GUADALAJARA, Mexico, Feb. 26, 2024 (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 fourth quarter ended December 31, 2023 (4Q23). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
Summary of Results 4Q23 vs. 4Q22
- The sum of aeronautical and non-aeronautical services revenues increased by Ps. 16.5 million, or 0.3%. Total revenues increased by Ps. 1,126.0 million, or 14.1%.
- Cost of services increased by Ps. 49.6 million, or 4.3%.
- Income from operations decreased by Ps. 199.4 million, or 5.5%.
- EBITDA decreased by Ps. 110.7 million, or 2.6%, a decrease from Ps. 4,252.4 million in 4Q22 to Ps. 4,141.6 million in 4Q23. EBITDA margin (excluding the effects of IFRIC-12) went from 69.8% in 4Q22 to 67.8% in 4Q23.
- Comprehensive income increased by Ps. 296.6 million, or 17.9%, from Ps. 1,660.1 million in 4Q22 to Ps. 1,956.7 million in 4Q23.
Company’s Financial Position:
4Q23 results were positive compared to 4Q22, with an increase in aeronautical and non-aeronautical revenues, despite the 10.7% appreciation of the peso versus the U.S. dollar in the quarter, generating positive net cash flow from operating activities, which amounted to Ps. 3,054.2 million, a decrease of 8.5%. The Company reported a financial position of cash and cash equivalents as of December 31, 2023, of Ps. 10,055.2 million. During 4Q23, the Company drew down a credit line of Ps. 1,500.0 million from Banco Santander México, S.A. The proceeds were used to refinance the credit with Scotiabank Inverlat for the same amount.
Passenger Traffic
During 4Q23, total passengers at the Company’s 14 airports increased by 380.9 thousand passengers, an increase of 2.5%, compared to 4Q22.
During 4Q23, the following new routes were opened:
| Domestic: | ||||
| Airline | Departure | Arrival | Opening date | Frequencies |
| Aeromexico | Aguascalientes | Felipe Angeles | October 5, 2023 | 1 daily |
| Aeromexico | Guanajuato | Felipe Angeles | October 5, 2023 | 1 daily |
| Viva Aerobus | Tijuana | Puebla | October 20, 2023 | 5 weekly |
| Viva Aerobus | Guadalajara | Felipe Angeles | December 9, 2023 | 2 daily |
| Viva Aerobus | Guadalajara | Tulum | December 16, 2023 | 3 weekly |
| Viva Aerobus | Tijuana | Tulum | December 17, 2023 | 3 weekly |
| Viva Aerobus | La Paz | Monterrey | December 23, 2023 | 2 weekly |
| Note: Frequencies can vary without prior notice. | ||||
| International | ||||
| Airline | Departure | Arrival | Opening date | Frequencies |
| Southwest | Montego Bay | Kansas City | October 7, 2023 | 1 weekly |
| Southwest | Los Cabos | Kansas City | October 7, 2023 | 1 weekly |
| Flair | Puerto Vallarta | Toronto | October 29, 2023 | 4 weekly |
| Flair | Puerto Vallarta | Calgary | November 1, 2023 | 6 weekly |
| United Airlines | Montego Bay | Denver | November 4, 2023 | 1 weekly |
| WestJet | Los Cabos | Victoria | November 9, 2023 | 1 weekly |
| Air Canada | Los Cabos | Montreal | December 1, 2023 | 1 weekly |
| Norse Atlantic UK | Montego Bay | London Gatwick | December 1, 2023 | 4 weekly |
| WestJet | Los Cabos | Abbotsford | December 4, 2023 | 1 weekly |
| Viva Aerobus | Bajío | Dallas Fort Worth | December 8, 2023 | 3 weekly |
| WestJet | Puerto Vallarta | Abbotsford | December 9, 2023 | 1 weekly |
| Jetlines Canada | Montego Bay | Toronto | December 9, 2023 | 3 weekly |
| Alaska | Puerto Vallarta | Las Vegas | December 14, 2023 | 4 weekly |
| Alaska | Los Cabos | Las Vegas | December 15, 2023 | 4 weekly |
| WestJet | Puerto Vallarta | Prince George | December 16, 2023 | 1 weekly |
| Flair | Puerto Vallarta | Kitchener-Waterloo | December 16, 2023 | 3 weekly |
| Note: Frequencies can vary without prior notice. | ||||
| Domestic Terminal Passengers – 14 airports (in thousands): | |||||||||
| Airport | 4Q22 | 4Q23 | Change | 2022 | 2023 | Change | |||
| Guadalajara | 3,185.9 | 3,107.8 | (2.5 | %) | 11,155.2 | 12,502.9 | 12.1 | % | |
| Tijuana * | 2,129.8 | 2,118.8 | (0.5 | %) | 8,102.9 | 8,870.4 | 9.5 | % | |
| Los Cabos | 708.0 | 721.5 | 1.9 | % | 2,577.8 | 2,965.7 | 15.0 | % | |
| Puerto Vallarta | 710.5 | 663.0 | (6.7 | %) | 2,654.5 | 2,860.1 | 7.7 | % | |
| Montego Bay | 0.0 | 0.2 | 0.0 | % | 0.0 | 0.2 | 0.0 | % | |
| Guanajuato | 528.0 | 616.1 | 16.7 | % | 1,828.7 | 2,345.6 | 28.3 | % | |
| Hermosillo | 523.7 | 561.9 | 7.3 | % | 1,867.2 | 2,114.3 | 13.2 | % | |
| Kingston | 0.4 | 0.5 | 19.3 | % | 1.4 | 1.8 | 31.0 | % | |
| Mexicali | 373.8 | 421.9 | 12.9 | % | 1,292.5 | 1,596.7 | 23.5 | % | |
| Morelia | 198.9 | 186.7 | (6.1 | %) | 673.2 | 795.8 | 18.2 | % | |
| La Paz | 267.2 | 287.8 | 7.7 | % | 1,053.9 | 1,102.0 | 4.6 | % | |
| Aguascalientes | 170.0 | 161.1 | (5.2 | %) | 694.8 | 639.7 | (7.9 | %) | |
| Los Mochis | 109.2 | 127.5 | 16.8 | % | 416.6 | 463.8 | 11.3 | % | |
| Manzanillo | 23.9 | 32.7 | 37.0 | % | 97.9 | 112.8 | 15.2 | % | |
| Total | 8,929.2 | 9,007.6 | 0.9 | % | 32,416.7 | 36,371.7 | 12.2 | % | |
| *Cross Border Xpress (CBX) users are classified as international passengers. | |||||||||
| InternationalTerminal Passengers – 14 airports (in thousands): | |||||||||
| Airport | 4Q22 | 4Q23 | Change | 2022 | 2023 | Change | |||
| Guadalajara | 1,218.5 | 1,358.5 | 11.5 | % | 4,451.3 | 5,207.4 | 17.0 | % | |
| Tijuana * | 1,158.4 | 1,070.0 | (7.6 | %) | 4,221.7 | 4,324.5 | 2.4 | % | |
| Los Cabos | 1,131.0 | 1,146.8 | 1.4 | % | 4,441.5 | 4,749.9 | 6.9 | % | |
| Puerto Vallarta | 966.6 | 1,066.2 | 10.3 | % | 3,554.2 | 3,930.0 | 10.6 | % | |
| Montego Bay | 1,130.3 | 1,248.5 | 10.5 | % | 4,356.1 | 5,211.7 | 19.6 | % | |
| Guanajuato | 206.9 | 229.7 | 11.1 | % | 774.5 | 875.2 | 13.0 | % | |
| Hermosillo | 19.6 | 20.5 | 4.6 | % | 78.1 | 75.5 | (3.3 | %) | |
| Kingston | 432.3 | 407.3 | (5.8 | %) | 1,560.7 | 1,746.3 | 11.9 | % | |
| Mexicali | 1.7 | 1.6 | (4.2 | %) | 6.3 | 6.9 | 9.6 | % | |
| Morelia | 135.3 | 144.4 | 6.7 | % | 499.6 | 588.5 | 17.8 | % | |
| La Paz | 6.6 | 3.5 | (46.8 | %) | 25.8 | 13.9 | (46.2 | %) | |
| Aguascalientes | 64.3 | 74.0 | 15.0 | % | 234.5 | 288.3 | 22.9 | % | |
| Los Mochis | 1.6 | 1.6 | 1.7 | % | 7.4 | 6.9 | (5.6 | %) | |
| Manzanillo | 15.6 | 18.6 | 19.0 | % | 67.9 | 67.7 | (0.2 | %) | |
