Grupo Aeroportuario del Pacifico Announces Results for the Fourth Quarter of 2022

| Source: Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Grupo Aeroportuario del Pacífico, S.A.B. de C.V.

GUADALAJARA, Mexico, Feb. 21, 2023 (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, 2022 (4Q22) (tables are presented at the end of this report comparing passenger traffic and consolidated results for 2022 to 2019, to illustrate the recovery and trend of these metrics). Figures are unaudited and have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 4Q22 vs. 4Q21 (and 4Q19 for purposes of illustrating the recovery trend):

  • The sum of aeronautical and non-aeronautical services revenues increased by Ps. 1,442.2 million, or 31.0% (Ps. 2,357.8 million, or 63.1%, as compared to 4Q19). Total revenues increased by Ps. 2,817.3 million, or 54.3% (Ps. 3,431.6 million, or 75.0%, as compared to 4Q19).

  • Cost of services increased by Ps. 264.1 million, or 29.9% (as compared to 4Q19, the cost of services increased Ps. 372.5 million, or 48.2%).

  • Income from operations increased by Ps. 918.8 million, or 33.6% (Ps. 1,720.3 million, or 89.0%, as compared to 4Q19).

  • EBITDA increased by Ps. 997.4 million, or 30.6% (Ps. 1,829.3 million, or 75.5%, as compared to 4Q19), an increase from Ps. 3,255.0 million in 4Q21 to Ps. 4,252.4 million in 4Q22. EBITDA margin (excluding the effects of IFRIC 12) went from 70.1% in 4Q21 to 69.8% in 4Q22 (EBITDA margin (excluding the effects of IFRIC 12) was 65.0% in 4Q19).

  • Comprehensive income decreased Ps. 297.6 million, or 15.2% (as compared to 4Q19, it increased Ps. 625.3 million, or 60.4%), from an income of Ps. 1,957.7 million in 4Q21 to an income of Ps. 1,660.1 million in 4Q22.

Company’s Financial Position:

During 4Q22, results were significantly better as compared to 4Q21, with an increase of 54.3% in total revenues. The Company generated positive EBITDA of Ps. 4,252.4 million, an increase of 30.6% as compared to 4Q21.

In 4Q22, the generation of positive net cash flow from operating activities continued for Ps. 2,910.5 million. The Company reported a financial position of cash and cash equivalents as of December 31, 2022, of Ps. 12,371.5 million. In 4Q22, the Company drew down two credit facilities for Ps. 3,000.0 million for capital investments.

Passenger Traffic

During 4Q22, total passengers at the Company’s 14 airports increased by 2,657.4 thousand passengers, an increase of 20.8%, compared to 4Q21 (as compared to 4Q19, total passengers increased by 2,669.4 thousand passengers, or 20.9%).

During 4Q22, the following new routes were opened:

Domestic:

AirlineDepartureArrivalOpening dateFrequencies
Viva AerobusPuerto VallartaTolucaNovember 14, 20227 weekly
VolarisGuanajuatoMeridaNovember 18, 20222 weekly
AeromexicoGuanajuatoMonterreyDecember 15, 20227 weekly
Viva AerobusGuanajuatoMeridaDecember 18, 20222 weekly

Note: Frequencies can vary without prior notice.

International:

AirlineDepartureArrivalOpening dateFrequencies
Viva AerobusGuadalajaraBogotaOctober 11, 20222 weekly
FlairPuerto VallartaVancouverOctober 25, 20222 weekly
FlairPuerto VallartaEdmontonNovember 2, 20222 weekly
WestJetPuerto VallartaComoxNovember 5, 20221 weekly
FrontierGuadalajaraOrlandoNovember 6, 20222 weekly
Air CanadaLos CabosCalgaryNovember 6, 20221 weekly
FrontierKingstonAtlantaNovember 7, 20222 weekly
ArajetKingstonSanto DomingoNovember 14, 20222 weekly
SunwingPuerto VallartaSaskatoonDecember 11, 20222 weekly
SunwingLos CabosWinnipegDecember 12, 20221 weekly
SpiritMontego BayWindsor LocksDecember 15, 20224 weekly
SunwingLos CabosOttawaDecember 17, 20221 weekly
Air TransatPuerto VallartaQuebecDecember 20, 20222 weekly

Note: Frequencies can vary without prior notice.

Domestic Terminal Passengers – 14 airports (in thousands):

Airport4Q214Q22Change20212022Change
Guadalajara2,542.03,185.925.3%8,540.211,155.330.6%
Tijuana *1,870.12,129.813.9%6,891.38,102.917.6%
Los Cabos575.0708.023.1%2,020.42,577.827.6%
Puerto Vallarta554.3710.528.2%1,848.52,654.543.6%
Montego Bay0.00.00.0%0.00.00.0%
Guanajuato404.4528.030.6%1,487.11,828.723.0%
Hermosillo449.5523.716.5%1,457.91,867.228.1%
Kingston0.20.472.7%1.21.415.3%
Mexicali324.3373.815.3%1,088.41,292.518.8%
Morelia146.9198.935.4%541.0673.224.4%
La Paz266.7267.20.2%901.61,053.916.9%
Aguascalientes178.1170.0(4.5%)582.8694.819.2%
Los Mochis106.3109.22.7%358.3416.616.3%
Manzanillo25.723.9(7.1%)86.897.912.8%
Total7,443.58,929.220.0%25,805.432,416.725.6%

*Cross Border Xpress (CBX) users are classified as international passengers.

International Terminal Passengers – 14 airports (in thousands):

Airport4Q214Q22Change20212022Change
Guadalajara1,059.51,218.515.0%3,702.74,451.320.2%
Tijuana *885.51,158.430.8%2,786.64,221.751.5%
Los Cabos1,067.11,131.06.0%3,529.24,441.525.8%
Puerto Vallarta813.6966.618.8%2,271.53,554.256.5%
Montego Bay821.31,130.337.6%2,581.84,356.168.7%
Guanajuato184.6206.912.1%631.9774.522.6%
Hermosillo25.519.6(23.2%)102.178.1(23.5%)
Kingston264.5432.363.4%829.31,560.788.2%
Mexicali2.01.7(14.7%)5.66.312.9%
Morelia113.2135.319.6%406.1499.623.0%
La Paz4.66.644.9%18.325.841.1%
Aguascalientes58.664.39.8%210.6234.511.4%
Los Mochis2.31.6(32.9%)9.47.4(21.7%)
Manzanillo16.815.6(7.2%)46.567.945.9%
Total5,317.06,488.722.0%17,131.524,279.641.7%

*CBX users are classified as international passengers.

