Grupo Aeroportuario del Pacifico Announces Results for the Third 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, Oct. 23, 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 third quarter ended September 30, 2023 (3Q23). 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 3Q23 vs. 3Q22

  • The sum of aeronautical and non-aeronautical services revenues increased by Ps. 549.4 million, or 9.5%. Total revenues increased by Ps. 640.9 million, or 9.4%.
  • Cost of services increased by Ps. 202.3 million, or 20.6%.
  • Income from operations increased by Ps. 152.7 million, or 4.4%.
  • EBITDA increased by Ps. 184.8 million, or 4.5%, an increase from Ps. 4,085.0 million in 3Q22 to Ps. 4,269.9 million in 3Q23. EBITDA margin (excluding the effects of IFRIC-12) went from 70.7% in 3Q22 to 67.5% in 3Q23.
  • Comprehensive income decreased by Ps. 105.3 million, or 4.0%, from Ps. 2,656.7 million in 3Q22 to Ps. 2,551.4 million in 3Q23.

Company’s Financial Position:
3Q23 results were positive compared to 3Q22, with an increase in aeronautical and non-aeronautical revenues, despite the 15.7% appreciation of the peso versus the U.S. dollar in the quarter, generating positive net cash flow from operating activities, which amounted to Ps. 4,115.9 million. The Company reported a financial position of cash and cash equivalents as of September 30, 2023, of Ps. 14,454.1 million. During 3Q23, the Company drawdown two credit lines for a combined total amount of US$70.0 million. The proceeds from these credit lines were used to acquire 100% of the shares of a real estate company within the Tijuana airport for USD$35.4 million and USD$30.0 million will be used for investment commitments in the MBJ airport.

Passenger Traffic

During 3Q23, total passengers at the Company’s 14 airports increased by 1,583.4 thousand passengers, an increase of 10.8%, compared to 3Q22.

During 3Q23, the following new routes were opened:

Domestic:

AirlineDepartureArrivalOpening dateFrequencies
Viva AerobusLa PazMazatlanJuly 1, 20232 weekly
Viva AerobusLos CabosCiudad JuarezJuly 1, 20232 weekly
Viva AerobusLos CabosQueretaroJuly 2, 20233 weekly
Viva AerobusLos CabosTorreonJuly 3, 20232 weekly
VolarisLos CabosQueretaroJuly 10, 20234 weekly
VolarisMexicaliChihuahuaJuly 10, 20233 weekly
VolarisMexicaliHermosilloJuly 10, 20232 weekly
VolarisHermosilloMexicaliJuly 10, 20232 weekly
VolarisGuanajuatoCiudad ObregonJuly 10, 20233 weekly
VolarisGuanajuatoCuliacanJuly 10, 20233 weekly
VolarisHermosilloGuanajuatoJuly 10, 20232 weekly
VolarisGuanajuatoLos MochisJuly 10, 20232 weekly
VolarisGuanajuatoTorreonJuly 10, 20233 weekly
VolarisGuanajuatoTuxtla GutierrezJuly 10, 20233 weekly
VolarisTijuanaVillahermosaJuly 10, 20232 weekly
VolarisMexicaliCiudad JuarezJuly 10, 20232 weekly
VolarisGuadalajaraLoretoJuly 11, 20232 weekly
VolarisMexicaliOaxacaJuly 11, 20232 weekly
VolarisMexicaliQueretaroJuly 11, 20232 weekly
VolarisGuanajuatoLa PazJuly 11, 20232 weekly
VolarisLa PazGuanajuatoJuly 11, 20232 weekly
VolarisLos MochisGuanajuatoJuly 11, 20232 weekly
Note: Frequencies can vary without prior notice.


AirlineDepartureArrivalOpening dateFrequencies
VolarisGuanajuatoOaxacaJuly 11, 20232 weekly
VolarisGuanajuatoVeracruzJuly 11, 20232 weekly
VolarisMexicaliLos MochisJuly 12, 20232 weekly
VolarisLos MochisMexicaliJuly 12, 20232 weekly
VolarisMexicaliTuxtla GutierrezJuly 12, 20232 weekly
VolarisHermosilloCancunJuly 13, 20232 weekly
VolarisHermosilloCiudad JuarezJuly 13, 20232 weekly
VolarisLos CabosMexicaliJuly 13, 20232 weekly
VolarisMexicaliLos CabosJuly 13, 20232 weekly
VolarisMexicaliPuerto VallartaJuly 13, 20232 weekly
VolarisPuerto VallartaMexicaliJuly 13, 20232 weekly
VolarisGuadalajaraCozumelJuly 13, 20232 weekly
VolarisGuadalajaraHuatulcoJuly 13, 20232 weekly
VolarisLa PazMonterreyJuly 13, 20232 weekly
VolarisGuanajuatoAcapulcoJuly 13, 20232 weekly
VolarisGuanajuatoMazatlanJuly 13, 20232 weekly
VolarisGuanajuatoZihuatanejoJuly 13, 20232 weekly
VolarisGuanajuatoHermosilloJuly 13, 20232 weekly
VolarisHermosilloCuliacanJuly 13, 20232 weekly
VolarisPuerto VallartaCuliacanJuly 13, 20232 weekly
Viva AerobusHermosilloFelipe AngelesJuly 14, 20234 weekly
VolarisGuadalajaraVillahermosaSeptember 22, 20231 weekly
Note: Frequencies can vary without prior notice.


