Grupo Aeroportuario del Pacifico Announces Results for the Second Quarter of 2023

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

GUADALAJARA, Mexico, July 24, 2023 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reports its consolidated results for the second quarter ended June 30, 2023 (2Q23). Figures are unaudited and prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 2Q23 vs. 2Q22

  • The sum of aeronautical and non-aeronautical services revenues increased by Ps. 855.6 million, or 15.2%. Total revenues increased by Ps. 1,749.6 million, or 26.5%.

  • Cost of services increased by Ps. 134.1 million, or 14.9%.

  • Income from operations increased by Ps. 437.0 million, or 12.4%.

  • EBITDA increased by Ps. 495.1 million, or 12.1%, an increase from Ps. 4,081.7 million in 2Q22 to Ps. 4,576.8 million in 2Q23. EBITDA margin (excluding the effects of IFRIC-12) went from 72.4% in 2Q22 to 70.4% in 2Q23.

  • Comprehensive income decreased by Ps. 197.1 million, or 8.8%, from an income of Ps. 2,249.2 million in 2Q22 to an income of Ps. 2,052.0 million in 2Q23.

Company’s Financial Position:
2Q23 results were positive compared to 2Q22, with an increase in aeronautical and non-aeronautical revenues, despite the 11.6% appreciation of the peso versus the U.S. dollar in the quarter, generating positive net cash flow from operating activities, which amounted to Ps. 2,516.1 million. The Company reported a financial position of cash and cash equivalents as of June 30, 2023, of Ps. 14,920.9 million. During 2Q23, the Company paid the first installment of the dividend approved at the Annual General Shareholders' Meeting held on April 13, 2023 for Ps. 1,874.6 million. It also made the payment of the bond certificate "GAP 20-2" for Ps. 602.0 million.

Passenger Traffic

During 2Q23, total passengers at the Company’s 14 airports increased by 1,792.4 thousand passengers, an increase of 12.7%, compared to 2Q22.

During 2Q23, the following new routes were opened:

Domestic:    
AirlineDepartureArrivalOpening dateFrequencies
Viva AerobusLos CabosTolucaMay 18,20231 daily
VolarisGuadalajaraPuerto VallartaJune 01, 20231 daily
VolarisPuerto VallartaGuadalajaraJune 01, 20231 daily
Viva AerobusMexicaliMonterreyJune 01, 20231 daily
Note: Frequencies can vary without prior notice.     
     
International    
AirlineDepartureArrivalOpening dateFrequencies
SpiritLos CabosDallas Fort-WorthMay 5, 20233 weekly
SpiritLos CabosHoustonMay 7, 20233 weekly
FrontierMontego BayDallas Fort-WorthMay 22, 20233 weekly
JetBluePuerto VallartaLos AngelesJune 27, 20231 daily
Note: Frequencies can vary without prior notice.


Domestic Terminal Passengers – 14 airports (in thousands):    
Airport2Q222Q23Change6M226M23Change 
Guadalajara2,673.73,174.418.7%5,034.16,133.221.8% 
Tijuana *2,001.02,236.911.8%3,821.94,303.312.6% 
Los Cabos631.5741.117.3%1,144.41,411.723.4% 
Puerto Vallarta691.9758.09.6%1,190.71,397.617.4% 
Montego Bay0.00.00.0%0.00.00.0% 
Guanajuato426.9559.331.0%809.21,066.631.8% 
Hermosillo481.3521.68.4%864.5995.615.2% 
Kingston0.30.438.5%0.50.627.4% 
Mexicali300.7380.626.6%590.8727.223.1% 
Morelia165.9201.221.3%313.5388.023.8% 
La Paz274.5284.03.5%512.7510.6(0.4%) 
Aguascalientes195.6156.4(20.0%)353.5307.0(13.2%) 
Los Mochis107.9118.810.0%204.0213.14.4% 
Manzanillo24.525.74.9%48.552.88.8% 
Total7,975.79,158.314.8%14,888.317,507.317.6% 
*Cross Border Xpress (CBX) users are classified as international passengers.  
        
        
International Terminal Passengers – 14 airports (in thousands):     
Airport2Q222Q23Change6M226M23Change 
Guadalajara1,097.71,290.617.6%2,067.62,506.721.2% 
Tijuana *1,026.61,113.08.4%1,949.82,160.610.8% 
Los Cabos1,184.61,222.33.2%2,309.42,603.512.7% 
Puerto Vallarta873.8886.71.5%1,934.82,264.817.1% 
Montego Bay1,160.91,305.912.5%2,089.02,656.827.2% 
Guanajuato181.7210.716.0%357.2418.117.1% 
Hermosillo19.917.6(11.1%)38.536.7(4.5%) 
Kingston362.3435.420.2%630.6829.531.5% 
Mexicali1.72.015.0%2.93.520.7% 
Morelia117.2143.322.3%233.5294.926.3% 
La Paz6.34.0(36.1%)13.87.7(44.0%) 
Aguascalientes57.972.625.5%105.0132.826.5% 
Los Mochis2.01.7(12.0%)3.73.5(5.8%) 
Manzanillo15.511.9(23.6%)41.242.73.6% 
Total6,108.16,717.810.0%11,777.013,961.918.6% 
*CBX users are classified as international passengers.  
        
        
Total Terminal Passengers – 14 airports (in thousands):
    		 
Airport2Q222Q23Change6M226M23Change 
Guadalajara3,771.44,465.018.4%7,101.78,639.921.7% 
Tijuana *3,027.63,349.910.6%5,771.76,463.912.0% 
Los Cabos1,816.11,963.48.1%3,453.74,015.216.3% 
Puerto Vallarta1,565.71,644.75.0%3,125.53,662.417.2% 
Montego Bay1,160.91,305.912.5%2,089.02,656.827.2% 
Guanajuato608.5770.126.5%1,166.41,484.727.3% 
Hermosillo501.2539.27.6%903.01,032.314.3% 
Kingston362.6435.820.2%631.0830.131.5% 
Mexicali302.4382.626.5%593.7730.723.1% 
Morelia283.2344.621.7%547.1682.924.8% 
La Paz280.8288.02.6%526.5518.3(1.6%) 
Aguascalientes253.4229.0(9.6%)458.5439.8(4.1%) 
Los Mochis109.9120.59.6%207.7216.64.3% 
Manzanillo40.137.6(6.2%)89.795.46.4% 
Total14,083.715,876.112.7%26,665.331,469.118.0% 
*CBX users are classified as international passengers. 
        
