GUADALAJARA, Mexico, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reported its consolidated results for the fourth quarter ended December 31, 2021 (4Q21) (passenger traffic and consolidated results tables for 2021 compared to 2019, in order to illustrate the recovery of these metrics and their trend, are set forth at the end of this report). 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 fiscal year ended December 31, 2021, passenger traffic increased 57.1% as compared to the same period of 2020 and decreased 11.8% as compared to 2019, demonstrating a better-than-expected recovery. Having a highly diversified portfolio of airports allowed the recovery of traffic even though certain restrictions or additional requirements were maintained to travel in some countries during 2021. The foregoing allowed the results in fiscal year 2021 to grow compared to fiscal years 2019 and 2020, generating positive net cash flow over these years.
Company measures during 4Q21:
- The Company continued supporting commercial clients during the quarter by granting discounts on guaranteed minimum rent amounts in accordance with the percentage decrease in passenger traffic at each airport as compared to 4Q19. However, in most of the contracts it was not applied, since the percentage of participation in revenues was higher than the minimum rents. With regards to support for the airlines, the Company continued its incentive program in accordance with the reactivation of routes and frequencies that were held prior to the pandemic.
- Operating cost control measures were maintained; however, because of the trend in passenger traffic during 4Q21, we have gradually increased certain costs such as maintenance, security, personnel, cleaning services and others related to the quality and travel experience of our passengers.
Impact of COVID-19 on the Company’s Financial Position:
During 4Q21, results were significantly better as compared to 4Q20, with an increase in total revenues of 121.3% and an increase in cost of services of 38.2%. The Company generated positive EBITDA of Ps. 3,255.0 million, 84.2% over 4Q20.
In 4Q21, operating activities continued generating positive cash flow from operating activities for Ps. 3,524.5 million. The Company reported a financial position of cash and cash equivalents as of December 31, 2021, of Ps. 13,332.9 million (7.7% lower than the balance as of December 31, 2020). During 4Q21, the Company issued Ps. 2,500.0 million in long-term debt securities (Certificados Bursátiles) to finance the committed investments for our Mexican airports. Additionally, Ps. 637.7 million in share repurchases were made during 4Q21.
In 4Q21, the Company performed an assessment of the portfolio risk of our airlines and commercial clients in terms of liquidity. Because of this assessment, it was determined that no reserve provision for expected credit losses in costs of operation was necessary for this quarter due to the growth and recovery of our main airlines and commercial clients.
During 4Q21, the Company continued evaluating the possible adverse impacts of the pandemic on its financial condition and operating results. The Company also reviewed key indicators and impairment tests of significant long-term assets, expected credit losses and recovery of assets due to deferred taxes. In this evaluation, the Company reviewed financial results for the short, medium, and long term, concluding that a significant deterioration of the Company’s assets is not expected. As such, the Company does not foresee a business interruption or closing operations at any of its airports. However, the Company cannot ensure that the negative effect of the pandemic will continue decreasing in the coming quarter, nor can it ensure that local and global economic conditions will improve. The Company can also not predict the availability of financing, or what general credit conditions will be.
The Company will continue to monitor the pandemic’s adverse effects on the results of operations and will continue informing the market in a timely manner regarding future material updates on airport operations and the measures adopted for preserving liquidity and ensuring business continuity.
Summary of Results 4Q21 vs. 4Q20 (and 4Q19 for purposes of illustrating the recovery trend):
- The sum of aeronautical and non-aeronautical services revenues increased by Ps. 1,975.3 million, or 73.9% (Ps. 915.6 million, or 24.5%, as compared to 4Q19). Total revenues increased by Ps. 2,844.0 million, or 121.3% (Ps. 614.3 million, or 13.4%, as compared to 4Q19).
- Cost of services increased by Ps. 243.6 million, or 38.2% (as compared to 4Q19, cost of services increased Ps. 108.4 million, or 14.0%).
- Income from operations increased by Ps. 1,475.1 million, or 117.0% (Ps. 801.6 million, or 41.4%, as compared to 4Q19).
- EBITDA increased by Ps. 1,488.4 million, or 84.2% (Ps. 832.0 million, or 34.3%, as compared to 4Q19), going from Ps. 1,766.6 million in 4Q20 to Ps. 3,255.0 million in 4Q21. EBITDA margin (excluding the effects of IFRIC 12) increased from 66.2% in 4Q20 to 70.1% in 4Q21 (EBITDA margin (excluding the effects of IFRIC 12) was 65.0% in 4Q19).
- Net comprehensive income increased Ps. 2,265.2 million, or 736.5% (Ps.922.9 million, or 89.2%, as compared to 4Q19), from a loss of Ps. 307.5 million in 4Q20 to income of Ps. 1,957.7 million in 4Q21.
Passenger Traffic
During 4Q21, total passengers at the Company’s 14 airports increased by 4,543.3 thousand passengers, an increase of 55.3%, compared to 4Q20 (as compared to 4Q19, total passengers increased by 12.1 thousand passengers, or 0.1%). During 4Q21, the following new routes were opened:
| Domestic: | ||||
| Airline | Departure | Arrival | Opening date | Frequencies |
| TAR | Hermosillo | Monterrey | October 1, 2021 | 3 weekly frequencies |
| TAR | La Paz | Culiacan | October 19, 2021 | 3 weekly frequencies |
| TAR | La Paz | Puerto Vallarta | October 19, 2021 | 3 weekly frequencies |
| TAR | Hermosillo | Puerto Vallarta | October 19, 2021 | 3 weekly frequencies |
| Note: Frequencies can vary without prior notice. | ||||
| International: | ||||
| Airline | Departure | Arrival | Opening date | Frequencies |
| Frontier | Los Cabos | Denver | October 9, 2021 | 3 weekly frequencies |
| Frontier | Montego Bay | Atlanta | November 1, 2021 | 3 weekly frequencies |
| American Airlines | Puerto Vallarta | Austin | November 2, 2021 | 3 weekly frequencies |
| Frontier | Montego Bay | Orlando | November 2, 2021 | 3 weekly frequencies |
| EW Discover | Montego Bay | Frankfurt | November 3, 2021 | 2 weekly frequencies |
| Swoop | Puerto Vallarta | Toronto | November 4, 2021 | 2 weekly frequencies |
| American Airlines | Kingston | Philadelphia | November 4, 2021 | 3 weekly frequencies |
| Swoop | Los Cabos | Toronto | December 4, 2021 | 1 weekly frequencie |
| Swoop | Kingston | Toronto | December 4, 2021 | 2 weekly frequencies |
| Aeromexico | Guadalajara | Madrid | December 15, 2021 | 3 weekly frequencies |
| Frontier | Montego Bay | Newark | December 17, 2021 | 3 weekly frequencies |
| Swoop | Puerto Vallarta | Victoria | December 19, 2021 | 1 weekly frequencie |
| Note: Frequencies can vary without prior notice. | ||||
| Domestic Terminal Passengers – 14 airports (in thousands): | ||||||
| Airport | 4Q20 | 4Q21 | Change | 2020 | 2021 | Change |
| Guadalajara | 1,777.8 | 2,542.0 | 43.0% | 5,768.1 | 8,540.2 | 48.1% |
| Tijuana * | 1,506.0 | 1,870.1 | 24.2% | 4,597.3 | 6,891.3 | 49.9% |
| Los Cabos | 430.7 | 575.0 | 33.5% | 1,215.3 | 2,020.4 | 66.2% |
| Puerto Vallarta | 319.0 | 554.3 | 73.7% | 951.5 | 1,848.5 | 94.3% |
| Montego Bay | 0.0 | 0.0 | 0.0% | 1.0 | 0.0 | (100.0%) |
| Guanajuato | 329.5 | 404.4 | 22.7% | 1,051.5 | 1,487.1 | 41.4% |
| Hermosillo | 290.3 | 449.5 | 54.8% | 939.4 | 1,457.9 | 55.2% |
| Mexicali | 215.4 | 324.3 | 50.6% | 690.9 | 1,088.4 | 57.5% |
| Morelia | 118.1 | 146.9 | 24.3% | 387.3 | 541.0 | 39.7% |
| La Paz | 192.4 | 266.7 | 38.6% | 566.5 | 901.8 | 59.2% |
| Kingston | 0.1 | 0.2 | 100.0% | 1.4 | 1.2 | (14.0%) |
| Aguascalientes | 110.7 | 178.1 | 60.9% | 356.0 | 582.8 | 63.7% |
| Los Mochis | 75.5 | 106.3 | 40.7% | 211.2 | 358.3 | 69.6% |
| Manzanillo | 14.9 | 25.7 | 73.2% | 49.1 | 86.8 | 76.6% |
