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, 2024 (3Q24).
Figures
are unaudited and prepared following International Financial
Reporting Standards (“IFRS”) as issued by the
International Accounting Standards Board (“IASB”).
Summary of Results 3Q24 vs. 3Q23
- The sum of aeronautical and
non-aeronautical services revenues increased by Ps. 402.8 million,
or 6.4%. Total revenues increased by Ps. 839.7 million, or
11.4%.
- Cost of services increased
by Ps. 251.9 million, or 21.3%.
- Income from operations
increased by Ps. 70.2 million, or 1.9%.
- EBITDA increased by Ps.
237.8 million, or 5.6%, from Ps. 4,629.9 million in 3Q23
to Ps. 4,507.6 million in 3Q24. EBITDA margin (excluding the
effects of IFRIC-12) went from 67.5% in 3Q23 to 67.0% in 3Q24.
- Comprehensive income
increased by Ps. 69.1 million, or 2.7%, from Ps. 2,551.4
million in 3Q23 to Ps. 2,620.6 million in 3Q24.
Company’s Financial Position:
During 3Q24, there was a decrease in the
Company's aeronautical revenues compared to 3Q23, mainly due to the
decline in passenger traffic, as a result of preventive reviews of
Pratt & Whitney A320neo and A321neo engines, which affected the
fleet operated by Volaris and VivaAerobus and that started in the
third quarter of 2023 reaching its highest volume in the 3Q24. This
decrease was offset by an increase in non-aeronautical revenues of
38.7%, generated mainly by the consolidation of the cargo and free
trade zone business at the Guadalajara airport starting in July
2024. The Company reports a financial position of cash and cash
equivalents as of September 30, 2024, of Ps. 15,828.0 million.
During 3Q24, the Company refinanced the credit facilities with
Citibanamex for Ps. 1,000.0 million and for USD$40.0 million,
additionally, on September 5, 2024, the Company issued long-term
bond certificates for an amount of Ps. 5,648.1 million, for capital
investments and debt refinancing.
Passenger TrafficDuring 3Q24,
total passengers at the Company’s 14 airports decreased by 923.2
thousand passengers, a decrease of 5.7%, compared to 3Q23.
During 3Q23, the following new routes were
opened:
Domestic:
Airline |
Departure |
Arrival |
Opening date |
Frequencies |
Aeromexico |
Guadalajara |
Tijuana |
July 1, 2024 |
1 daily |
Note: Frequencies can vary without prior
notice.
International:
Airline |
Departure |
Arrival |
Opening date |
Frequencies |
Hainan |
Tijuana |
Beijing |
July 12, 2024 |
2 weekly |
Flair |
Guadalajara |
Toronto |
September 13, 2024 |
2 weekly |
Note: Frequencies can vary without prior
notice.
Domestic Terminal Passengers – 14 airports (in
thousands):
Airport |
3Q23 |
3Q24 |
Change |
9M23 |
9M24 |
Change |
Guadalajara |
3,261.8 |
3,113.0 |
(4.6%) |
9,395.0 |
8,779.4 |
(6.6%) |
Tijuana * |
2,448.3 |
2,204.9 |
(9.9%) |
6,751.6 |
6,288.3 |
(6.9%) |
Los Cabos |
832.5 |
791.4 |
(4.9%) |
2,244.2 |
2,119.7 |
(5.5%) |
Puerto Vallarta |
799.5 |
804.2 |
0.6% |
2,197.1 |
2,121.6 |
(3.4%) |
Montego Bay |
0.0 |
0.0 |
0.0% |
0.0 |
0.0 |
0.0% |
Guanajuato |
662.9 |
547.0 |
(17.5%) |
1,729.5 |
1,545.3 |
(10.7%) |
Hermosillo |
556.8 |
524.2 |
(5.9%) |
1,552.4 |
1,512.7 |
(2.6%) |
Kingston |
0.7 |
1.3 |
69.8% |
1.3 |
2.4 |
80.5% |
Mexicali |
447.6 |
250.5 |
(44.0%) |
1,174.8 |
765.1 |
(34.9%) |
Morelia |
221.1 |
165.0 |
(25.3%) |
609.1 |
464.5 |
(23.7%) |
La Paz |
303.6 |
320.5 |
5.6% |
814.2 |
879.9 |
8.1% |
Aguascalientes |
171.6 |
158.5 |
(7.6%) |
478.6 |
467.0 |
(2.4%) |
Los Mochis |
123.1 |
144.0 |
16.9% |
336.2 |
412.0 |
22.5% |
Manzanillo |
27.3 |
28.1 |
3.1% |
80.1 |
94.4 |
17.8% |
Total |
9,856.8 |
9,052.5 |
(8.2%) |
27,364.0 |
25,452.3 |
(7.0%) |
*Cross Border Xpress (CBX) users are classified as international
passengers.
International Terminal Passengers – 14
airports (in thousands):
Airport |
3Q23 |
3Q24 |
Change |
9M23 |
9M24 |
Change |
Guadalajara |
1,342.2 |
1,493.1 |
11.2% |
3,848.9 |
4,353.1 |
13.1% |
Tijuana * |
1,093.9 |
1,067.9 |
(2.4%) |
3,254.5 |
3,001.9 |
(7.8%) |
Los Cabos |
999.4 |
881.2 |
(11.8%) |
3,603.1 |
3,489.0 |
(3.2%) |
Puerto Vallarta |
599.0 |
529.0 |
(11.7%) |
2,863.8 |
2,970.5 |
3.7% |
Montego Bay |
1,306.4 |
1,154.9 |
(11.6%) |
3,963.2 |
3,897.2 |
(1.7%) |
Guanajuato |
227.4 |
284.2 |
25.0% |
645.5 |
773.5 |
19.8% |
Hermosillo |
18.3 |
19.0 |
3.9% |
55.0 |
62.6 |
13.8% |
Kingston |
509.4 |
514.3 |
1.0% |
1,338.9 |
1,324.9 |
(1.0%) |
Mexicali |
1.8 |
1.8 |
0.1% |
5.3 |
5.6 |
4.8% |
Morelia |
149.2 |
169.9 |
13.9% |
444.0 |
483.9 |
9.0% |
La Paz |
2.6 |
2.6 |
(2.4%) |
10.3 |
8.7 |
(15.9%) |
Aguascalientes |
81.5 |
90.9 |
11.5% |
214.3 |
242.1 |
13.0% |
Los Mochis |
1.9 |
2.1 |
13.9% |
5.4 |
6.1 |
14.3% |
Manzanillo |
6.5 |
9.6 |
47.7% |
49.1 |
65.7 |
33.7% |
Total |
6,339.5 |
6,220.3 |
(1.9%) |
20,301.6 |
20,684.7 |
1.9% |
*CBX users are classified as international passengers.
Total Terminal Passengers – 14
airports (in thousands):
Airport |
3Q23 |
3Q24 |
Change |
9M23 |
9M24 |
Change |
Guadalajara |
4,604.0 |
4,606.0 |
0.0% |
13,243.9 |
13,132.5 |
(0.8%) |
Tijuana * |
3,542.2 |
3,272.7 |
(7.6%) |
10,006.1 |
9,290.2 |
(7.2%) |
Los Cabos |
1,831.9 |
1,672.6 |
(8.7%) |
5,847.3 |
5,608.7 |
(4.1%) |
Puerto Vallarta |
1,398.5 |
1,333.2 |
(4.7%) |
5,060.9 |
5,092.1 |
0.6% |
Montego Bay |
1,306.4 |
1,154.9 |
(11.6%) |
3,963.2 |
3,897.2 |
(1.7%) |
Guanajuato |
890.2 |
831.2 |
(6.6%) |
2,375.0 |
2,318.7 |
(2.4%) |
Hermosillo |
575.2 |
543.3 |
(5.5%) |
1,607.5 |
1,575.3 |
(2.0%) |
Kingston |
510.1 |
515.5 |
1.1% |
1,340.3 |
1,327.3 |
(1.0%) |
Mexicali |
449.4 |
252.3 |
(43.9%) |
1,180.1 |
770.7 |
(34.7%) |
Morelia |
370.2 |
335.0 |
(9.5%) |
1,053.1 |
948.4 |
(9.9%) |
La Paz |
306.2 |
323.0 |
5.5% |
824.5 |
888.6 |
7.8% |
Aguascalientes |
253.1 |
249.3 |
(1.5%) |
692.9 |
709.1 |
2.3% |
Los Mochis |
125.0 |
146.1 |
16.9% |
341.6 |
418.1 |
22.4% |
Manzanillo |
33.8 |
37.7 |
11.6% |
129.2 |
160.1 |
23.9% |
Total |
16,196.1 |
15,272.8 |
(5.7%) |
47,665.4 |
46,137.0 |
(3.2%) |
*CBX users are classified as international passengers.