        
CBX Users (in thousands):       
Airport2Q222Q23Change6M226M23Change 
Tijuana1,017.21,103.38.5%1,934.62,142.710.8% 
        

Consolidated Results for the Second Quarter of 2023 (in thousands of pesos):

       
  2Q222Q23Change 
 Revenues    
 Aeronautical services4,322,965 4,939,681 14.3% 
 Non-aeronautical services1,318,125 1,556,984 18.1% 
 Improvements to concession assets (IFRIC-12)968,994 1,862,976 92.3% 
 Total revenues6,610,084 8,359,641 26.5% 
      
 Operating costs    
 Costs of services:900,467 1,034,528 14.9% 
 Employee costs350,755 435,239 24.1% 
 Maintenance161,217 161,331 0.1% 
 Safety, security & insurance136,643 155,476 13.8% 
 Utilities119,569 118,412 (1.0%) 
 Other operating expenses132,283 164,070 24.0% 
      
 Technical assistance fees190,226 220,479 15.9% 
 Concession taxes473,457 657,228 38.8% 
 Depreciation and amortization563,114 621,155 10.3% 
 Cost of improvements to concession assets (IFRIC-12)968,994 1,862,976 92.3% 
 Other (income)(4,761)7,652 (260.7%) 
 Total operating costs3,091,497 4,404,018 42.5% 
 Income from operations3,518,587 3,955,623 12.4% 
 Financial Result(288,117)(508,135)76.4% 
 Income before income taxes 3,230,470 3,447,488 6.7% 
 Income taxes(865,835)(959,062)10.8% 
 Net income 2,364,635 2,488,426 5.2% 
 Currency translation effect(161,220)(381,807)136.8% 
  Cash flow hedges, net of income tax45,635 (54,924)(220.4%) 
 Remeasurements of employee benefit – net income tax103 318 208.7% 
 Comprehensive income 2,249,153 2,052,013 (8.8%) 
 Non-controlling interest(51,631)(4,355)(91.6%) 
 Comprehensive income attributable to controlling interest2,197,522 2,047,657 (6.8%) 
      
      
  2Q222Q23Change 
 EBITDA4,081,701 4,576,778 12.1% 
 Comprehensive income2,249,153 2,052,013 (8.8%) 
 Comprehensive income per share (pesos)4.4230 4.0612 (8.2%) 
 Comprehensive income per ADS (US dollars)2.5799 2.3689 (8.2%) 
      
 Operating income margin53.2%47.3%(11.1%) 
 Operating income margin (excluding IFRIC-12)62.4%60.9%(2.4%) 
 EBITDA margin61.7%54.7%(11.3%) 
 EBITDA margin (excluding IFRIC-12)72.4%70.4%(2.6%) 
 Costs of services and improvements / total revenues28.3%34.7%22.6% 
 Cost of services / total revenues (excluding IFRIC-12)16.0%15.9%(0.2%) 
      
      

- Net income and comprehensive income per share for 2Q23 were calculated based on 505,277,464 shares outstanding as of June 30, 2023 and for 2Q22 were calculated based on 508,510,018 shares outstanding as of June 30, 2022. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 17.1439 per U.S. dollar (the noon buying rate on June 30, 2023, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of our Jamaican airports, the average three-month exchange rate of Ps. 17.7225 per U.S. dollar for the three months ended June 30, 2023 was used.        

Revenues (2Q23 vs. 2Q22)

  • Aeronautical services revenues increased by Ps. 616.7 million, or 14.3%.
  • Non-aeronautical services revenues increased by Ps. 238.9 million, or 18.1%.
  • Revenues from improvements to concession assets increased by Ps. 894.0 million, or 92.3%.
  • Total revenues increased by Ps. 1,749.6 million, or 26.5%.
  • The change in aeronautical services revenues was primarily due to the following factors:

    1. Revenues at our Mexican airports increased by Ps. 588.7 million, or 16.1%, compared to 2Q22, mainly due to the 12.5% increase in passenger traffic and the 99.0% compliance with the maximum tariffs.

    2. Revenues from Jamaican airports increased by Ps. 28.0 million, or 4.2%, compared to 2Q22. This was mainly due to the 14.3% increase in passenger traffic. During 2Q23, there was an 11.6% appreciation of the peso versus the U.S. dollar, compared to 2Q22, which went from an average exchange rate of Ps. 20.0414 in 2Q22 to Ps. 17.7225 in 2Q23, which represented a decrease in revenues in pesos.
  • The change in non-aeronautical services revenues was primarily driven by the following factors:

    1. Revenues at our Mexican airports increased by Ps. 215.3 million, or 19.8%, compared to 2Q22. Revenues from businesses operated by third parties increased by Ps. 103.2 million, or 14.3%, mainly due to the passenger traffic recovery, the opening of new commercial spaces, and the renegotiation of contract conditions. The business lines that grew the most were food and beverage, retail, car rentals, leasing of space, ground transportation, and duty-free stores, all of which increased by Ps. 97.2 million, or 16.0%. Revenues from businesses operated directly by us increased by Ps. 111.0 million, or 34.3%.

    2. Revenues from the Jamaican airports increased by Ps. 23.5 million, or 10.2%, compared to 2Q22. The business lines that grew the most were duty-free stores, leasing of space, retail, food and beverage, and financial services, all of which increased by Ps. 20.9 million, or 11.9%. Revenues in U.S. dollars increased by US$ 2.8 million, or 24.6%, offset by an appreciation of the peso by 11.6% against the dollar compared to 2Q22.

 2Q222Q23Change 
Businesses operated by third parties:    
Food and beverage204,591260,24227.2% 
Duty-free179,811195,4348.7% 
Retail162,207184,63613.8% 
Car rentals132,392139,4565.3% 
Leasing of space77,94388,31513.3% 
Time shares58,18959,0201.4% 
Ground transportation42,79147,68411.4% 
Communications and financial services25,47329,89317.4% 
Other commercial revenues47,83143,951(8.1%) 
Total931,2271,048,63112.6% 
     
Businesses operated directly by us:    
Car parking136,589174,30427.6% 
VIP lounges94,632107,93214.1% 
Convenience stores77,973133,53471.3% 
Advertising21,92737,49071.0% 
Total331,120453,26136.9% 
Recovery of costs55,77855,090(1.2%) 
Total Non-aeronautical Revenues 1,318,1251,556,98418.1% 
     

Figures expressed in thousands of Mexican pesos.