| Total | 5,380.4 | 7,443.5 | 38.3% | 16,786.6 | 25,805.6 | 53.7% |
| *CBX users are classified as international passengers. | ||||||
| International Terminal Passengers – 14 airports (in thousands): | ||||||
| Airport | 4Q20 | 4Q21 | Change | 2020 | 2021 | Change |
| Guadalajara | 711.4 | 1,059.5 | 48.9% | 2,357.5 | 3,702.7 | 57.1% |
| Tijuana * | 512.3 | 885.5 | 72.9% | 1,719.3 | 2,786.6 | 62.1% |
| Los Cabos | 589.5 | 1,067.1 | 81.0% | 1,848.9 | 3,529.2 | 90.9% |
| Puerto Vallarta | 354.8 | 813.6 | 129.3% | 1,584.6 | 2,271.5 | 43.4% |
| Montego Bay | 285.5 | 821.3 | 187.7% | 1,609.6 | 2,581.9 | 60.4% |
| Guanajuato | 102.5 | 184.6 | 80.1% | 336.2 | 631.9 | 87.9% |
| Hermosillo | 16.1 | 25.5 | 58.5% | 44.8 | 102.1 | 127.7% |
| Mexicali | 0.7 | 2.0 | 198.1% | 2.3 | 5.6 | 142.7% |
| Morelia | 81.9 | 113.2 | 38.2% | 244.0 | 406.1 | 66.4% |
| La Paz | 1.9 | 4.6 | 141.0% | 6.6 | 18.3 | 177.1% |
| Kingston | 133.6 | 262.5 | 96.5% | 628.0 | 829.3 | 32.0% |
| Aguascalientes | 41.6 | 58.6 | 40.9% | 119.5 | 210.6 | 76.2% |
| Los Mochis | 0.8 | 2.3 | 196.5% | 2.4 | 9.4 | 286.9% |
| Manzanillo | 4.5 | 16.8 | 270.8% | 37.1 | 46.5 | 25.3% |
| Total | 2,836.9 | 5,317.0 | 87.4% | 10,541.0 | 17,131.6 | 62.5% |
| *CBX users are classified as international passengers. | ||||||
| Total Terminal Passengers – 14 airports (in thousands): | ||||||
| Airport | 4Q20 | 4Q21 | Change | 2020 | 2021 | Change |
| Guadalajara | 2,489.1 | 3,601.5 | 44.7% | 8,125.6 | 12,243.0 | 50.7% |
| Tijuana * | 2,018.2 | 2,755.6 | 36.5% | 6,316.6 | 9,677.9 | 53.2% |
| Los Cabos | 1,020.2 | 1,642.1 | 61.0% | 3,064.2 | 5,549.6 | 81.1% |
| Puerto Vallarta | 673.8 | 1,367.9 | 103.0% | 2,536.1 | 4,120.0 | 62.5% |
| Montego Bay | 285.5 | 821.3 | 187.7% | 1,610.6 | 2,581.9 | 60.3% |
| Guanajuato | 431.9 | 588.9 | 36.3% | 1,387.7 | 2,119.0 | 52.7% |
| Hermosillo | 306.4 | 475.0 | 55.0% | 984.2 | 1,559.9 | 58.5% |
| Mexicali | 216.0 | 326.3 | 51.0% | 693.2 | 1,094.0 | 57.8% |
| Morelia | 200.0 | 260.1 | 30.0% | 631.3 | 947.1 | 50.0% |
| La Paz | 194.3 | 271.3 | 39.6% | 573.1 | 920.0 | 60.5% |
| Kingston | 133.7 | 262.7 | 96.5% | 629.4 | 830.5 | 31.9% |
| Aguascalientes | 152.3 | 236.7 | 55.4% | 475.6 | 793.4 | 66.8% |
| Los Mochis | 76.3 | 108.6 | 42.3% | 213.6 | 367.7 | 72.1% |
| Manzanillo | 19.4 | 42.6 | 119.4% | 86.2 | 133.3 | 54.6% |
| Total | 8,217.3 | 12,760.5 | 55.3% | 27,327.5 | 42,937.2 | 57.1% |
| *CBX users are classified as international passengers. | ||||||
| CBX (thousands) | ||||||
| Airport | 4Q20 | 4Q21 | Change | 2020 | 2021 | Change |
| Tijuana | 507.8 | 876.1 | 72.5% | 1,705.7 | 2,754.3 | 61.5% |
| Consolidated Results for the Fourth Quarter of 2021 (in thousands of pesos): | |||||
| 4Q20 | 4Q21 | Change | |||
| Revenues | |||||
| Aeronautical services | 2,023,398 | 3,571,344 | 76.5% | ||
| Non-aeronautical services | 650,490 | 1,077,886 | 65.7% | ||
| Improvements to concession assets (IFRIC-12) | (329,479 | ) | 539,140 | 263.6% | |
| Total revenues | 2,344,408 | 5,188,370 | 121.3% | ||
| Operating costs | |||||
| Costs of services: | 638,350 | 881,966 | 38.2% | ||
| Employee costs | 235,311 | 306,052 | 30.1% | ||
| Maintenance | 130,976 | 206,595 | 57.7% | ||
| Safety, security & insurance | 120,358 | 137,293 | 14.1% | ||
| Utilities | 83,106 | 107,333 | 29.2% | ||
| Other operating expenses | 68,599 | 124,693 | 81.8% | ||
| Technical assistance fees | 89,858 | 155,717 | 73.3% | ||
| Concession taxes | 193,414 | 359,403 | 85.8% | ||
| Depreciation and amortization | 506,148 | 519,409 | 2.6% | ||
| Cost of improvements to concession assets (IFRIC-12) | (329,479 | ) | 539,140 | 263.6% | |
| Other (income) | (14,361 | ) | (2,858 | ) | (80.1%) |
| Total operating costs | 1,083,930 | 2,452,777 | 126.3% | ||
| Income from operations | 1,260,478 | 2,735,593 | 117.0% | ||
| Financial Result | (866,839 | ) | (328,381 | ) | (62.1%) |
| Income before income taxes | 393,639 | 2,407,212 | 511.5% | ||
| Income taxes | (53,228 | ) | (604,778 | ) | 1036.2% |
| Net income | 340,411 | 1,802,434 | 429.5% | ||
| Currency translation effect | (643,284 | ) | 55,056 | 108.6% | |
| Cash flow hedges, net of income tax | (9,355 | ) | 96,525 | 1131.8% | |
| Remeasurements of employee benefit – net income tax | 4,680 | 3,649 | 22.0% | ||
| Comprehensive income | (307,548 | ) | 1,957,664 | (736.5%) | |
| Non-controlling interest | 90,102 | (35,128 | ) | (139.0%) | |
| Comprehensive income attributable to controlling interest | (217,446 | ) | 1,922,536 | 984.1% | |
| 4Q20 | 4Q21 | Change | |||
| EBITDA | 1,766,625 | 3,255,002 | 84.2% | ||
| Comprehensive income | (307,548 | ) | 1,957,664 | (736.5%) | |
| Comprehensive income per share (pesos) | (0.5852 | ) | 3.8213 | (753.0%) | |
| Comprehensive income per ADS (US dollars) | (0.2853 | ) | 1.8628 | (753.0%) | |
| Operating income margin | 53.8 | % | 52.7 | % | (1.9%) |
| Operating income margin (excluding IFRIC-12) | 47.1 | % | 58.8 | % | 24.8% |
| EBITDA margin | 75.4 | % | 62.7 | % | (16.7%) |
| EBITDA margin (excluding IFRIC-12) | 66.2 | % | 70.1 | % | 6.0% |
| Costs of services and improvements / total revenues | 13.2 | % | 27.4 | % | 107.9% |
| Cost of services / total revenues (excluding IFRIC-12) | 23.9 | % | 19.0 | % | (20.5%) |
| - Net income and comprehensive income per share for 4Q21 were calculated based on 512,301,577 shares outstanding as of December 31, 2021, and for 4Q20 were calculated based on 525,575,547 shares outstanding as of December 31, 2020. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 20.5140 per U.S. dollar (the noon buying rate on December 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. 20.7468 per U.S. dollar for the three months ended December 31, 2021, was used. | |||||
Revenues (4Q21 vs. 4Q20)
- Aeronautical services revenues increased by Ps. 1,547.9 million, or 76.5%.
- Non-aeronautical services revenues increased by Ps. 427.4 million, or 65.7%.
- Revenues from improvements to concession assets increased by Ps. 868.6 million, or 263.6%.
- Total revenues increased by Ps. 2,844.0 million, or 121.3%.
- The change in aeronautical services revenues was composed primarily of the following factors:
- Revenues at the Company’s Mexican airports increased by Ps. 1,277.0 million or 69.5% compared to 4Q20, mainly as a result of the 49.7% increase in passenger traffic and the adjustment in maximum tariffs.
- Revenues from the Montego Bay airport increased by Ps. 206.1 million, or 192.9%, compared to 4Q20. This was mainly due to the 187.7% increase in passenger traffic. During 4Q21, there was a 0.6% depreciation of the peso versus the U.S. dollar, which went from an average exchange rate of Ps. 20.6308 in 4Q20 to Ps. 20.7468 in 4Q21.
- Revenues from the Kingston airport increased by Ps. 64.8 million, or 81.2% compared to 4Q20, mainly due to a 96.5% increase in passenger traffic and the depreciation of the peso versus the dollar during 4Q21.
- Revenues at the Company’s Mexican airports increased by Ps. 1,277.0 million or 69.5% compared to 4Q20, mainly as a result of the 49.7% increase in passenger traffic and the adjustment in maximum tariffs.
- The change in non-aeronautical services revenues was composed primarily of the following factors:
- The Company’s revenues from its Mexican airports increased by Ps. 348.2 million, or 63.3%, compared to 4Q20. Revenues from businesses operated by third parties increased by Ps. 230.9 million. This was mainly due to the recovery of passenger traffic that resulted in execution of revenue share of the clients’ revenues, which was higher than the minimum rental guarantee. The business lines that increased the most were food and beverage, duty-free stores, leasing of space, car rentals, time shares and ground transportation, which jointly increased by Ps. 213.7 million, or 72.6%. Revenues from businesses operated directly by the Company increased by Ps. 109.7 million, or 73.6%, while the recovery of costs increased by Ps. 7.6 million, or 23.8%.
- Revenues from the Montego Bay airport increased by Ps. 65.5 million, or 91.9%, compared to 4Q20. Revenues in U.S. dollars increased by US$ 3.1 million, or 90.9%.
- Revenues from the Kingston airport increased by Ps. 13.6 million, or 47.0%, compared to 4Q20. Revenues in U.S. dollars increased by US$ 0.6 million, or 46.2%.