CBX Users (in thousands):
Airport |
3Q23 |
3Q24 |
Change |
9M23 |
9M24 |
Change |
Tijuana |
1,084.2 |
1,048.7 |
(3.3%) |
3,226.9 |
2,956.3 |
(8.4%) |
|
|
|
|
|
|
|
Consolidated Results for the Third Quarter of
2024 (in thousands of
pesos):
|
3Q23 |
3Q24 |
Change |
Revenues |
|
|
|
Aeronautical services |
4,812,288 |
4,627,601 |
(3.8%) |
Non-aeronautical services |
1,516,381 |
2,103,878 |
38.7% |
Improvements to concession assets (IFRIC-12) |
1,064,286 |
1,501,188 |
41.1% |
Total revenues |
7,392,955 |
8,232,667 |
11.4% |
|
|
|
|
Operating costs |
|
|
|
Costs of services: |
1,183,268 |
1,435,204 |
21.3% |
Employee costs |
440,836 |
573,117 |
30.0% |
Maintenance |
171,063 |
213,360 |
24.7% |
Safety, security & insurance |
180,066 |
220,486 |
22.4% |
Utilities |
141,334 |
160,803 |
13.8% |
Business operated directly by us |
63,147 |
72,858 |
15.4% |
Other operating expenses |
186,822 |
194,580 |
4.2% |
|
|
|
|
Technical assistance fees |
209,109 |
200,635 |
(4.1%) |
Concession taxes |
671,398 |
598,091 |
(10.9%) |
Depreciation and amortization |
619,755 |
787,295 |
27.0% |
Cost of improvements to concession assets (IFRIC-12) |
1,064,286 |
1,501,188 |
41.1% |
Other (income) |
(4,959) |
(10,082) |
103.3% |
Total operating costs |
3,742,857 |
4,512,331 |
20.6% |
Income from operations |
3,650,098 |
3,720,336 |
1.9% |
Financial Result |
(544,187) |
(1,059,983) |
94.8% |
Income before income taxes |
3,105,911 |
2,660,353 |
(14.3%) |
Income taxes |
(727,051) |
(677,524) |
(6.8%) |
Net income |
2,378,860 |
1,982,829 |
(16.6%) |
Currency translation effect |
158,864 |
651,897 |
310.3% |
Cash flow hedges, net of income tax |
13,398 |
(12,124) |
(190.5%) |
Remeasurements of employee benefit – net income tax |
318 |
(2,052) |
(745.3%) |
Comprehensive income |
2,551,440 |
2,620,550 |
2.7% |
Non-controlling interest |
(52,302) |
(140,692) |
169.0% |
Comprehensive income attributable to controlling
interest |
2,499,138 |
2,479,858 |
(0.8%) |
|
|
|
|
|
|
|
|
|
3Q23 |
3Q24 |
Change |
EBITDA |
4,269,853 |
4,507,631 |
5.6% |
Comprehensive income |
2,551,440 |
2,620,550 |
2.7% |
Comprehensive income per share (pesos) |
5.0175 |
5.1864 |
3.4% |
Comprehensive income per ADS (US dollars) |
3.0304 |
3.1324 |
3.4% |
|
|
|
|
Operating income margin |
49.4% |
45.2% |
(8.5%) |
Operating income margin (excluding IFRIC-12) |
57.7% |
55.3% |
(4.2%) |
EBITDA margin |
57.8% |
54.8% |
(5.2%) |
EBITDA margin (excluding IFRIC-12) |
67.5% |
67.0% |
(0.7%) |
Costs of services and improvements / total revenues |
30.4% |
35.7% |
17.3% |
Cost of services / total revenues (excluding IFRIC-12) |
18.7% |
21.3% |
14.0% |
|
|
|
|
- Net income and comprehensive income per share
for 3Q24 and 3Q23 were calculated based on 505,277,464 shares
outstanding as of September 30, 2024, and September 30, 2023,
respectively. U.S. dollar figures presented were converted from
pesos to U.S. dollars at a rate of Ps. 19.6303 per U.S. dollar (the
noon buying rate on September 30, 2024, as published by the U.S.
Federal Reserve Board). For purposes of consolidating our Jamaican
airports, the average three-month exchange rate of Ps. 18.9229 per
U.S. dollar for the three months ended September 30, 2024, was
used.
Revenues (3Q24 vs. 3Q23)
- Aeronautical services
revenues decreased by Ps. 184.7 million, or 3.8%.
- Non-aeronautical services
revenues increased by Ps. 587.5 million, or 38.7%.
- Revenues from improvements
to concession assets increased by Ps. 436.9 million, or
41.1%.
- Total revenues increased by
Ps. 839.7 million, or 11.4%.
- The change in aeronautical
services revenues was primarily due to the following
factors:
- Revenues at our Mexican
airports decreased by Ps. 251.2 million or 6.1% compared
to 3Q23, mainly due to the 5.4% decrease in passenger traffic.
- Revenues from Jamaican
airports increased by Ps. 66.5 million, or 9.4%, compared
to 3Q23. This was mainly due to the peso depreciation versus the
U.S. dollar by 10.9%, compared to 3Q23, which went from an average
exchange rate of Ps. 17.0621 in 3Q23 to Ps. 18.9229 in 3Q24.
Passenger traffic decreased by 8.0%.
- The change in
non-aeronautical services revenues was primarily
driven by the following factors:
- Revenues at our Mexican
airports increased by Ps. 573.4 million, or 45.5%,
compared to 3Q23. Revenues from businesses operated directly by us
increased by Ps. 444.5 million, or 100.3%, mainly due to the
consolidation of a cargo and free trade zone business starting in
July 2024 with revenues of Ps. 354.1 million. Revenues from
businesses operated by third parties increased by Ps. 124.5
million, or 16.1%, mainly due to the opening of new commercial
spaces, and the renegotiation of contract conditions. The business
lines that grew the most were car rentals, food and beverages, time
shares, and retail, all of which increased by Ps. 122.9 million, or
23.4%, offset by a decrease of Ps. 6.3 million in duty-free
stores.
- Revenues from the
Jamaican airports increased by
Ps. 14.1 million, or 5.6%, compared to 3Q23, mainly due to the peso
depreciation versus the U.S. dollar by 10.9%, compared to 3Q23.