| Total | 6,488.7 | 6,791.2 | 4.7 | % | 24,279.7 | 27,092.8 | 11.6 | % | |
| *CBX users are classified as international passengers. | |||||||||
| Total Terminal Passengers– 14 airports(in thousands): | |||||||||
| Airport | 4Q22 | 4Q23 | Change | 2022 | 2023 | Change | |||
| Guadalajara | 4,404.4 | 4,466.3 | 1.4 | % | 15,606.5 | 17,710.2 | 13.5 | % | |
| Tijuana * | 3,288.2 | 3,188.8 | (3.0 | %) | 12,324.6 | 13,194.9 | 7.1 | % | |
| Los Cabos | 1,839.0 | 1,868.3 | 1.6 | % | 7,019.3 | 7,715.6 | 9.9 | % | |
| Puerto Vallarta | 1,677.0 | 1,729.2 | 3.1 | % | 6,208.7 | 6,790.1 | 9.4 | % | |
| Montego Bay | 1,130.3 | 1,248.6 | 10.5 | % | 4,356.1 | 5,211.9 | 19.6 | % | |
| Guanajuato | 734.8 | 845.8 | 15.1 | % | 2,603.2 | 3,220.8 | 23.7 | % | |
| Hermosillo | 543.3 | 582.4 | 7.2 | % | 1,945.4 | 2,189.9 | 12.6 | % | |
| Kingston | 432.7 | 407.8 | (5.8 | %) | 1,562.1 | 1,748.1 | 11.9 | % | |
| Mexicali | 375.5 | 423.5 | 12.8 | % | 1,298.8 | 1,603.6 | 23.5 | % | |
| Morelia | 334.2 | 331.1 | (0.9 | %) | 1,172.7 | 1,384.3 | 18.0 | % | |
| La Paz | 273.8 | 291.3 | 6.4 | % | 1,079.7 | 1,115.8 | 3.3 | % | |
| Aguascalientes | 234.3 | 235.1 | 0.3 | % | 929.3 | 928.0 | (0.1 | %) | |
| Los Mochis | 110.7 | 129.1 | 16.6 | % | 424.0 | 470.7 | 11.0 | % | |
| Manzanillo | 39.5 | 51.3 | 29.9 | % | 165.8 | 180.5 | 8.9 | % | |
| Total | 15,417.9 | 15,798.8 | 2.5 | % | 56,696.4 | 63,464.4 | 11.9 | % | |
| *CBX users are classified as international passengers. | |||||||||
| CBX Users (in thousands): | |||||||||
| Airport | 4Q22 | 4Q23 | Change | 2022 | 2023 | Change | |||
| Tijuana | 1,148.0 | 1,061.2 | (7.6 | %) | 4,186.5 | 4,288.0 | 2.4 | % | |
| Consolidated Results for the Fourth Quarter(in thousands of pesos): | |||||||
| 4Q22 | 4Q23 | Change | |||||
| Revenues | |||||||
| Aeronautical services | 4,710,033 | 4,486,752 | (4.7 | %) | |||
| Non-aeronautical services | 1,381,408 | 1,621,181 | 17.4 | % | |||
| Improvements to concession assets (IFRIC-12) | 1,914,213 | 3,023,696 | 58.0 | % | |||
| Total revenues | 8,005,654 | 9,131,629 | 14.1 | % | |||
| Operating costs | |||||||
| Costs of services: | 1,146,085 | 1,195,635 | 4.3 | % | |||
| Employee costs | 376,708 | 451,452 | 19.8 | % | |||
| Maintenance | 296,564 | 250,557 | (15.5 | %) | |||
| Safety, security & insurance | 168,203 | 188,135 | 11.8 | % | |||
| Utilities | 121,656 | 121,268 | (0.3 | %) | |||
| Business operated directly by us | 49,759 | 70,254 | 41.2 | % | |||
| Other operating expenses | 133,195 | 113,969 | (14.4 | %) | |||
| Technical assistance fees | 202,678 | 199,494 | (1.6 | %) | |||
| Concession taxes | 496,667 | 594,877 | 19.8 | % | |||
| Depreciation and amortization | 597,987 | 686,722 | 14.8 | % | |||
| Cost of improvements to concession assets (IFRIC-12) | 1,914,213 | 3,023,696 | 58.0 | % | |||
| Other (income) | (6,344 | ) | (23,713 | ) | 273.8 | % | |
| Total operating costs | 4,351,286 | 5,676,711 | 30.5 | % | |||
| Income from operations | 3,654,368 | 3,454,918 | (5.5 | %) | |||
| Financial Result | (750,104 | ) | (650,398 | ) | (13.3 | %) | |
| Income before income taxes | 2,904,263 | 2,804,520 | (3.4 | %) | |||
| Income taxes | (1,073,585 | ) | (547,436 | ) | (49.0 | %) | |
| Net income | 1,830,678 | 2,257,084 | 23.3 | % | |||
| Currency translation effect | (141,530 | ) | (237,991 | ) | 68.2 | % | |
| Cash flow hedges, net of income tax | (37,573 | ) | (45,552 | ) | 21.2 | % | |
| Remeasurements of employee benefit – net income tax | 8,491 | (16,849 | ) | (298.4 | %) | ||
| Comprehensive income | 1,660,066 | 1,956,692 | 17.9 | % | |||
| Non-controlling interest | (13,212 | ) | (8,301 | ) | (37.2 | %) | |
| Comprehensive income attributable to controlling interest | 1,646,855 | 1,948,391 | 18.3 | % | |||
| 4Q22 | 4Q23 | Change | |||||
| EBITDA | 4,252,355 | 4,141,640 | (2.6 | %) | |||
| Comprehensive income | 1,660,066 | 1,956,692 | 17.9 | % | |||
| Comprehensive income per share (pesos) | 3.2646 | 3.8725 | 18.6 | % | |||
| Comprehensive income per ADS (US dollars) | 1.9317 | 2.2915 | 18.6 | % | |||
| Operating income margin | 45.6 | % | 37.8 | % | (17.1 | %) | |
| Operating income margin (excluding IFRIC-12) | 60.0 | % | 56.6 | % | (5.7 | %) | |
| EBITDA margin | 53.1 | % | 45.4 | % | (14.6 | %) | |
| EBITDA margin (excluding IFRIC-12) | 69.8 | % | 67.8 | % | (2.9 | %) | |
| Costs of services and improvements / total revenues | 38.2 | % | 46.2 | % | 20.9 | % | |
| Cost of services / total revenues (excluding IFRIC-12) | 18.8 | % | 19.6 | % | 4.0 | % | |
- Net income and comprehensive income per share for 4Q23 and 4Q22 were calculated based on 505,277,464 shares outstanding as of December 31, 2023, and December 31, 2022, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at Ps. 16.8998 per U.S. dollar (the noon buying rate on December 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. 17.5814 per U.S. dollar for the three months ended December 31, 2023 was used.
Revenues (4Q23 vs. 4Q22)
- Aeronautical services revenues decreased by Ps. 223.3 million, or 4.7%.
- Non-aeronautical services revenues increased by Ps. 239.8 million, or 17.4%.
- Revenues from improvements to concession assets increased by Ps. 1,109.5 million, or 58.0%.
- Total revenues increased by Ps. 1,126.0 million, or 14.1%.
- The change in aeronautical services revenues was primarily due to the following factors:
- Revenues at our Mexican airports decreased by Ps. 207.0 million, or 5.1%, compared to 4Q22, mainly due to the 10.7% appreciation of the peso versus the U.S. dollar, compared to 4Q22, which went from an average exchange rate of Ps. 19.6969 in 4Q22 to Ps. 17.5814 in 4Q23, affecting the international tariffs, in addition to the discounts granted in the passenger fees during November and December of 2023.
- Revenues from Jamaican airports decreased by Ps. 16.3 million, or 4.7%, compared to 4Q22. This was mainly due to the 10.7% appreciation of the peso versus the U.S. dollar, compared to 4Q22, which represented a decrease in revenues in pesos. Revenues in U.S. dollars increased by USD$3.0 million or 9.2%. Passenger traffic increased by 6.0%.