- The Company’s revenues from its Mexican airports increased by Ps. 348.2 million, or 63.3%, compared to 4Q20. Revenues from businesses operated by third parties increased by Ps. 230.9 million. This was mainly due to the recovery of passenger traffic that resulted in execution of revenue share of the clients’ revenues, which was higher than the minimum rental guarantee. The business lines that increased the most were food and beverage, duty-free stores, leasing of space, car rentals, time shares and ground transportation, which jointly increased by Ps. 213.7 million, or 72.6%. Revenues from businesses operated directly by the Company increased by Ps. 109.7 million, or 73.6%, while the recovery of costs increased by Ps. 7.6 million, or 23.8%.
| 4Q20 | 4Q21 | Change | |||
| Businesses operated by third parties: | |||||
| Duty-free | 80,685 | 161,459 | 100.1% | ||
| Food and beverage | 83,117 | 149,840 | 80.3% | ||
| Retail | 67,102 | 116,054 | 73.0% | ||
| Car rentals | 75,055 | 113,535 | 51.3% | ||
| Leasing of space | 54,267 | 67,052 | 23.6% | ||
| Time shares | 28,595 | 54,519 | 90.7% | ||
| Ground transportation | 27,442 | 42,902 | 56.3% | ||
| Communications and financial services | 15,647 | 19,482 | 24.5% | ||
| Other commercial revenues | 23,118 | 36,071 | 56.0% | ||
| Total | 455,027 | 760,913 | 67.2% | ||
| Businesses operated directly by us: | |||||
| Car parking | 74,499 | 114,784 | 54.1% | ||
| VIP lounges | 32,323 | 74,314 | 129.9% | ||
| Advertising | 21,752 | 19,548 | (10.1%) | ||
| Convenience stores | 25,224 | 56,902 | 125.6% | ||
| Total | 153,797 | 265,547 | 72.7% | ||
| Recovery of costs | 41,663 | 51,424 | 23.4% | ||
| Total Non-aeronautical Revenues | 650,490 | 1,077,886 | 65.7% | ||
| Figures expressed in thousands of Mexican pesos. | |||||
- Revenues from improvements to concession assets1
Revenues from improvements to concession assets (IFRIC 12) increased by Ps. 868.6 million, or 263.6%, compared to 4Q20. The change was composed primarily of:
- The Company’s Mexican airports increased by Ps. 921.1 million, or 219.7%, as a result of the adjustment in committed investments in the Master Development Program for the 2020-2024 period.
- Decrease in improvements to concession assets at the Montego Bay and Kingston airports of Ps. 1.1 million, or 2.9% and Ps. 51.4 million, or 100.0%, respectively.
________________________
[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. 1,368.8 million, or 126.3%, compared to 4Q20, mainly due to a Ps. 868.6 million, or 263.6%, increase in the cost of improvements to the concession assets (IFRIC 12), a Ps.231.9 million, or 81.8%, increase in concession taxes and technical assistance fees, and a Ps. 243.6 million, or 38.2% increase in cost of services (excluding the cost of improvements to concession assets, operating costs increased Ps. 500.2 million, or 35.3%).
This increase in total operating costs was composed primarily of the following factors:
Mexican Airports:
- Operating costs increased by Ps. 1,307.2 million, or 204.9%, compared to 4Q20, primarily due to a Ps. 921.1 million, or 219.7%, increase in the cost of improvements to the concession assets (IFRIC 12), a Ps. 224.1 million, or 46.2%, increase in cost of services, a combined Ps. 139.4 million, or 66.8%, increase in technical assistance fees and concession taxes and a Ps. 16.2 million, or 4.3%, increase in depreciation and amortization (excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 386.1 million or 36.5%).
The change in the cost of services during 4Q21 was mainly due to:
- Maintenance costs increased by Ps. 67.1 million, or 61.7%, compared to 4Q20.
- Other operating expenses increased Ps. 63.4 million or 128.0%, compared to 4Q20, mainly due to a combined increase of Ps. 83.7 million in the cost of goods and services for our VIP lounges and convenience stores, FBO services and travel expenses. This increase was partially offset by a Ps. 21.5 million combined decrease in the allowance for credit losses, sanitation supplies, and the purchase of supplies and donations for the medical sector for the prevention of COVID-19.
- Employee costs increased Ps. 61.9 million, or 32.2%, compared to 4Q20, mainly due to the recognition of labor provisions in accordance with the Labor Reform and the hiring of additional personnel as required for airport operations due to the recovery of passenger traffic.
- Safety, security and insurance costs increased Ps. 20.4 million, or 25.2%, compared to 4Q20, mainly due to an increase in the number of security staff as compared when the partial closure of some operating areas reduced the need for personnel in 4Q20.
Montego Bay Airport:
- Operating costs increased by Ps. 58.2 million, or 21.3%, compared to 4Q20, mainly due to a Ps. 36.9 million, or 228.8% increase in concession taxes, a Ps. 20.0 million, or 21.5% increase in the cost of services and a Ps. 5.7 million increase in other expenses. This increase was partially offset by a Ps. 1.1 million, or 2.9%, decrease in the cost of improvements to concession assets (IFRIC 12), and a Ps. 3.3 million, or 2.6%, decrease in depreciation and amortization.
Kingston Airport:
- Operating costs increased by Ps. 3.4 million, or 2.0%, compared to 4Q20, mainly due to a Ps. 55.6 million, or 95.0% increase in concession taxes and partially offset by a Ps. 51.4 million decrease in the cost of improvements to concession assets (IFRIC-12).
Operating margin went from 53.8% in 4Q20 to 52.7% in 4Q21. Excluding the effects of IFRIC-12, operating margin went from 47.1% in 4Q20 to 58.8% in 4Q21. Operating income increased Ps. 1,475.1 million, or 117.0%, compared to 4Q20.
EBITDA margin went from 75.4% in 4Q20 to 62.7% in 4Q21. Excluding the effects of IFRIC-12, EBITDA margin went from 66.2% in 4Q20 to 70.1% in 4Q21. The nominal value of EBITDA increased Ps. 1,488.4 million, or 84.2%, compared to 4Q20.
- Financial cost decreased by Ps. 538.5 million, or 62.1%, from a net expense of Ps. 866.8 million in 4Q20 to a net expense of Ps. 328.4 million in 4Q21. This change was mainly the result of foreign exchange rate fluctuations, which went from an expense of Ps. 529.9 million in 4Q20 to income of Ps. 33.1 million in 4Q21. This generated an increase in the foreign exchange gain of Ps. 563.0 million. The currency translation effect income increased Ps. 698.3 million, compared to 4Q20.
- Interest expenses increased by Ps. 65.4 million, or 16.2%, compared to 4Q20, mainly due to higher debt, as a result of the issuance of long-term debt securities.
- Interest income increased by Ps. 40.9 million, or 60.5%, compared to 4Q20, mainly due to an increase in the reference interest rates.
In 4Q21, comprehensive income increased Ps. 2,265.2 million, or 736.5%, compared to 4Q20. This increase was mainly due to a Ps. 2,013.6 million increase in earnings before taxes derived from the significant increase in passenger traffic, as well as a Ps. 698.3 million increase in currency translation effect. This increase was partially offset by an increase in income taxes of Ps. 551.5 million.
During 4Q21, net income increased by Ps. 1,462.0 million, or 429.5%, compared to 4Q20. Income taxes increased by Ps. 773.4 million, partially offset by the benefit for deferred taxes by Ps. 221.8 million, mainly due to the application of Ps. 60.2 million in tax losses and an increase in the inflation rate, from 1.0% in 4Q20 to 2.4% in 4Q21.
Consolidated Results for the Twelve Months Ended December 31 (in thousands of pesos):
| 2020 | 2021 | Change | |||
| Revenues | |||||
| Aeronautical services | 7,225,742 | 11,983,954 | 65.9% | ||
| Non-aeronautical services | 2,448,053 | 3,662,441 | 49.6% | ||
| Improvements to concession assets (IFRIC-12) | 2,192,578 | 3,368,511 | 53.6% | ||
| Total revenues | 11,866,373 | 19,014,906 | 60.2% | ||
| Operating costs | |||||
| Costs of services: | 2,668,707 | 2,989,631 | 12.0% | ||
| Employee costs | 970,481 | 1,115,750 | 15.0% | ||
| Maintenance | 426,523 | 546,548 | 28.1% | ||
| Safety, security & insurance | 458,316 | 510,440 | 11.4% | ||
| Utilities | 355,562 | 391,836 | 10.2% | ||
| Other operating expenses | 457,825 | 425,057 | (7.2%) | ||
| Technical assistance fees | 289,154 | 526,220 | 82.0% | ||
| Concession taxes | 908,310 | 1,231,044 | 35.5% | ||
| Depreciation and amortization | 2,000,361 | 2,050,539 | 2.5% | ||
| Cost of improvements to concession assets (IFRIC 12) | 2,192,578 | 3,368,511 | 53.6% | ||
| Other expense (income) | (12,726 | ) | (8,231 | ) | (35.3%) |
| Total operating costs | 8,046,384 | 10,157,714 | 26.2% | ||
| Income from operations | 3,819,989 | 8,857,192 | 131.9% | ||
| Financial Result | (1,434,222 | ) | (1,027,929 | ) | (28.3%) |
| Income before income taxes | 2,385,770 | 7,829,263 | 228.2% | ||
| Income taxes | (467,067 | ) | (1,785,546 | ) | 282.3% |
| Net income | 1,918,703 | 6,043,717 | 215.0% | ||
| Currency translation effect | 580,308 | 30,810 | (94.7%) | ||
| Cash flow hedges, net of income tax | (299,013 | ) | 500,765 | (267.5%) | |
| Remeasurements of employee benefit – net income tax | (16,658 | ) | 15,263 | 191.6% | |
| Comprehensive income | 2,183,340 | 6,590,555 | 201.9% | ||
| Non-controlling interest | (18,701 | ) | (80,248 | ) | (329.1%) |
| Comprehensive income attributable to controlling interest | 2,164,639 | 6,510,307 | 200.8% | ||
| 2020 | 2021 | Change | |||
| EBITDA | 5,820,350 | 10,907,731 | 87.4% | ||
| Comprehensive income | 2,183,340 | 6,590,555 | 201.9% | ||
| Comprehensive income per share (pesos) | 4.1542 | 12.8646 | 209.7% | ||
| Comprehensive income per ADS (US dollars) | 2.0251 | 6.2711 | 209.7% | ||
| Operating income margin | 32.2 | % | 46.6 | % | 44.7% |
| Operating income margin (excluding IFRIC-12) | 39.6 | % | 56.6 | % | 43.0% |
| EBITDA margin | 49.0 | % | 57.4 | % | 17.0% |
| EBITDA margin (excluding IFRIC-12) | 60.2 | % | 69.7 | % | 15.9% |
| Costs of services and improvements / total revenues | 41.0 | % | 33.4 | % | (18.4%) |
| Cost of services / total revenues (excluding IFRIC-12) | 27.6 | % | 19.1 | % | (30.7%) |
| - Net income and comprehensive income per share for the twelve-month period ended December 31, 2021 were calculated based on 512,301,577 shares outstanding as of December 31, 2021 and for the twelve-month period ended December 31, 2020 were calculated based on 525,575,547 shares outstanding as of December 31, 2020. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 20.5140 per U.S. dollar (the noon buying rate on December 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 twelve-month exchange rate of Ps. 20.2813 per U.S. dollar for the twelve months ended December 31, 2021 was used. | |||||
Revenues (January to December 2021 vs January to December 2020)
- Aeronautical services revenues increased by Ps. 4,758.2 million, or 65.9%.
