.8 |
7,008.7 |
(34.7%) |
| *CBX users are classified as
international passengers. |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Total Terminal Passengers – 14 airports
(in thousands): |
|
Airport |
2Q19 |
2Q21 |
Change |
6M19 |
6M21 |
Change |
|
Guadalajara |
3,762.6 |
3,127.2 |
(16.9%) |
7,171.1 |
5,295.7 |
(26.2%) |
|
Tijuana * |
2,269.7 |
2,511.1 |
10.6% |
4,289.1 |
4,346.6 |
1.3% |
|
Los Cabos |
1,453.9 |
1,503.9 |
3.4% |
2,904.8 |
2,405.1 |
(17.2%) |
|
Puerto Vallarta |
1,193.2 |
1,028.9 |
(13.8%) |
2,801.9 |
1,681.8 |
(40.0%) |
|
Guanajuato |
706.2 |
558.3 |
(20.9%) |
1,339.4 |
929.7 |
(30.6%) |
|
Montego Bay |
1,182.5 |
656.8 |
(44.5%) |
2,520.4 |
961.5 |
(61.9%) |
|
Hermosillo |
492.4 |
386.8 |
(21.4%) |
894.5 |
664.2 |
(25.7%) |
|
Mexicali |
305.3 |
274.1 |
(10.2%) |
572.7 |
465.0 |
(18.8%) |
|
Morelia |
221.5 |
247.6 |
11.8% |
433.0 |
432.5 |
(0.1%) |
|
La Paz |
259.4 |
232.9 |
(10.2%) |
473.0 |
406.0 |
(14.2%) |
|
Aguascalientes |
217.1 |
199.3 |
(8.2%) |
404.6 |
330.9 |
(18.2%) |
|
Kingston |
0.0 |
184.1 |
N/A |
0.0 |
299.5 |
N/A |
|
Los Mochis |
105.2 |
94.1 |
(10.6%) |
190.6 |
166.6 |
(12.6%) |
|
Manzanillo |
40.5 |
35.2 |
(13.1%) |
101.5 |
61.7 |
(39.2%) |
|
Total |
12,209.3 |
11,040.1 |
(9.6%) |
24,096.5 |
18,446.9 |
(23.4%) |
| *CBX users are
classified as international passengers. |
| |
|
|
|
|
|
|
|
CBX Users (thousands) |
|
|
|
|
|
Table 20 |
|
Airport |
2Q19 |
2Q21 |
Change |
6M19 |
6M21 |
Change |
|
Tijuana |
723.6 |
731.6 |
1.1% |
1,370.9 |
1,152.6 |
(15.9%) |
The Company took control of the operation of the Kingston
airport on October 10, 2019, consequently no figures are available
for comparison purposes from January to June 2019.
Consolidated Results and Other Data for 2Q21 and 1H21
compared with 2019 (in thousands of
pesos):
|
|
2Q19 |
2Q21 |
Change |
6M19 |
6M21 |
Change |
|
Revenues |
|
|
|
|
|
|
|
Aeronautical services |
2,577,773 |
3,023,604 |
17.3% |
5,209,098 |
5,096,371 |
(2.2%) |
|
Non-aeronautical services |
957,275 |
911,151 |
(4.8%) |
1,858,600 |
1,547,138 |
(16.8%) |
|
Improvements to concession assets (IFRIC 12) |
122,363 |
960,983 |
685.4% |
268,850 |
1,890,226 |
603.1% |
|
Total revenues |
3,657,411 |
4,895,738 |
33.9% |
7,336,548 |
8,533,734 |
16.3% |
|
|
|
|
|
|
|
|
|
Operating costs |
|
|
|
|
|
|
|
Costs of services |
705,304 |
695,644 |
(1.4%) |
1,300,943 |
1,348,342 |
3.6% |
|
Technical assistance fees |
113,644 |
135,441 |
19.2% |
229,218 |
223,798 |
(2.4%) |
|
Concession taxes |
292,887 |
303,817 |
3.7% |
618,154 |
517,657 |
(16.3%) |
|
Depreciation and amortization |
425,839 |
510,380 |
19.9% |
847,440 |
1,013,125 |