Revenues in U.S. dollars decreased by US$ 0.7 million, or
4.9%.
|
3Q23 |
3Q24 |
Change |
Businesses operated by third parties: |
|
|
|
Food and beverage |
249,671 |
291,059 |
16.6% |
Car rental |
144,939 |
209,871 |
44.8% |
Duty-free |
193,804 |
184,931 |
(4.6%) |
Retail |
175,933 |
174,816 |
(0.6%) |
Leasing of space |
97,178 |
111,224 |
14.5% |
Times shares |
33,902 |
63,608 |
87.6% |
Ground transportation |
24,526 |
41,301 |
68.4% |
Other commercial revenues |
50,202 |
30,260 |
(39.7%) |
Communications and financial services |
28,734 |
26,446 |
(8.0%) |
Total |
998,889 |
1,133,516 |
13.5% |
|
|
|
|
Businesses operated directly by us: |
|
|
|
Cargo operation and free trade zone |
- |
390,385 |
100.0% |
Car parking |
186,944 |
171,497 |
(8.3%) |
Convenience stores |
128,147 |
137,122 |
7.0% |
VIP Lounges |
105,870 |
130,000 |
22.8% |
Advertising |
41,696 |
52,977 |
27.1% |
Hotel operation |
- |
28,189 |
100.0% |
Total |
462,657 |
910,169 |
96.7% |
Recovery of costs |
54,836 |
60,193 |
9.8% |
Total Non-aeronautical Revenues |
1,516,381 |
2,103,878 |
38.7% |
|
|
|
|
Figures are expressed in thousands of
Mexican pesos.
- Revenues from improvements
to concession assets 1Revenues from improvements to
concession assets (IFRIC-12) increased by Ps. 436.9 million, or
41.1%, compared to 3Q23. The change was composed of :
- Improvements to concession assets
at the Company’s Mexican airports increased by Ps. 299.7 million,
or 28.9%, following investments under the Master Development
Program for the 2020-2024 period.
- Improvements to concession assets
at the Company’s Jamaican airports increased Ps. 137.2 million, or
504.1%.
________________________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. 769.5 million, or 20.6%, compared
to 3Q23, mainly due to the increase in the cost of improvements to
concession assets (IFRIC-12) by Ps. 436.9 million and the cargo and
free trade zone business consolidation.
The cost of services increased by Ps. 251.9
million, or 21.3%, while the depreciation and amortization
increased by Ps. 167.5 million, or 27.0%. This was offset by
a combined decrease of Ps. 81.8 million, or 5.0%, in
concession taxes and technical assistance fees (excluding
the cost of improvements to concession assets (IFRIC-12), operating
costs increased Ps. 332.5 million, or 12.4%).
This increase in total operating costs was
primarily due to the following factors:
Mexican airports:
- Operating costs increased
by Ps. 694.8 million, or 23.4%, compared to 3Q23,
primarily due to an increase in the cost of improvements to the
concession assets (IFRIC-12) by Ps. 299.7 million, or 28.9%, an
increase in the cost of services by Ps. 223.2 million, or 22.9%, an
increase in depreciation and amortization by Ps. 152.7 million, or
30.6%, and a combined increase in technical assistance fees and
concession taxes by Ps. 22.9 million, or 5.0% (excluding
the cost of improvements to the concession assets (IFRIC-12),
operating costs increased by Ps. 395.0 million or
20.5%).
The change in the cost of services at our
Mexican airports during 3Q24 was mainly due to:
- Employee costs
increased Ps. 125.0 million, or 32.2%, compared to 3Q23, mainly due
to the consolidation of the cargo and free trade zone business of
Ps. 86.5 million, as well as the hiring of 175 additional personnel
during the last quarter of 2023 and 9M24, as well as the
adjustments in salaries and cost related to changes in Labor
Law.
- Maintenance
expenses increased by Ps. 41.3 million, or 31.7%, compared
to 3Q23, mainly due to the opening of new operational areas and the
consolidation of the cargo and free trade zone business with
maintenance expenses of Ps. 8.4 million.
- Safety, security, and
insurance increased by Ps. 29.4 million, or 22.1%,
compared to 3Q23, mainly due to the increase in the security
headcount, minimum wages, and changes in Labor Law, the opening of
new operational areas and the consolidation of the cargo and free
trade zone business by Ps.4.8 million.
- Other operating
expenses increased by Ps. 15.7 million, or 7.1%, compared
to 3Q23, mainly due to a combined increase in services,
professional fees, and travel expenses by Ps. 11.7 million, the
consolidation of the cargo and free trade zone business with other
operating expenses of Ps. 12.4 million. This was offset by the
decrease in the allowance for expected credit losses by Ps. 4.8
million.
Jamaican Airport:
- Operating costs increased
by Ps. 74.7 million, or 9.6%, compared to 3Q23, mainly due
to a Ps. 137.2 million, or 504.1%, increase in the cost of
improvements to concession assets (IFRIC-12), an increase in the
cost of services by Ps. 28.7 million, or 13.8%, offset by the
decrease in the concession taxes by Ps. 104.7 million, or
24.8%.
Operating income margin went
from 49.4% in 3Q23 to 45.2% in 3Q24. Excluding the effects of
IFRIC-12, the operating income margin went from 57.7% in 3Q23 to
55.3% in 3Q24. Income from operations increased by Ps. 70.2
million, or 1.9%, compared to 3Q23.
EBITDA margin went from 57.8%
in 3Q23 to 54.8% in 3Q24. Excluding the effects of IFRIC-12, EBITDA
margin went from 67.5% in 3Q23 to 67.0% in 3Q24. The
nominal value of EBITDA increased by Ps. 237.8 million, or
5.6%, compared to 3Q23.
Financial results increased by Ps.
515.8 million, or 94.8%, from a net expense of Ps. 544.1
million in 3Q23 to a net expense of Ps. 1,060.0 million in 3Q24.
This change was mainly the result of:
- Foreign exchange rate
fluctuations, which went from an income of Ps. 170.2
million in 3Q23 to an expense of Ps. 313.4 million in 3Q24.
This generated a foreign exchange loss of Ps. 483.7
million. This was mainly due to the depreciation of the
peso. Currency translation effect gain increased Ps. 493.0 million,
compared to 3Q23.
- Interest expenses increased
by Ps. 25.2 million, or 2.2%, compared to 3Q23, 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
substantial increase in the interest rates.
- Interest income decreased
by Ps. 6.9 million, or 2.1%, compared to 3Q23, mainly due
to a decrease in the cash and cash equivalents average balance and
the reference rates.
In 3Q24, comprehensive income increased
by Ps. 69.1 million, or 2.7%, compared to 3Q23. Income
before income taxes decreased by Ps. 445.6 million, mainly due to
the decrease in passenger traffic and partially offset by the
revenues generated by the commercial strategy and the consolidation
of the cargo and free trade zone business. This decrease generated
a decrease in the tax income of Ps. 49.5 million. Net and
comprehensive income increased mainly due to the increase of the
effect of foreign currency translation by Ps. 493.0 million.
During 3Q24, net income decreased by Ps.
396.0 million, or 16.6%, compared to 3Q23. Taxes for the
period decreased by Ps. 49.5 million, tax income increased by Ps.
67.0 million and the benefit for deferred taxes increased by Ps.
116.5 million, mainly due to the application of fiscal losses for
Ps. 97.9 million, and other deferred taxes by Ps. 20.7 million,
offset by a decrease in the inflationary effects, that went from an
inflation rate of 1.5% in 3Q23 to 1.4% in 3Q24.