- Non-aeronautical services revenues increased by Ps. 1,214.4 million, or 49.6%.
- Revenues from improvements to concession assets increased by Ps. 1,175.9 million, or 53.6%.
- Total revenues increased by Ps. 7,148.5 million, or 60.2%.
- The change in aeronautical services revenues was composed of the following factors:
- Revenues at the Company’s Mexican airports increased by Ps. 4,304.5 million or 69.7% during the period from January to December 2021, mainly as a result of the 57.5% increase in passenger traffic and the increase in the maximum tariffs applicable for 2021.
- Revenues from the Montego Bay airport increased by Ps. 308.2 million, or 44.3%, compared to 2020. This was mainly due to the 60.3% increase in passenger traffic and partially offset by the 5.6% appreciation of the peso versus the U.S. dollar during 2021.
- Revenues from the Kingston airport increased by Ps. 145.5 million, or 41.1% compared to 2020, mainly due to a 31.9% increase in passenger traffic and partially offset by the appreciation of the peso versus the dollar during 2021.
- Revenues at the Company’s Mexican airports increased by Ps. 4,304.5 million or 69.7% during the period from January to December 2021, mainly as a result of the 57.5% increase in passenger traffic and the increase in the maximum tariffs applicable for 2021.
- The change in non-aeronautical services revenues was composed primarily of the following factors:
- Revenues from the Company’s Mexican airports increased by Ps. 1,066.0 million, or 53.5%, compared to 2020. Revenues from businesses operated by third parties increased by Ps. 777.9 million, or 59.5%. This was mainly due to the recovery of passenger traffic that resulted in the execution of revenue share of the clients’ revenues, which was higher than the minimum rental guarantee, as well the opening of new commercial areas in some airports. The business lines that increased the most were food and beverage, duty-free stores, leasing of space, car rentals, time shares and other commercial income, which jointly increased by Ps. 701.4 million, or 70.8%. Revenues from businesses operated directly by the Company increased by Ps. 274.4 million, or 49.8%. This increase was primarily due to an increase in revenue from parking, convenience stores and VIP lounges, which jointly increased Ps. 307.3 million and was partially offset by a Ps. 32.9 million decrease in revenues from advertising. The recovery of costs increased by Ps. 13.7 million, or 10.3%.
- Revenues from the Montego Bay airport increased by Ps. 127.4 million, or 38.9%, compared to 2020, primarily due to the increase in passenger traffic in 60.3%.
- The consolidation of the Kingston airport contributed an increase of Ps. 21.0 million, or 16.3%, to non-aeronautical services revenues as compared to 2020, primarily due to the recovery in passenger traffic.
- Revenues from the Company’s Mexican airports increased by Ps. 1,066.0 million, or 53.5%, compared to 2020. Revenues from businesses operated by third parties increased by Ps. 777.9 million, or 59.5%. This was mainly due to the recovery of passenger traffic that resulted in the execution of revenue share of the clients’ revenues, which was higher than the minimum rental guarantee, as well the opening of new commercial areas in some airports. The business lines that increased the most were food and beverage, duty-free stores, leasing of space, car rentals, time shares and other commercial income, which jointly increased by Ps. 701.4 million, or 70.8%. Revenues from businesses operated directly by the Company increased by Ps. 274.4 million, or 49.8%. This increase was primarily due to an increase in revenue from parking, convenience stores and VIP lounges, which jointly increased Ps. 307.3 million and was partially offset by a Ps. 32.9 million decrease in revenues from advertising. The recovery of costs increased by Ps. 13.7 million, or 10.3%.
| 2020 | 2021 | Change | |||
| Businesses operated by third parties: | |||||
| Duty-free | 312,473 | 537,065 | 71.9% | ||
| Food and beverage | 304,758 | 517,254 | 69.7% | ||
| Retail | 253,780 | 401,617 | 58.3% | ||
| Car rentals | 283,283 | 401,589 | 41.8% | ||
| Leasing of space | 207,776 | 242,892 | 16.9% | ||
| Time shares | 102,750 | 189,196 | 84.1% | ||
| Ground transportation | 96,836 | 140,707 | 45.3% | ||
| Communications and financial services | 63,656 | 80,683 | 26.7% | ||
| Other commercial revenues | 78,794 | 118,748 | 50.7% | ||
| Total | 1,704,106 | 2,629,750 | 54.3% | ||
| Businesses operated directly by us: | |||||
| Car parking | 234,553 | 388,106 | 65.5% | ||
| VIP lounges | 144,897 | 219,498 | 51.5% | ||
| Advertising | 88,857 | 53,217 | (40.1%) | ||
| Convenience stores | 102,052 | 185,338 | 81.6% | ||
| Total | 570,359 | 846,158 | 48.4% | ||
| Recovery of costs | 173,587 | 186,532 | 7.5% | ||
| Total Non-aeronautical Revenues | 2,448,053 | 3,662,441 | 49.6% | ||
| Figures expressed in thousands of Mexican pesos. | |||||
- Revenues from improvements to concession assets2
Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 1,175.9 million, or 53.6%, compared to 2020, mainly comprised of the following:
- Revenues from improvements to concession assets at the Company’s Mexican airports increased by Ps. 1,272.9 million, or 63.6%, as a result of the increase in committed investments in the Master Development Program for the 2020-2024 period.
- Decrease in the revenues from improvements to concession assets at the Montego Bay airport by Ps. 45.6 million, or 32.8% and the Kingston airport by Ps. 51.4 million.
________________________
[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. 2,111.3 million, or 26.2%, compared to the same period of 2020, mainly due to a Ps. 1,175.9 million, or 53.6%, increase in the cost of improvements to the concession assets (IFRIC-12), a combined increase of concession taxes and technical assistance fees of Ps. 559.8 million, or 46.7%, and an increase in the cost of services of Ps. 321.0 million or 12.0%. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 935.4 million, or 16.0%.
Mexican Airports:
- Operating costs increased by Ps. 2,196.1 million, or 35.7%, compared to 2020, primarily due to a Ps. 1,272.9 million, or 63.6% increase in the cost of improvements to the concession assets (IFRIC-12), a Ps. 493.7 million, or 71.0% increase in concession taxes and technical assistance fees, a Ps. 75.2 million, or 5.1%, increase in depreciation and amortization and a Ps. 352.6 million, or 17.7% increase in the cost of services.
The cost of services was mainly comprised of the following:
- Employee costs increased Ps. 144.6 million, or 18.6% compared to 2020, mainly due to the recognition of labor provisions in accordance with the Labor Reform and the hiring of additional personnel as required for airport operations.
- Maintenance costs increased by Ps. 121.2 million, or 36.3%, compared to 2020 as a result of the increase in essential maintenance as a result of the recovery in passenger traffic.
- Safety, security and insurance costs increased Ps. 67.7 million, or 22.5% compared to 2020.
- Utility costs increased Ps. 21.4 million, or 9.4% compared to 2020.
Montego Bay Airport:
- Operating costs decreased by Ps. 100.8 million, or 8.1%, compared to 2020, mainly due to a Ps. 45.6 million, or 32.8% decrease in the cost of improvements to concession assets (IFRIC-12), a Ps. 35.3 million, or 16.9% decrease in concession taxes, a Ps. 26.3 million, or 5.1% decrease in depreciation and amortization. This decrease was partially offset by a Ps. 2.8 million, or 0.7% increase in the cost of services.
Kingston Airport:
- The Kingston airport contributed to an increase in operating costs of Ps. 16.1 million, or 2.5%, during 2021 as compared to 2020, mainly due to a Ps. 101.3 million, or 34.5% increase in concession taxes and partially offset by a Ps. 51.4 million decrease in the cost of improvements to concession assets (IFRIC-12), and a Ps. 34.4 million, or 12.3% decrease in the cost of services. The decrease in cost of services was primarily due to a Ps. 35.4 million, or 64.2%, decrease in other operating costs, as a result of a decrease in expected credit losses.
Operating margin went from 32.2% in 2020 to 46.6% in 2021. Excluding the effects of IFRIC-12, operating margin went from 39.6% in 2020 to 56.6% in 2021. Operating income increased Ps. 5,037.2 million, or 131.9% compared to 2020.
EBITDA margin increased 840 basis points from 49.0% in 2020 to 57.4% in 2021. Excluding the effects of IFRIC-12, EBITDA margin increased 950 basis points from 60.2% in 2020 to 69.7% in 2021. The nominal value of EBITDA was Ps. 10,907.7 million in 2021 compared to Ps. 5,820.3 million during 2020, an increase of 87.4%.