Domestic Terminal Passengers – 14 airports (in thousands):

Airport3Q223Q23Change9M229M23Change
Guadalajara2,935.23,261.811.1%7,969.39,395.017.9%
Tijuana *2,151.22,448.313.8%5,973.16,751.613.0%
Los Cabos725.5832.514.8%1,869.82,244.220.0%
Puerto Vallarta753.4799.56.1%1,944.02,197.113.0%
Montego Bay0.00.00.0%0.00.0N/A
Guanajuato491.5662.934.9%1,300.71,729.533.0%
Hermosillo479.0556.816.2%1,343.61,552.415.5%
Kingston0.50.743.8%1.01.335.8%
Mexicali327.8447.636.5%918.71,174.827.9%
Morelia160.8221.137.5%474.3609.128.4%
La Paz274.0303.610.8%786.7814.23.5%
Aguascalientes171.2171.60.2%524.8478.6(8.8%)
Los Mochis103.4123.119.0%307.5336.29.4%
Manzanillo25.527.37.0%74.080.18.2%
Total8,599.19,856.814.6%23,487.427,364.016.5%
*Cross Border Xpress (CBX) users are classified as international passengers.


International Terminal Passengers – 14 airports (in thousands):

Airport3Q223Q23Change9M229M23Change
Guadalajara1,165.21,342.215.2%3,232.83,848.919.1%
Tijuana *1,113.51,093.9(1.8%)3,063.33,254.56.2%
Los Cabos1,001.1999.6(0.1%)3,310.43,603.18.8%
Puerto Vallarta652.8599.0(8.2%)2,587.62,863.810.7%
Montego Bay1,136.81,306.414.9%3,225.83,963.222.9%
Guanajuato210.5227.48.0%567.7645.513.7%
Hermosillo20.118.3(8.7%)58.555.0(6.0%)
Kingston497.8509.42.3%1,128.41,338.918.7%
Mexicali1.71.84.6%4.65.314.7%
Morelia130.7149.214.2%364.2444.021.9%
La Paz5.42.6(51.4%)19.210.3(46.0%)
Aguascalientes65.281.525.0%170.2214.325.9%
Los Mochis2.11.9(10.8%)5.85.4(7.6%)
Manzanillo11.16.5(41.5%)52.349.1(6.0%)
Total6,013.96,339.75.4%17,790.920,301.614.1%
*CBX users are classified as international passengers.


Total Terminal Passengers – 14 airports (in thousands):

Airport3Q223Q23Change9M229M23Change
Guadalajara4,100.44,604.012.3%11,202.113,243.918.2%
Tijuana *3,264.73,542.28.5%9,036.410,006.110.7%
Los Cabos1,726.51,832.16.1%5,180.35,847.312.9%
Puerto Vallarta1,406.21,398.5(0.5%)4,531.75,060.911.7%
Montego Bay1,136.81,306.414.9%3,225.83,963.222.9%
Guanajuato702.0890.226.8%1,868.42,375.027.1%
Hermosillo499.1575.215.2%1,402.11,607.514.6%
Kingston498.3510.12.4%1,129.41,340.318.7%
Mexicali329.5449.436.4%923.31,180.127.8%
Morelia291.5370.227.0%838.51,053.125.6%
La Paz279.4306.29.6%805.9824.52.3%
Aguascalientes236.4253.17.0%695.0692.9(0.3%)
Los Mochis105.5125.018.4%313.3341.69.0%
Manzanillo36.633.8(7.7%)126.3129.22.3%
Total14,613.016,196.510.8%41,278.347,665.615.5%
*CBX users are classified as international passengers.


CBX Users (in thousands):

Airport3Q223Q23Change9M229M23Change
Tijuana1,103.91,084.2(1.8%)3,038.53,226.96.2%
       


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

  3Q22  3Q23  Change 
Revenues   
Aeronautical services4,449,5044,812,2888.2%
Non-aeronautical services1,329,7931,516,38114.0%
Improvements to concession assets (IFRIC-12)972,7431,064,2869.4%
Total revenues6,752,0407,392,9559.5%
    
Operating costs   
Costs of services:980,9781,183,26820.6%
Employee costs357,283440,83623.4%
Maintenance147,757171,06315.8%
Safety, security & insurance146,102180,06623.2%
Utilities136,726141,3343.4%
Other operating expenses193,110249,96929.4%
    
Technical assistance fees189,598209,10910.3%
Concession taxes525,291671,39827.8%
Depreciation and amortization587,686619,7555.5%
Cost of improvements to concession assets (IFRIC-12)972,7431,064,2869.4%
Other (income)(1,610)(4,959)208.0%
Total operating costs3,254,6863,742,85715.0%
Income from operations3,497,3543,650,0984.4%
Financial Result(227,340)(544,187)139.4%
Income before income taxes 3,270,0143,105,911(5.0%)
Income taxes(607,303)(727,051)19.7%
Net income 2,662,7112,378,860(10.7%)
Currency translation effect(7,235)158,864(2295.8%)
Cash flow hedges, net of income tax1,15213,3981063.0%
Remeasurements of employee benefit – net income tax106318200.0%
Comprehensive income 2,656,7342,551,440(4.0%)
Non-controlling interest(58,841)(52,302)(11.1%)
Comprehensive income attributable to controlling interest2,597,8932,499,138(3.8%)
    
    
  3Q22  3Q23 Change
EBITDA4,085,0404,269,8534.5%
Comprehensive income2,656,7342,551,440(4.0%)
Comprehensive income per share (pesos)5.22455.0496(3.3%)
Comprehensive income per ADS (US dollars)3.00152.9010(3.3%)
    
Operating income margin51.8%49.4%(4.7%)
Operating income margin (excluding IFRIC-12)60.5%57.7%(4.7%)
EBITDA margin60.5%57.8%(4.5%)
EBITDA margin (excluding IFRIC-12)70.7%67.5%(4.5%)
Costs of services and improvements / total revenues28.9%30.4%5.1%
Cost of services / total revenues (excluding IFRIC-12)17.0%18.7%10.2%
    
- Net income and comprehensive income per share for 3Q23 and 3Q22 were calculated based on 505,277,464 shares outstanding as of September 30, 2023 and September 30, 2022, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 17.4064 per U.S. dollar (the noon buying rate on September 29, 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. 17.0601 per U.S. dollar for the three months ended September 30, 2023 was used.