Total Terminal Passengers – 14 airports (in thousands):

Airport4Q214Q22Change20212022Change
Guadalajara3,601.54,404.422.3%12,243.015,606.627.5%
Tijuana *2,755.63,288.219.3%9,677.912,324.627.3%
Los Cabos1,642.11,839.012.0%5,549.67,019.326.5%
Puerto Vallarta1,367.91,677.022.6%4,120.06,208.750.7%
Montego Bay821.31,130.337.6%2,581.84,356.168.7%
Guanajuato588.9734.824.8%2,119.02,603.222.9%
Hermosillo475.0543.314.4%1,559.91,945.424.7%
Kingston262.5432.764.8%830.51,562.188.1%
Mexicali326.3375.515.1%1,094.01,298.818.7%
Morelia260.1334.228.5%947.11,172.723.8%
La Paz271.3273.80.9%919.81,079.717.4%
Aguascalientes236.7234.3(1.0%)793.4929.317.1%
Los Mochis108.6110.72.0%367.7424.015.3%
Manzanillo42.639.5(7.2%)133.3165.824.4%
Total12,760.515,417.920.8%42,936.956,696.332.0%

*CBX users are classified as international passengers.

CBX Users (in thousands):

Airport4Q214Q22Change20212022Change
Tijuana876.11,148.031.0%2,754.34,186.552.0%


Consolidated Results for the Fourth Quarter of 2022 (in thousands of pesos):

 4Q214Q22Change
Revenues   
Aeronautical services3,571,3444,710,03331.9%
Non-aeronautical services1,077,8861,381,40828.2%
Improvements to concession assets (IFRIC-12)539,1401,914,213255.0%
Total revenues5,188,3708,005,65454.3%
    
Operating costs   
Costs of services:881,9661,146,08529.9%
Employee costs306,052376,70823.1%
Maintenance206,595296,56443.5%
Safety, security & insurance137,293168,20322.5%
Utilities107,333121,65613.3%
Other operating expenses124,693182,95446.7%
    
Technical assistance fees155,717202,67830.2%
Concession taxes359,403496,66738.2%
Depreciation and amortization519,409597,98715.1%
Cost of improvements to concession assets (IFRIC-12)539,1401,914,213255.0%
Other (income)(2,858)(6,344)122.0%
Total operating costs2,452,7774,351,28677.4%
Income from operations2,735,5933,654,36833.6%
Financial Result(328,381)(750,104)128.4%
Income before income taxes2,407,2122,904,26320.6%
Income taxes(604,778)(1,073,585)77.5%
Net income1,802,4341,830,6791.6%
Currency translation effect55,056(141,530)(357.1%)
 Cash flow hedges, net of income tax96,525(37,573)(138.9%)
Remeasurements of employee benefit – net income tax3,6498,491132.7%
Comprehensive income1,957,6641,660,067(15.2%)
Non-controlling interest(35,128)(13,212)(62.4%)
Comprehensive income attributable to controlling interest1,922,5361,646,855(14.3%)
    
    
 4Q214Q22Change
EBITDA3,255,0024,252,35530.6%
Comprehensive income1,957,6641,660,067(15.2%)
Comprehensive income per share (pesos)3.82133.2855(14.0%)
Comprehensive income per ADS (US dollars)1.96001.6852(14.0%)
    
Operating income margin52.7%45.6%(13.4%)
Operating income margin (excluding IFRIC-12)58.8%60.0%2.0%
EBITDA margin62.7%53.1%(15.3%)
EBITDA margin (excluding IFRIC-12)70.1%69.8%(0.4%)
Costs of services and improvements / total revenues27.4%38.2%39.6%
Cost of services / total revenues (excluding IFRIC-12)19.0%18.8%(0.8%)
    

- Net income and comprehensive income per share for 4Q22 were calculated based on 505,277,464 shares outstanding as of December 31, 2022 and for 4Q21 were calculated based on 512,301,577 shares outstanding as of December 31, 2021. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 19.4960 per U.S. dollar (the noon buying rate on December 30, 2022, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of our Jamaican airports, the average three-month exchange rate of Ps. 19.6969 per U.S. dollar for the three months ended December 31, 2022 was used.

Revenues (4Q22 vs. 4Q21)

  • Aeronautical services revenues increased by Ps. 1,138.7 million, or 31.9%.
  • Non-aeronautical services revenues increased by Ps. 303.5 million, or 28.2%.
  • Revenues from improvements to concession assets increased by Ps. 1,375.1 million, or 255.0%.
  • Total revenues increased by Ps. 2,817.3 million, or 54.3%.
  • The change in aeronautical services revenues was primarily due to the following factors:

    1. Revenues at our Mexican airports increased by Ps. 953.0 million or 30.6% compared to 4Q21, mainly due to the 18.7% increase in passenger traffic and the adjustment in maximum rates because of inflation.

    2. Revenues from the Montego Bay airport increased by Ps. 99.9 million, or 31.9%, compared to 4Q21. This was mainly due to the 37.6% increase in passenger traffic. During 4Q22, there was a 5.1% appreciation of the peso versus the U.S. dollar, which went from an average exchange rate of Ps. 20.7468 in 4Q21 to Ps. 19.6969 in 4Q22, which represented a decrease in revenues in pesos.

    3. Revenues from the Kingston airport increased by Ps. 85.8 million, or 59.3% compared to 4Q21, mainly due to an 64.8% increase in passenger traffic.

  • The change in non-aeronautical services revenues was primarily driven by the following factors:

    1. Revenues at our Mexican airports increased by Ps. 249.8 million, or 27.8%, compared to 4Q21. Revenues from businesses operated by third parties increased by Ps. 134.6 million, or 22.4%, mainly due to the recovery of passenger traffic. The business lines that grew the most were food and beverage, retail, car rentals, duty-free stores, time shares and communication and financial services, all of which increased by Ps. 120.0 million, or 24.5%. Revenues from businesses operated directly by us increased by Ps. 112.2 million, or 43.4%, while the recovery of costs increased by Ps. 2.9 million, or 7.4%.

    2. Revenues from the Montego Bay airport increased by Ps. 42.6 million, or 31.2%, compared to 4Q21. Revenues in U.S. dollars increased US$ 2.5 million, or 32.8%.

    3. Revenues from the Kingston airport increased by Ps. 11.1 million, or 26.0%, compared to 4Q21. Revenues in U.S. dollars increased US$ 0.7 million, or 32.2%.
 4Q214Q22Change
Businesses operated by third parties:   
Duty-free161,459175,3538.6%
Food and beverage149,840200,86534.1%
Retail116,054162,57140.1%
Car rentals113,535142,81225.8%
Leasing of space67,05280,04219.4%
Time shares54,51959,2458.7%
Ground transportation42,90245,3255.6%
Communications and financial services19,48226,61636.6%
Other commercial revenues36,07129,469(18.3%)
Total760,914922,29821.2%
    
Businesses operated directly by us:   
Car parking114,784154,21034.3%
VIP lounges74,314104,57940.7%
Advertising19,54848,998150.7%
Convenience stores56,90293,86665.0%
Total265,547401,65451.3%
Recovery of costs51,42557,45511.7%
Total Non-aeronautical Revenues 1,077,8861,381,40828.2%
    

Figures expressed in thousands of Mexican pesos.

  • Revenues from improvements to concession assets1
    Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 1,375.1 million, or 255.0%, compared to 4Q21. The change was composed primarily of:

    1. Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 1,352.9 million, or 269.6%, due to the increased investments under the Master Development Program for the 2020-2024 period.