Financial cost decreased by Ps. 406.3 million, from a net expense of Ps. 1,434.2 million during 2020 to a net expense of Ps. 1,027.9 million during 2021. This increase was mainly the result of:
- Foreign exchange rate fluctuations went from an expense of Ps. 330.4 million during 2020 to income of Ps. 238.3 million in 2021. This generated an increase in the foreign exchange gain of Ps. 568.8 million. Currency translation effect income decreased by Ps. 549.5 million as compared to 2020, due to the fact that the exchange rate as of December 31, 2020, was Ps. 19.9487 as compared to Ps. 20.5835 as of December 31, 2021, a depreciation of the peso of 3.2%.
- An increase in interest expenses of Ps. 172.2 million, or 10.5%, compared to 2020 mainly due to higher debt as a result of the issuance of long-term debt securities during 2021.
- Interest income decreased by Ps. 9.7 million, or 2.3%, compared to 2020, mainly due to a decrease in the average balance of cash and cash equivalents during 2021.
Comprehensive income increased Ps. 4,407.2 million, or 201.9% compared to 2020. This increase was mainly due to a Ps. 5,443.5 million increase in earnings before taxes and a Ps. 799.8 million increase in the cash flow hedge reserve. This increase was partially offset by a Ps. 549.5 million decrease in currency translation effect and an increase in income taxes of Ps. 1,318.5 million.
Net income increased Ps. 4,125.0 million, or 215.0% during 2021 as compared to 2020. Mainly due the increase in earnings before taxes of Ps. 5,443.5 million, offset by an increase of Ps. 1,593.2 million in current income taxes and a Ps. 274.7 million increase in the benefit for deferred taxes, mainly due to the application of tax losses of Ps. 89.9 million and partially offset by an increase in the inflation rate, that went from 3.2% in 2020 to 7.4% during 2021.
Statement of Financial Position
Total assets as of December 31, 2021, increased by Ps. 3,961.9 million as compared to December 31, 2020, primarily due to the following items: (i) a Ps. 3,094.0 million increase in improvements to concession (ii) a Ps. 1,407.1 million increase in machinery, equipment and leasehold improvements and advances to suppliers; and (iii) a Ps. 208.7 million increase in other current assets. These increases were partially offset by decreases of Ps. 1,111.7 million in cash and cash equivalents, among others.
Total liabilities as of December 31, 2021, increased by Ps. 6,386.1 million compared to December 31, 2020. This increase was primarily due to the following items: (i) issuance of Ps. 5,500.0 million in long-term bonds; (ii) Ps. 1,880.4 million increase in accounts payable, (iii) increase income taxes of Ps. 1,241.0 million and (iv) increase of concession taxes of Ps. 154.3 million. This was partially offset by decreases of: (i) Ps. 2,000.0 million in bank loans, (ii) Ps. 590.5 million in derivative financial instruments and (iii) Ps. 170.2 million in deferred taxes, among others.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the operation of the Norman Manley International Airport in Kingston, Jamaica and took control of the operation in October 2019.
| This press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS. This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. |
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that may involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party that is in charge of collecting these complaints, is 01 800 563 00 47. The web site is www.lineadedenuncia.com/gap. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
| Exhibit A: Operating results by airport (in thousands of pesos): | ||||||||||
| Airport | 4Q20 | 4Q21 | Change | 2020 | 2021 | Change | ||||
| Guadalajara | ||||||||||
| Aeronautical services | 616,720 | 931,617 | 51.1% | 2,103,574 | 3,296,419 | 56.7% | ||||
| Non-aeronautical services | 165,172 | 194,625 | 17.8% | 591,789 | 783,252 | 32.4% | ||||
| Improvements to concession assets (IFRIC 12) | (162,341 | ) | 618,541 | (481.0%) | 614,479 | 1,463,854 | 138.2% | |||
| Total Revenues | 619,550 | 1,744,783 | 181.6% | 3,309,843 | 5,543,525 | 67.5% | ||||
| Operating income | 476,442 | 726,471 | 52.5% | 1,472,456 | 2,614,203 | 77.5% | ||||
| EBITDA | 570,020 | 824,268 | 44.6% | 1,841,420 | 3,004,596 | 63.2% | ||||
| Tijuana | ||||||||||
| Aeronautical services | 386,053 | 598,630 | 55.1% | 1,192,187 | 1,944,451 | 63.1% | ||||
| Non-aeronautical services | 101,604 | 116,129 | 14.3% | 335,419 | 431,706 | 28.7% | ||||
| Improvements to concession assets (IFRIC 12) | 251,975 | (344,806 | ) | (236.8%) | 681,755 | 876,292 | 28.5% | |||
| Total Revenues | 739,632 | 369,952 | (50.0%) | 2,209,360 | 3,252,448 | 47.2% | ||||
| Operating income | 305,640 | 457,399 | 49.7% | 802,056 | 1,496,257 | 86.6% | ||||
| EBITDA | 371,574 | 520,735 | 40.1% | 1,056,690 | 1,751,728 | 65.8% | ||||
| Los Cabos | ||||||||||
| Aeronautical services | 302,097 | 599,211 | 98.4% | 971,021 | 2,003,087 | 106.3% | ||||
| Non-aeronautical services | 131,607 | 236,312 | 79.6% | 460,939 | 839,580 | 82.1% | ||||
| Improvements to concession assets (IFRIC 12) | (147,818 | ) | 186,589 | (226.2%) | 339,231 | 520,812 | 53.5% | |||
| Total Revenues | 285,886 | 1,022,112 | 257.5% | 1,771,191 | 3,363,479 | 89.9% | ||||
| Operating income | 256,497 | 594,497 | 131.8% | 756,630 | 1,961,757 | 159.3% | ||||
| EBITDA | 322,814 | 662,131 | 105.1% | 1,022,211 | 2,223,223 | 117.5% | ||||
| Puerto Vallarta | ||||||||||
| Aeronautical services | 188,780 | 442,359 | 134.3% | 776,424 | 1,336,177 | 72.1% | ||||
| Non-aeronautical services | 61,282 | 105,730 | 72.5% | 266,442 | 389,823 | 46.3% | ||||
| Improvements to concession assets (IFRIC 12) | (274,094 | ) | 52,217 | (119.1%) | 67,026 | 285,667 | 326.2% | |||
| Total Revenues | (24,031 | ) | 600,306 | (2598.0%) | 1,109,892 | 2,011,667 | 81.2% | |||
| Operating income | 110,257 | 359,079 | 225.7% | 526,761 | 1,082,157 | 105.4% | ||||
| EBITDA | 153,566 | 403,118 | 162.5% | 695,340 | 1,258,720 | 81.0% | ||||
| Montego Bay | ||||||||||
| Aeronautical services | 106,876 | 313,013 | 192.9% | 695,879 | 1,004,076 | 44.3% | ||||
| Non-aeronautical services | 71,295 | 136,844 | 91.9% | 327,158 | 454,519 | 38.9% | ||||
| Improvements to concession assets (IFRIC 12) | 38,394 | 37,263 | (2.9%) | 138,768 | 93,205 | (32.8%) | ||||
| Total Revenues | 216,565 | 487,119 | 124.9% | 1,161,805 | 1,551,800 | 33.6% | ||||
| Operating (loss) income | (55,974 | ) | 160,702 | 387.1% | (88,901 | ) | 406,256 | 557.0% | ||
| EBITDA | 71,228 | 284,621 | 299.6% | 423,197 | 892,070 | 110.8% | ||||
| Exhibit A: Operating results by airport (in thousands of pesos): (continued) | ||||||||||
| Airport | 4Q20 | 4Q21 | Change | 2020 | 2021 | Change | ||||
| Guanajuato | ||||||||||
| Aeronautical services | 100,799 | 157,213 | 56.0% | 338,633 | 570,402 | 68.4% | ||||
| Non-aeronautical services | 29,389 | 31,241 | 6.3% | 113,826 | 131,977 | 15.9% | ||||
| Improvements to concession assets (IFRIC 12) | (61,075 | ) | (334 | ) | (99.5%) | 36,334 | 8,947 | (75.4%) | ||
| Total Revenues | 69,114 | 188,120 | 172.2% | 488,793 | 711,326 | 45.5% | ||||
| Operating (loss) income | 65,149 | 110,114 | 69.0% | 216,044 | 416,623 | 92.8% | ||||
| EBITDA | 83,699 | 129,752 | 55.0% | 288,406 | 492,584 | 70.8% | ||||
| Hermosillo | ||||||||||
| Aeronautical services | 64,405 | 106,590 | 65.5% | 204,650 | 341,493 | 66.9% | ||||