Consolidated Results for the Nine Months of
2024 (in thousands of
pesos):
|
9M23 |
9M24 |
Change |
Revenues |
|
|
|
Aeronautical services |
14,780,643 |
14,150,663 |
(4.3%) |
Non-aeronautical services |
4,544,249 |
5,521,018 |
21.5% |
Improvements to concession assets (IFRIC-12) |
4,767,624 |
4,314,977 |
(9.5%) |
Total revenues |
24,092,516 |
23,986,658 |
(0.4%) |
|
|
|
|
Operating costs |
|
|
|
Costs of services: |
3,184,434 |
3,720,973 |
16.8% |
Employee costs |
1,273,009 |
1,522,994 |
19.6% |
Maintenance |
478,061 |
555,642 |
16.2% |
Safety, security & insurance |
503,020 |
602,508 |
19.8% |
Utilities |
363,997 |
396,811 |
9.0% |
Business operated directly by us |
175,242 |
219,017 |
25.0% |
Other operating expenses |
391,105 |
424,000 |
8.4% |
|
|
|
|
Technical assistance fees |
651,826 |
627,172 |
(3.8%) |
Concession taxes |
1,938,019 |
1,991,302 |
2.7% |
Depreciation and amortization |
1,858,980 |
2,137,595 |
15.0% |
Cost of improvements to concession assets (IFRIC-12) |
4,767,624 |
4,314,977 |
(9.5%) |
Other (income) |
7,837 |
(22,474) |
(386.7%) |
Total operating costs |
12,408,721 |
12,769,544 |
2.9% |
Income from operations |
11,683,794 |
11,217,114 |
(4.0%) |
Financial Result |
(1,726,623) |
(2,316,875) |
34.2% |
Income before income taxes |
9,957,170 |
8,900,239 |
(10.6%) |
Income taxes |
(2,524,654) |
(2,193,977) |
(13.1%) |
Net income |
7,432,516 |
6,706,263 |
(9.8%) |
Currency translation effect |
(655,718) |
1,019,679 |
(255.5%) |
Cash flow hedges, net of income tax |
(24,353) |
(47,527) |
95.2% |
Remeasurements of employee benefit – net income tax |
917 |
177 |
(80.7%) |
Comprehensive income |
6,753,363 |
7,678,591 |
13.7% |
Non-controlling interest |
(60,519) |
(268,334) |
343.4% |
Comprehensive income attributable to controlling
interest |
6,692,844 |
7,410,259 |
10.7% |
|
|
|
|
|
|
|
|
|
9M23 |
9M24 |
Change |
EBITDA |
13,542,775 |
13,354,710 |
(1.4%) |
Comprehensive income |
6,753,363 |
7,678,591 |
13.7% |
Comprehensive income per share (pesos) |
13.2807 |
15.1968 |
14.4% |
Comprehensive income per ADS (US dollars) |
8.0210 |
9.1782 |
14.4% |
|
|
|
|
Operating income margin |
48.5% |
46.8% |
(3.6%) |
Operating income margin (excluding IFRIC-12) |
60.5% |
57.0% |
(5.7%) |
EBITDA margin |
56.2% |
55.7% |
(1.0%) |
EBITDA margin (excluding IFRIC-12) |
70.1% |
67.9% |
(3.1%) |
Costs of services and improvements / total revenues |
33.0% |
33.5% |
1.5% |
Cost of services / total revenues (excluding IFRIC-12) |
16.5% |
18.9% |
14.8% |
|
|
|
|
- Net income and comprehensive income per share for 9M24 and
9M23 were calculated based on 505,277,464 shares outstanding as of
September 30, 2024, and September 30, 2023. U.S. dollar figures
presented were converted from pesos to U.S. dollars at a rate of
Ps. 19.6903 per U.S. dollar (the noon buying rate on September 30,
2024, 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. 17.7104 per U.S. dollar for
the nine months ended September 30, 2024, was used.
Revenues (9M24 vs. 9M23)
- Aeronautical services
revenues decreased by Ps. 630.0 million, or 4.3%.
- Non-aeronautical services
revenues increased by Ps. 976.8 million, or 21.5%.
- Revenues from improvements
to concession assets decreased by Ps. 452.6 million, or
9.5%.
- Total revenues decreased by
Ps. 105.9 million, or 0.4%.
- The change in aeronautical
services revenues was composed primarily of the following
factors:
- Revenues at our Mexican
airports decreased by Ps. 700.4 million, or 5.5%, compared
to 9M23, mainly due to the 3.4% decrease in passenger traffic, as
well as 93.4% compliance with the maximum tariffs.
- Revenues from Jamaican
airports increased by Ps. 70.4 million, or 3.3%, compared
to 9M23. This was mainly due to the increase in revenues in U.S.
dollars by US$4.8 million, or 4.0%. This was offset by an
appreciation of the peso against the dollar compared to 9M23 of
0.7%, which went from an average exchange rate of Ps. 17.8282 in
9M23 to Ps. 17.7104 in 9M24, which represented a decrease in
revenues in pesos. Passenger traffic decreased by 1.5%.
- The change in
non-aeronautical services revenues was composed
primarily of the following factors :
- Revenues at our Mexican
airports increased by Ps. 968.4 million, or 25.6%,
compared to 9M23. Revenues from businesses operated directly by us
increased by Ps. 612.9 million, or 48.5%, mainly due to the
consolidation of the cargo and free trade zone business starting in
July 2024 with revenues of Ps. 354.1 million, while the recovery of
costs increased by Ps. 4.5 million, or 3.5%. Revenues from
businesses operated by third parties increased by Ps. 350.9
million, or 14.7%. This was mainly due to the opening of new
commercial spaces, and the renegotiation of existing contracts. The
business lines that increased the most were car rentals, food and
beverage, other commercial revenues, and retail, which jointly
increased by Ps. 357.8 million, or 18.2%.
- Revenues from the Jamaican
airports increased by Ps. 8.4 million, or 1.1%, compared
to 9M23, mainly due to the increase in revenues in USD dollars by
US$0.7 million or 1.8%, this was offset by an appreciation of the
peso against the dollar compared to 9M23 of 0.7%.
|
9M23 |
9M24 |
Change |
Businesses operated by third parties: |
|
|
|
Food and beverage |
748,361 |
879,140 |
17.5% |
Duty-free |
583,824 |
552,968 |
(5.3%) |
Car rentals |
427,802 |
613,048 |
43.3% |
Retail |
531,703 |
516,596 |
(2.8%) |
Leasing of space |
270,513 |
318,494 |
17.7% |
Time share |
166,585 |
174,355 |
4.7% |
Other commercial revenues |
112,188 |
144,093 |
28.4% |
Ground transportation |
132,307 |
134,823 |
1.9% |
Communications and financial services |
88,240 |
80,524 |
(8.7%) |
Total |
3,061,523 |
3,414,040 |
11.5% |
|
|
|
|
Businesses operated directly by us: |
|
|
|
Car parking |
528,005 |
518,229 |
(1.9%) |
Cargo operation and free trade zone |
- |
453,379 |
100.0% |
Convenience stores |
359,901 |
420,499 |
16.8% |
VIP Lounges |
319,848 |
361,941 |
13.2% |
Advertising |
105,815 |
130,785 |
23.6% |
Hotel operation |
- |
46,804 |
100.0% |
Total |
1,313,568 |
1,931,636 |
47.1% |
Recovery of costs |
169,158 |
175,341 |
3.7% |
Total Non-aeronautical Revenues |
4,544,248 |
5,521,018 |
21.5% |
|
|
|
|
Figures are expressed in thousands of
Mexican pesos.
- Revenues from improvements
to concession assets2Revenues from improvements to
concession assets (IFRIC12) decreased by Ps. 452.6 million, or
9.5%, compared to 9M23. The change was composed primarily of:
- The Company’s Mexican airports
decreased by Ps. 672.3 million, or 14.4%, following the investments
under the Master Development Program for the 2020-2024
period.
- Improvements to concession assets
at the Company’s Jamaican airports increased by Ps. 219.7 million,
or 258.7%.
________________________[2] Revenues from improvements to
concession assets are recognized in accordance with International
Financial Reporting Interpretation Committee 12 “Service Concession
Arrangements” (IFRIC 12), but this recognition does not have a cash
impact or an impact on the Company’s operating results. Amounts
included as a result of the recognition of IFRIC 12 are related to
construction of infrastructure in each quarter to which the Company
has committed in accordance with the Company’s Master Development
Programs in Mexico and Capital Development Program in Jamaica. All
margins and ratios calculated using “Total Revenues” include
revenues from improvements to concession assets (IFRIC 12), and,
consequently, such margins and ratios may not be comparable to
other ratios and margins, such as EBITDA margin, operating margin
or other similar ratios that are calculated based on those results
of the Company that do have a cash impact.