    2. Improvements to concession assets at Montego Bay airport, which increased Ps. 2.3 million, or 6.0%, while at Kingston airport, they increased by Ps. 19.9 million.

Total operating costs increased by Ps. 1,898.5 million, or 77.4%, compared to 4Q21, mainly due to the increase from costs of improvements to concession assets (IFRIC-12) by Ps. 1,375.1 million or 255.0%, as well as an increase of Ps. 264.1 million, or 29.9%, in the cost of services, an increase of Ps. 184.3 million or 35.8%, in concession taxes and technical assistance fees, and a Ps. 78.6 million, or 15.1%, increase in depreciation and amortization (excluding the cost of improvements to concession assets, operating costs increased Ps. 523.4 million, or 27.4%).

This increase in total operating costs was primarily due to the following factors:

Mexican airports:

  • Operating costs increased by Ps. 1,743.8 million, or 89.6%, compared to 4Q21, primarily due to a Ps. 1,352.9 million, or 269.6%, increase in the cost of improvements to the concession assets (IFRIC-12), Ps. 213.7 million, or 30.1%, increase in the cost of services, a combined Ps. 102.3 million, or 29.4%, increase in technical assistance fees and concession taxes, a Ps. 75.8 million, or 19.3%, increase in depreciation and amortization (excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 391.0 million or 27.1%).

The change in the cost of services at our Mexican airports during 4Q22 was mainly due to:

  • Maintenance costs increased by Ps. 74.2 million, or 42.2%, compared to 4Q21, mainly due to the inflation and expansion in the terminal and airfield.
  • Employee costs increased Ps. 66.4 million, or 26.1%, compared to 4Q21, mainly due to the hiring of additional personnel as required for airport operations due to the recovery of passenger traffic.
  • Safety, security, and insurance costs increased Ps. 22.4 million, or 22.1%, compared to 4Q21, mainly due to an increase in the number of security staff and the opening of additional operational areas.
  • Utility costs increased Ps. 15.1 million, or 23.7%, compared with 4Q21, primarily because of the increase in the consumption and cost of electricity due to the opening of new operational areas, as well as an increase in the cost of fuels and the cost of water.
  • Other operating expenses increased Ps. 35.5 million, or 31.4%, compared to 4Q21, mainly due to a combined increase of Ps. 33.5 million in the cost of goods and services for our VIP lounges and convenience stores, due to the increase in sales of these business lines, the increase in FBO services, professional fees, allowance for credit losses and travel expenses.

Montego Bay Airport:

  • Operating costs increased by Ps. 48.2 million, or 14.5%, compared to 4Q21, mainly due to a Ps. 22.1 million, or 47.2%, increase in concession taxes, and Ps. 23.4 million, or 20.7%, increase in the cost of services, and a Ps. 2.2 million, or 6.0%, increase in the cost of improvements to concession assets (IFRIC-12).

Kingston Airport:

  • Operating costs increased by Ps. 106.5 million, or 60.4%, compared to 4Q21, mainly due to a Ps. 59.8 million, or 52.4%, increase in concession taxes, and a Ps. 27.0 million, or 45.2%, increase in the cost of services, and a Ps. 19.9 million, or 100.0%, increase in the cost of improvements to concession assets (IFRIC-12).

Operating income margin went from 52.7% in 4Q21 to 45.6% in 4Q22. Excluding the effects of IFRIC-12, operating income margin went from 58.8% in 4Q21 to 60.0% in 4Q22. Income from operations increased Ps. 918.8 million, or 33.6%, compared to 4Q21.

EBITDA margin went from 62.7% in 4Q21 to 53.1% in 4Q22. Excluding the effects of IFRIC-12, EBITDA margin went from 70.1% in 4Q21 to 69.8% in 4Q22. The nominal value of EBITDA increased Ps. 997.4 million, or 30.6%, compared to 4Q21.

Financial result increased by Ps. 421.7 million, or 128.4%, from a net expense of Ps. 328.4 million in 4Q21 to a net expense of Ps. 750.1 million in 4Q22. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from an income of Ps. 33.2 million in 4Q21 to loss of Ps. 260.6 million in 4Q22. This generated a foreign exchange loss of Ps. 293.8 million. This was mainly due to the appreciation of the peso. Currency translation effect income decreased Ps. 196.6 million, compared to 4Q21.

  • Interest expenses increased by Ps. 266.1 million, or 54.7%, compared to 4Q21, mainly due to higher debt as a result of the issuance of long-term debt securities and the draw dawn of credit lines, as well as the increase in interest rates.

  • Interest income increased by Ps. 138.2 million, or 111.0%, compared to 4Q21, mainly due to an increase in the reference interest rates.

In 4Q22, comprehensive income increased Ps. 297.6 million, or 15.2%, compared to 4Q21. This increase was mainly due to a Ps. 497.1 million increase in income before taxes derived from the increase in passenger traffic. This increase was partially offset by an increase in income taxes of Ps. 468.8 million, a Ps. 196.6 million decrease in currency translation effect income and a Ps. 134.1 million decrease in cash flow hedges, among others.

During 4Q22, net income increased by Ps. 28.2 million, or 1.6%, compared to 4Q21. Income taxes increased by Ps. 440.6 million and benefit for deferred taxes decreased by Ps. 28.2 million, mainly due to a decrease in the inflation rate, from 2.4% in 4Q21 to 1.5% in 4Q22.

Consolidated Results for the Twelve Months of 2022 (in thousands of pesos):

 20212022Change
Revenues   
Aeronautical services11,983,95417,336,73444.7%
Non-aeronautical services3,662,4415,197,23841.9%
Improvements to concession assets (IFRIC-12)3,368,5114,846,40443.9%
Total revenues19,014,90627,380,37644.0%
    
Operating costs   
Costs of services:2,989,6313,781,05426.5%
Employee costs1,115,7501,373,26423.1%
Maintenance546,548730,56833.7%
Safety, security & insurance510,440577,12213.1%
Utilities391,836474,03221.0%
Other operating expenses425,057626,06847.3%
    
Technical assistance fees526,220756,64843.8%
Concession taxes1,231,0441,895,18253.9%
Depreciation and amortization2,050,5392,313,32112.8%
Cost of improvements to concession assets (IFRIC-12)3,368,5114,846,40443.9%
Other (income)(8,231)(26,427)221.1%
Total operating costs10,157,71413,566,18233.6%
Income from operations8,857,19213,814,19456.0%
Financial Result(1,027,930)(1,538,509)49.7%
Income before income taxes 7,829,26312,275,68656.8%
Income taxes(1,785,546)(3,090,212)73.1%
Net income 6,043,7179,185,47452.0%
Currency translation effect30,810(488,316)(1684.9%)
 Cash flow hedges, net of income tax500,765100,966(79.8%)
Remeasurements of employee benefit – net income tax15,2638,80242.3%
Comprehensive income 6,590,5558,806,92633.6%
Non-controlling interest(80,248)(142,710)77.8%
Comprehensive income attributable to controlling interest6,510,3078,664,21633.1%
    