| Non-aeronautical services | 17,327 | 16,523 | (4.6%) | 64,609 | 70,135 | 8.6% | ||||
| Improvements to concession assets (IFRIC 12) | 6,287 | 4,124 | (34.4%) | 19,329 | 17,148 | (11.3%) | ||||
| Total Revenues | 88,018 | 127,237 | 44.6% | 288,588 | 428,776 | 48.6% | ||||
| Operating (loss) income | 28,329 | 52,727 | (86.1%) | 57,770 | 155,691 | 169.5% | ||||
| EBITDA | 47,548 | 71,085 | 49.5% | 134,100 | 231,511 | 72.6% | ||||
| Others (1) | ||||||||||
| Aeronautical services | 257,708 | 422,712 | 64.0% | 943,415 | 1,487,850 | 57.7% | ||||
| Non-aeronautical services | 72,770 | 86,054 | 18.3% | 287,828 | 343,913 | 19.5% | ||||
| Improvements to concession assets (IFRIC 12) | (32,208 | ) | (14,454 | ) | (55.1%) | 295,658 | 102,587 | (65.3%) | ||
| Total Revenues | 298,271 | 494,312 | 65.7% | 1,526,901 | 1,934,351 | 26.7% | ||||
| Operating (loss) income | 29,366 | 116,191 | (295.7%) | (30,745 | ) | 305,253 | 1092.9% | |||
| EBITDA | 91,161 | 181,645 | 99.3% | 210,022 | 574,931 | 173.7% | ||||
| Total | ||||||||||
| Aeronautical services | 2,023,439 | 3,571,344 | 76.5% | 7,225,742 | 11,983,954 | 65.9% | ||||
| Non-aeronautical services | 650,446 | 923,457 | 42.0% | 2,448,053 | 3,444,905 | 40.7% | ||||
| Improvements to concession assets (IFRIC 12) | (380,879 | ) | 539,140 | (241.6%) | 2,192,578 | 3,368,511 | 53.6% | |||
| Total Revenues | 2,293,005 | 5,033,942 | 119.5% | 11,866,373 | 18,797,372 | 58.4% | ||||
| Operating income | 1,215,707 | 2,577,180 | 112.0% | 3,712,071 | 8,438,197 | 127.3% | ||||
| EBITDA | 1,711,609 | 3,077,354 | 79.8% | 5,671,387 | 10,429,363 | 83.9% | ||||
| (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 December 31 (in thousands of pesos): | |||||||
| 2020 | 2021 | Change | % | ||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 14,444,549 | 13,332,877 | (1,111,672 | ) | (7.7%) | ||
| Trade accounts receivable - Net | 1,266,005 | 1,720,475 | 454,469 | 35.9% | |||
| Other current assets | 1,135,555 | 1,344,223 | 208,668 | 18.4% | |||
| Total current assets | 16,846,109 | 16,397,575 | (448,534 | ) | (2.7%) | ||
| Advanced payments to suppliers | 464,675 | 923,795 | 459,120 | 98.8% | |||
| Machinery, equipment and improvements to leased buildings - Net | 2,146,232 | 3,094,220 | 947,988 | 44.2% | |||
| Improvements to concession assets - Net | 13,763,840 | 16,857,852 | 3,094,012 | 22.5% | |||
| Airport concessions - Net | 10,649,220 | 10,328,521 | (320,699 | ) | (3.0%) | ||
| Rights to use airport facilities - Net | 1,281,801 | 1,208,406 | (73,395 | ) | (5.7%) | ||
| Deferred income taxes - Net | 5,966,363 | 6,230,886 | 264,523 | 4.4% | |||
| Other non-current assets | 242,933 | 281,830 | 38,898 | 16.0% | |||
| Total assets | 51,361,173 | 55,323,085 | 3,961,912 | 7.7% | |||
| Liabilities | |||||||
| Current liabilities | 5,262,675 | 9,362,958 | 4,100,283 | 77.9% | |||
| Long-term liabilities | 23,245,715 | 25,531,527 | 2,285,812 | 9.8% | |||
| Total liabilities | 28,508,390 | 34,894,485 | 6,386,095 | 22.4% | |||
| Stockholders' Equity | |||||||
| Common stock | 6,185,082 | 170,381 | (6,014,701 | ) | (97.2%) | ||
| Legal reserve | 1,592,551 | 1,592,551 | - | 0.0% | |||
| Net income | 1,968,856 | 5,997,492 | 4,028,636 | 204.6% | |||
| Retained earnings | 9,940,035 | 7,927,599 | (2,012,436 | ) | (20.2%) | ||
| Reserve for share repurchase | 3,283,374 | 5,531,292 | 2,247,918 | 68.5% | |||
| Repurchased shares | (1,733,374 | ) | (3,000,037 | ) | (1,266,663 | ) | 73.1% |
| Foreign currency translation reserve | 1,037,446 | 1,034,233 | (3,213 | ) | (0.3%) | ||
| Remeasurements of employee benefit – Net | (10,052 | ) | 5,211 | 15,263 | 151.8% | ||
| Cash flow hedges- Net | (471,107 | ) | 29,658 | 500,765 | 106.3% | ||
| Total controlling interest | 21,792,811 | 19,288,380 | (2,504,430 | ) | (11.5%) | ||
| Non-controlling interest | 1,059,972 | 1,140,220 | 80,247 | 7.6% | |||
| Total stockholder's equity | 22,852,783 | 20,428,600 | (2,424,183 | ) | (10.6%) | ||
| Total liabilities and stockholders' equity | 51,361,173 | 55,323,085 | 3,961,912 | 7.7% | |||
| 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): | ||||||||||
| 4Q20 | 4Q21 | Change | 2020 | 2021 | Change | |||||
| Cash flows from operating activities: | ||||||||||
| Consolidated net income | 340,411 | 1,802,434 | 429.5% | 1,918,703 | 6,043,717 | 215.0% | ||||
| Postemployment benefit costs | 11,076 | (10,057 | ) | (190.8%) | 31,382 | 3,312 | (89.4%) | |||
| Allowance expected credit loss | (26,480 | ) | (17,153 | ) | (35.2%) | 86,596 | 15,487 | (82.1%) | ||
| Depreciation and amortization | 506,148 | 519,409 | 2.6% | 2,000,361 | 2,050,539 | 2.5% | ||||
| (Gain) loss on sale of machinery, equipment and improvements to leased assets | 1,604 | (2,132 | ) | (232.9%) | (14,375 | ) | (3,490 | ) | (75.7%) | |
| Interest expense | 352,339 | 459,578 | 30.4% | 1,388,072 | 1,687,895 | 21.6% | ||||
| Provisions | 882 | 15,437 | 1650.2% | 425 | 11,754 | 2665.6% | ||||
| Income tax expense | 53,228 | 604,778 | 1036.2% | 467,067 | 1,785,543 | 282.3% | ||||
| Unrealized exchange loss | (454,485 | ) | 13,675 | 103.0% | 57,780 | (5,427 | ) | (109.4%) | ||
| Net (gain) loss on derivative financial instruments | (4,397 | ) | (51,656 | ) | 1074.8% | 43,778 | (51,656 | ) | (218.0%) | |
| 780,326 | 3,334,313 | 327.3% | 5,979,789 | 11,537,673 | 92.9% | |||||
| Changes in working capital: | ||||||||||
| (Increase) decrease in | ||||||||||
| Trade accounts receivable | 81,986 | (280,531 | ) | (442.2%) | 164,258 | (464,395 | ) | (382.7%) | ||
| Recoverable tax on assets and other assets | (189,087 | ) | (190,987 | ) | 1.0% | (814,271 | ) | (299,842 | ) | (63.2%) |
| (Decrease) increase | ||||||||||
| Concession taxes payable | 106,569 | 37,673 | (64.6%) | (253,633 | ) | 94,879 | 137.4% | |||
| Accounts payable | (33,130 | ) | 926,703 | 2897.2% | (697,613 | ) | 1,244,251 | 278.4% | ||
| Cash generated by operating activities | 746,664 | 3,827,171 | 412.6% | 4,378,532 | 12,112,566 | 176.6% | ||||
| Income taxes paid | 30,604 | (302,646 | ) | (1088.9%) | (811,965 | ) | (1,017,120 | ) | 25.3% | |
| Net cash flows provided by operating activities | 777,268 | 3,524,524 | 353.5% | 3,566,567 | 11,095,446 | 211.1% | ||||
| Cash flows from investing activities: | ||||||||||
| Machinery, equipment and improvements to concession assets | (898,602 | ) | (2,146,804 | ) | 138.9% | (3,160,111 | ) | (4,946,784 | ) | 56.5% |
| Cash flows from sales of machinery and equipment | 3,062 | 226 | (92.6%) | 6,248 | 3,215 | (48.5%) | ||||
| Other investment activities | 288 | (13,756 | ) | (4876.4%) | (63,828 | ) | (25,739 | ) | (59.7%) | |
| Net cash used by investment activities | (895,252 | ) | (2,160,333 | ) | 141.3% | (3,217,691 | ) | (4,969,308 | ) | 54.4% |
| Cash flows from financing activities: | ||||||||||
| Capital distribution | - | - | 0.0% | - | (6,014,701 | ) | (100.0%) | |||
| Debt securities | - | 2,500,000 | 100.0% | 7,200,000 | 7,000,000 | (2.8%) | ||||
| Payment from Debt securities | - | - | 0.0% | (2,200,000 | ) | (1,500,000 | ) | (31.8%) | ||
| Bank loans | - | (81,512 | ) | (100.0%) | - | (5,941,663 | ) | (100.0%) | ||
| Repurchase of shares | - | (637,697 | ) | (100.0%) | - | (3,000,037 | ) | (100.0%) | ||
| Interest paid | (417,087 | ) | (538,138 | ) | 29.0% | (1,405,139 | ) | (1,659,473 | ) | 18.1% |
| Bank loans | (96,535 | ) | - | (100.0%) | 2,709,125 | 3,779,413 | 39.5% | |||
| Interest paid on lease | (564 | ) | (1,257 | ) | 122.9% | (2,582 | ) | (2,598 | ) | 0.6% |