  • Revenues from improvements to concession assets 1
    Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 894.0 million, or 92.3%, compared to 2Q22. The change was composed of:
    1. Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 872.5 million, or 91.8%, due to increased investments under the Master Development Program for 2020-2024 period.
    2. Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 21.4 million, or 117.4%.

___________________________
1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.

Total operating costs increased by Ps. 1,312.5 million, or 42.5%, compared to 2Q22, mainly due to the increase from costs of improvements to concession assets (IFRIC-12) by Ps. 894.0 million, a combined increase of Ps. 214.0 million, or 32.2%, in concession taxes and technical assistance fees, an increase in the cost of services of Ps. 134.1 million, or 14.9%, and a Ps. 58.0 million, or 10.3%, increase in depreciation and amortization (excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 418.5 million, or 19.7%).

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

  • Operating costs increased by Ps. 1,150.6 million, or 45.6%, compared to 2Q22, primarily due to a Ps. 872.5 million, or 91.8%, increase in the cost of improvements to the concession assets (IFRIC-12), Ps. 149.9 million, or 20.8%, increase in the cost of services, a combined Ps. 65.3 million, or 15.7%, increase in technical assistance fees and concession taxes, and a Ps. 53.8 million, or 12.2%, increase in depreciation and amortization (excluding the cost of improvements to the concession assets, operating costs increased by Ps. 278.1 million or 17.7%).

The change in the cost of services at our Mexican airports during 2Q23 was mainly due to:

  • Employee costs increased Ps. 87.9 million, or 29.7%, compared to 2Q22, mainly due to the hiring of 354 additional personnel during the second half of 2022 and during 6M23, mainly for the operation of business lines operated directly by us, as well as the adjustments in salaries and changes in Labor Law.
  • Other operating expenses increased Ps. 24.4 million, or 20.6%, compared to 2Q22, mainly due to a combined increase of Ps. 20.1 million in the cost of goods and services for our VIP lounges and convenience stores, due to the increase in sales of these business lines, the increase in FBO services, professional fees, and travel expenses.
  • Safety, security, and insurance costs increased Ps. 23.7 million, or 23.5%, compared to 2Q22, mainly due to an increase in the number of security staff, minimum wages and changes in Labor Law, and the opening of additional operational areas.
  • Utilities costs increased by Ps. 12.2 million, or 17.1%.

Jamaican Airports:

  • Operating costs increased by Ps. 161.9 million, or 28.6%, compared to 2Q22, mainly due to a Ps. 148.7 million, or 60.2%, increase in concession taxes, an increase in the cost of improvements to concession assets (IFRIC-12) by Ps.21.5 million, or 117.4%, offset by the decrease in the cost of services by Ps. 15.8 million, or 8.8%.

Operating income margin went from 53.2% in 2Q22 to 47.3% in 2Q23. Excluding the effects of IFRIC-12, the operating income margin went from 62.4% in 2Q22 to 60.9% in 2Q23. Income from operations increased by Ps. 437.0 million, or 12.4%, compared to 2Q22.

EBITDA margin went from 61.7% in 2Q22 to 54.7% in 2Q23. Excluding the effects of IFRIC-12, EBITDA margin went from 72.4% in 2Q22 to 70.4% in 2Q23. The nominal value of EBITDA increased by Ps. 495.1 million, or 12.1%, compared to 2Q22.

Financial result increased by Ps. 220.0 million, or 76.4%, from a net expense of Ps. 288.1 million in 2Q22 to a net expense of Ps. 508.1 million in 2Q23. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from an income of Ps. 81.2 million in 2Q22 to a loss of Ps. 189.5 million in 2Q23. This generated a foreign exchange loss of Ps. 270.7 million. This was mainly due to the appreciation of the peso. The currency translation effect expense increased Ps. 220.6 million, compared to 2Q22.

  • Interest expenses increased by Ps. 194.1 million, or 32.9%, compared to 2Q22, mainly due to higher debt as a result of the issuance of long-term debt securities and the drawdown of credit lines, as well as the increase in interest rates.

  • Interest income increased by Ps. 244.8 million, or 109.6%, compared to 2Q22, mainly due to an increase in the reference interest rates.

In 2Q23, comprehensive income decreased by Ps. 197.1 million, or 8.8%, compared to 2Q22. Income before taxes increased by Ps. 217.0 million, mainly due to the increase in traffic and the commercial strategy. This growth generated an increase in income taxes of Ps. 93.2 million. However, net and comprehensive income decreased mainly due to the decrease of the effect of foreign currency translation in Ps. 220.6 million, and a decrease in cash flow hedges for Ps. 100.6 million.

During 2Q23, net income increased by Ps. 123.8 million, or 5.2%, compared to 2Q22. Taxes for the period increased by Ps. 93.2 million, income taxes decreased by Ps. 65.1 million and the benefit for deferred taxes decreased by Ps. 158.3 million, mainly due to a decrease in the inflation rate, from 1.5% in 2Q22 to 0.2% in 2Q23.

 Consolidated Results for the Six Months of 2023 (in thousands of pesos):    
  6M226M23Change 
 Revenues    
 Aeronautical services8,177,197 9,968,355 21.9% 
 Non-aeronautical services2,486,037 3,027,867 21.8% 
 Improvements to concession assets (IFRIC-12)1,959,448 3,703,338 89.0% 
 Total revenues12,622,682 16,699,561 32.3% 
      
 Operating costs    
 Costs of services:1,653,991 2,001,166 21.0% 
 Employee costs639,273 832,173 30.2% 
 Maintenance286,247 306,998 7.2% 
 Safety, security & insurance262,817 322,954 22.9% 
 Utilities215,650 222,663 3.3% 
 Other operating expenses250,004 316,378 26.5% 
      