    
 20212022Change
EBITDA10,907,73116,127,51547.9%
Comprehensive income6,590,5558,806,92633.6%
Comprehensive income per share (pesos)12.864617.430035.5%
Comprehensive income per ADS (US dollars)6.59868.940335.5%
    
Operating income margin46.6%50.5%8.3%
Operating income margin (excluding IFRIC-12)56.6%61.3%8.3%
EBITDA margin57.4%58.9%2.7%
EBITDA margin (excluding IFRIC-12)69.7%71.6%2.7%
Costs of services and improvements / total revenues33.4%31.5%(5.8%)
Cost of services / total revenues (excluding IFRIC-12)19.1%16.8%(12.2%)
    

- Net income and comprehensive income per share for period ended December 31, 2022 were calculated based on 505,277,464 shares outstanding as of that date and for the period ended December 31, 2021 were calculated based on 512,301,577 shares outstanding as of that date. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 19.4960 per U.S. dollar (the noon buying rate on December 30, 2022, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of our Jamaican airports, the average exchange rate of Ps. 20.1254 per U.S. dollar for the twelve months ended December 31, 2022 was used.

Revenues (January to December 2022 vs January to December 2021)

  • Aeronautical services revenues increased by Ps. 5,352.8 million, or 44.7%.
  • Non-aeronautical services revenues increased by Ps. 1,534.8 million, or 41.9%.
  • Revenues from improvements to concession assets increased by Ps. 1,477.9 million, or 43.9%.
  • Total revenues increased by Ps. 8,365.5 million, or 44.0%.
  • The change in aeronautical services revenues was composed primarily of the following factors:

    1. Revenues at our Mexican airports increased by Ps. 4,240.7 million or 40.5% compared to 2021, mainly due to the 28.5% increase in passenger traffic and the adjustment in maximum rates as a result of inflation.

    2. Revenues from the Montego Bay airport increased by Ps. 685.6 million, or 68.3%, compared to 2021. This was mainly due to the 68.7% increase in passenger traffic.

    3. Revenues from the Kingston airport increased by Ps. 426.5 million, or 85.3% compared to 2021, mainly due to an 88.1% increase in passenger traffic.

  • The change in non-aeronautical services revenues was composed primarily of the following factors:

    1. Revenues at our Mexican airports increased by Ps. 1,231.6 million, or 40.3%, compared to 2021. Revenues from businesses operated by third parties increased by Ps. 737.1 million, or 35.3%. This was mainly due to the recovery of passenger traffic. The business lines that increased the most were food and beverage, retail, car rentals, duty-free stores, time shares and other revenues, which jointly increased by Ps. 689.9 million, or 36.5%. Revenues from businesses operated directly by us increased by Ps. 473.8 million, or 57.4%, while the recovery of costs increased by Ps. 20.6 million, or 14.0%.

    2. Revenues from the Montego Bay airport increased by Ps. 239.1 million, or 52.6%, compared to 2021. Revenues in U.S. dollars increased US$ 12.1 million, or 53.8%.

    3. Revenues from the Kingston airport increased by Ps. 64.2 million, or 42.8%, compared to 2021. Revenues in U.S. dollars increased US$ 3.2 million, or 44.0%.

 20212022Change
Businesses operated by third parties:   
Duty-free537,065711,29132.4%
Food and beverage517,254778,51750.5%
Retail401,617614,01152.9%
Car rentals401,589541,71534.9%
Leasing of space242,892305,84125.9%
Time shares189,196238,21325.9%
Ground transportation140,707171,79022.1%
Communications and financial services80,683104,76729.9%
Other commercial revenues118,748155,26230.7%
Total2,629,7503,621,40637.7%
    
Businesses operated directly by us:   
Car parking388,106548,86241.4%
VIP lounges219,498374,03870.4%
Advertising53,217106,583100.3%
Convenience stores185,338322,92974.2%
Total846,1581,352,41259.8%
Recovery of costs186,532223,42019.8%
Total Non-aeronautical Revenues 3,662,4415,197,23841.9%
    

Figures expressed in thousands of Mexican pesos.

  • Revenues from improvements to concession assets2
    Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 1,477.9 million, or 43.9%, compared to 2021. The change was composed primarily of:

    1. Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 1,441.4 million, or 44.0%, as a result of the increase in committed investments under the Master Development Program for the 2020-2024 period.

    2. Improvements to concession assets at the Montego Bay airport increased Ps. 16.5 million, or 17.7%, while at the Kingston airport increased by Ps. 19.9 million.

Total operating costs increased by Ps. 3,408.5 million, or 33.6%, compared to 2021, mainly due to an increase of Ps. 1,477.9 million, or 43.9%, in the cost of improvements to the concession assets (IFRIC-12), a combined increase of Ps. 894.5 million, or 50.9%, in concession taxes and technical assistance fees, a Ps. 791.4 million, or 26.5%, increase in the cost of services, and a Ps. 262.8 million, or 12.8%, increase in depreciation and amortization, (excluding the cost of improvements to concession assets, operating costs increased Ps. 1,930.6 million, or 28.4%).

This increase in total operating costs was primarily due to the following factors:

Mexican airports:

  • Operating costs increased by Ps. 2,808.3 million, or 33.6%, compared to 2021, primarily due to an increase of Ps. 1,441.4 million, or 44.0%, increase in the cost of improvements to the concession assets (IFRIC-12), an increase in the cost of services of Ps. 642.8 million, or 27.4%, a combined Ps. 474.6 million, or 39.9%, increase in technical assistance fees and concession taxes, and a Ps. 253.8 million, or 16.3%, increase in depreciation and amortization, (excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 1,366. 8 million or 26.9%).

The change in the cost of services at our Mexican airports was mainly due to:

  • Employee costs increased Ps. 240.9 million, or 26.2%, compared to 2021, mainly due to the hiring of additional personnel as required for airport operations due to the recovery of passenger traffic and changes in the Labor Law.
  • Maintenance costs increased by Ps. 140.2 million, or 30.8%, compared to 2021, mainly due to the terminals and airfields expansions.
  • Safety, security, and insurance costs increased Ps. 55.7 million, or 15.1%, compared to 2021, mainly due to an increase in the number of security staff.
  • Utility costs increased Ps. 38.2 million, or 15.4%, compared with 2021, primarily because of the increase in the consumption of electricity due to the opening of new operational areas, as well as the increase in the cost of fuels and water.
  • Other operating expenses increased Ps. 167.7 million or 46.9%, compared to 2021, mainly due to a combined increase of Ps. 136.8 million in the cost of goods and services for our VIP lounges and convenience stores, FBO services, professional fees, the allowance for credit losses and travel expenses.

Montego Bay Airport:

  • Operating costs increased by Ps. 215.3 million, or 18.7%, compared to 2021, mainly due to a Ps. 117.9 million, or 68.1%, increase in concession taxes and a Ps. 85.1 million, or 21.6%, increase in the cost of services.