Total operating costs
increased by Ps. 360.8 million, or 2.9%, compared
to 9M23, mainly due to a Ps. 536.5 million, or 16.8%, increase in
the cost of services, a Ps. 278.6 million, or 15.0%, increase in
depreciation and amortization, and a combined increase in
concession taxes and technical assistance fees by Ps. 28.6 million,
or 1.1%. This was offset by the decrease in improvements to
concession assets (IFRIC12) by Ps. 452.6 million, or 9.5%
(excluding the cost of improvements to concession assets,
operating costs increased Ps. 813.5 million, or
10.6%).
This increase in total operating costs was
composed primarily of the following factors:
Mexican Airports:
- Operating costs increased
by Ps. 102.9 million, or 1.0%, compared to 9M23, primarily
due to a Ps.454.5, or 17.2%, increase in the cost of services, a
combined Ps. 279.7 million, or 18.9%, increase in depreciation and
amortization, and a combined Ps. 68.5 million, or 4.8%, increase in
technical assistance fees and concession taxes. This was offset by
a Ps. 672.4 million, or 14.4%, decrease in the cost of improvements
to the concession assets (IFRIC-12). (excluding the cost of
improvements to the concession assets, operating costs increased by
Ps. 775.3 million or 14.0%).
The change in the cost of services during 9M24
was mainly due to:
- Employee costs
increased by Ps. 237.7 million, or 21.2%, compared to 9M23,
mainly due to the adjustments in salaries and changes in Labor Law
and the consolidation of the cargo and free trade zone business
with employee costs of Ps. 86.5 million.
- Other operating
expenses increased by Ps. 72.4 million, or 14.4%, compared
to 9M23, mainly due to a combined increase in services,
professional fees, and travel expenses by Ps. 41.0 million and the
consolidation of the cargo and free trade zone business with other
operating expenses of Ps. 12.4 million.
- Maintenance
increased by Ps. 61.0 million, or 16.1%, compared to 9M23.
- Safety, security, and
insurance costs increased Ps. 60.4 million, or 15.6%,
compared to 9M23, mainly due to an increase in the number of
security staff, an increase in minimum wages, changes in Labor Law,
the opening of additional operational areas and the consolidation
of the cargo and free trade zone business by Ps.4.8 million.
Jamaican Airports:
- Operating costs increased
by Ps. 257.9 million, or 11.8%, compared to 9M23, mainly
due to a Ps. 219.7 million, or 258.7%, increase in the cost of
improvements to concession assets (IFRIC-12), a Ps. 82.0 million,
or 15.0% increase in the cost of services, offset by the decrease
in concession taxes by Ps. 39.9 million, or 3.4%, and Ps. 1.1
million or 0.3% in depreciation and amortization.
Operating margin went from
48.5% in 9M23 to 46.8% in 9M24. Excluding the effects of IFRIC-12,
the operating margin went from 60.5% in 9M23 to 57.0% in 9M24.
Operating income decreased Ps. 466.7 million, or 4.0%, compared to
9M23.
EBITDA margin went from 56.2%
in 9M23 to 55.7% in 9M24. Excluding the effects of IFRIC-12, EBITDA
margin went from 70.1% in 9M23 to 67.9% in 9M24. The
nominal value of EBITDA decreased Ps. 188.1 million, or
1.4%, compared to 9M23.
Financial cost increased by Ps. 590.3
million, or 34.2%, from a net expense of Ps. 1,726.6
million in 9M23 to a net expense of Ps. 2,316.9 million in 9M24.
This change was mainly the result of:
- Foreign exchange rate
fluctuations, which went from a loss of Ps. 186.3 million
in 9M23 to a loss of Ps.203.6 million in 9M24. This
generated an increase in the foreign exchange loss of Ps.
17.3 million, due to the peso depreciation. Currency
translation effect gain increased Ps. 1,675.4 million, compared to
9M23.
- Interest expenses increased
by Ps. 364.4 million, or 13.8%, compared to 9M23, mainly
due to the increase in debt due to the issuance of bond
certificates and the contracting of bank loans.
- Interest income decreased
by Ps. 208.4 million, or 18.9%, compared to 9M23, mainly
due to a decrease in the cash and cash equivalent average balance
and the increase in the reference interest rates.
In 9M24, comprehensive income increased
by Ps. 925.2 million, or 13.7%, compared to 9M23. Income
before taxes decreased by Ps. 1,056.9 million, mainly due to the
decrease in passenger traffic and increase in operating costs,
offset by the increase in non-aeronautical revenues resulting from
the commercial strategy and the consolidation of the cargo and free
trade zone business. Income taxes decreased by Ps. 330.7 million.
However, net and comprehensive income increased mainly due to the
increase of the effect of foreign currency translation in Ps.
1,675.4 million.
During 9M24, net income decreased by Ps.
726.3 million, or 9.8%, compared to 9M23. Taxes for the
period decreased by Ps. 330.7 million, mainly due to the increase
in the benefit for deferred taxes by Ps. 431.3 million, mainly due
to the application of fiscal losses by Ps. 445.0 million, offset by
the increase in the income taxes by Ps. 100.6 million.
Statement of Financial Position
Total assets as of September 30, 2024, increased
by Ps. 10,630.1 million compared to September 30, 2023, primarily
due to the following items: (i) a Ps.6,157.0 million increase in
net improvements to concession assets, (ii) a Ps. 1,373.9 increase
in cash and cash equivalents, (iii) Ps. 881.0 million increase in
deferred taxes, (iii) a Ps. 727.4 million increase in net
machinery, equipment, and leasehold improvements, and (v) a Ps.
308.0 million increase in account receivables.
Total liabilities as of September 30, 2024,
increased by Ps. 8,192.6 million compared to September 30, 2023.
This increase was primarily due to the following items: (i) Ps.
6,148.1 million in long-term bond certificates, (ii) Ps. 915.1
million in bank loans, and (iii) Ps. 446.6 million increase in
income taxes.
Recent events
The financial information presented in 3Q24
consolidates, as of July 1, 2024, the figures of the cargo and free
trade zone business at the Guadalajara airport that increases
non-aeronautical revenues by Ps. 354.1 million, with an EBITDA
margin of 58.1% and a treasury of Ps. 254.6 million, without
financial debt.