 Technical assistance fees364,372 442,717 21.5% 
 Concession taxes873,223 1,266,621 45.1% 
 Depreciation and amortization1,127,647 1,239,226 9.9% 
 Cost of improvements to concession assets (IFRIC-12)1,959,448 3,703,338 89.0% 
 Other (income)(18,473)12,796 (169.3%) 
 Total operating costs5,960,209 8,665,865 45.4% 
 Income from operations6,662,473 8,033,696 20.6% 
 Financial Result(561,063)(1,182,435)110.7% 
 Income before income taxes 6,101,411 6,851,261 12.3% 
 Income taxes(1,409,324)(1,797,604)27.6% 
 Net income 4,692,087 5,053,657 7.7% 
 Currency translation effect(339,551)(814,582)139.9% 
  Cash flow hedges, net of income tax137,387 (37,751)(127.5%) 
 Remeasurements of employee benefit – net income tax205 599 (192.2%) 
 Comprehensive income 4,490,128 4,201,923 (6.4%) 
 Non-controlling interest(70,658)(8,217)(88.4%) 
 Comprehensive income attributable to controlling interest4,419,471 4,193,706 (5.1%) 
      
      
  6M226M23Change 
 EBITDA7,790,121 9,272,922 19.0% 
 Comprehensive income4,490,128 4,201,923 (6.4%) 
 Comprehensive income per share (pesos)8.8300 8.3161 (5.8%) 
 Comprehensive income per ADS (US dollars)5.1505 4.8507 (5.8%) 
      
 Operating income margin52.8%48.1%(8.9%) 
 Operating income margin (excluding IFRIC-12)62.5%61.8%(1.1%) 
 EBITDA margin61.7%55.5%(10.0%) 
 EBITDA margin (excluding IFRIC-12)73.1%71.4%(2.3%) 
 Costs of services and improvements / total revenues28.6%34.2%19.3% 
 Cost of services / total revenues (excluding IFRIC-12)15.5%15.4%(0.7%) 
      
      

- Net income and comprehensive income per share for 6M23 were calculated based on 505,277,464 shares outstanding as of June 30, 2023, and for 6M22 were calculated based on 508,510,018 shares outstanding as of June 30, 2022. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 17.1439 per U.S. dollar (the noon buying rate on June 30, 2023, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of the airports in Jamaica, the average six-month exchange rate of Ps. 18.2123 per U.S. dollar for the six months ended June 30, 2023, was used.

Revenues (6M23 vs. 6M22)

  • Aeronautical services revenues increased by Ps. 1,791.2 million, or 21.9%.
  • Non-aeronautical services revenues increased by Ps. 541.8 million, or 21.8%.
  • Revenues from improvements to concession assets increased by Ps. 1,743.9 million, or 89.0%.
  • Total revenues increased by Ps. 4,076.9 million, or 32.3%.
  • The change in aeronautical services revenues was composed primarily of the following factors:

    1. Revenues at our Mexican airports increased by Ps. 1,582.8 million, or 22.8%, compared to 6M22, mainly due to the 17.1% increase in passenger traffic, as well as 99.0% compliance with the maximum tariffs and the inflation by 0.9%.
    2. Revenues from Jamaican airports increased by Ps. 208.4 million, or 16.9%, compared to 6M22. This was mainly due to the 28.2% increase in passenger traffic but offset by an appreciation of the peso against the dollar compared to 6M22 of 10.2%, which went from an average exchange rate of Ps. 20.8022 in 6M22 to Ps. 18.2123 in 6M23, which represented a decrease in revenues in pesos.
  • The change in non-aeronautical services revenues was composed primarily of the following factors :

    1. Revenues at our Mexican airports increased by Ps. 466.6 million, or 22.7%, compared to 6M22. Revenues from businesses operated by third parties increased by Ps. 234.4 million, or 17.0%. This was mainly due to the recovery of passenger traffic, the opening of new commercial spaces, and the renegotiation of existing contracts. The business lines that increased the most were food and beverage, retail, leasing of space, car rentals, ground transportation, and duty-free stores, which jointly increased by Ps. 226.2 million, or 19.7%. Revenues from businesses operated directly by us increased by Ps. 226.1 million, or 38.1%, while the recovery of costs increased by Ps. 6.2 million, or 7.5%. Commercial revenues in U.S. dollars represent 26% of non-aeronautical revenues, therefore the appreciation of the peso during 6M23 affected that revenue by approximately 2.6%.
    2. Revenues from the Jamaican airports increased by Ps. 75.2 million, or 17.5%, compared to 6M22. The business lines that increased the most were duty-free stores, retail, food and beverage, and leasing of space, which jointly increased by Ps. 68.6 million, or 21.8%. Revenues in U.S. dollars increased by US$ 6.5 million, or 36.9%.
  6M226M23Change 
 Businesses operated by third parties:    
 Food and beverage373,749498,69133.4% 
 Duty-free341,795390,01914.1% 
 Retail296,652355,77019.9% 
 Car rentals262,211282,8647.9% 
 Leasing of space143,152173,33421.1% 
 Time shares119,370116,383(2.5%) 
 Ground transportation85,25198,40515.4% 
 Communications and financial services50,95159,50616.8% 
 Other commercial revenues96,35287,662(9.0%) 
 Total1,769,4842,062,63516.6% 
      
 Businesses operated directly by us:    
 Car parking252,109341,06135.3% 
 VIP lounges175,067213,97822.2% 
 Advertising142,990231,75462.1% 
 Convenience stores37,24064,11972.2% 
 Total607,406850,91140.1% 
 Recovery of costs109,148114,3214.7% 
 Total Non-aeronautical Revenues 2,486,0383,027,86721.8% 
      

Figures expressed in thousands of Mexican pesos.

  • Revenues from improvements to concession assets2
    Revenues from improvements to concession assets (IFRIC12) increased by Ps. 1,743.9 million, or 89.0%, compared to 6M22. The change was composed primarily of:
    1. The Company’s Mexican airports, which increased by Ps. 1,739.3 million, or 91.2%, due to increased investments under the Master Development Program for 2020-2024 period.
    2. Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 4.6 million, or 8.7%.

_____________________________
[2] Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12), but this recognition does not have a cash impact or an impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed in accordance with the Company’s Master Development Programs in Mexico and Capital Development Program in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.

Total operating costs increased by Ps. 2,705.7 million, or 45.4%, compared to 6M22, mainly due to a Ps. 1,743.9 million, or 89.0% increase in the cost of improvements to the concession assets (IFRIC12), a combined Ps. 471.7 million, or 38.1%, increase in concession taxes and technical assistance fees, a Ps. 347.2 million, or 21.0%, increase in cost of services, and a Ps. 111.6 million, or 9.9%, increase in depreciation and amortization (excluding the cost of improvements to concession assets, operating costs increased Ps. 961.8 million, or 24.0%).