Kingston Airport:

  • Operating costs increased by Ps. 384.9 million, or 59.0%, compared to 2021, mainly due to a Ps. 302.0 million, or 76.4%, increase in concession taxes, a Ps. 63.5 million, or 25.8%, increase in the cost of services, and an increase in the cost of improvements to the concession assets (IFRIC-12) of Ps. 19.9 million.

Operating income margin went from 46.6% in 2021 to 50.5% in 2022. Excluding the effects of IFRIC-12, operating income margin went from 56.6% in 2021 to 61.3% in 2022. Income from operations increased Ps. 4,957.0 million, or 56.0%, compared to 2021.

EBITDA margin went from 57.4% in 2021 to 58.9% in 2022. Excluding the effects of IFRIC-12, EBITDA margin went from 69.7% in 2021 to 71.6% in 2022. The nominal value of EBITDA increased Ps. 5,219.8 million, or 47.9%, compared to 2021.

Financial result increased by Ps. 510.6 million, or 49.7%, from a net expense of Ps. 1,027.9 million in 2021 to a net expense of Ps. 1,538.5 million in 2022. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from income of Ps. 238.3 million in 2021 to income of Ps. 81.4 million in 2022. This generated a decrease in the foreign exchange gain of Ps. 156.9 million. Currency translation effect expense increased Ps. 519.1 million, compared to 2021.

  • Interest expenses increased by Ps. 768.5 million, or 45.6%, compared to 2021, mainly due to higher debt as a result of the issuance of long-term debt securities and the draw dawn of credit lines by Ps. 6,484.4 million, as well as the increase in interest rates. As of December 31, 2022 the debt is 63.8% fixed rate and 36.2% variable rate.

  • Interest income increased by Ps. 415.3 million, or 98.8%, compared to 2021, mainly due to an increase in the reference interest rates.

In 2022, comprehensive income increased Ps. 2,216.4 million, or 33.6%, compared to 2021. This increase was mainly due to a Ps. 4,446.4 million increase in income before taxes derived from the increase in passenger traffic, an increase in the tariffs due to inflation, and the change in our commercial strategy. This increase was partially offset by an increase in income taxes of Ps. 1,304.7 million.

During 2022, net income increased by Ps. 3,141.8 million, or 52.0%, compared to 2021. Income taxes increased by Ps. 1,534.1 million and were partially offset by a Ps. 229.4 million increase in the benefit for deferred taxes, mainly due to an increase in the inflation rate, from 7.4% in 2021 to 7.8% in 2022.

Statement of Financial Position

Total assets as of December 31, 2022 increased by Ps. 5,182.3 million as compared to December 31, 2021, primarily due to the following items: (i) a Ps. 3,402.6 million increase in net improvements to concession assets; and (ii) a Ps. 2,475.1 million combined increase in net machinery, equipment and leasehold improvements, and advances to suppliers. This increase was partially offset by a decrease of Ps. 572.3 million in other current assets, among others.

Total liabilities as of December 31, 2022 increased by Ps. 5,782.8 million compared to December 31, 2021. This increase was primarily due to the following items: (i) issuance of Ps. 3,957.0 million in long-term debt securities, and (ii) Ps. 3,000.0 million in bank loans. This increase was partially offset by decreases of: (i) Ps. 461.5 million in income taxes, (ii) Ps. 435.6 million in accounts payable, and (iii) Ps. 117.8 million in deferred taxes, among others.

Recent events

In January 2023, Guadalajara Airport acquired 116.7 hectares of land from Ejido El Zapote for Ps. 1,143.3 million for the future expansion of the airport, which is included in the airport Master Development Program. In December 2022, the in cooperation with the Guadalajara airport signed a substitute compliance agreement with the Ejido. As part of this agreement, the airport agreed to pay the amount of Ps. 82.5 million, related to the expropriation procedure of the land where the airport is located. With this payment, the lawsuits related to this claim are definitively terminated.

On February 15, 2023, the airline Aeromar announced the suspension of operations due to financial problems and the difficulty in closing agreements with viable conditions to operate in the long term. In our airport network, Aeromar operated in the airports of Guadalajara, Puerto Vallarta, and Aguascalientes, without having any exclusive route. During 2022, Aeromar operations represented 0.23% of the total passenger traffic at our airports in Mexico. To date, the airline has a balance payable to GAP of Ps. 37.8 million, of which Ps. 35.6 million were reserved as of December 31, 2022, so this suspension will not have any significant impact on the financial results or the Company operation.

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):

Airport4Q214Q22Change20212022Change
Guadalajara      
Aeronautical services931,6171,265,27335.8%3,296,4194,562,12038.4%
Non-aeronautical services194,625232,36319.4%783,252877,10112.0%
Improvements to concession assets (IFRIC 12)618,541974,89557.6%1,463,8542,474,81569.1%
Total Revenues1,744,7832,472,53141.7%5,543,5257,914,03642.8%
Operating income726,4711,097,98151.1%2,614,2033,897,41549.1%
EBITDA824,2681,207,18646.5%3,004,5964,336,83344.3%
       
Tijuana      
Aeronautical services598,630796,92133.1%1,944,4512,690,69338.4%
Non-aeronautical services116,129143,40123.5%431,706532,95523.5%
Improvements to concession assets (IFRIC 12)(344,806)494,906243.5%876,292751,422(14.2%)
Total Revenues369,9531,435,228287.9%3,252,4493,975,07022.2%
Operating income457,399668,29546.1%1,496,2582,227,35848.9%
EBITDA520,735761,98346.3%1,751,7282,569,03246.7%
       
Los Cabos      
Aeronautical services599,211710,10818.5%2,003,0872,711,34535.4%
Non-aeronautical services236,312282,23019.4%839,5801,093,30030.2%
Improvements to concession assets (IFRIC 12)186,589435,097133.2%520,812624,89320.0%
Total Revenues1,022,1121,427,43539.7%3,363,4794,429,53831.7%
Operating income594,497727,86522.4%1,961,7572,739,85539.7%
EBITDA662,131805,20121.6%2,223,2233,041,90736.8%
       
Puerto Vallarta      
Aeronautical services442,359615,74139.2%1,336,1772,278,06370.5%
Non-aeronautical services105,730124,63817.9%389,823524,26134.5%
Improvements to concession assets (IFRIC 12)52,217(73,915)(241.6%)285,667523,99383.4%
Total Revenues600,306666,46411.0%2,011,6673,326,31765.4%
Operating income359,080515,45743.5%1,082,1571,992,56984.1%
EBITDA403,118568,45741.0%1,258,7192,189,36273.9%
       
Montego Bay      
Aeronautical services313,013412,89431.9%1,004,0761,689,68268.3%
Non-aeronautical services136,844179,48731.2%454,519693,60352.6%
Improvements to concession assets (IFRIC 12)37,26339,5126.0%93,205109,71517.7%
Total Revenues487,120631,89229.7%1,551,8002,493,00060.7%
Operating income160,702171,0286.4%406,2561,122,272176.2%
EBITDA284,621320,26412.5%892,0701,613,34880.9%
       