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. |
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|
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 |
3Q23 |
3Q24 |
Change |
9M23 |
9M24 |
Change |
Guadalajara |
|
|
|
|
|
|
Aeronautical services |
1,384,710 |
1,417,532 |
2.4% |
4,044,710 |
3,982,181 |
(1.5%) |
Non-aeronautical services |
263,082 |
352,935 |
34.2% |
760,360 |
980,667 |
29.0% |
Improvements to concession assets (IFRIC 12) |
42,989 |
603,457 |
1303.7% |
1,700,457 |
1,810,371 |
6.5% |
Total Revenues |
1,690,782 |
2,373,924 |
40.4% |
6,505,526 |
6,773,219 |
4.1% |
Operating income |
1,250,818 |
1,015,291 |
(18.8%) |
3,503,297 |
3,372,720 |
(3.7%) |
EBITDA |
1,365,126 |
1,200,463 |
(12.1%) |
3,844,399 |
3,815,547 |
(0.8%) |
|
|
|
|
|
|
|
Tijuana |
|
|
|
|
|
|
Aeronautical services |
784,504 |
706,053 |
(10.0%) |
2,203,798 |
2,036,395 |
(7.6%) |
Non-aeronautical services |
166,714 |
116,154 |
(30.3%) |
469,318 |
406,706 |
(13.3%) |
Improvements to concession assets (IFRIC 12) |
140,836 |
83,488 |
(40.7%) |
422,509 |
250,464 |
(40.7%) |
Total Revenues |
1,092,055 |
905,696 |
(17.1%) |
3,095,626 |
2,693,565 |
(13.0%) |
Operating income |
634,623 |
427,131 |
(32.7%) |
1,718,782 |
1,337,424 |
(22.2%) |
EBITDA |
735,933 |
549,019 |
(25.4%) |
2,017,211 |
1,688,143 |
(16.3%) |
|
|
|
|
|
|
|
Los Cabos |
|
|
|
|
|
|
Aeronautical services |
680,673 |
579,520 |
(14.9%) |
2,287,815 |
2,040,450 |
(10.8%) |
Non-aeronautical services |
261,808 |
303,020 |
15.7% |
867,887 |
954,709 |
10.0% |
Improvements to concession assets (IFRIC 12) |
249,608 |
149,281 |
(40.2%) |
748,823 |
447,844 |
(40.2%) |
Total Revenues |
1,192,089 |
1,031,821 |
(13.4%) |
3,904,525 |
3,443,002 |
(11.8%) |
Operating income |
635,646 |
452,723 |
(28.8%) |
2,200,249 |
1,880,936 |
(14.5%) |
EBITDA |
717,482 |
544,826 |
(24.1%) |
2,444,388 |
2,152,122 |
(12.0%) |
|
|
|
|
|
|
|
Puerto Vallarta |
|
|
|
|
|
|
Aeronautical services |
463,874 |
417,191 |
(10.1%) |
1,921,180 |
1,803,364 |
(6.1%) |
Non-aeronautical services |
119,673 |
125,653 |
5.0% |
432,069 |
449,813 |
4.1% |
Improvements to concession assets (IFRIC 12) |
403,557 |
371,727 |
(7.9%) |
1,210,671 |
1,115,182 |
(7.9%) |
Total Revenues |
987,104 |
914,572 |
(7.3%) |
3,563,921 |
3,368,359 |
(5.5%) |
Operating income |
409,131 |
277,151 |
(32.3%) |
1,651,577 |
1,461,358 |
(11.5%) |
EBITDA |
463,400 |
331,539 |
(28.5%) |
1,815,864 |
1,624,594 |
(10.5%) |
|
|
|
|
|
|
|
Montego Bay |
|
|
|
|
|
|
Aeronautical services |
433,702 |
449,879 |
3.7% |
1,390,696 |
1,415,149 |
1.8% |
Non-aeronautical services |
199,151 |
211,571 |
6.2% |
597,734 |
610,416 |
2.1% |
Improvements to concession assets (IFRIC 12) |
23,988 |
47,058 |
96.2% |
79,029 |
127,739 |
61.6% |
Total Revenues |
656,842 |
708,507 |
7.9% |
2,067,460 |
2,153,303 |
4.2% |
Operating income |
176,139 |
241,419 |
37.1% |
712,829 |
782,524 |
9.8% |
EBITDA |
289,301 |
320,937 |
10.9% |
1,065,396 |
1,002,645 |
(5.9%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit A: Operating results by airport
(in thousands of pesos):
Airport |
3Q23 |
3Q24 |
Change |
9M23 |
9M24 |
Change |
Guanajuato |
|
|
|
|
|
|
Aeronautical services |
263,732 |
250,429 |
(5.0%) |
706,740 |
678,494 |
(4.0%) |
Non-aeronautical services |
46,316 |
50,164 |
8.3% |
135,793 |
142,768 |
5.1% |
Improvements to concession assets (IFRIC 12) |
70,722 |
55,538 |
(21.5%) |
212,167 |
166,613 |
(21.5%) |
Total Revenues |
380,771 |
356,130 |
(6.5%) |
1,054,699 |
987,875 |
(6.3%) |
Operating income |
221,187 |
188,197 |
(14.9%) |
580,177 |
527,958 |
(9.0%) |
EBITDA |
243,150 |
210,608 |
(13.4%) |
646,402 |
593,613 |
(8.2%) |
|
|
|
|
|
|
|
Hermosillo |
|
|
|
|
|
|
Aeronautical services |
139,364 |
127,518 |
(8.5%) |
382,873 |
377,662 |
(1.4%) |
Non-aeronautical services |
25,324 |
29,928 |
18.2% |
68,093 |
86,895 |
27.6% |
Improvements to concession assets (IFRIC 12) |
14,439 |
16,079 |
11.4% |
43,318 |
48,238 |
11.4% |
Total Revenues |
179,127 |
173,525 |
(3.1%) |
494,285 |
512,795 |
3.7% |
Operating income |
84,897 |
66,727 |
(21.4%) |
230,718 |
217,425 |
(5.8%) |
EBITDA |
109,893 |
91,963 |
(16.3%) |
304,785 |
293,241 |
(3.8%) |
|
|
|
|
|
|
|
Others (1) |
|
|
|
|
|
|
Aeronautical services |
661,729 |
679,158 |
2.6% |
1,842,831 |
1,816,968 |
(1.4%) |
Non-aeronautical services |
112,098 |
108,815 |
(2.9%) |
327,381 |
318,032 |
(2.9%) |
Improvements to concession assets (IFRIC 12) |
118,145 |
174,560 |
47.8% |
350,648 |
348,526 |
(0.6%) |
Total Revenues |
891,974 |
962,533 |
7.9% |
2,520,861 |
2,483,527 |
(1.5%) |
Operating income |
235,321 |
550,978 |
134.1% |
612,501 |
562,107 |
(8.2%) |
EBITDA |
317,323 |
518,843 |
63.5% |
858,561 |
828,427 |
(3.5%) |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
Aeronautical services |
4,812,288 |
4,627,280 |
(3.8%) |
14,780,643 |
14,150,662 |
(4.3%) |
Non-aeronautical services |
1,194,167 |
1,298,239 |
8.7% |
3,658,636 |
3,950,006 |
8.0% |
Improvements to concession assets (IFRIC 12) |
1,064,286 |
1,501,188 |
41.1% |
4,767,624 |
4,314,977 |
(9.5%) |
Total Revenues |
7,070,740 |
7,426,707 |
5.0% |
23,206,903 |
22,415,645 |
(3.4%) |
Operating income |
3,647,758 |
3,219,618 |
(11.7%) |
11,210,130 |
10,142,452 |
(9.5%) |
EBITDA |
4,241,607 |
3,768,198 |
(11.2%) |
12,997,005 |
11,998,332 |
(7.7%) |
|
|
|
|
|
|
|
(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):
|
2023 |
2024 |
Change |
% |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
14,454,072 |
15,828,015 |
1,373,943 |
9.5% |
Trade accounts receivable - Net |
2,062,286 |
2,370,326 |
308,040 |
14.9% |
Other current assets |
1,328,135 |
1,325,663 |
(2,472) |
(0.2%) |
Total current assets |
17,844,493 |
19,524,004 |
1,679,511 |
9.4% |
|
|
|
|
|
Advanced payments to suppliers |
2,058,763 |
1,391,549 |
(667,214) |
(32.4%) |
Machinery, equipment and improvements to leased buildings -
Net |
3,798,780 |
4,526,156 |
727,376 |
19.1% |