This increase in total operating costs was composed primarily of the following factors:
  
Mexican Airports:

  • Operating costs increased by Ps. 2,407.2 million, or 49.5%, compared to 6M22, primarily due to a Ps. 1,739.3 million, or 91.2%, increase in the cost of improvements to the concession assets (IFRIC12), a Ps. 373.7 million, or 29.0%, increase in cost of services, a combined Ps. 170.7 million, or 21.5%, increase in technical assistance fees and concession taxes, a Ps. 105.5 million, or 12.0%, increase in depreciation and amortization, (excluding the cost of improvements to the concession assets, operating costs increased by Ps. 667.9 million or 22.6%).

The change in the cost of services during 6M23 was mainly due to:

  • Employee costs increased Ps. 198.2 million, or 37.1%, compared to 6M22, mainly due to the hiring of 174 additional personnel during 2022 and 180 during 6M23, as well as the adjustments in salaries and changes in Labor Law.
  • Other operating expenses increased Ps. 67.2 million, or 31.5%, compared to 6M22, mainly due to a combined increase of Ps. 66.7 million in the cost of goods and services for our VIP lounges and convenience stores, due to the increase in the operation and revenues from these business lines, FBO services, the allowance for credit losses, and travel expenses.
  • Safety, security and insurance costs increased Ps. 60.5 million, or 31.4%, compared to 6M22, mainly due to an increase in the number of security staff, increase in minimum wages, changes in Labor Law and the opening of additional operational areas.
  • Utilities increased by Ps. 28.9 million, or 23.9%, compared to 6M22.

Jamaican Airports:

  • Operating costs increased by Ps. 298.5 million, or 27.2%, compared to 6M22, mainly due to a Ps. 301.0 million, or 68.0%, increase in concession taxes, Ps. 6.0 million, or 2.4%, increase in depreciation and amortization, Ps. 4.6 million, or 8.7%, in the cost of improvements to concession assets (IFRIC-12) offset by the decrease in cost of services by Ps. 26.5 million, or 7.3%, mainly due to the appreciation of the peso by 10.2%, which represented a decrease in the cost in pesos.

Operating margin went from 52.8% in 6M22 to 48.1% in 6M23. Excluding the effects of IFRIC-12, operating margin went from 62.5% in 6M22 to 61.8% in 6M23. Operating income increased Ps. 1,371.2 million, or 20.6%, compared to 6M22.

EBITDA margin went from 61.7% in 6M22 to 55.5% in 6M23. Excluding the effects of IFRIC-12, EBITDA margin went from 73.1% in 6M22 to 71.4% in 6M23. The nominal value of EBITDA increased Ps. 1,482.8 million, or 19.0%, compared to 6M22.

Financial cost increased by Ps. 621.4 million, or 110.7%, from a net expense of Ps. 561.1 million in 6M22 to a net expense of Ps. 1,182.5 million in 6M23. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from income of Ps. 133.9 million in 6M22 to a loss of Ps. 356.5 million in 6M23. This generated an increase in the foreign exchange loss of Ps. 490.4 million, due to the peso appreciation. Currency translation effect expense increased Ps. 475.0 million, compared to 6M22.

  • Interest expenses increased by Ps. 530.9 million, or 50.1%, compared to 6M22, mainly due to the increase in debt due to the issuance of bond certificates and the contracting of bank loans, as well as the substantial increase in interest rates.

  • Interest income increased by Ps. 399.9 million, or 107.8%, compared to 6M22, mainly due to an increase in the reference interest rates.

In 6M23, comprehensive income decreased by Ps. 288.2 million, or 6.4%, compared to 6M22. Income before taxes increased by Ps. 749.8 million, mainly due to the increase in traffic and the commercial strategy. This growth generated an increase in income taxes of Ps. 388.3 million. However, net and comprehensive income decreased mainly due to the decrease of the effect of foreign currency translation in Ps. 475.0 million, and a decrease in cash flow hedges for Ps. 175.1 million.

During 6M23, net income increased by Ps. 361.6 million, or 7.7%, compared to 6M22. Taxes for the period increased by Ps. 388.3 million, income taxes increased by Ps. 153.9 million, and the benefit for deferred taxes decreased by Ps. 234.4 million, mainly due to a decrease in the inflation rate, from 4.0% in 6M22 to 1.5% in 6M23.

Statement of Financial Position

Total assets as of June 30, 2023 increased by Ps. 9,979.9 million compared to June 30, 2022, primarily due to the following items: (i) a Ps. 8,017.1 million increase in net improvements to concession assets; (ii) a Ps. 1,431.4 million increase in cash and cash equivalents, (iii) a Ps. 804.1 million combined increase in net machinery, equipment, and leasehold improvements, and advances to suppliers, and (iv) a Ps. 199.2 million increase in account receivables, among others.
        
Total liabilities as of June 30, 2023 increased by Ps. 9,846.0 million compared to June 30, 2022. This increase was primarily due to the following items: (i) issuance of Ps. 5,255.6 million (net) in long-term debt securities, (ii) Ps. 3,323.3 million in bank loans, and (iii) Ps. 1,947.9 million in dividends to be paid. This increase was partially offset by decrease of: (i) Ps. 483.3 million in accounts payable, and (ii) Ps. 170.1 million deferred taxes, among others.

Recent events

In accordance with the results as of June 30, 2023, as well as traffic growth expectations, the Company updates the growth guidance for the year 2023: 

GUIDANCE2023 vs 2022
Passenger traffic10% - 12%
Aeronautical revenues13% - 15%
Non-aeronautical revenues16% - 18%
Total Revenue14% - 16%
EBITDA12% - 14%
Margin EBITDA70% +- 1%
CAPEXPs. 11.9 billion


Company Description

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the operation of Norman Manley International Airport in Kingston, Jamaica and took control of the operation in October 2019.

This press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS.

This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that may involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party that is in charge of collecting these complaints, is 01 800 563 00 47. The web site is www.lineadedenuncia.com/gap. GAP’s Audit Committee will be notified of all complaints for immediate investigation.