Exhibit A: Operating results by airport (in thousands of pesos): (continued)

Airport4Q214Q22Change20212022Change
Guanajuato      
Aeronautical services157,213212,27835.0%570,402760,77933.4%
Non-aeronautical services31,24141,53933.0%131,977154,84517.3%
Improvements to concession assets (IFRIC 12)(334)1,927(677.3%)8,94733,868278.5%
Total Revenues188,120255,74435.9%711,326949,49233.5%
Operating income110,114167,20751.8%416,623605,13945.2%
EBITDA129,752187,74944.7%492,584686,01339.3%
       
Hermosillo      
Aeronautical services106,590128,08220.2%341,493457,01333.8%
Non-aeronautical services16,52323,21240.5%70,13579,18112.9%
Improvements to concession assets (IFRIC 12)4,12423,541470.8%17,14874,231332.9%
Total Revenues127,237174,83537.4%428,776610,42542.4%
Operating income52,72777,27846.6%155,691275,29276.8%
EBITDA71,08599,36439.8%231,511361,40456.1%
       
Others (1)      
Aeronautical services422,712568,73734.5%1,487,8502,187,03847.0%
Non-aeronautical services86,054105,84323.0%343,913415,58720.8%
Improvements to concession assets (IFRIC 12)(14,454)(1,694)(88.3%)102,586253,467147.1%
Total Revenues494,312672,88636.1%1,934,3502,856,09247.7%
Operating income116,191161,22938.8%305,253692,047126.7%
EBITDA181,644235,16829.5%574,931976,70069.9%
       
Total       
Aeronautical services3,571,3444,710,03431.9%11,983,95417,336,73444.7%
Non-aeronautical services923,4571,132,71222.7%3,444,9054,370,83226.9%
Improvements to concession assets (IFRIC 12)539,1401,894,268251.3%3,368,5114,846,40443.9%
Total Revenues5,033,9417,737,01453.7%18,797,37026,553,97041.3%
Operating income2,577,1793,586,33739.2%8,438,19713,551,94760.6%
EBITDA3,077,3544,185,37236.0%10,429,36315,774,59951.3%
       

(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):

 20212022Change %
Assets    
Current assets    
Cash and cash equivalents13,332,87712,371,464(961,413)(7.2%)
Trade accounts receivable - Net1,720,4752,368,342647,86737.7%
Other current assets1,344,223771,974(572,249)(42.6%)
Total current assets16,397,57515,511,780(885,795)(5.4%)
     
Advanced payments to suppliers923,7952,564,8801,641,085177.6%
Machinery, equipment and improvements to leased buildings - Net3,094,2203,928,258834,03827.0%
Improvements to concession assets - Net16,857,85220,260,4933,402,64120.2%
Airport concessions - Net10,328,5219,668,698(659,823)(6.4%)
Rights to use airport facilities - Net1,208,4061,135,009(73,397)(6.1%)
Deferred income taxes - Net6,230,8866,810,168579,2829.3%
Other non-current assets281,830626,055344,225122.1%
Total assets55,323,08560,505,3415,182,2569.4%
     
Liabilities     
Current liabilities9,362,9586,919,970(2,442,988)(26.1%)
Long-term liabilities25,531,52733,757,3268,225,79932.2%
Total liabilities34,894,48540,677,2965,782,81116.6%
     
Stockholders' Equity    
Common stock170,3818,197,5368,027,1554711.3%
Legal reserve1,592,55134,076(1,558,475)(97.9%)
Net income5,997,4929,013,1473,015,65550.3%
Retained earnings7,927,599174,450(7,753,149)(97.8%)
Reserve for share repurchase5,531,2922,499,473(3,031,819)(54.8%)
Repurchased shares(3,000,037)(1,999,987)1,000,050(33.3%)
Foreign currency translation reserve1,034,233575,534(458,699)(44.4%)
Remeasurements of employee benefit – Net5,21114,0138,802(168.9%)
Cash flow hedges- Net29,658130,624100,966(340.4%)
Total controlling interest19,288,38018,638,866(649,514)(3.4%)
Non-controlling interest1,140,2201,189,17948,9594.3%
Total stockholder's equity20,428,60019,828,045(600,555)(2.9%)
     
Total liabilities and stockholders' equity55,323,08560,505,3415,182,2569.4%
     

ñ
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):

 4Q214Q22Change20212022Change
Cash flows from operating activities:      
Consolidated net income1,802,4341,830,6791.6%6,043,7179,185,47452.0%
       
Postemployment benefit costs(10,057)9,610(195.6%)3,31235,532972.9%
Allowance expected credit loss(17,153)15,633(191.1%)15,48741,444167.6%
Depreciation and amortization519,409597,98715.1%2,050,5392,313,32112.8%
Loss on sale of machinery, equipment and improvements to leased assets(2,132)10,359585.9%(3,490)14,232(507.8%)
Interest expense459,578697,89351.9%1,687,8952,356,11639.6%
Provisions15,437(14,179)(191.9%)11,7543,285(72.1%)
Income tax expense604,7781,073,58577.5%1,785,5433,090,21273.1%
Unrealized exchange loss13,67528,227106.4%(5,427)(261,258)4713.7%
Net (gain) on derivative financial instruments(51,656)(39)(99.9%)(51,656)(6,967)(86.5%)
 3,334,3134,249,75427.5%11,537,67316,771,38945.4%
Changes in working capital:      
(Increase) decrease in      
Trade accounts receivable(280,531)(526,351)87.6%(464,395)(705,576)51.9%
Recoverable tax on assets and other assets(190,987)305,332(259.9%)(299,843)601,434(300.6%)
Increase (decrease)      
Concession taxes payable37,673105,468180.0%94,879(10,719)(111.3%)
Accounts payable926,703(24,986)(102.7%)1,244,251220,010(82.3%)
Cash generated by operating activities3,827,1714,109,2177.4%12,112,56616,876,53839.3%
Income taxes paid(302,646)(772,133)155.1%(1,017,120)(4,356,833)328.4%
Net cash flows provided by operating activities3,524,5253,337,084(5.3%)11,095,44612,519,70612.8%
       
Cash flows from investing activities:      
Machinery, equipment and improvements to concession assets(2,146,804)(2,938,891)36.9%(4,946,784)(8,431,106)70.4%
Cash flows from sales of machinery and equipment2263,2951358.0%3,2155,19861.7%
Other investment activities(13,756)25,102(282.5%)(25,739)(56,475)119.4%
Net cash used by investment activities(2,160,334)(2,910,494)34.7%(4,969,308)(8,482,383)70.7%
       