Improvements to concession assets - Net |
27,144,891 |
33,301,904 |
6,157,013 |
22.7% |
Airport concessions - Net |
9,023,473 |
9,443,181 |
419,708 |
4.7% |
Rights to use airport facilities - Net |
1,079,962 |
1,008,491 |
(71,471) |
(6.6%) |
Deferred income taxes - Net |
7,053,371 |
7,934,352 |
880,981 |
12.5% |
Other non-current assets |
601,549 |
2,105,723 |
1,504,175 |
250.1% |
Total assets |
68,605,283 |
79,235,361 |
10,630,078 |
15.5% |
|
|
|
|
|
Liabilities |
|
|
|
|
Current liabilities |
14,617,581 |
13,049,798 |
(1,567,783) |
(10.7%) |
Long-term liabilities |
34,904,611 |
44,664,952 |
9,760,341 |
28.0% |
Total liabilities |
49,522,193 |
57,714,751 |
8,192,558 |
16.5% |
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
Common stock |
8,197,536 |
1,194,390 |
(7,003,146) |
(85.4%) |
Legal reserve |
478,185 |
920,187 |
442,002 |
92.4% |
Net income |
7,317,424 |
6,535,681 |
(781,743) |
(10.7%) |
Retained earnings |
244,656 |
8,345,564 |
8,100,908 |
3311.1% |
Reserve for share repurchase |
1,500,000 |
2,500,000 |
1,000,000 |
66.7% |
Foreign currency translation reserve |
(25,610) |
681,626 |
707,236 |
(2761.6%) |
Remeasurements of employee benefit – Net |
14,931 |
(1,741) |
(16,672) |
(111.7%) |
Cash flow hedges- Net |
106,269 |
13,191 |
(93,078) |
(87.6%) |
Total controlling interest |
17,833,391 |
20,188,898 |
2,355,507 |
13.2% |
Non-controlling interest |
1,249,698 |
1,331,712 |
82,014 |
6.6% |
Total stockholder's equity |
19,083,089 |
21,520,610 |
2,437,521 |
12.8% |
|
|
|
|
|
Total liabilities and stockholders' equity |
68,605,283 |
79,235,361 |
10,630,078 |
15.5% |
|
|
|
|
|
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):
|
3Q23 |
3Q24 |
Change |
9M23 |
9M24 |
Change |
Cash flows from operating activities: |
|
|
|
|
|
|
Consolidated net income |
2,378,860 |
1,982,829 |
(16.6%) |
7,432,517 |
6,706,263 |
(9.8%) |
|
|
|
|
|
|
|
Postemployment benefit costs |
11,236 |
15,126 |
34.6% |
33,687 |
42,678 |
26.7% |
Allowance expected credit loss |
21,969 |
12,559 |
(42.8%) |
28,365 |
31,086 |
9.6% |
Depreciation and amortization |
619,755 |
787,295 |
27.0% |
1,858,980 |
2,137,595 |
15.0% |
Loss on sale of machinery, equipment and improvements to leased
assets |
(535) |
9,561 |
(1887.1%) |
149 |
21,321 |
14221.3% |
Interest expense |
986,029 |
1,066,482 |
8.2% |
2,796,634 |
3,044,373 |
8.9% |
Provisions |
6,171 |
374,058 |
5961.5% |
18,076 |
390,308 |
2059.3% |
Income tax expense |
727,051 |
677,524 |
(6.8%) |
2,524,654 |
2,193,977 |
(13.1%) |
Unrealized exchange loss |
43,389 |
348,304 |
702.7% |
(283,740) |
574,167 |
(302.4%) |
|
4,793,925 |
5,273,738 |
10.0% |
14,409,322 |
15,141,769 |
5.1% |
Changes in working capital: |
|
|
|
|
|
|
(Increase) decrease in |
|
|
|
|
|
|
Trade accounts receivable |
87,770 |
(120,529) |
(237.3%) |
252,147 |
(203,657) |
(180.8%) |
Recoverable tax on assets and other assets |
(20,127) |
(14,850) |
(26.2%) |
(212,579) |
776,373 |
(465.2%) |
Increase (decrease) |
|
|
|
|
|
|
Concession taxes payable |
51,630 |
(67,357) |
(230.5%) |
167,794 |
(176,389) |
(205.1%) |
Accounts payable |
244,821 |
71,762 |
(70.7%) |
(116,841) |
(402,843) |
244.8% |
Cash generated by operating activities |
5,158,019 |
5,142,764 |
(0.3%) |
14,499,843 |
15,135,253 |
4.4% |
Income taxes paid |
(839,157) |
(945,118) |
12.6% |
(3,619,209) |
(2,532,066) |
(30.0%) |
Net cash flows provided by operating
activities |
4,318,862 |
4,197,646 |
(2.8%) |
10,880,633 |
12,603,186 |
15.8% |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Machinery, equipment and improvements to concession assets |
(2,008,933) |
(2,117,161) |
5.4% |
(7,643,301) |
(5,226,435) |
(31.6%) |
Cash flows from sales of machinery and equipment |
951 |
662 |
(30.4%) |
1,793 |
4,897 |
173.2% |
Other investment activities |
(51,418) |
(46,510) |
(9.5%) |
(35,451) |
25,760 |
(172.7%) |
Business acquisition |
- |
- |
0.0% |
- |
(875,504) |
100.0% |
Net cash used by investment activities |
(2,059,400) |
(2,163,009) |
5.0% |
(7,676,959) |
(6,071,283) |
(20.9%) |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Dividends declared and paid |
(1,874,579) |
- |
(100.0%) |
(3,749,159) |
- |
(100.0%) |
Dividends declared and paid non-controlling interest |
- |
(70,061) |
100.0% |
- |
(135,485) |
(100.0%) |
Capital Reduction |
- |
(3,501,573) |
100.0% |
- |
(3,501,573) |
(100.0%) |
Bond certificates issued |
- |
5,648,134 |
100.0% |
5,400,000.00 |
8,648,134.30 |
60.2% |
Bond certificates paid |
- |
- |
0.0% |
(602,000) |
(3,000,000) |
398.3% |
Bank loans paid |
1,536 |
(2,425) |
(257.9%) |
(71,313) |
(70,842) |
(0.7%) |
Banks loans |
1,221,118 |
- |
(100.0%) |
2,221,118 |
875,000 |
(60.6%) |
Interest paid |
(1,352,659) |
(720,907) |
(46.7%) |
(3,027,929) |
(3,105,389) |
2.6% |
Interest paid on lease |
(1,239) |
(879) |
(29.1%) |
(3,657) |
(2,910) |
(20.4%) |
Payments of obligations for leasing |
(4,740) |
(10,286) |
117.0% |
(13,065) |
(19,193) |
46.9% |
Net cash flows used in financing activities |
(2,010,563) |
1,342,003 |
(166.7%) |
153,996 |
(312,258) |
(302.8%) |
|
|
|
|
|
|
|
Effects of exchange rate changes on cash held |
(100,987) |
(133,525) |
32.2% |
(660,273) |
(446,842) |
(32.3%) |
Net increase (decrease) in cash and cash equivalents |
(466,880) |
3,243,115 |
(794.6%) |
2,082,608 |
5,772,803 |
177.2% |
Cash and cash equivalents at beginning of the
period |
14,920,952 |
12,584,900 |
(15.7%) |
12,371,464 |
10,055,211 |
(18.7%) |
Cash and cash equivalents at the end of the
period |
14,454,072 |
15,828,015 |
9.5% |
14,454,072 |
15,828,015 |
9.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit D: Consolidated statements of profit or loss and
other comprehensive income (in thousands of
pesos):
|
3Q23 |
3Q24 |
Change |
9M23 |
9M24 |
Change |
Revenues |
|
|
|
|
|
|
Aeronautical services |
4,812,288 |
4,627,601 |
(3.8%) |
14,780,643 |
14,150,663 |
(4.3%) |
Non-aeronautical services |
1,516,381 |
2,103,878 |
38.7% |
4,544,249 |