Exhibit A: Operating results by airport (in thousands of pesos):       
Airport2Q222Q23Change6M226M23Change 
Guadalajara       
Aeronautical services1,091,3571,350,76923.8%2,071,3022,660,00028.4% 
Non-aeronautical services216,792255,60417.9%422,229497,27817.8% 
Improvements to concession assets (IFRIC 12)499,974828,73465.8%999,9471,657,46865.8% 
Total Revenues1,808,1222,435,10834.7%3,493,4784,814,74537.8% 
Operating income910,9711,129,36924.0%1,731,1022,252,48130.1% 
EBITDA1,022,0521,243,71121.7%1,958,9262,479,27326.6% 
        
Tijuana       
Aeronautical services648,990739,75314.0%1,195,5501,419,29418.7% 
Non-aeronautical services132,349155,89717.8%250,104302,60421.0% 
Improvements to concession assets (IFRIC 12)85,505140,836(64.7%)171,011281,67364.7% 
Total Revenues866,8451,036,48619.6%1,616,6662,003,57123.9% 
Operating income530,526542,5772.3%984,0831,084,15910.2% 
EBITDA615,010638,2733.8%615,0101,281,278108.3% 
        
Los Cabos       
Aeronautical services716,852784,1319.4%1,346,3281,607,14219.4% 
Non-aeronautical services282,441306,3528.5%539,293606,07912.4% 
Improvements to concession assets (IFRIC 12)63,265249,608294.5%126,531499,216294.5% 
Total Revenues1,062,5581,340,09126.1%2,012,1522,712,43634.8% 
Operating income726,211728,5390.3%1,366,1591,564,60214.5% 
EBITDA802,926810,3930.9%1,515,5141,726,90613.9% 
        
Puerto Vallarta       
Aeronautical services581,969653,04612.2%1,178,1081,457,30723.7% 
Non-aeronautical services145,901154,1645.7%273,835312,39614.1% 
Improvements to concession assets (IFRIC 12)199,303403,557102.5%398,606807,114102.5% 
Total Revenues927,1731,210,76730.6%1,850,5482,576,81739.2% 
Operating income537,447524,200(2.5%)1,094,7421,242,44713.5% 
EBITDA587,085577,211(1.7%)1,190,1051,352,46513.6% 
        
Montego Bay       
Aeronautical services447,794451,8480.9%834,615956,99414.7% 
Non-aeronautical services177,388199,88312.7%331,340398,58320.3% 
Improvements to concession assets (IFRIC 12)18,29939,852117.8%53,10655,0413.6% 
Total Revenues643,481691,5837.5%1,219,0621,410,61815.7% 
Operating income313,902226,072(28.0%)558,297536,691(3.9%) 
EBITDA433,339345,161(20.3%)801,256776,096(3.1%) 
        
        
Exhibit A: Operating results by airport (in thousands of pesos):       
Airport2Q222Q23Change6M226M23Change 
Guanajuato       
Aeronautical services178,794229,11828.1%339,014443,00730.7% 
Non-aeronautical services36,53047,58530.3%73,57089,47621.6% 
Improvements to concession assets (IFRIC 12)10,64770,722677.3%21,294141,445564.3% 
Total Revenues225,971347,42553.7%433,878673,92855.3% 
Operating income137,343183,79433.8%265,810358,99035.1% 
EBITDA158,241205,23529.7%306,696403,25231.5% 
        
Hermosillo       
Aeronautical services117,613126,9247.9%210,503243,50915.7% 
Non-aeronautical services20,27722,34110.2%35,92242,77019.1% 
Improvements to concession assets (IFRIC 12)16,89714,439(14.5%)33,79328,879(14.5%) 
Total Revenues154,787163,7045.8%280,219315,15812.5% 
Operating income73,02077,8916.7%127,608145,82114.3% 
EBITDA95,217102,8018.0%170,926102,801(39.9%) 
        
Others (1)       
Aeronautical services539,595604,09312.0%1,001,7751,181,10217.9% 
Non-aeronautical services102,952108,6195.5%196,756215,2839.4% 
Improvements to concession assets (IFRIC 12)75,104115,22753.4%155,159232,50449.8% 
Total Revenues717,651827,94015.4%1,353,6921,628,89020.3% 
Operating income186,228185,435(0.4%)342,672377,18010.1% 
EBITDA258,707266,5453.0%485,079541,23811.6% 
        
Total        
Aeronautical services4,322,9634,939,68114.3%8,177,1969,968,35521.9% 
Non-aeronautical services1,114,6291,250,44612.2%2,123,0502,464,46816.1% 
Improvements to concession assets (IFRIC 12)968,9941,862,97692.3%1,959,4483,703,33889.0% 
Total Revenues6,406,5858,053,10225.7%6,406,58516,136,162151.9% 
Operating income3,415,6453,597,8745.3%6,470,4717,562,37116.9% 
EBITDA3,972,5784,189,3305.5%7,571,0048,663,31014.4% 
        

(1) Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports.


 Exhibit B: Consolidated statement of financial position as of June 30 (in thousands of pesos):     
  2022 2023 Change% 
 Assets     
 Current assets     
 Cash and cash equivalents13,489,562 14,920,952 1,431,390 10.6% 
 Trade accounts receivable - Net1,964,410 2,163,559 199,150 10.1% 
 Other current assets696,457 761,775 65,318 9.4% 
 Total current assets16,150,429 17,846,286 1,695,858 10.5% 
       
 Advanced payments to suppliers1,619,117 2,262,121 643,004 39.7% 
 Machinery, equipment and improvements to leased buildings - Net3,586,973 3,748,101 161,128 4.5% 
 Improvements to concession assets - Net17,098,809 25,115,894 8,017,085 46.9% 
 Airport concessions - Net10,000,663 9,032,955 (967,708)(9.7%) 
 Rights to use airport facilities - Net1,171,708 1,098,311 (73,397)(6.3%) 
 Deferred income taxes - Net6,469,200 6,936,249 467,049 7.2% 
 Other non-current assets555,287 592,131 36,844 6.6% 
 Total assets56,652,186 66,632,048 9,979,862 17.6% 
       
 Liabilities      
 Current liabilities10,301,328 15,917,020 5,615,692 54.5% 
 Long-term liabilities29,953,067 34,183,379 4,230,313 14.1% 
 Total liabilities40,254,394 50,100,399 9,846,005 24.5% 
       