Cash flows from financing activities:      
Dividends declared and paid-(3,637,998)100.0%-(7,313,743)(100.0%)
Dividends declared and paid non-controlling interest-1,093100.0%-(153,959)(100.0%)
Capital Reduction--0.0%(6,014,701)-100.0%
Bond certificates issued2,500,000-(100.0%)7,000,0007,757,58810.8%
Bond certificates paid-(2,300,000)100.0%(1,500,000)(3,800,000)(153.3%)
Bank loans paid(81,512)(79,930)(1.9%)(5,941,663)(4,039,007)(32.0%)
Banks loans-3,000,000100.0%3,779,4136,872,78381.8%
Repurchase of shares(637,697)-(100.0%)(3,000,037)(1,999,987)(33.3%)
Interest paid(538,138)(703,379)30.7%(1,659,473)(2,227,888)34.3%
Interest paid on lease(1,257)(1,326)5.5%(2,598)(5,391)107.5%
Payments of obligations for leasing(3,427)(4,173)21.8%(12,468)(16,098)29.1%
Net cash flows used in financing activities1,237,969(3,725,713)(401.0%)(7,351,525)(4,925,702)(33.0%)
       
Effects of exchange rate changes on cash held79,877(486,981)(709.7%)113,715(73,034)(164.2%)
Net increase (decrease) in cash and cash equivalents2,682,037(3,786,104)(241.2%)(1,111,672)(961,413)(13.5%)
Cash and cash equivalents at beginning of the period10,650,84016,157,56751.7%14,444,54913,332,877(7.7%)
Cash and cash equivalents at the end of the period13,332,87712,371,464(7.2%)13,332,87712,371,464(7.2%)
       


Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):

 4Q214Q22Change20212022Change
Revenues      
Aeronautical services3,571,3444,710,03331.9%11,983,95417,336,73444.7%
Non-aeronautical services1,077,8861,381,40828.2%3,662,4415,197,23841.9%
Improvements to concession assets (IFRIC-12)539,1401,914,213255.0%3,368,5114,846,40443.9%
Total revenues5,188,3708,005,65454.3%19,014,90627,380,37644.0%
       
Operating costs      
Costs of services:881,9661,146,08529.9%2,989,6313,781,05426.5%
Employee costs306,052376,70823.1%1,115,7501,373,26423.1%
Maintenance206,595296,56443.5%546,548730,56833.7%
Safety, security & insurance137,293168,20322.5%510,440577,12213.1%
Utilities107,333121,65613.3%391,836474,03221.0%
Other operating expenses124,693182,95446.7%425,057626,06847.3%
       
Technical assistance fees155,717202,67830.2%526,220756,64843.8%
Concession taxes359,403496,66738.2%1,231,0441,895,18253.9%
Depreciation and amortization519,409597,98715.1%2,050,5392,313,32112.8%
Cost of improvements to concession assets (IFRIC-12)539,1401,914,213255.0%3,368,5114,846,40443.9%
Other (income)(2,858)(6,344)122.0%(8,231)(26,427)221.1%
Total operating costs2,452,7774,351,28677.4%10,157,71413,566,18233.6%
Income from operations2,735,5933,654,36833.6%8,857,19213,814,19456.0%
Financial Result(328,381)(750,104)128.4%(1,027,930)(1,538,509)49.7%
Income before income taxes 2,407,2122,904,26320.6%7,829,26312,275,68656.8%
Income taxes(604,778)(1,073,585)77.5%(1,785,546)(3,090,212)73.1%
Net income 1,802,4341,830,6791.6%6,043,7179,185,47452.0%
Currency translation effect55,056(141,530)(357.1%)30,810(488,316)(1684.9%)
 Cash flow hedges, net of income tax96,525(37,573)(138.9%)500,765100,966(79.8%)
Remeasurements of employee benefit – net income tax3,6498,491132.7%15,2638,80242.3%
Comprehensive income 1,957,6641,660,067(15.2%)6,590,5558,806,92633.6%
Non-controlling interest(35,128)(13,212)(62.4%)(80,248)(142,710)77.8%
Comprehensive income attributable to controlling interest1,922,5361,646,855(14.3%)6,510,3078,664,21633.1%
       

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”).

Exhibit E: Consolidated stockholders’ equity (in thousands of pesos):

 Common StockLegal ReseveReserve for Share RepurchaseRepurchased SharesRetained EarningsOther comprehensive incomeTotal controlling interestNon-controlling interestTotal Stockholders' Equity
Balance as of January 1, 20216,185,0821,592,5513,283,374(1,733,374)11,908,891556,28721,792,8111,059,97222,852,783
Capital reduction(6,014,701)-----(6,014,701)-(6,014,701)
Reserve for share purchase--3,981,292-(3,981,292)----
Repurchased share cancellation--(1,733,374)1,733,374-----
Repurchased share---(3,000,037)--(3,000,037)-(3,000,037)
Comprehensive income:         
Net income----5,997,492-5,997,49246,2256,043,717
Foreign currency translation reserve-----(3,213)(3,213)34,02330,810
Remeasurements of employee benefit – Net-----15,26315,263-15,263
Reserve for cash flow hedges – Net of income tax-----500,765500,765-500,765
Balance as of December 31, 2021170,3811,592,5515,531,292(3,000,037)13,925,0911,069,10219,288,3801,140,22020,428,600
Legal reserve cancellation-(1,558,475)--1,558,475----
Capitalization of retained earnings8,027,155---(8,027,155)----
Dividends declared----(7,313,743)-(7,313,743)-(7,313,743)
Cancellation repurchased shares--(3,000,037)3,000,037-----
Reserve for share purchase--(31,782)-31,782----
Dividends declared non-controlling interest-------(93,751)(93,751)
Repurchased share---(1,999,987)--(1,999,987)-(1,999,987)
Comprehensive income:         
Net income----9,013,147-9,013,147172,3279,185,474
Foreign currency translation reserve-----(458,699)(458,699)(29,617)(488,316)
Remeasurements of employee benefit – Net-----8,8028,802-8,802
Reserve for cash flow hedges – Net of income tax-----100,966100,966-100,966
Balance as of December 31, 20228,197,53634,0762,499,473(1,999,987)9,187,597720,17118,638,8661,189,17919,828,045
          

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:

 4Q214Q22Change20212022Change
Total passengers12,760.515,417.920.8%42,937.256,696.332.0%
Total cargo volume (in WLUs)723.5662.3(8.5%)2,735.52,578.8(5.7%)
Total WLUs13,484.016,080.219.3%45,672.759,275.129.8%
       
Aeronautical & non aeronautical services per passenger (pesos)364.3395.18.4%364.4397.59.1%
Aeronautical services per WLU (pesos)264.9292.910.6%262.4292.511.5%
Non aeronautical services per passenger (pesos)84.589.66.1%85.391.77.5%
Cost of services per WLU (pesos)65.471.39.0%65.563.8(2.6%)
       

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):

Airport4Q194Q22Change20192022Change
Guadalajara2,730.03,185.916.7%10,495.811,155.36.3%
Tijuana *1,528.72,129.839.3%5,979.78,102.935.5%
Los Cabos468.0708.051.3%1,915.72,577.834.6%
Puerto Vallarta468.1710.551.8%1,839.32,654.544.3%
Montego Bay2.40.0(100.0%)9.20.0(100.0%)
Guanajuato534.6528.0(1.2%)2,056.91,828.7(11.1%)
Hermosillo488.1523.77.3%1,803.81,867.23.5%
Kingston3.20.4N/A3.21.4N/A
Mexicali320.8373.816.5%1,191.91,292.58.4%
Morelia136.0198.946.2%478.8673.240.6%
La Paz255.0267.24.8%995.41,053.95.9%
Aguascalientes169.6170.00.2%635.2694.89.4%
Los Mochis101.6109.27.4%384.4416.68.4%
Manzanillo24.923.9(3.9%)95.397.92.7%
Total7,231.08,929.223.5%27,884.832,416.716.3%

*CBX users are classified as international passengers.