5,521,018 |
21.5% |
Improvements to concession assets (IFRIC-12) |
1,064,286 |
1,501,188 |
41.1% |
4,767,624 |
4,314,977 |
(9.5%) |
Total revenues |
7,392,955 |
8,232,667 |
11.4% |
24,092,516 |
23,986,658 |
(0.4%) |
|
|
|
|
|
|
|
Operating costs |
|
|
|
|
|
|
Costs of services: |
1,183,268 |
1,435,204 |
21.3% |
3,184,434 |
3,720,973 |
16.8% |
Employee costs |
440,836 |
573,117 |
30.0% |
1,273,009 |
1,522,994 |
19.6% |
Maintenance |
171,063 |
213,360 |
24.7% |
478,061 |
555,642 |
16.2% |
Safety, security & insurance |
180,066 |
220,486 |
22.4% |
503,020 |
602,508 |
19.8% |
Utilities |
141,334 |
160,803 |
13.8% |
363,997 |
396,811 |
9.0% |
Business operated directly by us |
63,147 |
72,858 |
15.4% |
175,242 |
219,017 |
25.0% |
Other operating expenses |
186,822 |
194,580 |
4.2% |
391,105 |
424,000 |
8.4% |
|
|
|
|
|
|
|
Technical assistance fees |
209,109 |
200,635 |
(4.1%) |
651,826 |
627,172 |
(3.8%) |
Concession taxes |
671,398 |
598,091 |
(10.9%) |
1,938,019 |
1,991,302 |
2.7% |
Depreciation and amortization |
619,755 |
787,295 |
27.0% |
1,858,980 |
2,137,595 |
15.0% |
Cost of improvements to concession assets (IFRIC-12) |
1,064,286 |
1,501,188 |
41.1% |
4,767,624 |
4,314,977 |
(9.5%) |
Other (income) |
(4,959) |
(10,082) |
103.3% |
7,837 |
(22,474) |
(386.7%) |
Total operating costs |
3,742,857 |
4,512,331 |
20.6% |
12,408,721 |
12,769,544 |
2.9% |
Income from operations |
3,650,098 |
3,720,336 |
1.9% |
11,683,794 |
11,217,114 |
(4.0%) |
Financial Result |
(544,187) |
(1,059,983) |
94.8% |
(1,726,623) |
(2,316,875) |
34.2% |
Income before income taxes |
3,105,911 |
2,660,353 |
(14.3%) |
9,957,170 |
8,900,239 |
(10.6%) |
Income taxes |
(727,051) |
(677,524) |
(6.8%) |
(2,524,654) |
(2,193,977) |
(13.1%) |
Net income |
2,378,860 |
1,982,829 |
(16.6%) |
7,432,516 |
6,706,263 |
(9.8%) |
Currency translation effect |
158,864 |
651,897 |
310.3% |
(655,718) |
1,019,679 |
(255.5%) |
Cash flow hedges, net of income tax |
13,398 |
(12,124) |
(190.5%) |
(24,353) |
(47,527) |
95.2% |
Remeasurements of employee benefit – net income tax |
318 |
(2,052) |
(745.3%) |
917 |
177 |
(80.7%) |
Comprehensive income |
2,551,440 |
2,620,550 |
2.7% |
6,753,363 |
7,678,591 |
13.7% |
Non-controlling interest |
(52,302) |
(140,692) |
169.0% |
(60,519) |
(268,334) |
343.4% |
Comprehensive income attributable to controlling
interest |
2,499,138 |
2,479,858 |
(0.8%) |
6,692,844 |
7,410,259 |
10.7% |
|
|
|
|
|
|
|
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, 2023 |
8,197,536 |
|
34,076 |
2,499,473 |
|
(1,999,986 |
) |
9,187,597 |
|
720,171 |
|
18,638,866 |
|
1,189,179 |
|
19,828,045 |
|
Legal Reserve increase |
- |
|
444,109 |
- |
|
- |
|
(444,109 |
) |
- |
|
- |
|
- |
|
- |
|
Dividends declared |
- |
|
- |
- |
|
- |
|
(7,498,318 |
) |
- |
|
(7,498,318 |
) |
- |
|
(7,498,318 |
) |
Repurchased share cancellation |
- |
|
- |
(1,999,986 |
) |
1,999,986 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
Reserve for share purchase |
- |
|
- |
1,000,514 |
|
- |
|
(1,000,514 |
) |
- |
|
- |
|
- |
|
- |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income |
- |
|
- |
- |
|
- |
|
7,317,424 |
|
- |
|
7,317,424 |
|
115,093 |
|
7,432,517 |
|
Foreign currency translation reserve |
- |
|
- |
- |
|
- |
|
- |
|
(601,144 |
) |
(601,144 |
) |
(54,574 |
) |
(655,718 |
) |
Remeasurements of employee benefit – Net |
- |
|
- |
- |
|
- |
|
- |
|
917 |
|
917 |
|
- |
|
917 |
|
Reserve for cash flow hedges – Net of income tax |
- |
|
- |
- |
|
- |
|
- |
|
(24,353 |
) |
(24,353 |
) |
- |
|
(24,353 |
) |
Balance as of September 30, 2023 |
8,197,536 |
|
478,185 |
1,500,000 |
|
- |
|
7,562,080 |
|
95,590 |
|
17,833,390 |
|
1,249,698 |
|
19,083,090 |
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2024 |
8,197,536 |
|
478,185 |
2,500,000 |
|
- |
|
8,787,568 |
|
(181,508 |
) |
19,781,783 |
|
1,162,864 |
|
20,944,646 |
|
Legal Reserve increase |
- |
|
442,002 |
- |
|
- |
|
(442,002 |
) |
- |
|
- |
|
- |
|
- |
|
Capital reduction |
(7,003,146 |
) |
- |
- |
|
- |
|
- |
|
- |
|
(7,003,146 |
) |
- |
|
(7,003,146 |
) |
Dividends declared non-controlling interest |
- |
|
- |
- |
|
- |
|
- |
|
- |
|
- |
|
(99,485 |
) |
(99,485 |
) |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income |
- |
|
- |
- |
|
- |
|
6,535,680 |
|
- |
|
6,535,680 |
|
170,589 |
|
6,706,269 |
|
Foreign currency translation reserve |
- |
|
- |
- |
|
- |
|
- |
|
921,933 |
|
921,933 |
|
97,744 |
|
1,019,677 |
|
Remeasurements of employee benefit – Net |
- |
|
- |
- |
|
- |
|
- |
|
177 |
|
177 |
|
- |
|
177 |
|
Reserve for cash flow hedges – Net of income tax |
- |
|
- |
- |
|
- |
|
- |
|
(47,527 |
) |
(47,527 |
) |
- |
|
(47,527 |
) |
Balance as of September 30, 2024 |
1,194,390 |
|
920,187 |
2,500,000 |
|
- |
|
14,881,245 |
|
693,075 |
|
20,188,900 |
|
1,331,711 |
|
21,520,609 |
|
|
|
|
|
|
|
|
|
|
|
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 following IFRS, as issued
by the IASB.
Exhibit F: Other operating data:
|
3Q23 |
3Q24 |
Change |
9M23 |
9M24 |
Change |
Total passengers |
16,196.1 |
15,272.8 |
(5.7%) |
47,665.4 |
46,137.0 |
(3.2%) |
Total cargo volume (in WLUs) |
615.3 |
720.9 |
17.2% |
1,869.0 |
2,064.0 |
10.4% |
Total WLUs |
16,811.3 |
15,993.8 |
(4.9%) |
49,534.4 |
48,201.0 |
(2.7%) |
|
|
|
|
|
|
|
Aeronautical & non aeronautical services per passenger
(pesos) |
390.7 |
440.7 |
12.8% |
405.4 |
426.4 |
5.2% |
Aeronautical services per WLU (pesos) |
286.2 |
289.3 |
1.1% |
298.4 |
293.6 |
(1.6%) |
Non aeronautical services per passenger (pesos) |
93.6 |
137.8 |
47.1% |
95.3 |
119.7 |
25.5% |
Cost of services per WLU (pesos) |
70.4 |
89.7 |
27.5% |
64.3 |
77.2 |
20.1% |
|
|
|
|
|
|
|
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 |
gmurillo@aeropuertosgap.com.mx / +52 33 3880 1100 ext. 20294 |
Grupo Aeroportuario Del ... (NYSE:PAC)
過去 株価チャート
から 11 2024 まで 12 2024
Grupo Aeroportuario Del ... (NYSE:PAC)
過去 株価チャート
から 12 2023 まで 12 2024