Revenues (3Q23 vs. 3Q22)

  • Aeronautical services revenues increased by Ps. 362.8 million, or 8.2%.
  • Non-aeronautical services revenues increased by Ps. 186.6 million, or 14.0%.
  • Revenues from improvements to concession assets increased by Ps. 91.5 million, or 9.4%.
  • Total revenues increased by Ps. 640.9 million, or 9.5%.
  • The change in aeronautical services revenues was primarily due to the following factors:

    1. Revenues at our Mexican airports increased by Ps. 393.1 million, or 10.6%, compared to 3Q22, mainly due to the 10.8% increase in passenger traffic and the 99.0% compliance with the maximum tariffs.

    2. Revenues from Jamaican airports decreased by Ps. 30.3 million, or 4.1%, compared to 3Q22. This was mainly due to the 15.7% appreciation of the peso versus the U.S. dollar, compared to 3Q22, which went from an average exchange rate of Ps. 20.2403 in 3Q22 to Ps. 17.0601 in 3Q23, which represented a decrease in revenues in pesos. Revenues in U.S. dollars increased by USD$2.8 million or 24.6%. Passenger traffic increased by 11.1%.
  • The change in non-aeronautical services revenues was primarily driven by the following factors:

    1. Revenues at our Mexican airports increased by Ps. 174.2 million, or 16.0%, compared to 3Q22. Revenues from businesses operated by third parties increased by Ps. 66.6 million, or 9.4%, 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, and leasing of space, all of which increased by Ps. 92.9 million, or 20.2%, offset by a decrease in revenues from duty-free stores and time-shares by Ps. 20.4 million, combined, given that these contracts are in U.S. dollars and the peso appreciated by 15.7%. Revenues from businesses operated directly by us increased by Ps. 107.6 million, or 29.3%.

    2. Revenues from the Jamaican airports increased by Ps. 12.4 million, or 5.1%, compared to 3Q22. The business line that grew the most was duty-free stores, advertising, and financial services, which increased by Ps. 17.5 million, or 17.5%. These revenues were offset by a decrease in retail and other commercial revenues by Ps. 6.5 million. Revenues in U.S. dollars increased by US$ 2.9 million, or 24.7%, offset by an appreciation of the peso by 15.7% against the U.S. dollar compared to 3Q22.
 3Q223Q23Change
Businesses operated by third parties:   
Food and beverage203,903249,67122.4%
Duty-free194,142193,804(0.2%)
Retail154,788175,93313.7%
Car rentals136,692144,9396.0%
Leasing of space82,64697,17817.6%
Time shares59,59850,202(15.8%)
Ground transportation41,21333,902(17.7%)
Communications and financial services27,20028,7345.6%
Other commercial revenues29,44024,526(16.7%)
Total929,624998,8887.5%
    
Businesses operated directly by us:   
Car parking142,543186,94431.1%
VIP lounges94,392105,87012.2%
Convenience stores86,073128,14748.9%
Advertising20,34441,696105.0%
Total343,353462,65734.7%
Recovery of costs56,81654,835(3.5%)
Total Non-aeronautical Revenues 1,329,7931,516,38114.0%
 
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. 91.5 million, or 9.4%, compared to 3Q22. The change was composed of:

    1. Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 81.4 million, or 8.5%, 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. 10.1 million, or 59.2%.

_____________________________
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. 488.2 million, or 15.0%, compared to 3Q22, mainly due to the increase from costs of improvements to concession assets (IFRIC-12) by Ps. 91.5 million, a combined increase of Ps. 165.6 million, or 23.2%, in concession taxes and technical assistance fees, an increase in the cost of services of Ps. 202.3 million, or 20.6%, and a Ps. 32.1 million, or 5.5%, increase in depreciation and amortization (excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 396.6 million, or 17.4%).

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

Mexican airports:

  • Operating costs increased by Ps. 352.3 million, or 13.5%, compared to 3Q22, primarily due to a Ps. 81.4 million, or 8.5%, increase in the cost of improvements to the concession assets (IFRIC-12), Ps. 196.7 million, or 25.2%, increase in the cost of services, a combined Ps. 40.1 million, or 9.6%, increase in technical assistance fees and concession taxes, and a Ps. 39.5 million, or 8.6%, increase in depreciation and amortization (excluding the cost of improvements to the concession assets, operating costs increased by Ps. 270.8 million or 16.4%).

The change in the cost of services during 3Q23 was mainly due to:

  • Employee costs increased Ps. 81.6 million, or 26.6%, compared to 3Q22, mainly due to the hiring of 317 additional personnel during the last quarter of 2022 and during the first nine months of 2023, 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. 59.6 million, or 36.5%, compared to 3Q22, mainly due to a combined increase of Ps. 53.1 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, as well as the increase in FBO services, professional fees, and travel expenses.
  • Safety, security, and insurance costs increased Ps. 25.5 million, or 23.8%, compared to 3Q22, 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. 15.2 million, or 17.5%.

Jamaican Airports:

  • Operating costs increased by Ps. 135.9 million, or 21.1%, compared to 3Q22, mainly due to a Ps. 125.5 million, or 42.3%, increase in concession taxes, an increase in the cost of improvements to concession assets (IFRIC-12) by Ps.10.1 million, or 59.2%, and an increase in the cost of services by Ps. 5.6 million, or 2.8%, offset by the decrease in the depreciation and amortization by Ps. 7.4 million, or 5.8%.

Operating income margin went from 51.8% in 3Q22 to 49.4% in 3Q23. Excluding the effects of IFRIC-12, the operating income margin went from 60.5% in 3Q22 to 57.7% in 3Q23. Income from operations increased by Ps. 152.7 million, or 4.4%, compared to 3Q22.