| Payments of obligations for leasing | (3,029 | ) | (3,427 | ) | 13.1% | (12,977 | ) | (12,467 | ) | (3.9%) |
| Net cash flows used in financing activities | (517,215 | ) | 1,237,969 | (339.4%) | 6,288,427 | (7,351,525 | ) | (216.9%) | ||
| Effects of exchange rate changes on cash held | (140,686 | ) | 79,877 | (156.8%) | 307,053 | 113,715 | (63.0%) | |||
| Net increase in cash and cash equivalents | (775,885 | ) | 2,682,037 | (445.7%) | 6,944,356 | (1,111,672 | ) | (116.0%) | ||
| Cash and cash equivalents at beginning of the period | 15,220,432 | 10,650,840 | (30.0%) | 7,500,193 | 14,444,549 | 92.6% | ||||
| Cash and cash equivalents at the end of the period | 14,444,549 | 13,332,877 | (7.7%) | 14,444,549 | 13,332,877 | (7.7%) | ||||
| Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos): | ||||||||||
| 4Q20 | 4Q21 | Change | 2020 | 2021 | Change | |||||
| Revenues | ||||||||||
| Aeronautical services | 2,023,398 | 3,571,344 | 76.5% | 7,225,742 | 11,983,954 | 65.9% | ||||
| Non-aeronautical services | 650,490 | 1,077,886 | 65.7% | 2,448,053 | 3,662,441 | 49.6% | ||||
| Improvements to concession assets (IFRIC 12) | (329,479 | ) | 539,140 | 263.6% | 2,192,578 | 3,368,511 | 53.6% | |||
| Total revenues | 2,344,408 | 5,188,370 | 121.3% | 11,866,373 | 19,014,906 | 60.2% | ||||
| Operating costs | ||||||||||
| Costs of services: | 638,350 | 881,966 | 38.2% | 2,668,707 | 2,989,631 | 12.0% | ||||
| Employee costs | 235,311 | 306,052 | 30.1% | 970,481 | 1,115,750 | 15.0% | ||||
| Maintenance | 130,976 | 206,595 | 57.7% | 426,523 | 546,548 | 28.1% | ||||
| Safety, security & insurance | 120,358 | 137,293 | 14.1% | 458,316 | 510,440 | 11.4% | ||||
| Utilities | 83,106 | 107,333 | 29.2% | 355,562 | 391,836 | 10.2% | ||||
| Other operating expenses | 68,599 | 124,693 | 81.8% | 457,825 | 425,057 | (7.2%) | ||||
| Technical assistance fees | 89,858 | 155,717 | 73.3% | 289,154 | 526,220 | 82.0% | ||||
| Concession taxes | 193,414 | 359,403 | 85.8% | 908,310 | 1,231,044 | 35.5% | ||||
| Depreciation and amortization | 506,148 | 519,409 | 2.6% | 2,000,361 | 2,050,539 | 2.5% | ||||
| Cost of improvements to concession assets (IFRIC 12) | (329,479 | ) | 539,140 | 263.6% | 2,192,578 | 3,368,511 | 53.6% | |||
| Other (income) | (14,361 | ) | (2,857 | ) | (80.1%) | (12,726 | ) | (8,231 | ) | (35.3%) |
| Total operating costs | 1,083,930 | 2,452,777 | 126.3% | 8,046,384 | 10,157,714 | 26.2% | ||||
| Income from operations | 1,260,478 | 2,735,593 | 117.0% | 3,819,989 | 8,857,192 | 131.9% | ||||
| Financial Result | (866,839 | ) | (328,381 | ) | (62.1%) | (1,434,222 | ) | (1,027,929 | ) | (28.3%) |
| Income before income taxes | 393,639 | 2,407,212 | 511.5% | 2,385,770 | 7,829,263 | 228.2% | ||||
| Income taxes | (53,228 | ) | (604,778 | ) | 1036.2% | (467,067 | ) | (1,785,546 | ) | 282.3% |
| Net income | 340,411 | 1,802,434 | 429.5% | 1,918,703 | 6,043,717 | 215.0% | ||||
| Currency translation effect | (643,284 | ) | 55,056 | 108.6% | 580,308 | 30,810 | (94.7%) | |||
| Cash flow hedges, net of income tax | (9,355 | ) | 96,525 | 1131.8% | (299,013 | ) | 500,765 | (267.5%) | ||
| Remeasurements of employee benefit – net income tax | 4,680 | 3,649 | 22.0% | (16,658 | ) | 15,263 | 191.6% | |||
| Comprehensive (loss) income | (307,548 | ) | 1,957,664 | (736.5%) | 2,183,340 | 6,590,555 | 201.9% | |||
| Non-controlling interest | 90,102 | (35,128 | ) | (139.0%) | (18,701 | ) | (80,248 | ) | (329.1%) | |
| Comprehensive (loss) income attributable to controlling interest | (217,446 | ) | 1,922,536 | 984.1% | 2,164,639 | 6,510,307 | 200.8% | |||
| The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”). | ||||||||||
| Exhibit E: Consolidated stockholders’ equity (in thousands of pesos): | |||||||||||||||||
| Common Stock | Legal Reseve | Reserve for Share Repurchase | Repurchased Shares | Retained Earnings | Other comprehensive income | Total controlling interest | Non-controlling interest | Total Stockholders' Equity | |||||||||
| Balance as of January 1, 2020 | 6,185,082 | 1,592,551 | 3,283,374 | (1,733,374 | ) | 9,940,035 | 360,504 | 19,628,172 | 1,041,271 | 20,669,443 | |||||||
| Comprehensive income: | |||||||||||||||||
| Net income | - | - | - | - | 1,968,856 | - | 1,968,856 | (50,153 | ) | 1,918,703 | |||||||
| Foreign currency translation reserve | - | - | - | - | - | 511,454 | 511,454 | 68,854 | 580,308 | ||||||||
| Remeasurements of employee benefit – Net | - | - | - | - | - | (16,658 | ) | (16,658 | ) | - | (16,658 | ) | |||||
| Reserve for cash flow hedges – Net of income tax | - | - | - | - | - | (299,013 | ) | (299,013 | ) | - | (299,013 | ) | |||||
| Balance as of December 31, 2020 | 6,185,082 | 1,592,551 | 3,283,374 | (1,733,374 | ) | 11,908,891 | 556,287 | 21,792,811 | 1,059,972 | 22,852,783 | |||||||
| Capital reduction | (6,014,701 | ) | - | - | - | - | - | (6,014,701 | ) | - | (6,014,701 | ) | |||||
| Repurchased shares cancellation | - | - | (1,733,374 | ) | 1,733,374 | - | - | - | - | - | |||||||
| Reserve for share repurchase | - | - | 3,981,292 | - | (3,981,292 | ) | - | - | - | - | |||||||
| Repurchased share | - | - | - | (3,000,037 | ) | - | - | (3,000,037 | ) | - | (3,000,037 | ) | |||||
| Comprehensive income: | - | - | - | - | - | - | - | - | - | ||||||||
| Net income | - | - | - | - | 5,997,492 | - | 5,997,492 | 46,225 | 6,043,716 | ||||||||
| Foreign currency translation reserve | - | - | - | - | - | (3,213 | ) | (3,213 | ) | 34,023 | 30,810 | ||||||
| Remeasurements of employee benefit – Net | - | - | - | - | - | 15,263 | 15,263 | - | 15,263 | ||||||||
| Reserve for cash flow hedges – Net of income tax | - | - | - | - | - | 500,765 | 500,765 | - | 500,765 | ||||||||
| Balance as of December 31, 2021 | 170,381 | 1,592,551 | 5,531,292 | (3,000,037 | ) | 13,925,091 | 1,069,102 | 19,288,380 | 1,140,220 | 20,428,600 | |||||||
| 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: | ||||||
| 4Q20 | 4Q21 | Change | 2020 | 2021 | Change | |
| Total passengers | 8,217.3 | 12,760.5 | 55.3% | 27,327.5 | 42,937.2 | 57.1% |
| Total cargo volume (in WLUs) | 673.7 | 723.5 | 7.4% | 2,223.2 | 2,735.5 | 23.0% |
| Total WLUs | 8,891.0 | 13,484.0 | 51.7% | 29,550.7 | 45,672.7 | 54.6% |
| 0.0% | 0.0% | |||||
| Aeronautical & non aeronautical services per passenger (pesos) | 325.4 | 364.3 | 12.0% | 354.0 | 364.4 | 2.9% |
| Aeronautical services per WLU (pesos) | 227.6 | 264.9 | 16.4% | 244.5 | 262.4 | 7.3% |
| Non aeronautical services per passenger (pesos) | 79.2 | 84.5 | 6.7% | 89.6 | 85.3 | (4.8%) |
| Cost of services per WLU (pesos) | 71.8 | 65.4 | (8.9%) | 90.3 | 65.5 | (27.5%) |
| WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo). | ||||||
Passenger Traffic and Consolidated Results compared to the same periods of 2019:
| Domestic Terminal Passengers – 14 airports (in thousands): | ||||||
| Airport | 4Q19 | 4Q21 | Change | 2019 | 2021 | Change |
| Guadalajara | 2,730.0 | 2,542.0 | (6.9%) | 10,495.8 | 8,540.2 | (18.6%) |
| Tijuana * | 1,528.7 | 1,870.1 | 22.3% | 5,979.7 | 6,891.3 | 15.2% |
| Los Cabos | 468.0 | 575.0 | 22.8% | 1,915.7 | 2,020.4 | 5.5% |
| Puerto Vallarta | 468.1 | 554.3 | 18.4% | 1,839.3 | 1,848.5 | 0.5% |
| Guanajuato | 2.4 | 404.4 | (100.0%) | 9.2 | 1,487.1 | (100.0%) |
| Montego Bay | 534.6 | 0.0 | (24.4%) | 2,056.9 | 0.0 | (27.7%) |
| Hermosillo | 488.1 | 449.5 | (7.9%) | 1,803.8 | 1,457.9 | (19.2%) |
| Mexicali | 320.8 | 324.3 | 1.1% | 1,191.9 | 1,088.4 | (8.7%) |