- The change in non-aeronautical services revenues was primarily driven by the following factors:
- Revenues at our Mexican airports increased by Ps. 220.0 million, or 19.2%, compared to 4Q22. Revenues from businesses operated by third parties increased by Ps. 133.6 million, or 18.2%, mainly due to the opening of new commercial spaces, and the renegotiation of contract conditions that matured during 4Q23. The business lines that grew the most were food and beverage, retail, car rentals, other commercial revenues, and leasing of space, all of which increased by Ps. 139.7 million, or 27.4%, offset by a decrease in revenues from duty-free stores by Ps. 8.3 million, combined, given that these contracts are in U.S. dollars and the peso appreciated by 10.7%. Revenues from businesses operated directly by us increased by Ps. 86.5 million, or 27.5%.
- Revenues from the Jamaican airports increased by Ps. 19.8 million, or 12.5%, compared to 4Q22. The business line that grew the most was duty-free stores, leasing of space, financial services, and other commercial revenues, which increased by Ps. 16.3 million, or 15.3%. Revenues in U.S. dollars increased by US$ 3.3 million, or 28.7%, offset by an appreciation of the peso by 10.7% against the U.S. dollar compared to 4Q22.
| 4Q22 | 4Q23 | Change | ||
| Businesses operated by third parties: | ||||
| Food and beverage | 200,865 | 254,521 | 26.7 | % |
| Car rentals | 142,812 | 182,423 | 27.7 | % |
| Duty-free | 175,353 | 177,656 | 1.3 | % |
| Retail | 162,571 | 166,464 | 2.4 | % |
| Other commercial revenues | 29,469 | 93,964 | 218.9 | % |
| Leasing of space | 80,042 | 78,138 | (2.4 | %) |
| Time shares | 59,245 | 59,737 | 0.8 | % |
| Ground transportation | 45,325 | 46,093 | 1.7 | % |
| Communications and financial services | 26,616 | 28,272 | 6.2 | % |
| Total | 922,299 | 1,087,267 | 17.9 | % |
| Businesses operated directly by us: | ||||
| Car parking | 154,210 | 178,918 | 16.0 | % |
| Convenience stores | 93,866 | 137,042 | 46.0 | % |
| VIP lounges | 104,579 | 112,634 | 7.7 | % |
| Advertising | 48,998 | 45,923 | (6.3 | %) |
| Total | 401,654 | 474,516 | 18.1 | % |
| Recovery of costs | 57,456 | 59,397 | 3.4 | % |
| Total Non-aeronautical Revenues | 1,381,408 | 1,621,182 | 17.4 | % |
| Figures are expressed in thousands of Mexican pesos. | ||||
- Revenues from improvements to concession assets 1
Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 1,109.5 million, or 58.0%, compared to 4Q22. The change was composed of:- Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 1,001.9 million, or 54.0%, due to increased investments under the Master Development Program for the 2020-2024 period.
- Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 107.6 million, or 180.8%.
Total operating costs increased by Ps. 1,325.4 million, or 30.5%, compared to 4Q22, mainly due to the increase from costs of improvements to concession assets (IFRIC-12) by Ps. 1,109.5 million, an increase of Ps. 99.2 million, or 19.8%, in concession taxes, Ps. 88.7 million, or 14.8%, increase in depreciation and amortization, and an increase in the cost of services of Ps. 49.6 million, or 4.3% (excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 215.9 million, or 8.9%).
___________________________
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.
This increase in total operating costs was primarily due to the following factors:
Mexican airports:
- Operating costs increased by Ps. 1,137.7 million, or 30.8%, compared to 4Q22, primarily due to a Ps. 1,101.9 million, or 54.2%, increase in the cost of improvements to the concession assets (IFRIC-12), a Ps. 95.6 million, or 20.4%, increase in depreciation and amortization, and Ps. 66.8 million, or 7.2%, increase in the cost of services. This increase was offset by a combined Ps. 8.5 million, or 1.9%, decrease in technical assistance fees and concession taxes, (excluding the cost of improvements to the concession assets, operating costs increased by Ps. 135.7 million, or 7.4%).
The change in the cost of services during 4Q23 was mainly due to:
- Employee costs increased Ps. 75.8 million, or 23.6%, compared to 4Q22, mainly due to the hiring of 362 additional personnel during 2023, mainly for the operation of business lines operated directly by us, as well as the adjustments in salaries and changes in Labor Law.
- Cost of business operated directly by us increased by Ps. 20.5 million or 41.2%, compared to 4Q22, derived from increased operations and income in VIP lounges and convenience stores.
- Safety, security, and insurance costs increased Ps. 15.4 million, or 12.4%, compared to 4Q22, 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.
- These increases were offset by the decrease in maintenance cost by Ps. 48.5 million, or 19.4%.
Jamaican Airports:
- Operating costs increased by Ps. 187.7 million, or 28.3%, compared to 4Q22, mainly due to a Ps. 107.6 million, or 180.8% increase in the cost of improvements to concession assets (IFRIC-12), increase in concession taxes by Ps. 103.5 million, or 41.6%, offset by a decrease in the cost of services by Ps. 17.2 million, or 7.7%, and a decrease in the depreciation and amortization by Ps. 6.8 million, or 5.3%.
Operating income margin went from 45.6% in 4Q22 to 37.8% in 4Q23. Excluding the effects of IFRIC-12, the operating income margin went from 60.0% in 4Q22 to 56.6% in 4Q23. Income from operations decreased by Ps. 199.4 million, or 5.5%, compared to 4Q22.
EBITDA margin went from 53.1% in 4Q22 to 45.4% in 4Q23. Excluding the effects of IFRIC-12, EBITDA margin went from 69.8% in 4Q22 to 67.8% in 4Q23. The nominal value of EBITDA decreased by Ps. 110.7 million, or 2.6%, compared to 4Q22.
Financial result decreased by Ps. 99.7 million, or 13.3%, from a net expense of Ps. 750.1 million in 4Q22 to a net expense of Ps. 650.4 million in 4Q23. This change was mainly the result of:
- Foreign exchange rate fluctuations, which went from an expense of Ps. 260.6 million in 4Q22 to an expense of Ps. 154.5 million in 4Q23. This generated a foreign exchange gain of Ps. 106.1 million. This was mainly due to the appreciation of the peso. The currency translation effect income increased to Ps. 96.5 million, compared to 4Q22.
- Interest expenses increased by Ps. 50.3 million, or 6.7%, compared to 4Q22, mainly due to higher debt as a result of the issuance of long-term debt securities and the drawdown of credit lines.
- Interest income increased by Ps. 43.9 million, or 14.2%, compared to 4Q22, mainly due to an increase in the reference interest rates.
In 4Q23, comprehensive income increased by Ps. 296.6 million, or 17.9%, compared to 4Q22. Mainly due to the decrease in the income before taxes by Ps. 526.1 million, and the decrease in the financial result of Ps. 99.7 million, this was offset by the decrease in revenues in dollars due to the appreciation of the peso by 10.7%, the decrease in income from the currency translation effect in Ps. 96.5 million, among others.