EBITDA margin went from 60.5% in 3Q22 to 57.8% in 3Q23. Excluding the effects of IFRIC-12, EBITDA margin went from 70.7% in 3Q22 to 67.5% in 3Q23. The nominal value of EBITDA increased by Ps. 184.8 million, or 4.5%, compared to 3Q22.

Financial result increased by Ps. 316.9 million, or 139.4%, from a net expense of Ps. 227.3 million in 3Q22 to a net expense of Ps. 544.2 million in 3Q23. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from an income of Ps. 208.1 million in 3Q22 to an income of Ps. 170.3 million in 3Q23. This generated a foreign exchange loss of Ps. 37.9 million. This was mainly due to the appreciation of the peso. The currency translation effect income increased Ps. 166.1 million, compared to 3Q22.

  • Interest expenses increased by Ps. 413.4 million, or 64.6%, compared to 3Q22, 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. 134.4 million, or 65.2%, compared to 3Q22, mainly due to an increase in the reference interest rates.

In 3Q23, comprehensive income decreased by Ps. 105.3 million, or 4.0%, compared to 3Q22. Income before taxes decreased by Ps. 164.1 million, mainly due to the increase in the financial result of Ps. 316.9 million and the decrease in revenues in dollars due to the appreciation of the peso by 15.7%, an effect offset by the increase in income from the currency translation effect in Ps. 166.1 million.

During 3Q23, net income decreased by Ps. 283.9 million, or 10.7%, compared to 3Q22. Taxes for the period increased by Ps. 119.7 million, income taxes increased by Ps. 3.3 million and the benefit for deferred taxes decreased by Ps. 116.4 million, mainly due to a decrease in the inflation rate, from 2.2% in 3Q22 to 1.4% in 3Q23.

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

  9M22  9M23  Change 
Revenues   
Aeronautical services12,626,70214,780,64317.1%
Non-aeronautical services3,815,8304,544,24919.1%
Improvements to concession assets (IFRIC-12)2,932,1914,767,62462.6%
Total revenues19,374,72324,092,51524.4%
    
Operating costs   
Costs of services:2,634,9693,184,43420.9%
Employee costs996,5561,273,00927.7%
Maintenance434,004478,06110.2%
Safety, security & insurance408,919503,02023.0%
Utilities352,376363,9973.3%
Other operating expenses443,114566,34727.8%
    
Technical assistance fees553,970651,82617.7%
Concession taxes1,398,5151,938,01938.6%
Depreciation and amortization1,715,3331,858,9808.4%
Cost of improvements to concession assets (IFRIC-12)2,932,1914,767,62462.6%
Other (income)(20,082)7,837(139.0%)
Total operating costs9,214,89512,408,72134.7%
Income from operations10,159,82811,683,79415.0%
Financial Result(788,405)(1,726,623)119.0%
Income before income taxes 9,371,4249,957,1716.3%
Income taxes(2,016,627)(2,524,654)25.2%
Net income 7,354,7967,432,5171.1%
Currency translation effect(346,786)(655,718)89.1%
Cash flow hedges, net of income tax138,539(24,353)(117.6%)
Remeasurements of employee benefit – net income tax311917194.9%
Comprehensive income 7,146,8606,753,363(5.5%)
Non-controlling interest(129,498)(60,519)(53.3%)
Comprehensive income attributable to controlling interest7,017,3626,692,844(4.6%)
    
    
  9M22  9M23 Change
EBITDA11,875,16113,542,77514.0%
Comprehensive income7,146,8606,753,363(5.5%)
Comprehensive income per share (pesos)14.054513.3657(4.9%)
Comprehensive income per ADS (US dollars)8.07437.6786(4.9%)
    
Operating income margin52.4%48.5%(7.5%)
Operating income margin (excluding IFRIC-12)61.8%60.5%(2.2%)
EBITDA margin61.3%56.2%(8.3%)
EBITDA margin (excluding IFRIC-12)72.2%70.1%(3.0%)
Costs of services and improvements / total revenues28.7%33.0%14.9%
Cost of services / total revenues (excluding IFRIC-12)16.0%16.5%2.8%
    
- Net income and comprehensive income per share for 9M23 and 9M22 were calculated based on 505,277,464 shares outstanding as of September 30, 2023. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 17.4064 per U.S. dollar (the noon buying rate on September 29, 2023, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of the airports in Jamaica, the average nine-month exchange rate of Ps. 17.8282 per U.S. dollar for the nine months ended September 30, 2023, was used.


Revenues (9M23 vs. 9M22)

  • Aeronautical services revenues increased by Ps. 2,153.9 million, or 17.1%.
  • Non-aeronautical services revenues increased by Ps. 728.4 million, or 19.1%.
  • Revenues from improvements to concession assets increased by Ps. 1,835.4 million, or 62.6%.
  • Total revenues increased by Ps. 4,717.8 million, or 24.4%.
  • The change in aeronautical services revenues was composed primarily of the following factors:

    1. Revenues at our Mexican airports increased by Ps. 1,975.8 million, or 18.5%, compared to 9M22, mainly due to the 14.7% increase in passenger traffic, as well as 99.0% compliance with the maximum tariffs.

    2. Revenues from Jamaican airports increased by Ps. 178.1 million, or 9.0%, compared to 9M22. This was mainly due to the 21.8% increase in passenger traffic but offset by the appreciation of the peso against the U.S. dollar compared to 9M22 of 12.0%, which went from an average exchange rate of Ps. 20.2682 in 9M22 to Ps. 17.8282 in 9M23, 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. 640.8 million, or 20.4%, compared to 9M22. Revenues from businesses operated directly by us increased by Ps. 335.0 million, or 36.1%, while the recovery of costs increased by Ps. 4.8 million, or 3.9%. Revenues from businesses operated by third parties increased by Ps. 301.0 million, or 14.4%. 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, and car rentals, which jointly increased by Ps. 296.5 million, or 22.3%. Commercial revenues in U.S. dollars represent 25% of non-aeronautical revenues, therefore the appreciation of the peso during 9M23 affected that revenue by approximately 3.3%.