International Terminal Passengers – 14 airports (in thousands):

Airport4Q194Q22Change20192022Change
Guadalajara1,116.01,218.59.2%4,350.54,451.32.3%
Tijuana *810.01,158.443.0%2,946.14,221.743.3%
Los Cabos928.71,131.021.8%3,693.44,441.520.3%
Puerto Vallarta794.3966.621.7%3,212.53,554.210.6%
Montego Bay1,083.41,130.34.3%4,698.54,356.1(7.3%)
Guanajuato170.8206.921.1%698.9774.510.8%
Hermosillo18.619.65.5%70.278.111.2%
Kingston405.5432.3N/A405.51,560.7N/A
Mexicali1.81.7(7.2%)6.96.3(8.3%)
Morelia106.1135.327.6%418.9499.619.2%
La Paz3.46.697.0%12.825.8102.1%
Aguascalientes58.964.39.3%223.2234.55.1%
Los Mochis1.51.62.9%6.97.46.3%
Manzanillo18.615.6(16.2%)79.467.9(14.5%)
Total5,517.56,488.717.6%20,823.924,279.616.6%

*CBX users are classified as international passengers.

Total Terminal Passengers – 14 airports (in thousands):

Airport4Q194Q22Change20192022Change
Guadalajara3,846.14,404.414.5%14,846.315,606.65.1%
Tijuana *2,338.73,288.240.6%8,925.912,324.638.1%
Los Cabos1,396.71,839.031.7%5,609.17,019.325.1%
Puerto Vallarta1,262.51,677.032.8%5,051.96,208.722.9%
Montego Bay1,085.71,130.34.1%4,707.74,356.1(7.5%)
Guanajuato705.3734.84.2%2,755.82,603.2(5.5%)
Hermosillo506.7543.37.2%1,874.11,945.43.8%
Kingston408.7432.7N/A408.71,562.1N/A
Mexicali322.6375.516.4%1,198.81,298.88.3%
Morelia242.1334.238.0%897.81,172.730.6%
La Paz258.4273.86.0%1,008.11,079.77.1%
Aguascalientes228.5234.32.6%858.4929.38.3%
Los Mochis103.1110.77.4%391.3424.08.4%
Manzanillo43.539.5(9.1%)174.7165.8(5.1%)
Total12,748.515,417.920.9%48,708.656,696.316.4%

*CBX users are classified as international passengers.

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.


CBX Users (in thousands):

Airport4Q194Q22Change20192022Change
Tijuana797.01,148.044.1%2,897.94,186.544.5%


Consolidated Results and Other Data compared with 2019 (in thousands of pesos):

 4Q194Q22Change20192022Change
Revenues      
Aeronautical services2,771,1054,710,03370.0%10,547,72017,336,73464.4%
Non-aeronautical services962,5471,381,40843.5%3,771,5005,197,23837.8%
Improvements to concession assets (IFRIC 12)840,4021,914,213127.8%1,906,8014,846,404154.2%
Total revenues4,574,0558,005,65475.0%16,226,02027,380,37668.7%
       
Operating costs      
Costs of services:773,5711,146,08548.2%2,744,8643,781,05437.8%
Employee costs248,330376,70851.7%877,0681,373,26456.6%
Maintenance176,241296,56468.3%578,510730,56826.3%
Safety, security & insurance118,108168,20342.4%428,208577,12234.8%
Utilities110,737121,6569.9%380,370474,03224.6%
Other operating expenses120,155182,95452.3%480,708626,06830.2%
       
Technical assistance fees116,536202,67873.9%461,549756,64863.9%
Concession taxes402,758496,66723.3%1,318,2201,895,18243.8%
Depreciation and amortization489,007597,98722.3%1,776,1372,313,32130.2%
Cost of improvements to concession assets (IFRIC 12)840,4021,914,213127.8%1,906,8014,846,404154.2%
Other (income)17,751(6,344)(135.7%)1,212(26,427)(2279.8%)
Total operating costs2,640,0254,351,28664.8%8,208,78313,566,18265.3%
Income from operations1,934,0303,654,36889.0%8,017,23813,814,19472.3%
       
Financial Result(183,833)(750,104)308.0%(671,053)(1,538,509)129.3%
Income before taxes1,750,1972,904,26465.9%7,346,18512,275,68667.1%
Income taxes(319,297)(1,073,585)236.2%(1,891,443)(3,090,212)63.4%
Net income 1,430,9001,830,67927.9%5,454,7429,185,47468.4%
Currency translation effect(223,078)(141,530)(36.6%)(269,440)(488,316)81.2%
Cash flow hedges, net of income tax(172,094)(37,573)(78.2%)(172,094)100,966(158.7%)
Remeasurements of employee benefit – net income tax(964)8,491(980.8%)(1,404)8,802(726.9%)
Comprehensive income1,034,7641,660,06760.4%5,011,8048,806,92675.7%
Non-controlling interest3,458(13,212)482.0%(74,777)(142,710)(90.8%)
Comprehensive income attributable to controlling interest1,038,2221,646,85558.6%4,937,0278,664,21675.5%
       
       
       
EBITDA2,423,0374,252,35575.5%9,793,37516,127,51564.7%
Comprehensive income1,034,7641,660,06760.4%5,011,8048,806,92675.7%
Comprehensive income per share (pesos)1.84453.285578.1%8.933717.430095.1%
Comprehensive income per ADS (US dollars)0.97801.685272.3%4.73688.940388.7%
       
Operating income margin42.3%45.6%8.0%49.4%50.5%2.1%
Operating income margin (excluding IFRIC 12)51.8%60.0%15.8%56.1%61.3%9.3%
EBITDA margin53.0%53.1%0.3%60.4%58.9%(2.4%)
EBITDA margin (excluding IFRIC 12)65.0%69.8%7.4%68.4%71.6%4.6%
Costs of services and improvements / total revenues35.3%38.2%8.3%28.7%31.5%9.9%
Cost of services / total revenues (excluding IFRIC 12)20.7%18.8%(9.2%)19.2%16.8%(12.5%)
       

[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.

[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.

IR Contacts: 
Saúl Villarreal, Chief Financial Officersvillarreal@aeropuertosgap.com.mx
Alejandra Soto, IRO and Corporate Finance Directorasoto@aeropuertosgap.com.mx
Gisela Murillo, Investor Relationsgmurillo@aeropuertosgap.com.mx / +52-33-3880-1100 ext.20294