 Stockholders' Equity     
 Common stock8,197,536 8,197,536 - 0.0% 
 Legal reserve34,076 478,185 444,109 1303.3% 
 Net income4,607,230 4,971,095 363,865 7.9% 
 Retained earnings136,704 244,657 107,953 79.0% 
 Reserve for share repurchase2,499,473 1,500,000 (999,473)(40.0%) 
 Repurchased shares(1,075,703)- 1,075,703 (100.0%) 
 Foreign currency translation reserve708,882 (164,704)(873,586)(123.2%) 
 Remeasurements of employee benefit – Net5,416 14,613 9,197 (169.8%) 
 Cash flow hedges- Net167,051 92,871 (74,180)44.4% 
 Total controlling interest15,280,665 15,334,253 53,588 0.4% 
 Non-controlling interest1,117,126 1,197,396 80,269 7.2% 
 Total stockholder's equity16,397,791 16,531,649 133,857 0.8% 
       
 Total liabilities and stockholders' equity56,652,186 66,632,048 9,979,862 17.6% 
       

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

 Exhibit C: Consolidated statement of cash flows (in thousands of pesos):      
  2Q222Q23Change6M226M23Change
 Cash flows from operating activities:      
 Consolidated net income2,364,636 2,488,426 5.2%4,692,089 5,053,657 7.7%
        
 Postemployment benefit costs8,527 11,236 31.8%17,132 22,450 31.0%
 Allowance expected credit loss(2,161)(10,478)384.9%(3,845)6,397 (266.4%)
 Depreciation and amortization563,114 621,155 10.3%1,127,647 1,239,226 9.9%
 Loss on sale of machinery, equipment and improvements to leased assets2,069 674 67.4%2,359 684 (71.0%)
 Interest expense568,881 990,273 74.1%1,044,288 1,810,604 73.4%
 Provisions5,052 6,079 20.3%12,539 11,904 (5.1%)
 Income tax expense865,835 959,062 10.8%1,409,324 1,797,604 27.6%
 Unrealized exchange loss(57,193)(163,141)185.2%(181,512)(327,129)80.2%
 Net (gain) on derivative financial instruments(172)- (100.0%)(6,937)- (100.0%)
  4,318,588 4,903,286 13.5%8,113,085 9,615,397 18.5%
 Changes in working capital:      
 (Increase) decrease in      
 Trade accounts receivable(129,179)(42,086)(67.4%)(250,644)164,377 (165.6%)
 Recoverable tax on assets and other assets313,306 (297,851)(195.1%)439,041 (192,452)(143.8%)
 Increase (decrease)      
 Concession taxes payable(572)121,674 (21371.7%)(38,062)116,165 (405.2%)
 Accounts payable129,053 (484,204)(475.2%)(63,716)(361,662)467.6%
 Cash generated by operating activities4,631,196 4,200,819 (9.3%)8,199,705 9,341,825 13.9%
 Income taxes paid(1,363,552)(1,684,760)23.6%(2,763,408)(2,780,052)0.6%
 Net cash flows provided by operating activities3,267,644 2,516,059 (23.0%)5,436,297 6,561,773 20.7%
        
 Cash flows from investing activities:      
 Machinery, equipment and improvements to concession assets(1,978,035)(2,757,380)39.4%(3,095,635)(5,634,368)82.0%
 Cash flows from sales of machinery and equipment176 273 55.1%283 841 197.2%
 Other investment activities(5,545)4,476 (180.7%)(28,219)15,967 (156.6%)
 Net cash used by investment activities(1,983,404)(2,752,631)38.8%(3,123,570)(5,617,560)79.8%
        
 Cash flows from financing activities:      
 Dividends declared and paid(3,675,745)(1,874,579)(49.0%)(3,675,745)(1,874,579)49.0%
 Dividends declared and paid non-controlling interest(155,159)- (100.0%)(155,159)- 100.0%
 Bond certificates issued- - 0.0%5,000,000 5,400,000 8.0%
 Bond certificates paid- (602,000)100.0%(1,500,000)(602,000)59.9%
 Bank loans paid(81,129)(72,849)(10.2%)(3,959,132)(72,849)(98.2%)
 Banks loans- - 0.0%3,872,783 1,000,000 (74.2%)
 Repurchase of shares(576,230)- (100.0%)(1,075,703)- (100.0%)
 Interest paid(581,227)(900,997)55.0%(941,482)(1,675,270)77.9%
 Interest paid on lease(1,468)(1,169)(20.4%)(2,661)(2,417)(9.2%)
 Payments of obligations for leasing(4,217)(4,161)(1.3%)(7,704)(8,324)8.1%
 Net cash flows used in financing activities(5,075,175)(3,455,755)(31.9%)(2,444,803)2,164,561 (188.5%)
        
 Effects of exchange rate changes on cash held380,609 (277,594)(172.9%)288,762 (559,286)(293.7%)
 Net increase (decrease) in cash and cash equivalents(3,410,326)(3,969,921)16.4%156,685 2,549,488 1527.1%
 Cash and cash equivalents at beginning of the period16,899,887 18,890,873 11.8%13,332,877 12,371,464 (7.2%)
 Cash and cash equivalents at the end of the period13,489,562 14,920,952 10.6%13,489,562 14,920,952 10.6%
        



 Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):   
 		  
  2Q222Q23Change6M226M23Change 
 Revenues       
 Aeronautical services4,322,965 4,939,681 14.3%8,177,197 9,968,355 21.9% 
 Non-aeronautical services1,318,125 1,556,984 18.1%2,486,037 3,027,867 21.8% 
 Improvements to concession assets (IFRIC-12)968,994 1,862,976 92.3%1,959,448 3,703,338 89.0% 
 Total revenues6,610,084 8,359,641 26.5%12,622,682 16,699,561 32.3% 
         
 Operating costs       
 Costs of services:900,467 1,034,528 14.9%1,653,991 2,001,166 21.0% 
 Employee costs350,755 435,239 24.1%639,273 832,173 30.2% 
 Maintenance161,217 161,331 0.1%286,247 306,998 7.2% 
 Safety, security & insurance136,643 155,476 13.8%262,817 322,954 22.9% 
 Utilities119,569 118,412 (1.0%)215,650 222,663 3.3% 
 Other operating expenses132,283 164,070 24.0%250,004 316,378 26.5% 
         