    2. Revenues from the Jamaican airports increased by Ps. 87.6 million, or 13.0%, compared to 9M22. The business lines that increased the most were duty-free stores, retail, food and beverage, advertising, parking lots, and leasing of space, which jointly increased by Ps. 105.0 million, or 18.5%. These revenues were offset by a decrease in other commercial revenues by Ps. 17.8 million. Revenues in U.S. dollars increased by US$9.5 million, or 28.5%.
 9M229M23Change
Businesses operated by third parties:   
Food and beverage577,652748,36129.6%
Duty-free535,938583,8248.9%
Retail451,440531,70317.8%
Car rentals398,902427,8027.2%
Leasing of space225,799270,51319.8%
Time shares178,968166,585(6.9%)
Ground transportation126,464132,3074.6%
Communications and financial services78,15188,24012.9%
Other commercial revenues125,793112,188(10.8%)
Total2,699,1083,061,52313.4%
    
Businesses operated directly by us:   
Car parking394,652528,00533.8%
VIP lounges269,458319,84818.7%
Advertising229,063359,90157.1%
Convenience stores57,585105,81583.8%
Total950,7581,313,56838.2%
Recovery of costs165,964169,1571.9%
Total Non-aeronautical Revenues 3,815,8304,544,24919.1%
    
Figures expressed in thousands of Mexican pesos.


  • Revenues from improvements to concession assets2
    Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 1,835.4 million, or 62.6%, compared to 9M22. The change was composed primarily of:

    1. The Company’s Mexican airports, which increased by Ps. 1,820.7 million, or 63.6%, 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. 14.7 million, or 21.0%.

_____________________________
[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. 3,193.8 million, or 34.7%, compared to 9M22, mainly due to a Ps. 1,835.4 million, or 62.6% increase in the cost of improvements to the concession assets (IFRIC-12), a combined Ps. 637.4 million, or 32.6%, increase in concession taxes and technical assistance fees, a Ps. 549.5 million, or 20.9%, increase in cost of services, and a Ps. 143.6 million, or 8.4%, increase in depreciation and amortization (excluding the cost of improvements to concession assets, operating costs increased Ps. 1,358.4 million, or 21.6%).

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

Mexican Airports:

  • Operating costs increased by Ps. 2,759.4 million, or 36.9%, compared to 9M22, primarily due to a Ps. 1,820.7 million, or 63.6%, increase in the cost of improvements to the concession assets (IFRIC-12), a Ps. 570.4 million, or 27.6%, increase in cost of services, a combined Ps. 210.9 million, or 17.4%, increase in technical assistance fees and concession taxes, a Ps. 145.0 million, or 10.8%, increase in depreciation and amortization, (excluding the cost of improvements to the concession assets, operating costs increased by Ps. 938.7 million or 20.4%).

The change in the cost of services during 9M23 was mainly due to:

  • Employee costs increased Ps. 279.8 million, or 33.3%, compared to 9M22, mainly due to the hiring of additional personnel as well as the adjustments in salaries and changes in Labor Law.
  • Other operating expenses increased Ps. 126.8 million, or 33.7%, compared to 9M22, mainly due to a combined increase of Ps. 112.4 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, as well as FBO services, the allowance for credit losses, and travel expenses.
  • Safety, security and insurance costs increased Ps. 86.0 million, or 28.7%, compared to 9M22, 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. 44.2 million, or 21.2%, compared to 9M22.

Jamaican Airports:

  • Operating costs increased by Ps. 434.4 million, or 24.9%, compared to 9M22, mainly due to a Ps. 426.5 million, or 57.7%, increase in concession taxes, a Ps. 14.7 million or 21.0%, increase in cost of improvements to concession assets (IFRIC-12), offset by the decrease in cost of services by Ps. 20.9 million, or 3.7%, and the depreciation and amortization by Ps. 1.4 million, or 0.4%, mainly due to the appreciation of the peso by 12.0%, which represented a decrease in the cost in pesos.

Operating margin went from 52.4% in 9M22 to 48.5% in 9M23. Excluding the effects of IFRIC-12, operating margin went from 61.8% in 9M22 to 60.5% in 9M23. Operating income increased Ps. 1,524.0 million, or 15.0%, compared to 9M22.

EBITDA margin went from 61.3% in 9M22 to 56.2% in 9M23. Excluding the effects of IFRIC-12, EBITDA margin went from 72.2% in 9M22 to 70.1% in 9M23. The nominal value of EBITDA increased Ps. 1,667.6 million, or 14.0%, compared to 9M22.

Financial cost increased by Ps. 938.2 million, or 119.0%, from a net expense of Ps. 788.4 million in 9M22 to a net expense of Ps. 1,726.6 million in 9M23. This change was mainly the result of:

  • Foreign exchange rate fluctuation, which went from an income of Ps. 342.0 million in 9M22 to a loss of Ps. 186.3 million in 9M23. This generated an increase in the foreign exchange loss of Ps. 528.3 million, due to the peso appreciation. Currency translation effect expense increased Ps. 308.9 million, compared to 9M22.

  • Interest expenses increased by Ps. 942.9 million, or 55.4%, compared to 9M22, 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. 533.0 million, or 92.6%, compared to 9M22, mainly due to an increase in the reference interest rates.