During 4Q23, net income increased by Ps. 426.4 million, or 23.3%, compared to 4Q22. Taxes for the period decreased by Ps. 526.1 million, income taxes decreased by Ps. 390.1 million and the benefit for deferred taxes increased by Ps. 136.0 million, mainly due to an increase in the inflation rate, from 1.4% in 4Q22 to 1.7% in 4Q23 and the application of tax losses of Ps. 28.1 million.
| Consolidated Results for the Twelve Months (in thousands of pesos): | ||||||
| 2022 | 2023 | Change | ||||
| Revenues | ||||||
| Aeronautical services | 17,336,734 | 19,267,395 | 11.1 | % | ||
| Non-aeronautical services | 5,197,238 | 6,165,429 | 18.6 | % | ||
| Improvements to concession assets (IFRIC-12) | 4,846,404 | 7,791,320 | 60.8 | % | ||
| Total revenues | 27,380,377 | 33,224,144 | 21.3 | % | ||
| Operating costs | ||||||
| Costs of services: | 3,781,054 | 4,380,069 | 15.8 | % | ||
| Employee costs | 1,373,264 | 1,724,461 | 25.6 | % | ||
| Maintenance | 730,568 | 728,618 | (0.3 | %) | ||
| Safety, security & insurance | 577,122 | 691,155 | 19.8 | % | ||
| Business operated directly by us | 474,032 | 485,265 | 2.4 | % | ||
| Utilities | 161,823 | 245,496 | 51.7 | % | ||
| Other operating expenses | 464,245 | 505,074 | 8.8 | % | ||
| Technical assistance fees | 756,648 | 851,320 | 12.5 | % | ||
| Concession taxes | 1,895,182 | 2,532,896 | 33.6 | % | ||
| Depreciation and amortization | 2,313,321 | 2,545,702 | 10.0 | % | ||
| Cost of improvements to concession assets (IFRIC-12) | 4,846,404 | 7,791,320 | 60.8 | % | ||
| Other (income) | (26,427 | ) | (15,875 | ) | (39.9 | %) |
| Total operating costs | 13,566,182 | 18,085,431 | 33.3 | % | ||
| Income from operations | 13,814,195 | 15,138,713 | 9.6 | % | ||
| Financial Result | (1,538,510 | ) | (2,377,022 | ) | 54.5 | % |
| Income before income taxes | 12,275,686 | 12,761,690 | 4.0 | % | ||
| Income taxes | (3,090,212 | ) | (3,072,090 | ) | (0.6 | %) |
| Net income | 9,185,474 | 9,689,600 | 5.5 | % | ||
| Currency translation effect | (488,316 | ) | (893,709 | ) | 83.0 | % |
| Cash flow hedges, net of income tax | 100,966 | (69,905 | ) | (169.2 | %) | |
| Remeasurements of employee benefit – net income tax | 8,802 | (15,932 | ) | (281.0 | %) | |
| Comprehensive income | 8,806,926 | 8,710,054 | (1.1 | %) | ||
| Non-controlling interest | (142,710 | ) | (68,820 | ) | (51.8 | %) |
| Comprehensive income attributable to controlling interest | 8,664,216 | 8,641,234 | (0.3 | %) | ||
| 2022 | 2023 | Change | ||||
| EBITDA | 16,127,515 | 17,684,415 | 9.7 | % | ||
| Comprehensive income | 8,806,926 | 8,710,054 | (1.1 | %) | ||
| Comprehensive income per share (pesos) | 17.3191 | 17.2382 | (0.5 | %) | ||
| Comprehensive income per ADS (US dollars) | 10.2481 | 10.2002 | (0.5 | %) | ||
| Operating income margin | 50.5 | % | 45.6 | % | (9.7 | %) |
| Operating income margin (excluding IFRIC-12) | 61.3 | % | 59.5 | % | (2.9 | %) |
| EBITDA margin | 58.9 | % | 53.2 | % | (9.6 | %) |
| EBITDA margin (excluding IFRIC-12) | 71.6 | % | 69.5 | % | (2.8 | %) |
| Costs of services and improvements / total revenues | 31.5 | % | 36.6 | % | 16.3 | % |
| Cost of services / total revenues (excluding IFRIC-12) | 16.8 | % | 17.2 | % | 2.6 | % |
- Net income and comprehensive income per share for 2023 and 2022 were calculated based on 505,277,464 shares outstanding as of December 31, 2023, and December 31, 2022, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 16.8998 per U.S. dollar (the noon buying rate on December 29, 2023, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of the airports in Jamaica, the average twelve-month exchange rate of Ps. 17.7665 per U.S. dollar for the nine months ended December 31, 2023, was used.
Revenues (2023 vs. 2022)
- Aeronautical services revenues increased by Ps. 1,930.7 million, or 11.1%.
- Non-aeronautical services revenues increased by Ps. 968.2 million, or 18.6%.
- Revenues from improvements to concession assets increased by Ps. 2,944.9 million, or 60.8%.
- Total revenues increased by Ps. 5,843.8 million, or 21.3%.
- The change in aeronautical services revenues was composed primarily of the following factors:
- Revenues at our Mexican airports increased by Ps. 1,768.9 million, or 12.0%, compared to 2022, mainly due to the 11.3% increase in passenger traffic.
- Revenues from Jamaican airports increased by Ps. 161.8 million, or 6.8%, compared to 2022. This was mainly due to the 17.6% increase in passenger traffic but offset by the appreciation of the peso against the U.S. dollar compared to 2022 of 11.7%, which went from an average exchange rate of Ps. 20.1254 in 2022 to Ps. 17.7665 in 2023, which represented a decrease in revenues in pesos.
- The change in non-aeronautical services revenues was composed primarily of the following factors :
- Revenues at our Mexican airports increased by Ps. 860.8 million, or 20.1%, compared to 2022. Revenues from businesses operated directly by us increased by Ps. 419.4 million, or 32.3%. Revenues from businesses operated by third parties increased by Ps. 434.5 million, or 15.4%. This was mainly due to the recovery of passenger traffic, the opening of new commercial spaces, and the renegotiation of existing contracts that matured in 2023. The business lines that increased the most were food and beverage, retail, leasing of space, and car rentals, which jointly increased by Ps. 390.3 million, or 19.4%. Commercial revenues in U.S. dollars represent 24% of non-aeronautical revenues, therefore the appreciation of the peso during 2023 affected that revenue by approximately 3.2%. The recovery of costs increased by Ps. 6.9 million, or 4.1%.
- Revenues from the Jamaican airports increased by Ps. 107.4 million, or 11.8%, compared to 2022. 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. 103.4 million, or 14.2%. These revenues were offset by a decrease in ground transportation by Ps. 1.2 million. Revenues in U.S. dollars increased by US$12.1 million, or 26.8%.
- Revenues at our Mexican airports increased by Ps. 860.8 million, or 20.1%, compared to 2022. Revenues from businesses operated directly by us increased by Ps. 419.4 million, or 32.3%. Revenues from businesses operated by third parties increased by Ps. 434.5 million, or 15.4%. This was mainly due to the recovery of passenger traffic, the opening of new commercial spaces, and the renegotiation of existing contracts that matured in 2023. The business lines that increased the most were food and beverage, retail, leasing of space, and car rentals, which jointly increased by Ps. 390.3 million, or 19.4%. Commercial revenues in U.S. dollars represent 24% of non-aeronautical revenues, therefore the appreciation of the peso during 2023 affected that revenue by approximately 3.2%. The recovery of costs increased by Ps. 6.9 million, or 4.1%.
| 2022 | 2023 | Change | ||
| Businesses operated by third parties: | ||||
| Food and beverage | 778,517 | 1,002,882 | 28.8 | % |
| Duty-free | 711,291 | 761,479 | 7.1 | % |
| Retail | 614,011 | 698,167 | 13.7 | % |
| Car rentals | 541,715 | 610,226 | 12.6 | % |
| Leasing of space | 305,841 | 348,650 | 14.0 | % |
| Time shares | 238,213 | 226,322 | (5.0 | %) |
| Other commercial revenues | 155,262 | 206,153 | 32.8 | % |
| Ground transportation | 171,790 | 178,400 | 3.8 | % |
| Communications and financial services | 104,767 | 116,512 | 11.2 | % |
| Total | 3,621,406 | 4,148,791 | 14.6 | % |
| Businesses operated directly by us: | ||||
| Car parking | 548,862 | 706,923 | 28.8 | % |
| Convenience stores | 322,929 | 496,943 | 53.9 | % |
| VIP lounges | 374,038 | 432,481 | 15.6 | % |
| Advertising | 106,583 | 151,737 | 42.4 | % |
| Total | 1,352,412 | 1,788,084 | 32.2 | % |
| Recovery of costs | 223,420 | 228,554 | 2.3 | % |
| Total Non-aeronautical Revenues | 5,197,238 | 6,165,429 | 18.6 | % |
| Figures are expressed in thousands of Mexican pesos. | ||||
- Revenues from improvements to concession assets2
Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 2,944.9 million, or 60.8%, compared to 2022. The change was composed primarily of:- The Company’s Mexican airports, which increased by Ps. 2,822.7 million, or 59.8%, due to increased investments under the Master Development Program for the 2020-2024 period.
- Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 122.3 million, or 94.3%.