19.6% |
|
Cost of improvements to concession assets (IFRIC 12) |
122,363 |
960,983 |
685.4% |
268,850 |
1,890,226 |
603.1% |
|
Other (income) expense |
(5,025) |
2,712 |
(154.0%) |
(8,933) |
(637) |
(92.9%) |
|
Total operating costs |
1,655,012 |
2,608,977 |
57.6% |
3,255,672 |
4,992,510 |
53.3% |
|
Income from operations |
2,002,399 |
2,286,761 |
14.2% |
4,080,877 |
3,541,224 |
(13.2%) |
|
|
|
|
|
|
|
|
|
Financial Result |
(235,745) |
(406,199) |
72.3% |
(318,354) |
(485,502) |
52.5% |
|
Income taxes |
(503,081) |
(456,589) |
(9.2%) |
(1,101,400) |
(594,170) |
(46.1%) |
|
Net income |
1,263,573 |
1,423,973 |
12.7% |
2,661,123 |
2,461,552 |
(7.5%) |
|
Currency translation effect |
(45,788) |
(146,953) |
220.9% |
(139,739) |
(85,224) |
(39.0%) |
|
Cash flow hedges, net of income tax |
- |
23,233 |
100.0% |
- |
240,027 |
100.0% |
|
Remeasurements of employee benefit – net income tax |
(146) |
735 |
(603.4%) |
(293) |
1,837 |
(727.0%) |
|
Comprehensive income |
1,217,639 |
1,300,988 |
6.8% |
2,521,091 |
2,618,192 |
3.9% |
|
Non-controlling interest |
(19,763) |
13,545 |
168.5% |
(44,929) |
650 |
101.4% |
|
Comprehensive income attributable to controlling
interest |
1,197,876 |
1,314,533 |
9.7% |
2,476,162 |
2,618,842 |
5.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q19 |
2Q21 |
Change |
6M19 |
6M21 |
Change |
|
EBITDA |
2,428,238 |
2,797,141 |
15.2% |
4,928,317 |
4,554,349 |
(7.6%) |
|
Comprehensive income |
1,217,639 |
1,300,988 |
6.8% |
2,521,091 |
2,618,192 |
3.9% |
|
Comprehensive income per share (pesos) |
2.17 |
2.5018 |
15.3% |
4.4939 |
5.0347 |
12.0% |
|
Comprehensive income per ADS (US dollars) |
1.13 |
1.2568 |
11.2% |
2.3395 |
2.5293 |
8.1% |
|
|
|
|
|
|
|
|
|
Operating income margin |
54.7% |
46.7% |
(14.7%) |
55.6% |
41.5% |
(25.4%) |
|
Operating income margin (excluding IFRIC 12) |
56.6% |
58.1% |
2.6% |
57.7% |
53.3% |
(7.7%) |
|
EBITDA margin |
66.4% |
57.1% |
(13.9%) |
67.2% |
53.4% |
(20.6%) |
|
EBITDA margin (excluding IFRIC 12) |
68.8% |
71.2% |
3.5% |
69.7% |
68.6% |
(1.7%) |
|
Costs of services and improvements / total revenues |
22.6% |
33.8% |
49.5% |
21.4% |
38.0% |
77.4% |
|
Cost of services / total revenues (excluding IFRIC 12) |
20.0% |
17.7% |
(11.4%) |
18.4% |
20.3% |
10.3% |
|
|
|
|
|
|
|
|
|
IR Contacts: |
|
|
|
|
|
Saúl Villarreal, Chief Financial Officer |
svillarreal@aeropuertosgap.com.mx |
|
Alejandra Soto, IRO and Corporate Finance Director |
asoto@aeropuertosgap.com.mx |
|
Gisela Murillo, Investor Relations |
gmurillo@aeropuertosgap.com.mx / +523338801100 ext. 20294 |
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