In 9M23, comprehensive income decreased by Ps. 393.5 million, or 5.5%, compared to 9M22. Income before taxes increased by Ps. 585.7 million, mainly due to the increase in traffic and the commercial strategy. This growth generated an increase in income taxes of Ps. 508.0 million. However, net and comprehensive income decreased mainly due to the decrease of the effect of foreign currency translation in Ps. 308.9 million, and a decrease in cash flow hedges for Ps. 162.9 million.

During 9M23, net income increased by Ps. 77.7 million, or 1.1%, compared to 9M22. Taxes for the period increased by Ps. 508.0 million, income taxes increased by Ps. 157.2 million, and the benefit for deferred taxes decreased by Ps. 350.8 million, mainly due to a decrease in the inflation rate, from 6.2% in 9M22 to 2.9% in 9M23.

Statement of Financial Position

Total assets as of September 30, 2023 increased by Ps. 7,143.0 million compared to September 30, 2022, primarily due to the following items: (i) a Ps. 8,620.7 million increase in net improvements to concession assets; (ii) a Ps. 194.8 million increase in account receivables; and (iii) a Ps. 140.7 million combined increase in net machinery, equipment, and leasehold improvements, and advances to suppliers. This increase was partially offset by a decrease of: (i) Ps. 1,703.5 million in cash and cash equivalents, among others.

Total liabilities as of September 30, 2023, increased by Ps. 6,190.2 million compared to September 30, 2022. This increase was primarily due to the following items: (i) issuance of Ps. 2,498.0 million (net) in long-term debt securities, and (ii) Ps. 4,403.5 million in bank loans. This increase was partially offset by decrease of: (i) Ps. 663.5 million in accounts payable, and (ii) Ps. 164.6 million deferred taxes, among others.

Recent events

On September 3, 2023, the Company made the second and final drawdown for US$30.0 million in its subsidiary MBJ Airports Limited (MBJA) of the credit line for US$60.0 million, the loan has a five year term, with a monthly interest rate of SOFR plus 310 basis points and payment of 10% of principal in month 54, and the 90% at maturity.

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 involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.


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

Airport 3Q22  3Q23 Change 9M22  9M23 Change
Guadalajara      
Aeronautical services1,225,5451,384,71013.0%3,296,8474,044,71022.7%
Non-aeronautical services222,509263,08218.2%644,738760,36017.9%
Improvements to concession assets (IFRIC 12)499,97442,989(91.4%)1,499,9211,700,45713.4%
Total Revenues1,948,0281,690,782(13.2%)5,441,5066,505,52619.6%
Operating income1,068,3331,250,81817.1%2,799,4353,503,29725.1%
EBITDA1,170,7221,365,12616.6%3,129,6483,844,39822.8%
       
Tijuana      
Aeronautical services698,222784,50412.4%1,893,7732,203,79816.4%
Non-aeronautical services139,450166,71419.6%389,554469,31820.5%
Improvements to concession assets (IFRIC 12)85,505140,83664.7%256,516422,50964.7%
Total Revenues923,1791,092,05418.3%2,539,8443,095,62521.9%
Operating income574,981634,62310.4%1,559,0641,718,78210.2%
EBITDA664,549735,93310.7%1,807,0502,017,21111.6%
       
Los Cabos      
Aeronautical services654,908680,6733.9%2,001,2372,287,81514.3%
Non-aeronautical services271,777261,808(3.7%)811,070867,8877.0%
Improvements to concession assets (IFRIC 12)63,265249,608294.5%189,796748,823294.5%
Total Revenues989,9511,192,08920.4%3,002,1033,904,52530.1%
Operating income645,831635,646(1.6%)2,011,9902,200,2499.4%
EBITDA721,192717,482(0.5%)2,236,7062,444,3889.3%
       
Puerto Vallarta      
Aeronautical services484,214463,874(4.2%)1,662,3211,921,18015.6%
Non-aeronautical services125,788119,673(4.9%)399,623432,0698.1%
Improvements to concession assets (IFRIC 12)199,303403,557102.5%597,9091,210,671102.5%
Total Revenues809,305987,10422.0%2,659,8533,563,92134.0%
Operating income382,371409,1307.0%1,477,1121,651,57711.8%
EBITDA430,801463,4007.6%1,620,9061,815,86412.0%
       
Montego Bay      
Aeronautical services442,173433,702(1.9%)1,276,7881,390,6968.9%
Non-aeronautical services182,776199,1519.0%514,116597,73416.3%
Improvements to concession assets (IFRIC 12)17,09623,98840.3%70,20279,02912.6%
Total Revenues642,047656,8412.3%1,861,1082,067,45911.1%
Operating income392,948176,139(55.2%)951,245712,829(25.1%)
EBITDA491,828289,301(41.2%)1,293,0841,065,396(17.6%)


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

Airport 3Q22  3Q23 Change 9M22  9M23 Change
Guanajuato      
Aeronautical services209,488263,73225.9%548,502706,74028.8%
Non-aeronautical services39,73546,31616.6%113,305135,79319.8%
Improvements to concession assets (IFRIC 12)10,64770,722564.3%31,941212,167564.3%
Total Revenues259,869380,77146.5%693,7481,054,69952.0%
Operating income172,122221,18728.5%437,932580,17732.5%
EBITDA191,568243,15026.9%498,264646,40229.7%
       
Hermosillo      
Aeronautical services118,428139,36417.7%328,931382,87316.4%
Non-aeronautical services20,04725,32426.3%55,96868,09321.7%
Improvements to concession assets (IFRIC 12)16,89714,439(14.5%)50,69043,318(14.5%)
Total Revenues155,371179,12715.3%435,590494,28513.5%
Operating income70,40684,89720.6%198,014230,71816.5%
EBITDA91,113109,89320.6%262,040304,78516.3%
       