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. 4,519.2 million, or 33.3%, compared to 2022, mainly due to a Ps. 2,244.9 million, or 60.8% increase in the cost of improvements to the concession assets (IFRIC-12), a combined Ps. 732.4 million, or 32.6%, increase in concession taxes and technical assistance fees, a Ps. 599.0 million, or 15.8%, increase in cost of services, and a Ps. 232.4 million, or 10.0%, increase in depreciation and amortization (excluding the cost of improvements to concession assets, operating costs increased Ps. 1,574.3 million, or 18.1%).
This increase in total operating costs was composed primarily of the following factors:
Mexican Airports:
- Operating costs increased by Ps. 3,897.1 million, or 34.9%, compared to 2022, primarily due to a Ps. 2,822.7 million, or 59.8%, increase in the cost of improvements to the concession assets (IFRIC-12), a Ps. 637.1 million, or 21.3%, increase in cost of services, a combined Ps. 240.6 million, or 13.3%, increase in depreciation and amortization, a Ps. 202.3 million, or 12.2%, increase in technical assistance fees and concession taxes (excluding the cost of improvements to the concession assets, operating costs increased by Ps. 1,074.4 million or 16.7%).
The change in the cost of services during 2023 was mainly due to:
- Employee costs increased Ps. 355.6 million, or 30.6%, compared to 2022, mainly due to the hiring of additional personnel as well as the adjustments in salaries and changes in Labor Law.
- Safety, security, and insurance costs increased Ps. 101.4 million, or 23.9%, compared to 2022, mainly due to an increase in the number of security staff, an increase in minimum wages, changes in Labor Law, and the opening of additional operational areas.
- The cost of business operated directly by us increased by Ps. 83.7 million or 51.7%, compared to 2022, derived from increased operations and income in VIP lounges and convenience stores.
- Utilities increased by Ps. 46.1 million, or 16.1%, compared to 2022.
Jamaican Airports:
- Operating costs increased by Ps. 622.1 million, or 25.9%, compared to 2022, mainly due to a Ps. 530.0 million, or 53.6%, increase in concession taxes, a Ps. 122.2 million or 94.3%, increase in cost of improvements to concession assets (IFRIC-12), offset by the decrease in cost of services by Ps. 38.1 million, or 4.8%, and the depreciation and amortization by Ps. 8.2 million, or 1.6%, mainly due to the appreciation of the peso by 10.7%, which represented a decrease in the cost of pesos.
Operating margin went from 50.5% in 2022 to 45.6% in 2023. Excluding the effects of IFRIC-12, the operating margin went from 61.3% in 2022 to 59.5% in 2023. Operating income increased by Ps. 1,324.5 million, or 9.6%, compared to 2022.
EBITDA margin went from 58.9% in 2022 to 53.2% in 2023. Excluding the effects of IFRIC-12, EBITDA margin went from 71.6% in 2022 to 69.5% in 2023. The nominal value of EBITDA increased Ps. 1,556.9 million, or 9.7%, compared to 2022.
Financial cost increased by Ps. 838.5 million, or 54.5%, from a net expense of Ps. 1,538.5 million in 2022 to a net expense of Ps. 2,377.0 million in 2023. This change was mainly the result of:
- Foreign exchange rate fluctuation, which went from an income of Ps. 81.4 million in 2022 to a loss of Ps. 340.7 million in 2023. This generated an increase in the foreign exchange loss of Ps. 422.1 million, due to the peso appreciation. The currency translation effect expense increased Ps. 405.4 million, compared to 2022.
- Interest expenses increased by Ps. 994.6 million, or 40.5%, compared to 2022, mainly due to the increase in debt due to the issuance of bond certificates and the contracting of bank loans in 2023, as well as the substantial increase in interest rates.
- Interest income increased by Ps. 567.0 million, or 67.9%, compared to 2022, mainly due to an increase in the reference interest rates.
In 2023, comprehensive income decreased by Ps. 96.9 million, or 1.1%, compared to 2022. Income before taxes increased by Ps. 486.0 million, mainly due to the increase in traffic and the commercial strategy. However, net and comprehensive income decreased mainly due to the decrease of the effect of foreign currency translation in Ps. 405.4 million, and a decrease in cash flow hedges for Ps. 170.9 million.
During 2023, net income increased by Ps. 504.1 million, or 5.5%, compared to 2022. Taxes for the period decreased by Ps. 18.1 million, due to a decrease of income taxes by Ps. 233.0 million, and the benefit for deferred taxes decreased by Ps. 214.8 million, mainly due to the inflation rate, from 7.8% in 2022 to 4.7% in 2023.
Statement of Financial Position
Total assets as of December 31, 2023, increased by Ps. 6,939.5 million compared to December 31, 2022, primarily due to the following items: (i) a Ps. 8,736.8 million increase in net improvements to concession assets, (ii) a Ps. 630.9 million increase in other current assets, (iii) a Ps. 527.6 million increase in deferred income taxes. This increase was partially offset by a decrease of (i) Ps. 2,316.3 million in cash and cash equivalents (ii) a Ps. 889.7 million decrease in airport concessions, and (iii) a Ps. 117.1 million decrease in account receivables, among others.
Total liabilities as of December 31, 2023, increased by Ps. 5,822.9 million compared to December 31, 2022. This increase was primarily due to the following items: (i) issuance of Ps. 4,798.0 million (net) in long-term debt securities, and (ii) Ps. 1,424.4 million in bank loans. This increase was partially offset by a decrease of (i) Ps. 153.6 million in deferred taxes and (ii) Ps. 102.5 million in accounts payable, among others.
Recent events
- During the Board of Directors meeting held on February 26, 2024, it was approved to include in the agenda of the Extraordinary General Shareholders' Meeting, to be held in April 2024, a capital reduction of Ps. 13.86 per outstanding share. In case of approval by the Shareholders’ Meeting, the payment of the capital reduction must be made within 12 months after said approval.
- As part of our business plan, our Company is always on the lookout for new investment opportunities. Currently, we are participating in the bidding process for the Howard Hamilton International Airport located in Providenciales, Turks & Caicos Island. Out of the 13 companies that participated in the bidding process, only 5 obtained prequalification, and we are one of them. Therefore, we have been selected to begin the bidding process at the end of March 2024. The concession term for the selected bidder will be 30 years.
In 2022, the airport served 1.4 million passengers, out of which 90% were international and 10% were domestic passengers. The airport generated an EBITDA of USD$50.0 million during the year. The total CAPEX investment is approximately USD$300.0 million, which is primarily for the expansion and renovation of the terminal building, runway expansion, and construction of taxiways.