 Technical assistance fees190,226 220,479 15.9%364,372 442,717 21.5% 
 Concession taxes473,457 657,228 38.8%873,223 1,266,621 45.1% 
 Depreciation and amortization563,114 621,155 10.3%1,127,647 1,239,226 9.9% 
 Cost of improvements to concession assets (IFRIC-12)968,994 1,862,976 92.3%1,959,448 3,703,338 89.0% 
 Other (income)(4,761)7,652 (260.7%)(18,473)12,796 (169.3%) 
 Total operating costs3,091,497 4,404,018 42.5%5,960,209 8,665,865 45.4% 
 Income from operations3,518,587 3,955,623 12.4%6,662,473 8,033,696 20.6% 
 Financial Result(288,117)(508,135)76.4%(561,063)(1,182,435)110.7% 
 Income before income taxes 3,230,470 3,447,488 6.7%6,101,411 6,851,261 12.3% 
 Income taxes(865,835)(959,062)10.8%(1,409,324)(1,797,604)27.6% 
 Net income 2,364,635 2,488,426 5.2%4,692,087 5,053,657 7.7% 
 Currency translation effect(161,220)(381,807)136.8%(339,551)(814,582)139.9% 
  Cash flow hedges, net of income tax45,635 (54,924)(220.4%)137,387 (37,751)(127.5%) 
 Remeasurements of employee benefit – net income tax103 318 208.7%205 599 (192.2%) 
 Comprehensive income 2,249,153 2,052,013 (8.8%)4,490,128 4,201,923 (6.4%) 
 Non-controlling interest(51,631)(4,355)(91.6%)(70,658)(8,217)(88.4%) 
 Comprehensive income attributable to controlling interest2,197,522 2,047,657 (6.8%)4,419,471 4,193,706 (5.1%) 
         

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


Exhibit E: Consolidated stockholders’ equity (in thousands of pesos):   
 Common StockLegal ReserveReserve for Share RepurchaseRepurchased SharesRetained EarningsOther comprehensive incomeTotal controlling interestNon-controlling interestTotal Stockholders' Equity
Balance as of January 1, 2022170,3811,592,551 5,531,292 (3,000,036)13,925,091 1,069,102 19,288,380 1,140,220 20,428,600 
Legal Reserve cancellation-(1,558,475)- - 1,558,475 - - - - 
Capitalization of retained earnings8,027,155- - - (8,027,155)- - - - 
Dividends declared-- - - (7,351,490)- (7,351,490)- (7,351,490)
Repurchased share cancellation-- (3,000,036)3,000,036 - - - - - 
Reserve for share purchase-- (31,782)- 31,782 - - - - 
Dividends declared non-controlling interest-- - - - - - (93,751)(93,751)
Repurchased share-- - - 1,075,703 - - (1,075,703)- (1,075,703)
Comprehensive income:         
Net income-- - - 4,607,229 - 4,607,229 84,857 4,692,087 
Foreign currency translation reserve-- - - - (325,351)(325,351)(14,199)(339,550)
Remeasurements of employee benefit – Net-- - - - 205 205 - 205 
Reserve for cash flow hedges – Net of income tax-- - - - 137,387 137,387 - 137,387 
Balance as of June 30, 20228,197,53634,076 2,499,473 (1,075,703)4,743,933 881,343 15,280,657 1,117,127 16,397,791 
          
Balance as of January 1, 20238,197,53634,076 2,499,473 (1,999,987)9,187,597 720,171 18,638,867 1,189,179 19,828,046 
Legal reserve cancellation-444,109 - - (444,109)- - - - 
Dividends declared-- - - (7,498,318)- (7,498,318)- (7,498,318)
Cancellation repurchased shares-- (1,999,987)1,999,987 - - - - - 
Reserve for share purchase-- 1,000,514 - (1,000,514)- - - - 
Comprehensive income:         
Net income-- - - 4,971,095 - 4,971,095 82,560 5,053,655 
Foreign currency translation reserve-- - - - (740,239)(740,239)(74,343)(814,582)
Remeasurements of employee benefit – Net-- - - - 599 599 - 599 
Reserve for cash flow hedges – Net of income tax-- - - - (37,751)(37,751)- (37,751)
Balance as of June 30, 20238,197,536478,185 1,500,000 - 5,215,751 (57,220)15,334,253 1,197,396 16,531,649 
          

For presentation purposes, the 25.5% stake in Desarrollo de Concesiones Aeroportuarias, S.L. (“DCA”) held by Vantage appears in the Stockholders’ Equity of the Company as a non-controlling interest.

As a part of the adoption of IFRS, the effects of inflation on common stock recognized pursuant to Mexican Financial Reporting Standards (MFRS) through December 31, 2007 were reclassified as retained earnings because accumulated inflation recognized under MFRS is not considered hyperinflationary according to IFRS. For Mexican legal and tax purposes, Grupo Aeroportuario del Pacífico, S.A.B. de C.V., as an individual entity, will continue preparing separate financial information under MFRS. Therefore, for any transaction between the Company and its shareholders related to stockholders’ equity, the Company must take into consideration the accounting balances prepared under MFRS as an individual entity and determine the tax impact under tax laws applicable in Mexico, which requires the use of MFRS. For purposes of reporting to stock exchanges, the consolidated financial statements will continue to be prepared in accordance with IFRS, as issued by the IASB.

Exhibit F: Other operating data:      
 2Q222Q23Change6M226M23Change
Total passengers14,083.715,876.112.7%26,665.334,956.131.1%
Total cargo volume (in WLUs)677.0621.3(8.2%)1,303.61,253.7(3.8%)
Total WLUs14,760.716,497.411.8%27,968.936,209.829.5%
       
Aeronautical & non aeronautical services per passenger (pesos)400.6409.22.2%399.9371.8(7.0%)
Aeronautical services per WLU (pesos)292.9299.42.2%292.4275.3(5.8%)
Non aeronautical services per passenger (pesos)93.698.14.8%93.286.6(7.1%)
Cost of services per WLU (pesos)61.062.72.8%59.155.3(6.5%)
       
       

WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).

Alejandra Soto, Investor Relations and Social Responsibility Officerasoto@aeropuertosgap.com.mx
Gisela Murillo, Investor Relationsgmurillo@aeropuertosgap.com.mx/+52 33 3880 1100 ext. 20294