Others (1)      
Aeronautical services616,526661,7297.3%1,618,3011,842,83113.9%
Non-aeronautical services112,988112,098(0.8%)309,744327,3815.7%
Improvements to concession assets (IFRIC 12)80,056118,14547.6%235,216350,64949.1%
Total Revenues809,570891,97410.2%2,163,2622,520,86216.5%
Operating income188,146235,32125.1%530,818612,50115.4%
EBITDA256,451317,32423.7%741,531858,56215.8%
       
Total       
Aeronautical services4,449,5044,812,2888.2%12,626,70114,780,64317.1%
Non-aeronautical services1,115,0701,194,1677.1%3,238,1203,658,63613.0%
Improvements to concession assets (IFRIC 12)972,7431,064,2869.4%2,932,1914,767,62462.6%
Total Revenues6,537,3177,070,7418.2%18,797,01323,206,90323.5%
Operating income3,495,1363,647,7594.4%9,965,60911,210,13012.5%
EBITDA4,018,2254,241,6075.6%11,589,23012,997,00512.1%
       
(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 September 30 (in thousands of pesos):

 20222023Change %
Assets    
Current assets    
Cash and cash equivalents16,157,56714,454,072(1,703,495)(10.5%)
Trade accounts receivable - Net1,867,4422,062,286194,84410.4%
Other current assets751,6171,328,135576,51876.7%
Total current assets18,776,62617,844,493(932,133)(5.0%)
     
Advanced payments to suppliers2,009,1552,058,76349,6082.5%
Machinery, equipment and improvements to leased buildings - Net3,707,7123,798,78091,0682.5%
Improvements to concession assets - Net18,524,22827,144,8918,620,66346.5%
Airport concessions - Net9,950,0679,023,473(926,594)(9.3%)
Rights to use airport facilities - Net1,153,3591,079,962(73,397)(6.4%)
Deferred income taxes - Net6,668,2077,053,371385,1645.8%
Other non-current assets672,900601,549(71,351)(10.6%)
Total assets61,462,25568,605,2827,143,02711.6%
     
Liabilities     
Current liabilities10,397,30814,617,5814,220,27440.6%
Long-term liabilities32,934,71534,904,6111,969,8966.0%
Total liabilities43,332,02349,522,1936,190,17014.3%
     
Stockholders' Equity    
Common stock8,197,5368,197,536-0.0%
Legal reserve34,076478,185444,1091303.3%
Net income7,225,1117,317,42492,3131.3%
Retained earnings136,704244,656107,95279.0%
Reserve for share repurchase2,499,4731,500,000(999,473)(40.0%)
Repurchased shares(1,999,987)-1,999,987(100.0%)
Foreign currency translation reserve687,735(25,610)(713,345)(103.7%)
Remeasurements of employee benefit – Net5,52214,9319,409170.4%
Cash flow hedges- Net168,095106,269(61,826)-36.8
Total controlling interest16,954,26517,833,391879,1265.2%
Non-controlling interest1,175,9671,249,69873,7316.3%
Total stockholder's equity18,130,23219,083,089952,8575.3%
     
Total liabilities and stockholders' equity61,462,25568,605,2827,143,02711.6%
     
 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):

  3Q22  3Q23 Change 9M22  9M23 Change
Cash flows from operating activities:      
Consolidated net income2,662,7112,378,860(10.7%)7,354,7977,432,5171.1%
       
Postemployment benefit costs8,79011,23627.8%25,92233,68730.0%
Allowance expected credit loss29,65621,969(25.9%)25,81128,3659.9%
Depreciation and amortization587,686619,7555.5%1,715,3331,858,9808.4%
Loss on sale of machinery, equipment and improvements to leased assets1,513(535)(135.4%)3,872149(96.2%)
Interest expense613,935986,02960.6%1,658,2232,796,63468.7%
Provisions5,0846,17121.4%17,46318,0763.5%
Income tax expense607,303727,05119.7%2,016,6272,524,65425.2%
Unrealized exchange loss(107,973)43,389(140.2%)(289,485)(283,740)(2.0%)
Net (gain) on derivative financial instruments---(6,933)-(100.0%)
 4,408,7054,793,9258.7%12,521,62914,409,32215.1%
Changes in working capital:      
(Increase) decrease in      
Trade accounts receivable71,41987,77022.9%(179,225)252,147(240.7%)
Recoverable tax on assets and other assets(142,941)(20,127)(85.9%)296,101(212,579)(171.8%)
Increase (decrease)      
Concession taxes payable(78,125)51,630(166.1%)(116,187)167,794(244.4%)
Accounts payable308,718244,821(20.7%)245,002(116,841)(147.7%)
Cash generated by operating activities4,567,7765,158,01912.9%12,767,31914,499,84313.6%
Income taxes paid(821,292)(839,157)2.2%(3,584,700)(3,619,209)1.0%
Net cash flows provided by operating activities3,746,4844,318,86215.3%9,182,61910,880,63418.5%
       
Cash flows from investing activities:      
Machinery, equipment and improvements to concession assets(2,396,581)(2,008,933)(16.2%)(5,492,216)(7,643,301)39.2%
Cash flows from sales of machinery and equipment1,621951(41.3%)1,9041,793(5.8%)
Other investment activities(53,358)(51,418)(3.6%)(81,577)(35,451)(56.5%)
Business acquisition-(614,792)100.0%-(614,792)100.0%
Net cash used by investment activities(2,448,318)(2,674,192)9.2%(5,571,889)(8,291,751)48.8%
       