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 several risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. |
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that 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 | 4Q22 | 4Q23 | Change | 2022 | 2023 | Change | |||||
| Guadalajara | |||||||||||
| Aeronautical services | 1,265,273 | 1,221,327 | (3.5 | %) | 4,562,120 | 5,266,036 | 15.4 | % | |||
| Non-aeronautical services | 232,363 | 281,553 | 21.2 | % | 877,101 | 1,041,913 | 18.8 | % | |||
| Improvements to concession assets (IFRIC 12) | 974,895 | 2,571,411 | 163.8 | % | 2,474,815 | 4,271,868 | 72.6 | % | |||
| Total Revenues | 2,472,531 | 4,074,290 | 64.8 | % | 7,914,036 | 10,579,817 | 33.7 | % | |||
| Operating income | 1,097,981 | 1,116,502 | 1.7 | % | 3,897,415 | 4,619,800 | 18.5 | % | |||
| EBITDA | 1,207,186 | 1,234,958 | 2.3 | % | 4,336,833 | 5,079,356 | 17.1 | % | |||
| Tijuana | |||||||||||
| Aeronautical services | 796,921 | 711,579 | (10.7 | %) | 2,690,693 | 2,915,378 | 8.4 | % | |||
| Non-aeronautical services | 143,401 | 153,225 | 6.9 | % | 532,955 | 622,543 | 16.8 | % | |||
| Improvements to concession assets (IFRIC 12) | 494,906 | 28,416 | (94.3 | %) | 751,422 | 450,925 | (40.0 | %) | |||
| Total Revenues | 1,435,229 | 893,221 | (37.8 | %) | 3,975,071 | 3,988,846 | 0.3 | % | |||
| Operating income | 668,295 | 575,789 | (13.8 | %) | 2,227,358 | 2,294,571 | 3.0 | % | |||
| EBITDA | 761,983 | 699,102 | (8.3 | %) | 2,569,032 | 2,716,312 | 5.7 | % | |||
| Los Cabos | |||||||||||
| Aeronautical services | 710,108 | 644,341 | (9.3 | %) | 2,711,345 | 2,932,155 | 8.1 | % | |||
| Non-aeronautical services | 282,230 | 301,161 | 6.7 | % | 1,093,300 | 1,169,048 | 6.9 | % | |||
| Improvements to concession assets (IFRIC 12) | 435,097 | (372,652 | ) | (185.6 | %) | 624,893 | 376,172 | (39.8 | %) | ||
| Total Revenues | 1,427,435 | 572,850 | (59.9 | %) | 4,429,538 | 4,477,375 | 1.1 | % | |||
| Operating income | 727,865 | 651,736 | (10.5 | %) | 2,739,855 | 2,851,985 | 4.1 | % | |||
| EBITDA | 805,201 | 734,366 | (8.8 | %) | 3,041,907 | 3,178,753 | 4.5 | % | |||
| Puerto Vallarta | |||||||||||
| Aeronautical services | 615,741 | 570,984 | (7.3 | %) | 2,278,063 | 2,492,164 | 9.4 | % | |||
| Non-aeronautical services | 124,638 | 129,906 | 4.2 | % | 524,261 | 561,976 | 7.2 | % | |||
| Improvements to concession assets (IFRIC 12) | (73,915 | ) | 505,153 | (783.4 | %) | 523,993 | 1,715,824 | 227.5 | % | ||
| Total Revenues | 666,464 | 1,206,043 | 81.0 | % | 3,326,317 | 4,769,964 | 43.4 | % | |||
| Operating income | 515,458 | 485,762 | (5.8 | %) | 1,992,569 | 2,137,339 | 7.3 | % | |||
| EBITDA | 568,457 | 551,644 | (3.0 | %) | 2,189,362 | 2,367,508 | 8.1 | % | |||
| Montego Bay | |||||||||||
| Aeronautical services | 412,894 | 414,279 | 0.3 | % | 1,689,682 | 1,804,975 | 6.8 | % | |||
| Non-aeronautical services | 179,487 | 202,326 | 12.7 | % | 693,603 | 800,061 | 15.3 | % | |||
| Improvements to concession assets (IFRIC 12) | 39,512 | 127,108 | 221.7 | % | 109,715 | 206,137 | 87.9 | % | |||
| Total Revenues | 631,893 | 743,714 | 17.7 | % | 2,493,001 | 2,811,173 | 12.8 | % | |||
| Operating income | 171,028 | 182,467 | 6.7 | % | 1,122,272 | 895,296 | (20.2 | %) | |||
| EBITDA | 320,264 | 297,869 | (7.0 | %) | 1,613,348 | 1,363,265 | (15.5 | %) | |||
| Exhibit A: Operating results by airport (in thousands of pesos): | |||||||||||
| Airport | 4Q22 | 4Q23 | Change | 2022 | 2023 | Change | |||||
| Guanajuato | |||||||||||
| Aeronautical services | 212,278 | 216,583 | 2.0 | % | 760,779 | 923,323 | 21.4 | % | |||
| Non-aeronautical services | 41,539 | 47,036 | 13.2 | % | 154,845 | 182,829 | 18.1 | % | |||
| Improvements to concession assets (IFRIC 12) | 1,927 | (27,098 | ) | (1506.3 | %) | 33,868 | 185,069 | 446.4 | % | ||
| Total Revenues | 255,744 | 236,521 | (7.5 | %) | 949,492 | 1,291,221 | 36.0 | % | |||
| Operating income | 167,207 | 181,575 | 8.6 | % | 605,139 | 761,752 | 25.9 | % | |||
| EBITDA | 187,749 | 203,249 | 8.3 | % | 686,013 | 849,651 | 23.9 | % | |||
| Hermosillo | |||||||||||
| Aeronautical services | 128,082 | 142,349 | 11.1 | % | 457,013 | 525,222 | 14.9 | % | |||
| Non-aeronautical services | 23,212 | 30,175 | 30.0 | % | 79,181 | 98,269 | 24.1 | % | |||
| Improvements to concession assets (IFRIC 12) | 23,541 | (5,760 | ) | (124.5 | %) | 74,231 | 37,558 | (49.4 | %) | ||
| Total Revenues | 174,835 | 166,764 | (4.6 | %) | 610,425 | 661,049 | 8.3 | % | |||
| Operating income | 77,278 | 107,262 | 38.8 | % | 275,292 | 337,981 | 22.8 | % | |||
| EBITDA | 99,364 | 132,466 | 33.3 | % | 361,404 | 437,251 | 21.0 | % | |||
| Others(1) | |||||||||||
| Aeronautical services | 568,737 | 565,310 | (0.6 | %) | 2,187,038 | 2,408,141 | 10.1 | % | |||
| Non-aeronautical services | 105,843 | 109,856 | 3.8 | % | 415,587 | 437,237 | 5.2 | % | |||
| Improvements to concession assets (IFRIC 12) | (1,694 | ) | 197,118 | (11733.1 | %) | 253,466 | 547,767 | 116.1 | % | ||
| Total Revenues | 672,886 | 872,284 | 29.6 | % | 2,856,091 | 3,393,147 | 18.8 | % | |||
| Operating income | 161,229 | 173,103 | 7.4 | % | 692,047 | 785,604 | 13.5 | % | |||
| EBITDA | 235,167 | 267,170 | 13.6 | % | 976,699 | 1,125,732 | 15.3 | % | |||
| Total | |||||||||||
| Aeronautical services | 4,710,034 | 4,486,752 | (4.7 | %) | 17,336,734 | 19,267,395 | 11.1 | % | |||
| Non-aeronautical services | 1,132,712 | 1,255,239 | 10.8 | % | 4,370,832 | 4,913,874 | 12.4 | % | |||
| Improvements to concession assets (IFRIC 12) | 1,894,268 | 3,023,696 | 59.6 | % | 4,846,404 | 7,791,320 | 60.8 | % | |||
| Total Revenues | 7,737,013 | 8,765,687 | 13.3 | % | 26,553,970 | 31,972,589 | 20.4 | % | |||
| Operating income | 3,586,336 | 3,474,197 | (3.1 | %) | 13,551,947 | 14,684,327 | 8.4 | % | |||
| EBITDA | 4,185,372 | 4,120,824 | (1.5 | %) | 15,774,599 | 17,117,829 | 8.5 | % | |||
| (1) Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports. | |||||||||||
| Exhibit B: Consolidated statement of financial position as of December 31 (in thousands of pesos): | |||||||||
| 2022 | 2023 | Change | % | ||||||
| Assets | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | 12,371,464 | 10,055,211 | (2,316,253 | ) | (18.7 | %) | |||
| Trade accounts receivable - Net | 2,368,342 | 2,251,229 | (117,113 | ) | (4.9 | %) | |||
| Other current assets | 771,974 | 1,402,959 | 630,985 | 81.7 | % | ||||
| Total current assets | 15,511,780 | 13,709,399 | (1,802,381 | ) | (11.6 | %) | |||
| Advanced payments to suppliers | 2,564,880 | 2,105,833 | (459,047 | ) | (17.9 | %) | |||