| Morelia | 136.0 | 146.9 | 8.0% | 478.8 | 541.0 | 13.0% |
| La Paz | 255.0 | 266.7 | 4.6% | 995.4 | 901.8 | (9.4%) |
| Aguascalientes | 3.2 | 178.1 | (92.8%) | 3.2 | 582.8 | (62.8%) |
| Kingston | 169.6 | 0.2 | N/A | 635.2 | 1.2 | N/A |
| Los Mochis | 101.6 | 106.3 | 4.6% | 384.4 | 358.3 | (6.8%) |
| Manzanillo | 24.9 | 25.7 | 3.5% | 95.3 | 86.8 | (9.0%) |
| Total | 7,231.0 | 7,443.5 | 2.9% | 27,884.8 | 25,805.6 | (7.5%) |
| *CBX users are classified as international passengers. | ||||||
| International Terminal Passengers – 14 airports (in thousands): | ||||||
| Airport | 4Q19 | 4Q21 | Change | 2019 | 2021 | Change |
| Guadalajara | 1,116.0 | 1,059.5 | (5.1%) | 4,350.5 | 3,702.7 | (14.9%) |
| Tijuana * | 810.0 | 885.5 | 9.3% | 2,946.1 | 2,786.6 | (5.4%) |
| Los Cabos | 928.7 | 1,067.1 | 14.9% | 3,693.4 | 3,529.2 | (4.4%) |
| Puerto Vallarta | 794.3 | 813.6 | 2.4% | 3,212.5 | 2,271.5 | (29.3%) |
| Guanajuato | 1,083.4 | 821.3 | (24.2%) | 4,698.5 | 2,581.9 | (45.0%) |
| Montego Bay | 170.8 | 184.6 | 8.1% | 698.9 | 631.9 | (9.6%) |
| Hermosillo | 18.6 | 25.5 | 37.3% | 70.2 | 102.1 | 45.3% |
| Mexicali | 1.8 | 2.0 | 8.8% | 6.9 | 5.6 | (18.8%) |
| Morelia | 106.1 | 113.2 | 6.7% | 418.9 | 406.1 | (3.1%) |
| La Paz | 3.4 | 4.6 | 35.9% | 12.8 | 18.3 | 43.2% |
| Aguascalientes | 405.5 | 262.5 | (35.3%) | 405.5 | 829.3 | 104.5% |
| Kingston | 58.9 | 58.6 | N/A | 223.2 | 210.6 | N/A |
| Los Mochis | 1.5 | 2.3 | 53.4% | 6.9 | 9.4 | 35.6% |
| Manzanillo | 18.6 | 16.8 | (9.6%) | 79.4 | 46.5 | (41.4%) |
| Total | 5,517.5 | 5,317.0 | (3.6%) | 20,823.9 | 17,131.6 | (17.7%) |
| *CBX users are classified as international passengers. | ||||||
| Total Terminal Passengers – 14 airports (in thousands): | ||||||
| Airport | 4Q19 | 4Q21 | Change | 2019 | 2021 | Change |
| Guadalajara | 3,846.1 | 3,601.5 | (6.4%) | 14,846.3 | 12,243.0 | (17.5%) |
| Tijuana * | 2,338.7 | 2,755.6 | 17.8% | 8,925.9 | 9,677.9 | 8.4% |
| Los Cabos | 1,396.7 | 1,642.1 | 17.6% | 5,609.1 | 5,549.6 | (1.1%) |
| Puerto Vallarta | 1,262.5 | 1,367.9 | 8.3% | 5,051.9 | 4,120.0 | (18.4%) |
| Guanajuato | 1,085.7 | 1,051.8 | (3.1%) | 4,707.7 | 2,581.9 | (45.2%) |
| Montego Bay | 705.4 | 358.4 | (49.2%) | 2,755.8 | 2,119.0 | (23.1%) |
| Hermosillo | 506.7 | 475.0 | (6.2%) | 1,874.1 | 1,559.9 | (16.8%) |
| Mexicali | 322.6 | 326.3 | 1.1% | 1,198.8 | 1,094.0 | (8.7%) |
| Morelia | 242.1 | 260.1 | 7.4% | 897.8 | 947.1 | 5.5% |
| La Paz | 258.4 | 271.3 | 5.0% | 1,008.1 | 920.0 | (8.7%) |
| Aguascalientes | 408.7 | 273.8 | (33.0%) | 408.7 | 830.5 | 103.2% |
| Kingston | 228.5 | 225.8 | N/A | 858.4 | 793.4 | N/A |
| Los Mochis | 103.1 | 108.6 | 5.3% | 391.3 | 367.7 | (6.0%) |
| Manzanillo | 43.5 | 42.6 | (2.1%) | 174.7 | 133.3 | (23.7%) |
| Total | 12,748.5 | 12,760.6 | 0.1% | 48,708.6 | 42,937.2 | (11.8%) |
| *CBX users are classified as international passengers. | ||||||
| CBX Users (in thousands): | ||||||
| Airport | 4Q19 | 4Q21 | Change | 2019 | 2021 | Change |
| Tijuana | 797.0 | 876.1 | 9.9% | 2,897.9 | 2,754.3 | (10.6%) |
The Company took control of the operation of the Kingston airport on October 10, 2019, consequently no figures are available for comparison purposes from January to September 2019.
| Consolidated Results and Other Data compared with 2019 (in thousands of pesos): | ||||||||||
| 4Q19 | 4Q21 | Change | 2019 | 2021 | Change | |||||
| Revenues | ||||||||||
| Aeronautical services | 2,771,105 | 3,571,344 | 28.9% | 10,547,720 | 11,983,954 | 13.6% | ||||
| Non-aeronautical services | 962,547 | 1,077,886 | 12.0% | 3,771,500 | 3,662,441 | (2.9%) | ||||
| Improvements to concession assets (IFRIC 12) | 840,402 | 539,140 | (35.8%) | 1,906,801 | 3,368,511 | 76.7% | ||||
| Total revenues | 4,574,055 | 5,188,370 | 13.4% | 16,226,020 | 19,014,906 | 17.2% | ||||
| Operating costs | ||||||||||
| Costs of services: | 773,571 | 881,966 | 14.0% | 2,744,864 | 2,989,631 | 8.9% | ||||
| Employee costs | 248,330 | 306,052 | 23.2% | 877,068 | 1,115,750 | 27.2% | ||||
| Maintenance | 176,241 | 206,595 | 17.2% | 578,510 | 546,548 | (5.5%) | ||||
| Safety, security & insurance | 118,108 | 137,293 | 16.2% | 428,208 | 510,440 | 19.2% | ||||
| Utilities | 110,737 | 107,333 | (3.1%) | 380,370 | 391,836 | 3.0% | ||||
| Other operating expenses | 120,155 | 124,693 | 3.8% | 480,708 | 425,057 | (11.6%) | ||||
| Technical assistance fees | 116,536 | 155,717 | 33.6% | 461,549 | 526,220 | 14.0% | ||||
| Concession taxes | 402,758 | 359,403 | (10.8%) | 1,318,220 | 1,231,044 | (6.6%) | ||||
| Depreciation and amortization | 489,007 | 519,409 | 6.2% | 1,776,137 | 2,050,539 | 15.4% | ||||
| Cost of improvements to concession assets (IFRIC 12) | 840,402 | 539,140 | (35.8%) | 1,906,801 | 3,368,511 | 76.7% | ||||
| Other (income) expense | 17,751 | (2,858 | ) | (116.1%) | 1,212 | (8,231 | ) | (778.9%) | ||
| Total operating costs | 2,640,025 | 2,452,777 | (7.1%) | 8,208,783 | 10,157,714 | 23.7% | ||||
| Income from operations | 1,934,030 | 2,735,593 | 41.4% | 8,017,238 | 8,857,192 | 10.5% | ||||
| Financial Result | (183,833 | ) | (328,381 | ) | 78.6% | (671,053 | ) | (1,027,929 | ) | 53.2% |
| Income before taxes | 1,750,197 | 2,407,212 | 37.5% | 7,346,185 | 7,829,263 | 37.5% | ||||
| Income taxes | (319,297 | ) | (604,778 | ) | 89.4% | (1,891,443 | ) | (1,785,546 | ) | (5.6%) |
| Net income | 1,430,900 | 1,802,434 | 26.0% | 5,454,742 | 6,043,717 | 10.8% | ||||
| Currency translation effect | (223,078 | ) | 55,056 | (124.7%) | (269,440 | ) | 30,810 | (111.4%) | ||
| Cash flow hedges, net of income tax | (172,094 | ) | 96,525 | (156.1%) | (172,094 | ) | 500,765 | (391.0%) | ||
| Remeasurements of employee benefit – net income tax | (964 | ) | 3,649 | (478.5%) | (1,404 | ) | 15,263 | (1187.1%) | ||
| Comprehensive income | 1,034,764 | 1,957,664 | 89.2% | 5,011,804 | 6,590,555 | 31.5% | ||||
| Non-controlling interest | 3,458 | (35,128 | ) | 1115.7% | (74,777 | ) | (80,248 | ) | (7.3%) | |
| Comprehensive income attributable to controlling interest | 1,038,222 | 1,922,536 | 85.2% | 4,937,027 | 6,510,307 | 31.9% | ||||
| 4Q19 | 4Q21 | Change | 2,019 | 2,021 | Change | |||||
| EBITDA | 2,423,037 | 3,255,002 | 34.3% | 9,793,375 | 10,907,730 | 11.4% | ||||
| Comprehensive income | 1,034,764 | 1,957,664 | 89.2% | 5,011,804 | 6,590,555 | 31.5% | ||||
| Comprehensive income per share (pesos) | 1.8445 | 3.8213 | 107.2% | 8.9337 | 12.8646 | 44.0% | ||||
| Comprehensive income per ADS (US dollars) | 0.9273 | 1.8628 | 100.9% | 4.4911 | 6.2711 | 39.6% | ||||
| Operating income margin | 42.3 | % | 52.7 | % | 24.7% | 49.4 | % | 46.6 | % | (5.7%) |
| Operating income margin (excluding IFRIC 12) | 51.8 | % | 58.8 | % | 13.6% | 56.1 | % | 56.6 | % | 0.9% |
| EBITDA margin | 53.0 | % | 62.7 | % | 18.4% | 60.4 | % | 57.4 | % | (5.0%) |
| EBITDA margin (excluding IFRIC 12) | 65.0 | % | 70.1 | % | 7.9% | 68.4 | % | 69.7 | % | 1.9% |
| Costs of services and improvements / total revenues | 35.3 | % | 27.4 | % | (22.4%) | 28.7 | % | 33.4 | % | 16.6% |
| Cost of services / total revenues (excluding IFRIC 12) | 20.7 | % | 19.0 | % | (8.4%) | 19.2 | % | 19.1 | % | (0.3%) |
| IR Contacts: | |
| Saúl Villarreal, Chief Financial Officer | svillarreal@aeropuertosgap.com.mx |
| Alejandra Soto, IR and Financial Planning Manager | asoto@aeropuertosgap.com.mx |
| Gisela Murillo, Investor Relations | gmurillo@aeropuertosgap.com.mx / +523338801100 ext. 20294 |
| Maria Barona, i-advize Corporate Communications | mbarona@i-advize.com |