Cash flows from financing activities:      
Dividends declared and paid-(1,874,579)100.0%(3,675,745)(3,749,159)2.0%
Dividends declared and paid non-controlling interest--0.0%(155,052)-100.0%
Bond certificates issued2,757,588-(100.0%)7,757,5885,400,000(30.4%)
Bond certificates paid--0.0%(1,500,000)(602,000)(59.9%)
Bank loans paid-1,536100.0%(3,959,077)(71,313)(98.2%)
Banks loans-1,221,118100.0%3,872,7832,221,118(42.6%)
Repurchase of shares(924,284)-(100.0%)(1,999,987)-(100.0%)
Interest paid(583,027)(1,352,659)132.0%(1,524,509)(3,027,929)98.6%
Interest paid on lease(1,403)(1,239)(11.7%)(4,065)(3,657)(10.0%)
Payments of obligations for leasing(4,221)(4,740)12.3%(11,924)(13,064)9.6%
Net cash flows used in financing activities1,244,653(2,010,563)(261.5%)(1,199,988)153,998(112.8%)
       
Effects of exchange rate changes on cash held125,186(100,987)(180.7%)413,947(660,273)(259.5%)
Net increase (decrease) in cash and cash equivalents2,668,005(466,880)(117.5%)2,824,6912,082,608(26.3%)
Cash and cash equivalents at beginning of the period13,489,56214,920,95210.6%13,332,87712,371,464(7.2%)
Cash and cash equivalents at the end of the period16,157,56714,454,072(10.5%)16,157,56714,454,072(10.5%)


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

  3Q22  3Q23  Change  9M22  9M23  Change 
Revenues      
Aeronautical services4,449,5044,812,2888.2%12,626,70214,780,64317.1%
Non-aeronautical services1,329,7931,516,38114.0%3,815,8304,544,24919.1%
Improvements to concession assets (IFRIC-12)972,7431,064,2869.4%2,932,1914,767,62462.6%
Total revenues6,752,0407,392,9559.5%19,374,72324,092,51524.4%
       
Operating costs      
Costs of services:980,9781,183,26820.6%2,634,9693,184,43420.9%
Employee costs357,283440,83623.4%996,5561,273,00927.7%
Maintenance147,757171,06315.8%434,004478,06110.2%
Safety, security & insurance146,102180,06623.2%408,919503,02023.0%
Utilities136,726141,3343.4%352,376363,9973.3%
Other operating expenses193,110249,96929.4%443,114566,34727.8%
       
Technical assistance fees189,598209,10910.3%553,970651,82617.7%
Concession taxes525,291671,39827.8%1,398,5151,938,01938.6%
Depreciation and amortization587,686619,7555.5%1,715,3331,858,9808.4%
Cost of improvements to concession assets (IFRIC-12)972,7431,064,2869.4%2,932,1914,767,62462.6%
Other (income)(1,610)(4,959)208.0%(20,082)7,837(139.0%)
Total operating costs3,254,6863,742,85715.0%9,214,89512,408,72134.7%
Income from operations3,497,3543,650,0984.4%10,159,82811,683,79415.0%
Financial Result(227,340)(544,187)139.4%(788,405)(1,726,623)119.0%
Income before income taxes 3,270,0143,105,911(5.0%)9,371,4249,957,1716.3%
Income taxes(607,303)(727,051)19.7%(2,016,627)(2,524,654)25.2%
Net income 2,662,7112,378,860(10.7%)7,354,7967,432,5171.1%
Currency translation effect(7,235)158,864(2295.8%)(346,786)(655,718)89.1%
Cash flow hedges, net of income tax1,15213,3981063.0%138,539(24,353)(117.6%)
Remeasurements of employee benefit – net income tax106318200.0%311917194.9%
Comprehensive income 2,656,7342,551,440(4.0%)7,146,8606,753,363(5.5%)
Non-controlling interest(58,841)(52,302)(11.1%)(129,498)(60,519)(53.3%)
Comprehensive income attributable to controlling interest2,597,8932,499,138(3.8%)7,017,3626,692,844(4.6%)
       
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 Shares Retained Earnings  Other comprehensive income  Total controlling interest  Non-controlling interest Total Stockholders' Equity
Balance as of January 1, 2022170,3811,592,5515,531,292(3,000,036)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----(7,351,490)-(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---(1,999,987)--(1,999,987)-(1,999,987)
Comprehensive income:         
Net income----7,225,111-7,225,111.00129,685.007,354,797.00
Foreign currency translation reserve-----(346,599)(346,599)(187)(346,786)
Remeasurements of employee benefit – Net-----311311-311
Reserve for cash flow hedges – Net of income tax-----138,539138,539-138,539
Balance as of September 30, 20228,197,53634,0762,499,473(1,999,987)7,361,815861,35316,954,2651,175,96718,130,239
          
Balance as of January 1, 20238,197,53634,0762,499,473(1,999,987)9,187,597720,17118,638,8661,189,17919,828,045
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----7,317,424-7,317,424115,0937,432,517
Foreign currency translation reserve-----(601,144)(601,144)(54,574)(655,718)
Remeasurements of employee benefit – Net-----917917-917
Reserve for cash flow hedges – Net of income tax-----(24,353)(24,353)-(24,353)
Balance as of September 30, 20238,197,536478,1851,500,000-7,562,08095,59017,833,3901,249,69819,083,089
          
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:

 3Q223Q23Change9M229M23Change
Total passengers14,613.116,196.510.8%41,278.347,665.615.5%
Total cargo volume (in WLUs)613.0615.30.4%1,916.61,869.0(2.5%)
Total WLUs15,226.116,811.710.4%43,194.949,534.614.7%
       
Aeronautical & non aeronautical services per passenger (pesos)395.5390.7(1.2%)398.3405.41.8%
Aeronautical services per WLU (pesos)292.2286.2(2.0%)292.3298.42.1%
Non aeronautical services per passenger (pesos)91.093.62.9%92.495.33.1%
Cost of services per WLU (pesos)64.470.49.3%61.064.35.4%
       
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 gmurillo@aeropuertosgap.com.mx/+52 33 3880 1100 ext. 20294