| Machinery, equipment and improvements to leased buildings - Net | 3,928,258 | 4,552,283 | 624,025 | 15.9 | % | ||||
| Improvements to concession assets - Net | 20,260,493 | 28,997,244 | 8,736,751 | 43.1 | % | ||||
| Airport concessions - Net | 9,668,698 | 8,778,988 | (889,710 | ) | (9.2 | %) | |||
| Rights to use airport facilities - Net | 1,135,009 | 1,461,100 | 326,091 | 28.7 | % | ||||
| Deferred income taxes - Net | 6,810,168 | 7,337,813 | 527,645 | 7.7 | % | ||||
| Other non-current assets | 626,055 | 502,198 | (123,857 | ) | (19.8 | %) | |||
| Total assets | 60,505,341 | 67,444,859 | 6,939,517 | 11.5 | % | ||||
| Liabilities | |||||||||
| Current liabilities | 6,919,970 | 12,085,579 | 5,165,609 | 74.6 | % | ||||
| Long-term liabilities | 33,757,326 | 34,414,633 | 657,307 | 1.9 | % | ||||
| Total liabilities | 40,677,296 | 46,500,212 | 5,822,916 | 14.3 | % | ||||
| Stockholders' Equity | |||||||||
| Common stock | 8,197,536 | 8,197,536 | - | 0.0 | % | ||||
| Legal reserve | 34,076 | 478,185 | 444,109 | 1303.3 | % | ||||
| Retained earnings | 9,187,597 | 8,787,568 | (400,029 | ) | (4.4 | %) | |||
| Reserve for share repurchase | 2,499,473 | 2,500,000 | 527 | 0.0 | % | ||||
| Repurchased shares | (1,999,987 | ) | - | 1,999,987 | (100.0 | %) | |||
| Foreign currency translation reserve | 575,534 | (240,307 | ) | (815,841 | ) | (141.8 | %) | ||
| Remeasurements of employee benefit – Net | 14,013 | (1,919 | ) | (15,932 | ) | (113.7 | %) | ||
| Cash flow hedges- Net | 130,624 | 60,720 | (69,904 | ) | (53.5 | %) | |||
| Total controlling interest | 18,638,866 | 19,781,783 | 1,142,917 | 6.1 | % | ||||
| Non-controlling interest | 1,189,179 | 1,162,864 | (26,314 | ) | (2.2 | %) | |||
| Total stockholder's equity | 19,828,045 | 20,944,647 | 1,116,603 | 5.6 | % | ||||
| Total liabilities and stockholders' equity | 60,505,341 | 67,444,859 | 6,939,518 | 11.5 | % | ||||
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): | ||||||||||||
| 4Q22 | 4Q23 | Change | 2022 | 2023 | Change | |||||||
| Cash flows from operating activities: | ||||||||||||
| Consolidated net income | 1,830,679 | 2,257,084 | 23.3 | % | 9,185,474 | 9,689,600 | 5.5 | % | ||||
| Postemployment benefit costs | 9,610 | 11,815 | 22.9 | % | 35,532 | 45,501 | 28.1 | % | ||||
| Allowance expected credit loss | 15,633 | 1,030 | (93.4 | %) | 41,444 | 29,395 | (29.1 | %) | ||||
| Depreciation and amortization | 597,987 | 686,722 | 14.8 | % | 2,313,321 | 2,545,702 | 10.0 | % | ||||
| Loss on sale of machinery, equipment and improvements to leased assets | 10,359 | (817 | ) | (107.9 | %) | 14,232 | (668 | ) | (104.7 | %) | ||
| Interest expense | 697,893 | 642,642 | (7.9 | %) | 2,356,116 | 3,439,276 | 46.0 | % | ||||
| Provisions | (14,179 | ) | 4,908 | (134.6 | %) | 3,285 | 22,986 | 599.8 | % | |||
| Income tax expense | 1,073,585 | 547,436 | (49.0 | %) | 3,090,212 | 3,072,090 | (0.6 | %) | ||||
| Unrealized exchange loss | 28,227 | (28,229 | ) | (200.0 | %) | (261,258 | ) | (311,969 | ) | 19.4 | % | |
| Net (gain) on derivative financial instruments | (39 | ) | - | (100.0 | %) | (6,967 | ) | - | (100.0 | %) | ||
| 4,249,754 | 4,122,591 | (3.0 | %) | 16,771,387 | 18,531,914 | 10.5 | % | |||||
| Changes in working capital: | ||||||||||||
| (Increase) decrease in | ||||||||||||
| Trade accounts receivable | (526,351 | ) | (201,310 | ) | (61.8 | %) | (705,576 | ) | 50,837 | (107.2 | %) | |
| Recoverable tax on assets and other assets | 305,332 | (257,260 | ) | (184.3 | %) | 601,434 | (469,839 | ) | (178.1 | %) | ||
| Increase (decrease) | ||||||||||||
| Concession taxes payable | 105,468 | 207,078 | 96.3 | % | (10,719 | ) | 374,872 | (3597.2 | %) | |||
| Accounts payable | (24,986 | ) | 65,830 | (363.5 | %) | 220,010 | (51,011 | ) | (123.2 | %) | ||
| Cash generated by operating activities | 4,109,217 | 3,936,929 | (4.2 | %) | 16,876,535 | 18,436,773 | 9.2 | % | ||||
| Income taxes paid | (772,133 | ) | (882,708 | ) | 14.3 | % | (4,356,833 | ) | (4,501,917 | ) | 3.3 | % |
| Net cash flows provided by operating activities | 3,337,084 | 3,054,221 | (8.5 | %) | 12,519,703 | 13,934,856 | 11.3 | % | ||||
| Cash flows from investing activities: | ||||||||||||
| Machinery, equipment and improvements to concession assets | (2,938,891 | ) | (2,801,045 | ) | (4.7 | %) | (8,431,106 | ) | (10,444,346 | ) | 23.9 | % |
| Cash flows from sales of machinery and equipment | 3,295 | 1,742 | (47.1 | %) | 5,198 | 3,535 | (32.0 | %) | ||||
| Other investment activities | 25,102 | (1,101 | ) | (104.4 | %) | (56,475 | ) | (36,552 | ) | (35.3 | %) | |
| Business acquisition | - | - | 0.0 | % | - | (614,792 | ) | 100.0 | % | |||
| Net cash used by investment activities | (2,910,494 | ) | (2,800,404 | ) | (3.8 | %) | (8,482,383 | ) | (11,092,156 | ) | 30.8 | % |
| Cash flows from financing activities: | ||||||||||||
| Dividends declared and paid | (3,637,998 | ) | (3,749,158 | ) | 3.1 | % | (7,313,743 | ) | (7,498,317 | ) | 2.5 | % |
| Dividends declared and paid non-controlling interest | 1,093 | (135,914 | ) | (12534.9 | %) | (153,959 | ) | (135,914 | ) | 11.7 | % | |
| Bond certificates issued | - | - | 0.0 | % | 7,757,588 | 5,400,000 | (30.4 | %) | ||||
| Bond certificates paid | (2,300,000 | ) | - | (100.0 | %) | (3,800,000 | ) | (602,000 | ) | (84.2 | %) | |
| Bank loans paid | (79,930 | ) | (1,570,819 | ) | 1865.2 | % | (4,039,007 | ) | (1,642,132 | ) | (59.3 | %) |
| Banks loans | 3,000,000 | 1,494,341 | (50.2 | %) | 6,872,783 | 3,715,459 | (45.9 | %) | ||||
| Repurchase of shares | - | - | 0.0 | % | (1,999,987 | ) | - | (100.0 | %) | |||
| Interest capitalized on financial loans | - | (342,554 | ) | 100.0 | % | - | (342,554 | ) | 100.0 | % | ||
| Interest paid | (703,379 | ) | (634,052 | ) | (9.9 | %) | (2,227,888 | ) | (3,661,981 | ) | 64.4 | % |
| Interest paid on lease | (1,326 | ) | (1,148 | ) | (13.4 | %) | (5,391 | ) | (4,805 | ) | (10.9 | %) |
| Payments of obligations for leasing | (4,173 | ) | (4,454 | ) | 6.7 | % | (16,099 | ) | (17,517 | ) | 8.8 | % |
| Net cash flows used in financing activities | (3,725,713 | ) | (4,943,758 | ) | 32.7 | % | (4,925,704 | ) | (4,789,761 | ) | (2.8 | %) |
| Effects of exchange rate changes on cash held | (486,981 | ) | 291,081 | (159.8 | %) | (73,034 | ) | (369,192 | ) | 405.5 | % | |
| Net (decrease) in cash and cash equivalents | (3,786,104 | ) | (4,398,860 | ) | 16.2 | % | (961,413 | ) | (2,316,253 | ) | 140.9 | % |
| Cash and cash equivalents at beginning of the period | 16,157,567 | 14,454,072 | (10.5 | %) | 13,332,877 | 12,371,464 | (7.2 | %) | ||||
| Cash and cash equivalents at the end of the period | 12,371,464 | 10,055,211 | (18.7 | %) | 12,371,464 | 10,055,211 | (18.7 | %) | ||||
| Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos): | |||||||||||||
| 4Q22 | 4Q23 | Change | 2022 | 2023 | Change | ||||||||
| Revenues | |||||||||||||
| Aeronautical services | 4,710,033 | 4,486,752 | (4.7 | %) | 17,336,734 | 19,267,395 | 11.1 | % | |||||
| Non-aeronautical services | 1,381,408 | 1,621,181 | 17.4 | % | 5,197,238 | 6,165,429 | 18.6 | % | |||||
| Improvements to concession assets (IFRIC-12) | 1,914,213 | 3,023,696 | 58.0 | % | 4,846,404 | 7,791,320 | 60.8 | % | |||||
| Total revenues | 8,005,654 | 9,131,629 | 14.1 | % | 27,380,377 | 33,224,144 | 21.3 | % | |||||
| Operating costs | |||||||||||||
| Costs of services: | 1,146,085 | 1,195,635 | 4.3 | % | 3,781,054 | 4,380,069 | 15.8 | % | |||||
| Employee costs | 376,708 | 451,452 | 19.8 | % | 1,373,264 | 1,724,461 | 25.6 | % | |||||
| Maintenance | 296,564 | 250,557 | (15.5 | %) | 730,568 | 728,618 | (0.3 | %) | |||||
| Safety, security & insurance | 168,203 | 188,135 | 11.8 | % | 577,122 | 691,155 | 19.8 | % | |||||
| Utilities | 121,656 | 121,268 | (0.3 | %) | 474,032 | 485,265 | 2.4 | % | |||||
| Business operated directly by us | 49,759 | 70,254 | 41.2 | % | 161,823 | 245,496 | 51.7 | % | |||||
| Other operating expenses | 133,195 | 113,969 | (14.4 | %) | 464,245 | 505,074 | 8.8 | % | |||||
| Technical assistance fees | 202,678 | 199,494 | (1.6 | %) | 756,648 | 851,320 | 12.5 | % | |||||
| Concession taxes | 496,667 | 594,877 | 19.8 | % | 1,895,182 | 2,532,896 | 33.6 | % | |||||
| Depreciation and amortization | 597,987 | 686,722 | 14.8 | % | 2,313,321 | 2,545,702 | 10.0 | % | |||||
| Cost of improvements to concession assets (IFRIC-12) | 1,914,213 | 3,023,696 | 58.0 | % | 4,846,404 | 7,791,320 | 60.8 | % | |||||
| Other (income) | (6,344 | ) | (23,713 | ) | 273.8 | % | (26,427 | ) | (15,875 | ) | (39.9 | %) | |
| Total operating costs | 4,351,286 | 5,676,711 | 30.5 | % | 13,566,182 | 18,085,431 | 33.3 | % | |||||
| Income from operations | 3,654,368 | 3,454,918 | (5.5 | %) | 13,814,195 | 15,138,713 | 9.6 | % | |||||
| Financial Result | (750,104 | ) | (650,398 | ) | (13.3 | %) | (1,538,510 | ) | (2,377,022 | ) | 54.5 | % | |
| Income before income taxes | 2,904,263 | 2,804,520 | (3.4 | %) | 12,275,686 | 12,761,690 | 4.0 | % | |||||
| Income taxes | (1,073,585 | ) | (547,436 | ) | (49.0 | %) | (3,090,212 | ) | (3,072,090 | ) | (0.6 | %) | |
| Net income | 1,830,678 | 2,257,084 | 23.3 | % | 9,185,474 | 9,689,600 | 5.5 | % | |||||
| Currency translation effect | (141,530 | ) | (237,991 | ) | 68.2 | % | (488,316 | ) | (893,709 | ) | 83.0 | % | |
| Cash flow hedges, net of income tax | (37,573 | ) | (45,552 | ) | 21.2 | % | 100,966 | (69,905 | ) | (169.2 | %) | ||
| Remeasurements of employee benefit – net income tax | 8,491 | (16,849 | ) | (298.4 | %) | 8,802 | (15,932 | ) | (281.0 | %) | |||
| Comprehensive income | 1,660,066 | 1,956,692 | 17.9 | % | 8,806,926 | 8,710,054 | (1.1 | %) | |||||
| Non-controlling interest | (13,212 | ) | (8,301 | ) | (37.2 | %) | (142,710 | ) | (68,820 | ) | (51.8 | %) | |
| Comprehensive income attributable to controlling interest | 1,646,855 | 1,948,391 | 18.3 | % | 8,664,216 | 8,641,234 | (0.3 | %) | |||||
| The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”). | |||||||||||||
| Exhibit E: Consolidated stockholders’ equity (in thousands of pesos): | ||||||||||||||||||
| Common Stock | Legal Reserve | Reserve for Share Repurchase | Repurchased Shares | Retained Earnings | Other comprehensive income | Total controlling interest | Non-controlling interest | Total Stockholders' Equity | ||||||||||
| Balance as of January 1, 2022 | 170,381 | 1,592,551 | 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 earnings | 8,027,155 | - | - | - | (8,027,155 | ) | - | - | - | - | ||||||||
| Dividends declared | - | - | - | - | (7,313,743 | ) | - | (7,313,743 | ) | - | (7,313,743 | ) | ||||||
| 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 | - | - | - | - | 9,013,147 | - | 9,013,147 | 172,327 | 9,185,475 | |||||||||
| Foreign currency translation reserve | - | - | - | - | - | (458,699 | ) | (458,699 | ) | (29,617 | ) | (488,316 | ) | |||||
| Remeasurements of employee benefit – Net | - | - | - | - | - | 8,802 | 8,802 | - | 8,802 | - | ||||||||
| Reserve for cash flow hedges – Net of income tax | - | - | - | - | - | 100,966 | 100,966 | - | 100,966 | |||||||||
| Balance as of December 31, 2022 | 8,197,536 | 34,076 | 2,499,473 | (1,999,987 | ) | 9,187,597 | 720,171 | 18,638,866 | 1,189,179 | 19,828,052 | ||||||||
| 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 | - | - | 2,000,514 | - | (2,000,514 | ) | - | - | - | - | ||||||||
| Dividends declared non-controlling interest | - | - | - | - | - | - | - | (95,135 | ) | (95,135 | ) | |||||||
| Comprehensive income: | ||||||||||||||||||
| Net income | - | - | - | - | 9,542,912 | - | 9,542,912 | 146,688 | 9,689,600 | |||||||||
| Foreign currency translation reserve | - | - | - | - | - | (815,841 | ) | (815,841 | ) | (77,868 | ) | (893,709 | ) | |||||
| Remeasurements of employee benefit – Net | - | - | - | - | - | (15,932 | ) | (15,932 | ) | - | (15,932 | ) | ||||||
| Reserve for cash flow hedges – Net of income tax | - | - | - | - | - | (69,905 | ) | (69,905 | ) | - | (69,905 | ) | ||||||
| Balance as of December 31, 2023 | 8,197,536 | 478,185 | 2,500,000 | - | 8,787,568 | (181,508 | ) | 19,781,783 | 1,162,863 | 20,944,646 | ||||||||
| 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 under 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: | ||||||||
| 4Q22 | 4Q23 | Change | 2022 | 2023 | Change | |||
| Total passengers | 15,417.9 | 15,798.8 | 2.5 | % | 56,696.4 | 63,464.4 | 11.9 | % |
| Total cargo volume (in WLUs) | 662.3 | 674.6 | 1.9 | % | 2,578.8 | 2,543.6 | (1.4 | %) |
| Total WLUs | 16,080.2 | 16,473.5 | 2.4 | % | 59,275.2 | 66,008.1 | 11.4 | % |
| Aeronautical & non aeronautical services per passenger (pesos) | 395.1 | 386.6 | (2.1 | %) | 397.5 | 400.7 | 0.8 | % |
| Aeronautical services per WLU (pesos) | 292.9 | 272.4 | (7.0 | %) | 292.5 | 291.9 | (0.2 | %) |
| Non aeronautical services per passenger (pesos) | 89.6 | 102.6 | 14.5 | % | 91.7 | 97.1 | 6.0 | % |
| Cost of services per WLU (pesos) | 71.3 | 72.6 | 1.8 | % | 63.8 | 66.4 | 4.0 | % |
| WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo). | ||||||||
| Alejandra Soto, Investor Relations and Social Responsibility Officer | asoto@aeropuertosgap.com.mx |
| Gisela Murillo, Investor Relations | 3880 1100 ext. 20294 |
